Lumentum Holdings Inc. (LITE) 2020 Q4 法說會逐字稿

Good day, and welcome to the Lumentum Fourth Quarter and Fiscal Year 2020 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

各位好，歡迎參加 Lumentum 2020 會計年度第四季與全年財報電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the conference over to Jim Fanucchi of Darrow Associates. Please go ahead.

現在我想把會議交給 Darrow Associates 的 Jim Fanucchi。請開始。

Thank you, operator. Welcome to Lumentum's Fourth Quarter and Fiscal Year 2020 Earnings Call. This is Jim Fanucchi from Darrow Associates, assisting Lumentum with its Investor Relations. 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.

謝謝，接線員。歡迎參加 Lumentum 2020 會計年度第四季與全年財報電話會議。我是 Darrow Associates 的 Jim Fanucchi，協助 Lumentum 的投資人關係。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 markets in which we operate and our position in such markets; the impact of COVID-19 and responsive actions thereto on our business and continuing uncertainty in this regard; trends and expectations for our products and technology; our expected financial performance, including our guidance as well as statements regarding our business initiatives and the achievement of synergies following our acquisition of Oclaro.

今天的電話會議將包含前瞻性陳述，包括關於我們所營運市場及我們在該等市場中的地位；COVID-19 及我們對此採取的因應行動對我們業務的影響，以及在此方面持續存在的不確定性；我們產品與技術的趨勢與預期；我們預期的財務表現（包括我們的財測），以及關於我們的業務倡議與在收購 Oclaro 後達成綜效的相關陳述。

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 March 28, 2020, and in Lumentum's 10-K for fiscal year 2020 ended June 27, 2020, which the company expects to file within 60 days of the fiscal year-end. 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.

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，特別是我們向 SEC 提交文件中所述的風險因素，包括截至 2020 年 3 月 28 日之會計季度的 Form 10-Q 季報，以及截至 2020 年 6 月 27 日之 2020 會計年度的 Lumentum Form 10-K 年報；公司預期將於會計年度結束後 60 天內提交。於本次電話會議中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. Lumentum's press release with the fourth quarter and full year fiscal 2020 results is available on its website at www.lumentum.com, under the Investors section and includes additional details about our non-GAAP financial measures and a reconciliation between our historical GAAP and non-GAAP results.

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皆為非 GAAP。非 GAAP 財務資訊不應被視為可取代或優於依 GAAP 編製之財務資訊。Lumentum 關於 2020 會計年度第四季與全年業績的新聞稿可於其網站 www.lumentum.com 的 Investors（投資人）專區取得，並包含我們非 GAAP 財務衡量指標的更多細節，以及我們歷史 GAAP 與非 GAAP 結果之間的調節表。

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

現在我將把電話會議交給 Alan 發表評論。

Thank you, Jim. Good morning, everyone. The fourth quarter capped off another record fiscal year. Earlier this month, we celebrated our fifth anniversary of being a stand-alone public company. And wow, what a 5 years it's been. We have accomplished a lot. Execution of our strategy has positioned us as a clear technology and market leader and enabled us to strongly grow revenue, margins and earnings per share every year since we became a stand-alone public company. This was accomplished despite the significant impact of product line exits and divestitures and more recently, COVID-19 and geopolitical headwinds.

謝謝你，Jim。各位早安。第四季為另一個創紀錄的會計年度畫下句點。本月稍早，我們慶祝成為獨立上市公司滿五週年。這五年真是令人驚嘆。我們完成了許多事。策略的執行使我們成為明確的技術與市場領導者，並讓我們自成為獨立上市公司以來，每年都能強勁成長營收、毛利率與每股盈餘。這些成果是在產品線退出與資產剝離的重大影響之下達成的，而近期更面臨 COVID-19 與地緣政治逆風。

From fiscal year '15 through fiscal year '20, our earnings per share grew at a compound annual growth rate of 47%. This includes additional shares related to M&A consideration and convertible debt. Over this period, our gross margin expanded from 33% to nearly 47%, and our operating margins expanded from 5% to nearly 27%. Our balance sheet is healthy with ample cash to fund further organic and inorganic growth. This has all been accomplished by focusing on markets with long-term growth trends, repeatedly introducing highly innovative, market-leading products, continuously improving our operations, establishing a clear leadership position in the new and rapidly expanding 3D sensing market, executing highly accretive M&A and wisely managing our capital structure and allocation.

從 2015 會計年度到 2020 會計年度，我們的每股盈餘以 47% 的年複合成長率成長。此數字包含與併購對價及可轉換公司債相關的額外股數。在此期間，我們的毛利率由 33% 擴張至接近 47%，營業利益率由 5% 擴張至接近 27%。我們的資產負債表健全，擁有充足現金可支應進一步的有機與非有機成長。這一切皆是透過聚焦具長期成長趨勢的市場、反覆推出高度創新且市場領先的產品、持續改善營運、在新且快速擴張的 3D 感測市場建立明確領導地位、執行高度增益的併購，以及審慎管理資本結構與資本配置而達成。

Fiscal '20 was a record year for revenue, margins and earnings. Our record results were driven by a product mix rich in differentiated high-margin products and the attainment of significant acquisition synergies. Illustrating the improvements we've made in our financial model is our fourth quarter gross margin performance, which was only 20 basis points below the record level attained in our second quarter despite the fourth quarter revenue being impacted by COVID-19. As pleased as I am with our accomplishments to date, I am as excited as ever about the opportunities ahead. I believe the future is truly bright at Lumentum.

2020 會計年度在營收、利潤率與獲利方面皆創下新高。我們的創紀錄表現來自於以差異化高毛利產品為主的產品組合，以及達成顯著的收購綜效。第四季毛利率表現展現了我們財務模型的改善：儘管第四季營收受到 COVID-19 影響，我們第四季毛利率僅比第二季創下的歷史高點低 20 個基點。雖然我對迄今的成就感到欣慰，但我對未來的機會同樣甚至更為振奮。我相信 Lumentum 的未來確實光明。

Long-term market trends and industry dynamics are more favorable now than when we became a public company 5 years ago. The world is accelerating its shift to increasingly digital and virtual approaches to work, entertainment, education, health care, social interaction and commerce. This is stressing the world's communication and cloud networks and driving the need for higher volumes of higher performance optical devices. In order to produce, communicate and consume increasingly digital content and participate in virtual and augmented experiences, the world needs more capable and secure devices that benefit from our 3D sensing and laser technologies.

長期市場趨勢與產業動態如今比我們五年前成為上市公司時更為有利。全球正加速轉向更數位化與虛擬化的工作、娛樂、教育、醫療照護、社交互動與商務方式。這使全球通訊與雲端網路承受壓力，並推動對更大量、更高效能光學元件的需求。為了生產、傳輸與消費日益數位化的內容，並參與虛擬與擴增實境體驗，世界需要更強大且更安全的裝置，而這些裝置可受益於我們的 3D 感測與雷射技術。

We are well positioned to capitalize on these trends. We are armed with a product portfolio rich in differentiated new products that are indispensable to customers and end markets globally. These include: optical communication products, such as high port count and MxN ROADMs; and high bandwidth coherent components and DCO modules. These are all essential to enabling the world's communication networks to scale to the bandwidths needed for our increasing digital and virtual way of life and work. Lasers devices for 3D sensing and LIDAR, which enable contactless entry and control systems, biometric security, computational photography, automotive safety and autonomous operation and augmented and virtual reality. And our commercial lasers enable more precise and efficient processing of a variety of materials, including the consumer electronics, semiconductor products and a broad range of durable goods.

我們已做好把握這些趨勢的準備。我們擁有以差異化新產品為主的產品組合，對全球客戶與終端市場而言不可或缺。包括：光通訊產品，例如高埠數與 MxN ROADM；以及高頻寬相干元件與 DCO 模組。這些對於使全球通訊網路擴展至支援我們日益數位化與虛擬化生活與工作所需的頻寬至關重要。用於 3D 感測與 LIDAR 的雷射元件，可支援非接觸式進出與控制系統、生物辨識安全、計算攝影、汽車安全與自動駕駛，以及擴增與虛擬實境。以及我們的商用雷射，可更精準且更有效率地加工各類材料，包括消費性電子、半導體產品與廣泛的耐久財。

Based on our view of the long-term opportunities ahead of us, we are strongly investing in R&D to further accelerate our leadership positions and enter new markets that benefit from our capabilities. Additionally, we are also investing strongly in increased manufacturing capacity and capabilities. Notable manufacturing capacity increases include the following major 3 investments. One, doubling of our indium phosphide wafer fab capacity over the next 18 months, as we believe the performance and capabilities provided by our indium phosphide laser chips and photonic-integrated circuits will be central to every telecom and datacom communication network, and perhaps over time, increasingly in 3D sensing and LIDAR applications.

基於我們對長期機會的看法，我們正大力投資研發，以進一步加速我們的領導地位並進入可受益於我們能力的新市場。此外，我們也大力投資於提升製造產能與能力。值得注意的產能提升包括以下三項主要投資。第一，在未來 18 個月內將我們的磷化銦晶圓廠產能加倍；我們相信，由磷化銦雷射晶片與光子積體電路所提供的效能與能力，將成為每一個電信與資料通訊網路的核心，並且隨時間推進，可能也會日益應用於 3D 感測與 LIDAR。

Two, expanding gallium arsenide device production capacity for our 3D sensing, automotive, industrial laser and telecom and datacom products as application for these products are expanding rapidly. And three, expanding capacity for next generation, high port count and MxN ROADMs as customers globally are designing their new networks based on these technologies.

