Ciena Corp (CIEN) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Ciena Fiscal Q1 2021 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝您的耐心等待，歡迎參加Ciena公司2021財年第一季財務業績電話會議。 （操作說明）請注意，本次會議正在錄音。 （操作說明）

I would now like to hand the conference over to Mr. Gregg Lampf, Vice President of Investor Relations. Please go ahead.

現在我將會議交給投資者關係副總裁格雷格·蘭普夫先生。請開始吧。

Thank you, Sharon. Good morning, and welcome to Ciena's 2021 Fiscal First 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.

謝謝莎倫。早安，歡迎參加Ciena 2021財年第一季業績電話會議。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也將出席，參與問答環節。

In addition to this call in 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 in the quarter. Our comments today speak to our recent performance, our view on current market dynamics and drivers of our business as well as a discussion of our financial outlook.

除了新聞稿中的電話會議內容外，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以及本季度的一些重點事項。我們今天的演講將涉及我們近期的業績表現、我們對當前市場動態和業務驅動因素的看法，以及我們對財務前景的展望。

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.

今天的討論涉及Ciena公司經營績效的某些調整後指標或非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。

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 guidance, discussion of market opportunities and commentary about the impact of COVID-19 on our business and our end results, 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 filings and in our upcoming 10-Q filing, which is required to be filed with the SEC by March 11. We expect to file by that date.

在將電話轉交給 Gary 之前，我想提醒各位，本次電話會議中我們將做出一些前瞻性陳述。這些陳述，包括我們的季度和年度業績指引、市場機會探討以及關於 COVID-19 對我們業務和最終業績影響的評論，均基於我們目前對公司及其市場的預期、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 3 月 11 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 have for as much Q&A as possible today, so best that you limit yourselves to one question and one follow-up.

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。像往常一樣，我們今天將盡可能多地安排問答環節，因此請每位與會者盡量只提一個問題和一個後續問題。

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

接下來，我將把電話交給加里。

Thanks, Gregg, and good morning, everyone. This morning, we reported solid revenue and strong profitability for our fiscal first quarter, including adjusted operating margin of nearly 15%. This quarterly performance once again demonstrates the strength and durability of our business model, which enabled us to perform well in Q1, despite continued challenging conditions due to COVID-19. With these results, our fiscal 2021 is starting off essentially as we'd anticipated, including, as we indicated during our Q3 '20 earnings call in September, the pandemic-related challenges would likely persist for a few quarters.

謝謝格雷格，大家早安。今天早上，我們公佈了第一財季穩健的營收和強勁的獲利能力，調整後的營業利潤率接近15%。這一季度業績再次證明了我們商業模式的實力和韌性，使我們能夠在第一財季取得良好的業績，儘管新冠疫情帶來的挑戰依然存在。憑藉這些業績，我們的2021財年開局基本上符合預期，正如我們在9月份的2020財年第三季財報電話會議上所指出的，與疫情相關的挑戰可能會持續幾季。

Specifically, we see continued operational caution and business velocity challenges, and really affecting prioritization by our service provider customers of new architectures and deployments. And more generally, Tier 1 service providers, primarily in North America, remain financially cautious.

具體而言，我們看到營運謹慎和業務速度的挑戰持續存在，這確實影響了我們的服務提供者客戶對新架構和部署的優先順序。更普遍而言，一級服務提供者（主要位於北美）在財務方面仍保持謹慎。

However, we are seeing some early encouraging signs of improvement. In fact, orders in Q1 slightly exceeded revenue for the first time since the first half of 2020. These indications are providing us increased confidence in a strong second half performance this year.

然而，我們看到了一些令人鼓舞的早期改善跡象。事實上，第一季的訂單量略微超過了收入，這是自2020年上半年以來的首次。這些跡象增強了我們對今年下半年強勁業績的信心。

Achieving our annual revenue target requires that our performance in the second half of fiscal 2021 be stronger than our typical first half versus second half growth. Obviously, the precise trajectory of this second half improvement is dependent upon the ongoing recovery in industry and economic additions, specifically enabling continued growing order flow and building backlog as we move through the year. We remain very confident in our competitive position, and we continue to take share, winning more than our fair share of new business around the world.

要達成年度營收目標，我們2021財年下半年的業績必須強於往年上半年與下半年的成長。顯然，下半年業績的具體提升幅度取決於產業和經濟的持續復甦，尤其取決於能否在年內持續推動訂單成長和積壓訂單的累積。我們對自身的競爭優勢充滿信心，並持續擴大市場份額，在全球贏得遠超預期的新業務份額。

Turning now to highlights from the first quarter. Our WaveLogic technology continues to lead the market, with the only generally available 800 gig capable platform in the market. We secured 14 new customers in Q1, bringing our total WaveLogic 5 extreme customer count to 79.

接下來回顧一下第一季的亮點。我們的WaveLogic技術持續引領市場，是目前市場上唯一全面上市的800G平台。第一季我們新增了14家客戶，讓我們的WaveLogic 5 Extreme客戶總數達到79家。

In just over 9 months of commercial availability, we have shipped WaveLogic 5e coherent modems to more than 75 customers around the globe, all of whom are actively deploying the technology in their networks. In fact, the adoption rate of WaveLogic 5 Extreme is impressive. Based on available data, it has been faster than the combined ramp of all competitive 600G solutions that are in the market today.

WaveLogic 5e 相干數據機上市僅 9 個多月，我們就已向全球 75 多家客戶交付了產品，所有客戶都在積極地將這項技術部署到各自的網路中。事實上，WaveLogic 5 Extreme 的普及速度令人矚目。根據現有數據，其普及速度甚至超過了目前市場上所有同類 600G 解決方案的總和。

Moving to Packet Networking. We've recently renamed this portfolio, Routing and Switching. This change, we think, better aligns to the language used in the industry and by our customers, and also reflects an increased strategic focus on IP technologies in our portfolio. We continue to grow our customer engagements in this area, particularly given the unique advantages we bring with our Adaptive IP solution and ability to address key use cases in areas like 5G, the Internet of Things and Edge Cloud. In fact, in Q1, we secured our first private 5G network win using our 5164 Router for in-building XOL aggregation.

轉向分組網路。我們最近將該產品組合更名為路由和交換。我們認為，這項變革更符合產業和客戶的語言習慣，也反映了我們產品組合中對IP技術的策略性重視。我們持續拓展在該領域的客戶合作，尤其憑藉我們自適應IP解決方案的獨特優勢，以及在5G、物聯網和邊緣雲等領域滿足關鍵應用場景的能力，我們取得了顯著進展。事實上，在第一季度，我們利用5164路由器實現了室內XOL聚合，成功拿下首個私有5G網路專案。

Revenue for our Blue Planet Automation Software and Services portfolio increased 10% year-over-year in Q1, and we now count more than 200 customers worldwide. With customer engagements continuing to expand, it is very clear that Blue Planet can disrupt the status quo and deliver a software-driven approach to digital transformation and service management and delivery.

第一季度，Blue Planet自動化軟體和服務組合的營收年增10%，目前我們在全球擁有超過200家客戶。隨著客戶合作的不斷拓展，Blue Planet顯然能夠打破現狀，提供以軟體驅動的數位轉型、服務管理和交付方案。

Our fiscal first quarter was also strong with respect to diversification across customer segments and geographies. Of particular note is the strength of our non-telco business, which comprise nearly 40% of revenues in Q1. This was led by our continued market leadership in webscale, and in fact, direct webscale revenue increased 25% year-over-year and represented more than 20% of total revenue in Q1. And at this point, most of our large webscale customers are now deploying WaveLogic 5 Extreme in addition to prior generations of WaveLogic.

我們第一財季在客戶群和地理多元化方面也表現強勁。尤其值得一提的是非電信業務的強勁表現，該業務在第一季貢獻了近40%的營收。這主要得益於我們在超大規模應用領域的持續市場領先地位，事實上，超大規模應用領域的直接收入年增了25%，佔第一季總營收的20%以上。目前，我們大多數的大型超大規模客戶都在部署WaveLogic 5 Extreme，同時保留了先前的WaveLogic產品。

Geographically, EMEA performed well in Q1, increasing 20% year-over-year, and we continue to see encouraging signs of recovery from India. Finally, our subsea business was also strong in the quarter at 9% of revenue and 5 new wins in the quarter, including the Southern Cross NEXT Cable as well as upgrades on 2 large international cable systems.

從地理來看，歐洲、中東和非洲地區（EMEA）在第一季表現良好，年增20%，我們持續看到印度市場令人鼓舞的復甦跡象。此外，我們的海底業務在本季也表現強勁，佔總營收的9%，並新增5個項目，其中包括南方十字星NEXT海底光纜項目以及兩項大型國際海底光纜系統的升級改造。

Turning to the broader environment. Our fundamental drivers remain strong as demand for connectivity continues and the move towards cloud architectures has, in fact, accelerated. Our strategy is well aligned to these market dynamics, and we continue to invest in our portfolio to address these key opportunities.

放眼更廣闊的環境。隨著對連接性的需求持續增長，以及向雲端架構轉型步伐實際上加快，我們的基本驅動因素依然強勁。我們的策略與這些市場動態高度契合，我們將繼續投資於我們的產品組合，以掌握這些關鍵機會。

The specific dynamics related to COVID-19 have accelerated bandwidth consumption in core networks. And while many customers are running these networks hotter right now, they ultimately will need to be augmented with additional capacity to maintain performance. And we are extremely well-positioned to meet this demand, given our market leadership in high-performance optical platforms and systems, including portables that support the connection of content-to-content and users-to-content, particularly in DCI, submarine and long-haul and regional networks.

