Coherent Corp (COHR) 2024 Q4 法說會逐字稿

Good day and thank you for standing by, and welcome to the Coherent Corp. FY24 fourth-quarter earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的耐心等待，歡迎參加相干公司 2024 財年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。（操作員說明）

I would now like to hand the conference over to your speaker today, Paul Silverstein, Senior Vice President, Investor Relations and Corporate Communications.

現在，我想將會議交給今天的演講者、投資者關係和企業傳播部高級副總裁保羅·西爾弗斯坦 (Paul Silverstein)。

Good afternoon, everyone. With me today are Jim Anderson, Coherent's CEO; and Rich Martucci, Coherent's Interim CFO.

大家下午好。今天與我在一起的有 Coherent 執行長吉姆安德森 (Jim Anderson)；以及相干公司臨時財務長 Rich Martucci。

During today's call, we will provide a financial and business review of the fourth quarter of fiscal 2020 for the business outlook for the first quarter of fiscal 2025. Our earnings press release can be found in the Investor Relations section of our company website at coherent.com.

在今天的電話會議中，我們將提供 2020 財年第四季的財務和業務回顧，並對 2025 財年第一季的業務前景進行展望。我們的收益新聞稿可以在我們公司網站coherent.com 的投資者關係部分找到。

I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that such statements are predictions based on information that is currently available and that actual results may differ materially.

我想提醒大家，在今天的電話會議中，我們可能會對未來事件或公司未來的財務表現做出預測或其他前瞻性陳述。我們希望提醒您，此類陳述是基於目前可用資訊的預測，實際結果可能存在重大差異。

We refer you to the documents that the company files with the SEC, including our 10-Ks, 10-Qs and 8-Ks. As These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. This call includes and constitutes the company's official guidance for the first quarter of fiscal 2025.

我們請您參閱本公司向 SEC 提交的文件，包括我們的 10-K、10-Q 和 8-K。由於這些文件包含並確定了可能導致實際結果與我們的預測或前瞻性陳述中包含的結果有重大差異的重要風險因素。此次電話會議包括並構成該公司 2025 財年第一季的官方指引。

If at any time until this call, we communicate any material changes to this guidance, we intend that such updates can be done using a public forum such as a press release or publicly announced conference call. We will refer to both GAAP and non-GAAP financial measures during this call.

如果在本次電話會議之前的任何時間，我們傳達了對本指南的任何重大變更，我們希望可以透過公共論壇（例如新聞稿或公開宣布的電話會議）來完成此類更新。我們將在本次電話會議中參考公認會計原則和非公認會計原則財務指標。

By disclosing certain non-GAAP information, management intends to provide investors with additional information to permit further analysis of the company's performance and underlying trends. For historical periods, we provided reconciliations of these non-GAAP financial measures to GAAP financial measures that can be found on the Investor Relations section of our website at coherent.com. Now let me turn the call over to Jim Anderson, our CEO.

透過披露某些非公認會計準則信息，管理層打算向投資者提供更多信息，以便進一步分析公司的業績和基本趨勢。在歷史時期，我們提供了這些非 GAAP 財務指標與 GAAP 財務指標的調整表，您可以在我們網站heroher.com 的投資者關係部分找到這些調整表。現在讓我把電話轉給我們的執行長吉姆·安德森 (Jim Anderson)。

Thank you, Paul, and thank you, everyone, for joining us on our call today. It's been a little over two months since I joined Coherent, and I'm more excited today about the potential of this company and the opportunity for shareholder value creation than the first day I joined.

謝謝保羅，也謝謝大家參加我們今天的電話會議。我加入相干公司已經兩個多月了，今天我對這家公司的潛力和為股東創造價值的機會比加入第一天更加興奮。

I want to start by thanking my predecessor, Chuck Mattera, for his over 20 years of service to the company, including his last eight years as CEO. Chuck's tireless dedication, leadership of Coherent has had a tremendous lasting impact on the company, and on behalf of all of our employees and our Board of Directors, I want to once again, thank him for his service and wish him all the best.

首先，我要感謝我的前任 Chuck Mattera，感謝他為公司 20 多年的服務，包括他擔任執行長的最後八年。Chuck 不懈的奉獻和對相干公司的領導對公司產生了巨大而持久的影響，我謹代表我們所有員工和董事會，再次感謝他的服務並祝他一切順利。

I'd also like to take the opportunity to thank my new Coherent teammates for the incredibly warm welcome to the company. In these first weeks, I've met with employees at many of our locations across the world. I am deeply impressed with the exceptional depth and breadth of talent as well as the determination and hard work of my teammates. I look forward to working side-by-side with them to unlock the full potential of the company.

我也想藉此機會感謝我的新相干公司隊友對公司的熱情歡迎。在最初的幾周里，我會見了我們世界各地許多地點的員工。我對我的隊友們非凡的深度和廣度以及決心和辛勤工作印象深刻。我期待與他們並肩工作，釋放公司的全部潛力。

Since joining coherent, I have received a number of questions from employees and shareholders regarding my initial impressions on the business and our long-term strategic direction. I've also been asked about my reasons for joining Coherent and what drew me to this opportunity.

自從加入相干以來，我收到了許多來自員工和股東的問題，涉及我對公司的初步印象和我們的長期策略方向。我還被問到加入相干公司的原因以及是什麼吸引我獲得這個機會。

Let me start with what found the most attractive about joining Coherent. Simply put, it was a combination of the innovation this company is driving and the revenue growth potential that's ahead of us. Innovation is the lifeblood of the technology industry and coherent is a deeply innovative company.

讓我先談談加入相干公司最吸引人的地方。簡而言之，這是該公司正在推動的創新與我們面前的收入成長潛力的結合。創新是科技業的命脈，coherent是一家深度創新的公司。

Over the course of my career in the tech industry, I've worked at many innovative companies. And I can tell you firsthand that the innovation happening every day in this company is absolutely world-class. Innovation is in the company's DNA. We innovate at a foundational, physical level that underpins critical advancements in many of today's most important and demanding growth applications.

在我的科技業職業生涯中，我曾在許多創新公司工作過。我可以直接告訴你，這家公司每天發生的創新絕對是世界一流的。創新是公司的 DNA。我們在基礎物理層面上進行創新，為當今許多最重要和最苛刻的成長應用的關鍵進步奠定了基礎。

Innovation is what this company was founded on, and I believe that's why the company has thrived over 50 years. And I want to ensure that we continue to cultivate this culture of innovation for the next 50 years. Of course, innovation is only meaningful, if it ultimately has impact on people's lives and translates into shareholder value creation.

創新是這家公司的立身之本，我相信這就是這家公司 50 多年來蓬勃發展的原因。我希望確保我們在未來 50 年繼續培養這種創新文化。當然，創新只有最終影響人們的生活並轉化為股東價值創造才有意義。

The second thing that attracted me to Coherent is our market and product position in our ability to impact and drive large secular growth opportunities. The addressable market for our products and innovation is over $60 billion and growing quickly. Coherent is an industry leader across many product lines, and we're driving innovation, secular growth applications that will change how we live and work.

相干公司吸引我的第二件事是我們的市場和產品地位，以及我們影響和推動大型長期成長機會的能力。我們的產品和創新的潛在市場超過 600 億美元，並且正在快速成長。相干公司是多個產品線的行業領導者，我們正在推動創新和長期成長的應用程序，這將改變我們的生活和工作方式。

One of the most exciting growth opportunities is our optical transceiver technology, which underpins and drives the high-speed connectivity required by new AI data centers. While I believe this is a tremendous opportunity for the company, there are many other examples of secular growth opportunities ahead of us. Opportunities such as next-generation telecom systems, advanced displays, semi-cap equipment for next-gen fabs, industrial automation robotics, EVs, and many others. We are well positioned across multiple long-term secular growth markets.

最令人興奮的成長機會之一是我們的光收發器技術，它支撐並驅動新人工智慧資料中心所需的高速連接。雖然我相信這對公司來說是一個巨大的機會，但我們面前還有許多其他長期成長機會的例子。下一代電信系統、先進顯示器、下一代晶圓廠的半電容設備、工業自動化機器人、電動車等許多機會。我們在多個長期長期成長市場中處於有利地位。

My responsibility is to translate our innovation engine and growing market opportunity into market-leading revenue growth, expanding profitability, and industry-leading shareholder value creation. To achieve these goals and launch shareholder value, I'm focused on three key areas of improvement: number one, our culture; number two, our strategy; and number three, our execution.

我的職責是將我們的創新引擎和不斷增長的市場機會轉化為市場領先的收入成長、不斷擴大的獲利能力以及行業領先的股東價值創造。為了實現這些目標並創造股東價值，我專注於三個關鍵的改進領域：第一，我們的文化；第二，我們的文化。第二，我們的策略；第三，我們的執行力。

On the culture front, I love our innovation-focused culture, which we will absolutely continue to embrace, but there's also opportunity for improvements in our culture. We have to move faster and be more agile. Speed is a competitive advantage.

在文化方面，我喜歡我們以創新為中心的文化，我們絕對會繼續擁抱這種文化，但我們的文化也有改進的機會。我們必須行動得更快、更敏捷。速度是一種競爭優勢。

To this end, we've initiated changes to simplify our organizational structure, empower our leaders, streamline decision-making, accelerate execution, and ultimately, deliver our innovative products to market faster for our customers. Cultural change takes time, but I'm excited about some of the early results I've already seen across the company.

