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業績、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、能夠、將、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 提交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提供的收益新聞稿中。

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.

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，使我們能夠在第四季度產生較小的 GAAP 淨利潤。

For the first time in many years.

多年來第一次。

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 primary due to somewhat lower than expected data center revenue as we began to see some softness in demand led in the quarter, 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 was above our guidance range of 34.5% to 36%, mainly driven by improved product mix and some contribution from nonrecurring engineering projects.

在第四季度，我們交付的收入為6050 萬美元，低於我們6300 萬美元至6700 萬美元的主要指導範圍，因為數據中心收入略低於預期，因為我們開始看到本季度需求疲軟，我們交付了非公認會計準則毛利率為36.4%，這是我們過去五年中產生的最高季度毛利率，高於我們34.5% 至36% 的指導範圍，這主要是由於產品組合的改善和非經常性工程項目的一些貢獻。

We generated a small non-cash net income of $0.04 per share, which was a high end of our guidance range of a loss of $0.02 to earnings of $0.04. Palo Verde mill floor death in the production of $44.5 million, more than double year-over-year, but was down 9% sequentially.

我們產生了每股 0.04 美元的小額非現金淨利潤，這是我們指導範圍的上限，即虧損 0.02 美元，獲利 0.04 美元。 Palo Verde 工廠車間的生產損失達 4,450 萬美元，年增一倍多，但環比下降 9%。

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

我們的 100G 產品營收年增了一倍多，同期每劑 400g 的營收成長了八倍多。

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 processed 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 月份經過處理的 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.

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。

Our gross margin outperformed our projections, leading to a non-GAAP EPS at the high end of our expectations.

我們的毛利率超出了我們的預期，導致非公認會計原則每股收益達到了我們預期的上限。

We were 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.

雖然我們確實看到第一季出現一些疲軟，原因是我們亞洲工廠農曆新年假期的綜合影響，以及計劃生效的一些降價。

We expect a strong recovery in Q2 and are currently anticipating a markedly improved second half of 2024.

我們預計第二季將強勁復甦，目前預計 2024 年下半年將顯著改善。

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 產品方面受到了幾個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, while not likely to contribute meaningfully to revenue in 2024.

我們預計這些客戶中的一個或多個將從第二季度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，但不太可能對2024 年的收入做出有意義的貢獻。

We also are very optimistic about our 1.6 terabit products as we move into 2025.

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.

我們預計下半年會有改善。

We currently expect our first full year of non-GAAP profitability since 2018.

目前，我們預計將迎來自 2018 年以來第一個全年實現非 GAAP 獲利。

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 data center 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，我們第四季的總營收年減2%，至6,050 萬美元，低於我們6,300 萬至6,700 萬美元的指導範圍，正如Thompson 所提到的，這主要是由於資料中心略低於預期收入，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 in line with our expectations.

第四季度，我們 74% 的營收來自資料中心產品。 21% 來自我們的 CATV 產品，其餘 5% 來自 FTTH 電信和其他符合我們預期的產品。

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

第四季有線電視營收為 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。

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

儘管這些都是早期樣品，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 MSOs 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.

正如我們上季度所說，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。更遠。

We are confident that our products are aptly designed for the deployment of amplifiers and other network elements required for DOCSIS 4.0.

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 data center business, our Q4 data center revenue came in at $44.5 million, which more than doubled year over year and was down 9% sequentially.

談到我們的資料中心業務，我們第四季的資料中心營收為 4,450 萬美元，年增一倍多，季減 9%。

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

如上所述，第四季度我們資料中心收入的 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 200 G. and 400G products increased 79% sequentially, which we believe is largely driven by a high demand for compute infrastructure.

我們的 200 G 和 400G 產品收入環比增長了 79%，我們認為這主要是由對計算基礎設施的高需求推動的。

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 data center for 400G and beyond and for the development of its 400 G. 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400G 及以上速率的下一代激光器，以及開發其400G 雷射。 . 和下一代有源光纜。

While not guaranteed, we continue to believe that the revenue opportunity for our 400 G. and 800 G. 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 build-outs during Q three.

