公司名稱:Coherent,Inc.(COHR)
會(huì)議時(shí)間:2020年5月27日
安迪·馬特斯(Andy Mattes)
在世界抗擊疫情大流行且我們大多數(shù)人都處于待命狀態(tài)的時(shí)期內(nèi),以首席執(zhí)行官的身份加入公司是一次真正獨(dú)特的經(jīng)歷,并且是未知的領(lǐng)域。在虛擬世界中與我的公司打交道已經(jīng)很長(zhǎng)的時(shí)間了,但是卻出奇地富有成效。
我已經(jīng)與我們的前20名客戶中的大多數(shù)進(jìn)行了交流,通過(guò)虛擬游覽訪問(wèn)了我們的許多站點(diǎn),并與Coherent的前100名經(jīng)理進(jìn)行了聯(lián)系,并與全球各地的員工進(jìn)行了多次虛擬咖啡對(duì)話。當(dāng)我收到客戶關(guān)于我們的服務(wù)質(zhì)量、產(chǎn)品性能以及客戶在使用Coherent設(shè)計(jì)過(guò)程解決方案時(shí)所重視的高度協(xié)作的反饋時(shí),我感到非常振奮。我必須承認(rèn),我們的全球同事在遠(yuǎn)程工作的新常態(tài)中展現(xiàn)出的才能,奉獻(xiàn)精神以及最重要的參與水平給我留下了深刻的印象。
作為領(lǐng)導(dǎo)團(tuán)隊(duì),我們?cè)谶^(guò)去幾周將精力集中在員工的健康狀況,公司的財(cái)務(wù)狀況以及與客戶和供應(yīng)商的合作關(guān)系方面。在新任命的首席運(yùn)營(yíng)官M(fèi)ark Sobey的領(lǐng)導(dǎo)下,我們建立了中樞神經(jīng)中心,即COVID指導(dǎo)委員會(huì)或CSC。公司所有高管每周召開(kāi)多次視頻會(huì)議,以掌握全球不斷變化的情況和安全協(xié)議,同步我們的行動(dòng)和響應(yīng),以實(shí)現(xiàn)穩(wěn)定的供應(yīng)鏈和物流,討論關(guān)鍵零件的庫(kù)存并達(dá)到期望的客戶交貨日期。在4月和5月的大部分時(shí)間里,我們遵守了所有與社會(huì)隔離的規(guī)定,將產(chǎn)能保持在產(chǎn)能的約85%至90%。 CSC現(xiàn)在將重點(diǎn)轉(zhuǎn)移到讓員工安全地工作,如何將遠(yuǎn)程工作納入公司的新常態(tài),以及如何圍繞協(xié)作,靈活性,包容性和責(zé)任感加速最佳實(shí)踐共享。
在我進(jìn)一步談?wù)撐覀兦懊娴牡缆分?,讓我將麥克交給凱文討論第二季度的結(jié)果和指導(dǎo)。
凱文·帕拉特尼克
今天,我將首先概述2020財(cái)年第二季度的財(cái)務(wù)業(yè)績(jī),然后再介紹第三財(cái)季的前景。我將主要討論非GAAP財(cái)務(wù)業(yè)績(jī),并請(qǐng)您參考今天的新聞稿,以詳細(xì)說(shuō)明我們的GAAP業(yè)績(jī)以及GAAP與非GAAP財(cái)務(wù)業(yè)績(jī)之間的對(duì)帳。非美國(guó)通用會(huì)計(jì)準(zhǔn)則的調(diào)整涉及以股票為基礎(chǔ)的補(bǔ)償費(fèi)用,無(wú)形資產(chǎn)的攤銷,商譽(yù)和其他長(zhǎng)期資產(chǎn)減值,重組費(fèi)用,相關(guān)的稅項(xiàng)調(diào)整以及以股票為基礎(chǔ)的補(bǔ)償?shù)亩愴?xiàng)調(diào)整。今天準(zhǔn)備好的評(píng)論全文以及GAAP和非GAAP補(bǔ)充財(cái)務(wù)信息的最新趨勢(shì)將發(fā)布在Coherent Investor Relations網(wǎng)站上。通話后約90天,還將播放此網(wǎng)絡(luò)廣播的重播。
2020年第二季度公司主要經(jīng)營(yíng)指標(biāo)的財(cái)務(wù)業(yè)績(jī),為總收入2.931億美元,非公認(rèn)會(huì)計(jì)準(zhǔn)則毛利率為36.2%,非公認(rèn)會(huì)計(jì)準(zhǔn)則營(yíng)業(yè)利潤(rùn)率為8%,調(diào)整后EBITDA為11.9%,非公認(rèn)會(huì)計(jì)準(zhǔn)則每股收益為0.61美元。
第二財(cái)政季度的總收入為2.931億美元,處于我們先前指導(dǎo)范圍的低端。第二季度,銷售受到主要在亞洲的COVID-19大流行的負(fù)面影響,并在本季度晚些時(shí)候開(kāi)始影響歐洲和北美。我們估計(jì)本季度對(duì)收入的影響約為3000萬(wàn)美元至3500萬(wàn)美元。
我們第二季度的市場(chǎng)收入組合為微電子42%,材料加工29%,OEM組件和儀器22%和科學(xué)7%。從地理位置上看,第二季度亞洲占收入的48%,美國(guó)占25%,歐洲占22%,世界其他地區(qū)占5%。亞洲包括兩個(gè)地區(qū),歐洲包括一個(gè)地區(qū),其收入超過(guò)銷售額的10%。我們?cè)陧n國(guó)擁有一個(gè)與大型平板顯示器制造相關(guān)的客戶,該客戶貢獻(xiàn)了第二財(cái)季收入的10%以上。
第二財(cái)季來(lái)自其他產(chǎn)品和服務(wù)的收入為9900萬(wàn)美元,約占銷售額的34%。其他產(chǎn)品收入包括零配件,相關(guān)配件和其他消耗品,約占銷售額的29%。服務(wù)和服務(wù)協(xié)議的收入約占銷售額的5%。服務(wù)總收入比上一季度減少了約1800萬(wàn)美元,這主要是由于停工和冠狀病毒影響地區(qū)的旅行限制而無(wú)法為已安裝的基地提供服務(wù)。
不計(jì)基于股票的補(bǔ)償費(fèi)用,無(wú)形資產(chǎn)攤銷和重組,第二財(cái)季非GAAP毛利潤(rùn)約為1.06億美元。第二季度的非GAAP毛利率為36.2%,略低于我們先前指導(dǎo)范圍的中點(diǎn),這主要是由于與較低產(chǎn)量相關(guān)的更高制造成本。
非GAAP運(yùn)營(yíng)費(fèi)用從眾多項(xiàng)目中減少了約900萬(wàn)美元。重大項(xiàng)目為可變支出減少,差旅相關(guān)支出以及與我們的遞延補(bǔ)償計(jì)劃相關(guān)的費(fèi)用收益。因此,第二財(cái)季的非GAAP營(yíng)業(yè)利潤(rùn)率為8%,處于我們先前指導(dǎo)范圍的高端。第二季度調(diào)整后的EBITDA為11.9%。
轉(zhuǎn)到資產(chǎn)負(fù)債表。截至第二季度末,非限制性現(xiàn)金,現(xiàn)金等價(jià)物和短期投資約為3.69億美元,比上一季度末增加約1900萬(wàn)美元。鑒于我們?cè)谌蚪?jīng)濟(jì)相對(duì)不確定的時(shí)期內(nèi)專注于現(xiàn)金保全,因此根據(jù)我們目前的回購(gòu)授權(quán),我們沒(méi)有在第二季度回購(gòu)任何股票。我們也沒(méi)有對(duì)我們的定期貸款進(jìn)行任何自愿付款,在第二季度末,未償還的定期貸款美元金額約為3.9億美元。
