Ciena Corp (CIEN) 2021 Q2 法說會逐字稿

Good morning, everyone. Thank you for standing by, and welcome to the Ciena Fiscal Q2 2021 Financial Results Conference Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Gregg Lampf. Thank you. Please go ahead, sir.

各位早安。感謝各位的耐心等待，歡迎參加Ciena 2021財年第二季財務業績電話會議。 （操作說明）現在我將會議交給今天的發言人格雷格·蘭普夫先生。謝謝。請您發言，先生。

Thank you, Casey. Good morning, and welcome to Ciena's 2021 Fiscal Second 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. 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.

謝謝凱西。早安，歡迎參加Ciena 2021財年第二季業績電話會議。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。除了本次電話會議和新聞稿之外，我們還在公司網站的投資者關係板塊發布了一份投資者演示文稿，其中涵蓋了本次會議的討論內容以及本季度的一些重點項目。

Our comments today speak to our fiscal second quarter performance, our view on current market dynamics as well as a discussion of our outlook for the third quarter and fiscal 2021. So 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.

我們今天的發言主要涉及公司第二財季的業績表現、對當前市場動態的看法，以及對第三財季和2021財年的展望。因此，今天的討論內容包含Ciena公司部分經調整或非GAAP準則下的經營績效。這些非GAAP準則下的業績與GAAP準則下的業績之間的詳細調節表已包含在今天的新聞稿中。

Before turning the call over to Gary, I'll remind everyone that during this call, we'll be making certain forward-looking statements. Such statements, including our quarterly and annual guidance, discussion of market opportunities and commentary about the impact of COVID-19 and supply chain 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 June 10. We expect to file by that date.

在將電話交給 Gary 之前，我想提醒大家，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業績指引、市場機會探討以及關於 COVID-19 疫情影響和供應鏈限制的評論，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 6 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. As always, we will allow for as much Q&A as possible today, though, ask you limit yourselves to 1 question and 1 follow-up. With that, I'll turn the call over to Gary.

Ciena不承擔更新本次電話會議中所討論資訊的義務，無論是因為出現新資訊、未來事件或其他原因。今天，我們將一如既往地盡可能多地安排問答環節，但請每位提問者限制為1個問題和1個後續問題。接下來，我會把電話交給Gary。

Thanks, Gregg, and good morning, everyone. This morning, we reported strong performance for our fiscal second quarter, including $834 million in revenue and a particularly strong gross margin that drove a 16% adjusted operating margin and a $0.62 adjusted earnings per share. These results reflect continued strength in the fundamental demand drivers of our business. They reflect our distinct competitive set of advantages as well as continued encouraging signs of improvement in the overall market environment.

謝謝格雷格，大家早安。今天早上，我們公佈了第二財季的強勁業績，營收達8.34億美元，毛利率表現尤為突出，推動調整後營業利潤率達到16%，調整後每股收益為0.62美元。這些業績反映了我們業務基本需求驅動因素的持續強勁，反映了我們獨特的競爭優勢，以及整體市場環境持續改善的正面跡象。

And I must first once again thank our people for their hard work and fortitude in these challenging times. They continue to drive our business forward and build on our position as the industry leader. As you may recall from our commentary, as we entered fiscal 2021 and again, last quarter, we laid out several key assumptions that form the basis of our outlook for the current year.

首先，我必須再次感謝全體員工在這些充滿挑戰的時期所付出的辛勤努力和堅韌不拔的精神。他們不斷推動公司業務向前發展，鞏固我們作為產業領導者的地位。正如您可能從我們的評論中了解到的，在2021財年伊始以及上個季度，我們都提出了一些關鍵假設，這些假設構成了我們對本年度展望的基礎。

First was an improvement of industry and economic conditions overall, which we are starting to see in many parts of the world, where the effects of the COVID-19 are somewhat abating. Of course, fully recognizing that the current COVID status globally of each region and country varies tremendously.

首先是整體工業和經濟狀況的改善，我們在世界許多地區已經開始看到這種情況，新冠疫情的影響正在緩解。當然，我們也充分意識到，目前全球各地區和各國的新冠疫情狀況差異巨大。

Secondly, we noted that service provider spend, which has been constrained since the second half of 2020 needed to return to more typical pre-pandemic levels. I am pleased to report that during Q2, we began to see material amelioration of the operational and fiscal caution of key service provider customers around the world. And we believe that this is translating into a more normalized approach to network investments and operations, including more focus on new architecture builds and deployments.

其次，我們注意到，自2020年下半年以來一直受到限制的服務提供者支出需要恢復到疫情前的正常水準。我很高興地報告，在第二季度，我們開始看到全球主要服務提供者客戶的營運和財務謹慎程度顯著降低。我們相信，這將轉化為網路投資和營運方面更規範化的做法，包括更重視重新架構的建置和部署。

And lastly, really as a result of these 2 dynamics, we indicated the need for strong order flow and backlog growth, particularly in Q2, if we are to drive a stronger than typical uptick in second half performance in order to meet our outlook for the year. We absolutely achieved that, as orders in Q2 were significantly greater than revenue and backlog grew both sequentially and year-over-year.

最後，正是由於這兩種動態因素，我們指出，如果想要在下半年實現高於往年同期水準的業績成長，從而達到全年預期目標，就必須保持強勁的訂單量和積壓訂單成長，尤其是在第二季度。我們完全實現了這個目標，因為第二季的訂單量顯著高於收入，積壓訂單也實現了環比和同比增長。

So as we close out the first half of the year, the things we said we needed to happen in the market and our business are, in fact, materializing. And this has yielded financial results in line with our expectations and overall business performance that continues to outpace the competition.

隨著上半年的結束，我們先前提出的市場和業務發展目標正在逐步實現。這些目標帶來了符合預期的財務業績，以及持續超越競爭對手的整體業務表現。

Based on these dynamics, we continue to be confident in our ability to deliver on the financial guidance we provided for fiscal 2021. In fact, we now believe that we will exceed our profitability target for the year through better-than-expected gross margins. And Jim will cover that in more detail.

基於這些動態，我們仍然對實現2021財年的財務預期充滿信心。事實上，我們現在相信，憑藉高於預期的毛利率，我們將超額完成全年的獲利目標。吉姆將對此進行更詳細的闡述。

Before I review some of the highlights from the quarter, I'll briefly comment on the shared industry concerns around semiconductor supply chain constraints that are impacting a broad range of technology market sectors. And while we have experienced some lengthening of component lead times, we have in place a very strong mitigation strategies for supply chain disruptions, as we've proven over many years and most recently through the COVID-19 challenges.

在回顧本季的一些亮點之前，我想先簡要談談半導體供應鏈受限這一行業普遍關注的問題，這個問題正在影響到眾多技術市場領域。雖然我們確實經歷了一些元件交貨週期的延長，但我們已經制定了非常有效的供應鏈中斷應對策略，正如我們多年來的經驗，尤其是在最近應對新冠疫情挑戰的過程中所證明的那樣。

We also benefit from scale and diversification of our supply chain and continued investments in inventory as well as a high degree of vertical integration. As a result, we are well-positioned to navigate this dynamic. And as we sit here today, our perspective is that we can believe we can manage the current supply chain challenges with no material impact to our revenue expectations for fiscal 2021.

我們也受益於供應鏈的規模和多元化、持續的庫存投資以及高度的垂直整合。因此，我們能夠很好地應對當前的市場動態。就目前而言，我們相信能夠應對當前的供應鏈挑戰，而不會對2021財年的收入預期產生重大影響。

Moving to highlights from the quarter. Our innovation and diversification continued to strengthen our competitive position. And with respect to innovation, our lead in fifth generation coherent technology with WaveLogic 5 is uncontested. In Q2, we secured 16 new wins for WaveLogic 5 Extreme, bringing our total customer count to 95. And we shipped nearly 5,000 WaveLogic 5e modems in the quarter, bringing our total to date to roughly 11,500 WaveLogic 5e modems, shipped to a wide range of customers around the world, active in their networks.

接下來是本季的亮點。我們的創新和多元化持續增強了我們的競爭優勢。在創新方面，我們憑藉WaveLogic 5在第五代相干技術領域的領先地位無可爭議。第二季度，我們新增了16位WaveLogic 5 Extreme客戶，使我們的客戶總數達到95家。此外，本季我們出貨了近5,000台WaveLogic 5e調變解調器，使迄今為止的出貨量達到約11,500台，這些調變解調器已交付給全球各地的眾多客戶，並在他們的網路中投入使用。

We also remain on track with our WaveLogic 5 Nano pluggables and expect to have GA product in time to intersect with customer demand, which will likely begin later this year. We have product in customer labs today with the solution performing extremely well, including best-in-class power performance, perhaps the single most important metric for a differentiated pluggable.

我們的 WaveLogic 5 Nano 可插拔模組專案也進展順利，預計將在今年稍後開始量產，以滿足客戶需求。目前，我們已在客戶實驗室中測試了該產品，其性能表現極其出色，包括一流的功率性能——這或許是衡量差異化可插拔模組最重要的指標。

I mentioned last quarter, our increased strategic focus on IP technologies in our routing and switching portfolio and our growing customer engagements in this area, specifically around our Adaptive IP solution and ability to address key use cases in areas like 5G, Internet of Things and Edge Cloud. Our momentum for this portfolio continued in Q2, with roughly a dozen new wins ranging from global Tier 1 service providers to MSOs and enterprises. Q2 was also very strong again for Blue Planet, with the largest order quarter-to-date and 4 new portfolio wins with major service providers.

