Ciena Corp (CIEN) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ciena Fiscal Q3 2021 Financial Results Conference Call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加Ciena公司2021財年第三季財務業績電話會議。 （操作說明）

I would now like to hand the conference over to your speaker today, Gregg Lampf. Thank you. Please go ahead.

現在我謹將會議交給今天的演講嘉賓格雷格·蘭普夫。謝謝。請開始吧。

Thank you, Stephanie. Good morning, and welcome to Ciena's 2021 Fiscal Third Quarter Results Conference Call. On the call today is Gary Smith, President and CEO; and Jim Moylan, CFO. Scott McFeely, our Senior Vice President of Global Products and Services, is also with us for Q&A.

謝謝Stephanie。早安，歡迎參加Ciena 2021財年第三季業績電話會議。今天出席會議的有總裁兼執行長Gary Smith和財務長Jim Moylan。全球產品與服務資深副總裁Scott McFeely也將參與問答環節。

In addition to this call and the press release, we have posted to the Investors section of our website an accompanying investor presentation that reflects this discussion as well as certain highlighted items from the quarter. Our comments today speak to our fiscal third quarter performance, our view on market dynamics as well as a discussion of our outlook for the fourth quarter.

除了本次電話會議和新聞稿之外，我們還在網站的投資者關係頁面發布了一份配套的投資者演示文稿，其中反映了本次討論的內容以及本季度的一些重點事項。我們今天的演講將涉及我們第三財季的業績表現、我們對市場動態的看法以及對第四財季的展望。

Today's discussion includes certain adjusted or non-GAAP measures of Ciena's results of operations. A detailed reconciliation of these non-GAAP measures to our GAAP results is included in today's press release. 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, including our quarterly and annual financial guidance, 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 include 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 September 9. We expect to file by that date.

今天的討論將涉及Ciena公司經營績效的某些調整後或非GAAP指標。這些非GAAP指標與GAAP績效的詳細調節表已包含在今天的新聞稿中。在將電話會議交給Gary之前，我想提醒各位，在本次電話會議中，我們將做出一些前瞻性陳述。這些陳述，包括我們的季度和年度財務指引、市場機會和策略討論以及關於COVID-19疫情影響和供應限制的評論，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存在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9月9日之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. As always, we will allow for as much Q&A as possible today. (Operator Instructions) This call is being recorded and will be available for replay on the Investors page of our website shortly.

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。我們將一如既往地盡可能地安排問答環節。 （操作說明）本次電話會議正在錄音，稍後將在我們網站的投資者關係頁面上提供回放。

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

接下來，我將把電話交給加里。

Thanks, Gregg, and good morning, everyone. The strong third quarter performance we reported this morning reflects a combination of our increasingly differentiated position in the marketplace and a robust demand environment. We delivered a record $988 million in revenue and a particularly strong gross margin that drove a 19.1% adjusted operating margin and a $0.92 adjusted earnings per share.

謝謝格雷格，大家早安。我們今天早上公佈的強勁第三季業績，反映了我們在市場中日益凸顯的差異化優勢以及強勁的市場需求。我們實現了創紀錄的9.88億美元營收，毛利率尤其強勁，推動調整後營業利潤率達到19.1%，調整後每股收益為0.92美元。

Overall, COVID-related challenges remain dynamic around the globe. But most of what we saw in the last several quarters is ameliorating. Importantly, the things we needed to happen in the market and for our business as we move through 2021 are materializing largely as predicted. Specifically, industry and economic conditions have improved noticeably. Service provider spend globally continues to improve, and our customers' network investments and operations are normalizing.

整體而言，全球與新冠疫情相關的挑戰依然瞬息萬變。但過去幾季的大部分情況都在好轉。重要的是，隨著我們邁入2021年，市場和業務方面需要發生的種種變化，基本上都如預期般逐步實現。具體而言，行業和經濟狀況已顯著改善。全球服務供應商的支出持續成長，客戶的網路投資和營運也逐漸恢復正常。

And we had strong order flow in Q3 and that outpaced revenue again. And this allows us to continue growing our backlog and positions us to deliver the stronger than typical uptick in our second half performance that we expected. Secular demand is very strong, and we are taking full advantage of our leading position to address the opportunities that are driving network investment, including: capacity adds to address bandwidth demand; the shift to the cloud with new architectures and network builds; intense focus on edge applications; and obviously, the need for network automation; as well as Huawei replacement opportunities.

第三季訂單量強勁，再次超過營收。這使我們能夠繼續擴大訂單儲備，並有望實現預期中下半年業績的強勁成長。長期需求非常旺盛，我們正充分利用自身領先地位，掌握推動網路投資的機遇，包括：增加容量以滿足頻寬需求；透過新架構和網路建設向雲端遷移；重點關注邊緣應用；以及網路自動化需求；還有華為設備替換帶來的機遇。

Within the strong demand environment, however, there remain global and industry-wide supply chain constraints. And as we have consistently proven, we have best-in-class ability to manage through this challenge and to deliver outcomes for our customers better than anyone else in our industry.

然而，在強勁的需求環境下，全球和整個產業的供應鏈仍存在限制因素。正如我們一直以來所證明的，我們擁有業內領先的能力來應對這些挑戰，並為客戶提供比業內任何其他公司都更優質的服務。

However, as we've said before, we are not immune, particularly if supply challenges persist. And as has been, I think, widely reported, conditions have somewhat deteriorated and are posing headwinds for Ciena, including difficulty to fully address demand. We have also seen some extension of our lead times and some increased costs. As we sit here today, we believe these challenges will likely persist through at least the middle of calendar '22.

然而，正如我們之前所說，我們並非置身事外，尤其是在供應挑戰持續存在的情況下。而且，正如許多媒體報導的那樣，情況已經有所惡化，為Ciena帶來了許多不利因素，包括難以完全滿足市場需求。我們也看到交貨週期有所延長，成本也有所增加。就目前而言，我們認為這些挑戰至少會持續到2022年中。

Moving to highlights from the quarter. Our competitive position remains strong, and we continue to take market share. With respect to innovation, we are investing across 3 key sectors: optical, where we are the world leader in optical systems and its associated technologies and we continue to drive our leadership in innovation and market share; routing and switching, where we are leveraging our optical expertise to offer a new architectural approach to disrupt the market with next-gen metro and edge use cases; and in software, where we are executing on and accelerating our automation strategy to digitize both service delivery and networking layers.

接下來是本季的亮點。我們的競爭地位依然強勁，市場佔有率持續成長。在創新方面，我們正集中投資於三大關鍵領域：光通信領域，我們是光系統及其相關技術的全球領導者，並將繼續鞏固我們在創新和市場份額方面的領先地位；路由和交換領域，我們正利用自身的光通信專業知識，提供一種全新的架構方案，以下一代城域網和邊緣計算應用場景和市場驅動領域，我們正在推進數字化和市場發展

In optical, we are clearly the undisputed 800-gig leader, having been in the market for 18 months. We have secured the vast majority of opportunities globally and are now approaching 20,000 modems shipped. In the quarter, we added 11 customers for WaveLogic 5 Extreme, including Bharti and Windstream, bringing our total count to 106 customers. In addition, WaveLogic 5 Nano, our 400ZR product is generally available and currently with several key customers as part of our certification and adoption process.

在光纖領域，我們憑藉18個月的市場經驗，穩居800Gbps市場領導者地位。我們已在全球拿下絕大多數訂單，目前數據機出貨量已接近2萬台。本季度，我們新增了11家WaveLogic 5 Extreme客戶，其中包括Bharti和Windstream，使我們的客戶總數達到106家。此外，我們的400ZR產品WaveLogic 5 Nano已正式上市，目前正與幾家重要客戶進行認證和推廣。

We are also excited about the opportunity in next-generation metro and edge, where we expect to significantly expand our total addressable market from about $13 billion total currently to roughly $22 billion over the next several years. New use cases and technology disruption has created an important insertion point within this space for our architectural approach.

我們對下一代城域網路和邊緣運算領域的機會也感到振奮，預計未來幾年內，我們的潛在市場規模將從目前的約130億美元大幅增長至約220億美元。新的應用場景和技術變革為我們的架構方法在該領域創造了重要的切入點。

And we have all of the critical elements required to win, including IP routing, switching, optics, automation software and professional services. And as many of you know, we've been laying the groundwork for expansion in this area for quite some time, including significant investments in both product development and our go-to-market resources.

我們擁有致勝所需的所有關鍵要素，包括IP路由、交換、光元件、自動化軟體和專業服務。如大家所知，我們在該領域開展業務拓展工作相當長一段時間，包括對產品研發和市場推廣資源的巨額投資。

And as you probably saw this morning, we announced an agreement with AT&T to acquire its Vyatta virtual routing and switching technology. Vyatta's technology and software engineering team will bring additional resources to our routing and switching R&D team to address the growing market opportunity that we see with Metro and edge use cases.

正如您今天早上可能看到的，我們宣布與AT&T達成協議，收購其Vyatta虛擬路由和交換技術。 Vyatta的技術和軟體工程團隊將為我們的路由和交換研發團隊帶來更多資源，以應對我們看到的城域網路和邊緣應用場景中不斷增長的市場機會。

This includes continued development of our adaptive IP capabilities, and that, in part, increases our exposure to certain 5G use cases. We also obviously look forward to extending our strategic relationship with AT&T by directly supporting this key piece of their network in their transformation journey.

這包括持續開發我們的自適應IP功能，而這在一定程度上增加了我們在某些​​5G應用場景中的機會。我們當然也期待透過直接支持AT&T網路轉型過程中這一關鍵環節，深化與AT&T的策略合作關係。

Overall, as customers seek out new architectural approaches and alternatives to the status quo, we've secured several significant architectural wins around the world for switching and routing. In fact, in Q3, we had 10 new wins for our routing and switching portfolio.

