Lumentum Holdings Inc. (LITE) 2021 Q4 法說會逐字稿

Good day, everyone, and welcome to the Lumentum Holdings Fourth Quarter and Fiscal Year 2021 Earnings Call. (Operator Instructions) Please also note today's event is being recorded for replay purposes through August 25, 2021. (Operator Instructions)

各位大家好，歡迎參加 Lumentum Holdings 2021 會計年度第四季暨全年財報電話會議。（接線員指示）另請注意，今日活動將錄音，供重播使用至 2021 年 8 月 25 日。（接線員指示）

At this time, I'd like to turn the conference call over to Jim Fanucchi of Darrow Associates. Sir, please go ahead.

此刻，我想將電話會議交給 Darrow Associates 的 Jim Fanucchi。先生，請開始。

Thank you, operator. Welcome to Lumentum's Fourth Quarter and Fiscal Year 2021 Earnings Call. This is Jim Fanucchi from Darrow Associates assisting Lumentum with its Investor Relations.

謝謝，接線員。歡迎參加 Lumentum 2021 會計年度第四季暨全年財報電話會議。我是 Darrow Associates 的 Jim Fanucchi，協助 Lumentum 的投資人關係事務。

Joining the call today from the company's management team, we have Alan Lowe, President and Chief Executive Officer; Wajid Ali, Chief Financial Officer; and Chris Coldren, Senior Vice President of Strategy and Corporate Development.

今天與會的公司管理團隊成員包括：總裁暨執行長 Alan Lowe；財務長 Wajid Ali；以及策略與企業發展資深副總裁 Chris Coldren。

Today's call will include forward-looking statements, including statements regarding the impact of COVID-19 and the response of actions on our business and continuing uncertainty in this regard; trends and expectations for our products and technology, our markets, market opportunity and customers; and our expected financial performance, including our guidance as well as statements regarding our future revenue, our financial model and our margin targets. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors described in our SEC filings, including the company's quarterly report on Form 10-Q for the fiscal quarter ended April 3, 2021, and in the company's annual report on Form 10-K for the fiscal year ended July 3, 2021, which the company expects to file within 60 days of its fiscal year-end.

今天的電話會議將包含前瞻性陳述，包括有關 COVID-19 的影響及相關應對行動對本公司業務的影響，以及在此方面持續存在的不確定性；我們的產品與技術、我們的市場、市場機會與客戶的趨勢與預期；以及我們預期的財務表現（包括我們的財測），並包含有關未來營收、財務模型與毛利率目標的陳述。這些陳述受風險與不確定性影響，可能導致實際結果與我們目前預期有重大差異，尤其是我們向 SEC 提交之文件中所述的風險因素，包括截至 2021 年 4 月 3 日止會計季度的 Form 10-Q 季報，以及截至 2021 年 7 月 3 日止會計年度的 Form 10-K 年報；公司預期將於會計年度結束後 60 天內提交該年報。

The forward-looking statements provided during this call are based on Lumentum's reasonable beliefs and expectations as of today. Lumentum undertakes no obligation to update these statements, except as required by applicable law.

本次電話會議中所提供的前瞻性陳述係基於 Lumentum 截至今日之合理信念與預期。除非適用法律要求，Lumentum 不承擔更新這些陳述之義務。

Please also note, unless otherwise stated, all results and projections discussed in this call are non-GAAP. Non-GAAP financials are not to be considered as a substitute for or superior to financials prepared in accordance with GAAP.

另請注意，除非另有說明，本次電話會議中討論的所有結果與預測均為非 GAAP。非 GAAP 財務數據不應被視為依 GAAP 編製之財務數據的替代或更優者。

Lumentum's press release with the fourth quarter and the fiscal year 2021 results and accompanying supplemental slides are available on its website at www.lumentum.com under the Investors section. This includes additional details about our non-GAAP financial measures and a reconciliation between our historical GAAP and non-GAAP results.

Lumentum 已在其網站 www.lumentum.com 的 Investors（投資人）專區提供包含 2021 會計年度第四季與全年業績之新聞稿及隨附補充投影片。其中包含我們非 GAAP 財務衡量指標的更多細節，以及歷史 GAAP 與非 GAAP 結果之間的調節表。

Now I will turn the call over to Alan for his comments.

現在我將電話交給 Alan 發表評論。

Thank you, Jim. Good morning, everyone. The fourth quarter capped off a fiscal '21 that, by all financial measures, was our best year ever with record revenue, margins and earnings per share. This was despite the tough macro environment and impact of COVID-19, which caused our Lasers segment to be down more than 25% in fiscal '21. Growing demand from new customer opportunities drove Optical Communications segment revenue up 7% and total revenue to a new record level in fiscal '21.

謝謝你，Jim。各位早安。第四季為 2021 會計年度畫下句點；就所有財務衡量指標而言，這是我們有史以來表現最好的一年，營收、利潤率與每股盈餘皆創新高。即便面臨艱困的總體環境與 COVID-19 的影響，導致我們的雷射（Lasers）事業部在 2021 會計年度下滑超過 25%。來自新客戶機會的需求成長，帶動光通訊（Optical Communications）事業部營收在 2021 會計年度成長 7%，並使總營收創下新高。

We are focused on end markets that are driven by durable multiyear trends. We have been successful in developing differentiated new products and designing them into market-leading customers for their next-generation solutions, many of which are just starting to ramp. Our demand mix is increasingly shifting towards these products, which we believe could be signaling the start of a new accelerated growth phase in our markets.

我們聚焦於由具韌性的多年期趨勢所驅動的終端市場。我們成功開發具差異化的新產品，並將其導入市場領先客戶的下一代解決方案中，其中許多才剛開始放量。我們的需求組合正日益轉向這些產品，我們相信這可能預示著我們市場新一輪加速成長階段的開始。

Supporting this belief were robust demand trends in the fourth quarter. We had very strong bookings resulting in a book-to-bill of 1.2. Telecom transport component revenue in the fourth quarter was higher than it has been in several years. I'll provide more details on this later, but increased shipments of telecom transport components is typically a leading indicator of higher future telecom demand.

第四季強勁的需求趨勢支持了這項看法。我們接單非常強勁，使得接單出貨比（book-to-bill）達到 1.2。第四季電信傳輸元件營收高於我們過去數年所見水準。我稍後會提供更多細節，但電信傳輸元件出貨增加通常是未來電信需求走高的領先指標。

Year-on-year, revenue from EML chips for data centers was up more than 50%. During the fourth quarter, we had record Datacom chip backlog as cloud data centers are transitioning to higher speeds where we have differentiated market-leading products.

以年對年來看，資料中心用 EML 晶片營收成長超過 50%。在第四季，隨著雲端資料中心正轉向更高速率、而我們具備差異化的市場領先產品，我們的 Datacom 晶片訂單積壓（backlog）創下新高。

In 3D sensing, fourth quarter revenue was up 39% year-on-year. This was the highest fourth quarter 3D sensing revenue we have ever had, and demand has been strengthening in the first quarter as well. The recovery in our commercial lasers business continued and resulted in a 17% sequential increase in revenue and a Lasers book-to-bill of 1.2.

在 3D 感測方面，第四季營收年增 39%。這是我們歷來最高的第四季 3D 感測營收，且第一季需求也持續增強。我們商用雷射業務的復甦延續，帶動營收季增 17%，且雷射事業部接單出貨比為 1.2。

We expect a favorable demand environment throughout fiscal '22. Customers have communicated that they are seeing accelerated end market demand for their next-generation solutions. And this should not be a surprise as our markets are driven by powerful long-term trends.

我們預期 2022 會計年度將維持有利的需求環境。客戶已表示，他們正看到其下一代解決方案的終端市場需求加速。鑑於我們的市場由強勁的長期趨勢所驅動，這並不令人意外。

The accelerating transition to digital and virtual approaches in all aspects of work and life is driving staggering amounts of data in the world's networks and cloud data centers. The proliferation of 5G wireless will remove bandwidth bottlenecks at the edge of the networks and will create the need for even more capacity in metro and core networks as well as in cloud data centers.

在工作與生活各層面加速轉向數位化與虛擬化方式，正推動全球網路與雲端資料中心產生驚人的資料量。5G 無線的普及將消除網路邊緣的頻寬瓶頸，並將在都會與核心網路以及雲端資料中心創造對更大容量的需求。

The computer and machine vision revolutions are in their early days, and we expect 3D sensing and LiDAR capabilities will expand to many more applications in multiple markets. Laser-based material processing is critical to the manufacturing of these devices, enabling the digital transformation and the transition to 5G wireless, electric vehicles and energy storage.

電腦視覺與機器視覺革命仍處於早期階段，我們預期 3D 感測與 LiDAR 能力將擴展至多個市場中的更多應用。以雷射為基礎的材料加工對這些裝置的製造至關重要，並使數位轉型以及向 5G 無線、電動車與儲能的轉變得以實現。

Now turning to additional product line details. For fiscal year '21, Telecom and Datacom revenue was up 4%. Excluding the low-margin product lines we exited over the past 2 years, revenue from Telecom and Datacom each were up by 10% or more in fiscal '21.

接著補充更多產品線細節。2021 會計年度，電信與資料通訊（Telecom and Datacom）營收成長 4%。若排除我們在過去兩年退出的低毛利產品線，2021 會計年度電信與資料通訊的營收各自成長皆達 10% 或以上。

While customer demand is very strong, fourth quarter Telecom and Datacom revenue was approximately flat quarter-on-quarter and year-on-year. Revenue growth is being muted temporarily by supply constraints, which have increased recently as we have consumed much of our buffer stocks.