雖然不能保證，但我們仍然相信，我們的 400 G. 和 800 G. 產品的收入機會可能比我們在 40G 產品週期高峰期間從該客戶那裡看到的收入貢獻更大、持續時間更長，這表明在第三季的這些擴建過程中，這些產品的收入可能會超過3 億美元。

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.

正如我們在之前的財報電話會議上討論的那樣，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 earlier expected, as the data centers work to install the optics, we shipped in Q4.

我們在 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光學元件，我們在第四季度發貨。

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.

另一件值得注意的事情是，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 800 G. products.

這包括我們的 800 G. 產品。

We shipped samples to three different data center customers in 2023 and have received initial positive feedback on our 800 G. 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 800 G. 產品的初步積極回饋。

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

我們預計今年第三季將開始出貨 800 克。

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 for the fourth quarter our top 10 customers represented 95% of revenue, up from 90%.

展望未來，我們預計第四季電信銷售額將在當前水準附近波動，我們的十大客戶佔營收的 95%，高於 90%。

In Q4 of last year, we had two greater than 10% customers, one in the data center market and one in the CATV market, which contributed 51% and 28% of our total revenue, respectively.

去年第四季度，我們有兩個超過10%的客戶，一個來自資料中心市場，一個來自有線電視市場，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%，高於我們 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.

毛利率的成長主要得益於我們有利的產品結構轉變。

Our transition to a direct sales model in our CATV business and the impact of nonrecurring engineering sales during the quarter.

我們的有線電視業務向直銷模式的過渡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向 MSO 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 data center 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，這反映出為縮短 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.

第四季非公認會計準則營業收入為 40 萬美元，而上年第四季營業虧損為 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 a profit of $1.2 million.

以非公認會計原則計算，第四季淨利為 160 萬美元，即每股 0.04 美元，高於我們的指導範圍（虧損 90 萬美元至利潤 120 萬美元）。

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.

在我們指引範圍的上限，每股虧損在每股基本股 0.02 美元到每股盈餘 0.04 美元之間。

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，去年第四季淨虧損 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.

以完全稀釋後的已發行股票計算，第四季每股收益為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.

截至本季末，我們的債務總額（不包括可轉換債務）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 as of December 31st, we had $63.9 million in inventory compared to $67.5 million at the end of Q3.

截至 12 月 31 日，在我們交換或回購大約所有 2024 年票據的同時，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？

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·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​​之一是您給我們的，我認為對 Microsoft 機會的總價值有一些見解。

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，以及如何確定本日曆年 Microsoft 專案的預期貢獻大小？

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 Nino customer sensitive.

顯然，其中很多都是尼諾客戶敏感的。

But at this point, I mean, it started to ramp, as I noted in our prepared remarks, I mean, we shipped product in December, which was ahead of schedule on the data center that the individual data centers where those are getting installed are taking a little bit longer than expected to we actually deploy those transceivers in the data center.

但在這一點上，我的意思是，它開始加速，正如我在我們準備好的評論中指出的那樣，我的意思是，我們在12 月發貨了產品，這比數據中心的計劃提前了，安裝這些產品的各個資料中心是我們實際在資料中心部署這些收發器的時間比預期要長一些。

So there's a bit of a lull right now while that goes on and then we expect the ramp to resume later in this quarter and ramp throughout the year.

因此，在這種情況持續期間，目前存在一些平靜，然後我們預計成長將在本季度晚些時候恢復，並在全年中成長。

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 data centers.

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。

Yes, 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 a year after that.

是的，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，之後一年是 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。

When I have known that that's accurate.

當我知道那是準確的。

What I have said is that it would be I think we said this on the last earnings call, but it just seems that 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，我認為我們在上次財報電話會議上也說過這一點，但現在我們認為將以支持 1 億美元的運行率加速退出今年，這似乎是同樣的思維過程每年。

But it's clearly not starting off the year.