總體而言，隨著客戶尋求新的架構方案和替代方案，我們在全球贏得了多個重要的交換和路由架構專案。事實上，在第三季度，我們的路由和交換產品組合新增了 10 個項目。

And finally, our Blue Planet software business continues to enjoy strong momentum with our adaptive network vision that is well aligned to network operators' automation priorities. With increasing customer engagements, we continue to win new significant deals resulting in quarterly revenue growth of 47% year-over-year in Q3. We expect to deliver a strong fiscal 2021, therefore, for Blue Planet likely towards the high end of the $65 million to $75 million annual revenue range we previously provided.

最後，我們的Blue Planet軟體業務憑藉著與網路營運商自動化優先事項高度契合的自適應網路願景，繼續保持強勁成長勢頭。隨著客戶參與度的不斷提高，我們持續贏得新的重要訂單，第三季營收年增47%。因此，我們預計Blue Planet在2021財年將取得強勁業績，年營收可望達到先前預測的6,500萬美元至7,500萬美元區間的高端。

Shifting to overall diversification in our business across customers and regions, we had 3 10% customers in Q3, including 2 Tier 1 service providers and a web-scale customer. And highlighting our diversification, our top 10 customers in the quarter included 4 web-scale companies, 3 North American service providers, 1 international service provider, 1 MSO and a wholesale company.

為了實現業務在客戶和地區上的整體多元化，我們在第三季擁有3家佔比超過10%的客戶，其中包括2家一級服務供應商和1家網路規模客戶。為了進一步凸顯我們的多元化策略，本季前十大客戶包括4家網路規模公司、3家北美服務供應商、1家國際服務供應商、1家多系統營運商（MSO）和1家批發公司。

Nontelco revenue in the quarter was strong at 42%. Web-scale revenue specifically grew 24% sequentially in Q3, with direct DCI business contributing 25% of total Q3 revenue. Regionally, strength in EMEA continued driven by web-scale, growing more than 16% year-over-year. EMEA represents our fastest-growing region in the quarter and, in fact, year-to-date as well.

本季非電信業務營收表現強勁，成長 42%。其中，網路規模業務收入環比增長 24%，直接 DCI 業務貢獻了第三季總收入的 25%。從區域來看，歐洲、中東和非洲地區 (EMEA) 的成長動能依然強勁，主要得益於網路規模業務的推動，較去年同期成長超過 16%。 EMEA 不僅是本季成長最快的地區，也是今年迄今成長最快的地區。

In India, we continue to navigate through COVID challenges and make progress with revenue up 48% year-on-year and 26% year-to-date. And I think importantly, we are seeing investments by key customers for network upgrades in India as well as replacement of Huawei equipment.

在印度，我們持續應對新冠疫情帶來的挑戰，並取得了進展，營收年增48%，年初至今成長26%。我認為更重要的是，我們看到主要客戶正在加大對印度網路升級和華為設備的更換投資。

As I mentioned earlier, we are investing to capture ongoing secular demand for optical, routing and switching and network automation solutions and to considerably expand our addressable market over time really as the shift to the cloud continues, driving additional traffic growth and a greater need for network transformation. As a result, we are confident in our strong market position and in our ability to continue to outperform the industry.

正如我之前提到的，我們正在加大投資，以滿足市場對光纖、路由交換和網路自動化解決方案的持續增長的長期需求，並隨著向雲端遷移的不斷推進，逐步大幅擴大我們的目標市場。雲端遷移將推動流量成長，並帶來更大的網路轉型需求。因此，我們對自身強大的市場地位以及繼續超越行業平均水平的能力充滿信心。

With that, I'll turn it over to Jim. Jim?

這樣，我就把話筒交給吉姆了。吉姆？

Thank you, Gary. Good morning, everyone. We generated strong Q3 revenue at $988 million. Adjusted gross margin in the quarter was once again very good at 48.5%, reflecting a favorable customer and product mix as well as a high concentration of capacity adds versus new builds. More specifically, we are not yet monetizing the new design wins to the extent we originally expected for this time frame.

謝謝 Gary。大家早安。我們第三季營收強勁，達到 9.88 億美元。本季調整後毛利率再次表現出色，達到 48.5%，這得益於有利的客戶和產品組合，以及產能擴張相對於新建案的高比例。更具體地說，我們尚未像原計劃那樣，在這個時間段內實現新設計訂單的盈利。

Overall, we've been very pleased with the gross margins we have produced this year. They reflect the benefits of our scale and vertical integration as well as a lot of hard work in lowering unit costs of both our products and our services.

總體而言，我們對今年的毛利率非常滿意。這反映了我們規模和垂直整合帶來的優勢，以及我們在降低產品和服務單位成本方面付出的大量努力。

Adjusted operating expense in the quarter was $290 million. With respect to profitability measures, we demonstrated extraordinary operating leverage in Q3, including adjusted operating margin of 19.1%, adjusted net income of $145 million and adjusted EPS of $0.92.

本季調整後營業費用為2.9億美元。在獲利能力指標方面，我們第三季展現了卓越的經營槓桿效應，包括調整後營業利益率19.1%，調整後淨利1.45億美元，以及調整後每股收益0.92美元。

In addition, in the quarter, cash from operations was $69 million, free cash flow was $54 million and adjusted EBITDA was $214 million. We ended the quarter with approximately $1.5 billion in cash and investments. Also in Q3, we repurchased approximately 483,000 shares for $26.2 million.

此外，本季經營活動產生的現金流量為6,900萬美元，自由現金流為5,400萬美元，調整後EBITDA為2.14億美元。季度末，我們持有約15億美元的現金和投資。第三季度，我們也回購了約48.3萬股股票，總額為2,620萬美元。

Turning now to guidance. As Gary stated, the demand environment is very strong. This was reflected not just in our Q3 revenue that was well above the high end of our guidance but also in our strong order flow in Q3 and an increased backlog. At the same time, global supply chain conditions have deteriorated, and we've always said that we would not be immune if those challenges persist or especially if they worsen.

現在談談業績展望。正如Gary所說，市場需求非常強勁。這不僅體現在我們第三季營收遠超預期上限，也體現在我們第三季強勁的訂單量和不斷成長的積壓訂單上。同時，全球供應鏈狀況惡化，我們一直強調，如果這些挑戰持續存在，尤其是進一步惡化，我們將無法置身事外。

Taking these factors into consideration, we expect to deliver revenue in a range of $1.00 billion to $1.04 billion in Q4. At the midpoint of this guidance range, our revenue growth from the first half to the second half of fiscal '21 would be approximately 26%. This would be a very strong second half performance, in line with the stronger-than-typical second half uptick that we forecast since the beginning of the year.

綜合考慮以上因素，我們預計第四季營收將在10億美元至10.4億美元之間。以此預期範圍的中位數計算，2021財年上半年至下半年的營收成長率約為26%。這將是一個非常強勁的下半年業績，與我們年初以來預測的下半年業績將高於往年同期水準的成長相符。

Also at the guide midpoint, we will deliver revenue growth for the year at just under 2%, above the midpoint of our revenue guide for the year. For adjusted gross margin in Q4, we expect a range of 45% to 47%. This reflects our expectation for more monetization of new wins as well as some impact of supply chain constraints.

此外，根據績效指引的中位數，我們預期全年營收成長略低於2%，高於先前全年營收指引的中位數。第四季調整後毛利率預計在45%至47%之間。這反映了我們對新訂單更多變現的預期，以及供應鏈限制帶來的一定影響。

And finally, in Q4, we expect adjusted operating expense to be in the range of $295 million to $305 million, slightly higher than expected. Our order flow is well above our plan as is our operating income, and this will result in higher variable compensation levels in Q4.

最後，我們預期第四季調整後營運支出將在2.95億美元至3.05億美元之間，略高於預期。我們的訂單量和營業收入均遠超過計劃，這將導致第四季度浮動薪酬水準上升。

As always, we expect to provide detail about next fiscal year when we report our Q4 results in December. What I will say is that we are confident in a strong performance in fiscal year '22 even when factoring in supply constraints. As we have over a long period of time, we believe that we will outperform our competitors in both market share and financial results. Our technology leadership position, our expectations for continued strong demand environment and a very solid backlog going into next year will enable us to continue the momentum we have developed.

與往年一樣，我們將在12月公佈第四季度業績時提供下一財年的詳細資訊。我可以透露的是，即使考慮到供應限制，我們對2022財年的強勁業績也充滿信心。正如我們長期以來所做的那樣，我們相信我們將在市場份額和財務表現方面都超越競爭對手。我們的技術領先地位、對持續強勁需求環境的預期以及明年非常穩健的訂單儲備，將使我們能夠延續目前的發展勢頭。

Before we move to Q&A, I'm going to hand it back over to Gary for some closing remarks. Gary?

在進入問答環節之前，我先把麥克風交給加里，請他做些總結發言。加里？

Thanks, Jim. I'd just like to give a brief update on our new ESG effort recently underway with our partner, Digital Promise. With the return to school in many parts of the world, we're excited to launch the Ciena Solutions Challenge, which invites middle and high school students around the world to design solutions that can address sustainable development goals within their local communities. This program, focused on computational thinking and digital skills, is one of several programs within our digital inclusion commitment. To learn more about our programs like this and what Ciena is doing to help create a more sustainable and connected future, I'd encourage our shareholders and others interested to check our recently published sustainability report on our website.

