Coherent Corp (COHR) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Coherent Corp. FY '23 First Quarter Earnings Call. (Operator Instructions)

女士們、先生們，感謝大家的支持，並歡迎參加相干公司 23 財年第一季財報電話會議。 （操作員說明）

I would now like to turn the call over to your host, Mary Jane Raymond, Chief Financial Officer. You may begin.

現在我想將電話轉給主持人、財務長瑪麗·簡·雷蒙德。你可以開始了。

Thank you, Kevin, and good morning. I'm Mary Jane Raymond, the Chief Financial Officer here at Coherent Corp. Welcome to our earnings call today for the first quarter of fiscal year 2023. This is our first earnings call as Coherent Corp., and the call is being recorded on Wednesday, November 9, 2022.

謝謝你，凱文，早安。我是 Mary Jane Raymond，Coherent Corp. 的財務長。 2022 年11 月9 日。

With me today on the call is Dr. Chuck Mattera, our Chair and Chief Executive Officer. After our prepared remarks, both Dr. Mark Sobey, President of the Laser segment; and Dr. Giovanni Barbarossa, our Chief Strategy Officer and the President of the Materials segment, will join us during the Q&A to better explain the unique benefits of our strategy, the results we are reporting today as well as the exciting prospects we have to expand our footprint in our broad markets as we go forward.

今天與我一起參加電話會議的是我們的董事長兼執行長 Chuck Mattera 博士。在我們準備好的發言之後，雷射部門總裁 Mark Sobey 博士；我們的首席策略長兼材料部門總裁 Giovanni Barbarossa 博士將在問答環節與我們一起，更好地解釋我們策略的獨特優勢、我們今天報告的結果以及我們必須拓展的令人興奮的前景隨著我們的前進，我們在廣闊的市場中留下了足跡。

For today's call, the press release and investor presentation are available in the Investor Relations section of our website, coherent.com. Our fiscal year '22 ESG report for legacy II-VI is also on the website. It highlights key points of our Board and employee diversity, namely the 46% of our Board are women and are persons of color and that 49% of our workforce are women as well as our investments to support STEM and educational advancement. The report also details our products that are critical to improvements in global energy efficiency and the increasing sustainability of our locations that produce them.

對於今天的電話會議，新聞稿和投資者簡報可在我們網站的投資者關係部分獲得，coherent.com。我們針對舊版 II-VI 的 22 財年 ESG 報告也在網站上。它強調了我們董事會和員工多元化的關鍵點，即我們的董事會成員中 46% 是女性和有色人種，我們的員工隊伍中 49% 是女性，以及我們對支持 STEM 和教育進步的投資。該報告還詳細介紹了我們的產品，這些產品對於提高全球能源效率以及提高生產地的可持續性至關重要。

In fiscal year '22, 29% of our legacy II-VI energy consumption came from renewable resources. 100% of our European legacy sites are on renewable energy sources, and we exited this year purchasing approximately 38% of our electricity from renewable sources in our legacy facilities. I think you'll like this report when you get a moment to read it.

在 22 財年，我們遺留的 II-VI 能源消耗的 29% 來自再生資源。我們的歐洲舊工廠 100% 使用再生能源，今年我們退出了舊工廠，大約 38% 的電力來自再生能源。我想當您有時間閱讀這份報告時，您會喜歡它。

Today's results discussion includes certain non-GAAP measures. Non-GAAP financials are not a substitute for nor superior to financials prepared in accordance with GAAP. A detailed reconciliation of these non-GAAP measures to our GAAP results is included in today's documents.

今天的業績討論包括某些非公認會計原則措施。非 GAAP 財務數據不能取代或優於根據 GAAP 編制的財務數據。今天的文件中包含了這些非公認會計原則措施與我們的公認會計原則結果的詳細調節。

I remind you that during this call, we'll be making certain forward-looking statements, including, but not limited to, statements regarding macroeconomic trends, expectations for our products and technology, trends in our markets and our expected financial performance, including our guidance. In addition, we will discuss expectations regarding the recent acquisition of Coherent Inc., including market opportunities and expected synergies.

我提醒您，在這次電話會議中，我們將做出某些前瞻性聲明，包括但不限於有關宏觀經濟趨勢、對我們產品和技術的預期、我們市場趨勢以及我們預期財務業績的聲明，包括我們的指導。此外，我們還將討論對最近收購相干公司 (Coherent Inc.) 的預期，包括市場機會和預期的綜效。

All forward-looking statements are based on current expectations, forecasts and assumptions and involve risks and uncertainty that could cause actual results to differ materially from the statements made today. Our comments should be viewed in the context of the risk factors detailed in our most recent Form 10-K filing for the fiscal year ended June 30, 2022. Coherent assumes no obligation to update the information discussed during this call, except as required by law.

所有前瞻性陳述均基於當前的預期、預測和假設，並涉及可能導致實際結果與今天的陳述有重大差異的風險和不確定性。我們的評論應結合我們最新的截至2022 年6 月30 日的財年10-K 表格文件中詳細列出的風險因素來看待。資訊的義務。

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

接下來，讓我把它交給查克·馬泰拉博士。查克？

Thank you all for joining us today. Nearly 18 months ago, when we were selected as the winner of an intense 3-way competition to acquire the company that was long seen as the industry's gold standard of laser technology, we embarked on a new chapter of our bold strategy to diversify and expand our exposure and participation in growth markets that are inflecting due to irreversible mega trends.

感謝大家今天加入我們。大約 18 個月前，當我們在激烈的三向競爭中成為獲勝者，收購這家長期以來被視為激光技術行業黃金標準的公司時，我們開啟了多元化和擴張的大膽戰略的新篇章我們在成長市場中的曝光度和參與度會因不可逆轉的大趨勢而改變。

These include Industry 4.0 in the technology and scale transitions that are underway in mobile and intelligent networks out to the edge; the Internet of Things to support AR and AI services; and also those consistent with our vision of a world transformed through innovations vital to a better life today and the sustainability of future generations, including our silicon carbide and battery materials that enable the electrification of transportation, an important long-term contributor to the reduction of global CO2 emissions.

其中包括行動和智慧網路向邊緣領域​​正在進行的技術和規模轉型中的工業 4.0；支援 AR 和 AI 服務的物聯網；以及那些符合我們透過創新來改變世界的願景，這些創新對當今的美好生活和子孫後代的可持續發展至關重要，其中包括我們的碳化矽和電池材料，這些材料可實現交通電氣化，這是減少能源消耗的重要長期貢獻者全球二氧化碳排放量。

So with the acquisition of Coherent finally having closed on July 1, when we enthusiastically got underway, it is from this new base of unique technology endowments, a deep penetration into multiple ecosystems, strong customer intimacy, new business models that include products and service, and the addition of a huge influx of extraordinary and diverse talent to the broad base we had before that we endeavor to deliver sustainable long-term shareholder value.

因此，隨著對相干公司的收購最終在7 月1 日結束，當我們熱情地開始行動時，正是基於這項獨特技術禀賦的新基礎、對多個生態系統的深入滲透、強大的客戶親密度、包括產品和服務的新業務模式，大量傑出和多樣化的人才湧入我們之前擁有的廣泛基礎，我們致力於提供可持續的長期股東價值。

On September 8, 2022, we transitioned to our new name, Coherent Corp., launched our new brand and began trading with a new ticker symbol COHR. We adopted the name Coherent because it has the universal meaning of bringing things together. And I believe that a great excitement that stems from some of our really cool stuff will emerge as we bring our extraordinary talent closer together. We hit the ground running together, and we haven't skipped a beat since.

2022 年 9 月 8 日，我們更名為新名稱 Coherent Corp.，推出了新品牌並開始以新的股票代號 COHR 進行交易。我們採用 Coherent 這個名稱是因為它具有將事物結合在一起的普遍意義。我相信，當我們將我們非凡的才華更加緊密地結合在一起時，我們的一些非常酷的東西將會帶來巨大的興奮。我們一起開始行動，從那時起我們就沒有跳過過一個節拍。

The first 90 days together were super exciting as we follow our well-honed integration game plan that we laid out together for over a year prior to the close. We moved quickly into the first phase of our organizational integrations within the quarter with a focus on the worldwide sales and service organization so we could deepen our understanding of our position and prospects at our largest strategic accounts. Many of these accounts became even larger and have even greater opportunities than either company understood before the acquisition closed.

在一起的前 90 天非常令人興奮，因為我們遵循我們在結束前一年多的時間裡共同製定的精心製定的整合遊戲計劃。我們在本季內迅速進入組織整合的第一階段，重點關注全球銷售和服務組織，以便加深對我們最大策略客戶的地位和前景的了解。其中許多客戶的規模甚至比收購結束前兩家公司所理解的還要大，並且擁有更多的機會。

I'll next share some highlights of our performance by our four major markets. In addition to the numbers Mary Jane will report briefly on the substantial progress we made on the start of the integration activities, I encourage the analysts who participate in the Q&A to direct your questions about the segments to Giovanni for materials and networking and to Mark about lasers.

接下來我將分享我們四個主要市場的一些表現亮點。除了瑪麗簡將簡要報告我們在整合活動開始時所取得的實質性進展之外，我鼓勵參與問答的分析師將您有關這些細分市場的問題直接向喬瓦尼詢問材料和網絡，並向馬克詢問有關雷射。

Before we get into the details, though, I'd like to first acknowledge the extraordinary Coherent team that overcame many dynamic challenges and delivered a steady stream of industry-leading and award-winning products and services to our valued customers. We work tirelessly to do what we said we would do. And as always in our company, our commitment is evident in our aspirations, in our actions and especially in our results.

不過，在討論細節之前，我首先要感謝非凡的相干團隊，他們克服了許多動態挑戰，為我們尊貴的客戶提供了源源不斷的行業領先且屢獲殊榮的產品和服務。我們孜孜不倦地努力去做我們說過要做的事。一如既往，我們公司的承諾體現在我們的願望、我們的行動，尤其是我們的成果。

Turning to Q1. We delivered for the first time over $1 billion in revenue in a single quarter. Regarding the lingering effects of the supply chain, we have seen improvements in lead times for some strategic components and moderation of shortages for others, but we are still affected by pockets of supply chain constraints that have yet to show any signs of moderation.

轉向 Q1。我們的單季營收首次超過 10 億美元。關於供應鏈的揮之不去的影響，我們看到一些戰略組件的交貨時間有所改善，而其他組件的短缺情況有所緩解，但我們仍然受到供應鏈限制的影響，這些限制尚未顯示出任何緩解的跡象。

Without these constraints, which totaled $64 million in the quarter, we would have shipped over $1.4 billion, the top end of our guidance. However, with the strong winds of demand at our backs, we carried on with determination and delivered $1.34 billion in revenue. We grew 69% year-over-year and 52% sequentially, and consistent with our recent strong growth projections, legacy II-VI's organic revenue grew 20% compared to Q1 FY '22. On a pro forma basis, the company grew 13% over Q1 FY '22.

如果沒有這些限制（本季總計 6,400 萬美元），我們的出貨量將超過 14 億美元，這是我們指導的上限。然而，在需求強勁的推動下，我們堅定不移地堅持下去，並實現了 13.4 億美元的收入。我們年增 69%，環比成長 52%，與我們最近的強勁成長預測一致，傳統 II-VI 的有機收入與 22 財年第一季相比成長了 20%。根據預計，該公司比 2022 財年第一季成長了 13%。

Turning now to the segments. In Q1 FY '23, the revenue contributions by segment was 44% from networking, 29% from lasers and 27% for materials. As increased market diversification was one of the major elements of our strategy to acquire Coherent, that rationale is perhaps most evident when looking at the size of our communications businesses. In Q1, we derived 44% of our revenue from the communications market, down from the previous 66% in FY '21 and '22 when we were a company only a little more than half the size we are today. With the increased scale and greater market and product breadth, we believe that we now have a much better balanced and sustainable portfolio to drive us into an exciting future.

