Coherent Corp (COHR) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Coherent second-quarter fiscal year 2026 earnings call.

大家好，歡迎參加 Coherent 公司 2026 財年第二季財報電話會議。

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

現在我很榮幸地向大家介紹主持人保羅·西爾弗斯坦先生。Coherent公司投資人關係資深副總裁。請繼續。

Thank you, operator, and good afternoon, everyone. With me today are Jimmy Anderson, Coherent CEO; and Sherri Luther, Coherent CFO. During today's call, we will provide a financial and business review of the second quarter of fiscal 2026 and the business outlook for the third 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。今天陪我一起的有 Coherent 公司的執行長 Jimmy Anderson 和 Coherent 公司的財務長 Sherri Luther。在今天的電話會議上，我們將對 2026 財年第二季進行財務和業務回顧，並對 2026 財年第三季的業務前景進行展望。您可以在我們公司網站 coherent.com 的投資者關係部分找到我們的獲利新聞稿。

I would like to remind everyone that during our conference call, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We wish and 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 the projections or forward-looking statements.

我想提醒大家，在本次電話會議中，我們可能會對未來事件或公司未來的財務表現做出預測或其他前瞻性陳述。我們希望並提醒您，此類聲明是基於目前可獲得的資訊所做的預測，實際結果可能與預測結果有重大差異。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。

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

本次電話會議包含並構成本公司對 2026 財年第三季的正式業績指引。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'll 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 a reconciliation of these non-GAAP 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.

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，這些文件可以在我們網站coherent.com的投資者關係部分找到。

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

現在我把電話交給我們的執行長吉米·安德森。

Thank you, Paul, and thank you, everyone, for attending today's call. As world's leading innovator and provider of photonic technology and solutions, Coherent is at the center of an extraordinary expansion of optical networking infrastructure that's enabling tremendous growth in data traffic in the scale across, scale out and scale up networks of AI data centers. As a result of the AI build-out, we saw strong revenue and profit growth in our December quarter.

謝謝保羅，也謝謝各位參加今天的電話會議。作為世界領先的光子技術和解決方案創新者和供應商，Coherent 正處於光網路基礎設施非凡擴張的核心，這使得 AI 資料中心網路的資料流量能夠以驚人的規模進行橫向、縱向和縱向擴展。由於人工智慧技術的部署，我們在12月季度實現了強勁的營收和利潤成長。

We also experienced another step function increase in our bookings, which we expect to increase again in our current quarter. Given the extraordinary strength and visibility of demand from our customers, combined with our continued rapid expansion and production capacity, we expect a period of sustained strong revenue growth over the coming quarters. In particular, we expect continued strong sequential revenue growth in both our March and June quarters, and we expect our fiscal '27 revenue growth rate to exceed our fiscal '26 growth rate.

我們的預訂量也出現了另一個階躍式成長，我們預計本季預訂量還會繼續成長。鑑於客戶需求的強勁和可預見性，加上我們持續快速的擴張和產能提升，我們預計未來幾季將實現持續強勁的營收成長。尤其值得一提的是，我們預計 3 月和 6 月季度的營收將持續強勁成長，我們預計 2027 財年的營收成長率將超過 2026 財年的成長率。

The key growth drivers that we see over the coming quarters are growth in both 800 gig and 1.6T transceivers, growth from the ramps of new products such as OCS and CPO solutions, and ongoing exceptionally strong demand in our products for DCI and scale across. In addition, we are now seeing demand signals that indicate a pickup in the growth of our Industrial business over the course of this calendar year, led by strong orders from our semi-cap equipment customers.

我們認為未來幾季的主要成長動力是 800 千兆和 1.6T 收發器的成長，OCS 和 CPO 解決方案等新產品量產帶來的成長，以及我們產品在 DCI 和規模化方面持續強勁的需求。此外，我們現在看到需求訊號表明，在今年內，我們的工業業務成長將會加快，這主要得益於來自半導體設備客戶的強勁訂單。

Overall, we're excited about the growth outlook over the coming quarters. We are also focused on driving meaningful operating leverage and expect to continue to deliver EPS growth at a significantly faster than our expected revenue growth rate.

總體而言，我們對未來幾季的成長前景感到樂觀。我們也專注於推動有意義的營運槓桿，並期望繼續實現每股盈餘成長，且成長速度將遠高於我們預期的營收成長速度。

With that overview, let me provide some additional details on our recent quarter and what we expect moving forward.

有了以上概述，讓我再詳細介紹一下我們最近一個季度的情況以及我們對未來的展望。

Turning to our Q2 operating results. Revenue increased by 9% sequentially and 22% year over year on a pro forma basis, which excludes revenue from our recently divested aerospace and defense business. Non-GAAP gross margin expanded by 24 basis points sequentially and 77 basis points year over year. The combination of revenue growth and gross margin expansion drove non-GAAP EPS growth of 11% sequentially and 35% year-over-year. I'll now provide some highlights from our two operating segments.

接下來來看看我們第二季的經營業績。以備考基準計算，營收季增 9%，年增 22%（不包括我們最近剝離的航空航太和國防業務的收入）。非GAAP毛利率較上季成長24個基點，較去年同期成長77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11%，年增35%。接下來我將重點介紹我們兩大營運部門的情況。

In our Datacenter & Communications segment, which now accounts for over 70% of our revenue, we saw an acceleration of our sequential growth rate with Q2 revenue growing by 11% sequentially and by 34% year over year, driven by strong growth in both the Datacenter & Communications markets.

在我們的資料中心和通訊業務板塊（目前占我們營收的 70% 以上），我們看到環比成長率加快，第二季營收季增 11%，年增 34%，這主要得益於資料中心和通訊市場的強勁成長。

In our Datacenter business, we drove a substantial acceleration in our sequential growth rate with Q2 revenue growing 14% sequentially and 36% year over year. The acceleration of Sequential growth in Q2 was driven by very strong execution from our production teams.

在資料中心業務方面，我們實現了環比成長率的大幅提升，第二季營收季增 14%，年增 36%。第二季Sequential的成長加速得益於我們生產團隊的優秀執行。

Given the exceptional demand and our rapidly expanding capacity, we expect double-digit sequential growth in Datacenter, again, in both our March and June quarters. Given that this is our largest and fastest-growing business, I'd like to provide some additional details on both the demand and supply picture within our Datacenter business.

鑑於市場需求異常旺盛，且我們的產能正在迅速擴張，我們預計資料中心業務在三月和六月季度將再次實現兩位數的環比成長。鑑於這是我們規模最大、成長最快的業務，我想就我們資料中心業務的需求和供應情況提供一些補充細節。

Q2 Datacenter revenue growth was driven by growth in both 800 gig and 1.6T transceivers. In Q2, we experienced another step function increase in our Datacenter bookings with a book-to-bill ratio that exceeded 4x as customer demand continues to increase and customers place orders further out in time, which provides us with strong visibility for the coming quarters.

第二季資料中心營收成長主要得益於 800G 和 1.6T 收發器市場的成長。第二季度，我們的資料中心預訂量再次出現階躍式成長，訂單出貨比超過 4 倍，客戶需求持續成長，且客戶下單的時間也越來越長，這讓我們對未來幾季的發展前景充滿信心。

The strength of our product portfolio, combined with our vertical integration and our expanding US manufacturing footprint, provide a clear competitive advantage with our customers. We expect revenue growth in the current quarter to be driven by a combination of growth in both 1.6T and 800 gig transceivers as well as growth in our OCS systems.

我們強大的產品組合，加上我們的垂直整​​合和不斷擴大的美國製造規模，為我們的客戶提供了明顯的競爭優勢。我們預計本季營收成長將由 1.6T 和 800 千兆收發器以及 OCS 系統的成長共同推動。

We see strong demand for our 1.6T transceivers across multiple customers and continue to expect both 800 gig and 1.6T to grow significantly in calendar '26. We expect 1.6T to ramp significantly over the coming quarters with the early phase of the ramp driven by our EML and silicon photonics-based transceivers followed by our 200-gig VCSEL-based 1.6 transceivers ramping in the second half of this calendar year.

我們看到許多客戶對我們的 1.6T 收發器有強勁的需求，並繼續預計 800 Gig 和 1.6T 在 2026 年都會大幅成長。我們預計 1.6T 的產能將在未來幾季大幅提升，初期產能提升將主要由我們的 EML 和矽光子收發器驅動，隨後我們將在今年下半年推出基於 200G VCSEL 的 1.6 收發器。

On the supply side to address the extraordinary growth in demand, we are investing in the rapid expansion of our production capacity. For example, we significantly increased our indium phosphide production capacity in Q2, and we are executing on track to our plan to double our internal indium phosphide production capacity by the fourth quarter of this calendar year. As a reminder, our indium phosphide capacity expansion is driven by a ramp of 6-inch wafer production, 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.

在供應方面，為了因應需求的異常成長，我們正在投資快速擴大生產能力。例如，我們在第二季度大幅提高了磷化銦的產能，我們正在按計劃推進，力爭在今年第四季將內部磷化銦的產能翻倍。再次提醒大家，我們磷化銦產能的擴張是由 6 吋晶圓產能的提升所驅動的，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。

Our production team is doing an outstanding job ramping our 6-inch indium phosphide production, and I'd like to take the opportunity to thank our team for executing ahead of our plan in Q2. We are ramping production in parallel at two sites, Sherman, Texas and Jarfalla, Sweden. We are in production with three different types of key transceiver components on 6-inch indium phosphide EMLs, CW lasers, and photodiodes.

我們的生產團隊在提高 6 吋磷化銦產量方面做得非常出色，我想藉此機會感謝我們的團隊在第二季提前完成了計劃。我們正在德克薩斯州謝爾曼和瑞典耶爾法拉兩個地點同時提高產量。我們正在生產三種不同類型的關鍵收發器組件，包括 6 英吋磷化銦 EML、CW 雷射和光電二極體。

Our 6-inch yields continue to exceed the yields of our 3-inch production lines. In addition, we have multiple 6-inch indium phosphide substrate suppliers, and we have secured committed substrate supply that supports our expected doubling of capacity by our December quarter. In short, we are very pleased with the ramp of the world's first 6-inch indium phosphide production lines and expect this production ramp to support significant revenue growth and margin expansion of our transceiver products over the coming quarters.

我們的 6 吋生產線產量持續超過 3 吋生產線產量。此外，我們擁有多家 6 吋磷化銦基板供應商，我們已確保了基板的穩定供應，這支持了我們預計在 12 月季度實現產能翻倍的目標。總而言之，我們對全球首條 6 吋磷化銦生產線的投產感到非常滿意，並預計此次產能提升將在未來幾季支持我們收發器產品的收入顯著增長和利潤率擴張。

We also expect to continue to supplement our internal indium phosphide capacity with continued sourcing from external suppliers. For example, EML supply from our external suppliers increased sequentially in Q2, and we expect it to increase again in the current quarter and during this calendar year through continued long-term partnership with our key external suppliers.

我們也計劃繼續從外部供應商採購，以補充我們內部的磷化銦產能。例如，第二季度我們外部供應商的 EML 供應量環比增加，我們預計在本季度和本年度，透過與主要外部供應商繼續保持長期合作關係，供應量將再次增加。

We also continue to invest in the expansion of our transceiver module assembly capacity. We are expanding our production capacity in Malaysia, Vietnam and other locations. Overall, I'm very pleased with the continued expansion of our production capacity to meet the rapid growth in our demand.