我在上個季度提到過，我們加大了對路由和交換產品組合中IP技術的戰略投入，並不斷拓展該領域的客戶合作，尤其是在我們的自適應IP解決方案及其在5G、物聯網和邊緣雲等領域關鍵應用場景的應對能力方面。第二季度，我們持續保持這一發展勢頭，新增了約12個客戶，涵蓋全球一級服務供應商、多系統營運商（MSO）和大型企業。 Blue Planet在第二季度也表現強勁，獲得了迄今為止最大的季度訂單，並與4家主要服務提供商達成了新的產品組合合作。

Turning to customer segment and regional performance in the quarter. Our overall non-telco business continues to be strong, comprising 43% of revenue in Q2. Direct web-scale contributed 24% of quarterly revenue as these customers have once again started building and expanding data centers. We continue to retain a very strong leadership position in this segment as our relationships with these key customers become increasingly broader and more strategic. And I think the introduction of our WaveLogic 5 pluggables further enables us to address a wide range of our web-scale customers' needs.

接下來談談本季的客戶細分和區域業績。我們的非電信業務整體表現依然強勁，第二季營收佔比達 43%。直接面向網路規模客戶的業務貢獻了季度營收的 24%，因為這些客戶已再次開始建立和擴展資料中心。隨著我們與這些關鍵客戶的關係日益廣泛和策略性，我們繼續保持在該領域的領先地位。我認為，WaveLogic 5 可插拔組件的推出將進一步幫助我們滿足眾多網路規模客戶的需求。

Activity with our Tier 1 service provider customers, especially in North America, is increasing as they can no longer put up adding capacity to their networks, and they are now better able to navigate logistical COVID-related challenges. EMEA also performed well in the quarter, with revenues increasing 10% year-over-year as service providers in the region invest to address their own traffic growth needs as well as to support increasing traffic flows and bandwidth requirements of the web-scale players.

與一級服務供應商客戶的業務往來日益頻繁，尤其是在北美地區，因為他們已無力繼續擴容，並且現在更有能力應對新冠疫情帶來的物流挑戰。歐洲、中東和非洲地區（EMEA）本季業績同樣出色，營收年增10%，主要得益於該地區服務供應商加大投資，以滿足自身流量成長需求，同時也支持網路規模企業不斷成長的流量和頻寬需求。

And finally on India. With the recent wave of COVID across the country, we've expanded support and resources for our local team, and we continue to be incredibly impressed by their resilience and optimism amidst a very challenging situation. With respect to the business in India, this new wave of the pandemic is obviously slowing the expected recovery. However, revenue from the country for Ciena still grew sequentially and year-over-year. And I would also say that wins and order activity continue to be strong, with the impact to date largely related to deployment schedules.

最後談談印度市場。鑑於近期新冠疫情在印度的蔓延，我們已加大對當地團隊的支持與資源投入。在如此嚴峻的情況下，他們展現出的韌性和樂觀精神令我們印象深刻。就印度業務而言，新一輪疫情顯然延緩了預期中的復甦進程。然而，Ciena在印度的收入依然實現了環比和同比增長。此外，訂單量和訂單活動依然強勁，迄今為止，疫情的影響主要體現在部署計畫方面。

We continue to expect India to grow year-over-year in fiscal 2021 with any near-term challenges mitigated by our general geographic diversification. Overall, there remains strong underlying secular demand for bandwidth and automation that drives our business.

我們仍然預期印度市場在2021財年將實現同比增長，任何短期挑戰都將因我們整體的地域多元化佈局而得到緩解。整體而言，市場對頻寬和自動化的強勁長期需求仍然是推動我們業務發展的動力。

Our strong performance in Q2 is a reflection of that demand. And it gives us greater visibility as we sit here today. These results, together with encouraging signals in the market environment and the continued execution of our strategy, gives us confidence in a strong second half and our ability to achieve our financial targets as we move through the year. Jim?

第二季強勁的業績反映了市場需求，也讓我們對目前的情況有了更清晰的認識。這些業績，加上市場環境的正面訊號以及我們策略的持續執行，使我們對下半年的強勁表現充滿信心，並相信我們有能力在今年實現財務目標。吉姆？

Thanks, Gary. Good morning, everyone. We performed well in Q2 with revenue in the quarter totaling $834 million. Adjusted gross margin in the quarter was again strong at 49.2%, driven by a favorable customer and product mix, including strong software contribution and a high concentration of capacity adds versus new builds. Adjusted operating expense in the quarter was $279 million.

謝謝，Gary。大家早安。我們第二季業績表現良好，季營收總計達 8.34 億美元。經過調整後的毛利率再次保持強勁，達到 49.2%，這主要得益於有利的客戶和產品組合，包括強勁的軟體業務貢獻以及新增產能相對於新建產能的高佔比。經調整後的季度營運費用為 2.79 億美元。

With respect to profitability measures, in Q2, we delivered adjusted operating margin of 16%, adjusted net income of $98 million. It's worth noting that GAAP net income in Q2 was higher than non-GAAP as a result of $40 million we received from the Canadian Emergency Wage Subsidy during the quarter. This figure flows through our GAAP P&L at each line where wages are incurred, primarily in OpEx.

就獲利能力指標而言，第二季我們實現了16%的調整後營業利潤率和9,800萬美元的調整後淨利。值得注意的是，由於本季我們收到了加拿大緊急薪資補貼4,000萬美元，因此第二季的GAAP淨利高於非GAAP淨利。這筆款項計入了我們GAAP損益表中所有涉及薪資的項目，主要計入營運支出。

We have excluded this effect in getting to our adjusted numbers. And finally, on profitability, we reported net income of $0.62 per share. In addition, cash from operations was $225 million in Q2. Free cash flow was $194 million. Adjusted EBITDA was $156 million. We ended the quarter with approximately $1.4 billion in cash and investments. Also in Q2, we repurchased approximately 483,000 shares for $26 million. We continue to expect to repurchase approximately $150 million of shares in fiscal 2021.

我們在計算調整後資料時已剔除了這項影響。最後，關於獲利能力，我們報告每股淨收益為0.62美元。此外，第二季經營活動產生的現金流為2.25億美元，自由現金流為1.94億美元，調整後EBITDA為1.56億美元。本季末，我們持有約14億美元的現金和投資。同樣在第二季度，我們回購了約48.3萬股股票，總額為2,600萬美元。我們預計2021財年將回購約1.5億美元的股票。

Turning now to our guidance. As Gary mentioned, encouraging signals in market conditions and improvements in customer spending as well as our strong first half performance, give us confidence in our ability to deliver on our fiscal year '21 targets. Specifically, we continue to expect to grow our annual revenue in fiscal year '21 in a range of 0% to 3%. As we've said previously, as conditions improve and revenue begins to reflect a more typical mix of existing and new business, we do expect gross margins to moderate somewhat.

現在談談我們的業績展望。正如Gary所提到的，市場狀況的正面訊號、客戶支出的改善以及我們上半年的強勁業績，都讓我們有信心實現2021財年的目標。具體而言，我們仍預計2021財年的年度營收將成長0%至3%。正如我們之前所說，隨著市場狀況的改善以及營收開始更準確地反映現有業務和新業務的組成，我們預計毛利率會略有下降。

However, we do expect a somewhat higher gross margin in the second half than previously as we expect that our favorable mix of strong software contribution and -- we expect that, that will continue. Additionally, we expect OpEx for the second half to be higher than we generated in the first half. OpEx for the first half was a bit lower than the average quarterly OpEx call for the year. So there is some movement of OpEx from first half to second half. Also, the weak dollar continues to put pressure on our OpEx.

然而，我們預計下半年的毛利率將略高於先前預期，因為我們預計強勁的軟體業務貢獻將持續，且這項有利組合仍將維持。此外，我們預計下半年的營運支出將高於上半年。上半年的營運支出略低於全年平均季度營運支出預期。因此，營運支出在上下半年之間存在著一定的波動。同時，美元疲軟也持續對我們的營運支出構成壓力。

With this guidance, combined with our adjusted gross margin results in the first half, we now expect adjusted operating margin for the fiscal year to be in a range of 16% to 17%, 100 basis points higher than previously anticipated. For Q3, specifically, we expect to deliver revenue in a range of $950 million to $980 million, adjusted gross margin in the 46% to 47% range and adjusted operating expense of approximately $285 million to $290 million.

根據上述指引，結合上半年的調整後毛利率結果，我們目前預期本財年調整後營業利潤率將在16%至17%之間，比先前預期高出100個基點。具體而言，我們預計第三季營收將在9.5億美元至9.8億美元之間，調整後毛利率將在46%至47%之間，調整後營業費用約為2.85億美元至2.9億美元。

In closing, we delivered a great performance in Q2. Second quarter order flow indicates a return to spending by our service provider customers and gives us great visibility into the rest of this year. We are confident in our ability to deliver a strong second half and significant profitability for fiscal year '21.

綜上所述，我們在第二季度取得了優異的業績。第二季的訂單量表明，我們的服務提供者客戶的支出已經恢復，這讓我們對今年剩餘時間的業績有了更清晰的了解。我們有信心在下半年實現強勁成長，並在2021財年取得可觀的獲利。

Before moving to Q&A, I want to once again thank the entire Ciena team for their continued focus and dedication during a very difficult period. In particular, our team in India has demonstrated tremendous resilience in recent weeks in the face of another COVID-19 wave. Also, our employees have also been incredibly active in their communities, safely gathering with each other as well as with our customers to give back through a wide range of service activities. We are extremely proud of the Ciena team.

在進入問答環節之前，我想再次感謝Ciena全體團隊在這段艱難時期所展現出的專注和奉獻精神。尤其值得一提的是，我們位於印度的團隊在最近幾週面對新一波新冠疫情時，展現了驚人的韌性。此外，我們的員工也積極參與社區活動，在確保安全的前提下與同事和客戶聚會，並透過各種服務活動回饋社會。我們為Ciena團隊感到無比自豪。

With that, Casey, we'll now take questions from the sell-side analysts.

