Coherent Corp (COHR) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Coherent first-quarter fiscal year 2026 earnings call. It is now my pleasure to introduce your host, Mr. Paul Silverstein, Senior Vice President of Investor Relations for Coherent. Please go ahead.

大家好，歡迎參加 Coherent 公司 2026 財年第一季財報電話會議。現在，我很榮幸地向大家介紹主持人保羅·西爾弗斯坦先生，他是 Coherent 公司的投資者關係高級副總裁。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 first quarter of fiscal 2026 and the business outlook for the second quarter of fiscal 2026.

謝謝接線員，大家下午好。今天陪同我的是 Coherent 公司的執行長 Jim Anderson 和 Coherent 公司的財務長 Sherri Luther。在今天的電話會議上，我們將提供 2026 財年第一季的財務和業務回顧，以及 2026 財年第二季的業務展望。

Our earnings press release can be found in the Investor Relations section of our company website at coherent.com. 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.

您可以在公司網站 coherent.com 的「投資者關係」欄位中找到我們的獲利新聞稿。我想提醒大家，在今天的電話會議上，我們可能會對未來事件或公司未來的財務表現做出預測或其他前瞻性陳述。我們謹此提醒您，此類聲明或預測是基於目前可獲得的信息，實際結果可能與此有重大差異。

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

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 表格、10-Q 表格和 8-K 表格。這些文件包含並列出了可能導致實際結果與我們的預測或前瞻性聲明中包含的結果有重大差異的重要風險因素。本次電話會議包含並構成本公司對 2026 財年第二季的正式業績指引。如果在本次通話之後，我們對本指南進行任何實質修改，我們計劃透過新聞稿或公開宣布的電話會議等公共管道進行此類更新。

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 an investor presentation 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提及GAAP和非GAAP財務指標。透過披露某些非GAAP信息，管理層旨在為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，我們在收益發布和投資者簡報中提供了這些非GAAP財務指標與GAAP財務指標的調節表，該簡報可在我們網站coherent.com的投資者關係部分找到。

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

現在我把電話交給我們的執行長吉姆安德森。

Thank you, Paul, and thank you, everyone, for joining today's call. Coherent is the world's leading innovator and provider of photonic technology and solutions. Photonics is critical to growing applications in AI data center networks, communications, and a wide range of industrial applications. We're well positioned for long-term growth across all these applications and especially in AI data centers where we're experiencing unprecedented demand for our optical networking products.

謝謝保羅，也謝謝各位參加今天的電話會議。Coherent是全球領先的光子技術和解決方案創新者和供應商。光子學對於人工智慧資料中心網路、通訊以及各種工業應用等領域的快速發展至關重要。我們在所有這些應用領域，尤其是在人工智慧資料中心領域，都擁有良好的長期成長前景，因為我們的光網路產品在該領域的需求空前高漲。

In particular, we expect continued strong sequential revenue growth throughout this fiscal year given the record level of orders we are receiving from our customers and the continued expansion of our production capacity. In addition, we continue to streamline our portfolio and ensure that our investments are focused on the areas of greatest long-term growth and profitability for the company in order to drive sustained shareholder value creation.

尤其值得一提的是，鑑於我們收到的客戶訂單數量創歷史新高，以及我們產能的持續擴張，我們預計本財年收入將持續強勁成長。此外，我們將繼續精簡投資組合，確保我們的投資集中於公司長期成長和獲利能力最強的領域，從而推動股東價值的持續創造。

Turning to our Q1 operating results. Revenue increased by 6% sequentially and 19% year over year on a pro forma basis, which excludes revenue from our recently divested aerospace and defense business a sale that enhanced our portfolio focus and accelerated deleveraging. Non-GAAP gross margin expanded by 70 basis points sequentially and 200 basis points year over year. The combination of revenue growth and gross margin expansion drove non-GAAP EPS growth of 16% sequentially and 73% year over year.

接下來來看看我們第一季的經營業績。以備考基準計算，營收季增 6%，年增 19%。備考基準不包括我們最近剝離的航空航太和國防業務的收入，此次出售增強了我們的投資組合專注度，並加速了去槓桿化。非GAAP毛利率較上季成長70個基點，較去年成長200個基點。營收成長和毛利率擴張共同推動非GAAP每股收益季增16%，年增73%。

I'll now provide some highlights from our two operating segments. We'll begin with our Datacenter & Communications segment, which is our largest and fastest-growing business. Q1 revenue grew by 7% sequentially and by 26% year over year driven by growth in both our Datacenter & Communications markets.

接下來我將重點介紹我們兩大營運部門的情況。我們將從資料中心和通訊業務板塊開始，這是我們規模最大、成長最快的業務板塊。第一季營收季增 7%，年增 26%，這主要得益於資料中心和通訊市場的成長。

In our Datacenter business, Q1 revenue grew 4% sequentially and 23% year over year. Our data center growth in Q1 was constrained by the supply of indium phosphide lasers. However, we expect data center growth to accelerate to approximately 10% sequential growth in the current quarter followed by strong sequential growth through the balance of this fiscal year given very strong demand and improving supply.

在我們的資料中心業務中，第一季營收季增 4%，年增 23%。第一季度，我們的資料中心成長受到磷化銦雷射供應的限制。然而，鑑於強勁的需求和不斷改善的供應，我們預計資料中心成長將在本季加速至約 10% 的環比成長，並在本財年剩餘時間內保持強勁的環比成長。

I'd like to provide some additional color on both the demand and supply picture within our Datacenter business. First, we are experiencing an exceptionally strong level of demand. In our fiscal Q1, we received direct bookings that represent a step function increase in already strong customer demand. We are seeing strong demand for both our 800 gig and 1.6 transceivers with broad adoption of our 800 gig transceivers and accelerated adoption of our 1.60 transceivers. A significant portion of the sequential growth we expect in the current quarter is driven by 1.6 [gig] adoption.

我想就我們資料中心業務的需求和供應情況再補充一些細節。首先，我們正經歷著異常強勁的需求。在我們的第一財季，我們收到了直接預訂，這代表著原本就強勁的客戶需求出現了階躍式增長。我們看到市場對我們的 800 千兆和 1.6 千兆收發器都有強勁的需求，其中 800 千兆收發器得到了廣泛的應用，而 1.6 千兆收發器的普及速度也在加快。我們預計本季環比成長的很大一部分將由 1.6 [gig] 的普及推動。

As a reminder, earlier this year at OFC, we were the only company to demonstrate three different types of 160 transceivers based on three different types of laser sources, silicon photonics, EML, and VCSEL. Our 1.60 transceivers based on silicon photonics and EML and are ramping first, and we expect 1.6 transceivers based on our 200-gig VCSELs to ramp next calendar year. We see strong demand for 1.6 transceivers across multiple customers and expect both 800 gig and 1.6 to grow significantly in calendar 2026.

提醒一下，今年稍早在OFC展會上，我們是唯一一家展示了基於三種不同類型雷射光源（矽光子學、EML和VCSEL）的三種不同類型的160收發器的公司。我們基於矽光子學和EML的1.60收發器正在率先量產，我們預計基於200G VCSEL的1.6收發器將於明年量產。我們看到許多客戶對 1.6 收發器有強勁的需求，預計 800 G 和 1.6 收發器在 2026 年都會大幅成長。

Our deep portfolio of optical networking technology, combined with our vertical integration and diversified supply chain, are key competitive advantages with our customers and uniquely position coherent in the industry.

我們擁有深厚的光網路技術組合，加上我們的垂直整​​合和多元化的供應鏈，是我們贏得客戶的關鍵競爭優勢，也使 Hearent 在業界佔據獨特的地位。

On the supply side, given the strong demand growth we are seeing, we are continuing to expand our production capacity for transceiver modules and the key optical components used in those modules. For example, one of the key constraints across the industry is indium phosphide laser capacity.

在供應方面，鑑於我們看到的強勁需求成長，我們正在繼續擴大收發器模組和這些模組中使用的關鍵光學元件的產能。例如，整個產業面臨的主要限制因素之一是磷化銦雷射的產能。

Over the course of Q1, we saw improving EML supply, and we expect both internal and external EML supply to improve significantly in the current quarter and throughout the balance of this fiscal year. In particular, we continue to expand our internal indium phosphide production capacity. We are aggressively ramping 6-inch capacity because a 6-inch wafer compared to a 3-inch wafer will produce more than 4 times as many chips at less than half the cost. This will provide increasing benefit to our gross margin as we continue to ramp production.

在第一季度，我們看到 EML 供應有所改善，我們預計本季以及本財年剩餘時間內，內部和外部 EML 供應都將顯著改善。特別是，我們將繼續擴大內部磷化銦的生產能力。我們正在積極提高 6 吋晶圓的產能，因為與 3 吋晶圓相比，6 吋晶圓可以生產 4 倍以上的晶片，而成本卻不到一半。隨著我們不斷提高產量，這將為我們的毛利率帶來越來越大的好處。

Our 6-inch indium phosphide line in Sherman, Texas, which is a world's first 6-inch indium phosphide production line began production last quarter and continues to ramp well. I am very pleased to share that our initial 6-inch indium phosphide production yields are actually higher than our current 3-inch indium phosphide deals. This is an outstanding accomplishment by our production team and also a testament to the tremendous experience that we've gained over the past five years, producing almost 2 billion VCSEL devices on our 6-inch gallium arsenide technology.

我們在德州謝爾曼的 6 吋磷化銦生產線是世界上第一條 6 吋磷化銦生產線，該生產線於上個季度開始投產，並且持續穩步提升產能。我很高興地告訴大家，我們首批 6 吋磷化銦的生產良率實際上高於我們目前的 3 吋磷化銦訂單。這是我們生產團隊的傑出成就，也是我們在過去五年中累積的豐富經驗的證明，我們利用 6 吋砷化鎵技術生產了近 20 億個 VCSEL 裝置。

Given the healthy yields we are seeing with 6-inch production, we began production of 6-inch indium phosphide at a second site in Jarfalla, Sweden, ramping at two sites in parallel will significantly accelerate our production capacity ramp. Additionally, we are in production on three different types of key transceiver components on 6-inch indium phosphide, EMLs, CW lasers, and photodiodes.

鑑於 6 英寸生產取得了良好的產量，我們在瑞典 Jarfalla 的第二個生產基地開始生產 6 英寸磷化銦，兩個生產基地並行增產將顯著加快我們的產能提升速度。此外，我們正在生產三種不同類型的關鍵收發器組件，包括 6 英寸磷化銦雷射、EML 雷射、CW 雷射和光電二極體。

With the ramp of 6-inch production at two sites in parallel, we expect to roughly double our total internal production capacity of indium phosphide over the next year. We also expect to continue to supplement our internal indium phosphide capacity with sourcing from external suppliers. We expect our external supply of EMLs to increase sequentially this quarter and next calendar year through continued partnership with our key external suppliers.

