Fabrinet (FN) 2020 Q3 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Fabrinet's financial results conference call for the third 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。歡迎參加 Fabrinet 2020 財年第三季度財務業績電話會議。（操作員說明）提醒一下，今天的通話正在錄音中。

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 third quarter of fiscal year 2020, which ended March 27, 2020. 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 includes our GAAP to non-GAAP reconciliation.

謝謝你，運營商。大家下午好。感謝您參加今天的電話會議，討論 Fabrinet 截至 2020 年 3 月 27 日的 2020 財年第三季度的財務和運營業績。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 February 4, 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說明，請參閱我們最近提交給美國證券交易委員會的文件，尤其是我們於 2020 年 2 月 4 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. Before I discuss the details of our results, I would like to tell you about how we are handling COVID-19. We are very fortunate that COVID-19 has not impacted our ability to keep our factories running globally. Needless to say, we greatly appreciate the extraordinary efforts of our employees and their families, our suppliers, and of course, our customers for their continued dedication and hard work during this challenging time.

謝謝你，加羅。大家下午好。在我討論我們結果的細節之前，我想告訴你我們是如何處理 COVID-19 的。我們非常幸運，COVID-19 並未影響我們在全球範圍內保持工廠運轉的能力。不用說，我們非常感謝我們的員工及其家人、我們的供應商，當然還有我們的客戶在這個充滿挑戰的時期持續奉獻和辛勤工作的非凡努力。

We've taken great measures to ensure the safety of our employees and their families, and we are pleased to report that we are operating at 100% capacity and that our employees are well. Extreme flexibility, decisive response to the crisis, excellent leadership and teamwork, together with excellent partnerships with our customers and suppliers, helped us make immediate changes to our build schedules and operating protocols to meet the volatile demand resulting from the crisis.

我們已採取重大措施來確保我們員工及其家人的安全，我們很高興地報告我們正在以 100% 的產能運營，我們的員工都很好。極大的靈活性、對危機的果斷反應、出色的領導和團隊合作，以及與我們的客戶和供應商的良好合作夥伴關係，幫助我們立即改變了我們的建造時間表和運營協議，以滿足危機造成的多變需求。

We came to know about the COVID-19 issues from Casix, our factory in China, in late January. The information received from our staff during the Chinese New Year was very disconcerting as the virus was reported to be similar to the SARS virus of 2003. We immediately implemented all of the measures taken in our China factory across all of our factories, starting the first week of February. We continued to enhance the measures as recommended by the CDC, the World Health Organization, local and federal governments of the regions where we operate as well as based on our own research on the subject.

1 月下旬，我們從我們在中國的工廠 Casix 得知了 COVID-19 問題。農曆新年期間從我們的工作人員那裡收到的信息非常令人不安，因為據報導該病毒與 2003 年的 SARS 病毒相似。從 2 月的第一周開始，我們立即在所有工廠實施了在中國工廠採取的所有措施。我們繼續根據疾病預防控制中心、世界衛生組織、我們經營所在地區的地方和聯邦政府的建議以及我們自己對該主題的研究加強措施。

The measures include monitoring body temperatures of all people entering the factories, cutting down on visitors, banning visitors from regions heavily hit by the virus, mandatory social distancing, frequent washing of hands, wearing face masks, stopping large group meetings, providing disinfectant in all areas of the factories and special training of staff on the symptoms and precautions to be taken in the factory and at home. We encouraged staff to work from home where possible and mandated that all vulnerable staff work from home. By mid-February, we started disinfecting all material coming in to ensure it was virus free before it was issued to the manufacturing lines.

這些措施包括監測所有進入工廠的人的體溫、減少訪客、禁止來自病毒重災區的訪客、強制性的社會疏遠、經常洗手、戴口罩、停止大型集體會議、在所有地方提供消毒劑工廠區域，並對員工進行特殊培訓，了解在工廠和家中應採取的症狀和預防措施。我們鼓勵員工盡可能在家工作，並要求所有弱勢員工在家工作。到 2 月中旬，我們開始對所有進入的材料進行消毒，以確保在將其發往生產線之前沒有病毒。

Despite the challenges we faced, we demonstrated the flexibility inherent in our business model to produce financial results that were within our guidance range in our fiscal third quarter, with revenue of $411 million and non-GAAP net income of $0.92 per share. This nimbleness also enabled us to generate significant free cash flow.

儘管我們面臨挑戰，但我們展示了業務模式固有的靈活性，以產生在我們第三財季指導範圍內的財務業績，收入為 4.11 億美元，非 GAAP 每股淨收入為 0.92 美元。這種靈活性也使我們能夠產生可觀的自由現金流。

Looking at some of the details of the quarter. Our high-level business mix was relatively consistent with our recent history, with 75% of revenue from optical communications and 25% from nonoptical communications. Optical communications revenue of $309 million was down 4% from the second quarter but up 3.5% from a year ago. Within optical communications, telecom revenue was $224 million, down 10% from the second quarter but up 3% from a year ago, reflecting some inventory adjustments associated with certain next-generation programs. Datacom revenue of $85 million rebounded nicely and was up 14% from the second quarter and up 5% from a year ago.

查看本季度的一些細節。我們的高級業務組合與我們最近的歷史相對一致，75% 的收入來自光通信，25% 來自非光通信。光通信收入為 3.09 億美元，比第二季度下降 4%，但比去年同期增長 3.5%。在光通信領域，電信收入為 2.24 億美元，比第二季度下降 10%，但比去年同期增長 3%，反映出與某些下一代項目相關的一些庫存調整。Datacom 收入 8500 萬美元，反彈良好，比第二季度增長 14%，比去年同期增長 5%。

By technology, silicon photonics-based optical communications revenue increased 5%, both from the second quarter and from a year ago, to $86 million and represented 21% of total revenue. Revenue from QSFP28 and QSFP56 transceivers also continued to grow and was up 7% from the second quarter and 17% from a year ago at $51 million or 12% of total revenue.

按技術劃分，基於矽光子學的光通信收入比第二季度和一年前增長 5%，達到 8600 萬美元，佔總收入的 21%。QSFP28 和 QSFP56 收發器的收入也繼續增長，比第二季度增長 7%，比去年同期增長 17%，達到 5100 萬美元，佔總收入的 12%。

By data rate, 100-gig programs grew 1% from the second quarter and 10% from a year ago to $161 million. Products rated at speeds of 400-gig and above declined 41% from the second quarter but grew 25% from a year ago to $29 million.

按數據速率計算，100 兆節目比第二季度增長 1%，比去年同期增長 10%，達到 1.61 億美元。額定速度為 400-gig 及以上的產品較第二季度下降 41%，但較去年同期增長 25% 至 2900 萬美元。

Looking at our nonoptical communications business. Revenue of $103 million was essentially flat from the second quarter and up 2% from a year ago. Demand for industrial lasers was also flat sequentially with revenue of $46 million. During the third quarter, we reclassified certain revenue from other nonoptical revenue to automotive to better represent the end market being served. As such, automotive revenue was $31 million and other revenue was $22 million. Excluding the impact of this reclassification, revenue from automotive and other nonoptical revenue would have been consistent with the second quarter. Sensor revenue was $3 million.

看看我們的非光通信業務。收入 1.03 億美元，與第二季度基本持平，同比增長 2%。工業激光器的需求也環比持平，收入為 4600 萬美元。在第三季度，我們將某些收入從其他非光學收入重新分類為汽車收入，以更好地代表所服務的終端市場。因此，汽車收入為 3100 萬美元，其他收入為 2200 萬美元。排除這種重新分類的影響，來自汽車和其他非光學收入的收入將與第二季度保持一致。傳感器收入為 300 萬美元。

As we look to and beyond the fourth quarter, it's clear that there is extraordinary uncertainty ahead. In light of this, I wanted to share some thoughts on how the COVID-19 crisis could impact our business going forward.

