Viavi Solutions Inc (VIAV) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Viavi Solutions Fourth Quarter and Fiscal Year-End 2021 Earnings Call. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎來到 Viavi Solutions 第四季度和 2021 財年末財報電話會議。 （操作員說明）

I would now like to hand the conference over to Bill Ong, Head of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係主管 Bill Ong。請繼續。

Thank you, Ashley. Welcome to Viavi Solutions Fourth Quarter and Fiscal Year 2021 Earnings Call. My name is Bill Ong, Head of Investor Relations. Joining me on today's call are Oleg Khaykin, President and CEO; and Henk Derksen, CFO.

謝謝你，艾希禮。歡迎來到 Viavi Solutions 第四季度和 2021 財年收益電話會議。我是投資者關係主管 Bill Ong。與我一起參加今天電話會議的還有總裁兼首席執行官 Oleg Khaykin；和首席財務官 Henk Derksen。

Please note, this call will include forward-looking statements about the company's financial performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations and estimations. We encourage you to review our most recent annual report and SEC filings, particularly the risk factors described in those filings.

請注意，此次電話會議將包括有關公司財務業績的前瞻性陳述。這些陳述受風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與我們當前的預期和估計存在重大差異。我們鼓勵您查看我們最近的年度報告和 SEC 文件，特別是這些文件中描述的風險因素。

The forward-looking statements, including guidance we provide during this call, are valid only as of today. Viavi undertakes no obligation to update these statements. Please also note that unless we state otherwise, all results except revenue are non-GAAP. We reconcile these non-GAAP results to our preliminary GAAP financials and discuss their usefulness and limitations in today's earnings release. The release plus our supplemental earnings slides, which includes historical financial tables, are available on Viavi's website.

前瞻性陳述，包括我們在本次電話會議期間提供的指導，僅在今天有效。 Viavi 不承擔更新這些聲明的義務。另請注意，除非我們另有說明，否則除收入外的所有結果均為非 GAAP。我們將這些非 GAAP 結果與我們初步的 GAAP 財務數據進行了核對，並在今天的收益發布中討論了它們的用處和局限性。該新聞稿加上我們的補充收益幻燈片，其中包括歷史財務表，可在 Viavi 的網站上找到。

Finally, we are recording today's call, and we'll make the recording available by 4:30 p.m. Pacific Time this evening on our website.

最後，我們正在錄製今天的通話，我們將在下午 4:30 之前提供錄音。太平洋時間今晚在我們的網站上。

I would now like to turn the call over to Henk.

我現在想把電話轉給 Henk。

Thank you, Bill. Fiscal Q4 2021 reflects a strong quarter with Viavi record revenue, non-GAAP profitability and operating cash flow for a given June quarter. Fourth quarter revenue came in at $310.9 million, which exceeded our guidance range of $290 million to $310 million. Revenues grew 16.6% from a year ago level and set an all-time Viavi Q4 record. Consistent with the prior quarter, the year-over-year performance continues to reflect robust recovery from last year's pandemic impact as well as continued strength in wireless and fiber and solar demand for our anti-counterfeiting products.

謝謝你，比爾。 2021 財年第四季度表現強勁，Viavi 創紀錄的收入、非 GAAP 盈利能力和特定 6 月季度的運營現金流。第四季度收入為 3.109 億美元，超出了我們 2.9 億美元至 3.1 億美元的指導範圍。收入比去年同期增長 16.6%，創下了 Viavi Q4 的歷史記錄。與上一季度一致，同比表現繼續反映出從去年的大流行影響中強勁復甦，以及無線、光纖和太陽能對我們的防偽產品的需求持續強勁。

Viavi's operating profit margin at 20.8% expanded 120 basis points year-over-year and 60 basis points sequentially and exceeded the guidance range of 19.5% to 20.5%. EPS at $0.22 per share exceeded the high end of the $0.18 to $0.20 guidance range and increased $0.04 from the year ago period.

Viavi 的營業利潤率為 20.8%，同比增長 120 個基點，環比增長 60 個基點，超過 19.5% 至 20.5% 的指導範圍。每股收益為 0.22 美元，超過了 0.18 美元至 0.20 美元指導範圍的上限，比去年同期增加了 0.04 美元。

In addition to strong operating performance, we benefited from a lower-than-anticipated tax rate of 17%. The share count of 241.9 million shares includes the dilutive impact of the convertible notes of 10 million shares.

除了強勁的經營業績，我們還受益於低於預期的 17% 稅率。 2.419 億股股份包括 1000 萬股可轉換票據的攤薄影響。

Now moving to our reported Q4 results by business segment, starting with NSE. NSE revenue at $236.5 million increased 13.5% year-over-year, exceeding our guide range of $219 million to $235 million. Within NSE, NE revenue increased 17.6% from a year ago to an all-time record high of $212.7 million, reflecting strength for our fiber, wireless and cable products. SE revenue at $23.8 million decreased 13.5% year-over-year and increased 17.2% sequentially, a result of the lag in recovery for our assurance and data center products.

現在轉到我們按業務部門報告的第四季度結果，從 NSE 開始。 NSE 收入為 2.365 億美元，同比增長 13.5%，超過我們 2.19 億美元至 2.35 億美元的指導範圍。在 NSE 中，NE 收入比一年前增長 17.6%，達到 2.127 億美元的歷史新高，反映了我們的光纖、無線和有線產品的實力。 SE 收入為 2380 萬美元，同比下降 13.5%，環比增長 17.2%，這是由於我們的保證和數據中心產品的恢復滯後。

NSE gross profit margin at 63.4% decreased 120 basis points year-over-year. Within NSE, NE gross profit margin at 63.1% decreased 60 basis points over last year, primarily due to unfavorable product mix. SE gross profit margin at 65.5% decreased 500 basis points year-over-year due to lower revenue. NSE's operating profit margin at 15.1% exceeded the high end of our guided range of 13.5% to 14.5%, primarily as a result of operating leverage on higher revenue. Year-over-year operating profit margins decreased 180 basis points, mainly a result of lower gross profit margins.

NSE 毛利率為 63.4%，同比下降 120 個基點。在 NSE 中，NE 毛利率為 63.1%，比去年下降 60 個基點，這主要是由於不利的產品組合。由於收入下降，SE 毛利率為 65.5%，同比下降 500 個基點。 NSE 的營業利潤率為 15.1%，超過了我們 13.5% 至 14.5% 的指導範圍的上限，這主要是由於營業槓桿增加了收入。營業利潤率同比下降 180 個基點，主要原因是毛利率下降。

Sequentially, operating profit margins improved by 520 basis points as a result of leverage on higher revenue.

由於收入增加，營業利潤率提高了 520 個基點。

Now turning to OSP. Fourth quarter revenue at $74.4 million revenue, up 27.8% year-over-year was at the high end of our guided range of $71 million to $75 million. The strength was driven by robust anticounterfeiting demand offset by a modest seasonal decline in our 3D sensing products.

