ADTRAN Holdings Inc (ADTN) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the ADTRAN Holdings, Inc. first quarter 2026 earnings release conference call. (Operator Instructions) During the course of the conference call, ADTRAN representatives expect to make forward looking statements that reflect management's best judgment based on factors currently known.

各位女士先生，感謝您耐心等候，歡迎參加 ADTRAN Holdings, Inc. 2026 年第一季財報發布電話會議。(接線員指示) 在本次電話會議期間，ADTRAN 代表預期將發表前瞻性陳述，該等陳述反映管理層基於目前已知因素所作出的最佳判斷。

However, these statements involve risks and uncertainties, including the successful development and market acceptance of our products, the ability of our third-party suppliers to supply components and products, our ability to convert our backlog into revenue, our ability to maintain current expected delivery schedules, competitive pricing and acceptance of our products, intellectual property matters, the effect of economic conditions, the impact of tariffs and trade policy, and other risk factors described in our most recent annual report on Form 10-K and in our quarterly filings with the Securities and Exchange Commission.

然而，這些陳述涉及風險與不確定性，包括我們產品的成功開發與市場接受度、第三方供應商供應零組件與產品的能力、我們將在手訂單轉化為營收的能力、我們維持目前預期交付時程的能力、具競爭性的定價與我們產品的接受度、智慧財產權事項、經濟情勢的影響、關稅與貿易政策的影響，以及我們最近一期 Form 10-K 年報與向美國證券交易委員會提交的季度申報文件中所述的其他風險因素。

ADTRAN Holdings assumes no obligation to update any such forward-looking statements.

ADTRAN Holdings 不承擔更新任何此類前瞻性陳述的義務。

During today's call, management will refer to certain non-GAAP financial measures. Reconciliations of GAAP to non-GAAP measures and certain additional information are also included in our investor presentation and our earnings release.

在今天的電話會議中，管理層將提及若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之間的調節表以及部分補充資訊亦包含於我們的投資人簡報與財報新聞稿中。

ADTRAN Holdings has not provided reconciliations of its second quarter 2026 outlook with regard to non-GAAP operating margins because it cannot predict and quantify without unreasonable effort of all the adjustments that may occur during the period.

ADTRAN Holdings 未就 2026 年第二季展望提供與非 GAAP 營業利益率相關的調節表，因為公司無法在不付出不合理努力的情況下，預測並量化該期間可能發生的所有調整項目。

The investor presentation has been updated and is available for download on the ADTRAN Investor Relations website. Hosting today's call is Tom Stanton, ADTRAN Holdings' Chief Executive Officer and Chairman of the Board; and Timothy Santo, Senior Vice President and Chief Financial Officer.

投資人簡報已更新，並可於 ADTRAN 投資人關係網站下載。今天的電話會議由 ADTRAN Holdings 執行長兼董事長 Tom Stanton，以及資深副總裁兼財務長 Timothy Santo 主持。

It is now my pleasure to turn the call over to Tom Stanton, Chief Executive Officer of ADTRAN Holdings. Sir, please go ahead. And Tom Stanton, I turn it over to you.

現在我很榮幸將電話交給 ADTRAN Holdings 執行長 Tom Stanton。先生，請開始。Tom Stanton，交給您。

Thank you, Kayla. Good morning, everyone. ADTRAN delivered solid first quarter results with revenue of $286.1 million, up 15.5% year-over-year, and non-GAAP operating margin of 6.9%, up 3% year-over-year. These results reflect the continued strength of our core markets and the operating leverage we have now firmly established across the business.

謝謝你，Kayla。各位早安。ADTRAN 第一季交出穩健的成績，營收為 2.861 億美元，年增 15.5%；非 GAAP 營業利益率為 6.9%，較去年同期提升 3 個百分點。這些結果反映我們核心市場持續強勁，以及我們在整體業務上已穩固建立的營運槓桿。

The demand drivers underpinning our business continue to strengthen. In the US, broadband expansion is gaining traction and BEAD deployment funds are beginning to reach operators in a growing number of states.

支撐我們業務的需求驅動因素持續增強。在美國，寬頻擴張正逐步加速，BEAD 部署資金也開始在越來越多州份流向營運商。

In Europe, high-risk vendor displacement continues to progress with momentum reinforced by legislation such as the proposed Cybersecurity Act 2.0, which would mandate the removal of high-risk vendors from critical network infrastructure.

在歐洲，高風險供應商汰換持續推進，且在《網路安全法案 2.0》提案等立法的強化下動能更為明顯；該法案將要求自關鍵網路基礎設施中移除高風險供應商。

This quarter also marked a meaningful step in our growth strategy as we showcased our expanding portfolio addressing cloud and AI infrastructure connectivity. This included the introduction of the LiteWave800, a solution purpose-built for high-performance and low-power intra-data center connectivity. Optical networking solutions revenue was $97.3 million in the first quarter, up 24% year over year.

本季也標誌著我們成長策略的重要一步：我們展示了持續擴充的產品組合，聚焦雲端與 AI 基礎設施連接需求。其中包括推出 LiteWave800，這是一款專為資料中心內部（intra-data center）高效能、低功耗連接所打造的解決方案。第一季光網路解決方案營收為 9,730 萬美元，年增 24%。

On a sequential basis, strength from our larger customers and hyperscalers was offset by seasonal declines with smaller customers and government sales. Across our service provider base, demand remains healthy. Operators across all geographies are expanding wholesale optical capacity to support growing demand for cloud connectivity and higher bandwidth services, reflecting a broad-based trend.

以季比來看，來自大型客戶與超大規模客戶（hyperscalers）的強勁需求，被小型客戶與政府銷售的季節性下滑所抵銷。在我們的服務供應商客群中，需求仍然健康。各地區營運商正擴充批發光纖容量，以支援雲端連接與更高頻寬服務日益成長的需求，反映出廣泛的趨勢。

In Europe, high-risk vendor replacement initiatives continue to add to that demand with growing strength among our cloud and hyperscaler customers, and a positive outlook across our service provider base. We expect our optical networking revenue to build throughout the year.

在歐洲，高風險供應商替換計畫持續推升需求；同時我們的雲端與超大規模客戶需求動能增強，服務供應商客群整體展望亦為正向。我們預期光網路營收將在全年逐步走高。

Access and aggregation solutions revenue was $90.5 million in the first quarter, up 2% year-over-year and 14% sequentially, driven by broad-based strength across the US and Europe. We expect steady progress across our European business through the remainder of the year. In the US, BEAD deployment funding is beginning to reach operators in select states.

第一季接取與匯聚解決方案營收為 9,050 萬美元，年增 2%，季增 14%，主要受美國與歐洲全面性強勁需求帶動。我們預期歐洲業務在今年剩餘期間將穩步推進。在美國，BEAD 部署資金正開始在部分州份流向營運商。

And while we are seeing early orders from several customers, we expect the impact to become more meaningful as we move towards the back half of the year.

