Coherent Corp (COHR) 2025 Q3 法說會逐字稿

Greetings and welcome to the Coherent fiscal year 2025 third quarter earnings webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎收聽 Coherent 2025 財年第三季財報網路廣播。（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.

現在我很高興向大家介紹主持人，Coherent 公司投資者關係資深副總裁 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’s CFO. During today's call, we will provide a financial and business review of the third quarter of fiscal 2025 and the business outlook for the fourth 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。今天與我一起的還有 Coherent 執行長 Jim Anderson 和 Coherent 財務長 Sherri Luther。在今天的電話會議中，我們將對 2025 財年第三季的財務和業務進行回顧，並對 2025 財年第四季的業務進行展望。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.

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，與實際結果可能存在重大差異。

We refer you to the documents that the company files with the SEC, including our 10-Ks, 10-Qs, and 8-Ks. 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.

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。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的結果有重大差異的重要風險因素。

This call includes and constitutes the company's official guidance for the fourth 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.

本次電話會議包含並構成公司對 2025 財年第四季的官方指引。如果我們在本次電話會議後的任何時間傳達了對本指南的任何重大變更。我們希望透過公共論壇（例如新聞稿或公開宣布的電話會議）進行此類更新。

Additionally, 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 in our earnings release, in investor presentations, that can be found on the Investor Relations section of our website at coherent.com.

此外，我們將在本次電話會議中參考 GAAP 和非 GAAP 財務指標。透過披露某些非 GAAP 信息，管理層希望向投資者提供更多信息，以便進一步分析公司的業績和潛在趨勢。對於歷史時期，我們在收益報告和投資者介紹中提供了這些非 GAAP 財務指標與 GAAP 財務指標的對帳表，這些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，讓我將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 another quarter of strong execution and their continued focus on accelerating our pace of innovation as we introduced a number of outstanding new products over the past quarter that will help drive long-term growth for the company.

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 團隊成員，感謝他們又一個季度的出色表現，以及他們持續致力於加快我們的創新步伐，因為我們在過去的一個季度推出了許多出色的新產品，這將有助於推動公司的長期成長。

Our fiscal third quarter revenue increased by approximately 4% sequentially and 24% year-over-year to a record $1.5 billion. This was primarily driven by ongoing strong AI data center related revenue growth and a third quarter of growth in our telecom revenue. We also continued to make solid progress towards achieving our gross margin target of operating above 40% on a non-GAAP basis.

我們的第三財季營收季增約 4%，年增 24%，達到創紀錄的 15 億美元。這主要得益於人工智慧資料中心相關收入持續強勁成長以及第三季電信收入的成長。我們也繼續朝著實現非公認會計準則下 40% 以上的毛利率目標穩步前進。

In fiscal Q3, our non-GAAP gross margin improved on both a sequential and year-over-year basis to 38.5%. Our revenue growth and gross margin expansion drove a 2.4x increase year-over-year in our non-GAAP EPS. While I'm pleased with the progress to date, we have much more work and opportunity ahead of us.

在第三財季，我們的非公認會計準則毛利率較上月和年比均有所提高，達到 38.5%。我們的營收成長和毛利率擴大推動我們的非公認會計準則每股收益年增 2.4 倍。雖然我對迄今為止的進展感到滿意，但我們面前還有更多的工作和機會。

I'd now like to share some updates on our products and markets. Starting with our data center and communications end market, Q3 revenue increased by 9% sequentially and by 46% year-over-year with growth in both our AI data center and telecom end markets. In the data center end market we achieved record Q3 revenue which grew 11% sequentially and 54% year-over-year due to ongoing strong AI data center demand.

現在我想分享一些關於我們的產品和市場的最新情況。從我們的資料中心和通訊終端市場開始，第三季營收季增 9%，年增 46%，這得益於我們的 AI 資料中心和電信終端市場均實現成長。在資料中心終端市場，我們實現了創紀錄的第三季收入，由於持續強勁的人工智慧資料中心需求，該收入較上季成長 11%，較去年同期成長 54%。

We have the broadest and deepest portfolio of photonic technologies required for high-speed optical data transmission. Our customers value both the breadth and depth of our technology portfolio as well as our supply chain flexibility and resiliency, especially in the current environment.

我們擁有高速光資料傳輸所需的最廣泛、最深入的光子技術組合。我們的客戶重視我們技術組合的廣度和深度以及我們的供應鏈靈活性和彈性，尤其是在當前環境下。

At the Optical Fiber Communications Conference in March, we introduced many new optical networking products and technologies. For example, six of our products received awards reflecting innovations at the component, module, and system level. At OFC, we showcased three different 1.6T transceiver designs based on three different types of lasers, design based on our EML technology, a design based on our new 200 gig-per-lane VCSEL technology, and a third design based on our silicon photonics technology.

在三月的光纖通訊會議上，我們推出了許多新的光網路產品和技術。例如，我們的六種產品獲得了反映組件、模組和系統層面創新的獎項。在 OFC 上，我們展示了基於三種不同類型雷射的三種不同的 1.6T 收發器設計：基於我們的 EML 技術的設計、基於我們的新 200 千兆/通道 VCSEL 技術的設計，以及基於我們的矽光子技術的第三種設計。

The three different 1.6T demonstrations illustrate the wide breadth of technology options that we bring to our customers as we partner with them over multiple generations of data rate and architectural transitions. We continue to expect 1.6T to begin ramping during this calendar year. We're making good progress with our lead customers and we continue to execute well through the typical stages of engineering milestones and customer qualifications. We are also pleased to see continued expansion of our 1.6T customer engagements.

三個不同的 1.6T 演示展示了我們與客戶在多代資料速率和架構轉換方面合作時為他們提供的廣泛的技術選擇。我們仍預計 1.6T 將在今年開始量產。我們與主要客戶的合作進展順利，並且在工程里程碑和客戶資格的典型階段繼續表現良好。我們也很高興看到我們的 1.6T 客戶合作不斷擴大。

While we approach the 1.6T ramp, our engineering team is also focused on the development of our portfolio of 3.2T transceiver products and technologies, which will support a range of optical data transmission form factors. For example, at OFC, we reached a key technical milestone for the industry when we demonstrated our 400 gig-per-lane differential EML, which is the foundation of 3.2T transceivers and paves the path for future industry adoption of 3.2T transceivers. We also expect to see adoption of our 400 gig EMLs in 1.6T transceivers, where they can provide meaningful benefit to our customers.

在我們接近 1.6T 坡道的同時，我們的工程團隊也專注於開發 3.2T 收發器產品和技術組合，這些產品和技術將支援一系列光學資料傳輸外形。例如，在 OFC 上，我們展示了每通道 400 千兆差分 EML，達到了該行業的關鍵技術里程碑，這是 3.2T 收發器的基礎，為未來行業採用 3.2T 收發器鋪平了道路。我們也希望看到我們的 400 千兆 EML 在 1.6T 收發器中被採用，它們可以為我們的客戶帶來有意義的利益。

We also showcased a wide range of co-packaged optical solutions over the past quarter. We announced our collaboration with NVIDIA on co-packaged optics and networking switches for AI infrastructure. And at OFC we showcased a comprehensive portfolio of optical networking components for CPO applications in both the scale out and scale up domain.

在過去的一個季度，我們也展示了各種各樣的共同封裝光學解決方案。我們宣布與 NVIDIA 就 AI 基礎設施的共封裝光學元件和網路交換器展開合作。在 OFC 上，我們展示了適用於橫向擴展和縱向擴展領域的 CPO 應用的綜合光網路組件產品組合。

Indium phosphide is the key technology behind our internally produced EML and CW lasers, with the latter being used in our silicon photonics and CPO solutions. We've had in-house indium phosphide capability for over 20 years. Indium phosphide based EML transceivers already account for the majority of our data center transceiver revenue and a majority of our EML based transceivers utilize our internally manufactured lasers.

磷化銦是我們內部生產的 EML 和 CW 雷射背後的關鍵技術，後者用於我們的矽光子學和 CPO 解決方案。我們擁有內部磷化銦生產能力已有 20 多年。基於磷化銦的 EML 收發器已經占我們資料中心收發器收入的大部分，我們大多數基於 EML 的收發器都使用我們內部製造的雷射。

To meet rising demand for optical networking solutions that use either EML or CW lasers, we continue to expand our indium phosphide capacity. In Q3 we once again expanded our capacity both sequentially and year-over-year with the year-over-year capacity growing by over 3x. We remain on track to introduce our 6-inch indium phosphide platform, which will provide significant advantages in terms of both lower cost and higher volume production. We expect to begin ramping 6-inch volume production next quarter.

為了滿足使用 EML 或 CW 雷射的光網路解決方案日益增長的需求，我們繼續擴大磷化銦產能。在第三季度，我們再次擴大了產能，環比和年比均有所成長，年比產能成長了 3 倍以上。我們將繼續按計劃推出 6 吋磷化銦平台，這將在降低成本和提高產量方面提供顯著優勢。我們預計將於下個季度開始加大 6 吋的量產。

We also continue to make good progress with our new data center Optical Circuit Switch or OCS platform, which drives a significant expansion in our data center addressable market opportunity. The underlying technology in our OCS switch is based on field proven digital liquid crystal technology that has been deployed for many years in demanding telecom applications.

我們的新資料中心光路交換器或OCS平台也持續取得良好進展，這將推動我們資料中心可尋址市場機會的顯著擴展。我們的 OCS 交換器的底層技術是基於經過現場驗證的數位液晶技術，該技術已在要求嚴格的電信應用中部署多年。

Our technology has tremendous benefits versus the mechanical MEMS based solutions offered by others and our customer engagement and enthusiasm around our OCS platform continues to grow. As I noted last quarter, we've already received our first customer order for this key new differentiated platform and we continue to expect initial OCS revenue in calendar 2025.

