Ciena Corp (CIEN) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Ciena Fiscal Q2 2020 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。歡迎參加Ciena 2020財年第二季財務業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作說明）

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

現在我將把會議交給投資者關係副總裁格雷格·蘭普夫先生。請繼續。

Thank you, Sharon. Good morning, and welcome to Ciena's 2020 fiscal second-quarter review. We are conducting today's call from various remote locations. With me virtually 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 the Q&A portion of today's call.

謝謝你，莎倫。早安，歡迎收看Ciena 2020財年第二季回顧。我們今天將在不同的遠端地點進行電話會議。今天透過視訊連線與我連線的是總裁兼執行長 Gary Smith 和財務長 Jim Moylan。我們的全球產品與服務資深副總裁 Scott McFeely 也參加了今天電話會議的問答環節。

In addition to this call and the press release, we have posted to the Investors section of our website an accompanying investor presentation that reflects this discussion as well as certain highlighted items from the quarter. Our comments today speak to our fiscal Q2 2020 performance, developments in our business and our view on current market dynamics, including with respect to COVID-19 as well as our outlook.

除了本次電話會議和新聞稿之外，我們還在網站的投資者關係部分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項目。我們今天的評論涉及我們 2020 財年第二季的業績、業務發展以及我們對當前市場動態的看法，包括 COVID-19 的影響以及我們的展望。

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.

今天的討論包括Ciena公司經營績效的某些調整後指標或非GAAP指標。今天的新聞稿中包含了這些非GAAP指標與我們的GAAP績效的詳細調整表。

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 guidance and long-term financial targets, 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.

在將電話交給 Gary 之前，我要提醒各位，在本次通話中，我們將做出一些前瞻性陳述。此類聲明，包括我們的指導和長期財務目標，均基於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聲明存在重大差異的風險和不確定性。

These statements should be viewed in the context of the risk factors detailed in our most recent 10-Q filing as well as our upcoming 10-Q filing, which is required to be filed with the SEC by June 11, and we do expect to file by that date. Ciena assumes no obligation to update the information discussed in this conference call, whether as a result of new information, future events or otherwise. We will allow for as much Q&A as possible today, though we ask that you limit yourselves to 1 question and 1 follow-up.

這些聲明應結合我們最新的 10-Q 文件以及即將提交的 10-Q 文件（必須在 6 月 11 日之前提交給美國證券交易委員會）中詳述的風險因素來理解，我們預計將在該日期之前提交。Ciena 不承擔因新資訊、未來事件或其他原因而更新本次電話會議中所討論資訊的義務。今天我們將盡可能安排問答環節，但請每位提問者限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. Amidst the uncertainty resulting from the COVID-19 pandemic, nearly every industry and company has been challenged in some way, and obviously, Ciena is no different. However, our deliberate strategy over the last several years, centered around innovation, diversification and global scale, has yielded a resilient business, more capable of navigating challenging times. And this served our business, operations and financial results well during the second quarter.

謝謝格雷格，大家早安。在新冠疫情帶來的不確定性中，幾乎每個產業和公司都受到了某種程度的挑戰，顯然，Ciena 也不例外。然而，過去幾年我們以創新、多元化和全球規模為核心的深思熟慮的策略，已經打造出一個具有韌性的企業，更有能力應對充滿挑戰的時期。這在第二季對我們的業務、營運和財務表現都起到了很好的促進作用。

Throughout the pandemic, our focus has been on ensuring the safety of our people, our employees, customers and communities. And it is because of the extraordinary Ciena team and our partners that we have continued to enable connectivity around the globe, and help customers advance their automation strategies to adapt to new reality.

在整個疫情期間，我們的重點一直是確保我們的人民、員工、客戶和社區的安全。正是由於 Ciena 團隊和我們合作夥伴的卓越努力，我們才能繼續在全球範圍內實現互聯互通，並幫助客戶推進其自動化策略，以適應新的現實。

Our significant investment and focus in 3 critical areas over the past couple of years have played a pivotal role in our ability to execute through this crisis. Firstly, we completed a significant IT transformation, providing our increasingly distributed and flexible workforce with the collaboration tools to make for a seamless transition to remote working. And as we talk to you today, more than 96% of our employees are, in fact, working from home.

過去幾年，我們在三個關鍵領域進行了大量投資和重點關注，這在我們成功應對這場危機中發揮了關鍵作用。首先，我們完成了一項重大的 IT 轉型，為我們日益分散和靈活的員工隊伍提供了協作工具，從而實現了向遠距辦公的無縫過渡。就在我們今天與您交談的時候，事實上，我們超過 96% 的員工都在家工作。

Secondly, we established a truly agile services delivery model that has allowed us to continue providing customer support despite restrictions around the movement of people. And thirdly, we operationalized a supply chain that is deeply rooted in an ecosystem of leading manufacturers that have strong business continuity planning and multiple manufacturing sites globally. These have enabled security of supply across our business.

其次，我們建立了一個真正敏捷的服務交付模式，使我們能夠在人員流動受到限制的情況下繼續提供客戶支援。第三，我們建立了一條供應鏈，該供應鏈深深植根於一個由領先製造商組成的生態系統中，這些製造商擁有強大的業務連續性計劃和遍布全球的多個製造基地。這些措施保障了我們整個業務的供應安全。

I am incredibly proud of our team and their collective efforts to continue serving each other and our customers through this time. I'm also extremely proud of the volunteering and charitable actions of our global workforce to support their neighbors, communities and frontline workers.

我為我們的團隊感到無比自豪，感謝他們在這段時間裡齊心協力，繼續為彼此和我們的客戶提供服務。我也為我們全球員工的志工和慈善行動感到無比自豪，他們積極支持鄰居、社區和第一線工作人員。

Within our Ciena Cares program, we increased our corporate charitable match to 3x for employee's donations and volunteering. Our employees have also been volunteering in important and heartwarming ways, including putting our engineering know-how to work to produce 3D printed face shields and components for health care workers. I'd like to take this opportunity to express my gratitude for our employees, for their continued focus, strength and kindness.

在我們的 Ciena Cares 計劃中，我們將員工捐款和志願服務的企業慈善配捐比例提高到 3 倍。我們的員工也以重要而暖心的方式參與志工活動，包括運用我們的工程技術知識為醫護人員生產 3D 列印面罩和組件。我想藉此機會表達我對我們員工的感激之情，感謝他們一直以來的專注、堅韌和友善。

As a result of all these efforts and continued execution of our strategy, we delivered outstanding financial performance in Q2. Revenue in the quarter was strong at $894 million, and gross margin exceeded expectations at almost 47%. We also delivered 18% adjusted operating margin in the quarter, with adjusted EPS of $0.76. It was also a great quarter for cash generation, and orders in the quarter were strong.

由於我們付出了所有這些努力，並持續執行我們的策略，我們在第二季度取得了出色的財務表現。本季營收強勁，達到 8.94 億美元，毛利率超出預期，接近 47%。本季我們實現了 18% 的調整後營業利潤率，調整後每股收益為 0.76 美元。本季現金流表現也十分出色，訂單量強勁。

It is the core attributes of our strategy, innovation, diversification and global scale, that have put us in a position of strength and that are helping drive this industry-leading financial performance by essentially enabling us to better support our customers.

正是我們策略的核心屬性——創新、多元化和全球規模——使我們處於優勢地位，並透過更好地支持我們的客戶，推動了我們行業領先的財務表現。

Starting with innovation, we remain the leading enabler of connectivity. And as we've learned through this global event, bandwidth is a critical resource, now more than ever. Ciena was first to market with both 100 gig and 400 gig. And now we are the world's first again with 800 gig.

從創新開始，我們始終是互聯互通領域的領先推動者。正如我們從這次全球事件中所了解到的，頻寬是一種至關重要的資源，現在比以往任何時候都更重要。Ciena率先推出了100G和400G兩種規格的硬碟。現在我們再次成為世界第一，擁有 800G 的容量。

In Q2, WaveLogic 5 Extreme became fully commercially available. We've now shipped product to more than a dozen customers, and the technology's operational and proven in some of the world's leading Tier 1 service providers. In fact, we've made public announcements with Internet2, Telia, Verizon, Comcast, Southern Cross and most recently, Deutsche Telekom.

第二季度，WaveLogic 5 Extreme 全面上市。我們目前已向十幾家客戶交付了產品，該技術已在一些世界領先的一級服務提供者中得到應用和驗證。事實上，我們已經與 Internet2、Telia、Verizon、Comcast、Southern Cross 以及最近的德國電信公開宣布了合作。

Importantly, we are also on the leading edge of driving automation. While not as an immediate of an opportunity, given the current focus on capacity needs, as network providers emerge from the crisis and begin to normalize, it is certain that network architectures will be more closely evaluated to adapt to new user behaviors. And essentially, we believe that over the medium to longer term, the rise of remote everything will accelerate the drive towards cloud-based models and virtualization, which is the sweet spot for our Blue Planet software.

更重要的是，我們在駕駛自動化領域也處於領先地位。雖然目前關注的是容量需求，因此這並非一個迫在眉睫的機會，但隨著網路供應商走出危機並開始恢復正常運營，可以肯定的是，網路架構將會得到更密切的評估，以適應新的用戶行為。從本質上講，我們相信，從中長期來看，遠距辦公的興起將加速朝向基於雲端的模式和虛擬化的轉變，而這正是我們 Blue Planet 軟體的優勢所在。

Moving to diversification, Q2 was a great example of how the diversification of our business serves to help mitigate the potential impacts and ebbs and flows that may result from unforeseen events and uncertainty. As COVID-19 began to affect various geographies and customer segments in different ways and at different times, in Q2 our business benefited from our strong positions in both North America and EMEA as well as Tier 1 service providers, MSOs and webscale companies.

