Ciena Corp (CIEN) 2024 Q1 法說會逐字稿

Good day, and welcome to the Ciena's Fiscal First Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加Ciena公司2024財年第一季財務業績電話會議。 （操作說明）請注意，本次會議正在錄音。

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

現在我將會議交給投資者關係副總裁格雷格·蘭普夫先生。請您開始吧。

Thank you, Dave. Good morning, and welcome to Ciena's 2024 Fiscal First Quarter Conference Call. On the call today is Gary Smith, President and CEO; and Jim Moylan, CFO. Scott McFeely, Executive Advisor, is also with us for Q&A.

謝謝戴夫。早安，歡迎參加Ciena公司2024財年第一季電話會議。今天出席會議的有總裁兼執行長Gary Smith和財務長Jim Moylan。執行顧問Scott McFeely也將參與問答環節。

In addition to this call and the press release, we have posted to the Investors section of our website an accompanying investor presentation that reflects this discussion as well as certain highlighted items from the quarter. Our comments today speak to our recent performance, our view on current market dynamics and drivers of our business as well as a discussion of our financial outlook. Today's discussion includes certain adjusted or non-GAAP measures of Ciena's results of operations. A reconciliation of these non-GAAP measures to our GAAP results is included in today's press release.

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」版塊發布了一份配套的投資者演示文稿，其中反映了本次討論的內容以及本季度的一些重點事項。我們今天的演講將涉及我們近期的業績表現、我們對當前市場動態和業務驅動因素的看法，以及我們對財務前景的展望。今天的討論內容包括Ciena公司經調整或非GAAP準則下的經營績效。這些非GAAP準則下的經營業績與GAAP準則下的業績之間的調節表已包含在今天的新聞稿中。

Before turning the call over to Gary, I'll remind you that during this call, we'll be making certain forward-looking statements. Such statements, including our quarterly and annual guidance and our long-term financial outlook and discussion of market opportunities and strategy, 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，我想提醒各位，在本次電話會議中，我們將做出一些前瞻性陳述。這些陳述，包括我們的季度和年度業績指引、長期財務展望以及對市場機會和策略的探討，均基於我們對公司及其市場的當前預期、預測和假設，其中包含可能導致實際結果與今天討論的陳述存在重大差異的風險和不確定性。

Assumptions relating to our outlook, whether mentioned on this call or included in the investor presentation that we will post shortly after, are an important part of such forward looking statements, and we encourage you to consider them. Our forward-looking statements should also be viewed in the context of the risk factors detailed in our most recent 10-K and our 10-Q, which will be filed with the SEC today. Ciena assumes no obligation to update the information discussed in this conference call, whether as a result of new information, future events or otherwise.

無論是在本次電話會議中提及，還是包含在我們稍後將發布的投資者簡報中，與我們展望相關的假設都是此類前瞻性陳述的重要組成部分，我們鼓勵您仔細考慮這些假設。此外，還應結合我們最新提交給美國證券交易委員會（SEC）的10-K和10-Q文件中詳述的風險因素來解讀我們的前瞻性陳述。無論是否因新資訊、未來事件或其他原因，Ciena均不承擔更新本次電話會議中所討論資訊的義務。

As always, we'll allow for as much Q&A as possible today, though I ask that you limit yourselves to one question and one follow-up. As a reminder, we will be hosting investor group meetings for the sell side at OFC later this month. We look forward to seeing many of you in San Diego.

今天我們會像往常一樣安排盡可能多的問答環節，但請各位盡量將問題限制在一個問題和一個後續問題內。提醒各位，我們將在本月稍後於OFC舉辦賣方投資者小組會議。期待在聖地牙哥見到各位。

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. As you've seen from the press release today, we reported strong fiscal first quarter results, including revenue of $1.04 billion and adjusted gross margin of 45.7%. Our Q1 performance also included very strong profitability metrics, with quarterly adjusted operating margin of 13.2% and adjusted EPS of $0.66. Additionally, we generated $250 million in free cash flow within the quarter.

謝謝格雷格，大家早安。正如大家在今天的新聞稿中所看到的，我們公佈了強勁的第一財季業績，包括10.4億美元的營收和45.7%的調整後毛利率。第一財季的獲利能力指標也非常出色，季調整後營業利益率為13.2%，調整後每股收益為0.66美元。此外，我們本季也創造了2.5億美元的自由現金流。

The drivers of bandwidth demand remain strong and we believe very durable, and network traffic is increasing as a result. And we remain incredibly focused on growing our business and capturing additional market share. Specifically, we are taking advantage of bandwidth growth and cloud adoption trends to extend our leadership in optical and to expand our addressable market, particularly in metro routing and broadband access.

頻寬需求的驅動因素依然強勁，我們認為這種趨勢將持續下去，網路流量也因此不斷成長。我們將繼續專注於業務成長和市場份額的進一步擴大。具體而言，我們正利用頻寬成長和雲端運算普及的趨勢，鞏固我們在光纖領域的領先地位，並拓展我們的目標市場，尤其是在城域路由和寬頻存取領域。

Fundamental to these growth ambitions is the expansion of our relationship with cloud providers as they rapidly grow their global networks. Reflecting these expanded relationships, in Q1, non-telco revenue accounted for over 54% of our total revenues. And of that, direct cloud provider revenue was $346 million in the quarter, up 38% year-over-year, and both of our 10% customers in the quarter were, in fact, cloud providers.

實現這些成長目標的關鍵在於拓展我們與雲端服務供應商的合作關係，因為他們正迅速擴展其全球網路。由於這些合作關係的拓展，第一季非電信業營收占我們總營收的54%以上。其中，直接來自雲端服務供應商的營收為3.46億美元，年增38%，而我們當季佔10%的兩家客戶其實都是雲端服務供應商。

Orders from cloud providers were also up year-over-year in Q1 and we continue to secure new deals with all of the major players in this segment. In Q1, for example, we had a significant design win for our 400G ZR+ pluggables with a very large cloud provider, which we plan to begin shipping and taking revenue on later this year. We were also recently selected by a major cloud provider as their primary vendor for its future global architecture based on our RLS platform.

第一季度，來自雲端服務供應商的訂單也較去年同期成長，我們持續與該領域所有主要廠商達成新的合作協議。例如，第一季度，我們與一家大型雲端服務提供商簽訂了400G ZR+可插拔設備的重要設計合同，計劃於今年晚些時候開始發貨並產生收入。此外，我們最近也被一家大型雲端服務供應商選中，成為其基於RLS平台建構的未來全球架構的主要供應商。

So it is very clear that we've been broadening our engagement with cloud providers, including discussion around how we can leverage our leading innovation as AI becomes a growing driver of traffic and a great opportunity for us. In fact, with about 50% plus market share in data center interconnect, we are incredibly well positioned to benefit as more data centers are built and when AI traffic flows begin to come out of those data centers.

因此，我們顯然一直在拓展與雲端服務供應商的合作，包括探討如何利用我們領先的創新能力，因為人工智慧正日益成為流量成長的主要驅動力，並為我們帶來巨大的機會。事實上，我們在資料中心互連領域擁有超過50%的市場份額，隨著更多資料中心的建設以及人工智慧流量從這些資料中心湧出，我們已做好充分準備，從中獲益。

We are also developing solutions for inside the data center, a whole new market for us. And this is based on our next-generation pluggables family, as existing technologies are unlikely to satisfy the rapidly increasing requirements for this critical application space. This momentum really exemplifies the strong confidence we have in our position with cloud providers and our belief that we will have a very strong 2024 with them as we continue to expand these important long-term relationships.

我們也正在開發資料中心內部解決方案，這對我們來說是一個全新的市場。這些解決方案是基於我們的下一代可插拔產品系列，因為現有技術不太可能滿足這一關鍵應用領域快速成長的需求。這項發展勢頭充分體現了我們對與雲端服務供應商合作的堅定信心，以及我們對2024年與他們攜手共進、拓展這些重要長期合作關係的信心。

However, at the same time, the normalization of order volumes from our service provider segment is not materializing as we expected. We were very clear in our commentary last quarter that our fiscal 2024 financial performance would be largely determined by the timing and magnitude of order flow from our service provider customers, particularly those in North America.

然而，同時，我們服務提供者業務的訂單量並未如預期般恢復正常。我們在上個季度的報告中已明確指出，2024財年的財務表現將很大程度上取決於服務提供者客戶（尤其是北美地區的客戶）的訂單量和訂單流向。

More specifically, we expected to see orders from these customers begin to increase significantly in Q2. And as we sit here today, it is taking longer than we and many in the industry anticipated for these customers to absorb their high levels of inventory. This is in part due to difficulties installing and deploying equipment, including site readiness and access to fiber, which is limiting their placement of new orders and the absorption of existing inventories.

更具體地說，我們原本預計這些客戶的訂單會在第二季開始顯著成長。但就目前情況來看，這些客戶消化其高庫存水準所需的時間比我們和業內許多人士預期的要長。部分原因是設備安裝和部署方面存在困難，包括場地準備和光纖接入等問題，這些都限制了他們下新訂單和消化現有庫存的速度。

In addition, in other parts of the world, we are seeing some caution, driven largely by macroeconomic concerns that are contributing to lower-than-expected order volumes from service providers in certain international geographies, almost entirely and predominantly being Europe. Our current view based on our discussions with customers is that we now expect a recovery in order patterns from service providers to occur more gradually over the next few quarters.