雖然我們已看到多家客戶的早期訂單，但我們預期其影響將在今年下半年逐步變得更為顯著。

Subscriber solutions revenue was $98.2 million in the first quarter, up 22% year-over-year. Demand remains healthy, supported by continued investment in fiber-to-the-home, multi-gig Wi-Fi 7 and carrier Ethernet applications. In recent weeks, our award-winning SDG Wi-Fi 7 portfolio received conditional FCC approval, exempting our platforms from covered list restrictions. We are among the first vendors to achieve this designation.

第一季用戶端解決方案營收為 9,820 萬美元，年增 22%。在光纖到府（FTTH）、多千兆 Wi‑Fi 7 與電信級乙太網應用持續投資的支撐下，需求仍然健康。近幾週，我們屢獲獎項的 SDG Wi‑Fi 7 產品組合取得 FCC 有條件核准，使我們的平台可豁免於「涵蓋清單」限制。我們是最早取得此項認定的供應商之一。

And while the broader industry works through the approval process, we are already seeing service providers engage with us on competitive opportunities that this creates. Stepping back from the details for the quarter, I want to take a moment to talk about our business and the market dynamics that continue to drive demand for our solutions.

在整體產業仍在推進核准流程之際，我們已看到服務供應商就此帶來的競爭機會與我們展開合作洽談。先從本季細節退一步，我想花點時間談談我們的業務，以及持續推動我們解決方案需求的市場動態。

Service providers are investing across transport, access and subscriber platforms to scale their networks for long-term demand and improved reliability. These investments are being reinforced by several important tailwinds, including high-risk vendor replacement initiatives in Europe, the expansion of managed optical fiber networks or MOFN to address surging demand for wholesale services from cloud providers, and continued upgrades across access and subscriber networks to support multi-gig service delivery.

服務供應商正投資於傳輸、接取與用戶端平台，以擴充其網路以因應長期需求並提升可靠性。這些投資受到多項重要順風因素的強化，包括歐洲的高風險供應商替換計畫、為滿足雲端供應商對批發服務需求激增而擴張的受管光纖網路（MOFN），以及接取與用戶端網路持續升級以支援多千兆服務交付。

In addition to these network upgrade catalysts, operators are in the early stages of transforming how they operate their networks and engage subscribers through agentic AI. With the launch of Mosaic One Clarity, which recently received the FTTH Europe award for AI innovation, we are addressing the shift towards proactive and increasingly autonomous network operations.

除了上述網路升級的催化因素外，營運商也正處於早期階段，透過代理式 AI（agentic AI）轉型其網路營運方式與用戶互動模式。隨著 Mosaic One Clarity 的推出（其近期獲得 FTTH Europe 的 AI 創新獎），我們正因應朝向主動式且日益自主化的網路營運轉變。

Early deployments have provided strong validation of these capabilities across both small and large operators, particularly in the areas of predictive maintenance and improving the in-home subscriber experience. Beyond our core service provider business, we continue to see meaningful opportunities to further accelerate growth by expanding our presence in both cloud providers and enterprise customers.

早期部署已在小型與大型營運商中對這些能力提供了強而有力的驗證，特別是在預測性維護與改善居家端用戶體驗方面。除核心服務供應商業務之外，我們也持續看到透過擴大在雲端供應商與企業客戶中的布局，以進一步加速成長的重大機會。

These segments benefit from many of the same underlying trends shaping service provider networks, but they are growing at a faster pace and are driving new network architectures and requirements. In the enterprise space, we have a long history of providing secure optical and Ethernet connectivity to some of the world's largest enterprise and government customers. Demand in this customer segment is increasingly shaped by two important tailwinds.

這些領域同樣受益於塑造服務供應商網路的多項底層趨勢，但其成長速度更快，並推動新的網路架構與需求。在企業領域，我們長期以來為全球部分最大型的企業與政府客戶提供安全的光纖與乙太網連接。此客群的需求正日益受到兩項重要順風因素所影響。

First, the expansion of AI workloads across secure enterprise environments is driving demand for higher capacity interconnects between private enterprise data centers. And second, growing awareness of the limitations of traditional security mechanisms is accelerating interest in quantum-safe, optical and Ethernet communications.

第一，AI 工作負載在安全的企業環境中擴張，正推動私有企業資料中心之間更高容量互連的需求。第二，對傳統安全機制侷限性的認知提升，正加速市場對量子安全（quantum-safe）的光纖與乙太網通訊之興趣。

Building on our longstanding presence in these markets, we have developed a comprehensive portfolio of quantum-safe communication solutions. While still early, we are seeing increasing engagement across a broadening base of enterprise, government and utility customers, positioning us well for longer term growth as these initiatives mature.

在我們於這些市場的長期布局基礎上，我們已開發出完整的量子安全通訊解決方案產品組合。雖然仍屬早期階段，但我們看到企業、政府與公用事業客戶的互動與採用意願正於更廣泛的客群中提升，使我們在這些計畫逐步成熟之際，具備良好的長期成長定位。

In our cloud provider customer segment, the rapid expansion of AI compute infrastructure and the networking required to connect large-scale cluster GPU deployments is driving a surge in networking investment, making this the fastest-growing segment in our industry.

在我們的雲端服務供應商客戶族群中，AI 運算基礎設施的快速擴張，以及連接大規模叢集 GPU 部署所需的網路建置，正推動網路投資激增，使其成為我們產業中成長最快的細分市場。

Data center operators are scaling capacity to support AI workloads where power efficiency, thermal constraints and network density have become defining design considerations. We have long served data center customers through our interconnect solutions and as evidenced by last quarter's results, that business continues to benefit from growing demand for data center connectivity.

資料中心營運商正在擴充產能以支援 AI 工作負載，其中電力效率、散熱限制與網路密度已成為關鍵的設計考量。我們長期透過互連解決方案服務資料中心客戶；而從上一季的業績可見，該業務持續受惠於資料中心連線需求的成長。

Our strategy is to build on that foundation and extend our portfolio to address surging bandwidth demands from inside the data center as well. LiteWave800 is the first clear example of this strategy in action. It is purpose-built for intra-data center connectivity and highdensity AI compute environments, and is designed to reduce power consumption by over 90% compared to existing alternatives.

我們的策略是在此基礎上，進一步延伸產品組合，以同時因應資料中心內部帶寬需求的激增。LiteWave800 是此策略落地的第一個明確例證。它專為資料中心內部互連與高密度 AI 運算環境打造，並設計為相較於現有替代方案可降低超過 90% 的耗電。

We are still in the early stages of this product family, but initial market engagement and feedback have been very encouraging. Shifting from our market opportunities to operations. Memory pricing has remained elevated industry-wide and freight costs are adding an additional layer of pressure, headwinds that are affecting the entire sector.

