Coherent Corp (COHR) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Coherent Corp. Fiscal Year '24 Third Quarter Earnings Call.

美好的一天，感謝您的支持。歡迎參加相干公司 24 財年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Paul Silverstein, Senior Vice President, Investor Relations. Please go ahead.

現在我想將會議交給今天的第一位發言人，投資者關係高級副總裁保羅·西爾弗斯坦 (Paul Silverstein)。請繼續。

Thank you, Victor, and good morning, everyone. Thank you for joining our third quarter fiscal 2024 earnings call. On the call, we have Coherent Chair and CEO Dr. Chuck Mattera and a number of Coherent senior leaders which Chuck will introduce shortly.

謝謝你，維克多，大家早安。感謝您參加我們的 2024 財年第三季財報電話會議。參加電話會議的有 Coherent 主席兼首席執行官 Chuck Mattera 博士以及 Chuck 稍後將介紹的一些 Coherent 高級領導。

Yesterday, after market close, we issued a press release, posted a shareholder letter and an 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, outlook, visibility, key trends and developments.

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、前景、可見性、主要趨勢和發展的詳細資訊。

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.

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。

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. We present historical non-GAAP financial measures. We'll limit our discussion on those that are reconciled in the shareholder letter.

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。我們提供歷史性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中一致同意的內容。

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. The segment continues at Coherent, where we delivered another solid quarter. Before diving into the details, I will comment briefly on the CEO search process. As previously disclosed, our Board has retained a leading executive search firm to help identify and establish a selection committee to evaluate CEO candidates from a pool of both internal and external candidates.

謝謝你，保羅。該部門在相干公司繼續開展，我們又實現了一個穩定的季度業績。在深入討論細節之前，我將簡要評論一下執行長的搜尋過程。正如之前所披露的，我們的董事會聘請了一家領先的獵人頭公司來幫助物色並建立一個選拔委員會，以從內部和外部候選人中評估執行長候選人。

Our focus is on preparing for and selecting a new CEO with the necessary skills, knowledge and experience to seamlessly and successfully succeed me and to help ensure Coherent's sustainable growth and success. With that said, I will not comment on it further during today's call. Rather, I will focus my brief remarks on our super exciting performance in Q3 and the exciting setup for Q4 and fiscal year '25.

我們的重點是準備和選擇一位具備必要技能、知識和經驗的新首席執行官，以無縫、成功地接替我，並幫助確保相干公司的可持續成長和成功。話雖如此，我不會在今天的電話會議中進一步發表評論。相反，我將簡要評論我們在第三季度的超級令人興奮的表現以及第四季度和 25 財年的令人興奮的設置。

As I have stated previously, leadership development is among a CEO's most important responsibilities. Given the shareholder letter's extensive disclosures, I have asked the following senior leaders to participate in the Q&A portion of today's call: Rich Martucci, Interim Chief Financial Officer; Dr. Giovanni Barbarossa, Chief Strategy Officer and the President of the Materials segment; Dr. Julie Sheridan Eng, Chief Technology Officer; Dr. Sanjai Parthasarathi, Chief Marketing Officer; Magnus Bengtsson, Chief Commercial Officer, who leads our global sales and service organization and who came to us through the Coherent acquisition; Sohail Khan, EVP Silicon Carbide LLC; Dr. Lee Xu, EVP Datacom Transceivers; and Dr. Beck Mason, EVP Telecom. For the last 20 years, I have been blessed with the privilege of working with the most experienced management team in the industry, as one small measure.

正如我之前所說，領導力發展是執行長最重要的職責之一。鑑於股東信中揭露的內容廣泛，我已邀請以下高階主管參加今天電話會議的問答部分： 臨時財務長 Rich Martucci； Giovanni Barbarossa 博士，首席策略長兼材料部門總裁； Julie Sheridan Eng 博士，技術長； Sanjai Parthasarathi 博士，行銷長； Magnus Bengtsson，首席商務官，領導我們的全球銷售和服務組織，透過收購相干公司來到我們這裡； Sohail Khan，碳化矽有限責任公司執行副總裁； Lee Xu 博士，資料通訊收發器執行副總裁；以及電信執行副總裁 Beck Mason 博士。在過去的 20 年裡，我有幸與業內最有經驗的管理團隊一起工作，這只是一小部分。

Those of us on today's call have 300 years of collective experience. We will provide investors a rich source of information about the depth and breadth of our markets, technologies, operations and overall business. For the quarter, we delivered solid sequential improvement in revenue and EPS, both of which came in above the high end of our guidance. Due primarily to unexpected issues that we've already resolved or expect to soon resolve, the non-GAAP gross margin was below guidance, but rigorous operating expense discipline and controls allowed us to deliver non-GAAP operating margin in line with our guidance.

我們這些參加今天電話會議的人擁有 300 年的集體經驗。我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。本季度，我們的營收和每股盈餘實現了穩健的連續改善，兩者均高於我們指導的上限。主要由於我們已解決或預計很快解決的意外問題，非 GAAP 毛利率低於指導，但嚴格的營運費用紀律和控制使我們能夠提供符合我們指導的非 GAAP 營運利潤。

The highlights of our third quarter include:

我們第三季的亮點包括：

An almost 7% sequential increase in revenue and a $0.17 or almost 50% sequential increase in non-GAAP EPS;

營收季增近 7%，非 GAAP 每股收益環比成長 0.17 美元，近 50%；

Another strong -- another quarter of strong AI-related Datacom demand for our 800G Datacom transceivers. We now expect this strength to continue in the current fourth quarter and into fiscal '25.

另一個強勁的季度是與人工智慧相關的數據通訊對我們的 800G 數據通訊收發器的強勁需求。我們現在預計這種強勁勢頭將在當前第四季持續到 25 財年。

A slower-than-expected recovery in our telecom vertical.

我們的電信業的復甦慢於預期。

Continuing signs of improving outlook for our industrial market, which accounts for approximately 34% of total revenue.

我們的工業市場前景持續改善，約佔總收入的 34%。

The repayment of $58 million of outstanding debt and the completion of a repricing of our $2.4 billion secured term loan B, reducing interest rate margins by 25 basis points, which results in an annual savings of approximately $9 million and;

償還 5,800 萬美元的未償債務並完成對 24 億美元的擔保定期貸款 B 的重新定價，將利差降低 25 個基點，從而每年節省約 900 萬美元；

The upgrade of our credit rating to Ba2 by Moody's, reflecting our leadership position in the exciting AI market, and their expectation that our financial performance will continue to improve.

穆迪將我們的信用評級提升至 Ba2，反映了我們在令人興奮的人工智慧市場中的領導地位，以及他們對我們的財務表現將持續改善的期望。

Our diversification -- across product, technology and regional markets -- is serving us well. AI-related Datacom demand remains strong. While still early, we also saw further signs in the quarter of improving demand in our industrial market, along with further signs of stabilization in our Instrumentation and Electronics markets, which we expect will also eventually return to growth.

我們的多元化——跨產品、技術和區域市場——對我們很有幫助。人工智慧相關的數據通訊需求依然強勁。雖然還為時過早，但我們在本季度也看到了工業市場需求改善的進一步跡象，以及儀器和電子市場進一步穩定的跡象，我們預計這些市場最終也將恢復成長。

Despite the macroeconomic backdrop, our diversification strategy has helped distinguish us from the rest of the pack. For the quarter, we posted revenue of $1.209 billion, which was above the high end of our guidance, and non-GAAP EPS of $0.53, which was also above the high end of our guidance.

儘管存在宏觀經濟背景，但我們的多元化策略幫助我們從其他公司中脫穎而出。本季度，我們公佈的營收為 12.09 億美元，高於我們指引的上限，非 GAAP 每股收益為 0.53 美元，也高於我們指引的上限。

Operating cash flow was $117 million. We invested $93 million in capital equipment, and we returned $58 million of debt.

營運現金流為 1.17 億美元。我們在資本設備上投資了 9,300 萬美元，並償還了 5,800 萬美元的債務。

Turning to our guidance. For the fourth quarter of fiscal '24, we are guiding for:

轉向我們的指導。對於 24 財年第四季度，我們的指導是：

Revenue of approximately $1.123 billion to $1.32 billion;

收入約11.23億美元至13.2億美元；

Non-GAAP earnings per share of approximately $0.52 to $0.68.

非 GAAP 每股盈餘約為 0.52 至 0.68 美元。

[Our guidance for the full year of fiscal 2024 is] (added by company after the call):

[我們對 2024 財年全年的指導是]（由公司在電話會議後添加）：

Revenue of approximately $4.62 billion to $4.7 billion for the year, which is a $70 million increase at the low end of our previous guidance.

今年收入約為 46.2 億美元至 47 億美元，比我們之前指導的低端增加了 7,000 萬美元。

Non-GAAP EPS of approximately $1.56 to $1.73 for the year, up from $1.30 to $1.70, which was our previous guidance.

