祥茂光電 (AAOI) 2024 Q4 法說會逐字稿

Good afternoon. I will be your conference operator. At this time, I would like to welcome everyone to Applied Optoelectronics fourth quarter and full-year 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session.

午安.我將擔任您的會議主持人。現在，我歡迎大家參加應用光電 2024 年第四季和全年財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。

(Operator Instructions)

（操作員指示）

Please note that this call is being recorded. I would now like to turn the call over to Lindsay Savarese, investor relations for AOI. Miss Savarese, you may begin.

請注意，本次通話正在錄音。現在我想將電話轉給 AOI 投資者關係部門的 Lindsay Savarese。薩瓦雷斯小姐，你可以開始了。

Thank you. I'm Lindsay Savarese, Investor Relations for Applied Optoelectronics. I'm pleased to welcome you to AOI's fourth quarter and full-year 2024 financial results conference call. After the market closed today, AOI issued a press release announcing its fourth quarter and full year 2024 financial results and provided its outlook for the first quarter of 2025. The release is also available on the company's website at ao-inc.com.

謝謝。我是 Lindsay Savarese，應用光電子公司投資人關係部門負責人。我很高興歡迎您參加 AOI 2024 年第四季和全年財務業績電話會議。今天收盤後，AOI發布新聞稿，公佈了其2024年第四季和全年財務業績，並提供了2025年第一季的展望。新聞稿也可在本公司網站 ao-inc.com 上查閱。

This call is being recorded, and webcast live. A link to the recording can be found on the Investor Relations section of the AOI website and will be archived for 1 year.

本次通話正在錄音，並進行網路直播。您可以在 AOI 網站的投資者關係部分找到該錄音的鏈接，該鏈接將存檔 1 年。

Joining us on today's call is Dr. Thompson Lin, AOI's Founder, Chairman and CEO; and Dr. Stefan Murry, AOI's Chief Financial Officer and Chief Strategy Officer. Thompson will give an overview of AOI's Q4 results, and Stefan will provide financial details and the outlook for the first quarter of 2025. The question-and-answer session will follow our prepared remarks.

參加今天電話會議的有 AOI 創辦人、董事長兼執行長 Thompson Lin 博士和 AOI 財務長兼首席策略長 Stefan Murry 博士。湯普森將概述 AOI 第四季的業績，史蒂芬將提供財務細節和 2025 年第一季的展望。問答環節將在我們準備好的發言之後進行。

Before we begin, I would like to remind you to review AOI's Safe Harbor statement. On today's call, management will make forward-looking statements. These forward-looking statements involve risks and uncertainties as well as assumptions and current expectations, which could cause the company's actual results, 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，管理階層將做出前瞻性陳述。這些前瞻性陳述涉及風險和不確定性以及假設和當前預期，可能導致公司的實際結果、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表達或暗示的內容有重大差異。

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

在某些情況下，您可以透過相信、預測、預期、估計、建議、打算、預期、計劃、可能、應該、可以、將會、潛在或認為等術語，或透過這些術語的否定形式（這些術語或其他類似表達未來事件或結果的不確定性）來識別前瞻性陳述。該公司根據其當前的預期假設、估計和預測做出這些前瞻性陳述。儘管公司認為這些預期、假設、估計和預測是合理的，但此類前瞻性陳述僅為預測，涉及已知和未知的風險和不確定性，其中許多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 its products into new markets and customer responses to its innovations, as well as statements regarding the company's outlook for the first quarter of 2025. Except as required by law, AOI assumes no obligation to update these forward-looking statements for any reason after the date of this earnings call to conform these statements to actual results or to changes in the company's expectations.

前瞻性陳述還包括有關管理層對其產品擴展到新市場和客戶對其創新的反應的信念和期望的陳述，以及有關公司對 2025 年第一季的展望的陳述。除法律要求外，AOI 不承擔在本次收益電話會議召開日期之後以任何理由更新這些前瞻性陳述的義務，以使這些陳述符合實際結果或公司預期的變化。

More information about other risks that may impact the company's business are set forth in the Risk Factors section of AOI's reports on file with the SEC, including the company's annual report on Form 10-K and quarterly reports 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 AOI 向美國證券交易委員會提交的報告的風險因素部分，包括公司的 10-K 表年度報告和 10-Q 表季度報告。

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 the company's earnings press release that is available on AOI's website.

此外，除非另有特別說明，今天討論的所有財務結果和其他財務指標均基於非 GAAP。非公認會計準則財務指標不應被單獨考慮或取代根據公認會計準則編制的結果。我們的 GAAP 和非 GAAP 指標之間的對賬，以及我們為何採用非 GAAP 財務指標的討論，均包含在公司的收益新聞稿中，該新聞稿可在 AOI 的網站上查閱。

Before moving to the financial results, I'd like to note that AOI management is attending the Susquehanna Annual Technology Conference virtually on Friday, February 28. Management will host an investor session at OFC on Tuesday, April 1 in San Francisco. This discussion will be webcast live and a link to the webcast will be available on the Investor Relations section of the AOI website. We would also like to note that the date of AOI's first quarter 2025 earnings call is currently scheduled for May 8, 2025.

在了解財務結果之前，我想指出的是，AOI 管理層將於 2 月 28 日星期五參加 Susquehanna 年度技術會議。管理層將於 4 月 1 日星期二在舊金山的 OFC 舉辦一場投資者會議。本次討論將透過網路直播，網路直播連結將在 AOI 網站的投資者關係部分提供。我們還想指出，AOI 2025 年第一季財報電話會議的日期目前定於 2025 年 5 月 8 日。

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

現在我想把電話轉給 AOI 的創辦人、董事長兼執行長 Thompson Lin 博士。湯普森？

Thank you, Lindsay, and thank you for joining our call today. During the fourth quarter, we delivered revenue of $100 million, which was in line with our guidance range of $94 million to $104 million. We recorded non-GAAP gross margin of 28.9%, which was in line with our guidance range of 27.5% to 29.5%. Our non-GAAP loss per share of $0.02 was in line with our guidance range of a loss of $0.04 to earnings of $0.04 per share.

