Fabrinet (FN) 2020 Q4 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Fabrinet's Financial Results Conference Call for the Fourth Quarter of Fiscal Year 2020. (Operator Instructions) As a reminder, today's call is being recorded.

女士們先生們，美好的一天。歡迎來到 Fabrinet 2020 財年第四季度財務業績電話會議。（操作員說明）提醒一下，今天的電話正在錄音中。

I would now like to turn the call over to your host, Garo Toomajanian, Investor Relations.

我現在想把電話轉給你的主持人，投資者關係部的 Garo Toomajanian。

Thank you, operator, and good afternoon, everyone. Thank you for joining us on today's conference call to discuss Fabrinet's financial and operating results for the fourth quarter of fiscal year 2020, which ended June 26, 2020.

謝謝接線員，大家下午好。感謝您參加今天的電話會議，討論 Fabrinet 截至 2020 年 6 月 26 日的 2020 財年第四季度的財務和運營業績。

With me on the call today are Seamus Grady, Chief Executive Officer; and Csaba Sverha, Chief Financial Officer. This call is being webcast, and a replay will be available on the Investors section of our website located at investor.fabrinet.com. Please refer to our website for important information, including our earnings press release and investor presentation, which include our GAAP to non-GAAP reconciliation.

今天和我一起打電話的是首席執行官 Seamus Grady；和 Csaba Sverha，首席財務官。此電話會議正在進行網絡直播，重播將在我們網站 investor.fabrinet.com 的“投資者”部分提供。請參閱我們的網站以獲取重要信息，包括我們的收益新聞稿和投資者介紹，其中包括我們的 GAAP 與非 GAAP 對賬。

I would like to remind you that today's discussion will contain forward-looking statements about the future financial performance of the company. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from management's current expectations. These statements reflect our opinions only as of the date of this presentation, and we undertake no obligation to revise them in light of new information or future events, except as required by law. For a description of the risk factors that may affect our results, please refer to our recent SEC filings, in particular, the section captioned Risk Factors in our Form 10-Q filed on May 5, 2020.

我想提醒您，今天的討論將包含有關公司未來財務業績的前瞻性陳述。前瞻性陳述受風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與管理層當前的預期存在重大差異。這些陳述僅反映我們截至本演示文稿之日的意見，除法律要求外，我們不承擔根據新信息或未來事件修改這些陳述的義務。有關可能影響我們結果的風險因素的描述，請參閱我們最近向美國證券交易委員會提交的文件，尤其是我們於 2020 年 5 月 5 日提交的 10-Q 表格中標題為“風險因素”的部分。

We will begin the call with remarks from Seamus and Csaba, followed by time for questions. I would now like to turn the call over to Fabrinet's CEO, Seamus Grady. Seamus?

我們將以 Seamus 和 Csaba 的發言開始通話，然後是提問時間。我現在想把電話轉給 Fabrinet 的首席執行官 Seamus Grady。西默斯？

Thank you, Garo, and good afternoon, everyone. During the fourth quarter, we demonstrated the flexibility of our business model as we generated financial results that exceeded our guidance ranges while we continued to strictly observe enhanced measures to monitor and mitigate the potential impact of COVID-19 on our employees, customers and operations. I am very proud of our team and I'm grateful for their efforts in helping us achieve these excellent results.

謝謝你，Garo，大家下午好。在第四季度，我們展示了業務模式的靈活性，因為我們產生的財務業績超出了我們的指導範圍，同時我們繼續嚴格遵守加強措施，以監測和減輕 COVID-19 對我們員工、客戶和運營的潛在影響。我為我們的團隊感到非常自豪，我感謝他們為幫助我們取得這些優異成績所做的努力。

Revenue in the fourth quarter was $405 million or $5 million above the high end of our guidance range, driven by less severe supply constraints than contemplated in our guidance, coupled with stronger-than-expected telecom demand at the end of the quarter. From a profitability perspective, as we anticipated, our fourth quarter gross margin fell short of our target 12% to 12.5% but improved from the third quarter at 11.8%. Continued efficiency gains more than offset the slight headwind that we continued to see from efforts to mitigate the potential for COVID-19 infection. That said, we remain fully committed to returning to our target gross margin range of 12% to 12.5% and expect to do so during fiscal 2021.

第四季度的收入比我們指導範圍的高端高出 4.05 億美元或 500 萬美元，這是由於供應限制沒有我們指導中預期的那麼嚴重，加上本季度末的電信需求強於預期。從盈利能力的角度來看，正如我們預期的那樣，我們第四季度的毛利率低於我們的目標 12% 至 12.5%，但比第三季度的 11.8% 有所改善。持續的效率提升足以抵消我們在減輕 COVID-19 感染可能性的努力中繼續看到的輕微逆風。也就是說，我們仍然完全致力於恢復到 12% 至 12.5% 的目標毛利率範圍，並預計在 2021 財年實現這一目標。

From an operating perspective, we continue to run a very tight ship, with SG&A expenses coming in just under 3% of revenue in the quarter. We continue to expect SG&A expenses to be a lever for operating margin improvement over the longer term. As a result, revenue upside in the fourth quarter largely fell to the bottom line, resulting in non-GAAP net income of $0.96 per share.

從運營的角度來看，我們繼續保持非常緊張的狀態，本季度 SG&A 費用佔收入的比例略低於 3%。我們繼續預計 SG&A 費用將成為長期提高營業利潤率的槓桿。因此，第四季度的收入增長空間在很大程度上落到了底線，導致非 GAAP 淨收入為每股 0.96 美元。

In the fourth quarter, we produced a substantial $46 million in operating cash flow and $31 million in free cash flow. We anticipate that cash flows will remain very healthy as we look ahead. For the full fiscal year, we produced record revenues of over $1.64 billion and non-GAAP net income of $3.73 per share. Total operating cash flow for the year was a record $151 million and free cash flow was $108 million.

第四季度，我們產生了可觀的 4600 萬美元運營現金流和 3100 萬美元自由現金流。展望未來，我們預計現金流將保持非常健康。在整個財政年度，我們創造了超過 16.4 億美元的創紀錄收入和每股 3.73 美元的非 GAAP 淨收入。全年經營現金流總額達到創紀錄的 1.51 億美元，自由現金流為 1.08 億美元。

Looking at some of the details, the quarter played out much as anticipated, with sequential revenue growth in both telecom and datacom, while the industrial laser and automotive markets showed sequential declines. As a result of these dynamics, optical communications grew to 78% of total revenue with 22% coming from non-optical communications. Optical communications revenue of $315 million also represented slight growth from the third quarter. This includes the anticipated impact of an inventory correction at one of our customers as we discussed on last quarter's call.

從一些細節來看，本季度的表現與預期相符，電信和數據通信收入環比增長，而工業激光和汽車市場則出現環比下滑。由於這些動態，光通信增長到總收入的 78%，其中 22% 來自非光通信。 3.15 億美元的光通信收入也比第三季度略有增長。正如我們在上個季度的電話會議上討論的那樣，這包括我們的一個客戶庫存調整的預期影響。

Within optical communications, telecom revenue was $229 million, up more than $5 million from Q3, and datacom revenue was $86 million, up $1 million sequentially. We believe the inventory issues that impacted our telecom business in Q4 will be largely over in the fiscal first quarter which, when combined with the increasing demand we saw at the end of the fourth quarter, should contribute to strong telecom growth in the first quarter. By technology, silicon photonics-based optical communications revenue increased 4% from the third quarter to $90 million or 22% of total revenue.

