祥茂光電 (AAOI) 2022 Q1 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 2021 (sic) [First Quarter 2022] Earnings Conference Call. (Operator Instructions) Please note that this call is being recorded. I will now turn the call over to Cassidy Fuller, Investor Relations for AOI. Ms. Fuller, you may begin.

午安.我將擔任您的會議主持人。現在，我歡迎大家參加Applied Optoelectronics公司2021年第四季及全年（原文如此，即2022年第一季）業績電話會議。 （接線生指示）請注意，本次通話正在錄音中。現在，我將把電話轉給AOI投資者關係部門的Cassidy Fuller。 Fuller女士，您可以開始了。

Thank you. I'm Cassidy Fuller, Investor Relations for Applied Optoelectronics, and I'm pleased to welcome you to AOI's First Quarter 2022 Financial Results Conference Call. After the market closed today, AOI issued a press release announcing its first quarter 2022 financial results and provided its outlook for the second quarter of 2022. The release is also available on the company's website at ao-inc.com. This call is being recorded and webcast live. A link to the recording can be found on the Investor Relations section of the AOI website and will be archived for 1 year.

謝謝。我是應用光電公司（AOI）投資者關係部經理卡西迪·富勒 (Cassidy Fuller)，歡迎您參加AOI 2022年第一季財務業績電話會議。今天收盤後，AOI發布了一份新聞稿，公佈了其2022年第一季的財務業績，並提供了2022年第二季的業績展望。新聞稿亦可在本公司網站ao-inc.com上查閱。本次電話會議將進行錄音並進行網路直播。錄音連結可在AOI網站的「投資者關係」版塊找到，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 2022. A question-and-answer session will follow our prepared remarks.

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博士將出席今日的電話會議。 Thompson將概述AOI第一季的業績，Stefan將提供財務細節以及2022年第二季的展望。在我們準備好的發言稿之後，將進行問答環節。

Before we begin, I would like to remind you to review AOI's safe harbor statement. On today's call, management will make forward-looking statements. These forward-looking statements involve risks and uncertainties as well as assumptions and current expectations, which could cause the company's actual results to differ materially from those anticipated in such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as believes, anticipates, estimates, intends, predicts, expects, plans, may, should, could, would, will or thinks, and by other similar expressions that convey uncertainty of future events or outcomes.

在開始之前，我想提醒您閱讀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，這可能導致公司的實際結果與此類前瞻性陳述中的預期有重大差異。在某些情況下，您可以透過諸如相信、預期、估計、打算、預測、期望、計劃、可能、應該、或許、將會、將要或認為等術語，以及其他表達未來事件或結果不確定性的類似表述來識別前瞻性陳述。

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 our customer responses to our innovations, as well as statements regarding the company's outlook for the second quarter of 2022. Except as required by law, we assume no obligation to update forward-looking statements for any reason after the date of this earnings call to conform these statements to actual results or to changes in the company's expectations. More information about the risks that may impact the company's business are set forth in the Risk Factors section of the company's reports on file with the SEC, including the company's annual report on Form 10-K for the year ended December 31, 2021.

前瞻性陳述還包括關於管理階層對我們產品拓展新市場以及客戶對我們創新的回饋的信念和預期，以及關於公司2022年第二季前景的陳述。除法律規定外，我們不承擔在本次收益電話會議召開日後因任何原因更新前瞻性陳述以使其與實際結果或公司預期變化相符的義務。更多可能影響公司業務的風險信息，請參閱公司提交給美國證券交易委員會（SEC）的報告“風險因素”部分，包括公司截至2021年12月31日的10-K表格年度報告。

Also, all financials 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 earnings press release that is available on our website. I'd like to note the date of our second quarter 2022 earnings call is currently scheduled for August 4, 2022.

