Coherent Corp (COHR) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the II-VI Incorporated Fiscal Year 2022 Fourth Quarter Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的關注。歡迎參加II-VI公司2022財年第四季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音中。

I would now like to hand the conference over to your speaker today, Mary Jane Raymond, Chief Financial Officer. Please go ahead.

現在，我想將會議交給今天的演講嘉賓，財務長瑪麗·簡·雷蒙德。請發言。

Thank you, Catherine. Good morning. I'm Mary Jane Raymond, the Chief Financial Officer here at II-VI Incorporated. Welcome to our earnings call today for the fourth quarter of fiscal year 2022. With me today on the call are Dr. Chuck Mattera, our Chair and Chief Executive Officer; and Dr. Giovanni Barbarossa, our Chief Strategy Officer and the President of the Compound Semiconductor segment. This call is being recorded on Wednesday, August 24, 2022.

謝謝凱瑟琳。早安.我是瑪麗·簡·雷蒙德，II-VI公司的財務長。歡迎參加我們今天2022財年第四季的財報電話會議。今天與我一起參加電話會議的還有我們的董事長兼執行長查克·馬特拉博士，以及我們的首席策略官兼化合物半導體部門總裁喬瓦尼·巴巴羅薩博士。本次電話會議於2022年8月24日星期三錄製。

For today's call, the press release and the investor presentation are available on the Investor Relations tab of our website, ii-vi.com. Today's discussion includes certain non-GAAP measures. A detailed reconciliation of these non-GAAP measures to our GAAP results is included in today's documents. I remind you that during this call, we will be making certain forward-looking statements. These forward-looking statements are based on current expectations, forecasts and assumptions and involve risks and uncertainties that could cause actual results to differ materially from these statements made today.

今天的電話會議、新聞稿和投資者簡報可在我們網站 ii-vi.com 的「投資者關係」標籤頁上查閱。今天的討論涉及某些非公認會計準則 (non-GAAP) 指標。這些非公認會計準則 (non-GAAP) 指標與我們的公認會計準則 (GAAP) 績效的詳細對帳已包含在今天的文件中。我在此提醒您，在本次電話會議中，我們將做出某些前瞻性陳述。這些前瞻性陳述是基於目前的預期、預測和假設，並包含風險和不確定性，可能導致實際結果與今天的陳述有重大差異。

Our comments should be viewed in the context of the risk factors detailed in our most recent 10-K filing for the fiscal year ended June 30, 2021, and our subsequent SEC filings. Our Form 10-K for fiscal year ended June 30, 2022, is expected to be filed on August 29. II-VI assumes no obligation to update the information discussed in this conference call, except as required by law.

我們的評論應結合我們最近提交的截至2021年6月30日財年的10-K表格以及後續提交給美國證券交易委員會的文件中詳述的風險因素進行解讀。我們預計8月29日提交截至2022年6月30日財年的10-K表格。除非法律另有規定，II-VI不承擔更新本次電話會議中討論資訊的義務。

With that, let me turn the call over to Dr. Chuck Mattera. Chuck?

說完這些，讓我把電話轉給查克·馬特拉醫生。查克？

Thank you, Mary Jane. Welcome, everyone, and thanks for joining us today. FY '22 was truly extraordinary in every conceivable way, starting with our financial results. We completed our fourth fiscal quarter of 2022 with revenue of $887 million, an increase of 7% over the third quarter of 2022, and an increase of 10% over the fourth quarter of fiscal year 2021.

謝謝瑪麗珍。歡迎大家，感謝大家今天加入我們。 2022財年在各方面都非同凡響，首先是我們的財務表現。我們完成了2022財年第四季的營收，達到8.87億美元，較2022年第三季成長7%，較2021財年第四季成長10%。

We achieved operating income in Q4 FY '22 of $114 million and non-GAAP diluted EPS of $0.98. These results are new records for fourth quarter revenue, strong quarterly year-over-year growth numbers and reflect sustained demand across our businesses. Our quarterly results reflect the resilience to a challenging operating environment, including the ongoing and profound in-quarter impact caused by the pandemic, a dynamic regulatory environment and persisting supply chain challenges.

我們在2022財年第四季實現了1.14億美元的營業利潤，非公認會計準則稀釋每股收益為0.98美元。這些業績創下了第四季營收的新高，季度年增強勁，並反映了我們各業務領域持續的需求。我們的季度業績反映了我們應對充滿挑戰的營運環境的韌性，包括疫情對季度造成的持續深遠影響、不斷變化的監管環境以及持續存在的供應鏈挑戰。

In the face of these headwinds, our global team rose to the occasion every day with extraordinary effort and care for our employees and achieved an incredible success. There is an undeniable plumb line running directly from the Finisar acquisition and our collective long and deep history of dedicating ourselves to excellence, including as reflected in the results we report today.

面對這些不利因素，我們的全球團隊每天都以非凡的努力和對員工的關懷迎接挑戰，並取得了令人難以置信的成功。收購Finisar以及我們長期以來致力於追求卓越的共同歷史，包括我們今天報告的業績，都與我們息息相關。

We completed the Finisar acquisition on September 24, 2019 right before the effects of the pandemic were first felt by the world. At the time, we believe that the depth and breadth of the technologies and manufacturing scale of the newly combined company would enable our growth by addressing the long-term mega trends in our markets, including cloud computing and the advent of 5G wireless networks.

我們於2019年9月24日完成了對Finisar的收購，當時正值全球首次感受到疫情影響之前。當時，我們相信，合併後新公司技術的深度和廣度以及製造規模將助力我們順應市場長期發展的大趨勢，包括雲端運算和5G無線網路的到來，從而實現成長。

We were right in our beliefs and so we turned our intense focus to executing on our strategy leveraging our technology and worldwide manufacturing platforms, identifying and closing gaps, delivering against our synergy targets and improving our operating leverage.

我們的信念是正確的，因此我們將重點轉向執行我們的策略，利用我們的技術和全球製造平台，識別和縮小差距，實現我們的協同目標並提高我們的營運槓桿。

As a result of the acquisition, we became the largest component and subsystem supplier in the optical communications market as well as a leader in Photonic Solutions and Compound Semiconductors. All of these actions led to a truly stunning fiscal year with record $3.3 billion in revenue, 7% top line growth and record bookings of $4.3 billion.

此次收購使我們成為光通訊市場最大的組件和子系統供應商，並成為光子解決方案和複合半導體領域的領導者。所有這些舉措成就了我們令人矚目的財年：營收達到創紀錄的33億美元，營收成長7%，訂單金額達到創紀錄的43億美元。

We also demonstrated our ability to generate strong operating cash flow results while investing strategically for the future and facing unprecedented operating challenges, closing the year with $413 million of operating cash flow. Putting a finer point on it, revenues from industry-leading customers in the communications market led the way, driving 13% growth in datacom, thanks to a banner year of market share gains and exciting new product launches that serve the largest hyperscalers.

我們也展現了在策略性投資未來並應對前所未有的營運挑戰的同時，創造強勁營運現金流的能力，全年營運現金流達4.13億美元。更確切地說，來自通訊市場領先客戶的收入引領了數據通訊業務13%的成長，這得益於市場份額的顯著成長以及為最大規模的營運商推出的令人興奮的新產品。

The award-winning Photonics Solutions segment, a business that had less than $100 million in annual sales when we acquired them in 2010, reached a phenomenal $2.2 billion in revenue this year, growing 9% year-over-year. This performance, despite our best efforts, was negatively impacted by $130 million due to supply chain issues.

屢獲殊榮的光子解決方案部門，在我們2010年收購時，年銷售額不到1億美元，今年實現了驚人的22億美元營收，年增9%。儘管我們盡了最大努力，但由於供應鏈問題，這一業績仍受到了1.3億美元的負面影響。

It's partner, the Compound Semiconductor segment delivered a record $1.1 billion in revenue, thanks to a 29% annual growth in sales of components for semiconductor capital equipment, including growth from differentiated and sole-sourced EUV components. The 26% growth in industrial applications across the board contributed as well.

其合作夥伴化合物半導體部門實現了創紀錄的11億美元營收，這得益於半導體資本設備零件銷售額的年增長29%，其中包括差異化和單一來源EUV零件的增長。此外，工業應用領域26%的全面成長也做出了貢獻。

Our silicon carbide materials, devices and modules business grew considerably our top and bottom lines while investing in the growth capacity required to meet the insatiable demand of customers for the best products that money can buy from a sustainable source of high-quality silicon carbide power semiconductors at scale. These materials, devices and modules underpin a technological revolution, the electrification of transportation as well as critical components for renewable energy infrastructure and in the future, vital upgrades to an aging grid.

我們的碳化矽材料、裝置和模組業務大幅提升了我們的營收和利潤，同時投資於必要的成長能力，以滿足客戶對優質產品的持續需求，這些產品能夠從可持續的高品質碳化矽功率半導體供應商大規模採購。這些材料、裝置和模組是技術革命、交通電氣化以及再生能源基礎設施的關鍵部件的基礎，未來也將是老化電網升級的關鍵。

Our strong performance throughout the year is the result of our deep customer relationships, decades of investments in technology, sophisticated manufacturing platforms and leading-edge products. Our diversified global footprint has allowed us to operate resiliently and continue to capture expanding opportunities across all end markets.

我們全年的強勁業績源自於我們深厚的客戶關係、數十年的技術投入、先進的製造平台和領先的產品。我們多元化的全球佈局使我們能夠保持韌性運營，並持續抓住所有終端市場不斷增長的機會。

Turning now to Coherent. After years of assessing the possible trajectories of a changing landscape, about 18 months ago, we announced our strategy to rebalance the diversification of the company. Our strategy, combined with our market and technology insights, pointed us to Coherent, a long-standing innovator and the gold standard for laser systems technology.

現在談談相干公司。經過多年對不斷變化的市場格局可能的發展軌蹟的評估，大約18個月前，我們宣布了重新平衡公司多元化策略。我們的策略，結合我們對市場和技術的洞察，最終將我們引向了相干公司，這家公司是雷射系統技術的長期創新者和黃金標準。

Through a process of mutual discovery and our joint planning of the last year, which took place at a blistering pace, our integration teams worked collaboratively to make for a flawless day 1 experience, which occurred on July 1 when we began a new and transformative chapter.

透過去年以驚人的速度進行的相互發現和聯合規劃的過程，我們的整合團隊齊心協力，創造了完美的第一天體驗，這一天發生在 7 月 1 日，我們開始了新的變革篇章。

We were off to the races from the very first day. Now everywhere we turn across the company and with customers and employees alike, sparks of excitement are flying around this next chapter of a remarkable transformation. We have begun to engage with our new colleagues in earnest and are focused on executing on the synergies already. It's an incredible team of people well suited to our culture, and I could not be more excited about the days ahead.

從第一天起，我們就全力以赴。如今，公司上下、客戶和員工都為開啟這一非凡轉型的新篇章而感到興奮。我們已經開始認真地與新同事溝通，並專注於發揮協同效應。這是一支非常優秀的團隊，他們與我們的企業文化非常契合，我對未來充滿期待。

We remain confident and committed to our cost synergy targets and time line. And over the next several quarters, expect to be able to say more about the revenue synergies. On September 8, 2022, we will transition to our new name, Coherent Corp. We'll launch our new brand and begin trading with a new ticker symbol, NASDAQ, COHR.

