祥茂光電 (AAOI) 2023 Q4 法說會逐字稿

Good afternoon, I will be your conference operator.

下午好，我是你們的會議操作員。

At this time, I would like to welcome everyone to Applied Optoelectronics' fourth quarter and full-year 2023 earnings conference call.

此時此刻，我歡迎大家參加應用光電公司2023年第四季和全年財報電話會議。

(Operator Instructions)

（操作員說明）

Please note this call is being recorded.

請注意，此通話正在錄音。

I would now like to turn the call over to Lindsay Savarese, Investor Relations for AOI.

我現在想將電話轉給 AOI 投資者關係部門的 Lindsay Savarese。

Ms. Savarese, please, you may begin.

薩瓦雷斯女士，請開始。

Thank you.

謝謝。

I'm Lindsay Savarese, Investor Relations for Applied Optoelectronics.

我是應用光電公司投資者關係部的林賽·薩瓦雷塞 (Lindsay Savarese)。

I'm pleased to welcome you to AOI's fourth quarter and full-year 2023 financial results conference call.

我很高興歡迎您參加 AOI 2023 年第四季和全年財務業績電話會議。

After the market closed today, AOI issued a press release announcing its fourth quarter and full-year 2023 financial results and provided its outlook for the first quarter of 2024.

今天收盤後，AOI 發布新聞稿，公佈了 2023 年第四季和全年財務業績，並提供了 2024 年第一季的展望。

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 上取得。

This call is being recorded and webcast live.

此次通話正在錄音並進行網路直播。

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

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 will give an overview of AOI's Q4 results, and Stefan will provide financial details and outlook for the first quarter of 2024.

Thompson 將概述 AOI 第四季業績，Stefan 將提供 2024 年第一季的財務細節和展望。

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 statements.

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，管理階層將發表前瞻性聲明。

This forward 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.

此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。前瞻性陳述。

In some cases, you can identify forward-looking statements by terminologies such as believes, forecast, anticipates, estimates, suggests, intends, predicts, expects, plans, may, should, could, would, will, potential or thinks, or by the negative of those terms or other similar expressions that convey uncertainty for 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、可能、會、將、潛力或認為等術語來識別前瞻性陳述，或透過這些術語或其他類似表達方式的否定表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, assumption, estimates, and projection.

該公司根據其當前的預期、假設、估計和預測做出了這些前瞻性陳述。

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.

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 first quarter of 2024.

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 2024 年第一季前景的陳述。

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 the changes in the company's expectations.

除法律要求外，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以使這些陳述符合實際結果或公司預期變化的義務。

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 and the company's quarterly report on Form 10-Q.

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，包括公司 10-K 表中的年度報告和 10-Q 表中的公司季度報告。

Also, all financial results and other financial measures discussed today are on a non-GAAP basis unless specifically noted otherwise.

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以非公認會計原則為基礎。

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，也不能取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，以及為何提出非 GAAP 財務指標的討論，均包含在我們網站上的收益新聞稿中。

I'd like to note, the date of our first-quarter 2024 earnings call is currently scheduled for May 9, 2024.

我想指出的是，我們 2024 年第一季財報電話會議的日期目前定於 2024 年 5 月 9 日。

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辦人、董事長兼執行長林湯普博士。

Thompson?

湯普森？

Thank you, Lindsay, and thank you for joining our call today.

謝謝你，林賽，也謝謝你今天加入我們的電話會議。

While our fourth-quarter revenue came in below our expectations, our gross margins outperformed our projections. leading to non-GAAP EPS at a high end of our expectations.

雖然我們第四季的收入低於我們的預期，但我們的毛利率超出了我們的預測。導致非公認會計原則每股收益達到我們預期的上限。

We are pleased by the continued progress we have made in improving our gross margins, which combined with our expense management, allowed us to generate a smaller GAAP net income in the fourth quarter for the first time in many years.

我們對在提高毛利率方面取得的持續進展感到高興，這與我們的費用管理相結合，使我們多年來首次在第四季度產生了較小的 GAAP 淨利潤。

Further, we generated positive adjusted EBITDA of $4.8 million in Q4.

此外，我們第四季的調整後 EBITDA 為 480 萬美元。

During the fourth quarter, we delivered revenue of $60.5 million, which was below our guidance range of $63 million to $67 million, primarily due to somewhat lower-than-expected datacenter revenue as we began to see some softness in demand late in the quarter.

第四季度，我們實現了 6,050 萬美元的收入，低於 6,300 萬美元至 6,700 萬美元的指導範圍，主要是由於我們在本季末開始看到需求疲軟，資料中心收入略低於預期。

We delivered non-GAAP gross margin of 36.4%, which is the highest quarterly gross margin that we had generated in the last five years and was above our guidance range of 34.5% to 36%.

我們的非 GAAP 毛利率為 36.4%，這是我們過去五年來產生的最高季度毛利率，高於我們 34.5% 至 36% 的指導範圍。

Mainly driven by improved product mix and some contribution from non-recurring engineering projects, we generated a small non-GAAP net income of $0.04 per share, which was at the high end of our guidance range of a loss of $0.02 to earnings of $0.04.

主要得益於產品組合的改善和非經常性工程項目的一些貢獻，我們產生了每股 0.04 美元的小幅非 GAAP 淨利潤，處於我們指導範圍的上限，即虧損 0.02 美元至盈利 0.04 美元。

Total revenue for our datacenter products of $44.5 million more than doubled year over year, but was down 9%, sequentially.

我們資料中心產品的總收入為 4,450 萬美元，年增了一倍多，但環比下降了 9%。

The revenue for our 100G products more than doubled year over year, and revenue for our 400G products increased more than eight times in the same period.

100G產品營收年增超過一倍，400G產品營收同期成長超過八倍。

Total revenue in our CATV segment was $12.6 million, which was down 67% year over year and up 22%, sequentially, largely driven by January store sales of DOCSIS 3.1 equipment as the industry prepares for transition to 34.0.

CATV 部門的總收入為 1,260 萬美元，年減 67%，環比增長 22%，這主要是由於行業準備向 34.0 過渡，1 月份 DOCSIS 3.1 設備的商店銷售推動的。

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

接下來，我將把電話轉給 Stefan，以回顧我們第四季業績的詳細資訊和第一季的前景。

Stefan?

斯特凡？

Thank you, Thompson.

謝謝你，湯普森。

As Thompson mentioned, while our fourth-quarter revenue came in below our expectations, our gross margin outperformed our projections, leading to a non-GAAP EPS at the high end of our expectations.

