祥茂光電 (AAOI) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to the Applied Optoelectronics Second Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please note that this event is being recorded today.

下午好，歡迎參加 Applied Optoelectronics 2022 年第二季度財務業績電話會議。 （操作員說明）請注意，今天正在記錄此事件。

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

我現在想把會議交給 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 Second Quarter 2022 Financial Results Conference Call. After the market closed today, AOI issued a press release announcing its second quarter 2022 financial results, and provided its outlook for the third quarter of 2022. The release is also available on the company's website at ao-inc.com. This call is being recorded and webcast live. A link to the recording can be found on the Investor Relations section of the AOI website and will be archived for 1 year.

謝謝你。我是應用光電投資者關係部的 Lindsay Savarese，很高興歡迎您參加 AOI 的 2022 年第二季度財務業績電話會議。今天市場收盤後，AOI 發布了一份新聞稿，宣布了其 2022 年第二季度的財務業績，並提供了 2022 年第三季度的展望。該新聞稿也可在公司網站 ao-inc.com 上查閱。正在錄製此通話並進行網絡直播。錄音鏈接可在 AOI 網站的投資者關係部分找到，並將存檔 1 年。

Joining us on today's call is Dr. Thompson Lin, AOI's Founder, Chairman and CEO; and Dr. Stefan Murry, AOI's Chief Financial Officer and Chief Strategy Officer. Thompson will give an overview of AOI's Q2 results, and Stefan will provide financial details and the outlook for the third quarter of 2022. A question-and-answer session will follow our prepared remarks.

加入我們今天的電話會議的是 AOI 創始人、董事長兼首席執行官 Thompson Lin 博士；和 AOI 首席財務官兼首席戰略官 Stefan Murry 博士。 Thompson 將概述 AOI 的第二季度業績，Stefan 將提供財務細節和 2022 年第三季度的展望。問答環節將在我們準備好的評論之後進行。

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 believes, anticipates, estimates, intends, predicts, expects, plans, may, should, could, would, will or thinks and by other similar expressions that convey uncertainty of future events or outcomes.

在開始之前，我想提醒您查看 AOI 的安全港聲明。在今天的電話會議上，管理層將做出前瞻性陳述。這些前瞻性陳述涉及風險和不確定性以及假設和當前預期，可能導致公司的實際結果與此類前瞻性陳述中的預期存在重大差異。在某些情況下，您可以通過諸如相信、預期、估計、打算、預測、預期、計劃、可能、應該、可能、將、將要或認為等術語以及傳達未來不確定性的其他類似表達來識別前瞻性陳述事件或結果。

Forward-looking statements also include statements regarding management's beliefs and expectations related to the expansion of the reach of our products into new markets and customer responses to our innovations as well as statements regarding the company's outlook for the third quarter of 2022. 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, 2021.

前瞻性陳述還包括有關管理層對將我們的產品擴展到新市場的信念和預期以及客戶對我們創新的反應的陳述，以及有關公司 2022 年第三季度前景的陳述。根據法律，我們不承擔在本財報電話會議日期後以任何理由更新前瞻性陳述的義務，以使這些陳述符合實際結果或公司預期的變化。有關可能影響公司業務的其他風險的更多信息，請參閱公司提交給 SEC 的報告的風險因素部分，包括公司截至 2021 年 12 月 31 日止年度的 10-K 表格年度報告。

Also, 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 the discussion of why we present non-GAAP financial measures are included in our earnings press release that is available on our website. I'd like to note the date of our third quarter 2022 earnings call is currently scheduled for November 3, 2022.

此外，今天討論的所有財務數據均基於非公認會計原則，除非另有特別說明。非 GAAP 財務指標不應單獨考慮或替代根據 GAAP 編制的結果。我們的 GAAP 和非 GAAP 措施之間的對賬以及關於我們為何提出非 GAAP 財務措施的討論都包含在我們網站上提供的收益新聞稿中。我想指出，我們 2022 年第三季度財報電話會議的日期目前定於 2022 年 11 月 3 日。

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

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

Thank you, Lindsay, and thank you for joining our call today. I will begin with some highlights from the quarter before. I'll turn the call over to Stefan Murry, who will discuss a more detailed review of our second quarter financial results and outlook for the third quarter.