與新冠疫情相關的特定動態加速了核心網路的頻寬消耗。雖然許多客戶目前都在以更高的負載運行這些網絡，但最終仍需要增加容量以維持效能。憑藉我們在高效能光纖平台和系統（包括支援內容間連接和用戶間連接的便攜式設備，尤其是在資料中心互連 (DCI)、海底光纜、長途和區域網路領域）的市場領先地位，我們完全有能力滿足這一需求。

COVID-19 dynamics have also driven our focus on network-operator investments in next-generation metro wage and access networks, due to the distributed nature of how connectivity is now being consumed. As this presents an opportunity for addressable market expansion, we are making investments to expand our IP and automation capabilities as well as our talent area for this particular opportunity.

受新冠疫情影響，我們對下一代城域網路付費和接取網路的網路營運商投資也更加重視，因為如今連接方式呈現出分散式特性。這為拓展潛在市場帶來了機遇，因此我們正在加大投資，提升我們的智慧財產權和自動化能力，並擴充人才隊伍，以把握這一機會。

Digital transformation has also grown in importance for our largest customers. From 5G to content delivery to cloud applications, customers are directing CapEx towards automating and streamlining how they deliver new services to reduce operational inefficiency in their back-office operations. Accordingly, we continue to invest in our Blue Planet business to build a market leadership position and deliver a software-driven approach to digital transformation.

對我們最大的客戶而言，數位轉型的重要性也日益凸顯。從 5G 到內容分發再到雲端應用，客戶正將資本支出用於自動化和簡化新服務的交付流程，以減少後台營運中的低效環節。因此，我們將繼續投資 Blue Planet 業務，以鞏固市場領先地位，並提供以軟體驅動的數位轉型方案。

With these investments and focus, we believe we are well-positioned to take advantage of the current market opportunities and intersect longer-term trends and transitions. In doing that, we believe that we will continue to drive strong financial performance over the long term.

憑藉這些投資和專注，我們相信我們已做好充分準備，把握當前市場機遇，並順應長期趨勢和轉型。我們相信，這樣做將有助於我們在長期內持續取得強勁的財務表現。

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

這樣，我就把話筒交給吉姆了。

Thanks, Gary. Good morning, everyone. We performed, as expected, in Q1, marking a good start to fiscal 2021. Total Q1 revenue was $757 million. Adjusted gross margin in the quarter was again strong at 48%. Adjusted operating expense in the quarter was $253 million, lower-than-expected, as certain projects and spend shifted out into future quarters.

謝謝，加里。大家早安。如預期，我們第一季業績良好，為2021財年開了個好頭。第一季總營收為7.57億美元。經調整後的毛利率再次維持強勁，達到48%。經調整後的營運支出為2.53億美元，低於預期，原因是部分項目和支出推遲到了未來幾季。

With respect to profitability measures. In Q1, we delivered adjusted operating margin of 14.6%, adjusted net income of $81.3 million and adjusted EPS of $0.52. In addition, in Q1, cash used in operations was $7 million consistent with our first fiscal quarter typically being a seasonally soft quarter for cash. Adjusted EBITDA in Q1 was $134 million.

關於獲利指標，第一季我們實現了14.6%的調整後營業利潤率、8130萬美元的調整後淨利潤和0.52美元的調整後每股收益。此外，第一季經營活動所用現金為700萬美元，這與我們第一財季通常的現金流淡季相符。第一季調整後EBITDA為1.34億美元。

We ended the quarter with approximately $1.3 billion in cash and investments. Our balance sheet continues to be a differentiator that speaks to our long-term strength and viability, particularly in the current environment. It also offers us the flexibility to continue investing in our business for the long term, as Gary described, while returning capital to stockholders.

本季末，我們持有約13億美元的現金和投資。我們的資產負債表依然是我們的優勢所在，體現了我們的長期實力和生存能力，尤其是在當前環境下。正如Gary所描述的，這使我們能夠靈活地繼續對業務進行長期投資，同時向股東返還資本。

To that point, as we reinstituted our share buyback plans during the quarter, we repurchased approximately 250,000 shares for $13 million in Q1. And since the program began, we have repurchased 6.1 million shares, for a total of $242 million.

截至目前，隨著我們在本季重新啟動股票回購計劃，我們在第一季回購了約 25 萬股，金額達 1,300 萬美元。自該計劃啟動以來，我們已回購了 610 萬股，總金額達 2.42 億美元。

Turning now to our guidance. As Gary mentioned, our business has performed largely as we expected within the current market conditions. And we are seeing the initial encouraging signs we were anticipating by this time. We are benefiting from the unique advantages of our deliberate strategy to drive innovation, diversification and global scale across our business.

現在談談我們的業績指引。正如Gary所提到的，在當前的市場環境下，我們的業務表現基本上符合預期。而且，我們已經看到了先前預期的積極跡象。我們正受益於我們精心製定的策略所帶來的獨特優勢，該策略旨在推動業務的創新、多元化和全球化發展。

From our 800 gig leadership, to our growing software business, to the agility of our supply chain, we are well-positioned to continue successfully navigating challenging times. Therefore, we continue to expect to grow our annual revenue in fiscal year '21 in a range of 0% to 3%. This level of growth is predicated upon the same variables that we talked about last quarter, including continued improvement in economic conditions as well as spend by service providers returning to more typical levels.

從我們800G業務的領先地位，到我們不斷成長的軟體業務，再到我們供應鏈的敏捷性，我們已做好充分準備，繼續成功應對充滿挑戰的時期。因此，我們仍預期2021財年的年度營收將成長0%至3%。這一增長水平基於我們上季度討論的相同因素，包括經濟狀況的持續改善以及服務提供者支出恢復到正常水平。

Achieving our annual revenue target also requires that our performance in the second half of fiscal 2021 be stronger than our typical first half versus second half growth. And as Gary touched on earlier, that is dependent upon our continued improvement in order flow, our ability to build backlog through the year as well as successful supply chain execution against the orders necessary to achieve our second half plan.

要達成年度營收目標，我們2021財年下半年的業績必須強於往年上半年與下半年的成長對比。正如Gary之前提到的，這取決於我們訂單流的持續改善、全年訂單積壓能力的提升，以及供應鏈能否成功執行訂單，從而實現下半年計劃。

With respect to OpEx. As I said earlier, our Q1 OpEx came in much lighter than expected. Certain IT infrastructure and R&D projects, we expected in Q1, shifted into future quarters of the fiscal year. While we have not changed our OpEx plan for the year, we are also seeing some pressure on OpEx from the weaker U.S. dollar. As a result of these 2 factors, we expect our OpEx for the remaining 3 quarters of the year to average between $280 million and $285 million. With respect to adjusted operating margin for the fiscal year, we continue to expect it to be in a range of 15% to 16%.

關於營運支出（OpEx），正如我之前所說，我們第一季的營運支出遠低於預期。一些原計劃在第一季開展的IT基礎設施和研發項目被推遲到了本財年的後續季度。雖然我們並未調整全年的營運支出計劃，但美元走弱也對營運支出帶來了一定的壓力。受這兩個因素的影響，我們預計本財年剩餘三個季度的平均營運支出將在2.8億美元至2.85億美元之間。至於本財年的調整後營業利潤率，我們仍預期其將在15%至16%的範圍內。

Turning to our second quarter 2021 performance. We expect to deliver revenue in a range of $810 million to $840 million, adjusted gross margin in the 45% to 47% range and adjusted operating expense of approximately $280 million to $285 million.

接下來展望我們2021年第二季的業績。我們預計營收將在8.1億美元至8.4億美元之間，調整後毛利率將在45%至47%之間，調整後營運支出約為2.8億美元至2.85億美元。

Before we close out our prepared remarks, I want to take a moment to again thank the entire Ciena team for their continued passion and commitment during a challenging period. It is because of our people, and their resilience, that we continue to perform well and to meet our customers' needs.

在我們結束演講之前，我想再次感謝Ciena全體團隊成員，感謝他們在充滿挑戰的時期所展現的熱情和奉獻精神。正是因為我們員工的辛勤付出和堅韌不拔的精神，我們才能持續取得優異的成績，並滿足客戶的需求。

I also want to highlight progress on our digital inclusion commitment, which promotes digital inclusion through greater connectivity, access to technology and digital skilling, with a goal of expanding opportunities for 100,000 underserved students in our global communities.

我還想重點介紹我們在數位包容承諾方面取得的進展，該承諾旨在透過加強連接、獲取技術和數位技能來促進數位包容，目標是為我們全球社區中 10 萬名服務不足的學生擴大機會。

We recently launched (inaudible), innovative new programs with customers, including Verizon, Spark New Zealand and Bharti, and we're excited about other digital inclusion initiatives on the horizon.

我們最近與客戶（包括 Verizon、Spark New Zealand 和 Bharti）推出了（聽不清楚）創新的新項目，我們對即將推出的其他數位包容性舉措感到興奮。

In closing, the fundamental demand drivers of our business are strong. We are very confident in our competitive position, and we continue to perform well, delivering strong profitability and returning capital to shareholders. We are encouraged by the initial signs of improvement in market conditions, and are increasingly confident in our ability to deliver a strong second half performance this year.