現在轉向細分市場。在 23 財年第一季度，各細分市場的收入貢獻中，44% 來自網絡，29% 來自雷射器，27% 來自材料。由於增加市場多元化是我們收購相干公司策略的主要要素之一，因此在考慮我們的通訊業務規模時，這個理由可能最為明顯。第一季度，我們 44% 的營收來自通訊市場，低於 21 財年和 22 財年的 66%，當時我們的公司規模只有今天的一半多一點。隨著規模的擴大以及市場和產品範圍的擴大，我們相信我們現在擁有更平衡和可持續的產品組合，可以推動我們進入一個令人興奮的未來。

Regarding our revenues from the other three markets, we derived 34% from industrial, 13% from electronics and 9% from instrumentation. Our earnings delivery was ahead of plan in large measure due to a relentless focus on solid market share gains, appropriate pricing discipline, driving procurement costs down and increased productivity. These factors combined enabled us to deliver solid performance with non-GAAP diluted EPS of $1.04 per share. This was considerably higher than the midpoint of our guidance, and favorable FX contributed only about $0.07 in the quarter.

至於我們其他三個市場的收入，我們的收入來自工業，13%來自電子，9%來自儀器儀表。我們的獲利交付在很大程度上提前於計劃，因為我們堅持不懈地關注穩固的市場份額成長、適當的定價規則、降低採購成本和提高生產力。這些因素結合在一起，使我們能夠實現穩健的業績，非 GAAP 攤薄後每股收益為 1.04 美元。這遠高於我們指導的中點，有利的外匯在本季度僅貢獻了約 0.07 美元。

Turning now to the communications markets. We continue to benefit from those customers continuing to make investments in telecom and cable TV infrastructure, and we are gaining share in those markets. Our revenue growth from telecom and datacom were both strong double digits year-over-year and are both forecasted to show additional gains from that base again in FY '23 compared to FY '22 with telecom forecasted to grow even faster than datacom.

現在轉向通訊市場。我們繼續受益於這些客戶對電信和有線電視基礎設施的持續投資，並且我們正在這些市場中獲得份額。我們來自電信和數據通訊的營收年均實現強勁的兩位數成長，並且預計與22 財年相比，23 財年將再次從該基礎上獲得額外收益，預計電信業務的成長速度將快於數據通信業務。

We continue to drive design wins with our industry-leading Coherent transceivers that are increasingly fully integrated into the equipment makers' routers, and we have strong growth projections for our Coherent pluggable products in FY '23 and beyond.

我們繼續利用業界領先的相干收發器來推動設計勝利，這些收發器越來越多地完全整合到設備製造商的路由器中，並且我們對相干可插拔產品在23 財年及以後的成長預測強勁。

Regarding our data center customers, we continue to forecast hyperscale growth in the second half of this year. We are optimistic about the future as we believe these telecom and datacom markets will be long-term resilient as the insatiable demand for products that consume and generate information move to the edge of the network as part of the digital transformation.

關於我們的資料中心客戶，我們繼續預測今年下半年的超大規模成長。我們對未來持樂觀態度，因為我們相信，隨著數位轉型的一部分，對消費和產生資訊的產品的永不滿足的需求將轉移到網路邊緣，這些電信和數據通訊市場將具有長期彈性。

In anticipation of sustained demand and evolving customer requirements driving our differentiated product road map, we continue to accelerate our investments in our semiconductor laser fabs in the U.S. and Europe, and our assembly and testing facilities throughout Southeast Asia. As a result of these strong communications drivers, we had record revenues in communications with strong performance in both datacom and telecom, where the split was 57% datacom, 43% telecom.

預計持續的需求和不斷變化的客戶要求將推動我們的差異化產品路線圖，我們將繼續加快對美國和歐洲半導體雷射工廠以及整個東南亞組裝和測試設施的投資。由於這些強大的通訊驅動因素，我們在通訊領域取得了創紀錄的收入，在數據通訊和電信領域均表現強勁，其中數據通訊佔 57%，電信佔 43%。

Moreover, we had record revenues from our datacom business as we continue to gain share with the large hyperscalers while enabling them to realize the benefits of their shifts to higher data rate products. In the quarter, 43% of our high-speed transceiver shipments were at speeds of 200G and above, while our shipments of transceivers for 400G ramped up and our 800G deployments accelerated strongly.

此外，我們的數據通訊業務收入創歷史新高，因為我們繼續獲得大型超大規模企業的份額，同時使他們能夠認識到轉向更高數據速率產品的好處。本季度，我們43%的高速收發器出貨量為200G以上速度，同時我們的400G收發器出貨量增加，800G部署強勁加速。

Even with the current macroeconomic backdrop, our ethernet transceiver revenue for cloud applications grew at twice the market growth rate. Given our backlog, our current visibility into our customers' projections and our supply contracts that give us confidence in being able to lead the high-speed upgrade cycle, we expect continued strong growth through FY '23.

即使在當前的宏觀經濟背景下，我們的雲端應用乙太網路收發器收入成長速度是市場成長率的兩倍。鑑於我們的積壓訂單、我們目前對客戶預測的了解以及我們的供應合約使我們有信心能夠引領高速升級週期，我們預計到 23 財年將繼續強勁成長。

Finally, during the quarter, we received a number of customer and industry accolades. In but one example, we demonstrated our new 200G EML at the European Conference on Optical Communications in September. The 200G EML will enable next-generation, high-speed transceivers at 1.6 terabits per second. And to the best of our knowledge, we were the first to demonstrate error-free live traffic in public. The excitement for such an enabling product has been tremendous from both our customers and their customers alike.

最後，在本季度，我們獲得了許多客戶和行業的讚譽。舉一個例子，我們在 9 月的歐洲光通訊會議上展示了新的 200G EML。 200G EML 將支援每秒 1.6 太比特的下一代高速收發器。據我們所知，我們是第一個在公共場合展示無錯誤即時流量的公司。我們的客戶及其客戶都對這樣一款功能強大的產品感到非常興奮。

Turning next to industrial. Our year-over-year revenues for the pro forma company were down just slightly, though we did experience strong growth in some sectors, including semiconductor capital equipment, which was particularly robust, driven by strong demand for our products that underpin EUV and what we believe are strong prospects going forward.

接下來轉向工業。我們預計公司的同比收入略有下降，儘管我們在某些​​領域確實經歷了強勁增長，包括半導體資本設備，由於對支持 EUV 的產品的強勁需求以及我們的產品的強勁需求，半導體資本設備尤其強勁。相信未來前景廣闊。

In the display market, display capital equipment had another solid quarter with strong and recurring service revenue derived from a substantial fleet of our Excimer laser systems deployed worldwide combined with the highest level of new system shipments in more than a year. Also, we continue to win the vast majority of laser lift-off opportunities and see continued very strong demand for ultrafast lasers for back-end cutting of OLED displays.

在顯示器市場，顯示器資本設備又一個強勁的季度表現，強勁的經常性服務收入源自於我們在全球部署的大量準分子雷射系統，以及一年多來新系統出貨量的最高水準。此外，我們繼續贏得絕大多數雷射剝離機會，並看到對用於 OLED 顯示器後端切割的超快雷射器的持續強勁需求。

We remain bullish on the opportunity for larger-sized laser-annealed OLED panels in the IT segment led by laptops and tablets and believe this aligns with reported new Generation 8 fab investments and will underpin our display business through the next five years.

我們仍然看好以筆記型電腦和平板電腦為主導的IT 領域中大尺寸雷射退火OLED 面板的機會，並相信這與報道的新第8 代晶圓廠投資相一致，並將在未來五年內支撐我們的顯示業務。

A recent industry report on the IT OLED panel opportunity forecasts a 5x increase in unit volumes over those next five years, which is also consistent with what we hear from customers. As another example of our enthusiasm about the long-term prospects of the display business, after nearly five years of investment in revolutionary technology, our prospects for laser-based tools for micro LED manufacturing are beginning to emerge.

最近一份關於 IT OLED 面板機會的產業報告預測，未來五年單位銷售量將成長 5 倍，這也與我們從客戶那裡聽到的一致。作為我們對顯示器業務長期前景充滿熱情的另一個例子，經過近五年對革命性技術的投資，我們用於 micro LED 製造的基於雷射的工具的前景開始顯現。

We now have more than 25 active customer engagements with a constant flow in and out of our applications [labs]. Customers are super excited about the results of trials on our 3-in-1 MicroLED demo tools both in Germany and China and for which we just began installing this week our first tool for revenue at a well-known customer in Asia.

現在，我們有超過 25 個活躍的客戶參與，並且源源不斷地進出我們的應用程式 [實驗室]。客戶對我們在德國和中國的三合一 MicroLED 演示工具的試驗結果感到非常興奮，為此我們本週剛開始為亞洲的一家知名客戶安裝我們的第一個創收工具。

Revenue from our differentiated products for EV battery manufacturing grew 30% sequentially. Market excitement for our portfolio continues to build as we further integrate our comprehensive product lines of both legacy companies to offer more complete and efficient welding product and service solutions. We also broadened our successful cutting head portfolio, including our recently released high-performance 30-kilowatt cutting head and expect this capability to drive a renewal of growth opportunities.

我們用於電動車電池製造的差異化產品的收入比上一季成長了 30%。隨著我們進一步整合兩家傳統公司的全面產品線，以提供更完整、更有效率的焊接產品和服務解決方案，市場對我們產品組合的興奮不斷增強。我們還擴大了我們成功的切割頭產品組合，包括我們最近發布的高性能 30 千瓦切割頭，並期望這種能力能夠推動新的成長機會。

Turning to the electronics market. Our strong performance in Q1 was driven by a surge in demand and record revenue quarter for our sensing business. Multiple factors have contributed to this exceptional result. We were first to market with a new sensor technology platform that enables novel functionalities in consumer electronics products.

轉向電子市場。我們第一季的強勁表現是由感測業務的需求激增和創紀錄的季度收入推動的。多種因素促成了這一非凡的成績。我們率先向市場推出了新的感測器技術平台，該平台可在消費性電子產品中實現新穎的功能。

Second, we grew total share by outperforming our competition in time to market. As in the past, we expect shipments to this market to moderate in the first half of calendar year 2023, while we continue to develop new products for adjacent markets.

其次，我們透過在上市時間上超越競爭對手來增加總份額。與過去一樣，我們預計 2023 年上半年該市場的出貨量將放緩，同時我們將繼續為鄰近市場開發新產品。

Moving to automotive electronics and our silicon carbide business. The electric vehicle industry has been shifting to 800-volt architectures driven by demand for lower-cost, fast charging and compact solutions. Silicon carbide power devices are a must-have for these applications. Analysts project that demand will outstrip supply for many years ahead, leading to sustained bottlenecks that few suppliers will be able to break.

轉向汽車電子和我們的碳化矽業務。受低成本、快速充電和緊湊型解決方案需求的推動，電動車產業一直在轉向 800 伏特架構。碳化矽功率元件是這些應用的必備品。分析師預計，未來許多年需求將超過供應，導致持續的瓶頸，很少有供應商能夠打破。

We believe that those who have control of the substrate manufacturing, like Coherent does, will be among those who will be able to grow faster than the market over the cycle. Our substrate customers have long recognized our competitive advantage and are now securing their supply through long-term agreements. So we are a leader in this industry, and we believe we are building a competitive capability in devices and modules as well and have tremendous growth prospects for this business, too.