為此，我們發起了變革，以簡化組織結構、賦予領導者權力、簡化決策、加速執行，並最終為客戶更快地將我們的創新產品推向市場。文化變革需要時間，但我對整個公司已經看到的一些早期成果感到興奮。

Moving to strategy, we have a very diverse portfolio of product lines and assets, and we have a significant opportunity to further optimize and focus this portfolio for growth and profitability. To that end, in June, we initially did the portfolio review to assess each element of our product portfolio across the strategic and financial criteria. We plan to use this assessment as the foundation for making investment and capital allocation decisions moving forward.

轉向策略，我們擁有非常多樣化的產品線和資產組合，我們有一個重要的機會來進一步優化和集中該組合以實現成長和獲利。為此，我們在 6 月最初進行了產品組合審查，以根據策略和財務標準評估產品組合的每個要素。我們計劃利用這項評估作為未來投資和資本配置決策的基礎。

Across our portfolio, we have strong growth engines that need the right level of investment to realize their full growth potential. However, we also have product lines and assets that are non-strategic and underperforming. We will shift investment to the areas of greatest opportunity, and we will divest our stock investment in underperforming areas. Doing so will drive greater focus, concentrate our OpEx and CapEx dollars on our strongest growth and profit engines, accelerate the deleveraging of our balance sheet, and enhance our EPS and cash flow growth.

在我們的投資組合中，我們擁有強大的成長引擎，需要適當的投資水準才能充分發揮其成長潛力。然而，我們也有非策略性且表現不佳的產品線和資產。我們將把投資轉向最有機會的領域，而我們將剝離表現不佳的領域的股票投資。這樣做將提高我們的注意力，將我們的營運支出和資本支出集中在我們最強大的成長和利潤引擎上，加速我們資產負債表的去槓桿化，並提高我們的每股盈餘和現金流增長。

While I won't be going into the specific areas of investment and disinvestment on today's call, we plan to hold an investor and analyst meeting in the coming quarters that will lay out our strategy for the company. This will include our market growth opportunity, our key technology and product-line growth investments in our operational strategy as well as our long-term target business model.

雖然我不會在今天的電話會議上討論投資和撤資的具體領域，但我們計劃在未來幾季舉行投資者和分析師會議，以製定我們公司的策略。這將包括我們的市場成長機會、我們營運策略中的關鍵技術和產品線成長投資以及我們的長期目標業務模式。

And finally, the third area of focus for improvement is operational excellence. I believe we have significant opportunity to improve our operational efficiency and effectiveness moving forward. Let me touch on a few examples of the opportunity ahead of us.

最後，第三個需要改進的重點領域是卓越營運。我相信我們有很大的機會來提高我們的營運效率和有效性。讓我舉幾個例子來說明我們面臨的機會。

After meeting with many of our top customers and partners, it's clear to me that we can improve our revenue growth by engaging our customers in more strategic way that's less transactional and more focused on building deep and multi-generational partnerships. Our customers definitely view us as an industry innovator, but we need to improve our roadmap execution fidelity, accelerate our time-to-market on key technology transitions, and become a trusted innovation partner to our customers. We also need to ensure we're leveraging the broader ecosystem and working more closely with our key partners.

在與我們的許多頂級客戶和合作夥伴會面後，我很清楚，我們可以透過更具策略性的方式吸引客戶，減少交易性，更專注於建立深入的多代合作夥伴關係，從而提高我們的收入增長。我們的客戶無疑地將我們視為行業創新者，但我們需要提高路線圖執行保真度，加快關鍵技術轉型的上市時間，並成為客戶值得信賴的創新合作夥伴。我們還需要確保利用更廣泛的生態系統並與主要合作夥伴更密切合作。

Beyond top-line growth, we need to improve our gross margins. Frankly, our gross margin is too low. I believe we should be operating at a consistent sustainable gross margin level above 40%.

除了營收成長之外，我們還需要提高毛利率。坦白說，我們的毛利率太低了。我相信我們的營運毛利率應該持續保持在 40% 以上。

On pricing, it's clear we have room for improvement and our team is implementing a new pricing optimization strategy across our businesses to appropriately balance competitive pricing with fair payment for the innovation that we deliver to our customers. On the cost side of the gross margin equation, we have multiple areas for improvement. For example, we need to improve our product yields, our overall asset utilization and our make-versus-buy decisions. Gross margin improvement will take time, but we are determined to drive a disciplined roadmap of margin expansion.

在定價方面，很明顯我們還有改進的空間，我們的團隊正在整個業務中實施新的定價優化策略，以適當平衡有競爭力的定價與我們為客戶提供的創新的公平支付。在毛利率等式的成本方面，我們有多個需要改進的領域。例如，我們需要提高產品產量、整體資產利用率以及自製與外購決策。毛利率的改善需要時間，但我們決心推動嚴格的利潤擴張路線圖。

On operating expenses, we need to improve return on investment. For R&D, while innovation requires investment, those investments must be focused, efficient, and offer high return. Today, our R&D investment is spread too thin. We will focus our R&D investment on the areas of greatest growth potential and eliminate investment in highly speculative projects that lack a strong business case. On SG&A, we need to drive greater efficiency. We will execute on our in-flight synergy and efficiency programs while finding new ways to better leverage our significant scale.

在營運費用方面，我們需要提高投資報酬率。對研發來說，創新需要投入，但這些投入必須集中、有效率、高回報。現今，我們的研發投入過於分散。我們將把研發投資集中在最具成長潛力的領域，並消除對缺乏強有力商業案例的高度投機項目的投資。在SG&A 方面，我們需要提高效率。我們將執行飛行中協同和效率計劃，同時尋找新方法來更好地利用我們的巨大規模。

Ultimately, our goal is to increase cash generation, consistent growth, gross margin improvement and better OpEx efficiency will help; however, we also need to improve our return on capital expenditures. We will align our CapEx investments with our overall portfolio strategy and focus on our areas of greatest growth and profitability. With better operational discipline, I believe we have opportunity to significantly increase our free cash flow and accelerate our pace of debt reduction and deleveraging.

最終，我們的目標是增加現金生成，持續成長、毛利率改善和更好的營運支出效率將有所幫助；然而，我們還需要提高資本支出報酬率。我們將使我們的資本支出投資與我們的整體投資組合策略保持一致，並專注於我們成長和獲利能力最強的領域。憑藉著更好的營運紀律，我相信我們有機會大幅增加自由現金流，並加快減債和去槓桿化的步伐。

Our near-term capital allocation priorities are first, to fund our organic growth engines and second, to deleverage our balance sheet as quickly as possible. I believe the combination of an enhanced culture along with strategic portfolio optimization and operational execution improvements will help put us on a path of sustained market-leading growth, enhanced profitability, and cash generation, and a strong balance sheet. As I mentioned earlier, I look forward to sharing more details about our plans and specific business metrics and targets at an upcoming investor and analyst meeting.

我們的近期資本配置優先事項首先是為我們的有機成長引擎提供資金，其次是盡快去槓桿化我們的資產負債表。我相信，增強的文化與策略性投資組合優化和營運執行改進相結合，將有助於我們走上持續市場領先的成長、提高獲利能力和現金產生以及強大的資產負債表的道路。正如我之前提到的，我期待在即將舉行的投資者和分析師會議上分享有關我們的計劃以及具體業務指標和目標的更多詳細資訊。

One of my near-term priorities is to fill the CFO role. We are considering both internal and external candidates and making good progress on the search. Once the new CFO is in place, we'll set a specific date for our investor and analyst meeting.

我近期的首要任務之一是擔任財務長一職。我們正在考慮內部和外部候選人，並且在尋找方面取得了良好進展。一旦新的財務長就職，我們將確定投資者和分析師會議的具體日期。

I'll now switch gears and provide some brief comments on our fiscal fourth-quarter results. Revenue in Q4 increased by approximately 9%, both sequentially and year over year, driven primarily by strong growth in our datacom transceivers for AI data center deployments. Non-GAAP gross margin expanded by 145 basis points sequentially due primarily to recovery from the transitory issues that impacted our Q3. Non-GAAP EPS grew by 16% sequentially and by almost 50% year over year as a result of top-line growth and margin expansion.

我現在將轉換主題，並對我們第四季度的財務業績提供一些簡短的評論。第四季的營收季增約 9%，這主要得益於我們用於人工智慧資料中心部署的資料通訊收發器的強勁成長。非 GAAP 毛利率季增 145 個基點，主要是由於影響我們第三季的暫時性問題的恢復。由於營收成長和利潤率擴張，非 GAAP 每股收益環比成長 16%，較去年同期成長近 50%。

Let me summarize what we're seeing in our business by end market vertical. In the communications end market, Q4 revenue increased by 10% sequentially and by 19% year over year. We experienced strong growth in datacom, where Q4 revenue grew 16% sequentially and 58% year over year due primarily to data center demand.

讓我總結一下我們在垂直終端市場的業務中所看到的情況。在通訊終端市場，第四季營收季增10%，年增19%。我們在數據通訊領域經歷了強勁成長，第四季營收季增 16%，年增 58%，這主要歸功於資料中心需求。

We saw strong sequential growth in our 800 gig datacom transceiver revenue in Q4 and are also seeing increasing orders and backlog for the current and future quarters. We also delivered initial samples of around 1.6T datacom transceivers, which we expect to begin ramping in calendar 2025. Our new datacom optical switch platform is progressing well and is generating significant customer engagement, and we expect to enter customer trials in calendar 2025.

我們看到第四季度 800 GB 數據通訊收發器收入出現強勁的環比增長，並且當前和未來幾個季度的訂單和積壓訂單也在增加。我們也交付了約 1.6T 數據通訊收發器的初始樣品，預計將於 2025 年開始批量生產。我們的新數據通訊光開關平台進展順利，並產生了顯著的客戶參與度，我們預計將在 2025 年進入客戶試用階段。

Growth in datacom was partially offset by a 6% sequential and 38% year-over-year decline in telecom revenue due to end-market weakness. Although we expect the telecom end market to remain weak in the near term, we also expect to ramp our new 100 gig ZR and 400 gig ZR /ZR+ Coherent transceivers over the course of our fiscal year. Overall, we expect the communications market to be a strong long-term growth vector for the company.

