Ciena Corp (CIEN) 2017 Q1 法說會逐字稿

Welcome to the Ciena Corporation first quarter 2017 earnings conference call.

歡迎來到 Ciena Corporation 2017 年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, today's conference is being recorded.

提醒一下，今天的會議正在錄製中。

I'd now like to introduce your host for today's conference, Mr. Gregg Lampf, Vice President, Investor Relations.

我現在想介紹今天會議的主持人，投資者關係副總裁 Gregg Lampf 先生。

Sir, please go ahead.

先生，請繼續。

Thanks, Liz.

謝謝，麗茲。

Good morning and welcome to Ciena's 2017 first-quarter review.

早上好，歡迎來到 Ciena 的 2017 年第一季度回顧。

With me today is Gary Smith, President and CEO, Jim Moylan, CFO, and Steve Alexander, CTO.

今天和我在一起的有總裁兼首席執行官 Gary Smith、首席財務官 Jim Moylan 和首席技術官 Steve Alexander。

This morning's press release is available on National Business Wire and Ciena.com.

今天上午的新聞稿可在 National Business Wire 和 Ciena.com 上獲取。

We also will post to the Investors section of Ciena.com an accompanying investor presentation, including certain highlighted items for the quarter being discussed today.

我們還將在 Ciena.com 的投資者部分發布隨附的投資者介紹，包括今天討論的本季度的某些突出項目。

In our prepared remarks, Gary will discuss Management's view on the market and our overall progress, and Jim will provide details on our results as well as guidance.

在我們準備好的發言中，加里將討論管理層對市場的看法和我們的整體進展，吉姆將提供我們的結果和指導的詳細信息。

We will then open the call to questions from the sell-side analysts, taking one question per person with follow ups as time allows.

然後，我們將開始徵求賣方分析師的問題，每人提出一個問題，並在時間允許的情況下進行跟進。

Before turning the call over to Gary, I will remind you that during this call, we will be making certain forward-looking statements.

在將電話轉給加里之前，我會提醒您，在這次電話會議中，我們將做出某些前瞻性陳述。

Such statements are based on current expectations, forecasts and assumptions regarding the Company that include risks and uncertainties that could cause actual results to differ materially from those statements discussed today.

此類陳述基於當前對公司的預期、預測和假設，其中包括可能導致實際結果與今天討論的陳述存在重大差異的風險和不確定性。

These statements should be viewed in context of the risk factors detailed in our most recent 10-K filing.

應結合我們最近的 10-K 文件中詳述的風險因素來看待這些陳述。

Our 10-Q is required to be filed with the SEC by March 9, and we expect to file by that date.

我們的 10-Q 必須在 3 月 9 日之前提交給美國證券交易委員會，我們希望在該日期之前提交。

Ciena assumes no obligation to update the information discussed in this conference call, whether as a result of new information, future events or otherwise.

Ciena 沒有義務更新本次電話會議中討論的信息，無論是由於新信息、未來事件還是其他原因。

Today's discussion includes certain adjusted or non-GAAP measures of Ciena's results of operations.

今天的討論包括 Ciena 經營業績的某些調整後或非 GAAP 措施。

A detailed reconciliation of these non-GAAP measures to our GAAP results is included in today's press release available on Ciena.com.

今天在 Ciena.com 上發布的新聞稿中包含了這些非 GAAP 措施與我們的 GAAP 結果的詳細核對。

This call is being recorded and will be available for replay in the Investors section of our website.

此通話正在錄製中，可以在我們網站的“投資者”部分重播。

Gary?

加里？

Thanks, Gregg, and good morning, everyone.

謝謝，格雷格，大家早上好。

And thanks for joining us today.

感謝您今天加入我們。

With the first-quarter results we announced this morning, we're off to a very good start to FY17.

隨著我們今天早上公佈的第一季度業績，我們為 2017 財年開了個好頭。

Revenue grew approximately 8.5% over Q1 of last year.

收入比去年第一季度增長約 8.5%。

The fundamental demand drivers as well as our market momentum continued to strengthen.

基本的需求驅動因素以及我們的市場勢頭繼續增強。

In the quarter, we won significant customers in the US, India, Japan, and the Middle East.

本季度，我們贏得了美國、印度、日本和中東的重要客戶。

And we continued to gain share in key segments of the market, including DCI and submarine applications.

我們繼續在市場的關鍵領域獲得份額，包括 DCI 和潛艇應用。

As a result of all this, we saw our highest ever product order inflows in Q1.

由於這一切，我們在第一季度看到了有史以來最高的產品訂單流入。

We shipped more product in Q1 than in any previous fiscal quarter, and we ended the quarter with the largest product backlog in Ciena's history.

我們在第一季度出貨的產品比以往任何一個財政季度都多，而且我們在本季度末以 Ciena 歷史上最大的產品積壓量結束了訂單。

All of this clearly demonstrates that we are winning in today's market.

所有這一切都清楚地表明，我們正在今天的市場上取勝。

And that's largely due to our strategy to diversify the business with targeted investments aimed at key geographies, market segments, new product lines, and a broad range of high-growth applications.

這主要是由於我們通過針對關鍵地區、細分市場、新產品線和廣泛的高增長應用程序進行有針對性的投資來實現業務多元化的戰略。

And as we discussed in December, we are also positioning ourselves to win the next race as the IT and telecom worlds converge.

正如我們在 12 月討論的那樣，隨著 IT 和電信世界的融合，我們也將自己定位為贏得下一場比賽。

And we're helping network operators transform their networks and their business with an approach that leverages openness, co-development, and agility in how technologies are consumed.

我們正在幫助網絡運營商通過利用開放、共同開發和技術使用敏捷性的方法來轉變他們的網絡和業務。

In Q1, we continued to make progress in delivering these capabilities, especially with platforms like Waveserver and Blue Planet.

在第一季度，我們在提供這些功能方面繼續取得進展，尤其是在 Waveserver 和 Blue Planet 等平台上。

Both of which bring IT tools essentially to the telecom environment.

兩者都將 IT 工具本質上帶入了電信環境。

For Waveserver, it was a record quarter in which we added 11 new customers.

對於 Waveserver，這是一個創紀錄的季度，我們增加了 11 個新客戶。

Waveserver sales were up more than 10 times over Q1 of 2016, albeit from a relatively small number.

Waveserver 的銷售額比 2016 年第一季度增長了 10 多倍，儘管增長幅度相對較小。

And since closing the quarter, we've won another piece of significant business with a top-five web-scale provider, which we expect to result in volume shipments as early as Q2.

自本季度結束以來，我們又贏得了一家前五名網絡規模供應商的重要業務，我們預計最早將在第二季度實現批量出貨。

Obviously, we're very pleased with the market's response to this platform, including the recently announced Waveserver AI that leverages our next-generation chipset to achieve unprecedented capacity and service densities.

顯然，我們對市場對這個平台的反應非常滿意，包括最近宣布的 Waveserver AI，它利用我們的下一代芯片組來實現前所未有的容量和服務密度。

And while it's still early days, based on the customer adoption we've seen to date as well as our forecast for the second half, we now believe that Waveserver revenue will likely be at the high end of our expected range of $50 million to $100 million for the full fiscal year.

雖然現在還處於早期階段，但根據我們迄今為止看到的客戶採用情況以及我們對下半年的預測，我們現在相信 Waveserver 收入可能會處於我們預期範圍 5000 萬至 100 美元的高端萬整個財政年度。

We also added two more orchestration customers for Blue Planet, both tier 1 operators in North America and the Middle East.

我們還為 Blue Planet 添加了另外兩個編排客戶，它們都是北美和中東的一級運營商。

Blue Planet is allowing us to transform the conversations we're having with our customers, from just the strategic value of hardware as part of their infrastructure to the strategic value of applications and services related to transformation across all facets of their business.

Blue Planet 使我們能夠轉變與客戶的對話，從僅僅將硬件作為其基礎設施的一部分的戰略價值轉變為與他們業務各個方面的轉型相關的應用程序和服務的戰略價值。

In fact, the relationship between software and overall customer engagement has become so interrelated for us that we've recently combined our Software and Services organizations into a global unified team.

事實上，軟件和整體客戶參與度之間的關係對我們來說已經變得如此相互關聯，以至於我們最近將我們的軟件和服務組織合併為一個全球統一團隊。

We've learned essentially that while customers are embracing the new environment, they want and need more guidance in implementing software-enabled orchestration.

我們基本上了解到，雖然客戶正在接受新環境，但他們希望並需要更多指導來實施軟件支持的編排。

And we believe that this unique model will benefit both Ciena and our customers as they continue to evolve towards openness.

我們相信，隨著 Ciena 和我們的客戶繼續朝著開放的方向發展，這種獨特的模式將使他們受益。

This seamless integration of Software Services and programmable hardware really underscores our ability to elevate and differentiate the value we're bringing to market.

這種軟件服務和可編程硬件的無縫集成確實凸顯了我們提升和區分我們為市場帶來的價值的能力。

It is essentially this combination of technologies and services.

它本質上是技術和服務的結合。

As an IT mentality increasingly influences network decisions, we're providing customers with much greater choice and agility in how they manage their networks and their business.

隨著 IT 心態越來越多地影響網絡決策，我們正在為客戶提供更多選擇和靈活性，幫助他們管理網絡和業務。

This further separates us from our competitors, and it is increasingly apparent in our differentiated performance.

這進一步將我們與競爭對手區分開來，並且在我們的差異化績效中越來越明顯。

Before turning the call over to Jim, I'd like to take a moment to thank Francois Locoh-Donou for his many contributions to the growth and success of the business over the last 20 years.

在將電話轉給 Jim 之前，我想花點時間感謝 Francois Locoh-Donou 在過去 20 年中為公司的發展和成功做出的許多貢獻。

As you know, Francois has accepted the position of CEO at F5 networks and is stepping down from Ciena later this month.