與其他公司提供的基於機械 MEMS 的解決方案相比，我們的技術具有巨大的優勢，並且我們 OCS 平台的客戶參與度和熱情持續成長。正如我上個季度所指出的，我們已經收到了這個關鍵新差異化平台的第一個客戶訂單，我們預計在 2025 年將實現初始 OCS 收入。

In telecom, our Q3 revenue increased 2% sequentially and 21% year-over-year. Q3 was the third consecutive quarter of sequential growth. Revenue growth in Q3 was driven primarily by data center interconnect along with further improvement in traditional transport market.

在電信領域，我們的第三季營收季增 2%，年增 21%。第三季是連續第三個季度實現成長。第三季的營收成長主要得益於資料中心互連以及傳統傳輸市場的進一步改善。

We saw continued growth in the ramp of our 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. We also continued to expand our product portfolio and announced new products at OFC to address increasing demand for high-speed, efficient and scalable metro regional and DCI applications. We expect this to continue to be a key growth area for us over the long-term.

我們看到我們的新產品（包括 100 千兆、400 千兆和 800 千兆 ZR/ZR+ 相干收發器）的銷售持續成長，預計這些產品將在未來幾季繼續成長。我們也持續擴大我們的產品組合，並在 OFC 上發布新產品，以滿足對高速、高效和可擴展的城域區域和 DCI 應用日益增長的需求。我們預計這將繼續成為我們長期的關鍵成長領域。

In our remaining markets which are primarily industrial related applications, aggregate revenue was relatively stable with a decrease of 2% sequentially and an increase of 1% year-over-year. In Q3 we saw a healthy year-over-year growth in the semi-cap equipment and display capital equipment end markets that was offset by soft demand in broad based industrial end markets such as precision manufacturing. Growth in our semi-cap equipment revenue was driven by increased demand for advanced packaging tools where our lasers, optics and advanced materials are being increasingly adopted.

在我們其餘主要為工業相關應用的市場中，總收入相對穩定，較上季下降 2%，較去年同期成長 1%。在第三季度，我們看到半導體設備和顯示器資本設備終端市場年增長健康，但被精密製造等廣泛工業終端市場的疲軟需求所抵消。我們的半封閉設備收入的成長是由對先進封裝工具的需求增加所推動的，我們的雷射、光學元件和先進材料在這種工具中的應用越來越廣泛。

In our display capital equipment market year-over-year growth is driven by ongoing demand for our differentiated excimer laser annealing systems which support both Gen 6 OLED fab expansions and new Gen 8 fabs, as OLED screen adoption continues to grow. We expect the total surface area of OLED screen production to double over the coming years as OLED screens are adopted across a broader range of devices. In support to the OLED expansion, we continue to ramp shipments of our laser systems for new Gen 8 OLED fabs.

在我們的顯示器資本設備市場中，隨著 OLED 螢幕的採用率持續增長，對我們差異化的準分子雷射退火系統的持續需求推動了同比增長，該系統支援第 6 代 OLED 工廠的擴建和新的第 8 代工廠。我們預計，隨著 OLED 螢幕在更廣泛的設備上的應用，未來幾年 OLED 螢幕生產的總表面積將翻倍。為了支持 OLED 擴張，我們繼續增加用於新第 8 代 OLED 工廠的雷射系統的出貨量。

Shifting now to our investment strategy, I'd like to provide an update on our strategic portfolio optimization. We continue to drive a series of actions stemming from the portfolio assessment that we completed last year with several parallel initiatives in motion. One area of focus to optimize our portfolio is to exit or divest non-core product lines.

現在轉向我們的投資策略，我想提供有關我們的策略投資組合優化的最新資訊。我們將繼續推動一系列源自去年完成的投資組合評估的行動，並同時實施多項措施。優化我們產品組合的一個重點領域是退出或剝離非核心產品線。

For example, during the March quarter we shut down development of silicon carbide devices and modules and eliminated the related headcount and operational expenses. We have refocused our silicon carbide business on substrate and epi production where we have differentiated technology and healthy customer demand. We also discontinued several other unprofitable product lines.

例如，在三月季度，我們停止了碳化矽設備和模組的開發，並取消了相關的員工和營運費用。我們已將碳化矽業務的重點重新放在基板和外延生產上，我們在該領域擁有差異化的技術和健康的客戶需求。我們也停止了其他幾條無利可圖的產品線。

Another area of focus is to continue to streamline our asset base and divest underutilized assets. For example, we recently announced our intent to sell our underutilized production facility in Champaign, Illinois. We are also pursuing several other asset optimization actions. As we reduce investment in non-core product lines and streamline our asset base, we continue to concentrate and grow investment in our core growth and profit engines to accelerate shareholder value creation for the long-term. We'll provide additional details and examples regarding our strategic portfolio realignment at our upcoming Investor Day.

另一個重點領域是繼續精簡我們的資產基礎並剝離未充分利用的資產。例如，我們最近宣布打算出售位於伊利諾伊州香檳市的未充分利用的生產設施。我們也正在推行其他幾項資產優化措施。在減少非核心產品線投資並精簡資產基礎的同時，我們繼續集中並增加對核心成長和利潤引擎的投資，以加速長期股東價值創造。我們將在即將舉行的投資者日提供有關我們的策略投資組合調整的更多細節和範例。

Regarding the current tariff policy environment, the impact of tariffs to our business in the current quarter is not expected to be significant. One of our strengths, which is valued by our customers, is supply chain resiliency and flexibility. We have a global manufacturing footprint that spans roughly 60 different locations across 14 countries, with roughly half of our manufacturing sites located in the US.

就目前的關稅政策環境而言，預計本季關稅對我們業務的影響不會很大。我們的優勢之一是供應鏈的彈性和彈性，這也是我們的客戶所重視的。我們的製造業務遍佈全球 14 個國家的約 60 個不同地點，其中約一半的製造基地位於美國。

Our geographically diverse supply chain, combined with the internal production many of our most critical technology infeeds, provides adaptability and optionality that benefits our customers. To the extent there are changes in the landscape, we will adapt as necessary to support our customers.

我們的地理分佈廣泛的供應鏈，加上許多最關鍵技術的內部生產，提供了使我們的客戶受益的適應性和可選性。如果情況發生變化，我們將根據需要進行調整以支援我們的客戶。

In summary, I'm pleased with the additional progress we made in our fiscal third quarter and especially proud of the large number of new products and technologies that we introduced. With a high level of uncertainty in the current macroeconomic environment, we're taking a more cautious near-term view of our end market demand. However, we continue to expect fiscal 2025 to be a strong growth year for the company and we believe we are well positioned for continued long-term growth. I look forward to sharing more details about our long-term plans for the company at our upcoming Investor Day.

總而言之，我對我們在第三財季的額外進展感到高興，尤其為我們推出的大量新產品和新技術感到自豪。由於當前宏觀經濟環境的不確定性很高，我們對近期終端市場需求持更謹慎的看法。然而，我們仍然預計 2025 財年將是公司強勁成長的一年，我們相信我們已準備好實現長期持續成長。我期待在即將到來的投資者日上分享有關公司長期計劃的更多細節。

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 third 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 $136 million in debt. Third quarter revenue was a record $1.5 billion, an increase of approximately 4% sequentially and 24% year-over-year.

謝謝你，吉姆。第三季度，我們的財務表現持續較上季改善，強勁的營收成長和毛利率擴大帶來了強勁的獲利能力。此外，我們還償還了 1.36 億美元的債務，從而增強了資產負債表。第三季營收達到創紀錄的 15 億美元，季增約 4%，年增 24%。

From a segment perspective, networking revenue increased 10% sequentially and 45% year-over-year driven by strong AI data center demand. Laser segment revenue decreased 3% sequentially and increased 4% year-over-year. The year-over-year growth was driven primarily by demand for our excimer annealing lasers in our display capital equipment business as well as higher demand in semi-cap equipment. Materials segment revenue decreased 3% sequentially and decreased 1% year-over-year. Both the sequential and year-over-year declines were due to softness in the consumer electronics end market.

從細分市場來看，受強勁的人工智慧資料中心需求推動，網路收入較上季成長 10%，較去年同期成長 45%。雷射部門營收季減 3%，年增 4%。年比成長主要得益於我們的顯示器資本設備業務對準分子退火雷射的需求以及半導體設備需求的增加。材料部門營收季減 3%，年減 1%。環比和同比的下降均是由於消費性電子終端市場的疲軟所致。

Our third quarter non-GAAP gross margin was 38.5%, an increase of 30 basis points compared to the prior quarter and an increase of 490 basis points compared to the year ago quarter. The sequential and year-over-year improvements in non-GAAP gross margin were driven by higher revenue volume as well as benefits from our gross margin expansion strategy, where we saw improvements in both pricing optimization as well as cost reductions offset somewhat by unfavorable mix. Cost reductions included lower manufacturing costs as well as yield improvements.

我們第三季的非公認會計準則毛利率為 38.5%，較上一季增加 30 個基點，比去年同期增加 490 個基點。非公認會計準則毛利率的環比和同比改善是由更高的收入以及我們的毛利率擴張策略帶來的好處所推動的，在該策略中，我們看到定價優化和成本削減方面的改善被不利的組合所抵消。成本降低包括降低製造成本以及提高產量。

Third quarter non-GAAP operating expenses were $297 million compared to $283 million in the prior quarter and $254 million in the year ago quarter. The R&D increases were primarily driven by increased investments in our product portfolio.

第三季非公認會計準則營運費用為 2.97 億美元，上一季為 2.83 億美元，去年同期為 2.54 億美元。研發支出的成長主要得益於我們產品組合投資的增加。

The SG&A increases include debt repricing fees incurred in Q3 to reduce the interest rate on our term loan B by 50 basis points. As a result of our strategic portfolio optimization, the company incurred restructuring cost of $74 million on a GAAP basis in Q3 related to a number of restructuring actions including the elimination of certain nonstrategic product lines, site closures and consolidations, workforce reductions, contract terminations, and other associated cost reductions as well as initiatives to drive greater efficiency and lower costs.