由於終端市場疲軟，電信營收季減 6%，年減 38%，部分抵銷了數據通訊的成長。儘管我們預計電信終端市場在短期內仍將疲軟，但我們也預計在本財年期間將推出新的 100 GB ZR 和 400 GB ZR /ZR+ 相干收發器。整體而言，我們預期通訊市場將成為公司強勁的長期成長向量。

In the industrial end market, revenue increased 2% sequentially and 5% year over year. Our display capital equipment verticals saw growing demand in Q4 for axillary lasers for annealing and related services driven by expanded OLED adoption in smartphones and the inception of OLED adoption into laptop and tablet computers, with the latter essentially doubling long-term demand for OLED screen area production.

在工業終端市場，營收季增2%，年增5%。由於智慧型手機中OLED 的廣泛採用以及筆記型電腦和平板電腦開始採用OLED，後者基本上使OLED 螢幕面積的長期需求翻了一番，我們的顯示資本設備垂直行業在第四季度對用於退火和相關服務的腋雷射的需求不斷增長生產。

In our other industrial verticals, we saw relatively stable revenue in aggregate. While we expect overall industrial end-market demand to be soft in the near term, we believe we are well positioned for growth of long term, given our multiple growth opportunities in this segment, driven by new product introductions such as our fiber laser platform for cutting and renew LineBeam annealing systems for [GenA] display fabs.

在我們的其他垂直行業中，我們看到整體收入相對穩定。雖然我們預計短期內整體工業終端市場需求將疲軟，但鑑於我們在該領域的多重成長機會，在新產品推出（例如我們的光纖雷射平台）的推動下，我們相信我們已做好長期成長的準備。

In our two remaining markets, electronics and instrumentation, each of which account for less than 10% of our total revenue, we saw sequential revenue growth and both end markets remain long-term growth opportunities for us.

在我們剩下的兩個市場，即電子產品和儀器儀表市場，這兩個市場均占我們總收入的比例不到10%，我們看到了收入的連續增長，並且這兩個終端市場仍然是我們的長期成長機會。

In summary, about two months in, I'm even more excited about the opportunity to unlock significant shareholder value based on the depth and breadth of our innovation, the size of the market opportunities we address, and the potential to improve our operational execution. We're expecting strong growth in our datacom business over the coming quarters. And while some near-term softness persists in our telecom and industrial end markets, we expect fiscal 2025 overall to be a solid growth year for the company.

總之，大約兩個月後，我對基於我們創新的深度和廣度、我們所解決的市場機會的規模以及改善我們的營運執行的潛力來釋放重要股東價值的機會感到更加興奮。我們預計未來幾季我們的數據通訊業務將強勁成長。儘管我們的電信和工業終端市場短期內持續疲軟，但我們預計 2025 財年總體上將是該公司穩健成長的一年。

I'll now turn the call over to our Interim CFO, Rich Martucci.

現在我將把電話轉給我們的臨時財務長 Rich Martucci。

Thank you, Jim. While we're all very pleased with the continued sequential financial progress we made in the fourth quarter of fiscal 2024, we delivered a strong quarter with sequential revenue growth and healthy improvement in our gross and operating margins, which drove sequential earnings per share growth.

謝謝你，吉姆。雖然我們對 2024 財年第四季的持續連續財務進展感到非常滿意，但我們實現了一個強勁的季度，收入連續增長，毛利率和營業利潤率健康改善，推動了每股收益連續增長。

Fourth-quarter revenue was $1,314 million, representing an increase of 8.7% sequentially and 9.1% versus the prior year. From a segment perspective, networking revenue increased 10% sequentially and by 16% year over year. Materials segment revenue increased 17% sequentially, but decreased 3% year over year. And our laser segment revenue increased by 1% sequentially and by 7% year over year.

第四季營收為 13.14 億美元，比上一季成長 8.7%，比上年增長 9.1%。從細分市場來看，網路收入較上季成長10%，較去年同期成長16%。材料部門營收季增 17%，但年減 3%。我們的雷射業務收入較上季成長 1%，較去年同期成長 7%。

Our fourth-quarter GAAP gross margin of 32.9%, improved by 255 basis points sequentially and by 437 basis points versus the prior year. Our non-GAAP fourth quarter gross margin of 37.2% improved by 145 basis points sequentially and 132 basis points versus the prior year. Sequential improvements were primarily due to our increased revenue volume and resolution of the transitory margin issues that we cited in the preceding quarter, including the recovery in our datacom AI transceiver yield and resolution of the power failure issue that depressed both of our silicon carbide revenue and gross margins.

我們第四季的 GAAP 毛利率為 32.9%，比上一季提高 255 個基點，與去年同期相比提高 437 個基點。我們的非 GAAP 第四季毛利率為 37.2%，較上一季提高 145 個基點，與去年同期相比提高 132 個基點。連續的改進主要是由於我們的收入增加以及我們在上一季度提到的暫時性利潤問題的解決，包括我們的數據通信人工智能收發器產量的恢復以及電源故障問題的解決，該電源故障問題壓低了我們的碳化矽收入和毛利率。

Our fourth-quarter GAAP operating expenses were $339 million compared to $344 million in the prior quarter and $499 million in the year-ago quarter. Fourth-quarter non-GAAP operating expenses were $266 million compared to $250 million in the prior quarter and $248 million in the year-ago quarter. The sequential increase in non-GAAP operating expenses includes year-end bonus and benefit adjustments and Term Loan B refinancing fees. Looking ahead, we plan to continue to be disciplined in managing our SG&A expenses while ensuring that we invest in our product portfolio.

我們第四季的 GAAP 營運費用為 3.39 億美元，上一季為 3.44 億美元，去年同期為 4.99 億美元。第四季非 GAAP 營運費用為 2.66 億美元，上一季為 2.5 億美元，去年同期為 2.48 億美元。非公認會計準則營運費用的連續增加包括年終獎金和福利調整以及定期貸款 B 再融資費用。展望未來，我們計劃繼續嚴格管理銷售及行政費用，同時確保投資於我們的產品組合。

Our fourth-quarter restructuring expenses included in the GAAP operating expenses were $14 million compared to $12 million in the preceding quarter and $119 million in the year-ago quarter. Our restructuring synergy and site consolidation plans are progressing in line with previously communicated expectations in terms of both costs and savings.

我們第四季以 GAAP 營運費用計算的重組費用為 1,400 萬美元，上一季為 1,200 萬美元，去年同期為 1.19 億美元。我們的重組協同和站點整合計劃的進展符合先前傳達的成本和節省預期。

Our fourth-quarter 4.8% GAAP operating margin increased by 296 basis points compared to 1.8% in the prior quarter and by 1,769 basis points compared to an operating loss of 12.9% in the year-ago quarter, driven by improvements in both gross margin and operating expense leverage. Our fourth quarter 17% non-GAAP operating margin increased by 191 basis points compared to 15.1% in the prior quarter and by 162 basis points compared to 15.4% in the year-ago quarter, driven by improvements in both gross margin and operating expense leverage.

我們第四季4.8% 的GAAP 營運利潤率比上一季的1.8% 成長了296 個基點，與去年同期12.9% 的營運虧損相比成長了1,769 個基點，這主要得益於毛利率和營運成本的改善。在毛利率和營運費用槓桿率改善的推動下，我們第四季的非公認會計準則營業利潤率為17%，與上一季的15.1% 相比增加了191 個基點，與去年同期的15.4%相比增加了162 個基點。

Our fourth-quarter interest expense was $68 million compared to $73 million in the preceding quarter and $79 million in the year-ago quarter. The full year, on slide 24, GAAP tax rate was negative 7.5% compared to 27% in the previous year. The full-year FY24 non-GAAP tax rate was 20.7% compared to 18.2% in the previous year.

我們第四季的利息支出為 6,800 萬美元，而上一季的利息支出為 7,300 萬美元，去年同期的利息支出為 7,900 萬美元。第 24 張投影片顯示，全年 GAAP 稅率為負 7.5%，而前一年為 27%。2024 財政年度全年非 GAAP 稅率為 20.7%，前一年為 18.2%。

Fourth-quarter GAAP earnings per diluted share was negative $0.52 loss compared to a $0.29 loss in the prior quarter, and a $1.54 loss in the year-ago quarter. Fourth-quarter non-GAAP earnings per diluted share was $0.61 compared to $0.53 in the preceding quarter, and $0.41 in the year-ago quarter.

第四季 GAAP 每股攤薄收益為負 0.52 美元，上一季為 0.29 美元，去年同期為 1.54 美元。第四季非公認會計原則攤薄每股收益為 0.61 美元，上一季為 0.53 美元，去年同期為 0.41 美元。

We generated $162 million in cash from operations in the fourth quarter compared to $117 million in the prior quarter and $182 million in the year-ago quarter. Fourth-quarter capital expenditures were $100 million versus $93 million in the preceding quarter and $93 million in the year-ago quarter.

我們第四季的營運現金為 1.62 億美元，而上一季為 1.17 億美元，去年同期為 1.82 億美元。第四季資本支出為 1 億美元，上一季為 9,300 萬美元，去年同期為 9,300 萬美元。

Free cash flow net of the $49 million of capital funded by the Silicon Carbide LLC minority interest investments was $111 million. We paid down $64 million in debt during the quarter and a total of $229 million for all of fiscal 2024.