如您所知，Francois 已接受 F5 Networks 首席執行官一職，並將於本月晚些時候從 Ciena 卸任。

We will certainly miss him, but we wish him continued success in his next assignment and in his career.

我們當然會想念他，但我們希望他在下一個任務和職業生涯中繼續取得成功。

In the meantime, we've activated our succession plan, which takes advantage of the depth we've built on our global leadership team.

與此同時，我們啟動了我們的繼任計劃，該計劃利用了我們在全球領導團隊中建立的深度。

In addition to uniting Software and Services, we've also brought together global sales and marketing under a single leader.

除了整合軟件和服務之外，我們還將全球銷售和營銷部門整合到一位領導者的領導下。

All hardware development will continue to reside in our Networking Platforms group, and the reporting segments remain unchanged.

所有硬件開發將繼續歸屬於我們的網絡平台組，報告部分保持不變。

We're confident that we've got the right structure, and more importantly, the right leaders in place to continue to drive our business forward as we aim to become the industry's leading enabler of choice.

我們相信我們擁有正確的結構，更重要的是，我們擁有合適的領導者來繼續推動我們的業務向前發展，因為我們的目標是成為行業領先的首選推動者。

Jim?

吉姆？

Thank you, Gary, and good morning, everyone.

謝謝你，加里，大家早上好。

Our Q1 results clearly demonstrates Ciena's differentiated performance against the competition, and they highlight the importance of the investments we've made to build a broad-based, diversified business.

我們第一季度的業績清楚地表明了 Ciena 在競爭中的差異化表現，它們凸顯了我們為建立基礎廣泛、多元化的業務而進行的投資的重要性。

I'd like to take a moment to highlight a few of the areas of diversification that are contributing to our continued faster-than-market growth.

我想花點時間強調一些多元化領域，這些領域有助於我們持續快於市場增長。

Waveserver now has 36 total customers.

Waveserver 現在共有 36 個客戶。

Frankly, we're thrilled with the market's adoption of this relatively new product and its open approach.

坦率地說，我們對市場採用這種相對較新的產品及其開放方式感到非常興奮。

The success of Waveserver has helped us claim number one market share in DCI applications.

Waveserver的成功幫助我們在DCI應用中佔據了第一的市場份額。

And in fact, Dell'Oro recently named Ciena the market leader across every quarterly DCI category that they track.

事實上，Dell'Oro 最近將 Ciena 評為他們跟踪的每個季度 DCI 類別的市場領導者。

Our two new customers from Blue Planet bring us to 20 total customers.

Blue Planet 的兩個新客戶使我們的客戶總數達到 20 個。

Use cases for Blue Planet are varied, and we believe strategic to our customer's business.

Blue Planet 的用例多種多樣，我們相信這對我們客戶的業務具有戰略意義。

For example, our new North American Tier 1 Blue Planet customer is using the platform to orchestrate bandwidth on demand between data centers, while our new Middle Eastern customer is using Blue Planet to automate optical services across the wide area network.

例如，我們新的北美一級 Blue Planet 客戶正在使用該平台在數據中心之間按需安排帶寬，而我們的新中東客戶正在使用 Blue Planet 跨廣域網自動化光學服務。

These use cases are representative of the kinds of engagements we're seeing for the platform.

這些用例代表了我們在平台上看到的各種參與。

And we expect the recent announcements of Blue Planet Analytics and Blue Planet MCT to drive additional use cases.

我們預計最近發布的 Blue Planet Analytics 和 Blue Planet MCT 將推動更多用例。

We also added three new customers for our 8700 Packetwave Platform for a total of 43.

我們還為我們的 8700 Packetwave 平台增加了三個新客戶，總數達到 43 個。

The 8700 Platform is part of our Packet Networking portfolio, which had another excellent quarter in Q1 with revenue up 50% over the year-ago period.

8700 平台是我們分組網絡產品組合的一部分，該產品在第一季度表現出色，收入同比增長 50%。

Taking a look at customer segments, approximately 30% of revenue came from non-telco sales.

看看客戶群，大約 30% 的收入來自非電信銷售。

This included direct sales to web-scale customers in our expected range of 5% to 10% of total revenue.

這包括在我們預期的總收入 5% 至 10% 範圍內對網絡規模客戶的直接銷售。

Notably, a major web-scale player was a top-five customer in the quarter.

值得注意的是，一家主要的網絡規模玩家是本季度的前五名客戶。

And our momentum continued in the submarine upgrade market as well.

我們在潛艇升級市場的發展勢頭也在繼續。

In fact, in the first industry analyst report to measure the SLTE upgrade market, Ovum recently reported that Ciena now holds nearly 55% of this market.

事實上，在第一份衡量 SLTE 升級市場的行業分析報告中，Ovum 最近報導稱，Ciena 現在佔據了該市場近 55% 的份額。

Turning now to our financial performance in fiscal Q1.

現在轉向我們在第一財季的財務表現。

Revenue in Q1 came in at $622 million, slightly lower than expected, partially due to an ERP upgrade that affected our shipping process longer than we anticipated, limiting our flexibility at the end of the quarter.

第一季度的收入為 6.22 億美元，略低於預期，部分原因是 ERP 升級對我們的運輸流程的影響比我們預期的要長，限制了我們在本季度末的靈活性。

Notwithstanding, we had an excellent quarter that was driven by continued growth across key geographies.

儘管如此，在主要地區的持續增長推動下，我們有一個出色的季度。

APAC revenue grew nearly 60% over Q1 of last year.

亞太地區收入比去年第一季度增長近 60%。

India, in particular, continues to be a fast-growing market for us.

尤其是印度，對我們來說仍然是一個快速增長的市場。

Submarine applications remain a significant driver in India, but we're also now engaged with every major Indian carrier.

潛艇應用在印度仍然是一個重要的驅動力，但我們現在也與印度的每一家主要航母都有接觸。

Beyond India, we're seeing opportunities emerge with web-scale players across APAC, Both local ICPs as well as US-based players expanding in the region.

在印度之外，我們看到機會出現在整個亞太地區的網絡規模玩家中，包括本地 ICP 和美國玩家在該地區的擴張。

We believe APAC will continue to be a growth driver over time.

我們相信隨著時間的推移，亞太地區將繼續成為增長動力。

Our performance in EMEA continues to improve, with revenue up 13% year over year.

我們在歐洲、中東和非洲地區的業績持續改善，收入同比增長 13%。

We're seeing traction in Europe, particularly with the web-scale community, including ICPs and exchanges and also in submarine applications.

我們在歐洲看到了吸引力，特別是網絡規模的社區，包括 ICP 和交易所以及潛艇應用程序。

And Tier 1 service providers in both Europe and the Middle East continue to drive revenue growth in the region.

歐洲和中東的一級服務提供商繼續推動該地區的收入增長。

Overall, international sales made up 39% of total revenue in Q1.

總體而言，國際銷售額佔第一季度總收入的 39%。

And in North America, revenue grew 14% year over year, exclusive of AT&T, driven by a strong quarter with web-scale customers and Tier 1 service providers.

在北美，收入同比增長 14%，不包括 AT&T，這得益於網絡規模客戶和一級服務提供商的強勁季度。

AT&T and Verizon were both 10% customers in Q1.

AT&T 和 Verizon 在第一季度都是 10% 的客戶。

Our overall North American business continues to be very well-balanced, with solid contributions from MSOs, enterprise, government, and R&E customers as well.

我們的整體北美業務繼續非常平衡，MSO、企業、政府和 R&E 客戶也做出了巨大貢獻。

Q1's adjusted gross margin was 44.9%.

第一季度調整後的毛利率為 44.9%。

Operating expense in Q1 was $226 million.

第一季度的運營費用為 2.26 億美元。

We achieved $53 million in adjusted operating profit in Q1, or 8.5% adjusted operating margin.

我們在第一季度實現了 5300 萬美元的調整後營業利潤，或 8.5% 的調整後營業利潤率。

We continue to take steps to improve our balance sheet, having repurchased an additional $46 million of our convertible debt.

我們繼續採取措施改善我們的資產負債表，回購了另外 4600 萬美元的可轉換債券。

We also refinanced our existing term loans shortly following quarter end, further reducing our debt by approximately $93 million and reducing our go-forward interest expense on the remaining term loan borrowings.

我們還在季度結束後不久對現有定期貸款進行再融資，進一步減少了約 9300 萬美元的債務，並減少了剩餘定期貸款借款的後續利息支出。

And as a result of our continued balance sheet improvement, we recently received two upgrades from the debt rating agencies.

由於我們資產負債表的持續改善，我們最近收到了債務評級機構的兩次升級。

Going forward, we expect our adjusted interest expense to be reduced by approximately $2 million per quarter due to our debt reduction and refinancing efforts.

展望未來，由於我們的債務減少和再融資努力，我們預計調整後的利息支出每季度將減少約 200 萬美元。

In Q1, we used $26 million in cash from operations, largely due to a very back-end loaded quarter.

在第一季度，我們使用了 2600 萬美元的運營現金，這主要是由於一個非常後端負載的季度。

We ended the quarter with $1.05 billion in cash and investments.

我們在本季度末擁有 10.5 億美元的現金和投資。

And finally, adjusted earnings per share in Q1 was $0.26.

最後，第一季度調整後的每股收益為 0.26 美元。

I will now turn to guidance for our fiscal second quarter.

我現在將轉向我們第二財季的指導。

We expect revenue in Q2 to be in the range of $680 million to $710 million.

我們預計第二季度的收入將在 6.8 億美元至 7.1 億美元之間。

We expect Q2's adjusted gross margin to be in our mid-40%s percentage target range, and we expect adjusted operating expense to be approximately $240 million.

我們預計第二季度的調整後毛利率將在我們 40% 的百分比目標範圍內，我們預計調整後的運營費用約為 2.4 億美元。

I'd also like to provide some commentary on our annual guidance.

