Ciena Corp (CIEN) 2024 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Ciena's fiscal second quarter 2024 financial results conference call.

女士們先生們，歡迎參加 Ciena 2024 年第二季財務業績電話會議。

(Operator Instructions) Please note that this event is being recorded.

（操作員說明）請注意，該事件正在被記錄。

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

現在我想將會議交給投資者關係副總裁 Gregg Lampf。

Please go ahead.

請繼續。

Thank you, George.

謝謝你，喬治。

Good morning and welcome to Ciena's 2024 fiscal second quarter conference call.

早上好，歡迎參加 Ciena 2024 財年第二季電話會議。

On the call today is Gary Smith, President and CEO, and Jim Moylan, CFO.

今天參加電話會議的是總裁兼執行長加里史密斯 (Gary Smith) 和財務長吉姆莫伊蘭 (Jim Moylan)。

Scott McFeely, Executive Advisor is also with us for Q&A.

執行顧問 Scott McFeely 也與我們一起進行問答。

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.

除了本次電話會議和新聞稿之外，我們還在網站的投資者部分發布了一份隨附的投資者演示文稿，其中反映了這一討論以及本季度的某些重點項目。

Our comments today speak to our recent performance.

我們今天的評論反映了我們最近的表現。

Our view on current market dynamics and drivers of our business as well as a discussion of our financial outlook.

我們對當前市場動態和業務驅動因素的看法以及對我們財務前景的討論。

Today's discussion includes certain adjusted or non-GAAP measures of Ciena's results of operations.

今天的討論包括 Ciena 營運績效的某些調整後或非公認會計原則衡量標準。

A reconciliation of these non-GAAP measures to our GAAP results is included in today's press release.

今天的新聞稿中包含了這些非公認會計準則衡量指標與我們公認的會計準則結果的協調表。

Before turning the call over to Gary, I'll remind you that during this call, we'll be making certain forward-looking statements.

在將電話轉給加里之前，我要提醒您，在這次電話會議中，我們將做出某些前瞻性陳述。

Such statements, including our quarterly and annual guidance, commentary on market dynamics, and discussion of 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.

此類聲明，包括我們的季度和年度指導、對市場動態的評論以及對機會和策略的討論，均基於有關公司及其市場的當前預期、預測和假設，其中包括可能導致實際結果有所不同的風險和不確定性實質上來自今天討論的聲明。

Assumptions relating to our outlook, whether mentioned on this call are 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.

與我們的前景相關的假設，無論是在本次電話會議中提到的，還是包含在我們不久後發布的投資者介紹中，都是此類前瞻性聲明的重要組成部分，我們鼓勵您考慮它們。

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, we expect to file with the SEC later today.

我們的前瞻性陳述也應該結合我們最近的 10-K 和 10-Q 中詳細說明的風險因素來看待，我們預計將在今天晚些時候向 SEC 提交文件。

Ciena assumes no obligation to update the information discussed in this conference call whether as a result of new information, future events, or otherwise.

Ciena 不承擔更新本次電話會議中討論的資訊的義務，無論是由於新資訊、未來事件或其他原因。

As always, will allow for as much Q&A as possible today, So I ask that you limit yourselves to one question and one follow-up.

像往常一樣，今天將允許盡可能多的問答，所以我要求你們將自己限制在一個問題和一個後續行動上。

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

這樣，我會將電話轉給加里。

Thanks, Gregg, and good morning, everyone.

謝謝格雷格，大家早安。

As you've seen from the press release, today we reported fiscal second quarter revenue of $911 million and adjusted gross margin of 43.5%.

正如您從新聞稿中看到的，今天我們報告第二財季收入為 9.11 億美元，調整後毛利率為 43.5%。

Q2 performance also included quarterly adjusted operating margin of 6.8% and quarterly adjusted EPS of $0.27. And we generated [$42 million] in free cash flow in the quarter.

第二季業績還包括 6.8% 的季度調整後營業利潤率和 0.27 美元的季度調整後每股收益。本季我們產生了 [4,200 萬美元] 的自由現金流。

Later in the call Jim will provide additional details about our Q2 financial performance as well as highlights from the quarter with respect to our portfolio and business outlook.

稍後在電話會議中，吉姆將提供有關我們第二季度財務業績的更多詳細信息，以及本季度有關我們的投資組合和業務前景的亮點。

Since we spoke with you about 90 days ago, industry dynamics and therefore, our current operating environment are largely unchanged.

自從我們大約 90 天前與您交談以來，行業動態以及我們當前的營運環境基本上沒有變化。

Specifically, the drivers of bandwidth demand remain strong and durable, increasing cloud adoption and a growing number of AI use cases are accelerating global data generation.

具體而言，頻寬需求的驅動因素仍然強勁且持久，雲端採用的增加和人工智慧用例的增加正在加速全球數據的產生。

As a result, network traffic is increasing and forecast to continue growing at a strong rate.

因此，網路流量不斷增加，並且預計將繼續強勁成長。

This all really means that demand for bandwidth will continue to grow at 30% [CAGR], if not more.

這一切實際上意味著頻寬需求將繼續以 30% [CAGR] 的速度成長，甚至更多。

But despite this positive secular demand, as we all know, it is taking longer than we and others in our industry initially expected for service providers to absorb and deploy the large amount of inventory they have accumulated over the last year or so.

但眾所周知，儘管存在這種積極的長期需求，但服務提供者吸收和部署他們在過去一年左右積累的大量庫存所需的時間比我們和行業其他人最初預期的要長。

And we are still seeing some caution related to macroeconomic concerns, particularly internationally.

我們仍然看到一些與宏觀經濟擔憂相關的謹慎態度，特別是在國際上。

Importantly, we continue to believe these dynamics are temporary, and we are seeing some encouraging signs of recovery beginning to emerge, including with respect to order volumes.

重要的是，我們仍然認為這些動態是暫時的，我們看到一些令人鼓舞的復甦跡象開始出現，包括訂單量方面。

In fact, there was several highlights from Q2 that I think illustrate not only an improving service provider environment overall, but also accelerating cloud provider dynamics and the overall momentum in our business.

事實上，我認為第二季有幾個亮點，不僅說明了整體服務供應商環境的改善，而且還加速了雲端供應商的動態和我們業務的整體動能。

Specifically with respect to our service provider customers, orders in Q2 increased from the prior quarter and service provider revenue was up sequentially in Q2. 10% customer in the quarter was a service provider.

具體而言，就我們的服務提供者客戶而言，第二季的訂單較上一季增加，服務提供者的收入也較上季成長。本季 10% 的客戶是服務提供者。

Very importantly, service provider inventory levels are starting to decline and service provider engagement and RFP activity levels are higher than in the past several quarters, resulting in several recent new wins and a growing pipeline of opportunities.

非常重要的是，服務提供者的庫存水準開始下降，服務提供者的參與度和 RFP 活動水準高於過去幾個季度，從而導致了最近的幾項新勝利和不斷增長的機會。

For example, we secured a significant design win in Q2 with a leading North American Tier 1 service provider for a multiyear network evolution project that includes both our line systems as well as our transponders.

例如，我們在第二季度贏得了一家領先的北美一級服務提供商的多年網路演進項目的重大設計勝利，該項目包括我們的線路系統和轉發器。

Based on these data points, we believe the order flows from our service provider customers will continue to improve from here.

基於這些數據點，我們相信我們的服務提供者客戶的訂單流將繼續改善。

Turning to our cloud provider customers in Q2, we secured important new design wins in this customer segment across terrestrial, submarine, and coherent pluggable applications.

談到第二季度我們的雲端供應商客戶，我們在陸地、海底和相干可插拔應用程式的該客戶群中獲得了重要的新設計勝利。

As we leverage the opportunities presented by strategic investments to build out their data center infrastructures.

我們利用策略投資帶來的機會來建立他們的資料中心基礎設施。

Two of these wins include long-term awards for deployment of our optical systems across their global network infrastructure.

