Coherent Corp (COHR) 2025 Q4 法說會逐字稿

Greetings and welcome to the Coherent fourth quarter and full fiscal year 2025 earnings webcast. It is now my pleasure to introduce your host, Paul Silverstein, Senior Vice President of Investor Relations for Coherent. Please go ahead.

大家好，歡迎收聽 Coherent 2025 財年第四季和全年財報網路廣播。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 Jimmy Anderson, Coherent CEO, and Sherry Luther, Coherent CFO. During today's call, we will provide a financial and business review, the fourth quarter of fiscal 2025 and full year fiscal 2025 and the business outlook for the first quarter of fiscal 2026. 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。今天與我一起的有 Coherent 執行長 Jimmy Anderson 和 Coherent 財務長 Sherry Luther。在今天的電話會議上，我們將提供財務和業務回顧、2025 財年第四季和 2025 財年全年以及 2026 財年第一季的業務展望。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 for the future financial performance of the company.

我想提醒大家，在今天的電話會議中，我們可能會對公司未來財務表現的未來事件做出預測或其他前瞻性陳述。

We wish to caution you that such statements are predictions based on information that is currently available and that actual results may differ materially. We refer you to the documents that the company files with the SEC, including our 10-Ks, 10-Qs, and 8-Ks. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

我們希望提醒您，此類聲明是基於目前可用的資訊所做的預測，實際結果可能存在重大差異。我們請您參閱本公司向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 first quarter of fiscal 2026. 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. Additionally, we will refer to both GAAP and non-GAAP financial measures during this call. By disclosing certain non-GAAP information.

本次電話會議包含並構成公司對 2026 財年第一季的官方指引。如果我們在本次電話會議後的任何時間傳達對本指南的任何重大變更，我們打算透過新聞稿或公開宣布的電話會議等公共論壇進行此類更新。此外，我們將在本次電話會議中參考 GAAP 和非 GAAP 財務指標。透過揭露某些非公認會計準則資訊。

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-gap financial measures to GAAP financial measures in our earnings release and investor presentation that can be found on the investor relations section of our website at coherent.com. Let me now turn the call over to our CEO, Jimmy Anderson.

管理層打算向投資者提供更多信息，以便進一步分析公司的業績和潛在趨勢。對於歷史時期，我們在收益報告和投資者簡報中提供了這些非缺口財務指標與 GAAP 財務指標的對帳表，這些內容可在我們網站 coherent.com 的投資者關係版塊找到。現在，請允許我將電話會議交給我們的執行長 Jimmy Anderson。

Thank you, Paul, and thank you everyone for joining today's call. Our fiscal 2025 was an outstanding year for Coherent, as full year revenue increased by approximately 23% year to year to a record $5.81 billion driven by strong growth in our data center and communications business.

謝謝保羅，也謝謝大家參加今天的電話會議。2025 財年對 Coherent 來說是出色的一年，在資料中心和通訊業務強勁成長的推動下，全年營收年增約 23%，達到創紀錄的 58.1 億美元。

Our revenue growth combined with gross margin expansion of 358 basis points. Led to an approximately 3x increase in our non-GAAP EPS over the prior year. In addition, Q4 marked a strong end to the year, with revenue increasing 16% year over year to a new record, and non-GAAP EPS approximately doubling year over year to $1 per share.

我們的營收成長加上毛利率擴大了 358 個基點。導致我們的非公認會計準則每股收益比前一年增加了約 3 倍。此外，第四季為今年畫上了強勁的句號，營收年增 16%，創下新高，非 GAAP 每股收益同比增長約一倍，達到每股 1 美元。

Having completed my first year with coherent, I'd like to take the opportunity to thank my coherent teammates for their outstanding focus and execution over the last year and their help in positioning the company for continued long-term growth. At Coherent, almost everything we do touches a photon in some way. We believe there is no other company with a broader and deeper portfolio of photonic technology, expertise, and innovation.

在完成我在 Coherent 的第一年工作後，我想藉此機會感謝我的 Coherent 隊友在過去一年中的出色專注和執行力，以及他們為公司實現長期持續增長所提供的幫助。在相干公司，我們所做的幾乎每件事都會以某種方式接觸光子。我們相信，沒有其他公司擁有更廣泛、更深入的光子技術、專業知識和創新組合。

Photonics is becoming increasingly critical to many applications, including AI data centers, communications, and a wide range of industrial applications. And Coherent is well positioned to take full advantage of this opportunity. We're excited about the future and I couldn't be more proud to be part of such an incredible team.

光子學對許多應用來說變得越來越重要，包括人工智慧資料中心、通訊和廣泛的工業應用。而 Coherent 已做好準備充分利用這一機會。我們對未來充滿期待，能夠成為這樣優秀團隊的一員，我感到無比自豪。

Let me provide some market and product updates from the past quarter. In our data center and communications market, revenue grew by 51% in fiscal '25. In Q4, revenue grew 5% sequentially and 39% year over year. For fiscal Q4 and full year, we saw a strong growth in both AI data centers and communications.

讓我提供一些上個季度的市場和產品更新。在我們的資料中心和通訊市場，25財年的營收成長了51％。第四季度，營收季增 5%，年增 39%。在第四季度和全年，我們看到人工智慧資料中心和通訊領域都實現了強勁成長。

In the data center market, full year revenue increased by 61%. For Q4, we again achieved record quarterly revenue with data center revenue growth of 3% sequentially and 38% year over year. We continue to see strong bookings and demand forecasts across our data center customers as they continue to invest in AI data center capacity expansion.

在資料中心市場，全年營收成長了61%。第四季度，我們再次實現創紀錄的季度收入，資料中心營收季增 3%，年增 38%。隨著我們的資料中心客戶繼續投資於人工智慧資料中心的容量擴展，我們繼續看到他們的預訂量和需求預測強勁。

In fiscal Q4, we were pleased to see initial revenue shipments of our new 1.6T Transceivers, and we continue to expect 1.6T volumes to ramp throughout the balance of this calendar year with more meaningful revenue contribution in calendar '26.

在第四財季，我們很高興看到我們的新型 1.6T 收發器的初始收入出貨量，並且我們繼續預計 1.6T 收發器的出貨量將在今年餘下時間里大幅增加，並在 2026 年帶來更有意義的收入貢獻。

In the meantime, demand continued to grow in Q4 for our transceivers with data rates below 1.6%. Beyond 1.6T, we continue to make solid progress on the development of our 3.2T Transceiver products and technologies which will support a range of optical data transmission form factors. Our 400 gig per lane differential EML, which we demonstrated earlier this year and is the foundation of 3.2T Transceivers, is recognized by our customers as a key advantage of coherence technology roadmap.

同時，第四季對數據速率低於 1.6% 的收發器的需求持續成長。除了 1.6T 之外，我們還將繼續在 3.2T 收發器產品和技術的開發上取得穩步進展，這些產品和技術將支援一系列光學資料傳輸形式。我們在今年稍早展示的每通道 400 千兆差分 EML 是 3.2T 收發器的基礎，被我們的客戶視為相干技術路線圖的關鍵優勢。

We also continue to make progress on CPO-related products and technologies with strong engagements across a wide range of customers. For example, one of the key technologies behind CPO applications is CW lasers. We have a long history of producing CW lasers, and we drove a significant increase both sequentially and year over year in our CW laser production in Q4, and we expect to continue to rapidly ramp CW laser volume over the coming quarters.

我們也透過與廣大客戶的密切合作，繼續在 CPO 相關產品和技術方面取得進展。例如，CPO 應用背後的關鍵技術之一是 CW 雷射。我們在生產連續波雷射方面有著悠久的歷史，並且在第四季度，我們的連續波雷射產量環比和同比都實現了顯著增長，我們預計在未來幾個季度，連續波雷射器的產量將繼續快速增長。

To meet the rising demand for our optical networking solutions that use EML or CW lasers, we continue to ramp internal production of indium phosphide, which is the key technology behind EML and CW lasers used in both pluggable transceivers and CPO applications. As a reminder, we've had indium phosphide capability in-house for over 20 years, and indium phosphide-based transceivers account for a majority of our data com transceiver revenue, with the majority of our EML-based transceivers utilizing our internally manufactured EMLs.

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，我們繼續增加磷化銦的內部生產，這是可插拔收發器和 CPO 應用中使用的 EML 和 CW 雷射背後的關鍵技術。提醒一下，我們內部擁有磷化銦生產能力已有 20 多年，基於磷化銦的收發器占我們資料通訊收發器收入的大部分，而我們大多數基於 EML 的收發器都採用我們內部製造的 EML。

We've tripled indium phosphide capacity year over year and expect to continue to expand capacity over the coming quarters to support the strong demand signals from our customers. For example, I'm pleased to announce that we will begin production this month of our new 6-inch indium phosphide line in coherent Sherman, Texas facility. This is the world's first 6-inch indium phosphide production platform and is expected to provide a significant advantages in terms of both lower cost and higher volume production, and it will further enhance our industry leading supply chain resiliency.

我們的磷化銦產能年增了兩倍，並預計在未來幾季繼續擴大產能，以滿足客戶的強勁需求訊號。例如，我很高興地宣布，我們將於本月在德克薩斯州謝爾曼的工廠開始生產新的 6 英寸磷化銦生產線。這是世界上第一個6吋磷化銦生產平台，預計將在降低成本和提高產量方面提供顯著優勢，並將進一步增強我們領先業界的供應鏈彈性。

In addition to indium phosphide, our Sherman, Texas facility is also a site for vixel production on gallium arsenite technology. As mentioned in a recent Apple announcement regarding their American manufacturing program, we've entered into a new multi-year agreement with Apple for a new generation of Vixel products that support Apple's iPhone and iPad products.

除了磷化銦之外，我們位於德州謝爾曼的工廠也是採用亞砷酸鎵技術生產 Vixel 的工廠。正如蘋果最近發布的有關其美國製造計劃的公告中所提到的，我們已與蘋果公司達成一項新的多年期協議，將推出支持蘋果 iPhone 和 iPad 產品的新一代 Vixel 產品。

We expect revenue from this expanded partnership with Apple to begin in the second half of calendar '26. The VIXLs for Apple are manufactured in our Sherman, Texas facility and will help support the long-term growth and utilization of the site. I want to thank Apple, which has been a long standing customer for this important multi-year agreement. This agreement highlights the importance of our supply chain resiliency and flexibility, including our significant US manufacturing footprint.