我還想就我們的年度指南發表一些評論。

Based on our first-quarter performance and our expectations for the remainder of the year, we continue to expect to achieve the results for the full fiscal year that we indicated in December.

根據我們第一季度的業績和我們對今年剩餘時間的預期，我們繼續期望實現我們在 12 月份指出的整個財政年度的業績。

You'll recall that in addition to expecting to continue to grow revenue faster than the overall market growth rate of mid-single digits.

你會記得，除了期望繼續以比中個位數的整體市場增長率更快的速度增長收入。

We said that for FY17, we expected adjusted gross margin in the mid-40%s percentage range, adjusted OpEx to average approximately $235 million per quarter, and adjusted operating margin in the range of 11% to 13%.

我們表示，對於 2017 財年，我們預計調整後的毛利率在 40% 的百分比範圍內，調整後的運營支出平均每季度約為 2.35 億美元，調整後的營業利潤率在 11% 至 13% 的範圍內。

In closing, we believe Ciena is in an excellent competitive and financial position.

最後，我們相信 Ciena 處於極佳的競爭和財務狀況。

We have built our portfolio and our business in alignment with the direction of the market.

我們已經根據市場方向建立了我們的投資組合和業務。

And we are expanding the kinds of conversations we are having with customers, as they increasingly embrace IT capabilities to transform their networks and their business.

隨著客戶越來越多地採用 IT 功能來轉變他們的網絡和業務，我們正在擴大與客戶的對話類型。

We remain confident that over time, we will continue to drive greater value for both our customers and our shareholders as we position Ciena as the leading enabler of choice in the marketplace.

我們仍然相信，隨著時間的推移，我們將繼續為我們的客戶和股東創造更大的價值，因為我們將 Ciena 定位為市場上首選的領先推動者。

Liz, we will now open the line for questions.

Liz，我們現在打開問題熱線。

(Operator Instructions)

（操作員說明）

Rod Hall, JPMorgan.

摩根大通羅德霍爾。

I guess I wanted to just ask you, Gary, if you could talk a little bit more about India?

我想我只想問你，加里，你能不能多談談印度？

India seems like a large opportunity this year and I wonder if you could juxtapose the size of it with something like Verizon.

印度今年似乎是一個巨大的機會，我想知道你是否可以將它的規模與 Verizon 之類的公司並列。

It sounds like it's probably significantly larger, maybe your largest growth opportunities.

聽起來它可能要大得多，也許是你最大的增長機會。

So is there anything you can do to quantify that opportunity for us?

那麼，您能做些什麼來為我們量化這個機會嗎？

And then Jim, could you just talk about this ERP impact?

然後吉姆，你能談談這個 ERP 的影響嗎？

Do you expect that to carry over into fiscal Q2 and are you pretty much catching up in fiscal Q2 for the negative impact in Q1?

你預計這會延續到第二財季嗎？你是否在第二財季趕上了第一季度的負面影響？

Thanks.

謝謝。

Thanks, Rod.

謝謝，羅德。

Let me take the first part of that.

讓我來談談第一部分。

I would say and I think most of you have read what's going on in the India market right now.

我想說，我想你們中的大多數人都已經了解了印度市場目前正在發生的事情。

It's a confluence of things that have come together to stimulate the growth in that marketplace.

這是刺激該市場增長的多種因素的匯合。

There are some very large builds underway, essentially to underpin bringing 4G basically out to the marketplace there with the number of carriers investing significantly.

有一些非常大的建設正在進行中，主要是為了支持將 4G 基本上推向那裡的市場，而運營商的數量正在大量投資。

We've been there for a number of years.

我們在那裡已經很多年了。

I mean this is an investment that we've made dating back 12 years, both in terms of software development teams and market development teams there.

我的意思是，這是我們 12 年前在軟件開發團隊和市場開發團隊方面所做的投資。

It is our fastest growing country.

它是我們發展最快的國家。

And we are basically with every single major carrier in India and we are very well-positioned for it.

我們基本上與印度的每一家主要航空公司都有合作，我們已經做好了充分的準備。

So I think it's a multi-year opportunity; it's not just one quick buildout that's getting all the attention.

所以我認為這是一個多年的機會；引起所有關注的不僅僅是一次快速擴建。

It's across a very broad base of technologies for Ciena and really, it's a market that I think will be very, very high growth for us over multiple, multiple years.

它跨越了 Ciena 非常廣泛的技術基礎，實際上，我認為這是一個市場，我認為在多年內對我們來說將是非常非常高的增長。

And on the ERP upgrade, we have been engaged in this upgrade, really, for going on two years.

在 ERP 升級方面，我們實際上已經進行了兩年的升級。

It's a huge project for us ; we spent a lot of money.

這對我們來說是一個巨大的項目；我們花了很多錢。

We've upgraded to Oracle Release 12 and we cut over during the quarter.

我們已經升級到 Oracle Release 12，並在本季度進行了切換。

We -- it ended up being that bringing up shipping capacity to full capacity took a bit longer than we thought.

我們 - 最終將運輸能力提高到滿負荷所花費的時間比我們想像的要長一些。

And that did affect our revenue in the quarter.

這確實影響了我們本季度的收入。

We believe that, that's behind us now.

我們相信，那已經過去了。

We should be able to operate at full capacity for the quarters going forward.

我們應該能夠在未來幾個季度滿負荷運轉。

There is a bit of a pick-up in Q2.

第二季度有所回升。

We -- if we hit the midpoint of the guidance for Q2, we'll be, frankly, ahead of plan on both revenue and bottom-line.

我們 - 如果我們達到第二季度指導的中點，坦率地說，我們在收入和利潤方面都領先於計劃。

Rob, the other point I would make is there's never a good time to implement these ERP systems but we felt that given the scaling of the business, it was very important that we built a bigger engine for the business that had global reach.

Rob，我要說的另一點是，從來沒有實施這些 ERP 系統的好時機，但我們認為，鑑於業務的規模，為具有全球影響力的業務構建更大的引擎非常重要。

So this should really underpin now a much greater velocity capability for the business going forward.

因此，這應該真正為未來的業務提供更大的速度能力。

Great.

偉大的。

Thanks, guys.

多謝你們。

Doug Clark, Goldman Sachs.

道格·克拉克，高盛。

My first one is on Verizon popping up as a 10% customer.

我的第一個是 Verizon 作為 10% 的客戶突然出現。

Is this due, in part, to kind of early Metro deployments?

這部分是由於某種早期的 Metro 部署嗎？

And then secondarily, looking at OpEx jumping kind of above the expected midpoint or average OpEx range for the full year, can you talk about why it's jumping in the second quarter and then is it, I guess implicitly expected to come back down in the second half slightly?

然後其次，看看 OpEx 在全年的預期中點或平均 OpEx 範圍之上跳躍，你能談談為什麼它在第二季度跳躍然後是嗎，我想隱含地預計會在第二季度回落半咯？

Let me take the first part of that one, Doug; I'll take the Verizon.

道格，讓我來做第一部分；我會選擇 Verizon。

We are seeing initial stages of the Metro rollout that did contribute to them becoming a 10% customer in the quarter.

我們看到 Metro 推出的初始階段確實有助於他們在本季度成為 10% 的客戶。

I would also point that the other aspects of our business with them are also doing well, including the long-haul packet, ethernet switching, and their global-based switching network as well.

我還要指出，我們與他們的業務的其他方面也做得很好，包括長途數據包、以太網交換以及他們的全球交換網絡。

So we're seeing good adoption across the broad range with Verizon.

因此，我們看到 Verizon 在廣泛範圍內得到了很好的採用。

And on the OpEx point, yes, we are on plan; in fact, we're slightly ahead of plan on OpEx and below the expect OpEx for the first half if we hit $240 million in the second quarter.

在運營支出方面，是的，我們正在計劃之中；事實上，如果我們在第二季度達到 2.4 億美元，我們的 OpEx 略高於計劃，並且低於上半年的預期 OpEx。

OpEx is -- there are going to be projects, particularly in R&D, sometimes in real estate and even IT that are going to cause OpEx to move from the mean for the year up and down.

OpEx 是 - 將會有一些項目，特別是在研發中，有時在房地產甚至 IT 中，這將導致 OpEx 從全年的平均值上下移動。

And you saw that in Q1, we were below the average of $235 million for the quarter that we talked about and in Q2, we're going to be slightly above the average for the quarters but we still expect OpEx to average roughly $235 million per quarter as we move through this year.

你看到在第一季度，我們低於我們所討論的那個季度的平均水平 2.35 億美元，而在第二季度，我們將略高於該季度的平均水平，但我們仍然預計 OpEx 平均約為 2.35 億美元我們今年的季度。

So by definition, it will come down some.

所以根據定義，它會下降一些。

Thanks, guys.

多謝你們。

Vijay Bhagavath, Deutsche Bank.

Vijay Bhagavath，德意志銀行。

I think my question is on the cloud optical business.

我想我的問題是關於雲光學業務的。

Help us understand if you anticipate any volatility or higher volatility in the DCI optical build-outs and the reason I ask is some of your peers have been seeing more volatility than they can handle in this cloud DCI optical rollout so I'd like to get your viewpoint.

幫助我們了解您是否預計 DCI 光學構建會出現任何波動或更高的波動，我問的原因是您的一些同行看到的波動比他們在此云 DCI 光學部署中能夠處理的波動更大，所以我想得到你的觀點。

Thanks.

謝謝。

Yes, I mean given what we're doing with Waveserver and the other platforms that address that space, I think the difference between us and the competition is where many of them are many niche-based in terms of engagement.

是的，我的意思是考慮到我們正在使用 Waveserver 和解決該領域的其他平台所做的事情，我認為我們與競爭對手之間的區別在於他們中的許多人在參與方面都是基於利基市場的。

We've got a very broad global engagement with the ICPs.

