(COHR) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Coherent Corp. Fiscal Year 2024 Second Quarter Earnings Conference. (Operator Instructions) Please be advised that today's conference being recorded.

美好的一天，感謝您的支持。歡迎參加相干公司 2024 財政年度第二季財報會議。 （操作員指示）請注意，今天的會議正在錄製。

I would now like to hand the conference over to the Vice President of Investor Relations for Coherent Corp, Paul Silverstein.

現在我想將會議交給相干公司 (Coherent Corp) 投資者關係副總裁 Paul Silverstein。

Thank you, Carmen, and good morning, everyone. Thank you for joining our second quarter fiscal 2024 earnings call. The call will be available for webcast replay on the Investor Relations section of our website. On the call, we have Coherent's Chair and CEO, Dr. Chuck Mattera, and a number of coherent senior leaders who Chuck will introduce shortly. This morning, we will devote the majority of our time to answer your questions from analysts and the investment community.

謝謝你，卡門，大家早安。感謝您參加我們的 2024 財年第二季財報電話會議。這次電話會議將在我們網站的投資者關係部分進行網路直播重播。參加電話會議的有相干公司 (Coherent) 董事長兼首席執行官 Chuck Mattera 博士，以及 Chuck 稍後將介紹的多位相干高層領導。今天上午，我們將用大部分時間來回答分析師和投資界提出的問題。

Yesterday, after market close, we issued a press release, posted a shareholder letter and updated investor presentation to the Investor Relations section of our website and furnished these documents in a Form 8-K. This morning, we filed our 10-Q. The shareholder letter contains the financial statements historically included in our earnings press releases and detailed information regarding our operating performance, key trends and outlook.

昨天，收盤後，我們發布了一份新聞稿，在我們網站的投資者關係部分發布了一封股東信函和更新的投資者介紹，並以 8-K 表格形式提供了這些文件。今天早上，我們提交了 10-Q。股東信函包含我們的收益新聞稿中歷來包含的財務報表以及有關我們的經營業績、主要趨勢和前景的詳細資訊。

Before we begin, a short statement about forward-looking statements. We may make and/or refer to forward-looking statements, including statements about future performance and market outlook. Actual results may differ from those in the forward-looking statements. The shareholder letter and our SEC reports set forth risk factors that could cause actual results to differ materially. We assume no obligation to update forward-looking statements, which speak only as of their respective dates. During this call, we may discuss both GAAP and non-GAAP financial measures. If we do, a reconciliation of GAAP to non-GAAP measures is included in the shareholder letter. If we present historical non-GAAP financial measures, we will limit our discussion to those that are reconciled in the shareholder letter.

在我們開始之前，先做一個關於前瞻性陳述的簡短聲明。我們可能會做出和/或參考前瞻性陳述，包括有關未來業績和市場前景的陳述。實際結果可能與前瞻性陳述中的結果有所不同。股東信函和我們的 SEC 報告列出了可能導致實際結果出現重大差異的風險因素。我們不承擔更新前瞻性陳述的義務，這些陳述僅代表各自日期的情況。在這次電話會議中，我們可能會討論公認會計原則和非公認會計原則財務指標。如果我們這樣做，股東信函中將包含 GAAP 與非 GAAP 衡量標準的調整表。如果我們提供歷史性的非公認會計準則財務指標，我們將把我們的討論限制在股東信函中一致的那些指標上。

Before I turn the call over to Chuck for his opening remarks, please note that on March 26 at the Optical Fiber Conference, or OFC, in San Diego, we plan to host a meeting with the investment industry, which will be webcast, during which we will provide an update regarding our communications market. And in April of this year, we plan to host our third market overview webinar. It will be focused on our instrumentation market. The first 2 market webinars focused on our communications and industrial markets are available on the Investor Relations section of our website.

在我將電話轉給 Chuck 致開幕詞之前，請注意，3 月 26 日在聖地亞哥舉行的光纖會議 (OFC) 上，我們計劃主辦一次投資行業會議，會議將進行網絡直播，會議期間我們將提供有關我們的通訊市場的最新資訊。今年四月，我們計劃舉辦第三次市場概述網路研討會。它將專注於我們的儀器儀表市場。前兩場市場網路研討會重點關注我們的通訊和工業市場，可在我們網站的投資者關係部分查看。

With that, it is my pleasure to turn the call over to Coherent's Chair and CEO, Dr. Chuck Mattera.

至此，我很高興將電話轉給相干公司董事長兼執行長 Chuck Mattera 博士。

Thank you, Paul. It's a great day here in Silicon Valley, close to most of our largest customers. As I've said before, leadership development is among the CEO's most important responsibilities. Given the shareholder letters extensive disclosures, I have asked the following senior leaders who participate in the Q&A fireside on today's call: Rich Martucci, Interim Chief Financial Officer; Bob Bashaw, President; Dr. Giovanni Barbarossa, Chief Strategy Officer and President Materials segment; Sohail Khan, Executive Vice President Silicon Carbide LLC, our newly created subsidiary for our silicon carbide business; Dr. Chris Dorman, Executive Vice President Lasers, who came to us through the Coherent acquisition; Magnus Bengtsson, Chief Commercial Officer who leads our global sales and service organization and who also came to us through the Coherent acquisition; Dr. Sanjai Parthasarathi, Chief Marketing Officer; and Dr. Julie Eng, Chief Technology Officer.

謝謝你，保羅。這是矽谷美好的一天，靠近我們大多數最大的客戶。正如我之前所說，領導力發展是執行長最重要的職責之一。鑑於股東信中披露了大量信息，我詢問了以下參加今天電話會議爐邊問答的高級領導人：臨時首席財務官 Rich Martucci；鮑勃·巴肖，總裁； Giovanni Barbarossa 博士，首席策略長兼材料部門總裁； Sohail Khan，執行副總裁 Silicon Carbide LLC，我們為碳化矽業務新創建的子公司； Chris Dorman 博士，雷射執行副總裁，透過相干公司收購來到我們這裡； Magnus Bengtsson，首席商務官，負責領導我們的全球銷售和服務組織，也是透過相干公司收購來到我們這裡的； Sanjai Parthasarathi 博士，行銷長；和首席技術長 Julie Eng 博士。

As being among the industry's best, they will provide investors a rich source of information about the depth and breadth of our markets, technologies, operations and overall business.

作為行業中的佼佼者，他們將為投資者提供有關我們市場、技術、營運和整體業務的深度和廣度的豐富資訊來源。

We emerged from the second quarter with greater confidence and excitement regarding a return to stronger growth and meaningfully enhanced profitability. For the quarter, we delivered solid sequential improvement in revenue and margins. The highlights of our second quarter include: healthy sequential increases in both gross and operating margin, ongoing AI-driven strength in the datacom vertical of our communications market, signs of improving demand in all four verticals within our industrial market, and the telecom vertical of our communications market for the confirmation of the previously announced transactions with Mitsubishi Electric and DENSO Corporation, in which they invested in aggregate of $1 billion in our silicon carbide business and entered into long-term supply agreements supporting demand for silicon carbide substrates and epitaxial wafers; and five an increase in our planned debt repayment in fiscal 2024 and resulting from the Silicon Carbide LLC being able to fund its own operating and capital expenditures.