現在轉向 OSP。第四季度收入為 7440 萬美元，同比增長 27.8%，處於我們 7100 萬至 7500 萬美元指導範圍的高端。強勁的防偽需求被我們的 3D 傳感產品的適度季節性下滑所抵消。

Gross profit margin at 57.5% increased 650 basis points year-over-year, driven by higher volume and favorable product mix. Operating profit margin of 38.8% was within our guided range of 38% to 40% and increased 940 basis points from last year's levels as a result of the aforementioned higher gross profit margin.

毛利率為 57.5%，同比增長 650 個基點，這得益於更高的銷量和有利的產品組合。由於上述較高的毛利率，營業利潤率為 38.8%，在我們 38% 至 40% 的指導範圍內，比去年的水平增加了 940 個基點。

Now moving to our fiscal 2021 performance. While the COVID-19 pandemic impacted the start of fiscal 2021, Viavi experienced a sharp recovery beginning in late last calendar year with a strong finish to record revenue at $1.2 billion, up 5.5% from fiscal year 2020.

現在轉向我們 2021 財年的業績。雖然 COVID-19 大流行影響了 2021 財年的開局，但 Viavi 從上個日曆年末開始經歷了急劇復甦，並以強勁的勢頭收官，創下了 12 億美元的收入記錄，比 2020 財年增長了 5.5%。

OSP reached a record revenue of $361 million, up 25.8% year-over-year while NSE at $837.9 million saw a modest decline of 1.4% in revenue. Viavi's full year 2021 gross profit margin at 62.7% increased 70 basis points from a year ago level, reflecting leverage on volume, resulting in improved gross profit margins within our OSP segment.

OSP 的收入達到創紀錄的 3.61 億美元，同比增長 25.8%，而 NSE 的收入為 8.379 億美元，收入小幅下降 1.4%。 Viavi 的 2021 年全年毛利率為 62.7%，比一年前的水平增加了 70 個基點，反映了對銷量的影響，從而提高了我們 OSP 部門的毛利率。

Operating profit margin at 21.1% expanded 250 basis points, reflecting gross profit margin expansion, combined with operating expense control. Operating profits at $253.5 million grew 20.2%, increasing $42.6 million year-over-year. EPS at $0.83 per share grew 13.7% or $0.10 from last year.

營業利潤率為 21.1%，擴大了 250 個基點，反映了毛利率的擴大以及營業費用的控制。營業利潤為 2.535 億美元，增長 20.2%，同比增長 4260 萬美元。每股收益為 0.83 美元，比去年增長 13.7% 或 0.10 美元。

Stronger volume in our Asia Pacific region resulted in a shift in jurisdictional mix of income contributing to an increased tax rate of 19.4% in fiscal 2021 compared to 17.5% in fiscal 2020. The share count used includes the dilution of the convertible notes and is calculated both on a full year basis and on a quarterly basis. Hence, the resulting full year EPS of $0.83 is $0.01 lower than the summation of the individual quarters.

我們亞太地區的銷量增加導致收入的管轄區組合發生變化，導致 2021 財年的稅率從 2020 財年的 17.5% 提高到 19.4%。所使用的股份數量包括可轉換票據的稀釋，併計算以全年和季度為基礎。因此，由此產生的全年每股收益為 0.83 美元，比各個季度的總和低 0.01 美元。

Now turning to the balance sheet. The ending balance of our total cash and short-term investments was $703.7 million, an increase of $25.6 million sequentially from the prior quarter and up $159.7 million compared to the prior fiscal year. Operating cash flow for the quarter was $63 million, a fourth quarter record, and an increase of $35.8 million compared to $27.2 million in the year ago period. We invested $25.4 million in capital expenditures during the quarter compared to $8.3 million in the prior year. The increased CapEx reflects a new production facility in support of increased future demand built in Arizona.

現在轉向資產負債表。我們現金和短期投資總額的期末餘額為 7.037 億美元，比上一季度增加 2560 萬美元，比上一財年增加 1.597 億美元。本季度運營現金流為 6300 萬美元，創第四季度新高，與去年同期的 2720 萬美元相比增加了 3580 萬美元。我們在本季度投入了 2540 萬美元的資本支出，而去年同期為 830 萬美元。增加的資本支出反映了在亞利桑那州建造的新生產設施，以支持未來增加的需求。

On a full year basis, we generated record operating cash flow of $243.7 million, up 79.7% and reflecting an increase of $108.1 million compared to fiscal year 2020 at $135.6 million.

在全年基礎上，我們產生了創紀錄的 2.437 億美元運營現金流，增長 79.7%，與 2020 財年的 1.356 億美元相比增加了 1.081 億美元。

On July 1, 2021, the 1% convertible notes due in 2024 with a face value of $460 million met the 130% pricing trigger, resulting in the notes becoming convertible at the option of holders until September 30, 2021.

2021 年 7 月 1 日，2024 年到期、面值為 4.6 億美元的 1% 可轉換票據達到了 130% 的定價觸發條件，導致持有人可以選擇在 2021 年 9 月 30 日之前轉換這些票據。

As a result, we have reclassified the $414.2 million book value of the notes to short-term debt and reported the difference in the book value and the face value of $45.8 million as temporary equity on the face of the balance sheet. This change has no impact to reported interest expense, EPS or the diluted shares calculation.

因此，我們將票據的 4.142 億美元賬面價值重新分類為短期債務，並將賬面價值與面值之間的差額 4580 萬美元作為臨時權益報告在資產負債表上。這一變化對報告的利息支出、每股收益或稀釋後的股份計算沒有影響。

In addition, we are not aware at this time of any note holders electing conversion. In Q4, we repurchased $10.9 million of Viavi stock at an average cost of $16.77 per share, including commissions. In total, as of the end of the fourth quarter, we repurchased $87.1 million out of the $200 million authorized under the share buyback plan announced in September 2019 at an average price of $12.98 per share.

此外，我們目前不知道有任何票據持有人選擇轉換。在第四季度，我們以每股 16.77 美元的平均成本（包括佣金）回購了 1090 萬美元的 Viavi 股票。總的來說，截至第四季度末，我們以每股 12.98 美元的平均價格回購了 2019 年 9 月宣布的股票回購計劃授權的 2 億美元中的 8710 萬美元。

We will continue to be opportunistic in our share repurchases, and we continue to develop and intend to execute on our capital allocation and debt management strategy.

我們將繼續在股票回購中投機取巧，我們將繼續制定並打算執行我們的資本配置和債務管理戰略。

Now on to our guidance. We expect fiscal first quarter 2022 revenue to be approximately $310 million, plus or minus $7 million. Operating profit margin is expected to be between 21.5% to 22.5% and earnings per share to be in the range of $0.20 to $0.22.

現在開始我們的指導。我們預計 2022 財年第一季度的收入約為 3.1 億美元，上下浮動 700 萬美元。營業利潤率預計在 21.5% 至 22.5% 之間，每股收益在 0.20 美元至 0.22 美元之間。

We expect NSE revenue to be approximately $215 million plus or minus $5 million, with operating profit margin at 12.5% plus or minus 50 basis points. OSP revenue is expected to be approximately $95 million, plus or minus $2 million, with operating profit margin at 43.5%, plus or minus 100 basis points. Our tax expense rate is expected to be approximately 20%. We expect other income and expenses to reflect a net expense of approximately $3.5 million.

