Coherent Corp (COHR) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Coherent Corp FY25 first-quarter earnings conference call. (Operator Instructions). Please be advised today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加相干公司 2025 財政年度第一季財報電話會議。（操作員說明）。請注意，今天的會議正在錄製中。

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

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)。請繼續。

Thank you, operator, and good afternoon, everyone. With me today are Jim Anderson, Coherent's CEO; and Sherri Luther, Coherent CFO. During today's call, we will provide a financial and business review of the first quarter of fiscal 2020 and the business outlook for the second quarter of fiscal 2025. Our earnings press release can be found in the Investor Relations section of our company website at coherent.com.

謝謝接線員，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)；和 Sherri Luther，相干公司財務長。在今天的電話會議中，我們將提供 2020 財年第一季的財務和業務回顧以及 2025 財年第二季的業務展望。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. We refer you to the documents that the company files with the SEC, including our 10-Ks, 10-Qs and 8-Ks. 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 social guidance for the second quarter of fiscal 2025. If at any time after this call, we communicate any material changes to this guidance, we intend that such updates will be done using a public forum such as a press release or publicly announced conference call.

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。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。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。該電話會議包括並構成了公司 2025 財年第二季的社會指導。如果在本次電話會議之後的任何時間，我們傳達了對本指南的任何重大變更，我們打算透過公共論壇（例如新聞稿或公開宣布的電話會議）來完成此類更新。

We will refer to both GAAP and non-GAAP financial measures during this call. 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.

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。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，這些調整表可以在我們網站heroher.com 的投資者關係部分找到。

Let me now turn the call over to Jim Anderson, our CEO.

現在讓我將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 today's call. I'd like to begin by welcoming Sherri Luther back to Coherent as our new CFO. Sherri and I previously worked together at Lattice Semiconductor for almost 6 years where Sherri did an outstanding job as the CFO. Prior to Lattice, Sherri worked for 16 years in various financial roles and legacy Coherent before its acquisition. Sherri's proven track record as a CFO, combined with her long history with the company, has allowed her to hit the ground running, and we're very pleased to have her join our team.

謝謝保羅，也謝謝大家參加今天的電話會議。首先，我要歡迎 Sherri Luther 回到相干公司，擔任我們的新任財務長。Sherri 和我之前在萊迪思半導體公司共事了近 6 年，其中 Sherri 作為財務長表現出色。在加入 Lattice 之前，Sherri 在各種財務職位上工作了 16 年，並在 Coherent 被收購之前擔任該公司的遺產。Sherri 作為財務長的良好記錄，加上她在公司的悠久歷史，讓她能夠迅速起步，我們很高興她加入我們的團隊。

I also want to thank Rich Martucci for serving as our interim CFO prior to Sherri's arrival. Rich's leadership and dedication have been a tremendous help to me and the company, and I'm deeply grateful for his commitment and continued dedication to Coherent. Now that Sherri is on board, I'm pleased to announce that we'll host an Investor and Analyst Day in New York on May 28 of next year. At that event, we'll outline our overall strategy, including our end market growth opportunities, product and technology roadmap and long-term financial model. We look forward to the event and sharing more details about our plans to create value for our shareholders.

我還要感謝 Rich Martucci 在 Sherri 到來之前擔任我們的臨時財務長。Rich 的領導能力和奉獻精神為我和公司帶來了巨大的幫助，我非常感謝他對相干公司的承諾和持續奉獻。既然 Sherri 已經加入，我很高興地宣布，我們將於明年 5 月 28 日在紐約舉辦投資者和分析師日。在那場活動中，我們將概述我們的整體策略，包括我們的終端市場成長機會、產品和技術路線圖以及長期財務模型。我們期待這次活動並分享有關我們為股東創造價值的計劃的更多細節。

Before I discuss our first quarter results, I'd like to provide an update on the three key areas of improvement that I outlined at our last earnings call, culture, strategy and execution. I believe improvements in these three areas will transform our extensive innovative technology portfolio and our growing market opportunity into an engine of market-leading revenue growth, expanding profitability and industry-leading shareholder value creation. First, regarding culture. I've now had the opportunity to visit more than 20 of our sites and meet with many of my teammates across the world. We have incredible depth and breadth of talent and our employees' dedication is inspiring.

在討論我們第一季的業績之前，我想先介紹一下我在上次財報電話會議上概述的三個關鍵改進領域的最新情況：文化、策略和執行。我相信這三個領域的改進將把我們廣泛的創新技術組合和不斷增長的市場機會轉變為市場領先的收入增長、擴大盈利能力和行業領先的股東價值創造的引擎。首先，關於文化。現在，我有機會訪問了我們的 20 多個站點，並與世界各地的許多隊友會面。我們擁有令人難以置信的深度和廣度的人才，員工的奉獻精神令人鼓舞。

My favorite part of our culture is our focus on innovation, and we will continue to nurture this fundamental part of our culture. Yet, as I noted last quarter, there is also opportunity to evolve our culture. We're building a faster and more agile company. We've already made numerous changes to simplify and strengthen our organizational structure, empower our leaders, streamline decision-making and accelerate execution. Cultural change always takes time, but I'm encouraged by our early progress in this area.

我們文化中我最喜歡的部分是我們對創新的關注，我們將繼續培養我們文化的這個基本部分。然而，正如我在上個季度指出的那樣，我們也有機會發展我們的文化。我們正在建立一家更快、更敏捷的公司。我們已經進行了大量變革，以簡化和加強我們的組織結構、賦予我們的領導者權力、簡化決策並加速執行。文化變革總是需要時間，但我對我們在這領域的早期進展感到鼓舞。

Second, regarding strategy. We completed the strategic portfolio review that we initiated in June. This portfolio assessment will be the foundation for making organic and inorganic investment decisions moving forward. We applied a set of strategic and financial criteria to sort each of our product lines into one of four categories: growth engines, profit engines, long-term bets and nonstrategic.

第二，關於策略。我們完成了 6 月啟動的策略性投資組合審查。此投資組合評估將成為今後做出有機和無機投資決策的基礎。我們應用了一套策略和財務標準，將我們的每條產品線分為四類：成長引擎、利潤引擎、長期押注和非策略引擎。

We've now moved to the next phase, which is to drive actions based on the strategic assessment. For example, we've already shifted organic investment towards our growth and profit engines where we have conviction that we can drive strong long-term profit expansion for the company. For instance, we increased investment in new datacom platforms such as next-generation transceivers and our new optical circuit switch. We've also started the process of divesting or shutting down product lines and assets that are nonstrategic. For example, we recently announced the planned sale of our Newton Aycliffe facility, which was an underutilized and nonstrategic asset.

我們現在已經進入下一階段，即根據策略評估推動行動。例如，我們已經將有機投資轉向我們的成長和利潤引擎，我們相信我們可以為公司帶來強勁的長期利潤擴張。例如，我們增加了對新資料通訊平台的投資，例如下一代收發器和新的光路開關。我們也開始剝離或關閉非策略性產品線和資產。例如，我們最近宣布計劃出售牛頓艾克利夫工廠，該工廠是一項未充分利用的非戰略資產。

The proceeds from the sale of the facility were used to pay down our outstanding debt and reduce overhead costs.

出售該設施的收益用於償還我們的未償債務並減少管理費用。

Another example is our recent announcement that we're exploring strategic options for our battery technology platform. Although our nonstrategic businesses represent a relatively small portion of our revenue, they're dilutive to the company's margin structure and absorb investment, capital and focus that would be better deployed in our core businesses. As we optimize our portfolio over the coming quarters, we'll provide further updates, including at our upcoming Investor Day.

另一個例子是我們最近宣布我們正在探索電池技術平台的策略性選擇。儘管我們的非策略業務在我們的收入中所佔的比例相對較小，但它們會稀釋公司的利潤結構，並吸收投資、資本和重點，而這些投資、資本和重點本來可以更好地部署在在我們的核心業務上。隨著我們在未來幾季優化我們的投資組合，我們將提供進一步的更新，包括在即將到來的投資者日。

Finally, the third area of focus for improvement is execution. Last quarter, I underscored the opportunity to significantly improve operational efficiency and effectiveness. We're tackling the greatest opportunities upfront. For example, we've begun engaging our key customers and partners in a much more strategic manner. This approach has already uncovered new areas of long-term growth opportunity with our key customers and partners.

最後，第三個需要改進的重點領域是執行力。上個季度，我強調了顯著提高營運效率和有效性的機會。我們正在預先抓住最好的機會。例如，我們已經開始以更具策略性的方式與我們的主要客戶和合作夥伴互動。這種方法已經為我們的主要客戶和合作夥伴發現了長期成長機會的新領域。

Another example is our focus on gross margin expansion. We launched initiatives for pricing optimization and product cost reduction aimed at achieving our goal of operating at a consistent, sustainable gross margin level above 40%. On operating expenses, we are shifting R&D investment to our growth and profit engines, and we are shutting down or divesting highly speculative projects that do not suit our long-term business model. Our go-forward R&D strategy will ensure that investments are focused, efficient and offer high return.

另一個例子是我們對毛利率擴張的關注。我們推出了定價優化和降低產品成本的舉措，旨在實現我們的營運目標，即毛利率持續保持在 40% 以上。在營運費用方面，我們正在將研發投資轉向我們的成長和利潤引擎，我們正在關閉或剝離不適合我們長期商業模式的高度投機項目。我們前瞻性的研發策略將確保投資集中、有效率並提供高回報。

And on SG&A, we are focused on driving greater efficiency and leverage. Evolving our culture optimizing our strategic portfolio and improving our operational execution will put us on a path of sustained market-leading growth, enhanced profitability and cash generation and a stronger balance sheet. I look forward to sharing more details at our upcoming investor meeting. I'll now switch gears and provide some brief comments on our fiscal first quarter results. Revenue in Q1 increased by approximately 3% sequentially and by 28% year-over-year, driven primarily by strong AI-related datacom transceiver revenue growth, along with improvements in our telecom revenue. Non-GAAP gross margin expanded by 49 basis points sequentially, and our non-GAAP EPS grew by 22% sequentially and by well over 4x year-over-year. Let me summarize what we're seeing by our business by end market. In the communications market, Q1 revenue increased by 14% sequentially and by 68% year-over-year. The sequential and year-over-year increases were driven by strong increases in both our Datacom and our telecom revenue. Our Q1 datacom revenue grew by approximately 16% sequentially and by 89% year-over-year due primarily to AI data center demand. We're very pleased with the continued ramp of our 800 gig transceivers and the adoption of those products across a broader set of customers.