我們仍處於此產品系列的早期階段，但初期的市場互動與回饋非常令人鼓舞。接著從市場機會轉到營運面。全產業的記憶體價格仍維持在高檔，而運費成本也帶來額外壓力；這些逆風正影響整個產業。

Despite these pressures, our non-GAAP operating margin of 43% reached its highest level since the beginning of the supply chain disruption in 2020. This was achieved through a combination of disciplined cost management, pricing adjustments across the portfolio and a revenue mix that has less reliance on lower-margin CPE where memory cost pressure is the most acute.

儘管面臨這些壓力，我們的非 GAAP 營業利益率達到 43%，為自 2020 年供應鏈中斷以來的最高水準。這是透過嚴謹的成本管理、全產品組合的價格調整，以及營收組合降低對低毛利 CPE 的依賴（記憶體成本壓力在該類產品最為明顯）等多項因素共同達成。

Consumer CPE represents a relatively small portion of our overall revenue.

消費者 CPE 佔我們整體營收的比重相對較小。

Although memory costs remain elevated and could deteriorate further, our current visibility supports gross margins in the near term, remaining broadly consistent with what we have delivered over the past several quarters. We entered the second quarter with a positive demand outlook.

雖然記憶體成本仍處於高檔且可能進一步惡化，但以我們目前的能見度來看，短期毛利率可望維持，整體上與過去幾季的表現大致一致。我們以正向的需求展望進入第二季。

Fiber infrastructure investment remains active across our core business, and we continue to advance our initiatives in AI infrastructure and enterprise networks, expanding our business opportunities. Our priorities remain consistent: expanding operating margins, generating cash and converting the strong customer pipeline into revenue.

在我們的核心業務中，光纖基礎設施投資仍然活躍；同時我們持續推進 AI 基礎設施與企業網路的各項計畫，擴大業務機會。我們的優先事項維持不變：提升營業利益率、創造現金流，並將強勁的客戶管線轉化為營收。

With that, I'll turn the call over to Tim to review our financial results in more detail. Tim?

接下來我把電話會議交給 Tim，請他更詳細地說明我們的財務結果。Tim？

Thank you, Tom, and thank you all for joining us today. We delivered solid results for Q1 2026 led by continued and consistent execution. We had operating margin expansion to a new level despite a seasonal reduction in revenues that remained above the midpoint of our previously issued guidance, driven by continued cost discipline and scale in the business.

謝謝你，Tom，也謝謝各位今天加入我們。在持續且一致的執行帶動下，我們 2026 會計年度第一季交出穩健的成果。儘管營收因季節性因素下滑，但仍高於我們先前發布指引的中位數；在持續的成本紀律與業務規模效益推動下，我們的營業利益率擴張至新的水準。

Our first quarter revenue was $286.1 million, up 15.5% year-over-year and returning to a more normalized seasonal pattern. Geographically, US revenue was $146.2 million, representing 51% of total revenue, up 42% year over year and 7% sequentially.

第一季營收為 2.861 億美元，年增 15.5%，並回到較為正常的季節性型態。以地區來看，美國營收為 1.462 億美元，占總營收 51%，年增 42%，季增 7%。

Non-US revenue was $139.9 million or 49% of total revenue. Access and aggregation solutions revenue was $90.5 million or approximately 32% of total revenue, up 2% year over year and 14% sequentially. Subscriber solutions revenue was $98.2 million or 34% of total revenue, up 22% year over year.

非美國地區營收為 1.399 億美元，占總營收 49%。接取與匯聚解決方案營收為 9,050 萬美元，約占總營收 32%，年增 2%，季增 14%。用戶端解決方案營收為 9,820 萬美元，占總營收 34%，年增 22%。

Optical networking solutions revenue was $97.3 million or 34% of total revenue, up 24% year over year.

光網路解決方案營收為 9,730 萬美元，占總營收 34%，年增 24%。

Turning to gross margin. Non-GAAP gross margin was 43%, up 55 basis points year over year from 42.5% in Q1 '25 and up 54 basis points sequentially from 42.5% in Q4 2025, driven by favorable product mix and continued progress on cost efficiency.

接著談毛利率。非 GAAP 毛利率為 43%，較 2025 年第一季的 42.5% 年增 55 個基點，亦較 2025 年第四季的 42.5% 季增 54 個基點，主要受惠於有利的產品組合以及成本效率持續改善。

Non-GAAP operating expenses for the first quarter were $103.3 million compared to $95.5 million in Q1 2025 and $105.1 million in Q4 '25. The year-over-year increase largely resulted from the impact of foreign currency fluctuations on our European cost base, which has had minimal impact on operating leverage due to natural hedging and continued investment in R&D and go-to-market activities.

第一季非 GAAP 營業費用為 1.033 億美元，相較 2025 年第一季為 9,550 萬美元、2025 年第四季為 1.051 億美元。年增主要來自外匯波動對我們歐洲成本基礎的影響；由於自然避險以及持續投入研發與市場推進活動，對營運槓桿的影響相對有限。

Non-GAAP operating income was $19.9 million or 6.9% of revenue. On a sequential basis, operating income increased from $18.8 million or 6.4% in Q4 2025. Year-over-year, non-GAAP operating margin expanded 300 basis points from 3.9% in Q1 2025, continuing the progression from 5.4% in Q3 '25 and 6.4% in Q4 '25.

非 GAAP 營業利益為 1,990 萬美元，占營收 6.9%。以季比來看，營業利益由 2025 年第四季的 1,880 萬美元（占營收 6.4%）增加。以年比來看，非 GAAP 營業利益率由 2025 年第一季的 3.9% 擴張 300 個基點，延續自 2025 年第三季 5.4% 與 2025 年第四季 6.4% 的改善趨勢。

Non-GAAP tax expense in the first quarter was $4.4 million, reflecting an effective non-GAAP tax rate of 25.5%. Non-GAAP net income attributable to ADTRAN Holdings was $11 million or $0.14 per diluted share compared to $0.03 in Q1 2025.

第一季非 GAAP 所得稅費用為 440 萬美元，反映非 GAAP 有效稅率為 25.5%。歸屬於 ADTRAN Holdings 的非 GAAP 淨利為 1,100 萬美元，稀釋後每股盈餘為 0.14 美元，相較 2025 年第一季為 0.03 美元。

Turning to the balance sheet and cash flow. Net working capital was $253.9 million at quarter end compared to $259.1 million at December 31, 2025. During the quarter, inventory was $209 million with days inventory outstanding of 110 days, down four days sequentially.

接著看資產負債表與現金流。期末淨營運資金為 2.539 億美元，相較 2025 年 12 月 31 日為 2.591 億美元。本季存貨為 2.09 億美元，存貨週轉天數為 110 天，較前一季減少 4 天。

Trade accounts receivable were $215.5 million with DSO of 68 days, up two days sequentially due to the timing of quarter end invoicing. Accounts payable was $170.6 million with days payable outstanding of 66 days, which is flat sequentially.