在光通信領域，電信收入為 2.29 億美元，比第三季度增長超過 500 萬美元，數據通信收入為 8600 萬美元，環比增長 100 萬美元。我們認為，影響我們第四季度電信業務的庫存問題將在第一財季基本結束，再加上我們在第四季度末看到的不斷增長的需求，應該有助於第一季度的強勁電信增長。按技術劃分，基於矽光子學的光通信收入比第三季度增長 4%，達到 9000 萬美元，佔總收入的 22%。

Revenue from QSFP28 and QSFP56 transceivers also continued to grow and was up 6% from the third quarter and 18% from a year ago at $54 million or 13% of total revenue. By data rate, revenue from 100G programs of $159 million was down slightly from $161 million in the third quarter, while products rated at speeds of 400G and above grew by nearly 50% sequentially to $43 million. We expect revenue from 100G products to remain strong while those at 400G and faster data rates should continue to trend upwards.

QSFP28 和 QSFP56 收發器的收入也繼續增長，比第三季度增長 6%，比去年同期增長 18%，達到 5400 萬美元，佔總收入的 13%。按數據速率計算，100G 項目的收入為 1.59 億美元，較第三季度的 1.61 億美元略有下降，而額定速度為 400G 及以上的產品環比增長近 50%，達到 4300 萬美元。我們預計 100G 產品的收入將保持強勁，而 400G 和更快數據速率的產品將繼續呈上升趨勢。

Looking at our non-optical communications business. Revenue of $90 million moderated as expected from $103 million in the third quarter due primarily to anticipated sequential declines in revenue from the industrial laser and automotive markets. Industrial laser revenue was $41 million compared to $46 million in the third quarter, and automotive revenue was $27 million compared to $31 million in the third quarter. Sensor revenue was $3 million in the fourth quarter, consistent with the prior quarter, and other revenue was $19 million, representing a $3 million sequential decrease.

看看我們的非光通信業務。第三季度的收入為 9000 萬美元，低於預期，低於第三季度的 1.03 億美元，這主要是由於預計工業激光和汽車市場的收入將連續下降。工業激光收入為 4100 萬美元，第三季度為 4600 萬美元，汽車收入為 2700 萬美元，第三季度為 3100 萬美元。第四季度傳感器收入為 300 萬美元，與上一季度持平，其他收入為 1900 萬美元，環比減少 300 萬美元。

As we look to non-optical communications drivers in the first quarter, we expect to see continued softness in industrial lasers and automotive, reflecting broader market conditions. However, we remain optimistic about opportunities in these markets over the longer term as the COVID-19 impact settles down. We also believe that current ramps of new automotive products, such as LIDAR sensors from Velodyne, would soon begin to offset some of the weakness in the traditional automotive market. As we look ahead, our new product introduction, or NPI capabilities, will continue to be an important factor for winning new business. By partnering with customers during the design process, we can provide quick turnaround prototyping services, help them improve design for manufacturability and enable them to accelerate time to market before we begin volume manufacturing. We provide these NPI services in Thailand as well as closer to our U.S. customers in Silicon Valley and now also in Israel. Our Israel operation is up and running as well as being fully ISO 9001 qualified, and we completed our first revenue shipments to customers in the fourth quarter. We're seeing good traction with new customers in Israel and are excited about this additional on-ramp to volume manufacturing in Thailand, which we expect to replicate the success we've seen at Fabrinet West in Silicon Valley.

當我們展望第一季度的非光通信驅動因素時，我們預計工業激光器和汽車領域將持續疲軟，反映出更廣泛的市場狀況。然而，隨著 COVID-19 的影響逐漸平息，我們對這些市場的長期機遇保持樂觀。我們還相信，目前新汽車產品的大量湧現，例如 Velodyne 的 LIDAR 傳感器，將很快開始抵消傳統汽車市場的部分疲軟。展望未來，我們的新產品推出或 NPI 能力將繼續成為贏得新業務的重要因素。通過在設計過程中與客戶合作，我們可以提供快速周轉原型製作服務，幫助他們改進可製造性設計，並使他們能夠在我們開始批量生產之前加快上市時間。我們在泰國提供這些 NPI 服務，並在矽谷和以色列更接近我們的美國客戶。我們在以色列的業務已經啟動並運行，並且完全符合 ISO 9001 標準，我們在第四季度完成了向客戶的第一筆收入發貨。我們在以色列看到了新客戶的良好牽引力，並對泰國批量生產的這一額外入口感到興奮，我們希望它能複制我們在矽谷 Fabrinet West 看到的成功。

All in all, we remain optimistic about the markets we serve, and in particular, the demand trends that we see for the products we are producing for our customers despite the COVID-19 headwinds. Our optimism is also reflected in our increased customer penetration and diversity, as measured by the number of customers contributing more than 10% to our total revenue, which we disclose annually. We had 3 10% customers in fiscal 2020 compared to just 1 in 2019, increasing the diversity of our major revenue sources. Lumentum represented 19% of revenue, and revenue from Acacia and Infinera each increased in 2020 to represent just over 10% of revenue for the year. Our top 10 customers overall represented 79% of revenue.

總而言之，我們對我們服務的市場保持樂觀，尤其是儘管 COVID-19 逆風，但我們為客戶生產的產品的需求趨勢仍然樂觀。我們的樂觀情緒也反映在我們不斷提高的客戶滲透率和多樣性上，這是根據占我們總收入 10% 以上的客戶數量來衡量的，我們每年都會披露這一點。我們在 2020 財年擁有 3 個 10% 的客戶，而 2019 年只有 1 個，這增加了我們主要收入來源的多樣性。 Lumentum 佔收入的 19%，而來自 Acacia 和 Infinera 的收入在 2020 年均有所增長，僅佔全年收入的 10% 以上。我們的前 10 大客戶總體佔收入的 79%。

Our ability to quickly transfer and ramp complete network systems was illustrated by our successful transfer of Infinera's network systems products in 2020. We expect further evidence of the success of our proven transfer capabilities to be demonstrated with the transfer of Cisco products currently underway at our Chonburi campus. This program remains on track to ramp at the end of the calendar year. We continue to monitor the increasing demand from existing customers for additional capacity and consequently have begun the next capacity expansion of our Pinehurst campus. We have begun the process of relocating some existing office space in order to expand our manufacturing footprint at Pinehurst, enabling existing customers to further expand capacity at that site. We expect this expansion to add approximately 100,000 square feet of manufacturing space at Pinehurst, an increase of 10% from our current manufacturing footprint at this campus.