在SG&A 方面，我們專注於提高效率和槓桿率。發展我們的文化、優化我們的策略組合併提高我們的營運執行力將使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更強大的資產負債表的道路。我期待在即將舉行的投資者會議上分享更多細節。我現在將轉換話題，並對我們第一財季的業績提供一些簡短的評論。第一季的營收季增約 3%，年增 28%，這主要得益於人工智慧相關數據通訊收發器收入的強勁成長以及我們的電信收入的改善。非 GAAP 毛利率較上季成長 49 個基點，我們的非 GAAP 每股盈餘較去年同期成長 22%，較去年同期成長超過 4 倍。讓我總結一下我們在終端市場的業務狀況。在通訊市場，第一季營收季增14%，年增68%。環比和同比增長是由我們的數據通訊和電信收入的強勁增長推動的。我們第一季的數據通訊營收季增約 16%，年增 89%，這主要歸功於人工智慧資料中心的需求。我們對 800 gig 收發器的持續成長以及這些產品在更廣泛的客戶群中的採用感到非常高興。

We also continue to make great progress on our 1.6T transceivers. Having delivered initial samples in the preceding quarter, we continue to expect to begin ramping sales of 1.6T datacom transceivers in calendar 2025. We're also investing in a broad portfolio of transceiver ingredient technologies that includes VCSELs, EMLs and silicon photonics.

我們也在 1.6T 收發器方面繼續取得巨大進展。在上一季交付初始樣品後，我們繼續預計 1.6T 數據通訊收發器的銷售量將在 2025 年開始增加。我們也投資於廣泛的收發器成分技術組合，包括 VCSEL、EML 和矽光子學。

The breadth of our extensive technology portfolio allows us to deploy the best technology solution for each customer and application. We showcased this capability at the European Conference on Optical Communications this past September, where we presented a multi-technology datacom transceiver demonstration at 200 gig per optical lane based on both our differential EML and our silicon photonics platforms. We also continue to make great progress on key enabling components such as 200-gig differential EMLs, 200-gig VCSELs and CW lasers for our silicon photonic solutions. We also recently announced a family of high-efficiency lasers to power 1.6T optical transceivers based on silicon photonics.

我們廣泛的技術組合使我們能夠為每個客戶和應用部署最佳的技術解決方案。我們在去年 9 月的歐洲光通訊會議上展示了這項功能，在會上我們展示了基於我們的差分 EML 和矽光子平台的每光通道 200 gig 的多技術資料通訊收發器演示。我們也繼續在矽光子解決方案的關鍵支援組件方面取得巨大進展，例如 200g 差分 EML、200g VCSEL 和 CW 雷射。我們最近也推出了一系列高效能雷射器，為基於矽光子學的 1.6T 光收發器提供動力。

Beyond transceivers, our new datacom optical switch platform continues to progress well and is generating significant customer engagement. Our differentiated switch is based on our highly reliable solid-state liquid crystal technology and was recognized at ECOC '24 with the Best Product Award for Data Center Innovation. We've shipped sample units to key strategic customers, and we expect to begin ramping revenue in calendar 2025. Shifting to telecom. Our revenue increased by 9% sequentially and by 17% year-over-year. Although we continue to take a cautious view of the telecom end market recovery, the sequential revenue growth in Q1 was a combination of end market improvement, along with our ramp of new products, especially our new 100ZR and 400-gig ZR/ZR+ coherent transceivers. We're in qualification with our high optical output power C-band 800-gig ZR/ZR+ coherent transceivers, and we recently announced an L-band version to double the capacity of existing fiber infrastructure.

除了收發器之外，我們的新數據通訊光開關平台繼續取得良好進展，並產生了顯著的客戶參與度。我們的差異化交換器基於高度可靠的固態液晶技術，並在 ECOC '24 上榮獲資料中心創新最佳產品獎。我們已向關鍵策略客戶發貨了樣品，預計在 2025 年開始增加收入。轉向電信。我們的營收季增 9%，年增 17%。儘管我們繼續對電信終端市場的復甦持謹慎態度，但第一季收入的環比增長是終端市場改善以及我們新產品（尤其是新的100ZR 和400-g ZR/ZR+ 相干收發器）的增長的結合。我們的高光輸出功率 C 波段 800-g ZR/ZR+ 相干收發器已通過資格認證，我們最近宣布了 L 波段版本，可將現有光纖基礎設施的容量提高一倍。

In our remaining markets, which are primarily industrial-related applications, aggregate revenue decreased 10% sequentially and decreased 3% year-over-year. Within these markets, ongoing strength in display capital equipment was more than offset by weakness in precision manufacturing and other subsegments. Display strength is being driven by continued strong demand for our excimer lasers for OLED screen manufacturing, which is driven by increased OLED adoption in new laptop and tablet computers. We also booked initial revenue for our new PYTHON annealing lasers that are being deployed in Gen8 OLED display fabs. Across other industrial-related end market subsegments such as precision manufacturing, we experienced demand headwinds in Q1 that were consistent with broader industry trends.

在我們其餘的市場（主要是工業相關應用）中，總收入較上季下降 10%，年減 3%。在這些市場中，顯示器資本設備的持續強勢被精密製造和其他細分市場的疲軟所抵消。顯示強度的推動因素是對用於 OLED 螢幕製造的準分子雷射器的持續強勁需求，而這種需求是由新型筆記型電腦和平板電腦中 OLED 採用率的增加所推動的。我們也為第八代 OLED 顯示器工廠部署的新型 PYTHON 退火雷射預訂了初始收入。在精密製造等其他工業相關終端市場細分領域，我們在第一季經歷了需求逆風，這與更廣泛的行業趨勢一致。

Overall, despite some near-term headwinds, we expect the industrial market to be a long-term growth driver for the company, as the end markets recover and as our new products continue to ramp. In summary, after being on board for 5 months, I'm even more enthusiastic about the opportunity to unlock significant shareholder value based on the depth and breadth of our technology innovation, the size of the market opportunities we address and the potential to improve our operational execution. We're expecting strong growth in our communications business over the coming quarters. And while some near-term softness persists in our other end markets, we continue to expect fiscal 2025 overall to be a solid growth year for the company.

總體而言，儘管近期存在一些阻力，但隨著終端市場的復甦以及我們的新產品的不斷增加，我們預計工業市場將成為公司的長期成長動力。總而言之，在入職 5 個月後，我對基於我們技術創新的深度和廣度、我們所應對的市場機會的規模以及改善我們的業務的潛力來釋放重要股東價值的機會更加充滿熱情。我們預計未來幾季我們的通訊業務將強勁成長。儘管我們其他終端市場近期仍存在一些疲軟，但我們仍預計 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 new CFO, Sherri Luther.

現在我將把電話轉給我們的新任財務長 Sherri Luther。

Thank you, Jim. Let me begin by saying how excited I am to rejoin Coherent, a company with a rich culture of innovation. I want to express my appreciation for the warm welcome I received from my Coherent teammates. I also especially want to thank Rich Martucci, who has helped me to quickly come up to speed and ensure a smooth transition. As Jim noted, I spent 16 years at Coherent prior to its acquisition. What attracted me to rejoin Coherent was the opportunity to drive significant shareholder value expansion.

謝謝你，吉姆。首先我要說的是，我對重新加入相干公司（一家擁有豐富創新文化的公司）感到非常興奮。我想對 Coherent 隊友的熱情歡迎表示感謝。我還要特別感謝 Rich Martucci，他幫助我快速跟上進度並確保順利過渡。正如吉姆所說，在相干公司被收購之前，我在該公司工作了 16 年。吸引我重新加入相干公司的是推動股東價值大幅擴張的機會。

The company has a solid foundation with its innovative technology and breadth of product portfolios.

該公司憑藉其創新技術和廣泛的產品組合奠定了堅實的基礎。

I see the opportunity to improve profitability in a number of areas. For example, I see opportunity for gross margin expansion, greater operational efficiency and the R&D investments we make and opportunity for better SG&A efficiency. In addition, capital allocation is key because we need to ensure that we are investing in the product portfolios that drive the highest return for the company, while also paying down debt to deleverage our balance sheet as quickly as possible. I look forward to sharing additional thoughts with you at our investor and analyst event in May.

我在許多領域看到了提高獲利能力的機會。例如，我看到了毛利率擴張、提高營運效率和研發投資的機會，以及提高 SG&A 效率的機會。此外，資本配置也很關鍵，因為我們需要確保投資於能為公司帶來最高回報的產品組合，同時還清債務以盡快去槓桿化我們的資產負債表。我期待在五月的投資者和分析師活動中與您分享更多想法。

Now let me provide a summary of our results. Overall, in the first quarter, we drove continued sequential improvement in our financial results with solid revenue growth and gross margin expansion, driving strong profitability. With a strong focus on cash and capital allocation, we paid down $118 million of our debt, which reduced our net debt leverage ratio as defined in the credit agreement to 2.4x. First quarter revenue was $1.35 billion, an increase of approximately 3% sequentially and 28% year-over-year. From a segment perspective, networking revenue increased 12% sequentially and 61% year-over-year due to AI data center demand. Laser Segment revenue decreased 2% sequentially and increased 4% year-over-year, reflecting relatively stable end market demand. Materials Segment revenue decreased 15% sequentially and 3% year-over-year primarily due to weak automotive and market demand.

