Fabrinet (FN) 2020 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Fabrinet's financial results conference call for the second 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 財年第二季度的財務業績電話會議。（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 second quarter and fiscal year 2020, which ended December 27, 2019.

謝謝運營商，大家下午好，感謝您參加今天的電話會議，討論 Fabrinet 截至 2019 年 12 月 27 日的第二季度和 2020 財年的財務和運營業績。

With me on the call today are Seamus Grady, Chief Executive Officer; TS-Seng, Chief Financial Officer; and Csaba Sverha, Vice President of Operations, Finance and CFO designate. 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； TS-Seng，首席財務官；和 Csaba Sverha，運營、財務副總裁兼 CFO 候任人。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 November 5, 2019.

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，請參閱我們最近提交給美國證券交易委員會的文件，尤其是我們於 2019 年 11 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, TS 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、TS 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. We had a very strong second quarter with financial results that exceeded all of our guidance metrics, including record quarterly revenue. This performance was driven by sequential growth in nearly all areas of our business. With end-market demand stabilizing, we expect to see continued year-over-year growth in the third quarter.

謝謝你，Garo，大家下午好。我們第二季度表現非常強勁，財務業績超過了我們所有的指導指標，包括創紀錄的季度收入。這一業績是由我們幾乎所有業務領域的連續增長推動的。隨著終端市場需求趨於穩定，我們預計第三季度將繼續同比增長。

Revenue in the second quarter was $426 million, up 7% from the first quarter and 6% from a year ago. Revenue upside largely fell to the bottom line, with non-GAAP net income of $1 per share, which was also above the top end of our guidance range. Gross margin was 11.9%, and we continue to anticipate non-GAAP gross margins to be within our target range of 12% to 12.5% for the full year.

第二季度收入為 4.26 億美元，比第一季度增長 7%，比去年同期增長 6%。收入上升空間在很大程度上落到了底線，非 GAAP 淨收入為每股 1 美元，也高於我們指導範圍的上限。毛利率為 11.9%，我們繼續預計全年非 GAAP 毛利率將在我們 12% 至 12.5% 的目標範圍內。

Looking at our business by end markets. Optical communications revenue was $322 million, up 6% from the first quarter. This represented 76% of total revenue, consistent with the first quarter. Within optical communications, telecom revenue was $248 million, up 8% from the first quarter and 20% from a year ago and represented 77% of optical revenue. Our Berlin transfer program with Infinera again contributed to our telecom growth, and the program was fully ramped at the end of the quarter as anticipated.

從終端市場來看我們的業務。光通信收入為 3.22 億美元，比第一季度增長 6%。這佔總收入的 76%，與第一季度一致。在光通信領域，電信收入為 2.48 億美元，比第一季度增長 8%，比去年同期增長 20%，佔光通信收入的 77%。我們與 Infinera 的柏林轉移計劃再次為我們的電信增長做出了貢獻，並且該計劃在本季度末如預期的那樣全面推進。

Datacom revenue in the second quarter was $74 million, a slight increase from Q1, which was better than we had anticipated as demand trends for these products continue to stabilize. Datacom represented 23% of optical communications revenue.

第二季度數據通信收入為 7400 萬美元，比第一季度略有增長，好於我們的預期，因為這些產品的需求趨勢繼續穩定。數據通信佔光通信收入的 23%。

By technology, silicon photonics-based optical communications revenue increased by 7% from the first quarter to $82 million and represented 26% of optical communications revenue. Revenue from QSFP28 and QSFP56 transceivers was $48 million, up $3 million from the first quarter. By data rate, 100-gig programs represented 49% of optical communications' revenue at $159 million. And products rated at speeds of 400 gig and above continue to see rapid growth, up 31% from the first quarter to $49 million.

按技術劃分，基於矽光子學的光通信收入比第一季度增長 7% 至 8200 萬美元，佔光通信收入的 26%。QSFP28 和 QSFP56 收發器的收入為 4800 萬美元，比第一季度增加 300 萬美元。按數據速率計算，100 兆節目佔光通信收入的 49%，為 1.59 億美元。額定速度為 400 gig 及以上的產品繼續快速增長，比第一季度增長 31% 至 4900 萬美元。

Looking at our nonoptical communications business, revenue of $104 million was up from $97 million in the first quarter, which was also better than expected. We were pleased to see the demand for industrial lasers improve and as a result, revenue for these products was also better than expected at $46 million compared to $41 million in the first quarter. We remain optimistic that over the longer term, industrial laser manufacturers will increasingly leverage outsourcing to remain globally competitive, and we believe we are uniquely positioned to be a leader in serving this market as the opportunity evolves. Automotive revenue moderated to $21 million, reflecting normal quarter-to-quarter variability from next-generation automotive programs, and which we expect to return to growth in the third quarter. Sensor revenue increased slightly to $3.9 million from $3.5 million.

看看我們的非光通信業務，第一季度的收入為 1.04 億美元，高於預期的 9700 萬美元，這也好於預期。我們很高興看到對工業激光器的需求有所改善，因此這些產品的收入也好於預期，為 4600 萬美元，而第一季度為 4100 萬美元。我們仍然樂觀地認為，從長遠來看，工業激光製造商將越來越多地利用外包來保持全球競爭力，而且我們相信，隨著機遇的發展，我們具有獨特的優勢，可以成為服務該市場的領導者。汽車收入放緩至 2100 萬美元，反映了下一代汽車項目的正常季度變化，我們預計第三季度將恢復增長。傳感器收入從 350 萬美元小幅增長至 390 萬美元。

Finally, revenue generated from other nonoptical applications grew 20% sequentially to $33 million, mainly from Fabrinet West. During the quarter, we saw additional programs that had ramped production at Fabrinet West transfer to Bangkok, where we anticipate their volumes will continue to grow. This is another illustration of the success of our new product introduction model, which we will continue to leverage in Santa Clara, and we are gearing up to extend to Israel in the coming months. At the same time, success of our program with Infinera demonstrates our ability to build complete network systems while offering economic advantages to our customers.

最後，來自其他非光學應用的收入環比增長 20% 至 3300 萬美元，主要來自 Fabrinet West。在本季度，我們看到 Fabrinet West 的產量增加的其他項目轉移到了曼谷，我們預計它們的產量將繼續增長。這是我們新產品引入模式成功的又一例證，我們將繼續在聖克拉拉利用這種模式，並且我們正準備在未來幾個月內擴展到以色列。同時，我們與 Infinera 合作的項目的成功表明我們有能力構建完整的網絡系統，同時為我們的客戶提供經濟優勢。

We believe there could be additional opportunities for us to vertically integrate from the component level up to the system level that can provide additional business to Fabrinet while simplifying the supply chain for our customers, and we have been actively pursuing these opportunities. And today, I'm pleased to announce that after the close of the second quarter, we were awarded a significant new project by Cisco, which will further build on our successful partnership. While it is still early days, we believe that if this program ramps as anticipated, that Cisco could represent 10% of revenue or more for Fabrinet in fiscal 2021. We look forward to sharing more on this program as it progresses.