本年度非 GAAP 每股收益約為 1.56 美元至 1.73 美元，高於我們先前指導的 1.30 美元至 1.70 美元。

Before turning to questions, I would like to say how appreciative and proud I am of the senior leaders and all of our other employees whose tireless dedication to transforming Coherent are setting the stage for a broad industry leadership now, next and beyond.

在開始提問之前，我想說，我對高階領導和所有其他員工感到非常感激和自豪，他們對相干公司轉型的不懈奉獻為現在、未來和未來廣泛的行業領導地位奠定了基礎。

Opportunity is one of the most difficult things in life to recognize early on. However, we have a 50-plus year old track record to point to, when I say with confidence and faith that I truly believe that the best is yet to come.

機會是生命中最難儘早認識到的事情之一。然而，當我充滿信心地說，我真正相信最好的尚未到來時，我們有 50 多年的歷史記錄可供參考。

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

有了這個，我會把它轉回給保羅。保羅？

Thank you, Chuck. We'll now open the call for analyst questions. This call is scheduled for a full hour. As we have approximately 20 analysts that cover the company, we ask that each of you limit yourself to one question and one follow-up. Please direct your questions to Chuck, who will decide who is best to respond.

謝謝你，查克。我們現在將開始徵集分析師提問。這次通話預計持續一小時。由於我們有大約 20 名分析師負責該公司的業務，因此我們要求你們每個人只提出一個問題和一個後續行動。請將您的問題直接問查克，他將決定誰最好回答。

Victor, please open it up to questions.

維克多，請開放提問。

(Operator Instructions)

（操作員說明）

Our first question will come from the line of Samik Chatterjee from JPMorgan.

我們的第一個問題來自摩根大通的 Samik Chatterjee。

Congrats on the strong results here. If I can just start with Datacom. And when you started on this ramp, which has been pretty impressive, you did have the benefit of a lot of visibility into the orders from your customers. I think at that point, you had almost like a year's visibility in terms of orders based on how you're communicating about orders.

在這裡恭喜您取得了優異的成績。如果我能從 Datacom 開始就好了。當你開始這個令人印象深刻的斜坡時，你確實受益於對客戶訂單的大量可見性。我認為在這一點上，根據您對訂單的溝通方式，您在訂單方面幾乎有一年的可見度。

As we now move into fiscal '25 and lead times are coming down, just curious what kind of visibility are customers giving you in relation to demand for fiscal '25? What do you think are the key growth drivers for the 800 gig or Datacom business in total in FY '25? And I have a follow-up.

隨著我們現在進入 25 財年，交貨時間正在縮短，只是好奇客戶為您提供了與 25 財年需求相關的什麼樣的可見性？您認為 25 財年 800 場演出或數據通訊業務的主要成長動力是什麼？我有一個後續行動。

Thank you, Samik. Lee, would you like to?

謝謝你，薩米克。李，你願意嗎？

Thanks for the question. This is Lee Xu. Our outlook versus a quarter ago did not change. We still see strong growth in overall 800G and AI-related demand and our customer interaction has been improving. And as you can see, in the past few quarters, our 800G ramp-up from FY '23 is $20 million also, to $50 million in our Q1, a little bit over $100 million in Q2, and this quarter, we reported close to $200 million, and we project in Q4 of more than $250 million.

謝謝你的提問。這是李旭。與季度前相比，我們的前景沒有改變。我們仍然看到 800G 和人工智慧相關的整體需求強勁成長，並且我們的客戶互動一直在改善。正如您所看到的，在過去的幾個季度中，我們的800G 從23 財年起也增加了2000 萬美元，第一季達到5000 萬美元，第二季度略高於1 億美元，本季度，我們報告接近2 億美元，我們預計第四季度將超過 2.5 億美元。

So we still see further growth in FY '25. But in our field, the -- I would say, the lead time for people to order 800G transceivers is coming down. And that's why we are -- when we forecast our 800G revenue, we are being more prudent. But in terms of the trend, our forecast from our key customers, there is no change. And we also said that we are broadening our 800G customer bases. And now it's much broader, and we see that in FY '25, it's going to be even more broad.

因此，我們仍預期 25 財年將進一步成長。但在我們的領域，我想說，人們訂購 800G 收發器的交貨時間正在縮短。這就是為什麼我們在預測 800G 收入時更加謹慎。但就趨勢而言，我們對主要客戶的預測並沒有改變。我們也表示我們正在擴大我們的800G客戶群。現在它的範圍要廣泛得多，我們看到在 25 財年，它的範圍將會更加廣泛。

And for my follow-up, if I can just quickly ask on the supply side. We get a lot of questions from investors asking about if there are supply constraints either on VCSELs or any of the other components going into the Datacom transceivers, particularly as you plan ahead for the ramp in fiscal '25 or the growth in fiscal '25, how are you managing around those sort of visibility around supply? Any key bottlenecks that you see that you need to resolve?

至於我的後續行動，我是否可以快速詢問供應方面的情況。我們收到投資者的許多問題，詢問 VCSEL 或數據通訊收發器中的任何其他組件是否存在供應限制，特別是當您提前規劃 25 財年的產能提升或 25 財年的成長時，您如何管理供應方面的這種可見性？您認為需要解決哪些關鍵瓶頸？

Thank you for that key question. We largely resolved all the material constraints, whether it's internal or external. So we feel confident on our capabilities.

謝謝你提出這個關鍵問題。我們基本上解決了所有物質限制，無論是內部還是外部。所以我們對我們的能力充滿信心。

Our next question comes from the line of Simon Leopold from Raymond James.

我們的下一個問題來自雷蒙德·詹姆斯的西蒙·利奧波德。

The first thing I wanted to see if you could unpack a little bit was in the prepared remarks, Chuck, you mentioned the gross margin being a little bit softer than what you had been anticipating. Could you help us understand what are sort of the key drivers and expectations for how gross margin can improve over time? Is it as simple as getting utilizations up? Or is it more about the cost reduction and synergies? Help us understand sort of the key levers and the targets? And then I've got a follow-up.

我想知道的第一件事是你是否可以在準備好的評論中透露一點，查克，你提到毛利率比你預期的要低一些。您能否幫助我們了解毛利率隨著時間的推移如何提高的關鍵驅動因素和預期是什麼？難道只是提高利用率這麼簡單嗎？或者更多的是為了降低成本和綜效？幫助我們了解哪些關鍵槓桿和目標？然後我有後續行動。

Okay. Simon, thanks for your question. Rich is ready to go.

好的。西蒙，謝謝你的提問。里奇準備出發了。

Thank you, Simon. The -- obviously, the management team was a little disappointed in our performance in Q3 on the margin. We detailed out the one-time really transitory items in Q3. As we move forward and as we mentioned, we still are targeting a 40% gross margin by the second quarter -- first half of FY '26. And with that, over a 20% operating margin. And there's many positive drivers that we have to achieve this. First is really the incremental volume and the mix as well.

謝謝你，西蒙。顯然，管理團隊對我們第三季的表現有點失望。我們在第三季詳細列出了一次性真正短暫的項目。正如我們所提到的，隨著我們的前進，我們的目標仍然是到第二季（即 26 財年上半年）達到 40% 的毛利率。這樣一來，營業利益率就超過 20%。為了實現這一目標，我們必須有許多積極的驅動因素。首先是增量數量和混合。

Without a doubt, we're going to need the increase in our Industrial as well as Instrumentation markets. Those are typically sales that come through -- revenue that comes through our Networking or our Materials and Lasers segment that will strengthen the margins as well as our strength in supply chain and buying power. That also is a key factor.

毫無疑問，我們將需要增加工業和儀器市場。這些通常是透過我們的網路或材料和雷射部門獲得的收入，這將增強我們的利潤率以及我們在供應鏈和購買力方面的實力。這也是一個關鍵因素。

We did have mentioned to you our synergy and restructuring plans in the past, which we are on pace for. But even longer term, we're in the midst of a transformation. We just started a global design for a new ERP implementation, a new system, and we are just at the beginning of implementing AI tools. So all those factors will culminate in us reaching a higher margin.

我們過去確實曾向您提到我們的協同和重組計劃，我們正在努力實現這項計劃。但從長遠來看，我們正處於轉型之中。我們剛開始對新的 ERP 實施、新系統進行全域設計，而且我們才剛開始實施人工智慧工具。因此，所有這些因素最終將使我們達到更高的利潤率。

And then as my follow-up, I'd like to sort of get some sense of your vision of where the AI opportunity can go. So it looks as if you're expected to exceed your prior expectations for this fiscal year. I imagine it's maybe a little bit early to give us details on fiscal '25. But if you could give us some guidepost of how you're thinking about the 800 gig and above business evolving beyond the next quarter?