接下來，凱西，我們將接受賣方分析師的提問。

Before we start the Q&A, we are aware of some webcast technical difficulties for those who have tried to access through the webcast as well, please reregister and you should have access. Casey, we're ready for questions.

在問答環節開始之前，我們注意到一些嘗試透過網路直播存取的朋友遇到了技術問題，請重新註冊後即可正常存取。凱西，我們已經準備好回答問題了。

(Operator Instructions)

（操作說明）

Your first question here comes from Meta Marshall from Morgan Stanley.

你的第一個問題來自摩根士丹利的梅塔馬歇爾。

Great. I appreciate the question. Maybe just on -- in terms of, one, what you're seeing as far as the ramp of kind of the 800-gig product versus maybe the 400 gig and how that's trending versus your expectation? And then just on the pacing of the Tier 1s. Certainly, you sound better but I guess just in terms of is it orders? Is it new projects? Just maybe some more context for what you're seeing on the Tier 1s in North America that leaves you encouraged?

好的，感謝您的提問。我想就以下幾點談談：第一，您觀察到的800G產品與400G產品相比的成長情況，以及這種趨勢與您的預期有何不同？第二，一級供應商（Tier 1）的業務進度如何？您聽起來狀態不錯，但我想了解的是，訂單量如何？新項目數量如何？能否提供更多關於北美一級供應商業務的信息，讓您對情況感到鼓舞？

Yes. Thanks, Meta. It's Scott. I'll take the first one on the 800 gig. So just to repeat the sort of ramp numbers that we talked about or Gary talked about to date, and we're just a little shy of the year, I guess, into commercial shipments. We've got about 11,500 total units of our WaveLogic 5 Extreme shipped. 5,000 in the last quarter, so you can see that that's absolutely accelerating. And if I sort of compare it to previous generation, that you referred to as a 400 gig, call it, WaveLogic AI from a RAN perspective, that's an accelerated pace of ramp from the previous generation. And it's across all customer segments as well, I should point out.

是的，謝謝，Meta。我是Scott。我要第一個800G的。我再重複一下我們之前或Gary提到的銷售成長狀況，我們離年底商業出貨量目標達成還差一點。我們的WaveLogic 5 Extreme總共出貨了大約11500台，其中上季出貨了5000台，可見成長速度非常快。如果我把它和上一代產品（你之前提到的400G，從無線存取網的角度來看，可以稱之為WaveLogic AI）比較一下，你會發現它的成長速度比上一代更快。而且，我還要指出，這種成長是遍及所有客戶群的。

And Meta, on the -- this is Gary. On the Tier 1s and I'm generalizing sort of globally here. But I think the main issue that we've seen with them in the second half of '20 and the first half of '21 was just really, I'd describe it as an operational -- the caution both operationally and fiscally on the networks. They ran it hot. And I think we are seeing encouraging signs of that ameliorating, both in terms of their operational plans. And I think it's manifesting right now in terms of a bit of catch-up around capacity, which was helpful to our margin in Q2, but we're also getting good indications of the new business deploying in the second half. And I think they're getting a little more comfortable from a fiscal point of view as well in terms of their budget spend. So that definite improvement in the second half across the board in most service providers around the world.

我是Gary，關於Meta──我是說一級服務商，我這裡指的是全球範圍內的情況。我認為我們在2020年下半年和2021年上半年看到的主要問題是，我將其描述為營運方面的謹慎——無論是在營運還是財務方面，他們都對網路過於保守。他們之前一直處於高負載運轉狀態。我認為我們看到了一些令人鼓舞的跡象，表明這種情況正在改善，無論是在營運計劃方面。我認為目前這體現在容量方面的一些追趕上，這有助於我們第二季的利潤率，而且我們也看到了下半年新業務部署的良好跡象。我認為他們在預算支出方面也變得更加穩健。因此，全球大多數服務提供者在下半年都出現了明顯的改善。

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

你的下一個問題來自考恩公司的保羅·西爾弗斯坦。

I appreciate the question. Gary, on the competitive landscape, one, with respect to traditional competitors, in particular, Infinera and Nokia, both of whom are talking a very good game. And then more broadly, I know you did a whole seminar on ZR as did Infinera in terms of downplaying the threat. But can you update us in terms of what you're seeing real time with respect to customers' plan deployments in terms of empirical data that would speak to that threat?

感謝您的提問。 Gary，關於競爭格局，首先，就傳統競爭對手而言，特別是Infinera和諾基亞，他們兩家都表現得非常出色。其次，我知道您和Infinera都舉辦過關於ZR的研討會，都在淡化其威脅。您能否就客戶的實際部署情況，提供一些能夠反映此威脅的經驗數據，並向我們介紹您目前觀察到的情況？

Well, I think the best set of empirical data is you know the numbers that Scott just went through in terms of our shipments of real customer. We've got 95 customers now for our WaveLogic 5E. And I mean, real customers where we're actually deploying. So pretty much most of the primary landing slots on 800 gig are already taken, with the head start that we've had. And I think that's the best set of metrics kind of talks, talks to itself, frankly.

我認為最好的實證數據就是史考特剛才提到的我們實際客戶的出貨量。我們現在有95家客戶在用WaveLogic 5E。而且我說的是真正意義上的客戶，我們正在實際部署。所以，憑藉我們取得的先發優勢，800G乙太網路的主要上市名額幾乎都被佔滿了。坦白說，我認為這組數據本身就足以說明一切。

And Paul, to your second point on the ZR dynamics in the marketplace. I mean you referenced an investor chalk talk that we did probably about a month ago. So for those on the call but hadn't had an opportunity to see that, we spent quite a bit of time giving you our perspective and belief system of the application space and how various different flavors of coherent technology play in those application space. So that's accessible on our IR events page. So I'd encourage you to go look at that if you're interested in more details.

保羅，關於你提到的第二個問題，即ZR在市場上的動態。你提到了我們大約一個月前做的一次投資者交流會。對於那些參加了電話會議但還沒機會觀看的人來說，我們花了相當多的時間闡述了我們對應用領域的看法和信念，以及各種不同類型的整合技術如何在這些應用領域發揮作用。你可以在我們的投資人關係活動頁面上找到那次交流會。如果你想了解更多細節，我建議你去看看。

I would summarize it as this, Paul. The first early moving application, I think, for this technology will be in the campus metro data center interconnect. We've talked in the past around the timing and the market size of that. Our perspective hasn't changed on that. I think you'll start to see some early deployments this year, later this year. And moving to our significant deployments in 2022. As you know, our technology that addresses that is our WaveLogic 5 Nano. We've said we were targeting midyear for GA. We're on track for that.

保羅，我總結一下。我認為這項技術的首個早期應用領域將是園區城域資料中心互連。我們之前討論過相關的時機和市場規模，我們的看法沒有改變。我認為今年稍後你就能看到一些早期部署，而大規模部署將在2022年進行。如你所知，我們針對這項需求的技術是WaveLogic 5 Nano。我們之前說過計劃在年中正式發布，目前一切進展順利。

We're extremely pleased with the optical performance that we're seeing on that and we get more and more confident that we have best-in-class not only optical performance but best-in-class power numbers. And that product and technology is now actively in certification in a number of customer labs around the world.

我們對產品的光學性能非常滿意，並且越來越有信心，它不僅擁有同類最佳的光學性能，而且擁有同類最佳的功耗。目前，該產品和技術正在全球多家客戶實驗室進行認證。

Guys, you can't share with us what your backlog is on the WaveLogic 5 modems relative to those 95 customers, can you?

各位，你們能不能透露一下，對於那 95 位客戶，你們 WaveLogic 5 數據機的積壓訂單數量是多少？

No.

不。

The numbers -- I'll say, all the numbers that we quoted in terms of port numbers, those are shipped. That's not backlog. That's shipped.

我必須說，我們之前提到的所有港口數量的數字，都已經發貨了。那不是積壓訂單，而是已經出貨了。

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

你的下一個問題來自高盛的羅德·霍爾。

I guess I wanted to focus in on the software line that is substantially higher than what we were forecasting. And you guys have grown that now year-over-year. It's accelerating on -- not EV comps last year, admittedly off a low level, but still the growth is pretty high. And yet it seems to me that you're indicating, Jim, that gross margin drops off next quarter.

我想重點談談軟體業務，它的業績遠超預期。你們的軟體業務現在實現了同比增長。雖然去年同期電動車業務的基數較低，成長放緩，但仍相當可觀。然而，吉姆，你的意思是下個季度毛利率會下降嗎？

So I've got, I guess, 2 questions. One is a big picture for Gary, and that is, what do you see happening there? Can you -- do you have any intention to give us some kind of targets on where that revenue line could go because obviously, it's a huge margin driver, and I think a pretty positive sign for you.

所以，我有兩個問題。第一個是關於Gary公司整體狀況的，那就是，您認為那邊的發展趨勢如何？您能否－您是否打算給我們一些關於營收目標的預測？因為很明顯，營收成長是利潤率的重要驅動因素，我認為這對你們來說是一個非常正面的訊號。

And then, Jim, next quarter were you implying to us when you give us the lower margin guidance? Are you saying that revenue drops off next quarter? Can you kind of tell us what you think is happening with that software line in the fiscal Q3?

吉姆，你之前給的較低利潤率預期是指下個季度嗎？你是說下個季度營收會下降嗎？你能大概說說你認為第三財季軟體業務的情況嗎？

So let me take the first part of that. And I broadly say I'd split the sort of -- we've got a lot of embedded software, which we also get value to, but the piece that we called out and report on are really this network layer, the automation of the network layer. And then secondly, we've obviously got Blue Planet, which is really around the service layer. And I think what we're seeing is increased focus on automation in both of those areas, very encouraged by what we're seeing.