我們預計與蘋果擴大合作帶來的收入將於 2026 年下半年開始產生。蘋果的 VIXL 在我們位於德克薩斯州謝爾曼的工廠生產，這將有助於支持該工廠的長期成長和利用。我要感謝蘋果公司，它是這項重要多年協議的長期客戶。該協議凸顯了我們供應鏈彈性和靈活性的重要性，包括我們在美國的重要製造足跡。

In fiscal Q4, we also began initial revenue shipments of our new optical circuit switch. As a reminder, this new product represents a $2 billion expansion of our addressable market opportunity. The underlying technology in our OCS has tremendous benefits versus mechanicalmens-based solutions offered by others, as our solution is non-mechanical and is based on field-proven digital liquid crystal technology. That's been deployed for many years in demanding telecom applications.

在第四財季，我們也開始了新型光路開關的首次銷售。提醒一下，這款新產品代表著我們可尋址市場機會的 20 億美元擴張。我們的 OCS 中的底層技術與其他公司提供的基於機械的解決方案相比具有巨大的優勢，因為我們的解決方案是非機械的，並且基於經過現場驗證的數位液晶技術。這項技術已在要求嚴格的電信應用中部署多年。

Customer engagements on this new product continue to grow, and we expect revenue to ramp through the remainder of this calendar year and to contribute more meaningfully in calendar '26. We also delivered strong growth for both full year fiscal '25 and Q4 in our communications business. This business is comprised of both traditional telecom as well as data center interconnect.

客戶對這款新產品的參與度持續成長，我們預計今年剩餘時間內的營收將大幅成長，並在 2026 年做出更有意義的貢獻。我們的通訊業務在 25 財年全年和第四季也實現了強勁成長。該業務包括傳統電信和資料中心互連。

Communications revenue increased 23% for fiscal '25. For Q4, we saw accelerated growth in this segment as communications grew 11% sequentially and 42% year over year. Growth was driven by robust demand for our [ZRCR plus DCI] focused new product introductions and ongoing recovery and in demand in the traditional transport market.

25財年通信收入成長了23%。第四季度，我們看到該領域的成長加速，通訊業務較上季成長 11%，較去年同期成長 42%。成長的動力來自於我們 [ZRCR 加 DCI] 重點新產品的強勁需求以及傳統運輸市場的持續復甦和需求。

We saw continued growth in the ramp of our new products, including our 100GB, 400GB, and 800GB GRZR plus coherent transceivers, and expect these products to increase their revenue contribution throughout fiscal '26 and beyond.

我們看到新產品的持續成長，包括我們的 100GB、400GB 和 800GB GRZR 以及相干收發器，並預計這些產品將在 26 財年及以後增加其收入貢獻。

In particular, our 100 gig ZR product family is ramping rapidly, driven by strong customer traction for this uniquely differentiated solution, we productized multiple variants and have several more in development across multiple applications. We believe both AI data centers as well as communications will be strong long-term growth drivers for the company given the exceptional breadth and depth of our photonic technology.

特別是，我們的 100 千兆 ZR 產品系列正在迅速發展，這得益於客戶對這一獨特差異化解決方案的強大吸引力，我們已經將多種變體產品化，並且還有更多變體正在跨多個應用程序進行開發。我們相信，鑑於我們光子技術的卓越廣度和深度，人工智慧資料中心和通訊將成為該公司強勁的長期成長動力。

Turning to our industrial related and markets, revenue decreased 2% for the year. For our fiscal Q4, revenue decreased 2% sequentially and 8% year to year. For the full year, we delivered above market growth in our industrial laser products and services, which was offset by a decline in our silicon carbide business, which was consistent with software and market demand in the automotive segment.

轉向我們的工業相關市場，今年的收入下降了 2%。我們第四財季的營收季減 2%，年減 8%。全年來看，我們的工業雷射產品和服務實現了高於市場的成長，但碳化矽業務的下滑抵消了這一成長，這與軟體和汽車領域的市場需求一致。

In our industrial laser products where we lead the industry with the widest and deepest portfolio of industrial lasers, fiscal 2025 growth was driven by growth in both product sales as well as growth in our recurring services revenue stream.

在我們的工業雷射產品中，我們憑藉最廣泛、最深入的工業雷射產品組合引領產業，2025 財年的成長得益於產品銷售額的成長以及經常性服務收入流的成長。

Year to year growth was driven primarily by display capital equipment and semi cap equipment markets. In particular, display capital equipment growth was driven by growing demand for laser systems and services that are used to support the capacity expansion of OLED fabs as OLED screen adoption continues to grow and total OLED surface area is expected to double over the coming years.

逐年成長主要受到顯示器資本設備和半資本設備市場的推動。具體而言，隨著 OLED 螢幕的採用率持續增長，以及預計未來幾年 OLED 總表面積將翻一番，顯示器資本設備的增長受到用於支持 OLED 工廠產能擴張的雷射系統和服務需求不斷增長的推動。

Across our industrial laser products, our recurring services revenue stream grew faster than product sales. As we discussed at our investor day, we continue to expand the installed base of our industrial lasers, and we expect the recurring service revenue stream to continue to become a larger component of our overall industrial revenue over time, which is a tailwind for our gross margin.

在我們的工業雷射產品中，我們的經常性服務收入流成長速度快於產品銷售。正如我們在投資者日所討論的那樣，我們將繼續擴大工業雷射的安裝基礎，並且我們預計經常性服務收入流將隨著時間的推移繼續成為我們整體工業收入的更大組成部分，這對我們的毛利率來說是一個順風。

For our materials products, fiscal '25 revenue, excluding silicon carbide, was flat year by year as demand remained stable. During fiscal 25, we experienced a drop in silicon carbide demand, which was a headwind to our overall industrial revenue.

對於我們的材料產品，由於需求保持穩定，2025財年收入（不含碳化矽）逐年持平。在 25 財年，我們的碳化矽需求下降，這對我們的整體工業收入造成了阻力。

However, over the past month, silicon carbide demand has stabilized, and we do not expect this to be a headwind for us in fiscal '26. We continue to see our industrial products and end markets as a strong long-term revenue growth and gross margin expansion opportunity for the company.

然而，在過去的一個月裡，碳化矽的需求已經穩定下來，我們預計這不會對我們26財年造成不利影響。我們繼續將我們的工業產品和終端市場視為公司強勁的長期收入成長和毛利率擴張機會。

Given our leadership portfolio of hardware and software products and services, on the topic of our investment strategy and our portfolio optimization initiative, as discussed over the past quarters and at our recent investor day, we've been driving a series of actions to streamline our portfolio and concentrate our investments in the areas of greatest long-term growth and profitability.

鑑於我們在硬體和軟體產品和服務方面的領先地位，關於我們的投資策略和投資組合優化計劃，正如過去幾個季度和最近的投資者日所討論的那樣，我們一直在推動一系列行動來精簡我們的投資組合，並將我們的投資集中在長期增長和盈利能力最強的領域。

As part of our portfolio optimization, today we announced an agreement to sell our aerospace and defense business for $400 million. We expect to close this transaction this quarter. On closing, we plan to use the proceeds of the sale to pay down additional debt, and we expect the sale to be accretive to our EPS.

作為我們投資組合優化的一部分，今天我們宣布了一項協議，以 4 億美元出售我們的航空航太和國防業務。我們預計本季完成這筆交易。交易完成後，我們計劃利用出售所得償還額外債務，我們預計出售將增加我們的每股盈餘。

We made the decision to sell our A&D business because it was not aligned with our long-term strategic focus areas, and it did not support our long-term financial targets. I'd like to thank all of the A&D employees for their tremendous contributions to coherent over the past years and wish them all the best moving forward.

我們決定出售 A&D 業務，因為它與我們的長期策略重點領域不一致，並且不支持我們的長期財務目標。我要感謝所有 A&D 員工在過去幾年為 Coherent 做出的巨大貢獻，並祝福他們未來一切順利。

We will continue to look for ways to streamline and strengthen our portfolio moving forward and ensure that our investments are concentrated in the area of greatest shareholder value creation. Regarding the current tariff policy environment, unchanged from last quarter, we do not expect a significant impact from tariffs this quarter.

我們將繼續尋找方法來簡化和加強我們的投資組合，並確保我們的投資集中在最大股東價值創造領域。就目前的關稅政策環境而言，與上一季相比沒有變化，我們預計本季關稅不會產生重大影響。

Though we do not have full details yet, we believe President Trump's recent announcement regarding semiconductor tariffs may present a competitive advantage for our business. Many of our products, such as transceivers are today covered by the semiconductor exemption, and as a company with significant US manufacturing operations today and new investments planned for our Sherman, Texas, Easton, Pennsylvania, and other US facilities, we believe we would avoid the semiconductor tariff.

雖然我們還沒有掌握全部細節，但我們相信川普總統最近宣布的有關半導體關稅的消息可能會為我們的業務帶來競爭優勢。我們的許多產品（例如收發器）目前都受到半導體豁免的保護，並且作為一家目前在美國擁有大量製造業務併計劃在德克薩斯州謝爾曼、賓夕法尼亞州伊斯頓和其他美國工廠進行新投資的公司，我們相信我們可以避免半導體關稅。

Our extensive US manufacturing footprint is a key part of our overall supply chain resiliency, and we believe this is an important competitive advantage for us. Over the past months, you've heard me stress the importance of coherence, dynamic, flexible global manufacturing footprint as a competitive advantage and a hedge against geopolitical risk. Our US footprint is a key part of that strategy.

我們在美國廣泛的製造足跡是我們整體供應鏈彈性的關鍵部分，我們相信這是我們的重要競爭優勢。在過去的幾個月裡，你們聽到我強調連貫性、動態、靈活的全球製造業佈局作為競爭優勢和對沖地緣政治風險的重要性。我們的美國業務是該策略的關鍵部分。

Coherent has a long and proud history of advanced manufacturing in the United States, leading US manufacturing innovation since our founding more than 50 years ago, beginning with the company's first manufacturing site in Saxonburg, Pennsylvania, which remains our company headquarters.

Coherent 在美國先進製造業領域擁有悠久而自豪的歷史，自 50 多年前成立以來一直引領美國製造業創新，從公司在賓夕法尼亞州薩克森堡的第一個製造基地開始，現在這裡仍然是我們公司的總部。

Today our US manufacturing footprint extends across more than 20 US manufacturing locations in 13 states. Across those US manufacturing locations, we employ thousands of people. These sites lead the industry in technical innovation and manufacturing, and we continue to invest in our US manufacturing footprint.