應收帳款為 2.155 億美元，DSO 為 68 天，因季末開立發票時點影響，較前一季增加 2 天。應付帳款為 1.706 億美元，應付帳款週轉天數為 66 天，與前一季持平。

As revenue scales, our focus remains on improving working capital efficiency. Operating cash flow was $12.7 million for the quarter and free cash flow was a negative $3.3 million, reflecting timing of cash receipts and higher purchases of inventory. We ended the quarter with $88.3 million in cash and cash equivalents compared to $95.7 million at December 31, 2025.

隨著營收規模擴大，我們仍聚焦於提升營運資金效率。本季營運現金流為 1,270 萬美元，自由現金流為負 330 萬美元，反映現金收款時點以及較高的存貨採購。本季期末現金及約當現金為 8,830 萬美元，相較 2025 年 12 月 31 日為 9,570 萬美元。

Turning to our outlook for the second quarter of 2026. We expect revenue to be between $283 million and $303 million, and non-GAAP operating margin within a range of 5% to 9%. This concludes our prepared remarks. Before turning the call over to Tom, I'd like to highlight that we will be participating at the B. Riley Conference on May 20 in Marina Del Rey and the Evercore Technology Media and Telecom Conference on June 2 and 3 in San Francisco.

接著談 2026 會計年度第二季展望。我們預期營收介於 2.83 億至 3.03 億美元之間，非 GAAP 營業利益率區間為 5% 至 9%。以上為我們事先準備的說明。在把電話會議交回給 Tom 之前，我想特別提到，我們將參加 5 月 20 日於 Marina Del Rey 舉行的 B. Riley 研討會，以及 6 月 2 日與 3 日於舊金山舉行的 Evercore 科技、媒體與電信研討會。

We look forward to seeing many of you there. And now I will turn the call back to Tom.

期待在現場見到各位中的許多人。現在我把電話會議交回給 Tom。

Great. Thanks very much, Tim. All right. Kayla, at this time, we'd like to turn it over to people that may have some questions.

很好。非常感謝你，Tim。好。Kayla，接下來我們想把時間交給可能有問題要提問的各位。

(Operator Instructions)

(接線員指示)

Mike Genovese, Rosenblatt Securities.

Mike Genovese，Rosenblatt Securities。

Thank you very much. Tom, I'd like to hear about the LiteWave800 more about basically the strategy of launching this product, maybe bigger thoughts on getting into the data center. But more specifically, any timing or size or margin expectations for the new product that you could share would be helpful.

非常感謝。Tom，我想多聽一些關於 LiteWave800，主要是推出這項產品的策略，或是更宏觀地談談切入資料中心的想法。但更具體來說，如果你能分享這個新產品的任何時程、規模或毛利率預期，會很有幫助。

Thank you.

謝謝。

Yes. I probably -- I'm going to shy a little bit away from pricing on the product, although there is a lot of IP in that product and IP typically gains better gross margins. The reason I mentioned it upfront in my remarks is the market reaction to it has been fantastic.

是的。我可能——我會稍微避開談這個產品的定價，雖然這個產品含有大量的智慧財產（IP），而 IP 通常能帶來較好的毛利率。我之所以在開場談話中先提到它，是因為市場對它的反應非常好。

We've had some very large, very well-known customers that have been very encouraging for us to get the product out as quickly as possible. But unfortunately, there is a lot of work to be done.

我們有一些非常大型、非常知名的客戶，對我們盡快把產品推出來給了很大的鼓勵。但不幸的是，還有很多工作要做。

And I would expect that to be sometime about a year from now before we really kind of hit production level type numbers. We did show -- we do have prototypes now. We did show operating models at the recent OFC. It is a real product. It does work.

我預期大概要到一年後，我們才會真正達到量產等級的出貨數字。我們現在已經有原型。我們在最近的 OFC 上也展示了可運作的樣機。這是一個真正的產品。它確實能運作。

It's a matter of getting it -- finalizing and then getting it to scale, which will take some time just because it's very -- it's a semiconductor type product. That is one of the products we have. We also have the Quattro, which will be coming out at the end of this year, which is a four by 100 product versus the eight by 100 product.

接下來就是把它——定案，然後把規模做起來；這需要一些時間，因為它非常——它是一種半導體類型的產品。這是我們其中一項產品。我們也有 Quattro，預計在今年年底推出，這是一個 4×100 的產品，相對於 8×100 的產品。

It is also a very, very power-saving product. I think it's better than anything out there on the market today. The real thing about the 800 though is it's ridiculously low power. I mean it's -- I think, one picojoule per bit, which is an industry first, and that's what's driven the excitement around it.

它同樣是一個非常省電的產品。我認為它比目前市場上任何產品都更好。不過 800 真正的亮點在於它的功耗低得離譜。我的意思是——我想是每 bit 1 皮焦耳（picojoule），這是業界首創，也正是它引發高度興奮的原因。

Interesting. Now, when you say there's a lot of IP in it, I mean, is it fair to say that it would not be significantly dilutive to company gross margins?

有意思。那你說它含有很多 IP，我的意思是，是否可以說它不會對公司毛利率造成顯著稀釋？

It will not be dilutive to company gross margins.

它不會稀釋公司的毛利率。

Okay. That's good to hear. I guess, maybe just something similar on any other new products. I mean we saw something about an announcement of an AI edge platform I'd like to hear more about. And then if I go back to OFC, I also think there was an announcement, at least where you were demoing 800 and 400ZR.

好的。很高興聽到。我想，其他新產品也問個類似的問題。我看到有關於 AI 邊緣平台的公告，想多了解一些。另外如果回到 OFC，我也記得有一項公告，至少你們有展示 800 和 400ZR。

So is that a product that you have, ZR? And could you talk more about the AI sort of edge platform?

所以 ZR 是你們的產品嗎？以及你能多談談 AI 的邊緣平台嗎？

Yes. The AI edge platform, I think you're talking about is still an offshoot of Clarity. So I'm not sure if there's anything else out there that we've -- at least I've seen that we announced. I'm not telling you it couldn't happen. But all of our AI products are in the Clarity family.

是的。我想你提到的 AI 邊緣平台，仍然是 Clarity 的延伸。所以我不確定我們是否還有宣布其他東西——至少我沒有看到我們宣布。我不是說不可能發生。但我們所有的 AI 產品都在 Clarity 這個產品家族裡。

We have an edge product that we are trialing right now, and then we have the core product for network operations that we have been trialing for some time. I will tell you the feedback here also is fantastic. I just recently had a bunch of customers in.

我們有一個邊緣產品正在試用中，另外也有一個用於網路營運的核心產品，我們已經試用了一段時間。我可以告訴你，這裡的回饋也非常好。我最近剛接待了一批客戶來訪。

We had 150 or so customers here in Huntsville and the feedback there just overwhelmingly positive. So good things there.

我們在 Huntsville 這裡接待了大約 150 位客戶，回饋幾乎是一面倒地正面。所以那方面有很好的進展。

On the 400ZR, we do have products coming out towards the end of this year, I think, for 400. And those are just ongoing pieces. The AI piece, now that I think about it, the AI piece you may be talking about it on Ensemble, which is the product that we were highlighting that has started to implement AI -- agentic AI in this product line.