我們始終充滿信心，並致力於實現成本協同效應的目標和時間表。在接下來的幾個季度中，我們預計將能夠就收入協同效應做出更多說明。 2022年9月8日，我們將更名為Coherent Corp.，並啟用新品牌，並以新的股票代碼（納斯達克代碼：COHR）進行交易。

We chose the name Coherent because it has the universal meaning of bringing things together with an appeal that we believe will expand our brand recognition and create value. The broader meaning of the word, coherent, represents our diversity and thinking, distilled into a common purpose, our unity in action and our broader sense of engagement by connection to our mission, vision and values.

我們選擇「Coherent」這個名字，是因為它具有將事物凝聚在一起的普遍意義，我們相信這種吸引力能夠提升我們的品牌認知度並創造價值。 「Coherent」的廣義意義代表了我們的多樣性和思維方式，這些都凝聚在一個共同的目標、我們行動上的團結一致，以及我們透過與使命、願景和價值觀相聯繫而產生的更廣泛的參與感。

Going forward, we will simplify our segment names and the description of the end markets we serve. The new segments will be materials, networking and lasers. In addition, we will report revenues by 4 end markets: industrial; communications; electronics; and instrumentation.

未來，我們將簡化各部門的名稱以及對所服務終端市場的描述。新的部門將是材料、網路和雷射。此外，我們將按四個終端市場報告收入：工業、通訊、電子和儀器儀表。

The company now addresses a combined TAM of $65 billion. Our long-range plan anticipates that the markets we serve will have a composite CAGR of mid-double digits. So I believe that we are very well positioned in each of the end markets to take advantage of the opportunities available to us while delivering on the promise of our transformative acquisitions through sustained dedication to organic investments.

公司目前的總規模已達650億美元。我們的長期規劃預計，我們所服務的市場的複合年增長率將達到中兩位數。因此，我相信，我們在每個終端市場都佔據有利地位，能夠充分利用現有機遇，同時透過持續致力於有機投資，兌現我們轉型性收購的承諾。

The resulting depth and breadth of our team of dedicated employees, technology platforms and manufacturing scale, now with the addition of Coherent, will enable our growth by addressing the long-term mega trends in our targeted markets.

隨著 Coherent 的加入，我們敬業的員工團隊、技術平台和製造規模的深度和廣度將透過應對目標市場的長期大趨勢來促進我們的成長。

Turning to Q1 FY '23. Our guidance anticipates that we will grow the top line by over 50% sequentially, including the acquisition and over 10% organically for legacy II-VI. We expect continued sequential growth from the consumer market due to both meaningful share gains in the sensing market, including 3D sensing, as well as continued demand in components for semiconductor capital equipment and communications overall.

展望2023財年第一季。我們預計，包括收購在內的營收季增將超過50%，而傳統II-VI的有機成長將超過10%。我們預期消費市場將持續維持環比成長，這得益於包括3D感測在內的感測市場份額的顯著成長，以及半導體資本設備和通訊領域整體組件需求的持續成長。

In FY '23, we will continue to prioritize our capital allocations to debt reduction, investments in capacity expansion and for next-generation technology and product development as we simultaneously drive deleveraging and continued leadership in sustainable growth across all of our markets.

在 23 財年，我們將繼續優先考慮將資本配置用於減少債務、擴大產能以及下一代技術和產品開發，同時推動去槓桿化並繼續在所有市場保持可持續成長的領導地位。

I will return to wrap up after Mary Jane's section. But for now, let me turn it over to Dr. Giovanni Barbarossa, who in his capacity as the company's Chief Strategy Officer, will provide color for the quarter and about our emerging technologies. Giovanni?

瑪麗珍的演講結束後，我會回來總結。現在，請喬瓦尼·巴巴羅薩博士發言，他將以公司首席策略長的身份，為本季和我們的新興技術帶來精彩內容。喬瓦尼？

Thank you, Chuck, and good morning, everyone. We had a great fourth quarter with meaningful growth in communications and industrial. Communications revenue grew 8% compared to Q4 of last year and 4% sequentially. Our datacom business grew 14% compared to Q4 of last year, with strong growth in transceivers, modules and photonics components. Our growth is a testament to our technology leadership supported by proactive supply chain management and collaborative long-range planning with a broad customer base.

謝謝查克，大家早安。我們第四季業績出色，通訊和工業業務均實現了顯著成長。通訊業務營收年增8%，季增4%。數據通訊業務年增14%，其中收發器、模組和光子元件業務成長強勁。我們的成長證明了我們技術領先地位，這得益於我們積極主動的供應鏈管理和與廣大客戶群的長期協作規劃。

For the market studies we have done, the Datacom market is expected to grow in the next 5 years at a 12% compounded annual growth rate despite current macro sentiments. The double-digit growth is in line with recent analyst reports that forecast global data center CapEx spend to be quite robust, growing to over $370 billion by 2026, with hyperscalers accounting for more than half of that amount.

根據我們所做的市場研究，儘管目前宏觀經濟情勢不容樂觀，但預計未來5年數據通訊市場仍將以12%的複合年增長率成長。這一兩位數的成長與近期分析師報告的預測相符。報告預測，全球資料中心資本支出將保持強勁成長，到2026年將超過3,700億美元，其中超大規模資料中心將佔一半以上。

Shipments to hyperscalers of our higher data rate transceivers at 200G and beyond were 4x higher than in fiscal year 2021 and drove the majority of the growth of our datacom business in fiscal year 2022.

我們向超大規模廠商出貨的 200G 及以上高數據速率收發器比 2021 財年高出 4 倍，並推動了 2022 財年數據通信業務的大部分增長。

As the cloud and hyperscale data center market transition to 25 and 50 terabits per second, which is the demand for our 800G transceivers is picking up. In fact, we are now shipping meaningful volumes of 800G transceivers. We are confident that our industry-leading 200G (inaudible) lasers and detectors will become the components of choice for this upgrade cycle.

隨著雲端和超大規模資料中心市場向每秒 25 和 50 Tbps 的速率轉型，對我們 800G 收發器的需求正在不斷增長。事實上，我們目前的 800G 收發器出貨量已相當可觀。我們相信，我們業界領先的 200G（聽不見）雷射和探測器將成為本輪升級週期的首選組件。

Our 200G lasers and detectors will be needed in reducing cost and energy per bit and will serve as a solid foundation for our next-generation 1.6 terabit per second transceivers. We are pleased to report that we had a record revenue for our datacom VCSELs which was driven by a successful ramp of the latest generation of our 50G VCSELs for PAM-4 modulation format.

我們的200G雷射和探測器將有助於降低每位元成本和能耗，並將為我們的下一代1.6Tbps收發器奠定堅實的基礎。我們很高興地報告，我們的數據通訊VCSEL收入創下新高，這得益於我們最新一代用於PAM-4調變格式的50G VCSEL的成功量產。

Our telecom business grew 10% sequentially, driven by continued share gain in Coherent transceivers and the growth of our subsystems business. Last quarter, we unveiled our organic DSP platform, which in line with our vertical integration strategy, we have been investing in since 2019. Our purpose-built Steelerton DSP is a key enabler of our industry's first 100ZR QSFP28 pluggable coherent transceiver for the network edge, a market that analysts estimate to be $750 million by calendar year 2026.

我們的電信業務較上季成長10%，這得益於相干收發器市場佔有率的持續成長以及子系統業務的成長。上季度，我們發布了自有DSP平台，該平台符合我們的垂直整​​合策略，我們自2019年以來一直在投資。我們專門打造的Steelerton DSP是我們業界首款用於網路邊緣的100ZR QSFP28可插拔相干收發器的關鍵推動力，分析師估計，到2026年，該市場規模將達到7.5億美元。

With our DSP and our transceiver technology, service providers can now benefit from the simplicity and robustness of coherent technology in the access network and proceed to upgrade millions of 10G Ethernet links to 100G seamlessly.

透過我們的 DSP 和收發器技術，服務供應商現在可以受益於接取網路中相干技術的簡單性和穩健性，並繼續將數百萬個 10G 乙太網路鏈路無縫升級到 100G。

Our ROADM business, which was the most affected by supply chain over the past year was flat for the full year, but grew 12% sequentially as we have made good progress in procuring components in short supply. Our Industrial business achieved record revenues growing 6% in the quarter compared to Q4 of last year and 5% sequentially.

我們的ROADM業務在過去一年中受供應鏈影響最大，全年表現持平，但由於我們在採購緊缺裝置方面取得了良好進展，環比增長了12%。我們的工業業務本季營收創歷史新高，季增5%，季增6%。

Across the year and continuing in the fourth quarter, revenue was driven by consumables for both CO2 and fiber laser systems, a significant growth from optical components for short pump lasers, a double-digit growth for our portfolio processing heads for cutting and welding, and a very solid year for our pump lasers.

全年以及第四季度，收入主要由二氧化碳和光纖雷射系統的耗材推動，短泵雷射的光學元件實現了顯著增長，我們的切割和焊接產品組合加工頭實現了兩位數增長，而我們的泵雷射今年的表現非常穩健。

Sales of many of our industrial products exceeded market growth as we continue to gain market share to our differentiated products, which are underpinned by very competitive cost structure and performance.

由於我們差異化產品的市場份額不斷擴大，許多工業產品的銷售額都超過了市場成長，而這些產品的市場份額是由極具競爭力的成本結構和性能所支撐的。

Looking forward, this will only be enhanced with Coherent acquisitions, particularly in the fast-growing market for electric vehicles, where the combination of our fiber lasers and processing heads provide uniquely differentiated solutions for battery welding. Revenues for the semiconductor capital equipment market grew 30% compared to Q4 last year and 9% sequentially.

展望未來，相干公司的收購將進一步增強其實力，尤其是在快速成長的電動車市場。我們的光纖雷射和加工頭的組合為電池焊接提供了獨特的差異化解決方案。半導體資本設備市場的營收較去年第四季成長了30%，較上季成長了9%。

We had a record quarter and a record year with an annual growth of 29%, driven by strong demand for advanced materials for both the front and the back end of the line applications and some critical design wins as the envelope of our applications continues to expand.

我們創下了季度和年度的記錄，年增長率達到 29%，這得益於生產線前端和後端應用對先進材料的強勁需求，以及隨著我們的應用範圍不斷擴大而獲得的一些關鍵設計勝利。

Demand for advanced lithography, including EUV, continues to grow, and our EUV business hit both annual and quarterly records in revenue, consistently with significant expansion plans announced by our key customers. Our consumer market revenues hit record in Q4, a quarter that is typically the lowest seasonally with 36% growth compared to Q4 of last year and 34% sequentially.