我們預計 NSE 收入約為 2.15 億美元上下 500 萬美元，營業利潤率為 12.5% 上下 50 個基點。 OSP 收入預計約為 9500 萬美元，上下浮動 200 萬美元，營業利潤率為 43.5%，上下浮動 100 個基點。我們的稅費率預計約為 20%。我們預計其他收入和支出將反映約 350 萬美元的淨支出。

The estimated fully diluted share count used in our calculation is 244 million shares. This includes an increase of approximately 12 million shares to reflect the estimated dilutive impact from the 2023 and 2024 convertible notes. The share count without the convert dilution is approximately 232 million shares.

我們計算中使用的估計完全稀釋股數為 2.44 億股。這包括增加約 1200 萬股，以反映 2023 年和 2024 年可轉換票據的估計攤薄影響。未經轉換稀釋的股份數量約為 2.32 億股。

With that, I will now turn the call over to Oleg.

有了這個，我現在將把電話轉給奧列格。

Thank you, Henk. I'm pleased with Viavi's performance in our fiscal second half with both Q3 and Q4 achieving record revenue and profitability. The NE segment achieved new revenue highs, benefiting from the continued service providers' business recovery and upgrades to the fiber and wireless networks.

謝謝你，亨克。我對 Viavi 在下半財年的表現感到滿意，第三季度和第四季度均實現了創紀錄的收入和盈利能力。受惠於服務提供商的業務持續復甦以及光纖和無線網絡的升級，NE 板塊收入再創新高。

The demand for 5G wireless equipment reached a record high with strength across all geographical regions. 5G field deployment remains on track for the balance of calendar 2021. The fiber revenues were driven by fiber-to-the-home deployment, 400G network and data center upgrades and early 800G adoption.

所有地理區域對 5G 無線設備的需求均創歷史新高。 5G 現場部署在 2021 年餘下時間仍按計劃進行。光纖收入受到光纖到戶部署、400G 網絡和數據中心升級以及 800G 早期採用的推動。

NSE bookings came in at record levels resulting in record backlog and providing us with greater near-term demand visibility. One challenge for our NE segment is the continued shortage of advanced semiconductor devices, dampening our ability to meet an otherwise very strong customer demand. These supply chain constraints have been factored into our fiscal Q1 guidance. Should these supply constraints resolve in near term, we would expect to see some revenue upside in the NE business segment. The SE business segment continues to recover with revenue increasing 17.2% sequentially as we rebuild the customer business funnel. We expect SE to continue to improve as enterprise customers reevaluate their IT project needs and 5G assurance opportunities start to materialize later in calendar 2022.

NSE 預訂量創下歷史新高，導致積壓量創歷史新高，並為我們提供了更大的近期需求可見性。我們的 NE 部門面臨的一個挑戰是先進半導體設備的持續短缺，這削弱了我們滿足原本非常強勁的客戶需求的能力。這些供應鏈限制因素已納入我們的第一季度財政指南。如果這些供應限制在短期內得到解決，我們預計 NE 業務部門的收入將有所上升。隨著我們重建客戶業務渠道，SE 業務部門繼續復甦，收入環比增長 17.2%。我們預計隨著企業客戶重新評估其 IT 項目需求以及 5G 保證機會在 2022 年晚些時候開始實現，SE 將繼續改善。

Now turning to OSP. The OSP business segment delivered a record June quarter revenue and profitability, led by strong demand for anticounterfeiting products. Anticounterfeiting demand continues to be driven by a combination of global fiscal stimulus, inventory replenishment and bank note redesigns.

現在轉向 OSP。在對防偽產品的強勁需求帶動下，OSP 業務部門在 6 月當季的收入和盈利能力均創下歷史新高。防偽需求繼續受到全球財政刺激、庫存補充和紙幣重新設計的共同推動。

3D sensing finished strong in fiscal year 2021, up 18% from last year's levels, driven by broader technology adoption and new applications. Despite strong pandemic-driven headwinds early in the fiscal year, we successfully recovered and managed a very strong finish, hitting multiple financial performance records, including record non-GAAP EPS and cash flow from operations. Record OSP fiscal year revenue, non-GAAP gross margins and operating profits, all up double-digit percentages year-on-year and the record NE revenue in Q4 driven by strong wireless and fiber demand.

受更廣泛的技術採用和新應用的推動，3D 傳感在 2021 財年表現強勁，比去年增長 18%。儘管在本財政年度初期受到大流行病驅動的強勁逆風，但我們成功恢復並取得了非常強勁的成績，創下了多項財務業績記錄，包括創紀錄的非 GAAP 每股收益和運營現金流。創紀錄的 OSP 財政年度收入、非 GAAP 毛利率和營業利潤均同比增長兩位數百分比，並且在強勁的無線和光纖需求的推動下，第四季度創紀錄的 NE 收入。

As we look ahead into fiscal year 2022, it is off to a strong start with improved NSE demand visibility driven by 5G wireless and new fiber deployment. We expect strong demand for our anticounterfeiting products to continue driven by global monetary policies and banknote redesigns. In 3D sensing, while we expect a relatively flat demand in fiscal year 2022, we continue to see it as a major growth driver longer term.

展望 2022 財年，隨著 5G 無線和新光纖部署推動 NSE 需求可見性提高，開局良好。我們預計，在全球貨幣政策和紙幣重新設計的推動下，對我們的防偽產品的需求將繼續強勁。在 3D 傳感方面，雖然我們預計 2022 財年的需求將相對平穩，但我們仍將其視為長期的主要增長動力。

Overall, we expect our principal growth drivers, 5G, fiber and 3D sensing to continue driving growth and profitability for Viavi in fiscal year 2022.

總體而言，我們預計我們的主要增長動力、5G、光纖和 3D 傳感將在 2022 財年繼續推動 Viavi 的增長和盈利能力。

In conclusion, I'd like to express my appreciation to the Viavi team for its continued strong execution in delivering another record quarter and record fiscal year. I wish all our employees, supply chain partners, customers and our shareholders to remain safe and healthy.

最後，我想對 Viavi 團隊表示感謝，感謝他們在交付另一個創紀錄的季度和創紀錄的財政年度方面繼續保持強勁的執行力。我希望我們所有的員工、供應鏈合作夥伴、客戶和我們的股東都保持安全和健康。

I will now turn the call over to Bill.

我現在將把電話轉給比爾。

Thank you, Oleg. This quarter, we'll be participating at the Jefferies 2021 Semiconductor IT Hardware and Communications Infrastructure Investor Summit on August 31. Ashley, let's begin the question-and-answer session. (Operator Instructions)

謝謝你，奧列格。本季度，我們將參加 8 月 31 日舉行的 Jefferies 2021 半導體 IT 硬件和通信基礎設施投資者峰會。Ashley，讓我們開始問答環節。 （操作員說明）

(Operator Instructions) Your first question comes from the line of Samik Chatterjee with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Samik Chatterjee。

Oleg, I think previously, you've mentioned that between the 2 drivers being fiber and 5G deployment, you think fiber is the more kind of near-term upside or visibility and then 5G deployments a bit later. Can you just kind of share your updated thoughts on that? Is still -- is that how you're still thinking about it? You mentioned increased visibility for any -- what is contributing to that or a bit more color there will help. And I have a follow-up.