謝謝你，Lindsay，謝謝你今天參加我們的電話會議。第四季度，我們的營收為 1 億美元，符合我們 9,400 萬美元至 1.04 億美元的預期範圍。我們記錄的非 GAAP 毛利率為 28.9%，符合我們的預期範圍 27.5% 至 29.5%。我們的非公認會計準則每股虧損 0.02 美元，符合我們的每股虧損 0.04 美元至每股收益 0.04 美元的指導範圍。

Total revenue for our Datacenter products of $44.2 million was essentially flat year-over-year and was up 8% sequentially. Revenue for our 400G products increased 40% year-over-year and 70% sequentially. The growth was primarily driven by increased adoption of 400G products by our datacenter customers along with new customers that we began shipping to during the year.

我們的資料中心產品總營收為 4,420 萬美元，與去年同期基本持平，較上季成長 8%。我們的 400G 產品營收年增 40%，季增 70%。成長主要得益於我們的資料中心客戶越來越多地採用 400G 產品，以及我們在年內開始向新客戶出貨。

Total revenue in our CATV segment was $52.2 million, which increased more than 4x year-over-year and more than doubled sequentially, largely driven by shipment of our 1.8 gigahertz amplifiers for one of our major MSO customers. As we have discussed on our prior earnings calls, our MSO customers are in the process of upgrading their outside networks so that they can support higher bandwidth in path direction and eventually enable DOCSIS 4.0.

我們的 CATV 部門總收入為 5,220 萬美元，年增 4 倍多，環比增長一倍多，這主要得益於我們向其中一家主要 MSO 客戶出貨了 1.8 千兆赫放大器。正如我們在先前的收益電話會議上所討論的那樣，我們的 MSO 客戶正在升級他們的外部網絡，以便他們能夠在路徑方向上支援更高的頻寬，並最終實現 DOCSIS 4.0。

We are pleased to announce that during the quarter we received a substantial order for our Quantum Bandwidth networking products from a top North American cable operator. This order is for product that began shipping this month.

我們很高興地宣布，本季我們從北美頂級有線電視營運商那裡收到了大量量子頻寬網路產品訂單。此訂單是本月開始出貨的產品。

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

說完這些，我將把電話交給史蒂芬，讓他回顧我們第四季的業績細節以及對第一季的展望。史蒂芬？

Thank you, Thompson. We're pleased to end the year on a high note, driven by strength in both our Datacenter and CATV businesses and with solid momentum heading into 2025. As Thompson mentioned, our Q4 results were in line with our expectations. We delivered revenue of $100 million, which was in line with our guidance range of $94 million to $104 million. We recorded non-GAAP gross margin of 28.9%, which was in line with our guidance range of 27.5% to 29.5%.

謝謝你，湯普森。我們很高興以高調結束這一年，這得益於我們資料中心和有線電視業務的強勁表現以及邁向 2025 年的強勁勢頭。正如湯普森所提到的，我們的第四季業績符合我們的預期。我們實現了 1 億美元的收入，符合我們 9,400 萬美元至 1.04 億美元的預期範圍。我們記錄的非 GAAP 毛利率為 28.9%，符合我們的預期範圍 27.5% 至 29.5%。

And lastly, our non-GAAP loss per share of $0.02 was within our guidance range of a loss of $0.04 to earnings of $0.04 per share.

最後，我們的非公認會計準則每股虧損 0.02 美元，符合我們的預期範圍，即每股虧損 0.04 美元至每股收益 0.04 美元。

During the fourth quarter, we continued to execute on many of the initiatives that we laid out last year. In our Datacenter business, on our last few calls we discussed how we had begun to receive orders for 400G products from another large hyperscale customer. In line with our expectations, we continue to see increasing orders for 400G products both from long-term hyperscale customers as well as from this new hyperscale that we've been talking about for the last several quarters.

第四季度，我們繼續執行去年制定的許多措施。在我們的資料中心業務中，在最近的幾次電話會議中，我們討論了我們如何開始從另一個大型超大規模客戶收到 400G 產品的訂單。正如我們的預期，我們看到長期超大規模客戶以及過去幾季我們一直在談論的新型超大規模客戶對 400G 產品的訂單不斷增加。

We continued to make good progress on our 800G products with customers beginning to give us clear demand forecasts, which indicate ramping demand beginning in the second half of 2025, in line with our expectations.

我們的 800G 產品持續取得良好進展，客戶開始給我們明確的需求預測，這表明從 2025 年下半年開始需求將大幅成長，符合我們的預期。

In our CATV business, as Thompson mentioned, we received a substantial order for our Quantum Bandwidth networking products from a top North American cable operator. These products began to ship this month and we expect additional orders throughout the year based on forecasts we have received from this customer.

在我們的有線電視業務中，正如湯普森所提到的，我們從北美頂級有線電視營運商那裡獲得了大量量子頻寬網路產品訂單。這些產品本月開始出貨，根據我們從該客戶收到的預測，我們預計全年還會有更多訂單。

We are encouraged by the demand that we are seeing for our CATV products and are very excited to announce that our next-gen Quantum Bandwidth amplifiers have already begun to be deployed by a major North American MSO as part of its publicly announced network upgrade project.

我們對 CATV 產品的需求感到鼓舞，並非常高興地宣布，我們的下一代量子頻寬放大器已經開始被北美一家大型 MSO 部署，作為其公開宣布的網路升級專案的一部分。

Lastly, during the quarter, we took steps to expand our production capabilities. We have been retrofitting our facility in Sugar Land, Texas to accommodate new automated production equipment, which we expect to begin to receive next month. This equipment will be used for the production of both 400G and 800G transceiver products. We also signed an agreement to lease an additional building in Taiwan, which we are outfitting in order to increase production of our Datacenter and CATV products there.

最後，在本季度，我們採取措施擴大我們的生產能力。我們一直在改造位於德州糖城的工廠，以容納新的自動化生產設備，預計下個月將開始接收這些設備。該設備將用於生產400G和800G收發器產品。我們還簽署了一項協議，在台灣租賃另一棟建築，我們正在對其進行裝修，以增加那裡的資料中心和有線電視產品的產量。

Turning to our fourth-quarter results. Our total revenue was $100 million, which was up 66% year-over-year and up 54% sequentially, and was in line with our guidance range of $94 million to $104 million. During the fourth quarter, 44% of revenue was from Datacenter products, 52% was from CATV products, with the remaining 4% from FTTH, Telecom and other.

