Coherent Corp. (COHR) 2027 Q1 法說會逐字稿

Greetings and welcome to the Coherent Corp first-quarter fiscal year 2027 earnings webcast. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎收看 Coherent Corp 2027 會計年度第一季財報網路直播。(接線員指示) 請注意，本活動將被錄音。

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

現在我很榮幸介紹今天的主持人：Coherent 投資人關係資深副總裁 Paul Silverstein 先生。請開始。

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

謝謝接線員，大家下午好。今天與我一同出席的有 Coherent 執行長 Jim Anderson，以及 Coherent 財務長 Sherri Luther。

During today's call, we will provide a financial and business review of the first quarter of fiscal 2027 and the business outlook for the second quarter of fiscal 2027. 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, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company.

在今天的電話會議中，我們將提供 2027 會計年度第一季的財務與業務回顧，以及 2027 會計年度第二季的業務展望。我們的財報新聞稿可於 coherent.com 公司網站的「投資人關係」專區查閱。我想提醒各位，在本次電話會議期間，我們可能會就未來事件或公司未來財務表現作出預測或其他前瞻性陳述。

These are subject to a number of significant risks and uncertainties, and our actual results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our most recent Forms 10-K and 10-Q and the reports that we may file on Form 8-K with the Securities and Exchange Commission. All our statements are made as of today, November 4, 2026, based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During this call, we will discuss non-GAAP financial measures.

這些陳述受到多項重大風險與不確定因素影響，我們的實際結果可能會有重大差異。關於可能影響我們未來財務結果與業務的因素，請參閱今日財報新聞稿中的揭露內容、我們最新的 10-K 與 10-Q 表格，以及我們可能向美國證券交易委員會以 8-K 表格提交的報告。我們所有陳述均以今日（2026 年 11 月 4 日）為準，並基於目前可得資訊。除法律要求外，我們不承擔更新任何此類陳述之義務。在本次電話會議中，我們將討論非 GAAP 財務衡量指標。

You can find 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.

您可在我們的財報新聞稿與投資人簡報中，找到這些非 GAAP 財務衡量指標與 GAAP 財務衡量指標之間的調節表；相關文件可於 coherent.com 網站的「投資人關係」專區取得。

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

接下來我把電話交給我們的執行長 Jim Anderson。

Thank you, Paul, and thank you, everyone, for joining today's call. Q1 marked a strong start to fiscal 2027. Revenue increased 16% sequentially and 56% year-over-year on a pro forma basis. Non-GAAP EPS increased 80% year-over-year, reflecting continued gross margin expansion and operating leverage. Strong customer demand and our rapid capacity expansion are supporting this growth with near-term bookings and newly signed LTAs providing multiyear visibility.

謝謝你，Paul，也謝謝各位參加今天的電話會議。第一季為 2027 會計年度帶來強勁開局。營收較前一季成長 16%，以備考（pro forma）基礎計算，年增 56%。非 GAAP 每股盈餘（EPS）年增 80%，反映毛利率持續擴張與營運槓桿效益。強勁的客戶需求與我們快速的產能擴張，正透過短期訂單（bookings）以及新簽署的長期協議（LTA）所提供的多年能見度，支撐此一成長。

We remain on track to achieve our first $3 billion revenue quarter by the end of fiscal '27. We expect the full year pro forma revenue growth rate to exceed 60%, more than double our fiscal '26 pro forma growth rate. We also have a clear line of sight to our first $4 billion revenue quarter in fiscal '28. Coherent is a photonics platform company, bringing together technologies across the optical signal chain from materials and components through subsystems and complete solutions. Our breadth positions us to support customers across Datacenter & Communications networks.

我們仍按計畫在 2027 會計年度結束前達成首次單季 30 億美元營收。我們預期全年備考營收成長率將超過 60%，為 2026 會計年度備考成長率的兩倍以上。我們也清楚可見在 2028 會計年度達成首次單季 40 億美元營收的路徑。Coherent 是一家光子學平台公司，整合光學訊號鏈各環節的技術，從材料與元件到子系統與完整解決方案。我們的廣泛產品組合，使我們能支援資料中心與通訊網路領域的客戶。

We're at the center of an extraordinary expansion in optical networking infrastructure, driven by rapid AI growth, the transition from copper to optical connectivity and rising demand for bandwidth and energy efficiency across increasingly large and complex data center architectures. Our established businesses continue to grow rapidly, with datacenter revenue up 85% year-over-year in Q1. At the same time, new growth areas are ramping as well. For example, scale-across datacenter interconnect revenue is growing rapidly with Q1 revenue roughly quadrupling year-over-year and reaching a nearly $1 billion annualized revenue run rate. In addition, PhotonLink, our newly announced integrated optics platform, is also beginning to ramp, and we expect PhotonLink revenue to exceed $100 million in our March quarter.

我們正處於光網路基礎設施非凡擴張的核心，驅動因素包括 AI 的快速成長、連接方式由銅轉向光，以及在日益龐大且更複雜的資料中心架構中，對頻寬與能源效率的需求提升。我們既有業務持續快速成長，第一季資料中心營收年增 85%。同時，新的成長領域也正在加速放量。例如，跨資料中心互連（scale-across datacenter interconnect）營收快速成長，第一季營收約為去年同期的四倍，並達到接近 10 億美元的年化營收運行率（run rate）。此外，我們新近發布的整合光學平台 PhotonLink 也開始放量，我們預期 PhotonLink 在 3 月季度的營收將超過 1 億美元。

Accelerating revenue growth, continued gross margin expansion and operating leverage position us to grow profitability faster than revenue. We expect fiscal '27 to be an exceptional year for Coherent. Moving to our Datacenter & Communications segment. Revenue increased 21% sequentially and 79% year-over-year, marking a fourth consecutive quarter of accelerating growth on both a sequential and year-over-year basis. The segment now accounts for 82% of Coherent's total revenue.

營收成長加速、毛利率持續擴張與營運槓桿效益，使我們的獲利成長速度可望快於營收成長。我們預期 2027 會計年度將是 Coherent 表現極為出色的一年。接著談我們的「資料中心與通訊」事業部門。該部門營收較前一季成長 21%，年增 79%，連續第四季在季增與年增兩方面皆呈現加速成長。該部門目前占 Coherent 總營收的 82%。

Near-term demand remains strong and our visibility into long-term demand continues to improve. Order coverage through calendar '27 is exceptional, and customer orders increasingly extend into calendar '28. We signed multiple new LTAs in Q1, and customer LTAs typically extend through the end of the decade. We continue to see no signs of attenuation in demand. Within the segment, Datacenter revenue increased 17% sequentially and 85% year-over-year, marking our fourth consecutive quarter of double-digit sequential growth.

短期需求仍然強勁，而我們對長期需求的能見度也持續改善。訂單覆蓋至 2027 年曆年（calendar '27）的情況非常出色，且客戶訂單愈來愈多延伸至 2028 年曆年（calendar '28）。我們在第一季簽署了多項新的長期協議（LTA），而客戶的 LTA 通常延伸至本十年末。我們持續未見需求減弱的跡象。在該部門內，資料中心營收較前一季成長 17%，年增 85%，連續第四季達成雙位數的季增。

We expect another quarter of strong sequential and year-over-year growth in the current quarter. In Datacenter transceivers, we're ramping 1.6T products with multiple customers, while continuing to grow 800-gig revenue. We expect strong transceiver revenue growth in Q2, driven by both 1.6T and 800 gig. We expect 1.6T revenue to continue ramping rapidly over the coming quarters, while 800-gig revenue continues to grow through calendar '27. At ECOC in September, we demonstrated our progress beyond 1.6T with a 3.2T OSFP pluggable transceiver built with our 400-gig differential EMLs and photodiodes.

我們預期本季仍將呈現強勁的季增與年增成長。在資料中心收發器方面，我們正與多家客戶共同放量 1.6T 產品，同時持續擴大 800G 營收。我們預期第二季收發器營收將強勁成長，動能同時來自 1.6T 與 800G。我們預期 1.6T 營收在未來幾季將持續快速放量，而 800G 營收將持續成長至 2027 年曆年。在 9 月的 ECOC 上，我們展示了超越 1.6T 的進展：以我們的 400G 差動式 EML 與光電二極體打造的 3.2T OSFP 可插拔式收發器。

We expect pluggable transceivers to remain the dominant form factor for scale-out networks over the coming years. Coherent is helping shape the industry ecosystem for emerging formats, demonstrating XPO at OFC and also supporting the new USFP form factor. Turning to OCS. Customer engagement is broadening across scale-across, scale-out and scale-up networks, spanning our 320x320 platform and denser configurations. We're expanding production at 2 sites to meet demand.

我們預期在未來幾年，可插拔式收發器仍將是 scale-out 網路的主流外形規格（form factor）。Coherent 正協助塑造新興規格的產業生態系，在 OFC 展示 XPO，並同時支援新的 USFP 外形規格。接著談 OCS。我們與客戶的互動正擴展至 scale-across、scale-out 與 scale-up 網路，涵蓋我們的 320x320 平台以及更高密度的配置。我們正在兩個據點擴增產能以滿足需求。

As capacity ramps, we expect OCS to become an increasingly meaningful contributor to revenue growth and margin expansion. At ECOC in September, we launched PhotonLink, our new platform for integrated optics. It's designed to address the transition from copper to optical connectivity in AI data centers, creating a significant opportunity for Coherent. We estimate that CPO, NPO and chip-to-chip optical interconnects represent approximately $30 billion of market opportunity by 2030, bringing our total market opportunity for Datacenter & Communications to about $90 billion in 2030. PhotonLink brings together Coherent's photonic technologies and manufacturing capabilities in an end-to-end platform that spans the optical signal chain from generating and shaping light through transmission and detection to converting the signal to electrical form.

隨著產能放量，我們預期 OCS 將成為營收成長與毛利率擴張中愈來愈重要的貢獻來源。在 9 月的 ECOC 上，我們推出 PhotonLink——我們全新的整合光學平台。其設計旨在因應 AI 資料中心連接方式由銅轉向光的趨勢，為 Coherent 創造重大機會。我們估計，到 2030 年，CPO、NPO 與晶片對晶片（chip-to-chip）光互連合計約代表 300 億美元的市場機會，使我們在資料中心與通訊領域的總市場機會於 2030 年達到約 900 億美元。PhotonLink 將 Coherent 的光子技術與製造能力整合為端到端平台，涵蓋光學訊號鏈：從產生與整形光、到傳輸與偵測，再到將訊號轉換為電訊號形式。

The platform is designed for a wide range of architectures and applications, including CPO and NPO, scale-out and scale-up networks and scale-in chip-to-chip links. It includes lasers, laser modules, complex fiber assemblies and other optical components and supports indium phosphide-based CW lasers and VCSEL-based technologies. We believe this breadth and depth differentiates us. For an xPU or switch chip with 100 terabits per second of bandwidth, we estimate our content opportunity can reach approximately $15,000 per chip. Customer engagement is validating the opportunity.