隨著兩個生產基地同時啟動 6 吋生產線，我們預計在未來一年內，磷化銦的總內部產能將大致增加一倍。我們還計劃繼續透過從外部供應商採購來補充我們內部的磷化銦產能。我們預計，透過與主要外部供應商的持續合作，本季和下一年度 EML 的外部供應量將逐年增加。

In addition to critical laser production capacity, we are also expanding transceiver module assembly capacity. While we continue to expand production at our existing site in EP, Malaysia, we will now be expanding production capacity in parallel at a new transceiver production facility that we recently opened in Penang, Malaysia. In addition, we will be adding transceiver production capacity at our existing site in Vietnam, which already produces transceiver components. This additional production capacity allows us to continue to rapidly ramp module capacity to support the demand growth in front of us.

除了關鍵的雷射器生產能力外，我們還在擴大收發器模組組裝能力。在我們繼續擴大位於馬來西亞EP現有工廠的生產規模的同時，我們將同步擴大最近在馬來西亞檳城開設的新收發器生產工廠的產能。此外，我們將在越南現有工廠增加收發器生產能力，該工廠目前已生產收發器組件。新增的產能使我們能夠持續快速提高模組產能，以滿足未來的市場需求成長。

I'd like to pivot to some technology developments that we expect to further benefit our data center business over the long term. We continue to make progress on LPO-, LRO-, CPO-, and NPO-related products and technologies with strong engagements across a wide range of customers. For example, we've shipped both LPO and LRO 800 gig and 1.60 transceivers customers. Also in September, we announced that we have commenced sampling of our 400-milliwatt CW lasers designed for CPO and silicon photonics applications.

我想轉而談談一些我們預期會在長期內進一步惠及我們資料中心業務的技術發展。我們與眾多客戶保持著密切的合作關係，在 LPO、LRO、CPO 和 NPO 相關產品和技術方面不斷取得進展。例如，我們已經向客戶交付了 LPO 和 LRO 800 千兆和 1.60 收發器。同樣在 9 月份，我們宣布已經開始對專為 CPO 和矽光子學應用設計的 400 毫瓦 CW 雷射進行樣品測試。

We expect to address a broad range of CPO form factors for both scale out and scale up data center applications with this new product. We also continue to see significant customer engagement around our 200-gig VCSEL-based solutions for NPO applications.

我們希望這款新產品能夠滿足資料中心橫向擴展和縱向擴展應用的各種 CPO 外形尺寸需求。我們也持續看到客戶對我們基於 200G VCSEL 的 NPO 應用解決方案表現出濃厚的興趣。

Multiple customer engagements on integrated optics applications reinforce our view that the incremental market opportunity for optical solutions in the CLL portion of the AI data center networks will be very compelling, and we believe Coherent is well positioned to address these applications using both CW and VCSEL-based solutions. We continue to expect to see initial CPO deployments in calendar 2026, with growth continuing in the following years, while pluggable form factor continues to grow in the scale out portion of the network.

多次與客戶就整合光學應用進行的互動，強化了我們的觀點，即人工智慧資料中心網路 CLL 部分的光解決方案的增量市場機會將非常誘人，我們相信相干公司憑藉 CW 和 VCSEL 解決方案，完全有能力滿足這些應用的需求。我們仍然預計在 2026 年將首次部署 CPO，並在接下來的幾年裡繼續增長，同時可插拔外形尺寸在網路的橫向擴展部分繼續增長。

Another area of new growth is our optical circuit switch platform, which continues to progress well with expanding customer engagement. We believe this product line adds over $2 billion of addressable market opportunity over the coming years. Both the breadth of customers and the range of applications are wider than our initial expectations.

另一個新的成長領域是我們的光路交換平台，隨著客戶參與度的提高，平台持續取得良好進展。我們相信，該產品線將在未來幾年內帶來超過 20 億美元的潛在市場機會。客戶群和應用範圍都比我們最初的預期要廣。

The underlying technology in our OCS system is a nonmechanical field-proven liquid crystal technology which has been successfully deployed for many years in demanding telecom applications and has a significant competitive advantage over other solutions. To date, we've shipped systems to seven customers and expect that number to continue to expand this quarter. Shipments have included both 64x64 and 320x320 system sizes.

我們 OCS 系統的基礎技術是一種非機械式的、經過現場驗證的液晶技術，該技術已在要求苛刻的電信應用中成功部署多年，並且比其他解決方案具有顯著的競爭優勢。截至目前，我們已向七家客戶交付了系統，預計本季客戶數量將持續成長。出貨產品包括 64x64 和 320x320 兩種系統尺寸。

Both revenue and backlog for OCS grew sequentially in our fiscal Q1 and we expect it to grow again in the current quarter. Our current backlog includes both 64x64 and 320x320 systems with the majority of the backlog weighted toward the larger system size. Given the strong customer demand and backlog, we are aggressively ramping production for both small- and large-capacity systems, and we expect revenue to ramp throughout calendar 2026. Given the multiple growth vectors across pluggable transceivers, CPO and OCS, we are very excited about the opportunities ahead of our Datacenter business.

OCS 的營收和積壓訂單在我們的第一個財季均實現了環比成長，我們預計本季將繼續成長。我們目前的積壓訂單包括 64x64 和 320x320 系統，其中大部分積壓訂單都集中在較大的系統尺寸上。鑑於客戶需求強勁且訂單積壓，我們正在積極提高小容量和大容量系統的產量，預計 2026 年全年營收將穩定成長。鑑於可插拔收發器、CPO 和 OCS 等多個成長方向，我們對資料中心業務未來的發展機會感到非常興奮。

Turning to our communications market. In Q1, revenue grew 11% sequentially and 55% year over year. Growth was driven by products for data center interconnect but we also saw strong growth in traditional telecom applications. We expect our communications business to grow sequentially again in the current quarter and throughout the balance of this fiscal year.

轉向我們的通訊市場。第一季度，營收季增11%，年增55%。資料中心互連產品推動了成長，但我們也看到傳統電信應用領域實現了強勁成長。我們預計本季及本財年剩餘時間內，通訊業務將再次取得季比成長。

In hyperscale DCI, we continue to see strong growth in customer demand for our ZR/ZR+ ZR+-DCI-focused products. Our product lineup, which includes 100 gig, 400 gig and 800 gig ZR/ZR+ Coherent transceivers is growing quickly, and we expect these products to continue to ramp throughout the course of this fiscal year. We also continue to see steady recovery in our telecom business.

在超大規模資料中心基礎設施領域，我們持續看到客戶對我們專注於資料中心基礎設施的 ZR/ZR+ ZR+ 產品的需求強勁成長。我們的產品陣容，包括 100 G、400 G 和 800 G ZR/ZR+ 相干收發器，正在快速成長，我們預計這些產品將在本財年內繼續擴大規模。我們的電信業務也持續穩定復甦。

In addition to market recovery, we've introduced multiple new industry-leading telecom platforms for which we are seeing significant customer interest and expect strong future revenue contribution such as our new award-winning multi-rail technology platform. This platform is a breakthrough solution that amplifies multiple fiber pairs while cooperating within the physical and electrical constraints of existing infrastructure. Customer engagement on this new platform is very strong, and we see this as one of many growth factors for our communications business in both the near and long term.

除了市場復甦之外，我們還推出了多個行業領先的新電信平台，我們看到客戶對這些平台表現出濃厚的興趣，並預計它們將在未來帶來強勁的收入貢獻，例如我們屢獲殊榮的多軌技術平台。該平台是一項突破性解決方案，它能夠放大多對光纖訊號，同時還能在現有基礎設施的實體和電氣限制範圍內進行協作。這個新平台上的客戶參與度非常高，我們認為這是我們通訊業務近期和長期成長的眾多因素之一。

Turning now to our Industrial segment. Revenue grew 2% quarter over quarter and 4% year over year on a pro forma basis, excluding revenue from the recently divested aerospace and defense business. While we maintain a cautious outlook on near-term demand, given the macroeconomic backdrop and ongoing tariff and regulatory uncertainty, we were pleased to see growth in our first fiscal quarter and we expect the industrial business to be stable to slightly up sequentially in our current quarter on a pro forma basis.

現在我們來看看工業板塊。以備考基準計算，不計最近剝離的航空航太和國防業務的收入，營收季增 2%，較去年同期成長 4%。儘管我們對近期需求持謹慎態度，考慮到宏觀經濟背景以及持續的關稅和監管不確定性，但我們很高興看到第一財季實現了增長，並且我們預計，按備考基準計算，本季度工業業務將保持穩定或略有環比增長。

Within our Industrial segment, there are several key growth areas. For example, we expect ongoing strong demand in display capital equipment, driven by OLED screen adoption expanding to larger format devices like tablets and laptops. We also expect growth over the long term in our semi cap equipment market, given the industry-wide expansion in semiconductor production.

在我們的工業板塊中，有幾個關鍵的成長領域。例如，我們預期顯示器設備的需求將持續強勁，這主要得益於 OLED 螢幕在平板電腦和筆記型電腦等更大尺寸設備上的應用。鑑於半導體生產產業的全面擴張，我們也預期半導體封裝設備市場將長期成長。

Another promising growth opportunity that I'd like to highlight is our advanced materials for thermal management and cooling. Traditionally, these materials are used in a wide range of applications in our industrial markets. However, the rapid expansion of AI data centers has created a significant growth opportunity. We see potential widespread adoption of these materials to address the thermal and power challenges posed by ever larger AI data centers. For example, our proprietary Thermodyne material moves heat twice as effectively as copper which is a tremendous advantage in data center cooling applications. We're engaged with multiple hyperscaler customers on this new emerging application of our materials technology.

我想重點介紹的另一個有發展前景的成長機會是我們用於熱管理和冷卻的先進材料。傳統上，這些材料在我們的工業市場中有著廣泛的應用。然而，人工智慧資料中心的快速擴張創造了巨大的成長機會。我們看到這些材料有望被廣泛採用，以應對日益龐大的人工智慧資料中心帶來的散熱和供電挑戰。例如，我們專有的 Thermodyne 材料的散熱效率是銅的兩倍，這在資料中心冷卻應用中是一個巨大的優勢。我們正在與多家超大規模資料中心客戶合作，探索我們材料技術的這一新興應用。

Lastly, I'd like to give an update on our portfolio optimization initiative. As a reminder, we are focused on streamlining our portfolio and concentrating our investments in the areas of greatest long-term growth and profitability. We are shifting investment from non-core areas in realigning our footprint to drive better asset composition and utilization efficiency across the organization. We completed the sale of our Aerospace and Defense business at the beginning of September. The proceeds of the sale were used to pay down debt and the sale is immediately accretive to both gross margin and EPS.

