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.

大家好，歡迎參加應用光電公司 2020 年第四季和全年財報電話會議。 （操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給 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。我是應用光電子公司投資者關係部 Lindsay Savarese，很高興歡迎您參加 AOI 2020 年第四季和全年財務績效電話會議。

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.

在今天市場收盤後，AOI 發布了一份新聞稿，宣布了其 2020 年第四季度和全年財務業績，並提供了 2021 年第一季的展望。本次通話正在錄音並透過網路直播。您可在 AOI 網站的投資者關係部分找到該錄音的鏈接，該鏈接將存檔 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.

參加今天電話會議的有 AOI 創辦人、董事長兼執行長 Thompson Lin 博士；以及 AOI 財務長兼首席策略長 Stefan Murry 博士。湯普森將概述 AOI 第四季的業績，史蒂芬將提供財務細節和 2021 年第一季的展望。

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，我想提醒您查看 AOI 的安全港聲明。在今天的電話會議上，管理階層將發表前瞻性聲明。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這些前瞻性陳述中的預期有重大差異。在某些情況下，您可以透過相信、預期、估計、打算、預測、預期、計劃、可能、應該、可以、會、將會或認為等術語以及其他傳達對未來事件或結果的不確定性的類似表達來識別前瞻性陳述。

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在新市場範圍擴張以及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 年第一季前景的陳述。有關可能影響公司業務的其他風險的更多信息，請參閱公司向美國證券交易委員會提交的報告的“風險因素”部分，包括公司截至 2019 年 12 月 31 日的 10-K 表年度報告。

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，除了收入之外，今天討論的所有財務數據均基於非 GAAP，除非另有特別說明。非公認會計準則財務指標並非旨在單獨考慮或取代根據公認會計準則編制的結果。我們的 GAAP 和非 GAAP 指標之間的對帳以及我們為何採用非 GAAP 財務指標的討論均包含在我們網站上的收益新聞稿中。

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.

在介紹財務結果之前，我想宣布 AOI 管理層將於 3 月 1 日以虛擬方式參加雷蒙詹姆斯機構投資者會議。我們希望有機會與你們中的許多人進行虛擬互動。此外，我想指出的是，我們 2021 年第一季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?

現在我想將電話轉給 Applied Optoelectronics 的創辦人、董事長兼執行長 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.

感謝大家今天的參與。回顧2020年，我為整個AOI團隊以及我們今年的進步感到自豪。儘管今年的開局和收官都較為緩慢，且市場動態充滿挑戰且不斷變化，但我們對 2020 年實現的兩位數收入增長感到鼓舞，這得益於我們三大業務部門的增長。去年，我們總共獲得了 30 項設計勝利，與 2019 年創紀錄的 31 項持平。我們將繼續擴大我們產品的覆蓋範圍，以涵蓋多樣化的客戶群，這從我們前十大客戶的收入集中度下降可以看出。在此方面，我們很高興地報告，第四季度我們的有線電視部門新增客戶數量超過 10%。

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.

展望第四季。我們的收入符合預期，毛利率低於預期，每股收益處於指導範圍的高點。第四季總收入為 5,280 萬美元，比去年同期增長 8.5%，正如我們預期的那樣，環比增長 31.1%。正如我們在第三季電話會議上提到的那樣，我們在第三季後半段開始看到一些資料中心客戶的訂單出現放緩，而這種放緩一直延續到第四季。這種放緩與去年初因在家工作而導致的需求激增之後的庫存正常化有關。我們繼續預期資料中心領域第一季的整體情況將較為緩慢，隨後第二季及以後該領域的活動將會增加。

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.

非公認會計準則毛利率為 27.5%，低於我們預期的 28.5% 至 29.5% 範圍，原因是產品組合眾多且預期成本略高於預期。與我們本季的有線電視製作一樣，非 GAAP 淨虧損為每股 0.20 美元。與第三季類似，我們繼續看到 100G 產品的寬頻需求。 100G產品總營收較2019年第四季成長了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.

