Coherent Corp (COHR) 2023 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Coherent Corp. FY '23 Second Quarter Earnings Conference Call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加相干公司 23 財年第二季財報電話會議。 （操作員說明）

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

我現在想把會議交給今天的發言人，財務長瑪麗·簡·雷蒙德。請繼續。

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 second quarter of fiscal year 2023. This call is being recorded on Wednesday, February 8, 2023.

謝謝你，凱文，早安。我是 Mary Jane Raymond，Coherent Corp 的財務長。

With me today on the call is Dr. Chuck Mattera, our Chair and Chief Executive Officer. After our prepared remarks, both Dr. Giovanni Barbarossa, our Chief Strategy Officer and the President of the Materials segment; and Dr. Mark Sobey, the President of the Laser segment, will join us during the Q&A to discuss the unique benefits of our strategy, our results and the exciting prospects across several broad markets.

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，我們的首席策略長兼材料部門總裁 Giovanni Barbarossa 博士；雷射部門總裁 Mark Sobey 博士將在問答環節與我們一起討論我們的策略的獨特優勢、我們的成果以及多個廣闊市場的令人興奮的前景。

For today's call, the press release and the investor presentation are available in the Investor Relations section of our website, coherent.com. Today's results include certain non-GAAP measures. Non-GAAP financials are not a substitute for, nor are they 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.

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。今天的業績包括某些非公認會計準則指標。非 GAAP 財務報表不能取代、也不優於依據 GAAP 編製的財務報表。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 make certain forward-looking statements. These include, but are not limited to, statements regarding geopolitical and macroeconomic trends, expectations for our revenue, our market trends and our expected financial performance, including our guidance. In addition, we'll discuss our progress on integration, including our delivery of the projected synergies.

我提醒您，在這次電話會議中，我們將做出某些前瞻性陳述。這些包括但不限於有關地緣政治和宏觀經濟趨勢的聲明、對我們收入的預期、我們的市場趨勢和我們預期的財務業績，包括我們的指導。此外，我們還將討論我們在整合方面的進展，包括我們實現預期綜效的情況。

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

所有前瞻性陳述均基於今天的預期、預測和假設。它們涉及風險和不確定性，可能導致實際結果與我們今天的評論有重大差異。我們的評論應結合我們最新的 10-K 表格中詳細說明的截至 2022 年 6 月 30 日財年的風險因素來看待。

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？

Thanks, Mary Jane. Thank you all for joining us today. Coherent Corp. posted a record revenue quarter of $1.37 billion, consistent with the midpoint of our guidance, and grew 70% year-over-year and 2% sequentially. Looking close up at legacy II-VI. Impressively, organic growth was 23% year-over-year and 4% sequentially, while the consolidated pro forma growth was 15% year-over-year.

謝謝，瑪麗珍。感謝大家今天加入我們。 Coherent Corp. 公佈了創紀錄的季度收入 13.7 億美元，與我們指導的中位數一致，年增 70%，環比增長 2%。近距離觀察遺產II-VI。令人印象深刻的是，有機成長較去年同期成長 23%，較上季成長 4%，而綜合預計年成長為 15%。

Regarding the composition of our sales by the 4 major markets: Industrial accounted for 33%, communications 44%, 15% from electronics and 9% from instrumentation. Turning to the distribution of our revenues by region. The second quarter was similar to the first quarter. North America accounted for 55%; Europe, 18%; Korea and Japan combined were 13%; China was 11%; and 3% to the rest of the world. Our non-GAAP EPS was $0.95.

從我們的四大市場銷售組成來看：工業佔33%，通訊佔44%，電子佔15%，儀器儀表佔9%。轉向我們按地區劃分的收入分配。第二季與第一季類似。北美地區佔55%；歐洲，18%；韓國和日本合計為13%；中國為11%； 3% 流向世界其他地區。我們的非 GAAP 每股收益為 0.95 美元。

We continued our disciplined approach to capital allocation during the quarter. We generated $220 million in cash from operations and invested $106 million in capital equipment for $114 million in free cash flow. We also paid off $133 million of the debt.

本季我們繼續採用嚴格的資本配置方法。我們透過營運產生了 2.2 億美元的現金，並投資了 1.06 億美元的資本設備，獲得了 1.14 億美元的自由現金流。我們還清了 1.33 億美元的債務。

Our investments in our silicon carbide platform were nearly half of our total capital investment as we execute our multiyear road map for the electrification of transportation and renewable energy infrastructure among our commitments to sustainability.

我們對碳化矽平台的投資幾乎佔總資本投資的一半，因為我們在永續發展的承諾中執行交通電氣化和再生能源基礎設施的多年路線圖。

Last week, during Photonics West, we had a strong showing of our broad portfolio of new products and technology innovations that are enabling a wide range of applications across our 4 end markets. Our thought leaders presented at various events, workshops and technical sessions, and we had several significant new product announcements. These included the introduction of Python, our next-generation OLED-annealing solid-state laser targeted at new Gen 8 OLED fabs. This is the culmination of 4 years of innovation and development that retained Coherent's position as the annealing process of record while improving performance and significantly reducing cost per panel.

上週，在 Photonics West 期間，我們強勢展示了我們廣泛的新產品和技術創新組合，這些產品和技術創新在我們的 4 個終端市場中實現了廣泛的應用。我們的思想領袖出席了各種活動、研討會和技術會議，並且我們發布了幾項重要的新產品。其中包括引入 Python，這是我們針對新的第 8 代 OLED 工廠的下一代 OLED 退火固態雷射。這是 4 年創新和開發的結晶，保持了相干公司作為退火過程記錄的地位，同時提高了性能並顯著降低了每個面板的成本。

We believe our innovations in this system will drive adoption into more price-sensitive displays, such as tablets, laptops, and high-end monitors. To further secure our position as an industry leader in ultrafast cutting of OLED panels, we introduced 2 new ultrafast lasers. We also introduced our next-generation pump laser diodes for fiber lasers with the first semiconductor chip in the industry, to our knowledge, to achieve 50 watts of output power. And we showcased our fully automated contactless laser system for texturing and marketing implantable medical devices.

我們相信，我們在該系統中的創新將推動對價格更敏感的顯示器的採用，例如平板電腦、筆記型電腦和高端顯示器。為了進一步鞏固我們作為 OLED 面板超快切割行業領導者的地位，我們推出了 2 款新型超快雷射。據我們所知，我們還推出了用於光纖雷射的下一代泵浦雷射二極管，採用業界首款半導體晶片，可實現 50 瓦的輸出功率。我們還展示了用於紋理化和行銷植入式醫療設備的全自動非接觸式雷射系統。

Turning now to our performance by market. Our revenue in electronics grew 131% year-over-year and 11% sequentially, setting another record by hitting the $200 million quarterly mark. Growth was driven primarily from sensing and the seasonal tailwinds of a new product cycle, which we described on our last call. This is the second of the seasonally high 2 quarters and in the second half of the fiscal year, we will enter the seasonally low period, during which we expect to have considerably lower revenue when compared to the first half.

現在轉向我們的市場表現。我們的電子產品營收年增 131%，季增 11%，季突破 2 億美元，再創紀錄。成長主要來自新產品週期的感知和季節性順風，我們在上次電話會議中對此進行了描述。這是季節性高的兩個季度中的第二個季度，在本財年的下半年，我們將進入季節性低的時期，在此期間，我們預計收入將大大低於上半年。

Our customer intimacy in this market gives us optimism that the future opportunity in consumer electronics is still much broader than just VCSELs for 3D sensing. We believe that sensing will become ubiquitous in metaverse hardware and wearables and LiDAR and other emerging applications. Our strategic engagements are growing across them all.

我們在這個市場上與客戶的密切關係讓我們樂觀地認為，消費性電子產品的未來機會仍然比僅用於 3D 感測的 VCSEL 廣闊得多。我們相信，感測將在元宇宙硬體、穿戴式裝置、光達和其他新興應用中變得無所不在。我們在所有這些領域的策略合作都在不斷成長。

For our silicon carbide power electronics and wireless semiconductor business, we continue to invest in silicon carbide substrate and epitaxial capacity to accelerate the pace of our shipments as demand continues to exceed our ability to supply. In the electric vehicle market, EVs represented 10% of all vehicles sold globally in calendar year 2022.

對於我們的碳化矽電力電子和無線半導體業務，隨著需求持續超過我們的供應能力，我們繼續投資碳化矽基板和外延產能，以加快我們的出貨速度。在電動車市場，電動車佔 2022 年全球汽車銷量的 10%。

As EVs continue to grow, industry estimates expect the adoption of silicon carbide electronics will also grow but at twice the rate of the overall EV market. We are steadily gaining share in what we believe will be an underserved market for many years to come, perhaps even through the end of this decade.

隨著電動車的持續成長，業界估計預計碳化矽電子產品的採用也會成長，但成長速度是整個電動車市場的兩倍。我們正在穩步擴大我們認為在未來許多年內（甚至可能到本十年末）服務不足的市場的份額。

Communications revenue grew 18% year-over-year and 3% sequentially, led by both telecom and datacom, each of which achieved record revenue. Telecom growth was led by broadband initiatives, which in turn drove demand in the metro edge to access networks. We are encouraged by the opportunity that we expect to result from the U.S.' planned $65 billion investment in broadband access from the Infrastructure Investment and Jobs Act. We expect that it will be a major catalyst for optical communications and specifically our telecom business at all levels of the value chain.

通訊收入年增 18%，季增 3%，其中電信和數據通訊領域的收入均創歷史新高。電信成長是由寬頻計畫帶動的，這反過來又推動了城域邊緣對接入網路的需求。我們對美國帶來的機會感到鼓舞。根據《基礎設施投資和就業法案》，計劃投資 650 億美元用於寬頻接入。我們預計它將成為光通訊的主要催化劑，特別是我們價值鏈各個層面的電信業務。

As access networks grow, they drive upgrades in the metro, long-haul and submarine networks, all requiring our Coherent transceivers and ROADM integrated product solutions. Our datacom business also hit a quarterly record. Our industry-leading position in 200G and above remains strong at 51% of our datacom transceiver business compared to 33% a year ago. Our leadership in this area stems in part from our vertical integration of our high-speed lasers, optics and electronics in our transceiver modules.

隨著存取網路的發展，它們推動了城域、長途和海底網路的升級，所有這些都需要我們的相干收發器和 ROADM 整合產品解決方案。我們的數據通訊業務也創下了季度記錄。我們在 200G 及以上領域的行業領先地位依然強勁，占我們數據通訊收發器業務的 51%，而一年前為 33%。我們在這一領域的領先地位部分源於我們在收發器模組中對高速雷射、光學元件和電子裝置的垂直整合。

In addition to our growth of 200G, 400G datacom transceivers, we continue to see accelerated deployments of 800G transceivers, enabling open AI and machine learning applications. We are ramping our full capacity to meet the growing customer demand over the next few quarters.