最後，我想報告我們的投資組合優化計劃的最新進展。再次提醒大家，我們專注於精簡投資組合，並將投資集中在長期成長和獲利能力最強的領域。我們正在將投資從非核心領域轉移到核心領域，重新調整我們的佈局，以推動整個組織實現更好的資產組成和更高的利用效率。我們在9月初完成了航空航太和國防業務的出售。出售所得款項用於償還債務，此次出售立即提高了毛利率和每股收益。

In addition, we recently announced the sale of our product division based in Munich, Germany that makes tools for materials processing and as part of our Industrial segment. We made the decision to sell this product division because it was not aligned to our long-term strategic focus areas, and it did not support our long-term financial goals. This transaction is expected to close in our fiscal Q3. The proceeds of this transaction will be used to reduce debt and the sale is expected to be immediately accretive, both gross margin and EPS.

此外，我們最近宣佈出售位於德國慕尼黑的產品部門，該部門生產材料加工工具，是我們工業部門的一部分。我們決定出售該產品部門，因為它與我們的長期策略重點領域不符，也不支持我們的長期財務目標。預計該交易將於本財年第三季完成。此次交易所得款項將用於減少債務，預計此次出售將立即提高毛利率和每股盈餘。

In addition to streamlining the product portfolio, we are also continuing to streamline our physical footprint. Since the beginning of our last fiscal year, roughly five quarters ago, we have sold or exited 23 sites and we plan to continue to streamline our footprint and exit additional underutilized or unnecessary sites over the coming quarters.

除了精簡產品組合外，我們還在繼續精簡我們的實體佈局。自從上一個財政年度開始以來，大約五個季度前，我們已經出售或退出了 23 個站點，我們計劃在接下來的幾個季度繼續精簡我們的業務佈局，並退出更多未充分利用或不必要的站點。

While I'm pleased with the progress we've made streamlining our portfolio, we still have more work to do. View portfolio optimization as an evergreen process, and we will continue to reevaluate our asset portfolio to streamline and focus on the areas of greatest profit growth and ensure we are optimizing our return on invested capital.

雖然我對我們在精簡產品組合方面取得的進展感到滿意，但我們還有更多的工作要做。將投資組合優化視為一個持續的過程，我們將繼續重新評估我們的資產組合，以精簡並專注於利潤成長最大的領域，並確保我們優化投資資本的回報。

In summary, we delivered strong revenue and EPS growth in Q1 and are on track for strong sequential growth over the coming quarters, driven by exceptionally strong demand in our data center and communications segment, along with continued expansion in our production capacity. I want to thank the Coherent team for all their hard work and dedication.

總而言之，我們在第一季實現了強勁的收入和每股收益成長，並且由於資料中心和通訊領域的異常強勁的需求以及產能的持續擴張，我們有望在未來幾個季度實現強勁的環比增長。我要感謝Coherent團隊的辛勤工作和奉獻精神。

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

現在我將把電話交給我們的財務長謝裡·盧瑟。

Thank you, Jim. We are pleased with our first-quarter 2026 results and execution. We continue to drive strong double-digit year-over-year revenue growth gross margin improvement, and enhanced profitability. We significantly paid down our debt, reducing our interest expense, and further strengthening our balance sheet. At the end of the quarter, we successfully completed our debt refinancing, lowering our cost of capital, and improving our financial flexibility.

謝謝你，吉姆。我們對2026年第一季的業績和執行情況感到滿意。我們持續推動營收年增兩位數，毛利率提高，獲利能力增強。我們大幅償還了債務，降低了利息支出，進一步增強了資產負債表。本季末，我們成功完成了債務再融資，降低了資本成本，提高了財務彈性。

I will now provide a summary of our Q1 results. First-quarter revenue was a record $1.58 billion, up 3% sequentially from the fourth quarter and up 17% year over year, driven by growth in AI data center and communications demand.

接下來我將總結我們第一季的業績。第一季營收達到創紀錄的 15.8 億美元，較第四季季增 3%，年增 17%，主要得益於人工智慧資料中心和通訊需求的成長。

In our Q4 25 earnings call, we announced an agreement to sell our Aerospace and Defense business. As expected, this transaction closed in Q1 26. On a pro forma basis, excluding $33 million of aerospace and defense revenue for Q1, revenue increased 6% sequentially and 19% year over year. Our Q1 non-GAAP gross margin was 38.7%, a 70 basis point improvement compared to the prior quarter and a 200 basis point improvement as compared to the year-ago quarter. I am especially pleased with the progress we have made on gross margin expansion, driven by the cost reduction and pricing optimization initiatives that we continue to focus on as we drive to our target model of greater than 42%.

在 2025 年第四季財報電話會議上，我們宣布了出售航空航太和國防業務的協議。正如預期的那樣，這筆交易於2026年第一季完成。以備考基準計算，若不計入第一季 3,300 萬美元的航空航太和國防收入，則營收季增 6%，年增 19%。我們第一季的非GAAP毛利率為38.7%，比上一季提高了70個基點，比去年同期提高了200個基點。我尤其對我們在毛利率擴張方面取得的進展感到滿意，這得益於我們持續關注的成本削減和定價優化舉措，我們正朝著 42% 以上的目標模式邁進。

The sequential and year-over-year increases in gross margin were driven by cost reductions and product input costs as well as yield improvements primarily in our Datacenter & Communications segment. Pricing optimization contributed meaningfully in both the Industrial segment and the data center and communications segment. First quarter non-GAAP operating expenses were $304 million compared to $307 million in the prior quarter and $278 million in the year-ago quarter.

毛利率的環比和年成長主要得益於成本降低、產品投入成本下降以及資料中心和通訊部門的產量提高。定價優化對工業領域以及資料中心和通訊領域都做出了顯著貢獻。第一季非GAAP營運支出為3.04億美元，上一季為3.07億美元，去年同期為2.78億美元。

Operating expenses as a percentage of revenue declined to 19.2% as compared to 20.1% in the prior quarter and 20.6% in the year-ago quarter. The reduction in operating expenses as a percentage of revenue is due to the continued focus on driving efficiencies and greater leverage in SG&A. We have made good progress on these initiatives with the benefits expected to kick in at various points in time.

營業費用佔收入的百分比下降至 19.2%，上一季為 20.1%，去年同期為 20.6%。營運費用佔收入百分比的下降，是由於持續專注於提高效率和在銷售、一般及行政費用方面發揮更大作用。我們在這些措施上取得了良好進展，預計這些措施將在不同的時間點產生效益。

The year-over-year increases in R&D were primarily in the Datacenter & Communications segment as we continue to focus on investments with the highest ROI that drive the future growth of the company. The sequential decline in R&D was driven by the timing of these investments, which can fluctuate on a quarterly basis.

研發投入的年比成長主要集中在資料中心和通訊領域，因為我們將繼續專注於投資報酬率最高的領域，以推動公司的未來成長。研發投入的環比下降是由這些投資的時機決定的，而這些投資的時機可能會按季度波動。

Our first-quarter non-GAAP operating margin was 19.5% compared to 18% in the prior quarter and 16.1% in the year-ago quarter. First-quarter non-GAAP earnings per diluted share was $1.16 compared to $1 in the prior quarter and $0.67 in the year-ago quarter. From a capital allocation perspective, we paid down $400 million in debt, significantly reducing our debt leverage ratio to 1.7 times, down from 2.4 times in the year-ago quarter. As mentioned in our Q4 25 earnings call, we used the proceeds from the sale of the Aerospace and Defense business to make this debt payment.

我們第一季的非GAAP營業利潤率為19.5%，而上一季為18%，去年同期為16.1%。第一季非GAAP稀釋後每股收益為1.16美元，上一季為1美元，去年同期為0.67美元。從資本配置的角度來看，我們償還了 4 億美元的債務，使我們的債務槓桿率大幅降低至 1.7 倍，低於去年同期的 2.4 倍。正如我們在 2025 年第四季財報電話會議上提到的那樣，我們利用出售航空航太和國防業務所得的資金來償還這筆債務。

We also completed the refinancing of our debt at the end of the first quarter reducing our interest rate by 60 basis points and doubling the amount of our revolving credit facility to $700 million. We will use the revolving credit facility to increase liquidity and provide greater flexibility. As Jim noted, we plan to use the proceeds from the sale of our product division in Munich, Germany to further reduce our interest expense by paying down additional debt, which will be immediately accretive to our gross margin and EPS.

我們也在第一季末完成了債務再融資，將利率降低了 60 個基點，並將循環信貸額度增加了一倍，達到 7 億美元。我們將利用循環信貸額度來增加流動性並提供更大的靈活性。正如吉姆所指出的，我們計劃利用出售我們在德國慕尼黑的產品部門所得的收益來償還更多債務，從而進一步降低我們的利息支出，這將立即提高我們的毛利率和每股收益。

For reference, over the past four quarters, the business contributed average quarterly revenue of $25 million with a gross margin well below Coherent's corporate gross margin. The sale will reduce our employee headcount by approximately 425 employees.

作為參考，在過去的四個季度中，該業務平均每季貢獻了 2,500 萬美元的收入，但毛利率遠低於 Coherent 公司的毛利率。此次出售將使我們的員工人數減少約 425 人。

I will now turn to our guidance for the second quarter of fiscal 2026. We expect revenue to be between $1.56 billion and $1.7 billion. We expect non-GAAP gross margin to be between 38% and 40%. We expect total operating expenses of between $300 million and $320 million on a non-GAAP basis. We expect the tax rate for the quarter to be between 18% and 20% on a non-GAAP basis. We expect EPS of between $1.10 and $1.30 on a non-GAAP basis.

接下來，我將介紹我們對 2026 財年第二季的業績預期。我們預計營收將在 15.6 億美元至 17 億美元之間。我們預計非GAAP毛利率將在38%至40%之間。我們預計以非GAAP準則計算，總營運費用將在3億美元至3.2億美元之間。我們預計本季非GAAP準則下的稅率將在18%至20%之間。我們預計以非GAAP準則計算的每股盈餘在1.10美元至1.30美元之間。

In summary, I'm very pleased with the solid progress we made in Q1. Looking ahead, we're seeing exceptionally strong demand in our Datacenter & Communications segment. To meet this robust momentum, we are ramping capacity and investing strategically in the business. We remain focused on disciplined execution against our long-term financial target model. These dynamics reinforce our confidence in driving long-term growth and durable value creation for our shareholders.

