祥茂光電 (AAOI) 2024 Q1 法說會逐字稿

Good day, and welcome to the Applied Optoelectronics first-quarter 2024 financial results conference call. (Operator Instructions)

大家好，歡迎參加應用光電 2024 年第一季財務業績電話會議。 （操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

I would now like to turn the conference over to Ms. Lindsay Savarese, Investor Relations for AIO. Please go ahead.

現在我想將會議交給 AIO 投資者關係部門的 Lindsay Savarese 女士。請繼續。

Thank you. I'm Lindsay Savarese, Investor Relations for Applied Optoelectronics. I am pleased to welcome you to AOI's first-quarter 2024 financial results conference call. After the market closed today, AOI issued a press release announcing its first-quarter 2024 financial results and provided its outlook for the second quarter of 2024.

謝謝。我是應用光電公司投資者關係部的林賽·薩瓦雷塞 (Lindsay Savarese)。我很高興歡迎您參加 AOI 2024 年第一季財務業績電話會議。今天收盤後，AOI 發布新聞稿，公佈了 2024 年第一季財務業績，並提供了 2024 年第二季的展望。

The release is also available on the company's website at ao-inc.com. This call is being recorded and webcast live. A link to the recording can be found on the Investor Relations section of the AOI website and will be archived for one year.

該版本還可在該公司網站 ao-inc.com 上取得。此次通話正在錄音並進行網路直播。錄音的連結可以在 AOI 網站的投資者關係部分找到，並將存檔一年。

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. Thompson will give an overview of AOI's Q1 results, and Stefan will provide financial details and the outlook for the second quarter of 2024. A question-and-answer session will follow our prepared remarks.

參加今天電話會議的還有 AOI 創辦人、董事長兼執行長 Thompson Lin 博士；以及 AOI 財務長兼首席策略長 Stefan Murry 博士。 Thompson 將概述 AOI 第一季的業績，Stefan 將提供財務詳細資訊和 2024 年第二季的前景。

Before we begin, I would like to remind you to review AOI's Safe Harbor statement. On today's call, management will make forward-looking statements. These forward-looking statements involve risks and uncertainties as well as assumptions and current expectations, which could cause the company's actual results, levels of activity, performance, or achievements of the company or its industry to differ materially from those expressed or implied in such forward-looking statements.

在我們開始之前，我想提醒您查看 AOI 的安全港聲明。在今天的電話會議上，管理階層將發表前瞻性聲明。這些前瞻性陳述涉及風險和不確定性以及假設和當前預期，可能導致公司或其行業的實際結果、活動水平、業績或成就與此類前瞻性陳述中明示或暗示的結果存在重大差異。的陳述。

In some cases, you can identify forward-looking statements by terminology such as believes, forecast, anticipates, estimates, suggest, 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 of future events or outcomes.

在某些情況下，您可以透過相信、預測、預期、估計、建議、打算、預測、預期、計劃、可能、應該、能夠、將、將、潛力或認為等術語來識別前瞻性陳述，或透過這些術語或其他類似表達的否定形式，表達未來事件或結果的不確定性。

The company has based these forward-looking statements on its current expectations, assumptions, estimates, and projections. While the company believes these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the company's control. 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 customers sponsors to our innovation as well as statements regarding the company's outlook for the second quarter of 2024.

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。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。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和客戶贊助我們的創新相關的信念和期望的陳述，以及有關公司 2024 年第二季度前景的陳述。

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 changes in the company's expectations. More information about other risks that may impact the company's business are set forth in the Risk Factors section of the company's reports on file with the SEC, including the company's annual report on Form 10-K and the Company's quarterly reports on Form 10-Q.

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。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. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation between our GAAP and non-GAAP measures, as well as a discussion of why we present non-GAAP financial measures are included in our earnings press release that is available on our website.

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

Before moving to the financial results, I'd like to announce that AOI management will virtually participate at the Needham Technology Media and Consumer Conference on May 16. And I'd like to note that the date of our second-quarter 2024 earnings call is currently scheduled for August 8, 2024.

在公佈財務業績之前，我想宣布 AOI 管理層將以虛擬方式參加 5 月 16 日舉行的 Needham Technology 媒體和消費者會議。計劃於2024 年8 月8 日舉行。

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

現在，我想把電話轉給應用光電創辦人、董事長兼執行長林湯普博士。湯普森？

Thank you, Lindsay, and thank you for joining our call today. Our revenue and gross margins for the fourth quarter came in below our expectations, and our non-GAAP EPS was in line with our expectations despite the slow start to the year.

謝謝你，林賽，也謝謝你今天加入我們的電話會議。我們第四季的營收和毛利率低於我們的預期，儘管今年開局緩慢，但我們的非公認會計準則每股收益符合我們的預期。

Based on our current forecast and very constructive customer interactions, we remain very positive on the improvement in the second half of the year. During the fourth quarter, we delivered revenue of $40.7 million, which was just below our guidance range of $41 million to $46 million. We delivered non-GAAP gross margin of 18.9%, which was below our guidance range of 21% to 23%, mainly driven by difference in product mix.

根據我們目前的預測和非常有建設性的客戶互動，我們對下半年的改善仍然非常樂觀。第四季度，我們實現了 4,070 萬美元的收入，略低於我們 4,100 萬至 4,600 萬美元的指導範圍。我們的非 GAAP 毛利率為 18.9%，低於我們 21% 至 23% 的指引範圍，主要是由於產品組合的差異。

Our non-GAAP loss per share was $0.31 per share, which was within our guidance range of a loss of $0.28 to a loss of $0.33 per share. Total revenue for our data center products of $29 million was up 42% year over year and was down 35% sequentially. (inaudible) for our new product increased 33% year over year and (inaudible) for all four new products more than doubled in the same period.

我們的非 GAAP 每股虧損為 0.31 美元，在我們每股虧損 0.28 美元至 0.33 美元的指引範圍內。我們資料中心產品的總收入為 2,900 萬美元，年增 42%，較上季下降 35%。 （聽不清楚）我們的新產品年增了 33%，（聽不清楚）所有四種新產品同期​​成長了一倍多。

Total revenue in our CATV segment was $8.7 million, which was down 69% year over year and down 30% sequentially, largely driven by continued January slow sales of DOCSIS 3.1 equipment as the industry prepares to transition to DOCSIS 4.0.

