祥茂光電 (AAOI) 2017 Q2 法說會逐字稿

Welcome to the Applied Optoelectronics Second Quarter 2017 Earnings Conference Call.

歡迎參加應用光電 2017 年第二季度收益電話會議。

(Operator Instructions) Please note today's event is being recorded.

（操作員說明）請注意今天的活動正在錄製中。

I would now like to turn the conference over to Maria Riley, Investor Relations for Applied Optoelectronics.

我現在想將會議轉交給應用光電子公司投資者關係部的瑪麗亞·賴利 (Maria Riley)。

Please go ahead.

請繼續。

Thank you.

謝謝。

I'm Maria Riley, Applied Optoelectronics, Investor Relations and I am pleased to welcome you to AOI's Second Quarter 2017 financial results conference call.

我是應用光電部門投資者關係部的 Maria Riley，我很高興歡迎您參加 AOI 2017 年第二季度財務業績電話會議。

After the market closed today, AOI issued a press release announcing its second quarter 2017 financial results and provided its outlook for the third quarter of 2017.

今天收盤後，AOI 發布新聞稿，公佈了 2017 年第二季度財務業績，並提供了 2017 年第三季度的展望。

The release is also available on the company's website at ao-inc.com.

該版本還可在該公司網站 ao-inc.com 上獲取。

This call is being recorded and webcast live.

此次通話正在錄音並進行網絡直播。

A link to that recording can be found on Investor Relations page of the AOI website and will be archived for one year.

該錄音的鏈接可以在 AOI 網站的投資者關係頁面上找到，並將存檔一年。

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.

參加今天電話會議的還有 AOI 創始人、董事長兼首席執行官 Thompson Lin 博士；以及 AOI 首席財務官兼首席戰略官 Stefan Murry 博士。

Thompson will give an overview of AOI's Q2 results and Stefan will provide financial details and the outlook for the third quarter.

Thompson 將概述 AOI 第二季度業績，Stefan 將提供財務細節和第三季度前景。

A question-and-answer session will follow our prepared remarks.

在我們準備好的發言之後將舉行問答環節。

Before we begin, I would like to remind you to review AOI's safe harbor statement.

在我們開始之前，我想提醒您查看 AOI 的安全港聲明。

On today's call, management will make forward-looking statements.

在今天的電話會議上，管理層將發表前瞻性聲明。

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.

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的預期存在重大差異。

You can identify forward-looking statements by terminology such as may, will, should, expects, plans, anticipates, believes or estimates and by other similar expressions.

您可以通過“可能”、“將”、“應該”、“期望”、“計劃”、“預計”、“相信”或“估計”等術語以及其他類似表達來識別前瞻性陳述。

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.

除法律要求外，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.

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 SEC 歸檔的報告的風險因素部分。

Also, with the exception of revenue, all financial numbers discussed today are on a non-GAAP basis unless specifically noted otherwise.

此外，除收入外，今天討論的所有財務數據均基於非公認會計原則（Non-GAAP），除非另有特別說明。

Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP.

非公認會計原則財務指標不應被孤立考慮，也不能替代根據公認會計原則編制的結果。

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.

我們的 GAAP 和非 GAAP 指標之間的調節以及我們為何提出非 GAAP 財務指標的討論都包含在我們網站上的收益新聞稿中。

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

現在，我想把電話轉給應用光電創始人、董事長兼首席執行官林湯普博士。

Thompson?

湯普森？

Thank you, Maria.

謝謝你，瑪麗亞。

Thank you for joining us today.

感謝您今天加入我們。

The second quarter was another great quarter for AOI.

第二季度對 AOI 來說又是一個偉大的季度。

Our results were driven by strong demand for our datacenter products and continued improvement in our manufacturing costs and capacity expansion, which lead to another quarter of record revenue and record gross margin.

我們的業績得益於對數據中心產品的強勁需求以及製造成本和產能擴張的持續改善，這導致了又一個季度創紀錄的收入和創紀錄的毛利率。

Our ability to leverage our vertical integration and proprietary manufacturing processes to drive greater efficiencies and shorten our production cycle times sets AOI apart from others in the industry.

我們能夠利用垂直整合和專有製造流程來提高效率並縮短生產週期，這使 AOI 在業內脫穎而出。

We are proud of our record results and continued solid execution in the quarter, and I would like to thank the AOI team for all of their hard work and dedication.

我們對本季度創紀錄的業績和持續穩健的執行感到自豪，我要感謝 AOI 團隊的辛勤工作和奉獻精神。

Total revenue grew 112% over Q2 of last year to reach $117.4 million.

總收入比去年第二季度增長 112%，達到 1.174 億美元。

This represents our fourth consecutive quarter of achieving record revenue.

這代表我們連續第四個季度實現創紀錄的收入。

Our datacenter solutions continued to fuel our growth.

我們的數據中心解決方案繼續推動我們的增長。

Datacenter revenue more than doubled year-over-year and we delivered our ninth consecutive quarter of record datacenter revenue.

數據中心收入同比增長了一倍多，我們連續第九個季度實現了創紀錄的數據中心收入。

Our CATV solutions also delivered strong growth in the quarter.

我們的有線電視解決方案在本季度也實現了強勁增長。

Cable TV revenue grew 51% over Q2 of last year.

有線電視收入比去年第二季度增長 51%。

Beyond revenue, we achieved record gross margin of 45.5% and record operating margin of 31.5%.

除了收入之外，我們還實現了創紀錄的 45.5% 的毛利率和創紀錄的 31.5% 的營業利潤率。

We have increased our operating profit by 963% over last year, demonstrating the strong leverage in our model.

我們的營業利潤比去年增長了 963%，證明了我們模型中強大的槓桿作用。

This has led to record net income of $31.3 million or $1.54 per diluted share.

這使得淨利潤達到創紀錄的 3130 萬美元，即稀釋後每股收益 1.54 美元。

As we announced in June, we are well on track with our goal to expand capacity to approximately 1 million fully-qualified lasers per month.

正如我們在 6 月份宣布的那樣，我們正在順利實現將產能擴大到每月約 100 萬台完全合格的激光器的目標。

In the month of June, we produced over 680,000 lasers which represents 67% growth year-to-date.

6 月份，我們生產了超過 680,000 台激光器，較年初至今增長了 67%。

We believe our strong performance is a testament to the strength of our business model, deep manufacturing know-how and leadership position in advanced optics.

我們相信，我們的強勁業績證明了我們業務模式的實力、深厚的製造專業知識以及先進光學領域的領導地位。

We will continue to invest in areas that will drive further capacity expansion and position AOI for continued success.

我們將繼續投資於能夠進一步擴大產能並幫助 AOI 取得持續成功的領域。

With that, I will turn the call over to Stefan to review the details of our Q2 performance and outlook for Q3.

接下來，我將把電話轉給 Stefan，以審查我們第二季度業績的詳細信息和第三季度的前景。

Stefan?

斯特凡？

Thank you, Thompson.

謝謝你，湯普森。

Total revenue for the second quarter grew 112% year-over-year to reach another record $117.4 million, which was above our initial guidance of $106 million to $112 million.

第二季度總收入同比增長 112%，達到創紀錄的 1.174 億美元，高於我們最初的 1.06 億美元至 1.12 億美元指導值。

The upside in the quarter was driven by our team's ability to improve manufacturing efficiencies and ship ahead of our plan for the quarter.

本季度的增長得益於我們團隊提高製造效率並提前交付本季度計劃的能力。

In the month of June, we produced over 680,000 lasers, which are used across our product portfolio.

6 月份，我們生產了超過 680,000 台激光器，用於我們的產品組合。

We remain on track to achieve our production goal of approximately 1 million, fully-qualified lasers per month which will continue to be leveraged across our product portfolio.

我們仍有望實現每月約 100 萬台完全合格的激光器的生產目標，該目標將繼續在我們的產品組合中得到利用。

I would like to remind you that today it takes approximately 6 weeks from the point a laser is manufactured to produce a transceiver for our datacenter customers.

我想提醒您，今天從製造激光器到為我們的數據中心客戶生產收發器大約需要 6 週的時間。

Looking at our top line performance in more detail.

更詳細地了解我們的營收表現。

We continued to see strong demand for our datacenter products, and achieved our ninth consecutive quarter of record datacenter revenue.