總而言之，我對我們在第一季取得的穩定進展非常滿意。展望未來，我們看到資料中心和通訊領域的需求異常強勁。為了順應這一強勁的發展勢頭，我們正在提高產能並對業務進行策略性投資。我們將繼續專注於嚴格執行我們的長期財務目標模型。這些動態增強了我們對推動長期成長和為股東創造持久價值的信心。

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

我的正式發言到此結束。操作員，請開啟問答環節。

(Operator Instructions)

（操作說明）

Samik Chatterjee, JP Morgan Chase.

薩米克‧查特吉，摩根大通。

Jim, maybe if I can start on the demand side. You do mention the strong demand you're seeing as well as record orders in some cases. Maybe if you can flesh that out a bit more, like how broad-based is this and what are you seeing in terms of or hearing from customers in terms of demand drivers and how broad-based across the portfolio is the demand across your communications portfolio? And I have a follow-up.

吉姆，或許我可以先從需求方著手。您也提到了強勁的需求，有些訂單甚至創下了紀錄。如果您能更詳細地闡述一下，例如這種需求的覆蓋範圍有多廣，您從客戶那裡了解到的需求驅動因素是什麼，以及這種需求在您的通訊產品組合中的覆蓋範圍有多廣，那就更好了。我還有一個後續問題。

Yes. Thanks, Samik. Yes, I would call it very broad-based. So very strong demand across both data center and communications. When I look back at our fiscal Q1, really saw a record level of bookings in that quarter.

是的。謝謝你，薩米克。是的，我會稱之為基礎非常廣泛。資料中心和通訊領域的需求都非常強勁。回顧我們第一財季，該季度的預訂量確實創下了歷史新高。

And bookings not just for near-term quarters, but bookings further out in time than we normally would see. So bookings leading out, in some cases, over a year over a year from now, right? So we see that as a very good sign. That's customers placing orders well ahead of time that gives us great visibility really allows us to really good mix planning and product mix and capacity planning. But also, as I said, broad-based definitely saw strong orders for data center, strong orders, in particular, for 800 gig and ever.

而且預訂量不僅包括近期季度的預訂，還包括比我們通常看到的更長遠的預訂。所以，有些預訂甚至排到了一年以後，對吧？所以我們認為這是一個非常好的跡象。客戶提前下單為我們帶來了極大的可視性，使我們能夠進行非常好的產品組合規劃和產能規劃。但正如我所說，總體而言，資料中心訂單強勁，特別是 800G 及以後的寬頻訂單強勁。

We're seeing the adoption of 160 transceivers accelerate, and so we're seeing certainly strong orders there. But also on the communications part of our business, very strong orders in DCI, the data center interconnect portion. This is our ZR/ZR+ product lineup of -- and then also really pleased to see strong orders in what I call kind of traditional telecom as well.

我們看到 160 收發器的採用率正在加速成長，因此我們看到這方面的訂單確實很強勁。但就我們業務的通訊部分而言，資料中心互連 (DCI) 部分的訂單也非常強勁。這是我們的 ZR/ZR+ 產品系列——同時，我也非常高興地看到，在我稱之為傳統電信的領域，訂單也十分強勁。

And so particularly in the communications segment, we've seen now five quarters of sequential growth in that segment, really good grower last quarter of 11% sequential and 55% year over year, but we've seen now five sequential quarters of growth and not just DCI but also in traditional telecom. And we're expecting that Communications segment to grow sequentially this quarter and through the balance of this fiscal year.

因此，尤其是在通訊領域，我們已經看到該領域連續五個季度實現成長，上個季度增長尤為顯著，環比增長 11%，同比增長 55%，而且我們已經看到連續五個季度的增長，不僅是數位通訊行業，還有傳統電信行業。我們預計通訊業務板塊將在本季以及本財年剩餘時間內維持季比成長。

Got it. Got it. Indium phosphide capacity, I mean, that's been quite a talking point this quarter for you guys. You outlined you're doubling the capacity over the next 12 months. But maybe if you can just flesh out for investors, what are the milestones to watch on that front?

知道了。知道了。磷化銦容量，我的意思是，這季度你們一直在討論這個問題。您曾表示將在未來 12 個月內將產能翻倍。但或許您可以向投資人詳細說明一下，在這方面有哪些里程碑需要關注？

And how to think about the road map beyond even a 12-month horizon? And where would that leave you from an EML mix perspective in relation to sort of internal versus external?

那麼，如何考慮超過 12 個月的規劃路線圖呢？從企業機器學習混合的角度來看，內部機器學習和外部機器學習的關係會如何？

Sure. Thanks, Samik. So first of all, I just want to thank the Coherent team for the outstanding job they've done in getting 6-inch indium phosphide up and running. This is something when I joined the company that I asked to significantly accelerate their time line. And I just want to take the opportunity to thank the team for the outstanding job they've done.

當然。謝謝你，薩米克。首先，我要感謝 Coherent 團隊，感謝他們出色地完成了 6 吋磷化銦雷射的研發和運作工作。這是我加入公司時要求他們大幅加快進度安排的。我謹藉此機會感謝團隊所做的出色工作。

We started production of 6-inch indium phosphide in the September quarter and started it at our Sherman, Texas facility and really pleased with that ramp. As I mentioned in the prepared remarks, one of the big milestones that we achieved is the initial yields of that 6-inch in are actually higher than our 3-inch indium phosphide lines. And keep in mind that those 3-inch lines are very mature full-production line.

我們在九月的季度開始生產 6 英寸磷化銦，並在我們位於德克薩斯州謝爾曼的工廠啟動了生產，我們對產能爬坡非常滿意。正如我在準備好的發言稿中提到的，我們取得的重大里程碑之一是，6 吋生產線的初始良率實際上高於我們的 3 吋磷化銦生產線。請記住，這些 3 吋生產線是非常成熟的全生產線。

So that's a very positive milestone and a positive signal for us on yields of 6 inch. And that's exactly why we decided double down on the ramp of 6-inch and begin 6-inch ramp at a second facility, one of our second, our other indium phosphide facilities, which is in Jarfalla Sweden. And so now we're ramping at two sites in parallel. And so that's what really allows us to hit that 2x capacity goal about a year from now.

所以，這對我們來說是一個非常積極的里程碑，也是 6 英寸鋼材產量的一個積極信號。正因如此，我們決定加倍投入 6 英寸的生產線，並在我們位於瑞典 Jarfalla 的第二個工廠（我們的第二個磷化銦工廠之一）開始 6 英寸生產線的生產。因此，我們現在正在兩個地點同時進行產能提升。因此，這使我們能夠在大約一年後實現產能翻倍的目標。

And I think milestones along the way will certainly be -- we'll certainly share our progress along the way. But beyond the next 12 months, we expect to continue to expand capacity that 12-month goal.

我認為一路走來肯定會有里程碑式的時刻——我們一定會與大家分享我們所取得的進展。但展望未來 12 個月後，我們預計將繼續擴大產能，實現 12 個月的目標。

The demand that we're seeing from our customers is, I would call it, extremely strong. And with some of our big customers, they're showing now their forecast out through calendar 2028. And given that demand signal that we're seeing not just for next calendar year, but now for '27 and '28, our plan is to continue to ramp indium phosphide capacity beyond the next 12 months as well. And certainly, we'll share more thoughts on the rate and pace of that ramp over the next 12 months.

我敢說，我們客戶的需求非常強勁。我們的一些大客戶現在已經公佈了他們直至 2028 年的預測。鑑於我們不僅在明年，而且在 2027 年和 2028 年都看到了這樣的需求訊號，我們的計劃是在未來 12 個月後繼續提高磷化銦的產能。當然，在接下來的 12 個月裡，我們會就這成長的速度和步伐分享更多想法。

Got it. And I'll just squeeze one quick one in. You're guiding datacom 10% quarter-over-quarter growth. Just wondering what of supply-demand gap that you see? What could that number be if you were sort of more flexible on supply or had more supply available rate to sort of the constraints on that front?

知道了。我再擠出時間快速補充一個。你引領數據通訊產業實現了季度環比 10% 的成長。我想知道您認為供需缺口有多大？如果供應方面更靈活一些，或者在供應限制下有更多可用的供應量，那麼這個數字會是多少呢？

Yes. We were certainly -- when I look back at the prior quarter, data center grew about 4% sequentially. That was certainly constrained by indium phosphide laser supply. And what we saw is the unmet backlog that we had in Q1 rolled into Q2. So that backlog is now in Q2, and we're servicing that in Q2. But on top of that, we had record bookings on top of that for, as I mentioned, 800 -- primarily 800-gig and 1.60 transceiver. And so the demand continues to grow.

是的。當然，回顧上一季度，資料中心業務較上季成長了約 4%。這無疑受到了磷化銦雷射供應的限制。我們看到的是，第一季未完成的積壓訂單延續到了第二季。所以積壓的訂單現在都排到了第二季度，我們正在第二季度處理這些訂單。但除此之外，正如我所提到的，我們還獲得了創紀錄的預訂量，800——主要是 800G 和 1.60 收發器。因此，需求持續成長。

Now one of the really good things as we move into the current quarter is we're seeing indium phosphide supply, both internal and external grow sequentially from prior quarter to current quarter, and we're expecting both external and supply to grow again from this quarter into the -- into our fiscal Q3 as well. So we're seeing kind of steady good improvement in indium phosphide capacity. And again, that's a combination of external but especially internal capacity expansion as well.

現在，進入本季度後，一個真正的好消息是，我們看到磷化銦的供應，無論是內部供應還是外部供應，都從上一季度到本季度環比增長，我們預計從本季度到第三財季，內部供應和外部供應都將繼續增長。因此，我們看到磷化銦的性能穩定提升。而且，這既包括外部產能擴張，也包括內部產能擴張。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

I wanted to follow up on your discussion around the OCS optical circuit switches. There was quite a buzz at the ECOC show about this, and you certainly sounded upbeat tonight. I guess what I'm looking for a little bit more help is understanding how to think about maybe, let's call it, calendar 2026, where one of your peers also participating in the market has sort of laid out a trajectory to get to $100 million a quarter. How do you think about your trajectory and your place in the OCS market?

我想就您之前關於OCS光路開關的討論做進一步探討。ECOC展會上對此引起了不小的轟動，而你今晚聽起來也確實很樂觀。我想尋求更多幫助的是，如何看待比如說，2026 年，屆時你的一位同行，也是市場上的參與者，已經制定了一條實現每季度 1 億美元目標的路徑。您如何看待您的發展軌跡以及您在OCS市場中的地位？

Yes. Thanks, Simon. So first of all, we feel really good about our place in the market starts with, of course, the technology. We feel really good about the technology differentiation that we have. We have a non-mechanic our OCS is based on a nonmechanical liquid crystal technology that has really superior reliability performance, and our customers recognize that.