談到多元化，第二季就是一個很好的例子，說明我們業務的多元化如何有助於減輕不可預見的事件和不確定性可能帶來的潛在影響和波動。隨著 COVID-19 開始以不同的方式和時間影響各個地區和客戶群體，第二季度，我們的業務受益於我們在北美和歐洲、中東及非洲地區的強大地位，以及一級服務供應商、MSO 和網路規模公司的業務。

All performed extremely well in the quarter, given our deep relationships and ability to provide the solutions and support our customers need, even during these unique circumstances. And in fact, nontelco revenue in Q2 comprised 42% of total revenue, with direct webscale business representing 24%.

鑑於我們與客戶之間深厚的合作關係以及我們即使在這些特殊情況下也能為客戶提供所需的解決方案和支援的能力，所有業務在本季度都表現出色。事實上，第二季非電信業務收入佔總收入的 42%，其中直接網路規模業務佔 24%。

I would also reiterate that the diversification in our supply chain served us well in Q2. As expected, we experienced some disruptions from our suppliers, including component constraints, extended lead times and reduced or temporarily suspended operations.

我還要重申，我們供應鏈的多元化在第二季為我們帶來了良好的業績。正如預期的那樣，我們的供應商出現了一些供應中斷，包括零件短缺、交貨週期延長以及營運減少或暫時中止。

However, given our sophisticated ecosystem designed to ensure continuity of supply, we navigated those challenges extremely well, and their impact was in line with our expectations. I would emphasize that we are continuing to manage through these challenges very successfully.

然而，鑑於我們為確保供應連續性而設計的完善生態系統，我們出色地應對了這些挑戰，其影響也符合我們的預期。我想強調的是，我們正在非常成功地應對這些挑戰。

And finally, on global scale, we continue to possess the largest focused optical R&D investment capacity in the industry. And this gives us the ability to deliver leading innovation with the best time to market, this, coupled with the largest world-class specialized sales force that is intensely focused on delivering for customers and driving toward opportunities.

最後，在全球範圍內，我們仍擁有業界最大的光學研發專案投資能力。這使我們能夠以最快的速度將領先的創新產品推向市場，再加上我們擁有最大的世界一流專業銷售團隊，他們全心全意為客戶服務並努力抓住機會。

With the vast majority of our employees working remotely, both of these teams were able to successfully execute on our plans in the quarter, creating a flywheel for faster-than-market growth and continued financial leverage. With respect to the broader market, obviously, the full impact of this pandemic on the global economy, in any particular industry or company is still largely unknown. However, in our space, it is clear that the uncertainty is further accelerating the flight to quality in all of its dimensions.

由於我們絕大多數員工都在遠距辦公，這兩個團隊都成功地執行了本季度的計劃，從而形成了飛輪效應，實現了比市場更快的成長和持續的財務槓桿作用。就更廣泛的市場而言，顯然，這次疫情對全球經濟，尤其是對任何特定產業或公司造成的全面影響，目前仍很大程度上未知。然而，在我們這個領域，很明顯，不確定性正在進一步加速各個方面對品質的追求。

Our customers, more than ever, are seeking trusted partners that have the financial sustainability and reliable supply chain in the near and long term to continue driving innovation and to deliver it to them on a global scale. And importantly, they are leaning into those partners with whom they have long-standing and trusted relationships, and that are increasingly deeply integrated into their business.

如今，我們的客戶比以往任何時候都更需要值得信賴的合作夥伴，這些合作夥伴必須在短期和長期內擁有財務永續性和可靠的供應鏈，才能繼續推動創新，並在全球範圍內為他們提供創新成果。更重要的是，他們正與那些與他們有著長期信任關係、並且日益深入地融入他們業務的合作夥伴攜手並進。

As we said last quarter, we entered the COVID-19 pandemic better positioned than most to manage through the challenges, and that absolutely remains the case. The challenges are largely related, at this stage, to the pandemic's adverse impact on the velocity of business in general. And specifically, with many of our large and long-standing predominantly international customers, operating conditions have complicated and extended the time required to deploy and activate new equipment and services.

正如我們上個季度所說，我們比大多數公司更有能力應對 COVID-19 疫情帶來的挑戰，這一點現在仍然完全適用。現階段，這些挑戰主要與疫情對整體商業節奏的不利影響有關。具體來說，對於我們許多規模龐大且長期合作的國際客戶而言，營運條件變得複雜，並延長了部署和啟動新設備和服務所需的時間。

And as to be expected with some of our newer deals and customer wins, again, primarily in international markets, conditions have made it more challenging to ramp up and operationalize on original timelines. It is simply taking longer than normal to execute with certain customers, though we anticipate that it will shorten over time as conditions continue to improve. Notwithstanding these operational challenges, which we believe to be short-term orientated, the fundamental demand drivers of our business, including increased network traffic, demand for bandwidth, and the adoption of cloud architectures, remain very strong.

正如我們所預期的那樣，一些新的交易和客戶的成功，尤其是在國際市場上，使得按原計劃啟動和運營變得更加困難。目前與某些客戶的合作執行時間比平時要長，但我們預期隨著情況的不斷改善，執行時間會逐漸縮短。儘管有這些我們認為是短期性的營運挑戰，但我們業務的基本需求驅動因素，包括網路流量增加、頻寬需求增加以及雲端架構的採用，仍然非常強勁。

Against this backdrop, our innovation leadership and competitive advantages are frankly amplified. Specifically, our resiliency and agility position us to support our customers through the current challenges and to accelerate their transformation journeys as we emerge from the COVID-19 pandemic.

在此背景下，我們的創新領導地位和競爭優勢無疑地得到了提升。具體而言，我們的韌性和敏捷性使我們能夠支持客戶應對當前的挑戰，並在我們走出 COVID-19 疫情之際加速他們的轉型之旅。

Our deep relationships with a diverse set of network operators, geographies and applications, are testament to our status as the leading trusted adviser in the industry. And our investment capacity and financial position will allow us to emerge even stronger than we were before. Our competitors simply do not have the scale, focus or balance sheet to compete. And we intend to use these advantages to continue differentiating ourselves and focusing on capturing further market share moving forward.

我們與眾多網路營運商、地理和應用領域建立了深厚的合作關係，這證明了我們作為業內領先的值得信賴的顧問的地位。我們的投資能力和財務狀況將使我們能夠比以前更強大。我們的競爭對手缺乏參與競爭所需的規模、專注度和財務實力。我們將利用這些優勢繼續保持差異化優勢，並專注於在未來獲得更大的市場份額。

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

說完這些，我就把麥克風交給吉姆了。吉姆？

Thanks, Gary. Good morning, everyone. Q2 was yet another strong quarter for Ciena. As Gary mentioned, total Q2 revenue was $894 million, which reflects significant contributions from our North America and EMEA regions. Adjusted gross margin was 47%. This performance was the result of 2 factors: first, we are realizing benefits of our multiyear efforts to improve operating leverage through continued cost reductions, vertical integration and operating efficiencies.

謝謝你，加里。各位早安。Ciena第二季度又是一個強勁的季度。正如 Gary 所提到的，第二季總收入為 8.94 億美元，這反映了北美和 EMEA 地區的重大貢獻。調整後毛利率為47%。這項績效是兩個因素共同作用的結果：首先，我們透過持續降低成本、垂直整合和提高營運效率，多年來努力改善營運槓桿，如今終於開始取得成效。

This is resulting in an improvement, going forward, of approximately 100 basis points from our previous baseline gross margin range. Therefore, we believe that our gross margin, when we return to a normalized environment, will be in the range of 43% to 45%, higher than the ranges that we've talked about before.

這將使我們未來的毛利率比先前的基準範圍提高約 100 個基點。因此，我們相信，當我們恢復正常環境時，我們的毛利率將在 43% 到 45% 之間，高於我們之前討論過的範圍。

Second, the velocity challenges that Gary discussed, specifically related to ramping new business, are having a short-term positive effect on gross margin. Because engaging with new customers and displacing incumbents is more difficult in these times, our gross margins are currently not being negatively impacted as much as they have been previously by the cost of early-in-life projects. When we are able to reengage with these new customers and begin to displace incumbency again, we believe that we will go toward that 43% to 45% gross margin I spoke about earlier.

其次，Gary 所討論的速度挑戰，特別是與新業務拓展相關的挑戰，對毛利率產生了短期正面影響。由於在當前情況下，與新客戶建立聯繫和取代現有客戶變得更加困難，因此，早期專案的成本目前對我們的毛利率的負面影響不如以前那麼大。當我們能夠重新吸引這些新客戶並再次取代現有客戶時，我們相信我們將實現我之前提到的 43% 到 45% 的毛利率。

Adjusted operating expense in the quarter was $259 million. As with many other companies, OpEx in the quarter was lower than expected, largely due to a significant reduction in travel expense.

本季調整後的營運費用為2.59億美元。與許多其他公司一樣，本季的營運支出低於預期，這主要是由於差旅費用大幅減少。

With respect to profitability measures, in Q2, we delivered adjusted operating margin of 17.9%, adjusted net income of $117 million, and adjusted EPS of $0.76, significantly above our expectations, largely due to the higher gross margin. In addition, in Q2, cash from operations was strong, at $91 million. Adjusted EBITDA in the quarter was $183 million, and we generated free cash flow. We ended the quarter with approximately $990 million in cash and investments.

就獲利能力指標而言，第二季我們實現了調整後的營業利潤率 17.9%，調整後的淨收入 1.17 億美元，調整後的每股收益 0.76 美元，均遠超預期，這主要歸功於較高的毛利率。此外，第二季經營活動產生的現金流表現強勁，達到 9,100 萬美元。本季調整後 EBITDA 為 1.83 億美元，我們產生了自由現金流。本季末，我們擁有約 9.9 億美元的現金和投資。

As Gary mentioned, our balance sheet is yet another differentiator that speaks to our long-term strength and resiliency, particularly in the current environment. This strong financial position enables us to continue to invest in innovation, to ensure a strong inventory position to serve customers and to support working capital needs. In light of the uncertainty surrounding the COVID-19-related disruptions, we have temporarily suspended purchases of our common stock under our stock repurchase program. Prior to this suspension, we repurchased approximately 600,000 shares for $24 million during the quarter. That brought us to approximately $75 million of repurchases year-to-date.