扣除由 Silicon Carbide LLC 少數股權投資資助的 4,900 萬美元資本後，自由現金流為 1.11 億美元。我們在本季償還了 6,400 萬美元的債務，2024 財年總共償還了 2.29 億美元的債務。

Total debt at the end of FY24 is $4.17 billion. Unrestricted cash increased to $926 million from $899 million in the prior quarter. Restricted cash set aside for our Silicon Carbide LLC subsidiary decreased to $858 million from $889 million in the preceding quarter. In summary, moving forward, the combined company will continue to be laser-focused on investing in organic growth, improving operating leverage prudent capital investments and executing on paying down debt.

截至 2024 財政年度結束時的債務總額為 41.7 億美元。無限制現金從上一季的 8.99 億美元增加到 9.26 億美元。為我們的 Silicon Carbide LLC 子公司預留的限制現金從上一季的 8.89 億美元減少到 8.58 億美元。總之，展望未來，合併後的公司將繼續專注於投資有機成長、提高營運槓桿、審慎的資本投資以及執行償還債務。

Now I will turn to our guidance for the first quarter of fiscal 2025. Revenue is expected to be between $1.27 billion and $1.35 billion. Non-GAAP gross margin is expected to be between 36% and 38%. Total operating expenses are expected to be between $260 million and $280 million on a non-GAAP basis. Tax rate for the quarter is expected to be between 20% and 23% on a non-GAAP basis. EPS is expected to be between $0.53 and $0.69 on a non-GAAP basis.

現在我將談談我們對 2025 財年第一季的指導。收入預計在12.7億美元至13.5億美元之間。非 GAAP 毛利率預計在 36% 至 38% 之間。以非公認會計準則計算，總營運費用預計在 2.6 億美元至 2.8 億美元之間。以非公認會計準則計算，本季的稅率預計在 20% 至 23% 之間。以非 GAAP 計算，每股收益預計在 0.53 美元至 0.69 美元之間。

Operator, that concludes our formal comments. We can now open the call to questions.

操作員，我們的正式評論到此結束。我們現在可以開始提問。

Thank you. (Operator Instructions) Samik Chatterjee, JPMorgan.

謝謝。（操作員指示）Samik Chatterjee，摩根大通。

Hi. Thanks for taking my question. And Jim, look forward to working with you. I guess the first question that I wanted to sort of throw your way your way is really in relation to you said it's early days in terms of the strategic assessment you're doing. Just maybe help us think about what are the early reads you have around the portfolio from there?

你好。感謝您提出我的問題。吉姆，期待與您合作。我想我想向您提出的第一個問題實際上與您所說的就您正在進行的戰略評估而言還處於早期階段有關。也許可以幫助我們思考一下您對投資組合的早期讀物是什麼？

You talked about core and non-core. Maybe what's the criteria using -- the lens that you're looking at it from in deciding core and non-core and how much of the sort of implication is on operating the company more efficiently relative to maybe delevering the balance sheet in terms of priority of these actions? And I have a quick follow-up if you'll allow me. Thank you.

您談到了核心和非核心。也許使用的標準是什麼——您在決定核心和非核心時所使用的視角，以及相對於優先考慮去槓桿化資產負債表而言，對更有效地運營公司有多少影響這些行動？如果您允許的話，我會快速跟進。謝謝。

Yeah. Thank you, Samik. Thanks for the question, and I appreciate it. And the portfolio assessment, happy to talk a little bit more about that. I'm really pleased with the work that the team's been doing on this over the last couple of months. And think about the portfolio assessment as really work that we're doing to really build a foundation for our strategy going forward. And the ultimate goal of it is to really make sure that the company is concentrating all of its assets, whether that's OpEx and CapEx, and the areas of greatest growth and profitability over the long term. And so that's really the ultimate goal.

是的。謝謝你，薩米克。謝謝你的提問，我很感激。以及投資組合評估，很高興能更多地談論這一點。我對團隊過去幾個月在這方面所做的工作感到非常滿意。並將投資組合評估視為我們正在做的真正工作，為我們的未來策略奠定基礎。其最終目標是真正確保公司集中所有資產，無論是營運支出和資本支出，還是長期成長和獲利能力最強的領域。這確實是最終目標。

And the way we're approaching it is we're stepping back and looking at the entire company portfolio. We're breaking down the company in each one of its individual product-line divisions, and we're grading each one of those on a set of strategic and financial criteria. And then what we're doing is putting together the businesses into one of four categories.

我們處理這個問題的方式是退後一步，審視整個公司的投資組合。我們將公司分解為每個單獨的產品線部門，並根據一組策略和財務標準對每個部門進行評級。然後我們正在做的是將這些業務歸類為四個類別之一。

And happy to share a little bit more about that. The four categories are what do we think are the growth engines for the company moving forward? What are the profit engines? What are the kind of longer-term bets that the company is making? And then what are those businesses that we think are non-strategic or under-performing?

並且很高興能分享更多相關內容。我們認為這四個類別是公司前進的成長引擎？利潤引擎是什麼？該公司正在進行哪些長期投資？那麼我們認為那些非策略性或表現不佳的業務是什麼？

When you say growth engines, those are -- obviously, those are businesses that we believe are going to drive long-term, above-market growth for us. Profit engines are businesses that maybe growing a little slower but are generating really healthy levels of profit. Long-term bets are businesses that we're investing in today that have a longer the ROI than typical for us but may have a big payoff at the end. And then the non-strategic and under-performing businesses are really businesses that just don't fit with the overall portfolio or are significantly under-performing our financial targets.

當你說成長引擎時，顯然，我們相信這些業務將為我們帶來長期、高於市場的成長。利潤引擎是指成長速度可能稍慢但正在產生真正健康的利潤水平的企業。長期投資是指我們今天投資的企業，其投資報酬率比我們通常的投資報酬率要長，但最終可能會帶來豐厚的回報。非策略性和表現不佳的業務實際上是不符合整體投資組合或顯著低於我們的財務目標的業務。

And really with an foundation built -- that work is really concluding through the course of this month -- we'll be taking a set of actions to concentrate our assets, our investment on those areas of greatest growth, as I said, and then either divesting or shutting down investment in those under-performing or non-strategic businesses. So certainly expect to hear more about that come from us over the coming quarters. We are certainly happy to share more about that at the Investor and Analyst Day that we're planning in the future.

事實上，隨著基礎的建立——這項工作將在本月內真正結束——我們將採取一系列行動，將我們的資產、我們的投資集中在那些成長最快的領域，正如我所說，然後要么撤資，要么停止對那些表現不佳或非戰略業務的投資。因此，我們當然希望在接下來的幾季中聽到更多有關這方面的資訊。我們當然很高興在我們計劃未來的投資者和分析師日上分享更多相關內容。

I think you also asked about delevering the balance sheet. That's certainly a big focus of ours as well. And I look at the delevering opportunity as -- is really could be driven by two things. To the extent that we do decide to divesting any businesses, the proceeds of those divestitures could be used to pay down the debt. But also just setting aside the portfolio assessment and I talked about some of the operational execution improvements we want to drive really focused on driving better, for instance, gross margin, better profit margins, and obviously that yields better cash flow, which would help us accelerate debt paydown. But certainly, delevering the balance sheet is a key focus as well.

我想你也問過資產負債表去槓桿化的問題。這當然也是我們關注的重點。我認為去槓桿化機會實際上可能是由兩件事驅動的。如果我們確實決定剝離任何業務，這些剝離的收益可以用來償還債務。但也只是拋開投資組合評估，我談到了我們想要推動的一些營運執行改進，真正專注於推動更好，例如，毛利率，更好的利潤率，顯然這會產生更好的現金流，這將幫助我們加快償還債務。但當然，去槓桿化資產負債表也是一個關鍵焦點。

Got it. And if you allow me for a quick follow-up, I know you talked about gross margins being sustainably above 40s is how you're thinking about the business. If you sort of look at the gross margins today, do you think the effective sort of the biggest gap between where your aspiration is and what's sort of those companies delivering today? Is that pricing or is that sort of these under-performing businesses. Once that's done and dusted, you sort of get back to that sustainable range. Maybe just help me in what's the biggest gap you are identifying between where the company should be and where the gross margins are today?

知道了。如果您允許我快速跟進，我知道您談到毛利率持續高於 40 美元是您對業務的看法。如果你看看今天的毛利率，你認為你的願望與這些公司今天的表現之間的最大差距是什麼？是定價還是那些表現不佳的企業。一旦完成並除塵，您就可以回到可持續的範圍。也許只是幫我看看你認為公司應該達到的水平和今天的毛利率之間的最大差距是什麼？

Yeah. It's a great question, Samik. And I would say it's really a combination of -- some of it is underperforming businesses that are significantly -- that have gross margins that are significantly below our corporate average. But also if you set that aside, pricing, I think there's both opportunities on pricing as well as cost structure.

是的。這是一個很好的問題，薩米克。我想說，這實際上是一個組合——其中一些是表現不佳的企業——其毛利率大大低於我們公司的平均水平。但如果你把定價放在一邊，我認為定價和成本結構上都有機會。

And I mentioned this a little bit in my prepared remarks on pricing. I do believe that there's things that we can do to improve our pricing discipline moving forward. And some of those ideas that I'm bringing with me is somewhat what it did in prior companies on where we applied to in advance -- think about it as pricing analytics, pricing strategies that really are targeted at making sure that we're competitive on price, but also that we're getting fair value for the innovation that we're bringing to market.