如今，我們的美國製造業務已遍佈 13 個州的 20 多個製造基地。在美國的這些製造基地，我們僱用了數千名員工。這些工廠在技術創新和製造方面處於行業領先地位，我們將繼續投資美國製造業。

In summary, I'm very pleased with the progress we made during our fiscal 2025. We expect fiscal '26 to be another growth year for the company and believe we are well positioned for continued long-term growth as we drive market-leading photonic innovation across our core markets and continue to progress toward the financial targets we provided at our investor day.

總而言之，我對我們在 2025 財年的進展感到非常滿意。我們預計 26 財年將是公司的另一個成長年，並且相信，隨著我們在核心市場推動市場領先的光子創新，並繼續朝著我們在投資者日設定的財務目標邁進，我們已為持續的長期成長做好了準備。

Once again, I want to thank the coherent team for all their hard work and dedication. I couldn't be more proud of my teammates and their laser focused on unlocking the full potential of the company. I'll now turn the call over to our CFO, Sherri Luther.

我要再次感謝團隊的辛勤工作和奉獻精神。我為我的隊友以及他們專注於釋放公司全部潛力的努力感到無比自豪。現在我將把電話轉給我們的財務長謝裡路德 (Sherri Luther)。

Thank you, Jim. We are pleased with our full year 2025 results. We drove strong double-digit revenue growth, significant gross margin expansion, and improved profitability. We increased our cash from operations, enabling us to significantly pay down our outstanding debt and further strengthen our balance sheet. Let me now provide a summary of our results.

謝謝你，吉姆。我們對 2025 年全年業績感到滿意。我們實現了強勁的兩位數收入成長、大幅的毛利率擴張和獲利能力的提高。我們增加了經營現金流，使我們能夠大幅償還未償債務，並進一步加強我們的資產負債表。現在讓我總結一下我們的研究結果。

Fourth quarter revenue was a record $1.53 billion, up 2% sequentially from the third quarter, and up 16% year over year, driven by growth in AI data center demand, coupled with a continuing recovery in telecom. Full year 2025 revenue was a record $5.81 billion, up 23% from 2024. Revenue growth for the full year 2025 was driven by growth in both AI data center demand as well as telecom.

第四季營收達到創紀錄的 15.3 億美元，較第三季季增 2%，年增 16%，這得益於人工智慧資料中心需求的成長以及電信業的持續復甦。2025 年全年營收將達到創紀錄的 58.1 億美元，較 2024 年成長 23%。2025 年全年營收成長受到人工智慧資料中心需求和電信成長的推動。

Our Q4 non-GAAP gross margin was 38.1%, down 43 basis points compared to the prior quarter and was up 220 basis points compared to the year ago quarter. The sequential decline in gross margin was primarily driven by unfavorable foreign exchange in Q4, which was partially offset by benefits from our gross margin expansion strategy with improvements in both pricing optimization as well as cost reductions.

我們第四季的非公認會計準則毛利率為 38.1%，較上一季下降 43 個基點，比去年同期上升 220 個基點。毛利率環比下降主要由於第四季度外匯不利，但我們的毛利率擴張策略帶來的好處（包括定價優化和成本降低方面的改善）部分抵消了這一下降。

Our non-GAAP gross margin for the full year 2025 was 37.9%, up 358 basis points from 2024. The improvements and non-GAAP gross margin for the full year 2025 were driven by our gross margin expansion strategy, where we saw improvements in both pricing optimization as well as cost reductions offset somewhat by unfavorable mix and foreign exchange.

我們 2025 年全年的非 GAAP 毛利率為 37.9%，較 2024 年成長 358 個基點。2025 年全年的改善和非 GAAP 毛利率是由我們的毛利率擴張策略推動的，在該策略中，我們看到價格優化和成本降低均有所改善，但不利的產品組合和外匯因素在一定程度上抵消了這一改善。

Cost reductions included lower manufacturing costs as well as yield improvements. Fourth quarter non-GAAP operating expenses were $307 million compared to $297 million in the prior quarter and $269 million in the year ago quarter.

成本降低包括降低製造成本以及提高產量。第四季非公認會計準則營運費用為 3.07 億美元，而上一季為 2.97 億美元，去年同期為 2.69 億美元。

The increases were primarily in R&D, driven by increased investments in our product portfolio, in particular in data center and communications. 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.

成長主要來自研發，這得益於我們對產品組合（尤其是資料中心和通訊領域）的投資增加。我們將繼續專注於對投資報酬率最高的項目進行研發投入，同時提高銷售、一般及行政費用的效率和槓桿率。

Non-GAAP operating expenses for the full year 2025 increased to $1.17 billion from $998 million in 2024. Primarily driven by increased investments in our product portfolio, as well as variable compensation. Our fourth quarter non-gap operating margin was 18% compared to 18.6% in the prior quarter and 15.4% in the year ago quarter.

2025 年全年非公認會計準則營運費用從 2024 年的 9.98 億美元增至 11.7 億美元。主要原因是我們對產品組合的投資增加以及浮動薪酬增加。我們第四季的非差距營業利潤率為 18%，而上一季為 18.6%，去年同期為 15.4%。

Our non-GAAP operating margin for the full year 2025 was 17.8%, up 472 basis points from 2024. Fourth quarter non-GAAP earnings per diluted share was $1 compared to $0.91 in the prior quarter and $0.51 in the year ago quarter. Non-GAAP diluted earnings per share for the full year 2025 was $3.53 compared to $1.21 for the full year 2024. This represents a 191% year over year growth.

我們 2025 年全年的非 GAAP 營業利潤率為 17.8%，比 2024 年成長 472 個基點。第四季非公認會計準則每股攤薄收益為 1 美元，而上一季為 0.91 美元，去年同期為 0.51 美元。2025 年全年非公認會計準則每股攤薄收益為 3.53 美元，而 2024 年全年為 1.21 美元。這意味著同比增長 191%。

We paid down $51 million in debt during the quarter using cash from operations. This brings our fiscal 2025 total debt payments to $437 million nearly two times the amount of debt payments made in fiscal 2024. This significant increase in debt payments has reduced our debt leverage ratio to 2 times down from 2.5times as defined in the credit agreement at the end of 2024.

我們在本季利用經營現金償還了 5,100 萬美元的債務。這使得我們 2025 財年的總債務償還達到 4.37 億美元，幾乎是 2024 財年債務償還額的兩倍。債務償還的大幅增加使我們的債務槓桿率從 2024 年底信貸協議中定義的 2.5 倍降至 2 倍。

As Jim noted, we plan to use the proceeds from the sale of the aerospace and defense business to further reduce our interest expense by paying down additional debt, which will be immediately accretive to our EPS. For reference, this sale will result in coherent exit from 10 sites and will reduce our employee count by approximately 550 employees that will remain with the A&D business.

正如吉姆指出的那樣，我們計劃利用出售航空航太和國防業務的收益來償還額外債務，進一步降低我們的利息支出，這將立即增加我們的每股盈餘。作為參考，此次出售將導致 10 個站點的一致退出，並將減少約 550 名員工，這些員工仍將留在 A&D 業務部門。

Over the past four quarters, this business contributed average quarterly revenue of approximately $50 million with a gross margin below coherence average gross margin. We view this sale as a very positive outcome for shareholders, as exiting this business will meaningfully streamline our portfolio, allow us to accelerate the pay down of our debt, increase our profitability, and focus our investments in the areas that enhance shareholder value.

在過去四個季度中，該業務平均每季貢獻約 5,000 萬美元的收入，毛利率低於平均毛利率。我們認為此次出售對股東來說是一個非常積極的結果，因為退出該業務將顯著簡化我們的投資組合，使我們能夠加快償還債務，提高盈利能力，並將我們的投資集中在能夠提高股東價值的領域。

I will now turn to our guidance for the first quarter of fiscal 2026. We expected the sale of our aerospace and defense business to close this quarter. As a result, our outlook excludes approximately $20 million in aerospace and defense revenue that we expect will occur after we close the sale.

現在我將談談我們對 2026 財年第一季的指導。我們預計航空航天和國防業務的出售將於本季完成。因此，我們的預期不包括我們預計在完成出售後將產生的約 2000 萬美元的航空航太和國防收入。

We expect revenue to be between $1.46 billion and $1.6 billion. We expect non-GAAP gross margin to be between 37.5% and 39.5%. We expect total operating expenses of between $290 million and $310 million on a non-GAAP basis.

我們預計營收將在 14.6 億美元至 16 億美元之間。我們預計非公認會計準則毛利率在 37.5% 至 39.5% 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。

We expect the tax rate for the quarter to be between 18% and 22% on a non-GAAP basis. We expect EPS of between $0.93 and $1.13 on a non-GAAP basis. In summary, I'm very pleased with the progress we have made in Q4 and throughout fiscal 2025. We are excited about the year ahead and remain focused on executing to our financial target model that we laid out at our investor day earlier this year. That concludes my formal comments. Operator, please open the call for Q&A.

我們預計本季的非公認會計準則稅率在 18% 至 22% 之間。我們預計非 GAAP 基礎上的每股盈餘將在 0.93 美元至 1.13 美元之間。總而言之，我對我們在第四季和整個 2025 財年的進展感到非常滿意。我們對未來的一年充滿期待，並將繼續專注於執行我們在今年早些時候投資者日上製定的財務目標模型。我的正式評論到此結束。接線員，請打開電話問答。

Thank you. Ladies and gentlemen, we will now begin the question and answer session.

謝謝。女士們、先生們，我們現在開始問答環節。

(Operator Instructions) Sami Chatterjee, JP Morgan.

（操作員指示） 摩根大通的薩米‧查特吉 (Sami Chatterjee)。

Hi, thanks for taking my questions. Jim, maybe I can start on the data center side, and, if I'm doing based on a new segmentation, you have pretty strong results in this fourth quarter with 40% year uro your growth and revenue. How should we think about.

你好，謝謝你回答我的問題。吉姆，也許我可以從數據中心方面開始，如果我基於新的細分來做，那麼你們在第四季度的業績相當強勁，增長和收入同比增長了 40%。我們應該如何去思考。

Growth outlook for the next fiscal year. I mean we've seen all the hyperscalars increase their capital spending plans as well. So any color you can provide in terms of sort of the growth rates or how you think about the outlook for the data center business and fiscal '26, and then I will follow up please.

