祥茂光電 (AAOI) 2021 Q3 法說會逐字稿

Good afternoon. I will be your conference operator. At this time, I would like to welcome everyone to the Applied Optoelectronics Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好。我將是您的會議運營商。此時，歡迎大家參加應用光電2021年第三季度財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I now would like to turn the call over to Lindsay Savarese, Investor Relations for AOI. Ms. Savarese, you may begin.

我現在想把電話轉給 AOI 投資者關係部的 Lindsay Savarese。 Savarese 女士，您可以開始了。

Thank you. I'm Lindsay Savarese, Investor Relations for Applied Optoelectronics, and I'm pleased to welcome you to AOI's Third Quarter 2021 Financial Results Conference Call.

謝謝你。我是應用光電投資者關係部的 Lindsay Savarese，很高興歡迎您參加 AOI 2021 年第三季度財務業績電話會議。

After the market closed today, AOI issued a press release announcing its third quarter 2021 financial results and provided its outlook for the fourth quarter of 2021. The release is also available on the company's website at ao-inc.com. This call is being recorded and webcast live. A link to the recording can be found on the Investor Relations section of the AOI website and will be archived for 1 year.

今天收市後，AOI 發布了一份新聞稿，宣布了其 2021 年第三季度的財務業績，並提供了 2021 年第四季度的展望。該新聞稿也可在公司網站 ao-inc.com 上查閱。此通話正在錄音和網絡直播中。錄音鏈接可在 AOI 網站的投資者關係部分找到，並將存檔 1 年。

Joining us on today's call is Dr. Thompson Lin, AOI's Founder, Chairman and CEO; and Dr. Stefan Murry, AOI's Chief Financial Officer and Chief Strategy Officer. Thompson will give an overview of AOI's Q3 results, and Stefan will provide financial details and the outlook for the fourth quarter of 2021. A question-and-answer session will follow our prepared remarks.

與我們一起參加今天電話會議的還有 AOI 的創始人、董事長兼首席執行官 Thompson Lin 博士；以及 AOI 的首席財務官兼首席戰略官 Stefan Murry 博士。 Thompson 將概述 AOI 第三季度的業績，Stefan 將提供財務細節和 2021 年第四季度的展望。在我們準備好的評論之後將進行問答環節。

Before we begin, I would like to remind you to review AOI's safe harbor statements. On today's call, management will make forward-looking statements. These forward-looking statements involve risks and uncertainties as well as assumptions and current expectations which could cause the company's actual results to differ materially from those anticipated in such forward-looking statements. In some cases, you can identify forward-looking statements by terminologies such as believes, anticipates, estimates, intends, predicts, expects, plans, may, should, could, would, will or thinks and by other similar expressions that convey uncertainty of future events or outcomes.

在我們開始之前，我想提醒您查看 AOI 的安全港聲明。在今天的電話會議上，管理層將發表前瞻性陳述。這些前瞻性陳述涉及風險和不確定性以及假設和當前預期，可能導致公司的實際結果與此類前瞻性陳述中預期的結果存在重大差異。在某些情況下，您可以通過相信、預期、估計、打算、預測、期望、計劃、可能、應該、可能、會、將或認為等術語以及其他表達未來不確定性的類似表達來識別前瞻性陳述事件或結果。

Forward-looking statements also include statements regarding management's beliefs and expectations related to the expansion of the reach of our products into new markets and customer responses to our innovations as well as statements regarding the company's outlook for the fourth quarter of 2021. Except as required by law, we assume no obligation to update forward-looking statements for any reason after the date of this earnings call to conform these statements to actual results or to changes in the company's expectations.

前瞻性陳述還包括有關管理層對我們產品進入新市場的影響力和客戶對我們創新的反應的信念和期望的陳述，以及有關公司 2021 年第四季度展望的陳述。根據法律，我們沒有義務在本次財報電話會議之後以任何理由更新前瞻性陳述，以使這些陳述符合實際結果或公司預期的變化。

More information about other risks that may impact the company's business are set forth in the Risk Factors section of the company's reports on file with the SEC, including the company's annual report on Form 10-K for the year ended December 31, 2020.

有關可能影響公司業務的其他風險的更多信息，請參見公司向美國證券交易委員會備案的報告的風險因素部分，包括公司截至 2020 年 12 月 31 日止年度的 10-K 表格年度報告。

Also, with the exception of revenue, all financials discussed today are on a non-GAAP basis unless specifically noted otherwise. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation between our GAAP and non-GAAP measures as well as a discussion of why we present non-GAAP financial measures are included in our earnings press release that is available on our website.

