Coherent Corp (COHR) 2025 Q2 法說會逐字稿

A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

正式演講之後將有一個簡短的問答環節。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Paul Silverstein, Senior Vice President of Investor Relations for Coherent. Please go ahead.

現在我很高興介紹您的主持人，Coherent 公司投資者關係高級副總裁保羅·西爾弗斯坦 (Paul Silverstein)。請繼續。

Thank you, operator, and good afternoon, everyone. With me today are Jim Anderson, Coherent CEO, and Sherri Luther, Coherent CFO.

謝謝接線員，大家下午好。今天與我一起的還有 Coherent 執行長 Jim Anderson 和 Coherent 財務長 Sherri Luther。

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

在今天的電話會議上，我們將提供 2025 財年第二季的財務和業務回顧以及 2025 財年第三季的業務展望。我們的收益新聞稿可在我們公司網站 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 or 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.

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，此類陳述或預測基於當前可用的信息，並且與實際結果可能存在重大差異。我們請您參閱本公司向美國證券交易委員會提交的文件，包括我們的 10-K、10-Q 和 8-K。

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 third quarter 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.

這些文件包含並識別了可能導致實際結果與我們的預測或前瞻性陳述有重大差異的重要風險因素。本次電話會議包含並構成公司對 2025 財年第三季的官方指引。如果我們在本次電話會議之後的任何時間傳達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）進行此類更新。

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.

在本次電話會議中，我們將參考 GAAP 和非 GAAP 財務指標。透過披露某些非 GAAP 信息，管理層旨在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。對於歷史時期，我們提供了這些非 GAAP 財務指標與 GAAP 財務指標的對帳表，可在我們網站 coherent.com 的投資者關係部分找到。

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

現在，我將把電話轉給我們的執行長吉姆安德森。

Thank you, Paul, and thank you, everyone, for joining today's call. I'd like to start by thanking my Coherent teammates for the strong execution in our fiscal second quarter and the continued focus and great progress on driving market-leading innovation.

謝謝保羅，也謝謝大家參加今天的電話會議。首先，我要感謝我的 Coherent 隊友們，感謝他們在第二財季的出色表現以及對推動市場領先創新的持續關注和取得的巨大進步。

For our fiscal second quarter, revenue increased by approximately 6% sequentially and 27% year-over-year to a record $1.43 billion. This was driven by growth in multiple areas, including strong AI-related datacom transceiver growth, a second quarter of sequential growth in our telecom revenue, and sequential growth across multiple key industrial end markets.

我們第二財季的營收比上一季成長了約 6%，比去年同期成長了 27%，達到創紀錄的 14.3 億美元。這是由多個領域的成長所推動的，包括強勁的人工智慧相關數據通訊收發器成長、第二季度電信收入的連續成長以及多個關鍵工業終端市場的連續成長。

As I mentioned when I first joined the company, in addition to growing the top line, expansion in our gross margin would be a strategic focus area for the company, driven by parallel initiatives on both pricing optimization, as well as product cost improvements. During our fiscal second quarter, we made solid progress towards our goal of achieving durable company-wide gross margin of over 40%.

正如我剛加入公司時提到的那樣，除了增加營業收入之外，擴大毛利率也是公司的戰略重點，並將透過定價優化和產品成本改進等並行舉措來推動。在第二財季，我們朝著實現全公司毛利率持續超過40%的目標取得了堅實的進展。

Q2 non-GAAP gross margin of 38.2% marks strong improvement on both a sequential and year-over-year basis. While we have a lot more work to do on gross margin, I'm pleased with the team's focus and progress in this area. While we continue to invest in strategic R&D to fuel the long-term growth of the company, we remain focused on driving greater operational leverage and efficiency across the company.

第二季非公認會計準則毛利率為 38.2%，較上一季及去年同期均大幅提升。雖然我們在毛利率方面還有很多工作要做，但我對團隊在這方面的關注和進展感到滿意。在我們持續投資策略研發以推動公司長期成長的同時，我們仍致力於提高整個公司的營運槓桿和效率。

With revenue growth, gross margin expansion, and disciplined OpEx management, we drove significant expansion and profitability in Q2, with non-GAAP EPS growing over 40% sequentially and more than tripling on a year-over-year basis. Again, we have much more work ahead of us, but we remain focused on driving long-term shareholder value.

透過收入成長、毛利率擴大和嚴格的營運支出管理，我們在第二季度實現了顯著的擴張和盈利，非 GAAP 每股收益環比增長超過 40%，同比增長兩倍多。再說一遍，我們還有許多工作要做，但我們仍然專注於推動長期股東價值。

Let me shift gears and share some thoughts on our products and end markets. Starting with our data center and communications market, Q2 revenue increased 6% sequentially and by 58% year-over-year. The sequential and year-over-year increases were driven by another strong quarter of growth in our datacom revenue and a second quarter of sequential growth in our telecom revenue.

讓我換個主題並分享一些關於我們的產品和終端市場的想法。從我們的資料中心和通訊市場開始，第二季營收季增 6%，年增 58%。環比和年成長主要得益於數據通訊收入又一個季度的強勁成長以及電信收入連續第二季的成長。

We achieved record Q2 datacom revenue, which grew 4% sequentially and by 79% year-over-year due to ongoing strong AI data center demand. We continue to see expansion in the number of customers adopting and ramping our 800 gig transceivers. And in addition, revenue from our 400 gig and below transceivers remains strong.

我們實現了創紀錄的第二季數據通訊收入，由於持續強勁的人工智慧資料中心需求，該收入環比增長 4%，年增 79%。我們持續看到採用和增加我們的 800 千兆收發器的客戶數量不斷擴大。此外，我們 400G 及以下收發器的營收依然強勁。

We also continue to make solid progress on our 1.6T transceiver products as we move through key engineering milestones with our customers. After delivering initial samples of our 1.6T datacom transceivers to customers last year, we remain on track to begin ramping sales in calendar 2025, and we are seeing continued expansion of our customer engagements on 1.6T.

隨著我們與客戶一起邁向關鍵的工程里程碑，我們的 1.6T 收發器產品也持續取得穩定進展。在去年向客戶交付了 1.6T 數據通訊收發器的初始樣品後，我們仍有望在 2025 年開始提高銷量，並且我們看到 1.6T 客戶合作的持續擴大。

Even as we focus on the 1.6T ramp, we are investing and innovating for the future. We are both developing our 3.2T transceivers and investing in the key ingredient technologies that underlie our transceiver roadmap and that can support a variety of form factors of optical data transmission.

即使我們專注於 1.6T 的成長，我們也在為未來進行投資和創新。我們既在開發 3.2T 收發器，也在投資收發器路線圖的基礎關鍵技術，以支援各種形式的光學資料傳輸。

We have the broadest and deepest portfolio in the industry of photonic technologies required for high-speed optical data transmission. Our customers view our technology portfolio as an important competitive advantage of Coherent and optical data transmission applications.

我們擁有業界最廣泛、最深入的高速光數據傳輸所需的光子技術組合。我們的客戶將我們的技術組合視為相干和光學資料傳輸應用的重要競爭優勢。

For example, one of the key capabilities that we've had in-house for over 20-years is our indium phosphide platform, which is the key technology behind our EML and CW lasers. The US Government recently announced plans to use CHIPS Act funding to help with the expansion of indium phosphide capacity at our Sherman, Texas facility.

例如，我們 20 多年來內部掌握的一項關鍵能力就是磷化銦平台，這是我們 EML 和 CW 雷射背後的關鍵技術。美國政府最近宣布，計劃利用《CHIPS法案》的資金來幫助我們位於德州謝爾曼的工廠擴大磷化銦的產能。

In our fiscal Q2, our indium phosphide production output tripled on a year-over-year basis. This enabled rapid year-over-year growth in our 800 gig transceiver products, some of which are EML-based and some of which are based on CW lasers combined with our silicon photonics solution. We expect to continue to expand our indium phosphide capacity over the coming quarters to support our long-term growth in both EML and CW laser capacity. We also continue to execute on a roadmap of important ingredient laser technologies, such as our 200 gig differential EMLs; 200 gig VCSELs, and high-power CW lasers for our silicon photonic solutions.

在我們的財政第二季度，我們的磷化銦產量年增了兩倍。這使得我們的 800G 收發器產品實現了同比快速增長，其中一些產品基於 EML，一些產品基於 CW 雷射與我們的矽光子解決方案相結合。我們預計在未來幾季繼續擴大磷化銦產能，以支持我們在EML和CW雷射產能的長期成長。我們也繼續執行重要成分雷射技術的路線圖，例如我們的 200 千兆差分 EML； 200千兆 VCSEL 和高功率 CW 雷射器，用於我們的矽光子解決方案。

In addition to our key laser technologies, we're investing and innovating across a broad spectrum of important enabling technologies for our optical data transmission, including optical lens arrays, garnet, isolators, micro-optics, and thermal management solutions.

除了我們的關鍵雷射技術外，我們還在光學數據傳輸領域投資和創新一系列重要的支援技術，包括光學透鏡陣列、石榴石、隔離器、微光學和熱管理解決方案。

Beyond transceivers and ingredient technologies, our new data center Optical Circuit Switch, or OCS, platform is progressing well and our customer engagements are expanding. This platform enables significant expansion in our data center addressable market, and I'm very pleased to announce that in Q2 we received our first customer order for this differentiated new platform.

除了收發器和成分技術之外，我們新的資料中心光路交換器（OCS）平台進展順利，我們的客戶合作範圍也不斷擴大。該平台使我們的資料中心目標市場顯著擴展，我很高興地宣布，我們在第二季度收到了該差異化新平台的第一個客戶訂單。

Unlike other mechanical MEMS-based solutions, our platform uses field-proven digital liquid crystal technology that provides tremendous advantages to our customers. We expect initial OCS revenue in calendar 2025, and we'll share more details about this innovative product and its revenue potential over the course of the coming quarters.