在我們的有線電視領域，由於 MSO（特別是北美的 MSO）繼續升級其網絡，整體需求環境持續強勁。我們的有線電視產品總營收年增一倍以上，季增 37%，達到 1,590 萬美元，這是該部門三年多來的最高季度收入。

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.

我們的電信產品營收為 350 萬美元，較 2019 年第四季成長 59%，但季減 51%。正如我們在第三季財報電話會議上提到的，我們的幾家中國電信客戶通知我們，由於美國對華為的禁令造成的不確定性導致中斷，他們的 5G 部署已被幾家大型網路營運商暫停，同時他們正在重新審視他們的供應鏈。我們相信這種混亂將會現場顯現，我們預計電信部門將在第一季出現復甦。

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，我們對未來的成長機會感到興奮，這得益於 CTV 和資料中心市場對更高頻寬和更大容量的持續需求以及電信市場對 5G 產品的需求增加。我們期待很快能再次見面。

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

接下來，我將把電話轉給史蒂芬，讓他回顧我們第四季的業績細節以及第一季的展望。史蒂芬？

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，我們的收入符合預期，毛利率低於預期，非公認會計準則每股收益處於指導範圍的高點。正如我們預期的那樣，雖然我們看到有線電視市場需求強勁，但我們第四季的業績受到資料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 2020 年全年市場充滿挑戰和變化，但我們仍然取得了兩位數的收入成長，這讓我們感到鼓舞，而這得益於我們三大業務部門的成長。我們對在收入來源和客戶群多樣化方面取得的進展感到非常高興。 2020 年，我們共獲得 30 項設計大獎，與 2019 年的 31 項紀錄相似。總體而言，第四季度，我們從 2 位客戶那裡獲得了 3 項新設計，兩者皆屬於我們的 CATV 領域。考慮到去年疫情帶來的困難，我對這些設計勝利的結果感到非常滿意。

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.

我們繼續將產品覆蓋範圍擴大到多樣化的客戶群，這一點從 2019 年至 2020 年我們前十大客戶的收入集中度下降中可見一斑。

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.

談談我們的季度業績。第四季總營收為 5,280 萬美元，符合我們 5,000 萬美元至 5,500 萬美元的預期範圍。營收年增8.5%，季減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，在第三季度後半段和第四季度，一些數據中心客戶的訂單有所放緩，這是由於去年年初在家辦公引發需求激增之後，庫存正常化所致。我們預計，資料中心市場面臨的阻力將持續整個第一季度，然後在第二季及以後開始改善。我們持續看到客戶對我們的 400G 產品組合的興趣日益增加，並預計這些產品將在今年下半年貢獻收入。

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%的營收來自資料中心產品，30%來自CATV產品，其餘8%來自FTTH、電信和其他。我們的資料中心營收為 3,280 萬美元，而去年同期第四季為 3,930 萬美元。第四季度，我們資料中心營收的22%來自40G收發器產品，71%來自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產品領域。由於 MSO（特別是北美的 MSO）不斷升級其網絡，整體需求環境仍然強勁。我們實現了 1,590 萬美元的收入，比上一季成長 37%，比去年同期的 680 萬美元成長 136%。本季我們的有線電視業績是自 2017 年第三季以來的最高水準。

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，較去年同期的 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 61%。第四季度，中國 5G 需求受到影響，因為在美國華為禁令帶來的不確定性造成中斷後，幾家大型網路營運商重新審視了其供應鏈。我們仍然相信，我們的電信部門將在第一季恢復連續成長。

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.

我們對客戶多元化努力所取得的進展感到滿意。總體而言，第四季度我們前十大客戶的營收佔比為 85.1%，低於去年同期的 87.5%。我們前十大客戶的收入集中度從 2019 年的 88.1% 下降到 2020 年的 81.8%。這些客戶分別貢獻了總收入的36%、14%和11%。全年而言，我們在資料中心領域擁有 2 位 10% 或以上的客戶，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.

第四季度，我們的非 GAAP 毛利率為 27.5%，去年同期為 27.6%。毛利率低於我們 28.5% 至 29.5% 的預期範圍，主要原因是產品組合不利，且由於我們在本季度加大了有線電視產量，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.