謝謝你，Lindsay，謝謝你今天加入我們的電話會議。我將從上一季度的一些亮點開始。我將把電話轉給 Stefan Murry，他將討論對我們第二季度財務業績和第三季度前景的更詳細審查。

Our second quarter revenue was adversely affected by a delay in the completion of several orders from a large CATV customer that we expect to ship in Q2. During the quarter, the customer requested a certain change to several orders. But due to the well-known supply chain issues, we were unable to adjust production and procure raw materials to address these changes prior to quarter end, and the revenue, therefore, slipped into Q3. We have since shipped substantially all these orders and also delayed. We recognize the result in revenue, this shipping delay negative impact our Q2 revenue by approximately $6.7 million. As a result, our total revenue for the second quarter decreased 3.5% year-over-year to $52.3 million, which was below our expectations.

我們第二季度的收入受到了我們預計將在第二季度發貨的大型 CATV 客戶的幾筆訂單延遲完成的不利影響。在本季度，客戶要求對幾個訂單進行一定的更改。但由於眾所周知的供應鏈問題，我們無法在季度末之前調整生產和採購原材料以應對這些變化，因此收入滑入了第三季度。從那以後，我們已經基本上運送了所有這些訂單，並且也延遲了。我們認識到收入的結果，這種運輸延遲對我們的第二季度收入產生了大約 670 萬美元的負面影響。因此，我們第二季度的總收入同比下降 3.5% 至 5230 萬美元，低於我們的預期。

Turning to the rate of our results. Our gross margin was in line with our expectations, and non-GAAP EPS was above our expectations. Total revenue in our CATV segment of $23.7 million was down 14.1% year-over-year and was down 5.1% sequentially due to the reason I mentioned above related to the delayed shipping. The overall demand environment remains robust as MSO, particularly in North America, continues purchasing additional network products in order to upgrade their network.

轉向我們的結果率。我們的毛利率符合我們的預期，非公認會計準則每股收益高於我們的預期。我們有線電視部門的總收入為 2370 萬美元，同比下降 14.1%，環比下降 5.1%，原因是我上面提到的與延遲發貨有關的原因。總體需求環境依然強勁，因為 MSO，特別是在北美，繼續購買額外的網絡產品以升級其網絡。

Total revenue for our data center product of $21.5 million decreased 4% year-over-year and was essentially flat sequentially. As we have discussed previously, the slight year-over-year decline in delivered revenue is due to the decline in 40G, which is nearly the end of its life cycle. This decline was partially offset by an increase in 100G. As 400G continues to ramp later this year, we expect year-over-year growth for our total data center revenue to be good.

我們數據中心產品的總收入為 2150 萬美元，同比下降 4%，環比基本持平。正如我們之前所討論的，交付收入同比略有下降是由於 40G 的下降，這幾乎是其生命週期的終點。這一下降被 100G 的增加部分抵消。隨著今年晚些時候 400G 繼續增長，我們預計我們的數據中心總收入將同比增長良好。

We continue to see good customer traction on 400G. Today, we have received nearly $5 million in orders for our 400G products, most of which we expect to be shipped in Q3 and Q4 of this year. During the second quarter, we secured 8 design wins. Of these design wins, 2 are for our 400G products, both with existing hyperscale data center operator customers. We also had 2 design wins for our 100G products with hyperscale customers. We have 2 100G wins with network equipment manufacturers supplying the data center industry. The remaining 2 design wins were in our fiber-to-the-home telecom and other categories.

我們繼續在 400G 上看到良好的客戶吸引力。今天，我們收到了近 500 萬美元的 400G 產品訂單，我們預計其中大部分將在今年第三季度和第四季度發貨。在第二季度，我們獲得了 8 項設計勝利。在這些設計勝利中，有 2 個是針對我們的 400G 產品的，兩者都與現有的超大規模數據中心運營商客戶合作。我們還為我們的 100G 產品贏得了 2 次與超大規模客戶的設計勝利。我們在為數據中心行業提供服務的網絡設備製造商贏得了 2 次 100G 訂單。其餘 2 項設計勝出是我們的光纖到戶電信和其他類別。

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

有了這個，我將把電話轉給 Stefan，以審查我們第二季度業績和第三季度前景的細節。斯特凡?

Thank you, Thompson. As Thompson mentioned, our second quarter revenue was adversely affected by a delay in the completion of several orders from a large CATV customer that we had expected to ship in Q2. During the quarter, the customer requested certain changes to several orders, that due to the well-known supply chain issues, we were unable to adjust production and pursue raw materials to address these changes prior to quarter end and the revenue, therefore, slipped into Q3. We have since shipped substantially all of these orders and although delayed, we have recognized the resulting revenue in Q3.