正如 Gary 所提到的，我們的資產負債表是另一個差異化因素，體現了我們的長期實力和韌性，尤其是在當前環境下。強勁的財務狀況使我們能夠繼續投資於創新，確保充足的庫存以服務客戶並滿足營運資金需求。鑑於 COVID-19 相關幹擾帶來的不確定性，我們已暫時停止根據股票回購計畫購買我們的普通股。在此次暫停交易之前，我們在本季回購了約 60 萬股股票，價值 2,400 萬美元。今年迄今為止，我們的股票回購總額約為 7,500 萬美元。

Turning to guidance, as we look ahead in our business, there remain important and unanswered questions about the length and breadth of the COVID-19 pandemic, and specifically its resulting impact on both broader macroeconomic and industry-specific conditions. For Ciena and for virtually all companies, this has obviously introduced a greater degree of uncertainty in the mid- to longer term than is typical.

展望未來，在業務發展方面，關於 COVID-19 疫情的持續時間和影響範圍，以及疫情對更廣泛的宏觀經濟和行業特定狀況的影響，仍然存在一些重要且尚未解答的問題。對於 Ciena 以及幾乎所有公司而言，這顯然在中長期內帶來了比以往更大的不確定性。

As of today, however, we do anticipate that the challenges related to slower business velocity due to COVID-19 restrictions are likely to weigh somewhat on our second-half performance. I would caution that it is difficult to discern which current dynamics in our business are directly related to COVID-19 and where, in some cases, like India, the pandemic may be exacerbating challenging business conditions that previously existed.

但截至目前，我們預期會受新冠疫情限制措施影響，業務發展速度放緩所帶來的挑戰可能會對我們下半年的業績造成一定程度的影響。我要提醒的是，很難分辨我們業務中哪些當前的動態與 COVID-19 直接相關，以及在某些情況下（例如印度），疫情可能會加劇之前就存在的嚴峻商業環境。

Demand for bandwidth is continuing to grow and competitive dynamics are playing in our favor. However, COVID-19 is creating uncertainty. With that context in mind, as always, we will give you our best forward-looking view based on the information available to us today. To start, in Q3, we expect to deliver revenue in a range of $955 million to $985 million, gross margin in a range of 44% to 46%, and operating expense in a range of $265 million to $270 million.

頻寬需求持續成長，競爭格局對我們有利。然而，新冠肺炎疫情帶來了不確定性。考慮到上述情況，我們將一如既往地根據我們目前掌握的信息，為您提供我們所能提供的最佳前瞻性觀點。首先，我們預計第三季營收將在 9.55 億美元至 9.85 億美元之間，毛利率將在 44% 至 46% 之間，營運支出將在 2.65 億美元至 2.7 億美元之間。

As we exit the first half of the year, and despite the uncertainty around macroeconomic and sector-specific dynamics, we have sufficient visibility into the business to provide an update to the fiscal year '20 annual targets we provided last December. Specifically, we now expect to generate annual revenue growth of 2% to 4% for the year.

上半年即將結束，儘管宏觀經濟和特定行業的動態存在不確定性，但我們對業務有足夠的了解，可以更新我們去年 12 月提供的 20 財年年度目標。具體而言，我們現在預計今年的年收入成長率將達到 2% 至 4%。

Given that we believe the market, ex-China, will be roughly flat in 2020, due mainly to the effects of COVID-19, our 2020 growth rate would still represent continued share gains and faster-than-market growth. In addition, we now expect to deliver adjusted gross margin in the 44% to 46% range for fiscal year '20. This includes the 100basis- point improvement I mentioned earlier, resulting from supply chain improvements as well as the COVID-related dynamics we previously discussed.

鑑於我們認為中國以外的市場在 2020 年將大致持平，這主要是由於 COVID-19 的影響，我們 2020 年的成長率仍然代表著市場份額的持續增長和高於市場平均水平的增長。此外，我們現在預計 2020 財年的調整後毛利率將在 44% 至 46% 之間。這包括我之前提到的 100 個基點的改善，這是由於供應鏈的改善以及我們之前討論過的與 COVID 相關的動態。

We expect fiscal year operating expense to average $265 million to $270 million per quarter. Based on these revised expectations, we are confident in our ability to achieve our profitability target this year. In fact, we now expect to achieve approximately 16% adjusted operating margin in fiscal year 2020.

我們預計本財年營運支出平均每季為 2.65 億美元至 2.7 億美元。基於這些修正後的預期，我們有信心今年能達成獲利目標。事實上，我們現在預計 2020 財年調整後營業利益率將達到約 16%。

In closing, our business is performing very well, and we remain committed to and capable of serving our customers around the world during this time of crisis and beyond. As the industry leader, Ciena believes that people all over the world, more than ever, need connectivity to do their jobs and to stay connected with family and friends.

總而言之，我們的業務表現非常出色，我們將繼續致力於在危機時期及以後為世界各地的客戶提供服務，並有能力繼續服務他們。身為產業領導者，Ciena 認為，世界各地的人們比以往任何時候都更需要網路連結來完成工作，並與家人和朋友保持聯繫。

Because we serve these needs, we believe that we will continue to deliver value to our customers and our shareholders over the long term. Most importantly, I would also like to thank our employees for their continued commitment to Ciena as well as our customers and our investors for their confidence in our ability to perform. Sharon, we will now take questions from the sell-side analysts.

因為我們滿足了這些需求，我們相信，從長遠來看，我們將繼續為我們的客戶和股東創造價值。最重要的是，我還要感謝我們的員工對 Ciena 的持續奉獻，以及我們的客戶和投資者對我們業績的信任。莎倫，現在我們將接受賣方分析師的提問。

Sharon, before we get started, I understand that there's been some difficulty with the webcast. So I want to make sure the participant line is known to everyone in case that's easier for people. The participant line is (844) 848-0674. We apologize for the inconvenience. Sharon, go ahead.

莎倫，在我們開始之前，我了解到網路直播出現了一些問題。所以我想確保每個人都知道參賽名單，這樣對大家來說可能會更方便。參與者熱線是（844）848-0674。造成您的不便，我們深表歉意。莎倫，請便。

(Operator Instructions) Your first question comes from George Notter with Jefferies.

（操作說明）您的第一個問題來自傑富瑞集團的喬治諾特。

I guess I wanted to start by asking about the revenue guidance. Jim, you mentioned 2% to 4%. If I take the midpoint there, I take kind of the midpoint of your guide for July, it implies the October quarter is not going to be as strong as it is -- has been historically. So it looks like we're pulling forward some revenue.

我想先問一下營收預期方面的情況。吉姆，你提到過 2% 到 4%。如果我取中間值，也就是你7月份的指導方針的中間值，那就意味著10月份的季度不會像歷史上那麼強勁。看來我們提前獲得了一些收入。

Can you just talk about the dynamic there on the October quarter? And I guess I assume that some of this may be a byproduct of customers pulling forward build in response to the coronavirus related -- work-from-home related demand. But can you just talk about the dynamic there?

您能談談十月季度的市場動態嗎？我猜想，這其中一部分原因可能是客戶為了應對與新冠病毒相關的居家辦公室需求而提前進行生產。但您能談談這其中的動態嗎？

Yes. First of all, to the last point on pulling forward, we definitely saw some orders pull-forward, but our revenue in the quarter really didn't represent a lot of pull-forward, George. It was a solid quarter. We did see the effects that we expected to from the supply chain, but not a ton of pull-forward revenue in the quarter. If you go back historically, Q3 and Q4, sometimes -- each of Q3 and Q4 sometimes have been our biggest revenue quarter.

是的。首先，關於提前交付的最後一點，我們確實看到一些訂單提前交付，但我們本季的收入實際上並沒有反映出很多提前交付的情況，喬治。這是一個表現穩健的季度。我們確實看到了供應鏈方面預期的影響，但本季並沒有出現太多提前實現的營收成長。從歷史數據來看，第三季和第四季有時——第三季和第四季有時是我們收入最高的季度。

So movements up and down between those quarters are not unexpected. But I would say most importantly, we're in very extraordinary times. And we have not been able to engage with customers, mainly international, that we had expected to be part of our second half revenue and that's the main reason for the fact that we've taken our revenue growth rate down a little bit.

因此，這兩個區間之間的上下波動並不出乎意料。但我想說，最重要的是，我們正處於非常特殊的時期。我們未能與客戶（主要是國際客戶）建立聯繫，而我們原本預計這些客戶會成為我們下半年收入的一部分，這就是我們收入成長率略有下降的主要原因。

It's just impossible to get to their offices. Yes, you can engage with them telephonically. But in order to win new business, you have to be eye-to-eye with people. You have to sit across the table with them. You have to work with them in an engineering sense. And so that just hasn't happened as much as we would like it to, again, mostly internationally. And so therefore, our revenue is going to be in that range.

根本無法到達他們的辦公室。是的，你可以透過電話與他們聯繫。但要贏得新業務，你必須與人平起平坐。你必須和他們對面坐著。你必須從工程的角度與他們合作。因此，這種情況並沒有像我們希望的那樣普遍發生，尤其是在國際上。因此，我們的收入將會在這個範圍內。

Got it. And then just to be clear, you guys had talked about a $30 million logistics-type issue that you're talking about here. Is that exactly what you got then in the April quarter? And then what does that number look like for July and October?

知道了。然後，為了明確起見，你們之前討論的是一個價值 3000 萬美元的物流問題，也就是你們現在正在討論的問題。那麼，你們四月的季度業績就是這樣嗎？那麼，7 月和 10 月的數據又如何呢？

That's exactly what we got in Q2. What will happen in those numbers is that maybe we'll catch up on some of the stuff that we missed in Q2, but additional challenges will arise. So I'd say that for the year, the effect of the supply chain is -- it's in the tens of millions of dollars overall. It will be -- but things will move in and out of the quarters as we go through this year.