從第二季度開始，我們對恢復更強勁的成長和顯著提高的獲利能力抱有更大的信心和興奮。本季度，我們的營收和利潤率實現了穩健的連續改善。第二季的亮點包括：毛利率和營業利潤率的健康連續成長、通訊市場數據通訊垂直領域持續的人工智慧驅動力、工業市場所有四個垂直領域需求改善的跡像以及電信垂直領域的需求改善跡象。我們的通訊市場確認了先前宣布的與三菱電機和電裝公司的交易，他們在我們的碳化矽業務上投資了總計10億美元，並簽訂了長期供應協議，支持對碳化矽襯底和外延片的需求；五是我們計劃在 2024 財年償還債務，這是因為碳化矽有限責任公司能夠為其自己的營運和資本支出提供資金。

While we expect that the higher revenue and the mix in our forecast will contribute to a rebound in margin structure, we are not waiting for improved end market demand to carry us. We've already implemented actions across virtually all of our businesses in a drive for enhanced operating efficiency. These actions, along with rigorous cost and expense control across the company, helped drive our sequential improvement in gross and operating margin in the second quarter. We are on a roll, but we're far from done. As we continue to transform the company to improve operating performance, we will optimize our production footprint and enhance operating resiliency while completing the integration of legacy Coherent. We also are exploring other strategic opportunities, not including material acquisitions to unlock shareholder value.

雖然我們預計更高的收入和預測中的組合將有助於利潤率結構的反彈，但我們不會等待終端市場需求的改善來推動我們。我們已經在幾乎所有業務中實施了行動，以提高營運效率。這些行動，加上整個公司嚴格的成本和費用控制，幫助推動我們第二季毛利率和營業利潤率的連續改善。我們進展順利，但還遠遠未完成。隨著我們繼續對公司進行轉型以提高營運績效，我們將優化我們的生產足跡並增強營運彈性，同時完成對傳統相干公司的整合。我們也正在探索其他策略機會，不包括釋放股東價值的重大收購。

Now for some numbers. While the macroeconomic environment continues to present challenges, we are pleased with our operating results for the quarter. We posted revenue of $1.131 billion, which was above the midpoint of our guidance, and non-GAAP EPS of $0.36, which was above the high end of our guidance. Operating cash flow was $67 million. We invested $91 million in capital equipment and we retired $89 million of debt. In addition to continuing to invest in our core assets, we are taking substantive actions to ensure we improve our resiliency and operating performance, especially to drive improvement in our margin structure, including through global integration and transformation and the realization of our synergy plan from the legacy Coherent acquisition as well as our previously announced restructuring and consolidation plan.

現在來看一些數字。儘管宏觀經濟環境持續帶來挑戰，但我們對本季的經營業績感到滿意。我們公佈的收入為 11.31 億美元，高於我們指導的中位數，非 GAAP 每股收益為 0.36 美元，高於我們指導的上限。營運現金流為 6700 萬美元。我們投資了 9,100 萬美元的資本設備，還清了 8,900 萬美元的債務。除了繼續投資核心資產外，我們還採取實質行動，確保提高彈性和營運績效，特別是推動利潤結構的改善，包括透過全球整合和轉型以及實現我們的協同計劃。傳統的Coherent 收購以及我們先前宣布的重組和整合計劃。

Our guidance for the third quarter of fiscal 2024 is as follows: revenue of approximately $1.12 billion to $1.20 billion, non-GAAP earnings per share of approximately $0.32 to $0.52. And our updated guidance for fiscal 2024 is revenue of $4.55 billion to $4.70 billion, which represents a $50 million increase at the low end of our previous guidance. Non-GAAP earnings per share of $1.30 to $1.70, which is up from $1 to $1.50 previously.

我們對 2024 財年第三季的指引如下：營收約為 11.2 億美元至 12 億美元，非 GAAP 每股盈餘約為 0.32 美元至 0.52 美元。我們對 2024 財年的最新指引是營收為 45.5 億美元至 47 億美元，比我們先前指引的低端增加了 5,000 萬美元。非 GAAP 每股收益為 1.30 美元至 1.70 美元，高於先前的 1 美元至 1.50 美元。

Before we take your questions, I would like to say how appreciative and how proud I am of the senior leaders on this call and all of our other employees who started with dedication for setting the stage for what's now, next and beyond. Coherent is well positioned with differentiated technology, exceptional talent and high-quality efficient manufacturing platforms capable of delivering products to markets that are rapidly growing.

在回答您的問題之前，我想說，我對參加本次電話會議的高級領導者以及我們所有其他員工感到非常感激和自豪，他們一開始就致力於為現在、下一步和未來奠定基礎。相干公司擁有獨特的技術、卓越的人才和優質且高效的製造平台，能夠為快速成長的市場提供產品。

And I believe we are better positioned than others to take full advantage of our existing market positions and to penetrate deeper into these markets, largely because of the intimacy, trust and partnerships we have cultivated with market leaders and our increased scale, creating stability in our core business and creating a flywheel effect of other growth opportunities that many of our competitors simply don't have.

我相信，我們比其他公司更有能力充分利用我們現有的市場地位，並更深入地滲透到這些市場，這主要是因為我們與市場領導者建立了密切的信任和夥伴關係，以及我們不斷擴大的規模，為我們的市場創造了穩定性。核心業務並創造其他成長機會的飛輪效應，這是我們的許多競爭對手根本不具備的。

In the upcoming years, we have tremendous upside potential and platform cost optimization attributable to the ongoing legacy Coherent integration, special restructuring and transformation projects that we've announced. We expect success given our proven track record and have a strong plan and road map in place, which will allow us to capitalize on the recovery and growth in our markets and of the broader market opportunities. We are endowed with a team of world-class technologists, industry pioneers and executives with a demonstrated capability for identifying and capitalizing on market megatrends.

在未來幾年，由於我們已經宣布的正在進行的遺留相干整合、特殊重組和轉型項目，我們將擁有巨大的上升潛力和平台成本優化。鑑於我們良好的業績記錄，我們預計會取得成功，並製定了強有力的計劃和路線圖，這將使我們能夠利用市場的復甦和成長以及更廣泛的市場機會。我們擁有一支由世界一流的技術專家、行業先驅和高管組成的團隊，他們具有識別和利用市場大趨勢的能力。

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

有了這個，我會把它交給保羅。保羅？

Thank you, Chuck. We will now open the call for analyst questions. (Operator Instructions) This call is scheduled for an hour. With that, Carmen?

謝謝你，查克。我們現在將開始徵集分析師提問。 （操作員說明）此通話預計持續一小時。就這樣，卡門？

(Operator Instructions) Our first question comes from Samik Chatterjee with JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Samik Chatterjee。

Congrats to the entire team there on the strong execution. Maybe just because it's one question, if I keep to datacom. In the shareholder letter, you referred to a number of new significant AI-related customers that you have engagements with. If you can give us a bit more insight about the nature of those customers, the magnitude potentially of those engagements can turn into if you were to win those awards relative to the existing orders that you have.