我們相信，像相干公司一樣控制基板製造的企業將能夠在整個週期中以快於市場的速度成長。我們的基材客戶早已認識到我們的競爭優勢，現在透過長期協議確保他們的供應。因此，我們是這個行業的領導者，我們相信我們正在設備和模組方面建立競爭能力，而該業務也有巨大的成長前景。

Finally, turning to the instrumentation market. Our instrumentation business delivered a solid quarter with revenues at sustained peak levels. Our portfolio of diversified products continue to see very strong demand, including for life science applications as revenue from these products hit a record last quarter. Customers are clearly excited about our combined portfolio as well as the opportunity to provide additional value and expand even further into the life sciences market at the subsystem level.

最後，轉向儀器儀表市場。我們的儀器儀表業務季度表現穩健，營收持續保持高峰。我們的多元化產品組合繼續面臨非常強勁的需求，包括生命科學應用，因為這些產品的營收在上季創下了歷史新高。客戶顯然對我們的組合產品組合以及提供額外價值並在子系統層面進一步擴展到生命科學市場的機會感到興奮。

Now I won't take time to come back on after the Q&A, so please allow me to make closing comments before I hand it over to Mary Jane. For over half a century, we remain committed to creating breakthrough solutions to solve our customers' most demanding problems while building an exciting, resilient, sustainable and valuable growth company.

現在我不會在問答後花時間回來，所以請允許我在將其交給瑪麗·簡之前發表結束語。半個多世紀以來，我們始終致力於創造突破性的解決方案來解決客戶最棘手的問題，同時建立一個令人興奮的、有彈性的、可持續的和有價值的成長型公司。

We have the opportunity of a lifetime in front of us. And despite the uncertainty about the future and the dynamic challenges we face every day, we are still aiming to achieve double-digit growth again this year in organic Coherent and the new Coherent, too, as you saw from our revenue guidance for the full year, which includes all of our foregoing comments.

我們面前有千載難逢的機會。儘管未來存在不確定性以及我們每天面臨的動態挑戰，我們仍然致力於今年在有機相干公司和新相干公司方面再次實現兩位數的增長，正如您從我們的全年收入指引中看到的那樣，其中包括我們前面的所有評論。

All of our employees are squarely focused on building long-term value for all stakeholders. From that, in a solid financial position, we will continue to do our very best to continue to earn your confidence and trust.

我們所有的員工都專注於為所有利害關係人創造長期價值。從此，在穩健的財務狀況下，我們將繼續盡最大努力繼續贏得您的信心和信任。

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

現在，讓我把它交給瑪麗珍。 瑪麗珍？

Thank you, Chuck. The Q1 FY '23 quarterly market and geographic breakdown of our $1.34 billion of revenue can be found on Page 8 of the investor presentation. It is worth pointing out the new geographic breakdown of the company. Q1 FY '23 revenue are now distributed by 53% in Americas, 18% in Europe, 14% in Korea and Japan combined, and 11% in China. Our Q1 non-GAAP gross margin was 40.3%, and the non-GAAP operating margin was 21.3%.

謝謝你，查克。 23 財年第一季的季度市場和我們 13.4 億美元收入的地理細分可在投資者簡報的第 8 頁上找到。值得指出的是該公司新的地理分佈。 23 財年第一季的營收目前分佈在美洲，佔 53%，歐洲佔 18%，韓國和日本合計佔 14%，中國佔 11%。我們第一季的非 GAAP 毛利率為 40.3%，非 GAAP 營業利益率為 21.3%。

Supply chain costs were $7 million and are not excluded to arrive at non-GAAP results.

供應鏈成本為 700 萬美元，不排除得出非 GAAP 結果。

At the segment level, the non-GAAP operating margins were 19.7% for networking, 27.2% for materials and 18.3% for lasers. GAAP operating expenses, SG&A plus R&D, were $401 million in Q1. Excluding $35 million of amortization, $48 million of stock compensation and $61 million of transaction and integration costs, non-GAAP OpEx was $256 million or 19% of revenue. Total stock comp is expected to be $35 million per quarter in each of Q2, Q3 and Q4.

在分部層面，網路業務的非公認會計準則營業利潤率為 19.7%，材料業務為 27.2%，雷射器業務為 18.3%。第一季的 GAAP 營運費用（SG&A 加上研發費用）為 4.01 億美元。不計 3,500 萬美元的攤銷、4,800 萬美元的股票補償以及 6,100 萬美元的交易和整合成本，非 GAAP 營運支出為 2.56 億美元，佔收入的 19%。預計第二季、第三季和第四季每季的總股票補償為 3,500 萬美元。

The Q1 amount is affected by the vesting stock compensation of $18 million for change of control. Synergies were off to a good start in the quarter with $3 million in the quarter and $12 million on an annualized basis due to the retirement of several senior executives and the planned elimination of positions. Quarterly GAAP EPS was a loss of $0.56, and non-GAAP EPS was $1.04 with after-tax non-GAAP adjustments of $222 million in total.

第一季金額受到控制權變更的 1,800 萬美元歸屬股票補償的影響。由於幾位高階主管的退休和計劃的職位削減，協同效應在本季度取得了良好的開端，季度收益為 300 萬美元，年化收益為 1,200 萬美元。季度 GAAP 每股盈餘虧損 0.56 美元，非 GAAP 每股盈餘為 1.04 美元，稅後非 GAAP 調整總額為 2.22 億美元。

Currency accounted positively for $0.07 in the non-GAAP EPS primarily from the weaker euro and R&D. The diluted share count for the GAAP results was 133 million shares. And for the non-GAAP results, the share count was 149 million shares. The GAAP and non-GAAP EPS calculations are on Tables 6 and 7 of the press release.

貨幣對非 GAAP 每股盈餘的貢獻為 0.07 美元，主要來自歐元疲軟和研發。 GAAP 業績的稀釋後股票數量為 1.33 億股。對於非 GAAP 業績，股票數量為 1.49 億股。 GAAP 和非 GAAP EPS 計算請參閱新聞稿的表 6 和表 7。

Cash flow from operations in the quarter was $80 million, and free cash flow was a loss of $59 million, including CapEx of $139 million. Onetime effects on the cash flow from operations included $60 million in payments for the acquisition, including $35 million in ticking fees, those paid at close, and $25 million in legal and consulting fees incurred by the laser segment pre-close and paid on the closing date.

本季營運現金流為 8,000 萬美元，自由現金流虧損 5,900 萬美元，其中資本支出為 1.39 億美元。營運現金流的一次性影響包括6,000 萬美元的收購付款，其中包括3,500 萬美元的交易費用（交割時支付的費用），以及雷射業務在交割前產生並在交割時支付的2,500 萬美元法律和諮詢費用日期。

Pretax interest expense was $62 million. Our outlook of $274 million for the year included the 1-month LIBOR reaching 4.2%. It is now forecasted on the yield curve to reach 5.3%. Should that happen on the schedule expected, our goal, along with our debt pays down -- with our debt payments, will be to limit the change in our initial estimate to $5 million to $7 million for a total of $279 million to $281 million.

稅前利息支出為 6,200 萬美元。我們對今年 2.74 億美元的預期包括 1 個月 LIBOR 達到 4.2%。目前預計殖利率曲線將達到5.3%。如果這種情況按預期發生，我們的目標以及我們的債務償還和債務支付，將是將我們最初估計的變化限制在 500 萬至 700 萬美元，總計 2.79 億至 2.81 億美元。

Our net cash at June 30 just prior to the close was $255 million. Our September 30 balance of cash and cash equivalents was $904 million. Our total debt position is $4.7 billion. We did successfully settle the $345 million of convertible debt in stock as we planned. Using the estimated trailing 12 months on a pro forma basis for the combined company at September 30, the gross leverage was 3.8x and the net leverage was 3.1x without the synergy credit. Using our credit facility definition, which allows synergy credit of $250 million, the net leverage is 2.6x.

截至 6 月 30 日收盤前，我們的淨現金為 2.55 億美元。截至 9 月 30 日，我們的現金及現金等價物餘額為 9.04 億美元。我們的總債務部位為 47 億美元。我們確實按計劃成功解決了 3.45 億美元的可轉換股票債務。根據預計合併後公司截至 9 月 30 日過去 12 個月的預測，在沒有協同信用的情況下，總槓桿率為 3.8 倍，淨槓桿率為 3.1 倍。使用我們的信貸額度定義（允許 2.5 億美元的協同信貸），淨槓桿率為 2.6 倍。

The effective tax rate in the quarter was 24%, and 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 a larger presence in Europe as well as M&A costs that are not deductible.

本季的有效稅率為 24%，假設不採用新的或額外的稅收規定，我們預計 23 財年的稅率將在 22% 至 24% 之間。稅率的增加主要是由於在歐洲的業務規模擴大以及不可扣除的併購成本。

Turning to our outlook for Q2 fiscal year '23. Our outlook for revenue for the second fiscal quarter ended December 31, 2022, is expected to be $1.34 billion to $1.4 billion and earnings per share on a non-GAAP basis to be $0.88 to $1 per share. With respect to our expectations on the full year revenue, we expect revenue to range from $5.25 billion to $5.55 billion.

轉向我們對 23 財年第二季的展望。我們對截至 2022 年 12 月 31 日的第二財季收入預計為 13.4 億美元至 14 億美元，以非公認會計原則計算的每股收益為 0.88 美元至 1 美元。就我們對全年收入的預期而言，我們預計收入範圍為 52.5 億美元至 55.5 億美元。

Our non-GAAP EPS estimate assumes that the effects of purchase accounting, which are all still preliminary, are added back to GAAP EPS other than depreciation. That is about $5 million in Q2. The share count is 151 million shares for the entire guidance range. The EPS calculation, including the dividend treatment, is detailed on Table 8 of the press release for the guidance and also shows when the Series B preferred stock is dilutive. All of the foregoing is at today's exchange rate and an estimated tax rate of 23%.

我們的非 GAAP 每股盈餘估計假設採購會計的影響（目前仍處於初步階段）除折舊外均已添加回 GAAP 每股盈餘中。第二季約 500 萬美元。整個指引範圍的股票數量為 1.51 億股。指南新聞稿的表 8 詳細介紹了 EPS 計算（包括股息處理），並且還顯示了 B 系列優先股何時具有稀釋性。上述所有內容均以今日匯率和 23% 的預估稅率計算。

For the non-GAAP earnings per share, we add back to the GAAP earnings pretax amounts of $183 million to $193 million, consisting of $83 million in amortization, $34 million in stock comp, $20 million to $30 million for transaction, integration and restructuring, and $46 million for the inventory step-up. The actual dollar amount of non-GAAP items, the tax rate, the exchange rates, the purchase price accounting and the share counts are all subject to change.

對於非GAAP 每股盈餘，我們加回1.83 億至1.93 億美元的GAAP 稅前收益，其中包括8,300 萬美元的攤銷、3,400 萬美元的股票補償、2,000 萬至3,000 萬美元的交易、整合和重組， 4600 萬美元用於庫存升級。非公認會計原則項目的實際金額、稅率、匯率、購買價格會計和股份數量都可能會改變。

As a reminder, our answers today may contain forecasts 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預測，由於多種因素，我們的實際結果可能與實際結果有所不同，包括但不限於組合變化、客戶變化、供應鏈上下游短缺、競爭、變化法規、COVID -19 協議和全球經濟狀況。

With that, Kevin, you may open the line for questions.

凱文，您可以打開提問線了。

(Operator Instructions) Our first question comes from Ananda Baruah with Loop Capital.

