祥茂光電 (AAOI) 2020 Q4 法說會逐字稿

Good day, and welcome to the Applied Optoelectronics Fourth Quarter 2020 and Full Year Earnings Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎來到 Applied Optoelectronics 2020 年第四季度和全年財報電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Lindsay Savarese. Please go ahead.

我現在想將會議轉交給 Lindsay Savarese。請繼續。

Thank you. I'm Lindsay Savarese, Investor Relations for Applied Optoelectronics, and I'm pleased to welcome you to AOI's Fourth Quarter and Full Year 2020 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 2020 年第四季度和全年財務業績電話會議。

After the market closed today, AOI issued a press release announcing its fourth quarter and full year 2020 financial results and provided its outlook for the first 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 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 2020 年第四季度和全年的財務業績，並提供了 2021 年第一季度的展望。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 Q4 results, and Stefan will provide financial details and the outlook for the first 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 的第四季度業績，Stefan 將提供財務細節和 2021 年第一季度的展望。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 statement. 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 terminology such as believe, 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，我想提醒您閱讀 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，這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，您可以通過諸如相信、預期、估計、打算、預測、預期、計劃、可能、應該、可能、會、將或認為等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 first 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. 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, 2019.

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 年第一季度展望的陳述。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。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 2019 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 Raymond James Institutional Investor Conference on March 1. The presentation at this conference will be webcast live, and links to the webcast will be available on the Investor Relations section of the AOI website. We hope to have the opportunity to interact with many of you virtually. Additionally, I'd like to note that the date of our first quarter 2021 earnings call is currently scheduled for May 6, 2021.

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 3 月 1 日的 Raymond James 機構投資者大會。本次會議的演講將進行網絡直播，網絡直播的鏈接可在AOI 網站的投資者關係部分。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 2021 年第一季度財報電話會議的日期目前定於 2021 年 5 月 6 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 的創始人、董事長兼首席執行官 Thompson Lin 博士。湯普森？

Thank you, everyone, for joining us today. Looking back on 2020, I'm proud of the entire AOI team and the progress that we have made this year. Despite a slow start and end to the year with challenging and evolving market dynamics, we are encouraged by the double-digit revenue growth we generated in 2020, which was driven by growth in each of our 3 major business segments. We secured 30 total design wins last year, on par with the record 31 in 2019. Given the difficulty of Corona pandemic last year, I'm very pleased with this design win result. We will continue to expand the reach of our product to a diverse customer base, evident by the decline of concentration of revenue from our top 10 customers. And on this front, we are pleased to report a new greater than 10% customer during the fourth quarter in our CATV segment.

謝謝大家今天加入我們。回顧 2020 年，我為整個 AOI 團隊和我們今年取得的進步感到自豪。儘管市場動態充滿挑戰和不斷變化，年初和年底進展緩慢，但我們對 2020 年實現兩位數的收入增長感到鼓舞，這是由我們三大主要業務部門的增長推動的。去年我們總共獲得了 30 項設計中標，與 2019 年創紀錄的 31 項持平。考慮到去年冠狀病毒大流行的困難，我對這一設計中標結果感到非常滿意。我們將繼續擴大我們產品的覆蓋範圍，以覆蓋多元化的客戶群，這從我們前 10 大客戶的收入集中度下降就可以看出。在這方面，我們很高興在第四季度報告我們的 CATV 部門有一個超過 10% 的新客戶。

Turning to the fourth quarter. We delivered revenue in line with our expectation, gross margin below our expectation and our EPS at the high end of our guidance range. Total revenue for the fourth quarter of $52.8 million grew 8.5% compared to the fourth quarter in the prior year and as we expected was now 31.1% sequentially. As we mentioned on our Q3 call, we began to see some slowing in order from some of our datacenter customers in the later part of the third quarter, which extended into the fourth quarter. This slowdown was related to inventory normalization following the surge in demand that was driven by the shift to working from home early last year. We continue to expect generally slow conditions in Q1 in the datacenter segment, followed by increased activity in this segment in Q2 and beyond.

轉到第四季度。我們交付的收入符合我們的預期，毛利率低於我們的預期，每股收益處於我們指導範圍的高端。第四季度總收入為 5280 萬美元，與去年第四季度相比增長 8.5%，正如我們預期的那樣，現在環比增長 31.1%。正如我們在第三季度電話會議上提到的那樣，我們開始看到一些數據中心客戶的訂單在第三季度後期有所放緩，這種情況一直持續到第四季度。這種放緩與去年初在家工作的轉變推動需求激增後的庫存正常化有關。我們繼續預計數據中心領域第一季度的情況普遍放緩，隨後該領域在第二季度及以後的活動將有所增加。

Non-GAAP gross margin of 27.5% was below our guidance range of 28.5% to 29.5%, due to the many product mix and slightly higher expectation costs than anticipated. As well with our CATV production during the quarter, non-GAAP net loss was $0.20 per share. Similar to Q3, we continue to see broadband demand for our 100G product. Total revenue for 100G product increased 41% from Q4 of 2019.

非 GAAP 毛利率為 27.5%，低於我們 28.5% 至 29.5% 的指導範圍，原因是產品組合眾多且預期成本略高於預期。除了本季度我們的 CATV 生產，非 GAAP 淨虧損為每股 0.20 美元。與第三季度類似，我們繼續看到對我們 100G 產品的寬帶需求。 100G 產品總收入較 2019 年第四季度增長 41%。

In our CATV segment, the overall demand environment continued to be strong as MSO, particularly in North America, continue to upgrade their networks. Total revenue for our CATV products more than doubled year-over-year and increased 37% sequentially to $15.9 million, which is the highest quarterly revenue for this segment in over 3 years.

在我們的 CATV 部分，整體需求環境繼續強勁，因為 MSO，特別是在北美，繼續升級他們的網絡。我們有線電視產品的總收入同比增長一倍多，環比增長 37% 至 1,590 萬美元，這是該部門 3 年多來最高的季度收入。

Revenue from our telecom product of $3.5 million was up 59% from Q4 of 2019, but was down 51% sequentially. As we mentioned on our Q3 earnings call, several of our China telecom customer notify us that their 5G deployment has been paused by several large network operators while they revisit their supply chain following the disruption caused by uncertainty surrounding Huawei's U.S. ban. We believe that disruption will be showed live and expect to see a recovery in our telecom segment in Q1.