正如湯普森所提到的，雖然我們第四季的收入低於我們的預期，但我們的毛利率超出了我們的預測，導致非公認會計準則每股收益達到了我們預期的上限。

We're pleased by the continued progress we have made on improving our gross margin, which combined with our expense management, allowed us to generate a small non-GAAP net income in the fourth quarter for the first time in many years.

我們對在提高毛利率方面取得的持續進展感到高興，這與我們的費用管理相結合，使我們多年來首次在第四季度產生了少量的非公認會計準則淨利潤。

Further, we generated positive adjusted EBITDA of $4.8 million in Q4.

此外，我們第四季的調整後 EBITDA 為 480 萬美元。

While we do see some softness in Q1 due to the combined effects of the Lunar New Year holiday in our Asian factories, along with some price reductions which are scheduled to take effect, we expect a strong recovery in Q2 and are currently anticipating a markedly improved second half of 2024.

雖然由於亞洲工廠農曆新年假期的綜合影響，以及計劃實施的一些降價措施，我們確實看到第一季度出現一些疲軟，但我們預計第二季將出現強勁復甦，目前預計情況將顯著改善。年下半年。

Despite the softness we are seeing in Q1, we have been experiencing significant traction with several new datacenter customers recently for both 400G and 800G products.

儘管我們在第一季看到了疲軟，但最近我們在 400G 和 800G 產品方面受到了一些新資料中心客戶的巨大關注。

And we expect one or more of these customers to begin to contribute meaningfully to revenue starting in Q2, which gives us a basis for the optimistic outlook despite the slow start to the year.

我們預計這些客戶中的一個或多個將從第二季開始對收入做出有意義的貢獻，這為我們提供了樂觀前景的基礎，儘管今年開局緩慢。

While not likely to contribute meaningfully to revenue in 2024, we also are very optimistic about our 1.6 terabit products as we move into 2025.

雖然不太可能對 2024 年的收入做出有意義的貢獻，但隨著我們進入 2025 年，我們對 1.6 太比特產品也非常樂觀。

With the improvement we expect in the second half, we currently expect our first full year of non-GAAP profitability since 2018.

隨著我們預計下半年的改善，我們目前預計將實現自 2018 年以來第一個全年非 GAAP 獲利能力。

Turning to the quarter, our total revenue for the fourth quarter decreased by 2% year over year to $60.5 million, which was below our guidance range of $63 million to $67 million As Thompson mentioned, this was largely due to somewhat lower-than-expected datacenter revenue as we began to see some softness in demand late in the quarter, which we attribute to timing of orders.

談到本季度，我們第四季度的總收入同比下降 2% 至 6050 萬美元，低於我們 6300 萬至 6700 萬美元的指導範圍正如 Thompson 提到的，這主要是由於略低於預期數據中心收入，因為我們在本季末開始看到需求疲軟，我們將其歸因於訂單時間。

During the fourth quarter, 74% of our revenue was from our datacenter products, 21% was from our CATV products, with the remaining 5% from FTTH telecom and other.

第四季度，我們74%的營收來自資料中心產品，21%來自CATV產品，其餘5%來自FTTH電信和其他產品。

In line with our expectations, CATV revenue in the fourth quarter was $12.6 million, which was down 67% year over year and up 22%, sequentially.

符合我們的預期，第四季 CATV 營收為 1,260 萬美元，年減 67%，季增 22%。

We are encouraged by the sequential growth that we saw in our CATV business in Q4.

我們對第四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.

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。

We anticipate this transition will begin to take place sometime in mid-2024 and are optimistic about the second half of the year.

我們預計這一轉變將於 2024 年中期的某個時候開始發生，並對今年下半年持樂觀態度。

We shipped initial test samples of our 1.8 gigahertz amplifier products to two major MSOs in Q4.

我們在第四季度向兩家主要 MSO 交付了 1.8 GHz 放大器產品的初始測試樣本。

While these are early samples, the feedback we received on their performance and pricing is extremely encouraging.

雖然這些都是早期樣品，但我們收到的有關其性能和定價的反饋非常令人鼓舞。

We currently anticipate shipping final qualification units of various amplifier products between April and June this year and expect revenue to begin shortly after the sample qualification is complete.

我們目前預計在今年 4 月至 6 月期間發貨各種放大器產品的最終認證單元，並預計在樣品認證完成後不久即可開始收入。

As we stated last quarter, we continue to carefully monitor MSO plans to upgrade to DOCSIS 4.0 networks, and we continue to believe AOI is a leader in technologies that will enable DOCSIS 4.0. Further, we are confident that our products are aptly designed for the deployment of amplifiers and other network elements required for DOCSIS 4.0.

正如我們上季度所述，我們將繼續仔細監控 MSO 升級到 DOCSIS 4.0 網路的計劃，並且我們仍然相信 AOI 是支援 DOCSIS 4.0 的技術領導者。此外，我們相信我們的產品適合部署 DOCSIS 4.0 所需的放大器和其他網路元件。

Turning to our datacenter business, our Q4 datacenter revenue came in at $44.5 million, which more than doubled year over year and was down 9%, sequentially, as noted above.

談到我們的資料中心業務，如上所述，我們第四季度的資料中心收入為 4,450 萬美元，年增了一倍以上，但環比下降了 9%。

In the fourth quarter, 56% of our datacenter revenue was from our 100G products, 36% was from our 200G and 400G products, and 4% was from our 40G transceiver products.

第四季度，我們資料中心營收的56%來自我們的100G產品，36%來自我們的200G和400G產品，4%來自我們的40G收發器產品。

As we had anticipated, revenue for our 100G products decreased 31%, sequentially.

正如我們預期的那樣，我們 100G 產品的收入環比下降了 31%。

Revenue for our 200G and 400G products increased 79%, sequentially, which we believe is largely driven by AI demand for compute infrastructure.

我們的 200G 和 400G 產品收入環比增長了 79%，我們認為這主要是由人工智慧對運算基礎設施的需求所推動的。

As a reminder, as we have discussed on our prior few earnings calls, we signed two agreements with Microsoft in 2023, including a development program to make next-generation lasers for its datacenter both for 400G and beyond and for the development of its 400G and next-generation active optical cables.

提醒一下，正如我們在之前的幾次財報電話會議上討論的那樣，我們在2023 年與微軟簽署了兩項協議，其中包括一項開發計劃，為其數據中心製造下一代400G 及以上速率的激光器，以及開發其400G 及以上速率的雷射。

While not guaranteed, we continue to believe that the revenue opportunity for our 400G and 800G products could be greater at 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 build-outs.