除了 200G、400G 資料通訊收發器的成長之外，我們還繼續看到 800G 收發器的加速部署，從而支援開放式 AI 和機器學習應用。我們正在全力提高產能，以滿足未來幾季不斷增長的客戶需求。

Our optical communications business was honored yesterday ahead of the Optical Fiber Conference in March with awards for 3 of our products that the 2023 Lightwave Innovation Review singled out. First, our 100G ZR QSFP28, which will enable service providers to upgrade millions of 10G Ethernet links to 100G at the optical network edge; second, our 200G indium phosphide electroabsorption-modulated laser, which is critical for next-generation data center interconnects; and third, our Wavemaker 4000 programmable optical spectrum synthesizer.

昨天，我們的光通訊業務在 3 月的光纖會議之前榮獲了 2023 年光波創新評論評選出的 3 款產品獎項。首先是我們的 100G ZR QSFP28，它將使服務供應商能夠在光網路邊緣將數百萬條 10G 乙太網路連結升級到 100G；其次，我們的200G磷化銦電吸收調製雷射器，這對於下一代資料中心互連至關重要；第三，我們的 Wavemaker 4000 可程式光譜合成器。

These awards showcase our innovation leadership across our broad optical communications portfolio. Revenue into the industrial market was mixed. EUV grew 38% year-over-year. Also, we achieved record revenues from products related to precision manufacturing of electric vehicle batteries.

這些獎項展示了我們在廣泛的光通訊產品組合中的創新領導力。工業市場的收入好壞參半。 EUV 年增 38%。此外，我們在電動車電池精密製造相關產品方面也取得了創紀錄的收入。

In flat panel displays, 1 less large Excimer line Beam system shipment accounted for almost all of the quarterly change in the laser segment revenues. We saw sequential declines in the advanced packaging and interconnect markets, such as printed circuit board via hole drilling and back-end semiconductor applications such as marking. This was offset, however, by strength in the semiconductor front end where we set another quarterly record for shipments of lasers for wafer inspection as well as wafer annealing for logic devices.

在平板顯示器中，1以下的大型準分子線束系統出貨量幾乎佔了雷射細分市場收入的全部季度變化。我們看到先進封裝和互連市場連續下滑，例如印刷電路板通孔鑽孔和打標等後端半導體應用。然而，這被半導體前端的實力所抵消，我們在用於晶圓檢測和邏輯裝置晶圓退火的雷射出貨量方面創下了另一個季度記錄。

We also delivered the first full laser and optics subsystem to an industry leader for an exciting new memory application, which had previously been a nonlaser-based solution. We had a record quarter for our advanced materials and metal matrix composites into the front end of the semicap equipment market. These novel materials allow customers to push the performance limits of their wafer fab equipment, including for immersion and EUV lithography and for wafer stages and wafer chucks.

我們還向行業領導者交付了第一個完整的雷射和光學子系統，用於令人興奮的新型記憶體應用，該應用以前是非基於雷射的解決方案。我們的先進材料和金屬基複合材料在半導體設備市場的前端創下了創紀錄的季度業績。這些新型材料使客戶能夠突破其晶圓製造設備的性能極限，包括浸沒式和 EUV 微影以及晶圓台和晶圓卡盤。

We've worked hard throughout the last few years to scale our capacity and our output to allow our customers to mitigate the semiconductor shortages by increasing tool capacity. So we were delighted to be recognized by Applied Materials, the world's leader in wafer fab equipment, with their Supplier Excellence Award for a collaboration. We also had record Excimer laser revenues for a pulse laser deposition equipment, a rapidly growing product line serving the semicap equipment market.

在過去的幾年裡，我們一直在努力擴大我們的產能和產量，以使我們的客戶能夠透過增加工具產能來緩解半導體短缺問題。因此，我們很高興獲得全球晶圓製造設備領導者應用材料公司的認可，並因其合作而榮獲「供應商卓越獎」。我們的脈衝雷射沉積設備的準分子雷射收入也創下了紀錄，這是一條服務於半導體設備市場的快速增長的產品線。

Customers are leveraging this new enabling technology for diverse applications from high-temperature superconducting tape for next-generation fusion reactors to 5G filters in mobile phones. We are a market leader and a pioneer in pulse laser deposition. This technology has the promise of enabling the production of novel semiconductor materials through the engineering of atoms and photons, a great example of the synergistic power of our combinations.

客戶正在利用這種新的支援技術來實現各種應用，從下一代聚變反應器的高溫超導帶到手機中的 5G 濾波器。我們是脈衝雷射沉積領域的市場領導者和先驅。這項技術有望透過原子和光子的工程生產新型半導體材料，這是我們組合的協同力量的一個很好的例子。

Our instrumentation business sustained record levels, growing 2% sequentially. While PCR-based COVID testing is tapering off, our growth in bioinstrumentation from other applications allowed this market to maintain the higher level of revenue achieved during the growth for PCR testing.

我們的儀器儀表業務保持創紀錄水平，環比增長 2%。雖然基於 PCR 的新冠病毒檢測正在逐漸減少，但我們在其他應用中生物儀器的成長使該市場能夠保持 PCR 檢測成長期間實現的較高收入水平。

We also had strong revenue for our products in advanced imaging applications for neuroscience and disease studies. These applications require ultra-short pulsed lasers, part of our portfolio where we excel.

我們的產品在神經科學和疾病研究的先進影像應用中也獲得了強勁的收入。這些應用需要超短脈衝雷射器，這是我們擅長的產品組合的一部分。

Before I turn it over to Mary Jane, I imagine that you all have now seen our other exciting news today: our move to list our stock on the New York Stock Exchange on February 23. Nasdaq has served us well since our IPO on October 2, 1987, and we are very appreciative of that support. With our recent growth, our continuing aspirations to be the best at what we do and our global platform, we believe that the New York Stock Exchange complements our new Coherent brand and is the right place for us to be at this time, alongside many of the world's most prestigious companies.

在我把它交給瑪麗·簡之前，我想你們都已經看到了我們今天的另一個令人興奮的消息：我們的股票將於2 月23 日在紐約證券交易所上市。我們首次公開募股以來，納斯達克一直為我們提供了良好的服務，1987 年，我們非常感謝這種支持。隨著我們最近的發展，我們不斷渴望在我們所做的事情和我們的全球平台上做到最好，我們相信紐約證券交易所補充了我們新的相干品牌，並且與許多其他公司一樣，是我們目前的正確選擇。

With that, I'll turn it over to Mary Jane. Mary Jane?

這樣，我就把它交給瑪麗珍。瑪麗珍？

Thank you, Chuck. Our revenue of $1.37 billion was negatively affected by $6 million from currency compared to Q1 FY '23 with immaterial effects on the EPS. Our backlog was $2.9 billion at 12/31 and remains solid as customers return to more normal patterns of ordering and inventory management.

謝謝你，查克。與 23 財年第一季相比，我們 13.7 億美元的營收受到 600 萬美元匯率的負面影響，對每股盈餘影響不大。截至 12 月 31 日，我們的積壓訂單為 29 億美元，隨著客戶恢復到更正常的訂購和庫存管理模式，我們的積壓訂單仍然保持穩定。

Our Q2 non-GAAP gross margin was 39.8% and the non-GAAP operating margin was 20.3%, both negatively affected by $3 million in currency or 20 basis points compared to Q1. Supply chain costs were $10 million and are not excluded to arrive at the non-GAAP results.

我們第二季的非 GAAP 毛利率為 39.8%，非 GAAP 營業利潤率為 20.3%，兩者都受到 300 萬美元貨幣的負面影響，或與第一季相比下降了 20 個基點。供應鏈成本為 1,000 萬美元，且不排除得出非 GAAP 結果。

At the segment level, the non-GAAP operating margins were 19.4% for networking and 26.2% for materials and 15.7% for lasers. GAAP operating expenses, SG&A plus R&D, were $403 million in Q2. Excluding $90 million of amortization, $29 million of stock comp and $16 million of transaction and integration costs, non-GAAP OpEx was $268 million or 19.6% of revenue. Our total stock comp is expected to be $30 million to $32 million per quarter for each of Q3 and Q4.

在分部層面，網路業務的非公認會計原則營運利潤率為 19.4%，材料業務為 26.2%，雷射器業務為 15.7%。第二季的 GAAP 營運費用（SG&A 加上研發費用）為 4.03 億美元。不計 9,000 萬美元的攤銷、2,900 萬美元的股票補償以及 1,600 萬美元的交易和整合成本，非 GAAP 營運支出為 2.68 億美元，佔收入的 19.6%。我們預計第三季和第四季每季的總股票補償為 3,000 萬至 3,200 萬美元。

Synergies have now reached $30 million on an annualized basis, and we are making good progress in all categories. Quarterly GAAP EPS was a loss of $0.58, and non-GAAP EPS was $0.95 with after tax non-GAAP adjustments of $217 million in total. The diluted share count for the GAAP results was 139 million shares. And for the non-GAAP results, the share count was 150 million shares.

按年計算，協同效應現已達到 3000 萬美元，我們在所有領域都取得了良好進展。季度 GAAP 每股盈餘虧損 0.58 美元，非 GAAP 每股盈餘為 0.95 美元，稅後非 GAAP 調整總額為 2.17 億美元。 GAAP 業績的稀釋後股票數量為 1.39 億股。對於非 GAAP 業績，股票數量為 1.5 億股。

The GAAP and non-GAAP EPS calculations are on Tables 6 and 7 of our press release. Interest expense in the quarter was $71 million and for the 6 months ended December 31, interest expense was $132 million. Our original outlook for interest cost in August was $274 million on the basis of the 1-month LIBOR reaching 4.2%. It is now forecast on the yield curve to achieve 5.1%. Should that happen on the schedule expected, our goal, along with our debt repayments, 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.

GAAP 和非 GAAP EPS 計算請參閱我們新聞稿的表 6 和表 7。該季度的利息支出為 7,100 萬美元，截至 12 月 31 日的 6 個月，利息支出為 1.32 億美元。基於 1 個月 LIBOR 達到 4.2%，我們對 8 月份利息成本的最初預期為 2.74 億美元。目前預測殖利率曲線將達到5.1%。如果這如預期的那樣發生，我們的目標以及我們的債務償還，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 December 31 balance of cash items was $913 million, an increase from the prior quarter of $15 million. After paying down $133 million of debt in Q2, our total debt position on December 31 was $4.6 billion. Using the trailing 12 months of adjusted EBITDA on a pro forma basis for the combined company at December 31, the gross leverage was 3.6x and the net leverage was 2.9x without the synergy credit. Including the synergy credit of $235 million that is allowed by our credit facility definition, the gross leverage is 3x and the net leverage is 2.4x. Note that $15 million of synergies are already in the results.