CATV 部門的總收入為 870 萬美元，年減 69%，環比下降 30%，這主要是由於行業準備向 DOCSIS 4.0 過渡，1 月份 DOCSIS 3.1 設備的銷售持續放緩。

With that, I will turn the call over to Stefan to review the details of our Q1 performance and outlook for Q2. Stefan?

接下來，我將把電話轉給 Stefan，以審查我們第一季業績的詳細資訊和第二季的前景。斯特凡？

Thank you, Thompson. As Thompson mentioned, our first-quarter revenue and non-GAAP gross margin came in below our expectations, while our non-GAAP EPS was in line with our expectations. Based on our current forecast and very constructive customer interactions, we remain very positive on improvements in the second half of the year. We believe that the long-term demand drivers remain strong for both our data center and CATV businesses, and we believe we are well positioned to capitalize on these opportunities.

謝謝你，湯普森。正如湯普森所提到的，我們第一季的收入和非公認會計原則毛利率低於我們的預期，而我們的非公認會計原則每股收益符合我們的預期。根據我們目前的預測和非常有建設性的客戶互動，我們對下半年的改進仍然非常樂觀。我們相信，我們的資料中心和有線電視業務的長期需求驅動因素仍然強勁，我們相信我們有能力利用這些機會。

Looking to the back half of the year, there are a few key items to note that give us a basis for our optimistic outlook despite the slow start to the year. The first is that we have begun to receive forecasted orders for the VCSEL-based 400G active optical cables for which Microsoft provided development funding last year. While the pace of product adoption has been somewhat slower than we anticipated, we believe that the fact that we are now receiving forecast for these products for delivery in Q3 is a significant step in seeing meaningful business improvement.

展望今年下半年，有一些關鍵事項需要注意，儘管今年開局緩慢，但這些事項為我們的樂觀前景奠定了基礎。首先是我們已經開始收到微軟去年提供開發資金的基於VCSEL的400G主動光纜的預測訂單。雖然產品採用的速度比我們預期的要慢一些，但我們相信，我們現在收到的這些產品將在第三季交付的預測是實現有意義的業務改善的重要一步。

The second is that follow-on projects to our 400 AOC program, specifically for our 800G and 1.6 terabit products have been fast tracked with our customers as they address an acceleration in demand for infrastructure around AI. We are being asked to compress the time from development to scale production as much as possible in order to meet this accelerated demand.

第二個是我們的 400 AOC 計劃的後續項目，特別是我們的 800G 和 1.6 太比特產品，已經與我們的客戶快速跟進，因為他們滿足了人工智慧基礎設施需求的加速增長。我們被要求盡可能壓縮從開發到規模生產的時間，以滿足這種加速的需求。

The third is that we have continued to experience significant traction and continue to have meaningful discussions with multiple large data center customers, some of which are new customers to AOI or customers that we have not worked with in many years. Specifically for our 400G, 800G, and 1.6 terabit products. We expect one or more of these customers will begin to contribute meaningfully to revenue starting in Q3.

第三，我們繼續感受到巨大的吸引力，並繼續與多個大型資料中心客戶進行有意義的討論，其中一些是 AOI 的新客戶或我們多年未合作的客戶。專門針對我們的 400G、800G 和 1.6 太比特產品。我們預計這些客戶中的一個或多個將從第三季開始為收入做出有意義的貢獻。

And lastly, we believe that the transition to DOCSIS 4.0 will begin to take place in Q3 and that our products are aptly designed for the deployment of amplifiers and other network elements required for DOCSIS 4.0. We shipped our first fully production-ready DOCSIS 4.0 amplifier samples to a major customer last week and the feedback, while early, has been exceedingly positive. With the improvement we expect in the second half, we continue to believe that 2024 can be our first full year of non-GAAP profitability since 2018.

最後，我們相信向 DOCSIS 4.0 的過渡將於第三季度開始，並且我們的產品經過適當設計，適合部署 DOCSIS 4.0 所需的放大器和其他網路元件。上週，我們向一位主要客戶交付了第一個完全可投入生產的 DOCSIS 4.0 放大器樣品，儘管反饋尚早，但反饋非常積極。隨著我們預計下半年的改善，我們仍然相信 2024 年可能是我們自 2018 年以來第一個實現非 GAAP 盈利的全年。

Turning to the quarter, our total revenue for the first quarter was $40.7 million, which was down 23% year over year and 33% sequentially, and which was just below our guidance range of $41 million to $46 million.

談到季度，我們第一季的總收入為 4,070 萬美元，年減 23%，環比下降 33%，略低於我們 4,100 萬至 4,600 萬美元的指導範圍。

As we had discussed on our prior earnings call, the softness in Q1 was largely due to the combined effects of the Lunar New Year holiday in our Asian factories, along with some price reductions, which took effect in the quarter. During the first quarter of 71% of our revenue was from our data center products. 22% was from our CATV products with the remaining 7% from FTTH telecom and other.

正如我們在先前的財報電話會議上討論的那樣，第一季的疲軟主要是由於我們亞洲工廠農曆新年假期以及本季度生效的一些降價的綜合影響。第一季我們 71% 的營收來自我們的資料中心產品。 22% 來自我們的 CATV 產品，其餘 7% 來自 FTTH 電信和其他產品。

Turning to our data center business, our Q1 data center revenue came in at $29 million, which increased 42% year over year and was down 35% sequentially. In the first quarter, 73% of our data center revenue was from our 100G products, 17% was from our 200G, and 400G transceiver products, and 3% was from our 40G transceiver products.

談到我們的資料中心業務，我們第一季資料中心營收為2,900萬美元，年增42%，季減35%。第一季度，我們資料中心營收的73%來自我們的100G產品，17%來自我們的200G和400G收發器產品，3%來自我們的40G收發器產品。

As we have discussed on several prior earnings calls, we signed two agreements with Microsoft in 2023 for the development of 400G products and beyond. This included a development program to make next-generation lasers for its data center and for the development of its 400G and next-generation active optical cables.