（操作員說明）我們的第一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on a nice start here and on what appears to be really solid execution and focus. Two quick ones, if I could. Chuck, just to start, what are your thoughts on macro and your thinking as we head into 2023? Does the backlog, which is super substantive right now, does that isolate you? Or I guess, sort of backstop you to an extent?

恭喜您在這裡有了一個良好的開端，以及看起來非常紮實的執行力和專注力。如果可以的話，兩個快點。 Chuck，首先，您對宏觀經濟有何看法，以及您對 2023 年的看法是什麼？目前積壓的訂單量非常大，這會讓您感到孤立嗎？或者我猜，在某種程度上可以為你提供支持？

And then also, what businesses would you believe could be the most sensitive to macro should companies begin to feel greater pressure in '23? And I have a quick follow-up.

另外，如果企業在 23 年開始感受到更大的壓力，您認為哪些企業可能對宏觀最敏感？我有一個快速的跟進。

Okay. Thanks, Ananda. Thanks for your question and your comments. Well, we have a strong backlog. The sales force is busy working to secure an even greater backlog to the extent we can. The macro environment, however it is, it's the same for everybody. Our job is to step it up into -- out to what anybody else can do in this market.

好的。謝謝，阿難。感謝您的提問與評論。嗯，我們有大量的積壓。銷售人員正忙於盡可能確保更多的積壓訂單。不管宏觀環境如何，對每個人來說都是一樣的。我們的工作是超越這個市場上其他人可以做的事情。

And as far as the markets go, well, we're diversified. It's part of our strategy. We'll never get it to a spot where all markets are all firing at the same level. And so our job is to work to secure as much as we can while we can and to position ourselves for the future. Because even those markets that are maybe only growing a little slower today, we have great prospects for their future as well, and our portfolio is aiming for it.

就市場而言，我們是多元化的。這是我們戰略的一部分。我們永遠不會讓所有市場都處於同一水平。因此，我們的工作就是盡我們所能確保安全，並為未來做好準備。因為即使是那些目前成長速度可能稍慢的市場，我們也對它們的未來抱持美好的前景，我們的投資組合也瞄準了這個目標。

Excellent. And then a follow-up is gross margin was very nicely stronger than at least we had anticipated, and OpEx dollars were actually nicely lower than we had anticipated. And just so -- and would love context around contributors to the gross margin strength. And do you think it's sustainable?

出色的。後續的毛利率至少比我們的預期要強得多，而營運支出實際上比我們的預期要低得多。正是如此 - 並且希望了解毛利率優勢的貢獻者的背景。您認為這是可持續的嗎？

And then Mary Jane, I guess, the same on the OpEx dollars. Did they come in sort of more efficient than you had anticipated? And do you think that's sustainable as well?

然後瑪麗簡，我想，在營運支出上也是如此。他們的效率比你預想的還要高嗎？您認為這也是可持續的嗎？

So I would say that, first of all, the gross margin, as we talk about every single quarter, is a fight every day. So not necessarily predictable, but I would say that the company continues to work on that very, very hard. Notwithstanding having $1.34 billion, I'd say overall currency probably helped the margin by about $5 million.

所以我想說，首先，正如我們在每個季度談論的那樣，毛利率每天都​​是一場戰鬥。所以不一定是可預測的，但我想說該公司將繼續非常非常努力地工作。儘管有 13.4 億美元，但我認為整體貨幣可能幫助利潤增加了約 500 萬美元。

And I would say beyond that, we probably had about $8 million help from an expense point of view from currency. But having said that, we do get rather busy on the synergies early. And the first thing we do to be sure that we can capture all the synergies is to stop hiring. So that is one thing that paused as we got to know all of our new colleagues on the -- in the laser segment, and they got to know us.

我想說的是，除此之外，從金錢支出的角度來看，我們可能還獲得了約 800 萬美元的幫助。但話雖如此，我們確實很早就開始忙於綜效。為了確保我們能夠獲得所有協同效應，我們要做的第一件事就是停止招募。因此，當我們認識了雷射領域的所有新同事，他們也認識了我們時，這件事就暫停了。

And I will tell you that we will continue to fight on that OpEx for a long, long time. Because at the end of the day, the company's goal under any circumstances is to be sure that we are able to invest that money well, particularly on the R&D line.

我會告訴你，我們將繼續在營運支出上奮鬥很長一段時間。因為歸根結底，公司在任何情況下的目標都是確保我們能夠很好地投資這些資金，特別是在研發領域。

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

（操作員說明）我們的下一個問題來自 Paul Silverstein 和 Cowen。

Mary Jane, given the investment, clearly is focused on your leverage relative to macro, any thoughts you can share as to how quickly you expect or hope to deleverage and how you get there in terms of CapEx plans for the year alongside of the interest expense?

鑑於這項投資，瑪麗簡顯然關注的是您相對於宏觀的槓桿率，您可以分享的任何想法，包括您期望或希望去槓桿化的速度，以及如何在今年的資本支出計劃和利息支出方面實現這目標？

Sure. Well, obviously, the first thing that we did was the success we had in taking out the convert in stock. So that took out $345 million of it. Historically, what we've said about the pay down of the debt, just let's deal with the pay down for a minute, was that actually we didn't expect that much in the first quarter because the goal in the first quarter was to launch all the synergies first, which sometimes come with cost.

當然。嗯，顯然，我們做的第一件事就是成功地取出庫存的轉換產品。這樣就損失了 3.45 億美元。從歷史上看，我們所說的關於償還債務的問題，讓我們先討論一下償還債務，實際上我們對第一季度的期望並不高，因為第一季度的目標是推出首先是所有協同效應，這有時會帶來成本。

Having said that, given that the Fed has not necessarily led off on what they think they may do this year and what we thought would be ongoing stability in the interest rates in 2024 actually also may change, that has caused us to give new thought to what we would do potentially this year in bringing down the leverage through paydown as well this year.

話雖如此，鑑於美聯儲今年不一定會採取他們認為可能採取的行動，而我們認為 2024 年利率持續穩定的情況實際上也可能會發生變化，這促使我們重新思考今年我們可能會採取哪些措施，通過支付方式降低槓桿率。

We're not moving away from what we originally said, which was that was in 24 months, we expect it to be at 2.5x growth. And I think that plus the EBITDA -- the continued work on the EBITDA, I think, will help us from a deleveraging calculation point of view. But the real issue is trying to moderate and stay within our range, if not lower, on our interest expense.

我們不會偏離我們最初所說的，即 24 個月內，我們預計成長率將達到 2.5 倍。我認為，加上 EBITDA——我認為，從去槓桿化運算的角度來看，繼續進行 EBITDA 工作將有助於我們。但真正的問題是試圖將我們的利息支出控制在我們的範圍內，甚至保持在我們的範圍內。

Okay. And a quick follow-up, if I may. And my apologies, I heard -- Chuck, I heard your response to the previous question. I heard your comments on the call, and I can see the numbers. So it sure doesn't look like there's an issue. But you just had VIAVI last week and Lumentum this week, both referenced some beginning of macro pressure. In VIAVI's case, it was field test units. And what they said was that OpEx like carriers was coming down, and that's always a precursor to CapEx declines.

好的。如果可以的話，請快速跟進。抱歉，我聽到了——查克，我聽到了你對上一個問題的回答。我聽到了你們對電話的評論，我也可以看到這些數字。所以看起來確實沒有問題。但上週剛有 VIAVI 和本週的 Lumentum，兩者都提到了宏觀壓力的開始。就 VIAVI 而言，它是現場測試單元。他們所說的是營運商之類的營運支出正在下降，而這始終是資本支出下降的先兆。

And then you had Lumentum reference some pockets of weakness among web scalers. Again, from your numbers and comments, it doesn't seem to be a problem. But I want to ask you the direct question: are you seeing any signs of concern from a customer market, product market perspective at a macro level?

然後 Lumentum 提到了網路擴展器中的一些弱點。同樣，從您的數字和評論來看，這似乎不是問題。但我想問你一個直接的問題：你是否從宏觀層面的客戶市場、產品市場角度看到了任何令人擔憂的跡象？

Yes. Thanks, Paul. Paul, I'm going to ask Giovanni to take it.

是的。謝謝，保羅。保羅，我要請喬瓦尼接受。

Paul, thanks for the question. No, we don't see at all any weakness from that perspective. In fact, we think that we can say at least we have visibility, let's say, until the first half of the calendar year, calendar 2023, very strong demand. And -- but I also want to underline that it is the result of the combination of the strength of the investments of the customers that we have as well as significant share gains, particularly on the high-speed side of the demand from 200, 400, 800G where, thanks to the differentiation that we have, we can really take advantage of the need of such type of products. And so we continue to gain share versus the competition. So the two are very strong, and they -- we are not seeing any weakness as maybe others have reported.

保羅，謝謝你的提問。不，從這個角度來看，我們根本看不到任何弱點。事實上，我們認為至少可以說我們有知名度，可以說，直到今年上半年，即 2023 年，需求非常強勁。而且 - 但我還想強調，這是我們擁有的客戶投資實力以及顯著的份額收益相結合的結果，特別是在 200、400 的高速需求方面，800G，由於我們擁有差異化，我們可以真正利用此類產品的需求。因此，我們在競爭中不斷獲得份額。所以兩者都非常強大，而且我們沒有看到任何其他人報告的弱點。

(Operator Instructions) Our next question comes from Dave Kang with B. Riley.

（操作員說明）我們的下一個問題來自 Dave Kang 和 B. Riley。

My first question is regarding your fiscal 2Q outlook. Just wondering if you can give us a bit more color on your three different segments, how we should think about it.

我的第一個問題是關於第二季的財政前景。只是想知道您是否可以給我們更多關於您的三個不同部分的信息，我們應該如何考慮它。

And my follow-up question is regarding your Excimer laser. What's the typical lead times for that product?

我的後續問題是關於你們的準分子雷射。該產品的典型交貨時間是多少？

We would expect -- on the first question, we would expect good contributions from all three of the segments.

我們預計，關於第一個問題，我們預計所有三個部門都會做出良好的貢獻。

Thanks, Dave, for your question. Mark, would you like to comment on the Excimer question?

謝謝戴夫的提問。馬克，您想對準分子問題發表評論嗎？

I didn't hear the Excimer question. Could you ask one more time, please?

我沒有聽到準分子問題。可以請您再問一次嗎？

Yes. Sure. What's the typical lead times?

是的。當然。一般的交貨時間是多少？

Typical lead times for our annealing systems are around six months?

我們的退火系統的典型交貨時間約為六個月？

Yes. Excimer, yes, for annealing -- flat panel and annealing.

是的。準分子，是的，用於退火——平板和退火。

Yes. For Excimer flat panel annealing, the lead times are typically about six months.

是的。對於準分子平板退火，交貨時間通常約為六個月。

Got it.

知道了。

Did you hear that, Dave? Okay.

你聽到了嗎，戴夫？好的。

Yes, I did. Yes.

是的，我做到了。是的。

(Operator Instructions) Our next question comes from Mark Miller with Benchmark.

（操作員說明）我們的下一個問題來自 Benchmark 的 Mark Miller。

Congratulations on the record sales. You're probably aware of the new U.S. restrictions on equipment shipments into China. I'm just wondering, is there any impact to you on Coherent, especially for linemen tools that are going into China?

恭喜銷量創紀錄。您可能知道美國對向中國運送設備的新限制。我只是想知道，這對相干公司有什麼影響，特別是對於即將進入中國的巡線工具？

Okay. Giovanni, would you like to take that?