謝謝吉姆。我想簡單介紹一下我們最近與合作夥伴 Digital Promise 共同開展的 ESG（環境、社會和治理）新措施。隨著世界許多地區學校的複課，我們很高興推出 Ciena 解決方案挑戰賽，邀請全球初高中學生設計能夠幫助當地社區實現永續發展目標的解決方案。該專案專注於計算思維和數位技能，是我們致力於數位包容性計劃中的多個項目之一。為了更深入了解此類專案以及 Ciena 為建立更永續、更互聯的未來所做的努力，我建議我們的股東和其他有興趣的人士造訪我們的網站，查看我們近期發布的永續發展報告。

With that, operator, we'll now turn questions from -- over to the sell-side analysts. Thank you.

好了，接線員，現在我們將把提問環節交給賣方分析師。謝謝。

(Operator Instructions) Your first question comes from the line of Tal Liani with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Tal Liani 線路。

I want to ask about the verticals. And if you can speak about -- I understand there is strength in orders. Can you tie it with what kind of projects do you see that are being forward now? What is the underlying service that carriers and clouds are offering that necessitate the investment cycle now?

我想問一下垂直行業的情況。如果您能談談訂單方面的情況就更好了——我了解到訂單量很強勁。您能否將此與您目前看到的正在推進的項目類型聯繫起來？營運商和雲端服務商提供的哪些底層服務才需要目前的投資週期？

Thanks, Tal. I mean I would say that from a vertical point of view, we're pretty much seeing solid demand across most -- pretty much most of the verticals. I would say it's a combination, a sort of confluence of catch up on capacity. They've not -- the operational caution that has been around for the last sort of 12 months or so, so catching up on capacity. Also modernization of the networks and architectures particularly around the kind of metro edge, facilitating 5G, et cetera, are also now ameliorating. And people are investing and delivering operationally, coupled with I think the increase in demand is the adoption for the cloud has basically accelerated over the last 12 months.

謝謝，Tal。我的意思是，從垂直行業的角度來看，我們看到幾乎所有垂直行業的需求都很強勁。我認為這是多種因素共同作用的結果，一方面是產能追趕，另一方面是過去一年左右運營上的謹慎態度，以及網絡和架構的現代化，特別是城域邊緣網絡、5G 等技術的現代化，這些都在逐步改善。人們在營運方面也進行投資和交付，再加上過去一年來雲端運算的採用速度顯著加快，這些因素共同促成了需求的成長。

So you've got those 3 dynamics in play. And really, I'd say the overall application is to drive greater capacity at the edge of the network for all of the sort of cloud applications that are well understood.

所以，這三種因素都在發揮作用。實際上，我認為其整體應用目標是提升網路邊緣的容量，以支援所有已被廣泛理解的雲端應用。

And Gary, can you talk about visibility? Earlier in the year, you had different kind of visibility. Now you sound a lot better. Does it mean that you have greater visibility into next year?

加里，你能談談知名度嗎？今年早些時候，你的知名度和現在不太一樣。現在你的狀態好多了。這是否意味著你對明年的發展前景更樂觀？

Yes. If you define visibility and order backlog, which is a key part of that, I think the answer to that is absolutely yes. When we went into this year, there was a considerable amount of uncertainty. We saw a great deal of caution from the carriers, both operationally and fiscally. I think we have seen that ameliorate as we thought it would.

是的。如果你定義了「可見性」和「訂單積壓」（這是關鍵所在），我認為答案絕對是肯定的。今年年初，存在著相當大的不確定性。我們看到承運商在營運和財務方面都非常謹慎。我認為這種情況已經如我們預期的那樣有所緩解。

But as Jim said, that's resulted in a pretty significant uptick in our second half, 26% growth in the midpoint of our guide here. And I think that bodes well for '22. I think we're going to have a strong '22. Obviously, it's a little early for us to talk about that, and we'll talk about that next quarter. But I think we're -- we've got better visibility now absolutely than we had when we started the year. And I think the overall dynamics of demand, I think, are very, very positive going forward.

正如吉姆所說，這導致我們下半年業績顯著成長，我們預測中位數成長了26%。我認為這對2022年來說是個好兆頭。我認為2022年我們會表現強勁。當然，現在談論這個還為時過早，我們會在下個季度討論這個問題。但我認為，我們現在對未來的前景比年初時更加清晰。而且我認為，未來整體需求動態將會非常非常正面。

Your next question comes from the line of Simon Leopold with Raymond James.

你的下一個問題源自於西蒙·利奧波德和雷蒙·詹姆斯的著作。

I wanted to see if we could discuss a little bit about how you see your gross margin trending. And I'm not asking specifically about the October quarter, but when you consider your order trends -- and what I'm struggling with here is it sounds like you've got pushouts of the new footprint expansion, which should be dilutive to gross margin. But I also suspect you've got a good order book on the routing and switching segment, which I imagine is accretive to gross margin. Help us understand the puts and takes, please?

我想和您探討一下您對毛利率走勢的看法。我並非特別指十月份的季度，而是想了解您的訂單趨勢——我目前比較困惑的是，聽起來您新業務擴張的訂單有所延遲，這應該會稀釋毛利率。但我同時也認為您在路由和交換業務方面的訂單情況良好，這應該會提升毛利率。請您幫我們分析其中的優缺點。

Sure. I'm going to take you back, Simon, to pre-COVID days, just to remind you of what we said. What we said then was we believed that our run rate for gross margin was in the mid-45 -- mid-40s. And that included a reasonable amount of new builds.

當然。西蒙，我帶你回到疫情前的日子，提醒你我們當時說的話。我們當時認為，我們的毛利率運轉率應該在40%到45%之間。而且這其中還包括相當數量的新項目。

We also said, as we started COVID, that for the next several quarters, we would enjoy a higher than that -- higher than mid-40s gross margin because we would not have the level of new builds in our revenue stack. That's exactly how this has played out. We actually were experiencing a good level of capacity adds, which are, of course, accretive. We've done pretty well on software, and we're doing pretty well on routing and switching.

我們在新冠疫情初期就說過，未來幾季我們的毛利率會高於40%左右，因為我們的收入結構中新增項目數量將會減少。事實也的確如此。實際上，我們新增的容量相當可觀，這當然會帶來利潤成長。我們在軟體方面表現相當不錯，路由和交換業務也進展順利。

So all of those things are impacting our gross margin as we have come through COVID. I would not say anything differently about what I think our gross margin is going to be once we get to the expected levels of new builds in our revenue stack, which is -- it's going to happen. We see that finally in our order book, and it's going to start hitting our revenue stack as we move into next year.

因此，所有這些因素都對我們的毛利率產生了影響，尤其是在我們應對新冠疫情期間。但我認為，一旦我們的新項目數量達到預期水平，毛利率就會有所改善——而這終將實現。我們已經從訂單簿中看到了這一點，隨著我們進入明年，這些項目將開始對我們的收入結構產生影響。

Now we also have the supply chain, which has impacted our fourth quarter. In fact, our fourth quarter guide, which is 45% to 47% does have a fair amount of expected premium cost in getting material for hitting our expectations for revenue. So that's what I'd say. I'd say we're going to be, we think, 45% to 47%, Q4. As we enter next year, it depends upon how much of the new wins are in our revenue stack and what the cost of the supply chain generate, but that's the expectation as we sit here today.

現在，供應鏈也對我們第四季的業績產生了影響。事實上，我們第四季的業績預期是45%到47%，這其中包含了相當一部分為了達到營收預期而採購原物料的預期溢價。所以，我的看法是，我們預期第四季的業績將達到45%到47%。進入明年，具體情況取決於新訂單對我們營收結構的影響程度以及供應鏈成本的變化，但這是我們目前的預期。

As I said, though, we've been very pleased with our gross margin performance. We've done a lot of work to take costs out of both products and services. We have scale. We have vertical integration. All of those things have helped us, and we're very pleased with what we've done so far this year.

正如我所說，我們對毛利率表現非常滿意。我們做了很多工作來降低產品和服務的成本。我們擁有規模優勢，也實現了垂直整合。所有這些因素都對我們有所幫助，我們對今年迄今為止的成績非常滿意。

And just as a follow-up, I'd appreciate an update on the opportunities for Huawei swaps. I know you've counseled the investment community to be patient, but I want to sort of reflect on what's different versus your prior earnings call, whether you've seen some evidence. You did mention some India traction, but appreciate an update on the Huawei opportunity.

另外，我想了解華為互換交易的最新進展。我知道您建議投資界保持耐心，但我想了解一下與您上次財報電話會議相比，情況有何不同，您是否看到了一些新的跡象。您確實提到了印度市場的一些進展，但我很想了解華為互換交易的最新情況。

Yes, Simon, I don't think anything has appreciably changed. As we've said, we've seen this dynamic for a while, and it is clearly a multiyear tailwind in its infrastructure. These things take time and those decisions take time, and then to execute on that, either cap and grow or migrate traffic operationally is very, very -- it's a big undertaking by the carriers. But it's underway.

是的，西蒙，我認為情況並沒有實質的變化。正如我們之前所說，這種趨勢已經持續一段時間了，而且很明顯，這股順風將持續多年，推動其基礎設施的完善。這些都需要時間，做出這些決定也需要時間，而要真正落實這些決定，無論是限制和成長流量，還是在營運層面遷移流量，對營運商來說都是一項非常艱鉅的任務。但這項工作正在進行中。

And I would say to your point about India, the one sort of exception to that is, generally, the 2 areas here are Europe and India, with a few other countries in Asia. India, I would say, in the last sort of 6 months has accelerated that move. And they are actively replacing Huawei networks in India, and we've certainly been the beneficiary of that.

