祥茂光電 (AAOI) 2023 Q3 法說會逐字稿

Good afternoon. I will be your conference operator. At this time, I would like to welcome everyone to Applied Optoelectronics' Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

午安.我將擔任您的會議操作員。現在，我歡迎大家參加應用光電2023年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

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

我現在將把電話轉給 AOI 投資者關係部的 Lindsay Savarese。薩瓦雷斯女士，您可以開始了。

Thank you. I'm Lindsay Savarese, Investor Relations for Applied Optoelectronics. I am pleased to welcome you to AOI's Third Quarter 2023 Financial Results Conference Call.

謝謝。我是應用光電公司投資者關係部的林賽·薩瓦雷塞 (Lindsay Savarese)。我很高興歡迎您參加 AOI 2023 年第三季財務業績電話會議。

After the market closed today, AOI issued a press release announcing its third quarter 2023 financial results and provided its outlook for the fourth quarter of 2023. The release is also available on the company's website at ao-inc.com. This call is being recorded and webcast live. A link to the recording can be found on the Investor Relations section of the AOI website and will be archived for 1 year.

今天收盤後，AOI 發布新聞稿，宣布其 2023 年第三季財務業績，並提供了 2023 年第四季的展望。新聞稿還可在該公司網站 ao-inc.com 上查閱。此次通話正在錄音並進行網路直播。錄音的連結可以在 AOI 網站的投資者關係部分找到，並將存檔 1 年。

Joining us on today's call is Dr. Thompson Lin, AOI's Founder, Chairman and CEO; and Dr. Stefan Murry, AOI's Chief Financial Officer and Chief Strategy Officer. Thompson will give an overview of AOI's Q3 results, and Stefan will provide financial details and the outlook for the fourth quarter of 2023. A question-and-answer session will follow our prepared remarks.

參加今天電話會議的還有 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。 Thompson 將概述 AOI 第三季的業績，Stefan 將提供財務詳細資訊和 2023 年第四季的前景。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. 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, levels of activity, performance or achievements of the company or its industry to differ materially from those expressed or implied in such forward-looking statements.

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，可能導致公司的實際結果、活動水平、公司或其行業的業績或成就與此類前瞻性陳述中明示或暗示的結果有重大差異。尋找陳述。

In some cases, you can identify forward-looking statements by terminologies such as believes, forecasts, anticipates, estimates, suggest, intends, predicts, expects, plans, may, should, could, would, will, potential or think or by the negative of those terms or other similar expressions that convey uncertainty of future events or outcomes.

在某些情況下，您可以透過相信、預測、預期、估計、建議、打算、預測、預期、計劃、可能、應該、能夠、將、將、潛力或認為等術語或負面資訊來識別前瞻性陳述這些術語或其他類似表達方式傳達了未來事件或結果的不確定性。

The company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the company's control.

該公司根據其當前的預期、假設、估計和預測做出這些前瞻性陳述。雖然公司認為這些預期、假設、估計和預測是合理的，但此類前瞻性陳述僅是預測，涉及已知和未知的風險和不確定性，其中許多風險和不確定性超出了公司的控制範圍。

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 innovation as well as statements regarding the company's outlook for the fourth quarter of 2023. 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 change it in the company's expectations.

前瞻性陳述還包括有關管理層對將我們的產品範圍擴展到新市場的信念和期望以及客戶對我們的創新的反應的陳述，以及有關公司 2023 年第四季度前景的陳述。除非根據法律，我們不承擔在本次財報電話會議之後以任何理由更新前瞻性陳述、使這些陳述符合實際結果或改變公司預期的義務。

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, 2022, and the company's quarterly report on Form 10-Q for the quarter ended September 30, 2023.

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 提交的報告的風險因素部分，包括公司截至 2022 年 12 月 31 日的 10-K 表格年度報告，以及公司截至2023 年9 月30 日的季度10-Q 表格季度報告。

Also, all financial results and other financial measures 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，除非另有特別說明，今天討論的所有財務績效和其他財務指標均基於非公認會計原則。非公認會計原則財務指標不應被孤立考慮，也不能取代根據公認會計原則編制的結果。我們的 GAAP 和非 GAAP 指標之間的調整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。

I'd like to note the date of our fourth quarter and full year earnings call is currently scheduled for February 22, 2024.

我想指出的是，我們第四季和全年財報電話會議的日期目前定於 2024 年 2 月 22 日。

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

現在我想把電話轉給應用光電創辦人、董事長兼執行長林湯普博士。湯普森？

Thank you, Lindsay, and thank you for joining our call today. Our third quarter revenue and non-GAAP EPS were in line with our expectations, while our non-GAAP gross margin was better than our expectations. We are pleased by the continued progress we have made on improving our gross margin and by the continued strong growth we saw for our 100G and 400G products in our datacenter business during Q3. The combination of revenue growth and improving gross margins allow us to generate $3 million in adjusted EBITDA during the quarter.

謝謝你，林賽，也謝謝你今天加入我們的電話會議。我們第三季的營收和非 GAAP 每股盈餘符合我們的預期，而我們的非 GAAP 毛利率則優於我們的預期。我們對第三季在提高毛利率方面取得的持續進展以及資料中心業務中 100G 和 400G 產品的持續強勁成長感到高興。收入成長和毛利率提高相結合，使我們在本季度實現了 300 萬美元的調整後 EBITDA。

During the third quarter, we delivered revenue of $62.5 million which was within our guidance range of $60 million to $66 million. We delivered non-GAAP gross margin of 32.5%, above our guidance range of 29.5% to 31%, mainly driven by a favorable product mix shift and contribution from revenue recognized as part of our nonrecurring revenue from Microsoft.

第三季度，我們實現了 6,250 萬美元的收入，在我們 6,000 萬至 6,600 萬美元的指導範圍內。我們的非 GAAP 毛利率為 32.5%，高於 29.5% 至 31% 的指導範圍，這主要是由於有利的產品組合轉變以及確認為微軟非經常性收入一部分的收入貢獻。

Our non-GAAP loss per share was $0.05 which was within our guidance range of a loss of $0.06 to earnings of $0.01. Our revenue in our CATV segment was $10.3 million, down 67% year-over-year and up 10% sequentially, in line with our expectations. Total revenue for our datacenter products of $48.8 million more than doubled year-over-year and increased 77% sequentially, largely due to increased demand for our 100G and 400G products as we continue to see the run-up of our 400G products.