好的。喬瓦尼，你願意接受嗎？

Mark, thanks for the question. Absolutely. First of all, as you probably know, there are no UV equipment sales into China. So since that's the vast majority of the market that we address with our parts, we have zero impact from that perspective.

馬克，謝謝你的提問。絕對地。首先，您可能知道，中國沒有紫外線設備銷售。因此，由於我們的零件佔據了絕大多數市場，因此從這個角度來看，我們的影響為零。

Now if you go on to deep-UV and other part of the semicap equipment world, we have seen less than 5% impact on the short-term demand from our customers. And again, it's mostly because we address the segment of the market for which the restriction has been applied, which is on the high end. And so the demand continues strong. And in any case, China wasn't in the loop to begin with. So we haven't really experienced -- short term, at least, we don't see any weakness.

現在，如果您繼續關注深紫外線和半封裝設備世界的其他部分，我們發現對客戶短期需求的影響不到 5%。再說一次，這主要是因為我們針對的是應用限制的市場部分，也就是高端市場。因此需求持續強勁。無論如何，中國一開始就不參與其中。所以我們還沒有真正經歷過——至少在短期內，我們沒有看到任何弱點。

You mentioned moderating 3D shipments after a strong quarter in the first half of fiscal '23. How much of that is due to macro? And also if you could talk about any of your opportunities outside of the consumer electronics market for 3D sensing.

您提到在 23 財年上半年的強勁季度之後，3D 出貨量將有所放緩。其中有多少是宏觀因素造成的？另外，您是否可以談談消費性電子市場以外的 3D 感測機會。

Yes. Thanks, Mark. So first of all, I wanted to make sure it's clear that our numbers were about sensing, which includes 3D sensing. And so we'll follow the typical seasonal trends. And as we said in the prepared remarks, and we have really not seen any effect from a customer demand standpoint from, let's say, weaknesses in some of the geographical areas that -- where products have been assembled and completed. So demand has been unaffected for us. So it's very strong. And so we haven't really seen any weakness from that standpoint.

是的。謝謝，馬克。首先，我想確保清楚我們的數據是關於感測的，其中包括 3D 感測。因此，我們將遵循典型的季節性趨勢。正如我們在準備好的演講中所說，從客戶需求的角度來看，我們確實沒有看到任何影響，比如說，產品組裝和完成的某些地理區域的弱點。所以我們的需求沒有受到影響。所以它非常強。因此，從這個角度來看，我們並沒有真正看到任何弱點。

It's mainly just seasonal effects that you're talking about?

你所說的主要是季節性影響？

Correct.

正確的。

Our next question comes from Simon Leopold with Raymond James.

我們的下一個問題來自西蒙·利奧波德和雷蒙德·詹姆斯。

One on the hyperscale trends that you called out, Chuck, in the prepared remarks. You said you expect hyperscale to grow in the second half of fiscal '23. And I guess, to me, I'm wondering whether or not that implies that you saw any softness from hyperscale in your September quarter or what your expectation is implied for your December forecast, whether you're seeing some inventory absorption or slowing from that group of customers near term. And that's what you were trying to point out was you expect that growth to resume in the first half of calendar '23.

查克，您在準備好的發言中指出了超大規模趨勢。您表示預計超大規模業務將在 23 財年下半年成長。我想，對我來說，我想知道這是否意味著您在 9 月季度看到了超大規模的疲軟，或者您對 12 月預測的預期意味著什麼，您是否看到了一些庫存吸收或放緩近期的客戶群。這就是您試圖指出的，您預計成長將在 23 年上半年恢復。

And then I've got a quick follow-up for Mary Jane.

然後我對瑪麗·簡進行了快速跟進。

Okay. Thanks. Simon, what I said was regarding our data center customers, we continue to forecast hyperscale growth in the second half of this year. To answer your question and maybe put a finer point on it, we expect our datacom business to grow sequentially and steadily in the year. Does that help you?

好的。謝謝。西蒙，我所說的是關於我們的資料中心客戶，我們繼續預測今年下半年的超大規模成長。為了回答你的問題，也許可以更詳細地闡述一下，我們預計我們的數據通訊業務今年將持續穩定成長。這對你有幫助嗎？

Yes. I guess what I'm sort of wondering, and I'm not trying to split hairs, but whether or not you saw a little bit of softness. Clearly, your numbers were fine this quarter and the guidance is good, but whether or not that particular group of customers was softer than you expected in your September quarter?

是的。我想我在想什麼，我並不是想吹毛求疵，而是想知道你是否看到了一點點柔軟。顯然，您本季的數據很好，指導也很好，但是該特定客戶群是否比您在 9 月季度預期的要軟？

It was not. But Giovanni, do you want to add to that?

事實並非如此。但是喬瓦尼，你想補充嗎？

So while some hyperscalers may have redistributed the demand over time and maybe some has shown some weakness or at least decide to slow down, it's the mix of customers that we have actually is not affected by that at all. So we don't really see that weakness.

因此，雖然一些超大規模企業可能會隨著時間的推移重新分配需求，有些企業可能會表現出一些弱點或至少決定放慢速度，但我們實際上擁有的客戶組合根本不受此影響。所以我們並沒有真正看到這個弱點。

And as I said earlier, the fact that we continue to gain share of the high-speed side of the market helps our growth in general, right? So it's a combination of factors. The mix of customers, none of those that again -- have redistributed the demand over a longer period of time and then the fact that we're getting share. So the combination of the two ultimately is pretty good outlook for us.

正如我之前所說，我們繼續獲得高速市場份額這一事實有助於我們的整體成長，對嗎？所以這是多種因素的結合。客戶的組合，再一次，在更長的時間內重新分配了需求，然後我們獲得了份額。因此，兩者的結合最終對我們來說是非常好的前景。

Great. No, I appreciate that. And then just a quick follow-up for Mary Jane was you called out the $0.07 benefit from foreign exchange rates. And I want to make sure I understand that that's basically internationally located employees being paid in local currency, and therefore, it translates back to fewer dollars.

偉大的。不，我很欣賞這一點。然後，您對 Mary Jane 進行了快速跟進，指出外匯匯率帶來了 0.07 美元的好處。我想確保我明白，這基本上是國際員工以當地貨幣支付工資，因此，它將轉化為更少的美元。

And if that's correct, if we assume currency stayed stable in the December quarter, you'll see a similar benefit, and that's what's implied in your December guidance. Is that correct?

如果這是正確的，如果我們假設貨幣在 12 月季度保持穩定，您將看到類似的好處，這就是 12 月指導中暗示的內容。這是正確的嗎？

It depends how you -- what you're comparing it to. If you compare it to Q1, it's because it's like to Q1 if you compare it to last year, or something else, yes. But we are assuming that the currencies stay in the relative relationship that they have at this time and were prevailing in Q1.

這取決於你如何——你將其與什麼進行比較。如果你將它與第一季進行比較，那是因為如果你將它與去年或其他什麼進行比較，它就像第一季一樣，是的。但我們假設貨幣保持目前的相對關係並在第一季占主導地位。

Our next question comes from James Ricchiuti with Needham.

我們的下一個問題來自 James Ricchiuti 和 Needham。

So thanks for the color, by the way, on the export -- U.S. export restrictions. I wanted to ask a question also about the laser business. If we think about some of the forecasts for the WFE market and the expectations that the market could be down anywhere from -- in excess of 20% next year, in calendar '23.

順便說一句，感謝您對出口的關注——美國的出口限制。我還想問一個關於雷射業務的問題。如果我們考慮一下對 WFE 市場的一些預測，以及明年 23 年市場可能下跌超過 20% 的預期。

I'm wondering how you're viewing that part of the laser business. Or do you just see more of an offset in the display-related portion of the laser business that's capital equipment?

我想知道您如何看待雷射業務的這一部分。或者您只是看到雷射業務中與顯示器相關的資本設備部分出現了更多的抵消？

Thank you, Jim. Mark?

謝謝你，吉姆。標記？

Jim, thanks for the question. So two parts to the answer, perhaps, Jim. Certainly, to quote one of our customers, the impact on China is non-zero, but as Giovanni indicated, is probably less than 5% of our semi business; and the laser segment, less than 2% of our overall business in the laser segment. We're buffered by a large installed base, which really helps.

吉姆，謝謝你的提問。吉姆，答案可能分為兩個部分。當然，引用我們一位客戶的話說，對中國的影響不是零，但正如喬瓦尼所說，可能不到我們半成品業務的 5%；雷射業務占我們雷射業務整體業務的比例不到2%。我們擁有龐大的安裝基礎，這確實很有幫助。

We've thousands of ultraviolet lasers that have -- need to be refurbished every 2 to 3 years. Some have been in service for more than 20 years with our customers asking us to commit to support for another 10. And that service revenue underpins our strong baseline business kind of irrespective of just annual WFE spend. So certainly, the outlook for next year is tempered relative to what we've seen this year. But clearly, I think we all believe the long-term trend is very positive.

我們有數千台紫外線雷射器，需要每 2 到 3 年翻新一次。有些已經服務了 20 多年，我們的客戶要求我們承諾為另外 10 年提供支援。因此，與今年相比，明年的前景肯定會有所緩和。但顯然，我認為我們都相信長期趨勢是非常正面的。

And then if I could, just a follow-up question. I certainly -- I could appreciate given the diversity of the portfolio you have some insulation here from, but I'm just wondering what you're seeing in -- across the industrial business by geography in terms of China, Europe, North America and just given in light of the macro concerns that people have expressed.

如果可以的話，我想問一個後續問題。我當然 - 考慮到您在這裡有一些隔離的投資組合的多樣性，我會很感激，但我只是想知道您在中國，歐洲，北美和按地理位置劃分的工業業務中看到了什麼剛才是根據人們表達的宏觀擔憂所給予的。

That's another good question, Jim. I think we have a diversity of products and services that we sell into the industrial markets. We certainly have the benefit of a very strong backlog. We've -- we're -- in some markets, for example, medical device manufacturing, we're #1; in other markets, we're maybe #2 and 3. We think we've got lots of share upside in industrial.

這是另一個好問題，吉姆。我認為我們向工業市場銷售多種產品和服務。我們當然受益於大量的積壓訂單。我們已經──我們──在某些市場，例如醫療設備製造，我們是第一；在其他市場，我們可能會排名第二和第三。

So we're beginning to see maybe the first softening in some of the European customer base. But again, we've got the benefit of a very healthy backlog. And again, our diversity of markets in the industrial sector, I think really -- I think gives us confidence that we're looking at a pretty strong outlook for the year.

因此，我們開始看到一些歐洲客戶群可能會首次疲軟。但我們再次受益於非常健康的積壓。再說一遍，我認為，我們工業領域市場的多樣性確實讓我們有信心，相信今年的前景相當強勁。

Got it. Congratulations on a nice start, by the way.

知道了。順便說一句，恭喜你有一個好的開始。

Thank you.

謝謝。

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。

I guess for the first one, if I could sort of get some help on understanding the revenue guide for the full year here. Of your comments have indicated that demand is remaining robust, maybe some pockets of weakness here and there. But largely sort of a strong backlog, strong demand.

我想對於第一個，我是否可以在理解全年收入指南方面獲得一些幫助。您的評論表明需求仍然強勁，但可能存在一些疲軟的地方。但很大程度是積壓較多，需求強勁。

And I'm trying to think about the sort of guidance for revenue to remain sort of flat half-over-half at the midpoint and particularly any insights on sort of what you're seeing in book-to-bill, et cetera, to give us some sense of what's driving that revenue guide. Because I believe -- I mean we've been more used to seeing the company ramp through the year in terms of revenue. And I have a follow-up.