該平台係為廣泛的架構與應用而設計，包括 CPO 與 NPO、scale-out 與 scale-up 網路，以及 scale-in 的晶片對晶片連結。其包含雷射、雷射模組、複雜光纖組件與其他光學元件，並支援以磷化銦為基礎的 CW 連續波雷射與以 VCSEL 為基礎的技術。我們相信，這樣的廣度與深度使我們具備差異化優勢。對於一顆具備每秒 100 太位元頻寬的 xPU 或交換器晶片，我們估計我們的內容機會可達每顆晶片約 15,000 美元。客戶互動正在驗證這項機會。

In Q1, we signed another significant PhotonLink LTA with a major AI company. The total revenue value of this new LTA is approximately $20 billion over 5 years, with revenue beginning to ramp in early calendar '28. This is in addition to our previously announced LTA with NVIDIA. Beyond these 2 anchor customers, we have more than 10 additional CPO engagements, more than 10 NPO engagements and more than 5 chip-to-chip engagements. We expect PhotonLink revenue to ramp quickly over the coming quarters.

在第一季，我們與一家主要 AI 公司簽署了另一份重要的 PhotonLink 長期協議（LTA）。這份新 LTA 的總營收價值約為 200 億美元、為期 5 年，營收預計將於曆年 2028 年初開始放量。這是在我們先前已公告與 NVIDIA 的 LTA 之外的新增。除這兩家錨定客戶外，我們還有超過 10 項額外的 CPO 合作案、超過 10 項 NPO 合作案，以及超過 5 項晶片對晶片合作案。我們預期 PhotonLink 營收將在未來幾個季度快速放量。

We expect revenue to exceed $100 million in our March quarter and to exceed $250 million per quarter before the end of calendar '27. Expected shipments in the current quarter include a range of CPO products, including our ultra-high power 400-milliwatt CW laser, our fiber assembly solutions and other products. PhotonLink is initially being deployed in CPO scale-out applications. We expect to begin shipping PhotonLink products for CPO and NPO scale-up applications in the second half of calendar '27. Over time, we expect PhotonLink to become a multibillion-dollar product line for Coherent.

我們預期在 3 月季度營收將超過 1 億美元，並在曆年 2027 年底前達到每季超過 2.5 億美元。本季預計出貨包含一系列 CPO 產品，包括我們超高功率 400 毫瓦 CW 連續波雷射、我們的光纖組件解決方案及其他產品。PhotonLink 初期將部署於 CPO 的 scale-out 應用。我們預期在曆年 2027 年下半年開始出貨用於 CPO 與 NPO scale-up 應用的 PhotonLink 產品。隨著時間推進，我們預期 PhotonLink 將成為 Coherent 數十億美元規模的產品線。

Expanding our indium phosphide capacity is a key enabler of growth in both indium phosphide pluggable transceivers and indium phosphide-enabled PhotonLink solutions. Our 6-inch indium phosphide expansion is progressing well. We doubled our internal indium phosphide output capacity year-over-year in Q1, 1 quarter ahead of our original plan. Q1 was our highest production quarter ever for EMLs, including both 100-gig and 200-gig devices. The ramp contributed meaningfully to datacenter growth, and we expect it to remain an important driver of revenue and gross margin.

擴充我們的磷化銦產能，是推動磷化銦可插拔收發器與以磷化銦為基礎的 PhotonLink 解決方案兩者成長的關鍵推手。我們的 6 吋磷化銦擴產進展順利。在第一季，我們的內部磷化銦產出產能年增一倍，較原先計畫提前 1 個季度達成。第一季是我們 EML（電吸收調變雷射）歷來最高產量的季度，涵蓋 100G 與 200G 裝置。此一放量對資料中心成長有顯著貢獻，我們預期其將持續成為營收與毛利率的重要驅動因素。

Most of the gross margin benefit of our indium phosphide expansion is still ahead of us as the expansion will enable us to increase our mix of internally sourced indium phosphide components, which have a tremendous cost advantage. We remain on track to more than double our internal indium phosphide output capacity again by the end of calendar '27. We've secured the substrates and other critical inputs needed to support this ramp. And given the strength of customer demand are planning additional capacity expansion beyond 2027. Our 6-inch lines in Texas and Sweden are producing EMLs, CW lasers and high-speed photodiodes with yields that continue to exceed those of our 3-inch lines.

我們磷化銦擴產帶來的毛利率效益多數仍在後續，因為擴產將使我們能提高內部自製磷化銦元件的占比，而這些元件具有顯著的成本優勢。我們仍按計畫在曆年 2027 年底前，再次將內部磷化銦產出產能提高至超過兩倍。我們已確保支援此一放量所需的基板與其他關鍵投入。並且鑑於客戶需求強勁，我們正規劃 2027 年之後的額外產能擴充。我們位於德州與瑞典的 6 吋產線正在生產 EML、CW 連續波雷射與高速光電二極體，其良率持續高於我們的 3 吋產線。

Production includes our 400-milliwatt CW laser for CPO, which is covered by our NVIDIA partnership and is expected to begin generating revenue this quarter. We also remain on track to begin 6-inch indium phosphide production in Zurich in the first half of calendar '27, further extending what we believe is a meaningful manufacturing advantage. Moving to Communications. Revenue increased 34% sequentially and 84% year-over-year, and we expect another quarter of strong sequential and year-over-year growth in the current quarter. Traditional telecom continued to grow, but the primary growth driver was scale-across, which has quickly become the largest source of revenue within Communications.

生產內容包含我們用於 CPO 的 400 毫瓦 CW 連續波雷射，該產品涵蓋於我們與 NVIDIA 的合作夥伴關係中，並預期於本季開始貢獻營收。我們也仍按計畫在曆年 2027 年上半年於蘇黎世開始 6 吋磷化銦生產，進一步延伸我們認為具實質意義的製造優勢。接著談通訊業務。營收季增 34%、年增 84%，我們預期本季仍將呈現強勁的季增與年增。傳統電信持續成長，但主要成長動能來自 scale-across，且其已迅速成為通訊事業中最大的營收來源。

Over the past year, we've expanded our datacenter interconnect portfolio to help customers connect data centers with greater capacity and efficiency. Building on our leadership in pump lasers and our broad component portfolio, we've introduced higher level products, including modules, line cards, subsystems and our new multi-rail solution. These offerings are seeing strong customer demand and help customers make better use of existing fiber while scaling high-capacity links between distributed AI data centers. In Q1, scale-across revenue exceeded $200 million, up 53% sequentially and nearly fourfold year-over-year. That puts the business at a nearly $1 billion annualized revenue run rate, making it one of our fastest-growing businesses.

過去一年，我們擴充了資料中心互連產品組合，以協助客戶以更高的容量與效率連接資料中心。在我們於泵浦雷射的領先地位與廣泛元件產品組合的基礎上，我們推出了更高階的產品，包括模組、線卡、子系統以及我們新的 multi-rail 解決方案。這些產品需求強勁，並協助客戶在擴展分散式 AI 資料中心之間的高容量連結時，更有效利用既有光纖。第一季，scale-across 營收超過 2 億美元，季增 53%，年增接近四倍。這使該業務的年化營收運行率接近 10 億美元，成為我們成長最快的業務之一。

With multi-rail beginning to ramp in our March quarter, we expect quarterly scale-across revenue to roughly double from the Q1 level by the end of calendar '27. Turning to Industrial. Q1 revenue was flat sequentially and year-over-year on a pro forma basis. Bookings were strong, led by semiconductor capital equipment customers. And we expect growth to resume in the current quarter.

隨著 multi-rail 在我們 3 月季度開始放量，我們預期到曆年 2027 年底，單季 scale-across 營收將較第一季水準約翻倍。接著談工業業務。第一季營收在擬制（pro forma）基礎上，較前一季與去年同期持平。訂單表現強勁，主要由半導體資本設備客戶帶動。我們預期本季將恢復成長。

Near-term growth is being driven by semiconductor capital equipment, AI infrastructure and fusion energy. In semiconductor equipment, our lasers, precision optics and engineered materials serve front-end applications and we've seen a strong uptick in bookings. In AI infrastructure, our CO2 lasers and zinc selenide optics are used to drill advanced circuit boards for AI servers. Demand is also growing for our pulsed laser deposition systems used to produce high-temperature superconductor tape for magnetic fusion. Over the longer term, we see significant opportunities in datacenter xPU cooling and quantum technologies.

短期成長動能來自半導體資本設備、AI 基礎設施與核融合能源。在半導體設備方面，我們的雷射、精密光學與工程材料服務於前段製程應用，我們已看到訂單明顯回升。在 AI 基礎設施方面，我們的 CO2 雷射與硒化鋅光學元件用於為 AI 伺服器鑽孔先進電路板。用於磁約束核融合的高溫超導帶材製造之脈衝雷射沉積系統，其需求也在成長。從更長期來看，我們在資料中心 xPU 冷卻與量子技術方面看見顯著機會。

For AI data centers, our Thermadite material can enable higher xPU performance and token generation. We're shipping prototypes to several strategic customers this quarter, and we expect revenue to begin ramping in the second half of calendar '27.

針對 AI 資料中心，我們的 Thermadite 材料可提升 xPU 效能與 token 生成能力。本季我們正向數家策略性客戶出貨原型品，並預期營收將於曆年 2027 年下半年開始放量。

In quantum, we supply lasers and materials to leading quantum technology developers and are engaged in next-generation programs. Given the multiple growth areas, we expect our Industrial segment to return to growth and build momentum over the coming quarters. In summary, Q1 demonstrated the strength of our growth momentum and the breadth of our opportunity.

在量子領域，我們向領先的量子技術開發商供應雷射與材料，並參與下一代計畫。鑑於多個成長領域，我們預期工業事業部將重返成長，並在未來幾個季度累積動能。總結而言，第一季展現了我們成長動能的強勁，以及我們機會版圖的廣度。

Demand remains strong, customer commitments continue to deepen our visibility and we are expanding capacity ahead of plan. Established businesses continue to grow rapidly while new growth areas are ramping quickly. Our focus is on execution, expanding capacity, delivering for our customers and improving profitability as we grow. We believe this combination positions Coherent for sustained growth in fiscal '27 and beyond. I want to thank our team for their outstanding work this quarter.

需求仍然強勁，客戶承諾持續加深我們的能見度，而我們也在計畫之前擴充產能。既有業務持續快速成長，同時新的成長領域也在迅速放量。我們的重點在於執行力、擴充產能、為客戶交付成果，並在成長過程中提升獲利能力。我們相信，這樣的組合使 Coherent 在會計年度 2027 年及其後具備持續成長的定位。我要感謝我們的團隊在本季度的傑出表現。

I'll now turn the call over to Sherri.

接下來我把電話會議交給 Sherri。

Thank you, Jim. I'm extremely pleased with the outstanding Q1 financial results. Our performance in the first quarter represents a powerful continuation of our growth trajectory, characterized by accelerating top line momentum, durable structural gross margin expansion and significant operating leverage. The compounding impact of these operational drivers fuels non-GAAP EPS growth to significantly outpace revenue growth. We achieved this strong performance while preserving balance sheet flexibility and strategically directing capital towards targeted capacity expansions and making investments in our product road map to support robust AI Datacenter & Communications demand.