我們在 2020 年成功轉移了 Infinera 的網絡系統產品，這說明了我們快速轉移和提升完整網絡系統的能力。我們希望通過我們春武里府目前正在進行的 Cisco 產品轉移來進一步證明我們經過驗證的轉移能力的成功校園。該計劃仍有望在日曆年年底逐步推進。我們將繼續監控現有客戶對額外容量不斷增長的需求，因此已經開始對我們的 Pinehurst 園區進行下一次容量擴展。我們已經開始搬遷一些現有的辦公空間，以擴大我們在 Pinehurst 的製造足跡，使現有客戶能夠進一步擴大該地點的產能。我們預計此次擴建將在 Pinehurst 增加約 100,000 平方英尺的製造空間，比我們目前在該園區的製造足跡增加 10%。

Even with these investments in growing our business, we anticipate generating significant free cash flow again in fiscal 2021. When combined with a record cash balance of nearly $500 million at the end of fiscal 2020, we are very favorably capitalized entering the new fiscal year. As such, our Board has increased our share repurchase authorization up to $100 million. This expanded buyback program reflects our commitment to returning value to shareholders while continuing to invest in our long-term growth.

即使通過這些投資來發展我們的業務，我們預計在 2021 財年將再次產生可觀的自由現金流。加上 2020 財年末創紀錄的近 5 億美元的現金餘額，我們進入新財年的資本狀況非常有利。因此，我們的董事會已將我們的股票回購授權增加至 1 億美元。這一擴大的回購計劃反映了我們在繼續投資於我們的長期增長的同時向股東回報價值的承諾。

In summary, we delivered a strong fourth quarter with revenue that was above our guidance, and we are confident that we can deliver an even stronger performance in the first quarter. We ended the fiscal year with 3 10% customers and record cash balances that, in combination with our expectation that we will continue to generate significant cash flows, are enabling us to step up our share repurchase activity and return additional value to our shareholders. We entered fiscal 2021 with investments already underway to expand our manufacturing footprint in support of growing demand and with our new facility in Israel now contributing to our growth.

總而言之，我們第四季度表現強勁，收入高於我們的預期，我們有信心在第一季度實現更強勁的業績。我們在本財政年度結束時有 3 個 10% 的客戶和創紀錄的現金餘額，加上我們對我們將繼續產生大量現金流的預期，使我們能夠加強我們的股票回購活動並為我們的股東回報額外價值。進入 2021 財年，我們已經在進行投資以擴大我們的製造足跡以支持不斷增長的需求，並且我們在以色列的新工廠現在正在為我們的增長做出貢獻。

While we remain vigilant in keeping our employees safe, we are very proud of the excellent results we delivered in fiscal 2020. Our track record demonstrates that our strategy is working, and we are more optimistic than ever about the future.

在我們保持警惕以確保員工安全的同時，我們為我們在 2020 財年取得的優異成績感到非常自豪。我們的業績記錄表明我們的戰略正在發揮作用，我們對未來比以往任何時候都更加樂觀。

Now I'd like to turn the call over to Csaba for additional financial details and our guidance for the first quarter of fiscal 2021. Csaba?

現在我想把電話轉給 Csaba，了解更多財務細節和我們對 2021 財年第一季度的指導。Csaba？

Thank you, Seamus, and good afternoon, everyone. I will provide you with more details on our financial results for the fourth quarter and our guidance for the first quarter of fiscal year 2021. We were very pleased to deliver financial results that exceeded our guidance ranges in the quarter. Upside in the quarter was due to a smaller-than-anticipated COVID impact that we assumed in our guidance and telecom demand that grew faster than anticipated towards the end of the quarter. As a result, revenue was $5 million above the high end of our guidance range at $405.1 million. These results also include an impact of an inventory correction at a particular customer, which was in line with our expectations at approximately $15 million. We believe these corrections are largely behind us at this point.

謝謝 Seamus，大家下午好。我將為您提供有關我們第四季度財務業績和 2021 財年第一季度指導的更多詳細信息。我們很高興在本季度提供超出我們指導範圍的財務業績。本季度的上行是由於我們在指導中假設的 COVID 影響小於預期，而電信需求在本季度末的增長速度快於預期。因此，收入比我們指導範圍的上限 4.051 億美元高出 500 萬美元。這些結果還包括特定客戶庫存更正的影響，這符合我們的預期，約為 1500 萬美元。我們認為這些修正在這一點上基本上已經過去了。

Now turning to the details of our P&L. A reconciliation of GAAP to non-GAAP measures is included in our earnings press release and investor presentation, which you can find on our website. We continue to follow strict safety procedures in our facilities to keep our customers, employees and their families safe during the pandemic. While the cost associated with this are a slight headwind to gross margin, with other efficiencies, we were able to drive a sequential improvement from 11.2% to 11.8% in the fourth quarter. We remain committed to gross margins in the range of 12% to 12.5% and believe that, with continued efficiency efforts, we can return to that range during fiscal 2021.

現在轉向我們損益表的細節。 GAAP 與非 GAAP 措施的對賬包含在我們的收益新聞稿和投資者介紹中，您可以在我們的網站上找到。我們繼續在我們的設施中遵循嚴格的安全程序，以確保我們的客戶、員工及其家人在大流行期間的安全。雖然與此相關的成本對毛利率略有不利影響，但在其他效率方面，我們能夠在第四季度將環比從 11.2% 提高到 11.8%。我們仍然致力於將毛利率保持在 12% 至 12.5% 的範圍內，並相信，通過持續提高效率，我們可以在 2021 財年恢復到該範圍。

Non-GAAP operating expense during the quarter was $11.9 million or 2.9% of revenue, resulting in a non-GAAP operating income of $36.1 million or 8.9% of revenue. We expect that the improvement we can generate in gross margin going forward will largely be reflected in improving operating margins as well. Taxes in the fourth quarter were $0.6 million and our normalized effective tax rate was 4.1%. Non-GAAP net income was $36 million or $0.96 per diluted share, a $0.04 increase from the third quarter despite lower revenue due primarily to our improved gross margins.

本季度非 GAAP 營業費用為 1190 萬美元，佔收入的 2.9%，導致非 GAAP 營業收入為 3610 萬美元，佔收入的 8.9%。我們預計，未來我們在毛利率方面的改善也將在很大程度上反映在營業利潤率的提高上。第四季度的稅收為 60 萬美元，我們的標準化有效稅率為 4.1%。非 GAAP 淨收入為 3600 萬美元或每股攤薄收益 0.96 美元，比第三季度增加 0.04 美元，儘管收入減少主要是由於我們提高了毛利率。

For the full year, revenue was $1.64 billion, non-GAAP gross margin was 11.7% and operating expenses were 2.9% of revenue, resulting in non-GAAP net income of $3.73 per diluted share. On a GAAP basis, net income for the fourth quarter was $28 million or $0.75 per diluted share. In addition to share-based compensation expenses, amortization of debt issuance costs, our GAAP results for the fourth quarter included a nonrecurring goodwill impairment expense and other expenses.