謝謝你，湯普森。正如 Thompson 所說，我們第二季度的收入受到了我們預計將在第二季度發貨的大型 CATV 客戶的幾筆訂單延遲完成的不利影響。在本季度，客戶要求對幾個訂單進行某些更改，由於眾所周知的供應鏈問題，我們無法在季度末之前調整生產和尋找原材料來解決這些變化，因此收入下滑至Q3。此後，我們已經運送了幾乎所有這些訂單，儘管延遲了，但我們已經確認了第三季度的收入。

These shipment delays negatively impacted our Q2 revenue by approximately $6.7 million. As a result, our total revenue for the second quarter decreased 3.5% year-over-year to $52.3 million, which was below our expectations and essentially flat compared to Q1. While our revenue came in below our expectations, we delivered gross margin in line with our expectations and non-GAAP EPS above our expectations. We're encouraged by the strong CATV environment, the recovery in the telecom market and the traction we are seeing with our 400G products.

這些發貨延遲對我們第二季度的收入產生了大約 670 萬美元的負面影響。因此，我們第二季度的總收入同比下降 3.5% 至 5230 萬美元，低於我們的預期，與第一季度相比基本持平。雖然我們的收入低於我們的預期，但我們的毛利率符合我們的預期，非公認會計原則每股收益高於我們的預期。強勁的有線電視環境、電信市場的複蘇以及我們看到的 400G 產品的吸引力令我們感到鼓舞。

During the quarter, we secured 8 new design wins. Of these design wins, 2 were for our 400G products, both with existing hyperscale data center operator customers. We also had 2 wins for our 100G products with hyperscale customers. We had 2 100G wins with network equipment manufacturers supplying the data center industry. The remaining 2 design wins were in our FTTH telecom and others category. We continue to see good customer traction on 400G, and we expect orders will ramp up in the second half of this year.

在本季度，我們獲得了 8 項新設計勝利。在這些設計勝利中，有 2 項是針對我們的 400G 產品的，均與現有的超大規模數據中心運營商客戶合作。我們的 100G 產品也贏得了超大規模客戶的 2 次勝利。我們與為數據中心行業提供服務的網絡設備製造商贏得了 2 次 100G 訂單。其餘 2 項設計獲勝屬於我們的 FTTH 電信和其他類別。我們繼續看到 400G 的良好客戶吸引力，我們預計今年下半年訂單將增加。

On our Q1 call, we have discussed how a major hyperscale data center customer selected AOI as a vendor for several of our 400G products. We are pleased to have completed the interoperability testing with the company's other prospective vendors and we have begun to receive sizable orders for shipments beginning in Q3. This was in addition to the 2 new design wins for 400G in the quarter that I just mentioned. One was with a major hyperscale operator and the other was with a smaller operator. These new wins further bolster our expectation for continued ramp in 400G later this year and into 2023.

在我們的第一季度電話會議上，我們討論了一個主要的超大規模數據中心客戶如何選擇 AOI 作為我們幾個 400G 產品的供應商。我們很高興完成了與公司其他潛在供應商的互操作性測試，並且從第三季度開始，我們已經開始收到大量訂單。這是我剛剛提到的季度 400G 的 2 項新設計勝利的補充。一個與大型超大規模運營商合作，另一個與較小的運營商合作。這些新的勝利進一步支持了我們對今年晚些時候和 2023 年繼續增加 400G 的預期。

Turning to our second quarter results. 45% of our Q2 revenue was from our CATV products, 41% was from our data center products and the remaining 14% from FTTH, telecom and other. In our CATV products segment, the overall demand environment remains robust as MSOs, particularly in North America, continue purchasing additional networking products in order to upgrade their networks. However, for the reasons I mentioned earlier related to the orders that slipped from Q2 into Q3, we generated CATV revenue of $23.7 million, down 14.1% year-over-year and down 5.1% sequentially.