第二，擴增砷化鎵元件的生產產能，以支援我們的 3D 感測、車用、工業雷射，以及電信與資料通訊產品，因為這些產品的應用正快速擴張。第三，擴增下一代高埠數與 MxN ROADM 的產能，因為全球客戶正以這些技術為基礎設計其新一代網路。

Now on to the fourth quarter comments and trends. Fourth quarter results exceeded our guidance range across all metrics. We executed well in our recovery from the COVID-19-related shutdowns and supply challenges and returned to pre-pandemic output exiting the quarter. Our manufacturing operations have implemented worker protective measures, including enhanced use of PPE and social distancing, and in many of our sites, our workforce that can perform their job functions while working from home continue to do so. Telecom and datacom demand is very strong, especially in our datacom chips, coherent components and modules and high-end ROADMs. Supply of these products limited fourth quarter revenue. Telecom transmission was the most impacted by COVID-19 supply challenges and as a result, declined a few million dollars sequentially. Telecom transport grew sequentially due to strong pump laser sales and increased sales of wavelength management and ROADM products. Prior quarter trends continued in datacom with strong chip demand, driving revenue growth. Chip sales became more than 95% of our datacom revenue but growth is still limited by wafer fab capacity. Current datacom chip backlog is nearly $150 million.

接著談第四季的評論與趨勢。第四季各項指標的結果皆超出我們的財測區間。我們在自 COVID-19 相關停工與供應挑戰的復原上執行良好，並在季度結束時恢復至疫情前的產出水準。我們的製造營運已實施員工防護措施，包括加強使用個人防護裝備（PPE）與保持社交距離；在我們許多據點中，能夠在家工作並完成職務的員工仍持續居家辦公。電信與資料通訊需求非常強勁，尤其是我們的資料通訊晶片、相干元件與模組，以及高階 ROADM。這些產品的供應限制了第四季營收。電信傳輸受 COVID-19 供應挑戰影響最大，因此較前一季下滑數百萬美元。電信傳送因強勁的幫浦雷射銷售，以及波長管理與 ROADM 產品銷售增加而較前一季成長。資料通訊方面延續前一季趨勢，晶片需求強勁，帶動營收成長。晶片銷售已占我們資料通訊營收的 95% 以上，但成長仍受晶圓廠產能限制。目前資料通訊晶片的在手訂單接近 1.5 億美元。

Looking to the first quarter, we expect telecom and datacom revenue to be higher than any time in more than a year. As I stated earlier, we are increasing production capacity in our fabs and our back-end assembly and test facilities. As additional capacity and new production staff have been coming online, we have been increasing our wafer starts to satisfy our very strong company backlog. As expected, industrial and consumer revenue declined due to customer seasonality and the timing of new customer programs. Revenue was higher than in our guidance assumption due to stronger-than-projected demand. We expect first quarter industrial and consumer revenue to be up strongly quarter-on-quarter as we are already supplying high volumes of our new products for future customer product launches. These new product shipments include our latest chips for user and world-facing applications.

展望第一季，我們預期電信與資料通訊營收將高於一年多以來的任何時點。如我先前所述，我們正在提升自有晶圓廠（fabs）以及後段封裝、組裝與測試（assembly and test）設施的產能。隨著新增產能與新進生產人員陸續到位，我們已提高晶圓投片（wafer starts），以滿足公司非常強勁的訂單積壓（backlog）。如預期所見，工業與消費性營收因客戶季節性因素及新客戶專案時程而下滑。由於需求強於原先預估，營收高於我們在指引中的假設。我們預期第一季工業與消費性營收將較前一季大幅成長，因為我們已在為客戶未來的產品上市供應新產品的高出貨量。這些新產品出貨包含我們最新的晶片，用於使用者端與世界端（world-facing）應用。

This seasonal ramp started later than last year. And as a result, we expect our second quarter shipments to be higher than our first quarter shipments, which is different than last year. While we continue to make very good progress on new Android opportunities, we are taking a conservative approach to Android revenue in our first quarter projections due to COVID-19 and geopolitical factors. Commercial lasers revenue was down approximately 13% quarter-on-quarter. This is a smaller decline than we had assumed in our guidance. Strength in lasers supporting the semiconductor end market partially offset the anticipated softness in fiber lasers. Lasers book-to-bill was substantially below 1. We expect lasers revenue to decline further over the next 2 quarters.

這波季節性拉升（ramp）開始得比去年晚。因此，我們預期第二季出貨量將高於第一季，這與去年不同。雖然我們在新的 Android 機會上持續取得非常良好的進展，但由於 COVID-19 與地緣政治因素，我們在第一季預測中對 Android 營收採取保守作法。商用雷射營收季對季約下滑 13%。這個降幅小於我們在指引中所假設的。支援半導體終端市場的雷射需求強勁，部分抵銷了我們預期光纖雷射走弱的影響。雷射的接單出貨比（book-to-bill）顯著低於 1。我們預期雷射營收在接下來 2 個季度將進一步下滑。

Our first quarter guidance assumes an approximate 25% sequential decline for lasers. These expected declines are related to the economy outside of China, which, given our customer mix, is mainly where our products ultimately end up. Additionally, the second half of the calendar year is seasonally softer for our solid-state lasers.

我們第一季指引假設雷射營收將較前一季下滑約 25%。這些預期下滑與中國以外的經濟狀況有關；以我們的客戶組合來看，我們的產品最終主要銷往這些地區。此外，就日曆年度而言，下半年通常是我們固態雷射（solid-state lasers）的季節性淡季。

Before handing it over to Wajid to review the numbers, I have a few more comments. Given the current geopolitical situation, I want to provide some color on our business with Huawei. Sales to Huawei declined 6% sequentially in the fourth quarter to the mid-$40 million range. We expect sales to Huawei to decline further in the first quarter. While most of the products we supply are indispensable to Huawei and we don't have visibility to any sharp demand reduction, given the current geopolitical uncertainty, we are taking a cautious approach to Huawei in our outlook. Wajid will provide more details on this.

在交給 Wajid 檢視數字之前，我還有幾點補充。鑑於目前的地緣政治情勢，我想就我們與華為的業務提供一些說明。第四季對華為的銷售季對季下滑 6%，至約 4,000 多萬美元的水準。我們預期第一季對華為的銷售將進一步下滑。雖然我們供應的大多數產品對華為而言不可或缺，且我們看不到需求會出現任何急遽下滑，但考量目前地緣政治不確定性，我們在展望中對華為採取審慎態度。Wajid 將就此提供更多細節。

Lumentum is a global company with sales and operations across a wide range of geographies. We are committed to the highest standard of social, ethical and environmental conduct and responsibility. These include promoting safe, diverse and inclusive workplaces, free from discrimination and harassment. In addition to our goals around product leadership, providing a great customer experience and executing to our financial commitments, our goal around corporate social responsibility and making contribution to society and our local communities are important to Lumentum and its employees.

Lumentum 是一家全球性公司，在廣泛的地理區域皆有銷售與營運。我們致力於最高標準的社會、倫理與環境行為與責任。這包括推動安全、多元且共融的職場，杜絕歧視與騷擾。除了我們在產品領導地位、提供卓越客戶體驗以及履行財務承諾方面的目標之外，我們在企業社會責任以及對社會與在地社區做出貢獻的目標，對 Lumentum 及其員工同樣重要。

I want to thank our employees around the world. They are the ones who have put us in such a great position, both financially as well as with our technology and product leadership. They have been incredible over the past 5 years and more recently, through the pandemic despite each having their own personal challenges, living and working in these times. They have gone above and beyond in their jobs while also helping the communities in which we operate. Our employees are absolutely the company's greatest asset. I'd also like to thank the rest of our stakeholders, including customers, suppliers and shareholders for their support and partnership over the past 5 years. They've all played a role in getting us to this point.

我要感謝我們遍布全球的員工。正是他們讓我們在財務面以及技術與產品領導地位方面，處於如此有利的位置。過去 5 年他們表現卓越，而近期在疫情期間，儘管每個人都面臨各自的個人挑戰、在這樣的時代生活與工作，他們依然令人敬佩。他們不僅在工作上超越職責，也協助我們營運所在的社區。我們的員工絕對是公司最重要的資產。我也要感謝其他利害關係人，包括客戶、供應商與股東，在過去 5 年的支持與合作。他們都在我們走到今天的過程中扮演了重要角色。

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. I, too, would like to thank our employees for their dedication and perseverance. I am absolutely amazed at their strong execution under such challenging circumstances.

謝謝你，Alan。各位早安。我也要感謝我們的員工展現出的投入與堅持。在如此艱難的情況下，他們仍能強力執行，我對此感到非常驚嘆。

Before diving into the fourth quarter results, some high-level comments and our full year fiscal '20 results. Net revenue for fiscal '20 was $1.68 billion, up 7% compared with fiscal '19 despite the significant top line impact of COVID-19 in the second half of the year and several product line wind downs and divestitures. Fiscal '20 Optical Communications segment revenue was up 11%, driven by growth in 3D sensing, datacom chips and telecom transmission and the contribution of the Oclaro acquisition. Our Laser segment revenue was down 16% compared to the prior year, driven by the impact of COVID-19 strongly exasperating an already slower lasers market compared with the prior year.

在深入第四季結果之前，先做一些高層次的評論，以及我們 2020 會計年度（fiscal '20）的全年結果。2020 會計年度淨營收為 16.8 億美元，較 2019 會計年度（fiscal '19）成長 7%，儘管該年度下半年 COVID-19 對營收帶來顯著衝擊，且我們也進行了多條產品線的收尾（wind downs）與剝離（divestitures）。2020 會計年度光通訊（Optical Communications）事業部營收成長 11%，主要由 3D 感測、資料通訊晶片與電信傳輸的成長，以及 Oclaro 併購案的貢獻所帶動。我們的雷射（Laser）事業部營收較前一年下滑 16%，主因是 COVID-19 的影響使原本就較前一年放緩的雷射市場進一步惡化。

For the full year, GAAP gross margin was 38.7%, GAAP operating margin was 12.2% and GAAP diluted net income per share was $1.75. Full year fiscal '20 non-GAAP gross margin expanded 700 basis points to 46.5%, driven by improvements in product mix and acquisition synergies. Non-GAAP operating margin expanded 610 basis points to 26.6% for the full year and non-GAAP net income increased by more than 38% relative to the prior year. Non-GAAP diluted net income per share expanded 27% to $5.42.