Oleg，我想之前，你提到過在光纖和 5G 部署這兩個驅動因素之間，你認為光纖是更近期的上漲或可見性，然後是 5G 部署。你能分享一下你對此的最新想法嗎？仍然 - 你仍然是這樣想的嗎？您提到了提高任何可見性——是什麼促成了這一點或那裡有更多的顏色會有所幫助。我有一個後續行動。

Sure. Well, I think fiber is still very much the biggest driver. And it's across every segment. It's not only field instruments, but it's also data center, it's lab. It's also fiber applications for the wireless networks because before you can provision 5G or other wireless services, you've got to run the fiber to the tower or the antenna.

當然。好吧，我認為光纖仍然是最大的驅動力。它遍及每個細分市場。它不僅是現場儀器，還是數據中心，是實驗室。它也是無線網絡的光纖應用，因為在提供 5G 或其他無線服務之前，您必須將光纖連接到塔或天線。

So fiber continues to be extremely strong, and we are seeing significant government infrastructure drive in Europe and now also increasingly in North America in getting fiber deeper into the Tier 2, Tier 3 cities and into the rural customer base. So in that respect, I mean, it's a very, very strong demand. It's far outpacing our ability to supply all the needs that there are out there today due to the severe semiconductor shortage.

因此，光纖仍然非常強大，我們看到歐洲政府大力推動基礎設施建設，現在北美也越來越多地推動光纖深入 2 線、3 線城市和農村客戶群。所以在這方面，我的意思是，這是一個非常非常強烈的需求。由於嚴重的半導體短缺，它遠遠超出了我們滿足當今所有需求的能力。

And as -- when I say it's improved, we have -- improved visibility, it means you have a growing backlog that you cannot meet in the short term, so it rolls over into the future quarters, which on one hand, it's the best of times because now you have visibility of a big backlog, but it's also the worst of times because you cannot get all the product that you need when you need it.

而且 - 當我說它有所改善時，我們已經 - 提高了知名度，這意味著你有越來越多的積壓，你無法在短期內解決，所以它會延續到未來的幾個季度，一方面，這是最好的有時是因為現在您可以看到大量積壓，但這也是最糟糕的時候，因為您無法在需要時獲得所需的所有產品。

We continue to manage, but I think it's fair to say there's a meaningful chunk of revenue that we could have realized in this quarter that we push out into the future quarters. And we're only seeing that trend accelerating and continuing to get stronger as various European countries embark on running fiber to practically every home. And we see more and more programs being rolled out and increasing number of requests coming in.

我們繼續管理，但我認為可以公平地說，我們本可以在本季度實現大量收入，並將其推向未來幾個季度。隨著各個歐洲國家開始將光纖接入幾乎每個家庭，我們只會看到這種趨勢正在加速並繼續變得更加強勁。我們看到越來越多的計劃正在推出，並且收到的請求數量也越來越多。

So fiber continues to be very strong. That said, we're also starting to see a lot more activity around 5G wireless deployment as plans are starting to come to fruition and major operators starting to move -- to start doing initial deployment. It's clearly still not as big as we expect it to be within the next 6 months. It's the early stage, but we are seeing the progress being made in that area as well.

所以纖維仍然非常堅固。也就是說，我們也開始看到圍繞 5G 無線部署的更多活動，因為計劃開始取得成果，主要運營商開始行動——開始進行初始部署。它顯然仍然沒有我們預期的在未來 6 個月內那麼大。這是早期階段，但我們也看到該領域正在取得進展。

Okay. That's great. And Oleg, if I can follow up, if you can you give us an update on where the process is with EXFO related to the different actions you've taken there. What do you think are the next steps? And as a side note, like you have been building cash, you're generating quite a substantial amount of cash now on a yearly basis, outside of EXFO, what else is kind of in the thought processes or alternatives that you can explore to use the cash that you're generating?

好的。那太棒了。 Oleg，如果我可以跟進的話，你可以向我們提供有關 EXFO 與你在那裡採取的不同行動相關的流程的最新情況。您認為下一步是什麼？附帶說明一下，就像您一直在積累現金一樣，您現在每年都會產生相當可觀的現金，除了 EXFO 之外，您可以探索使用的思維過程或替代方案中的其他類型你產生的現金？

Well, I mean, the cash is not burning hole in our pockets. I mean we remain very disciplined. I mean in the case of EXFO, the valuation put forward by the Chairman and Founder of the company was a no-brainer for us. And we knew full ahead that, fundamentally, there is no deal unless Germain Lamonde decides to sell. But we felt it was compelling and necessary for us to put a strong offer on the table to signal the value of the business because, effectively, it's our business as well and the bullishness with which we view that environment.

好吧，我的意思是，現金不會在我們的口袋裡燒個洞。我的意思是我們仍然非常有紀律。我的意思是，就 EXFO 而言，公司董事長兼創始人提出的估值對我們來說是顯而易見的。我們早就知道，從根本上說，除非熱爾曼·拉蒙德決定出售，否則不會有任何交易。但我們認為，我們有必要並且有必要在桌面上提出一個強有力的報價來表明業務的價值，因為實際上，這也是我們的業務以及我們對環境的樂觀態度。

And we'll see. Tomorrow, I think, is the day when their shareholders get to vote. If they vote to -- majority of the minority shareholders vote to decline the offer, then maybe there will be further discussions. If they vote to accept it, then they get what they deserve, which is selling their shares sub par. So I mean there's really not much more to it. In the end, it's really very much up to the Chairman and Founder, what he wants to do with the company.

我們拭目以待。我認為，明天是他們的股東投票的日子。如果他們投票 - 大多數少數股東投票拒絕提議，那麼可能會有進一步的討論。如果他們投票接受它，那麼他們就會得到他們應得的，即以低於標準的價格出售他們的股票。所以我的意思是真的沒有更多的東西了。最後，這真的非常取決於董事長和創始人，他想對公司做什麼。

But we felt we owed it to our shareholders to signal that we are not afraid to be aggressive and put an offer on table. And there are other targets potentially out there. And in due time, we'll bring them up to the forefront as well.

但我們覺得我們有責任向我們的股東發出信號，表明我們不怕咄咄逼人並提出要約。還有其他潛在的目標。在適當的時候，我們也會將它們帶到最前沿。

Your next question comes from the line of Alex Henderson with Needham.

你的下一個問題來自 Alex Henderson 與 Needham 的對話。

I was hoping you could talk a little bit about the magnitude of the impact from the supply chain challenges. To what degree your order rate is above 1.0, and how much of that you might have been able to ship had you had the product? And any granularity around which particular products were the most impacted?