然後，作為我的後續行動，我想了解您對人工智慧機會發展方向的看法。因此，看起來您對本財年的預期將超出您先前的預期。我想現在向我們提供 25 財年的詳細資訊可能還為時過早。但您能否給我們一些指導，說明您如何看待 800 場及以上的業務在下個季度之後的發展？

Simon, thanks. Simon, I think we'll take a step back and talk about the market because we're expecting to lead the market. So Sanjai, why don't you just give a quick summary?

西蒙，謝謝。西蒙，我想我們應該退後一步來討論市場，因為我們期望引領市場。那麼 Sanjai，為什麼不快速總結一下呢？

Okay. Thanks, Chuck. Simon, thanks for the question. So we just -- In our investor presentation, we have a chart that talks about the market, the growth and inflection that's happened with AI. Over the next few years, we still see a very strong growth in 800G. Over the next 5 years, it's growing at a 60% CAGR. And that's 800G and beyond. So 800G and 1.6. So the market is strong. We are projecting very healthy growth for the market. And I mean that's where it is today, that's great.

好的。謝謝，查克。西蒙，謝謝你的提問。所以我們只是——在我們的投資者演示中，我們有一張圖表來討論市場、人工智慧的成長和變化。未來幾年，我們仍然看到 800G 的強勁成長。未來 5 年，複合年增長率將達 60%。那是 800G 以上。所以800G和1.6。所以市場很強。我們預計市場將實現非常健康的成長。我的意思是，這就是今天的情況，這太棒了。

Our next question will come from the line of Ruben Roy from Stifel.

我們的下一個問題將來自 Stifel 的 Ruben Roy。

And congrats, team on the execution and solid results. I guess, Chuck, I wanted to follow up on Sanjai's commentary which is -- the question, I guess, would be sort of around longer-term expectations in the CAGR. And the CAGR has been moving around on kind of your overall Datacom transceiver expectations, I think in the shareholder letter last night, 21%, which is -- it's great, but it's down a little bit from the previous assumption.

祝賀團隊的執行力和紮實的成果。我想，查克，我想跟進 Sanjai 的評論，我想這個問題將圍繞複合年增長率的長期預期進行。 CAGR 一直在圍繞您的整體數據通訊收發器預期變化，我認為在昨晚的股東信中，為 21%，這很好，但比之前的假設略有下降。

And so I guess the question would be, what are the moving parts and sort of how you guys are thinking about the longer-term CAGR? Is that -- are there parts of telco in that? Or is it just Datacom that you're considering? And any kind of additional detail on how you're thinking about longer-term growth would be helpful.

所以我想問題是，變化的部分是什麼？那是──裡面有電信公司的部分嗎？或者您只是考慮數據通信？任何有關您如何考慮長期增長的額外細節都會有所幫助。

Thank you, Ruben. Thanks for the question, Sanjai?

謝謝你，魯本。謝謝你的提問，桑傑？

Yes. Thanks, Ruben. Thanks for the question. Yes, we did take it down a little bit from our last report. Two things happened. One, CY '23 was much bigger than what we had originally anticipated. And then over the long term, we have taken down the sub-800G numbers a little bit. So we're still projecting 21% over for 5 years and I made the comment earlier about 800G and beyond. That is still growing at the same kind of clip, that we previously anticipated. the market is young and fluid. We keep getting data points from our customers and end customers. So we are constantly revising our view of the market. Hopefully, that answered the question.

是的。謝謝，魯本。謝謝你的提問。是的，我們確實從上次報告中刪除了一些內容。發生了兩件事。第一，CY '23 比我們最初預期的要大得多。然後從長遠來看，我們已經減少了 800G 以下的數量。因此，我們仍預計 5 年內將成長 21%，我之前曾評論過 800G 及以上。該數字仍在以我們之前預期的相同速度增長。市場年輕且流動。我們不斷從客戶和最終客戶那裡獲取數據點。所以我們不斷修正對市場的看法。希望這回答了問題。

Yes, it did. And then for a follow-up, I had a gross margin question as well. Given that Datacom transceivers are a meaningful part of the kind of the way the gross margins move around, I guess. Can you give us a little more detail on some of the corrective actions around the transceiver yields? And as you look out into fiscal '25 or some of those corrective actions, do you think applicable to the 1.6T ramp?

是的，確實如此。接下來，我也有一個毛利率問題。我認為，鑑於數據通訊收發器是毛利率變動方式中有意義的一部分。您能否為我們提供有關收發器良率的一些糾正措施的更多詳細資訊？當您展望 25 財年或其中一些糾正措施時，您認為適用於 1.6T 升級嗎？

Ruben, yes, sure. Lee?

魯本，是的，當然。李？

Ruben, thanks for the question. This is one of our key targets for our operations, the Datacom transceivers. First of all, we did just -- we are transparent in terms of we had a slightly unexpected yield issue impacting our 800G ramp-up in Q3. And that problem has been resolved, and we'll see on Datacom a significant margin improvement, and we -- going forward in FY '25, because more and more product is going to move to 800G and higher data rate, we think that we will further improve our Datacom transceiver margins.

魯本，謝謝你的提問。數據通訊收發器是我們營運的主要目標之一。首先，我們只是——我們是透明的，因為我們在第三季度遇到了一個稍微出乎意料的良率問題，影響了我們的 800G 產能提升。這個問題已經解決，我們將看到數據通訊領域的利潤率顯著提高，並且我們將在 25 財年繼續前進，因為越來越多的產品將轉向 800G 和更高的數據速率，我們認為我們將進一步提高我們的數據通訊收發器利潤率。

So going forward, because of our vertical integration, because of our kind of being a leader on high-end part of the market, we are quite confident of our gross margin and also the [unknown] margin. So does that answer your question?

因此，展望未來，由於我們的垂直整​​合，由於我們是高端市場的領導者，我們對我們的毛利率和[未知]利潤率非常有信心。那麼這回答了你的問題嗎？

Yes. Thank you.

是的。謝謝。

And our next question comes from the line of Thomas O'Malley from Barclays.

我們的下一個問題來自巴克萊銀行的托馬斯·奧馬利。

I wanted to ask on the timing of 1.6T. You guys are saying fiscal Q1. Your competitor last night was kind of talking about the end of the calendar year, maybe beginning of the next calendar year. There's really only 2 major customers who are doing 200G per lane at 1.6T. Can you talk about -- is that sampling in the September quarter, which is fiscal Q1? When do you expect volume production? And is that across multiple customers or just concentrated among 1 or 2?

我想問一下1.6T的時間安排。你們說的是第一財季。你的競爭對手昨晚談論的是日曆年的年底，也許是下一個日曆年的開始。實際上只有 2 個主要客戶在 1.6T 下實現每通道 200G。您能否談談－這是九月季度（即第一財季）的抽樣嗎？您預計什麼時候量產？是跨多個客戶還是只集中在 1 或 2 個客戶？

Okay. Thanks, Tom. Lee, please.

好的。謝謝，湯姆。李，請。

Yes. Thanks for being so clear what we have published. Yes, we are ready to sample 1.6T or 200G per line-based transceivers starting in our fiscal Q1 and we do expect volume shipments to start at the beginning of calendar '25 or of our Q3 fiscal year. And so far, everything's going as expected, and we're excited about this new opportunity.

是的。感謝您對我們發布的內容如此清晰。是的，我們已準備好從第一財季開始對每線 1.6T 或 200G 收發器進行採樣，並且我們預計批量發貨將在 25 財年年初或第三財年開始。到目前為止，一切都按預期進行，我們對這個新機會感到興奮。

Helpful. And then the second question was around silicon carbide. You guys described just an issue during the quarter. Historically, you've had a customer in Electronics that's made it a little bit easier to kind of solve for the revenue in the silicon carbide business. Could you just maybe give us a little more color just because that customer has gotten so small? Where that revenue has gone from a silicon carbide perspective? And then you talked about some strong growth in the out-quarter? Any additional details on where that went in the quarter and where you're expecting over the next couple?

有幫助。第二個問題是關於碳化矽的。你們描述的只是本季的一個問題。從歷史上看，您在電子行業有一個客戶，這使得解決碳化矽業務的收入變得更容易一些。您能否因為客戶規模變得如此之小而給我們多一點色彩？從碳化矽的角度來看，這些收入都去了哪裡？然後您談到了季度外的一些強勁增長？有關本季進度以及您對接下來幾季的預期的任何其他詳細資訊嗎？

Yes. Tom, as I understand it, you're trying to plumb our data in the Electronics market for sensing versus silicon carbide. And you'd like to have a clear view for silicon carbide. Sohail will give you that color that you need, I think.