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，用於開發 400G 及更高版本的產品。其中包括為其資料中心製造下一代雷射以及開發 400G 和下一代主動光纜的開發計劃。

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 products site, which suggests that revenue from these products may exceed $300 million over the several years of these build-outs. We began shipments late last year and have begun to receive new forecasted orders, which we expect to contribute to revenue later in Q2, and we believe will continue to ramp strongly in Q3 and Q4.

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 產品站點高峰期間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。我們在去年年底開始出貨，並已開始收到新的預測訂單，我們預計這將在第二季稍後貢獻收入，我們相信第三季和第四季將繼續強勁成長。

Also as a reminder, in 2023, we shipped samples of our 800G products to three different data center customers and had received initial positive feedback. As we discussed above, we are in detailed discussions with several hyperscale data center operators about ramping production for our 800G and 1.6 terabit products, starting in Q3 for 800G and early Q1 of 2025 for the 1.6 terabit products. These dates are several months earlier than we had previously been requested to deliver, and we believe the acceleration in the schedule is being driven by faster deployment of technologies needed by AI workflows.

另外提醒一下，2023 年，我們向三個不同的資料中心客戶發送了 800G 產品樣品，並收到了初步的正面回饋。正如我們上面所討論的，我們正在與幾家超大規模資料中心營運商就如何提高800G 和1.6 太比特產品的產量進行詳細討論，從第三季度開始生產800G，並於2025 年第一季初開始生產1.6 太比特產品。這些日期比我們之前要求交付的日期早了幾個月，我們相信，加快部署人工智慧工作流程所需的技術是推動進度加快的原因。

Turning to our CATV business, CATV revenue in the first quarter was $8.7 million, which was down 69% year over year and down 30% sequentially, largely driven by generally slow sales of DOCSIS 3.1 equipment as the industry prepares to transition to DOCSIS 4.0. Looking forward, we continue to expect that our near-term CATV business will be down compared to the historic highs we saw in 2021 and 2022 as the MSOs transition to next-generation architecture. We anticipate this transition to DOCSIS 4.0 will begin to take place in Q3, and we are optimistic about the second half of the year and 2025.

談到我們的有線電視業務，第一季有線電視收入為 870 萬美元，年減 69%，季減 30%，這主要是由於業界準備向 DOCSIS 4.0 過渡，DOCSIS 3.1 設備銷售普遍放緩。展望未來，我們仍然預計，隨著 MSO 過渡到下一代架構，我們的近期 CATV 業務將低於 2021 年和 2022 年的歷史高點。我們預計向 DOCSIS 4.0 的過渡將於第三季開始，我們對下半年和 2025 年持樂觀態度。

As a reminder, we shipped initial test samples of our 1.8 gigahertz amplifier products to two major MSOs in Q4 of last year. And we received encouraging feedback on their performance and pricing. We are pleased to report that we shipped final qualification units of various amplifiers last week, and we would expect revenue to begin as early as the end of Q2 with significant ramp in the second half as we increase manufacturing capacity for these new products.

謹此提醒，我們在去年第四季向兩家主要 MSO 發送了 1.8 GHz 放大器產品的初始測試樣本。我們收到了有關其性能和定價的令人鼓舞的反饋。我們很高興地報告，我們上週發貨了各種放大器的最終合格單元，我們預計收入最早將於第二季度末開始，隨著我們增加這些新產品的製造能力，收入將在下半年大幅增加。

As Thompson mentioned, we will continue to carefully monitor MSL 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 and that we have the right portfolio in place to address our customers' needs.

正如 Thompson 所提到的，我們將繼續仔細監控 MSL 升級到 DOCSIS 4.0 網路的計畫。我們仍然相信 AOI 是支援 DOCSIS 4.0 的技術領導者，並且我們擁有合適的產品組合來滿足客戶的需求。

Now turning to our telecom segment, revenue from our telecom products of $2.3 million was down 39% year over year and down 19% sequentially, largely driven by ongoing softness in 5G demand, particularly in China.

現在轉向我們的電信部門，我們的電信產品收入為 230 萬美元，年減 39%，環比下降 19%，這主要是由於 5G 需求持續疲軟，特別是在中國。

Looking ahead, we continue to expect telecom sales to fluctuate from quarter to quarter. For the first quarter, our top 10 customers represented 92% of revenue, down from 93% in Q1 of last year. We had two greater than 10% customers, one in the data center market and one in the CATV market, which contributed 62% and 21% of our total revenue, respectively.

展望未來，我們持續預期電信銷售額將逐季波動。第一季度，我們的十大客戶佔營收的 92%，低於去年第一季的 93%。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62%和21%。

In Q1, we generated non-GAAP gross margin of 18.9%, which was below our guidance range of 21% to 23% and was down from 36.4% in Q4 of 2023 and down from 23.2% in Q1 of 2023. The decrease in gross margin was driven mainly by product mix and some price reductions which took effect during the quarter. Looking ahead, we expect improving gross margins throughout the year as product mix improves in our data center business and CATV revenue begins to ramp. We remain committed to the long-term goal of returning gross margin to around 40% and believe that this goal is achievable.

第一季度，我們的非 GAAP 毛利率為 18.9%，低於我們 21% 至 23% 的指導範圍，低於 2023 年第四季的 36.4%，也低於 2023 年第一季的 23.2%。率主要受到產品組合和本季生效的一些降價的推動。展望未來，隨著資料中心業務產品組合的改善以及有線電視收入開始增加，我們預計全年毛利率將有所改善。我們仍然致力於將毛利率恢復到40%左右的長期目標，並相信這個目標是可以實現的。

Total non-GAAP operating expenses in the first quarter were $24.8 million or 61% of revenue, which compared to $19.6 million or 36.9% of revenue in Q1 of the prior year due to higher R&D spending. Looking ahead, we continue to expect non-GAAP operating expenses to range from $24 million to $26 million per quarter to account for the acceleration of R&D expenses to improve time to market for our 800G and 1.6 terabit data center products.