我們將繼續投資擴大收發器模組組裝產能。我們正在擴大在馬來西亞、越南和其他地區的生產能力。總的來說，我對我們產能的持續擴張以滿足快速成長的需求感到非常滿意。

I'm equally excited regarding our progress on other key Datacenter products and technologies. Specifically, I want to provide updates on our CPO and OCS products, which we expect to be significant contributors to our long-term growth and profitability.

我同樣對我們在其他關鍵資料中心產品和技術方面取得的進展感到興奮。具體來說，我想向大家介紹我們的 CPO 和 OCS 產品，我們預計它們將對我們的長期成長和獲利能力做出重大貢獻。

Transceiver technology platforms continue to evolve, and we are well positioned as we continue to make progress on LPO-, LRO-, CPO-, and MPO-related products and technologies with a growing number of engagements across a wide range of customers. In particular, we recently secured an exceptionally large purchase order from a market-leading AI data center customer for a CPO solution that includes our new high-power CW Laser that began sampling last year.

收發器技術平台不斷發展，我們憑藉在 LPO、LRO、CPO 和 MPO 相關產品和技術方面的持續進步，以及與眾多客戶的日益增長的合作，處於有利地位。尤其值得一提的是，我們最近從一家市場領先的人工智慧資料中心客戶那裡獲得了一筆數額巨大的採購訂單，用於購買 CPO 解決方案，其中包括我們去年開始提供樣品的新型高功率 CW 雷射。

Beyond the outstanding performance of this solution, a key factor in the customer's decision to partner with Coherent was the fact that our high-power CW Laser is produced on our 6-inch indium phosphide line in our Sherman, Texas facility. We expect this significant design win to generate initial revenue towards the end of this calendar year with a more significant revenue contribution next calendar year and beyond. We also have engagements across multiple other customers for both indium phosphide and 200-gig VCSEL-based solutions for CPO and MPO applications.

除了該解決方案的出色性能之外，客戶決定與 Coherent 合作的一個關鍵因素是，我們的高功率 CW 雷射是在我們位於德克薩斯州謝爾曼的工廠的 6 英寸磷化銦生產線上生產的。我們預計這項重要的設計項目將在今年年底前帶來初步收入，並在明年及以後帶來更顯著的收入貢獻。我們也與多家其他客戶合作，為 CPO 和 MPO 應用提供基於磷化銦和 200 G VCSEL 的解決方案。

In Q2, we also saw a strong progress for our optical circuit switch platform based on our differentiated nonmechanical liquid crystal technology. OCS backlog grew sequentially in Q2, and we now have over 10 customer engagements. Shipments and backlog include both 64 by 64 and 320 by 320 system sizes with most of the backlog weighted toward the larger system size.

第二季度，基於我們差異化的非機械液晶技術的光路開關平台也取得了強勁進展。OCS 的積壓訂單在第二季較上季成長，目前我們已有超過 10 個客戶專案。出貨量和積壓訂單包括 64x64 和 320x320 兩種系統尺寸，其中大部分積壓訂單都集中在較大的系統尺寸上。

We expect OCS revenue to grow sequentially in the current quarter and the coming quarters as we ramp production capacity as fast as possible to meet the rapidly growing demand and the over $2 billion of expected addressable market opportunity for this platform over the coming years.

我們預計，隨著我們盡快提高產能以滿足快速成長的需求，以及未來幾年該平台預計超過 20 億美元的潛在市場機會，OCS 的收入將在本季度和接下來的幾個季度環比增長。

In our Communications market, Q2 revenue grew 9% sequentially and 44% year over year. Growth continues to be driven by our products for Datacenter interconnect and scale across as well as strong growth in traditional telecom applications. We expect our communications business to grow sequentially in the current quarter as well as our June quarter.

在我們的通訊市場，第二季營收季增 9%，年增 44%。資料中心互連和擴展產品以及傳統電信應用的強勁成長持續推動著公司的發展。我們預計本季以及六月的季度，我們的通訊業務將環比成長。

The strength we are seeing in communications is broad-based in terms of both products and customers. We continue to see extremely strong demand for our products addressing the Datacenter Interconnect market opportunity. These include our ZR/ZR+ coherent transceiver products as well as lasers and other components that we sell to system OEMs. For example, we recently secured a significant multiyear design win with a leading DCI OEM, which utilizes Coherent's industry-first uncooled three-pin micro-pump solution.

我們在通訊領域看到的強勁勢頭是廣泛的，體現在產品和客戶兩方面。我們持續看到市場對我們針對資料中心互連市場需求的強勁產品需求。其中包括我們的 ZR/ZR+ 相干收發器產品，以及我們向系統 OEM 廠商銷售的雷射和其他組件。例如，我們最近與一家領先的 DCI OEM 廠商簽訂了一份重要的多年設計合同，該合約採用了 Coherent 業界首創的非製冷三針微型泵解決方案。

We're also seeing strong demand in our traditional telecom business driven by ongoing market recovery and new product introductions, such as our new award-winning multi-rail technology platform. We are also experiencing very strong demand across our broader Communications product portfolio, including pumps, amplifiers, line cards and systems.

我們也看到，在市場持續復甦和新產品推出（例如我們屢獲殊榮的多軌技術平台）的推動下，我們傳統的電信業務需求強勁。我們更廣泛的通訊產品組合，包括泵浦、擴大機、線路卡和系統，也都面臨著非常強勁的需求。

Turning to our Industrial segment. Revenue grew 4% sequentially and was flat year over year on a pro forma basis, excluding revenue from the recently divested aerospace and defense business. Sequential growth in Q2 was driven by our Industrial lasers and Engineered Materials product lines.

接下來我們來看看工業板塊。營收季增 4%，按備考基準計算與去年同期持平（不包括最近剝離的航空航太和國防業務的收入）。第二季環比成長主要得益於我們的工業雷射和工程材料產品線。

We expect the Industrial segment to be roughly flat sequentially in the current quarter on a pro forma basis. However, looking ahead, we expect improving demand. For example, we saw a significant increase in orders in Q2 from our semi-cap customers, which we expect to translate into sequential growth for our Industrial business in our June quarter and the remainder of this calendar year.

我們預計，以備考基準計算，本季工業部門的業績將與上一季基本持平。但展望未來，我們預期需求將會改善。例如，我們在第二季度從半導體客戶那裡獲得了顯著的訂單成長，我們預計這將轉化為我們工業業務在6月份季度和今年剩餘時間的環比增長。

At the recent Photonics West Conference, we highlighted a number of compelling long-term growth areas for our Industrial product lines, including data center XPU cooling solutions based on our 300-millimeter silicon carbide and Thermadite technology, thermoelectric generators for improving data center energy efficiency through waste heat recovery, excimer laser annealing systems for Gen 8 OLED fabs, high-power lasers for direct fusion energy generation, and excimer lasers for processing superconducting tape used in magnetic fusion applications. This wide range of differentiated solutions positions our Industrial business for significant long-term growth.

在最近的西部光子學會議上，我們重點介紹了工業產品線的一些引人注目的長期增長領域，包括基於我們 300 毫米碳化矽和 Thermadite 技術的數據中心 XPU 冷卻解決方案、用於通過廢熱回收提高數據中心能源效率的熱電發電機、用於第 8 代 OLED晶圓廠的準分子雷射退火系統、用於直接聚變能源產生的高功率雷射以及用於加工磁聚變應用中使用的超導帶材的準分子雷射。我們提供的各種差異化解決方案使我們的工業業務具備了實現長期顯著成長的條件。

Finally, I'd like to provide an update on our portfolio optimization initiative. Last week, we completed the sale of our Product Division based in Munich, Germany that makes tools for materials processing. The sale of this Product Division is expected to be immediately accretive to both gross margin and EPS. As a result of this sale and other operational streamlining initiatives, we exited 10 sites over the past quarter which brings the total number of sites that we've either sold or exited to 33 over the past roughly six quarters since we began this initiative. We plan to continue to streamline our footprint and exit additional underutilized and unnecessary sites over the coming quarters.

最後，我想就我們的投資組合優化計劃作個最新進展匯報。上週，我們完成了位於德國慕尼黑的產品部門的出售，該部門生產材料加工工具。預計該產品部門的出售將立即提高毛利率和每股盈餘。由於此次出售和其他營運精簡措施，我們在過去一個季度退出了 10 個站點，自我們開始這項計劃以來，在過去大約六個季度中，我們出售或退出的站點總數達到了 33 個。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和不必要的網站。

In summary, we delivered strong revenue and EPS growth in Q2 and expect both fiscal '26 and fiscal '27 to be strong growth years for coherent given our exceptional demand from our customers and the rapid expansion of our production capacity. I'd like to thank my Coherent teammates for their strong execution and the incredible innovation that they are driving every day for our customers.

總而言之，我們在第二季度實現了強勁的收入和每股收益成長，鑑於客戶的巨大需求和產能的快速擴張，我們預計 2026 財年和 2027 財年將是連貫性公司強勁增長的年份。我要感謝我的 Coherent 團隊成員，感謝他們出色的執行力和每天為我們的客戶帶來的卓越創新。

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. In our second quarter, we continued to drive strong double-digit year-over-year revenue growth, gross margin expansion and strong profitability. Capital allocation continues to be an area of focus where we maintained our debt leverage ratio below 2 times. I will now provide a summary of our Q2 results.

謝謝你，吉姆。第二季度，我們持續維持了強勁的年成長率（兩位數），毛利率也實現了擴張，獲利能力也十分強勁。資本配置仍然是我們關注的重點領域，我們將債務槓桿率維持在 2 倍以下。接下來我將總結我們第二季的業績。

Second-quarter revenue was a record $1.69 billion, up 7% sequentially from the first quarter and up 17% year over year, driven by growth in AI Datacenter & Communications demand. On a pro forma basis, excluding revenue from our aerospace and defense business, which we sold in Q1, Q2 revenue increased 9% sequentially and 22% year over year.

第二季營收達到創紀錄的 16.9 億美元，季增 7%，年增 17%，主要得益於人工智慧資料中心和通訊需求的成長。以備考基準計算，不包括我們在第一季出售的航空航太和國防業務的收入，第二季營收季增 9%，年增 22%。

Our Q2 non-GAAP gross margin was 39%, a 24-basis-point improvement compared to the prior quarter and a 77-basis-point improvement as compared to the year-ago quarter. We continue to execute on our gross margin expansion strategy, where we generated sequential and year-over-year increases in gross margin primarily in the Datacenter & Communications segment.

我們第二季的非GAAP毛利率為39%，比上一季提高了24個基點，比去年同期提高了77個基點。我們繼續執行毛利率擴張策略，主要在資料中心和通訊領域實現了毛利率的環比和同比增長。

These improvements were driven by reductions in product input costs, efficiency gains from improved cycle times in the manufacturing process as well as yield improvements. Pricing optimization also continued to contribute meaningfully to our gross margin expansion.