展望第四季度及以後，很明顯未來存在巨大的不確定性。有鑑於此，我想分享一些關於 COVID-19 危機如何影響我們未來業務的想法。

On the one hand, with work-from-home protocols in place around the world, demand for Internet bandwidth has grown substantially. Clearly, the next-generation telecom and datacom products we manufacture for our customers, which make up about 3/4 of our revenue, are critical to expanding network capacity. This will continue to be a positive driver for Fabrinet. On the other hand, we could continue to see regional downward demand adjustments if outbreaks return.

一方面，隨著全球範圍內的在家工作協議的實施，對互聯網帶寬的需求大幅增長。顯然，我們為客戶製造的下一代電信和數據通信產品（約占我們收入的 3/4）對於擴展網絡容量至關重要。這將繼續成為 Fabrinet 的積極推動力。另一方面，如果疫情再次爆發，我們可能會繼續看到區域需求向下調整。

In addition, markets for other products we manufacture such as industrial lasers and automotive are likely to see reduced demand in a prolonged economic downturn. Our approach toward managing shifting customer demand remains unchanged. Our employee wellbeing remains our top priority, and that means we will continue to follow intense safety protocols at all of our facilities. At the same time, the availability of parts and materials we need to manufacture are likely to face variability. And we will continue to work closely with our customers and suppliers to identify solutions to satisfy our customers' demand.

此外，在長期經濟低迷的情況下，我們生產的其他產品（例如工業激光器和汽車）的市場需求可能會減少。我們管理不斷變化的客戶需求的方法保持不變。我們的員工福祉仍然是我們的首要任務，這意味著我們將繼續在所有設施中遵守嚴格的安全規程。與此同時，我們需要製造的零件和材料的可用性可能會面臨變化。我們將繼續與我們的客戶和供應商密切合作，以確定滿足客戶需求的解決方案。

These supply chain constraints are the primary factor that has pressured our gross margin in the third quarter and will likely continue to do so in the foreseeable future until the COVID-19 impact settles down. Because of this, we now expect our gross margin to be in the range of 11.5% to 12% or slightly below our target range of 12% to 12.5% for the full year. And we could see this pressure continue into early fiscal 2021.

這些供應鏈限制是對我們第三季度的毛利率造成壓力的主要因素，並且在可預見的未來可能會繼續這樣做，直到 COVID-19 的影響穩定下來。因此，我們現在預計全年毛利率將在 11.5% 至 12% 之間，或略低於我們 12% 至 12.5% 的目標範圍。我們可以看到這種壓力會持續到 2021 財年初。

Fortunately, our business model remains extremely resilient and agile. More than 90% of our costs are variable, with components and materials making up the greatest portion of our costs. Because of this, we are able to quickly adjust manufacturing costs to manage changing demand dynamics. As such, we believe we can maintain industry-leading gross margin levels despite the demand churn and material availability challenges. From an operating expense perspective, we continue to be a very lean organization and do not foresee meaningful expansion of operating expenses in the near future.

幸運的是，我們的商業模式仍然極具彈性和敏捷性。我們 90% 以上的成本是可變的，其中組件和材料占我們成本的最大部分。正因為如此，我們能夠快速調整製造成本以管理不斷變化的需求動態。因此，我們相信儘管存在需求波動和材料可用性挑戰，我們仍可以保持行業領先的毛利率水平。從運營費用的角度來看，我們仍然是一個非常精簡的組織，並且預計在不久的將來運營費用不會顯著增加。

From a balance sheet perspective, we remain very well capitalized with over $465 million in cash and investments and total debt of approximately $55 million. In addition, we continue to generate significant cash flow and anticipate maintaining that position in the upcoming quarters.

從資產負債表的角度來看，我們擁有超過 4.65 億美元的現金和投資以及約 5500 萬美元的總債務，資本狀況良好。此外，我們繼續產生大量現金流，並預計在未來幾個季度保持這一地位。

In summary, we're in a very dynamic business environment and our within guidance performance in the third quarter is a strong reflection of our resiliency and agility. This ability to quickly respond to shifting markets has been a part of Fabrinet's core strategy since our inception, and its value becomes most apparent when the environment gets challenging. As such, we believe we are uniquely positioned to continue to thrive during and post the COVID-19 crisis.

總而言之，我們處於一個非常動態的商業環境中，我們在第三季度的指導業績很好地反映了我們的彈性和敏捷性。這種快速響應不斷變化的市場的能力自我們成立以來一直是 Fabrinet 核心戰略的一部分，當環境變得充滿挑戰時，它的價值變得最為明顯。因此，我們相信我們處於獨特的位置，可以在 COVID-19 危機期間和之後繼續蓬勃發展。

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

現在我想把電話轉給 Csaba，了解更多財務細節和我們的第四季度指導。喬巴？

Thank you, Seamus, and good afternoon, everyone. I will provide you with more details on our financial results for the third quarter and our guidance for the fourth quarter of fiscal year 2020.

謝謝 Seamus，大家下午好。我將為您提供有關我們第三季度財務業績和我們對 2020 財年第四季度的指導的更多詳細信息。

Total revenue in the third quarter of fiscal year 2020 was $411.2 million, within our guidance range and slightly below our record second quarter performance as anticipated. Recall that in our last call, our revenue guidance incorporated an $8 million to $10 million impact from COVID-19. During the quarter, we have demonstrated our extreme flexibility to produce financial results that were within our guidance changes even though the actual impact on revenue from the pandemic was $12 million to $15 million or $4 million to $5 million more than we originally anticipated.

2020 財年第三季度的總收入為 4.112 億美元，在我們的指導範圍內，略低於我們預期的創紀錄的第二季度業績。回想一下，在我們上次電話會議中，我們的收入指引包含了 COVID-19 帶來的 800 萬至 1000 萬美元的影響。在本季度，我們展示了極大的靈活性，可以在我們的指導變化範圍內產生財務結果，儘管大流行對收入的實際影響比我們最初預期的高出 1200 萬至 1500 萬美元或 400 萬至 500 萬美元。

Non-GAAP net income was $0.92 per share, which was at the lower end of our guidance range, even after the greater-than-expected effects on both revenue and expenses that Seamus discussed.

非 GAAP 淨收入為每股 0.92 美元，處於我們指導範圍的下限，即使在 Seamus 討論的對收入和支出的影響大於預期之後也是如此。

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. Seamus described a number of extraordinary efforts we are going through during COVID-19 to remain operational while also keeping our employees safe.

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。Seamus 描述了我們在 COVID-19 期間為保持運營並確保員工安全所做的許多非凡努力。

Combined with the revenue impact, gross margin was below our target range at 11.2% in the third quarter. Non-GAAP operating expense was $12.2 million in the third quarter, flat with Q2. As a result, non-GAAP operating income was $33.7 million, and non-GAAP operating margin was 8.2%. Taxes in the third quarter were $1 million and our normalized effective tax rate was 2.4%. With revenue streams coming from more advantageous tax jurisdiction, we now expect our effective tax rate to be below 5% for the full year.

結合收入影響，第三季度毛利率低於我們的目標範圍 11.2%。第三季度非美國通用會計準則運營費用為 1220 萬美元，與第二季度持平。因此，非 GAAP 營業收入為 3370 萬美元，非 GAAP 營業利潤率為 8.2%。第三季度的稅收為 100 萬美元，我們的標準化有效稅率為 2.4%。由於收入流來自更有利的稅收管轄區，我們現在預計全年的有效稅率將低於 5%。

Non-GAAP net income was $34.8 million in the third quarter or $0.92 per diluted share, as I indicated earlier. On a GAAP basis, which includes share-based compensation expenses and amortization of debt issuance costs, net income for the third quarter was $28.3 million or $0.75 per diluted share, also within our guidance range.