我們繼續看到對數據中心產品的強勁需求，並連續第九個季度實現了創紀錄的數據中心收入。

Datacenter revenue in the second quarter grew 141% year-over-year to reach $99.3 million or 85% of Q2 revenue.

第二季度數據中心收入同比增長 141%，達到 9930 萬美元，佔第二季度收入的 85%。

In this quarter, 57% of our datacenter revenue was derived from our 40G datacenter products and 39% was from our 100G products, which represents an increase of 62% in 100G sales from the prior quarter.

本季度，我們數據中心收入的57%來自40G數據中心產品，39%來自100G產品，這意味著100G銷售額較上季度增長62%。

As with last quarter, we saw particular strength in our 100G CWDM product line.

與上季度一樣，我們看到了 100G CWDM 產品線的特別優勢。

Revenue from 100G CWDM products in Q2 increased by 72% compared to Q1, while 100G PSM products increased by 41% sequentially.

第二季度100G CWDM產品收入環比增長72%，100G PSM產品環比增長41%。

In general, we expect to continue to see CWDM outperform PSM in terms of growth rate, and we expect growth on a dollar basis across both product categories.

總體而言，我們預計 CWDM 在增長率方面將繼續優於 PSM，並且我們預計這兩個產品類別的美元增長率都會有所增長。

The cost leadership that we have in CWDM is due in part to AOI's ability to utilize uncooled directly modulated laser diodes to meet both full performance and light specifications for our 100G CWDM QSFP 28 transceivers.

我們在 CWDM 領域的成本領先地位部分歸功於 AOI 能夠利用非冷卻直接調製激光二極管來滿足我們 100G CWDM QSFP 28 收發器的全部性能和光規格。

These directly modulated lasers are less expensive to produce than Electro-absorption Modulated Lasers that many other suppliers require in order to meet full spec performance.

這些直接調製激光器的生產成本低於許多其他供應商為滿足完整規格性能而需要的電吸收調製激光器。

We currently have volume sales of full spec CWDM transceivers to multiple customers, including several hyperscale datacenter operators.

目前，我們已向多個客戶批量銷售全規格 CWDM 收發器，其中包括多家超大規模數據中心運營商。

As a result of these trends, along with our customers' continued adoption of 100G technology, we expect 100G to continue to grow as a percent of our datacenter revenue and to exceed 40G sales in late Q3 or early Q4 of this year.

由於這些趨勢，加上我們的客戶繼續採用 100G 技術，我們預計 100G 在我們數據中心收入中所佔的比例將繼續增長，並在今年第三季度末或第四季度初超過 40G 銷售額。

As we look into Q3, we see softer than expected demand for our 40G solutions with one of our large datacenter customers that will offset the sequential growth and increased demand we expect to see in 100G.

展望第三季度，我們發現我們的一個大型數據中心客戶對 40G 解決方案的需求低於預期，這將抵消我們預計 100G 中的連續增長和需求增加。

This slowdown in 40G demand has been anticipated for some time, but the decline in Q3 is greater than previously expected.

40G需求放緩的預期已經有一段時間了，但第三季度的降幅大於此前的預期。

Looking beyond 100G, I'm pleased to announce that this quarter, we have received initial orders for qualification with a new OEM customer for our next-generation 200G product.

展望 100G 以外的領域，我很高興地宣布，本季度，我們已收到新 OEM 客戶對我們下一代 200G 產品進行資格認證的首批訂單。

We believe that we are the first-to-market in developing a 200G solution for intra-datacenter applications.

我們相信，我們是第一個為數據中心內應用開發 200G 解決方案的市場公司。

While we expect this customer to be smaller scale compared to our large datacenter customers, we believe that this initial qualification order for 200G transceivers is a significant milestone in our development efforts and validates our design approach for 200G and beyond.

雖然我們預計該客戶的規模比我們的大型數據中心客戶要小，但我們相信，200G 收發器的初始資格訂單是我們開發工作中的一個重要里程碑，並驗證了我們針對200G 及更高標準的設計方法。

In addition to the 200G opportunity I just discussed, we expect to begin 200G qualification testing with 3 other OEM customers and 1 hyperscale customer this quarter.

除了我剛才討論的 200G 機會之外，我們預計本季度將與其他 3 個 OEM 客戶和 1 個超大規模客戶開始 200G 資格測試。

In total, we have 14 new active qualification efforts for our 100G and 200G technologies with customers outside of our core hyperscale customer base.

總的來說，我們與核心超大規模客戶群之外的客戶針對我們的 100G 和 200G 技術進行了 14 項新的積極認證工作。

We are pleased with the share that we have achieved in this large and dynamic Web 2.0 datacenter market.

我們對在這個龐大且充滿活力的 Web 2.0 數據中心市場中取得的份額感到高興。

We believe our vertical integration and proprietary manufacturing processes are the keys to our success and provide us with cost leadership advantages, a faster time-to-market and the ability to quickly scale and adjust our throughput to meet growing demand.

我們相信，我們的垂直整合和專有製造工藝是我們成功的關鍵，並為我們提供了成本領先優勢、更快的上市時間以及快速擴展和調整吞吐量以滿足不斷增長的需求的能力。

Over the past couple of years, we have demonstrated our ability to land new customers and then expand within our existing customers, improve our gross margin and drive bottom line earnings in this high-volume and price-sensitive market.

在過去的幾年裡，我們已經證明了我們有能力吸引新客戶，然後在現有客戶範圍內進行擴張，提高我們的毛利率，並在這個大容量和價格敏感的市場中提高底線收益。

We continue to maintain focus on diversifying our customer base, and we believe that our cost leadership, scaled production capacity and 20-year track record of innovation in the optical components business will allow us to be successful in many of these new customer engagements.

我們繼續專注於客戶群多元化，我們相信，我們的成本領先優勢、規模化生產能力以及光學元件業務 20 年的創新記錄將使我們能夠在許多新客戶合作中取得成功。

While not all of these customers are currently at the scale of our hyperscale customers, we believe that they represent a significant opportunity for continued growth in addition to what we expect to see from our core hyperscale base.

雖然目前並非所有這些客戶都達到我們超大規模客戶的規模，但我們相信，除了我們期望從我們的核心超大規模基礎中看到的之外，它們還代表著持續增長的重大機會。

Turning to our cable TV market, revenue from CATV products increased 51% year-over-year to reach $14.4 million compared with $9.5 million in Q2 of last year.

轉向有線電視市場，CATV 產品收入同比增長 51%，達到 1,440 萬美元，而去年第二季度為 950 萬美元。

We are pleased with the demand we're seeing in CATV and continue to anticipate improved demand in this business, as cable MSOs evolve and transition to more fiber deep network architecture with DOCSIS 3.1.

我們對 CATV 的需求感到滿意，並繼續預計隨著有線 MSO 的發展並過渡到採用 DOCSIS 3.1 的更深光纖網絡架構，該業務的需求將有所改善。

Our telecom products delivered revenue of $3.1 million compared with $3.6 million in Q2 of last year.

我們的電信產品實現了 310 萬美元的收入，而去年第二季度為 360 萬美元。

For the quarter, 85% of our revenue was from datacenter products, 12% from cable TV products, with the remaining 3% from FTTH, telecom and other.

本季度，我們 85% 的收入來自數據中心產品，12% 來自有線電視產品，其餘 3% 來自 FTTH、電信和其他產品。

In the second quarter, we had 2, 10% or greater customers in the datacenter business that contributed 47% and 27% of total revenue, respectively.

第二季度，我們的數據中心業務有2%、10%或更多的客戶，分別貢獻了總收入的47%和27%。

Additionally, our third largest datacenter customer contributed approximately 9% of total revenue in Q2, an increase of 83% sequentially.

此外，我們的第三大數據中心客戶貢獻了第二季度總收入的約 9%，比上一季度增長了 83%。

We continue to expect to have 3 hyperscale customers, each represent more than 10% of our revenue for the full year 2017.

我們預計將繼續擁有 3 個超大規模客戶，每個客戶都占我們 2017 年全年收入的 10% 以上。

Moving down the income statement.

將損益表向下移動。

As Thompson mentioned, we delivered another record gross margin of 45.5%, which is an increase of 233 basis points compared with last quarter.

正如湯普森所說，我們的毛利率再創新高，達到 45.5%，比上季度增長了 233 個基點。

The increase in our Q2 gross margin was driven by continued improvement in our manufacturing processes and a greater mix of CWDM products.