此外，在世界其他地區，我們也看到一些謹慎情緒，這主要是由於宏觀經濟方面的擔憂導致某些國際地區（幾乎全部且主要集中在歐洲）的服務提供者訂單量低於預期。根據我們與客戶的討論，我們目前預計服務提供者的訂單模式將在未來幾季逐步復甦。

And Jim will speak shortly about how we expect this to impact our business outlook, but I want to emphasize that we and our customers view these dynamics as temporary. And to be clear, we are confident in the durability of the underlying demand drivers in the industry and our ability to continue to take share and grow over the mid- to longer term. In fact, there are several key highlights from our Q1 performance that really illustrate the strength of these fundamental demand drivers.

吉姆稍後會談到我們預計這將如何影響我們的業務前景，但我想強調的是，我們和我們的客戶都認為這些動態是暫時的。需要明確的是，我們對行業基本需求驅動因素的持久性以及我們在中長期內持續擴大市場份額和實現成長的能力充滿信心。事實上，我們第一季的業績中有幾個關鍵亮點充分體現了這些基本需求驅動因素的強勁勢頭。

In optical, we continue to take share and remain the undisputed leader across virtually every domain, including metro, DWM, DCI, submarine and long haul. During Q1, we added 11 new customers for WaveLogic 5 Extreme, bringing our total customer count to 270. And to date, we've shipped more than 115,000 WaveLogic 5e modems.

在光纖通訊領域，我們持續擴大市場份額，並在幾乎所有領域（包括城域網路、分散式無線數據機、資料中心互連、海底光纜和長途傳輸）保持著無可爭議的領先地位。第一季度，我們新增了11家WaveLogic 5 Extreme客戶，客戶總數達到270家。到目前為止，我們已交付超過11.5萬台WaveLogic 5e數據機。

WaveServer had a record quarter as well in Q1 with more than $250 million in revenue, reflecting a 34% growth year-over-year. Quarterly revenue doubled year-over-year for our reconfigurable line system or our RLS platform, with 8 new customers in the quarter, bringing the total to nearly 70. And for our WaveLogic 5 Nano, 400ZR and ZR+ pluggables, we gained 19 new customers in the quarter and now have a total of 86 total customers.

WaveServer在第一季也創下了季度新高，營收超過2.5億美元，年增34%。我們的可重構線路系統（RLS）平台季度營收年增一倍，新增8家客戶，客戶總數接近70家。此外，我們的WaveLogic 5 Nano、400ZR和ZR+可插拔設備在本季新增19家客戶，目前客戶總數達到86家。

Looking ahead in optical, we're already taking orders for WaveLogic 6 Extreme, the industry's first and only 1.6 terabit solution, which will become generally available this summer. In fact, we've already announced 2 of these wins, Southern Cross and Vocus. Further, WaveLogic 6 Nano, our next-generation pluggables family, will feature products such as H100 gig ZR in the latter half of calendar 2024.

展望光纖領域，我們已開始接受WaveLogic 6 Extreme的訂單，這是業界首款也是目前唯一一款1.6太比特的解決方案，將於今年夏季正式上市。事實上，我們已經宣布了其中兩項訂單，分別是Southern Cross和Vocus。此外，我們的下一代可插拔產品系列WaveLogic 6 Nano將於2024年下半年推出，其中包括H100 gig ZR等產品。

In Routing and Switching, where we've been making both organic and inorganic investments, we continue to execute our strategy to expand our TAM into faster-growing markets. And in Q1, we had double-digit revenue growth year-over-year for the combination of our 3000 and 5000 series platforms. Our AT100 continues to gain traction as we scale our metro and coherent routing capabilities, and we now have more than 50 customers around the globe for this platform. We continue to build momentum with this portfolio, including our wave router platform, of which we are building additional form factors to address a wider range of applications over time.

在路由和交換領域，我們透過內生式和外延式投資不斷拓展業務，持續推動策略，將目標市場拓展至成長更快的市場。第一季度，我們的3000和5000系列平台組合實現了兩位數的同比增長。隨著我們持續擴展城域路由和相干路由能力，AT100平台持續獲得市場認可，目前全球已有超過50家客戶使用該平台。我們將繼續鞏固該產品組合的發展勢頭，包括我們的Wave路由器平台，我們正在開發更多外形尺寸的產品，以滿足未來更廣泛的應用需求。

Other portfolio highlights for Q1 include notably another very good quarter for Platform Software and Services, with 22% revenue growth year-over-year and 9% sequentially. We also saw 13% revenue growth year-over-year in our Global Services business, and this is most notable because it was driven by another strong quarter for installation and deployment, which really illustrates our role and visibility in helping our service provider customers work through some of their near-term absorption challenges.

第一季其他亮點包括平台軟體和服務業務的另一個非常出色的季度，營收年增22%，季增9%。我們的全球服務業務也實現了13%的同比增長，這主要得益於安裝和部署業務的強勁表現，充分展現了我們在幫助服務提供者客戶應對近期吸收挑戰方面所發揮的作用和影響力。

In summary, we delivered a strong performance in our fiscal first quarter. Our technology leadership position has never been better and will continue to improve. Our customer engagements remain focused on helping them meet the growing demand for bandwidth, digitally transform their operations and monetize their networks faster, and more recently, positioning them for the rise of AI and what it means to network infrastructure and operations. We remain very confident in the opportunities ahead and in the execution of our long-term strategy.

總而言之，我們在第一財季取得了強勁的業績。我們的技術領先地位達到了前所未有的高度，並將持續提升。我們始終致力於協助客戶滿足日益增長的頻寬需求，實現營運的數位轉型，並更快地實現網路獲利。此外，我們還著重於幫助客戶應對人工智慧的崛起及其對網路基礎設施和營運的影響。我們對未來的機會以及長期策略的執行充滿信心。

With that, I'll turn it over to Jim, who will provide details on the quarter's results as well as our business outlook, particularly in the context of the current service provider order dynamics that I referenced earlier. Thank you, Jim.

接下來，我將把發言權交給吉姆，他將詳細介紹本季的業績以及我們的業務展望，特別是針對我之前提到的當前服務提供者訂單動態。謝謝你，吉姆。

Thanks, Gary. Good morning, everyone. As Gary stated, we delivered very strong fiscal first quarter financial results. Total revenue in Q1 was $1.04 billion. Adjusted gross margin was 45.7%, reflecting a favorable product mix. Q1 adjusted operating expense was $337 million, a bit lower due to delays in certain internal projects and lower sales incentive compensation. With respect to profitability measures, in Q1, we delivered strong results, including adjusted operating margin of 13.2%, adjusted net income of $97 million and adjusted EPS of $0.66.

謝謝，Gary。大家早安。正如Gary所說，我們第一財季的財務表現非常強勁。第一季總營收為10.4億美元。調整後毛利率為45.7%，這得益於有利的產品組合。第一季調整後營業費用為3.37億美元，略有下降，原因是部分內部工程延誤及銷售激勵薪酬降低。在獲利能力指標方面，第一季我們取得了優異的成績，包括調整後營業利潤率為13.2%，調整後淨利為9,700萬美元，調整後每股收益為0.66美元。

In addition, we generated $266 million in cash from operations. Adjusted EBITDA in Q1 was $160 million. Finally, we ended the quarter with approximately $1.5 billion in cash and investments. Inventory levels came down $66 million from Q4 and we repurchased approximately 690,000 shares for $32 million during the quarter. We are continuing to target the repurchase of $250 million total during the year.

此外，我們經營活動產生了2.66億美元的現金流。第一季調整後EBITDA為1.6億美元。最後，本季末我們持有約15億美元的現金和投資。庫存水準較第四季下降了6,600萬美元，本季我們回購了約69萬股股票，總額為3,200萬美元。我們仍計劃在全年完成總計2.5億美元的股票回購。

As we turn to guidance, I want to reinforce a few points. Most importantly, the fundamental demand drivers of our business, including growth in bandwidth demand, remain very strong. Bandwidth demand has grown at 25% to 30% per year for decades, and with AI applications imminent, shows no signs of slowing. We continue to grow our business and gain share with cloud providers in connection with their network expansion and data center infrastructure build-outs. And our deep relationships and engagements with service provider customers continue to position us well in opportunities across both optical and Routing and Switching domains.

在展望未來時，我想強調幾點。最重要的是，我們業務的基本需求驅動因素，包括頻寬需求的成長，依然非常強勁。幾十年來，頻寬需求一直以每年25%至30%的速度成長，隨著人工智慧應用的日益普及，這種成長勢頭絲毫沒有放緩的跡象。我們持續拓展業務，並隨著雲端服務供應商的網路擴展和資料中心基礎設施建設，不斷擴大市場份額。此外，我們與服務供應商客戶之間深厚的合作關係和緊密的合作，也使我們在光纖和路由交換領域始終佔據有利地位，掌握各種機會。

However, we remain in a period of uncertainty which has come about as a result of the whiplash effects on industry supply chains caused by shortages of key components, elongated lead times, huge orders by customers in response and inventory builds of networking gear by our customers. They are working down this inventory and things are getting better. However, it is taking longer than we and many in the industry anticipated for Tier 1 service providers in North America to work through these high levels of inventory, and this is impacting their placement of new orders. Additionally, we are seeing increased caution from certain European service providers related to macro concerns.