我們的非 GAAP 每股虧損為 0.05 美元，在我們的指導範圍內，即虧損 0.06 美元，獲利 0.01 美元。我們 CATV 業務的營收為 1,030 萬美元，年減 67%，較上季成長 10%，符合我們的預期。我們資料中心產品的總收入為 4,880 萬美元，年增一倍多，環比增長 77%，這主要是由於我們不斷看到 400G 產品的增長，對 100G 和 400G 產品的需求增加。

Revenue for our 100G products nearly tripled year-over-year while revenue for our 400G products increased more than 10x in the same period.

我們的 100G 產品營收年增近兩倍，而我們的 400G 產品營收同期成長超過 10 倍。

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

接下來，我將把電話轉給 Stefan，以審查我們第三季業績的詳細資訊和第四季的前景。斯特凡？

Thank you, Thompson. As Thompson mentioned, our third quarter revenue and non-GAAP EPS were in line with our expectations while our non-GAAP gross margin was better than our expectations. We are pleased by the continued progress we have made on improving our gross margin and by the continued strong demand we saw for our 100G and 400G products in our datacenter business during Q3. The combination of revenue growth and improving gross margin, allowed us to generate $3 million in adjusted EBITDA during the quarter.

謝謝你，湯普森。正如湯普森所提到的，我們第三季的營收和非 GAAP 每股盈餘符合我們的預期，而我們的非 GAAP 毛利率則優於我們的預期。我們對第三季在提高毛利率方面取得的持續進展以及資料中心業務對 100G 和 400G 產品的持續強勁需求感到高興。收入成長和毛利率提高相結合，使我們在本季度實現了 300 萬美元的調整後 EBITDA。

Before turning to discuss our detailed results and outlook, I want to provide an update on the sale of our manufacturing facilities located in the People's Republic of China and certain assets related to our transceiver business and multichannel optical subassembly products for the Internet datacenter, fiber-to-the-home and telecom markets.

在討論我們的詳細表現和前景之前，我想提供有關出售我們位於中華人民共和國的製造設施以及與我們的收發器業務和用於互聯網數據中心、光纖的多通道光學組件產品相關的某些資產的最新資訊。到家庭和電信市場。

On September 12, 2023, we announced the termination of our purchase agreement with Yuhan Optoelectronic Technology. This decision was based on Yuhan's failure to meet agreed upon deadlines, and we lost confidence in their ability to complete the transaction. We are exploring additional options with new potential buyers.

2023年9月12日，我們宣布終止與鈀瀚光電科技的購買協議。這項決定是基於 Yuhan 未能遵守約定的最後期限，我們對他們完成交易的能力失去了信心。我們正在與新的潛在買家探索更多選擇。

Turning to the quarter. Our total revenue for the third quarter increased 10% year-over-year to $62.5 million, which was in line with our guidance range of $60 million to $66 million. As Thompson mentioned, the increase in revenue was largely due to growth of our 100G and 400G datacenter business.

轉向季度。我們第三季的總營收年增 10% 至 6,250 萬美元，符合我們 6,000 萬至 6,600 萬美元的指導範圍。正如 Thompson 所提到的，營收的成長主要歸功於我們 100G 和 400G 資料中心業務的成長。

During the third quarter, 78% of our revenue was from our datacenter products, 16% was from our CATV products with the remaining 6% from FTTH, telecom and other. In line with our expectations, CATV revenue in the third quarter was $10.3 million, which was down 67% year-over-year and up 10% sequentially. We are encouraged by the sequential growth that we saw in our CATV business in Q3.

第三季度，我們78%的營收來自資料中心產品，16%來自CATV產品，其餘6%來自FTTH、電信和其他產品。符合我們的預期，第三季 CATV 營收為 1,030 萬美元，年減 67%，較上季成長 10%。我們對第三季有線電視業務的連續成長感到鼓舞。

Looking forward, we continue to expect that our near-term CATV business will be down compared to the historic highs we saw in 2021 and 2022 as the MSOs transition to next-generation architecture. We anticipate this transition will begin to take place in 2024.

展望未來，我們仍然預計，隨著 MSO 過渡到下一代架構，我們的近期 CATV 業務將低於 2021 年和 2022 年的歷史高點。我們預計這一轉變將於 2024 年開始發生。

Looking further ahead, we continue to carefully monitor MSO plans to move to DOCSIS 4.0 networks. And we continue to believe AOI is a leader in technologies that will enable DOCSIS 4.0 and that our products are well suited for when the push to install amplifiers and other network elements for DOCSIS 4.0 begins.

展望未來，我們將繼續密切關注 MSO 轉向 DOCSIS 4.0 網路的計畫。我們仍然相信 AOI 是支援 DOCSIS 4.0 的技術領導者，並且我們的產品非常適合為 DOCSIS 4.0 安裝放大器和其他網路元件。

In line with our new strategy of directly selling to the MSOs, we have continued to expand our product portfolio. Just last month, we announced the launch of QuantumLink, the latest solution within our Quantum Bandwidth line of products, designed to provide remote management and monitoring of cable amplifiers that we believe will reshape the cable broadband market. Operators using QuantumLink will now have the ability to remotely manage cable broadband amplifiers, ushering in a new era of efficiency, convenience and enhanced service quality for our customers.

根據我們直接向 MSO 銷售的新策略，我們繼續擴大我們的產品組合。就在上個月，我們宣布推出 QuantumLink，這是我們 Quantum Bandwidth 產品線中的最新解決方案，旨在提供有線放大器的遠端管理和監控，我們相信這將重塑有線寬頻市場。使用 QuantumLink 的營運商現在將能夠遠端管理有線寬頻放大器，為我們的客戶開啟一個高效、便利和增強服務品質的新時代。

Last month, we attended the Society of Cable Telecommunications Engineering Expo, or SCTE, where we demonstrated our complete line of Quantum Bandwidth products, including various amplifiers and the QuantumLink control solution I mentioned above. We've received very positive reactions from many of our customers. They are particularly interested in our QuantumLink solution, which several customers have asked to become a standard for the CATV industry. We are pursuing the standardization with CableLabs and anticipate that this technology may be chosen by MSOs as their preferred control architecture for their upcoming deployments.