我在準備好的定價評論中提到了這一點。我確實相信我們可以採取一些措施來改善我們的定價紀律。我帶來的一些想法在某種程度上是我們在之前的公司中所做的，我們提前應用了這些想法——將其視為定價分析，真正旨在確保我們具有競爭力的定價策略價格方面，而且我們為市場帶來的創新獲得了公平的價值。

So I think there's a pricing initiative that we've kicked off around better pricing discipline and expect that to yield gross margin improvement. But then also cost, like I think there's a number of different areas across the company where we need to be focused on driving better cost structure. And I mentioned a few of those in the prepared remarks. I think product yields, we have improvement to drive their asset utilization.

因此，我認為我們圍繞更好的定價紀律啟動了一項定價計劃，並預計這將提高毛利率。但還有成本，我認為公司有許多不同的領域，我們需要專注於推動更好的成本結構。我在準備好的發言中提到了其中的一些內容。我認為產品收益率，我們有改善來推動他們的資產利用率。

And then the -- I think the third area that I mentioned was better make-versus-buy decisions, making sure that we're leveraging the bigger ecosystem where it makes sense and making sure that we're applying our assets to where we're driving the greatest differentiation where that's providing our customers some sort of a significant advantage. But that's the three different areas I'm thinking about in terms of gross margin improvement.

然後，我認為我提到的第三個領域是更好的自製與購買決策，確保我們在有意義的地方利用更大的生態系統，並確保我們將我們的資產應用到我們想要的地方。我們正在推動最大的差異化，為我們的客戶提供某種顯著的優勢。但這是我在毛利率改善方面考慮的三個不同領域。

Jeff Koche, Raymond James.

傑夫·科奇，雷蒙德·詹姆斯。

Yeah, thanks. This is Jeff Koche for Simon Leopold. I just wanted to hit on the gross margin a little bit deeper. Maybe you can talk about the glide path. And what kind of timeframe do you see getting to that 40%-plus range? And really hitting on maybe that buy-versus-make decision, you got a competitor -- one of your competitors last night talking about EML -- or their indium phosphide lasers being booked out through the end of 2025 is in this 200 gig per lane? Maybe just update your thoughts around that for in-house production there.

是的，謝謝。我是西蒙·利奧波德的傑夫·科奇。我只是想進一步提高毛利率。也許你可以談談滑行路徑。您認為要達到 40% 以上的範圍需要什麼時間？真正考慮到「購買與製造」的決定時，你有一個競爭對手——你的競爭對手之一昨晚談論了EML——或者他們的磷化銦雷射在2025 年底前被預訂一空，每通道200台。也許只是更新你對內部生產的想法。

Yeah. Thanks, Jeff. On the first part of your question on the glide path, that's definitely a topic that we want to cover it at that Investor Day that I mentioned. So we'll be scheduling that in the coming quarters. And what we'll do is as part of that Investor Day, it's not just lay out the company's strategy, but give an overall business model target for the company and a sense of what our timing is of -- the timeframe to achieve that business model target, including including the gross margins.

是的。謝謝，傑夫。關於你關於下滑路徑的問題的第一部分，這絕對是我們想在我提到的投資者日討論的一個主題。因此，我們將在接下來的幾個季度內進行安排。作為投資者日的一部分，我們要做的不僅僅是製定公司的策略，而是為公司提供整體業務模式目標，並了解我們的時機——實現該業務的時間框架模型目標，包括毛利率。

But this will definitely be a key focus area for us moving forward. And look, gross margin improvement takes time, whether it's pricing or cost reductions; those take work. But we're determined to drive a steady roadmap of improvement moving forward. And so you'll hear more about us or from us around the timing of those gross margin improvements in the quarters ahead.

但這肯定是我們前進的一個重點領域。你看，毛利率的提高需要時間，無論是定價或成本削減；這些需要工作。但我們決心推動穩步推進的改善路線圖。因此，您將更多地了解我們或從我們那裡聽到有關未來幾季毛利率改善的時間安排。

And then on the second part of your question, make-versus-buy, I think the way to think about this is -- one of the benefits that Coherent has versus our competitors and it's a benefit that our customers see every day is there's a number of places where we're vertically integrated and where we build, for instance, not just the datacom transceiver, but we build a number of the components that go into that transceiver.

然後，關於你問題的第二部分，自製還是外購，我認為思考這個問題的方法是——相干公司相對於我們的競爭對手的優勢之一，也是我們的客戶每天都能看到的優勢例如，我們垂直整合的地方以及我們建造的地方的數量，不僅是數據通訊收發器，而且我們還建造了該收發器中的許多組件。

And to the extent that that provides us differentiation or faster time to market or generates real value for our customers, that's fantastic. And we will continue to do that. But what I want to make sure that we're careful about is on not just building it internally for the sake of building it internally. But to the extent that there's external providers or an ecosystem that we can leverage that's competitive in terms of technology and cost with the internal option, I'd rather use those resources to focus those on areas that we can truly differentiate and add value for our customers.

在某種程度上，這為我們提供了差異化或更快的上市時間或為我們的客戶創造了真正的價值，這真是太棒了。我們將繼續這樣做。但我想確保我們要小心的是，不僅僅是為了在內部建造它而在內部建立它。但就我們可以利用的外部供應商或生態系統而言，它們在技術和成本方面與內部選項相比具有競爭力，我寧願利用這些資源將這些資源集中在我們可以真正實現差異化並為我們的產品增加價值的領域。

So I just want to make sure that we're being objective moving forward and make-versus-buy and being smart about how we leverage (technical difficulty) forward.

因此，我只是想確保我們客觀地前進，自製與外購，並明智地利用（技術難度）前進。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hey, Jim, thanks for taking my question and great to meet you. I look forward to working with you as well. But I kind of wanted to ask on the optical opportunity and the transceiver business in general. I realize you just joined the business, and there were a lot of metrics kind of floating around, and I'm sure you don't want to marry yourself to any of those right away.

嘿，吉姆，謝謝你提出我的問題，很高興見到你。我也期待與您合作。但我有點想問光學機會和收發器業務的整體情況。我意識到你剛加入這個行業，有很多指標在流傳，我確信你不想立即將自己與其中任何一個結合。

But in your initial days at the business, clearly, the big growth engine at Coherent has been this 800G ramp and then in the future, potentially the 1.6T ramp as well. But when you look at kind of what was advertised to you when you were first looking at this job and then kind of got underneath the covers and looked at that optical opportunity, could you maybe speak qualitatively about your expectations in that business?

但顯然，在您入職初期，相干公司最大的成長引擎就是 800G 的提升，未來也可能是 1.6T 的提升。但是，當你第一次看到這份工作時，你看到了廣告上向你展示的內容，然後又深入到幕後，看到了這個光學機會，你能否定性地談談你對該行業的期望？

I understand that you'll have an Analyst Day and maybe put some more numbers on it. But just broadly on your feelings on that business and what that growth engine could look like for Coherent over the next couple of years? And then I had a follow-up.

我知道您將有一個分析師日，並且可能會提供更多數據。但您對這項業務的大致看法以及相干公司未來幾年的成長引擎會是什麼樣子？然後我進行了跟進。

Yeah, thank you, Tom, for the question. The short answer is, it's better than I thought before I joined the company. So I had a sense of values as Coherent as a leader in optical transceivers, specifically for datacom. And obviously, there's tremendous buildout happening now with AI data centers. And I have my own sense of what the sort of growth trajectory would look like before I joined the company. It's stronger than what I what I had thought.

是的，謝謝你，湯姆，提出這個問題。簡而言之，這比我加入公司之前想像的還要好。因此，我對相干公司作為光收發器（特別是數據通訊領域）領導者的價值觀有一種感覺。顯然，人工智慧資料中心現在正在發生巨大的擴建。在我加入公司之前，我對這種成長軌跡有自己的看法。它比我想像的還要強。

And we've seen just over the last, I would say, gosh, four to six weeks as I have spent a lot of time with our top customers across the year across all of our different product lines, but especially in our datacom business, I've gotten a much better sense for the opportunity that's in front of us. And I would say it's a very strong opportunity. And we continue to see as demand strengthening forecasts, strengthening billings backlog. So yeah, we view this as a really key growth area for the company.

我想說，天哪，我們在過去的一年里花了很多時間與我們所有不同產品線的頂級客戶一起度過了四到六週，特別是在我們的數據通信業務中，我對擺在我們面前的機會有了更好的體會。我想說這是一個非常好的機會。我們繼續看到需求預測加強，帳單積壓增加。所以，是的，我們認為這是公司真正關鍵的成長領域。

The 800 gig ramp is very exciting for us. And then also, I was really pleased with the team's execution on the 1.6T. They delivered samples for the 1.6 T just over the past few weeks, months. I think that was a key milestone for us, and we're looking forward to ramping 1.6T next year. But yeah, I think it's an exciting growth area for the company.

800 演出坡道對我們來說非常令人興奮。另外，我對團隊在 1.6T 的表現感到非常滿意。他們在過去幾週、幾個月內交付了 1.6 T 的樣品。我認為這對我們來說是一個重要的里程碑，我們期待明年增加 1.6T。但是，是的，我認為這對公司來說是一個令人興奮的成長領域。

Now I'll say that -- but I also want to make sure that we recognize that there are other growth areas within the company as well. I know I'm excited about datacom and AI data centers, but there's a number of other good areas of growth within the company. I mentioned a few of them in my prepared remarks.

現在我要這麼說——但我還想確保我們認識到公司內部還有其他成長領域。我知道我對數據通訊和人工智慧數據中心感到興奮，但公司內部還有許多其他良好的成長領域。我在準備好的發言中提到了其中一些。

So one of the things I think is the strength of Coherent is not just the innovation that I talked about, but we do have a wide portfolio of growth opportunities across our other businesses as well. And I think that makes for a really strong long-term portfolio, that's a diversified portfolio of growth moving forward. So and yeah, definitely, I'll share more thoughts on all of those growth engines at the Investor Day.