至於 400ZR，我們確實有產品預計在今年年底左右推出，我想是 400 的。這些都是持續推進中的項目。AI 的部分，現在想想，你可能指的是 Ensemble，那是我們重點展示的產品，已經開始在這條產品線中導入 AI——代理式 AI（agentic AI）。

Okay, great. Yeah, I just wanted to get an update on those new products, so I'll pass it along to others for other topics.

好的，很棒。是的，我只是想更新一下這些新產品的進度，那我就把時間留給其他人問其他主題。

Thank you.

謝謝。

Irvin Liu, Evercore.

Irvin Liu，Evercore。

Hi, thank you for the question. I also had a question related to AI infrastructure. As you target this opportunity, can you talk about any sort of R&D and go-to-market investments needed to serve this customer segment? Thank you.

嗨，謝謝讓我提問。我也有一個與 AI 基礎設施相關的問題。當你們鎖定這個機會時，能否談談為了服務這個客戶族群，所需的研發與市場推進（go-to-market）投資？謝謝。

There is some shifting that we'll be doing throughout the year where we make sure that we have the right R&D resources and sales resources to be able to do that. But all of that is within the current operating budget that we have today.

今年我們會做一些調整，確保我們有合適的研發資源與銷售資源來支援這件事。但這些都會在我們目前的營運預算範圍內進行。

So I don't think there's going to be any significant increase. We're kind of committed to and believe that we can grow the business fairly meaningful within the budgets that we have today. Once we get north of our targeted 10% -- or excuse me, we said low-single-digit, but 10% operating income, then we'll take a look at that as well and make sure that we're investing in the right places.

所以我不認為會有任何顯著增加。我們基本上承諾、也相信可以在現有預算內相當有意義地成長業務。一旦我們的營業利益率超過目標的 10%——或更正一下，我們說的是低個位數，但若達到 10% 的營業利益，那我們也會再檢視，並確保把投資放在正確的地方。

But right now, we don't see any problems.

但就目前而言，我們看不出有任何問題。

Got it. And then for my follow-up, you've been seeing strong demand in the regional service provider customer segment. So can you talk about any sort of momentum you're seeing as it relates to your suite of software products such as Mosaic One and Intellifi? Just any color on upsell efforts and attach rates here would be helpful.

了解。那我追問一下，你們在區域型服務供應商客戶族群看到強勁需求。能否談談你們的軟體產品組合（例如 Mosaic One 和 Intellifi）相關的動能？關於加購（upsell）推動與附加率（attach rate）的任何補充說明都會很有幫助。

Yes. We don't have those numbers broken out, but I will tell you the uptick on Intellifi has been fantastic. Mosaic got a very good launch. We have probably close to 500 customers right now on Mosaic One. And all of those are in different levels of subscription base.

是的。我們沒有把那些數字拆分出來，但我可以告訴你，Intellifi 的成長動能非常好。Mosaic 的上市也非常成功。我們目前在 Mosaic One 上大概接近 500 家客戶，而且這些客戶分布在不同層級的訂閱方案。

But Intellifi is doing really well. I think last time we reported on, it was over 100 customers and it was -- it's been a real highlight. So we don't have those numbers broken out. Hopefully next quarter, I'll be able to talk about them.

但 Intellifi 的表現真的很好。我記得我們上次對外揭露時，客戶數已經超過 100 家，而且——它一直是非常突出的亮點。所以我們沒有把那些數字拆分出來。希望下個季度我能談更多。

Got it. Thank you.

了解。謝謝。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

Hi, guys. Thanks very much for the question. I wanted to -- you mentioned cloud revenue in your cloud business. Can you remind us what percentage of sales comes from cloud operators? Do you have a sense for that?

嗨，各位。非常感謝讓我提問。我想問一下——你們提到雲端業務中的雲端營收。能否提醒我們，銷售額中有多少百分比來自雲端營運商？你們對此有概念嗎？

Yes. We don't break that out. As you know, George, we don't break out specific customer segments like that. But just to give you some color, hyperscalers actually did really good in the fourth quarter. They were, as I mentioned, a real positive in the quarter, and we would expect that to continue on through this year.

是的。我們不會把那部分拆分揭露。如你所知，George，我們不會那樣拆分特定客戶區隔。但提供一些背景資訊，超大規模客戶（hyperscalers）在第四季其實表現非常好。如我提到的，他們在本季是很大的正面因素，我們也預期這種趨勢會延續到今年。

I mean we've got a fairly good backlog with some of our hyperscaler customers right now that's building. So that's pretty much it.

我的意思是，我們目前在一些超大規模客戶那邊有相當不錯、且正在累積的在手訂單（backlog）。大致就是這樣。

Got it. Okay. And I assume these are -- can you just walk through maybe the product sets that you sell in there and just kind of get us for your point on what is -- what you're leading with customers. Obviously, the LiteWave product is going to come on. But is it optical? What pieces are you selling?

了解。好。我想這些是——你能否帶我們走一遍你們在那裡銷售的產品組合，並從你們的角度說明一下，你們是以什麼產品作為切入點來帶動客戶採用？顯然 LiteWave 產品會推出。但主要是光學嗎？你們在賣哪些部件？

Yes. The biggest piece is optical, and it's -- a lot of the momentum we're seeing right now is around our 100ZR plug.

是的。最大的一塊是光學，而且——我們目前看到的很多動能都圍繞在我們的 100ZR 可插拔模組（plug）上。

Got it. Okay. I guess I would have assumed the 100-gig ZR plug was a little bit more of a telecom application rather than a cloud application.

了解。好。我原本以為 100G ZR 可插拔模組比較偏電信應用，而不是雲端應用。

As you know, maybe you do know, I think you do know, George, that we have a fairly large footprint. So when you look at large data center connectivity, not in the sweet spot. That's where the 400 and 800 will play more. In the smaller data center interconnectivity spot, which some of the hyperscalers have as an architecture, it plays very well.

如你所知——也許你知道，我想你確實知道，George——我們的佈建規模相當大。所以當你看大型資料中心連接時，那不是最適合的區段。那裡會更適合 400 和 800 來發揮。在較小型的資料中心互連場景中（有些超大規模客戶採用這種架構），它就非常適用。

Okay. Super. And then the other one I had was just on the LiteWave800. Obviously, laser datacom chips are really hard to come by in the industry. And I hear what you say about the business ramping a year from now.

好。很棒。另外我想問 LiteWave800。顯然，業界雷射數據通訊晶片非常難取得。我也聽到你說這項業務要到一年後才會開始放量。

I guess I'm just curious about where you guys are getting laser datacom chip supply. Is that difficult to come by? Is it easy to come by? Is there anything you can tell us about where you're sourcing those?

我只是好奇你們是從哪裡取得雷射數據通訊晶片的供應。這很難取得嗎？還是很容易取得？你們能否談談你們的來源管道？

I probably won't get into direct sourcing on that. We do have some partners that we're working with on this. They do know what the supply needs are right now. We see -- depending on how aggressive that launch is, we don't see any issues in being able to supply it as we launch it.