應(yīng)收帳款DSO為62天,而上一季度為66(標(biāo)準(zhǔn))[68]天。在第二財(cái)政季度末,凈庫(kù)存余額約為4.57億美元,增加了700萬(wàn)美元,這主要是由于COVID-19導(dǎo)致部分客戶的運(yùn)輸和接收部門(mén)關(guān)閉而導(dǎo)致成品增加。
不計(jì)基于股票的補(bǔ)償費(fèi)用,無(wú)形資產(chǎn)攤銷和重組,第二財(cái)季非GAAP毛利潤(rùn)約為1.06億美元。第二季度的非GAAP毛利率為36.2%,略低于我們先前指導(dǎo)范圍的中點(diǎn),這主要是由于與較低產(chǎn)量相關(guān)的更高制造成本。
非GAAP運(yùn)營(yíng)費(fèi)用從眾多項(xiàng)目中減少了約900萬(wàn)美元。重大項(xiàng)目為可變支出減少,差旅相關(guān)支出以及與我們的遞延補(bǔ)償計(jì)劃相關(guān)的費(fèi)用收益。因此,第二財(cái)季的非GAAP營(yíng)業(yè)利潤(rùn)率為8%,處于我們先前指導(dǎo)范圍的高端。第二季度調(diào)整后的EBITDA為11.9%。
轉(zhuǎn)到資產(chǎn)負(fù)債表。截至第二季度末,非限制性現(xiàn)金,現(xiàn)金等價(jià)物和短期投資約為3.69億美元,比上一季度末增加約1900萬(wàn)美元。鑒于我們?cè)谌蚪?jīng)濟(jì)相對(duì)不確定的時(shí)期內(nèi)專注于現(xiàn)金保全,因此根據(jù)我們目前的回購(gòu)授權(quán),我們沒(méi)有在第二季度回購(gòu)任何股票。我們也沒(méi)有對(duì)我們的定期貸款進(jìn)行任何自愿付款,在第二季度末,未償還的定期貸款美元金額約為3.9億美元。
現(xiàn)在,我將轉(zhuǎn)向2020年第三季度的展望。
首先我要說(shuō)的是,在未來(lái)幾周和幾個(gè)月內(nèi),全球需求將如何變化尚無(wú)定論。這種不確定性使得在短期內(nèi)預(yù)測(cè)我們的業(yè)務(wù)充滿挑戰(zhàn)。但是,強(qiáng)大的資產(chǎn)負(fù)債表和現(xiàn)金狀況為我們應(yīng)對(duì)未來(lái)與冠狀病毒相關(guān)的持續(xù)干擾提供了極大的靈活性。
話雖如此,第三財(cái)季的收入預(yù)計(jì)將在2.65億美元至3.05億美元之間。我們預(yù)計(jì)第三季度的非GAAP毛利率將在30%到34%之間。非GAAP毛利率不包括約220萬(wàn)美元的無(wú)形資產(chǎn)攤銷和170萬(wàn)美元的股票補(bǔ)償成本。
第三季度的非公認(rèn)會(huì)計(jì)準(zhǔn)則營(yíng)業(yè)利潤(rùn)率預(yù)計(jì)在1%至5%之間。這不包括估計(jì)總計(jì)290萬(wàn)美元的無(wú)形資產(chǎn)攤銷和總計(jì)大約1,610萬(wàn)美元的股票補(bǔ)償費(fèi)用。其他收入和支出估計(jì)為500萬(wàn)至600萬(wàn)美元。我們?cè)贠I&E的前景中不包括與未來(lái)匯率變化相關(guān)的交易損益。
我們預(yù)計(jì)我們第三季度的非GAAP稅率將在17%至18%之間。最后,我們假設(shè)第三財(cái)政季度的加權(quán)平均流通股約為2420萬(wàn)。
現(xiàn)在,我將呼叫轉(zhuǎn)回給Andy。
安迪·馬特斯(Andy Mattes)
謝謝你,凱文。除了財(cái)務(wù)數(shù)據(jù),讓我在您所服務(wù)的主要市場(chǎng)上做一些介紹。
從微電子學(xué)開(kāi)始。這里有兩種截然不同的動(dòng)態(tài)。一方面,由于消費(fèi)者支出的放緩導(dǎo)致智能手機(jī)的業(yè)務(wù)的下滑,這在顯示方面產(chǎn)生了不利因素,隨著晶圓廠利用率的下降,這影響了我們的短期服務(wù)收入,另一方面,半導(dǎo)體業(yè)務(wù)的實(shí)力也因此而下降到電信,云和數(shù)據(jù)中心投資,考慮我們的Zoom經(jīng)濟(jì),以及業(yè)務(wù)向筆記本電腦的轉(zhuǎn)變。
針對(duì)顯示器,多家筆記本電腦制造商最近宣布它們現(xiàn)在將OLED顯示器作為其高端型號(hào)的選擇,令我們感到鼓舞。我們認(rèn)為,這種趨勢(shì)可能會(huì)持續(xù)下去,特別是隨著中國(guó)客戶收益率的提高以及他們有能力隨著時(shí)間的推移使定價(jià)與LCD更加保持一致。我們還對(duì)即將到來(lái)的向支持5G的移動(dòng)設(shè)備升級(jí)周期持樂(lè)觀態(tài)度,這是因?yàn)楸⌒腿嵝設(shè)LED屏幕與5G功能之間的聯(lián)系似乎很高,這是因?yàn)樾枰蟮碾姵貋?lái)占據(jù)更多設(shè)備體積,從而為更短的電池供電范圍,更高頻率的天線。
繼續(xù)進(jìn)行材料處理。甚至在最近發(fā)生COVID大流行之前,德國(guó)汽車和機(jī)床行業(yè)就已經(jīng)出現(xiàn)了廣泛報(bào)道的增長(zhǎng)放緩,并且整個(gè)市場(chǎng)看到與COVID對(duì)消費(fèi)者需求的影響相關(guān)的進(jìn)一步疲軟。關(guān)于中國(guó)早日復(fù)蘇的報(bào)道好壞參半,我們?nèi)匀恢?jǐn)慎地觀察這種情況如何發(fā)展??偟膩?lái)說(shuō),相干公司在中國(guó)的材料加工業(yè)務(wù)要少于美國(guó)和歐洲市場(chǎng),而我們的核心實(shí)力是在非金屬切割和焊接應(yīng)用領(lǐng)域中更專業(yè)的行業(yè),在此領(lǐng)域,我們?cè)贑O2和二極管激光器方面的實(shí)力仍然很高。差異化因素。
總體而言,由于我們?cè)谏茖W(xué)研究,臨床診斷和治療程序(基于選修課和保險(xiǎn)學(xué))的各種應(yīng)用領(lǐng)域?qū)崿F(xiàn)了多元化,因此儀器儀表業(yè)務(wù)仍然保持強(qiáng)勁增長(zhǎng)。我們?yōu)樵S多生命科學(xué)客戶的高端儀器在疫苗開(kāi)發(fā)和抗COVID的免疫學(xué)研究以及臨床應(yīng)用中的使用感到興奮。我們已經(jīng)看到,某些客戶的需求達(dá)到了兩倍。相反,相同的客戶向世界各地的研究實(shí)驗(yàn)室出售與非COVID相關(guān)研究相同的儀器,并且其中許多實(shí)驗(yàn)室和大學(xué)已經(jīng)關(guān)閉,并且對(duì)于這些客戶,新系統(tǒng)的需求有所放緩?,F(xiàn)在,在全球范圍內(nèi),與COVID相關(guān)的對(duì)非緊急醫(yī)療程序的限制正在放松,我們的治療醫(yī)療客戶正在看到良好的反彈。