然而，我們仍處於一段不確定時期，這是由於關鍵零件短缺、交貨週期延長、客戶為應對短缺而下達的大量訂單以及客戶囤積網路設備庫存，導致行業供應鏈遭受重創所致。他們正在努力減少庫存，情況正在改善。但是，北美一級服務提供者處理這些高庫存所需的時間比我們和業內許多人士預期的要長，這影響了他們下達新訂單。此外，我們也注意到，一些歐洲服務提供者因宏觀經濟情勢而變得更加謹慎。

All of this is largely consistent with what our customers, competitors and suppliers have been reporting in recent weeks and months. We continue to believe that these dynamics are temporary and currently expect to see orders improvement over the next few quarters.

所有這些情況與我們的客戶、競爭對手和供應商近幾週和幾個月來所報告的情況基本一致。我們仍然認為這些波動是暫時的，並預計未來幾季訂單量將有所改善。

Taking all of these factors into consideration, we are adjusting certain elements of our annual guidance for fiscal 2024. We now expect revenue for fiscal 2024 to be in a range of $4.0 billion to $4.3 billion, down from our previous expectations of 1% to 4% growth over fiscal 2023. With respect to adjusted gross margins in fiscal '24, we continue to expect it to be in the mid-40s range with some variability by quarter.

綜合考慮以上因素，我們對2024財年的年度業績指引進行了部分調整。目前，我們預計2024財年營收將在40億美元至43億美元之間，低於先前預期的較2023財年成長1%至4%。關於2024財年的調整後毛利率，我們仍預期其將在40%左右，但各季度可能會有所波動。

For adjusted operating expense, we intend to continue investing strategically, both to advance our leadership position in our key markets and to expand our addressable market in key growth areas. However, taking into account our current revenue outlook for the year, we are now planning for operating expense to average $340 million to $345 million per quarter in fiscal year '24, down from our previous guidance of $355 million per quarter.

就調整後的營運費用而言，我們計劃繼續進行策略性投資，以鞏固我們在關鍵市場的領先地位，並擴大我們在關鍵成長領域的潛在市場。然而，考慮到我們目前的年度營收預期，我們預計2024財年的平均營運費用為每季3.4億美元至3.45億美元，低於先前每季3.55億美元的預期。

With respect to Q2, we expect to deliver revenue in a range of $850 million to $930 million, adjusted gross margin in the low 40 percentage range, given expected product mix and lower volumes in the quarter, and adjusted operating expense of approximately $340 million to $345 million.

關於第二季度，我們預計營收將在 8.5 億美元至 9.3 億美元之間，考慮到預期的產品組合和本季銷售下降，調整後的毛利率將在 40% 左右，調整後的營運費用約為 3.4 億美元至 3.45 億美元。

Finally, we are updating our 3-year financial targets. As a reminder, given the severity and duration of the rebalancing of supply and consumption, our fiscal 2023 was a year of outsized revenue growth, over 20% and well above our historical growth rate of 6% to 8%. Our outlook today is that for these same reasons, our fiscal 2024 revenue growth rate will be substantially lower than the historical rate. Given this revised view, using our updated fiscal year revenue outlook of $4 billion to $4.3 billion as a baseline year, we believe that 6% to 8% CAGR best represents our long-term growth rate. And in a market growing low to single -- low to mid-single digits percentage, Ciena's expected revenue growth rate will ensure continued market share gains.

最後，我們更新了三年財務目標。需要提醒的是，鑑於供需平衡的嚴重性和持續時間，我們2023財年的營收成長異常強勁，超過20%，遠高於我們以往6%至8%的成長率。鑑於同樣的原因，我們目前的預期是，2024財年的營收成長率將大幅低於歷史水準。基於這項調整後的預期，以我們更新後的40億至43億美元的財年收入預期為基準年，我們認為6%至8%的複合年增長率最能代表我們的長期增長率。在市場成長率僅為個位數（低至中等個位數）的情況下，Ciena預期的營收成長率將確保市場佔有率的持續成長。

In summary, the industry is experiencing some near-term headwinds as our customers recover from the supply chain challenges that they've seen in recent years. Bandwidth demand, though, continues to grow at, at least the historical 25% to 30% annual rate. Underlying demand drivers of that, which now include AI, ensure that this will continue well into the future. Our leading technology and focus on growing our portfolio to address new markets, as well as our deep relationships with both service providers and cloud providers, position us extremely well to address the evolving network priorities of our customers. We expect to continue growing our market share and to deliver profitable growth over the long term.

總而言之，由於客戶正在從近年來供應鏈面臨的挑戰中恢復，整個行業短期內面臨一些不利因素。然而，頻寬需求仍以至少25%至30%的歷史年增長率持續成長。推動這一成長的潛在因素，包括人工智慧，確保了這種成長勢頭將在未來持續下去。我們領先的技術、專注於拓展產品組合以開拓新市場，以及與服務供應商和雲端服務供應商的深厚合作關係，使我們能夠更好地滿足客戶不斷變化的網路需求。我們預計將繼續擴大市場份額，並在長期內實現獲利成長。

Dave, let's turn the call now over to analysts for Q&A.

戴夫，現在我們把電話交給分析師進行問答環節。

(Operator Instructions) The first question comes from Samik Chatterjee with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Samik Chatterjee。

Maybe for the first one, if I can just ask for a bit more color on the order patterns you're seeing, both on the telco and the web-scale side. I mean any color on the sequential order trends there? Because from the commentary of the Q2 guide at least, it does appear like telco orders probably were a lot worse than you were expecting. But any more color there, in terms of the magnitude of the sequential order trends between those 2 verticals that you're seeing? And I have a follow-up.

或許關於第一個問題，我能否請您更詳細地說明一下您觀察到的訂單模式，包括電信和網路兩方面的情況？我是指訂單的連續變動趨勢嗎？因為至少從第二季業績指南的評論來看，電信業的訂單情況似乎比您預期的要糟糕得多。您能否更詳細地說明這兩個垂直領域訂單連續變化趨勢的幅度？我還有一個後續問題。

Yes. Just Samik, let me try to describe the dynamics here. We've just gone through Q1, which is historically a relatively low order quarter for us. But they came in about where we expected and are slowly improving. But the premise for our guide for this year was our view, based on everything we had heard at the time, that Tier 1 service providers would be working through their inventory at a faster rate and would begin to normalize their ordering patterns by Q2. That was our premise for our plan and for our guide. What's happening is that it is taking them longer to work through their inventories. There are all sorts of issues, too with respect to fiber, with respect to site readiness, with respect to labor, and all of this is causing them to take longer to work through the inventory that they have accumulated over the last 1.5 years.

是的。薩米克，讓我試著描述這裡的情況。我們剛結束了第一季度，歷史上第一季通常是我們的訂單量相對較低的季度。但今年的訂單量基本上符合預期，並且正在緩慢改善。我們今年的業績指南是基於當時我們掌握的所有信息，認為一級服務提供者會更快地消化庫存，並在第二季度開始恢復正常的訂單模式。這是我們制定計劃和業績指南的前提。但現在的情況是，他們消化庫存所需的時間更長了。光纖、站點準備、勞動力等方面也存在各種各樣的問題，所有這些因素都導致他們需要更長時間才能消化過​​去一年半積累的庫存。

Let me make it clear, though, that they are working down the inventory and things are getting better. We do expect higher orders in Q2 but we do not think now that they're going to be at the level that would enable us to reach our Q2 guide and our full year guide. So that's what's happening. In Europe, it's really at the edges, but clearly, the macro situation in Europe is not strong and we're just seeing lower orders and expect to see lower orders from them for the year.

不過，我要澄清一點，他們正在努力降低庫存，情況正在改善。我們預計第二季訂單量會增加，但我們認為目前還不足以達到我們第二季和全年的業績目標。這就是目前的情況。在歐洲，情況確實比較樂觀，但顯然，歐洲的宏觀經濟狀況並不樂觀，我們看到訂單量下降，預計全年訂單量也會下降。

Samik, to your point on the cloud, that sort of contrast with the cloud which you saw the numbers in Q1, we were up 38% year-over-year, we expect to see that continue to be strong throughout and good order flows throughout the year. Obviously, we've grown tremendously there. I think it's 50-odd percent growth last year. We're not going to see that kind of growth but we're going to have a very solid year in the web-scale.

薩米克，關於你提到的雲端業務，與你第一季看到的數據相比，我們今年的雲端業務確實存在差異。我們年增了38%，預計這一強勁勢頭將持續到年底，訂單量也將保持良好。顯然，我們在這一領域取得了巨大的成長。我認為去年的成長幅度達到了50%左右。雖然我們今年的成長幅度不會達到去年的水平，但我們在網路規模業務方面仍將保持穩健的業績。

Okay. Got it. And for my follow-up, if I can just clarify, Jim, your comments about the long-term growth guide prior quarter. I think the previous guide was for fiscal '24 to '26 to be 6% to 8%. I didn't exactly -- it seemed like you were sort of reiterating that guide but I didn't exactly capture what you're trying to imply in the updated long-term guide that you provided.

好的，明白了。吉姆，我還有一個後續問題，能否請您澄清一下您上個季度關於長期成長預期的評論？我記得之前的預期是2024財年至2026財年的成長率為6%至8%。我不太明白——感覺您好像在重申之前的預期，但我沒完全理解您在更新後的長期預期中想要表達的意思。

Yes. If you think about what we said at the beginning of the year, we said 6% to 8% over 3 years, and that was starting off with a lower growth rate in '24, which implied perhaps a slightly higher growth rate in the later years. We're now saying that you should -- if you're doing a 3-year forecast for us, you should take fiscal '24 as your base and assume a growth rate of 6% to 8%. Now that sounds like a guide. We're not trying to guide for '25 right now. It could well be better than that. We hope it will be. But we think for modeling purposes, it's as good a guess as any.