但這顯然不是今年的開始。

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

因此，您將不會在一年中或四個季度內整合到 1 億美元。

That's helpful.

這很有幫助。

That's exactly what I

這正是我所想的

--

--

You're sort of more.

你有點多了

Yes, which would imply of course, that in the out years, it will be more than 100 million per year in those other years.

是的，這當然意味著，在過去的幾年裡，在其他年份，每年的數量將超過 1 億。

Yeah.

是的。

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

不，這就是我試圖擺脫的。

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 個千兆連接。

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

所以我想知道，您是否看到您的 400 gig 產品被用於後端 AI 用例？

Or are there other applications?

或是有其他應用嗎？

And if so, what are that.

如果是的話，那是什麼？

And yes, it's supporting a I am not quite sure what you mean by back end use cases, but it's supporting a eye and the connections between the the GPU cluster and the switch primarily.

是的，它支援我不太確定後端用例的含義，但它主要支援 GPU 叢集和交換器之間的連接。

And now I mean, I think it's also likely being used in other non AI applications as well.

現在我的意思是，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 money compute applications out there it's not clear to me precisely the extent to which is being used in AI. versus non-high applications.

我的意思是，還有其他貨幣計算應用程序，但我不清楚它們在人工智慧中的使用程度。與非高應用程式相比。

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 a I is what Microsoft and others other large data center operators are primarily building the infrastructure around AI right now.

但可以肯定的是，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。

So I would 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。

And then just the 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.

最後一點可能是關於您如何看待有線電視業務節奏的更多色彩，因為本季實際上比我們預期的要好一點，強一點。

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.

但看起來你的建議或我對你的建議的解釋是下半年的階梯函數。

Anything you could do to give us some sort of Bowne's on what that implies.

你可以做任何事來給我們一些鮑恩關於這意味著什麼的資訊。

And yes, I mean, I think you're more or less correct.

是的，我的意思是，我認為你或多或少是正確的。

And what you're seeing in terms of the step function in the middle of the year, what's going on right now is that we're continuing to sell Docsis 3.1 products which are on their way out.

從年中的步驟功能來看，現在發生的情況是，我們將繼續銷售即將停產的 Docsis 3.1 產品。

They're not obsolete yet.

它們還沒有過時。

It's what's currently deployed in the networks, but those products that are being shipped now are being used in you know, new new new builds upgrades, but just new areas that need to be built out or repairs, things like that is kind of a steady-state business.

這就是目前在網路中部署的產品，但是現在正在發貨的那些產品正在用於您知道的新的新的構建升級，但只是需要構建或維修的新區域，類似的事情是一種穩定的-國營企業。

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 which is really where the excitement is, frankly.

我們預計今年中期將推出新的 1.8 GHz 產品，這些產品將用於新的網路升級，坦白說，這才是真正令人興奮的地方。

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 the there are several MSOs that are really up.

因為我認為有幾家 MSO 確實已經崛起。

We appear to be very interested in starting those upgrades quickly as soon as the products become available.

我們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 question.

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。

Please go ahead.

請繼續。

I'm going to Thanks a lot.

我要去 非常感謝。

And so it sounds like I mean, the narrative over the last quarter or so has been that that the cost, the bigger big customer here ask you to hurry up and expedite the development of the product and it seems like you've executed extremely well.

所以聽起來我的意思是，上個季度左右的敘述是，成本，這裡更大的大客戶要求你加快產品的開發，而且看起來你執行得非常好。

Could do that and then sort of like a hurry up and now we situation.

可以做到這一點，然後有點像快點，現在我們的情況。

So could you provide I mean, is that kind of assuming a successful.

那麼你能否提供我的意思是，這種假設是成功的嗎？

Yes, but sorry to Minister up there at the end, of course, you go to I don't know that.