第二季度的情況正是如此。從這些數據來看，我們或許能夠彌補第二季錯過的一些事情，但同時也會出現新的挑戰。所以我認為，就全年而言，供應鏈的影響——總體而言，損失金額達數千萬美元。確實如此——但隨著今年的進行，各項數據會不斷變化。

Next question comes from Rod Hall with Goldman Sachs.

下一個問題來自高盛的羅德·霍爾。

This is RK on behalf of Rod. Could you give us an update on demand trends by geographic region, particularly on what geographies drove the guide down? And I have a follow-up.

我是RK，代表Rod。能否提供一下按地理區域劃分的需求趨勢最新情況，特別是哪些地區的市場需求下降？我還有一個後續問題。

Yes. Why don't I take that, [Rafi]? Overall, the demand characteristics have been strong. It's more an issue of sort of the velocity elements, particularly internationally.

是的。我為什麼不拿呢，拉菲？整體而言，需求特徵十分強勁。這更多的是速度因素的問題，尤其是在國際範圍內。

I think we're able to navigate through a lot of the stuff in North America. But we've seen weakness in India, as Jim said, particularly they've had a very extreme lockdown. They were having some, I think, issues before then from a rollout point of view, but I think that's exacerbated it. I'd also point to places like Japan where a lot of deployments have really slowed down.

我認為我們能夠應對北美地區的許多問題。但正如吉姆所說，我們已經看到印度的疲軟，特別是他們採取了非常極端的封鎖措施。我認為，在此之前，他們在推廣方面就遇到了一些問題，但我認為這加劇了這些問題。我還要指出像日本這樣的地方，許多部署行動都已大幅放緩。

So I think particularly, certain parts of Asia Pacific and certain parts of Europe, we're seeing this access to sites and the ability to travel across border has really been impactful. And as Jim said, it's probably going to weigh down on the second half. So that's what we're seeing from a geographic point of view.

所以我認為，尤其是在亞太地區的某些地區和歐洲的某些地區，我們看到這種訪問景點和跨境旅行的能力確實產生了巨大的影響。正如吉姆所說，這可能會對下半場造成影響。這就是我們從地理角度看到的情況。

I mean, obviously, not to be confused with sort of secular demand, I think they'd all like to deploy more bandwidth, and many of them are. Most of them are running hotter on their networks because they can't get all the equipment in that they'd like and I'd characterize that as particularly within the international markets.

我的意思是，顯然，這不應該與世俗需求混淆，我認為他們都希望部署更多頻寬，而且他們中的許多人正在這樣做。大多數營運商的網路運作溫度都偏高，因為他們無法獲得所有想要的設備，我認為這種情況在國際市場尤其普遍。

Your webscale revenue was very strong in the quarter. Could you give us some more color there? What products drove that strength? And how sustainable do you think that is?

本季貴公司網路規模化業務的營收表現非常強勁。能再詳細描述一下嗎？哪些產品推動了這種強勁勢頭？你認為這種做法的可持續性如何？

Scott, do you want to take that?

史考特，你想接嗎？

Yes, sure, Gary. Webscale, from an application perspective, we deal with them on their campus metro DCI, on their core backbone networks and on their submarine networks. It is largely in our optical portfolio. And a good approximation for it is what you see in our Waveserver product, but it's not just the Waveserver product, we also deal with the non-photonic line systems as well, which would show up in our 6500 product number.

當然可以，加里。從應用角度來看，Webscale 涉及他們的園區城域資料中心互連 (DCI)、核心骨幹網路和海底光纜網路。它主要屬於我們的光學產品組合。我們的 Waveserver 產品可以很好地近似實現這一點，但不僅僅是 Waveserver 產品，我們還處理非光子線路系統，這將在我們的 6500 產品編號中體現出來。

And the next question comes from Jeff Kvaal with Nomura.

下一個問題來自野村證券的傑夫·克瓦爾。

I was hoping actually to dive into the webscale bit a little bit more, if possible. It sounds as though, obviously, it was another strong quarter. You had talked about rising visibility at webscale in prior quarters. I'm wondering if you could help characterize where you are in webscale. What has changed as the 600-gigabit products from rivals has ramped? And how you are feeling about visibility at the moment?

如果可能的話，我其實希望能更深入地了解網路規模化方面的內容。聽起來，顯然，這又是一個強勁的季度。您在前幾個季度曾談到提高網路規模的可見度。我想請您幫忙描述一下您在網路規模化方面所處的階段。隨著競爭對手的 600Gbps 產品不斷湧現，市場發生了哪些變化？目前對曝光度有何感想？

Jeff, what about -- why don't I take that? I think we're seeing pretty robust demand across most of the webscale players, as Scott said, in a lot of their different applications, be it submarine, be it connecting data centers. We particularly saw strength in Europe amongst the content players. We've got good visibility to them.

傑夫，要不──我為什麼不拿那個呢？我認為我們看到大多數網路規模廠商的需求都相當強勁，正如 Scott 所說，這體現在他們的許多不同應用領域，無論是潛水艇還是連接資料中心。我們尤其看到歐洲的內容提供者實力強勁。我們能清楚地看到他們。

Obviously, we've got a very large market share in that space, but we think we'll absolutely maintain that market share this year, if not frankly increase it a little bit. And obviously, we're engaging on 800 gig with them. We've got deep relationships with them into their back office as well and on their supply chain. So we've got all of the content players now as customers.

顯然，我們在該領域擁有非常大的市場份額，但我們認為今年絕對能夠保持這一市場份額，甚至可能會略有成長。顯然，我們正在與他們進行 800 場的合作。我們與他們的後台部門以及供應鏈都建立了深厚的合作關係。所以現在所有內容提供者都已成為我們的客戶。

So it's a key segment, both directly and indirectly on our business as well. And obviously, their business -- to the point I'd make around most of this, all the Tier 1 carriers are obviously in pretty good financial strength around the world, and particularly, obviously, the content players. So they're looking to continue to deploy bandwidth to support the increase in demands that they're seeing.

因此，無論直接或間接，它都是我們業務的關鍵組成部分。顯然，他們的業務——正如我之前提到的，所有一級運營商在全球範圍內的財務實力都相當雄厚，尤其是內容提供者。因此，他們正尋求繼續部署頻寬，以支援不斷增長的需求。

I was just going to add, Jeff, that it's clear that world is going to be different going forward. We're going to be virtualized everything, remote everything, cloud everything. And that's good for our webscale customers' business model. It's good for our service providers as well. But in particular, the webscale businesses are those that are basically the cloud. And so I think that's really good for us for the long term.

傑夫，我正想補充一點，很明顯，未來的世界將會與現在有所不同。我們將實現一切虛擬化、一切遠端化、一切雲端化。這對我們網路規模客戶的商業模式來說是件好事。這對我們的服務提供者也有好處。但尤其值得一提的是，網路規模企業基本上就是那些基於雲端運算的企業。所以我認為這對我們長遠發展真的很有好處。

Okay. Great. That makes sense. And let me clarify the deployment challenges that you may have or operationalizing challenges that you may have, are generally not in the webscale community, that's mostly in APAC or Tier 2 carriers.

好的。偉大的。這很有道理。讓我澄清一下，您可能遇到的部署挑戰或營運挑戰，通常不會出現在網路規模的社群中，這些挑戰主要出現在亞太地區或二線營運商中。

Absolutely not in the webscale category. It is international and, in particular, India and Asia-Pac.

絕對不屬於網路規模範疇。它是國際性的，尤其針對印度和亞太地區。

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。

First of all, I wanted to ask if maybe you could dig a little bit deeper on the top customers. It was certainly a good sign that you had just one 10% customer. But if you could maybe help us understand a little bit of the nature of that customer's business. Is it telco? North American as usual? Or has a webscale come in?

首先，我想問您是否可以對頂級客戶進行更深入的調查。只有一個10%的顧客，這無疑是個好兆頭。但是，如果您能幫助我們稍微了解這位客戶的業務性質，那就太好了。它是電信公司嗎？北美一如既往？或者說，網路規模化技術已經出現了？

And also, in the past, you've talked about several customers close to 10% but not quite there. Maybe if you could elaborate on how many are in sort of that high single-digit neighborhood? And then I've got an easy follow-up.

而且，過去您也曾提到一些客戶，他們的佔比接近 10%，但尚未達到目標。或許您可以詳細說明一下，有多少數字處於接近個位數的範圍內？接下來我還有一個簡單的後續問題。

Okay. Simon, let me take that. We have a number of customers in the sort of 7% to 9%. I would say that generally, very strong in North America Tier 1 carriers, normal suspects. I would also highlight a couple of other cable, MSO, particularly strong in the quarter and looks like being strong for the year, again, predominantly in North America.

好的。西蒙，讓我來接吧。我們有一些客戶的收益率在 7% 到 9% 之間。我認為，總體而言，北美一級營運商實力非常強勁，都是一些常見的嫌疑犯。我還要重點介紹幾家其他有線電視營運商和MSO，它們在本季表現尤為強勁，而且看起來全年表現也會很強勁，同樣主要集中在北美地區。

And we had a couple of content players, as you can imagine, that were also -- given the fact we had 24% directly from webscale, we had 2 of them that were very close to 10% as well. So a big cluster around that. I mean this talks to the diversification of our customers. But if you were to summarize it, Simon, you'd say North American Tier 1 carriers, including cable and then, obviously, the content players.

正如你所想，我們還有幾家內容提供商，考慮到我們有 24% 的份額直接來自 webscale，其中有兩家也接近 10%。所以圍繞這一點形成了一個很大的集群。我的意思是，這體現了我們客戶的多元化。但西蒙，如果你要總結一下，你會說北美一級運營商，包括有線電視運營商，然後，很顯然，還有內容提供商。

Great. And then just a follow-up is just in terms of your supply chain risk, could you talk about the potential for -- if factories were to shut down in Mexico, what would that mean to your business? This is a question I've gotten a lot. It would be helpful to understand that exposure.