是的。想想我們年初的說法，我們當時說未來三年成長率在6%到8%之間，這是基於2024財年較低的成長率，這意味著之後幾年的成長率可能會略高一些。現在我們建議，如果您要為我們做三年預測，您應該以2024財年為基準，並假設成長率為6%到8%。這聽起來像是一個合理的指導。我們目前並不打算預測2025年的情況。 2025年的情況很可能會更好，我們也希望如此。但我們認為，就建模而言，這已經是一個相當不錯的估計了。

The next question comes from Amit Daryanani with Evercore.

下一個問題來自 Evercore 公司的 Amit Daryanani。

I guess maybe to start with the updated guide at this point sort of implies that you have a very steep ramp in the back half of the year for Q3 and Q4, I think almost implying like mid-teens sequential growth for the back half. Can you just talk about what gives you the confidence? And you can get that kind of growth given the downtick you just had from your telco customers? And then maybe an extension of this, if the orders from these telco customers don't materialize the way you expect, is the risk more than you are at the low end of the guide? Or how do I think of that dynamic as well?

我想，或許可以先從目前更新後的業績指引說起，這似乎暗示著你們在下半年第三季度和第四季度將實現非常強勁的增長，我什至覺得下半年有望實現兩位數以上的環比增長。您能否談談是什麼讓您如此自信？考慮到電信客戶的訂單剛出現下滑，您還能實現這樣的成長嗎？再進一步來說，如果這些電信客戶的訂單沒有達到預期，風險是否會高於績效指引的下限？或者我該如何看待這種變化？

Yes. Amit, yes, it's clearly a step function into the second half that we actually thought we'd start in Q2. We are seeing the orders, as Jim said. This is not a sort of binary event. We are seeing progress in the absorption, inventory going down, and we are seeing a gradual increase in the service provider orders. That sort of gives us confidence. And obviously, we have deep partnerships with these guys and we're installing some of the equipment as well, so we -- particularly in North America, where we have insight into it.

是的，Amit，沒錯，這顯然是一個突飛猛進的下半年成長，而我們原本預計第二季才會開始成長。正如Jim所說，我們已經看到了訂單。這並非一個非此即彼的事件。我們看到銷售吸收正在取得進展，庫存正在下降，服務提供者的訂單也逐漸增加。這給了我們信心。顯然，我們與這些合作夥伴建立了深厚的合作關係，我們也在安裝一些設備，所以我們——尤其是在北美，我們對那裡的情況非常了解。

I think the other dynamic that we're in a better position now is people have released their budgets and their budgets really haven't changed. As I think most people have seen, CapEx is not changed at all amongst most of the major carriers for this year and their intent is absolutely there. But what we've got greater insight into now is the planning and timing of those installations. As we've turned the year, the budgets have been released, we're now sitting in early March, we do have a better visibility into it than we did, and it's not as much of a step function, if you will, Amit, as we had anticipated before. And that's where we've best reflected the change in the guide.

我認為我們現在處境更好的另一個原因是，各家公司都已公佈預算，而且預算本身並沒有太大變化。正如大多數人所看到的，今年大多數主要營運商的資本支出都沒有改變，他們的意圖也完全不變。但我們現在對這些設施的規劃和安裝時間有了更深入的了解。隨著新年的到來，預算也陸續公佈，現在已經是三月初了，我們對情況的了解比之前更加清晰，而且正如阿米特所說，它不像我們之前預期的那樣具有階梯式變化。而這正是我們在指南中體現改變的地方。

Got it. That's really helpful. And then if I could just follow up, cloud continues to perform extremely well for you folks. I wonder if there's an element of some of the AI demand that has come into your numbers right now? Or do you think the AI opportunity is still much more of a future narrative but it's not impacting numbers right now? I'd love to just understand what's driving the cloud trend and if AI -- if you have started to see some AI benefit already?

明白了，這真的很有幫助。我還能再問一個問題嗎？雲端業務對你們來說一直表現得非常出色。我想知道，目前你們的數據中是否包含了一些人工智慧需求的因素？或者你們認為人工智慧的機會目前還處於發展階段，尚未對數據產生影響？我很想了解是什麼因素推動了雲端業務的發展趨勢，以及你們是否已經開始看到人工智慧帶來的收益？

I would say we're not really seeing the -- now there is some AI traffic with the various offerings, Gemini, et cetera, GPT that's out there. So that is generating some traffic but obviously not an appreciable step function. I think our understanding with these guys is that's all to come really about how they monetize the broader dimensions of AI. They're investing massively right now, as we all know, in compute, and figuring out how to then release that for monetization, which will then flow into the network.

我認為我們目前還沒有真正看到——雖然現在市面上出現了一些人工智慧產品，例如Gemini、GPT等等，帶來了一些流量。這些產品確實帶來了一些流量，但顯然沒有形成明顯的成長。我認為我們對這些公司的理解是，未來真正的關鍵在於他們如何將人工智慧的更廣泛應用轉化為實際收益。眾所周知，他們目前正在大力投資運算能力，並探索如何將這些資源轉化為收益，最終流入整個網路。

So what we're seeing is just basically business as usual cloud growth. I think you are seeing an acceleration of that. You've seen the SaaS companies do well as another sort of gauge of that. And I think we're seeing very robust, you saw it last year, we were up massively in network deployments with these guys, and that was really cloud. I don't think you're seeing virtually any of the AI step function that we're all anticipating in those numbers yet.

所以，我們目前看到的基本上就是正常的雲端運算成長。我認為這種成長正在加速。 SaaS公司的良好表現也印證了這一點。而且我認為，雲端運算的成長非常強勁，去年我們與這些公司合作的網路部署量大幅成長，這完全是雲端運算帶來的。我認為，目前還沒有看到任何我們預期的AI成長所帶來的顯著變化。

The 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。

How do we know that what we're seeing here in service providers is not structural, that it's your -- in your comments, you're talking about cyclical downturn that will recover absorption of inventory. When you talk to the carriers, they talk about a permanent decline in spending, their desire to spend less. Are there any parts of their spending that could be more structurally down that could be replaced by something else? Or do you have really confidence that this is just cyclical?

我們如何確定目前服務提供者的困境並非結構性問題，而是週期性波動？您在評論中提到，這種週期性低迷會隨著庫存消化而恢復。但當您與承運商溝通時，他們表示支出將永久下降，他們希望減少開支。他們的支出中是否有結構性下降的環節，可以被其他項目取代？或者您真的確信這只是周期性波動？

Yes. Tal, this is a good question and obviously one that we're super focused on. I would separate it out. I would say in North America, I do not believe there's a structural sort of issue to it. It's really about absorption. Their CapEx, what they want, their intent is actually to spend more and absorb more. And I think with all the major service providers, that is their intent. They want to catch up with their network builds.

是的，Tal，這是一個很好的問題，顯然也是我們非常關注的問題。我會把它單獨分析一下。我認為在北美，這不存在結構性問題，關鍵在於吸收能力。他們的資本支出，他們的目標，他們的意圖，實際上是增加投入，從而吸收更多需求。我認為所有主要的服務提供者都是如此。他們希望趕上網路建設的進度。

I do think that there is a reticence around 5G. Obviously, it's not been the monetization event for many carriers around the world that was anticipated. And I do think that there's a curtailing of that spend, in which my own personal belief, I think, is structural. I do not think that will have a major impact on the transmission and infrastructure build. I mean they're very focused on access and the build-out there in North America. So I think in total to it, I do not think there's a structural issue, notwithstanding my comments about 5G.

我確實認為人們對5G持謹慎態度。顯然，對於全球許多業者而言，5G並沒有像預期那樣帶來豐厚的利潤。而且我認為，這方面的支出正在減少，我個人認為這是一個結構性問題。我不認為這會對傳輸和基礎設施建設產生重大影響。我的意思是，他們非常注重北美地區的接入和網路建設。所以總的來說，儘管我對5G有一些看法，但我認為並不存在結構性問題。

Europe, I would think a little bit differently on. I think they have some inherent structural challenges there. You have 180 carriers in Europe. You have some tiny jurisdictions with multiple carriers, makes no economic sense. And I do think that, a, you're seeing a bit of a downturn in the economy in certain key countries like Germany, which is hugely influential in Europe. And I think they are more receptive to those kinds of challenges than the North American model, where the economy continues to do well. So I think there are, Tal, some structural issues associated with the European piece and that's not new news. But they are more sensitive to the economic challenges.

關於歐洲，我的看法略有不同。我認為他們存在一些固有的結構性挑戰。歐洲有180家航空公司。有些面積很小的地區卻有多家航空公司，這在經濟上並不合理。而且，我認為，像德國這樣在歐洲舉足輕重的關鍵國家，經濟確實出現了一些下滑。我認為，與經濟持續繁榮的北美模式相比，他們更容易受到這類挑戰的影響。所以，我認為歐洲確實存在一些結構性問題，這並非什麼新鮮事。但他們對經濟挑戰更加敏感。

And India, we think, is still going up and to the right. They're going to continue to build out their networks. We had a big year with India last year. We're going to be sort of flattish with them this year, but India is going to be a great place for us for a long time.