下一財年的成長前景。我的意思是，我們已經看到所有超標量公司也增加了其資本支出計劃。因此，您可以提供一些關於成長率的詳細信息，或者您如何看待資料中心業務和 26 財年的前景，然後我會跟進。

Yeah, thanks Ami for the question. So yeah, looking back at fiscal '25, really pleased with the growth that we saw in data center and communications, and again that's a combination of data center and, communications is our traditional telecom business plus DCI. But if you look at the the prior year we saw 50% growth full year and the most recent quarter in the June quarter we saw 5% sequential growth and almost 40% growth year over year and very pleased with that growth data center portion of that was the fastest growing in full year over 60% so really strong growth and I want to thank the team. For the great execution over the prior year looking forward, we continue to see really strong.

是的，感謝 Ami 提出這個問題。所以，是的，回顧 25 財年，我們對資料中心和通訊領域的成長感到非常高興，這又是資料中心和通訊的結合，是我們的傳統電信業務加上 DCI。但如果你看看去年，我們看到全年增長了 50%，而最近一個季度，即 6 月份，我們看到了 5% 的環比增長和近 40% 的同比增長，並且對這一增長感到非常滿意，其中數據中心部分是全年增長最快的，超過 60%，所以增長非常強勁，我要感謝團隊。對於過去一年的出色表現，我們展望未來，我們將繼續看到強勁表現。

Demand signals, the combination of the backlog that we have, the ordering that we're seeing and the longer term forecast from the customers, I would say the the demand outlook is very strong. We're expecting data center and communications to be up sequentially again, this quarter. We really, we only guide the current quarter, but, we're expecting it to be up sequentially and then, beyond that, as I said, number of different. Things that are propelling our growth, a number of different drivers of the growth, I like number 1800 gig transceivers are continuing to ramp. We believe the 800 gig transceiver will grow this calendar year and next calendar year as well. And then we're really pleased to see the start of 1.6T revenue.

需求訊號、我們現有的積壓訂單、我們看到的訂單以及客戶的長期預測，我認為需求前景非常強勁。我們預計本季資料中心和通訊業務將再次連續成長。我們確實只指導當前季度，但是，我們預計它會環比上升，然後，除此之外，正如我所說的，還會有不同數量。推動我們成長的因素有很多，有很多不同的成長驅動力，例如 1800 千兆收發器的數量正在持續增加。我們相信 800 千兆收發器今年和明年都會成長。我們非常高興看到 1.6T 收入的開始。

So we had initial revenue shipments of our 1.60 transceivers. In the prior quarter and we expect that to ramp through the rest of this calendar year and into next calendar year on top of that again really pleased to see OCS initial revenue for our optical circuit switch. Initial revenue began last quarter. We expect again that to continue to ramp through the rest of this calendar year into next.

因此，我們的 1.60 收發器首次實現了出貨量盈利。在上一季度，我們預計這一數字將在今年剩餘時間和明年繼續成長，此外，我們非常高興看到 OCS 光纖電路交換器的初始收入。初始收入始於上個季度。我們再次預計，今年剩餘時間到明年，這一數字將繼續上升。

And then we did see accelerated an acceleration of growth in the communications part of our business in the most recent quarter where grew double digits sequentially, and we're seeing very strong demand in the DCI portion of the market, the data center interconnect, and that's specifically around our.

然後，我們確實看到我們業務的通訊部分在最近一個季度加速成長，環比成長了兩位數，我們看到市場對 DCI 部分、資料中心互連的需求非常強勁，這特別圍繞著我們。

ZR ZR plus products we have a very nice lineup of products there, so a number of different growth areas that we see ahead of us. So we're really quite excited about the year and the growth ahead of us and certainly also driving capacity expansion to meet that those demand signals, including not just the capacity of assembly and test but also the key ingredients like indium phosphide but. Yeah, I would say we're really excited about the growth ahead of us in data center and coms.

ZR ZR plus 產品我們擁有非常好的產品陣容，因此我們看到了許多不同的成長領域。因此，我們對今年和未來的成長感到非常興奮，當然也會推動產能擴張以滿足這些需求訊號，不僅包括組裝和測試的能力，還包括磷化銦等關鍵成分。是的，我想說我們對資料中心和通訊領域未來的成長感到非常興奮。

Got it. And maybe for my follow up, I did want to, ask about your progress or ramp on the 6 inch indium phosphide, platform in Sherman, Texas. I mean, maybe if you can give us a, update on how the ramp is going on that front and, how, what are you seeing from customers in relation to interest in the US manufacturing that you have in particularly what does the announcement with Apple mean in terms of incremental revenue or revenue opportunities any color on that front as well. Thank you.

知道了。也許為了跟進，我確實想詢問一下你們在德克薩斯州謝爾曼 6 英寸磷化銦平台上的進展或進展。我的意思是，也許您能給我們介紹一下這方面的進展情況，以及您從客戶那裡看到對美國製造業的興趣如何，特別是蘋果公司的聲明在增量收入或收入機會方面意味著什麼，這方面有什麼特點嗎？謝謝。

Yeah, thanks, Samik. I'll start with the 6 inch Indian phosphide in Sherman. Yeah, we we view this as a really big milestone. So this month in August is when we began production of that new 6-inch indium phosphide line in Sherman. We believe this is the world's first 6 inch indium phosphide production. And it'll, start this quarter but obviously ramp over the coming quarters. This is a big benefit to us in two ways, both capacity obviously on a larger wafer size we get a significant increase in capacity, but also we expect a significant cost structure advantage and so as we fully ramp that that capacity.

是的，謝謝，薩米克。我將從謝爾曼的 6 英寸印度磷化物開始。是的，我們認為這是一個非常重要的里程碑。因此，我們在八月開始在謝爾曼生產新的 6 吋磷化銦生產線。我們相信這是世界上第一個6吋磷化銦生產。它將在本季度開始，但顯然會在接下來的幾個季度中加速發展。這對我們來說有兩個很大的好處，一方面，顯然，在更大的晶圓尺寸上，我們的產能會顯著增加，另一方面，隨著我們全面提升產能，我們預計成本結構也會有顯著的優勢。

The both the ability to to just drive higher volume but lower cost structure is a big advantage for that so we're really excited about that and looking forward to that ramp more generally as as you asked about the US manufacturing footprint, this is, I would characterize this is certainly part of a broader strategy to invest in US based manufacturing. I think if you step back.

既能提高產量，又能降低成本結構，這是一個很大的優勢，所以我們對此感到非常興奮，並期待著更全面的增長，正如您所問到的美國製造業足跡，我認為這肯定是投資美國製造業更廣泛戰略的一部分。我認為如果你退後一步。

The company looking over the last few years, the company has done a really great job of building a tremendous amount of resiliency and flexibility into our supply chain, both in terms of our geographic diversity of supply but also the strategic vertical integration of of strategic components but on the geographic.

回顧過去幾年，公司在建立供應鏈的巨大彈性和靈活性方面做得非常出色，不僅體現在供應的地理多樣性方面，還體現在戰略部件的戰略垂直整合方面，但只體現在地理方面。

Diversity of supply, one of the main pillars of that has been a strong US manufacturing presence. We have over 20 sites across the US, across 13 different states, and that employs thousands of employees. And so we're continuing to invest in US manufacturing. We view this as a competitive advantage.

供應多樣化，其主要支柱之一是強大的美國製造業影響力。我們在美國 13 個不同的州擁有 20 多個站點，並僱用了數千名員工。因此我們將繼續投資美國製造業。我們認為這是一種競爭優勢。

We hear that all the time from our top strategic customers. They view our supply chain resiliency, the US manufacturing footprint. As a key competitive advantage and I think a great proof point was some you asked about the recent Apple partnership that we announced. This is a great proof point. This is one of I would say many large strategic customers that view that that US manufacturing footprint or the specific. Plant in Sherman is a strategic advantage and we're really pleased with that expansion of our partnership with Apple.

我們經常從我們的頂級策略客戶那裡聽到這樣的話。他們關注我們的供應鏈彈性和美國製造業的足跡。作為一項關鍵的競爭優勢，我認為一個很好的證明點就是你們問到的我們最近宣布的與蘋果的合作關係。這是一個很好的證明點。我想說，許多大型策略客戶都認為美國製造業的足跡或具體性是這樣的。謝爾曼工廠具有戰略優勢，我們對與蘋果的合作擴大感到非常高興。

I think you asked about revenue, the revenue from that expanded partnership. We expect that to kick in in the second half of next calendar year, but, I think it just, it's a proof point of that our strong presence in US manufacturing and. And our, commitment to continuing to build our supply chain resiliency and US manufacturing presence.

我想您問的是收入，也就是擴大夥伴關係帶來的收入。我們預計這將在明年下半年開始生效，但我認為這只是證明了我們在美國製造業的強大影響力。我們致力於持續增強我們的供應鏈彈性和美國製造業影響力。

Okay. Thank you. Thanks for taking my questions.

好的。謝謝。感謝您回答我的問題。

Thank you. Simon Leopold, Raymond James.

謝謝。西蒙李奧波德、雷蒙詹姆斯。

Thank you very much for taking the question. First thing I wanted to see if I could get a understanding of what product categories or segments might be down sequentially at the midpoint of your guidance, and I appreciate you, you've highlighted the 20 million for the aerospace sale, but apart from that. It sounds like there's a number of things going well, so I'm trying to make sure I capture what might be down sequentially from the from the June quarter and then I've got a quick follow up. I'll ask now is, you talked about generating some revenue from the OCS. Could you tell us a little bit about your pipeline and the thoughts on the trajectory for that product line?

非常感謝您回答這個問題。首先，我想看看我是否可以了解哪些產品類別或細分市場可能會在您的指導中期連續下降，我很感激您，您強調了航空航天銷售的 2000 萬美元，但除此之外。聽起來很多事情都進展順利，所以我試著確保能夠掌握自六月季度以來可能連續下降的情況，然後我會進行快速跟進。我現在要問的是，您談到了從 OCS 產生一些收入。您能否向我們介紹一下您的產品線以及對該產品線發展軌蹟的想法？

Thank you.