與其他基於機械 MEMS 的解決方案不同，我們的平台採用經過現場驗證的數位液晶技術，為我們的客戶提供了巨大的優勢。我們預計 OCS 的初始收入將在 2025 年實現，我們將在接下來的幾個季度分享有關這款創新產品及其收入潛力的更多詳細資訊。

In telecom our Q2 revenue increased by 16% sequentially and by 11% year-over-year. Q2 is the second quarter in a row of sequential improvement. Revenue growth in Q2 was driven primarily by data center interconnect, with some improvement in the traditional transport market as well. We saw continued growth in the ramp of new products, including our 100 gig, 400 gig, and 800 gig ZR, ZR+ Coherent transceivers, and expect these products to continue to ramp over the coming quarters.

在電信領域，我們第二季的營收季增了 16%，年增了 11%。第二季度是連續第二季實現持續改善。第二季的營收成長主要得益於資料中心互連，傳統傳輸市場也有一些改善。我們看到新產品的持續成長，包括我們的 100 千兆、400 千兆和 800 千兆 ZR、ZR+ 相干收發器，並預計這些產品將在未來幾季繼續成長。

In our remaining markets, which are primarily industrial-related applications, aggregate revenue increased 7% sequentially and was flat year-over-year. We saw sequential growth across multiple industrial end markets. In particular, display capital equipment grew on both a sequential and year-over-year basis. Ongoing display strength is being driven by demand for our highly differentiated Excimer lasers for OLED screen manufacturing, resulting from expanding OLED adoption in smartphones and the beginning of OLED adoption in larger format devices like new laptop and tablet, computers.

在我們剩餘的市場中，主要是工業相關應用，總收入環比成長 7%，與去年同期持平。我們看到多個工業終端市場都實現了連續成長。尤其是展示資本設備方面，其環比和年比均有所增長。隨著 OLED 在智慧型手機中的應用不斷擴大，以及 OLED 在新型筆記型電腦、平板電腦和計算機等大尺寸設備中的開始應用，對我們用於 OLED 屏幕製造的高度差異化準分子激光器的需求推動了顯示業務的持續增長。

We also saw healthy sequential and year-over-year growth in the semi-cap equipment market, where our lasers and advanced materials are critical enabling technologies for our customers. While we are still taking a cautious near-term outlook on the broad-based industrial end markets, we expect the industrial market to be an important long-term secular growth driver for the company as the broader end markets eventually recover and as our new products continue to ramp.

我們還看到半導體設備市場實現了健康的連續和同比增長，其中我們的雷射和先進材料是我們客戶的關鍵支援技術。雖然我們仍然對廣泛的工業終端市場持謹慎的短期前景，但隨著更廣泛的終端市場最終復甦以及我們的新產品持續成長，我們預計工業市場將成為公司重要的長期成長動力。

Before wrapping up, I'd also like to provide a brief update on our strategic portfolio optimization. We've made good progress on implementing the strategic portfolio assessment that we completed in the September quarter. As part of the process of divesting or shutting down product lines and assets that are non-strategic, we announced in December that we are evaluating strategic alternatives for our advanced lithium-ion battery recycling technology.

在結束之前，我還想簡單介紹一下我們的策略性投資組合優化情況。我們在實施九月季度完成的策略性投資組合評估方面取得了良好進展。作為剝離或關閉非戰略性產品線和資產的一部分，我們在 12 月宣布正在評估先進鋰離子電池回收技術的戰略替代方案。

This announcement follows the sale of our Newton Aycliffe facility and our announcement that we are evaluating strategic alternatives for our lithium-sulfur battery platform, as well as other portfolio optimization activities that are well underway. As we optimize our portfolio over the coming quarters, we'll provide further updates, including at our upcoming Investor Day this May.

先前，我們已出售了紐頓艾克利夫工廠，並宣布正在評估鋰硫電池平台的策略替代方案，以及其他正在順利進行的投資組合優化活動。隨著我們在未來幾季優化投資組合，我們將提供進一步的更新，包括今年 5 月即將舉行的投資者日。

In summary, I'm very pleased with the progress we've made in our fiscal second quarter. While some near-term softness persists in our industrial-related end markets, we expect fiscal 2025 overall to be a strong growth year for the company.

總而言之，我對我們第二財季的進展感到非常滿意。儘管我們的工業相關終端市場短期內仍存在一些疲軟現象，但我們預計 2025 財年總體而言將是該公司強勁成長的一年。

I'll now turn the call over to our CFO, Sherri Luther.

現在我將把電話轉給我們的財務長謝裡路德 (Sherri Luther)。

Thank you, Jim. In the second quarter, we drove continued sequential improvement in our financial results with strong revenue growth and gross margin expansion, driving strong profitability. In addition, we strengthened the balance sheet by paying down $132 million in debt.

謝謝你，吉姆。第二季度，我們憑藉強勁的營收成長和毛利率擴大，推動財務業績持續較上季改善，從而帶來強勁的獲利能力。此外，我們也償還了 1.32 億美元的債務，增強了資產負債表。

Now, I will provide a summary of our results. Second quarter revenue was a record $1.43 billion, an increase of approximately 6% sequentially and 27% year-over-year. From a segment perspective, networking revenue increased 7% sequentially and 56% year-over-year, driven by ongoing strong AI data center demand and the continued recovery in telecom.

現在，我將對我們的研究結果進行總結。第二季營收達到創紀錄的 14.3 億美元，季增約 6%，年增 27%。從分部角度來看，受持續強勁的人工智慧資料中心需求和電信業持續復甦的推動，網路收入較上季成長 7%，較去年同期成長 56%。

Laser segment revenue increased 8% sequentially and 6% year-over-year, driven primarily by demand for our Excimer annealing lasers in our display capital equipment business, as well as strong demand and semi-cap equipment.

雷射部門營收季增 8%，年增 6%，主要得益於顯示器資本設備業務對準分子退火雷射的需求，以及強勁的需求和半資本設備。

The material segment revenue increased 3% sequentially and decreased 4% year-over-year. The year-over-year decrease was primarily due to weak automotive and market demand.

材料部門營收季增3%，年減4%。年比下降主要由於汽車和市場需求疲軟。

Our second quarter non-GAAP gross margin was 38.2%, an increase of 146 basis points compared to the prior quarter, and an increase of 363 basis points, compared to the year-ago quarter. The improvements in gross margin were driven by higher revenue volume, as well as cost reductions and improvements in manufacturing yields offset somewhat by unfavorable product mix.

我們第二季的非公認會計準則毛利率為 38.2%，較上一季增加 146 個基點，比去年同期增加 363 個基點。毛利率的提高主要得益於收入量的增加、成本的降低和製造產量的提高，但在一定程度上被不利的產品結構所抵銷。

Second quarter non-GAAP operating expenses were $283 million, compared to $278 million in the prior quarter and $239 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. SG&A decreased sequentially as a result of our disciplined approach to managing our SG&A expenses, while ensuring that we invest in our product portfolio.

第二季非 GAAP 營業費用為 2.83 億美元，上一季為 2.78 億美元，去年同期為 2.39 億美元。連續和年成長主要得益於我們對產品組合的研發投入增加。由於我們採取嚴格的方法管理銷售、一般及行政開支，同時確保對產品組合進行投資，銷售、一般及行政開支環比下降。

Our second quarter non-GAAP operating margin was 18.5%, compared to 16.1% in the prior quarter and 13.5% in the year-ago quarter. Second quarter non-GAAP tax rate was 17.4%, compared to 20% in the prior quarter, due to the distribution of income earned across the jurisdictions, as well as non-recurring one-time items.

我們第二季的非 GAAP 營業利潤率為 18.5%，而上一季為 16.1%，去年同期為 13.5%。第二季非公認會計準則稅率為 17.4%，而上一季為 20%，原因是跨轄區收入分配以及非經常性一次性項目。

Second quarter non-GAAP earnings for diluted share was $0.95, compared to $0.67 in the prior quarter and $0.27 in the year-ago quarter. We paid down $132 million in debt during the quarter using cash from operations.

第二季非公認會計準則攤薄收益為 0.95 美元，上一季為 0.67 美元，去年同期為 0.27 美元。我們在本季利用經營現金償還了 1.32 億美元的債務。

I will turn now to our guidance for the third quarter of fiscal 2025. We expect revenue to be between $1.39 billion and $1.48 billion. We expect non-GAAP gross margin to be between 37% and 39%. We expect total operating expenses of between $285 million and $305 million on a non-GAAP basis. We expect the tax rate for the quarter to be between 17% and 19% on a non-GAAP basis. We expect EPS of between $0.75 and $0.95 on a non-GAAP basis.

現在我將談談我們對 2025 財年第三季的指導。我們預計營收在 13.9 億美元至 14.8 億美元之間。我們預計非 GAAP 毛利率在 37% 至 39% 之間。我們預計，以非 GAAP 計算，總營運費用將在 2.85 億美元至 3.05 億美元之間。我們預計本季的稅率將在非 GAAP 基礎上在 17% 至 19% 之間。我們預計非 GAAP 基礎上的每股盈餘將在 0.75 美元至 0.95 美元之間。

In summary, I am very pleased with our progress in the quarter. We will continue to focus on improving profitability through gross margin expansion, as well as operational efficiency. It is important that we make investments for the long-term growth of the company, while driving operating leverage and efficiency. Cash and capital allocation will continue to be key focus areas to further strengthen and deleverage our balance sheet.

總而言之，我對我們本季的進展感到非常滿意。我們將繼續致力於透過擴大毛利率和提高營運效率來提高獲利能力。重要的是，我們要為公司的長期發展進行投資，同時提高營運槓桿和效率。現金和資本配置將繼續成為進一步加強和降低資產負債表槓桿率的重點領域。

As a reminder, we will host an Investor and Analyst Day in New York on May 28 at the New York Stock Exchange. At that event, we will outline our overall strategy, including our end-market growth opportunities, product and technology roadmap, and long-term financial model.