雖然不能保證，但我們仍然相信，我們的400G 和800G 產品的收入機會在更長的時間內可能比我們在40G 產品週期高峰期從該客戶那裡看到的收入貢獻更大，這表明來自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 Q3, and as we had discussed on our prior earnings call, we received requests from Microsoft to expedite our production ramp for these products, which I'm pleased to report we were able to accommodate.

在第三季度，正如我們在之前的財報電話會議上所討論的那樣，我們收到了微軟的要求，要求加快這些產品的生產進度，我很高興地報告說，我們能夠滿足這一要求。

We began shipments during December and expect to continue to ship in Q1, although at a slower rate than we earlier expected, as the datacenters work to install the optics we shipped in Q4.

我們於 12 月開始發貨，預計將在第一季度繼續發貨，儘管速度比我們之前預期的要慢，因為資料中心正在安裝我們在第四季度發貨的光學元件。

We expect demand to resume later in the quarter, with additional capacity coming online then for Q2 and beyond.

我們預計需求將在本季稍後恢復，第二季及以後將有更多產能上線。

Another item to note, we 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.

另一件需要注意的事情是，我們相信我們向 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.

這包括我們的 800G 產品。

We shipped samples to three different datacenter customers in 2023 and have received initial positive feedback on our 800G products.

我們於 2023 年向三個不同的資料中心客戶運送了樣品，並收到了有關我們 800G 產品的初步正面回饋。

We expect shipments of 800G to begin in Q3 this year.

我們預計 800G 的出貨量將於今年第三季開始。

Now turning to our telecom segment.

現在轉向我們的電信部門。

Revenue from our telecom products of $2.8 million was down 56% year over year and down 8%, sequentially, largely driven by ongoing softness in 5G demand, particularly in China.

我們的電信產品收入為 280 萬美元，年減 56%，環比下降 8%，主要是由於 5G 需求持續疲軟，特別是在中國。

Looking ahead, we expect telecom sales to fluctuate around current levels.

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 fourth quarter, our top 10 customers represented 95% of revenue, up from 90% in Q4 of last year.

第四季度，我們的十大客戶佔營收的 95%，高於去年第四季的 90%。

We had two greater-than-10% customers, one in the datacenter market and one in the CATV market, which contributed 51% and 28% of our total revenue, respectively.

我們有兩個超過 10% 的客戶，一個在資料中心市場，一個在有線電視市場，分別貢獻了我們總收入的 51% 和 28%。

In Q4, we generated non-GAAP gross margin of 36.4%, which was above our guidance range of 34.5% to 36%, and was up from 32.5% in Q3 of 2023 and up from 21.4% in Q4 of 2022.

第四季度，我們的非 GAAP 毛利率為 36.4%，高於 34.5% 至 36% 的指引範圍，高於 2023 年第三季的 32.5%，高於 2022 年第四季的 21.4%。

The increase in gross margin was driven mainly by our favorable product mix shift, our transition to a direct sales model in our CATV business, and the impact of non-recurring engineering sales during the quarter.

毛利率的成長主要是由於我們有利的產品結構轉變、有線電視業務向直銷模式的轉型以及本季非經常性工程銷售的影響。

We remain committed to the long-term goal of returning gross margin to around 40% and believe that this goal is achievable.

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。

As a reminder, with the direct-to-MSO sales model we implemented late last year, we expect margins in our CATV business to be meaningfully higher than our historical average.

提醒一下，透過我們去年年底實施的直接面向 MSO 的銷售模式，我們預計 CATV 業務的利潤率將顯著高於我們的歷史平均水平。

Total non-GAAP operating expenses in the fourth quarter were $21.6 million, or 35.7% of revenue, which were in line with our expectations, and compared to $21 million, or 34.2% of revenue in Q4 of the prior year.

第四季非 GAAP 營運支出總額為 2,160 萬美元，佔營收的 35.7%，符合我們的預期，而上年第四季為 2,100 萬美元，佔營收的 34.2%。

Looking ahead, we expect non-GAAP operating expenses to range from $22.5 million to $24 million per quarter, reflecting some acceleration of R&D expenses to improve time to market for our 800G and 1.6 terabit datacenter products.

展望未來，我們預計每季非 GAAP 營運支出將在 2,250 萬美元至 2,400 萬美元之間，反映出為縮短 800G 和 1.6 太比特資料中心產品的上市時間而加快的研發支出。

Non-GAAP operating income in the fourth quarter was $0.4 million compared to an operating loss of $7.9 million in Q4 in the prior year.

第四季非 GAAP 營業收入為 40 萬美元，而上年度第四季營業虧損為 790 萬美元。

GAAP net loss for Q4 was $13.9 million, or a loss of $0.38 per basic share, compared with a GAAP net loss of $20.3 million, or a loss of $0.71 per basic share, in Q4 of 2022.

第四季的 GAAP 淨虧損為 1,390 萬美元，即每股基本股虧損 0.38 美元，而 2022 年第四季的 GAAP 淨虧損為 2,030 萬美元，即每股基本股虧損 0.71 美元。

On a non-GAAP basis, net income for Q4 was $1.6 million, or $0.04 per share, which was above our guidance range of a loss of $0.9 million to profit of $1.2 million and at the high end of our guidance range of a loss per share in the range of $0.02 to earnings of $0.04 per basic share.

根據非公認會計原則，第四季淨利潤為160 萬美元，即每股0.04 美元，高於我們的指導範圍（虧損90 萬美元，利潤120 萬美元），並且處於我們指導範圍的每股虧損指導範圍的上限。

This compares to a net loss of $5.4 million, or a loss of $0.19 per basic share, in Q4 of the prior year.

相比之下，去年第四季的淨虧損為 540 萬美元，即每股基本股虧損 0.19 美元。

The fully diluted shares outstanding used for computing the earnings per share in Q4 were $44.8 million.

用於計算第四季度每股收益的完全稀釋後已發行股票為 4,480 萬美元。

Turning now to the balance sheet.

現在轉向資產負債表。

We ended the fourth quarter with $55.1 million in total cash, cash equivalents, short-term investments, and restricted cash.

截至第四季末，我們的現金、現金等價物、短期投資和限制性現金總額為 5,510 萬美元。

This compares with $31.2 million at the end of the third quarter of this year.