由于大學(xué)和實(shí)驗(yàn)室已基本關(guān)閉,科學(xué)市場(chǎng)部分基本上花了一些時(shí)間。我們希望隨著科學(xué)機(jī)構(gòu)的重新開(kāi)放和對(duì)未動(dòng)用研究經(jīng)費(fèi)的需求已被抑制而開(kāi)始流動(dòng),這一部分將會(huì)恢復(fù)。
國(guó)防一直是一個(gè)不受影響的領(lǐng)域,仍然是Coherent的投資領(lǐng)域。我們?cè)趶亩ㄏ蚬β蕬?yīng)用的激光放大器到特種輕型航空光學(xué)器件的眾多機(jī)遇中處于有利地位。我們已經(jīng)獲得了著名的主要承包商的重要設(shè)計(jì)大獎(jiǎng),這些承包商向武裝部隊(duì)提供了武器,我們認(rèn)為這是公司前進(jìn)的領(lǐng)域。
我們的第2季度賬單比率顯著高于1季度,并且該季度末的積壓訂單比上一季度有所增加。沒(méi)有人知道COVID-19將對(duì)全球經(jīng)濟(jì)產(chǎn)生多長(zhǎng)時(shí)間的影響,但是在我們的積壓訂單和資產(chǎn)負(fù)債表之間,我們認(rèn)為Coherent在接下來(lái)的幾個(gè)季度中將處于穩(wěn)定的位置。
話雖如此,我們正在將近期行動(dòng)集中在現(xiàn)金產(chǎn)生上。盡管我們尚未做出任何最終決定,但我們目前正在分析各種關(guān)鍵步驟,并且展望未來(lái),我們將啟動(dòng)我們的“由好到偉大”轉(zhuǎn)型,其中包括一些正在進(jìn)行中的行動(dòng),以及納入新的行動(dòng),包括應(yīng)用我們的業(yè)務(wù)策略是:只有在我們有視線達(dá)到1號(hào)或2號(hào)地位的情況下,我們才會(huì)參與細(xì)分市場(chǎng),否則我們將重新集中精力。與該策略一致,我們將不會(huì)參與千瓦光纖市場(chǎng),價(jià)格競(jìng)爭(zhēng)不會(huì)觸底,因此我們將完成從商品光纖激光器市場(chǎng)的轉(zhuǎn)移。取而代之的是,我們將專注于技術(shù)優(yōu)勢(shì)將在市場(chǎng)上獲得回報(bào)的領(lǐng)域,例如微電子,生物儀器和醫(yī)療設(shè)備制造。此外,我們知道OLED顯示器仍在未來(lái),但將基于許多激光工藝步驟,因此將在OLED市場(chǎng)上加倍投入并利用我們的領(lǐng)先優(yōu)勢(shì)來(lái)推動(dòng)諸如micro LED顯示器等技術(shù)的進(jìn)步。最后,我們將簡(jiǎn)化我們的公司,從組織機(jī)構(gòu)設(shè)置到地點(diǎn)數(shù)量,再到我們運(yùn)行和報(bào)告財(cái)務(wù)狀況的方式。如您所見(jiàn),我們還有很多暑假作業(yè)。幾個(gè)月后的下一次電話會(huì)議,尤其是當(dāng)我們宣布第四季度業(yè)績(jī)并進(jìn)入10月份的新會(huì)計(jì)年度時(shí),我們將有更多的分享我們的“由好到偉大”轉(zhuǎn)型。
QA
Q
你好,下午好,我有個(gè)問(wèn)題我想知道,預(yù)訂量是連續(xù)增長(zhǎng)的,還是說(shuō)你只是指預(yù)訂量普遍強(qiáng)勁,預(yù)訂量與銷售額的強(qiáng)勁,而不是你報(bào)告中預(yù)期的較低的收入水平?
A
我們?cè)趲啄昵熬筒辉僬勅魏晤愋偷脑敿?xì)的預(yù)訂量了。所以,當(dāng)我們講到book-to-bill的時(shí)候,是在季度內(nèi),當(dāng)前看Q2的賬單到季度內(nèi)的預(yù)訂量。
Q
您能否談?wù)勀欠窨吹搅酥袊?guó)OLED領(lǐng)域的預(yù)訂活動(dòng)?
A
在此我將不提供很多詳細(xì)信息,因?yàn)閺念A(yù)訂的角度來(lái)看,我們只是將其與FPD或微電子產(chǎn)品隔離開(kāi)來(lái)。但是,與上一季度和前兩個(gè)季度一樣,我們確實(shí)在季度中接受了ELA工具的訂單。
Q
如果可以的話,如果我沒(méi)聽(tīng)錯(cuò)的話,聽(tīng)起來(lái)您在本季度看到了COVID帶來(lái)的更大影響。如果我正確地得到了數(shù)字,我想你說(shuō)的是在2000萬(wàn)到2500萬(wàn)美元之間。您是否說(shuō)過(guò),這大約是3000萬(wàn)到3500萬(wàn)美元?
A
沒(méi)錯(cuò)
Q
您是在中國(guó)看到了更大的意圖,還是僅僅是在其他地方(歐洲和美洲)的早期影響在中國(guó)造成了更大的沖擊?
A
它比我們預(yù)期的要大。我想說(shuō)的是,我們未能意識(shí)到的是,在我們的某些科學(xué)和OEM儀器領(lǐng)域中,大學(xué)和研究實(shí)驗(yàn)室確實(shí)完全關(guān)閉了。實(shí)驗(yàn)室和/或大學(xué)里的工作人員無(wú)法接近,無(wú)論是運(yùn)送和接收,還是實(shí)驗(yàn)室人員本身都無(wú)法接收產(chǎn)品,因?yàn)樗麄儾辉谀莾?。因此,我認(rèn)為我們確實(shí)低估了這一點(diǎn)。
Q
當(dāng)您開(kāi)始不強(qiáng)調(diào)某些產(chǎn)品領(lǐng)域(包括千瓦光纖激光器)時(shí),您能給我們一些提示嗎?我知道業(yè)務(wù)并不一定那么有意義。但是,您能否使我們有所了解,這將對(duì)收入產(chǎn)生什么樣的影響?
A
在這里我不想在電話里談那么多細(xì)節(jié)。我們還在分析業(yè)務(wù)的不同部分,以確定我們要在哪里投資。我想,一旦我們有了這些數(shù)據(jù),我們就可以更坦誠(chéng)一些。但是,就像我們過(guò)去討論過(guò)的那樣,商品纖維對(duì)我們的業(yè)務(wù)的貢獻(xiàn)非常小。
Q
我想我的第一個(gè)問(wèn)題就是關(guān)于收入確認(rèn)的軌跡。您連續(xù)獲得3個(gè)ELA訂單。而且您已經(jīng)看到一段時(shí)間了,交貨時(shí)間大約是六個(gè)月。第一,交貨期和你過(guò)去提供的6個(gè)月的交貨期相比有什么變化嗎?第二,假設(shè)沒(méi)有,從幾個(gè)季度前你看到的訂單來(lái)看,ELA工具在幾個(gè)季度前的周期開(kāi)始的時(shí)候,似乎會(huì)在第三季度開(kāi)始看到收入,到第四季度肯定會(huì)看到收入。但隨后,利潤(rùn)率指導(dǎo)似乎有點(diǎn)輕,因?yàn)橛幸恍〦LA高利潤(rùn)率的工具在那里。所以,我只是想知道,我們應(yīng)該注意的交貨期、出貨軌跡和回收時(shí)間有什么變化嗎?
