Ciena Corp (CIEN) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ciena Corporation Preliminary Fiscal Q1 2022 Financial Results Conference Call. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待。我是布倫特，今天將擔任本次電話會議的接線生。現在，我謹代表Ciena公司歡迎各位參加2022財年第一季初步財務業績電話會議。 （接線生操作說明）

It's now my pleasure to turn this call over to Mr. Gregg Lampf, Vice President of Investor Relations. Sir, please go ahead.

現在我很高興將電話轉交給投資者關係副總裁格雷格·蘭普夫先生。先生，請您發言。

Thank you, Brent. Thank you, everyone, for your attention today regarding the announcement of our preliminary financial results for our fiscal first quarter ended January 29, 2022. Our call today is scheduled for 45 minutes. On the call is Gary Smith, President and CEO; Jim Moylan, CFO; and Scott McFeely, Senior Vice President of Global Products and Services.

謝謝布倫特。感謝各位今天關注我們截至2022年1月29日的第一財季初步財務業績公告。今天的電話會議預計持續45分鐘。出席會議的有總裁兼執行長加里·史密斯、首席財務長吉姆·莫伊蘭以及全球產品和服務高級副總裁斯科特·麥克菲利。

We are providing this update on the spirit of transparency, sharing what we know today about our expected financial performance for the quarter. In addition to this morning's press release, we felt it would benefit investors to provide additional context for our expected financial results for Q1 and to describe, in greater detail, the specific reasons and contributing dynamics for today's announcement. Today's discussion includes certain adjusted or non-GAAP measures of Ciena's results of operations. A reconciliation of these non-GAAP measures to our GAAP results is included in today's press release.

本著透明的原則，我們發布此更新，與大家分享我們目前掌握的關於本季預期財務業績的資訊。除了今天早上發布的新聞稿外，我們認為有必要為投資者提供更多關於第一季度預期財務業績的背景信息，並更詳細地闡述今天發佈公告的具體原因和相關動態。今天的討論涉及Ciena公司部分經調整或非GAAP（非公認會計準則）的經營績效指標。這些非GAAP指標與GAAP績效的調節表已包含在今天的新聞稿中。

Before turning the call over to Gary, I'll remind you that during this call, we'll be making certain forward-looking statements. Such statements included in our expected quarterly results, annual guidance and long-term financial targets, discussion of market opportunities and strategy and commentary about the impact of COVID-19 and supply constraints are based on current expectations, forecasts and assumptions regarding the company and its markets, which includes risks and uncertainties that could cause actual results to differ materially from the statements discussed today. These statements should be viewed in the context of the risk factors detailed in our most recent 10-K filing and in our upcoming 10-Q filing, which is required to be filed with the SEC by March 10. We expect to file by that date.

在將電話轉交給Gary之前，我想提醒各位，本次電話會議中我們將做出一些前瞻性陳述。這些陳述包括我們對季度業績的預期、年度指引和長期財務目標的預測、對市場機會和策略的討論，以及對新冠疫情影響和供應限制的評論。這些陳述均基於我們對公司及其市場的當前預期、預測和假設，其中包含可能導致實際結果與今天討論的陳述有重大差異的風險和不確定性。這些陳述應結合我們最新提交的10-K文件以及即將提交的10-Q文件中詳述的風險因素進行解讀。 10-Q文件須於3月10日前提交給美國證券交易委員會（SEC）。我們預計將按時提交。

Ciena assumes no obligation to update the information discussed in this conference call, whether as a result of new information, future events or otherwise. We will open today's call to Q&A, focusing on the specific topics raised in our prepared remarks. Consistent with that, please also note that given the preliminary nature of today's announcement, we may not be able to fully address your questions today. On March 7, we look forward to discussing our complete Q1 results in more detail, including our GAAP results and the detailed reconciliation to those non-GAAP measures as well as our outlook for the fiscal second quarter. We're also planning to hold investor meetings at OFC on March 8 and 9. As in the past, we have reached out to the sell-side community for scheduling through [then]. We look forward to seeing many of you there.

Ciena不承擔因新資訊、未來事件或其他原因而更新本次電話會議中所討論資訊的義務。今天的電話會議將以問答環節開始，重點討論我們事先準備好的發言稿中提出的具體議題。同時，鑑於今天公告的初步性質，我們可能無法在今天完全解答您的問題。 3月7日，我們期待更詳細地討論我們完整的第一季業績，包括我們的GAAP業績以及與非GAAP指標的詳細調節表，以及我們對第二財季的展望。我們也計劃於3月8日和9日在OFC舉行投資者會議。與以往一樣，我們已與賣方機構聯繫，安排會議時間，截止日期為[此處填寫截止日期]。我們期待屆時與您相見。

With that, I'll turn the call over to Gary.

接下來，我將把電話交給加里。

Thanks, Gregg, and good morning, everyone. As you've seen from this morning's press release, we have announced preliminary financial results for fiscal Q1 as follows: Quarterly revenue in the range of $840 million to $850 million. Whilst this range reflects roughly 12% year-over-year growth at the midpoint, it is lower than our previous expectation of $870 million to $910 million. Adjusted gross margin for Q1 of 45% to 46% is at the high end of our previous guidance range and adjusted operating expense of approximately $290 million is in line with our previous guidance.