其中兩場勝利包括在其全球網路基礎設施中部署我們的光學系統而獲得的長期獎項。

We are also starting to build meaningful momentum with cloud providers for our coherent pluggables.

我們也開始與雲端供應商一起為我們的一致可插拔產品建立有意義的動力。

In addition to the significant design win we announced last quarter for our 400-gig ZR+ plugs, we added two new cloud provider wins in Q2 for these products, including one that is a new customer Ciena.

除了我們上季度宣布的 400g ZR+ 插頭的重大設計勝利之外，我們還在第二季度為這些產品增加了兩個新的雲端供應商勝利，其中一個是新客戶 Ciena。

And later this calendar year, we'll bring to market WaveLogic 6 Nano, our next-generation coherent pluggable family.

今年晚些時候，我們將向市場推出 WaveLogic 6 Nano，我們的下一代相干可插拔系列。

With this, we will be first to market with the power advantage of 3 nanometer technology.

藉此，我們將憑藉 3 奈米技術的功率優勢率先推向市場。

And in Q2, we are pleased to advise that we were already awarded business by a large cloud customer for this 800-gig ZR+ technology.

在第二季度，我們很高興地宣布，我們已經獲得了一家大型雲端客戶的 800 GB ZR+ 技術業務。

As expected, in addition to our market-leading optical systems business with cloud providers, our coherent pluggable solutions represents an incremental business and market share growth opportunity for Ciena with these customers, particularly in shorter reach DCI type applications.

正如預期的那樣，除了我們與雲端供應商的市場領先的光學系統業務之外，我們的相干可插拔解決方案還為Ciena 與這些客戶帶來了增量業務和市場份額成長機會，特別是在短距離DCI 類型應用中。

And as a reminder, as much as 50% of our total revenue is driven now directly and indirectly from cloud providers.

提醒一下，我們總收入的 50% 現在直接或間接來自雲端供應商。

And we anticipate continued growth from this customer segment in the second half of fiscal 2024, particularly as WaveLogic 6 becomes generally available for both systems and next-generation pluggable applications.

我們預計該客戶群在 2024 財年下半年將持續成長，特別是隨著 WaveLogic 6 普遍適用於系統和下一代可插拔應用程式。

This will obviously give us significant time to market advantage with cloud providers who typically adopt these leading type technologies more rapidly.

顯然，這將為我們在與通常更快採用這些領先類型技術的雲端供應商的競爭中提供顯著的市場優勢。

Stepping back, understandably, there's been a lot of focus on short term industry dynamics in recent quarters, and we continue to manage through those.

退一步來說，可以理解的是，最近幾季人們非常關注短期產業動態，我們將繼續應對這些變化。

Importantly, we remain focused on the longer-term demand drivers of our business and our growth opportunities.

重要的是，我們仍然專注於業務的長期需求驅動因素和成長機會。

With that said, I'd like to take a few minutes to walk you through how we're thinking about the market will evolve and how we will benefit from that evolution.

話雖如此，我想花幾分鐘時間向您介紹我們如何看待市場將如何發展，以及我們將如何從這種發展中受益。

As I mentioned earlier, the fundamental industry drivers of bandwidth demand and network growth traffic continue to increase.

正如我之前提到的，頻寬需求和網路成長流量的基本產業驅動因素持續增加。

These drivers are increasingly being impacted by separable business and network architectural trends.

這些驅動因素越來越受到分離的業務和網路架構趨勢的影響。

Obviously, first and foremost, an increasing portion of bandwidth demand and network traffic growth will be driven by AI.

顯然，首先也是最重要的是，越來越多的頻寬需求和網路流量成長將由人工智慧驅動。

The traffic flows from AI and machine learning will pressure all parts of the network from broadband access to the metro to inside and around the data center, thereby impacting both service provider and cloud provider networks.

來自人工智慧和機器學習的流量將對網路的所有部分產生壓力，從寬頻接入到地鐵到資料中心內部和周圍，從而影響服務供應商和雲端供應商網路。

As an example, one of our North American Tier 1 service provider customers recently reported, they are seeing a dramatic rise in demand for high-capacity, low-latency network and edge services, specifically related to the advent of Gen-AI and the complexity of hybrid multi-cloud architectures.

例如，我們的一位北美一級服務提供商客戶最近報告稱，他們發現對大容量、低延遲網路和邊緣服務的需求急劇增加，特別是與 Gen-AI 的出現及其複雜性相關。架構。

Optical delivers the combination of high capacity and low latency essential to supporting this type of traffic.

光纖提供了支援此類流量所必需的高容量和低延遲的組合。

Another opportunity where we have a significant funnel of opportunities is managed optical fiber networks or known as MOFN.

我們擁有重要機會漏斗的另一個機會是託管光纖網路或稱為 MOFN。

This term, MOFN, may be new to you, so let me briefly explain what it means.

MOFN 這個術語對您來說可能比較陌生，所以讓我簡單解釋一下它的含義。

While cloud providers can build their own network infrastructure in many parts of the world, certain countries have specific rules for fiber ownership, policies on licensing, and standards for workforce qualifications.

雖然雲端供應商可以在世界許多地方建立自己的網路基礎設施，但某些國家對光纖所有權、許可政策和勞動力資格標準有特定的規則。

In addition, given the need to add capacity sometimes very quickly, cloud providers are turning to MOFN even in jurisdictions where there are no such restrictions.

此外，考慮到有時需要非常快速地增加容量，即使在沒有此類限制的司法管轄區，雲端提供者也會轉向 MOFN。

With MOFN telecom service providers build highly advanced optical networks and lease fiber pairs to cloud providers.

借助 MOFN 電信服務供應商建置高度先進的光纖網路並向雲端供應商租賃光纖對。

This enables the cloud providers to quickly expand their reach and better serve their end users.

這使得雲端提供者能夠快速擴大其覆蓋範圍並更好地服務其最終用戶。

This is an example of an indirect source of revenue from the cloud providers through our service provider customers.

這是透過我們的服務提供者客戶從雲端提供者獲得間接收入來源的範例。

Ciena is obviously uniquely positioned to lead this model by leveraging our strong relationships and presence with both global cloud and service providers.

Ciena 顯然具有獨特的優勢，可以利用我們與全球雲端和服務供應商的牢固關係和影響力來引領這一模式。

With all that in mind, I'd like to expand upon how we are investing to address these opportunities.

考慮到所有這些，我想詳細介紹我們如何投資來抓住這些機會。

And to start with, I would say that all of our TAM expansion efforts are deeply grounded in the competitive advantage we have with our optical technology.

首先，我想說，我們所有的 TAM 擴張努力都深植於我們光學技術的競爭優勢。

It is well established and recognize that our industry-leading optical technology has been the driving force and foundational reason behind our success in serving the long haul, subsea, metro, regional, and DCI. markets.

眾所周知，我們領先業界的光學技術是我們成功服務長途、海底、城域、區域和 DCI 的驅動力和根本原因。市場。

We expect to continue to lead and take share in these markets with our best-in-class coherent technology.

我們期望憑藉我們一流的相干技術繼續在這些市場中處於領先地位並佔據份額。

This includes the upcoming availability of WaveLogic 6, which will further extend our leadership in terms of performance, scale, and sustainability.

這包括即將推出的 WaveLogic 6，它將進一步擴大我們在性能、規模和可持續性方面的領先地位。

In addition, as I noted, our optical technology is also increasingly applicable to high growth opportunities where we are investing for growth by expanding our addressable market in three principal key areas.

此外，正如我所指出的，我們的光學技術也越來越適用於高成長機會，我們透過在三個主要關鍵領域擴大我們的潛在市場來投資成長。

These include number one, broadband access; and number two, metro routing, where both the high-capacity optical fiber connectivity we enabled, has become a foundational element of next generation edge and metro networks.

其中包括第一，寬頻接取；第二，城域路由，我們啟用的高容量光纖連接已成為下一代邊緣和城域網路的基本要素。

And number three, inside and around the data center.

