Ciena Corp (CIEN) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Ciena Fiscal Q1 2020 Financial Results Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待，歡迎參加 Ciena 2020 財年第一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'd now like to hand the conference over to your presenters today. Vice President of Investor Relations, Gregg Lampf, please go ahead.

現在我把會議交給今天的演講者們。投資者關係副總裁格雷格·蘭普夫，請開始吧。

Thank you, James. Good morning and welcome to Ciena's 2020 fiscal first quarter review.

謝謝你，詹姆斯。早安，歡迎收看Ciena 2020財年第一季回顧。

With me today is Gary Smith, President and CEO; and Jim Moylan, CFO. Scott McFeely, our Senior Vice President of Global Products and Services, will join us for the Q&A portion of today's call.

今天陪我一起的有總裁兼執行長 Gary Smith 和財務長 Jim Moylan。我們的全球產品和服務資深副總裁 Scott McFeely 將參加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 Q1 2020 performance, developments in our business, our view on current market dynamics 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。我們今天的演講將涉及我們 2020 財年第一季的業績、業務發展、我們對當前市場動態的看法以及我們的展望。

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. These statements should be viewed in the context of the risk factors detailed in our most recent 10-K filing and in our upcoming 10-Q filing, which is required to be filed with the SEC by March 12. We 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.

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。這些聲明應結合我們最新的 10-K 文件和即將提交的 10-Q 文件中詳述的風險因素來理解，10-Q 文件必須在 3 月 12 日之前提交給美國證券交易委員會。我們預計將在該日期前提交文件。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。

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

接下來，我將把麥克風交給蓋瑞。

Thanks, Gregg, and good morning, everyone.

謝謝格雷格，大家早安。

Today, we delivered outstanding first quarter results. The diversification across our business combined with our technology leadership, including our fifth-generation 800-gig WaveLogic modem technology that is available today, continue to set us apart in the market. Specifically, we reported Q1 revenue of $833 million, reflecting 7% growth year-over-year, in the high end of our guidance range. Q1 gross margin was also very strong driven by a favorable product and customer mix in the quarter. And importantly, we performed very well with respect to profitability measures. Both operating margin and EPS in the quarter were higher than expected, and cash performance was strong. Finally, our orders in the quarter were greater than revenue.

今天，我們公佈了出色的第一季業績。我們業務的多元化以及我們在技術上的領先地位，包括我們目前可用的第五代 800G WaveLogic 數據機技術，繼續使我們在市場上脫穎而出。具體而言，我們公佈的第一季營收為 8.33 億美元，年增 7%，處於我們預期範圍的高端。由於本季有利的產品和客戶組合，第一季的毛利率也非常強勁。更重要的是，我們在獲利能力指標方面表現非常出色。本季營業利益率和每股盈餘均高於預期，現金流表現強勁。最後，本季我們的訂單量大於收入。

As we previously mentioned, our unique degree of industry diversification across customer segments and regions, in particular, continues to provide resiliency and balance in our business and plays a significant role in our strong financial performance. This is particularly relevant as the broader economy is faced with the growing uncertainty surrounding the spread of coronavirus.

正如我們之前提到的，我們在客戶群和地區方面獨特的行業多元化程度，尤其為我們的業務提供了韌性和平衡，並在我們強勁的財務業績中發揮了重要作用。這一點尤其重要，因為整體經濟正面臨新冠病毒傳播帶來的日益增長的不確定性。

Thus far, for our industry, the challenges currently presented by this situation have been largely contained to the China market, the supply chain and logistics.

到目前為止，對於我們這個行業而言，當前情況帶來的挑戰主要集中在中國市場、供應鏈和物流方面。

For Ciena, by design, we have among the lowest exposure in our industry to the China market and the Chinese supply chain. As a result, as we sit here today, we believe that we are better positioned than most of the industry players to manage through the current set of challenges presented by the coronavirus. However, the situation is obviously very fluid and uncertain at this time, and we are not immune to potential broader business implications as it evolves. Jim will give you additional color when he provides our guidance.

Ciena 的設計理念是，我們在業界對中國市場和中國供應鏈的依賴程度要低得多。因此，就目前而言，我們相信，與大多數業內人士相比，我們更有能力應對冠狀病毒帶來的一系列挑戰。然而，目前情況顯然非常不穩定和不確定，隨著事態發展，我們無法避免可能產生的更廣泛的商業影響。吉姆會在提供指導時為你補充更多資訊。

Now I'll turn back to the highlights of our Q1 performance. Again, the comments I'm about to make regarding our regional performance and forward view are without any further impact of the coronavirus situation, but rather how we see things from where we are today.

現在我將回顧我們第一季的業績亮點。再次聲明，我接下來要對我們區域業績和未來展望發表的評論，並未考慮新冠病毒疫情的進一步影響，而是我們目前所處位置的看法。

In Q1, Asia Pacific performed well, particularly Japan, and we continue to see opportunity for growth in APJ in 2020. In India, much as anticipated, we experienced softness as we started the year, but we continue to believe there is opportunity for modest growth in the second half of the year. In EMEA, we had a very solid contribution from service provider customers in Q1, and we continue to see opportunity to expand market share as many carriers in the region reevaluate their infrastructure partners and their next-generation builds.

第一季亞太地區表現良好，尤其是日本，我們繼續看到2020年亞太地區有成長機會。正如預期的那樣，印度市場在年初表現疲軟，但我們仍然相信下半年市場有機會溫和成長。在歐洲、中東和非洲地區，我們在第一季從服務提供者客戶那裡獲得了非常穩定的貢獻，並且隨著該地區的許多營運商重新評估他們的基礎設施合作夥伴和下一代建設，我們繼續看到擴大市場份額的機會。

We had an excellent quarter in our Americas region in Q1. Our North American service provider business was strong, including two 10% customers in the quarter, Verizon and AT&T. And revenue from other verticals, including MSO customers like Comcast and Charter and the U.S. government, was up about 5% year-over-year in Q1. We expect material contribution from these service providers in 2020 as well as growth from CenturyLink later this year. And we also expect continued growth in the Americas to be driven by other customer verticals.

第一季度，我們在美洲地區的業績非常出色。我們在北美的服務供應商業務表現強勁，其中 Verizon 和 AT&T 這兩家客戶在本季佔比均達到 10%。而來自其他垂直領域的收入，包括 Comcast 和 Charter 等 MSO 客戶以及美國政府，第一季年增約 5%。我們預計這些服務提供者將在 2020 年做出實質貢獻，CenturyLink 也將在今年稍後實現成長。我們也預計，美洲地區的持續成長將由其他客戶垂直領域推動。

Webscale was also a solid contributor in the quarter as this vertical continues to perform well and as expected. We also anticipate a strong Q2 in webscale. As a reminder, we anticipate this market to grow roughly 7% to 10% this year, and we believe that we can grow our webscale revenue at roughly market rate and maintain our market share leadership in this position. We also continue to add new customers every quarter in this segment. There is no doubt that confidence in our technology leadership is a significant driver of our performance and continued strong customer engagement.

Webscale 在本季度也貢獻了可觀的業績，該垂直領域繼續保持良好表現，符合預期。我們也預期第二季網路規模將表現強勁。再次提醒大家，我們預計今年該市場將成長約 7% 至 10%，我們相信我們可以以大致市場速度成長我們的網路規模收入，並保持我們在該領域的市佔率領先地位。在這個領域，我們每季都會持續增加新客戶。毫無疑問，客戶對我們技術領先地位的信心是我們業績成長和持續保持強勁客戶參與度的重要驅動力。

As I mentioned at the start of the call, I'm pleased to confirm that WaveLogic 5 Extreme, our next-generation coherent optical technology, is now available. In fact, by now, you should have seen our numerous announcements with Southern Cross, Verizon and Comcast as well as Internet2 where we've begun initial field deployments. As evidenced in these customer networks, we have delivered on our promise to be the first to market with an 800-gig solution, well ahead of any competitive offerings. WaveLogic 5 Extreme is fully featured and performing better than anticipated across a multitude of applications. We continue to expect initial revenue in Q2 with more material revenue in the second half of the year.

正如我在電話會議開始時提到的，我很高興地確認，我們的下一代相干光技術 WaveLogic 5 Extreme 現已上市。事實上，到目前為止，您應該已經看到我們與 Southern Cross、Verizon 和 Comcast 以及 Internet2 的眾多合作公告，我們已經在這些公司開始了初步的現場部署。從這些客戶網路中可以看出，我們兌現了承諾，率先將 800G 解決方案推向市場，遠遠領先任何競爭對手的產品。WaveLogic 5 Extreme 功能齊全，在多種應用中表現皆超乎預期。我們仍預期第二季將有初步收入，下半年將有更實質的收入。

In addition to that main achievement, we also recently announced several new products and capabilities in our 5G network solutions. First, we added 3 5G optimized routing platforms designed to enable network operators to migrate from 4G to 5G and meet the low-latency, high-performance demands of fronthaul, midhaul and backhaul transport. And we also introduced Blue Planet software automation enhancements comprised of dynamic planning capabilities and end-to-end network slicing in this solution. And with respect to Blue Planet, in Q1, we secured new wins with 2 major international Tier 1 service providers both outside of the U.S. We also added 4 new logos for our route optimization and analysis products, and we took strong orders for our Unified Assurance and Analytics software on the heels of closing the Centina acquisition.