謝謝格雷格，大家早安。正如大家在今天早上的新聞稿中所看到的，我們公佈了第一財季的初步財務業績如下：季度營收預計在8.4億美元至8.5億美元之間。雖然這一區間的中位數反映了約12%的年成長，但低於我們先前預期的8.7億美元至9.1億美元。第一財季調整後的毛利率為45%至46%，處於我們先前預期範圍的高端；調整後的營運費用約為2.9億美元，與先前預期一致。

With respect to our Q1 revenue, we experienced two specific types of disruptions in the supply chain in the quarter. These occurred late in the quarter and served to exacerbate an already challenging macro supply situation. The first type of disruption included later-than-expected delivery of certain key components from a few suppliers, and the second type involves some third-party manufacturing disruptions that took capacity offline for a period of time.

就我們第一季的營收而言，本季供應鏈出現了兩種類型的中斷。這些中斷發生在季度末，加劇了本已嚴峻的宏觀供應情況。第一種中斷是部分供應商未能如預期交付某些關鍵零件，第二種中斷是部分第三方製造環節故障，導致產能暫時停產。

Ordinarily, we would have had the capability to successfully navigate through these challenges. However, as noted, these events manifested in the second half of the quarter, beginning roughly in late December and [continuing into] January. And they occurred against the backdrop of a challenged logistics environment that was worsened by the Omicron surge in our Q1, which further constrained production and logistics due to workforce shortages. As a result, we simply did not have the typical flexibility to fully mitigate these additional disruptions in the quarter.

通常情況下，我們有能力成功應對這些挑戰。然而，如前文所述，這些事件發生在下半季度，大致從12月下旬開始，一直持續到1月份。同時，物流環境本來就充滿挑戰，而第一季Omicron的激增更是雪上加霜，導致勞動力短缺，進一步限制了生產和物流。因此，我們根本沒有足夠的彈性來充分緩解本季這些額外的干擾。

In considering the impact of these dynamics, I think it's important to place them in proper context. We believe it is unlikely that the same set of circumstances that occurred in our Q1 and the specific timing of them within the quarter will occur in future quarters in the same manner and with the same results. Indeed, we already started to see the impact of these disruptions improve as we exited the quarter.

在考慮這些動態因素的影響時，我認為有必要將其置於適當的背景中。我們相信，第一季發生的類似情況及其具體時間點不太可能在未來的季度以相同的方式重現，並產生相同的結果。事實上，隨著第一季的結束，我們已經開始看到這些幹擾因素的影響有所緩解。

Additionally, investments we've been making in supply chain capacity will provide us greater flexibility for the remainder of the year. And importantly, these specific circumstances certainly do not reflect a shift in overall network demand dynamics, which remain extremely strong. And to that end, I want to speak in more detail about the demand environment, including some metrics about our quarterly order flow and backlog that we typically do not provide. I will also review some of the proactive steps we've taken with respect to supply that give us confidence about fiscal 2022.

此外，我們對供應鏈產能的投資將使我們在今年剩餘時間內擁有更大的靈活性。更重要的是，這些具體情況絕不反映整體網路需求動態的變化，需求依然非常強勁。為此，我想更詳細地談談需求環境，包括一些我們通常不提供的季度訂單流和積壓訂單指標。我也會回顧我們在供應方面採取的一些積極措施，這些措施讓我們對2022財年充滿信心。

Firstly, we continue to experience truly unprecedented levels of demand for our products and services, including extraordinary orders growth across key customer verticals and geographies. This growth is underpinned by an acceleration overall of cloud adoption and traffic growth as well as some demand catch-up and security of supply activity. With our fourth consecutive quarter of orders outpacing revenue, we are clearly benefiting from significant momentum and what is undeniably positive long-term secular demand. As a proof point to this, our book-to-bill ratio in Q1 was in excess of $2.5 million of our quarterly revenue. This ultimately resulted in significant backlog growth to more than $3 billion exiting the quarter, providing exceptional visibility for the full fiscal year as we now exit Q1.

首先，我們持續感受到前所未有的產品和服務需求，包括主要客戶垂直領域和地區的訂單量均實現了顯著成長。這一成長得益於雲端採用率和流量的全面加速成長，以及部分需求的追趕和供應保障措施的落實。訂單量連續第四個季度超過收入，這清楚地表明我們正受益於強勁的成長勢頭和無可否認的長期穩定需求。例如，第一季我們的訂單出貨比超過了季度營收的250萬美元。這最終導致積壓訂單大幅成長，季度末超過30億美元，為我們第一季末的整個財年提供了極佳的業績可視性。

Against the backdrop of that strong demand environment, the overall supply chain environment continues to be challenging as we all know. As we sit here today, we are not assuming any significant improvement in component lead times through the remainder of the year. With that in mind and roughly 9 months ago, we began to make considerable investments in the growth of our business, specifically, we increased our component purchases, inventory levels and manufacturing capability to establish sufficient capacity to support this increasing demand in the face of continuing extended lead times. We expect the majority of this increase in capacity to materialize in the second half of our fiscal year, positioning us for a stronger-than-typical second half, which you may recall is what we also delivered last year. As a result, we have greater visibility in supply and capacity coming online, which will facilitate more flexibility than we had in Q1.

在強勁的需求環境下，正如我們所知，整體供應鏈環境仍充滿挑戰。就目前而言，我們預計今年剩餘時間內零件交貨週期不會有顯著改善。有鑑於此，大約9個月前，我們開始對業務成長進行大量投資，具體而言，我們增加了零件採購、庫存水準和生產能力，以建立足夠的產能來應對不斷增長的需求，同時應對持續延長的交貨週期。我們預計大部分產能成長將在本財年下半年實現，這將使我們下半年的業績優於往年同期，您可能還記得，我們​​去年也實現了這一目標。因此，我們對供應和產能上線有了更清晰的了解，這將使我們比第一季擁有更大的靈活性。

In summary, we have built a much larger ship going forward. Overall, we are incredibly encouraged by the combination of a very positive demand environment, aligned with an increasing supply chain capacity and increased visibility into the remainder of the year based on our order flow and backlog. Together, they give us even greater confidence in our ability to achieve our fiscal 2022 financial objectives and grow market share.