相比之下，今年第三季末的銷售額為 3,120 萬美元。

We ended the quarter with total debt excluding convertible debt of $38.7 million compared to $46.6 million at the end of last quarter.

本季末，不包括可轉換債務的債務總額為 3,870 萬美元，而上季末為 4,660 萬美元。

Notably, during the fourth quarter, we successfully issued $80.2 million of convertible senior notes due 2026.

值得注意的是，在第四季度，我們成功發行了 8,020 萬美元的 2026 年到期的可轉換優先票據。

The notes will bear an interest rate of 5.25% per year.

該票據的年利率為5.25%。

Concurrently with the offering, we exchanged or repurchased approximately all of our 2024 notes.

在發行的同時，我們交換或回購了大約所有 2024 年票據。

As of December 31, we had $63.9 million in inventory compared to $67.5 million at the end of Q3.

截至 12 月 31 日，我們的庫存為 6,390 萬美元，而第三季末為 6,750 萬美元。

We made a total of $8.7 million in capital investments in the fourth quarter, which was mainly used for production and R&D equipment.

第四季我們總共進行了870萬美元的資本投資，主要用於生產和研發設備。

Moving now to our Q1 outlook.

現在轉向我們的第一季展望。

We expect Q1 revenue to be between $41 million $46 million, and non-GAAP gross margin to be in the range of 21% to 23%.

我們預計第一季營收將在 4,100 萬美元至 4,600 萬美元之間，非 GAAP 毛利率將在 21% 至 23% 之間。

Non-GAAP net loss is expected to be in the range of $10.9 million to $12.6 million, and non-GAAP loss per share between $0.28 per basic share and $0.33 per basic share using a weighted average basic share count of approximately 38.4 million shares.

根據加權平均基本股數約為 3,840 萬股，預計非 GAAP 淨虧損將在 1,090 萬美元至 1,260 萬美元之間，非 GAAP 每股虧損將在每股基本股 0.28 美元至 0.33 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) Simon Leopold, Raymond James.

（操作員說明）西蒙·利奧波德、雷蒙·詹姆斯。

Great.

偉大的。

Thank you for taking the question.

感謝您提出問題。

A couple of things I wanted to unpack, one of which is you've given us, I think, some insight as to the total value of the opportunity from Microsoft.

我想了解一些事情，其中​​之一是您向我們提供了有關 Microsoft 機會總價值的一些見解。

And I understand it's spread over years.

我知道它已經傳播了很多年。

Is there some sort of element you could offer to help folks understand or level set as to how that may ramp through 2024, how to size the expected contribution from the Microsoft project this calendar year?

您是否可以提供某種元素來幫助人們了解或確定 2024 年將如何實現，如何確定本日曆年 Microsoft 專案的預期貢獻？

Yeah.

是的。

I mean, we haven't really given out the details on that project.

我的意思是，我們還沒有真正透露該項目的細節。

Obviously, a lot of it is customer-sensitive.

顯然，其中很多都是客戶敏感的。

But at this point, it started to ramp.

但此時，它開始加速。

As I noted in our prepared remarks, we shipped product in December, which was ahead of schedule.

正如我在準備好的演講中指出的，我們在 12 月發貨，比計劃提前了。

The datacenter -- the individual datacenters where those are getting installed are taking a little bit longer than expected to actually deploy those transceivers in the datacenters.

資料中心－安裝這些收發器的各個資料中心實際在資料中心部署這些收發器所需的時間比預期要長一些。

So there's a bit of a lull right now while that goes on.

因此，在這種情況持續下去的同時，現在有些平靜。

And then we expect the ramp to resume later in this quarter and ramp throughout the year.

然後，我們預計產量將在本季稍後恢復，並在全年實現產量成長。

We'll probably have more to say in terms of longer-term forecast after we start to see the results of this first tranche being adopted in the datacenters.

在我們開始看到資料中心採用第一批產品的結果後，我們可能會對長期預測有更多的看法。

Yeah.

是的。

I guess what I'm trying to get at is I have the impression that there are some folks that have envision this is sort of $100 million this year, $100 million next year, and $100 million the year after that.

我想我想說的是，我的印像是，有些人預計今年是 1 億美元，明年是 1 億美元，後年是 1 億美元。

And I think what you're describing is something that gradually ramps to that kind of run rate, but we're not getting $100 million in 2024.

我認為你所描述的是逐漸達到這種運行率的東西，但我們在 2024 年不會獲得 1 億美元。

I want to verify that my understanding is reasonable.

我想驗證一下我的理解是否合理。

Got it.

知道了。

No, that's accurate.

不，這是準確的。

What I have said is that it would be -- I think we said this on the last earnings call, but it's the same thought process now, that we think it will be ramping to exit the year on a run rate that would support that $100 million per year.

我所說的是——我想我們在上次財報電話會議上說過這一點，但現在是同樣的思維過程，我們認為今年退出時的運行率將支撐 100 美元每年百萬。

But it's clearly not starting off the year.

但這顯然不是今年的開始。

So you will not integrate out every four quarters of the year to be $100 million.

因此，您不會在一年中每四個季度整合一次以達到 1 億美元。

That's helpful.

這很有幫助。

That's exactly what I

這正是我所想的

--

--

Which would imply your sort of more -- yeah, which would imply, of course, that in the out years, it will be more than $100 million per year in those other years.

這意味著你的收入會更多——是的，這當然意味著，在過去的幾年裡，在其他年份，每年的收入將超過 1 億美元。

Yeah.

是的。

No, that's what I was trying to pull out there.

不，這就是我試圖拉出來的。

And then in terms of what's going on in the overall industry and applications, it seems as if a lot of the AI-related use cases are calling for 800-gig connections.

然後就整個行業和應用程式的情況而言，似乎許多與人工智慧相關的用例都需要 800 千兆連接。

And so, I'm wondering, are you seeing your 400-gig products being used in back-end AI use cases, or are there other applications?

因此，我想知道，您是否看到您的 400 GB 產品被用於後端 AI 用例，或者有其他應用程式？

And if so, what are they?

如果是的話，它們是什麼？

Yeah, it's supporting AI.

是的，它支援人工智慧。

And I'm not quite sure what you mean by back-end use cases, but it's supporting AI in the connections between the GPU cluster and the switch, primarily.

我不太清楚你所說的後端用例是什麼意思，但它主要是在 GPU 叢集和交換器之間的連接中支援人工智慧。

Now, I think it's also likely being used in other non-AI applications as well.

現在，我認為它也可能被用於其他非人工智慧應用程式。

I mean, there are other non-AI compute applications out there.