這些改進得益於產品投入成本的降低、製造過程週期時間的縮短所帶來的效率提升以及產量的提高。定價優化也持續為我們的毛利率成長做出重要貢獻。

Second-quarter non-GAAP operating expenses were $321 million compared to $304 million in the prior quarter and $283 million in the year-ago quarter. Operating expenses as a percentage of revenue declined to 19% as compared to 19.2% in the prior quarter and 19.7% in the year-ago quarter. SG&A expense as a percentage of revenue declined to 9.6% in Q2 as compared to 9.8% in the prior quarter and 10.2% in the year-ago quarter, due to our continued progress on driving efficiencies and greater leverage in SG&A.

第二季非GAAP營運支出為3.21億美元，上一季為3.04億美元，去年同期為2.83億美元。營業費用佔收入的百分比下降至 19%，上一季為 19.2%，去年同期為 19.7%。由於我們在提高效率和增強銷售、管理及行政費用方面的持續進展，第二季度銷售、管理及行政費用佔收入的百分比下降至 9.6%，而上一季為 9.8%，去年同期為 10.2%。

We have made significant progress on our ERP consolidation project where we expect most of the company to be on a single ERP platform by the end of this fiscal year. In addition, we are executing on our low-cost region initiatives within our G&A functions that will continue to show benefits throughout this fiscal year and more meaningfully into our fiscal year 2027. The sequential and 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.

我們的 ERP 整合專案取得了重大進展，預計到本財年末，公司大部分業務將使用單一的 ERP 平台。此外，我們正在執行 G&A 職能部門內的低成本區域計劃，這些計劃將在本財年繼續帶來效益，並在 2027 財年帶來更顯著的效益。研發投入的環比和年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。

Our second-quarter non-GAAP operating margin was 19.9% compared to 19.5% in the prior quarter and 18.5% in the year-ago quarter. Second-quarter non-GAAP earnings per diluted share was $1.29 compared to $1.16 in the prior quarter and $0.95 in the year-ago quarter. From a capital allocation perspective, we maintained our debt leverage ratio at 1.7 times, down from 2.3 times in the year-ago quarter. Our capital expenditures in the second quarter were $154 million as compared to $104 million in the prior quarter and $106 million in the year-ago quarter.

我們第二季的非GAAP營業利益率為19.9%，而上一季為19.5%，去年同期為18.5%。第二季非GAAP每股攤薄收益為1.29美元，上一季為1.16美元，去年同期為0.95美元。從資本配置的角度來看，我們將債務槓桿維持在 1.7 倍，低於去年同期的 2.3 倍。第二季我們的資本支出為 1.54 億美元，而上一季為 1.04 億美元，去年同期為 1.06 億美元。

We are focused on supporting the exceptional customer demand in Datacenter & Communications. As a result, we are rapidly expanding our capacity and expect our capital expenditures to increase sequentially over the remainder of this fiscal year. We have made good progress in strengthening our balance sheet, including significantly reducing our debt leverage, refinancing our debt, and improving our working capital. With a strong balance sheet and focus on improving profitability, the company is well positioned to support the exceptional customer demand with investments to rapidly expand our production capacity.

我們專注於滿足資料中心和通訊領域客戶的特殊需求。因此，我們正在迅速擴大產能，預計本財年剩餘時間內的資本支出將逐週增加。我們在加強資產負債表方面取得了良好進展，包括大幅降低債務槓桿率、對債務進行再融資以及改善營運資金。公司擁有強勁的資產負債表，並專注於提高獲利能力，因此有能力透過投資快速擴大產能來滿足客戶的旺盛需求。

As Jim noted, at the end of last month, we closed the sale of our Product Division based in Munich, Germany that makes tools for materials processing. For reference, over the past four quarters, this 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. We expect to use the proceeds from the sale to reduce our interest expense by paying down debt, which will be immediately accretive to our gross margin and EPS.

正如吉姆所指出的，上個月底，我們完成了位於德國慕尼黑的產品部門的出售，該部門生產材料加工工具。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，但其毛利率遠低於 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。我們預計將利用出售所得款項償還債務，從而降低利息支出，這將立即提高我們的毛利率和每股盈餘。

I will now turn to our guidance for the third quarter of fiscal 2026. Our Q3 outlook includes $5 million of revenue from the period prior to the close of the sale of the Munich Product Division at the end of January. We expect revenue to be between $1.70 billion and $1.84 billion. We expect non-GAAP gross margin to be between 38.5% and 40.5%. We expect total operating expenses of between $320 million and $340 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 $1.28 and $1.48 on a non-GAAP basis.

接下來，我將介紹我們對 2026 財年第三季的業績預期。我們對第三季的展望包括1月底慕尼黑產品部門出售完成之前期間的500萬美元收入。我們預計營收將在 17 億美元至 18.4 億美元之間。我們預計非GAAP毛利率將在38.5%至40.5%之間。我們預計以非GAAP準則計算，總營運費用將在3.2億美元至3.4億美元之間。我們預計本季非GAAP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將在1.28美元至1.48美元之間。

In summary, I'm very pleased with the strong results in our second quarter. We remain focused on expanding profitability with disciplined execution against our long-term financial target model. We are excited about the significant growth trajectory ahead. This momentum reinforces our confidence in driving long-term growth and durable value creation for our shareholders.

總而言之，我對我們第二季的強勁業績非常滿意。我們將繼續專注於透過嚴格執行長期財務目標模型來提高獲利能力。我們對未來的顯著成長前景感到興奮。這一勢頭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) Samik Chatterjee, JP Morgan Chase & Co.

（操作說明）Samik Chatterjee，摩根大通公司

Yes. Jim hope your leg is healing now. Hopefully, things are better on that front. Maybe for the first question really just on demand, how would you characteristic? I mean you gave some of the book-to-bill numbers that you're seeing, but how would you characterize the visibility there in terms of maybe duration?

是的。吉姆，希望你的腿傷正在好轉。希望這方面的情況有所改善。或許第一個問題只是應要求而問，你會如何描述它？我的意思是，你給了一些你看到的訂單出貨比，但是你會如何描述這種可見性，例如持續時間？

Like how long is the visibility in terms of demand that the customers are providing and vis-a-vis how should we think about the capacity ramp for indium phosphide in particular? How are you planning that out, particularly how to think about contribution of 6-inch to that capacity ramp? And I have a follow-up.

例如，客戶的需求可見度有多長？此外，我們該如何考慮磷化銦的產能提升？你們是如何規劃的？特別是如何考慮 6 吋高度對提升產能的影響？我還有一個後續問題。

Yes. Thanks, Samik. And yes, the leg is doing much better for that. I appreciate that. On the demand question, yes, I would say, I'd call the demand that we're seeing and the visibility extraordinary.

是的。謝謝你，薩米克。是的，腿的情況因此好多了。我很感激。關於需求問題，是的，我會說，我們目前看到的需求和市場可見度都非常驚人。

If I just look at a couple of highlights from last quarter. If we look at our Datacenter business, I was really pleased with the acceleration of our sequential growth rate to 14% sequential growth. And then we also saw, as I mentioned in the prepared remarks, over 4x book-to-bill ratio. So just seeing incredibly strong demand.

如果我僅看一下上個季度的一些亮點。如果我們看一下我們的資料中心業務，我對我們環比成長率加速至 14% 感到非常滿意。正如我在準備好的演講稿中提到的，我們也看到訂單出貨比超過 4 倍。所以，我們看到的需求非常強勁。

And we're seeing bookings go further out in time than we would have in the past, which is great for us for visibility. So number one, bookings being booked out through the rest of this calendar year. Most of the bookings we're getting now are into calendar '27. So most of our calendar '26 is booked out. And calendar '27 is feeling very, very quickly. That's important to us because it gives us just great visibility.

我們發現，預訂時間比以往更長，這對我們提高知名度非常有利。第一，今年剩餘時間的預訂都已排滿。我們現在收到的大部分預訂都排在 2027 年。所以我們2026年的行程大部分都滿了。感覺2027年已經過得非常非常快了。這對我們來說很重要，因為它能為我們帶來極大的曝光。

And then we're also getting really good, detailed long-term forecast from our big customers. A lot of times, those forecasts go out two, three years. So we're getting forecast to go out into calendar '28, which again is great for visibility.

此外，我們的大客戶也為我們提供了非常好的、詳細的長期預測。很多時候，這些預測會持續兩到三年。因此，我們預計這種情況會持續到 2028 年，這對提高可見度來說又是一個好消息。

And then the third thing I would mention with respect to visibility is a number of long-term supply agreements that we've either signed with customers or in the process of signing where the LPA will provide a guarantee to our customers for a certain amount of supply in an exchange that give us a guarantee on a certain amount of demand. And there's often some sort of financial commitment from our customers like investment for CapEx, et cetera. So I would say all those things combined, the visibility of the business is the best it's ever been, which gives us just kind of great confidence in terms of the go-forward growth that we're seeing.

關於可見性，我想提到的第三點是，我們已經與客戶簽署或正在簽署多項長期供應協議，這些協議將為我們的客戶提供一定數量的供應保證，而交易所也將為我們提供一定數量的需求保證。而且我們的客戶通常會做出一些財務承諾，例如資本支出投資等等。所以我認為，綜合所有這些因素，公司的業務可見度達到了前所未有的高度，這讓我們對未來的成長充滿信心。

On the second part of your question on indium phosphide capacity ramp, again, we're really pleased with the team's execution here on the 6-inch indium phosphide ramp. One of the key metrics that I look at in terms of how the progress -- how we're making progress is wafer starts. And remember, our goal that we mentioned last quarter was that we wanted to double indium phosphide capacity by the end of this calendar year.

關於您提出的第二個問題，即磷化銦產能爬坡，我們再次對團隊在 6 吋磷化銦爬坡的執行情況感到非常滿意。我關注的關鍵指標之一，用來衡量我們進展的指標，就是晶圓開工量。請記住，我們上個季度提到的目標是，到今年年底，將磷化銦的產能翻倍。

And if you look at the number of wafer starts that were starting this quarter, we're basically at 80% of that target capacity already. So we're starting wafers at 80% of the goal of doubling capacity, which is really strong and, frankly, ahead of schedule.

如果你看一下本季開始的晶圓生產數量，我們基本上已經達到了目標產能的 80%。因此，我們晶圓生產已達到產能翻倍目標的 80%，這非常強勁，坦白說，比計劃提前完成。

In fact, last quarter, we more than quadrupled the number of wafer starts from our September quarter to our December quarter. So I think that, for me, that's a really good, important leading indicator on how we're progressing on the indium phosphide ramp is that be at 80% of target in terms of initial wafer starts.

事實上，上個季度，我們晶圓開工數量從 9 月季度到 12 月季度增加了四倍多。所以我認為，對我來說，衡量我們在磷化銦產能爬坡方面進展的一個非常好的重要領先指標是，初始晶圓開工量達到目標的 80%。

Now that's the beginning of the production line, right? It does take a number of quarters before those wafer starts or a number of months before those wafer starts transition into products and ship to customers. And a typical time from a wafer start to like a transceiver shipment is about six months. But that's a great leading indicator on our indium phosphide ramp.