提醒一下，我們將於 5 月 28 日在紐約證券交易所舉辦投資者和分析師日活動。在該活動中，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。

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)

（操作員指令）

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Yeah. Hi, and thanks for taking my questions. And congrats on the strong results here. I guess, Jim, I wanted to get your thoughts firstly on the telecom market. You've been up sequentially in that end market now for two quarters, but I think last quarter also you were sounding a bit more cautious relative to your outlook for that market. So if you can just share with sort of this second sequential quarter of growth?

是的。你好，感謝您回答我的問題。恭喜您取得的優異成績。吉姆，我想先了解你對電信市場的看法。您在該終端市場已經連續兩季上漲，但我認為上個季度您對該市場的前景聽起來也更加謹慎。那麼，您能否分享一下第二季的連續成長？

Is your outlook for -- in terms of sustainability of that improvement, has that changed? What are you hearing from your customers on that front? Or are you still sort of cautious in terms of the pace of improvement here? And I have a quick follow-up after that. Thank you.

就這種改善的可持續性而言，您的前景發生了變化嗎？您從客戶那裡聽到了什麼消息？或者您對這裡的改進速度仍持謹慎態度？之後我會快速跟進。謝謝。

Yeah, thanks for the question, Samik. I think our view is we moved from cautious to cautiously optimistic. We were really pleased with the results that we saw in telecom in our fiscal Q2, the 16% sequential growth and 11% year-over-year growth in fiscal Q2. As you noted, that was the second quarter of sequential growth. And we are expecting the telecom revenue to be up again sequentially in our fiscal Q3. So given all of that, we are cautiously optimistic that we've moved beyond the bottom of the valley in terms of the telecom recovery and demand and we're on the upslope within that market.

是的，謝謝你的提問，薩米克。我認為我們的觀點是從謹慎轉向謹慎樂觀。我們對第二財季電信業務的業績感到非常滿意，即環比成長 16%，年增 11%。正如您所說，這是連續成長的第二個季度。我們預計電信收入將在第三財季將季比上升。因此，考慮到所有這些，我們謹慎樂觀地認為，就電信復甦和需求而言，我們已經走出了谷底，並且正處於該市場的上升階段。

Maybe just a little bit more commentary on what drove the sequential growth that we saw in fiscal Q2 is one of the main drivers was growth in data center interconnect, and we expect that growth to continue into the current quarter. We also saw improvement in kind of traditional telecom transport market, which we viewed that sequential improvement as a really positive indicator for the overall underlying market health.

也許對我們在第二財季看到的連續成長的推動因素再多評論一下，主要驅動因素之一是資料中心互連的成長，我們預計這種成長將持續到本季度。我們也看到傳統電信傳輸市場有所改善，我們認為這種連續的改善對於整體基礎市場的健康狀況來說是一個非常積極的指標。

And then we were really pleased with the continued ramp of our new products as well. So our 100 gig, our 400 gig, and 800 gig ZR/ZR+ Coherent transceivers ramping nicely. We expect that to continue over the coming quarters as well. So yes, quite pleased with the telecom results and looking forward to another sequential improvement in the current quarter.

我們對新產品的持續成長也感到非常高興。因此，我們的 100 千兆、400 千兆和 800 千兆 ZR/ZR+ 相干收發器發展順利。我們預計未來幾季這種情況還將持續。所以是的，我對電信業績非常滿意，並期待本季再次實現連續改善。

Got it. Got it. And for my follow up, the OCS first orders that you're highlighting, that's an exciting announcement. If you can give us a bit more color in terms of how to think about the addressable opportunity here? And I know you've said probably the revenues are in calendar ‘25, but just how to think about the pace of the ramp with the customer and how material it will be in calendar ’25? And what the longer term opportunity there could be?

知道了。知道了。我的後續問題是，您強調的 OCS 第一項命令，這是一個令人興奮的公告。您能否給我們更多有關如何看待這裡可利用的機會的詳細資訊？我知道您說過收入可能在 25 年實現，但您如何考慮客戶的成長速度以及它在 25 年的重要性？那麼長期來看還存在哪些機會呢？

Thanks, Samik. Yes, really happy to talk about this product line. I love the differentiated technology of this product line. In fact, this was when I first joined the company, I guess that's about eight months ago. This is one of the product lines that the team showed me early on. And when they explained to me the technology differentiation, I was quite impressed and we've since increased R&D investment in this area to expand and accelerate the roadmap on this technology. I'm really, really pleased with the progress here.

謝謝，薩米克。是的，很高興談論這個產品線。我喜歡該產品系列的差異化技術。事實上，這是我剛加入公司的時候，大概是八個月前。這是團隊早期向我展示的產品線之一。當他們向我解釋技術差異化時，我印象非常深刻，從那時起我們就增加了該領域的研發投入，以擴大和加速這項技術的發展路線圖。我對這裡的進展感到非常非常滿意。

Maybe just to explain what OCS does for the customer is rather than when they're transmitting data from one computing node to the other computing node, rather than having to go through an electrical switch and switch the data from the optical domain into the electrical domain, by using an optical circuit switch, they're able to keep the signal in the optical domain through the transit from one computing node to the other computing node. And that has great latency and power efficiency advantages, so that's the advantage of OCS.

也許只是為了解釋一下 OCS 為客戶所做的事情：當他們將資料從一個運算節點傳輸到另一個運算節點時，不必經過電開關並將資料從光域切換到電域，而是透過使用光路開關，他們能夠將訊號保持在光域中，從而從一個運算節點傳輸到另一個運算節點。這具有很大的延遲和電源效率優勢，這就是OCS的優勢。

And then for our platform In particular, it's a non-mechanical technology. It's based on digital liquid crystal technology that is much, much higher reliability than the other solutions that are out there that are essentially mechanical-based and based on MEMS-based solutions. And so we have very differentiated technology. We're seeing really good customer engagement and momentum here. We're really pleased to get the first customer order in our fiscal Q2.

然後對於我們的平台來說，特別是，它是一種非機械技術。它基於數位液晶技術，其可靠性比現有的其他基於機械和基於 MEMS 的解決方案高得多。因此我們擁有非常差異化的技術。我們看到了非常好的客戶參與度和發展動能。我們非常高興在第二財季收到第一份客戶訂單。

On the revenue ramp, we remain, our view remains that the revenue, we should start to see first revenue in this current calendar year. We'll probably get better, you know, quantification of that as we move throughout the year, but I think given that we would start to see revenue this year would be more of a contributor in calendar ‘26 and ‘27 and beyond.

關於收入成長，我們仍然認為，我們應該在今年開始看到第一筆收入。隨著一年的發展，我們可能會更好地量化這一點，但我認為，鑑於我們今年開始看到的收入將會對 2026 年、2027 年及以後的收入產生更大的貢獻。

And in terms of the addressable market, we'll probably talk about that more at our Investor Day in May. We'll give a better quantification of the revenue and market opportunity when we talk at our Investor Day in May. But yes, really pleased with the progress on this product.

關於目標市場，我們可能會在五月的投資者日上進一步討論。當我們在五月的投資者日上討論時，我們將對收入和市場機會進行更好的量化。但是是的，我對這個產品的進展感到非常高興。

Got it. Great. Thank you. Thanks for taking my question.

知道了。偉大的。謝謝。感謝您回答我的問題。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Thanks for taking the question. I wanted to discuss the topic of co-package optics or CPO. Given that the noise level on this has definitely increased recently, how does Coherent envision this technology affecting its business in both the intermediate term, as well as the long-term? Thanks.

感謝您回答這個問題。我想討論共同封裝光學元件或CPO的話題。鑑於最近這方面的噪音水平肯定有所增加，Coherent 如何看待這項技術將對其中期和長期業務產生影響？謝謝。

Yeah, thanks Simon and thanks for asking the question and maybe to answer the question what I'll do is I'll break it into two parts. Is let me first just talk about our view of the market evolution, how we expect the market to evolve over the coming years, and co-packaged optics placed within that market evolution. And then I'll come back to the other part of your question, which is, what is Coherent’s opportunity within that landscape?

是的，謝謝西蒙，謝謝你提出這個問題，也許為了回答這個問題我會把它分成兩部分。首先，讓我談談我們對市場發展的看法，我們對未來幾年市場發展的預期，以及在市場發展中所處的共封裝光學系統。然後我會回到你問題的另一部分，即，Coherent 在這一領域的機會是什麼？

But if I start with the first part, just on the market evolution. So first of all, we believe that the TAM for optical networking and the data center, that we're going to see robust growth over the coming years and over the long-term. And that's really driven by two things: number one is just the raw bandwidth increase that's required to support the computing capacity expansion that the market is expecting.

但如果我從第一部分開始，只是談論市場的發展。首先，我們相信光纖網路和資料中心的 TAM 將在未來幾年以及長期內實現強勁成長。這實際上是由兩件事推動的：第一，支援市場預期的運算能力擴展所需的原始頻寬增加。

So if you look at the data center expansion plans, that drives tremendous growth in the number of computing nodes across the data center, and that drives a tremendous number of -- or amount of growth in the connections between those computing nodes and the bandwidth that's required between those computing nodes. And so that alone, we think, drives a really good robust growth in data center of the long-term.

因此，如果你看一下資料中心的擴展計劃，就會發現這將推動整個資料中心的計算節點數量的大幅增長，並且這將推動這些計算節點之間的連接數量以及這些計算節點之間所需頻寬的大幅增長。因此，我們認為，僅憑這一點，就能推動資料中心的長期強勁成長。

But the second effect that we think that we're expecting, and this is kind of where CPO plays into, is we're expecting there to be a greater proportion of those interconnects between the computing nodes that switch from what are today electrical connections towards optical connections moving forward. And so think about it as the proportion of electrical versus optical, the proportion of optical connections, we believe increases over the coming years.

但我們認為我們預期的第二個效應，也是 CPO 發揮作用的地方，是，我們預期計算節點之間的互連比例會更大，從今天的電連接轉向光學連接。因此，我們認為，電連接與光連接的比例、光連接的比例將在未來幾年內增加。

And the reason for that is if you look at the bandwidth that's required to support the connections between these computing nodes, and those computing nodes could be GPUs, CPUs, or XPUs, some sort of accelerators, the bandwidth is ramping up significantly. And optical connections can provide a much higher level of bandwidth than an electrical connection.