祝賀整個團隊的強大執行力。也許只是因為這是一個問題，如果我繼續使用數據通信的話。在股東信中，您提到了一些與您有合作的新的重要人工智慧相關客戶。如果您能讓我們更深入地了解這些客戶的性質，那麼如果您要贏得這些獎項（相對於您現有的訂單），這些參與的潛在規模可能會變得更大。

And then just a quick clarification. You did have 100% sequential growth in datacom, 800-gig revenue on capacity ramp, is that roughly where we should expect sort of capacity to linearly expand from here on?

然後快速澄清一下。數據通訊確實實現了 100% 的環比增長，容量增長帶來了 800 吉的收入，這是否是我們應該期望容量從現在開始線性擴展的地方？

Samik, thanks for your question. Sanjai?

薩米克，謝謝你的問題。桑賈伊？

Sure. Thanks for your question, Samik. So with any large-scale deployment of new technology, the few hyperscalers drive it, and now we are seeing that to extend more broadly. We're also engaged with new MEMs as well as up and down the entire ecosystem. So we have a very broad group of customers that's continuing to grow in terms of engagements. Did that answer your question?

當然。謝謝你的提問，薩米克。因此，對於任何新技術的大規模部署，都是由少數超大規模企業推動的，現在我們看到它的範圍正在擴大。我們也與新的 MEM 以及整個生態系的上下進行合作。因此，我們擁有非常廣泛的客戶群，他們的參與度正在持續成長。這回答了你的問題嗎？

Yes. Anything on the capacity ramp, Sanjai?

是的。 Sanjai，產能提升方面有什麼進展嗎？

So in the capacity ramp, we did say in the shareholder letter that we grew 100%. That's basically our 800G shipments, 100% quarter-over-quarter. In our ramp-up plans, we hit the quarterly -- we crossed the quarterly run rate of $100 million. And we also said that in fiscal '24, Samik, that over 50% of our datacom transceivers revenues will be from AI-related applications. So we are really excited with the ramp and the growth of the market.

所以在產能提升方面，我們在股東信中確實說過，我們成長了 100%。這基本上就是我們的 800G 出貨量，較上季 100%。在我們的提升計畫中，我們達到了季度目標——我們突破了 1 億美元的季度運行率。 Samik，我們也表示，在 24 財年，我們超過 50% 的數據通訊收發器收入將來自人工智慧相關應用。因此，我們對市場的成長和成長感到非常興奮。

And I'm expecting the third quarter will be greater than the second quarter and the fourth greater than the third, Samik. If that gives you any indication.

我預計第三季將比第二季更好，第四季將比第三季更好，Samik。如果這給了你任何指示。

Comes from the line of Ruben Roy with Stifel.

來自魯本·羅伊 (Ruben Roy) 和斯蒂菲爾 (Stifel) 的血統。

Congrats to the team. A follow-up for my one question on networking as well. Chuck, just trying to understand the commentary around the supply constraints. It sounds like they improved, lead times are shortening. Would you say your -- the majority of the supply chain constraints are behind now, and it's a question of shipping to demand? Or are there still some components that are out there that are in short supply? Is that kind of a limiting factor to the rest of the year on your AI transceiver shipments?

恭喜團隊。我關於網路的一個問題的後續行動。查克，只是想了解有關供應限制的評論。聽起來他們有所改善，交貨時間正在縮短。您是否會說，大多數供應鏈限制現在已經過去，這是一個按需求運輸的問題？或者是否還有一些組件供不應求？這是否是今年剩餘時間內人工智慧收發器出貨量的限制因素？

Okay. Thanks a lot, Ruben. Ruben, as you know, anytime you go through such a steep ramp, what's lying in front of you with regard to constraints is what you're trying to get out in front of. So if you look in the rearview mirror, the constraints have surely eased and moderated.

好的。非常感謝，魯本。魯本，正如你所知，每當你穿過如此陡峭的坡道時，你面前的限制就是你想要擺脫的。因此，如果你看看後視鏡，你會發現限制肯定已經放鬆和緩和。

But when you see the size of the ramp that we're going up, we have to manage a number of constraints. The first constraint, then the second and third, we have to anticipate them. We have to get our agreements with suppliers in place. And we're looking beyond FY '24. This is a super, super exciting and super-hot market. So we're in the process of looking out well into FY '25 to be sure that our supply chain can keep up with us. I hope that answers your question, Ruben.

但當你看到我們要上升的坡道的大小時，我們必須應對許多限制。第一個約束，然後是第二個和第三個，我們必須預見它們。我們必須與供應商達成協議。我們的目光將超越 24 財年。這是一個超級、超級令人興奮、超級火熱的市場。因此，我們正在密切關注 25 財年，以確保我們的供應鏈能夠跟上我們的步伐。我希望這能回答你的問題，魯本。

And it comes from the line of Meta Marshall with Morgan Stanley.

它來自梅塔·馬歇爾和摩根士丹利的血統。

Great. A couple of questions. Just one, just what are you seeing on inventory of under kind of this 800 gig or AI transceivers, and just when you expect some of the demand for that business to come back? And then just on top of that, a couple of quarters ago, you had noted that you had a couple of hundred million of orders that if you ramp capacity, you expected to be able to fulfill during this fiscal year.

偉大的。有幾個問題。只是一件事，您在這種 800 GB 或 AI 收發器以下的庫存中看到了什麼，以及當您預計該業務的部分需求會回升時？最重要的是，幾個季度前，您注意到您有幾億個訂單，如果您提高產能，您預計能夠在本財年履行這些訂單。

Obviously, you guys are ramping a little bit faster than expected just in terms of that kind of couple of hundred million that you outlined earlier in the year. Just how do you feel like you're going to be able to meet or exceed kind of those excess demand?

顯然，就今年早些時候概述的幾億美元而言，你們的成長速度比預期要快一些。您覺得自己能夠滿足或超越這些過剩需求嗎？

Thanks, Meta. Thanks for your interest. Sanjai?

謝謝，梅塔。感謝您的關注。桑賈伊？

Yes. Thanks for your question, Meta. So our -- so we just said in our shareholder letter that we shipped over 100 million in 800G transceivers last quarter. It was much smaller the previous quarter, it grew almost 100% quarter-over-quarter. And then we also said, Meta, that in fiscal '24, 50% of our datacom transceiver revenues will be from AI-related applications. So we are projecting a very strong growth in our 800G shipments. We are on a ramp-up, as Chuck referred to earlier. Hopefully, that answered your question.

是的。謝謝你的提問，梅塔。我們剛剛在股東信中表示，上個季度我們的 800G 收發器出貨量超過 1 億個。與上一季相比要小得多，但環比增長幾乎 100%。然後我們也說，Meta，在 24 財年，我們 50% 的數據通訊收發器收入將來自人工智慧相關應用。因此，我們預計 800G 出貨量將出現非常強勁的成長。正如查克之前提到的，我們正處於加速階段。希望這回答了你的問題。

I guess -- but just in terms of what are you seeing in terms of inventory clearing on the kind of sub-800 gig versus 800 gig -- I mean, I understand the 800-gig commentary, but what are we seeing just in terms of any other demand on the remainder of the business?