我的意思是，還有其他非人工智慧計算應用程式。

It's not clear to me precisely the extent to which it's being used in AI versus non-AI applications.

我不清楚它在人工智慧和非人工智慧應用中的使用程度。

That isn't really information that we're privy to.

這並不是我們真正了解的資訊。

But certainly, AI is what Microsoft and other large datacenter operators are primarily building the infrastructure around AI right now.

但可以肯定的是，人工智慧是微軟和其他大型資料中心營運商目前主要圍繞人工智慧建構基礎設施的內容。

So I think it would be reasonable to expect that the vast majority of it is being deployed in AI infrastructure.

因此，我認為可以合理地預期其中的絕大多數都部署在人工智慧基礎設施中。

Great.

偉大的。

And then just as last, maybe a little bit more color on how you see the cadence of your cable TV business in that -- this quarter was actually a bit better, a bit stronger than what we expected, but it seems as if you're suggesting, or my interpretation of your suggestion is sort of a step function in the second half of the year.

然後就像最後一樣，也許對您如何看待有線電視業務的節奏有更多的了解——這個季度實際上比我們預期的要好一些，強一些，但看起來好像您'重新建議，或者我對你的建議的解釋是下半年的一個階躍函數。

Anything you could do to give us some sort of bounds on what that implies?

你能做些什麼來給我們一些關於這意味著什麼的界線嗎？

Yeah.

是的。

I think you're more or less correct in what you're seeing in terms of the step function in the middle of the year.

我認為你在年中的階躍函數方面所看到的或多或少是正確的。

What's going on right now is that we're continuing to sell DOCSIS 3.1 products which are on their way out.

目前的情況是，我們將繼續銷售即將停產的 DOCSIS 3.1 產品。

They're not obsolete yet; it's what's currently deployed in the networks.

它們還沒有過時；這就是目前網路中部署的內容。

But those products that are being shipped now are being used in new builds, not upgrades, but just new areas that need to be built out or repairs, things like that.

但現在正在出貨的那些產品正在新建中使用，而不是升級，而只是需要建造或維修的新區域，諸如此類。

It's kind of a steady-state business.

這是一種穩態業務。

What we expect to happen in the middle part of the year is that we'll layer on the new 1.8-gigahertz products, which are going to be used in new network upgrades, which is really where the excitement is, frankly.

我們預計今年中期將推出新的 1.8GHz 產品，這些產品將用於新的網路升級，坦白說，這確實是令人興奮的地方。

And that's why we tried to call out some specific dates in our prepared remarks earlier that we expect to have those amplifiers in for qualification between April and June.

這就是為什麼我們試圖在先前準備好的評論中列出一些具體日期，我們預計這些擴大機將在 4 月至 6 月之間進行資格認證。

There are several different models there, so they'll ship at various times within that timeframe.

那裡有幾種不同的型號，因此它們會在該時間範圍內的不同時間發貨。

And then we do expect revenue to begin pretty quickly thereafter.

我們確實預計此後收入將很快開始。

Because I think there are several MSOs that are really -- appear to be very interested in starting those upgrades quickly as soon as the products become available.

因為我認為有幾家 MSO 似乎非常有興趣在產品上市後立即開始這些升級。

Great.

偉大的。

Thank you for taking my questions.

感謝您回答我的問題。

Michael Genovese, Rosenblatt Securities.

麥可‧吉諾維斯，羅森布拉特證券公司。

Hey, great.

嘿，太棒了。

Thanks a lot.

多謝。

So it sounds like the narrative over the last quarter or so has been that the cost -- that your big customer here asked you to hurry up and expedite the development of the product, and it seems like you executed extremely well to do that.

因此，聽起來上個季度左右的敘述是成本——你的大客戶要求你加快產品的開發，而且看起來你在這方面執行得非常好。

And then -- so it's sort of like a hurry-up-and-now-wait situation.

然後——所以這有點像是一種「快點然後等待」的情況。

So could you provide -- is that kind of

那你能提供——是這樣的嗎

--?

——？

Yeah -- sorry, I don't mean to interrupt that.

是的——抱歉，我無意打擾。

I thought that was the end of the question.

我以為問題就到此結束了。

Go ahead, please.

請繼續。

No, no.

不，不。

I mean, yeah -- I guess I'm just going to also ask for more color on that.

我的意思是，是的——我想我也會要求對此有更多的色彩。

But also, if that is the case, I hear you reiterating a $300 million number.

但如果是這樣的話，我聽到你重申了 3 億美元的數字。

That hasn't changed.

這一點沒有改變。

But what else can give us confidence that this is just a timing delay and not any other kind of fundamental change here?

但還有什麼能讓我們相信這只是時間上的延遲，而不是其他類型的根本變化呢？

Sure.

當然。

So first of all, I guess some commentary on the slower start to the year that we're seeing, specifically with the datacenter deployment that I mentioned earlier.

首先，我想對我們所看到的今年開局較慢的一些評論，特別是我之前提到的資料中心部署。

So these things are difficult to predict.

所以這些事情很難預測。

What happens is that the product is qualified and put into use.

所發生的情況是產品合格並投入使用。

Datacenters order an initial quantity of it to begin putting product in there, and then they start to deploy.

資料中心訂購初始數量以開始將產品放入其中，然後開始部署。

And I'm sure you can probably understand just based on prudence that they don't always deploy the new technology as fast as they will when once it's at scale, right?

我相信您可能會出於謹慎的考慮而理解，他們並不總是像新技術規模化後那樣快速部署新技術，對嗎？

They want to take it slow and make sure there's no issues.

他們想慢慢來，確保沒有問題。

And I believe that's probably the most likely explanation for what's going on.

我相信這可能是對正在發生的事情最有可能的解釋。

And then once that initial phase of deployments proves that it's going well, then they'll order larger quantities to continue the deployment.

一旦部署的初始階段證明進展順利，他們就會訂購更大的數量來繼續部署。

As far as what we expect to see throughout the rest of the year -- I mean, at the same time, by the way, we're still continuing to build manufacturing capability and capacity for the ramp that we see through the rest of the year.

就我們預計在今年剩餘時間內看到的情況而言，我的意思是，與此同時，順便說一句，我們仍在繼續建立製造能力和產能，以實現我們在今年剩餘時間內看到的產能提升。

So as far as what can give you the confidence there, I think probably the only thing that I could really point to is the fact that we continue to invest pretty heavily in CapEx.