除了這項主要成就之外，我們最近還宣布了 5G 網路解決方案中的幾款新產品和新功能。首先，我們增加了 3 個 5G 最佳化路由平台，旨在協助網路營運商從 4G 遷移到 5G，並滿足前傳、中傳和回傳傳輸的低延遲、高效能需求。此外，我們還在該解決方案中引入了 Blue Planet 軟體自動化增強功能，包括動態規劃功能和端到端網路切片。至於 Blue Planet，在第一季度，我們與兩家美國以外的國際一級服務供應商達成了新的合作協議。此外，我們的路線優化和分析產品新增了 4 位客戶，在完成對 Centina 的收購後，我們的統一保障和分析軟體也獲得了大量訂單。

With rising macroeconomic concerns and uncertainty, customers, more so than ever, are pursuing a flight to quality where they are seeking strategic vendors who offer long-term innovation leadership and financial stability. And we are clearly very well positioned with the financial strength, expanding technology leadership, diversification and global scale to meet their now -- needs now and into the future. And we are very focused on taking advantage of this opportunity.

隨著宏觀經濟擔憂和不確定性的加劇，客戶比以往任何時候都更加追求高品質產品，他們正在尋找能夠提供長期創新領導地位和財務穩定性的策略供應商。我們顯然擁有雄厚的財力、不斷擴大的技術領先地位、多元化的業務和全球規模，完全有能力滿足他們現在和未來的需求。我們正全力以赴，把握這個機會。

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

好了，我把你交給吉姆。

Thank you, Gary. Good morning, everyone.

謝謝你，加里。各位早安。

Q1 marked a strong start to fiscal 2020. As Gary mentioned, total Q1 revenue was $833 million and adjusted gross margin was 45% driven by favorable product and customer mix. Adjusted operating expense in the quarter was $266 million.

2020財年第一季開局強勁。正如 Gary 所提到的，第一季總收入為 8.33 億美元，調整後毛利率為 45%，這得益於有利的產品和客戶組合。本季調整後的營運費用為2.66億美元。

With respect to profitability measures, in Q1, we delivered adjusted operating margin of 13.1%, adjusted net income of $82 million and adjusted EPS of $0.52. If we're using your models, the tax rate we used in Q1 for our adjusted net income and EPS was 21.6%, a bit lower than we expected. Tax planning is allowing us to make better use of the lower effective U.S. tax rate on exports. We'll expect to use this 21.6% tax rate for the remainder of 2020.

就獲利能力指標而言，第一季我們實現了調整後的營業利潤率為 13.1%，調整後的淨收入為 8,200 萬美元，調整後的每股收益為 0.52 美元。如果我們採用你們的模型，那麼我們在第一季調整後的淨收入和每股盈餘中使用的稅率為 21.6%，略低於我們的預期。稅務規劃使我們能夠更好地利用美國較低的出口實際稅率。預計2020年剩餘時間將採用21.6%的稅率。

In addition, in Q1, cash from operations was very strong at $40 million in what is typically a seasonally lower cash-generating quarter. Adjusted EBITDA in Q1 was $135 million, and we generated free cash flow in the quarter, again, a sign of strong cash generation. We ended the quarter with approximately $960 million in cash and investments. As Gary mentioned, our balance sheet is yet another differentiator that speaks to our long-term strength and viability, particularly in the current environment. Finally, we continued to execute on our share buyback plans, repurchasing approximately 1.3 million shares using $51 million of cash during the quarter.

此外，第一季經營活動產生的現金流非常強勁，達到 4,000 萬美元，而第一季通常是現金流較為淡季。第一季調整後 EBITDA 為 1.35 億美元，我們在本季產生了自由現金流，這再次顯示了強勁的現金產生能力。本季末，我們擁有約 9.6 億美元的現金和投資。正如 Gary 所提到的，我們的資產負債表是另一個反映我們長期實力和生存能力的差異化因素，尤其是在當前環境下。最後，我們繼續執行股票回購計劃，本季使用 5,100 萬美元現金回購了約 130 萬股股票。

I'll now turn to our Q2 outlook. Before I go into detail, I'll reiterate what Gary said with respect to the coronavirus situation. Specifically, we believe that we are better positioned than most to navigate through the current supply chain challenges presented by the coronavirus. However, we are not immune to business impacts, including in our Q2.

接下來我將談談我們第二季的展望。在詳細說明之前，我想重申加里關於新冠病毒疫情的說法。具體而言，我們相信我們比大多數企業更有能力應對新冠病毒帶來的當前供應鏈挑戰。但是，我們並非不受業務影響，包括第二季也受到了影響。

Specifically, given what we know today, we expect that fiscal Q2 revenue will be reduced by approximately $30 million predominantly due to supply constraints and logistical challenges to execute in certain countries resulting from the coronavirus. Taking that into account, we expect to deliver revenue in a range of $875 million to $905 million. To be clear, without the expected impact of the coronavirus, the midpoint of our revenue guide would have been approximately $920 million. Like every other company, we're giving you our best view at this point in time. Also, in Q2, we expect gross margin in the 42% to 44% range and operating expense of approximately $275 million.

具體而言，根據我們目前所了解的情況，我們預計第二財季收入將減少約 3,000 萬美元，主要原因是受冠狀病毒影響，某些國家面臨供應限制和物流方面的挑戰。考慮到這些因素，我們預計營收將在 8.75 億美元至 9.05 億美元之間。需要明確的是，如果沒有新冠病毒疫情的預期影響，我們收入預期的中點約為 9.2 億美元。和其他公司一樣，我們目前只能提供您所能提供的最佳資訊。此外，我們預計第二季毛利率在 42% 至 44% 之間，營運費用約為 2.75 億美元。

In closing, the fundamentals of our business are sound. We have the best technology. We are diversified across geographies and verticals, and our scale is a competitive strength, and we continue to gain market share. As I mentioned, the coronavirus will impact our business to a certain extent in Q2. Its impact on the remainder of fiscal 2020 is uncertain at this time and it would not be appropriate for us to speculate. If we do not include any potential impact beyond Q2, our expectations for fiscal 2020 are unchanged. This includes, with respect to revenue, cash flow and adjusted operating margin of 15%, and we remain confident in our long-term financial targets.

總之，我們業務的基本面是穩健的。我們擁有最先進的技術。我們在地域和垂直領域都實現了多元化，我們的規模是我們的競爭優勢，我們不斷擴大市場份額。正如我之前提到的，新冠病毒疫情將在第二季對我們的業務產生一定程度的影響。目前尚不確定其對 2020 財年剩餘時間的影響，因此我們不宜妄加猜測。如果排除第二季之後可能出現的任何影響，我們對 2020 財年的預期保持不變。這包括收入、現金流量和 15% 的調整後營業利潤率，我們對長期財務目標仍然充滿信心。

James, we'll now take questions from the sell-side analysts.

詹姆斯，現在我們來回答賣方分析師的問題。

(Operator Instructions) And our first question comes from the line of George Notter with Jefferies.

（操作說明）我們的第一個問題來自傑富瑞集團的喬治諾特。

I guess maybe I'd start on the coronavirus discussion. Gary, you were talking about Ciena's positioning being better than others in the wake of the coronavirus situation. Can you kind of talk about what you're looking at there in terms of both the supply side and the demand side in China and elsewhere that's affected?

我想或許可以先從討論新冠病毒開始。Gary，你之前說過，在新冠疫情的影響下，Ciena 的市場定位比其他公司好。您能否談談您目前在中國及其他受影響地區，從供應端和需求端兩個方面觀察到的情況？

Sure. Largely, to date, this has been somewhat contained to China and obviously spread into some of the APJ countries as well. From a supply chain point of view, Ciena, a long time ago, does not have exposure to manufacturing into China directly and direct supply chain. Obviously, some third or fourth order contract manufacturers do. So we're not immune from it. But unlike most of our competitors, we don't have significant direct supply chain based in China.

當然。迄今為止，這種情況在很大程度上仍局限於中國，但顯然也蔓延到了一些亞太國家。從供應鏈的角度來看，Ciena 很久以前就沒有直接在中國生產和建立直接供應鏈。顯然，一些三級或四級代工製造商確實會這樣做。所以我們也無法倖免。但與大多數競爭對手不同，我們在中國並沒有重要的直接供應鏈。

And then, secondly, on the demand side, as many of you know, we do not sell directly to the major carriers in China, and that's a very conscious decision on our part. So we don't have exposure to the demand side from China. But that being said, we are present in many of the other APJ countries that have had challenges, and some of which are in sort of locked down. And it's difficult to get to some of their sites for installation, for example. So it is having an impact on us, which is reflected in a change in our Q2 guidance.

其次，在需求方面，正如你們許多人所知，我們不直接向中國的主要營運商銷售產品，這是我們經過深思熟慮後做出的決定。因此，我們沒有受到來自中國的需求方影響。但即便如此，我們在亞太地區的許多其他國家也設有分支機構，這些國家都面臨著挑戰​​，其中一些國家甚至處於某種程度的封鎖狀態。例如，前往他們的一些安裝地點就很困難。因此，它對我們產生了影響，這反映在我們第二季業績預期的變化。

Got it. Okay. And then just switching gears for a second. You saw a really strong gross margin performance this quarter. I guess I heard what you said certainly in terms of customer mix, product mix. But can you talk a bit more about what surprised you there? I think, certainly, coming into the quarter, you guys were looking for gross margin numbers that were quite a bit lower.

知道了。好的。然後，我稍微換個話題。本季毛利率表現非常強勁。我大概明白你的意思了，尤其是在客戶組成和產品組成方面。但您能否再詳細談談那裡有什麼讓您感到驚訝的地方？我認為，當然，在進入本季時，你們預期的毛利率會低得多。

Yes. Thanks, George. We said 42% to 44% for the quarter and for the year, and we still expect that's the range in which we'll be operating. However, we had a great quarter in Q1, and it was totally driven by mix. As we've said before, it depends upon the stages of various projects. If we're early in a project, we're going to have lower margins. Later on, we're typically going to have higher gross margins. We had a particularly good software, so that was a part of it as well. It's hard for us to call. I think we're 42% to 44% today, but we did great in Q1. We'll see what happens the rest of the year.