現在讓我總結一下我們的結果。整體而言，第一季度，我們的財務表現持續改善，營收穩健成長，毛利率擴大，獲利能力強勁。透過高度重視現金和資本配置，我們償還了 1.18 億美元的債務，這將信貸協議中定義的淨債務槓桿率降低至 2.4 倍。第一季營收為 13.5 億美元，季增約 3%，年增 28%。從細分市場來看，由於人工智慧資料中心需求，網路收入較上季成長12%，較去年同期成長61%。雷射業務營收季減2%，較去年同期成長4%，反映終端市場需求相對穩定。材料部門營收季減 15%，年減 3%，主要是因為汽車和市場需求疲軟。

Our first quarter non-GAAP gross margin was 37.7%, an increase of 49 basis points compared to the prior quarter and an increase of 293 basis points compared to the year ago quarter. The improvements in gross margin were driven by higher revenue volume, favorable mix and yield improvements. First quarter non-GAAP operating expenses were $276 million compared to $266 million in the prior quarter, and $234 million in the year ago quarter. The sequential and year-over-year increases were primarily driven by increased R&D investments in our product portfolio as well as variable compensation. Looking ahead, we plan to continue to be disciplined in managing our SG&A expenses while ensuring that we invest in our product portfolio.

我們第一季的非 GAAP 毛利率為 37.7%，較上一季成長 49 個基點，較去年同期成長 293 個基點。毛利率的改善是由收入增加、有利的組合和產量提高所推動的。第一季非 GAAP 營運費用為 2.76 億美元，上一季為 2.66 億美元，去年同期為 2.34 億美元。環比和年成長主要是由於我們產品組合的研發投資增加以及可變薪酬所致。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 first quarter non-GAAP operating margin was 17.3% compared to 17% in the prior quarter and 12.6% in the year ago quarter. First quarter non-GAAP tax rate was 20.3% compared to 25.9% in the prior quarter as a result of non-recurring one-time items. First quarter non-GAAP earnings per diluted share was $0.74 compared to $0.61 in the prior quarter and $0.16 in the year ago quarter. We paid down $118 million in debt during the quarter using cash from operations and the proceeds of the sale of our Newton Aycliffe fabrication facility for incremental debt reduction.

我們第一季的非 GAAP 營業利潤率為 17.3%，上一季為 17%，去年同期為 12.6%。由於非經常性一次性項目，第一季非 GAAP 稅率為 20.3%，而上一季為 25.9%。第一季非公認會計原則攤薄每股收益為 0.74 美元，上一季為 0.61 美元，去年同期為 0.16 美元。本季度，我們使用營運現金和出售 Newton Aycliffe 製造工廠的收益來減少債務，償還了 1.18 億美元的債務。

I will now turn to our guidance for the second quarter of fiscal 2025. Revenue is expected to be between $1.33 billion and $1.41 billion. Non-GAAP gross margin is expected to be between 36% and 38%. Total operating expenses are expected to be between $275 million and $295 million on a non-GAAP basis. Tax rate for the quarter is expected to be between 19% and 22% on a non-GAAP basis. EPS is expected to be between $0.61 and $0.77 on a non-GAAP basis. In summary, I'm very excited to return to Coherent. I see a bright future with significant opportunity to drive shareholder value expansion, transforming the company's strong foundation in technology and innovative products into a stronger operating model.

我現在將談談我們對 2025 財年第二季的指導。收入預計在13.3億美元至14.1億美元之間。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 2.75 億美元至 2.95 億美元之間。以非公認會計準則計算，本季的稅率預計在 19% 至 22% 之間。以非 GAAP 計算，每股收益預計在 0.61 美元至 0.77 美元之間。總之，我很高興回到相干公司。我看到了光明的未來，有巨大的機會推動股東價值擴張，將公司在技術和創新產品方面的堅實基礎轉變為更強大的營運模式。

That concludes my formal comments. Operator, please open the call for Q&A.

我的正式評論到此結束。接線員，請打開電話問答。

(Operator Instructions). Samik Chatterjee, JPMorgan.

（操作員說明）。薩米克‧查特吉，摩根大通。

And maybe if I can start with one for Jim, and then I have a quick follow-up. Jim, I think you mentioned it's been now five months since you joined the company. What's been the feedback that you've received from key customers or partners that you've talked to in terms of areas to focus on areas that they really think Coherent’s good and or even areas that think Coherent can improve on? And then I have a quick follow-up.

也許我可以先為吉姆做一個，然後我就可以快速跟進。吉姆，我想你有提到你加入公司已經五個月了。您從與您交談過的主要客戶或合作夥伴那裡收到了哪些回饋，這些回饋涉及他們真正認為 Coherent 好的領域，甚至是認為 Coherent 可以改進的領域？然後我會進行快速跟進。

Yes. Thanks, Samik, for the question. Yes, great question. Always happy to talk about customers. Definitely spent a lot of time with customers over the last 5 months, meeting as many possible.

是的。謝謝薩米克提出的問題。是的，很好的問題。總是很高興談論客戶。在過去的 5 個月裡，我們確實花了很多時間與客戶打交道，並會見了盡可能多的人。

I'd say that, first of all, I think we're -- we have a lot of really strong existing relationships with our big strategic customers across both our networking accounts and our big data center customers, but also our industrial customers as well. And so in a lot of cases, there's a long history with these customers that's very strong and very positive.

我想說，首先，我認為我們與我們的大型策略客戶建立了許多非常牢固的現有關係，包括我們的網路帳戶和大數據中心客戶，還有我們的工業客戶。因此，在許多情況下，這些客戶有著悠久的歷史，非常強大且非常積極。

I think when I talk to our customers, the opportunity that we have is to build relationships with those customers that are much more strategic, much more multi-generational, long-term engagements, to move from solving problems that are right here in the here and now to focusing on much more multi-generational innovation and partnering with our customers on future generations that are one, two, three generations out. And so I think that's our opportunity to drive a deeper strategic engagement with our key customers moving forward. And I think the couple of things that I would say are really resonating with our customers when we have those longer-term strategic discussions is, I would say, number one, definitely the technology portfolio and roadmap that we can bring to those customers to help drive their innovation.

我認為，當我與我們的客戶交談時，我們擁有的機會是與那些更具策略性、更多代際、長期合作的客戶建立關係，而不是僅僅解決眼前的問題現在，我們將重點關注更多的多代創新，並與我們的客戶在一代、兩代、三代之後的下一代產品上合作。因此，我認為這是我們推動與主要客戶進行更深入策略合作的機會。我認為，當我們進行長期戰略討論時，我想說的幾件事確實能引起客戶的共鳴，我想說，第一，絕對是我們可以為這些客戶提供幫助的技術組合和路線圖推動他們的創新。

But the second area I would highlight, too, is supply chain resiliency and the breadth and depth of our supply chain. And if I take -- if I just take, for instance, our AI, our big AI data center customers as an example, because that's where we're seeing the fastest growth in our revenue right now, on that first area of technology roadmap I think our customers really recognize the breadth and the depth of the technology portfolio that we can bring to bear, especially in the optical networking space, where we don't just assemble the modules, but we -- we build a lot of the ingredient components that go into the module, the lasers, whether they're VCSELs or EMLs or silicon photonics that we design, or a lot of the other ingredients that go into those modules.

但我還要強調的第二個領域是供應鏈的彈性以及我們供應鏈的廣度和深度。如果我以我們的人工智慧、我們的大型人工智慧資料中心客戶為例，因為這是我們目前收入成長最快的領域，在技術路線圖的第一個領域我認為我們的客戶確實認識到我們可以提供的技術組合的廣度和深度，特別是在光網路領域，我們不僅組裝模組，而且我們建造了許多組件模組中的組件、雷射器，無論是我們設計的VCSEL、EML 或矽光子學，還是這些模組中的許多其他成分。

So the breadth of technology that we can bring for that multi-generational partnership, I think, is really unparalleled. And then the second thing, which is definitely becoming more and more important to all of our big strategic customers is supply chain resiliency. And there, again, I think we can bring a really differentiated supply chain where we have incredible geographic diversity in terms of our manufacturing footprint. And then our verticalized structure could be a real advantage, especially in a very fast ramp situation, which we're in right now with our data center customers when demand is increasing very quickly, it's really important to have that verticalized strategy and structure that we have because I think that's really allowed us to supply them in a really reliable way.

因此，我認為，我們可以為這種多代合作關係帶來的技術廣度確實是無與倫比的。第二件事對於我們所有的大策略客戶來說肯定變得越來越重要，那就是供應鏈彈性。再次，我認為我們可以帶來真正差異化的供應鏈，在製造足跡方面我們擁有令人難以置信的地理多樣性。然後我們的垂直化結構可能是一個真正的優勢，特別是在非常快速的成長情況下，當需求成長非常快時，我們現在與我們的資料中心客戶處於這種情況，擁有我們所採用的垂直化策略和結構非常重要因為我認為這確實讓我們能夠以非常可靠的方式為他們提供服務。

And so a couple of -- those are a couple of things that are really resonating with our customers. But I think that back to the high-level point would be our opportunity to really build much deeper strategic engagements with our partners moving forward. And I think our customers are definitely receptive to that, and that's definitely an area we'll be focused on moving forward.

因此，有幾件事真正引起了我們客戶的共鳴。但我認為，回到高層觀點將是我們與合作夥伴真正建立更深入策略合作的機會。我認為我們的客戶肯定會接受這一點，這絕對是我們將重點關注的領域。

Got it. Got it. And my follow-up, I'm just trying to think of the gross margin here and what we should be tying it to – the improvement in the gross margins and what we should be tying it to as we move through the year, you are sort of guiding to sequentially a bit better revenue at the midpoint. Should we be tying those improvements to revenue improvement through the year? Or should we be thinking about some of the pricing that you've talked about start to sort of accrete to that?