我們的電信產品收入為 350 萬美元，比 2019 年第四季度增長 59%，但環比下降 51%。正如我們在第三季度財報電話會議上提到的那樣，我們的幾家中國電信客戶通知我們，他們的 5G 部署已被幾家大型網絡運營商暫停，同時他們在華為美國禁令的不確定性造成中斷後重新審視他們的供應鏈。我們相信中斷將在現場展示，並預計我們的電信部門將在第一季度復甦。

Looking forward, we are excited about the growth opportunity ahead, driven by the continued need for higher bandwidth and increased capacity within the CTV and datacenter markets and the increased demand for 5G product in our telecom markets. We look forward to meeting again in person hopefully soon.

展望未來，在 CTV 和數據中心市場對更高帶寬和更大容量的持續需求以及我們電信市場對 5G 產品的需求增加的推動下，我們對未來的增長機會感到興奮。我們期待著很快再次見面。

With that, I will turn the call over to Stefan to review the details of our Q4 performance and outlook for Q1. Stefan?

有了這個，我將把電話轉給 Stefan，審查我們第四季度業績和第一季度展望的細節。斯特凡？

Thank you, Thompson. As Thompson mentioned, we delivered revenue in line with our expectations, gross margins below our expectation and non-GAAP EPS at the high end of our guidance range. While we saw a strong demand in the CATV market, as we anticipated, our fourth quarter results were impacted by softness in the datacenter and telecom markets.

謝謝你，湯普森。正如湯普森所提到的，我們實現了符合我們預期的收入，毛利率低於我們的預期，非 GAAP 每股收益處於我們指導範圍的高端。正如我們預期的那樣，儘管我們看到 CATV 市場的需求強勁，但我們第四季度的業績受到數據中心和電信市場疲軟的影響。

Looking back on the year, despite challenging and evolving market dynamics throughout 2020, we are encouraged by the double-digit revenue growth we generated, which was driven by growth in each of our 3 major business segments. And we are pleased with the progress we made in diversifying our revenue streams and customer base. We secured 30 total design wins in 2020, similar to the record of 31 in 2019. Of the 30 design wins, 18 were in our datacenter market, 5 were in our CATV market, 4 were in our telecom market and 3 were in other markets. In total, for the fourth quarter, we secured 3 new design wins among 2 customers, all in our CATV segment. Given the difficulties around the pandemic last year, I am very pleased with these design win results.

回顧這一年，儘管整個 2020 年市場動態充滿挑戰和不斷變化，但我們對我們產生的兩位數收入增長感到鼓舞，這是由我們的 3 個主要業務部門各自的增長推動的。我們對我們在多元化收入來源和客戶群方面取得的進展感到滿意。我們在 2020 年獲得了 30 項設計中標，與 2019 年 31 項的記錄相似。在 30 項設計中標中，18 項在我們的數據中心市場，5 項在我們的有線電視市場，4 項在我們的電信市場，3 項在其他市場.總的來說，第四季度，我們在 2 個客戶中贏得了 3 個新設計，全部在我們的 CATV 部門。鑑於去年大流行的困難，我對這些設計獲勝結果感到非常滿意。

We have continued to expand the reach of our products to a diverse customer base, which is evident by the declining concentration of revenue from our top 10 customers from 2019 to 2020. And on that front, we are pleased to report that one of our CATV customers exceeded 10% of our revenue for the first time.

我們繼續將我們的產品覆蓋範圍擴大到多元化的客戶群，從 2019 年到 2020 年我們前 10 大客戶的收入集中度下降就證明了這一點。在這方面，我們很高興地報告，我們的 CATV 之一客戶首次超過我們收入的 10%。

Turning to our quarterly performance. Total revenue for the fourth quarter of $52.8 million was in line with our guidance range of $50 million to $55 million. Revenue increased 8.5% year-over-year and decreased 31.1% sequentially. As we mentioned on our Q3 call, we began to see some slowing in orders from some of our datacenter customers in the latter part of the third quarter and into the fourth quarter related to inventory normalization following the surge in demand that was driven by the shift to working from home early last year. We expect the headwinds we are seeing in our datacenter market to persist through Q1 and then begin improving in Q2 and beyond. We continue to see increased customer interest in our 400G product portfolio and expect to see revenue contribution from these products in the second half of the year.

轉向我們的季度業績。第四季度的總收入為 5280 萬美元，符合我們 5000 萬至 5500 萬美元的指導範圍。收入同比增長 8.5%，環比下降 31.1%。正如我們在第三季度電話會議上提到的那樣，我們開始看到一些數據中心客戶的訂單在第三季度後半段和第四季度有所放緩，這與庫存正常化有關，而需求激增是由轉變推動的去年初在家工作。我們預計我們在數據中心市場看到的逆風將持續到第一季度，然後在第二季度及以後開始改善。我們繼續看到客戶對我們的 400G 產品組合越來越感興趣，並期望在今年下半年看到這些產品的收入貢獻。

In the fourth quarter, 62% of our revenue was from our datacenter products, 30% was from CATV products with the remaining 8% from FTTH, telecom and other. Our datacenter revenue came in at $32.8 million compared with $39.3 million in Q4 of the prior year. In the fourth quarter, 22% of our datacenter revenue was from our 40G transceiver products and 71% was from our 100G products.

第四季度，我們 62% 的收入來自我們的數據中心產品，30% 來自 CATV 產品，其餘 8% 來自 FTTH、電信和其他。我們的數據中心收入為 3280 萬美元，而去年第四季度為 3930 萬美元。第四季度，我們數據中心收入的 22% 來自我們的 40G 收發器產品，71% 來自我們的 100G 產品。

Turning to our CATV product segment. The overall demand environment remains strong, as MSOs, particularly in North America, continue to upgrade their networks. We generated revenue of $15.9 million, up 37% sequentially and up 136% from $6.8 million in Q4 of the prior year. Our CATV performance in the quarter is the highest that we have seen since the third quarter of 2017. We ended the quarter with a strong backlog of CATV products, which we expect to continue to drive growth in this segment going forward.