我希望你能談談供應鏈挑戰的影響程度。您的訂單率高於 1.0 的程度是多少？如果您擁有該產品，您可能能夠發貨多少？哪些特定產品受到的影響最大？

So thank you, Alex. Well, I mean, the order rate in the fourth quarter was significantly above 1.0. I mean -- by significant, I mean, by a big margin, right, a big margin, which we always caution people about book-to-bill ratio. Because remember, a lot of our products are shipped within the same quarter. So clearly, when you have a very big book-to-bill index, it just basically tells you have a pretty good start in the first month of the next quarter. And usually, especially in NSE, most of our products, in NE in particular, are shipped within 3 to 4 months. So it's all kind of shipped -- a big chunk of it is book shipped.

所以謝謝你，亞歷克斯。好吧，我的意思是，第四季度的訂單率明顯高於 1.0。我的意思是 - 顯著，我的意思是，很大的利潤，正確的，很大的利潤，我們總是提醒人們注意訂單出貨比。因為請記住，我們的很多產品都是在同一季度內發貨的。很明顯，當你有一個非常大的訂單出貨比指數時，它基本上只是告訴你在下一季度的第一個月有一個很好的開端。通常，尤其是在 NSE，我們的大部分產品，尤其是在 NE，會在 3 到 4 個月內發貨。所以它都是發貨的——其中很大一部分是發貨的。

The shortages that we see, I mean, whereas we are able to pretty much manage most things pretty well. Increasingly, the area of the most acute shortages is the advanced ICs in the 14- to 28-nanometer range. So it's really -- you can make your own deductions what it is. It's the more complex-type ASICs and processor type products that is at the core of our devices. And even though we are fairly good at getting all the other auxiliary parts and be able to put the kits together, that is the area that remains very short.

我的意思是，我們看到的短缺，而我們幾乎能夠很好地管理大多數事情。越來越嚴重的短缺領域是 14 至 28 納米範圍內的先進 IC。所以它真的——你可以自己推論它是什麼。我們設備的核心是更複雜類型的 ASIC 和處理器類型的產品。即使我們相當擅長獲得所有其他輔助部件並能夠將套件組裝在一起，但這個領域仍然很短。

I think we've done really good call in the fall of last year to load up on the parts. Unfortunately, now that inventory is running pretty low and now we are also starting to see some of the shortages. So we continue to manage. But I mean it's not a very small number, but it's also obviously not a very big number. But let's put it this way, it will be meaningful enough to drive a significant EPS growth had we been able to meet our demand for this quarter.

我認為我們在去年秋天做了非常好的電話裝載零件。不幸的是，現在庫存非常低，現在我們也開始看到一些短缺。所以我們繼續管理。但我的意思是這不是一個很小的數字，但也顯然不是一個很大的數字。但是讓我們這樣說吧，如果我們能夠滿足本季度的需求，這將足以推動每股收益的顯著增長。

If you look at it from the cost side of the equation, how much of your costs are being impacted by expediting higher air freight, higher container costs and the like that are the side effects of all of this?

如果你從等式的成本方面來看，你的成本中有多少受到了加快空運、集裝箱成本等所有這些副作用的影響？

Well, I'd tell you, I think the freight costs are up significantly. The components costs are up. I mean on the extreme -- on these parts that are in the extreme shortage, we are seeing brokers charging 30x, and I mean 3-0 x premium on the normal price. So it's a complete sellers' market out there in some of these things, right? So it's -- those are individual escalated devices. But unfortunately, without that last piece, you cannot build and ship a multi-thousand dollar product.

好吧，我會告訴你，我認為運費大幅上漲。組件成本上升。我的意思是在極端情況下——在這些極度短缺的零件上，我們看到經紀人收取 30 倍的費用，我的意思是正常價格的 3-0 倍溢價。因此，在某些方面，這是一個完全的賣方市場，對嗎？所以它是 - 這些是單獨的升級設備。但不幸的是，如果沒有最後一塊，您將無法構建和交付價值數千美元的產品。

So that said, we did have some pressure to our gross margins. But fortunately, for us, we are in a very kind of high-end products where even higher cost for some devices, expedite fees, logistics fees, we are able to absorb it.

也就是說，我們的毛利率確實有一些壓力。但幸運的是，對我們來說，我們處於一種非常高端的產品中，某些設備的成本甚至更高，加急費、物流費，我們能夠消化。

And with a higher volume, the better absorption of manufacturing overhead offsets some of the higher costs. At the same time, we are proactively going out there and increasing prices on our products as well. So we are not -- we are passing some of those increases to our end customers, and we're being selective about where we are doing it and where we are not. But I can see down the road, you're going to see some of the ASP appreciation across the board on all the products. And we are seeing the same. I think our competitors are facing even more severe shortage and higher cost. So that's an opportunity to actually to provide some ASP appreciation.

並且隨著產量的增加，製造費用的更好吸收抵消了一些更高的成本。與此同時，我們正積極走出去，並提高我們產品的價格。所以我們不是——我們正在將其中的一些增長轉嫁給我們的最終客戶，並且我們正在選擇我們在哪裡做，在哪裡不做。但我可以看到，在未來，你會看到所有產品的 ASP 全面升值。我們也看到了同樣的情況。我認為我們的競爭對手面臨著更嚴重的短缺和更高的成本。所以這是一個實際提供一些 ASP 升值的機會。

So can you quantify the impact or no?

那麼你能量化影響嗎？

I'm not -- it's not material. It's within a couple of percentage points.

我不是——這不重要。它在幾個百分點之內。

Your next question comes from John Marchetti with Stifel.

你的下一個問題來自 Stifel 的 John Marchetti。

Oleg, maybe just following on with that on the supply chain side for a moment. Can you just talk about maybe over the last quarter or last several months, how that's trended? Are things relatively stable? Do you still feel like it's getting worse? And kind of where your outlook is, I guess, in terms of how you think this plays out over the next quarter or 2?

Oleg，也許只是在供應鏈方面跟進一下。您能否談談上個季度或過去幾個月的趨勢如何？事情相對穩定嗎？你還覺得情況越來越糟嗎？我想，就你認為這將如何在下一季度或第二季度發揮作用而言，你的前景如何？

So I mean -- I think you really -- it's a really bimodal distribution. I mean on the basic parts, like the discretes, the passives, boards, plastics, I mean, while there is some challenges here and there, it's fairly manageable and you can handle with expedites.

所以我的意思是——我認為你真的——這是一個真正的雙峰分佈。我的意思是在基本部件上，比如分立器件、無源器件、電路板、塑料，我的意思是，雖然這里和那裡存在一些挑戰，但它是相當容易管理的，你可以加快處理。

The area that where the situation, I think, is getting worse, and I think the December quarter is going to be probably more acute than even September quarter is, as I said, in that kind of high-performance 14- to 28-nanometer advanced ICs. So it's microcontrollers, FPGAs, ASICs, you name it, because that's kind of the sweet spot for high-volume production products that are out there today.