綜上所述，我們業務的基本需求驅動因素依然強勁。我們對自身的競爭地位充滿信心，並持續保持良好的業績，為股東帶來可觀的獲利和回報。市場狀況初步改善的跡象令我們倍感鼓舞，我們也越來越有信心在今年下半年取得強勁的業績。

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

莎倫，接下來我們將接受賣方分析師的提問。

(Operator Instructions) First question comes from Rod Hall with Goldman Sachs.

（操作員說明）第一個問題來自高盛的羅德·霍爾。

I wanted to start off with a question on the guidance. Just the fact that the margin guide is down a little bit, maybe you guys could dig into that? Help us understand why that's happening? And then I've got a follow-up.

我想先問一個關於指導的問題。邊際指導線略微下調了，能不能深入研究一下？幫我們弄清楚這是為什麼？然後我還有一個後續問題。

Yes. Rod, we think that this sort of good news because we are starting to see the rollout of some of the deals that we want. So it's really a little faster on some of the deals that we've had in the hopper for a while that have not been able to roll out for various reasons.

是的，羅德，我們認為這是個好消息，因為我們開始看到一些我們想要達成的交易陸續推出。所以，一些我們醞釀已久、由於各種原因未能推出的交易，進展速度確實加快了一些。

Is there any regional color you could give on that, Jim? Is it India? Or what types of projects are you seeing rollout?

吉姆，您能否就此提供一些地域性方面的資訊？是印度嗎？或是您看到哪些類型的專案正在推廣？

It's really generally. I mean, it's Europe, it's India. It's U.S. It's around the world.

確實，這種情況普遍存在。我的意思是，歐洲如此，印度如此，美國如此，全世界都是如此。

Okay. And then on my follow-up, I wanted to just ask competitively. I know that Infinera has talked about a couple of 800-gig wins, you guys obviously have a whole lot more. I wonder, are you seeing them in the market with 800 gig? Can you just talk a little bit about the 800-gig competitive environment as it stands right now?

好的。接下來，我想問一下競賽方面的問題。我知道Infinera已經拿下了一些800G的訂單，而你們顯然擁有更多。我想知道，你們在800G市場的競爭狀況如何？能否簡單談談目前800G市場的競爭格局？

Yes, Rod, as we said in the press release, we're up to, I think, it was at the end of the quarter, 78, 79 customer wins. Since the end of the quarter, that's actually increased. By the way, 18, I think, of those 79 were brand-new logos to Ciena. So a lot of momentum there.

是的，羅德，正如我們在新聞稿中所說，截至季度末，我們已經贏得了78、79位客戶。自季度末以來，這個數字實際上有所增長。順便一提，這79位客戶中有18位是Ciena的全新客戶。所以，這方面發展勢頭強勁。

Last I checked, a few weeks ago, that equated to something like 7,500 units shipped to customers. So as far as I know, we are the only commercially available 800-gig solution in the marketplace, and you can see it in those statistics.

我上次查看數據是在幾週前，當時大約有7500台設備發貨給了客戶。所以就我所知，我們是市場上唯一一家提供800G商用解決方案的公司，這些數據也印證了這一點。

Do you guys think that these are just lab deployments then that these guys are talking about?

你們覺得他們說的這些只是實驗室部署嗎？

7,500 units, a lot of labs. So all the other competitors, I don't know. If you have to ask them. I don't think I shouldn't. Probably that's my only comment on that.

7500個單位，很多實驗室。至於其他競爭對手，我就不清楚了。如果你需要問他們的話，我覺得我沒必要問。這大概是我對此唯一的評論。

Next question comes from George Notter.

下一個問題來自喬治·諾特。

I guess I wanted to ask about the supply chain dynamics. Obviously, it's been more of an issue for many companies, I think, over the last few quarters. Are you guys having issues with supply chain? And is that factored into your guidance for Q2 or the full year? Any kind of color you could give us would be great.

我想問一下供應鏈方面的動態。顯然，在過去的幾個季度裡，供應鏈問題對許多公司來說變得更加棘手。你們公司在供應鏈方面是否也遇到了問題？這個問題是否已經納入了你們第二季或全年的業績預期？如果能提供一些相關信息，那就太好了。

George, first of all, as I think already probably know as George is referring to specifically the subset of the supply chain that is related to the semiconductor, supply chain and ecosystem. And the dynamics that we're seeing in there is very similar to the dynamics we would have seen in other challenges and not-too-distant past on the supply chain.

首先，喬治，我想你可能已經知道，喬治指的是與半導體供應鏈及其生態系統相關的特定供應鏈子集。我們目前看到的動態與我們在不久前供應鏈中遇到的其他挑戰的動態非常相似。

And whether you look at components that had high concentration in areas that were hit hard by the early days of COVID or not too far before that, capacitors and resistors and pumps and power supplies, et cetera.

無論你觀察到的是那些在新冠疫情早期或不久之前就遭受重創的地區高度集中的元件，例如電容器、電阻器、泵浦和電源等等。

And what -- for somebody that sits in the sort of system vendor part of the ecosystem, like us, what's really important to be able to navigate those challenges as they come up is the design of the supply chain and the dimensions of that, but also the willingness and ability to invest in it.

對於像我們這樣身處生態系中的系統供應商一方來說，真正重要的是能夠應對這些挑戰，這不僅關乎供應鏈的設計及其規模，還關乎投資的意願和能力。

And from our perspective, we were very deliberate in terms of investing in resiliency on a bunch of different dimensions, geographical, multi-component supply strategies, inventory strategies throughout the supply chain, including component levels and distribution partner networks.

從我們的角度來看，我們非常謹慎地在各個方面投資於韌性，包括地理、多組件供應策略、整個供應鏈的庫存策略（包括組件層級）和分銷合作夥伴網路。

And the confidence in our business and the scale in financial strength to invest in that ecosystem and network. And that served us incredibly well in the past challenges, particularly recently through the COVID challenges.

我們對自身業務的信心，以及我們擁有的雄厚財力，使我們能夠投資於該生態系統和網路。這在過去的挑戰中，尤其是在最近的新冠疫情挑戰中，都為我們提供了極大的幫助。

And you didn't see us back off from our service level agreements to our customers or have to talk about it being a significant headwind to us delivering to our financial plans. So to your specific question, with that context, we had no impact in our Q1 results to supply chain execution. And we expect no to little impact in the immediate quarters in the future.

而且，您並沒有看到我們違反對客戶的服務水準協議，也沒有看到我們不得不談論這會對我們實現財務計劃造成重大阻礙。所以，就您提出的具體問題而言，在上述背景下，供應鏈執行並未對我們第一季的業績造成任何影響。我們預計在未來幾季內，供應鏈執行也不會受到太大影響。

If that situation persists for a long period of time, obviously, we're not immune to it. It's a multi-industry challenge. But given the design -- given our continued investment in it and given how it served us in the past, I'm extremely confident that in our segment, we'll be best-in-class in terms of our ability to continue to serve our customers.

如果這種情況持續很長時間，顯然，我們也無法置身事外。這是一個跨行業的挑戰。但鑑於我們的設計——鑑於我們對它的持續投入，以及它過去為我們帶來的益處，我非常有信心，在我們的細分市場中，我們將繼續為客戶提供最佳服務，保持行業領先地位。

Next question comes from Simon Leopold with Raymond James.

下一個問題來自雷蒙德·詹姆斯的西蒙·利奧波德。

Two things. First one is, I just wanted to see if you could help us understand what you're assuming in your outlook as it regards to the Tier 1 international carriers, particularly those in Japan, India and Germany? And then I've got a follow-up.

兩件事。第一件事是，我想請您幫忙理解一下，您對一級國際航空公司，特別是日本、印度和德國的航空公司，持何種看法？第二件事是，我還有一個後續問題。

Yes. And I think it does differ between those. In Japan, the working assumption, from a Ciena point of view, is that continues to be sluggish from our perspective. I think for the remainder of the year, that's our working assumption.

是的。而且我認為兩者之間確實存在差異。就Ciena而言，我們目前普遍認為日本市場仍將保持低迷狀態。我認為在今年剩餘時間裡，我們都會維持這種預期。

In India, we are seeing increased activity, both in terms of beginning deployments that were held up because of COVID, that's beginning. And also the award of new business there, primarily, I would say, driven by the desire to replace Huawei. We are seeing that being expedited in India. And we've won a number of those awards. So we're seeing good activity in India.

在印度，我們看到業務活動增加，一方面是因新冠疫情而停滯的部署項目正在逐步啟動，另一方面是新業務的斬獲，這主要是由於客戶希望替換華為設備。我們看到印度的替換進程正在加快，我們已經贏得了其中一些訂單。因此，我們在印度的業務活動表現良好。

We're also seeing strength in EMEA service providers. And to some extent, in North America, what we're seeing is a bit of an amelioration of the caution around operational deployments. As Jim noted, it's a little perverse statistic, but we expect our gross margins to go down slightly because they're beginning to deploy the things that we've won in the last 18 months.