第二季度毛利率的增長得益於我們製造工藝的持續改進和 CWDM 產品組合的擴大。

These factors have primarily contributed to 6 quarters of sequential gross margin performance.

這些因素主要促成了 6 個季度的連續毛利率表現。

Given our vertical integration and proprietary manufacturing processes, we believe this to be sustainable.

鑑於我們的垂直整合和專有製造工藝，我們相信這是可持續的。

And therefore, expect our gross margins to remain in the range of 41% to 45%, even in a price-sensitive market and as planned pricing reductions take effect in Q3.

因此，即使在價格敏感的市場中，預計我們的毛利率也將保持在 41% 至 45% 的範圍內，並且計劃的價格下調將在第三季度生效。

Total operating expenses in the quarter were $16.5 million or 14% of revenue, compared with $15.5 million or 16.1 % of revenue in the prior quarter.

本季度總運營費用為 1,650 萬美元，佔收入的 14%，而上一季度為 1,550 萬美元，佔收入的 16.1%。

Operating income in Q2 grew to $36.9 million, up 42% when compared with operating income of $26 million in the prior quarter, and up from operating income of $3.5 million in Q2 of last year.

第二季度的營業收入增至 3690 萬美元，比上一季度的營業收入 2600 萬美元增長 42%，也高於去年第二季度的營業收入 350 萬美元。

Our operating margin in the quarter increased to 31.5%, up 441 basis points from the prior quarter.

本季度我們的營業利潤率增至 31.5%，比上一季度提高 441 個基點。

Net income after-tax for the second quarter increased to $31.3 million, above our initial guidance and up 44% when compared with net income of $21.8 million in the prior quarter and up from net income of $2.8 million in Q2 of last year.

第二季度稅後淨利潤增至 3130 萬美元，高於我們最初的指導，與上一季度淨利潤 2180 萬美元和去年第二季度淨利潤 280 萬美元相比增長 44%。

We reported net income of $1.54 per diluted share, up from $1.10 in the prior quarter and up from $0.16 per diluted share reported in Q2 of last year.

我們報告稀釋後每股淨利潤為 1.54 美元，高於上一季度的 1.10 美元，也高於去年第二季度報告的稀釋後每股淨利潤 0.16 美元。

GAAP net income for Q2 was $29.1 million or $1.43 per diluted share compared with GAAP net income of $19.8 million or $1 per diluted share in the prior quarter.

第二季度 GAAP 淨利潤為 2910 萬美元，或稀釋後每股 1.43 美元，而上一季度 GAAP 淨利潤為 1980 萬美元，或稀釋後每股 1 美元。

The Q2 weighted average fully diluted share count was approximately 20.4 million shares.

第二季度加權平均完全稀釋股數約為 2,040 萬股。

Turning now to the balance sheet.

現在轉向資產負債表。

We ended Q2 with $75.9 million in total cash, cash equivalents, short-term investments and restricted cash compared with $60.6 million at the end of the previous quarter.

第二季度末，我們的現金、現金等價物、短期投資和限制性現金總額為 7590 萬美元，而上一季度末為 6060 萬美元。

As of June 30, we had $59.7 million in inventory, an increase of $2.2 million from Q1.

截至 6 月 30 日，我們的庫存為 5970 萬美元，比第一季度增加了 220 萬美元。

Our cash generated from operations totaled $37.9 million, an increase of $25.9 million from Q1.

我們的運營現金總額為 3,790 萬美元，比第一季度增加 2,590 萬美元。

We made a total of $18.1 million in capital investments in the quarter, including $12.2 million in production equipment and machinery and $4.5 million on construction and building improvements.

本季度我們總共進行了 1,810 萬美元的資本投資，其中包括 1,220 萬美元的生產設備和機械投資以及 450 萬美元的建築和建築改進投資。

This brings our total capital investments year-to-date to $26.7 million.

這使得我們今年迄今為止的總資本投資達到 2670 萬美元。

As we discussed a few minutes ago, we believe vertical integration is the formula for success in the large and dynamic datacenter transceiver market and is critical to our differentiation and our cost leadership position.

正如我們幾分鐘前討論的那樣，我們相信垂直整合是在大型動態數據中心收發器市場取得成功的秘訣，對於我們的差異化和成本領先地位至關重要。

As an example, compared to Q2 of last year, we've been able to reduce the manufacturing cost to produce our 100G transceivers by over 46%.

例如，與去年第二季度相比，我們生產 100G 收發器的製造成本降低了 46% 以上。

The efficiency gains that we have achieved through automation an improved design for manufacturing, have led to directly to the substantial manufacturing cost production.

我們通過自動化和改進的製造設計所實現的效率提升，直接導致了生產製造成本的大幅提高。

Looking ahead, we see further efficiency gains and we also expect to expand the extent of our vertical integration by producing certain optical components internally that were previously purchased from outside vendors.

展望未來，我們看到效率進一步提高，我們還希望通過內部生產以前從外部供應商購買的某些光學組件來擴大垂直整合的程度。

This initiative, which will lead to further cost reduction along with other investments to expand our capacity will be reflected in our capital investments for the year, which we expect to total approximately $85 million.

這一舉措將進一步降低成本，並通過其他投資擴大我們的產能，並將反映在我們今年的資本投資中，我們預計總計約為 8500 萬美元。

Moving now to our Q3 outlook.

現在轉向我們的第三季度展望。

We expect Q3 revenue to be between $107 million and $115 million, representing 58% year-over-year growth at the midpoint.

我們預計第三季度收入將在 1.07 億美元至 1.15 億美元之間，中間值同比增長 58%。

On a sequential basis our guidance represents a decline of approximately 5% at the midpoint, reflecting a decrease in 40G demand offset by continued growth in 100G, which we expect to increase even as planned pricing reductions take effect in Q3.

環比來看，我們的指導意見中值下降了約5%，反映出40G 需求的下降被100G 的持續增長所抵消，即使計劃中的降價在第三季度生效，我們預計100G 需求的增長仍將增加。

We currently expect to deliver sequential revenue growth in the fourth quarter, as we continue to ramp 100G capacity.

目前，隨著我們繼續提高 100G 容量，我們預計第四季度收入將實現環比增長。

We expect Q3 gross margin to be in the range of 43% to 44.5%.

我們預計第三季度毛利率將在 43%至 44.5%之間。

Net income is expected to be in the range of $26.6 million to $29.4 million and EPS between $1.30 per share and $1.43 per share, using a weighted average fully diluted share count of approximately 20.5 million shares.

根據加權平均完全稀釋股數約為 2050 萬股計算，預計淨利潤將在 2660 萬美元至 2940 萬美元之間，每股收益將在每股 1.30 美元至 1.43 美元之間。

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

這樣，我會將其轉回給操作員進行問答環節。

Operator?

操作員？

(Operator Instructions) The first question comes from Simon Leopold of Raymond James.

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

So a lot of the -- the sort of arguments you've helped, I think, offset with the detail you provided in terms of 100 gig and 40 gig breakouts, so I appreciate that level of detail.

我認為，你所提供的很多論點都與你提供的 100 場和 40 場突破的細節相抵消，所以我很欣賞這種細節水平。

One of the aspects I'm sort of struggling with is this idea that your 100 gig business is heavily biased towards your second biggest customer and you don't have meaningful 100 gig in your biggest customer.

我有點掙扎的一個方面是，你的 100 份演出業務嚴重偏向於你的第二大客戶，而你的最大客戶沒有有意義的 100 份演出。

If you could help us get a better understanding of maybe what the different customers are buying and why?

您能否幫助我們更好地了解不同客戶正在購買什麼以及為什麼？

Well, Simon, we have meaningful 100 gig revenue with our largest customer as well as our other customers.

好吧，Simon，我們與我們最大的客戶以及其他客戶一起獲得了 100 份有意義的收入。

We can't get too customer-specific on exactly what varieties of products we do have -- as you can imagine, nondisclosure agreements with these customers that prevent us from telling exactly what types or what quantities of these types of products they are buying.

我們不能太具體地了解我們所擁有的產品種類 - 正如您可以想像的那樣，與這些客戶簽訂的保密協議使我們無法準確告知他們正在購買的此類產品的類型或數量。

However, we do have meaningful -- meaningful 100 gig sales with all 3 of our large datacenter customers.