全年而言，GAAP 毛利率為 38.7%，GAAP 營業利益率為 12.2%，GAAP 稀釋後每股淨利為 1.75 美元。2020 會計年度全年 non-GAAP 毛利率擴張 700 個基點至 46.5%，主要受惠於產品組合改善與併購綜效。全年 non-GAAP 營業利益率擴張 610 個基點至 26.6%，non-GAAP 淨利較前一年增加超過 38%。non-GAAP 稀釋後每股淨利成長 27% 至 5.42 美元。

Operating expenses for the full year were 20% of revenue, up from 19% in the prior year, reflecting the full year of incremental acquisition expenses and an increase in R&D investments in new technology and customer programs. We have been simultaneously attaining R&D-related acquisition synergies and cutting investments in underperforming product lines while ramping investments in areas with stronger outlooks and returns.

全年營業費用占營收比重為 20%，高於前一年的 19%，反映併購所帶來的全年增量費用，以及在新技術與客戶專案上的研發（R&D）投資增加。我們一方面持續達成與研發相關的併購綜效，同時也削減對表現不佳產品線的投資，並加速投入於展望與報酬更佳的領域。

On the balance sheet. We ended the year with $1.55 billion in cash and short-term investments. We have $1.5 billion in aggregate principal convertible notes and no term debt. Of these convertible notes, $450 million is due in 2024 and $1.05 billion is due in 2026. The total cash interest expense associated with these notes is approximately $6 million per year. We are well positioned financially with a strong margin model, high levels of cash with low interest expense and long maturity financing.

就資產負債表而言，我們在年底時持有 15.5 億美元的現金與短期投資。我們有合計本金 15 億美元的可轉換公司債（convertible notes），且沒有定期借款（term debt）。在這些可轉債中，4.5 億美元將於 2024 年到期，10.5 億美元將於 2026 年到期。與這些票據相關的現金利息費用合計每年約 600 萬美元。我們在財務上處於良好位置，具備強健的利潤率模型、高水位現金、低利息費用以及長天期的融資結構。

Now turning to the fourth quarter's numbers. Net revenue for the fourth quarter was $368.1 million, which was down both 9% sequentially and year-on-year. GAAP gross margin for the fourth quarter was 36.9%, GAAP operating margin was 7.3% and GAAP diluted net loss per share was $0.06. Fourth quarter non-GAAP gross margin was 47.2%, which was up 170 basis points sequentially and up 830 basis points year-on-year. The sequential growth was driven by higher synergies in the quarter and an improvement in product mix, including an increase in Lasers gross margins. As Alan highlighted, this gross margin performance demonstrates the improvements we have made in our financial model.

接著看第四季數字。第四季淨營收為 3.681 億美元，季對季與年對年皆下滑 9%。第四季 GAAP 毛利率為 36.9%，GAAP 營業利益率為 7.3%，GAAP 稀釋後每股淨損為 0.06 美元。第四季 non-GAAP 毛利率為 47.2%，季對季上升 170 個基點，年對年上升 830 個基點。季對季的成長主要來自本季更高的綜效，以及產品組合改善，包括雷射毛利率的提升。如 Alan 所強調，這樣的毛利率表現展現了我們在財務模型上所做的改善。

Non-GAAP operating margin for the fourth quarter was 24.8%, which was down 20 basis points sequentially, but up 580 basis points year-on-year. Improvements year-on-year were driven by gross margin improvements. Non-GAAP operating expenses totaled $82.5 million or 22.4% of revenue. SG&A expense was $36.6 million. R&D expense was $45.9 million. Operating expenses continue to be a little lower than normal run rates due to COVID-19 reducing travel, trade show and other expenses.

第四季 non-GAAP 營業利益率為 24.8%，季對季下滑 20 個基點，但年對年上升 580 個基點。年對年的改善主要由毛利率提升所帶動。第四季 non-GAAP 營業費用合計為 8,250 萬美元，占營收 22.4%。銷售、一般及行政（SG&A）費用為 3,660 萬美元。研發（R&D）費用為 4,590 萬美元。由於 COVID-19 減少差旅、展會及其他費用，營業費用仍略低於正常的常態水準（run rates）。

Fourth quarter non-GAAP net income was $91.7 million. This includes $2.3 million of net interest and other income and $2 million of tax expense. Other income is down sequentially as interest rates on our cash and short-term investments are lower overall, and we are being more conservative in our investment portfolio. Non-GAAP diluted net income per share was $1.18 based on a fully diluted share count of 77.5 million.

第四季非 GAAP 淨利為 9,170 萬美元。其中包含 230 萬美元的淨利息及其他收入，以及 200 萬美元的所得稅費用。其他收入較前一季下滑，因為我們現金與短期投資的利率整體較低，且我們在投資組合上採取更保守的策略。非 GAAP 稀釋後每股淨利為 1.18 美元，係以完全稀釋後股數 7,750 萬股計算。

Turning to segment details. Fourth quarter Optical Communications segment revenue at $330.3 million decreased 8% sequentially due primarily to 3D sensing seasonality and COVID-19-related supply limitations. Year-on-year, Optical Communications segment revenue decreased 7% due to lower telecom and datacom revenue with the exit of datacom modules and COVID-19 supply limitations, which more than offset higher 3D sensing revenue. Although the segment revenue declined, Optical Communications segment gross margin at 46.6% increased 160 basis points sequentially due to higher synergies in the quarter and a brighter product mix within telecom and datacom and increased 830 basis points year-on-year due to a more favorable mix of products, improved telecom and datacom margins and acquisition synergies.

接著說明各事業部門細節。第四季光通訊（Optical Communications）事業部營收為 3.303 億美元，較前一季下滑 8%，主要因 3D 感測的季節性因素以及 COVID-19 相關的供應限制。年對年而言，光通訊事業部營收下滑 7%，原因是電信與數據通訊（datacom）營收較低（包含退出數據通訊模組業務）以及 COVID-19 供應限制，這些因素的影響超過 3D 感測營收的成長。儘管部門營收下滑，光通訊事業部毛利率為 46.6%，較前一季提升 160 個基點，主要受惠於本季更高的綜效、電信與數據通訊更佳的產品組合；年對年則提升 830 個基點，係因產品組合更有利、電信與數據通訊毛利率改善，以及併購綜效。

Our Lasers segment revenue at $37.8 million decreased 13% sequentially and 21% year-on-year due to lower fiber laser sales, offsetting strong solid-state laser sales. Fourth quarter Lasers gross margin increased 52.9% due to a better product mix and lower manufacturing costs.

我們雷射（Lasers）事業部營收為 3,780 萬美元，較前一季下滑 13%，年對年下滑 21%，主因光纖雷射銷售下滑，抵銷了固態雷射的強勁銷售。第四季雷射毛利率提升至 52.9%，係因產品組合更佳以及製造成本降低。

Now on to our guidance for the first quarter of fiscal '21. Please note, the outlook we are providing 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 '21 to be in the range of $430 million to $455 million. This revenue projection includes telecom and datacom growing sequentially due to strong demand and recovery from COVID-19 supply limitations; Industrial and consumer increasing strongly quarter-on-quarter due to new customer programs and consumer electronic seasonality; and commercial lasers decreasing by approximately 25% sequentially due to end market demand caused by the slowdown in industrial production globally. This guidance does not hinge upon material additional shipments to Huawei beyond those made to date.

接下來是 2021 會計年度第一季的財測指引。請注意，我們提供的展望以非 GAAP 基礎編製，並以截至今日的假設為基礎。我們預期 2021 會計年度第一季淨營收將介於 4.30 億至 4.55 億美元。此營收預測包含：電信與數據通訊因需求強勁及自 COVID-19 供應限制中復甦而較前一季成長；工業與消費性業務因新客戶專案及消費性電子季節性而較前一季大幅成長；商用雷射則因全球工業生產放緩導致終端市場需求下降，預期較前一季下滑約 25%。本指引不依賴於截至目前已出貨之外、對華為的任何重大額外出貨。

Based on this, we project first quarter operating margin to be in the range of 28% to 30% and diluted net income per share to be in the range of $1.40 to $1.55. These projections incorporate an approximate share count of 79 million and estimated other income of $1.5 million and an estimated tax expense of $13 million. The estimated other income is lower than levels in the recent past due to lower interest rates in general and our taking more conservative positions in our short-term investments. The increase in our relative tax expense is due to increasing profit levels, especially in jurisdictions with higher tax rates.

基於上述，我們預估第一季營業利益率將介於 28% 至 30%，稀釋後每股淨利將介於 1.40 美元至 1.55 美元。這些預估包含約 7,900 萬股的股數、預估其他收入 150 萬美元，以及預估所得稅費用 1,300 萬美元。預估其他收入低於近期水準，係因整體利率較低，以及我們在短期投資上採取更保守的部位。相對稅負費用上升，係因獲利水準提高，尤其是在稅率較高的司法管轄區。

Before wrapping up, I'd like to make a few comments when thinking about the coming fiscal year. In fiscal '20, we had approximately $62 million of revenue from low-margin product lines that we expect will be immaterial in fiscal '21. In addition, for fiscal '20, we had $221 million of Huawei revenue, which declined through the year, ending in the mid-$40 million range in the fourth quarter.

在結束前，我想就即將到來的會計年度提出幾點看法。於 2020 會計年度，我們約有 6,200 萬美元來自低毛利產品線的營收，我們預期在 2021 會計年度將不具重大性。此外，2020 會計年度我們來自華為的營收為 2.21 億美元，且在年度期間持續下滑，第四季結束時落在 4,000 多萬美元的區間。

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，開始問答環節。Jim？

Thank you, Wajid. Before we start the question-and-answer session, I would like to ask everyone to keep to one question and one follow-up. This should help us get to everyone before the end of our allotted time.