謝謝你，Jim。我對第一季卓越的財務成果感到非常滿意。我們第一季的表現，強而有力地延續了我們的成長軌跡，其特徵包括加速的營收動能、具韌性的結構性毛利率擴張，以及顯著的營運槓桿。這些營運驅動因素的複利效應，推動非 GAAP 每股盈餘（EPS）成長顯著快於營收成長。我們在維持資產負債表彈性的同時達成此一強勁表現，並策略性地將資本導向特定的產能擴充，以及投資於我們的產品藍圖，以支援強勁的 AI 資料中心與通訊需求。

Let me now provide a summary of our results. First quarter revenue was a record $2.37 billion, representing a sequential acceleration of 16% and a substantial 50% increase year-over-year. This performance was driven by the continued AI infrastructure build-out across our Datacenter & Communications businesses. On a pro forma basis, excluding the financial impact of the Aerospace and Defense business, and the Munich, Germany, product division, both of which were divested in 2026, revenue increased 16% sequentially and 56% year-over-year. Our non-GAAP gross margin for the first quarter was 40.6%, representing a 37 basis point increase sequentially and a 184 basis point improvement as compared to the year ago quarter.

現在我來總結我們的業績。第一季營收創下 23.7 億美元的紀錄，較前一季加速成長 16%，並較去年同期大幅成長 50%。此表現主要受惠於我們資料中心與通訊業務持續推進 AI 基礎設施建置。以備考（pro forma）基礎計算，排除 2026 年已處分的航太與國防業務以及德國慕尼黑產品事業部的財務影響後，營收較前一季成長 16%，較去年同期成長 56%。第一季非 GAAP 毛利率為 40.6%，較前一季提升 37 個基點，較去年同期提升 184 個基點。

This continuous expansion reflects durable pricing optimization and structural cost improvements, particularly within our Datacenter & Communications segment.

這種持續擴張反映出穩健的定價最佳化與結構性成本改善，尤其是在我們的資料中心與通訊部門。

The improvements in gross margin, both sequentially and year-over-year, were driven primarily by pricing optimization, lower product input costs and improved manufacturing yields. We have made significant progress with our pricing optimization strategy to ensure that we price our highly differentiated products for the value they provide to our customers. Our gross margin profile is also benefiting from the transition to 6-inch indium phosphide as we continue to scale our production capacity. Given the progress that we have made over the past couple of years and our current trajectory, it is clear that we need to raise our gross margin target. We now expect to achieve our first quarter with gross margin above 45% before the end of calendar 2028.

毛利率的改善（無論是較前一季或較去年同期）主要來自定價最佳化、較低的產品投入成本以及製造良率提升。我們在定價最佳化策略上已取得顯著進展，以確保我們能依據產品為客戶帶來的價值，為高度差異化的產品訂價。隨著我們持續擴大產能，我們的毛利率結構也受惠於轉向 6 吋磷化銦（indium phosphide）。鑑於過去幾年我們取得的進展以及目前的發展軌跡，很明顯我們需要上調毛利率目標。我們目前預期在 2028 年曆年結束前，將達成首次單季毛利率超過 45%。

We believe the drivers of this gross margin expansion are continued pricing optimization, ramp of new growth platforms, full operational leverage of our 6-inch indium phosphide capacity and other cost improvements. I also want to note that the new over 45% target is 300 basis points higher than the long-term target we provided to the investment community only 18 months ago. First quarter non-GAAP operating expense was $412 million compared to $377 million in Q4 and $304 million in the year ago quarter. Non-GAAP operating expenses as a percentage of revenue decreased meaningfully to 17.4%, down from 18.4% in the prior quarter and 19.2% in the year ago quarter. This improvement reflects enhanced operational discipline and underscores the powerful operating leverage inherent in our business.

我們認為推動毛利率擴張的因素包括持續的定價最佳化、新成長平台的放量、6 吋磷化銦產能的全面營運槓桿，以及其他成本改善。我也想指出，新的「超過 45%」目標，比我們僅在 18 個月前提供給投資社群的長期目標高出 300 個基點。第一季非 GAAP 營業費用為 4.12 億美元，相較之下，第四季為 3.77 億美元，去年同期為 3.04 億美元。非 GAAP 營業費用占營收比重明顯下降至 17.4%，低於前一季的 18.4% 與去年同期的 19.2%。此改善反映出更強的營運紀律，並凸顯我們業務模式中內含的強大營運槓桿。

From an R&D perspective, we are strategically directing our capital toward high conviction long-term growth drivers, which Jim outlined in his remarks. This disciplined approach ensures our investments are concentrated where they generate the highest financial returns and drive sustainable revenue growth. Our first quarter non-GAAP operating margin increased to 23.2% from 21.8% in the prior quarter and 19.5% in the year ago quarter. The sequential and year-over-year increases were driven by strong revenue growth, expanding gross margin and structural expense discipline. First quarter non-GAAP earnings per diluted share was $2.09, up 20% from the prior quarter and up 80% from the year ago quarter.

從研發角度來看，我們正策略性地將資本導向高信心的長期成長驅動因素，Jim 已在其發言中說明。這種嚴謹的方法可確保我們的投資集中在能帶來最高財務報酬並推動可持續營收成長的領域。第一季非 GAAP 營業利益率提升至 23.2%，高於前一季的 21.8% 與去年同期的 19.5%。較前一季與較去年同期的提升，主要由強勁的營收成長、毛利率擴張以及結構性費用紀律所帶動。第一季非 GAAP 稀釋後每股盈餘為 2.09 美元，較前一季成長 20%，較去年同期成長 80%。

Earnings growth continued to exceed revenue growth, demonstrating gross margin expansion and operational leverage accelerating our bottom line profitability. Turning to the balance sheet. We closed the quarter with a healthy cash balance of $2.34 billion compared to $2.59 billion at the end of the prior quarter and $1.55 billion at the end of the year ago quarter.

獲利成長持續超越營收成長，顯示毛利率擴張與營運槓桿正加速提升我們的最終獲利能力。接著談資產負債表。本季結束時，我們的現金餘額維持健康水準，為 23.4 億美元；相較之下，前一季末為 25.9 億美元，去年同期末為 15.5 億美元。

Our debt leverage ratio at the end of Q1 was 1.1x as we continue to maintain a highly resilient and flexible balance sheet. Consistent with our capital allocation priorities, we strategically invested in opportunities that will drive long-term growth and profitability.

第一季末的負債槓桿比率為 1.1 倍，我們持續維持高度韌性且具彈性的資產負債表。依循我們的資本配置優先順序，我們策略性地投資於將推動長期成長與獲利能力的機會。

Capital expenditures for the first quarter increased sequentially to $776 million, up from $556 million in the prior quarter and $104 million in the year ago quarter. These investments directly support the future growth of our Datacenter & Communications businesses with excellent financial returns. Our conviction to deploy this capital at an accelerated rate is backed by exceptional customer visibility, a robust pipeline of committed purchase orders and additional multiyear supply agreements. Furthermore, this capacity offers significant fungibility as our infrastructure can be efficiently repurposed to support multiple product lines. Given the strong visibility and record backlog, we expect capital expenditures to increase sequentially again in the second quarter.

第一季資本支出較前一季增加至 7.76 億美元，高於前一季的 5.56 億美元與去年同期的 1.04 億美元。這些投資以優異的財務報酬，直接支持我們資料中心與通訊業務未來的成長。我們有信心以加速的速度部署這些資本，背後有卓越的客戶能見度、強勁的已承諾採購訂單管線，以及額外的多年期供應協議作為支撐。此外，這些產能具備高度可替換性（fungibility），因為我們的基礎設施可有效率地重新配置，以支援多條產品線。鑑於強勁的能見度與創紀錄的在手訂單，我們預期第二季資本支出將再度較前一季增加。

With our strong balance sheet and profitability trajectory, we possess the scale and flexibility to continue investing capital toward high ROI growth initiatives while supporting customer demand. I will now turn to our guidance for the second quarter of fiscal 2027. We expect revenue to be between $2.55 billion and $2.75 billion. We expect non-GAAP gross margin to be between 40% and 42%. We expect total operating expenses of between $430 million and $450 million on a non-GAAP basis.

憑藉我們強健的資產負債表與獲利走勢，我們具備規模與彈性，得以在支援客戶需求的同時，持續將資本投入高投資報酬率（ROI）的成長計畫。接下來我將說明 2027 會計年度第二季的財測指引。我們預期營收介於 25.5 億至 27.5 億美元之間。我們預期非 GAAP 毛利率介於 40% 至 42% 之間。我們預期非 GAAP 基礎下的總營業費用介於 4.30 億至 4.50 億美元之間。

We expect the tax rate for the quarter to be between 18% and 20% on a non-GAAP basis. We expect non-GAAP diluted EPS to be between $2.28 and $2.48. In summary, fiscal 2027 is off to a powerful start with strong financial momentum backed by deep demand visibility. Our focus remains on rapidly ramping capacity to meet demand, expanding our gross margin, capitalizing on the immense operating leverage in our model and executing a disciplined capital allocation strategy focused on maximizing returns that drive long-term shareholder value.

我們預期本季非 GAAP 稅率介於 18% 至 20% 之間。我們預期非 GAAP 稀釋後每股盈餘介於 2.28 至 2.48 美元之間。總結而言，2027 會計年度開局強勁，在深厚的需求能見度支撐下，財務動能強勁。我們的重點仍在於快速提升產能以滿足需求、擴大毛利率、把握我們模式中巨大的營運槓桿，並執行以最大化報酬、推動長期股東價值為核心的嚴謹資本配置策略。

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

以上是我正式的發言。接線生，請開放電話線進行問答環節。

(Operator Instructions) Joseph Cardoso, JPMorgan.

(接線生指示) Joseph Cardoso，摩根大通。

Good afternoon, and thank you for the questions here. Really appreciate some of the disclosures that you provided this quarter. And I wanted to first start with PhotonLink and the initial visibility you provided there. I was hoping you could provide more color with respect to the ramp itself, especially just given the backdrop of the $20 billion agreement that you've highlighted? And then I have a follow-up.

下午好，感謝讓我在這裡提問。非常感謝你們本季提供的一些揭露資訊。我想先從 PhotonLink 以及你們在那方面提供的初步能見度談起。我希望你們能就放量（ramp）本身提供更多細節，特別是在你們強調的 200 億美元協議背景之下？接著我還有一個追問。

Yes. Thanks, Joe. So first of all, yes, we're certainly really pleased with the momentum that we have around PhotonLink and kind of whether you measure it by customer engagement or LTAs, as you mentioned, or just the revenue outlook that I mentioned in the prepared remarks, we're just really pleased with the progress there. And just as a reminder, PhotonLink is -- we kind of consider it a one-stop shop for integrated optics. It's basically our platform for allowing customers to basically have a platform that allows for the optical link from end to end.

好的。謝謝你，Joe。首先，沒錯，我們對 PhotonLink 目前的動能確實非常滿意；無論你是以客戶互動程度、你提到的長期協議（LTA），或是我在事先準備的發言中提到的營收展望來衡量，我們都對那邊的進展感到非常高興。提醒一下，PhotonLink——我們把它視為整合式光學的一站式平台。它基本上是我們的平台，讓客戶能夠擁有一個可支援端到端光學連結的平台。

It's the complete optical signal chain and all the technology along the optical technology along that path. And really excited about the progress, as I mentioned in the prepared remarks, over 20 customer engagements on CPO, over 10 -- or sorry, over 10 on CPO, over 10 on NPO and then over 5 chip-to-chip engagement. So the customer engagement is very extensive and they continue to grow. You mentioned or asked about the LTA. Really pleased about that major AI customer and that LTA is, as I said, $20 billion over a five-year period.