包括EUV在內的先進光刻技術需求持續成長，我們的EUV業務收入創下年度和季度新高，這與主要客戶宣布的重大擴張計劃相一致。第四季度，我們的消費市場收入創下新高，該季度通常是季度最低的季度，但與去年第四季相比成長了36%，環比成長了34%。

The importance of short-wave infrared wavelengths for consumer electronics is starting to be well recognized. We recently announced a joint demonstration of a next-generation 3D camera with longer range and higher resolution than standard cameras operating at shorter wavelength that we greatly enhance the user experience in the metaverse.

短波紅外線波長對消費性電子產品的重要性正逐漸廣受認可。我們最近宣布聯合演示了一款新一代3D鏡頭，其探測距離比短波標準攝影機更遠，解析度更高，從而顯著提升了元宇宙的用戶體驗。

Our Life Sciences business had a record year, climbing over the $100 million mark in annual revenue. While carbon-related revenues are stabilizing, our optics and thermoelectric sales into life sciences applications hit a quarterly revenue record.

我們的生命科學業務今年創下紀錄，年收入突破1億美元大關。碳相關業務收入趨於穩定，而我們在生命科學應用領域的光學和熱電產品銷售創下了季度收入新高。

Finally, shipments of silicon carbide substrates in Q4 were 65% for power electronics and 35% for wireless communication, including our initial shipment of gallium nitride and silicon carbide devices and represent 4% of our revenue.

最後，第四季度碳化矽基板的出貨量中，65%用於電力電子，35%用於無線通信，其中包括我們首次出貨的氮化鎵和碳化矽元件，占我們收入的4%。

We recently reported signing meaningful and long-term contracts to supply silicon carbide substrates to 2 leading customers, Infineon and (inaudible). As we continue to make progress with our devices for power electronics, silicon carbide grew 23% in Q4 over the same period last year and our engagement with customers in the U.S. and Asia are expanding rapidly. We have now sampled our first automotive qualified MOSFET devices, and we are working relentlessly to secure our first design wins.

我們最近宣布，我們簽署了重要的長期合同，為兩家領先的客戶——英飛凌和（音頻不清晰）供應碳化矽基板。隨著我們在電力電子裝置領域的持續進步，第四季碳化矽銷售額年增23%，我們與美國和亞洲客戶的合作也迅速拓展。我們目前已對首批符合汽車標準的MOSFET元件進行了樣品測試，並正在全力以赴，爭取獲得首批設計訂單。

With that, let me turn it over to Mary Jane. Mary Jane?

說完這些，讓我把它交給瑪麗珍。瑪麗珍？

Thanks, Giovanni. For these entire remarks, I will speak about legacy II-VI results only unless otherwise noted. The quarterly and full year end market and geographic breakdown of our $887 million of Q4 revenue and $3.3 billion of fiscal year '22 revenue can be found on Page 20 to 24 of the investor presentation. We show you fiscal year '22 complete by the legacy II-VI market breakdown and then by the new market breakdown. We also supply the mapping from the legacy markets to the simplified 4 end markets on Page 23.

謝謝，喬瓦尼。除非另有說明，否則我在此僅討論傳統 II-VI 的業績。我們第四季 8.87 億美元的營收和 2022 財年 33 億美元的營收的季度和全年市場及地理分佈，可在投資者簡報的第 20 至 24 頁找到。我們先按傳統 II-VI 的市場細分，再按新市場的細分，完整展示了 2022 財年的數據。我們也在第 23 頁提供了從傳統市場到簡化的四大終端市場的地圖。

For legacy II-VI only, networking and materials, Industrial was 21% of total fiscal year '22 revenue, communications was 65%, electronics was 10% and instrumentation was 4%. Including the form of Coherent, the laser segment, using their trailing 12-month revenue, the pro forma annual end-market fiscal year '22 breakdown is industrial 38%, communications 45%, electronics 7% and instrumentation 10%.

僅就傳統的II-VI族材料、網路和材料而言，工業佔22財年總收入的21%，通訊佔65%，電子佔10%，儀器儀表佔4%。如果將相干公司（Coherent）的雷射部門納入考慮，使用其過去12個月的收入數據，22財年預測的年度終端市場細分如下：工業佔38%，通訊佔45%，電子佔7%，儀器儀表佔10%。

Returning to II-VI results. Our Q4 non-GAAP gross margin was 38.7%, and the non-GAAP operating margin was 19%. As a reminder, last quarter included $8 million of progress payments on development programs being partially supported by customers affecting the gross margin by $4.4 million and the operating margin by $8 million total with $3.6 million being an offset to R&D.

回到II-VI的業績。我們第四季的非GAAP毛利率為38.7%，非GAAP營業利益率為19%。需要提醒的是，上季包含800萬美元的開發案進度款，部分由客戶支持，這導致毛利率總計減少440萬美元，營業利潤總計減少800萬美元，其中360萬美元用於研發。

Supply chain costs and COVID cost, a total of $8.6 million are not excluded to arrive at non-GAAP results. The margins are affected by the typical costs associated with the initial launch of new products.

非公認會計準則 (Non-GAAP) 績效未排除供應鏈成本和新冠疫情成本，總計 860 萬美元。利潤率受新產品首次上市相關典型成本的影響。

At the segment level, the non-GAAP operating margins were 15.3% for Photonics and 26.6% for Compound Semiconductors. Our record backlog of $2.3 billion consists of $1.6 billion for Photonics and $0.7 billion for Compound Semiconductors. This increase in backlog is a function of demand in particular, from the industrial semiconductor capital equipment and communications end markets.

就各業務部門而言，光子業務的非公認會計準則營業利益率為15.3%，化合物半導體業務的營業利益率為26.6%。我們創紀錄的23億美元待交付訂單中，光子業務的訂單為16億美元，化合物半導體業務的訂單為7億美元。待交付訂單的成長主要得益於工業半導體資本設備和通訊終端市場的需求。

GAAP operating expenses, SG&A plus R&D were $212 million in Q4, excluding $10 million of amortization, $13 million of stock comp, $6 million in start-up costs and $8 million of M&A and integration costs, non-GAAP OpEx was $176 million or 20% of revenue.

第四季度，根據美國通用會計準則 (GAAP) 計算的營運費用、銷售、一般及行政費用加上研發費用為 2.12 億美元，不包括 1000 萬美元的攤銷、1300 萬美元的股票補償、600 萬美元的啟動成本以及 800 萬美元的併購和整合成本，非 GAAP% 的營運成本，1.76 億美元。

For the year, annual GAAP OpEx was $851 million and non-GAAP was $671 million or 20% of revenue. Quarterly GAAP EPS was $0.23 and non-GAAP EPS was $0.98 with after tax non-GAAP adjustments of $90 million in total. The diluted share count for GAAP result is 117 million shares and for non-GAAP, the share count was 126 million shares. The GAAP and non-GAAP EPS calculations are in the ending tables of the press release.

本年度，GAAP 營運支出為 8.51 億美元，非 GAAP 營運支出為 6.71 億美元，佔收入的 20%。季度 GAAP 每股收益為 0.23 美元，非 GAAP 每股收益為 0.98 美元，稅後非 GAAP 調整總計 9,000 萬美元。 GAAP 業績的稀釋股數為 1.17 億股，非 GAAP 業績的稀釋股數為 1.26 億股。 GAAP 和非 GAAP 每股盈餘的計算結果詳見新聞稿的附表。

Pretax interest expense was $49 million, this includes $10 million of our underlying interest and $39 million of interest and fees on the debt for the coherent transaction. Cash flow from operations in the quarter was $137 million and free cash flow was $19 million, including CapEx of $118 million. For the year, cash flow from operations was $413 million and free cash flow was $99 million.

稅前利息支出為4900萬美元，其中包括1000萬美元的基礎利息以及3900萬美元的關聯交易債務利息及費用。本季經營現金流為1.37億美元，自由現金流為1,900萬美元，其中包括1.18億美元的資本支出。全年經營現金流為4.13億美元，自由現金流為9,900萬美元。

The strategic inventory build was $207 million and the CapEx was $314 million, an additional $53 million of CapEx has been committed. CapEx for fiscal year '23 is expected to be $500 million to $600 million. Our net cash at June 30 was $282 million. on July 1 with the close of the Coherent transaction, our cash balance declined to $824 million from $2.58 billion, and we recorded $5 billion of total debt.

戰略庫存增加2.07億美元，資本支出3.14億美元，另有5,300萬美元的資本支出已承諾。 2023財年的資本支出預計為5億至6億美元。截至6月30日，我們的淨現金為2.82億美元。 7月1日，隨著Coherent交易的完成，我們的現金餘額從25.8億美元下降至8.24億美元，我們的總債務為50億美元。

On the first of September, our 2022 convertible notes will mature. We have $324 million still outstanding as of today. The company expects to settle in stock.

我們的2022年可轉換債券將於9月1日到期。截至目前，我們仍有3.24億美元未償還。公司預計將以股票結算。

The effective tax rate in the quarter was 11% and 17% for the year. We expect the tax rate in fiscal year '23 to be between 22% and 24%, assuming no adoption of new or additional tax rulings. The increase in the tax rate is largely driven by M&A costs that are not deductible.

本季有效稅率為11%，全年有效稅率為17%。假設不採用新的或額外的稅收裁定，我們預計23財年的稅率將在22%至24%之間。稅率的上升主要源自於不可抵扣的併購成本。

With respect to the Coherent transaction, our debt increased to $5 billion. Our net debt position immediately after the transaction was $4.2 billion, and our annual interest is expected to be $274 million, about $114 million above our expectations when the transaction was announced. Approximately 40% is hedged.

就收購Coherent的交易而言，我們的債務增加至50億美元。交易完成後，我們的淨債務狀況為42億美元，預計年利息為2.74億美元，比交易宣佈時的預期高出約1.14億美元。其中約40%進行了避險。

Using the estimated pro forma trailing 12 months of both companies at June 30, the closing leverage was 3.6x gross leverage and 3x net leverage, a total of 23 million new shares were issued to Coherent shareholders.

使用截至 6 月 30 日兩家公司過去 12 個月的估計備考數據，收盤槓桿為 3.6 倍總槓桿和 3 倍淨槓桿，共向 Coherent 股東發行了 2300 萬股新股。

The funding from Bain Capital, the Series B preferred shares is $2.15 billion, and is equivalent to about 26 million common shares if converted. The income target for the entire Series B preferred shares to be dilutive is $189 million. Dividends for the entire $2.15 billion or 5% or $116 million a year or $29 million a quarter, payable in kind for the first 4 years and thereafter in kind or cash at our option.

貝恩資本為B系列優先股提供了21.5億美元的資金，如果轉換為普通股，相當於約2600萬股。所有B系列優先股的稀釋收益目標為1.89億美元。全部21.5億美元的股息，或5%的股息，即每年1.16億美元或每季2900萬美元，前四年以實物支付，之後則以實物或現金支付，具體方式由我們選擇。

Turning to the outlook for Q1 fiscal year '23. Our outlook for revenue for the first fiscal quarter ending September 30, 2022, is expected to be $1.3 billion to $1.4 billion, and earnings per share on a non-GAAP basis to be $0.77 to $0.90. This excludes any effects of purchase accounting, which are still underway other than the depreciation that is about $5 million in Q1.