現在，生產線就此開始了，對吧？從晶圓開始生產到最終轉化為產品並交付給客戶，需要幾個季度或幾個月的時間。從晶圓生產到收發器出貨，通常需要大約六個月的時間。但這對我們的磷化銦增產來說是一個很好的領先指標。

And we're already seeing the benefits this quarter from the initial production that started in our September quarter of last year. So I'm really pleased with that ramp. And again, the reason we're so focused on that is because 6-inch wafer versus a 3-inch wafer is more than 4 times as many chips at less than half the cost. And so we're really pleased with that ramp.

本季我們已經看到了去年九月季度開始的初步生產所帶來的效益。所以我對那個坡道非常滿意。再次強調，我們如此關注這一點的原因是，6 吋晶圓與 3 吋晶圓相比，晶片數量是其 4 倍多，而成本卻不到一半。所以我們對這個坡道非常滿意。

And then Samik, it sounded like you had a follow-up?

然後，薩米克，聽起來你還有後續問題？

Yes. Just quick. OCS, I mean, clearly, demand is strong, but any way to quantify for us what the magnitude of the backlog from the 10 customers is? Or maybe in terms of like material impact to revenues, how should we be thinking about when does it get to maybe more than like a $100 million-revenue number in terms of timing? Should it be this fiscal year or next year? How to think about that?

是的。就簡單說一下。OCS，我的意思是，很明顯，需求很強勁，但是有沒有辦法量化一下這 10 位客戶的積壓訂單量有多大？或者，從對收入的實質影響來看，我們應該如何考慮收入何時會超過 1 億美元這個數字？是本財年還是下個財政年度？如何看待這個問題？

Yes. Thanks, Samik. Yes, in terms of OCS, this is going to sound like a common theme. But here again, demand is very strong. We are very focused on the production ramp now. So backlog is good. It grew in the December quarter versus the September quarter. We expect revenue to ramp -- to grow this quarter and really the revenue to ramp throughout this calendar year and into next year. And we are just 100% focused on ramping capacity and production as fast as possible.

是的。謝謝你，薩米克。是的，就軍官候選學校（OCS）而言，這聽起來會是一個常見的主題。但同樣，這方面的需求非常強勁。我們現在正全力以赴提高產量。所以積壓的工作是好事。與9月季度相比，12月份季度有所成長。我們預計收入將在本季度增長，並且在今年全年以及明年都將持續增長。我們正全力以赴，以最快的速度提高產能和產量。

The demand is very strong. We're engaged with over 10 customers. The size of the market has only grown since we assessed it about a year ago. And so tremendous opportunity and we're ramping production as fast as possible. And we'll probably give us some more specific milestones in terms of revenue as we progress through the year, but it will certainly contribute to our revenue growth throughout this calendar year and certainly a contributor next year as well.

需求非常強勁。我們與超過 10 位客戶保持聯繫。自從大約一年前我們進行評估以來，市場規模只增不減。因此，這是一個巨大的機遇，我們正在以最快的速度提高產量。隨著今年的發展，我們可能會設定一些更具體的營收里程碑，但它肯定會促進我們今年的營收成長，而且明年也肯定會有所貢獻。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

The first thing I wanted to ask about was you had highlighted some progress [correction] on the 1.6 terabit, which is, I guess, I'd call it an emerging cycle. So maybe if you could put some milestones around this. Help us understand, when does that cross $100 million per quarter? And how does the competitive landscape stack up for that product? And then I've got a longer-term question I'll follow up with.

我首先想問的是，您強調了 1.6 太比特的一些進展[更正]，我想，我會稱之為正在形成的周期。所以，或許你可以為此設定一些里程碑。請幫我們了解一下，這個數字何時會超過每季 1 億美元？那麼，該產品的競爭格局如何呢？接下來我還有一個更長期的問題要跟進。

Yes. Thanks, Simon. So first of all, both 800 gig and 1.6T, we expect to continue to grow for this calendar year. We saw growth in both 800-gig and 16T last quarter. We expect both to grow again this quarter. 800 gig is the biggest portion of revenue still. We expect that to grow on a year-over-year basis this year. 1.6T is growing much faster, but it's growing off a smaller base than 800 gig. I would say the 1.6T ramp has accelerated. The demand from the customers has accelerated. We're ramping with multiple customers. I see that as really a key main growth driver for us throughout this year.

是的。謝謝你，西蒙。首先，我們預計今年 800 GB 和 1.6 TB 的容量都將持續成長。上個季度，800G 和 16T 兩個容量的硬碟都實現了成長。我們預計這兩項業務在本季都將持續成長。 800G 仍然是收入的最大組成部分。我們預計今年這一數字將年增。1.6T 的成長速度更快，但它的基數比 800 GB 小得多。我認為1.6T的增速已經加快了。顧客需求加速成長。我們正在為多個客戶擴大規模。我認為這將是我們今年發展的主要驅動力。

We don't typically break out revenue by data rates. But those two, 800-gig and 1.6T, will absolutely be key growth drivers for the company this year -- this calendar year. And 1.6T will continue to ramp into the following calendar year as well.

我們通常不會按數據費率細分收入。但 800G 和 1.6T 這兩項技術，絕對將是公司今年（本日曆年）的關鍵成長驅動力。1.6T的產能也將在下一個日曆年繼續成長。

In fact, a lot of the orders that we're seeing right now are certainly for 800 gig, but a tremendous amount of orders on 1.6T. And so that's great -- that provides us with great visibility in terms of the demand moving forward.

事實上，我們目前看到的許多訂單確實是800G的，但1.6T的訂單數量也相當驚人。這很好——這讓我們對未來的需求有了更清晰的了解。

And then maybe just mention what I did on the prepared remarks, which is our initial ramp is driven by both EML-based transceivers for 1.6T as well as silicon photonics. But we expect VCSEL-based 1.6T transceivers to start to ramp in the second half of this year. So really pleased with the progress and the rate and pace and the growth we see ahead for 1.6T.

然後也許可以提一下我在準備好的演講稿中提到的內容，那就是我們最初的爬坡是由 1.6T 的 EML 收發器和矽光子學共同驅動的。但我們預計基於 VCSEL 的 1.6T 收發器將在今年下半年開始量產。我對1.6T的進展、速度、步伐以及我們未來看到的成長感到非常滿意。

That's good. And then I heard also you've gotten a qualification on the co-package optics. And I'm going to ask about what happens next, which is thinking about scale-up opportunities. Are we in the timeframe yet where you're engaging customers versus scale-up architectures? Maybe if you could give us some sense of how to think about that market opportunity, which I imagine maybe years away, but I have to get -- you're engaged in the engineering aspects already.

那挺好的。我還聽說你獲得了共封裝光學元件方面的資格認證。接下來要問的是，如何考慮擴大規模的機會。我們現在是否已經到了與客戶互動而非擴展架構的階段？如果您能給我們一些關於如何看待這個市場機會的想法，或許會有幫助。我估計這個機會可能還要幾年才會出現，但我必須了解——您已經涉足工程方面了。

Yes, certainly. So that CPO purchase order that we received, and it was a massive purchase order, and that's where our solution based on our high-power CW laser. We're really pleased with that. That is -- initially, that will be deployed in scale-out. But we expect that to lead to scale up deployments over time. And I would say that there is a very active engagement and design win progress on scale up, on CPO, all sorts of CPO-related solutions for scale-up across multiple customers. I would call that very active deep engagements.

當然可以。所以，我們收到了 CPO 的採購訂單，這是一份規模龐大的採購訂單，而我們的解決方案正是基於我們的大功率 CW 雷射。我們對此非常滿意。也就是說——最初，它將以橫向擴展的方式部署。但我們預計隨著時間的推移，這將帶來規模化的部署。我想說，在規模化、CPO 以及各種與規模化相關的 CPO 解決方案方面，我們與多個客戶開展了非常積極的互動，並在設計方面取得了顯著進展。我會稱之為非常積極深入的互動。

On the size of the scale-up opportunity, I would say it's actually difficult to size. It is tremendous. Some of the forecasts that we've seen from our customers are very, very large, right? If you think about -- within the scale-up opportunity, all of that network today, the networks within the racks are electrical. And as those networks convert to optical, over the coming years, the amount of optical content that we gain in the scale-up part of the network is just tremendous. And we're very well positioned.

至於規模擴大的機會有多大，我認為實際上很難估計。太棒了。我們看到的一些客戶的預測非常非常大，對吧？如果你仔細想想──在規模擴張的機會中，如今所有的網絡，機架內的網路都是電氣化的。隨著這些網路在未來幾年內向光纖網路轉換，我們在網路擴展部分所獲得的光纖內容量將是巨大的。我們處於非常有利的地位。

There's a couple of different ways that we're -- we expect to supply customers in that space. We can certainly supply them at the component level by providing high-power CW lasers, detectors, fiber optical cable, but we're also planning to supply those customers at a higher level as well. So for instance, external laser sources, the pluggable laser sources that would plug into the front panel, also CPO module assemblies, et cetera.

我們預計會透過幾種不同的方式為該領域的客戶提供服務。我們當然可以透過提供高功率連續波雷射、探測器、光纖電纜等組件來滿足他們的需求，但我們也計劃以更高的水平來滿足這些客戶的需求。例如，外部雷射光源、可插入前面板的可插拔雷射光源、CPO 模組組件等等。

So there's a variety of ways that will support that market. But we see that as a tremendous growth opportunity and scale up. And I wouldn't call it years out. I think it's sooner than that based on the plans that we're seeing from our customers.

因此，有很多方法可以支持這個市場。但我們認為這是一個巨大的成長和規模化機會。我不會說還要過很多年才會發生。根據我們從客戶那裡了解到的計劃來看，我認為會比那更早。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂費爾。

Jim, I'd like to keep the discussion going on CPO. And it's great to hear about the large order on the timeline, end of the year into next year. High level, how are you thinking about content in CPO relative to the strength you're seeing currently with 800 gig and the nascent 1.6 terabit module strength? Do you think that these will -- I think the consensus is that these technologies will co-exist, but I'd love to get your thoughts on the content opportunity and the growth opportunities as you look out into 2027 as CPO ramps?

吉姆，我想繼續討論CPO的問題。很高興聽到年底到明年這段時間會有一筆大訂單。從宏觀角度來看，您如何看待 CPO 中的內容，相對於您目前看到的 800 Gb 和新興的 1.6 Tb 模組的實力而言？您認為這些技術會—我認為大家的共識是這些技術將會共存，但我很想聽聽您對內容機會和成長機會的看法，尤其是在您展望 2027 年，並逐步擴大首席產品長 (CPO) 職位之際？

Yes. Thanks, Ruben. Yes, we really view it as it's additive. The way we think about it is pluggable transceivers will remain the dominant form factor and certainly in scale across and in the scale-out networks through at least the rest of this decade, right? So we see very strong growth in those pluggable formats and scale across and scale out over the coming years.

是的。謝謝你，魯本。是的，我們確實認為它具有疊加效應。我們認為，可插拔收發器將繼續保持主導地位，並且至少在本十年剩餘的時間裡，在橫向擴展網路中，其規模肯定會繼續保持領先地位，對嗎？因此，我們預計未來幾年這些可插拔格式將實現非常強勁的成長，並在各方面擴大規模。

And what we see in CPO is CPOs starting to get deployed initially in scale-out, and we're seeing that. That was the purchase order that we procured, et cetera. But we believe that CPO -- the big growth in CPO is actually driven by scale-up. And that is a very tangible opportunity based on the customer engagements that we have. And that will -- we believe the scale-up CPO opportunity will dwarf the opportunity in scale out. It will be orders of magnitude larger.