A
實(shí)際上我們已經(jīng)接受了過(guò)去四個(gè)季度的訂單。我們確實(shí)說(shuō)過(guò),從交貨時(shí)間的角度來(lái)看,這至少需要6個(gè)月的時(shí)間。因此,當(dāng)我們調(diào)查下半年時(shí),我們已經(jīng)給出了下一個(gè)季度或6月季度的指導(dǎo),并且持平或略有下降。但是使用COVID時(shí),只需將COVID視為將事情延遲了四分之一左右即可。但是,我們應(yīng)該回到前進(jìn)的軌道上。
Q
您是否會(huì)說(shuō),這些延遲是完全以客戶為中心的,還是全面延遲?因?yàn)槲乙獑?wèn)的原因是您顯然在您的中國(guó)產(chǎn)品組合中有一些客戶,這些客戶直接位于武漢,COVID危機(jī)首先在那兒發(fā)生,然后您在中國(guó)其他地區(qū)有客戶,其影響可能是外圍的或間接的。因此,您是否看到延遲水平整體上還是相當(dāng)廣泛的,還是更多地集中在產(chǎn)生直接影響的少數(shù)制造商中?
A
你說(shuō)的沒(méi)錯(cuò)。我們的主要客戶之一或者是我們的主要客戶之一,CSOT在武漢。你也知道,武漢市停業(yè)了兩三個(gè)月。所以,我想說(shuō),主要是以地域?yàn)榛A(chǔ),指的是武漢。那里有幾個(gè)客戶,CSOT是其中較大的幾個(gè)客戶。但是,考慮到停產(chǎn),你會(huì)預(yù)計(jì)會(huì)有一個(gè)延遲,大概是四分之一。
Q
您能否評(píng)論一下整個(gè)客戶群看到的利用率?顯然,由于COVID危機(jī),我們?cè)谥袊?guó)第一季度日歷的不同部分進(jìn)行了下調(diào)。然后,您在世界其他地方提到,您開(kāi)始看到?jīng)_擊對(duì)中國(guó)的影響。但是,您在哪里看到利用率?他們恢復(fù)得有多快,尤其是在中國(guó)?然后,我們應(yīng)該如何考慮將其轉(zhuǎn)化為第三季度的服務(wù)收入并持續(xù)一年呢?似乎我們已經(jīng)有一段時(shí)間沒(méi)有看到低于1億美元的服務(wù)收入了。那么,這是一個(gè)低谷嗎?只是想知道該指標(biāo)在一年余下的時(shí)間內(nèi)能恢復(fù)多快?
A
我無(wú)法了解特定的客戶及其收益。我的意思是,這是他們的專有信息。我當(dāng)然不想在電話上談?wù)撍?。可以說(shuō),感覺(jué)產(chǎn)量正在提高。中國(guó)一家大型OLED制造商之一已經(jīng)表示,他們預(yù)計(jì)今年將出貨7,000萬(wàn)臺(tái)顯示器,而去年的出貨量可能是500萬(wàn)到1,000萬(wàn)。我認(rèn)為這是在提高收益的基礎(chǔ)上進(jìn)行的。
就服務(wù)收入而言,正如我在準(zhǔn)備好的發(fā)言中提到的那樣,我們確實(shí)有一些現(xiàn)場(chǎng)服務(wù)工程師無(wú)法進(jìn)入中國(guó)和維修設(shè)備,這給我們?cè)斐闪?800萬(wàn)美元,1900萬(wàn)美元左右的損失??紤]到中國(guó)已經(jīng)重新開(kāi)放,或者在很大程度上已經(jīng)重新開(kāi)放,我預(yù)計(jì)第三季度會(huì)有所反彈。當(dāng)我們考察韓國(guó)時(shí),韓國(guó)也受到了影響。因此,我們可能不會(huì)看到完整的回彈,但第三季度會(huì)有所改善。
Q
我的第一個(gè)問(wèn)題與你們?cè)诒炯径仁杖〉臏p值費(fèi)用有關(guān)。您說(shuō)這與工業(yè)激光器和系統(tǒng)業(yè)務(wù)有關(guān)。您能具體一點(diǎn)嗎?顯然,這是一筆更大的費(fèi)用,我認(rèn)為這筆費(fèi)用與該業(yè)務(wù)相關(guān)的費(fèi)用加4億美元。
A
關(guān)于減值,有一個(gè)多步驟的過(guò)程要經(jīng)過(guò)。我不會(huì)把你拖到那泥濘中??梢哉f(shuō),當(dāng)某項(xiàng)業(yè)務(wù)的賬面價(jià)值與該業(yè)務(wù)的公允價(jià)值相比較時(shí),當(dāng)公允價(jià)值較低時(shí),您必須記賬或減值。特定于業(yè)務(wù),它影響了ILS細(xì)分市場(chǎng)。 ILS領(lǐng)域主要是激光器的工業(yè)方面。因此,它包括工具業(yè)務(wù),光纖業(yè)務(wù),二極管和光纖組件。全面。但同樣,關(guān)鍵是我們?cè)u(píng)估業(yè)務(wù)時(shí),公允價(jià)值小于賬面價(jià)值,這就是我們計(jì)提減值的原因。
Q
您只是真正專注于現(xiàn)金產(chǎn)生的關(guān)鍵領(lǐng)域,并在準(zhǔn)備好的發(fā)言中指出了這一點(diǎn)。您發(fā)表評(píng)論說(shuō),如果您能夠獲得一兩個(gè)職位,那么您只會(huì)真正參與該細(xì)分市場(chǎng)。您評(píng)論了光纖激光器業(yè)務(wù),您將擺脫該業(yè)務(wù)的非戰(zhàn)略性部分。但是,您能談?wù)勔话慵す鈽I(yè)務(wù)嗎?您認(rèn)為從長(zhǎng)遠(yuǎn)來(lái)看,您可以擔(dān)任一兩個(gè)職位嗎?如果不是,那么您認(rèn)為替代方案是什么,如果那不是您認(rèn)為可以競(jìng)爭(zhēng)的領(lǐng)域?
A
但是,我們認(rèn)為我們有一些非常獨(dú)特的立場(chǎng)。當(dāng)我與客戶交談時(shí),讓我以醫(yī)療器械網(wǎng)站為例?,F(xiàn)象市場(chǎng)的占有率,我們顯然是市場(chǎng)的領(lǐng)導(dǎo)者,機(jī)遇很多,聲譽(yù)很高。這是我們要追求的市場(chǎng)類型的完美示例。那里有很多機(jī)會(huì)。我們面臨的任務(wù)是確保我們專注于能夠充分發(fā)揮我們的技術(shù)優(yōu)勢(shì),我們的能力,為客戶量身定制非常特殊的制造或測(cè)試過(guò)程的能力以及我們可以在非??焖俚陌l(fā)展中發(fā)展的領(lǐng)域不錯(cuò)的保證金配置文件。
Q
如果你看一下你們剛才指導(dǎo)的出爐季度,營(yíng)收比季度沒(méi)有什么變化,只是略有下降。你們剛才提到,本季度制造業(yè)的產(chǎn)能大概會(huì)在85%到90%左右。毛利率的下降是否僅僅是混合的結(jié)果,還是其中一項(xiàng)業(yè)務(wù)中的一個(gè)移動(dòng)部分拖累了整體的毛利率下降?