截至 12 月 31 日，我們的現金項目餘額為 9.13 億美元，比上一季增加 1,500 萬美元。在第二季償還了 1.33 億美元的債務後，我們截至 12 月 31 日的總債務部位為 46 億美元。使用截至 12 月 31 日合併後公司過去 12 個月調整後 EBITDA 的預估值，在沒有協同效應信用的情況下，總槓桿率為 3.6 倍，淨槓桿率為 2.9 倍。包括我們的信貸安排定義允許的 2.35 億美元協同信貸，總槓桿率為 3 倍，淨槓桿率為 2.4 倍。請注意，1500 萬美元的協同效應已經反映在結果中。

The effective tax rate in the quarter was 32%. The non-GAAP tax rate is 19%. We expect the tax rate for the remainder of fiscal year '23 to be between 18% and 22%, assuming the current mix of earnings, and no adoption of new or additional tax rulings.

該季度的有效稅率為32%。非公認會計準則稅率為 19%。假設目前的收益組合，並且不採用新的或額外的稅收規定，我們預計 23 財年剩餘時間的稅率將在 18% 至 22% 之間。

Returning to -- turning to the outlook for Q3 fiscal year '23. Our outlook for revenue for the third fiscal quarter ended March 31, 2023, is expected to be $1.32 billion to $1.37 billion and earnings per share on a non-GAAP basis to be $0.75 to $0.90 per share. With respect to our expectations on full year revenue, we expect revenue to range from $5.35 billion to $5.55 billion. Our non-GAAP EPS estimate assumes the effects of purchase accounting, which are all still preliminary, will be added back to GAAP EPS other than the depreciation that is about $5 million in Q3. The share count is 152 million shares for the entire guidance range.

回到 23 財年第三季的展望。我們對截至 2023 年 3 月 31 日的第三財季的收入預期為 13.2 億美元至 13.7 億美元，以非公認會計原則計算的每股收益為 0.75 美元至 0.90 美元。就我們對全年收入的預期而言，我們預計收入範圍為 53.5 億美元至 55.5 億美元。我們的非 GAAP 每股盈餘預測假設採購會計的影響（目前仍處於初步階段）將被加回 GAAP 每股盈餘中，但第三季約 500 萬美元的折舊除外。整個指引範圍的股票數量為 1.52 億股。

The EPS calculation, including the dividend treatment, is detailed on Table 8 of the press release for the guidance range. This table also shows the earnings at which the Series B preferred stock is dilutive. All of the foregoing is at today's exchange rates at an estimated tax rate of 19%.

指導範圍新聞稿的表 8 詳細介紹了 EPS 計算（包括股息處理）。該表還顯示了 B 系列優先股稀釋後的收益。上述所有內容均以今天的匯率計算，估計稅率為 19%。

For the non-GAAP earnings per share, we add back to the GAAP earnings pretax amounts of $140 million to $145 million, consisting of $95 million in amortization, $30 million in stock compensation and $15 million to $20 million for transaction integration and restructuring. 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 每股收益，我們加回 1.4 億至 1.45 億美元的 GAAP 稅前收益，其中包括 9,500 萬美元的攤銷、3,000 萬美元的股票補償以及 1,500 萬至 2,000 萬美元的交易整合和重組。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 during the Q&A may contain forecasts from which our actual results may differ for a variety of factors. These include changes in the mix, customer requirements, supply chain availability, competition and economic conditions.

提醒一下，我們今天在問答中的答案可能包含預測，實際結果可能因多種因素而有所不同。其中包括組合、客戶要求、供應鏈可用性、競爭和經濟狀況的變化。

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

凱文，您可以打開提問線了。

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

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

Congrats on solid results and ongoing strong execution. Two quick ones, if I could. Chuck, are you seeing any, I guess, what you would consider to be meaningful softening in any of the businesses -- in any of the meaningful businesses? And then could you give us an update on supply constraints? And then I have a quick follow-up.

祝賀紮實的成果和持續強勁的執行力。如果可以的話，兩個快點。查克，我想，您是否在任何業務中——在任何有意義的業務中——看到了您認為有意義的軟化？那麼您能否向我們介紹供應限制的最新情況？然後我會進行快速跟進。

Okay. Well, Ananda, thanks for your question. Let's take the supply chain first. In the second quarter, the supply chain constraints affected us to a level of $67 million. And so that will give you some sense. It's considerably lower than it was a couple of quarters ago. It's definitely getting better, but it did have an impact on us. That's first.

好的。嗯，阿南達，謝謝你的問題。我們先來看看供應鏈。第二季度，供應鏈限制對我們的影響達 6,700 萬美元。這會給你一些感覺。它比幾個季度前要低得多。它確實在變得更好，但它確實對我們產生了影響。這是第一名。

Second, I tried to give you the color -- all the color we could about the markets, about the regions, about the products in our prepared comments. And I would say from the last 90 days, if you look at our revenue guidance, the only thing that you can see which is different is that we have a greater confidence on picking up the bottom end of that revenue guidance, and we shaved just a little bit off the top end.

其次，我試圖在我們準備好的評論中為您提供有關市場、地區和產品的所有顏色。我想說的是，從過去 90 天來看，如果你看一下我們的收入指引，你會發現唯一不同的是，我們對回升收入指引的底線更有信心，而且我們只削減了離頂端有點遠。

And all of that takes into account our best judgments today. And wherever there are small pockets or pockets of slowdown, we have the versatility, the resiliency, the backlog and the determination to blow past them. Okay?

所有這些都考慮到了我們今天的最佳判斷。凡是有小塊或小塊放緩的地方，我們都有多功能性、彈性、積壓和克服它們的決心。好的？

That's very helpful. And as a follow-up, would just love to get a sense where you guys believe legacy Coherent is in the display business cycle. And that's it for me.

這非常有幫助。作為後續行動，我很想了解你們認為傳統相干公司在顯示業務週期中處於什麼位置。對我來說就是這樣。

Okay. I'll ask Mark to take that one.

好的。我會請馬克拿那個。

Thanks for the question. I think as we discussed in our prior call in November, the Excimer annealing business represents between 20% and 25% of our quarterly revenue, and we're still very much in that phase. So I think the forward-looking growth opportunity that we see in IT displays, specifically tablets and laptops, is in front of us, probably 1 to 2 years out. But we're in a pretty steady phase.

謝謝你的提問。我認為正如我們在 11 月之前的電話會議中所討論的那樣，準分子退火業務占我們季度收入的 20% 到 25%，而且我們仍然處於這個階段。因此，我認為我們在 IT 顯示器（特別是平板電腦和筆記型電腦）中看到的前瞻性成長機會就在我們面前，可能需要 1 到 2 年的時間。但我們正處於一個相當穩定的階段。

(Operator Instructions) Next question comes from Simon Leopold of Raymond James.

（操作員說明）下一個問題來自 Raymond James 的 Simon Leopold。

I appreciate the details today. I wanted to see if we could dig into your updates on your exposure to the hyperscalers or webscalers. I'm estimating that they're probably close to 10% of total revenue, maybe a little bit below that, following the integration with the old Coherent. But given some of the capital spending trends, I'm wondering if you can update us on your thoughts of how much of your business is coming from there and what your expectations are for the balance of calendar '23.

我很欣賞今天的細節。我想看看我們是否可以深入了解您接觸超大規模或網路大規模的最新情況。我估計，在與舊相干公司整合後，它們可能接近總收入的 10%，甚至略低於這個數字。但考慮到一些資本支出趨勢，我想知道您是否可以向我們介紹您的最新想法，即您的業務有多少來自那裡，以及您對 23 日曆的餘額的期望是什麼。

Thanks, Simon. I'm going to ask Giovanni to address your question. Thanks for your question.

謝謝，西蒙。我要請喬瓦尼回答你的問題。謝謝你的提問。

Thanks, Chuck, and thanks, Simon, for the question. So the -- of course, it does change the percentage of the exposure to hyperscalers quarter-by-quarter. But roughly right, it's about 30% of the total. We said this in the past, it's about, let's say, 30% hyperscalers, 30% what we call cloud -- about maybe a group of 30 customers. And then a long tail does the rest, the rest of the 30%.

謝謝查克，也謝謝西蒙提出的問題。當然，它確實會逐季度改變超大規模企業的風險敞口百分比。但大致正確的是，約佔總數的30%。我們過去說過，大約有 30% 的超大規模企業，30% 是我們所說的雲端——大約有 30 個客戶。然後長尾完成剩下的部分，剩下的 30%。

So we have not really seen any slowdown whatsoever in the -- at least for the second half of the year. We don't really see any slowdown in demand. That could be explained by a number of factors. I probably -- one is the fact that the higher-speed products, let's say, 200G and above, now almost they represents 50% of our total, okay? So that's where most of the investments are growing. Particularly, of course, with the hyperscalers, we tend to innovate and introduce higher data rates and obviously the general cloud or even the long term of the customers. So that's one reason.

因此，至少在今年下半年，我們並沒有真正看到任何放緩。我們確實沒有看到需求有任何放緩。這可以用多種因素來解釋。我可能——其中一個事實是，更高速的產品，比如說 200G 及以上，現在幾乎占我們總數的 50%，好嗎？這就是大部分投資成長的地方。當然，特別是對於超大規模企業，我們傾向於創新並引入更高的數據速率，顯然是通用雲，甚至是客戶的長期需求。這就是原因之一。

The other one, as I said earlier in previous quarters, we see still an opportunity to regain share that we think the -- we lost over the past, let's say, 3 years between the transition from Finisar to II-VI and now Coherent. So we -- there's still pockets of markets we think we can to continue to grow our share. So the 2 combined explains why we don't see any slowdown. If anything, we're very -- we're quite bullish about the near-term future.

另一方面，正如我在前幾個季度早些時候所說的，我們仍然看到了重新獲得我們認為的份額的機會——我們在過去，比如說，從Finisar 過渡到II-VI 以及現在的Coherent之間的3 年裡失去的份額。因此，我們認為仍有一些市場可以繼續擴大我們的份額。因此，兩者結合起來解釋了為什麼我們沒有看到任何放緩。如果有什麼不同的話，那就是我們對近期的未來非常樂觀。

And just a quick clarification, that 30% value you referenced is 30% of your networking segment?

快速澄清一下，您提到的 30% 價值是您的網路部分的 30%？

No. 30% of the datacom.

數據通訊佔30%。

30% of datacom. And what's that as a percent of networking?

數據通訊的 30%。佔網路的百分比是多少？

Okay. So that's 30% of 50%. So it will be like 15%.

好的。所以這是 50% 的 30%。所以大概是15%。

Our next question comes from James Ricchiuti with Needham.

我們的下一個問題來自 James Ricchiuti 和 Needham。

Just wanted to talk a little bit more about the laser business in that we saw a step down in laser operating margins. I was hoping you can give a little bit more color around what's contributed to that.

只是想多談談雷射業務，因為我們看到雷射營運利潤率下降。我希望您能對造成這種情況的原因提供更多的說明。

Mary Jane, do you want to take it first?