我們看到 CPO 開始首先在橫向擴展中部署，我們看到了這一點。那是我們採購的訂單等等。但我們認為，CPO（原油加工產品）的大幅成長實際上是由規模化所驅動的。基於我們與客戶的互動，這是一個非常實際的機會。我們相信，規模化 CPO 的機會將遠大於規模化外部的機會。它將比現在大幾個數量級。

And so we view that as all incremental TAM for the optical industry in general, and certainly for us as well since that network is 100% electrical today. All of that optical content and scale up is incremental TAM.

因此，我們認為這對整個光纖產業來說都是增量TAM，當然對我們來說也是如此，因為該網路目前100%是電氣化的。所有這些光學內容和規模擴大都是增量TAM。

That's helpful. And a quick follow-up. You talked about 800 gig versus 1.6 terabit mix. And just wondering, I assume you're starting to see some demand for 200 gig in differential EMLs and that type of thing. As you think about later this year into next year and sort of the mix, what are the margin implications as you approach 40% gross margins here on the modules themselves?

那很有幫助。還有一個後續問題。你談到了 800 Gb 與 1.6 Tb 的混合方案。我只是好奇，我猜你們已經開始看到對 200 GB 的差分 EML 之類的東西的需求了。考慮到今年稍晚到明年以及各種組合，當模組本身的毛利率接近 40% 時，利潤率會受到哪些影響？

Yes. On the 1.6T gross margins, we expect to be higher. Generally, what we see as an industry is, with each new data rate, the ASPs of each new data rate go up over the prior data rate. So we expect 1.6T -- we're seeing 1.6T ASPs that are higher than 800 gig. And then generally, especially at the beginning of the life cycle of the data rate, the gross margins are higher. So we expect 1.6T gross margins to be higher. And so it's -- we view 1.6T ramp as margin accretive for us.

是的。我們預計 1.6 兆美元的毛利率會更高。一般來說，我們從行業角度看到的是，隨著每一種新的數據速率的推出，每種新數據速率的平均售價都會比之前的數據速率更高。所以我們預計會有 1.6T 的產品——我們看到 1.6T 的平均售價高於 800 GB。而且通常情況下，尤其是在資料速率生命週期的早期階段，毛利率會更高。因此，我們預計1.6兆美元的毛利率會更高。因此，我們認為 1.6T 的產能提升將增加我們的利潤。

And then certainly (multiple speakers)

當然（多位發言者）

I'm sorry.

對不起。

Yes, just one other point, also a factor in that is as we ramp 6-inch indium phosphide capacity, which supports both 800-gig and 1.6T transceivers, that 6-inch capacity is a gross margin driver for us as well in our transceiver business.

是的，還有一點，這也是一個因素，隨著我們提高 6 英寸磷化銦產能（支援 800G 和 1.6T 收發器），6 英寸產能也是我們收發器業務毛利率的驅動因素。

Thomas O'Malley, Barclays.

Thomas O'Malley，巴克萊銀行。

Jim, in the preamble, you talked about a book-to-bill ratio that exceeded 4x as customer demand continues to increase and customers are placing orders further out in time. Obviously, a lot of really good opportunities in the Datacenter segment, but maybe you could spend some time talking about the components of that backlog. Where is the greatest area of strength?

吉姆，你在前言中提到，隨著顧客需求持續成長，顧客下單的時間越來越長，訂單出貨比已經超過 4 倍。顯然，資料中心領域有很多非常好的機會，但或許您可以花點時間討論這些待辦事項的組成部分。最大的優勢在哪裡？

Obviously, you have the OCS side, on the module side, on the laser side, maybe spend a little time just measuring out those vectors to give us a little bit of a feel for what's contributing to most of that strength given we're hearing from others in the industry a lot on specific numbers. I know you don't do that, but anything that you can help us on that.

顯然，有 OCS 方面、模組方面、雷射方面，或許應該花點時間測量這些向量，以便讓我們對哪些因素對這種強度貢獻最大有所了解，因為我們從業內其他人那裡聽到了很多關於具體數字的信息。我知道你不做那件事，但如果你在這方面能幫上忙，那就太好了。

Yes. Thanks, Thomas. In terms of that book-to-bill last quarter, I would say the majority of the -- vast majority was driven by 800 gig and 1.6T transceiver bookings. It's a combination of growth that we expected from 800-gig continued growth, even maybe stronger -- a little bit stronger than we had expected and then an acceleration in 1.6T. So both 800-gig and 1.6T bookings were incredibly strong. We expect that to continue into this quarter as well.

是的。謝謝你，托馬斯。就上個季度的訂單出貨比而言，我認為絕大多數——絕大多數是由 800 GIG 和 1.6T 收發器訂單推動的。800G 容量的成長符合我們的預期，甚至可能比我們預期的還要強勁一些，再加上 1.6T 容量的加速成長，兩者結合起來，使得 800G 和 1.6T 容量的預訂量都非常強勁。我們預計這種情況也會延續到本季。

In addition to that, bookings for OCS contributed last quarter. And if I look at the current quarter and what we're expecting in bookings, we expect it to be another incredibly strong quarter in terms of bookings. And it's really a combination of those four things I mentioned, primarily 800-gig and 1.6T transceiver bookings. Over time, it starts to be more and more 1.6T bookings and then, I would say, CPO and OCS as well. So those are really the main drivers within the Datacenter bucket of bookings.

除此之外，OCS的預訂量在上個季度也有所貢獻。如果我看一下本季以及我們對預訂量的預期，我們預計這將是預訂量非常強勁的另一個季度。實際上，這主要是我提到的四件事的綜合結果，主要是 800G 和 1.6T 收發器的預訂。隨著時間的推移，1.6T 的訂單量會越來越多，然後，我認為 CPO 和 OCS 也會越來越多。所以，這些確實是資料中心預訂業務的主要驅動因素。

The other place where we are seeing very strong bookings is in the Communications business. So I would say the growth that we're seeing in DCI, Datacenter Interconnect products, very, very strong, that's growing faster than our overall growth rate in Communications, but we continue to see strong demand beyond DCI in the kind of traditional telecom space as well. So that would be the other place where we're seeing strong bookings.

另一個預訂量非常強勁的領域是通訊產業。因此，我認為我們在資料中心互連 (DCI) 產品領域看到的成長非常強勁，其成長速度超過了我們在通訊領域的整體成長速度，但我們也繼續看到，在傳統的電信領域，除了 DCI 之外，還有強勁的需求。所以，這是我們看到預訂量強勁的另一個地方。

And then just as a follow-up, you talked about indium phosphide capacity doubling by year-end. Your competitor talked about 40% increases, which they're kind of blowing through in a short period of time. It seems like the industry is bringing a lot of supply online. Broadcom is talking about some additional capacity as well.

然後，作為後續問題，您提到到年底磷化銦產能將翻倍。你的競爭對手談到了 40% 的成長，而他們似乎在短時間內就實現了這個目標。看來該行業正在將大量供應轉移到線上。博通公司也在討論增加產能的問題。

Maybe talk about when you see the industry getting product that it needs? Are we still in a position where the industry is short? And just given the incremental capacity additions, when do you think you'll be at equilibrium in that business?

或許可以談談你認為產業何時才能獲得所需產品？目前產業仍面臨人手短缺的問題嗎？只考慮新增產能，您認為該業務何時才能達到平衡？

Yes, it's a great question. It seems like every quarter, we think we're going to catch up and then the demand keeps increasing. So I don't foresee the supply demand getting back in balance this calendar year. I don't think it happens next calendar year. And if the forecast that we're seeing from customers for indium phosphide laser supply that they need for scale up, I think we could be in a very sustained long period of supply-demand imbalance on indium phosphide, which is exactly why we're super focused on ramping our 6-inch capacity as quickly as possible.

是的，這是一個很好的問題。似乎每個季度我們都以為要趕上需求了，但需求卻持續成長。因此，我預計今年內供需不會恢復平衡。我認為明年不會發生。如果客戶對擴大生產規模所需的磷化銦雷射供應的預測屬實，我認為磷化銦可能會出現非常持續的長期供需失衡，而這正是我們全力以赴盡快提高 6 英寸產能的原因。

That near-term goal is to double our capacity by the end of this year. But we're driving goals beyond that, that are very aggressive in terms of our continued ramp of indium phosphide capacity. And demand that we're seeing from the customers absorbs all of that capacity and then some.

近期目標是在今年底前將產能翻倍。但我們追求的目標遠不止於此，我們在持續提高磷化銦產能方面有著非常積極的目標。而我們看到的客戶需求已經完全消化了這些產能，甚至還有剩餘。

Operator, if we could go on to the next question.

接線員，我們可以繼續下一個問題嗎？

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

Ezra Weener on for Blayne. Just the first one. Obviously, component pricing is coming up for your externally sourced components. But at the same time, you guys are signing LPAs. Can you talk a little bit about pricing and how you're thinking about gross margins within that context?

埃茲拉·維納替補布萊恩上場。就第一個。顯然，接下來需要考慮的是外部採購的零件的定價問題。但同時，你們卻在簽訂長期授權協議。您能否談談定價以及您如何考慮定價中的毛利率？

Yes. In terms of input costs -- I think you're talking about the input costs to our pricing. We view it as -- we are seeing some higher-pricing input costs with respect to externally sourced, things like EMLs, but that is really offset by our internal indium phosphide ramp, right?

是的。就投入成本而言——我想你指的是我們定價的投入成本。我們認為——我們看到一些外部採購的投入成本較高，例如 EML，但這實際上被我們內部的磷化銦產能提升所抵消，對吧？

So I would say the net is we're in a much better position over the coming quarters as we continue to rapidly expand our indium phosphide production capacity, and that's a gross margin benefit for us. So the net is positive for us. So we feel pretty good in terms of our position with respect to indium phosphide cost.

因此，我認為總的來說，在接下來的幾個季度裡，隨著我們繼續快速擴大磷化銦的生產能力，我們的處境會好得多，這將為我們帶來毛利率的好處。所以對我們來說，淨收益是正的。因此，就磷化銦成本而言，我們對自身處境感覺相當不錯。

Another way to look at it is at anytime the kind of market price of indium phosphide goes up, it makes our internally sourced indium phosphide that much more valuable, right, in terms of a differential. And then I would say in terms of our own pricing, we continue to see the ability to continue to optimize pricing.

換個角度來看，每當磷化銦的市場價格上漲時，我們內部採購的磷化銦就會變得更有價值，對吧，從差價的角度來看。然後，就我們自身的定價而言，我們仍然有能力繼續優化定價。

I think Sherri mentioned in her prepared remarks that some of our gross margin improvement last quarter was based on pricing optimization. We continue to see opportunity to optimize pricing, especially in an environment where demand is very strong. And so we believe we're in a good pricing environment across all of our businesses.