第四季非公認會計準則總營業費用為 2,060 萬美元，佔營收的 39%，而去年同期為 1,940 萬美元，佔營收的 39.9%。營業費用佔總收入的百分比較上年下降，反映了我們高效率的費用管理。

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.

第四季非公認會計準則營業虧損為 610 萬美元，而去年同期營業虧損為 600 萬美元。第四季 GAAP 淨虧損為 1,340 萬美元，即每股基本虧損 0.57 美元，而 2019 年第四季 GAAP 淨虧損為 3,540 萬美元，即每股基本虧損 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.

以非公認會計準則計算，第四季淨虧損為 480 萬美元，或每股基本虧損 0.20 美元，處於我們預期虧損範圍 450 萬美元至 580 萬美元或每股基本虧損 0.19 美元至 0.25 美元的高端，而去年同期淨虧損為 360 萬美元，或每股虧損。用於計算第四季淨虧損的基本流通股數為2,360萬股。

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.

現在來看看資產負債表。截至第四季度，我們的現金、現金等價物、短期投資和受限現金總額為 5,010 萬美元。相比之下，第三季末的現金餘額為 5,810 萬美元，反映出用於營運的現金為 1,410 萬美元。截至 12 月 31 日，我們的庫存為 1.104 億美元，而第三季為 1.114 億美元。由於圍繞新冠疫情的持續不確定性以及中國農曆新年前的擔憂，這一庫存水準高於正常水準。

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.

我們在本季共進行了 250 萬美元的資本投資，其中包括 160 萬美元的生產設備和機械投資以及 10 萬美元的建築和建築改進投資。我們在中國的新工廠的建設已基本完工，所有重型施工都已完成。 2020 年總資本支出約為 1,250 萬美元，遠低於我們先前的預期，反映了我們第四季業務的放緩。我們仍在評估 2021 年的資本支出計劃，並期望在數據可用時分享這些數據。

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.

我還想簡單介紹一下我們去年 2 月宣布的上市發行情況。迄今為止，我們已透過該計劃籌集了 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，我們打算利用這些收益繼續對業務進行投資，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，我想先介紹一下上週發生的歷史性冬季風暴之後我們在德克薩斯州的運營情況。我可以報告的是，我們的設施沒有因風暴而遭受任何重大損壞。由於與極低氣溫相關的製程控制問題以及無法定期獲得化學品（包括液態氮）供應，我們上週無法正常運作。此外，我們的許多員工的房屋遭到破壞，因此上週全天或部分時間無法工作。在接下來的幾週內，我們將努力提高產量以確保盡可能地履行對客戶的承諾，因此預計會產生一些額外費用。目前，我們預計這些成本總計在 50 萬美元至 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展望。我們預計第一季營收在 4,700 萬美元至 5,100 萬美元之間，非 GAAP 毛利率在 23.5% 至 25% 之間。以約 2,600 萬股的加權平均基本股數計算，非 GAAP 淨虧損預計在 730 萬美元至 900 萬美元之間，非 GAAP 基本每股虧損預計在 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?

說完這些，我會把話題交還給接線員，進行問答環節。操作員？

(Operator Instructions) Our first question is from Simon Leopold from Raymond James.

（操作員指示）我們的第一個問題來自雷蒙德詹姆斯 (Raymond James) 的西蒙利奧波德 (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.

很抱歉。是的，我被靜音了。你認為我現在應該知道了。所以希望德州的人們能從上週的傷痛中慢慢恢復過來。在新聞上看到這個。我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?

我首先想問的是有關新有線電視客戶的具體情況。我對此很感興趣。我想更了解，當您談到新客戶時，這是一位剛接觸 AOI 的美國營運商嗎？還是這是來自美國以外的新客戶？部署的性質是什麼？它是 DAA 還是其他應用程式？

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。正在順利解凍。上週我們過得有點艱難，但現在已經恢復正常了。所以我非常感謝你的善意評價。

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，這並不是一個全新的客戶。他們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。他們主要向美國——好吧，幾乎完全向美國——好吧，我們只能這麼說，向北美的 MSO 提供升級項目的設備。我們現在向他們銷售的特定產品在 DAA 和傳統應用中都很有用，我認為正在進行的部署可能是這兩種技術的結合。

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.