我們與 ICP 進行了非常廣泛的全球合作。

I mean we help them not just in North America but outside of North America, including all the submarine stuff, including places like India.

我的意思是我們不僅在北美幫助他們，而且在北美以外的地方幫助他們，包括所有潛艇的東西，包括像印度這樣的地方。

And I think that allows us a much more diverse and broader-based engagement, frankly, with a broader set of customers in the DCI connectivity market.

我認為，坦率地說，這使我們能夠與 DCI 連接市場中更廣泛的客戶群進行更多樣化和更廣泛的接觸。

So while we're still seeing fluctuations customer to customer, overall, we're seeing a very positive growth in that space but we expect to continue and those fluctuations, because we've got such a broad base of customers, has really just led to nice solid growth performance for us overall.

因此，雖然我們仍然看到客戶與客戶之間的波動，但總體而言，我們在該領域看到了非常積極的增長，但我們預計這些波動會持續下去，因為我們擁有如此廣泛的客戶群，確實導致了為我們整體帶來穩健的增長表現。

And we continue to take market share in that space.

我們繼續在該領域佔據市場份額。

And as Gary pointed out, we have a pretty significant win at the end of at the beginning of this current quarter Q2, which will show itself up in revenue this year.

正如 Gary 指出的那樣，我們在本季度第二季度初的末尾取得了相當大的勝利，這將在今年的收入中體現出來。

Shipments in Q2, potentially revenue in Q2.

第二季度的出貨量，第二季度的潛在收入。

Perfect.

完美的。

Jim, a quick follow-on for you would be timing of maintenance service contracts.

吉姆，您的快速跟進是維護服務合同的時間安排。

Did you see any pronounced delays in maintenance service renewals?

您是否看到維護服務更新有任何明顯的延遲？

Thanks.

謝謝。

I wouldn't say delays.

我不會說延遲。

We do often try to get multi-year maintenance agreements with our customers and sometimes it takes a bit longer to negotiate those because there are multiple years under consideration.

我們確實經常嘗試與客戶達成多年期維護協議，但有時談判這些協議需要更長的時間，因為考慮了多年期。

So I wouldn't say that we've seen any slowdown there.

所以我不會說我們在那裡看到任何放緩。

Thank you.

謝謝。

Tal Liani, Bank of America Merrill Lynch.

美銀美林的 Tal Liani。

I have a few questions; maybe I'll start with the Blue Planet software.

我有幾個問題;也許我將從 Blue Planet 軟件開始。

How is it trending this quarter and how is it versus your previous expectations of up $20 million to $25 million for the year?

本季度的趨勢如何，與您之前對今年增長 2000 萬至 2500 萬美元的預期相比如何？

And if I can squeeze in one more, I want to -- I had a broader question about North America overall.

如果我能再擠進一個，我想——我有一個關於整個北美的更廣泛的問題。

What are the puts and takes in North America for 2017?

2017 年北美的看跌期權和收益是多少？

You highlighted a few things; if you could summarize it for the region versus the rest of the world kind of?

你強調了一些事情；您是否可以針對該地區與世界其他地區進行總結？

Why don't I take the first part of that, Tal.

塔爾，我為什麼不講第一部分呢？

The Blue Planet is tracking well.

藍色星球跟踪良好。

We had two new Tier 1 customers in the quarter and looking at the pipeline, we expect to add more, obviously, as we go through the year.

我們在本季度有兩個新的一級客戶，看看管道，我們顯然希望在今年增加更多。

The engagement is still nascent in this space but I do think it will be on track to be in that $25 million-type range for the year.

在這個領域的參與仍處於初期階段，但我確實認為它有望在今年達到 2500 萬美元的範圍內。

We seem to be tracking well to that and I think we're adding additional capability through it.

我們似乎很好地跟踪了這一點，我認為我們正在通過它添加額外的功能。

The analytics suite that we announced and the MCP capabilities as well will continue to drive it as we come out of the year.

我們宣布的分析套件和 MCP 功能將在今年結束時繼續推動它。

And I think the point about it is it's a different set of engagements with customers as well, which is we're seeing a great deal of richness around that.

而且我認為它的重點在於它也是與客戶的一組不同的參與，這是我們看到了很多豐富的內容。

And I think that's opening up additional opportunities for us on the services side, which is why we've combined those elements as well.

而且我認為這為我們在服務方面開闢了更多機會，這也是我們將這些元素結合在一起的原因。

So I think the quick takeaway is we're on track and we've seen very good traction with it.

所以我認為快速的收穫是我們走上了正軌，我們已經看到了很好的牽引力。

On North America, when you include AT&T, the growth rate comes down because as we've said, AT&T, we expect to be flat to down for this year; that's as expected.

在北美，當你包括 AT&T 時，增長率會下降，因為正如我們所說，AT&T，我們預計今年將持平或下降；這是預期的。

By the way, their CapEx for the year are down a little bit from last year.

順便說一下，他們今年的資本支出比去年略有下降。

That's not always just positive of our results but they are focusing on moving to next gen as quickly as they can.

這並不總是對我們的結果有利，但他們正專注於盡快轉向下一代。

And I'm happy to report that we are actively involved in many strategic projects with them, including software services and hardware ; expect that to be a strong customer for us for the long term, although flat to down for this year.

我很高興地報告，我們正積極參與他們的許多戰略項目，包括軟件服務和硬件；預計這將成為我們長期的強大客戶，儘管今年持平或下降。

As we said, absent AT&T, North America grew by 14%.

正如我們所說，在沒有 AT&T 的情況下，北美地區增長了 14%。

I -- that is indicative of what we're doing across the board in North America.

我——這表明我們在北美全面開展的工作。

We are number one market share provider in North America.

我們是北美市場份額第一的供應商。

I believe we can continue to grow market share with the success we're having with the ICPs, with the success we're having on the Metro deployments that are taking place.

我相信，隨著我們在 ICP 方面取得的成功，以及我們在 Metro 部署中取得的成功，我們可以繼續擴大市場份額。

And the other thing I'd say is that as you heard from Mobile World Congress, people are beginning to think about 5G.

我要說的另一件事是，正如你從世界移動通信大會上聽到的那樣，人們開始考慮 5G。

And although deployments are pretty scattered now; it's early stages and we don't expect it to be a huge driver for us right now, we are extremely well-positioned to take advantage of the growth and demand for capacity that will come out of 5G implementation.

儘管現在部署非常分散；它處於早期階段，我們預計它現在不會成為我們的巨大推動力，我們處於非常有利的位置，可以利用 5G 實施帶來的容量增長和需求。

The other thing that's happening is that MSOs are talking about this -- taking denser networks closer to the customer.

另一件正在發生的事情是 MSO 正在談論這個——讓更密集的網絡更接近客戶。

The initiatives are called the Fiber Deep.

這些舉措被稱為 Fiber Deep。

We're extremely well-positioned to win in that section as well so I'd say this year we're going to do well in North America.

我們也非常有能力在該部分獲勝，所以我想說今年我們將在北美取得好成績。

We'll grow even though AT&T will be flat to down and we expect to continue growing in America ; it's a great place for us to deploy our technology.

即使 AT&T 將持平或下滑，我們仍會增長，我們希望在美國繼續增長；這是我們部署技術的好地方。

Got it.

知道了。

Thank you.

謝謝。

Simon Leopold, Raymond James.

西蒙利奧波德，雷蒙德詹姆斯。

This is Victor Chiu in for Simon Leopold.

這是 Simon Leopold 的 Victor Chiu。

Can you provide us an update around your progress with web-scale customers and the percentage of sales?

您能否向我們提供有關您在網絡規模客戶和銷售百分比方面的最新進展？

And also just kind of where your expectations are around FY17 for this vertical?

還有您對這個垂直領域在 2017 財年的預期如何？

Let me take the first part of that; I think we've covered it in some of the commentary here.

讓我來談談第一部分；我想我們已經在此處的一些評論中介紹了它。

We've -- as Jim said, we added a significant piece of business from a top five web-scale player which, really, was a competitive takeaway on a pretty large scale.

正如吉姆所說，我們已經從一家前五名的網絡規模玩家那裡增加了一項重要的業務，這實際上是一個相當大的競爭外賣。

And I think it's testament to that Waveserver technology that we're deploying now.

我認為這證明了我們現在正在部署的 Waveserver 技術。

So I feel very good about the overall space, not just in North America as well.

所以我對整體空間感覺非常好，不僅在北美也是如此。

I mean we're seeing, as I said, global capabilities that we're able to bring to bear.

我的意思是，正如我所說，我們正在看到我們能夠發揮的全球能力。

Because we've got global scale, we have all of the major carriers pretty much around the world, we're able to be a fabulous partner for these ICPs in terms of finding them the right kinds of capacity and connectivity, not just in North America, but in international markets as well.

因為我們有全球規模，我們幾乎擁有世界各地的所有主要運營商，我們能夠成為這些 ICP 的絕佳合作夥伴，為他們找到合適的容量和連接性，而不僅僅是在北方美國，但在國際市場上也是如此。

And the submarine space where they are now number one, two, and three in terms of the Atlantic cable capacities as well.

就大西洋電纜容量而言，他們現在在海底空間也排名第一、第二和第三。

And Ciena's got well over 50% of that marketplace, as Jim said.

正如吉姆所說，Ciena 佔據了該市場 50% 以上的份額。

So I'd encourage folks not to just think this as connecting data centers and within North America; that's a large part of it.

所以我鼓勵人們不要僅僅認為這是在北美連接數據中心；這是其中很大一部分。

But this is a much more global phenomenon across much -- many different facets of our technologies that we're able to deploy.

但這是一個更加全球化的現象，涉及我們能夠部署的技術的許多不同方面。

So that's why we're sort of uniquely positioned to be able to address this marketplace and why we don't see as many fluctuations as other niche players do as well.