原因是，如果您查看支援這些運算節點之間的連線所需的頻寬，而這些運算節點可能是 GPU、CPU 或 XPU（某種加速器），那麼頻寬就會顯著增加。光纖連接可以提供比電連接更高水平的頻寬。

And we think CPO is one of those enabling technologies. There'll be other enabling technologies that help enable the TAM expansion or the replacement of electrical connections with optical connections. And we see this CPO primarily, we believe the biggest sort of area of application for it over the long-term is in scale up.

我們認為 CPO 就是這些支援技術之一。還有其他支援技術可以幫助實現 TAM 擴展或用光學連接取代電連接。我們主要看重 CPO，我們認為從長遠來看，它最大的應用領域是擴大規模。

So within the rack or within the box connections between the computing nodes is where we believe we'll see the most prevalence over the long-term. And so the net is we believe CPO is a net accelerator of the overall TAM for optical networking and the data center. But again, driven by both the combination of the total raw bandwidth that's needed, as well as this conversion from electrical to optical.

因此，我們相信從長遠來看，機架內或箱內計算節點之間的連接將最為普遍。因此，我們相信 CPO 是光網路和資料中心整體 TAM 的網路加速器。但同樣，這是由所需的總原始頻寬以及從電到光的轉換共同驅動的。

And then back to the kind of second part of your question, what does that mean for Coherent? We believe we're very well positioned to, continue to drive growth in pluggable transceivers, which is the dominant form factor today, but also to participate and drive growth in these newer potential form factors over the coming years. First of all, in pluggable transceivers, we've got a great roadmap of pluggable transceivers.

然後回到你問題的第二部分，這對 Coherent 來說意味著什麼？我們相信，我們完全有能力繼續推動可插拔收發器（當今的主導形式）的成長，同時也能在未來幾年參與並推動這些較新的潛在形式成長。首先，在可插拔收發器方面，我們擁有出色的可插拔收發器發展路線圖。

This year we're ramping, beginning the ramp of 1.6T, we've got 3.2T pluggable transceivers in development and products beyond that on our roadmap as well. And we believe pluggable transceivers will continue to grow especially in the scale out domain over the coming years. And so we believe we're well positioned to grow not just, because the TAM is expanding, but because we believe we're well positioned for share gain as well.

今年我們正在加速發展，開始推進 1.6T 的開發，我們還在開發 3.2T 可插拔收發器，而我們的路線圖上也有超出這一水平的產品。我們相信可插拔收發器將繼續成長，特別是在未來幾年的橫向擴展領域。因此，我們相信，我們不僅處於有利地位，實現成長，因為 TAM 正在擴大，還因為我們相信，我們也處於有利地位，可以獲得份額成長。

And then in other form factors like CPO or there's other types of form factors that'll be introduced as well, it's important to remember that Coherent is not just a supplier of transceivers, but we invest and innovate in all of the key ingredient technologies that go into those transceivers in terms of the optical ingredients.

然後在其他外形尺寸如CPO或將引入的其他類型外形尺寸中，重要的是要記住，Coherent不僅僅是收發器的供應商，而且我們在光學成分方面對這些收發器的所有關鍵成分技術進行了投資和創新。

So things like indium phosphide platform, the EML and CW lasers that are built off our indium phosphide platform, silicon photonics, which we've had in production for years and have been developing for over a decade, and a number of other key enabling technologies that are not just relevant to pluggable transceivers, but would go into -- would be key enabling technologies for things like CPO and other foreign factors.

因此，諸如磷化銦平台、基於我們的磷化銦平台構建的 EML 和 CW 雷射、矽光子學（我們已經生產多年並且已經開發了十多年）以及許多其他關鍵支援技術，這些技術不僅與可插拔收發器相關，而且將成為 CPO 和其他外部因素等的關鍵支援技術。

So we believe we're very well positioned to continue to grow in this what we see as a rapidly expanding TAM. And we'll -- at our Investor Day in May, we'll provide sort of more, you know, more thoughts on how the market evolves and we'll quantify that and give a better idea of Coherent’s opportunity, but we feel well positioned for the long-term growth of the company.

因此，我們相信，我們完全有能力在快速擴張的 TAM 中繼續發展。在五月的投資者日上，我們將提供更多關於市場發展的想法，並將其量化，從而更好地了解 Coherent 的機會，但我們認為，我們為公司長期成長做好了準備。

That's great. I appreciate the thorough response. And just a very brief follow-up, please is just wondering if there's any customer concentration or vertical concentration you could quantify in the quarter, whether it's the amount from any 10% customers or sort of the AI consumption, whether direct or indirect to web scale. Anything you could help us with in terms of that quantification, I'd appreciate.

那太棒了。我非常感謝您詳盡的回覆。請問我簡短的跟進一下，我想知道您是否可以量化本季度的客戶集中度或垂直集中度，無論是來自任何 10% 客戶的數量，還是某種 AI 消費，無論是直接還是間接到網絡規模。如果您能在量化方面為我們提供任何幫助，我將不勝感激。

Yeah, we have a broad range of customers, both hyperscaler customers, as well as enterprise customers. The hyperscaler customers represent the vast majority of the datacom revenue, but we have multiple hyperscaler customers and are well distributed across those key hyperscalers.

是的，我們擁有廣大的客戶，既有超大規模客戶，也有企業客戶。超大規模客戶代表了資料通訊收入的絕大部分，但我們擁有多個超大規模客戶，並且在這些關鍵超大規模客戶之間分佈良好。

So yes, I would call our revenue in datacom as well diversified. And then the other point that I would make is on 800 gig transceivers, which I mentioned in the prepared remarks, is one of the really positive things that we've seen over the past year is the number of customers that are ramping 800 gig continues to expand.

所以是的，我認為我們在數據通訊方面的收入也是多樣化的。然後我要說的另一點是關於 800G 收發器，我在準備好的發言中提到過，這是我們在過去一年中看到的真正積極的事例之一，那就是使用 800G 的客戶數量在持續增加。

And so I mentioned this in our last quarter's earnings update and we saw expansion in the number of customers again over the past quarter. So we view this as very positive as our overall 800 gig revenue is very highly diversified.

我在上一季的收益更新中提到了這一點，我們看到上個季度客戶數量再次擴大。因此，我們認為這是非常積極的，因為我們的整體 800G 收入非常多樣化。

Thank you.

謝謝。

Vivek Arya, Bank of America.

美國銀行的維韋克·阿里亞（Vivek Arya）。

Hi, this is Michael Mani on for Vivek Arya. Thanks for taking our questions. To start, just wanted to get your thoughts on how the market landscape is evolving across VCSELs, EMLs, and Silicon photonics. You stated that obviously a breadth of needs is required across these customers. But as you get closer to the 1.6G ramp, do you have a better sense of which platform might be seen relatively more pulled from these customers? And how does that inform your buy versus make decision framework around internal production? Thank you.

大家好，我是 Michael Mani，為 Vivek Arya 主持節目。感謝您回答我們的問題。首先，我想聽聽您對 VCSEL、EML 和矽光子學市場格局演變的看法。您說顯然這些客戶需要滿足廣泛的需求。但是，隨著您越來越接近 1.6G 坡道，您是否更清楚哪個平台可能會更受這些客戶的青睞？那麼這對您圍繞內部生產的購買與製造決策框架有何影響？謝謝。

Yeah, thanks Michael. So, first of all, maybe I'll start with kind of our strategy and philosophy around the ingredient technologies is I think it's well recognized by our customers that, when it comes to the ingredients that go into optical networking technology, that Coherent certainly has the broadest and deepest portfolio of ingredient technologies.

是的，謝謝邁克爾。首先，我先從我們在成分技術方面的策略和理念開始講起，我認為我們的客戶已經充分認識到，當談到光網絡技術的成分時，相干公司無疑擁有最廣泛、最深厚的成分技術組合。

So we don't just assemble the transceiver. We bring to our customers a very broad and deep and expansive roadmap in terms of all the underlying key technologies. So whether that's a VCSEL laser, an EML laser, a CW laser, EMLs and CWs of course based on indium phosphide platform, which I mentioned in the prepared remarks, silicon photonics, which we've had in production for a number of years.

因此我們不只是組裝收發器。我們為客戶帶來了涵蓋所有底層關鍵技術的非常廣泛、深入和廣泛的路線圖。因此，無論是 VCSEL 雷射器、EML 雷射器還是 CW 雷射器，EML 和 CW 當然都是基於磷化銦平台，我在準備好的發言中提到過，矽光子學，我們已經生產了很多年。

We're able to bring a wide array of technology, and that's one of the key competitive advantages that our customers really appreciate, because when they work with us and when they partner with us in a strategic multi-generational fashion, they know they're working with a company that brings a very complete portfolio of optical networking technology.

我們能夠帶來廣泛的技術，這是我們的客戶真正欣賞的關鍵競爭優勢之一，因為當他們與我們合作並以戰略性的多代方式與我們合作時，他們知道他們正在與一家擁有非常完整的光網絡技術組合的公司合作。

And so, our approach is to invest in all those key technologies. And what we do is we work with our customers to field the particular technology that best fits their application and their needs. And so what we do is we pick out of our portfolio what we think is the most optimal technology. And so that's our approach. And that's the same approach we've taken on 800 gig. And you mentioned you asked about 1.6T. We've taken the same approach on 1.6T as well.

因此，我們的方法是投資所有這些關鍵技術。我們所做的是與客戶合作，推出最適合他們的應用和需求的特定技術。因此，我們所做的就是從我們的投資組合中挑選出我們認為最優的技術。這就是我們的方法。這與我們在 800Gig 上採取的方法相同。您提到您詢問過 1.6T。我們也在 1.6T 上採取了同樣的方法。

And then in terms of the make versus buy, I think was the last part of your question. Again, our philosophy on make versus buy is we want to make where it provides a genuine competitive advantage to our customers. And where it doesn't provide a genuine advantage, then we should be buying that or sourcing that from the ecosystem. So where we invest our R&D or invest our CapEx dollars, that's where we believe we're either generating a significant technological advantage for our customers or we're creating a significant cost structure advantage. So that's where we focus and concentrate our resources.