總而言之，我們已經打造了一艘更大的巨輪，為未來發展奠定了基礎。整體而言，我們倍感鼓舞的是，當前市場需求環境十分積極，供應鏈產能不斷提升，並且基於訂單流和積壓訂單，我們對今年剩餘時間的前景更加清晰。這些因素共同增強了我們實現2022財年財務目標和擴大市場份額的信心。

Accordingly, we continue to expect our annual revenue guidance of 11% to 13% for FY'22. We, obviously, remain very enthusiastic about our opportunities to address increasing bandwidth needs, the shift to the cloud, and the focus on edge applications as well as digital transformation, and the growing need for network automation.

因此，我們仍預期2022財年的年度營收成長率為11%至13%。顯然，我們對滿足日益增長的頻寬需求、向雲端遷移、專注於邊緣應用以及數位轉型和日益增長的網路自動化需求等機會仍然充滿信心。

I also want to take this opportunity to thank the entire Ciena team for remaining focused and dedicated to our strong execution. The shared commitment to managing through supply chain challenges and supporting our customers is remarkable.

我還要藉此機會感謝Ciena團隊全體成員，感謝他們始終保持專注和敬業，確保我們高效執行各項任務。大家齊心協力應對供應鏈挑戰，並為客戶提供支持，這種精神令人欽佩。

With that, we'll now take questions related to today's announcements.

接下來，我們將回答與今天公告相關的問題。

(Operator Instructions) Your first question comes from the line of Simon Leopold with Raymond James.

（操作說明）你的第一個問題來自西蒙·利奧波德和雷蒙德·詹姆斯的系列。

I appreciate you guys doing the call today. So thinking about what we've heard from some of your suppliers, we knew that optical switching devices were constrained as far back as September, but it sounds like what was incremental from a component perspective was related to transmission products. I just want to understand if that's what you've experienced, particularly in this quarter?

感謝各位今天參加電話會議。考慮到我們從一些供應商那裡了解到的情況，我們早在九月就知道光開關元件供應緊張，但聽起來從組件角度來看，新增供應主要集中在傳輸產品上。我想了解一下，你們的情況是否也如此，尤其是在本季？

And the second thing I wanted to see if you could address is you've alluded to implementing some price increases. I wonder if you could give us an update on where you stand on that effort and if that's a factor that may be stimulating your customers to place orders before price increases?

其次，我想請您解答的第二個問題是，您之前提到要提價。我想了解一下提價工作的進度，以及這是否是促使顧客在提價前下單的原因之一？

Thanks, Simon. It's Scott. Thanks for joining. Let me take the first one, and then I'll ask with Gary to address the pricing one. On the supply side, Simon, the components we're talking about, I would classify as being in the category of semiconductors, ICs and memory devices, all of which would be sort of commercial low-value parts, "jelly bean" parts that have pretty broad applicability across our portfolio. Those arrived late. They were intended to arrive in late December. They were pushed by a couple of weeks. The quantity of components that was scheduled to arrive, did arrive and they were just too late to turn into finished goods in the quarter.

謝謝，西蒙。我是史考特。感謝你的參與。我先回答第一個問題，然後我會請加里來解答定價方面的問題。西蒙，關於供應方面，我們討論的這些組件，我將其歸類為半導體、集成電路和存儲器件，它們都屬於商業化的低價值元件，也就是我們產品組合中應用範圍很廣的“小零件”。這些元件到貨晚了。它們原本應該在12月底到貨，但延後了兩週。計畫到貨的元件數量確實到了，只是時間太晚，無法在本季內加工成成品。

And Simon, on the pricing, I'll describe it as ongoing. Discussions are going well. In terms of order stimulation, yes, I think there's probably some. I don't think that's particularly material. And given the size and scale of the order flow in Q1, I don't think that's a really material factor. And I don't think these discussions will have any material impact really on our financial performance, certainly in this year.

西蒙，關於定價，我只能說目前還在進行中。討論進展順利。至於訂單刺激方面，是的，我認為可能會有一些影響。但我認為這並不重要。考慮到第一季的訂單量，我認為這並非一個真正重要的因素。而且我認為這些討論不會對我們的財務表現產生任何實質影響，至少今年不會。

Your next question comes from the line of Paul Silverstein with Cowen.

你的下一個問題來自 Paul Silverstein 與 Cowen 的合作系列。

Gary, I heard the numbers in the commentary, sorry, but I have to ask, was there any demand weakness whatsoever in any aspect of the business? I recognized the backlog and order book was just not.

加里，我從評論中聽到了那些數字，抱歉，但我必須問一下，業務的任何方面是否存在任何需求疲軟的情況？我注意到積壓訂單和訂單量並沒有減少。

And separately, what was the manufacturing issue? Was that fully resolved? In Scott's comment, are you indicating that, that component issue, the components were delivered a bit late, but they have been delivered and that's being fully resolved?