儘管客戶需求非常強勁，第四季電信與資料通訊營收在季對季與年對年大致持平。營收成長暫時受到供應限制所抑制；由於我們已消耗掉大部分的緩衝庫存，這些限制近期有所加劇。

In Telecom, revenue growth in higher-level module products, including ROADMs, is being constrained by the supply of critical semiconductor components. We are intensely focused on minimizing the impact of these shortages on our customer deliveries. At this time, however, semiconductor supply shortages are negatively impacting our first quarter revenue outlook by more than $30 million. But again, our team is working diligently to improve upon the situation.

在電信方面，較高階模組產品（包括 ROADM）的營收成長受到關鍵半導體元件供應的限制。我們正全力以赴將這些短缺對客戶交付的影響降到最低。然而，就目前而言，半導體供應短缺正使我們第一季營收展望受到超過 3,000 萬美元的負面影響。但再次強調，我們的團隊正努力改善此一情況。

As I mentioned earlier, in our telecom transport component product lines, which are not impacted by semiconductor shortages, we had fourth quarter revenues higher than we have seen in several years. For example, fourth quarter terrestrial pump laser revenue was at the highest quarterly level in the last 3 years and the second-highest in more than a decade. Fourth quarter submarine components revenue, which is primarily from high-reliability pump lasers used in undersea cable applications, was also at the highest quarterly level in several years.

如我先前提到，在我們不受半導體短缺影響的電信傳輸元件產品線中，第四季營收高於我們過去數年所見水準。例如，第四季陸地泵浦雷射（terrestrial pump laser）營收達到過去三年最高的單季水準，亦是十多年來第二高。第四季海底元件（submarine components）營收（主要來自用於海底電纜應用之高可靠度泵浦雷射）也達到數年來最高的單季水準。

These data points are particularly important as pump lasers are critical to lighting up new optical amplifiers, which historically has happened early in both greenfield deployments and network expansions. Because of this, elevated pump laser shipments have typically been a leading indicator of future deployments of other telecom products. We expect this strong telecom demand to continue to increase in fiscal '22.

這些數據點格外重要，因為泵浦雷射對於點亮新的光放大器至關重要，而歷史上這通常發生在新建（greenfield）部署與網路擴建的早期階段。因此，泵浦雷射出貨量走高通常是未來其他電信產品部署的領先指標。我們預期這股強勁的電信需求將在 2022 會計年度持續增加。

Demand for Datacom chips for cloud data centers is also very strong. Our highly differentiated products are enabling cloud data centers to transition to 200 and 400 gig speeds. As I mentioned earlier, during the fourth quarter, we had record high Datacom chip backlog and record high EML revenue, which was up more than 50% year-on-year. This backlog will be delivered over multiple quarters because we are production capacity constrained on Datacom chips.

雲端資料中心的 Datacom 晶片需求也非常強勁。我們高度差異化的產品正協助雲端資料中心轉向 200G 與 400G 速度。如我先前所述，第四季我們的 Datacom 晶片訂單積壓與 EML 營收皆創新高，其中 EML 營收年增超過 50%。由於我們在 Datacom 晶片的產能受限，這些積壓訂單將在多個季度內交付。

Our previously highlighted Datacom production capacity expansion is tracking well and will result in significant increased output starting in the second half of fiscal '22. Due to expected long-term demand growth, we are making additional production capacity increases beyond those we previously discussed.

我們先前強調的 Datacom 產能擴充進展順利，並將自 2022 會計年度下半年起帶來顯著的產出提升。鑑於預期的長期需求成長，我們也正在進行額外的產能提升，超出先前所討論的規模。

Looking to the first quarter, Telecom and Datacom demand is continuing to grow. However, we expect revenue to be down quarter-on-quarter as the semiconductor shortages I spoke about earlier have, in the near term, become increasingly impactful to our ability to meet our growing customer demand.

展望第一季，電信與資料通訊需求持續成長。然而，我們預期營收將季對季下滑，因為我先前提到的半導體短缺在短期內對我們滿足日益成長的客戶需求之能力造成更大的影響。

Fourth quarter industrial and consumer revenue was down 25% sequentially but up 34% year-on-year to the highest fourth quarter level we have ever delivered. We continued to increase our design-ins and traction in the automotive space in the fourth quarter, especially with our high-power, 5-junction VCSEL technology for LiDAR applications but also with VCSELs for in-cabin driver monitoring systems. In the first quarter, we expect industrial and consumer revenue to be up sequentially as production continues to ramp from major customer new products.

第四季工業與消費性營收季減 25%，但年增 34%，達到我們歷來交付的最高第四季水準。我們在第四季持續增加在車用領域的設計導入（design-ins）與進展，尤其是針對 LiDAR 應用的高功率五接面（5-junction）VCSEL 技術，同時也包括用於車內駕駛監控系統的 VCSEL。第一季，我們預期隨著主要客戶新產品持續放量，工業與消費性營收將呈現季對季成長。

Turning to commercial lasers. In the fourth quarter, we had significant revenue increases in most major product lines. The most notable increase was in our kilowatt fiber laser. The growth in our laser service business was also meaningful as utilization of our lasers in the field continues to increase. Our Lasers segment is now recovering ahead of our original expectations and will be a contributor to growth in fiscal '22. We expect first quarter Lasers revenue to be up again quarter-on-quarter.

接著談商用雷射。在第四季，我們在大多數主要產品線的營收都有顯著成長。其中最顯著的成長來自我們的千瓦級光纖雷射。隨著我們的雷射在現場的使用率持續提升，我們的雷射服務業務成長也相當可觀。我們的雷射事業部門目前的復甦速度超出原先預期，並將成為2022會計年度成長的貢獻者。我們預期第一季雷射營收將再度呈現季對季成長。

Throughout my remarks, I've highlighted that our markets are driven by strong long-term trends and that we are well positioned with differentiated new products and key design wins with market-leading customers. We believe the continuing shift in our demand mix towards differentiated products that enable next-generation customer solutions is a leading indicator for growth over the coming years.

在我的發言中，我已強調我們的市場受強勁的長期趨勢所驅動，而我們憑藉具差異化的新產品，以及與市場領先客戶的關鍵設計導入（design wins），已處於有利位置。我們相信，需求組合持續轉向可支援下一代客戶解決方案的差異化產品，是未來數年成長的領先指標。

Before handing it over to Wajid to review the numbers, I want to once again thank and acknowledge all of our employees around the world for their hard work and contributions during these challenging times. Our employees are absolutely the company's greatest asset. They are the ones responsible for our outstanding and record fiscal '21 results and for putting us in such a great position for growth in the coming years. I would also like to thank our customers, suppliers and shareholders for their continued support and partnership. The future is truly bright at Lumentum.

在交給Wajid檢視數字之前，我想再次感謝並肯定我們全球所有員工在這段充滿挑戰的時期所付出的努力與貢獻。我們的員工絕對是公司最重要的資產。正是他們成就了我們卓越且創紀錄的2021會計年度成果，並讓我們在未來幾年的成長上處於如此有利的位置。我也要感謝我們的客戶、供應商與股東持續的支持與合作。Lumentum的未來確實一片光明。

With that, I'll hand it over to Wajid.

接下來我把時間交給Wajid。

Thank you, Alan. Good morning, everyone. As Alan highlighted, fiscal '21 sets a new bar for us financially with record revenue, margins and earnings per share. On margins, we achieved our previously announced target model a year earlier than originally projected. Based on our confidence in our long-term financial performance, we started aggressively executing on the $700 million share buyback program we announced last quarter, purchasing 3.1 million shares or 4% of our outstanding shares or $241 million.

謝謝你，Alan。各位早安。如Alan所強調，2021會計年度在財務上為我們樹立了新標竿，營收、毛利率與每股盈餘皆創下紀錄。在毛利率方面，我們比原先預期提前一年達成先前公布的目標模型。基於我們對長期財務表現的信心，我們開始積極執行上季宣布的7億美元庫藏股回購計畫，已回購310萬股，相當於已發行股數的4%，或2.41億美元。

Before jumping into the results, I'd like to highlight some changes we decided to make on how we calculate our non-GAAP tax provision. In order to give a more meaningful perspective of our tax burden over a longer-term period, reduced quarter-to-quarter variability in our non-GAAP tax rate, and in light of our growing profitability and utilization of our historical tax attributes, beginning in our fiscal fourth quarter, we are changing our method of calculating our non-GAAP income tax provision.

在進入業績之前，我想先說明我們決定對非GAAP稅費提列（tax provision）的計算方式做出一些調整。為了更有意義地呈現我們在較長期間的稅負、降低非GAAP有效稅率的季度間波動，並考量到我們獲利能力提升以及對歷史稅務屬性（tax attributes）的運用增加，自本會計年度第四季起，我們將變更非GAAP所得稅費用的計算方法。

For this quarter only, to help with comparisons, we are providing our non-GAAP tax provision using both the prior method and our new method. On our Investor Relations website, we have provided additional data to help with historical comparisons.

僅就本季而言，為了便於比較，我們同時提供依舊方法與新方法計算的非GAAP稅費提列。我們已在投資人關係網站提供額外資料，以協助進行歷史比較。

To be clear, this change in methodology does not affect our non-GAAP operating profit, annual cash tax payments or cash flows, but it should result in more consistent but higher reported non-GAAP tax provisions going forward, and it will have no effect on any of our GAAP results. Based on our analysis, we expect our non-GAAP long-term tax rate under the new method of calculation to be in the range of 13% to 16%.