此外，除收入外，今天討論的所有財務數據均基於非 GAAP 基礎，除非另有特別說明。非 GAAP 財務措施不應孤立地考慮或替代根據 GAAP 編制的結果。我們的 GAAP 和非 GAAP 措施之間的協調以及對我們為什麼提出非 GAAP 財務措施的討論包含在我們網站上提供的收益新聞稿中。

Before moving to the financial results, I'd like to announce that AOI management will virtually participate at the Needham Networking, Security and Communications Conference on November 16, the Raymond James Technology Investors Conference on December 6 through 8 and the D.A. Davidson Semicap, Laser and Optical Conference on December 15. We hope to have the opportunity to interact with many of you virtually. Additionally, I'd like to note the date of our fourth quarter and full year 2021 earnings call is currently scheduled for February 3, 2022.

在談到財務業績之前，我想宣布 AOI 管理層將以虛擬方式參加 11 月 16 日的 Needham 網絡、安全和通信會議、12 月 6 日至 8 日的 Raymond James 技術投資者會議以及 D.A. Davidson Semicap，12 月 15 日的激光和光學會議。我們希望有機會與你們中的許多人進行虛擬互動。此外，我想指出我們的第四季度和 2021 年全年收益電話會議的日期目前定於 2022 年 2 月 3 日。

Now I would like to turn the call over to Dr. Thompson Lin, Applied Optoelectronics Founder, Chairman and CEO. Thompson?

現在我想把電話轉給 Applied Optoelectronics 創始人、董事長兼首席執行官 Thompson Lin 博士。湯普森？

Thank you, Lindsay. Thank you for joining our call today. The third quarter played out largely as we expected. We delivered in-line revenue and gross margin and a narrower non-GAAP net loss relative to our expectations. During the quarter, we continued to see strong demand in the CATV market and improving condition in the data center and telecom markets.

謝謝你，林賽。感謝您今天加入我們的電話會議。第三季度的表現基本符合我們的預期。相對於我們的預期，我們實現了在線收入和毛利率以及更窄的非 GAAP 淨虧損。本季度，我們繼續看到有線電視市場的強勁需求以及數據中心和電信市場的改善。

However, as we anticipated, our revenue in the third quarter was adversely impacted by approximately $3 million as a result of the well-known global component shortage, and our Q3 gross margin came in at the low end of our expectations mostly due to the unfavorable product mix in our CATV segment and increased costs from component shortage.

然而，正如我們預期的那樣，由於眾所周知的全球組件短缺，我們第三季度的收入受到了大約 300 萬美元的不利影響，而我們第三季度的毛利率處於我們預期的低端，這主要是由於不利的我們 CATV 部門的產品組合以及組件短缺導致的成本增加。

We achieved total revenue for the third quarter of $53.3 million, which decreased 30.5% compared to the third quarter of 2020 and was down 1.7% sequentially. Total revenue in our CATV segment of $23.1 million was up 98.4% year-over-year but was down from a record $27.6 million in the second quarter of 2021. The overall CATV demand environment remains strong, and we continue to see good new customer traction with a number of our products. Total revenue for our data center product of $23.9 million decreased 56.8% year-over-year and increased 6.9% sequentially.

我們第三季度的總收入為 5330 萬美元，與 2020 年第三季度相比下降 30.5%，環比下降 1.7%。我們有線電視部門的總收入為 2310 萬美元，同比增長 98.4%，但低於 2021 年第二季度創紀錄的 2760 萬美元。有線電視的整體需求環境依然強勁，我們繼續看到良好的新客戶吸引力與我們的許多產品。我們數據中心產品的總收入為 2390 萬美元，同比下降 56.8%，環比增長 6.9%。

During the third quarter, we secured 9 design wins among 7 customers. One of design wins in the quarter was a new 400G transceiver design win with an existing customer that is a network equipment manufacturer supplying enterprise and hyperscale data center customers. In addition, 2 of design wins are related to 25G PON and are with a large multinational network equipment manufacturer focused on the telecom market.