轉向我們的 CATV 產品部分。總體需求環境依然強勁，因為 MSO，尤其是北美的 MSO，繼續升級他們的網絡。我們的收入為 1590 萬美元，環比增長 37%，比去年第四季度的 680 萬美元增長 136%。我們在本季度的 CATV 業績是自 2017 年第三季度以來的最高水平。我們在本季度結束時積壓了大量的 CATV 產品，我們預計這將繼續推動這一領域的增長。

Revenue from our telecom products increased to $3.5 million, up 59% from $2.2 million in Q4 of the prior year, but was down 61% sequentially for reasons we discussed on our Q3 call. During the fourth quarter, 5G demand in China was impacted by a pause that several of our China telecom customers were seeing as several large network operators revisited their supply chains following the disruption caused by uncertainty surrounding Huawei's U.S. ban. We continue to believe that sequential growth will resume in our telecom segment in Q1.

我們的電信產品收入增至 350 萬美元，比去年第四季度的 220 萬美元增長 59%，但由於我們在第三季度電話會議上討論的原因，環比下降了 61%。在第四季度，中國的 5G 需求受到我們的一些中國電信客戶看到的暫停的影響，因為在華為美國禁令的不確定性造成中斷後，幾家大型網絡運營商重新審視了他們的供應鏈。我們仍然相信，我們的電信部門將在第一季度恢復連續增長。

We are pleased with our progress on our customer diversification efforts. Overall, for the fourth quarter, our top 10 customers represented 85.1% of revenue, down from 87.5% in Q4 of the prior year. The concentration of revenue among our top 10 customers decreased from 88.1% in 2019 to 81.8% in 2020. We had 3 10%-or-greater customers in the fourth quarter, 1 of which was in the datacenter market and 2 of which were in the CATV market, including a new 10%-or-greater customer. These customers contributed 36%, 14% and 11% of total revenue, respectively. For the full year, we had 2 10%-or-greater customers in the datacenter segment that contributed 38% and 12% of total revenue, respectively.

我們對我們在客戶多元化方面取得的進展感到滿意。總體而言，第四季度，我們的前 10 大客戶佔收入的 85.1%，低於去年第四季度的 87.5%。我們前 10 大客戶的收入集中度從 2019 年的 88.1% 下降到 2020 年的 81.8%。我們在第四季度有 3 個 10% 或更高的客戶，其中 1 個在數據中心市場，2 個在CATV 市場，包括 10% 或更多的新客戶。這些客戶分別貢獻了總收入的 36%、14% 和 11%。全年，我們在數據中心領域有 2 個 10% 或更高的客戶，分別貢獻了總收入的 38% 和 12%。

In Q4, we generated non-GAAP gross margin of 27.5% compared to 27.6% in Q4 of the prior year. Gross margin was below our guidance range of 28.5% to 29.5% due mostly to unfavorable product mix and a slightly higher production cost than anticipated as we ramped our CATV production during the quarter.

在第四季度，我們的非美國通用會計準則毛利率為 27.5%，而去年第四季度為 27.6%。毛利率低於我們 28.5% 至 29.5% 的指導範圍，這主要是由於不利的產品組合以及我們在本季度提高 CATV 產量時生產成本略高於預期。

Total non-GAAP operating expenses in the fourth quarter of $20.6 million or 39% of revenue compared with $19.4 million or 39.9% of revenue in Q4 of the prior year. Operating expenses as a percent of overall revenue decreased from the prior year and reflect our efficient expense management.

第四季度非美國通用會計準則運營費用總額為 2060 萬美元，佔收入的 39%，而去年第四季度為 1940 萬美元，佔收入的 39.9%。運營費用佔總收入的百分比比上一年有所下降，反映了我們高效的費用管理。

Non-GAAP operating loss in the fourth quarter was $6.1 million compared to an operating loss of $6 million in Q4 of the prior year. GAAP net loss for Q4 was $13.4 million or a loss of $0.57 per basic share compared with a GAAP net loss of $35.4 million or $1.76 per basic share in Q4 of 2019.

第四季度的非美國通用會計準則營業虧損為 610 萬美元，而去年第四季度的營業虧損為 600 萬美元。第四季度的 GAAP 淨虧損為 1340 萬美元或每股基本股虧損 0.57 美元，而 2019 年第四季度的 GAAP 淨虧損為 3540 萬美元或每股基本股虧損 1.76 美元。

On a non-GAAP basis, net loss for Q4 was $4.8 million or a loss of $0.20 per basic share, which was at the high end of our guidance range of a loss of $4.5 million to $5.8 million or a loss of $0.19 to $0.25 per basic share and compares to a net loss of $3.6 million or a loss of $0.18 per basic share in Q4 of the prior year. The basic shares outstanding used for computing the net loss in Q4 were 23.6 million.

在非 GAAP 基礎上，第四季度淨虧損為 480 萬美元或每股基本股虧損 0.20 美元，處於我們指導範圍的高端，即虧損 450 萬至 580 萬美元或每股虧損 0.19 至 0.25 美元基本股，而去年第四季度淨虧損 360 萬美元或每股基本股虧損 0.18 美元。用於計算第四季度淨虧損的已發行基本股為 2360 萬股。

Turning now to the balance sheet. We ended the fourth quarter with $50.1 million in total cash, cash equivalents, short-term investments and restricted cash. This compares with $58.1 million at the end of the third quarter and reflects $14.1 million in cash used for operations. As of December 31, we had $110.4 million in inventory compared to $111.4 million in Q3. This inventory level is higher than normal due to continuing uncertainty around COVID-19 and concerns leading up to the Lunar New Year in China.

現在轉向資產負債表。第四季度結束時，我們的現金、現金等價物、短期投資和受限現金總額為 5010 萬美元。相比之下，第三季度末為 5810 萬美元，反映出用於運營的現金為 1410 萬美元。截至 12 月 31 日，我們的庫存為 1.104 億美元，而第三季度為 1.114 億美元。由於圍繞 COVID-19 的持續不確定性以及導致中國農曆新年的擔憂，這一庫存水平高於正常水平。

We made a total of $2.5 million in capital investments in the quarter, including $1.6 million in production equipment and machinery and $0.1 million on construction and building improvements. The construction on our new China facility is largely complete with all heavy construction done. Total 2020 CapEx was approximately $12.5 million, which is considerably below our prior expectations and reflects the slowdown in our business during Q4. We are still in the process of evaluating our CapEx plans for 2021, and we expect to share our numbers when they are available.