知道了。知道了。我的後續行動是，我只是想考慮這裡的毛利率以及我們應該將其與什麼掛鉤——毛利率的改善以及我們在這一年中應該將其與什麼掛鉤，你在某種程度上引導著中點的收入逐漸好一點。我們是否應該將這些改善與全年收入的改善掛鉤？或者我們應該考慮您所談論的一些定價開始對此有所幫助？

Just trying to think about sort of the gross margin trajectory for the rest of the year, not looking essentially for a guidance, but more how to think about what drives it from here on?

只是想思考今年剩餘時間的毛利率軌跡，本質上不是尋找指導，而是更多地思考從現在開始是什麼推動了它？

Yes. Samik, I'll take that question. So I'll start off with a little bit of context on Q1 and then talk about the guide for Q2 and then how we're thinking about it a little bit more long term. And when you look at Q1, the 50 base -- approximately 50 basis point sequential improvement, we're really pleased with that, and 290 basis point year-over-year improvement, that really came from a few different areas. One was, of course, higher revenue volume contributed.

是的。Samik，我來回答這個問題。因此，我將從第一季的一些背景開始，然後討論第二季的指南，然後我們如何從長遠角度考慮它。當你看第一季時，50 個基點——大約 50 個基點的連續改善，我們對此非常滿意，並且同比改善了 290 個基點，這確實來自幾個不同的領域。當然，其中之一是更高的收入貢獻。

We also had favorable product mix. An example of where we saw that was in our Lasers Segment, where we saw continued strong demand for our excimer lasers for OLED screen manufacturing.

我們也擁有有利的產品組合。我們在雷射領域看到了這一點，我們發現 OLED 螢幕製造對準分子雷射的需求持續強勁。

We also had improvements in yield, and we saw that in our datacom business, where we saw improvements in the transceivers part of that business. So really a few different areas that drove the sequential and year-over-year improvement there. When we look at Q2, the guide for Q2, that is just, that is a range, right? 36% to 38% is a range, and there can certainly be fluctuations on a quarterly basis with respect to gross margin. But we did talk about, last quarter Jim mentioned, that we launched our gross margin expansion strategy, which includes product pricing optimization as well as product cost reduction.

我們的產量也有所提高，我們在數據通訊業務中看到了這一點，我們看到了該業務的收發器部分的改進。因此，確實有幾個不同的領域推動了連續和逐年的改進。當我們看 Q2 時，Q2 的指南，這就是一個範圍，對嗎？36%到38%是一個範圍，毛利率肯定會按季度波動。但我們確實談到，上個季度吉姆提到，我們推出了毛利率擴張策略，其中包括產品定價優化以及產品成本降低。

And so that's an area where we're going to focus on because we want to achieve a long-term gross margin of greater than 40%. And so that's really how to think about where our -- what our goal is for our long-term gross margin, and we're in the very early stages of that, certainly, but you can be assured that we're focused on really driving to that greater than 40% target. And when we get to our Investor Day in May of next year, we'll certainly give more color on the model and all the different elements of that.

這是我們要重點關注的領域，因為我們希望實現超過 40% 的長期毛利率。因此，這實際上是如何思考我們的長期毛利率目標是什麼，當然，我們正處於這個目標的早期階段，但你可以放心，我們真正專注於努力實現超過 40% 的目標。當我們明年五月的投資者日到來時，我們肯定會為該模型及其所有不同元素提供更多色彩。

Thank you.

謝謝。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

I've got maybe two – one’s more thematic, the other more reflective. The first one is, I'd like to really see if we can get some thoughts, particularly from Sherry, regarding priorities for the capital structure, really just sort of weighing the options of delevering, investing in OpEx, maybe making acquisitions. How are you thinking about these?

我可能有兩個——一個更具主題性，另一個更具反思性。第一個是，我真的想看看我們是否可以得到一些想法，特別是來自雪莉的關於資本結構優先事項的想法，實際上只是權衡去槓桿化、投資營運支出、也許進行收購的選擇。你如何看待這些？

And my follow-up is, in terms of the strength of the datacom business, I know previously management had talked about the products below 800 gig, basically 400 gig and below being relatively flattish for the year. And I guess what I'm trying to understand is where was the really upside surprise this quarter? Was it really 800 gig and above? Or was there more strength from the more traditional products below 400 gig, 400 gig and below. Did that provide any upside? Or was it all coming from the higher performance?

我的後續行動是，就數據通訊業務的實力而言，我知道管理層之前曾討論過 800 GB 以下的產品，基本上 400 GB 及以下的產品今年相對持平。我想我想了解的是本季真正的上行驚喜在哪裡？真的是800次演出以上嗎？或者是 400 G 以下、400 G 以下的更傳統產品具有更大的優勢。這樣有什麼好處嗎？或者這一切都來自於更高的效能？

Thank you, Simon. I'll take the first part of the question on capital allocation. I'll take -- I'll let Jim take the second part of that. So from a capital allocation perspective, certainly lots of opportunity that I see in this area in joining the company. And really, the #1 priority is in the organic growth of the company and making those investments that drive the highest ROI. Jim mentioned the strategic portfolio review that was undertaken was completed, and we're really in the next phase there where we're shifting our R&D spend towards those programs that drive the highest ROI for the company in order to drive the long-term growth. So that's the #1 priority.

謝謝你，西蒙。我將回答有關資本配置問題的第一部分。我會讓吉姆來承擔第二部。因此，從資本配置的角度來看，我在加入該公司時肯定會在這一領域看到很多機會。事實上，第一要務是公司的有機成長，並進行那些能帶來最高投資報酬率的投資。吉姆提到，已完成的策略性投資組合審查已經完成，我們確實處於下一階段，我們將把研發支出轉向那些為公司帶來最高投資回報的項目，以推動長期成長。所以這是第一要務。

The second priority, and it's a very close second priority, and that is in reducing our debt to deleverage balance sheet, and really, overall strength in the balance sheet. This also serves to reduce the debt service costs that hit our P&L as well. In Q1, '25, we paid down $118 million to reduce our debt and brought our debt leverage ratio down to 2.4x as defined in the credit agreement. So we're pleased with the sequential progress there. But in order to pay that down, we did use cash from operations, but – and took an incremental – or a component of that payment was -- paydown was coming from the proceeds of the sale of our Newton Aycliffe facility, fabrication facility, that we sold after in the quarter.

第二個優先事項，這是非常接近的第二個優先事項，那就是減少我們的債務，以去槓桿化資產負債表，實際上，去槓桿化資產負債表的整體實力。這也有助於減少影響我們損益的償債成本。25 年第一季度，我們支付了 1.18 億美元以減少債務，並將債務槓桿率降至信貸協議中定義的 2.4 倍。因此，我們對那裡的後續進展感到滿意。但為了支付這筆費用，我們確實使用了營運中的現金，但是——並採取了增量——或該付款的一部分——支付的款項來自出售我們的牛頓艾克利夫工廠的收益，我們在本季出售的製造設施。

And so the sale of that facility really gave us the opportunity to pay down additional debt to further deleverage. And so I certainly have a history of aggressively paying down debt, and that's something that's going to continue to be a focus area for me and a very close second priority.

因此，出售該貸款確實讓我們有機會償還額外債務以進一步去槓桿化。因此，我當然有積極償還債務的歷史，這將繼續成為我的重點領域，也是非常接近的第二優先事項。

And Simon, on the second part of your question around the datacom business. So first of all, yes, we're really pleased with the performance of that part of our business. Just to reiterate, the datacom transceiver business was up 16% sequentially and it was up 89% year-over-year. And you're right, we did see growth as well in -- from a sequential basis in the 400 gig and below transceiver speeds. So we did see sequential growth there that was very nice to see.

西蒙，關於你關於數據通信業務的問題的第二部分。首先，是的，我們對這部分業務的表現非常滿意。重申一下，數據通訊收發器業務較上季成長 16%，較去年同期成長 89%。你是對的，我們確實也看到了 400 gig 及以下收發器速度的連續增長。所以我們確實看到了連續成長，這是非常好的。

When you look across the customer base, customers are at different stages of adopting the different transceiver speeds. So we still have customers that are doing significant volume on 400G and below as well. And so it's really a mix of different transceiver speeds.

當您縱觀整個客戶群時，您會發現客戶處於採用不同收發器速度的不同階段。因此，我們仍有客戶在 400G 及以下的網路上生產大量產品。所以它實際上是不同收發器速度的混合。

And then back on 800 gig, I would say, look, we're really pleased with the ramp -- the overall ramp of our 800 gig transceivers. And then the other color I would add is that one of the things I'm really pleased to see is the breadth of customers that we have, the number of customers that are ramping 800 gig has significantly increased. If I look like a year ago, it was only maybe a couple of customers. Now we have many customers ramping 800 gig. So there's a much bigger diversity of revenue streams underneath that 800-gig ramp.

然後回到 800 gig，我想說，看，我們對斜坡非常滿意——我們 800 gig 收發器的整體斜坡。我要補充的另一點是，我真正高興看到的一件事是我們擁有的客戶範圍，增加 800 兆的客戶數量顯著增加。如果我看起來像一年前，可能只有幾個顧客。現在，我們有許多客戶正在增加 800 演出。因此，在 800 場演出的基礎上，收入來源的多樣性要大得多。

And we do expect 800-gig to continue to grow over the coming quarters as well.

我們確實預計 800 場演出在未來幾季也將繼續成長。

Thomas O'Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Thanks for having me on the call and welcome, Sherri. It's great to have you. I just wanted to ask broadly into the out year, you guys have talked about some strategic alternatives that you guys are taking, you've reviewed the business. You kind of said the review has concluded. You talked about the sale of a facility. You paid down some debt, then you pointed out specifically the battery business. But I was curious, is that all that you identified as nonstrategic? Could there be additional sales on the way? And just any color you gave. I honestly understand that there's an Analyst Day coming up, but is your intent to give more there? Or is that kind of the extent of the nonstrategic thus far?