此外，除非另有說明，今天討論的所有財務數據均基於非公認會計準則 (Non-GAAP)。非公認會計準則 (Non-GAAP) 財務指標不應單獨考慮，也不應取代根據公認會計準則 (GAAP) 編制的績效。我們網站上發布的收益新聞稿中包含了公認會計準則 (GAAP) 和非公認會計準則 (Non-GAAP) 指標之間的對賬，以及我們為何採用非公認會計準則 (Non-GAAP) 財務指標的說明。需要指出的是，我們 2022 年第二季財報電話會議的日期目前定於 2022 年 8 月 4 日舉行。

Now I'd 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公司的創辦人、董事長兼執行長湯普森林博士。湯普森？

Thank you, Cassidy, and thank you for joining our call today. Turning to the first quarter, we delivered revenue and gross margin in line with our expectations and non-GAAP EPS above our expectations. During the quarter, we continued to see strong demand in the CATV market and improving conditions in the silicon market.

謝謝卡西迪，也謝謝您今天參加我們的電話會議。談到第一季度，我們的營收和毛利率符合預期，非公認會計準則每股收益也高於預期。在本季度，我們繼續看到有線電視市場需求強勁，矽片市場狀況也在改善。

Total revenue for the first quarter increased 5.1% year-over-year to $52.2 million. Total revenue in our CATV segment of $25 million was up 34% year-over-year and was slightly higher compared to Q4. The overall CATV demand environment remains strong as we see increased activity and orders throughout the year and into early 2023. We are working to add additional capacity to meet this elevated demand.

第一季總營收年增5.1%，達到5,220萬美元。有線電視業務總營收為2,500萬美元，年增34%，略高於第四季。有線電視整體需求依然強勁，我們預計全年及2023年初的業務活動和訂單量都將持續成長。我們正在努力增加產能，以滿足日益增長的需求。

Total revenue for our data center products of $21.4 million, decreased 17.4% year-over-year and 15% sequentially, as several of our customers continue to reduce their 40G and 100G purchase, while our run on next-generation 400G is still in the early stage. We can only see strong customer traction on 400G, and I'm very pleased to report that during the quarter, AOI was selected by a major hyperscale data center customer as a vendor for several of our 400G products.

我們的資料中心產品總收入為2,140萬美元，年減17.4%，較上季下降15%，原因是我們的一些客戶持續減少40G和100G的採購量，而我們對下一代400G的投入仍處於早期階段。我們看到客戶對400G的吸引力非常強勁，我很高興地報告，在本季度，AOI被一家大型超大規模資料中心客戶選為我們幾款400G產品的供應商。

We have a long relationship with this customer and have historically been a significant supplier of their early 40G and 100G transceiver needs. Pending the completion of final interoperability testing with the company's other prospective vendors, we expect orders to begin in Q3, with deliveries late in Q3 or in early in Q4.

我們與該客戶有著長期的合作關係，一直以來都是其早期40G和100G收發器需求的重要供應商。在與該公司其他潛在供應商完成最終互通性測試之前，我們預計訂單將於第三季開始，並於第三季末或第四季初交付。

During the first quarter, we secured 1 new design win, which was a 400G transceiver product for hyperscale data center operators.

在第一季度，我們獲得了 1 項新的設計勝利，這是一款針對超大規模資料中心營運商的 400G 收發器產品。

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

說完這些，我將把電話交給史蒂芬，讓他回顧我們第一季的業績細節以及第二季的展望。史蒂芬。

Thank you, Thompson. As Thompson mentioned, we delivered non-GAAP EPS above our expectations, and revenue and gross margin in line with our expectations. During the quarter, we saw continued growth in the CATV market and improving conditions in the telecom market. During the quarter, we secured 1 new design win, a 400G transceiver product for a hyperscale data center operator. As Thompson mentioned, we are pleased to report that AOI was selected by another major hyperscale data center customer as a vendor for several of our 400G products. We have a long relationship with this customer and have historically been a significant supplier of their earlier 40G and 100G transceiver needs. Pending the completion of finer interoperability testing with the company's other prospective vendors, we expect orders to begin in Q3 with deliveries late in Q3 or early in Q4.