上個月，我們參加了電纜電信工程博覽會（SCTE），在那裡我們展示了我們完整的量子頻寬產品系列，包括各種放大器和我上面提到的 QuantumLink 控制解決方案。我們收到了許多客戶非常正面的反應。他們對我們的 QuantumLink 解決方案特別感興趣，一些客戶已要求解決方案成為 CATV 行業的標準。我們正在與 CableLabs 一起追求標準化，並預期 MSO 可能會選擇該技術作為即將部署的首選控制架構。

Lastly, and in line with our new strategy, we are pleased to have secured a distribution relationship with Digicomm, a stocking distributor. Digicomm will be an exclusive go-to-market supplier of our Quantum12, high-gain balanced triple and high-gain dual system amplifiers and line extenders. This relationship enables customers to receive the latest network equipment with the same quality and performance they expect while providing the industry's best product delivery lead times.

最後，根據我們的新策略，我們很高興與庫存分銷商 Digicomm 建立了分銷關係。 Digicomm 將成為我們 Quantum12、高增益平衡三重和高增益雙系統擴大機和線路延長器的獨家上市供應商。這種關係使客戶能夠獲得具有與他們期望的相同品質和性能的最新網路設備，同時提供業界最佳的產品交付週期。

Turning to our datacenter business. Our Q3 datacenter revenue came in at $48.8 million, which more than doubled year-over-year and was up 77% sequentially, largely due to increased demand for our 100G and 400G products as our customers continue to purchase our existing products. In the third quarter, 74% of our datacenter revenue was from our 100G products, 13% was from our 200G and 400G transceiver products and 7% was from our 40G transceiver products.

轉向我們的資料中心業務。我們第三季資料中心營收為 4,880 萬美元，年成長一倍多，環比成長 77%，這主要是由於我們的客戶繼續購買我們現有的產品，對我們的 100G 和 400G 產品的需求增加。第三季度，我們資料中心收入的74％來自我們的100G產品，13％來自我們的200G和400G收發器產品，7％來自我們的40G收發器產品。

Notably, revenue for our 100G products increased 75% sequentially while revenue for our 400G products increased 74% sequentially and accounted for just under 11% of our total datacenter revenue in Q3. Looking ahead, we're encouraged by the strong demand we have been seeing and we expect Q4 to be similar to Q3.

值得注意的是，我們的 100G 產品營收季增 75%，而我們的 400G 產品營收季增 74%，佔第三季資料中心總營收的近 11%。展望未來，我們看到的強勁需求令我們感到鼓舞，我們預計第四季將與第三季類似。

As a reminder, as we have discussed on our prior couple of earnings calls, we signed 2 agreements with Microsoft earlier this year, including a development program to make next-generation lasers for its datacenter, both for 400G and beyond and for the development of their 400G and next-generation active optical cables. While not guaranteed, we continue to believe that the revenue opportunity for our 400G and 800G products could be greater and a longer duration than the revenue contribution we saw from this customer during the peak of the 40G product cycle, which suggests that revenue from these products may exceed $300 million over the several years of these buildouts.

提醒一下，正如我們在之前的幾次財報電話會議上所討論的那樣，我們在今年早些時候與微軟簽署了兩項協議，其中包括一項為其數據中心製造下一代激光器的開發計劃，既適用於400G 及以上，也適用於開發他們的 400G 和下一代有源光纜。雖然不能保證，但我們仍然相信，我們的 400G 和 800G 產品的收入機會可能比我們在 40G 產品週期高峰期從該客戶那裡看到的收入貢獻更大、持續時間更長，這表明這些產品的收入這些擴建項目在未來幾年內可能會超過3 億美元。

During the quarter, we received a request from Microsoft to expedite our production ramp for these products, which we are attempting to accommodate. Based on these expedite requests, we believe demand for these products remain strong and our production teams are working very hard to add capacity for this production, which we now expect will allow us to begin shipments later this month rather than in late December as originally planned.

在本季度，我們收到了微軟的請求，要求加快這些產品的生產進度，我們正在努力滿足這項要求。根據這些加急請求，我們相信對這些產品的需求仍然強勁，我們的生產團隊正在非常努力地增加生產能力，我們現在預計這將使我們能夠在本月晚些時候而不是原計劃的12 月底開始發貨。

Notably, the revenue increase we saw from Microsoft this quarter is for mostly existing products. As I just mentioned, we still expect to begin shipping initial quantities of the products related to these new agreements to Microsoft by the end of this month for their testing, and believe that production will begin to ramp in December. We also believe that the value proposition that we offer to Microsoft is just as strong with other datacenter operators, and we are working with several of them to evaluate our technology and qualify our products.

值得注意的是，我們本季從微軟看到的營收成長主要是針對現有產品。正如我剛才提到的，我們仍然預計在本月底之前開始向微軟運送與這些新協議相關的首批產品進行測試，並相信產量將在 12 月開始增加。我們也相信，我們向 Microsoft 提供的價值主張與其他資料中心營運商一樣強大，並且我們正在與其中的幾家營運商合作來評估我們的技術並鑑定我們的產品。

This includes our 800G products. During the quarter, we shipped samples of our 800G datacenter products to 2 different customers. By the end of the year, we expect to ship samples of 800G products to 2 additional datacenter customers. This would bring our total to 4 different datacenter customers who would be evaluating our 800G products by year-end.

這包括我們的 800G 產品。本季度，我們向 2 個不同的客戶發送了 800G 資料中心產品的樣品。今年底，我們預計將向另外 2 個資料中心客戶提供 800G 產品樣品。這將使我們的資料中心客戶總數達到 4 個，他們將在年底前評估我們的 800G 產品。

Now turning to our telecom segment. Revenue from our telecom products of $3 million was down 55% year-over-year and down 27% sequentially, largely driven by softness in 5G demand, particularly in China. Looking ahead, we expect telecom sales to fluctuate around current levels.