正如我之前指出的那樣，第三季度非 GAAP 淨收入為 3480 萬美元或每股攤薄收益 0.92 美元。根據公認會計原則，包括基於股份的補償費用和債務發行成本攤銷，第三季度淨收入為 2830 萬美元或攤薄後每股 0.75 美元，也在我們的指導範圍內。

Turning to the balance sheet and cash flow statement. At the end of the third quarter, cash, restricted cash and investments were $465.2 million, up from $450.5 million at the end of the second quarter. Operating cash flow in the quarter was $51.8 million. And with CapEx of $12.1 million, free cash flow was $29.8 million in the third quarter. On a year-to-date basis, operating cash flow was $104.4 million and free cash flow was $77 million.

轉向資產負債表和現金流量表。第三季度末，現金、受限制現金和投資為 4.652 億美元，高於第二季度末的 4.505 億美元。本季度的運營現金流為 5180 萬美元。第三季度資本支出為 1210 萬美元，自由現金流為 2980 萬美元。從年初至今，運營現金流為 1.044 億美元，自由現金流為 7700 萬美元。

From a capital allocation perspective, we remain committed to returning value to shareholders and have been focused on opportunistically repurchasing share in the open market as permitted. During the quarter, we repurchased 355,000 shares at an average price of $58.27 for a total cash outlay of $20.7 million. At the end of the quarter, we have $41.5 million remaining in our share repurchase program. We will continue to evaluate market conditions to opportunistically repurchase additional shares when possible.

從資本配置的角度來看，我們仍然致力於為股東回報價值，並一直專注於在允許的情況下在公開市場上機會主義地回購股票。本季度，我們以平均 58.27 美元的價格回購了 355,000 股股票，現金支出總額為 2,070 萬美元。在本季度末，我們的股票回購計劃中剩餘 4150 萬美元。我們將繼續評估市場狀況，以在可能的情況下機會主義地回購更多股份。

I would now like to turn to our guidance for the fourth quarter of fiscal year 2020. We believe that long-term growth trends are intact for the markets we serve and that the current environment in many respect highlight the importance of products we manufacture. That said, we are not immune from the broader factors that are impacting some of our customers, and this is reflected in our revenue guidance, which calls for a sequential decline of 6% at the midpoint.

我現在想談談我們對 2020 財年第四季度的指導。我們相信，我們所服務的市場的長期增長趨勢是完好無損的，而且當前的環境在許多方面都凸顯了我們製造的產品的重要性。也就是說，我們無法免受影響我們部分客戶的更廣泛因素的影響，這反映在我們的收入指引中，該指引要求在中點連續下降 6%。

At the same time, the market uncertainty is greater than we have seen in some time. As such, we are expanding our guidance ranges to reflect this. For the fourth quarter, we anticipate revenue to be in the range of $370 million to $400 million, including a $25 million to $35 million impact from COVID-19-related uncertainties. We are also reflecting in our guidance an approximately $15 million impact as a result of an inventory correction from one of our customers.

與此同時，市場的不確定性比我們在一段時間內看到的要大。因此，我們正在擴大我們的指導範圍以反映這一點。對於第四季度，我們預計收入將在 3.7 億美元至 4 億美元之間，其中包括 COVID-19 相關不確定性帶來的 2500 萬至 3500 萬美元的影響。由於我們的一位客戶的庫存更正，我們還在我們的指導中反映了大約 1500 萬美元的影響。

As you'd anticipate from the factors that impacted our gross margin in the third quarter, many of which will extend into upcoming quarters, we expect gross margin to be in the range of 11.5% to 12%, slightly below our target range of 12% to 12.5% for the full year of fiscal 2020. From an earnings perspective, we anticipate non-GAAP net income per share in the fourth quarter to be in the range of $0.80 to $0.92 and GAAP net income per share of $0.64 to $0.76, based on approximately 37.6 million of fully diluted shares outstanding.

正如您從影響我們第三季度毛利率的因素中預期的那樣，其中許多因素將延續到接下來的幾個季度，我們預計毛利率將在 11.5% 至 12% 的範圍內，略低於我們 12% 的目標範圍% 到 2020 財年全年的 12.5%。從收益的角度來看，我們預計第四季度非 GAAP 每股淨收入在 0.80 美元至 0.92 美元之間，GAAP 每股淨收入在 0.64 美元至 0.76 美元之間，基於約 3760 萬股完全稀釋的流通股。

In conclusion, we are pleased to see our resilient business model work successfully at a volatile time. While we see the potential for even greater uncertainty ahead, our flexibility and agility leaves us well positioned to protect our business during this pandemic. We believe we can exit the crisis in an even stronger position and continue to be optimistic about our prospects to deliver shareholder value over the longer term.

總之，我們很高興看到我們的彈性商業模式在動盪時期成功運作。雖然我們看到未來可能存在更大的不確定性，但我們的靈活性和敏捷性使我們能夠在這場大流行期間保護我們的業務。我們相信我們可以以更強大的地位擺脫危機，並繼續對我們在長期內為股東創造價值的前景持樂觀態度。

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) Our first question comes from John Marchetti with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 John Marchetti。

Seamus, I was wondering if you could talk a little bit, as we're looking out here to your fourth quarter guide, about how you see some of the different segments playing out here. Telecom clearly seemed to slow here a bit. You saw some uptick in datacom in the March quarter, and then you talked a little bit about the weakness in lasers that may be likely. Just curious if you can give us some qualitative comments on what you're seeing out there across those 3 markets and what's kind of embedded in that guide for 4Q.

Seamus，我想知道你是否可以談談，因為我們正在看你的第四季度指南，關於你如何看待這裡的一些不同部分。電信顯然在這裡似乎有點慢。您在 3 月季度看到了數據通信的一些增長，然後您談到了激光器可能出現的弱點。只是好奇您是否可以就您在這 3 個市場中看到的內容以及 4Q 指南中嵌入的內容給我們一些定性評論。

Yes. Thanks, John. I would say datacom, as you say, we see it being -- continue to be pretty resilient, pretty strong. I think the pretty insatiable demand for bandwidth around the world is evident even more so now. The 3 Fabrinet folks on the call here, we're all dialing in from different parts of the world. And I think everyone is probably dialing in from somewhere. So the demand for datacom products just continues to be very strong.

是的。謝謝，約翰。我會說數據通信，正如你所說，我們認為它 - 繼續非常有彈性，非常強大。我認為全世界對帶寬的永不滿足的需求現在更加明顯。Fabrinet 的 3 位同事在這裡打電話，我們都是從世界不同地區撥入的。而且我認為每個人都可能從某個地方撥入。因此，對數據通信產品的需求將繼續非常強勁。

Telecom, overall, we think the demand is solid. We did have an inventory correction, and we have an inventory correction this quarter. But we think inventory correction aside, the underlying demand is actually quite resilient.

總體而言，我們認為電信需求穩定。我們確實進行了庫存修正，本季度我們進行了庫存修正。但我們認為撇開庫存調整不談，潛在需求實際上非常有彈性。

Industrial and automotive, I suppose, are the 2 -- I'm sorry, lasers and automotive. Obviously, everyone knows automotive. Nobody is buying cars right now. So the demand for the automotive products we make is -- we expect to continue to be quite soft for a while. And industrial lasers, similar. I think it's probably flat, I would say, for industrial lasers and really subject to what happens post-COVID. If the world economy starts to take off again, we have some very good customers and some very good products we make for those customers.