瑪麗簡，你想先拿走嗎？

Sure. Generally speaking, what affects any of our segments on the margin is that -- we -- I would say that, that is probably a little bit more pronounced in the laser segment, but it's generally true across all the segments.

當然。一般來說，影響我們任何一個細分市場的因素是——我們——我想說，這在雷射細分市場中可能更為明顯，但在所有細分市場中通常都是如此。

And the line being that you alluded to that contributed to some of the mixed results in industrial, is that a case where that ELA tool is slipping a quarter? Or is that potentially going out a little further? And maybe what contributed to that? Is that just customer site not being ready? Or is there some change in potentially seeing some signs of changing demand in the display market near term?

您提到的這句話導致了工業領域的一些好壞參半的結果，這是 ELA 工具下滑四分之一的情況嗎？或者說這可能會進一步發展嗎？也許是什麼促成了這一點？這只是客戶網站還沒準備好嗎？或者近期顯示器市場需求變化的跡像是否會出現一些變化？

Jim, this is Mark. That's a good question. It wasn't actually -- it wasn't a pushout. We knew we were anticipating to ship one large landing system last (inaudible) during the quarter. So there was no -- it was really based on customer demand, and so no change there. We had anticipated being able to offset with some other upside business, but as you heard, we still had some supply chain balances that affected some of our other business.

吉姆，這是馬克。這是個好問題。這實際上不是——這不是一次驅逐。我們知道我們預計在本季最後交付一個大型著陸系統（聽不清楚）。所以沒有——這實際上是基於客戶的需求，所以沒有改變。我們原本預計能夠用其他一些上升業務來抵消，但正如您所聽到的，我們仍然有一些供應鏈平衡影響了我們的一些其他業務。

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

我們的下一個問題來自 Dave Kang 和 B. Riley。

Just wanted to clarify about your comment -- Giovanni, your comments about telecom versus datacom. So it's 50-50 between telecom and datacom, is that what you said about Simon's question?

只是想澄清您的評論 - 喬瓦尼，您對電信與數據通信的評論。所以電信和數據通訊之間的比例是 50-50，這就是你所說的西蒙的問題嗎？

Yes. I'd say it's about -- to be accurate, it's 54-46. So 54% telecom, 46% telecom.

是的。我想說的是——準確地說，是 54-46。所以 54% 是電信，46% 是電信。

Got it. And then my question is on the backlog. So it was down a little bit from $3.05 billion to $2.9 billion. Just wondering if sort of backlog apparently peaked already. If you can talk about the expected decay rate, when does it normalize? And also, can you provide the composition of the backlog?

知道了。然後我的問題是關於積壓的問題。因此，它從 30.5 億美元略有下降至 29 億美元。只是想知道積壓是否已經達到頂峰。如果您可以談論預期的衰減率，那麼它什麼時候會正常化？另外，您能提供一下積壓訂單的組成嗎？

So we don't normally give the composition of the backlog, number one. But two, Dave, you may remember on the last call as well as in various conferences, one of the things that I noted was that investors should not be worried if the backlog starts to go down, we don't necessarily consider it a decay because the goal was to start to ship what's in that backlog. So we are seeing customers returning to more normal patterns of ordering, and that's exactly the behavior we saw in the second quarter was exactly what we expected.

因此，第一，我們通常不會給出待辦事項的構成。但是，戴夫，你可能還記得在最後一次電話會議以及各種會議上，我注意到的一件事是，如果積壓訂單開始下降，投資者不應該擔心，我們不一定認為這是一種衰退因為我們的目標是開始交付積壓的產品。因此，我們看到客戶恢復了更正常的訂購模式，而這正是我們在第二季度看到的行為，也正是我們所期望的。

And I would add, Mary Jane -- I would add, Dave, I think that asset to normal ordering patterns will take place over the next few quarters.

我想補充一點，瑪麗·簡——我想補充一下，戴夫，我認為資產正常訂購模式將在未來幾季發生。

Got it. And my follow-up is, Chuck, your commentary about deceleration in some of the -- your end markets. Just wondering if you can specify which end markets are decelerating or expected to decelerate.

知道了。我的後續行動是，查克，您對某些終端市場減速的評論。只是想知道您是否可以指定哪些終端市場正在減速或預計會減速。

Thanks, Dave. I would point to the industrial section in my comments about the back end of the line for the semiconductor equipment. Like that gave you some sense for a little bit of a slowdown as it relates to lasers for via-hole drilling and for marking. And I also balance that with the really substantial growth that we've seen both in EUV, on the industrial side -- in battery welding on the industrial side and then also in our materials for front end of the line equipment in semicap. So it's a mix, and I said so, that's probably the best example.

謝謝，戴夫。在我對半導體設備生產線後端的評論中，我會指出工業部分。就像這讓您對稍微放慢一些感覺，因為它與用於通孔鑽孔和打標的雷射有關。我還將這一點與我們在 EUV、工業方面看到的真正大幅增長進行了平衡——工業方面的電池焊接，以及用於 semicap 生產線前端設備的材料。所以這是一個混合體，我這麼說，這可能是最好的例子。

So just to be clear, you're not throwing in the sensing segment as part of the segment that is slowing?

因此，需要明確的是，您不會將感測部分作為減速部分的一部分？

I also -- in my commentary, Dave, I also pointed to the fact that in the first 2 quarters of our fiscal year, we have seasonal tailwinds. And I also made a clear remark about the second half of the year that we expect to be considerably lower than the first half. Okay?

戴夫，在我的評論中，我還指出了這樣一個事實：在我們財年的前兩個季度，我們有季節性的順風。我還明確表示，下半年我們預計會比上半年大幅下降。好的？

But that's because of the seasonality, not necessarily the weaker demand, right?

但這是因為季節性，不一定是需求疲軟，對吧？

Giovanni, do you want to elaborate on that?

喬凡尼，你想詳細說明一下嗎？

Yes. Sure, Chuck. Dave, of course, the demand is not something that we have seen slowing down. There's -- that's why we talk about seasonality. Seasonality, it's all about introduction of new products from our customers, and we follow the pattern. So it's completely unrelated to demand.

是的。當然，查克。戴夫，當然，我們並沒有看到需求放緩。這就是我們談論季節性的原因。季節性，就是我們的客戶推出新產品，我們遵循這種模式。所以和需求完全無關。

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 have a couple. Maybe if I can start with a question on backlog. And totally understand your sort of view in terms of the backlog will start to moderate a bit as supply improves and order patterns normalize. How are you thinking about backlog related to sort of exiting the year? Does this remain elevated? And just trying to match that up against sort of the decision to take some of the high end of the revenue guide a touch lower. I mean, how does that sort of match up with the backlog still remaining quite high at this point? And I have a follow-up.

我有一對。也許我可以先問一個關於積壓的問題。完全理解您對積壓訂單的看法，隨著供應改善和訂單模式正常化，積壓訂單將開始有所緩解。您如何看待今年結束相關的積壓工作？這是否仍然保持在較高水準？只是試圖將其與將部分高端收入指南稍微降低的決定相匹配。我的意思是，這種情況如何與目前仍然很高的積壓工作相符？我有一個後續行動。

First of all, I'd say...

首先，我想說...

Mary Jane?

瑪麗珍？

Yes. Sure, Chuck. Thanks. I would say that on the one hand, while not necessarily, I know we only have a half to go here forecasting the backlog. Last quarter, I had indicated if we saw a resting backlog over time, not necessarily by 6/30 but over time, coming down more toward 2.5, 2.6, I wouldn't be surprised. But I don't necessarily think it will be at that level by 6/30. So that's the first thing.

是的。當然，查克。謝謝。我想說，一方面，雖然不一定，但我知道我們只有一半的時間來預測積壓。上個季度，我曾表示，如果我們隨著時間的推移看到剩餘的積壓，不一定是 6/30，但隨著時間的推移，更多地下降到 2.5、2.6，我不會感到驚訝。但我認為到 6/30 不一定會達到這個水平。這是第一件事。

I would say they're probably, really in some ways, unrelated to each other. We just -- the backlog does remain very high. But do keep in mind that, that backlog is over 12 months. And as we've indicated in the past, typically, the individual items that are in the backlog are timed. They may not necessarily all be times to being shipped by 6/30.

我想說，在某些方面，它們可能確實彼此無關。我們只是 - 積壓確實仍然很高。但請記住，積壓已超過 12 個月。正如我們過去所指出的，通常情況下，待辦事項中的各個項目都是有時間限制的。它們不一定都能在 6/30 之前出貨。

So we have some customers who routinely will give us relatively long-dated orders going across the entire 12 months. So it really has nothing so much to do with the backlog coming down a little bit, the change in the top end. It's just more truing up the forecast as we've gone along here.

因此，我們有一些客戶通常會為我們提供跨越整個 12 個月的相對長期的訂單。因此，這實際上與積壓的下降、高端的變化沒有太大關係。隨著我們的進展，這只是更準確的預測。

Got it. And for my follow-up, I think, Chuck and Mary Jane, you both talked about sort of the mix in -- mixed sort of end-market outlook that you're seeing with certain markets remaining very strong, certain sort of pockets of weakness. If we aggregate all that together, like how is the book-to-bill looking, particularly as you sort of go through the last few months of the quarter? Like are we continuing to see sort of a step down in the aggregate book-to-bill? Or is that because of the diversification that you have remaining quite robust?

知道了。對於我的後續行動，我認為，查克和瑪麗·簡，你們都談到了某種混合——混合的終端市場前景，你看到某些市場仍然非常強勁，某些市場仍然非常強勁。如果我們將所有這些匯總在一起，例如訂單到帳單的情況如何，特別是當您經歷本季度的最後幾個月時？就像我們是否會繼續看到總訂單出貨量有所下降？還是因為您的多元化仍保持強勁？

Well, again, the book-to-bill is not nearly as relevant really right now as the backlog itself. I mean customers are changing their ordering patterns. But generally, I would say there are variations certainly in bookings in particular areas where customers have had given much, much longer-dated orders in now, say, 12 months when their historical ordering pattern is more like 6, so they're returning to 6. But generally speaking, I would say that we're very, very positive about the outlook for the company given the strength of that backlog.

好吧，再說一次，訂單到帳單現在並不像積壓訂單本身那麼重要。我的意思是客戶正在改變他們的訂購模式。但總的來說，我想說的是，在某些特定區域的預訂肯定會存在變化，這些區域的客戶在現在（例如12 個月）內發出了很多、更長日期的訂單，而他們的歷史訂購模式更像是6 個，因此他們會返回到6. 但總的來說，我想說，鑑於積壓訂單的數量，我們對公司的前景非常非常樂觀。

Chuck, would you like to add anything to that?

Chuck，你想補充點什麼嗎？

No. I think what we said stands. Over the next few quarters, we can expect it to -- the book-to-bill ratio as we see it to get to more normal patterns that we would have seen before the last couple of years' events, including where the supply chain shortages started.