第一季的非 GAAP 營運支出總額為 2,480 萬美元，佔營收的 61%，而上年第一季因研發支出增加，營運支出為 1,960 萬美元，佔營收的 36.9%。展望未來，我們繼續預期每季非 GAAP 營運費用將在 2,400 萬美元至 2,600 萬美元之間，以考慮研發費用的加速，以縮短我們的 800G 和 1.6 太比特資料中心產品的上市時間。

Non-GAAP operating loss in the first quarter was $17.1 million compared to an operating loss of $7.2 million in Q1 in the prior year. GAAP net loss for Q1 was $23.2 million or a loss of $0.6 per basic share compared with a GAAP net loss of $16.3 million or a loss of $0.56 per basic share in Q1 of 2023.

第一季非 GAAP 營運虧損為 1,710 萬美元，而上年第一季營運虧損為 720 萬美元。第一季 GAAP 淨虧損為 2,320 萬美元，即每股基本股虧損 0.6 美元，而 2023 年第一季 GAAP 淨虧損為 1,630 萬美元，即每股基本股虧損 0.56 美元。

On a non-GAAP basis, net loss for Q1 was $12 million or $0.31 per share, which was within our guidance range of a loss of $10.9 million to a loss of $12.6 million and in line with our guidance range of a loss per share in the range of $0.28 to a loss of $0.33 per basic share. This compares to a net loss of $7.1 million or a loss of $0.25 per basic share in Q1 of the prior year. The fully diluted shares outstanding used for computing the earnings per share in Q1 were 38.4 million.

以非公認會計準則計算，第一季淨虧損為1,200 萬美元，即每股虧損0.31 美元，在我們的虧損1,090 萬美元至虧損1,260 萬美元的指導範圍內，並符合我們每股虧損的指導範圍。相比之下，去年第一季的淨虧損為 710 萬美元，或每股基本股虧損 0.25 美元。用於計算第一季每股收益的完全稀釋後已發行股票為 3840 萬股。

Turning now to the balance sheet, we ended the first quarter with $17.4 million in total cash, cash equivalents, short-term investments and restricted cash. This compares with $55.1 million at the end of the fourth quarter. This cash balance reflects a few slow-paying AR receipts totaling about $11 million, which were subsequently received in the first two weeks of Q2.

現在轉向資產負債表，第一季末我們的現金、現金等價物、短期投資和限制性現金總額為 1,740 萬美元。相比之下，第四季末為 5510 萬美元。這筆現金餘額反映了一些緩慢支付的 AR 收據，總計約 1,100 萬美元，這些收據隨後在第二季的前兩週收到。

Also note that we used almost $4 million in cash to reduce debt during the quarter. We ended the quarter with total debt excluding convertible debt of $34.8 million compared to $38.7 million at the end of last quarter. As of March 31, we had $54.3 million in inventory compared to $63.9 million at the end of Q4. We made a total of $7.8 million in capital investments in the first quarter, which was mainly used for production and R&D equipment.

另請注意，我們在本季使用了近 400 萬美元現金來減少債務。截至本季末，我們的債務總額（不包括可轉換債務）為 3,480 萬美元，而上季末為 3,870 萬美元。截至 3 月 31 日，我們的庫存為 5,430 萬美元，而第四季末為 6,390 萬美元。一季我們總共進行了780萬美元的資本投資，主要用於生產和研發設備。

Moving now to our Q2 outlook. We expect Q2 revenue to be between $41.5 million and $46.5 million and non-GAAP gross margin to be in the range of 25.5% to 27.5%. Non-GAAP net loss is expected to be in the range of $11.6 million to $13.5 million and non-GAAP loss per share between $0.29 per basic share and $0.34 per basic share, using a weighted average basic share count of approximately 39.2 million shares.

現在轉向我們對第二季的展望。我們預計第二季營收將在 4,150 萬美元至 4,650 萬美元之間，非 GAAP 毛利率將在 25.5% 至 27.5% 之間。根據加權平均基本股數約為 3,920 萬股，預計非 GAAP 淨虧損將在 1,160 萬美元至 1,350 萬美元之間，非 GAAP 每股虧損將在每股基本股 0.29 美元至 0.34 美元之間。

Looking ahead, as the widespread adoption of generator AI continues to place increased demands on our customer data centers, we believe these customers will ultimately need to deploy more infrastructure to meet these needs, which will provide a long tailwind of demand for the optical industry. Our US-based production ability, combined with our automated manufacturing capabilities and experience, puts us in a unique competitive position to address these needs.

展望未來，隨著生成器人工智慧的廣泛採用，對我們客戶資料中心的需求不斷增加，我們相信這些客戶最終將需要部署更多基礎設施來滿足這些需求，這將為光學產業的需求提供長期推動力。我們在美國的生產能力，加上我們的自動化製造能力和經驗，使我們在滿足這些需求方面處於獨特的競爭地位。

Further, as our CATV customers transition to next-generation architecture and implement new technologies like DOCSIS 4.0, we believe that we have positioned ourselves as a leader in technologies that will enable DOCSIS 4.0. And we are confident that we have the right product portfolio, team, and strategy in place to capitalize on this upcoming transition. We have spent several years developing these products, and we expect that they will go to market in the next few months.

此外，隨著我們的 CATV 客戶過渡到下一代架構並實施 DOCSIS 4.0 等新技術，我們相信我們已將自己定位為支援 DOCSIS 4.0 的技術領導者。我們相信，我們擁有正確的產品組合、團隊和策略來利用即將到來的轉型。我們花了幾年時間開發這些產品，預計它們將在未來幾個月內上市。

In sum, we believe that the long-term demand drivers remain strong for both our data center and CATV businesses. And we believe we are well positioned to benefit from these growing long-term trends.

總而言之，我們相信我們的資料中心和有線電視業務的長期需求驅動因素仍然強勁。我們相信，我們處於有利位置，可以從這些不斷增長的長期趨勢中受益。

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

這樣，我會將其轉回給操作員進行問答環節。操作員？

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員說明）

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Hey, thanks for taking the question. A couple of quick ones maybe. I think on the prior conference call, you had given us some indication that you thought the full-year revenue could exceed $300 million.