所以這就是為什麼我們在某種程度上處於能夠應對這個市場的獨特定位，以及為什麼我們沒有看到像其他利基市場參與者那樣多的波動。

Jim, any --

吉姆，任何——

The other thing I'd say is that the 55% market share that we quoted was in the SLTE upgrade market.

我要說的另一件事是，我們引用的 55% 的市場份額是在 SLTE 升級市場。

There is coming a new build market and we are extremely well-positioned to be a player there with our new engagement with TE SubCom, so I feel really good about that submarine market and how the ICPs are applying there.

一個新的建造市場即將到來，通過與 TE SubCom 的新合作，我們處於非常有利的地位，可以成為那裡的參與者，所以我對那個潛艇市場以及 ICP 如何在那裡應用感到非常滿意。

Did you say the percentage of sales from web-scale customers?

你是說來自網絡規模客戶的銷售額百分比嗎？

We said between 5% and 10%.

我們說在 5% 到 10% 之間。

And that's the direct sales.

這就是直銷。

Remember that we sell indirectly, including in the submarine business, tons of capacity to the web-scale players.

請記住，我們間接向網絡規模的參與者出售大量容量，包括在潛艇業務中。

Great and just a quick follow-up.

很棒，只是快速跟進。

We pay a lot of attention to Verizon as a reference project but where are the other carriers in terms of implementation similar architectures and opportunities for 100G Metro?

我們非常關注 Verizon 作為參考項目，但在實施類似架構和 100G Metro 機會方面，其他運營商在哪裡？

I think you're seeing this across a broad sway; in the North American environment, we pretty much had a clean sweep of all of those Metro deployments and their begetting places like CenturyLink, et cetera, AT&T, Verizon, Comcast.

我認為你在廣泛的範圍內看到了這一點；在北美環境中，我們幾乎徹底掃清了所有 Metro 部署及其發源地，如 CenturyLink 等、AT&T、Verizon、Comcast。

All of the major players are deploying and we're pretty much -- we had a clean sweep of wins there with our 6500 Converged Packet Platform.

所有主要參與者都在部署，我們幾乎是——我們的 6500 融合數據包平台在那里大獲全勝。

So North America, incredibly strong and across a broad sway of customers, and you're also seeing the same phenomenon internationally as well -- you saw EMEA up year over year, which is pleasing for us.

因此，北美非常強大，客戶群廣泛，而且您在國際上也看到了同樣的現象——您看到 EMEA 同比增長，這讓我們感到高興。

You've seen great growth in APAC as well and also I would say, the other phenomenon of you've seen is really the move to 200G, which we've got the leading market share.

你也看到了亞太地區的巨大增長，而且我想說的是，你看到的另一個現象實際上是向 200G 的轉變，我們擁有領先的市場份額。

We're the first to market with that and that also is a great technology being deployed into the Metro space, and particularly with people like ICPs as well.

我們是第一個將其推向市場的公司，這也是一項被部署到 Metro 空間的偉大技術，尤其是對像 ICP 這樣的人來說。

So very broad sway of adoption across the carrier marketplace globally.

因此，在全球運營商市場中採用非常廣泛的影響力。

Great.

偉大的。

Thank you.

謝謝。

Paul Silverstein, Cowen and Company.

保羅西爾弗斯坦，考恩公司。

If you already answered these questions, my apologies to you ; I was on another call.

如果您已經回答了這些問題，我向您道歉；我正在接聽另一個電話。

But first off, I think I heard you say orders were at a record level again but in general, how would you characterize linearity for the quarter and visibility today versus 90 days ago and a year ago?

但首先，我想我聽到你說訂單再次達到創紀錄水平，但總的來說，與 90 天前和一年前相比，你如何描述本季度的線性和今天的可見性？

And the other question is relative to the previous question, Jim and Gary, can you all actually quantify how many Metro deployment wins you have and how many of those have now advanced the revenue rollout stage?

另一個問題與上一個問題相關，Jim 和 Gary，你們都可以真正量化你們贏得了多少 Metro 部署，以及其中有多少現在已經進入了收入推出階段？

Let me take the first part of that, Paul.

保羅，讓我來談談第一部分。

I think the first one was linearity in the quarter.

我認為第一個是本季度的線性。

It was more back-end loaded in this quarter, principally because we upgraded the ERP system when we closed down shipping for awhile.

本季度後端負載更多，主要是因為我們在關閉運輸一段時間後升級了 ERP 系統。

As I said, there's never a good time to do that ; we've been in the planning for it for two years.

正如我所說，從來沒有合適的時間去做那件事；我們已經為此計劃了兩年。

We felt very strongly that it's not just an ERP reimplementation; we basically reengineered a lot of our global processes, because we felt strongly we needed to build a bigger engine, basically given the scale of the business globally.

我們非常強烈地感覺到，這不僅僅是 ERP 的重新實施；我們基本上重新設計了很多全球流程，因為我們強烈認為我們需要構建一個更大的引擎，基本上考慮到全球業務的規模。

So that caused us to have a very tail-end loaded quarter more than normal; took away a little flexibility at the end there.

因此，這導致我們有一個比正常情況更多的尾端負載季度；最後帶走了一點靈活性。

But I think that was driven, really, principally by the reengineering project that we did.

但我認為這主要是由我們所做的再造項目推動的。

Overall, though, I would say given the commentary about the order flows overall and the strength of the backlog right now is the largest that we've had from a product point of view, I think our visibility has improved.

不過，總的來說，我想說的是，鑑於對整體訂單流的評論以及目前積壓的強度是我們從產品角度來看最大的，我認為我們的知名度有所提高。

Your direct question was in the last 90 days, did it improve ; I think it's improved.

您的直接問題是在過去的 90 天內，它是否有所改善；我認為它有所改善。

And these are the -- the best -- the key element of it is visibility to orders but it's also the softer elements around engagements with the customers and understanding their plans and overall, I think we've got we've got better visibility into the year than we had a few weeks ago.

這些是 - 最好的 - 它的關鍵要素是訂單的可見性，但它也是與客戶互動和了解他們的計劃以及總體而言的軟元素，我認為我們已經得到了更好的可見性這一年比我們幾週前還要多。

One of the reasons that we did use cash in the quarter is we built inventory in the quarter and you can see that, that happened both in deferred cost of sales which is material which is out at customer sites awaiting either deployment or acceptance and we built finished goods inventory in anticipation of the increase in demand which is coming.

我們在本季度使用現金的原因之一是我們在本季度建立了庫存，你可以看到，這發生在遞延銷售成本中，這是在客戶現場等待部署或驗收的材料，我們建立了成品庫存預期即將到來的需求增加。

So Paul, I'd say we have very good visibility.

所以保羅，我想說我們有很好的能見度。

We're not seeing any sort of slow down from any of the things that other people had mentioned.

我們沒有看到其他人提到的任何事情有任何放緩。

We're not seeing a M&A-based slow down.

我們沒有看到基於併購的放緩。

We're seeing wins across the board and so we feel really good about what's going to happen for the rest of the year.

我們看到了全面的勝利，因此我們對今年餘下時間將要發生的事情感到非常滿意。

On the Metro and regional piece of the business, the best I can give you is this.

關於 Metro 和區域業務，我能給你的最好的就是這個。

What we have said is that and this goes back a couple of years, we've said that Metro was roughly 40% of our business and long-haul was roughly 60%.

我們所說的是，這可以追溯到幾年前，我們說過地鐵大約占我們業務的 40%，長途大約佔 60%。

We are now seeing that it's about 50%.

我們現在看到它大約是 50%。

50/50 Metro and long-haul so the change that we projected at that time to sort of reverse those percentages is occurring.

50/50 Metro 和 long-haul 所以我們當時預測的改變這些百分比的變化正在發生。

And we expect that it will continue to occur.

我們預計它將繼續發生。

To sort of draw the line and by the way, those are estimates because drawing the line between Metro and long-haul deployments is not always perfectly clear.

順便說一下，這些都是估計，因為在地鐵和長途部署之間劃清界限並不總是很清楚。

So that's what we can tell you about it.

這就是我們可以告訴你的。

Michael Genovese, MKM Partners.

MKM Partners 的邁克爾·吉諾維斯 (Michael Genovese)。

I just wanted to ask about (Technical Difficulties) questions.

我只是想問一下（技術難點）問題。

Number one, can you just kind of comment on market share trends at Verizon and the Metro project versus your competitor there?

第一，您能否就 Verizon 和 Metro 項目的市場份額趨勢與您的競爭對手進行比較？

And then secondly, given your clean sweep in the US, could you talk about your market share targets in Europe and the competitive environment over there versus in North America?

其次，考慮到你在美國的橫掃，你能談談你在歐洲的市場份額目標以及那裡與北美的競爭環境嗎？

Thank you.

謝謝。

On Verizon.

在威瑞森上。

We have said repeatedly that we expect that we will get at least our fair share, half, if not more and we base that on information that Verizon has given us about the cities that we would build out to.

我們一再表示，我們希望至少獲得我們應得的份額，如果不是更多的話，一半，我們基於 Verizon 向我們提供的有關我們將建設到的城市的信息。

As far as whether we get a lot more than our share or a bit more than our share it's really hard to tell.

至於我們得到的是比我們的份額多得多還是比我們的份額多一點，這真的很難說。

We're in the really early days of deployment.

我們正處於部署的早期階段。

Things are going well.

事情進展順利。

They're happy with our gear; we're working with them well.

他們對我們的裝備很滿意；我們與他們合作得很好。

We think and we feel good about where that project is going.

我們認為並且對該項目的進展感到滿意。

On Europe, we had some challenges last year, as I think we shared with everybody, some of which were self-inflicted ; some of which were market dynamics.

在歐洲，我們去年遇到了一些挑戰，我認為我們與每個人都分享過，其中一些是自己造成的；其中一些是市場動態。

We're seeing a much better execution in Europe since we've made some changes there and realigned some of our priorities and we're actually, frankly, seeing good traction and pipeline build there.