不，我認為我們所說的都是正確的。在接下來的幾個季度中，我們可以預期訂單出貨比將達到過去幾年事件發生之前的更正常模式，包括供應鏈短缺的情況開始了。

Our next question comes from Mark Miller with The Benchmark Company.

我們的下一個問題來自 The Benchmark Company 的 Mark Miller。

I just wanted to talk about -- you said that the supply constraints again impacted sales by $67 million. I'm wondering how that broke out between networking and lasers.

我只是想談談——您說供應限制再次影響了銷售額 6700 萬美元。我想知道網路和雷射之間是如何爆發的。

It was mostly networking -- thanks for your question, by the way, Good Morning, Mark. It was -- yes, it was nearly all networking, but there was an impact to the lasers segment.

主要是為了網路——順便說一句，謝謝你的問題，早上好，馬克。是的，幾乎都是網絡，但對雷射領域產生了影響。

I just was wondering in terms of other expense, it's jumped around the last couple of quarters. Do we expect other expense in the March quarter to be similar to what you saw in December?

我只是想知道其他費用，在過去的幾個季度裡它發生了跳躍。我們預計 3 月季度的其他費用是否與 12 月的情況類似？

I would say that it's probably going to be somewhat lower, probably closer to plus or minus $1 million. It does move around for an awful lot of things, some of which are still related to purchase accounting. But it's probably for Q3, plus or minus $1 million.

我想說的是，它可能會稍微低一些，可能接近正負 100 萬美元。它確實在許多方面發生了變化，其中一些仍然與採購會計相關。但這可能是第三季的情況，上下浮動 100 萬美元。

Our next question comes from Jed Dorsheimer with William Blair.

我們的下一個問題來自傑德·多斯海默和威廉·布萊爾。

I just have one and a follow-up. I guess, Mary Jane or Chuck, did I hear correctly from a CapEx split, the 50% was going to silicon carbide? Could you just clarify that for me?

我只有一個和一個後續。我想，瑪麗·簡或查克，我從資本支出分割中聽到的正確嗎，50% 將用於碳化矽？你能為我澄清一下嗎？

Probably in the neighborhood of 35% to 50% is going into silicon carbide. It's a significant part of our CapEx for the year.

大約 35% 到 50% 的材料將用於碳化矽。這是我們今年資本支出的重要組成部分。

Got it. And then I didn't hear you talk much -- and maybe I've missed this, but it seems like you have a truly differentiated position with high-quality 200-millimeter, whereas rest of the market is struggling with 150 other than one other competitors. So I'm just curious if you could elaborate on sort of what you have that may be different or the -- without getting into process, et cetera, that I'm sure you wouldn't be entering. But just what would you like to say about sort of the strategy around 200? And I think in your recent presentation, you even talked about getting to 300-millimeter.

知道了。然後我沒聽到你說太多——也許我錯過了這一點，但看起來你在高品質200 毫米相機方面擁有真正差異化的地位，而市場上的其他產品則在150 毫米相機上苦苦掙扎。所以我很好奇你是否可以詳細說明你所擁有的可能不同的東西，或者不進入流程等等，我確信你不會進入。但您對 200 左右的策略有何看法？我認為在您最近的演講中，您甚至談到了達到 300 毫米。

Okay. Jed, thanks for your question. Jed, just quickly and at a very high level that's all that's required, we have designed a process technology for growing substrates -- silicon carbide substrates around a set of materials and equipment, which we design in-house. Our equipment -- crystal growth equipment allows us to scale such that we can grow 200-millimeter substrates in the same equipment that we grow 150.

好的。傑德，謝謝你的提問。傑德，我們所需要的只是快速且高水平地設計了一種用於生長基板的工藝技術——圍繞我們內部設計的一套材料和設備的碳化矽基板。我們的設備—晶體生長設備使我們能夠進行擴展，以便我們可以在生長 150 毫米的同一設備中生長 200 毫米的基板。

We announced in 2015 the first high-quality 200-millimeter silicon carbide substrates introduced to the marketplace. That's 8 years ago. So I would say the one thing that we have is proprietary advantage, second is a scalable platform, third is nearly 10 years of experience. And we are dedicating some part of our capacity today, which is overwhelmingly in demand for 150-millimeter substrates. We are still dedicating capacity to improve and scale and position us for the 200-millimeter market.

我們於 2015 年宣布向市場推出首款高品質 200 毫米碳化矽基板。那是8年前的事了。所以我想說，我們擁有的一件事是專有優勢，第二是可擴展的平台，第三是近10年的經驗。今天我們將部分產能投入使用，這對 150 毫米基板的需求很大。我們仍在致力於提高和擴大產能，並為 200 毫米市場定位。

So it's not a question of technology. It's really a question of capacity. And our investments in even more capital, again, another tranche later this year and then again next year, we'll have both the market opportunity and the market demand in front of us both for 150 and 200. Okay?

所以這不是技術問題。這確實是能力問題。我們將在今年稍後和明年再次投資更多資本，我們將同時擁有 150 和 200 的市場機會和市場需求。

Next question comes from Richard Shannon with Craig-Hallum.

下一個問題來自理查德·香農和克雷格·哈勒姆。

Maybe kind of a 2-parter here in your broader sensing category. I guess, the first part of this is, Chuck or Giovanni, how do you see the share position with the kind of 3D sensing when you get into the next generation? Do you see an upward or downward bias to that? And then maybe can you paint us a bigger picture on the broader sensing category outside of 3D sensing? How do you see this ramping applications and kind of the thought process and time frame when that becomes a lot bigger than it is today?

在您更廣泛的感測類別中，也許有點像兩方。我想，第一部分是，Chuck 或 Giovanni，當您進入下一代時，您如何看待 3D 感測的份額位置？您認為這種趨勢是向上還是向下？那麼您能否為我們描繪 3D 感測之外更廣泛的感測類別的更大圖景？當它變得比現在大得多時，您如何看待這種不斷增長的應用程式以及思考過程和時間框架？

Richard, thanks for your question. So I think it's hard to exactly measure the share. We think that we've been growing our share, generally speaking. And due to -- thanks to the level of (inaudible) Integration, which we think is still unique, let alone the scale that we have. So this has been very, very favorable to our ability to be very competitive, scale-wise, cost-wise, and most importantly, quality-wise.

理查德，謝謝你的提問。所以我認為很難準確衡量份額。總的來說，我們認為我們的份額一直在增長。由於（聽不清楚）整合水平，我們認為它仍然是獨一無二的，更不用說我們擁有的規模了。因此，這非常非常有利於我們在規模、成本以及最重要的品質方面保持競爭力。

And we think that we have reached a point where we have the -- we believe we are the share leader in many ways. And so we have a number of opportunities in front of us for new designs, new applications, new markets, new -- also new technologies that should be able to let us continue to enjoy this share leadership, not only in 3D but also, as I said, in optical sensing, particularly optical sensing enabled by semiconductor lasers.

我們認為我們已經達到了這樣一個地步——我們相信我們在許多方面都是市場份額的領導者。因此，我們面前有許多新設計、新應用、新市場、新技術的機會，這些機會應該能夠讓我們繼續享有這種份額領先地位，不僅在 3D 領域，而且在我說的是光學感測，特別是半導體雷射器實現的光學感測。

So there's a number of new applications emerging, which we are working on. All of them, they are all obviously applied in many ways. And we can't really talk about all the details. But we think we are very well positioned to continue to enjoy a very close partnership and with our key customers, generally speaking.

因此，我們正在開發許多新的應用程式。所有這些，顯然都以多種方式應用。我們無法真正談論所有細節。但總的來說，我們認為我們處於非常有利的位置，可以繼續與我們的主要客戶保持非常密切的合作關係。

Okay. Fair enough. A follow up on a specific topic within datacom. You've talked about in the last few conference calls about 800 gig here. I guess it's probably my assumption, I think most people would assume that's a very small piece of your datacom business. Maybe you can just verify that's still the case or kind of give us a sense of where it's at.

好的。很公平。數據通訊中特定主題的後續內容。您在最近幾次電話會議中談到了 800 場演出。我想這可能是我的假設，我想大多數人都會認為這只是您的數據通訊業務的一小部分。也許您可以驗證情況仍然如此，或者讓我們了解情況。

But I think the bigger question here is thinking about share in that category. I think you've had to battle back from a disappointing start in the 100-, 200- to 400-gig generation. But where do you sit in 800 gig? And when does that become a more noticeable part of your business? Is that -- will that happen this calendar year? Or is it more of a '24 story?

但我認為這裡更大的問題是考慮該類別的份額。我認為在 100、200 到 400 場演出的一代中，你必須從令人失望的開局中奮起反擊。但你在 800 場演出中處於什麼位置？這什麼時候會成為您業務中更引人注目的一部分？今年會發生這種情況嗎？或者這更像是一個 24 小時的故事？

Yes. Thanks, Richard. Well, 800G is very early, as you know. It's still small compared to lower data rates. So -- but we are shipping 800G today. We think we are very competitive solution, thanks to, as you know, the integration of our electronics, photonics and all the assembly and automation that we have. We have -- we think we have the most competitive platform out there.

是的。謝謝，理查。嗯，如你所知，800G 還很早。與較低的數據速率相比，它仍然很小。所以——但我們今天發貨的是 800G。我們認為我們是非常有競爭力的解決方案，這要歸功於我們的電子、光子學以及我們擁有的所有組裝和自動化的整合。我們認為我們擁有最具競爭力的平台。

And it's definitely not going to -- something that's going to be material this fiscal year. But next year, we'll ramp up very rapidly. And I think we're well positioned, as we've been in the past, to support the demand primarily -- as we said earlier, primarily for hyperscalers. So we have -- I think we are very well positioned to get the larger share of the market there.

這絕對不會——這在本財年將是重要的。但明年，我們的成長速度將會非常快。我認為，正如我們過去所做的那樣，我們處於有利地位，可以主要滿足需求——正如我們之前所說，主要是針對超大規模企業的需求。因此，我認為我們處於非常有利的位置，可以在那裡獲得更大的市場份額。

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。

Wanted to talk about kind of overall growth expectations heading forward and specifically, in fiscal '24 and moving forward. I think you've talked in the past about expectations for a double-digit growth rate for Coherent. I wonder given some of the macro stuff that you're seeing whether that remains the case or if you can give us any color on that. And then along with that, as you look at your major segments across networking materials and lasers, how do you expect those 3 to contribute to the baseline of growth that you're expecting?

我想談談未來的整體成長預期，特別是 24 財年及未來的整體成長預期。我想您過去曾談到對相干公司兩位數成長率的預期。我想知道您所看到的一些宏觀情況是否仍然如此，或者您是否可以給我們任何顏色。除此之外，當您審視網路材料和雷射的主要細分市場時，您預計這三個領域將如何為您預期的成長基線做出貢獻？

Tim, thanks for your question. Tim, we are determined to continue this leadership position in the market. We have another few months to play out as it relates to collecting up the new orders working on the backlog, positioning the portfolio. So we're not going to give an FY '24 guidance today, but we are determined to outpace the growth of the market. And even with some of these pockets of softness, we have to determine whether or not we're looking at a 1-quarter or a 2-quarter effect. And we're intensely engaged with customers now.