展望2023財年第一季的業績展望。我們預計截至2022年9月30日的第一財季營收為13億美元至14億美元，非公認會計準則每股收益為0.77美元至0.90美元。這不包括收購會計的影響，除第一季約500萬美元的折舊外，收購會計的影響仍在計算中。

The share count is 142 million shares for the low end of the guidance and 151 million shares for the midpoint and the high end of the guidance. The EPS calculation, including the dividend treatment is detailed on Table 8 of the press release for the low, mid and high points of the guidance. This is at today's exchange rate and an estimated tax rate in Q1 of 25%.

指引低點對應的股份數量為1.42億股，指引中點和高點對應的股份數量為1.51億股。每股盈餘計算（含股利處理）詳見新聞稿表8，分別對應指引低點、中點及高點。此計算基於今日匯率和第一季預計25%的稅率。

For the non-GAAP earnings per share, we add back to the GAAP earnings, pretax amounts of $265 million, consisting of $65 million in amortization, $30 million in stock comp, $122 million for M&A, including fees for the banking and financing and $48 million for the inventory step-up, which is preliminary. The actual dollar amount of non-GAAP items, the tax rate, the exchange rate, the purchase price accounting and the share count are all subject to change.

對於非公認會計準則每股收益，我們將2.65億美元的稅前金額加回公認會計準則收益中，其中包括6500萬美元的攤銷、3000萬美元的股票補償、1.22億美元的併購費用（包括銀行和融資費用）以及4800萬美元的庫存增值費用（初步數據）。非公認會計準則項目的實際金額、稅率、匯率、收購價格會計和股份數量均可能變更。

As a reminder, our answers today may contain certain forward-looking statements from which our actual results may differ due to a variety of factors, including, but not limited to, changes in mix, customer changes, supply chain shortages, both upstream and downstream, competition, changes in regulations, COVID-19 protocols and global economic conditions.

提醒一下，我們今天的答案可能包含某些前瞻性陳述，由於各種因素，我們的實際結果可能與這些前瞻性陳述有所不同，包括但不限於產品組合變化、客戶變化、上下游供應鏈短缺、競爭、法規變化、COVID-19 協議和全球經濟狀況。

With that, I'll turn it over to Chuck for a few final comments. Chuck?

說完這些，我將把時間交給查克，讓他發表一些最後的評論。查克？

Thank you, again, Mary Jane and Giovanni. I would like to close our fiscal year '22 earnings call with some special recognition. First and foremost, I would like to recognize and thank each and every one of our worldwide employees for your hard work, dedication to excellence in everything you do and for caring so much for one another this past year.

再次感謝瑪麗·簡和喬瓦尼。在結束22財年財報電話會議之際，我想特別感謝幾位員工。首先，我要表彰並感謝我們全球每一位員工的辛勤工作、對卓越工作的執著追求以及過去一年彼此的關懷。

Without your daily dedication to excellence, we would not have been able to meet the extraordinary technical, operational and financial challenges and achieve the lofty goals we set for ourselves in FY '22 while laying the foundation for an even brighter future. You are really making the world a safer, healthier, closer and more efficient place to live.

如果沒有你們日復一日對卓越的執著追求，我們就無法應對非凡的技術、營運和財務挑戰，也無法實現我們在22財年設定的宏偉目標，並為更加美好的未來奠定基礎。你們正在真正地讓世界成為一個更安全、更健康、更緊密、更有效率的居住地。

I would also like to thank our thousands of dedicated suppliers for your support over the past several years and especially this last fiscal year. It's been a truly challenging dynamic and unique business environment and we really appreciate your help in achieving our goal for serving all our customers. And to our customers, thank you for your continued confidence and support. It's an honor to serve you and enable your continued success and to be an intimate part of building your future. I look forward to a tremendous future together, and we will do our absolute best to continue to serve you.

我還要感謝我們數千家敬業的供應商，感謝你們在過去幾年，尤其是上一財年的支持。這是一個充滿挑戰、充滿活力且獨特的商業環境，我們非常感謝你們幫助我們實現了服務所有客戶的目標。對於我們的客戶，感謝你們一直以來的信任與支持。能夠為你們服務，助力你們不斷取得成功，並成為你們未來建設中不可或缺的一部分，我深感榮幸。我期待著共同創造美好的未來，我們將竭盡全力繼續為你們服務。

Finally, I would also like to thank all of our shareholders and debt holders who have invested in us, entrusted us with your confidence and given us enormous opportunity and responsibility to succeed. We take your trust and confidence and our responsibility very seriously. For those on the call, we welcome your questions, and we expect to win this call not later than 10 a.m. Eastern Time this morning.

最後，我還要感謝所有投資於我們的股東和債權人，你們給予我們信任，並賦予我們巨大的機會和責任，讓我們成功。我們非常重視你們的信任和信心，也非常重視我們肩負的責任。對於參加電話會議的各位，我們歡迎你們的提問，我們預計本次電話會議將於今天上午東部時間上午10點之前舉行。

Catherine, you may open the line for questions.

凱瑟琳，你可以打開熱線來回答問題。

(Operator Instructions) Our first question comes from Paul Silverstein with Cowen.

（操作員指示）我們的第一個問題來自 Cowen 的 Paul Silverstein。

First off, against the backdrop of what appears to be awfully broad strength, what's the opportunity for greatest improvement from here with respect to revenue? And then if I could have a follow-up, and the follow-up would be with respect to Coherent and industrial, in particular. What's the exposure in macro?

首先，在目前普遍強勁的背景下，從現在開始，收入方面最大的提昇機會是什麼？然後，我可以再問一下，特別是關於相干公司和工業部門。宏觀方面的風險敞口如何？

Paul, I wasn't able to hear. Can you just summarize the 2? The greatest opportunity for revenue? Was that the first part?

保羅，我沒聽清楚。你能總結一下這兩個面向嗎？最大的收入機會是什麼？是第一部分嗎？

Greatest opportunity for improvement. Obviously, you're discussing broad strength, but where is the greatest opportunity for improvement from a revenue perspective by product market? How do you want to frame it? And then what's the -- how much of the industrial business, how much Coherent would be macro leverage versus how much of it is relatively independent from macro?

最大的改進機會。顯然，您討論的是整體實力，但從產品市場的收入角度來看，最大的改善機會在哪裡？您想如何定義它？然後，相干公司的工業業務中，有多少是宏觀槓桿，又有多少是相對獨立於宏觀的？

Okay. Maybe Giovanni will take first one.

好的。也許喬瓦尼會拿第一個。

Yes. Paul, thanks for the question. So when we announced the combination with Coherent, there were 4 markets we thought that we're going to be very synergistic, not only in general for the cost structure of the 2 companies combined, but mostly about the revenue. That's what your question is about.

是的。保羅，謝謝你的提問。當我們宣布與Coherent合併時，我們認為我們將在四個市場產生強大的協同效應，這不僅體現在兩家公司合併後的成本結構上，更主要體現在收入方面。這就是你的問題。

So we haven't really quantified those, but those 4 are really around industrial, the Semi Cap and Display markets and then Life Sciences and Aerospace and Defense. We can go a little bit more in details in industrial. We think there is an opportunity on the cutting market, which we are now currently serving from a fiber laser standpoint, but I think there is an opportunity to gain share there, thanks to the combined cost structure of the company.

我們還沒有真正量化這些，但這四個市場實際上圍繞著工業、半導體和顯示器市場，以及生命科學、航空航太和國防市場。我們可以更詳細地介紹一下工業領域。我們認為切割市場存在機會，我們目前正從光纖雷射的角度服務於該市場，但我認為，由於公司綜合的成本結構，我們有機會在該市場獲得市場份額。

In the Semi Cap and Display market standpoint, I think we have an opportunity to leverage a combined portfolio that is pretty unique in the industry from a laser system standpoint as well as part and component standpoint that we are supplying to similar customers. So there is a tremendous portfolio synergies to be leveraged.

從半導體電容和顯示器市場的角度來看，我認為我們有機會利用我們整合後的產品組合，這種組合在業內非常獨特，無論是從雷射系統的角度，還是從我們為類似客戶提供的零件的角度來看，都是如此。因此，我們可以充分利用龐大的產品組合綜效。

And then Life Sciences, I think the most important revenue opportunity really ultimately comes from the incredibly capillary and very well positioned sales force of Coherent in the market, which is substantially larger than what we had II-VI before the combination.

然後是生命科學，我認為最重要的收入機會實際上最終來自於 Coherent 在市場上極其強大的、定位非常精準的銷售隊伍，這比我們合併前的 II-VI 的規模要大得多。

And last but not least, there was (inaudible) between energy -- high-energy laser weapons and other advanced application, I think the 2 companies have a portfolio of products that is pretty unique, particularly to serve the U.S. market.

最後但同樣重要的一點是，（聽不清楚）在能源——高能量雷射武器和其他先進應用之間，我認為這兩家公司擁有非常獨特的產品組合，特別是服務美國市場。

Okay. Well, maybe for the second part of your question, for sure, more than half of it, I would say, about 70% perhaps, but I want to make clear that, that part, even the part which is connected to the macro, as you outlined, they've done a really solid job. Even in some parts of the economy where there's been a slowdown, they still have been successful in penetrating with differentiated products. Their footprint is extraordinary. Their service component is also a capillary component of the business.

好的。嗯，也許對於你問題的第二部分，肯定超過一半，我想說大概70%吧，但我想明確一點，這部分，即使是與宏觀經濟相關的部分，正如你概述的那樣，他們的工作做得非常紮實。即使在一些經濟放緩的領域，他們仍然成功地憑藉差異化產品滲透到市場。他們的業務覆蓋範圍非常廣泛。他們的服務部分也是業務的毛細血管組成部分。

And I would look back and just point out that maybe 18 months ago when we modeled and had an expectation for what they could do in our fiscal year '22, they came in right in line with it despite some softness in some parts of the economy. So leverage maybe 70%. That's a rough estimate, but very, very strong and differentiated within it.

回顧過去，我想指出的是，大約18個月前，當我們建立模型並對他們22財年的業績做出預期時，儘管經濟某些領域有所疲軟，但他們的表現與預期完全一致。所以槓桿率大概在70%左右。這是一個粗略的估計，但非常非常強勁，並且體現了差異化。

Sure, just to clarify, based on the press release that they were putting out, their business obviously was trending significantly positive since the deal was first announced. Can you share any insight in terms of what you're saying with respect to orders that they were seeing on the industrial side? It doesn't sound like there's been a downturn relative to macro or otherwise, but that's the question.

當然，需要澄清的是，根據他們發布的新聞稿，自交易宣布以來，他們的業務顯然呈現了顯著的正面趨勢。您能否就他們在工業領域看到的訂單分享一些見解？聽起來相對於宏觀經濟或其他方面而言，並沒有下滑，但這就是問題所在。

Yes. No, not really. I mean, the only softness that we saw over the past 12 months was really in China, and that's picking up. So we were down year-over-year because of China. But now Q4 is actually picking up in China as a market, about 7%, and it's distributed between industrial, mostly industrial and then some communications and life sciences. So that's -- it's very, very encouraging.