另外，製造方面的問題具體是什麼？是否已完全解決？在斯科特的評論中，您的意思是說，零件的問題，零件交付稍晚，但現在已經交付，並且正在全面解決嗎？

Let me take the first part of that, Paul. And Scott can address the second question. On the demand side, no, I think we didn't see weakness anywhere. I'm thinking sort of geos, applications, product sets. It's really across the board, very strong demand. And I think it's a confluence of elements for sure. There's some catch-up in there. There's some security of supply, visibility. Some players are giving us full visibility for the year.

保羅，我先回答第一個問題。斯科特可以回答第二個問題。就需求方面而言，我認為我們沒有看到任何疲軟的跡象。我指的是各地區、應用領域和產品組合。實際上，所有領域的需求都非常強勁。我認為這肯定是多種因素共同作用的結果。其中存在一些追趕需求的情況。供應方面也較穩定，而且前景清晰。一些廠商已經向我們提供了全年的完整預測。

But I think as well, this is sort of underpinned by an increase in cloud adoption, both at the consumer level and at the enterprise level in the multi-cloud. I think we're seeing the sort of step function up in demand across the board. So I don't think there's any areas that I would think about as sort of weakness. It's very general and across the board.

但我認為，這在很大程度上也得益於雲端運算採用率的提高，無論是在消費者層面還是在多雲環境下的企業層面。我認為我們看到的是各方面需求的全面階躍式成長。因此，我不認為存在任何可以稱之為弱點的領域。這種增長非常普遍，涵蓋各個方面。

Yes. The one thing I'd say, Paul, is the single largest contributing factor in the quarter itself was the fact that a lot of our customers gave us visibility into their full year of demand. And they did that specifically because they wanted us to work on our supply chain to get it ready for this demand. But generally speaking, we now expect the full year to be higher in terms of orders than we did coming into the year. It doesn't affect our view on revenue because we still have to deliver all that. But we do expect higher orders this year than we thought we would have at the beginning of the year.

是的。保羅，我想說的是，本季業績成長的最大推動因素是，許多客戶提前告知了我們全年的需求預測。他們這樣做，正是希望我們優化供應鏈，以滿足這些需求。總的來說，我們現在預計全年訂單量將高於年初的預期。這不會影響我們對營收的預期，因為我們仍然需要交付所有訂單。但我們確實預期今年的訂單量將高於年初的預期。

And Paul, on your supply chain-related questions, on the components themselves, yes, they have all been delivered and they were delivered in quarter just too late in the quarter.

保羅，關於你提出的與供應鏈相關的問題，關於零件本身，是的，它們都已經交付了，而且是在本季度交付的，只是交付時間太晚了。

On the production disruptions, they added up to several days of production capacity, not exclusively, but partially related to Omicron staffing shortages. Really, in normal times, I would have said we could have mitigated either of those and possibly both of those. The fact that it happened late in the quarter, and we were swimming into an environment, both on the production and logistics side that was hampered by Omicron itself just made it a too-difficult task to recover in the quarter. By the way, both those supply component related items and the production related items are in the rear-view mirror.

關於生產中斷，累計造成了數天的產能損失，並非完全由Omicron公司人員短缺造成，但部分原因也與此有關。實際上，在正常情況下，我認為我們可以緩解其中一項或兩項問題。但由於這些問題發生在季度末，我們在生產和物流方面都面臨Omicron公司本身造成的困境，使得本季恢復生產變得異常困難。順便一提，無論是供應組件問題還是生產問題，都已經過去。

Your next question is from the line of Tim Long with Barclays.

你的下一個問題來自巴克萊銀行的提姆朗。

Yes, two quick ones, if I can. First, on the gross margin side, maybe Jim, narrowed that at the higher end. Could you go into a little bit more detail why that's happening? And is there anything to read into future quarters from that?

好的，如果可以的話，我想快速問兩個問題。首先，關於毛利率方面，吉姆可能縮小了高端毛利率的範圍。您能否詳細解釋一下這是為什麼？這是否預示著未來幾季的業績？

And then second, just following up on, Jim, your comment about orders this year being better than what you thought a few months ago. Obviously, backlog number is huge here. Maybe, Gary, talk a little bit about kind of the next few-year view, I'm assuming the overall view has to be more positive if you start looking into fiscal '23, '24. I know you don't want to go out that far, but maybe just at a high level, what you think of kind of industry market growth and your position in that as you look out a little bit further?

其次，吉姆，我想就你之前提到的今年訂單情況比幾個月前預期的要好這一點做個後續。顯然，積壓訂單數量非常龐大。蓋瑞，或許你可以談談未來幾年的展望，我猜如果你開始展望2023財年和2024財年，整體前景應該會更樂觀。我知道你不想展望那麼遠，但能否從宏觀層面談談你對產業市場成長以及公司在其中的地位的看法？

Yes. Tim, we'll go into all the detail about our gross margin when we do our call on March 7. I can say that we had a good mix of software and services in these results. And mix is always very important to our gross margin. Our expectation for gross margin for the year still is based on a 43% to 46% range. That's our view.

是的，提姆，我們會在3月7日的電話會議上詳細討論毛利率的情況。我可以透露的是，我們此次的業績中軟體和服務業務的組合相當不錯。而業務組合對我們的毛利率始終至關重要。我們預計全年毛利率仍維持在43%至46%的區間。這是我們的看法。

On the -- again, a similar kind of answer. Obviously, today, we wanted to address sort of the specific issues and it's still sort of early into the quarter. So talking about the '23 and '24 is probably a little premature for us. But I think what we're seeing overall as you sort of step back from it, we've had kind of 2 years of not-strong growth in the industry overall. And I think what you're seeing now is an increased adoption on cloud, both the consumer and enterprise level, the whole multi-cloud phenomenon, which really is all about getting higher capacity and bandwidth closer to the customer. That's really what all of that is, whether it manifests in 5G, in fiber speeds to the home, it's all really about getting greater capacity close to the customer.