關於您提到的印度，我想說，唯一的例外情況是，通常來說，這裡提到的兩個地區是歐洲和印度，以及亞洲其他一些國家。我認為，印度在過去六個月裡加快了這一進程。他們正在積極地在印度替換華為網絡，而我們無疑地從中受益。

We have good order flow and good new wins in India, some of which is on the back of that. Obviously, it will take a little while to deploy over multiple years. But I would say India acceleration, EMEA on track.

我們在印度訂單量充足，也取得了一些不錯的新訂單，部分成長都得益於此。顯然，全面部署需要幾年時間。但我認為印度市場正在加速發展，歐洲、中東和非洲市場也進展順利。

Your next question comes from the line of George Notter with Jefferies LLC.

你的下一個問題來自 Jefferies LLC 的 George Notter。

I guess I want to kind of revisit the gross margin discussion. So you guys have printed significant upside relative to your guidance on gross margins for 2 quarters in a row now. And I guess I'm kind of curious around why we've expected much more significant new build activity across these 2 quarters and then actually not seeing that new build activity as the quarter has progressed. Why has that business shifted out so much?

我想再談談毛利率的問題。你們連續兩季都實現了遠超預期的毛利率。我很好奇，為什麼我們之前預期這兩個季度會有更多新建項目，但隨著季度的推進，實際新建項目卻沒有出現。為什麼這部分業務發生瞭如此大的變化？

Well, as we come into any quarter, we have expectations of what our mix is going to be and things move around. So I certainly wouldn't read anything ominous in the fact that it's been a little slower to develop than we thought. COVID has had some effect.

嗯，每季開始時，我們都會預期產品組合會如何變化，但實際情況總是會有變動。所以，產品發展速度比我們預期的稍慢，我並不認為這有什麼不祥之兆。新冠疫情確實產生了一些影響。

I'd say that we have started to see in our order book the effect of some of these wins. And we're definitely going to see those things come into our revenue next year. So I wouldn't read anything into it other than there's an ebb and flow in our business. And I think the good news is we're doing so well with our mature customers, and we have such a high preponderance of capacity adds.

我認為我們已經開始從訂單簿中看到這些新訂單的影響。而且我們肯定會在明年看到這些訂單轉化為實際收入。所以，我認為這只是我們業務的正常波動而已。好消息是我們與成熟客戶的合作非常順利，新增產能佔比很高。

Just to add to that, if I can. I do think -- Jim, you talked about it at the end there. I do think generally capacity adds in catch-up has been prioritized over new business rollouts. Those rollouts are absolutely going to happen. In fact, we've won a number of new deals in the last quarter, indicating the modernization of these networks. But I think carriers -- I'm going to be generalizing here, but I think prioritize the capacity a little bit more than we thought, and that is resulting in better margins for us in Q3.

我再補充一點。吉姆，你剛才也提到了。我認為，總體而言，營運商優先考慮的是彌補網路擁塞造成的容量缺口，而不是推出新的業務。當然，這些新業務的推出也一定會進行。事實上，我們在上個季度贏得了不少新訂單，這表明這些網路正在現代化改造。但我認為營運商——我這裡說的可能有點籠統——比我們預想的更重視容量擴容，這讓我們在第三季獲得了更高的利潤率。

Got it. Okay. And then I guess I also thought I'd just ask about the Vyatta transaction. I think that was an asset that came over from Brocade back in 2017, and we really haven't heard much about it within AT&T and -- maybe you can kind of talk about why you're buying that asset and what it really gives you going forward?

明白了。好的。然後我還想問一下關於Vyatta交易的事。我記得那是2017年從Brocade收購過來的資產，AT&T內部對此進展甚微——您能談談收購這項資產的原因以及它對公司未來發展的意義嗎？

George, it's Scott here. The asset itself, you're right in terms of the history. AT&T has used those to further their network transformation and a couple of different use cases around the edge and virtualizing their capabilities around sell-side routers for their 4G and 5G backhaul and their enterprise business services for SMB. So those use cases very much in the sweet spot for what we're trying to accomplish in our next-generation metro and edge campaign.

喬治，我是史考特。關於資產本身，你說得對，它的歷史意義確實如此。 AT&T 一直利用這些資產來推進其網路轉型，並在邊緣運算和虛擬化方面實現了多種應用場景，包括為 4G 和 5G 回程鏈路以及面向中小企業的企業業務服務部署銷售端路由器。因此，這些應用場景與我們下一代城域網路和邊緣運算專案的目標非常契合。

So if you look at the assets that we're picking up as a capability set to enhance our revenue switching portfolio as we address the increased market size of next-generation metro and edge, it obviously deepens our relationship with a really important customer of ours, AT&T. And we pick up an engineering resource in a location that we had no presence before in the U.K. So those are really the 3 dimensions of value for us.

因此，如果我們把我們收購的資產視為一項能力組合，以增強我們的收入交換組合，從而應對下一代城域網路和邊緣運算日益增長的市場規模，那麼這顯然會加深我們與一位非常重要的客戶——AT&T——的關係。此外，我們還在英國一個之前沒有業務的地區獲得了一項工程資源。所以，這三點正是我們價值的展現。

Is there a revenue run rate that comes with that product line?

該產品線是否有預期的年化收入？

There is. It's not material to our business really, but there is a revenue run rate. And we'll reflect that in our '22 plan when we get to that.

確實有。雖然這對我們的業務影響不大，但確實存在營收成長。我們會在製定2022年計畫時將其納入考量。

Your next question comes from the line of Rod Hall with Golden Sachs.

你的下一個問題來自 Rod Hall 與 Golden Sachs 的合作系列。

I guess I wanted to start off with the revenue guide. And Jim, maybe just ask you if you've taken a shot at estimating how much impact to that guide there was from supplies or if you can give us any color on how much of an impact on revenue the supply situation is in the guidance.

我想先談談營收預期。吉姆，我想問你，你是否嘗試估算過供應情況對這份預期有多大影響？或者，你能否就供應狀況對營收預期的影響程度提供一些資訊？

Yes. I'll start by saying, remember we overperformed in Q3. And when you take everything into account, we're probably low tens of millions below what we could have done were it not for the supply chain issues.

是的。首先我要說的是，請記住我們第三季的業績超出了預期。但綜合所有因素來看，由於供應鏈問題，我們目前的業績可能比預期少了數千萬美元。

And that's been in the guidance?

指導意見裡一直都有這方面的內容嗎？

Yes, it's in the guidance. For the full fiscal year, it's low tens of millions.

是的，指導意見裡有提到。整個財年，這個數字在幾千萬美元左右。

For the fiscal year, but also low 10s in the fiscal Q4 guidance. Is that the way we should think about it?

就本財年而言，第四財季的業績指引也只有10%出頭。我們該這樣理解嗎？

Yes, I think you should. Yes.

是的，我覺得你應該這麼做。是的。

Okay. And then the other thing I wanted to just check, the gross margin guidance. I know you kept the high end of the range unchanged and you dropped the bottom, I guess. The 45% level, I was curious what that corresponds to. Is that if some of these expediting costs and so on go up or continue to go up and 47% is assuming kind of they hold where they are? Can you give us some color around the -- either end of that margin guidance, what it takes to get to 47% and what happens if you end up printing 45%?

好的。還有一件事我想確認一下，就是毛利率預期。我知道你們維持了預期範圍的上限不變，下限降低了，我猜是這樣。 45%這個水平，我很好奇它對應的是什麼。是指如果一些加急成本等等上漲，或是繼續上漲，而47%的水平是假設這些成本保持不變？能否詳細說明毛利率預期上下限的情況，例如達到47%需要哪些條件，以及如果最終毛利率是45%會發生什麼？

There's always going to be variation in our gross margin because, as I said earlier, we start the quarter with an expectation of what's going to roll through and things change. So I think the difference between 45% and 47% is mostly going to be mix. Is the mix going to be different from what we expect. I mean we've already set up our supply chain for the quarter. So I don't expect any more costs out of the buying of parts or anything like that. It's -- I'd say it's going to be mix that's going to drive the ends of the range.

我們的毛利率總是會有波動的，因為正如我之前所說，我們每季開始時都會對即將發生的市場情況有所預期，但實際情況總是會改變。所以我認為45%和47%之間的差異主要取決於產品組合。產品組合是否會與我們的預期有所不同？我的意思是，我們已經為本季搭建了供應鏈。所以我預計不會再增加零件採購或其他方面的成本。我認為，最終決定毛利率區間的是產品組合。

And is it fair to say that mix would be driven by these deployments, I guess, the big North American deployments in particular. So what in the mix might change one way or the other in the forward quarter?

可以說，這種組合變化主要受這些部署的影響，尤其是北美地區的大規模部署。那麼，在未來一個季度，這種組合的哪些方面可能會改變呢？

It could be the deployment of the new wins. But remember, we have a lot of different customers. We have a number of different products. We have software mix. We have a lot of things that can impact our margin. And so generally speaking, it's going to be the mix of all of those things and 45% to 47% is where we think will come out.

這可能是新訂單的部署帶來的。但請記住，我們有很多不同的客戶，很多不同的產品，軟體組合也很複雜。有很多因素都會影響我們的利潤率。所以總的來說，最終的利潤率將取決於所有這些因素的綜合作用，我們預計最終的利潤率將在45%到47%之間。

Your next question comes from the line of Meta Marshall with Morgan Stanley.

你的下一個問題來自 Meta Marshall 與摩根士丹利的合作系列。

This is [Erik] on for Meta. Congrats on the quarter. So maybe I just want to ask, given some of the order flow you were seeing in presumably that being gated by supply chain converting into revenue, does that have any impact in smoothing some of the normal seasonality you would typically see into the first half? I understand it's early to comment on '22. But anything you can tell us there?