我正在嘗試考慮一種指導，使收入在中點保持一半以上的持平，特別是對你在訂單到賬單等方面看到的任何見解讓我們了解是什麼推動了收入指南。因為我相信——我的意思是我們已經更習慣看到公司在這一年的收入不斷增長。我有一個後續行動。

Thanks, Samik. Compared to the combined pro forma revenue, I think we will see growth. But at the end of the day, the main thing that we're also trying to keep in mind is the effects of currency on that revenue, right? So just in the first quarter, we had 16% currency effects on the revenue. So that's part of it. If you just multiply that by 4, not that, that may be exactly how it goes, but it's $60 million or $70 million.

謝謝，薩米克。與預計總收入相比，我認為我們將會看到成長。但歸根究底，我們還要牢記的主要事情是貨幣對收入的影響，對嗎？因此，僅在第一季度，我們的收入就受到了 16% 的貨幣影響。這就是其中的一部分。如果你只是將其乘以 4，而不是那個，可能就是這樣，但它是 6000 萬美元或 7000 萬美元。

But generally speaking, I'd say that when we look at the combined number for the company compared to where the pro forma was, we're expecting to see some decent growth as the year goes on, as Chuck already said.

但總的來說，我想說，當我們將公司的合併數字與預估數字進行比較時，我們預計隨著時間的推移，會看到一些體面的增長，正如查克已經說過的那樣。

Okay. Okay. So let me move to the second question. In terms of the operating margins, your networking margins improved significantly sequentially with sort of limited change in the revenue profile, whereas it was interesting with your compound semi margins sort of remained similar sequentially even despite a significant move up in revenue.

好的。好的。那麼讓我轉向第二個問題。就營業利潤率而言，您的網路利潤率連續顯著提高，收入狀況變化有限，而有趣的是，儘管收入大幅增長，您的複合半利潤率仍然保持相似的連續性。

So I'm just wondering if you can help me understand that. Why not more of a volume leverage sort of in compound semi versus networking, which seem to have how much more material improvement in margins?

所以我只是想知道你是否能幫助我理解這一點。與網路相比，為什麼不在複合半導體中增加更多的銷售槓桿，這似乎在利潤方面有更多的實質改善？

So I would have said -- well, first of all, a couple of things. In the networking business, they had a very, very strong mix in the transceiver business this quarter. They have also continued to work hard on moderating what their supply chain challenges have been, both in terms of physical product and the costs that are involved in that. And more importantly, on their operating efficiency. I mean it continues to be a goal for us to moderate the cost of operations.

所以我會說——首先，有幾件事。在網路業務中，本季他們在收發器業務中的組合非常非常強大。他們也繼續努力緩解供應鏈面臨的挑戰，無論是在實體產品還是與之相關的成本方面。更重要的是，他們的營運效率。我的意思是，降低營運成本仍然是我們的目標。

I would say probably the other thing that helped them in fairness is that because the RMB was weak, it probably translated there. It's not probably. It did translate their cost to a lower level. So there's probably a currency effect on that to some extent, which is a lesser of an extent in materials.

我想說，公平地說，另一件對他們有幫助的事情可能是，由於人民幣疲軟，它可能會在那裡兌換。這不太可能。它確實將他們的成本降低到了較低的水平。因此，在某種程度上可能存在貨幣效應，而材料方面的影響較小。

Materials generally has around the world, almost all of its sales and dollars in a significant part of their cost in dollars. So that's one aspect of that. But second of all, materials also had a very, very good quarter in the fourth quarter as well. And generally speaking, I would say that overall -- my original range on materials was that it would be 23% to 25% in terms of its resting margin.

材料一般在世界各地都有，幾乎其所有銷售額都以美元計算，其成本的很大一部分以美元計算。這是一方面。但其次，材料在第四季也有非常非常好的季度表現。一般來說，我想說的是，總體而言，我最初對材料的設定範圍是，就其剩餘利潤而言，它將是 23% 到 25%。

So we're happy to see it at 26% and 27%. But I don't know given their mix at this particular time that it actually grows by, say, 100 or 150 basis points every quarter. And they had significantly less on currency.

所以我們很高興看到它達到 26% 和 27%。但考慮到他們在這個特定時間的組合，我不知道它實際上每個季度都會成長 100 或 150 個基點。他們的貨幣也少得多。

The next question comes from Vivek Arya with Bank of America.

下一個問題來自美國銀行的 Vivek Arya。

For my first one, I'm curious, what is the implied range of gross margins, Mary Jane, for Q2 and for the fiscal year? And what about Coherent products makes it tougher to get a tighter gross margin range? Is it just the mix? Is it the variability between products? Is it just pricing competition? So just any views on gross margins would be very helpful.

對於我的第一個，我很好奇，瑪麗·簡，第二季度和本財年的毛利率隱含範圍是多少？那麼，相干公司的產品又是如何讓毛利率範圍變得更窄的呢？只是混合嗎？是產品之間的差異嗎？僅僅是價格競爭嗎？因此，對毛利率的任何看法都會非常有幫助。

The company doesn't guide on gross margins, but I would say that, as we've said consistently, our goal is to try and keep that margin over 40%, and we will continue to do that. And Vivek, just tell me again, what was your question on the laser's margin?

該公司沒有毛利率指導，但我想說，正如我們一直所說的那樣，我們的目標是努力將毛利率保持在 40% 以上，而且我們將繼續這樣做。 Vivek，請再告訴我一次，您對雷射餘量的問題是什麼？

Sorry, just overall gross margins for Q2 and for the full year. So let's say if the mix you think -- if the mix you're planning for Q2 comes through and the mix you're planning for the full year comes through, what is the range of gross margins that -- so for example, if we take the midpoint of your full year range, can gross margins be over 40%?

抱歉，只是第二季和全年的總體毛利率。因此，假設您認為的組合 - 如果您計劃的第二季度的組合實現了並且您計劃的全年組合實現了，那麼毛利率的範圍是多少 - 例如，如果我們取你們全年範圍的中點，毛利率可以超過40% 嗎？

Well, the company hasn't changed its range from 38% to 42%, just for a whole number of reasons, not to mention the COVID issues that we're still seeing, particularly in Fuzhou. But I would say, if you took the midpoint of that, it would be 40%. But I -- we do not guide on gross margin. So that's the answer to the first part of the question.

嗯，該公司沒有將其範圍從 38% 更改為 42%，原因有很多，更不用說我們仍然看到的新冠問題，尤其是在福州。但我想說，如果你取中間值，那就是 40%。但我——我們不提供毛利率指引。這就是問題第一部分的答案。

What is the laser question you were asking?

你問的雷射問題是什麼？

No. Not the laser question. I was just saying that what about the company's mix makes it tougher to get a tighter range of gross margins?

不，不是雷射問題。我只是說，公司的產品組合使得毛利率更難獲得更窄的範圍？

Well, I think at this point, we are still really learning, first of all, the laser products, which nonetheless are very good margins, there's no question about that. And given that the company saw some pretty nice margin improvement just between Q4 on a pro forma basis 2Q one together. I think we will continue to work with the laser segment to ensure we understand that and potentially take that margin up. That's the first thing.

嗯，我認為在這一點上，我們仍然在真正學習，首先，雷射產品，儘管如此，它的利潤率非常高，這是毫無疑問的。鑑於該公司在第四季度和第二季度之間的預期利潤率出現了一些相當不錯的改善。我認為我們將繼續與雷射部門合作，以確保我們理解這一點，並有可能提高這一利潤率。這是第一件事。

The second thing is there was an awful lot of changes in the macro factors with respect to networking that our team worked very, very well through this quarter. But at least when we think about it, we know that, that could still recur.

第二件事是，與網路相關的宏觀因素發生了很多變化，我們的團隊在本季度工作得非常非常好。但至少當我們想到這一點時，我們知道，這種情況仍然可能再次發生。

And then finally, on the material side, the materials team also continuing to see some of the effects of supply chain shortages. And on the industrial part of their business, the first quarter during this quarter is normally their lowest seasonal quarter in the year.

最後，在材料方面，材料團隊也持續看到供應鏈短缺的一些影響。就其業務的工業部分而言，本季的第一季通常是一年中季節性最低的季度。

So over time, I think we will work on tightening or raising that gross margin range. But at the end of the day, the company does not guide on gross margin.

因此，隨著時間的推移，我認為我們將努力收緊或提高毛利率範圍。但歸根結底，該公司並未對毛利率進行指導。

And for my follow-up on silicon carbide, how should we think about the contribution to sales and the required CapEx requirements for this fiscal year? And in general, the strategy around silicon carbide, you have just one large player who is spending billions in CapEx to stay as a leader on the substrate side. And then you have a number of customers who plan to in-source capacity.

對於我對碳化矽的後續報道，我們該如何考慮本財年對銷售的貢獻和所需的資本支出要求？總的來說，圍繞著碳化矽的策略，只有一家大型企業花費數十億美元的資本支出來維持基板方面的領導者地位。然後，您有許多計劃內購產能的客戶。

So just kind of a near-term question on the sales and the CapEx for silicon carbide in fiscal '23. And then the longer term, question on the strategy as to how you differentiate between these two extremes, right, from a competitive perspective in the market.

這只是關於 23 財年碳化矽銷售和資本支出的近期問題。然後從長遠來看，關於如何從市場競爭的角度區分這兩個極端的策略問題。

All right. So first of all, we said that with respect to the investments that we're making, we would expect in the sort of '25, '26 period that the company would probably have start to see as a percentage of silicon carbide as a percentage of revenue moving into the 8% or 10% place from where it is today as we continue to make progress on devices.

好的。首先，我們說，就我們正在進行的投資而言，我們預計在 25 年、26 年期間，該公司可能會開始看到碳化矽的百分比隨著我們在設備方面不斷取得進展，我們的收入將比現在增加8% 或10%。

With respect to the capital investment that we're making during the entire last 10 years, we've probably doubled the CapEx -- excuse me, doubled the capacity of silicon carbide, every 18 months as opposed to some other competitors who actually had a pause in the middle of that period of time. But nonetheless, we do expect to spend roughly over $1 billion over the next 10 years, the majority of which will be in the first five and the majority of which will be CapEx.

就我們在過去 10 年裡進行的資本投資而言，我們可能每 18 個月就將資本支出翻一番——對不起，碳化矽的產能翻倍，而其他一些競爭對手實際上擁有在那段時間的中間暫停。但儘管如此，我們預計未來 10 年將花費約超過 10 億美元，其中大部分將用於前五年，其中大部分將用於資本支出。

Having said that, the company continues to look at as it gets larger how it thinks about manufacturing things, including, not speaking about just silicon carbide specifically, but in general, whether or not it could be advantageous to the company's growth to have partners in certain areas of the manufacturing.

話雖如此，隨著公司規模的擴大，該公司繼續關注其對製造產品的看法，包括，不僅僅是具體談論碳化矽，而是總體而言，在以下領域擁有合作夥伴是否有利於公司的發展：製造的某些領域。

And silicon carbide would be an area where we do think about that, but we think about it for everything at this point. As the company gets larger, it may not make sense to have absolutely everything fully vertically integrated.

碳化矽將是我們確實考慮的一個領域，但目前我們會考慮所有方面。隨著公司變得越來越大，將所有東西完全垂直整合可能沒有意義。

Chuck, what would you like to add?

查克，你想補充什麼？

Well, let's ask Vivek. Do you have any follow-up question, Vivek?

好吧，讓我們問問維韋克。 Vivek，您還有什麼後續問題嗎？

Just that one. Chuck, just the overall strategy as to is there room in the market for Coherent just given the one really large substrate player and then the desire of many of your customers to in-source that capacity over time. So what -- where is that window for Coherent to become sustainably profitable in this business?