關於這一點——答案也類似。顯然，今天我們想討論一些具體問題，而且現在還只是季度初。所以談2023年和2024年可能還為時過早。但我認為，從整體來看，過去兩年整個產業成長並不強勁。而現在我們看到的是，無論是消費者或企業，雲端技術的採用率都在提高，整個多雲現象正在興起，其本質是讓客戶更方便地獲得更高的容量和頻寬。無論是5G還是光纖到戶，所有這些的最終目的都是為了在客戶附近提供更大的容量。

And I think we're in for a period of very strong sort of secular demand over the next probably couple of years, so feel very good about that. And in terms of our order flow, Jim talked to some of the reasons for that, but it's great to get that visibility. But if you look at the midpoint of our guide here, it's 12% growth, which means it's pretty healthy from an industry point of view. Also means that we're going to be taking share again this year. And even with the Q1 that we had, which was disappointing to us in a little frustrating, given the issues that we face, we still grew 12% in the year-on-year as well. So I think we feel very good around the future of this space.

我認為未來幾年，市場需求將持續強勁成長，對此我們感到非常樂觀。關於訂單量，Jim 已經談到了一些原因，能夠了解這些資訊非常重要。我們預測的中點是 12% 的成長率，從產業角度來看，這是一個相當健康的成長態勢。這也意味著我們今年將再次擴大市場份額。即使考慮到我們面臨的一些問題，第一季的業績讓我們有些失望和沮喪，但我們仍然實現了 12% 的同比增長。因此，我們對這個領域的未來充滿信心。

Your next question is from Meta Marshall with Morgan Stanley.

你的下一個問題來自摩根士丹利的梅塔馬歇爾。

I just wanted to see from a customer standpoint, I would assume that they were having their own labor kind of shortages during the quarter. And so just whether this has delayed your pause and ability to get them as much supply as they needed probably combined with their own labor shortages, whether it just pushed back kind of their implementation plans? Or have there been any more meaningful changes to -- we're not going to do this implementation, we'll just do it 6, 9 months from now? I'm just trying to get a sense of is timing -- has timing just been pushed back? Or have there been any notable delays from any customers on any projects.

我只是想從客戶的角度了解一下狀況。我猜想他們本季也遇到了勞動力短缺的問題。所以，我想問的是，這是否影響了你們暫停專案以及向他們提供所需供應的能力？或許再加上他們自身的勞動力短缺，是否只是延後了他們實施的計畫？或者，是否發生了更實質的變化——例如，我們決定不實施這個計畫了，而是推遲6到9個月之後？我只是想了解一下時間安排——是時間被推遲了？還是說，任何客戶的任何專案都出現了明顯的延誤？

Meta, I just want to be really clear, the completely opposite of that is what we're seeing. We're seeing customers wanting equipment more and more and more. There is absolutely no customer delays at all. This was all about our ability to supply them. And customers would take -- if we could have greater capacity now, they would take more. That really is the dynamic. There's nothing around customer adoption or projects that's been delayed.

Meta，我只想澄清一點，我們看到的情況恰恰相反。客戶對設備的需求越來越高。客戶方面完全沒有出現任何延誤。這一切都取決於我們的供貨能力。如果我們現在能提供更大的產能，客戶的需求就會更大。這就是實際情況。客戶的需求量和專案進度都沒有受到影響。

I mean when we mentioned the logistics, it wasn't on the customer side, that was our ability to mitigate the lateness in the quarter. Typically, we would have put on more air flights, et cetera, that just wasn't available to us due to the staffing shortages, that's what we were referring to.

我的意思是，我們之前提到的物流問題，並非客戶方面的問題，而是我們本身應對季度延期的能力問題。通常情況下，我們會增加航班等等，但由於人力短缺，這些措施無法實施，這就是我們當時所指的情況。

Got it. No, the comment was just to say that I think everybody had staffing shortages for installation in kind of this last quarter period. And so just seeing if that kind of trickled through to customers, but it sounds like it didn't.

明白了。不，我只是想說，我覺得上個季度大家在安裝方面都面臨人手短缺的問題。所以我想看看這種情況會不會影響到客戶，但聽起來好像並沒有。

Your next question is from the line of Rod Hall with Goldman Sachs.

你的下一個問題來自高盛的羅德·霍爾。

I had a couple of backlog questions for you. The first one is the backlog growth, I think you called out backlog of $2.2 billion last quarter and now $3 billion. So let me get this straight. You just added about a quarter's worth of revenue backlog to $800 million. And I wanted to see whether you expect that backlog to work its way down by the end of this calendar year? Or are you expecting it to be roughly this level? I'm just kind of curious what the flow of that backlog through the next few quarters looks like to you.

我有一些關於積壓訂單的問題想問您。第一個是關於積壓訂單增長的，我記得您上個季度提到積壓訂單是22億美元，現在是30億美元。所以我想確認一下，您剛剛把相當於一個季度收入的積壓訂單增加到了8億美元。我想知道您是否預計到今年年底，這個積壓訂單會逐漸減少？還是預計會維持在這個水準？我只是好奇您覺得未來幾季積壓訂單的走勢會是怎麼樣的。

It is true. Our backlog is actually pretty much in excess of $3 billion. So we added more than a quarter's worth of revenue to our backlog. But remember that this is in large part because customers want to give us visibility into their demand. And we're seeing the duration of our backlog extended as compared to previous periods. In previous periods, a large proportion of our backlog would be drained in the next quarter. That's not happening now because people are giving us visibility into the longer-term orders view the supply chain situation. Is it still as constrained as it has been over the past 6 months or so? If that's the case, then yes, I think we will exit this year with a pretty significant backlog higher than we've seen in the past. And we'll just have to see how that goes.