我想——但就你所看到的 800 台以下演出與 800 台演出的庫存清理而言——我的意思是，我理解 800 台演出的評論，但我們僅從術語上看到了什麼對其餘業務還有其他要求嗎？

Okay. So we haven't factored in any huge rebound in the non-AI business in datacom. And that's one of the -- but most of the growth is in 800G. Pretty much all of the growth is in 800G. And that's why we said over 50% of our fiscal '24, our revenues will be from AI and related 800G products.

好的。因此，我們沒有考慮到數據通訊中非人工智慧業務的任何巨大反彈。這是其中之一——但大部分增長來自 800G。幾乎所有的成長都集中在 800G 上。這就是為什麼我們說 24 財年超過 50% 的收入將來自人工智慧和相關 800G 產品。

And it comes from the line of Simon Leopold with Raymond James.

它來自西蒙·利奧波德和雷蒙德·詹姆斯的血統。

I wanted to as well talk about what's happening in 800-gig data center transceivers. And I'm looking for your thoughts on how you can compete in this market. And I'm struggling candidly because it seems like demand is great, which should be margin-favorable, but some of your competitors probably are willing to take lower margins. And so that might pressure profitability. Could you help us understand how you're thinking about that?

我還想談談 800G 資料中心收發器的發展。我正在尋找您對如何在這個市場競爭的想法。坦白說，我正在掙扎，因為需求似乎很大，這應該對利潤有利，但你的一些競爭對手可能願意接受較低的利潤。因此這可能會對盈利能力造成壓力。您能幫助我們了解您的想法嗎？

Thanks, Simon. Giovanni, would you like to give....

謝謝，西蒙。喬瓦尼，你願意給......

Simon, thanks for the question. Well, as a reminder, we are the most vertically integrated player in the space. So we heard, for example, people talking about shortage of pixels. well, guess what, we have the largest pixels supply in the world by far, so including obviously our competitors. So we have a very good kind of control of the supply line for mostly the components other than ICs. And we have our own manufacturing.

西蒙，謝謝你的提問。好吧，提醒一下，我們是該領域垂直整合程度最高的參與者。例如，我們聽到人們談論像素短缺。好吧，你猜怎麼著，我們擁有迄今為止世界上最大的像素供應，因此顯然也包括我們的競爭對手。因此，我們對 IC 以外的大多數組件的供應線都有很好的控制。我們有自己的製造。

We have pretty much the most complete laser offering in the space, both 100 and 200G as we announced in the past. So we think that will be very, very powerful, not only to remain competitive with performance standpoint and a road map standpoint, which are very strategic to our hyperscale customers and the like, but also from a cost structure standpoint. We think that we will have always the best margin profile versus those that have to pretty much buy everything from the merchant market. So we are very active in many of these technologies that will be an advantage from a profitability standpoint.

正如我們過去宣布的那樣，我們擁有該領域幾乎最完整的雷射器產品，包括 100G 和 200G。因此，我們認為這將非常非常強大，不僅可以從性能角度和路線圖角度保持競爭力，這對我們的超大規模客戶等非常具有戰略意義，而且從成本結構的角度來看。我們認為，與幾乎必須從商業市場購買所有東西的人相比，我們將始終擁有最好的利潤狀況。因此，我們在其中許多技術上非常活躍，從盈利的角度來看，這將是一個優勢。

I would add, Simon -- thank you, Giovanni. I would add, Simon, that we have a full portfolio of products that we're making for today and developing for tomorrow. Those are going to be even more exciting than the ones we're making today. And for us, having full control, as Giovanni just described, our focus is on time to market, time to volume and time to profitability. And that's where it needs to stay. We have a track record. It is a competitive market, that's for sure. We're intending to compete.

我想補充一點，西蒙——謝謝你，喬瓦尼。西蒙，我想補充一點，我們擁有完整的產品組合，這些產品是為今天製造並為明天開發的。這些將比我們今天製作的更令人興奮。對我們來說，正如喬瓦尼剛剛描述的那樣，我們擁有完全的控制權，我們的重點是上市時間、產量時間和獲利時間。這就是它需要停留的地方。我們有良好的記錄。這是一個競爭激烈的市場，這是肯定的。我們打算競爭。

Comes from the line of Jed Dorsheimer with William Blair.

來自傑德·多斯海默和威廉·布萊爾的血統。

Most questions seem to be on datacom so I'll be different in just, I guess, two-part question. Maybe just an update on the -- I saw -- I think it's maybe the first time that I've seen you kind of highlight or call out. But on the MicroLED, could you just talk about the products of Coherent there that you're offering? And then on silicon carbide, there's been some cross currents of data points in the market. I'm just wondering if you might be able to update on -- so what you're seeing from the customer base there?

大多數問題似乎都是關於數據通信的，所以我想我的問題由兩部分組成，我會有所不同。也許只是更新——我看到——我想這可能是我第一次看到你強調或呼籲。但在 MicroLED 方面，您能談談您提供的相干公司的產品嗎？然後在碳化矽方面，市場上存在一些數據點的交叉流。我只是想知道您是否能夠更新 - 那麼您從那裡的客戶群中看到了什麼？

Jed, thanks for your two questions. Chris will go first and then Sohail. Chris?

傑德，謝謝你的兩個問題。克里斯先走，然後是索海爾。克里斯？

Yes. Thanks, Chuck. Yes. So we spoke about the MicroLED developments that we have in previous quarters and about the multiple orders we received from China, Taiwan and Korea for the tools for a process called Laser-Induced Forward Transfer, which is where you take the currently 10-micron moving towards 5-micron MicroLEDs from the wafer to the display.

是的。謝謝，查克。是的。因此，我們談到了前幾季的MicroLED 發展，以及我們從中國、台灣和韓國收到的多個訂單，這些訂單涉及一種稱為雷射誘導前向轉移的工藝工具，您可以在該工藝中採用目前的10 微米移動技術。從晶圓到顯示器的 5 微米 MicroLED。

So we're seeing increasing customer engagement and are very excited about the impact of MicroLEDs on the television market. And this is a very high level of engagement now and a market that will be growing over the next 3 to 5 years.

因此，我們看到客戶參與度不斷增加，並對 MicroLED 對電視市場的影響感到非常興奮。現在這是一個非常高的參與度，而這個市場將在未來 3 到 5 年內持續成長。

Thank you, Chris. Sohail?

謝謝你，克里斯。索海爾？

Hello. Can you hear me?

你好。你聽得到我嗎？

Yes.

是的。

Thanks for your question. We are quite bullish about the silicon carbide market and the growth prospects over the next 5 to 10 years. And based upon that, we are sticking with our plan, which is driven from the customer engagement as well as long-term supply agreement which we had in place. The announcement with Mitsubishi and DENSO have strengthened our position, and we are seeing more engagements and specially lot of interest from both existing and new customers for 200-millimeter. So we are going to stick to our plan of the investment and expansion, and we will continue to see the growth of our business quarter-over-quarter and year-over-year.