是的。湯姆，據我了解，您正在嘗試調查電子市場中感測與碳化矽的數據。您希望對碳化矽有清楚的了解。我想 Sohail 會給你你需要的顏色。

Tom, this is Sohail Khan. The -- in Q3, the -- our silicon carbide had some operational issues about -- we mentioned about the power failure and that power impacted -- power failure impacted the factory, which limited our ability to deliver to the plan. All those actions have been put in place. We were able to get everything back within 30 days. And I am looking at a very good, strong Q4, and we expect that we will grow more than 50% from Q3 to Q4.

湯姆，這是索海爾汗。在第三季度，我們的碳化矽出現了一些營運問題，我們提到了停電和停電影響，停電影響了工廠，這限制了我們交付計畫的能力。所有這些行動都已到位。我們在 30 天內拿回了所有東西。我期待第四季的業績非常好、強勁，我們預計第三季到第四季的成長率將超過 50%。

And our next question will come from the line of Meta Marshall from Morgan Stanley.

我們的下一個問題將來自摩根士丹利的梅塔·馬歇爾。

Congrats on the quarter. A couple of questions for me. Maybe just first on -- you noted that your expectations for kind of growth in sub 800-gig declined, and that was what led to the kind of industry or change in the industry growth rate. But just what are you seeing in terms of anything -- any commentary on sub 800-gig demand? And then the second question, not to harp on the gross margin piece, but kind of understanding the overhang to fiscal Q3, and the yield issues that you've resolved both in silicon carbide and Datacom. But with most of that seemingly resolved, given the answers you've given today, just what is the reason for kind of a slower Q-on-Q pickup than you had been forecasting kind of last quarter?

恭喜本季。有幾個問題問我。也許首先——您注意到您對 800 兆以下的成長的預期下降了，這就是導致行業類型或行業成長率變化的原因。但您到底看到了什麼——對低於 800 演出的需求有何評論？然後是第二個問題，不是要喋喋不休地談論毛利率，而是要了解第三財季的懸而未決的問題，以及你們在碳化矽和數據通訊領域已經解決的產量問題。但考慮到您今天給出的答案，大部分問題似乎已經解決，那麼季度環比回升速度比您上季度預測的要慢的原因是什麼？

Just repeat the last part of the question.

只需重複問題的最後部分即可。

Yes. So last quarter, you would have implied kind of about 100, 150 basis point increase between fiscal Q3 and fiscal Q4 and that seemingly kind of come down to about 80 basis points. And kind of understand the overhang to fiscal Q3, but what is the difference in kind of a smaller jump up between fiscal Q3 and implied fiscal Q4 gross margins?

是的。因此，上個季度，您可能暗示第三財季和第四財季之間的增幅約為 100、150 個基點，但似乎會下降至約 80 個基點。並有點理解第三財季的懸而未決，但第三財季毛利率與隱含第四財季毛利率之間的較小跳躍有何區別？

I think, Rich, just give a big picture, if you would, please.

我想，里奇，如果你願意的話，請提供一個大局。

Yes. So the margin resolution in Q3, as we mentioned, are pretty much done. We're still in the middle of ramping as we mentioned, our 800G product and our yield plans that we have going forward. So the other piece of this is the majority of the increase quarter-over-quarter is coming from 800G as well as silicon carbide, and in the past, we did mention that the 800G product is at our gross margin average. So it's really part of a mix issue as well quarter-over-quarter.

是的。因此，正如我們所提到的，第三季的保證金決議基本上已經完成。正如我們所提到的，我們的 800G 產品和我們未來的產量計畫仍處於提升階段。因此，另一部分是環比成長的大部分來自800G以及碳化矽，過去我們確實提到800G產品的毛利率處於我們的平均水準。因此，這確實是混合問題的一部分，也是季度環比問題的一部分。

Yes. Let me add, Meta, to be clear. While the problems have been resolved or resolving, there's a tail in terms of a ramp back up to where we need to be. It's just not a flash cut. So we're confident about the corrective actions and the like, but we still need to establish that target yields will come -- on different product lines will come within this quarter. So there's a little bit of a tailwind to the quarter. Is that clear?

是的。讓我補充一下，Meta，澄清一下。雖然問題已經解決或正在解決，但回到我們需要達到的目標還有一個尾巴。這不是閃切。因此，我們對糾正措施等充滿信心，但我們仍然需要確定目標產量將會實現——不同產品線將在本季度內實現。因此，本季有一些推動力。清楚了嗎？

Yes. No, that's perfectly clear. And then just any commentary on sub-800 gig demand?

是的。不，這很清楚。那麼對 800 以下的演出需求有什麼評論嗎？

That's a great topic. Let's go to market first, if we can.

這是一個很棒的主題。如果可以的話，我們先去市場看看。

Okay. Thanks, Meta. This is Sanjai. So over the 5 years, the sub-800G is essentially flat. That's our latest projection. The 800G and above, as I said earlier, is growing -- is set to grow at a 60% CAGR. That's our view of the market.

好的。謝謝，梅塔。這是桑賈伊。所以5年來，sub-800G基本上持平。這是我們最新的預測。正如我之前所說，800G 及更高版本正在成長，預計將以 60% 的複合年增長率成長。這就是我們對市場的看法。

Just one second. I think we can clarify one step further with Lee. Can you please do this? It is a very important topic.

只需一秒鐘。我認為我們可以向李進一步澄清。你可以這樣做嗎？這是一個非常重要的主題。

From our own kind of internal forecast point of view, we see, indeed, just as Sanjai was saying, the sub-800G is roughly flat for the next few quarters, but we do see some pickup 3 quarters from now. So that -- I think that overall is healthy.

從我們自己的內部預測角度來看，我們確實看到，正如 Sanjai 所說，未來幾季 800G 以下的市場大致持平，但我們確實看到從現在開始的 3 個季度會出現一些回升。所以我認為整體來說是健康的。

We'll be opportunistic about it. We're definitely trying to expand the share of wallet with the largest players. We've told the story about 400G in the past. And when it comes, if we can turn our capacity into it and make a real good business out of it, we'll be there.

我們將對此採取機會主義態度。我們肯定會努力擴大最大玩家的錢包份額。我們過去曾講過有關 400G 的故事。當它到來時，如果我們能夠將我們的能力轉化為它並從中創造出真正好的業務，我們就會在那裡。

The next question comes from the line of Karl Ackerman from PNB Paribas.

下一個問題來自 PNB Paribas 的 Karl Ackerman。

I wanted to focus on the telecom portion of your business for a moment. Clearly, you and peers in the ecosystem have pushed out the recovery and telecom from what was roughly June of this year to the end of this year and perhaps even the beginning of 2025. But within that, there seems to be some pockets of growth as well as softness. For example, last week, one of your peers had spoken about a recovery in metro long-haul while cable was a bit soft. I'm curious if you have seen similar commentaries within the telecom.

我想暫時關註一下你們業務的電信部分。顯然，您和生態系統中的同行已經將復甦和電信從今年大約 6 月推遲到今年年底，甚至可能到 2025 年初。例如，上週，您的一位同行談到了地鐵長途業務的復甦，而電纜有點軟。我很好奇您是否在電信內部看到類似的評論。

So if you could just double-click on the opportunities you see within telecom? What's working, what's not working as you progress toward that recovery in that market? That would be very helpful.

那麼，您是否可以雙擊您在電信領域看到的機會？當您在該市場的復甦過程中，什麼有效，什麼無效？這將非常有幫助。

Okay, Karl. Beck, please.

好吧，卡爾。貝克，請。

Sure. Thank you for the question. So we do see a sort of a mixed areas of strength and weakness in the telecom market. One area of strength we have seen is in the China market. And there, we see build-outs by most of the major carriers going on with new C+L networks. We have some differentiated products in our pump laser and our WSS that give us strength in that market, and we expect that to continue through the year.

當然。謝謝你的提問。因此，我們確實看到電信市場的優點和缺點混合存在。我們看到的優勢領域之一是中國市場。在那裡，我們看到大多數主要營運商都在擴大新的 C+L 網路。我們的泵浦雷射和 WSS 中有一些差異化的產品，這些產品使我們在該市場上具有優勢，我們預計這種情況將持續到今年。

I think the other thing for us where we see growth opportunity coming in FY '25, is really on the digital Coherent optical pluggable market space. And that's where we have a number of really differentiated products coming to market, including our 100-gig QSFP28 ZR that has tremendous demand from our customer base, and we think that will help us sort of lift up to our FY '25. So our view of can happen in the market and with our growth maybe a little bit decoupled from what some of our competitors are seeing.

我認為對我們來說，我們看到 25 財年出現成長機會的另一件事實際上是數位相干光可插拔市場空間。這就是我們將許多真正差異化的產品推向市場的地方，包括我們的 100g QSFP28 ZR，我們的客戶群對它有著巨大的需求，我們認為這將有助於我們在 25 財年取得進步。因此，我們對市場中可能發生的情況的看法，以及我們的成長可能與我們的一些競爭對手所看到的情況有些脫節。

Our next question comes from the line of Jed Dorsheimer from William Blair.