感謝您接聽我的電話，歡迎您，雪莉。很高興有你。我只是想廣泛詢問今年的情況，你們已經討論了你們正在採取的一些策略替代方案，你們已經審查了業務。你好像說審查已經結束了。您談到了設施的出售。你還清了一些債務，然後你特別指出了電池業務。但我很好奇，這就是你所認為的非策略性的嗎？途中可能會有額外的銷售嗎？以及您提供的任何顏色。老實說，我知道分析師日即將到來，但您打算在那裡提供更多資訊嗎？或者說，這就是迄今為止非策略性的程度嗎？

Thanks, Thomas, for the question. No, there are definitely other things that we're working on in the category of nonstrategic. So as I said, we completed that portfolio assessment. It got wrapped up pretty much at the end of August.

謝謝托馬斯提出這個問題。不，我們肯定還在非戰略範疇內進行其他工作。正如我所說，我們完成了投資組合評估。八月底就基本結束了。

And then we've since moved into execution mode. And there's a number of different things that we're looking at. And just the two examples that I gave in the prepared remarks were from an asset standpoint, the sale of the Newton Aycliffe facility. And then from a product line standpoint, that battery technology platform. But there definitely are other things that we're working on within that nonstrategic category.

然後我們就進入了執行模式。我們正在研究許多不同的事情。我在準備好的發言中給出的兩個例子都是從資產的角度來看的，即出售牛頓艾克利夫工廠。然後從產品線的角度來看，電池技術平台。但我們肯定還在非策略類別中進行其他工作。

We'll certainly share that with investors as, at the right time. It's a little premature to share some of that, but we will definitely share that at the right time. And then certainly, we'll give a better picture at the Investor Day as well. But even between now and the Investor Day, we'll share any key milestones along the way. And then I just want to reiterate what I said in the prepared remarks that, over -- even though the overall nonstrategic category is a relatively small part of our revenue, again, it is dilutive to our operating margins. And more importantly, it draws away capital and focus from the management team. We are anxious to execute quickly on that to improve focus, to improve where our assets and where our investments are focused.

我們肯定會在適當的時候與投資者分享這一點。現在分享其中一些還為時過早，但我們一定會在適當的時候分享。當然，我們也會在投資者日提供更好的圖片。但即使從現在到投資者日，我們也會分享這一過程中的任何關鍵里程碑。然後我只想重申我在準備好的演講中所說的話，儘管整體非策略類別占我們收入的相對較小部分，但它還是稀釋了我們的營業利潤。更重要的是，它分散了管理團隊的資金和注意力。我們渴望快速執行該計劃，以提高重點，並改善我們的資產和投資的重點。

And then just beyond just the nonstrategic category, in our other categories of, for instance, key growth drivers and profit drivers, that's a place where we've been adding investment. And so we've been shifting investment away from the nonstrategic areas into the fast-growing areas. And the best example of that is the data center AI transceiver growth. So we have increased R&D investment in new technology platforms for datacom transceivers. So these are new future technology platforms that we're really excited about, as well as the other example I would give would be the optical circuit switching, which we're excited about as well. So we're also shifting organic investment towards those high-growth, high-profitability categories as well. So that certainly already happened or in process as well.

然後，除了非策略類別之外，在我們的其他類別中，例如關鍵成長驅動因素和利潤驅動因素，這是我們一直在增加投資的地方。因此，我們一直在將投資從非策略領域轉向快速成長的領域。最好的例子就是資料中心人工智慧收發器的成長。因此我們加大了對數據通訊收發器新技術平台的研發投入。因此，這些是我們真正感到興奮的新的未來科技平台，我舉的另一個例子是光路交換，我們也對此感到興奮。因此，我們也將有機投資轉向那些高成長、高利潤的類別。所以這肯定已經發生或正在發生。

Helpful, Jim. And then the second I had is on 1.6T. I think you mentioned calendar year '25 as a ramp of those transceivers. But do you think that you'll have -- this is a multiparter here, so forgive me, do you think that you'll have any contribution from 1.6T in the fourth calendar quarter of this year? Or are you going to see any this year? And then when do you see the volume ramp of 1.6T coming?

有幫助，吉姆。然後我的第二個是1.6T。我認為您提到 25 個日曆年是這些收發器的增長期。但你認為你會--這是一個多方參與，所以請原諒我，你認為你會在今年第四季從 1.6T 中得到任何貢獻嗎？或是今年你會看到嗎？那麼1.6T的銷量什麼​​時候會出現呢？

We've heard from others in the space that there are constraints on the laser side, on the DSP side, are you seeing any of those constraints? And then if you think that the world is kind of ramping on 1.6T, do you guys see kind of more of a silicon photonics world or an EML world is that 1.6T ramp? Sorry for the multiparter, but I appreciate it.

我們從該領域的其他人那裡聽說雷射方面、DSP 方面存在限制，您看到這些限制了嗎？然後，如果你認為 1.6T 的世界正在加速發展，你們認為 1.6T 的加速發展更像是矽光子世界還是 EML 世界？對於多人合作感到抱歉，但我很感激。

Okay. Thanks, I'll try that, that was a multiparter. I'll do my best to get to all of that. So at this point, what we're seeing is, we'll ramp within calendar '25. Certainly, we're focused along with our customer on getting our solution into production as quickly as possible. So to the extent that we can ramp sooner, we'll certainly execute as fast as we can. I think I was really pleased that the team delivered samples last quarter. We're working very tightly with our customers now, our lead customers, to get that into production as quickly as possible. But for now, I think I'll leave the expectation at calendar '25.

好的。謝謝，我會嘗試一下，這是一個多方的。我會盡我最大的努力去實現這一切。因此，目前我們看到的是，我們將在 25 年日曆內實現成長。當然，我們與客戶一起致力於盡快將我們的解決方案投入生產。因此，只要我們能夠更快地實現成長，我們肯定會盡快執行。我想我真的很高興團隊上季度交付了樣品。我們現在正在與我們的客戶（我們的主要客戶）緊密合作，以盡快將其投入生產。但現在，我想我會把期望留在日曆'25。

And as we get close to that, that revenue ramp, we'll certainly share more details about when exactly we expect that ramp and the contribution. And then with respect to the specific technology that we're using, what I would say is, I think one of our real strengths and something that really differentiates us as a technology as an optical networking technology provider is the breadth of technology that we can bring to bear, right? We look at it as, we'll deploy whatever the best technology is for the benefit of the customer and the application that we're trying to drive. So whether that's an EML, VCSEL or silicon photonics, we're developing all of those different options, and we'll deploy whatever technology is strong to create the biggest differentiation for our products and the biggest benefit for our customers.

當我們接近收入成長時，我們肯定會分享更多關於我們預計何時成長和貢獻的詳細資訊。然後就我們正在使用的具體技術而言，我想說的是，我認為我們真正的優勢之一以及作為光網絡技術提供商的技術真正使我們與眾不同的是我們可以使用的技術廣度承擔吧？我們認為，為了客戶和我們試圖驅動的應用程式的利益，我們將部署最好的技術。因此，無論是EML、VCSEL 還是矽光子學，我們都在開發所有這些不同的選項，並且我們將部署任何強大的技術，為我們的產品創造最大的差異化，並為我們的客戶帶來最大的利益。

So that's kind of the approach that we take to the technology. And I think we've got the broadest set of technology options of certainly any of our peers and competitors. So I think that's a real competitive strength for us.

這就是我們採用的技術方法。我認為，與我們的同行和競爭對手相比，我們擁有最廣泛的技術選擇。所以我認為這對我們來說是真正的競爭優勢。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great. Maybe a couple of questions for me. You mentioned some strength out of telecom in the quarter. Just wondered, is that more Asia-based or U.S.-based? And then as a second question, you had mentioned kind of some increase in yields for reason for upside on gross margins in the quarter. I wanted to get a sense of, is that some of the kind of tailwinds from some of the yield disruptions we saw in fiscal Q3 earlier this year? Or is that just kind of additional improvements you guys have made to the business?

偉大的。也許有幾個問題想問我。您提到了本季電信業務的一些優勢。只是想知道，更多的是亞洲還是美國？作為第二個問題，您提到了收益率的一些增長，這是本季毛利率上升的原因。我想了解一下，這是否是我們在今年稍早第三財季看到的一些殖利率中斷帶來的某種順風車？或者這只是你們對業務所做的額外改進？

Thanks, Meta. First on the first part of the question around telecom strength. So yes, telecom was a bit stronger than we had originally forecasted. Really pleased to see that.

謝謝，梅塔。首先是關於電信實力問題的第一部分。所以，是的，電信比我們最初預測的要強一些。真的很高興看到這一點。

And it was -- first of all, just to reiterate, it was a combination of two things. We saw end market improvement, but it was also due to some of the new products that we have ramping in telecom. And specifically on those new products, and I've talked about this at last quarter's earnings, the 100ZR and the 400-gig ZR/ZR+ that we have begun ramping we continue to see good ramp contribution from those products.

首先，重申一下，這是兩件事的結合。我們看到終端市場有所改善，但這也是由於我們在電信領域推出的一些新產品所致。特別是關於這些新產品，我在上個季度的收益中談到了這一點，我們已經開始增加 100ZR 和 400-g ZR/ZR+，我們繼續看到這些產品的良好增加貢獻。

And so that certainly benefited us. But we did see some improvement in the end market, specifically around DCI data center interconnect, but also even in the traditional transport area, the traditional telecom transport area, we did see some strengthening there. We are still taking kind of a cautious view and cautious outlook on telecom recovery overall. But it was nice to see some good end market demand signals and strength in Q1. And then with respect to Asia versus -- I think you asked a question about Asia versus U.S., I'm actually not sure which market in particular, I believe we saw some improvement across both of those markets.