謝謝你的提問。我們非常看好碳化矽市場以及未來5到10年的成長前景。基於此，我們堅持我們的計劃，該計劃是由客戶參與以及我們現有的長期供應協議所驅動的。與 Mitsubishi 和 DENSO 的合作鞏固了我們的地位，我們看到現有客戶和新客戶有更多的參與，特別是對 200 毫米的濃厚興趣。因此，我們將堅持我們的投資和擴張計劃，我們將繼續看到我們的業務環比和同比增長。

It comes from the line of Richard Shannon with Craig-Hallum Capital Group.

它來自理查德·香農 (Richard Shannon) 與克雷格·哈勒姆資本集團 (Craig-Hallum Capital Group) 的家族。

Maybe I'll ask a financial one here. It seems like after a couple of quarters of OpEx being flat to down, or I guess, a little bit more down on a pro forma basis, it seems like you're implying it growing here at a fairly steady rate here, which seems to be anathetical to the synergy and restructuring plan, I think, you announced 1 or 2 quarters ago. Can you help us understand why that is, why it might seem to be growing at a decent rate after bottoming out here?

也許我會在這裡問一個財務問題。似乎在幾個季度的營運支出持平到下降之後，或者我猜，在預計的基礎上下降了一點，你似乎暗示它在這裡以相當穩定的速度增長，這似乎我認為，您在一兩個季度前宣布的協同和重組計劃是值得懷疑的。您能否幫助我們理解為什麼會出現這種情況，為什麼在觸底後它似乎會以不錯的速度增長？

Thanks a lot Richard. Rich will take it.

非常感謝理查德。富人會接受它。

So yes, as you pointed out, our synergy plans and cost reduction has kept our expenses down in the OpEx. The big thing that you see in the ramp-up as we go forward in the guidance really is around R&D, around our AI product as well as other initiatives that we have in place. So that's really the increases coming from the R&D. We've done a really good job in our SG&A expenses.

所以，是的，正如您所指出的，我們的協同計劃和成本削減降低了我們的營運支出。隨著我們在指南中前進，您在加速過程中看到的最重要的事情實際上是圍繞研發、圍繞我們的人工智慧產品以及我們已經實施的其他舉措。所以這確實是來自研發的成長。我們在銷售、管理及行政費用方面做得非常好。

Look, those R&D investments in the second half of the year, Richard, are aimed for FY '25 and beyond on the basis of new information that we've received in the last 1 or 2 quarters from our customers for great clarity.

理查德，你看，下半年的研發投資是針對 25 財年及以後的，這是基於我們在過去一兩個季度從客戶那裡收到的非常清晰的新資訊。

Chuck, any way you'd want to characterize where those investments might sit, like by your segments or end markets or anything like that?

查克，您想用什麼方式來描述這些投資可能所處的位置，例如您的細分市場或終端市場或類似的東西？

In those markets that are growing, are growing extremely quickly, starting with AI, Richard. Everything starts with that.

在那些正在成長的市場中，成長速度非常快，從人工智慧開始，理查德。一切都從那開始。

One moment for our next question. It comes from Karl Ackerman with BNP Paribas.

請稍等一下我們的下一個問題。它來自法國巴黎銀行的卡爾·阿克曼。

As you indicated earlier on this call, VCSEL supply is critical right now on the ramp of both 800-gig and 1.6T transceivers. How has your internal capacity supported or helped your design wins for 1.6T, which you indicated will be ramping later on this year? And I guess if you could address that, perhaps you could also discuss the ramp of 1.6T over the next couple of quarters.

正如您之前在本次電話會議中指出的那樣，VCSEL 供應目前對於 800g 和 1.6T 收發器的成長至關重要。你們的內部產能如何支持或幫助你們的設計贏得 1.6T 的勝利（你們表示 1.6T 將在今年稍後推出）？我想如果你能解決這個問題，也許你也可以討論接下來幾季 1.6T 的升級。

Karl, thanks for your question. Giovanni will take it. And if there's anything to add, that Julie would like to add, to clarify, she will. Please, Giovanni.

卡爾，謝謝你的問題。喬瓦尼會接受的。如果有什麼要補充的，朱莉想補充，澄清一下，她會的。拜託，喬瓦尼。

Thanks for the question. I mean, as we said earlier, we have our own facility. Actually, we have 2 facilities, 2 [critical] fabs that are capable of producing datacom. But at this point in time, we're relying on only 1 fab and it's ramping like leaded by our internal customers and of course, our external customers too, which are our competitors.

謝謝你的提問。我的意思是，正如我們之前所說，我們有自己的設施。實際上，我們有 2 個設施，2 個能夠生產資料通訊的[關鍵]工廠。但目前，我們只依賴 1 座晶圓廠，並且在我們的內部客戶以及我們的外部客戶（當然還有我們的競爭對手）的帶領下，它正在不斷發展。

So as we said earlier, we have -- the advantage of being basically integrated to have a very a good understanding of the needs of the supply required by our -- both internal and external customers. So we have a full control of that. And we have had similar ramps in the past, this is a challenging ramp in terms of the data rate. But nevertheless, I think we are doing a great job in keeping up with the demand both internal and external supplies. So at least we're shipping based on demand. We are not behind even if we still need to go as requested by the forecast. So we are following up with the demand as we see it right now. So we don't see that being a challenge at least for our VCSEL supply.

因此，正如我們之前所說，我們具有基本上整合的優勢，可以很好地了解我們的內部和外部客戶所需的供應需求。所以我們對此有完全的控制權。我們過去也有過類似的斜坡，就數據速率而言，這是一個具有挑戰性的斜坡。但儘管如此，我認為我們在滿足內部和外部供應需求方面做得很好。所以至少我們是依照需求出貨的。即使我們仍需要按照預報的要求進行，我們也不落後。因此，我們正在跟進目前所看到的需求。因此，我們不認為這至少對我們的 VCSEL 供應構成挑戰。

Julie, would like to add regarding Karl's question on 1.6T.

Julie，想補充Karl 關於1.6T 的問題。

Right. Just to add to what Giovanni said is we also were one of the few in the industry actually that can make these very high speed. It's a unique capability.

正確的。補充一下喬瓦尼所說的，我們也是業內為數不多的能夠讓這些速度非常高的公司之一。這是一種獨特的能力。

And it's from Vivek Arya with Bank of America Securities.

來自美國銀行證券公司的 Vivek Arya。

This is Blake Friedman on for Vivek. On gross margin, you provided a useful outline on actions to return to 40%. But can you maybe quantify all the puts and takes ranging from improving utilization, operational efficiencies and new products? And this goes back to a previous question, but on mix, just given the momentum in AI transceivers, are these products at or above the corporate average gross margin today?

我是維韋克的布萊克‧弗里德曼 (Blake Friedman)。關於毛利率，您提供了有關恢復到 40% 的行動的有用概述。但您能否量化從提高利用率、營運效率和新產品等所有投入和支出？這又回到了先前的問題，但就混合而言，考慮到人工智慧收發器的發展勢頭，這些產品是否達到或高於當今企業的平均毛利率？

Blake, thanks. Rich?