謝謝湯普森。正如湯普森所提到的，我們非公認會計準則下的每股盈餘超出預期，收入和毛利率也符合預期。本季度，我們看到有線電視市場持續成長，電信市場狀況也在改善。本季度，我們贏得了新的設計訂單，為一家超大規模資料中心營運商提供的400G收發器產品。正如湯普森所提到的，我們很高興地報告，AOI已被另一家重要的超大規模資料中心客戶選為我們多款400G產品的供應商。我們與該客戶有著長期的合作關係，並且一直是其早期40G和100G收發器需求的重要供應商。在與該公司其他潛在供應商完成更精細的互通性測試之前，我們預計訂單將於第三季開始，並於第三季末或第四季初交付。

Total first quarter revenue of $52.2 million increased 5.1% compared to the first quarter of 2021, and decreased 4% sequentially. Our Q1 revenue was in line with our guidance range of $51 million to $54 million. In the first quarter, 48% of our revenue was from our CATV products, 41% was from our data center products, with the remaining 11% from FTTH, telecom and other.

第一季總營收為5,220萬美元，較2021年第一季成長5.1%，季減4%。我們的第一季營收符合我們5,100萬美元至5,400萬美元的預期範圍。第一季度，我們48%的營收來自有線電視產品，41%來自資料中心產品，其餘11%來自光纖到府（FTTH）、電信及其他業務。

In our CATV products segment, the overall demand environment continues to grow as MSOs, particularly in North America, continue purchasing additional capacity to upgrade their networks. We generated CATV revenue of $25 million, up 34% year-over-year and up 0.2% sequentially. As a reminder, our CATV results are typically negatively impacted in Q1 by the loss of production days that occurs during the Lunar New Year holiday in China, where most of our CATV products are produced. The slight sequential growth reflects the increased capacity that we have added, which more than compensated for the loss in production days.

在我們的有線電視產品領域，隨著多系統營運商（MSO）（尤其是在北美）持續購買額外容量以升級其網絡，整體需求環境持續成長。我們的有線電視收入為2500萬美元，年增34%，季增0.2%。需要提醒的是，我們的有線電視業績通常會在第一季受到中國農曆新年假期期間生產天數損失的負面影響，而我們的大多數有線電視產品都是在中國生產的。環比小幅成長反映了我們新增的產能，足以彌補生產天數的損失。

Looking ahead, we continue to have good visibility with CATV orders as we see our backlog stretching throughout 2022 and into 2023. We are working to add additional capacity in both our China factory and our Taiwan factory to meet this growing demand. We believe the conditions in our CATV market are likely to remain highly favorable into 2023. Our Q1 data center revenue came in at $21.4 million, down 17.4% year-over-year and down 15% sequentially. In the first quarter, 73% of our data center revenue was from our 100G products, 18% was from our 40G transceiver products, and 1.4% was from our 200G and 400G transceiver products.

展望未來，我們的有線電視訂單前景依然看好，因為我們預計積壓訂單將持續到2022年乃至2023年。我們正在努力增加中國大陸工廠和台灣工廠的產能，以滿足日益增長的需求。我們相信，有線電視市場的良好動能在2023年可能依然會持續。我們第一季的資料中心營收為2,140萬美元，年減17.4%，季減15%。第一季度，我們資料中心營收的73%來自100G產品，18%來自40G收發器產品，1.4%來自200G和400G收發器產品。

Now turning to our Telecom segment. Revenue from our telecom products of $5.3 million was up 17.5% year-over-year and up 60.1% sequentially. We were pleased to see telecom rebound this quarter as the China telecom market recovered. Looking ahead, we expect telecom revenue to remain lumpy quarter-to-quarter, however, especially given the challenging environment in China due to COVID-19. For the first quarter, our top 10 customers represented 88.6% of revenue, down from 90.5% in Q1 of the prior year. We had two 10% or greater customers in the first quarter, one in the CATV market and one in the data center market. These customers contributed 39% and 19.4% of total revenue, respectively.