這當然使我們受益。但我們確實看到終端市場有所改善，特別是圍繞 DCI 資料中心互連，而且甚至在傳統傳輸領域、傳統電信傳輸領域，我們也確實看到了一些加強。我們仍對電信整體復甦持謹慎態度和謹慎展望。但很高興看到第一季出現了一些良好的終端市場需求訊號和強勁勢頭。然後就亞洲與美國而言，我認為您問了有關亞洲與美國的問題，我實際上不確定具體是哪個市場，我相信我們在這兩個市場上都看到了一些改善。

And then on the second part of your question on yield increase, yes, so Sherri mentioned in the Q1 sequential improvement from Q4 to Q1, there were 3 different factors. She highlighted yield being one of those. I wouldn't really characterize it as a tailwind. I would characterize it as new yield improvements. And this is actually something that I highlighted last earnings call when I talked about the gross margin improvement initiative that we were putting in place, I said there was two components of it. There was a pricing component of it, but there's also a big focus on product cost. And I mentioned yields as one of the key areas we've been focusing on. And the team has definitely been focused on that over the past few months.

然後，關於產量增加問題的第二部分，是的，所以 Sherri 在從第四季度到第一季的第一季連續改善中提到，有 3 個不同的因素。她強調產量就是其中之一。我不會真正將其描述為順風。我將其描述為新的產量改進。這實際上是我在上次財報電話會議上談到我們正在實施的毛利率改善計劃時強調的事情，我說它有兩個組成部分。其中有定價部分，但也非常關注產品成本。我提到收益率是我們一直在關注的關鍵領域之一。在過去的幾個月裡，團隊肯定一直專注於此。

In fact, some real-time information, Sherri and I were actually sitting in a review with the team this morning – the datacom transceiver team with this morning, and we were reviewing yields and really pleased with the progress that, that team has made on yield improvements over the past few months and really pleased with the plan that they're showing moving forward. Now we're still in the early stages of the gross margin improvement strategy, and we have a lot more work in front of us, but I want to say thanks to the team for the initial work, good work that they've done and for the plan that they have moving forward. So yes, yields will continue to be a key area of focus for us.

事實上，一些實時信息，Sherri 和我今天早上實際上正在與團隊一起進行審查 - 今天早上的數據通信收發器團隊，我們正在審查產量，並且對該團隊所取得的進展感到非常滿意在過去的幾個月裡，我們在產量方面取得了進步，並對他們所展示的前進計劃感到非常滿意。現在我們仍處於毛利率改善策略的早期階段，我們面前還有很多工作，但我想說感謝團隊的初期工作，他們所做的出色工作以及為了他們前進的計劃。所以，是的，收益率將繼續成為我們關注的關鍵領域。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Jim, I was hoping you could discuss whether you are seeing data center customers reallocating procurement of optical transceivers to U.S.-domiciled suppliers like coherent. And then second, are you able to quantify your expanding TAM opportunity as AI clusters now have the option of being disaggregated into white box components that seem to benefit yourselves?

吉姆，我希望您能討論您是否看到資料中心客戶將光收發器的採購重新分配給美國註冊的供應商，例如相干供應商。其次，您是否能夠量化不斷擴大的 TAM 機會，因為人工智慧叢集現在可以選擇分解為似乎對您自己有利的白盒組件？

Two really good questions. On the first one on data center customers, and I touched on this briefly in, I think, one of the earlier questions, but one of the things that's very important to data center customers is supply chain resiliency. And the two things that we always talk about is, of course, number one, the technology roadmap that we have and the breadth and the depth of the technology and the innovation we can bring. But the other big part of the discussion is around supply chain resiliency. And this is something that I think customers are really -- this is becoming more and more important to customers, but they're also really appreciating the differentiation and the value that Coherent brings in terms of supply chain resiliency, because there's really two components of our resiliency.

兩個非常好的問題。關於第一個關於資料中心客戶的問題，我認為，我在先前的問題之一中簡要提到了這一點，但對資料中心客戶來說非常重要的事情之一是供應鏈彈性。當然，我們總是談論的兩件事是第一，我們擁有的技術路線圖以及我們可以帶來的技術和創新的廣度和深度。但討論的另一個重要部分是圍繞供應鏈彈性。我認為這對客戶來說確實變得越來越重要，但他們也非常欣賞相干公司在供應鏈彈性方面帶來的差異化和價值，因為實際上有兩個組成部分我們的韌性。

Number one is we have tremendous geographic diversity in our production platforms and where our, where our devices and modules are built and assembled. And so, that geographic diversity, I think, is a big benefit to our customers. And then the second piece is around the verticalization. So we don't just assemble the transceiver, for example, we manufacture a number of the key components that go into that transceiver. So whether that's a VCSEL laser, or EML, or that’s isolator, or even the garnet material that goes into the isolator that goes into the transceiver, a lot of that we do ourselves.

第一是我們的生產平台以及我們的設備和模組的製造和組裝地點具有巨大的地理多樣性。因此，我認為，地理多樣性對我們的客戶來說是一個很大的優勢。第二部分是圍繞垂直化。因此，我們不只是組裝收發器，例如，我們還製造該收發器中的許多關鍵組件。因此，無論是 VCSEL 雷射、EML，還是隔離器，甚至是用於收發器隔離器的石榴石材料，其中許多工作都是我們自己完成的。

We do leverage outside suppliers sometimes as well if it's to our benefit. But that verticalization is also the second piece that gives us, again, that really strong supply chain resiliency. And I think that is definitely recognized by our data center customers and becoming a more important factor moving forward. And then on the second part of your question around expanding TAM. Yes, that's a great question. I would say, definitely, the TAM is expanding for us, for the reasons that you noted. I don't have a good quantification of that today, but I think we will definitely talk about that in the context of our Investor Day in May when we share the full breadth of the market opportunity in front of us, and we'll certainly talk about the data center transceiver opportunity, and we'll talk about that expanding TAM at that time.

如果對我們有利的話，我們有時也會利用外部供應商。但垂直化也是第二個因素，它再次為我們提供了真正強大的供應鏈彈性。我認為這肯定得到了我們的資料中心客戶的認可，並成為未來發展的一個更重要的因素。然後是關於擴展 TAM 的問題的第二部分。是的，這是一個很好的問題。我想說，毫無疑問，TAM 正在為我們擴張，原因正如您所指出的。今天我對此還沒有一個很好的量化，但我認為我們肯定會在五月份的投資者日的背景下討論這一點，屆時我們將分享擺在我們面前的全部市場機會，而且我們肯定會談論資料中心收發器機會，我們到時候會談論擴展TAM。

Great. Thank you.

偉大的。謝謝。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂菲爾。

Jim, I actually had a similar question to the last one, and you started talking a little bit about some of the components that go into transceivers. I was wondering, last quarter, you talked about build versus buy. And earlier this year, the company talked about expansion of the six-inch wafer fab and [Fifab], wondering if that's an area that you could maybe accelerate? And if so, how are you thinking about sort of build versus buy and kind of in-sourcing some of these components, certainly on the EML side, as you're hearing about constraints, et cetera, as you think about '25 and '26.

吉姆，實際上我有一個與上一個類似的問題，你開始談論一些收發器中的組件。我想知道上個季度您談到了構建與購買。今年早些時候，該公司談到了六英寸晶圓廠和 [Fifab] 的擴建，想知道這是否是您可以加速的領域？如果是這樣，當您考慮“25 和 ”時，您會如何考慮構建與購買以及內包其中一些組件（當然是在 EML 方面）？

Yes. Thanks, Ruben. So first of all, our philosophy in general, let me start with what is our general philosophy on build versus buy or develop ourselves versus leverage the outside ecosystem. What we want to always be doing is applying our R&D dollars to the areas that we can truly differentiate, right? So if we believe that we can create true differentiation for our customers, that benefits our customers and do something that's not available in the rest of the market, then that's a good use of our R&D dollars. And that can benefit our customers, both in terms of the technology advantage or maybe the cost structure advantage.

是的。謝謝，魯本。首先，我們的整體理念，讓我從我們關於建構與購買或發展自己與利用外部生態系統的整體理念開始。我們想要一直做的就是將我們的研發資金運用到我們能夠真正差異化的領域，對吧？因此，如果我們相信我們可以為客戶創造真正的差異化，使我們的客戶受益，並做一些其他市場上無法做到的事情，那麼這就是我們研發資金的一個很好的利用。這可以使我們的客戶受益，無論是在技術優勢還是成本結構優勢方面。

So to the extent that we drive true differentiation, we'll do that. And if we can then we should be leveraging the outside solutions, right? So if we can't generate some real advantage for our customers, then we should be leveraging the ecosystem. And I think that same philosophy applies to our supply chain as well is if we can generate an advantage for our customers that may be technical or cost structure advantage or supply chain resiliency advantage, then we should do that, right? But if they're -- if we can't generate a genuine advantage, then we should be leveraging the outside ecosystem.

因此，只要我們推動真正的差異化，我們就會做到這一點。如果可以的話，我們應該利用外部解決方案，對嗎？因此，如果我們無法為客戶帶來一些真正的優勢，那麼我們應該利用生態系統。我認為同樣的理念也適用於我們的供應鏈，如果我們能為客戶創造優勢，可能是技術或成本結構優勢或供應鏈彈性優勢，那麼我們應該這麼做，對吧？但如果我們不能產生真正的優勢，那麼我們應該利用外部生態系統。

And so there are times when we choose to verticalize and build those components ourselves, and there are other times where we choose to leverage outside suppliers. And I think we're – moving forward, we're going to be much more strategic and deliberate about that than maybe we have been in the past. And -- but that's our general philosophy.

因此，有時我們選擇垂直化並自行建構這些元件，有時我們選擇利用外部供應商。我認為我們正在向前邁進，我們將比過去更具策略性和深思熟慮。而且——但這就是我們的整體理念。

Very helpful. And just a quick follow-up. I might have missed this. But on the telecom commentary last quarter, you had a little bit more of a muted outlook on telco, nice surprise here to the upside. Was that mostly driven by DCI or were some of the traditional telecom products also a little bit better than you had thought?