第三季度，我們贏得了 7 家客戶的 9 項設計。本季度的設計勝利之一是新的 400G 收發器設計贏得了現有客戶，該客戶是一家為企業和超大規模數據中心客戶提供服務的網絡設備製造商。此外，有 2 項設計中標與 25G PON 相關，並且與一家專注於電信市場的大型跨國網絡設備製造商合作。

Now turning to our telecom segment. Revenue came in at $5.1 million, down 42% year-over-year and up 54.5% sequentially. While we are pleased to deliver sequential growth in this segment, during the third quarter, we see continued volatility in the market condition in the China telecom market as the timing and cadence of the 5G rollout there remains somewhat opaque. Looking ahead, we do expect quarter-to-quarter variability until the pace of 5G rollout in China becomes more predictable.

現在轉向我們的電信部門。收入為 510 萬美元，同比下降 42%，環比增長 54.5%。雖然我們很高興在這一領域實現連續增長，但在第三季度，我們看到中國電信市場的市場狀況持續波動，因為 5G 推出的時間和節奏仍然有些不透明。展望未來，我們預計在中國推出 5G 的步伐變得更加可預測之前，季度與季度之間存在差異。

With that, I will turn the call over to Stefan to review the details of our Q3 performance and outlook for Q4. Stefan?

有了這個，我將把電話轉給 Stefan，審查我們第三季度業績的細節和第四季度的前景。斯特凡？

Thank you, Thompson. As Thompson mentioned, the third quarter played out largely as we expected, and we delivered revenue and gross margin in line with our expectations and a narrower non-GAAP net loss relative to our expectations due to slightly lower-than-expected operating expenses.

謝謝你，湯普森。正如 Thompson 提到的那樣，第三季度的表現基本符合我們的預期，我們的收入和毛利率符合我們的預期，並且由於運營費用略低於預期，非 GAAP 淨虧損相對於我們的預期有所收窄。

During the quarter, we continued to see strong demand in the CATV market and improving conditions in the data center and telecom markets. However, as we anticipated, our results were adversely impacted by approximately $3 million due to the well-known component shortages and supply chain disruptions, and our Q3 gross margin came in at the low end of our expectations mostly due to unfavorable product mix in our CATV segment and increased costs from component shortages. While we were able to mitigate some of these anticipated impacts, we saw additional component shortages later in the quarter due to the shutdown in Vietnam.

本季度，我們繼續看到 CATV 市場的強勁需求以及數據中心和電信市場的改善。然而，正如我們預期的那樣，由於眾所周知的組件短缺和供應鏈中斷，我們的業績受到了大約 300 萬美元的不利影響，而我們第三季度的毛利率處於我們預期的低端，這主要是由於我們不利的產品組合CATV 部分和組件短缺導致的成本增加。雖然我們能夠減輕其中一些預期影響，但由於越南停產，我們在本季度晚些時候看到了額外的組件短缺。

As we work to improve our supply chain, we may continue to have longer-than-usual backlog for several quarters. Looking ahead, we expect that the component shortages could adversely affect our fourth quarter by approximately $2 million to $3 million. We also expect increased costs associated with the shortages to persist through Q4.

在我們努力改善供應鏈的過程中，我們可能會在幾個季度內繼續積壓比平時更長的訂單。展望未來，我們預計組件短缺可能會對我們的第四季度產生約 200 萬至 300 萬美元的不利影響。我們還預計與短缺相關的成本增加將持續到第四季度。

Turning to our quarterly performance. We secured 9 new design wins among 7 customers. Of the 9 design wins, 4 were with data center customers, 2 were with telecom customers, 2 were with FTTH customers, and 1 was with a CATV customer. As Thompson mentioned, one of these design wins was a new 400G transceiver design win with a network equipment manufacturer supplying enterprise and hyperscale data center customers. In addition, 2 of the design wins are related to 25G PON and are with a large multinational network equipment manufacturer focused on the telecom market. All of the design wins in Q3 were with existing customers of AOI, so these design wins represent deeper penetration within our existing customer base.

轉向我們的季度業績。我們在 7 家客戶中贏得了 9 項新設計。在 9 項設計中標中，4 項是數據中心客戶，2 項是電信客戶，2 項是 FTTH 客戶，1 項是 CATV 客戶。正如 Thompson 提到的，其中一個設計勝利是新的 400G 收發器設計，網絡設備製造商為企業和超大規模數據中心客戶提供服務。此外，其中 2 項設計中標與 25G PON 相關，並且與一家專注於電信市場的大型跨國網絡設備製造商合作。第三季度的所有設計中標都來自 AOI 的現有客戶，因此這些設計中標代表了對我們現有客戶群的更深入滲透。

Total third quarter revenue of $53.3 million decreased 30.5% compared to the third quarter in the prior year and was down 1.7% sequentially. Our Q3 revenue was in line with our guidance range of $51 million to $56 million. In the third quarter, 45% of our revenue was from our data center products, 43% from CATV products, with the remaining 12% from FTTH, telecom and other.