偉大的。那麼，關於您的供應鏈風險，能否請您談談—如果墨西哥的工廠倒閉，這對您的業務意味著什麼？這是我常被問到的問題。了解這種暴露情況會很有幫助。

Scott, do you want to take that?

史考特，你想接嗎？

Yes, Simon, Scott here. So first of all, I must say that we're dealing with Tier 1 contract manufacturers that take their business continuity extremely seriously. We have 5 contract manufacturers around the world, 2 of them are in Mexico, a very resilient network. And that we haven't lost a single day in a CM in Mexico or in Asia-Pac to anything related to COVID.

是的，西蒙，我是史考特。首先，我必須說，我們合作的是一級合約製造商，他們非常重視業務連續性。我們在全球擁有 5 家代工廠，其中 2 家位於墨西哥，這是一個非常有韌性的網路。而且，我們在墨西哥或亞太地區的任何部長級會議中都沒有因為與新冠疫情相關的任何事情而損失一天時間。

Having said that, we're actively working on pulling finished goods' inventory through the supply chain as fast as we can to mitigate any potential impact. And where we have seen impact in some CMs around the world that aren't necessarily in Mexico, it tends to be closed for a very short period of time. A -- cleaning if they had an incident of an individual employee, industrial cleaning and right back at the manufacturing site. That hasn't been anything that impacted our CM specifically, but I have seen others in the industry, and that's sort of how it's played out.

儘管如此，我們正在積極努力盡快將成品庫存從供應鏈中調回，以減輕任何潛在的影響。我們在世界各地的一些社區健康中心（不一定在墨西哥）看到的影響，往往是關閉時間非常短。A－如果個別員工發生事故，則進行清潔，進行工業清潔，然後立即返回生產現場。雖然這件事本身並沒有對我們的內容管理團隊造成什麼影響，但我看到業內其他一些團隊也遇到了類似的情況。

Simon, just back to your first question. The top customer was AT&T. It will be -- that would be named in the Q. So just wanted to give you that information.

西蒙，回到你的第一個問題。最大的客戶是AT&T。答案是──這會在問答中提到。所以只是想把這個訊息告訴你。

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。

Jim, Gary, can you all hear me?

吉姆、加里，你們都能聽見我說話嗎？

You have an echo there, Paul. Bad echo.

保羅，你那裡有迴音。迴聲不好。

Yes. That's not going to work, Paul.

是的。保羅，那樣行不通。

Yes. We may need to go to the next -- Paul, we'll try to get you back on. Sorry about that.

是的。我們可能需要聯絡下一個——保羅，我們會盡量讓你重新連結。抱歉。

The next question comes from Michael Genovese with MKM.

下一個問題來自 MKM 的 Michael Genovese。

First of all, can you help -- I mean, you said orders were strong. Is there any further quantification you can give of the orders in the quarter?

首先，你能幫個忙嗎——我的意思是，你說過訂單很多。您能否提供本季訂單量的其他量化數據？

They were very, very strong, and our backlog grew pretty meaningfully during the quarter. What I'd say, though, is that many of our customers took the opportunity to place their orders on us for the full year or for more than just the current quarter because we encouraged them to do so, so that we would have visibility to their needs and we could make sure that our supply chain was capable of delivering them. It was a great quarter. And we're -- one of the reasons why we have such strong visibility into Q3 is because of those orders. But some of those were orders ahead of the normal schedule.

他們非常非常強大，我們的積壓訂單在本季有了相當大的成長。不過，我想說的是，許多客戶都藉此機會向我們下了全年的訂單，或者下了不止一個季度的訂單，因為我們鼓勵他們這樣做，這樣我們就能了解他們的需求，並確保我們的供應鏈能夠滿足這些需求。這是一個很棒的季度。我們之所以對第三季前景如此看好，其中一個原因就是這些訂單。但其中一些訂單的交貨時間比正常進度提前了。

So needless to say book-to-bill was above 1, clearly?

所以，毋庸置疑，訂單出貨比大於 1，對吧？

Yes. Absolutely. We built backlog by quite a bit.

是的。絕對地。我們的積壓訂單數量相當可觀。

Right. Okay, great. So now given the timing questions that are impacting the 4Q outlook and then, I guess, there's probably uncertainty on how fiscal '21 begins because we just don't know yet, right, how COVID and all this is going to play out, but I guess my question, though, is as we think ahead, with the higher bandwidth demand and the positive competitive situation, particularly I think Huawei being weaker now, my question is, shouldn't we would, at the end of this, be at the higher end of 6% to 8%? Am I getting ahead of myself here? Do you not want to comment on that? Or -- but I'm just thinking we should be at the higher end of 6% to 8% when we come out of this, and I'd love to get your view on that.

正確的。好的，太好了。鑑於目前影響第四季前景的時間安排問題，以及2021財年開局的不確定性（因為我們還不知道新冠疫情以及所有相關因素將如何發展），我想問的是，展望未來，隨著頻寬需求增加和積極的競爭形勢（尤其是我認為華為目前實力較弱），我們最終的增長率是否應該達到6%到8%的水平？我是不是想太遠了？你不想對此發表評論嗎？或者——但我只是覺得，當我們走出困境時，我們的成長率應該在 6% 到 8% 之間，我很想聽聽你的看法。

It's going to be very hard for us to make any comment beyond these 2 quarters, Mike, just because it's such an uncertain period. I would say that the demand for bandwidth is going to continue to grow. But my God, it's been growing at 30% annually for a long, long time.

麥克，鑑於目前情況非常不明朗，我們很難對這兩個季度之後的情況發表任何評論。我認為頻寬需求將會持續成長。我的天哪，它已經以每年 30% 的速度增長了很長時間。

And could it be higher than that? Yes, it could. But that's a pretty high growth rate. So I guess the bottom line of all of this, despite the uncertainty over the next several quarters, we feel very, very good about our position in this business. We're just not prepared to sort of comment on next year right now or our 3-year guide.

而且可能比這更高？是的，有可能。但這是一個相當高的成長率。所以，我想說，儘管未來幾季存在不確定性，但我們對我們在這個行業的地位感到非常非常有信心。我們現在還不方便對明年或我們的三年發展規劃發表評論。

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。

Can you all hear me now?

現在你們都能聽到我說話了嗎？

Much better. Thank you, Paul.

好多了。謝謝你，保羅。

Yes.

是的。

Much better.

好多了。

My apologies. First question, with respect to the competitive landscape, Gary, I think I just heard you say that you're actually expecting to either maintain or increase share with webscale, an interesting statement because you've got Infinera coming in shortly at some point, it sounds like in the next 6 to 12 months with 800 gig or at least their latest coherent DSP. I know there's been a lot of concern in the investment community about that. You don't seem to be overly concerned, it's -- from your webscale comment, and I assume it's more than just webscale.

我很抱歉。第一個問題，關於競爭格局，Gary，我好像聽到你說你實際上期望保持或提高 WebScale 的市場份額，這是一個有趣的說法，因為 Infinera 很快就會進入市場，聽起來像是在未來 6 到 12 個月內，他們會推出 800 Gb 或至少是他們最新的相干 DSP。我知道投資界對此非常關注。從你對網路規模的評論來看，你似乎並不太擔心，而且我猜想這不僅僅是網路規模的問題。

Let me ask you the question. What are you seeing in the competitive landscape looking forward? And I want to also ask you about Huawei. We just had an optical company last week, along with a broadband access company that was very vocal, in saying Huawei is absolutely being cut back. We saw some announcements in the wireless arena, same thing. That obviously should be to your benefit, to the previous question. But if you could address the competitive landscape in general, then I've got a follow-up.

讓我問你一個問題。展望未來，您如何看待競爭格局？我還想問你關於華為的問題。上週，一家光纖公司和一家寬頻接入公司都公開表示，華為的業務絕對會被削減。我們在無線領域也看到了一些類似的公告。顯然，這對你來說應該是有利的，這與之前的問題有關。但如果您能談談整體競爭格局，那麼我還有一個後續問題。

So let me take it in the context, first of all, on the content player space, Paul. Listen, we have very long-term relationships with them. We're super integrated into all of their back offices. We now have very large complex networks. We partner with them. It's multifaceted. It's in submarine. It's an international markets.

保羅，首先讓我從內容播放器領域的角度來談談這個問題。聽著，我們和他們有著非常長期的合作關係。我們與他們的所有後台部門實現了高度整合。我們現在擁有非常龐大且複雜的網路。我們與他們合作。它包含多個方面。它在潛水艇裡。這是一個國際市場。

So we have very broad and deep relationships with them now, and we have a lot of co-development work that goes on with them in terms of our platforms. Obviously, we were first with the 100, 400 with them and we're the first with 800, we think we've got a significant technology lead on 800 gig. And the different variants that will be coming out with 800 gig as well, that could -- we will absolutely be the industry leader on it.

所以我們現在與他們建立了非常廣泛和深入的關係，我們在平台方面與他們進行了許多合作開發工作。顯然，我們率先推出了 100G、400G，現在又率先推出了 800G，我們認為我們在 800G 技術方面擁有顯著的領先優勢。未來還將推出配備 800G 記憶體的各種版本，我們絕對會成為該領域的行業領導者。

So we've got significant time-to-market advantage. We've got broad and deep relationships that go back many years, and we've got #1 market share. So we're not complacent about any of that, but I think we're in a very, very strong position.

因此，我們在產品上市時間上擁有顯著優勢。我們擁有廣泛而深厚的合作關係，這些關係可以追溯到很多年前，而且我們擁有第一的市場份額。所以我們對這一切都不掉以輕心，但我認為我們處於非常非常有利的地位。

As regards to Huawei, obviously, the geopolitical elements that are in play there have been in play for quite a while. I would say 2 things. One, yes, I think it's a very good long-term opportunity for Ciena, and we're incredibly well placed about that. They've got such a large market share in telecom infrastructure generally and particularly in Europe.