我想，工業和汽車是兩個——對不起，激光和汽車。顯然，每個人都知道汽車。現在沒有人買車。因此，對我們製造的汽車產品的需求是——我們預計在一段時間內會繼續保持疲軟。與工業激光器類似。我認為對於工業激光器來說，它可能是持平的，並且確實受 COVID 後發生的事情的影響。如果世界經濟再次開始騰飛，我們就會有一些非常好的客戶以及我們為這些客戶生產的一些非常好的產品。

But like I said, I would say, datacom, quite strong; telecom, the underlying business is quite strong, notwithstanding the inventory correction we saw with one of our customers. And then automotive continues to be -- will continue to be a challenge for a couple of quarters. And industrial lasers, we think, will be slightly flat.

但就像我說的，我會說，datacom，相當強大；電信，儘管我們看到我們的一位客戶進行了庫存調整，但基礎業務仍然非常強勁。然後汽車繼續 - 將繼續成為幾個季度的挑戰。我們認為，工業激光器將略微平坦。

The good news is, I suppose, the optical communications products, the ones that we see being quite strong, make up 75% of our revenue. So we're going to continue to see strength in the segment that makes up the vast bulk of our revenue.

好消息是，我認為光通信產品，我們認為非常強大的產品，占我們收入的 75%。因此，我們將繼續看到占我們收入絕大部分的細分市場的實力。

And then, Seamus, if I can just follow-up on that inventory correction. You mentioned the $15 million hit to the fourth quarter guide. What was it in the actual third quarter? And did it relate to some issues with older inventory that wasn't able to be eaten up? Did it have anything to do with some of the new systems-level stuff that's been transferred over? Just curious if you can give us some additional color there.

然後，Seamus，如果我能跟進那個庫存修正。你提到了第四季度指南的 1500 萬美元。實際的第三季度是什麼？它是否與無法吃掉的舊庫存的一些問題有關？它與轉移過來的一些新的系統級東西有什麼關係嗎？只是好奇您是否可以在那裡給我們一些額外的顏色。

Yes. I think the -- we're not going to break out the exact number, let's say, of the inventory correction in Q3. There's a combination of a number of factors there. Obviously, the COVID impact we've sized, and that was really a function of piece part availability. We did have some churn in the quarter, where we had lack of demand for certain products, and that was replaced by increases in demand for other products.

是的。我認為——我們不會公佈第三季度庫存調整的確切數字。那裡有許多因素的組合。顯然，我們已經確定了 COVID 的影響，這實際上是零件可用性的函數。我們在本季度確實有一些流失，我們對某些產品的需求不足，取而代之的是對其他產品的需求增加。

And then the inventory correction that you mentioned. The inventory correction, we did have it factored in when we issued our guidance earlier in the quarter, so we were aware of it. And it's really to do with, I suppose, a customer who has surface -- we call it good inventory, finished goods inventory that they're looking to burn off. Of course, when they're burning off surface inventory, it means they don't need to buy as much of the new stuff that we make for them.

然後是你提到的庫存修正。庫存修正，我們在本季度早些時候發布指引時確實將其考慮在內，因此我們意識到了這一點。我想這真的與一個擁有表面的客戶有關——我們稱之為好的庫存，他們希望燒掉的成品庫存。當然，當他們燒掉表面庫存時，這意味著他們不需要購買我們為他們製造的那麼多新東西。

So overall, we don't see it as indicative of any longer-term trend. We think it happens from time to time. We have to take the roof with this move, John, with the customers. Sometimes their demand goes through the roof and they can't get enough, and then sometimes they have too much and they have to correct. And as we know, when inventory gets built up over a few quarters, it takes more than one quarter to correct it. So it's really just a function of an inventory correction with one particular customer as opposed to any kind of big industry trend or anything like that.

因此，總的來說，我們不認為它預示著任何長期趨勢。我們認為它不時發生。約翰，我們必須與客戶一起採取這一舉措。有時他們的需求達到頂峰，他們無法得到足夠的，有時他們又太多了，他們不得不糾正。正如我們所知，當庫存在幾個季度內累積時，需要超過四分之一的時間來糾正它。所以這實際上只是一個特定客戶的庫存修正功能，而不是任何一種大行業趨勢或類似的東西。

Our next question comes from Troy Jensen with Piper.

我們的下一個問題來自 Troy Jensen 和 Piper。

First off, congrats on the nice results, gentlemen. Seamus, maybe for you or Csaba. I guess can you talk about customer concentration, 10%? I guess I would love to get an update on Infinera and how the Coriant business is stacked up and then maybe Cisco, the new project you guys talked about and then the Acacia business.

首先，祝賀你們取得了不錯的成績，先生們。Seamus，也許適合你或 Csaba。我想你能談談客戶集中度，10% 嗎？我想我很想了解 Infinera 的最新消息，以及 Coriant 業務是如何疊加的，然後可能是思科，你們談論的新項目，然後是 Acacia 業務。

So -- okay, a lot of questions there. So customer concentration, as we had indicated, I suppose as the year was going along, we've indicated, we expect to have more than one 10% customer. I think we're still on track to have more than one 10% customer.

所以 - 好吧，那裡有很多問題。因此，正如我們所指出的那樣，客戶集中度，我想隨著這一年的進行，我們已經表示，我們預計會有超過 10% 的客戶。我認為我們仍有望擁有超過 10% 的客戶。

The Infinera business, the Coriant business, that has been -- the transfer has gone very well. We've ramped those products and are continuing to ramp actually other products that have maybe come our way from -- that were built with other contract manufacturers that are being moved to us. So I would say that has gone very well.

Infinera 的業務，Coriant 的業務，一直以來——轉移進行得非常順利。我們已經推出了這些產品，並且實際上正在繼續推出其他可能來自我們的產品——這些產品是與其他合同製造商一起製造的，這些製造商正在轉移給我們。所以我想說一切進展順利。

The Cisco transfer, we're really in the planning stages at this stage. There's nothing meaningful in terms of the revenue in Q3. We're really in the planning stages. And we see that unfolding probably over the next, I would say, 6 to 9 months, we see that transfer unfolding. It will take a little bit longer than the transfer we did with Berlin because that was a different situation. The operation of Berlin was closing down, so we were on a kind of a measured mile. We had to get the transfer done very quickly.

思科的轉移，我們現階段確實處於規劃階段。就第三季度的收入而言，沒有任何意義。我們確實處於計劃階段。我們會看到這種情況可能會在接下來的 6 到 9 個月內展開，我們會看到這種轉移正在展開。這將比我們與柏林的轉會花費更長的時間，因為那是不同的情況。柏林的業務正在關閉，所以我們在某種程度上是有計劃的。我們必須非常迅速地完成轉移。

You asked about Acacia, yes, the Acacia business. Again, we're a key supplier to Acacia. Obviously, we're very happy with that relationship. But as regards sizing it as a 10% customer, you'll have to tune in for the Q4 call, I'm afraid. I would say we're very happy, I would say, with -- obviously, with all of our customers, but how each of them are tracking, we're very happy with that. And we feel we're on track, I would say, to -- hopefully, when we report out on our Q4 results, we'll be hopefully reporting on a little bit less concentration, and let's say, more than one 10% customer at that point.