轉向我們的第二季度業績。我們第二季度收入的 45% 來自我們的 CATV 產品，41% 來自我們的數據中心產品，其餘 14% 來自 FTTH、電信和其他產品。在我們的 CATV 產品領域，整體需求環境依然強勁，因為 MSO（尤其是在北美）繼續購買額外的網絡產品以升級其網絡。然而，由於我之前提到的訂單從第二季度滑落到第三季度的原因，我們創造了 2370 萬美元的有線電視收入，同比下降 14.1%，環比下降 5.1%。

Looking ahead, we currently expect strong sequential improvement in CATV revenue in Q3. Further out, we continue to have good visibility with CATV orders as we see our backlog stretching throughout 2022 and into 2023. We have significantly increased production capacity for CATV products and we believe that we are well positioned to deliver on the demand that we are seeing.

展望未來，我們目前預計第三季度有線電視收入將出現強勁的環比增長。此外，由於我們看到我們的積壓訂單將在整個 2022 年到 2023 年持續延伸，我們繼續對 CATV 訂單保持良好的知名度。我們顯著提高了 CATV 產品的生產能力，我們相信我們有能力滿足我們所看到的需求.

Our Q2 data center revenue came in at $21.5 million, down 4% year-over-year and up 0.4% sequentially. In the second quarter, 71% of our data center revenue was from our 100G products, 21% was from our 40G transceiver products and 1.1% was from our 200G and 400G transfer products. As Thompson noted earlier, we have booked nearly $5 million in orders already for 400G products. And with our production capacity ramping, we expect to ship most of these in Q3 and Q4 of this year.

我們第二季度的數據中心收入為 2150 萬美元，同比下降 4%，環比增長 0.4%。第二季度，我們數據中心收入的 71% 來自我們的 100G 產品，21% 來自我們的 40G 收發器產品，1.1% 來自我們的 200G 和 400G 傳輸產品。正如 Thompson 之前指出的，我們已經為 400G 產品預訂了近 500 萬美元的訂單。隨著我們產能的提高，我們預計將在今年第三季度和第四季度出貨其中的大部分產品。

Now turning to our telecom segment. Revenue from our telecom products of $6.3 million was up 88.3% year-over-year and up 19.2% sequentially. Our strong second quarter performance was driven by a recovery in the China telecom market. Looking ahead, we continue to expect to see fluctuations in revenue in telecom as the outlook for China Telecom remains somewhat murky. For the second quarter, our top 10 customers represented 87.1% of revenue, up from 86.8% in Q2 of the prior year. We had 2 10% or greater customers in the second quarter, 1 in the CATV market and 1 in the data center market. These customers contributed 40% and 22.2% of total revenue, respectively.

現在轉向我們的電信部門。我們的電信產品收入為 630 萬美元，同比增長 88.3%，環比增長 19.2%。我們強勁的第二季度業績受到中國電信市場復甦的推動。展望未來，我們繼續預計電信收入將出現波動，因為中國電信的前景仍然有些不明朗。第二季度，我們的前 10 名客戶佔收入的 87.1%，高於去年第二季度的 86.8%。第二季度我們有 2 個 10% 或更多的客戶，1 個在 CATV 市場，1 個在數據中心市場。這些客戶分別貢獻了總收入的 40% 和 22.2%。

In Q2, we generated non-GAAP gross margin of 16.7%, which was within our guidance range of 16.5% to 18% and was down from 17.5% in Q1 of 2022 and 25% in Q2 of 2021. The decline in our gross margin was mostly due to continued challenges with the supply chain. Total non-GAAP operating expenses in the second quarter were $18.2 million or 34.9% of revenue. down from $20 million or 36.9% of revenue in Q2 of the prior year. R&D expenses decreased year-over-year, reflecting the timing of certain R&D projects, which we believe will come back next quarter. And our sales and marketing expenses benefited from some reduced shipping costs as well as lower personnel costs.

第二季度，我們的非美國通用會計準則毛利率為 16.7%，在我們 16.5% 至 18% 的指導範圍內，低於 2022 年第一季度的 17.5% 和 2021 年第二季度的 25%。我們的毛利率下降主要是由於供應鏈的持續挑戰。第二季度非美國通用會計準則運營費用總額為 1820 萬美元，佔收入的 34.9%。低於去年第二季度的 2000 萬美元或收入的 36.9%。研發費用同比下降，反映了某些研發項目的時間安排，我們認為這些項目將在下個季度回歸。我們的銷售和營銷費用得益於運輸成本的降低以及人員成本的降低。

Looking forward, we expect non-GAAP operating expenses to hover around $20 million per quarter for the rest of the year. Non-GAAP operating loss in the second quarter was $9.5 million compared to an operating loss of $6.5 million in Q2 of the prior year. GAAP net loss for Q2 was $14.5 million or a loss of $0.52 per basic share compared with a GAAP net loss of $8.2 million or a loss of $0.31 per basic share in Q2 of 2021.