布萊克，謝謝。富有的？

Yes. So a two-part question. The first question is the AI. And I think in the last earnings call, we did mention that it is at the average of the -- corporate average in terms of margin. In terms of our ability to drive margin in the future, obviously, the first thing is volume, that's one. The second is utilization within our fabs, which really 2 of our 6 fabs have really improved in terms of the utilization and also the reliance of our synergy plan, the reliance of our restructuring plan is really going to be utmost of importance in terms of increasing our gross margin going forward.

是的。這是一個由兩部分組成的問題。第一個問題是人工智慧。我認為在上次財報電話會議中，我們確實提到，就利潤率而言，它處於企業平均水平。就我們未來提高利潤率的能力而言，顯然，首要的是數量，就是這樣。第二個是我們晶圓廠內部的利用率，我們的6 家晶圓廠中有2 家在利用率方面確實得到了改善，而且我們的協同計劃的可靠性，我們重組計劃的可靠性對於增加產能來說確實是最重要的。我們未來的毛利率。

It comes from the line of Christopher Rolland with Susquehanna.

它來自克里斯多福羅蘭 (Christopher Rolland) 和薩斯奎哈納 (Susquehanna) 的血統。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Great. Congrats on the results. I just had one clarification and one question. First, the clarification. The primary gating issue on AI is 800-gig VCSELs. I just want to make sure whether I got that right or not.

偉大的。祝賀結果。我只有一項澄清和一個問題。首先，澄清。 AI 的主要門控問題是 800-g VCSEL。我只是想確定我是否做對了。

And then secondly, I wanted to talk about telco. So we're seeing more and more kind of weak data points coming out for telco, but it kind of feels like maybe you're going to tell us that could be in the rearview mirror for you guys. So is December the clear bottom there? Are you expecting to kind of grow through the year here? And what -- where can we kind of normalize out on a quarterly run rate for telecom looking forward?

其次，我想談談電信公司。因此，我們看到電信公司出現了越來越多的薄弱數據點，但感覺也許您會告訴我們，這可能會出現在您們的後視鏡中。那麼12月是明顯的底部嗎？你希望在這一年有所成長嗎？我們可以在哪裡使電信業的季度運作率正常化？

Okay, Chris. So Giovanni will clarify your question regarding VCSELs and Magnus will take the telecom question. Giovanni?

好吧，克里斯。因此，Giovanni 將澄清您有關 VCSEL 的問題，Magnus 將回答電信問題。喬瓦尼？

Yes. So the -- let me clarify, maybe try to be clear. No, it's not, okay? So we don't have a challenge from a supply standpoint from the VCSEL standpoint. Of course, when you ramp a production of transceiver modules, there's a number of other things that need to happen, including tests, automation of assembly lines, new processes.

是的。所以——讓我澄清一下，也許試著說清楚。不，不是這樣，好嗎？因此，從 VCSEL 的角度來看，我們在供應方面不存在挑戰。當然，當您提高收發器模組的產量時，還需要進行許多其他事情，包括測試、組裝線自動化、新製程。

And of course, there is also external supply chain, particularly around ICs, that will impact our ability to ramp. So everything is coming together. And based on the demand -- the demand is definitely stronger than what we could supply. We are capacity-limited but not necessarily from a device standpoint, but just as an overall ability to ramp to the volumes that we have been caught by surprise by the -- by our customers in terms of the most recent forecast versus previous forecast.

當然，還有外部供應鏈，特別是圍繞 IC 的供應鏈，這將影響我們的產能提升能力。所以一切都在一起了。根據需求－需求肯定強於我們的供應能力。我們的產能有限，但不一定是從設備的角度來看，而是從整體能力來看，我們的客戶根據最新的預測與先前的預測，讓我們感到驚訝。

We are realigned with road maps. We know exactly what the customers are looking for, for next-generation products. And so we will adapt our internal supply chain to keep up with the demand. Currently, we don't have experience -- going back to your first question, we don't experience a challenge from a VCSEL production standpoint. And I want also to recall that we have capacity -- superior capacity for both internal and external suppliers. So we don't -- we can manage that as we need to support our own transceiver business, obviously, as a product.

我們正在重新調整路線圖。我們確切地知道客戶對下一代產品的需求。因此，我們將調整我們的內部供應鏈以滿足需求。目前，我們沒有經驗——回到你的第一個問題，從 VCSEL 生產的角度來看，我們沒有遇到挑戰。我還想回顧一下，我們有能力——為內部和外部供應商提供卓越的能力。所以我們不會——我們可以管理它，因為我們需要支援我們自己的收發器業務，顯然，作為一個產品。

Thanks, Giovanni. Magnus, would you take the telecom question?

謝謝，喬瓦尼。馬格努斯，你能回答一下電信問題嗎？

Chris, so in telecom, we saw growth in the December quarter over the October quarter by about 20%. And if we look out for the balance of the fiscal year, we expect double-digit growth second half over first half. And beyond that, in '25, as the market improves we expect additional growth, both from the market coming back but also a lot of the engagement we have with customers on design wins for new products.

克里斯，在電信領域，我們看到 12 月季度比 10 月季度成長了約 20%。如果我們關注本財年的餘額，我們預計下半年將比上半年實現兩位數的成長。除此之外，在 25 年，隨著市場的改善，我們預計會出現額外的成長，這不僅來自於市場的回歸，也來自於我們與客戶在新產品設計上的大量互動。

It comes from the line of Mark Miller with The Benchmark Company.

它來自馬克米勒 (Mark Miller) 與基準公司 (Benchmark Company) 的血統。

Congrats on your progress. Just was wondering in terms of new applications for VCSELs in terms of automotive and other applications. What are you looking at over the next 12 months or so?

恭喜你的進步。只是想知道 VCSEL 在汽車和其他應用方面的新應用。在接下來的 12 個月左右的時間裡，您有什麼打算？

Great, Mark. Julie, will you take that one?

太棒了，馬克。朱莉，你願意接受那個嗎？

Sure. Sure, yes. So VCSELs in addition to the datacom market, it can be used in the sensing market. Obviously, we're in the sensing world and mobile phone application. And then in addition to that, you can use VCSELs for all kind of other sensing, including in a vehicle, potentially in health applications, so many potential future applications of VCSELs in sensing.

當然。當然，是的。因此VCSEL除了數據通訊市場外，還可以用於感測市場。顯然，我們處於感測世界和手機應用領域。除此之外，您還可以將 VCSEL 用於各種其他感測，包括在車輛中、可能在健康應用中，以及 VCSEL 在感測方面的許多潛在未來應用。

Comes from the line of Tim Savageaux with Northland Capital Markets.

來自 Northland Capital Markets 的 Tim Savageaux 家族。

Sorry if I might have missed this earlier. But you talked about 800-gig transceiver shipments at about 100 million in the quarter kind of doubling sequentially. Do you have an outlook for where you expect that number to go either in fiscal Q3 or by year-end? And I'll follow up from there.