因此，我認為相干公司的優勢之一不僅在於我談到的創新，而且我們在其他業務中也確實擁有廣泛的成長機會。我認為這構成了一個真正強大的長期投資組合，這是一個向前發展的多元化投資組合。所以，是的，我肯定會在投資者日分享更多關於所有這些成長引擎的想法。

Perfect. And then the second one is just a little more tactical in regards to kind of what we heard last night from your competitor who was talking about an improving telecom market into the September quarter. It sounded as though you were a little more cautious. Just can you describe what you're seeing from those customers just in the short term?

完美的。然後第二個是關於我們昨晚從你的競爭對手那裡聽到的更具策略性的內容，他們正在談論到九月份季度電信市場的改善。聽起來你好像更謹慎了一些。您能描述一下您在短期內從這些客戶那裡看到的情況嗎？

This is less of kind of a long-term strategic question, but just a sense check on are you seeing that market recovering with legacy products or new product introductions kind of picking up? That's what was kind of echoed last night. Newer products kind of growing that customers. Just the puts and takes on what you're seeing in the telecom market just because visibility has been pretty bad and inventory levels have been high. Where are we at in that correction kind of off the bottom? Thank you.

這不是長期策略問題，但只是一個感覺檢查，您是否看到市場隨著遺留產品或新產品的推出而復甦？這是昨晚的迴響。更新的產品使客戶不斷成長。只是你在電信市場上看到的看跌期權和看跌期權，只是因為能見度很差而且庫存水準很高。在這次底部調整中，我們處於什麼位置？謝謝。

Yeah. Thanks, Tom. And look, I'm going to separate it out into just purely end-market comments versus I'll come back and talk about some of the new products that we have ramping here. So just purely end market, yeah, I guess we're taking a more cautious view on the market.

是的。謝謝，湯姆。看，我將把它分成純粹的終端市場評論，而不是我會回來談論我們在這裡推出的一些新產品。所以純粹是終端市場，是的，我想我們對市場持更謹慎的看法。

I don't believe that we're completely out of woods as an industry on the telecom market. Significant destocking has happened in that market, and that's good, right? But the telecom market had built up significant inventory that's -- I think most of that destocking is largely behind us, but I think there are still pockets of inventory that are out there.

我不認為電信市場上的產業已經完全擺脫困境。該市場已經大幅去庫存，這很好，對吧？但電信市場已經累積了大量庫存——我認為大部分去庫存已經過去了，但我認為仍然有少量庫存存在。

And so our outlook on the telecom market through the next, I would say, at least six months and probably into the following six months is a bit more of a cautious outlook. And it could mean that we're wrong, and it ends up being better or stronger than that, but we're taking a more cautious view on that.

因此，我想說，我們對未來至少六個月，甚至可能是接下來六個月的電信市場的前景更加謹慎。這可能意味著我們錯了，最終會比這更好或更強大，但我們對此持更加謹慎的看法。

Now that's all end-market comments. Now set that aside, I'll switch over to Coherent specifically. Against that market backdrop, we do have a number of new products that are ramping that are pretty exciting. And I mentioned in the prepared remarks both the 100 gig and then the 400 gig ZR and ZR+ that will ramp throughout the course of this year. And obviously, it's ramping over the course of this year. They have a bigger impact in the second half of our fiscal year. So I think that we do have some growth tailwinds behind us in terms of our own products. But I think in terms of the market, we're expecting that to continue to be soft.

現在這就是所有終端市場的評論。現在把這個放在一邊，我將專門切換到相干公司。在這樣的市場背景下，我們確實推出了許多令人興奮的新產品。我在準備好的演講中提到了 100 場演出以及隨後的 400 場演出 ZR 和 ZR+，它們將在今年持續增加。顯然，今年這數字正在不斷增加。它們對我們財年下半年的影響更大。因此，我認為就我們自己的產品而言，我們確實有一些成長動力。但我認為就市場而言，我們預計市場將繼續疲軟。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great, thanks. I'll start with a question non-AI, just focus on some other areas of the business. The materials business looked to have kind of better-than-expected performance throughout the quarter. Was some of that just improvement on Silicon Carbide yields that had kind of encumbered last quarter? Were there any other markets worth calling out that improved there?

太好了，謝謝。我將從一個非人工智慧的問題開始，只專注於業務的其他一些領域。整個季度材料業務的表現似乎好於預期。其中一些只是上季度受到阻礙的碳化矽產量的改善嗎？有其他市場值得指出並有所改善嗎？

And then maybe just as a second question on the datacom side, I know the focus is on 400 gig and up, but just any recovery you guys are seeing and kind of demand for the non-AI high-speed transceivers? Thanks.

然後，也許就像數據通訊方面的第二個問題一樣，我知道重點是 400 GB 及以上，但你們看到的任何復甦以及對非 AI 高速收發器的需求是什麼？謝謝。

Thank you. And on the first part of your questions on the materials business, yeah, we did see on some pickup in the materials business from Q3 into Q4. And you're right, actually, a good chunk of that was the production issues that we had on Silicon Carbide in Q3. We were able to catch up on those issue -- catch up on that demand in Q4.

謝謝。關於您關於材料業務的問題的第一部分，是的，我們確實看到材料業務從第三季度到第四季度有所回升。事實上，你是對的，其中很大一部分是我們在第三季碳化矽方面遇到的生產問題。我們能夠趕上這些問題——在第四季度趕上這一需求。

And so we had a little bit of depressed demand or depressed shipments in Q3. We were able to catch up on that in Q4. So some of that sequential gain is yeah, certainly due to that silicon carbide catch up.

因此，第三季的需求或出貨量略有下降。我們在第四季度趕上了這一點。所以，部分連續增益是肯定的，當然是由於碳化矽的趕上。

And then on the second part of your question, I caught that it was on datacom, but I didn't quite hear the end of the question. Would you mind repeating the end of that datacom question.

然後在你問題的第二部分，我發現它是在數據通信上，但我沒有完全聽到問題的結尾。您介意重複一下數據通訊問題的結尾嗎？

Yeah, just demand for kind of the non-AI speeds or the kind of sub 400 gig. I know that had been an area of more depressed demand, but if you're seeing any changes there.

是的，只是對非 AI 速度或低於 400 gig 的需求。我知道這是一個需求更加低迷的領域，但如果你看到那裡有任何變化的話。

Got it. Okay. The sub 400 gig. We're expecting that to be relatively stable. So we don't expect to see any huge growth from that or any huge decline. We're modeling that moving forward as relatively stable.

知道了。好的。低於 400 的演出。我們預計這一情況將相對穩定。因此，我們預計不會出現任何大幅成長或大幅下降。我們將其建模為相對穩定的向前發展。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yeah. Thank you. Jim, you spoke about the need to have less transactional revenue and the ability to improve pricing going forward. Given your innovation and leadership in high-speed optical transceivers, could you discuss the breadth of hyperscale engagements within datacom and whether this customer demand is resulting in extended volume commitments and order visibility provided to you so that you may enable those customers to meet their data center build-outs? Thank you.

是的。謝謝。吉姆，您談到需要減少交易收入並提高未來定價的能力。鑑於您在高速光收發器方面的創新和領導地位，您能否討論一下數據通信領域超大規模業務的廣度，以及該客戶需求是否會導致擴大批量承諾並為您提供訂單可見性，以便您可以幫助這些客戶滿足他們的資料需求中心擴建？謝謝。

Yeah, thanks, Karl. So definitely, we're seeing -- we have a very good breadth of customers. If you look at 800 gig, our breadth of customers continues to grow. It's grown on a quarter-over-quarter basis in terms of those customers that are ramping in 800 gig and are in full production. And so the breadth of customers, I feel really good about (technical difficulty) it continues to grow.

是的，謝謝，卡爾。所以，我們確實看到——我們擁有非常廣泛的客戶。如果你看看 800 場演出，你會發現我們的客戶範圍不斷擴大。就那些已增加 800 個演出並全面投入生產的客戶而言，該數字逐季增長。因此，我對客戶的廣度（技術難度）持續成長感到非常滿意。

And then on the second part of your question around extending visibility, yeah, our visibility or the other way to look at it is our order book has continued to improve over the last 90 days. Especially over, I would say, the last six to eight weeks, it's certainly improved. And that's given us visibility, not just through the end of this calendar year, but kind of in the first half of next calendar year. That's really through the rest of our fiscal year here. And that order book continues to strengthen for the datacom business, which we view as very positive. And so we're definitely focused on making sure we meet the increasing demand.

關於擴大可見性的問題的第二部分，是的，我們的可見性或以其他方式看待它是我們的訂單簿在過去 90 天中持續改善。我想說，尤其是在過去的六到八周里，情況肯定有所改善。這給了我們可見性，不僅是在今年年底，而且是在明年上半年。這確實是我們本財年剩餘時間的情況。數據通訊業務的訂單繼續增加，我們認為這是非常積極的。因此，我們絕對致力於確保滿足不斷增長的需求。

Vivek Arya, Bank of America.

維韋克·阿里亞 (Vivek Arya)，美國銀行。

Thanks for taking my question. Jim, you mentioned a strong order book for your optical transceivers extending several quarters. I'm curious, are you seeing any impact at all positive or negative because of changes in NVIDIA 's product schedule or does that have no impact?

感謝您提出我的問題。吉姆，您提到您的光收發器訂單強勁，持續了幾個季度。我很好奇，您是否認為 NVIDIA 產品計劃的變化會帶來正面或負面的影響，還是沒有影響？

And then just given the strength in the order book, how does the pricing and gross margin shape up when you look at the next several quarters? Do you think it can improve from here? Or do you think that our margins in this business may still be dilutive to the overall business?