它涵蓋完整的光學訊號鏈，以及沿著該路徑的所有光學技術。如同我在事先準備的發言中提到的，我們對進展感到非常振奮：在 CPO 方面有超過 20 個客戶互動、超過 10 個——抱歉，是 CPO 超過 10 個、NPO 超過 10 個，另外還有超過 5 個晶片對晶片（chip-to-chip）的互動。因此客戶互動非常廣泛，而且仍在持續成長。你提到或詢問 LTA 的部分。我們對那家主要 AI 客戶的 LTA 非常滿意；如我所說，該 LTA 為期五年、總額 200 億美元。

And the revenue for that would start at the beginning of calendar '28. But the PhotonLink revenue ramp is starting ahead of that. We'll ship a little bit of -- a small amount of PhotonLink revenue this quarter, but we expect to ship over $100 million in our March quarter. And then before the end of calendar '25 (sic - '27), expect to ship over $250 million a quarter. So really pleased with all of that progress.

而該部分的營收將從曆年 '28 年初開始。但 PhotonLink 的營收爬坡正早於那個時間點啟動。我們本季會出貨一點點——少量的 PhotonLink 營收，但我們預期在我們的 3 月季度出貨將超過 1 億美元。然後在曆年 '25 年底之前（原文誤植—應為 '27 年），預期每季出貨將超過 2.5 億美元。所以對於所有這些進展我們真的非常滿意。

And I guess the other thing that I would add is, if we look further out, we're expecting this over time to become a multibillion dollar product line. The initial shipments of PhotonLink are all around CPO in the scale-out network. But when we start to ship into a CPO and NPO into scale-up networks, I think that drives another huge leg of demand for this technology. I think that will be the much bigger adoption that we see. And that we expect to start to ship revenue into CPO and NPO applications in the scale-up domain towards the end of calendar '27.

我想我還要補充的是，如果我們把時間拉得更長，我們預期這項產品線隨時間將成為一條數十億美元規模的產品線。PhotonLink 的初期出貨主要都圍繞在 scale-out 網路中的 CPO。但當我們開始把 CPO 與 NPO 出貨到 scale-up 網路時，我認為那會帶動這項技術另一波巨大的需求成長。我認為那將是我們看到更大規模的採用。而我們預期在曆年 '27 年底左右，開始在 scale-up 領域的 CPO 與 NPO 應用中出貨並認列營收。

So yes, we're excited about the progress and expect this to become a major product line for us.

所以是的，我們對進展感到振奮，並預期這將成為我們的重要產品線。

Thank you for that, Jim. And maybe in a similar vein, I wanted to touch on the scale-across DCI opportunity. Particularly curious how we should think about the customers and products that are underpinning the revenue outlook to double by the end of the next calendar year.

謝謝你，Jim。那也許在類似的脈絡下，我想談一下 scale-across 的 DCI 機會。我特別好奇，我們應該如何看待支撐營收展望、並在下一個曆年年底前翻倍的客戶與產品。

Yes. Thanks again. This has been a really great growth area for us over the past year. In fact, it's surprised us a little bit how quickly this has grown. So overall, so DCI and scale-across that falls within our Communications part of our business, which is essentially everything outside of -- all communications outside of the Datacenter.

是的，再次感謝。這在過去一年對我們而言一直是非常好的成長領域。事實上，它成長得如此之快，多少也讓我們有點意外。整體而言，DCI 與 scale-across 都歸在我們業務中的「通訊」部分，也就是基本上除了資料中心之外的——所有資料中心以外的通訊業務。

And if we look at that segment overall, Communications grew 84% year-over-year. But while telecom grew most of that -- the vast majority of that growth was driven by DCI. And so what's going on there is you're seeing these large AI workloads that are spanning multiple data centers. And so that's driving the need for much greater bandwidth and connectivity -- optical connectivity between data centers. And so that's what's driving.

如果看該分部整體，通訊業務年增 84%。但雖然電信貢獻了其中大部分——絕大多數的成長其實是由 DCI 所帶動。你看到的情況是，這些大型 AI 工作負載跨越多個資料中心。因此推動了對更高頻寬與連結性的需求——也就是資料中心之間的光學連結。所以這就是驅動因素。

That's the underlying market dynamic that's driving the growth. And then you asked about customers and products. So customers would be either equipment makers. So we're certainly selling into multiple different equipment makers that -- whose equipment goes into scale-across applications, but also selling directly to hyperscalers as well. And so it's a mixture of both types of customers.

這就是推動成長的底層市場動態。然後你問到客戶與產品。客戶可能是設備製造商。所以我們確實銷售給多家不同的設備製造商——他們的設備用於 scale-across 應用，同時我們也直接銷售給超大規模業者（hyperscalers）。因此客戶類型是兩者兼具的組合。

And then the products, it's interesting, we sell -- in this part of the market, we sell products at multiple levels of the value chain. So we sell in components like, for instance, pump lasers that go into a wide range of different equipment. At one level up in the value chain, we sell subsystems and modules, so ZR/ZR+ modules, line cards, amplifiers, ROADMs, et cetera. And then one level up from that, in some cases, sell complete solutions to our customers as well. So we're selling across multiple levels of value chain.

至於產品，這很有意思：在這個市場部分，我們在價值鏈的多個層級都有銷售。例如在元件層級，我們銷售像是泵浦雷射（pump lasers）這類元件，可用於各式各樣的設備。在價值鏈再往上一層，我們銷售子系統與模組，例如 ZR/ZR+ 模組、線卡、放大器、ROADM 等等。再往上一層，在某些情況下我們也會向客戶提供完整解決方案。所以我們橫跨價值鏈的多個層級在銷售。

And so I think that's helped us really maximize the growth here as well. And as I mentioned in the prepared remarks, if we look at our Q1 revenue, it was over $200 million. So we're basically at about $1 billion annualized revenue run rate now. And that's -- that Q1 growth had quadrupled year-over-year. And we expect that if you take that Q1 baseline, we expect the revenue to double again before the end of calendar '27.

我認為這也幫助我們在這裡把成長最大化。如同我在事先準備的講稿中提到的，如果看我們 Q1 的營收，超過 2 億美元。所以我們現在基本上約為年化 10 億美元的營收運行率。而且——那個 Q1 的成長年增了四倍。我們預期以 Q1 作為基準，在曆年 '27 年底之前，營收還會再翻倍。

And so that growth that we've seen to date, that's ahead of multi-rail. So we expect multi-rail revenue, which is a -- multi-rails are great solutions, some great technology that we have there. We expect that to start -- that revenue to start to ramp in our March quarter. And so it's been a really good area of growth, and we expect this to continue to be a very good area of growth over the coming quarters as well.

因此，我們迄今看到的成長是早於 multi-rail 的。所以我們預期 multi-rail 的營收——multi-rail 是一個很棒的解決方案，也是我們擁有的一項很棒的技術——我們預期該營收將在我們的 3 月季度開始爬坡。所以這一直是非常好的成長領域，而我們也預期在接下來幾個季度，這仍將是一個非常好的成長領域。

Thank you, Jim. Appreciate all the color.

謝謝你，Jim。很感謝你提供這麼多細節。

Thanks, Joe.

謝謝你，Joe。

Simon Leopold, Raymond James.

Simon Leopold，Raymond James。

Thanks for taking your question. First, Jim, I want to thank you for the increased transparency on Slide 7. I know this is something I've been probably annoying you about. So thank you. The slide did not mention OCS. I know you talked about the product group in your prepared remarks.

謝謝讓我提問。首先，Jim，我想感謝你在第 7 張投影片上提高透明度。我知道這可能是我一直在——大概一直煩你的事情。所以謝謝你。那張投影片沒有提到 OCS。我知道你在事先準備的講稿中談到了這個產品群。

But could you update us on your progress and expectation for this product group? And then I've got a follow-up, please.

你能否更新一下這個產品群的進展與你的預期？然後我還有一個追問，謝謝。

Yes, sure. Thanks, Simon. Thanks for the feedback, as always. We're always looking to improve. So I appreciate the feedback.

好的，當然可以。謝謝你，Simon。也一如既往謝謝你的回饋。我們一直在尋求改進。所以我很感謝這些回饋。

But yes, in OCS, I did mention in the prepared remarks OCS falls within our Datacenter part of our business. And just reiterating, Datacenter was up 85% year-over-year in our Q1. OCS continues to make good progress. We've got really extensive customer engagement. We've seen that customer engagement, continue to expand across more applications and not just scale-out applications, but scale-across and scale-up applications as well.

不過是的，關於 OCS，我在事先準備的講稿中提到 OCS 歸在我們業務中的資料中心部分。再重申一次，我們 Q1 的資料中心業務年增 85%。OCS 持續取得良好進展。我們有非常廣泛的客戶互動。我們看到這些客戶互動持續擴大到更多應用，不僅是 scale-out 應用，也包括 scale-across 與 scale-up 應用。

And that's across -- in terms of products, that's across both 320x320 systems, which are shipping as well as denser configurations. I think the denser configurations will be used more in the scale-up applications. We're ramping production at 2 different sites in parallel, and that's really to meet the demand that we're seeing. We have a very differentiated technology. It's liquid crystal.

而且這涵蓋——就產品而言，涵蓋 320x320 系統（已在出貨）以及更高密度的配置。我認為更高密度的配置會更多用於 scale-up 應用。我們正在兩個不同的據點同步擴大產能，這主要是為了滿足我們看到的需求。我們擁有非常差異化的技術。它是液晶。

It's nonmechanical technology, has better power efficiency and better reliability than MEMS-based solutions. So we feel really well positioned. We're ramping production. And I think it will be an increasingly larger contributor to our revenue growth in the quarters to come. And maybe last thing to add is we see the market opportunity for OCS as at least $4 billion by 2030.

這是非機械式技術，相較於以 MEMS 為基礎的解決方案，具備更好的功耗效率與更高的可靠性。所以我們覺得自身定位非常有利。我們正在提升產能。我認為在未來幾個季度，它將對我們的營收成長做出愈來愈大的貢獻。最後也補充一下，我們認為 OCS 的市場機會到 2030 年至少有 40 億美元。

It could be larger than that.

可能會比那個更大。

Thanks. And as a follow-up, I have a hard question, one that I imagine you anticipate getting is, what does the proposed consolidation of Lumentum and Marvell mean to you?

謝謝。接著追問一下，我有個比較難的問題，我想你們也預期會被問到：Lumentum 與 Marvell 擬議的整併，對你們而言意味著什麼？

Yes. Thanks, Simon. No, I don't think that's a hard question at all. I think happy to answer that. I'd give a few thoughts on this.

是的。謝謝你，Simon。不，我不覺得那是個難題。我很樂意回答。我想就這點分享幾個看法。

I think number one is it definitely demonstrates that optics and photonics is becoming an absolutely critical part of data center architecture. As we look forward, as we convert the entire scale-up network and then even the scale-in chip-to-chip communication links, over time, all of that getting converted from copper to optical. Photonic technology is absolutely critical to making that happen to driving the innovation and data center architecture. So I think it's a proof point around just the criticality of optics and photonics. And then I think for Coherent, I think it just -- it highlights the tremendous strategic value of the portfolio that is within Coherent.