沒錯。我們的積壓訂單實際上已經超過30億美元。也就是說，我們為積壓訂單增加了一個季度的收入。但請記住，這很大程度上是因為客戶希望我們了解他們的需求。而且，與以往相比，我們發現積壓訂單的持續時間有所延長。在以往，我們的大部分積壓訂單將在下一個季度完成。但現在情況並非如此，因為客戶希望我們了解更長期的訂單情況，並專注於供應鏈的現狀。供應鏈是否仍然像過去六個月左右那樣緊張？如果是這樣，那麼我認為今年年底我們的積壓訂單將遠遠超出以往水準。我們只能拭目以待了。

I guess Jim, would you expect that to be a lower number than it is now? Or -- some companies have told us that they expect their backlog to basically be unchanged from current levels as they exit the calendar year. And I don't know if you guys think the same or...

吉姆，你覺得這個數字會比現在低嗎？或者——有些公司告訴我們，他們預計到年底時，積壓訂單量將基本與目前水準持平。我不知道你們是不是也這麼認為…

I think it will totally depend upon customer behavior, Rod. Yes, as we go through this year, customers are still concerned about the supply chain situation and want to give us visibility into next year's demand, then we could see a flurry of orders in Q4 higher than we've seen in previous Q4. So I think it depends upon their behavior totally.

羅德，我認為這完全取決於客戶的行為。是的，今年以來，客戶仍然關注供應鏈狀況，並希望我們能夠預測明年的需求，因此我們可能會在第四季度看到訂單激增，高於往年同期水準。所以我認為這完全取決於他們的行為。

Your next question comes from the line of Fahad Najam with Loop Capital.

你的下一個問題來自 Loop Capital 的 Fahad Najam。

I had two questions. One, Gary, if I heard you correctly, it seems like most of your challenges that you had in the first quarter have been addressed and it's likely that in Q2, you're going to recover most of that shortfall. And if I layer in your comments about the second half being stronger, consistent with last year. It sounds to me that you are actually may be seeing more strength in your revenue outlook than 90 days ago. So that's one, if you can help me understand that dynamic.

我有兩個問題。第一，Gary，如果我理解沒錯的話，您第一季遇到的挑戰似乎大部分都已解決，而且第二季很可能彌補大部分缺口。再加上您之前提到下半年業績會比去年同期更強勁，聽起來您似乎比90天前更看好營收前景。所以，這是第一個問題，如果您能幫我理解這種動態就太好了。

And two for Jim, the question on backlog. Can you just give us an -- maybe some color on the duration. There's obviously backlog and duration are two factors that we need to understand. So how far out of a duration visibility do you have? Do you have full year, 1.5 years type of visibility? Can you just give us some more clarity there?

吉姆，還有兩個問題，關於積壓工作。你能給我們解釋一下——或許可以具體說說積壓工作的持續時間。顯然，積壓工作和持續時間是我們需要了解的兩個因素。那麼，你們對積壓工作的持續時間有多久的了解呢？你們能預測到一年還是一年半？能更詳細地說明一下嗎？

Let me take the first part of that, Fahad. Yes, we -- the issues that we had in Q1 were mitigated. And as Scott said, they actually were resolved before we got out of the quarter, but the timing was such that we couldn't take revenue on them. So yes, we've got a much stronger order flow than we had anticipated. But as Jim said, a lot of that dynamic is customers giving us visibility for the year. We've built a much bigger ship that comes online as we get into the second half from both the component and a manufacturing capacity perspective. But you think about what we've got to do in the second half to get to that 11% to 13%. That's also a big strong performance in the second half. Obviously, we've got great demand visibility for it, and we think we've got the capability, both from a component supply and manufacturing and logistics capacity to deliver on that. And that's really, I think, blended into our forecast and guidance for the year at 11% to 13%.

法哈德，讓我先回答第一部分。是的，我們——第一季遇到的問題已經得到緩解。正如斯科特所說，這些問題實際上在季度結束前就已經解決了，但時間上的原因導致我們無法確認相關收入。所以，是的，我們的訂單量比預期強勁得多。但正如吉姆所說，這很大程度上得益於客戶對全年業績的清晰預期。從零件和生產能力的角度來看，我們已經打造了一艘更大的巨輪，將在下半年投入使用。但想想看，為了實現11%到13%的成長目標，我們在下半年需要做些什麼。這在下半年也是相當強勁的業績。顯然，我們對這方面的需求非常有信心，而且我們認為，無論從零件供應、生產或物流能力來看，我們都有能力滿足這些需求。我認為，這些因素都已融入我們全年11%到13%的預測和指引中。

So I certainly wouldn't change the outlook on that right now. I just think we've got greater confidence given the fact that we've got this demand visibility, which is quite extraordinary. I would describe it as greater confidence, and we're certainly -- in the numbers that we're talking about here.

所以我現在肯定不會改變對這方面的看法。我只是覺得，鑑於我們現在對需求有瞭如此清晰的了解，我們更有信心了，這非常難得。我會用「更有信心」來形容，而且就我們目前討論的數據來看，我們確實更有信心了。

Jim, do you want to talk about that?