全年收入為 16.4 億美元，非 GAAP 毛利率為 11.7%，運營費用佔收入的 2.9%，非 GAAP 攤薄後每股淨收入為 3.73 美元。根據 GAAP，第四季度淨收入為 2800 萬美元或每股攤薄收益 0.75 美元。除了基於股份的補償費用、債務發行成本攤銷外，我們第四季度的 GAAP 結果還包括非經常性商譽減值費用和其他費用。

Turning to the balance sheet and cash flow statement. At the end of the fourth quarter, cash, restricted cash and investments were a record $495.5 million, an increase of approximately $30 million from last quarter. Operating cash flow was $46.2 million, and with CapEx of $14.8 million, free cash flow was $31.4 million in the fourth quarter. Our cash flows for the full year were also strong. Operating cash flow was a record $150.7 million and free cash flow was $108.3 million.

轉向資產負債表和現金流量表。第四季度末，現金、受限現金和投資達到創紀錄的 4.955 億美元，比上一季度增加約 3000 萬美元。第四季度運營現金流為 4620 萬美元，資本支出為 1480 萬美元，自由現金流為 3140 萬美元。我們全年的現金流量也很強勁。經營現金流為創紀錄的 1.507 億美元，自由現金流為 1.083 億美元。

We did not repurchase shares during the fourth quarter. At the end of the year, we had $41.5 million remaining in our share repurchase program. For fiscal 2020, we repurchased a total of 355,000 shares at an average price of $58.37 for a total cash outlay of $20.7 million. From a capital allocation perspective, our first priority remains maintaining sufficient funds for working capital and maintenance CapEx, closely followed by risk mitigation, which includes FX hedging and maintaining balances that we believe would carry us through unanticipated risks like natural disasters or prolonged economic downturns. Our current cash balance sufficiently covers this operational safety and security priorities as well as an allocation for opportunistic M&A. We expect to continue to generate strong cash flows in the years ahead.

我們在第四季度沒有回購股票。到年底，我們的股票回購計劃中剩餘 4150 萬美元。在 2020 財年，我們以平均 58.37 美元的價格回購了總計 355,000 股股票，總現金支出為 2070 萬美元。從資本配置的角度來看，我們的首要任務仍然是為營運資本和維持資本支出維持足夠的資金，緊隨其後的是降低風險，其中包括外匯對沖和維持平衡，我們認為這將使我們能夠度過自然災害或長期經濟低迷等意外風險。我們目前的現金餘額足以涵蓋這一運營安全和安保優先事項以及機會主義併購的分配。我們預計未來幾年將繼續產生強勁的現金流。

We now believe we can leverage cash generated in a balanced way by reinvesting in growth while also more aggressively returning value to shareholders. As such, our Board has increased the size of our current stock repurchase authorization from the remaining $41.5 million to up to $100 million. In addition to our open market share repurchase program, we will evaluate implementing a 10b5-1 program to enable us to repurchase shares automatically even during periods where our open market program has been restricted. We believe that this overall capital allocation strategy, which is focused on maintaining operations and risk mitigation while also reinvesting in growth and returning value to investors, ideally serves all of our stakeholders, including employees, customers and shareholders.

我們現在相信，我們可以通過對增長進行再投資，同時更積極地為股東回報價值，以平衡的方式利用產生的現金。因此，我們的董事會已將我們當前的股票回購授權規模從剩餘的 4150 萬美元增加到最多 1 億美元。除了我們的公開市場股票回購計劃外，我們還將評估實施 10b5-1 計劃，使我們即使在我們的公開市場計劃受到限制期間也能自動回購股票。我們認為，這種專注於維持運營和降低風險，同時對增長進行再投資並為投資者回報價值的整體資本配置戰略，可以理想地服務於我們所有的利益相關者，包括員工、客戶和股東。

I would now like to turn to our guidance for the first quarter of fiscal year 2021. We are encouraged by growing demand trends in optical communications that we believe will more than offset the current softness we are seeing in other markets. We expect a stronger telecom demand that we saw at the end of the fourth quarter to continue in the first quarter. We expect datacom and industrial laser revenue to slightly decrease, and we believe traditional automotive revenue softness will continue, partially offset by growth from advanced automotive technology programs.

我現在想談談我們對 2021 財年第一季度的指導。我們對光通信不斷增長的需求趨勢感到鼓舞，我們認為這將足以抵消我們目前在其他市場看到的疲軟。我們預計我們在第四季度末看到的更強勁的電信需求將在第一季度繼續。我們預計數據通信和工業激光器收入將略有下降，我們認為傳統汽車收入疲軟將繼續，部分被先進汽車技術項目的增長所抵消。

We expect total revenue in the first quarter to be in the range of $410 million to $430 million. We are optimistic that we can drive continued efficiencies in gross margin even with seasonal cost increases that we typically face in the first quarter. From an earnings perspective, we anticipate non-GAAP net income per share in the first quarter to be in the range of $0.93 to $1 and GAAP net income per share of $0.77 to $0.84 based on approximately 37.7 million fully diluted shares outstanding.

我們預計第一季度的總收入將在 4.1 億美元至 4.3 億美元之間。我們樂觀地認為，即使我們通常在第一季度面臨季節性成本增加，我們也可以繼續提高毛利率。從收益的角度來看，我們預計第一季度非 GAAP 每股淨收入在 0.93 美元至 1 美元之間，基於約 3770 萬股完全稀釋的已發行股票，GAAP 每股淨收入在 0.77 美元至 0.84 美元之間。

In conclusion, we are very pleased to have exceeded our guidance ranges for the fourth quarter and to deliver record results in a number of key metrics for the full year. We are optimistic that stronger demand trends in telecom will more than offset headwinds in other parts of our business, and we are confident that we can continue to deliver strong value to shareholders as we look ahead.

總之，我們很高興第四季度超出了我們的指導範圍，並在全年的一些關鍵指標上取得了創紀錄的成績。我們樂觀地認為，電信領域更強勁的需求趨勢將抵消我們業務其他部分的逆風，並且我們有信心在展望未來時繼續為股東創造強大的價值。

Operator, we are now ready to open the call for questions.

接線員，我們現在可以開始提問了。

(Operator Instructions)

（操作員說明）

Our first question comes from Samik Chatterjee with JPMorgan.

我們的第一個問題來自摩根大通的 Samik Chatterjee。

If I could just start off with the outlook here, particularly in relation to capacity additions, and quite a strong outlook and you're seeing strength across your businesses. What are your customers communicating to you in terms of capacity additions required over fiscal '21? And we did see your CapEx tick up a bit here, so are you kind of -- are we looking forward to a more material increase in CapEx in fiscal '21? Or are you primarily -- have you already cycled past the CapEx additions that you needed to do for your customers? And I have a follow-up.