然後關於自製還是購買，我認為這是你問題的最後一部分。再次強調，我們對於自主製造而非購買的理念是，我們希望製造出能為我們的客戶帶來真正競爭優勢的產品。如果它不能提供真正的優勢，那麼我們就應該購買它或從生態系統中獲得它。因此，我們相信，當我們投資研發或資本支出時，我們要麼為客戶創造了顯著的技術優勢，要麼創造了顯著的成本結構優勢。這就是我們關注和集中資源的地方。

Otherwise we leverage the ecosystem. And sometimes we mix and match as well. In the case of, for instance, EML lasers, we both source those internally, but we use external partners as well, and we have a number of really good external partners for EML lasers. So we'll sometimes use a mixture for supply chain resiliency as well. So that's kind of our overall philosophy and strategy around that.

否則，我們就會利用生態系統。有時我們也會進行混合搭配。以 EML 雷射為例，我們都是從內部採購，但我們也利用外部合作夥伴，並且我們擁有許多非常優秀的 EML 雷射器外部合作夥伴。因此，我們有時也會使用混合方法來提高供應鏈的彈性。這就是我們的整體理念和策略。

Great, thank you. And just for my follow-up, what are the puts and takes for gross margins this year? You know, the nice upside, this past quarter, so what initiatives worked well to deliver that? And I guess as we look throughout the rest of this year, what are some of the low-hanging fruit that you'd be able to tackle, whether it's improving product cost on the transceiver side, divesting non-core assets that could help us move upwards from here. Thank you.

太好了，謝謝。我的後續問題是，今年毛利率的利弊是什麼？您知道，上個季度取得了不錯的進展，那麼，哪些舉措起到了良好的效果呢？我想，當我們展望今年剩餘時間時，您可以解決哪些唾手可得的成果，無論是改善收發器方面的產品成本，還是剝離非核心資產，這些都可以幫助我們從現在開始向上發展。謝謝。

Thank you, Michael. So, when you look at the results that we achieved for Q2, 150 basis points, sequential improvement and 360 basis points year-over-year, very pleased with the results there. The, you know, the elements that drove that, certainly volume was a contributor, but we saw improvement as well on the cost side. In particular, in datacom, we continued to see improvement, yield improvements. We saw lower cost as well as improvements in the manufacturing process that all generated improvements in gross margin.

謝謝你，麥可。因此，當您看到我們第二季度的業績時，您會發現，環比增長了 150 個基點，同比增長了 360 個基點，我們對這個結果非常滿意。您知道，推動這一現象的因素中，銷量肯定是一個因素，但我們也看到了成本方面的改善。特別是在數據通訊領域，我們繼續看到改進和產量提高。我們看到成本降低以及製造流程的改進，所有這些都帶來了毛利率的提高。

And if you recall back when we -- several quarters ago, when we put out our long-term gross margin targets of greater than 40%, we talked about our gross margin expansion strategy and the elements that comprise that. Product cost or cost reductions rather are part of that, but also pricing optimization. And so, you know, those areas continue to be, areas of focus for us as we drive toward the long-term model of greater than 40%. And so pleased to see the results in Q2 and, you know, and we'll continue to focus on that going forward.

如果你還記得的話——幾個季度前，當我們提出超過 40% 的長期毛利率目標時，我們討論了我們的毛利率擴張策略及其構成要素。產品成本或成本降低是其中的一部分，但也是價格優化。所以，您知道，在我們努力實現 40% 以上的長期模式的過程中，這些領域將繼續成為我們關注的重點。很高興看到第二季的結果，我們將繼續關注這一進展。

You know, you asked about the remainder of the year, and I guess I would really direct you to look forward to our Investor Day in May and we'll give you more color on the various elements of our gross margin expansion strategy. And look forward to sharing that with you at that time.

你知道，你問到今年剩餘時間的情況，我想我真的希望你期待我們五月份的投資者日，我們將為你提供有關我們的毛利率擴張戰略各個要素的更多細節。並期待屆時與您分享。

George Notter, Jefferies.

傑富瑞的喬治諾特 (George Notter)。

Hi guys, thanks very much. I wanted to ask about tariffs. Obviously, there's been a lot of news on that front in the last few days and weeks, but you guys obviously have a Chinese manufacturing footprint in some areas of the business, and it does seem like that 10% tariff isn't as bad as imagined previously, but could you talk about what the effect of those tariffs would look like on Coherent? And then what sorts of things could you do to mitigate those effects on the business? And then I guess the other part of this question is, is it possible that some of the strength you're seeing is a pull forward of demand, customers trying to get ahead of the tariffs. But yes, those are the questions. Thanks a lot for your help.

大家好，非常感謝。我想問一下關稅問題。顯然，過去幾天和幾週這方面有很多新聞，但你們顯然在某些業務領域有中國製造的足跡，而且 10% 的關稅似乎並不像之前想像的那麼糟糕，但你能談談這些關稅對 Coherent 的影響嗎？那麼您可以採取哪些措施來減輕這些對業務的影響呢？然後我想這個問題的另一部分是，您所看到的部分強勁勢頭是否有可能是需求的推動，客戶試圖趕在關稅之前實現增長。但確實，這些就是問題。非常感謝您的幫忙。

Yeah, thanks, George. So on the first part of your question, obviously dynamics situation around tariffs right now, and we, continue to analyze it and make sure we're adapting as necessary. But if we look at the current quarter of fiscal Q3, we don't expect a significant impact to the current quarter results. And the guidance that Sherri provided in her prepared remarks factored in any impact that we expect from tariffs.

是的，謝謝，喬治。關於你問題的第一部分，顯然目前關稅的動態情況是這樣的，我們將繼續對其進行分析，並確保根據需要進行調整。但如果我們看一下第三財季的當前季度，我們預計不會對當前季度的業績產生重大影響。謝裡在準備好的演講中提供的指導已經考慮到了我們預計關稅可能帶來的任何影響。

And in the second part of your question around mitigation, I think one of the things that the company has done really well over the past years is building a very resilient supply chain. And there's been a very good strategic focus on this over the past years by the team. And they've done a really great job of that. And I think that's built a lot of resilience into our supply chain and a lot of flexibility and adaptability.

關於緩解措施的第二部分問題，我認為公司過去幾年做得非常好的事情之一就是建立了非常有彈性的供應鏈。過去幾年來，團隊一直非常重視這一點。他們在這方面做得非常好。我認為這增強了我們的供應鏈的彈性、靈活性和適應性。

And by the way, I think our customers definitely recognize that as well. Supply chain resiliency is becoming increasingly important to our customers and they recognize that we have a very resilient supply chain. And I think within the optical networking industry, I would say it's world-class supply chain resiliency.

順便說一句，我想我們的客戶肯定也意識到了這一點。供應鏈彈性對我們的客戶來說變得越來越重要，他們意識到我們擁有非常有彈性的供應鏈。我認為，在光網路產業，它的供應鏈彈性是世界一流的。

Now, I'd flag a couple specific areas in particular that we have really great resiliency in our supply chain. One is geographic diversity in our manufacturing base, and that gives us great flexibility in terms of being able to shift the location of production to different geographies depending on the needs of our customer. And then the second thing is, which our customers appreciate, is vertical integration, where we've strategically chosen to invest in key technologies, which are very important from an innovation perspective or from a capacity perspective.

現在，我要特別指出幾個特定領域，我們的供應鏈確實具有很強的彈性。一是我們的製造基地具有地理多樣性，這為我們提供了極大的靈活性，我們能夠根據客戶的需求將生產地點轉移到不同的地區。第二件事是我們的客戶欣賞的垂直整合，我們策略性地選擇投資關鍵技術，這從創新角度或產能角度來看非常重要。

And so that vertical integration of key enabling technologies is another source of strength in terms of our supply chain resiliency and another area that our customers really value in our overall resiliency. So we're focused on continuing to build supply chain resiliency, but I would say we have a tremendous amount of flexibility and adaptability already built into our supply chain strategy.

因此，關鍵支援技術的垂直整合是我們供應鏈彈性的另一個優勢源泉，也是我們的客戶真正重視我們整體彈性的另一個領域。因此，我們專注於繼續建立供應鏈彈性，但我想說我們的供應鏈策略中已經融入了極大的靈活性和適應性。

And then on the last part of your question, which was, you know, did we see any sort of pull forward of demand? We didn't see any indications of that. In our fiscal Q2, I would say the data center demand materialized very much as we had expected at the beginning of the quarter. So we didn't see any signs of any pull forward in demand.

然後關於你問題的最後一部分，你知道，我們是否看到任何形式的需求提前？我們沒有看到任何這方面的跡象。在我們的財政第二季度，我想說資料中心的需求正如我們在本季初步預期的那樣實現。因此，我們沒有看到任何需求上升的跡象。

Super. Thank you very much.

極好的。非常感謝。

Thanks, George.

謝謝，喬治。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great. Thanks, and congrats on the quarter. Maybe first question, you did see improvement in lasers this quarter, but had noted kind of staying kind of more cautious about that market. I just wanted to get a sense of if you could give kind of how you're viewing that maybe, on Telco where you said you were going from cautious to cautiously optimistic, just how you're viewing kind of the prospects throughout the year for that business. And then I have a follow-up.