您問的是 Acacia，是的，Acacia 業務。同樣，我們是 Acacia 的主要供應商。顯然，我們對這種關係非常滿意。但關於將其調整為 10% 的客戶，恐怕你必須收聽第四季度的電話會議。我會說我們非常高興，我會說，很明顯，我們所有的客戶，但是他們每個人的跟踪方式，我們對此非常滿意。我們覺得我們正在走上正軌，我想說，希望當我們報告第四季度的結果時，我們希望報告的集中度會降低一點，比方說，超過 10% 的客戶在那時候。

Great. Okay. Perfect. And then, Seamus, I dropped off for a bit. So I'm sorry if this was addressed. But the 400G business, did you say it was down 41% sequentially? And could you just touch on that?

偉大的。好的。完美的。然後，Seamus，我停了一會兒。如果這個問題得到解決，我很抱歉。但是400G業務，你是說環比下降了41%嗎？你能談談嗎？

It was. And again, I suppose that's, to a large extent, the comments around the 400G reduction and the comments around the inventory correction are similar root cause, I would say there. Again, we don't see any particular overall trend. So again, sometimes with newer programs, the demand can be quite choppy. When you get a spike in demand for kind of next-generation products, that can taper off and then come back again a couple of quarters later. So again, we don't see it as, again, indicative of any overall trend. But yes, so that was a 40% -- I think we said a 41%, if I'm correct, reduction in 400G.

它是。再一次，我認為在很大程度上，圍繞 400G 減少的評論和圍繞庫存修正的評論是相似的根本原因，我會在那裡說。同樣，我們沒有看到任何特定的總體趨勢。因此，有時對於較新的程序，需求可能會非常不穩定。當您對某種下一代產品的需求激增時，這種需求可能會逐漸減少，然後在幾個季度後再次出現。因此，我們再次不將其視為任何總體趨勢的指示。但是，是的，所以那是 40%——我想我們說的是 41%，如果我是正確的話，減少 400G。

All right. Last one for me, and I'll cede the floor. But you mentioned datacom being strong. Just curious, is it across all product segments in datacom or QSFP28, QSFP56 stronger than others?

好的。最後一個是我的，我會讓出發言權。但是你提到數據通信很強大。只是好奇，它在數據通信或QSFP28，QSFP56的所有產品領域都比其他產品強嗎？

Yes. It's across -- I mean it's across multiple product lines. I think the demand for bandwidth is going to drive a lot of demand. At the same time, we are hearing comments on some of the big hyperscale guys that their ad revenue was down again because people are working from home. And so their ad revenue is down. So that may soften the demand. But so far, we've seen it hold up pretty strong.

是的。它跨越了——我的意思是它跨越了多個產品線。我認為對帶寬的需求將推動大量需求。與此同時，我們聽到一些大型超大型公司的評論稱，由於人們在家工作，他們的廣告收入再次下降。所以他們的廣告收入下降了。因此，這可能會削弱需求。但到目前為止，我們已經看到它的表現相當強勁。

Again, we're not really the, if you like, best people to tell you what the big macro trends are. We just really go by the forecast we get from our customers. And certainly, the sense that we see is that the demand remains quite strong. Our silicon photonics business was up 5% from the second quarter and up 21% -- sorry, almost 21% of revenue. And then QSFP28 and QSFP56 grew 7% from the second quarter and 17% from a year ago to about 12%. And again, 100-gig continues to be very strong.

再一次，如果你願意，我們並不是真正告訴你什麼是大的宏觀趨勢的最佳人選。我們只是按照我們從客戶那裡得到的預測去做。當然，我們看到的感覺是需求仍然非常強勁。我們的矽光子業務比第二季度增長了 5%，增長了 21%——抱歉，幾乎佔收入的 21%。然後 QSFP28 和 QSFP56 比第二季度增長 7%，比一年前增長 17%，達到約 12%。再一次，100-gig 仍然非常強勁。

So the 400-gig comment really, when you're building the newer next-generation products, the demand is -- if you like zoom out and look over a long period of time, it's very good, but there does tend to be some intra-quarter choppiness from time to time. But I would say overall, we think datacom remains quite strong.

所以 400-gig 的評論真的是，當你在構建更新的下一代產品時，需求是——如果你喜歡縮小並查看很長一段時間，那很好，但確實有一些季度內不時起伏不定。但我要說的是，總體而言，我們認為數據通信仍然相當強勁。

Our next question comes from Alex Henderson with Needham.

我們的下一個問題來自 Alex Henderson 和 Needham。

So if you were able to get all the parts that you needed and you didn't have production issues, would the revenue guidance and the fact the most recent printed quarter have been higher. Or in other words, is the demand outstripping capacity and ability to procure?

因此，如果您能夠獲得所需的所有零件並且沒有生產問題，那麼收入指導和最近印刷季度的事實是否會更高。或者換句話說，需求是否超過了生產能力和採購能力？

Yes. And I would say overall, yes, if you look -- and I'll let maybe Csaba give a bit more detail in a moment. But if you look at our quarter just ended, we reported $411 million, which actually already contemplated the inventory correction from the customer that we talked about. We also had contemplated about $8 million to $10 million of COVID impact, which ended up being a little bit higher.

是的。總的來說，我會說，是的，如果你看的話——我會讓 Csaba 稍後提供更多細節。但是如果你看看我們剛剛結束的季度，我們報告了 4.11 億美元，這實際上已經考慮了我們談到的客戶的庫存修正。我們還考慮了大約 800 萬至 1000 萬美元的 COVID 影響，最終結果略高一些。

So if you take -- we contemplated $8 million to $10 million of COVID impact. The actual impact was $12 million to $15 million. If you add those to $411 million plus, let's say, an additional $5 million from COVID, you get to $416 million. So we would have been at about $416 million. And within that, there's a lot of churn. So a lot of churn, churn meaning certain SKUs were no longer required and other SKUS we have to go get the parts for.

因此，如果您採取 - 我們考慮了 800 萬至 1000 萬美元的 COVID 影響。實際影響為 1200 萬至 1500 萬美元。如果你把這些加到 4.11 億美元加上，比方說，來自 COVID 的額外 500 萬美元，你將得到 4.16 億美元。所以我們的收入約為 4.16 億美元。其中，有很多流失。所以很多流失，流失意味著不再需要某些 SKU，而我們必須去獲取其他 SKU 的零件。

And then for the quarter we just guided, so we've guided $370 million to $400 million. If you just do the math and pick the midpoint of $385 million there, the COVID impact of $25 million to $35 million, again, if you take the midpoint of that, you have $30 million. And then the inventory correction, we've sized at about $15 million. So we would be at about -- again, taking the midpoint of the guidance plus the midpoint of the COVID impact and the inventory correction, you'd be at about $430 million.

然後對於我們剛剛指導的那個季度，我們指導了 3.7 億至 4 億美元。如果你只是算一下，然後選擇 3.85 億美元的中點，那麼 COVID 的影響為 2500 萬到 3500 萬美元，同樣，如果你取中點，你就有 3000 萬美元。然後是庫存修正，我們的規模約為 1500 萬美元。因此，我們將大約——再一次，採用指導的中點加上 COVID 影響和庫存修正的中點，你將達到大約 4.3 億美元。

So yes, we -- demand is resilient. We believe it's really a question of our ability to get the parts. But we have a lot of confidence in our team and in our customers and then our suppliers to turn cartwheels and do what's necessary to get the parts to make sure we satisfy the customers' demand.

所以是的，我們——需求是有彈性的。我們認為這確實是我們獲得零件的能力的問題。但我們對我們的團隊、我們的客戶以及我們的供應商充滿信心，他們會全力以赴並採取必要措施來獲取零件，以確保我們滿足客戶的需求。

Right. So I just wanted to make sure that, that was all supply chain and not demand related. And I think you were pretty clear on that. The second question is the inventory correction. Is that exclusively in the telco side of the business?