是的。不，不完全是。我的意思是，過去12個月我們看到的唯一疲軟實際上在中國，而且中國市場正在回升。所以，我們的銷售額年減是因為中國市場。但現在第四季度，中國市場實際上正在回暖，成長了約7%，而且主要集中在工業領域，主要是工業領域，還有一些通訊和生命科學領域。所以，這非常非常令人鼓舞。

And then with respect to Europe and rest of the world, North America, et cetera, I think the -- as we have said, inductors been very strong across the board, the component level, subsystem levels, consumable or aftermarket numbers are still very strong, which indicate a very strong lease utilization for durable good manufacturing.

然後，對於歐洲和世界其他地區、北美等，我認為——正如我們所說，電感器在各方面都非常強勁，組件級別、子系統級別、消耗品或售後市場數量仍然非常強勁，這表明耐用品製造的租賃利用率非常高。

And we have a question from Ananda Baruah with Loop Capital.

我們收到了來自 Loop Capital 的 Ananda Baruah 的一個問題。

Congrats on getting this done on the strong June quarter execution, and thanks for all the great detail today. I really appreciate it. I just have one, if I could. Just with legacy Coherent, could you guys give us some sense of where they are in their microelectronics and display cycle since there hasn't been comments around that for a while? And in that context, how we should think about where they are in their profitability cycle as well? Is it tracking with consistent cycles for where they are at this point in the cycle? And that's it for me, really appreciate it.

恭喜你們在6月季度強勁的業績表現上完成了這項任務，也感謝你們今天提供的所有細節。非常感謝。如果可以的話，我只想問一個問題。關於原有的Coherent，你們能否介紹一下他們在微電子和顯示器週期中處於什麼位置，因為已經有一段時間沒有這方面的評論了？在這種情況下，我們應該如何看待他們在獲利週期中處於什麼位置？他們目前所處的周期是否與目前的周期保持一致？就這些了，非常感謝。

Ananda, thank you for your question. I would come back across the board and just reiterate what I said. The model that we had, that we built during our diligence before the process settled down, we expected them to have a performance across the 4 market segments -- business market segments.

阿南達，謝謝你的提問。我再一次重申我之前說過的話。我們在流程最終確定先前的盡職調查中建立的模型，我們預計它們將在四個細分市場中——商業細分市場——都有良好的表現。

They delivered in line and despite the challenges that we all had in operating, they delivered in line with what we expected. I would say, it's been very steady, very solid progress, and there have been no surprises. Then I'm expecting this to continue to be along that same plumb line.

他們按時交付了成果，儘管我們在營運中面臨挑戰，但他們的交付結果符合我們的預期。我想說，進展非常穩健，非常紮實，沒有任何意外。我預計未來將繼續保持這種良好的勢頭。

That's really helpful, Chuck. Any context on where in that cycle they are?

這真的很有幫助，查克。請問他們目前處於週期的哪個階段？

Ananda, this is Giovanni. Thanks for your question. Yes, definitely in the past, the leadership from an OLED market standpoint was very, very strong. And you can expect that relationship with display manufacturers continues -- has continued over the years. And the team is working on next-generation delays, which will likely be -- OLED will probably be micro-driven and so forth. And so if you think about the timing of when those technologies will come to market, it will be a few years. And so we need to get ready for that market to pick up and create some strong demand for us.

阿南達，我是喬瓦尼。謝謝你的提問。是的，過去OLED市場的領導地位確實非常非常穩固。你可以預期，我們與顯示器製造商的合作關係多年來一直持續。我們的團隊正在研究下一代OLED的延遲，這很可能是——OLED可能會採用微驅動等等。所以，如果你考慮一下這些技術上市的時間，那將需要幾年時間。因此，我們需要為市場復甦做好準備，並創造強勁的需求。

And I think from a development -- from a technology standpoint, from a product development standpoint, from a customer engagement, I think we believe that we'll still be the leader in the market, the strong interactions, strong technology platforms uniquely differentiated in many ways that will get ready at the right time for the ramp for the production of microEDs.

我認為從開發角度來看——從技術角度、從產品開發角度、從客戶參與角度來看，我們相信我們仍然會是市場領導者，強大的互動、強大的技術平台在許多方面具有獨特的差異化，將在適當的時間為微型電子眼科 (microED) 的生產做好準備。

I mean, we said when we talked about Korea and we -- I used at least this way to characterize. We think that the -- ultimately, the laser platform as an offering is future proof. And displays are going to be around for a while. And no matter the technology, you still will rely on laser processes to manufacture displays, whether they're OLED, they're microEDs, et cetera. And I think the reference for quite some time will be the Coherent team that is part of the company, and we think very, very strong about the leadership market wise from that standpoint.

我的意思是，我們在談論韓國時說過——我至少用這種方式來描述。我們認為－最終，雷射平台作為一種產品是面向未來的。顯示器還會存在一段時間。無論採用哪種技術，你仍然需要依賴雷射製程來製造顯示器，無論是OLED、MicroED等等。我認為在相當長的一段時間內，公司的Coherent團隊將是我們參考的重點，從這個角度來看，我們非常看好其在市場上的領導地位。

Thanks, Giovanni. Ananda, thanks for your question. I would only add, any such transitions when they happen, you can expect it will not only be there, but that we expect to lead this part of it. Okay?

謝謝，喬瓦尼。阿南達，謝謝你的提問。我只想補充一點，任何這樣的過渡一旦發生，你不僅可以預料到它會發生，而且我們預計會主導這部分工作。好嗎？

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

下一個問題來自 B. Riley 的 Dave Kang。

Just a question on Infineon. I believe they have signed a 2-year supply agreement with Showa Denko last year. Just wondering if you are splitting Infineon with Showa or any kind of color as far as the -- in terms of the contract?

我只是想問關於英飛凌的問題。我記得他們去年和昭和電工簽署了一份為期兩年的供應協議。我想知道你們在合約方面是否會將英飛凌和昭和電工分開，或以其他方式分開？

Dave, this is Giovanni. Thanks for your question. We -- I can't refer to other agreements that our customers have. I only know that we signed a very, very compelling long-term and large agreement with them to support this growth. That's all I can say.

戴夫，我是喬瓦尼。謝謝你的提問。我們……我無法透露我們與客戶簽署的其他協議。我只知道我們與他們簽署了一份非常非常有吸引力的長期大型協議，以支持這一增長。我只能說這麼多。

I would add, Dave. Thanks for your question, Dave. I would add, the industry ecosystem includes companies who provide epitaxial wafers. And we are suppliers to -- even to that element of the ecosystem. I would only ask you to bear that in mind.

我想補充一下，戴夫。謝謝你的提問，戴夫。我想補充一下，產業生態系統包括提供外延片的公司。我們也是這個生態系統的供應商——甚至是這個生態系統的供應商。我只希望你記住這一點。

Yes. My follow-up on 3DS. With this particular -- the lead smartphone customer, is it just still you and Lumentum or is there additional supplier in the supply chain?

是的。關於3DS，我想問一下。對於這個主要的智慧型手機客戶，仍然是你們和Lumentum，還是供應鏈中還有其他供應商？

Thanks, Dave. It's hard to say. We definitely -- as the numbers kind of can tell you, we believe we've been gaining significant share year-over-year, quarter-over-quarter. And ultimately, what really counts is the -- in a world where the product has to be replaceable, has to be able to be replaced by competition, then the major differentiation really come down to cost and quality and then the road map that we have with the customers.

謝謝，戴夫。這很難說。我們確實——正如數據所顯示的，我們相信我們的市場份額逐年、逐季都在顯著增長。最終，真正重要的是——在這個產品必須可替代、必須能夠被競爭對手取代的世界裡，主要的差異化實際上取決於成本和質量，以及我們與客戶制定的路線圖。

So we think that from a cost structure standpoint, given our complete level of vertical integration, and then from a quality standpoint, as we reported over the past several quarters, reporting quarter-over-quarter PPM shipment, I think we welcome additional competition. But for now, our growth and our share gains, including some new design wins is demonstrated by the numbers that we have reported.

因此，我們認為，從成本結構的角度來看，考慮到我們完整的垂直整合水平，再從品質的角度來看，正如我們過去幾個季度報告的那樣，報告了季度環比PPM出貨量，我認為我們歡迎更多的競爭。但就目前而言，我們的成長和市場佔有率的成長，包括一些新的設計訂單，都體現在我們報告的數據上。

We have a question from Mark Miller with Benchmark.

我們收到了來自 Benchmark 的 Mark Miller 的一個問題。

Congratulations on your record sales and closing the Coherent acquisition. Your compound semiconductor sales were up, but operating income was down and so was margins. I was wondering if you can give us some color on that.

恭喜貴公司創下銷售紀錄並完成對相干公司的收購。貴公司的化合物半導體銷售額有所成長，但營業收入和利潤率均有所下降。請您能否就此問題與我們進行一些說明？

Compound Semiconductors?

複合半導體？

Thank you for your question, Mark. Let's give it a second.

謝謝你的提問，馬克。我們再聊一會兒。

So the operating margin for Compound Semiconductors was lower in the quarter because last quarter, which I imagine is your comparison, we had the $8 million of customer support of payments for new development were all in that segment. And if you look at $8 million on Compound Semiconductors third quarter, roughly $260 million in revenue, mid 3 points of margin.

因此，複合半導體本季的營業利潤率較低，因為上個季度（我想這是您的比較數據），我們有800萬美元的客戶支援和新開發費用都用於該部門。如果您看一下複合半導體第三季的800萬美元，那麼營收約為2.6億美元，利潤率約為3個百分點。

So it's a significant amount, almost 4 actually. But generally speaking, I would say, that's one thing. And the second thing is that they, as Giovanni talked about, had launches of new products that -- for which you have seen the start-up costs in the past that launched in the quarter and they usually -- those early volumes usually have a little bit of a dampening effect on the margin.

所以這是一個相當大的數字，實際上幾乎是4%。但總的來說，我想說，這是一方面。其次，正如喬瓦尼所說，他們推出了新產品——你可以看到過去季度推出的新產品的啟動成本，而且通常——早期的銷售通常會對利潤率產生一些抑製作用。

With companies like Western Digital and Micron significantly lowering our outlook for next fiscal year. Are you concerned? Datacom has been very strong. Just was wondering about hyperscale CapEx over the next year. Are you worried about they're going to cut that because of weak consumer demand?

西部數據和美光等公司大幅下調了我們對下一財年的預期。您擔心嗎？ Datacom 一直表現強勁。我只是想知道明年超大規模資料中心的資本支出情況。您是否擔心他們會因為消費者需求疲軟而削減這部分支出？

No, definitely not, Mark. We -- as I said in the prepared remarks, demand for higher data rate transceivers, 200G and beyond is very strong. We said that demand increased 4x year-over-year. So it's really strong. And we just don't see any of that in our customers' demand. So I can't comment on those 2 companies that you mentioned.