我們認為，印度市場仍將保持上升和右傾的趨勢。他們將繼續拓展業務網絡。去年我們在印度的業務取得了巨大成功。今年我們在印度的業務成長可能會比較平緩，但印度在未來很長一段時間內都將是我們的重要市場。

And we're not seeing any of that in Asia Pacific either, that sort of uncertainty.

我們在亞太地區也沒有看到任何此類不確定性。

Yes, the one thing I would say, Tal, is the driver for our business is demand for bandwidth. And that has grown and continues to grow at very rapid rates. Now the people who are building networks, to manage that demand really, the structure has somewhat changed toward the cloud providers. If you go back 10 years ago, they weren't buying any network gear. They're buying a significant part of it today. It's very possible that, that could expand over time. If there is any shift, that would be the shift from service provider to cloud providers.

是的，Tal，我想說的是，我們業務的驅動力在於頻寬需求。而且這種需求一直在快速成長，而且還在持續成長。現在，為了因應這種需求，網路建置者的模式已經發生了一些變化，逐漸向雲端服務供應商傾斜。如果你回顧十年前，他們幾乎不購買任何網路設備。而如今，他們購買了相當一部分網路設備。隨著時間的推移，這種趨勢很可能會繼續擴大。如果有什麼轉變的話，那就是從服務提供者轉向雲端服務提供者的轉變。

Certainly in the long haul.

從長遠來看，的確如此。

Yes. Yes.

是的。是的。

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。

This is Jeff Koche in for Simon. So I was just hoping you can maybe hash out the strength in Europe this quarter, maybe how that reconciles with your comments on in the weeks, maybe the weakening macro-outlook there, and as well as like Huawei swaps or displacement opportunities. It sounds like it's going really well in India.

我是 Jeff Koche，代替 Simon 發言。我希望您能談談本季歐洲市場的強勁表現，以及這與您之前幾週的評論有何關聯，例如歐洲宏觀經濟前景疲軟，還有華為的股票互換或替代機會。聽起來印度市場進展非常順利。

Yes, I'll deal with the first part. Our regional reporting reflects the region into which we deliver equipment. It doesn't necessarily reflect the type of customer. So the big jump in deliveries into Europe were driven by cloud providers, not the service providers in Europe. The Huawei thing, there's still an opportunity ahead for us. Now the whole supply chain and COVID situation was actually a benefit to Huawei because they had gear. And service providers really wanted to stick with the status quo. They didn't necessarily want to build out stuff. And so for a combination of those 2 reasons, Huawei did pretty well over the last 2 years.

是的，我會處理第一部分。我們的區域報告反映的是我們向哪個地區交付設備，並不一定反映客戶類型。因此，歐洲交付量的大幅成長是由雲端服務供應商推動的，而不是歐洲的服務供應商。至於華為，我們仍然有機會。現在，整個供應鏈和新冠疫情實際上對華為有利，因為他們有現成的設備。而且服務提供者也希望維持現狀，他們不一定願意重新部署。因此，由於這兩個原因，華為在過去兩年表現相當不錯。

The desire of Western economies to reduce their dependence upon China in general and Huawei in particular has not abated. And we think that once we get through all of this dynamic of supply chain and everything else that happened over the last few years, their desires will evince themselves in substitution of Huawei. We're seeing it in some places already, in the Nordics, in particular, in some places in Southern Europe. But we think it's going to continue.

西方經濟體降低對中國（尤其是華為）依賴的願望從未減弱。我們認為，一旦供應鏈的種種變化以及過去幾年發生的種種事件過去，他們的願望將體現在華為的替代品上。我們已經在一些地方看到了這種趨勢，尤其是在北歐和南歐的一些地區。但我們認為這種趨勢還會持續下去。

Great. Great. Appreciate it. For my follow-up, we are getting -- there's been a lot of noise -- buzz rather around the intra-data center opportunity for coherent technology. Maybe you can just help us understand like how that can be cost effective or when it will be cost effective, and what you think about the timing there and the sizing of that opportunity for you guys.

太好了，非常感謝。關於後續問題，我們最近聽到很多關於資料中心內部整合技術應用的討論，其中不乏一些傳聞。您能否幫我們了解一下，這項技術如何達到成本效益，以及何時才能達到成本效益？您認為現在是時候考慮這項技術了，以及它對您來說規模有多大？

A way to think about it is as the flow rates between GPUs increase and as the distances increase as they're forced to because of constraints like power, a lot of the techniques that were used in the WAN part of the network that brought coherent to the forefront will replay themselves inside the data center. And some of the leaders in coherent, we being the market leader there, are going to have opportunities to use our technology in sort of that adjacent market.

可以這樣理解：隨著GPU之間的資料傳輸速率增加，以及由於電力等限制因素導致傳輸距離增加，許多在廣域網路中應用並推動相干傳輸技術發展的技術，將在資料中心內部得到應用。而相干傳輸領域的一些領先企業（我們作為市場領導者）將有機會在類似的相鄰市場中應用我們的技術。

From a timing perspective, I think you're looking at sort of the next generation, which is probably 2025 and beyond, to get in there. The consumption models will be quite different than the system business on the WAN. But the key fundamental technologies are the same things that we've been working in, in the coherent space over multiple generations.

從時間節點來看，我認為要真正進入這個領域，需要關注下一代產品，大概是2025年及以後。屆時，消費模式將與廣域網路系統業務截然不同。但關鍵的基礎技術與我們過去幾代在相干領域所研究的技術相同。

Great. Yes. I think coherent has put out a forecast for datacom transceivers could be like $15 billion by 2028. Is there a percentage that you would put that could be coherent?

太好了。是的。我記得Coherent公司預測，到2028年數據通訊收發器的市場規模可能會達到150億美元。您認為Coherent公司能佔這個數字的百分比是多少？

Yes. At this point, I think it's a little early to try to size how that slices off. There's obviously a -- if you're coming at it from the existing generation of technology, you're trying to extend the life of that technology as long as you possibly can. And then the substitute of technology we're talking about here is obviously trying to intercept. Where that saws off, I think, is still a bit of a crystal ball.

是的。我覺得現在就去衡量這種轉變的幅度還為時過早。顯然，如果你是從現有技術的角度出發，你會想辦法盡可能延長這項技術的壽命。而我們現在討論的替代技術，顯然是要搶先一步。至於它最終會走向何方，我認為目前還很難說。

Just to be clear, we do have a development track to develop those kinds of products in our R&D road map. And we are talking with major data center providers. So we're going to stay right on top of it. And when and if the shift occurs, we're going to be a part of it, we hope.

需要先明確的是，我們的研發路線圖中確實有開發這類產品的計畫。我們正在與主要的資料中心供應商洽談。所以我們會密切關注事態發展。如果這種轉變真的發生，我們希望能夠參與其中。

The next question comes from Meta Marshall with Morgan Stanley.

下一個問題來自摩根士丹利的梅塔·馬歇爾。

Wanted to dig into Europe a little bit. I know in the past, maybe some of that European telco spend was actually kind of indirect cloud spend as they kind of helped with data center builds for some of those customers. And so I just wanted to get a sense of if any of the weakness you're seeing is kind of on the indirect part, and if any of that's just due to kind of power constraints that we're hearing about in building out data centers or just any commentary there on kind of the indirect portion. And then maybe just as a follow-up question, just as, Jim, on how much you plan to kind of work down inventory levels across the year would be helpful.

我想稍微了解一下歐洲的情況。我知道過去歐洲電信業者的一些支出實際上可能是間接的雲端支出，因為他們幫助一些客戶建立了資料中心。所以我想了解一下，您觀察到的疲軟是否與間接支出有關，以及這是否僅僅是由於我們聽說的資料中心建設方面的電力限製造成的，或者您對這部分間接支出有什麼看法。另外，吉姆，還有一個後續問題，您計劃如何降低今年的庫存水準？

Meta, there has been a shift over a few years where particularly the cloud providers used wholesale type capacity in Europe. Increasingly, in the last sort of couple of years, they've been going direct and taking dark fiber. And I think that has impacted some of the service providers, particularly the wholesalers. And obviously, they come direct to us as opposed through the carrier. So I think you have seen that dynamic, particularly in Europe. That's not the case in most other international jurisdictions where you've got regulatory issues and the rest of it. So it's much more of a hybrid in other countries such as India. But I do think that has impacted somewhat some of the wholesale capacity in Europe is now direct into the hyperscalers.

Meta，在過去幾年裡，歐洲的雲端服務供應商使用批髮型容量的方式發生了轉變。近兩年來，他們越來越直接使用裸光纖。我認為這對一些服務提供者，特別是批發商，產生了影響。顯然，他們現在是直接聯繫我們，而不是透過營運商。所以我認為你已經看到了這種趨勢，尤其是在歐洲。但在大多數其他國際地區，情況並非如此，因為存在監管問題等等。因此，在印度等其他國家，情況更像是混合模式。但我確實認為，這在一定程度上影響了歐洲的一些批發容量，現在這些容量直接流入了超大規模資料中心。

On the inventory question, Meta, we said that we were going to improve and reduce our inventory level this year, and we will. As you saw, we reduced our inventory by $66 million in Q1. And we've slowed the rate of material into our system to match our demand forecast, so we are confident we're going to take our inventory down this year. Because Q2 is going to be a bit lower than we expect and the rest of the year a bit lower as well, we're probably not going to get down as low on inventory as we said we would. I think we said we were going to get it down by $300 million or something like that. And I think we'll get it down by a couple of hundred million, I would think. But I think on the other hand, it might grow in Q2 because the situation is a little bit late breaking for us and we can't react to it quickly enough. But we will drive inventory down for the year by at least a couple of hundred million.