銷售、一般及行政費用的增加包括第三季產生的債務重新定價費用，用於將我們的定期貸款 B 的利率降低 50 個基點。由於我們的策略性投資組合優化，該公司在第三季度根據 GAAP 計算產生的重組成本為 7,400 萬美元，涉及一系列重組行動，包括取消某些非戰略產品線、關閉和合併工廠、裁員、終止合約和其他相關成本削減以及提高效率和降低成本的舉措。

From an R&D perspective, we continue to focus on investing our R&D in those projects with the highest ROI while driving efficiency and greater leverage in SG&A. Our third quarter non-GAAP operating margin was 18.6% compared to 18.5% in the prior quarter and 12.6% in the year ago quarter. Third quarter non-GAAP tax rate was 25% compared to 17.4% in the prior quarter due to the restructuring charges that I mentioned which were primarily in higher tax rate jurisdictions.

從研發角度來看，我們持續專注於將研發投入到投資報酬率最高的專案中，同時提高銷售、一般和行政管理費用的效率和槓桿率。我們第三季的非公認會計準則營業利益率為 18.6%，而上一季為 18.5%，去年同期為 12.6%。第三季非公認會計準則稅率為 25%，而上一季為 17.4%，這主要是由於我提到的重組費用，這些費用主要發生在稅率較高的司法管轄區。

Third quarter non-GAAP earnings per diluted share was $0.91 compared to $0.95 in the prior quarter and $0.38 in the year ago quarter. We paid down $136 million in debt during the quarter using cash from operations. This brings our fiscal year-to-date total debt payments to $386 million, reducing our debt leverage to 2.1 times as defined in the credit agreement.

第三季非公認會計準則每股攤薄收益為 0.91 美元，上一季為 0.95 美元，去年同期為 0.38 美元。我們在本季利用經營現金償還了 1.36 億美元的債務。這使得我們本財年迄今的總債務支付達到 3.86 億美元，將我們的債務槓桿降低至信貸協議中定義的 2.1 倍。

I will now turn to our guidance for the fourth quarter of fiscal 2025. We expect revenue to be between $1.425 billion and $1.575 billion. We expect non-GAAP gross margin to be between 37% and 39%. We expect total operating expenses of between $290 million and $310 million on a non-GAAP basis. We expect the tax rate for the quarter to be between 21% and 24% on a non-GAAP basis. We expect EPS of between $0.81 and $1.01 on a non-GAAP basis. Our guidance comprehends the impact of tariffs based on the current policy environment. The current impact is not expected to be significant.

現在我將談談我們對 2025 財年第四季的指導。我們預計營收將在 14.25 億美元至 15.75 億美元之間。我們預計非公認會計準則毛利率在 37% 至 39% 之間。我們預計非公認會計準則下的總營運費用將在 2.9 億美元至 3.1 億美元之間。我們預計本季的非公認會計準則稅率在 21% 至 24% 之間。我們預計非 GAAP 基礎上的每股盈餘將在 0.81 美元至 1.01 美元之間。我們的指導意見根據當前的政策環境了解關稅的影響。預計目前的影響並不大。

In summary, I am very pleased with the progress we have made in Q3. We will continue to focus on improving profitability through gross margin expansion as well as operational efficiency. It's 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 focused areas to further strengthen and deleverage our balance sheet.

總而言之，我對我們在第三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，我們在提高營運槓桿和效率的同時，為公司的長期發展進行投資。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 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紐約投資者日。在那次活動中，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)

（操作員指示）

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Hi, thanks for taking my questions and congrats on the robust results. Maybe Jim, if I can start you off on the, you in your prepared remarks did mention the pace of innovation and we're seeing that across the industry and from Coherent as well. You had a bunch of announcements, product announcements at OFC. Can you just help us think about the significance and the impact, as well as somewhat in relation to timing of when investors should expect those to become more material in terms of revenue and impact the P&L? And then I have a follow-up. Thank you.

你好，感謝您回答我的問題，並祝賀您取得如此顯著的成果。也許吉姆，如果我可以讓你開始的話，你在準備好的發言中確實提到了創新的步伐，我們在整個行業以及 Coherent 都看到了這一點。你們在 OFC 上發布了一系列公告和產品公告。您能否幫助我們思考一下其重要性和影響，以及投資者應該預期這些因素在收入方面變得更加重要並對損益表產生影響的時間？然後我有一個後續問題。謝謝。

Yes, thanks Samik. Yes, I appreciate that. I'm always happy to talk about products, so thanks for asking. You know, so we did have quite an outstanding month in March in terms of new product announcements and technology demonstrations. Most of that happening at OFC. And I think it really showcased the great innovation that happens every day within Coherent.

是的，謝謝 Samik。是的，我很感激。我總是很樂意談論產品，所以感謝您的詢問。你知道，就新產品發布和技術演示而言，我們三月的表現確實相當出色。大部分情況都發生在 OFC。我認為它真正展示了 Coherent 每天都在發生的偉大創新。

But I could go on and on about the product announcements, but maybe I'll just highlight two or three is one of the ones I was most proud about of what the team accomplished was, we showed three different versions of a 1.6T transceiver. So obviously for the industry, for the data center, the next big transition in terms of data rate is 1.6T. And we showed three different versions.

但我可以繼續談論產品公告，但也許我只會強調兩三個，其中最讓我自豪的是團隊所取得的成就，我們展示了三個不同版本的 1.6T 收發器。因此，顯然對於產業、對於資料中心而言，資料速率的下一個重大轉變是 1.6T。我們展示了三個不同的版本。

One that was based on our 200 gig EML technology, one that was based on our 200 gig VCSEL, and then another one based on our silicon photonics. And I thought that was a great way to showcase the breadth and the depth of technology that Coherent brings to our partners when we partner on a multi-generational basis.

一個基於我們的 200 千兆 EML 技術，一個基於我們的 200 千兆 VCSEL，另一個基於我們的矽光子學。我認為這是展示 Coherent 在與多代合作夥伴合作時為我們的合作夥伴帶來的技術廣度和深度的絕佳方式。

And then my other one that I really liked was we demonstrated 400 gig differential EML. And the reason that one's important is because that's really the foundation laser technology for 3.2T transceivers. So we're deep into development of our portfolio of 3.2T transceivers and demonstrating that key laser capability of 400 gig EML is a really important milestone. So really proud of the innovation the team demonstrated there. So we're really pleased with the progress on that.

我真正喜歡的另一個是我們演示了 400 千兆差分 EML。這個技術之所以重要，是因為它確實是 3.2T 收發器的基礎雷射技術。因此，我們深入開發 3.2T 收發器產品組合，並證明 400 gig EML 的關鍵雷射能力是一個非常重要的里程碑。我為團隊所展現的創新感到非常自豪。因此，我們對這方面的進展感到非常高興。

And then you asked about kind of timing of impact. All of what I just mentioned we view as significant to the company. And then timing of impact would be on 1.6T, we continue to view the 1.6T ramp as we've said in past quarters, we expect 1.6T revenue to start in this current calendar year and we're making good progress through kind of the normal, what I would call the normal engineering milestones and qualification milestones with the customers across multiple customers. So continuing to see that beginning as a ramp in this calendar year and then obviously continuing into the following calendar year.

然後你詢問了影響的時間。我們認為我剛才提到的所有內容對公司來說都很重要。然後影響的時間將在 1.6T 上，我們繼續關注 1.6T 的成長，正如我們在過去幾個季度所說的那樣，我們預計 1.6T 收入將在本日曆年開始，並且我們在與多個客戶的正常工程里程碑和資格里程碑方面取得了良好的進展。因此，我們可以繼續認為，這一趨勢在今年開始出現上升趨勢，並且顯然會持續到下一個日曆年。

Got it. Thanks for those insights and maybe for my follow-up. Clearly there's a lot of concern both with investors as well as the broader industry in relation to the macro as well as tariffs right now. And you outlined that you're not really seeing tariff as a headwind. But still, maybe if you can flesh out the strength of your US manufacturing footprint, how that gives you some level of flexibility with your overall manufacturing plans.

知道了。感謝您的見解，也許可以幫我跟進。顯然，目前投資者和整個產業對宏觀經濟和關稅都非常擔憂。您曾表示，您並不認為關稅是一種阻力。但是，如果你能夠充實美國製造業的實力，那麼這將為你的整體製造計畫帶來一定程度的靈活性。

And at the same time, how are you incorporating any second order demand impact in your guidance for the fourth quarter in relation to any demand hiccups to expect because of the macro where we stand today? Thank you.

同時，由於我們目前的宏觀狀況，您如何在第四季度的指導中考慮任何二階需求影響，以應對可能出現的任何需求問題？謝謝。

Got it. Thanks. On the first part of your question on the kind of flexibility of our manufacturing footprint, as we mentioned in the prepared remarks, when we look at the current tariff policy environment, we don't expect any significant impact to our financials this quarter. And with respect to the manufacturing footprint, I think the company has really done a great job over the past years of building a very resilient and adaptable supply chain.

知道了。謝謝。關於您問題的第一部分，關於我們製造足跡的靈活性，正如我們在準備好的評論中提到的那樣，當我們審視當前的關稅政策環境時，我們預計本季度的財務狀況不會受到任何重大影響。就製造足跡而言，我認為該公司在過去幾年中確實在建立非常有彈性和適應性的供應鏈方面做得非常出色。

And just a couple of data points around that, I mentioned in the prepared remarks, if you look at the global footprint of the company, we have over 60 different production facilities worldwide and those are across 14 different countries. And so from a geographic diversification perspective, we have really great geodiversity in our production footprint. Now those 60 plus production sites, actually roughly half are within the US so we're very proud of our strong US manufacturing presence and we view that as a key capability.