是的。謝謝你，西蒙。首先，我們對自身在市場上的地位感到非常滿意，這當然要從科技說起。我們對自身的技術差異化優勢感到非常滿意。我們的 OCS 採用非機械式液晶技術，具有非常優異的可靠性性能，我們的客戶也認可這一點。

And I would say that we continue to see the opportunity around OCS, the total available market, continue to be bigger than what we may have originally thought. Just the number of customers is broader than we thought that are interested in the technology, but also the number of applications that they're considering deploying it in. And so as I mentioned in the prepared remarks, we've now shipped systems to seven different customers. And we -- if I look at last quarter, both our revenue and our backlog grew last quarter. We expect revenue and backlog to grow again this quarter.

而且我認為，我們仍然看到OCS領域的機會，整個可用市場比我們最初想像的要大得多。不僅對這項技術感興趣的客戶數量比我們想像的要多，而且他們考慮部署這項技術的應用數量也比我們想像的要多。正如我在準備好的演講稿中提到的，我們現在已經向七個不同的客戶交付了系統。如果我看一下上個季度，我們的營收和積壓訂單在上個季度都實現了成長。我們預計本季營收和積壓訂單將再次成長。

But I think more meaningful revenue contribution will come in next calendar -- probably we'll see a steady ramp of revenue throughout calendar year. So it'd be certainly more weighted towards the second half of calendar year. But we feel really good about the progress, the backlog that we have and the revenue ramp in front of us. And well, as we get into next calendar year, I think we'll share more details about kind of the rate and pace of revenue that we see ahead of us.

但我認為更有意義的收入貢獻將在下一個日曆年到來——我們可能會看到收入在整個日曆年中穩步增長。因此，重點肯定會放在下半年。但我們對目前的進展、積壓訂單以及即將到來的收入成長感到非常滿意。嗯，到了明年，我想我們會分享更多關於我們未來預期收入成長速度和節奏的細節。

And you talked a lot about the progress you've shown on the indium phosphide. I've been fielding investor questions that I find a bit puzzling, but maybe you could help us shake this out in that there's been sort of this narrative that the indium phosphide is producing photodiodes and hasn't helped you with laser production. But your outlook, your commentary on 800 gig, 1.6 certainly suggest that you're producing more lasers, both CW and EML, what -- can you explain maybe how people might have been confused or whether I'm confused. Can you give us some clarification on this debate?

你談到了很多關於磷化銦方面的進展。我一直在回答一些投資者提出的問題，我覺得有點令人費解，但也許你能幫我們理清思路，因為有一種說法是磷化銦用於生產光電二極管，但對激光器的生產沒有幫助。但是，你的觀點，你對 800 Gg 和 1.6 的評論，確實表明你正在生產更多的激光器，包括 CW 和 EML，那麼——你能解釋一下人們可能感到困惑的地方，或者是不是我感到困惑嗎？您能就這場爭論做出一些澄清嗎？

Yes. Thanks, Simon. I'll try to unconfuse. I don't know where the confusion is coming from, but I'll just kind of reiterate what I said in the prepared remarks. So as I said, we're ramping production now in two sites, Sherman, Texas and Jarfalla, Sweden. And across those two sites, we're ramping production of three different types of products based on indium phosphide, right?

是的。謝謝你，西蒙。我盡量解釋清楚。我不知道大家的困惑從何而來，但我還是簡單重申一下我在準備好的演講稿中說過的話。正如我所說，我們現在正在兩個地點提高產量，分別是德克薩斯州謝爾曼和瑞典耶爾法拉。在這兩個生產基地，我們正在加強生產三種不同類型的磷化銦產品，對吧？

So the EML lasers certainly CW lasers as well and then photodiodes. And all three of those are very critical, as you know, Simon, very critical components to our transceivers. And so really lines to be ramping production of all three of those devices across those two facilities.

所以，EML雷射當然也包括CW雷射器，還有光電二極體。西蒙，你知道，這三者都是我們收發器中非常關鍵的組件。因此，這兩個工廠將全力提高這三種設備的產量。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

I'm just curious on Interesting to hear your remarks on sort of the manufacturing moves and then the real estate footprint, really great to see that. I guess I'm just curious on how much more opportunity is there? I know you're standing up capacity, I think, in Penang, you said, are there more moves we go to make in manufacturing, perhaps in industrial lasers. Is there more real estate consolidation left? Any more you could say would be great.

我很好奇您對製造業發展和房地產佈局的看法，很高興看到這些。我只是好奇還有多少機會？我知道你們正在檳城建立產能，我想，你們說過，我們在製造業方面是否還有更多舉措，例如在工業雷射領域。還有進一步整合的空間嗎？如果您還能補充一些內容，那就太好了。

Yes. Thanks, George. So I would say definitely, a lot of activity that we have going there. It's kind of interesting because it's on one hand, we're increasing capacity and expanding. And on the other hand, what we're trying to do is consolidate and reduce footprint certain areas. And so we're -- in both of those actives that are happening in parallel.

是的。謝謝你，喬治。所以我覺得，我們在那裡確實有很多活動正在進行。這很有意思，因為一方面，我們正在提高產能並擴大規模。另一方面，我們正在努力整合資源，減少某些領域的投入。因此，我們——同時參與了這兩項活動。

So if I start with the consolidation -- if we look at over the last roughly five quarters since the beginning of our fiscal '25, we've either sold or exited 23 sites. And I think that's great progress. We're really pleased with that, but we definitely have more work to do. I think both Sherri and I are focused on making sure we maximize return on invested capital and we're driving efficiency and productivity across our physical footprint.

所以，如果我從整合開始說起——如果我們回顧自 2025 財年開始以來的大約五個季度，我們已經出售或退出了 23 個站點。我認為這是一個巨大的進步。我們對此非常滿意，但我們肯定還有更多工作要做。我認為我和 Sherri 都專注於確保我們最大限度地提高投資回報率，並提高我們所有實體場所的效率和生產力。

And so we both believe there is significant opportunity to continue to consolidate. And so we'll continue to exit and downsize any site that we view as unnecessary or underutilized. And so definitely more work to do there, and I would say stay tuned on that. And then on the increase side, certainly, especially for Datacenter & Communications, we're certainly increasing capacity. We talked a little bit already about indium phosphide capacity, but if we talk about module capacity, so this is transceiver module capacity.

因此，我們都認為存在著繼續整合的巨大機會。因此，我們將繼續退出並縮減任何我們認為不必要或未充分利用的網站。所以，那方面一定還有更多的工作要做，敬請期待。在成長方面，尤其是在資料中心和通訊領域，我們肯定正在增加容量。我們之前已經稍微討論過磷化銦的容量，但如果我們談論模組容量，那麼這就是收發器模組的容量。

We're expanding capacity at our existing facility, our primary facility in Malaysia, which is in EPO, Malaysia, but now in parallel, we're expanding capacity at a new transceiver facility that we've recently opened, which is already in production on transceivers. We're going to be expanding and accelerating capacity at that Penang facility. And then what we're also doing is adding transceiver module capacity at our Vietnam site.

我們正在擴大現有工廠（即我們在馬來西亞的主要工廠，位於馬來西亞 EPO）的產能，但同時，我們也在擴大最近開設的新收發器工廠的產能，該工廠已經開始生產收發器。我們將擴大並加快檳城工廠的產能。此外，我們也在越南工廠增加收發器模組產能。

So the great thing is our Vietnam site already exists, and it's already building components for transceivers, and we have capacity and room there to add now transceiver production in addition to component production and we're excited about that, too. And so all of those capacity expansions were driving in parallel. And that's really to support the strong demand that we see ahead of us for both data center communications that based on the customer, not just ordering that we're seeing, but the forecast that we're getting.

好消息是，我們在越南的工廠已經存在，並且已經在生產收發器的組件，我們現在有產能和空間在那裡增加收發器生產，除了組件生產之外，我們也對此感到興奮。因此，所有這些產能擴張都是同步進行的。這確實是為了滿足我們未來看到的對資料中心通訊的強勁需求，這種需求不僅來自客戶的訂單，也來自我們得到的預測。

Got it. Any manufacturing moves on the Industrial side of the business?

知道了。公司工業生產有任何變動嗎？

Yes. There are a number of the consolidations that done the 23 sites of sales exits. Those have some of those have been on data center and communications side, but many of those have been on the industrial side. And so I think we still see opportunity for consolidation on, I would say, both data center and comms and industrial.

是的。有不少合併導致了 23 個銷售點的退出。其中一些涉及資料中心和通訊領域，但許多涉及工業領域。所以我認為，我們仍然有機會在資料中心、通訊和工業領域進行整合。

But there are places within the Industrial segment where we are investing and expanding in facilities as well. But it's all about trying to make sure that the footprint is optimal in terms of driving the maximum productivity and efficiency of the facility.

但我們也在一些工業領域投資和擴大設施。但這一切都是為了確保佔地面積達到最佳狀態，從而最大限度地提高設施的生產力和效率。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

I wanted to go back to the data center guy plus 10%. Is there a way to think about how much that is still capacity constrained? And is there anything beyond EMLs that is constrained in that?

我想把資料中心那傢伙的薪水再提高 10%。有沒有辦法衡量這在多大程度上仍然受到產能限制？除了EML之外，還有其他受到這種限制的嗎？

No, Blayne, I would say the primary constraint we've hit for in last quarter is, as I said, it's indium phosphide capacity that specifically EMLs. That was what was constraining us significant improvement from prior quarter into current quarter, as I said, in terms of both external and internal supply. I would say there's still -- we still are constrained to some degree even in the current quarter, but we also expect indium phosphide laser supply to increase again from current quarter into next quarter and really to continue to -- the supply to continue to improve throughout -- sequentially throughout the next calendar year given extra capacity that we secured, but especially the internal capacity ramp that I talked about earlier.

不，布萊恩，我想說，我們在上個季度遇到的主要限制是，正如我所說，是磷化銦產能，特別是EML。正如我所說，外部和內部供應方面的限制因素，正是這些因素限制了我們本季相比上一季取得顯著改善。我想說，即使在本季度，我們仍然在某種程度上受到限制，但我們也預計磷化銦雷射的供應量將從本季度到下一季度再次增加，並且隨著我們獲得的額外產能，特別是之前提到的內部產能提升，供應量將在整個下一日曆年內持續改善。

Actually maybe I'll follow up on that. I'm curious your doubling capacity, but it takes time to get your lasers in and qualified. So is there a way to think about the timing? And is there any difference between EMLs and CW in terms of the timing of recognizing revenue from those lasers throughout the fiscal year?