本季度我們的資本投資總額為 250 萬美元，其中 160 萬美元用於生產設備和機械，10 萬美元用於建築和建築改造。我們在中國的新工廠的建設已基本完成，所有的重型建設工作都已完成。 2020 年資本支出總額約為 1250 萬美元，大大低於我們之前的預期，反映出我們在第四季度的業務放緩。我們仍在評估 2021 年的資本支出計劃，我們希望在可用時分享我們的數字。

I would also like to provide a quick update on the at-the-market offering we announced in February of last year. To date, we have raised $55 million in gross proceeds under this program, including $17 million raised in Q4. As we have stated previously, 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.

我還想簡要介紹一下我們在去年 2 月宣布的上市產品。迄今為止，我們已根據該計劃籌集了 5500 萬美元的總收益，其中包括第四季度籌集的 1700 萬美元。正如我們之前所說，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。

Before moving to our outlook, I would like to provide an update on our operations in Texas following the historic winter storm that occurred last week. I can report that our facilities did not suffer any meaningful damage as a result of the storm. Due to process control issues related to the extremely cold temperatures and the inability to obtain regular deliveries of chemicals, including liquid nitrogen, we were unable to run operations as normal last week. In addition, many of our employees suffered damage to their homes and were, therefore, unavailable for work during all or parts of last week. We expect to incur some additional costs as we work to increase production over the next few weeks to ensure that we meet our customer commitments to the extent possible. Currently, we expect these costs to total between $0.5 million and $1 million, and these expectations are included in our guidance.

在談到我們的展望之前，我想介紹一下我們在上週發生的歷史性冬季風暴之後在德克薩斯州的業務的最新情況。我可以報告說，我們的設施沒有因風暴而遭受任何重大損失。由於與極冷溫度相關的過程控制問題以及無法定期交付包括液氮在內的化學品，我們上周無法正常運營。此外，我們許多員工的房屋遭到破壞，因此在上週的全部或部分時間無法上班。在接下來的幾週內，我們將努力增加產量，以確保我們盡可能滿足客戶的承諾，因此我們預計會產生一些額外成本。目前，我們預計這些成本總額在 50 萬美元到 100 萬美元之間，這些預期包含在我們的指導中。

Moving now to our Q1 outlook. We expect Q1 revenue to be between $47 million and $51 million and non-GAAP gross margin to be in the range of 23.5% to 25%. Non-GAAP net loss is expected to be in the range of $7.3 million to $9 million and non-GAAP loss per basic share between $0.23 and $0.28 using a weighted average basic share count of approximately 26 million shares.

現在轉到我們的第一季度展望。我們預計第一季度收入在 4700 萬美元至 5100 萬美元之間，非 GAAP 毛利率在 23.5% 至 25% 之間。使用約 2600 萬股的加權平均基本股數，預計非 GAAP 淨虧損在 730 萬美元至 900 萬美元之間，非 GAAP 每股基本股虧損在 0.23 美元至 0.28 美元之間。

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) Our first question is from Simon Leopold from Raymond James.

（操作員說明）我們的第一個問題來自 Raymond James 的 Simon Leopold。

Sorry about that. Yes, I was muted. You think I'd know by now. So hopefully, the folks in Texas are thawing out and recovering from last week. Saw that on the news. Sorry to hear about that.

對於那個很抱歉。是的，我被靜音了。你以為我現在就知道了。所以希望得克薩斯州的人們從上週開始解凍和恢復。在新聞上看到的。很遺憾聽到這個消息。

What I wanted to ask first about was specifically the new cable customer. So I'm intrigued by this. I want to get a better understanding of when you talk about a new customer, is this a U.S. operator that is new to AOI? Or is this a new customer from outside the U.S.? And what's the nature of the deployment? Is it a DAA or some other application?

我首先想問的是新有線電視客戶。所以我對此很感興趣。我想更好地了解當你談到一個新客戶時，這是一個新接觸 AOI 的美國運營商嗎？或者這是來自美國以外的新客戶？部署的性質是什麼？它是 DAA 還是其他應用程序？

Sure, Simon. First of all, thank you for your comments regarding all of us down here in Texas. It's thawing out nicely. We had a little bit of a rough week last week, but it's back to normal now. So I appreciate your kind words on that.

當然，西蒙。首先，感謝您對我們德克薩斯州所有人的評論。它正在很好地解凍。上週我們度過了一個艱難的一周，但現在已經恢復正常。所以我很感激你的客氣話。

With respect to the cable TV customer, it's not a brand-new customer. They've been with us for roughly a year. It is a U.S.-based company. They're a manufacturer or reseller of cable TV equipment. And they are supplying primarily U.S. -- well, almost entirely U.S. and -- well, let's just say, North American MSOs with gear for upgrade projects. The specific products that we're selling to them right now are useful in both DAA and traditional applications, and I think that probably the deployments that are going on there are a combination of both of those types of technologies.

對於有線電視客戶來說，它不是一個全新的客戶。他們已經和我們在一起大約一年了。這是一家美國公司。他們是有線電視設備的製造商或經銷商。他們主要供應美國 - 好吧，幾乎完全是美國 - 好吧，我們只是說，北美 MSOs 提供升級項目的設備。我們現在賣給他們的特定產品在 DAA 和傳統應用程序中都很有用，我認為正在進行的部署可能是這兩種技術的組合。

And I guess I'd like to get an understanding of how you're thinking about the broader trend in your cable TV market in that -- I recall speaking about this a couple of quarters ago, at which point you thought that maybe in the construction season, spring to summer, 3Q '21, you'd be getting back to kind of mid-teens revenue. I want to recheck where you're thinking today about the cadence of your cable business through '21.