第三季度總收入為 5330 萬美元，與去年同期相比下降 30.5%，環比下降 1.7%。我們第三季度的收入符合我們 5100 萬美元至 5600 萬美元的指導範圍。第三季度，我們45%的收入來自數據中心產品，43%來自CATV產品，其餘12%來自FTTH、電信和其他。

In our CATV product segment, the overall demand environment remains very strong as MSOs, particularly in North America, continue to upgrade their networks. We generated revenue of $23.1 million in Q3, up 98.4% from $11.6 million in Q3 of the prior year and down 16.3% sequentially from record results in Q2 '21 due largely to the component shortages and reduced sales of certain node transmitter products as inventory rebuilding for these products has largely been completed by one of our customers.

在我們的 CATV 產品領域，整體需求環境仍然非常強勁，因為 MSO，特別是在北美，繼續升級他們的網絡。我們在第三季度創造了 2310 萬美元的收入，比去年第三季度的 1160 萬美元增長了 98.4%，比 21 年第二季度創紀錄的業績環比下降了 16.3%，這主要是由於組件短缺和某些節點發射器產品的銷售減少作為庫存重建這些產品主要由我們的一位客戶完成。

Notably, in early October, we virtually attended the Society for Cable Telecommunications Engineers or SCTE Expo. Commentary from customers continues to be positive. Looking ahead, we have good visibility with CATV orders well into next year, and we continue to believe that our technologies will play a key part in MSOs' upgrade plans over the next several quarters.

值得注意的是，在 10 月初，我們幾乎參加了有線電信工程師協會或 SCTE 博覽會。客戶的評論仍然是積極的。展望未來，我們對明年的 CATV 訂單有很好的了解，我們仍然相信我們的技術將在未來幾個季度的 MSO 升級計劃中發揮關鍵作用。

Notably, in the quarter, we began to see an increase in orders associated with so-called high-split upgrades, which several MSOs are using to increase CATV network bandwidth. Our amplifier products and certain of our node products are used in these high-split networks, and we are seeing particular order strength in this area.

值得注意的是，在本季度，我們開始看到與所謂的高拆分升級相關的訂單有所增加，一些 MSO 正在使用這種升級來增加 CATV 網絡帶寬。我們的放大器產品和某些節點產品用於這些高分離網絡，我們在該領域看到了特別的訂單強度。

Our Q3 data center revenue came in at $23.9 million compared to $55.3 million in the third quarter of the prior year. In the third quarter, 36% of our data center revenue was from our 40G transceiver products and 57% was from our 100G products. Our data center revenue was up 6.9% sequentially. We remain optimistic about our ability to see sequential growth in the data center in the second half of this year. However, we are seeing some supply constraints that are beginning to impact other parts of the 400G ecosystem, which may in turn impact the timing of the 400G rollout. And this may limit the extent of the sequential growth we can see in the back half of this year.

我們第三季度的數據中心收入為 2390 萬美元，而去年第三季度為 5530 萬美元。第三季度，我們數據中心收入的 36% 來自我們的 40G 收發器產品，57% 來自我們的 100G 產品。我們的數據中心收入環比增長 6.9%。我們對今年下半年數據中心連續增長的能力保持樂觀。然而，我們看到一些供應限制開始影響 400G 生態系統的其他部分，這可能反過來影響 400G 推出的時間。這可能會限制我們在今年下半年可以看到的連續增長的程度。

Now turning to our telecom segment. Revenue from our telecom products of $5.1 million increased 54.5% sequentially and declined 42% from $8.9 million in Q3 of the prior year. While we are pleased to deliver sequential growth in this segment during the third quarter, we see market conditions in the China telecom market as continuing to be lumpy as the timing and cadence of the 5G rollout there remains somewhat opaque. Looking ahead, we do expect quarter-to-quarter variability until the pace of 5G rollouts in China becomes more predictable. Also, we are excited about the design wins in 25G PON that I mentioned earlier as over time, this will provide an additional growth driver to our FTTH revenue.