需要說明的是，這項方法變更不會影響我們的非GAAP營業利益、年度現金繳稅金額或現金流，但未來將使所報導的非GAAP稅費提列更一致、但數值較高，且不會對任何GAAP結果造成影響。根據我們的分析，採用新計算方法後，我們非GAAP長期有效稅率預期將落在13%至16%的區間。

Now turning to the fourth quarter's numbers. Net revenue for the fourth quarter was $392.1 million, which was in the upper half of our guidance range, down 7% sequentially and up 7% year-on-year. GAAP gross margin for the fourth quarter was 41.5%, GAAP operating margin was 11.7% and GAAP diluted net income per share was $0.28.

接著看第四季的數字。第四季淨營收為3.921億美元，落在我們財測區間的上半部，季減7%、年增7%。第四季GAAP毛利率為41.5%，GAAP營業利益率為11.7%，GAAP稀釋後每股淨利為0.28美元。

Fourth quarter non-GAAP gross margin was 47.7%, which was down 220 basis points sequentially as expected but up 50 basis points year-on-year with a better mix of products and lower relative manufacturing costs. The sequential decline relates to the seasonal change in product mix and volumes while the year-on-year growth was driven primarily by improved gross margins in the Optical Communications segment.

第四季非GAAP毛利率為47.7%，如預期季減220個基點，但在產品組合較佳及相對製造成本較低的帶動下，年增50個基點。季減主要與產品組合與出貨量的季節性變化有關；年增則主要由光通訊事業部門毛利率改善所驅動。

Fourth quarter non-GAAP operating margin was 24.6%, which decreased 330 basis points sequentially and 20 basis points year-on-year. The sequential decline was driven by the expected gross margin decline and increase in operating expenses quarter-on-quarter. The year-on-year decline was driven by increased operating expenses. Fourth quarter non-GAAP operating expenses totaled $90.6 million or 23.1% of revenue. SG&A expense was $41.5 million. R&D expense was $49.1 million.

第四季非GAAP營業利益率為24.6%，季減330個基點、年減20個基點。季減係由預期中的毛利率下滑以及營業費用季對季增加所致；年減則由營業費用增加所驅動。第四季非GAAP營業費用合計為9,060萬美元，占營收23.1%。其中，SG&A費用為4,150萬美元；研發（R&D）費用為4,910萬美元。

Fourth quarter non-GAAP operating income was $96.6 million, and adjusted EBITDA was $117.5 million. Other income and expense was a net expense of $0.7 million on a non-GAAP basis. Our fully diluted share count for the fourth quarter was 77.5 million shares.

第四季非GAAP營業利益為9,660萬美元，調整後EBITDA為1.175億美元。其他收益與費用在非GAAP基礎下為淨費用70萬美元。第四季完全稀釋後股數為7,750萬股。

Under our prior method of tax calculation, fourth quarter non-GAAP net income was $89.5 million and non-GAAP diluted net income per share was $1.15. Under our new method of tax calculation, fourth quarter non-GAAP net income was $81.9 million and non-GAAP diluted net income per share was $1.06.

依照先前的稅務計算方法，第四季非GAAP淨利為8,950萬美元，非GAAP稀釋後每股淨利為1.15美元。依照新的稅務計算方法，第四季非GAAP淨利為8,190萬美元，非GAAP稀釋後每股淨利為1.06美元。

Our non-GAAP results include the additional cost of goods sold we are incurring related to procuring semiconductor components that are in short supply globally and the measures we are taking to prevent the spread of COVID-19 in our sites.

我們的非GAAP結果包含了因全球半導體元件供應短缺而採購相關元件所產生的額外銷貨成本，以及我們在各據點為防止COVID-19擴散所採取措施的相關成本。

Turning to the full year results. Fiscal '21 net revenue was $1.74 billion, which was up 4% from fiscal '20. Excluding the low-margin product lines we exited over the past 2 years, revenue was up 8% in fiscal '21 over fiscal '20. GAAP gross margin for fiscal '21 was 44.9%. GAAP operating margin was 30.2% and GAAP diluted net income per share was $5.07. Full year fiscal '21 non-GAAP gross margin was 50.9%, which was up 440 basis points relative to fiscal '20 due to our improving model with a better mix of products and lower relative manufacturing costs.

接著看全年結果。2021會計年度淨營收為17.4億美元，較2020會計年度成長4%。若排除我們在過去兩年退出的低毛利產品線，2021會計年度營收較2020會計年度成長8%。2021會計年度GAAP毛利率為44.9%，GAAP營業利益率為30.2%，GAAP稀釋後每股淨利為5.07美元。2021會計年度全年非GAAP毛利率為50.9%，較2020會計年度提高440個基點，反映我們的營運模型改善，包括更佳的產品組合與較低的相對製造成本。

Fiscal year '21 non-GAAP operating margin at 30.8% increased 420 basis points from that of fiscal '20 driven by the gross margin expansion, offsetting increases and R&D spending year-over-year. Fiscal '21 non-GAAP operating income was $536.1 million and adjusted EBITDA was $621 million.

2021會計年度非GAAP營業利益率為30.8%，較2020會計年度提高420個基點，主要由毛利率擴張所帶動，並抵銷了年度間費用增加與研發支出增加的影響。2021會計年度非GAAP營業利益為5.361億美元，調整後EBITDA為6.21億美元。

For fiscal '21, our fully diluted share count was 78.4 million shares. Under the prior method of tax calculation, fiscal '21 non-GAAP net income was $495 million and non-GAAP diluted net income per share was $6.31. Using our new method of tax calculation, fiscal '21 non-GAAP net income was $458.2 million and non-GAAP diluted net income per share was $5.84.

2021會計年度，我們的完全稀釋後股數為7,840萬股。依先前的稅務計算方法，2021會計年度非GAAP淨利為4.95億美元，非GAAP稀釋後每股淨利為6.31美元。採用新的稅務計算方法，2021會計年度非GAAP淨利為4.582億美元，非GAAP稀釋後每股淨利為5.84美元。

On the balance sheet, we ended the quarter with approximately $1.95 billion in cash and short-term investments. We continue to have $1.5 billion in aggregate principal convertible notes and no term debt. Cash flow from operations in the fourth quarter was $124.2 million and for the full year was $738.7 million. The full year cash flow from operations includes a net of $207.5 million from the Coherent termination.

就資產負債表而言，本季末我們持有約19.5億美元的現金及短期投資。我們仍有合計本金15億美元的可轉換公司債，且沒有定期借款（term debt）。第四季營運活動現金流為1.242億美元，全年為7.387億美元。全年營運活動現金流包含來自Coherent終止交易的淨額2.075億美元。

Turning to segment details. Fourth quarter Optical Communications segment revenue at $355.2 million decreased 8% sequentially due to seasonally lower revenues in industrial and consumer. Fiscal '21 Optical Communications segment revenue was up 7% over fiscal '20. Optical Communications segment gross margin at 47.7% decreased 240 basis points sequentially due to lower industrial and consumer in the revenue mix and due to increased cost of procuring certain components impacted by worldwide shortages. Fiscal '21 Optical Communications segment gross margin at 51.2% was up 470 basis points relative to fiscal '20 due to a higher mix of higher margin product lines and improvements in operational efficiency and footprint.

接著看各事業部門細節。第四季光通訊事業部門營收為3.552億美元，因工業與消費性領域營收季節性走低而季減8%。2021會計年度光通訊事業部門營收較2020會計年度成長7%。光通訊事業部門毛利率為47.7%，季減240個基點，原因包括營收組合中工業與消費性占比下降，以及因全球性短缺而導致採購部分元件成本上升。2021會計年度光通訊事業部門毛利率為51.2%，較2020會計年度提高470個基點，主要受較高毛利產品線占比提升，以及營運效率與產能/據點配置（footprint）改善所帶動。

Our fourth quarter Lasers segment revenue at $36.9 million increased 17% sequentially due to the ongoing recovery from the impact of COVID-19. Fiscal '21 Lasers revenue was down 25% relative to fiscal '20 due to COVID-19-related slowdowns in end market demand. Fourth quarter Lasers gross margin was up 130 basis points sequentially at 48.5%. Fiscal '21 Lasers segment gross margin was up 30 basis points relative to fiscal '20.

第四季雷射事業部門營收為3,690萬美元，因COVID-19影響後的持續復甦而季增17%。2021會計年度雷射營收較2020會計年度下滑25%，主因COVID-19導致終端市場需求放緩。第四季雷射毛利率季增130個基點至48.5%。2021會計年度雷射事業部門毛利率較2020會計年度提高30個基點。

Now on to our guidance for the first fiscal quarter of fiscal '22, which is on a non-GAAP basis and is based on our assumptions as of today. We expect net revenue for the first quarter of fiscal '22 to be in the range of $430 million to $445 million. Our revenue projection assumes Telecom and Datacom decreasing quarter-on-quarter, industrial and consumer increasing due to normal seasonality in the consumer portion and commercial lasers increasing quarter-on-quarter, again, driven by further market recovery from COVID-19.

接下來是我們對 2022 會計年度第一季的財測指引，係以非 GAAP 基礎編製，並基於我們截至今日的假設。我們預期 2022 會計年度第一季的淨營收將落在 4.30 億美元至 4.45 億美元之間。我們的營收預估假設電信與資料通訊（Datacom）將較前一季下滑；工業與消費性將因消費性部分的正常季節性而成長；商用雷射亦將較前一季成長，同樣是受 COVID-19 後市場進一步復甦所帶動。

And as Alan noted earlier, demand is very strong but our revenue outlook includes a negative impact of more than $30 million due to semiconductor component supply shortages. Based on this, we project first quarter operating margin to be in the range of 30.5% to 32.5% and diluted net income per share to be in the range of $1.47 to $1.61.