第三，資料中心內部和周圍。

The superior performance of our foundational optical technologies in a variety of form factors can serve the cloud provider trend towards disaggregated consumption models in support of a fabric connections.

我們的基礎光學技術在各種外形尺寸中都具有卓越的效能，可以滿足雲端供應商向支援結構連接的分類消費模型的趨勢。

In broadband access, we have the market leading XGS-PON solution, providing our customers with modularity and openness that they haven't enjoyed in previous generations of PON deployments.

在寬頻存取方面，我們擁有市場領先的 XGS-PON 解決方案，為我們的客戶提供前幾代 PON 部署中所沒有的模組化和開放性。

This cost-effective, flexible, and sustainable OLT solution can address residential, enterprise, and mobility use cases.

這種經濟高效、靈活且永續的 OLT 解決方案可滿足住宅、企業和行動用例的需求。

Looking further out, as we also expect to lead in 25GS-PON as it emerges next year.

展望未來，我們也期望在明年出現的 25GS-PON 領域處於領先地位。

With prioritized customer investment in broadband access, fueled in part by massive public funding around the world, we estimate the 10G and above PON market will grow at a 55%-plus CAGR to approximately [$7 billion] by 2027.

隨著客戶對寬頻接取的優先投資，以及世界各地大量公共資金的推動，我們估計 10G 及以上 PON 市場將以 55% 以上的複合年增長率增長，到 2027 年達到約 [70 億美元]。

Secondly, converged IP and optical layers in the metro are now being used to reduce costs, simplify networks, and achieve new levels of scale to support AI.

其次，城域中的融合 IP 和光層現在用於降低成本、簡化網路並實現新的規模水準以支援人工智慧。

This is precisely what our coherent routing solution is designed to address with our purpose-built metro routers, including the 5000 and 8000 series platforms as well as our recently expanded WaveRouter family.

這正是我們的一致路由解決方案旨在透過我們的專用城域路由器（包括 5000 和 8000 系列平台以及我們最近擴展的 WaveRouter 系列）來解決的問題。

This solution offers our customers scaling choices, common next-generation [IP OS], integration with the world's best optics and photonics, and the market-leading multi-layer domain control to manage and fully converge these metro networks.

該解決方案為我們的客戶提供了擴展選擇、通用的下一代[IP OS]、與世界上最好的光學和光子學的集成，以及市場領先的多層域控制來管理和完全融合這些城域網路。

We estimate the metro routing market specifically will grow at a 12% CAGR to nearly $5 billion by 2027.

我們預計，到 2027 年，城域路由市場將以 12% 的複合年增長率成長至近 50 億美元。

And finally, number three, in addition to our strength in data center interconnect, we see an expanding and incremental opportunity inside and around the data center that also leverages our optical technology leadership.

最後，第三，除了我們在資料中心互連方面的實力之外，我們還看到資料中心內部和周圍不斷擴大和增量的機會，這也利用了我們光學技術的領先地位。

As cloud providers continue to build massive data centers with high data rates to handle AI workloads, they are increasingly reaching power and space limitations.

隨著雲端供應商繼續建立具有高數據速率的大型資料中心來處理人工智慧工作負載，他們越來越達到電力和空間的限制。

We believe that coherent technology and our high-speed interconnect solutions will ultimately better address the need for superior scale, power, and signal quality.

我們相信，相干技術和我們的高速互連解決方案最終將更能滿足對卓越規模、功率和訊號品質的需求。

This is similar to what we saw in the WAN and while still early, we believe it is largely a function of time as to when a meaningful portion of inside and around the data center moves to these technologies.

這與我們在廣域網路中看到的類似，雖然還處於早期階段，但我們相信資料中心內部和周圍的有意義的部分何時轉向這些技術在很大程度上是時間的函數。

In fact, we already engage with several cloud customers and ecosystem partners in this area as a direct result of our leadership in coherent.

事實上，我們已經與該領域的多個雲端客戶和生態系統合作夥伴進行了合作，這是我們在一致性方面的領導地位的直接結果。

And we expect these engagements to increase and intensify over time.

我們預計這些參與會隨著時間的推移而增加和加強。

So in summary, we believe we are incredibly well positioned to continue growing our leadership in optical and are leveraging that technology as well as that deep relationships with both cloud and service providers to further expand our addressable market and deliver profitable long-term growth.

總而言之，我們相信我們處於非常有利的位置，可以繼續擴大我們在光學領域的領導地位，並利用該技術以及與雲端和服務提供者的深厚關係來進一步擴大我們的目標市場並實現盈利的長期成長。

With that, I'll turn it over to Jim who will provide details on the quarter's results as well as our business outlook.

接下來，我會將其交給吉姆，他將提供有關本季業績以及我們的業務前景的詳細資訊。

Jim?

吉姆？

Thanks, Gary.

謝謝，加里。

Good morning, everyone.

大家，早安。

As Gary mentioned, we delivered solid fiscal second quarter financial results.

正如加里所提到的，我們交付了穩健的第二季財務表現。

Revenue in Q2 was $911 million.

第二季營收為 9.11 億美元。

Adjusted gross margin was 43.5% within the range of expectations.

調整後毛利率為43.5%，在預期範圍內。

Q2 adjusted operating expense was $334 million.

第二季調整後營運費用為 3.34 億美元。

With respect to profitability measures in Q2, we produced adjusted operating margin of 6.8%, adjusted net income of $39 million, and adjusted EPS of $0.27. In addition, we generated $59 million in cash from operations and adjusted EBITDA of $86 million.

就第二季的獲利能力指標而言，調整後營業利潤率為 6.8%，調整後淨利潤為 3,900 萬美元，調整後每股收益為 0.27 美元。此外，我們還從營運中產生了 5,900 萬美元的現金，調整後的 EBITDA 為 8,600 萬美元。

We ended the quarter with approximately $1.4 billion in cash and investments.

本季結束時，我們擁有約 14 億美元的現金和投資。

We repurchased approximately 1.1 million shares for $57 million during the quarter, and we continue to target share repurchase at $250 million total during the fiscal year.

我們在本季以 5,700 萬美元的價格回購了約 110 萬股股票，我們繼續將本財年股票回購的目標定為 2.5 億美元。

Turning to some portfolio highlights from the quarter.

轉向本季的一些投資組合亮點。

In optical, we added 20 new customers for WaveLogic 5 Extreme in Q2, bringing our total customer count to 209.

在光學領域，我們在第二季度為 WaveLogic 5 Extreme 增加了 20 個新客戶，使我們的客戶總數達到 209 個。

To date, we've shipped more than 123,000 WaveLogic 5 E

到目前為止，我們已發貨超過 123,000 個 WaveLogic 5 E

[machines].

[機器]。

Revenue in Q2 for our reconfigurable line system, or ROS platform, was up 12% year-over-year with seven new customers in the quarter.

我們的可重構生產線系統（ROS 平台）第二季的營收年增 12%，本季新增了 7 位客戶。

And separately from our momentum with the cloud providers that Gary talked about, we gained 18 new customers in the quarter for our WaveLogic 5 Nano 400ZR and ZR+ pluggables, including service providers who buy these plugs integrated into our optical systems and routers.

除了Gary 談到的與雲端供應商的合作勢頭之外，我們的WaveLogic 5 Nano 400ZR 和ZR+ 可插拔設備在本季度獲得了18 個新客戶，其中包括購買集成到我們的光學系統和路由器中的這些插頭的服務提供者。

We are also seeing strong early traction with WaveLogic 6 Extreme, which remains on schedule to become generally available within a few months.

我們還看到了 WaveLogic 6 Extreme 的強大早期吸引力，該產品仍按計劃在幾個月內全面上市。

With the industry's first and only 1.6 terabit solution, we are looking forward to a favorable competitive dynamic over an extended period, similar to what we experienced with WaveLogic 5 Extreme in which we were the exclusive solution in market for more than 18 months.