現在轉向我們的電信部門。我們的電信產品收入為 510 萬美元，環比增長 54.5%，比去年第三季度的 890 萬美元下降 42%。雖然我們很高興在第三季度實現這一細分市場的連續增長，但我們認為中國電信市場的市場狀況仍然不穩定，因為 5G 推出的時間和節奏仍然有些不透明。展望未來，我們預計在中國推出 5G 的步伐變得更加可預測之前，季度與季度之間存在差異。此外，我們對我之前提到的 25G PON 的設計勝利感到興奮，因為隨著時間的推移，這將為我們的 FTTH 收入提供額外的增長動力。

For the third quarter, our top 10 customers represented 86% of revenue, up from 84.9% in Q3 of the prior year. We had 2 10% or greater customers in the third quarter, one in the CATV market and one in the data center market. These customers contributed 29.4% and 15.5% of total revenue, respectively.

第三季度，我們的前 10 大客戶佔收入的 86%，高於去年第三季度的 84.9%。我們在第三季度有 2 個 10% 或更多的客戶，一個在 CATV 市場，一個在數據中心市場。這些客戶分別貢獻了總收入的29.4%和15.5%。

In Q3, we generated non-GAAP gross margin of 19.9%, which was at the low end of our guidance range of 19.5% to 21.5% and was down from 25% in Q2 of 2021 and 27.4% in Q3 of 2020.

在第三季度，我們的非美國通用會計準則毛利率為 19.9%，處於我們 19.5% 至 21.5% 的指導範圍的低端，低於 2021 年第二季度的 25% 和 2020 年第三季度的 27.4%。

Total non-GAAP operating expenses in the third quarter were $19.3 million or 36.3% of revenue compared with $22.3 million or 29.1% of revenue in Q3 of the prior year. The reduction in operating expenses is due to a decrease in R&D spend as some of the costs associated with our 400G development have begun to subside along with decreased shipping expenses due to lower shipments to one of our customers.

第三季度非美國通用會計準則運營費用總額為 1930 萬美元，佔收入的 36.3%，上年同期為 2230 萬美元，佔收入的 29.1%。運營費用的減少是由於研發支出的減少，因為與我們的 400G 開發相關的一些成本已經開始消退，同時由於我們的一個客戶的出貨量減少而導致運輸費用減少。

Non-GAAP operating loss in the third quarter was $8.7 million compared to an operating loss of $1.3 million in Q3 in the prior year. GAAP net loss for Q3 was $15.8 million or a loss of $0.58 per basic share compared with a GAAP net loss of $9.6 million or a loss of $0.42 per basic share in Q3 of 2020. On a non-GAAP basis, net loss for Q3 was $5.3 million or a loss of $0.20 per basic share, which was better than our guidance range of a loss of $6.9 million to $9 million or a loss in the range of $0.25 to $0.33 per basic share due to lower operating expenses than forecast and compares to a net loss of $1.4 million or a loss of $0.06 per basic share in Q3 of the prior year. The basic shares outstanding used for computing the net loss in Q3 were 27.1 million.

第三季度的非美國通用會計準則營業虧損為 870 萬美元，而去年第三季度的營業虧損為 130 萬美元。第三季度的 GAAP 淨虧損為 1580 萬美元或每股基本股虧損 0.58 美元，而 2020 年第三季度的 GAAP 淨虧損為 960 萬美元或每股基本股虧損 0.42 美元。在非 GAAP 基礎上，第三季度的淨虧損為530 萬美元或每股基本股虧損 0.20 美元，好於我們的指導範圍，即虧損 690 萬美元至 900 萬美元或每股基本股虧損 0.25 美元至 0.33 美元，原因是運營費用低於預期，並且與去年第三季度淨虧損 140 萬美元或每股基本股虧損 0.06 美元。用於計算第三季度淨虧損的已發行基本股為 2710 萬股。

Turning now to the balance sheet. We ended the third quarter with $48.9 million in total cash, cash equivalents, short-term investments and restricted cash. This compares with $50.5 million at the end of the second quarter.

現在轉向資產負債表。第三季度末，我們的現金、現金等價物、短期投資和受限現金總額為 4890 萬美元。相比之下，第二季度末為 5050 萬美元。

As of September 30, we had $94.5 million in inventory compared to $100.4 million at the end of Q2. Inventory decreased primarily due to utilization of inventory for customer orders. This inventory reduction is consistent with our long-term plan as we focus on rationalizing inventory levels.

截至 9 月 30 日，我們的庫存為 9450 萬美元，而第二季度末為 1.004 億美元。存貨減少主要是由於為客戶訂單使用存貨。由於我們專注於合理化庫存水平，因此減少庫存符合我們的長期計劃。

We made a total of $3.8 million in capital investments in the third quarter, including $3.4 million in production equipment and machinery and an immaterial amount on construction and building improvements. We now expect 2021 CapEx will be approximately $15 million.