另外，如 Alan 先前所提，需求非常強勁，但我們的營收展望已納入因半導體元件供應短缺所造成超過 3,000 萬美元的負面影響。基於此，我們預估第一季營業利益率將落在 30.5% 至 32.5% 之間，稀釋後每股淨利將落在 1.47 美元至 1.61 美元之間。

Our non-GAAP EPS guidance for first quarter is based on a non-GAAP annual effective tax rate of 14.5% or $19.9 million at the midpoint. These projections assume an approximate share count of 76 million shares and an other income and expense that is a net expense of approximately $1 million. These projections also include the additional expenses we are incurring related to procuring semiconductor components and COVID-19 protective measures.

我們第一季的非 GAAP 每股盈餘（EPS）指引係以非 GAAP 年度有效稅率 14.5% 為基礎，按中位數計算約為 1,990 萬美元。上述預估假設流通股數約為 7,600 萬股，其他收入與費用為淨費用約 100 萬美元。這些預估亦包含我們為採購半導體元件以及 COVID-19 防護措施所產生的額外費用。

With that, I'll turn the call back to Jim to start the Q&A session. Jim?

接下來，我把電話交回給 Jim 來開始問答環節。Jim？

Thank you, Wajid. (Operator Instructions) Operator, let's begin the question-and-answer session.

謝謝你，Wajid。（接線員指示）接線員，我們開始問答環節。

(Operator Instructions) The first question comes from Tom O'Malley with Barclays.

（接線員指示）第一個問題來自 Barclays 的 Tom O'Malley。

It sounds like in the Telecom, business trends are really strong on the pump laser side. Can you talk about what you're seeing in terms of transport deployments into the back half of this year?

聽起來在電信方面，泵浦雷射端的業務趨勢非常強勁。你能談談你們觀察到今年下半年在傳輸（transport）部署方面的情況嗎？

And then with what you just reported in June, it kind of implies some weaker transmission. Can you talk about -- is that COVID-related? Or is that some slowing demand in the transmission side?

另外，從你們剛剛報告的 6 月情況來看，似乎暗示傳輸（transmission）比較疲弱。你能談談——這是與 COVID 有關嗎？還是傳輸端需求有些放緩？

Yes. Tom, this is Alan. As we said in the script, the transport component growth usually is a leading indicator for future other growth. And that's what we're seeing play out -- what we think is going to play out in the first half of fiscal '22. And so we are seeing broad demand of ROADMs, ROADM line cards that usually go along with these transport components that really build out the initial either greenfield or the expansion of existing networks. And so I think outlook for transport is extremely strong. I need to get some semiconductor chips in to really be able to satisfy customer demand when they want it.

是的。Tom，我是 Alan。正如我們在講稿中所說，傳輸（transport）元件的成長通常是未來其他成長的領先指標。而我們看到的——我們認為將在 2022 會計年度上半年發生的——正是這種情況。因此，我們看到對 ROADM、ROADM 線卡的廣泛需求，這些通常會與這些傳輸元件一同出現，用於初期建置全新網路（greenfield）或擴充既有網路。所以我認為傳輸的展望極為強勁。我需要取得一些半導體晶片，才能真正按客戶希望的時間滿足其需求。

As far as transmission is concerned, we are seeing strength in transmission outlook in coherent components, on our tunable lasers, on our tunable -- on our modulators, high-bandwidth modulators as well as, surprisingly enough, on 10-gig tunables. And so across the board, ACOs are continuing to go strong while down from peak levels, but there's a lot of chassis out in the market and in networks that are waiting for ACOs. And so I think we're in pretty good position there. And as we start to get qualified on our 400-gig DCO modules, I think we're going to see a pickup in our transmission business throughout the year.

至於傳輸（transmission），我們看到在相干元件、可調式雷射、可調式——在調變器、高頻寬調變器方面的展望都很強勁，而且令人意外的是，在 10G 可調式產品上也很強。因此整體而言，ACO 仍持續強勁，雖然較高峰水準有所回落，但市場與網路中仍有大量機箱在等待 ACO。我認為我們在這方面處於相當不錯的位置。隨著我們的 400G DCO 模組開始取得認證，我認為今年我們的傳輸業務將會看到回升。

That's helpful. And then my follow-up is on the commercial lasers business. If you look at your peers, there's been just calls for weakness kind of across the board. You obviously have a different customer concentration than some of your peers. Can you talk about your success there? Is that more related to the geography? Or are you really seeing a bounce off the bottom that's related to some weakness over the past year? Can you just walk through the puts and takes of what's driving that strength versus others who are seeing some weakness?

這很有幫助。那我追問一個關於商用雷射業務的問題。若看你們的同業，普遍都在談整體偏弱。你們顯然與部分同業相比有不同的客戶集中度。你能談談你們在這方面的成功嗎？這更多與地理區域有關？還是你們真的看到從谷底反彈、與過去一年某些疲弱有關？能否請你梳理一下推動你們強勁、而其他人看到偏弱的各項因素？

Sure. I think twofold. You're right. Our customer base is different. We have limited exposure into China, especially with our kilowatt fiber laser customer. And from that perspective, we're seeing a good bounce-back in overall demand on our kilowatt fiber lasers that typically go outside of China end markets.

當然。我認為有兩個面向。你說得對，我們的客戶基礎不同。我們對中國的曝險有限，特別是在我們的千瓦級光纖雷射客戶方面。從這個角度來看，我們看到千瓦級光纖雷射的整體需求有不錯的反彈，這些產品通常面向中國以外的終端市場。

We are seeing, certainly, as everyone has seen, a pickup in semiconductor demand. And that's why we commented on our service -- our laser service business picking up, which is usually a good indicator of usage of our lasers in the field. And then we are seeing also our micromachining business pick up. That typically goes with semiconductor upswings, both be it on the dealing of semiconductors or the components that they go on and PCBs and things like that. So I do think it's a different customer base and a different end market that we address compared to some of our peers.

我們也看到——確實如大家所見——半導體需求回升。這也是為什麼我們評論到我們的服務——我們的雷射服務業務正在回升，這通常是我們現場雷射使用量的良好指標。此外，我們也看到微加工（micromachining）業務回升。這通常會伴隨半導體景氣上行，不論是半導體的切割（dicing）或其所搭配的元件、PCB 等等。因此我確實認為，相較於部分同業，我們所面向的是不同的客戶基礎與不同的終端市場。

The next question comes from Rod Hall with Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Rod Hall。

I guess I wanted to kick off with 3D sensing share. I know, last quarter, you guys had talked about -- you talk pretty cautiously about share. And now the numbers look pretty good. So I'm just curious how share is tracking for you now and on into the back end of the year relative to what you were thinking last quarter. Then I have a follow-up.

我想先從 3D 感測的市占率談起。我知道上季你們談到——你們對市占率的說法相當謹慎。但現在數字看起來相當不錯。所以我想了解你們目前的市占率走勢，以及今年下半年相較於你們上季所想的情況如何。之後我還有一個追問。

Yes. Rod, thanks for the question. Our commentary last quarter was around the market size and our expectation for average selling prices due to the smaller chips and the next generation of our leading customer products. And so I'd say given the Q4 revenue, our biggest Q4 ever in 3D sensing, I think we bode pretty well with respect to share.

是的。Rod，謝謝你的問題。我們上季的評論主要是圍繞市場規模，以及由於晶片更小、以及我們主要客戶下一代產品所帶來的平均售價（ASP）預期。因此我會說，以第四季營收來看——我們 3D 感測史上最大的第四季——我認為就市占率而言表現相當不錯。

I do think that the product is -- has not even been announced yet. So it's really in the early stages with respect to how share is going to play out over the long term. But I would say that we're positioned very, very competitively. And as we've proven to our lead customer, we are there for them with high quality, meeting their production output and their expectations. So I feel really good about our share.

我確實認為該產品——甚至尚未正式發布。因此就長期市占率如何演變而言，仍處於非常早期的階段。但我會說，我們的競爭定位非常、非常強。而且我們已向主要客戶證明，我們能以高品質交付、滿足其產能輸出與期望。所以我對我們的市占率感到非常有信心。

Okay. Great, Alan. That's good. And then my follow-up was on the $30 million. I know you commented ROADM was supply constrained. Datacom is capacity constrained. I'm just curious like how that $30 million kind of breaks down across the business. Is it mostly ROADM? Is it -- could you give us any color on what's in the $30 million, what particular lines are affected there?

好的。很好，Alan。這很不錯。那我追問的是那 3,000 萬美元。我知道你提到 ROADM 受到供應限制，Datacom 受到產能限制。我想了解那 3,000 萬美元大概如何在各業務間分布？主要是 ROADM 嗎？還是——你能否提供一些細節，這 3,000 萬美元裡面是哪些項目、哪些產品線受到影響？

Yes. In the $30 million, we did not include our internal capacity constraints, like, to your point, on Datacom. This is our product that our customers want that we can't deliver because we can't get the semiconductors. And that is mainly around our transport products, ROADMs, ROADM line cards, a little bit on our transmission products. But most of the $30 million really comes from our telecom transport area.

是的。在這 3,000 萬美元中，我們並未納入我們內部的產能限制，例如你提到的 Datacom。這指的是客戶想要、但我們因為拿不到半導體而無法交付的產品。這主要集中在我們的傳輸（transport）產品、ROADM、ROADM 線卡，另外在部分傳輸（transmission）產品上也有一些影響。但這 3,000 萬美元的大部分確實來自我們的電信傳輸（transport）領域。

Right. And you guys do have plenty of capacity on 3D if that were to flex upward in terms of demand, right, Alan?