嘿，謝謝你提出問題。也許有幾個快速的。我想在之前的電話會議上，您已經向我們表明您認為全年收入可能會超過 3 億美元。

Given the slower start to the year, it does sound like you still expect a much stronger second half, but how do you feel about that full-year $300 million target?

鑑於今年開局較慢，聽起來您仍然預計下半年會更加強勁，但您對全年 3 億美元的目標有何看法？

Well, what we've said is that we think we can be profitable for the year. And so, you know, if you can run the numbers on that, we don't give annual guidance really. So I wouldn't say we're pulling back on anything. It's obviously going to be a little more challenging considering where we started the year. But I think it's still very early achievable, let's say that.

嗯，我們說過的是，我們認為今年可以獲利。所以，你知道，如果你能計算一下數字，我們實際上並沒有給出年度指導。所以我不會說我們正在撤回任何事情。考慮到我們今年的開局，這顯然會更具挑戰性。但我認為這還為時過早，可以這麼說。

Okay. And then you did give us some indication of the operating expense expectations for the year at that $24 million to $26 million per quarter. And I think we were anticipating more of a $22 million to $24 million per quarter, and that may simply be just extrapolating too much from the first-quarter forecast. Did something change in terms of your expectation of what you need to spend on sales and marketing and R&D?

好的。然後您確實向我們提供了今年運營費用預期的一些信息，即每季度 2400 萬美元至 2600 萬美元。我認為我們預計每季將達到 2,200 萬至 2,400 萬美元，這可能只是從第一季的預測中推斷得太多。您對銷售、行銷和研發所需支出的預期是否改變了？

As we noted in our prepared remarks, we've increased our R&D spend a little bit. Because as I talked about, we're getting customers that are pulling in their request for product development months ahead of schedule. And so we need to spend additional R&D.

正如我們在準備好的發言中指出的那樣，我們增加了一點研發支出。因為正如我所說，我們的客戶提前幾個月提出了產品開發請求。因此我們需要投入額外的研發費用。

I wouldn't say it's additional overall, but we're spending it quicker than we otherwise would. So it does represent a slight increase to our R&D. Sales and marketing, not so much increase in sales and marketing.

我不會說這總體上是額外的，但我們的支出速度比其他方式更快。所以這確實代表我們的研發略有增加。銷售和行銷，並沒有那麼多的銷售和行銷成長。

And then I remember at our meeting, you had talked about sort of a product roadmap going from the VCSL-based solutions to VCSLs and EMLs and ramping up to a higher per channel speed. Could you give us an overview of the roadmap you expect in terms of launches over the next year plus?

然後我記得在我們的會議上，您談到了從基於 VCSL 的解決方案到 VCSL 和 EML 並提升到更高的每個通道速度的產品路線圖。您能否向我們概述一下您期望在明年以後發布的路線圖？

So the VCSL-based products are already in production and we'll likely add higher speed lane VCSLs to that portfolio next year. With respect to the EML-based products, we have some products in production now. The higher speed data center products with EMLs will go into production late Q3, early Q4.

因此，基於 VCSL 的產品已經投入生產，明年我們可能會在該產品組合中添加更高速度的通道 VCSL。關於基於EML的產品，我們現在已經有一些產品正在生產中。採用 EML 的高速資料中心產品將在第三季末、第四季初投入生產。

And what was your 400G in the quarter? I missed that.

本季您的 400G 是多少？我錯過了。

17% of the data center revenue, so $29 million, 70% of that.

資料中心收入的 17%，即 2,900 萬美元，即其中的 70%。

Okay. And that was just 400G, not about 400 --

好的。那隻是 400G，而不是 400 左右——

(multiple speakers) over doubling.

（多個發言者）超過一倍。

Can you say that again?

你能再說一次嗎？

That's a little overdoubling compared -- that is almost -- well, this was slightly over doubling from same period last year.

與去年同期相比，這有點多了一倍——幾乎——嗯，這比去年同期稍微多了一倍。

Great. Thank you very much for taking the questions. Appreciate it.

偉大的。非常感謝您接受提問。欣賞它。

Michael Genovese, Rosenblatt Securities.

麥可‧吉諾維斯，羅森布拉特證券公司。

Great, thanks. And I guess let's just start with I wanted to ask some questions about Microsoft. If you had any more color on why you think that it's going slower than initially expected. But then secondly, how do you expect orders to trend in the second quarter? Or do you see orders in the month of June being above the month of May? Is there any visibility to that?

萬分感謝。我想我們先想問一些有關微軟的問題。如果您有更多關於為什麼您認為進展速度比最初預期慢的資訊。其次，您預期第二季的訂單趨勢如何？還是您認為 6 月份的訂單量是否高於 5 月份？有任何可見性嗎？

And then finally, it sounds like your comments on the overall size of this of $300 million-plus has maybe gotten a little bit more bullish, but maybe that's because you've added 800G to it. So if you could help us understand that as well. Thank you.

最後，聽起來您對超過 3 億美元的整體規模的評論可能變得更加樂觀了，但這可能是因為您添加了 800G。如果您也能幫助我們理解這一點。謝謝。

Sure. (multiple speakers) I'm sorry, what?

當然。 （多個發言者）對不起，什麼？

I was just reminding the first one was why the delay?

我只是提醒第一個問題是為什麼延遲？

Yes, I wouldn't really say it's an overall delay. If my prepared remarks sounded that way, that's not what I was trying to say. There was a slight delay in one particular program, which really just reflects the fact that it's a new product and sometimes new product launches just take a little longer than expected. There's nothing particular that I can point to with respect to that.

是的，我真的不會說這是整體延遲。如果我準備好的發言聽起來是這樣的話，那我就不是想說的了。某個特定計劃略有延遲，這實際上只是反映了這樣一個事實：它是一種新產品，有時新產品的發佈時間比預期要長一點。對此我沒有什麼特別可以指出的。

It is positive that we're getting a new updated forecast now that would indicate shipments beginning later in Q2 and then ramping quickly in Q3 and Q4. So that's all positive. I wouldn't read much into the delay.