我想第一點是，這確實顯示光學與光子學正成為資料中心架構中絕對關鍵的一環。展望未來，當我們把整個 scale-up 網路，甚至是 scale-in 的晶片對晶片通訊連結，隨時間推進，逐步從銅線轉為光學。光子技術對於促成這件事、推動創新與資料中心架構演進，絕對至關重要。所以我認為這是一個證明點，凸顯光學與光子學的重要性。而對 Coherent 而言，我認為這也凸顯了 Coherent 內部產品組合所具備的巨大策略價值。

There's no other company, I believe, on the planet that has a broader and deeper set of photonic and optical technology. If you look at the entire optical signal chain from the generation of the light to the transmission through our fiberoptic cable that we make to the detection on the other side, I don't think there's any other company that's got a better portfolio of technology. So I think it definitely highlights the strategic importance of our technology platform. And then look, I think from a customer perspective, I think that -- I think a lot of -- for a lot of the customers, our customers, I think it's really important that they have an independent photonic optical supplier and partner. And so I think it positions us really well to be that independent optical supplier that's going to support -- without any competitive conflict can support multiple different customers and support both hyperscaler customers, can support semiconductor customers.

我相信地球上沒有任何一家公司的光子與光學技術能在廣度與深度上超越我們。如果你看整個光學訊號鏈，從光的產生、透過我們製造的光纖電纜傳輸，到另一端的偵測，我不認為還有哪家公司擁有更好的技術組合。所以我認為這確實凸顯了我們技術平台的策略重要性。再者，從客戶角度來看，我認為——我想對許多客戶、也包括我們的客戶而言，他們擁有一家獨立的光子／光學供應商與合作夥伴是非常重要的。因此，這讓我們非常有利地成為那個獨立的光學供應商：在沒有任何競爭衝突的情況下，能支援多個不同客戶，既能支援超大規模（hyperscaler）客戶，也能支援半導體客戶。

And so I think it positions us really well to be that partner of choice in terms of optics for the industry. So look, we think we're really well positioned from both the technology standpoint, manufacturing standpoint and strategically. And I think we're on a really great growth trajectory. And I think you can see some of that already in the PhotonLink technology and the PhotonLink revenue ramp.

因此，我認為這讓我們在產業光學領域成為首選合作夥伴方面，具備非常好的定位。總之，我們認為無論從技術面、製造面或策略面，我們都處於非常有利的位置。而且我認為我們正走在非常好的成長軌道上。你也已經能在 PhotonLink 技術以及 PhotonLink 營收爬坡中看到其中一些跡象。

Tom O'Malley, Barclays.

Barclays 的 Tom O'Malley。

Hey, guys. Thanks for taking my question. Thanks for the additional color as well. I guess the first part of the question for you, Jim, is why now in terms of giving the longer-term forecast? It's been something that you've kind of held off on doing for a while. You gave $3 billion and then $4 billion next year. And then the second part of the question is, is that all backed with supply? How are you able to get visibility that far out?

嗨，各位。謝謝讓我提問。也謝謝你們補充更多細節。我想問題的第一部分是問你，Jim，為什麼選在現在提供較長期的預測？這是你們過去一段時間一直刻意不做的事。你們給了今年 30 億美元、明年 40 億美元。第二部分是：這些數字是否都有供應支撐？你們如何能取得那麼長期的能見度？

Is that already in the books today? Or perhaps you could give us like what percentage of that is backed with supply today? Or if you need to add any to get you to those numbers?

這些今天就已經在訂單簿裡了嗎？或者你們能否告訴我們，大概有多少比例目前已由供應支撐？又或者為了達到那些數字，是否還需要再增加一些供應？

Yes. Thanks, Tom. I think it is a little bit different. We are providing a little bit longer-term visibility than we normally would. I think it's really backed by the -- just extraordinary level of visibility that we have on the business.

是的，謝謝你，Tom。我想這確實有點不同。我們提供的長期能見度比平常更長一些。我認為這主要是因為我們對業務擁有極高程度的能見度。

When I look at the backlog, the bookings both -- so both near-term visibility and long-term visibility. If I look at just the backlog that we have, I mean, calendar '27 is basically booked out and the customers are booking out calendar '28 now. So from a near-term booking demand perspective, we have great visibility. We've signed a number of new LTAs over the past quarter. I mentioned one of the big LTAs as part of the PhotonLink prepared remarks.

當我看積壓訂單（backlog）、接單（bookings）——也就是近端能見度與長期能見度兩者。如果只看我們目前的積壓訂單，基本上 2027 年曆年已經幾乎排滿，客戶現在也開始預訂 2028 年曆年。所以從近端接單需求的角度，我們有很好的能見度。過去一季我們簽了多份新的長期協議（LTA）。我在關於 PhotonLink 的事先準備發言中也提到其中一份大型 LTA。

But the LTAs also give us really good visibility because they include very high-quality forecast, long-term forecast. So I think that's -- given that really good visibility, that's certainly giving us confidence. And then also, great that you mentioned supply. We've done a number of things within our supply base to make sure that we've got the right supply in place to support that as well. So yes, I would say that, that's -- those views that we gave, whether it's $3 billion this year and the $4 billion quarter next year is underpinned by supply agreements.

此外，LTA 也帶給我們非常好的能見度，因為其中包含品質很高的預測、長期預測。所以我認為——在這麼好的能見度之下，確實讓我們更有信心。另外，你提到供應這點也很好。我們在供應鏈端做了不少事情，以確保也有適當的供應來支撐這些需求。所以是的，我會說，我們給出的展望——不論是今年 30 億美元、以及明年 40 億美元——都有供應協議作為支撐。

Also, remember that we're highly vertically integrated. So a lot of that's underpinned by our own internal supply that we're ramping, right? One of the constraints, if we look back over the past year or 1.5 years, one of the constraints has been indium phosphide. And I'm just really pleased with how the team has executed very, very well on the indium phosphide production ramp. We've doubled production capacity a quarter earlier than what we thought we would, and that gives me the confidence that they're going to achieve -- the team is going to achieve our plan to more than double capacity again by the end of calendar '27.

另外也要記得，我們的垂直整合程度很高。所以其中很大一部分是由我們自身正在擴產的內部供應所支撐，對吧？如果回顧過去一年到一年半，其中一個限制因素是磷化銦（indium phosphide）。而我對團隊在磷化銦產能爬坡上的執行成果感到非常滿意，做得非常、非常好。我們把產能翻倍的時間點比原先預期提早了一季，這也讓我有信心團隊將能達成我們的計畫：在 2027 年曆年年底前，再把產能提高到超過再翻倍。

So you put all that together and yes, we're feeling really good about the outlook and the visibility for the business.

把這些因素綜合起來，是的，我們對業務的展望與能見度都感覺非常好。

Super helpful. And then just as my follow-up for that LTA. Obviously, $20 billion, a pretty robust number over that 5 years. Could you just give us any color just around that customer perhaps? And then if you can talk about the customer around some of the solutions that, obviously, it's PhotonLink, so it spans a large number of your products, but any more specificity would be really helpful, just given the size of that customer.

非常有幫助。接著就那份 LTA 追問一下。顯然，5 年 200 億美元是個相當可觀的數字。你能否就那位客戶提供一些資訊？另外，如果可以談談該客戶所採用的一些解決方案——顯然是 PhotonLink，所以涵蓋你們很多產品——但若能更具體一些會很有幫助，尤其考量到該客戶規模很大。

Yeah, sure. So definitely a leading AI data center customer name you will definitely recognize, right? And so we're really proud of that partnership, excited about it. That's all -- that LTA for $20 billion is all around PhotonLink technology. I would call it -- I would say it's anchored by our laser, our 400-milliwatt CW laser.

好的，當然。那是一家領先的 AI 資料中心客戶，你一定認得出來的名字，對吧？所以我們對這段合作關係感到非常自豪，也很期待。那份 200 億美元的 LTA 全部都圍繞 PhotonLink 技術。我會說——我會說它的核心是我們的雷射，也就是我們的 400 毫瓦連續波（CW）雷射。

That's kind of the anchor of that LTA. But there's -- it's more than -- we're selling more than just that laser. So we're selling more, call it, a higher level solution than that. So more than just that laser. So we're really, really pleased by that.

那算是這份 LTA 的主軸。但我們賣的不只是那顆雷射。所以我們提供的是更高層級的解決方案。也就是不僅僅是那顆雷射。因此我們對此感到非常、非常滿意。

As I mentioned, the revenue -- we expect the revenue to start to flow from that in early 2028 and to ramp over the course of the quarters and years after that. And so really pleased with that. And I think given the engagement that we have on PhotonLink across many different customers, many different solutions, we certainly expect to sign more long-term agreements and partnerships with PhotonLink over the coming quarters as well.

如我先前提到的，營收——我們預期相關營收將在 2028 年初開始進來，並在之後的各個季度與年度逐步爬升。因此我們對此非常滿意。而且我認為，鑑於我們在 PhotonLink 上與許多不同客戶、許多不同解決方案的合作互動，我們也確實預期在接下來幾個季度，會與 PhotonLink 簽署更多長期協議與合作夥伴關係。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

Hi, guys. Thanks a lot. I guess I just wanted to ask you a question about the 45% gross margin outlook before the end of '28. So I guess I'm curious like what does that assume about your transceiver business? I'm just wondering if, to hit that, you need to gate your transceiver supply or transceiver ramp? Or is this just a case where everything can ramp in units then naturally would ramp and you wind up at 45% gross margins. What's the view there?

嗨，各位。非常感謝。我想我只是想問一個關於在 2028 年底之前達到 45% 毛利率展望的問題。所以我好奇的是，這對你們的收發器業務有什麼假設？我在想，為了達到這個目標，你們是否需要限制收發器供應或收發器的爬坡？或者這只是所有產品都能在出貨量上爬升，然後毛利率自然就會提升到 45% 的情況。你們的看法是什麼？

Yes. Thanks, George. I'll start and see if Sherri has any color to add. But yes, we haven't assumed that we're kind of artificially gating the transceiver business. So there's no assumption on that.

是的。謝謝你，George。我先回答，看看 Sherri 是否要補充一些說明。不過是的，我們並沒有假設會以某種方式人為地限制收發器業務。所以在這方面沒有任何假設。

We're assuming that the transceiver business grows at what we think is a reasonable growth rate to expect from the transceiver business. But on top of that, we do have new products that are ramping on top of that. PhotonLink, a number of new products and datacenter interconnect, OCS ramping over time as well. And so you put all those products ramping over time. And those products are accretive to the company's margin.

我們假設收發器業務會以我們認為合理、可預期的成長率來成長。但除此之外，我們也有新產品在此基礎上同步放量。PhotonLink、若干新產品以及資料中心互連（datacenter interconnect），以及 OCS 也會隨時間逐步爬坡。因此把這些產品隨時間的放量加總起來，而這些產品對公司的毛利率是具增益（accretive）的。

I think the new product ramp helps as well. And then in addition to that, the other thing that I would add more on the cost side is a number of different cost activities that we're driving. But certainly, a big one of it is we expect additional leverage in terms of gross margin from our indium phosphide ramp. I think there's -- as I mentioned briefly in the prepared remarks, I think most of the benefit from indium phosphide expansion is still ahead of us. And so I think there's a good component of the margin expansion that's kind of underpinned by the indium phosphide expansion as well.