是的，但是最後對部長表示抱歉，當然，你去我不知道這一點。

So I mean I was I guess I was just going to also ask for more and more color on that.

所以我的意思是我想我也會要求越來越多的顏色。

But also if that if that is if that's the case, why I think we reiterated a $300 million number that hasn't changed, but what else can give us confidence that this is just a timing delay and not not any other kind fundamental change here?

但如果是這樣的話，為什麼我認為我們重申了 3 億美元的數字沒有改變，但還有什麼可以讓我們相信這只是時間延遲，而不是任何其他類型的根本性變化？

Sure.

當然。

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

首先，我想您會對我們所看到的今年開局較慢有一些評論，特別是我之前提到的資料中心部署。

So you know, these things are difficult to predict.

所以你知道，這些事情很難預測。

What happens is that the product is qualified and put into use and data centers order an initial quantity of it to begin putting product in there and then they start to deploy.

所發生的情況是，產品合格並投入使用，資料中心訂購初始數量的產品，開始將產品放入其中，然後開始部署。

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

我相信你可能會理解，你知道，只是基於謹慎，並不總是像大規模部署新技術時那樣快速部署，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 once that initial phase of deployments proves that it's going well, then they'll order larger quantities to continue the deployments as far as what we expect to see throughout the rest of the year.

一旦部署的初始階段證明進展順利，他們就會訂購更多的數量來繼續部署，直到我們預計在今年剩餘時間內看到的情況。

I mean, at the same time, by the way, we're still continuing to build our manufacturing capability and capacity for the ramp that we see through the rest of the year.

我的意思是，與此同時，順便說一句，我們仍在繼續建立我們的製造能力和產能，以應對今年剩餘時間的產能成長。

So far as what can give you the confidence there?

就什麼可以給你信心呢？

I think probably the only thing that I can really point to is the fact that we continue to invest pretty heavily in CapEx.

我認為我唯一能真正指出的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 produce 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 downfall got squeezed.

因此，我認為，再加上我們對第二季度明顯改善的評論，希望能讓你們有一定程度的信心，相信這是暫時的狀況下滑已被擠壓。

We have said we are eager to have their G central two three new hyperscale data center customer in U.S., and we believe we the body was started went up by, say, end of Q2 or early Q3 since the 19, though would be the Q2 the the may be based or.

我們已經說過，我們渴望在美國擁有他們的Gcentral 兩個三個新的超大規模資料中心客戶，我們相信我們的機構已經啟動，比如說，自19 年以來的第二季度末或第三季度初，儘管將是第二季度可能基於或。

Yes, I would like to follow up on that point?

是的，我想跟進這一點？

Because I mean, we hear you saying I'm delivering sample, but then also expectation of revenue in 2Q accelerating into Q3.

因為我的意思是，我們聽到您說我正在交付樣品，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, call it qualification customer win.

因此，這兩者之間缺少的一步是，稱之為「資格客戶贏得」。

But given your confidence into Q2, Q3, it sounds like you're already must already be past that is that you must have already passed that milestone is that correct understanding?

但是考慮到您對第二季、第三季的信心，聽起來您已經必須已經過去了，也就是說您必須已經通過了那個里程碑，這是正確的理解嗎？

Well, for certainly for the 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 at a qualification point at this juncture on other opportunities, I mean, we have various opportunities that are either past qualification or qualification.

嗯，當然，對於我們之前討論的機會，我們在大多數問題上都提到過，顯然，在其他機會的這個時刻，它已經通過了資格點的資格立場，我的意思是，我們有各種機會，要嘛是過去的資格，要嘛是資格。

We expect to finish up in time to be able to grow revenue in Q2 are great.

我們預計能及時完成，以便能夠在第二季度實現收入成長，這非常棒。

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

最後對我來說，只是為了幫助理解業務組合好一點。

Yes, could you give a sense of data center right now of the revenue mix roughly between your transceivers and lasers?