關於庫存問題，Meta，我們說過今年會改善並降低庫存水平，而我們確實做到了。正如你所看到的，我們在第一季減少了6600萬美元的庫存。為了與需求預測相匹配，我們已經放慢了物料進入系統的速度，因此我們有信心今年能夠降低庫存。由於第二季和今年剩餘時間的需求都會略低於預期，我們可能無法像先前承諾的那樣將庫存降到那麼低。我記得我們說過要減少3億美元左右。我認為我們最終能減少幾億美元。但另一方面，我認為第二季庫存可能會增加，因為情況對我們來說有點滯後，我們無法迅速做出反應。但我們至少會在今年將庫存降低幾億美元。

The next question comes from George Notter with Jefferies.

下一個問題來自傑富瑞集團的喬治諾特。

I guess I'm curious about where your product lead times are right now. I'm wondering if product lead times are quite short and that's leading to some of the excess inventory taking longer to bleed off. Can you just talk a little bit about that dynamic, lead times versus buffer stocks at customers?

我想了解一下貴公司目前的交貨週期。我懷疑是不是交貨週期太短，導致一些過剩庫存需要更長時間才能消化掉。您能否談談交貨週期與顧客緩衝庫存之間的關係？

George, lead times -- we have a very broad portfolio, so lead times vary. But if you wanted a single number on it, we sort of have published 12-week lead times to our customers. The reality is, as we've executed through Q1, we are executing at a much better rate than that in terms of lead times. We're approaching getting back to sort of pre-pandemic lead times, not quite there yet but approaching getting back to that. And I think that does have an impact in terms of our customer order behavior patterns. As they -- if they don't need to place it with 52-week lead time, they're not going to place it with 52-week lead time.

喬治，關於交貨週期——我們的產品組合非常廣泛，所以交貨週期各不相同。但如果你想要一個具體的數字，我們之前向客戶公佈的交貨週期是12週。但實際上，就第一季的執行情況而言，我們的交貨週期比這要好得多。我們正在逐步恢復到疫情前的交貨週期水平，雖然還沒有完全恢復，但正在朝著那個方向努力。我認為這確實會對客戶的訂單行為模式產生影響。因為如果他們不需要52週的交貨週期，他們就不會選擇52週的交貨週期。

Got it. And then I'm sorry, normal pre-pandemic lead times were what range? Also 52 weeks or a quarter?

明白了。那麼，不好意思，疫情前的正常交貨週期大概是多久？是52週還是一個季度？

In the portfolio for us, it was mid-single digits for weeks.

就我們的投資組合而言，連續幾週收益率都維持在個位數左右。

Depending on the product line.

根據產品線而定。

Got it. Okay. And do you think it's the case that customer inventories are -- is the issue? It sounds like the issue is mostly North America. Is it broad-based across North America? Or is it more concentrated around a handful of customers?

明白了。好的。您認為問題出在客戶庫存嗎？聽起來問題主要集中在北美。是整個北美地區普遍存在這個問題嗎？還是只集中在少數幾家客戶身上？

I would say it is North America. It's 1 or 2 examples internationally but they're not -- it's not super meaningful to this conversation. I think it's mainly North America and it's mainly the Tier 1s, but it is sort of shared challenge across most of the larger carriers in North America who obviously tried to get out ahead of the whole supply chain piece. But now you've got this dynamic where we and other vendors are turning up with enormous amounts of equipment. I mean I think we shipped 24% more equipment last year than we did the prior year. And you think about all those trucks turning up at the same time with a bunch of other vendors to put the system together, and that's causing the challenges around their capacity and all the various facets of people, storage, logistics, fiber availability, et cetera, to back up. And it's just taken longer than we all, including them, would like or anticipate.

我認為問題主要出在北美。國際上雖然也有那麼一兩個例子，但對我們討論的議題意義不大。我認為主要問題出在北美，而且主要集中在一級供應商身上，但北美大多數大型承運商都面臨類似的挑戰，他們顯然都試圖提前解決整個供應鏈的問題。但現在的情況是，我們和其他供應商都帶著大量的設備湧入市場。我的意思是，我們去年的設備出貨量比前一年增加了24%。想想看，所有這些卡車都和其他供應商一起同時抵達，準備組裝系統，這導致他們的運力以及人員、倉儲、物流、光纖可用性等各個方面都面臨挑戰，導致積壓。最終的進度比我們所有人（包括他們）預期的都要慢。

And to your earlier point, until we kind of move down through that path and particularly with reduced lead times is -- it's super logical as to why we see the orders being what they are. They are improving and we are seeing the deployment. I want to stress that. This is not a sort of binary event. It's -- we're seeing improvements in absorption. The inventories are coming down. We're seeing an increase in orders in service providers. It's just not the step function I think we collectively anticipated.

關於您之前提到的，在我們沿著這條路徑繼續前進，尤其是在縮短交貨週期之後——訂單情況目前如此，這完全符合邏輯。訂單狀況正在改善，我們也看到了部署的進展。我想強調這一點。這並非一個非此即彼的事件。我們看到吸收率提高，庫存正在下降，服務提供者的訂單量也在增加。只是，這並非我們先前普遍預期的那種階躍式成長。

And to be clear, in this context, we're referring not just to telecom service providers but MSO service providers.

需要明確的是，在此背景下，我們指的不僅是電信服務供應商，還有MSO服務供應商。

Yes. I'd include cable in there, too, yes.

是的，我也會把有線電視算進去。

Next question comes from Michael Genovese with Rosenblatt Securities.

下一個問題來自 Rosenblatt Securities 的 Michael Genovese。

I wanted to follow up on the last question because I understand mostly what you're talking about with these North American service provider challenges, but the comment on fiber availability, could you flesh that out a little bit more? I'm kind of struggling to come up to speed with what that means.

我想就上一個問題再追問一下，因為我基本上理解您所說的北美服務供應商面臨的挑戰，但是關於光纖可用性的問題，您能否再詳細解釋一下？我有點不太明白這具體指的是什麼。

Michael, you probably can appreciate the majority -- like the big builds and equipment consumptions are when people are putting down new routes or lighting new fibers. The process of procuring those fibers, even though everybody has intentions to put more fiber in the ground, as North American customers have announced, there's a process of disruption there and it takes time. And this I think is exacerbated by the labor market in North America as well. So getting access to the fiber, tension is there. Timing is taking longer. Going through characterization of that fiber and then finally doing the construction to light it is just taking longer than we had anticipated with the volume that they're trying to do.

邁克爾，你大概能理解，大部分情況——比如大型建設和設備消耗——都發生在鋪設新線路或啟用新光纖的時候。儘管大家都打算鋪設更多光纖（正如北美客戶已經宣布的那樣），但光纖的採購過程卻存在一定的干擾，需要時間。我認為北美勞動市場的現狀也加劇了這種情況。因此，取得光纖資源存在困難，耗時更長。從光纖的特性分析到最終的佈線啟用，整個過程比我們預期的要長，而他們實際的部署量卻遠超預期。

They're working through it. Our visibility to it and where we can help our customers is on our installation services, and you can see that is up period-over-period quite substantially. It is happening. It's just taking longer than we anticipated going into the year.

他們正在努力解決這個問題。我們能夠關注這個問題，並能為客戶提供幫助的地方在於我們的安裝服務，您可以看到，這項服務環比增長相當顯著。問題確實在解決，只是比我們年初預期的要花費更多時間。

Okay. Great. And then I guess my next question, just the competitive environment for DCI, I mean it seems like you've maintained a very high level of market share in DCI. As ZR has become more important, are you finding a different set of competitors in the market? Or how has the competitive environment changed recently in DCI, if at all?

好的，太好了。那麼我的下一個問題，就是關於DCI的競爭環境。我的意思是，你們似乎一直保持著很高的市場佔有率。隨著ZR變得越來越重要，你們是否遇到了不同的競爭對手？或者說，DCI的競爭環境最近發生了哪些變化？

Yes, I think two different views of it, I guess. The ZR impact has not impacted our business at all. In fact, you can see record quarters for WaveServer in our Q1 2024 results, a massive WaveServer, and that's all DCI or for the most part, all DCI. So it's clearly not impacting our business as some people may have impacted. Our business with the web-scale is up like 57% year-on-year for -- last year for 2023. So again, a big part of that is various different flavors of data center interconnect. So clearly not having a negative impact there. And in fact, I think you do those -- do the math on the market size, you'll include that we gain share with the GCNs last year.

是的，我想這算是兩種不同的觀點吧。 ZR 對我們的業務完全沒有影響。事實上，您可以在我們 2024 年第一季的業績報告中看到 WaveServer 創下歷史新高，而且 WaveServer 的業務量非常龐大，幾乎全部來自資料中心互連 (DCI)。所以，它顯然沒有像某些人認為的那樣對我們的業務造成影響。我們面向 Web 規模的業務年增了 57%——這是去年（2023 年）的數據。所以，這其中很大一部分原因是各種不同類型的資料中心互連。因此，顯然它並沒有對我們造成負面影響。事實上，我認為如果您計算市場規模，您會發現我們去年透過全球通訊網路 (GCN) 獲得了市場份額。

In terms of the number of competitors from a pluggable perspective, yes, you start to get different sort of consumption models. At the end of the day, it's still a very limited number of folks that are investing in the key technologies that go into these ZR plugs. You have various different ecosystems that are trying to put them together. I'm a firm believer from a philosophy perspective, if you don't own some of the core technologies, you're probably not long for that world. But that will take some time to play out. And as you know, we own and control our own destiny and all those key technologies.