了解。那如果 3D 端的需求往上彈性增加，你們在 3D 方面的產能是充足的，對吧，Alan？

Yes, absolutely. I mean we have contractual obligations to have inventory there in case there is an uptick in demand or share shifts. And so we're ready for our customer and they know it, and we're going to continue to be there for them. So you're right. We have plenty of 3D sensing capacity.

是的，絕對是。我們在合約上有義務準備庫存，以因應需求上升或市占率變動。因此我們已為客戶做好準備，他們也知道這點，我們會持續支持他們。所以你說得對，我們有充足的 3D 感測產能。

And in our foundry model, we really have worked well with our supply chain to make sure that they are ready if and when upticks do occur.

而在我們的晶圓代工（foundry）模式下，我們也確實與供應鏈合作得很好，以確保在需求上升發生時或一旦發生時，他們都已準備就緒。

The next question comes from Alex Henderson with Needham.

下一個問題來自 Needham 的 Alex Henderson。

So going back on to the 3D sensing for a second. Clearly, the supply conditions broadly are causing everybody to be very anxious about supply. And so it seems like the 3D sensing production probably is anticipating potential risks to supply as the products get launched.

我想再回到 3D 感測一下。顯然整體供應狀況讓每個人都對供應非常焦慮。因此看起來 3D 感測的生產可能是在產品推出時，預先因應潛在的供應風險。

So are we pulling forward some of that demand into the June quarter that might have been something that was produced later in the year? Does it change your outlook for the overall FY '22 outlook to have pulled that much volume into the June quarter?

所以，我們是否把原本可能在今年稍晚才生產的部分需求，提前拉到 6 月季度？把這麼多量拉到 6 月季度，會不會改變你們對 2022 會計年度整體展望？

Hey, Alex. This is Chris. I would say it's a little early to tell exactly what's going on overall. But we don't believe this is necessarily a significant pull forward. You got to remember last year, there was a delay, if you will, in the customers' product cycles due to COVID-19.

嗨，Alex。我是 Chris。我會說現在要精確判斷整體情況還有點早。但我們不認為這必然是顯著的提前拉貨。你要記得，去年因 COVID-19 的關係，客戶的產品週期出現了延遲，可以這麼說。

And so kind of if we look back in years before, in more normal seasonal trends and then considering the additional dollar content and volume relative to, say, 2 years ago, 3 years ago, things look relatively normal that -- but again, with that caveat that it's very early to tell what's going on in this product cycle.

因此，如果我們回頭看前幾年的情況，在較為正常的季節性趨勢下，再考量相較於例如 2 年前、3 年前的額外美元含量與出貨量，整體看起來相對正常——但同樣要提醒的是，現在要判斷這個產品週期正在發生什麼仍然為時過早。

So have you changed your thoughts on the full year FY '22 kind of growth potential?

所以你們對 FY '22 全年整體成長潛力的看法有改變嗎？

Yes. I would say we have not changed our view necessarily on the market outlook. But I think, as Alan indicated earlier, that market outlook has a lot of variables like overall market pricing and what volumes and mix are going to be. And those -- we only have guesstimates to one quarter's worth of the product cycle so far. So our previous views on the aggregate opportunity are not changed materially at this point.

有。我會說我們不一定改變了對市場展望的看法。但我認為，如 Alan 先前所指出，市場展望包含許多變數，例如整體市場定價、出貨量以及產品組合會如何變化。而這些——到目前為止，我們對這個產品週期也只有大約一個季度的粗略估計。因此，我們先前對整體機會的看法在此刻並沒有實質性的改變。

The next question comes from Meta Marshall with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Meta Marshall。

Great. Maybe I wanted to ask a question. Last quarter, you had noted not expecting kind of a pickup in transport until kind of early '22. Just trying to get a sense of is this some of those projects that you thought wouldn't hit until calendar '22 hitting today? Or just any commentary about how it's tracking to kind of previous expectations.

好的。我想問一個問題。上個季度你們提到，運輸（transport）方面預期要到 '22 年初才會開始回升。我想了解一下：這是否是一些你們原本以為要到 2022 年曆年才會落地的專案，現在就已經開始發生？或者就其追蹤情況而言，能否評論一下是否符合先前的預期。

And then the second just China has clearly had a buildup of some inventory that you were expecting clearly later on in the year. Just any update there.

第二個問題是，中國顯然出現了一些庫存累積，而你們原本預期會在今年稍晚發生。這方面有沒有最新進展？

Yes. Meta, yes, I would say that we have seen a bit of a demand change from expectations of 3 months ago in that the demand for transport -- and I think it's real demand. I don't think it's a bunch of double ordering, but it's hard to say. And I can usually gauge that by how many CEOs call me and ask for deliveries. And I can tell you it's brisk.

是的，Meta，是的。我會說，相較於 3 個月前的預期，我們確實看到需求有一些變化，尤其是運輸（transport）需求——而且我認為這是真實需求。我不認為是大量重複下單（double ordering），但也很難斷言。我通常會用有多少位 CEO 打電話給我、要求交貨來判斷。我可以告訴你，需求很旺。

So I would say that the transport demand is real. It's picked up more than we had expected. And if we were able to get the semiconductor chips that we need, I think we would be able to really ramp up our transport revenue. We're continuing to work on that. So don't get me wrong.

所以我會說運輸需求是真實的，且回升幅度超出我們的預期。如果我們能拿到所需的半導體晶片，我認為我們就能大幅拉升運輸相關營收。我們仍在持續努力解決這件事，所以別誤會我的意思。

I think the challenge we had is we built up some inventory that -- for flex demand. And more demand came in than we had expected and, therefore, we're unable to satisfy all of that demand.

我認為我們面臨的挑戰是：我們建立了一些庫存——是為了彈性（flex）需求。但實際進來的需求比我們預期更多，因此我們無法滿足所有需求。

I would say that the longer-term demand trends from our perspective are very solid. As we talked about, the, transport components and some marine cables going in throughout the world really are leading indicators for future demand. And our product positioning for our MxN, where now it's starting to proliferate significantly outside of China, is very, very strong.

我會說，從我們的角度來看，長期需求趨勢非常穩健。如我們所談到的，運輸元件以及在全球各地鋪設的一些海纜，確實是未來需求的領先指標。而我們在 MxN 的產品定位——現在正開始在中國以外快速擴散——非常、非常強。

Your question about China inventory, is that specific to 5G and our Datacom chips, Meta, or more general?

你關於中國庫存的問題，是特別指 5G 與我們的 Datacom 晶片嗎，Meta？還是更一般性的？

Well, I think you had mentioned last quarter that you thought there may be some inventory within China that should be clearing kind of in the calendar Q4 period. And so just trying to see if any of the pickup you were seeing in China is kind of ahead of expectations.

嗯，我記得你們上季提到，你們認為中國內部可能有一些庫存，應該會在曆年第四季期間逐步消化。所以我想確認一下，你們在中國看到的任何回升，是否有早於預期。

Yes. I'd say for the inventory, we were specifically talking about our 5G Datacom chip inventory that, in fact, we had a revenue deferral in prior quarters. We have seen activity around 5G, but that inventory is slow moving, so far. We expect that to start picking up over the next several months. And to your point, hopefully, that will be flushed through the system by the end of the calendar year and then start meaningful DML laser chip shipments into calendar '22.

是的。我會說，就庫存而言，我們特別是在談我們 5G Datacom 晶片的庫存；事實上，我們在前幾個季度有做營收遞延。我們確實看到 5G 相關活動，但到目前為止，那些庫存的流動速度偏慢。我們預期在接下來幾個月會開始回升。也如你所說，希望到曆年年底前能把這些庫存從系統中消化掉，然後在曆年 '22 開始有具規模的 DML 雷射晶片出貨。

The next question comes from Samik Chatterjee with JPMorgan.

下一個問題來自 JPMorgan 的 Samik Chatterjee。

I guess, Alan, if I could just start with the supply constraints here. And from the tone of your conversation, it does sound like things are getting a bit worse. So I just wanted to get a sense. I know it's a bit early for fiscal 2Q and onwards, but should we be thinking about more material headwinds than the $30 million or maybe some headwinds on margins as you go out and procure inventory?

Alan，我想先從供應限制談起。從你們對話的語氣聽起來，情況似乎正在變得更糟一些。我想了解一下：我知道現在談財年第二季及之後還有點早，但我們是否應該把比 3,000 萬美元更實質的逆風納入考量？或者當你們外出採購庫存時，毛利率也可能面臨一些逆風？

And then the second part to that, seasonally, we've seen Telecom and Datacom move up from 1Q to 2Q. Does kind of the supply chain constraints limit your ability to deliver to that in this year?

第二部分是，從季節性來看，我們看到 Telecom 與 Datacom 通常會從第一季走高到第二季。今年供應鏈限制是否會限制你們交付、從而影響這個季節性走勢？

Yes. I would say it's a little early to say because I am having discussions with the executives at the semiconductor companies that are continuing to work to try to support us, and we're hopeful we can make further progress with them. And we've booked out long, long lead times orders for these critical semiconductor chips that we'll not -- we will consume because there's long tails, long life in our ROADMs and ROADM line cards.

是的。我會說現在下結論還有點早，因為我正在與半導體公司的高階主管討論，他們也持續努力嘗試支援我們，我們希望能與他們取得更多進展。我們也已針對這些關鍵半導體晶片下了非常、非常長交期的訂單——我們一定會消耗掉，因為我們的 ROADM 與 ROADM 線卡有很長的尾端需求、很長的產品生命週期。

And so I think from that perspective, it's hard to say what's going to happen in Q2 because, in fact, later today, I've got a call with the CEO of a semiconductor chip company that's one of our big bottlenecks. And I'm hopeful to get good news but that news would only impact Q2.