吉姆，你想談談這件事嗎？

Yes, on the backlog, a relatively small piece of our backlog is as a result of getting multiyear maintenance orders from some customers. That's a few hundred million dollars. The rest of it are products and services and software for -- with specific delivery dates. And in this case, just about -- almost all of the rest of our backlog specified delivery dates in this fiscal year. There is some that extend into next year, but most of it is in this year.

是的，在積壓訂單中，只有一小部分是由於一些客戶簽訂了多年維護訂單而產生的，金額大約幾億美元。其餘的訂單都是針對特定交貨日期的產品、服務和軟體。而且，幾乎所有剩餘的積壓訂單都已確定在本財政年度內交付。雖然有些訂單會延至明年，但大部分都在本財年內完成。

So we have sort of total visibility into our demand for the year. It gives us great confidence. But as Gary said, we still have to deliver these orders and the supply chain remains constrained. So that's what I'd say.

所以，我們對全年的需求狀況基本上了然於胸，這給了我們很大的信心。但正如加里所說，我們仍然需要交付這些訂單，而供應鏈仍然面臨瓶頸。這就是我想說的話。

Gary, if I can just follow-up on your response. So assuming that you made up for all of your lost revenue from 1Q in the second quarter. So then the second half outlook is just purely a function of how much capacity you can add and how quickly you can add and that's part of your guys' upside. I just want to make sure I understand the dynamic.

加里，我可以再補充一下你的回覆嗎？假設你們在第二季彌補了第一季的所有收入損失，那麼下半年的前景就完全取決於你們能增加多少產能以及增加的速度，而這正是你們的優勢所在。我只是想確認一下我理解的其中機制。

Yes. I wouldn't necessarily translate all of the revenue into Q2. We'll give guide. Obviously, we'll give guidance on that when we do our proper call. We just wanted to come out today and describe the issues in Q1, and we're very confident about the full year. But in terms of -- the thing I would caution on is we've built a much bigger ship in the second half, but we don't expect the actual delivery times on components to specifically improve in the second half.

是的。我不會把所有收入都直接計入第二季。我們會給出業績指引。顯然，我們會在正式的電話會議上給予具體指引。我們今天只是想說明第一季存在的問題，我們對全年業績非常有信心。但需要提醒的是——雖然我們在下半年打造了一艘更大的巨輪，但我們預計零件的實際交付時間在下半年不會有明顯改善。

So we've built a ship to deliver that 11% to 13% growth and to be able to withstand any of the normal challenges you get quarter-to-quarter and it give us some flexibility around that. So I think it's way too early to get -- to affect those numbers yet.

所以我們已經打造了一艘能夠實現11%到13%增長的“巨輪”，並且能夠應對每個季度都會遇到的各種挑戰，這給了我們一定的靈活性。因此，我認為現在就對這些數字產生影響還為時過早。

Your next question comes from the line of Samik Chatterjee with JPMorgan.

你的下一個問題來自摩根大通的 Samik Chatterjee。

I have a quick one. I know you mentioned you started doing some work in securing supply and sort of good longer purchase commitment starting last year at [sale], which you expect to bear fruit in the second half. Now just given the disruption that you had and what's got referred to as sort of more standard jelly bean components, are you now taking a different approach to these components? Does that increase the cost of doing business? Or has an impact on gross margin longer term as you think about it? And is there then a need to sort of price that incrementally with your customers? If you can help me think through that.

我有個問題想問一下。我知道您提到從去年[銷售季]開始，您一直在努力確保供應，並爭取更長期的採購承諾，預計下半年會有成效。鑑於您之前遇到的供應中斷，以及您提到的那些所謂的“標準軟糖組件”，您現在是否對這些組件採取了不同的策略？這會增加營運成本嗎？或者從長遠來看，這會影響毛利率嗎？那麼，是否需要對客戶進行價格調整呢？如果您能幫我分析一下這些問題，那就太好了。

I'd say the answer to that is no. We -- what's happened is that -- and it's happened over the last 6 months, is that lead times have extended and we've seen price increases. But all of that was factored into our guide that we gave for the year. We're not seeing incremental price increases from here. So no, we don't expect any different gross margin this year than we indicated earlier, which is 43% to 46%.

我認為答案是否定的。過去六個月的情況是，交貨週期延長，價格也隨之上漲。但所有這些因素都已納入我們今年的業績預期。我們預計價格不會再進一步上漲。因此，我們預計今年的毛利率不會與先前預測的43%至46%有任何不同。

Your next question comes from the line of Tim Savageaux with Northland Capital Markets.

你的下一個問題來自 Northland Capital Markets 的 Tim Savageaux。

A couple of questions. You had mentioned a couple of times now that the primary factor in driving the order strength in the backlog increase was kind of this customers getting in line a bit early. I wonder if I could ask you to be a little more specific about that. Is that 3 quarters of what you saw in terms of demand growth? It sounds like it's the majority.

我有幾個問題。您之前提到過幾次，訂單量成長的主要驅動因素是客戶提前下單。我想請您更具體地解釋一下。這是否佔您觀察到的需求成長的四分之三？聽起來好像佔了大部分。

And the follow-up would be any difference in customer behavior across segments? Specifically, are you seeing similar type of behavior from your cloud and carrier customers?