我認為雪莉在事先準備好的演講稿中提到，我們上個季度毛利率的提高部分是基於定價優化。我們持續看到優化定價的機會，尤其是在需求非常強勁的環境下。因此，我們認為我們所有業務都處於良好的定價環境中。

And maybe, Sherri, do you want to comment any more on the effects of gross margin? Or did that cover them.

雪莉，還有什麼想補充的嗎？我想再談談毛利率的影響。或者說，那已經涵蓋了他們。

Yes, sure. Just a couple of things I can add. When you look at the improvement that we saw both quarter on quarter and sequentially in gross margin -- quarter on quarter and year over year, key elements of that were certainly cost reductions where we saw lower product input costs in the Datacenter & Communications part of business was actually an area where we saw more of the magnitude of that benefit. We had lower product input costs for key elements of larger components of our BOM. So that was really good to see.

當然可以。我還可以補充幾點。從我們觀察到的毛利率環比和同比改善情況來看，關鍵因素無疑是成本降低，我們在資料中心和通訊業務領域的投入成本降低，而這一領域的收益幅度也更大。我們物料清單中較大組件的關鍵元素的產品投入成本較低。看到這一幕真是太好了。

We also had improvements in the manufacturing process that enabled greater throughput and efficiency and yield improvements. And again, that was in the Datacenter part of our business. So that was really good to see as well.

我們在製造流程方面也進行了改進，從而提高了產量、效率和良率。再說一遍，那是我們資料中心業務的一部分。所以看到這一點也真的很令人欣慰。

And then on the pricing optimization side, we actually sequentially saw even greater improvement in pricing optimization in a number of areas in our business. So these are key elements of our gross margin expansion strategy that we've rolled out as part of our strategy at our Investor Day last year, and we're continuing to focus on that. Really pleased with the progress that we've made to date on that.

在定價優化方面，我們實際上看到公司多個領域的定價優化水平逐一得到了更大的提升。這些是我們毛利率擴張策略的關鍵要素，這是我們去年在投資者日上推出的策略的一部分，我們將繼續專注於此。對我們目前的進展非常滿意。

And in fact, the other thing I'll add is that if you look at our 39% gross margin for this most recent quarter, that we achieved, and you compare that to where we -- our FY24 gross margin, we've actually improved our gross margin by about 470 basis points through the elements of the strategy that I've described here. So I'm really pleased with the progress we're still, I would consider to be in the early stages as we continue to drive toward that greater than 42% target.

事實上，我還要補充一點，如果你看一下我們最近一個季度的 39% 毛利率，並將其與我們 2024 財年的毛利率進行比較，你會發現，透過我在這裡描述的戰略要素，我們的毛利率實際上提高了約 470 個基點。所以我對我們的進展感到非常滿意，我認為我們仍處於早期階段，因為我們將繼續朝著超過 42% 的目標努力。

Got it. And then for the follow-up, I just wanted to ask about the 6-inch ramp and kind of the timing of that and also what the long term looks like. So how should we expect that to layer in? And longer term, do you expect the heavy majority of your capacity to be 6 inch? And can you talk a little bit about the advantage of that relative to peers?

知道了。然後，作為後續問題，我只想問一下關於 6 英寸斜坡的問題，以及它的實施時間，還有它的長期前景如何。那我們該如何預期它會逐步融入其中呢？從長遠來看，您是否預計您的大部分產能將為 6 英吋？您能否談談相對於同行而言，這方面的優勢是什麼？

Yes. On the second part of the question, over the long term, yes, essentially, all of the capacity that we're adding now is 6-inch. We're adding a little bit of 3-inch but all of the -- but beyond that, the vast majority is 6-inch capacity, and that will continue. So over time, 6-inch capacity will just become more and more a bigger percentage. And if you think about us doubling capacity year over year and almost all of that coming from 6-inch, the other way to think about it is by the end of this calendar year, about half of our capacity will be 6-inch, and it will grow it will grow from there in the following years.

是的。關於問題的第二部分，從長遠來看，是的，基本上，我們現在增加的所有產能都是 6 英寸的。我們正在增加一些 3 英寸的容量，但除此之外，絕大多數都是 6 英寸的容量，這種情況還會繼續下去。因此，隨著時間的推移，6 吋容量的佔比將會越來越大。考慮到我們每年產能翻番，而且幾乎全部產能都來自 6 英寸的鋼片，換個角度想，到今年年底，我們大約一半的產能將是 6 英寸的鋼片，而且在接下來的幾年裡，這個比例還會繼續增長。

And in terms of the ramp progress, as I shared, in terms of wafer starts, we're already at 80% of that goal to double our capacity this year. We have plans to significantly expand it beyond just doubling capacity in the following years. It's a little too early to talk about that. But as we get -- move throughout this year, I'll get some guideposts on future years and the expected continued ramp of indium phosphide.

至於產能爬坡進度，正如我之前所說，就晶圓開工量而言，我們已經完成了今年產能翻倍目標的 80%。我們計劃在未來幾年內大幅擴展產能，而不僅僅是翻倍。現在談論這個還為時過早。但隨著我們在今年的推進，我將獲得一些關於未來幾年以及磷化銦預期持續成長的指導方針。

And then I think you asked about cost structure advantage. Yes. So the basic cost structure advantage is a 6-inch wafer compared to a 3-inch wafer. You get over 4 times as many product out of that wafer at less than half the cost. So it's a tremendous cost savings.

然後我想你問到了成本結構優勢。是的。因此，基本成本結構優勢在於 6 吋晶圓相對於 3 吋晶圓而言。用不到一半的成本，就能從同一片晶圓上生產出四倍以上的產品。所以這能節省一大筆成本。

And that's been a key factor in I think why our customers have been selecting us as well. So for instance, that very large high-power CW purchase order that we just received, big reason for that was because that high-power CW laser will be manufactured on 6-inch indium phosphide, and it will be made in Sherman, Texas, US-based manufacturing. So that's definitely something that's factoring into our customers' decisions on why to select Coherent is that advantage in 6-inch capacity and the location of it.

我認為這也是我們的客戶選擇我們的關鍵因素之一。例如，我們剛剛收到的那份非常大的連續波雷射採購訂單，主要原因是該連續波雷射將在 6 英寸磷化銦上製造，並且將在美國德克薩斯州謝爾曼的工廠生產。所以，這絕對是影響我們客戶選擇 Coherent 的因素，那就是 6 吋的容量和位置優勢。

Papa Sylla, Citigroup.

Papa Sylla，花旗集團。

Congrats on the results. So Jim, I guess, my first question is on indium phosphide capacity ramp as well. So any way you can update us at this point on the mix of your internally kind of developed indium phosphide kind of -- I believe previously, you reached 50% or so. Any color on where we are at this point? And perhaps tied to that as well, do you have any targets in mind on longer term, what kind of mix you are looking at?

恭喜取得好成績。吉姆，我想，我的第一個問題也是關於磷化銦產能爬坡的。所以，您能否就您內部研發的磷化銦混合物的混合比例向我們更新一下情況？我相信之前您已經達到 50% 左右了。目前情況如何？有沒有人能給點顏色判斷？或許也與此相關，您在長期發展方面是否有任何目標，您正在考慮什麼樣的組合？

Yes. Thanks, Papa. We said in the past -- what we've shared is that, in the past, our amount of indium phosphide internal versus external supply is the majority of our indium phosphide for instance, lasers, are supplied from internal sources. Now if I look forward, I would expect just given the rapid pace of our 6-inch production over the coming -- this year and following years, I think the percentage that's internally sourced will grow over time.

是的。謝謝爸爸。我們過去曾說過－我們分享過的是，過去我們內部和外部供應的磷化銦數量，例如，我們大部分的磷化銦（用於雷射）都是來自內部來源的。展望未來，鑑於我們 6 吋產品在未來幾年（今年及以後幾年）的快速生產速度，我認為內部採購的比例會隨著時間的推移而增長。

Now that said, we expect to continue to utilize external suppliers as well. We think there's good reasons for that with customers and with supply chain resiliency. And so we expect to continue to utilize external sources. But over time, the internal sources will become a bigger proportion of the supply.

儘管如此，我們預計仍將繼續使用外部供應商。我們認為，從客戶和供應鏈彈性的角度來看，這樣做是有充分理由的。因此，我們預計將繼續利用外部資源。但隨著時間的推移，內部來源將在供應中佔據更大的比例。

Got it. That's helpful. And for my follow-up, is kind of on OCS, it's very good to hear that your engagement is growing. I think it was 7 now, kind of. It went up to 10 now. So it would be helpful if you can remind us kind of the prior 7, what kind of workload would those 7 engagement or kind of projects that related to.

知道了。那很有幫助。至於我的後續問題，關於 OCS，很高興聽到您的參與度正在提高。我想現在應該是7點左右吧。現在上升到10了。所以，如果您能提醒我們前 7 個專案的情況，以及這 7 個專案的工作量或相關專案類型，那就太好了。

Or -- and also for the additional three as well? Any color on those AI focus or what kind of workloads they are kind of related to?

或者──也包括另外三個人嗎？這些人工智慧重點領域有什麼顏色標註嗎？或它們與哪些類型的工作負載相關？

Yes. Thanks, Papa. Yes, I'll talk in terms of the applications that we're seeing OCS. I think initially, we were seeing OCS adoption in -- where OCS has historically been used for instance, in a spine part of the network or in a redundancy type of application. But as we've engaged with more customers and as we've engaged more deeply with existing customers, there's been sort of a broadening of the applications that we're seeing for OCS.

是的。謝謝爸爸。是的，我會談談我們目前在OCS上看到的應用。我認為最初我們看到 OCS 的應用場景是——例如，OCS 一直以來都被用於網路的主幹部分或冗餘類型的應用。但隨著我們與更多客戶互動，以及與現有客戶進行更深入的交流，我們看到 OCS 的應用範圍也不斷擴大。

So whereas maybe initially, most of the applications were in the scale out portion of the network. We're certainly seeing now applications of OCS, even in the DCI portion of the network. And as we're deeply engaged with customers on their scale-up plan, so optical within scale up, we're now seeing customers talking about using OCS within scale-up networks as well.

所以，雖然最初大多數應用程式都位於網路的橫向擴展部分。我們現在確實看到了 OCS 的應用，甚至在網路的 DCI 部分也是如此。由於我們與客戶就其規模擴張計劃進行了深入的溝通，包括光纖在規模擴張中的應用，我們現在看到客戶也在討論在規模擴張網絡中使用 OCS。

And so it's really been a broadening of not just customers but applications. And that's why when we assess the size of this market a year ago, we assessed it at about, I think it was about $2 billion by the end of this decade, that we likely undersized it. And if we reassessed it now, it will be well above $2 billion. So we've seen customers and applications just continue to grow.

因此，這不僅意味著客戶群的擴大，也意味著應用範圍的擴大。這就是為什麼一年前我們評估這個市場規模時，我們估計到本十年末它將達到大約 20 億美元，我們可能低估了它的規模。如果我們現在重新評估，這個數字將遠遠超過 20 億美元。因此，我們看到客戶和應用程式數量持續成長。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

I just wanted to come back and ask about your ability to manufacture all the stuff. Obviously, the demand is quite impressive right now. I think we hit the kind of indium phosphide discussion pretty well. But I'm just curious like transceiver supply in Malaysia, Vietnam. Obviously, you've got a big telecom business as well.