我想我想了解一下你是如何看待有線電視市場的更廣泛趨勢的——我記得幾個季度前談到過這個問題，當時你認為也許在施工季節，從春季到夏季，21 年第三季度，您將恢復到十幾歲左右的收入。我想重新檢查您今天對 21 世紀有線電視業務節奏的看法。

I think we probably can be significantly higher than that level later on in the year. We're sitting right now on the strongest backlog of cable TV products, I think, we've ever had. And as I noted in our prepared remarks, this was the best -- the fourth quarter was the best quarter in cable that we've had in several years. So where we're standing right now, I think I see pretty strong performance in the cable segment through -- certainly through Q3 and probably through the end of the year.

我認為我們可能會在今年晚些時候顯著高於該水平。我認為，我們現在正處於有線電視產品積壓最旺盛的時期。正如我在準備好的評論中指出的那樣，這是最好的——第四季度是我們幾年來最好的有線電視季度。因此，我們現在所處的位置，我認為我認為有線電視領域的表現相當強勁——當然是通過第三季度，可能到今年年底。

And then maybe just one last one for me, if I may, is on your datacenter business, particularly the hyperscalers, I appreciate that quarterly visibility can be a little bit difficult. But what sort of linearity or expectations do you have for the full year? And part of my question goes back to the capital spending forecast look like high teens to maybe 20% spending growth by the group as a whole. I just want to understand if that's a good indicator for the kind of growth rate we should think of for your business in that vertical.

然後也許對我來說最後一個，如果可以的話，是關於你的數據中心業務，特別是超大規模，我明白季度可見性可能有點困難。但是你對全年有什麼樣的線性或期望？我的部分問題可以追溯到資本支出預測，整個集團的支出增長可能達到 20%。我只是想了解這是否是我們應該為您在該垂直領域的業務考慮的那種增長率的良好指標。

I think it's difficult to draw a direct line between capital expenditures on the part of the hyperscale operators and our revenue. I mean, if you've looked at our revenue in that segment over the years, there's probably some high-level correlation. It's sort of a macro correlation, but it's very difficult, certainly, to draw any conclusion on a quarter-by-quarter or even annual basis really from those CapEx numbers.

我認為很難在超大規模運營商的資本支出與我們的收入之間劃清界限。我的意思是，如果你多年來看過我們在該細分市場的收入，可能會有一些高水平的相關性。這是一種宏觀相關性，但確實很難從這些資本支出數據中逐季度甚至逐年得出任何結論。

For us, in particular, I think a lot depends on the trajectory of 400-gig. As we mentioned, we do see 400-gig contributing revenue in the second half of the year. And depending on exactly how soon and how fast that comes on and the trajectory of 100-gig as that occurs, that will kind of dictate our results in the year. So I can't give you firm guidance for the year on that, but I don't think it's reasonable to draw correlation directly from the overall CapEx in the market.

特別是對於我們來說，我認為很大程度上取決於 400-gig 的發展軌跡。正如我們所提到的，我們確實看到下半年貢獻了 400 兆美元的收入。並且具體取決於發生的時間和速度以及 100-gig 發生的軌跡，這將在某種程度上決定我們今年的結果。所以我不能就此給你今年的堅定指導，但我認為直接從市場的整體資本支出中得出相關性是不合理的。

The next question is from Paul Silverstein from Cowen.

下一個問題來自 Cowen 的 Paul Silverstein。

I trust from your response to the last question that your visibility in terms of what has been communicated to you by your various status and your customers that it's relatively limited at this point. Or is that not the case? Let me ask a question more openly -- in a more open way. What has been the communication from those customers have been?

從你對最後一個問題的回答來看，我相信你在通過各種身份和客戶向你傳達的信息方面的可見性目前相對有限。或者事實並非如此？讓我更公開地問一個問題——以更開放的方式。這些客戶的溝通是什麼？

Well, okay, so there's -- I guess there's 2 issues that we've been communicating significantly with our customers regarding -- one is the sort of near-term trajectory of the inventory drawdown to the extent that those customers have that situation. I would emphasize, it's not all of our datacenter customers that had too much inventory. It's limited to a couple of them. But with those customers, we've certainly had ongoing discussions about their inventory. And relative to that, I would say our expectations continue to be in line with what we said on our last earnings call and in our prepared remarks today, which is that we see that inventory correction persisting through Q1 and then resolving itself in Q2. So that's one area of discussion, and I think that's largely unchanged from our previous expectations.

好吧，好吧，所以有——我想我們一直在與客戶就兩個問題進行大量溝通——一個是庫存縮減的近期軌跡，在這些客戶有這種情況的情況下。我要強調的是，並不是我們所有的數據中心客戶都有太多庫存。它僅限於其中幾個。但是對於這些客戶，我們當然一直在討論他們的庫存。相對於此，我想說我們的預期繼續與我們在上次財報電話會議和今天準備好的評論中所說的一致，即我們看到庫存調整持續到第一季度，然後在第二季度自行解決。所以這是討論的一個領域，我認為這與我們之前的預期基本沒有變化。

The second area where we've had some significant discussion with these customers or all of our datacenter customers really is around their 400-gig or, I should say, maybe 200-gig and 400-gig plans. And I think those discussions, particularly with the customers who are implementing 400-gig, continue to progress well. As we noted in our prepared remarks, we continue to see more active cadence of discussions. Questions now are moving -- in many cases, are moving less from -- into sort of technical -- detailed technical specifications and topics like that into questions about capacity ramp-up, time frame for availability, things like that, that would be, in my mind, more indicative of a hardening of their plans to deploy in the second half of the year. And so those discussions, I think, have been quite positive as well.

我們與這些客戶或我們所有的數據中心客戶進行了一些重要討論的第二個領域實際上是圍繞他們的 400-gig，或者我應該說，可能是 200-gig 和 400-gig 計劃。我認為這些討論，尤其是與實施 400 兆字節的客戶的討論，將繼續順利進行。正如我們在準備好的評論中指出的那樣，我們繼續看到更活躍的討論節奏。現在的問題正在——在許多情況下，越來越少地從——變成某種技術——詳細的技術規範和諸如此類的話題，變成關於容量提升、可用性時間框架等問題，那將是，在我看來，這更表明他們在今年下半年部署的計劃有所加強。因此，我認為這些討論也非常積極。

I assume it's -- well, I assume because of that thing, it's way too early to think about what pricing will look like.