積極的是，我們現在得到了新的更新預測，該預測表明出貨量將在第二季晚些時候開始，然後在第三季和第四季迅速增加。所以這都是正面的。我不會對延遲進行太多解讀。

Overall, the revenue in our data center business is about where we expected it to be in Q2. So there's not really a significant change from our earlier thinking. That small delay in the business from Microsoft is being more than compensated by other data center customers. So it's not anything overall that I'm trying to point to there. Just that one particular product has got somewhat of a delay.

整體而言，我們資料中心業務的收入與我們第二季的預期相當。因此，我們先前的想法並沒有真正發生重大變化。微軟業務的小幅延遲得到了其他資料中心客戶的補償。所以我想指出的並不是整體情況。只是某一特定產品出現了一定程度的延遲。

Your second question had to do with the $300 million target and whether that represents a change. No, fundamentally, other than that we mentioned that we're having to pull an 800G and 1.6 terabits faster. And that 1.6 terabits won't be a factor this year, but it will be early next year. But the acceleration in 800G is certainly helpful to trying to meet that goal.

你的第二個問題與 3 億美元的目標有關，以及這是否代表著改變。不，從根本上來說，除了我們提到的我們必須更快地拉動 800G 和 1.6 太比特之外。 1.6 太比特今年不會成為一個因素，但會在明年初。但 800G 的加速無疑有助於實現這一目標。

And then I'm sorry, I forgot your third question there. What was it?

然後我很抱歉，我忘了你的第三個問題。它以前如何？

Well, I'll add that in with my next and last question. But it was about the orders, if, for instance, you think that -- if there's a reason to think as you're seeing these forecasts that (inaudible) June would be up from May, which is up from April, if you're seeing that kind of trend at this customer.

好吧，我會將其添加到我的下一個也是最後一個問題中。但這與訂單有關，例如，如果您認為 - 如果您有理由認為，當您看到這些預測時，（聽不清楚）6 月將高於 5 月，5 月將高於 4 月，如果您'我們在這位客戶身上看到了這種趨勢。

But I might well just ask, I mean, you said the 1Q data center revenues were about where you expected them to be. How do you see them trending in 2Q and 3Q, if you could address that? And then I guess --

但我很可能只是問，我的意思是，您說第一季資料中心收入與您的預期大致相同。如果您能解決這個問題，您如何看待第二季和第三季的趨勢？然後我猜——

I want to be clear. Yes. Well, first of all, maybe I misspoke earlier, Q1 and Q2 data center numbers are about what we expected it to be. Cable TV in Q2 is coming in a little lighter than what we had expected. And that explains to the extent that we didn't give guidance until now in Q2. But to the extent that there were some change in our thinking, it had to do with cable TV, not data center.

我想澄清一下。是的。好吧，首先，也許我之前說錯了，第一季和第二季的資料中心資料與我們的預期差不多。第二季的有線電視收入比我們預期的要少一些。這在一定程度上解釋了我們直到第二季度才給出指導。但我們的想法發生了一些變化，這與有線電視有關，而不是資料中心。

Data center overall is doing almost -- actually slightly ahead of plan compared to where we thought it was going to be. I mentioned earlier, Microsoft had a delay in one product, but the rest of them are going fine and that slightly and that one product is more than compensated for in Q2 by growth in other customers.

資料中心的整體表現幾乎——實際上比我們預期的情況稍微提前了一些。我之前提到，微軟的一款產品出現了延遲，但其他產品進展順利，而且略有改善，而且一款產品在第二季度因其他客戶的成長而得到了充分補償。

(inaudible) overall (inaudible) we feel more positive right now compared to a few months ago. The main reason is (inaudible). Right now, I think the unless we can see several big customer, especially to have a SkyTerra customer are poor in the schedule for energy.

（聽不清楚）整體而言（聽不清楚）與幾個月前相比，我們現在感覺更加積極。主要原因是（聽不清楚）。現在，我認為除非我們能看到幾個大客戶，特別是擁有 SkyTerra 客戶，否則能源計畫很差。

Our cable TV, you know cable TV is quite small because all of us are waiting for 1.0 mg product sold. You know, usually the delay in cable TV is not surprising as you can see from other customers.

我們的有線電視，你知道有線電視很小，因為我們所有人都在等待 1.0 毫克產品的銷售。您知道，通常有線電視的延遲並不奇怪，正如您從其他客戶那裡看到的那樣。

Michael, I just want to touch on your last question there. I'll try to answer it directly. Are we seeing a trend of more orders kind of month by month? And the answer is yes. As I mentioned earlier, you know that one program, for example, from Microsoft, it's somewhat delayed.

邁克爾，我只想談談你的最後一個問題。我會嘗試直接回答。我們是否看到訂單逐月增加的趨勢？答案是肯定的。正如我之前提到的，您知道某個程式（例如來自 Microsoft 的程式）有些延遲。

We do expect it to pick up towards the end of this quarter. So that would mean June month would be bigger than May, and that was certainly bigger than April. So we are seeing that trend with that product. But overall, we expect to see that trend somewhat throughout the quarter. Although, again, I would say for the most part, the data center business outside some of these new programs, and especially, the 800G products later in the year, it's relatively consistent business.

我們確實預計它會在本季末有所回升。因此，這意味著六月將比五月更大，而且肯定比四月更大。所以我們看到了該產品的趨勢。但總體而言，我們預計整個季度都會出現這種趨勢。儘管我想說，在大多數情況下，這些新計劃之外的資料中心業務，尤其是今年稍後的 800G 產品，是相對穩定的業務。

Okay, great. I'll pass over now. I might come back later or save my questions for offline. Thank you.

好的，太好了。我現在就過去吧。我可能會稍後回來或保存我的問題以供離線使用。謝謝。

Sounds great. Thank you.

聽起來很棒。謝謝。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北國資本市場。

Tim, your line maybe muted.

提姆，你的線路可能被靜音了。

Yeah. Sorry about that. I'm here. Can you hear me?

是的。對於那個很抱歉。我在這。你聽得到我嗎？

Yes, we can hear low.