我可能不會深入談直接的採購來源。我們確實有一些合作夥伴正在一起推進這件事。他們也清楚目前的供應需求。我們認為——取決於上市推進的積極程度——在我們推出時，供應能力不會有問題。

Great. Okay. Thank you.

很好。好。謝謝。

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

Thanks for the question. I want to ask about optical demand, kind of that maybe step it up to a higher level. You talked about MOFN demand here. Can you maybe characterize where you are, where you see the biggest drivers specifically within Europe for your optical product lines and which products you're seeing the greatest success with in terms of demand? You just talked about 100ZR. I assume that's a big piece, but maybe any more color beyond that would be great. Thanks, Tom.

謝謝讓我提問。我想問光學需求，可能把層級拉高一點來看。你提到了這裡的 MOFN 需求。你能否描述一下你們目前的位置、以及在歐洲就你們的光學產品線而言，最大的驅動因素是什麼？另外，哪些產品在需求面表現最成功？你剛提到 100ZR。我猜那是很大的一塊，但如果能再多一些補充說明就更好了。謝謝，Tom。

Yes, I do think 100ZR also -- I think that the -- especially in Europe, I think that our 400 and 800gig products are going to play very well in that upgrade path as well. The customer base that we're talking about is the customer base that you already know.

是的，我確實認為 100ZR 也是——我認為——尤其在歐洲，我們的 400 與 800G 產品在那條升級路徑上也會有很好的發揮。我們談到的客戶群，就是你已經熟悉的那些客戶。

It's ones that we've been doing business with for a very long period of time. And they're trying to situate their networks to be able to do more basically wholesale services. That customer is active. And then there's one here in the US that you're already aware of that's also making a lot of noise around it.

這些是我們合作很長一段時間的客戶。他們正試圖調整其網路，以便能提供更多基本上屬於批發型（wholesale）的服務。這類客戶很活躍。另外在美國也有一家你已經知道的業者，對此也動作頻頻、聲量很大。

Helpful. And are you seeing -- within that, are you seeing a shift away from traditional chassis based transponders over to ZR pluggables in the telecom side as well?

很有幫助。那在這之中，你們是否看到在電信端也出現從傳統機箱式（chassis-based）轉發器（transponder）轉向 ZR 可插拔模組的趨勢？

It's a mix. That is dependent on the carrier size. And it also depends on whether or not they already have installed chassis. Where there's already an installed chassis there, they're going to upgrade that chassis. Where it's a footprint, even in footprint on some of the larger carriers, the operational ease that the current systems provide is actually very beneficial to them, but it's definitely a mix.

是混合的。這取決於電信業者的規模。也取決於他們是否已經部署了機箱。如果既有機箱已經裝機，他們就會升級那個機箱。如果是新佈點——即使在一些大型業者的佈點中——現有系統所提供的營運便利性其實對他們非常有利，但確實是混合並存。

Got it. And then maybe hitting the gross margin here. Obviously, great results on the quarter. Congrats. And you talked about a lower mix of consumer CPE within your subscriber solutions. Can you maybe -- is consumer CPE, would it approach half of that number? Or you think it's maybe less than half of your total subscriber business? Just sort of quantify.

了解。另外談一下毛利率。本季表現非常好。恭喜。你提到在訂戶解決方案中，消費者端 CPE 的組合占比降低。你能否量化一下——消費者端 CPE 會接近那個數字的一半嗎？或者你認為它可能不到你們整體訂戶業務的一半？請稍微量化一下。

It's probably -- to be fair, it's probably -- I think it's definitely not less than a half, but it's not substantially more. And I think the reason that I was bringing it out is we have gotten feedback that customers were unclear about kind of how much the CPE margin problem is affecting us, and it does affect us. I mean there's no doubt about it. But the impact is substantially less when you take a look at it in the overall perspective of the entire company, but it is north of 50% of just the subscriber segment.

大概——公平地說，大概——我認為肯定不會少於一半，但也不會高出太多。我之所以特別提出，是因為我們收到回饋，客戶對於 CPE 毛利問題到底對我們造成多大影響並不清楚，而它確實會影響我們。我的意思是，這點毫無疑問。但若從整家公司整體角度來看，其影響顯著較小；不過在僅就訂戶（subscriber）區隔而言，它是高於 50% 的。

Makes sense. And maybe one last one, if I can squeeze it in. You talked about some better visibility on BEAD projects here. What sort of milestones should we look for before we start to see your revenues start to inflect for BEAD? Are we talking about permits and design and forecasts and orders?

明白。如果可以的話，最後再問一個。你提到對 BEAD 專案的能見度更好了。在我們開始看到你們 BEAD 相關營收出現拐點之前，應該關注哪些里程碑？是指許可、設計、預測與訂單之類的嗎？

Can you maybe walk us through how we should think about the milestones that lets BEAD unfold and start to contribute for ADTRAN?

你能否帶我們梳理一下，我們應該如何看待讓 BEAD 逐步展開並開始為 ADTRAN 帶來貢獻的各項里程碑？

Yes. So funding is starting to flow or could flow for the -- by far, the majority of the states now. So a lot of that has been worked itself through. Now what you're seeing is kind of individual customers deciding how they want to roll out. We have some customers that have already placed purchase orders and they're rolling out and/or at least making sure that they've got supply to be able to not be a hamstrung.

可以。所以資金已經開始流入，或是現在已經可以流入——就目前而言，絕大多數州都已具備條件。因此其中很多流程其實都已經走完了。現在你看到的是，各個客戶在決定他們想要如何推進部署。我們有一些客戶已經下了採購訂單，正在部署，並／或至少確保他們有供應，避免被卡住。

The smaller the customer, the easier that is. On the larger customers, the biggest pull -- long pull is going to be actually deploying the fiber itself, which is why we've been saying end of this year is probably where you start seeing that. On a local level, I mean, you can look at permitting and kind of where that is, that's kind of hard to actually get a good grasp of.

客戶規模越小，這件事就越容易。對於大型客戶而言，最大的拉長項——最長的週期——其實會是光纖本身的部署，這也是為什麼我們一直說大概到今年年底你才會開始看到那樣的情況。在地方層面，你可以看許可申請（permitting）以及目前進度，但那其實很難真正掌握得很清楚。

At the end of the day, I'm looking for purchase orders. We're starting to see some today, but it's a trickle. It's not a lot. But we expect that -- I mean, this whole unlocking of the approval process really has accelerated. We went from, what, maybe two states a quarter ago, I think three states a quarter ago to pretty much all of the states now being able to send out funding. So I think the best visibility is actually seen in the numbers though because every carrier is going to be a little different.