現在轉向我們的電信業務。我們電信產品的營收為530萬美元，年增17.5%，季增60.1%。隨著中國電信市場的復甦，我們很高興看到本季電信業務反彈。展望未來，我們預期電信收入較上季仍將出現波動，尤其是在新冠疫情為中國帶來嚴峻挑戰的環境下。第一季度，我們前十大客戶的營收佔比為88.6%，低於去年同期的90.5%。第一季度，我們有兩位客戶的營收佔比達到或超過10%，一位來自有線電視市場，另一位來自資料中心市場。這些客戶分別貢獻了總收入的39%和19.4%。

In Q1, we generated non-GAAP gross margin of 17.5%, which was at the high end of our guidance range of 15.5% to 17.5%. And was down slightly from 17.6% in Q4 of 2021 and 24.6% in Q1 of 2021. The decline in our gross margin was mostly due to continued challenges with the supply chain. Total non-GAAP operating expenses in the first quarter were $19.6 million or 37.5% of revenue, down from $20.6 million or 41.4% of revenue in Q1 of the prior year.

第一季度，我們的非公認會計準則毛利率為17.5%，位於我們15.5%至17.5%的預期區間的高端。略低於2021年第四季的17.6%和2021年第一季的24.6%。毛利率下降的主要原因是供應鏈持續面臨的挑戰。第一季非公認會計準則營運支出總額為1,960萬美元，佔營收的37.5%，低於去年同期的2,060萬美元，佔營收的41.4%。

Looking forward, we expect non-GAAP operating expenses to hover around $20 million per quarter for the rest of the year. Non-GAAP operating loss in the first quarter was $10.4 million, compared to an operating loss of $8.4 million in Q1 of the prior year. GAAP net loss for Q1 was $16.1 million or a loss of $0.58 per basic share compared with a GAAP net loss of $15.6 million or a loss of $0.59 per basic share in Q1 of 2021.

展望未來，我們預計今年剩餘時間非公認會計準則營運費用將徘徊在每季2000萬美元左右。第一季非公認會計準則營運虧損為1,040萬美元，而去年同期營運虧損為840萬美元。第一季公認會計準則淨虧損為1,610萬美元，即每股基本虧損0.58美元，而2021年第一季公認會計準則淨虧損為1,560萬美元，即每股基本虧損0.59美元。

On a non-GAAP basis, our net loss for Q1 was $7.9 million, or a loss of $0.29 per basic share, which was better than our guidance range of a loss of $8.3 million to $9.5 million or a loss per share in the range of $0.30 to $0.35 per basic share. And compares to a net loss of $5.5 million or a loss of $0.21 per basic share in Q1 of the prior year. The basic shares outstanding used for computing the net loss in Q1 were 27.5 million.

以非公認會計準則 (Non-GAAP) 計算，我們第一季的淨虧損為 790 萬美元，即每股虧損 0.29 美元，優於我們預期的 830 萬美元至 950 萬美元的虧損範圍，即每股虧損 0.30 美元至 0.35 美元。相比之下，去年同期的淨虧損為 550 萬美元，即每股虧損 0.21 美元。用於計算第一季淨虧損的流通股為 2,750 萬股。

Turning now to the balance sheet. We ended the first quarter with $40.1 million in total cash, cash equivalents, short-term investments, and restricted cash. This compares with $41.1 million at the end of the fourth quarter. We ended the quarter with total debt of $67.2 million, up from $62.9 million last quarter. As of March 31, we had $92 million in inventory compared to $92.5 million at the end of Q4. Inventory decreased primarily due to utilization of inventory for customer orders. We made a total of $1 million in capital investments in the first quarter, including $0.7 million in production equipment and machinery and $0.2 million in construction and building improvements.

現在來看資產負債表。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4,010萬美元。相比之下，第四季末為4110萬美元。本季末，我們的總債務為6,720萬美元，高於上季的6,290萬美元。截至3月31日，我們的庫存為9,200萬美元，而第四季末為9,250萬美元。庫存減少主要是由於客戶訂單的庫存利用率。第一季度，我們共進行了100萬美元的資本投資，其中包括70萬美元的生產設備和機械投資，以及20萬美元的建築和建築改進投資。

Before turning to guidance, I would first like to discuss the supply chain environment. We saw supply constraints continue to lessen throughout Q1, and we did not see significant impact from shortages in the quarter. However, towards the end of the quarter, lockdowns in Shanghai began to affect several of our suppliers for our CATV products. We expect that these shutdowns will negatively impact our revenue in Q2 by approximately $3 million. We do expect to recover this delayed revenue once conditions in China normalize.