是的，我們可以聽到很低的聲音。

All right, great. So I'd say with the new OpEx forecast, it seems like maybe in something reasonably over $300 million is what you would need to get you there. And so that's a pretty significant ramp in the second half, almost 3x over the first.

好吧，太好了。因此，我想說，根據新的營運支出預測，您可能需要 3 億多美元才能實現這一目標。因此，下半年的成長非常顯著，幾乎是上半年的 3 倍。

Although, we've seen that recently, couple of different places and most recently at Coherent. So I guess as you look at that ramp and the 800G opportunities in particular, I'm hoping you might be able to size those for us in a fashion, maybe similar or analogous to how you've been talking about Microsoft 400G opportunity? That's one question.

不過，我們最近在幾個不同的地方看到了這一點，最近一次是在相干公司。因此，我想，當您關注這一增長，尤其是 800G 機會時，我希望您能夠以某種方式為我們確定這些機會的大小，也許與您一直在談論 Microsoft 400G 機會的方式類似或類似？這是一個問題。

And you've talked about new data center customers or some old data center customers coming back. Should we assume this discussion around 800G and 1.60T also applies to Microsoft? Or is it more focused on the new players?

您談到了新資料中心客戶或一些舊資料中心客戶的回歸。我們是否應該假設圍繞 800G 和 1.60T 的討論也適用於 Microsoft？還是更注重新玩家？

No. I mean, we specifically -- maybe I wasn't totally clear from the prepared remarks. But our existing customers that we have now plus the new customers for those 800G and 1.6 terabit products. So Microsoft clearly would be included in the category of existing customers.

不，我的意思是，我們具體來說——也許我從準備好的發言中並沒有完全清楚。但我們現在擁有的現有客戶加上 800G 和 1.6 太比特產品的新客戶。因此微軟顯然將被納入現有客戶的範疇。

And as far as the size of the market, what we're seeing right now is that 800G is several times as large as the 400G opportunity. So it represents a dramatic expansion. And that's within the same customer. If you add on the new customers that we're referring to, the market size there gets commensurately larger.

就市場規模而言，我們現在看到的是800G是400G機會的幾倍。所以它代表著戲劇性的擴張。而且這是在同一個客戶內。如果加上我們所指的新客戶，那裡的市場規模就會隨之變大。

Great. So as you look at that data center ramp into the second half, I mean, would you imagine between your current 400G -- would you imagine that to be, I don't know, have 800G? Or how are you looking at it now? And to what extent are you looking at a material cable TV network and contribution in the second half as part of that ramp?

偉大的。因此，當您看到下半年資料中心的發展時，我的意思是，您會想像目前的 400G 之間的情況嗎？或者你現在怎麼看？作為成長的一部分，您在多大程度上看待下半年的有線電視網絡和貢獻？

Yes, I think that's the key point really, is the cable TV has been kind of -- to the extent that there's been a disappointment in Q2. It's mainly the cable TV is ramping slower than we expected, and that's just -- as Thompson mentioned, somewhat that's par for the course.

是的，我認為這確實是關鍵點，有線電視在第二季的表現令人失望。主要是有線電視的發展速度比我們預期的要慢，正如湯普森所說，這在某種程度上是正常的。

I mean, we were optimistic that the MSOs would move a little faster in the 1.8, but has taken a little longer to get through the qualification, get all the necessary training, and what have you done. But we do expect them to ramp in the second half of the year, and that will contribute meaningfully towards the revenue ramp. But it also help us improve the gross margin, which is significantly higher in the cable TV segment than it is.

我的意思是，我們樂觀地認為 MSO 在 1.8 中會移動得更快一些，但需要更長的時間才能通過資格認證、獲得所有必要的培訓以及您做了什麼。但我們確實預計它們將在下半年實現成長，這將對收入成長做出有意義的貢獻。但這也幫助我們提高了毛利率，有線電視領域的毛利率明顯高於現在。

And I can add one thing is for the 800G business, we can see -- we had discussion with, I think, three, four customer for sure, including Microsoft. So I would say more than $500 or $600 million next year for 800G.

我可以補充一件事，我們可以看到，對於 800G 業務，我們肯定與三、四個客戶進行了討論，其中包括微軟。所以我想說明年 800G 的花費將超過 500 或 6 億美元。

Thomas, is that in the aggregate or what kind of time period or maybe we can -- or can we put some more brackets around that $500 million, $600 million I think I heard you say?

湯瑪斯，是在總體上還是在什麼樣的時間段內，或者我們可以——或者我們可以在 5 億美元、6 億美元周圍加上更多的括號，我想我聽到你說的？

On, I think we are doing quite (inaudible). I think we should get stuff in order by late Q3. So it's our model next year, Q1 to Q4 next year, I would say. Just 800G only is more than $500 million or even $600 million for AOI based on this --

繼續，我認為我們做得很好（聽不清楚）。我認為我們應該在第三季末之前把東西整理好。所以我想說，這是我們明年的模型，明年第一季到第四季。僅 800G 對 AOI 來說就超過 5 億美元甚至 6 億美元——

And that was going to be my last question, actually, in terms of the nature of these detailed discussions and kind of -- does that around qualification or where do we stand on that front? Are we talking about putting the dotting the Is and crossing the Ts on contracts? A little more color there.

實際上，這將是我的最後一個問題，就這些詳細討論的性質而言，這是否圍繞著資格問題，或者我們在這方面的立場如何？我們是在談論在合約上加點“Is”並劃掉“T”嗎？那裡顏色多一點。

Well, I'm not sure to what extent the contracts really come into play there. What we're talking about now is we're planning around deployment scenarios, when they're going to do products, how much product they're going to need, pricing, that sort of thing.

嗯，我不確定合約在多大程度上真正發揮作用。我們現在討論的是我們正在圍繞部署場景進行規劃，他們什麼時候要做產品，他們需要多少產品，定價，諸如此類的事情。

Okay.

好的。

The commentary from the customers is how fast can you deliver X amount of product to for us, right? It's about how fast can we be ready to deploy or to manufacture the products that they need to deploy.