提姆，謝謝你的問題。提姆，我們決心繼續保持市場領先地位。我們還有幾個月的時間來完成，因為這涉及收集積壓的新訂單、定位投資組合。因此，我們今天不會給予 24 財年的指引，但我們決心超越市場的成長。即使存在一些疲軟的情況，我們也必須確定我們是否正在考慮第一季或第二季的影響。我們現在正在與客戶密切接觸。

So I would say we're enthusiastic. We're making all the right bets in all the right places. We're taking full steps and making good progress even with new customers as we try to stitch together the advantages of, for example, the materials in the lasers portfolio. And it's coming along.

所以我想說我們很熱情。我們在所有正確的地方做出了所有正確的賭注。我們正在採取全面措施，即使在新客戶方面也取得了良好進展，因為我們試圖將雷射產品組合中的材料等優勢結合在一起。它即將到來。

So I would just leave it at, yes, it's true that our aspiration is to grow double digit into '24, but it's going to take us another few months to sort through that. And we'll provide an update over the course of the next 90 days, probably as we head into May and then possibly into August. Okay?

所以我只想說，是的，我們的願望確實是在 24 年實現兩位數增長，但我們還需要幾個月的時間來解決這個問題。我們將在接下來的 90 天內提供更新，可能是在 5 月，然後可能是 8 月。好的？

Great. Sorry, if I can follow up real quick, and I appreciate that answer. On the telecom side, you seem to put up some pretty good sequential growth there. I imagine a lot of that is driven by supply improvement. But are there any particular product categories within telecom where you saw either strong demand or improved supply to drive that sequential growth?

偉大的。抱歉，如果我能快速跟進，我很感激這個答案。在電信方面，您似乎實現了一些相當不錯的連續成長。我想這很大程度上是由供應改善所推動的。但是，您認為電信領域是否存在任何特定產品類別，需求強勁或供應改善以推動持續成長？

Tim, thanks. I'll take that one, too. I think you hit on all of them. It really was a nice mix we have had and have a good backlog. That's true. Parts of the supply chain constraints were broken, that's true. And we do have demand across the entire telecom portfolio, Coherent transceivers, wavelength selective switches and the ROADMs, all 3.

提姆，謝謝。我也拿那個吧我想你都擊中了他們。這確實是我們的一個很好的組合，並且有很好的積壓。這是真的。供應鏈的部分限制被打破，這是事實。我們確實對整個電信產品組合、相干收發器、波長選擇開關和 ROADM 等所有 3 個產品都有需求。

So it's just a question of timing -- order timing and then execution of the -- through the operations, taking into account improvements, and in some cases, not so much improvement in the supply chain situation. That did hold us back somewhat on telecom again this quarter.

因此，這只是一個時間問題——訂單時間，然後執行——通過運營，考慮到改進，在某些情況下，供應鏈情況沒有太大改善。這確實在本季再次阻礙了我們在電信領域的發展。

Our next question comes from Paul Silverstein with Cowen.

我們的下一個問題來自保羅·西爾弗斯坦和考恩。

I apologize to you and others on the call if these were already asked and answered. My line dropped. First off, I assume your previously stated 38% to 42% range but goal maintaining over 40% gross margin hasn't changed.

如果這些問題已經被問到並得到答复，我向您和通話中的其他人表示歉意。我的線掉了。首先，我假設您之前所說的 38% 到 42% 的範圍，但保持 40% 以上毛利率的目標沒有改變。

And Mary Jane, any color you can provide us as to the various positive and negative levers? And I think last quarter, you cited an $8 million FX impact on gross margin. I may have that wrong, but did you mention any appreciable FX impact this quarter?

瑪麗簡，您能為我們提供各種正面和負面槓桿的顏色嗎？我認為上個季度，您提到了 800 萬美元的外匯對毛利率的影響。我可能錯了，但您有沒有提到本季度的任何明顯的外匯影響？

So a couple of things. One, our range on the gross margin has not changed. The effects on the margin last quarter, I think, was $6 million positive. This quarter, it was $3 million negative. So the currency is -- there's a little havoc being played with the currencies, which is a little bit challenging.

有幾件事。第一，我們的毛利率範圍沒有改變。我認為，上季對利潤的影響為 600 萬美元。本季度，虧損 300 萬美元。所以貨幣——貨幣受到了一些破壞，這有點具有挑戰性。

And secondly, our cost to obtain short supply parts also increased a little bit. But having said that, it is still absolutely the company's goal to continue to push this gross margin. And absolutely, every operating leader in our company both knows that and is behaving as a very great partner in helping to make that happen.

其次，我們取得緊缺零件的成本也增加了一些。但話雖如此，繼續推動這一毛利率仍然絕對是該公司的目標。當然，我們公司的每一位營運領導者都知道這一點，並且正在作為一個非常好的合作夥伴來幫助實現這一目標。

Mary Jane, I think virtually every company in this earnings cycle has cited ongoing supply chain challenges, but visibility as to improvement with quite a number indicating that the tougher before resolution calendar '23. Any thoughts you can share on that? And then I've got one quick follow-up.

瑪麗·簡，我認為在這個盈利週期中幾乎每家公司都提到了持續存在的供應鏈挑戰，但相當多的人表明，在決議日曆“23”之前，改善的可見性會更加嚴峻。您對此有什麼想法可以分享嗎？然後我得到了一個快速跟進。

I think based on what our guys say, too, that it's actually a fairly decent chance that by the time we get to what would be our fiscal year '24, which is the back half of '23, that we may start to see most of the issues behind us. So I think we still have a quarter or so to go here on it. But I do think probably by the end of the year, if not the 9/30 quarter, we should see that starting to get behind us.

我認為，根據我們的人員所說，這實際上是一個相當不錯的機會，當我們進入 24 財年（即 23 財年的後半段）時，我們可能會開始看到大多數我們背後的問題。所以我認為我們還有四分之一左右的時間來討論這個問題。但我確實認為，到今年年底，如果不是 9/30 季度，我們應該會看到這種情況開始過去。

Okay. And then I appreciate the more challenging macro environment. And I know it's still precisely early with respect to the Coherent acquisition. But are there any early data points as revenue synergies with Coherent? And perhaps, Chuck, Giovanni, Mary Jane, you all could compare it to our progress with Finisar. If I recall, I think it was within 3 quarters of the close of that deal that you got that Sherman facility qualified and up and shipping on the VCSELs.

好的。然後我欣賞更具挑戰性的宏觀環境。我知道現在收購相干公司還為時過早。但是否有任何早期數據顯示與相干公司的收入綜效？也許，Chuck、Giovanni、Mary Jane，你們都可以將其與我們在 Finisar 的進展進行比較。如果我沒記錯的話，我認為是在該交易結束後的 3 個季度內，謝爾曼工廠獲得了資格，並在 VCSEL 上發貨。

I think at the time, Finisar had little, if any, presence with hyperscalers. And I think you now have 3 of the big 4, and you just said it's 30% of your datacom, 15% of comms revenue. Any early signs of that nature that would speak to enhancement of Coherent's competitive position and wallet share with customers?

我認為當時 Finisar 與超大規模企業的關係甚微（如果有的話）。我認為您現在擁有 4 家公司中的 3 家，您剛才說這是您的數據通訊收入的 30%，通訊收入的 15%。有任何這種性質的早期跡象表明相干公司的競爭地位和客戶的錢包份額得到提高嗎？

Thanks, Paul, for your question. I'll go first and if Mary Jane or Giovanni like to -- or Mark would like to add, they can. I think as it relates to your question regarding revenue synergies, it's clear that, of course, there are revenue synergies don't exist in the networking business. But across industrial, life sciences, semicap equipment and our aerospace and defense business, there are those opportunities.

謝謝保羅的提問。我會先走，如果瑪麗·簡或喬瓦尼願意——或者馬克願意補充的話，他們可以。我認為，由於這與您有關收入協同效應的問題有關，很明顯，網絡業務中當然不存在收入協同效應。但在工業、生命科學、半導體設備以及我們的航空航太和國防業務中，都存在這些機會。

And between the key account managers, between the strategic marketing team and the product managers, especially in the businesses that Giovanni and Mark lead, there are lots of engagements that are happening, including driven by our customers themselves who are desiring to pull us together to understand how the combined portfolio can help them enable yet another disruption. So those conversations are happening and the markets that I just described to the markets that we're focused on.

在大客戶經理之間、策略行銷團隊和產品經理之間，特別是在喬瓦尼和馬克領導的業務中，正在發生很多接觸，包括由我們的客戶本身推動的，他們希望將我們團結在一起了解合併後的產品組合如何幫助他們實現另一場顛覆。因此，這些對話正在發生，我剛剛描述的市場是我們關注的市場。

And Giovanni, would you like to add anything or Mark?

喬瓦尼（Giovanni），馬克，您想補充什麼嗎？

No. Chuck, I think you summarized well. There is no doubt, it's a very synergistic deal combination to begin with, which we really used to explain the rationale of the combination since the beginning across those 4 verticals that Chuck mentioned. So I think it's -- every day is a learning opportunity for us to really figure out substantially more synergies than we ever thought during due diligence just because we were somehow limited by our relative antitrust lawyers to really talk too much about it. And so now we are discovering the incredible set of combinations that we can leverage to grow the business even more.

不，查克，我認為你總結得很好。毫無疑問，這是一個非常具有協同效應的交易組合，我們從一開始就用它來解釋 Chuck 提到的 4 個垂直領域的組合的基本原理。所以我認為，對我們來說，每天都是一個學習機會，可以真正找出比我們在盡職調查期間想像的更多的協同效應，只是因為我們在某種程度上受到相關反壟斷律師的限制，無法真正談論太多。因此，現在我們發現了一系列令人難以置信的組合，我們可以利用它們來進一步發展業務。

Chuck, I would just add -- it's a great question, actually. I'd just add, just specifically in our instrumentation space to use that as a really easy example, our 2 leading customers that we typically engage with both companies separately prior to the acquisition. We might get an audience, maybe 10 or 15 people and maybe some vice presidents.

查克，我想補充一點——實際上，這是一個很好的問題。我只是補充一下，特別是在我們的儀器儀表領域，作為一個非常簡單的例子，我們通常在收購之前分別與兩家公司接觸的兩個主要客戶。我們可能會有觀眾，也許有 10 或 15 個人，也許還有一些副總裁。

And we recently at Photonics West show had meetings with 2 of our leading instrumentation customers with over 40 participants from each of the customers. And we essentially got executive suite attendees there that we would previously have not done. And I think several of our customers have commented that they like the fact that they see as much more as a strategic partner rather than just maybe a leading vendor. So I think we've got early indications in multiple markets and in multiple spaces. But that's just an easy example based Photonics West in the last few weeks.