偉大的。謝謝，並恭喜本季取得佳績。也許第一個問題是，您確實看到本季雷射有所改善，但同時也注意到對該市場保持了更加謹慎的態度。我只是想知道您是否可以談談您對電信業務的看法，您曾說過您將從謹慎轉為謹慎樂觀，您如何看待該業務全年的前景。然後我有一個後續問題。

Yeah, Meta. And first of all, thanks for the question. On lasers, maybe I'll address it in the context of the market. So laser's business is primarily industrial-related applications, as is our materials business's significant industrial exposure as well. And for the industrial and industrial related markets, if we look at the sub-markets, it's -- from our perspective, it's just really a mixed bag in terms of the sub-markets where we see some of the subsegments as seeing some improvement and then others as, you know, really not seeing much improvement.

是的，Meta。首先感謝您的提問。關於激光，也許我會在市場背景下討論它。因此，雷射的業務主要是與工業相關的應用，我們的材料業務也具有重要的工業應用。對於工業和工業相關市場，如果我們看一下子市場，從我們的角度來看，子市場的情況真的是好壞參半，我們看到一些子市場有所改善，而其他子市場則沒有看到太大的改善。

So overall, we continue to take in the near-term a cautious outlook on the overall industrial-related markets. We do believe that over the long-term this is a key growth area for the company, but in the short-term we're taking a more cautious view.

因此總體而言，我們短期內持續對整體工業相關市場持謹慎態度。我們確實相信，從長遠來看，這是公司的關鍵成長領域，但從短期來看，我們採取更謹慎的看法。

Now that said, I will point out a couple particular sub-segments that we are seeing good growth signs from. The first of which is the display capital equipment and that's where our Excimer lasers are used for OLED screen manufacturing. And what's happening there in the end market is OLED screens are traditionally been used on smaller device screens, like mobile phones are now being used on larger device screens, like laptops and PCs.

現在，我將指出幾個我們看到良好成長跡象的特定子領域。第一類是顯示器資本設備，我們的準分子雷射就用於 OLED 螢幕製造。終端市場的情況是，OLED 螢幕傳統上用於較小的設備螢幕，例如手機，現在也用於較大的設備螢幕，例如筆記型電腦和個人電腦。

And so that represents a dramatic expansion in the total surface area of OLED screens, and it's our Excimer lasers that are a key enabling factor of the manufacturing of high quality OLED screens. And so we're seeing really good growth there. We saw growth on both a sequential and year-over-year basis.

這代表著 OLED 螢幕總表面積的大幅擴大，而我們的準分子雷射是製造高品質 OLED 螢幕的關鍵推動因素。因此我們看到那裡確實出現了良好的成長。我們看到了連續和同比增長。

And then the second area that I would flag for some improvement that we're seeing is in semi-cap equipment. We're seeing stronger orders from some of our semi-cap equipment customers, and those stronger orders are coming on their anticipated improved demand over the coming quarters. And so that's a positive sign as well. But overall, I would say in the near-term, we're taking more of a cautious outlook.

然後，我要指出的我們看到的第二個需要改進的領域是半導體設備。我們看到一些半導體設備客戶的訂單增加，而這些訂單的增加源於他們預計未來幾季需求將會增加。這也是一個正面的訊號。但整體而言，我認為短期內我們會採取更謹慎的態度。

Got it. And maybe same on materials. I believe you guys mentioned automotive as kind of an ongoing headwind, but just as you look at some of the prospects for that business for the remainder of the year?

知道了。材料上可能也是一樣的。我相信你們提到汽車產業是一種持續的逆風，但你們如何看待今年剩餘時間內該產業的一些前景？

Yeah. Thanks, Meta. On materials, very similar comments to lasers. A lot of the materials business is related to those same industrial end markets. So for instance, materials get used in semi-cap equipment as well. So very similar outlook on kind of just cautious demand outlook around materials going into the industrial-related segments as well. In particular, a particular area of weakness for us in materials has been around the automotive sector. And so again, here with materials, taking a more cautious outlook.

是的。謝謝，Meta。關於材料，評論與雷射非常相似。許多材料業務與相同的工業終端市場相關。舉例來說，材料也用於半導體設備。因此，對於工業相關領域的材料需求前景也持非常相似的謹慎態度。具體來說，我們在材料方面的一個特別薄弱的領域是汽車領域。因此，我們再次強調，對於材料，我們要採取更謹慎的態度。

Papa Sylla, Citi.

花旗集團的 Papa Sylla。

Thank you for taking my question and congrats for the strong result. I guess my first question is maybe more for Jim, I guess Coherent previously announced kind of seeing strong improvement on 200 gig per lane VCSEL. Just wanted to have kind of additional update on where you are in the process? And is the expectation that 200 gig per lane VCSEL could be available at some point for 1.6V cycle or even more of a 3.2T story?

感謝您回答我的問題，並祝賀您取得的圓滿成果。我想我的第一個問題可能更多是針對 Jim 的，我想 Coherent 之前宣布看到了每通道 200G 的 VCSEL 的強勁改進。我只是想了解你們目前處於什麼進程？並且是否預期每通道 200Gb 的 VCSEL 可以在某個時候用於 1.6V 週期或更高的 3.2T 週期？

Yeah, thanks Papa. So We continue to progress well on our engineering efforts around not just 200 gig VCSELs, but I also mentioned in the prepared remarks, 200 gig differential EMLs, and also we're building a robust roadmap of CW lasers based on our indium phosphide platform as well. So again, we invest across a range of technologies and then the approach that we take is we deploy the laser technology or any other particular technology that we think is best suited for that application, whether that's a 1.6T transceiver or 3.2T or, you know, we have products on the roadmap beyond that as well.

是啊，謝謝爸爸。因此，我們不僅在 200G VCSEL 方面的工程工作上取得了良好進展，而且我在準備好的評論中也提到了 200G 差分 EML，而且我們還在基於磷化銦平台構建 CW 激光器的強大路線圖。因此，我們再次投資了一系列技術，然後我們採取的方法是部署雷射技術或我們認為最適合該應用的任何其他特定技術，無論是 1.6T 收發器還是 3.2T，或者，您知道，我們的路線圖上也有超出這些範圍的產品。

So I probably won't go into the details right now of what specific technology that we're selecting for any particular transceiver product just for competitive reasons, but our strategy and our approach is to build a very robust roadmap of ingredient technologies and to pick the 1 that's most optimal for a particular customer application.

因此，出於競爭原因，我現在可能不會詳細介紹我們為任何特定收發器產品選擇的特定技術，但我們的策略和方法是建立一個非常強大的成分技術路線圖，並選擇最適合特定客戶應用的技術。

Got it. Thank you. That's very helpful. And maybe my follow-up is around the datacom kind of margin. I believe previously you mentioned it being mostly in line with company level margins, but as you continue to improve yield and benefit from increase (technical difficulty)

知道了。謝謝。這非常有幫助。也許我的後續關注點是圍繞數據通訊領域的利潤。我相信你之前提到過，這主要與公司層面的利潤率一致，但隨著你繼續提高收益率並受益於增加（技術難度）

Operator did we lose Papa's line?

接線員，我們是不是跟爸爸失去聯絡了？

Yeah, Papa's line has dropped.

是的，爸爸的線斷了。

Maybe I'll try to answer. I think I got the gist of his question, so I'll try to answer it. I think it was around datacom margins. And let me step back at a broader company level and I'll come back to datacom margins. So when I first joined the company on the first earnings call, made it clear from my perspective that the company needed to improve its gross margins, right? And so we've been very focused on that over the past months and quarters. And on gross margin, we're approaching it from basically two parts, and Sherri touched on this earlier. One is pricing optimization, and the other is product cost.

也許我會嘗試回答。我想我已經了解他問題的要點，所以我將盡力回答。我認為這與數據通信利潤有關。讓我回顧一下更廣泛的公司層面，然後回到數據通訊利潤的議題。所以當我剛加入公司時，在第一次財報電話會議上，從我的角度就明確表示公司需要提高毛利率，對嗎？因此，我們在過去幾個月和幾個季度一直非常關注這一點。關於毛利率，我們基本上從兩個方面來考慮，Sherri 之前也提到過這一點。一是定價優化，二是產品成本。

And on product cost, I think that there's opportunity to improve product cost across the company, not just in datacom, but also in telecom and all of our industrial products, whether that's materials or lasers. I think we have a lot of work to do to drive improvements on product costs. And one of, I think Papa was asking about yields, I thought I heard him say yield at the end, but one of the key areas that we're driving improvements, for instance, in datacom margins is by improving yields. And I mentioned this on the prior earnings call a quarter ago and so that's one of the key product cost areas that we're focused on. There's others as well. But definitely gross margin is a key focus area of the company. We have a lot of energy devoted to that effort right now and I'm quite pleased with the progress that the team has made, but also we have a lot of -- lot more work to do and we have a lot more work ahead of us, but we're very focused on that gross margin improvement goal.

關於產品成本，我認為整個公司都有機會改善產品成本，不僅是在數據通訊領域，還包括電信和所有工業產品，無論是材料還是雷射。我認為我們還有很多工作要做來推動產品成本的改善。其中之一，我認為爸爸問的是收益率，我想我聽到他在最後提到了收益率，但我們正在推動改進的關鍵領域之一，例如在數據通信利潤率方面，就是提高收益率。我在一個季度前的財報電話會議上提到過這一點，這是我們關注的關鍵產品成本領域之一。還有其他人。但毛利率無疑是公司關注的重點領域。我們目前為這項工作投入了大量精力，我對團隊所取得的進展感到非常滿意，但我們還有很多工作要做，還有很多工作要做，但我們非常專注於毛利率提高目標。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼（Karl Ackerman）。

Yeah, thank you. I have two questions if I may. To start, Jim, is your AI transceiver opportunity this year gated by your current indium phosphide wafer capacity? I ask because some investors are contemplating how important laser wafer capacity is when you and peers discuss your transceiver roadmap with hyperscalers? And then I'll follow-up please.