客戶的評價是你們能以多快的速度為我們交付X數量的產品，對嗎？這是關於我們能夠以多快的速度準備好部署或製造他們需要部署的產品。

And the very important key, as I say, is AOI has -- have been in best few hundred million dollar in the past as in more than 10 years of automation, including a lot of our own equipment automations. So I think right now, we are doing a phase two, maybe I would say we do phase two light -- phase three light by end of this year and do a phase three fully.

正如我所說，非常重要的關鍵是 AOI 在過去 10 多年的自動化中花費了數億美元，包括我們自己的許多設備自動化。所以我認為現在我們正在做第二階段，也許我會說我們會在今年年底之前進行第二階段的照明——第三階段的照明，並全面完成第三階段。

I mentioned Q1, Q2 next year. So we can do 800G manufacture in Houston with, I would say, similar or higher costs than in Taiwan and China. That's very attractive to the customer, including the big customer what we used to have several years ago. They're coming back.

我提到了明年第一季、第二季。因此，我想說，我們可以在休士頓進行 800G 製造，成本與台灣和中國大陸相似或更高。這對客戶非常有吸引力，包括我們幾年前曾經擁有的大客戶。他們回來了。

Number two, the key is the data is a key component, a key technology, the 100G 200G, the VCL, the EML. And I think [we could automate] in Houston. It's also very key factor for the customer as it is for sure is not only the cost -- the key is the risk management.

第二，關鍵是數據是關鍵組件、關鍵技術，100G、200G、VCL、EML。我認為在休士頓[我們可以實現自動化]。對客戶來說，這也是非常關鍵的因素，因為它肯定不只是成本，關鍵是風險管理。

Great. Thanks very much.

偉大的。非常感謝。

(Operator Instructions)

（操作員說明）

Dave Kang, B. Riley FBR.

戴夫康 (Dave Kang)，B. 萊利 (FBR)。

Thank you. Good afternoon. So regarding the 800G, first question is: do you have a 200 G per lane VCSLs and YML? So what's the status on that?

謝謝。午安.因此，關於 800G，第一個問題是：你們有每個通道 200G 的 VCSL 和 YML 嗎？那麼這方面的現狀如何呢？

We will have -- the volume effect should be more like Q1 next year. Right now, unit goes through the whole R&D, especially I think because we are very concerned about quality but that's all 1.6T (inaudible) and the (inaudible).

我們將看到—銷售效應應該更像明年第一季。現在，單位經歷了整個研發，特別是我認為因為我們非常關心質量，但這都是 1.6T（聽不清楚）和（聽不清楚）。

And I'm talking about is the 800G, I'm talking about the opportunity for AOI, the $500 million to $600 million or higher, that's (inaudible). It's like 2 kilometer [highway]. It's not an actual reach. It's AOC. It's pretty HGMP, high gross margin product. Okay?

我談論的是 800G，我談論的是 AOI 的機會，5 億至 6 億美元或更高，這是（聽不清楚）。大約2公里[高速公路]。這並不是真正的到達程度。這是AOC。這是相當 HGMP、高毛利率的產品。好的？

The 1.60T, as in early next year, is more lighter. It would be the multi-mode and single-mode together. But for shorter distance, maybe we'll find a midterm (inaudible), but we will have all of them pretty soon.

明年初推出的1.60T更輕。它將是多模和單模在一起。但對於較短的距離，也許我們會找到一個中期（聽不清楚），但我們很快就會擁有所有這些。

Got it. And then sticking with 800G, I think you said something like maybe two customers that will ramp third quarter. Just wondering if you've been qualified or that (inaudible) appeals already?

知道了。然後堅持 800G，我認為您說過可能有兩個客戶將在第三季度增加。只是想知道您是否符合資格或（聽不清楚）已經提出上訴？

The reason (inaudible) Q3 or Q4. Do you know we are doing quite (inaudible). So it's a single (inaudible), 2 kilometer and higher including the PIA and two by FIFO. So I would say, more than two customers. A hyperscaler, I would say maybe three customer, including, I guess, some others, similar costs. (inaudible) picture, for sure, they're going to push in Q3. So we are trying our best to catch up the body. It's a Q4 for sure. Q3 schedule, it's a bit tight, maybe September.

原因（聽不清楚）Q3 或Q4。你知道我們做得很好嗎（聽不清楚）。因此，它是一個（聽不清楚）、2 公里及更長的距離（包括 PIA）和兩個 FIFO。所以我想說，超過兩個客戶。對於一個超大規模企業，我想說可能是三個客戶，我想包括其他一些客戶，類似的成本。 （聽不清楚）圖片，當然，他們將在第三季推進。所以我們正在盡力追趕身體。這肯定是Q4。 Q3的行程，有點緊，可能是9月吧。

Got it. And then regarding your press release at the beginning of OFC about that 800G AOC that you jointly develop with Credo, can you just give more color exactly what they provide and what you guys provide? And where are we as far as sampling or even going to production?

知道了。然後，關於您在 OFC 開始時發布的關於您與 Credo 共同開發的 800G AOC 的新聞稿，您能否具體說明他們提供的以及您提供的內容？就樣品甚至生產而言，我們進展到了什麼程度？

So Credo makes the DSP and we make an active optical cable around it. And we haven't commented on any production schedules for it.

因此，Credo 製造了 DSP，我們在其周圍製造了一條主動光纜。我們尚未對其任何生產計劃發表評論。

Okay. Thank you.

好的。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Dr. Thomas Lin. Please go ahead, sir.

我們的問答環節到此結束。我想將會議轉回給 Thomas Lin 博士。請繼續，先生。

Okay. Thank you for joining us today. As always, we want to extend a thank you to our investors, customers, and employees. We will continue to follow. As we discussed today, we believe the long-term demand driver remains strong for both our data center and CATV business and we believe we are well positioned to capitalize on this opportunity. Thank you.

好的。感謝您今天加入我們。一如既往，我們要向我們的投資者、客戶和員工表示感謝。我們將繼續關注。正如我們今天所討論的，我們相信我們的資料中心和有線電視業務的長期需求驅動因素仍然強勁，並且我們相信我們已經做好充分利用這一機會的準備。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。