因此，從這個角度來看，很難說第二季會發生什麼。事實上，今天稍晚我會和一家半導體晶片公司的 CEO 通話，那家公司是我們主要瓶頸之一。我希望能得到好消息，但即便有好消息，也只會影響第二季。

I would say that on the margin front, unlike others, we've included the cost of expediting semiconductors or paying brokers higher charges. We've included those costs in our non-GAAP numbers, and so you saw that impact in Q4. And it's in our guidance to continue to pay those higher prices and expedite fees to semiconductor companies in our Q1 guide, and I expect them to also be in our Q2 performance as well.

我會說，在毛利率方面，與其他公司不同的是，我們已把加急取得半導體、或透過經紀商以更高費用採購的成本，納入我們的 non-GAAP 數字中，所以你在第四季已看到那個影響。而且在我們第一季指引中，也已包含持續支付較高價格與加急費用給半導體公司的情況；我預期這些也會反映在第二季的表現中。

The next question comes from George Notter with Jefferies.

下一個問題來自 Jefferies 的 George Notter。

I guess I wanted to dig into the sort of Huawei discussion going back 1 year, 1.5 years ago. And if I look back, I think the narrative from you guys is really around as the Huawei business ramped down given the U.S. government controls, you would see opportunities to win more sockets, more market share in other traditional system suppliers as they take share from Huawei around the world. And I'm kind of wondering like if you can revisit that narrative. And what are you seeing in the marketplace in terms of share, your traditional customers vis-à-vis Huawei?

我想深入探討一下關於華為的討論，回到 1 年前、1.5 年前。如果我回頭看，我認為你們當時的敘事是：隨著美國政府管制使華為業務下滑，你們會在其他傳統系統供應商那邊看到更多贏得設計導入（sockets）、更多市占的機會，因為他們在全球從華為手上拿走份額。我想請你們重新檢視一下這個敘事。就市場所見而言，你們的傳統客戶相對於華為的份額變化，你們看到了什麼？

Yes, George, thanks. This is Chris. And I'll take a first stab at it and let Alan come in and add to it. But certainly, on the Huawei front, right, we continue to have business with Huawei. It has significantly declined year-over-year, and that's really driven by the fact that they have opportunities to buy some of what we were supplying from non-U.S. suppliers. They're tending to buy from non-U.S. suppliers when they can do that. Fortunately, for us, many of those situations are product lines that, prior to the U.S. actions against Huawei, we decided to get out of, for example, with modulators and Datacom modules.

是的，George，謝謝。我是 Chris。我先回答一部分，然後讓 Alan 補充。當然，在華為方面，我們仍然與華為有業務往來，但年對年已顯著下降，主要原因是他們有機會從非美國供應商購買部分我們原本供應的產品。他們能買到非美國供應商的時候，就傾向向非美國供應商採購。對我們而言，幸運的是，其中很多情況屬於一些產品線——在美國對華為採取行動之前，我們就已決定退出，例如調變器（modulators）與 Datacom 模組。

Countering that is some of our more bleeding-edge technology, for example, in ROADMs. There may not be a non-U.S. supplier and there may not be another supplier in the world with our capabilities. And so we've seen those product lines grow within Huawei and sort of push back a little bit on the headwind, the net headwind we have with them.

與此相對的是，我們一些更前沿的技術，例如在 ROADM 上，可能沒有非美國供應商，甚至全球也可能沒有其他供應商具備我們的能力。因此，我們看到這些產品線在華為內部有所成長，某種程度上抵銷了我們在華為那邊的逆風——也就是淨逆風。

That said, there certainly is activity around the world where service providers are looking to use Western suppliers more extensively. And that has resulted perhaps in some near-term increased sales for our Western network equipment manufacturers. But to be clear, that's a long-term opportunity for our customers and, therefore, us given you can't switch network vendors overnight. That's a multiple quarters, if not multiple-year, process to do that.

話雖如此，全球確實有一些動態是，服務供應商正尋求更廣泛地使用西方供應商。這或許使我們的西方網路設備製造商客戶在短期內增加了一些銷售。但要說清楚的是，這對我們的客戶、也因此對我們而言，是一個長期機會，因為你不可能一夜之間就更換網路供應商。那是一個跨多個季度、甚至多年的過程。

And as we've highlighted in the past, our share of wallet with our Western customers is significantly higher than with Huawei. And therefore, as that transition continues to unfold over the next few years, we should be a net beneficiary of that given that share of wallet.

而且如我們過去所強調的，我們在西方客戶那邊的錢包份額（share of wallet）顯著高於在華為那邊。因此，隨著這個轉換在未來幾年持續展開，考量到該錢包份額，我們應該會成為淨受益者。

The next question comes from Simon Leopold with Raymond James.

下一個問題來自 Raymond James 的 Simon Leopold。

I wanted to see if you could update us regarding the comments you made on the prior earnings call on the 3D sensing market, when you indicated you expected the market would be down 20% to 25% in your fiscal '22. I discerned maybe a little bit more optimism on today's call with the additional commentary around the automotive opportunities. If you could just update us on how you're thinking there, and then I've got a follow-up.

我想請你們更新一下先前法說會上對 3D 感測市場的評論。當時你們表示，預期在你們的財年 '22，該市場會下滑 20% 到 25%。我從今天的電話會議中，因為你們對車用機會有更多補充，感覺到你們似乎更樂觀一些。能否更新一下你們目前的看法？然後我還有一個追問。

Sure, Simon. This is Alan. Thanks for the question. I would say that, again, our commentary around our fiscal '22 3D sensing market was really around the average selling price of chips going into next-generation devices, going down as a result of smaller die sizes.

當然，Simon。我是 Alan。謝謝你的提問。我會說，再次，我們對於 2022 財年 3D 感測市場的評論，主要是圍繞著用於下一代裝置的晶片平均售價，因晶粒尺寸縮小而下降。

And so 2 things, one of which is, again, record Q4 results positioned very well. That's not part of our perspective on market because share is still not clear but we're feeling pretty good about that. I would say until a device gets announced and the traction of the end user -- end customer really comes through, it's going to be hard to say what is going to happen to overall unit demand. And so our commentary was around, "Hey, if unit demand is flat, we believe the market is going to be down 20% to 25%."

所以有兩點，其中之一是，再次，第四季創紀錄的業績讓我們處於非常有利的位置。這不屬於我們對市場的看法，因為市占仍不明朗，但我們對此感覺相當不錯。我會說，在裝置正式發布之前，以及終端使用者——終端客戶的拉動真正顯現之前，很難判斷整體出貨量需求會如何發展。因此我們的評論是圍繞著：「嘿，如果單位需求持平，我們認為市場將下滑 20% 到 25%。」

Now does it look like that's playing out? Maybe. You might sense a softening with respect to those numbers, but it is going to be down assuming units are flat. Now is our lead customer gaining share? I think so. And therefore, maybe, there could be higher unit volume that would offset some of that average sales price per chip in our fiscal '22.

那現在看起來是否正在發生？也許。你可能會感覺到相對於那些數字有些轉弱，但在假設出貨量持平的情況下，市場仍會下滑。我們的主要客戶是否在提升市占？我想是的。因此，或許會有更高的出貨量，來抵消我們 2022 財年每顆晶片平均售價下降的部分影響。

I appreciate that. And then in terms of the supply chain issues in the Telecom component, specifically Telecom, not Telecom plus Datacom, I'm sort of discerning this implies a sequential decline probably in the mid- to high-teens percent. And I'm wondering how you're thinking about once the supply chain gets better, not necessarily when but when it does, do you expect to see really a catch-up spend? So essentially, it sits in backlog and we get a better-than-seasonal recovery at that point?

了解，謝謝。那接著談到電信元件的供應鏈問題，特別是電信（Telecom），不是電信加數據通訊（Datacom）。我從中判斷這可能意味著季對季下滑大概在中到高十幾個百分點。我想請教你們怎麼看：一旦供應鏈改善——不一定是何時，但當它改善時——你們是否預期會看到明顯的補償性支出？也就是說，需求先累積在積壓訂單中，然後在那個時間點出現優於季節性的復甦？

Chris, do you have the expectation with respect to trends in Telecom Q1, year-on-year, Chris?

Chris，你對於電信在第一季的趨勢（年對年）有什麼預期嗎，Chris？

We expect telecom to certainly decline sequentially as we highlighted in the guidance. I'm not certain it's of the magnitude that you're saying, Simon. But certainly, the supply constraints are seriously handicapping growth in that space.

我們預期電信業務會如同我們在財測中所強調的那樣，確實會季對季下滑。我不確定幅度是否如你所說那麼大，Simon。但可以肯定的是，供應限制正嚴重抑制該領域的成長。

Yes. And then as far as your other question about is that demand there when we're able to satisfy it, I'd say, yes, mostly because a lot of that demand is very high-end ROADMs, where we are the leader and, in most cases, if not all cases, sole-sourced. And so that's why we're working extremely hard to get the semiconductors we need because our customers bet on us, and we certainly don't want to let them down.

是的。至於你另一個問題：當我們能夠滿足需求時，需求是否仍在？我會說，是的，主要原因是其中很多需求來自非常高階的 ROADM，我們在那裡是領導者，而且多數情況下（如果不是全部的話）是單一來源供應。因此我們正非常努力地取得所需的半導體，因為客戶把賭注押在我們身上，我們當然不希望讓他們失望。

So I'd say that demand is there when we are able to satisfy it. And so it will get pushed out if we're not able to satisfy it and don't think we will be able to satisfy all of it in Q1, for sure. But whether we are able to satisfy that in Q2 is another question that we'll answer on the next call.