我是 Meta 的 Erik。恭喜貴公司本季業績出色。我想問一下，鑑於您觀察到的一些訂單流可能受到供應鏈的影響，無法轉化為實際收入，這是否會對通常會在上半年出現的季節性波動產生影響？我知道現在評論 2022 年還為時過早，但您能否透露一些相關資訊？

I would say this, Erik. I think it's definitely too early to tell. We haven't finished this -- we're just about finishing up this year. I do think that, as Scott said earlier, I do think that the supply chain issue, our view is will likely continue for the first part of the year. And obviously, when we do give FY '22 guidance as we come out of the year, we'll take that into account as we have for the last couple of quarters here.

艾瑞克，我想說的是，現在下結論肯定為時過早。我們還沒完成這項工作——今年才剛結束。正如斯科特之前所說，我認為供應鏈問題可能會在今年上半年持續存在。顯然，當我們在年底發布2022財年業績指引時，我們會像過去幾季一樣，把這個問題考慮在內。

I would say that I think we're very well placed to navigate it -- through it better than anybody else in our industry, but we're clearly not immune from that. But our scale and vertical integration and very sophisticated supply chain enables us to mitigate a lot of those customer delivery issues, but we aren't immune from it.

我認為我們有能力應對這種情況——比業內任何其他公司都能更好地應對，但我們顯然也無法完全置身事外。不過，我們的規模、垂直整合以及非常成熟的供應鏈使我們能夠緩解許多客戶交付問題，但我們仍然無法完全避免這些問題。

Got it. That's helpful. And if I could squeeze one more in on hyperscale. I mean as you're seeing the strength there in looks like EMEA continuing, is that just a continuation of some of the scaling build-outs, the hyperscalers are doing in that region? You kind of mentioned the 800-gig products starting to test, but if you could update us on maybe some of the expectations for timing and share as 800 gig starts to ramp even more.

明白了，這很有幫助。關於超大規模資料中心，我還能再補充一點嗎？我的意思是，正如您所看到的，歐洲、中東和非洲地區（EMEA）的超大規模資料中心需求似乎仍在持續增長，這是否只是該地區超大規模資料中心建設擴張的延續？您之前提到800G產品正在測試中，能否就800G產品在部署時間和市場佔有率的預期更新一下？隨著800G容量的進一步擴展，能否提供一些最新資訊？

I'll take the first part of that and then maybe Scott can comment on the 800-gig adoption there. But I think the engagement with those web-scale folks is multifaceted. It's connecting their data centers, both long haul. It's their global networks as well. We do a lot with them in different countries. We're the #1 supplier to all of them on the submarine cable side.

我先回答第一部分，之後史考特或許可以談談800G的普及情況。但我認為與這些網路規模企業的合作是多方面的。這包括連接他們的資料中心，包括長途傳輸，以及他們的全球網路。我們與他們在不同國家進行了大量合作。在海底光纜方面，我們是他們所有企業的首選供應商。

So we have a pretty intimate relationship with them across a very broad range of applications. And I would say that they're continuing to roll out both additional data centers and increasing connectivity within their existing data centers, both within North America and internationally. So we're seeing pretty healthy demand dynamics across the board on that.

因此，我們在非常廣泛的應用領域與他們建立了相當密切的合作關係。而且，他們正在北美和國際範圍內持續部署新的資料中心，並提升現有資料中心的連接性。所以，我們看到這方面的需求整體上都非常健康。

Scott, do you want to talk about 800-gig?

史考特，你想聊聊800G嗎？

Yes. And Erik, just 1 thing to add to what Gary said. The other part of the relationship with them is they still do a lot of business in parts of the world, EMEA, Europe, as well through managed service providers. So our relationships with the service providers in those geos also benefits their relationship, and we get benefit from that. So that's part of that EMEA growth as well.

是的。艾瑞克，我還要補充一點，蓋瑞剛才說的。我們與他們關係的另一部分在於，他們仍然在世界某些地區，例如歐洲、中東和非洲地區（EMEA），透過託管服務提供者進行大量業務。因此，我們與這些地區服務提供者的關係也有利於他們的業務發展，而我們本身也從中受益。這也是EMEA地區業務成長的一部分。

Your 800-gig comment, Erik, I just want to clarify something that we said. So our 800-gig product is represented by our WaveLogic 5 Extreme product, and that's been in the marketplace now for almost 1.5 years, approaching 1.5 years. So we're almost at 20,000 units shipped to that. So it's well beyond trials, it's mainstream deployment. What you might be referring to is our WaveLogic 5 Nano. And as Gary referred to in the script, as our 400-gig ZR product, which just recently went generally available. And that's the derivative of the same technology that's going through trials. So hopefully that clarifies it.

艾瑞克，關於你提到的800G，我想澄清一下我們之前說過的一些內容。我們所說的800G產品指的是WaveLogic 5 Extreme，這款產品上市至今已經快一年半了，出貨量也接近2萬台。它早已過了試驗階段，進入了主流市場。你可能指的是我們的WaveLogic 5 Nano，也就是蓋瑞在稿子裡提到的400G ZR產品，它最近才正式上市。這款產品是基於與WaveLogic 5 Extreme相同的技術衍生而來，而WaveLogic 5 Extreme目前仍在進行試驗階段。希望我的解釋能讓你明白。

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

你的下一個問題來自保羅·西爾弗斯坦和考恩公司。

Guys, relative to the light revenue guidance, first off, are you seeing any demand weakness? Or is that all a function of supply chain? Second, Jim, if I recall for a while, you've been talking about restraining OpEx growth to low single digits, which with any decent revenue growth should result in some strong operating leverage.

各位，關於較為疲軟的營收預期，首先，你們是否觀察到任何需求疲軟的跡象？還是說這完全是供應鏈的問題？其次，吉姆，如果我沒記錯的話，你之前一直在強調要將營運支出成長控制在個位數低位，如果營收成長可觀，這將帶來顯著的營運槓桿效應。

But after OpEx declined for 4 straight quarters, you grew OpEx by 15% year-over-year in Q3 -- over 15%, almost 8% in Q2 and if I did the math right, your guidance works out to over 6% in Q3. The question being, has something changed in your OpEx growth plans? Or do you still plan to go back to that low single-digit growth that you've been previously referencing and this is just a transitory issue?

但營運支出連續四季下滑後，第三季年增了15%──超過15%，第二季接近8%，如果我沒算錯的話，你們對第三季的預期成長率將超過6%。問題是，你們的營運支出成長計畫是否有改變？或者你們是否仍然計劃恢復之前提到的個位數低成長率，而這只是暫時的？

And finally, are you seeing any impact relative to Street concerns about 400ZR in particular? Are you seeing any impact from any of those? I know it's still early in 400ZR. Those are the questions.

最後，您是否注意到市場對400ZR的擔憂產生了任何影響？您是否感受到這些擔憂中的任何影響？我知道現在400ZR還處於早期階段。以上就是我的問題。

Okay. So let me get -- so the first of your 3 questions, I'll try and answer, Paul, and then maybe Jim, on OpEx. On the revenue guide, I wouldn't describe it as light. I would say 26% kind of uptick in the second half is pretty solid, and it's also in the higher end. And the midpoint of that is kind of in the high end of our original kind of guide at the beginning of the year, where we had very little visibility. So it's largely kind of playing out as we thought.

好的。那麼，讓我先回答你三個問題中的第一個，保羅，然後吉姆，關於營運支出（OpEx）。關於營收預期，我不會說它低迷。我認為下半年26%的成長相當穩健，而且也處於預期的高端。這個中點數值也接近我們年初最初預期的高端，當時我們對前景非常不明朗。所以，整體而言，情況和我們預想的差不多。

And I would categorically say nothing to do with demand. We would be able to get greater revenues in Q4, probably by low tens of millions if we were -- had unfettered access to everything we wanted as normal from a supply chain. So read into that, $20 million or so. But if we also look, we overachieved by more than that in Q3.

我斷然否認這跟需求有關。如果我們能夠像往常一樣不受限制地從供應鏈中獲得所需的一切，那麼我們在第四季度的營收可能會增加數千萬美元左右。所以，可以這樣理解，大概是2000萬美元左右。但如果我們再看看，我們在第三季的業績已經遠遠超出了這個數字。

So it's all about supply chain. And I do think those challenges will continue for the first half of the year, but the demand dynamics are incredibly strong.

所以一切都與供應鏈有關。我認為這些挑戰在今年上半年還會持續，但需求動能非常強勁。

And on the OpEx call, we also said consistently that we are committed to growing our OpEx at a lower rate than our revenue. And we've done that consistently over the past decade. The COVID years were a brief exception to this because we -- our revenue was affected by COVID, and our plan for OpEx, well we continue to invest. But again, we've grown revenue faster than OpEx for a long, long time, and that would be our expectation going forward.

在營運支出電話會議上，我們也一直強調，我們致力於維持營運支出成長低於收入成長。過去十年，我們始終堅持這個目標。新冠疫情期間，由於收入受到衝擊，情況略有不同，但我們仍繼續加大營運支出投入。再次強調，長期以來，我們的收入成長率一直高於營運支出成長速度，未來也將持續維持這一趨勢。

Now with respect to the specifics of OpEx for this year, we're right on our plan overall. If you'll recall, we went through a whole recitation of how we expected our OpEx to perform. At the beginning of the year, we said something like we thought we would average about $280 million a quarter. We were very low in Q1.

關於今年的營運支出具體情況，整體而言，我們一切都在按計畫進行。您可能還記得，我們​​之前曾詳細闡述過對營運支出的預期。年初的時候，我們預計平均每季的營運支出約為2.8億美元。但第一季的實際支出遠低於預期。

And we said that we were going to be a little higher for the last 3 quarters, $285 million to 2 -- I guess it was $285 million for the last 3 quarters of the year. And yes, we're a little higher than that this quarter. We are seeing a bit of FX with respect to the weaker dollar effects.