我們也看到歐洲、中東和非洲地區的服務提供者表現強勁。在某種程度上，北美地區的服務提供者在營運部署方面的謹慎態度有所緩解。正如吉姆指出的那樣，這是一個有點反常的統計數據，但我們預計毛利率會略有下降，因為他們開始部署我們在過去18個月中贏得的項目。

So those are all actually encouraging signs. And then in Germany, particularly in Europe, we've had a number of wins that we are beginning to deploy. Again, as I said, that's both with Tier 1 -- mainly with Tier 1 service providers. But also in Europe, there's a dynamic around a lot of the wholesale players providing capacity for the webscale folks as well, including Germany.

所以這些都是令人鼓舞的跡象。在德國，尤其是在歐洲，我們已經取得了一些成果，並開始部署這些成果。正如我所說，這既包括與一級供應商的合作——主要是與一級服務提供者的合作。但在歐洲，許多批發商也在為網路規模的企業提供容量，德國也不例外。

Appreciate that. And then just as a follow-up, you did ramp towards North America. I'm assuming you did not have 10% customers in the quarter, but that you expect some improvement in your April quarter from your historic top customers? And maybe the reason for the caution? Is it at all related to spectrum auctions and what they're paying? Or are there other issues at play here?

非常感謝。另外，我想問一下，你們確實加大了北美地區的業務拓展力度。我假設你們本季沒有達到10%的客戶比例，但你們預計四月份的季度業績會有所改善，尤其是來自你們以往最重要的客戶？你們謹慎的原因是什麼？這是否與頻譜拍賣以及最終的成交價有關？還是另有其他因素？

The honest answer is it's difficult to truly discern, Simon, but I think it's a combination of those things. The amount of capital required to that, just the general caution of the COVID environment financially and operationally. But we are seeing a little thawing out of that. There are some signs to that.

說實話，西蒙，這很難真正確定，但我認為這是多種因素共同作用的結果。例如所需的資金量，以及新冠疫情下金融和營運方面普遍存在的謹慎態度。不過，我們看到這種情況正在逐漸好轉，有一些跡象表明了這一點。

Now that needs to continue for us to achieve our plan in the second half, but we are expecting a much better second half. And part of that is Tier 1 service providers in North America beginning to deploy some of their plans, frankly. I'd express it like that.

現在，為了在下半年實現我們的計劃，這種情況需要持續下去，但我們預計下半年會好得多。坦白說，部分原因是北美的一級服務提供者開始部署他們的一些計劃。我會這樣表達。

Another way of saying this is generally across our business, we expect Q1 to be the low point for the year, obviously.

換句話說，就我們整個業務而言，我們預計第一季將是今年的低谷，這是顯而易見的。

And I would also add that it would not be surprising, if we ended up the year with 1 or possibly...

我還要補充一點，如果今年最終我們只拿到1個或更少，也不奇怪…

10%.

10%。

10% customers because we do expect to come back in big Tier 1 service providers.

10% 的客戶，因為我們預計會重新獲得一級大型服務提供者的支援。

Next question comes from Meta Marshall with Morgan Stanley.

下一個問題來自摩根士丹利的梅塔·馬歇爾。

Great. I just wanted to spend a second on the hyperscale customers. Given that you're at early days of those deployments, is there any better visibility just because they're just trying to get their hands on kind of new generation of product? And then just maybe second question. You've noted the private LTE product. Just are you partnering with anybody on those deployments?

好的。我想花點時間談談超大規模客戶。鑑於你們的部署還處於早期階段，他們是否因為正在嘗試使用新一代產品而更容易了解情況？還有第二個問題。您提到了私有LTE產品。你們在這些部署方面有合作夥伴嗎？

Yes, Meta, just on the webscale, generally. Obviously, we've got #1 market share. We've got a massive installed base with the webscale players. And all of the 4 major players are now customers, I think, as we said, at the end of last year, the fourth one, we've now secured. So we've got the large market share there.

是的，Meta，就整個網路規模而言，顯然，我們擁有第一的市場份額。我們在網路規模服務商中擁有龐大的用戶群。而且，正如我們去年年底所說，所有四大服務商現在都是我們的客戶，第四家也已經加入我們。所以我們在這個領域佔了很大的市場。

You can see the strength of Q1. It was 20% directly of our business and a considerable amount indirectly through other carriers around the world. They're all now deploying WaveLogic 5 Extreme, in addition to the prior generations of WaveLogic, and we think we're extremely well-positioned to grow with that market.

你可以看到第一季的強勁表現。這部分業務直接貢獻了我們20%的收入，並透過與世界各地其他營運商的合作間接貢獻了相當可觀的收入。他們現在都在部署WaveLogic 5 Extreme，以及之前的幾代WaveLogic產品，我們認為我們已做好充分準備，在這個市場中實現成長。

Tough for us to really increase market share there given the size of our share, but we're very confident of growing with that market, which we think will be in the mid-single digits in 2021. I think there was some challenges. I think, certainly, last year and bleeding into this year in terms of their ability to deploy data centers and build around the world. They're very focused, I think, on ramping that up as best they can. And so we do expect to see some growth this year with the webscale folks.

鑑於我們目前的市佔率規模，想要真正擴大市佔率確實很困難，但我們非常有信心在這個市場成長，我們預計2021年該市場將達到個位數中段的成長率。我認為確實存在一些挑戰。去年，尤其是在他們部署資料中心和在全球範圍內建立方面，這些挑戰一直延續到今年。我認為他們正全力以赴地提升這方面的能力。因此，我們預計今年在網路規模資料中心領域將會出現一些成長。

Scott, do you want to take that?

史考特，你想接嗎？

Yes, man, and just a little maybe added color on that one. When we talk about the webscale customers and the big ones and all of them, I think, and are almost all of them, we're certainly in multiple applications. So I think of submarine core networks, their metro deployments and even managed services to them through the service providers.

是的，夥計，或許可以再補充一點。當我們談到網路規模的客戶、大型客戶以及所有客戶時，我認為幾乎所有客戶，我們都涉足多個應用領域。例如，海底核心網路、他們的城域網路部署，甚至包括透過服務供應商向他們提供的託管服務。

So to Gary's point, they are deploying multiple generations of technology as they may turn on new generations and one of the applications. There are a couple to get started. So that's why you see us with a large installed base and multiple generations of technology in there.

正如Gary所說，他們正在部署多代技術，因為他們可能會啟用新一代技術和一些應用程式。目前有幾個應用程式可以上手。所以你會看到我們擁有龐大的用戶群，並且應用了多代技術。

To your question on the XOL win in that particular one, that was an open XOL, so that was a direct sale by us to the customer. There was obviously some work on integration and interoperability, but that was a direct sale by us.

關於您提到的XOL在那次專案中的得標問題，那是一個開放的XOL，所以我們是直接向客戶銷售的。當然，我們也做了一些整合和互通性方面的工作，但那確實是我們直接銷售的。

Next question comes from Paul Silverstein with Cowen.

下一個問題來自考恩公司的保羅·西爾弗斯坦。

Guys, the Street's worries been -- worrying about the impact of pluggables, ZR and ZR Plus for a while. Any insight you can share on your thoughts, more specifically on what you're seeing? Obviously, that's been pushed back somewhat that's coming.

各位，華爾街一直擔心可插拔電動車、ZR 和 ZR Plus 的影響。你們能否分享一下自己的看法，特別是你們觀察到的情況？顯然，這些產品的上市時間已經被推遲了一段時間。

And Jim, what are you seeing in terms of the pricing environment? It's on the rise that Nokia -- well, I would think would moderate. Huawei's obviously,(inaudible) -- are you seeing any improvement in pricing?

吉姆，你覺得目前的定價環境如何？諾基亞的價格還在上漲——我覺得漲勢應該會放緩。華為的價格顯然……（聽不清楚）——你覺得價格方面有什麼改善嗎？

Let me try the pluggables XR question first. So what we said last time was we expect to see some potential early deployments of that application and that technology later in 2021, which was quite a push later in time from what people probably would have perceived it was going to be 12 months or so ago.

我先來回答關於可插拔 XR 的問題。上次我們說過，預計在 2021 年稍後會看到該應用程式和這項技術的早期部署，這比人們大約 12 個月前預想的時間要晚得多。

Our perspective hasn't changed on that. So I think potentially, some really, get started deployments but really material deployments starting in 2021. For our play in there, we're basing our product offer off of our WaveLogic 5 nano technology. And again, no change from what we said last time there. We expect to have generally available product in the first half of '21, and the program is executing well on that path.

我們對此的看法並沒有改變。所以我認為，一些初步部署可能會在2021年開始，但真正意義上的大規模部署要等到2021年。就我們在該領域的佈局而言，我們的產品將基於WaveLogic 5奈米技術。再次強調，這與我們上次的說法一致。我們預計產品將在2021年上半年全面上市，目前專案進展順利。

And I'll ask maybe pass it to Jim on the pricing environment.

我可能會把定價環境的問題轉交給吉姆。

Thanks, Scott. Paul, we're not really seeing any appreciable pricing environment as of yet. Now we've seen announcements by Nokia that they're changing their segments. They're going to look at the profitability of each of their segments, and we think that's a positive sign, but it's really too early for that to be sort of in the market yet. No real change.