就那個。 Chuck，只是考慮到相干公司的市場空間是否存在的總體策略，考慮到一家真正大型的基板製造商，以及許多客戶隨著時間的推移希望內購該產能的願望。那麼，相干公司在這項業務中實現可持續盈利的窗口在哪裡呢？

Well, okay. Vivek, let's come back to the capital, too. I would say about 1/3 of our capital this year is going to go into this business. We're going to compete on the basis of the competencies that we have, including the quality, the technology and the scale that we have and we're putting in place. We're introducing new platforms on the basis of market opportunities that we clearly have in front of us. And we believe that we can have a strong, profitable, growing, differentiated business just in materials.

好吧，好吧。維韋克，我們也回首都吧。我想說今年我們大約 1/3 的資本將投入這項業務。我們將根據我們擁有的能力進行競爭，包括我們擁有和正在建立的品質、技術和規模。我們正在根據擺在我們面前的市場機會推出新平台。我們相信，僅在材料領域，我們就能擁有強大的、獲利的、不斷成長的、差異化的業務。

But in addition to that, we continue to invest and making very, very good progress both on devices and on modules. The game is going to inflect and unfold here in this decade, in the next few years. And I believe that we're already well positioned, and we're going to continue to establish the front that we need to, and the base that we need to, to grow from that. I have very much confidence in our ability to do that, and we're well underway.

但除此之外，我們還繼續投資，並在設備和模組方面取得了非常非常好的進展。這個遊戲將在這十年、未來幾年發生變化和展開。我相信我們已經做好了充分的準備，我們將繼續建立我們需要的前沿和基礎，以便從中成長。我對我們做到這一點的能力非常有信心，而且我們進展順利。

Let me just make one other comment. This market is going to be so big. I simply -- we can't see that we'll -- there's not enough capacity in the market today, and there's going to be no one player that can serve this entire market. No one's going to build a whole industry on one player. And we intend to be one of the leaders that not only have already emerged but are sustainably in the pack, okay?

讓我再發表另一條評論。這個市場將會很大。我只是——我們看不到我們會——今天的市場容量不夠，而且不會有任何一個參與者能夠服務整個市場。沒有人會靠一個人來建立整個產業。我們打算成為不僅已經崛起而且可持續發展的領導者之一，好嗎？

Our next question comes from Sidney Ho with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Sidney Ho。

My first question is on the -- your semicap exposure. I think organically from the [II-VI], the extrusion was only 5%. But I think the Coherent for the legacy Coherent is more like 45%. Now it's all part of this industrial market that you guys disclosed. But if you look at that in totality, we used to think your organic II-VI is mostly tied to UV system produced.

我的第一個問題是關於您的半市值曝險。我認為從[II-VI]有機來看，擠出率只有5%。但我認為傳統相干公司的相干公司的比例更像是 45%。現在這都是你們透露的這個工業市場的一部分。但如果你從整體來看，我們曾經認為你的有機 II-VI 主要與產生的紫外線系統有關。

But how should we think about the drivers of this segment for the entire company? How much is tied to -- what is the type equipment spending or certain segments of that? And how much is tied to back-end packaging and maybe on the display side?

但我們該如何思考這個細分市場對整個公司的驅動力呢？有多少與設備支出類型或其中的某些部分相關？有多少與後端包裝以及可能在顯示方面相關？

Okay. Thanks, Sidney. Sidney, I think what we'll do is let's let Mark and Giovanni both give some color on the semicap businesses in their segments.

好的。謝謝，西德尼。西德尼，我認為我們要做的就是讓馬克和喬瓦尼都為他們細分市場的半資本業務提供一些色彩。

Sidney, thanks for the question. So specific to the laser segment, semicap revenue for us accounts for between 15% to 20% of our overall lasers rig revenue. The areas that we predominantly play in, as you know, are ultraviolet laser-based inspection for reticles and bare wafer and patterned wafer as well as infrared lasers for junction annealing.

西德尼，謝謝你的提問。具體到雷射領域，我們的 semicap 收入占我們整個雷射設備收入的 15% 到 20%。如您所知，我們主要從事的領域是基於紫外線雷射的光罩、裸晶圓和圖案晶圓的檢測以及用於結退火的紅外線雷射。

So those are our main markets specific to the semicap industry. And as I reaffirm, it's between 15% and 20%. I would say it's growing probably at the higher end of that range. But I think an earlier number you quoted was substantially higher. I'm not completely clear if that was addressed at the laser segment or your prior experience with(inaudible) before. But it's definitely less than 20%.

這些是我們針對半導體產業的主要市場。正如我重申的那樣，這個比例在 15% 到 20% 之間。我想說它可能在該範圍的高端增長。但我認為您之前引用的數字要高得多。我不完全清楚這個問題是否在雷射部分或您之前的經驗（聽不清楚）中得到解決。但肯定低於20%。

Thanks, Mark. Giovanni, would you like to add?

謝謝，馬克。喬瓦尼，你想補充嗎？

Sidney, thanks for the question. As I said earlier, again, we have the benefit of -- on the materials segment to address the high end of the market in terms of the (inaudible), if you like. And so we're really seeing no slowdown. In fact, if anything, we continue to invest to support the capacity needed to address the demand that we see. So it's been really exciting for us to address these high-end applications because there are high margins, we are differentiated.

西德尼，謝謝你的提問。正如我之前所說，如果您願意的話，我們在材料領域有優勢，可以解決高端市場的問題（聽不清楚）。所以我們確實沒有看到任何放緩。事實上，如果有的話，我們會繼續投資來支持滿足我們所看到的需求所需的能力。因此，解決這些高端應用對我們來說真的很令人興奮，因為利潤率很高，我們與眾不同。

We mentioned many times in the past that we have several sort store parts in some of these tools. And so we really see the benefit of years as years of investment having gained this kind of leading position in supplying our immersion tables, wafer trucks, mirrors, all kind of components that go into these -- for both front-end and back-end tools for the semicap customers.

我們過去多次提到，我們在其中一些工具中有多種分類儲存部分。因此，我們確實看到了多年的好處，因為多年的投資在供應我們的浸入式工作台、晶圓卡車、鏡子以及前端和後端的所有組件方面獲得了這種領先地位為 semicap 客戶提供的工具。

Okay. That's helpful. My follow-up question and maybe one for Mary Jane. Can you help us to think how we should look at quarterly expenses -- operating expenses over the next few quarters, including the impact of all the synergies that you're getting from the deal? Maybe just using the baseline of, I think, $256 million in Q1, how do you think it will end up by the end of the fiscal year?

好的。這很有幫助。我的後續問題，也許還有一個問瑪麗珍的問題。您能否幫助我們思考如何看待季度支出—未來幾季的營運支出，包括您從交易中獲得的所有協同效應的影響？也許只使用第一季 2.56 億美元的基準，您認為到本財年結束時會如何？

First of all, I would say that generally speaking, we are likely to see about $65 million achieved on an annualized basis during the first year on synergies. That does not mean that you take $256 million and drop it by $65 million. On an annualized basis, I would say we would probably be able to maintain this year. It may go down slightly from a round of 19. But given that our target had been 20 to 23, even being at 19, we're down a little bit, though, as I said, currency helped us a bit.

首先，我想說的是，一般來說，我們可能會在第一年透過綜效實現年化約 6,500 萬美元的收入。這並不意味著您拿走了 2.56 億美元，然後減少了 6500 萬美元。按年化計算，我想說我們今年可能能夠維持這一水平。它可能會比第 19 輪略有下降。

But I would expect that the goals, for example, in SG&A is to moderate the absolute dollar amount as we go forward from the combined company, moderate any growth. So that's one element of synergy. On the engineering side, I do think the company will still strive to look at having its engineering at about the 9% of sales level.

但我預計，SG&A 等目標是在我們從合併後的公司向前邁進時，緩和絕對美元金額，緩和任何成長。這是協同作用的一個要素。在工程方面，我確實認為該公司仍將努力使其工程佔銷售額的 9% 左右。

From the pro forma company, if we just look at fiscal year '22 was about 10.4%. So if that stays at about 9% or 9.5%, you would see that coming down. Whether or not all that's achieved during fiscal year '23, I can't really say. But generally, the delivery of the synergies across the $250 million was expected to be something like $65 million, $90 million and then the balance in the third year.

從預計的公司來看，如果我們只看 22 財年，這一數字約為 10.4%。因此，如果這一比例保持在 9% 或 9.5% 左右，您會看到這一數字有所下降。無論這一切是否在 23 財年實現，我真的不能說。但總體而言，2.5 億美元的協同效應預計約為 6,500 萬美元、9,000 萬美元，然後是第三年的餘額。

The reason there's more in the third year is because to the extent that we look at, say, two leases in the same area where one comes off the lease is moving things to maybe to a common space, say, one company has a larger site in the same city, that just takes longer. So those are the types of things that we tend to have as well as the renegotiation of long-term contracts.

第三年出現更多的原因是因為就我們而言，比如說，同一地區的兩份租約，其中一個租約結束後，正在將東西搬到一個公共空間，比如說，一家公司擁有更大的場地在同一個城市，只是需要更長的時間。這些是我們傾向於進行的事情以及長期合約的重新談判。

Our next question comes from Richard Shannon with Craig-Hallum.

我們的下一個問題來自理查德·香農和克雷格·哈勒姆。

I think my first one is on the fiscal '23 sales guidance with the ranges there. Chuck, maybe if you can talk about what would lead you to get to either the low end or the high end. And specifically, if you can address any specific dynamics by segment or any timing issues? Or is it just a matter of kind of macro dynamics here as you get to the edge of that guidance?

我想我的第一個是關於 23 財年的銷售指南及其範圍。查克，也許你能談談是什麼讓你達到低端或高端。具體來說，您是否可以按細分市場或任何時間問題解決任何特定動態？或者這只是當你到達該指導的邊緣時的宏觀動態問題？

We started that -- this year in this quarter. We haven't stepped out into this maybe in 6 or 7 years, giving this kind of long-range guidance even on the revenue. And we've done it because we have this diversified business, and we have really good visibility, we believe. The biggest single uncertainty that's in -- that we're looking down into is the supply chain. And after that, COVID is right behind it in China.

我們從今年這個季度開始了這項工作。我們可能已經有六、七年沒有涉足這一領域，甚至在收入方面也沒有給過這種長期指導。我們之所以做到這一點，是因為我們擁有多元化的業務，而且我們相信，我們擁有非常好的知名度。我們正在研究的最大的單一不確定性是供應鏈。此後，新冠疫情在中國緊追在後。

And nobody knows how that's going to play out. It's still a long time to go to the fourth quarter. I think it's a very, very solid view that we have today about what we're going to go and aspire to do. Of course, we need to have orders and order coverage all the way till the end. We're working on that. And the supply chain in COVID, those will be -- is a little bit out of our control, COVID, for sure. In supply chain, we're doing everything we can to mitigate it. Those would be the two, okay?

沒有人知道事情會如何發展。距離第四季還有很長一段時間。我認為我們今天對我們將要做什麼和渴望做的事情有一個非常非常堅定的看法。當然，我們需要有訂單和訂單覆蓋率一直到最後。我們正在努力解決這個問題。而新冠疫情中的供應鏈，肯定是有點超出我們的控制範圍了。在供應鏈中，我們正在盡一切努力來緩解這種情況。就是這兩個人了，好嗎？

Okay. That's helpful, Chuck. And my follow-on question is just on backlog here. It kind of relates to some of the dynamics you just mentioned here. But how are you expecting kind of corporate-wide lead times to trend over the next couple of quarters?