我想了解您如何看待有線電視市場的整體趨勢——我記得幾個季度前我談過這個問題，當時您認為也許在建築季節，從春季到夏季，也就是 21 年第三季度，您的收入會回到十幾歲的水平。我想重新檢查一下您今天對 21 世紀有線電視業務節奏的想法。

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.

我認為今年晚些時候我們的業績可能會大幅高於這一水平。我認為，我們現在面臨的有線電視產品積壓問題是有史以來最多的。正如我在準備好的發言中指出的那樣，這是我們幾年來有線電視業務最好的季度——第四季度。所以，就我們目前的情況來看，我認為有線電視領域的表現會相當強勁——至少會持續到第三季度，甚至可能持續到今年年底。

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，如果可以的話，也許對我來說最後一個問題是有關您的資料中心業務，特別是超大規模資料中心，我知道季度可見性可能有點困難。但是您對全年有什麼樣的線性或期望呢？我的問題部分與資本支出預測有關，整個集團的支出成長率看起來大約在 10% 到 20% 之間。我只是想了解這是否是一個很好的指標，可以衡量我們在垂直行業中您的企業應該達到的成長率。

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.

我認為很難直接區分超大規模業者的資本支出和我們的收入。我的意思是，如果你查看過我們多年來在該領域的收入，可能會發現它們之間存在某種高度的相關性。這是一種宏觀相關性，但當然，很難從這些資本支出數字中得出逐季度甚至年度的任何結論。

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.

特別是對我們來說，我認為這很大程度取決於 400-gig 的發展軌跡。正如我們所提到的，我們確實看到 400Gig 將在今年下半年貢獻收入。而這取決於它出現的時間和速度，以及 100Gig 的發展軌跡，這將決定我們今年的表現。因此，我無法就今年的情況給你明確的指導，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 公司的 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?

我相信，從您對最後一個問題的回答來看，就您的各種身分和客戶向您傳達的訊息而言，您目前的了解相對有限。或者事實並非如此？讓我以更公開、更開放的方式提出一個問題。這些客戶的溝通狀況如何？

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，我想有兩個問題我們一直在與客戶進行大量溝通，一個是短期內庫存下降的趨勢，以防客戶遇到這種情況。我想強調的是，並不是我們所有的資料中心客戶都有過多的庫存。僅限於其中幾個。但對於這些客戶，我們確實一直在討論他們的庫存。與此相關，我想說我們的預期與我們在上次收益電話會議和今天的準備好的評論中所說的一致，即我們看到庫存調整將持續整個第一季度，然後在第二季度得到解決。這是一個討論的領域，我認為這與我們之前的預期基本上沒有改變。

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.

我們與這些客戶或所有資料中心客戶進行過重要討論的第二個領域實際上是圍繞他們的 400Gig，或者我應該說，可能是 200Gig 和 400Gig 計劃。我認為這些討論，特別是與正在實施 400Gig 的客戶的討論，正在繼續順利進展。正如我們在準備好的發言中指出的那樣，我們繼續看到更活躍的討論節奏。現在的問題正在轉變——在許多情況下，已經不再是技術性的——詳細的技術規格和類似的主題，而是關於產能提升、可用時間框架等的問題，在我看來，這更能表明他們下半年部署計劃的強化。所以我認為這些討論也非常正面。

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——嗯，我認為由於這個原因，現在考慮定價還為時過早。

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，我無法就此給你任何明確的指導。我的意思是，這當然也是與顧客討論的議題。是的，我目前還不清楚事情會如何發展。現在說還太早。

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

（操作員指示）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.