然後，考慮到訂單量的強勁，當您展望未來幾個季度時，定價和毛利率會如何變化？您認為從這裡可以改進嗎？或者您認為我們在這項業務中的利潤可能仍然會稀釋整個業務？

Yeah, thanks, Vivek. On the first part, on the part that was about the order book, yeah, we continue -- as I said, we continue to seek order book strength, and I think you asked about a particular customer. I can't comment on that particular customer or really any particular customer. But I can say that in aggregate, we're continuing to see again, the order book strengthen and demand growing, which is good.

是的，謝謝，維維克。在第一部分，關於訂單簿的部分，是的，我們繼續——正如我所說，我們繼續尋求訂單簿的實力，我想你問了一個特定的客戶。我無法評論該特定客戶或任何特定客戶。但我可以說，總的來說，我們繼續再次看到訂單增加和需求成長，這是好事。

On the pricing and gross margin, in general, what we would usually see in the transceiver market is the newer speed grades like 800 and soon to be 1.6T generally carry higher gross margins than the older speed grades, right? The older speed grades that are -- usually become commoditized over time.

在定價和毛利率方面，一般來說，我們在收發器市場上通常看到的是較新的速度等級（例如800 和即將推出的1.6T）通常比舊速度等級具有更高的毛利率，對嗎？隨著時間的推移，較舊的速度等級通常會變得商品化。

And so to the extent that we're ramping the newer speed grades, it's certainly, generally, a tailwind for us. You know out of my comments on -- earlier on gross margin are really focused at the aggregate company level. Not just in datacom, but at a aggregate company level, I believe that there's opportunity for us to improve our pricing discipline, to have a better optimized pricing strategy across the company across all of our product clients.

因此，就我們提高新的速度等級而言，總的來說，這對我們來說無疑是一種順風。你知道，從我之前對毛利率的評論中，我們真正關注的是公司整體水準。不僅在數據通訊領域，而且在整個公司層面，我相信我們有機會改善我們的定價紀律，在整個公司範圍內為所有產品客戶制定更好的優化定價策略。

And then also, there's a number of cost structure improvements that I think the company has opportunity to improve, not just in datacom, but across some of our other product lines as well.

此外，我認為公司有機會改進許多成本結構，不僅在數據通訊領域，而且在我們的其他一些產品線中也是如此。

Thanks. For my follow-up, so you're guiding on the current quarter roughly kind of flat sequentially. What are the puts and takes from the different segments? And I know you're not guiding to December, but should we assume that those same end-market trends follow in December also? Or do you think that there is the prospect for some sequential improvement as we look at December just from a broad end-market perspective. Thank you.

謝謝。對於我的後續行動，您對當前季度的指導大致持平。不同細分市場的看跌期權和索取金額是什麼？我知道您不是在指導 12 月，但我們是否應該假設 12 月也會出現同樣的終端市場趨勢？或者，當我們從廣泛的終端市場角度來看待 12 月時，您是否認為有可能出現一些連續改善的前景？謝謝。

Yeah, Vivek, on the September quarter, the one that we currently guided. Yeah, we guided roughly flat sequentially. We would expect the datacom business -- as we were just talking about, we would expect the datacom business to be sequentially up, but some of our other businesses tied to the telecom and the industrial markets to be sequentially, either flat or sequentially down. And so that offsets some of the datacom higher growth.

是的，Vivek，關於九月季度，我們目前指導的那個季度。是的，我們的指引大致持平。我們預期數據通訊業務——正如我們剛才所說，我們預計數據通訊業務將連續成長，但我們與電信和工業市場相關的其他一些業務將連續成長，要么持平，要么連續下降。因此，這抵消了一些數據通訊的較高成長。

And if you look at the midpoint of our guide, obviously our guidance is a range, right? And that's what we're seeing for the current quarter that we're in. For the December quarter, I'll probably save those comments until the next earnings call. We'll give more insight into what we're seeing in the December quarter and maybe into the beginning of the next calendar year as well.

如果你看一下我們指南的中點，顯然我們的指導是一個範圍，對吧？這就是我們在本季所看到的情況。對於 12 月的季度，我可能會將這些評論保留到下一次財報電話會議上。我們將更深入地了解我們在 12 月季度以及下一個日曆年初所看到的情況。

Atif Malik, Citi.

阿蒂夫·馬利克，花旗銀行。

Thank you. This is Papa Sylla for Atif. Thank you for taking my question. I guess my first question was around the industrials business. I guess just looking at it sequentially, we saw a little bit of a deceleration versus last quarter. So we were wondering if you can touch a little bit on the puts and takes there or perhaps just touch on areas that last quarter saw some difficulties such as precision manufacturing, UV, and semi comeback and how they are doing this quarter?

謝謝。我是 Atif 的 Papa Sylla。感謝您回答我的問題。我想我的第一個問題是圍繞著工業業務的。我想只要按順序看，我們就會發現與上季度相比略有放緩。因此，我們想知道您是否可以稍微談談看跌期權和看跌期權，或者只是談談上個季度遇到一些困難的領域，例如精密製造、UV 和半成品捲土重來，以及他們本季度的表現如何？

Yeah. Thanks for that question. Yeah, on the broad base of industrials in aggregate, we did see a little bit of sequential improvement in aggregate in the industrials from Q3 to Q4. But moving into the current quarter, as I just mentioned on the prior question, we're assuming that both the telecom as well as the industrial space are either kind of flat sequentially or are there some segments that are sequentially down, and that offsets -- we're assuming that offset some of the datacom sequential growth that we're expecting in the current quarter.

是的。謝謝你提出這個問題。是的，在工業總量的廣泛基礎上，我們確實看到從第三季到第四季工業總量略有連續改善。但進入本季度，正如我剛剛在上一個問題中提到的那樣，我們假設電信和工業領域要么連續持平，要么有一些細分市場連續下降，這抵消了 - - 我們假設這抵消了我們預期的本季度數據通訊的部分環比增長。

Got it. And for my quick follow-up, I wanted to touch a little bit on the AI front, particular on the laser front of things for 1.6T. So I guess our understanding is that from an industry wide perspective, all three technologies, so VCSEL, EML, and [SIFL] have their own pockets of demand. So we were just wondering from your end, can you touch on engagement across those three and kind of what does mix looked like currently and what they might look like maybe two, three quarters down the line?

知道了。為了快速跟進，我想稍微接觸一下人工智慧前沿，特別是 1.6T 的雷射前沿。所以我想我們的理解是，從整個行業的角度來看，所有三種技術，即 VCSEL、EML 和 [SIFL] 都有自己的需求。所以我們只是想知道，您能否談談這三個方面的參與度以及目前的情況以及未來兩到四分之三的情況可能會是什麼樣子？

Yeah. I think one of the great things about Coherent is, look, we have a really wide portfolio of technology. And so we're -- we develop our own VCSELs; we manufacture our own VCSELs. We do the same in EML. Indium phosphide, we develop and manufacture in-house. So we both develop and manufacture a number of those lasers in-house. But then where it makes sense, we also source some of those lasers externally as well, right?

是的。我認為相干公司的一大優點是，我們擁有非常廣泛的技術組合。因此，我們開發了自己的 VCSEL；我們製造自己的 VCSEL。我們在 EML 中也做同樣的事情。磷化銦，我們內部開發和製造。因此，我們都在內部開發和製造了許多這樣的雷射。但在有意義的情況下，我們也會從外部獲取一些激光，對吧？

And so for 1.6T, we'll -- or any technology beyond that as well, we'll always make best use whatever we think is the best technology to bring the most advanced, most innovative product to market for our customers. Whatever gives us the biggest technical advantage versus our competition and the biggest differentiation for our customers, we'll always select that technology, whether it's developed in-house, or whether we source it externally, we'll select the best technology that benefits our customers.

因此，對於 1.6T，或任何其他技術，我們將始終充分利用我們認為最好的技術，為我們的客戶將最先進、最具創新性的產品推向市場。無論哪種技術能夠為我們帶來相對於競爭對手的最大技術優勢以及為我們的客戶帶來最大的差異化，我們始終會選擇該技術，無論是內部開發的還是外部採購的，我們都會選擇最有利於我們的技術。

So I think, I probably won't give any prognostication on 1.6T and how much of it will be VCSEL versus other technologies. But we'll probably share more about that as we get closer to 1.6T production ramp.

所以我想，我可能不會對 1.6T 以及其中有多少是 VCSEL 與其他技術進行預測。但隨著 1.6T 量產的臨近，我們可能會分享更多相關資訊。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂菲爾。

Thank you. And hi, Jim. I wanted to -- I know you had a lot of questions on strategy and I appreciate the commentary -- high level, Jim. But I wanted to just maybe talk about pricing optimization one more time. And you talked about some successful turnarounds that you've had, and I've watched the last one, which was tremendous and in short order.

謝謝。嗨，吉姆。我想——我知道你對戰略有很多疑問，我很欣賞你的評論——高水平，吉姆。但我想再談談定價優化。你談到了你所經歷的一些成功的轉變，我看過最後一個，這是巨大的，而且是在短時間內完成的。

And I'm just wondering if you could comment a little bit, given that the breadth of products, end markets, customers, et cetera, is a lot different, I think, at Coherent then at the last turnaround that you were working on. So just how are you thinking about timing? And kind of is this a multi-year strategy from an optimization strategy to get some of those margins that you want to get to? Or any high-level commentary on that would be helpful.