不，絕對不是，馬克。正如我在準備好的發言中所說，對更高資料速率收發器（200G及以上）的需求非常強勁。我們說過，需求年增了4倍。所以，需求真的很強。只是我們沒有看到客戶有任何類似的需求。所以我無法評論你提到的那兩家公司。

Our next question comes from Jim Ricchiuti with Needham

下一個問題來自 Needham 的 Jim Ricchiuti

Mary Jane, I know there are a lot of puts and takes with respect to gross margins, but I'm wondering if you can provide any way to think about gross margins for the combined company looking out in Q1, just given supply chain? And I don't know if you want to provide some color as to what kind of a revenue impact we might see from supply chain challenges?

瑪麗簡，我知道關於毛利率有很多不確定因素，但我想知道，考慮到供應鏈因素，您能否提供一些關於合併後公司第一季毛利率的預測？您是否想解釋供應鏈挑戰可能對收入產生什麼樣的影響？

So with respect to the margin, first of all, probably over the next few weeks, we'll put out a combined pro forma comparison for past quarters. But I would say, going into Q1, so in this quarter, first of all, we had the kind of launch costs, so to speak, of newer products starting up. And we did have the absence of the lift we had last quarter, but that was always called out as of onetime.

關於利潤率，首先，我們可能會在接下來的幾週內發布過去幾季的合併預測對比數據。但我想說，進入第一季度，也就是本季度，首先，我們有一些新產品上市的成本。我們確實沒有上個季度那樣的提振，但這一點一直以來都被提及過。

Going into fiscal year '22 for margins overall. I would imagine that the company still has a very good shot at that margin being over 40%. But in terms of having a finalized model on what we think to put out a new range. As I say, we'll probably have that over the next few weeks. But generally speaking, Coherent is positive in our margins. And I think we look forward to the improvements that we'll see as we continue to go forward, especially with -- in Giovanni's segment. As his product launch, they have, as we've said many times before, the most ability to move the margin, whether that be any form of laser that we have or silicon carbide.

就整體利潤率而言，進入22財年。我認為公司仍然有很大機會實現超過40%的利潤率。至於我們計劃推出的新產品系列的最終模型，正如我所說，我們可能會在接下來的幾週內公佈。但總體而言，相干公司對我們的利潤率持樂觀態度。我認為，隨著我們繼續前進，我們期待看到利潤率的改善，尤其是在喬瓦尼的細分市場。正如我們之前多次提到的，隨著他的產品發布，他們擁有最大的利潤率提升能力，無論是我們現有的任何形式的雷射還是碳化矽。

Got it. And just a quick follow-up. When you talk about that 70% of that Coherent business being macro related, Chuck, you're talking also the Excimer laser and the (inaudible) business, the OLED portion of the business. And I wonder if you can characterize the line of sight you have to their bookings and backlog over the next 2 years, just given what we're hearing about new fab capacity additions, particularly in China?

明白了。接下來我簡單問一下。 Chuck，您說相干公司70%的業務與宏觀經濟相關，您指的是準分子雷射和（聽不清楚）OLED業務。考慮到我們聽到的關於新晶圓廠產能增加的消息，尤其是在中國，您能否描述一下您對未來兩年他們的訂單和積壓訂單的預期？

Yes. We won't be able to comment or size what you're looking for over the next -- for the next few years on this call today, Jim. But suffice it to say, we think there's still a very good and strong opportunity, and we're excited about it.

是的。吉姆，我們今天在電話會議上無法評論或評估您未來幾年的期望。但我可以肯定地說，我們認為這仍然是一個非常好且強勁的機會，我們對此感到興奮。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

Congrats from my side as well. I just have one quick one. And I was hoping to dive a bit into the electronics market in which you're outlining the strongest growth process, although understand it's sort of a smaller portion of your revenue right now.

我也祝賀你。我只想快速問一句。我希望能夠深入探討你所描述的成長最強勁的電子市場，儘管我知道目前它在你們的收入中所佔比例較小。

But if you can sort of help me think about the $11 billion TAM that you're outlining, how much of that is sort of the big buckets of electric vehicle sources, 3D sensing? And when I think about the 17% CAGR, is it going to be more back-end loaded because of electric vehicles? Or I would think 3D sensing is a bit more front-end loaded in that time horizon? So just trying to think about sort of how to think about the implication of that 17% CAGR to your business? So any help there would be useful.

但是，如果您能幫我想想您提到的110億美元的潛在市場規模，其中有多少是來自電動車和3D感測領域？考慮到17%的複合年增長率，電動車會更影響後端業務嗎？還是我認為3D感測在這段時間會更影響前端業務？所以，請您思考一下，17%的複合年增長率對您的業務意味著什麼？任何幫助都將非常有幫助。

Thanks, Samik. This is Giovanni. Thanks for your questions. So okay, on the -- now the electronics includes what used to be the consumer electronics, and that's very much the largest portion of the growth that we've included in our guidance as well as generally speaking, for the future. And the reason is it comes down to what we talked about in the past, which is an expansion of our addressable market beyond 3D sensing into sensing.

謝謝，薩米克。我是喬瓦尼。謝謝你的提問。好的，現在的電子產品包括以前的消費性電子產品，這是我們在指導中包含的最大成長部分，總體而言，也是未來的成長部分。原因在於我們過去談到的內容，也就是我們的目標市場從3D感測擴展到感測領域。

And so that's -- while we gained -- we continue to gain share on 3D sensing, the larger portion of the market which is the sensing, which includes in our definition, 3D sensing where we are gaining share and having new design wins, all photonics-related. Thanks to a portfolio of products, which is second to none, between filters, optics materials, of course, lasers, photodiodes, et cetera. So there is an opportunity for us to grow in a much larger market than 3D sensing.

因此，在我們不斷獲得市場份額的同時，我們也在3D感測領域持續成長，而3D感測市場中更大的份額是感測，在我們的定義中，3D感測領域也包括我們正在獲得市場份額並贏得新設計，所有這些都與光子學相關。這得歸功於我們首屈一指的產品組合，包括濾光片、光學材料，當然還有雷射、光電二極體等等。因此，我們有機會在比3D感測更大的市場中發展。

And then on the automotive side, it's all driven primarily by our substrate sales, our silicon carbide substrate sales. And we continue to sign new contracts, long-term contracts. And right now, our growth is mostly limited by capacity, not by demand. Demand is very, very strong, and we'll keep eye. We are continuing to add capacity.

在汽車領域，這主要得益於我們的基板銷售，即碳化矽基板銷售。我們繼續簽署新合約和長期合約。目前，我們的成長主要受產能限制，而非需求。需求非常強勁，我們會密切關注。我們正在繼續增加產能。

As you remember, we announced a $1 billion investment over the next 5 years. We are spending capital to increase the growth year-over-year, and that's coming online fast, but not fast enough to kind of saturate the market. So we have we have room for growth from that standpoint as soon as we bring back -- we bring capacity online.

大家還記得，我們​​宣布了未來5年10億美元的投資。我們正在投入資金逐年提高成長速度，目前成長速度很快，但還不足以達到市場飽和的程度。所以，從這個角度來看，只要我們恢復產能，我們就有成長空間。

I would only add, Samik, maybe an awkward way to put a really fine point on. If you look, in the second half of the decade, this opportunity that we see will really be driven by silicon carbide power electronics. As Giovanni said, the materials in the devices and modules will start to kick in and it will be driven in our model and then our forecast by the adoption of electric vehicles and other components that require high-voltage, high-reliability devices.

薩米克，我只想補充一點，或許這樣表達有點尷尬。如果你仔細觀察，你會發現，在未來五年，我們所看到的這個機會將真正由碳化矽電力電子技術所推動。正如喬瓦尼所說，設備和模組中的材料將開始發揮作用，而根據我們的模型和預測，電動車和其他需要高壓、高可靠性設備的零件的普及將推動這一趨勢。

We said that we expect to be at a level to offer into the marketplace and so in about 5 years from now, 1 million 6-inch equivalent substrates of silicon carbide per year beginning in about 5 years. So it's that second half that we're looking at. And that's what we're investing for and getting organized for now, in addition to growing in the short term because the market is supply limited, okay?

我們說過，我們預計大約五年後，每年將達到100萬片6吋碳化矽基板的供應水準。所以我們關注的是下半年。這就是我們目前投資和組織的目標，此外，由於市場供應有限，我們也會進行短期成長，懂嗎？

Our next question comes from Simon Leopold with Raymond James.

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

I wanted to just maybe dig a little bit deeper on understanding the trends for Coherent industrial exposure, specifically. And I think people maybe alluded to this earlier, but Applied Materials talked about some weakness in flat panels. And I don't presume that Coherent really has much business from that market. I think Giovanni talked about this as an opportunity longer term, and I think it's more tied to smartphones.

我想更深入地了解相干公司在工業領域的業務趨勢。我想大家之前可能提到過這一點，但應用材料公司談到了平板市場的一些疲軟。我認為相干公司在這個市場上不會有太多業務。我認為喬瓦尼認為這是一個長期機遇，而且我認為它與智慧型手機的聯繫更緊密。

And so if you could help us understand maybe some of those key drivers for the industrial aspects of Coherent. I think I'm looking at what's coming, not what's happened over the past year. And then just a quick follow-up, if you could share with us roughly the mix shift in your datacom transceivers as to how much of the revenue is 200 gig and above now versus, let's say, 1 year ago and how you see that trending?

所以，您能否幫助我們了解一些影響相干公司工業發展的關鍵驅動因素？我認為我關注的是未來發展，而不是過去一年發生的事情。接下來，我想問一下，您能否大致分享一下數據通訊收發器產品組合的變化？與一年前相比，現在200G以上產品的營收佔比是多少？您如何看待這股趨勢？

Simon, first of all, I want to make sure that I clarify one point. In our definition, industrial is about manufacturing of durable goods, not consumer electronics products. So that -- it's more on the -- what used to be called, I believe, microelectronics in the Coherent kind of market classification. And now it is going to be called basically industrial in our classification. Just to make sure it's not confused with the 2 because we used industrial like fiber laser cutting, the CO2 lasers and so forth.

西蒙，首先，我想澄清一點。在我們的定義中，工業指的是耐久財的製造，而不是消費性電子產品。所以，我認為，它更傾向於——在相干公司的市場分類中，過去被稱為微電子。現在，在我們的分類中，它基本上被稱為工業級。只是為了確保它不會與「兩者」混淆，因為我們使用了光纖雷射切割、二氧化碳雷射等等工業級技術。

And now we are putting under the new industrial including more, let's say, larger portion of the market. So in terms of Displays, I can't comment on what Applied Materials has reported. I can tell you that the demand is for those kind of parts, I would say, it's stable. I think that the -- as I alluded earlier, growth will come significantly when new technologies and new user cases will make into the market. And then I think your second question was about the consumer?

現在，我們將其納入新的工業領域，包括更多，可以說更大的市場份額。至於顯示器，我無法評論應用材料公司的報告。我可以告訴你，這類零件的需求是穩定的。我認為——正如我之前提到的，當新技術和新用戶案例進入市場時，成長將會顯著。那麼，你的第二個問題是關於消費者的呢？

No, about your datacom transceivers. I wanted to get a better understanding of how your mix has shifted to the higher performance products, maybe a year-over-year and if you have that handy?