我認為它是 - 好吧，我認為因為那件事，現在考慮定價會是什麼樣子還為時過早。

Yes. I mean, I can't give you any firm guidance on that. I mean, it's certainly a topic of discussion as well with the customers. Yes, I don't have an indication on where that will play out at this point. It's too early to say.

是的。我的意思是，我不能給你任何明確的指導。我的意思是，這當然也是與客戶討論的話題。是的，我目前還沒有跡象表明這將在何處發揮作用。現在說還為時過早。

(Operator Instructions) The next question is from Samik Chatterjee from JPMorgan.

（操作員說明）下一個問題來自摩根大通的 Samik Chatterjee。

If I can just start off on the 400-gig wins, and you mentioned in the press release that you're seeing customer interest. I'm just wondering, what are your expectations in terms of timing of deployment because I'm just thinking if deployments are in the second half as most of the industry is telegraphing at this point? Shouldn't we expect to see more activation wins on 400-gig? I think, as far as I remember, you've announced 1 win at this point. So just help me think about what the pace of design wins should look like if we are expecting deployment in the second half or is that not really the case in terms of deployment timing right now.

如果我能從 400 場演出開始，你在新聞稿中提到你看到了客戶的興趣。我只是想知道，您對部署時間有何期望，因為我只是在考慮部署是否在下半年，因為此時大多數行業都在發出電報？我們難道不應該期望在 400-gig 上看到更多的激活勝利嗎？我想，據我所知，此時你已經宣布了 1 場胜利。因此，如果我們期望在下半年進行部署，或者就目前的部署時間而言，情況並非如此，請幫助我考慮一下設計獲勝的速度應該是什麼樣的。

I wouldn't say it's late to hear on those wins at this point. We are having discussions with customers about our capacity ramp-up plans in the second half of the year. And so I don't think they're feeling pressure right now that if they don't announce a win or something like that, that we're not going to be ready to go. They know our plans. So I would say that we -- in order to meet the plans that customers are indicating to us now, I would expect that we would have to have design wins by -- certainly by the end of Q2 or very early in Q3. But it -- now it's not alarming that we don't have more wins at this point, in my mind.

我不會說現在聽到這些勝利已經晚了。我們正在與客戶討論下半年的產能提升計劃。所以我認為他們現在不會感到壓力，如果他們不宣布勝利或類似的事情，我們就不會準備好出發。他們知道我們的計劃。所以我想說我們——為了滿足客戶現在向我們指示的計劃，我希望我們必須在第二季度末或第三季度初取得設計勝利。但它——在我看來，現在我們在這一點上沒有更多的勝利並不令人擔憂。

Okay. And then just a quick follow-up. I think you mentioned on the slowdown that you've seen related to China telecom, you're starting to see that move up sequentially in 1Q. Just wondering, is that more -- are you hearing anything that's more driven by the supply chain having worked through the restrictions on Huawei? Or is it that the supply chain that's being routed through other customers and you're having to customize the product for other customers to then deploy it in the network?

好的。然後只是快速跟進。我想你提到過與中國電信相關的放緩，你開始看到它在第一季度連續上升。只是想知道，是不是更多——你有沒有聽到任何更受供應鏈驅動的事情已經通過對華為的限制？或者是通過其他客戶路由的供應鏈，您必須為其他客戶定制產品，然後將其部署到網絡中？

Yes. That's a really good question. I want to use that opportunity to try to make sure that we're crystal clear on what we're trying to say regarding Huawei. It is not our intention to try to say that Huawei's ban necessarily caused any disruption to our customers' ability to deploy their networks. What we are saying is that there was significant uncertainty because of the speed and the unexpected nature of the Huawei ban that our customers had to take a pause in their deployment plans to reassess whether those plans were still able to be achieved, either with Huawei or with an alternative source. So it wasn't so much that we -- that the customers had to necessarily scramble to find alternative sources. It was simply that they had to take a timeout, if you will, to figure out and make sure that whatever they -- whatever plans they had didn't need to be changed in light of the Huawei ban.

是的。這真是個好問題。我想利用這個機會來確保我們清楚地了解我們要對華為說的話。我們無意說華為的禁令必然對我們客戶部署網絡的能力造成任何干擾。我們所說的是，由於華為禁令的速度和意外性質，存在很大的不確定性，我們的客戶不得不暫停他們的部署計劃，以重新評估這些計劃是否仍然能夠實現，無論是與華為還是與替代來源。因此，我們並沒有那麼多 - 客戶必須爭先恐後地尋找替代來源。只是他們不得不暫停，如果你願意的話，弄清楚並確保無論他們 - 無論他們有什麼計劃都不需要根據華為禁令而改變。

So that being said, what we have seen, as you indicated and as we indicated in our prepared remarks, is that some of our customers have begun to recover in the sense that we're seeing increased order flow related to 5G in China. And the customers that haven't yet begun to place orders are talking to us about placing orders, so we're feeling fairly comfortable now that we will see some recovery in Q1 and then probably more activity in Q2, Q3 and probably towards the end of the year.

話雖這麼說，正如您所指出的以及我們在準備好的發言中所指出的那樣，我們的一些客戶已經開始恢復，因為我們看到與中國 5G 相關的訂單流量有所增加。還沒有開始下訂單的客戶正在與我們討論下訂單的問題，所以我們現在感覺相當舒服，因為我們將在第一季度看到一些復甦，然後可能在第二季度、第三季度以及可能接近尾聲時有更多活動的一年。

Now what we're hearing from our sources in China is that we still expect a pretty sizable increase in the number of towers and, therefore, the amount of optics that's used in those 5G networks in 2021 compared to 2020. We expect the number of towers deployed to be anywhere from 60% to 80% higher than what we saw in 2020, and that would indicate a similar increase in the number of optics that are deployed. So we're pretty bullish on China 5G in the year, albeit getting off to somewhat of a slow start, but certainly better than what we saw in Q4.