是的。謝謝你，喬治。我們先前預測本季和全年的成長率為 42% 至 44%，我們仍然預計我們的營運將在這個範圍內。然而，我們第一季的業績非常出色，這完全得益於產品組合的最佳化。正如我們之前所說，這取決於各個專案所處的階段。如果專案還處於早期階段，我們的利潤率就會比較低。之後，我們的毛利率通常會更高。我們的軟體特別好，這也是原因之一。我們很難做出判斷。我認為我們目前的完成率在 42% 到 44% 之間，但我們在第一季的表現非常出色。我們拭目以待今年剩下的時間會發生什麼事。

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

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

Guys, if I could just take you back to the coronavirus commentary. And I just want to make sure, it sounds like it's not an issue of your access to components. But if I take you at face value, you're telling us that there was a significant impact from your inability to get to the sites in certain countries. Can you elaborate on that? How many countries are we talking about? Is, in fact, all the shortfall through the -- it's the demand, the fact that your customers just can't accommodate your ability to deliver, but you're not constrained in terms of the actual components at this time?

各位，如果我能帶你們回到關於新冠病毒的評論環節就好了。我只是想確認一下，聽起來這似乎不是您訪問組件的問題。但如果我信以為真，你的意思是說，由於你無法前往某些國家的景點，造成了重大影響。能詳細解釋一下嗎？我們說的是多少個國家？事實上，所有缺口都源自於──是需求，是你的顧客無法滿足你的交付能力，但你目前在實際零件方面並沒有受到限制？

Okay. Paul, let me take the logistics part of that, I guess rather than sort of demand, call it logistics. Yes. There are a number of sites that we can't get access to both on the submarine side to do installations and also in places like South Korea. Even in Singapore, folks are working from home. And that's having an impact in terms of our ability to get to the -- some of the sites and do installation. So that is certainly some of it.

好的。保羅，讓我來處理物流部分吧，我想與其說是需求，不如說是物流。是的。有很多地方我們無法進入，無論是潛水艇方面還是像韓國這樣的地方，都無法進行安裝作業。即使在新加坡，人們也都在家工作。這對我們到達一些現場並進行安裝的能力產生了影響。這當然是其中一部分原因。

Scott, do you want to talk about some of the supply chain...

史考特，你想談談供應鏈方面的一些問題嗎？

Yes. On the supply chain side, just to clarify it a bit. So we don't -- obviously, we don't do any R&D. We don't do any new product introduction. We don't do any contract manufacturing directly in China. We do have some suppliers that source from China, many of which we have second sources for. Some secondary suppliers, they are exposed to China, and we're not immune to that. We have very close communications with our contract manufacturers and those suppliers in terms of what their plans are and their expectations are, how that material comes back online for the rest of the quarter. And that's factored into the numbers that we have here.

是的。關於供應鏈方面，我再澄清一下。所以，很顯然，我們不做任何研發工作。我們不做任何新產品推廣。我們不直接在中國進行任何代工生產。我們確實有一些供應商從中國採購，但其中許多我們還有備用供應商。有些二級供應商受到中國的影響，我們也無法置身事外。我們與合約製造商和供應商保持非常密切的溝通，以了解他們的計劃和期望，以及這些材料如何在本季度剩餘時間內恢復生產。而這些因素都已計入我們這裡的數據。

And Jim, when you said -- when you reiterated guidance, that's taking into account the shortfall from corona in Q2, but assuming there's no additional impact throughout the year.

吉姆，你重申了業績指引，其中考慮到了第二季新冠疫情造成的缺口，但假設全年不會受到其他影響。

Correct. Yes, Paul. That's correct.

正確的。是的，保羅。沒錯。

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

我們的下一個問題來自西蒙·利奧波德和雷蒙德·詹姆斯的家族譜系。

Gary, you made reference to a number of opportunities. And I wanted to see if maybe you could drill down on which ones have the biggest potential to maybe move the needle for you. Specifically, I want to drill down on sort of the non-AT&T, non-Verizon, non-hyperscale part of the business. You mentioned Japan, you mentioned the cable guys. I don't think you mentioned Deutsche Telekom in your prepared remarks. So could you help us understand how to think about that particular group's effect on the 2020 outlook?

加里，你提到了很多機會。我想看看你是否能深入分析哪些因素最有可能對你產生正面影響。具體來說，我想深入了解AT&T、Verizon以外、非超大規模業務的部分。你提到了日本，你提到了有線電視公司。我認為你在事先準備好的演講稿中沒有提到德國電信。那麼，您能否幫助我們理解如何看待該特定群體對 2020 年前景的影響？

Yes. Absolutely. So we talked a little bit in the commentary around some of the MSO sector. So if I look at where I think we're going to see good strength in 2020, I think it's the MSO space. We've had a number of wins in that space in addition to the large market share that we already have. And we see a lot of activity in the MSO space, Comcast, Charter, et cetera, so quite bullish on that. We're looking at some of the other big Tier 1s in North America. CenturyLink, I would highlight as well, we think for the year, certainly in the second half of the year is going to be strong. As you know, we're pretty much -- we had some significant wins in the last 2 years there, and that will begin to roll out -- it's beginning to roll out now. But I think we'll have a strong second half.

是的。絕對地。所以我們在評論中稍微談到了一些關於MSO（多系統運營商）領域的事情。所以，如果讓我展望2020年哪些領域會表現強勁，我認為是MSO領域。除了我們已經擁有的巨大市場份額之外，我們在該領域還取得了一系列勝利。我們看到MSO領域有很多活躍活動，例如康卡斯特、Charter等等，所以我們非常看好這個領域。我們正在考察北美其他一些大型一級供應商。我還想特別指出，CenturyLink 預計今年下半年業績將非常強勁。如你所知，我們過去兩年取得了一些重大勝利，這些勝利將開始逐步顯現——現在已經開始逐步顯現了。但我認為我們下半季會表現出色。

Also, some of the other verticals in North America I would highlight would be the government. I think is -- after a few years of really being sort of somewhat underinvested, I think we're beginning to see plenty of activity in the government space. So we feel good around North America overall, and not just the couple of primary large carriers that have been our big customers there. So we feel good around North America.

此外，北美其他一些值得關注的垂直領域包括政府部門。我認為——在經歷了幾年投資不足之後，我們開始看到政府領域出現大量活動。因此，我們感覺在北美整體情況良好，而不僅僅是我們在那裡的主要客戶——那幾家大型航空公司。所以，我們感覺北美地區一切都很好。

Europe, I think we're seeing some of the benefits of decisions that were made like Deutsche Telekom, that's beginning to roll out and effect into our numbers. I do think there's an opportunity in the carrier space to continue to take share in EMEA. So I do feel good around that for the rest of the year. So those are 2 areas.

我認為，在歐洲，我們正在看到一些決策帶來的好處，例如德國電信的案例，這些決策開始逐步顯現，並對我們的數據產生影響。我認為在營運商領域，我們有機會繼續在歐洲、中東和非洲地區擴大市場份額。所以我覺得今年剩下的時間裡，一切都會比較順利。所以這是兩個方面。

I think Japan had a very good start to the year. We'll see how that goes with some of the challenges it's had around the coronavirus, et cetera. But so far, so good. So those are the areas that I would highlight around strength in the business.

我認為日本今年開局非常好。我們將看看它如何應對新冠病毒等帶來的挑戰。但目前為止，一切順利。所以，以上就是我認為公司有哪些優勢的幾個面向。

And just as a follow-up from a product or segment perspective, last quarter, you had a very strong Packet Networking. In this quarter, as you suggested, it would fall off sequentially, and it did. Could you maybe step back and talk to us about that particular business for not just the year, but see if you can take it out longer term? As you have in the past, it sounds like growth prospects are good. I'd just like to get an update on that.

從產品或細分市場的角度來看，上個季度你們的分組網路業務表現非常強勁。正如你所預測的那樣，本季它將會逐季下降，事實也的確如此。您能否抽出時間來和我們談談這項業務的具體情況，不僅是今年的情況，看看能否進行更長期的評估？正如你過去所言，成長前景似乎不錯。我想了解一下最新進展。

It's Scott. So we -- on the Packet piece, as we said last quarter, we had a great quarter, not to expect that to be the goal for a normal quarterly run rate through 2020. Q1 basically came in as we expected on the Packet business, and we're still bullish in terms of the plan for the year. What we said over a 3-year period for this Packet business is we expect it to grow faster than the aggregate in the sort of 8% to 10% range over our 3-year plan. And we think we're in good shape to do that. We're looking at expanded application spaces on the portfolio, working with the new launch of our router portfolio focused specifically optimized around 5G, but more generically other IP application sets as well. So 8% to 10% over the next 3 years is kind of the expectation. And early periods, but we're on track for that.

是斯科特。所以，關於 Packet 部分，正如我們上個季度所說，我們度過了一個非常棒的季度，但不要指望這會成為 2020 年正常季度業績的目標。第一季資料包業務基本上符合我們的預期，我們對今年的計畫仍然充滿信心。我們對 Packet 業務的三年期預測是，我們預計其成長速度將超過整體水平，三年計畫期間的成長速度約為 8% 至 10%。我們認為我們有能力做到這一點。我們正在探索產品組合中更廣泛的應用領域，配合新推出的路由器產品組合，該產品組合專門針對 5G 進行了最佳化，但更普遍地也適用於其他 IP 應用集。因此，未來三年內成長 8% 到 10% 是比較合理的預期。雖然還處於早期階段，但我們正按計劃進行。

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

我們的下一個問題來自高盛的 Rod Hall。

I wanted to start by asking about -- just digging into coronavirus a little bit more. I'm really wondering what your guys Italian exposure is at this point, and whether you've seen any evidence that network rollouts there are slowing. And then on -- more on the positive side of things, the software number was better than we expected. I wonder if maybe you could comment on trends there. What drove that number and how you expect that to shape up through the year?