讓我先談談第一部分。總的來說，我會把這部分內容分成兩類──我們有很多嵌入式軟體，它們也很有價值，但我們重點介紹和報告的是網路層，也就是網路層的自動化。其次，我們還有Blue Planet，它主要圍繞在服務層。我認為我們看到的是，這兩個領域都越來越重視自動化，這一點令人鼓舞。

I think Blue Planet has tremendous amount of momentum. And as we have in the past, looked at giving some long-term targets for that, obviously, when COVID came that kind of all got disrupted. But as we come out of the year when things begin to stabilize, I would expect for us to articulate some longer-term goals with Blue Planet, and we'll talk a little bit more about that.

我認為《藍色星球》目前發展勢頭強勁。正如我們過去所做的那樣，我們也曾考慮為該計畫制定一些長期目標，但顯然，新冠疫情的爆發打亂了這一切。不過，隨著今年情況逐漸穩定，我預計我們會為《藍色星球》制定一些更長期的目標，屆時我們將對此進行更詳細的討論。

As it continues to grow, it will probably exceed both orders and revenue for this year that we set. And also on the network side of things, on the automation piece, we've got a lot more applications being rolled out certainly as we turn the year, and I think that will help drive the overall gross margin and software adoption. Jim?

隨著業務持續成長，訂單量和營收都可能超過我們今年設定的目標。此外，在網路和自動化方面，隨著年初的到來，我們將推出更多應用，我認為這將有助於提升整體毛利率和軟體普及率。吉姆？

Yes, Gary. On gross margin, Rod, remember that we've said all year, that because of the mix of new projects in our revenue stream being lower in the first half than it is in the second half, we expected margins to come down from -- I'm sorry, half 1 to half 2. And that's the way the world has sort of modeled their consensus numbers.

是的，加里。羅德，關於毛利率，請記住我們全年都在說，由於上半年新項目佔收入的比例低於下半年，我們預計毛利率會從——抱歉，應該是上半年到下半年——下降。而全球市場對此數據的普遍預期也大致如此。

What we're seeing though is a very good mix, including software, but also just generally product and customer mix, and we expect that mix to continue in the second half. So yes, we do expect gross margins will come in a little bit as we move into the second half.

不過，我們目前看到的是一個非常好的組合，包括軟體產品，以及整體的產品和客戶組合，我們預計這種組合將在下半年繼續維持。所以，是的，我們預計隨著下半年的到來，毛利率會略有上升。

But we also expect that gross margins in the second half are going to be up sort of 100 basis points from where we had expected them to be. We're now calling margins in the second half to average 46% to 47%, which is what we call for Q3.

但我們也預計下半年的毛利率將比我們先前的預期高出約100個基點。我們現在預測下半年的平均毛利率將在46%至47%之間，這與我們對第三季的預測一致。

And yes, we'll have a good software mix. But remember, when we enter new projects, typically, we experience lower gross margins, and that's going to be a higher percentage of our revenue than it has been in the first half. Overall, we're very pleased with our gross margin performance.

是的，我們的軟體產品組合會很豐富。但請記住，當我們啟動新專案時，通常毛利率會降低，而且毛利率佔總收入的比例會比上半年更高。總的來說，我們對目前的毛利率表現非常滿意。

So Jim, is it fair to say then on that, that it's not a software mix, necessarily reduction thing going on in Q3? It's much more to do with new projects been up and not dragging the margins back down as we would expect it to?

那麼吉姆，這麼說來，第三季度的問題並非軟體業務組合或業務量減少，而更多是由於新項目增加，但並沒有像我們預期的那樣拉低利潤率，這是否合理？

Totally. That's totally right. We don't expect kind of software to come in.

完全正確。確實如此。我們並不期待會有這類軟體出現。

Yes. And a lot of it, Rod, is just the relative size. I think we'll continue to do well on software. But as a stand-alone piece, it's still relatively small to the rest of the business. And that's why we pull it out separately for people to see the progress.

是的。羅德，很大程度上是因為相對規模的問題。我認為我們在軟體方面會繼續保持良好的發展勢頭。但作為一個獨立的業務板塊，它相對於公司其他業務而言仍然規模較小。所以我們才把它單獨拿出來，讓大家看到它的發展進展。

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

你的下一個問題來自傑富瑞集團的喬治諾特。

I guess I wanted to ask about the Huawei market share capture opportunity. Obviously, it's been an ongoing narrative, I think, for some time. At some point, you guess that there'd be some forcing function as Huawei runs out of inventory on the component side. But tell us what you're seeing in the marketplace regarding Huawei right now.

我想問的是華為的市佔率爭奪機會。顯然，這已經是一個持續了一段時間的話題了。可以預見的是，隨著華為零零件庫存的耗盡，遲早會有一些迫在眉睫的因素出現。但請您談談目前市場上關於華為的情況。

George, I would say that the dynamic hasn't really changed with one probably notable exception. I think the main area is -- the main region to date has been Europe where you're seeing a slow migration or a reduction in dependency upon Huawei, largely being run initially out of the RAN business where they're seeing it first, and then getting to the core infrastructure. So that's taking time, and that's a dynamic that I think is well understood and talked about. And it's definitely a tailwind for us over a period of time.

喬治，我認為除了一個可能比較明顯的例外之外，整體格局並沒有太大變化。我認為目前最主要的地區是歐洲，在那裡，對華為的依賴正在緩慢降低，這主要是從無線接入網（RAN）業務開始的，他們最先感受到這種變化，然後逐步擴展到核心基礎設施。這需要時間，而且我認為這種趨勢大家都很了解，也常常討論。從長遠來看，這無疑對我們有利。

I do think one notable change as I think about this year has been India, which I think is going much more aggressively to reduce their dependency. And we have seen not yet deployed, mainly because of some of the challenges in the -- with COVID in India, but we've seen a lot of activity around the major carriers there wishing to decrease their dependency on Huawei, gone out to RFP. We've won more than our fair share of those deals. And they are being, I think, probably more aggressive than we're seeing in other parts of the world. So that would be the sort of exception I would call out. But that's not yet on the scorecard because it hasn't been deployed but definitely planning to reduce their dependency.

我認為今年一個顯著的變化是印度，他們正以更積極的姿態降低對華為的依賴。雖然目前一些項目尚未部署，主要是因為印度受到新冠疫情的影響，但我們看到印度主要業者都在積極尋求降低對華為的依賴，並已發布招標公告。我們贏得了其中相當一部分訂單。我認為，印度的行動可能比世界其他地區更為積極。因此，這算是一個值得一提的例外。但由於尚未部署，目前還不能將其納入考量，但他們確實在計劃降低對華為的依賴。

Huawei dynamic is positive for us for the long term. But we have always been cautionary about how fast it happens because in Europe, it's just going to take a while for them to replace -- well, I shouldn't say replace, I should say, move away from Huawei. They're not going to rip and replace in Europe. That's not going to happen. But as new infrastructure projects begin to come into play, then it's going to be difficult for Huawei to win, and I think that helps us.

從長遠來看，華為的發展動能對我們有利。但我們一直對這種變化的速度保持謹慎，因為在歐洲，他們需要一段時間才能完成替換——或者更準確地說，應該說是逐步淘汰華為。他們不會在歐洲迅速更換所有設備。這種情況不會發生。但隨著新的基礎設施項目陸續啟動，華為將很難贏得市場，我認為這對我們有利。

Your next question comes from the line of John Marchetti from Stifel.

你的下一個問題來自 Stifel 的 John Marchetti 的產品線。

Gary, I wonder if you could just spend an additional minute on the India market. Maybe just talk about how maybe the last 2 or 3 months have gone and maybe compare it to what you saw last year where the company was -- or the country rather was really frozen in a tough lockdown. And if that's starting to ease at all as you're looking into 3Q and into even further in the second half of the year.

加里，我想請你再花一分鐘時間談談印度市場。可以談談過去兩三個月的情況，並與去年同期進行比較。去年，公司——或者更確切地說是整個國家——都處於嚴格的封鎖狀態。展望第三季以及下半年，這種情況是否有所緩解？

Yes. I think it's had a couple of -- prior to the COVID piece, I think it had the sort of situation, just to reminding everybody, as you say, John, it had these challenges around, a, had a very big build-out and was digesting that. Second of all, the economy and then some regulatory issues. So it's been a challenging 2 or 3 years on that side for India.

是的。我認為在新冠疫情爆發之前，印度就面臨著一些挑戰——正如你所說，約翰，提醒大家一下，印度當時面臨一些挑戰，首先是大規模的建設，需要時間消化這些成果。其次是經濟問題以及一些監管問題。所以，過去兩、三年對印度來說都是充滿挑戰的。

But the underlying dynamics and demand, I think, are strong. We were just starting to see that move again when, of course, COVID hit, they had a very big lockdown and very little got deployed. We began to see activity, I would say, at the beginning of this year, and we won some new deals then, and they were beginning to be deployed. And then, of course, what happened in the last few months has really slowed all of that down.

但我認為，潛在的動力和需求仍然強勁。我們剛開始看到這種趨勢復甦，結果新冠疫情爆發，各地實施了大規模封鎖，部署量大幅下降。今年年初，我們開始看到市場活動有所回升，並贏得了一些新訂單，這些訂單也開始陸續部署。當然，過去幾個月發生的事情確實讓這一切放緩了步伐。

We would say from the experience that we're seeing currently, is it seems to be stabilizing and in fact, improving. I would say that from talking with our team in India, generally. Still got a long way to go, but I think it sounds like they're heading in the right direction.

根據我們目前的經驗來看，情況似乎正在趨於穩定，實際上還在好轉。我與我們印度團隊的交流也印證了這一點。雖然還有很長的路要走，但我認為他們正朝著正確的方向前進。

I would say that our view on the second half is obviously, we've kind of derisked that view in the second half given what we were seeing. And so -- but I still think that India will be up for Ciena year-on-year. It won't be as high as we had anticipated. But I think the order activity and RFP activity continues to be strong as they do their plans, and we're winning more than our fair share of that. So one's hopeful as we turn the year that we'll see a good step function in India, albeit a delayed one from the second half.