如果我可以從 400Gig 的勝利開始說起，您在新聞稿中提到，您看到了客戶的興趣。我只是想知道，您對部署時間的期望是什麼，因為我在想部署是否會在下半年進行，因為目前大多數行業都在傳達這樣的訊息？我們不應該期待看到 400-Gig 上出現更多激活勝利嗎？我認為，據我記得，此時你已經宣布了 1 場勝利。所以，請幫我想想，如果我們預計在下半年進行部署，設計獲勝的速度應該是什麼樣的，或者就目前的部署時間而言，情況並非如此。

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的消息已經太晚了。我們正在與客戶討論下半年的產能提升計畫。因此，我認為他們現在並沒有感受到壓力，如果他們不宣布勝利或類似的消息，我們就不會做好準備。他們知道我們的計劃。因此我想說，為了滿足客戶現在向我們提出的計劃，我預計我們必須在第二季末或第三季初獲得設計勝利。但在我看來，現在我們沒有取得更多勝利並不令人擔憂。

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。然後只是快速的跟進。我記得您提到中國電信的成長放緩，但您開始看到其在第一季環比上升。我只是想知道，在突破對華為的限制之後，您是否聽到更多受供應鏈推動的消息？或者是供應鏈透過其他客戶進行，您必須為其他客戶客製化產品，然後將其部署到網路中？

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。這真是一個好問題。我想利用這個機會確保我們清楚地表達出我們對華為的觀點。我們的目的並不是要說華為的禁令必然會破壞我們的客戶部署網路的能力。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，重新評估這些計劃是否仍然能夠實現，無論是透過華為還是其他來源。因此，我們並不需要讓客戶費盡心機去尋找替代來源。簡單來說，他們必須暫停一下，弄清楚並確保他們的計劃不會因為華為禁令而改變。

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.

話雖如此，正如您所指出的以及我們在準備好的發言中所指出的，我們看到我們的一些客戶已經開始復蘇，因為我們看到中國 5G 相關的訂單流有所增加。尚未開始下訂單的客戶正在與我們討論下訂單，因此我們現在感到相當放心，我們將在第一季度看到一些復甦，然後可能在第二季、第三季以及可能到年底會出現更多活動。

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聽到的是，我們仍然預計 2021 年的塔數量將有相當大的增長，因此與 2020 年相比，5G 網路中使用的光器件數量也將大幅增加。因此，我們對今年中國 5G 的發展非常看好，儘管起步有些緩慢，但肯定比第四季的表現要好。

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?

簡單問一下您在有線電視領域的實力。有線電視資本支出實際上並沒有做很多事情，但你們做得很好。您是否將其更多地歸因於光學節點設計的共享收益？或者您認為這更多地歸因於 MSO 在更多節點拆分上的支出組合變化？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。我認為兩者兼而有之。我們花費了大量的時間和精力來開發新的有線電視產品線，包括一些擴大機產品和其他節點、子組件以及與這些推出相關的類似產品。因此，我們預計這些產品的推出將會開始發生，並且我們已經據此設計了我們的產品。因此，我確實相信，我們正在從幾年前的部署中獲得市場份額。但根據我的觀察，我也相信 MSO 和 AOI 已經從事有線電視業務近 20 年、18 年、19 年了。我的觀察是，有線電視的資本支出通常不會發生太大變化，但有線電視 MSO 花費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看到的支出正在從某種中央局和某些 CPE 類型的應用轉向對網路的投資。所以我認為這是兩者的結合，並且相關，對嗎？我們開發產品是因為我們認為，根據 MSO 的回饋，他們將轉移支出並開始再次建造外部工廠。事實上，這就是我們所看到發生的情況。因此，這是份額成長和支出轉變的結合。

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。您是否認為您的差異化在於擴大工廠的可尋址範圍並尋求更多的上游產能？我的意思是，我想像你必須滿足某些設計變更和要求。

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，絕對不是。我的意思是，我們所知的部署以及我們的客戶為這些部署購買的設備都是為了增加頻寬量，而且正如您所說，特別是增加返迴路徑方向的頻寬量。對於大多數此類部署來說，這是絕對的要求。

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

（操作員指示）下一個問題來自北地 (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?