A
有幾個(gè)因素造成的。當(dāng)然,隨著收入的不斷下降,產(chǎn)量會(huì)受到影響,因此制造成本也會(huì)上升。僅就COVID而言,我們必須實(shí)施的業(yè)務(wù)連續(xù)性計(jì)劃,以及我們必須實(shí)施的業(yè)務(wù)連續(xù)性計(jì)劃、分散化、PP&E等等,等等,這些都要花錢(qián),而這要花50到60個(gè)基點(diǎn)。除此之外,隨著發(fā)電量下降,我們手頭還有庫(kù)存,由于發(fā)電量下降,我們可能不得不從庫(kù)存中提取一些準(zhǔn)備金。所以,所有這些都會(huì)對(duì)利潤(rùn)率產(chǎn)生影響。
Q
第一個(gè)問(wèn)題是,您如何看待中國(guó)的機(jī)會(huì),這將如何影響混合毛利率?
A
如果您選擇中國(guó),并且按照我們的細(xì)分市場(chǎng),不用說(shuō),OLED及其周圍的一切都非常非常有利。如果您選擇另一端,則我們?cè)谥袊?guó)的材料加工業(yè)務(wù)規(guī)模相對(duì)較小。我在準(zhǔn)備好的發(fā)言中強(qiáng)調(diào)了這一點(diǎn)。在這些類型的業(yè)務(wù)方面,我們?cè)跉W洲或美國(guó)變得更強(qiáng)大。中國(guó)的科學(xué)市場(chǎng)也很強(qiáng)勁,但是中國(guó)大學(xué)與西方大學(xué)一樣被關(guān)閉。因此,該市場(chǎng)實(shí)際上在上個(gè)月沒(méi)有發(fā)生。隨著大學(xué)剛剛開(kāi)始重新開(kāi)放,您會(huì)看到這一流血進(jìn)入本季度。因此,我們?cè)谥袊?guó)的大部分機(jī)會(huì)都位于微電子市場(chǎng)和半導(dǎo)體市場(chǎng)。
Q
對(duì)利潤(rùn)率有什么影響?
A
這又回到了我們之前說(shuō)的。我們希望在我們的地位能得到回報(bào)的市場(chǎng)中進(jìn)行游戲。而在那些我們有很強(qiáng)的代表性的細(xì)分市場(chǎng),我們也享受到了利潤(rùn)率的優(yōu)勢(shì)。
Q
在您提到的OLED機(jī)會(huì)上,你們正在使OLED加倍。您如何看待中國(guó)與韓國(guó)的未來(lái)?您還可以評(píng)論Micro LED嗎?
A
在安迪(Andy)的準(zhǔn)備講話中,他確實(shí)談到了微型LED。您可能很熟悉,這是一個(gè)非常耗時(shí)的應(yīng)用程序,因?yàn)槟仨殞ED拾取并放置到顯示基板上,但是這樣做時(shí)要使用激光。我們已經(jīng)在該領(lǐng)域出售了一些開(kāi)發(fā)設(shè)備。當(dāng)我們?cè)贠LED中使用ELA工具享有我們的地位時(shí),我們希望在提供給micro LED的工具中享有相同的地位。
Q
您如何看待下半年的利潤(rùn)率?
A
如果您回到2016年,即OLED斜坡的第一階段,即'17和'18,您會(huì)看到積極的向上壓力。主要是基于OLED的增長(zhǎng),我們一直說(shuō)ELA工具(微電子)總體上可以提高公司的整體利潤(rùn)率。因此,隨著我們運(yùn)送更多這些機(jī)器,這將對(duì)利潤(rùn)率產(chǎn)生積極的上行壓力。
Q
此前重點(diǎn)一直放在轉(zhuǎn)型或重新定位公司以實(shí)現(xiàn)增長(zhǎng)。您是否將Coherent視為這種類型的項(xiàng)目,還是只是專注于微調(diào)?
A
如果您看一下我們的轉(zhuǎn)型工作,這就是我將其稱為“從好到偉大的轉(zhuǎn)型”時(shí)要表達(dá)的意思。 Coherent是一家非常優(yōu)秀的公司。話雖這么說(shuō),但是像任何公司一樣,我們業(yè)務(wù)中的某些領(lǐng)域可以做得更好,我們可以將卓越運(yùn)營(yíng)和執(zhí)行力加倍。盡管COVID會(huì)在這里,在那兒,在第一線以及消費(fèi)者的反應(yīng)速度上打上問(wèn)號(hào),但成本方面的一切都完全在我們的控制之下,因?yàn)槲覀兛梢粤⒓丛谶@里和現(xiàn)在解決這些問(wèn)題,整個(gè)夏季都將這樣做,我們會(huì)盡快為您更新。
其次,在中期,我們正在盡一切努力使公司處于有利可圖的增長(zhǎng)軌跡。我全心全意地相信,沒(méi)有一家大公司在縮水。因此,我們將確保在擺脫這種大流行的環(huán)境后,我們將恢復(fù)盈利增長(zhǎng)。
Q
我不太確定我們是否具有很好的可見(jiàn)性或任何變化,我的意思是COVID會(huì)產(chǎn)生影響。但是,就未來(lái)幾年OLED的開(kāi)放軌跡而言,無(wú)論是細(xì)微的還是更多的材料,您是否看到任何變化?許多工作都是在供應(yīng)方完成的,但是如果需求減少,如果您遇到的環(huán)境更慢甚至是隨意的,并且對(duì)新手機(jī)和OLED手機(jī)的需求減少,則可能會(huì)減少供應(yīng)的增長(zhǎng)側(cè)?
A
對(duì)于OLED來(lái)說(shuō),故事沒(méi)有改變。我們繼續(xù)看到我們面前的OLED坡道。實(shí)際上,最近,我們得到的數(shù)據(jù)是,盡管有OLED屏幕,但高端的筆記本電腦卻有18種。因此,我們看到了OLED從移動(dòng)設(shè)備到筆記本電腦的發(fā)展。我們預(yù)計(jì)平板電腦將是下一個(gè)。因此,就我們的波動(dòng)理論而言,第一波是移動(dòng)計(jì)算,在手機(jī)中,第二波和第三波是平板電腦,筆記本電腦,汽車,如果可以的話,我們認(rèn)為這條路沒(méi)有任何改變。而且,目前有OLED的筆記本電腦制造商也為我們感到鼓舞。
Q
關(guān)于材料加工的另一個(gè)更大的問(wèn)題是,第二大業(yè)務(wù)本身。我意識(shí)到那里有很多子市場(chǎng)。就像您在準(zhǔn)備好的發(fā)言中提到的那樣,在過(guò)去的幾個(gè)季度中,隨著全球經(jīng)濟(jì)的波動(dòng),當(dāng)然情況并不好。顯然是在COVID-19之后,我認(rèn)為工業(yè)生產(chǎn)的水平將低于我們。所有人都在估計(jì)它的發(fā)展趨勢(shì),進(jìn)展情況以及反彈幅度。但是,即使在未來(lái)12到18個(gè)月工業(yè)生產(chǎn)環(huán)境低迷的情況下,你們?nèi)匀豢梢蕴岣咝阅堋?/p>
A
這又回到了我們從 "好 "到 "偉大 "的轉(zhuǎn)變。我們確實(shí)看到了改進(jìn)的空間,尤其是在ILS方面,當(dāng)涉及到我們的利潤(rùn)率時(shí),當(dāng)涉及到我們的工廠裝載時(shí)。而且,我們以接近市場(chǎng)和客戶的方式為我們的系統(tǒng)和工具應(yīng)用和發(fā)明一種經(jīng)常重復(fù)使用的類型,這將自動(dòng)對(duì)我們的利潤(rùn)率產(chǎn)生積極的影響。
Q
剛剛有一個(gè)關(guān)于供應(yīng)鏈的問(wèn)題。您是否因?yàn)椴《径艿饺魏喂?yīng)鏈問(wèn)題的影響?