憑藉著業界首個也是唯一的1.6 太比特解決方案，我們期待在較長一段時間內保持有利的競爭動態，類似於我們在WaveLogic 5 Extreme 中所經歷的情況，在該解決方案中，我們在超過18個月的時間裡一直是市場上的獨家解決方案。

In fact, we already have orders from 14 customers around the world for WaveLogic 6 Extreme.

事實上，我們已經收到來自全球 14 家客戶的 WaveLogic 6 Extreme 訂單。

In routing and switching, we continue to be well positioned to gain share with strong customer engagement and a growing portfolio of industry leading solutions.

在路由和交換領域，我們繼續憑藉強大的客戶參與度和不斷增長的行業領先解決方案組合來獲得市場份額。

In broadband access, we have more than 50 customers globally for our PON solutions.

在寬頻存取領域，我們的 PON 解決方案在全球擁有 50 多家客戶。

These include Tier 1 service providers, major MSOs, the largest US rural broadband provider, as well as multiple regional Tier 2 and Tier 3 providers.

其中包括一級服務提供者、主要 MSO、美國最大的農村寬頻供應商以及多個區域二級和三級提供者。

We also have more than 100 customers using our coherent routing solution.

我們還有 100 多家客戶使用我們的一致路由解決方案。

As Gary mentioned earlier, this solution leverages our optical leadership, including pluggables and is key to expanding our addressable market in the converged metro.

正如 Gary 先前提到的，該解決方案利用了我們在光學領域的領先地位（包括可插拔技術），是擴大我們在融合城域領域潛在市場的關鍵。

This solution includes our WaveRouter family, which Verizon recently selected among other products in our portfolio to evolve its long-haul and metro networks.

該解決方案包括我們的 WaveRouter 系列，Verizon 最近在我們產品組合中的其他產品中選擇了該系列來發展其長途和城域網路。

Other portfolio highlights from Q2 include another very good quarter for platform software and services with 23% revenue growth year over year.

第二季度的其他投資組合亮點包括平台軟體和服務另一個非常好的季度，營收年增 23%。

And our global services business grew 5% year over year and 6% sequentially, driven by another strong quarter for installation and deployment as we continue to help our service provider customers work through some of their near term challenges.

我們的全球服務業務年增 5%，環比成長 6%，這得益於安裝和部署另一個強勁季度的推動，我們繼續幫助服務提供者客戶應對一些近期挑戰。

Turning now to guidance, we continue to believe that the fundamental demand drivers in our business are incredibly strong and the data generation and network traffic will continue to grow at very healthy rates for the foreseeable future.

現在轉向指導，我們仍然相信我們業務的基本需求驅動力非常強大，並且在可預見的未來，數據生成和網路流量將繼續以非常健康的速度成長。

We are also seeing signs of improvement in the current environment.

我們也看到當前環境有所改善的跡象。

We can see this playing out in our hardware related orders, which have increased steadily in fiscal year '24 to date, and we expect to continue to increase.

我們可以在我們的硬體相關訂單中看到這一點，這些訂單在 24 財年迄今穩步增長，並且我們預計將繼續增長。

Based on our pipeline and current projections, we believe that orders will increase meaningfully in Q3 and actually have the potential to meet or exceed our revenue during the quarter.

根據我們的管道和當前的預測，我們相信第三季的訂單將大幅增加，並且實際上有可能達到或超過我們本季的收入。

However, in the near term, while we see signs of improvement, the recovery of service provider order patterns is still slower than initially expected as they continue to absorb and deploy large amounts of their inventory.

然而，在短期內，雖然我們看到了改善的跡象，但服務提供者訂單模式的恢復仍慢於最初預期，因為他們繼續吸收和部署大量庫存。

Based upon all of these dynamics, we now expect fiscal year '24 to be approximately $4 billion, which is at the low end of the range we previously provided.

基於所有這些動態，我們現在預計 24 財年將約為 40 億美元，處於我們之前提供的範圍的低端。

We continue to believe that our adjusted gross margin from fiscal year '24 will be in the mid 40%s range.

我們仍相信 24 財年調整後的毛利率將在 40% 左右。

With respect to OpEx for the fiscal year, we continue to expect it to average $340 million to $345 million per quarter for the full year.

就本財年的營運支出而言，我們仍預期全年每季平均營運支出為 3.4 億至 3.45 億美元。

For the fiscal third quarter, we expect to deliver revenue in a range of $880 million to $960 million, adjusted gross margin in the low to mid 40%s range and adjusted operating expense of approximately $345 million.

對於第三財季，我們預計營收將在 8.8 億至 9.6 億美元之間，調整後毛利率在 40% 左右，調整後營運費用約為 3.45 億美元。

In summary, we feel great about our business today and the continued execution of our long term strategy.

總之，我們對今天的業務以及長期策略的持續執行感到滿意。

We have the world's leading optical technology to underpin our growth from a portfolio perspective.

我們擁有世界領先的光學技術，從產品組合的角度來支撐我們的成長。

We have strong and expanding relationships with both service providers and cloud providers.

我們與服務提供者和雲端提供者都建立了牢固且不斷擴大的關係。

That combination positions us incredibly well to help our customers address the rise in global data generation and AI driven bandwidth demand that is accelerating traffic growth across their networks.

這種結合使我們能夠很好地幫助我們的客戶解決全球數據生成和人工智慧驅動的頻寬需求的成長，這些需求正在加速整個網路的流量成長。

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

喬治，接下來我們將回答賣方分析師的問題。

(Operator Instructions)

（操作員說明）

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you.

謝謝。

Maybe if you could talk a little bit about kind of order book in the fiscal Q2.

也許您可以談談第二財季的訂單簿類型。

I'm not sure if you gave that.

我不確定你是否給了那個。

And then, it sounds like the telco continues to push out getting you to the lower end of the range, what confidence do you have that we'll see that in October or January?

然後，聽起來電信公司繼續推出讓您達到該範圍的低端，您對我們將在十月或一月看到這一點有什麼信心？

When do you think we'll start to really see and that telco business is fully recovering?

您認為我們什麼時候才能開始真正看到電信業務完全復甦？

Thank you.

謝謝。

Yeah, I'll speak to the backlog, Tim.

是的，我會和積壓的工作談一談，提姆。

We ended the quarter at about $1.9 billion in backlog.

本季末，我們的積壓訂單約為 19 億美元。

And based on what we see for the rest of the year, we do think our backlog will be down a bit at the -- by the end of the year, maybe not in Q3, but by the end of the year, it will be down a bit.

根據我們對今年剩餘時間的觀察，我們確實認為我們的積壓工作將在今年年底有所下降，也許不是在第三季度，但到今年年底，它將下降下降一點。

Probably not based on what we see now to as low as the long-term trend we had pre all of the COVID and supply chain situation.

可能不是基於我們現在看到的低至我們在所有新冠疫情和供應鏈情況之前的長期趨勢。

So Tim, let me take the second part of that.

提姆，讓我來談談第二部分。

What gives us confidence to it?

是什麼讓我們對它充滿信心？

First of all, we've seen sort of a steady increase in the first half in orders from service providers.

首先，我們看到上半年來自服務提供者的訂單穩定成長。

We expect that to jump a little more in a little bit of a step function in Q3.

我們預期第三季的階躍函數會進一步跳躍一些。

As Jim said in his commentary, we expect meaningful order increases in Q3, primarily led by the cloud, but also we expect an improvement in the service provider piece.

正如吉姆在評論中所說，我們預計第三季的訂單將出現有意義的成長，主要是由雲端運算帶動，但我們也預計服務提供者部分也會有所改善。

And we're also seeing in awards, the pipeline, the whole activity level is increasing.

我們也看到獎項、管道、整個活動水準都在增加。

And sort of just as importantly, I think to talk to your question, we're seeing the inventory levels come down and they are deploying, particularly in North America.

同樣重要的是，我認為要回答你的問題，我們看到庫存水準下降並且它們正在部署，特別是在北美。

We have good visibility into that.

我們對此有很好的了解。

So I think as we get out of the year, I think you will -- you'll see service providers in a more balanced supply demand inventory situation as we come out of our fiscal year.