對我來說，第一個問題是關於多樣化客戶群的整體主題，您提到了有線電視領域的 10% 新客戶。您顯然還獲得了一些新的 8% 客戶，我想這要歸功於您在文件中提供的一些非常有用且透明的披露。在資料中心方面，我想知道我們是否會得到一些類似的評論，我認為您為有線電視客戶提供了很好的評價。我假設您的一個數據中心運營商只是另一個我們還沒有討論過名字的雲計算巨頭，但是在網絡設備供應商方面，如果您能提供那裡的應用程序的詳細信息，我會很感興趣，無論是路由器類型應用程序的客戶端界面還是進入數據中心的交換機人員？或者您可以為這些非常重要的新客戶添加什麼顏色？

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。這是一家主要向資料中心銷售產品的交換器供應商。因此，有些是超大規模，很多是 2 級，有些是企業。

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。那麼就直接資料中心營運商而言，有什麼顏色嗎？或者我們應該假設它是過去從未討論過的大人物之一？

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

這是一家總部位於美國的相當大的資料中心營運商。

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。祝賀您實現多元化。關於數據通訊業務的潛在復甦，我認為您提到了有關 100Gb 庫存的幾個獨立問題。我認為值得注意的是，您的 40Gig 業務規模變得如此之小，但是 - 那麼那裡的庫存情況的潛在增長以及 200Gig 或 400Gig 的潛在增長，是否存在潛在的關係，首先，我猜，在 100 的庫存消化之間，為 200Gig 和 400Gig 的增長做準備？當您查看第一季指南時，您會發現該數字略有持平或略有下降。看起來電信應該上漲了。看來電纜也同樣可以如此。那麼，您是否預計資料中心業務將在第一季略有下滑並觸底，然後在這兩個因素（100G 的恢復和最初的 200 或 400）的作用下實現復甦？

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。我認為您關於資料中心支出在第一季觸底的描述可能是準確的。我要提醒的是，在第一季度，當談到有線電視時，請記住，我們的有線電視生產主要在中國工廠完成，因此我們有農曆新年假期，因此，與其他部門相比，我們在第一季度生產有線電視部門產品的天數能力有限。

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.

現在我們的需求相當強勁。我之前提到過積壓問題。因此，今年在中國，相對於其他年份，我們有更多的員工留在工廠或至少在工廠附近，而不是返回家中。這在很大程度上是由於新冠疫情以及中國政府擔心傳播疾病而阻止人們長途旅行。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表現。但儘管如此，我們確實有至少一周的時間無法在中國生產產品，而這些產品大部分是——大多數有線電視產品都是在中國製造的。

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.

因此，當您談到有線電視可能會上漲時，需求肯定存在。但第一季度，我們的交付能力再次受到了一定限制。但正如我所說的那樣，無論是在我們準備好的發言中還是在上次財報電話會議上，我們確實預計 400Gig 的貢獻將在今年下半年開始增加。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成長，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.

我不相信這與目前 100-gig 的放緩有任何關係。我認為 100Gb 的放緩更多地與以下因素有關：去年年中，由於新冠疫情，我們看到了非常大的 100Gb 購買量；這是向居家辦公轉變的綜合結果，推動了需求；而且我們的客戶擔心，不管這些擔心是否有道理，他們擔心供應供應鏈會中斷；由於新冠疫情，供應鏈會嚴重中斷。我認為在家工作的趨勢確實已經實現。在家工作帶來了很多需求，但我認為我們的客戶並沒有看到他們所擔心的供應鏈中斷的嚴重程度。因此，到年底，他們累積的庫存水準不再需要支撐他們認為可能出現的供應鏈困難時期。

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在第四季和第一季看到資料中心成長放緩的真正原因。我認為第二季情況會有所改善。然後，希望 400Gig 能夠在今年下半年大大推動我們在該領域的表現。

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。我想將會議交還給 Thompson Lin 博士，請他作最後發言。

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.

午安.感謝您今天加入我們。像往常一樣，感謝我們的投資者、客戶和員工的持續支持，我們期待在即將舉行的投資會議上見到你們。

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。您現在可以斷開連線。