談談我們第四季的業績。我們的總營收為 1 億美元，年增 66%，季增 54%，符合我們 9,400 萬美元至 1.04 億美元的預期範圍。第四季度，44%的營收來自資料中心產品，52%來自CATV產品，其餘4%來自FTTH、電信和其他。

In our Datacenter business, Q4 revenue came in at $44.2 million, which was essentially flat year-over-year and increased 8% sequentially. The sequential increase was due to shipments to existing customers along with the new hyperscale datacenter customer that we've talked about for the last several quarters. In the fourth quarter, 61% of datacenter revenue was from 100G products, 32% was from 200G and 400G transceiver products, and 8% was from 40G transceiver products.

在我們的資料中心業務中，第四季的營收為 4,420 萬美元，與去年同期基本持平，較上季成長 8%。連續成長是由於向現有客戶以及我們在過去幾季中談到的新的超大規模資料中心客戶的出貨量。第四季度，資料中心營收的61%來自100G產品，32%來自200G和400G收發器產品，8%來自40G收發器產品。

As our datacenter customers work on building out their next-generation, AI-focused data center architectures, we remain active in our 800G-fication efforts with several hyperscale customers. During the quarter, we received the first significant demand forecast from one of our hyperscale customers that bolsters our previously held expectation of a second half 2025 ramp in 800G sales.

隨著我們的資料中心客戶致力於建立下一代以人工智慧為中心的資料中心架構，我們仍與多家超大規模客戶積極進行 800G 化工作。在本季度，我們從一位超大規模客戶那裡獲得了第一個重要的需求預測，這增強了我們先前對 2025 年下半年 800G 銷售成長的預期。

In our CATV business, with the explosive growth of data consumption and rising user expectations, we are already being recognized by cable operators as a preferred partner to ensure that these upgrades minimize cable subscribers' network interruptions and also optimize performance. As a result, CATV revenue in the fourth quarter was $52.2 million, which was up more than 4x year-over-year and more than doubled sequentially. This significant increase is due to the ramp in orders for our 1.8 gigahertz amplifier products. We continue to believe our CATV revenue will ramp further in Q1 and will remain elevated throughout 2025.

在我們的有線電視業務中，隨著數據消費的爆炸式增長和用戶期望的不斷提高，我們已經被有線電視運營商視為首選合作夥伴，以確保這些升級能夠最大限度地減少有線電視用戶的網絡中斷並優化性能。因此，第四季有線電視營收為 5,220 萬美元，較去年同期成長 4 倍多，較上季成長一倍多。這一顯著增長是由於我們 1.8 千兆赫放大器產品訂單的增加。我們仍然相信，我們的有線電視收入將在第一季進一步成長，並將在 2025 年全年保持在高位。

Now turning to our telecom segment. Revenue from our telecom products of $3.5 million was up 26% year-over-year and up 25% sequentially. Looking ahead, we continue to expect telecom sales to fluctuate from quarter-to-quarter.

現在轉向我們的電信領域。我們的電信產品收入為 350 萬美元，年增 26%，季增 25%。展望未來，我們仍預期電信銷售額將逐季波動。

For the fourth quarter, our top 10 customers represented 97% of revenue, up from 95% in Q4 of last year. We had three greater than 10% customers, two in the datacenter market, which contributed 31% and 11% of total revenue, respectively; and one in the CATV market, which contributed 52% of total revenue.

第四季度，我們前十大客戶的營收佔比為 97%，高於去年第四季的 95%。我們擁有三位超過 10% 的客戶，其中兩位在資料中心市場，分別貢獻了總收入的 31% 和 11%；一位在有線電視市場，貢獻了總收入的 52%。

In Q4, we generated non-GAAP gross margin of 28.9%, which was within our guidance range of 27.5% to 29.5% and was up from 25% in Q3 of 2024 and down from 36.4% in Q4 of 2023. The sequential increase in our gross margin was driven primarily by our favorable product mix, including growth in our CATV revenue. Looking ahead, we continue to expect that our gross margins will improve as we see the impact of manufacturing efficiencies in our CATV production and improving product mix. We remain committed to our long-term goal of returning our non-GAAP gross margin to around 40% and continue to believe that this goal is achievable.

第四季度，我們的非 GAAP 毛利率為 28.9%，在我們 27.5% 至 29.5% 的指引範圍內，高於 2024 年第三季的 25%，低於 2023 年第四季的 36.4%。我們的毛利率持續成長主要得益於我們良好的產品組合，包括有線電視收入的成長。展望未來，隨著製造效率的提高和產品組合的改善，我們預期毛利率將會提高。我們仍然致力於我們的長期目標，即將我們的非公認會計準則毛利率恢復到40％左右，並繼續相信這一目標是可以實現的。

Total non-GAAP operating expenses in the fourth quarter were $31.5 million or 31.4% of revenue, which compared to $21.6 million or 35.7% of revenue in Q4 of the prior year, primarily due to increased R&D spending in 800G, 1.6 terabit and Quantum Bandwidth products. Looking ahead, we expect non-GAAP operating expenses to increase slightly next quarter and range from $32 million to $33 million.

第四季非公認會計準則總營運費用為 3,150 萬美元，佔營收的 31.4%，而去年同期為 2,160 萬美元，佔營收的 35.7%，這主要歸因於 800G、1.6 太比特和量子頻寬產品的研發支出增加。展望未來，我們預計下個季度非 GAAP 營運費用將略有增加，範圍在 3,200 萬美元至 3,300 萬美元之間。

In 2025, we anticipate modest additional increase varying with quarter-by-quarter fluctuations, mainly in R&D expenditures.

2025年，我們預期會出現小幅額外成長，且逐季波動，主要體現在研發支出。

Non-GAAP operating loss in the fourth quarter was $2.5 million, compared to an operating income of $0.4 million in Q4 of the prior year. GAAP net loss for Q4 was $119.7 million or a loss of $2.60 per basic share, compared with a GAAP net loss of $13.9 million or a loss of $0.38 per basic share in Q4 of 2023. Our GAAP net loss in the fourth quarter of 2024 included a onetime charge of $112 million related to the exchange of our convertible notes in Q4.