我認為新產品的放量也會有所幫助。此外，從成本端來看，我還想補充的是，我們正在推動多項不同的成本改善措施。但其中很重要的一項是：我們預期磷化銦（indium phosphide）產能爬坡將在毛利率方面帶來更多規模效益（leverage）。我想——正如我在事先準備的發言中簡要提到的，我認為磷化銦擴產帶來的大部分效益仍在前方。因此，我認為毛利率擴張中有相當一部分也會由磷化銦擴產所支撐。

Is it possible to get the company to higher margins than 45% over time? I mean, I guess I'm maybe looking at Lumentum as an example. Those guys obviously have had quite a bit of margin expansion. Obviously, the fastest-growing parts of that business are many of the areas where you're kind of looking for growth going forward. Is 45% just a stop in a bigger picture or a bigger number? What do you think?

長期來看，有可能讓公司的毛利率高於 45% 嗎？我的意思是，我可能以 Lumentum 作為例子來看。那些公司顯然有相當幅度的毛利率擴張。而且很明顯，他們業務中成長最快的部分，很多也正是你們未來尋求成長的領域。45% 只是更大藍圖中的一個中繼站，還是其實可以到更高的數字？你怎麼看？

I don't think there's any structural barrier to us driving gross margin above 40%. In fact, I think Sherri, in her remarks, I think she said over 45% before the end of calendar '28, I think, is the way she said it, right? So I -- yes, we certainly don't view just like our old target of 42%, where we said over 42%, we never viewed that as a stopping point. We viewed that as stop along the way. And I would say 45% is -- yes, stop along the way, and I don't see any structural reason why the company couldn't continue to drive gross margins beyond that.

我不認為我們在把毛利率推升到 40% 以上方面有任何結構性的障礙。事實上，我想 Sherri 在她的發言中提到的是在 2028 年曆年結束前達到「超過 45%」，我想她是這樣說的，對吧？所以——是的，我們當然不會把它視為像我們先前 42% 的舊目標那樣的終點；當時我們說要超過 42%，也從未把那當作停止點。我們把它視為過程中的一個里程碑。我會說 45% 也是——是的——過程中的一個里程碑，而且我看不出有任何結構性原因會使公司無法在此之後繼續推動毛利率再往上。

Yes. I would just add that the target that we put out about 18 months ago at our Investor Day of over 42%, that was a three- to four-year target that we put out, but we pulled that in, right, in only 18 months now raising our target to over 45%. So as we get close to that target, we'll certainly reevaluate and look at what makes sense beyond that, but it's just a step along the way.

是的。我只想補充，我們大約 18 個月前在投資人日提出的「超過 42%」目標，是一個三到四年的目標，但我們把時程提前了，對吧——現在只用了 18 個月就把目標提高到「超過 45%」。因此，當我們接近該目標時，我們當然會重新評估並看看在此之後什麼是合理的，但這只是過程中的一步。

Yes. And George, maybe the other thing I'd add is we're certainly super focused on gross margin expansion. But the other thing that we're very focused on is operating leverage, right? And I think we're quite pleased to see that we're gaining operating leverage in terms of OpEx as a percentage of sales, and we expect that to continue as well. So I think you should expect continued operating leverage as well.

是的。而且 George，我可能還要補充一點：我們當然非常專注在毛利率擴張。但我們同樣非常專注的是營運槓桿（operating leverage），對吧？而且我們很高興看到，在營業費用（OpEx）占銷售額的比例方面，我們正在取得營運槓桿，我們也預期這個趨勢會持續。所以我認為你也應該預期營運槓桿會持續改善。

Gianmarco Conti, Deutsche Bank.

Gianmarco Conti，德意志銀行（Deutsche Bank）。

Yeah, great. Thank you for taking my questions. Congrats on the quarter. Maybe starting with PhotonLink. I wanted to touch on the scale-in/scale-up opportunity with micro-VCSEL. You mentioned you had five engagements, I believe, chip-to-chip. I'm curious if you could talk a little bit more detail here whether there is anything you can quantify in terms of revenue to come online next year? Anything around micro-VCSEL?

好的，很棒。謝謝你回答我的問題。恭喜本季表現。也許先從 PhotonLink 開始。我想談一下 micro-VCSEL 在 scale-in/scale-up 的機會。你提到你們有五個合作案（engagement），我記得是晶片對晶片（chip-to-chip）。我好奇你是否能在這裡多談一些細節：就明年開始上線的營收而言，有沒有任何你能量化的內容？以及任何關於 micro-VCSEL 的資訊？

Yes. So thanks for asking about micro-VCSEL. So certainly, when I look across the PhotonLink engagements, there is, I would say, many VCSEL, micro-VCSEL, we call it multi-core VCSEL because it -- the multi-core VCSEL attaches to our multi-core fiber that we produce. And so -- but multiple of those engagements involve our VCSEL technology. I mean maybe just as a reminder of the company's sort of depth in VCSEL technology.

是的。謝謝你問到 micro-VCSEL。當然，當我檢視 PhotonLink 的各項合作互動時，我會說其中有很多涉及 VCSEL、micro-VCSEL；我們稱之為多核心 VCSEL（multi-core VCSEL），因為——多核心 VCSEL 會連接到我們所生產的多核心光纖（multi-core fiber）。因此——其中多個合作案都涉及我們的 VCSEL 技術。我想也許提醒一下，公司在 VCSEL 技術方面的深度。

Number one is we've shipped over 700 million VCSELs into data center applications over the past year. So we have enormous manufacturing expertise in VCSELs. Also at the ECOC conference, when we launched PhotonLink, we talked about our technology in VCSELs, micro-VCSELs, VCSEL arrays, et cetera. We showed that -- one of the things that we showed was that we had industry-leading energy efficiency around VCSELs of -- we showed a 1 picojoule per bit capability, which I think is very industry-leading capability. And so VCSEL is definitely a core technology, something that the company has a long history in and we have multiple engagements.

第一，我們在過去一年已向資料中心應用出貨超過 7 億顆 VCSEL。因此我們在 VCSEL 的製造方面具備非常深厚的專業能力。此外，在我們於 ECOC 會議上發表 PhotonLink 時，我們也談到了我們在 VCSEL、micro-VCSEL、VCSEL 陣列等方面的技術。我們展示的——其中一項展示是，我們在 VCSEL 的能源效率方面達到業界領先——我們展示了每 bit 1 皮焦耳（picojoule per bit）的能力，我認為這是非常領先的能力。因此 VCSEL 絕對是一項核心技術，是公司長期深耕的領域，而且我們有多個合作案正在進行。

I think you'll see that deployed in NPO applications relatively in scale-up NPO applications in relatively short amount of time. I think you also asked about scale-in chip-to-chip. I think that's a little further out in time. I think PhotonLink and scale-in applications is more in the 2029 to 2030, but we'll definitely see, I think, VCSELs deployed in NPO applications well before that.

我認為你會在相對短的時間內，看到它在 NPO 應用中以 scale-up 的方式、並且以相當規模部署。我想你也問到 scale-in 的晶片對晶片。我認為那在時間上會更往後一些。我認為 PhotonLink 的 scale-in 應用大概會落在 2029 到 2030 年，但我相信在那之前，我們就會先看到 VCSEL 在 NPO 應用中被部署。

If I could just ask a follow-up. It's going to be a tough question, sorry to put you on the spot. But I've been receiving a lot of questions from investors around Chinese laser suppliers. I was wondering if you could provide any kind of thoughts on basically more supply coming in online? And whether you see them competing for ultra-high-powered lasers for CWs?

如果我可以再追問一個問題。這會是一個很難的問題，抱歉讓你臨時應對。但我最近收到很多投資人關於中國雷射供應商的提問。我想請問你是否能分享一些看法，主要是關於是否會有更多供給上線？以及你是否看到他們在 CW 用的超高功率雷射方面形成競爭？

Yes. So I don't see that those competitors in terms of ultra-high power. If you're talking about like the 400-milliwatt CW laser, we're not seeing competition from really -- we really only have one competitor there as far as we can see, right? So really not seeing any other competitors out there with high-power seated laser capability.

是的。所以我不認為那些競爭對手在超高功率方面構成競爭。如果你指的是像 400 毫瓦的 CW 雷射，我們並沒有看到真正的競爭——就我們所見，那裡基本上只有一家競爭對手，對吧？所以我們確實沒有看到其他具備高功率（seated）雷射能力的競爭者。

Thank you.

謝謝。

Operator, before we go to the next analyst, if we could ask all the other analysts to limit themselves to one question with a goal of trying to accommodate everybody on the call. All right? Thank you.

接線員，在我們進入下一位分析師之前，如果可以的話，請其他所有分析師把問題限制在一個，以便盡量讓每位與會者都能提問。好嗎？謝謝。

Dan Zhu, Bernstein.

Bernstein 的 Dan Zhu。

Hey, thanks for the question. You mentioned that scale-up optics should start towards the end of calendar 2027. Anything you can share about whether the initial deployments are NPO or CPO? And also about how -- whether sort of this is primarily going to be on VCSELs or will this start with InP-based lasers?

嗨，謝謝讓我提問。你提到 scale-up 光學應該會在 2027 年曆年底左右開始。你能否分享一下初期部署會是 NPO 還是 CPO？另外，這主要會先用在 VCSEL 上，還是會從 InP 基雷射開始？

Yes. Thanks, Dan. So I think what we'll see -- we'll definitely see CPO in scale-up. We certainly believe that. I think we'll see NPO scale-up soon after that as well. If not by the end of calendar '27, I think we'll certainly see deployment in the early part of '28. So I think in scale-up, both CPO and NPO within either that late '27 or early '28 time frame in the scale-up applications.

是的。謝謝你，Dan。我想我們會看到——在 scale-up 上我們肯定會看到 CPO。我們確實相信如此。我認為不久之後也會看到 NPO 的 scale-up。即使不是在 2027 年曆年底，我想我們也肯定會在 2028 年初看到部署。所以我認為在 scale-up 應用中，CPO 與 NPO 都會落在 2027 年末或 2028 年初這個時間窗內。

And then I think -- did you ask -- what was the second part of your question, Dan?

然後我想——你剛才問——Dan，你問題的第二部分是什麼？

How much of it is VCSEL versus InP?

其中有多少是 VCSEL，相對於 InP？

Yes. I think the initial deployment is indium phosphide, the high-power CW lasers. That's for CPO in both initially scale-out and then in scale-up. And then I think VCSELs will happen in that NPO kind of early '28 timeframe.

是的。我認為初期部署會是磷化銦（InP）的高功率 CW 雷射。那是用於 CPO，起初在 scale-out，接著在 scale-up。然後我認為 VCSEL 會在 NPO 那種 2028 年初的時間框架內發生。

Ryan Koontz, Needham.

Needham 的 Ryan Koontz。

This is Jeff Hopson on for Ryan. Thank you for the question. You noted ramping the indium phosphide supply for your own laser supply and that'd be able to lead to the margin expansion from weaning off external sources. I was just curious if there's any color on what the split is currently versus internal versus external? And kind of how -- or the time line of that over time as it relates to the margin expansion?