謝謝你，Wajid。在開始問答環節之前，我想請大家每人只提一個問題並加上一個追問。這將有助於我們在既定時間內讓每位都能提問。

Operator, let's begin with a question-and-answer session.

接線員，我們開始問答環節。

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

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

Congratulations on the really nice results. I just wanted to start broadly with your telecom and datacom markets. Clearly, in the quarter, you had some capacity constraints and you overcame those. Can you talk about what trends you're seeing there? ROADM demand seems to be really strong. And you mentioned some additional investment there. Can you talk about how big you think that market can be and why it's so important that you need to show some additional investment there?

恭喜你們交出非常亮眼的成績。我想先從你們的電信與數據通訊市場整體談起。很明顯在本季你們遇到了一些產能限制，但也克服了。能否談談你們在那裡看到的趨勢？ROADM 的需求看起來非常強勁。而你們也提到在那裡會增加一些投資。能否談談你們認為那個市場規模可能有多大，以及為什麼它如此重要、以致於你們需要在那裡加碼投資？

Yes. Thanks, Tom. Yes. We saw strong demand from, as I said, the high-end ROADMs across the board, across geographies, datacom chips, and a combination of both hyperscale 400-gig transceiver-type chips to deployment of 5G backhaul and the like. So I think as we indicated in the script, we have $150 million of datacom chip backlog. And today, we're shipping approximately $50 million and growing that. So you can see it's going to take us some time to catch up with the datacom chip business.

是的。謝謝，Tom。是的。我們看到強勁需求，正如我所說，來自高階 ROADM，涵蓋各產品線、各地區；也包括數據通訊晶片，以及兩者的組合——從超大規模（hyperscale）400G 收發器類型晶片，到 5G 回傳（backhaul）部署等。因此我想如同我們在稿子中提到的，我們有 1.5 億美元的數據通訊晶片積壓訂單（backlog）。而目前我們大約出貨 5,000 萬美元，且仍在成長。所以你可以看到，我們需要一些時間才能追上數據通訊晶片業務的需求。

On the telecom transmission business, it was most impacted by COVID through the March through May time frame. That's now back to being able to produce actually more than what we were producing before as we've added capacity. And we saw strong demand on our coherent ACOs, DCOs as well as our high-end coherent components that are going into 400, 600 and even 800 gig coherent transponders. So it's a pretty broad range of strong demand across the board.

在電信傳輸業務方面，受 COVID 的影響最大是在 3 月到 5 月期間。現在隨著我們增加產能，已經回到能夠生產、甚至實際上比之前生產更多的狀態。我們也看到對相干 ACO、DCO，以及用於 400G、600G 甚至 800G 相干轉發器（coherent transponders）的高階相干元件有強勁需求。因此整體而言，各領域都呈現相當廣泛且強勁的需求。

Great. And then my follow-up was on Huawei. You've seen some of your peers take Huawei out of guidance as well. Can you talk about what you mean by derisking Huawei? It seems like you've taken orders to date, and that's included in your guidance and then you basically assumes no additional revenue. Just some clarity there would be helpful in understanding what the derisk actually means.

很好。那我的追問是關於華為。你們也看到一些同業把華為從財測指引中移除。能否談談你們所說的「降低華為風險（derisking Huawei）」是什麼意思？看起來你們截至目前已接到的訂單已納入指引，然後基本上假設不再有額外營收。希望能更清楚了解這裡的假設，才能理解「降風險」實際代表什麼。

Tom, this is Chris. Thanks for the question. Yes. So our business with Huawei has been declining over the past year or a little more than a year with the U.S. action. And -- but underneath that decline in revenue, what has been happening at a product level is products that they can get from other non-U.S. suppliers, I think they have generally moved away from us. And what remains in our revenue are products that we're the only guy or the other supplier is another U.S.-based supplier. And they continue to have business globally and, therefore, we expect we will continue to have business with them on those indispensable products without any visibility into a cliff, if you will, out there.

Tom，我是 Chris。謝謝你的問題。是的。由於美國的行動，我們與華為的業務在過去一年或一年多以來一直在下滑。不過在營收下滑的表象之下，產品層面實際發生的是：對於他們可以從其他非美國供應商取得的產品，我認為他們通常已經轉向不再向我們採購。而目前留在我們營收中的，是我們是唯一供應商，或另一家供應商也是美國供應商的產品。他們仍在全球持續經營業務，因此我們預期在這些不可或缺的產品上，將會持續與他們有業務往來，且我們並未看到所謂「斷崖式下滑（cliff）」的能見度。

Having said all that, obviously, we're trying to be very conservative and ensure that if there was something out there that did happen during the quarter that we're not in a challenging position.

話雖如此，顯然我們正努力採取非常保守的作法，確保即使本季期間真的發生了某些情況，我們也不會處於艱難的局面。

The other key point on Huawei and those indispensable products is that we have lots of other customers for those products and we're capacity constrained on most of those products. Therefore, even if we were to see a limitation coming from Huawei from a demand standpoint, we should be able to redirect that to other customers. And in a sense, that's largely contemplated in our guidance. So I wouldn't, in a sense, take up our outlook just because we've removed it. And there's -- if there wasn't something that went wrong for the remainder of the quarter with Huawei, I wouldn't take up numbers because we could be shipping that to somebody else, and that's already in our guidance assumption.

關於華為以及那些不可或缺產品的另一個重點是：我們對這些產品還有許多其他客戶，而且在其中多數產品上我們都受限於產能。因此，即使我們看到來自華為的需求端出現限制，我們也應該能把產能轉向其他客戶。某種程度上，這也已大致反映在我們的指引之中。所以我不會因為我們把它移除，就在某種意義上上調我們的展望。而且——如果在本季剩餘期間華為那邊沒有出什麼問題，我也不會上調數字，因為我們本來就可以把那些出貨轉給其他人，而這已經包含在我們的指引假設裡。

Next question comes from Rod Hall of Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Rod Hall。

I wanted to start off with 3D. The indications here are pretty strong, both now and as you look forward. I wonder if maybe, Alan, you could comment on your share position, what you think that looks like in the fall? I mean, it feels like it's pretty good. And then the second thing that I wanted to ask about is CapEx. With all the capacity expansion, can you guys give us some idea of what the CapEx outlook is going to be maybe going into next year?

我想先從 3D 談起。這裡的跡象相當強勁，不論是現在或往前看都是如此。我想請教也許 Alan 你可以評論一下你們的市占位置，以及你認為到秋季時會是什麼樣子？我的感覺是相當不錯。第二個我想問的是資本支出（CapEx）。在所有產能擴張之下，你們能否給我們一些資本支出展望的概念，可能是展望到明年？

Yes. Thanks, Rod. I'll take the 3D sensing question and then let Wajid answer the CapEx question.

是的。謝謝，Rod。我先回答 3D 感測的問題，然後再讓 Wajid 回答資本支出（CapEx）問題。

I think we're positioned quite well. I mean, I think we've been the lead supplier for multiple generations of products and have a pipeline of new products that will be introduced over the coming years, multiple years. So I think we are -- we view ourselves as the leader by -- clear leader, both from the standpoint of what we have shipped in the past as well as what we think we're going to ship in the future. And we're doing quite well on the new products. So I think as we look at the pie expanding as more content per device and more devices and the rollout of 5G, I think we're positioned quite well to continue to maintain a very good share of that business. And it comes down to execution, and we've been able to show our customers that we can execute. We can provide them with high-yielding product in their factories and 0 defect in the product. So I think from that perspective, we're trying to give our customers every reason to want to continue to buy a high percentage of the share from us. And so I think that's where we are today on that.

我認為我們的布局相當不錯。我的意思是，我們一直是多個產品世代的主要供應商，而且我們有一系列新產品管線，將在未來幾年、甚至多個年度陸續導入。所以我認為我們——我們把自己視為領導者——明確的領導者，無論是從過去出貨的角度，或是從我們認為未來將出貨的角度來看。而且我們在新產品方面也做得很好。因此，當我們看到隨著每台裝置的內容量增加、裝置數量增加，以及 5G 的推廣使整體市場「大餅」擴大時，我認為我們處於非常有利的位置，能持續維持這項業務中非常好的市占。這歸根究柢在於執行力，而我們已經向客戶證明我們能夠執行：我們能在他們的工廠提供高良率的產品，並且產品達到零缺陷。因此，從這個角度來看，我們正努力給客戶充分理由，讓他們願意持續向我們採購很高比例的份額。這就是我們目前在這方面的狀況。

Wajid, do you want to take the CapEx question?

Wajid，你要回答資本支出（CapEx）問題嗎？

Yes. Sure. Okay. So on Capex, our general rule of thumb is is that we'd like to keep CapEx at a rate that hovers around depreciation. Our fiscal '20, we were a little bit lower than that. And moving into fiscal '21, we're actually expecting our capital spending to increase somewhere in the 20% to 25% range year-over-year. So you could probably see a CapEx of somewhere between $100 million and $110 million for fiscal year '21.

是的。當然。好的。關於資本支出（CapEx），我們一般的經驗法則是，希望 CapEx 維持在大致與折舊相當的水準。我們在 2020 會計年度（fiscal '20）略低於這個水準。進入 2021 會計年度（fiscal '21）後，我們預期資本支出將年增約 20% 到 25%。因此，你大概可以看到 2021 會計年度的 CapEx 介於 1 億美元到 1.1 億美元之間。

Now as Alan pointed out in his prepared remarks, we're very laser-focused on where we're putting that money. So we're putting that CapEx investments around products that have higher gross margins, and we see a lot of backlog and a lot of customer demand, and we think that we are either the major supplier or the #1 and only supplier for those products. And so that's what's giving us a lot of confidence in the type of returns we'll see on that capital investment.