正確的。所以我只是想確保那是所有供應鏈而不是需求相關的。我認為你對此很清楚。第二個問題是庫存修正。這是否僅在業務的電信方面？

Yes.

是的。

And once we clear that inventory out, should we assume then that the normalized rate of demand would be, in fact, that $25 million to $35 million higher, and therefore, that looking out sequentially into the back half of the calendar year, that kind of the baseline is what you report plus that inventory correction? I mean to be blunt about it, virtually every other company that's printed so far, whether it's MACOM, whether it's Inphi, whether it's Acacia this afternoon after the close, whether it's NeoPhotonics, have seen much stronger numbers than you're guiding towards.

一旦我們清除了庫存，那麼我們是否應該假設正常化的需求率實際上會高出 2500 萬到 3500 萬美元，因此，按順序展望日曆年的後半年，那種基線的是您報告的內容加上庫存更正？我的意思是直言不諱，到目前為止，幾乎所有其他印刷的公司，無論是 MACOM，還是 Inphi，無論是今天下午收盤後的 Acacia，還是 NeoPhotonics，都看到了比你指導的要強得多的數字。

Yes. I think that's a fair assessment, Alex. You'd be in the ballpark with the assumption you made there. It's an inventory correction, again, where our customer has built up maybe a little bit more inventory than they'd like. But it's the right thing for them to do. They should burn off what they have before they order new, which is just that we have this 1 quarter. And we do think it's a 1 quarter. We don't believe it's going to drag on. We do expect it to get back to normal levels in the September quarter and beyond.

是的。我認為這是一個公平的評估，亞歷克斯。你會按照你在那裡所做的假設進入球場。這又是一次庫存修正，我們的客戶建立的庫存可能比他們想要的多一點。但這對他們來說是正確的。他們應該在訂購新產品之前燒掉現有的產品，這就是我們有這 1 個季度的情況。我們確實認為這是一個季度。我們不相信它會拖延。我們確實預計它會在 9 月季度及以後恢復到正常水平。

One more question, if I could. Clearly, the economic situation in Thailand has changed quite dramatically. I think you've gone from probably the strongest currency in that region to probably one of the weakest ones over the last 3 months. Can you talk a little bit about how you expect that to play out through your numbers? Shouldn't that be a pretty nice offset to some of the costs as we get into the back half of the year? It sounds like it probably will cause your margins to improve beyond the guide for this year. Is that kind of the way to think about it?

還有一個問題，如果可以的話。顯然，泰國的經濟形勢發生了巨大變化。我認為在過去 3 個月中，您可能從該地區最強勁的貨幣變成了可能最弱的貨幣之一。你能談談你希望如何通過你的數字發揮作用嗎？當我們進入今年下半年時，這不應該很好地抵消一些成本嗎？聽起來這可能會使您的利潤率提高到超出今年指南的水平。是這樣想的嗎？

Yes. Alex, this is Csaba. I'll take this question. So let me answer with the 3 aspects that we are seeing in the Thai baht devaluation. So obviously, one of the things is the market-driven devaluation of Thai baht, which we have started to see starting from February. The other aspect of that is our hedging policy that, as we have communicated, we are usually entering in a quarter with 100% hedged for the current quarter, 50% hedged for the next quarter and 25% hedged in that situation for the following quarter. And also, the third factor is our hedge accounting that we have implemented this quarter.

是的。Alex，這是 Csaba。我會回答這個問題。因此，讓我用我們在泰銖貶值中看到的三個方面來回答。很明顯，其中一件事是市場驅動的泰銖貶值，我們從 2 月開始就開始看到這種情況。另一方面是我們的對沖政策，正如我們所傳達的那樣，我們通常進入一個季度，本季度 100% 對沖，下一季度 50% 對沖，下一季度 25% 對沖.而且，第三個因素是我們本季度實施的對沖會計。

So all these 3 factors are -- if you look at our Q3 numbers, we pretty much eliminated the exchange rate impact from Thailand this quarter by the sheer nature of hedging in place. So therefore, in the March quarter, we haven't seen any significant impact from the currency devaluation.

所以所有這 3 個因素都是——如果你看一下我們第三季度的數據，我們幾乎消除了本季度泰國對沖的純粹性質對匯率的影響。因此，在 3 月季度，我們沒有看到貨幣貶值的任何重大影響。

And also as we are looking into our Q4, as we have had pretty much 50% hedged the situation by the time we started off this quarter, we will not see significant tailwinds from Thai baht this quarter. Obviously, we are buying forward the contracts every week. So we anticipate to see meaningful impacts from our fiscal Q1 '21.

此外，在我們研究第四季度時，由於到本季度開始時我們已經對沖了近 50% 的情況，因此本季度我們不會看到泰銖的顯著利好。顯然，我們每週都在購買遠期合約。因此，我們預計我們的 21 財年第一季度將產生有意義的影響。

Right. And just one last question on the tax line. I was a little confused. You said -- you gave the full year tax commentary being below 5%. But are you also looking for the fourth quarter to be below 5%? I think it was obviously well below that in the March quarter.

正確的。還有最後一個關於稅收的問題。我有點困惑。你說 - 你給出了低於 5% 的全年稅收評論。但你是否也在尋找第四季度低於 5% 的情況？我認為這顯然遠低於 3 月季度的水平。

So our March quarter has been about 2.4%. It has to do with our revenue from the different tax restrictions. So we anticipate this to go up back in normal situation for Q4. But the overall tax rate for the year, we anticipate to still stay below 5%.

所以我們的 3 月季度約為 2.4%。這與我們從不同的稅收限制中獲得的收入有關。因此，我們預計第四季度的正常情況下會回升。但全年整體稅率，我們預計仍將維持在5%以下。

So it ought to be in the 5% to 6% range in the June quarter then?

那麼它應該在 6 月季度的 5% 到 6% 範圍內嗎？

It's going to be below the 5% range, I would say.

我會說，它將低於 5% 的範圍。

Just the June quarter is below 5%?

只是 6 月季度低於 5%？

That's correct.

這是正確的。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

This is Joe Cardoso on for Samik Chatterjee. My first question, I was just curious to see what you guys -- your expectation and/or visibility was relative to recoveries across the different markets that you play in.

這是 Samik Chatterjee 的 Joe Cardoso。我的第一個問題，我只是想看看你們——你們的期望和/或能見度與你們所參與的不同市場的複蘇有關。

Joe, I think as we talked about earlier, I think the markets remain pretty strong. The markets we serve are -- remain pretty resilient. We think datacom is remaining resilient. We think telecom is resilient, albeit with one inventory correction that we've called out. Aside from that, we see it being pretty resilient. Industrial lasers, we think, is still pretty strong, but it's just probably a little bit flat based on the macro situation. And then automotive, who knows, I suppose, when that will recover. But it's a small part of our overall revenue. But I think automotive is going to continue to be impacted for a while until global economies open up again.

喬，我認為正如我們之前談到的那樣，我認為市場仍然非常強勁。我們服務的市場 - 仍然非常有彈性。我們認為數據通信仍保持彈性。我們認為電信是有彈性的，儘管我們已經提出了一項庫存調整。除此之外，我們認為它非常有彈性。我們認為，工業激光器仍然很強勁，但根據宏觀形勢，它可能有點平淡。然後是汽車，我想誰知道什麼時候會恢復。但這只是我們總收入的一小部分。但我認為，在全球經濟再次開放之前，汽車業將繼續受到一段時間的影響。

So I would say the majority of the markets we serve, we feel very good about. We feel the demand is strong. We have -- we're in the right -- we're serving the right industries, and we think we have just the best customers in those industries. So we're pretty -- touch wood, we're feeling pretty confident, Joe.