所以我會說，當我們能夠滿足時，需求就在那裡。如果我們無法滿足，需求就會被往後遞延；而我們確定在第一季無法滿足全部需求。但我們是否能在第二季滿足，則是另一個問題，我們會在下一次電話會議上回答。

The next question comes from Ananda Baruah with Loop Capital.

下一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on the strong execution. Question 2, if I could. I guess the first one is on 3D sensing, going back to 3D testing. Is there any opportunity to get more favorable pricing through fiscal '22 than what you were originally thinking 90 days ago? Any context there would be great. And then I have a quick follow-up.

恭喜你們執行得很強。若可以的話我問第二個問題。我想第一個是關於 3D 感測，回到 3D 測試。2022 財年是否有機會拿到比你們 90 天前原先預期更有利的定價？如果能提供一些背景會很有幫助。然後我還有一個簡短的追問。

Yes. I mean we're not going to talk specifically about our price discussions with our customers. I would say that we do sign up for multiyear agreements. And those tend to be intense negotiations that we're very happy with where we ended up. We'll put it that way.

是的。我的意思是，我們不會具體談我們與客戶之間的價格討論。我會說，我們確實會簽訂多年期協議，而那通常是非常激烈的談判；我們對最終結果非常滿意。就這麼說吧。

That's really helpful. And just going back to telecom and China, 5G specifically, could you just give us like the context as to where they are in the requalification process or whatever the right way to think about it is, sort of given the displacement that happened with Huawei sort of last August and September and that they were -- sort of the carriers were going through, I'm calling it, a requalification process but whatever the right terminology is and where they are today? And are you seeing a pickup off of sort of what's been the last sort of 9, 10 months cadence for you guys? And that's it for me.

這很有幫助。再回到電信與中國，特別是 5G。你能否給我們一些背景，說明他們在重新認證流程（或用正確的說法）目前進展到哪裡？考量到去年 8、9 月左右因華為事件造成的替換，以及營運商當時——我稱之為重新認證流程，但不確定正確術語——他們現在處於什麼狀態？另外，相較於你們過去 9、10 個月的節奏，你們是否看到回升？我就這些。

This is Chris. On 5G chips in China, what I would say is it's -- I would -- well, there's probably an element of requalification, where our customers have needed to obtain alternate sources of semiconductor chips for their base station designs. But I think the way that a lot of folks are tracking it is around tender activities and tender awards for base stations. And this summer, there has been some tender activity, tenders awarded to network equipment manufacturers by the China Mobiles, China Telecoms of the world to deploy additional base stations.

我是 Chris。關於中國的 5G 晶片，我會說——我會——嗯，可能確實有一部分是重新認證，因為我們的客戶需要為其基地台設計取得替代的半導體晶片來源。但我認為很多人追蹤的方式是看基地台的招標活動與得標情況。今年夏天確實有一些招標活動，由中國移動、中國電信等單位把標案授予網路設備製造商，以部署更多基地台。

I would say the activity there was moderate. There wasn't a huge uplift, if you will, in expected volumes. But on the other hand, good to see that those tenders were released and awarded. And we expect, as Alan highlighted earlier, that once the overall supply chain is -- works down the inventory of product that we've already provided, which should happen over the next few quarters, that as we get into the middle of our fiscal year or into the new calendar year, that we would then see a resumption in growth for us for those products.

我會說那邊的活動屬於中等，並沒有出現你所說的那種預期量的大幅上調。但另一方面，很高興看到這些標案被釋出並完成授標。我們預期，如 Alan 先前提到的，一旦整體供應鏈把我們已提供的產品庫存消化下來——這應該會在接下來幾個季度發生——當我們進入本財年中段或進入新的曆年時，我們就會看到這些產品的成長恢復。

And maybe if I could just add as well. The good news is there is a lot of activity in China, not with just our large customer but with others on transport deployment. So metro and long-haul deployments are continuing. And I believe that's usually an indicator that there is a commitment to build out the 5G networks because, once you do that, then the bottleneck at the edge of the network really gets alleviated, and you need to make sure you have the metro and core networks built out, and we're seeing a lot of activity in that area.

另外我也補充一下。好消息是，中國有很多活動，不僅是我們的大客戶，其他客戶在傳輸部署上也很活躍。也就是都會（metro）與長途（long-haul）部署仍在持續。我認為這通常代表他們承諾擴建 5G 網路，因為一旦這麼做，網路邊緣的瓶頸就會大幅緩解；你必須確保都會與核心網路建置到位，而我們在這方面看到很多活動。

The next question comes from Christopher Rolland of Susquehanna.

下一個問題來自 Susquehanna 的 Christopher Rolland。

The first one is the shortages that you guys see out there. Is this changing your desire for external versus internal capacity, both front end and back end?

第一個問題是你們看到的缺料情況。這是否正在改變你們對外部與內部產能的偏好，包含前段與後段？

Yes. No, I don't think so. I mean these are unique semiconductor chips, in most cases, that we are not going to be manufacturing ourselves in any situation that I can see. So we're reliant on our semiconductor suppliers and their foundry partners to increase the wafer output and allocate some chips to us.

是的。不，我不這麼認為。我的意思是，這些在多數情況下都是獨特的半導體晶片，就我所見，我們不會在任何情況下自行製造。因此我們仰賴半導體供應商及其晶圓代工夥伴提高晶圓產出，並分配一些晶片給我們。

In the bigger scheme of things, our consumption of semiconductor chips is relatively small. And so we don't need millions of these chips. We need thousands of the chips or tens of thousands of the chips. And then from that perspective, it would make no sense for us to get into the FPGA business, for example. We're going to continue to rely on them and partner with them to get what we need.

從更宏觀的角度來看，我們對半導體晶片的用量相對較小。所以我們不需要數百萬顆晶片；我們需要的是數千顆或數萬顆晶片。從這個角度來看，例如要我們自己投入 FPGA 業務就毫無意義。我們會繼續依賴他們，並與他們合作取得我們所需的供應。

For sure. And I know we've talked a lot about transport, but maybe you can double-click on that kind of next level of demand that we're seeing there? You did talk about, I think, this prebuild of China inventory. And any status on that? What are the transport applications ultimately going to be used for here? And geographically, what does this mix look like? Is it -- are there moving parts other than China here?

了解。另外我知道我們談了很多傳輸（transport），但也許你可以更深入說明我們在那裡看到的下一層需求？你確實提到我想是中國庫存的預先建置。那方面目前狀況如何？這些傳輸應用最終會用在什麼地方？在地理分布上，這個組合看起來如何？除了中國之外，是否還有其他變動因素？

Yes. I think it's a global demand pickup that we've seen on transport, both ROADMs, ROADM line cards. And what we did talk about is our transport components and submarine components. And we are growing that output as a result of the demand. And there are no semiconductor component shortages with respect to our transport component output.

是的。我認為我們看到的是全球性的傳輸需求回升，包含 ROADM 以及 ROADM 線卡。我們也談到我們的傳輸元件與海底（submarine）元件。由於需求，我們正在提高這些產品的產出。而就我們的傳輸元件產出而言，並不存在半導體元件短缺。

And so we've seen strength of that and our pump lasers in China as well as outside of China as well as submarine cable deployments that use a lot of our components under the -- at the bottom of the ocean, high reliability. So I'd say that it's a broad increase in demand even in the last 3 months since our last earnings call for those components as well as the ROADM line cards, both inside of China as well as the rest of the world.

因此我們看到其強勁表現；我們在中國以及中國以外的泵浦雷射也很強，同時也看到海底電纜部署，這些部署會在海底使用大量我們的元件，要求高可靠性。所以我會說，這是廣泛的需求增加，甚至相較於我們上一次財報電話會議的過去 3 個月，這些元件以及 ROADM 線卡的需求都在增加，涵蓋中國境內與全球其他地區。

Chris, do you have anything else to add on that?

Chris，你對這部分還有什麼要補充的嗎？

No, Alan, I think the key point is that it is global in nature. And if anything, I mean China is growing on the telecom transport and transmission side, but it's really the Western world that is picking up so significantly at present. And this is as, I think, if you go back on prior calls, we've highlighted that, that China kind of led a little bit on some next-generation architectures. And we fully expected the West to come on strong, and that's only been delayed by COVID-19.

沒有，Alan。我認為關鍵點是這是全球性的。如果要說的話，中國在電信傳輸與傳送端確實在成長，但目前真正顯著回升的是西方市場。這也符合我們在先前幾次電話會議中提到的：中國在某些下一代架構上稍微領先，而我們完全預期西方會強勢跟上，只是因 COVID-19 而有所延後。

And while unfortunately, COVID-19 continues to be a problem, I think the world is moving on at least in telecom deployments and figuring out how to get going and deploy that bandwidth because, at the end of the day, with Internet bandwidth growing 30% per year, you can't skip a lot of years of expanded deployments or else you run into a big problem very quickly. And as Alan highlighted, 5G opening up the edge of the network, you need to put in that core capacity, and that's what's happening.

雖然很不幸地，COVID-19 仍然持續是個問題，但我認為至少在電信部署方面，全球正在繼續向前推進，並且在想辦法如何啟動並部署那些頻寬。因為歸根結底，網際網路頻寬每年成長 30%，你不能跳過很多年的擴建部署，否則很快就會遇到很大的問題。正如 Alan 所強調的，5G 正在打開網路邊緣，你需要投入那個核心容量，而這正是正在發生的事情。

The next question comes from Michael Genovese with WestPark Capital.