非常有幫助。只是快速跟進。我可能錯過了這個。但在上個季度的電信評論中，您對電信公司的前景更加黯淡，這是一個不錯的驚喜。這主要是由 DCI 推動的還是一些傳統電信產品也比您想像的要好一些？

Yes. Thanks, Ruben. It was a combination of both. Yes, the end market was a bit stronger, and that was a combination of DCI but also traditional telecom transport as well. We saw an uptick in end market demand there, too.

是的。謝謝，魯本。這是兩者的結合。是的，終端市場更加強勁，這是 DCI 和傳統電信傳輸的結合。我們也看到那裡的終端市場需求上升。

And as I mentioned earlier, we're still taking a cautious approach to the telecom market. I'd like to see a couple more quarters of improvement before we're positive that the market is fully recovering, right? But some good positive signs so far.

正如我之前提到的，我們仍然對電信市場採取謹慎的態度。在我們確信市場正在完全復甦之前，我希望看到幾個季度的改善，對嗎？但到目前為止，出現了一些良好的正面跡象。

Appreciate it.

欣賞它。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

And I guess, firstly, welcome, and also welcome back Sherri. My question, I guess, first is a follow-up to Ruben for EMLs. Are you guys going to be commercially shipping your own EMLs into either 800 and 1.6 next year? And additionally, are you concerned at all about data center capacity constraints for you guys into what could be a pretty robust 2025? And this is either for transceiver assembly or light source.

我想，首先，歡迎，也歡迎雪莉回來。我想，我的問題首先是關於 EML 的 Ruben 的後續問題。你們明年打算將自己的 EML 商業化運送到 800 和 1.6 嗎？此外，你們是否擔心 2025 年的資料中心容量限制？這要么用於收發器組件，要么用於光源。

Yes. Thanks, Chris. So on the first part of the question on EML usage in 800 gig and 1.6T, on EMLs, I'll just start by saying we use a combination of our own internally developed and produced EMLs as well as we do leverage EMLs for very good partners as well. And so again, back to that prior question on kind of philosophy, where we think there's benefit for our customers, we will do that internally, but where we can leverage the outside ecosystem, we'll also do that. And so I would anticipate us continuing to do that in -- whether it's 800 gig or 1.6T, us continuing to leverage both internal as well as external sources.

是的。謝謝，克里斯。因此，關於800 gig 和1.6T 中的EML 使用問題的第一部分，關於EML，我首先要說的是，我們使用我們自己內部開發和生產的EML 的組合，並且我們確實利用EML 來獲得非常好的效果。再次回到先前關於哲學的問題，如果我們認為對我們的客戶有利，我們將在內部這樣做，但如果我們可以利用外部生態系統，我們也會這樣做。因此，我預計我們會繼續這樣做——無論是 800 gig 還是 1.6T，我們都會繼續利用內部和外部資源。

And then I also want to reiterate the fact that we take a multi-technology approach, right? So not just EML, but to the extent we can leverage VCSEL or a silicon photonics solution, we'll do that as well, right? So again, we'll take whatever is, whatever we believe is the best technology path for our customers that gives the greatest benefit. And I think that's one of the benefits we bring to our customers is -- our expertise is really at a deeper level of being able to manipulate photons for the benefit of data transmission, and we look at, whether it’s EML, VCSEL or silicon photonics, that's just a method by which we bring our innovation around using photons to transmit data.

然後我還想重申一個事實，就是我們採取多種技術方法，對吧？因此，不僅僅是 EML，只要我們可以利用 VCSEL 或矽光子解決方案，我們也會這樣做，對嗎？因此，我們將採取任何我們認為能為客戶帶來最大利益的最佳技術路徑。我認為我們為客戶帶來的好處之一是——我們的專業知識確實處於更深層次，能夠操縱光子以實現數據傳輸，我們會關注是否是 EML、VCSEL或矽光子學，這只是我們利用光子傳輸數據進行創新的一種方法。

And then on the second part of your question on, I think it was, Chris, around capacity constraints as we see -- as we continue to ramp in data center AI. I would say that first of all, I would say that I want to take the opportunity to thank my production and engineering, manufacturing teams for doing a great job of supporting the ramp of our data center AI business. They've really done an outstanding job making sure that we deliver for our customers. And that's not to say that we don't have a constraint here or there. But I think overall, they've done a really outstanding job meeting the demand needs of our customers. And that's certainly our focus moving forward. We're certainly increasingly ramping up our capacity internally, whether that's for transceiver assembly or whether that's for the individual ingredients that go into that transceiver – isolators, VCSELs, EMLs, whatever, right? So we're ramping up our capacity. And certainly, our goal to make sure that we've got the right capacity for the demand that we're seeing from our customers.

然後，關於你問題的第二部分，克里斯，我認為這是圍繞我們所看到的容量限制的——隨著我們繼續推進資料中心人工智慧的發展。我想說，首先，我想藉此機會感謝我的生產和工程、製造團隊在支援我們資料中心人工智慧業務的發展方面所做的出色工作。他們確實做得非常出色，確保我們為客戶提供服務。這並不是說我們到處都沒有限制。但我認為總的來說，他們在滿足客戶需求方面做得非常出色。這當然是我們前進的重點。當然，我們正在不斷提高內部產能，無論是用於收發器組裝還是用於收發器中的各個成分——隔離器、VCSEL、EML，等等，對嗎？所以我們正在提高我們的產能。當然，我們的目標是確保我們有足夠的產能來滿足客戶的需求。

Excellent. And then perhaps a follow-up, Jim. Now that you've had some time to kind of look under the hood, some of the pushback that I get is around margin expansion opportunities in data center, particularly on the transceiver – your old Finisar business – as you look to your path for greater than 40% total company GMs. And what I'm getting at here is there seems to be a balance here between upside from surging units obviously driven by AI, versus what I think are fairly aggressive capacity expansion plans for guys, particularly out of Asia, but Innoscience, but you have Cloud Light, you have some other transceiver guys here as well. So when you balance those together, do you think there is sizable room here to expand margins on the transceiver side, which is a big chunk of your datacom business?

出色的。然後也許是後續行動，吉姆。既然您已經有時間深入了解了，我得到的一些阻力是圍繞資料中心的利潤擴張機會，特別是收發器（您的舊 Finisar 業務），正如您所期待的那樣超過 40% 公司總經理的路徑。我在這裡得到的是，顯然由人工智慧驅動的單位激增帶來的上行似乎與我認為對企業來說相當激進的產能擴張計劃（尤其是亞洲以外的國家）之間存在著平衡，但Innoscience，但你有Cloud Light，這裡還有其他一些收發器人員。因此，當您將這些因素平衡在一起時，您認為收發器方面有相當大的空間可以擴大利潤，而收發器是您數據通訊業務的很大一部分？

Yes. Thanks, Chris. Let me start at the company level, and then I'm going to come back to data center transceivers and how that fits in. The short answer on data center transceivers is yes, and it’s product cost, but I want to paint company picture first, right?

是的。謝謝，克里斯。讓我從公司層級開始，然後我將回到資料中心收發器以及它如何適應。關於資料中心收發器的簡短答案是肯定的，而且是產品成本，但我想先描繪一下公司的情況，對吧？

So at a company level, we're going to march towards that 40% gross margin goal. And I think there's two -- like we talked about, there's two big initiatives: one around pricing and one around product cost. I think the pricing optimization that we can do probably applies more to our industrial businesses. So we have many different product lines and many different industrial submarkets underneath the umbrella of the industrial business. And I do see opportunity to do a much better job of optimizing the pricing of those products and capturing what I would say -- what I would call is the fair value for the technology and the innovation that we're bringing to those industrial markets.

因此，在公司層面，我們將朝著 40% 的毛利率目標邁進。我認為有兩個——就像我們談到的，有兩個重大舉措：一是圍繞定價，一是圍繞產品成本。我認為我們可以做的定價優化可能更多地適用於我們的工業業務。因此，我們在工業業務的保護下擁有許多不同的產品線和許多不同的工業子市場。我確實看到了在優化這些產品的定價方面做得更好的機會，並捕捉我想說的話——我所說的是我們為這些工業市場帶來的技術和創新的公允價值。

Now on pricing in the datacom transceiver space, there I think there's -- I would say there's not as much opportunity on the pricing side. But what I would say is -- but there's definitely opportunity on the product cost side. And that's one of the examples I gave earlier on the call is on product cost within transceivers, I – and I highlighted, I believe this on the last earnings call, yields as definitely an opportunity. And Sherri and I, as I said earlier, were in an operational review this morning, spending time talking to the team about yields, the improvements that they've driven over the past few months and what we need to see in terms of yield improvements moving forward as well. And that is definitely an area of focus for us. So I would -- back to your datacom transceiver question in particular, I would say, maybe not so much on pricing, but definitely, there's opportunity for us in cost and we're certainly very focused on that.

現在就數據通訊收發器領域的定價而言，我認為定價方面沒有那麼多機會。但我想說的是——但產品成本方面肯定存在機會。我之前在電話會議上給出的例子之一是關於收發器內的產品成本，我強調，我相信在上次財報電話會議上這絕對是一個機會。正如我之前所說，今天早上，雪莉和我正在進行營運審查，花時間與團隊討論產量、他們在過去幾個月中推動的改進以及我們需要在產量改進方面看到的內容也在向前邁進。這絕對是我們關注的一個領域。所以我想——特別回到你的數據通訊收發器問題，我想說，也許在定價方面沒有那麼多，但肯定的是，我們在成本方面有機會，我們當然非常關注這一點。

Great answer. Thanks, Jim.

很好的答案。謝謝，吉姆。

Jack Egan, Charter Equity Research.

傑克·伊根，特許股票研究。

So I didn't hear or see anything about segment operating margins, but through June, the Networking Segment had been kind of range-bound in the mid-teens despite being at record revenue. So I was just wondering, are you seeing the margin benefit from a higher mix of 800 gig transceivers today? And if not, just when exactly does that impact kind of kick in?