如同 Alan 在事先準備的發言中指出的，我們非常聚焦於這筆資金的投放方向。因此，我們把這些 CapEx 投資放在毛利率較高的產品上，我們看到大量積壓訂單（backlog）與強勁的客戶需求，而且我們認為在這些產品上，我們不是主要供應商，就是第 1 且唯一的供應商。這也讓我們對這些資本投資可帶來的報酬類型充滿信心。

Next question comes from Samik Chatterjee of JPMorgan.

下一個問題來自 JPMorgan 的 Samik Chatterjee。

I just wanted to start off and see if I can dig into the margin expansion here a bit. Looking at 800 basis points of year-on-year margin expansion in Optical Communications and assuming you couldn't have achieved it without improving telecom margins, where you've mentioned product mix a couple of times already. Just help me think about sustainability of those margins and particularly, the opportunity to improve it further and what role maybe some of these capacity constraints that you have right now are playing in driving those better margins. And I have a follow-up.

我想先從毛利率擴張談起，看看能否再深入一點。光通訊（Optical Communications）年對年毛利率擴張了 800 個基點，並且假設若沒有改善電信端毛利率就不可能達成，而你們也已經提到幾次產品組合。請幫我理解這些毛利率的可持續性，特別是進一步改善的機會，以及你們目前的一些產能限制在推動更好毛利率方面可能扮演了什麼角色。我還有一個追問。

Yes. Sure. Okay. I'll start off, and then Alan and Chris can also jump in if they think I've missed something. So you're absolutely right. We've seen just a great improvement in our gross margins year-on-year, specifically in that segment of the business. A lot of it has been driven by synergies that we've had happen every single quarter. And now what we're seeing as we're entering fiscal '21 is that all of those synergies are accumulating, so we're getting a much better impact of those.

是的。當然。好的。我先回答，然後 Alan 和 Chris 如果覺得我漏了什麼也可以補充。你說得完全正確。我們的毛利率年對年確實有非常顯著的改善，尤其是在該業務部門。很大一部分是由我們每一季都持續實現的綜效所帶動。而現在，當我們進入 2021 會計年度時，我們看到這些綜效正在累積，因此其影響更為明顯。

Our product mix is improving. You heard Alan say that we've got approximately $150 million worth of datacom chip backlog. You can appreciate the type of pricing power that allows us to have as well as just improving our overall product mix within our Optical Communications segment. We've removed $62 million worth of low-margin products that won't be there in fiscal year '21. That's also having a very strong impact.

我們的產品組合正在改善。你也聽到 Alan 說我們大約有 1.5 億美元的資料通訊（datacom）晶片積壓訂單。你可以理解，這讓我們具備一定的定價能力，同時也改善了我們在光通訊部門內的整體產品組合。我們已經移除了 6,200 萬美元的低毛利產品，這些在 2021 會計年度將不再存在，這也帶來非常強的正面影響。

And I think one of the things that we didn't mention on the call that I'd like to point out now is the new products that are coming out specifically within telecom transmission and telecom transport, the margin profile that we're expecting from those are also better than the older products. And that's one of the reasons we're investing in the type of capital that we are. A 20% to 25% increase in capital spending year-on-year is not a small sum of money, especially given the fact that we're focusing those capital investments in specific areas related to datacom chips and telecom transmission. So because of those tailwinds, we certainly see the sustainability of those gross margins.

我認為還有一點我們在電話會議中沒有提到，但我現在想指出：在電信傳輸（telecom transmission）與電信傳送（telecom transport）領域即將推出的新產品，我們預期其毛利結構也優於舊產品。這也是我們投入這類資本支出的原因之一。資本支出年增 20% 到 25% 並不是小數目，尤其考量到我們把這些資本投資聚焦在與資料通訊晶片及電信傳輸相關的特定領域。因此，基於這些順風因素，我們確實看好這些毛利率的可持續性。

The one thing I also didn't mention is our world-facing products. We're seeing strong demand for that, moving from our fiscal Q4 into our Q1 and into our Q2. Alan mentioned in his prepared remarks that we're expecting to see stronger demand in the back half of this calendar year. That's all coming from world-facing products and that's expected to have a strengthening improvement on our gross margins as well. So we're feeling quite confident. You saw in fiscal '20, we had -- every single quarter was above 45% gross margins, and we had not seen that in fiscal '19. And so we're looking forward to keeping that up in fiscal '21 and improving from a very strong baseline that we've got. Okay?

另外一點我也沒提到的是我們的「世界面向（world-facing）」產品。我們看到這方面需求強勁，從我們的 2020 會計年度第 4 季延續到第 1 季、再到第 2 季。Alan 在事先準備的發言中提到，我們預期在今年曆年的下半年需求會更強，這些都來自世界面向產品，並且也預期會進一步強化我們的毛利率。因此我們相當有信心。你也看到在 2020 會計年度，我們——每一季的毛利率都高於 45%，而在 2019 會計年度我們並沒有看到這種情況。因此，我們期待在 2021 會計年度維持這樣的表現，並在既有的強勁基礎上再進一步提升。好嗎？

If I can just follow-up on just thinking about the restrictions here on Huawei. And as they take hold, if Huawei does give up share in Europe to some of the other optical system players that you are a supplier to as well, how should I think about Lumentum's content per system with the likes of Ciena or Nokia relative to Huawei and what kind of impact that would have if market share shifts in the overall landscape?

我可以追問一下關於對華為的限制嗎？隨著這些限制生效，如果華為在歐洲把市占讓給你們同樣也供貨的其他光學系統廠商，那我該如何看待 Lumentum 在像是 Ciena 或 Nokia 這類廠商的每套系統內容量（content per system）相對於華為的差異？如果整體市場版圖出現市占移轉，會帶來什麼影響？

Yes. I think if you look at our business with Huawei compared to their market share and then look at the western companies and our share of their wallet. Clearly, we have a better share of wallet outside of Huawei, which means that over time, if and when carriers decide to move away from Huawei, that will be actually an increase in our available market, should it go to other competitors of theirs, just given the share of the market they have and our share of their wallet. So I think from that perspective -- but keep in mind, the shift from one network equipment manufacturer to another doesn't happen in 1 quarter. It happens over several quarters. And so that does take time. But when that shift or if that shift does happen, I think it's a good thing for Lumentum and our products.

是的。我認為如果你把我們與華為的業務量相對於他們的市場份額來看，再去看西方公司的市場份額以及我們在他們「錢包份額（share of wallet）」中的占比，很明顯我們在華為以外的客戶有更高的錢包份額。這意味著，隨著時間推移，如果電信營運商決定逐步遠離華為，而份額轉向他們的其他競爭對手，考量到華為原本的市場份額以及我們在其他廠商的錢包份額，這實際上會增加我們可服務市場（available market）。因此從這個角度來看——但請記住，從一家網路設備製造商轉換到另一家，不會在 1 個季度內完成，而是會跨越好幾個季度，所以需要時間。不過當這種轉移發生、或如果發生，我認為這對 Lumentum 及我們的產品是好事。

The next question comes from Alex Henderson of Needham & Company.

下一個問題來自 Needham & Company 的 Alex Henderson。

I was hoping you could talk a little bit about the 3D sensing market in context of whether you think the various pressures that have developed will impact the amount of demand in the back half or whether the increase in world-facing is sufficient to offset any possible decline in handsets and to what extent you're looking at some visibility on the Android market.

我希望你們能談談 3D 感測市場，特別是在目前出現的各種壓力背景下，你們是否認為這會影響下半年需求量；或者世界面向（world-facing）的增加是否足以抵消手機可能下滑的影響；以及你們對 Android 市場的能見度大概到什麼程度。

Yes. Let me take a shot at it, Alex, and then let Chris chime in. I'd say that we are not a predictor of how successful product launches at our customers will be. But that said, I think that the signals we're getting from our customers are quite strong with respect to new products and the rollout of 5G. So again, more content per device, more new chips across the board on new devices, which come with higher average selling prices, as the chips are somewhat bigger, and then more units that these devices are going into with a growing market for 5G and a refresh cycle that is expected, at least in my mind, expected to generate additional demand. So you pile all those things together, the pie is getting very large relative to where it was last year, and we think we're maintaining a very, very good share of that business.

是的。Alex，我先嘗試回答，然後再讓 Chris 補充。我會說，我們並不是用來預測客戶產品發表成功與否的。但即便如此，我認為我們從客戶那裡得到的訊號相當強勁，尤其是關於新產品以及 5G 的推廣。因此，再次強調：每台裝置的內容量增加、新裝置上全面採用更多新晶片，而這些晶片因尺寸稍大而帶來更高的平均售價（ASP）；再加上 5G 市場成長使這些裝置導入的出貨量增加，以及我認為預期會出現的換機週期將帶來額外需求。把這些因素加總起來，整體市場「大餅」相較去年變得非常大，而我們認為我們能維持這項業務非常、非常好的市占。

As for the Android market, we're still engaged with every single one of the Android handset players. That said, their incorporation of 3D sensing has been only at the very high end and still yet to get into the mid-range where the volumes are substantially larger. And so our outlook contemplates that continuing. And then we'll see what happens in calendar '21 with the Android market. I think our efforts are to continue to be the partner for everyone and make sure that we're there to support them, and if and when they put those on to more of the mainstream devices, then we'll see that market expand even further.

至於 Android 市場，我們仍然與每一家 Android 手機廠商保持合作。話雖如此，他們導入 3D 感測目前仍僅限於非常高階的機種，尚未進入出貨量大得多的中階市場。因此，我們的展望也假設這種情況會持續。接著我們會觀察 2021 年曆年（'21）Android 市場的發展。我認為我們的努力方向是持續成為所有人的合作夥伴，確保我們能提供支援；而一旦他們把這些功能導入更多主流裝置，那麼我們就會看到該市場進一步擴大。

Chris, do you have anything to add on that?