A
從供應(yīng)鏈來(lái)看,影響非常小。我們與全球排名前10位的所有供應(yīng)商合作,確保要么提前購(gòu)買(mǎi),要么他們有足夠的供應(yīng)量以確保在第二季度,第三季度及以后的時(shí)間為我們提供產(chǎn)品。因此,我們?cè)谀抢锾幘沉己谩?/p>
Q
你提到5G正在成為你的一個(gè)機(jī)會(huì)。我猜想那是因?yàn)楦呙芏鹊墓鑼⑿枰〉奈㈦娮?,可能過(guò)渡到新型的激光器,這是是開(kāi)始回暖還是5G在另辟蹊徑?
A
不僅是在微孔中,可以在板上放置更多內(nèi)容,而且還與天線本身有關(guān)。天線體積更大,需要更多功率。因此,如果需要,系統(tǒng)需要更多的電池。而且因?yàn)镺LED比LCD還要薄得多,所以由于它的厚度,您可以裝入更多的電池。因此,就給公司帶來(lái)的好處而言,有許多因素可為5G做出貢獻(xiàn)。就我們所看到的而言,我們看到的是一點(diǎn)點(diǎn)回升,但它擺在我們面前而不是我們身后。
Q
我可能錯(cuò)過(guò)了。您是說(shuō)經(jīng)營(yíng)現(xiàn)金流為1900萬(wàn)美元,還是只是增加現(xiàn)金?我只是想知道來(lái)自運(yùn)營(yíng)的現(xiàn)金是多少。
A
現(xiàn)金增加了1900萬(wàn)美元;來(lái)自運(yùn)營(yíng)的現(xiàn)金為4,700萬(wàn)美元。
Q
關(guān)于指南的問(wèn)題,凱文,你能依次橋接指南嗎?你的假設(shè)對(duì)COVID的影響有多大?是否可以合理地假設(shè)可能來(lái)自大學(xué)和材料加工帶來(lái)的科學(xué)和政府問(wèn)題的最大的沖擊?
A
從收入的角度來(lái)看,同樣是一個(gè)小幅下降的季度。是的,有一些預(yù)期,實(shí)驗(yàn)室會(huì)開(kāi)放,大學(xué)會(huì)開(kāi)放,問(wèn)題是時(shí)間問(wèn)題,對(duì)嗎?所以,會(huì)在6月份的季度出現(xiàn)。有些到現(xiàn)在為止還不愿意開(kāi)放。所以,會(huì)影響到收入。
在毛利率方面,肯定是由于銷量減少導(dǎo)致單位成本上升。但是就COVID及其影響而言,我之前提到過(guò),當(dāng)您查看安全距離,人員實(shí)際距離,輪班制,多班制,保護(hù)員工的所有必要條件時(shí),我們要付出50至60個(gè)基點(diǎn)的利潤(rùn)。
Q
從頂線角度來(lái)看,COVID影響的規(guī)模是否與3月份季度相似,大約等于或少于3000萬(wàn)美元?
A
我會(huì)懷疑它大概在30到35之間,甚至更小。
Q
切換到FPD。在上個(gè)周期,你有一個(gè)大玩家。而如果你看一下出貨的軌跡,確實(shí)是一個(gè)非常平穩(wěn)的,然后是裝運(yùn)中的取貨訂單。那么,現(xiàn)在這個(gè)周期反映出多個(gè)玩家,可能會(huì)達(dá)到八九個(gè),現(xiàn)在你能不能分享一下你的看法,現(xiàn)在你有幾個(gè)訂單,而且你的手下有一個(gè)像樣的積壓,你能不能分享一下?我們應(yīng)該如何看待未來(lái)12-14-24個(gè)月內(nèi)的線性交付?投資者應(yīng)該期待與上個(gè)周期類似的軌跡,還是要稍微有點(diǎn)波瀾不驚?
A
就16、17、18時(shí)期的第一大客戶而言,他們不僅向我們下了非常大的訂單,而且還是多年的訂單。因此,我們可以與該客戶合作,并真正計(jì)劃一段時(shí)間內(nèi)的出貨量。正如您提到的,第二階段還有更多的客戶,這顯然與中國(guó)有關(guān)。我們盡力幫助他們計(jì)劃接收設(shè)備。但是,我不希望我們?cè)?em>'16,'17和'18中看到同樣的增長(zhǎng)。除此以外,我無(wú)法進(jìn)一步詳細(xì)介紹。我們以前從未分享過(guò)。但是足以說(shuō),我認(rèn)為這不會(huì)像過(guò)去幾年那樣劇烈。
Q
然后,在材料加工方面,您說(shuō)過(guò)關(guān)于中國(guó)復(fù)蘇的報(bào)道不一。我認(rèn)為3月和4月比較強(qiáng)勁。但是,您是說(shuō)您正在看到五月訂單可能在復(fù)蘇中趨于穩(wěn)定,從而勢(shì)頭放緩嗎?什么是造成中國(guó)材料加工復(fù)蘇的跡象?
A
坦白說(shuō),在中國(guó)方面,我們比其他同行更為謹(jǐn)慎。到處都有一些指標(biāo),表明情況有所穩(wěn)定。但是正如您可能已經(jīng)看到的那樣,各個(gè)省份都有一些與COVID相關(guān)的爆發(fā)。因此,我們比與中國(guó)有關(guān)的一些同行更加謹(jǐn)慎。
Q
我認(rèn)為您已經(jīng)宣布了新的一級(jí)汽車大獎(jiǎng),即設(shè)計(jì)大獎(jiǎng)。而且我相信這與EV電池焊接有關(guān)。您能否給我們提供您所看到的任何更新,這些客戶的訂單可能開(kāi)始增加?您能否總體評(píng)論一下德國(guó)和中國(guó)的電動(dòng)汽車環(huán)境,以及您如何看待未來(lái)6到12個(gè)月的前景?
A
當(dāng)您查看特殊材料的焊接時(shí),這就是我們的技術(shù),特別是我們的ARM激光器在市場(chǎng)上具有非常獨(dú)特的優(yōu)勢(shì)。我們可以做到這一點(diǎn),甚至沒(méi)有改善,這是整個(gè)電動(dòng)汽車市場(chǎng)的一個(gè)非常重要的組成部分。因此,在我們發(fā)言時(shí),我們看到了很多興趣,并且看到了許多與客戶相關(guān)的概念證明。我們希望隨著時(shí)間的流逝,這種情況將繼續(xù)增長(zhǎng)。
Q
我想問(wèn)一下千瓦光纖的出口。嚴(yán)格來(lái)說(shuō),這包括切割的高光部分嗎?它還包括任何焊接應(yīng)用嗎?聽(tīng)起來(lái)好像它不包含Highlight ARM。然后,在這個(gè)范圍內(nèi),該市場(chǎng)的退出是否包括您所擁有的任何組件,即您出售給千瓦級(jí)供應(yīng)鏈其他部分的上游組件,例如二極管和新的Fern等?