如果我能從這裡的前景開始，特別是在產能增加方面，以及相當強勁的前景，你就會看到你的業務實力。在 21 財年所需的產能增加方面，您的客戶與您溝通了什麼？我們確實看到你的資本支出在這裡有所上升，所以你是不是——我們是否期待在 21 財年資本支出有更多實質性增長？或者你主要是——你是否已經循環過了你需要為你的客戶做的資本支出增加？我有一個後續行動。

Yes. I think -- hi, Samik. I think that would be a fair assessment. The CapEx increase that you saw was additional capacity we've been adding throughout the year. And then as we've communicated in our prepared remarks, the roughly 100,000 square feet of manufacturing space that we're adding at the Pinehurst campus, where we're relocating a number of office spaces into 1 location and then effectively building a new building and converting existing office space into manufacturing space. And that would yield, as we said, about 100,000 square feet of additional capacity. As we've said previously that our existing customers, for the most part, who are in the Pinehurst campus, they really want to stay in Pinehurst. So as their business expands, we have to expand our footprint somehow in Pinehurst, rather than try to force the customers to relocate to Chonburi. So really, Chonburi is aimed at capacity additions for new customers.

是的。我想——嗨，Samik。我認為這是一個公平的評估。您看到的資本支出增加是我們全年增加的額外產能。然後正如我們在準備好的發言中所傳達的那樣，我們將在 Pinehurst 校區增加大約 100,000 平方英尺的製造空間，我們將在那裡將許多辦公空間搬遷到一個位置，然後有效地建造一座新建築並將現有辦公空間轉變為製造空間。正如我們所說，這將產生大約 100,000 平方英尺的額外容量。正如我們之前所說，我們現有的大部分客戶都在派恩赫斯特校區，他們真的很想留在派恩赫斯特。因此，隨著他們業務的擴展，我們必須以某種方式擴大我們在 Pinehurst 的足跡，而不是試圖強迫客戶搬遷到春武里府。所以真的，春武里旨在為新客戶增加產能。

But we're quite, I would say, quite optimistic about the demand trends we're seeing in the marketplace, notwithstanding, let's say, the COVID impacts. From our perspective, I think the way we're thinking about COVID right now is it's a -- we're in the new normal situation now so we factored it in. We've taken it into account. And the demand that we're seeing is really what's driving the increasing capacity that you're seeing us talk about here.

但我想說，我們對我們在市場上看到的需求趨勢非常樂觀，儘管可以說，COVID 的影響。從我們的角度來看，我認為我們現在考慮 COVID 的方式是——我們現在處於新的正常情況下，所以我們將其考慮在內。我們已經考慮到了它。我們看到的需求確實是推動您在這裡看到我們談論的容量增加的原因。

Got it, got it. Just following up on gross margins here. You did mention that you expect to be back in the long-term range of 12% to 12.5% here in fiscal '21. Just help me think about outside of the revenue as it kind of -- as we go through the year. Probably you'll have sequential growth in revenues as we go through the year. But outside of that ramp, what are the other drivers here? Because I think you mentioned most of the COVID impact, you should be seeing, cycling past that in the first quarter itself. So what are the other drivers to think about timing when you get back to that range?

明白了，明白了。只是跟進這裡的毛利率。您確實提到您希望在 21 財年回到 12% 至 12.5% 的長期範圍內。幫我想想收入之外的事情——在我們度過這一年的時候。隨著我們度過這一年，您的收入可能會連續增長。但是在那個匝道之外，這裡還有哪些其他司機？因為我認為你提到了 COVID 的大部分影響，所以你應該看到，在第一季度本身就超越了它。那麼當你回到那個範圍時，其他驅動因素是什麼？

Hi, Samik, this is Csaba. So with regards to our gross margin projections for the next fiscal year and fiscal quarter, obviously, as we mentioned in our prepared remarks, we'd like to think that the COVID-19 impact is becoming part of our existing business model now. So other than that, we are making up the costs that we are spending on employee safety and all the social distancing-related expenses, which we anticipate to continue. We are anticipating to offset that with operational efficiencies. If you look at our performance in Q4, we were able to increase our gross margins by about 60 basis points from continuous efficiency improvement.

嗨，Samik，我是 Csaba。因此，關於我們對下一財年和下一財季的毛利率預測，顯然，正如我們在準備好的評論中提到的那樣，我們認為 COVID-19 的影響現在正在成為我們現有商業模式的一部分。因此，除此之外，我們正在彌補我們在員工安全和所有與社會疏遠相關的費用上花費的費用，我們預計這些費用會繼續。我們期望通過運營效率來抵消這一點。如果你看一下我們在第四季度的表現，我們能夠通過持續提高效率將毛利率提高約 60 個基點。

So typically, in the first quarter, we see a bit of headwinds from annual [rate] increases, and obviously, with the ongoing expenses that we foresee from COVID-19, we are working hard and diligently to offset those by productivity and efficiency improvements so, such as automation and all those productivity improvement actions that the operations is driving through. So other than the revenue and operating leverage, we are working hard to improve the efficiencies. So again, we might think the COVID-related headwinds are going to be offset in the longer term, and we can return to our target gross margin range during fiscal 2020.

因此，通常在第一季度，我們會看到年度 [利率] 增長帶來的一些不利因素，顯然，由於我們預計 COVID-19 會產生持續的支出，我們正在努力工作，通過提高生產力和效率來抵消這些支出因此，例如自動化和運營正在推動的所有那些提高生產力的行動。因此，除了收入和運營槓桿之外，我們正在努力提高效率。因此，我們可能再次認為與 COVID 相關的不利因素將在長期內被抵消，我們可以在 2020 財年回到我們的目標毛利率範圍。

Yes. And if I could just maybe add to that, Samik. If you take our -- the headwinds and the tailwinds that we're looking at right now. So the headwinds, obviously, as Csaba mentioned, the COVID headwinds that are now just part of the normal way that we do business, and that's probably 20 to 25 basis points of a headwind that we're -- additional costs we're carrying with all of the protocols to do with COVID. Secondly, we have the merit increase that we implement yearly. So even though we're in a COVID situation, we want to make sure we take great care of our employees. So we have implemented merit increases for our employees that presents a headwind mostly in Q1 in this quarter.

是的。如果我可以補充一點，Samik。如果你看看我們現在看到的逆風和順風。因此，很明顯，正如 Csaba 提到的那樣，逆風現在只是我們開展業務的正常方式的一部分，這可能是我們所面臨的逆風的 20 到 25 個基點——我們承擔的額外成本與所有與 COVID 相關的協議。其次，我們有每年實施的業績增長。因此，即使我們處於 COVID 情況下，我們也希望確保我們照顧好我們的員工。因此，我們已經為我們的員工實施了加薪，這主要在本季度的第一季度帶來了不利影響。

And then the tailwinds, obviously again, as Csaba mentioned, the efficiency improvements that we've been able to generate, frankly, very tight cost containment and cost control. We keep our costs under very tight control. You'll see our OpEx, for example, it's 2.9% of revenue. I don't think there are too many other EMS companies with that kind of OpEx. So therefore, the leverage we get as we grow the company, a lot of the incremental gross margin drops to the bottom line so we get the leverage there. So again, a combination of all of those factors, we feel we're in quite a good place in the sense that the headwinds, we know about them, we factor them in, and we've managed to claw back the vast bulk of it so that we can improve the gross margin as we go forward.