謝謝，斯科特。保羅，目前我們還沒有看到任何明顯的定價環境變化。諾基亞宣布將調整其業務板塊，他們將評估每個板塊的盈利能力，我們認為這是一個積極的信號，但現在就讓這些調整真正發揮作用還為時過早。目前還沒有實質的變化。

Scott, with respect to your comments, putting aside time line in terms of magnitude of the impact, magnitude with respect to threat. Again, any insight you can share on what you're hearing from customers, both webscale and traditional communication or responders?

Scott，關於你的評論，暫且不談影響程度和威脅規模的時間線，你能否分享一下你從客戶那裡了解到的情況，包括網絡規模的客戶和傳統溝通渠道的客戶？

No. So if I look at -- the short answer is no. A little bit of color on it. If I look at the ZR application in particular, as it applies to potential DCI metro and campus, we have said in the past that in the fullness of time, that might be a total market opportunity of $500 million on an annual basis. Our perspective on that hasn't changed.

不。所以，如果我仔細分析一下──簡言之，答案是否定的。再詳細說說。如果我特別關注ZR技術在DCI地鐵和園區計畫的應用，我們過去曾說過，假以時日，這或許能帶來每年5億美元的市場機會。我們對此的看法並沒有改變。

By the way, that's -- you articulated it as a threat. I think it's also an opportunity because there are some non-coherent technologies that serve that market today. So that moving into coherent is an opportunity for those that lead in coherent. And I would say the same thing on the service provider side, it has an opportunity on the access side, not necessarily ZR, but other pluggable technologies becoming coherent is an opportunity.

順便說一句，你把它描述成一種威脅。但我認為這也是一個機遇，因為目前市場上有一些非一致性技術。所以，向一致性技術轉型對那些在一致性領域中領先的企業來說是一個機會。對於服務提供者來說，我也持同樣的觀點，這在接取方面是一個機遇，不一定是零解析度（ZR），其他可插拔技術轉型為一致性技術也是一個機會。

Next question comes from John Marchetti with Stifel.

下一個問題來自 Stifel 公司的 John Marchetti。

Gary, I was just wondering with the renaming of the Packet Networking business and seeing some of the focus now on the Edge of the network, just with some of the investments you're talking about making there. Can you talk about, particularly in Europe, where that's been a focus? What you're seeing as you're looking through the rest of this year, maybe a little further out? And if you feel like you need some significant additional efforts there in that portfolio and maybe even the possibility of some M&A focus there?

Gary，我只是想問，鑑於分組網絡業務的更名，以及您現在對網絡邊緣的關注，還有您提到的一些投資，您能否具體談談，尤其是在歐洲，這方面是重點關注的領域？您展望今年剩餘時間，甚至更長遠的未來，有什麼計畫？您是否覺得需要在該領域投入更多精力，甚至考慮進行一些併購？

Let me try, and then Gary can add some color. So first of all, what we believe is the winning hand in that part of the network is a combination of what we've called Adaptive IP, sort of the next generation. I think of it as an IP, not necessarily burdened by the applications or protocols of the router that was built for the Internet 15-plus years ago, combined with the convergence of best-in-class optics, an intelligent photonic layer. And the software automation tools that go along with that convergence in order to be able to operationalize that in the network.

讓我先試一試，然後加里可以補充一些細節。首先，我們認為網路這一部分制勝的關鍵在於我們稱之為「自適應IP」的技術組合，它可以說是下一代技術。我把它理解為一種IP，它不再受限於15多年前為互聯網設計的路由器所包含的應用或協議，而是結合了最先進的光學技術和智慧光子層。此外，還需要配套的軟體自動化工具，才能在網路中實現這一融合。

We think that is the architecture of the future, and it's a long game. And we've been investing on that for a period of time now, and you're starting to see the products come to fruition from those investments, both in our routing the software -- or sorry, our running and switching portfolio, but also in our software assets. Blue Planet, yes, but also in our domain controllers, MCP.

我們認為這就是未來的架構，這是一項長期工程。我們已經為此投入了一段時間，現在您開始看到這些投資的成果，這體現在我們的路由軟體（或更準確地說，是我們的運作和交換產品組合）以及我們的軟體資產中。例如，Blue Planet，以及我們的網域控制器 MCP。

So John, just to reemphasize that. This is not sort of, obviously, as Scott said, sort of an epiphany to us. So I think we've been talking around this kind of convergence, actually probably for decades in the industry. I really do think that opportunity is presenting itself as the metro Edge, particularly evolves. And we've been investing heavily.

約翰，我再強調一下。正如斯科特所說，這顯然不是我們突然頓悟的。事實上，我們業內幾十年來一直在討論這種融合趨勢。隨著都市邊緣技術的不斷發展，我認為機會正在湧現。我們也一直在大力投資。

I think, basically, we've doubled the amount of technical talent that we've had on this area in the last couple of years, and also invested heavily on the go-to-market side. We think we're very well-placed. We have an architecture that we think delivers a much more simplified and operationally better economic solution. We think it's very compelling. We think we have all the elements to that to be successful. Obviously, wouldn't rule out additional scale and technology in that space, of course. But right now, we think we have a good path with the architecture and the investments that we've made.

我認為，基本上，過去幾年我們在這個領域的技術人才數量翻了一番，而且在市場推廣方面也投入了大量資金。我們認為我們目前處於非常有利的地位。我們擁有一個架構，我們認為它能提供更簡化、營運成本更低、經濟效益更高的解決方案。我們認為它極具吸引力。我們認為我們具備成功所需的所有要素。當然，我們不會排除未來在這個領域進一步擴大規模和技術投入的可能性。但就目前而言，我們認為憑藉現有的架構和投資，我們已經走上了一條正確的道路。

Next question comes from Tal Liani with Bank of America.

下一個問題來自美國銀行的塔爾·利亞尼。

I have 2 questions. First of all, probably I'm going to ask you for the next 25 years is if you can give us an update on Huawei share replacement share gain? And the second one, both of you cautioned us enough about second half guidance that I want to ask about the specifics of your guidance. Meaning, what are the projects with what type of customers -- maybe not customer names, but types of customers and types of projects that need to materialize in order for you to hit your second half guidance? What is assumed -- categorically, what is assumed in the guidance?

我有兩個問題。首先，我可能未來25年都會問您這個問題：您能否更新一下華為的市佔率成長？其次，您們兩位都曾多次提醒我們下半年業績指引可能不盡人意，所以我想了解具體細節。也就是說，為了實現下半年的業績指引，您需要完成哪些項目，涉及哪些類型的客戶——或許不必透露客戶名稱，但需要具體說明客戶類型和項目類型。此外，業績指引中有哪些假設？具體來說，有哪些假設？

Okay. Let me take the first part of that, and then I'll hand off to Jim. So the question you're going to ask me for the next 25 years. Same kind of answer, I think. I think I described the major opportunity with Huawei is really in Europe, and that's again, to your point, about 25 years, it's probably not that long.

好的。我先回答第一部分，然後把麥克風交給吉姆。所以，你接下來25年要問我的問題，我想答案應該差不多。我之前說過，華為最大的機會確實在歐洲，正如你所說，大約25年，可能也沒那麼長。

But we're in the infrastructure business, this takes time, both time for decisions, time to operationalize, and to get all the back office done. And that is a multiyear program. Whilst this has had a lot of focus for all the reasons that we know in the last sort of 18 months to 2 years, we saw signs of this before. Basically, just -- and I would describe it more around reducing dependency. Such a large market share in Europe in all facets of infrastructure.

但我們身處基礎設施產業，這需要時間，包括決策時間、營運時間以及所有後台工作的完成時間。這是一個多年計劃。雖然過去18個月到2年裡，出於我們所知的各種原因，我們非常重視這項工作，但其實我們之前就已經看到了這種跡象。基本上，我更願意將其描述為降低對歐洲基礎設施各個領域如此龐大市場份額的依賴。

And I think the carriers began to realize that, frankly, about 3 years ago. When you look at some of the wins we've had with Deutsche Telekom, with Vodafone, et cetera, those wins, I think, were centered a long time ago in this dynamic. I expect that to continue.

坦白說，我認為營運商們大約在三年前就開始意識到這一點了。看看我們與德國電信、沃達豐等公司取得的一些合作成果，我認為這些合作的成功，很久以前就與這種趨勢密切相關。我預計這種趨勢還會持續下去。

I would also comment with this on the EMEA side. Whilst we've seen that, and that opportunity is very much a tailwind for us. I think their priority right now is on the RAM side because I think that's the one that's got the particular geopolitical focus. But -- and that's why I think this will be a multiyear element. And we are winning more than our fair share of that.

我還要就歐洲、中東和非洲地區（EMEA）的情況補充幾點。雖然我們已經看到了這一點，而且這確實是一個對我們非常有利的機遇，但我認為他們目前的重點是RAM（內存、存儲和存儲設備）方面，因為我認為這方面具有特殊的地緣政治意義。但是——正因如此，我認為這將是一個持續多年的過程。而我們在這方面取得了遠超過應有的份額。

I would, as I mentioned sort of earlier, India, I think, is moving faster in all dimensions of that change out, I think, because of the relationships between the 2 countries. And we are seeing that being expedited. And beginning to be awarded and will begin to roll out.

正如我之前提到的，我認為印度在各方面都在加速變革，這要歸功於印巴兩國之間的關係。我們看到變革進程正在加快，相關項目已經開始授予，並將陸續推出。

And that reflects -- to your second point, to some of the assumptions around our second half uptick. Basically, I think we're very confident that the second half is going to be a significant uptick to the first. There are certain assumptions to meet our target. They've obviously got to continue, and one is India continues to recover, and I think we're pretty confident around that.