歸根結底，我在看的是採購訂單。我們今天開始看到一些，但只是涓滴式的。量不大。但我們預期——我的意思是，整個核准流程的解鎖確實加速了。我們從——什麼——可能一季前只有兩個州，我想一季前是三個州，發展到現在幾乎所有州都能夠發放資金。所以我認為最好的能見度其實會反映在數字上，因為每一家電信業者的情況都會有些不同。

And you think you'll just see nice steady improvements and '27 starts to feel like a more material number for you from being --

那你認為你們會看到穩健、持續的改善，而到 '27 年時，對你們而言會從--

Absolutely. Yes.

絕對會。是的。

Great. Thanks, Tom.

很好。謝謝你，Tom。

Christian Schwab, Craig-Hallum.

Christian Schwab，Craig-Hallum。

Oh, great. Thanks. Just a quick clarity on that, Tom. With '27 orders picking up indeed more materially, would you anticipate '28 being potential peak revenue for that program? Or do you think it extends beyond that? And would you be willing to quantify a revenue range of opportunity over a multiyear time frame that this program could offer you guys?

喔，很好。謝謝。Tom，我想快速釐清一下。如果 '27 年的訂單確實更明顯地回升，你是否預期 '28 年可能會是該計畫的營收高峰？還是你認為會延伸到那之後？另外，你是否願意量化一下，這個計畫在多年期間可能為你們帶來的營收機會區間？

I think we've given a range before, and that math changes depending on ultimately which carrier actually is deploying where. But Tim, do you remember what that range was?

我想我們之前有給過一個區間，而那個數學會隨著最終是哪一家電信業者在哪裡部署而改變。不過 Tim，你還記得那個區間是多少嗎？

We had said of that market size, there's about $1 billion to go to the industry over multi years.

我們曾說過，就那個市場規模而言，整個產業在多年期間大約會有 10 億美元。

So it's a five-year program. The timing of this, we've seen programs like this in the past. I think if you pick the middle of the window, that's typically where you see the majority of the spend. And then you'll see some kind of cleanup at the very tail end when people try to make sure that they get all the funding they can get. So my guess would be the middle of the program, which would be probably towards the tail end of '27.

所以這是一個為期五年的計畫。就時程而言，我們過去也看過類似的計畫。我認為如果你取時間窗的中段，通常會在那裡看到大部分的支出。然後在非常尾端會看到一些收尾性的支出，因為大家會想確保把能拿到的資金都拿到。所以我猜會是在計畫的中段，也就是大概在 '27 年接近年底的時候。

And then you'll probably see some cleanup from that point forward. And as you get towards the end of the program, you'll typically see some kind of flush as people try to make sure they did all the work they need to do.

之後你可能會從那個時間點開始看到一些收尾。而當你接近計畫結束時，通常會看到某種「衝刺」的情況，因為大家會想確保把該做的工作都做完。

Great. That's great clarity. And then my last question just as your largest -- one of your competitors spent a significant amount of time on their conference call talking about memory cost headwinds. I'm just wondering how you guys are navigating through that.

很好。這個說明很清楚。那我最後一個問題是，你們最大的——其中一位競爭對手在他們的電話會議上花了相當多時間談記憶體成本的逆風。我想了解你們是如何因應的。

Yes, sure. Right now, we're doing good. So I do think that we are helped by the fact that we have a fairly diverse product portfolio. When you get into some of our larger products like some of our larger access and ag platforms, which handle thousands of customers, or you get into optical for that matter, the memory content on those products is just less of the total bill of material.

好的，當然。目前我們做得不錯。我確實認為，我們受惠於產品組合相當多元。當你看我們一些較大型的產品，例如可承載數千名客戶的較大型接取與匯聚（ag）平台，或是光學產品也是一樣，這些產品中的記憶體含量在整體物料清單（BOM）中占比就比較低。

So the impact is significantly less. If you get into some of the lower-end residential CPE, that memory can be a large percentage of the total bill of material. And I think that's the direct impact. If you take a look at our -- that maybe that's the direct tie through to your question. \

所以影響明顯較小。如果你看一些較低階的家用 CPE，記憶體可能會占整體物料清單很大一部分。我認為那就是直接影響。如果你看看我們的——也許這就是你問題的直接對應。\

If you take a look at our CPE for residential, which is the most materially impacted, it is also the lowest cost products we sell and the lowest inherent gross margins to begin with that we sell. There's a bigger impact. When you get to some of the larger 100-gigabit platforms, 400 gigabit platforms, that memory impact is just substantially less. And I think that's the difference.

如果你看我們的家用 CPE（受影響最明顯的部分），它同時也是我們賣的最低成本產品，而且本來就是我們產品中固有毛利率最低的。因此影響會更大。但當你看一些較大型的 100G 平台、400G 平台時，記憶體的影響就小得多。我認為差異就在這裡。

Fantastic. Thanks.

太好了。謝謝。

Okay.

好的。

Dave Kang, B. Riley.

Dave Kang，B. Riley。

Yes, good morning. Just the first question is regarding the Middle East conflict. Just wondering if you can talk about the impact from that.

是的，早安。第一個問題是關於中東衝突。想請你談談這對你們的影響。

Yes. So I think it impacts us in a couple of different ways. One is, without a doubt, it hurt us on the freight line. There are some disruptions. Our freight expense this quarter was higher than I would like it to be.

是的。我認為它從幾個不同面向影響我們。第一，毫無疑問，它在運費項目上對我們造成了衝擊。確實有一些中斷。我們本季的運費支出比我希望的要高。

Probably be higher this quarter as well, so last quarter and this quarter. And that's just a matter of being able to get capacity in the right planes. And it was a little messy last quarter, freight line. I think that's the biggest -- that's the biggest headline impact.

這一季可能也會偏高，所以是上一季和這一季。這主要是因為要在合適的航班上取得運力。上一季在運費這一塊有點混亂。我認為這是最大的——最主要的影響。

We absolutely saw an impact though in our Middle East revenues as well.Some of that was disrupted last quarter. I don't know when that gets better. I would expect it to be a little better this quarter, but I think it hurt us both on the revenue and the cost line.

我們在中東營收方面也確實看到了影響。有一部分在上一季受到干擾。我不知道什麼時候會好轉。我預期這一季會稍微好一些，但我認為它同時傷到我們的營收端與成本端。

Are we talking like maybe 1%, 2% revenue impact?

我們談的是大概 1%、2% 的營收影響嗎？

Revenue, yes, less than 5%, yes.

營收方面，是的，低於 5%，是的。

So it's definitely meaningful. I mean, material, right?

所以確實是有意義的。我的意思是，算是顯著，對吧？

Well, especially if you talk on a -- we tend to -- we really look at EMEA as one big bucket, and that's how we manage it. And for the EMEA area, yes, it definitely hurt. But on the overall company, it was -- it was not as meaningful. I think on the freight side, it probably hurt more to be honest with you.