謝謝。

Yeah, thanks Simon. On the first part of the question, so as I mentioned, we expect data center and communications up sequentially. We will, we expect our industrial related markets to be down sequentially. Part of that is the 20 million that Sherri mentioned that we $20 million in revenue that we took out of the guidance, assuming the transaction closes sometime during this quarter. If you set that aside sort of on a pro forma basis, I would say we expect industrial to be flat to down sequentially.

是的，謝謝西蒙。關於問題的第一部分，正如我所提到的，我們預計資料中心和通訊將依次上升。我們預期工業相關市場將持續下滑。其中一部分是謝裡提到的 2000 萬美元，假設交易在本季某個時候完成，我們從指導中拿出了 2000 萬美元的收入。如果你以準備考試的方式將其放在一邊，我會說我們預計工業將保持平穩或連續下降。

We, we're taking a bit of a cautious view on the broad-based industrial market, just given the macroeconomy, uncertainty around tariffs, we're just taking a little bit more of a cautious view of that business and that end market. Now that said, that's a very near term comment.

我們對廣泛的工業市場持謹慎態度，考慮到宏觀經濟、關稅的不確定性，我們對該業務和終端市場持更謹慎的態度。話雖如此，這只是一個非常近期的評論。

Over the long term, we still believe that the industrial segments represent a really good growth opportunity for the company, and I would highlight that if you look at last year fiscal '25, our industrial segment, if you set aside the silicon carbide headwind that we had last year.

從長遠來看，我們仍然相信工業領域對公司來說是一個非常好的成長機會，我想強調的是，如果你看看去年 25 財年，我們的工業領域，如果你拋開去年我們遇到的碳化矽逆風。

We saw some nice growth in our industrial segment, especially in our industrial lasers. So over the long term we expect industrial to continue to be a good growth area for the company across things like semi cap equipment, display capital equipment, but near term more of a cautious view on that market.

我們的工業領域取得了良好的成長，尤其是工業雷射。因此，從長期來看，我們預期工業領域將繼續成為公司在半導體設備、顯示器資本設備等領域的良好成長領域，但短期內對該市場持更謹慎的看法。

And then the second part of the question I think was on OCS, pipeline, yeah, I would say the OCS pipeline is very healthy. We are, we're really pleased with the initial revenue generation in the prior quarter. The customer, engagement I would call very strong across multiple customers and, we're, yeah, we're very excited about the ramp of this, product, we are adding capacity to support the ramp of this product as fast as we can, based on the demand outlook that we're getting, and the orders that we're getting from our customers. Thank you.

然後我認為問題的第二部分是關於 OCS 管道的，是的，我想說 OCS 管道非常健康。我們對上一季的初始收入感到非常滿意。我認為客戶參與度在多個客戶中非常高，是的，我們對這款產品的產量提升感到非常興奮，我們正在根據我們得到的需求前景和從客戶那裡得到的訂單，盡快增加產能以支持這款產品的產量提升。謝謝。

Thank you. Thank you. George Notter, Wolfe Research.

謝謝。謝謝。喬治·諾特（George Notter），沃爾夫研究公司。

Hi guys, thanks very much. I guess I wanted to come back to the Apple relationship. I guess I'm just curious how much incremental revenue is in the offing from that relationship. If I look back, obviously, there was, a step down in the Apple business going back a couple of years ago. It was pretty significant for the company. I guess I'm wondering, if you've been able to kind of build in anything contractually that gives you more certainty of that run rate on a go forward basis.

大家好，非常感謝。我想我想重新與蘋果建立合作關係。我想我只是好奇這段關係能帶來多少增量收入。如果我回顧一下，顯然，幾年前蘋果的業務就出現了下滑。這對公司來說意義重大。我想知道，您是否能夠以合約形式建立任何內容，讓您對未來的運行率更加確定。

Yeah thanks George. Yeah, we feel really good about that expansion. I would I would describe it as an expansion of the partnership. It's a new generation of pixels that go into Apple iPad and iPhones, and, we do see that as as an increase in in revenue that'll start to. That'll start to have impact to our revenue in the second half of next calendar year, so second half of '26, but, yeah, we see it and this is a multi-year partnership and I think a really good healthy partnership between the two companies.

是的，謝謝喬治。是的，我們對這次擴張感到非常高興。我會將其描述為合作夥伴關係的擴展。這是蘋果 iPad 和 iPhone 所採用的新一代像素，我們確實認為這將會帶來營收的成長。這將在明年下半年，也就是 26 年下半年開始對我們的收入產生影響，但是，是的，我們看到了這一點，這是一個多年的合作夥伴關係，我認為兩家公司之間是一個非常良好健康的合作夥伴關係。

We do have a long history of working with Apple and really pleased to see that partnership expand. And the other thing that I would note is, again, these vexels are being manufactured at our Sherman, Texas plant. That's also a great way to continue to grow that plant and to make sure that plant is fully utilized so it provides a great sort of underlying foundation of business, for that plant as we ramp other products in that plant as well, like the indium phosphide capacity that I talked about earlier, and. As I mentioned earlier as well, again, I think this is just a great proof point of the importance of our US manufacturing footprint.

我們與 Apple 有著長期的合作歷史，很高興看到這種合作關係不斷擴大。另外我想指出的是，這些 vexels 是在我們位於德克薩斯州謝爾曼的工廠生產的。這也是繼續發展該工廠並確保該工廠得到充分利用的好方法，從而為該工廠提供良好的業務基礎，因為我們也會在該工廠增加其他產品的產能，例如我之前提到的磷化銦產能等。正如我之前提到的，我認為這再次證明了我們在美國製造業足跡的重要性。

Just as a quick follow up. Is there any sense for what your market share would look like in Apple on a 3Dens basis? And then also, do you have to make capital investments in Sherman? Is that something that Apple would help you with, or is that fully on coherent? Thanks a lot.

只是作為快速跟進。以 3Dens 為基礎，你們在 Apple 的市佔率會是多少？另外，您是否必須對謝爾曼進行資本投資？蘋果會幫助你實現這一點嗎，還是說這是完全一致的？多謝。

Yeah, on the first we do have a sense of the share, we'll probably, share more details about that as we could just get closer to the ramps so I would say stay tuned on that and we'll provide sort of more thoughts on the size and the rate and the pace of that ramp as we get closer to the second half of '26 and then on capital I think it's yeah it's a it's a.

是的，首先，我們確實對份額有所了解，隨著我們越來越接近增長坡度，我們可能會分享更多細節，所以我想請繼續關注這一點，隨著我們接近 26 年下半年，我們將對坡度的規模、速率和速度提供更多的想法，然後在資本方面，我認為是的，是的。

There's a little bit of incremental capital that we would be, providing, but, to support that business. Thank you.

我們會提供一點增量資本來支持該業務。謝謝。

Thank you. Blaine Curtis, Jefferies.

謝謝。布萊恩·柯蒂斯，傑富瑞。

Hi, Ezra we know I'm for Blaine. Thanks for taking my question. I guess the first one would be on the OCS competitive landscape. I know you guys talk about the liquid crystal versus mechanical. Can you talk a little bit about what that is from a, performance benefit and what that means for cost for your customer?

嗨，埃茲拉，我們知道我支持布萊恩。感謝您回答我的問題。我想第一個問題是關於 OCS 競爭格局。我知道你們正在討論液晶與機械的比較。您能否從效能優勢的角度稍微談談這是什麼意思，以及這對您的客戶的成本意味著什麼？

Yeah, thanks Ezra. The, yeah, first of all, let me just describe the the technology difference. So if you look at what's been deployed sort of historically around optical circuit switching, it's been based on mems technology, which is inherently mechanical technology.

是的，謝謝埃茲拉。是的，首先，讓我描述一下技術差異。因此，如果你看一下歷史上在光路交換方面部署的情況，你會發現它是基於微機電系統 (MEMS) 技術，而微機電系統本質上是一種機械技術。

Our technology is digital liquid crystal, and this is a technology that we've used for years in our telecom. Business, and what we've done is we've taken that technology and repurposed it for optical circuit switch and because it's a non-mechanical technology, it has a much higher, reliability. And as you can imagine in a data center, an AI data center, reliability is an incredibly important attribute to our customers so it is much higher reliability and the the performance is very good, performance is meeting the specs of our customers and, so that's why we're seeing, I would say again very strong engagement across multiple customers and we're really excited about the ramp of of this product.

我們的技術是數位液晶，這是我們在電信領域使用多年的技術。商業，我們所做的就是採用該技術並將其重新用於光路開關，因為它是一種非機械技術，因此可靠性更高。你可以想像，在資料中心，人工智慧資料中心，可靠性對我們的客戶來說是一個非常重要的屬性，因此它的可靠性要高得多，性能也非常好，性能滿足客戶的規格，這就是為什麼我們看到，我想再次說，多個客戶之間的互動非常密切，我們對這款產品的增長感到非常興奮。

Got it, thank you. Then, the second one would be you talked about, initial 1.60 shipments and that 800g is going to ramp this year next year. Can you talk a little bit more about what you're seeing from a supply demand perspective on that as your capacity ramps and also a little bit more about what you're internally sourcing from a laser perspective versus externally sourcing.

知道了，謝謝。然後，第二個就是您談到的，最初的 1.60 出貨量和 800g 將於今年和明年增加。您能否從供應需求的角度詳細談談隨著產能提升您所看到的情況，以及從雷射角度內部採購與外部採購的情況。

Okay. On the first part of the discussion, the way to, I think the way to think about it is if you start with the 800 gig ramp, the 800 gig is obviously growing this calendar year versus prior. We expect 800 gig to grow again next calendar year, and that's ramping very quickly. And then on top of that 1.60 we believe starts to ramp on top of that 800 gig ramp we saw initial revenue.

好的。在討論的第一部分，我認為思考的方式是，如果你從 800Gig 的成長開始，那麼今年的 800Gig 顯然會比去年有所成長。我們預計明年將再次成長 800G，而且成長速度非常快。然後，我們相信，在 1.60 的基礎上，在 800 千兆的成長基礎上，我們將開始獲得初始收入。

In the prior quarter, we expect that revenue to grow over the coming quarters and the model for how to think about how the transitions or how the ramp happens over time. I'd refer you back to our investor day in May. We shared a multi-year model of how we view the transitions and the layering of the different speeds and how that, applies to the overall growth.