我想先問一些關於冠狀病毒的問題，想更深入地了解一下。我真的很想知道你們目前在義大利的業務拓展情況如何，以及你們是否已經發現任何證據表明那裡的網路部署速度正在放緩。另外，從正面的方面來看，軟體數量比我們預期的要好。我想知道您是否可以談談那邊的趨勢。是什麼因素導致了這個數字？你預計這個數字今年會如何改變？

And then just color -- further color on Packet Networking, could you just talk about fronthaul, backhaul opportunity and maybe, Scott, how that's changed in the last quarter for you?

然後，再深入探討分組網絡，您能否談談前傳、回傳的機會，以及，Scott，在過去一個季度裡，這些方面發生了哪些變化？

I'll take the first couple. And Scott, you could do the Packet. The -- we don't have really anything of significance in Italy. So that -- anything that happens there will be unlikely to affect us this year.

我選前兩個。史考特，你可以做這個小專案。我們在義大利並沒有什麼真正重要的東西。所以，那裡發生的任何事情都不太可能對我們今年造成影響。

With respect to software, we did have a good quarter. We're continuing to roll out our new MCP platform software, and we're getting good take-up from customers. We do expect a good year from Blue Planet as well. So we continue to do well we think with respect to software for the year.

在軟體方面，我們本季表現不錯。我們正在繼續推廣新的MCP平台軟體，並且得到了客戶的良好回應。我們也期待《藍色星球》今年能有不錯的表現。所以我們認為，就今年的軟體業務而言，我們繼續保持良好的發展勢頭。

Yes. And just to pick up on the software piece on MCP, as we have spent a lot of time talking about it in this forum. For us, that is our next-generation domain controller. Cloud-native designed from the ground up, we actually believe it's the first in the marketplace that has the breadth that it has from a packet networking, multidomain, multilayer management capability. And what you saw in Q1 is the accelerated adoption of that in our installed base. So that puts us in a great position to deliver on some of the promises of the Adaptive Network that we've been talking in the industry about.

是的。關於 MCP 的軟體部分，我想再補充一點，因為我們在這個論壇上花了很多時間討論這個問題。對我們來說，這就是我們的下一代網域控制器。從底層開始就採用雲端原生設計，我們相信它是市場上第一個具備如此廣泛功能的產品，包括資料包網路、多域、多層管理能力。而你在第一季看到的，正是我們已安裝用戶群加速採用該技術的情況。因此，這讓我們處於非常有利的位置，可以兌現我們一直在業界談論的自適應網路的一些承諾。

Back on your Packet question on fronthaul and backhaul, so hopefully, you saw the product announcements that we did a couple of weeks ago around our new product portfolio. Let's take a step back from that a little bit and talk about what's the basis of that. So we've talked in the marketplace about Adaptive IP. And for us, that's built on a bunch of different dimensions of capabilities that have all come together in this product portfolio, in this announcement. The first sort of foundational is a next-generation cloud-native IP network OS that is the right cloud-based architecture capable of running in a disaggregated environment, on white boxes, on an integrated coherent solution -- or sorry, on an integrated Ciena solution, like we've talked about in the press release, and optimized for the right go-forward IP protocols. So the right routing protocols going forward as opposed to the legacy IETF protocols from 20 years ago.

回到您關於前傳和回傳的資料包問題，希望您已經看到了我們幾週前發布的關於新產品組合的產品公告。讓我們稍微退後一步，談談它的基礎是什麼。我們已經在市場上討論過自適應 IP。對我們來說，這是建立在多種不同維度的能力之上的，所有這些能力都匯聚到這個產品組合中，並在本次發布會上呈現。第一種基礎是下一代雲端原生 IP 網路作業系統，它是一種合適的雲端架構，能夠在解耦環境中、白盒上、集成一致的解決方案上運行——或者抱歉，是在集成的 Ciena 解決方案上運行，就像我們在新聞稿中討論的那樣，並且針對正確的未來 IP 協議進行了優化。因此，我們需要採用正確的路由協議，而不是 20 年前遺留下來的 IETF 協定。

When we instantiate that on a Ciena hardware, we can have the opportunity to integrate it with the world's leading coherent optics, which we've done in this product portfolio in the announcements, and bring to bear a bunch of stuff that we've had from our history in terms of differentiating how we deploy these in service provider networks, service level agreement support, be able to deploy on outside plants and to be able to deploy at mega distributed scale. We sort of marry that then with the adaptive tool set that comes both from the market-leading domain controller, I mentioned MCP, but also our automation software suite around Blue Planet. And that we think delivers a very compelling value position in the marketplace and allows us to play in spaces that we haven't played before.

當我們在 Ciena 硬體上實現這一點時，我們就有機會將其與世界領先的相干光學技術集成在一起，正如我們在產品組合公告中所做的那樣，並運用我們過去積累的諸多經驗，來區分我們在服務提供商網絡中部署這些技術的方式、服務級別協議支持、在外部設備上部署的能力以及超大規模分佈式部署的能力。然後，我們將這種特性與自適應工具集結合起來，該工具集既來自市場領先的網域控制器（我之前提到 MCP），也來自我們圍繞 Blue Planet 開發的自動化軟體套件。我們認為這為我們在市場上提供了極具吸引力的價值定位，並使我們能夠進入以前從未涉足的領域。

The first instantiation of all that value is in these 5G optimized routers that allowed us kind of deploy in a 4G environment but evolve to 5G as well. If you look back historically in our Packet business, we've been very dominated by wholesale operators providing basically Layer 2 services to the MNOs. This now allows us to step beyond that and to compete basically right down to the cell site router through all the IP backhaul as well, which is a significant market expansion opportunity for us. And we're starting to see RFPs that are looking at next-generation networks optimized around their 5G access infrastructure, and that's the opportunities that we're going after with this. So long, long answer to a short question, but hopefully that gives you some color.

所有這些價值的第一個體現就是這些 5G 優化路由器，它們使我們能夠在 4G 環境中部署，同時也能發展到 5G。回顧我們的分組業務歷史，我們一直深受批發業者的主導，他們基本上向行動網路營運商 (MNO) 提供二層服務。現在，這使我們能夠更進一步，基本上可以一直競爭到基地台路由器，甚至包括所有 IP 回程鏈路，這對我們來說是一個重要的市場擴張機會。我們開始看到一些招標書著眼於圍繞 5G 接入基礎設施優化的下一代網絡，而這正是我們此次競標的目標。所以，對於一個簡短的問題，我給了一個很長的答案，但希望這能給你一些啟發。

And our next question comes from the line of Michael Genovese with MKM Partners.

我們的下一個問題來自 MKM Partners 的 Michael Genovese。

How are you thinking about the 800G competitive environment? How long do you think you're going to be the only product in the market? I think the competitor that's coming out with one also is trying to have a 600G cycle with another product. So just how are you thinking about the market this year and sort of when competition might catch up?

您如何看待 800G 的競爭環境？你認為你的產品會在市場上獨佔多久？我認為即將推出類似產品的競爭對手也試圖用另一款產品達到 600G 循環。那麼，您如何看待今年的市場？您認為競爭對手何時才能迎頭趕上？

Yes. Thanks, Mike. I'll take that one. So first of all, hopefully, everybody got a chance to see the public customer references that Gary referenced on WaveLogic 5 deployments in live networks. And for those that haven't, maybe just to point out some of the key things that those announcements really highlighted. So first of all, first single-carrier 800-gig deployment, that happened to be a data center interconnect application. But also, across those announcements, you saw single-carrier 600-gig in a mixed fiber environment with deployed performance greater than 1,600 kilometers. You saw 400-gig transmitted over 4,000 kilometers delivering on our promise to be able to carry 400-gig e-services anywhere in the world [and regenerate it.] And you saw us demonstrating the software control that delivers on the promise of sort of variable transmission rates from 200, 400, 600 and 800.

是的。謝謝你，麥克。我選那個。首先，希望大家都有機會看到 Gary 提到的 WaveLogic 5 在實際網路中部署的公開客戶案例。對於還沒了解這些公告的人，或許可以指出這些公告真正強調的一些關鍵事項。首先，這是第一個單一運營商 800G 部署，恰好是一個資料中心互連應用。但同時，在這些公告中，你也看到了在混合光纖環境中實現的單一運營商 600G 頻寬，部署的性能超過 1600 公里。您看到了 400G 的資料在 4000 公里的距離內傳輸，兌現了我們能夠在世界任何地方傳輸 400G 電子服務並進行再生的承諾。您也看到了我們演示了軟體控制，實現了 200、400、600 和 800 等可變傳輸速率的承諾。

So you asked the question in the context of the 800 gig, but there are a lot of market-firsts in -- coupled up in those announcements. And I do want to highlight that these were on real production networks, that means mixed fiber types. That means they need to coexist with existing wavelengths, and it has all the complexities that you have to deal with in a real network as opposed to demonstrations in a controlled lab environment. This was real production hardware, and we're in the process of ramping that. And we expect to recognize revenue for that product in this quarter and ramp through the second half of the year.

所以你是在 800 Gig 的背景下提出這個問題的，但這些公告中也包含了很多市場首創——這些首創都與 800 Gig 的發布聯繫在一起。我還要強調，這些都是在實際生產網路中進行的，這意味著混合了各種類型的光纖。這意味著它們需要與現有波長共存，並且它包含了在真實網路中必須處理的所有複雜性，而不是在受控的實驗室環境中進行的演示。這是真正的量產硬件，我們正在逐步擴大生產規模。我們預計將在本季確認該產品的收入，並在下半年逐步實現收入成長。

And as we said all along over the last number of quarters, we've been talking about this. We had expected to introduce this on 2 product platforms, 6500 and Waveserver. And the combination of those customer announcements were actually across both those product platforms. So delivering on that promise as well. I will say that this gave us a great opportunity to see the performance of this optical engine in real customer environments. All the announcements that we showed you were done with performance to spare, confirming what we've seen in our labs and delivering on our promise not only to be the first to market with 800 gig, but to have the highest-performing optical engine in the marketplace. And to the timing, I think it's going to be well ahead of anybody else having 800 gig to be able to deploy in that kind of real-world environment.