Chris，你有什麼要補充的嗎？

I think the only thing to add is Alex's question really focused on the second half of the calendar year and I think everything Alan said lines up. There's also that some of major customer timelines may have shifted out, which can move where our revenue is between September and December quarters and perhaps even some bleed from what normally you would think of as the second half of the calendar year into the first part of the next calendar year. That's something that I'm -- we're speculating on, don't have that firm yet, but something to just call out as people should think about, as you said of the moving headwinds, tailwinds in this industry. And it's not just volumes. It's also timing.

我想唯一要補充的是，Alex 的問題其實聚焦在曆年下半年，而我認為 Alan 所說的一切都一致。另外，也可能有一些主要客戶的時程往後移，這會影響我們 9 月與 12 月季度之間的營收分布，甚至可能出現一些原本你會認為屬於曆年下半年的營收，延後到下一個曆年的前半段。這點我——我們是在推測，目前還沒有很確定，但值得提醒大家思考；正如你所說，這個產業的逆風、順風會移動。而不只是量的問題，也包含時點。

So if I could follow up, just to punctuate the point. Does it -- it sounds like you're saying that in CY 3Q, 4Q, the back half of the calendar year, that you would expect 3D sensing will be up year-over-year given those positive commentary? Is that reasonable to expect?

那如果我可以追問一下，為了強調這個重點。聽起來你是在說，在曆年第三季、第四季，也就是曆年後半段，基於那些正面的評論，你會預期 3D 感測會年增。這樣的預期合理嗎？

I think the opportunity is certainly there and we think that the total pie is, this year for second half over second half, substantially larger. Obviously, we guide 1 quarter at a time. And as we've seen in the past, this business outlook can move around pretty quickly. But that's certainly our expectation given, as Alan highlighted, the increased dollar content per handset is substantially larger, and therefore, the overall opportunity should be significantly up year-over-year.

我認為機會當然存在，而且我們認為今年下半年相較去年下半年，整體市場規模（total pie）會大幅變大。當然，我們一次只提供一個季度的指引。而且如同過去所見，這個業務展望可能很快就會變動。但基於 Alan 強調的重點——每支手機的美元內容（dollar content）顯著提高——因此整體機會應該會明顯年增，這確實是我們的預期。

The next question comes from Meta Marshall of Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）的 Meta Marshall。

Great. And just a clarifying question. Kind of on the remaining $40 million of revenue that is going into Huawei, is most of that equipment or most of that supply going outside of the country, so kind of into their engagements in other countries? And is any of what you're supplying still servicing within the country?

很好。我有個釐清問題。關於剩餘將出貨給華為的 4,000 萬美元營收，其中大部分是設備，還是大部分供應是運往境外、也就是用在他們在其他國家的專案？以及你們供應的產品是否仍有任何部分是在中國境內提供服務？

And then maybe the second question, just on the $150 million of wafer backlog or orders that you noted. You noted that you were kind of doubling your capacity. But should we consider that that's a number you could achieve over the next couple of years or just kind of timeline when you think you could achieve those orders?

第二個問題，關於你提到的 1.5 億美元晶圓（wafer）積壓訂單或訂單。你提到你們正在把產能加倍。但我們應該把它視為你們在未來幾年內可以達成的數字嗎？或是你認為大概什麼時程可以達成這些訂單？

So I'd say that it's not perfectly clear where our products are ending up as we ship them to Huawei. I'd say that anecdotally, we know there's large deployments happening today in China that are using, for instance, our high-end ROADMs. So I would speculate that the majority of our production shipments are staying within China. Although I know that there are deployments going with our product outside of China. So I'd say it's a dynamic mix as carriers decide to go with Huawei or not to go with Huawei. And we're seeing mix shifts and customer shifts as those decisions get made.

我會說，我們把產品出貨給華為後，最終流向哪裡其實不是完全清楚。我會說，從一些軼聞來看，我們知道目前在中國有大量部署正在進行，例如使用我們的高階 ROADM。因此我會推測，我們的大部分量產出貨應該留在中國境內。雖然我也知道，在中國以外也有使用我們產品的部署。所以我會說，這是一個動態的組合，取決於電信業者決定是否採用華為。我們也看到隨著這些決策形成，組合與客戶都在轉移。

So I'd say that I -- as we said in the script, our business with Huawei is expected to continue to go down this quarter. I would be surprised if they're even a 10% customer in fiscal '21. But we're still working with them on new product designs and technology and products that are -- we are the leader on and continue to partner with them on. So I think we're keeping the door open and we'll see what happens.

另外我會說——正如我們在講稿中提到的，我們與華為的業務預期本季會持續下滑。我會很驚訝如果在 2021 財年（fiscal '21）他們仍占我們營收 10%。但我們仍與他們在新產品設計與技術、以及我們具領先地位的產品上合作並持續夥伴關係。所以我認為我們會保持合作的可能性，接著再看會發生什麼。

As for the datacom chip backlog of $150 million, again, we're shipping approximately $50 million a quarter. We're growing that incrementally every quarter and kind of the increments come in chunks. And so as we said, we're going to double the indium phosphide production capacity over the next 18 months. One could imagine that 6 quarters from now, we could be shipping $100 million of datacom chips at that point in time.

至於 1.5 億美元的資料通訊（datacom）晶片積壓訂單，我們目前每季出貨約 5,000 萬美元。我們每一季都在逐步成長，而這種增量通常是以一段一段的方式出現。因此如我們所說，我們將在未來 18 個月把磷化銦（indium phosphide）的產能加倍。可以想像在 6 個季度之後，我們屆時可能每季能出貨 1 億美元的資料通訊晶片。

So I'd say at today's run rate, we have 3 quarters of backlog. We're trying to catch that up as fast as we can. Orders are continuing to come in. So it's a fight that we're working to try to overcome and increase yields, increase productivity and get more out of the assets we have, while at the same time, increasing our capabilities in our fab.

所以我會說，以今天的運行速度來看，我們有 3 個季度的積壓訂單。我們正盡快追趕。我們仍持續收到訂單。所以這是一場我們正在努力克服的戰役：提高良率、提升生產力，從現有資產中產出更多；同時也在我們的晶圓廠（fab）提升能力。

Alan, I'd like to add to the point about domestic sales in China. We're also significantly increasing our business with other customers in China who are also buying high-end ROADMs and other of our very differentiated products. So our access to the Chinese market, domestically, that is, is still strong and in some ways, increasing in that as the metro deployments or the equivalent of metro deployments grow in China based on high-end ROADMs, we are supplying to all of the major network equipment manufacturers in China.

Alan，我想補充一點關於中國境內銷售。我們也正在大幅增加與中國其他客戶的業務，這些客戶也在採購高階 ROADM 以及我們其他高度差異化的產品。因此，我們在中國市場（也就是境內市場）的可及性仍然強勁，而且在某些方面還在提升；因為隨著中國都會網（metro）部署或等同於都會網部署的成長、並以高階 ROADM 為基礎，我們正在供應給中國所有主要的網路設備製造商。

Good point. Thanks, Chris.

好重點。謝謝，Chris。

The next question comes from John Marchetti of Stifel.

下一個問題來自 Stifel 的 John Marchetti。

Actually, Chris, I just wanted to follow up on that last point that you made with some of the other suppliers in China. Judging from the comments you guys have made, it sounds like you're still obviously expecting to ship to Huawei this year although, obviously, it's declining year-over-year. But is there a chance, I guess, that you think your China business overall is either on par with what we saw in fiscal '20 or maybe even a little bit higher if some of these other suppliers that maybe you didn't do as much with historically start to pick up some of that slack within the China market?

其實，Chris，我想就你剛才提到的、關於中國其他供應商的那點再追問一下。從你們的評論來看，聽起來你們今年仍然預期會出貨給華為，雖然很明顯是年減。但我想問的是，整體而言，你是否認為你們在中國的業務有可能與 2020 財年（fiscal '20）大致持平，甚至略高？如果一些你們過去合作較少的其他供應商開始在中國市場承接部分缺口的話。

Yes. I mean, I think that that's certainly in the aggregate when you add up all of Chinese customers. I think the one -- because the demand is strong and increasing in China and our relevance to customers outside Huawei is also increasing significantly. The only slight modulation I'd point, which is just a subtlety, that of those products we've discontinued, which include datacom transceivers and lithium niobate modulators, that our customers in China were a relatively large percentage of that business. But if you were to normalize for that, then absolutely.

是的。我認為把所有中國客戶加總起來，整體上確實可能如此。因為中國的需求強勁且持續增加，而我們對華為以外客戶的重要性也在顯著提升。我唯一想指出的一點小幅調整（只是個細微之處）是：在我們已停產的那些產品中——包括資料通訊收發器（datacom transceivers）與鈮酸鋰調變器（lithium niobate modulators）——中國客戶在那部分業務中占比相對較高。但如果把那個因素標準化（normalize）掉，那麼答案絕對是肯定的。

And then Wajid, if I can just ask a quick follow-up question on the model. I'm just curious as we look out into '21, if we should expect that the higher tax rate that you're assuming in the first quarter to kind of be the new normal as we look out for the full year? Or that has to do a little bit more with some of the 3D sensing volumes and some things with it we're expecting to pick up here in the first half of the fiscal year?

另外 Wajid，如果我可以就模型再快速追問一下。我只是好奇，展望 2021 年，我們是否應該預期你們在第一季假設的較高稅率會成為全年新的常態？還是那更多與 3D 感測出貨量、以及一些我們預期在本財年前半段回升的因素有關？

Yes, John. Yes. No, good question. We should probably model somewhere between 10% and 11% for our tax rate for fiscal year '21. It's being driven by a combination of higher expected profits that are going to be coming out of our datacom chip business as well as, like you mentioned, just generally higher profits on many of our product lines. And so 10% to 11% is probably the right model for fiscal '21.