因此，我沒有聽到或看到任何有關部門營業利潤率的信息，但到 6 月份，網路部門儘管收入創紀錄，但一直在十幾歲左右徘徊。所以我只是想知道，您是否看到了當今 800 GB 收發器的更高組合所帶來的利潤收益？如果沒有，這種影響到底什麼時候開始發揮作用？

Yes, Jack, maybe I'll start with that question, and if Sherri wants to add anything, she's welcome to add. What I would say is, yes, if you look at historically with -- it sounded like your question was focused on the data center or communications segment, which is mostly data – or Networking – which is mostly data center, AI data center. If you look historically at when we move to new technology nodes, yes, you're right, the newer speed grades for the transceiver are generally higher-margin. And so to the extent that we're ramping quickly ramping a higher speed, more advanced transceiver, that's usually at a higher gross margin.

是的，傑克，也許我會從這個問題開始，如果雪莉想補充什麼，歡迎她補充。我想說的是，是的，如果你回顧歷史——聽起來你的問題集中在資料中心或通訊領域，主要是資料——或網路——主要是資料中心、人工智慧資料中心。如果您回顧我們何時轉向新技術節點，是的，您是對的，收發器的較新速度等級通常具有更高的利潤。因此，如果我們快速生產速度更快、更先進的收發器，那麼毛利率通常會更高。

So yeah, the general rule would be as we ramp those higher speeds, we would expect to see margin improvement on that.

所以，是的，一般規則是，當我們提高速度時，我們預計會看到利潤率的提高。

Yes, I'll just add that if you look into our Q, you'll see, Jack, that we do show a segment profit and on the networking side of the business, we did see higher segment profit sequentially. So you will see that in there when you dig in.

是的，我只是補充一點，如果你查看我們的問題，你會發現，傑克，我們確實顯示了部門利潤，並且在業務的網絡方面，我們確實看到了更高的部門利潤。所以當你深入挖掘時你會看到它。

Okay. Great. I appreciate that. And then my follow-up is a bit of a kind of a higher-level question. So it was good to see a rebound in telecom, but we've seen this prolonged slowdown in that market after the carriers spent quite a bit on 5G spectrum license at first, but -- and then obviously, on the 5G equipment buildout itself. But when you look at some of the commentary kind of across the telecom supply chain, it's been pretty difficult to monetize 5G. So the carriers might not have much incentive to keep spending and adding new capabilities.

好的。偉大的。我很欣賞這一點。然後我的後續問題是一個更高層次的問題。因此，很高興看到電信業的反彈，但我們看到該市場長期放緩，因為營運商最初在 5G 頻譜許可上花費了大量資金，但隨後顯然是在 5G 設備建設本身上花費了大量資金。但當你看看整個電信供應鏈的一些評論時，你會發現透過 5G 貨幣化相當困難。因此，營運商可能沒有太多動力繼續支出和增加新功能。

So that being said, I'm just kind of curious on your long-term growth outlook for telecom and whether it may be challenged in the long term just because those newer, more advanced generations like 5G advance or 6G are just difficult to monetize.

話雖這麼說，我只是對電信的長期成長前景感到好奇，以及它是否會在長期內受到挑戰，因為像 5G 或 6G 這樣更新、更先進的一代很難貨幣化。

Thanks, Jack, and that's a great point, and that's exactly why we're taking here in the more near-term quarters, we're taking a more cautious view on telecom, right? That's why last quarter, I said we're taking a cautious view and the same applies to this quarter as well as, until we see a dramatic pickup in telecom operator CapEx, I think that market may be challenged in terms of recovery. Now, that said, we did see in Q1 some strong positive signs, as I said earlier. And I think the clear area of growth is around data center interconnect.

謝謝，傑克，這是一個很好的觀點，這正是我們在近期幾季中對電信採取更加謹慎的看法的原因，對吧？這就是為什麼上個季度，我說我們持謹慎態度，本季也是如此，在我們看到電信業者資本支出大幅回升之前，我認為市場在復甦方面可能會面臨挑戰。儘管如此，正如我之前所說，我們確實在第一季看到了一些強烈的積極跡象。我認為明顯的成長領域是資料中心互連。

We are definitely seeing strong demand signals in DCI, right? And obviously, that's only a portion of the telecom market but we are seeing very strong demand signals there.

我們肯定在 DCI 中看到了強烈的需求訊號，對吧？顯然，這只是電信市場的一部分，但我們看到那裡的需求訊號非常強烈。

And then as I mentioned before, we did see a little bit of recovery in telecom -- traditional telecom transport as well. But we agree in the nearer term, we're definitely taking a more cautious view of the telecom recovery. Now over the long term, we still do believe that telecom over the long term will continue to grow, and we believe that's a great growth area for the company. We've got a lot of new products that are ramping in that segment. And then we'll paint a more complete picture of what we see as a long-term opportunity as part of our Investor Day in May.

正如我之前提到的，我們確實看到了電信領域的一些復甦——傳統電信傳輸也是如此。但我們同意，在短期內，我們肯定會對電信復甦採取更謹慎的看法。現在，從長遠來看，我們仍然相信電信從長遠來看將繼續成長，我們相信這對公司來說是一個巨大的成長領域。我們在該領域推出了許多新產品。然後，作為五月投資者日的一部分，我們將更全面地描繪我們所看到的長期機會。

Great. Thank you, guys.

偉大的。謝謝你們，夥計們。

Richard Shannon, Craig-Hallum Capital Group.

理查德·香農，克雷格-哈勒姆資本集團。

Thanks, everyone, for allowing me to ask a couple of questions here. Jim, I guess maybe a quick 2-parter related to datacom here. When I look at 1.6T, how are you thinking about the Coherent time to market relative to your competitors? And do you also expect to ramp at a breadth of customer base more like what you have now in 800 gig or kind of what you saw in the earlier stages of 800 gig where, as you just noted today, the customer base has expanded nicely here over this period.

謝謝大家允許我在這裡問幾個問題。吉姆，我想這裡可能是與數據通訊相關的快速二人組。當我看到 1.6T 時，您如何看待相干公司相對於競爭對手的上市時間？您是否也期望擴大客戶群的廣度，就像您現在在800 gig 中所擁有的那樣，或者您在800 gig 的早期階段看到的那樣，正如您今天剛剛指出的，客戶群在這裡已經很好地擴展了在此期間。

Yes. Thanks, Richard. On the first one, we delivered -- just reiterate what I said earlier, we delivered samples last quarter, we're working really carefully with our customers to get that into production as quick as possible. And at this point, we expect revenue to begin to ramp in calendar '25. As we get closer to that ramp we’ll certainly share more specifics around that. And clearly, we're motivated to get that into production as quick as possible on our side. And then in terms of the second part of the question on breadth of customer base, I think it would be similar to the breadth of customers that we saw at the beginning of the 800 gig ramp. Might be -- could be a little bit different, but it will be kind of a similar magnitude in terms of number of customers.

是的。謝謝，理查。在第一個方面，我們交付了——重申我之前所說的，我們上季度交付了樣品，我們正在與客戶認真合作，以盡快將其投入生產。此時，我們預計收入將在 25 年開始增加。當我們越來越接近那個坡道時，我們肯定會分享更多相關細節。顯然，我們有動力盡快將其投入生產。然後，就客戶群廣度問題的第二部分而言，我認為這與我們在 800 場演出開始時看到的客戶廣度類似。可能會有點不同，但就客戶數量而言，數量級是相似的。

Okay. Fair enough for that, Jim. My quick follow-on question here is just following up in the last couple of recent questions related to your telecom business. You just noted in response to the last one here about seeing really nice growth in DCI versus traditional telecom transport. Any way you can give us a sense of how big each of those buckets are? I know it's not easy to necessarily know where it goes, but is the DCI relatively close to traditional telecom, or a small portion? Or just help us out a little bit there, please?

好的。吉姆，這很公平。我的快速後續問題只是對最近與您的電信業務相關的最後幾個問題的跟進。您剛剛在回覆上一篇文章時指出，與傳統電信傳輸相比，DCI 成長非常快。您可以透過什麼方式讓我們了解每個桶子有多大？我知道要知道它的去向並不容易，但 DCI 是否與傳統電信相對接近，還是只佔一小部分？或只是幫我們一點忙，好嗎？

Yes. We don't really break out to that level of granularity. But DCI was a smaller portion but is a rapidly growing portion of that revenue base, right? And so we do expect DCI to become a bigger component of that overall telecom TAM as well as our revenue base over the coming quarters. It's certainly faster growing than kind of the rest of that part of the market.

是的。我們並沒有真正突破到那個粒度等級。但 DCI 所佔的比例較小，但在該收入基礎中卻快速成長，對吧？因此，我們確實預計 DCI 將成為整個電信 TAM 以及我們未來幾季營收基礎的更大組成部分。它的成長速度肯定比該市場的其他部分要快。

Okay. Appreciate the comments, Jim. That's all for me.

好的。感謝您的評論，吉姆。這就是我的全部。

Thank you, ladies and gentlemen, this does conclude today's question-and-answer session. I'd like to turn the call back over to Jim Anderson for any closing remarks.

謝謝女士們、先生們，今天的問答環節到此結束。我想將電話轉回給吉姆·安德森（Jim Anderson），讓其結束語。

Thank you, everyone, for joining us on our call today. I want to once again thank Sherry for joining the team as well. It's good to have her sitting at the table here with me again. And just in closing, I want to thank all my Coherent teammates for all their hard work and dedication. I’m really proud of them and proud to be on the same team as them. And we thank you for all of your support and look forward to updating you on our progress. And operator, that concludes today's call.

謝謝大家今天加入我們的電話會議。我想再次感謝雪莉加入這個團隊。很高興她能再次和我坐在一起。最後，我要感謝所有 Coherent 團隊的辛勤工作和奉獻精神。我真的為他們感到驕傲，並為能與他們在同一個團隊而感到自豪。我們感謝您的支持，並期待向您通報我們的最新進展。接線員，今天的電話會議到此結束。

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

謝謝。女士們、先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。