我們之前說過，過去三個季度的業績會略高一些，大概是2.85億美元到2000萬美元——我記得是2.85億美元。是的，本季的業績確實略高於這個預期。這主要是受美元走弱的影響。

And for Q4, it's really all about the fact that we're so outperforming on orders and our operating income that our incentive compensation will have to reflect this overperformance in Q4. We are absolutely though, on plan with respect to our OpEx for this year.

至於第四季度，關鍵在於我們的訂單和營業收入都遠超預期，因此我們的激勵性薪酬必須反映出第四季的優異業績。不過，我們今年的營運支出完全符合計畫。

And on your last one, Paul, on the 400-gig ZR, the short answer is no, we're not seeing any impact on our business right now. I don't think our perspective of the opportunity set has changed. We sort of see the market being on total addressable market in the sort of $0.5 billion per year range as it gets up to full maturity. We think 2022 is the first year where you start to see some significant revenue opportunities there.

關於你最後一個問題，保羅，關於400G的ZR，簡而言之，目前我們沒有看到它對我們的業務產生任何影響。我認為我們對市場機會的看法沒有改變。我們預計，隨著市場逐漸成熟，其總潛在市場規模將在每年5億美元左右。我們認為2022年將是開始出現一些顯著營收機會的第一年。

Our product addressing that is the WaveLogic 5 Nano, which recently went GA. We think it is the best performing plug in the industry in terms of optical performance and power. So we're quite excited about its opportunity. And I'll remind you, the folks that I think will be the first movers in this, a couple of the large web scalers, for that particular application, it is upside opportunity for us because we don't largely participate in those applications today.

我們針對這項需求推出的產品是WaveLogic 5 Nano，它最近已正式上市。我們認為，就光性能和功耗而言，它是業界性能最佳的介面。因此，我們對它的發展前景感到非常興奮。我還要提醒各位，我認為率先採用這項技術的用戶，包括幾家大型網路擴展商，對於這個特定應用而言，這對我們來說是一個巨大的成長機會，因為我們目前在這些應用領域參與度不高。

Your next question comes from the line of Alex Henderson with Needham.

你的下一個問題來自 Alex Henderson 與 Needham 的對話。

Just a quick one to start with just a data point. [You gave us] 24% quarter-to-quarter growth in the web-scale. Can you say what that was on a year-over-year basis? The question I wanted to address though was around the supply chain issues and the mix. Did the supply chain impact capacity adds differently than new footprint builds? Is there any variance in that as a result of the parts that you're able to get? Or is that completely independent of the conditions?

先簡單問一個問題，提供一個數據點。 [您提到]網路業務季增24%。能說說同比數據嗎？不過，我想探討的是關於供應鏈問題及其組成。供應鏈對新增產能和新建廠房的影響是否有所不同？能否透過零件供應情況來區分？還是說這完全不受供應鏈狀況的影響？

Alex, let me take the first part of that. I think I'm right in saying that the -- if you looked at year-over-year direct DCI, I think it's about 1% growth currently as you close out of Q3. I think that might be greater as we look at Q4, but I think that's -- I think it's just over 1%.

Alex，我先回答第一部分。我認為我的說法沒錯——如果你看一下同比直接DCI，我認為截至第三季末，目前的成長率約為1%。我認為第四季度可能會更高，但我認為——我認為略高於1%。

On your second -- just you'll remember that the first part of this year, our revenue stream was very much impacted by COVID. All customers were down or -- well, they were lower than what they would have been.

第二個問題—您應該還記得，今年上半年我們的收入受到了新冠疫情的嚴重影響。所有客戶的業務量都下降了，或者說，都低於正常水準。

Including web-scale. Yes.

包括網路規模。是的。

Including web-scale. So that 1% is -- it reflects that phenomenon.

包括網路規模。所以這 1%——它反映了這種現象。

And Alex, to your second question, I mean, the other challenges in the supply chain is the much written about semiconductor challenges that is multi-industry really. And that doesn't have a concentrated impact, it's actually pretty widespread across the whole portfolio. So I wouldn't draw any conclusion as to one part of the portfolio versus the other being more hit.

Alex，關於你的第二個問題，我的意思是，供應鏈中的其他挑戰，也就是人們常說的半導體產業面臨的挑戰，實際上這些挑戰涉及多個產業。而且，這些挑戰的影響並非集中在某一特定領域，而是相當普遍地波及整個產品組合。因此，我不會就產品組合的哪個部分受到更大的影響得出任何結論。

The follow-up I wanted to ask was on Vyatta. You said it wasn't material to revenues, but you're obviously bringing in assets and to that extent. I would assume that you're bringing in costs associated with it. And I would also assume that that's predominantly in the R&D line. Is that an accurate calculus? And if so, how much -- what's the scale of the costs that you're bringing in?

我想問的後續問題是關於Vyatta的。您說它對營收影響不大，但顯然您引入了資產，因此，我推測您也引入了相關的成本。而我推測這些成本主要體現在研發方面。我的計算準確嗎？如果準確，那麼這些成本的規模有多大？

Not a material number, Alex. We'll address all of that revenue, OpEx, et cetera, once we get to close and once we -- and when we talk about next year.

這不是什麼重要數字，Alex。我們會在交易完成，以及討論明年的時候，再來討論收入、營運支出等等問題。

Just to confirm the opening part of your question, yes, it is largely almost entirely in the R&D line.

為了確認你問題的第一部分，是的，它幾乎完全屬於研發領域。

Your next question is from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的薩米克·查特吉。

I guess if I can just start with the strong backlog that you have and I understand you're constrained on supply capacity a bit here. But investors that we speak to generally assume that because of the constraints that you have and the strong backlog, it should lead into some pent-up demand for next year and helping above typical level of revenue growth.

我想先談談你們強勁的訂單積壓情況，我知道你們的產能目前有些緊張。但我們接觸過的投資人普遍認為，正是由於這些限制以及強勁的訂單積壓，明年應該會釋放出一些被壓抑的需求，從而推動營收成長高於往年水準。

I know you don't have a guide for next year yet, but most investors seem to be still benchmarking you to the 6% to 8% prior long-term growth guidance that you have. So I was just curious how should we think the period by this backlog once supply constrains ease and leverage investors think will be pent-up demand that is reflected in your strong backlog would be great.

我知道您目前還沒有明年的業績指引，但大多數投資者似乎仍然以您之前給出的6%到8%的長期成長預期作為基準。所以我很好奇，一旦供應限制緩解，投資者認為積壓的需求會得到釋放，而您強勁的訂單儲備也反映了這一點，那麼我們應該如何看待這段時間的業績成長呢？

Thanks, Samik. I would say that, I mean, first of all, it is too early for us to talk about '22. We haven't even finished the year that we're in yet, and we never give guidance at this time for '22. We've said a couple of forward-looking comments around supply chain challenges continuing. So I would certainly consider that as we turn into the year. I think we've got this dynamic where you've got very strong secular demand. We've won a lot of new business. We're incredibly well positioned, offset that against the sort of supply chain challenges.

謝謝，薩米克。首先，現在談2022年還為時過早。我們甚至還沒結束今年，而且我們通常不會在這個時候給出2022年的業績指引。我們之前就供應鏈挑戰持續存在發表過一些前瞻性評論。所以，隨著新一年的到來，我一定會考慮這些因素。我認為目前的情況是，我們擁有非常強烈的長期需求。我們贏得了許多新業務。我們處於非常有利的地位，但這足以抵消供應鏈方面的挑戰。

And I would also say that we've as -- the effects of COVID, basically, we've been running with lower backlogs than normal. So to some extent, we've just kind of replenished the coffers there. So I think we're in a much more normalized position going into '22. And when we absolutely think that we'll see decent market growth next year, and we will outperform the market, we will continue to take share. There's no doubt about that.

我還想說，受新冠疫情的影響，我們的積壓訂單量其實比平常少。因此，在某種程度上，我們只是補充了資金。所以我認為，進入2022年，我們的處境已經更加正常化了。當我們確信明年市場將出現可觀的成長，並且我們能夠跑贏大盤時，我們將繼續擴大市場份額。這點毋庸置疑。

Okay. Got it. And if I can follow up, I think, Jim, you mentioned that the new award push outs, new award-related deployments and push outs at the back is -- largely kind of ebbs and flows in the business. Just curious how is it different from what we saw last year during COVID just given some of the pushouts that happened back then. What's giving you the visibility that is not kind of the similar situation as we saw last year?

好的，明白了。吉姆，如果可以的話，我想問一下，你剛才提到，新獎項的推出、與新獎項相關的部署以及後續的推廣——很大程度上是業務的起伏變化。我只是好奇，考慮到去年新冠疫情期間的一些推廣活動，現在的情況和去年有什麼不同？是什麼讓你對今年的情況有了更清晰的了解，而不是像去年？

Well, I think, first of all, the new wins are showing up in our order book now. And so it's just a question of time before we get to revenue on them. That's the main thing, I would say.

首先，我認為新訂單已經陸續出現在我們的訂單簿上了。所以，實現獲利只是時間問題。這才是最重要的。

I'd also say that, as we said earlier, COVID has certainly driven people to add capacity as opposed to new build-outs. And that's caused the dynamic that we've seen, but it is coming. No doubt about it. The new business will show up in our revenue stack.

我還想說，正如我們之前所說，新冠疫情確實促使人們增加現有產能，而不是新建產能。這造成了我們目前看到的這種局面，但新的產能終將到來，這一點毋庸置疑。新的業務最終會體現在我們的收入結構中。

Your next question is from the line of Fahad Najam with MKM Partners.