從可插拔設備的角度來看，競爭者的數量確實會增加，你會看到各種不同的消費模式。但歸根結底，真正投資於零速率（ZR）介面關鍵技術的公司仍然非常有限。目前存在著各種不同的生態系統，它們都在嘗試將這些技術整合起來。從理念上講，我堅信，如果你不掌握一些核心技術，你在這個領域可能很難長久立足。但這還需要一段時間才能見分曉。而且，正如你所知，我們掌握著自己的命運以及所有這些關鍵技術。

And just to be clear, we have roughly 50% market share globally with web-scale companies. If you take out that which Huawei does, which is just about entirely in China, then it gets to be a bit higher than that. So we're very comfortable with our share position and we think it's going to remain at that level. Probably hard for us to gain share from this point because they all want a second source. But we'll take 50% plus.

需要說明的是，我們在全球互聯網規模企業的市佔率約為50%。如果剔除華為的市佔率（華為的市佔率幾乎全部集中在中國），我們的市佔率還會更高一些。因此，我們對目前的市場份額非常滿意，並認為它會保持在這個水平。從現在開始，我們可能很難再擴大市場份額，因為他們都希望有第二個供應商。但50%以上的市佔率對我們來說已經足夠了。

Next question comes from Alex Henderson with Needham.

下一個問題來自 Needham 的 Alex Henderson。

Great. I was hoping we could talk a little bit about the mix between product and service in the '24 expectations. I realize that the service was up quite a bit in the January quarter, but it was actually down significantly quarter-to-quarter because the January quarter is typically a lockdown quarter for most service providers. In terms of mix, you pointed out that there was a shift to transceivers, which they will install, but not line systems.

好的。我希望我們能稍微談談2024年預期中產品和服務之間的平衡。我知道一月份的服務業務增長了不少，但實際上環比下降了不少，因為一月份通常是大多數服務提供者的封鎖期。關於產品組合，您提到他們正在轉向收發器，他們會安裝收發器，但不會安裝線路系統。

So I'm assuming that the line systems installation is going to increase meaningfully quarter-to-quarter. And therefore, you're looking at, what, $210 million to $220 million of service, which would imply that the -- to -- the product sales are down, what, 25% to 35%, something in that range? And how does that play out over the course of the year as the installation continues to be churning through what's been shipped as opposed to new shipments? And then does it fall off at some point after an under-shipment period? So we get out in the fourth quarter and into the first half of '25, does the service start to roll off? Can you give us some guidance on that?

所以我假設管線系統安裝量將逐季顯著成長。因此，服務收入預計在 2.1 億至 2.2 億美元之間，這意味著產品銷售額下降了 25% 至 35%，大概在這個範圍內？隨著安裝量持續成長，消耗的是已出貨產品而非新出貨產品，這種情況在一年中會如何發展？在經歷了一段出貨量不足的時期後，服務收入是否會下降？到了 2025 年第四季和上半年，服務收入是否會開始下滑？您能否就此提供一些指引？

Let me give a little context here, Alex. You have to think about that services business. Really, it's 2 businesses. One is maintenance and one is installation. Those are the 2 things that we do. We have some other consulting-type practices and advanced type services, but those 2 make up the bulk of it. The maintenance expense is going to grow essentially as our product sales grow because almost everybody takes maintenance with our products. So that's one piece.

亞歷克斯，我先簡單介紹一下背景。你得想想這個服務業務。實際上，它包含兩項業務：維護和安裝。這是我們主要做的兩件事。我們還有一些諮詢服務和其他高級服務，但維護和安裝才是我們業務的主體。維護費用基本上會隨著產品銷售的成長而成長，因為幾乎所有用戶購買我們的產品都會購買維護服務。這是其中一部分。

On the implementation side, it's not one size fits all. For most of the larger carriers in the U.S., we don't do a ton of installation. Now we have started to as they have tried to work through their inventory levels. But in the past, we didn't do a lot of installation for them. In places like Asia, South America, sometimes in Europe, we do a lot of installation. So our services mix is going to be, I think, more related to where our sales are. And I'd say this, that we love expanding our implementation business, and we'd love to continue to help our big customers here in the U.S., and that's what we're trying to do.

在實作方面，我們並沒有採用一刀切的模式。對於美國大多數的大型營運商，我們之前並沒有做大量的安裝工作。現在，隨著他們努力清理庫存，我們開始增加安裝業務。但過去，我們確實沒有為他們做太多安裝。在亞洲、南美，有時在歐洲，我們做了很多安裝工作。所以我認為，我們的服務組合將更多地與我們的銷售地點相關。我想說的是，我們非常樂意拓展我們的實施業務，我們也希望繼續幫助我們在美國的大客戶，而這正是我們努力的方向。

Scott?

史考特？

Yes. That's the dominant dynamic. Jim, you're right. I think there's some nuances in there. The installation services pieces of it, it varies by geography and it varies by portfolio. So historically, we haven't done a lot of installation services on our Routing and Switching portfolio, for example. As those solution sets get more sophisticated, our customers are and will continue to look to us to do more installation.

是的，這是主要趨勢。吉姆，你說得對。我認為這裡面還有一些細微差別。安裝服務部分會因地理和產品組合而異。例如，過去我們並沒有在路由和交換產品組合上提供太多安裝服務。隨著這些解決方案集變得越來越複雜，我們的客戶現在和將來都會繼續尋求我們提供更多的安裝服務。

Mix geographically, in some parts of the world, we do those installation services ourselves; in some parts of the world, the customers do it themselves; in some parts, they turn to third-party partners to do it. And there's -- it varies quite a bit on the mix of where that revenue is coming from. And that's going to change over time. In addition to that, it's not a major piece of it, but our services team is also busy trying to expand their service offers to our customers, and that we hope to over time. We think our service business is going to continue to grow at or above the growth rate for the company.

從地理上看，我們在世界某些地區自行提供安裝服務；在其他地區，客戶自行安裝；還有一些地區，他們會委託第三方合作夥伴完成安裝。收入來源的組成差異很大，而且這種情況還會隨著時間推移而改變。此外，雖然服務業務並非主要業務，但我們的服務團隊也積極拓展服務範圍，希望能夠逐步實現這一目標。我們認為，服務業務的成長速度將持續保持或超過公司整體的成長速度。

Just to be clear, though, the seasonal swing between the January and the April quarter, normally services are lower in the first quarter because of the lockdown. Are we expecting it to be up sequentially $212 million, $215 million, something like that, in which case, the majority of the quarter-to-quarter decline is in the product side?

不過要澄清的是，1月和4月季度之間存在季節性波動，通常情況下，由於疫情封鎖，服務業在第一季會比較低迷。我們是否預期服務業將較上季成長2.12億美元、2.15億美元左右？如果是這樣，那麼季度環比下降的大部分原因將在於產品業務？

It's always very risky to try to give individual slices of what we expect of our business. I would think this, because of the dynamics that we talked about, because we will show growth in Q2 in our overall business, it is likely that services will grow as well. So I don't have a number for you but I think it will probably grow just like the product revenue will grow in Q2.

試圖對業務的預期做出具體的預測總是非常冒險的。鑑於我們之前討論過的動態因素，考慮到我們整體業務在第二季將實現成長，我認為服務業務也很有可能成長。所以我無法提供具體的數字，但我認為它很可能會像產品收入在第二季一樣成長。

The next question comes from David Vogt with UBS.

下一個問題來自瑞銀集團的大衛‧沃格特。

Maybe just digging back into backlog and orders. Maybe, Jim, can you help us understand where backlog exited the quarter? I think last quarter, you mentioned it was roughly around $2.6 billion. And so what we're trying to figure out is what the orders look like going forward, and how to kind of triangulate the growth rate in '25 in terms of an order trajectory. And I have a follow-up.

或許我們應該重新深入研究一下積壓訂單和訂單情況。吉姆，你能幫我們了解一下本季末的積壓訂單金額嗎？我記得上個季度你提到大約是26億美元。所以我們現在想弄清楚的是未來的訂單狀況，以及如何根據訂單軌跡來推算2025年的成長率。我還有一個後續問題。

Our backlog -- we ended backlog in Q1 at $2.2 billion. So you can sort of calculate what our orders were in Q1. We said last quarter that we expect our backlog, generally speaking, to come down for the full year. Because we are approaching historical levels of lead times and customer ordering behaviors are probably going to track those in the past, which means that our ending year backlog is going to approach a level like the levels we had prior to all the craziness of the past 3 years, which traditionally has been about 35% to 40% of the coming year's revenue. And that consists of $1 billion or so of services and about $1 billion of products and software. That's what it's been historically. I mean that's what makes up the $2.2 billion.