在上一季度，我們預計未來幾季的營收將會成長，並且我們建立了一個模型來思考如何實現轉型或如何隨著時間的推移而實現成長。我建議您回顧我們五月的投資者日。我們分享了一個多年模型，說明了我們如何看待不同速度的轉變和分層，以及它如何應用於整體成長。

We shared that our investor day in May, so I take a look at that, but, the short version is to think about 800 gig continuing to ramp, into next year and 1.6 ramping on top of that. On the second part of your question. Around capacity and laser, we're certainly ramping our capacity to meet the demand signals that we're seeing for both 800 gig as well as 1.60.

我們在 5 月的投資者日上分享了這一點，所以我對此進行了研究，但簡而言之，我們認為明年將繼續增加 800 千兆字節，在此基礎上增加 1.6 千兆位元組。關於你問題的第二部分。在容量和雷射方面，我們肯定會提高容量以滿足我們看到的 800 千兆和 1.60 的需求訊號。

That's a combination of us ramping our assembly and test but also ramping the internal the ingredients that go into that transier things like laser capacity, which is indium phosphide. That's why I mentioned on the prepared remarks, why it's an important milestone that we hit production of indium phosphide 6 inch in this August month, and we're ramping it from here.

這是我們加強組裝和測試的結合，同時也加強了構成雷射容量等電晶體內部成分（即磷化銦）的結合。這就是為什麼我在準備好的發言中提到，為什麼我們在今年 8 月實現 6 英寸磷化銦產量是一個重要的里程碑，並且我們將從現在開始增加產量。

And then in terms of the mix of internal versus external laser, I think that was the last part of your question. We use a mix today, and I would anticipate continuing to use a mix of internal and external. Today over half of our, transceivers, ship with EML lasers, and over half of those EML-based transceivers are internally sourced EMLs and that gives you a rough sense of the breakdown, but we believe we'll continue to use a mix of both internal and externally sourced, lasers. Got it thank you.

然後，關於內部雷射和外部雷射的混合，我想這是你問題的最後一部分。我們今天使用混合方法，我預計將繼續使用內部和外部的混合方法。如今，我們超過一半的收發器都配備了 EML 雷射器，而這些基於 EML 的收發器中超過一半是內部來源的 EML，這可以讓您大致了解其細分情況，但我們相信我們將繼續使用內部和外部來源雷射的混合方案。明白了，謝謝。

Thank you. Vivek Arya, Bank of America Securities.

謝謝。Vivek Arya 的美國銀行證券。

Thank you for taking my question. So the first one, Jim, I realized this is a little bit more short term oriented, but when I look at your data center and communication segment. Sequential growth rate has gone from 9% in March to 5% in June, and I think your, September implied is probably at or somewhat below this number even though you're starting to ramp 1.60 and and OCS, so what is the right way to interpret, right, this kind of, somewhat, slow down because when I look at the deployment of AI clusters, they seem to be accelerating in in the back half and you know one of your closest peers, got it to double digit. Sequential, growth. So how would you address that pushback and do you think the sequential growth rates can start to re-accelerate at at some point?

感謝您回答我的問題。所以第一個問題，吉姆，我意識到這有點更注重短期，但是當我查看你的資料中心和通訊部分時。連續成長率從 3 月的 9% 下降到 6 月的 5%，我認為 9 月的隱含成長率可能等於或略低於這個數字，儘管你開始提高 1.60 和 OCS，那麼正確的解釋方式是什麼，對吧，這種有點放緩的速度，因為當我查看 AI 集群的部署時，它們似乎在後半段加速了數兩位同級的同行。連續，增長。那麼，您將如何應對這種阻力？您是否認為連續成長率會在某個時候開始重新加速？

Yeah, thanks for that. I, on a quarter to quarter basis, the sequential growth rates, can fluctuate quarter to quarter based on, lumpiness of demand from our customers or, our supply or capacity related, things. So but I think, if you look over the full year of fiscal '25, I'm quite pleased with our growth in data center for full year. We saw over 60% growth and even faster growth in the higher the higher speed data rates, and we believe over that fiscal 25, we gain share over that fiscal '25, so we feel good about the fiscal '25.

是的，謝謝。我認為，以季度計算，連續成長率可能會根據客戶需求的波動或與供應或產能相關的因素而逐季度波動。所以，但我認為，如果你回顧 25 財年全年，我對我們全年資料中心的成長感到非常滿意。我們看到了超過 60% 的成長率，隨著數據速率的提高，成長率還會更快，我們相信在 25 財年，我們的市佔率將會增加，因此我們對 25 財年充滿信心。

Results and as I said, looking forward into the current fiscal year again we see we see a very strong demand ahead of us and a number of different, growth factors 800GB, 1.60 we talked about OCS as well. As well as seeing very strong demand in our DCI segment, so we feel good about the growth ahead of us and certainly making sure that we've got all the the capacity in place to meet that those demand signals.

結果，正如我所說，展望本財年，我們再次看到我們面臨非常強勁的需求，以及許多不同的成長因素，800GB，1.60，我們也談到了OCS。由於我們的 DCI 部門需求非常強勁，因此我們對未來的成長充滿信心，並確保我們擁有滿足這些需求訊號的所有產能。

Right, and for my follow up, maybe one on gross margins, I think you mentioned there was some FX headwid in Q4 if you could, perhaps quantify how much that impacted gross margin. Are you assuming any headwind in. 11 and then as we look out into fiscal '26 and you know you look at the rand you might have with Apple and just obviously the continued growth in in transceivers, do you think that there is a chance that go ahead and get towards that, 40% gross margin that, many have been expecting for a while, or is there a different mix that we should keep in mind as the model gross margins for the fiscal year? Thank you.

好的，對於我的後續問題，也許是關於毛利率的問題，我想您提到第四季度出現了一些外匯逆差，如果可以的話，也許可以量化一下這對毛利率的影響有多大。您是否認為 11 財年會面臨任何不利因素？然後，當我們展望 26 財年時，您知道您可能會看到蘋果的蘭特，而且顯然收發器會繼續增長，您是否認為有機會繼續實現 40% 的毛利率，這是許多人一直期待的，或者是否有其他組合我們應該牢記作為財年模型毛利率的目標？謝謝。

I'll take that question. So the sequential decline in gross margin, was due to FX unfavorable FXs during the quarter, that was somewhat offset by, pretty good contributions, benefits from our gross margin expansion. Strategy so cost reductions as well as pricing optimization. In fact, I'm really pleased with the progress that we've made on cost reductions and pricing optimization. In fact, if not for the headwinds from FX, our gross margin would have exceeded the high end of our guide for the quarter.

我來回答這個問題。因此，毛利率的連續下降是由於本季外匯匯率不利，但這在一定程度上被我們毛利率擴大帶來的相當不錯的貢獻所抵銷。因此制定策略來降低成本並優化價格。事實上，我對我們在降低成本和優化價格方面取得的進展感到非常高興。事實上，如果不是外匯方面的不利因素，我們的毛利率將會超過本季指引值的高端。

So I'm really pleased with the progress that we've made to date on our gross margin expansion initiatives, a little bit more color in terms of where those came from, on cost reductions we had improvements in yield, we had improvements in manufacturing processes that that generated benefits and on pricing optimization we saw improvements in, our lasers business as well as our data com business. So really good results there and then in terms of you had mentioned about.

因此，我對我們迄今為止在毛利率擴張計劃方面取得的進展感到非常滿意，這些進展的來源更加詳細，在降低成本方面，我們提高了產量，我們在製造流程方面取得了改進，從而產生了效益，在定價優化方面，我們的激光業務以及數據通信業務都取得了進步。所以，正如您所提到的那樣，那裡確實取得了很好的結果。

Our Q1 guide in terms of FX, and that's really the guide is based upon the best information that we have right now. I'm not expecting it to be material, but it's based on the best information that we have right now. I think frankly, the FX facts that we saw during the quarter are, all-time weaknesses of the of the USB versus a few different currencies that hasn't occurred in a number of years, so I don't expect, that to be a material impact in the next quarter in Q1. And then you also asked about Apple and the impacts of gross margin there. I would expect that to certainly benefit our gross margin.

我們第一季的外匯指南實際上是基於我們目前掌握的最佳資訊。我並不期望它會成為實質的內容，但它是基於我們目前掌握的最佳資訊。坦白說，我認為我們在本季度看到的外匯事實是，英鎊兌幾種不同貨幣的匯率一直處於疲軟狀態，這種情況多年來從未發生過，因此我預計這不會對下一季或第一季產生重大影響。然後您也詢問了蘋果及其毛利率的影響。我希望這肯定會有利於我們的毛利率。

The arrangement I'm really pleased with the arrangement that we have with Apple, and that will certainly benefit our gross margin going forward. And then I think the other last part of your question was on our, will we be able to get to our long term target model. Which we put out earlier this year in May of greater than 42% and so I'm very confident that we'll be able to achieve the long-term target model, again, the improvements that we've made.

我對我們與蘋果達成的協議感到非常滿意，這肯定會有利於我們未來的毛利率。然後我認為你問題的最後一部分是關於我們是否能夠實現我們的長期目標模型。我們在今年 5 月初提出的目標超過 42%，因此我非常有信心我們能夠實現長期目標模型，再次證明我們已經取得的改進。

During Q4 and frankly for the full fiscal year of 2025 where our gross margin improved 360 basis points, that's pretty good. I'm really pleased with that and there's certainly more to come. I consider us to still be in the early stages of this initiative, and it will be ongoing and the timing of, these, when the impacts or in terms of the benefits when they will kick in, that can vary on a quarterly basis, but I feel very confident in our long term target model.

在第四季以及整個 2025 財年，我們的毛利率提高了 360 個基點，這相當不錯。我對此感到非常高興，並且肯定還會有更多。我認為我們仍處於該計劃的早期階段，它將持續進行，其影響或效益何時顯現可能會每個季度有所不同，但我對我們的長期目標模型非常有信心。

Thank you.

謝謝。

Thank you. Meta Marshall, Morgan Stanley.

謝謝。摩根士丹利的 Meta Marshall。

Great thanks I appreciate the question maybe a couple for me just on the, industrial lasers business, is there any geographic concentration to where the customers are that perhaps kind of make you a little bit more cautious or just kind of general caution in in industrial, production and then maybe just a second. Question on Datacom, is there any lumpiness and maybe you mentioned lumines as as a factor there, but just any design changes or things to be mindful of, even if they're kind of staying with you overall as a customer just to be mindful of that could kind of cause some of that lumpinesss thanks.