我們相信我們可能有更多機會從組件級別垂直集成到系統級別，這可以為 Fabrinet 提供額外的業務，同時為我們的客戶簡化供應鏈，我們一直在積極尋求這些機會。今天，我很高興地宣布，在第二季度結束後，我們獲得了思科的一個重要新項目，這將進一步鞏固我們成功的合作夥伴關係。雖然現在還處於早期階段，但我們相信，如果該計劃按預期進行，思科在 2021 財年可能佔 Fabrinet 收入的 10% 或更多。隨著該計劃的進展，我們期待分享更多有關該計劃的信息。

Finally, we also announced today that after more than a year of evaluating internal and external candidates, we are pleased to welcome Csaba Sverha as our new Chief Financial Officer, effective February 17, with TS stepping down from the role nearly 18 months after initially announcing his intention to retire. We are extremely grateful to TS for his contributions over the years to Fabrinet and for his commitment to ensuring a smooth transition. TS will be reporting to me as EVP Special Projects during this transition period. His dedication and positive attitude are a model for us all, and we wish him the best in his well-deserved retirement.

最後，我們今天還宣布，經過一年多的內部和外部候選人評估，我們很高興地歡迎 Csaba Sverha 擔任我們的新首席財務官，自 2 月 17 日起生效，TS 在最初宣布將近 18 個月後卸任該職位他打算退休。我們非常感謝 TS 多年來對 Fabrinet 的貢獻以及他對確保平穩過渡的承諾。在此過渡期間，TS 將作為特別項目執行副總裁向我匯報。他的奉獻精神和積極態度是我們所有人的榜樣，我們祝愿他在當之無愧的退休生活中一切順利。

Csaba has been Vice President of Operations Finance at Fabrinet for almost 2 years now, and I have had the pleasure of working directly with Csaba in the past. He displays all the characteristics that have had a meaningful hand in Fabrinet's past success, including integrity, collaboration and commitment to success. I am confident that Csaba will play a leading role in helping Fabrinet get to our next level of performance.

Csaba 擔任 Fabrinet 的運營財務副總裁已有近 2 年時間，過去我有幸直接與 Csaba 合作。他展示了對 Fabrinet 過去的成功起到重要作用的所有特徵，包括正直、協作和對成功的承諾。我相信 Csaba 將在幫助 Fabrinet 達到更高的績效水平方面發揮主導作用。

Before I turn the call over to TS and Csaba, I would like to address the coronavirus outbreak that I'm sure you're all concerned about. While our third quarter results often reflect a small seasonal downtick, guidance that we are providing for the third quarter also includes the anticipated impact from extended shutdowns in China due to the coronavirus outbreak. Specifically, the Lunar New Year week-long shutdown at our Casix facility in Fuzhou, China, which manufactures custom optics components, has been extended from 1 week to 2 weeks ending February 10.

在我將電話轉給 TS 和 Csaba 之前，我想談談冠狀病毒的爆發，我相信你們都很關心。雖然我們第三季度的業績通常反映出小幅季節性下滑，但我們為第三季度提供的指引還包括因冠狀病毒爆發而在中國延長停產的預期影響。具體而言，我們位於中國福州的 Casix 工廠生產定制光學元件，農曆新年為期一周的停工時間已從 1 周延長至 2 週，截至 2 月 10 日。

In addition, some of our third-party suppliers in China are also impacted by shutdowns. This has a direct impact on our top and bottom line expectations and is considered in the guidance we are providing for the third quarter. News related to the coronavirus is rapidly evolving, and our top priority is to keep our employees safe, and we'll continue to monitor the situation.

此外，我們在中國的一些第三方供應商也受到停工的影響。這對我們的最高和最低預期有直接影響，並在我們為第三季度提供的指導中得到考慮。與冠狀病毒有關的新聞正在迅速發展，我們的首要任務是確保員工安全，我們將繼續監測情況。

In summary, we are pleased with our stronger-than-expected performance in the second quarter, and we are excited about our new business activity. While we anticipate that coronavirus outbreak will result in a larger-than-normal sequential revenue decline in the third quarter, I believe we remain well positioned to extend our business success and market leadership as we look ahead.

總而言之，我們對第二季度強於預期的業績感到滿意，我們對新的業務活動感到興奮。雖然我們預計冠狀病毒的爆發將導致第三季度收入連續下降幅度大於正常水平，但我相信，展望未來，我們仍然有能力擴大我們的業務成功和市場領導地位。

Now let me turn the call over to TS and Csaba to discuss the details of our second quarter performance and our outlook. TS?

現在讓我把電話轉給 TS 和 Csaba，討論我們第二季度業績的細節和我們的展望。TS？

Thank you for the kind words, Seamus, and good afternoon, everyone. I would like to congratulate Csaba on his appointment and I am committed to making sure his transition to the CFO position is smooth.

謝謝你的客氣話，Seamus，大家下午好。我要祝賀 Csaba 的任命，我致力於確保他順利過渡到首席財務官職位。

Now turning to our results. I will provide you more details on our financial results for the second quarter and then will introduce Csaba to provide our guidance for the third quarter of fiscal year 2020. Total revenue in the second quarter of fiscal year 2020 was $426.2 million, above the upper end of our guidance range and a quarterly record. Non-GAAP net income was $1 per share and was also above our guidance range, even after a foreign exchange headwind of $1 million or approximately $0.03 per share.

現在轉向我們的結果。我將向您提供有關我們第二季度財務業績的更多詳細信息，然後介紹 Csaba 以提供我們對 2020 財年第三季度的指導。2020 財年第二季度的總收入為 4.262 億美元，高於我們的指導範圍上限和季度記錄。非 GAAP 淨收入為每股 1 美元，也高於我們的指導範圍，即使在 100 萬美元的外匯逆風或每股約 0.03 美元之後也是如此。

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. Non-GAAP gross margin in the second quarter was 11.9%. We continue to expect gross margin to be within our target range for the year. Non-GAAP operating expense was $12.3 million in the second quarter. As a result, non-GAAP operating income was $38.5 million and non-GAAP operating margin was 9%. Taxes in the quarter were $2 million and our normalized effective tax rate was less than 5%. We continue to expect our effective tax rate to be 5% to 6% for the full year.

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。第二季度非美國通用會計準則毛利率為 11.9%。我們繼續預計今年的毛利率將在我們的目標範圍內。第二季度非 GAAP 運營費用為 1230 萬美元。因此，非 GAAP 營業收入為 3850 萬美元，非 GAAP 營業利潤率為 9%。本季度的稅收為 200 萬美元，我們的標準化有效稅率低於 5%。我們繼續預計全年的有效稅率為 5% 至 6%。

Non-GAAP net income was above our guidance range at $37.7 million in the second quarter or $1 per diluted share, as I indicated earlier, on a GAAP basis, which includes share-based compensation expenses and amortizations of debt issuing costs. Net income for second quarter was $31.2 million or $0.83 per diluted share, also above the high end of our guidance.

非 GAAP 淨收入在第二季度高於我們的指導範圍，即 3770 萬美元或每股攤薄收益 1 美元，正如我之前指出的那樣，在 GAAP 基礎上，其中包括基於股份的補償費用和債務發行成本的攤銷。第二季度淨收入為 3120 萬美元或每股攤薄收益 0.83 美元，也高於我們指導的上限。

Turning to the balance sheet and cash flow statement. At the end of second quarter, cash, restricted cash and investments were $450.5 million compared to $436.4 million at the end of the first quarter. Operating cash flow in the quarter was $50 million, and with CapEx of $9.1 million, free cash flow was $40.9 million in the second quarter. During the quarter, our working capital returned to neutral level as we began consuming the transfer inventory and collecting receivables.