現在轉向我們的電信部門。我們的電信產品收入為 300 萬美元，年減 55%，環比下降 27%，這主要是由於 5G 需求疲軟（尤其是在中國）造成的。展望未來，我們預期電信銷售額將在當前水準附近波動。

For the third quarter, our top 10 customers represented 96% of revenue, up from 86% in Q3 of last year. We had 2 greater than 10% customers, 1 in the datacenter market and 1 in the CATV market, which contributed 64% and 12% of our total revenue, respectively.

第三季度，我們的十大客戶佔營收的 96%，高於去年第三季的 86%。我們有2個超過10%的客戶，1個在資料中心市場，1個在有線電視市場，分別貢獻了我們總收入的64%和12%。

In Q3, we generated non-GAAP gross margin of 32.5%, which was above our guidance range of 29.5% to 31% and was up from 24.8% in Q2 of 2023 and up from 18% in Q3 of 2022. The increase in gross margin was driven mainly by our favorable product mix shift and contribution from revenue recognized as part of our nonrecurring revenue from Microsoft. We remain committed to the long-term goal of returning gross margin to around 40% and believe that this goal is achievable.

第三季度，我們的非 GAAP 毛利率為 32.5%，高於我們 29.5% 至 31% 的指導範圍，高於 2023 年第二季的 24.8%，高於 2022 年第三季的 18%。利潤率主要得益於我們有利的產品組合轉變以及作為我們來自微軟的非經常性收入的一部分確認的收入貢獻。我們仍然致力於將毛利率恢復到40%左右的長期目標，並相信這個目標是可以實現的。

Total non-GAAP operating expenses in the third quarter were $21.4 million or 34.2% of revenue, which compared to $19.4 million or 34.3% of revenue in Q3 of the prior year, largely driven by increasing legal costs, increased shipping costs commensurate with our increased revenue and increased marketing spend to promote our CATV products. Looking ahead, we expect non-GAAP operating expenses to range from $21 million to $23 million per quarter.

第三季的非GAAP 營運費用總額為2,140 萬美元，佔營收的34.2%，而上一年第三季為1,940 萬美元，佔營收的34.3%，這主要是由於法律成本的增加、運輸成本的增加與我們增加的運輸成本相稱。收入和增加行銷支出來推廣我們的有線電視產品。展望未來，我們預計每季非 GAAP 營運費用將在 2,100 萬美元至 2,300 萬美元之間。

Non-GAAP operating loss in the third quarter was $1 million compared to an operating loss of $9.3 million in Q3 in the prior year. GAAP net loss for Q3 was $9 million or a loss of $0.27 per basic share compared with a GAAP net loss of $15.6 million or a loss of $0.56 per basic share in Q3 of 2022.

第三季非 GAAP 營運虧損為 100 萬美元，而上年第三季營運虧損為 930 萬美元。第三季的 GAAP 淨虧損為 900 萬美元，或每股基本股虧損 0.27 美元，而 2022 年第三季的 GAAP 淨虧損為 1,560 萬美元，或每股基本股虧損 0.56 美元。

On a non-GAAP basis, net loss for Q3 was $1.7 million, or a loss of $0.05 per basic share, which was in line with our guidance range of a loss of $1.9 million to a profit of $0.2 million or a loss per share in the range of $0.06 to earnings of $0.01 per basic share and compares to a net loss of $7.1 million or a loss of $0.26 per basic share in Q3 of the prior year. The basic shares outstanding used for computing the net loss in Q3 were 32.8 million.

根據非公認會計原則，第三季淨虧損為 170 萬美元，或每股基本股虧損 0.05 美元，符合我們的指導範圍，即虧損 190 萬美元至利潤 20 萬美元或每股虧損每股基本股盈利0.06 美元至0.01 美元之間，而去年第三季的淨虧損為710 萬美元，即每股基本股虧損0.26 美元。用於計算第三季淨虧損的已發行基本股為3,280萬股。

Turning now to the balance sheet. We ended the third quarter with $31.2 million in total cash, cash equivalents, short-term investments and restricted cash. This compares with $28.6 million at the end of the second quarter of this year. We ended the quarter with total debt, excluding convertible debt of $46.6 million, down slightly from $46.9 million at the end of last quarter.

現在轉向資產負債表。截至第三季末，我們的現金、現金等價物、短期投資和限制性現金總額為 3,120 萬美元。相比之下，今年第二季末的銷售額為 2,860 萬美元。本季末，我們的總債務（不包括可轉換債務）為 4,660 萬美元，略低於上季末的 4,690 萬美元。

As of September 30, we had $67.5 million in inventory compared to $66.3 million at the end of Q2. We made a total of $2.1 million in capital investments in the third quarter, which was mainly used for production and R&D equipment. As we disclosed in March, we initiated a new at-the-market offering. To date, we have raised $43.1 million net of commissions and fees under this new program, including $22 million raised in Q3 and $11.2 million raised after the end of the quarter.

截至 9 月 30 日，我們的庫存為 6,750 萬美元，而第二季末為 6,630 萬美元。第三季我們總共進行了210萬美元的資本投資，主要用於生產和研發設備。正如我們在三月所披露的那樣，我們啟動了一項新的市場發行。迄今為止，我們已根據這項新計劃籌集了 4,310 萬美元（扣除佣金和費用），其中包括第三季籌集的 2,200 萬美元和本季末後籌集的 1,120 萬美元。

Moving now to our Q4 outlook. We expect Q4 revenue to be between $63 million and $67 million, and non-GAAP gross margin to be in the range of 34.5% to 36%. Non-GAAP net income is expected to be in the range of a loss of $0.9 million to income of $1.2 million and non-GAAP income between a loss of $0.02 per basic share and income of $0.04 per basic share, using a weighted average basic share count of approximately 35.1 million shares.