是的，John。是的。不，這是個好問題。我們在 2021 財年（fiscal year '21）的稅率，可能應該建模在 10% 到 11% 之間。這主要是由兩個因素共同驅動：一是我們資料通訊晶片業務預期會帶來更高的獲利；二是如你提到的，我們許多產品線整體獲利也更高。因此，10% 到 11% 大概是 2021 財年合適的建模假設。

The next question comes from Simon Leopold of Raymond James.

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

First, on the strength in the chip sales, just wondering if you could help us discern drivers. To what extent is this related to 5G initiatives, front haul, backhaul, mid haul, perhaps China versus activity in data centers and hyperscale? Do you have visibility that helps us understand what's driving this?

首先，關於晶片銷售的強勁表現，我想請教您是否能協助我們辨識其驅動因素。這在多大程度上與 5G 計畫、前傳（fronthaul）、回傳（backhaul）、中傳（midhaul）有關？也許是中國相較於資料中心與超大規模（hyperscale）活動？您是否有能見度，幫助我們理解是什麼在推動這一切？

Simon, this is Chris. Yes. So I would say it's all the above that you mentioned. But I would also highlight that within data centers, it's not just volumes, though volumes are certainly very important. It's also that data centers are moving from 100 gig to 200 gig to 400 gig, and in doing so are buying increasingly sophisticated and differentiated chips from us. So that also helps drive revenue growth where we may be having a content or ASP increase. But certainly, both 5G and data center are heavy contributors to the revenue and the growth.

Simon，我是 Chris。是的。我會說你提到的因素全都有。不過我也要強調，在資料中心方面，不只是出貨量（雖然出貨量當然非常重要）。同時，資料中心正從 100G 升級到 200G、再到 400G，而在這個過程中，他們向我們採購的晶片愈來愈精密、差異化也更高。因此這也有助於推動營收成長，因為我們的單機內容量或 ASP 可能有所提升。但可以確定的是，5G 與資料中心都是營收與成長的重要貢獻者。

One more than the other or equal? How do we kind of think about that? I'm trying to get a sense of just [on equitability.]

哪一個比重更大，還是差不多？我們該如何思考？我想掌握的是大致的（均衡程度）。

Yes. I don't want to get into deep details. I would say they both are material. It's not 90-10. It's a little more equitable than that.

是的。我不想深入到太多細節。我會說兩者都很重要。不是 90-10，那比那更均衡一些。

Great. And then as my follow-up, I wanted to maybe get a little better sense of the materiality of the world-facing element in the 3D growth. And I certainly can appreciate you don't want to give us breakdown by piece part. But I guess what we're trying to get a better sense of is sort of the organic front-facing contribution versus world-facing, does world-facing have better margins? Is that the growth driver? Or are both elements growing and front-facing is additive but not at the expense of front-facing? Anything you could help us understand that, would appreciate it.

很好。接著作為追問，我想更清楚了解在 3D 成長中「world-facing」這個部分的重要性。我當然理解你們不想按零組件逐一拆分。但我們想更清楚的是：有機的前向（front-facing）貢獻相對於 world-facing 的貢獻各是多少？world-facing 的毛利是否更好、因此成為成長驅動？或者兩個部分都在成長，而 front-facing 是加成、並非以犧牲 front-facing 為代價？任何能幫助我們理解的資訊都很感謝。

Sure, Simon, this is Alan. I think as we look at it, the user-facing or front-facing has 2 chips in it. And there are various sizes. And what you can think of is on the world-facing, there's 1 chip and it's about an average size. So when -- our expectation is for a handset that has both front-facing and world-facing compared to one that has just front-facing, we will see a 50% increase in the content per handset. That said, again, the new chips are somewhat larger and therefore, carry a higher ASP.

當然，Simon，我是 Alan。我們的看法是：user-facing 或 front-facing 內含 2 顆晶片，且有不同尺寸。你可以這樣理解：在 world-facing 方面，有 1 顆晶片，尺寸大約是平均大小。因此——我們的預期是，相較於只有 front-facing 的手機，同時具備 front-facing 與 world-facing 的手機，其每支手機的內容量（content）將增加 50%。此外，再次強調，新晶片尺寸稍大，因此 ASP 也更高。

So when you look at old front-facing compared to new front-facing, there is an incremental ASP increase or revenue per handset increase and I'm not going to get into how much that is or the margin differences between the various products as our customers are listening, and that would not be a wise choice to do. But that said, we continue to drive our costs and our supply chain so that we continue to maintain the margins that we've had over the past 3 years, while at the same time, having the average selling price on existing products come down over time. So that's our model, and we're going to continue to drive costs and continue to have margins that we expect on 3D sensing.

因此，當你比較舊的 front-facing 與新的 front-facing 時，會有額外的 ASP 提升或每支手機營收提升；我不會談提升幅度或各產品之間的毛利差異，因為我們的客戶也在聽，這樣做並不明智。不過，我們持續推動成本與供應鏈優化，使我們能維持過去 3 年的毛利水準，同時讓既有產品的平均售價隨時間下降。這就是我們的模式；我們會持續降成本，並維持我們對 3D 感測所預期的毛利。

The next question comes from George Notter of Jefferies.

下一個問題來自 Jefferies 的 George Notter。

I guess I wanted to ask about the supply chain impacts. You mentioned coming into the quarter, you expected more than a $90 million impact in June. I think that was a combo of supply side and end market impacts due to COVID. But can you talk about what you actually saw and then -- in the quarter? And then just to confirm, for September, you guys are full speed, full strength in terms of the supply side from a manufacturing perspective.

我想問供應鏈影響。你們提到在進入本季時，預期 6 月會有超過 9,000 萬美元的影響。我認為那是 COVID 導致的供給端與終端市場影響的組合。但你們能談談實際在本季看到的情況嗎？另外也請確認一下，9 月就製造端供給而言，你們將全速、滿載運作。

Yes. So in the guidance that we provided, the $90 million was a combination, as you say, of supply and demand. Demand on the side of lasers and 3D sensing and supply across the board, but mainly on transmission. So we did see some strengthening, as we said in the script, on 3D sensing and lasers relative to that $90 million. So that's helped with the outperformance to guidance. And then through the quarter, we saw some of the supply limitations free up. For instance, our contract manufacturer in Malaysia now is back to full speed. We've added capacity. They've added people. So we're running at full speed there.

是的。因此在我們提供的指引中，這 9,000 萬美元如你所說，是供給與需求的組合。需求端主要在雷射與 3D 感測；供給端則是全面性的，但主要在傳輸（transmission）。因此，相較於那 9,000 萬美元，我們確實看到 3D 感測與雷射的表現有所轉強，正如我們在講稿中所說。這也有助於我們優於指引的表現。接著在本季期間，我們也看到部分供應限制逐步解除。舉例來說，我們在馬來西亞的代工廠現在已恢復全速運轉。我們增加了產能，他們也增加了人力，所以那邊正全速運行。

I will say that not all the problems are done. I mean, we typically have chip shortages or other kind of component shortages from time to time in the normal course. That's kind of where we are today. And there might be a little bit of impact as demand has been very strong for some of the communication products that are also going into health care products. And so those are the discussions I'm having with senior executives at some of our IC component suppliers. But it's more like the normal chasing of parts and not the factory shutdown kind of thing. So I think from that perspective, you can think of as we went into July and August, we're back to full speed ahead and normal course of business.

我會說並非所有問題都已結束。我的意思是，在正常營運過程中，我們通常不時會遇到晶片短缺或其他零組件短缺。這就是我們目前的狀況。由於部分也用於醫療保健產品的某些通訊產品需求非常強勁，可能會帶來一點影響。因此我正在與我們部分 IC 零組件供應商的高階主管討論。但這比較像是正常情況下追料，而不是工廠停工那種狀況。所以從這個角度來看，你可以認為進入 7 月與 8 月後，我們已回到全速前進與正常營運。

The next question comes from Tim Savageaux of Northland Capital Markets.

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

Congrats on the results, especially once again gross margin execution. My question is strategic in nature. Alan, you mentioned ample cash. You also have a fairly decent share price there. So I guess at a high level, I wonder if you could kind of review the company's kind of strategic priorities given what a success the Oclaro deal has been on the communication side as you look across industries and areas of focus for Lumentum?

恭喜本季成果，尤其是再一次在毛利率上的執行力。我的問題偏策略面。Alan，你提到公司有充裕現金，你們的股價也相當不錯。所以我想在高層次上請你回顧一下：鑑於 Oclaro 交易在通訊領域非常成功，當你們放眼 Lumentum 跨產業與各聚焦領域時，公司目前的策略優先順序是什麼？

And then I'll ask my follow-up right now since it's potentially related, but only potentially, which is to say, as you look at the emerging market for 400ZR modules, I wonder if you could frame that opportunity for us from a Lumentum perspective relative to the module businesses that you exited in datacom, inside the data center versus the module businesses that you remained in and that have performed well for you on the coherent side. ACO, DCO is people are estimating $1 billion ZR market over the next 3 years. I wonder where Lumentum stands relative to that opportunity.

我現在也先問追問，因為可能相關、但也只是可能。也就是說，當你們看新興的 400ZR 模組市場時，能否從 Lumentum 的角度幫我們界定這個機會：相較於你們在資料通訊（datacom）中退出的模組業務（資料中心內部），以及你們保留且在相干（coherent）領域表現良好的模組業務。市場對 ACO、DCO 的估計是未來 3 年 ZR 市場規模達 10 億美元。我想知道 Lumentum 在這個機會上的定位。

Great, Tim. I'll take the strategic question and ask Chris to cover the ZR market and our perspective on that. I think, obviously, as we said in the script, we have ample cash for continued organic investments as well as inorganic. And we have a process that we are looking at on a regular basis that looks at potential targets in all of the industries we participate in as well as other industries where our technology might mix with something else that could give us a new market to attack. Obviously, nothing to announce here. But I'd say that, to your point, I think the team has done a very, very good job of taking the Oclaro acquisition and really transforming our business into a very high margin, very efficient machine. And I think that one is 90% behind us. We have a few more things to do there. But I'd say that most of it is behind us, and I think we're ready for more. Again, nothing to announce. But we're looking at everything. And yes, we have ample cash, and I won't comment on the stock price. But I think there's certainly opportunities there.