第四季非公認會計準則營業虧損為 250 萬美元，而去年同期營業收入為 40 萬美元。第四季 GAAP 淨虧損為 1.197 億美元，即每股基本虧損 2.60 美元，而 2023 年第四季 GAAP 淨虧損為 1,390 萬美元，即每股基本虧損 0.38 美元。我們 2024 年第四季的 GAAP 淨虧損包括與第四季可轉換票據交換相關的 1.12 億美元的一次性費用。

On a non-GAAP basis, net loss for Q4 was $1 million or $0.02 per share, which compared to our guidance range of a loss of $1.9 million to income of $1.7 million or a loss per share in the range of $0.04 to earnings of $0.04 per basic share. This compares to a non-GAAP net income of $1.6 million or $0.04 per basic share in Q4 of the prior year. The basic shares outstanding used for computing the earnings per share in Q4 were $46.1 million.

以非公認會計準則計算，第四季淨虧損為 100 萬美元，即每股 0.02 美元，而我們的預期範圍為虧損 190 萬美元至收入 170 萬美元，或每股虧損 0.04 美元至每股基本收益 0.04 美元。相較之下，去年同期非公認會計準則淨收入為 160 萬美元，即每股基本收入 0.04 美元。用於計算第四季每股收益的基本流通股為 4,610 萬美元。

Turning now to the balance sheet. We ended the fourth quarter with $79.1 million in total cash, cash equivalents, short-term investments and restricted cash. This compares with $41.4 million at the end of the third quarter of 2024. We ended the quarter with total debt, excluding convertible debt, of $46 million, compared to $39.4 million at the end of last quarter.

現在來看資產負債表。截至第四季度，我們的現金、現金等價物、短期投資和受限現金總額為 7,910 萬美元。相比之下，2024 年第三季末的營收為 4,140 萬美元。本季末，我們的總債務（不包括可轉換債務）為 4,600 萬美元，而上季末為 3,940 萬美元。

As of December 31, we had $88.1 million in inventory, which compared to $64.4 million at the end of Q3. The increase in inventory is primarily for raw materials purchased for customer orders.

截至 12 月 31 日，我們的庫存為 8,810 萬美元，而第三季末的庫存為 6,440 萬美元。庫存增加主要是為客戶訂單採購的原料。

During the quarter, we raised $53.9 million net of costs and fees on our previously announced at-the-market program. We made a total of $25.7 million in capital investments in the fourth quarter, which was mainly used for manufacturing capacity expansion for our 400G and 800G transceiver products. This brings our total CapEx for the year to $48.8 million, which was up compared to 2023 of $12.6 million, reflecting higher capital needs as we expand production to accommodate increased demand.

在本季度，我們透過先前宣布的市場計劃籌集了 5,390 萬美元，扣除成本和費用。我們在第四季共進行了 2,570 萬美元的資本投資，主要用於擴大 400G 和 800G 收發器產品的製造產能。這使得我們今年的總資本支出達到 4,880 萬美元，比 2023 年的 1,260 萬美元有所增加，這反映出隨著我們擴大生產以滿足不斷增長的需求，資本需求也隨之增加。

Going forward, we expect to make sizable CapEx investments over the next several quarters as we prepare for increased 400G, 800G and 1.6 terabit datacenter product production in 2025. For the year, we expect between $120 million and $150 million in total CapEx. We expect to finance these investments through a combination of cash on hand, cash generated from operations and some equity sales, including ongoing advanced discussions for possible strategic investments.

展望未來，我們預計在未來幾季進行大規模資本支出，為 2025 年增加 400G、800G 和 1.6 太比特資料中心產品產量做準備。我們預計今年的總資本支出將在 1.2 億美元至 1.5 億美元之間。我們預計透過庫存現金、經營活動產生的現金和部分股權出售來為這些投資提供資金，包括正在進行的關於可能的策略投資的深入討論。

This will mark the most significant capital expansion plan in our company's more than 27-year history. Included in this plan is adding significant production capacity in Texas, which we expect will make us one of the largest, if not the largest, domestic producer of datacenter transceivers for AI applications.

這將標誌著我們公司27年多歷史上最重要的資本擴張計畫。該計劃包括在德克薩斯州增加大量生產能力，我們預計這將使我們成為國內最大的人工智慧應用資料中心收發器生產商之一，甚至是最大的生產商之一。

We continue to believe that we are poised for a sustained period of growth in both our datacenter and CATV businesses and that these capital commitments will be transformational to our company as we execute on these opportunities.

我們始終相信，我們的資料中心和有線電視業務將持續成長，隨著我們抓住這些機會，這些資本承諾將為我們的公司帶來變革。

Moving now to our Q1 outlook. We expect Q1 revenue to be between $94 million and $104 million and non-GAAP gross margin to be in the range of 29% to 30.5%. Non-GAAP net income is expected to be in the range of a loss of $3.6 million to breakeven and non-GAAP earnings per share between a loss of $0.07 per share and breakeven, using a weighted average basic share count of approximately 49.6 million shares.

現在轉到我們的第一季展望。我們預計第一季營收在 9,400 萬美元至 1.04 億美元之間，非 GAAP 毛利率在 29% 至 30.5% 之間。非公認會計準則淨收入預計在虧損 360 萬美元至損益平衡之間，非公認會計準則每股盈餘預計在虧損 0.07 美元至損益兩平之間，採用約 4,960 萬股的加權平均基本股數。

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

說完這些，我會把話題交還給接線員，進行問答環節。操作員？

(Operator Instructions)

（操作員指示）

Timothy Savageaux, Northland Capital Markets.

提摩西‧薩維奇奧克斯 (Timothy Savageaux)，北國資本市場 (Northland Capital Markets)。

Hey, good afternoon, and congrats on the ramp in cable, in particular, in the quarter. I wanted to ask about the capacity investments, I guess, $135 million or-so mid-range, and pretty substantial in Q4 as well. I guess, to what extent is that -- I mean, I imagine it's principally focused on datacenter, but maybe you could provide some color datacenter versus cable because it looks like you're going to continue to ramp there.

嘿，下午好，祝賀電纜業務在本季度取得進展。我想問產能投資，我猜，大約1.35億美元的中檔投資，而且在第四季也相當可觀。我想，這在多大程度上是——我的意思是，我想它主要集中在資料中心，但也許你可以提供一些彩色資料中心與電纜，因為看起來你會繼續在那裡發展。

And within datacenter, could you give us an estimate of the kind of capacity you're heading towards, whether that's revenue or incremental revenue capacity or unit volumes or however you'd like to discuss it? And as you close the year, what kind of annual revenue capacity are you targeting in the U.S?