我認為情況正在惡化的領域，我認為 12 月季度可能比 9 月季度更嚴重，正如我所說，在那種高性能 14 至 28 納米先進的集成電路。所以它是微控制器、FPGA、ASIC，隨便你怎麼說，因為這是當今大批量生產產品的最佳選擇。

Since we don't use anything in the 7- or 5-nanometer range, I'm not privy to shortages there. But I think in the kind of mainstream 14 to 28 is really where we're seeing the biggest shortages. And it's not only silicon, there is also obviously challenges with some of the substrates from what we understand from our vendors. But silicon is, by far, the biggest.

因為我們不使用 7 或 5 納米範圍內的任何東西，所以我不知道那裡的短缺情況。但我認為在 14 到 28 歲的主流中，我們確實看到了最大的短缺。不僅是矽，從我們從供應商那裡了解到的情況來看，某些基板顯然也存在挑戰。但到目前為止，矽是最大的。

Perfect. Okay. And if I move just to some of the geographic commentary in the quarter. Asia Pac had a couple of strong quarters here in a row. I'm just curious if that's skewed towards either the anticounterfeiting or anything going on there and how maybe we think about what's going on, I guess, from a geographic basis as we're looking out over the next several quarters.

完美的。好的。如果我只是轉向本季度的一些地理評論。亞太地區連續幾個季度表現強勁。我只是好奇這是否偏向於反假冒或那裡發生的任何事情，以及我們如何考慮正在發生的事情，我想，在我們展望未來幾個季度時，從地理基礎上考慮正在發生的事情。

Well, it's a combination. I mean, clearly, anticounterfeiting is one thing, but we don't comment on specific countries. But also 5G wireless. I mean our wireless business has been doing very well in Asia, has a lot of vendors and operators around 5G. And we're also seeing some -- continue to see healthy demand for fiber products.

好吧，這是一個組合。我的意思是，很明顯，打假是一回事，但我們不對特定國家發表評論。還有5G無線。我的意思是我們的無線業務在亞洲一直做得很好，圍繞 5G 有很多供應商和運營商。我們也看到了一些——繼續看到對纖維產品的健康需求。

Your next question comes from Tim Savageaux with Northland Capital.

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

Great. Sorry about that. I am going to go back on the supply side a little bit here before asking a higher-level question. But to the extent that you're talking about strong bookings, it looks like that's continuing into the current quarter across the network enablement business, and I guess, across all 3 pieces, if you will, fiber, wireless and cable. Should we assume that given that you had the potential to grow or at least keep any flat sequentially absent any supply constraints? And then I'll follow up.

偉大的。對於那個很抱歉。在提出更高級別的問題之前，我將在這裡稍微回到供應方面。但就您所談論的強勁預訂而言，看起來這種情況正在整個網絡支持業務中持續到本季度，而且我想，如果您願意的話，在所有 3 個部分中，光纖、無線和有線。在沒有任何供應限制的情況下，我們是否應該假設您有增長潛力或至少連續持平？然後我會跟進。

Yes. Absent of the supply constraints, we probably would have had an all-time record quarter in September. So I mean the answer is yes to your question about growth.

是的。如果沒有供應限制，我們可能會在 9 月份創下歷史新高。所以我的意思是你關於增長的問題的答案是肯定的。

Fantastic. And then zooming a little higher level here. Last quarter, you mentioned the kind of super cycle dynamic underway across your various communications test businesses. It sounds like that continues to develop favorably, but I just wonder if you might provide us with an update on whether any particular piece of that equation has accelerated or changed in a meaningful way since the last quarter?

極好的。然後在這裡放大一點。上個季度，您提到了各種通信測試業務中正在進行的那種超級循環動態。聽起來這種情況繼續有利地發展，但我只是想知道您是否可以向我們提供最新情況，說明自上個季度以來該等式的任何特定部分是否以有意義的方式加速或改變？

I mean that's actually one area that's very exciting for us. So for the number of years, we've seen very strong growth in Europe, in Asia, even in South and Latin America and the kind of segment of the network enablement was always North America with the major players, obviously, doing everything but network build our management.

我的意思是，這實際上是一個讓我們非常興奮的領域。因此，多年來，我們在歐洲、亞洲、甚至南美洲和拉丁美洲都看到了非常強勁的增長，網絡支持的細分市場總是北美，主要參與者顯然除了網絡之外什麼都做建立我們的管理。

What we have seen in the last, I'd say, 6 months is significant and I mean really a tectonic shift in North America among operators with a lot of the media focus and content going right out of the window and refocusing on the core business in building and operating networks. And there is a lot of catching up that needs to be done. It's kind of like one of those -- if you have a house that you've neglected for years and years. And now all of a sudden, you realize that this is really the place you want to live in. And we are seeing significant level of investment pouring in the upgrading capabilities, upgrading networks, rebuilding networks. And that is going to be, in my view, a multiyear trend.

我們在過去看到的，我想說，6 個月是重要的，我的意思是北美運營商的結構性轉變，很多媒體關注和內容都跳出了窗外，重新關注核心業務在建設和運營網絡方面。還有很多工作要做。這有點像其中之一——如果你有一座你多年來一直忽視的房子。現在突然間，你意識到這真的是你想要居住的地方。我們看到大量投資湧入升級能力、升級網絡、重建網絡。在我看來，這將是一個多年趨勢。

And with all the latest -- we hear about infrastructure build-out, I mean, really extending broadband infrastructure to rural area and pushing fiber to -- all the way to the home. We actually think North America will be a shining star in the coming years. And now we have all 3 major cylinders are firing at full speed, the Europe, Asia and now finally North America. Just North America reversing trend is actually going to, I think, going to drive our NE segment pretty strongly.

隨著所有最新的——我們聽說了基礎設施建設，我的意思是，真正將寬帶基礎設施擴展到農村地區，並將光纖推向——一直到家庭。我們實際上認為北美將在未來幾年成為一顆閃亮的明星。現在我們所有 3 個主要氣缸都在全速燃燒，歐洲、亞洲，現在終於是北美。我認為，北美的逆轉趨勢實際上將非常強勁地推動我們的 NE 細分市場。

Your next question comes from the line of Michael Genovese with WestPark Capital.

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

I wanted to check in on some further segment data on the OSP. So did the 3D sensing come in -- up to about 15% year-over-year, I think, is about what you were targeting. Is that where it ended up?

我想檢查 OSP 上的一些進一步的細分數據。 3D 傳感也出現了——我認為，同比增長約 15%，這與你的目標有關。那是它結束的地方嗎？

That's about right, yes. And that's mainly -- that's in the absence of anything in Android, which we already talked earlier in the year about.

差不多是這樣，是的。這主要是在 Android 中沒有任何內容的情況下，我們已經在今年早些時候討論過這一點。

Okay. So as we think about the look-ahead, should we also think about that as like absent of Android and sort of model it off of what I guess is slightly up units with the main customer? Is that...

好的。因此，當我們考慮前瞻性時，我們是否也應該將其視為缺少 Android，並根據我猜想與主要客戶的單位略有增加的情況對其進行建模？就是它...

Yes. We said we are kind of looking flattish in there. Because I mean I think there may be an upside if some of the Android players in the second half start deploying 3D sensing, but we are not factoring that in. And while we will probably see higher unit volume, but there's also a road map pricing that kicks in, so there is some ASP reductions coming in place.