轉向資產負債表和現金流量表。第二季度末，現金、受限現金和投資為 4.505 億美元，而第一季度末為 4.364 億美元。本季度的運營現金流為 5000 萬美元，資本支出為 910 萬美元，第二季度的自由現金流為 4090 萬美元。本季度，隨著我們開始消耗轉移庫存和收取應收賬款，我們的營運資金恢復到中性水平。

We did not repurchase any shares during the quarter. $62.2 million remain in our share repurchase program. We will continue to evaluate market conditions to opportunistically purchase shares when possible.

本季度我們沒有回購任何股票。我們的股票回購計劃中仍有 6220 萬美元。我們將繼續評估市場狀況，在可能的情況下適時購買股票。

Before I turn the call to Csaba to provide our third quarter guidance, I would like to take this opportunity to thank all our investors on the buy side and our sell side analysts for your support and all the work you have done over the years. I appreciate your professionalism and have enjoyed working with all of you. I wish you all nothing but the best.

在我打電話給 Csaba 提供我們的第三季度指導之前，我想藉此機會感謝我們所有的買方投資者和我們的賣方分析師，感謝你們的支持以及你們多年來所做的所有工作。我很欣賞你們的專業精神，並且很享受與你們所有人的合作。我祝你們一切順利。

I will now invite Csaba to give our FQ3 guidance.

我現在將邀請 Csaba 提供我們的 FQ3 指導。

Thank you, TS, and good afternoon to those of you listening to our call. I'm looking forward to stepping up as the next CFO at Fabrinet. TS has been a great mentor, and my aim is to maintain the transparent and open level of dialogue with investors that TS has had. I'm looking forward to a smooth transition, including getting to know those of you attending OFC in March or other investor events in the coming months.

謝謝你，TS，下午好，聽我們電話的人。我期待著成為 Fabrinet 的下一任首席財務官。TS 一直是一位偉大的導師，我的目標是保持 TS 與投資者的透明和公開對話水平。我期待順利過渡，包括認識你們中參加 3 月份 OFC 或未來幾個月其他投資者活動的人。

I would now like to turn to our guidance for the third quarter of fiscal year 2020. After the record quarterly revenue performance in Q2, we expect to maintain our year-over-year growth in the third quarter. We anticipate that third quarter revenue will moderate more than the usual seasonal impact as a result of the coronavirus outbreak in China. For the third quarter, we anticipate revenue to be between $410 million and $418 million. From an EPS perspective, we anticipate non-GAAP net income per share in the third quarter to be in the range of $0.92 to $0.95 and GAAP net income per share of $0.75 to $0.78, based on approximately 37.9 million fully diluted shares outstanding.

我現在想談談我們對 2020 財年第三季度的指導。在第二季度創紀錄的季度收入表現之後，我們預計第三季度將保持同比增長。由于冠狀病毒在中國的爆發，我們預計第三季度的收入將比通常的季節性影響更緩和。對於第三季度，我們預計收入將在 4.1 億美元至 4.18 億美元之間。從每股收益的角度來看，我們預計第三季度非 GAAP 每股淨收入在 0.92 美元至 0.95 美元之間，GAAP 每股淨收入在 0.75 美元至 0.78 美元之間，基於約 3790 萬股完全稀釋的流通股。

In conclusion, we are pleased with our strong performance in the quarter. We are excited about our business momentum. And despite a small near-term impact of coronavirus outbreak, we remain optimistic that we can continue to build shareholder value over the longer term.

總之，我們對本季度的強勁表現感到滿意。我們對我們的業務發展勢頭感到興奮。儘管冠狀病毒爆發的短期影響很小，但我們仍然樂觀地認為，我們可以在長期內繼續創造股東價值。

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) First question comes from Alex Henderson of Needham.

（操作員說明）第一個問題來自 Needham 的 Alex Henderson。

Well, before I get into a question, TS, thank you very much for all the work you've put in with us, and we really appreciate your professionalism and superb job you did running the company's finance operations.

好吧，在我開始提問之前，TS，非常感謝你為我們所做的所有工作，我們非常感謝你在管理公司財務業務方面的專業精神和出色工作。

Thank you, Alex.

謝謝你，亞歷克斯。

And welcome to your replacement.

歡迎您的更換。

Thank you, Alex.

謝謝你，亞歷克斯。

So the first question I wanted to ask was obviously you hedge forward a quarter. I mean the other side of the corona event was the falloff of tourism in Thailand and the very sharp correction in the baht that has occurred. Obviously, you were expecting some pressure from the strong baht before. Now that it's corrected, are you changing any of your steps in terms of your hedging policies, where you typically hedge 1 quarter fully 2 quarters half I think is the way you do it and then lesser in the back half. Will you lock in these lower rates? Or how do you think you'll handle it?

所以我想問的第一個問題顯然是你對沖四分之一。我的意思是，電暈事件的另一面是泰國旅遊業的衰退以及泰銖的大幅調整。顯然，您之前已經預料到強勢泰銖會帶來一些壓力。現在它已經更正了，你是否改變了你在對沖政策方面的任何步驟，你通常對沖 1 個季度的全部 2 個季度的一半我認為是你這樣做的方式，然後在後半部分減少。您會鎖定這些較低的利率嗎？或者你認為你會如何處理它？

Yes, Alex, let me try to answer that. Okay. We did not change our policy of hedging, for example, like exactly what you say, 100% for the current quarter, then 50% for the out quarter and then 25% for the out quarter. The only thing we are looking at is to document it as a cash flow hedge. That's what we did for the interest rate swap contract. And so this quarter, all the interest rate are mark-to-market -- interest rate swap mark-to-market is all going to the OCI, the other comprehensive income, net equity, and then you will roll out over time. So we're going to do the same thing for our cash flow hedge. Depends on PWC approval, we might get it done this quarter or maybe next quarter. But for sure, next quarter, we get it done. So in that case, then all the gain and loss, exactly what you advised before, were going to the equity.

是的，亞歷克斯，讓我試著回答這個問題。好的。我們沒有改變我們的對沖政策，例如，就像你說的那樣，本季度 100%，然後是 50%，然後是 25%。我們唯一關注的是將其記錄為現金流量對沖。這就是我們為利率互換合約所做的。所以這個季度，所有的利率都是按市值計價的——按市值計價的利率互換全部轉到 OCI，其他綜合收益，淨權益，然後你會隨著時間的推移推出。因此，我們將為現金流量對沖做同樣的事情。取決於普華永道的批准，我們可能會在本季度或下個季度完成。但可以肯定的是，下個季度，我們會完成它。所以在那種情況下，所有的收益和損失，就像你之前建議的那樣，都將歸入股權。

So just to be clear, though, I was really talking about the longer-term implications of the exchange rate strength pressuring gross margins and now that pressure has been removed by the correction. Do you plan to lock that in at all, so that you can -- in case the corona issue goes away and we end up with a rebound in the baht?