正如我們過去幾個季度一直強調的那樣，我們一直在討論這個問題。我們原本計劃在 6500 和 Waveserver 這兩個產品平台上推出此功能。而且，這些客戶公告實際上是在這兩個產品平台上發布的。所以，我們也兌現了這項承諾。我想說，這給了我們一個很好的機會，讓我們能夠在真實的客戶環境中看到這款光學引擎的表現。我們向大家展示的所有產品都性能卓越，證實了我們在實驗室中觀察到的結果，並兌現了我們的承諾，不僅率先將 800 Gb 推向市場，而且擁有市場上性能最高的光學引擎。至於時間安排，我認為它將遠遠領先於其他任何擁有 800 GB 記憶體的產品，能夠在那種真實世界的環境中部署。

I want to take the opportunity, actually, and I wouldn't normally do this on this call, but to get this to market was a many, many year journey, and it was contributions from multiple disciplines. And I really want to recognize and thank all of the Ciena team across many functional groups that they continue to push the envelope and they continue to build on an incredible reputation to deliver. And I also want to thank customers that have done this journey with us over multiple generations. I know I'm a long-answer guy today. I apologize for that.

實際上，我想藉此機會說，雖然我通常不會在這種電話會議上說這些，但要把這個產品推向市場，是一個歷經多年、多學科共同努力的過程。我真心想表揚和感謝 Ciena 團隊各個職能部門的所有成員，感謝他們不斷突破極限，不斷鞏固並提升其卓越的聲譽。我還要感謝幾個世代以來一直陪伴我們走過這段旅程的客戶們。我知道我今天會說很多話。對此我深表歉意。

Those were great answers, Scott. And Jim, I want to ask you a question as a follow-up, and it's a hypothetical. So hypothetically speaking, if there were no coronavirus, do you think you would have raised the guidance today from the bottom end of 6% to 8% to the middle range of 6% to 8% for this year?

斯科特，你的回答很棒。吉姆，我想問你一個後續問題，這是一個假設性的問題。假設沒有新冠病毒，您認為您會把今年的經濟成長預期從 6% 到 8% 的下限提高到 6% 到 8% 的中間區間嗎？

Mike, that's a hypothetical question. I -- we've told you what we expect today, and I just don't think it's right for us to speculate there. We're going to have a good year, a great year. We're doing very well. All the things we've talked about, our business, our business model and our financial strength, still remain. And we're very confident about the future.

麥克，這是個假設性問題。我——我們已經告訴你們我們今天的預期，我認為我們不應該再對此進行猜測。我們將迎來美好的一年，非常棒的一年。我們做得很好。我們之前討論過的所有事情，包括我們的業務、商業模式和財務實力，仍然存在。我們對未來充滿信心。

And our next question comes from the line of Jeff Kvaal with Nomura Instinet.

我們的下一個問題來自 Nomura Instinet 的 Jeff Kvaal。

I was wondering if you all could delve into some of the dynamics inside of the webscale numbers for us, please. The mix has come down a decent amount in the last couple of quarters. It sounds like you feel pretty good about what's happening in the upcoming quarters. What can you tell us about the permutations there?

我想請各位為我們深入探討網路規模資料背後的動態因素。近幾個季度以來，這種組合的比例已經大幅下降。聽起來你對未來幾季的發展前景相當樂觀。關於這些排列組合，您能告訴我們些什麼？

I think we feel very confident around our position in this space overall. Q1 was about as we expected. Q2 I think will be up based on what we're seeing. What is particularly satisfying in that space is 2 dimensions. One, broadening customer base. And a lot of folks understandably is focused on the larger players, webscale players in there. But there's beginning to be an increasingly broader set of customers that are looking to build their own networks and optimize their data center connectivity. And we are taking more than our fair share of those new names. So that is pleasing.

我認為我們對自身在這個領域的地位整體上非常有信心。第一季的情況基本上符合預期。根據我們目前觀察到的情況，我認為第二季業績會上升。在這個空間裡，二維空間尤其令人滿意。第一，擴大客戶群。很多人關注的焦點自然是規模較大的企業，也就是網路規模的企業。但越來越多的客戶開始尋求建立自己的網路並優化其資料中心連接。我們佔據了遠超過我們應得份額的新名字。那真是令人欣慰。

The second thing is, with the existing large customers that we've got, the engagement around their road map and their future rollouts has been incredibly encouraging. We've worked very closely with them on things like WaveLogic 5, on some of the software pieces to it. So the integration into what is now very large global networks is -- we're very enthusiastic about that.

第二點是，對於我們現有的大客戶，他們圍繞產品路線圖和未來推廣計畫的參與度非常令人鼓舞。我們曾與他們密切合作，共同開發 WaveLogic 5 等軟體元件。因此，融入如今非常龐大的全球網路——我們對此感到非常興奮。

And the third dimension to it, I would also add, is the collaboration that we now have with them internationally where we're helping them get connectivity in markets, where we're very strong outside of the U.S. That collaboration has been very strong. Places like Europe, Asia Pacific, India, I would particularly highlight, which is a big growth market for them, Middle East.

我還想補充一點，第三個方面是我們現在與他們進行的國際合作，我們正在幫助他們在除美國以外我們實力非常強大的市場中獲得連結。這種合作一直非常牢固。歐洲、亞太地區、印度（我特別要強調印度，這是他們一個重要的成長市場）、中東等地。

So the relationship continues to expand. And that gives us a lot of confidence. I know we've got a very large market share there, but we're very confident of maintaining that market share given those dynamics that we're seeing in that space.

因此，雙方關係持續發展。這給了我們很大的信心。我知道我們在那裡擁有非常大的市場份額，但鑑於我們在該領域看到的這些動態，我們非常有信心保持這一市場份額。

And the other thing I would add, just from an overall demand point of view in that space, we see no letup in terms of their almost insatiable demand for data center connectivity and build-out not just in the U.S., but globally.

另外，從該領域的整體需求來看，我們看到他們對資料中心連接和建立的需求幾乎沒有絲毫減弱的跡象，不僅在美國，而且在全球範圍內都是如此。

Okay. Thank you, Gary. And then also, I guess we are on the verge of having a third large national wireless play as the T-Mobile deal closes. Is -- that has typically not been -- neither side of those have been big customers of yours. I've been wondering as they become a bigger play, if that is a potential opportunity for Ciena perhaps not in fiscal '20, but down the road.

好的。謝謝你，加里。此外，隨著 T-Mobile 交易的完成，我們似乎即將迎來第三家大型全國性無線營運商。——通常並非如此——雙方都不是你的大客戶。我一直在想，隨著他們規模的擴大，這是否會為 Ciena 帶來潛在的機會，也許不是在 2020 財年，而是在未來。

I would think the answer to that is yes. Whilst Sprint has not been our large customer in more recent years, they've got a very, very, very large installed Ciena base. In fact, they were our first-ever customer commercially. So we have a long and great relationship with them. So we do think that is going to be a good opportunity, and this looks like resolving. I don't think it's probably a 2020 opportunity, Jeff. But as we get to '21, I think the build-out there and in other infrastructure builds for the 5G, I think there's good opportunity for us. And that does pervade some of our thinking into why we're so positive around the North American market.

我認為答案是肯定的。雖然 Sprint 近年來不是我們的大客戶，但他們擁有非常非常非常龐大的 Ciena 裝置安裝用戶群。事實上，他們是我們第一個商業客戶。所以我們和他們保持著長期良好的合作關係。所以我們認為這將是一個好機會，而且這個問題看起來有望得到解決。傑夫，我覺得2020年可能沒有這樣的機會。但到了 2021 年，我認為隨著 5G 基礎設施的建設以及其他相關建設的推進，這對我們來說是一個很好的機會。而這確實影響了我們對北美市場如此樂觀的一些想法。

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

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I just wanted to follow up first on Scott's comment relative to the 800 gig or the WaveLogic 5 product. Scott, if you can kind of share. You mentioned you expect revenues in this quarter. How are you thinking about the ramp of revenues relative to maybe some of the previous-generation product like the 400-gig? If you can share any thoughts on that.

我先想就 Scott 關於 800 GB 或 WaveLogic 5 產品的評論做個後續說明。史考特，如果你方便的話，可以分享一下嗎？您提到預計本季將實現營收。您如何看待營收成長與上一代產品（例如 400G 產品）相比的情況？如果您能分享一下您的想法就太好了。

Yes. So a couple of comments. So first of all, I think we do expect revenue this quarter, but it won't be material this quarter. The ramp is going to be in the second half of the year. And if you look at the model for the year, the second half of the year was bigger than the first half of the year partially due to the fact that we expected this timing on WaveLogic 5 and we expected those dynamics to play themselves out in the second half of the year. So I'd say, we sort of modeled that into our plan for the year.

是的。有幾點要補充說明。首先，我認為我們預計本季會有營收，但不會很大。坡道工程將於今年下半年啟動。如果你看今年的模型，下半年的業績比上半年要好，部分原因是我們預料到了 WaveLogic 5 的發佈時間，並且我們預料到這些動態會在下半年得到體現。所以我覺得，我們已經把這一點納入了我們今年的計畫中。

In terms of the transition timing, I'd say this. And as we moved from previous generations to, say, WaveLogic 4, in particular -- WaveLogic Ai, sorry, in particular, there is a dependency in terms of the infrastructure of the line systems. They need to be able to deal with higher baud rate transmission capabilities. That got in the way of the pace of transition, I'd say, to previous generations. Much of that infrastructure now has been enabled and will no longer be a hurdle in many of our customers' accounts in terms of moving to these next-generation technology. So I would expect the transition to go faster in some cases, in some applications and in previous generation moves. But in terms of the numbers, in terms -- from our perspective, from what we see right now, that's baked into the growth in the second half of our business plan.