然而，我們確實與所有 3 個大型數據中心客戶進行了有意義的 100 場演出銷售。

Great, appreciate that.

太好了，很欣賞。

And in terms of the gross margin guidance, I would've thought that if you had not too bad a sequential volume decline and I don't think you do, and you're indicating what I would believe would be a favorable mix, meaning that you're going to see more 100 gig in September and less 40 gig and I'm making this assumption that 100 gig is better gross margin, so maybe that's flawed.

就毛利率指導而言，我認為如果你的銷量連續下降不太糟糕，我認為你不會這樣做，並且你表明了我認為是有利的組合，這意味著你會在9 月份看到更多的100 場演出，而更少的40 場演出，我假設100 場演出的毛利率更高，所以這可能是有缺陷的。

Can you help me understand what are the drivers for the lower sequential gross margins in September than June?

您能否幫我了解導致 9 月環比毛利率低於 6 月的原因是什麼？

We have some price reductions as we mentioned in the prepared remarks that took -- that are taking effect during Q3.

正如我們在準備好的評論中提到的那樣，我們進行了一些降價，這些降價將於第三季度生效。

And that's the gist of it?

這就是它的要點嗎？

Is it correct to assume that 100 gig gross margins are better than 40 gig?

假設 100 場演出的毛利率高於 40 場演出是否正確？

Or is that a flawed assumption?

或者這是一個有缺陷的假設？

That's generally true.

這通常是正確的。

Although, again, you have to look at it on a product-by-product basis to see the details, which of course we can't go into it at this point.

不過，同樣，您必須逐個產品地查看細節才能看到細節，當然我們現在不能深入討論。

Okay.

好的。

And you did indicate that you expect sequential improvement again in December, maybe help us understand sort of the basis for your confidence.

您確實表示您預計 12 月份會再次出現連續改善，也許可以幫助我們了解您信心的基礎。

Are these committed orders?

這些是已承諾的訂單嗎？

Is this based on the windows of guidance you're getting from your customers?

這是基於您從客戶那裡獲得的指導窗口嗎？

Or is this based on the third customer coming back into 10% ranks.

或者這是基於第三個客戶回到 10% 的排名。

Help us understand the drivers for the confidence in 4Q?

請幫助我們了解第四季度信心的驅動因素？

We expect to see strong growth from 2 out of the 3 large datacenter customers that we have and a resumption of growth from our largest customer.

我們預計我們擁有的 3 個大型數據中心客戶中的 2 個將出現強勁增長，並且我們最大的客戶將恢復增長。

In addition to that -- you asked whether these are committed orders.

除此之外，您還詢問這些是否是已承諾的訂單。

There are some committed orders out there, not all of that expectation is committed at this point.

有一些已承諾的訂單，但目前尚未承諾所有預期。

But we do have a significant amount of committed orders and a good forecast from all 3 of our customers.

但我們確實有大量的承諾訂單，並且我們所有 3 個客戶都做出了良好的預測。

Great.

偉大的。

And one last if I may and I'll be blunt.

最後，如果可以的話，我會直言不諱。

You answer as you see fit.

您按照您認為合適的方式回答。

But this argument that MACOM has made that it's disrupting the market by partnering with a contract manufacturer to sell into your customers and crushing pricing.

但 MACOM 提出的這一論點是，它與合同製造商合作向客戶銷售產品並壓低價格，從而擾亂了市場。

If you could help us understand how you view the competitive landscape against a player that is selling lasers and ICs into a contract manufacturer into ultimately webscale?

您能否幫助我們了解您如何看待向合同製造商銷售激光器和 IC 並最終實現網絡規模的競爭者的競爭格局？

Sure.

當然。

So first of all, we don't believe that the MACOM-Fabrinet alliance is actually producing anything or is likely to produce any products or any meaningful quantities, certainly, in the next quarter or 2, probably longer than that.

因此，首先，我們不認為 MACOM-Fabrinet 聯盟實際上正在生產任何東西，或者可能會生產任何產品或任何有意義的數量，當然，在下一個或兩個季度，可能會比這更長。

In addition to that, in the long term, and in the short term, we don't see any cost advantage to this model.

除此之外，從長期和短期來看，我們看不到這種模式有任何成本優勢。

AOI, as we mentioned, is currently very highly vertical integrated on the most expensive components, meaning the lasers.

正如我們提到的，AOI 目前在最昂貴的組件（即激光器）上高度垂直集成。

As we announced in the call, we also intend to produce other optical components that we currently don't produce internally, which will further enhance the extent of our vertical integration, and we think this gives us a significant cost even against the MACOM-Fabrinet business model or any of the other competitive business models that we're aware of.

正如我們在電話會議中宣布的那樣，我們還打算生產目前我們內部不生產的其他光學組件，這將進一步增強我們的垂直整合程度，我們認為即使與MACOM-Fabrinet 相比，這也給我們帶來了巨大的成本商業模式或我們所知的任何其他競爭商業模式。

The next question will come from Paul Silverstein of Cowen & Company.

下一個問題將由 Cowen & Company 的 Paul Silverstein 提出。

Stefan and Thompson, what percent of content today is fully internal?

Stefan 和 Thompson，今天有多少內容是完全內部的？

So when you talk about bringing in-house certain components that aren't currently being done by you, can you quantify for us how much is truly vertically integrated?

因此，當您談到將目前尚未由您完成的某些組件引入內部時，您能否為我們量化一下真正垂直集成的程度？

And what percentage of the transceivers today are outside of Applied Opto?

目前，Applied Opto 以外的收發器所佔百分比是多少？

I'm not quite sure I completely understand your question, Paul.

我不太確定我完全理解你的問題，保羅。

We produce -- all of the transceivers that we're selling today are produced internally.

我們生產——我們今天銷售的所有收發器都是內部生產的。

If you're asking exactly which parts and what dollar content is currently internally sourced, I don't have an exact figure for you.

如果您確切地詢問目前哪些零件和多少美元含量是內部採購的，我沒有確切的數字可以提供給您。

It's very (inaudible).

非常（聽不清）。

That is the question to be clear.

這是需要明確的問題。

I understand, but I don't have a figure for you.

我明白，但我沒有數據給你。

It varies depending on the particular type of product.

它根據產品的特定類型而有所不同。

And also, to be honest, with the time.

而且，說實話，隨著時間的推移。

Because, as we mentioned, we're making improvements and further vertically integrating what we manufacture in-house.

因為，正如我們所提到的，我們正在進行改進並進一步垂直整合我們內部製造的產品。

So it's kind of a moving target.

所以這是一個移動的目標。

But certainly, we produce the lasers that we use, at least, the DFB lasers that we produce, the directly modulated DFBs and some of the EMLs as well.

但當然，我們生產我們使用的激光器，至少是我們生產的 DFB 激光器、直接調製的 DFB 和一些 EML。

And we produce a number of the PC board assemblies and other optical components internally.

我們在內部生產許多印刷電路板組件和其他光學元件。

And Paul, this is Thompson.

保羅，這是湯普森。

By the way, today we just announced we just start making the 25G PD and 1 PD array.

順便說一句，今天我們剛剛宣布我們剛剛開始生產 25G PD 和 1 PD 陣列。

That's very significant to the bill materials.

這對於賬單材料非常重要。

Then actually, beside that, we were making some other expensive module internally too either by end of Q4, early Q1.

實際上，除此之外，我們還在第四季度末或第一季度初在內部製造了一些其他昂貴的模塊。

So basically -- one of the 100G transceiver piece and I would say -- more than 60% would be made by ourselves.

所以基本上——我想說的是 100G 收發器之一——超過 60% 將由我們自己製造。

In the future could be even as high as 70% for cost starting, it would be similar.

未來啟動成本甚至可能高達70%，也差不多。

So we're making all our stuff by ourselves besides the IC.

因此，除了 IC 之外，我們所有的東西都是自己製造的。

I believe what Thompson is talking about, when he says 60% of 70%, I believe he is referring to the dollar content of the cost, the bill material -- percentage of the bill material that's produced internally.

我相信 Thompson 所說的，當他說 70% 的 60% 時，我相信他指的是成本的美元含量、票據材料——內部生產的票據材料的百分比。

Got it.

知道了。

I know pricing is always a sensitive topic, but to the extent that you spoke -- referenced the price declines in Q3, can you give us any sense of quantification?