不過，要明確一點，我實際上是在談論匯率走強對毛利率造成壓力的長期影響，現在這種壓力已經被修正消除了。你是否打算完全鎖定它，以便你可以 - 萬一電暈問題消失並且我們最終會出現泰銖反彈？

Yes, the baht has not totally rebound yet. We see a short-term weakening, okay? Right now, the forecast is 30.5%. We've been mark-to-market at 30.2% last quarter. So again, in the long run, we believe that baht will continue to under pressure to be strengthened. So we take proper steps to just make sure that we properly hedge them. And obviously, the best hedge will be natural hedge. If I can sell in Thai baht, that will be perfect. But then the industry won't allow me to do that. So yes, we watch it very closely. Again, if Thai baht continues to strengthen, really nothing much you can do.

是的，泰銖還沒有完全反彈。我們看到短期走弱，好嗎？目前，預測為 30.5%。上個季度我們按市值計價為 30.2%。所以再次強調，長期來看，我們認為泰銖將繼續承壓走強。所以我們採取適當的步驟來確保我們正確地對沖它們。顯然，最好的對沖將是自然對沖。如果我能用泰銖賣，那就完美了。但隨後行業將不允許我這樣做。所以是的，我們非常密切地關注它。同樣，如果泰銖繼續走強，您真的無能為力。

At some point in time, you've got to bite the bullet, so -- and taking into the OCI will release the immediate pressure a little bit, but in the long run, if baht continues to strengthen, then you had to face the fact that it's increased cost for -- and pressure on the gross margin.

在某個時間點，你必須咬緊牙關，所以 - 加入 OCI 會稍微釋放眼前的壓力，但從長遠來看，如果泰銖繼續走強，那麼你將不得不面對事實上，它增加了成本 - 以及毛利率的壓力。

So if I could ask one more question. The comment you made about Cisco, I'm assuming that you're not including the acquisition of Acacia in those numbers. Otherwise, I think you would have been over 10% either way. So I assume this is just Cisco prior to that acquisition going to 10%? And could you quantify that? Is that a doubling of your business with Cisco? Or is it 20% improvement in your business with Cisco? What is this project that you're talking about in terms of scale compared to what you're currently doing? Is it a significant increase, a modest increase? Some characterization.

所以，如果我可以再問一個問題。你對思科的評論，我假設你不包括在這些數字中收購 Acacia。否則，我認為無論哪種方式你都會超過 10%。所以我假設這只是思科在收購之前的 10%？你能量化嗎？這是您與思科的業務翻倍嗎？還是您與 Cisco 的業務提高了 20%？與您目前正在做的相比，您所說的這個項目在規模上如何？是顯著增加還是適度增加？一些表徵。

Thanks, Alex. And I would -- I think first of all, you're correct. The numbers we talked about are Cisco alone. It doesn't include the -- let's say, the Acacia business, which, of course, would be significant on its own. So looking at Cisco, I mean this is a significant -- I would characterize it as a significant new business award for us. It's a very large piece of business. And it's very important for us because it's right in -- I suppose, in our wheelhouse, in our sweet spot, we've talked maybe at some of the investor meetings and the road shows about the importance for us of penetrating some of the system companies from the component level up. We produce a lot of components that go into these products.

謝謝，亞歷克斯。我會 - 我認為首先，你是對的。我們談論的數字僅來自思科。它不包括——比方說，Acacia 業務，當然，它本身就很重要。所以看看思科，我的意思是這是一個重要的 - 我會把它描述為對我們來說是一個重要的新業務獎項。這是一項非常龐大的業務。這對我們來說非常重要，因為它就在——我想，在我們的駕駛室，在我們的最佳位置，我們可能在一些投資者會議和路演中談到了滲透某些系統對我們的重要性公司從組件級別向上。我們生產了很多用於這些產品的組件。

So to us, it seem to make sense in order to simplify the supply chain for our customers, while at the same time, growing the business ourselves. It seems to make sense for us to go after this type of business. And we've been fortunate with this one. It's a vertical -- what I would call a vertical up deal. So it's from the component level up, like I say, it simplifies and streamlines the supply chain for the customers. Yes, the 10% metric is for Cisco as a whole, which we hope -- we expect when they -- when the deal with Acacia goes through, will be a combination of Cisco and Acacia. But certainly, the business on its own is a significant piece of business.

因此，對我們來說，為我們的客戶簡化供應鏈，同時發展我們自己的業務似乎很有意義。我們追求這類業務似乎是有意義的。我們很幸運有這個。這是一個垂直的——我稱之為垂直交易。所以它從組件級別向上，就像我說的那樣，它為客戶簡化和簡化了供應鏈。是的，10% 的指標是針對整個思科的，我們希望——我們希望他們——當與 Acacia 的交易完成時，將是思科和 Acacia 的結合。但可以肯定的是，業務本身就是一項重要的業務。

So is it similar in size to the increase you got off of the systems business from Infinera? Or is it smaller than that? I mean can you give us some -- is it bigger than a red box kind of comment? Can you help us frame it?

那麼它的規模是否與您從 Infinera 的系統業務中獲得的增長相似？或者它比那個小？我的意思是你能給我們一些——它比紅框類型的評論更大嗎？你能幫我們裝裱嗎？

I would say it's in a similar kind of range. We don't want to put a number on it right now, but it's a significant piece of business. I mean we win business all the time. We generally don't call out specific programs. So the fact that we're calling it out means it's a significant piece of business. So it will be of a -- I suppose, of a similar scale. And certainly...

我會說它處於類似的範圍內。我們現在不想給它一個數字，但這是一項重要的業務。我的意思是我們總是贏得生意。我們一般不叫出具體的程序。所以我們把它叫出來的事實意味著它是一項重要的業務。所以這將是——我想，規模相似。當然...

Okay. One last question, and I'll see the floor. Can you break out your expectation for datacom and telecom in the upcoming guidance?

好的。最後一個問題，我會看到地板。您能否在即將發布的指南中打破對數據通信和電信的期望？

In the upcoming guidance?

在即將到來的指導中？

I think the telecom is down for a couple of reasons. The virus, coronavirus, doesn't help us. But again, we see strength on the datacom. I mean this quarter, past quarter actually too, we expected to be down, but we're kind of flat and up a little bit, and we see the momentum will continue. So I think most of the datacom guys are outside China. Lucky, okay? So most of the China's are mostly telecom. So we expect telecom to be down.

我認為電信業務下滑有幾個原因。病毒，冠狀病毒，對我們沒有幫助。但我們再次看到了數據通信的優勢。我的意思是這個季度，實際上也是上個季度，我們預計會下降，但我們有點持平並略有上升，我們看到勢頭將繼續下去。所以我認為大多數數據通信人員都在中國以外。幸運，好嗎？所以中國大部分都是電信的。所以我們預計電信會下降。

Our next question comes from Troy Jensen of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Troy Jensen。

Congrats on the nice results and TS, good luck, we definitely all enjoyed working with you over the years, and I wish you the best.

祝賀 TS 取得了不錯的成績，祝你好運，這些年來我們都很享受與你的合作，祝你一切順利。

Thank you so much.

太感謝了。

Thank you, Troy.

謝謝你，特洛伊。

Could you guys dive in, I mean you hit on the coronavirus. I guess I'm just curious if you could kind of quantify how much of an impact that is? Just being curious, your thoughts too just on the whole China supply chain and how resilient is it right now? And what are your expectations for the virus going forward, so to speak?