就過渡時間而言，我會這樣說。隨著我們從前幾代產品過渡到 WaveLogic 4，特別是 WaveLogic Ai，抱歉，特別是 WaveLogic Ai，線路系統的基礎設施方面存在依賴性。他們需要能夠處理更高的波特率傳輸能力。我認為，這阻礙了向上一代人的過渡步伐。目前，大部分基礎設施已經投入使用，對於我們許多客戶而言，在向下一代技術過渡方面，這些基礎設施將不再構成障礙。因此，我預計在某些情況下、某些應用場景以及上一代產品的迭代升級中，過渡速度會更快。但就數字而言，就我們目前所看到的而言，這已經體現在我們商業計劃後半段的成長中。

Got it. And just a follow-up. Gary, you mentioned kind of the opportunities in EMEA a couple of times. Now are you kind of thinking of those? If you can kind of outline which markets you think the biggest opportunities are. Are you seeing kind of more opportunities in countries like U.K. where there is now a regulation capping market share for certain vendors? Or are you looking at kind of a general move away from certain partners that kind of are overall in the region that's going to help you?

知道了。還有一個後續問題。Gary，你之前幾次提到歐洲、中東和非洲地區的機會。你現在是不是在想這些事？如果你能大致概括一下你認為哪些市場蘊藏最大的機會就太好了。您是否認為在英國等國家，由於目前有法規限制某些供應商的市場份額，因此有更多機會？或者，您是否正在考慮逐步減少與該地區某些合作夥伴的合作，而這些合作夥伴總體上對您有所幫助？

I would say, 2 aspects to it. One, just generally speaking, we have a smaller market share there given the historical dynamics with it. When I see opportunity, it's really around 2 dimensions. One is there's a big webscale buildup going in Europe, and we're obviously extremely well placed with those folks. But also, what's got more attention has been obviously the Tier 1 carriers. And we do see opportunity with those carriers. I think it's as much about realignment where you've got a couple of players with very large market share. And I think a number of these Tier 1 carriers are beginning to reflect on just the concentration there and bringing in a strong new vendor. We've seen that at Deutsche Telekom. Obviously, we've won that. We're just in the rolling that out. But we're seeing it with other Tier 1 carriers as well. So I do think there's opportunity.

我認為這件事有兩個面向。第一，總的來說，考慮到歷史因素，我們在那裡的市場份額較小。當我看到機會時，它實際上只與兩個方面有關。一方面，歐洲正在大力發展網路規模企業，而我們顯然與這些企業建立了非常良好的合作關係。但顯然，一級航空公司也受到了更多關注。我們確實看到了與這些運營商合作的機會。我認為這更多的是關於市場格局的重新調整，因為現在有幾家公司佔據了非常大的市場份額。我認為許多一級營運商已經開始反思這種集中化局面，並考慮引入實力雄厚的新供應商。我們在德國電信就看到了這一點。顯然，我們贏了。我們正處於推廣階段。但我們也發現其他一級航空公司也存在這種情況。所以我認為這裡存在著機會。

And it's multiyear. I think the thing I would remind everybody is these are very big strategic decisions for the carriers, point number one, it takes time; number two, it's infrastructure, which takes time both to migrate and to award. And so we're a couple of years into this, and we're beginning to see the benefits to some of these decisions, like Deutsche Telekom. But there's plenty more in front of us, frankly. And I think it is a terrific opportunity for us. But it is a multiyear opportunity. I think we'll see some of it this year in this half, and we'll see some next year.

而且是多年期的。我想提醒大家的是，這些對航空公司來說都是非常重要的策略決策，第一點，這需要時間；第二點，這是基礎建設，無論是遷移或授予都需要時間。兩年過去了，我們開始看到其中一些決定的好處，例如德國電信的案例。但坦白說，我們面前還有很多挑戰。我認為這對我們來說是一個絕佳的機會。但這是一個需要多年才能實現的機會。我認為今年上半年我們會看到一些這樣的例子，明年我們也會看到一些。

Our next question comes from the line of Tim Long with Barclays.

我們的下一個問題來自巴克萊銀行的蒂姆·朗。

Just two, if I could, actually, both related to webscale. So first one. You talked of -- Gary, you talked about a lot of opportunities, new players, European, other expansions. The growth rate is a lot slower than what we saw last year. So can you just touch on that? Is that digestion? Is it lack of any incremental share because you gained so much last year? So just give us some color on the lower growth rate there despite all the positives.

如果可以的話，其實就兩個吧，都跟網路規模有關。第一個。加里，你談到了很多機會，例如新玩家、歐洲市場和其他擴張計劃。成長速度比去年慢得多。能簡單談談這方面嗎？這是消化過程嗎？是因為去年市佔率成長太多，所以今年才沒有出現任何成長嗎？所以，請您詳細解釋一下，儘管有許多好因素，但該地區的成長率為何仍然較低。

And then second, related to that, could you just update us on ZR and where is Ciena? Where do you think the webscale guys are? What kind of impact could that technology have on this vertical as we look out the next year or 2?

其次，與此相關的是，您能否向我們介紹一下 ZR 的最新情況以及 Ciena 的去向？你覺得那些做網路規模化的人都在哪裡？展望未來一兩年，這項技術會對這個垂直產業產生怎樣的影響？

Yes. Let me talk about sort of webscale. I think the quick answer to your question, Tim, around that is we had an incredible year last year and we took massive amounts of market share. And obviously, we've got well over 50% in that space. And so I think being realistic, it's -- we can't expect to have those kind of more than double-digit growth rates going into this year. We do think the overall market there will grow about 7% to 10%. And we think we will grow probably in line with that market. I do not think we will lose market share there given the dynamics that, a, the relationships, the embedded nature of those relationships; b, we've got the best road map for them. They've been integral in helping design that and very much lent in on a lot of the developments that we've -- we're now delivering into market and the road map and visibility that we have with them. But I do think it's going to get to a more normalized rate of about the 7% to 10%. I would say that we've got a much broader base of customers there now than we had last year. So it gives us some confidence around the diversification of it.

是的。讓我談談網路規模。提姆，我認為關於你這個問題的簡短回答是，我們去年取得了令人難以置信的成績，並獲得了大量的市場份額。顯然，我們在這個領域的市佔率已經超過 50%。所以我認為，現實一點來說，我們不能期待今年能有兩位數以上的成長率。我們認為當地整體市場將成長約 7% 至 10%。我們認為我們的成長速度可能會與市場成長速度保持一致。鑑於以下幾點，我認為我們不會在那裡失去市場份額：a，關係，以及這些關係的內在性質；b，我們為他們制定了最好的路線圖。他們在設計過程中發揮了至關重要的作用，並大力參與了我們目前正在推向市場的許多開發項目，以及我們與他們共同製定的路線圖和可視性。但我認為它最終會達到一個更正常的水平，大約在 7% 到 10% 之間。我認為我們現在在那裡的客戶群比去年要廣泛得多。因此，這讓我們對多角化經營更有信心。

On the ZR side, Scott, do you want to comment on...

史考特，關於ZR方面，你有什麼想說的嗎？

Yes. On the ZR. So first of all, just to reiterate what our perspective of that market opportunity is, we do believe that it will be a subset of the metro-based data center interconnect market that would be able to take advantage of ZR capability. We have put numbers in the past on that of being sort of like the $500 million market opportunity in total. I don't think our perspective on that size of opportunity has changed at all. What has changed I think is our perspective of the timing of that market continues to push a bit to the right. We do believe it will be a 2021 market opportunity. We are building product to that off of the WaveLogic 5 family. We -- when we announced WaveLogic 5 a couple of seasons ago, we announced a WaveLogic 5 Extreme product, which is the basis of all the announcements you've seen the last week. And we announced the WaveLogic 5 Nano product line. That Nano product line will be available from us at the -- towards the end of 2020. So we think we're in decent shape to intercept that market.

是的。關於 ZR。首先，為了重申我們對這市場機會的看法，我們認為，只有城域資料中心互連市場的一部分才能利用零速率 (ZR) 功能。我們過去曾估算過，這方面的市場機會總規模約為 5 億美元。我認為我們對如此巨大的機會的看法絲毫沒有改變。我認為改變的是，我們對該市場時機的看法繼續略微向右偏移。我們相信這將是2021年的市場機會。我們正在基於 WaveLogic 5 系列產品開發相關產品。我們－在幾個季度前發布 WaveLogic 5 時，我們也發布了 WaveLogic 5 Extreme 產品，這是你在過去一周看到的所有公告的基礎。我們發布了 WaveLogic 5 Nano 產品線。Nano產品線將於2020年底由我們推出。所以我們認為我們有能力搶佔這個市場。

The other thing I'd say about it is I think there's a perception that "This is a commodity market." In commodity businesses, you can have many, many suppliers. You can pick them up at Walmart. This is not an easy technology to deliver. So I think there will be fewer suppliers that deliver the goods than people imagine as well. So there's some thoughts on it, Tim.

關於這一點，我還想說的是，我認為人們普遍認為「這是一個大宗商品市場」。在大宗商品產業，你可能會有很多很多供應商。你可以在沃爾瑪買到它們。這項技術並不容易實現。所以我認為，能夠提供貨物的供應商數量也會比人們想像的還要少。提姆，以上就是我的一些想法。

Our next question comes from the line of Jim Suva with Citigroup Investments.