這呼應了你的第二點，也就是我們下半年成長的一些假設。基本上，我認為我們非常有信心下半年將比上半年大幅成長。要實現我們的目標，有一些假設必須成立。這些假設顯然必須持續下去，其中之一就是印度經濟持續復甦，我認為我們對此相當有信心。

Second element overall, I would say, is that the Tier 1 service providers, most notably in North America, begin to deploy some of their plans that they've cautiously not deployed, and we are beginning to see that. So I would say a combination of service provider Tier 1s in North America, Europe continues as it is and that we see this uptick in India.

第二個因素是，一級服務提供者，尤其是在北美，開始部署一些他們之前謹慎保留的計劃，我們已經開始看到這種情況。因此，我認為北美和歐洲的一級服務提供者繼續保持現狀，而我們在印度也看到了這種成長。

Webscale, I think they've got pretty good visibility to that. I think they're going to have a good year. You saw -- you heard my comments around mid-single-digit growth in webscale, and we will grow at least with the market there.

我認為Webscale對此有相當清楚的認知。我認為他們今年會表現不錯。你們也看到了——或者說聽到了我之前關於Webscale將實現個位數中段成長的評論，我們至少會與市場同步成長。

Jim, any other comments on the specifics?

吉姆，關於具體細節還有其他補充說明嗎？

Yes. We -- the first thing I'd say is that we've now gone through 1/4 of the year, and things are developing as we expected. We feel very confident about the second half of the year. But what we didn't want to impart to anybody is that every -- all of the spending is at the levels that they need to be at in order to get to our numbers for the year. That was why we repeated the variables that we put out at the beginning of the year, and it's still the case.

是的。首先我想說的是，今年已經過了四分之一，一切都在預期中發展。我們對下半年充滿信心。但我們不想讓任何人知道的是，所有支出都已達到實現年度目標所需的水平。這就是為什麼我們重申了年初公佈的各項變量，而且情況依然如此。

With respect to how we get to those, we do a lot of forecasting, and it's all bottoms-up from our sales force. And so that number -- that set of numbers we're talking to comes from sales force indications of what customers are saying they're going to spend for the rest of the year.

至於我們如何得出這些數據，我們做了大量的預測工作，而這些預測都是自下而上地來自我們銷售團隊的回饋。因此，我們討論的這組數字，都來自銷售團隊對客戶在今年剩餘時間內消費金額的預測。

As Gary said, it's Tier 1 service providers around the world. But I'd also say this, as I said before, our backlog is still not where it needs to be to get to those numbers. It will be, we think, as our orders start coming in at stronger rates. But we just wanted everyone to know that things have to continue as they have started to begin.

正如加里所說，我們合作的是全球頂級服務供應商。但我也想補充一點，就像我之前說的，我們的訂單積壓量還不足以達到目標。我們相信，隨著訂單量逐漸回升，訂單積壓量會逐漸減少。但我們想讓大家明白，一切都必須按部就班地進行下去。

So Jim, I have just a follow-up. If the carriers get frequencies in December, that's 100-gig in December. And they deploy radios, assuming they're going to deploy the equipment, that's what Ericsson is saying, they're going to start before the time, not after they are getting the frequencies. Where is your portion of the network in terms of timing? Meaning is it before you put radios? Or is it after you put radios? Do you prepare the backbone optical before or after and all your routers portfolio?

吉姆，我還有一個後續問題。如果營運商在12月拿到頻率，那就代表12月就能實現100Gbps的頻寬。假設他們真的會部署無線電設備（愛立信是這麼說的），他們會在拿到頻率之前就開始部署，而不是之後。那麼，你們的網路部署時間安排是怎麼樣的呢？是在部署無線電設備之前還是之後？你們的骨幹光纖網路和所有路由器產品線的部署也是在部署之前還是之後？

So can you just give us kind of the understanding of a typical deployment where you are -- timing-wise, where you are in the process?

那麼，您能否簡單介紹一下您所在地區典型的部署流程—從時間安排來看，您目前處於流程的哪個階段？

Tal, the answer to your question is yes to all of the above, and I'm not being cute there. I mean -- I think about it in some of the real-world examples we've had of that. We've had carriers that build-out in advance of that spectrum. Because they're building out converged metro, particularly, they're very mindful around putting capacity and the ability to go support that when they put it out there.

塔爾，你問題的答案是肯定的，以上所有說法都正確，我不是開玩笑。我的意思是──我思考過一些我們遇到的實際案例。有些業者會在頻譜開放前就進行網路建置。特別是因為他們正在建造融合城域網，所以他們在部署容量和支援能力方面非常謹慎。

We've got others that are very hand-to-mouth with their perspectives around getting capacity into that spectrum as they deploy. And so you've got all shades around that. Obviously, there's a correlation, and it's good news for us, basically. The more they deploy out there, the more speed, the faster they're going to require fiber-fed capabilities.

還有一些公司在部署過程中，對於如何獲得頻譜容量持觀望態度，情況非常緊張。所以，各方觀點不一。顯然，這之間有關聯，而且這對我們來說基本上是個好消息。他們部署得越多，速度就越快，對光纖傳輸能力的需求就越大。

So generally, it's a big positive. But we are seeing signs and it's not -- I would say it's not particularly, from our perspective, spectrum-led at this stage. They had a number of plans to build out that got slowed down, but we're now seeing them -- and these are wins that we've had, design wins that we have, that they're now beginning to deploy.

總的來說，這是個好消息。但我們也看到了一些跡象，從我們的角度來看，現階段這並非完全由光譜主導。他們之前製定了一些建設計劃，但這些計劃進展緩慢，不過我們現在看到了這些計劃的實施——這些都是我們取得的成果，是我們設計上的勝利，他們現在正開始部署這些成果。

Now there's some correlation to spectrum coming on and then leveraging that investment, but it's not as simple as a direct line into all of that.

現在頻譜的開放和利用這項投資之間存在一定的關聯性，但這並不像直接進入所有這些領域那麼簡單。

Next question comes from Alex Henderson with Needham.

下一個問題來自 Needham 的 Alex Henderson。

I was hoping you could talk a little bit about an issue around the timing and the cadence of inventory purchases. Obviously, there's some constraints around some supplies. But on the other side of the coin, your inventory increased sequentially quite a bit. And I was wondering if you're planning on bringing the inventory down? Or whether you see the constraints that you're struggling with persisting and therefore, anticipating continuing to build inventory? Can you just talk about the direction of that?

我希望您能談談庫存採購的時機和節奏方面的問題。顯然，某些供應方面存在一些限制。但另一方面，您的庫存卻逐年大幅成長。我想知道您是否計劃降低庫存？或者您認為目前面臨的限制將持續存在，因此預計庫存將繼續增加？您能否談談這方面的計畫方向？

Alex, so really primarily 2 things driving the inventory dynamics that you pointed out. One is it goes back to the second half of the year ramp that we talked about. We have significant bigger second half than first half, and we are working to -- for success and sort of priming the pump, if you like to be able to deliver to the customers on that ramp. That's number one. And that is, by far, the bigger 2 dynamics.

Alex，所以你提到的庫存動態主要受兩方面因素驅動。第一點是我們之前討論過的下半年產能爬坡。下半年的產能遠超上半年，我們正在努力——為了順利推進，或者說為了能夠在產能爬坡期間滿足客戶需求——做好準備。這是第一點，也是目前為止最重要的兩大因素。

The second one is, I'll just say, our own security of supply. So I talked about having the confidence in our business and having the ability to invest in that supply chain. That's what you're seeing happen there in terms of the security of supply. And it's not just the most recent semicon piece, but it's also the activities that we've done to protect ourselves from the COVID dynamics that we've talked about in the past.

第二點，我只想說，是我們自身的供應安全。我之前提到過，我們對自身業務充滿信心，並且有能力投資供應鏈。這就是你們目前在供應安全方面所看到的。這不僅體現在最近的半導體展上，也體現在我們過去為應對新冠疫情而採取的各項措施中。

We do expect that our turns will improve.

我們預計我們的技術水平會有所提高。

Yes.

是的。

As we move through the year.

隨著時間推移，一年又一年過去了。

Yes.

是的。

Is there a function of a more chassis and less line card, and therefore, because of the footprint build? And then the second question I wanted to ask really was around the mix of -- on the revenue guide sequentially. It looks to me like you probably would have a recovery in service sequentially, and therefore, the majority of the pressure in the quarter is really on the product side. Can you talk a little bit about the cadence between those 2 as we go into the April quarter?

機箱數量增加而線路卡數量減少，是否會影響產品佔地面積？第二個問題是關於營收季減。在我看來，你們的服務業務可能會環比復甦，因此，本季的大部分壓力實際上都來自產品方面。您能否談談進入四月份季度後，這兩者之間的節奏關係？

On the first question, the mix dynamic isn't really what's driving it at all. It's more just prepping the pump for a big uptick in the second half and the security supply dynamics that I talked about.

關於第一個問題，組合動態並非真正的驅動因素。它更多的是在為下半年的大幅增長以及我之前提到的安全供應動態做準備。

On the second one, Gary?