我們的積壓訂單－第一季末的積壓訂單為22億美元。所以您可以大致估算一下我們第一季的訂單量。我們上個季度說過，我們預計全年積壓訂單總體上會下降。因為我們的交貨週期正接近歷史水平，客戶的訂購行為可能也會延續以往的模式，這意味著我們年底的積壓訂單將接近過去三年動盪之前的水平，通常佔到來年收入的35%到40%。這其中包括約10億美元的服務訂單和約10億美元的產品及軟體訂單。這是歷史數據。我的意思是，這就是22億美元的組成。

Great. And so maybe if I just extrapolate that comment in '24 into '25, maybe I'm doing the math wrong here but it would imply that your order growth rate in '25 would have to be up somewhere like 35% to 40% relative to '24. Are we doing the math right? And if that's the case, what does that imply for SP orders coming back next year? I know you didn't give a full year guide yet, it's early, but just trying to kind of triangulate on how we get to those -- that 6% to 8% multiyear target that you just provided.

太好了。所以，如果我把2024年的評論推算到2025年，也許我的計算有誤，但這似乎意味著2025年的訂單增長率要比2024年增長35%到40%左右。我們的計算對嗎？如果是這樣，這對明年SP的訂單量意味著什麼？我知道您還沒有給出全年的業績指引，現在還早，但我只是想大致了解一下，我們如何才能實現您剛才提到的6%到8%的多年增長目標。

Rather than give you a number for our growth rate in orders next year, what I would say is this: a healthy business, which we've had for a long, long time prior to the supply chain disruption and COVID and all that sort of stuff, we typically ran orders in a given year at some fraction above our revenue, whether it was 5%, whether it was 10%, some number like that. So we're not at those levels right now, which means that we do have to have some catch-up as we move through the next couple of quarters and possibly some catch-up next year. But that's what we expect our order volumes to be, 1.05x to 1.1x our revenue for a year, for example, and it varies by quarter.

與其直接給出明年訂單成長率的具體數字，不如這樣說：在供應鏈中斷、新冠疫情以及其他種種因素的影響之前，我們一直保持著健康的業務狀態。通常情況下，我們每年的訂單量都會略高於營收，例如5%、10%等等。但目前我們的訂單量還沒有達到這個水平，這意味著在接下來的幾個季度裡，我們需要努力追趕，甚至可能要等到明年才能完全恢復。不過，我們預計明年的訂單量將達到營收的1.05倍到1.1倍，具體數值會根據季度有所變動。

And that's obviously a function of the lead time piece as well. So typically our -- if the world ever gets normalized, it would be slightly ahead of the revenues for the year. Now there may be some bumpiness as we get into that. I mean for example, in '22, I think our orders were close to $6 billion, just to give you an order of magnitude around the challenges that we're having from a backlog point of view.

這顯然也與交貨週期有關。所以通常情況下——如果世界恢復正常，我們的訂單量會略高於全年營收。當然，在此過程中可能會出現一些波動。例如，2022年我們的訂單量接近60億美元，這只是為了讓您對我們目前在積壓訂單方面面臨的挑戰有個大致了解。

Next question comes from Ruben Roy with Stifel.

下一個問題來自 Stifel 公司的 Ruben Roy。

Gary, I had a follow-up on some of the commentary around AI and then just the increasing order rates with cloud. And just trying to work through not seeing yet sort of the impacts of traffic growth outside of the data center, the traffic that you mentioned being created by the GPs, et cetera, and yet the order rates are up. So am I right in assuming that the cloud DCI business is mostly for a long haul? And if that's the case, can you talk to sort of how you're thinking about the sustainability of sort of those orders around that specific business, cloud DCI?

Gary，我有一些關於人工智慧的評論想跟進，也想了解一下雲端服務帶來的訂單成長情況。目前我還沒有看到資料中心以外的流量成長帶來的影響，例如您提到的GP等產生的流量，但訂單成長卻依然存在。所以我的理解是，雲端資料中心基礎設施（DCI）業務主要是長期發展的，對嗎？如果是這樣，您能否談談您是如何看待雲端DCI這項特定業務的訂單可持續性的？

Yes. I think it's more of a mix than you think around long haul and metro amongst these. When we talk about them and we all tend to, these hyperscalers as a sort of generic grouping, you think about their business models, they're all very different, be it search, be it cloud, et cetera, Azure type services. So therefore, their networks are actually very different as well, and including all of the submarine cables and the metro piece and the rest of it. So these are now very large, very complicated global networks that is not just simple data center connectivity, point to point. They are -- they use 6500 in full configuration with resilience, et cetera, across there. So they are fully blown intelligent networks.

是的。我認為這些超大規模資料中心之間的差異比你想像的要大得多，它們既包括長途網路也包括城域網路。當我們談論它們時，我們往往會把它們作為一個整體來討論，但實際上它們的商業模式各不相同，無論是搜尋、雲端運算還是Azure之類的服務。因此，它們的網路也各不相同，包括海底光纜、城域網路等等。所以，它們現在建構的是非常龐大、非常複雜的全球網絡，不僅僅是簡單的資料中心點對點連接。它們使用6500個完整的配置，並具備彈性等功能。因此，它們是功能齊全的智慧網路。

So to your point, Ruben, around that and on the traffic that they're obviously flowing right now is data center to data center. The opportunity is when you get the AI applications coming out of the data center to monetize, they have to go to the WAN. They have to go to consumers in their various forms, be them enterprise or general consumers. And it has to pass across that network. And also from a model point of view, it needs to talk to the instantiation locally, be it edge compute or whatever the devices are, it needs to maintain connectivity to it. It's not just you dump the model down there at the edge of the network and you're good to go for a month. This stuff has to maintain connectivity.

魯本，正如你所說，目前他們顯然主要在資料中心之間傳輸資料。機會在於，當人工智慧應用從資料中心出來獲利時，它們必須連接到廣域網路（WAN），最終到達各種類型的用戶，無論是企業用戶還是普通消費者。這些資料必須透過廣域網路傳輸。此外，從模型的角度來看，它需要與本地實例進行通信，無論是邊緣運算還是其他設備，都需要保持連接。這並非代表你只需把模型部署到網路邊緣就能安心運行一個月。這些應用必須保持連線。

So we're all sort of -- we're excited about the opportunity, but that hasn't yet come out of the data center. But they're obviously investing massive amounts of investment in the compute and the application and monetization of that. That has -- that investment has not flowed to the network yet.

所以我們都對這個機會感到興奮，但資料中心方面還沒有真正發揮作用。不過，他們顯然在計算、應用和商業化方面投入了大量資金。這些投資還沒有流向網路。

The other dynamic on the AI piece having impact on the WAN traffic is because of the massive amounts of compute and the power required to do that, every one of the cloud providers is talking about the need to further distribute their compute platforms. And that's going to mean more data centers, more geographical distribution. And guess what, when you do that, you've got to network them together. So that's going to be more transport, more networking gear. That's going to be another dynamic as AI starts to have an influence on, I'll just say, the classic transport part of the network.

人工智慧對廣域網路流量影響的另一個動態因素是，由於其龐大的運算量和所需的強大效能，所有雲端服務供應商都在討論進一步分散其運算平台的需求。這意味著需要更多的資料中心，更廣泛的地理分佈。而當你這樣做時，就必須將它們連網。因此，這將需要更多的傳輸和網路設備。隨著人工智慧開始影響網路的傳統傳輸部分，這將成為另一個動態因素。

I think I'd add, Gary, in terms of where are we today with these folks, it's -- yes, it's their campus/metro DCI, it's their terrestrial core networks, it's their submarine networks but it's also across our transport portfolio, it's line systems, it's coherent modems and however they want to substantiate it. And to some people's surprise, it's our software portfolio and it's our services Portfolio as well. So it's quite a broad set of solutions that were in those -- in that segment with.

我想補充一點，Gary，就我們目前與這些客戶的合作情況而言，是的，這包括他們的園區/城域資料中心互連（DCI）、陸地核心網路和海底光纜網絡，但也涵蓋了我們的傳輸產品組合，包括線路系統、相干調變解調器以及他們想要提供的任何具體資訊。而且，令一些人驚訝的是，這也包括我們的軟體產品組合和服務產品組合。因此，我們在這個領域提供的解決方案範圍相當廣泛。

I really appreciate the detail, guys. That's really helpful for me. If I can sneak in a quick one for Jim on gross margins. Jim, just sort of maintaining the mid-40s for the full year, given lower volumes and lower revenue, can you just -- I might have missed this, but did you talk through mix or linearity of how you think gross margins play out over the next several quarters?

非常感謝各位提供的詳細信息，這對我很有幫助。我可否順便問一下吉姆關於毛利率的問題？吉姆，考慮到銷量和收入都下降了，你能否——我可能錯過了，你有沒有討論過你認為未來幾個季度毛利率會如何變化，是會呈現組合變化還是線性變化？

Yes, I think they're going to be a bit lower in Q2, and that's a mix and volume because as we said, we're not going to have the volume that we expected in Q2. But I think we'll average in the mid-40s for the full year. We started the year at 45.7%. It was a good strong start, and we'll get back to something like that.

是的，我認為第二季會略有下降，這是由於產品組合和銷售等因素造成的，因為正如我們所說，第二季的銷售不會達到預期。但我認為全年平均會在40%左右。年初我們的成長率是45.7%，這是一個強勁的開局，我們會恢復到類似的水平。

Great. Thank you, Ruben, and thank you, everybody, for joining us today. We appreciate your attention, and we look forward to seeing everyone at OFC. Thank you, and have a good day.

太好了。謝謝魯本，也謝謝各位今天能來。感謝大家的關注，我們期待在OFC與大家再次相聚。謝謝，祝大家今天愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已結束。感謝您參加今天的報告。您可以斷開連線了。