你的下一個問題來自 MKM Partners 的 Fahad Najam。

I had a clarification if you have not only provided the build down of the 3 10% customers, what -- how much...

我還有一個疑問，如果您不僅提供了那 3 個佔比 10% 的客戶的詳細信息，那麼具體是多少呢？

Sorry, you wanted 3 10% customers...

抱歉，您想要的是3個10%的顧客…

How much in total?

總共多少錢？

Yes, how much.

是的，多少錢？

How much in total? Certainly, over 30%. Hang on for a second, we'll get that for you, Fahad.

總共多少？肯定超過30%。稍等片刻，我們這就幫你查一下，法哈德。

It's around 38%.

大約是38%。

38%.

38%。

Okay. I wanted to kind of follow up on Samik's question. And I think you've historically said that you think the industry is growing mid-single digits. Do you still have that view?

好的。我想就薩米克的問題再補充一點。我記得你之前說過，你認為這個產業的成長率在個位數中段。你現在仍然這麼認為嗎？

Yes. I think the -- if you look at the last decade, pretty consistently, it's been in the mid-ish single-digit growth and we've been able to continue to outgrow that. Now I think a lot of -- all that was all disrupted with COVID like most industries, where we had pretty much, I think, flat from an industry growth point of view.

是的。我認為，如果你回顧過去十年，你會發現它一直保持著中等偏個位數的成長，而且我們一直能夠超越這個成長速度。現在，我認為很多方面——就像大多數行業一樣，新冠疫情擾亂了這一切，從行業成長的角度來看，我們幾乎停滯不前。

I do think that we will return to -- at some point here more normalized growth in those mid-single digits. I don't see any reason that, that wouldn't be the case. Secular demand and getting higher bandwidth closer to the customer is absolutely everywhere about every application around the globe whatever you look at, be it 5G, be it fiber-to-the-home, FTTP, Internet of Things.

我認為我們最終會回歸到較正常的個位數中段成長。我看不出有什麼理由不會如此。無論你關注的是5G、光纖到府（FTTH）或物聯網，全球所有應用領域都普遍存在著對更高頻寬的需求，而讓用戶能夠更便捷地享受更高頻寬的需求也正是如此。

So the secular demand, I think, is very positive. So yes, I would expect the industry to return to a more normalized piece. And as I said, I think we will continue to grow faster than that.

所以，我認為長期需求非常樂觀。因此，我預計該行業會回歸正常水平。而且正如我所說，我認為我們還會繼續保持更快的成長速度。

Gary, if I can ask you to maybe double click on that comment because I think I want to tie this to one of your comments in prepared remarks about the emergence of the new Edge Cloud opportunities, I think, is entirely new build-out of network infrastructure. And so I just wanted to make sure that if that significant TAM expansion that you're talking about correlates to the overall industry growth. Or does that really kind of industry go to a next level because optics is getting pushed deeper and deeper into the network?

Gary，請您雙擊這條評論，因為我想把它和您之前關於新興邊緣雲機遇的發言聯繫起來。我認為，邊緣雲端機會指的是網路基礎架構的全新建置。所以我想確認一下，您提到的顯著市場規模擴張是否與整個產業的成長相關？或者說，這種產業發展是否真的只是因為光纖技術被越來越深入地整合到網路中而推動了新的發展階段？

Yes, Fahad, actually, that's a good question. When I answered your question, I'm generally talking about the optical systems space. And I think you are seeing, particularly as we're a challenger in this edge metro convergence basically. And so for us, it's an expanded TAM. And you've also got certain segments of that market that are growing faster than the mid-single digits as well.

是的，法哈德，這確實是個好問題。我回答你的問題時，主要指的是光系統領域。我認為你也看到了，尤其是在我們作為邊緣城域融合領域的挑戰者的情況下。因此，對我們來說，這是一個更大的市場規模。而且，該市場中的某些細分領域也實現了高於中個位數的成長速度。

You've got some in the overall core routing that's actually going down. Obviously, we're not targeting that. I don't think the world needs another core router vendor. But in the convergence space, we have some unique assets that we think we can disrupt and challenge that market space over time. And that will, I think, in the long term, provide us a better growth opportunity than even the one we're seeing now.

核心路由領域確實存在一些問題。顯然，我們不會把目標放在這上面。我認為世界不需要另一家核心路由器供應商。但在融合領域，我們擁有一些獨特的優勢，我們相信隨著時間的推移，我們可以顛覆並挑戰這個市場格局。我認為，從長遠來看，這將為我們帶來比現在更好的成長機會。

Your next question comes from the line of Jeffrey Kvaal with Wolfe Research.

你的下一個問題來自 Wolfe Research 的 Jeffrey Kvaal。

Yes. Also struggling with the new button with the mute button. Two questions for you. I guess, first is what can you tell us about your inventory balances? A lot of other folks in networking, although not necessarily in optical have greatly expanded either their inventory balances or their purchase commitments. I'm wondering what you're able to do there, what you might be able to get done in the future to help give us a little bit better visibility on your ability to reach the demand that you've talked about?

是的。我也在努力適應新的靜音按鈕。我有兩個問題想問您。首先，您能告訴我們一下您的庫存狀況嗎？許多其他網路領域的公司，雖然不一定是光纖領域的，都大幅增加了庫存或採購量。我想知道您在這方面能做些什麼，以及未來可以採取哪些措施，以便我們更好地了解您滿足您之前提到的需求的能力？

Yes. So Jeff, for sure, we are reaching out to our supply chain and making increased commitments, both in terms of volume because we're growing the business and duration that is going to have an impact on inventory balance. You've seen some of that already, and that's going to continue. So you will see higher than what may have been our normalized inventory levels and lower turns as a result for the foreseeable future.

是的。傑夫，沒錯，我們正在積極與供應鏈溝通，並加大投入，包括增加供貨量（因為業務正在增長）以及延長供貨週期，這將對庫存平衡產生影響。您已經看到了一些變化，而且這種情況還會持續下去。因此，在可預見的未來，您會看到庫存水準高於正常水平，週轉率也會相應降低。

Okay. And we can expect them to go up from where we are now, I guess, Scott, that's your point.

好的。我想，斯科特，你的意思就是這樣，我們可以預期它們會從現在的水平上漲。

Yes.

是的。

Okay. And then secondly, it looks like the services business had a strong quarter. I'm wondering if you could deconstruct that a little bit and let us know how much of that is ongoing and how much of that was onetime.

好的。其次，服務業務本季表現強勁。我想請您詳細分析一下，看看其中有多少是持續性業務，又有多少是一次性業務。

Yes. If you think of our services business had a really simple level. You think of it in 3 bins, sort of the maintenance of the existing installed base networks and the customer relationships. That's a pretty steady state, if you like, and predictable. There is -- the second piece of it is around installation projects. That's very tied to our new projects and business wins, so that will sort of ebb and flow with the projects.

是的。如果你把我們的服務業務看作一個非常簡單的層面，可以把它分成三個部分：維持現有已安裝的網路和客戶關係。這部分相當穩定，也比較可預測。第二部分是安裝項目。這部分與我們的新專案和業務拓展密切相關，因此會隨著專案進展而波動。

And the third piece of it, which is we're quite excited about is a set of professional services around helping our customers transform their networks from legacy networks into next gen. That's actually had quite a good run. It's still relatively small -- the smaller of the 3 those pieces, but that's actually contributed to the good services mix that you saw in the quarter.

第三部分，也是我們非常興奮的部分，是一系列旨在幫助客戶將其網路從傳統網路轉型為下一代網路的專業服務。這項服務目前發展勢頭良好。雖然它仍然是這三個部分中規模最小的，但它確實為本季良好的服務組合做出了貢獻。

How is sustainable is that, Scott? Should services go back to a more normal run rate in future quarters?

史考特，你覺得這種模式可持續嗎？未來幾季服務業是否應該恢復到更正常的運行速度？

We think that, that third bin in the professional services mix in helping our customers migrate their networks is going to be an opportunity for us going forward in the future. And we think that we have an opportunity to grow that.

我們認為，在專業服務組合中，幫助客戶遷移網路這第三個面向將是我們未來發展的機會。而且我們認為我們有機會拓展這方面業務。

Your next question comes from the line of Amit Daryani with Evercore ISI.

你的下一個問題來自 Evercore ISI 的 Amit Daryani。

I have 2 as well. I guess, first off, maybe I missed this, but could you talk about the gross margin impact from supply chain headwind in October quarter sort of how you are thinking of that? And then broadly, do you think supply chain headwinds peak in October quarter? Or do you think it continues to get worse and deteriorate as you move into the first half of the fiscal year?

我也有兩個問題。首先，我可能錯過了什麼，您能否談談您是如何看待供應鏈逆風在十月季度對毛利率的影響的？另外，您認為供應鏈逆風會在十月季度達到頂峰嗎？還是會隨著財年上半年的推進而持續惡化？

We didn't talk about an effect in Q3. There was very little effect of the supply chain situation in Q3. Q4 is going to impact us. Now with respect to next year, we do know that the supply chain is going to continue in that sort of constrained state. But how much and how that's going to affect gross margin, it's really too early to say.

我們沒有討論第三季的影響。第三季供應鏈狀況的影響微乎其微。第四季將會對我們產生影響。至於明年，我們知道供應鏈將繼續處於這種受限狀態。但這種狀態會如何影響毛利率，以及影響程度如何，現在下結論還為時過早。

And then Blue Planet growth, I think, 2 quarters in a row, it seems to have inflected much higher 45%, 60% in a growth vector. Can you just touch on were there a couple of big projects that are ramping up and that's what drove it? Or just sort of what drove that growth and the durability of Blue Planet growth as you go forward would be helpful to understand.