至於華為，很顯然，那裡存在的地緣政治因素已經存在相當長一段時間了。我想說兩點。第一，是的，我認為這對 Ciena 來說是一個非常好的長期機遇，我們在這方面處於非常有利的地位。他們在電信基礎設施領域，尤其是在歐洲，擁有非常大的市場份額。

I think really, irrespective of all those other concerns, it's just really a rebalancing that frankly, is long overdue. Now I think that momentum is absolutely there, but I'd say 2 others sort of cautions to it: one, these are large strategic decisions; and number two, it's infrastructure after those decisions are made, it takes time to ramp up.

我認為，拋開其他種種顧慮，這其實只是一次重新平衡，坦白說，這次平衡早就該進行了。現在我認為勢頭確實存在，但我還要提醒兩點：第一，這些都是重大的策略決策；第二，在這些決策做出之後，基礎設施建設需要時間才能逐步完善。

One example of that that I would give to you is Deutsche Telekom, which we won a couple of years ago. And that's taken time to begin to ramp up. So I think it is a very positive dynamic for us. I'd just caution for folks around the amount of time that those kind of infrastructure wins take to ramp up.

我可以舉一個例子，就是我們幾年前贏得的德國電信。而這需要時間來逐步推進。所以我認為這對我們來說是一個非常積極的動態。我只是想提醒大家，這類基礎建設需要相當長的時間才能全面展開。

And particularly, I think with COVID it's been challenging on the new business side to ramp up these new customers, which we've seen, and particularly internationally, and I think that's going to weigh on us for a little bit as well. But it's absolutely a very positive dynamic for us in the medium to long term.

尤其是我認為，受新冠疫情影響，新業務方面很難拓展新客戶，尤其是在國際市場，我們已經看到了這一點，我認為這也會在一段時間內給我們帶來一些壓力。但從中長期來看，這對我們來說絕對是一個非常正面的動態。

Well, this could lead into my follow-up, which is the site access that you all referenced. And I just want to be sure, when you talk about site access having impacted demand as measured by revenue, or orders, is that purely in Europe? Or was that also -- would that also apply to the weakness you saw in Japan? Or are you seeing that globally? To what extent is it just site access as opposed to demand weakness?

嗯，這可能引出我的後續問題，也就是你們都提到的網站存取權限。我只是想確認一下，當您談到網站流量對收入或訂單等衡量指標的需求產生影響時，這種情況是否僅限於歐洲？或者說，這也——這也適用於你在日本看到的弱點嗎？還是你認為這種情況是全球性的？這在多大程度上只是網站訪問量不足，而不是需求疲軟？

It's not really demand -- I don't think of it as demand weakness. Two manifestations of it, Paul: one, is with existing large customers where sometimes we're not even installing it, it's the customer. But it's the customer's ability to digest and to get that deployment out has been impacted. It has slowed.

這並非真正的需求問題——我不認為這是需求疲軟。保羅，這有兩種表現形式：一是與現有的大客戶合作，有時甚至不是我們安裝，而是客戶自己安裝。但客戶理解和完成部署的能力受到了影響。速度放緩了。

It is predominantly international. We've seen some of it in North America, but not as much. We've seen it in Europe. And the biggest effect, I think of the all, is in Asia-Pacific, in India and Japan and some other geographies in Asia. It's just been very challenging. Really, it's not so much demand, it's more about digestion, Paul, and the ability to get that stuff out there.

它主要面向國際市場。我們在北美也見過一些，但並不多見。我們在歐洲已經看到這種情況了。我認為，其中影響最大的是亞太地區，特別是印度、日本以及亞洲其他一些地區。這真的非常具有挑戰性。其實，保羅，關鍵不在於需求，而在於消化，以及把這些東西推向市場的能力。

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 a few questions on the business. Converged Packet still underperforming. Why? And when are we going to see growth? And then on 800 gig, is it targeted mostly to webscale, that's where you think the deployment is going to be? Or are we going to see also telcos?

我有一些關於公司業務的問題。融合分組的性能仍然不盡人意。為什麼？我們什麼時候才能看到成長？那麼，800G 的頻寬主要是面向 Web 規模的應用嗎？你認為它的部署範圍會是 Web 規模嗎？或者我們也會看到電信公司嗎？

Scott, do you want to take that?

史考特，你想接嗎？

Yes. Tal, it's Scott. On the first one, you said Converged Packet. I think you mean the Packet Networking private portfolio, and you certainly see, you would have been referring to the revenue number. I would say that on the long-term targets, we still expect the Packet Networking business to grow faster than our aggregate growth rates. And the actual order book for the first half of the year, year-on-year growth, gives us the confidence that that is the case. So we still very much are comfortable with the sort of growth targets we have put out there on the Packet piece.

是的。塔爾，我是斯科特。第一個問題，你說的是融合資料包。我想你指的是 Packet Networking 的私有投資組合，而且你肯定也看到了，你指的是收入數字。我認為，就長期目標而言，我們仍然預期分組網路業務的成長速度將超過我們整體的成長速度。而今年上半年的實際訂單量，以及年成長情況，都讓我們相信情況確​​實如此。因此，我們仍然對我們在 Packet 上提出的成長目標感到非常滿意。

On the 800-gig question, I'll come back to just reminding folks that WaveLogic 5 Extreme is actually an optical engine that addresses multiple applications, in a sense sort of a doubling of the performance in an optical network from what you would have been able to get in the past. And in that context, it is going to be applicable to all the segments that we serve. The 800-gig application specifically is addressing where you have high cross sections of bandwidth in the fairly constrained reach environment, a few hundred kilometers type of environment. That's -- those types of deployments are dominated by the webscale or the Data Center Interconnect, but not 100% exclusively.

關於 800G 的問題，我只想提醒大家，WaveLogic 5 Extreme 實際上是一個光引擎，可以滿足多種應用需求，從某種意義上說，它使光網路的效能比過去提高了一倍。在這種背景下，它將適用於我們服務的所有客戶群。800G 應用專門針對頻寬交叉量較大的情況，在覆蓋範圍相當有限的環境中，例如幾百公里的環境。也就是說，這類部署主要由 Web 規模或資料中心互連構成，但並非 100% 完全如此。

I'd also mention, Scott, you might have mentioned this, but we had very, very strong orders in the Packet segment in Q2. So that's another reason why we're...

史考特，我還想提一下，你可能已經提到過了，我們在第二季的數據包業務訂單非常非常強勁。所以這也是我們……的另一個原因。

Yes. We were pretty strong in Q2 and strong year-over-year for the first half as well.

是的。我們在第二季表現相當強勁，上半年較去年同期表現也十分出色。

If I can sneak in one more question. You spoke about difficulties in the operations in India. Can you expand on this?

我可以再問一個問題嗎？您談到了在印度開展業務的困難。能詳細解釋一下嗎？

This is a virtual call, Tal, as you know, and we're not able to look at each other and point at each other as we do in person. As you know, India was shut down. I mean the whole country was shut down. And basically, people could leave their homes once a week or something to go get food. And so there was -- other than the normal sort of engagement with the customer in terms of telephone and e-mail and the occasional Zoom call, we were not able to engage with their engineering staff and continue their plans to build out their networks.

塔爾，你知道，這是一次視訊通話，我們不能像面對面那樣互相看著對方，互相指著對方。如你所知，印度當時處於封鎖狀態。我的意思是，整個國家都停擺了。基本上，人們可以每週出門一次或幾次去買食物。因此，除了透過電話、電子郵件和偶爾的 Zoom 通話等方式與客戶進行正常的溝通外，我們無法與他們的工程人員進行溝通，也無法繼續推進他們建立網路的計畫。

As we said, we don't think this is a demand issue. We believe that our big customers in India -- in fact all of our customers, but particularly our big ones, GEO and Barkey, are still intent on building out the entire subcontinent with a network, and we're in a good position to continue to win a lot of that business.

正如我們所說，我們認為這不是需求問題。我們相信，我們在印度的大客戶——實際上是我們所有的客戶，特別是我們的大客戶 GEO 和 Barkey——仍然致力於在整個次大陸建立網絡，我們處於有利地位，可以繼續贏得很多這樣的業務。

They had sort of paused last year, you'll recall, those 2 customers, because they had spent a ton of money, and they were in the digestive phase already. And I think the COVID-19 shutdown only exacerbated that situation. We think it will continue. We are reengaging with them. We got some orders in the quarter that were a little bit earlier than we thought we might get, and we think it will come back, but it's going to be a little slow.

你可能還記得，去年那兩位客戶暫停了服務，因為他們已經花了很多錢，而且他們當時正處於消化階段。我認為新冠疫情導致的停工只會加劇情況。我們認為這種情況還會持續下去。我們正在重新與他們接洽。本季我們收到了一些訂單，比我們預期的要早一些，我們認為情況會好轉，但速度會比較慢。

Next question comes from Jim Suva with Citigroup Investment.

下一個問題來自花旗集團投資部的吉姆‧蘇瓦。

On the international, specifically Asia-Pac and India challenges concerning coronavirus, am I correct at concluding that it isn't share loss at all, it's just the logistical challenges of not being able to meet and get the new design-ins? And so when it comes back, it should come back quite strongly? It sounds like nothing about share loss, like incumbency or being not closer to them, it's just everybody can't get into the selling process. Is that correct?

關於冠狀病毒對國際市場，特別是亞太地區和印度市場帶來的挑戰，我的結論是否正確：這根本不是市場份額的損失，而只是由於無法滿足新的設計需求而導致的物流挑戰？所以，當它回歸時，應該會強勢回歸吧？聽起來不像是市佔率損失、現有競爭對手實力不足或與競爭對手距離不夠近之類的問題，只是大家都無法參與到出售過程中。是這樣嗎？

Yes. I would -- that's a fair characterization, Jim. It is definitely not share loss. In fact, we've got a number of wins on the new business side that we're -- we have challenges ramping up that we were expecting to ramp-up in Europe. We've had a number of wins there, people like Telia, et cetera, that would have been challenging on the ramp-up. So it's absolutely not market share.