現在，我們從中國的消息來源了解到，與 2020 年相比，我們仍然預計 2021 年塔的數量會大幅增加，因此，這些 5G 網絡中使用的光纖數量也會有相當大的增長。我們預計部署的塔比我們在 2020 年看到的高 60% 到 80%，這表明部署的光學器件數量也有類似的增長。因此，我們非常看好今年的中國 5G，儘管起步有點慢，但肯定比我們在第四季度看到的要好。

The next question is from Ryan Koontz from Rosenblatt Securities.

下一個問題來自 Rosenblatt Securities 的 Ryan Koontz。

Quick question on your strength in the cable TV segment there. Cable CapEx not really doing a whole lot, but you guys doing well. Do you attribute that more to share gains in the optical node designs? Or do you attribute it more to a mix change of spending by the MSOs on more node splitting? Any thoughts there?

快速詢問您在有線電視領域的實力。 Cable CapEx 並沒有真正做很多事情，但你們做得很好。您是否認為這更多是為了分享光節點設計中的收益？還是您更多地將其歸因於 MSO 在更多節點拆分上的支出混合變化？有什麼想法嗎？

Yes. I think it's both. We've been spending a lot of time and effort developing a new line of cable TV products, including some amplifier products and other node, subassemblies and things like that related to these rollouts. So we've expected for some time that these rollouts would start to occur, and we've engineered our products accordingly. So I do believe that we're picking up market share from what we had, let's say, in the previous deployments that it happened several years ago. But I also believe that the MSOs -- the observation that I have -- and AOI has been in the cable TV business now for nearly 20 years, 18, 19 years. And the observation that I have is the cable CapEx generally doesn't change that much, but the areas where the cable MSOs spend their CapEx can change dramatically. So I think right now we're seeing a shift from spending in sort of central office and maybe certain CPE-type applications to investing in the network. So I think it's a combination of both and the related, right? We develop products because we felt that the MSOs, based on their feedback, were going to shift their spending and start building on the outside plant again. And indeed, that's what we've seen happen. So it's a combination of share gains and shift in spend.

是的。我認為兩者都是。我們一直在花費大量時間和精力開發新的有線電視產品線，包括一些放大器產品和其他節點、子組件以及與這些部署相關的類似產品。因此，我們預計這些推出會開始出現一段時間，並且我們已經相應地設計了我們的產品。因此，我確實相信我們正在從幾年前發生的先前部署中獲得市場份額。但我也相信，MSO——我的觀察——和 AOI 已經在有線電視行業經營了將近 20 年、18 年、19 年。我的觀察是，有線電視資本支出通常不會發生太大變化，但有線電視 MSO 花費其資本支出的領域可能會發生巨大變化。所以我認為現在我們正在看到從某種中心辦公室和某些 CPE 類型應用程序的支出轉向網絡投資。所以我認為這是兩者的結合和相關的，對吧？我們開發產品是因為我們認為 MSO 根據他們的反饋將改變他們的支出並重新開始在外部工廠建設。事實上，這就是我們所看到的。因此，這是股票收益和支出轉移的結合。

Yes. Do you think some of what your differentiation is around expanding the addressable spectrum in the plant and looking for more upstream capacity? I mean, I imagine there's some kind of design changes and requirements you have to meet.

是的。您是否認為您的一些差異化在於擴大工廠的可尋址範圍和尋找更多的上游容量？我的意思是，我想您必須滿足某種設計更改和要求。

Yes. No, absolutely. I mean the deployments that we're aware of and the equipment that our customers are purchasing for those deployments are squarely aimed at increasing the amount of bandwidth and, as you indicated, specifically the amount of bandwidth in the return path direction. That's an absolute requirement for most of these deployments.

是的。不，絕對。我的意思是我們知道的部署以及我們的客戶為這些部署購買的設備直接旨在增加帶寬量，正如您所指出的，特別是返迴路徑方向的帶寬量。這是大多數此類部署的絕對要求。

(Operator Instructions) The next question is from Tim Savageaux from Northland.

（操作員說明）下一個問題來自 Northland 的 Tim Savageaux。

First question for me is on the kind of overall topic of diversifying customer base, and you mentioned your new 10% customer in cable TV. You've also apparently got some new 8% customers, I think thanks to some very helpful and transparent disclosure in your filing. On the datacenter side, I wonder if we might get some similar commentary, and I thought that was great color you gave on the cable TV customer. I assume one of your datacenter operators is just another cloud titan whose name we haven't discussed yet, but what -- on the network equipment supplier, I'd be interested if you had any color on the application there, whether that's kind of a client interface for router-type application or a switch guy heading into the datacenter? Or any color you might be able to add on those new pretty significant customers?

我的第一個問題是關於客戶群多樣化的總體主題，您提到了有線電視中 10% 的新客戶。你顯然也有一些新的 8% 客戶，我想這要歸功於你在文件中的一些非常有用和透明的披露。在數據中心方面，我想知道我們是否會得到一些類似的評論，我認為你對有線電視客戶的評價很好。我假設你們的一個數據中心運營商只是另一個雲巨頭，我們還沒有討論過它的名字，但是關於網絡設備供應商，我很想知道你們是否對那裡的應用程序有任何顏色，無論是那種路由器類型應用程序的客戶端界面或進入數據中心的交換機人員？或者您可以為那些非常重要的新客戶添加任何顏色？

Yes. It's a switch vendor who's selling largely into datacenter. So some hyperscale, a lot of Tier 2 and some enterprise.

是的。這是一家主要向數據中心銷售產品的交換機供應商。所以一些超大規模，很多第 2 層和一些企業。

Okay. On the OEM side. And then in terms of the direct datacenter operator, any color there? Or should we assume it's one of the bigger guys that have not been discussed in the past?

好的。在 OEM 方面。然後就直接數據中心運營商而言，有什麼顏色嗎？或者我們應該假設它是過去沒有討論過的更大的傢伙之一？

It's a fairly large datacenter operator U.S.-based.