在資料中心內，您能否為我們估算您所追求的容量類型，無論是收入容量還是增量收入容量或單位容量，或者您想如何討論？今年即將結束之際，您在美國設定的年收入目標為​​何？

Okay. So there's a lot embedded in there. As far as the application of the capital expenditures, it's going to be almost entirely for datacenter. There'll be some spending on cable TV as well, but most of that ramp has already been accommodated in terms of production capacity. As far as what this would bring to us in terms of incremental capacity, it's going to be designed for production of primarily 800 gig and 1.6 terabits.

好的。這裡麵包含了很多內容。就資本支出的應用而言，它幾乎全部用於資料中心。有線電視方面也會有一些支出，但大部分成長已經在生產能力方面得到滿足。就其在增量容量方面給我們帶來的意義而言，它將主要設計用於生產 800 千兆位元和 1.6 太比特。

We're still working with our customers and other related parties to figure out exactly how much of that capacity is going to be built in the U.S. versus other locations. So I can't answer that question directly. But it's going to be substantially targeted at U.S. investment, and again, mostly for 800 gig and 1.6 terabit.

我們仍在與客戶和其他相關方合作，以確定在美國和其他地區究竟將建造多少產能。所以我無法直接回答這個問題。但它的主要目標是美國投資，而且主要針對 800Gb 和 1.6Tb。

So let me a few to answer the other is so. For the laser, the manufacturer in Houston, so we're getting into the 4 inch the manufacturer for the EML. And the high-powered single mode laser for 800 1.60 (inaudible) I now plan to have maybe 100 more than. 120,000 or even 140,000 per month of capacity by end of this year or early next year. There's a single mode transceiver for data center.

因此，讓我來回答幾個其他的問題。對於雷射器，製造商在休斯頓，所以我們進入了 4 英寸 EML 製造商。對於 800 1.60（聽不清楚）的高功率單模雷射，我現在計劃使其產量超過 100 台。今年底或明年年初，其月產能將達到 12 萬台甚至 14 萬台。有一個用於資料中心的單模收發器。

Okay. That's super helpful and kind of a good segue to the next question, which is, Stefan, you mentioned some demand forecasts coming in from hyperscale customers for 800 gig. I imagine that's related to your capacity planning. But any chance you can quantify that type of demand? Or should we assume it's in line with the monthly production figures that Thompson just mentioned?

好的。這非常有幫助，並且很好地引出了下一個問題，Stefan，您提到了來自超大規模客戶對 800G 的一些需求預測。我想這與您的容量規劃有關。但是您能量化這種需求嗎？或者我們應該假設它與湯普森剛才提到的月產量數據一致？

Yeah, it's in line with those production figures. I mean, obviously, we're not planning on targeting our entire CapEx at one particular customer, so there's some aggregated demand across a number of different hyperscale customers. But certainly, the aggregate demand is consistent with the numbers that Thompson mentioned.

是的，這與生產數據一致。我的意思是，顯然，我們並不打算將我們的全部資本支出都用於某個特定的客戶，因此，許多不同的超大規模客戶都會有一些總體需求。但可以肯定的是，總需求與湯普森提到的數字是一致的。

Okay, I'll pass it on to me to come back later.

好的，我稍後會傳給我回來。

(Operator Instructions)

（操作員指示）

Michael Genovese, Rosenblatt Securities.

羅森布拉特證券公司的麥可‧吉諾維斯 (Michael Genovese)。

I'm great, thanks very much. I guess first question on the Quantum Bandwidth to a North American cable order that you referenced in the quarter. Just explain to us, how is that similar or different from the 1.8 gigahertz amplifiers that drove the sequential increase in the quarter? Is that a different product and a different customer, or is it related?

我很好，非常感謝。我想第一個問題是關於您在本季度提到的北美電纜訂單的量子頻寬。請向我們解釋一下，這與推動本季連續成長的 1.8 千兆赫放大器有何相似或不同之處？這是不同的產品和不同的客戶，還是相關的？

No. It's the same. Quantum Bandwidth is a suite of products that include amplifiers and other things. This was specifically for our 1.8 gigahertz Quantum Bandwidth amplifier products. So yes, it's the same product that we're talking about here.

不。都一樣。量子頻寬是一套包含放大器和其他東西的產品。這是專門針對我們的 1.8 千兆赫量子頻寬放大器產品。是的，它和我們在這裡討論的產品是相同的。

Okay. And then I guess, just could you kind of give us any more color on -- I mean, obviously, the datacenter opportunity is a multiyear opportunity, and we're -- identified some targets sort of for the second half of the year. But if we think about the quarter itself and the first quarter, with three hyperscale customers that we sort of know about, just -- how is the quarter versus your expectations? Are things going slower in the near term or are they going according to your expectations? Just a little bit more color on datacenter would be helpful.

好的。然後我想，您能否給我們更多細節——我的意思是，顯然，資料中心機會是一個多年期的機會，我們已經確定了下半年的一些目標。但是，如果我們考慮本季本身和第一季度，我們了解三個超大規模客戶，那麼本季與您的預期相比如何？短期內事情進展會比較慢嗎？還是會按照你的預期進行？只要在資料中心上多加一點顏色就會有幫助。

I think it's pretty much in line with our expectations. I mean we said for -- pretty consistently for a while that 400 gig was going up, which it is. It's up almost 4x year-over-year. Meanwhile, 100 gig is gradually declining, which is what we've said for a while as well. And that 800 gig and 1.6 terabit will start ramping -- I mean, 800 gig later this year, 1.6 terabits maybe later this year, more likely 2026.

我認為這基本上符合我們的預期。我的意思是，我們曾經一度表示，400G 的數量將會上升，事實也確實如此。與去年同期相比，成長了近 4 倍。與此同時，100G 的數量正在逐漸下降，這也是我們一段時間以來所說的。800GB 和 1.6TB 將會開始成長——我的意思是，800GB 將在今年稍後實現，1.6TB 可能在今年稍後實現，更有可能是 2026 年。

So, all this is in line with what we've expected.