現在轉向我們的第四季展望。我們預計第四季營收將在 6,300 萬美元至 6,700 萬美元之間，非 GAAP 毛利率將在 34.5% 至 36% 之間。使用加權平均基本股計算，預計非 GAAP 淨利潤將在 90 萬美元虧損至 120 萬美元收入之間，非 GAAP 收入預計將在每股基本股虧損 0.02 美元至每股基本股收入 0.04 美元之間總股數約3510 萬股。

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

這樣，我會將其轉回給操作員進行問答環節。操作員？

(Operator Instructions) The first question comes from Jeff Koche with Raymond James.

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

Yes. In for Simon. Just really quickly on the Microsoft income that's nonrecurring. Can you talk about -- maybe quantify it for the quarter and like what's built in for guidance and how we should think about that relative to the ramp would be helpful.

是的。替西蒙.很快就了解了微軟的非經常性收入。你能談談——也許可以量化本季的情況，例如內建的指導內容，以及我們應該如何考慮相對於斜坡的情況會有所幫助。

Yes. Well, I can't comment on the exact amount of nonrecurring engineering costs that would be covered under our nondisclosure agreement with Microsoft. So it was not the primary contributor to the increase in gross margin, however. It wasn't noted.

是的。嗯，我無法評論我們與 Microsoft 簽訂的保密協議中涵蓋的一次性工程成本的具體金額。然而，它並不是毛利率成長的主要貢獻者。沒有註意到。

Okay. Great. And then maybe you can just give some color on the segments, like kind of how you're thinking about some of the other segments going into December? Yes, just start there.

好的。偉大的。然後也許你可以給這些片段一些顏色，例如你如何看待 12 月的其他一些片段？是的，就從這裡開始吧。

Well, as we noted there -- sure. Yes. So as we noted, we're pretty excited about the progress that we're making on the datacenter business. As we mentioned, Microsoft is accelerating their demand for the new products that we've been discussing based on the new contracts that we have. And that's really positive for us. I mean there's a limit to how fast we can speed up the production, of course. So it's not going to dramatically change our revenue picture in the fourth quarter, but we're encouraged by the increase in demand that we're seeing.

嗯，正如我們在那裡指出的那樣——當然。是的。正如我們所指出的，我們對資料中心業務所取得的進展感到非常興奮。正如我們所提到的，微軟正在加速他們對新產品的需求，我們一直在根據我們擁有的新合約討論這些新產品。這對我們來說確實是正面的。我的意思是，當然，我們加快生產速度的速度是有限的。因此，這不會顯著改變我們第四季的營收狀況，但我們看到的需求成長令我們感到鼓舞。

We're also really encouraged by the progress that we've made on 800G. As we noted, we've sampled that already to several customers, and we expect to sample it to several more customers before year-end. So we're really excited about both of those, the progress that we're making on that front.

我們在 800G 的進展也讓我們深受鼓舞。正如我們所指出的，我們已經向幾位客戶提供了樣品，我們預計在年底前向更多的客戶提供樣品。因此，我們對這兩方面以及我們在這方面取得的進展感到非常興奮。

On the cable TV side of things, we did have -- as you've seen from the other companies that have reported already, the situation in cable right now across the board is muted compared to where it was a year or 2 ago, for sure. But we're encouraged by the sequential uptick in revenue there. And the progress that we've made in terms of our new model of selling directly to the MSOs and the acceptance that the MSOs have had of our new technologies like QuantumLink, which we talked about in the prepared remarks earlier, has been really phenomenal. And we're really, really excited about the progress that we've made there as well.

在有線電視方面，我們確實做到了——正如您從已經報告的其他公司所看到的那樣，與一兩年前相比，目前有線電視的整體情況比較平靜，因為當然。但我們對該地區收入的連續成長感到鼓舞。我們在直接向 MSO 銷售的新模式以及 MSO 對我們的新技術（如我們在之前準備的發言中談到的 QuantumLink）的接受度方面取得的進展確實是驚人的。我們對我們在這方面取得的進展也感到非常非常興奮。

So those 2 segments, I think, obviously account for the vast majority of our business. The telecom market will be somewhat muted. As we noted, the 5G business in China has been relatively slow, and I don't necessarily see a recovery of that in the short term, at least. But certainly, the 2 business segments that account for the vast majority of our revenue are both heading in the right direction.

因此，我認為這兩個部分顯然佔據了我們業務的絕大多數。電信市場將有些低迷。正如我們所指出的，中國的 5G 業務相對緩慢，至少在短期內我不一定會看到復甦。但可以肯定的是，占我們收入絕大多數的兩個業務部門都朝著正確的方向發展。

So could you see cable TV -- sequentially into December? Or do you think that we continue to see sequential growth? And then is it -- when do you see an inflection there from -- like you were saying, is that for DOCSIS 4.0, is that more '24?

那麼，您能連續到 12 月收看有線電視嗎？或者您認為我們會繼續看到環比增長嗎？然後是 - 你什麼時候看到那裡的變化 - 就像你說的那樣，是 DOCSIS 4.0，是不是更像 '24？

Right. So you're cutting in and out there a little bit, but I think I understood your question to be on cable TV. Do we expect to see some sequential growth into Q4. And I think you could tell from the guide, we don't expect like dramatic growth in cable, but there's probably some opportunity for some growth there. As we discussed, the cable market will recover -- or we expect the cable market to recover substantially during the DOCSIS 4.0 introduction, which will happen in the middle part of next year.

正確的。所以你插話了一點，但我想我明白你的問題是在有線電視上。我們預計第四季會出現一些連續成長嗎？我想你可以從指南中看出，我們預計有線電視不會大幅成長，但那裡可能有一些成長的機會。正如我們所討論的，有線電視市場將會復甦——或者我們預計有線電視市場將在 DOCSIS 4.0 推出期間大幅復甦，這將在明年中期發生。

In the meantime, we are seeing some customers that are finally starting to burn through their inventory of DOCSIS 3.1 products, the 1.2 gigahertz. So I expect to see some sort of modest improvement there, but the dramatic uptick that we expect to see will be with DOCSIS 4.0 in the middle part of next year.