我知道定價始終是一個敏感話題，但就您所說的——提到第三季度的價格下降而言，您能給我們任何量化的感覺嗎？

It's not across the board.

這並不是一刀切的。

It's with certain customers on certain products though we can't comment on it directly, but it is a factor for us.

儘管我們無法直接評論某些產品的某些客戶，但這對我們來說是一個因素。

It's not something that is not unanticipated, as we mentioned in the script, that that's been communicated with the customer and negotiated for some time.

正如我們在腳本中提到的，這並不是沒有預料到的事情，已經與客戶溝通並協商了一段時間。

And most importantly, we're not meaningfully lowering, in fact, we are raising our gross margin guidance on a long-term basis, which we think is a significant testament to the fact that even in the price of -- even in the face of price competition, we're very confident in our ability to continue to maintain these margins, which frankly haven't been seen in the industry and really aren't seen by any companies outside of AOI.

最重要的是，我們並沒有有意義地降低，事實上，我們正在長期提高毛利率指導，我們認為這有力地證明了這樣一個事實：即使在價格上 - 即使在面對由於價格競爭，我們對繼續保持這些利潤率的能力非常有信心，坦率地說，這在行業中是前所未有的，而且除了AOI 之外的任何公司也確實沒有見過。

We're very proud with where we are in the gross margin.

我們對我們的毛利率感到非常自豪。

I think the fact that we think we can sustain that over the long term, even with the price reductions that we know are going to be out there in this industry is a testament to our confidence in our business model and our confidence in our ability to be the cost leader.

我認為，即使我們知道這個行業將會降價，我們認為我們可以長期維持這一勢頭，這一事實證明了我們對我們的商業模式的信心，以及我們對我們的能力的信心。成為成本領先者。

Stefan, can I -- if you said this before, my apologies, but I assume it's implied by the gross margin guidance, but was the degree -- I'll ask the question anyway -- was the degree of price reduction less, more, or consistent with what you were expecting?

斯特凡，我可以 - 如果你之前說過這個，我很抱歉，但我認為這是毛利率指導所暗示的，但程度 - 我無論如何都會問這個問題 - 降價的程度是少還是多，或者與您的預期一致？

Absolutely consistent with what we expected.

與我們的預期完全一致。

The next question comes from Troy Jensen of Piper.

下一個問題來自 Piper 的 Troy Jensen。

Two question from me guys.

我的兩個問題。

So first of all, can you dig in a little bit more on the 200G product?

首先，您能詳細介紹一下 200G 產品嗎？

Just curious to know what the form factors is.

只是想知道外形因素是什麼。

Is it like an LR8?

是不是像LR8？

Is this -- any more detail would be great.

是這樣嗎——如果有更多細節就太好了。

The product that we have is going into new customers we mentioned.

我們擁有的產品正在進入我們提到的新客戶。

It's the exact product that we showed at our OFC booth, if you were there.

如果您在場的話，這正是我們在 OFC 展位上展示的產品。

So you know you can go back and look at the press releases from around that time to see more details about what the product is, but -- and it is going into a new customer.

所以你知道你可以回去看看當時的新聞稿，以了解有關該產品的更多詳細信息，但是 - 它正在進入新客戶。

And as we mentioned in the script, we have multiple other customers that are going to be qualifying this product in the near future this quarter.

正如我們在腳本中提到的，我們還有多個其他客戶將在本季度不久的將來對該產品進行資格認證。

So basically, we have more than -- more than 10 active qualifications with many new customers and I want to emphasize this and other similar customers -- this is a good-sized customer, some of them is big OEM including other hypersecurity datacenter customer and this -- the one difference is including CWDM, PSM, AOC.

所以基本上，我們擁有超過10 個活躍的資格，擁有許多新客戶，我想強調這個和其他類似的客戶，這是一個規模很大的客戶，其中一些是大型OEM，包括其他超安全數據中心客戶和唯一的區別是包括 CWDM、PSM、AOC。

We had very-- I belive AOI is forcing market and we are very complete product list.

我們有非常——我相信 AOI 正在推動市場，而且我們有非常完整的產品清單。

So, Thompson, so I heard that correctly, you said more than 10 trials for both cases gone on improvement?

所以，Thompson，我沒聽錯，你是說這兩個案例都經過了 10 多次試驗才得到改善？

That's what we said in our script.

這就是我們在腳本中所說的。

Total is 14 active with new customers.

共有 14 名活躍新客戶。

(inaudible) our existing customer base.

（聽不清）我們現有的客戶群。

All right.

好的。

One follow-up then on this -- the planned pricing reductions.

接下來的一個後續行動是計劃的降價。

Have you historically had Q3 price negotiations?

你們歷史上有過第三季度的價格談判嗎？

Or is this kind of new that the customers are pushing it through now?

或者這是客戶現在正在推動的一種新事物？

No.

不。

As we've said for years, I mean, the pricing negotiations that we have with our customers are on an ongoing basis and they occur no particularly defined time throughout the year.

正如我們多年來所說，我的意思是，我們與客戶的定價談判是持續進行的，並且全年沒有特別規定的時間。

That is, they occur randomly throughout the year whenever it's appropriate.

也就是說，它們會在一年中適當的時候隨機發生。

But these price negotiations that we have undergone are something that we do in advance with the customer, and we know what those prices are expected to be on a go forward basis.

但我們進行的這些價格談判是我們提前與客戶進行的，我們知道這些價格在未來的基礎上預計會是多少。

The next question comes from Mark Kelleher of D.A. Davidson.

下一個問題來自 D.A. 的馬克·凱萊赫 (Mark Kelleher)。戴維森。

Great.

偉大的。

Just looking at the 40G.

只看40G。

If we look at the datacenter revenue in total, it was up 25% sequentially.

如果我們看一下數據中心的總收入，就會發現它比上一季度增長了 25%。

You gave the 100 gig up 62% sequentially.

您使 100 場演出連續上漲了 62%。

So clearly, 40G was down pretty significantly.

很明顯，40G 下降相當明顯。

Are you expecting that to accelerate, moderate?

您預計這種情況會加速嗎？

What do you expect that downward task to look like over the next couple of quarters?

您預計未來幾個季度的下行任務會是什麼樣子？

Well, our customers are moving away from 40 gig into 100 gig, which is something that we've said and it shouldn't be a surprise anybody in the industry, I think, that the transition is occurring.

嗯，我們的客戶正在從 40 GB 轉向 100 GB，這是我們已經說過的，我認為行業中的任何人對於這種轉變的發生都不應該感到驚訝。

For several quarters, we've said, that we expected that -- our revenue to crossover meaning 100 gig will start to exceed 40 gig revenue, in late Q3 or Q4, and we continue to believe that.

我們已經說過，幾個季度以來，我們預計——我們的收入將在第三季度末或第四季度實現交叉，這意味著 100 場演出將開始超過 40 場演出，我們仍然相信這一點。

The rate of reduction or the speed at which that process is occurring, particularly in Q3, is a little bit surprising to us, but it's definitely -- the trend is clearly not unexpected.

減少的速度或該過程發生的速度，特別是在第三季度，對我們來說有點令人驚訝，但毫無疑問，這種趨勢顯然並不意外。

And what we're seeing is consistent with that trend just a little bit faster than what we have expected.

我們所看到的情況與這一趨勢是一致的，只是比我們預期的要快一點。

Okay.

好的。

And then just generally, you talked a little bit about the MACOM competitive situation.

然後一般來說，您談到了 MACOM 的競爭狀況。

How about just generally -- you're seeing other competitors come into the market?

一般來說，您是否看到其他競爭對手進入市場？

Or be more aggressive on pricing, anything?

或者在定價上更加激進，什麼？

I wouldn't say we're seeing any new customer -- new competitors really coming the market.

我不會說我們看到了任何新客戶——新的競爭對手確實進入了市場。

I think the competitor -- the competitive base that's been out there for some time is still the same one that we see.

我認為競爭對手——已經存在了一段時間的競爭基礎仍然是我們所看到的相同的基礎。

As far as pricing aggressiveness, if you will, again, I don't see really any changes.

就定價激進度而言，如果你願意的話，我並沒有看到任何真正的變化。

This has been an aggressively price-sensitive market for quite some time.

相當長一段時間以來，這個市場一直是一個對價格非常敏感的市場。

So, I don't think there's really a change in aggressiveness, if you will, of competitors with respect to pricing.