下一個問題來自 WestPark Capital 的 Michael Genovese。

Okay. My first question, I want to understand the margins a little bit better. It seems like in the quarter you reported, the gross margins were a little bit weak, which I assume had to deal with the supply chains and the ROADM constraints. But then the outlook, it seems like the constraints are getting worse, but the operating margin guidance is very, very strong. So just -- can you just help me reconcile margins for these 2 quarters and what's going on?

好的。我第一個問題是，我想更了解一下毛利率。看起來在你們所報告的那一季，毛利率有點偏弱，我猜這與供應鏈以及 ROADM 的限制有關。但再看展望，似乎限制正在變得更嚴重，可是營業利益率指引卻非常、非常強勁。所以就是——你們能否幫我調和一下這兩季的利潤率，以及到底發生了什麼？

Yes. Michael, it's Wajid. I'll take a crack at it, and then Chris and Alan can jump in as well. Yes. So margins in fiscal Q4, you're quite correct. They were impacted negatively by some of the increased costs that we had, both because of some of the site measures we've been taking for COVID-19 and also because of some of the expedite fees that Alan talked about that we're incurring and some of the brokerage fees that we're incurring, having to do with getting in some semiconductor products.

是的。Michael，我是 Wajid。我先嘗試回答，然後 Chris 和 Alan 也可以補充。是的，所以在會計年度第四季的利潤率，你說得很對。它們受到我們一些成本上升的負面影響，這包括我們因 COVID-19 所採取的一些現場措施所帶來的成本，也包括 Alan 提到我們正在承擔的一些加急費用，以及我們為了取得某些半導體產品而產生的一些經紀費用。

Moving into Q1, again, our operating margins of 30.5% to 32.5%, we're quite pleased with those margins, where we're expecting to continue to have the same type of cost that we had in Q4 into Q1 as well. And we've reflected that in the operating margins that we've communicated from a guidance standpoint. What's really benefiting us is a really good product mix. Our Lasers business is increasing quarter-over-quarter, and that's helping us quite a bit as well.

進入第一季，我們的營業利益率為 30.5% 到 32.5%，我們對這些利潤率相當滿意；我們預期在第一季仍會延續第四季同類型的成本。我們也已在指引角度所溝通的營業利益率中反映了這一點。真正讓我們受益的是非常好的產品組合。我們的雷射業務季對季成長，這也對我們有相當大的幫助。

And even looking forward, you heard from the prepared remarks, Alan commented on the backlog that we've got for EML chips is at a record. And so when you have that type of favorable product mix, that's going to flow down to our operating margins as well. So those improvements in product mix are combating some of the headwinds we're seeing from a supply chain cost standpoint.

而且即使往前看，你也從事先準備的講稿中聽到，Alan 提到我們的 EML 晶片積壓訂單創下新高。因此，當你有這種有利的產品組合時，也會反映到我們的營業利益率上。所以，產品組合的改善正在抵消我們從供應鏈成本角度所看到的一些逆風。

Great. Okay. And then my second question is I guess we're expecting the transport -- I mean transport seems okay but we're expecting to get -- sorry, transmission, we're expecting transmission to get better at some point given what we're seeing in transport.

很好。好的。那我的第二個問題是，我想我們預期傳送——我是說，傳輸（transport）看起來還可以，但我們預期——抱歉，傳輸（transmission），我們預期傳輸在某個時間點會變得更好，考量到我們在傳送（transport）方面看到的情況。

My question is, is 400ZR relevant to that conversation. Is that an important market as transmission demand increases at some point in the future? And is it something that you guys need to play more in?

我的問題是，400ZR 與這個討論有關嗎？當未來某個時間點傳輸需求增加時，這會是一個重要市場嗎？而且這是否是你們需要更積極參與的領域？

At least in the near term, I mean, the ZR market is certainly an important market. It's only a small portion of the overall 400-gig-and-above market. And as Alan highlighted earlier, our currently and what we expect will be ramping up earlier is more the coherent components. So high-speed -- for example, high-speed modulators at 600 and 800 gig narrow line with tunable lasers that made up with those modulators, those are in production and ramping at present as well as other components that go into folks that are building 400, 600, 800 gig modules or line cards.

至少在短期內，我的意思是，ZR 市場當然是一個重要市場。但它只占整體 400G 及以上市場的一小部分。正如 Alan 先前強調的，我們目前以及我們預期會較早放量的是相干（coherent）元件。也就是高速——例如 600 和 800G 的高速調變器、窄線寬可調式雷射，與這些調變器搭配使用；這些目前都已在量產並正在爬坡，另外也包括其他元件，供那些正在打造 400、600、800G 模組或線卡的廠商使用。

And again, as we mentioned earlier, our 400-gig DCO modules, which are either DCO, ZR plus, however you want to think about the sort of format or standard they adhere to, ZR is certainly something we're targeting on our road map, but it's not to be an end-all for us because it's a pretty small portion of the market relative to how big the pie is going to be in the fastest-growing portion of it. It's just a new portion. It's probably why there's a lot of focus on it, but it's certainly not the largest opportunity ahead of us and our top focus.

再者，如同我們先前提到的，我們的 400G DCO 模組——不論是 DCO、ZR plus，或你想用什麼方式來看它所遵循的格式或標準——ZR 當然是我們路線圖上鎖定的方向，但它不會是我們的終極目標，因為相對於市場餅會有多大、以及其中成長最快的那一部分而言，它只占很小的一部分。它只是新增的一塊。這大概也是為什麼大家對它關注度很高，但它絕對不是我們未來最大的機會，也不是我們的首要重點。

And we have time for one more question in our allotted time, and that comes from Fahad Najam with MKM Partners.

在我們分配的時間內，我們還有時間再回答一個問題，來自 MKM Partners 的 Fahad Najam。

I know it will come out in the 10-K, but can you tell us your 10% customers in the year?

我知道這會在 10-K 裡披露，但你能告訴我們今年的 10% 客戶有哪些嗎？

Fahad, this is Chris. Yes, as you said, it will come out in the 10-K. So I don't want to get too quantitative, if you will., But maybe perhaps the easiest way to answer that question is to say we've had 3 folks in our 10% customer list over the past several years from time to time, not all 3 of them on that list in any particular year. And the same folks are in the mix. There should not be anything surprising in the greater-than-10% customer. As we've highlighted, our top Western customers are growing significantly by double-digit percentages year-over-year. And our largest customer in China, Huawei, is declining by double-digit percentage year-over-year. Where they will exactly land in that 10% customer list, we'll have to wait and see in the K.

Fahad，我是 Chris。是的，正如你所說，這會在 10-K 裡披露。所以我不想把數字講得太具體，如果你願意這麼說的話。不過也許回答這個問題最簡單的方式是：過去幾年我們不時會有 3 家客戶出現在 10% 客戶名單上，但並不是每一年都同時有這 3 家在名單上。而且同樣的幾家一直都在這個組合裡。超過 10% 的客戶不會有任何令人意外之處。正如我們強調的，我們在西方的主要客戶年對年以雙位數百分比顯著成長。而我們在中國最大的客戶華為，年對年以雙位數百分比下滑。它們最終會落在 10% 客戶名單的哪個位置，我們得等到 K 出來再看。

Okay. So can you -- I was trying to get an answer around Huawei. So how material Huawei is to your revenue and to your outlook? Can you provide some insight to that?

好的。所以你能不能——我其實是想針對華為得到一個答案。所以華為對你們的營收以及對你們的展望有多重要？你能提供一些看法嗎？

Yes. I think, as I said, Huawei is hanging around and is around a 10% customer. That's why we want to wait and comment on the specific number on when the K comes out. They have been much larger and are declining year-over-year. And we expect to continue to decline over time as well given both our reduction and being in a limited set of SKUs, if you will, primarily high-end ROADMs with them as well as Western service providers moving away from Huawei and moving to Western network equipment manufacturers, where we have larger footprint. So we don't see it as a reduction in our overall global market share despite a reduction within Huawei.

是的。我想，如同我說的，華為大概仍維持在 10% 客戶附近。這也是為什麼我們想等到 K 出來再評論具體數字。他們過去曾經大得多，而且年對年正在下滑。我們也預期隨著時間推移會持續下滑，原因包括我們自身的縮減，以及（如果你願意這麼說）我們只在有限的一組 SKU 上供應他們，主要是高階 ROADM；同時西方的服務供應商也正在遠離華為，轉向西方的網路設備製造商，而我們在那裡的布局更大。因此，儘管在華為內部的占比下降，我們不認為這會導致我們整體全球市占率的下降。

Yes. Just to add to that, Chris, I think the other thing we've seen is a pickup in demand from other network equipment manufacturers in China that perhaps are gaining share in domestic China deployments. And so I think, overall, we're in a pretty good position with the China market.

是的。再補充一點，Chris，我想我們看到的另一件事是，中國其他一些網路設備製造商的需求有所回升，他們可能在中國國內部署中正在取得更多市占。所以我認為，整體而言，我們在中國市場的處境相當不錯。

This concludes our question-and-answer session. I would like to turn the conference back over to Jim Fanucchi for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Jim Fanucchi，請他做任何結語。

Great. Thank you, Drew. This does conclude our call for today. We would like to thank everyone for attending, and we look forward to talking with you all again when we report the first quarter of fiscal '22 results in early November. Thank you, and have a great day.

很好。謝謝你，Drew。今天的電話會議到此結束。我們要感謝各位的參與，也期待在 11 月初我們公布 2022 會計年度第一季業績時，再次與各位交流。謝謝，祝各位有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議已結束。感謝您參加今天的簡報。您現在可以掛線。