你們能不能潛入，我的意思是你們遇到了冠狀病毒。我想我只是想知道您是否可以量化這種影響有多大？只是好奇，您的想法也只是關於整個中國供應鏈以及它現在的彈性如何？可以這麼說，您對病毒的發展有何期望？

So the coronavirus outbreak itself -- the first week of the coronavirus outbreak coincided with the Lunar New Year, which meant that many of the facilities, many of our own facility in China in Casix in Fuzhou was already shut down as were many of our component suppliers. And the impact, it's not a huge impact. If I had to put a number on it, I would say it's in the $8 million to $10 million range for the quarter. And it's largely driven by the fact that government-mandated shutdowns for an additional week. For example, our own operations in the Casix operation in Fuzhou, we had plans to be back on February 3, and that got pushed out by -- because of the government-mandate it's shutdown to February 10.

所以冠狀病毒爆發本身——冠狀病毒爆發的第一周恰逢農曆新年，這意味著我們在中國福州 Casix 的許多設施已經關閉，我們的許多組件也是如此供應商。影響，不是很大的影響。如果我必須給出一個數字，我會說這個季度在 800 萬到 1000 萬美元之間。這在很大程度上是由政府強制關閉額外一周這一事實推動的。例如，我們自己在福州的 Casix 業務，我們原計劃於 2 月 3 日恢復，但由於政府規定，它被推遲到 2 月 10 日。

So we lose a week's production and some of our -- several of our suppliers are in the same situation. Like I say, we estimate the impact of this extended shutdown to be about $8 million to $10 million for the quarter. So in effect, our guidance would have been roughly flat sequentially, which would have been in line with or maybe a little bit better than a seasonal Q3 for us, let's say, fiscal Q3, calendar Q1, which would be seasonally down for us. So without this coronavirus impact, we would have been kind of flat to slightly up, I would say. So about -- to answer your direct question, about an $8 million to $10 million impact.

因此，我們損失了一周的產量，我們的一些供應商也處於同樣的境地。就像我說的，我們估計本季度延長停工的影響約為 800 萬至 1000 萬美元。因此，實際上，我們的指引大致持平，這與我們的季節性第三季度一致，或者可能略好於我們的季節性第三季度，比方說，第三財季，日曆第一季度，這對我們來說是季節性下降的。因此，如果沒有這種冠狀病毒的影響，我們會持平或略有上升，我會說。那麼 - 回答你的直接問題，大約有 800 萬到 1000 萬美元的影響。

And just thoughts on just like -- just the recent couple of days or a week or so have you gotten more concerned about -- have there been more conversations and just your thoughts on how resilient the supply chain is right now for you guys. How much good visibility do you have on supply?

只是想一想——就在最近幾天或一周左右，你是否更關心——是否有更多的對話，以及你對供應鏈現在對你們的彈性有多大的想法。您對供應有多少良好的知名度？

We think it's pretty resilient, and we think it's -- of course, none of us know when we could find ourselves here a quarter from now, saying we were too conservative and overestimated the impact or we could find ourselves saying we weren't conservative enough and we underestimated the impact. It's really very difficult to say. I think it's -- our working assumption is that all the -- our own operation as well as the suppliers who are affected that they all get back to work a week from today and February 10. If something happens this week, if that changes, then the impact could be greater.

我們認為它非常有彈性，而且我們認為它是——當然，我們誰也不知道從現在開始一個季度後我們什麼時候會發現自己在這裡，說我們過於保守並高估了影響，或者我們會發現自己說我們不保守夠了，我們低估了影響。這真的很難說。我認為這是——我們的工作假設是——我們自己的運營以及受影響的供應商，他們都將從今天和 2 月 10 日起一周後恢復工作。如果本週發生某些事情，如果情況有所改變，那麼影響可能會更大。

Similarly, so I think it's -- we're not -- I mean obviously, our primary concern is for the health and welfare of our employees, and we're taking great precautions to make sure everyone is well both in our operation in Casix, but also in our large campus in Thailand, as you can imagine, we have a lot of visitors who come through. It's a 10,000 person campus. We have a lot of people who come through there. So we're taking great precautions to make sure everyone is safe and well. So that's our first concern. But nevertheless, we think the supply chain is actually quite resilient and if businesses get back to -- back into operation a week from today, we should be okay. But we're going to keep a very, very close eye on it for sure as everyone.

同樣，所以我認為它是——我們不是——我的意思是很明顯，我們最關心的是我們員工的健康和福利，我們正在採取大量預防措施，以確保我們在 Casix 的運營中的每個人都健康，而且在我們泰國的大校園裡，你可以想像，我們有很多訪客。這是一個 10,000 人的校園。我們有很多人從那裡過來。因此，我們正在採取極大的預防措施，以確保每個人都安全和健康。所以這是我們首先關心的問題。但是，儘管如此，我們認為供應鏈實際上非常有彈性，如果企業從今天起一周後恢復運營，我們應該沒問題。但我們肯定會像每個人一樣密切關注它。

Perfect. Yes. Understood. And just one last question and I'll see the floor. Just your comments on industrial laser strength, curious to know is that existing programs getting better? Or is that some of these new design wins that you guys have been turning in?

完美的。是的。明白了。最後一個問題，我會看到地板。只是您對工業激光強度的評論，很想知道現有程序是否變得更好？還是你們已經提交的這些新設計中的一些？

It's a combination of both, actually. We continue to penetrate that market and win business there with a number of companies but I would say the strength in the quarter was mostly with existing customers, existing [business].

實際上，它是兩者的結合。我們繼續滲透該市場並贏得與許多公司的業務，但我想說本季度的實力主要來自現有客戶和現有 [業務]。

Our next question comes from Samik Chatterjee of JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

So you -- I appreciate your comments about telecom and the supply side there. Just wanted to understand how you're thinking about the demand side as well? Because even before the coronavirus impact, I think we saw a couple of industry players kind of signed the warning signs on 5G network deployment in the different geographies, including China. So just wanted to understand beyond kind of the supply constraints, how you're thinking about demand? If there is a slowdown, how long would it take in the supply chain to kind of show up in your demand level or orders? And so any insights on that would be helpful.

所以你 - 我很欣賞你對電信和供應方面的評論。只是想了解您對需求方的看法？因為甚至在冠狀病毒影響之前，我認為我們已經看到一些行業參與者在包括中國在內的不同地區簽署了 5G 網絡部署的警告標誌。所以只是想了解供應限制之外的情況，你是如何考慮需求的？如果出現放緩，供應鏈需要多長時間才能出現在您的需求水平或訂單中？因此，對此的任何見解都會有所幫助。

Yes. So the demand -- sorry, the telecom demand that TS talked about was more focused on the demand side than the supply side. So we are seeing some softness. But for us, it's nothing, I would say, greater than the normal seasonal softness that we would see in this quarter. We do -- and again, we don't claim to represent the industry or have any great insights, but certainly, from what we see, we don't see any huge change other than what we would normally see as a seasonal slowdown, a little bit of a slowdown this quarter. The other thing is, as many of our customers have not announced yet, we don't to be -- seem to be speaking for them. So -- but I would say -- like I said, I don't -- we don't believe there's anything other than the normal seasonal slowdown. TS, what do you think?