好的。這很有幫助，查克。我的後續問題只是這裡的積壓問題。這與您剛才提到的一些動態有關。但您預計未來幾季全公司的交貨時間趨勢如何？

Obviously, lead times pretty much everyone in hardware technology have expanded here. Supply chain is a little bit of an issue, but do you see the lead times coming down? And what, if any, impact do you see that having on backlog?

顯然，幾乎所有硬體技術領域的交貨時間都在這裡延長了。供應鏈是一個小問題，但您認為交貨時間會縮短嗎？您認為這對積壓工作有何影響（如果有的話）？

Well, we're not expecting or forecasting a substantial change in the lead times. And we -- our plans are based on what we have in front of us as far as that goes. We're constantly working to improve our own lead times and our overall ability to manage carefully any changes in the inventory for a good part of that. That's the best I can say.

嗯，我們預計或預測交貨時間不會有重大變化。我們的計劃是基於我們目前所面臨的情況。我們不斷努力提高我們自己的交貨時間和我們仔細管理庫存變化的整體能力。這是我能說的最好的。

Our next question comes from Tim Savageaux with Northland Capital Markets.

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

Congratulations on the results. On the telecom side, I thought you heard -- I heard you call out some strength or activity in cable TV networking infrastructure early in the call, Chuck, in your prepared comments. I'd just like to get a little more color on that. And just as a follow-up, you talked about a record quarter in sensing. It seems like that you had a pretty big one a little while ago or a couple of years ago. So it seems like that may have as much as doubled sequentially for you. What is the outlook given the seasonality into the December quarter for 3D sensing? And that's it for me.

祝賀結果。在電信方面，我想你聽到了——查克，我聽到你在電話會議初期在你準備好的評論中提到了有線電視網絡基礎設施方面的一些優勢或活動。我只是想對此有更多的色彩。作為後續行動，您談到了感測領域創紀錄的季度。看起來不久前或幾年前你有一個相當大的。因此，對於您來說，這可能會連續增加一倍。鑑於 12 月季度的季節性因素，3D 感測的前景如何？對我來說就是這樣。

Okay. Thank you, Tim. Tim, I'm going to ask Giovanni to take both. But as it relates to telecom and MSO or cable TV infrastructure, we think about them in the same -- kind of in the same bucket different from datacom. So telecom and cable TV infrastructure are related.

好的。謝謝你，提姆。提姆，我要請喬瓦尼把兩者都拿走。但由於它與電信和 MSO 或有線電視基礎設施有關，因此我們將它們視為與數據通訊不同的相同類別。因此電信和有線電視基礎設施是相關的。

And with that in mind, let me just add, we are extremely well positioned in the largest of these cable TV infrastructure customers that we have. And our business is growing, growing very well, and I expect that will continue to do so throughout this year.

考慮到這一點，我想補充一點，我們在我們擁有的最大的有線電視基礎設施客戶中處於非常有利的地位。我們的業務正在成長，成長得非常好，我預計今年將繼續如此。

Giovanni, would you like to add to that?

喬瓦尼，你想補充嗎？

No. This is good. Maybe I'll talk about the sensing outlook. We said that we're going to experience the typical seasonality that we have experienced in the past. It's just delivered by customer buying and ordering patterns. And so we just follow that. As we've seen, we had strong growth driven by some new applications and new products that we were able to launch together with our customers. And we expect the typical trend that we've seen in the past to slow down in the second half of the fiscal year and then eventually, come back again in the first half of the next fiscal year.

不，這很好。也許我會談談感測前景。我們說過我們將體驗過去經歷過的典型季節性。它只是透過客戶購買和訂購模式來交付。所以我們就遵循這一點。正如我們所看到的，我們與客戶一起推出的一些新應用程式和新產品推動了我們的強勁成長。我們預計過去看到的典型趨勢將在本財年下半年放緩，然後最終在下一個財年上半年再次回歸。

In relative terms, we expect that demand to continue. But these are long-term investments that we have made to enable functionalities that not many companies can enable, many suppliers can enable. So we feel good about the prospects of this, as I call it, the general sensing market, which does include 3D sensing.

相對而言，我們預計這種需求將持續下去。但這些是我們進行的長期投資，旨在實現許多公司無法實現、許多供應商能夠實現的功能。因此，我們對這個（我稱之為通用感測市場，其中確實包括 3D 感測）的前景感到樂觀。

Our next question comes from Meta Marshall with Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅塔·馬歇爾。

A couple of just quick questions. Mary Jane, I guess, is it always the policy and integration to kind of stop hiring upfront just as you kind of assess kind of assess in-house? Or is there kind of something different about the environment that may do -- want to put in kind of a near-term hiring freeze?

幾個簡單的問題。瑪麗簡，我想，政策和整合是否總是預先停止招聘，就像你在內部進行評估一樣？或者環境是否有某種不同的情況可能會導致短期內招聘凍結？

And then on the second piece, you mentioned kind of looking at alternatives on the leverage piece. Just wondering, is there a minimum cash threshold or just anything that we should be mindful of as you kind of assess the leverage position?

然後在第二篇文章中，您提到了尋找槓桿部分的替代方案。只是想知道，在您評估槓桿頭寸時，是否有最低現金門檻或我們應該注意的任何事項？

First of all, I would just encourage everyone on the phone not to use phrases like hiring freeze. First of all, it is always our policy to get to know our new colleagues first. As the two companies come together, it changes, what some of our global functions are. It changes what some of our leadership positions are. We do have people in a normal course in either company deciding that they're reaching their retirement age. That's one of the things you get to know just in the normal course, they're reaching retirement age.

首先，我只是鼓勵電話中的每個人不要使用諸如凍結招聘之類的短語。首先，我們的政策始終是先了解新同事。隨著兩家公司合併，我們的一些全球職能也發生了變化。它改變了我們的一些領導職位。我們確實有兩家公司的員工在正常情況下決定自己即將達到退休年齡。這是你在正常情況下要知道的事情之一，他們即將達到退休年齡。

And we want to make sure that we have opportunities across the board for people to come into roles especially if they might be larger roles. So we do that every single time.

我們希望確保我們有機會讓人們全面發揮作用，特別是如果他們可能擔任更大的角色。所以我們每次都會這樣做。

Again, no one should be overreacting on anything about a hiring freeze. And frankly, most of my comments are probably more focused on SG&A than they are on R&D as a real important matter.

同樣，任何人都不應該對凍結招聘的任何事情反應過度。坦白說，我的大部分評論可能更關注SG&A，而不是研發作為一個真正重要的議題。

But generally speaking, I think we do spend quite a lot of time in the beginning of our game plan just getting to know both companies. And given the public interaction that was done in the closing of the Coherent -- or the bidding on the Coherent in transaction, I would say both sides, advisers cautioned us to be perhaps less engaged pre-close than we were on previous large acquisitions.

但總的來說，我認為我們在遊戲計劃的開始階段確實花了很多時間來了解這兩家公司。考慮到相干公司交割時進行的公眾互動，或者交易中對相干公司的競標，我想說的是雙方，顧問警告我們在交割前的參與程度可能比之前的大型收購要少。

So there is a long tail here of getting to know each other. And I think both companies want to make sure they're doing things in concert. So that also naturally allows us a little bit of a pause as we think about expenses overall.

所以這裡有一個互相了解的長尾巴。我認為兩家公司都希望確保他們一致行動。因此，這自然也讓我們在考慮整體支出時稍微停頓一下。

You had a second part, Meta, I think.

我想你還有第二部分，Meta。

The leverage piece and just how we should consider either minimum cash or just kind of considerations on that front.

槓桿部分以及我們應該如何考慮最低現金或只是這方面的考慮因素。

Well, I think probably it's fair to say that the company probably thinks in terms of just maybe, call it, $500 million of cash to minimum. But generally speaking, we do have the revolver there that is largely undrawn. So if someone were to -- I don't know, one quarter, it went to [4 75]. I also wouldn't recommend anybody to jump out of window over that. But generally speaking, I think we do want to make sure that we can fund the company. We are looking at the capital budget.

好吧，我認為可以公平地說，該公司可能會考慮至少 5 億美元的現金。但總的來說，我們確實有一把左輪手槍，但基本上沒有拔出。所以如果有人──我不知道，四分之一，它就會變成[4 75]。我也不建議任何人為此跳出窗外。但總的來說，我認為我們確實想確保我們能夠為公司提供資金。我們正在研究資本預算。

And while the paydown of the debt is a very, very important priority for this company, the creation of profitable earnings is the most important priority, is the #1 priority because that's advantageous to the cash flow as well. So therefore, the actual first priority is CapEx. I don't know to someone else's question earlier that we would necessarily dramatically moderate CapEx unless the market went in a certain direction, and we felt that was the prudent investment things to do.

雖然償還債務對這家公司來說是非常非常重要的優先事項，但創造獲利是最重要的優先事項，是第一要務，因為這也有利於現金流。因此，實際的首要任務是資本支出。我不知道之前別人的問題，除非市場朝某個方向發展，否則我們一定會大幅降低資本支出，而我們認為這是謹慎的投資要做的事情。

Our next question comes from Tom O'Malley, Barclays.

我們的下一個問題來自巴克萊銀行的湯姆·奧馬利。

Giovanni, the first one is for you. You're mentioning normal seasonality into the December quarter in the sensing business. Could you just remind us what normal seasonality is?

喬瓦尼，第一個是給你的。您提到了感測業務 12 月季度的正常季節性。您能提醒我們什麼是正常季節性嗎？

Well, normal seasonality means that we'll be higher than the previous quarter, and then it will come down in the third and fourth fiscal quarter.

嗯，正常的季節性意味著我們會高於上一季度，然後在第三和第四財季下降。

Okay. And then just on the quarter, on the acquired asset, it looked like Coherent came in a bit higher than expectations. Legacy Coherent came in a bit higher than expectations. I was just curious, did you see any change in order patterns from Chinese customers in the quarter? I know it's a very small percentage of your sales that you're saying are impacted by potential bans. But did you see any change in ordering patterns there just for this quarter?

好的。然後就在本季度，就收購的資產而言，相干公司的業績似乎略高於預期。傳統相干公司的表現略高於預期。我只是很好奇，您看到本季中國客戶的訂單模式有什麼變化嗎？我知道您所說的受到潛在禁令影響的銷售額只佔很小一部分。但您是否發現本季的訂購模式有任何變化？

Tom, this is Mark. Tom, thanks for the question. So China represents a pretty small part of our overall lasers revenue, and we really didn't see any significant change in order patterns at all.

湯姆，這是馬克。湯姆，謝謝你的提問。因此，中國僅占我們雷射總收入的一小部分，而且我們確實沒有看到訂單模式有任何重大變化。

And I think we explained to investors on the, say, 6/30 quarter, at times we got questions that the supply chain was a challenge at the port of Shanghai will shut down or whatever. And I think the team's worked well to kind of get to the revenue that they expected to.

我想我們在 6 月 30 季向投資者解釋過，有時我們會被問到供應鏈是上海港將關閉之類的挑戰。我認為該團隊工作得很好，達到了他們預期的收入。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Mary Jane Raymond for closing comments.

目前我不會提出任何進一步的問題。我想將電話轉回瑪麗·簡·雷蒙德以徵求結束意見。

Thank you very much for joining us today. We look forward to speaking with you as time goes on here through the rest of the quarter, and we'll talk to you again in February. So thank you so much for joining us, and we hope you have a very good day. Bye-bye.

非常感謝您今天加入我們。隨著本季剩餘時間的推移，我們期待與您交談，我們將在二月再次與您交談。非常感謝您加入我們，祝您有個愉快的一天。再見。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。