我在準備好的演講中提到了幾個相關數據點，如果你看看公司的全球足跡，我們在全球擁有 60 多個不同的生產設施，分佈在 14 個不同的國家。因此，從地理多樣化的角度來看，我們的生產足跡具有非常大的地理多樣性。現在，這 60 多個生產基地實際上大約有一半位於美國境內，因此我們為我們強大的美國製造業務感到非常自豪，我們認為這是一項關鍵能力。

But the second point I would make in terms of supply chain resiliency is around vertical integration. And this applies to not just our data center business, but also to our industrial business. For instance, our laser business is if you look at a lot of the very key technology in-feeds for whether it's a data center transceiver or an industrial laser, we make ourselves manufacture ourselves a lot of the very key components that go into our transceivers or laser systems or other products. And so that's an important part of our supply chain resiliency and flexibility.

但關於供應鏈彈性，我想提出的第二點是關於垂直整合。這不僅適用於我們的資料中心業務，也適用於我們的工業業務。例如，如果你看一下我們的雷射業務，你會發現無論是資料中心收發器還是工業雷射器，很多非常關鍵的技術輸入都是我們自己製造的，這些組件用於我們的收發器或雷射系統或其他產品。這是我們供應鏈彈性和靈活性的重要組成部分。

So to the extent that there are changes in the landscape, the tariff landscape, and to the extent we need to adapt manufacturing, move manufacturing to different places for the benefit of our customers, we certainly feel like we've got a very good, resilient, adaptable supply chain to leverage for that.

因此，隨著環境、關稅情勢的變化，以及我們需要調整製造業、將製造業轉移到不同地方以造福客戶的程度，我們當然覺得我們有一個非常好的、有彈性的、適應性強的供應鏈可以利用。

And then I think the second part of your question was on demand impact. With respect to tariffs, I would say the one place where we're taking a more cautious view on the end market demand, I would say is more in the industrial part of our business.

然後我認為你問題的第二部分是關於需求的影響。關於關稅，我想說，我們對終端市場需求持更謹慎態度的一個地方是我們業務的工業部分。

You know, the current tariff environment I think is creating just a higher level of uncertainty across the environment. And so we're taking a bit of a more cautious near-term view on our industrial business. But other than that, I'd say on the other part of our business, our data center and communications business, we see that as continuing to grow and be strong.

你知道，我認為目前的關稅環境只會為整個環境帶來更高程度的不確定性。因此，我們對工業業務的短期看法更加謹慎。但除此之外，我想說，我們業務的另一部分，即我們的資料中心和通訊業務，我們認為它將繼續成長並變得強大。

Got it, thank you, very helpful, thanks.

明白了，謝謝，非常有幫助，謝謝。

Simon Leopold. Raymond James.

西蒙·利奧波德。雷蒙德詹姆斯。

Thanks for taking the questions. I wanted to first ask you about what you're seeing in the trends for the 800 gig, which I guess is more of a foundational element today of your data center business? We've been getting a lot of questions or hearing about debate about excess inventory. So if you could help level set us of where are we and where are we going in that category of equipment. And then I've got a quick follow-up, which I'll ask after this one.

感謝您回答這些問題。我想先問一下您對 800Gig 趨勢的看法，我猜這更像是當今資料中心業務的基礎要素？我們收到了很多關於庫存過剩的問題或聽到很多關於庫存過剩的爭論。因此，如果您能幫助我們確定我們目前處於什麼水平以及我們在該類設備中的發展方向。然後我有一個快速的後續問題，我會在這個問題之後詢問。

Okay, thanks, Simon. So on 800 gig, I would say first, if I look at 800 gig shipments last quarter, I would say the demand was strong. And as expected, I mean if you look at, as I mentioned in the prepared remarks, our data center business, so these are primarily datacom transceivers that grew 11% sequentially and grew about 54% year-over-year. So we continue to see strong demand in 800 gig, but also I would say 400 gig and below we also saw strong demand. So good, strong demand.

好的，謝謝，西蒙。因此，關於 800G，我首先要說的是，如果我看一下上個季度 800G 的出貨量，我會說需求很強勁。正如預期的那樣，我的意思是，如果你看一下，正如我在準備好的發言中提到的，我們的數據中心業務，那麼這些主要是數據通信收發器，其環比增長了 11%，同比增長了約 54%。因此，我們繼續看到 800G 的強勁需求，但我還要說，400G 及以下的需求也強勁。非常好，需求強勁。

And then if I think with respect to inventory, I think you're asking about customer inventory.

然後，如果我考慮庫存，我認為您詢問的是客戶庫存。

Yeah.

是的。

You know, clearly we don't have perfect visibility into our end customer inventory. But I will say that from our experience and from our interactions with customers, when as we're shipping them, for instance transceivers, they are using those or deploying those very quickly after we ship them. So we're not seeing any obvious pockets of inventory because we're seeing customers deploy those transceivers very quickly after shipment.

你知道，顯然我們對最終客戶的庫存沒有完美的了解。但我要說的是，根據我們的經驗以及與客戶的互動，當我們運送收發器等產品時，他們很快就會使用或部署這些產品。因此，我們沒有看到任何明顯的庫存，因為我們看到客戶在發貨後很快就部署了這些收發器。

Thanks, that's helpful. And then my other question is regarding the mix of technologies in the data center. I think it's great in terms of the new products you've talked about having offerings in VCSELs, in silicon photonics and with EMLs.

謝謝，這很有幫助。我的另一個問題是關於資料中心的技術組合。我認為您談到的新產品非常棒，包括 VCSEL、矽光子學和 EML。

I want to get a better understanding of how does that mix line up with your revenue? And the reason I'm asking is, I feel like there's a perception that you're overly dependent on VCSELs for revenue and so you've got all the tools in the tool chest and it's just trying to understand what's the mix and how does that evolve over time? Thank you.

我想更了解這種組合與您的收入如何對應？我之所以問這個問題，是因為我覺得大家覺得你們的收入過於依賴 VCSEL，所以你們已經擁有了工具箱裡的所有工具，只是想知道其中的組合是什麼樣的，以及隨著時間的推移，這些組合會如何發展？謝謝。

Yeah, thanks Simon. So yes, definitely if there is a perception that we're over indexed on VCSELs, that's certainly not the case. As I mentioned in the prepared remarks, if we look at our transceiver revenue, actually over half the revenue is based on EML. So over half of our transceiver revenue comes from EML based transceivers. And then if I look at that portion of EML transceivers, actually the majority of that EML transceivers actually ship with our own internally designed and manufactured EML.

是的，謝謝西蒙。所以是的，如果有人認為我們對 VCSEL 的估值過高，那肯定不是這樣。正如我在準備好的演講中提到的那樣，如果我們看一下收發器收入，實際上超過一半的收入來自 EML。因此，我們超過一半的收發器收入來自基於 EML 的收發器。然後，如果我查看 EML 收發器的部分，實際上大多數 EML 收發器實際上都附帶我們自己內部設計和製造的 EML。

Now we do utilize external EML sources as well, but as I said, over half of our EML transceivers are from our own EML factories. So hopefully that addresses a little bit of the mix. VCSEL is still, we view an important part of our tool chest. But as I said, majority of transceivers are EML based now. Although I'll also say that, a growing portion of the transceiver is now silicon photonics too. So we do have silicon photonics transceivers.

現在我們也確實利用外部 EML 來源，但正如我所說，超過一半的 EML 收發器來自我們自己的 EML 工廠。希望這能解決一些混亂的問題。VCSEL 仍然是我們工具箱中的一個重要組成部分。但正如我所說，現在大多數收發器都是基於 EML 的。不過我還要說的是，現在收發器中越來越多的部分也是由矽光子構成的。所以我們確實有矽光子收發器。

And as I mentioned earlier, in terms of 1.6T transceivers, we have all three solutions. We were intending to offer our customers 1.6T transceivers based on EML, VCSEL, and silicon photonics. So we can deploy the best technology for whatever particular application the customers are trying to address.

正如我之前提到的，就 1.6T 收發器而言，我們有三種解決方案。我們打算為客戶提供基於 EML、VCSEL 和矽光子學的 1.6T 收發器。因此，我們可以針對客戶試圖解決的任何特定應用程式部署最佳技術。

Thank you.

謝謝。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hi, Ezra Weener on for Blayne. Thanks for taking my question. Two, I guess. The first one kind of following up on the last question in 800G and some of the technological changes there as you moved to EML. Can you talk a little bit about the traction of your own EML and what that means in terms of your supply, demand and capacity growth there and how it looks when you move from 400 gig to 800 gig? And then second question would be, can you talk a little bit about your guidance from a segment basis?

大家好，Ezra Weener 代替 Blayne 上場。感謝您回答我的問題。我想是兩個。第一個是關於 800G 的最後一個問題，以及當您轉向 EML 時的一些技術變化。您能否稍微談談您自己的 EML 的吸引力以及這對您的供應、需求和容量增長意味著什麼，以及當您從 400 gig 轉移到 800 gig 時它看起來如何？第二個問題是，您能否從細分角度談談您的指導？

Yeah. And the first part of your question on 800 gig, that would say the traction is on our own EML. It's quite good considering, as I mentioned, the majority of our total transceiver revenue ships on our own EMLs. And look, I think our strategy of using both external and internally produced EMLs is a good way to provide greater supply chain resiliency again to our customers.

是的。關於 800 gig 的問題的第一部分是說牽引力來自於我們自己的 EML。正如我所提到的，考慮到我們的收發器總收入的大部分來自我們自己的 EML，這是相當不錯的。而且，我認為我們同時使用外部和內部生產的 EML 的策略是再次為我們的客戶提供更強的供應鏈彈性的好方法。

We're able to offer very resilient, adaptable supply chain because we're using, we're able to shift and adapt our own internal capacity as well as our externally supplied EML capacity. So we view that as a key tool of our supply chain resiliency. But certainly internally produced EMLs is an important part of our strategy.

我們能夠提供非常有彈性、適應性強的供應鏈，因為我們正在使用、我們能夠轉變和調整我們自己的內部產能以及外部提供的 EML 產能。因此，我們將其視為供應鏈彈性的關鍵工具。但毫無疑問，內部生產的 EML 是我們策略的重要組成部分。

I'll also mention that just reiterate that -- remember we've shared that our indium phosphide capacity has tripled on a year-over-year basis. And our intention is to continue to expand our indium phosphide capacity. Our 6-inch indium phosphide line will go into will start production next quarter. And that 6-inch line moving from 3-inch to 6-inch provides significant increase in capacity, but it also provides a significant step function improvement in cost structure as well. So we see that as a big benefit.