我們的下一個問題來自威廉布萊爾的傑德多斯海默。

So one and a follow-up. I guess first, just on the silicon carbide, maybe as additional clarity. I know you had the power outage, but wondering if you could give an update on progress on your 200-millimeter development activities and any metrics that you can provide? And then I have a follow-up.

這是一個和一個後續。我想首先，只是在碳化矽上，也許是為了增加清晰度。我知道您停電了，但想知道您是否可以提供 200 毫米開發活動的最新進展以及您可以提供的任何指標？然後我有一個後續行動。

Okay. Thank you, Jed. Sohail, please.

好的。謝謝你，傑德。索海爾，請。

Thanks for the question. 200-millimeter is going quite well. We are supplying preproduction quantities to multiple customers. And the feedback from the customers is very good both from quality as well as their ability to bring their lines up. As you know, the ramp is going to be dependent on when their fabs are up. So from our standpoint, we are ready. And we are adding capacity more to ramp, and we will see a much more contribution coming in next fiscal year.

謝謝你的提問。 200毫米進展順利。我們正在向多個客戶提供預生產數量。客戶的回饋非常好，無論是品質還是他們的產品線能力。如您所知，產量成長將取決於他們的晶圓廠何時投產。所以從我們的角度來看，我們已經準備好了。我們正在進一步增加產能，我們將在下一財年看到更多的貢獻。

That's great. And then as a follow-up, clearly, there's a lot of demand in the Datacom side of the business, and it's fantastic that you guys are playing well into that. As we think out a little bit, I'm just curious, something that's a bit out of your control, how you're thinking about power challenges and specifically, lead times around things like transformers seem to be limiting data center growth? And I'm curious how a company that's selling components into that market is thinking about some of those structural challenges in developing with respect to AI?

那太棒了。作為後續行動，顯然，數據通訊業務方面有很多需求，你們在這方面做得很好真是太棒了。當我們思考一下時，我只是很好奇，有些事情有點超出您的控制範圍，您如何考慮電力挑戰，特別是圍繞變壓器等事物的交付週期似乎限制了數據中心的增長？我很好奇一家向該市場銷售組件的公司是如何考慮人工智慧開發中的一些結構性挑戰的？

Thank you, Jed. Giovanni, would you like to take that?

謝謝你，傑德。喬瓦尼，你願意接受嗎？

Yes, of course, we read about it. We know even (inaudible) worried about it, about the transformers, for the transformers. I mean that's a very well-known challenge. We are -- we keep focusing on ultimately what's driving our demand. Recently, you've seen that the optical bandwidth required by GPU is actually growing. It's not only the number of GPUs, but cost is growing. The demand is strong in terms of number of GPUs. But what's very important for us is the increase in optical bandwidth required by GPU. That's driving the need for 1.6T and beyond, and that will continue for quite some time as the GPU require more and more bandwidth for their input output.

是的，當然，我們讀過相關內容。我們知道甚至（聽不清楚）擔心它，擔心變壓器，擔心變壓器。我的意思是這是一個眾所周知的挑戰。我們始終專注於最終推動我們需求的因素。最近，您已經看到 GPU 所需的光纖頻寬實際上正在增​​長。這不僅是 GPU 數量的增加，而且成本也在增加。 GPU 數量的需求強勁。但對我們來說非常重要的是GPU所需的光頻寬的增加。這推動了對 1.6T 及以上的需求，而這種需求將持續相當長的一段時間，因為 GPU 需要越來越多的頻寬用於輸入輸出。

So that's what's really the fundamental drivers for our growth, which I don't think are going to change. And of course, there are -- there could be challenges in the infrastructure from the infrastructure standpoint, but those will -- it's not really up to us to solve. But we -- obviously, we may be dependent on them. But the fundamental drivers for our growth will remain unchanged.

所以這才是我們成長的真正根本驅動力，我認為這不會改變。當然，從基礎設施的角度來看，基礎設施可能會面臨挑戰，但這些挑戰確實不會由我們來解決。但我們——顯然，我們可能依賴他們。但成長的根本動力不會改變。

Jed is particularly focused on the total energy required by the system. I hope that was helpful, Jed.

Jed 特別關注系統所需的總能量。我希望這對你有幫助，傑德。

It is.

這是。

And our next question will come from the line of Mark Miller from The Benchmark Company.

我們的下一個問題將來自基準公司的馬克米勒。

Congratulations on your progress. I was just wondering if you can give us some color on ROADMs? And also, are there any new opportunities coming along for VCSELs and where are you positioned in that market?

恭喜你的進步。我只是想知道您能否給我們一些有關 ROADM 的資訊？另外，VCSEL 是否有新的機會出現？

Okay. Mark, thanks for your question. We'll take it in 2 parts. First Beck will take the ROADM question. Giovanni will address the VCSEL question. Beck?

好的。馬克，謝謝你的問題。我們將把它分成兩部分。首先 Beck 將回答 ROADM 問題。 Giovanni 將解決 VCSEL 問題。貝克？

Thanks, Mark. I'm actually really excited you ask that question because one of the most important new trends in ROADMs is really the drive towards C+L network deployments, which have been kind of on the drawing board for many years and are now finally really coming and being deployed.

謝謝，馬克。我真的很高興你問這個問題，因為 ROADM 最重要的新趨勢之一實際上是 C+L 網路部署的驅動力，這種部署多年來一直在繪圖板上，現在終於真正到來了，正在部署。

And one thing that we have that really no one else in the industry has is a true C+L ROADM. So that is -- there's 2 bands in the optical communications space that we use in long-haul DWM communication, one is the C-band and one is the L-band. And by expanding to both C+L, we doubled the capacity in the fiber. So all of the new networks being deployed today include both C and L. And we're the only company that has a ROADM solution that actually covers both bands simultaneously in a single part, and that's driving a lot of upside opportunity for us as we go forward.

我們擁有行業中其他任何人都沒有的東西，那就是真正的 C+L ROADM。也就是說，我們在長距離 DWM 通訊中使用的光通訊空間有 2 個頻段，一個是 C 頻段，一個是 L 頻段。透過擴展到 C+L，我們將光纖容量增加了一倍。因此，今天部署的所有新網路都包括C 和L。因為我們前進。

The first place we see really emerging is in China, but we know that's very important to the hyperscalers in North America and some of the higher capacity build-out. We are excited about what's going to happen in the future in ROADMs. Now the nature of the network is evolving, but that is still evolving to one that is really strongly dependent on use of ROADMs in terminal end boxes and other applications in the network. So we think that's a positive long-term driver for us.

我們看到的第一個真正新興的地方是中國，但我們知道這對北美的超大規模企業和一些更高容量的建設非常重要。我們對 ROADM 未來將發生的事情感到興奮。現在，網路的性質正在不斷發展，但仍然正在發展為真正強烈依賴終端盒和網路中其他應用中 ROADM 的使用的網路。所以我們認為這對我們來說是一個積極的長期驅動力。

For the telecom systems, the Datacom laser, VCSELs. Giovanni?

對於電信系統，數據通訊雷射、VCSEL。喬瓦尼？

So on the VCSEL at OFC, we reported the progress that we've been making on the development of 200G VCSELs, which we think would be a game changer in the industry as many customers as well as generally even competitors kind of ruled out the possibility for VCSELs to go even above -- beyond the 100G. So that's exciting. The good news is that we also had our main competitor, probably the only competitor we have on the space, they're also reporting progress on it, which is very positive for the industry because the industry will need at least two suppliers to support the growth. And then we are also working on 400G VCSELs for the future. It's something that we didn't cite. And so we'll keep the road map going.

因此，在 OFC 的 VCSEL 上，我們報告了我們在 200G VCSEL 開發方面取得的進展，我們認為這將改變行業的遊戲規則，因為許多客戶甚至競爭對手都排除了這種可能性VCSEL 甚至可以超越 100G。所以這很令人興奮。好消息是，我們還有我們的主要競爭對手，可能是我們在該領域唯一的競爭對手，他們也報告了這方面的進展，這對該行業來說非常積極，因為該行業將需要至少兩家供應商來支持生長。此外，我們也致力於未來的 400G VCSEL 開發。這是我們沒有引用的東西。因此，我們將繼續推進路線圖。

And if you ask in general about VCSELs, I also wanted to mention the progress of multifunction VCSEL for behind display applications, which is -- that required for increase the power coming through the display in some cases -- some user cases. So that's also something that we have been working on and will provide part of the growth for that product line, which is already experiencing today with the 100G VCSEL ramp, an incredible growth over the past several quarters. So in the next few quarters, too.