我認為，鑑於我們觀察到的情況，我們對下半年的預期顯然已經降低。因此，我仍然認為Ciena在印度的銷售額將同比增長。雖然不會像我們預期的那麼高，但我認為隨著他們計劃的推進，訂單和招標活動依然強勁，而我們贏得的份額也遠超預期。因此，展望新年，我們期待在印度市場看到一個良好的成長勢頭，儘管下半年的成長可能會有所延遲。

Got it. And then just maybe shifting gears to overall order growth. You talked about that being up significantly higher than revenue. I'm just curious if you can comment at all about whether that's more heavily weighted towards Tier 1s. You obviously had a very good sequential quarter in web-scale.

明白了。接下來我們或許可以談談整體訂單成長。您提到訂單成長遠高於營收成長。我想請您談談，訂單成長是否更多來自一級供應商？顯然，你們的線上業務上第一季表現非常出色。

Just as we're looking into that second half, is it a function of those networks that you talked about running hotter? You're starting to see that ease out and those orders now are coming in for second half deployments. Is it a function of now having time to evaluate 800 and doing those deployments. Just curious if you can give us any color there on some of that order growth that you saw.

我們正在展望下半年，您之前提到的那些網路運作壓力過大是否與此有關？您現在看到這種情況有所緩解，下半年的部署訂單也開始陸續到來。這是否是因為現在有時間評估 800 系統並進行部署？我很好奇您能否就訂單成長的具體情況提供一些見解。

Yes. No, I would say generally, it's across the board. We're seeing it -- I think the dynamic is obviously very different as you go to each of the web-scale players. But I would say, generally, they have been constrained in their ability to roll out and connect new data centers. Just like the carriers have been constrained in terms of their ability to deploy, first of all, both logistically, but more laterally out of caution and run their networks hot.

是的。不，總的來說，我認為這種情況很普遍。我們看到──我認為，對於不同的網路規模企業來說，情況顯然大相逕庭。但總的來說，它們在部署和連接新資料中心方面都受到了限制。就像營運商在部署能力方面也受到了限制一樣，首先是物流方面的限制，其次是出於謹慎和避免網路過載運作的考量。

So a slightly different dynamic, obviously, between the 2. But we're generally seeing most of them now. And I would describe it, to some extent, has been catch-up on their capacity build-outs, which I think has been largely -- they've been running at hotter the last sort of 9 months or so.

所以，兩者之間的動態顯然略有不同。但我們現在普遍看到它們都在這樣做。在某種程度上，我認為這是它們在追趕產能建設進度，而且我認為，在過去的九個月左右的時間裡，它們的產能利用率一直很高。

And I think that's what we're seeing is I describe it as sort of catch-up and then a return to a more normalized approach to the development of their networks. So as Jim sort of talked about, a lot of the new business that we've won, we actually think we'll end up now deploying in the second half, which is what we've kind of hoped and expected. So that's good news, coupled with this catch-up, and I think we were expecting a big step function in our second half. And I think we're now much more -- we've got real confidence around that in terms of what the activity that we're seeing and the backlog that we've got as well.

我認為我們現在看到的，我將其描述為一種追趕，然後回歸到更正常的網頁開發模式。正如吉姆剛才提到的，我們贏得的許多新業務，我們預計最終會在下半年完成部署，這正是我們一直以來所希望和預期的。所以這是一個好消息，再加上之前的追趕，我認為我們原本預期下半年會有大幅成長。現在，根據我們目前看到的業務活動和積壓訂單，我們對此更有信心了。

So I would say, really, John, it's across the board. It's Tier 1s in North America, Tier 1s in Europe. We talked about India, I would say Japan is still a challenge for us. That's more specific to us because of what's going on with Docomo and NTT. But generally, across the board, we're seeing a catch-up on capacity, and we're seeing increased leaning in on the deployment of new architectures and new builds.

所以我想說，約翰，這種情況很普遍。北美的Tier 1業者如此，歐洲的Tier 1業者也是如此。我們之前討論過印度，我認為日本對我們來說仍然是一個挑戰。這主要是因為Docomo和NTT目前的情況。但總的來說，我們看到各業者都在努力提升網路容量，並且越來越重視部署新的架構和新的網路設施。

COVID affected everyone to an extent really across the board in terms of customers, but it had a much more severe effect on the service providers than it did on the web scale. So we did expect and hope for a big improvement in service provider spend as we came into our second quarter, and we have seen that. But I would say, as Gary said, this is across the board. I think that everyone is seeing the need for network. The network is more important than it ever has been, and we expect that trend to continue for us.

新冠疫情對各行各業的客戶都產生了一定程度的影響，但對服務供應商的影響遠比對網路營運商的影響更為嚴重。因此，我們預期並希望進入第二季後，服務提供者的支出能夠大幅改善，而我們也確實看到了這一點。但正如Gary所說，這種情況是普遍存在的。我認為每個人都意識到了網路的重要性。網路比以往任何時候都更加重要，我們預計這一趨勢還將繼續。

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

你的下一個問題出自雷蒙德詹姆斯 (Raymond James) 的西蒙利奧波德 (Simon Leopold) 系列。

This is Mauricio in for Simon. Just wanted to go back to the question on the European opportunity on the back of the Huawei backlash. Maybe you could talk about what you're seeing in terms of the pricing dynamics as some of the Huawei footprint starts to gradually become available and competitors look to gain a piece of that footprint. And then I have a follow-up.

我是毛里西奧，代替西蒙發言。我想回到之前關於華為事件後歐洲市場機會的問題。您能否談談隨著華為部分市場份額逐漸開放，競爭對手試圖搶佔市場份額，您觀察到的價格動態變化？我還有一個後續問題。

Mauricio, I'd say this dynamic has been going on for a while. I don't see any particular change in the pricing dynamics. I would say, as Jim talked about earlier, I think the main priority of the Europeans is to derisk themselves around their RAN business. And that's where they're focusing their attention and dollars right now. Underlying to that, as they look at changing their network infrastructure and transport architecture, they are looking to decrease their dependency on Huawei. And so those are the entry points, if you will. And that takes time, both in terms of the evaluation, the decision and the actual deployment. And it's a big deal for these carriers because they're all integrated into their back office, their systems, their support, and that doesn't happen quickly.

毛里西奧，我認為這種動態已經持續了一段時間。我沒看到價格動態有任何明顯的變化。正如吉姆之前提到的，我認為歐洲營運商的首要任務是降低其無線存取網路（RAN）業務的風險。他們目前正集中精力和資金投入這方面。在此基礎上，隨著他們著眼於改變網路基礎架構和傳輸架構，他們也在尋求降低對華為的依賴。所以，這些就是切入點。這需要時間，包括評估、決策和實際部署。這對營運商來說意義重大，因為這些都已整合到他們的後台系統和支援體系中，而這並非一朝一夕就能完成的。

And this has been going on for a couple of years. We've won a number of those, and we're now kind of deploying. And that is sort of an ongoing tailwind for us. But we're not seeing any particular change in the dynamics there. It obviously benefits us and other competitors that are not Huawei. But it's a very long-term play. And really, I would stress again, it's the RAN vendors that are really being a significant, probably uptick in the shorter term from it.

這種情況已經持續好幾年了。我們贏得了不少項目，現在正在逐步部署。這對我們來說一直是個有利因素。但我們並沒有看到市場格局有任何顯著變化。這顯然對我們和其他非華為的競爭對手都有好處。但這需要長期的投入。而且，我再次強調，真正從中受益匪淺的，可能是無線接取網路（RAN）供應商，他們或許會在短期內獲得顯著的成長。

Yes. I mean in any time there's been a major piece of infrastructure that's competitively contested, it's always a very competitive and tough pricing environment, and that hasn't changed. And the fact that the trigger happens to be a move away from Huawei. I don't think it's going to change that either.

是的。我的意思是，任何時候，只要有大型基礎設施項目需要激烈競爭，價格環境總是非常緊張，這一點從未改變。而這次的導火線恰好是人們不再使用華為的產品，我認為這也不會改變什麼。

And then for my follow-up question, Jim, this is the second consecutive quarter that we're seeing a sequential increase, and actually another record high on Ciena inventory levels. So I'm just wondering if this concentration is related to getting to ready for the sort of demand that you're anticipating in the second half of the year. Or perhaps it's a combination of that as well as an effort to build some inventory buffer that will help you navigate the supply chain limitations we're seeing in the industry. So maybe if you could offer some color around that, and how we should think about inventory for the remainder of the year?

吉姆，我的後續問題是，這已經是連續第二季庫存環比增長了，而且Ciena的庫存水準也再次創下歷史新高。我想知道，這種集中採購是否與你們預期下半年的市場需求有關？或者，這是否是兩者兼而有之，同時也是為了建立一定的庫存緩衝，以應對目前業界普遍存在的供應鏈限制？能否請您詳細解釋一下，以及我們該如何看待今年剩餘時間的庫存狀況？

Yes. I'll start and Scott can continue. It's all of the above, frankly. We do expect, and our guidance would lead you to think that we're going to have a big uptick in the second half, and we had to build inventory to that. The other thing though is that with supply chain, we have always been very proactive in terms of making sure that we had good inventory levels as we moved into shortages in some areas. This year is no exception. We've also had some [MDs] of certain products, and we had to get less time buy. So it's all of those things combined.

是的。我先說，史考特接著說。坦白講，以上所有因素都有影響。我們預計，而且我們的預測也表明，下半年銷售量會大幅成長，所以我們必須為此增加庫存。另一方面，在供應鏈方面，我們一直非常積極主動地確保庫存水準充足，以應對某些領域的短缺。今年也不例外。此外，我們某些產品的庫存也出現了短缺，因此我們不得不縮短採購週期。所以，所有這些因素綜合起來就是原因。

We do think that inventory levels will come down over time. We'll have to watch and see what happens as a result of the semi issue and whether there might be last time buys associated with that as we move through the year. But over time, we do expect our turns to get back to something approaching or more normal levels.