這是一個相當大的美國數據中心運營商。

Got it. And congrats on that diversification. With regard to the potential recovery in the datacom business, I think you mentioned a couple of separate issues around 100-gig inventory. And I think it's notable that your 40-gig business has gotten so small, but -- and then the potential uptake on inventory situation there and the potential uptake of 200- or 400-gig, is there a potential relationship there, number one, I guess, between inventory digestion at 100 in preparation for a ramp of 200 and 400? And as you look at your Q1 guide in particular, that's sort of flattish to slightly down. It seems like telecom should be up. It seems like cable could be as well. So are you expecting that datacenter business to decline slightly and bottom out in Q1 and then recover as a result of perhaps both of those factors, 100-gig recovery and initial 200 or 400?

知道了。並祝賀這種多元化。關於數據通信業務的潛在復蘇，我想你提到了圍繞 100 兆庫存的幾個獨立問題。而且我認為值得注意的是，您的 40 兆業務已經變得如此之小，但是 - 然後那裡的庫存情況的潛在吸收以及 200 或 400 兆的潛在吸收，是否存在潛在關係，第一，我想，在 100 庫存消化以準備增加 200 和 400 之間？特別是當你看你的第一季度指南時，它有點平淡到略有下降。看來電信應該起來了。似乎電纜也可以。那麼，您是否預計數據中心業務會在第一季度略有下降並觸底反彈，然後可能由於這兩個因素（100 兆恢復和最初的 200 或 400）而恢復？

Yes. I think your characterization in terms of datacenter spend sort of bottoming out in Q1 is probably accurate. I would caution, Q1 -- when it comes to cable TV, in Q1, just keep in mind that our cable TV production is largely done in our China factory, so we do have the Lunar New Year holiday, and so our capability in terms of just broad number of days to produce products in the cable TV segment is limited in Q1 compared to other segments.

是的。我認為您對數據中心支出的描述在第一季度觸底反彈可能是準確的。我要提醒的是，第一季度——關於有線電視，在第一季度，請記住我們的有線電視生產主要是在我們的中國工廠完成的，所以我們確實有農曆新年假期，所以我們的能力在與其他領域相比，第一季度有線電視領域生產產品的天數有限。

Now we have pretty strong demand. I mentioned earlier about the backlog. So -- and also this year, in China, relative to other years, we have a lot more of our employees stay -- either stay in the factory or at least nearby as opposed to returning to their homes. Largely, that's due to COVID and the Chinese government's discouragement of traveling long distances for fear of spreading the disease. So I think that we're on track to have a somewhat better result relative to Chinese New Year than we have in years past. But nevertheless, we do have at least a week where we can't produce products in China, and that product is largely -- and that's where most of these cable TV products are manufactured.

現在我們有相當強勁的需求。我之前提到過積壓。所以——也是今年，在中國，相對於往年，我們有更多的員工留下來——要么留在工廠裡，要么至少在附近，而不是回到家裡。這在很大程度上是由於 COVID 和中國政府因擔心傳播疾病而不鼓勵長途旅行。因此，我認為與過去幾年相比，我們有望在農曆新年取得更好的成績。但是，儘管如此，我們確實至少有一周時間無法在中國生產產品，而且該產品主要是——那裡是大多數有線電視產品的製造地。

So when you talk about cable TV likely to be up, the demand is certainly there. But again, our ability to deliver there is somewhat constrained in Q1. But we do expect, like I said, both in our prepared remarks and really in our last earnings call as well, that the 400-gig contribution will begin to ramp in the second half of the year. And I think that will certainly -- if we're successful in getting those wins and we start to see that ramp, then that will certainly contribute to revenue.

所以當你談到有線電視可能會出現時，需求肯定是存在的。但同樣，我們在第一季度的交付能力受到一定程度的限制。但正如我所說，我們確實預計，無論是在我們準備好的評論中，還是在我們上次的財報電話會議上，400 兆的貢獻將在今年下半年開始增加。而且我認為這肯定會 - 如果我們成功獲得這些勝利並且我們開始看到這種增長，那麼這肯定會為收入做出貢獻。

I don't believe that, that has anything to do right now with the slowdown in 100-gig. I believe that the slowdown in 100-gig is related more to -- I mean, we saw a very large volume of purchases of 100-gig in the middle part of last year because of COVID -- well, I mean, it was because of the shift to -- it was a combination of the shift to working from home, driving demand and fears that our customers had, whether those fears were well placed or not, that there would be supply chain disruption -- significant supply chain disruptions because of COVID. I think the working-from-home trend certainly played out. There was a lot of demand that was caused by that working from home, but I don't believe that our customers saw the magnitude of supply chain disruptions that they were fearful of. And therefore, by the end of the year, the inventory levels that they'd accumulated were not -- no longer necessary to support what they thought could be a tough patch in terms of their supply chain.

我不相信，這與 100-gig 的放緩有任何關係。我認為 100-gig 的放緩更多地與——我的意思是，由於 COVID，我們在去年年中看到了大量的 100-gig 購買量——好吧，我的意思是，這是因為轉變為 - 這是轉變為在家工作，推動需求和我們客戶擔心的結合，無論這些擔心是否正確，都會出現供應鏈中斷 - 嚴重的供應鏈中斷，因為新冠肺炎。我認為在家工作的趨勢肯定已經結束。在家工作引起了很多需求，但我不相信我們的客戶看到了他們擔心的供應鏈中斷的嚴重程度。因此，到今年年底，他們積累的庫存水平不再——不再需要支持他們認為在供應鏈方面可能會遇到困難的補丁。

So I think that's really why we saw a slowdown in Q4 and Q1 in datacenter. I think it will get a little better in Q2. And then 400-gig, hopefully, will drive a lot of our performance in the second half of the year in that segment.

所以我認為這就是我們看到數據中心第四季度和第一季度放緩的真正原因。我認為它會在第二季度變得更好。然後 400-gig，希望能在今年下半年推動我們在該領域的大量表現。

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

我們的問答環節到此結束。我想將會議轉回給 Thompson Lin 博士作閉幕詞。

Good afternoon. Thank you for joining us today. As always, thank you to our investors, customers and employees for your continued support, and we look forward to virtually see many of you at our upcoming investment conference.

下午好。感謝您今天加入我們。一如既往，感謝我們的投資者、客戶和員工一直以來的支持，我們期待在即將舉行的投資會議上與你們中的許多人見面。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。