我只是想回來問問你們是否有能力生產所有這些東西。顯然，目前的需求非常可觀。我認為我們對磷化銦的討論已經相當深入了。但我只是好奇馬來西亞、越南的收發器供應情況。顯然，你們也擁有龐大的電信業務。

I'd be curious on like what things look like in terms of utilization rates. Do you have enough capacity? Do you need to expand capacity? And then any sense that do you look to use outsourcing as well?

我很想知道利用率方面的情況如何。你們的容量夠嗎？您需要擴大產能嗎？那麼，您是否考慮過使用外包呢？

Yes. Thanks, George. Yes. So we've been more focused on updating you on indium phosphide capacity because that's kind of been the constraint across the industry, and we've been constrained by that. But in parallel, we have certainly been building out capacity of, for instance, transceiver assembly and test.

是的。謝謝你，喬治。是的。因此，我們一直更專注於向您報告磷化銦產能的情況，因為這一直是整個產業的限制因素，我們也受到了限制。但同時，我們也一直在擴大例如收發器組裝和測試等方面的能力。

So I shared last quarter that, within Malaysia, we opened a new facility within Malaysia, second facility in Penang, Malaysia. We also are now planning to build transceivers at our Vietnam's facility. So Vietnam already makes a number of the components that go into our transceivers. We're now starting to build transceivers within Vietnam. So that's an expansion. So we've been expanding assembly and test capacity.

上個季度我分享了我們在馬來西亞開設了一家新工廠，這是我們在馬來西亞檳城開設的第二家工廠。我們現在也計劃在越南的工廠生產收發器。所以越南已經生產了我們收發器中的許多組件。我們現在開始在越南境內生產收發器。所以這是一次擴張。因此，我們一直在擴大組裝和測試能力。

We're also expanding -- you mentioned about telecom for our DCI and telecom products. we're also rapidly expanding capacity for that as well. So yes, I would say really across the board we're ramping capacity as quickly as possible. I feel like that's kind of my main job right now is ramping capacity. And so yes, given the strong demand that we're seeing, that's definitely a focus across the organization and across many different product lines.

我們也在擴張—您提到了我們資料中心互連（DCI）和電信產品的電信業務。我們也在快速擴大這方面的產能。所以，是的，我認為我們正在全面盡可能快速地提高產能。我覺得我現在的主要工作就是提高產能。所以，鑑於我們看到的強勁需求，這無疑是整個組織和許多不同產品線的關注重點。

And then I think you asked about outsourcing as well. Yes, we are very open to outsourcing. And we do use a number of different partners for outsourcing. And the way we always approach it is if something provides us -- if manufacturing something provides us a technical -- like a technology benefit that our customers care about or if it provides a cost structure benefit, then we'll do it in-house.

然後我想你也問到了外包的問題。是的，我們非常樂於接受外包。我們確實與多家不同的合作夥伴進行外包業務。我們一直以來的做法是，如果製造某種東西能為我們帶來技術上的好處，例如客戶關心的技術優勢，或是帶來成本結構上的好處，那麼我們就會在公司內部進行製造。

But if it doesn't -- do I provide either one of those two benefits, then yes, we will look to outsource. And there's a number of places where we've historically outsourced and things that we're looking at moving forward. So what we keep in-sourced is things that are technically beneficial to our products and cost structure advantage.

但如果我做不到這兩點中的任何一點——如果我無法提供這兩點好處中的任何一點——那麼是的，我們會考慮外包。我們過去曾將一些業務外包，這也是我們未來考慮的方向。因此，我們保留內部生產的是那些在技術上有利於我們的產品和成本結構優勢的技術。

Obvious example of that is 6-inch indium phosphide. We're the world's only producer of 6-inch indium phosphide. So yes, we're certainly open to outsourcing, and we'll continue to look for opportunities to leverage outsourcing.

一個明顯的例子是 6 英吋的磷化銦。我們是全球唯一生產6吋磷化銦的廠商。所以，是的，我們當然對外包持開放態度，我們將繼續尋找利用外包的機會。

Karl Ackerman, BNP Paribas Asset Management.

卡爾‧阿克曼，法國巴黎銀行資產管理公司。

Jim, thanks for more detail on the growth magnitude into 2027. But could you speak to the investments you're making today to drive growth and whether OpEx growth could grow at perhaps half of sales growth?

吉姆，謝謝你提供的更多關於2027年成長幅度的細節。但您能否談談您目前為推動成長所做的投資，以及營運支出成長能否達到銷售成長的一半？

I asked because in March, I would have thought you'd see maybe less growth, more stability in OpEx from the sale of material processing business. So if you could tie that together to, that would be helpful. I have a follow-up, please.

我這麼問是因為，我原本以為在三月份，由於出售了材料加工業務，營運支出可能會更加穩定，成長也會減少。所以，如果你能把這些也連結起來，那就很有幫助了。我還有一個後續問題，請問。

Yes. Maybe I'll let Sherry talk about the OpEx growth, but maybe just a little bit of a preamble is from an OpEx standpoint from -- maybe from an R&D standpoint, our approach is we have a large number of businesses that have tremendous growth ahead of them. And we want to make sure we're maximizing that opportunity.

是的。也許我會讓雪莉談談營運支出成長，但也許我想先從營運支出的角度，或者從研發的角度，稍微介紹一下，我們的方法是我們有很多業務在未來會有巨大的成長。我們希望確保充分利用這個機會。

And so if those businesses require R&D, we're certainly going to scale the R&D to maximize the opportunity. I think -- and we'll certainly scale at revenue, maybe a little bit less in revenue. But I think the big opportunity to drive operational leverage and SG&A.

因此，如果這些企業需要研發，我們一定會擴大研發規模，以最大限度地把握機會。我認為——而且我們肯定會擴大營收規模，也許營收規模會略小一些。但我認為最大的機會在於提升營運槓桿和降低銷售、一般及行政費用。

And so maybe with that, I'll hand it off to Sherri to maybe provide some additional comments on that.

所以，接下來我可能會把話題交給雪莉，讓她就此發表一些補充意見。

Sure, absolutely. Thanks for the question, Karl. So from an OpEx perspective, on the R&D front, as Jim said, I mean, we're focused on making those investments that drive the long-term growth of the company. And when you look at our year-over-year R&D growth, you see that it increased 16%. So we're definitely investing in R&D, and those areas are very heavily in Datacenter & Communications part of our business because that's where we're seeing the long-term growth. And so that's very important.

當然可以。謝謝你的提問，卡爾。所以從營運支出的角度來看，在研發方面，正如吉姆所說，我的意思是，我們專注於進行那些能夠推動公司長期成長的投資。從我們年比研發投入的成長來看，我們發現成長了 16%。因此，我們肯定會加大研發投入，而這些投入主要集中在我們業務的資料中心和通訊領域，因為我們看到了這些領域的長期成長潛力。所以這一點非常重要。

But on the flip side of it, from an SG&A perspective, the target that we put out at our Investor Day for SG&A was 8% of revenue, and that is -- we've got a little way to go. We've certainly made improvement. I'm really pleased with the progress that we've made on that. We're sequentially and year-over-year, we are -- have come down in terms of as a percentage of revenue and are driving towards that target.

但另一方面，從銷售、一般及行政費用（SG&A）的角度來看，我們在投資者日上提出的銷售、一般及行政費用目標是收入的 8%，也就是說——我們還有一段路要走。我們確實取得了進步。我對我們在這方面取得的進展非常滿意。從環比和同比來看，我們的收入佔比已經下降，並且正在朝著這個目標努力。

And then on the R&D side of it, just to complete the picture, the target that we've given at our Investor Day was 10% of revenue. And so we're focused on making those investments. I think it's just a matter of how fast you can spend because certainly, the commitment is there, and we want to make sure that we make those investments.

最後，為了更全面地了解情況，在研發方面，我們在投資者日上給出的目標是研發投入佔收入的 10%。因此，我們專注於進行這些投資。我認為這只是支出速度的問題，因為誠然，我們已經有了決心，我們也希望確保這些投資。

And so I'm pleased with the investments we've made to date, and that's the way that we're going to continue looking at this, right, investing in R&D, but at the same time, trying to get more efficiency and leverage out of SG&A. So that's how you can kind of think about it going forward.

因此，我對我們迄今為止所做的投資感到滿意，我們將繼續以這種方式看待這個問題，對吧？投資研發，但同時，努力提升銷售、一般及行政費用的效率及槓桿作用。所以，你可以這樣思考未來的發展方向。

Very Helpful. And for my follow-up, at SPIE, you presented several new products across your Industrial portfolio. And you spoke about improving orders today in semi-cap. Are you seeing a marked recovery across your broader Industrial business, excluding semi-cap? Or is it too early to call out definitively yes?

非常有幫助。另外，我想問的是，在 SPIE 展會上，您展示了工業產品組合中的幾款新產品。你今天在半成品市場談到了改善訂單狀況。除了半導體產業外，貴公司更廣泛的工業業務是否出現明顯的復甦？現在就斷言「是」是否為時過早？

Yes. Good question. I would say across broader Industrial, it's probably too early to call out a broad-based Industrial recovery, but we're certainly seeing a very strong pickup in semi-caps. So we saw strong orders in the prior quarter in our December quarter. And we expect those orders to start to generate sequential revenue growth for us in our June quarter and through the second half of this calendar year as well.

是的。問得好。我認為，就整個工業領域而言，現在斷言工業全面復甦可能還為時過早，但我們確實看到半大型股出現了非常強勁的回升。因此，我們在上一季（12 月季度）看到了強勁的訂單。我們預計這些訂單將在六月的季度以及今年下半年開始為我們帶來持續的收入成長。

Semi-cap is a big segment for us. And so a pickup in growth in orders there is meaningful for us.

小型股公司是我們一個重要的業務部門。因此，該地區訂單成長的回升對我們來說意義重大。

Ryan Koontz, Needham & Co.

Ryan Koontz，Needham & Co.

I want to ask about the Comms business? You highlighted multi-rail, which I assume is kind of would be driven by some of these scale across densifications. Jim, how are you thinking about kind of the timing and your content there for these multi-rail density upgrades on long-haul fiber?

我想諮詢一下通信業務方面的問題？你重點提到了多軌鐵路，我猜想這在某種程度上是由這些規模上的高密度化發展所驅動的。吉姆，你如何考慮長途光纖多軌密度升級的時間安排和內容方面的問題？

Yes. Thanks for asking, Ryan. So first of all, we love this new multi-rail product. It provides a really great ability to upgrade for service providers, network operators to upgrade kind of within their existing footprint and get essentially a lot more traffic through an existing optical infrastructure. So really pleased with this product. We think it's very distinctive in the marketplace.

是的。謝謝你的提問，瑞恩。首先，我們非常喜歡這款新型多軌產品。它為服務供應商和網路營運商提供了極大的升級能力，使他們能夠在現有網路覆蓋範圍內進行升級，並透過現有的光纖基礎設施獲得更大的流量。非常滿意這款產品。我們認為它在市場上非常獨特。

We would expect the ramp to start in the second half of this year. We're seeing really good design wins and orders on this product and revenue contribution would start in the second half of this year.