是的。我們說我們在那裡看起來有點扁平。因為我的意思是我認為如果下半年一些 Android 玩家開始部署 3D 傳感可能會有好處，但我們沒有考慮到這一點。雖然我們可能會看到更高的單位數量，但也有路線圖定價這開始了，所以有一些 ASP 減少到位。

So I'd say, net-net, between the higher unit volume from volume growth and greater penetration of various applications and the ASP reductions, we expect in absence of Android that business to be roughly flat in this fiscal year.

所以我想說，在銷量增長帶來的更高單位銷量和各種應用程序的更大滲透以及平均售價下降之間，我們預計在沒有 Android 的情況下，該業務在本財年大致持平。

Okay. Great. And then I guess for the core OSP, is the sort of low 60s the right way to think about it going forward? Or how do you think about it going forward?

好的。偉大的。然後我猜對於核心 OSP，那種低 60s 是考慮它前進的正確方法嗎？或者您如何看待它的發展？

Yes. I think we said for the foreseeable future to take $60 million as the kind of base business. Remember, we used to say $50 million. Now $60 million is the new $50 million. So that's going to continue for quite some time, in my view.

是的。我想我們說過在可預見的未來以 6000 萬美元作為基礎業務。請記住，我們過去常說 5000 萬美元。現在 6000 萬美元是新的 5000 萬美元。因此，在我看來，這將持續相當長一段時間。

Your next question comes from Meta Marshall with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Meta Marshall。

Great. First question, obviously, AT&T kind of announced earlier in the week a slowdown in some of their fiber builds. I know, obviously, we're talking about a very strong fiber environment, and you noted being sold out of capacity. But just how should we think about -- is there any kind of lull we would see before some of these broadband plans take off or you feel like kind of the demand environment that we're seeing combined with your ability to supply will leave you in a sold-out position for longer? And then I have a follow-up question.

偉大的。第一個問題，顯然，AT&T 在本週早些時候宣布了他們的一些光纖建設放緩。我知道，顯然，我們正在談論一個非常強大的光纖環境，並且您注意到容量已售罄。但是我們應該如何考慮——在這些寬帶計劃中的一些計劃啟動之前，我們是否會看到任何一種平靜，或者您覺得我們所看到的某種需求環境與您的供應能力相結合會讓您陷入困境售罄的位置更長？然後我有一個後續問題。

So AT&T is clearly a very aggressive -- has been -- really, it's like it's a new religion. Fiber is a new religion within AT&T and they're moving very aggressively. And I mean, clearly, they are facing a lot of shortages from various suppliers, at least in the interim. And -- but they are by no means the only player. You could pretty much take all the discussions they're having and multiply it for every other fiber or network operator in North America and in Europe, and they are all looking to do exactly the same thing.

所以 AT&T 顯然是一個非常進取的 - 一直 - 真的，它就像一個新的宗教。光纖是 AT&T 內部的一種新信仰，他們正在積極推進。我的意思是，很明顯，他們正面臨著來自不同供應商的大量短缺，至少在此期間是這樣。而且——但他們絕不是唯一的參與者。您幾乎可以將他們正在進行的所有討論都用於北美和歐洲的所有其他光纖或網絡運營商，並且他們都希望做完全相同的事情。

So yes, I think it will be, I'll say, a capacity-constrained environment for several quarters until the supply chain catches up.

所以是的，我認為這將是幾個季度的產能受限環境，直到供應鏈趕上來。

Got it. And then maybe just following up on Mike's question on OSP. Clearly, you guys have had 3 drivers over time, increasing kind of monetary volumes, reprints and inventory. And you noted kind of the first 2 being the biggest driver. Do we think by the end of this fiscal year, we're either getting back towards an inventory build position or is this kind of a multiyear kind of this $60 million baseline?

知道了。然後也許只是跟進 Mike 關於 OSP 的問題。顯然，隨著時間的推移，你們有 3 個驅動因素，增加了貨幣量、重印和庫存。你注意到前兩個是最大的驅動因素。我們是否認為到本財政年度結束時，我們要么回到庫存構建位置，要么是這種 6000 萬美元基準的多年期？

Well, I'd tell you, when you have very limited capacity, it is very difficult to replenish inventories quickly. So you spread it over a period of time. I'd say we probably have quite a few quarters of running our lines flat out to just kind of catch up and rebuild all the inventories. And you continue to see increasing demand from various printers as various fiscal policies try -- various countries try to stimulate their economies.

那麼我告訴你，當你的產能非常有限的時候，想要快速補充庫存是非常困難的。所以你把它分散在一段時間內。我想說我們可能有好幾個季度的時間都在全力運行我們的生產線，以便趕上並重建所有庫存。隨著各種財政政策的嘗試，您會繼續看到來自各種打印機的需求不斷增加 - 各個國家都試圖刺激其經濟。

And there's still actually quite a few print shops working intermittently because the COVID situation in many of these countries are a lot worse than U.S. So they're actually just creative and more latent demand down the road in my view. But it's by no means just like a straight line. I mean it's a bit spiky. So you can see out of nowhere significant orders and something goes down. But net-net, if you aggregate and average it out over period of months, it's a very strong upward trend.

實際上仍有相當多的印刷廠在斷斷續續地工作，因為這些國家中的許多國家的 COVID 情況比美國糟糕得多，所以在我看來，它們實際上只是創造性的，並且在未來有更多的潛在需求。但這絕不是一條直線。我的意思是它有點尖銳。因此，您可以無處不在地看到大量訂單，並且出現故障。但是淨淨，如果你在幾個月的時間裡對它進行匯總和平均，這是一個非常強勁的上升趨勢。

Your next question comes from Dave Kang with B. Riley.

你的下一個問題來自 Dave Kang 和 B. Riley。

My first question is regarding the supply chain impact. I think you said 2%. I believe you were talking about revenue impact of 2%. Just wanted to clarify that. And what was the margin impact? Was it like 50 bps or 100 bps? Any color there?

我的第一個問題是關於供應鏈的影響。我想你說的是 2%。我相信你說的是 2% 的收入影響。只是想澄清一下。利潤率的影響是什麼？是 50 個基點還是 100 個基點？那裡有什麼顏色？

So I did not give you any numbers. I think -- I don't know where you heard the 2%. I think when I said 2%, it might have been the impact of higher transportation, logistics, expedite costs. It's maybe 2% impact on gross margin. But at the same time, with higher volumes, we have a greater manufacturing, overhead absorption that more or less kind of offset that. But in the absence of all things normal, I mean, we would obviously have seen higher gross margin on our products and probably higher revenue growth as well.

所以我沒有給你任何數字。我想——我不知道你是從哪裡聽說的 2%。我認為當我說 2% 時，可能是更高的運輸、物流、加速成本的影響。這可能對毛利率產生 2% 的影響。但與此同時，隨著產量的增加，我們有更多的製造、間接費用吸收或多或少地抵消了這一點。但在沒有一切正常的情況下，我的意思是，我們顯然會看到我們產品的毛利率更高，收入增長也可能更高。

Got it. And my follow-up is, so you talked about the high-end chips that could get worse in December. How should we think about seasonality since December quarter is seasonally strong?