因此，如果你願意的話，我認為競爭對手在定價方面的積極性並沒有真正改變。

Okay.

好的。

And last question.

最後一個問題。

You're generating 680,000 lasers in a quarter.

您將在一個季度內產生 680,000 束激光。

What percent of the lasers do you think you have?

您認為您擁有百分之多少的激光？

What percent of market share you think that represents?

您認為這代表了多少百分比的市場份額？

I don't have an estimate for the total number of lasers that are produced out there.

我沒有對那裡生產的激光器總數的估計。

What we -- we certainly see the need to continue to grow to that 1 million lasers per month level that we outlined earlier.

我們當然看到需要繼續增長到我們之前概述的每月 100 萬台激光器的水平。

We're making good progress on that.

我們在這方面取得了良好進展。

We think we see the need for that capacity and then some over the next few years.

我們認為我們看到了對這種能力的需求，以及未來幾年的一些需求。

So we continue to make and let you know about our progress on that regard.

因此，我們將繼續努力並讓您了解我們在這方面取得的進展。

Would all amplified surround that they are making laser, it take about 6 weeks to make transceiver.

將所有放大環繞他們正在製造的激光，製造收發器大約需要 6 週的時間。

Another point is that beside datacenter, we have many customers for the AOT and Michel and fiber-to-the-home market.

另外一點是，除了數據中心之外，我們還有很多AOT、米歇爾和光纖到戶市場的客戶。

So right now, we need to increase our capacity to meet this customer demand, too.

因此，現在我們也需要提高產能來滿足客戶的需求。

In Q1, Q2 our laser capacity was limited, so that's why we are already pushing this customer further.

在第一季度、第二季度，我們的激光器產能有限，因此我們已經進一步推動該客戶的發展。

Okay?

好的？

And number three point is, we still believe that the market leader in 40G and 100G long-range transceiver.

第三點是，我們仍然相信 40G 和 100G 遠程收發器的市場領導者。

But market share, we don't really know what's really the market share, what percentage.

但是市場份額，我們真的不知道真正的市場份額是多少，百分比是多少。

It's hard to say.

很難說。

And varies by product.

並且因產品而異。

The next question comes from Richard Shannon of Craig-Hallum.

下一個問題來自 Craig-Hallum 的理查德·香農 (Richard Shannon)。

Maybe I'll first follow-up on the 40 gig topic here, sounds like you've got one customer who's talking about lowering forecasts for 40 gig.

也許我會首先在這裡跟進 40 場演出的主題，聽起來好像有一位客戶在談論降低 40 場演出的預測。

Any indication of other customers -- other major cloud customers also taking down there, their 40 gig in the near future and does your fourth quarter guidance -- so you're talking about revenue growth -- imply any other significant step down?

有沒有其他客戶的跡象——其他主要雲客戶也會在不久的將來取消他們的40 場演出，以及您第四季度的指導——所以您正在談論收入增長——是否意味著任何其他重大的下降？

Other customers are also reducing their 40 gig.

其他客戶也在減少 40 份演出。

As you would expect, as they transition to 100 gig.

正如您所料，他們過渡到 100 場演出。

We've known about that and we've expected it, as I mentioned on the last answer.

正如我在上一個答案中提到的那樣，我們已經知道這一點並且已經預料到了這一點。

So the only surprise this quarter is the extent to which one customer is decreasing their forecast or the speed at which they're decreasing their forecast for 40G.

因此，本季度唯一令人驚訝的是某個客戶降低其預測的程度或降低 40G 預測的速度。

That's the only unexpected thing that's come about.

這是唯一意想不到的事情發生了。

The rest of it is known.

其餘的都是已知的。

Okay.

好的。

And then you talk about growth for the fourth quarter here.

然後你在這裡談論第四季度的增長。

Is there anyway, Stefan, that you can help us think about gross margins, I guess, directionally to the range you've given us for the third quarter?

斯特凡，您是否可以幫助我們考慮毛利率，我猜，方向是您給我們提供的第三季度的範圍？

Obviously, you were talking about revenue growth and if there is more 100 gig, those seem to be positive drivers for gross margins.

顯然，您談論的是收入增長，如果有超過 100 份演出，這些似乎會成為毛利率的積極推動因素。

Is there any reason why we wouldn't assume gross margins at least that high for fourth quarter as well?

我們是否有任何理由不假設第四季度的毛利率至少也那麼高？

I mean, we're not in the habit of giving forward guidance several quarters out in terms of gross margin.

我的意思是，我們不習慣在毛利率方面提供幾個季度的前瞻性指引。

I think, it's significant that we just raised our long-term target range that we think we can sustain this level of gross margin for the foreseeable future.

我認為，重要的是我們剛剛提高了長期目標範圍，我們認為我們可以在可預見的未來維持這一毛利率水平。

It will potentially bounce up and down a little bit around that 41% to 45% range that we outlined.

它可能會在我們概述的 41% 至 45% 範圍內上下波動。

But I think that's a significant testament again to the confidence that we have in this business model that we're able to maintain those kind of gross margins for the foreseeable future.

但我認為這再次證明了我們對這種商業模式的信心，即我們能夠在可預見的未來保持這樣的毛利率。

So I won't comment on specifically what we expect to see in the fourth quarter, but it's certainly -- there's no reason to believe it'll be below the range that we've outlined.

因此，我不會具體評論我們期望在第四季度看到的情況，但可以肯定的是——沒有理由相信它會低於我們概述的範圍。

Okay, perfect.

好的，完美。

And I agree that, that's an impressive range, if you can keep that up.

我同意，如果你能堅持下去，這是一個令人印象深刻的範圍。

I'd love to delve into the assumptions behind that, if I could, Stefan.

如果可以的話，我很想深入研究其背後的假設，Stefan。

Obviously, you've done some modeling on your cost structure and price declines there.

顯然，您已經對成本結構和價格下降進行了一些建模。

Wondering if you can give us a sense of what kind of price reduction year-on-year declines that you can still keep up that range of gross margins on?

想知道您能否讓我們了解一下，在同比降價多少的情況下，您仍然可以保持這個毛利率範圍？

Is that like -- can you sustain 20% pricing declines per year or greater that?

是不是這樣——你能維持每年 20% 或更多的價格下降嗎？

Any sense of what pace that -- what you can absorb to do that would be appropriate?

你知道以什麼速度來做這件事是合適的嗎？

Our competitors love to know what they have to do to bottom-tick us on the price.

我們的競爭對手很想知道他們必須採取什麼措施來壓低我們的價格。

Yes, I'm not going to comment on that.

是的，我不會對此發表評論。

I would mention that in the past 4 quarters, we have reduced outright the costs by 46%, from Q2 last year to Q2 this year.

我要提到的是，在過去的 4 個季度中，從去年第二季度到今年第二季度，我們的成本直接降低了 46%。

That's how fast and how much we can reduce our costs.

這就是我們降低成本的速度和程度。

And as we outlined, we're making some serious investments to continue to in-source the remaining portion of the bill of materials that's not already in-sourced.

正如我們所概述的，我們正在進行一些重大投資，以繼續內源物料清單中尚未內源的剩餘部分。

So we have the ability to continue to push down that cost.

因此，我們有能力繼續降低成本。

Okay, perfect.

好的，完美。

Last quick question from me on CapEx.

我最後一個關於資本支出的快速問題。

Did I hear you say you're expecting to spend $85 million this year and you spent $26-and-change million so far this year?

我是否聽說過您預計今年將花費 8500 萬美元，而今年到目前為止您已經花費了 26 億美元？

That's correct.

這是正確的。

$40 million of that spend is going to be on production and equipment and machinery to continue to ramp capacity.

其中 4000 萬美元將用於生產、設備和機械，以繼續提高產能。

The next question will come from Brian Alger of Roth Capital Partners.

下一個問題將來自羅斯資本合夥公司的布萊恩·阿爾杰。

For the better part of the past several quarters we've been talking about an industry that has been supply-constrained, given the pull back in the 40 gig demand and your guys' ability to shift your capacity, would you describe the current environment as balanced?

在過去幾個季度的大部分時間裡，我們一直在談論一個供應受限的行業，考慮到 40 演出需求的回落以及你們轉移產能的能力，您能否將當前環境描述為均衡？

Or are we still sitting in a situation where whatever you produce you can sell?