因此，我認為，當我們結束這一年時，我想您會看到服務提供者在我們的財政年度結束時處於更加平衡的供需庫存狀況。

Thank you.

謝謝。

Thanks, Tim.

謝謝，蒂姆。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes, thank you.

是的，謝謝。

Good morning.

早安.

In your deck today, you highlighted an emerging opportunity for coherent pluggables, both inside and around the data center.

在今天的演講中，您強調了資料中心內部和周圍一致可插拔的新興機會。

For inside the data center, are you suggesting these would be used in 7 to 10 kilometer lengths?

對於資料中心內部，您是否建議在 7 到 10 公里的長度內使用這些？

Or would there be shorter reach links also possible?

或者是否也可以有更短距離的連結？

And I have a follow-up.

我有一個後續行動。

Hey, Karl, it's Scott, I think both opportunities are there.

嘿，卡爾，我是史考特，我想這兩個機會都有。

I think the more near one is the shorter kilometer reach links sort of around the data center, if you like.

如果你願意的話，我認為更近的一個是資料中心周圍較短公里的連結。

Think of it as a 2 to 10 kilometer type opportunity.

將其視為 2 至 10 公里類型的機會。

I think second one that you mentioned is as the data rates between GPUs are increasing and because of the power usage and the restrictions on power forcing more distributed architectures in these GPU clusters, the lengths of the links that need to get communicated.

我認為您提到的第二個問題是，隨著GPU 之間的資料速率不斷增加，並且由於功耗和功耗限制，迫使這些GPU 叢集中採用更多分散式架構，因此需要通訊的鏈路長度也隨之增加。

Those coherent technologies in our belief are going to start to make their way inside sort of more of the traditional clusters.

我們相信，這些連貫的技術將開始進入更多的傳統集群。

That's a longer-term opportunity.

這是一個更長期的機會。

But our position of strength from a coherent technology is pulling us into many of those dialogues around future architectures, both with the end cloud customers, but also with ecosystem providers that service those customers.

但我們憑藉一致的技術所獲得的優勢，正在促使我們參與圍繞未來架構的許多對話，不僅與最終雲端客戶，還與為這些客戶提供服務的生態系統供應商進行對話。

Very interesting and helpful.

非常有趣且有幫助。

Thank you.

謝謝。

For my follow-up, you indicated that orders -- you've already received orders for WaveLogic 6 E products, but do you expect WaveLogic 6 E and 6 Nano will be [GA] in the second half of this calendar year?

對於我的後續行動，您表示訂單 - 您已經收到了 WaveLogic 6 E 產品的訂單，但您是否預計 WaveLogic 6 E 和 6 Nano 今年下半年 [GA]？

And I guess as you address that, does a muted outlook for telecom impede in any way the near term demand uplift you see of these new products?

我想當您談到這個問題時，電信前景黯淡是否會以任何方式阻礙您對這些新產品的近期需求提升？

Thank you.

謝謝。

Yes.

是的。

So first of all, you have -- to your timing question, yes, both the 6 E and 6 N will be in market generally available this year, this calendar year.

首先，對於你的時間問題，是的，6 E 和 6 N 都將在今年、今年上市。

We made the comment actually that we had multiple orders for 6 E. That's absolutely true.

事實上，我們評論說我們有多個 6 E 訂單。

And it comes across both service provider and cloud segments.

它涉及服務提供者和雲端領域。

We also have awards as well for 6 N, not just 6 E.

我們還為 6 N 頒發了獎項，而不僅僅是 6 E。

So to your question of does the service provider sort of get in the -- the service provider dynamics of inventory will not get in the way of the ramp on those technology, I would say not because the early movers in those tend to be the folks that are most -- have the highest bandwidth demand growth and have the tightest constraint on their fibers.

因此，對於你的問題，服務提供者是否參與其中——服務提供者的庫存動態不會妨礙這些技術的發展，我想說不會，因為這些技術的早期推動者往往是人們它們的頻寬需求成長最快，並且對其光纖的限制最嚴格。

So think of the web scalers, think of the MOFN networks that are serving those web scalers, and think of submarine networks.

因此，想想網路縮放器，想想為這些網路縮放器提供服務的 MOFN 網絡，並想想海底網絡。

Very helpful.

很有幫助。

Thank you.

謝謝。

Thanks, Karl.

謝謝，卡爾。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hi, guys.

嗨，大家好。

My question is about the non-service provider.

我的問題是關於非服務提供者的。

Two questions.

兩個問題。

First, cloud went down from 33% to 25% of this non-cloud portion.

首先，雲佔非雲部分的比例從 33% 下降到 25%。

And I'm trying -- I want to understand what is driving the trends right now in the cloud, meaning they're investing heavily inside the data center, doesn't it translate into more traffic outside that requires your solutions?

我正在嘗試 - 我想了解目前雲端中趨勢的推動因素，這意味著他們在資料中心內部進行了大量投資，這是否會轉化為需要您的解決方案的更多外部流量？

And if that's the case, it means that they had tons of inventory before.

如果是這樣，那就表示他們之前有大量的庫存。

So where are we on the absorption of cloud inventories?

那我們對雲端庫存的吸收情況如何呢？

The second question is about the government and enterprise; this portion is growing.

第二個問題是關於政府和企業的；這部分正在增長。

And can you talk about trends there?

您能談談那裡的趨勢嗎？

What's driving it et cetera?

是什麼在推動它等等？

Thanks.

謝謝。

Okay.

好的。

Let me take the first part of that, on the cloud, Tal.

讓我來談談第一部分，關於雲，塔爾。

You if you look at what we've done in the cloud space, we were up 50% -- 57% last year.

如果你看看我們在雲端領域所做的事情，你會發現我們去年成長了 50% - 57%。

If you look at the first half of this year we're up 14%.

如果你看看今年上半年，我們成長了 14%。

Revenues were down slightly in Q2.

第二季度收入略有下降。

That's just normal sort of ebbs and flows, frankly.

坦白說，這只是正常的潮起潮落。

And the order flows we expect in Q3 and we're seeing in Q4, we expect both orders and revenue to increase in the second half of the year.

我們預計第三季的訂單流和第四季的訂單流預計下半年訂單和收入都會增加。

The other thing I would say about it is, yes, they're investing heavily inside the data center right now.

我要說的另一件事是，是的，他們現在正在資料中心內進行大量投資。

And their cloud business is growing as witnessed by those numbers that I just gave you.

正如我剛才給你們的那些數字所證明的那樣，他們的雲端業務正在成長。

That's really before all of the AI stuff hits and comes out of the data center.

這實際上是在所有人工智慧產品到達並離開資料中心之前。

That's really all in front of us.

這確實是擺在我們面前的一切。

We are now seeing specific plans and engagements around network deployments in the second half and moving into early '25 to deal with what they expect to be an increase in AI traffic as well.

我們現在看到下半年和 25 年初圍繞網路部署的具體計劃和參與，以應對他們預計的人工智慧流量成長。

So I think we're very positive around the whole cloud space.

所以我認為我們對整個雲端空間非常樂觀。

And if you look at the first half, we took market share.

如果你看看上半年，我們就佔據了市場份額。

Even though we have a very high market share in cloud, and we're very specific about this.

儘管我們在雲端領域擁有非常高的市場份額，而且我們對此非常具體。

We took market share in the first half.

上半年我們佔據了市場份額。

And that's before you've got WaveLogic 6 coming online, which has a massive technology advantage.

那是在 WaveLogic 6 上線之前，它具有巨大的技術優勢。

You heard us talk about the orders.

你聽到我們談論訂單了。

Just in the last couple of quarters, you've got multiple strategic awards for our 400-gig ZR+ and we talked about the new 800-gig ZR+ as well, which is obviously for WaveLogic Nano.

就在過去幾個季度，我們的 400g ZR+ 獲得了多個戰略獎項，我們也討論了新的 800g ZR+，這顯然是針對 WaveLogic Nano 的。

So -- and that's an incremental market opportunity for us, as Scott was just saying around the short reach WAN and then eventually into the actual data center itself.