所以，這一切都符合我們的期望。

And for your 400G result in the quarter or what 400G could be in 1Q, is that gated by capacity? Or is capacity not an issue in 400 gig?

那麼本季的 400G 業績或第一季的 400G 業績是否受容量限制？或者 400G 的容量不是問題？

The capacity is sort of a moving target, right? We're adding capacity as demand shows that to be prudent, right? In other words, we're not getting too far ahead on the capacity expansion plan. So, there's a number of different products that go into the 400 gig mix. Some of those were at capacity, others were a little below.

容量就像是移動的目標，對嗎？我們正在根據需求增加產能，這是謹慎的做法，對嗎？換句話說，我們的產能擴張計畫還沒有太大進展。因此，有許多不同的產品可以納入 400 千兆組合。其中一些已滿員，其他則略有不足。

But in general, we're trying to keep capacity in line with demand

但總的來說，我們正努力維持產能與需求一致

Okay. And then just last quick one for me. The $120 million to $150 million CapEx target in 2025, I actually suspected that maybe it could have even been higher than that. So, I'm kind of wondering, is that like a number that would have to be repeated in the next year? Or does that get you multiple years of revenue growth for, let's say, $150 million?

好的。接下來是最後一個快速問題。2025 年的資本支出目標為 1.2 億至 1.5 億美元，我實際上懷疑可能還會更高。所以，我有點好奇，這個數字明年必須重複？或者這能為您帶來多年的收入成長，比如說 1.5 億美元？

Let's put it this way. Our hope is that we're going to continue to make sizable capital investments because that means that our revenue in the future is expected to continue to ramp, which is what I think, based on what we're hearing from our datacenter customers, this is a multiyear upgrade cycle that they're going through with respect to their AI datacenters.

這麼說吧。我們希望繼續進行大量的資本投資，因為這意味著我們未來的收入預計將繼續增長，根據我們從資料中心客戶那裡聽到的消息，我認為這是一個多年的升級週期，他們正在經歷與人工智慧資料中心相關的升級週期。

And to that extent, if we're participating in that, then our expectation is that we would continue to see increased demand, not just 2025 and we're done. So I can't give you any kind of guidance on what we're going to be in 2026 in terms of CapEx. But I think it would be a very good sign if we continue to invest substantial amounts.

從這個意義上講，如果我們參與其中，那麼我們期望我們將繼續看到需求的成長，而不僅僅是到 2025 年我們就完成了。因此，我無法就我們 2026 年的資本支出情況給您任何指導。但我認為，如果我們繼續大量投資，這將是一個非常好的跡象。

Or let me say that based on the information we have from four, five customers, I think by end of next year, the demand for the (inaudible) 1.6 T single transceiver could be more than 200,000 per month or even 250,000 per month. But I think we want to be conservative because the demand change from time to time. We will not invest until we got the commitment or maybe the same contract from customers. But this year, I think we are very confident the demand there. And that's why we need to speed up the investment, especially in Houston.

或者讓我說，根據我們從四到五個客戶那裡得到的信息，我認為到明年年底，（聽不清楚）1.6 T 單收發器的需求量可能會超過每月 200,000 個，甚至每月 250,000 個。但我認為我們應該採取保守態度，因為需求會不時改變。除非我們獲得客戶的承諾或相同的合同，否則我們不會進行投資。但今年，我認為我們對那裡的需求非常有信心。這就是為什麼我們需要加快投資，特別是在休士頓。

I think really, we need to make the transceiver in Houston because I think that's required by the customers. All right?

我認為我們確實需要在休士頓製造收發器，因為我認為這是客戶所需要的。好的？

Thanks so much.

非常感謝。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Yes, thanks this is Jeff Koche in for Simon. So I just wanted to hit on 400 gig for a little bit. Maybe you could break out, of the $14 million, like how much was the Microsoft AOC agreement? And then thinking just about how the -- maybe the front end, the 400 gig demand there, how you expect that to trend into March?

是的，謝謝，我是 Jeff Koche，代替 Simon。所以我只是想稍微達到 400G。也許您可以算一下，在這 1400 萬美元中，微軟 AOC 協議的金額是多少？然後想想——也許是前端，那裡有 400 千兆的需求，您預計到 3 月會呈現怎樣的趨勢？

And I have a follow-up.

我還有一個後續問題。

Yeah, I can't really comment on customer-specific products, and all that would be covered under NDA. But I can say that we've been pretty consistent that the Microsoft program would ramp later this year, and that's consistent with the forecast that we're continuing to see. But with respect to exactly how much we sold this quarter, we don't break that out.

是的，我無法真正評論特定客戶的產品，所有這些都包含在保密協議 (NDA) 中。但我可以說，我們一直非常一致地認為微軟的計畫將在今年稍後加速，這與我們繼續看到的預測一致。但至於本季的具體銷量，我們不會透露。

And I'm sorry, your second question was what?

抱歉，您的第二個問題是什麼？

Just the I know that that was targeted more to the back end. I'm just thinking the 400 gig, that's front more, front-end related. Or is some of the 400 gig that you're getting in the business, is that -- should we consider that back end? And how do you expect that dynamic to trend into March?

我只是知道這比較針對後端。我只是在想 400 千兆，這更多的是前端，與前端有關。或者您在業務中獲得的 400 份演出中的一部分是 - 我們應該考慮後端嗎？您預計這種動態在三月會如何發展？

Thank you.

謝謝。

Well, again, we don't give forward guidance by product line either, so I can't really comment on exactly what we'd expect to.

好吧，再說一次，我們也不會根據產品線提供前瞻性指引，所以我無法真正評論我們到底期望什麼。

Let me say. Right now, we can see very strong demand for 400G single-mode transceiver for maybe 2 kilometers or 10 kilometers. That's why we are adding our capacity too, all right? Not only 800G but that's not the majority of this year because -- so basically, I will say we see in a few months, I would say, by June or July, I think the single-mode capacity, we need to be maybe, I would say, maybe 50,000 to 70,000 per month. The multimode, I think we have to work maybe 100,000 per month maybe by similar times, all right, June, July, August.