是的。我會的——吉姆，這形容很貼切。這絕對不是股份損失。事實上，我們在新業務方面取得了一些成功——我們在歐洲的業務成長面臨挑戰，而我們原本預計在歐洲的業務成長將會受到影響。我們在那裡取得了一些勝利，例如 Telia 等公司，這些公司在初期發展階段都面臨挑戰。所以這絕對不是市佔率的問題。

And in fact, as we fast forward for the year, Jim talked about the overall market probably being flat because of COVID. We're talking about growing there. So therefore, we are going to take and continue to take market share. So I don't think there's any question about that. It's just the -- and it's kind of to be expected. It's just the logistics of velocity of being able to get to sites, have access, fly across borders, all those are just slowing down, and that's sort of weighing on the second half.

事實上，展望今年，吉姆談到由於新冠疫情的影響，整體市場可能趨於穩定。我們正在討論在那裡發展壯大。因此，我們將繼續擴大市場份額。所以我覺得這點毋庸置疑。只是——而且這也在意料之中。問題在於物流速度，例如到達現場、獲得訪問權限、跨境飛行等等，所有這些都在減慢速度，這在某種程度上拖累了下半年的進度。

But as Jim said, relative to other people, we actually have good visibility into those kinds of dynamics. And who knows how long this will last in terms of the COVID piece play out? But we think it's still -- will weigh on it. But the overall sort of secular demand is extremely robust in pretty much all geographies.

但正如吉姆所說，相對於其他人而言，我們實際上對這些動態有很好的了解。誰也不知道新冠疫情會持續多久？但我們認為這仍然會——會對它產生影響。但總體而言，這種長期需求在幾乎所有地區都非常強勁。

Yes. The other dimension, Jim, of this velocity theme is not only on the logistics side that Gary talked about, but where we are. The new (inaudible) in an account where we may have won the logo and are trying to get through the certification process. Well, that requires people getting in labs. And when the world is sort of working from home, that slows things down. So there's a sort of a new product introduction pace into our customers' domains that probably hinders us more where we're trying to grow market share, like in APJ, than where we have incumbency.

是的。吉姆，速度這個主題的另一個維度不僅在於加里談到的物流方面，還在於我們所處的位置。新的（聽不清楚）帳戶，我們可能已經贏得了徽標，並且正在努力通過認證流程。嗯，那需要有人進實驗室。當世界各地的人們都在居家辦公時，工作節奏就會放慢。因此，在像亞太地區這樣我們試圖擴大市場份額的地區，新產品進入客戶領域的速度可能會比我們已經佔據市場主導地位的地區對我們造成更大的阻礙。

Then my follow-up is, does incumbency of Ciena having such a good first-mover's advantage in 100 gig and 400 gig, does that help out even more so with 800 gig, when you then layer on the coronavirus additional challenges? Or is it similar to the other technological rollouts as far as the competitive landscape of opening up for RFPs for rolling out for 800 gig?

那麼我的後續問題是，Ciena 在 100G 和 400G 領域擁有如此好的先發優勢，這是否會在 800G 領域帶來更大的幫助，尤其是在新冠疫情帶來的額外挑戰之下？或者，就 800G 網路部署的競爭格局而言，它是否與其他技術部署類似，即透過公開招標來尋求解決方案？

Jim, I would say is we have a very strong competitive advantage because we've got the largest market share, but really that's about relationships and trusted relationships that we have with most of the major Tier 1s around the world and all the content players, and we have that at scale. And so not only do we have the best technology, but they've trusted us for a number of years, and they are very confident about our road map and the fact that we have the global scale to continue to innovate and support them.

吉姆，我認為我們擁有非常強大的競爭優勢，因為我們擁有最大的市場份額，但這實際上是因為我們與世界各地大多數主要的一級供應商和所有內容提供者建立了關係和信任關係，而且我們擁有這種規模的關係。因此，我們不僅擁有最好的技術，而且多年來他們一直信任我們，他們對我們的發展路線圖以及我們擁有全球規模來繼續創新和支持他們的能力充滿信心。

So frankly, it's a situation where the strong get stronger, and we are the incumbent player in most of the major carriers around the world. So whilst it's a challenge for us, as Scott said, in terms of getting new stuff out there like anybody else, we are much better positioned than any of the competition to be able to do that because of our incumbency and track record and deep integration into the back office of many of these carriers.

坦白說，現在的情況是強者愈強，而我們在世界各地的大多數主要航空公司中都是現有營運商。所以，正如斯科特所說，雖然對我們來說，推出新產品和其他公司一樣是一個挑戰，但由於我們擁有既有地位、良好的業績記錄以及與許多運營商後台的深度整合，我們比任何競爭對手都更有優勢做到這一點。

Yes. The last point Gary made is an important one because we -- as you may have known, we've released the WaveLogic 5 technology on both our 6500 and our Waveserver platform. And the fact that it's on those platforms that our existing customers know and love, just reduces the hill that they have to climb to integrate it into their operation, their back office, et cetera. And as you know, there's -- those platforms are well distributed around the world.

是的。Gary 提出的最後一點非常重要，因為正如您可能已經知道的那樣，我們已經在 6500 和 Waveserver 平台上發布了 WaveLogic 5 技術。而且，由於它是在我們現有客戶熟悉和喜愛的平台上運行的，因此，將其整合到他們的營運、後台等系統中就變得容易得多。如你所知，這些平台在世界各地分佈廣泛。

Next question comes from John Marchetti with Stifel.

下一個問題來自 Stifel 公司的 John Marchetti。

Gary, I'm curious if with some of the strength that you saw in the quarter with the webscale guys, particularly at 100 and 400 gig, if you think that pushes out, at all, the adoption of 800 by those customers. Understanding they're seeing the same traffic growth demands, and in some cases even seeing that increase, but if they're sort of ordering what they need today and buying the 100 and 400 because that's what they already have qualified, do you think that this may be slows the -- at least the early stages, of adoption of 800 gig?

Gary，我很好奇，鑑於你在本季度看到的網路規模用戶（尤其是 100 和 400 GB 用戶）的強勁表現，你是否認為這會在一定程度上推動這些客戶採用 800 GB 的服務。考慮到他們面臨著同樣的流量成長需求，甚至在某些情況下還出現了成長，但如果他們只是訂購他們今天需要的流量，購買 100 和 400 兆的流量，因為他們已經獲得了相應的資格，你認為這可能會減緩 800 兆寬頻的普及速度嗎？至少在早期階段會減緩嗎？

That's a good question, John. I'll go then and Scott can probably provide more color to it. But I don't think so. And what we've seen to date with their reaction really to the COVID piece, they had pretty strong plans anyway for rollout this year on 100 and 400 gig anyway, particularly 400. But we saw a -- they saw a step function in demand and reacted to it. And obviously, right now, it's 400 gig. But we are very encouraged by what we're seeing in terms of the engagement on 800 gig. Scott, do you want to give a little more color on that?

約翰，你問得好。那我這就去，史考特或許能提供更多細節。但我並不這麼認為。從他們迄今為止對 COVID 的反應來看，他們本來就對今年推出 100 和 400 GIG 的產品製定了相當強有力的計劃，尤其是 400 GIG。但我們看到——他們看到了需求的階躍式增長，並對此做出了反應。顯然，現在它是 400 GB。但我們對 800 gig 的用戶參與度感到非常鼓舞。史考特，你想再詳細說嗎？

Yes, I think I'd just reiterate that, Gary. I mean we've shipped already to date and it hasn't been commercially available that -- for that long. We're north of a dozen customers across multiple application sets. Where it seems to have the most urgent and immediate demand is anybody that has significant bandwidth growth and has fiber constraints. And that's where it proves out in whether they're going to run that in an 800-gig application or in some multiples of 100 gig. That's where we're seeing the demand. But it's across all the applications: submarine, terrestrial, metro and long-haul networks and in DCI networks.

是的，我想我只需重申一下這一點，加里。我的意思是，我們已經發貨了，但這款產品還沒有商業化銷售這麼長時間。我們在多個應用領域擁有十幾位客戶。最迫切、最直接的需求似乎來自於那些頻寬成長顯著但光纖資源有限的用戶。這證明了他們是要在 800G 的應用程式中運行，還是在 100G 的倍數的應用程式中運行。我們看到需求就來自那裡。但它適用於所有應用場景：海底網路、陸地網路、城域網路和長途網路以及資料中心互連 (DCI) 網路。

So to be...

所以，成為…

And then maybe just as a -- sorry, go ahead, Gary.

然後也許就當——抱歉，請繼續，加里。

Yes. We all -- what Scott said, we are talking about the content players. Yes.

是的。我們都——就像斯科特說的那樣，我們談論的是內容提供者。是的。

Yes. And I think that's a good follow up. I mean you talked about the expectations for sort of flat market growth. Last quarter, we talked about 7% to 10% growth for this market. Has that outlook changed for the year? I'm assuming the more flattish outlook is more on the telco side. I'm curious what your outlook is on the sort of the webscale side and if you've seen any change with all of this going on, really on the competitive front relative to ZR?

是的。我認為這是一個很好的後續問題。我的意思是，你之前談到了市場成長趨於平穩的預期。上個季度，我們討論了該市場7%到10%的成長。今年的前景是否有改變？我猜想，前景較平坦的趨勢更多地出現在電信業。我很好奇您對網路規模方面的看法，以及在目前這種競爭環境下，相對於 ZR 而言，您是否看到了任何變化？

That's a very good question on market share growth. I'll let Scott take the ZR piece, but I'll take the share piece. We -- overall, for the optical space, excluding China, we think it's going to be pretty flat as an overall market. Now within that, we think that GCN, I think the -- as you said, the expectation for the year was about 7% to 5% -- 7% to 10%, sorry.