或許我會跟進此事。我對你翻倍產能很感興趣，但是安裝和認證雷射需要時間。那麼，有沒有辦法考慮時機呢？在整個財政年度中，EML 和 CW 在確認這些雷射的收入時間上是否有任何差異？

Yes, I would say not a big difference between EML and CW on the timing to get into production and fully qualified. By the way, you mentioned recognized revenue. Just to clarify, all of our EMLs and CWs are made for internal consumption, right? So we don't sell indium phosphide in the open market. The reason for that is it's -- all of our capacity is 100% consumed by our own transceiver needs. I just want to make sure I clarified that.

是的，我認為EML和CW在投入生產和完全合格所需的時間上沒有太大區別。對了，你提到了已確認的收入。澄清一下，我們所有的 EML 和 CW 都是供內部使用的，對嗎？所以我們不在公開市場上銷售磷化銦。原因在於－我們所有的產能都100%被我們自己的收發器需求所佔用。我只是想確認一下我是否解釋清楚了。

But within transceiver, what I would say is that once a laser is qualified within -- or photodiode within a facility, expanding capacity on a parallel line or on an existing line is a pretty normal occurrence, right? No special qualification required or at least the olfaction very straightforward, right? So I think now that we're in production across multiple products across multiple facilities.

但是就收發器而言，我想說的是，一旦雷射或光電二極體在某個設施內獲得認證，那麼在平行線路或現有線路上擴展容量就是一種非常正常的情況，對吧？不需要任何特殊資格，或至少嗅覺非常簡單，對吧？所以我覺得現在我們已經在多個工廠生產多種產品了。

Look, that production capacity is going to be as we expanded over the course of the next year is going to be incredibly valuable. And certainly, our customers are very motivated to help make sure we get anything qualified into production as quick as possible.

你看，隨著我們在未來一年內的擴張，產能將會變得非常有價值。當然，我們的客戶也非常積極地幫助我們確保所有合格的產品都能盡快投入生產。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

First one is a little more short term. So you gave the sequential into December on Datacom, up 10%. And -- could you maybe help us understand what was the driver in the September order? I think you called out Datacom as maybe being a little bit more of a driver, but any color on the telecom side or the relative vectors of both into the December quarter? What are you seeing from the Telecom business?

第一個方案比較短期。所以你預測Datacom在12月的股價將會上漲10%。還有—您能否幫助我們了解九月份的命令背後的驅動因素是什麼？我認為你提到數據通訊可能是一個更重要的驅動因素，但電信方面有什麼情況嗎？或者說，這兩個產業在12月季度的相對發展趨勢如何？您如何看待電信業？

Yes. And maybe I'll just recap the prior quarter first. So on the prior quarter, data center, we saw grow 4% sequentially, 23% year over year. Communications, which is Telecom and DCI in the prior quarter, it was 11% sequential growth and 55% year over year. And into the current into the December quarter, we expect the data center growth to accelerate from that 4% prior quarter to about 10% sequential growth in the current quarter.

是的。或許我可以先回顧一下上個季度的情況。因此，上一季資料中心業務較上季成長 4%，較去年同期成長 23%。通訊業務（上一季為電信和DCI）較上季成長11%，較去年同期成長55%。我們預計，從上一季的 4% 到本季的 10% 左右，資料中心業務成長將加速。

And then comms, again, up sequentially. I would expect it to be a little bit less than what it was in the prior quarter. Comms would be up sequentially in the single digits. And then just to round it out and give you the full picture on the industrial part of our business, we expect that in the current quarter for that to be sequentially stable, maybe slightly up.

然後通訊再次依序恢復正常。我預計會比上一季略低。通訊設備將逐位數恢復正常。最後，為了更全面地向您介紹我們工業業務的情況，我們預計本季該業務將保持穩定，可能會略有成長。

Helpful. And then just a longer-term question, just on the tight sort of a couple of questions on it here. But is there for us to tie production coming out of that 6-inch facility with margin improvement over the -- it sounds like things are accelerating pretty materially on the capacity extension side in the first half. I think you had previously kind of talked about first kind of guys moving into modules in late calendar year 2025.

很有幫助。然後還有一個更長遠的問題，關於這方面的幾個比較具體的問題。但是，我們能否將那座 6 吋工廠的產量與利潤率的提高聯繫起來——聽起來，上半年產能擴張方面的情況正在顯著加快。我認為你之前曾談到第一批學生將在 2025 年末進入模組化學習階段。

But as that kind of progress, like you look at what gross margins have done, you would imagine to accelerate it. Any way for us to link the production, the amount of production to how much gross margin expansion you see?

但隨著這種進步，就像你看看毛利率所取得的成就一樣，你會覺得應該加快這種進步。我們有什麼方法可以將產量，也就是生產量，與您所看到的毛利率成長率連結起來嗎？

Yes. Maybe I'll kick it off and at least talk about qualitatively and then if Sherri wants to add anything to it. I think given that we just started production in the prior quarter, actually this quarter will be our first quarter -- our first full quarter of production. We started production last quarter kind of mid-quarter. The actual impact to gross margin in the current quarter is pretty minimal.

是的。也許我可以先拋磚引玉，至少從定性的角度談談，然後看看雪莉是否想補充什麼。我認為，鑑於我們上個季度才開始生產，實際上本季將是我們的第一個季度——我們第一個完整的生產季度。我們從上個季度中期開始生產。對本季毛利率的實際影響非常小。

But as we move into next calendar year, that's where we'll start to see the benefits of the 6-inch production moving into our gross margin. And as you would expect, as we ramp production, the impact to gross margin is more meaningful as we move through the calendar -- throughout the calendar year and so you should expect it to be more meaningful as we move through each central quarter. And Sherri, would you -- is there anything you'd add to that?

但隨著我們進入下一個日曆年，我們將開始看到 6 吋生產線為我們帶來毛利率成長的益處。正如你所預料的那樣，隨著我們逐步提高產量，對毛利率的影響會隨著時間的推移而變得更加顯著——在整個日曆年中，因此你應該預料到，隨著我們進入每個主要季度，這種影響會更加顯著。雪莉，你還有什麼要補充的嗎？

Yes, I'd just add that when you look at these -- the intention phosphide and the fact that it's less than half the cost of 3-inch that will be beneficial to gross margin over time. And it's sort of looking at a cost structure, right? It's improving a cost structure, the 6-inch indium phosphide is.

是的，我還要補充一點，當你考慮這些因素時——磷化鋁的含量以及它的成本不到 3 英寸鋼的一半，從長遠來看，這將有利於毛利率。這其實是在分析成本結構，對吧？6吋磷化銦可以改善成本結構。

And other examples of that would be with new products, right, like 1.6. That's going to be beneficial to gross as well as we ramp capacity. Those types of things will help improve the gross margin over time.

其他例子還包括新產品，例如1.6。這將有利於毛利，同時也能提高產能。這些措施有助於隨著時間的推移提高毛利率。

So we're certainly focused on 6 inches. I guess I'd recap it by saying 6 inches one of the gross margin tailwinds, but there's certainly a wide range of other things we're focused on across the company to drive towards Sherri's 42% gross margin target that she gave us.

所以我們目前的目標肯定是6吋。我想總結一下，6吋的成長是毛利率上升的利好因素之一，但為了實現Sherri給我們設定的42%的毛利率目標，我們公司還有很多其他方面需要關注。

There's a number of other I'd just highlight in the industrial business, although the growth is relatively stable. We're not seeing a tremendous amount of growth in the industrial business at this time. We're certainly focused on driving gross margin expansion within that business and so that's another area that we expect gross margin to continue to improve for the company.

還有一些其他方面我想重點介紹工業領域的一些例子，儘管這些領域的成長相對穩定。目前我們並沒有看到工業領域大幅成長。我們當然會專注於推動該業務的毛利率成長，因此，我們預計公司在該領域的毛利率也將繼續提高。

Papa Sylla, Citigroup.

Papa Sylla，花旗集團。

Congrats on the very strong result. Jim, I was hoping you can double click a little bit on the uptake you expect in the December quarter coming from 1.60. I understand you are quite flexible between EML, [OFC], even VCSEL. But in terms of kind of percentage or even qualitatively, where are you seeing perhaps the larger demand between those three and different that to change in 2026?

恭喜取得如此優異的成績。吉姆，我希望你能稍微詳細地談談你預計12月季度從1.60開始的成長情況。我知道你在EML、[OFC]甚至VCSEL之間都相當靈活。但就百分比或定性而言，您認為這三者中哪一項的需求更大，以及到 2026 年哪些方面會改變？

Yes. Thanks for the question. So yes, as I mentioned in the prepared remarks, the sequential growth in Datacenter, a good chunk of that is driven by $1.6 million revenue. And then within that, that early wave or first wave of 1.6 revenue, it's really a combination of -- we expect a combination of silicon photonics which uses obviously CW lasers, but also EML-based 1.60 transceivers.

是的。謝謝你的提問。是的，正如我在準備好的發言稿中提到的，資料中心業務的連續成長，很大一部分是由 160 萬美元的收入推動的。然後，在其中，1.6 收入的早期浪潮或第一波浪潮，實際上是多種因素的結合——我們預計矽光子學（顯然使用 CW 雷射）以及基於 EML 的 1.60 收發器的組合。

So the first adoption in that first wave of -- or the beginning of the ramp of 1.6, that will primarily be driven by a mix of silicon photonics and EML. And then later, we'll start to see, we believe, adoption of VCSEL-based 1.60 transceivers -- so those use our 200-gig VCSEL technology, which we demonstrated at , I believe, OFC earlier this year. We would expect that to begin to go into production in I would say mid-calendar 2026, so it'll start to generate revenue in kind of the second half of calendar '26. So definitely, the early ramp or the first part of the ramp is driven by a combination of EML and silicon photonics.

因此，第一波採用——或者說 1.6 倍加速的開始——將主要由矽光子學和 EML 的結合來驅動。然後，我們相信，之後我們將開始看到基於 VCSEL 的 1.60 收發器的普及——這些收發器使用我們的 200G VCSEL 技術，我相信我們在今年早些時候的 OFC 上展示了這項技術。我們預計產品將於 2026 年中開始投產，並於 2026 年下半年開始產生收入。因此，早期成長或成長的第一部分肯定是由 EML 和矽光子學的結合所驅動的。

Got it. That's very clear. And for my follow-up, Jim, I'm curious on how you are thinking about allocation of your India phosphide capacity between EML, CW, and photodiode. I guess how far ahead do you need to make that decision and perhaps what are the factors that go into that decision is the priority mainly kind of feeding where demand is strongest or is there a profitability angle as well?