我們認為庫存水準會隨著時間推移而下降。我們將密切關注半拖車問題的影響，以及是否會因此出現一些清倉甩賣的情況。但我們預計，隨著時間的推移，我們的周轉率最終會恢復到接近或更正常的水平。

All right, Jim, you covered it [at the] question. The question kind of was bang on in terms of the dynamics is really primarily to -- we've talked in the past of our supply chain resilience and the strategy that we've built in, not only how we architect it, but how we invest to service our customers. And I'm convinced our customers will reward us for that, by the way. So that's one driver. And it's certainly served us extremely well as we've staring at the semi challenges of the industry.

好的，吉姆，你回答得很清楚。這個問題確實切中要害，因為動態變化主要在於——我們過去曾討論過供應鏈的韌性以及我們制定的策略，不僅包括我們如何建立供應鏈，還包括我們如何投資來服務客戶。順便說一句，我相信我們的客戶會因此而給予我們回報。所以，這是其中一個驅動因素。在我們應對產業挑戰的過程中，這項策略無疑扮演了極為重要的角色。

The second piece is, as we've noted a couple of times in the call here is we built a plan and an expectation that we were going to have a substantially bigger second half than first half, and we bet on success. So we were getting ready for that second half.

第二點，正如我們在電話會議中多次提到的，我們制定了計劃並預期下半年業績會比上半年大幅增長，我們押注於此。所以我們一直在為下半年做準備。

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

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

Yes. And I've got a question for you, Jim, and let me ask it the most direct way, but I can ask it another way if you'd prefer. And that is the margin structure that you've given us for the second half is really, it's noticeably better than where you've been historically. Do you think that, that is sort of a new baseline for Ciena? Or do you think that over time, you'll get back to the mid-40s range in the out year?

是的。吉姆，我有個問題想問你，我盡量直截了當地問，當然如果你願意，我也可以換個方式問。你給的下半年利潤率結構確實比以往好得多。你認為這會成為Ciena的新基準線嗎？還是你認為隨著時間的推移，到明年利潤率會回到40%左右的水平？

Well, here's what I'd say about that, Jeff. We have been experiencing very good gross margins. We have -- we've taken a lot of costs out of our product. And we have great technology. All of that has contributed to our improvement in gross margins. We have called up our gross margins a few times over the past year or so. But it's a very dynamic environment in which we find ourselves now.

傑夫，關於這一點，我想說的是，我們的毛利率一直都非常可觀。我們大幅降低了產品成本，而且我們擁有先進的技術。所有這些因素都促成了毛利率的提升。在過去一年左右的時間裡，我們曾多次提高毛利率。但我們現在所處的環境瞬息萬變。

The dynamic that we've said that new projects will cause margins to get back more towards the mid-40s is still there. We're just not -- because of our underlying performance in gross margin, expecting it to be as significant as we expected for the second half of this year. As we move through time, we'll address this issue of gross margin more fully, but we do like our performance so far.

我們先前預測新項目將使毛利率回升至40%左右，這趨勢依然存在。只是由於毛利率的整體表現，我們預計今年下半年毛利率的提升幅度不會像預期那麼顯著。隨著時間的推移，我們會更全面地探討毛利率問題，但我們對目前的毛利率表現感到滿意。

Okay. So new wins turning back on is part of the guidance in the second half of the fiscal year then?

好的。所以，恢復新客戶開發是下半年財年業績指引的一部分嗎？

Absolutely. Yes.

當然。是的。

Okay. Okay. Great, great, great. And then let me follow that up by asking, is it possible that one day that you'll get back to talking about that 6% to 8% long-term sales growth?

好的，好的，太好了，太好了。那麼，我想接著問一下，您是否有可能在某一天再次談到6%到8%的長期銷售成長目標？

We're going to revisit the issue of long-term guidance as we turn the year. We've been through an incredibly dynamic period in our market with all sorts of behavioral changes on the part of our customers and with good reason, of course. And that caused us to suspend our 3-year guide. Although I would say this, remember, we just -- we did talk about the future as we began this year. We said that we still expected the market to grow in the low to mid-single digits overall, and we expected to take share in that context.

新年伊始，我們將重新檢視長期績效指引的問題。我們的市場經歷了極度動盪的時期，客戶的行為也發生了各種各樣的變化，當然，這並非沒有道理。正因如此，我們暫停了三年業績指引。不過，我想說的是，我們年初的時候確實討論過未來。我們當時表示，仍然預期市場整體將保持個位數低至中等的成長，並且我們預計能夠在此背景下擴大市場份額。

We just didn't continue that thought to give a number in terms of our revenue growth. I won't say that we're going to as we come into the first part of next year, but it's certainly what we're thinking about as we sit here today.

我們當時並沒有繼續考慮給出具體的營收成長數字。我不會說明年上半年我們會這樣做，但這確實是我們今天正在考慮的問題。

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

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

I guess the first one I have was on the web-scale business. I was hoping if you could just maybe touch on what's happening over there, I think the business was down on a year-over-year basis, but was up sequentially. I'd love to understand to kind of what's happening in web-scale? And then as you think about the back half narrative, how do you think the web-scale business performs versus the back half guide that you provided?

我第一個問題是關於網路規模業務的。我希望您能簡單談談這方面的情況。我知道這個業務同比有所下降，但環比有所增長。我很想了解網路規模業務的現況。另外，在展望下半年業績時，您認為網路規模業務的表現與您先前提供的下半年業績預期相比如何？

Amit, I would say that you see dual ebbs and flows to the web-scale players. And obviously, they all have very different business models and we talk about them generically. I would say a couple of things to it. One, we continue to perform very well with them. They've also been constrained around their connectivity and ability to deploy new data centers and connect them. I think that is getting better. And the fact that year-to-date, we're at about 4% up, as we get to the half year is about what we thought.

阿米特，我認為網路規模企業的發展呈現雙峰雙峰的趨勢。顯然，它們的商業模式各不相同，我們只能泛泛而談。我想就此談幾點。首先，我們與這些企業的合作一直非常成功。其次，它們在連接性和部署新資料中心及互聯互通方面也受到限制。我認為這種情況正在改善。而且，今年迄今為止，我們的業績成長了約4%，這與我們的預期基本一致。

We think we'll see growth for the year, about the mid sort of single digits, and we will absolutely -- tough for us to take even more share than we already have. But we're absolutely confident of maintaining the share that we've got. And we do think that the second half will improve on the first half in terms of revenues. Absolutely. We'll see an uptick along with the rest of our business on that.

我們預計今年將實現成長，大概在個位數的中等水平。當然，要進一步擴大市場佔有率對我們來說非常困難，但我們絕對有信心維持現有市場佔有率。而且我們認為下半年的營收會比上半年有所成長。這點毋庸置疑。我們預計這部分收入會和我們其他業務一樣成長。

So I think we're pretty optimistic around that space. They seem to be getting back into the swing of being able to build out these data centers around the world. And I would say that's a key point. It is around the world where we're partnering with them. It's not just in North America. And that has been particularly constrained for them outside of the U.S. for obvious reasons. And that seems to be getting better. So we're pretty optimistic about the second half for us, Amit.

所以我覺得我們對這個領域的前景相當樂觀。他們似乎正在重回正軌，能夠在全球範圍內建造這些數據中心。我認為這一點至關重要。我們與他們的合作遍及全球，而不僅限於北美。由於顯而易見的原因，他們在美國以外的地區發展受到了特別大的限制。但現在情況似乎正在好轉。所以，阿米特，我們對下半年的發展前景相當樂觀。

Right. Perfect. And then if I can just kind of hear you talk a bit more about free cash flow expectations in the back half of the year. Q2, I think, was exceptionally strong. So I don't know if you called out something that was one-off there. But how do you think about H2 free cash flow? Because historically, that's been the stronger half of free cash flow. Is that the thing that happens this time despite the ramp that you're expecting?

好的，太好了。然後，我能再聽您談談下半年的自由現金流預期嗎？我認為第二季度表現異常強勁。所以我不知道您是不是提到了某個特殊情況。但您如何看待下半年的自由現金流？因為從歷史數據來看，下半年通常是自由現金流表現較好的一年。儘管您預期會有成長，但這次的情況是否也會如此？

I would expect that we'll have better free cash flow in the second half than we had in the first half, although I would say that we had a particularly strong Q2. But we're going to -- we've said in the past, and I don't think we've guided to this recently. But in the past, we've said that our free cash flow is going to be 60% or some 70% of our EBIT, and that's the kind of number that we kind of expect.

我預計下半年的自由現金流會比上半年好，儘管第二季的表現確實非常強勁。我們過去曾說過，最近也沒有明確指出這一點。但我們過去曾表示，自由現金流將佔息稅前利潤的60%到70%，這也是我們目前的預期。

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

你的下一個問題來自 Needham & Co. 的 Alex Henderson。

So we've addressed the issue associated with Huawei. But I was wondering if you were to look at the broader environment, whether there's been any change in pricing, one, as a result of Huawei receding from the market; two, because of Nokia is saying that they're going to try to drive to profitability; and three, to the extent that you have such an advantage with the 800 gig, is that causing better pricing environment for Ciena as a whole? Can you talk a little bit about what's going on in the pricing realm?