我們在歐洲看到了更好的執行，因為我們在那裡做了一些改變並重新調整了我們的一些優先事項，我們實際上，坦率地說，在那裡看到了良好的牽引力和管道建設。

We're up 13% year on year in the quarter and we think we'll have reasonable growth in Europe this year and again, it's the same kind of mix of customers.

本季度我們同比增長 13%，我們認為我們今年和歐洲都會有合理的增長，這是同一種客戶組合。

We're seeing web-scale folks moving into Europe, trying to grow their business there and we're well-positioned with that because of our relationships with most of the European carriers and their various flavors, and also the submarine business, particularly Transatlantic.

我們看到網絡規模的人進入歐洲，試圖在那裡發展他們的業務，我們在這方面處於有利地位，因為我們與大多數歐洲航空公司及其各種風格的關係，以及潛艇業務，特別是跨大西洋業務.

So we see the dynamics there as being way more positive for us than this time last year.

因此，我們認為那裡的動態對我們來說比去年這個時候要積極得多。

We're pleased with our progress and I think we're at the point where we're beginning to actually take market share back from where it was.

我們對我們的進展感到滿意，我認為我們正處於開始實際奪回市場份額的地步。

Thanks again.

再次感謝。

Meta Marshall, Morgan Stanley.

元馬歇爾，摩根士丹利。

I wanted to ask two quick questions.

我想問兩個簡單的問題。

The first was just the step-down in the consulting and network design revenues for the quarter, I just wanted to see that kind of normal seasonality where there are certain projects that were finishing up?

首先是本季度諮詢和網絡設計收入的下降，我只是想看看某些項目正在完成的正常季節性？

And then the second was just touching base on LatAm ; other vendors have notice softness in that region, but is that something you were picking up on as well or were there some projects wrapping up that contributed to the downturn?

然後第二個只是觸及 LatAm 的基地；其他供應商已經註意到該地區的疲軟，但你是否也注意到了這一點，或者是否有一些項目結束導致了經濟低迷？

Thank you.

謝謝。

Yes, on the services side, Meta, there's always timing involved when projects get recognized when they get completed.

是的，在服務方面，Meta，當項目完成時得到認可總是涉及時間。

And so we're not seeing really any change, fundamental change in that services business.

因此，我們沒有看到該服務業務真正發生任何變化，根本性變化。

On the LatAm side, as you alluded, I think we've seen some downtick in there that we kind of predicted.

在 LatAm 方面，正如你提到的，我認為我們已經看到了我們預測的一些下滑。

We've had two or three years of fabulous growth there and penetration of the market.

我們在那裡有兩三年的驚人增長和市場滲透。

I think specifically in Brazil, you've seen a quieting down of the investment, really, based on big build-outs in infrastructure around the Olympics and the World Cup, the World Soccer Cup and I think you've seen a bit of a tail-end of that.

我認為特別是在巴西，你已經看到投資放緩，真的，基於奧運會和世界杯、世界杯期間基礎設施的大規模建設，我認為你已經看到了一些那個的尾端。

Overall, I think in terms of market share, I think we're doing well there, particularly in places like Mexico, but I do think after the extraordinary growth, frankly, over the last two to three years; it's going to be a quieter year this year.

總的來說，我認為就市場份額而言，我認為我們在那裡做得很好，特別是在墨西哥這樣的地方，但坦率地說，我確實認為在過去兩到三年的非凡增長之後；今年將是安靜的一年。

It is kind of what we expected.

這是我們所期望的。

Great.

偉大的。

Thank you.

謝謝。

Jeff Kvaal, Nomura.

傑夫·克瓦爾，野村證券。

I was wondering if you could help us parse through the web-scale bit a little bit.

我想知道您是否可以幫助我們稍微分析一下網絡規模。

It sounds as though you had a pretty impressive customer roster in the past quarter and yet web-scale was still in the 5% to 10% of sales range and where it did end, with the exception of one quarter, a few quarters ago.

聽起來好像你在過去一個季度有一個非常令人印象深刻的客戶名單，但網絡規模仍然在銷售範圍的 5% 到 10% 並且它確實結束了，除了一個季度，幾個季度前。

And then secondly, it sounds like there's another new customer that you were adding for the April quarter.

其次，聽起來您在 4 月季度增加了另一個新客戶。

Should we be thinking that, that is in your guidance for the upcoming quarter?

我們是否應該考慮，這是您對下一季度的指導？

Will that help us get out of that 5% to 10% range that you've been stuck in for a long time?

這會幫助我們擺脫您長期陷入的 5% 到 10% 的範圍嗎？

Thanks.

謝謝。

Let me try and add a little more color to it.

讓我嘗試為它添加更多顏色。

And I caution folks around this sort of 5% to 10%.

我提醒人們大約有 5% 到 10%。

As Jim said, we try and break that out just for transparency and to give you some indication around it.

正如 Jim 所說，我們嘗試打破它只是為了透明，並為您提供一些相關指示。

Increasingly, our engagements with these web folks go through other channels.

我們越來越多地通過其他渠道與這些網絡用戶進行互動。

That's really the point.

這才是真正的重點。

They're both carriers and to some extent, some of the integrators and the folks that own the dark fiber.

他們既是運營商，在某種程度上也是一些集成商和擁有暗光纖的人。

And so and it's more difficult for us to pull that out but I will tell you it is a very strong growth driver across our business.

因此，我們更難把它拉出來，但我會告訴你，這是我們整個業務的一個非常強大的增長動力。

The direct relationships that we have has continued to grow as the business does; I would expect some quarters where you're going to see greater than 10%, direct engagement with them, depending on their particular model.

我們擁有的直接關係隨著業務的發展而不斷發展；我預計在某些季度，您會看到超過 10% 的人直接與他們互動，具體取決於他們的特定模型。

But overall, the expansion comes through -- increasingly, as they go -- another way of thinking about this, increasingly as they get more and more international outside of North America, they have to go through other entities.

但總的來說，擴張是通過——越來越多地，隨著他們的發展——另一種思考方式，隨著他們在北美以外變得越來越國際化，他們必須通過其他實體。

That's really the point.

這才是真正的重點。

Because as you hit other regulatory environments, India being a great example; they can't really go direct in India.

因為當您遇到其他監管環境時，印度就是一個很好的例子；他們不能真正直接進入印度。

They have to go through a carrier that has the capacity.

他們必須通過有能力的承運人。

And so therefore, we will get the business; very often we have direct visibility into it and we're partnering with them.

因此，我們將獲得業務；我們經常可以直接了解它，並且我們正在與他們合作。

But the business does not come to us directly from them.

但業務並不是直接從他們那裡來找我們的。

And now we'll work on how to we try and quantify some of that a little bit more but the Metro is really how they get to their customers on their clouds.

現在我們將研究如何嘗試和量化其中的一些內容，但 Metro 確實是他們在雲上接觸客戶的方式。

And that increasingly is international.

這越來越國際化。

And it is increasingly through other carriers.

而且它越來越多地通過其他運營商。

And so that dynamic, I think, will continue but if we step back from all of this, these folks are really driving the overall global capacity.

因此，我認為這種動態將繼續下去，但如果我們從這一切中退一步，這些人確實在推動全球整體產能。

That's the point, whether it's direct or indirect or submarine or through a carrier in India, we've got visibility to, the point is these folks are really driving demand.

這就是重點，無論是直接的還是間接的，還是潛艇還是通過印度的航母，我們都知道，關鍵是這些人確實在推動需求。

And it's not just the main sort of five or six big players ; you've got international ICPs now coming into the picture.

而且它不僅僅是主要的五六個大玩家；您現在已經有了國際 ICP。

You've got the, what I would say, the smaller ICPs are now connecting up their data centers.

你已經知道了，我想說的是，較小的 ICP 現在正在連接他們的數據中心。

And you're seeing a much greater dynamic that's broader based.

你會看到一個基礎更廣泛的更大的動態。

And as you say, we have been above that 10% number a couple of times last year.

正如你所說，去年我們已經多次超過 10% 的數字。

Just to clarify the dynamic as well, the web-scale players often are the chooser of the technology provider even though they're not going to be buying direct.

還要澄清動態，網絡規模的玩家通常是技術提供商的選擇者，即使他們不會直接購買。

They strongly influence the choice of the optical vendor in many of the international engagements so we wouldn't count that as a direct sale, but in many ways, it's because they are influencing the choice of Ciena.

在許多國際交易中，它們對光學供應商的選擇產生了重大影響，因此我們不會將其視為直接銷售，但在許多方面，這是因為它們正在影響 Ciena 的選擇。

Thanks, guys.

多謝你們。

Jess Lubert, Wells Fargo Securities

Jess Lubert，富國銀行證券

First I was seeing data from the Ericsson partnership, how that's going?

首先，我看到了來自愛立信合作夥伴關係的數據，進展如何？

How material the growth driver that could be for the year?

今年的增長動力有多大？

And then secondly, it looks like the Packet Networking business had a really strong quarter so I was hoping you could help us understand the drivers there and if the performance was influenced by any large deals like Verizon?

其次，分組網絡業務似乎有一個非常強勁的季度，所以我希望你能幫助我們了解那裡的驅動因素，以及業績是否受到 Verizon 等大型交易的影響？

If it's more 8700 upgrades and to what extent you believe the momentum in that product category is likely to continue through the year?

如果是 8700 次升級，您認為該產品類別的勢頭可能會在今年持續到什麼程度？

Quickly on Ericsson.

快上愛立信。

We'll -- I think we're probably going to see a bit of growth out of Ericsson but they are not one of our major growth drivers for this year.

我們會——我認為我們可能會看到愛立信的一些增長，但它們並不是我們今年的主要增長動力之一。

The ICPs, clearly, the Metro, certainly; and internationally, particularly India, significantly outweighed the growth we expect from Ericsson in terms of our outlook for this year.