這是關於市場佔有率成長的一個非常好的問題。我會讓 Scott 拿 ZR 那部分，但我會拿股份那部分。整體而言，我們認為，除中國以外，光學領域整體市場將保持穩定。現在，我們認為 GCN，正如你所說，今年的預期大約是 7% 到 5%——抱歉，是 7% 到 10%。

I think the latest stuff that I saw from it is probably 5% to 10%. We absolutely expect that space to grow within the overall context of the optical market. So I do think you're going to see growth there. And we are going to grow at least at that kind of rate, which is what's forecast in for our guidance for the year.

我覺得我看到的最新數據顯示，大概是 5% 到 10%。我們絕對預期，在光學市場的整體背景下，這一領域將會持續成長。所以我認為那裡會有成長。我們至少會以這種速度成長，這也是我們對今年業績預期的預測。

Scott, do you want to take the ZR piece?

史考特，你想接手ZR那部分嗎？

Yes. ZR, as you know, specifically, is an industry standard around interoperability that really targets an application space that's very short-reach transmission. Let's call it 80 kilometers or less, single-span, with a very simple network in between it from a photonic perspective. So that really talks to really campus or metro DCI. And we've said, I think, consistently for the last little while that we expect, in the fullness of time, that market opportunity for that application set will be somewhere around the $500 million mark against the backdrop of the total optical market of -- depending on who you listen to, $13 billion or $14 billion.

是的。如您所知，ZR 具體來說是一個圍繞互通性的行業標準，它真正針對的是短距離傳輸的應用領域。從光子學的角度來看，我們姑且稱之為 80 公里或更短的單跨度傳輸，其間採用非常簡單的網絡。所以這確實與校園或都市 DCI 有關。而且，我認為，在過去的一段時間裡，我們一直表示，我們預計，隨著時間的推移，該應用領域的市場機會將達到 5 億美元左右，而整個光學市場的規模——取決於你聽誰的說法，是 130 億美元或 140 億美元。

What I do see -- so that hasn't changed our perspective of the overall market size opportunity, it hasn't changed. What I do see is probably the timing of that moving a little bit to the right. I think it's going to be a 2021 event, maybe a little bit later in 2021 than people even anticipate it. We will have, as you know, we're going to have product off of our WaveLogic 5 nano development activity. We'll have a product that addresses the ZR application space at the end of this calendar year.

我看到的是——所以這並沒有改變我們對整體市場規模機會的看法，並沒有改變。我看到的可能是時機稍微往右移動了一下。我認為這將是 2021 年的一項活動，可能會比人們預期的稍晚。如您所知，我們將推出 WaveLogic 5 奈米開發活動的產品。我們將在今年底推出一款面向 ZR 應用領域的產品。

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。

I just wanted to start off by asking in terms of the North American telcos and your outlook there. Multiple times on the call, you mentioned that the challenges are more kind of international here. In the meantime, you've kind of seen large customers like Verizon kind of raise their CapEx even during the COVID, kind of, pandemic happening. Is some of that dedicated to bandwidth expansion? And what's your kind of now, current expectation for growth with the large North American telos? If you can help us with that.

我首先想問您對北美電信公司以及該行業前景的看法。在通話中，您多次提到，這裡面臨的挑戰更多的是國際性的。同時，我們也看到像 Verizon 這樣的大客戶即使在 COVID-19 疫情期間也提高了資本支出。其中一部分是否用於頻寬擴展？那麼，您目前對北美大型終端企業的成長有何預期？如果您能在這方面幫助我們，那就太好了。

Yes...

是的...

Yes. I would say that...

是的。我會說…

Go ahead, Gary.

請繼續，加里。

Jim, do you want to go?

吉姆，你想去嗎？

I'll be brief and then you can follow-up, Gary. Generally speaking, we are the most incumbent in the North America. And we have old and established relationships and very, very solid market share. And yes, they will probably be spending more over the coming quarters. Orders from them were particularly strong in the first half of this year. And our expectation, frankly, is that for the North American telecoms, that they will be somewhat better than we expected for this full year. The weakness, as we've said a couple of times, is on the international side. Gary?

我會簡短說明，然後你可以跟進，加里。總的來說，我們在北美擁有最強大的影響力。我們擁有長期穩定的客戶關係和非常穩固的市場佔有率。是的，他們未來幾季可能會增加支出。今年上半年，他們的訂單量尤其強勁。坦白說，我們預期北美電信公司今年的表現會比我們預期的好一些。正如我們之前多次提到的，弱點在於國際方面。加里？

Yes. I would just add that you've obviously got the normal suspects there, the large carriers. But I would also emphasize, again, very strong performance on the cable side we expect for the year. Obviously, we've had new wins at places like CenturyLink that we're ramping up, Charter, et cetera. So we expect to have a very strong year in North America.

是的。我只想補充一點，很明顯，那些常見的嫌疑人，也就是大型運輸公司，都在那裡。但我還要再次強調，我們預計今年有線電視業務將有非常強勁的表現。顯然，我們在CenturyLink、Charter等公司取得了新的成功，我們正在加大投入。因此，我們預計今年在北美市場將取得非常強勁的成績。

Okay. And if I can just follow-up more in terms of OpEx, but in terms of OpEx planning. Obviously, some of the change here in OpEx in the quarter was more temporary and travel-related. But when you're kind of thinking about next year and kind of the -- all the different factors about increasing bandwidth needs and kind of market share gains, how are you thinking about OpEx, particularly going into next year? Are you looking to kind of keep some structural reduction on your OpEx? Or are you more looking to kind of increase headcount and kind of gear up for kind of higher demand?

好的。如果我可以在營運支出方面，尤其是在營運支出規劃方面，再跟進一下就好了。顯然，本季營運支出的一些變化是暫時的，與差旅有關。但是，當您考慮明年以及所有與頻寬需求成長和市場份額提升相關的不同因素時，您是如何考慮營運支出的，特別是展望明年？您是否希望在營運支出方面進行一些結構性削減？還是你們更傾向於增加人手，為因應更高的需求做好準備？

That's -- rather than talk about next year in particular, I'll say this, Samik: it is our goal every year as we go into our planning process to reduce OpEx as a percent of revenue and, therefore, add to our profitability. We've done it every year, frankly, for the last 10. And I think we'll continue to do that going forward. We're going to continue to invest, though. And that's really critical for us to maintain our lead across the functions, whether that's R&D, or sales or the support functions. So that's what I'd say.

與其具體談論明年，不如這樣說，薩米克：我們每年在製定計畫時的目標都是降低營運支出佔收入的百分比，從而提高獲利能力。坦白說，過去十年我們每年都會這樣做。我認為我們今後會繼續這樣做。不過，我們還會繼續投資。這對我們維持各職能部門的領先地位至關重要，無論是研發、銷售或支援職能部門。這就是我的看法。

Operator, we'll take one last question. And just so everyone knows, we will try to get the transcript up on the website as soon as possible. Again, we apologize for any of the problems on the webcast.

操作員，我們最後一個問題。為了讓大家知道，我們會盡快將成績單上傳到網站上。再次為網路直播中出現的任何問題致歉。

And we have a question from Meta Marshall with Morgan Stanley.

摩根士丹利的梅塔馬歇爾向我們提出了一個問題。

Great. Just drilling down one last time on kind of 800 gig. And just whether -- you've mentioned, clearly, most of the restrictions are international. But are you seeing kind of labs to do the 800-gig testing by your customers, you know, still open and progressing? Or were they kind of far enough through the testing process, that the trajectory of 800 gig doesn't change? And then maybe just second question. I know you mentioned the OpEx savings from travel. But if you could just call out kind of what is a quarterly travel budget traditionally for you guys?

偉大的。最後再仔細研究一下 800 GB 左右的數據。至於是否——正如您所提到的，很明顯，大多數限制都是國際性的。但是，您是否看到有實驗室仍在開放並推進客戶進行的 800G 測試？或者說，他們的測試過程已經進行到相當深入的階段，以至於 800 GB 的目標不會改變？然後，或許可以問第二個問題。我知道你提到了差旅帶來的營運成本節省。但您能否簡要說明一下，你們通常的季度差旅預算是多少？

Meta, it's Scott. I'll take the 800 gig one, and then I'll let Jim talk to the second piece on the travel. On the 800 gig, we have engagements with customers across the globe that are at various stages of maturity on their optical technology. Some have been testing this technology for quite some time. Some of them, they're -- were bidding in new commercial RFPs and everything in between. I'll say this, if I take a summary of it: our plans and forecast for 800 gig for the year haven't really changed from what they were 3 or 4 months ago.

Meta，我是Scott。我會選擇 800 吉普車，然後讓吉姆和旅行中的第二個人談談。在 800 G 領域，我們與全球各地的客戶都有合作，這些客戶的光纖技術發展成熟度各不相同。有些人已經對這項技術進行了相當長時間的測試。他們中的一些人——他們參與了新的商業招標項目以及其他各種項目的投標。如果讓我總結一下：我們今年的 800 GB 計劃和預測與 3 或 4 個月前相比並沒有真正改變。

And on the T&E, in a typical quarter, our T&E -- our OpEx T&E is $10 million to $12 million, and we're running at less than half that now.

至於差旅費，通常一個季度我們的差旅費——我們的營運支出差旅費是 1000 萬到 1200 萬美元，而我們現在的支出還不到這個數字的一半。

Again, thank you, everyone, for joining. We apologize we couldn't get to everybody's questions. We look forward to catching up with everyone over the next -- following couple of days. Thanks for joining. Thanks for the interest. Stay well.

再次感謝大家的參與。很抱歉我們沒能回答所有人的問題。我們期待在接下來的幾天與大家見面。謝謝參與。感謝您的關注。祝您身體健康。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。