同時，我們看到一些客戶終於開始消耗他們的 DOCSIS 3.1 產品（1.2 GHz）庫存。因此，我預計會在這方面看到某種程度的改善，但我們預計明年中期 DOCSIS 4.0 會出現顯著的成長。

Yes. So basically -- this is Thompson. We believe CATV, we can see very, very strong growth in next year from, I would say, the end of Q2 or sometime in Q3 next year. And more important, the gross margin will be much better. That's the key. It's not (inaudible), it's gross margin improvement.

是的。基本上，這就是湯普森。我們相信有線電視，我們可以看到明年非常非常強勁的成長，我想說，從第二季末或明年第三季的某個時候開始。更重要的是，毛利率會好很多。這就是關鍵。這不是（聽不清楚），而是毛利率的提高。

(Operator Instructions) The next question comes from Tim Savageaux with Northland Capital Markets.

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

Congrats on the results and the positive EBITDA in particular. I have a question about the kind of pull in that we're seeing from Microsoft in terms of 400 gig AOC type demands. And I guess one would be, to what extent is that a factor in your guidance for Q4? And I assume, given you're ramping up production this month and through December, that looks like to set you up for a full quarter of production, perhaps in Q1. And I'd love if you can give us a sense of what that looks like for you guys from a revenue standpoint? Or what might that look like.

恭喜我們所取得的成果，尤其是正面的 EBITDA。我對 Microsoft 在 400 gig AOC 類型需求方面看到的拉力有疑問。我想一個問題是，這在多大程度上是您對第四季度指導的一個因素？我認為，鑑於您本月和整個 12 月都在提高產量，這看起來將為您整個季度的生產做好準備，也許是在第一季。如果您能讓我們從收入的角度了解一下你們的情況如何？或者那會是什麼樣子。

Sure. So your question about Q4, I think, is -- the answer to that is that we're just beginning the production in Q4. So we don't expect it to meaningfully contribute to revenue in Q4. The reason for the commentary that we've been giving is just to illustrate the fact that the demand is still very strong for Microsoft. And in fact, I believe from other datacenter operators as well as we talked about.

當然。所以我認為你關於第四季的問題是——答案是我們剛剛在第四季開始生產。因此，我們預計它不會對第四季的收入做出有意義的貢獻。我們之所以發表評論只是為了說明微軟的需求仍然非常強勁。事實上，我相信其他資料中心營運商以及我們談到的。

However, our ability to increase the production capacity is -- we're doing the best that we can, but it's going to take us a little bit of time to get there, right? So we're not going to be fully ramped right at the beginning of Q1 either. There'll be some continued ramp during Q1. And in fact, based on the production targets that they've asked us to meet, there will be some increasing production capacity pretty much throughout next year. It's not going to be done in a month or even a quarter. So there'll be some improvement throughout the year in terms of our capacity there. The encouraging thing for us really is, again, that Microsoft is really looking for us to make these products in greater quantities faster and that's an exciting thing for us.

然而，我們提高產能的能力是——我們正在盡我們所能，但這需要我們一點時間才能實現，對嗎？因此，我們也不會在第一季初就全面啟動。第一季將會持續成長。事實上，根據他們要求我們實現的生產目標，明年的產能幾乎都會增加。這不是一個月甚至一個季度就能完成的。因此，我們的能力全年都會有所改善。對我們來說，令人鼓舞的事情是，微軟確實希望我們能夠更快地生產更多的產品，這對我們來說是一件令人興奮的事情。

With respect to exactly how much will be in Q1, we haven't given guidance for Q1 yet. A lot will depend on the progress that we make over the next month or 2. But certainly, we believe this is incrementally positive in terms of timing and our overall production rate into Q1, and we're excited about that.

至於第一季的具體金額，我們尚未給出第一季的指導。很大程度上取決於我們在下個月或下兩個月的進展。但當然，我們相信這在時間安排和第一季的整體生產力方面是逐漸積極的，我們對此感到興奮。

Great. Wanted to follow up on the 800 gig front where you noticed some progress in terms of customer samples, and realizing you're probably in pretty early stages, but are you at a point -- or when do you think, pending customer evaluation of these products, is this something that could start to ship in calendar '24?

偉大的。想要跟進800 場演出，您注意到客戶樣品方面取得了一些進展，並意識到您可能處於相當早期的階段，但您是否處於某個時刻- 或者您認為什麼時候，等待客戶對這些樣品的評估產品，這是否可以在 24 日曆年開始出貨？

Yes.

是的。

Okay. That was pretty clear. And then I'll try again then, which is -- or further, which is any sense of timing on that within calendar '24?

好的。這很清楚。然後我會再試一次，或者更進一步，在日曆 '24 內，這有什麼時間意義嗎？

That, I think is a little too early to say right now. As you pointed out, I mean, we're in early stages on it. I would say the demand picture for 800G looks pretty strong, and we're certainly having very constructive discussions with the customers. But how long it will take and the qualification process and that is a little too early to say, but I do expect it to be in 2024.

我認為現在說這個還為時過早。正如您所指出的，我的意思是，我們正處於早期階段。我想說 800G 的需求看起來相當強勁，我們當然正在與客戶進行非常有建設性的討論。但具體需要多長時間以及資格審查流程，現在說還為時過早，但我預計會在 2024 年完成。

Yes. So maybe sometime in Q2 or Q3 next year. [But we will require] cash and it will take easily 4 to 6 months or longer. But the other thing that I want to emphasize is we are working very close with several big customer about 1.6T with 200 gig per lambda, and I believe we are the technology leader. And I think the demand will be very strong to maybe from Q3, Q4 next year. So it's only 800G. There's a lot of thing going on for the datacenter, the high-speed transceiver technology because of AI. The AI [theme] is really, really strong. So that's why we are jumping right now, not only from the 100G to 400G, in [volume] and we say hardly, we can do the volume sometime next year, Q2, Q3, but even 1.6T, we would -- would be we start to see some volume, too, in Q4 next year.