我是代 Ryan 提問的 Jeff Hopson。謝謝讓我提問。你提到正在提升磷化銦供應以支援自有雷射供應，並且可透過逐步降低對外部來源的依賴來帶動毛利率擴張。我想請問目前內部供應與外部採購的占比大概如何？以及隨時間推移的變化時程，與毛利率擴張之間的關聯？

Yeah. Thanks, Jeff. We haven't broken out the split, but I can tell you the split hasn't changed much in a year. We're using about the same mix of internal versus external now as we were a year ago. So although we've doubled our internal indium phosphide supply our -- the primary usage of our internal indium phosphide parts is in our data center transceivers.

好的。謝謝你，Jeff。我們沒有把占比拆分揭露，但我可以告訴你，這個占比在一年內沒有太大變化。我們目前內部與外部的組合，和一年前大致相同。所以雖然我們的內部磷化銦供應量翻倍了，但我們內部磷化銦零件的主要用途是在我們的資料中心收發器上。

And if you look at the growth rate of our datacenter business, datacenter transceivers, it's basically tracked the growth of our indium phosphide capacity, although -- basically one quarter later because when -- in the quarter we produce the lasers, the next quarter is when we ship the transceivers. And so essentially, our transceivers have been -- business has grown at the same rate as our internal indium phosphide, which means that our mix of internal versus external really hasn't changed much over the past year.

而如果你看我們資料中心業務、資料中心收發器的成長率，它基本上跟我們磷化銦產能的成長一致——只是大概落後一個季度，因為我們在某一季度生產雷射，下一季度才出貨收發器。因此本質上，我們收發器業務的成長速度與我們內部磷化銦的成長速度相同，這也意味著過去一年內部與外部的組合其實沒有太大改變。

Now as we continue to expand indium phosphide now looking forward, more than doubling it by the end of '27, we do believe over the coming quarters, we'll start to shift more of the mix from external towards internal. Now we always think -- we always believe we'll have some portion of our supply from external for our transceiver business. But we believe over the coming quarters, we'll start to shift more towards internal.

接下來，隨著我們持續擴充磷化銦、展望到 2027 年底前再增加到超過翻倍，我們確實相信在接下來幾個季度，我們會開始把組合從外部逐步轉向內部。當然我們一直認為——也一直相信——在收發器業務上，我們的供應仍會有一部分來自外部。但我們相信在未來幾個季度，會開始更偏向內部供應。

And that's really because it's a tremendous cost advantage for us to use our internally produced lasers, especially the ones that are made on the 6-inch platform. And in my prepared remarks, when I said the majority of the benefit from 6-inch indium phosphide is ahead of us, that's actually what -- really what I'm referring to is that benefit of changing the mix towards internal is largely ahead of us and that's a much bigger cost structure improvement.

這主要是因為使用我們內部生產的雷射對我們而言有非常顯著的成本優勢，尤其是那些在 6 吋平台上製造的產品。而在我事先準備的發言中，當我說 6 吋磷化銦帶來的多數效益仍在前方，實際上——我指的就是把組合轉向內部所帶來的效益在很大程度上仍在前方，而那會是更大的成本結構改善。

Thank you very much.

非常感謝。

Papa Sylla, Citi.

Citi 的 Papa Sylla。

Thank you for taking my question, and congrats on the very impressive results. Jim, I wanted to maybe double-click on the $15,000 of content per, I think, 100-terabit chip you mentioned earlier at ECOC. So assuming that is probably the full stack opportunity, which might be a longer-term figure. But I thought it would be helpful to also have a sense, even qualitatively, on what percentage, I guess, of that $15,000 you expect to capture in the near term versus longer term and how it may change kind of beyond '27?

謝謝讓我提問，也恭喜你們取得非常亮眼的成果。Jim，我想就你先前在 ECOC 提到的、每顆我想是 100Tb 晶片約 15,000 美元的內容價值再深入追問一下。這應該是全堆疊的機會，可能是較長期的數字。但我覺得如果也能（即使是定性地）了解一下，你們預期在短期相較於長期能捕捉到這 15,000 美元中的多少比例，以及在 2027 年之後可能會如何變化，會很有幫助？

Yeah, thanks, Papa. Yes, the $15,000 basically represents -- if you take an example of a chip that needed 100 terabit of I/O and if you were using our full PhotonLink portfolio, which would include not just the lasers, but all the other components, isolators, thermoelectric coolers, laser modules, our full fiber assembly kit, all the connectors, et cetera. So everything that we do, if you use all of that, the content per chip would be we estimated about $15,000 per chip. Now it will depend on the customer and their particular application, how much of that content they utilize, whether they utilize a portion of that, all of it, that will really depend on the particular engagement.

好的，謝謝你，Papa。是的，這 15,000 美元基本上代表——如果你以一顆需要 100Tb I/O 的晶片為例，並且使用我們完整的 PhotonLink 產品組合，其中不僅包含雷射，還包含所有其他元件：隔離器、熱電冷卻器、雷射模組、我們完整的光纖組裝套件、所有連接器等等。也就是我們所做的一切，如果全部採用，我們估算每顆晶片的內容價值大約是 15,000 美元。當然這會取決於客戶及其特定應用，他們會使用其中多少內容——是使用一部分、全部使用——這真的取決於具體的合作案。

But that $15,000 is sort of the opportunity that's out there for us. I think we'll see over the next year or two as PhotonLink ramps, I think we'll see customers that leverage the vast majority of that. And I think we'll also see customers that leverage a subset of that. So I think we'll definitely -- we'll see a mix of that. And we're happy to support our customers, whether they want the entire solution or they want a portion of it, we'll work with them on whatever works best for them.

但這 15,000 美元算是我們所面對的機會空間。我認為在接下來一到兩年，隨著 PhotonLink 放量，我們會看到有些客戶會採用其中絕大多數的內容。我也認為我們會看到有些客戶只採用其中的一個子集合。所以我認為我們肯定會——看到這樣的組合。而我們也很樂意支援客戶：不論他們想要整套解決方案或只要其中一部分，我們都會與他們合作，採取最適合他們的方式。

But regardless of the amount of content they take, for us, this -- we see this as all greenfield growth because most of PhotonLink adoption over time will be driven by scale-up. And again, that's all greenfield growth for us because that's us and the industry converting copper links to optical links over time. So we see it as greenfield revenue growth.

但不論他們採用多少內容，對我們而言——我們把這視為完全的綠地成長，因為 PhotonLink 的採用在時間推移下主要將由 scale-up 所驅動。而且再說一次，這對我們而言全都是綠地成長，因為這代表我們以及整個產業會隨時間把銅纜連結轉換為光學連結。因此我們將其視為綠地營收成長。

Yeah, it's definitely helpful. Thank you.

是的，這確實很有幫助。謝謝。

Cody Acree, StoneX Financial.

Cody Acree，StoneX Financial。

Hey, guys. Thanks for taking my question. Sherri, maybe for you, if we go back to the gross margin discussion. Can you maybe help to stratify the contribution part of that? Can you talk about the indium phosphide 6-inch ramp yields increasing utilization rates, maybe even your mix thoughts? And just if you can also factor into that the competitive dynamics on your module, on your transceiver piece of more global Chinese competition and what's inherently just a more price-sensitive market?

嗨，各位。謝謝讓我提問。Sherri，可能想請教你，如果我們回到毛利率的討論。你能否協助分層說明其中的貢獻來源？你能談談 6 吋磷化銦（InP）產能爬坡的良率、稼動率提升，甚至你對產品組合的想法嗎？另外，如果也能把模組、收發器（transceiver）業務所面臨的競爭動態納入考量——包括來自全球、尤其是中國競爭者的競爭，以及本質上更偏價格敏感的市場——會是什麼情況？

Yes. Sure, Cody. I think you cut out a little bit, but I think you were asking for more color on what the drivers are to gross margin expansion over 45%. That's what I think your question is

是的。當然可以，Cody。我覺得你剛剛有一點斷訊，但我理解你是在問：推動毛利率擴張到 45% 以上的驅動因素，能否提供更多細節。我想這就是你的問題。

Yes, that's right.

是的，沒錯。

Yes. Okay. So if I were to rank order, I think that the largest contributors are going to be our new product ramps and that full operational leverage of our 6-inch indium phosphide capacity and then pricing optimization, followed by cost reduction. That's kind of how I would rank order it. And the timing of some of those things kicking in, right, will vary.

好的。如果要我按重要性排序，我認為最大的貢獻者會是：我們新產品的量產爬坡、6 吋磷化銦產能的全面營運槓桿（充分發揮），接著是定價最佳化，其後才是成本降低。大致上我會這樣排序。而其中一些因素開始發酵的時間點，當然會有所不同。

But certainly, new product ramps. I mean those are gross margin accretive and new products that Jim referred to earlier in his prepared remarks. Those are gross margin accretive. And so that will benefit our gross margin. As we continue to shift our supply from external to internal, as Jim talked about a little bit ago, that's going to drive significant opportunity in our gross margin.

但可以確定的是，新產品的量產爬坡。我的意思是，那些對毛利率是具增益（accretive）的，也是 Jim 先前在事先準備的談話中提到的新產品。那些對毛利率是具增益的。因此這會有利於我們的毛利率。隨著我們持續把供應從外部轉向內部（如 Jim 剛才稍早提到的），這將為我們的毛利率帶來顯著的提升機會。

And then pricing optimization, rather, I mean, that is an area where I think we will continue to have benefit there fully in our Datacenter & Communications segment, certainly in our Industrial too, but definitely in Datacenter & Communications, there's opportunity for that. We saw that to be a large contributor during the current quarter as well as in prior quarters. And so that will continue to be a benefit as well to drive to over 45% and cost reductions that will always continue to be something that we focus on, but that's how I would rank order them.

接著是定價最佳化。我是說，這是一個我認為我們會持續受益的領域，尤其是在我們的資料中心與通訊（Datacenter & Communications）部門；在工業（Industrial）部門也會有，但在資料中心與通訊這邊機會更明顯。我們看到這在本季以及前幾季都是很大的貢獻來源。因此這也會持續帶來助益，推動毛利率達到 45% 以上；至於成本降低，我們也會一直把它當作重點，但大致上我會這樣排序。

Karl Ackerman, BNP Paribas.

Karl Ackerman，BNP Paribas。

Thank you. Jim, you spoke about how customers are beginning to book out to calendar 2028 that gives you confidence in your growth forecast. At the same time, there is investor concern about the financing and permitting of data centers here in the United States.

謝謝。Jim，你提到客戶開始把訂單排到 2028 年曆年，這讓你對成長預測更有信心。同時，投資人也擔心美國資料中心的融資與許可（permitting）問題。

In light of this, how does the team align its laser production capacity plans with your major customers? And has the team considered customer prepayments for additional laser production capacity? Thank you.

在此背景下，團隊如何將雷射產能規劃與主要客戶對齊？另外，團隊是否考慮過由客戶預付款，以支應額外的雷射產能擴建？謝謝。

Yeah. Thanks, Karl. The answer to the last part of the question is yes, definitely. Maybe I'll start with the end of the question. So we've signed a number of LTAs over the past quarters.