如果您一般性地詢問 VCSEL，我還想提及用於後置顯示器應用的多功能 VCSEL 的進展，即在某些情況下（某些用戶案例）需要增加通過顯示器的功率。因此，這也是我們一直在努力的事情，並將為該產品線提供部分增長，該產品線今天已經經歷了 100G VCSEL 的提升，在過去幾個季度中實現了令人難以置信的增長。在接下來的幾個季度也是如此。

Our next question comes from the line of Ananda Baruah from Loop Capital.

我們的下一個問題來自 Loop Capital 的 Ananda Baruah。

Just a little bigger picture on transceivers. As you guys progress and as the market progresses from 800 to 1.6, 3.2, interested in understanding any net new technical hurdles and challenges that sort of -- that could occur necessary to be successful there? And I guess any -- I'm going to call them business-related dynamics that are going to increasingly manifest that it will take to be successful there and wondering if you guys have a share gain opportunity in that context and what that whole dynamic could look like? And then I have a quick follow-up.

只是收發器的大圖。隨著你們的進步以及市場從 800 發展到 1.6、3.2，你們有興趣了解任何淨新技術障礙和挑戰嗎？我想，我將稱它們為與業務相關的動態，這些動態將越來越明顯地表明，要在那裡取得成功，我想知道你們在這種情況下是否有分享收益的機會，以及整個動態可以帶來什麼看起來像？然後我會進行快速跟進。

Lee?

李？

Thanks for the question. This is Lee Xu. So this is a very key question. Thanks for asking that. For this development, it is indeed getting higher and higher data rates, the technical challenge is getting more complex and -- but to us, there are several advantages also that we got to use a higher portion of our internal lasers and components. Also, we found that the competition landscape becomes -- there are fewer people, right, for the current 800G shipment so far is only a small number of companies that would be able to support that kind of high volume, and we expect similar things on the 1.6T and 3.2T. So we do think that we can gain market share over the next few years.

謝謝你的提問。這是李旭。所以這是一個非常關鍵的問題。謝謝你這麼問。對於這一發展，數據速率確實越來越高，技術挑戰變得越來越複雜，而且對我們來說，我們必須使用更多的內部雷射和組件，這也有幾個優點。另外，我們發現競爭格局變得——人越來越少了，對吧，目前800G出貨量到目前為止只有少數公司能夠支持這種高容量，我們預計類似的事情也會發生。 3.2T。因此，我們確實認為我們可以在未來幾年內獲得市場份額。

You also mentioned if there is any key technical hurdles that we won't be able to overcome, so far no. We -- our development has been going on track, and we are confident that we'll be able to release the product on time.

您還提到是否存在我們無法克服的關鍵技術障礙，到目前為止還沒有。我們的開發一直在正常進行，我們有信心能夠按時發布產品。

This evolution of the market is going to play right into the strengths of Coherent, and we will continue to invest, innovate and to use our imagination across both the laser and the transceiver to deliver disruptive capabilities to a customer. The optical circuits, which is just one example, not a laser-based, but the optical circuit switch is just another example of the kind of innovation power in the company and the ability of the company to begin to catalyze new markets that may have billions of dollars' worth of opportunity for us. So thank you for your question, Ananda.

市場的演變將充分發揮相干公司的優勢，我們將繼續投資、創新並在雷射和收發器領域發揮我們的想像力，為客戶提供顛覆性的能力。光電路只是一個例子，不是基於雷射的，但光電路開關只是該公司創新能力以及該公司開始催化可能有數十億美元的新市場的能力的另一個例子為我們帶來的機會。謝謝你的提問，阿南達。

Our next question will come from the line of Dave Kang from B. Riley.

我們的下一個問題將來自 B. Riley 的 Dave Kang。

Regarding the OCS, I was just wondering if I could get any update, how do you use it right now, any new customer wins, and who are your main competitors?

關於 OCS，我只是想知道我是否可以獲得任何更新，您現在如何使用它，是否贏得了新客戶，以及誰是您的主要競爭對手？

Thank you, Dave. Julie, do you want to take that?

謝謝你，戴夫。朱莉，你想接受這個嗎？

Sure. Yes, Dave, thanks for the question. So yes, as Chuck was just saying that optical circuit switch, I think, is a great example of the power of innovation of our company. I'm sure you saw demo and release at OFC, where we're using our liquid crystal technology. So it's a great example where we have a technology inside the company that we have a long history of. We ship into the undersea market. So it's very, very reliable. And we saw a market opportunity where we could use that same technology for a different market need in the optical circuit switch.

當然。是的，戴夫，謝謝你的提問。所以，是的，正如查克剛才所說，我認為光路開關是我們公司創新力量的一個很好的例子。我確信您在 OFC 上看到了演示和發布，我們在那裡使用了液晶技術。這是一個很好的例子，我們公司內部擁有一項歷史悠久的技術。我們進入海底市場。所以它非常非常可靠。我們看到了一個市場機會，我們可以使用相同的技術來滿足光路開關的不同市場需求。

So I was really proud of our team who delivered a great demo for OFC. It is new incremental revenue for us. We think our liquid crystal is a great solution. It operates at a lower voltage than MEMS. And so that leads to higher reliability, but also lower power, which is very, very important in the data center.

因此，我為我們的團隊感到非常自豪，他們為 OFC 提供了出色的演示。這對我們來說是新的增量收入。我們認為我們的液晶是一個很好的解決方案。它的工作電壓低於 MEMS。因此，這會帶來更高的可靠性，同時也會降低功耗，這對資料中心來說非常非常重要。

We're engaged with many multiple customers and we see shipping samples all within the next few months. And I think we called out in our shareholder letter that we could see revenue on that product by our fiscal year '26. And yes, we just feel like we have a really strong position there. So I'm excited about it.

我們與許多客戶進行了合作，我們看到樣品將在接下來的幾個月內全部發貨。我認為我們在股東信中指出，我們可以在 26 財年看到該產品的收入。是的，我們只是覺得我們在那裡擁有非常強大的地位。所以我對此感到很興奮。

And my follow-up is on 800 gig. You mentioned that orders were down sequentially from very strong fiscal 2Q. Just wondering what to expect during this quarter?

我的後續作品是 800 場。您提到訂單從非常強勁的第二財季開始連續下降。只是想知道本季會發生什麼？

Magnus, do you want to take that?

馬格努斯，你想接受嗎？

Sure. I can take that. Thanks for the question, Dave. So as we noted in the shareholder letter, lead times have come down. And so customer ordering patterns have more normalized to be within lead time, whereas a couple of quarters ago, they ordered many quarters out. So I think we're back to a more normal order pattern.

當然。我可以接受。謝謝你的提問，戴夫。正如我們在股東信中指出的那樣，交貨時間已經縮短。因此，客戶的訂購模式更加標準化，可以在交貨時間內完成，而幾個季度前，他們訂購了許多季度的產品。所以我認為我們回到了更正常的訂單模式。

Our next question comes from the line of Jim Ricchiuti from Needham & Company.

我們的下一個問題來自 Needham & Company 的 Jim Ricchiuti。

What drove that 30% increase in laser bookings? I'm assuming the ELA display business was as a big driver. Can you say what the bookings, how it performed, excluding display?

是什麼推動雷射預訂量成長 30%？我認為 ELA 顯示器業務是一個重要的推動力。您能透露一下預訂情況、執行情況（不包括顯示）嗎？

Yes. Magnus will take it.

是的。馬格努斯會接受的。

Yes. So yes, I'll have to do the math, but you're right. The orders in the quarter, we saw a good uptick in display orders and I think that drove the lion's share of the uptick. We saw orders from capacity increase in China and we actually expect similar order performance in the display market in the current quarter in Q4. So most of that uptick was display.

是的。所以是的，我必須做數學計算，但你是對的。在本季度的訂單中，我們看到展示訂單大幅成長，我認為這推動了成長的大部分。我們看到中國產能增加帶來的訂單，實際上我們預期第四季顯示器市場的訂單表現將會類似。因此，大部分增長來自展示。

Precision manufacturing right behind it.

精密製造就在背後。

Yes. Display, number one; precision manufacturing also saw an increase; and I think that will see a further increase in Q4. And then in the Semi vertical, mostly flat.

是的。顯示，第一；精密製造也有所成長；我認為第四季這一數字將進一步增加。然後是半垂直的，大部分是平的。

It actually ties into with the next question on precision manufacturing. What's driving that? Is it the case of easy comparisons? Or are you guys seeing a turn in this part of the business?

它實際上與下一個關於精密製造的問題有關。是什麼推動了這一點？是不是很容易比較呢？或者你們看到這部分業務出現轉變了嗎？

I think what we're excited about in the business is what we're doing in the welding space to target towards EV applications, where we have broad customer engagements, and we're seeing increasing depth in terms of customer engagements. I -- we've seen a little bit of an uptick in China, in the broader market in China, but we haven't yet seen the broader market turn. For the rest of that space, as you know, it's pretty macro-dependent. And we haven't really seen that change in a broad way. So there are some pockets of upside rather than a broad comeback in precision manufacturing.