因此，這對我們來說是一個增量市場機會，正如斯科特剛才所說的，圍繞著短距離廣域網，然後最終進入實際的資料中心本身。

On the government and enterprise, Tal, we are showing a growth in that sector, particularly on the government side.

在政府和企業方面，塔爾，我們顯示出該領域的成長，特別是在政府方面。

We were up last year, 23%.

去年我們成長了 23%。

Year to date, we're up about 6%.

今年迄今為止，我們上漲了約 6%。

We see a lot of opportunity, particularly on the government side, and we're pushing hard to make sure we have the portfolio, the products, services, and software, [the] government's demands which are increasing.

我們看到了很多機會，特別是在政府方面，我們正在努力確保我們擁有產品組合、產品、服務和軟體，滿足政府日益增長的需求。

Great.

偉大的。

Thank you.

謝謝。

Thanks, Tal.

謝謝，塔爾。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂菲爾。

Yes, thank you.

是的，謝謝。

Gary, I wanted to double-click a bit on some of the commentary you had on investing to address some of the opportunities and especially around the cloud service providers.

加里，我想雙擊您關於投資的一些評論，以解決一些機會，特別是圍繞雲端服務提供者的機會。

One of the things that's coming up more recently at OFC and other events is, it seems like there's a demand for customized architectures and that type of thing.

最近在 OFC 和其他活動中出現的一件事是，似乎存在對客製化架構和此類事物的需求。

So wondering as you think about those types of investments, are you thinking about disaggregating some of your market leading technologies, i.e., DSPs or optical front ends, et cetera?

因此，當您考慮這些類型的投資時，您是否正在考慮分解一些市場領先的技術，即 DSP 或光學前端等？

Yeah.

是的。

Let me take the first part of that.

讓我來談談第一部分。

Scott, anything to add to it.

史考特，有什麼要補充的嗎？

The answer to your question is, absolutely.

你的問題的答案是，絕對的。

And we've been engaged with these guys for a while.

我們和這些人接觸已經有一段時間了。

When you -- and if you think about it, we're an obvious choice for that given our leading coherent technology.

如果您考慮一下，鑑於我們領先的相干技術，我們是一個顯而易見的選擇。

And, however they want to consume that, be it in pluggable form, or be it in more discrete component form, it basically increases the velocity of our existing investments.

而且，無論他們想要如何使用它，無論是以可插拔的形式，還是以更分立的組件形式，它基本上都會提高我們現有投資的速度。

There are things that we need to do.

有些事情我們需要做。

We believe, to make that applicable into that space.

我們相信，使其適用於該領域。

But that is all additional incremental market for us.

但這對我們來說都是額外的增量市場。

I mean, we have zero market share and zero revenues from inside the data center right now.

我的意思是，我們現在的資料中心內部市佔率為零，收入為零。

And so we are increasingly engaged.

因此我們越來越參與其中。

And given the depth of our relationship with these folks, we believe we're very well placed to benefit from that.

鑑於我們與這些人的關係的深度，我們相信我們完全有能力從中受益。

And particularly as you see the GPU intensity of the AI buildout, that is increasing data rates and increasing distances, which really plays into what we think will be an intersect point with coherent technology.

特別是當你看到人工智慧建構的 GPU 強度時，也就是增加資料速率和增加距離，這確實會成為我們認為與相干技術的交叉點。

Yeah, when we talked about the opportunity of the coherent coming to solve some of the problems inside the data center, we're very cognizant of the fact that, inside the data centers the key players there, whether they be end cloud consumers themselves or other ecosystem players that play there, are have really grown up in a disaggregated model with consuming technology.

是的，當我們談到一致來解決資料中心內的一些問題的機會時，我們非常認識到這樣一個事實，即資料中心內部的關鍵參與者，無論他們是終端雲端消費者本身還是在那裡發揮作用的其他生態系參與者確實是在消費科技的分解模型中成長起來的。

We're very aware of that and we're taking steps to make sure that we are ready to play there and absolutely are willing to play there.

我們非常清楚這一點，我們正在採取措施確保我們準備好在那裡比賽並且絕對願意在那裡比賽。

That's just the way it's going to get consumed.

這就是它被消耗的方式。

That's great.

那太棒了。

Thank you.

謝謝。

Just a quick follow-up.

只是快速跟進。

It's great to see the very broader deployments at Verizon.

很高興看到 Verizon 進行了更廣泛的部署。

Can you maybe just talk about conversations you're having with either other service providers in North America or elsewhere or cloud service providers on that product specifically?

您能否談談您與北美或其他地方的其他服務提供者或特定於該產品的雲端服務提供者之間的對話？

Yeah, we think if we take a bit of a step back, WaveRouter is one of the products in a family of products that we call our coherent [running] portfolio.

是的，我們認為，如果我們退一步，WaveRouter 是我們稱之為一致[運行]產品組合的產品系列中的產品之一。

And what we're seeing is as service providers think about their sustainable role in the world going forward, their metro and access connectivity is really important to them.

我們看到的是，當服務提供者考慮他們在未來世界中的永續角色時，他們的地鐵和連接對他們來說非常重要。

And they're looking at what they're going to have to be able to deliver in terms of high capacity, low latency type networks.

他們正在研究他們必須能夠在高容量、低延遲類型網路方面提供什麼。

And that is, again playing into the strength of optics is a more and more important part of it.

也就是說，再次發揮光學的力量是其中越來越重要的一部分。

So we've built a family of purpose-built routers that is designed to go after that in an optimized way, WaveRouter being the biggest part of that -- the biggest, the big brother of that family, if you like.

因此，我們建立了一系列專用路由器，旨在以優化的方式實現這一目標，WaveRouter 是其中最大的部分——如果你願意的話，也是該系列中最大的部分。

If you take more broader from a coherent router perspective in the family, our 5000 series, 8000 series and WaveRouter, we've got over 100 customers worldwide deploying that today and they're buying into the footprint optimization that you get on the purpose-built router they're buying into the world-class optics.

如果您從我們的5000 系列、8000 系列和WaveRouter 系列的連貫路由器的角度來看更廣泛的情況，我們今天在全球範圍內有超過100 家客戶正在部署這些產品，他們正在購買您所獲得的佔地面積優化 -他們購買了世界級光學的內建路由器。

And they're also very importantly buying into the multi-layer domain control that really allows them to enable convergence in their network.

他們還非常重要地購買了多層域控制，這確實使他們能夠實現網路融合。

So that's where we're seeing the traction.

這就是我們看到的吸引力。

A lots of -- WaveRouter itself is actually the redundant chassis version of that.

很多——WaveRouter 本身實際上是其冗餘機箱版本。

So where people are deeper in their network and they have high capacity [and] redundancy, that's where they land on WaveRouter as part of that broader stores.

因此，當人們在網路中更深層並且擁有高容量和冗餘時，他們就會選擇使用 WaveRouter 作為更廣泛商店的一部分。

Thank you.

謝謝。

George Notter, Jefferies.

喬治諾特，傑弗里斯。

Hi, guys.

嗨，大家好。

Thanks very much.

非常感謝。

Just a couple of modeling questions.

只是幾個建模問題。

I was looking at the DSO number, I think was 98 in the quarter.

我查看了 DSO 數字，我認為該季度為 98。

That's up 10 days sequentially.

連續 10 天增加。

Was there something going on this quarter with linearity or collections?

本季在線性或集合方面有什麼進展嗎？

What can you say there?

你能在那裡說什麼？

And then also wanted to ask about inventories.

然後還想問庫存。

Your inventories were up sequentially.

您的庫存持續增加。

I know that you guys said previously you don't expect them to go down that rapidly this year, but I guess I was a bit surprised to see inventories go up sequentially, so any insights there would be great.

我知道你們之前說過，你們預計今年庫存不會這麼快下降，但我想我對看到庫存連續上升感到有點驚訝，所以任何見解都會很棒。

Thanks.