非常感謝，我很感激你提出這個問題，也許我有幾個關於工業雷射器業務的問題，客戶所在的地理集中度是否有所提高，這可能會讓您在工業、生產方面更加謹慎，或者只是一般謹慎，也許只需一秒鐘。關於 Datacom 的問題，是否存在任何不均勻性，也許您提到亮度是其中一個因素，但只是任何設計變化或需要注意的事情，即使他們作為客戶總體上與您在一起，也要注意這可能會導致一些不均勻性，謝謝。

Thanks Meta. On the first part of the question on industrial, lasers, the, I wouldn't say anything, unexpected in terms of customer concentration, that we have a wide range of customers and so those customers would be. In typical industrial bases that that you would expect right certainly a large number of customers in Europe, a big number of customers in Asia and some in North America as well and and so it's not so much around customer concentration.

謝謝 Meta。關於工業雷射問題的第一部分，就客戶集中度而言，我不會說任何出乎意料的事情，我們擁有廣泛的客戶，因此這些客戶將是。在典型的工業基礎中，您肯定會看到歐洲有大量客戶，亞洲也有大量客戶，北美也有一些客戶，因此，問題並不在於客戶集中度。

Our our caution around that business is just with with high cost of capital with still quite a bit of tariff uncertainty. Overall macroeconomic, we're just taking a more cautious view on the near term outlook of that market. Now we could be wrong and it could be better than that, but we're taking just a more cautionary stance on that.

我們對該業務的謹慎態度是，資本成本高，且關稅仍存在相當大的不確定性。就整體宏觀經濟而言，我們只是對該市場的短期前景持更謹慎的看法。現在我們可能是錯的，也可能是更好的，但我們對此採取了更謹慎的立場。

Now that said, if I look at fiscal '25, and our overall industrial business, if I set aside, we saw a significant headwind in silicon carbide, but if I set that aside. The rest of the business, I was actually quite pleased with the performance. Our industrial lasers grew year over year. In fact, our service, the service component, the recurring revenue component of our revenue actually grew faster than underlying product sales, which was great to see.

話雖如此，如果我看一下 25 財年和我們的整體工業業務，如果我把它放在一邊，我們會看到碳化矽面臨巨大的阻力，但如果我把它放在一邊。對於其餘業務的表現，我實際上非常滿意。我們的工業雷射逐年成長。事實上，我們的服務、服務部分、我們收入的經常性收入部分實際上比基礎產品銷售額的成長速度更快，這是令人高興的。

That's a key strategic focus area for us and a gross margin. Tail end, so good, performance last year we're taking a little bit more cautious view in the near term, but we still believe over the long term it's a very good growth area for the company and then I think the second question around.

這是我們的一個關鍵策略重點領域和毛利率。尾端，非常好，去年的表現我們對短期持更謹慎的看法，但我們仍然相信從長遠來看這對公司來說是一個非常好的成長領域，然後我認為第二個問題圍繞著它。

Data center and we on the you know the fluctuation of growth rates sequential growth rates quarter to quarter you know we've historically seen growth rates fluctuate quarter to quarter. We don't view that as out of the ordinary for this business.

資料中心，我們知道成長率的波動，季度環比成長率的波動，我們從歷史上看到成長率季度環比波動。我們認為這對這個行業來說並沒有什麼不尋常之處。

There certainly is with the 800 gig ramp I think you were asking about transitions going on. Certainly with the 800 gig grant there is a transition that some customers are going through from 400GB to primarily 800GB, and so there are underlying transitions that are happening, which those transitions were expected and I would call those nothing out of the ordinary.

我認為您詢問的是正在進行的轉變，因為 800 千兆的坡道肯定存在。當然，隨著 800GB 授權的實施，一些客戶正在經歷從 400GB 到 800GB 的轉變，因此正在發生一些潛在的轉變，這些轉變是意料之中的，我認為這些轉變並沒有什麼不尋常之處。

Great, thank you.

太好了，謝謝。

Thank you. Papa Sylla, Citibank.

謝謝。花旗銀行的 Papa Sylla。

Thank you for taking my question. So I guess for my first question is on DCI you seem to be kind of seeing a very strong growth there. Can you maybe touch a little bit on the nature of your customers, or any visibility on the underlying factor there is the growth kind of primarily coming from multi data center training or even more in France? And maybe part of that question is kind of any color at this point and how we should think about this DCI so with a traditional telco.

感謝您回答我的問題。所以我想我的第一個問題是關於 DCI 的，您似乎看到那裡出現了非常強勁的成長。您能否稍微談談客戶的性質，或談論成長主要來自多資料中心培訓或更多在法國的根本因素？也許這個問題的一部分是關於此時的任何顏色以及我們應該如何看待這種 DCI，以及與傳統電信公司的關係。

Thanks papa. On the first, I think that was a four part question there on the first part of the question I'll do my best to answer, yeah, we are seeing very strong demand in DCI, if I look at the communications, part of our business which is a combination of traditional telecom and DCI. We saw overall that communications up sequentially by I think about 11% in the most recent quarter, but underneath that, the DCI, even grew faster, and, that's a combination of our, for instance, our products, our [ZRZR] plus products, 100GB, 400GB, 800 gig coherent transceivers, we're seeing a really good ramp of those products.

謝謝爸爸。首先，我認為這是一個由四部分組成的問題，關於問題的第一部分，我會盡力回答，是的，我們看到 DCI 的需求非常強勁，如果我看一下通信，我們的部分業務是傳統電信和 DCI 的結合。我們看到，總體而言，最近一個季度的通訊業務環比增長了約 11%，但在此之下，DCI 的成長速度甚至更快，這是我們產品的組合，例如，我們的 [ZRZR] plus 產品、100GB、400GB、800 千兆相干收發器，我們看到這些產品的成長勢頭非常好。

We've got a really good lineup of products, very competitive, and, so we're pleased with the growth there. We're seeing, we're continuing to see very strong demand signals moving forward as well. I think you asked the second part was you asked about the customer.

我們擁有非常好的產品陣容，競爭力很強，因此我們對那裡的成長感到滿意。我們看到，我們也繼續看到非常強勁的需求訊號在向前發展。我認為您問的第二部分是有關客戶的問題。

We actually in DCI we actually have two routes to market. We sell. For instance, coherent 00 plus transceivers, and we also sell some related systems, but then we'll also sell components into other vendors as well so we have both, a sale of components and then a sale of things like transceivers. So it's kind of a dual path, to market and we're seeing strong demand I would say in both of those paths to market.

實際上，在 DCI 我們有兩種市場途徑。我們賣。例如，相干 00 plus 收發器，我們也銷售一些相關係統，但我們也會將組件銷售給其他供應商，因此我們既銷售組件，也銷售收發器等產品。因此，這是一種雙重市場路徑，而且我認為我們在這兩條市場路徑上都看到了強勁的需求。

And then in terms of the type of I think you asked about multi data center versus inference I think it's a combination of both but probably more of the demand being driven by kind of this multi data center workloads that are spanning multiple data centers and the interconnect that's required between those data centers.

然後就您詢問的多資料中心與推理的類型而言，我認為是兩者的結合，但更多的需求可能是由跨多個資料中心的多資料中心工作負載以及這些資料中心之間所需的互連所驅動的。

Yeah, I think Papa, I think I hit each part of your question.

是的，爸爸，我認為我已經回答了你的每個問題。

Yeah, absolutely, you get them all. I, I'll make sure that my follow up is a little bit shorter. I guess I was hoping on the datacom sequential growth you can pass through a little bit. Obviously 800GB plus AI was very strong, but just any sense of the 400 gig kind of demand this quarter and then moving forward.

是的，絕對如此，你全部都明白了。我，我會確保我的後續行動稍微短一點。我想我希望數據通訊的連續成長能夠稍微順利一些。顯然，800GB 加上 AI 非常強勁，但本季及以後對 400GB 的需求只是感覺如此。

Yeah, I think, we expect 800 gig demand to continue to grow sequentially this quarter. We're still seeing, I would say it is relatively strong demand on 400 gig and below. There are still a number of customers. That are using significant quantities of 400 gig and below so we think the demand there will continue to be strong here in the near term, but clearly we're transitioning the market is transitioning towards 800 gig and then as I mentioned earlier we're just starting to see revenue related to 1.60 and if, as I mentioned a little bit earlier in our at our investor day in May we gave a breakdown of the market growth over the coming years and how we view the transition in terms of the data rates, how the market will transition from 400GB to 800 to 1.60. We even have 3.2% on there and so, our view is the same as it was back in May. And I'd refer you back to the investor day for that kind of picture of the transitions we expect.

是的，我認為，我們預計本季 800Gig 的需求將持續較上季成長。我們仍然看到，我想說 400G 及以下的需求相對強勁。仍有一些顧客。他們使用了大量 400GB 及以下容量，因此我們認為短期內需求仍將保持強勁。但顯然，市場正在向 800GB 轉型。正如我之前提到的，我們剛開始看到與 1.60 相關的收入。正如我在 5 月投資者日上稍早提到的，我們對未來幾年的市場成長進行了細分，並分析了我們如何看待數據速率方面的轉型，以及市場將如何從 400GB 過渡到 800GB，再到 1.60GB。我們甚至已經佔了 3.2% 的份額，因此，我們的觀點與 5 月時相同。我建議您回顧投資者日，以了解我們預期的轉變。

Got it. Very helpful. Thank you.

知道了。非常有幫助。謝謝。

Thank you. Christopher Roland, Susquehanna.

謝謝。克里斯多福羅蘭，薩斯奎漢納。

Susquehanna, thank you very much, and, my questions are really around transceiver, so outstanding growth in transceiver, but I did have some questions about the Chinese dynamic. You have guys like in a light, upto link that are growing like 60 and 150% this year. So how do you view coherence market share, as we progress to 800 and eventually 1.6%, pricing pressure from this Chinese dynamic, and what are your specific plans to put on transceiver capacity in '26 and beyond.

薩斯奎漢納，非常感謝。我的問題確實與收發器有關，收發器的成長非常顯著，但我確實對中國的發展動態有一些疑問。你們有像 Light、Upto Link 這樣的公司，今年它們的成長率達到了 60% 到 150%。那麼，隨著我們進展到 800% 並最終達到 1.6% 的相干性市場份額，您如何看待來自中國動態的價格壓力，以及您對 26 年及以後收發器容量的具體計劃是什麼。

Yeah, thanks Chris. On the first part of the question around market share, when we look at our fiscal '25 and we look at kind of third party independent data, we believe we gain share in our fiscal '25, right? I think it's important not to look at just one single quarter but to look over a multi-quarter period, and we believe we gain share in the market overall but specifically in the higher data rate.