抱歉，如果我之前可能錯過了這一點。但您談到本季 800G 收發器的出貨量約為 1 億個，連續翻倍。您對第三財季或年底該數字的預期有什麼展望嗎？我將從那裡跟進。

Yes. Okay, Tim. Thanks for your question. Tim, what we said that you may have missed is what I said is I expect our shipments in Q3 to be greater than Q2 and in Q4 greater than Q3. We're on a ramp. It's going up and to the right.

是的。好的，提姆。謝謝你的提問。提姆，我們說過你可能錯過了我所說的，我預計我們第三季的出貨量將大於第二季度，第四季的出貨量將大於第三季。我們在坡道上。它向上並向右移動。

Okay. Well, if I might maybe follow up on that a little bit. I mean, you're talking about fairly modest sequential growth here for Q3 and growth in telecom. So I guess, are you looking for -- and even if you look at your Q2 results, it seems like the lower speed stuff might have come down pretty good. So you're seeing some offsets there. Is sort of that the dynamic for overall datacom revenue? Or what are the puts and takes as -- or is that ramp slowing a bit, I guess, from the...

好的。好吧，我可以稍微跟進一下嗎？我的意思是，您談論的是第三季相當溫和的連續成長和電信領域的成長。所以我想，您是否在尋找 - 即使您查看第二季度的結果，似乎較低速度的東西可能會下降得很好。所以你會看到一些偏移。這是數據通訊整體收入的動態嗎？或者看跌期權和看跌期權是多少——或者我猜，增長速度是否有所放緩…

It really is an insightful question. Meta Marshall had the same question and Sanjai tried to address it. Let's let him take another pass at it.

這確實是一個富有洞察力的問題。 Meta Marshall 也有同樣的問題，Sanjai 試圖解決這個問題。讓我們讓他再試一次。

Okay. So thanks for the question, Tim. So in terms of the market, the market -- the fastest-growing segment of the market is 800G and above, which is really AI. We just redid our forecast on the market, it's growing at a 65% CAGR in the next 5 years, Tim. So it's a very sharply growing market and we expect -- we aim to grow faster than that market. Now the traditional networking market is certainly not growing at that clip, and we are not really factoring a significant rebound in our non-AI, if you will, market growth or our revenue growth. So a lot of our revenue growth is coming from AI-related applications. Hopefully, that's clear.

好的。謝謝你的提問，提姆。所以就市場而言，市場——成長最快的細分市場是800G以上，這才是真正的AI。我們剛剛重新調整了對市場的預測，未來 5 年複合年增長率將達到 65%，Tim。因此，這是一個成長非常迅速的市場，我們預計，我們的目標是比該市場成長得更快。現在，傳統網路市場肯定不會以這種速度成長，而且我們並沒有真正考慮非人工智慧（如果你願意的話）市場成長或我們的收入成長的顯著反彈。因此，我們的收入成長很大一部分來自於人工智慧相關的應用程式。希望這是清楚的。

Thank you, Sanjai.

謝謝你，桑賈伊。

And it's from Ananda Baruah with Loop Capital.

來自 Loop Capital 的 Ananda Baruah。

Congrats on the strong execution. Yes, actually, just a follow-up there, Sanjai, clarification. Is that the -- I guess, what is 65% growth over the next 5 years specifically?

祝賀強大的執行力。是的，實際上，只是一個後續行動，Sanjai，澄清一下。我猜，未來 5 年 65% 的成長率具體是多少？

Ananda, it is the growth of 800G and above transceivers, datacom transceivers from calendar '23 to calendar '28. It's at a 65% CAGR.

阿南達，是800G以上收發器、數通收發器從23年到28年的成長。年複合成長率為 65%。

Super helpful. And I guess my question is, any way to think about yet the transceiver opportunity for genAI outside of the hyperscale complex? And so specifically, I'm thinking at telcos and on-premise, say, like Fortune 1000 sites. And that's it for me.

超有幫助。我想我的問題是，有什麼方法可以考慮超大規模複合體以外的 genAI 收發器機會嗎？具體來說，我正在考慮電信公司和本地部署，例如財富 1000 強網站。對我來說就是這樣。

Okay, Ananda. Julie will take the next one.

好吧，阿南達。朱莉將接受下一張。

Ananda, yes. So the -- obviously, the biggest deployments are the biggest web scale. And as time goes on that spreads out, as you point out, to other smaller entities that could either host services or people may choose to have their services on-premise so that diversified the customer base, similar actually to the Ethernet market. And then -- so the genAI -- I forgot the second part of the question.

阿難，是的。因此，顯然，最大的部署是最大的網路規模。正如您所指出的，隨著時間的推移，這種情況會蔓延到其他較小的實體，這些實體可以託管服務，或者人們可以選擇在本地提供服務，從而使客戶群多樣化，實際上類似於乙太網路市場。然後 - 所以 genAI - 我忘記了問題的第二部分。

With regard to -- will it spill over to telecom.

關於——它是否會蔓延到電信領域。

Thank you. Yes, eventually, it all spills over to telecom because all the data that's getting generated inside has to go somewhere. So we do believe that, that will impact our telecom revenue in a positive way over time, should impact eventually also non-AI datacom revenue. And then finally, something that might not be so direct of a comparison, but these genAI chips also require the most advanced process nodes, and that's beneficial to our industrial segment for our semi-cap inspection lasers.

謝謝。是的，最終，這一切都會蔓延到電信領域，因為內部產生的所有資料都必須到達某個地方。因此，我們確實相信，隨著時間的推移，這將對我們的電信收入產生積極的影響，最終也會影響非人工智慧數據通訊收入。最後，可能不是那麼直接的比較，但這些 genAI 晶片也需要最先進的製程節點，這對我們的半蓋檢查雷射的工業部門有利。

Ananda, I would add that besides datacom and telecom verticals, we have a semi-cap equipment business, and it's also underpinning the growth in AI by providing new tools, including laser-based tools and engineered material tools to OEMs that have to build the equipment to make the devices. I mean, we have it surrounded.

阿南達，我想補充一點，除了數據通信和電信垂直領域外，我們還有半電容設備業務，它還通過向必須構建人工智能的原始設備製造商提供新工具（包括基於激光的工具和工程材料工具）來支撐人工智慧的成長。製造設備的設備。我的意思是，我們已經包圍了它。

And it's from the line of Dave Kang with B. Riley.

這是 Dave Kang 和 B. Riley 的血統。

A question is on ARM lasers. Chuck, I think you talked about it in the past that as ARM lasers has an 8-figure opportunity and could reach 9 figures if you successfully penetrate the Chinese market. Just wondering if you can give us an update there.

一個關於 ARM 雷射的問題。 Chuck，我想你過去說過，ARM雷射有8位數的機會，如果你成功打入中國市場，可以達到9位數。只是想知道您是否可以向我們提供最新情況。

Thanks, Dave. Thanks for asking about one of our other super exciting opportunities. Giovanni?

謝謝，戴夫。感謝您詢問我們其他超級令人興奮的機會之一。喬瓦尼？

Yes, Dave, thanks for the question. Yes, we're making a lot of progress. Actually just recently, we learned that the major battery maker in China kind of displaced our competitor laser to replace it with our ones on the production line. So we think it's going to be a huge opportunity for our goal since it's one of the largest battery makers in the world.