知道了。這一點很清楚。吉姆，我的後續問題是，你是如何考慮將印度磷化物產能分配到 EML、CW 和光電二極體上的。我想，你需要提前多久做出這個決定？或許，做出這個決定需要考慮哪些因素？首要考慮因素是滿足需求最強勁的地方，還是也有獲利方面的考量？

Yes. It's a good question. Let me talk about the trade-off between, first of all, EML and CW. I would say there's no -- from our perspective, there's no significant profitability trade-off between those two. Really that drives the mix of our production mix of EML versus CW is purely the demand from our customers, right? So if it's more silicon photonics-based transceivers, then that we'll allocate more capacity to CW lasers if it's more EML will allocate to EML. And I think in general, we can make those choices certainly six months ahead of time, even -- we can even make those choices even four months ahead of time.

是的。這是個好問題。首先，讓我談談 EML 和 CW 之間的權衡。我認為，從我們的角度來看，這兩者之間不存在明顯的獲利能力權衡。實際上，我們 EML 與 CW 產品組合的組成完全取決於客戶的需求，對吧？所以，如果更多的是基於矽光子學的收發器，那麼我們將為連續波雷射器分配更多容量；如果更多的是基於電磁雷射的收發器，那麼我們將為電磁雷射分配更多容量。而且我認為，總的來說，我們完全可以提前六個月做出這些選擇，甚至——我們甚至可以提前四個月做出這些選擇。

So I would say somewhere to the kind of four to six months ahead of time, we have to do the capacity planning between EML and CW. And the good thing about the indium phosphide capacity is it's fungible. We can move the capacity to either EML or CW. And then for photodiode, that's just the receiver for the laser, right? So we just build the number of photodiodes that are needed to receive the laser signal.

所以我認為，我們需要提前四到六個月進行 EML 和 CW 之間的產能規劃。而磷化銦電容的優點在於它是可替代的。我們可以將產能轉移到 EML 或 CW。至於光電二極管，它只是雷射的接收器，對吧？所以我們只需要製造接收雷射訊號所需的光電二極體數量即可。

So that's a pretty straightforward calculation right. So that's kind of how we do the capacity planning. Ultimately, it's really driven by the mix that our customers want in terms of EML versus silicon transceivers. And we have both. So we're happy to support the customers in whichever version that they need for their application.

所以這是一個非常簡單的計算，對吧。這就是我們進行產能規劃的方式。歸根結底，這實際上取決於我們的客戶希望在 EML 與矽收發器之間如何組合。我們兩者兼備。因此，我們很樂意為客戶提供他們應用程式所需的任何版本支援。

Michael Mani, Bank of America.

麥可馬尼，美國銀行。

This is Michael Mani on Vivek Arya. As you look out over the next year, what's your confidence level in your ability to expand your share in 160 over 800 gig? And could you also talk about the 1.6 ramp from a customer breadth perspective? Is this a ramp that's very concentrated with a few customers? Or are you seeing more of a balanced ramp into next year?

這是邁克爾·馬尼對維韋克·阿亞的評價。展望未來一年，您對自己在 160 到 800 千兆位元組市場中擴大市場份額的能力有多大信心？您能否從顧客廣度的角度談談 1.6 版本的成長？這是一條顧客很少、人潮非常集中的坡道嗎？或者您認為明年的成長動能會更加均衡？

Yes. Thanks, Michael. Maybe I'll ask -- answer the second part first and come back to the first part of the question. On the second part of the question, we're seeing 1.60 across ramp across multiple customers. So we have multiple customers that are engaged in 1.60, and we expect to ramp with multiple in parallel. And I would say that the other color I would add is that a number of customers are accelerating their time and their ramp on 1.60.

是的。謝謝你，麥可。或許我可以先問──先回答問題的第二部分，再回到問題的第一部分。關於問題的第二部分，我們看到多位客戶的爬坡速度為 1.60。因此，我們有多個客戶正在使用 1.60 版本，我們預計多個客戶將同時進行升級。我還要補充一點，很多客戶正在加快他們向 1.60 版本過渡的時間和步伐。

And we view that all as a good thing, right? We view that as positive. We have really proud of the lineup of 1.6 transceivers that we have and just as a reminder, at OFC earlier this year, we were the one company that demonstrated 1.60 transceivers using three different technologies, silicon photonics, EML and VCSEL. So I think we have a great product lineup. We have good customer position. We've seen acceleration of 1.60, and we feel we're certainly well positioned for that.

我們都認為這是一件好事，對吧？我們認為這是件好事。我們為我們擁有的 1.6 收發器產品線感到非常自豪。需要提醒的是，在今年早些時候的 OFC 展會上，我們是唯一一家展示了使用三種不同技術（矽光子學、EML 和 VCSEL）的 1.60 收發器的公司。所以我認為我們擁有非常棒的產品陣容。我們擁有良好的客戶地位。我們已經看到了 1.60 的加速度，我們感覺我們已經為此做好了充分的準備。

So I guess, to the first part of your question, yes, we feel really well positioned on 1.60. I think as we enter the calendar 2026, we expect both -- on a year-over-year basis, we expect 800 gig will still grow on a year-over-year basis. We're seeing very strong demand on 800 gig. But on top of that, we expect 1.60 to ramp at a very healthy pace.

所以，對於你問題的第一部分，是的，我們感覺在 1.60 版本上處於非常有利的地位。我認為，進入 2026 年，我們預計 800 Gb 的銷量仍將同比增長。我們看到市場對 800G 的需求非常強勁。但除此之外，我們預計 1.60 的價格將以非常健康的速度上漲。

Great. And for my follow-up, I just wanted to ask about your progress on portfolio optimization and specifically pricing. So it seems like there's been amount of progress there in the last couple of quarters, but how much left is there in terms of these pricing tailwinds you can recognize whether it's from the core datacom side or industrial?

偉大的。最後，我想問您在投資組合優化，特別是定價方面的進展。所以，過去幾季似乎取得了一些進展，但是，無論是核心數據通訊方面還是工業方面，這些價格利好因素還剩下多少呢？

And maybe more specifically as well, just what are you seeing from a pricing perspective for transceivers? Or just if you could talk about that environment?

更具體地說，您從定價角度來看，收發器市場的情況如何？或者您能否談談那裡的環境？

Maybe I'll answer the last part of the question on transceivers, but I'll let Sherri also comment on pricing as it relates to gross margin.

關於收發器的問題，我或許可以回答最後一部分，但關於定價與毛利率的關係，我還是讓 Sherri 來評論一下。

I would say on pricing of transceivers, pricing dynamic very much as we would expect. So I don't think we're seeing anything unexpected with respect to pricing. And then, of course, in a more supply-constrained market in general, that's certainly always a positive dynamic pricing. And then kind of in the first part of your question, just sort of pricing optimization in general and how it relates to gross margin, I'll ask Sherri to answer that part.

關於收發器的定價，我認為其價格動態與我們預期的非常吻合。所以我覺得在價格方面不會有任何意外狀況。當然，在供應較為緊張的市場中，這無疑總是一種積極的動態定價。然後，關於您問題的第一部分，也就是定價優化以及它與毛利率的關係，我會請 Sherri 來回答這部分。

Sure. Thanks, Michael. So from a pricing optimization perspective, I was really pleased to see that during the quarter, part of the improvement in gross margin, the 70 basis points improvement sequentially in the 200 basis points year over year Part of that was due to pricing optimization. Pricing optimization in our -- where we saw benefits in the industrial side of our business as well as in the data center and communications part of our business. So pricing is an area where we tend to expect that the greater magnitude would come from the industrial part of our business.

當然。謝謝你，麥可。從定價優化的角度來看，我很高興地看到，本季毛利率的改善，環比改善了 70 個基點（比去年同期改善 200 個基點），部分原因是定價優化。我們進行了定價優化——我們在業務的工業方面以及資料中心和通訊方面都看到了收益。因此，在定價方面，我們往往預期最大的影響因素會來自我們業務的工業部分。

But we do see benefits as well in the data center and communications part of our business. And pricing is really -- pricing our products for the value they provide. And in the industrial power business, that's the part of our business where, in many cases, we are the only provider of those products. And so our customers are certainly value the products provide to them and how we help them differentiate. So that's one key part of the improvement that we saw during the quarter.

但我們也看到了資料中心和通訊業務的好處。定價的本質就是－根據產品所提供的價值來定價。在工業電力產業，很多情況下，我們是這些產品的唯一供應商。因此，我們的客戶當然重視產品能為他們帶來的價值，以及我們如何幫助他們達到差異化。這是本季我們看到的改進的關鍵部分之一。

The other part, just to round out the commentary on the gross margin. We also saw improvements from cost reduction -- and so that was an area where we saw benefits in yield, which, if you recall, for the past so many quarters, we've been talking about yield improvements. We continue to focus on that. We saw those benefits in Datacenter & Communications part of our business as well as lower product input costs. So those are two main levers that we're really focused on to drive to our long-term target model of over 42%. So I was really pleased to see those results.

另一部分，只是為了完善對毛利率的評論。我們也看到了成本降低的改善——因此，在這個領域我們看到了收益的提升，如果你還記得的話，在過去的幾個季度裡，我們一直在談論收益的提高。我們將繼續專注於此。我們在資料中心和通訊業務中看到了這些好處，同時產品投入成本也降低了。所以，這是我們真正關注的兩個主要槓桿，以實現我們超過 42% 的長期目標模式。看到這些結果我真的很高興。

Meta Marshall, Morgan Stanley Investment Management.

Meta Marshall，摩根士丹利投資管理公司。

A couple of questions. Sherri, last quarter, you called out kind of FX headwinds to gross margins. And just given some of those currencies have remained stronger, just wanted to kind of get some context of whether there was additional kind of headwinds this quarter on gross margins?

幾個問題。Sherri，上季你曾指出外匯波動對毛利率構成不利影響。鑑於其中一些貨幣依然走強，我想了解本季毛利率是否面臨其他不利因素？

And then second, noted that you guys are ramping the ZR kind of capacity, but just how you guys are thinking about kind of intersecting some of the scale across demand that we're seeing, whether that will kind of -- the ZR will layer into that? Or just how you guys are kind of ramping capacity there?

其次，我注意到你們正在提高 ZR 的產能，但你們是如何考慮將我們目前看到的規模化需求與 ZR 的產能結合起來的呢？ ZR 是否會融入這種規模化需求？或者你們是如何逐步提高產能的？

Yes. Meta, on the first part of your question regarding FX and the impacts to gross margin, did we have any headwinds during the quarter. Nothing material, certainly no incremental headwinds in terms of a negative impact from the prior quarter, but nothing significant during the quarter to note that.