我認為我們在業務中感到興奮的是我們在焊接領域針對電動車應用所做的事情，我們在該領域擁有廣泛的客戶參與，我們看到客戶參與的深度不斷增加。我——我們已經看到中國整體市場有所回升，但我們還沒有看到整體市場出現轉變。如您所知，對於該空間的其餘部分，它非常依賴宏觀。我們還沒有真正看到這種廣泛的變化。因此，精密製造領域存在一些上升空間，而不是全面復甦。

Our next question will come from the line of Tim Savageaux from Northland Capital Markets.

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

I want to come back to the order and backlog discussion. And I guess the commentary was about more normalized, but you've seen orders come down, I think, 3 quarters in a row now, and I think the book-to-bill was under below 1 in the quarter. And you did see a big surge of orders last year driven by networking in Q4. It sounds like you don't expect to see that again as lead times normalize. But what should we expect for the direction of overall orders and backlog for the company heading into fiscal Q4 here?

我想回到訂單和積壓的討論。我想評論是關於更加正常化的，但我想你已經看到訂單連續三個季度下降，而且我認為本季度的訂單出貨比低於 1。去年第四季度，您確實看到了網路推動下的訂單大幅成長。聽起來您預計隨著交貨時間正常化，您不會再看到這種情況。但是，我們應該對進入第四財季的公司整體訂單和積壓訂單的方向有何預期？

Rich, just in general words.

豐富，只是籠統的說法。

Okay. So in general, our book-to-bill quarter-over-quarter, we did see in Q3 below 1 book-to-bill. Really, we expect the year backlog that remained flat pretty much year-over-year, but we still believe that a majority of the strength in the markets in terms of long term will increase the total backlog. We're expecting a book-to-bill -- we really were on 1 in Q4.

好的。因此，總的來說，我們的季度訂單出貨比在第三季確實低於 1。事實上，我們預計今年的積壓訂單將與去年同期基本持平，但我們仍然相信，從長期來看，市場的大部分實力將增加積壓總量。我們期待訂單出貨量——我們在第四季度確實達到了 1。

We're focused on it, Tim, it's a critical success factor going forward. So we're totally focused on it as a team. And we'll have more to say about '25 in 90 days from now, but it's a top priority in the company.

我們專注於此，提姆，這是未來成功的關鍵因素。所以我們作為一個團隊完全專注於它。從現在起 90 天內我們將有更多關於 25 的事情要說，但這是公司的首要任務。

I appreciate it. And just a quick follow-up. I think there was a comment about the customer base broadening out. I believe, specifically in 800 gig, but maybe in Datacom generally. And along those lines, I wonder if you can address kind of concentration in Datacom, whether you had any 10% customers overall in the quarter? And what sort of major customers are driving the Datacom segment at this point?

我很感激。只是快速跟進。我認為有關於擴大客戶群的評論。我相信，特別是在 800 gig 領域，但也許在一般數據通訊領域。沿著這些思路，我想知道您是否可以解決資料通訊領域的集中度問題，本季您是否擁有 10% 的客戶？目前，哪些主要客戶正在推動數據通訊領域的發展？

We report 10% customers once a year, as you know, at the end of the fiscal year, Tim. We don't have any comments on that. But Lee can give you just a general flavor for the broadening of the base which we saw evidence of at OFC with just a tremendous amount of interest from the industry fanning out to additional layers in the market.

如你所知，我們每年都會在財政年度結束時報告 10% 的客戶，Tim。我們對此沒有任何評論。但 Lee 可以為您提供基礎擴大的整體情況，我們在 OFC 看到了證據，業界對市場的其他層面產生了巨大的興趣。

That's right. We -- as of the beginning of the shipment of 800G, we have 2 major customers that we reported, that we all know who they are. Now in the past quarter, we have over 4 customers that's ordered significant amount, multimillion dollars from us. And we are also in the past 2 quarters have multiple design wins of our 800G -- various 800G product from short-reach to long-reach with key customers. So we think going forward into FY '25, the 800G is going to have a much broader customer base.

這是正確的。截至 800G 發貨之初，我們報告了 2 個主要客戶，我們都知道他們是誰。在上個季度，我們有超過 4 位客戶向我們訂購了數百萬美元的大筆訂單。在過去的兩個季度中，我們還贏得了多項 800G 設計——從短距離到長距離的各種 800G 產品，贏得了主要客戶的青睞。因此，我們認為進入 25 財年，800G 將擁有更廣泛的客戶群。

And our next question will come from the line of Christopher Rolland from Susquehanna.

我們的下一個問題將來自薩斯奎哈納的克里斯多福羅蘭。

Congrats on the results. And this may have been answered. But the 500 gig, if you could just talk about the lead times coming down, is that more of like a demand issue or a supply issue? And you guys mentioned a pause for a couple of quarters. Is that 2 quarters? Is that 3 quarters? And is there like this inventory digestion going on here as well, is this kind of exacerbating this pause, like, did a ton of people -- was there like an initial rush for 800G AI products, and this market just got ahead of itself and people bought a little bit more? I'm just trying to understand this pause a little bit more here, particularly as when it un-pauses, it looks like it will be the beginning of the 1.6 market, kind of. So just trying to put all those pieces together, demand issues, supply issue, inventory digestion, et cetera.

祝賀結果。這或許已經得到了答案。但對於 500 場演出，如果您可以只談論交貨時間的縮短，那麼這更像是需求問題還是供應問題？你們提到暫停幾個季度。那是2個季度嗎？是3個季度嗎？這裡是否也存在這種庫存消化，是否會加劇這種停頓，就像許多人所做的那樣——是否存在對 800G AI 產品的最初熱潮，而這個市場剛剛超前了，人們多買了一點？我只是想在這裡更多地理解這種暫停，特別是當它取消暫停時，看起來這將是 1.6 市場的開始。因此，我們只是試著將所有這些問題放在一起，包括需求問題、供應問題、庫存消化等等。

Okay, Chris. Can you clarify? You said something about 500G?

好吧，克里斯。你能澄清一下嗎？你說的是500G？

Did I say 500? I meant 800, if I said 500.

我有說500嗎？如果我說 500，我的意思是 800。

Okay. All right. Well, we will try to address that. But for sure, as I said to Tim, that the bookings and building up our backlog is a top priority for the management team. However, as we indicated, we are going to grow again in the fourth quarter and we're building up this capability to continue to expand our output in 800G transceivers. So Lee, why don't you give a little more color?

好的。好的。好吧，我們會盡力解決這個問題。但可以肯定的是，正如我對提姆所說，預訂和積壓訂單是管理團隊的首要任務。然而，正如我們所指出的，我們將在第四季度再次成長，我們正在建立這種能力，以繼續擴大我們在 800G 收發器方面的產量。所以李，你為什麼不給一點顏色呢？

Thanks for your question, Chris. First of all, 800G, the lead time a few quarters ago, people do place orders for close to a year. That's because at that time, neither the material nor the capacity are fully ready. So people are willing to place longer-term orders and secure the capacity, secure the material. Now as we're -- a couple of the companies ramping up the 800G shipment, so capacity is largely there, although we're still expanding in the next couple of quarters.

謝謝你的提問，克里斯。首先是800G，幾個季度前的供貨時間，人們確實下了接近一年的訂單。因為當時的材料和產能都還沒完全準備好。因此人們願意下長期訂單並確保產能、材料。現在，有幾家公司正在增加 800G 的出貨量，因此容量基本上已經存在，儘管我們在接下來的幾個季度仍在擴張。

And then the material lead time also came down. So that's why as Magnus, our Chief [Commercial] Officer (corrected by company after the call), said, we see customers placing orders within a shorter lead time. And that's -- I think that's very normal in our industry. And that does not change the forecast our customers give us for the future growth of the 800G and related products. That's one question that you asked.

然後材料交貨時間也下降了。因此，正如我們的首席[商務]官馬格努斯（公司在通話後更正）所說，我們看到客戶在更短的交貨時間內下訂單。我認為這在我們這個行業是很正常的。這並不會改變我們的客戶對 800G 及相關產品未來成長的預測。這是你問的一個問題。

The other is that you said that there is a pause for products that seem to be below 800G. What we see is that, indeed, there is some kind of squeezing-out effect as people are putting more money on 800G for AI expansion. There's -- some of the CapEx for normal networking is squeezed out. But we do see that in a few quarters start to go back up. But overall, people might switch to 800G for their normal networking in addition to using on AI. So that's -- overall, that's our view of the current marketplace.