最近，我們在 Photonics West 展會上與兩家領先的儀器客戶舉行了會議，每位客戶都有 40 多名與會者。我們基本上吸引了高階主管套房的參與者，這是我們以前不會參加的。我認為我們的一些客戶評論說，他們喜歡這樣一個事實：他們更多地將其視為戰略合作夥伴，而不僅僅是領先的供應商。所以我認為我們已經在多個市場和多個領域中獲得了早期跡象。但這只是過去幾週基於 Photonics West 的一個簡單範例。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

I wanted to revisit your silicon carbide opportunity. First, with -- how much did silicon carbide contribute by way of sales for the December quarter? How much did it grow year-on-year? And how do you think about the growth outlook this year?

我想重新檢視你們的碳化矽機會。首先，碳化矽對 12 月季度的銷售額貢獻了多少？年比增長了多少？您如何看待今年的成長前景？

Chuck, if you want to take the growth question, I'll find the other ones.

Chuck，如果你想回答成長問題，我會找到其他的。

Okay. The revenues -- Vivek, revenues grew about 10% or so sequentially. And Mary Jane can at least range the revenues maybe with the best view for the full year. They are growing. We expect them to continue to grow. They're capped at the kind of band of revenue that we have today on the basis of the capacity that we have installed capacity that we have in place.

好的。營收－Vivek，營收季增約 10% 左右。瑪麗簡至少可以根據全年最佳景觀來調整收入。他們正在成長。我們預計它們將繼續增長。它們的上限是我們今天擁有的收入範圍，基於我們現有的裝置容量。

That capacity is being added tranche by tranche, large numbers of furnaces at a time. And we've given some guidance over the last couple of calls as to how we expect that to evolve. Mary Jane, do you want to give a range for revenues in the...

這種產能正在逐批增加，一次增加大量熔爐。我們在過去的幾次電話會議中就我們期望如何發展提供了一些指導。瑪麗簡，你想給一個收入範圍嗎？

So the revenue is about 3% to 4% of the total company. And if you think about that having been 5% of the previous company, which was a smaller size, it showed some very, very nice growth with, as Chuck said, 10% growth year-over-year. The addition of capacity is very, very essential, as Chuck just described. And we're looking forward to that coming online so that we can continue to deliver on the demand that we're right now capacity-wise for.

所以收入大約占公司總收入的3%到4%。如果你考慮一下這只是前一家公司的 5%，而前一家公司的規模較小，那麼它就顯示出一些非常非常好的增長，正如查克所說，同比增長了 10%。正如查克剛才所描述的，容量的增加非常非常重要。我們期待著它上線，以便我們能夠繼續滿足我們目前容量方面的需求。

Okay. And is there an opportunity to appeal for whether it's CHIPS Act funding or other state or federal funding? Because when I look at a number of your competitors, they are building out a lot of capacity as well. So as much as I know you are spending a lot in your CapEx, half of your CapEx or at least 1/3 of it is going towards this opportunity, but there is a window right now to be investing in this, assuming that this is a market that you want to be a big player in. Then why not try to spend more or try to get more funding from these government agencies so you can really take advantage of what could be a meaningful growth area for Coherent?

好的。是否有機會申請 CHIPS 法案資助或其他州或聯邦資助？因為當我觀察你們的一些競爭對手時，他們也在建立大量的產能。據我所知，您在資本支出上花費了大量資金，一半或至少 1/3 的資本支出都用於這個機會，但現在有一個投資於此的窗口，假設這是那麼為什麼不嘗試花更多的錢或嘗試從這些政府機構獲得更多的資金，這樣您就可以真正利用對相干公司有意義的成長領域？

Okay. Vivek, this is a meaningful growth opportunity for us, and we couldn't be more excited about it. So we're focused on that. That's for sure. And to your point, we are in discussions with both elected officials and with government agencies, both at the federal government level in the U.S. and at the state level. And these discussions are ongoing and growing more intense here most recently.

好的。 Vivek，這對我們來說是一個有意義的成長機會，我們對此感到非常興奮。所以我們專注於此。這是肯定的。就您的觀點而言，我們正在與美國聯邦政府和州一級的民選官員和政府機構進行討論。這些討論正在進行中，最近在這裡變得更加激烈。

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。

Just in terms of the China reopening, just any impact or kind of step back in what you saw in terms of supply chain challenges or just production capability, demand? Just anything to kind of note there and whether you've seen kind of getting through that past any maybe COVID waves that I've passed through there?

就中國重新開放而言，您在供應鏈挑戰或生產能力、需求方面看到了任何影響或某種程度的倒退嗎？那裡有什麼需要注意的地方，以及你是否看到我經歷過的任何可能的新冠疫情浪潮？

And then as a second question just for Mary Jane, any changes to kind of minimum cash that you would want to keep on hand just given macro? Or should we still consider use of cash primarily debt pay down and CapEx in the near term? That's it for me.

然後，作為瑪麗簡的第二個問題，在宏觀情況下，您希望保留手頭上的最低現金有什麼變化嗎？或者我們仍應考慮在短期內主要使用現金來償還債務和資本支出？對我來說就是這樣。

Mary Jane, I'd like -- Mary Jane, if you would, I'll go first just on the environment in China and then if you would address the financial question. Meta, I would say as it relates to this last -- let's call it, the last 60 to 90 days or so, for us, for all intents and purposes, it's pretty much the same as it's been for the last 2 or 3 years.

瑪麗·簡，我想——瑪麗·簡，如果您願意的話，我將首先談談中國的環境問題，然後您是否願意解決財務問題。 Meta，我想說的是，因為它與最後一個相關——讓我們稱之為過去60 到90 天左右，對於我們來說，無論出於何種意圖和目的，它與過去2 或3 年幾乎相同。

It's been one story: resilient, flexible, agile, enthusiastic and able to confront whatever headwinds come and let them just blow right by. The operational team and the team in China have really just done a fantastic job despite the challenges. And they're already on to looking forward to the opportunity over the next few quarters or so to position our company there as best as we possibly can.

這是一個故事：堅韌、靈活、敏捷、熱情，能夠面對任何逆風而來，並讓它們隨風而去。儘管面臨挑戰，營運團隊和中國團隊確實做得非常出色。他們已經開始期待在接下來的幾個季度左右的時間裡盡可能地為我們公司定位。

With respect to the cash question, I'm pretty sure you've never met a CFO that didn't want more cash. So -- but generally speaking, there's really no change in the minimum cash we have. And as we indicated last quarter, and you just summarized very well, we have changed our thinking a little bit to include debt paydown during fiscal year '23 as well as CapEx priorities. That does not slow down the speed with which we're starting the synergies, and we're going to continue along that path.

關於現金問題，我敢肯定你從未遇到過不想要更多現金的財務長。所以——但總的來說，我們擁有的最低現金確實沒有變化。正如我們上個季度所指出的，而且您剛剛總結得很好，我們稍微改變了我們的想法，將 23 財年的債務償還以及資本支出優先事項納入其中。這並不會減慢我們啟動協同效應的速度，我們將繼續沿著這條道路前進。

Next question comes from Tom O'Malley with Barclays.

下一個問題來自巴克萊銀行的湯姆·奧馬利。

I just wanted to dive into the electronics segment here. Could you break down within electronics, how much of that segment is 3D sensing in the December quarter?

我只是想深入了解這裡的電子領域。您能否在電子產品領域細分一下，12 月所在季度的 3D 感測佔該細分市場的比重？

As a general matter, sensing overall, the consumer side overall is the majority of it.

整體來說，感知整體來說，消費者面總體是大部分。

Okay. And then I think Giovanni made some comments, and I think Chuck echoed them as well that on the consumer side, the second half of the year tends to be a lot weaker than the first half of the year. There's just obviously a large cyclical customer there. But when you look at your fiscal year guide, you have an acceleration in revenue to get to your full year. Could you just talk about what other end markets are accelerating that can offset the seasonality of the electronics segment?

好的。然後我認為喬瓦尼發表了一些評論，我認為查克也回應了他們的觀點，即在消費者方面，下半年往往比上半年弱得多。顯然那裡有一個大型週期性客戶。但當你查看你的財政年度指南時，你會發現你的全年收入會加速成長。您能否談談哪些其他終端市場正在加速發展，可以抵消電子產業的季節性影響？

Well, it's pretty much the same thing we've seen for the last couple of years, at least on the legacy II-VI side, which is that the fourth quarter tends to be the strongest quarter in general. It is perhaps less enormously strong than it had been prior to 3D sensing being -- or the sensing market being in the numbers. But generally, I'd say we would expect to see kind of typical seasonality and some strengthening in the other end markets.

嗯，這與我們過去幾年看到的情況幾乎相同，至少在傳統的 II-VI 方面，第四季度往往是總體上最強勁的季度。與 3D 感測出現之前或感測市場出現之前相比，它可能沒有那麼強大。但總的來說，我想說我們預計會看到典型的季節性以及其他終端市場的一些走強。

Tom, this is Giovanni. Just want to add, new features, new functions, new technology gets in and out of products all the time. What we have seen is that, generally speaking, consumer automotive, general, anywhere, there is a need for interactivity with the machine. Lasers and photodiols imaging, generally speaking, a very powerful way to sense the world and provide an AI engine inside the machine to respond and make decisions.

湯姆，這是喬瓦尼。只是想添加，新功能、新功能、新技術一直在產品中進出。我們看到的是，一般來說，消費性汽車，一般來說，任何地方，都需要與機器互動。一般來說，雷射和光二醇成像是一種非常強大的感知世界的方式，並在機器內部提供人工智慧引擎來做出回應和做出決策。

So that's a trend which will continue and will also increase in terms of the actual ability to, again, sense in a broader term, not only physically but also from a -- for example, from a target perspective, they need different type of sources. Depending on the application, there's a different level of power, et cetera.

因此，這種趨勢將持續下去，並且在更廣泛的意義上，不僅是物理上的，而且是從——例如，從目標的角度來看，他們需要不同類型的來源的實際能力方面也會增強。根據應用的不同，功率等級也不同，等等。

So we have seen and you guys have seen, as the number of lasers, a number of photodiodes, the number of solution that get added to consumer electronics products and then automotive inside or outside the cat, it just will keep increasing. So it's not whether or not -- of course, there's going to be more phones, more cars sold eventually and maybe more phones. But it's even assuming that more phones have saturated as a number, we think that the adoption of this technology will continue to grow. And so you can expect future products to be adopted to enhance the functionality of these products.