在談到業績指引之前，我想先談談供應鏈環境。我們注意到，第一季的供應緊張局面持續緩解，且本季並未出現重大的短缺影響。然而，接近季度末，上海的封鎖措施開始影響我們幾家有線電視產品供應商。我們預計，這些停工將對我們第二季的收入造成約300萬美元的負面影響。我們預計，一旦中國經濟狀況恢復正常，這些延遲的收入將得以彌補。

Moving now to our Q2 outlook. We expect Q2 revenue to be between $56 million and $59 million. And non-GAAP gross margin to be in the range of 16.5% to 18%. Non-GAAP net loss is expected to be in the range of $8.4 million to $9.5 million and non-GAAP loss per basic share between $0.30 and $0.34 using a weighted average basic share count of approximately 27.6 million shares.

現在來看看我們第二季的展望。我們預計第二季營收將在 5,600 萬美元至 5,900 萬美元之間。非公認會計準則 (Non-GAAP) 毛利率將在 16.5% 至 18% 之間。非公認會計準則 (Non-GAAP) 淨虧損預計在 840 萬美元至 950 萬美元之間，非公認會計準則每股基本虧損預計在 0.30 美元至 0.34 美元之間（基於約 2760 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，我將把時間交還給接線員，進行問答環節。接線生？

(Operator Instructions) The first question comes from Richard Shannon with Craig-Hallum.

（操作員指示）第一個問題來自 Craig-Hallum 的 Richard Shannon。

Great. And Thompson and Stefan, thanks for getting me on the queue here. Let's see, a couple of questions. Maybe starting with the sales guidance for the second quarter. Stefan, you just mentioned the supply chain of about a $3 million impact, and it sounds like, at least I would guess, it's mostly from cable TV. Can you verify that that's where you're seeing most of the impact? And then just maybe talk generally speaking about the relative growth of each of your primary segments and sales for the quarter?

太好了。湯普森和史蒂芬，感謝你們讓我加入這個提問隊列。我們來想幾個問題。或許可以從第二季的銷售預期開始。史蒂芬，你剛才提到供應鏈的影響約為300萬美元，至少我猜，這主要來自有線電視。你能證實一下，有線電視是你們看到影響最大的地方嗎？然後，能否大致談談本季各主要部門的銷售額相對成長情況？

Sure. Yes. So the supply chain issues that we called out that we expect to result in about a $3 million revenue hit compared to what we would otherwise have due to that supply chain constraint. That was in China, and it was related to our cable TV product, as you mentioned. Your second question had to do with the relative...

當然。是的。我們先前提到的供應鏈問題，預計會導致約300萬美元的收入損失，相較之下，由於供應鏈限制，我們的收入本來可以減少。那是在中國，而且與你提到的有線電視產品有關。你的第二個問題與相對…有關。

Growth within the major segments, cable TV, data center, et cetera, that leads to your...

有線電視、資料中心等主要領域的成長將為您帶來…

Yes. I mean, I'm not sure what exactly the question is. But clearly, cable TV is growing relatively robustly. Data center has been in a bit of a decline, as we mentioned in our prepared remarks, because many of our customers are reducing their spend on 40 gig and 100 gig. And the 400 gig for us has just started to ramp. We noted in our prepared remarks that we have a new hyperscale customer that just notified us that we're going to be one of their selected vendors for 400 gig. So that's good news, but the revenue for that won't start until later in Q3 or early Q4, as we noted. So in the meantime, we're seeing a little bit of decline in the data center business.