是的，謝謝。如果可以的話我有兩個問題。首先，吉姆，今年您人工智慧收發器的機會是否受到您目前的磷化銦晶圓產能的限制？我之所以問這個問題，是因為當您和同行與超大規模生產商討論收發器路線圖時，一些投資者正在考慮雷射晶圓容量有多重要？然後我會跟進。

Yeah, thanks Karl. So what I would first say on supply chain and capacity is, look, I want to take the opportunity to thank my supply chain and manufacturing team for doing an outstanding job of increasing capacity and supporting our customers. If you look at our data center, datacom revenue, it grew 79% year-over-year in the most recent fiscal quarter. And I think the team's done a great job of supporting our customers. And we've been both ramping internal capacity, for instance, in datacom of the assembly of the transceivers, but also in the ingredient technologies.

是的，謝謝卡爾。因此，關於供應鏈和產能，我首先要說的是，我想藉此機會感謝我的供應鏈和製造團隊在提高產能和支援客戶方面所做的出色工作。如果你看看我們的資料中心、資料通訊收入，你會發現在最近的一個財季，它比去年同期成長了 79%。我認為團隊在支持我們的客戶方面做得很好。我們不僅不斷提升內部產能，例如在數據通訊、收發器組裝方面，而且在配料技術方面。

I mentioned you asked about indium phosphide. One of the things I mentioned in the prepared remarks is if you look at our fiscal Q2, on a year-over-year basis we tripled our indium phosphide capacity. And it's our intention to continue growing indium phosphide. And the US Government recently announced plans to help us with the expansion of indium phosphide capacity at our Sherman, Texas plant. So indium phosphide platform, which we've had in-house for over 20-years, we view as a key technology and we expect to continue to ramp, ramp volume of indium phosphide technology for EML lasers, CW lasers, et cetera.

我有提到您詢問過磷化銦。我在準備好的發言中提到的一件事是，如果你看看我們的第二財季，你會發現與去年同期相比，我們的磷化銦產能增加了兩倍。我們的目標是繼續發展磷化銦。美國政府最近宣布了幫助我們擴大德克薩斯州謝爾曼工廠的磷化銦產能的計畫。因此，我們內部已經擁有超過 20 年的磷化銦平台，我們將其視為一項關鍵技術，並且我們期望繼續提升用於 EML 雷射、CW 雷射等的磷化銦技術的產量。

Now we do also use a multi-source strategy, for instance, on EML lasers where we have, you know, good external partners as well. But we certainly are focused on continuing to ramp capacity given the demand signals that we're seeing from our customers over the long-term.

現在我們也採用多源策略，例如，在 EML 雷射方面，我們也有良好的外部合作夥伴。但考慮到我們從客戶那裡看到的長期需求訊號，我們肯定會專注於持續提高產能。

Very clear, thank you. And then if I may, just on OpEx, how should we think about OpEx in March and throughout ‘25? I guess do you anticipate growing OpEx in line with sales growth before and restructuring some of the initiatives that you've already previously laid out, but are still at the forefront? Thank you.

非常清楚，謝謝。然後，如果可以的話，僅就營運支出而言，我們應該如何看待 3 月以及整個 25 年的營運支出？我想，您是否預計營運支出會隨著銷售額的成長而成長，並重組一些您之前已經制定但仍處於最前沿的舉措？謝謝。

Yeah, thank you, Karl. So from an OpEx perspective, when you look at Q2 in terms of our OpEx results there, you saw that we increased our R&D spend sequentially, and that's really as a result of our philosophy that we want to make sure that we are investing our R&D dollars for the long-term growth of the company and really those projects that have the highest ROI.

是的，謝謝你，卡爾。因此，從營運支出的角度來看，當您查看第二季度的營運支出結果時，您會發現我們連續增加了研發支出，這實際上是我們理念的結果，即我們希望確保我們將研發資金投資於公司的長期成長以及那些投資回報率最高的項目。

So from an R&D perspective, that's what drove the sequential increase in Q2 and when you look at the midpoint of our guide for total OpEx for Q3, that's also a key driver of the increase going into Q3. From an SG&A perspective, in Q2 you saw that we actually reduced our SG&A spend, in particular the G&A part of that, and that again is part of our philosophy that we want to drive greater leverage and efficiency in the business. And so, the increases in OpEx going into Q3 are really driven by R&D spend.

因此，從研發的角度來看，這就是推動第二季持續成長的因素，而當您查看我們對第三季總營運支出指南的中點時，這也是進入第三季成長的主要驅動因素。從銷售、一般及行政費用的角度來看，在第二季度您會看到我們實際上減少了​​銷售、一般及行政費用支出，特別是其中的一般及行政費用部分，而這再次體現了我們希望在業務中提高槓桿率和效率的理念。因此，第三季營運支出的成長實際上是由研發支出所推動的。

Now, on a quarterly basis, you can always see fluctuations, whether it's in terms of the timing of the benefits that we're able to achieve on the SG&A leverage front or the timing of spend of R&D programs. But that's our philosophy in terms of investing and with respect to OpEx. When you look to the rest of the year and you know that really is an invitation for you to listen to our Investor Day in May as we give more perspective on our long-term model and how we're thinking about that, but that will give you that's just a perspective on Q3 and how to think about that.

現在，按季度計算，你總是可以看到波動，無論是就我們在銷售、一般及行政開支槓桿方面能夠實現的收益的時間而言，還是就研發項目支出的時間而言。但這是我們在投資和營運支出方面的理念。當你展望今年剩餘時間時，你知道這實際上是在邀請你聆聽我們五月份的投資者日活動，因為我們將更多地了解我們的長期模型以及我們對此的看法，但這只會給你提供對第三季度的看法以及如何思考。

Very clear. Thank you.

非常清楚。謝謝。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey, guys. I have a short-term one and then a long-term one. Just briefly, for the March quarter, do you think you could walk through? Obviously, revenue is flat and it sounds like communication continues to be cautiously a bit better than you had originally expected it. But any color on just the broader segments what gets you to that flat guidance into March is the first question?

嘿，大家好。我有一個短期的，然後有一個長期的。簡單來說，對於三月份季度，您認為可以介紹嗎？顯然，收入持平，而且聽起來溝通繼續比你最初預期的要好。但是，第一個問題是，對於更廣泛的細分市場，您是否得出了 3 月持平的預期？

Yeah, thanks Thomas. It's pretty straightforward. We expect datacom and telecom to be up sequentially. And we expect the rest of our industrial related businesses to be down sequentially. And that net at the midpoint to be flat.

是的，謝謝托馬斯。這非常簡單。我們預計數據通訊和電信將連續上漲。我們預期其餘工業相關業務將持續下滑。且該網的中點是平的。

Gotcha. Super helpful. And then I just wanted to talk strategically longer term. As you look at the dynamic for the transceiver market, particularly in the datacom, are you starting to see, a change in behavior from some of the hyperscalers as it relates to the domestication, domestic, I don't even know how to say the word, but the move to domestic producers of transceivers. And are you seeing changes in ordering behavior at this point? Or is that all kind of headline news and no real changes yet? I'd just love to get a feel for, you know, if you're already starting to see a move to move supply chains onshore? Thank you.

明白了。超有幫助。然後我只是想從長期策略角度談談。當您觀察收發器市場（尤其是在數據通訊領域）的動態時，您是否開始看到一些超大規模企業的行為發生了變化，因為它與國產化有關，我什至不知道該如何表達這個詞，但轉向國內收發器生產商。現在您是否看到訂購行為改變了？或者這些都只是頭條新聞，並沒有真正的改變？我只是想了解一下，您是否已經開始看到將供應鏈轉移到國內的舉措？謝謝。

Yeah, thanks Thomas. What I would say is that I definitely believe that we have the opportunity to gain share over the coming quarters and years, and we're certainly focused on that. And when we talk with customers, it almost always, discussion revolves around two things. Number one, it always starts with the roadmap of technology, and not just our transceiver roadmap, but the underlying ingredient technologies. And I think our customers recognize the, you know, the breadth and the depth of the technology that we can bring to them and I think that's a big competitive advantage.

是的，謝謝托馬斯。我想說的是，我堅信我們有機會在未來幾季和幾年內獲得市場份額，而且我們肯定會專注於此。當我們與客戶交談時，討論幾乎總是圍繞著兩件事。首先，它總是從技術路線圖開始，不僅是我們的收發器路線圖，還包括底層成分技術。我認為我們的客戶認可我們能為他們帶來的技術的廣度和深度，我認為這是一個巨大的競爭優勢。

But I think more to your question, the second part of the discussion, which always is part of the customer discussion as well, is around supply chain resiliency and the fact that we have great resiliency in both geographic diversity, in the flexibility and adaptability that, that provides us, as well as the vertical integration. And they see that as -- that supply chain resiliency as a tremendous advantage. And so that's another benefit beyond just our raw technology roadmap. And so I would say that both of those are very much appreciated by our -- certainly by our big strategic customers.

但我認為，對於你的問題，討論的第二部分，也始終是客戶討論的一部分，是關於供應鏈彈性，以及我們在地理多樣性、靈活性和適應性以及垂直整合方面都具有很強的彈性。他們認為，供應鏈的彈性是一個巨大的優勢。所以這不僅僅是我們的原始技術路線圖的另一個好處。所以我想說，這兩者都受到了我們的大戰略客戶的高度讚賞。

Christopher Rolland, Susquehanna International Group.

薩斯奎漢納國際集團 (Susquehanna International Group) 的克里斯多福羅蘭 (Christopher Rolland)。

Hey, thanks for the question. This one's for Jim. And Jim, you're a bigger picture thinker, so this is a bigger picture question, I think. It's really around networking intensity and also timing of either the peak in 800G or the beginning of 1.6. And there's kind of two parts, the first part is DeepSeek. Obviously all the connectivity guys were down big that Monday. Do you think that impacts connectivity at all, the outlook for it? And then perhaps there are pushouts of key AI products. Do you see that affecting either 800 or 1.6 for you guys this year?