因此，我們已經看到，你們也已經看到，隨著雷射器的數量、光電二極體的數量、添加到消費性電子產品以及汽車內部或外部的解決方案的數量，它只會不斷增加。所以，問題不在於是否——當然，最終會賣出更多的手機、更多的汽車，也許還會有更多的手機。但即使假設更多的手機數量已經飽和，我們也認為這項技術的採用將持續成長。因此，您可以預期未來的產品將會被採用來增強這些產品的功能。

Also let me just clarify something. I should have helped Chuck here more. On our silicon carbide growth, the answer is that it's 10% -- the growth is 10% year-over-year. And it's pretty flat sequentially for exactly the same reason Chuck gave, which is the capacity constraint.

另外讓我澄清一下。我應該在這方面多幫助查克。關於我們的碳化矽成長，答案是 10%——年增 10%。由於 Chuck 給出的原因完全相同，即容量限制，它的連續性相當平坦。

Our next question comes from Ruben Roy with Stifel.

我們的下一個問題來自魯本·羅伊和斯蒂菲爾。

Chuck, a lot of detail so far. But if we could spend a minute on -- there's a comment in the press release around the pricing and thoughtfully increasing pricing in some areas. Obviously, the -- with the business becoming more diversified, wondering if you could just kind of maybe give us a little bit of detail around how you're seeing the pricing environment evolve, especially in the context of input costs and supply constraints improving.

Chuck，到目前為止有很多細節。但如果我們能花一點時間——新聞稿中有一條關於定價的評論，並在某些領域深思熟慮地提高了定價。顯然，隨著業務變得更加多元化，想知道您是否可以向我們提供一些關於您如何看待定價環境演變的細節，特別是在投入成本和供應限制改善的背景下。

And then I guess you talked about positioning the portfolio of the diversified company and how that's playing into how you're thinking about longer-term pricing strategy, that would be helpful.

然後我想您談到了多元化公司的投資組合定位以及這如何影響您對長期定價策略的思考，這會很有幫助。

Okay. I'll start -- thanks for your question. I'll start and then I'll ask Giovanni to add on to it and provide even more color. In these last 6 months, we put the entire product management team of the whole combined company through a fairly rigorous training cycle. And those product managers in conjunction with -- in connection with the global sales and service organization have had a strategic imperative to improve the operating margins and to position us for competitive pricing that reflect the true value that we bring to the marketplace.

好的。我要開始了——謝謝你的問題。我會開始，然後我會要求喬瓦尼添加它並提供更多的顏色。在過去的 6 個月裡，我們對整個合併後公司的整個產品管理團隊進行了相當嚴格的培訓。這些產品經理與全球銷售和服務組織一起，具有提高營業利潤並使我們處於有競爭力的定價的戰略地位，以反映我們為市場帶來的真正價值。

Those conversations have been going on even long before we combined with legacy Coherent, but we really stepped it up in the last 6 months. And whereas you'd like to do it across the board, it's not practical. And so you have to be focused on it. You have to have a strategy for it and an intimacy with the customers with regard to a long-range value proposition and a long-range partnership, which we always focus on developing.

早在我們與傳統相干公司合併之前，這些對話就一直在進行，但在過去 6 個月裡，我們確實加強了對話。儘管您希望全面執行此操作，但這是不切實際的。所以你必須專注於它。您必須為此制定策略，並在長期價值主張和長期合作夥伴關係方面與客戶保持密切關係，這是我們始終致力於發展的。

And Giovanni, do you want to point out 1 or 2 examples of success in the last 6 to 12 months?

Giovanni，您想指出過去 6 到 12 個月內 1 到 2 個成功的例子嗎？

Sure, Chuck. Yes, we had -- we've been quite successful in a very cooperative environment with our customers, understanding that some of our costs, particularly in those products that require transformation, so we talk about material processing, material transformation where there is a significant amount of energy needed, we have been able to increase price in a reasonable way.

當然，查克。是的，我們在與客戶非常合作的環境中取得了相當成功，了解我們的一些成本，特別是在那些需要改造的產品中，所以我們談論材料加工、材料改造，其中存在重大的成本。能源量，我們已經能夠以合理的方式提高價格。

And I think that the customers have been very pleased. In some cases, we have been offered price increases to -- by the customer to secure share in this kind of environment, where they realize that there could have been a risk of supply. So it's been a combination of us -- asking us to increase prices, which we've been quite successful with.

我認為客戶非常滿意。在某些情況下，客戶向我們提出提價，以確保在這種環境下的份額，因為他們意識到可能存在供應風險。所以這是我們的共同努力——要求我們提高價格，我們在這方面做得相當成功。

And then customers, in some cases, offering price increases to again continue and secure the continual supply for some of these products, which again have been affected by a number of inflationary effects that we all know, particularly around energy supply.

然後，在某些情況下，客戶會再次提價，以繼續並確保其中一些產品的持續供應，這些產品再次受到我們都知道的許多通貨膨脹影響的影響，特別是在能源供應方面。

Our next question comes from Mike Genovese with Rosenblatt.

我們的下一個問題來自 Mike Genovese 和 Rosenblatt。

First question, now that we're in the good part of the 400G data center transceiver cycle, can you talk a bit 400G versus 100G, if it's meaningfully different? And then importantly, is there are any technology moats that you can build in 400G versus 100G because of the greater investment needed in the technology?

第一個問題，現在我們正處於 400G 資料中心收發器週期的大部分階段，您能談談 400G 與 100G 之間的差異嗎？然後重要的是，與 100G 相比，您是否可以在 400G 中建造任何技術護城河，因為技術上需要更大的投資？

So first of all, just for the sake of clarity, as you know, we say 200, 400, 800, [1.60]. As far as we know, it's all about 100 gigabits per second. And then you're talking about data rates. So we have to distinguish between -- speed and data rates are not exactly the same. So even at 400G may actually be 4 times 100, 200, maybe 2 times 100.

首先，為了清楚起見，如您所知，我們說 200、400、800、[1.60]。據我們所知，速度約為每秒 100 吉比特。然後你談論的是數據速率。所以我們必須區分——速度和數據速率並不完全相同。因此，即使是 400G，實際上也可能是 4 倍 100、200，甚至可能是 2 倍 100。

200G, we have wireline 200G. We just announced an EML at the European conference last September. It's best in the world, we think, and eventually will be a significant shift in bits per second, not necessarily as a data rate but as a speed. So all of those complications of combining 100G optical lanes into 200, 400, 800, they have several solutions, several standards. It's -- we have potentially the ability to support all of those form factors, all of those data rates.

200G，我們有有線200G。我們剛剛在去年 9 月的歐洲會議上宣布了 EML。我們認為，這是世界上最好的，最終將是每秒位數的顯著變化，不一定是資料速率，而是速度。因此，將 100G 光通道組合成 200、400、800 條的所有這些複雜性，他們有多種解決方案、多種標準。我們有潛力支持所有這些外形尺寸、所有這些數據速率。

And we obviously own a substantial vertical level -- sorry, vertical level of integration in terms of the lasers, in terms of the ICs, in terms of the optics that go into those products. So I wouldn't necessarily claim -- and nobody could claim that there is a strength in 400G, but there is no strength in 200G or vice versa because the strength is at the bit rate level -- sorry, the strength is at the speed level, not necessarily at a bit rate level.

我們顯然擁有相當大的垂直水平——抱歉，在雷射、IC、這些產品的光學器件方面的垂直整合水平。所以我不一定會說 - 沒有人可以聲稱 400G 有優勢，但 200G 沒有優勢，反之亦然，因為優勢在於比特率級別 - 抱歉，優勢在於速度級別，不一定是比特率級別。

So I think we are well positioned at 100G. We are already well positioned for 200G speed. And so all of the data rates from 200G and above, I think we're very well positioned to, again, as I said earlier, to continue to gain share in the marketplace.

所以我認為我們在 100G 方面處於有利位置。我們已經為 200G 速度做好了準備。因此，正如我之前所說，對於 200G 及以上的所有數據速率，我認為我們處於非常有利的位置，可以繼續獲得市場份額。

We are seeing -- just to give you an (inaudible). Just last year, we were at about maybe 15% and it went to 30% and now we're about 50% of the total datacom sales are actually at 200G and above, which is a sign that we are really focused on the high end of the market, thanks to the -- again, the combination of the portfolio, component level that we own and we are better integrated with.

我們正在觀察──只是為了給你一個（聽不清楚）。就在去年，我們的佔比約為 15%，後來上升至 30%，現在我們的數據通訊總銷量中約 50% 實際上是 200G 及以上，這表明我們真正專注於高端市場市場的影響力，再次感謝我們擁有的產品組合和組件層級的組合，並且我們更好地與之整合。

Great Very helpful. If I could follow up, just another question on the R&D path. Your name is Coherent, but I'm not aware of any DSP products or 400 ZR or any DSP products at the company. Do you have R&D in DSPs? And what are your thoughts on adding DSPs going forward?

太棒了非常有幫助。如果我可以跟進的話，這只是研發道路上的另一個問題。您的名字是 Coherent，但我不知道該公司有任何 DSP 產品或 400 ZR 或任何 DSP 產品。你們有DSP方面的研發嗎？您對未來添加 DSP 有什麼想法？

Yes. We should probably take it off-line because we did announce in the past of our own DSPs, and we have -- of course, we have several Coherent products. We have an entire division around it. And we'll walk you through all of the offerings. We are very well positioned. We have started with our own -- we have our own DSP design team based in Germany. And we have started with, I would call it, a simple product. And we'll eventually migrate to more complex products over time and be as basically integrated as we can be with our own DSP. That's our plan.

是的。我們可能應該將其下線，因為我們過去確實宣布過我們自己的 DSP，而且我們有——當然，我們有幾種相干公司產品。我們有一個完整的部門來圍繞它。我們將引導您了解所有產品。我們處於非常有利的位置。我們從我們自己的團隊開始——我們在德國擁有自己的 DSP 設計團隊。我們從我稱之為簡單的產品開始。隨著時間的推移，我們最終將遷移到更複雜的產品，並盡可能與我們自己的 DSP 進行基本整合。這就是我們的計劃。

We have to -- we started. We are on a good path. -- the most significant of the products, of course, the 100G ZR, which adds its own DSP in it, and we announced couple of quarters ago. And so that's an example. But we'll walk you through when we are one-on-one with more details, if you like.

我們必須──我們已經開始了。我們正走在一條好的道路上。 ——當然，最重要的產品是 100G ZR，它添加了自己的 DSP，我們在幾個季度前發布了這一消息。這就是一個例子。但如果您願意，我們會在一對一的情況下向您提供更多詳細資訊。

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

目前我不會提出任何進一步的問題。我會將電話轉回給瑪麗·簡，以徵求結束意見。

We want to thank all of you for joining us today. Thank you for being patient with the time. Thanks to Chuck, Giovanni and Mark, and we'll talk to you soon. Have a good day.

我們要感謝大家今天加入我們。感謝您對時間的耐心等待。感謝查克、喬瓦尼和馬克，我們很快就會與您交談。祝你有美好的一天。

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。