然後，Blue Planet 的成長，我認為，連續兩個季度，似乎都朝著更高的方向發展，成長率達到了 45% 到 60%。您能否談談是否有幾個大型專案正在加速推進，從而推動了這一成長？或者，您能否簡要說明一下推動成長的因素，以及 Blue Planet 未來成長的可持續性，這將對我們理解這一成長很有幫助。

Well, I'd say first off in full disclosure, it's from a relatively small base. So those numbers look spectacular, but they're from a small base. I would say that what we are seeing now is adoption by significant Tier 1s around the digitization of their service layer basically replacing the old legacy back-office systems. And we are seeing that move forward in a sort of step function this year. It's not necessarily showing up in all of the numbers. We're seeing very good numbers both on orders and revenue relative to the plan. And I think we'll probably be over on both and the high end of our guide on revenue.

首先，我要坦誠地說，這些數據來自一個相對較小的基數。所以這些數字看起來很驚人，但畢竟它們是建立在較小的基數之上的。我認為我們現在看到的是，一些重要的頂級供應商正在推進其服務層的數位轉型，基本上取代了原始的傳統後台系統。我們看到這一進程在今年呈現階梯式增長。雖然這並沒有完全體現在所有數據中，但就訂單量和收入而言，我們看到的數據都非常好，而且都超過了預期。我認為我們很可能最終會超出預期，收入方面甚至會達到我們預期的上限。

But perhaps even more importantly with that, we're getting significant footprints in potentially multiyear rollouts of the digitization on the service layer, in things like inventory management, service provisioning, et cetera. So it's very encouraging with Blue Planet. And we'll talk a little bit more about that, I'm sure, as we go through the -- we talk about '22 and beyond as we talk about that at the end of this year, but very encouraged by what we're seeing.

但或許更重要的是，我們在服務層數位轉型方面取得了顯著進展，這些轉型可能持續多年，涉及庫存管理、服務供應等領域。因此，Blue Planet 的進展令人鼓舞。我相信，隨著我們討論 2022 年及以後的發展，我們會對此進行更深入的探討，尤其是在今年年底。目前我們所看到的成果令人振奮。

Your next question comes 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。

Two, if I could, as well. Gary, I just wanted to go back to the metro edge TAM and kind of challenger piece there. Could you maybe just click down, give us a little more info on how timing to attack that extra TAM and how are you going to get there. Is it adding the Vyatta assets? Is that a part of it? Is it leveraging installed base because it's an area that obviously could be a big growth vector for you guys?

如果可以的話，我也想說兩點。 Gary，我只是想回到都市邊緣市場（TAM）以及挑戰者策略的話題。您能否點擊下方鏈接，詳細介紹一下您計劃如何把握時機，開拓這部分額外市場？您打算如何實現？是收購Vyatta的資產嗎？這是計劃的一部分嗎？還是會利用現有的用戶基礎？因為這顯然是你們公司一個重要的成長點。

And then second, if you can just touch on a few point markets, India, given the macro issues there as well as submarine?

其次，如果您可以簡要地談談幾個市場，例如印度，考慮到那裡的宏觀經濟問題以及潛艇問題？

Yes, let me just talk on the metro edge, obviously, this has been a journey we've been on for a while. We've been investing in key strategic assets in the packet space, in routing, switching in the software, the convergence with optical and our architectural vision with the Adaptive IP is a much simpler, highly-automated architecture.

是的，讓我談談城域邊緣運算，顯然，我們已經在這個領域探索了一段時間。我們一直在投資資料包領域的關鍵策略資產，包括路由、交換軟體、與光纖的融合，以及我們基於自適應IP的架構願景——一個更簡單、高度自動化的架構。

And we are the challenger in that space. We are securing wins with that, as you've seen over the last sort of 18 months or so. And I think that's gathering momentum. We're excited about what we're seeing. Still early days. I think this is a 2- to 5-year expansion of our opportunity.

我們是這個領域的挑戰者。正如您在過去一年半左右的時間裡所看到的，我們正憑藉這一優勢不斷取得勝利。我認為這種勢頭正在增強。我們對目前所看到的局面感到興奮。現在還處於早期階段。我認為這將是我們未來2到5年拓展機會的契機。

And whilst it's a big market, we're challenging there some very strong incumbents. But I think we're proving -- we've got a very compelling differentiated value proposition with the assets that we've got. And I think that will be an important market for us, and it's a key investment. And we're scaling investments, both at the front end of our business and our go-to-market capabilities and support.

雖然這是一個很大的市場，但我們正在挑戰一些強大的現有企業。但我認為我們正在證明——憑藉我們擁有的資產，我們擁有極具吸引力的差異化價值主張。我認為這將是我們一個重要的市場，也是一項關鍵投資。我們正在擴大投資規模，包括業務前端、市場拓展能力和支援。

And also, as Scott talked about in our engineering capabilities and Vyatta is another key add to that. We're bringing some really tremendous specialist talent into the company.

此外，正如史考特所提到的，我們的工程能力得到了提升，而維亞塔的加入更是錦上添花。我們正在為公司引進一些非常優秀的專業人才。

So what was the second question?

那第二個問題是什麼呢？

It's India submarines. We said earlier that India is a place which has moved very aggressively to exclude Huawei from new builds. There are opportunities for us. We have taken advantage of those opportunities. We have several new wins. We expected this year that those would -- that India would start to show in our revenue stack a little higher, and that has been the case. It's not quite 5% of our revenue, but it's up very nicely. Year-to-date, it's up 26%. Quarter-over-quarter, it's up a lot more than that. But I think the year-to-date number is much more meaningful, up 26%. It's going to be a great place for us to be for a long time.

這是印度潛水艇市場。我們之前說過，印度一直在積極採取措施，將華為排除在新潛艇建造項目之外。這對我們來說是個機會，我們也抓住了這些機會。我們贏得了幾個新訂單。我們預計今年印度市場的收入佔比會略有提升，而事實也的確如此。雖然目前還不到總營收的5%，但成長動能非常強勁。今年迄今為止，印度市場成長了26%。環比來看，增幅更大。但我認為今年迄今的26%的增幅更有意義。未來很長一段時間，印度市場將是我們的重要市場。

On the submarine. Submarine is up a lot this year, at least in the quarter. It's up 27% in the quarter. It's about flat year-to-date. We've done extremely well in the submarine market. It plays to our strengths. The submarine market requires long reach at high capacity, and we're the best in the world at it. I think we'll continue to win there.

關於潛水艇業務。今年潛艇業務成長顯著，至少在本季是如此。本季成長了27%。年初至今基本持平。我們在潛水艇市場表現出色。這充分發揮了我們的優勢。潛艦市場需要遠距離、高運力的潛艦，而我們在這方面是全球最佳。我認為我們將繼續在這個領域取得成功。

And we'll take one more question.

我們再回答最後一個問題。

Your last question comes from the line of Jim Suva with Citi.

你的最後一個問題來自花旗銀行的 Jim Suva。

When we think about the supply chain issues, have you materially changed your pricing for things also about like, say, shipping? And have they fully folded into your gross margins? Or are they still kind of being calibrated. And then on your bookings and orders, is there any concern about customers double ordering or ordering ahead knowing that they have supply chain issues? Or in the optical components, is it just kind of not as much of a concern as maybe other sectors that we see where there's double ordering?

當我們考慮供應鏈問題時，您是否對包括運輸成本在內的各項定價進行了實質調整？這些調整是否已完全計入毛利率？還是仍在調整中？另外，關於預訂和訂單，您是否擔心客戶會因為知道供應鏈有問題而重複下單或提前下單？或者，在光學元件領域，重複下單的情況是否比其他產業更為普遍？

Jim, just if your first question was around our costs, we're certainly seeing the costs of both procuring components and the logistics costs having an impact on the margin, that's fully baked into our gross margin guidance for Q4.

吉姆，如果你的第一個問題是關於我們的成本，我們當然看到零件採購成本和物流成本都對利潤率產生了影響，這已經完全體現在我們第四季的毛利率預期中。

On your second question...

關於你的第二個問題…

Your second question, was that about orders on us or orders that we're placing on our supply chain?

你的第二個問題是關於我們收到的訂單，還是關於我們向供應鏈發出的訂單？

Kind of orders on both sides coming in as customers -- are there a chance that they're double ordering, and you guys have seen the shortages? Does it make sense to order a little more to have some buffer as we progress in the quarters ahead?

雙方客戶都下了訂單—他們有可能重複下單嗎？你們是否也遇到了缺貨的情況？隨著未來幾季的推進，我們是否應該稍微多訂一些貨以備不時之需？

I think given the nature of the industry, it's extremely unlikely. The intimacy we have with these customers on the system side, so I think that's a sort of 0 risk, frankly, on that side. And on the supply chain side, I think the relationships that we have, again, on the supply side there is very intimate and long-standing.

我認為鑑於行業的性質，這種情況發生的可能性極低。我們在系統方面與這些客戶建立了密切的合作關係，所以坦白說，我認為這方面幾乎沒有風險。而在供應鏈方面，我認為我們在供應方面也建立了非常密切且長期的關係。

Thanks, everyone, for joining us today. We appreciate it. We're looking forward to catching up with folks today. And over the next several days, we've got a number of conferences we're attending. Thanks, and stay safe.

感謝各位今天收看我們的節目，我們非常感激。我們期待今天能和大家交流。接下來的幾天，我們將參加一些會議。謝謝，祝大家平安健康。

Thank you. This concludes today's conference. You may now disconnect.

謝謝。今天的會議到此結束。您可以斷開連線了。