第二個問題，蓋瑞？

Yes. Alex, I think as I think about the rest of the year, I'd make my commentary around the rest of the year. And I think the overall trend that we're seeing is the deployment essentially starting of the wins that we've had over the last year or even 18 months.

是的。亞歷克斯，我覺得展望今年剩餘時間，我會圍繞今年剩餘時間的情況來發表評論。我認為我們看到的總體趨勢是，我們基本上開始部署過去一年甚至一年半以來的成功成果。

And as Jim said, that will weigh on our gross margins, which is kind of a good news thing perversely in that will get deployed and will our gross margins have improved overall in our baseline, as we've said. But this fluctuation has really been. About not deploying the new business, which we're now seeing.

正如吉姆所說，這將對我們的毛利率造成壓力，但從某種程度上來說，這反而是個好消息，因為這項業務將會得到推廣，而且正如我們之前所說，我們的毛利率總體上已經有所改善。但這種波動實際上是由於新業務未能有效推廣所造成的，而我們現在正目睹這種情況。

In terms of the mix between services and product. Generally speaking, the services for installation are lower margin, which go with the investment in the product side, early day. You could express it to chassis and cards, but it's getting a little fuzzier than that, but lower margin at the start of it, and some of that is increased installation services as well, which we expect to see through the year, but that's all contained within -- in our guidance on the gross margins.

就服務和產品組合而言，一般來說，安裝服務的利潤率較低，這與產品的早期投資有關。你可以將其具體化為機殼和顯示卡，但實際情況可能更複雜一些，但總之，初期利潤率較低。部分原因在於安裝服務的成長，我們預計這一成長將在年內持續，但所有這些都包含在我們對毛利率的預期之中。

Only other thing I'd say, Alex, is when you look at our services revenue, a very big chunk, over 50% is maintenance. And so the deployment is not a big number for many of our customers. We don't do the point. It's the submarine customers, it's many of our non-U.S. customers and including in Europe. So it's -- the sequence is not tariff [we're telling], except deployment is going to come in at lower gross margins than maintenance on most of our products as well.

Alex，我唯一想補充的是，如果你看一下我們的服務收入，你會發現其中很大一部分（超過50%）是維護費用。因此，對於我們的許多客戶來說，部署費用佔比並不高。我們並沒有把部署費用當作主要收入來源。這主要體現在潛水艇客戶、許多非美國客戶以及歐洲客戶身上。所以——我們不是在討論關稅問題，只是部署費用的毛利率通常低於維修費用。

Next question comes from Amit Daryanani with Evercore.

下一個問題來自 Evercore 公司的 Amit Daryanani。

Maybe questions will be on the webscale business, which did really well this quarter and was up 20%. So I'd love to understand how do you feel the webscale business today for fiscal '21 in the context of the aggregate growth being 0% to 3%?

或許會問到網路規模業務的問題，該業務本季表現非常出色，成長了20%。所以我想了解一下，在整體成長率為0%到3%的背景下，您如何看待網路規模業務在2021財年的前景？

And then secondly, what do you mean for the competitive environment here today, especially the Cisco case deal formally done? How does that all alter the environment for Ciena?

其次，您認為這對當前的競爭環境意味著什麼？特別是思科交易正式完成後，這對Ciena的競爭環境會產生什麼樣的影響？

Amit, in terms of webscale, yes, we had a very, very good quarter, and we expect to have a good year overall on webscale. I think they've had some challenges deploying and standing up data centers around the world in the velocity that they generally would have liked during the last 12 or 18 months.

Amit，就WebScale業務而言，是的，我們本季表現非常出色，預計全年整體業績也會不錯。我認為，在過去12到18個月裡，他們在全球部署和建立資料中心的速度並沒有達到預期，這方面遇到了一些挑戰。

So based on the plans that we're seeing right now, we would expect growth in the mid-single digits in that space for the year. We've got a very high market share there. Probably not going to grow that share, but we're certainly going to maintain it. We've got all of them now taking WaveLogic 5 Extreme, in addition to their prior generations.

根據我們目前的計劃，預計今年該領域的成長率將達到中等個位數。我們在該領域的市佔率非常高。雖然可能不會進一步擴大市場份額，但我們肯定會保持現有份額。目前，所有使用者都在使用 WaveLogic 5 Extreme，此外他們還在使用先前的幾代產品。

And we're engaged in a lot of the planning around the expansions, both in all of their applications in terms of submarine, DCI connectivity and in their metros as well. So very, very strong engagement on the webscale, and we think they're going to have a good year.

我們參與了許多擴建規劃，包括海底光纜、資料中心互連（DCI）連接以及城域網路等所有應用領域。因此，我們在網路層面的參與度非常高，我們認為他們今年會取得不錯的成績。

I think there's even the potential for some of them to be a top 10 customer during the year, that's the possibility of 1 or 2 of them. We'll see how that goes. But I think generally, we expect a good year in webscale.

我認為其中一些甚至有可能成為我們今年的前十大客戶，可能有一兩家。我們拭目以待。但總的來說，我認為我們預計今年在網路規模化方面會有不錯的表現。

And then with respect to the second question about Cisco and Acacia. I'd remind everybody that we've been competing against Cisco in various parts of the network really for a long, long time, and they have been using Acacia technology for a while.

至於第二個問題，關於思科和Acacia，我想提醒大家，我們與思科在網路各領域競爭已久，而他們使用Acacia技術也有一段時間了。

So this is not a change in and of itself. I would say that the excitement in our space is the fact that all of the architectural terminal for what's going on in the metro and in the Edge and all of those things are opportunities for us.

所以這本身並不是一個改變。我認為我們這個領域令人興奮的地方在於，地鐵、邊緣地帶以及所有正在發生的建築變革都為我們帶來了機會。

And we think that, as Scott said earlier, I'm sure you want to add something to this, we think that we have a winning hand in there with the best optics in the business and increasing IP capabilities.

正如斯科特之前所說，我相信你也想補充一點，我們認為我們擁有業內最好的光學技術和不斷增強的 IP 能力，因此我們勝券在握。

Yes. The other thing I would add, Jim, is as these architectures play out in our customers' network. Another important dimension. I mean, it's actually going to be the software capabilities to operationalize this. And we think we've been investing for a while, both organically and inorganically on that path, and that's going to be a really important part of the winning hand, like you said.

是的。吉姆，我還要補充一點，就是這些架構在我們客戶網路中的實際應用。另一個重要的方面是，實際上，關鍵在於實現這些架構所需的軟體能力。我們認為，我們已經在這方面投入了相當長一段時間，包括內部成長和外部收購，正如你所說，這將是勝利的關鍵因素。

Next question comes from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的薩米克·查特吉。

Next question comes from Jim Suva with Citi Research.

下一個問題來自花旗研究部的吉姆‧蘇瓦。

Gary and Jim, and I'll ask both my questions at the same time. The first question is, when you alluded to or specifically called out the OpEx kind of some push out, that sometimes that happens because R&D for some of your key customers, they've asked you to change some of the specs on it. Or sometimes it's just internally at the company like Ciena, maybe you're deploying in the ERP upgrade or system upgrade, you just decided to do it later or with COVID. Can you help us understand about why the OpEx got pushed out? Was it customer-driven? Or was it more Ciena driven?

Gary 和 Jim，我兩個問題一起問。第一個問題是，你們之前提到過營運支出 (OpEx) 的延期，有時是因為一些重要客戶的研發部門要求你們修改某些規格。有時則是公司內部原因，例如 Ciena，可能在進行 ERP 升級或系統升級時，因為疫情或其他原因決定延後部署。你們能否解釋一下營運支出 (OpEx) 延期的原因？是客戶要求的嗎？還是 Ciena 內部的原因？

And then my second question is, is you definitely laid out the risks of the second half ramp. When you look at the orders, bookings and discussions with customers, is it aligning to that ramp looking pretty probable? Or is it aligning to that ramp, having incremental risks that you kind of identified today?

我的第二個問題是，您是否已經明確列出了下半年成長階段的風險？從訂單、預訂情況以及與客戶的溝通來看，這些情況是否與成長階段的預期基本吻合？或者說，雖然成長階段與預期相符，但存在一些您今天發現的額外風險？

Jim, I'll deal with the OpEx question, and then Gary, I think will deal with the second half.

吉姆，我會處理營運支出方面的問題，然後我想加里會處理後半部分。

With respect to our OpEx, there were no customer push-outs or really any intentional push out by us. Our OpEx does have projects in it. And the timing of those projects and the timing at which we can complete them and record them just moves around a little bit.

就我們的營運支出而言，既沒有客戶催促，也沒有我們刻意催促。我們的營運支出確實包含一些項目。這些項目的進度安排以及我們完成並記錄這些項目的時間會略有調整。

And so I don't think you should read anything into that shift out, except that it is shifted out and we are going to spend that money. As I said, we haven't changed our OpEx plan for the year. We will spend the exact amount of time and hours and money, except that -- sorry, for the full year, except that we will be a little higher because of the weakness of the U.S. dollar. Gary?

所以我覺得你不應該對這筆支出轉移做任何解讀，它只是意味著這筆錢被轉移了，而我們最終還是會花掉這筆錢。正如我所說，我們今年的營運支出計畫並沒有改變。我們會投入完全相同的時間、工時和資金，只不過——抱歉，是全年——由於美元疲軟，實際支出會略高一些。加里？

Yes, on the forecast for the second half. I'd say sort of contextually this. We've been running our business for the last few years going into each quarter with quite a large backlog, quite a large relative backlog each quarter.