是的。所以也許是明年第二季或第三季的某個時候。 [但我們需要]現金，這很容易需要 4 到 6 個月或更長時間。但我想強調的另一件事是，我們正在與幾家大約 1.6T、每 lambda 200 gig 的大客戶密切合作，我相信我們是技術領導者。我認為從明年第三、第四季開始，需求將會非常強勁。所以只有800G。資料中心、高速收發器技術因人工智慧而發生了許多變化。人工智慧[主題]真的非常非常強大。因此，這就是為什麼我們現在不僅在[容量] 上從100G 躍升至400G，我們很難說，我們可以在明年第二季度、第三季度的某個時候實現這一容量，甚至是1.6T，我們會——將會明年第四季我們也開始看到一些銷售量。

Got it. And let's stay on this topic for a second. And Stefan, you described 4 customers evaluating the products. Can you give us any indications of the type of customers those might be, large cloud operators, networking OEMs, what have you?

知道了。讓我們暫時討論這個話題。 Stefan，您描述了 4 位評估產品的客戶。您能否向我們介紹這些客戶的類型，大型雲端營運商、網路 OEM 等，您有哪些？

Mostly large cloud operators with at least 1 OEM that supplies some of the large cloud operators. So it's all cloud -- it's all hyperscale cloud related, whether it's directly or through an OEM that would supply.

大多數是大型雲端營運商，至少有 1 個 OEM 為一些大型雲端營運商供貨。所以這都是雲端——都是與超大規模雲端相關的，無論是直接提供還是透過 OEM 提供。

And 1 big AI company. You know what I'm talking about. But I don't identify it. It's not the core operator, but it's really -- maybe they will become their #1 customer in the world (inaudible) transceiver.

還有 1 家大型人工智慧公司。你懂我在說什麼。但我不識別它。它不是核心運營商，但確實 - 也許他們將成為世界（聽不清楚）收發器的第一大客戶。

Okay. Great. And last one for me and maybe kind of related to that, I mean, can you give us a sense of kind of -- I don't know whether it's unit volumes or revenue dollars, but how do you assess the kind of total opportunity for AI-related, we would call it transceivers or AOCs? And how has that assessment of market opportunity evolve for you guys over the past quarter or so?

好的。偉大的。最後一個對我來說可能與此相關，我的意思是，你能給我們一種感覺嗎——我不知道是單位數量還是收入，但你如何評估總機會的類型對於AI相關的，我們會稱之為收發器還是AOC？在過去一個季度左右的時間裡，你們對市場機會的評估有何進展？

The number sounds crazy, okay? What we heard is the way under the -- I think we are talking about maybe at minimum 6 to 8 million volume with very good ASP, more than $600 or $700, so you can see opportunity next year. But that will be in that process next year. And some people even come up to me, they don't (inaudible). That's why I see -- I'll be very happy if this is true, that's why we are putting our resource into 800G and the 1.6T business. 400G have been we are very [committed]. That's the value we exist in. The volume is coming up for sure, but really the big jump is 800G and 1.6T for AI-related business. And that's what we heard from the customers.

這個數字聽起來很瘋狂，好嗎？我們聽到的是——我想我們正在討論的可能是至少 6 到 800 萬銷量，平均售價非常好，超過 600 或 700 美元，所以明年你可以看到機會。但這將在明年的過程中進行。有些人甚至來找我，但他們沒有（聽不清楚）。這就是為什麼我看到——如果這是真的，我會非常高興，這就是為什麼我們將資源投入800G和1.6T業務。 400G我們已經非常[承諾]。這就是我們存在的價值。數量肯定會增加，但真正的大跳躍是人工智慧相關業務的 800G 和 1.6T。這就是我們從客戶那裡聽到的。

The next question is from Dave Kang with B. Riley FBR.

下一個問題由 Dave Kang 和 B. Riley FBR 提出。

First question is on cable TV. So you said by middle of next year, we should be expecting very strong recovery. So are we talking about like prior peak of, like, say, $30 million or so per quarter? Is that what we should be expecting or not quite there yet?

第一個問題是關於有線電視的。所以你說到明年年中，我們應該期待非常強勁的復甦。那麼，我們談論的是否是之前的峰值，例如每季 3000 萬美元左右？這是我們應該期待的還是還沒達到預期？

I mean without putting a specific quarter on it, yes, certainly, the expectation is that we can exceed the prior peak levels because at that point, we weren't really in even an upgrade cycle, right? It was just a sort of a business as usual case. As we move into an upgrade cycle, which is what we think will happen that portends the growth in DOCSIS 4.0, I would say the opportunity there is significantly larger than the previous peak for sure.

我的意思是，沒有具體的季度，是的，當然，我們的期望是我們可以超過之前的峰值水平，因為那時我們甚至還沒有真正處於升級週期，對嗎？這只是一個平常的案例。當我們進入升級週期時，我們認為這預示著 DOCSIS 4.0 的成長，我想說，那裡的機會肯定比之前的高峰大得多。

Not to mention the fact that because of the business model change, our ASPs are going to be higher because we're not selling through a middleman essentially. And so not only we'll have higher unit demand, but ASPs will be higher as well.

更不用說由於商業模式的變化，我們的平均售價將會更高，因為我們本質上不透過中間商進行銷售。因此，我們不僅會有更高的單位需求，而且平均售價也會更高。

Let me say that -- I will say by Q4 next year, our CATV business should be, I would say more than $40 million in Q4 next year, which -- very good gross margin. I would say, around 40%.

我想說的是，到明年第四季度，我們的有線電視業務應該會超過 4000 萬美元，毛利率非常好。我想說，大約40%。

Okay. And then just on the datacenter, 100 gig, a little surprised why that was so strong because others are saying it's really 800 gig that's enjoying strong demand, whereas 100 gig, which is not really considered to be a part of AI, 100 gig is weak. So are you just gaining market share? And how should we think about going forward, should we be expecting 100 gig to be flat and eventually -- say, can you just talk about the next -- what you expect over the next couple of years?