嗯，特別是如果你談的是——我們傾向於——我們確實把 EMEA 視為一個大的整體來看待，而我們也是這樣管理的。所以就 EMEA 區域而言，是的，確實受到衝擊。但就整體公司來看，影響——影響就沒那麼顯著。我認為在運費這一塊，老實說，受到的衝擊可能更大。

And should we expect that to be better? This quarter, the second quarter --

那我們是否可以預期情況會好轉？這一季，也就是第二季——

I don't want to tell our operations guys, but I don't expect our freight to be materially better this quarter. I think it's going to be messy this quarter as well. I can't project. Go ahead.

我不想跟我們的營運同仁這麼說，但我不預期我們這一季的運費會有實質改善。我認為這一季也會同樣混亂。我無法預測。你繼續。

Yes. Got it. So that leads me to my second question, is your operating margin guide for 2Q, 5% to 9%. Just wondering if you can go over some of your assumptions of 5% versus 9%.

是。了解。那這就帶到我的第二個問題：你們對 2Q 的營業利益率指引是 5% 到 9%。想請你說明一下，5% 相對於 9% 的一些假設是什麼。

Yes. So we continue to think that -- I mean, if you think about it, basically we're assuming a similar freight environment in this quarter as last quarter and a similar memory impact in this quarter as last quarter.

是。所以我們仍然認為——我的意思是，如果你這樣想，基本上我們假設本季的運費環境與上季類似，而本季的記憶體影響也與上季類似。

Got it. And then my last question is, were you able to raise prices or any plans to raise prices to counter elevated freight as well as component costs?

了解。那我最後一個問題是：你們是否有成功調漲價格，或有任何調漲價格的計畫，以抵銷偏高的運費以及零組件成本？

Freight, we're not pushing so much on. I mean we're still very hopeful that that's transitory. Component prices on the memory prices, we have raised prices to customers to reflect the current challenges in that supply chain.

運費方面，我們沒有那麼用力去推。我的意思是，我們仍然非常希望那只是短期現象。零組件價格、也就是記憶體價格方面，我們已經對客戶調漲價格，以反映該供應鏈目前的挑戰。

Got it. Thank you.

了解。謝謝。

(Operator Instructions)

(接線員指示)

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

Hey, good morning. I want to come back to a comment you made about optical, mainly kind of building throughout the year, which makes sense. Typically, in access and aggregation, you see kind of the opposite pattern, which is a stronger first half driven by Europe and then maybe a weaker second half.

嗨，早安。我想回到你剛才對光學（optical）的評論，主要是你提到全年會逐步拉升，這很合理。通常在接取與匯聚（access and aggregation）領域，你會看到相反的型態，也就是上半年因歐洲帶動而較強，然後下半年可能較弱。

My question is, I wonder if BEAD can serve to offset that this year. So you might be able to have a similar type profile building throughout the year. And at least let's just focus on access and aggregation here as a result of that.

我的問題是，我想知道 BEAD 是否能在今年抵銷那種情況。所以你們可能可以呈現一種類似全年逐步走強的輪廓。至少就此結果而言，我們先聚焦在接取與匯聚這一塊。

And at this point, are you able to make an estimate for what the annual incremental contribution of BEAD might be in the second half or this year in general?

另外，在目前這個時間點，你們是否能估算 BEAD 在下半年或今年整體可能帶來的年度增量貢獻？

I really -- yes, unfortunately, I really can't give an estimate on BEAD because there's too many customers and too many unknowns. But your question is, do I think you would also see the typical access and ag. I think a couple of things can play into that. BEAD definitely will be helpful.

我真的——是的，很遺憾，我真的無法對 BEAD 給出估算，因為客戶太多、未知數也太多。但你的問題是，我是否認為你也會看到典型的接取與匯聚（access and ag.）走勢。我認為有幾件事可能會影響。BEAD 肯定會有幫助。

I think the other thing that we expect to see, and this is still relatively early in the year, but I think Europe is going to be stronger than what we saw the last couple of years seasonally. So I think that we're -- you won't see -- the current expectations is that we won't see the same kind of falloff in the second half versus first half that we saw last year. Did that answer your question, Tim?

我認為我們預期會看到的另一件事——而且現在仍是年初，相對還早——是歐洲的表現會比過去幾年季節性所呈現的更強。所以我認為我們——你不會看到——目前的預期是，我們不會看到像去年那樣下半年相對上半年出現同樣幅度的下滑。Tim，這樣有回答到你的問題嗎？

Sure guys. Thanks very much.

有的，各位。非常感謝。

Okay.

好的。

Bill Dezellem, Tieton Capital.

Bill Dezellem，Tieton Capital。

Thank you.

謝謝。

Relative to the LiteWave800 and your engineering knowledge set that you have gained to reduce that power consumption by 90%, is there a carryover or an opportunity to take that knowledge and apply to other products throughout your catalog that could be materially impactful to the business? And if so, what's the timeline that it would take to have that technology or those capabilities infiltrate the rest of the product line?

關於 LiteWave800，以及你們透過工程知識累積將耗電降低 90% 的成果：是否有延伸效益或機會，把這些知識應用到你們產品目錄中的其他產品，並對業務產生實質影響？如果有，讓這項技術或能力滲透到其餘產品線，大概需要多長的時間表？

I think it's relatively unique to the product sets that we're talking about. It is because of particular speeds and particular distances that we're able to actually get the power savings that we're talking about. I think the -- but I did call it a family. And I consider Quattro to be part of that same family, which is in our multi Mux family, which is very, very power savings as well.

我認為這在我們所談的產品組合上相對是獨特的。這是因為特定的速率與特定的距離，我們才能實現我們所說的節能效果。我認為——但我確實把它稱作一個「家族」。而我認為 Quattro 也屬於同一個家族，也就是我們的多工 Mux 產品家族的一部分，同樣也非常省電。

But I think the proliferation you'll see of that technology is in that pluggable space. So you're going to see first product is QSFP. We do have other products that are, let's say, I'll just say more integrated that will be coming out over time. So I think you're going to see different members of the family and similar application sets where this technology will actually play itself out.

但我認為你會看到這項技術的擴散主要是在可插拔（pluggable）領域。所以你會先看到第一個產品是 QSFP。我們也有其他產品，譬如說——我就說更高度整合的——會隨時間推出。所以我認為你會看到這個家族的不同成員，以及在相似的應用場景中，這項技術會逐步展現其效益。

And Tom, those applications are all within the data center? Or are there other short distance opportunities that are outside of the data center that I'm not thinking about right now?

Tom，那些應用都在資料中心內嗎？還是有其他不在資料中心、我目前沒想到的短距離機會？

There could be, but I can tell you that demand with inside the data center is worth focusing on. It is very large.

有可能，但我可以告訴你，資料中心內的需求值得我們聚焦。規模非常大。

Great. That's helpful. Thank you.

很好。這很有幫助。謝謝。

At this, I think we are out of questions. So I want to thank everybody for joining us on the conference call, and we look forward to talking to you next quarter. Thanks, everyone

到這裡，我想我們已經沒有問題了。所以我要感謝各位參與本次電話會議，我們期待在下個季度再與各位交流。謝謝大家