是的，關於下半年的預測。我想說，這要結合具體情況來看。過去幾年，我們每季開始時都有相當多的積壓訂單，相對而言每季的積壓訂單都相當多。

And so our ability to forecast over the last few years has been pretty accurate, and a large part of that is you've got the backlog and you've got the pretty accurate forecast of when things are going to happen.

因此，過去幾年我們的預測能力相當準確，這很大程度上是因為我們有積壓訂單，而且我們對何時發生有相當準確的預測。

I think with COVID, that has been disrupted for the reasons that we've talked about. And I think we're in the process, we think, of building that back up again. And so it is a little more challenging for us, which we've expressed last year and as we came into this year. But as Jim also said, things are beginning to roll out as we'd anticipated.

我認為，受新冠疫情影響，正如我們之前討論的那樣，一切都受到了乾擾。目前，我們正在努力重建這一切。因此，這對我們來說確實更具挑戰性，正如我們去年和今年年初所表達的那樣。但正如吉姆所說，事情正開始如預期發展。

When you think about it at a high level, there's more capacity demands going into these networks. They're running the networks hotter. We've had a period of time where there's been a general caution around not wanting to operationalize any additional capacity or changes to architecture. And also some caution around financial spend.

從宏觀角度來看，這些網路面臨更大的容量需求，網路運作負載也更高。先前一段時間，大家普遍對增加容量或更改架構持謹慎態度，對財務支出也比較謹慎。

No one's taking their budgets down. No one's stopped the projects, but they're not spending at the velocity that they'd kind of planned, and that's the period that -- I think we're beginning to come out of.

沒有人削減預算，也沒有人停止項目，但他們的支出速度沒有達到原先的計劃，我認為我們正在開始走出這個時期。

But that adds to the uncertainty. But so far, so good in terms of what we're seeing for the year. I think we're very confident about predicting a substantial uptick in the second half of the year. Our ability to be completely precise about that is really dependent on that momentum continuing and as building up our orders and backlog. We have a very sophisticated forecast process that's well- tested, and it combines, as you can imagine, backlog, detailed order forecasting by customers, many of which are long-term partners of ours. And we have very good visibility into.

但這確實增加了不確定性。不過就目前來看，今年的情況還不錯。我們非常有信心預測下半年將大幅成長。我們能否完全準確地預測這一點，很大程度上取決於這種成長勢頭能否持續，以及訂單和積壓訂單能否持續增加。我們擁有一套非常完善且經過充分測試的預測流程，正如您所想，它結合了積壓訂單、客戶（其中許多是我們的長期合作夥伴）的詳細訂單預測等資訊。我們對這些預測有著非常清晰的了解。

And the project plans of things like submarine and some of these new metro architectures. So that all gets taken into account to it. But I think while we're sort of focusing this is really because we're not operating with a large amount of backlog that we're normally used to. But we're seeing the activity pick up, and we've been very explicit, I think, around the assumptions that we think are the headwinds and the tailwinds for us to hit our

還有像是潛水艇和一些新型地鐵架構之類的專案計畫。所以所有這些都被納入考慮範圍。但我認為，我們之所以如此關注這一點，主要是因為我們目前沒有像往常那樣積壓大量的項目。我們看到業務活動正在增加，我認為，我們已經非常明確地闡述了我們認為會阻礙我們實現目標的各種因素。

plan.

計劃。

And I don't think there are many companies actually giving guidance for the full year, but we think that we've got some visibility that we can share that with you, hence our guidance.

我認為目前並沒有很多公司給出全年業績指引，但我們認為我們掌握了一些資訊可以與您分享，因此我們發布了這份指引。

Next question comes from Fahad Najam with MKM.

下一個問題來自 MKM 的 Fahad Najam。

My first question for Jim. Jim, if I look at your last 3-year trends, your overall full year operating margin tends to be, on average, 3 percentage points higher than your first quarter reported operating margin. Do you expect that trend to continue this year? If not, why not? And do you expect that trend more over to continue over the next 3 years, if not, why not? And then I have a follow-up for Gary or Scott.

我的第一個問題問吉姆。吉姆，如果我看一下你過去三年的趨勢，你全年的整體營業利潤率平均比第一季公佈的營業利潤率高出3個百分點。你預計今年的趨勢會持續嗎？如果不會，為什麼？你預計未來三年這種趨勢會持續嗎？如果不會，為什麼？接下來，我還有一個問題要問加里或史考特。

Thanks, Fahad. Here's what I'd say. It is absolutely true that our Q1 operating margin tends to be the lowest operating margin for the year. That is mainly because the Q1 revenue has tended to be lower than that of other revenues. And our OpEx has generally been sort of flattish through the year. I know there's some movement, and there is. But that's the basic reason.

謝謝，法哈德。我的看法是這樣的。我們第一季的營業利潤率往往是全年最低的，這的確如此。這主要是因為第一季的收入通常低於其他季度的收入。而且，我們的營運支出全年基本保持穩定。我知道情況會有一些波動，確實如此。但這才是根本原因。

OpEx as a percent of revenue in Q1 has tended to be a bigger number than the other quarters. As we move through the year, first of all, I'd say that we do expect for the year to average $0.15 to $0.16. So we think that we will show higher operating margins in the later quarters.

第一季的營運支出佔收入的比例通常高於其他季度。展望未來，首先，我們預計全年平均營運支出佔收入的比例將在0.15美元至0.16美元之間。因此，我們認為在之後的幾個季度，營運利潤率將會更高。

But I'd also say that sort of offsetting that point is that, as we've said, we expect that gross margin will move down from high 40s to the mid-40s as we move through the year. And so if you just run the math on that, I don't think that we're going to do 3% better for the year. I think we're going to do 15% to 16% for the year.

但我想說的是，正如我們之前所說，我們預期毛利率會隨著年數的推移從40%以上降至40%左右，這在一定程度上抵消了上述影響。因此，如果僅從這個角度計算，我認為我們全年的業績不會提高3%，而是會提高15%到16%。

For Gary or Scott, I think you guys alluded to the fact that you are increasingly investing in your IP routing or IP stack capabilities. But do you think -- or are you comfortable that you have sufficient capabilities today to [project] a majority of the Edge and 5G use cases? Or do you think you need more heavy lifting to kind of get to that majority of the opportunities that are out there?

Gary 和 Scott，我想你們都提到過，你們正在增加對 IP 路由或 IP 協定堆疊能力的投入。但是，你們認為——或者說，你們是否確信——你們目前的能力足以應對大多數邊緣運算和 5G 應用場景？還是說，你們認為還需要付出更多努力才能抓住這些潛在的機會？

Yes. I'll take that, Fahad. First of all, the focus of the investment, as you said, was on the metro and the Edge. The use cases that we're pursuing, I would say, is a combined aggregation networks, 5G, IoT, enterprise connectivity use cases. If we were building to a legacy architecture, we would certainly have a steeper hill to climb in terms of capability sets, but we're actually building to what we believe that our customers are telling us is the architecture of the future which is, as you go back, a thinner layer of IP, where a lot of the application capabilities are no longer embedded in a router.

是的，我明白了，法哈德。首先，正如你所說，投資的重點是城域網路和邊緣運算。我們正在探索的應用場景，我認為是聚合網路、5G、物聯網和企業連接等多種應用場景的結合。如果我們沿用傳統的架構，在功能方面肯定會面臨更大的挑戰，但實際上，我們正​​在建立的是我們認為客戶所期望的未來架構，也就是更薄的IP層，其中許多應用功能不再嵌入在路由器中。

They're getting disaggregated onto general compute capabilities. And it really becomes a -- again, back to doing end, adaptive IP layer, world's best optics, a programmable photonic layer and the software automation systems to allow you to drive that converged architecture.

它們正被分解為通用運算能力。而這實際上變成了——再次回到最終實現，自適應IP層、世界一流的光學器件、可編程光子層以及軟體自動化系統，從而讓你能夠驅動這種融合架構。

That's the lowest cost per bit. That's the most flexible network for our customers, and that's what it's going to win in the future.

這是每比特成本最低的方案。這是為我們的客戶提供的最靈活的網絡，也是它未來必將贏得市場的關鍵。

With that definition, we're feeling pretty good about our capability set. Gary's comments earlier, if there was an opportunity to do something inorganically that added a scale, we would look at that, but we're pretty comfortable on the capability sets we have today. And you can see that in the product portfolio that we've released in the last 6 to 9 months on that part of the portfolio.

基於這個定義，我們對自己的能力組合相當滿意。正如Gary之前所說，如果存在透過非有機成長來擴大規模的機會，我們會考慮，但我們對目前的能力組合相當滿意。這一點可以從我們過去6到9個月發表的產品組合中看出。

Thanks, Fahad. With that, we will close the call. And we thank everybody for joining us today. We look forward to seeing everyone on the road virtually over the next few weeks and hopefully, in person, not too long. Everyone, stay well, and thank you again.

謝謝法哈德。那麼，我們的通話就到此結束。感謝各位今天參與我們的通話。我們期待在接下來的幾週透過網路與大家見面，也希望不久之後就能與大家線下見面。祝大家身體健康，再次感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您可以掛斷電話了。