因此，就什麼可以給你信心而言，我認為我唯一能真正指出的就是我們繼續在資本支出上進行大量投資。

If you look at our CapEx in the fourth quarter, it's ramped significantly from what it was earlier in the year.

如果你看看我們第四季的資本支出，你會發現它比今年稍早大幅增加。

Clearly, not all of that investment came online and produced products in Q1.

顯然，並非所有投資都在第一季上線並生產產品。

And so I think that, along with our commentary about a markedly improved Q2, would hopefully give you guys some level of confidence that this is a temporary condition.

因此，我認為，加上我們對第二季明顯改善的評論，希望能讓你們有一定程度的信心，相信這是暫時的情況。

And don't forget we have said we have delivered another G sample to three new hyperscale datacenter customer in US.

不要忘記我們已經說過我們已經向美國的三個新的超大規模資料中心客戶交付了另一個 G 樣品。

And we believe the volume will start to run up by, I would say, end of Q2 or early Q3.

我認為，我們相信銷量將在第二季末或第三季初開始上升。

Same thing, I think we believe that Q2 to 400G may be very strong.

同樣的事情，我認為我們相信 Q2 到 400G 可能會非常強大。

Yeah, great.

是的，太棒了。

I would like to follow up on that point.

我想跟進這一點。

Because we hear you saying delivering sample, but then also expectation of revenue in Q2 accelerating into Q3.

因為我們聽到您說交付樣品，但也預期第二季的收入將加速進入第三季。

So kind of the missing step between those two is, qualification, customer win.

這兩者之間缺少的一步是資格、客戶贏得。

But given your confidence into Q2, Q3, it sounds like you're already -- must already be past that.

但考慮到你對第二季、第三季的信心，聽起來你已經——一定已經過去了。

Is that -- you must have already passed that milestone.

那是——你一定已經通過那個里程碑了。

Is that a correct understanding?

這是正確的理解嗎？

Well, certainly, for the opportunity that we were talking about earlier that we've been referring to on most of the questions, obviously, that has passed the qualification standpoint -- qualification point at this juncture.

嗯，當然，對於我們之前談到的機會，我們在大多數問題上都提到過，顯然，它已經通過了資格點——此時此刻的資格點。

Other opportunities, I mean, we have various opportunities that are either past qualification or in qualification we expect to finish up in time to be able to grow revenue in Q2.

其他機會，我的意思是，我們有各種機會，這些機會要么是過去的資格，要么是我們希望及時完成的資格，以便能夠在第二季度增加收入。

Okay, great.

好的，太好了。

And then just finally for me, just to sort of help understand the business mix a little bit better.

最後對我來說，只是為了幫助更好地理解業務組合。

Could you give a sense of datacenter right now, the revenue mix roughly between transceivers and lasers?

您能否介紹一下目前資料中心的情況，即收發器和雷射之間的收入組合？

And then if we look ahead to say the fourth quarter this year, first quarter of next year, is that going to remain constant, or will we see some kind of change in that mix?

然後，如果我們展望今年第四季、明年第一季度，這種情況會保持不變，還是會看到這種組合發生某種變化？

So right now, the revenue mix in the datacenters, almost entirely transceivers and active optical cables, probably 95% of it is transceivers and optical cables.

所以現在資料中心的收入結構，幾乎全部是收發器和主動光纜，大概95%是收發器和光纖纜線。

I don't expect that to change too much.

我不希望這種情況有太大變化。

In fact, it will probably get closer to 100% because the new opportunities that we're talking about are all for either transceivers and active optical cables.

事實上，它可能會接近 100%，因為我們正在談論的新機會都是針對收發器和有源光纜的。

So I think the thing that might be giving you a little bit of -- that might be behind that question, if I can kind of read into it, is this question of what we had two different projects with Microsoft, one for lasers and one for active optical cables, right?

所以我認為，如果我能讀懂的話，這個問題背後可能會給你一些啟發，那就是我們與微軟有兩個不同的項目，一個是激光項目，另一個是激光項目。吧？

And that is true.

這是事實。

But what I think you may be not completely understanding is that most of the lasers -- in fact, right now, all of the lasers are used in our own active optical cable.

但我認為你可能沒有完全理解的是，大多數雷射器——事實上，現在所有的雷射都用在我們自己的主動光纜中。

So the revenue, while we are making lasers and working on making lasers, the revenue will be for the active optical cables that ultimately utilize those lasers.

因此，當我們製造雷射並致力於製造雷射時，收入將來自最終利用這些雷射的有源光纜。

Yeah.

是的。

That actually was my understanding, but I do get a lot of questions on that.

這實際上是我的理解，但我確實收到了很多問題。

And I wanted to make sure that I understood it correctly.

我想確保我理解正確。

So thanks so much for the answers.

非常感謝您的回答。

I'm glad to be on the conference call now and getting in here on a good time.

我很高興現在參加電話會議，並且很高興來到這裡。

Thank you.

謝謝。

We're excited to have you.

我們很高興有你。

Thanks.

謝謝。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北國資本市場。

Hey, good afternoon.

嘿，下午好。

A couple of questions.

有幾個問題。

First, on, I guess, some elements of guidance that you provided for the year.

首先，我想，您為今年提供的指導的一些內容。

So I think you're talking or expecting to be profitable on a non-GAAP basis.

所以我認為你正在談論或期望在非公認會計原則的基礎上實現盈利。

I don't if that's net income or operating profit or both, but I just want to confirm that for the year.

我不知道這是淨利潤還是營業利潤或兩者兼而有之，但我只想確認今年的情況。

Yeah, that would be net income -- non-GAAP net income profitable for the year, yes.

是的，這就是淨利潤——非公認會計原則當年盈利的淨利潤，是的。

Okay.

好的。

Well, and I guess you've given us a range for OpEx.

好吧，我想您已經給了我們一個營運支出範圍。

So I know you're starting the year pretty low from a gross margin perspective.

所以我知道從毛利率的角度來看，今年開始你的毛利率相當低。

But saying if you're able to get that and say up to 30% for the year, which may or may not be reasonable, we can take a revenue range out of that.

但如果你能得到這個，並說今年最多 30%（這可能合理也可能不合理），我們可以從中得出一個收入範圍。

But it's solidly over $300 million.

但它的價值確實超過了 3 億美元。

I mean, obviously weighted toward the back half of the year, but am I doing that math right?

我的意思是，顯然是下半年的情況，但我的計算正確嗎？

Yeah.

是的。

Excellent.

出色的。

Okay.