或者說，我們是否仍然處於“生產什麼就可以賣什麼”的境地？

We're going to be selling everything we can produce in this quarter.

我們將在本季度出售我們能生產的所有產品。

As Thompson mentioned, part of the challenge that we've had is we have a -- in any given quarter, we have several hundred thousand lasers that are sold into other applications besides the 100 gig and 40 gig transceivers.

正如 Thompson 提到的，我們面臨的部分挑戰是，在任何特定季度，我們都有數十萬個激光器，除了 100 GB 和 40 GB 收發器之外，還銷往其他應用。

And so those applications have actually been suffering in terms of long lead times and customers have been very unhappy.

因此，這些應用程序實際上因交貨時間長而受到影響，而且客戶也非常不滿意。

So we're going to be able to catch up a little on some of those other things that we have where the lead times have been pushing out.

因此，我們將能夠在交貨時間被推遲的其他一些事情上趕上一些。

And in addition to that, we also need to build up some buffer inventory for what we believe will be a strong fourth quarter.

除此之外，我們還需要建立一些緩衝庫存，以應對我們認為強勁的第四季度。

So we're not going to be holding back on sales or building lasers during the quarter.

因此，我們不會在本季度抑制銷售或製造激光器。

And don't forget, we have a lot of the design capability for our 100G and 200G new products.

不要忘記，我們對於 100G 和 200G 新產品擁有大量的設計能力。

So we need to be ready for the demand for the Q1 and Q2 next year, too.

因此，我們也需要為明年第一季度和第二季度的需求做好準備。

Right.

正確的。

Well, it seems as you clearly have a pretty good handle on what's going on with 100G and next generation type of designs with your customers.

嗯，看來您顯然對客戶的 100G 和下一代設計類型有了很好的了解。

I'm curious as to how -- you seem to have been caught off-guard in terms of the decline on 40 gig.

我很好奇——你似乎對 40 場演出的下降感到措手不及。

Is that something that transferred from your customer recently?

這是最近從您的客戶那裡轉移的東西嗎？

Or is that something that was communicated in the middle of the quarter?

或者這是在本季度中期傳達的信息？

It's a recent development.

這是最近的發展。

And again, it's not that we didn't expect 40 gig to decline with this customer or the other customers, we knew it would.

再說一遍，我們並不是沒有預料到該客戶或其他客戶的 40 演出會減少，我們知道它會減少。

It's just coming a little bit faster which, in the end, means a faster transition to 100 gig, which is not a bad thing.

它只是來得更快一點，最終意味著更快地過渡到 100 GB，這並不是一件壞事。

But obviously, in this particular quarter, it's happened faster than we expected.

但顯然，在這個特定的季度，它發生的速度比我們預期的要快。

Understand.

理解。

I think we all expect the transition to occur and we all think it's a positive, certainly for you guys, given your product portfolio.

我認為我們都期望這種轉​​變的發生，而且考慮到你們的產品組合，我們都認為這對你們來說肯定是積極的。

I guess where I'm going with this is, it's a bit unusual for a company to preannounce a very strong beat and then to have something like this come in a couple of weeks later from that announcement.

我想我要說的是，對於一家公司來說，預先宣布一個非常強勁的節奏，然後在宣布後幾週後又出現類似的情況，這有點不尋常。

And I'm just -- it seems as though maybe you guys were informed of this after your positive pre-announcement.

我只是——看來你們可能是在積極的預先聲明之後才得知這一消息的。

That is true, but just to be clear, the pre-announcement is made when we see the results of the quarter differing materially from the last guidance that we put out with The Street.

確實如此，但需要明確的是，當我們看到本季度的業績與我們與華爾街發布的最新指引存在重大差異時，就會做出預先公告。

That's why we preannounce.

這就是我們預先宣布的原因。

It's not an indication of future, it's an indication that the past has been very different from what we last guided The Street.

這並不預示著未來，而是表明過去與我們上次引導華爾街的情況有很大不同。

In other words, we don't want -- when we know that there is different information from what we've previously guided for, we want to get that information in the hands of investors as quickly as possible.

換句話說，我們不希望——當我們知道存在與我們之前指導的信息不同的信息時，我們希望盡快將這些信息交到投資者手中。

That's what investors have asked us to do and that's what we think is the right thing to do.

這就是投資者要求我們做的事情，我們認為這是正確的事情。

But that's not necessarily an indication of any particular thing about the future.

但這並不一定表明未來有什麼特別的事情。

In this case, the information that we got about the 40 gig actually did happen post the pre-announcement, but that wouldn't necessarily change our thinking about whether or not to preannounce.

在這種情況下，我們得到的有關 40 場演出的信息實際上確實是在預先公告之後發生的，但這不一定會改變我們關於是否預先公告的想法。

The next question comes from Alex Henderson of Needham & Company.

下一個問題來自 Needham & Company 的 Alex Henderson。

I wanted to talk a little bit about the mechanics around the production of 40 gig versus 100 gig related products.

我想談談 40 G 與 100 G 相關產品的生產機制。

So to the extent that you have a quick slowdown in 40 gig, what is the change-over time that it takes for you to take that capacity that you would have otherwise have allocated to 40 gig based components and then shift it over to the 100 gig product line?

因此，如果您在 40 GB 中速度迅速放緩，那麼您需要多長時間才能將原本分配給基於 40 GB 的組件的容量轉移到 100 GB演出產品線？

Is the reason the 40 gig decline is a problem is because it's created a mismatch between where your demand is and where your production is?

40 場演出的下降之所以成為一個問題，是因為它造成了您的需求與生產之間的不匹配嗎？

And therefore, as you resolve that mismatch, you rebound pretty quickly on the production of transceivers that then have a better match to the end market demand?

因此，當您解決這種不匹配問題時，您的收發器生產會很快反彈，從而更好地匹配最終市場需求？

Because I'm having a hard time understanding how you would have substantial increase in laser production and positive mix shift unless you have a mismatch?

因為我很難理解除非不匹配，否則如何大幅增加激光產量和積極的混合轉變？

Well, it doesn't take us that long to switch over the production.

嗯，我們切換生產並不需要那麼長時間。

But as Thompson mentioned, there's about a 6-week time from when we produce a laser to when actually gets shipped out as a transceiver.

但正如 Thompson 提到的，從我們生產激光器到實際作為收發器發貨大約需要 6 週的時間。

And so the time to actually shift over the production is not long, but the time to -- between doing that shift and when you start to see the end product transceivers coming-out is about 6 weeks.

因此，實際轉移生產的時間並不長，但從進行轉移到開始看到最終產品收發器問世之間的時間約為 6 週。

No problem to change from 10G to 25G laser.

從 10G 更換為 25G 激光器沒有問題。

It takes another 6 weeks for the record growth and processing and the chip testing.

創紀錄的生長和處理以及芯片測試還需要 6 週的時間。

So again, if you have a 6-week differential, you should be able over the course of the quarter to re-align your production to the end market demand mix and, therefore, as you go into the fourth quarter, I would think that you would be able then to match closely your laser and transceiver production to the mix of demand you're getting from the field and, therefore, you should not have any issues on weakness on 40 gig in 3Q impacting 4Q.

因此，如果您有 6 週的差異，您應該能夠在本季度內根據終端市場需求組合重新調整生產，因此，當您進入第四季度時，我認為然後，您將能夠將您的激光器和收發器生產與您從現場獲得的需求組合緊密匹配，因此，您不應該遇到任何第三季度40 gig 的弱點影響第四季度的問題。

Logically, that would follow.

從邏輯上講，接下來就會發生。

Is that not a reasonable line of logic?

這不是一個合理的邏輯嗎？

If I understand your comment or you question, you're saying that by the end of the quarter, we should have our resources realigned.

如果我理解您的評論或問題，那麼您的意思是，到本季度末，我們應該重新調整我們的資源。

And going into the fourth quarter, there shouldn't be an overhang or something from the mix shift.

進入第四季度，不應該出現混合變化帶來的懸念或其他問題。

If that's your question, the answer is yes.

如果這是您的問題，那麼答案是肯定的。

Yes, that's correct.

對，那是正確的。

So if you're expecting the 40 gig to fall off to the level that you have in the fourth quarter anyway, then this is a temporary wobble in demand and you should be able to power through it as you go into the final quarter of the year.