我們預計坡道將於今年下半年開始興建。我們看到這款產品獲得了非常好的設計訂單，預計從今年下半年開始就能產生收入。

And then I would say just more generally, that kind of DCI portion of our business, and even just the traditional telecom, we've seen really good growth there. Last quarter, we saw a 9% sequential growth, but it was 44% year-over-year growth. We expect that segment of Communications to be sequentially up in the March quarter and the June quarter, just based on the strong demand that we're seeing. And here again, is another place where we've seen growing backlog.

然後我想更廣泛地說，我們業務中的資料中心基礎設施（DCI）部分，甚至包括傳統的電信業務，都取得了非常好的成長。上個季度，我們實現了 9% 的環比成長，但年增了 44%。我們預計，基於目前強勁的需求，通訊業務板塊在 3 月季度和 6 月季度將環比成長。這裡再次出現了積壓案件不斷增加的情況。

And we sell at multiple different kind of levels within that part of the market. We sell at the system level as we were just talking about. We also sell at the module level with ZR/ZR+ Coherent transceivers. And then we'll sell components as well. So things like pump lasers, and other products like that. And we've seen strong demand across all those product categories.

我們在該細分市場中以多種不同層次的方式進行銷售。正如我們剛才談到的，我們是以系統為單位進行銷售的。我們也銷售具有 ZR/ZR+ 相干收發器的模組級產品。然後我們也會出售零件。例如泵浦雷射以及其他類似產品。我們看到所有這些產品類別都有強勁的需求。

Great. Just a follow-up, if I could, maybe touching on the 3D sensing market, Jim, and transition to multi-junction. How are you thinking about that transition relative to that part of the business?

偉大的。吉姆，如果可以的話，我想補充一點關於 3D 感測市場以及向多節點過渡的問題。您如何看待這項轉型對公司該部分業務的影響？

Yes. The 3D sensing, I would just reiterate what we said before that we won a significant new agreement with Apple that they announced as part of their American manufacturing program this past summer. And that -- revenue from that new partnership with Apple starts to kick in, in the second half of this calendar year.

是的。關於 3D 感測，我只想重申我們之前說過的話，我們與蘋果公司達成了一項重要的全新協議，這是他們今年夏天宣布的美國製造計劃的一部分。而與蘋果公司建立的新合作關係所帶來的收入，將從今年下半年開始顯現。

It's a great multiyear partnership. We're really happy with that. It's another example of a major customer leveraging our US manufacturing footprint in Sherman, Texas. In the case of that business, that 6-inch gallium arsenide that's been running in Sherman, Texas for quite a while. And so a 6-inch gallium arsenide VCSEL technology.

這是一項非常棒的多年合作關係。我們對此非常滿意。這是大客戶利用我們在德克薩斯州謝爾曼的美國製造基地的另一個例子。就那家企業而言，那台位於德克薩斯州謝爾曼的 6 英寸砷化鎵發生器已經運行了相當長一段時間了。於是，就有了6吋砷化鎵VCSEL技術。

And yes, a big new partnership. We're really happy about that, and revenue should kick in here in the second half of this calendar year.

是的，一項重大的新合作關係。我們對此感到非常高興，預計今年下半年將開始產生收入。

Operator, I think we have time maybe one more question, operator?

接線生，我想我們還有時間，或許可以再問一個問題，接線生？

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

This is Michael Mani on for Vivek Arya. To start, I just want to understand how much gross margin leverage is your 6-inch indium phosphide driving for you right now? And as you look out over the next couple of quarters, like what is the expected gross margin improvement as you are able to double supply year over year?

這裡是麥可馬尼，替維韋克阿亞為您報道。首先，我想了解一下，你們的 6 吋磷化銦雷射目前能為你們帶來多少毛利率槓桿效應？展望未來幾季，隨著供應量逐年翻倍，預計毛利率將如何增加？

And just bigger picture as we think about the 42% longer-term target for gross margins, where do you stand today? Like what are the biggest contributors to getting there?

從更宏觀的角度來看，當我們考慮毛利率長期目標為 42% 時，您目前的立場是什麼？促成這目標的最大因素是什麼？

Maybe I'll start with the first part of the question on indium phosphide, and Sherri you can answer the second part sort of on broader gross margin drivers.

或許我可以先回答關於磷化銦的第一部分問題，Sherri，你可以回答第二部分，也就是關於更廣泛的毛利率驅動因素的問題。

But I would say this quarter, we're starting to see the benefits of the 6-inch production this quarter because remember, we started 6-inch production in the September quarter. And it usually takes roughly six months from the start of wafer production to win the products get put into a transceiver and actually ship to customers. So we'll see a little bit of benefit this quarter, but that benefit will start to build over the coming quarters.

但我想說的是，本季我們開始看到 6 吋生產線的好處，因為別忘了，我們是在 9 月開始生產 6 吋生產線的。從晶圓生產開始到產品被裝入收發器並最終交付給客戶，通常需要大約六個月的時間。因此，本季我們將看到一些好處，但這種好處將在接下來的幾季開始逐漸增加。

And if you fast forward to instance for the end of this year where half of our internal capacity is running on 6-inch, you can kind of think about it as that half of our internal 6-inch capacity is roughly half the cost of the other half, right? Because 6-inch is the cost is roughly -- or the product is -- product cost is roughly half of 3 inch. So that's kind of a rough way to think about the cost benefit.

如果快進到今年年底，屆時我們一半的內部產能將運行在 6 英寸平台上，你可以這樣理解：我們一半的 6 英寸內部產能的成本大約是另一半的一半，對吧？因為 6 英吋的成本大約是 3 英吋的一半。所以，這是一種比較粗略的成本效益分析方法。

And Sherri, do you want to talk about some more general gross margin drivers?

雪莉，你想談談一些更普遍的毛利率驅動因素嗎？

Sure, sure. Michael, so when you look ahead to our gross margin, whether it's 39.5%, which is the midpoint of our guide for Q3 and certainly to our long-term target model of over 42%, the biggest contributors there are going to be certainly cost reduction. And that is a large bucket, which includes product and input costs, some of which I talked about earlier, and we certainly saw benefits during the quarter from product input cost reductions in our Datacenter & Communications business.

當然，當然。邁克爾，所以當你展望我們的毛利率時，無論是 39.5%（這是我們第三季度指導值的中點），還是超過 42% 的長期目標模型，最大的貢獻因素肯定是成本削減。這是一個很大的類別，其中包括產品和投入成本，其中一些我之前已經提到過，而且我們在本季度確實從資料中心和通訊業務的產品投入成本降低中看到了收益。

But that also includes yield improvements that we continue to drive and that we -- every quarter, we're seeing benefits from yield improvement, and I'm really excited to continue to see that. There's always going to be opportunity for that. And so we're going to keep driving that as well as the lower product input costs.

但這其中也包括我們正在持續推進的收益率提升，而且我們每季都能看到收益率提升帶來的好處，我很高興能繼續看到這一點。總會有機會的。因此，我們將持續努力降低產品投入成本。

And the other part is going to be pricing optimization as we continue to get the value for our products. And so we've continued to see sequential improvements in the magnitude of pricing optimization. So that's really good as well.

另一方面，我們將不斷優化定價，以確保我們的產品能夠持續創造價值。因此，我們看到定價優化的幅度不斷被逐步提升。所以這也非常好。

Now the timing of these programs, it's going to differ. Some is going to be near term, some are going to be longer term, just depending on the various initiatives. So the magnitude of the benefit in any particular quarter will likely fluctuate just because of the nature of the projects.

這些項目的實施時間安排會有所不同。有些是短期措施，有些是長期措施，取決於各項具體舉措。因此，由於專案的性質不同，任何特定季度的收益幅度都可能出現波動。

But the other benefit certainly will also be volume. As we ship higher volume, that will benefit us as well. And then mix, there can always be headwinds from mix on a quarterly basis. So that's kind of the puts and takes within the gross margin line.

但另一個好處肯定是銷量。隨著出貨量的增加，這對我們也有好處。此外，在混合方面，每個季度都可能出現來自混合的不利因素。所以，這就是毛利率的利弊分析。

Very helpful. And just one quick follow-up. As we are -- as the 1.6T ramp gets underway, understood that it's mainly EML and CW lasers leading the way right now. But between the two, do you see a significant shift between silicon photonics and EML in terms of what that mix looks like for 1.6T? Especially -- and as you look over the next year, with CPO seemingly getting bigger as an opportunity, does that make you rethink how much CW laser capacity [you need], understanding there's plenty of flexibility to do both? But just curious on that shift.

很有幫助。還有一個後續問題。就目前而言，隨著 1.6T 產能爬坡的開始，我們了解到目前主要以 EML 和 CW 雷射為主導。但是，就 1.6T 的混合方案而言，矽光子學和 EML 之間是否有顯著差異？尤其是——當你展望未來一年，CPO 的機會似乎越來越大時，這是否會讓你重新考慮你需要多少 CW 雷射產能，同時意識到兩者之間有很大的靈活性？只是對這種轉變感到好奇。

Yes, On the first part, on EML versus silicon photonics, since we have both products and we're ramping both products, it's really up to the customer on what mix they want, and it just kind of depends on the application. And so we just build whichever version is needed for the customer application. And there's not a big financial difference for us on either one of those. And we believe we're just -- we're very well positioned competitively on both an EML-based 1.6T transceiver and silicon photonics.

是的，關於第一部分，EML 與矽光子學，因為我們兩種產品都有，而且都在加大生產，所以最終取決於客戶想要哪種組合，這在某種程度上也取決於應用。因此，我們只需建立客戶應用程式所需的版本即可。對我們來說，這兩種選擇在經濟上都沒有太大差別。我們相信，我們在基於 EML 的 1.6T 收發器和矽光子學領域都具有非常強的競爭力。

And then the second part of the question is, we're certainly ramping the indium phosphide capacity for the transceiver demand that we're seeing. But we're also on top of that ramping capacity to support the high-power CW laser demand that we've got ahead of us as well.

問題的第二部分是，我們當然正在提高磷化銦的產能，以滿足我們看到的收發器需求。但我們也正在積極提升產能，以滿足未來對高功率連續波雷射的需求。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Jim Anderson for closing comments.

我們的問答環節到此結束。現在我想把發言權交還給吉姆·安德森，讓他做總結發言。

All right. Thanks, everyone, for joining today's call. And we're certainly on track for another outstanding year of revenue and profit growth for fiscal '26 and very well positioned for an even stronger fiscal '27, given the exceptional demand we're seeing and our rapidly expanding production capacity. Once again, I want to thank all of my Coherent teammates for all their hard work and dedication.

好的。感謝各位參加今天的電話會議。鑑於我們所看到的異常強勁的需求和我們快速擴張的生產能力，我們完全有信心在 2026 財年實現又一個出色的營收和利潤增長年，並且為 2027 財年更強勁的增長奠定了非常良好的基礎。我再次感謝所有 Coherent 團隊成員的辛勤工作和奉獻精神。

Operator, that concludes today's call.

接線員，今天的通話到此結束。

You may disconnect your lines at this time. Thank you for your participation.

您可以在此時斷開線路。感謝您的參與。