A
讓我們從后面回答您的問(wèn)題。因此,不,二極管和Nufern以及所有這些好東西絕對(duì)是我們產(chǎn)品組合的關(guān)鍵要素,并將繼續(xù)如此。我們還將研究如何加強(qiáng)該業(yè)務(wù)。說(shuō)到焊接,正如我剛才所說(shuō),如果你考慮到金屬以外的材料焊接,那就是我們獨(dú)特的優(yōu)勢(shì)所在,無(wú)論是鋁、特殊鋁、銅,我們都會(huì)尋找這些類型的應(yīng)用。這也符合我們的戰(zhàn)略,即我們希望在技術(shù)優(yōu)勢(shì)得到回報(bào)的地方發(fā)揮我們的技術(shù)優(yōu)勢(shì)。如果把特種市場(chǎng)排除在外,我們基本上不參與普通的金屬切削市場(chǎng),那真的是一場(chǎng) "死里逃生 "的競(jìng)賽。
Q
那么,不僅僅是ROFIN被注銷,你們還能提供更多有關(guān)其中的零件的詳細(xì)信息嗎?自ROFIN以來(lái),我知道您做了一些較小的交易。我認(rèn)為有一項(xiàng)3D打印協(xié)議,也許還有其他東西。
A
我們可能會(huì)想把這個(gè)問(wèn)題留到線下,因?yàn)樗茉敿?xì)。但是,有商譽(yù)減值然后是無(wú)形資產(chǎn)和其他一些資產(chǎn),不動(dòng)產(chǎn),機(jī)器,設(shè)備,租賃,使用權(quán),使用權(quán),資產(chǎn)等等。從商譽(yù)的角度來(lái)看,大部分是與遺留的ROFIN有關(guān)。但除此之外,有些資產(chǎn)的范圍比整個(gè)ILS部門(mén)的范圍更廣。
Q
可以提供一些關(guān)于SG&A的信息嗎?
A
第二季度的數(shù)字相對(duì)持平。
Q
旅行或其他變量的恢復(fù)不會(huì)在該處花費(fèi)或恢復(fù)一些,然后再被其他抵消...
A
是。
英文紀(jì)要原文:
Coherent, Inc. (NASDAQ:COHR) Q2 2020 Results Conference Call May 27, 2020 4:30 PM ET
Company Participants
Bret DiMarco - EVP and General Counsel
Andy Mattes - President and CEO
Kevin Palatnik - EVP and CFO
Conference Call Participants
Jim Ricchiuti - Needham & Company
Brian Lee - Goldman Sachs
Tom O'Malley - Barclays
Larry Solow - CJS Securities
Mark Miller - The Benchmark Company
Nik Todorov - Longbow Research
Joe Wittine - Edgewater Research
Operator
Good morning and welcome to Coherent Second Quarter Fiscal Year 2020 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to introduce Bret DiMarco, Executive Vice President and General Counsel. Please go ahead.
Bret DiMarco
Thank you, Grant, and good afternoon everyone. Welcome to today’s conference call to discuss Coherent’s results from its second fiscal quarter ended April 4, 2020. All of us here at Coherent hope that you and your family are staying healthy and safe.
On the call with me are Andy Mattes, our President and Chief Executive Officer; and Kevin Palatnik, our Executive Vice President and Chief Financial Officer.
I would like to remind everyone that some information provided during this call may include forward-looking statements, including, without limitation, statements about Coherent’s future events, anticipated financial results, business trends, global economic trends and the expected timing and benefits, if any, of such trends.
These forward-looking statements may contain such words as project, outlook, future, expects, will, anticipates, believes, intends or referred to as guidance. These forward-looking statements reflect beliefs, estimates, and predictions as of today, May 27, 2020, and Coherent expressly assumes no obligation to update any such forward-looking statements.
These forward-looking statements are only predictions and are subject to substantial risks, uncertainties and assumptions that are difficult to predict and may cause actual results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to risks associated with the recovery of global and regional economies from the negative effects of COVID-19 and related private and public sector measures, the impact of COVID-19 on our businesses, global demand, acceptance and adoption of our products, the worldwide demand for flat panel displays and adoption of OLED for mobile displays, the pricing and availability of OLED displays, the demand for and use of our products in commercial applications, our ability to generate sufficient cash to fund capital spending or debt repayment, our successful implementation of our customer design wins, our and our customers’ exposure to risks associated with worldwide economic conditions, our customers’ ability to cancel long-term purchase orders, the ability of our customers to forecast their own end markets, our ability to accurately forecast future periods, continued timely availability of products and materials from our suppliers, our ability to timely ship our products and our customers’ ability to accept such shipments, our ability to have our customers qualify our products, worldwide government economic policies, including trade relations between the United States and China, our ability to integrate our acquisitions successfully, manage our expanded operations and achieve anticipated synergies, our ability to successfully manage our planned site consolidation projects and other cost reduction programs and to achieve the related anticipated savings and improved operational efficiencies, and other risks identified in the Company’s SEC filings.
For a detailed description of risks and uncertainties which could impact these forward-looking statements, you should review Coherent’s periodic SEC filings including its most recent Form 10-K, Form 10-Q and Forms 8-K, including the risks identified in today’s financial press release.
I will now turn the call over to Andy Mattes, our President and Chief Executive Officer.
Andy Mattes
Thank you, Bret, and thank you to everyone for welcoming me to Coherent. I am still measuring my time here in weeks, and this marks my 8th week. Joining a company as a CEO during a time when the world is fighting a pandemic and most of us are under stay-in-place orders is a truly unique experience and uncharted territory. Getting my arms around our company in a virtual world has made for long days, but is amazingly productive and effective.
I have spoken with most of our top 20 customers, visited many of our sites through virtual tours, connected with Coherent’s top 100 managers and have held multiple virtual coffee talks with employees of all levels around the globe. I am very energized by the customer feedback I received about the quality of our service, the performance of our products and the high degree of collaboration that our customers value when they design process solutions with Coherent. I must admit I am extremely impressed with the talent, the dedication and, most of all, the level of engagement that our colleagues around the world display in the new normal of working remotely.
As a leadership team, we focused our energy during the last weeks around the health of our employees, the financial health of our Company, and the health of our partnership with our customers and suppliers. We established a central nerve center, the COVID Steering Committee, or CSC, under the leadership of our newly appointed COO, Mark Sobey. All executives of the Company video-meet multiple times a week to stay on top of the ever-changing situation and safety protocols around the globe, to synchronize our actions and responses, to enable a stable supply chain and logistics, discuss inventories of critical parts and to meet desired customer delivery dates. For most of April and May, we have maintained manufacturing at approximately 85% to 90% of capacity, while adhering to all social distancing rules. The CSC is now shifting its focus towards bringing our employees back to work safely, how to incorporate remote working into the new normal of our Company, and how to accelerate best practice sharing around collaboration, flexibility, inclusion and accountability.
Before I talk more about the road ahead of us, let me hand the mike over to Kevin to discuss our Q2 results and guidance.
Kevin Palatnik
Thanks, Andy.
Today, I’ll first summarize fiscal second quarter 2020 financial results then move to the outlook for fiscal Q3. I’ll discuss primarily non-GAAP financial results and ask that you refer to today’s press release for a detailed description of our GAAP results, as well as a reconciliation between GAAP and non-GAAP financial results. The non-GAAP adjustments relate to stock-based compensation expense, amortization of intangible assets, goodwill and other long-lived asset impairments, restructuring costs, the related tax adjustments and tax adjustments for stock-based compensation. The full text of today’s prepared remarks and trended GAAP and non-GAAP supplemental financial information will be posted on the Coherent Investor Relations website. A replay of this webcast will also be made available for approximately 90 days following the call.
Fiscal second quarter 2020 financial results for the Company’s key operating metrics were total revenue of $293.1 million, non-GAAP gross margin of 36.2%, non-GAAP operating margin of 8%, adjusted EBITDA of 11.9%, and non-GAAP EPS of $0.61.
Total revenue for the fiscal second quarter was $293.1 million and came in at the low end of our previously guided range. Sales were negatively affected by the COVID-19 pandemic primarily in Asia during Q2 and began impacting Europe and North America later in the quarter. We estimate the impact to revenues was approximately between $30 million and $35 million during the quarter.