是的，您能否大致介紹一下資料中心目前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?

然後，如果我們展望今年第四季和明年第一季度，這種情況會保持不變嗎？

Or will we see I see it see some kind of change in that mix.

或者我們會看到這種組合發生某種變化。

So right now, the revenue mix in the data centers, 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 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，我並不認為這種情況會發生太大變化，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 you know, that might be behind that question, if I can kind of read into it this question of what we had two different projects with Microsoft, one for lasers and one for active optical cables, right?

所以我認為這可能會讓你知道一點，這可能是這個問題背後的事情，如果我能讀懂這個問題，我們與微軟有兩個不同的項目，一個用於激光，一個用於激光有源光纜，對吧？

And that is true.

這是真的。

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

但我認為您可能不完全理解的是，現在大多數雷射和技術，所有雷射都用於我們自己的有源光纜。

So the revenue, while we are making lasers and working on making lasers on 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，收入將用於最終利用這些雷射的有源光纜。

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

這實際上是我的理解，我確實對此有很多疑問。

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

我想確保我理解正確。

So I thanks so much for the answers.

所以我非常感謝您的回答。

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

我很高興現在參加電話會議，我很高興來到這裡。

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要素。

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

抱歉，我認為您正在談論或期望在非公認會計原則的基礎上實現盈利。

Some of that's net income or operating profit or both, but I just wanted to confirm that for the year.

其中一些是淨利潤或營業利潤或兩者兼而有之，但我只是想確認今年的情況。

Yes, there will be net income and non-GAAP net income profitable for the year.

是的，本年度將實現淨利和非 GAAP 淨利。

Okay.

好的。

Well, I guess you've 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 you know, saying if you're able to get that say up to 30% for the year, which may or may not be reasonable means that we can take a revenue range out of that 16 on solidly over 300 million, I mean, obviously weighted toward the back half of the year.

但你知道，如果你能夠將這一年的收入提高到30%，這可能合理也可能不合理，這意味著我們可以將收入範圍從16 個收入範圍中剔除，超過3 億，我的意思是，明顯偏向下半年。

And am I doing that math, right?

我正在做數學計算嗎？

Yes.

是的。

Yes.

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, where you saw that increase about 10 million in the quarter.

然後我將跟進 400 場演出類別的一些細節，您看到該類別在本季度增加了約 1000 萬。

We've seen some pretty healthy declines on the 100 gig side I assume that's where the weakness is from a demand standpoint.

我們已經看到 100 演出方面出現了一些相當健康的下降，我認為從需求的角度來看，這就是弱點所在。

But I mean, is it fair to attribute most or all of that increase to the active optical cable shipments and to the extent we expect it to turn back on, let's say in Q2, is that the type of order of magnitude we should be expecting as you move your way toward exiting the year.

但我的意思是，將大部分或全部增長歸因於有源光纜出貨量是否公平，以及我們預計有源光纜出貨量將在第二季度恢復的程度，這是我們應該預期的數量級類型當你朝著結束這一年的方向前進時。

So you had a 25 million a quarter run rate.

所以每季的運行率為 2500 萬次。

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收入的成長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, as I said earlier, that we would expect that to be kind of on a run rate of 100 million a year or 25 million a quarter by the end of the year.

這個問題的第二部分是，我不太清楚你到底是怎麼問的，正如我之前所說，我們預計到明年 1 億或每季 2500 萬的運行率。年底。

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

您只是想確認這一點還是還有其他我知道的問題？

There's another little question there, and that is given that you're expecting a bounce back or improved Q2, which you referenced in the release.

還有另一個小問題，考慮到您預計第二季會出現反彈或改善，正如您在新聞稿中提到的那樣。

Should we say think that most or all of that improvement is returning to that Q4 level, or above from an IOC perspective?

我們是否應該說，從國際奧委會的角度來看，大部分或全部改善都回到了第四季度的水平或以上？

And I'd have to have it probably close to it.