我還要重申一下──記得我們已經分享過，我們的磷化銦產能年增了兩倍。我們的目的是繼續擴大磷化銦的產能。我們的6吋磷化銦生產線將於下個季度投入生產。而從 3 英寸到 6 英寸的 6 英寸生產線不僅顯著提高了產能，而且也顯著改善了成本結構。因此我們認為這是一個很大的好處。

And one of the reasons we're ramping indium phosphide capacity beyond just the immediate need for transceivers is also for CW lasers for instance, CPO applications. So indium phosphide capacity is used for both EML as well as CW lasers. And so we're ramping that capacity in preparation for that as well. And so again, we see indium phosphide as a key capability in the company, something we've had in house for over 20 years and something we expect to continue to invest in.

我們擴大磷化銦產能的原因之一不僅是為了滿足收發器的迫切需求，也是為了滿足連續波雷射（例如 CW 雷射）和 CPO 的應用。因此，磷化銦容量可用於 EML 雷射和 CW 雷射。因此，我們也正在提高產能，為此做好準備。因此，我們再次將磷化銦視為公司的關鍵能力，我們已經擁有該技術 20 多年，並且我們預計將繼續對其進行投資。

On the second part of your question around guidance, yeah, if you look at the midpoint of the guidance that Sherri provided on revenue, roughly flat at the midpoint sequentially. But within that, what I would say is we're expecting data center and communications to be sequentially up in the current quarter and then our industrial related end markets to be sequentially down.

關於指導問題的第二部分，是的，如果您查看 Sherri 提供的收入指導的中點，中點大致與上一季度持平。但在此範圍內，我想說的是，我們預計本季資料中心和通訊市場將環比上升，而工業相關的終端市場將環比下降。

And with the industrial related markets, as I mentioned earlier, I think just given the kind of more uncertainty in the environment, we're taking a bit of more of a cautious view on the end market outlook around industrial, but in data center and communications, we expect to continue to see growth.

至於工業相關市場，正如我之前提到的，我認為鑑於環境中的不確定性，我們對工業終端市場前景持更加謹慎的看法，但在資料中心和通訊領域，我們預計將繼續看到成長。

Awesome. I appreciate it.

驚人的。我很感激。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey, thanks for taking my question. Tactically first off, on the silicon carbide business you're exiting there, there's obviously some costs associated with those people, but there's also some revenue associated with that business unit as well. In your June guidance, what are you assuming from a revenue perspective from silicon carbide? And maybe walk through what numbers would have been if you would have included it, that would be helpful just to compare.

嘿，謝謝你回答我的問題。首先從戰術上講，就您退出的碳化矽業務而言，顯然這些人員會產生一些成本，但該業務部門也會有一些收入。在您 6 月的指導中，您從碳化矽的收入角度做出了什麼假設？也許您可以了解如果將其包括在內的話數字會是多少，這將有助於進行比較。

Yeah. On the devices and modules portion of our silicon carbide business that we discontinued, that was largely pre revenue. So there is no revenue that comes out of the forecast because those were largely pre-revenues. So our revenue today is on the substrates and epi and that's the place that we continue to invest.

是的。在我們停止的碳化矽業務的設備和模組部分中，這主要是在收入之前。因此，預測中不存在任何收入，因為這些大部分都是預收入。因此，我們今天的收入來自基板和外延，這也是我們繼續投資的地方。

And so what we did is we shut down investment for devices and modules and we're just focusing on substrate and epi. And that's really where we think that we have a significant differentiation in the manufacturing capability and the technology behind that. That's where we have a long history and that's also where we have strong customer relationships and we see improving demand.

因此，我們所做的就是停止對設備和模組的投資，只專注於基板和外延。我們認為，我們在製造能力和背後的技術方面確實存在顯著差異。我們在那裡有著悠久的歷史，也擁有強大的客戶關係，我們看到需求不斷增長。

In terms of the size of that silicon carbide revenue, we don't break that out, but it's a, I would say it's a small percentage of our overall revenue, certainly in the probably low single digits.

就碳化矽收入的規模而言，我們不會將其單獨列出，但我想說它只占我們總收入的一小部分，肯定可能處於個位數以下。

Helpful. And then just something I noticed, obviously going into the June quarter, you're getting a bit of revenue uplift, obviously a little flattish, but gross margins are pressured a bit. Should we be thinking about mix differential that gets you to lower gross margins or are there any other factors that we should be weighing as to why you're seeing the sequential step down?

很有幫助。然後我注意到，進入六月季度，收入顯然會有所增長，顯然會略有持平，但毛利率會受到一些壓力。我們是否應該考慮導致毛利率降低的組合差異，或者是否還有其他因素需要我們權衡，以解釋為什麼會出現連續的下降？

Yeah, Thomas, I'll take that question. So, first of all, the gross margin guide, it is a range, but within that range at the midpoint, to your question about what could impact that could cause it to be a little bit less downward from, sequentially and that would -- mix would be the biggest driver there, frankly, because mix can always be a headwind. Mix within our market segments, amongst our market segments and within our market segments can be a headwind.

是的，湯瑪斯，我願意回答這個問題。因此，首先，毛利率指南是一個範圍，但在該範圍的中間點，對於您的問題，什麼因素可能會影響到毛利率，從而導致毛利率比上一季度略有下降，坦率地說，混合將是最大的驅動因素，因為混合總是會成為阻力。在我們的細分市場內、在我們的細分市場之間以及在我們的細分市場內進行混合可能會帶來不利影響。

But the other thing I will take the opportunity to point out is that, the sequential improvement that we did see in Q3, very pleased with that. 30 basis points sequentially in 490 basis points year-over-year. And the great thing about what we've been doing is our gross margin optimization strategy is where we've been focused on product cost reductions as well as pricing optimization.

但我想藉此機會指出的另一件事是，我們確實看到了第三季的連續改善，對此感到非常高興。比上一季增加 30 個基點，比去年同期增加 490 個基點。我們一直在做的事情中最偉大的事情是我們的毛利率優化策略，我們一直專注於降低產品成本以及優化價格。

And what I can tell you for Q3 is that we've seen that frankly, we saw benefits across all of our market segments within the company in the product cost reductions. We saw it on market segments. We saw examples of that, we saw yield improvement, we saw overall cost reduction. So I was really pleased with that. And then from a pricing optimization perspective, we did see benefits in our lasers business and in our datacom business, examples of where we were, executing on pricing improvements there.

關於第三季度，我可以告訴大家的是，坦白說，我們公司所有細分市場的產品成本降低都帶來了好處。我們在細分市場上看到了它。我們看到了這樣的例子，我們看到了產量的提高，我們看到了整體成本的降低。所以我對此感到非常高興。然後從定價優化的角度來看，我們確實看到了雷射業務和數據通訊業務的好處，這就是我們在那裡實施定價改進的例子。

So I'm really pleased with the progress that the team has made so far. We are definitely in the early stages. We're continuing to focus on that. But those levers for pricing optimization and cost reduction, they really help when we do have mixed headwinds. And so the other thing I would mention is that the timing of these initiatives can kick in some near term, some longer term, and the rate and pace can differ. So that's just a few other little specifics that I can share with you in terms of that gross margin optimization strategy.

因此，我對團隊迄今為止的進展感到非常高興。我們確實處於早期階段。我們將繼續關注這一點。但是，當我們面臨各種不利因素時，這些用於優化價格和降低成本的槓桿確實有幫助。因此，我想提到的另一件事是，這些措施的實施時間可以是短期的，也可以是長期的，而且速度和步伐也可能有所不同。以上就是關於毛利率優化策略我可以跟大家分享的一些其他細節。

But we are focused on the target of over 40%, and I look forward to giving more color on that at our Investor Day in May.

但我們專注於 40% 以上的目標，我期待在 5 月的投資者日上對此進行更詳細的說明。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

Hi, this is Michael Mani on Vivek Arya, thanks so much for taking our questions. Just first on the 1.6T ramp at this stage, your visibility, do you have any insight into what your relative share could be for the upcoming ramp? Maybe relative to 800 gig?

大家好，我是 Vivek Arya 的 Michael Mani，非常感謝您回答我們的問題。首先，在現階段的 1.6T 坡道上，您的知名度，您是否對即將到來的坡道的相對份額有任何了解？也許與 800 gig 有關？

And then further on that, could you give us a sense of what the pattern adoption is across your customer base? Is it just starting with a few customers and, kind of like 800 gig, maybe later in the ramp there'll be a longer tail of customers that then eventually catch up. Just how should we think about that progression? Thank you.

然後進一步說，您能否讓我們了解一下您的客戶群採用的模式是什麼？它是否剛開始只有幾個客戶，有點像 800 千兆，也許在後期會有更多的客戶最終趕上來。我們究竟該如何看待這項進展？謝謝。

Yeah, thanks, Michael. On the first part of the question, it's probably too early for us to talk about share of 1.6T ramp. But as we said, we still continue to expect revenue to start this calendar year and then ramp through the course of the following year and beyond.

是的，謝謝，邁克爾。關於問題的第一部分，現在談論 1.6T 坡道的份額可能還為時過早。但正如我們所說，我們仍然預計收入將從今年開始成長，並在接下來的一年及以後逐漸增加。

And then one of the things that we're seeing in the industry, which has changed versus say a number of years ago, is we're seeing these faster adoption cycles of new data rates. And so we're seeing overlapping cycles. And so we expect 800 gig to continue to ramp as the 1.6T adoption starts. So we still expect 800 gig demand to remain strong, I would say, into next year as well, with 1.6 kind of ramping on top of that.