好的。然後就在資料中心，100G，有點驚訝為什麼它如此強勁，因為其他人說它確實是 800G，需求強勁，而 100G，並不真正被認為是人工智慧的一部分，100G 是虛弱的。那你只是在獲得市場佔有率嗎？我們應該如何思考未來的發展，我們是否應該期望 100 場演出持平，最終——比如說，你能談談接下來——你對未來幾年的期望嗎？

Sure. So I think in 100 gig, we're taking market share. I think there's been some increase in purchasing with maybe a couple of customers, but I think we're gaining market share there. We've talked about some of the dynamics, for example, that being a U.S.-based manufacturer gives us some advantages there in terms of being able to attract, I would say, more interest maybe than in the past relative to some of our competition in China. And that's helpful for us in gaining this market share.

當然。所以我認為在 100 場演出中，我們正在佔據市場份額。我認為可能有幾個客戶的購買量有所增加，但我認為我們正在獲得那裡的市場份額。我們已經討論了一些動態，例如，作為一家美國製造商為我們帶來了一些優勢，我想說，相對於我們的一些競爭對手，我們能夠吸引比過去更多的興趣在中國。這對我們獲得這個市場份額很有幫助。

As far as how that plays out in the future, I mean -- I think, look, what we saw at 40 gig is that the older technology has a very long tail. I mean it's -- it lasts a long time, and that's what I expect with 100 gig as well. I mean I think that eventually, 100 gig will decline as 400 gig begins to grow but I don't think it's going to be dramatic. I mean I kind of feel like we tell the same story every time there's a technology transition, right? Wall Street tends to think, well, one technology comes on and the other one goes away immediately. And we always try to caution that, no, that's not what happens, right? It's a gradual shift.

至於未來如何發展，我的意思是——我認為，看看，我們在 40 場演出中看到的是，舊技術有很長的尾巴。我的意思是它能持續很長時間，這也是我對 100 場演出的期望。我的意思是，我認為最終，隨著 400 演出開始增長，100 演出將會下降，但我認為這不會是戲劇性的。我的意思是，我感覺每次科技轉型時我們都會講述同樣的故事，對嗎？華爾街傾向於認為，一種技術出現後，另一種技術就會立即消失。我們總是試圖警告說，不，事實並非如此，對嗎？這是一個逐漸的轉變。

The new technology tends to come on relatively quickly, but the old one tends to last a long time because there's already a number of switches, for example, that are out there that haven't been fully populated yet. They're going to fill out those ports and those switches. And that portends a long period of, I would say, relatively flattish, maybe down slightly, but relatively flattish demand. So I would caution not to remove 100 gig from the picture as quickly as you might be tempted to.

新技術往往會相對較快地出現，但舊技術往往會持續很長時間，因為例如已經有許多交換器尚未完全填充。他們將填充這些連接埠和交換器。我想說，這預示著在很長一段時間內，需求相對平淡，也許略有下降，但相對平淡。所以我要提醒大家，不要像你可能想的那樣快地從圖片中刪除 100 gig。

Got it. And just wanted to clarify, did you say that for -- regarding fourth quarter, expect similar revenue mix with third quarter? Did I hear that right?

知道了。只是想澄清一下，您是否說過，對於第四季度，預計與第三季度的收入組合類似？我沒聽錯吧？

We're just saying that the datacenter portion of it will be consistent with Q3, right?

我們只是說它的資料中心部分將與第三季保持一致，對嗎？

No, but -- yes. We can see some growth but the mix will be different, because we can see in much more 400G than 100G. But actually, they're not the same. It's that one G will grow a lot, but one G will go down.

不，但是——是的。我們可以看到一些增長，但混合會有所不同，因為我們可以看到 400G 比 100G 多得多。但實際上，它們並不相同。就是1G會成長很多，但是1G會下降。

Got it. And my last question is regarding the termination, the fee of $3 million, who is responsible for that?

知道了。我的最後一個問題是關於終止，300萬美元的費用，誰負責？

We believe that Yuhan is responsible for the breakup fee. We're pursuing them for the payment of that.

我們認為，分手費是由雨涵負擔的。我們正在追捕他們，要求他們支付這筆費用。

Next, we have a follow-up question from Jeff Koche with Raymond James.

接下來，我們有傑夫·科切和雷蒙德·詹姆斯提出的後續問題。

Yes. Just really quickly, I just want to talk about your thoughts on datacenter going into March. Is it ridiculous to think that you could be up sequentially again? I know historically, that's not the strongest seasonally?

是的。很快，我只想談談您對三月資料中心的想法。認為自己可以再連續上升是不是很可笑？我知道從歷史上看，這不是最強的季節性？

I mean I think it's not ridiculous to think because, again, the 400-gig business that we're talking about, the new programs with Microsoft will be ramping during the quarter. So you're correct historically that ordinarily Q1 is sort of a challenging quarter, just seasonally. A large part of that is because historically, most of our datacenter products have been made in China, and we do have Chinese New Year, both in China and Taiwan. In this case, we're producing more of these products in Taiwan and even in the U.S. And so the impact of Lunar New Year should be less for us. That, in combination with the fact that the 400 gig will be ramping in terms of production capacity, paints a pretty good picture in the March quarter for us, I think.

我的意思是，我認為這樣的想法並不荒謬，因為我們正在談論的 400 兆業務，與微軟的新計劃將在本季度不斷增加。因此，從歷史上看，您是正確的，通常第一季是一個充滿挑戰的季度，只是季節性而言。這很大程度上是因為從歷史上看，我們的大多數資料中心產品都是在中國製造的，而且我們在中國和台灣都有農曆新年。在這種情況下，我們在台灣甚至美國生產更多此類產品，因此農曆新年對我們的影響應該較小。我認為，再加上 400 台演出的產能將不斷提高，這為我們在 3 月的季度描繪了一幅相當不錯的圖景。

At this time, we have no further questions. And I will turn the call over to Dr. Thompson Lin, AOI's Founder, Chairman and CEO, for closing remarks.

目前，我們沒有其他問題了。我將把電話轉交給 AOI 創辦人、董事長兼執行長 Thompson Lin 博士做總結發言。

Again, thank you for joining us today. As always, we want to extend a thank you to our investors, customers and employees for their continuous support. We look forward to updating you on our next earnings call.

再次感謝您今天加入我們。一如既往，我們要感謝我們的投資者、客戶和員工的持續支持。我們期待在下次財報電話會議上向您通報最新情況。

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。