我們的下一個問題來自花旗集團投資公司的吉姆·蘇瓦。

You mentioned this quarter, gross margins were benefited from several factors, mix and so on and so forth. And then in your prepared comments, you mentioned, in the second half of the year, things are looking pretty good from a revenue perspective with CenturyLink and rollout of other things. Can you remind us, as we look forward like in the second half of the year and such, is there any view on the mix that may impact margins? Like, for example, is hyperscale or some of the global ones more or less profitable? Or is it more having to do with the phase of the rollout of what you're doing?

您提到本季毛利率受益於多種因素，例如產品組合等等。然後，您在事先準備好的評論中提到，從收入角度來看，下半年 CenturyLink 和其他項目的推出情況看起來相當不錯。展望下半年等未來，您能否提醒我們，對於可能影響利潤率的產品組合，您有何看法？例如，超大規模資料中心或一些全球性資料中心，哪種獲利能力較強或更弱？或者，這與你所做的事情的推廣階段更相關？

Yes. Thanks, Jim. First, I'd say that if you look across customers, there's not a tremendous amount of difference in our gross margin. The customers are all big. They have the same choices, and the competitive environment in every customer is the same pretty much. We're competing against the same group of companies. So not a big difference in -- across customers. However, there is typically or has been a significant difference in margin between the early stages of a project in which we're rolling out the line system, the commons, photonics, that sort of thing, and later, in the projects, when we're filling the chassis with capacity. And that's been a model that's been going on for a long time, and we think it will continue for the most part. And that's the real big difference.

是的。謝謝你，吉姆。首先，我想說，如果你縱觀所有客戶，我們的毛利率並沒有太大的差異。客戶都是大客戶。他們擁有相同的選擇，每個客戶面臨的競爭環境基本上也相同。我們面對的是同一類公司。所以，不同客戶之間並沒有太大差異。然而，在專案的早期階段（我們推出線路系統、公共區域、光子學等等）和後期階段（我們用容量填充機箱）之間，通常存在或曾經存在很大的裕度差異。這種模式已經持續了很長時間，我們認為它在很大程度上還會繼續下去。這就是真正的區別所在。

The other difference too is that in new customers, we tend to compete with transport. And as we mature that relationship, we tend to be able to sell higher-margin products, such as Packet, in particular, hopefully Blue Planet. And those products have higher-margin profiles by nature of their complexity and software content than does transport. So that -- it's totally about where we are in the life cycle of a project and where we are in the life cycle of a customer.

另一個差異在於，在拓展新客戶方面，我們往往要與運輸業競爭。隨著我們與客戶關係的日趨成熟，我們往往能夠銷售利潤更高的產品，例如 Packet，特別是 Blue Planet。由於其複雜性和軟體含量，這些產品的利潤率比運輸產品更高。所以，這完全取決於我們所處的專案生命週期階段以及我們所處的客戶生命週期階段。

And our next question comes from the line of Amit Daryanani from Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

I guess, first one, just to understand the $30 million revenue impact in the April quarter from the coronavirus up, I guess is there a margin and free cash flow impact as well given the fact that it's a supply and logistical issue? And would you expect this demand to recover in the back half of the year or it's too early to call that?

首先，我想了解新冠病毒疫情對四月季度 3000 萬美元收入的影響，考慮到這是一個供應和物流問題，這是否也會對利潤率和自由現金流產生影響？您認為下半年需求會回升嗎？還是現在下結論還太早？

Well, the $30 million lost revenue will have a gross margin attached to it. So there will be an impact on the gross margin dollars. I don't think that, that will have a significant impact on the gross margin percent. And so by definition, it could have an effect on the free cash flow. Now there's always this -- free cash flow is affected by events that happen earlier, right? We get the revenue when we collect the money later on in the quarter. So if, for example, these losses in revenue occurred late in the quarter, maybe they won't have a significant impact on gross margin. If it occurs sort of right now, then, yes, it will have an effect on free cash flow in the quarter. Did that answer your question?

嗯，這 3000 萬美元的收入損失是有毛利率的。因此，毛利會受到影響。我認為這不會對毛利率產生重大影響。因此，根據定義，這可能會對自由現金流產生影響。當然，自由現金流總是會受到之前發生的事件的影響，對吧？我們會在季度末收到款項時獲得收入。例如，如果這些收入損失發生在季度末，那麼它們可能不會對毛利率產生重大影響。如果這種情況現在發生，那麼，是的，它將對本季的自由現金流產生影響。這樣回答了你的問題嗎？

Yes. It does. And then I guess do you expect this to recover at some point in the back half of the year?

是的。確實如此。那麼，您認為這種情況會在今年下半年某個時候有所改善嗎？

Well, what we've said is, I think by definition, the answer is yes because we've said that we expect that assuming no further effects from the coronavirus, our guidance for the year stands. And I just want to point out too that this $30 million is not really due to demand per se, and we're parsing that carefully. What we're seeing is the effect of logistics in certain countries. We had demand. We had orders, and we would have recognized that revenue save for the fact that given the coronavirus situation, we could not get to sites. So it's not really a demand issue, it's a logistics issue. And we also said that it's also a supply chain issue.

我認為，根據定義，答案是肯定的，因為我們已經說過，假設冠狀病毒不再產生進一步的影響，我們預計今年的指導方針仍然有效。我還要指出，這 3000 萬美元並不是需求本身造成的，我們正在仔細分析。我們現在看到的是物流在某些國家的影響。我們有需求。我們有訂單，本來可以確認這筆收入，但由於新冠疫情的影響，我們無法前往現場。所以不是需求問題，而是物流問題。我們也說過，這也是供應鏈問題。

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

我們的下一個問題來自 Meta Marshall 與摩根士丹利的合作。

A lot of my questions have been answered. So maybe I'll just focus on there's reports of your large European competitor kind of examining strategic options. And so I wanted to see if your -- you've seen any ability to take advantage of that dislocation and whether there's any kind of strategic outcomes that would concern you.

我的很多疑問都得到了解答。所以，我或許應該要重點關註一下，有報道稱你們的歐洲大型競爭對手正在研究策略選擇。因此，我想看看你是否看到了利用這種混亂局面的任何能力，以及是否存在任何讓你擔憂的策略結果。

I think the sort of industry structure, Meta, is an interesting one. I think what you've seen with Ciena in the last sort of 2 to 3 years is really taking advantage of that direction that's been moving over many years. I think you've got a number of generalists that have obviously had some challenges. And I think that's enabled us, as a focused player, to take share because we're incredibly focused. We're the best in the world at what we do. And that is increasingly more and more valued as folks want higher capacity, closer to the end user and the application.

我認為 Meta 這種行業結構很有趣。我認為，在過去兩三年裡，Ciena 的發展真正歸功於多年來一直在發展的方向。我認為你們有很多通才，他們顯然都遇到了一些挑戰。我認為正是這種專注讓我們這支專注的隊伍能夠佔據市場份額，因為我們非常專注。我們在所從事的領域是世界一流的。隨著人們希望獲得更高的容量，並更接近最終用戶和應用程序，這一點也越來越受到重視。

So you look at the share that we've taken, frankly, in the last 2 to 3 years of pretty much all of the existing players in this space. And we now have the largest market share of anybody in the world, and we do not operate directly in the largest market, which is China. So that tells you I think the gains that we've had. But we feel very good around our portfolio and road map and continuing to take share.

所以，坦白說，看看我們在過去兩三年裡從這個領域幾乎所有現有參與者手中奪取的市場份額。我們現在擁有全球最大的市場份額，但我們並沒有直接在中國這個最大的市場開展業務。所以，我認為這足以說明我們取得了哪些成就。但我們對我們的產品組合和發展路線圖以及持續擴大市場份額感到非常滿意。

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

我們的下一個問題來自 Northland Capital 的 Tim Savageaux。

I wanted to focus back in on the cloud space, which was pretty weak in the quarter, and looks like it could be challenging to grow given that start to the year. I wonder if you might be seeing a dynamic of customers waiting for 800-gig solutions that would really kind of push growth into the second half or any changes in market share because it looks like you have to kind of double your run rate from where you are to grow to your targets. I wonder if you have any -- what sort of visibility you have to get there. And then to follow up kind of related, there does seem to be some relationship, right, between a drop-off from the cloud side and very strong gross margins. But Jim, if I heard you right, you're encouraging us not to read too much into that.

我想重新專注於雲端運算領域，該領域在本季表現相當疲軟，而且鑑於今年的開局，成長似乎也充滿挑戰。我想知道您是否注意到，客戶都在等待 800G 的解決方案，這將真正推動增長進入下半年，或者市場份額可能會發生變化，因為看起來您必須將目前的運行速度提高一倍才能達到目標。我想知道你是否有任何資訊——你到達那裡的視野如何。然後，順便提一下，似乎雲端業務下滑與非常高的毛利率之間存在某種關係，對吧？但是吉姆，如果我理解沒錯的話，你是在鼓勵我們不要為此過度解讀。

Yes. We are encouraging you not to read a correlation there. With respect to a pause to wait for 800 gig, we're not seeing that at all. The demand for capacity is such that they really must put capacity in place even if it's not 800 gig. And I'd say this that the webscale companies are project-oriented just like the service provider companies. There are going to be ebbs and flows in their spend. And so we expect a very good year with the webscale. We expect we'll have a nice quarter in Q2. I think if you'll look back at some of the quarters we did last year, I don't think you'll have a doubt that we can get to the numbers we've posted or I mean we've suggested we're going to get to this year. Anyway, we're well placed. And we're going to do well with that group this year, we believe.