是的。所以需求 - 抱歉，TS 談到的電信需求更側重於需求方而不是供應方。所以我們看到了一些疲軟。但對我們來說，我想說的是，這並沒有比我們在本季度看到的正常季節性疲軟更大。我們這樣做 - 再一次，我們不聲稱代表行業或有任何深刻的見解，但當然，從我們所看到的，除了我們通常認為的季節性放緩之外，我們沒有看到任何巨大的變化，本季度略有放緩。另一件事是，由於我們的許多客戶尚未宣布，我們不會 - 似乎正在為他們說話。所以 - 但我會說 - 就像我說的那樣，我不相信 - 除了正常的季節性放緩之外，我們不相信還有什麼。TS，你怎麼看？

I think well said. Yes. We cannot see beyond 1 or 2 quarters. But for the coming quarter, essentially we -- exactly what Seamus said.

我覺得說得好。是的。我們看不到超過 1 或 2 個季度。但對於下個季度，基本上我們 - 正是 Seamus 所說的。

Okay. Got it. And if I can just follow-up on the 400 gig, the growth that you had, which is pretty strong, 31% growth, as you're kind of looking through the end of the year, right now, the growth is off a small base. How you are thinking about -- do you think that kind of growth rate is sustainable on the 400-gig products -- 400 gig and above products?

好的。知道了。如果我能跟進 400 場演出，你的增長非常強勁，增長了 31%，正如你在今年年底看到的那樣，現在，增長已經結束了小基地。你是怎麼想的——你認為這種增長率在 400 gig 產品上是可持續的——400 gig 及以上的產品嗎？

Yes. So 4 -- we group together 400 gig and above. I mean at some point, we may get a bit more granular with that. But right now, we see that continuing to be quite strong. We don't guide beyond 1 quarter, but we do see demand for that 400 gig and above continuing to certainly outpace the growth of the rest of the business. It's growing quite strongly for us.

是的。所以 4——我們將 400 場及以上的演出組合在一起。我的意思是，在某些時候，我們可能會更細化一點。但是現在，我們看到它繼續非常強勁。我們不會指導超過 1 個季度，但我們確實看到對 400 gig 及以上的需求肯定會繼續超過其他業務的增長。它對我們來說增長非常強勁。

(Operator Instructions) Our next question comes from the line of John Marchetti of Stifel.

（操作員說明）我們的下一個問題來自 Stifel 的 John Marchetti。

This is Scott on for John. Congrats on a great quarter, and thank you, TS, again. On the systems opportunity you discussed, could you maybe touch on how that affects margins going forward?

這是約翰的斯科特。祝賀一個偉大的季度，再次感謝你，TS。關於您討論的系統機會，您能否談談這將如何影響未來的利潤率？

Yes. Well, we're not going to break out margins by customer or program. It's not something we've done, and we don't plan to start doing that now. I'm sure our customers wouldn't be too happy with this if we start to break that out. It's -- I would say, it's obviously a piece of business we're very happy about. We're very, very proud to be expanding our partnership and our relationship with Cisco. But we're not really prepared to talk about the margins on that program.

是的。好吧，我們不會按客戶或程序劃分利潤率。這不是我們做過的事情，我們也不打算現在就開始這樣做。我敢肯定，如果我們開始打破這一點，我們的客戶不會對此感到太滿意。這是 - 我會說，這顯然是我們非常高興的一項業務。我們非常非常自豪能夠擴大我們與思科的合作夥伴關係和關係。但我們並沒有真正準備好談論該計劃的利潤。

I mean so not necessarily on the Cisco one specifically, but I mean as you move forward and look for more opportunities of that kind, could you give some color on how that overall should impact margins?

我的意思是，不一定特別針對思科，但我的意思是，隨著您繼續前進並尋找更多此類機會，您能否說明整體應該如何影響利潤率？

Yes. I think as we look at expanding into the system business, and we have a couple of, I would say, significant wins under our belt, we're -- I suppose we're in the fortunate position of being able to be somewhat selective about which particular piece of the business we go after in that space. So we're not chasing everybody. We're not chasing every customer. We're not chasing every product or every opportunity with every customer. We are being selective. And really for us, where it makes a lot of sense is we're already making some of the optical component that are already in the BOM for those systems. That allows us to be, first of all, very competitive for our customers, and also we can build the products in a way that that simplifies the supply chain for our customers.

是的。我認為，當我們考慮擴展到系統業務時，我想說，我們已經取得了一些重大勝利，我們——我想我們處於幸運的位置，能夠有所選擇關於我們在該領域追求的特定業務。所以我們不是在追逐每個人。我們並沒有追逐每一位客戶。我們不會追逐每一位客戶的每一種產品或每一個機會。我們是有選擇性的。對我們來說，真正有意義的是我們已經在為這些系統製造一些已經在 BOM 中的光學組件。首先，這使我們對我們的客戶非常有競爭力，而且我們可以以簡化客戶供應鏈的方式構建產品。

They can just deal with one -- one-stop shop, one supplier rather than having to deal with several suppliers. It also -- it helps us to help the customer to eliminate the margin stack that they have to deal with if they're -- if they have a stacked supply chain. So we're really flapping the supply chain in a way that allows us to make a respectable margin that we're happy with. And allows the customer to save a lot of money because they eliminate a lot of the margin stack that they have to deal with if they use multiple suppliers. So that's really the -- if you like, a secret sauce is that we eliminate the margin stack for the customers but we do it in a way that we're able to produce the products at a price and at a margin that's acceptable to us.

他們可以只與一個——一站式商店、一個供應商打交道，而不必與多個供應商打交道。它還 - 它幫助我們幫助客戶消除他們必須處理的保證金堆棧 - 如果他們有一個堆疊的供應鏈。因此，我們確實以一種讓我們能夠獲得令人滿意的可觀利潤的方式來調整供應鏈。並允許客戶節省大量資金，因為他們消除了使用多個供應商時必須處理的大量保證金堆棧。所以這真的是 - 如果你願意的話，一個秘訣是我們消除了客戶的保證金堆棧，但我們這樣做的方式是我們能夠以我們可以接受的價格和利潤率生產產品.

Our next question comes from Alex Henderson of Needham.

我們的下一個問題來自 Needham 的 Alex Henderson。

I wasn't going to let you get off with only a couple of questions tonight. Wanted to just talk a little bit about the Infinera business coming in. Obviously, that's a fairly new program. Have you -- you say it's fully in the numbers now. Has there been any production issues or any other issues with that in the move during the fourth quarter calendar that we should be aware of? Did it perturb the numbers as a result of start-up or ramp-up costs that will fall out? Or any additional commentary around that would be helpful.

今晚我不會讓你只問幾個問題。只想談談即將到來的 Infinera 業務。顯然，這是一個相當新的程序。你有沒有 - 你說它現在完全在數字中。我們應該注意的第四季度日曆中是否存在任何生產問題或任何其他問題？它是否因啟動或增加成本而下降而擾亂了數字？或者任何關於它的額外評論都會有所幫助。

I would say we're fully ramped in the sense that all of the products are transferred. As you can appreciate, Alex, it's not a simple thing to transfer an entire factory from Berlin to Bangkok, but we're fully ramped in the sense that all the products are transferred. We're fully up to speed. The yields are at an acceptable level. We have capacity installed. As regards the demand, let's say, the intra-quarter kind of demand variability that might exist there, I know Infinera announce -- within the next few days, I think, next week, so we'd really let them talk about what the demand profile looks like. It's not really our place to talk about that. But all I would say is we're very happy with how the program has gone. We're very happy with the relationship with Infinera. We're very excited to be making sure we're building the new programs and the right programs for Infinera. And the transfer has just gone very, very well. And that's really all I can...