所以我想說我們服務的大多數市場，我們感覺非常好。我們感到需求強勁。我們有——我們是對的——我們正在為正確的行業服務，我們認為我們在這些行業中擁有最好的客戶。所以我們很漂亮 - 觸摸木頭，我們感覺非常自信，喬。

Got it. And then just relative to the headwinds you're baking in for COVID and the inventory corrections, you gave us the top line number. What are you guys expecting in terms of an EPS headwind there?

知道了。然後，相對於你為 COVID 和庫存修正所遭遇的逆風，你給了我們最重要的數字。你們對那裡的 EPS 逆風有什麼期望？

We've guided the EPS. I'll let Csaba -- we've guided the EPS. We've quantified the revenue impact, let's say, for COVID and inventory corrections. We're not going to break out, let's say, the EPS impact for COVID or anything like that. It's a pretty dynamic -- it would become a kind of a meaningless number, Joe, to be honest with you because we have a lot of challenges that we just have to deal with in terms of changing demand, the churn we talked about and also the component supply situation and the expenses we incur to continue to maintain -- to keep all of our employees safe, which is our first priority.

我們指導了 EPS。我會讓 Csaba——我們已經指導了 EPS。我們已經量化了 COVID 和庫存更正對收入的影響。比方說，我們不會爆發 EPS 對 COVID 或類似事件的影響。這是一個非常動態的——喬，老實說，它會變成一個毫無意義的數字，因為我們面臨著很多挑戰，我們必須應對不斷變化的需求、我們談到的客戶流失以及組件供應情況和我們繼續維持的費用 - 確保我們所有員工的安全，這是我們的首要任務。

So there are several elements to it, if you like. There's mix. There's component supply constraints we have to deal with. And then there's the expenses of keeping all our employees safe. But we haven't broken out and we don't plan to break out, let's say, the EPS impact of COVID.

如果您願意，它有幾個要素。有混合。我們必須處理組件供應限制。然後是確保我們所有員工安全的費用。但我們還沒有爆發，我們也不打算爆發，比方說，COVID 的 EPS 影響。

Csaba, anything you want to add to that?

Csaba，你想補充什麼嗎？

No, I think you summarized it very well, Seamus. So Joe, obviously, when we have put together our guidance, it's obviously incorporating the impact not only on the top line but on the EPS as well. So that's our guidance reflecting the revenue range, which obviously have a consequence on the EPS as well, which is included in our guidance.

不，我認為你總結得很好，Seamus。所以喬，很明顯，當我們整理我們的指導意見時，它顯然不僅對頂線而且對 EPS 也產生了影響。所以這是我們反映收入範圍的指導，這顯然也會對 EPS 產生影響，這包含在我們的指導中。

Got it, guys. No problem. And then just one last more -- one last question for me. Just on share repurchases, you guys spent roughly $20 million this quarter. Just wondering if that was more of a function of the macro backdrop and the company being more opportunistic. Or is the company considering that as a future potential avenue to drive more shareholder value going forward?

明白了，伙計們。沒問題。然後再問最後一個問題——我的最後一個問題。僅在股票回購方面，你們本季度就花費了大約 2000 萬美元。只是想知道這是否更多是宏觀背景的作用以及公司更具機會主義色彩。還是公司正在考慮將其作為未來推動更多股東價值的潛在途徑？

I would say it's both. So as part of our capital allocation strategy, Joe, we -- I would say it's both. I would say this past quarter, we were opportunistic when we saw the share price. We felt it was a good time. Again, we're subject to open window constraints and all that stuff. But we felt it was a good time to repurchase some shares. And we're committed to making sure we return value to the shareholders. And obviously, share repurchase is a key part of that strategy. Whether or not we'll continue to do that, we don't -- obviously, we don't preannounce. We announced after the fact. But we have -- at this stage, we have about $42 million, Csaba, is that correct, remaining in our share repurchase authorization as we enter this quarter.

我會說兩者兼而有之。因此，作為我們資本配置策略的一部分，喬，我們——我會說兩者兼而有之。我想說的是，在上個季度，當我們看到股價時，我們是投機取巧的。我們覺得這是個好時機。同樣，我們受到開窗限制和所有這些限制。但我們認為現在是回購部分股票的好時機。我們致力於確保我們向股東回報價值。顯然，股票回購是該戰略的關鍵部分。我們是否會繼續這樣做，我們不會——顯然，我們不會預先宣布。我們事後宣布。但我們 - 在這個階段，我們有大約 4200 萬美元，Csaba，是正確的，在我們進入本季度時仍在我們的股票回購授權中。

Yes. Yes, we have $41.5 million.

是的。是的，我們有 4150 萬美元。

Our next question comes from Tim Savageaux with Northland Capital Markets.

我們的下一個問題來自 Northland Capital Markets 的 Tim Savageaux。

A couple of questions. So if we look at the inventory correction you mentioned as having been kind of factored into your outlook for March, a couple of questions on that. One, should I assume that we kind of see that in the decline in 400-gig and above revenue in the quarter to some degree? And two, with regard to the outlook for June, is it a matter of that perhaps taking longer than you might have initially expected or kind of growing into a bit of a larger headwind throughout the quarter? Or how would you, I guess, compare your outlook on that now versus when you started -- or guided the last quarter?

幾個問題。因此，如果我們看一下您提到的庫存修正已被考慮到您對 3 月份的展望中，那麼有幾個問題。第一，我是否應該假設我們在某種程度上看到本季度 400 兆及以上收入的下降？第二，關於 6 月的前景，這是否可能需要比您最初預期的時間更長的時間，或者在整個季度中變得有點更大的逆風？或者，我猜，你會如何比較你現在對這方面的看法與你開始時的看法——或指導上個季度？

Yes. I think you hit the nail on the head, Tim. I think the last quarter, yes, you're right in the 400-gig and above number that largely explains that situation. And then for this quarter, I wouldn't think it's longer than we anticipate -- it's very unusual -- when one of our customers has to do an inventory correction, Tim, as you'd appreciate, inventory builds up over a long period of time. And correcting excess inventory or surplus inventory, it takes a little bit of time. And in this case, it's kind of a couple of quarters that the customer is taking to burn off that surface inventory.

是的。我想你一語中的，提姆。我認為上個季度，是的，您在 400 演出及以上的數字中是正確的，這在很大程度上解釋了這種情況。然後對於本季度，我認為它不會比我們預期的時間更長——這是非常不尋常的——當我們的一位客戶必須進行庫存校正時，蒂姆，正如你所欣賞的，庫存會在很長一段時間內積累的時間。而糾正過剩庫存或過剩庫存，需要一點時間。在這種情況下，客戶需要花費幾個季度來消耗表面庫存。

It's actually a good thing. It makes them healthier and stronger as they do that. But we do believe from our discussions with the customer, it's a 2-quarter situation. So last quarter, you can see the impact there last quarter. And then this quarter, we've sized it at about $15 million. And then we expect to be back to normal levels of business with that customer in the September quarter. So I don't -- we don't see -- we don't envision it dragging on longer than the June quarter.

這實際上是一件好事。當他們這樣做時，它會讓他們更健康、更強壯。但我們確實從與客戶的討論中相信，這是一個 2 季度的情況。所以上個季度，你可以看到上個季度的影響。然後在本季度，我們將其規模定為約 1500 萬美元。然後我們預計將在 9 月季度恢復與該客戶的正常業務水平。所以我沒有——我們沒有看到——我們不認為它會比 6 月季度拖得更長。

Understood. And getting back to your estimated kind of pandemic impact or what have you, I guess, I just want to come back to it. And I might imagine -- you talked about continued demand strength in datacom. Should we take from that, that you expect datacom revenues to rise? Or are you kind of portioning the supply chain impact that you're calling out across segments relative to kind of where they would have been on the one hand? And then I assume there's actual economic or virus-related demand destruction in places like auto and maybe other, where you might have normally, or just as a result of the demand impact, guided down. So I guess I'm trying to kind of parse out between supply and -- supply constraint-driven impact and what you consider to be actual demand impact in that $25 million to $35 million range.