展望未來，我們預計非 GAAP 運營費用將在今年剩餘時間內每季度徘徊在 2000 萬美元左右。第二季度非美國通用會計準則營業虧損為 950 萬美元，而去年第二季度的營業虧損為 650 萬美元。第二季度的 GAAP 淨虧損為 1450 萬美元或每股基本股虧損 0.52 美元，而 2021 年第二季度的 GAAP 淨虧損為 820 萬美元或每股基本股虧損 0.31 美元。

On a non-GAAP basis, net loss for Q2 was $7.6 million or a loss of $0.28 per basic share, which was better than our guidance range of a loss of $8.4 million to $9.5 million or loss per share in the range of $0.30 to $0.34 per basic share, and compares to a net loss of $4.1 million or a loss of $0.15 per basic share in Q2 of the prior year. The basic shares outstanding used for computing the net loss in Q2 were 27.6 million.

在非公認會計原則的基礎上，第二季度的淨虧損為 760 萬美元或每股基本虧損 0.28 美元，好於我們的指導範圍 840 萬美元至 950 萬美元或每股虧損 0.30 美元至 0.34 美元每股基本股，而去年第二季度淨虧損 410 萬美元或每股基本股虧損 0.15 美元。用於計算第二季度淨虧損的基本流通股為 2760 萬股。

Turning now to the balance sheet. We ended the second quarter with $40.7 million in total cash, cash equivalents, short-term investments restricted cash. This compares with $40.1 million at the end of the first quarter. We ended the quarter with total debt of $63.8 million, down from $67.2 million last quarter. As of June 30, we had $98.2 million in inventory compared to $92 million at the end of Q1. Inventory increased, primarily due to the delay in shipment of the CATV orders that we discussed earlier.

現在轉向資產負債表。我們在第二季度結束時的現金、現金等價物、短期投資受限現金總額為 4070 萬美元。相比之下，第一季度末為 4010 萬美元。我們在本季度末的總債務為 6380 萬美元，低於上一季度的 6720 萬美元。截至 6 月 30 日，我們的庫存為 9820 萬美元，而第一季度末為 9200 萬美元。庫存增加，主要是由於我們之前討論的 CATV 訂單發貨延遲。

We made a total of $1 million in capital investments in the second quarter, including $0.7 million in production equipment and machinery and $0.2 million in construction and building improvements. For the first half of the year, our total CapEx spend has been about $2 million. Looking ahead to the second half, we would expect flat to slightly higher CapEx spending. So for the year, we currently expect between $4 million and $6 million in total CapEx.

我們在第二季度總共進行了 100 萬美元的資本投資，其中包括 70 萬美元的生產設備和機械以及 20 萬美元的建築和建築改進。今年上半年，我們的資本支出總額約為 200 萬美元。展望下半年，我們預計資本支出將持平或略高。因此，我們目前預計今年的總資本支出在 400 萬至 600 萬美元之間。

Before turning to guidance, I would first like to provide an update on the supply chain environment. We continue to see challenges in some areas of our supply chain, particularly semiconductors. As in prior quarters, we have adapted to these challenges by purchasing materials from alternative often higher cost sources. In some cases, we are able to reduce the impact by redesigning products to utilize components with better availability and cost, but this is not always possible for every shortage.

在轉向指導之前，我首先想提供有關供應鏈環境的更新。我們繼續在供應鏈的某些領域看到挑戰，尤其是半導體。與前幾個季度一樣，我們通過從通常成本更高的替代來源購買材料來適應這些挑戰。在某些情況下，我們可以通過重新設計產品以利用具有更好可用性和成本的組件來減少影響，但這並不總是適用於每次短缺。

We currently see approximately $1 million to $3 million in potential revenue reduction in Q3 due to component shortages. However, this amount represents revenue that will be shifted to Q4 and rather than lost revenue.

由於組件短缺，我們目前看到第三季度的潛在收入減少約 100 萬至 300 萬美元。但是，該金額代表將轉移到第四季度的收入，而不是收入損失。

Moving now to our Q3 outlook. We expect Q3 revenue to be between $57 million and $60 million, and non-GAAP gross margin to be in the range of 16.5% to 18.5%. Non-GAAP net loss is expected to be in the range of $7.6 million to $9.1 million. And non-GAAP loss per basic share between $0.27 and $0.32 using a weighted average basic share count of approximately 27.9 million shares.