然後是順風，很明顯，正如 Csaba 提到的那樣，坦率地說，我們已經能夠產生非常嚴格的成本控制和成本控制。我們嚴格控製成本。你會看到我們的運營支出，例如，它佔收入的 2.9%。我不認為有太多其他 EMS 公司有這種 OpEx。因此，隨著公司的發展，我們獲得的槓桿作用，很多增量毛利率下降到底線，所以我們在那裡獲得了槓桿作用。因此，再一次，所有這些因素的結合，我們覺得我們處於一個相當好的位置，因為我們知道逆風，我們將它們考慮在內，並且我們已經設法收回了大部分這樣我們就可以在前進的過程中提高毛利率。

Our next question comes from John Marchetti with Stifel.

我們的下一個問題來自 Stifel 的 John Marchetti。

Seamus, I was wondering if you could go back and talk a little bit about the strong telecom demand that you saw that came in towards the end of the quarter. Curious if that was across multiple segments, if it was really geared towards geographies that maybe were starting to come out of COVID a little bit earlier than some others, or any kind of color there that you can provide would be helpful.

Seamus，我想知道您是否可以回過頭來談談您在本季度末看到的強勁電信需求。好奇這是否跨越多個細分市場，如果它真的適用於可能比其他一些人更早開始擺脫 COVID 的地區，或者您可以提供的任何顏色都會有所幫助。

Yes. So the telecom revenue growth that we saw was really a combination of the -- maybe the inventory correction that we had seen in the prior quarter coming back, as we had expected, coming back last quarter. And then we did see some growing demand at the end of Q4 and into Q1, like I say, with the effects of that inventory correction and also at some of the higher -- I would say, the higher speeds, the higher-rated products, so the higher-end products that we saw coming back. And we -- as we look into Q1, we do see telecom being -- continue to be quite strong, actually. And Csaba, if you'd add anything to that?

是的。因此，我們看到的電信收入增長實際上是 - 也許我們在上一季度看到的庫存調整回歸，正如我們預期的那樣，上個季度回歸。然後我們確實在第四季度末和第一季度看到了一些增長的需求，就像我說的那樣，隨著庫存調整的影響以及一些更高的 - 我會說，更高的速度，更高評級的產品，所以我們看到的高端產品又回來了。而且我們 - 當我們研究第一季度時，我們確實看到電信 - 實際上仍然非常強大。 Csaba，如果你想補充什麼？

No, as you mentioned, Seamus, it's been pretty much across the board. So telecom was pretty strong and we see an uptick demand in the higher data rate programs, John, so that's what we have seen. Again, it's hard to tell whether it's a particular geography or a particular customer that we feel good about this trend in the telecom demand that we saw, and we expect to continue that in the next quarter.

不，正如你提到的，Seamus，這幾乎是全面的。所以電信非常強勁，我們看到更高數據速率程序的需求增加，約翰，這就是我們所看到的。同樣，很難說我們對我們所看到的電信需求趨勢感到滿意的是特定地理位置還是特定客戶，我們希望在下個季度繼續保持這種趨勢。

Got it, understood. And then maybe on the supply chain side, Seamus, you talked a little bit last quarter and through the quarter about some of the challenges on the supply chain side and making sure that, that was being adequately planned for. Just curious where that stands now. It sounds like from your remarks, the bulk of that is behind you and you feel like the supply chain is also getting back to normal. Just want to make sure that I read that correctly.

明白了，明白了。然後也許在供應鏈方面，Seamus，你在上個季度和整個季度談到了供應鏈方面的一些挑戰，並確保對此進行了充分的計劃。只是好奇現在的位置。從你的發言來看，大部分的事情都已經過去了，你覺得供應鏈也在恢復正常。只是想確保我沒看錯。

Yes. I would say the supply chain challenges, John, we're always, I would say, borderline paranoid about supply chain because if you're missing that last resistor, you can't ship. So we're always completely paranoid and remain very, very vigilant on supply chain. I think the way I would characterize it, John, is we have a good feel for what's going on. We feel we have our arms around it. But I wouldn't say it's behind us. We always start every quarter with a big nut to crack in terms of the challenges, the supply chain challenges we have. And then we have just -- we believe, I would say, the best supply chain team in the industry. We just go after it every quarter, every day -- not every quarter, every day, and really go after those challenges to make sure we get our fair share, and in some cases, our own fair share of the parts that are out there and the parts that are on allocation, in some cases.

是的。我會說供應鏈挑戰，約翰，我們總是，我會說，對供應鏈的邊緣偏執，因為如果你錯過了最後一個電阻，你就無法發貨。所以我們總是完全偏執，對供應鏈保持非常非常警惕。約翰，我想我描述它的方式是我們對正在發生的事情有很好的感覺。我們覺得我們有我們的手臂圍繞著它。但我不會說它在我們身後。我們總是在每個季度開始時，就面臨的挑戰，即我們所面臨的供應鏈挑戰，解決一個大難題。然後我們 - 我們相信，我會說，業內最好的供應鏈團隊。我們只是每個季度、每天——而不是每個季度、每天——真正去應對這些挑戰，以確保我們得到我們公平的份額，在某些情況下，我們自己公平份額的部分在某些情況下，分配的部分。

It's a little bit different to maybe prior supply chain challenges. If you go back a couple of years ago, you had the MLCC situation. And at this time around, it's more widespread, which makes it a bit more of a challenge. You could look at that a couple of ways. You could say, well, it's spread across multiple commodities. Therefore, there's no one commodity that's going to become a [godship]. But there really are still, I would say, a number of challenges. We feel we have our arms around it. And the biggest impact we feel right now is, maybe less to do with leaving revenue on the table and more to do with revenue and output being nonlinear. So we'd be a little bit more back-end loaded than we'd like to be. We'd like to produce in a very linear fashion so that we can produce the quarter.

這可能與之前的供應鏈挑戰有點不同。如果回到幾年前，就會遇到 MLCC 情況。而在這個時候，它更加普遍，這使得它更具挑戰性。你可以通過幾種方式來看待它。你可以說，嗯，它分佈在多種商品中。因此，沒有一種商品會成為[神性]。但我想說，確實仍然存在許多挑戰。我們覺得我們有我們的手臂圍繞著它。我們現在感受到的最大影響可能與將收入留在桌面上的關係不大，而與收入和產出的非線性關係更大。所以我們會比我們想要的多一點後端負載。我們希望以非常線性的方式生產，以便我們可以生產季度。

If you look at our production, our operations, we like to be kind of flat-loaded for the quarter, not always possible but we certainly target to be level loaded. And this quarter, we feel we're a little bit more back-end loaded. So a little bit of an impact on linearity more so than on actual output, if that makes sense.

如果你看看我們的生產，我們的運營，我們喜歡在本季度保持平穩，這並不總是可能的，但我們的目標當然是保持平穩。而本季度，我們覺得我們的後端負載要多一些。因此，如果有意義的話，對線性度的影響比對實際輸出的影響更大。

Yes. And just to follow up on that, Seamus, I mean, obviously, that has a little bit of an impact on margins. But do you see customers or are you asking customers then to place orders with a little bit longer lead times just so you can make sure that you have your arms around that supply chain? Or is it -- are customers still pretty much behaving the same way on the order side?