ICP，顯然，地鐵，當然；就我們今年的展望而言，在國際上，尤其是印度，大大超過了我們對愛立信的增長預期。

We still like the relationship; it's doing well.

我們仍然喜歡這種關係；它做得很好。

It's just not one of our big growth drivers this year.

這不是我們今年的主要增長動力之一。

The only thing I would add to that is the success we've had jointly with Ericsson and Telstra.

我唯一要補充的是我們與愛立信和澳洲電訊共同取得的成功。

I mean I think that's a multi-year win; you saw some of the publicity for that around Mobile World Congress.

我的意思是我認為這是多年的勝利；你在世界移動通信大會上看到了一些宣傳。

That really is a big win for both Ericsson and ourselves ; and that will be a growth driver for us over multiple years.

這對愛立信和我們自己來說都是一個巨大的勝利；這將成為我們多年的增長動力。

In terms of the Packet question, Jess, I think the 8700, particularly first platform of its type in the world, really, with that kind of tight convergence around the optical capability in addition to Packet.

關於 Packet 問題，Jess，我認為 8700，尤其是世界上同類平台中的第一個平台，除了 Packet 之外，還具有圍繞光學功能的那種緊密融合。

We're seeing very strong adoption of that, particularly as you roll out into things like 4G, in places like India; it's an ideal platform for that and I think that's contributing particularly to a lot of the dynamics that we're seeing.

我們看到這種技術得到了非常廣泛的採用，特別是當你在印度等地推出 4G 之類的東西時；這是一個理想的平台，我認為這特別有助於我們看到的許多動態。

In addition to a strong showing from the ethernet access piece which you sort of expect, but I think as carriers and Jim sort of alluded to this increasingly put capacity closer to the customer, driven by things like getting ready for 5G and putting fiber deeper in, I think we will continue to see good growth in our Packet portfolio.

除了您所期望的以太網接入件的強勁表現之外，我認為運營商和 Jim 都提到了這種越來越接近客戶的容量，這是由為 5G 做好準備和將光纖更深入地部署等因素驅動的，我認為我們將繼續看到我們的 Packet 產品組合的良好增長。

And that's really where we've targeted these kinds of platforms into that sort of access piece, as you drive fiber closer into the customers.

當您將光纖拉近客戶時，這就是我們將這些類型的平台定位到那種接入件的地方。

And I think that, that's pertinent both in the cable markets in North America and Europe and also as we see this dynamic around building out capacity for both 4G and in advance, ready for 5G.

而且我認為，這在北美和歐洲的有線電視市場都是相關的，而且我們看到這種圍繞 4G 和提前為 5G 準備好容量的動態。

We're already beginning to see that as a real dynamic.

我們已經開始將其視為真正的動力。

Thanks, guys.

多謝你們。

Stanley Kovler, Citi Research.

Stanley Kovler，花旗研究部。

Just wanted to see if you can comment on particularly the web-scale part of the business, where you're referencing that customer base is driving a lot of the technology decisions and is the driving force for the capacity build-outs.

只是想看看您是否可以特別評論業務的網絡規模部分，您在其中提到客戶群正在推動許多技術決策，並且是能力建設的驅動力。

What are you sensing from the standpoint of them pushing the industry more towards merchant silicon type of solutions?

從他們將行業更多地推向商用矽類型解決方案的角度來看，您有何感想？

And maybe you can go through your portfolio and how you're positioned from that perspective?

也許你可以通過你的投資組合以及你如何從這個角度定位？

And then just as a follow-up, I wanted to see if there's any impact that you're seeing from your customer base related to some of the mergers and acquisitions happening in the space in the telco world?

然後作為後續行動，我想看看您是否從您的客戶群中看到了與電信領域發生的一些併購相關的影響？

Thank you.

謝謝。

Sure, Stanley.

當然，斯坦利。

This is Steve Alexander.

這是史蒂夫·亞歷山大。

I'll give you some insights into what we see going on there.

我會給你一些關於我們在那裡看到的事情的見解。

You're right; they are certainly interested in exploring all of the different ways they can solve what they have in terms of access and transport architectures and such, so they tend to be very interested in what you term merchant silicon and such.

你說得對;他們當然有興趣探索所有不同的方法來解決他們在訪問和傳輸架構等方面的問題，因此他們往往對您所說的商業矽等非常感興趣。

The truth is everybody uses merchant silicon to build products and it's a matter of what you do on the system level, the other features you put around it that really make the difference.

事實上，每個人都使用商業芯片來構建產品，這取決於您在系統級別上所做的事情，以及您圍繞它放置的其他功能，這些功能真正發揮了作用。

And we've seen a continued desire for choice and openness in the marketplace.

我們已經看到市場對選擇和開放的持續渴望。

I mean, that's something we've supported since the founding of the Company, quite honestly.

我的意思是，老實說，這是我們自公司成立以來一直支持的事情。

And so we're responsive to those trends.

因此，我們對這些趨勢做出反應。

We participate in things like the Open Road initiative.

我們參與了諸如 Open Road initiative 之類的活動。

We're participating in things like TIP.

我們正在參與 TIP 之類的活動。

I mean we're engaged in that world ; we've helped create this effects for things like the CP to ACOs and you can expect that we're going to continue in those veins, right, where we see an opportunity to introduce the benefits of open architectures and increased choice, we're going to take advantage of that.

我的意思是我們參與了那個世界；我們已經幫助為 ACO 的 CP 等事物創造了這種效果，你可以期待我們將繼續沿著這些方向發展，對，我們看到了一個機會來介紹開放架構和增加選擇的好處，我們是打算利用這一點。

And on the M&A question, to this point, we haven't seen any slowdown or any other effect from the deals that have been announced and that's reasonably consistent with what we've seen in the past.

在併購問題上，到目前為止，我們還沒有看到已宣布的交易有任何放緩或任何其他影響，這與我們過去看到的情況相當一致。

I would say that we have been a winner in just about all of the combinations of our customers which have occurred.

我想說的是，我們幾乎在所有已發生的客戶組合中都是贏家。

And I think it's because once the customer is introduced to our Company, our technology, our services, the way we engage and we tend to be very sticky so we want, in cases where we were incumbent with the target, and we were in cases where we incumbent with the inquirer and hopefully, that will continue to be the case.

我認為這是因為一旦客戶被介紹給我們公司、我們的技術、我們的服務、我們參與的方式，我們往往會非常有粘性，所以我們希望，在我們有責任實現目標的情況下，我們在情況下我們有責任詢問者，希望情況會繼續如此。

The other thing I'd say about that is that we're a very broad-based, diverse business now and that's very, very deliberate on our part.

關於這一點，我要說的另一件事是，我們現在是一家基礎廣泛、多元化的企業，這對我們來說是非常、非常慎重的。

We're not a niche player who is providing a particular technology to a particular customer and got high concentration.

我們不是向特定客戶提供特定技術並高度集中的利基玩家。

We are much more diversified and so we're able to deal with the ebbs and flows of these kinds of things, much more easily than a lot of our competitors.

我們更加多元化，因此我們能夠處理此類事情的潮起潮落，比我們的許多競爭對手要容易得多。

Thank you.

謝謝。

Alex Henderson, Needham & Company.

Alex Henderson, Needham & Company。

I was hoping we could just get a couple of housekeeping.

我希望我們能得到一些家政服務。

Could you talk about the impact of currency was on the quarter?

您能談談貨幣對本季度的影響嗎？

And I don't think you gave a book to bill and I do have a follow-up.

而且我不認為你給了我一本書的賬單，我確實有後續行動。

Yes, we were -- on the book to bill, we were slightly less than our revenue in our quarter intake in the quarter but Q1, that's a strong quarter for us.

是的，我們是——在賬面上，我們在本季度的季度收入中略低於我們的收入，但第一季度，這對我們來說是一個強勁的季度。

Q1 is a quarter which spans holiday months and before budgets are set and so we were very pleased with our order intake in the quarter that was higher than our plan.

第一季度是一個跨越假期月份和預算設定之前的季度，因此我們對本季度的訂單量高於我們的計劃感到非常滿意。

The other question was --

另一個問題是——

The impact of currency.

貨幣的影響。

Currency was not a huge item for us in the quarter; I don't have a precise number.

在本季度，貨幣對我們來說不是一個大項目；我沒有確切的數字。

It's well -- it's in the low single digits in terms of our currency affected and then in terms of our expectations, we just didn't see a lot of movement this quarter.

很好 - 就我們受影響的貨幣而言，它處於低個位數，然後就我們的預期而言，我們本季度沒有看到太多變化。

So the question I wanted to ask was really on the way the pipeline is built when looking forward.

所以我想問的問題實際上是在展望未來時構建管道的方式。

Clearly, the December/January quarter is a -- somewhat of a lockdown for you.

顯然，12 月/1 月季度對您來說有點像鎖定。

You don't get a lot of business in there and you seem to have much better leverage to order flow and transactions in that quarter.

你在那裡沒有很多業務，而且你似乎對那個季度的訂單流和交易有更好的影響力。

Is it fair to characterize the pipeline of activity as accelerating even above normal seasonal patterns at this point?

在這一點上，將活動管道描述為甚至超過正常季節性模式的加速是否公平？

I think that's a fair characterization.

我認為這是一個公平的描述。

I think we're in a better position coming out of Q1 than we had anticipated.

我認為我們在第一季度的處境比我們預期的要好。

There's another way of expressing that, both in terms of hard data, i.e., orders backlog, et cetera, and on-site inventory and the customers that were recognized.

還有另一種表達方式，既可以是硬數據，即訂單積壓等，也可以是現場庫存和已識別的客戶。

And also in terms of the overall pipeline of expectation and customer engagement.

以及在期望和客戶參與的整體管道方面。

You put those two together and that's how we take visibility read and I think we're in a better position than, frankly, we thought we would be.