嘿，謝謝你的提問。這個是給吉姆的。吉姆，你是一個具有更大視野的思考者，所以我認為，這是一個具有更大視野的問題。這實際上與網路強度以及 800G 峰值或 1.6 開始的時間有關。它分為兩部分，第一部分是 DeepSeek。顯然，那個星期一所有的連接人員都陷入了困境。您認為這會影響連結性和其前景嗎？然後也許會推出關鍵的人工智慧產品。您認為這會影響你們今年的 800 還是 1.6 嗎？

Yeah, thanks Chris. So on the first part of the question around DeepSeek and the outlook, first of all, say that we've seen no significant changes in our customers' outlook, both in terms of the orders that they're placing or the long-term forecast that they have been providing to us, we've seen no significant change there.

是的，謝謝克里斯。因此，關於 DeepSeek 和前景問題的第一部分，首先，我們沒有看到客戶前景發生重大變化，無論是從他們下的訂單還是他們向我們提供的長期預測來看，我們都沒有看到任何重大變化。

And I would say in terms of longer term, I think we share the view that many others do in the industry, which is that to the extent that any technology, whether it's DeepSeek or any other technology, makes AI more pervasive that propagates AI in a wider way, makes it easier to adopt or cheaper to adopt, we view that as providing underlying growth for the market over the long-term. So we view that as a long-term positive market trend.

我想說，從長期來看，我認為我們和業內許多其他人持有相同觀點，即任何技術，無論是 DeepSeek 還是其他技術，只要它能讓人工智慧更加普及，讓人工智慧以更廣泛的方式傳播，讓它更容易被採用或更便宜地被採用，我們就認為這將為市場提供長期的潛在增長。因此我們認為這是一個長期積極的市場趨勢。

But in the shorter term, we've seen no significant change in customer forecasts or ordering patterns. And because of that, I also don't see any impact that it has on 800 gig peak or 1.6T ramp. I don't believe it will have any effect on that. And just more specifically on that part, we believe 800 gig will continue to grow over the coming quarters, even as 1.6T is introduced.

但從短期來看，我們並沒有看到客戶預測或訂購模式有顯著變化。正因為如此，我也沒有看到它對 800Gb 峰值或 1.6T 爬升有任何影響。我不相信它會產生任何影響。更具體地說，我們相信即使推出 1.6T，800Gb/s 在未來幾季仍將繼續成長。

Because if you look at the customers, actually the customers, it really depends on the customer on what specific data rate they're currently on. We still have a number of customers that are primarily on 400 gig and still have yet to transition to 800 gig. We have customers that are just at the beginning of their 800 gig ramp. So I think it's 800 gig continues to grow while we start to ramp 1.6T.

因為如果你看看客戶，實際上是客戶，這實際上取決於客戶目前使用的特定數據速率。我們仍有許多客戶主要使用 400G，尚未過渡到 800G。我們有一些客戶剛開始邁向 800G 的步伐。因此我認為，當我們開始提升 1.6T 時，800Gb 將繼續成長。

Excellent, thank you Jim. And then secondly there are a bunch of Chinese guys with really big capacity ramps coming. I'm just wondering if you're seeing anything in terms of transceiver pricing, pressure on, on your own gross margins in this area? And how much more cost cutting there is to do on the gross margin side or efficiencies on transceiver as well?

太好了，謝謝你吉姆。其次，有許多中國公司正在建造容量非常大的坡道。我只是想知道，在收發器定價方面，您是否看到任何影響您在此領域毛利率的壓力？在毛利率方面以及收發器效率方面還需要削減多少成本？

Yes, thanks Chris. I would call the transceiver pricing that we've seen as pretty stable. I don't end as predicted as we would expect. I don't think there's been any unusual pricing changes that we've seen.

是的，謝謝克里斯。我認為我們所看到的收發器定價相當穩定。我的結局並不像我們預期的那樣。我認為我們並未看到任何不尋常的價格變化。

And then on the second part of the question around gross margin efficiency, and I kind of addressed that a little bit earlier in the questions around at a company level, I think we have a lot more work to do on driving product cost efficiency in our gross margin line. So a lot more work ahead of us. And that includes for transceivers as well. I think there's improvements that are still in front of us in terms of improving product cost structures, yield being one of them, but I think input costs are an opportunity for us as well.

然後關於毛利率效率問題的第二部分，我在之前關於公司層面的問題中已經回答過這個問題，我認為我們在提高毛利率方面的產品成本效率方面還有很多工作要做。所以我們還有很多工作要做。這也包括收發器。我認為在改善產品成本結構方面我們仍有改進空間，產量就是其中之一，但我認為投入成本對我們來說也是一個機會。

So yes, a lot more work to do. Good progress, and I appreciate the progress from the team in fiscal Q2, but both Sherri and I are not yet satisfied with the gross margin and we continue to make sure the company is focused on it.

是的，還有很多工作要做。進展不錯，我很欣賞團隊在第二財季的進展，但 Sherri 和我都對毛利率不滿意，我們將繼續確保公司專注於此。

Great to hear. Thanks, Jim.

很高興聽到這個消息。謝謝，吉姆。

Jack Egan, Charter Equity Research.

傑克·伊根（Jack Egan），特許權益研究公司。

Great. Thanks for taking the question. I was hoping you could talk about the yield improvements in datacom a bit. So I was wondering where exactly it came from, like whether it was materials or on the manufacturing or backend side? And then are they coming from kind of the typical development process where you can just continually squeeze out improvements or have these been more like discrete one-time improvements?

偉大的。感謝您回答這個問題。我希望您能稍微談談數據通訊領域的產量改進。所以我想知道它到底來自哪裡，是材料還是製造還是後端？那麼，它們是否來自典型的開發流程，在這種過程中您可以不斷地擠出改進，還是這些改進更像是離散的一次性改進？

I would say it's a range of things, right? There's a number of different places that we're focused on yields. I would say some of them are one-time improvements. Some of them are things that we believe are ongoing improvements that we're sort of at the start of ongoing improvements. I think it's a range of things. We're certainly looking at the entire expanse of any yield improvements we can drive. But also, as I mentioned just a minute or two ago, we're definitely looking at input costs, on overhead costs, anywhere where we can drive cost efficiency, we're focused on that. So I think it's a range of activities.

我想說這是一系列的事情，對嗎？我們在許多不同的地方關注收益。我想說其中一些是一次性改進。我們認為其中有些是正在不斷改進的事情，我們才剛開始進行持續改進。我認為這是一系列的事情。我們當然會全面審視我們可以實現的所有產量提高。但是，正如我剛才提到的那樣，我們肯定會專注於投入成本、間接成本以及任何可以提高成本效率的地方，我們都會專注於。所以我認為這是一系列的活動。

Yeah, I would just add that, just a reminder that from Q1, going into Q1, we saw improvements in yield as well. And we continue to see that in Q2. So as Jim mentioned, it's in different areas, different products, different parts of the process, but we're focused on all those areas and we're really pleased to see continued yield improvements in Q2 in the datacom business.

是的，我只是想補充一點，提醒一下，從第一季開始，進入第一季度，我們也看到了收益率的提高。我們在第二季繼續看到這種情況。正如吉姆所提到的，它存在於不同的領域、不同的產品、不同的流程部分，但我們專注於所有這些領域，我們非常高興看到數據通訊業務在第二季度的收益繼續提高。

Great. And so, for my follow-up then, you've given a lot of color on your strategy from the product portfolio and efficiency standpoints. And I know you'll probably share more on this during the Investor Day, but have you made or are you looking to make any major changes when it comes to kind of the sales and marketing or the distribution side, because Coherent has the very broad footprint with vertical integration, as you mentioned. So I was just curious if there were any synergies there?

偉大的。因此，就我的後續問題而言，您已經從產品組合和效率的角度對您的策略進行了詳細的闡述。我知道您可能會在投資者日期間分享更多這方面的內容，但您在銷售、行銷或分銷方面是否已經做出或正在考慮做出任何重大改變，因為正如您所說，Coherent 在垂直整合方面擁有非常廣泛的影響力。所以我只是好奇那裡是否有任何協同作用？

Yeah, thank you. So that is another area that we've been driving improvement in. What I would say is kind of similar to the activities we were driving in R&D is we're trying to make sure that, first of all, that the resources around sales and marketing are applied in the area of greatest opportunity. And so we have made changes where we've reduced resources and sales resources in some areas and we've increased resources in other areas.

是的，謝謝。這是我們一直致力於推動改進的另一個領域。我想說的與我們在研發領域的活動有點類似，我們首先試圖確保將銷售和行銷資源應用在機會最大的領域。因此，我們做出了改變，在某些領域減少了資源和銷售資源，而在其他領域增加了資源。

And so we are shifting resources to where we believe is the greatest long-term growth opportunity and margin growth opportunity for the company. And so yes, we are, there's a number of changes we've already driven and that's someplace where we'll continue to drive improvements moving forward.

因此，我們正在將資源轉移到我們認為對公司來說具有最大長期成長機會和利潤成長機會的地方。是的，我們已經推動了許多變革，我們將繼續推動未來的改進。

Great. Thanks, Jim.

偉大的。謝謝，吉姆。

Thank you.

謝謝。

Thank you. We have reached the end of our time for Q&A. I'd now like to turn the floor back to CEO Jim Anderson for closing comments.

謝謝。我們的問答時間已經結束。現在我想請執行長吉姆安德森發表最後評論。

Yeah, thank you operator and thanks everybody for joining us on the call today. So as we wrap up here, I first of all want to thank all of my Coherent teammates for the great hard work and the dedication and the really good solid execution in our fiscal Q2. And thanks for everybody on the call today. Thanks for your support and looking forward to continuing to update you on our progress. Operator, that concludes our call. Thank you.

是的，謝謝接線生，也謝謝大家今天參加我們的電話會議。所以，當我們在這裡結束時，我首先要感謝我所有的 Coherent 隊友，感謝他們在第二財季的辛勤工作、奉獻精神和出色而紮實的執行。感謝今天電話會議中的每個人。感謝您的支持，並期待繼續向您通報我們的進展。接線員，我們的通話到此結束。謝謝。

This concludes today's conference. You may now disconnect your lines at this time. Enjoy the rest of your day.

今天的會議到此結束。現在您可以斷開您的線路了。祝你剩餘的時光愉快。