不，關於你們的數據通訊收發器。我想更了解你們的產品組合是如何向更高性能產品轉變的，例如同比變化，你們手頭上有這方面的資料嗎？

Yes. So the vast -- so we like to divide the market in 3 buckets in terms of the hyperscalers, the average scalers and then the long tail. We have about, let's say, our market and that's important because the high data rates, clearly, they're mostly going to hyperscalers. And then the long tail, it's all about 10G and above up to 200G. And therefore -- so let's say that the hyperscale is about 1/3 of the total of the datacom number, we have about 20 to 30 mid-sized web scale operators, it's another 1/3. And then the last is actually almost the 4,000 customers, of which probably 300 are the bulk. So that's the kind of the way this is.

是的。所以我們喜歡把市場分成三個部分：超大規模業者、中型業者和長尾業者。我們的市場大概是這樣的，這很重要，因為高速率數據顯然主要流向了超大規模業者。然後是長尾，主要涉及10G及以上，最高可達200G。因此，假設超大規模業者約佔數據通訊總量的1/3，我們還有大約20到30家中型網路營運商，佔另外1/3。最後，實際上有將近4000個客戶，其中大概300個是主要客戶。情況就是這樣。

Now if you think about high data rate, I would say that -- I would call it, like 30% of the demand goes into hyperscalers. And again, the -- again, that's mostly by and the customer is driving the demand for 200G, 400G and now, even 800G, which we are shipping already. So I hope that gives you enough color. It's all about hyperscaler driving higher data rates and the rest of the market driving, let's say, legacy 200G and below demand.

現在，如果您考慮高資料速率，我想說—我稱之為，大約30%的需求來自超大規模資料中心。再次強調，這主要是由客戶推動的，客戶正在推動對200G、400G，現在甚至是800G的需求，我們已經開始出貨了。所以，我希望這些能讓您了解得夠清楚。這完全是由超大規模資料中心推動更高的資料速率，而其餘市場則推動傳統的200G及以下的需求。

A fine point on your answer. It's the hyperscalers that are driving your growth, the rest of the market, you'd characterize as stable. Is that accurate?

你的回答很有道理。超大規模資料中心推動了你們的成長，而其他市場則保持穩定。是這樣嗎？

No, no, not at all. No. It's driving the growth of the high data rate.

不，不，完全不是。不。它正在推動高數據速率的成長。

Okay.

好的。

Yes. The hyperscalers are driving the growth of the high data rate, but the low data rate is also growing. It's just not necessarily a 200G and above.

是的。超大規模資料中心正在推動高速率資料的成長，但低速率資料也在成長。只是不一定要達到200G以上。

And I think similar to the answer in the past, I mean, compared to the fourth quarter of last year, when it was already starting to move to about 12% of the total transceiver business. The higher data rates now are...

我認為這與過去的答案類似，我的意思是，與去年第四季相比，當時它已經開始佔據整個收發器業務的約12%。現在更高的數據速率…

We have a question from Meta Marshall with Morgan Stanley.

我們收到了來自摩根士丹利的 Meta Marshall 的一個問題。

A couple from me. One, if you could just kind of speak to over the last 15, 18 months that you were kind of evaluating the Coherent acquisition. Just how your view of what cross-sell opportunities or synergy opportunities have been? Are you more encouraged or kind of similarly encouraged as you were last March?

我想問幾個問題。第一，您能否談談過去15到18個月裡，您評估收購Coherent的情況？您對交叉銷售機會或綜效機會的看法如何？您是否比去年三月更有信心，或者說感覺類似？

And then maybe second question. Giovanni, you had mentioned last quarter that you were expecting 3D sensing business to grow, not necessarily from your lead customer, but from other expansion opportunities during the year. Clearly, you're seeing expansion within your lead customer as well. But just are the other opportunities that you were expecting in 3D sensing kind of playing out as expected?

然後是第二個問題。 Giovanni，您在上個季度提到，您預計3D感測業務將會成長，這不一定來自您的主要客戶，也來自年內其他的擴張機會。顯然，您也看到了主要客戶業務的成長。但是，您所期待的3D感測業務的其他機會是否如預期的那樣發展呢？

Okay. Meta, I'll let Giovanni take the second part. As it relates to the first part of your question, compared to what we were thinking 18 months ago, that was with regard to opportunities for growth and the synergies. We were not able to -- until the acquisition closed, we were not able to see or be exposed to any aspect of the details of their revenues.

好的。 Meta，我請Giovanni回答第二部分。這與你問題的第一部分相關，與18個月前我們考慮的相比，我們當時考慮的是成長機會和協同效應。在收購完成之前，我們無法看到或接觸到他們收入的任何細節。

In the last few weeks, now that we've had that chance, yes, I would say that we're even more excited than what we were before then. The size of our largest customers and leading customers that are coming up in the marketplace who are investing to grow, they're all on the list. And the next phase of the integration will actually be a complete overhaul of our global sales organization, bringing the sales and service organization together. That will happen here in the next few weeks.

過去幾週，我們終於有機會了，是的，我想說，我們比以前更興奮。我們最大的客戶，以及那些正在市場上投資發展、正在崛起的領先客戶，都在我們考慮的範圍內。下一階段的整合其實是對我們全球銷售組織的全面改革，將銷售和服務組織整合在一起。這將在未來幾週內完成。

And when that happens, we will be able to begin to tie our efficient standard operating procedures and processes with legacy Coherent together in a way that we both like to do and hit the road and start talking to these large customers and the medium-sized ones that we've targeted to grow with. There's a -- it's a target-rich environment. I guess that's all I'd say.

當這一切發生時，我們將能夠開始將我們高效的標準作業流程和流程與原有的 Coherent 系統以一種我們都喜歡的方式結合起來，然後開始與這些大型客戶以及我們計劃與之共同成長的中型客戶進行溝通。這是一個目標豐富的環境。我想這就是我要說的。

Meta, so I would say that the -- first of all, let me comment generally, the gold trajectory in our case really -- it clearly comes down to 3 core names. They want to make sure that I explained them. First of all, we are broadening our technology footprint in the sensing and 3D sensing market. So in terms of actually the material that is being used to support those applications, that's very important.

Meta，我想說的是——首先，讓我概括地評論一下，我們案例中的黃金軌跡實際上——顯然可以歸結為三個核心因素。他們希望我解釋清楚。首先，我們正在拓展我們在感測和3D感測市場的技術足跡。因此，就支援這些應用的材料而言，這非常重要。

So in order to serve that, you do have -- you obviously must have a broad portfolio or technology platforms to do that. That's one coordinate. The second coordinate is the level of integration that we're offering. We're partnering in some cases and in some cases directly we try to offer a broader level of integration with packaging, including drivers, which we design ourselves for lasers and those kind of applications. So that's also important.

因此，為了實現這一目標，你顯然必須擁有廣泛的產品組合或技術平台。這是一個座標。第二個座標是我們提供的整合度。在某些情況下，我們會與客戶合作，在某些情況下，我們會直接嘗試提供更廣泛的封裝整合度，包括我們自己為雷射和類似應用設計的驅動器。所以這也很重要。

And the other one, as I mentioned earlier, is really around the expansion of the market that we are serving. So we are focusing only on 3D sensing, which we have demonstrated ability to be very cost and quality competitive in a market which is obviously very price sensitive. But we're expanding beyond that into sensing, which is a much larger market and where there is also -- I assume we see there is more competition. But because of our integration, the portfolio and the offering is not limited to chips, but it goes beyond semiconductor laser chips, as I said earlier, into optics, into materials, in package components and so forth.

另一個，正如我之前提到的，實際上是圍繞我們所服務市場的擴張。我們目前只專注於3D感測，我們已經證明了我們在這個對價格非常敏感的市場中，在成本和品質方面具有極強的競爭力。但我們正在向感測領域拓展，這是一個更大的市場，我認為競爭也更加激烈。由於我們的整合，我們的產品組合和產品不僅限於晶片，正如我之前所說，它超越了半導體雷射晶片，涵蓋了光學、材料、封裝元件等等。

We expect the growth to be driven in those 3 coordinates, as I said. So yes, this one customer is definitely driving most of the growth. On the other hand, we're having significant new play in automotive, and life sciences coming with biometrics for wearables and the likes will eventually come. We're very engaged in that for those kind of applications too. And so it's a very much broader market than we talked about in the past. And so there is more room for growth than just in the 3D sensing, even if I think 3D sensing will continue to gain share, as I said earlier.

正如我之前所說，我們預計成長將由這三個面向驅動。所以，是的，這位客戶肯定是成長的主要動力。另一方面，我們在汽車和生命科學領域也正在取得重大進展，穿戴式裝置的生物辨識技術等也終將問世。我們也積極參與這類應用。所以，這是一個比我們過去談論的更廣闊的市場。因此，除了3D感測領域之外，還有更大的成長空間，儘管我認為3D感測的市場份額將繼續成長，正如我之前所說。

Our next question comes from Harsh Kumar with Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Harsh Kumar。

First of all, congratulations on the deal. Chuck, we're hearing from a lot of companies that the supply issues are now starting to get better. So I guess, my first question is, you had a pretty big amount of revenue you left behind on the table last quarter. I would be curious to see what you're seeing at this point in time if you agree with the statement that I just made that we're hearing from other companies? Or is it still pretty tight?

首先，恭喜您達成交易。查克，我們從許多公司聽說，供應問題現在開始好轉了。所以我想，我的第一個問題是，上個季度你們留下了相當多的收入。如果您同意我剛才說的，我們從其他公司聽說的情況，我很想知道您目前的情況如何？還是說供應還是很緊張？

There are -- we had a big opportunity, a bigger opportunity than what we could deliver in the fourth quarter and we talked about it. I mentioned it on my call in my part of the script. But for sure, I also said we are seeing some moderation, but it's on a supplier by supplier, product line by product line basis, fab by fab basis. So it's not a comment that you can make as a broad brush across the whole of the market.

確實如此——我們有一個很大的機會，一個比我們在第四季所能實現的更大的機會，我們也討論過這個問題。我在電話會議中提到過這一點，這是我負責的部分。當然，我也說過，我們看到了一些放緩，但這是針對每個供應商、每個產品線、每個晶圓廠的情況。所以，這不是一個可以概括整個市場的評論。

The other aspect is that once this problem became clear, we got busy working on second sources and redesigning and respinning and re-everything that we needed to in close partnership with our customers. So part of the supply chain moderation is actually coming as a result of artwork and the deliberate strategy to dual source or triple source where we may have been only sole or double source. So it's a mix.

另一方面，一旦這個問題變得清晰起來，我們就開始忙於尋找第二貨源，並與客戶密切合作，重新設計、重新設計，以及重新製作我們需要的一切。因此，供應鏈的節流部分實際上是由於藝術品以及我們精心設計的雙貨源或三貨源策略（我們以前可能只有單一或雙重貨源）的結果。所以，這是一種混合策略。

And for sure, we can see some improvements coming in some quarters. And in other parts, the challenges that we're managing are about the same as they were 90 days ago.