現在轉到我們的第三季度展望。我們預計第三季度收入將在 5700 萬美元至 6000 萬美元之間，非美國通用會計準則毛利率將在 16.5% 至 18.5% 之間。非公認會計原則淨虧損預計在 760 萬美元至 910 萬美元之間。使用加權平均基本股數約為 2790 萬股，非公認會計原則每股基本股虧損在 0.27 美元至 0.32 美元之間。

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

有了這個，我會把它交還給接線員進行問答環節。操作員？

(Operator Instructions) Our first question will come from Tim Savageaux with Northland Capital Markets.

（操作員說明）我們的第一個問題將來自 Northland Capital Markets 的 Tim Savageaux。

Question on your -- well, your outlook and a comment you might have made about datacom. So as you look at the sequential increase you're guiding for, for Q3, should we assume that's principally all cable TV catch up? Or is there anything else going on there on the one hand. And on the other, I think Thompson made a comment about returning to year-over-year growth in data center. Was that comment about Q3, the second half? Or any particular color on that?

關於您的問題 - 嗯，您的前景以及您可能對數據通信所做的評論。因此，當您查看您所指導的第三季度的連續增長時，我們是否應該假設這主要是所有有線電視都在追趕？或者一方面還有其他事情發生。另一方面，我認為湯普森對數據中心恢復同比增長發表了評論。那是關於下半場第三季度的評論嗎？或者上面有什麼特別的顏色？

Sure. So the first question was about the nature of the sequential increase that we're forecasting in revenue. Yes, a lot of that is related to the cable TV increase. Data center, we think, will be kind of flattish sequentially. And as far as the returning to sequential growth, that wasn't a specific statement on Q3 or Q4, but we said that at some point during the second half, so probably Q3 or Q4, we should return to sequentially -- to year-over-year growth.

當然。所以第一個問題是關於我們預測的收入連續增長的性質。是的，其中很多與有線電視的增長有關。我們認為，數據中心將依次趨於平緩。至於恢復連續增長，這不是關於第三季度或第四季度的具體聲明，但我們說在下半年的某個時候，可能是第三季度或第四季度，我們應該恢復到連續 - 到一年 -同比增長。

Okay. Just a follow-up on that. Given the orders in hand and additional design wins for 400 gig, it sounds like you expect that to ramp more materially in Q4? Or are you seeing any offsets in lower speed to kind of drive that flattish outlook for data center in Q3?

好的。只是對此的跟進。鑑於手頭的訂單和 400 gig 的額外設計勝出，聽起來您預計第四季度會大幅增加？或者，您是否看到在第三季度數據中心的平淡前景中，低速有任何抵消？

Yes. I mean a lot of the 400G orders are going to start shipping later in Q3. So there's not as much effect in Q3 as you might otherwise -- would otherwise expect if it was going to be for the entire quarter. And then there's always some fluctuation in some of the lower stuff as well. So we do expect to see some ramp in 400G but it will be towards the end of the quarter, more material in Q4.

是的。我的意思是很多 400G 訂單將在第三季度晚些時候開始發貨。因此，第三季度的影響並沒有你想像的那麼大——否則會影響到整個季度。然後一些較低的東西也總是有一些波動。因此，我們確實預計 400G 會有所增長，但將在本季度末，第四季度會有更多材料。

Okay. And then maybe just 1 more. When you talk about the $5 million 400G orders, should we assume that's primarily from your kind of just, I guess, recently historically top customer? Maybe you've just added your other historical top customer. But should we assume that's concentrated with 1 major cloud operator? And how does that initial kind of batch of orders in hand compare to the kind of total opportunity that you see with either that cloud customer or the 2 major cloud customers?

好的。然後也許只有1個。當您談到 500 萬美元的 400G 訂單時，我們是否應該假設這主要來自您的那種，我猜，最近歷史上的頂級客戶？也許您剛剛添加了其他歷史頂級客戶。但是我們是否應該假設這集中在 1 個主要的雲運營商身上？與您從那個雲客戶或 2 個主要雲客戶那裡看到的總機會相比，最初的一批訂單如何？

Yes. So the orders that we've gotten so far bought for 400G, by and large, are not for the largest, the most recent largest major customer. It is for a couple of other hyperscale operators. As far as how we look at this opportunity, I mean, this is very much the beginning. That $5 million represents an accumulation of orders that we've received during the quarter.