因此，如果您預計 40 場演出無論如何都會下降到第四季度的水平，那麼這只是需求的暫時波動，當您進入第四季度的最後一個季度時，您應該能夠克服它。年。

Is that the right way to think about it?

這是正確的思考方式嗎？

Yes, and that's why we said we think we expect to see sequential growth in the fourth quarter.

是的，這就是為什麼我們說我們預計第四季度會出現環比增長。

I think we were pretty clear about putting that out there (inaudible).

我認為我們非常清楚地將其放在那裡（聽不清）。

Clearly, The Street is expecting a lot more than sequential growth off of a lowered third quarter.

顯然，華爾街預計第三季度的增長將遠遠高於環比增長。

It would imply a fairly robust rebound into the fourth quarter, if you had that in balance, I would think.

我認為，如果你能平衡的話，這將意味著第四季度將出現相當強勁的反彈。

Is that not a reasonable way to think about it?

這難道不是一個合理的思考方式嗎？

Yes, I think it's a reasonable thing to think about it, absolutely.

是的，我認為這絕對是一件合理的事情。

Okay.

好的。

In terms of the mix, I would assume that you're getting a benefit on price -- on average selling price, not just from the mix in 40 gig to 100 gig, but also a mix from PSM to CWDM4 and that ultimately will help offset considerable amount of pricing between those 2. Is that also a reasonable way to think of it?

就混合而言，我假設您在價格上獲得了好處 - 平均售價，不僅來自 40 gig 到 100 gig 的混合，還包括從 PSM 到 CWDM4 的混合，這最終將有所幫助抵消這兩者之間相當大的定價。這也是一個合理的思考方式嗎？

That's correct.

這是正確的。

And then finally, how do I think about the volume increases.

最後，我如何看待成交量的增加。

I normally think about a 20 -- 15% decline in pricing needing about 25% volume increase to offset it in this industry over a number of years.

我通常認為，該行業多年來的定價下降 20% 至 15%，需要增加約 25% 的銷量來抵消。

If you're producing volume growth, it's substantially greater than that.

如果你的產量增長，其幅度要大得多。

Does that scale near literally?

這個比例接近字面意思嗎？

Or is it -- is there a big diminishing benefit as you go from -- instead of 25% growth to, say, a 50% growth rate in volume?

或者，當數量增長率從 25% 增長到 50% 時，效益是否會大幅遞減？

In other words, would the impact to margins be comparable benefit to margins?

換句話說，對利潤率的影響是否與利潤率的效益相當？

I'm not really sure I follow your question, but maybe I can try to restate it.

我不太確定我是否明白你的問題，但也許我可以嘗試重述一下。

Are you asking, do we see sort of economies of scale coming from larger production quantities and, therefore, lower costs associated, for example, with chip production or what have you, as we scale production?

您是否在問，當我們擴大生產規模時，我們是否會看到某種規模經濟來自於更大的生產數量，從而降低與芯片生產等相關的成本？

Is that...

就是它...

Well, clearly, you do that.

嗯，很明顯，你就是這樣做的。

The question is, if I get x amount of benefit from 25% increase in volume, is it 2x improvement in costs, on a 50% increase?

問題是，如果我從產量增加 25% 中獲得 x 數量的收益，那麼成本增加 50% 後是否會降低 2 倍？

Or is it substantially diminished benefit on the second increase in volume?

或者第二次增加數量時帶來的好處是否大幅減少？

That's a pretty complicated question, Alex.

這是一個非常複雜的問題，亞歷克斯。

I mean, there, obviously, is sort of an asymptote here.

我的意思是，顯然，這裡有一種漸近線。

There's a minimum cost that you can get for any component.

任何組件都有一個最低成本。

And so, as you get higher and higher you start to approach that.

因此，當你變得越來越高時，你就會開始接近這個目標。

But I can't tell you where we are in that curve at the present time.

但我無法告訴你目前我們處於曲線的哪個位置。

So I know I'm answering your question, but I don't have a good way to answer that question based on the information that we have.

所以我知道我正在回答你的問題，但根據我們所掌握的信息，我沒有一個好的方法來回答這個問題。

But what we can say that we're making more long-range transceivers in Q3s than Q2 and we're making more long-range transceivers in Q4 than Q3, for sure.

但我們可以說，我們在第三季度生產的遠程收發器比第二季度更多，並且我們在第四季度生產的遠程收發器比第三季度更多，這是肯定的。

At least by 1% each.

至少各1%。

But for sure, at the same time, we had price reduction, but even so although our revenue was still growing.

但可以肯定的是，與此同時，我們的價格有所下降，但即便如此，儘管我們的收入仍在增長。

One last question if I could.

最後一個問題，如果可以的話。

Your friends who reported earlier this week, talked about getting to 8 million lasers a month and they were talking about a new fab coming onstream in the September -- late September timeframe which would allow them to get to that production in 4Q.

本週早些時候報導的朋友們談到了每月要達到800 萬台激光器，他們正在談論一家新的晶圓廠將在9 月（9 月下旬的時間範圍內）投產，這將使他們能夠在第四季度實現該生產。

I guess my question is, that seems awfully aggressive timeline to bring a fab onstream and be able to actually get lasers off of it.

我想我的問題是，要讓晶圓廠投產並能夠真正從其上獲得激光器，這似乎是一個非常緊迫的時間表。

I know you guys have a lot of experience in bringing that kind of stuff up and I would think the length of time to go from a new fab launching to actually having qualified-lasers that can be put into transceivers and sold to customers would be more like 6 or even 9 months.

我知道你們在推出此類產品方面擁有豐富的經驗，我認為從新晶圓廠啟動到實際擁有可放入收發器並出售給客戶的合格激光器所需的時間會更長比如6個月甚至9個月。

How would you view that timeline that was offered up?

您如何看待所提供的時間表？

Yes, I think that's very aggressive.

是的，我認為這非常激進。

As you point out, just to do the qualification effort requires several thousand hours of qualification testing time at a minimum.

正如您所指出的，僅進行資格認證工作就至少需要數千小時的資格測試時間。

Minimum 3,000 to 5,000 hours, minimum.

最少 3,000 到 5,000 小時。

And that's just time after the laser and the modules have already been made and assembled where they have to be tested.

此時激光器和模塊已經製造完畢並組裝好並進行測試。

And so that's several months just sitting there doing the testing, not to mention actually having to bring the fab up, make the wafers, and all the rest of it.

因此，僅僅坐在那裡進行測試就需要幾個月的時間，更不用說實際上必須啟動晶圓廠、製造晶圓以及所有其他工作。

I think that's a pretty aggressive time frame.

我認為這是一個相當激進的時間框架。

And (inaudible) actually, we don't really understand, is capacity based on growth?

（聽不清）實際上，我們並不真正理解，容量是基於增長的嗎？

How about the capacity for processing, quality of special testing?

加工能力、專項檢測質量如何？

So we don't really know.

所以我們真的不知道。

The number three point is, I don't know who are their customers who want to buy so many lasers.

第三點是，我不知道他們的客戶是誰想要購買這麼多激光器。

Anyway, that's good for them.

無論如何，這對他們來說都是好事。

If they can find the customers to buy so many lasers, they would have a lot of inventory.

如果他們能找到客戶購買這麼多激光器，他們就會有大量庫存。

As I say, we believe we are market leaders in 40G long-range transceiver and 100G long-range transceiver and we're making our own laser.

正如我所說，我們相信我們是 40G 遠程收發器和 100G 遠程收發器的市場領導者，並且我們正在製造自己的激光器。

And I believe we have very significant market share.

我相信我們擁有非常重要的市場份額。

If the market be so great next year, that would be good for everybody in this market, not only AOI, or not only this company, the market would grow by 300% next year or 400% next year.

如果明年市場這麼好，那對這個市場的每個人都有好處，不僅僅是AOI，或者不僅僅是這家公司，明年市場會增長300%或者400%。

That's great.

那太棒了。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Thompson Lin for any closing remarks.

我想將會議轉回湯普森·林（Thompson Lin）發表閉幕詞。

Okay, and thank you for joining us today.

好的，感謝您今天加入我們。

As always, we thank our investors, customers and employees for your continued support.

一如既往，我們感謝投資者、客戶和員工的持續支持。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect your lines.

您現在可以斷開線路。

Have a good day.

祝你有美好的一天。