是的。只是為了跟進，Seamus，我的意思是，顯然，這對利潤率有一點影響。但是您是否看到客戶，或者您是否要求客戶下訂單，交貨時間稍長一些，這樣您就可以確保您掌握了該供應鏈？或者是——客戶在訂單方面的行為方式幾乎相同嗎？

Yes. No, that's -- you've hit the nail on the head John. That's exactly what we're doing. We're working with customers to make sure we go beyond the normal component lead time because if -- at -- in the end, if -- when components are tight, when component supply is tight, whoever -- whichever customer makes a commitment to the supplier to order beyond the component lead time would typically get the parts. So we're working with our customers to make sure because, as you know, once we order beyond lead time, we can't be financially responsible for that. We have to make sure that our customers, if you like, underwrite that. So that's really what we're working on right now, is to make sure we have that arrangement in place, a kind of a 3-way understanding with our customers, if you like, underwriting any orders we place beyond the component lead time and then the suppliers honoring that, that they see value that component suppliers will really see value in we're able to give them orders beyond the component lead time. So that's really the challenge we have right now, is to work through all of that to make sure we secure our share in parts.

是的。不，那是——約翰，你一語中的。這正是我們正在做的。我們正在與客戶合作，以確保我們超出正常的組件交貨時間，因為如果 - 在 - 最後，如果 - 當組件緊張時，當組件供應緊張時，無論誰 - 無論哪個客戶做出承諾向供應商訂購超出組件提前期的訂單通常會獲得零件。因此，我們正在與我們的客戶合作以確保，因為如您所知，一旦我們的訂單超出交貨時間，我們就無法為此承擔財務責任。我們必須確保我們的客戶（如果您願意）對此進行承保。所以這就是我們現在真正在做的事情，就是確保我們有這樣的安排，一種與我們客戶的三方理解，如果你願意的話，承保我們下達的任何訂單超過組件交貨時間和然後供應商兌現這一點，他們看到了組件供應商真正看到的價值，因為我們能夠在組件提前期之外向他們提供訂單。所以這真的是我們現在面臨的挑戰，就是要解決所有這些問題，以確保我們在零件中的份額得到保障。

And our next question comes from Alex Henderson with Needham.

我們的下一個問題來自 Alex Henderson 和 Needham。

Just a couple of mundane ones to start off with, if I could. Could you give us some sense of what's going on with your tax rate? Obviously, it's moving around a lot because of the exchange rate moves and the government, I think, it talked about giving some discounts. Can you give us some guidance on what we should be using for FY '21?

如果可以的話，只是幾個平凡的開始。你能告訴我們你的稅率是怎麼回事嗎？顯然，由於匯率變動和政府，我認為，它談到了給予一些折扣。您能否就 FY '21 應該使用什麼給我們一些指導？

Alex, this is Csaba. So basically, if you see our tax rate was slightly down year-on-year in fiscal 2020, our effective tax rate came in at about 4.14%, which was slightly below last year, again, as you mentioned, certain movements around. So in the longer term, for modeling purposes, we still anticipate the tax rate to be around 5% range and below 5%.

Alex，這是 Csaba。所以基本上，如果你看到我們的稅率在 2020 財年同比略有下降，我們的有效稅率約為 4.14%，略低於去年，正如你提到的，某些變動。所以從長遠來看，出於建模目的，我們仍然預計稅率在 5% 左右和 5% 以下。

Below 5%, great. And then the second one I wanted to ask, more poignant, is around the systems business. Clearly, it's a pretty big nut coming down the pike. You have 2 potential customers impacting the numbers. First one obviously had an inventory correction. That should be falling out sequentially but I don't think it fully falls out until the December quarter. And then you have a second customer coming in, in the December quarter. Should we be thinking about that as a material contribution in this December quarter from that additional customer? Or is that really going to be metastasizing as a revenue driver starting in the March quarter and into the June quarter? How do we think about those tethering in?

低於 5%，很好。然後我想問的第二個問題更尖銳，是關於系統業務的。顯然，這是一個相當大的螺母從派克上掉下來。您有 2 個潛在客戶影響了數字。第一個顯然有庫存修正。這應該會依次消失，但我認為它要到 12 月季度才會完全消失。然後你有第二個客戶進來，在 12 月季度。我們是否應該將其視為該額外客戶在這個 12 月季度的重大貢獻？或者，這真的會從三月季度開始轉移到六月季度，成為收入驅動因素嗎？我們如何看待那些束縛的人？

So we've actually started some of that transfer. It's not meaningful in terms of revenue this quarter, but we actually do have some of that transfer activity going on. And it's more of the, if you like, transfer and qualification type activity that's going on. And we'll be ramping that over Q2 and Q3 and out into Q4, actually. I think it will become...

所以我們實際上已經開始了一些轉移。就本季度的收入而言，這沒有任何意義，但我們確實有一些轉移活動正在進行。如果你願意的話，更多的是正在進行的轉移和資格類型的活動。實際上，我們將在第二季度和第三季度逐步擴大到第四季度。我覺得會變成...

If I could, when you say not relevant this quarter, did you mean the June quarter or the September quarter? I'm not sure what you meant.

如果可以的話，當你說本季度不相關時，你指的是 6 月季度還是 9 月季度？我不確定你的意思。

I mean the September quarter. Yes, it's not particularly meaningful. Meaningful in the sense that we'll have a number of programs and part numbers in the qualification loop, in the qualification process but not particularly meaningful in terms of actual shipped revenue in the quarter. I think the December quarter, yes, it will become -- it will start to become meaningful, I think, in the December quarter, but it's probably really more out into the March and June quarter that it becomes quite significant and quite meaningful.

我的意思是九月季度。是的，意義不大。從某種意義上說，在資格認證過程中，我們將在資格認證循環中有許多程序和零件號，但就本季度的實際出貨收入而言並不是特別有意義。我認為 12 月的季度，是的，它將開始變得有意義，我認為，在 12 月的季度，但它可能真的更深入到 3 月和 6 月的季度，它變得非常重要和非常有意義。

The other customer that you mentioned, they -- from our perspective, we think the inventory corrections are largely behind us. We understand they may have inventory corrections still going on but they have more suppliers than just Fabrinet. So it may be affecting those other suppliers, we're not quite sure. And then, of course, there's other system companies, and it's really an important part of our strategy. We're not trying to target every company in the world, but there are a handful of companies who we feel would be a really good fit where we can -- we're currently supplying, let's say, the optical components to those companies, that even if Huawei gets kicked out of networks around the world, those other companies will benefit from that. And in the end, they'll come back to our optical component suppliers to get those optical components. And so we should end up, if you like, being neutral from that point of view.

你提到的另一個客戶，他們——從我們的角度來看，我們認為庫存調整在很大程度上已經過去了。我們知道他們可能仍在進行庫存調整，但他們的供應商不僅僅是 Fabrinet。所以它可能會影響其他供應商，我們不太確定。然後，當然還有其他系統公司，這確實是我們戰略的重要組成部分。我們並不想針對世界上的每一家公司，但我們認為有幾家公司在我們力所能及的範圍內非常適合——我們目前正在向這些公司供應光學元件，比如說，即使華為被踢出全球網絡，其他公司也會從中受益。最後，他們會回到我們的光學元件供應商那裡獲取這些光學元件。因此，如果您願意，我們最終應該從那個角度保持中立。

And then the upside for us is, as those companies then start to hopefully pick up Huawei business around the world and become customers of Fabrinet for system-level business, we're quite hopeful that it should represent an opportunity for us to grow our business in the system space.