明白了。回到你估計的大流行影響類型或者你有什麼，我想，我只想回到它。我可能會想——你談到了數據通信的持續需求強勁。我們是否應該從中得出，您預計數據通信收入會增加？或者，您是否在某種程度上劃分了您在各個細分市場中提出的供應鏈影響，相對於它們一方面的位置？然後我假設在汽車和其他地方可能存在實際的經濟或與病毒相關的需求破壞，在這些地方你可能通常或僅僅由於需求影響而被引導下行。所以我想我正在嘗試在供應和 - 供應約束驅動的影響以及您認為是 2500 萬至 3500 萬美元範圍內的實際需求影響之間進行解析。

I would say the vast bulk of the COVID impact we've called out is supply related as opposed to demand disruption. The only real demand disruption we've seen is in automotive, which is a small part of our revenue. Aside from that, we haven't really seen any demand disruption. It's mostly to do with, let's say, supply constraints. And in some cases, the supply constraints are a function of this demand churn that I talked about, where we think we're going to be building products A, B and C for a particular customer. And we end up having to park A, B and C and build products D, E and F. And so we have to scramble to get the parts and get the components for those.

我想說的是，我們提出的 COVID 影響的絕大部分與供應相關，而不是需求中斷。我們看到的唯一真正的需求中斷是汽車，它只占我們收入的一小部分。除此之外，我們還沒有真正看到任何需求中斷。這主要與供應限制有關。在某些情況下，供應限制是我談到的這種需求流失的函數，我們認為我們將為特定客戶構建產品 A、B 和 C。我們最終不得不停放 A、B 和 C 並構建產品 D、E 和 F。因此我們必須爭先恐後地獲取零件並為它們獲取組件。

So it's -- but I would say the underlying demand is quite strong. And the majority, if I had to kind of parse it out, the majority of the COVID impact we've called out this quarter is primarily, I would say, supply components, supply related. That's our biggest challenge. The 2 biggest things, I suppose, that maybe keep me awake at night are, are we going to be able to get all the parts to make sure we satisfy what the customers need and how do we make sure we keep -- we continue to keep all of our employees safe. They're the 2 biggest challenges for us for the next while, I would say, until COVID is behind us.

所以它 - 但我會說潛在需求非常強勁。大多數情況下，如果我不得不對其進行分析，我認為本季度我們提出的大多數 COVID 影響主要是供應組件，與供應相關。這是我們最大的挑戰。我想，可能讓我徹夜難眠的兩件最重要的事情是，我們是否能夠獲得所有零件以確保我們滿足客戶的需求，以及我們如何確保保持——我們繼續確保我們所有員工的安全。我想說，在 COVID 結束之前，它們是我們接下來面臨的兩個最大挑戰。

And the impact on the component shortages, it's unusual. It's not like -- let's say previously, if you go back a couple of years ago, we had like the MLCC shortages, or from time to time, we get DRAM shortages or whatever it might be. This is completely different. This is a function of -- primarily a function of where you have lockdowns in place in particular countries and suppliers have to operate at 50% or implement social distancing in their factory that they can only bring in half of the workforce. So it just takes time for those suppliers to be able to respond to that and maybe bring on additional shifts and run over the weekend to increase their output. So -- and it's spread across many, I would say, many commodities. It's not specific to any one commodity. So yes, the challenges are great this quarter, but that's why we're here. We're here to solve those problems.

並且對組件短缺的影響是不尋常的。這不像 - 讓我們說以前，如果你回到幾年前，我們會遇到 MLCC 短缺，或者時不時地，我們會遇到 DRAM 短缺或其他任何情況。這是完全不同的。這是一個函數——主要是一個函數，你在特定國家/地區實施了封鎖，供應商必須以 50% 的速度運營或在他們的工廠中實施社會疏遠，他們只能引進一半的勞動力。因此，這些供應商需要時間才能對此做出反應，並可能增加班次並在周末運行以增加產量。所以 - 它分佈在許多商品中。它不特定於任何一種商品。所以是的，本季度的挑戰很大，但這就是我們來這裡的原因。我們是來解決這些問題的。

Got it. If I could squeeze in one last follow-up. And I wonder if that -- the overall kind of logistical issues play any role in kind of increasing challenges for onboarding Cisco and whether you continue to expect that they could represent, I won't say another, but up to above the 10% customer in your fiscal '21.

知道了。如果我能擠進最後一次跟進。我想知道，整體的後勤問題是否在增加思科入職挑戰方面發揮了任何作用，以及你是否繼續期望它們可以代表，我不會再說了，但超過 10% 的客戶在你的 21 財年。

I think -- I mean generally, we don't talk about kind of specific customers. But just on the Cisco transfer, I would say hopefully not 10% because it's an existing set of products that are already being manufactured by another supplier. So the supply chain is positioned. It's not like a completely new product that we have to go off and set up the supply chain. It's an established family of products with an established supply chain.

我認為 - 我的意思是一般來說，我們不會談論特定的客戶。但就思科的轉移而言，我希望不會是 10%，因為它是另一家供應商已經在生產的一套現有產品。所以供應鏈就定位好了。這不像是我們必須離開並建立供應鏈的全新產品。這是一個成熟的產品系列，擁有成熟的供應鏈。

So we're quite optimistic, I would say, about the onboarding of that business. But it will take an additional -- I think it will take about 6 to 9 months. The end of the calendar year, I'd say, is -- probably timing-wise is a good bet. But whether that results in Cisco becoming a 10% customer or not, we have to wait and see.

因此，我想說，我們對該業務的入職非常樂觀。但這需要額外的時間——我認為大約需要 6 到 9 個月。日曆年結束，我想說的是——從時間上講可能是個不錯的選擇。但這是否會導致思科成為 10% 的客戶，我們必須拭目以待。

But yes, we're quite happy with, if you like, how we're diversifying our customer mix. Obviously, Lumentum is our #1 customer and I would say will continue to be for some time. But the other is in contention, if you like. As we've talked about before, obviously, Infinera is one. Cisco is one. Acacia is a significant customer for us. So we are quite happy with how we're diversifying our mix of customers.

但是，是的，如果您願意，我們對我們如何使客戶組合多樣化感到非常滿意。顯然，Lumentum 是我們的第一大客戶，我想說會持續一段時間。但如果你願意，另一個在爭論中。正如我們之前談到的，顯然，Infinera 就是其中之一。思科就是其中之一。Acacia 是我們的重要客戶。因此，我們對如何使客戶組合多樣化感到非常滿意。

I'm not showing any further questions at this time. I would now like to turn the call back over to Seamus Grady for closing remarks.

我現在不顯示任何進一步的問題。我現在想將電話轉回給 Seamus Grady 以作結束語。

Thank you, operator. Thank you all for joining our call today. We're pleased to have met our guidance in the third quarter during a very dynamic business environment. Our success is a direct reflection of our core strategy to operate a very agile and flexible business that lets us respond very quickly to shifting environments, and we look forward to speaking with you again in the future. 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。我們很高興在充滿活力的商業環境中實現了第三季度的指導。我們的成功直接反映了我們經營非常敏捷和靈活的業務的核心戰略，使我們能夠對不斷變化的環境做出快速反應，我們期待在未來再次與您交談。在那之前，再見並保持安全。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating, you may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。