讓我說一下。目前，我們可以看到對 2 公里或 10 公里的 400G 單模收發器的需求非常強勁。這就是我們也增加產能的原因，好嗎？不僅是 800G，而且這不是今年的大部分，因為 - 所以基本上，我會說我們會在幾個月後看到，我想到六月或七月，我認為單模容量，我們可能需要，我想說，大概每月 50,000 到 70,000。多模式，我認為我們大概每個月要生產 10 萬個，大概在六月、七月、八月這個時段。

This is based on the demand we see. That's how far I can say. But we have many customers, okay, maybe five or six, seven customers, all right, all U.S. customers, all right?

這是基於我們看到的需求。我只能說這麼多。但我們有很多客戶，好吧，可能有五、六個、七個客戶，好吧，都是美國客戶，好嗎？

Yeah, maybe, just clarify based -- I'm sorry if I missed this, but like embedded within the guidance for March, where do you see CATV versus Datacenter sales? Datacenter should be up, I'm assuming, and maybe some moderation in CATV? That's it.

是的，也許，只是澄清一下——如果我錯過了這一點，我很抱歉，但就像 3 月份的指導中所嵌入的那樣，您認為有線電視與數據中心的銷售額如何？我猜想資料中心應該已經啟動，也許有線電視也需要一些節制？就是這樣。

Yeah, I mean, again, we don't really break it out by product line like that. But I think we said pretty consistently that we're going to reach a plateau in CATV revenue. I mean I've been pretty consistent in past calls talking about how at some level, our CATV revenue is limited by the rate at which our customers can deploy the product, right? This is not like datacenter where a technician can just go into the data center and replace a bunch of product all at once.

是的，我的意思是，我們實際上並沒有按照產品線來分類。但我認為我們一直在說，有線電視收入將會達到一個平台期。我的意思是，在過去的電話會議中，我一直在談論我們的有線電視收入在某種程度上受到客戶部署產品的速度的限制，對嗎？這不像是資料中心，技術人員可以直接進入資料中心並一次更換一堆產品。

Each one of these amplifiers needs to have a crew, a bucket, trucks and a lot of infrastructure is required to do that. So there's just a natural limit to how much of that can be installed in a given quarter.

每個擴大機都需要有工作人員、鏟鬥、卡車，並且需要大量的基礎設施才能完成。因此，在一個特定季度內可以安裝的數量自然是有限的。

So we expect to see kind of a plateauing in the CATV business. And as Thompson mentioned, the cable -- I mean, excuse me, the datacenter business is where we expect to see most of the growth going forward.

因此我們預期有線電視業務將進入穩定期。正如湯普森所提到的，電纜——我的意思是，對不起，我們預計資料中心業務將是未來成長最快的業務。

And by the way, the Q1 guidance is not limited by demand. It's because it's Chinese New Year, as you know, so there's two, three weeks or even one month including the manpower issues. So otherwise, I think the revenue will be much, much higher. So in Q1, the revenue is limited by our capacity, especially in manpower, okay, not the demand. So that's why we are working very hard to catch up the demand for the customers, especially in datacenter 100G, 400G, then 800G, I think it is possible we should start getting to volume manufacturer in Q2, for sure Q3.

順便說一句，第一季的指引不受需求的限制。因為是農曆新年，所以包括人力問題在內，會有兩、三週甚至一個月的時間。所以，否則，我認為收入將會高得多。因此，在第一季度，收入受到我們產能的限制，尤其是人力，而不是需求。這就是為什麼我們正在努力滿足客戶的需求，特別是在資料中心 100G、400G，然後是 800G，我認為我們有可能在第二季開始進入大量生產，肯定是在第三季。

Great. Thanks.

偉大的。謝謝。

Dave Kang, B. Riley Securities.

Dave Kang，B. Riley 證券。

First question is on cable TV. You've got that 52% customer. Is that a disti or can you talk more about that customer, because it's not ATX, right?

第一個問題是關於有線電視的。您已經擁有那 52% 的客戶了。那是分銷商嗎？或者您能否更多地談論那個客戶，因為它不是 ATX，對嗎？

No, it's the same big customer we've had for the last few quarters in cable, and it's, it is a stocking distributor for cable TV products in the US yeah.

不，它是我們過去幾季在有線電視領域的大客戶，它是美國有線電視產品的庫存分銷商。

So how is that, can you talk about the difference between the demand difference between your product versus say like a DAA, from Harmonic and investing where, they're talking about, slowing down where you guys seem to be kind of immune from that.

那麼，您能否談談您的產品與 Harmonic 的 DAA 等產品之間的需求差異以及他們所談論的投資放緩，而您似乎對此沒有太大影響。

Yeah, I mean I think we've mentioned this on the last few calls, but I'll kind of reiterate that. So the DAA, the element that is principally causing the DAA deployments to slow down is a Remote PHY module. It goes out in the node and it translates the digital input and output signals into analog signals that can be carried over the rest of the co-ax portion of the HFC network, okay? That particular device has had some challenges, okay?

是的，我認為我們在最近的幾次通話中提到過這一點，但我還是要重申。因此，DAA，導致 DAA 部署速度減慢的主要原因是遠端 PHY 模組。它從節點出去，將數位輸入和輸出訊號轉換成可以透過 HFC 網路的其餘同軸電纜部分傳輸的類比訊號，好嗎？那個特定的設備遇到了一些挑戰，好嗎？

And so our products are downstream of that device. Right now, what we're selling are the amplifier products that go downstream of the node, okay? So those -- the upgrade of those amplifiers is independent of the DAA aspect of the network, okay? And carriers can get benefits from deploying the amplifiers independent of whether or not the node has been upgraded.

因此我們的產品就是該設備的下游產品。現在我們賣的是節點下游的擴大機產品，好嗎？所以這些擴大機的升級與網路的 DAA 方面無關，好嗎？無論節點是否升級，營運商都可以從部署放大器中獲益。

And so that's what they're doing. As they work their way through whatever the issues are with the Remote PHY deployment, they're going full speed ahead on their amplifier upgrades. So that when the Remote PHY devices and the nodes are ready, then they'll be able to immediately or more quickly turn on DOCSIS 4.0 services.

這就是他們正在做的事情。在他們努力解決遠端 PHY 部署中遇到的任何問題的同時，他們正在全速推進擴大機的升級。這樣，當遠端 PHY 設備和節點準備就緒時，它們將能夠立即或更快地啟動 DOCSIS 4.0 服務。

Got it. And then regarding your top customer that Disney customer or cable TV customer, I mean, who are their major customers? I mean, do they sell to major MSOs like Charter and Comcast or any more color on their customer base?