很好，Tim。我來回答策略問題，並請 Chris 來說明 ZR 市場以及我們對此的觀點。我認為，顯然如同我們在講稿中所說，我們有充裕現金可用於持續的有機投資以及非有機（inorganic）投資。我們也有一套流程，會定期檢視潛在標的，涵蓋我們參與的所有產業，以及其他產業——在那些產業中，我們的技術可能與其他技術結合，讓我們能切入新的市場。當然，目前沒有任何可宣布的事項。但我會說，正如你所提到的，我認為團隊在消化 Oclaro 併購案方面做得非常、非常好，並真正把我們的業務轉型為一個高毛利、非常高效率的機器。我認為這件事已完成 90%。我們還有一些事情要做，但大部分已經在我們身後了，我認為我們已準備好迎接更多。再次強調，沒有任何可宣布的事項，但我們正在看所有可能性。是的，我們有充裕現金；我不評論股價，但我認為那裡確實存在機會。

Chris, do you want to take the ZR question?

Chris，你想回答 ZR 的問題嗎？

Yes, absolutely. So Tim, the ZR, as a product, is a sort of a manifestation of trends that we have been focused on for several years. It's really encapsule -- moving away from discrete components and driving a highly integrated solution based on photonic-integrated circuits to offer high density, which requires small size, low power consumption, et cetera, for certain applications, shorter distance, high density, et cetera. That's one of the major reasons why we've decided to get out of the discrete modulator business, as an example, and with an underpinning of the Oclaro acquisition, getting a leadership position in those photonic-integrated circuits, which we believe our indium phosphide platform offers the best performance possible out there for such types of solutions that customers are looking for.

是的，當然。所以 Tim，ZR 作為一項產品，某種程度上是我們多年來一直聚焦趨勢的具體呈現。它真正體現了——從離散元件轉向，並以光子積體電路為基礎推動高度整合的解決方案，以提供高密度，而這對某些應用而言需要小尺寸、低功耗等等；在較短距離、高密度等應用上尤其如此。這也是我們決定退出離散調變器業務的一個主要原因（舉例而言）。再加上 Oclaro 併購所奠定的基礎，使我們在光子積體電路上取得領先地位；我們相信，我們的磷化銦平台能為客戶所尋求的這類解決方案提供市面上最佳的性能表現。

It's definitely a market we are chasing and developing products for and sort of commenting on the market sizes, I think, you've got to be a little careful with words of saying $1 billion over a few years. I mean, yes, I mean, $1 billion, cumulative. You got to also recognize that these are lower -- relatively, on a coherent module lower ASP product and DCI, which is really the portion of the market that the ZR is focused on, has good volume, an increasing volume. But it's not the entire market. So while we are focused on 400 gig ZR, we're also focused on bringing the same kind of kind of capabilities, i.e. low power consumption, small size, but very high-performance to metro applications and other applications using our indium phosphide photonic integrated circuit capabilities.

這絕對是我們正在追逐的市場、也正在為其開發產品。至於談到市場規模，我認為在用詞上要稍微謹慎一些，像是說幾年內有 10 億美元。我是說，是的，10 億美元是累計的。你也必須認知到，這些產品——相對而言，在相干模組中屬於較低 ASP 的產品；而 DCI（也就是 ZR 所聚焦的那一部分市場）有不錯的出貨量，而且出貨量正在增加。但它並不是整個市場。因此，雖然我們聚焦於 400G ZR，我們也同時致力於把同樣類型的能力——也就是低功耗、小尺寸，但具備非常高的性能——帶到都會型（metro）應用以及其他應用上，運用我們磷化銦光子積體電路的能力。

The next question is from Christopher Rolland of Susquehanna.

下一個問題來自 Susquehanna 的 Christopher Rolland。

If you guys could -- I might have missed it, but if you could give an overall company book-to-bill. I think it was 1.3 exiting March. So would like to see how that changed. Also, if you could talk about lead times for your products. Where have they been traditionally, particularly telco on the telco side of things? Where have they been traditionally and where have they stretched to? And then ultimately, where do you think we can go with that?

如果你們可以——我可能漏聽了，但如果你們能提供公司整體的訂單出貨比（book-to-bill）。我記得 3 月底是 1.3，所以想看看之後有什麼變化。另外，也請談談你們產品的交期。傳統上交期大概是多久，特別是在電信（telco）端？傳統上是多久、又被拉長到多久？最後，你們認為交期最終可能會走到什麼程度？

Just -- book-to-bill was over 1 for the quarter even with a significant reduction in bookings for Lasers that led us to this guide of down 25% in Lasers in Q1. So I'd say nothing abnormal on book-to-bill. Strong demand across the board with the exception of Lasers. Lead times really vary depending on if we're the sole supplier or have $150 million worth of backlog for datacom. That's a 3-quarter lead time for new products unless we prioritize and shift things around. So it depends. I'd say that's the extreme, and ROADMs vary from the low-end ROADM, which is probably more like 2 months, to the high-end ROADMs, which are probably longer than a quarter.

就——本季的訂單出貨比超過 1，即使雷射的接單大幅下降，這也導致我們給出 Q1 雷射營收下滑 25% 的指引。所以我會說訂單出貨比沒有什麼異常。除了雷射之外，各產品線需求都很強。交期其實差異很大，取決於我們是否為唯一供應商，或是資料通訊有 1.5 億美元的積壓訂單（backlog）。對新產品而言，那會是 3 個季度的交期，除非我們重新排優先順序並調整配置。所以要看情況。我會說那是極端案例；而 ROADM 的交期從低階 ROADM（大概 2 個月）到高階 ROADM（可能超過一個季度）不等。

Now we're adding capacity, as I said, to try to shorten that because I don't think any of our customers have a crystal ball to know what they need 4 quarters or 4 months from now, let alone 4 quarters from now. So we're trying to provide some additional flexibility, but at the same time, being smart with our investments on capital. So we're not where we want to be, and that's why we're adding capacity and capital.

現在我們正在增加產能，如我所說，試圖縮短交期，因為我不認為任何客戶有水晶球能知道他們 4 個季度或 4 個月後需要什麼，更不用說 4 個季度後了。所以我們正努力提供更多彈性，但同時也要在資本投資上做出明智決策。因此我們還沒達到理想狀態，這也是為什麼我們要增加產能與資本投入。

Great. And then I guess one for Wajid. Where does OpEx go once we normalize here? Once we all, let's say, get our shots next year and travel comes back, where do we ultimately shake out on a run rate -- quarterly run rate?

很好。那我想再問 Wajid 一題。一旦我們這裡恢復正常之後，營業費用（OpEx）會走到哪裡？假設我們明年都打了疫苗、差旅也回來了，我們最終的費用水準（run rate）——季度 run rate——會落在哪裡？

Yes. Chris, we're thinking that OpEx will increase a little bit in fiscal year '21 versus fiscal year '20, specifically in R&D from a modeling standpoint, thinking about it in the 20% to 21% of revenue is probably appropriate. But most of the increase will come in R&D.

是的。Chris，我們認為 2021 財年相較 2020 財年，OpEx 會小幅增加；從建模角度來看，主要是在研發（R&D）方面，我們認為研發占營收比重落在 20% 到 21% 可能較為合適。不過大部分的增加會來自研發。

And the last question today will come from Ryan Koontz of Rosenblatt Securities.

今天最後一個問題來自 Rosenblatt Securities 的 Ryan Koontz。

I wonder if you could drill down a little bit on the 400 gig cycle in the data center. It sounds like that's a big driver of backlog, and I think some strong statements from the NEMs about how optical costs are holding back the cycle. How do you see that playing out with the hyperscale operators? And are you at risk of losing share by having such long lead times?

我想請你們更深入談談資料中心的 400G 週期。聽起來這是積壓訂單的一個重要驅動因素，而且我也看到一些 NEM 對於光學成本正在拖慢這個週期有相當強烈的說法。你們怎麼看這在超大規模（hyperscale）營運商那邊會如何發展？另外，交期這麼長，你們是否有失去市占的風險？

Yes. Thanks, Ryan. So 400 gig is absolutely critical to data center operators to be able to get the data center -- essentially, compute capacity up, if you will. And we're in a strong leadership position there in that the lasers needed for 400 gig are very challenging to make. We certainly get your point about risk of share loss there. That's something that we're certainly managing and ensuring that we're doing the right thing to prioritize customers that we think are the sort of right horse to ride, if you will, to ensure that we have the lion's share of that opportunity and why we're expanding capacity as aggressively as we are to address those opportunities.

是的，謝謝 Ryan。400G 對資料中心營運商而言絕對至關重要，因為它能讓資料中心——本質上是運算容量——提升。就此我們處於非常強的領先地位，因為 400G 所需的雷射非常難製造。我們確實理解你提到的市占流失風險。這是我們正在管理的事項，我們也確保採取正確作法，優先供應我們認為是「值得押注的對象」的客戶，以確保我們能在這個機會中取得最大份額；這也是為什麼我們正以非常積極的方式擴充產能來掌握這些機會。

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。

Thank you so much. And that does conclude our call for today. We would like to thank everyone for attending and we do look forward to talking with you again in another few months when we report our first quarter fiscal '21 results. Thank you, and have a great day.

非常感謝。今天的電話會議也到此結束。我們要感謝各位的參與，也期待在幾個月後、當我們公布 2021 財年第一季業績時，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。