是的。我的意思是，我不確定問題到底是什麼。但顯然，有線電視的成長相對強勁。正如我們在準備好的演講稿中所提到的，資料中心業務一直在下滑，因為我們的許多客戶正在減少在40G和100G上的支出。而我們的400G業務才剛開始成長。我們在準備好的演講稿中提到，我們有一個新的超大規模客戶剛剛通知我們，我們將成為他們400G的選定供應商之一。這是個好消息，但正如我們所提到的，這項業務的收入要到第三季末或第四季初才能開始。因此，與此同時，我們看到資料中心業務略有下滑。

On the telecom business, we did note that the telecom business grew substantially sequentially. However, most of that growth is coming in China. So I want to be really cautious about trying to project that forward. We've said for the last few quarters that we expect the telecom business in China, especially to be kind of lumpy, up and down. And that's what we've seen, and that's basically what I would continue to expect. The situation in China with COVID definitely exacerbates the expectation that there's not going to be sustained growth until after they can at least get past that period.

關於電信業務，我們確實注意到其季比大幅成長。然而，大部分成長來自中國。因此，我對未來預測持非常謹慎的態度。過去幾個季度，我們一直表示，預計中國電信業務，尤其是中國電信業務，將會呈現波動性，上下波動。這就是我們所看到的，基本上我會繼續保持這種預期。中國的新冠疫情無疑加劇了人們的預期，即至少在他們能夠度過這段時期之前，不會持續成長。

That is helpful. Following up on one of your comments on 400 gig, you said -- I think you're not using the word design win, but the notified deal -- you expect it to be a supplier with a major hyperscaler. Maybe just a few key details on this. Is this the U.S. or international hyperscaler. Can you describe which versions of 400 gig there? And then what do you see as kind of the way you characterize the dollar opportunity over a period of time from this win?

這很有幫助。關於您對 400G 的評論，您說過——我認為您使用的不是“設計中標”這個詞，而是“已通知的交易”——您預計這是一家與大型超大規模數據中心運營商合作的供應商。我想問幾個關鍵細節。這是一家美國還是國際超大規模資料中心營運商？您能描述一下那裡有哪些版本的 400G 嗎？然後，您如何看待這次得標帶來的長期獲利機會？

Sure. So it's a U.S. customer. It's historically been one of, and in some cases, our largest data center customer. We haven't disclosed what exactly types of 400-gig products over there, for competitive reasons. And as far as the dollar opportunity goes, I mean, it should be a pretty sizable opportunity. We can't put an exact figure on it yet, because we don't know -- as I mentioned in my prepared remarks, we're still finalizing the interoperability testing. And so until that's done and we know kind of who the other players are and what our relative positioning is, it's difficult to project the potential dollar figure for AOI. But I would note -- I mean, and again, this is a customer that we were historically their largest supplier for certain of their applications, including 100 gig, and this is their next-generation product. So it's a sizable opportunity for us.

當然。所以它是一家美國客戶。它一直以來都是我們最大的資料中心客戶之一，在某些情況下甚至是最大的客戶。出於競爭原因，我們尚未透露那裡具體有哪些類型的 400G 產品。至於獲利機會，我的意思是，這應該是一個相當可觀的機會。我們目前無法給出確切的數字，因為我們不知道——正如我在準備好的演講中提到的，我們仍在完成互通性測試。因此，在測試完成之前，我們無法確定其他參與者是誰，以及我們的相對定位，因此很難預測 AOI 的潛在獲利數字。但我想再次強調——我的意思是，我們一直以來都是這家客戶某些應用（包括 100G）的最大供應商，而這是他們的下一代產品。所以這對我們來說是一個相當大的機會。

Okay. I appreciate that perspective. Just one last kind of big picture question for you, Stefan. Obviously, I think the big question for a lot of investors is thinking about your path to breakeven. Obviously, it's going to require some sales scale, some growth here from these levels. And then presumably with that, we should see some gross margins improve here. Maybe you can talk a little bit about how you kind of see your breakeven model now. What's the kind of the possibility of seeing that happen maybe next year or something like that? Just kind of give us a sense of how you see that happening?