我們已經解決了與華為相關的問題。但我想問的是，從更廣泛的角度來看，價格方面是否有任何變化？原因有三：一是華為退出市場；二是諾基亞表示將努力實現盈利；三是鑑於你們在800G頻段的優勢，這是否為Ciena整體帶來了更有利的價格環境？能否談談目前的價格狀況？

Yes. Alex, it's Gary. I don't think it's really, really changed. Now the Huawei dynamic has been around for a long time. So no real change to that. I think where we're getting increased margin, I think, is a reflection on the scale of the business, the technology that we have and the vertical integration that we have and the innovation that we bring in into the market, and that's helping drive our gross margin. I think the pricing environment generally has not changed. We haven't seen any appreciable change in behavior from any of the main competitors.

是的，我是Gary，Alex。我覺得情況並沒有真正改變。華為的競爭格局由來已久，所以這方面並沒有發生什麼實質的變化。我認為我們利潤率的提升，反映了我們業務的規模、我們擁有的技術、我們的垂直整​​合以及我們為市場帶來的創新，這些因素共同推動了我們的毛利率成長。我認為整體定價環境並沒有改變，我們也沒有看到主要競爭對手的策略有任何顯著變化。

It's a competitive market, Alex. And as Scott said, whenever there's been an opportunity for market share gains as a result of something like a Huawei or anything else, it is a competitive battle to get that market share. And we're going to expect to see that as we move to the next couple of years, trying to get Huawei's market share.

亞歷克斯，這是一個競爭激烈的市場。正如斯科特所說，每當出現像華為這樣的公司或其他任何因素，為其他公司帶來市場份額增長的機會時，就會出現爭奪市場份額的激烈競爭。未來幾年，我們預計這種情況還會持續，大家都會努力從華為手中奪取市場份額。

One way you asked that question related to 800-gig pricing, Alex. I just -- one, I would think about it. And most of the competitive engagements, it comes down to a total cost of ownership conversation. And within that, it's -- what's the cost per bit not necessarily explicitly what's the cost per an 800-gig capable but what's the cost per bit that they're trying to achieve? What the 800-gig WaveLogic 5 technology allows us to do is to participate in that market pricing but at a much more competitive cost basis. And that has actually -- largely a partial factor in our margin dynamic as well.

Alex，你剛剛問的問題跟800G的定價有關。我——首先，我會考慮一下。大多數競爭性項目最終都會歸結為總體擁有成本的討論。而在這個討論中，關鍵在於──每比特的成本是多少？不一定是每台800G設備的成本，而是他們想要達到的每比特成本是多少？ 800G WaveLogic 5技術讓我們能夠以更具競爭力的成本參與市場定價。這實際上也在很大程度上影響了我們的利潤率。

Great. The second question I had for you is you addressed the component supply constraints and basically saying that it was not impacting your outlook for the back half of the year. It wasn't constraining your expectations.

很好。我的第二個問題是，您提到了零件供應限制，並且基本上表示這不會影響您對下半年的展望，也不會限制您的預期。

But I wanted to ask a little bit more subtle question of whether that actually might negatively impact your ability to exceed the forecast. Is that a governor on the growth rate within the band in the back half as a result of the inability to produce more, if you had orders in excess of what you thought going into the period?

但我還想問一個更微妙的問題，那就是這是否真的會對你們超越預測目標的能力產生負面影響。如果訂單量超過了期初預期，那麼由於無法增加產量，這是否會限制後半段的成長率？

Well, what I'd say is that we expect to be able to meet our current call for the second half based on our current view of the supply chain conditions. Lead times have lengthened. And so to achieve a significant upside to the numbers that we've called would be difficult. I wouldn't say it's impossible, but I would say it would be difficult.

嗯，我想說的是，根據我們目前對供應鏈狀況的判斷，我們預計能夠實現下半年的業績預期。交貨週期已經延長。因此，要大幅超出我們預期的數字將非常困難。我不會說完全不可能，但確實會很困難。

Your next question comes from Samik Chatterjee from JPMorgan.

下一個問題來自摩根大通的薩米克·查特吉。

I have a couple. Just wanted to start off with seeing if I can get a bit more visibility on what you're seeing with the North American Tier 1 service provider customers. Clearly, you indicated you're seeing either strong orders or revenues from them. But how much of this is attributable to you think like return to normal levels of spending relative to -- or relative to just spending more tied to some of their wireless equipment deployments that are going to happen in the back half year relative to C-band, and having to invest to support that wireless equipment deployment? Just trying to get any insights you have of what is the driver here and their returning to a higher level of spending. And I have a follow-up, please.

我有幾個問題。首先，我想了解您觀察到的北美一級服務提供者客戶的情況。您提到，他們的訂單或收入都很強勁。但您認為這其中有多少是由於他們恢復了正常的支出水平，又有多少是由於他們為了支援下半年C頻段無線設備的部署而增加的支出？我只是想了解一下，是什麼因素推動了他們的支出水準回升。另外，我還有一個後續問題。

Yes. I think largely, it's to do with the plain catch-up on their capacity. I think -- and fully understandable when the sort of COVID piece hit, they were very focused on just achieving endpoints, security, i.e., services to our homes basically. And they didn't want any disruption on the network operationally, and we're very cautious around doing anything on the network, and so they ran it hot. I think what we're seeing is more a function of a bit of a catch-up of that. And then a return to a more normalized approach of the development of their network, i.e., their new architectures, new business, new deployments. So I think you've got a combination of those 2 things going on.

是的。我認為主要原因在於他們需要追趕產能。我認為——這完全可以理解——在新冠疫情爆發初期，他們非常專注於實現終端安全，也就是為家庭用戶提供服務。他們不想在網路運作方面出現任何中斷，而我們對網路的任何操作都非常謹慎，所以他們當時高負荷運轉。我認為我們現在看到的更多是他們追趕產能的結果。同時，他們也在回歸更規範的網路開發模式，例如新的架構、新的業務和新的部署。所以我認為這是這兩個因素共同作用的結果。

And I think there might be a little bit around RAN priority earlier on last year, et cetera. But I think it's more about this dynamic of caution on the network, operational caution and also fiscal caution. I think people are generally in the economy feeling a lot more confident now, and that includes the carriers. And I think you're seeing that in some of the various comments around generally in CapEx. So I think it's more to do with those dynamics than it is prioritizing RAN versus transport, et cetera, because the RAN won't work without the transport so they're pretty closely aligned really.

我認為去年年初可能確實存在一些關於無線接入網（RAN）優先順序的討論等等。但我認為現在更多的是出於對網路營運和財務方面的謹慎態度。我認為現在人們普遍對經濟狀況更有信心，運營商也不例外。我認為這一點可以從一些關於資本支出（CapEx）的評論中看出。所以我認為這更多是與這些因素有關，而不是優先考慮無線接入網還是傳輸網絡等等，因為沒有傳輸網絡，無線接入網就無法運行，它們實際上是緊密相關的。

Got it. And a quick follow-up. I know you in the press release, you mentioned you have one [10-person] customer, which is accounting for 15%, I think. We saw move -- sequential move up significantly on DCI, but just wanted to get some color. I know you can probably won't name it, but was it a service provider? Or was it more of a DCI webscale customer?

明白了。還有一個後續問題。我知道你在新聞稿裡提到過，你們有一位（10人）客戶，佔約15%。我們看到DCI的業績環比顯著成長，但我想了解一些細節。我知道你可能不會透露客戶的名字，但請問是服務提供者嗎？還是DCI的WebScale客戶？

We'll tell you it's AT&T. It's the biggest customer that we've had since historically and continues to be a very strong customer for us.

我們告訴你，是AT&T。它是我們歷史上最大的客戶，而且一直都是我們非常重要的客戶。

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

你的下一個問題來自 MKM Partners 的 Fahad Najam。

I wanted to revisit Jeff's question, but I'll ask you a more nuanced way. If you look at the broader macro environment, it probably is the best time I could recall for the comm equipment sector in my memory. And I've been in this business for 20-plus years. You have 5G build-outs, you have -- yesterday, we heard Facebook talk about 75% year-over-year growth in their network consumption.

我想重新探討傑夫的問題，但我會換個更細緻的方式來問。從宏觀角度來看，這可能是我記憶中通訊設備產業最好的時期。我從事這個行業已經超過20年了。 5G網路正在建設中，而且──昨天我們也聽到Facebook宣布其網路流量年增了75%。

We've got stimulus coming from Biden administration's infrastructure bill of $100 billion on top of that $20 billion for RDOF. Various stimulus spending plans from various governments across the globe as they try to recover from the global pandemic. And you're still targeting about a 0% to 3% year-on-year go out for the second half and not kind of giving us more forward-looking outlook, on top of the fact that you already have the market lead in 800-gig, your largest competitor Huawei's in a case. So why hold back on giving us a more forward-looking outlook? What are you concerned about?

除了拜登政府提出的1,000億美元基礎設施法案以及200億美元的研發機會基金（RDOF）之外，全球各國政府也紛紛推出各種刺激性支出計劃，以期從全球疫情中復甦。然而，你們仍預期下半年年增率在0%到3%之間，並沒有給予更具前瞻性的展望。更何況，你們已經在800G市場佔據領先地位，而你們最大的競爭對手華為也處於劣勢。那麼，為什麼遲遲不給予更具前瞻性的展望呢？你們究竟在擔心什麼？

All the things that you mentioned with respect to the conditions in our market are true. But nothing ever moves quite as fast as we might expect it to, sometimes. And there are natural constraints on the service providers' ability to spend quickly. It's a great time to be in the networking business, and we're the best, at least, at the optical layer. And so we're going to benefit for a long period of time from all the trends that you talked about.

您提到的關於我們市場狀況的所有情況都屬實。但有時候，事情的發展速度並不總是像我們預期的那麼快。而且，服務提供者的快速支出能力也受到一些自然因素的限制。現在是從事網路業務的好時機，至少在光纖層，我們是業界最優秀的。因此，您提到的所有趨勢都將使我們長期受益。

I just think that as we look into the second half of the year, that's what we expect. And we did mention that the supply chain is going to make it difficult for us to exceed these numbers. And we'll talk about as we enter next year, what we think about the next several years. I'm not promising we'll give numbers, but I will say that we will talk about it. We like where we are as a company.