然後對我們來說有利的是，隨著這些公司開始有希望在全球範圍內開展華為業務並成為 Fabrinet 的系統級業務客戶，我們非常希望這應該代表我們發展業務的機會在系統空間。

Just to fine-tune it a little bit. So is it a sufficient positive sequentially from the December quarter into the March quarter to offset normal seasonality? Is that the right way to think about the magnitude of it?

只是為了微調它一點點。那麼從 12 月季度到 3 月季度的連續正數足以抵消正常的季節性嗎？這是考慮它的嚴重性的正確方法嗎？

I think that would be a good way to think about it, yes. That would be correct (inaudible).

我認為這是一個很好的思考方式，是的。那是正確的（聽不清）。

(Operator Instructions) Our next question comes from Tim Savageaux with Northland Capital.

（操作員說明）我們的下一個問題來自 Northland Capital 的 Tim Savageaux。

Congratulations on the results. You'd mentioned a combination of factors. I mean, it looks like -- I certainly expected the telecom business to decline, and it looks like it was up about $20 million relative to where my expectations might have been. And you mentioned a couple of factors: one, kind of less supply headwinds; two, accelerated telecom demand, looks to be on the 400G, 600G side toward the end of the quarter. If we look at what you might have expected entering the quarter and how it ended up, is -- am I kind of in the range here or you expected telecom down, it was up pretty nicely. And how would you apportion the upside via those 2 factors, less supply issues versus increased demand?

祝賀結果。你提到了多種因素的組合。我的意思是，看起來——我當然預計電信業務會下降，而且看起來它比我的預期高了大約 2000 萬美元。你提到了幾個因素：第一，供應逆風減少；第二，加速的電信需求，似乎在本季度末出現在 400G、600G 方面。如果我們看看您對本季度的預期以及它的結果如何，那就是——我是在這個範圍內還是您預計電信會下降，但它的表現非常好。您將如何通過這兩個因素分配上行空間，供應問題減少與需求增加？

So I think we had anticipated that COVID would impact us to the tune of about $25 million, $30 million in the quarter. That's what we had factored into our guidance, and the actual impact was probably much smaller than that. It was in the $10 million to $15 million range, thereabouts. So I think it's a combination of a number of factors. I think that's a big factor. Also, the customer, as you mentioned, with whom we had the inventory correction, for the most part, that has self-corrected this past quarter and we're back to where we would like it to be. So a couple of factors. And then as you said, the higher bandwidth, higher-speed products, we did see an uptick in demand there towards the end of the quarter. So a few factors impacting the telecom growth there.

因此，我認為我們曾預計 COVID 將在本季度對我們產生大約 2500 萬美元、3000 萬美元的影響。這就是我們在指導中考慮的因素，實際影響可能比這小得多。它大約在 1000 萬到 1500 萬美元之間。所以我認為這是多種因素的結合。我認為這是一個很大的因素。此外，正如您提到的，與我們一起進行庫存校正的客戶在過去的一個季度中大部分情況下都進行了自我校正，我們又回到了我們希望的狀態。所以有幾個因素。然後正如您所說，更高帶寬、更高速度的產品，我們確實在本季度末看到了需求的上升。有幾個因素影響那裡的電信增長。

Yes, very helpful to kind of quantify that COVID impact. Question on the datacom side, I guess both results and guidance. Given some pretty broad-based strength we're seeing in cloud, 100G datacom modules in particular, kind of across the ecosystem from the module level down to the IC level, flattish, flat to down, is I think a little surprising in that context. I wonder if you could talk about dynamics on the datacom side, so you did see an uptick in QSFP here in the June quarter, look like you expect that to tick down a little bit. I wonder if you could talk about what's impacting the datacom outlook.

是的，這對於量化 COVID 的影響非常有幫助。關於數據通信方面的問題，我猜是結果和指導。鑑於我們在雲中看到的一些相當廣泛的優勢，特別是 100G 數據通信模塊，從模塊級別到 IC 級別的整個生態系統，平坦，平坦到向下，我認為在這種情況下有點令人驚訝.我想知道你是否可以談談數據通信方面的動態，所以你確實看到 QSFP 在 6 月這個季度有所上升，看起來你希望它會有所下降。我想知道您能否談談影響數據通信前景的因素。

Yes, so a couple of things. So first of all, I think some of the kind of historical pricing, maybe price erosion that we had seen, the kind of outsized price erosion that we had seen historically, that's going to settle down now. We're back to, I would say, normal levels of price erosion in the datacom space for us. We do have a couple of, I would say, customer-specific program transition things going on, where maybe an existing program is tapering off at a particular customer, where the new generation product is beginning to ramp but hasn't fully ramped to the extent that it's offsetting the declines in the program that's ending, if you follow me. So that's really what we see going on in datacom. Overall, we're quite optimistic about datacom. I would say we haven't -- we don't believe we've lost any share or anything like that. It's more of a, like I say, a customer, a program transition that's going on, where one particular product is ramping down as another one ramps up.

是的，有幾件事。所以首先，我認為一些歷史定價，也許是我們所看到的價格侵蝕，我們在歷史上看到的那種超大價格侵蝕，現在將會安定下來。我想說，我們回到了數據通信領域的正常價格侵蝕水平。我們確實有幾個，我想說的是，特定於客戶的程序過渡正在進行中，其中現有程序可能正在針對特定客戶逐漸減少，新一代產品開始增加但尚未完全增加到如果你跟我來，它在一定程度上抵消了即將結束的項目的下降。這就是我們在數據通信中看到的情況。總的來說，我們對數據通信相當樂觀。我會說我們沒有 - 我們不相信我們已經失去了任何份額或類似的東西。就像我說的，它更像是一個客戶，一個正在進行的程序轉換，其中一個特定的產品正在下降，而另一個產品正在上升。

And I'm showing no further questions in the queue at this time. I'd like to turn the call back to Seamus Grady for any closing remarks.

我現在不會在隊列中顯示更多問題。我想將電話轉回給 Seamus Grady 以聽取任何結束語。

Thank you, operator. Thank you for joining our call today, everyone. We are pleased to have exceeded our guidance in the fourth quarter. Our track record of success demonstrates that our strategy is working, and we have never been more optimistic about our future. We look forward to speaking with you again next time. Until then, goodbye and stay safe.

謝謝你，運營商。感謝大家今天加入我們的電話會議。我們很高興在第四季度超出了我們的指導。我們的成功記錄表明我們的戰略正在奏效，我們對未來從未如此樂觀。我們期待下次與您再次交談。在那之前，再見並保持安全。

Ladies and gentlemen, thank you for your participation on today's conference. This does conclude your program, and you may now disconnect.

女士們，先生們，感謝你們參加今天的會議。這確實結束了您的程序，您現在可以斷開連接。