然後，我們看到行業中發生了變化，與幾年前相比，新數據速率的採用週期正在加快。因此我們看到了重疊的周期。因此，我們預計，隨著 1.6T 的採用，800Gb 將繼續成長。因此，我們仍然預期 800Gig 的需求將保持強勁，我想說，明年也會如此，在此基礎上還將增加 1.6 倍。

And we'll actually give a picture of what we expect the industry adoption rate of 1.6T to be at our Investor Day at the end of May. We'll map out what we think is kind of the 800 gig to 1.6T transition. And we would view our revenue profile will kind of match the industry adoption rate.

實際上，我們將在 5 月底的投資者日上展示我們預計的 1.6T 行業採用率。我們將規劃出我們認為的從 800G 到 1.6T 的過渡。我們認為我們的收入狀況將與行業採用率相符。

On the second part of your question, in terms of pattern of customer adoption. Yeah, I think what you, the way you described it is accurate is we would see probably a smaller number of early adopters of 1.6T and that expanding out over time. That's what we saw in 800 gig is a small number of initial adopters of 800 gig. And although that did expand pretty rapidly over the course of about a year. And so we would expect the same to happen on 1.6T.

關於你問題的第二部分，就客戶採用模式而言。是的，我認為您描述的很準確，我們可能會看到 1.6T 的早期採用者數量較少，並且隨著時間的推移，這一數量會逐漸增加。這就是我們在 800gig 中看到的，800gig 的初始採用者數量很少。儘管在大約一年的時間裡，這一規模確實擴張得相當快。因此我們預期 1.6T 也會發生同樣的情況。

Great, thank you. And then just one on gross margins. So just to confirm, I know you said no significant impact from tariffs, but is there any cost headwind contemplated in your gross margin guide for the next quarter?

太好了，謝謝。然後只談毛利率。所以只是為了確認一下，我知道您說關稅沒有顯著影響，但是您在下一季度的毛利率指南中是否考慮了任何成本阻力？

And then from here through the end of the year, could you give us a sense of where most of the expansion opportunity could come from? From whether it's, cost reductions, yield, product mix, further pricing optimization just among those big buckets, what would be the biggest contributors for the next, for maybe like the medium term?

那麼從現在到今年年底，您能否告訴我們大部分擴張機會可能來自哪裡？從成本降低、產量、產品組合、進一步定價優化等這些大面向來看，下一步，或許是中期，最大的貢獻者是什麼？

And then just finally on, on the pricing optimizations. So I know you said you've already begun to do that. How early are we in that process? I guess, how much of a benefit will that be over the next couple quarters? And what are some areas where you can -- you still see great opportunity to maybe optimize price? Thank you.

最後，我們來談談定價優化。所以我知道你說過你已經開始這麼做了。這個過程我們處於多早的階段？我猜想，在接下來的幾個季度裡，這將帶來多大的好處？您在哪些領域仍然可以看到優化價格的巨大機會？謝謝。

Sure. Thank you for the question. Number of questions there. So I got to make sure I cover them all. But in terms of the. I think the first one had to do with, sort of cost impact and tariffs and gross margin. I think that was what your sort of your first question was. And what I can tell you is that, in addition to what I've already said, I mean, the gross margin guide is based upon the best information that we have for Q4.

當然。謝謝你的提問。那裡有很多問題。所以我必須確保涵蓋所有內容。但就此而言。我認為第一個與成本影響、關稅和毛利率有關。我想這就是你的第一個問題。我可以告訴你的是，除了我已經說過的之外，毛利率指南是基於我們掌握的有關第四季度的最佳資訊。

It incorporates, all the best information that we have. The current environment related to tariffs, which as we have said, Jim has said, both of us have said in our prepared remarks, is not significant. And, we're going to continue focusing our gross margin expansion strategy, for pricing optimization and cost reductions. And sort of the unfavorable component that could occur is mix. And that's that I responded to in the earlier question. So all of those earlier comments apply to your question.

它包含了我們擁有的所有最佳資訊。正如我們、吉姆以及我們兩人在準備好的演講中所說，當前與關稅相關的環境並不重要。並且，我們將繼續專注於毛利率擴張策略，以優化價格和降低成本。而可能出現的不利因素就是混合。這就是我在之前的問題中回答的問題。因此，所有先前的評論都適用於您的問題。

And then in terms of the rest of the year, where are the opportunities for improvements in gross margin? How can we get it up? We don't guide beyond the current quarter, but we are focused on the product cost reductions and the pricing optimization.

那麼就今年剩餘時間而言，毛利率的提昇機會在哪裡？我們怎麼才能把它弄起來？我們不提供本季之後的預測，但我們專注於降低產品成本和優化價格。

The way to think about that, and of course we'll give more color to Investor Day. But the way to think about that is when we think of product cost reductions, that's the entire company, right? We're looking everywhere in the company, every segment, no stone unturned, product costs, manufacturing costs, fixed costs, all elements of cost, as well as yield improvements.

思考這個問題的方式，當然我們會為投資者日增添更多色彩。但是當我們考慮降低產品成本時，我們應該考慮整個公司的成本，對嗎？我們正在審視公司的各個角落、每一個環節，不遺餘力地研究產品成本、製造成本、固定成本、所有成本要素以及產量改善。

And so every part of the company, every part of each business is participating in that and really driving toward those improvements. When you think about pricing optimization, that is primarily in the industrial and other part of our business. It doesn't mean datacom won't have benefits there. In fact, we did have benefits from pricing in Q3 from datacom.

因此，公司的每個部分、每個業務的每個部分都在參與其中，並真正推動這些改進。當您考慮價格優化時，這主要涉及工業和我們業務的其他部分。這並不意味著數據通訊在那裡不會帶來好處。事實上，我們確實從數據通訊第三季的定價中獲益。

But most of that benefit, if you think about where most of the opportunity is coming from in the company for pricing will be in the industrial and other part of our business. Because for datacom, we're focused on growing revenue growth, market share, all of that. And so that's kind of the way you can think about in terms of where in the company we would be generating these benefits that are part of this optimization strategy.

但是，如果你想想公司定價的大部分機會來自哪裡，你會發現大部分好處都來自工業和我們業務的其他部分。因為對於數據通訊來說，我們專注於增加收入、市場佔有率等等。因此，您可以這樣思考，我們將在公司的哪個部門產生這些作為最佳化策略一部分的效益。

And then in terms of the relative magnitude of each of these elements, that I'll give you more color on at our Investor Day where I think we've got some good information that we'll share with you that will help give you that better perspective at that time. Hopefully I covered them all. I don't know if I missed any part of your question.

然後，就每個因素的相對重要性而言，我將在投資者日為您提供更多詳細信息，我認為我們會有一些很好的信息與您分享，這將有助於您在那時獲得更好的視角。希望我已經涵蓋了所有內容。我不知道我是否遺漏了您問題的任何部分。

No, that was super helpful. Thank you.

不，這非常有幫助。謝謝。

Papa Sylla, Citigroup.

花旗集團的 Papa Sylla。

Thank you for taking my question and congrats on the strong results. I guess for my first question, Jim, I was wondering if you can just provide more color on the telecom sub-segment. I guess if last quarter the sentiment was for traditional telco, cautiously positive. Has the sentiment improved incrementally since then, despite maybe more macro uncertainty?

感謝您回答我的問題，並祝賀您取得如此優異的成績。我想對於我的第一個問題，吉姆，我想知道您是否可以提供更多關於電信子領域的詳細資訊。我想，如果上個季度對傳統電信公司的情緒是謹慎樂觀的。儘管宏觀不確定性可能增加，但自那時以來，市場情緒是否已逐步改善？

And in terms of mix, how should we think about the mix between traditional telco versus DCI at this point?

就組合而言，我們現在應該如何考慮傳統電信公司與 DCI 之間的組合？

Thanks, Papa. Yeah, I think we're in the traditional telecom. We're still in that cautiously positive mode that I mentioned last quarter. Yeah, we're still seeing incremental improvement on a kind of quarter by quarter basis. So we're certainly happy to see that.

謝謝，爸爸。是的，我認為我們屬於傳統電信業。我們仍然處於我上個季度提到的謹慎積極模式。是的，我們仍然看到逐季度的逐步改善。所以我們當然很高興看到這一點。

Now where we're seeing bigger growth is of course in DCI. Kind of the second part of your question, that's still a smaller portion of our telecom revenue, but no doubt the bigger growth driver in that segment. When we look at our telecom revenue grew over 20% year-over-year, some of that was improvement in traditional telecom, but the majority of that growth was driven by DCI. And we expect that DCI component to continue to grow over the coming quarters.

現在我們看到的更大的成長當然是在 DCI 領域。這有點像你問題的第二部分，這仍然是我們電信收入中較小的一部分，但毫無疑問是該領域更大的成長動力。我們看到，我們的電信收入年增超過 20%，其中一些是傳統電信業務的改善，但大部分成長是由 DCI 推動的。我們預計 DCI 組件將在未來幾季繼續成長。

Got it. That's helpful. And my follow-up is kind of on margin and kind of alongside prior questions. And here obviously you have been quite successful in your efforts to improve margin through kind of manufacturing, reducing manufacturing costs, improving yield and price increases. I guess for this quarter in particular, what would you maybe attribute primarily your margin outperformance between those three?

知道了。這很有幫助。我的後續問題有點邊緣化，也有點與先前的問題有關。顯然，你們透過各種製造方式、降低製造成本、提高產量和提高價格來提高利潤率的努力已經取得了相當大的成功。我想，特別是對於本季而言，您認為這三家公司利潤率表現優異的主要原因是什麼？

And maybe the second part of this question is, in terms of the yield improvement efforts, how far along are you? There's still a lot of room there or are you getting really close to your internal targets?

也許這個問題的第二部分是，就產量提高努力而言，您進展如何？那裡還有很大的空間嗎？或者你們已經非常接近你們的內在目標了嗎？

Yeah, sure, Papa. So it cut out a little bit, but I think your question was where is most of the -- where did most of the benefit in Q3 come from in terms of pricing and cost, I think is what you're asking. And so really, cost reductions tend to be a little bit higher in terms of the contributor versus pricing, but again, that can fluctuate on a quarterly basis. And that's not necessarily always the rule, but that's generally what we saw for Q3 cost reductions, a little bit higher than the pricing improvement.