知道了。那麼關於您的最大客戶，即迪士尼客戶或有線電視客戶，我的意思是，他們的主要客戶是誰？我的意思是，他們是否向 Charter 和 Comcast 等主要 MSO 銷售產品，或向其客戶群銷售更多產品？

I mean, yes, they do sell to large MSOs, including the ones that you mentioned, and a variety of others. The units that we have been selling are principally destined for large North American MSOs who are doing upgrade projects.

我的意思是，是的，他們確實向大型 MSO 銷售產品，包括您提到的那些，以及其他各種 MSO。我們銷售的設備主要銷往正在進行升級專案的北美大型 MSO。

Got it. And then I'm assuming when you talk about second half regarding 800 gig ramping in second half, I'm assuming third quarter, what's your lead time or expected lead times for 800 gig? Is that like maybe 10 weeks or 8 weeks?

知道了。然後我假設當您談論下半年關於 800Gig 的增長時，我假設是第三季度，您的 800Gig 的交貨時間或預期交貨時間是多少？那大概是 10 週還是 8 週？

Something like that. I mean that's been -- I mean, typically, our lead time in the datacenter business has been something -- we're around 8 to 10 weeks. I guess that would be what we would expect to the 800 gig as well. There's no principal reason why 800 gig would differ from that.

類似這樣的。我的意思是——通常，我們資料中心業務的交付週期是——大約 8 到 10 週。我想這也是我們對 800 千兆的期待。800G 和這個沒有什麼不同的主要原因。

Got it. Okay, sounds good thank you. Yeah.

知道了。好的，聽起來不錯，謝謝。是的。

Tim Savageaux, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Tim Savageaux 說道。

Thanks, and this kind of follows on to Thompson's comments about midyear capacity. And so it sounds like a lot of this is going to need to happen pretty quickly. I guess that, talking about the potential for a strategic investment, it seems like if that's going to happen, that would need to happen pretty soon to be part of the financing of the capacity. I just want to get any color on that, on any expectations you might have.

謝謝，這與湯普森關於年中產能的評論類似。因此，聽起來很多事情都需要很快完成。我想，談到戰略投資的潛力，似乎如果要發生這種情況，那麼就需要盡快發生，才能成為產能融資的一部分。我只是想了解你對此有何看法，以及你對此有何期望。

Look, I mean, we've been adding -- I mean, as you can see, our CapEx numbers are -- have ramped fairly dramatically over the last couple of quarters already. So we're not holding back on investments that we need to make until we get a strategic investment. What I was trying to say in our prepared remarks is simply that those discussions are ongoing and that that could be a part of our financing plan.

你看，我的意思是，我們一直在增加——我的意思是，正如你所看到的，我們的資本支出數字——在過去幾個季度已經大幅增加。因此，在獲得策略性投資之前，我們不會停止需要進行的投資。我在準備好的發言中想說的只是這些討論正在進行中，而且這可能是我們融資計劃的一部分。

Okay. Thanks, very much.

好的。非常感謝。

And let me add something too. For the 400G multimode, demand was actually, it's not storage, it's AOC. But the same capacity can be used for 800G AOC too. So if it comes to the capacity is 240,000 per month of storage 120,000 per month AOC by June or July, and for both 400G and 800G, and that's based on the demand from the customer.

我也想補充一點。對於400G多模，需求實際上不是存儲，而是AOC。但同樣的容量也可用於800G AOC。因此，如果到 6 月或 7 月，容量為每月 240,000 個存儲，則每月 AOC 為 120,000 個，並且同時為 400G 和 800G，這取決於客戶的需求。

The other is most of this new production line will be almost fully automated, not like 100G manufacturing line. It's totally different. So we can set minimal 80% to 90% manpower. And that's why we are very confident we can make in Q3. All right. Thank you.

另外，這條新生產線的大部分將幾乎完全自動化，不像100G生產線。這完全不同。因此我們可以設定最低80%到90%的人力。這就是為什麼我們非常有信心在第三季取得成功。好的。謝謝。

Michael Genovese, Rosenblatt Securities.

羅森布拉特證券公司的麥可‧吉諾維斯 (Michael Genovese)。

Hello, Michael you are on the podium again.

你好，邁克爾，你再次登上頒獎台。

Oh. Oh sorry

哦，哦，抱歉

I was on mute there thanks again last -- just last follow-up question for me. I just want to ask directly, have you guys qualified 800G products with any customer yet? And have you shipped any 800-gig revenue in the fourth quarter?

我當時處於靜音狀態，再次感謝——這只是我的最後一個後續問題。我只是想直接問一下，你們是否已經為任何客戶提供了 800G 產品的認證？您在第四季有出貨 800G 的產品嗎？

We are almost there, we ship out a lot of the 800G but it's a few 100 a few 1,000 that's called the final qualification beside the lab it's more likely than the qualification, something like that.

我們快要完成了，我們已經發貨了很多 800G，但只有幾百甚至幾千個，這被稱為實驗室之外的最終資格認證，它比資格認證更有可能，諸如此類。

A customer. To to more than one customer. You said? three or four, okay. Okay, that, that's all for me. Thanks again.

一位顧客。針對多個客戶。你說呢？三四個就可以了。好的，對我來說就這些了。再次感謝。

Yeah, single mode transceiver, not multimode.

是的，單模收發器，不是多模。

At this time, we have no further questions, and I will turn the call back over to Dr. Thompson Lin for closing remarks.

目前，我們沒有其他問題，我將把電話轉回給 Thompson Lin 博士作結束語。

Okay. Thank you for joining us today. As always, we want to extend a thank-you to our investors, customers and employees for your continued support. As we discussed today, we believe the long-term demand driver remains strong for both our Datacenter and CATV business, and we believe we are well positioned to capitalize on this opportunity. We look forward to seeing many of you at OFC.

好的。感謝您今天加入我們。像往常一樣，我們要向我們的投資者、客戶和員工表示感謝，感謝你們的持續支持。正如我們今天所討論的，我們相信資料中心和有線電視業務的長期需求驅動力仍然強勁，並且我們相信我們已做好準備利用這一機會。我們期待在 OFC 見到你們。

Thank you.

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。