知道了。我的後續行動是，所以你談到了 12 月份可能會變得更糟的高端芯片。由於 12 月季度季節性很強，我們應該如何考慮季節性？

Well, I think the seasonality is no longer the issue. I think it's all about what share of allocation you're going to get. And I've been -- as you can imagine, I've been dialing for dollars with all the leading vendors to make sure that we get at least our fair share and hopefully a bit more than that. And my supply chain team has been scouring the earth for various supply.

好吧，我認為季節性不再是問題。我認為這完全取決於您將獲得多少分配份額。我一直 - 正如你可以想像的那樣，我一直在與所有領先的供應商聯繫以確保我們至少獲得公平的份額，並希望比這多一點。我的供應鏈團隊一直在地球上尋找各種供應。

And the good news for us is we don't need that many units to make a meaningful impact on revenue. I mean we don't sell the low-end consumer products. I mean every one of these devices drives thousands, if not tens of thousands of revenue. So in that respect, if we can find several hundred units, it makes a big difference on the margin for us in terms of revenue upside.

對我們來說，好消息是我們不需要那麼多單位來對收入產生有意義的影響。我的意思是我們不賣低端消費品。我的意思是，這些設備中的每一個都能帶來數千甚至數万的收入。因此，在這方面，如果我們能找到數百個單位，就收入增長而言，這對我們的利潤率有很大影響。

Your next question comes from the line of Fahad Najam with MKM Partners.

你的下一個問題來自 Fahad Najam 與 MKM Partners 的合作。

So I want to kind of needle in on your remark about expecting growth next year. If you can help us a little bit more on that. Look, if I understand in terms of the secular drivers, most prominently, the seamless spending here in North America. The Rural Digital Opportunity Fund, I think the first tranche of the Phase 1 is just [waiting] to get released to your end customers. We should be really seeing RDOF spending coming online, some -- maybe hopefully starting in the fourth quarter of this year coming towards these suppliers. Then you've got the infrastructure spending bill that just got passed in the Senate. And then you have the American Rescue Act. All of those funds have yet to come through your way.

所以我想談談你對明年增長的預期。如果你能在這方面幫助我們多一點。看，如果我從長期驅動因素的角度理解，最突出的是北美這裡的無縫支出。農村數字機會基金，我認為第一階段的第一部分只是 [等待] 發布給您的最終客戶。我們應該真正看到 RDOF 支出上線，一些 - 也許希望從今年第四季度開始向這些供應商開放。然後是參議院剛剛通過的基礎設施支出法案。然後是《美國救援法》。所有這些資金都還沒有通過你的方式來。

So it looks like calendar '22 may be a very extraordinary strong growth year for you, obviously, supply chain limiting. But can you help us put a sense on -- is the supply chain getting worse? Maybe are we at the bottom of the supply chain tightness? And do you expect it to recover from now on? And then how does that shape your outlook for the rest of the year? And then I have a couple of follow-ups.

所以看起來日曆'22 對你來說可能是非常強勁的增長年，顯然，供應鏈限制。但是你能幫我們了解一下——供應鍊是否變得更糟了？也許我們處於供應鏈緊張的底部？你希望它從現在開始恢復嗎？那麼這將如何影響您對今年餘下時間的展望？然後我有幾個後續行動。

So I would say, first of all, I think this quarter is bad in terms of supply tightness. I think December quarter will be worse. And as I say, hope is eternal. We always hope that at least first half of next year starts getting better. And it's only because we don't think that far away. Our customers don't even look that far. But I do expect some new capacity coming online and things starting to rebalance. So I do think sometime first half of next year, we should see things improving.

所以我想說，首先，我認為這個季度在供應緊張方面很糟糕。我認為 12 月季度會更糟。正如我所說，希望是永恆的。我們一直希望至少明年上半年開始好轉。這只是因為我們不認為那麼遙遠。我們的客戶甚至看不到那麼遠。但我確實期待一些新的產能上線，事情開始重新平衡。所以我確實認為明年上半年的某個時候，我們應該會看到情況有所改善。

In terms of what's driving demand, we're not counting on any of these rural broadband or any of these stimulus things for driving our current sales. I mean our current sales are [drilling] just purely by upgrading your existing networks and really playing catch-up in many cases, especially in North America, to what should have been done in the last 5 years. So that is just the first tranche.

就推動需求而言，我們不指望任何這些農村寬帶或任何這些刺激因素來推動我們目前的銷售。我的意思是，我們目前的銷售 [drilling] 純粹是通過升級您現有的網絡，並且在許多情況下，尤其是在北美，真正趕上過去 5 年本應完成的工作。所以這只是第一部分。

The second driver is the Europe. I mean U.K. started driving fiber to every home about 1.5 years ago, and it's in the full swing of it. And now we're seeing other countries, like Germany, Italy, France, Netherlands, are following this trade. And that's obviously driving the next level of demand.

第二個驅動力是歐洲。我的意思是，大約 1.5 年前，英國開始將光纖引入每個家庭，而且它正在如火如荼地進行。現在我們看到其他國家，如德國、意大利、法國、荷蘭，也在關注這項貿易。這顯然正在推動下一個層次的需求。

Now on top of it, you overlay all these government infrastructure stimulus programs, which I think is -- before you see the money for it, it's probably 1 or 2 years. Just as you'll be in a full swing on all these other things, that is going to start kicking in. And then we're going to see that kind of will create the second wave or extend the wave of demand that we are seeing today. That's kind of how we see things playing out.

現在最重要的是，你覆蓋了所有這些政府基礎設施刺激計劃，我認為這是 - 在你看到它的錢之前，它可能是 1 或 2 年。正如你將在所有這些其他事情上全力以赴一樣，這將開始發揮作用。然後我們將看到那種將創造第二波或延長我們看到的需求波今天。這就是我們看待事情發展的方式。

Okay. I appreciate the answer. On a follow-up on the OSP. If I'm not mistaken, I think I heard you said that 3D sensing was up 18% year-over-year. Can you remind us if that comp had any Huawei revenue from last year or your ex-Huawei revenue growth?

好的。我很欣賞這個答案。關於 OSP 的後續行動。如果我沒記錯的話，我想我聽到你說 3D 傳感同比增長 18%。您能否提醒我們，該公司是否有去年的華為收入或您的前華為收入增長？

So that is a net increase, and we did have Huawei in the prior year. So it's obviously been zeroed out and all things being equal.

所以這是一個淨增長，我們在前一年確實有華為。所以它顯然被歸零了，所有的事情都是平等的。

There are no further questions at this time. I will now turn the call back over to Bill Ong for closing remarks.

目前沒有其他問題。我現在將把電話轉回給 Bill Ong 以作結束語。

Thank you, Ashley. This concludes our earnings call for today. Thank you, everyone.

謝謝你，艾希禮。我們今天的財報電話會議到此結束。謝謝大家。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。