是的。我們建議您不要將那裡的相關性解讀為必然結果。至於暫停等待 800 GB 資料的情況，我們完全沒有看到。對容量的需求如此之大，即使不是 800G，他們也必須部署容量。我想說的是，網路規模的公司和服務供應商公司一樣，都是以專案為導向的。他們的支出會有起伏。因此，我們預計今年網路規模業務將取得非常好的成績。我們預計第二季業績會不錯。我認為，如果你回顧我們去年的一些季度業績，你就會毫不懷疑我們能夠達到我們已經公佈的數字，或者說我們今年已經預估的數字。總之，我們處境有利。我們相信，今年憑藉這支隊伍，我們會取得好成績。

Tim, the other thing I would say on it is we -- to your point around visibility, we have very good visibility with them. We have strategic relationships with them. They're very sharing of their plans, both nationally and internationally, and we're collaborating with them on all of that, the road map stuff, as I've said. So we have very good insights into their plans. We have the largest market share there that we've grown over the last few years. And we absolutely are confident of at least maintaining that market share in the 7% to 10% growth rate for the year. And the other thing I would say is we had a pretty good order flow from the visibility in Q1 and in the first part of this quarter as well. So that's what gives us confidence to be able to do that.

提姆，關於這一點，我還想補充一點——就你提到的能見度問題而言，我們和他們之間的能見度非​​常好。我們與他們建立了策略合作關係。他們非常樂於分享他們的計劃，無論是國內的還是國際的，正如我所說，我們正在與他們就所有這些方面進行合作，包括路線圖方面的內容。所以我們對他們的計劃有了非常深入的了解。我們在該地區擁有最大的市場份額，這是我們在過去幾年中不斷增長的。我們絕對有信心至少保持目前的市場份額，並實現今年 7% 至 10% 的成長率。另外，我想說的是，從第一季和本季上半部的訂單可見度來看，我們的訂單流相當不錯。這就是我們有信心做到這一點的原因。

And to Jim's point, you do see ebbs and flows with them individually and collectively. And that's why we've got a diversified business that's able to drive through that. And increasingly, as I talked about on the -- some of the prepared comments, that market is broadening out as well. There are some smaller players in the data center plays coming in there that want to connect and optimize their data centers. That's providing a good opportunity for us as well. Not massive individually, but collectively important.

正如吉姆所說，你確實可以看到它們個體和整體都有起伏。正因如此，我們才擁有多元化的業務，以便能夠克服這些挑戰。而且正如我在一些準備好的評論中提到的那樣，這個市場也在不斷擴大。一些規模較小的資料中心營運商也開始進入這個領域，他們希望連接和優化自己的資料中心。這對我們來說也是一個很好的機會。單項來看或許微不足道，但整體而言意義重大。

Our next question comes from the line of Tal Liani with Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

I have three questions, two are quick ones and one is more involved. I want to start with the corona, but try to look at it in a positive way. Is your product, your kind of products that you're selling in Europe, is there an opportunity to displace some of the vendors just because they can't provide? Or is the behavior of customers is such that they'll just wait if they don't get the right products from Huawei because there's no supply, they'll just wait for them to deliver it later in time?

我有三個問題，其中兩個是簡單的問題，一個比較複雜。我想先談談新冠疫情，但盡量以正面的態度看待它。你的產品，或者說你在歐洲銷售的那類產品，是否有可能因為某些供應商無法供貨而取代他們？或者，如果因為華為缺貨而無法收到合適的產品，顧客的行為是否就是如此？他們會選擇等待，直到華為以後及時發貨嗎？

The second thing is, and I don't know if it's an issue or not at all, but if in a scenario that we all start to work from home for a period of time, will there be a demand for networking gear just because you need to support different type of connectivity? Is this something that is a positive, a potential positive, or you think that that's not a potential driver? I'll pause here. I have another question on routers, which is completely different.

第二件事是，我不知道這算不算個問題，但如果我們都開始在家工作一段時間，是否會因為需要支援不同類型的連線而對網路設備產生需求？你認為這是正面的因素、潛在的正面因素，還是它不是一個潛在的驅動因素？我先停一下。我還有一個關於路由器的問題，這個問題完全不同。

Okay. Let me take the first question on the competitive exposure. I think -- listen, it depends how this plays out. I think 2 things. Number one, we'll see how this plays out in terms of their supply chain. But I do think it's an opportunity I actually think not in the short term, but in the longer term for us because I think we've got a diversified supply chain. And I think it is bringing home to many of the European carriers just their degree of concentration with these existing partners. So I think it's subtle, but I think important. I don't think it's a shortage -- there might be one -- a little bit short-term opportunity. I don't think it's much, Tal. I think it's more going to be around those folks reflecting as part of their strategic decision-making over the next 18 months.

好的。讓我先回答關於競爭環境的第一個問題。我覺得──聽著，這取決於事情的發展。我認為有兩件事。首先，我們將觀察這會對他們的供應鏈產生怎樣的影響。但我確實認為這是一個機會，我認為不是短期內，而是長期來看，這對我們來說是一個機會，因為我認為我們擁有多元化的供應鏈。我認為這讓許多歐洲航空公司意識到，他們與現有合作夥伴之間的依賴程度有多高。所以我認為這很微妙，但很重要。我不認為這是短缺——或許會有一些短缺——但這只是短期機會。我覺得不算什麼，塔爾。我認為，未來 18 個月，這些人會更多地將這種思考納入他們的策略決策過程中。

With regards to the second part of the question, Jim, do you want to talk about the work from home and the...

關於問題的第二部分，吉姆，你想談談在家工作以及…

Sure. I think it's a very interesting question, Tal. And I will say that just like many other companies, we've taken a lot of steps to protect our employees with respect to the coronavirus. We are encouraging, in some cases, in some countries, people to work from home. We've talked about travel bans into some countries. So we've done a lot of things that will accelerate what has already been, in many cases, a movement toward working from home. And we certainly, we at Ciena, are looking at expanding our collaboration tool set. I think other companies are doing the same thing. It would not surprise me if this combination of new technologies around collaboration and this situation that has occurred here is that you will see more people work from home. And over time, yes, that's going to mean more bandwidth needed in a lot of different places. It's not a near-term effect. But yes, I think the direction is good for us.

當然。我覺得這是一個非常有趣的問題，塔爾。我還要說，就像許多其他公司一樣，我們已經採取了很多措施來保護我們的員工免受冠狀病毒的侵害。在某些情況下，在某些國家，我們鼓勵人們在家工作。我們已經討論過一些國家的旅行禁令。因此，我們做了很多事情，這些事情將加速已經出現的居家辦公趨勢。當然，我們 Ciena 也正在考慮擴展我們的協作工具集。我認為其他公司也在做同樣的事情。如果協作方面的新技術與這裡發生的這種情況相結合，導致越來越多的人在家工作，我不會感到驚訝。隨著時間的推移，是的，這意味著許多不同的地方需要更多的頻寬。這不是短期內會產生的影響。但是，我認為這個方向對我們來說是好事。

Got it. My next question is more about the routing, the 5100 that you launched. So on one hand, we see Cisco going into optical by making an acquisition, also offering semiconductors to cloud saying, you develop your router with my semiconductor or you develop your optical with my semiconductor. On the other hand, you're going into routing. And I want to understand the strategy. Do you -- is this an offensive or defensive strategy? Meaning, why are you going into routing? Is it because you believe that the networks will collapse into thinner layers, into a single layer or you see an opportunity to grow from optical up to routing? I'm trying to understand if you're just responding to Cisco and others that they incorporate optical in their router or that it's a different opportunity or different applications, something I can see now.

知道了。我的下一個問題更像是關於路由，也就是你們推出的 5100。一方面，我們看到思科透過收購進入光纖領域，同時也向雲端服務提供半導體，聲稱「你可以用我的半導體開發你的路由器，或者你可以用我的半導體開發你的光纖」。另一方面，你正在進入路由領域。我想了解這個策略。你認為這是進攻策略還是防禦策略？也就是說，為什麼要進入路由領域？是因為你認為網絡會簡化成更薄的層，甚至簡化成單層網絡，還是因為你看到了從光纖到路由的發展機會？我想了解你只是在回應思科和其他公司將光纖整合到路由器中的做法，還是說這是一個不同的機會或不同的應用，我現在明白了。

Yes. It's a great question. So the short answer to the question actually is both an offensive play and a defensive play in a sense. It's not something that we woke up yesterday morning and decided we wanted to move here. It was a strategic decision we took many years ago. And it expands our market share both on the access side and in our infrastructure side of the equation. We do believe on the infrastructure side of the equation, the winning hand going forward will be best-in-class optics, great carrier, service provider grade product set, yes, IP, but also multilayer, multidomain automation software. And if you look at all those things in combination, combine that with our service provider relationships, we like our opportunities.

是的。這是一個很好的問題。所以，這個問題的簡短答案其實既是一種進攻策略，也是一種防守策略。這並不是我們昨天早上醒來就突然決定要搬到這裡來的。這是我們多年前做出的策略決策。它擴大了我們在接入方面和基礎設施方面的市場份額。我們相信，在基礎設施方面，未來的致勝法寶將是頂尖的光學元件、優秀的營運商級服務供應商產品組合，當然還有 IP，以及多層、多域自動化軟體。綜合考慮所有這些因素，再加上我們與服務提供者的關係，我們對目前的機會感到滿意。

And is there any application you're addressing with -- okay. Okay. I will take it off-line. That's fine.

您正在用什麼應用程式來解決這個問題？好的。好的。我會把它離線處理。沒關係。

Thanks, Tal. Appreciate the questions. And thanks, everyone, for your interest. We appreciate the time this morning. We look forward to following up with everybody today and over the next several weeks. Thank you. Have a good day.

謝謝，塔爾。感謝提問。感謝大家的關注。非常感謝您今天上午抽出時間。我們期待今天以及接下來的幾週內與大家進行後續溝通。謝謝。祝你有美好的一天。

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。