另外就是你說800G以下的產品好像有暫停。我們看到的是，隨著人們在 800G 上投入更多資金用於 AI 擴展，確實存在某種擠出效應。正常網路的一些資本支出被擠出了。但我們確實看到在幾個季度內開始回升。但總體而言，除了用於人工智慧之外，人們可能會切換到 800G 進行正常網路連線。總的來說，這就是我們對當前市場的看法。

That was a great clarification. As I think out to the 1.6T cycle, every company in this industry has its different kind of strengths and weaknesses. And there's probably going to be 3 technology, laser technologies, VCSELs, EMLs, and SiPho that are going to address this 1.6 opportunity, particularly the AI opportunity.

這是一個很好的澄清。我認為對於1.6T週期來說，這個行業的每家公司都有不同的優勢和劣勢。可能會有 3 種技術（雷射技術、VCSEL、EML 和 SiPho）來解決這個 1.6 機遇，特別是 AI 機會。

I just wanted to get a clear picture. What are your capabilities? What are your strengths around these 3 technologies? And what are your ramp times? Like for example, you're initially addressing 1.6 with EMLs or SiPho, if not SiPho, like when can you kind of hard move over to SiPho technologies, which I think are a little more cost-effective? Maybe you can talk about where these 3 technologies kind of intersect 1.6 for you guys?

我只是想得到一張清晰的圖片。你有什麼能力？您在這 3 項技術方面的優勢是什麼？您的斜坡時間是多少？例如，您最初使用 EML 或 SiPho 來解決 1.6 問題，如果不是 SiPho，那麼您什麼時候可以很難轉向 SiPho 技術，我認為 SiPho 技術更具成本效益？也許你們可以談談這 3 種技巧在 1.6 的交叉點？

Okay. Julie, do you want to take it?

好的。朱莉，你想接受嗎？

Sure. Yes. Thanks for the question. Yes, as you accurately said, we can use VCSELs. We can use EMLs. We've actually, in the indium phosphide domain also introduced our DFB-MZ, and we can use silicon photonics. And we have, as you know, for VCSELs and the indium phosphide, we design in-house and we manufacture in-house. For silicon photonics, where, as is common in the silicon industry of fabless, so we have an internal design team and we use outsourced fab. And so what we do is we choose the best technology for the product, based on the cost and the performance. And because we have access to all the technologies, we can choose the one that makes the most sense.

當然。是的。謝謝你的提問。是的，正如您所說，我們可以使用 VCSEL。我們可以使用 EML。實際上，我們在磷化銦領域也推出了我們的DFB-MZ，我們可以使用矽光子學。如您所知，對於 VCSEL 和磷化銦，我們是內部設計和製造的。對於矽光子學，正如無晶圓廠矽行業常見的那樣，我們有一個內部設計團隊，並使用外包晶圓廠。因此，我們所做的就是根據成本和性能為產品選擇最佳技術。由於我們可以獲得所有技術，因此我們可以選擇最有意義的技術。

As far as transitioning to 200G, the fundamental basic laser technology is actually very similar. Once you go from 100G to 200G, it's still hard, but it's very similar. So using this very similar equipment set, we can make the lasers at the higher data rates. The test equipment data rate has to go up. So that's something we need to do, but in general, we should be able to handle that ramp challenge the same as we have at 100G.

就過渡到 200G 而言，基本的雷射技術實際上非常相似。一旦從 100G 到 200G，仍然很難，但非常相似。因此，使用這套非常相似的設備，我們可以以更高的數據速率製造雷射。測試設備的資料速率必須提高。所以這是我們需要做的事情，但總的來說，我們應該能夠像 100G 時一樣應對斜坡挑戰。

And then as things -- the silicon photonics isn't always cheaper. But in some cases, for some applications, it may be the best choice. And as we see products transitioning to silicon photonics, we feel very strong in our capabilities. We've been working on silicon photonics since 2010. We have silicon photonics shipping in production in products. Our team demonstrated publicly 200G per lane silicon photonics eyes, and one very important -- and we have actual products in design right now with silicon photonics for the Datacom.

然而，矽光子學並不總是更便宜。但在某些情況下，對於某些應用程式來說，它可能是最佳選擇。當我們看到產品轉向矽光子學時，我們覺得自己的能力非常強大。自 2010 年以來，我們一直致力於矽光子學領域的研究。我們的團隊公開展示了每通道 200G 的矽光子眼睛，這是一個非常重要的——我們現在正在設計用於數據通訊的矽光子實際產品。

And one very important thing to never forget is that silicon photonics-based transceiver actually requires an indium phosphide high-power laser. So even in silicon photonics, you should think silicon photonics and indium phosphide. So in silicon photonics-based transceivers, we can differentiate ourselves also with our indium phosphide lasers. So we feel that we're at a really good position to address all the technologies at -- for 1.6T at 200G per lane.

永遠不要忘記的一件非常重要的事情是，基於矽光子學的收發器實際上需要磷化銦高功率雷射。因此，即使在矽光子學中，您也應該考慮矽光子學和磷化銦。因此，在基於矽光子學的收發器中，我們也可以透過磷化銦雷射使自己脫穎而出。因此，我們認為我們處於非常有利的位置，可以解決每個通道 1.6T、200G 的所有技術。

And just maybe a clarification. Let's say, within the first ramp, what do you expect the mix of those 3 technologies to be? And then, let's say, in the second year, how might that shift?

也許只是一個澄清。比方說，在第一個斜坡中，您期望這 3 種技術的組合是什麼？然後，假設在第二年，這種情況會發生怎樣的轉變？

Chris, I think we only have time for 2. We're running out of time. Chris?

克里斯，我想我們只有兩個人的時間。克里斯？

To be respectful to everybody on the call, we still have another person in the queue, and we've got 2 minutes left. So we'll take that offline.

為了尊重通話中的每個人，我們還有另一個人在排隊，而且我們還剩 2 分鐘。所以我們會將其離線。

Thank you, Chris.

謝謝你，克里斯。

And our last question for today will come from Richard Shannon from Craig-Hallum.

今天我們的最後一個問題將來自 Craig-Hallum 的理查德·香農 (Richard Shannon)。

I wanted to talk a little bit about margin structure here as you get to your 40% growth and above 20% EBIT margin. I really kind of want to look at the time in the past where you've done that, which is the first half fiscal '22. Looking at the margin structure by your 3 segments. And specifically, I'm curious whether you expect to be able to get the networking back up in kind of that 19-plus percent EBIT range to enable that? Or can you do it with that being not as high? And also maybe if you can suggest what kind of revenue levels required to get to that kind of margin structure, that would be great.

當你的成長率達到 40% 且息稅前利潤率超過 20% 時，我想在這裡談談利潤率結構。我真的很想看看你們過去這樣做的時間，也就是 22 財年上半年。按 3 個細分市場查看利潤結構。具體來說，我很好奇您是否希望能夠以 19% 以上的 EBIT 範圍恢復網路以實現這一目標？或者你可以在不那麼高的情況下做到這一點嗎？也許如果你能建議達到這種利潤結構需要什麼樣的收入水平，那就太好了。

Take it, Richard.

接受它，理查德。

Yes, I think you're 100% right. We have achieved over a 40% margin and the revenue range of that was over $1.3 billion. So as we cross that $1.3 billion mark on the top line, this really comes down to the mix. And even though we believe we can increase the networking margin, we still need, as I mentioned to you earlier, we still need Instrumentation and our industrial markets to improve.

是的，我認為你是100%正確的。我們的利潤率超過 40%，營收超過 13 億美元。因此，當我們的營收突破 13 億美元大關時，這實際上取決於混合因素。儘管我們相信我們可以增加網路利潤，但正如我之前提到的，我們仍然需要儀器和工業市場的改善。

Richard, do you have a follow-up?

理查德，你有後續行動嗎？

No, that's all for me, Chuck. Thank you.

不，這就是我的全部，查克。謝謝。

As there's no further questions in the queue. I'll turn it back over to Paul for any closing remarks.

因為隊列中沒有其他問題了。我會將其轉回保羅以供結束語。

Thank you, Victor. I want to thank everybody for joining us on the call this morning. Just a heads up, next week on March 14, we will be hosting our third in our series of investor market webinars; that will be on our Instrumentation market. As for the other 2, the goal is to help give you insight into the various aspects of our business. If you'd like to join, it will be accessible on our website. Once again, thank you all for joining us. We look forward to talking to you throughout the day.

謝謝你，維克多。我要感謝大家今天早上加入我們的電話會議。請注意，下週 3 月 14 日，我們將舉辦投資者市場網路研討會系列的第三場；這將出現在我們的儀器市場上。至於其他 2 個，目標是幫助您深入了解我們業務的各個方面。如果您想加入，可以在我們的網站上存取。再次感謝大家加入我們。我們期待與您全天交談。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。大家，祝你有美好的一天。