是的，當然了，爸爸。所以它有點被刪減了，但我認為你的問題是，就定價和成本而言，第三季的大部分收益來自哪裡，我想這就是你想問的。因此，實際上，就貢獻者與定價而言，成本降低往往會更高一些，但同樣，這可能會按季度波動。這不一定總是規則，但一般來說，我們看到第三季的成本降低略高於價格改善。

And then in terms of where we are on the yield improvement, I mean, as you can imagine for a manufacturing company, there's manufacturing a number of different products, there's lots of opportunity for yield improvements all throughout the manufacturing processes in many of our businesses.

然後就我們在產量提高方面所處的位置而言，我的意思是，正如你可以想像的那樣，對於一家製造公司來說，會生產許多不同的產品，在我們許多業務的整個製造過程中，都存在著大量的產量提高機會。

And so it's not the situation that you sort of make a yield improvement and you're done. It's always ongoing, there's always opportunity for improving yield. And also as new products come out there additional opportunities that present themselves to create yield improvement. So that is going to be an ongoing part of our strategy.

因此，情況並不是說你提高了收益率就萬事大吉了。這個過程總是持續的，總是有提高產量的機會。而且隨著新產品的推出，還會出現更多提高產量的機會。所以這將成為我們策略的持續組成部分。

Got it. Thank you.

知道了。謝謝。

Chris Rolland, Susquehanna.

克里斯羅蘭，薩斯奎漢納。

Hey guys, thanks for the question. So perhaps first to follow-up on your manufacturing footprint, specifically for transceivers. I guess, I think you're in China and Malaysia with that manufacturing. Do you have the capacity to serve American customers via Malaysia or how is China involved in that?

嘿夥計們，謝謝你的提問。因此，也許首先要跟進您的製造足跡，特別是收發器的製造足跡。我想，你們在中國和馬來西亞有製造業務。你們是否有能力透過馬來西亞為美國客戶提供服務，或者中國如何參與其中？

And then perhaps if you could give us some color as to what percent of your business might actually end up in America? So yeah, can you fully serve America out of Malaysia and what percent goes to the US? Thank you.

那麼，您能否告訴我們，您的業務最終有多少比例會真正進入美國市場？那麼，你能從馬來西亞全面服務美國嗎？有多少比例的服務是提供給美國的？謝謝。

Yeah. On the first part of the question, the answer is yes. In fact, today if you look at our US based, for instance, customers, like hyperscaler customers, those transceivers come from Malaysia. So yeah, today we're supporting our US customers almost entirely from Malaysia.

是的。對於問題的第一部分，答案是肯定的。事實上，今天如果你看看我們位於美國的客戶，例如超大規模客戶，那些收發器來自馬來西亞。是的，今天我們幾乎完全從馬來西亞為美國客戶提供支援。

And then on the second part of the question, I think you were asking about like total revenue by geography, how much is North America based? I don't have --

然後關於問題的第二部分，我想您問的是按地區劃分的總收入，其中北美佔多少？我沒有--

For transceivers, yeah.

對於收發器來說，是的。

Well, for transceivers, boy, I don't have --. Chris, I don't have that in front of me, but it certainly is a very significant percentage. But I don't have that right in front of me.

好吧，對於收發器，夥計，我沒有--.克里斯，我面前沒有這個數字，但這確實是一個非常重要的百分比。但我面前並沒有這樣的機會。

Yeah, no, that's fine. I think you answered it. And then secondly, the comments and the additional focus on EMLs this quarter, it seems like this is a increased emphasis for the company. So I guess at what point in time do you think you could fill all your EML needs internally or do we have to wait for that 6-inch fab to come online?

是的，不，沒關係。我想你回答了。其次，本季對 EML 的評論和額外關注似乎是公司更加重視的一點。所以我猜您認為什麼時候可以在內部滿足所有 EML 需求，還是我們必須等待 6 吋晶圓廠上線？

And conversely, Lumentum last night talked about doing more in CW. Do you see that as becoming an increasingly crowded space? Thank you.

相反，Lumentum 昨晚談到了在 CW 方面做更多的事情。您是否認為這個領域正在變得越來越擁擠？謝謝。

Yes, so on EML, I think today our strategy is actually to use a mix of both external and internal produced EMLs for our transceivers and I would expect to continue to use a mix. We have a number of external EML vendors that are great partners and have been very reliable suppliers and we view it as -- it's a nice way to have just even more supply chain resiliency. So as I shared the majority of our EML based transceivers ship with our own internally produced EMLs. But I would, expect to continue to utilize external suppliers as well.

是的，關於 EML，我認為今天我們的策略實際上是將外部和內部生產的 EML 混合用於我們的收發器，並且我希望繼續使用混合。我們有許多外部 EML 供應商，他們都是很好的合作夥伴，也是非常可靠的供應商，我們認為這是提高供應鏈彈性的好方法。因此，我與我們自己內部生產的 EML 共享了大多數基於 EML 的收發器。但我希望繼續利用外部供應商。

Maybe for us, maybe just to maybe clarify that on CW lasers we have produced, CW lasers for our telecom products for many years. So remember we've had indium phosphide capability for over 20 years. And so we've been doing CW lasers for a long time for telecom. And moving forward with the adoption of silicon photonics in some transceiver applications and potentially in CPO applications as well, we believe there's certainly opportunity for increased usage of CW lasers in data centers.

對我們來說，也許只是為了澄清一下，我們已經生產了連續波雷射器，連續波雷射器用於我們的電信產品很多年了。請記住，我們擁有磷化銦生產能力已有 20 多年了。因此，我們長期以來一直在為電信業生產連續波雷射。隨著矽光子學在某些收發器應用以及潛在的 CPO 應用中的應用，我們相信，CW 雷射在資料中心的使用肯定有機會增加。

And so part of the capacity ramp that we're doing is in support of making sure that we have the right capacity in place to support our customers with respect to CW laser needs over the long term as well. And definitely that 6-inch line actually will be introducing 6-inch capacity at two sites, two separate physical sites. So in that 6-inch capacity is yes, definitely a key enabler of our capacity expansion. And then again, I'll just reiterate a significant cost structure advantage as well.

因此，我們正在進行的產能提升的一部分是為了確保我們擁有適當的產能，以便長期滿足客戶的 CW 雷射需求。當然，該 6 吋生產線實際上將在兩個站點（兩個獨立的實體站點）引入 6 吋產能。因此，6 吋產能絕對是我們產能擴張的關鍵推手。然後，我再次重申顯著的成本結構優勢。

Thanks, Jim.

謝謝，吉姆。

Karl Ackerman, BNP Paribas.

法國巴黎銀行的卡爾‧阿克曼。

Yes, I have two if I may. Sherri, could you quantify the gross margin impact on your March quarter and June quarter outlook from these portfolio optimization actions taken in the quarter? And I have a follow up.

是的，如果可以的話我有兩個。Sherri，您能否量化本季採取的這些投資組合優化措施對 3 月季度和 6 月季度前景的毛利率影響？我還有一個後續行動。

Yeah, thanks Karl. So I think you're referring to some of the restructuring that we've taken the portfolio actions associated with it. And so what I would say is that the actions that were taken in terms of underutilized assets or underutilized businesses that benefit is -- certainly will contribute to our financials from a gross margin and OpEx perspective depending on the nature of the actual divestiture.

是的，謝謝卡爾。所以我認為您指的是我們採取的一些重組以及與之相關的投資組合行動。因此，我想說的是，針對未充分利用的資產或未充分利用的業務所採取的行動肯定會從毛利率和營運支出的角度對我們的財務狀況做出貢獻，具體取決於實際資產剝離的性質。

So for example, the devices and modules business that Jim talked about from our silicon devices business, I mean that didn't affect our revenue, because that was pre-revenue as he described. And so it really affected more from an OpEx perspective going forward and not really from a revenue or gross margin perspective. So it depends on the nature of the businesses in terms of where it will impact in the P&L.

舉例來說，Jim 談到的我們的矽元件業務中的裝置和模組業務，我的意思是這並沒有影響我們的收入，因為正如他所描述的，這是收入之前的部分。因此，它實際上從營運支出的角度產生的影響更大，而不是從收入或毛利率的角度產生的影響。因此，這取決於業務的性質以及它將對損益表產生怎樣的影響。

When you go forward in terms of going to the future in terms of our long term model, we'll give you more color on how to think about our gross margin at our Investors Day as well as our complete operating model from an OpEx perspective and revenue growth. And I think it's really all of those elements that come into play longer term that is more will be more useful for you to see at our Investor Day.

當您從我們的長期模式的角度展望未來時，我們將在投資者日為您提供更多關於如何看待我們的毛利率以及從營運支出角度和收入成長的完整營運模式的資訊。我認為所有這些因素都會在長期內發揮作用，這對您在投資者日上看到的內容更有幫助。

And from a -- looking at our overall model perspective versus the actions that we took during the quarter, having a significant impact in the quarter, I think it's more long term impact I think is really the short answer to the question where you would think the benefit. So the results that we had for Q3, I wouldn't say, that there were significant impacts related to the portfolio analysis directly in the P&L.

從我們的整體模型角度來看，與我們在本季度採取的行動相比，這在本季度產生了重大影響，我認為這是更長期的影響，我認為這實際上是對您認為會帶來好處的問題的簡短回答。因此，我不會說，我們第三季的結果與投資組合分析直接對損益表產生了重大影響。

But what you have been seeing even prior to Q3 is the shift in R&D spend. I mean that was a big part of what we talked about in looking at the portfolio review analysis was really making sure that we pull R&D out of those non-strategic or underperforming assets and really focus it towards the profit and growth engines. And so those are the things that you already see that we're doing.