是的。因此，到目前為止，我們所獲得的 400G 訂單總體上不是針對最大、最近最大的主要客戶的。它適用於其他幾個超大規模運營商。至於我們如何看待這個機會，我的意思是，這只是一個開始。這 500 萬美元代表我們在本季度收到的訂單的累積。

So it's not like that just all happened, say, this month or this week or something where we would expect that to be some sort of run rate. But the purpose of that is really just to point out that we are starting to see a sizable backlog for orders, we're ramping our production capacity to be able to accommodate those orders and that we'll be delivering on those orders and presumably, additional orders that we'll receive between now and the end of the year.

所以並不是所有的事情都發生了，比如說，本月或本週，或者我們預計會以某種運行速度發生的事情。但這樣做的目的實際上只是為了指出我們開始看到大量積壓的訂單，我們正在提高生產能力以適應這些訂單，並且我們將交付這些訂單，並且大概，從現在到年底，我們將收到額外的訂單。

Our next question will come from Paul Silverstein with Cowen.

我們的下一個問題將來自 Paul Silverstein 和 Cowen。

Stefan, what's the visibility, if any, to margin improvement? What are the -- what needs to happen? I recognize everyone's thinking about supply chain, yourselves included, but what needs to happen for gross margin to get up to more meaningful level from here?

Stefan，利潤率改善的可見性（如果有的話）是什麼？什麼是——需要發生什麼？我承認每個人都在考慮供應鏈，包括你們自己，但是毛利率需要做什麼才能從這裡上升到更有意義的水平？

Yes. I think as we highlighted in our prepared remarks earlier, the biggest factor that's been affecting us recently has been just -- there's not one particular supply chain issue that I can point to. There's been a lot of various different issues that we've had. I think this is not untypical for other companies. Of course, not that, that's an excuse, but it's a little bit difficult to predict exactly what the trajectory of those pricing is going to be. As we noted in our prepared remarks, we've done quite a lot of work on qualifying second sources, finding alternatives. In many cases, redesigning products or portions of products to be able to accommodate components that are either more available or are available at a lower cost or hopefully both.

是的。我認為正如我們在之前準備好的評論中所強調的那樣，最近影響我們的最大因素只是——我無法指出一個特定的供應鏈問題。我們遇到了很多不同的問題。我認為這對於其他公司來說並不少見。當然，不是這樣，這是一個藉口，但要準確預測這些定價的軌蹟有點困難。正如我們在準備好的評論中指出的那樣，我們已經在確定第二來源的條件和尋找替代品方面做了大量工作。在許多情況下，重新設計產品或產品的一部分，以便能夠容納更多可用或以較低成本或希望兩者兼有的組件。

So there's been a lot of activity that we've had. The difficulty in translating all that activity into improved gross margin is that we have to -- if it's a redesign or something like that, we have to burn through the existing inventory. In some cases, the inventory that we're getting or the products that we're able to get are actually higher costs. So that kind of offsets what would otherwise be cost savings from other areas.

所以我們有很多活動。將所有這些活動轉化為提高毛利率的困難在於，我們必須——如果是重新設計或類似的事情，我們必須消耗現有的庫存。在某些情況下，我們獲得的庫存或我們能夠獲得的產品實際上是更高的成本。因此，這種抵消了其他領域的成本節約。

So I mean, I think we're going to see improvement in gross margin towards the end of the year based on some of the new products that we have kicking in more meaningfully contributing to revenue at that time and also some of the anticipated cost reduction, the combination of some of the cost reduction efforts that we have had. So our current expectation is from sort of an uptick in gross margin in Q4. But I will hedge that a little bit by saying that, that assumes that the supply chain situation doesn't get materially worse, which seems like it's likely at this point, but one never knows.

所以我的意思是，我認為，基於我們當時推出的一些新產品對收入的貢獻更有意義，以及一些預期的成本降低，我們將在年底看到毛利率的提高，結合了我們已經進行的一些降低成本的努力。因此，我們目前的預期來自第四季度毛利率的上升。但我會通過這樣說來對沖一下，假設供應鏈情況並沒有變得更糟，這在這一點上似乎很可能，但人們永遠不知道。

Stefan, is what you're talking about getting back to the mid, high-20s for the incremental impact of supply chain? Or you're not even talking about getting back to that level. And I guess we're always trying to get to was to get to 30-plus beyond supply chain, what needs to happen? What can supply -- just reparation of supply chain, what can that get you back to? And then to get to 30-plus, what needs to happen beyond supply chain normalization?