好的，我很欣賞你的觀點。 Stefan，我最後想問你一個宏觀層面的問題。顯然，我認為許多投資人最大的問題是思考如何達到損益平衡。顯然，這需要一定的銷售規模，在現有水準上實現一些成長。然後，我們大概應該可以看到毛利率有提高。或許你可以談談你現在對損益平衡模式的預期。明年或類似的時間達到損益平衡的可能性有多大？能不能簡單說一下你對損益兩平模型的預期？

Well, as we said in our prepared remarks, I mean, I expect the operating expenses to be kind of stabilized at about $20 million a quarter, where they have been historically for a while. So doing the math, obviously, getting to breakeven then will require growth in sales, as you mentioned, and some growth in gross margin. We discussed last time on call that we think we can get back to the mid-20% gross margin range. It's difficult to project when. Given all the supply issues that we've had and lingering COVID concerns and all that, it's hard to put an exact time frame on that, but we certainly need to be back in the mid-20% range in terms of margin.

嗯，正如我們在準備好的演講稿中所說，我預計營運費用將穩定在每季2000萬美元左右，這一水平在過去一段時間裡保持穩定。所以，算下來，顯然，要實現收支平衡，需要銷售額成長（如你所提到的），以及毛利率的一定成長。我們上次電話會議討論過，我們認為毛利率可以回到20%左右。具體時間很難預測。考慮到我們面臨的所有供應問題以及揮之不去的新冠疫情擔憂等等，很難設定一個確切的時間框架，但我們的毛利率肯定需要回到20%左右。

And then revenue, you can figure out from there, but it certainly needs to be $70 million or higher under any reasonable circumstance for gross margin. So that's kind of the puts and takes on.

然後，你可以從中算出收入，但在任何合理的情況下，毛利率肯定需要達到7000萬美元或更高。所以，這就是一種權衡。

(Operator Instructions) The next question comes from Richard Shannon with Craig-Hallum.

（操作員指示）下一個問題來自 Craig-Hallum 的 Richard Shannon。

Stefan, maybe I'll throw in one more question here within your data center segments. I think you're calling out some weakness here in 40 gig, not sure if this is kind of flat to declining business over time here, probably most people would expect that to a degree. But maybe you could talk about your 100 gig business here. Kind of, if you look over the last number of quarters, it looks kind of flattish. Some market participants see this as a modestly growing market. I want to get your sense of what you're seeing for that revenue stream?

Stefan，或許我可以再問一個關於您資料中心細分市場的問題。我認為您指出了 40GB 業務的疲軟，不確定這部分業務是否隨著時間的推移呈現持平或下滑趨勢，大多數人可能在一定程度上都會有這種預期。但或許您可以談談您的 100GB 業務。如果您回顧過去幾個季度，它看起來比較平淡。一些市場參與者認為這是一個溫和成長的市場。我想了解您對這個收入來源的看法。

Yes. I mean it's been -- as you say, it's been relatively flat. I mean, we're not expecting large drops. However, as I noted, one of our customers, a very large customer, is in the process of planning their transition from 100 gig to 400 gig. And we've been selected, as I've mentioned in our prepared remarks, as a 400 gig supplier. So in the meantime, we expect their 100 gig business will decline somewhat in anticipation of that 400 gig. And that's pretty much what we expect to see.

是的。我的意思是，正如您所說，它一直相對平穩。我的意思是，我們預計不會大幅下降。但是，正如我所提到的，我們的一個客戶，一個非常大的客戶，正在計劃從 100G 過渡到 400G。正如我在準備好的演講中所提到的，我們已被選為 400G 供應商。因此，與此同時，我們預計他們的 100G 業務將因 400G 的預期而下降。這幾乎是我們預期看到的。

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

謝謝。目前我們沒有其他問題，我將把節目交給林博士做最後發言。

Thank you for joining us today. As always, we want to extend a thank to you, to our investors, customers and employees for your continued support, and we look forward to see many of you virtually at our upcoming investor conference. Thank you.

感謝您今天的到來。一如既往，我們想向您、我們的投資者、客戶和員工致以誠摯的謝意，感謝您一直以來的支持。我們期待在即將舉行的投資者大會上與各位線上見面。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。您可以斷開連線了。