好的。

And then I'm going to follow up on some details on the 400-gig category.

然後我將跟進 400 場演出類別的一些細節。

You saw that increase about $10 million in the quarter, with pretty healthy declines on the 100-gig side.

您可以看到本季度增加了約 1000 萬美元，而 100 場方面則出現了相當健康的下降。

I assume that's where the weakness is from a demand standpoint.

我認為從需求的角度來看，這就是弱點所在。

But is it fair to attribute most or all of that increase to the active optical cable shipments, and to the extent, you expect it to turn back on, let's say in Q2?

但是，將大部分或全部增長歸因於有源光纜出貨量是否公平，並且在某種程度上，您預計它會在第二季度重新啟動？

Is that the type of order of magnitude we should be expecting as you move your way toward exiting the year, say at a $25 million quarter run rate?

當您朝著今年結束的方向邁進時，例如以 2500 萬美元的季度運行率，我們應該期待這種數量級嗎？

So let's see, a couple of questions embedded in there.

讓我們看看其中嵌入的幾個問題。

The first one was, is -- was the active optical cables responsible for most of the increase in 400G revenue?

第一個是，400G 收入成長的大部分是有源光纜帶來的嗎？

The answer to that is yes.

答案是肯定的。

The second part of that question was -- I wasn't quite clear exactly how you're asking that.

這個問題的第二部分是──我不太清楚你到底是如何問這個問題的。

I said earlier that we would expect that to be on a run rate of $100 million a year or $25 million a quarter by the end of the year.

我之前說過，我們預計到年底，營運費用將達到每年 1 億美元或每季 2500 萬美元。

Are you just trying to confirm that or was there another question that I kind of

您只是想確認這一點還是我還有其他問題

--?

——？

No.

不。

Another little question there, and that is to the extent you're expecting a bounce back or improved Q2, which you referenced in the release, should we think that most or all of that improvement is returning to that Q4 level or above from an AOSC perspective?

還有一個小問題，那就是您在發布中提到的第二季度的反彈或改善，我們是否應該認為大部分或全部改善都從 AOSC 返回到第四季度或更高的水平看法？

It's probably close to it.

大概已經很接近了。

I'd have to kind of do the math to answer that question precisely.

我必須做一些數學計算才能準確地回答這個問題。

We do expect some other new 400-gig business to start ramping in Q2 as well.

我們確實預計其他一些新的 400 兆業務也將在第二季開始成長。

I'm a little hesitant to say if that's bsolutely the dominant factor, but most likely, it would be close to that.

我有點猶豫是否要說這絕對是主導因素，但最有可能的是，它會接近這一點。

Okay, great.

好的，太好了。

And then last one for me.

然後是我的最後一張。

I think at least -- and you stepped through this before, but I want to make sure I understand.

我想至少——你之前也經歷過這個，但我想確保我理解。

Last quarter, you talked about sampling 800-gig products to four customers, including three hyperscalers.

上個季度，您談到了向四家客戶（其中包括三家超大規模企業）提供 800 兆產品的樣品。

I think I got that right.

我想我是對的。

Is what you're saying when you expect 800 gig to be able to start to contribute midyear end of Q2 into Q3, is that one of those that you have sampled has turned into a production customer?

當您預計 800 名演出能夠開始在第二季度年末為第三季度做出貢獻時，您所說的意思是，您抽樣的那些人之一是否已轉變為生產客戶？

And is there any update to the customer engagement metrics sampling, whatnot on either 400 or 800G in Q4, or Q4 and year-to-date '24?

第 4 季的 400 或 800G 或第 4 季和 24 年至今的客戶參與度指標採樣是否有任何更新？

Sure.

當然。

So to be clear, we have not completed final qualification on any of those 800G products at this point.

需要明確的是，我們目前尚未完成任何 800G 產品的最終資格認證。

So we did have three customers that we sampled last year at the end of the year.

所以去年年底我們確實有三位客戶進行了抽樣調查。

And in addition to that, just within the last month or so, we've had some significant new interest from other new customers besides the three that we shipped to last year.

除此之外，就在上個月左右的時間裡，除了我們去年發貨的三個客戶之外，我們還從其他新客戶那裡獲得了一些重大的新興趣。

So without trying to tip our hat too much here, I think it's likely that one or more of either the customers we shipped to last year or one of these newer customers will be a customer generating revenue for us in the Q3 timeframe for 800G.

因此，我認為，我們去年發貨的客戶中的一個或多個，或者這些新客戶中的一個，很可能會在第三季度的 800G 時間範圍內為我們帶來收入。

As far as the kind of the demand, I guess you could say the feeling that we have around demand, I would say that the need for 800 gig right now, it seems to be particularly acute.

至於需求的類型，我想你可以說我們對需求的感覺，我想說的是，現在對 800 個演出的需求，似乎特別迫切。

I think there's a lot of demand for that.

我認為對此有很多需求。

And that typically means the qualification and revenue generation can can go rather quickly.

這通常意味著資格認證和創收可以相當快速地進行。

It's when demand may be somewhat low that you start to see the qualification cycle stretch out and things like that.

當需求可能有點低時，您就會開始看到資格週期延長以及類似的情況。

And we're definitely not in that situation in my estimation for 800G at this point.

根據我目前對 800G 的估計，我們絕對不會處於這種情況。

Well, got it.

嗯，明白了。

Let me sneak one more in here.

讓我再偷偷溜進來一張。

Sorry about that.

對此感到抱歉。

But along those lines, I guess you spent a fair bit of time over the last couple of three quarters sizing the active optical cable opportunity at Microsoft.

但沿著這些思路，我猜您在過去的三個季度中花了相當多的時間來評估微軟的有源光纜機會。

But as you look at your 800-gig pipeline and some of the customer engagements you have, I guess how would you size that opportunity relative to what we've been talking about with Microsoft at 400 gig?

但是，當您查看您的 800 G 管道和您擁有的一些客戶參與度時，我猜您將如何相對於我們與 Microsoft 討論的 400 G 的機會來評估該機會？

The opportunity there is several times larger, many times larger.

那裡的機會大幾倍、很多倍。

It remains to be seen how much of that market we can get.

我們能獲得多少市佔率還有待觀察。

I don't want to create too much irrational exuberance at this point.

我現在不想製造太多非理性的繁榮。

But the market size, the market opportunity there is huge.

但市場規模、市場機會是巨大的。

And it's being driven by AI.

它是由人工智慧驅動的。

There's nothing that should be mysterious about the demand profile, right?