謝謝。

Yeah, we still expect, George, that by the end of the year, our inventory will be down from the end of last year by a couple of hundred million dollars.

是的，喬治，我們仍然預計，到今年年底，我們的庫存將比去年年底減少幾億美元。

There are some movements through the year based on what customers are doing and what our vendors are doing.

根據客戶的行為和我們的供應商的行為，全年會發生一些變化。

But we think that by the end of the year, we'll be up $200 million or so, below where we were at the end of last year.

但我們認為，到今年年底，我們的收入將比去年年底增加 2 億美元左右。

And the first part of your question was

你問題的第一部分是

--?

——？

The linearity question.

線性問題。

Yeah, I don't think you should read a lot into that.

是的，我認為你不應該讀太多內容。

We actually have large customers who pay large amounts at certain times and we were lucky enough in Q1 to get a -- end of quarter amount paid that brought our DSOs down.

實際上，我們有大客戶在某些時候支付大筆費用，我們很幸運在第一季獲得了季度末支付的金額，這導致我們的 DSO 下降。

My guess is our DSOs are going to be in a range of 93 to 96 or so for the year.

我的猜測是，今年我們的 DSO 將會在 93 到 96 左右之間。

It's a little higher than that now, but will be 93 to 96, my guess.

比現在高一點，但我猜會是 93 到 96。

Fair enough.

很公平。

Thank you very much.

非常感謝。

Amit Daryanani, Evercore ISI Institutional Equities.

Amit Daryanani，Evercore ISI 機構股票。

Good morning and thanks for taking my question.

早安，感謝您提出我的問題。

I've two as well.

我也有兩個。

I guess maybe the first one is, when I think about your back half guide on the question that folks seem to be kind of struggling with is, you're sort of implying 20%-plus sequential growth in the October quarter at this point, [to hit the $4 billion] number, that seems to be a very steep acceleration given kind of what you're seeing so far in the year.

我想也許第一個是，當我想到你的後半部分指南時，人們似乎在努力解決這個問題，你有點暗示此時 10 月份季度的環比增長超過 20%， [達到40 億美元]這個數字，考慮到今年迄今為止所看到的情況，這似乎是一個非常陡峭的加速。

So I'd love to just understand what's underpinning from a vertical basis, maybe that the sizable acceleration that you expect in October quarter right now?

因此，我很想了解垂直基礎上的支撐因素，也許是您現​​在預計十月份季度的大幅加速？

Yes.

是的。

No, that's a very fair question, Amit.

不，這是一個非常公平的問題，阿米特。

I'd answer it in a number of ways, what gives us confidence around that.

我會用多種方式來回答這個問題，這讓我們對此充滿信心。

First of all, we're seeing incremental improvement on service providers, not what we'd anticipated coming into the year, but we're clearly seeing incremental improvement in terms of orders, pipeline activity, et cetera.

首先，我們看到服務提供者的逐步改善，這不是我們預期的今年，但我們清楚地看到訂單、管道活動等方面的逐步改善。

Secondly, we still have a very large backlog.

其次，我們還有大量的積壓。

And that also gives us some confidence around our Q4 step-up for the year.

這也讓我們對今年第四季的進步充滿信心。

And the other thing I would say is we're seeing strong cloud provider engagement as well.

我要說的另一件事是，我們也看到雲端供應商的大力參與。

Even though we're up 14% already, we expect a very strong second half from the cloud providers as well.

儘管我們已經成長了 14%，但我們預計雲端供應商下半年也會表現強勁。

So incremental improvements on the service providers.

因此，服務提供者需要不斷改進。

And we've got good visibility, particularly in North America to them -- deploying their inventory that they've got.

我們擁有良好的知名度，特別是在北美，對他們來說——部署他們擁有的庫存。

And we've got -- we're seeing good progress on that.

我們已經看到這方面取得了良好進展。

So I think you put all of those together, and that's what gives us confidence in Q4.

所以我認為你把所有這些放在一起，這就是我們對第四季度充滿信心的原因。

Perfect.

完美的。

That's really helpful.

這真的很有幫助。

And then Garry, you sound a lot more -- you sound incrementally more positive on the AI opportunity and how does that ramp up for you folks over the next couple of years?

然後，加里，你聽起來更加樂觀——你對人工智慧機會的態度越來越積極，在接下來的幾年裡，這對你們來說會如何發展？

I'm wondering, given everything that you've highlighted so far, does that alter your view of the long-term growth range for Ciena as we go forward?

我想知道，考慮到您迄今為止所強調的一切，這是否會改變您對 Ciena 未來長期增長範圍的看法？

And when do you think some of these opportunities will start to show up on your revenue stream?

您認為其中一些機會什麼時候會開始出現在您的收入來源中？

Thank you.

謝謝。

Yeah.

是的。

I mean, I think the question's always been in our space.

我的意思是，我認為這個問題一直存在於我們的領域。

We see all the activity inside the data center and logic would say that at some point to monetize that has to come out.

我們看到資料中心內的所有活動，邏輯上會說，在某個時候，必須將其貨幣化。

And I think we've all been collectively looking at that.

我認為我們都在共同關注這個問題。

I think we're beginning to see the signs of that right now.

我認為我們現在已經開始看到這種跡象。

I mean, AI traffic is being obviously, things like the current models are being put out there, but the traffic flows are then blended with cloud, and it's difficult to see whether that's driving it or just the cloud expansion.

我的意思是，人工智慧流量很明顯，像當前模型之類的東西正在那裡發布，但流量隨後與雲端混合在一起，很難看出這是驅動它還是只是雲端擴展。

We are now beginning to see specific engagements with the cloud players around provisioning for AI traffic as we get through next year.

隨著明年的到來，我們現在開始看到與雲端廠商圍繞人工智慧流量配置進行具體合作。

So that is informing us sort of an improved confidence around that impacting it.

因此，這告訴我們對影響它的信心有所提高。

Then as we've talked a little bit about inside the data center, that's a little more, obviously, more nascent opportunity for us, we are excited by the disaggregation opportunity, which is all incremental to us there as well.

然後，正如我們在數據中心內部討論的那樣，這對我們來說顯然是一個更多的新生機會，我們對分解機會感到興奮，這對我們來說也是增量的。

So you put all of that lot together and there's a reasonable question, our 6% to 8% that we put out there is basically what we can see right now from the TAM opportunities that we're driving.

所以你把所有這些放在一起，就會出現一個合理的問題，我們提出的 6% 到 8% 基本上就是我們現在從我們正在推動的 TAM 機會中看到的。

Could that improve or better way of putting it, should that improve over the next three years?

這種情況是否可以改善，或更好的表達方式，在未來三年內是否應該改善？

The answer is probably yes, but really the 6% to 8% is just what we can see right now and have a visibility to.

答案可能是肯定的，但實際上 6% 到 8% 正是我們現在可以看到並能看到的。

That could obviously increases the AI traffic flows into the both the cloud and the service provider networks, particularly in broadband.

這顯然會增加流入雲端和服務供應商網路的人工智慧流量，特別是在寬頻領域。

And you have to remember that our core optical business is -- it grows at only about 2% or 3%.

你必須記住，我們的核心光學業務——它的成長率僅為 2% 或 3% 左右。

And even in that business, we've been able to do very well and take share.

即使在這個行業，我們也能做得很好並佔據份額。

But the core of our business is not growing at a rapid rate.

但我們的核心業務並沒有快速成長。

It will depend upon all the things that Gary spoke about as well as routing and switching to get to the higher growth rates we're calling and hopefully they'll go up from.

這將取決於加里談到的所有事情以及路由和交換，以達到我們所說的更高成長率，並希望它們能夠繼續上升。

If you look at the TAM, in aggregate, the three main areas of the TAM, it blends at over 30% CAGR.

如果你看一下 TAM，總的來說，TAM 的三個主要領域，它的複合年增長率超過 30%。

So we're hopeful that that will impact our 6% to 8% over time.

因此，我們希望隨著時間的推移，這將影響我們 6% 至 8% 的比例。

Thank you.