我只是想知道您是否可以發表一點評論，因為我認為相干公司的產品、終端市場、客戶等等的廣度與您上次所做的轉變時有很大不同。那麼您是如何考慮時機的呢？這是否是一種從優化策略而來的多年策略，以獲得您想要獲得的一些利潤？或對此的任何高級別評論都會有所幫助。

Yeah, thanks, Ruben. Look, businesses -- Coherent is a different business. Every business has its own dynamics, and Coherent itself has a wide range of different businesses within its portfolio. So it's a little bit different business-by-business. But as I spend time with both our business leaders, our general managers, our sales team as well as time with our customers, I do think there's opportunity for us to be better in terms of our pricing discipline and how we price our products in the market.

是的，謝謝，魯本。看，企業－相干公司是一家不同的企業。每個業務都有自己的動態，相干公司本身在其產品組合中擁有廣泛的不同業務。因此，每個企業的情況都略有不同。但當我花時間與我們的業務領導者、總經理、銷售團隊以及客戶相處時，我確實認為我們有機會在定價原則以及我們如何在市場中為產品定價方面做得更好。

And again, finding and striking that right balance, between being competitive in the market, but making sure we get paid for the innovation that we drive. And I think that there are some approaches, strategies, tactics and analytics that I've used in my past across multiple different businesses that I think our universal and can be applied to some of the businesses within Coherent as well.

再次，在保持市場競爭力和確保我們因推動創新而獲得報酬之間找到並實現適當的平衡。我認為我過去在多個不同的業務中使用過一些方法、策略、策略和分析，我認為它們是通用的，也可以應用於相干公司的一些業務。

And so that's certainly what we're working on. Now we've kicked off already the sort of bigger pricing optimization strategy work; we're driving that across the company. Now that does take time. It doesn't -- it's not something that turns on like a light switch. Some of those initiatives take longer time to achieve. Some of those are near term; some can provide short-term benefit. But there's a wide range of initiatives that we're beginning to drive and those yield benefit over time.

這當然就是我們正在努力的方向。現在我們已經開始了更大的定價優化策略工作；我們正在整個公司推動這一點。現在這確實需要時間。它不是——它不是像電燈開關那樣打開的東西。其中一些舉措需要更長的時間才能實現。其中一些是近期的；有些可以提供短期效益。但我們正在開始推動一系列廣泛的舉措，隨著時間的推移，這些舉措會產生效益。

And as I mentioned earlier, when we get to the Investor Day and we give our longer-term business model targets, including gross margin, we'll give some sense about what we think the progression towards those business model targets, including gross margin, will be over time.

正如我之前提到的，當我們到達投資者日並給出包括毛利率在內的長期商業模式目標時，我們將給出一些關於我們對這些商業模式目標（包括毛利率）的進展的看法，會隨著時間的推移。

Very helpful. Thanks Jim. I guess just a quick follow-up. It sounds like you're saying that you started some of these actions. Are there any other strategic actions that you've implanted currently, or is most of it on to come?

非常有幫助。謝謝吉姆。我想只是快速跟進。聽起來你是在說你開始了其中一些行動。您目前是否實施了其他策略行動，或大部分行動即將實施？

Definitely. In the category gross margin expansion, we've initiated a number of, as I mentioned, pricing optimization strategies. But we're also working on product cost. So we also kicked off a number of focused product cost activities. And that's something we're driving with sort of equal focus is how do we drive better product cost structure within the company.

確實。在品類毛利率擴張方面，如我所提到的，我們啟動了一些定價優化策略。但我們也在研究產品成本。因此，我們也啟動了一些重點產品成本活動。我們同樣關注的是如何在公司內部推動更好的產品成本結構。

And given that we're a manufacturing company, there's a lot more -- there's a lot of knobs for us to turn in terms of driving better cost structure, whether it's better asset utilization, higher yields for our products, et cetera. There's a number of different places we're focused to drive better product cost structure moving forward.

鑑於我們是一家製造公司，還有更多的事情需要我們調整，以推動更好的成本結構，無論是更好的資產利用率、更高的產品收益率等等。我們專注於許多不同的領域，以推動更好的產品成本結構向前發展。

Jack Egan, Charter Equity Research.

傑克·伊根，特許股票研究。

Hey, guys. Thanks for taking the questions. I just had one of the follow-up. So last quarter, you mentioned a 30% increase in bookings for the laser segment, but it's still -- revenue-wise, it's still been kind of hovering in the $350 million, $355 million range for the past three quarters. So I was just curious, is that due to those various positives and negatives in the industrial and telecom sectors or markets kind of offsetting each other? Or is there anything else at play there?

嘿，夥計們。感謝您提出問題。我剛剛進行了一項後續行動。上個季度，您提到雷射細分市場的預訂量成長了 30%，但就收入而言，過去三個季度仍徘徊在 3.5 億美元至 3.55 億美元之間。所以我只是很好奇，這是由於工業和電信行業或市場的各種積極和消極因素相互抵消了嗎？或者還有其他什麼在起作用嗎？

Yeah. Thanks, Jack. It's actually due more to the time from when a booking is made in lasers to when it's shipped. Those are generally longer lead times, and so it has more to do with just the natural lead time of that business. And there's latency from when those bookings are placed until when the product is actually shipped. So it's more about just the natural lead times of that business.

是的。謝謝，傑克。實際上更多的是由於從雷射預訂到發貨的時間。這些通常是較長的交貨時間，因此它與該業務的自然交貨時間有更多關係。從進行這些預訂到產品實際發貨之間存在延遲。因此，更多的是關於該業務的自然交貨時間。

Got it. Okay. And then with the Silicon Carbide CapEx kind of out of the equation now, I was wondering where are your CapEx priorities now other than expanding 800 gig?

知道了。好的。然後，隨著碳化矽資本支出現在不再考慮，我想知道除了擴大 800 GB 之外，您現在的資本支出優先事項在哪裡？

Yeah. I would say the number one priority in terms of CapEx, setting aside Silicon Carbide, is making sure that we have the capacity in place to support the growing demand that we're seeing in the datacom business. And so right now, 800 gig capacity, but we're also building out 1.6T capacity as well and making sure we're ready for that ramp. So yeah, I would say that's our priority one right now in terms of capital expense.

是的。我想說，除了碳化矽之外，資本支出方面的首要任務是確保我們有足夠的能力來支持我們在數據通訊業務中看到的不斷增長的需求。目前，我們的產能為 800 兆瓦，但我們也在建造 1.6 噸產能，並確保我們為這一成長做好了準備。所以，是的，我想說，就資本支出而言，這是我們目前的首要任務。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Hey. Thanks, guys. Good afternoon. Thanks for taking the question. Jim, great to meet you and look forward to working with you.

嘿。謝謝，夥計們。午安.感謝您提出問題。吉姆，很高興認識您並期待與您合作。

Just one for me. Do you have any thoughts, Jim, on -- this is a transceiver question -- do you have any thoughts, early thoughts on potential for share gains -- kind of share gain percent over the next couple of years? And have you guys -- have you yet begun to see the big data center customers begin to sort of index more towards US-based transceiver producers? Thanks.

只給我一個。吉姆，你對——這是一個收發器問題——你有什麼想法嗎？你們有沒有開始看到大數據中心客戶開始更專注於美國的收發器生產商？謝謝。

Yeah. Thanks, Ananda. That's a great question. As I have spent time with some of those large data center CSP customers, I think there's clearly opportunity for us to gain share with those customers due to a number of different dynamics. And look, when you look at Coherent, not only are we a technology leader in transceivers, and I think a technology leader that you can rely on over the course of multiple generations, historically moving forward, but we have an incredibly resilient supply chain.

是的。謝謝，阿難。這是一個很好的問題。由於我曾與一些大型資料中心 CSP 客戶打交道，我認為由於許多不同的動態，我們顯然有機會與這些客戶分享。看，當你看到相干公司時，你會發現我們不僅是收發器領域的技術領導者，而且我認為是一個你可以在多代人的過程中依賴的技術領導者，歷史性地向前發展，而且我們擁有非常有彈性的供應鏈。

And I would say from supply chain resiliency, we are the most resilient supply chain in the industry. And so, I think our big data center, datacom, CSP customers, if they haven't recognized that already, they're definitely having more appreciation for that. So I think the combination of our technology and supply chain resiliency gives us the opportunity to win significantly more share of wallet with those big customers over the coming quarters and years. So thanks for the question, Ananda.

我想說，從供應鏈的彈性來看，我們是業界最具彈性的供應鏈。因此，我認為我們的大數據中心、數據通訊、CSP 客戶，如果他們還沒有意識到這一點，他們肯定會更欣賞這一點。因此，我認為我們的技術和供應鏈彈性的結合使我們有機會在未來幾季和幾年內從這些大客戶那裡贏得更多的錢包份額。謝謝你的提問，阿南達。

Thank you. I would now like to turn the call back over to Jim Anderson for any closing remarks.

謝謝。我現在想將電話轉回給吉姆·安德森，請他發表結束語。

Thank you, operator, and thanks again for everybody joining us on our call today. So just to wrap it up, I'm super excited about the opportunity ahead of us at Coherent. And I want to, once again, thank all of my new Coherent teammates for all their hard work, dedication and all the innovation they drive every day.

謝謝您，接線員，並再次感謝今天加入我們通話的所有人。總結一下，我對相干公司面臨的機會感到非常興奮。我想再次感謝所有新的 Coherent 團隊成員的辛勤工作、奉獻精神以及他們每天所推動的創新。

While we have many strengths, we also have areas of opportunity for improvement to translate our incredible innovation engine and growing market opportunity, and to outstanding shareholder value creation moving forward. Thanks again for your support and look forward to updating you on our progress moving forward. Operator, that concludes our call.

雖然我們擁有許多優勢，但我們也有改進的機會，以轉化我們令人難以置信的創新引擎和不斷增長的市場機會，並向前創造卓越的股東價值。再次感謝您的支持，並期待向您通報我們的最新進展。接線員，我們的通話結束了。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。