當然，我們在某些​​方面確實看到了一些改善。而在其他方面，我們面臨的挑戰與90天前大致相同。

Got it. And for my next one, I know we can look at Coherent's model and sort of put together gross margin pro forma and OpEx number. But I'd be curious if you would be able to provide some color on how we should model those to gross margin and the OpEx number? And if there's any difference now that you've owned it couple of -- I guess, a couple of weeks, any difference to what you expected? Anything pleasant or unpleasant that you saw from the deal?

明白了。接下來，我知道我們可以參考Coherent的模型，把毛利率預測和營運支出數字結合起來。但我想知道您能否詳細說明一下，我們應該如何將這些數字與毛利率和營運支出數字進行建模？現在您已經擁有這家公司幾週了，與預期有什麼不同嗎？您從這筆交易中看到了什麼好或不好的地方嗎？

First of all, the second part of the question, no. I mean, I think the more we work with our new colleagues, it just becomes more and more exciting. We're very, very happy with the progress they're making in the market and the financial progress that they've made on their own from their own internal plans, which doesn't always happen in an acquisition once the company knows it's going to be acquired by somebody else. They sort of ignored that faction, got on with their plan, and they did a very wonderful job.

首先，關於問題的第二部分，答案是否定的。我的意思是，我認為我們與新同事合作得越多，就越興奮。我們對他們在市場上取得的進展以及他們透過內部計劃自行取得的財務進展感到非常非常滿意。這在收購中並不常見，因為一旦公司知道自己將被收購，他們就會主動採取行動。他們似乎忽略了這部分人，繼續執行他們的計劃，而且做得非常出色。

I would expect that -- with that said, over the next couple of weeks, we'll probably put out the combined backward model, first of all, and then you'll be able to see it from there. But I'd say generally speaking, the company is still expecting to have the margins in the 40s, I would expect that you should probably not do much above 40 at this point until we've really had some time to look at all the ways they report and various things that they're seeing also on supply chain at this point, too. That's the first thing.

我預計——話雖如此，在接下來的幾周里，我們可能會先發布合併後的後向模型，然後大家就能從中看到結果了。但總的來說，公司仍然預期利潤率會在40%左右，我預計目前利潤率應該不會超過40%，直到我們真正有時間去了解他們所有的報告方式，以及他們目前在供應鏈上看到的各種情況。這是第一件事。

With respect to OpEx, we will continue to work on the combined OpEx between the 2 companies similar to as we have been doing. And the synergies, as we said, are very, very important to where we're going to be here. And I think conceptually, it's probably the same situation we have with Finisar, which is we'll say that we're going to try and get their numbers to the II-VI numbers, 20% of revenue for OpEx, et cetera.

關於營運支出，我們將繼續像以往一樣致力於兩家公司合併後的營運支出。正如我們所說，協同效應對於我們的未來發展至關重要。我認為從概念上講，這可能與我們與Finisar的情況相同，也就是說，我們會努力使他們的數字達到II-VI的數字，將20%的收入用於營運支出等等。

At the end of the 3 years of synergies, and I would imagine we would probably do that somewhat faster. So my general sense is that it's very likely that we will continue to make the same sort of progress we have with II-VI. So generally speaking, we will make progress on not just taking the 2 companies and adding them up between the synergies and I think the work that we'll be able to do together in leveraging both companies' sets of assets.

三年的協同效應結束後，我想我們可能會更快實現這一點。所以我的整體感覺是，我們很可能會繼續取得與II-VI公司相同的進展。總的來說，我們取得的進展不僅僅是將兩家公司合併，然後透過綜效進行整合，我認為我們能夠共同努力，充分利用兩家公司的資產組合。

We have a question from Sidney Ho with Deutsche Bank.

我們收到了德意志銀行的 Sidney Ho 的問題。

Two quick ones, one on silicon carbide. For the Infineon deal specifically, is there any way you can help us think about the size of the contract, the duration, the timing of the revenue ramp? And also curious if there is any commitment of time line to deliver 200-millimeter wafers? And I have a follow-up.

兩個快速問題，一個是關於碳化矽的。具體到與英飛凌的交易，您能否幫我們考慮一下合約的規模、期限以及收入成長的時機？另外，您是否承諾了交付200毫米晶圓的時間表？我還有一個後續問題。

Okay. Thank you, Sidney. We will not be able to say any more than what Infineon and we released in our press release. But I could add that in terms of the time line, the time line is now. So it's now, people are in need, we're ready, it's now. So we're in the process of serving them. And as it relates to 200-millimeter, we -- as we have announced in 2016, we came to the marketplace with the first 200-millimeter silicon carbide capability. We are ready and we are serving it. My view is that the 150-millimeter will continue to be the dominant substrate for silicon carbide for some time to come.

好的。謝謝你，Sidney。除了我們和英飛凌在新聞稿中發布的內容之外，我們無法透露更多。但我可以補充一點，就時間軸而言，時間線就是現在。就是現在，人們有需要，我們已經準備好了，就是現在。我們正在為他們提供服務。至於200毫米，正如我們在2016年宣布的那樣，我們帶著首個200毫米碳化矽產能進入市場。我們已經準備好了，我們正在為其提供服務。我的觀點是，在未來一段時間內，150毫米仍將是碳化矽的主導基板。

Okay. That's helpful. Maybe a follow-up question is kind of related to this. But if you look at the fiscal '23 CapEx guidance, $500 million to $600 million is up quite a bit. Obviously, you have Coherent in there. But I'm curious how -- what are the different components in terms of the increase? How much of that is coming from silicon carbide extension? And how much of that is coming from Coherent and other items?

好的。這很有幫助。也許後續問題與此相關。但如果你看一下23財年的資本支出指引，5億到6億美元已經相當多了。顯然，這裡面有相干公司（Coherent）的貢獻。但我很好奇，這筆成長是由哪些不同的部分造成的？其中有多少是來自碳化矽（SiC）的擴展？又有多少來自相干公司和其他項目？

So Coherent probably adds in the neighborhood of between say $70 million to $90 million, maybe $100 million, depending on what they see in terms of new opportunities. So that's the first part of the answer. And then the second part of the answer is, we would expect to see silicon carbide continue in 2023, very, very similar to what we saw in 2022. Of the $1 billion of investment that we discussed coming over the next 10 years, actually, it's rather concentrated in the first 3 as opposed to CapEx.

因此，Coherent 可能會增加約 7,000 萬到 9,000 萬美元，甚至 1 億美元，具體取決於他們所看到的新機會。這是答案的第一部分。答案的第二部分是，我們預期碳化矽在 2023 年將持續成長，與 2022 年的情況非常相似。我們討論過的未來 10 年 10 億美元的投資實際上集中在前 3 年，而不是資本支出。

We have a question from Tom O'Malley with Barclays.

我們收到了巴克萊銀行的湯姆奧馬利的一個問題。

You gave some guidance in terms of organic II-VI sequentially. And with that guidance, it implies Coherent kind of flat to slightly down. Could you just talk about what's going better, what's going worse than Coherent? Is it the industrial laser side? You guys have seen some strength there despite the weakness in China or it on the OLED side, where it's the microelectronics? Any color on the moving parts, what's doing better, what's doing worse there?

您就有機 II-VI 材料的後續發展給了一些指引。根據這些指引，這意味著相干公司的業績將持平或略有下降。您能否談談哪些方面比相干公司表現更好，哪些方面表現更差？是工業雷射方面嗎？儘管中國市場表現疲軟，但你們仍然看到了一些強勁的市場表現，或者在 OLED 方面，也就是微電子領域？關於移動部件，您有什麼具體資訊嗎？哪些方面表現較好，哪些方面表現較差？

I would say, it's very, very steady. And actually, there is nothing going at works. You already heard Coherent's comments last quarter about supply chain. So actually, they're delivering very steady performance, all things considered.

我想說，非常非常穩定。實際上，沒有任何問題。大家已經聽到Coherent上個季度關於供應鏈的評論了。所以，綜合來看，他們的業績其實非常穩定。

Helpful. And then in terms of the CapEx, we heard a competitor talk earlier last week about their efforts to start going after DSP technology. Could you just give us an update on how that effort is going for you guys? And the strategic importance of having a DSP in both the Coherent market at higher speeds in the future?

很有幫助。然後，就資本支出而言，我們上週早些時候聽到一家競爭對手談到他們正在努力進入 DSP 技術。您能否向我們介紹一下你們在這方面的進展？以及未來在高速相干市場中擁有 DSP 的戰略重要性？

Thanks for the question. So well, as I said in my prepared remarks, we started investing in 2019 that 3 years ago. We realized the strategic importance of the ability to design our own DSPs. And we started -- we introduced dedicated DSP, as I said, for the 100G update or 10G Ethernet links, but particularly around the backhaul -- wireless backhaul and so forth is, as I said, almost like millions of ports that need to be upgraded from 10G to 100G, and that DSP is going to give us an incredibly competitive cost structure in addition, of course, to the lasers and detectors and the vertically integrated manufacturing lines that we have in China and Malaysia.

謝謝你的提問。正如我在準備好的演講中所說，我們從三年前的2019年開始投資。我們意識到設計自主DSP的能力具有戰略重要性。我們開始——正如我所說，我們為100G升級或10G以太網鏈路引入了專用DSP，尤其是在回程方面——無線回程等等，就像我所說，幾乎相當於數百萬個端口需要從10G升級到100G。除了我們在中國和馬來西亞擁有的雷射、探測器和垂直整合的生產線之外，DSP還將為我們提供極具競爭力的成本結構。

So that DSP investment is continuing. We're obviously working on other functionalities, other reaches, other applications. And we will continue to beef up the team with talent to continue to support, particularly the Coherent side of the transceiver demand, where we will need to broaden the portfolio beyond what we already announced. So anyway -- so as I said, we recognized the importance, we decided to go with an organic investment and so far has been delivering according to plan, and we're very excited about it.

因此，DSP 的投資仍在繼續。我們顯然正在開發其他功能、其他覆蓋範圍和其他應用。我們將繼續引進人才來增強團隊實力，以繼續提供支持，特別是相干收發器方面的需求，我們需要在此基礎上擴展產品組合，超越我們已經宣布的產品範圍。總之，正如我所說，我們認識到了這一點的重要性，因此決定進行內部投資，到目前為止，一切進展順利，我們對此感到非常興奮。

I would add, Tom, that our current supply chain partners have really done a great job for us at the same time. So we have this dual approach here because we're thinking about the future.

湯姆，我想補充一點，我們目前的供應鏈夥伴確實為我們做出了巨大的貢獻。所以我們採取這種雙管齊下的策略，因為我們著眼於未來。

Thank you. And that's all the questions we have. I'd like to turn the call back to management for any closing remarks.

謝謝。我們的問題就到這裡。我想把電話轉回給管理階層，請他們做最後發言。

I want to thank all of you for being with us today. We hope you have a good day, and we look forward to seeing you in the future. See you soon. Bye-bye.

感謝各位今天的到來。祝大家今天過得愉快，期待未來能再次與你們相見。期待很快再見。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。