我會說我們在所有產品都已轉移的意義上已經完全升級。亞歷克斯，正如你所理解的那樣，將整個工廠從柏林轉移到曼谷並不是一件簡單的事情，但從所有產品轉移的意義上來說，我們已經完全升級了。我們完全跟上了速度。產量處於可接受的水平。我們已經安裝了容量。關於需求，比方說，那裡可能存在的季度內需求變化，我知道 Infinera 宣布 - 在接下來的幾天內，我想，下週，所以我們真的讓他們談論什麼需求概況看起來像。這真的不是我們談論這個的地方。但我要說的是，我們對該計劃的進展情況感到非常滿意。我們對與 Infinera 的關係感到非常滿意。我們很高興能夠確保我們正在為 Infinera 構建新程序和正確的程序。轉會進行得非常非常順利。這真的是我所能做的......

So there was no production issues in the fourth quarter calendar that impacted the gross margins, bringing it down a little bit or anything of that sort that we should be aware of?

因此，第四季度日曆中沒有影響毛利率的生產問題，導致毛利率下降一點點或任何我們應該注意的事情？

No. I mean the gross margin, the 11.9%, was really a mix -- an overall mix. And again, the difference between 12% and 11.9%, it's not very significant, but it was really just an overall product mix. Certainly, nothing related to delays or anything like that with Infinera, no.

不。我的意思是毛利率，11.9%，真的是一個組合——一個整體組合。再一次，12% 和 11.9% 之間的差異不是很大，但它實際上只是一個整體產品組合。當然，與 Infinera 的延遲或類似問題無關，沒有。

Great. And going back to the Cisco announcement, when do you think that that might start to matriculate into the numbers?

偉大的。回到思科的公告，您認為這什麼時候可能開始納入數字？

I think it's early to say. I mean it's -- I think we've shown, I suppose, from our past track record, we're able to go very fast and transfer these programs very quickly. But at the end -- in the end of the day, the pace is essentially set by the customer in these cases. We have to go at a pace that the customer is comfortable with. So it's a very recent win. It's actually -- we won the business since we closed the quarter. So we're just really in the throes right now of putting the time lines together and agreeing with the customer on the transfer plan. So it's really too early to say, Alex, when the revenue might hit. But I think...

我認為現在說還為時過早。我的意思是 - 我認為我們已經表明，我想，從我們過去的記錄來看，我們能夠非常快地進行並非常迅速地轉移這些程序。但歸根結底，在這些情況下，步伐基本上是由客戶設定的。我們必須以客戶滿意的速度前進。所以這是最近的勝利。實際上 - 自我們關閉該季度以來，我們贏得了業務。因此，我們現在正處於將時間表放在一起並與客戶就轉移計劃達成一致的陣痛中。因此，亞歷克斯，現在說收入何時會達到還為時過早。但我覺得...

So is that going into the new facility as opposed to in the Pinehurst?

那麼這是進入新設施而不是 Pinehurst 嗎？

Yes. Yes.

是的。是的。

Right. And any commentary about utilization rates and how you're doing on all those programs?

正確的。關於利用率的任何評論以及您在所有這些計劃中的表現如何？

In -- yes, I mean I think we did break out a couple of quarters ago. We used to break out the degree to which Chonburi was occupied and spoken for. We stopped doing that because it's not a meaningful -- it's not really a meaningful indicator of anything actually. Because we've been so successful at expanding the space in Pinehurst, so we don't really talk about that metric anymore, again, because it's not really meaningful. We do continue -- obviously, this new business win will be all destined for the Chonburi operation, and we continue to find more space and expand the manufacturing footprint in Pinehurst. So we indeed have no concerns about our ability to expand and grow the business.

在 - 是的，我的意思是我認為我們確實在幾個季度前爆發了。我們曾經打破春武里被佔用和說話的程度。我們停止這樣做是因為它沒有意義——它實際上並不是任何有意義的指標。因為我們在擴大 Pinehurst 的空間方面非常成功，所以我們不再真正談論該指標，因為它沒有真正意義。我們確實會繼續 - 顯然，這項新的業務勝利將全部用於春武里府的運營，我們將繼續尋找更多空間並擴大 Pinehurst 的製造足跡。因此，我們確實不擔心我們擴展和發展業務的能力。

And then of course, we're always ready to pull the trigger on the next building in Chonburi, and we have room for another probably 5 buildings of the same -- and again, each building, it's about 0.5 million square feet and would have revenue capacity of about $500 million. So we have ample room to expand in Chonburi.

然後當然，我們隨時準備在春武里扣動下一座建築，我們還有空間建造另外 5 座相同的建築——同樣，每座建築的面積約為 50 萬平方英尺，並且有收入能力約為5億美元。因此，我們在春武里府有足夠的擴展空間。

On the Casix delays in terms of re-ramping, I mean I'm pretty sure Casix is one of your highest-margin business. To the extent that that gets delayed, that probably has a bigger impact, not just on the revenues, but also on the margin mix, I would think. Is it reasonable to think that that's pressuring the gross margins a little bit in the -- over the very short term? And then you'll get that back?

關於 Casix 在重新升級方面的延遲，我的意思是我很確定 Casix 是您利潤率最高的業務之一。我認為，就延遲而言，這可能會產生更大的影響，不僅對收入，而且對利潤率組合。認為這在短期內對毛利率造成一點壓力是否合理？然後你會把它拿回來？

Yes. A little bit. That's a fair way to think about it, Alex. Obviously, component -- optical components, given the nature of these products, they're more like jewels than electronic products. Certainly, the margin profile is quite different. It's a higher-margin product than, let's say, a typical EMS-type product. So yes, the margin impact is higher on every dollar of revenue we don't get out of Casix. But we haven't seen -- again, you're right as well. It's more of a delay than a cancellation, if you like. If you lose capacity, a week or 10 days of capacity, it's hard to get that back. So it would then push to the next quarter.

是的。一點點。這是一個公平的思考方式，亞歷克斯。顯然，組件——光學組件，鑑於這些產品的性質，它們更像是珠寶而不是電子產品。當然，保證金概況是完全不同的。比方說，這是一種比典型的 EMS 類產品利潤更高的產品。所以是的，我們沒有從 Casix 獲得的每一美元收入的利潤率影響都更高。但我們還沒有看到——再一次，你也是對的。如果您願意，這與其說是取消，不如說是延遲。如果您失去容量，一周或 10 天的容量，就很難恢復。因此它將推遲到下一個季度。

So one more question, if I could. The Fabrinet West success ramping other products up to $33 million, up 20%, it's pretty strong results. Is that production that's anticipating a move of the line, and therefore, we ought to expect a falloff in the other? Or with the line already be moved, and we should see that continuing to ramp as we start to get it into full production in Thailand, and therefore, the other line will accelerate? What's the shape of that curve?