你把這兩者放在一起，這就是我們閱讀可見性的方式，我認為我們處於比坦率地說我們認為的更好的位置。

Great.

偉大的。

Thank you.

謝謝。

Tim Long, BMO Capital Markets.

BMO 資本市場的 Tim Long。

Jim, could we just -- excuse me, touch on the gross margin and maybe looking forward a little bit --

吉姆，我們可以 - 對不起，談談毛利率，也許有點期待 -

Tim, we're losing you.

提姆，我們要失去你了。

You are cutting in and out, Tim.

你正在切入和切出，蒂姆。

Tim, are you there?

蒂姆，你在嗎？

To break out of this mid-40%s range.

突破這個 40%s 的中間範圍。

Thank you.

謝謝。

Tim, I didn't get your full question but I think it was around gross margin where we are.

蒂姆，我沒有得到你的完整問題，但我認為這是關於我們目前的毛利率。

Here's what I'd say about our gross margin.

這就是我要說的關於我們的毛利率。

We've made a lot of progress, as we've said, over the last few years.

正如我們所說，在過去幾年裡，我們取得了很大進步。

We've gone from the low 40%s to mid-40%s.

我們已經從低 40%s 到中 40%s。

We believe that's where we are today.

我們相信這就是我們今天的處境。

Now, there's a lot of things that go into our gross margin.

現在，我們的毛利率有很多因素。

We have new deals that are going to be lower than corporate average in the early stages where we're putting out Photonics and Commons and that's a thing.

在我們推出 Photonics 和 Commons 的早期階段，我們的新交易將低於企業平均水平，這就是一件事。

We have -- as we move through time, and these deals become more mature in their rollouts and we're adding capacity, that tends to improve our margins.

我們有——隨著時間的推移，這些交易在推出時變得更加成熟，我們正在增加產能，這往往會提高我們的利潤率。

If we're attacking particularly internationally where we have to take incumbency from someone, that's going to cost us something.

如果我們特別是在國際上發起攻擊，而我們必須從某人那裡獲得任職權，那將使我們付出一些代價。

So there's a lot of things that impact our margin.

所以有很多事情會影響我們的利潤率。

I'm very pleased that if you go back over the past six years, we have grown.

我很高興如果你回顧過去六年，我們已經成長。

We have increased our market share and we have improved our gross margin.

我們增加了市場份額，提高了毛利率。

I think that's a heck of a performance and as we move forward in time, there are going to be fluctuations in our gross margin.

我認為這是一個很好的表現，隨著時間的推移，我們的毛利率將會出現波動。

I don't think we can get, in the near-term, above that mid-40%s range.

我不認為我們可以在短期內超過 40% 的中間範圍。

But hopefully, as we move through time, as software becomes more important, as Packet becomes more important, then I think we will be able to get above that mid-40%s.

但希望隨著時間的推移，隨著軟件變得越來越重要，隨著 Packet 變得越來越重要，我認為我們將能夠超過 40% 的中間值。

In fact, when we said we're going to get to 15% operating margin, as we've said, we have to improve from the mid-40%s by a little bit in order to get to that 15%, we believe.

事實上，當我們說我們將達到 15% 的營業利潤率時，正如我們所說的，我們必須從 40% 的中期提高一點點才能達到 15%，我們相信.

Thank you.

謝謝。

Catharine Trebnick, Dougherty.

凱瑟琳·特雷布尼克，多爾蒂。

I have a question more -- a clarification on Ericsson.

我還有一個問題——關於愛立信的澄清。

You said, Gary, that you'd been in over 10 years in India so is most of the Ericsson business more Telstra in Europe and less so in India?

加里，你說你在印度工作了 10 多年，所以愛立信的大部分業務在歐洲更多是 Telstra 而在印度更少嗎？

Yes, Catharine.

是的，凱瑟琳。

That's right.

這是正確的。

That's a good interpretation; in India, we've been direct.

這是一個很好的解釋；在印度，我們一直很直接。

Pretty much, we've got some local partners there.

差不多，我們在那裡有一些當地的合作夥伴。

But basically, we are direct in India.

但基本上，我們直接在印度。

And the vast, vast majority of the business that we see there is us engaging directly with carriers and other customers, their government, particularly as well.

我們看到的絕大多數業務都是直接與運營商和其他客戶，尤其是他們的政府打交道。

In our Telstra engagement is with exclusively with Ericsson and we partnered over the last couple of years into the Telstra network and that is purely with Ericsson.

在我們的 Telstra 中，我們只與愛立信合作，並且我們在過去幾年中合作進入了 Telstra 網絡，而這完全是與愛立信的合作。

And then follow-on on Blue Planet, I noticed that global -- the Australian Subsea Global Crossing, I forget the exact name of it, talked a lot in their -- in that press release about Blue Planet and subsea and why is that so important?

然後繼續關注藍色星球，我注意到全球——澳大利亞海底環球穿越，我忘記了它的確切名稱，在他們的新聞稿中談了很多關於藍色星球和海底的新聞稿，以及為什麼會這樣重要的？

A couple of thought leaders I've talked to indicated that was a big deal.

與我交談過的幾位思想領袖表示這很重要。

I mean you've seen that in a number of submarine engagements, Catharine, where we're actually deploying Blue Planet to manage both our equipment and other folks.

我的意思是你已經在許多潛艇交戰中看到了，凱瑟琳，我們實際上部署了 Blue Planet 來管理我們的設備和其他人。

Steve, do you want to --

史蒂夫，你想——

Catharine, a simple way to look at it, right, is the submarine cables open up, right?

凱瑟琳，簡單的看一下吧，海底電纜打通了嗎？

In other words, as you can procure the cable separately from the SLTE or if y you're in upgrade business, you find yourself needing to orchestrate different domains, right?

換句話說，由於您可以從 SLTE 單獨採購電纜，或者如果您從事升級業務，您會發現自己需要協調不同的域，對嗎？

One domain might be the cable infrastructure; another domain might be the SLTE.

一個領域可能是電纜基礎設施；另一個域可能是 SLTE。

The third domain might be the equipment you're using to derive, let's say, or create ethernet services.

第三個域可能是您用來派生（比方說）或創建以太網服務的設備。

So Blue Planet fits very well in that environment, right?

所以 Blue Planet 非常適合那種環境，對吧？

It can orchestrate amongst any one of those domains, so it fits very nicely.

它可以在這些域中的任何一個之間進行編排，因此非常適合。

All right.

好的。

Thank you.

謝謝。

Patrick Newton, Stifel.

帕特里克·牛頓，Stifel。

First on some data points we're seeing from component vendors.

首先是我們從組件供應商那裡看到的一些數據點。

I'm curious if you're seeing any easing of capacities -- capacity constraints or lead times and just understanding your comments that the Verizon rollout is in its early days and going well, we did see some component suppliers pointing to choppy trends currently.

我很好奇你是否看到產能有任何緩解——產能限製或交貨時間，並且只是理解你關於 Verizon 推出處於早期階段並且進展順利的評論，我們確實看到一些組件供應商指出目前的趨勢不穩定。

I'm just curious if the near-term ramp and what's baked into the April quarter guidance has been somewhat tamped down relative to expectations 90 days or even six months ago?

我只是好奇，相對於 90 天甚至六個月前的預期，近期的增長和 4 月季度指導中包含的內容是否有所降低？

I would say, overall, I think we're in a reasonable place from a supply-chain point of view around components that -- we're pretty vertically integrated so a note of caution.

我想說的是，總的來說，我認為從組件的供應鏈角度來看，我們處於一個合理的位置——我們非常垂直整合，因此請注意。

We're not maybe the best barometer overall of this but I would say that we're not, apart from one or two exceptions, which normal sort of ebbs and flows of things, we're in pretty good shape for going in through Q2 and into Q3.

我們可能不是整體上最好的晴雨表，但我想說我們不是，除了一兩個例外，這是正常的潮起潮落，我們在進入第二季度時處於非常好的狀態並進入第三季度。

There are so many things that affect the component vendors, it's hard -- I would say that it's -- I'd caution you about trying to read through on us their results.

影響組件供應商的因素太多了，這很難——我想說的是——我提醒你不要試圖通讀他們的結果。

China is a big deal for those guys and the ebbs and flows in China are going to impact their results and not have any impact on us because currently, we don't sell in China.

中國對那些人來說是一件大事，中國的潮起潮落將影響他們的業績，但對我們沒有任何影響，因為目前我們不在中國銷售。

And then on Verizon, any -- on the near-term guidance, has it been changed all relative to expectations a few months out?

然後在 Verizon 上，任何 - 關於近期指導，它是否都相對於幾個月後的預期發生了變化？

No.

不。

I think Verizon is going pretty much as per plan.

我認為 Verizon 正在按計劃進行。

We're executing well on it.

我們在這方面執行得很好。

I think, generally, I would say the financial community have a view of it being bigger earlier than we have.

我認為，一般來說，我會說金融界比我們更早地認為它會更大。

And I think that's sort of -- that's playing out.

而且我認為這有點 - 這正在發揮作用。

Listen, it's a very big deal across multiple years.

聽著，這是一件跨越多年的大事。

And we're just beginning that ramp.

我們才剛剛開始那個坡道。

It's a nice piece of business for us over many, many years.

多年來，這對我們來說是一項不錯的業務。

Great and then just -- thank you.

太好了，然後只是 - 謝謝。

Thank you.

謝謝。

We appreciate everybody's attention today.

感謝大家今天的關注。

We look forward to catching up with everyone over the next days and weeks.

我們期待在接下來的幾天和幾週內與大家見面。

Thanks, everyone.

感謝大家。

Ladies and gentlemen, thank you for your participation in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This concludes the program and you may now disconnect.

程序到此結束，您現在可以斷開連接了。

Everyone, have a good day.

大家，祝你有個美好的一天。