Stefan，您所說的是回到 20 年代中期，因為供應鏈的增量影響嗎？或者你甚至沒有談論回到那個水平。而且我想我們一直在努力達到超過供應鏈的 30 多個，需要發生什麼？可以提供什麼——只是修復供應鏈，這能讓你回到什麼地方？然後要達到 30 多個，除了供應鏈正常化之外還需要發生什麼？

Yes. I think the supply chain probably gets us back into the low to mid-20s. To get to 30%, we would need to see contribution -- significant contribution from some of our higher margin -- newer higher-margin products. So a mix shift in addition to the supply chain normalization.

是的。我認為供應鏈可能會讓我們回到 20 年代中期。要達到 30%，我們需要看到貢獻——我們的一些更高利潤率的重大貢獻——新的更高利潤率的產品。因此，除了供應鏈正常化之外，還有一個混合轉變。

Specifically to 400 gig or your...

專門針對 400 gig 或您的...

I'm sorry. Go ahead, Paul, I'm sorry.

對不起。走吧，保羅，對不起。

Specifically, the 400 gig or you're speaking more generically in terms of new products?

具體來說，是 400 gig 還是您在新產品方面更籠統地說？

More generically about -- I mean, 400 gig can be a contributor there. That's certainly part of it, but other new products as well. And like I said, the time frame on the supply chain normalization, we think, is sort of Q4-ish, again, barring any other things that happen. The new products, again, will start to kick in probably in Q4, but it will probably contribute more meaningfully in quarters after that, so into 2023.

更籠統地說——我的意思是，400 gig 可以成為那裡的貢獻者。這當然是其中的一部分，但其他新產品也是如此。就像我說的那樣，我們認為供應鏈正常化的時間框架有點像第四季度，再次，除非發生任何其他事情。同樣，新產品可能會在第四季度開始推出，但它可能會在那之後的幾個季度做出更有意義的貢獻，直到 2023 年。

And I apologize, I know you've addressed this in the past, but to get to breakeven, what does that assume in terms of volume and gross margin, your assumptions?

我很抱歉，我知道你過去已經解決了這個問題，但是為了達到收支平衡，在數量和毛利率方面，你的假設是什麼？

Right. Well, we gave some guidance to operating expense. It's going to hover probably between $19.5 million, $20 million, something like that through the rest of the year. So you can kind of -- and I don't expect that to change meaningfully next year really either. We've been fairly consistent in operating expense. So you can kind of do the math on the gross margin and revenue numbers that it would take to get to breakeven.

正確的。好吧，我們對運營費用給出了一些指導。在今年剩下的時間裡，它可能會徘徊在 1950 萬美元到 2000 萬美元之間。所以你可以——而且我也不認為明年會發生有意義的變化。我們的運營費用相當一致。因此，您可以對實現盈虧平衡所需的毛利率和收入數字進行數學計算。

As we said before, I think we can get back to the upper 20s or even 30s, maybe touch 30% at some point. It's not likely to happen in the next couple of quarters, given the trajectory that we just talked about. So if you kind of assume that and plug in a, say, $20 million-ish operating expense, you can get a pretty rough idea on what the revenue level would need to be.

正如我們之前所說，我認為我們可以回到 20 多歲甚至 30 多歲，可能在某個時候達到 30%。鑑於我們剛剛談到的軌跡，這不太可能在接下來的幾個季度發生。因此，如果您假設並插入 2000 萬美元左右的運營費用，您就可以大致了解收入水平需要達到多少。

There are no remaining questions at this time. And with that, we will conclude our question-and-answer session. I'd like to turn the conference back over to Dr. Thompson Lin for any closing remarks.

目前沒有剩餘的問題。至此，我們將結束我們的問答環節。我想把會議轉回給 Thompson Lin 博士做任何閉幕詞。

Okay. Thank you for joining us today, as always, we want to extend the thanks to our investors, customers and employees for your continued support. We look forward to updating you on our progress next quarter.

好的。感謝您今天加入我們，一如既往，我們要感謝我們的投資者、客戶和員工一直以來的支持。我們期待在下個季度向您通報我們的進展情況。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。