是的。Meta，關於您提出的第一個問題，即外匯波動及其對毛利率的影響，我們本季是否遇到任何不利因素？沒有什麼實質的變化，當然也沒有比上一季產生更大的負面影響，但本季也沒有什麼值得注意的重大變化。

And on the second part of the question on the scale across demand, yes, I would characterize this demand is exceptionally strong. And obviously, that's driven by -- these are the optical connections between the data centers where we're seeing these AI workloads that are spanning multiple data centers, and that's driving for an expansion and high-speed optical networking between these data centers. And our portfolio of products, ourZR/ZR+ portfolio products are just a really great match for this application. So we're seeing very good demand there. and we have 100 gig, 400 gig and 800 gig ZR+ transceivers. So we're certainly ramping capacity as quickly as we can on those transceivers.

至於問題的第二部分，即需求規模，是的，我認為這種需求異常強勁。顯然，這是由資料中心之間的光連接所驅動的——我們看到這些人工智慧工作負載跨越多個資料中心，這推動了這些資料中心之間高速光網路的擴展。我們的產品組合，特別是我們的 ZR/ZR+ 產品組合，與此應用非常契合。所以我們看到這方面的需求非常好。我們有 100G、400G 和 800G 的 ZR+ 收發器。因此，我們正在盡最大努力盡快提高這些收發器的產能。

The other way we participate in that market, though, is we're a module vendor for ZR/ZR+, but we also sell components all sorts of DCI equipment and applications. And I would say there, again, the demand on the components right now is extremely strong, and we are also ramping capacity for all of the components that go into DCI applications and any related telecom application. So we're seeing just as one example, the pump lasers that we produce there, we're seeing just very strong demand on those pump lasers.

不過，我們參與該市場的另一種方式是，我們是 ZR/ZR+ 的模組供應商，但我們也銷售各種 DCI 設備和應用的組件。我再次強調，目前對這些組件的需求非常強勁，我們也正在提高所有用於 DCI 應用和任何相關電信應用的組件的產能。舉個例子來說，我們生產的泵浦雷射器，市場對這些泵浦雷射的需求非常強勁。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂費爾。

Jim, maybe a follow-up on the OCS commentary, with the shipments to seven different customers rigs to the diversification of customers there. In terms of applications, you talked about sort of getting -- you're talking through engagements on a broader number of applications. How would you characterize kind of the wins that you have today? Are those I think the industry has been talking about redundancy, the use of the OCS for redundancy and maybe even packet switch replacement.

吉姆，或許可以對 OCS 評論進行後續報道，將貨物運送給七個不同的客戶，以促進客戶多元化。就應用方面而言，你談到瞭如何獲得——你談到瞭如何參與更廣泛的應用。你會如何形容你今天所取得的這些勝利？我認為業界一直在討論冗餘、使用 OCS 實現冗餘，甚至可能用 OCS 取代分組交換器。

Should we think about those as being sort of the initial applications? Or are you starting to see a broadening today of some of the other applications that you can address? And are there technical advantages of using nonmechanical and some of these new applications that you guys are talking?

我們是否應該將這些視為某種初始應用？或者，您是否開始看到如今您可以處理的其他一些應用領域正在不斷擴大？那麼，使用非機械方式以及你們提到的這些新應用，在技術上有哪些優勢呢？

Yes. Thanks, Ruben. Great question. No, I would say that the initial adoption in terms of like the backlog and initial production ramp adoption is very much the way you summarized it in redundancy applications or spine switch applications and more of what we've seen historically as traditional applications for OCS.

是的。謝謝你，魯本。問得好。不，我認為，就積壓訂單和初始生產爬坡採用情況而言，最初的採用情況正如你總結的那樣，在冗餘應用或脊交換機應用方面，以及我們歷史上看到的 OCS 傳統應用方面，都非常相似。

I think further out, though, what we've been surprised about is if you look beyond just kind of the near-term demand as we've engaged with a broader set of customers is there's applications beyond that, that customers are talking about and engaging with us on -- all the way from some customers who are talking about even using an OCS switch in a scale-up network, right, a scale-up network where the optical -- where the connections are now optical and there's an OCS switch within that.

不過，我認為從長遠來看，我們感到驚訝的是，如果我們超越近期需求，與更廣泛的客戶群接觸後發現，除了短期需求之外，還有更多應用，客戶正在談論並與我們探討這些應用——甚至有些客戶正在討論在縱向擴展網絡中使用 OCS 交換機，對吧？在縱向擴展網路中，光纖連接現在是光纖的，並且其中包含一個 OCS 交換器。

And then on the other end of the spectrum, customers talking about using OCS switch even within DCI networks. So we've been surprised as we've engaged with customers by the real broadening of potential applications that they're exploring. And I would say that's a little further out in time, but we view that as a great indicator that the TAM may be significantly larger than what we first thought.

另一方面，也有客戶談到即使在 DCI 網路中也使用 OCS 交換器。因此，在與客戶互動的過程中，我們驚訝地發現他們正在探索的潛在應用範圍確實越來越廣。我認為這時間上還有些遙遠，但我們認為這是一個很好的跡象，表明 TAM 可能比我們最初想像的要大得多。

Perfect. And really quick question. I hope for Sherri. And apologies if I missed this, Sherri, but with the aerospace and defense divestiture and the leverage coming down below too, which is great to see. Is there an update on the way you're thinking about debt on the balance sheet or capital allocation?

完美的。還有一個問題。我希望雪莉一切順利。雪莉，如果我錯過了什麼，請見諒。不過，隨著航空航太和國防業務的剝離，以及由此帶來的槓桿效應，這真是令人欣慰。關於資產負債表上的債務或資本配置，您有什麼最新的想法嗎？

Yes. So Ruben, I'm really pleased that we were able to reduce our debt leverage down to 1.7 times for the quarter after the $400 million debt paydown that you referenced from sale of the A&D business. So I'm really pleased with that. And then we also mentioned that with the Munich division, product division, that we announced that we would take the proceeds from the sale of that to pay off debt as well. That's expected to close a little bit later.

是的。魯本，我很高興我們能夠將本季的債務槓桿率降低到 1.7 倍，這得益於你提到的出售 A&D 業務所償還的 4 億美元債務。所以我對此非常滿意。然後我們也提到，對於慕尼黑分部的產品部門，我們宣布將以出售所得款項來償還債務。預計稍後會關門。

And so once we do that, we'll take the proceeds from that as well. So certainly, debt reduction is a priority. But I would say the number one priority now is -- continues to be making that we're investing for the long term in the business. from an R&D perspective, from a CapEx perspective and making sure that we're really driving -- investing for the long-term growth. So that's the number one priority. And then certainly debt reduction, we'll continue to focus on that but the close second priority.

所以一旦我們做到了這一點，我們也會獲得相應的收益。因此，減少債務無疑是當務之急。但我認為，目前的首要任務仍然是確保我們對業務進行長期投資，無論是從研發角度還是資本支出角度，都要確保我們真正推動——投資於長期成長。所以這是頭等大事。當然，減少債務也是我們將繼續關注的重點，但它是次要的優先事項。

Karl Ackerman, BNP Paribas Asset Management.

卡爾‧阿克曼，法國巴黎銀行資產管理公司。

Just one from me. Jim, you spoke of record transceiver module bookings in datacom, but what about transceiver components for telecom? And as you address that, can you quantify the level of order visibility with your customers, maybe in terms of quarters as you and your peers seek to add both later and transceiver capacity and fulfill customer demand.

我只有一個。吉姆，你提到了數據通訊領域收發器模組的預訂量創下紀錄，那麼電信領域的收發器組件情況如何呢？在您探討這個問題時，您能否量化一下您與客戶之間的訂單可見性水平，例如以季度為單位，因為您和您的同行都在努力增加後期和收發器產能，以滿足客戶需求。

Thanks, Karl. Yes, we definitely saw a very strong record bookings on transceivers. But yes, I'm glad you asked about -- for components going into a number of our communications applications, DCI and telecom, I would say same story, record level of bookings there, too. I mean just tremendous bookings across both data center and communications.

謝謝你，卡爾。是的，我們確實看到收發器的預訂量創下了非常強勁的紀錄。是的，很高興你問到這個問題——對於我們許多通訊應用、DCI 和電信領域的元件，我想說情況也一樣，那裡的預訂量也創下了紀錄。我的意思是，資料中心和通訊領域的訂單量都非常巨大。

And on the second part of your question around visibility. So what we're seeing is -- in those bookings is the normal bookings of looking out in kind of the near term, but we're also seeing customers on top of that book further out in time where they're ordering -- they're putting orders in place in a year plus in advance.

關於您問題的第二部分，即可見性。所以我們看到的情況是——在這些預訂中，既有正常的近期預訂，也有客戶提前更長時間預訂，他們提前一年甚至更長時間下單。

I think that's really about -- they're seeing such strong increases in their demand and their supply needs that they want to get those bookings in place to get the supply coverage. And then the other very good trend from our projective is, as I mentioned earlier in the call, our -- a number of our large customers now giving us very good forecast visibility, not just next year or the following year, but out into 2028. So very large customers providing us with visibility three years out, which is which is very, very helpful for our business.

我認為這主要是因為他們看到需求和供應需求都出現了強勁增長，所以他們希望盡快完成預訂，以確保供應充足。正如我之前在電話會議中提到的，我們預測的另一個非常好的趨勢是，我們的許多大客戶現在都為我們提供了非常好的預測可見性，不僅是明年或後年，而且一直到 2028 年。因此，大客戶為我們提供了未來三年的可視性，這對我們的業務非常有幫助。

Ladies and gentlemen, as we have come to the conclusion of the allotted time for today's call, I will now turn the floor back to Coherent's CEO, Mr. Jim Anderson, for closing comments.

女士們、先生們，今天的電話會議時間已經結束，現在我將把發言權交還給 Coherent 的首席執行官 Jim Anderson 先生，請他作總結發言。

Yes. First, thanks, everybody, for being on the call today. I feel we're off to a very strong start for our fiscal year with almost 20% pro forma revenue growth and over 70% EPS growth in Q1 on a year-over-year basis, off to a really strong start. And again, we expect this fiscal year to be a really strong growth year for the company. I'd like to -- once again, I just want to thank all of my Coherent teammates for all of their great hard work, their dedication.

是的。首先，感謝各位今天參加電話會議。我覺得我們本財年開局非常強勁，第一季以備考計算的營收成長了近 20%，每股盈餘較去年同期成長超過 70%，開局非常強勁。我們再次預計，本財年將是公司強勁成長的一年。我想再次感謝我的所有 Coherent 團隊成員，感謝他們的辛勤工作和奉獻精神。

Thank you very much. And thanks, everyone, for your support. Operator, that concludes our call.

非常感謝。感謝大家的支持。接線員，通話到此結束。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。