我認為，展望下半年，這就是我們的預期。我們也提到過，供應鏈問題會讓我們難以超越這些數字。明年年初，我們將討論未來幾年的發展規劃。我不能保證會給出具體的數字，但我可以肯定的是，我們會就此展開討論。我們對公司目前的狀況感到滿意。

The other thing I'd just add to that, Fahad, by way of sort of context is depending on your sort of numbers, but rough out onto the guidance consensus, whatever, you're talking about a massive uptick in the second half. You're talking about a 16% increase in the second half versus the first half or an order of magnitude around that, which is a significant uptick from where we'd normally be. And I think we're all dealing with a period of great, great turmoil around the COVID for the last couple of years.

法哈德，我還要補充一點，從某個角度來說，這取決於你提供的具體數據，但大致來說，根據目前的預期，下半年會大幅成長。你指的是下半年比上半年成長16%，或者說大約一個數量級，這比我們通常的水平要高得多。而且我認為，過去幾年我們都經歷了新冠疫情帶來的巨大動盪。

I would also say the other thing is I don't know many companies that actually gave annual guidance for this year, which we gave. Clearly predicated on a set of assumptions, which fortunately seem to be playing out. But as Jim said, there's also some headwinds to this thing. We've got some supply constraints. We're not immune to that. We'd navigate through better than anybody else in the industry, but we're not immune to it. We have -- India is not going to be as strong as we thought, we'd derisk that. So there's lots of sort of puts and takes on a global basis. But I totally agree with the underlying secular demand is super positive. And as we saw prior to COVID, it was extremely strong. And I'm very confident that we will return to that kind of an environment once we get through this.

我還想說的是，據我所知，今年很少有公司像我們一樣給出年度業績指引。顯然，我們的指引是基於一系列假設，幸運的是，這些假設似乎正在逐步實現。但正如吉姆所說，我們也面臨一些不利因素。我們遇到了一些供應限制。我們無法完全避免這些限制。我們應對這些限制的能力將優於業內其他任何公司，但我們仍然無法置身事外。例如，印度市場可能沒有我們預期的那麼強勁，我們會降低這方面的風險。因此，全球範圍內存在著許多不確定因素。但我完全同意，潛在的長期需求非常樂觀。正如我們在新冠疫情爆發前所看到的，需求非常強勁。我非常有信心，一旦我們度過疫情難關，我們將重返那種市場環境。

I appreciate it. I have a follow-up on your routing and switching, you had a major win with Openreach in the U.K. How big can this product line be? It seems like you're increasingly winning a far greater share of business than appreciated by the investment community. Can just help us understand what's -- where -- in which segments of use cases are you winning? Are you bringing to actually kind of take share away from the Junipers and even potentially Ciscos and Aristas of the world? Can you just help us a little bit understand what's happening in the routing and switching?

非常感謝。我還有一些關於您路由和交換產品的問題想跟進。您在英國與Openreach的合作取得了重大成功。這條產品線究竟能發展到多大的規模？您似乎正在贏得比投資界預期更大的市場份額。您能否幫我們了解一下，您在哪些應用程式場景中取得了哪些成功？您是否正在從Juniper，甚至思科和Arista等公司手中奪取市場份額？您能否幫我們了解一下路由和交換領域目前的發展？

Yes. So from a numbers perspective, I mean, I'd revert back to Jim's comment. We're going to take a look at giving you a longer-term perspective on how we think that portfolio will grow as we get into the year. I will say this though, the growth rates are going to exceed the overall corporate -- overall Ciena average growth rates.

是的。從數字角度來看，我同意吉姆的觀點。我們將從更長期的角度分析我們對該投資組合在今年成長前景的預期。不過，我可以肯定的是，其成長率將超過Ciena整體的平均成長率。

We've invested very substantially, and it's not just a recent phenomenon, for the last couple of years in terms of increasing the addressable market of that portfolio, particularly in terms of its IP capability, its next-generation IP OS capability. And that opens up new market opportunities for us around the metro and edge deployments, which as you know, are undergoing a lot of significant architecture changes that is opportunity for nonincumbents. So we're pretty bullish about the opportunities there. It will show up in applications around the Edge, wireless xHaul, sell-side routers, connectivity from users to content in various different places. And Openreach was one example of that.

過去幾年，我們投入了大量資金，而且這並非近期才有的舉措，我們一直在努力擴大產品組合的目標市場，尤其是在其IP功能和下一代IP操作系統功能方面。這為我們在城域網路和邊緣部署領域開闢了新的市場機會。如您所知，這些領域正在經歷許多重大的架構變革，這對非傳統企業來說是一個絕佳的機會。因此，我們對這些機會非常樂觀。這些機會將體現在邊緣應用、無線xHaul、售後路由器以及用戶與各種不同位置的內容之間的連接等方面。 Openreach就是一個例子。

Your next question comes from the line of Tim Long from Barclays.

你的下一個問題來自巴克萊銀行的提姆朗。

Two quick ones, if I could. First, Gary, you talked about the U.S. Tier 1s looking pretty strong. I think someone mentioned government stimulus and rural broadband. Can you just give us your perspective on how you think that will impact Ciena over the next few years as the smaller and more regional telcos get potentially more funding and more optical reach into the networks? And then second, if you could just give us an update on the Subsea segment. I think it's a little bit smaller business, but it seems to be there's some good dynamics there as well.

如果可以的話，我想問兩個簡短的問題。首先，Gary，你剛才提到美國一級電信業者（Tier 1）的表現看起來相當強勁。我記得有人提到了政府的刺激計劃和農村寬頻建設。你能否談談你認為在未來幾年，隨著規模較小、區域性更強的電信運營商獲得更多資金和光纖網路覆蓋，這些因素會對Ciena產生怎樣的影響？其次，能否請你介紹一下海底光纜業務的最新狀況？雖然這個業務規模相對較小，但似乎也呈現出一些正面的發展態勢。

Yes. Tim, on the rural piece, really talks to this thing that I think a number of the questions sort of got to the strong sort of underlying secular demand. I think really, it's all about getting greater bandwidth closer to the customer, be it 5G, Internet of Things, a lot of rural broadband initiatives. Obviously, the one that we're focused on is -- and talking about is the U.S. But you've got those in different parts of the world, too. You've got them in multiple countries. I think people are recognizing, particularly during COVID that any inequalities that exist need to be addressed in the various countries population. And you've seen a number of those initiatives kick off.

是的。當蒂姆在談到農村地區時，確實觸及了這一點，我認為很多問題都指向了某種強烈的潛在長期需求。我認為，關鍵在於如何讓用戶更方便地獲得更大的頻寬，無論是5G、物聯網，還是許多農村寬頻計畫。顯然，我們關注的重點是美國，但世界各地也都有類似的計畫。很多國家都在推動這些計劃。我認為人們正在意識到，尤其是在新冠疫情期間，各國人口中存在的任何不平等現像都需要解決。而且，我們也看到許多這樣的計劃已經啟動。

I'd just caution that it is -- well, first of all, it's government at the end of the day. Second of all is infrastructure. And these things always take a little bit of time to work their way through. But as we come out of the year and look to the next few years, this is a very positive underlying dynamic basically. We couple that with 5G and just basically, as we view it getting high speed closer to the customer, which is really about fiber.

我想提醒的是──首先，歸根究底，這是政府的責任。其次，是基礎建設。這些事情都需要時間才能逐步落實。但展望未來幾年，這基本上是一個非常積極的潛在趨勢。再加上5G，我們認為高速網路離用戶更近，其實就是光纖網路。

So we feel very, very positive around those dynamics. Similarly, kind of subsea. You look at things like web-scale and as they look to expand into various countries, they're basically the largest owners, I think now of subsea capacity in the world are the web-scale players. It's no longer the PTT carrier consortia that control all of those cables, which was the case 10 years ago. And I think that's a very positive dynamic for the future overall in that subsea market, as you look at higher speeds of connectivity out to the terrestrial networks, we're seeing a continued momentum in the need for new cables, basically.

所以我們對這些動態感到非常樂觀。海底光纜領域也是如此。看看像Web-Scale這樣的公司，隨著它們尋求擴張到各個國家，它們基本上已經成為全球最大的海底光纜營運商。控制所有光纜的不再是10年前的PTT運營商聯盟。我認為這對整個海底光纜市場的未來發展來說是一個非常積極的趨勢，因為隨著陸地網路連接速度的提高，我們看到對新光纜的需求將持續增長。

And I think you're seeing a bit of a cycle going from adding capacity to existing cables. You're still going to see that, but I think we're into a big cycle of new cable build-outs. And there'll be a bit of a lag effect to us on that because you've got the cable in first, and then we'll come on top of it. But I think that is pretty positive over the next few years.

我認為目前的發展趨勢是，從增加現有電纜的容量開始，形成一個週期。雖然增加現有電纜的容量仍然會持續，但我認為我們正處於新建電纜的大規模建設週期中。這方面會存在一些滯後效應，因為電纜是先鋪設好的，然後我們才能在其上進行後續的擴容。但我認為這在未來幾年內將是一個相當積極的信號。

And thanks, everyone, for joining us. We do apologize for the webcast challenges. We will accelerate the availability of the transcript, make available the information for the replay in archive. So please keep an eye on that on our website. We look forward to catching up with everybody over the next few days and at our conferences next week. Thanks, everyone. Have a good day.

感謝各位的參與。對於網路直播出現的問題，我們深感抱歉。我們將盡快提供文字稿，並在存檔中提供回放資訊。請密切關注我們的網站。我們期待在接下來的幾天以及下週的會議上與大家見面交流。謝謝大家，祝您一切順利。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。