Our revenue mix by market for Q2 was Microelectronics 42%, Materials Processing 29%, OEM Components and Instrumentation 22% and Scientific 7%. Geographically, Asia accounted for 48% of revenues in the fiscal second quarter, the U.S. 25%, Europe 22% and rest of the world 5%. Asia includes two territories and Europe includes one territory with revenues greater than 10% of sales. We had one customer in South Korea, related to large flat panel display manufacturing that contributed more than 10% of our fiscal second quarter revenues.
Revenue from other product and service for the fiscal second quarter was $99 million or approximately 34% of sales. Other product revenue consists of spare parts, related accessories and other consumable products and was approximately 29% of sales. Revenue from services and service agreements was approximately 5% of sales. Total service revenues decreased sequentially by approximately $18 million, primarily resulting from the inability to service our installed base due to shutdowns and travel restrictions in coronavirus impacted areas.
Fiscal second quarter non-GAAP gross profit, excluding stock-based compensation costs, intangibles amortization, and restructuring was approximately $106 million. Non-GAAP gross margin was 36.2% for Q2 and came in slightly below the midpoint of our previously guided range, due primarily to higher manufacturing costs related to lower volumes.
Non-GAAP operating expenses decreased sequentially by approximately $9 million from a myriad of items. The significant items were decreases in variable spending, travel-related spending and a benefit to expense related to our deferred compensation plan. This resulted in a non-GAAP operating margin of 8% for the fiscal second quarter and came in at the high end of our previously guided range. Adjusted EBITDA was 11.9% in fiscal Q2.
Turning to the balance sheet. Non-restricted cash, cash equivalents and short-term investments were approximately $369 million at the end of fiscal Q2, an increase of approximately $19 million compared to the end of last quarter. Given our focus on cash preservation during this period of relative uncertainty in the global economy, we did not repurchase any shares in Q2 pursuant to our current buyback authorization. We also did not make any voluntary payments against our term loan, and at the end of fiscal Q2, the outstanding amount of the term loan, in USD, was approximately $390 million.
Accounts receivable DSO was 62 days, compared to 66 (sic) [68] days in the prior quarter. The net inventory balance at the end of the fiscal second quarter was approximately $457 million, an increase of $7 million, primarily due to an increase in finished goods as a result of closures in the shipping and receiving departments of some of our customers due to COVID-19.
Now, I’ll turn to our outlook for our third fiscal quarter of 2020.
Let me say at the outset that there is no clarity with what will happen with global demand in the coming weeks and months. This uncertainty makes forecasting our business challenging in the near term. However, our strong balance sheet and cash position provide us significant flexibility in responding to continued coronavirus related disruptions going forward.
Having said that, revenue for fiscal Q3 is expected to be in the range of $265 million to $305 million. We expect fiscal Q3 non-GAAP gross margin to be in the range of 30% to 34%. Non-GAAP gross margin excludes intangibles amortization of approximately $2.2 million and stock compensation costs estimated at $1.7 million.
Non-GAAP operating margin for fiscal Q3 is expected to be in the range of 1% to 5%. This excludes intangibles amortization estimated at a total of $2.9 million and stock compensation expense of a total of approximately $16.1 million. Other income and expense is estimated to be an expense in the range of $5 million to $6 million. We do not include transaction gains and losses related to future changes in foreign exchange rates in our OI&E outlook.
We expect our fiscal Q3 non-GAAP tax rate to be in the range of 17% to 18%. And finally, we are assuming weighted average outstanding shares of approximately 24.2 million for the fiscal third quarter.
I’ll now turn the call back to Andy.
Andy Mattes
Thank you, Kevin. In addition to the financial data, let me give you a little color on the main markets we serve.
Starting with Microelectronics. There are two distinct dynamics at play here. One the one hand, there is a weakness in SmartPhones driven by slowing of consumer spending, which is providing headwinds in display, impacting our near-term service revenues, as fab utilization slows and on the other hand, the strength in the semiconductor business due to telecom, cloud and datacenter investments, think about our Zoom economy, and a shift in business towards laptops.
Specific to display, we are encouraged by recent announcements from multiple laptop manufacturers that they are now including OLED displays as options for their high end models. We believe this is a trend that is likely to continue, especially as the yields of our Chinese customers improve and they have the ability to move pricing more in line with LCD over time. We also remain optimistic around the pending upgrade cycle to 5G enabled mobile devices, as the linkage between thin flexible OLED screens and 5G capability seems high, driven by the need for larger batteries to occupy more of the device volume as a requirement for powering the shorter range, higher frequency antennas.
Moving on to Materials Processing. Even prior to the recent COVID pandemic, there was a widely reported slowdown in the German automotive and machine tool industry, and overall the market is seeing further weakness related to the COVID impact on consumer demand. There have been mixed reports about an early recovery in China, we remain cautious to see how that plays out. In general Coherent has less material processing exposure to China than the U.S. and Europe markets, and our core strength is in more specialized segments of the industry, in the non-metal cutting and welding applications, where our strength in CO2 and diode lasers remains a differentiator.
Overall, our instrumentation business remains robust, as we are diversified over a range of applications across life science research, clinical diagnostics and therapeutic procedures, both elective and insurance based. We’ve been excited by the use of many of our life science customers’ high-end instruments in the development of vaccines and immunological advances in the fight against COVID, as well as clinical applications. We’ve seen demand at that end of the spectrum for certain customers go through a two-fold increase. Conversely, the same customers sell the same instruments to research labs across the world for non-COVID related studies and many of those labs and universities have been closed, and for those customers new system demand has slowed. We are seeing a nice rebound from our therapeutic medical customers, now that the COVID related restrictions to non-urgent medical procedures are being eased across the world.
The Scientific market segment basically took a time out as universities and labs have been largely closed. We expect this segment to recover as the scientific institutions reopen and pent up demand from unspent research grants begins to flow.
Defense has been an unaffected area and remains an area of investment for Coherent. We are well-positioned across multiple opportunities from laser amplifiers for directed energy applications, to specialty lightweight aerospace optics. We have secured key design wins with well-known prime contractors that supply to the armed forces, and we see this as an area of strength going forward for the Company.
Our Q2 book to bill ratio was significantly above 1 and our backlog exiting the quarter is up from previous quarters. Nobody knows how long COVID-19 will impact the global economy, but between our backlog and our balance sheet, we see Coherent to be in a stable position for quarters to come.
Having said that, we are concentrating our near-term actions on cash generation. While we have not made any final decisions, we are currently analyzing a variety of key steps and going forward we will initiate our Good to Great Transformation which will encompass some actions that are already in-flight as well as incorporate new ones, including applying a strategy to our business that we will only participate in a market segment if we have line of sight to achieve a number 1 or number 2 position, otherwise we will refocus our energies. Consistent with this strategy, we will not be participating in the kilowatt fiber market, price race to the bottom game and therefore we will complete our move out of the commodity fiber laser market. Instead, we will focus on areas where our technological advantage will get rewarded by the market, for example, Microelectronics, bio instrumentation and medical device manufacturing. Also, we will double down on the OLED market and use our pole position to enable advancement of technologies like micro LED displays, knowing that these are still in the future, but will be based on many laser processes steps. And finally, we will be simplifying our Company from an organizational set up to the number of locations, to the way we run and report our financials. As you can see, we have quite some summer homework ahead of us. We will have more to share around our Good to Great Transformation on our next call in a few months and especially when we announce our Q4 results and move into the new fiscal year in October.
And with that, I’ll turn the call back to the operator for a Q&A session.
轉(zhuǎn)載請(qǐng)注明出處。