如果可以的話，還有一個問題。Fabrinet West 的成功將其他產品推高至 3300 萬美元，增長 20%，這是相當強勁的結果。那個產品是否正在預測生產線的移動，因此，我們應該期待另一個產品的下降？或者生產線已經移動，我們應該看到隨著我們開始在泰國全面投入生產，它會繼續增加，因此，另一條生產線會加速嗎？那條曲線是什麼形狀的？

So the $30 million or $33 million of other, that would be a combination -- that's not just Fabrinet West. It would be combination of Fabrinet West, but also programs that were maybe previously ramped in Fabrinet West that are now ramping in Thailand. As we ramp business in Fabrinet West and then transfer it to Bangkok, yes, we will transfer our production, and we should start to see a nice uptick in the other. And as that other category grows, it may get re-categorized when it becomes more meaningful into one of the other areas. But as that business grows in Bangkok, we work hard to backfill, if you like, with new business and new customers into Fabrinet West. So we'll...

所以其他的 3000 萬美元或 3300 萬美元，這將是一個組合——不僅僅是 Fabrinet West。這將是 Fabrinet West 的組合，但也可能是以前在 Fabrinet West 推廣的項目現在正在泰國推廣。當我們在 Fabrinet West 擴大業務然後將其轉移到曼谷時，是的，我們將轉移我們的生產，我們應該開始看到另一個方面的良好增長。隨著其他類別的增長，當它變得對其他領域之一更有意義時，它可能會被重新分類。但隨著曼谷業務的增長，如果您願意，我們會努力將新業務和新客戶回填到 Fabrinet West。所以我們會...

Right. So the production already moved to Thailand, and it is already ramping, it's just been moved from Fabrinet West?

正確的。所以生產已經轉移到泰國，並且已經在增加，它剛剛從 Fabrinet West 轉移？

Correct. Correct.

正確的。正確的。

Okay. I thought you were saying it was going to be moved in the third quarter.

好的。我以為你是說它會在第三季度移動。

Well, there's a combination -- there's a constant flow, I would say, through Fabrinet West. So at any point in time, you'll have a mix of business that's being ramped in Fabrinet West and being transferred and has already transferred. So that's -- and that for us is a measure of success is -- success for us in Fabrinet West is if we transfer everything and end up having to backfill Fabrinet West with new business. It's a bit counterintuitive for our business, but we really view Fabrinet West as -- it's an in-fee to Bangkok and success means that the revenue is a bit volatile in Fabrinet West because it means we're being successful at convincing customers to transfer an entire program to Bangkok.

好吧，有一個組合——我想說，通過 Fabrinet West 的流量是恆定的。因此，在任何時間點，您都會有多種業務在 Fabrinet West 不斷增加並正在轉移，並且已經轉移。所以這就是——對我們來說，這是衡量成功的標準——我們在 Fabrinet West 的成功是，如果我們轉移一切，最終不得不用新業務回填 Fabrinet West。這對我們的業務來說有點違反直覺，但我們確實將 Fabrinet West 視為 - 這是對曼谷的收費，成功意味著 Fabrinet West 的收入有點波動，因為這意味著我們成功說服客戶轉移一個完整的曼谷計劃。

Our next question comes from Fahad Najam of Cohen.

我們的下一個問題來自 Cohen 的 Fahad Najam。

First, I wanted to thank TS for all your support over the years. It was a pleasure working with you. Enjoy your retirement.

首先，我要感謝 TS 多年來的所有支持。很開心跟你工作。享受你的退休生活。

Thank you, Fahad.

謝謝你，法赫德。

My question goes to -- on diversification. If I get, this Cisco announcement is going to be another 10% customer along with Lumentum, can you speak to the revenue diversification? It seems like your top 3, 4 customers may account for greater than 50% of your total revenue, if my math is right. So just help me understand if I'm thinking about it the right way.

我的問題是——關於多元化。如果我知道，這個思科公告將與 Lumentum 一起成為另一個 10% 的客戶，你能談談收入多元化嗎？如果我的計算正確的話，您的前 3、4 位客戶似乎佔總收入的 50% 以上。所以只要幫助我理解我是否以正確的方式思考它。

Yes. So we -- historically, we've had one -- the last few years, we've had one 10% customer. And again, of course, we report the customers on a full year basis when we look back. If we're successful with our current plans, we go from having one 10% customer to 3 10% customers. So there's always a trade-off, Fahad, of course, between being overconcentrated, but at the same time, you do need sufficient scale with any one customer to serve the customer correctly and properly. So we're very happy with, I suppose, the trajectory we're on, the way we've been able to penetrate some new markets for us, new opportunities for us and really show the customer value, the value that we can bring in simplifying their supply chain. So it's a -- we see it as a real win-win. And we'll have 3 -- certainly 3 10% customers as we -- hopefully, as we look back in FY '21.

是的。所以我們——從歷史上看，我們有一個——過去幾年，我們有一個 10% 的客戶。當然，當我們回顧時，我們會以全年為基礎報告客戶。如果我們當前的計劃取得成功，我們將從擁有一個 10% 的客戶到 3 個 10% 的客戶。因此，Fahad，當然，在過度集中之間總是存在權衡，但與此同時，您確實需要與任何一個客戶有足夠的規模才能正確和適當地為客戶服務。所以我們很高興，我想，我們所處的軌跡，我們能夠為我們打入一些新市場的方式，為我們帶來新機會並真正展示客戶價值，我們可以帶來的價值簡化他們的供應鏈。所以這是一個 - 我們認為這是一個真正的雙贏。當我們回顧 21 財年時，我們將有 3 個——當然是 3 個 10% 的客戶——希望如此。

And these are all quality customers. I'm not worried about their credit before the whatever...

這些都是優質客戶。我不擔心他們之前的信譽...

Yes. They're high-quality customers. So we feel...

是的。他們是高質量的客戶。所以我們覺得...

And can you remind us the number of silicon photonics customers you guys have? And if that number is growing? Just trying to get a sense of the diversification beyond the top 3 customers.

你能提醒我們你們擁有的矽光子客戶數量嗎？如果這個數字在增長？只是想了解前 3 大客戶之外的多元化。

Yes, we have 5 or 6 silicon photonics customers. I mean some of them will be big household names, but there's also some smaller start-up type silicon photonics customers in there as well. So 5 or 6 in total.

是的，我們有 5 或 6 個矽光子學客戶。我的意思是，其中一些將是家喻戶曉的大牌，但也有一些較小的初創型矽光子客戶。所以總共有 5 或 6 個。

And congratulations, again, TS.

再次祝賀你，TS。

Thank you.

謝謝。

At this time, I'd like to turn the call back over to CEO, Seamus Grady, for closing remarks. Sir?

此時，我想將電話轉回給首席執行官 Seamus Grady 以作結束語。先生？

Thank you. So thank you for joining our call today, everyone. We're pleased to again exceed our guidance for revenue and EPS in the second quarter, and we're well positioned to deliver another strong performance in Q3. We're looking forward to seeing those of you who will be attending our Q&A session at OFC and at other events. Until then, goodbye. Thank you.

謝謝。所以感謝大家今天加入我們的電話會議。我們很高興在第二季度再次超出我們對收入和每股收益的指導，並且我們有能力在第三季度再次取得強勁表現。我們期待著在 OFC 和其他活動中參加我們的問答環節。在那之前，再見。謝謝。

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。