我必須讓它接近它。

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 份演出業務也會在第二季開始成長？

Some little I'm a little hesitant to say it.

有些話我有點猶豫要不要說。

That's absolutely the dominant factor, but most likely would be close to that.

這絕對是主導因素，但很可能接近這一因素。

Yes.

是的。

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 you stepped through this before, but I want to make sure I understand last quarter you talked about sampling 800 gig products to four customers, including three hyperscalers.

我想至少您之前已經經歷過這一點，但我想確保我理解上個季度您談到向四個客戶（包括三個超大規模客戶）採樣 800 個演出產品。

I think I got that right is what you're saying when you expected 800 gig to be able to start to contribute midyear end of Q2 into Q three is that one of those that you have sampled has turned into was a production customer?

我認為我說得對，您所說的，當您預計 800 名演出能夠在第二季度年末開始為第三季度做出貢獻時，您抽樣的其中一個已經變成了生產客戶？

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

在第 4 季或第 4 季以及年初至今的 24 年中，400 或 800 G 上的客戶參與度指標、抽樣等是否有任何更新？

Sure.

當然。

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

所以我想澄清的是，我們目前尚未完成任何 800 G 產品的最終資格認證。

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

所以我們在去年年底抽樣調查了三位客戶。

And in addition to that, just within the last and on a month or so, we've had some significant new interest from other new customers besides the three that we shipped last year, some so, you know, without trying to tip our hat too much here, I think it's likely that one or more of either the customers we ship to last year or one of these newer customers will be will be a customer generating revenue for us in the Q3 timeframe for 800 G. on as far, as you know, the kind of the demand, I guess you could say, you know, the kind of the feeling that we have around demand, I would say that you know the need for 800 gig right now, it seems to be particularly acute.

除此之外，就在過去一個月左右的時間裡，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，有些是這樣的，你知道，但我們並沒有試圖脫帽致敬這裡太多了，我認為我們去年發貨的一個或多個客戶或這些新客戶之一可能會在第三季度的時間範圍內為我們帶來 800 G 的收入。你知道，這種需求，我想你可以說，你知道，我們對需求的感覺，我想說你知道現在需要800 演出，這似乎特別迫切。

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 on.

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 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 energy at this point.

根據我對目前能源的估計，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。

I'm sorry about that.

對此我很抱歉。

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

但沿著這些思路，我猜你在過去的幾個季度花了相當多的時間，四分之三的時間來評估微軟的有源光纜機會。

But as you look at your 800 gig pipeline in some of the customer engagements you have.

但當你看看你的一些客戶參與中的 800 場演出管道。

I guess how would you size that opportunity relative to what we've been talking about with them and Microsoft 400 gig?

我想，相對於我們與他們和 Microsoft 400 零工討論的內容，您會如何評估這個機會？

I mean the opportunity there is several times larger, many times larger, and it remains to be seen how much of that market we can get.

我的意思是，那裡的機會大了好幾倍，大了很多倍，我們能得到多少市場還有待觀察。

I don't want to create too much no irrational exuberance at this point.

我現在不想創造太多非理性的繁榮。

But the market size, the market opportunity there is huge and it's being driven by a I mean, there's nothing that should be mysterious about the demand profile, right?

但市場規模、市場機會是巨大的，而且它是由需求驅動的，我的意思是，需求狀況沒有什麼神秘的，對吧？

I mean, we've heard and video talking today or yesterday on their earnings call about the amount of our compute infrastructure that's being built.

我的意思是，我們今天或昨天在他們的財報電話會議上聽到並透過視訊談論了我們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 800 G. 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，其中許多都以 800 G 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。

You know, I think we're well positioned for that.

你知道，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 will ultimately be able to get.

我並不是預測我們最終能夠獲得該市場的多大比例。

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.

And 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 the cable TV business, a matter of kind of what happens there is not big enough insights are going to collapse to zero.