接下來要了解的是，不同客戶群之間的行為是否有差異？具體來說，您是否觀察到雲端客戶和營運商客戶的行為模式相似？

Tim, I would say that, as Jim said, I think a large portion of the stuff in Q1 was visibility for the year. But it is a little bit difficult to pass it up, to be honest. You've got sort of all this catch-up where a lot of carriers have run their networks very hot for the last 18 months or so. And you've got catch-up on both capacity. You've also got catch-up on network modernization. Many of the wins that we've had 18 months ago are now beginning to flow through as orders. And then you've also got this dynamic around security of supply. I'd say particularly amongst the North American carriers, where they're looking to secure supply chain. So you've definitely got that.

提姆，我想說，正如吉姆所說，我認為第一季的大部分工作都與全年的業績展望有關。但說實話，這確實很難讓人忽略。許多業者在過去18個月左右的時間裡都超負荷運轉網絡，現在需要進行一些追趕。我們需要在運能方面追趕，也需要進行網路現代化改造。我們18個月前贏得的許多項目現在開始轉化為訂單。此外，供應安全也是重要因素。我認為北美營運商尤其關注這一點，他們都在努力確保供應鏈安全。所以，這些因素確實存在。

Underpinning, sort of, all of that, then you've also got this step function, I think, in traffic growth as well from the expectation that folks had really by the adoption of the cloud in its various forms. So you've got all of those 3 elements in the part of the order flow. It's difficult to really parse all of that out and put sort of clear percentages on it.

支撐這一切的，還有流量成長的階躍式成長，我認為這源自於人們對各種形式雲端運算的廣泛應用所抱持的期望。因此，訂單流程中包含了這三個要素。要真正將它們全部梳理清楚，並給出明確的百分比，並非易事。

Having said that, I would say that Q1, we saw some very specific large carriers and also the web-scale folks looking to secure supply for the year. So we absolutely did see that. And you're obviously seeing all of the other demand characteristics around 5G now beginning to be a reality and building that out. You're seeing an increase again from all of the web-scale folks globally in terms of their data center build-outs. And I think the secular demand dynamics around all of this, I think, is very, very positive.

話雖如此，我想說的是，在第一季度，我們看到一些非常特定的大型營運商以及一些網路規模的企業都在尋求確保全年的供應。所以我們確實看到了這一點。而且，顯然，圍繞5G的其他所有需求特徵現在都開始成為現實，並且正在逐步建成。全球所有網路規模的企業都在增加資料中心建置。我認為，所有這些方面的長期需求動態都非常積極。

I think it's also a very strong event that our expectation for orders for this year is higher. Even with this pull forward [regional part] of certain customers, our expectation for orders is higher than it was at the beginning of the year.

我認為，今年訂單預期提高也是一個非常正面的訊號。即使部分客戶提前交付了部分區域訂單，我們對今年訂單的預期仍然高於年初的水平。

Jim, if I can squeeze a follow-up in on that. I mean to the extent that order expectation is higher, can you point to any particular customer segments or development driving that?

吉姆，如果可以的話，我想就此再問一個問題。我的意思是，如果訂單預期更高，您能否指出是哪些特定的客戶群或發展趨勢推動了這一現象？

Broadly based. Customer types and verticals, geographies, it's very broadly based.

覆蓋面廣。客戶類型、產業領域、地理範圍，涵蓋範圍非常廣。

(Operator Instructions) Your next question comes from the line of Jim Suva with Citigroup.

（操作員說明）您的下一個問題來自花旗集團的 Jim Suva。

I just have one question. And while you talked about the supply chain and kind of the push out to those orders, the bigger question I have is I'm still trying to grasp the impact to margins in the future. So if customers are giving you longer visibility and longer lead times and bookings and more visibility, are they locking in today's prices? Or are there some type of indexing that is? Because I assume that your suppliers and shipping costs and raw materials are all going higher. So is that going to be a margin headwind as we look further in the year? As you mentioned, the sales growth isn't impacted, but I'm more interested in the margin impact.

我只有一個問題。雖然您談到了供應鏈以及訂單的推進，但我更關心的是，這些因素對未來利潤率的影響。如果客戶給予更長的交貨期、更長的預付款和更高的訂單可見性，他們是否鎖定了當前的價格？或者是否存在某種價格指數？因為我假設供應商、運輸成本和原物料成本都在上漲。那麼，隨著年內業績的推進，這是否會對利潤率造成不利影響？正如您所說，銷售成長並未受到影響，但我更關注利潤率受到的影響。

Yes. On the cost side of that, Jim, we've been dealing with increased component costs and increased logistics costs for a period of time, and that's been factored into our guidance range for 2022. I'm not seeing an improvement, and I'm not seeing a deterioration of those.

是的。吉姆，就成本方面而言，我們一段時間以來一直在應對零件成本和物流成本的上漲，這些因素已經納入了我們2022年的業績預期。我既沒有看到情況好轉，也沒有看到情況惡化。

There are no further questions at this time. I will now turn the call back over to Mr. Gregg Lampf.

目前沒有其他問題了。現在我將把電話轉回給格雷格·蘭普夫先生。

Thank you, and thanks again, everyone, for joining us on short notice. We look forward to speaking with you again on March 7. And after a long period of time of not seeing people in person, and we're also looking forward to seeing you at OFC on March 8 and 9. Thank you. Have a good day.

謝謝大家，再次感謝各位在這麼短的時間內抽出時間來參加。我們期待在3月7日再次與大家交流。經過很長一段時間的久未見面，我們也期待在3月8日和9日的OFC上見到大家。謝謝。祝您一切順利。

Ladies and gentlemen, thank you for your participation. This concludes today's conference call. You may now disconnect.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束，您可以斷開連線了。