是的，謝謝克里斯。關於市場佔有率問題的第一部分，當我們回顧 25 財年並查看第三方獨立數據時，我們相信我們的市佔率會在 25 財年獲得成長，對嗎？我認為，重要的是不要只看一個季度，而要看多個季度，我們相信我們在整個市場上的份額會增加，特別是在更高的數據速率方面。

Transceivers and we're certainly focused on continuing to gain share moving forward. We feel like we're very well positioned competitively and that's really based on two things. Number one, the technology roadmap that we have, but also number two, the supply chain resiliency and strategy that we have on the. On the first one on the technology roadmap, we feel like we've got a great lineup of 800 gig transceivers. We demonstrated at OFC earlier this year, three different versions of 1.60 transceivers based on three different types of lasers, pixels, EMLs, and silicon photonics, and so we feel really well positioned on the technology.

收發器，我們當然專注於繼續擴大市場份額。我們覺得我們的競爭地位非常有利，這主要基於兩件事。第一，我們擁有技術路線圖；第二，我們擁有供應鏈彈性和策略。在技術路線圖的第一個部分，我們感覺我們已經擁有了一系列出色的 800 千兆收發器。我們今年稍早在 OFC 上展示了基於三種不同類型的雷射、像素、EML 和矽光子學的三種不同版本的 1.60 收發器，因此我們覺得自己在該技術上處於非常有利的地位。

From a technology standpoint and then I think, on the supply chain just hands down, we have a much more resilient supply chain, the combination of geographic diversity, the US manufacturing footprint. The vertical integration and internal supply of key components like indium phosphide, like EMLs, I think makes our supply chain incredibly resilient and the most resilient supply chain out there.

從技術角度來看，我認為，在供應鏈方面，我們擁有更具彈性的供應鏈、地理多樣性和美國製造業足跡的組合。我認為，磷化銦、EML 等關鍵零件的垂直整合和內部供應使我們的供應鏈具有極強的彈性，並且是最具彈性的供應鏈。

So I think customers recognize that they see that and I think that definitely favors us. Continuing to gain share as we move forward, I would say on the second part of your question on the pricing pressure, I would say the pricing has been very much as we expected. I don't think we've seen anything unusual in pricing and then on the last part of your question around capacity, we are certainly ramping capacity as quickly as we can and that's a combination of assembly and test capacity.

所以我認為客戶認識到他們看到了這一點，我認為這肯定對我們有利。隨著我們不斷前進，市場份額不斷增加，關於你問題的第二部分，關於定價壓力，我想說定價與我們預期的非常一致。我認為我們在定價方面沒有看到任何異常，然後關於您問題的最後一部分關於產能的問題，我們肯定會盡快提高產能，這是組裝和測試產能的結合。

But also the capacity of the key ingredients, for instance, again on the indium phosphide capacity ramping the ability to manufacture more EMLs, more CW lasers, we tripled our indium phosphide capacity on a year to year basis, last quarter. We also increased CW laser production both sequentially and year over year and so yeah, certainly we're very focused on continuing to expand capacity. Given the strong demand signals, orders and forecasts that we're seeing from our big data center, customers.

但關鍵成分的產能也得到了提升，例如磷化銦的產能提高了製造更多 EML、更多 CW 雷射的能力，上個季度我們的磷化銦產能同比增長了兩倍。我們的連續波雷射產量也逐年增加，所以，是的，我們當然非常注重繼續擴大產能。鑑於我們從大數據中心看到的強勁需求訊號、訂單和預測，客戶。

Very helpful, Jim. I also read an article, suggesting that you guys inaugurated a new facility in Vietnam. \This article suggests that there were multiple products there including expanding capacity for silicon carbide. I don't know if all the facts, in this article were correct or not, but could you talk about that Vietnam facility and your plans for silicon carbide as well moving forward?

非常有幫助，吉姆。我還讀到一篇文章，建議你們在越南開設一個新工廠。\這篇文章顯示那裡有多種產品，包括擴大碳化矽的產能。我不知道本文中的所有事實是否正確，但您能談談越南工廠以及您對碳化矽未來的計劃嗎？

Yeah, thanks. We did inaugurate a new facility in Vietnam. This is part of our, strategy around geographic diversity and then this facility is focused on a number of our materials related businesses and silicon carbide being one of them. And so yeah, we're really pleased with the opening of that facility that will help us drive some additional flexibility, capacity and cost structure advantages on the silicon carbide business in general, if you remember, we recently stopped the investment in the devices and modules portion of the silicon carbide business that was pre-revenue. Investment and so we shut down that and concentrated the investment on the wafers and the epi that we supply silicon carbide last year in fiscal year, that was a headwind for us.

是的，謝謝。我們確實在越南開設了一家新工廠。這是我們地理多元化策略的一部分，該工廠專注於我們的多種材料相關業務，而碳化矽就是其中之一。是的，我們對工廠的開業感到非常高興，它將幫助我們在碳化矽業務上總體上獲得一些額外的靈活性、產能和成本結構優勢，如果您還記得的話，我們最近停止了對碳化矽業務中尚未盈利的設備和模組部分的投資。因此我們停止了投資，並將投資集中在晶圓和外延片上，我們在去年財年供應碳化矽，這對我們來說是一個阻力。

We did see a significant drop in silicon carbide demand, but more recently that has now stabilized and we've started to see demand pick back up, and we don't expect that silicon carbide business to be a headwind for us in fiscal '26 and so yeah, certainly, so certainly expecting a bit of growth from silicon carbide, this fiscal year.

我們確實看到碳化矽需求大幅下降，但最近已經穩定下來，我們開始看到需求回升，我們預計碳化矽業務不會成為我們 26 財年的阻力，所以是的，當然，我們當然預計本財年碳化矽會有所增長。

Thanks, Jim.

謝謝，吉姆。

Thank you. Karl Ackerman, PNB Paribas.

謝謝。卡爾‧阿克曼 (Karl Ackerman)，巴黎銀行

Yes, thank you. Hi Jim and Sherri. I have two questions if I may first, do you believe you can be in a position to service all or nearly all of your email laser needs internally? By the end of the calendar year as 6 inch comes online, and I have a follow up.

是的，謝謝。嗨，吉姆和謝裡。我有兩個問題，首先，您是否認為您能夠在內部滿足所有或幾乎所有的電子郵件雷射需求？到今年年底，隨著 6 英寸上線，我將進行跟進。

Yeah, and the first, part of the question we're certainly ramping 6 inch capacity as quickly as we can, it's not Carl, just to make sure I'm correct, it's not just about EMLs. Any phosphide is used in a lot of different products. ELs is one also CW lasers. CW lasers are used in both silicon photonics and well as CPO applications and so we're also ramping that indium phosphide to support those applications they're also used for photo diodes and other products so there's actually quite a number of products but in terms of our insource versus outsource strategy, I believe we'll continue to use a mix for EMLs in particular we'll continue to use a mix of both internal supply and external as well. I think that gives us really good. Supply chain, resiliency and optionality, and so I would see that, we continue to have a mix in the foreseeable future.

是的，問題的第一部分是我們肯定會盡快提高 6 英寸的產能，這不是卡爾的問題，只是為了確保我是對的，這不僅僅與 EML 有關。任何磷化物都可用於許多不同的產品。ELs 也是 CW 雷射。CW 雷射器用於矽光子學和 CPO 應用，因此我們也在增加磷化銦以支援這些應用，它們也用於光電二極體和其他產品，所以實際上有相當多的產品，但就我們的內部採購與外包策略而言，我相信我們將繼續使用混合方式，特別是對於 EML，我們將繼續使用內部供應和外部供應的混合方式。我認為這對我們真的很有好處。供應鏈、彈性和可選性，所以我認為，在可預見的未來，我們將繼續保持這種混合。

Helpful, thank you. And then you know you certainly gave comments around Data com around us, in the September quarter, but just, given rising rising CapEx forecast by, several, key data center customers, do you believe that you can now grow or at least grow in line with, your data com growth rates, that you've outlaid that you laid out during your, most recent analys day? Thank you.

有幫助，謝謝。然後您知道，您在 9 月份季度確實對我們周圍的數據通信發表了評論，但是，鑑於幾個主要數據中心客戶預測的資本支出不斷上升，您是否相信您現在可以增長，或者至少可以按照您在最近的分析日中列出的數據通信增長率增長？謝謝。

Yeah, that's certainly our target is to grow within that range that we provided in the main investor day or, certainly we can we'll target growing faster if we can. We're certainly adding capacity as I mentioned a couple times during the call to support that growth we see strong demand signals from our customers and we're we're certainly adding the capacity to to meet that demand.

是的，我們的目標當然是在主要投資者日提供的範圍內成長，或者，如果可以的話，我們當然可以實現更快的成長。正如我在電話會議中多次提到的那樣，我們肯定會增加產能，以支持這種成長，我們看到來自客戶的強烈需求訊號，我們肯定會增加產能以滿足這種需求。

Does that answer your question call?

這回答了你的問題嗎？

Yes, thank you.

是的，謝謝。

Thank you, ladies and gentlemen. This concludes the question and answer session. I would now like to hand the conference over to the CEO, Jim Anderson, for any closing comments.

謝謝各位，女士們、先生們。問答環節到此結束。現在，我想將會議交給執行長吉姆·安德森 (Jim Anderson)，請他發表最後評論。

Yeah, thanks everybody for joining the call today. Just want to take the opportunity to once again thank my coherent teammates for the great results in fiscal '25 and also for helping position coherent for another strong growth year ahead of us as we kick off our fiscal '26. Thanks again for the support operator that concludes our call.

是的，感謝大家今天參加電話會議。我只想藉此機會再次感謝我的隊友們在 25 財年取得的出色成績，也感謝他們在我們開啟 26 財年之際幫助我們實現又一個強勁的增長年。再次感謝支援人員為我們完成通話。

Thank you, ladies and gentlemen, the conference of Coherent Corp has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝各位朋友，Coherent Corp 的會議到此結束。感謝您的參與。現在您可以斷開線路了。