是的，戴夫，謝謝你的提問。是的，我們正在取得很大進展。實際上就在最近，我們了解到中國的主要電池製造商在生產線上用我們的雷射取代了我們競爭對手的雷射。因此，我們認為這將是實現我們目標的巨大機會，因為它是世界上最大的電池製造商之一。

So we think in addition to the existing customers they keep ramping production, you see the major advantage of the spatter-free and no-porosity kind of well quality provided by our ARM laser profile, we believe that to grow in the market space. And it's not going to be limited just to batteries for EVs. I think we're seeing application beyond that, not only in the automotive market, but for example, in the semi cap equipment market, we have been engaged recently on working on some advanced lithography tools to provide laser welding for some special alloys parts that are needed by those tools.

因此，我們認為，除了現有客戶不斷提高產量外，您還可以看到我們的 ARM 雷射輪廓提供的無飛濺和無孔隙品質的主要優勢，我們相信市場空間將不斷增長。而且它不僅限於電動車電池。我認為我們看到的應用超出了這個範圍，不僅在汽車市場，而且例如在半蓋設備市場，我們最近一直致力於開發一些先進的光刻工具，為一些特殊合金零件提供激光焊接，這些零件這些工具需要。

Dave, we're aiming to drive a paradigm shift when it comes to laser welding.

戴夫，我們的目標是推動雷射焊接領域的典範轉移。

And it comes from the line of Jim Ricchiuti with Needham & Company.

它來自 Jim Ricchiuti 和 Needham & Company 的血統。

I wonder if you could elaborate on the comment, early on in the shareholder letter that you would consider other strategic opportunities to unlock shareholder value, I'm wondering what that means. Are you suggesting that you might pursue some smaller M&A to maybe expand in some areas that you may not necessarily have the presence you want to have?

我想知道您是否可以在股東信函的早期詳細說明您會考慮其他策略機會來釋放股東價值的評論，我想知道這意味著什麼。您是否建議您進行一些較小的併購，以便在某些您可能不一定擁有您想要的業務的領域進行擴張？

That's a great question. We're from time to time, asked about it. We are prudent stewards of our capital. And let me ask Bob Bashaw, our President, if he'd like to remark.

這是一個很好的問題。我們不時被問及此事。我們是我們資本的謹慎管理者。讓我問我們的總統鮑勃·巴肖是否願意發表評論。

Yes, sure. Yes, I'm happy to, Chuck. Yes, as you know, we have been open to all kinds of transactions in the history of the company. And we are both great partners, and as Chuck said, shareholder value is always our driver. So we are actively, like we have been for 51 years, considering lots of alternatives to grow shareholder value. As we indicated in the shareholder letter, these are probably going to be smaller transactions, not material, but that is our focus across all range of potential transactions.

是的，當然。是的，我很高興，查克。是的，如您所知，我們一直對公司歷史上的各種交易持開放態度。我們都是偉大的合作夥伴，正如查克所說，股東價值始終是我們的驅動力。因此，正如 51 年來我們一直在積極考慮多種替代方案來增加股東價值。正如我們在股東信中指出的那樣，這些可能是規模較小的交易，而不是重大交易，但這是我們所有潛在交易的重點。

Is it a case of expanding in some areas that you're underserved? Is that the focus?

是否是在某些服務不足的領域進行擴張？這是重點嗎？

Well, for sure. There's -- if you look at all the technologies and the opportunities we have, there are a lot of corners that we can look in for areas to grow. There's also tremendous opportunities to partner. So we have -- we are considering all of those options and have active engagements in those areas.

嗯，當然。如果你看看我們擁有的所有技術和機會，你會發現我們有很多地方可以尋找成長的領域。還有巨大的合作機會。因此，我們正在考慮所有這些選擇，並在這些領域積極參與。

And it comes from the line of Mike Genovese with Rosenblatt Securities.

它來自羅森布拉特證券公司的邁克吉諾維斯 (Mike Genovese)。

And I guess I'll go to beating the dead horse here. When I parse your comments on 800G as a percentage of datacom transceivers this year, I end up somewhere in the range of revenue should be 70% to 150% higher than the $300 million you talked about entering the year. And so with that as the preamble, my two-part question is, are we still looking at 20% of the revenues being in the first half of the year and 80% in the second half of the year like you guys said, last quarter? Or is that sort of -- has that changed a little bit?

我想我會在這裡打敗死馬。當我將您對 800G 作為今年數據通訊收發器百分比的評論進行分析時，我最終得出的收入範圍應該比您所說的進入今年的 3 億美元高出 70% 到 150%。因此，作為序言，我的問題分為兩部分：我們是否仍然像你們上個季度所說的那樣，上半年收入的 20% 和下半年的收入 80% ？或者是這樣——有一點改變嗎？

And then secondly, just as we look at fiscal '25, should we put Sanjai's CAGR, which I think he said was 65%, if I heard that right? Is that roughly the right way to think about where we start for fiscal '25 growth in that business?

其次，正如我們審視 25 財年一樣，我們是否應該將 Sanjai 的複合年增長率（我認為他說的是 65%）計算在內，如果我沒聽錯的話？這是否是我們思考 25 財年該業務成長起點的大致正確方法？

Okay. Thank you, Mike. Okay, Sanjai?

好的。謝謝你，麥克。好吧，桑傑？

Yes. Thanks, Chuck. So Mike, I think our revenue pattern is pretty much in line with what you stated in terms of our growth rate. Obviously, we are going to -- we are aiming to do even better than that in terms of the second half of the fiscal year. .

是的。謝謝，查克。麥克，我認為我們的收入模式與您所說的成長率非常一致。顯然，我們的目標是在本財年下半年做得更好。 。

And I remind you, it is 65% is a 5-year CAGR. So maybe just keep that in mind, Mike.

我提醒你，65% 是 5 年複合年增長率。所以也許請記住這一點，麥克。

Sorry, but I'm just -- I guess, 20-80 though, is that -- we're still targeting 20-80, that hasn't flattened out a little bit because of the good performance in 2Q? It's still 20-80?

抱歉，但我只是 - 我猜，20-80，但我們仍然以 20-80 為目標，但由於第二季度的良好表現，這一目標還沒有趨於平緩？還是20-80？

It's close to that, maybe a little bit higher than 20 and a little lower than 80, but that's roughly right.

很接近這個值，可能比 20 稍高一點，比 80 稍低一點，但大致是正確的。

Thank you. And this concludes the Q&A session. I will turn it back to Paul Silverstein for any final comments.

謝謝。問答環節到此結束。我會將其轉回給保羅·西爾弗斯坦（Paul Silverstein）以徵求最終意見。

Thank you, Carmen. I want to thank all the analysts on the call for their thoughtful questions. And I want to thank all of you on the line for having joined us this morning. We look forward to talking with you in the future. Thank you.

謝謝你，卡門。我要感謝所有分析師提出的深思熟慮的問題。我要感謝今天早上加入我們的所有人。我們期待將來與您交談。謝謝。

Thank you, ladies and gentlemen, for joining us today. You may now disconnect.

女士們、先生們，謝謝你們今天加入我們。您現在可以斷開連線。