需求概況應該沒有什麼神秘的，對吧？

We heard NVIDIA talking today or yesterday on their earnings call about the amount of compute infrastructure that's being built.

我們聽到 NVIDIA 今天或昨天在財報電話會議上談論了正在建造的計算基礎設施的數量。

All of that needs to be interconnected, and a lot of it is being interconnected at 800G, and frankly will be probably moving to 1.6 terabits for some applications early next year.

所有這些都需要互連，其中許多都在 800G 上互連，坦白說，明年初的某些應用可能會轉向 1.6 太比特。

So the opportunity is huge.

所以機會是巨大的。

I think we're well positioned for that.

我認為我們已經做好了充分準備。

Like I mentioned earlier, we've seen a lot of new customer inbound interest just recently, and there's a lot of work to be done.

正如我之前提到的，我們最近看到了很多新客戶的興趣，而且還有很多工作要做。

And I'm not predicting we're going to get what percentage of that market we'll ultimately be able to get.

我並不是預測我們最終能獲得多少市場份額。

It's a little early to say, but the market opportunity there is huge.

現在說還為時過早，但那裡的市場機會是巨大的。

Okay.

好的。

Thanks very much.

非常感謝。

(Operator Instructions) Dave Kang, B. Riley Securities.

（操作員指示）Dave Kang，B. Riley Securities。

Thank you.

謝謝。

Good afternoon.

午安.

My first question is regarding your first-quarter outlook.

我的第一個問題是關於第一季的前景。

Can you just provide more color in terms of each product segments?

您能否為每個產品細分提供更多的色彩？

How are they going to decline sequentially?

它們將如何依次下降？

Well, we don't really give guidance by product segment, but clearly, the cable TV business, no matter what happens there, it's not big enough.

嗯，我們並沒有真正按產品細分提供指導，但顯然，有線電視業務，無論那裡發生什麼，它都不夠大。

It's not going to collapse to zero.

它不會崩潰到零。

So whatever happens there is not likely to account for the majority of the decline.

因此，無論發生什麼，都不可能是造成下降的主要原因。

So that's going to come primarily from the datacenter business.

因此，這將主要來自資料中心業務。

We noted in our prepared remarks earlier that it's a combination of factors there that -- the Lunar New Year, a lot of these products are made in our China facility.

我們在早些時候準備好的演講中指出，這是多種因素的結合——農曆新年，這些產品都是在我們的中國工廠生產的。

And so the mix of those products shifted a little bit unexpectedly on us towards the end of last year, which resulted in having to make new products essentially that we hadn't necessarily planned for in advance.

因此，到去年年底，這些產品的組合對我們來說有點出乎意料地發生了變化，這導致我們不得不生產本質上我們事先沒有計劃的新產品。

And that's why the Lunar New Year caught us a little bit unprepared this year.

這就是為什麼今年的農曆新年讓我們有點措手不及。

In addition to that, we did have some pricing reductions.

除此之外，我們確實降低了一些價格。

And again, most of that you can assume is in the datacenter side that kicked in towards the end of last year.

同樣，您可以假設大部分是在去年年底開始的資料中心方面。

And both of those two factors account for the bulk of the decline.

這兩個因素都是造成下降的主要原因。

So on that the second part of our pricing reductions, was it mainly 100 gig or involve 400 gig as well?

那麼，我們降價的第二部分，主要是 100 演出還是也涉及 400 演出？

No, it's mainly 100 gig.

不，主要是100G。

And I don't believe we had any price reductions on 400 gig in the quarter.

我不認為本季 400 場演出有任何降價。

Got it.

知道了。

And then when you talk about second-quarter snapback, are you just talking about 400 gig or 100 gig recovery as well?

然後，當您談論第二季度的快速恢復時，您是否也在談論 400 演出或 100 演出的恢復？

We expect it'll be mostly 400 gig.

我們預計大部分是 400 場演出。

There may be some recovery in 100 gig.

100G 可能會有一些恢復。

It's a little bit unclear.

有點不清楚。

But that technology is clearly in the weaning phase of its lifecycle. 400 gig is clearly going to be picking up more in the near future.

但該技術顯然正處於其生命週期的斷奶階段。 400 演出顯然在不久的將來會增加。

And again, as we talked about earlier, later in the year, 800 gig will start to contribute as well.

再次，正如我們早些時候談到的，今年晚些時候，800 場演出也將開始做出貢獻。

Right.

正確的。

And then on the Microsoft, do you have any backlog to speak of that gives us confidence that they'll ramp throughout this year, or is it still based on their forecast?

然後在微軟方面，您是否有任何積壓訂單可以說，這讓我們有信心他們將在今年全年增加，或者仍然基於他們的預測？

I mean, we have small backlog like we always do, but it's consistent with what we've seen over the years.

我的意思是，我們像往常一樣積壓了少量訂單，但這與我們多年來所看到的情況一致。

It's nothing that would guarantee a ramp throughout the year.

這並不能保證全年的成長。

Got it.

知道了。

And my last question is, you talked about Microsoft to add another supplier.

我的最後一個問題是，您談到微軟增加另一家供應商。

What's the latest on that?

最新消息是什麼？

I'm sorry, I didn't quite understand your question.

抱歉，我不太明白你的問題。

You said Microsoft adding another supplier for the for the

你說微軟增加了另一家供應商

(multiple speakers)

（多個發言者）

Yeah, did you say -- yeah, AOC possibly adding another supplier in addition to you.

是的，您是否說過——是的，AOC 可能會在您之外添加另一家供應商。

Any latest update on that?

有最新的更新嗎？

Right.

正確的。

Yeah, I get your question now.

是的，我現在明白你的問題了。

So I'm not aware that there's any other supplier that's shipping at this point, but I really -- wouldn't really be able to share that information even if I were.

因此，我不知道目前是否有任何其他供應商正在發貨，但即使我這樣做，我也確實無法分享這些資訊。

But as a matter of fact, at this point, I'm not aware of it.

但事實上，目前我還沒有意識到這一點。

Got it.

知道了。

All right.

好的。

Thank you.

謝謝。

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。

Again, thank you for joining our call today.

再次感謝您今天加入我們的電話會議。

As always, we want to extend a thank you to our investors, customers, and employees for your continued support.

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。

We look forward to see many of you at IOC and to updating you on our next earning call.

我們期待在國際奧委會見到你們，並在我們的下一次財報電話會議上向你們通報最新情況。

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.

您現在可以斷開連線。