是的。謝謝你，Karl。關於你問題的最後一部分，答案是肯定的，絕對有。也許我先從問題的後半段開始回答。我們在過去幾個季度簽了多份長期協議（LTA）。

The one public LTA that is the one with NVIDIA that we signed back in March, but we've signed a number of other LTAs. The LTAs follow -- all follow a general pattern. And one part of the LTA is typically some sort of upfront payment from the customer either -- it could be either a prepayment or NRE. There's different forms of payment, but there's some sort of upfront payment from the customer. And what we do that for is for two reasons.

其中一份公開的 LTA 是我們在 3 月與 NVIDIA 簽的那份，但我們也簽了其他多份 LTA。這些 LTA——基本上都遵循一個通用模式。而 LTA 的其中一部分，通常會包含某種形式的客戶預先付款——可能是預付款（prepayment）或 NRE（非經常性工程費用）。付款形式不一，但會有某種客戶的前期款項。我們這麼做有兩個原因。

Number one is it makes sure that the customers have skin in the game. But number two is we use that upfront payment to help fund the CapEx to build the capacity for that customer, right? We think it's important that if we're going to go build the capacity that the customers either fund that or help co-fund that. And so far, we've had customers to be very, very willing to do that. And I think that's worked really well for us.

第一，是確保客戶也有投入（skin in the game）。第二，是我們會用這筆前期款項來協助資助資本支出（CapEx），以建置對應該客戶的產能，對吧？我們認為，如果我們要去建置產能，客戶要嘛出資、要嘛共同出資協助負擔，這點很重要。到目前為止，客戶都非常、非常願意這麼做。我認為這對我們運作得非常好。

And so I would say almost every LTA that we've signed has that general pattern. And so that certainly gives us better confidence and helps offset the risk in terms of our own capital deployment. But I guess on the first part of your question, we certainly worked very, very closely with our customers on planning out the demand. I think one thing that -- to keep in mind with indium phosphide capacity, is remember that it's not just being driven by data center demand.

所以我會說，我們簽的幾乎每一份 LTA 都有這樣的通用模式。因此這確實能提升我們的信心，並在我們自身資本投入（capital deployment）方面幫助抵消風險。至於你問題的前半段，我們當然會與客戶非常、非常緊密地合作，來規劃需求。我想有一點要記住：磷化銦產能的需求，並不只是由資料中心需求所驅動。

There's 2 things driving optics -- in general, optics demand, right? Number one is data center growth. But number two is in the case of integrated optics, it's the conversion of the copper links to optical over time. And that is a technology trend that in my view is independent of the market demand. That's a technology trend that will happen and regardless of the data center demand because that's necessitated by the ability to achieve the bandwidth and the link speeds that we need to achieve in the scale-up domain or chip-to-chip is we have to switch to optics over time. And so that's an independent technology trend.

一般而言，光學（optics）需求有兩個驅動因素，對吧？第一是資料中心成長。第二，在整合式光學（integrated optics）的情況下，是銅纜連結隨時間轉換為光學連結。而在我看來，這是一個獨立於市場需求的技術趨勢。不論資料中心需求如何，這個技術趨勢都會發生，因為在 scale-up 領域或晶片對晶片（chip-to-chip）要達到我們所需的頻寬與連結速度，就必須隨時間轉向光學。因此這是一個獨立的技術趨勢。

And that's certainly part of what's driving the indium phosphide capacity demand over the long term.

而這也確實是長期推動磷化銦產能需求的因素之一。

Meta Marshall, Morgan Stanley.

Meta Marshall，Morgan Stanley。

Great, thanks. Maybe just a question on substrate availability. I think there have been some concern in the market around availability of 6-inch versus 3-inch. I know you noted in the prepared remarks that you had gotten capacity, but maybe if you could just speak about kind of 6-inch versus 3-inch substrate availability and how that's impacting expansion plans. Thanks.

很好，謝謝。我想問一下基板（substrate）的供應情況。我認為市場上對 6 吋相較於 3 吋的供應可得性有一些疑慮。我知道你在事先準備的談話中提到已取得產能，但能否請你談談 6 吋與 3 吋基板供應可得性的狀況，以及這如何影響擴產計畫？謝謝。

Yeah, thanks, Meta. So we have over -- on 6-inch in particular, but 3-inch as well, we do continue to buy 3-inch wafers. We do still have 3-inch production, but all of our expansion is mostly on 6-inch moving forward. And we have over five different suppliers of substrates.

好的，謝謝你，Meta。就 6 吋而言——其實 3 吋也是——我們確實持續採購 3 吋晶圓。我們仍然有 3 吋的生產，但我們未來的擴產幾乎都會以 6 吋為主。而我們有超過五家不同的基板供應商。

We've signed long-term agreements with a number of those suppliers. And when I look at our next step of more than doubling the capacity by the end of calendar '27, we believe we've secured the necessary substrates for that capacity expansion. And then we've certainly -- we have plans in place to further expand capacity beyond '27, and we're certainly working with or already have in place, substrate capacity for that as well. So I think the summary is we have multiple different suppliers, and we've made sure that we have the substrate capacity for the expansion.

我們已與其中多家供應商簽訂長期協議。當我看我們下一步在曆年 '27 年底前將產能提高到超過兩倍時，我們相信已確保此次產能擴張所需的必要基板。此外，我們當然——我們已制定計畫在 '27 年之後進一步擴充產能，而且我們也正在與供應商合作，或已就此建立相應的基板產能配置。所以我想總結是：我們有多家不同的供應商，並且已確保擴產所需的基板產能。

Sean O'Loughlin, TD Cowen.

Sean O'Loughlin，TD Cowen。

Great. Thanks for squeezing me in. I'll make it quick. Jim, can you just talk about how fungible your capital installed base is across indium phosphide versus gallium arsenide, if we maybe we end up in a world that is more VCSEL or multi-core VCSEL heavy than it is ultrahigh-power CW? Thanks for getting the question.

很好。謝謝讓我插個問題。我會簡短。Jim，你能談談你們已安裝資本設備在磷化銦（InP）與砷化鎵（GaAs）之間的可互換性嗎？如果我們最終所處的世界更偏向 VCSEL 或多核心 VCSEL，而不是超高功率連續波（CW），會如何？謝謝讓我提問。

Sure. I would say there's some fungibility, but not -- it's not like you can easily switch a line from indium phosphide to gallium arsenide or vice versa. But I will note that we have a tremendous amount of gallium arsenide capacity. One of the stats that we shared at the PhotonLink launch is that today, we have capacity to produce over 1 billion VCSEL arrays annually. So we have a tremendous amount of capacity that we could deploy.

當然。我會說有一定程度的可互換性，但——並不是說你可以很容易地把一條產線從磷化銦切換到砷化鎵，或反過來。但我也要指出，我們擁有非常龐大的砷化鎵產能。我們在 PhotonLink 發表時分享的一項數據是：目前我們具備每年生產超過 10 億個 VCSEL 陣列的產能。所以我們有非常可觀的產能可以投入。

And so to the extent that we saw a broad-based adoption and rapid ramp of VCSEL technology, I don't think we -- there's probably anybody else in the industry that's better positioned to source or to supply that demand than Coherent is. And so we feel really well positioned on gallium arsenide VCSEL technology and/or capacity. And then on indium phosphide, obviously, we're ramping that very, very quickly. And so I think on both, we're on a good path.

因此，在我們看到 VCSEL 技術被廣泛採用並快速放量的情況下，我不認為——業界可能沒有任何其他公司比 Coherent 更有條件去取得來源或供應那樣的需求。所以我們在砷化鎵 VCSEL 技術和／或產能方面的布局非常到位。至於磷化銦，顯然我們正在非常、非常快速地提升產能。所以我認為兩者方面，我們都走在良好的軌道上。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Congrats on the progress here. And I guess, Jim, let me ask you a capacity -- supply -- capacity supply question from the other direction. Yes, there's also been a conversation just in the financial community about at an industry level excess InP EML capacity at some point in calendar '28.

恭喜你們在這裡取得的進展。我想，Jim，讓我從另一個方向問一個產能——供給——產能供給的問題。是的，金融圈也一直在討論：在產業層面，到了曆年 '28 年某個時點，InP EML 產能可能會出現過剩。

You're also -- now you're also talking about sort of contract agreements going sort of well into that timeframe. So I would love to get your opinion on sort of how you view the potential for an oversupply situation at the industry level going through '28. Thanks.

你們也——現在也在談某種合約協議會一路延伸到那個時間範圍。所以我很想聽聽你對於一路到 '28 年、產業層面可能出現供給過剩情況的看法。謝謝。

Yeah. I think through '27 and into '28, I don't see that as a risk, given that -- given not just the demand that pluggable transceivers is creating, but also the demand that integrated optics is going to create for lasers as well as there's quite a bit of indium phosphide, that's also used in some of the DCI applications, too. So when I look across all of that, I don't see an oversupply risk through calendar '28. I also think for us because most of our indium phosphide gets used in our -- well, I guess today all of it, today, all of our indium phosphide gets used in our own products. And we don't even produce enough today for -- to meet all the demand of our own products.

是的。我認為到 '27 年並延伸到 '28 年，我不把那視為風險，因為——不僅是可插拔式收發器所帶來的需求，整合光學也將為雷射帶來需求，而且也有相當一部分磷化銦同樣用於某些 DCI 應用。所以綜合來看，我不認為在曆年 '28 年之前會有供給過剩的風險。我也認為對我們而言，因為我們的大部分磷化銦都用在我們的——嗯，我想今天其實全部都是，今天我們所有的磷化銦都用在我們自有產品中。而且我們目前的產量甚至還不足以——滿足我們自有產品的全部需求。

For us, I don't -- that's not a primary concern for us. If I think if we were -- if there were more supply externally, that may affect us if we were supplying indium phosphide lasers externally, but we're not. And I think our plan is to -- over time, start to use more indium phosphide -- more of our internal indium phosphide production in our -- to change to increase the mix towards internal over time. So yes, I guess the short answer to your question is we don't see any big oversupply situation into '28.

對我們來說，我不——這不是我們的主要顧慮。如果我想，若外部供給更多，且我們是在對外供應磷化銦雷射，那可能會影響我們，但我們並沒有。而且我認為我們的計畫是——隨著時間推進，開始使用更多磷化銦——更多我們內部的磷化銦產出用在我們的——也就是隨時間推移提高內部供應的占比。所以是的，我想對你問題的簡短回答是：我們不認為到 '28 年會出現任何重大的供給過剩情況。

This concludes our question-and-answer session. I would like to turn the conference back over for any closing remarks.

問答環節到此結束。我想把電話會議交回去，看看是否有任何結語。

Thanks, operator, and thanks, everybody, for joining us on the call today. So we certainly enter the remainder of the year with great momentum, exceptional customer demand and as we were just talking about rapidly expanding capacity.

謝謝接線員，也謝謝各位今天參加我們的電話會議。因此，我們在今年剩餘時間確實帶著強勁動能、卓越的客戶需求，以及正如我們剛才談到的快速擴充產能。

I just want to say thanks to -- especially to all of our employees, our customers, our partners, and of course, our shareholders for the continued support. And we look forward to updating you again next quarter. Thank you.

我只想說聲謝謝——特別是感謝我們所有員工、客戶、合作夥伴，當然也感謝股東們持續的支持。我們期待在下個季度再次向各位更新進展。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。