好吧，我們並沒有真正按產品細分提供指導，但顯然對於有線電視業務，如果沒有足夠大的洞察力，發生的事情將會崩潰到零。

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

因此，無論發生什麼，都不太可能佔下降的大部分。

So that's going to come primarily from the data center business, as we noted in our prepared remarks earlier, that it's a combination of factors there that the on the Lunar New Year, a lot of these products are in our China facility.

因此，這將主要來自資料中心業務，正如我們在先前準備的演講中指出的那樣，這是農曆新年期間許多此類產品都存放在我們中國工廠的綜合因素。

And so the mix of those products shifted a little bit unexpectedly on us towards the end of last year, which resulted in the are they having to make new products essentially that we hadn't necessarily planned for in advance, and that's why the Lunar New Year caught us a little bit unprepared this year.

因此，這些產品的組合在去年年底對我們來說有點出乎意料地發生了變化，這導致他們不得不生產基本上我們事先沒有計劃的新產品，這就是為什麼農曆新年今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 data center 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 three factors account for the bulk of the decline.

這三個因素都是造成下降的主要原因。

And so that the second part of our pricing reductions was mainly 100 gig also or involve them 400 gig as well.

因此，我們降價的第二部分主要是 100 gig，或也包括 400 gig。

No it's mainly 100 gig.

不，主要是 100 演出。

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 on when you talked about when you talk about second quarter a snapback or you just talked about 400 gig or will 100 gig recover as well?

然後當你談到第二季的快速回升或你剛剛談到 400 演出還是 100 演出也會恢復時？

We expect it will be mostly 400 gig.

我們預計大部分是 400 場演出。

There may be some recovery, 100 gig.

可能會有一些恢復，100G。

It's a little bit unclear, but that technology is clearly in the weaning phase of its of its lifecycle, 400 gig is clearly going to be picking up more in the near future.

目前尚不清楚，但該技術顯然正處於其生命週期的斷奶階段，400 演出顯然會在不久的將來增加更多。

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

同樣，正如我們在今年晚些時候討論的那樣，800 場演出也將開始做出貢獻。

Right.

正確的。

And then on the Microsoft on.

然後就上了微軟。

Do you have any kind of the like backlog to speak of that gives us confidence that you'll that they'll ramp throughout this year?

您是否有任何類似的積壓訂單可以讓我們相信您會在今年全年增加？

Or is it still based on they're forecast.

或仍然基於他們的預測。

I mean, we have small backlog.

我的意思是，我們有少量積壓。

What we always do, but it's consistent with what we've seen over the years is nothing it's nothing that would guarantee a ramp throughout the year.

我們一直在做的事情，但與我們多年來所看到的一致，並不是什麼都不能保證全年的成長。

No.

不。

Got it.

知道了。

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

我的最後一個問題是關於您談到微軟增加另一家供應商的問題。

You know what the latest on that.

你知道最新的情況是什麼。

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?

你說微軟增加了另一家供應商？

Yes, you can say it's a clear.

是的，可以說是很清楚了。

Yes, day IOC.

是的，國際奧委會日。

Yes, IOC, not possibly adding another supplier in addition to you any latest update on that?

是的，國際奧委會，除了您之外，不可能再增加其他供應商嗎？有沒有最新的更新？

Right.

正確的。

I mean, yes, I get your question now.

我的意思是，是的，我現在明白你的問題了。

So I mean, 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.

所以我的意思是，我不知道目前有任何其他供應商正在發貨，但即使我知道，我也真的無法分享這些資訊。

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。

So I got it all right.

所以我一切都好。

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 wanted to extend a thank you to our investors, customers and employees for your convenience, the poll.

一如既往，我們要向我們的投資者、客戶和員工表示感謝，感謝您為您提供的便利和民意調查。

We do fall to see many of you at Argosy and to updating you on our next burning coal.

我們確實很高興在 Argosy 見到你們中的許多人，並向你們通報我們下一次燃燒的煤炭的最新情況。

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。