我們在第三季度進行了總計 380 萬美元的資本投資，其中包括 340 萬美元的生產設備和機械以及少量的建築和建築改進。我們現在預計 2021 年的資本支出約為 1500 萬美元。

As we disclosed in February of this year, we initiated a new at-the-market offering. To date, we have raised $1 million under this new program, including $0.1 million raised in Q3. We intend to use these proceeds to continue to make investments in the business, including new equipment and machinery for production and research and development use.

正如我們在今年 2 月披露的那樣，我們啟動了一種新的上市產品。迄今為止，我們已根據這項新計劃籌集了 100 萬美元，其中包括在第三季度籌集的 10 萬美元。我們打算使用這些收益繼續對該業務進行投資，包括用於生產和研發的新設備和機器。

Moving now to our Q4 outlook. We expect Q4 revenue to be between $51 million and $55 million and non-GAAP gross margin to be in the range of 18.5% to 20%. Non-GAAP net loss is expected to be in the range of $5.5 million to $6.6 million and non-GAAP loss per basic share between $0.20 and $0.24, using a weighted average basic share count of approximately 27.4 million shares.

現在轉到我們的第四季度展望。我們預計第四季度收入在 5100 萬美元至 5500 萬美元之間，非 GAAP 毛利率在 18.5% 至 20% 之間。非 GAAP 淨虧損預計在 550 萬美元至 660 萬美元之間，非 GAAP 每股基本股虧損在 0.20 美元至 0.24 美元之間，加權平均基本股數約為 2740 萬股。

With that, I will turn it back over to the operator for the Q&A session. Operator?

有了這個，我會把它轉回給接線員進行問答環節。操作員？

(Operator Instructions) And the first question comes from Simon Leopold with Raymond James.

（操作員說明）第一個問題來自 Simon Leopold 和 Raymond James。

This is Mauricio for Simon today. Stefan, can you please give us an update on your traction with your 400-gig opportunity? I think you previously disclosed expectations for 400-gig to ramp on the third quarter and become more meaningful in the fourth quarter. Maybe you can elaborate on the 400-gig traction this quarter? And how should we think about the opportunity going forward?

這是今天西蒙的毛里西奧。 Stefan，能否請您向我們介紹一下您的 400 演出機會的最新情況？我想你之前曾透露過對 400-gig 的預期將在第三季度增加，並在第四季度變得更有意義。也許您可以詳細說明本季度的 400 兆牽引力？我們應該如何考慮未來的機會？

Yes. So as we noted in our prepared remarks, what we've seen is that there -- at least one of our customers, one of the early customers that qualified our 400G products has -- seems to be seeing some component shortages in other parts of the 400G network. That is, it's not optical products, it's not AOI's inability to supply those products, but they're seeing shortages of some other component that's making it difficult for them to ramp their 400G efforts as quickly as they would like. So as we noted in our prepared remarks, we continue to expect to see growth overall in the data center market, but the 400G rollout, maybe a little bit later depending how long the supply disruption that they're seeing lasts.

是的。因此，正如我們在準備好的評論中指出的那樣，我們所看到的是 - 至少我們的一位客戶，一位對我們的 400G 產品進行資格認證的早期客戶 - 似乎發現其他部分存在一些組件短缺400G網絡。也就是說，這不是光學產品，也不是 AOI 無法提供這些產品，而是他們發現其他一些組件短缺，這使得他們難以像他們希望的那樣快速推進 400G 工作。因此，正如我們在準備好的評論中指出的那樣，我們繼續期望看到數據中心市場的整體增長，但 400G 的推出可能會晚一點，這取決於他們看到的供應中斷持續了多長時間。

(Operator Instructions) All right, as there is nothing else at the present time, I would like to hand the floor to Dr. Thompson Lin for any closing comments.

（操作員說明）好的，由於目前沒有其他事情，我想請 Thompson Lin 博士發表任何結束評論。

Okay. Thank you for joining us today. We want to extend thanks to our investors, customers and employees for your continued support. And we look forward to seeing many of you virtually at our upcoming investment conference.

好的。感謝您今天加入我們。我們要感謝我們的投資者、客戶和員工一直以來的支持。我們期待在我們即將舉行的投資會議上以虛擬方式見到你們中的許多人。

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

謝謝你。會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。