但甚至在第三季之前您就已經看到研發支出的轉變。我的意思是，我們在投資組合審查分析中討論的很大一部分內容是確保我們將研發從非策略性或表現不佳的資產中抽離出來，並真正將其集中在利潤和成長引擎上。這些就是您已經看到我們正在做的事情。

We're seeing that in Q3 and prior quarters and so you'll continue to see that going forward, but otherwise I would say, it's more longer-term that you'll see the benefits of some of our restructuring actions that we took.

我們在第三季和前幾季就看到了這一點，所以你還會繼續看到這種情況，但除此之外，我想說，從更長遠的角度來看，你會看到我們採取的一些重組行動帶來的好處。

Yes. Thank you. Jim, I was hoping you could address how you see a demand outlook for datacom transceivers, particularly 800 gig in the June quarter and throughout the calendar year. And the reason why I ask is, some investors have been concerned about this inventory build and heightened competition, pressuring margins. That doesn't seem to be the case for you, but perhaps you could highlight how you see second half relative to first half in the context of your datacom transceiver business? Thank you.

是的。謝謝。吉姆，我希望您能談談您如何看待數據通訊收發器的需求前景，特別是 6 月季度和整個日曆年的 800 千兆。我之所以問這個問題，是因為一些投資者擔心庫存增加和競爭加劇會對利潤率造成壓力。對您來說情況似乎並非如此，但也許您可以強調一下，在數據通訊收發器業務的背景下，您對下半年相對於上半年的看法是什麼？謝謝。

Yeah, we don't guide beyond the current quarter, but what I would say is, in datacom we continue to see strong demand signals from our customers, both kind of shorter-term demand signals which would be purchase orders and backlog, but also longer term demand signals like the forecast that they'll give us a 12-month or 18-month forecast.

是的，我們沒有對本季度之後的情況做出預測，但我想說的是，在數據通信領域，我們繼續看到來自客戶的強勁需求信號，既有短期需求信號，如採購訂單和積壓訂單，也有長期需求信號，如他們會給我們 12 個月或 18 個月的預測。

And so we continue to see strong demand from the data center customers who are expecting that business to continue to grow. And certainly we're not just maybe to clarify, we're not just focused on matching the market growth. We're also focused on share gain. We believe we gained share over the last two to three quarters and certainly we're very focused on continuing to gain share of wallet at our customers and overall share in the market.

因此，我們繼續看到數據中心客戶的強勁需求，他們期待業務繼續成長。當然，我們可能不只是要澄清，我們不僅僅關注匹配市場成長。我們也注重市場佔有率的成長。我們相信，我們在過去兩到三個季度中獲得了市場份額，當然，我們非常注重繼續贏得客戶的錢包份額和整體市場份額。

Thank you.

謝謝。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great, thanks. A couple questions for me. Maybe first, just kind of on the commentary about industrials and the second half potentially, being a little bit weaker. Just wanted to get a sense, is there any pull forward that you observed in the first half that makes you more cautious or is that just kind of macro caution, just given the uncertainty in the environment?

太好了，謝謝。我有幾個問題。也許首先，只是對工業和下半年可能稍微弱一點的評論。只是想了解一下，您在上半年觀察到的推動因素是否讓您更加謹慎，或者這只是一種宏觀謹慎，考慮到環境的不確定性？

And then maybe second question from me, I'll just get in now. You do have a sizable military kind of business. Any impact from what we're seeing with the federal government just in terms of timing or approval processes? Thanks.

然後也許我的第二個問題就問完了。你們確實擁有規模可觀的軍事業務。就時間安排或審批流程而言，我們看到聯邦政府的做法有什麼影響嗎？謝謝。

Thanks, Meta. On industrial, we haven't seen any signs of pull forward. The customer ordering patterns have been very normal. And our caution, our sort of more cautious outlook around the industrial end market demand is really related to the second thing that you mentioned, just macroeconomic uncertainty that's causing us to just take a more cautious outlook on that market in the near term. But we still believe that that is a long term growth area for the company and certainly an area we'll highlight as long term growth in our Investor Day later in May.

謝謝，Meta。在工業方面，我們尚未看到任何拉動的跡象。顧客的訂購模式一直都很正常。我們對工業終端市場需求的謹慎、更加謹慎的看法實際上與您提到的第二件事有關，即宏觀經濟的不確定性，這導致我們在短期內對該市場採取更加謹慎的看法。但我們仍然相信，這是公司的長期成長領域，我們肯定會在 5 月下旬的投資者日上重點強調這個長期成長領域。

The second part of your question around the aerospace and defense business, I would say, that business, it's a smaller part of our revenue, but that business has been doing quite well recently. We saw good sequential growth. If I take our most recent quarter, we saw good sequential growth in the most recent quarter and year-over-year growth as well.

關於航空航太和國防業務的問題的第二部分，我想說，該業務在我們的收入中所佔比例較小，但最近表現相當不錯。我們看到了良好的連續成長。就最近一個季度而言，我們看到了良好的環比增長和同比增長。

Great, thank you.

太好了，謝謝。

Ryan Koontz, Needham & Company.

瑞安·孔茨 (Ryan Koontz)，Needham & Company。

Great. Thanks for getting me in here. With regards to DCI, which is hot, we're hearing everywhere and the ZR designs for the pluggable transceivers there, if you pull out the DSP, what is your addressable kind of wallet share there in terms of the bill of materials that you can sell your products into a ZR module?

偉大的。謝謝你讓我來這裡。關於 DCI，我們隨處可見它的身影，還有可插拔收發器的 ZR 設計，如果您取出 DSP，那麼就材料清單而言，您可以獲得什麼樣的錢包份額，以便將您的產品賣到 ZR 模組中？

Well, we do two things with respect to DCI and ZR modules. We make our own modules and sell our own modules, but then we also sell components into other suppliers of those modules. So we kind of address the market from both perspectives. I think your question was about the second piece of it.

嗯，我們針對 DCI 和 ZR 模組做了兩件事。我們製造並銷售自己的模組，但我們也將組件出售給其他模組供應商。因此，我們從兩個角度來應對市場。我認為您的問題是關於第二部分的。

That’s right.

沒錯。

Yeah, I don't know how to really break down the bomb opportunity, but I would say, it's a significant opportunity for us and it's a very good part of our business. We see good demand there and also I would say, it's a reasonably good gross margin as well.

是的，我不知道如何真正打破炸彈機會，但我想說，這對我們來說是一個重要的機會，也是我們業務中非常好的一部分。我們看到那裡的需求很好，而且我想說，那裡的毛利率也相當不錯。

I think we could probably give you a better picture when we meet at our Investor Day this month, DCI and our products in the DCI space is one of the topics we'll hit at the Investor Day. So, I would say probably stay tuned and we can provide a little bit more color at the Investor Day.

我認為，當我們在本月的投資者日上見面時，我們可能會給你一個更好的畫面，DCI 和我們在 DCI 領域的產品是我們在投資者日討論的主題之一。因此，我想說，請繼續關注，我們可以在投資者日提供更多資訊。

Sounds great, Jim. And then on your new OCS product, can you remind us where you are in terms of launch, introduction, trials, customer wins, and remind us of the use case there for the OCS?

聽起來不錯，吉姆。然後，關於您的新 OCS 產品，您能否提醒我們您在發布、介紹、試用、贏得客戶方面的進展，並提醒我們 OCS 的用例？

Yeah, happy to. Really great product. I'm really excited about it. So first of all, in the use case, the OCS replaces an electrical switch. So the reason a customer would want to switch or change from an electrical switch to an optical switch is because then the data transfer transmission stays in the optical domain, which has performance and power efficiency advantages.

是的，很高興。真的是很棒的產品。我對此感到非常興奮。首先，在用例中，OCS 取代了電氣開關。因此，客戶想要從電開關切換或更換為光開關的原因是，這樣資料傳輸就可以保留在光域中，這具有性能和功率效率優勢。

Our OCS solution is very differentiated versus what else is out there in the market. The other solutions are mechanical MEMS based solutions. Ours is based on digital liquid crystal technology from our telecom business, which has much higher reliability and other benefits as well. We continue to expect revenue to begin to generate revenue from that product line this calendar year.

我們的 OCS 解決方案與市場上的其他解決方案相比有很大差異。其他解決方案是基於機械 MEMS 的解決方案。我們的技術基於我們電信業務的數位液晶技術，具有更高的可靠性和其他優勢。我們繼續預計該產品線將於今年開始產生收入。

And we do have existing customer orders in place. So it's something that we're -- it's a product line we're really excited about in terms of TAM expansion and future revenue growth.

我們確實有現有客戶的訂單。因此，就 TAM 擴張和未來收入成長而言，我們對該產品線感到非常興奮。

Got it. Is that playing to the AI clusters typically or are you kind of maybe in the front end of the network typically or where you deploy that?

知道了。這通常是針對 AI 叢集而言的，還是通常位於網路前端，或部署在哪裡？

Yeah, good question. It can go into multiple parts of the market or the data center deployment. So you would find it in potentially multiple different parts of the data center.

是的，好問題。它可以進入市場的多個部分或資料中心部署。因此，您可能會在資料中心的多個不同部分找到它。

Got it. Thanks so much.

知道了。非常感謝。

Thanks.

謝謝。

Thank you. Ladies and gentlemen, that is all the time we have for questions. I would now like to turn the floor back over to CEO, Jim Anderson for closing comments. Please go ahead, sir.

謝謝。女士們、先生們，我們的提問時間到此為止。現在，我想將發言權交還給執行長吉姆安德森，請他發表最後評論。先生，請繼續。

Thank you, operator. And thanks everybody for joining us on the call today. I do want to take the opportunity to once again thank my Coherent teammates for all their hard work and dedication and their fantastic innovation. And then thanks again for joining us, and we're looking forward to sharing more details of the long term plans for the company at our Investor Day on May 28. Thank you.

謝謝您，接線生。感謝大家今天參加我們的電話會議。我確實想藉此機會再次感謝我的 Coherent 隊友們的辛勤工作、奉獻精神和出色的創新。再次感謝您的加入，我們期待在 5 月 28 日的投資者日上分享更多有關公司長期計劃的細節。謝謝。

Thank you, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝您，先生。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。