謝謝。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thanks for taking the question.

感謝您提出問題。

I wanted to first ask about the concentration of your cloud customers because I guess the lumpiness that you've called out should have been expected.

我想先詢問您的雲端客戶的集中度，因為我想您所說的混亂應該是可以預料到的。

You had two really big customers in your October and January quarters.

在 10 月和 1 月季度，您有兩個真正的大客戶。

What I'm looking for is an understanding of how you expect the concentration within cloud evolves.

我正在尋找的是了解您期望雲端中的集中度如何演變。

Do you expect others to get more significant beyond the two that have been the major drivers of your direct to cloud revenue?

除了這兩個直接雲端收入的主要驅動因素之外，您是否期望其他因素變得更重要？

And then I've got a quick follow-up, I'll come back with them.

然後我會進行快速跟進，我會和他們一起回來。

I would say, obviously that, there are four large network deployed cloud players that we're all aware of.

我想說，顯然，我們都知道有四個大型網路部署的雲端播放器。

I think we are employed with all four.

我想我們四個人都受僱了。

And you're going to get ebbs and flows between each of them as you go through that.

當你經歷這些的時候，你會在它們之間經歷潮起潮落。

I think it's fair to say we're expanding our relationship with all four of those, both in terms of new applications, you saw all the pluggable announcements in the last couple of quarters and that's a market really in this, short of connectivity, DCI connected, where we really don't have a lot of market share.

我認為可以公平地說，我們正在擴大與所有四個方面的關係，無論是在新應用程式方面，還是在過去幾個季度中看到的所有可插拔公告，這確實是一個缺乏連接、DCI的市場互聯，我們確實沒有太多市場佔有率。

So that's all incremental market share for us.

這就是我們增加的所有市場份額。

So you've seen an expansion of that in addition to submarine, in addition to the MOFN stuff that I talked about around the world with service providers.

因此，除了潛水艇之外，除了我在世界各地與服務提供者討論過的 MOFN 之外，您還看到了這一領域的擴展。

So you can see our relationship with those four are getting deeper and they're broadening out.

所以你可以看到我們與這四個人的關係正在變得越來越深入，而且範圍正在擴大。

And that's before we have the opportunity inside the data center as well.

那是在我們有機會進入資料中心之前。

Now in addition to that, we did announce a pluggable win with a new cloud provider that is not in those four.

除此之外，我們確實宣布了與一家新的雲端供應商的可插入式勝利，該雲端提供者不屬於這四個提供者。

So you are seeing other cloud providers, not in the big-four come through globally, and we're engaged with most of those as well.

因此，您會看到全球範圍內出現了其他雲端提供者（四大雲端供應商除外），而我們也與其中大多數雲端供應商進行了合作。

So, the overall opportunity market is getting bigger and we're increasing our market share in that space because of the multiple applications that we've got.

因此，整體機會市場正在變得越來越大，由於我們擁有多種應用程序，我們正在增加該領域的市場份額。

And that's before we start to deliver WaveLogic 6.

那是在我們開始交付 WaveLogic 6 之前。

Thanks.

謝謝。

And then the follow-up and maybe this is for Scott, is that the ZR market is thought of as a revenue headwind.

接下來，也許這對 Scott 來說是，ZR 市場被認為是收入逆風。

I presume ZR+ would be somewhat different because that's a product or a technology that's not necessarily a standard and provides much better performance than the ZRs.

我認為 ZR+ 會有所不同，因為它是一種產品或技術，不一定是標準，並且提供比 ZR 更好的性能。

Can you talk about how ZR+ affects your assumptions and the market overall?

能談談ZR+如何影響您的假設和整個市場嗎？

Thank you.

謝謝。

That's a couple of points.

這是幾點。

Back on your last comments, just a reminder that the four big ones that Gary talked about, all four of those are in our top 10 customer base.

回到你最後的評論，只是提醒一下加里談到的四個大的，所有四個都在我們的十大客戶群中。

So there's distribution there.

所以那裡有分佈。

And then there's the next year includes logos that you would recognize as well as just say, non-North American cloud providers that are moving outside their national territory, if you like, and looking for western suppliers to provide that as well.

然後，明年將包括您會認出的徽標，並且只是說，如果您願意的話，非北美雲端提供者將移出其國家領土，並尋找西方供應商來提供這些服務。

We get good business to begin with through open opportunities on them.

我們透過向他們提供開放機會來開始獲得良好的業務。

And as they get bigger, they start to build their infrastructure.

隨著規模的擴大，他們開始建造基礎設施。

And the reference that we had on our 400-gig ZR win this quarter was one of those logos.

我們本季 400 場 ZR 勝利的參考就是其中一個標誌。

So we start to see them sort of growing up, if you like and becoming a bigger part of the industry.

因此，如果你願意的話，我們開始看到他們在成長，並成為產業中更重要的一部分。

And we're benefiting from that.

我們正從中受益。

To your question on the dynamics of 400-gig ZR and evolution to 800-gig ZR and ZR+, I guess just would, from our perspective, sort of have a different have a -- different view of the 400-gig ZR being a headwind because if you look at where we actually participate, even though we have a massive market share position with the web scalers on all things transport, we don't really participate with them today on their campus metro DCI.

對於您關於 400-gig ZR 動態以及向 800-gig ZR 和 ZR+ 演進的問題，我想，從我們的角度來看，對於 400-gig ZR 是一種逆風，我想會有不同的看法因為如果你看看我們實際參與的地方，即使我們在所有運輸方面與網路擴展商擁有巨大的市場份額，但我們今天並沒有真正參與他們的校園地鐵DCI。

So for us, we look at that as a net opportunity and a tailwind, whether it be at the current generation 400-gig ZR, whether WaveLogic 5 Nano or next generation.

因此，對我們來說，無論是當前一代 400-g ZR、WaveLogic 5 Nano 還是下一代，我們都將其視為淨機會和順風車。

And then you're right as we move to next generation, what's happening is because of the power constraints and this sheer demand for compute, these data centers are getting pushed farther and farther apart.

然後你是對的，當我們轉向下一代時，發生的事情是由於功率限制和對計算的巨大需求，這些數據中心被推得越來越遠。

Geographical distribution is happening.

地理分佈正在發生。

Performance starts to matter again.

性能再次開始變得重要。

So we're not designing to the least common denominator of a 400-gig ZR; performance matters.

因此，我們並不是按照 400g ZR 的最小公分母進行設計；而是按照 400g ZR 的最小公分母進行設計。性能很重要。

And I think that moves to our strengths as a technology provider.

我認為這體現了我們作為技術提供者的優勢。

Thank you.

謝謝。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

You're sounding a lot more positive in terms of the opportunity with telecom service providers with bandwidth growth as well as AI that you talked about.

對於電信服務供應商在頻寬成長以及您談到的人工智慧方面的機會，您的態度聽起來更加積極。

However, I mean another way that investors I think are also looking at it is, when we look at your telco revenue like from 2019 every year, 2019-2020 till like even 2024 the run rate you are at, it's been largely sort of in this [2.1 billion, 2.2 billion] range pretty consistently.

然而，我的意思是，我認為投資者也在關注它的另一種方式是，當我們從2019 年開始每年查看電信公司的收入時，從2019 年到2020 年，直到2024 年，您的運行率在很大程度上是在這個 [21 億，22 億] 範圍相當一致。

And when we think about sort of pluggable, et cetera, it seems like the telcos have found a way to sort of drive the overall spend that they do despite the increase in bandwidth towards sort of very consistent level.

當我們考慮可插拔等問題時，電信公司似乎已經找到了一種方法來推動他們的整體支出，儘管頻寬增加到了非常一致的水平。

When you think about the drivers that you called out, how do you think about breaking out of that range in terms of what the telcos have spent?

當您想到您召集的司機時，您如何看待電信公司的支出突破這一範圍？

Are the telcos really willing to spend or are they going to look at other ways, including like pluggable us to keep that spend to that sort of similar level?

電信公司是否真的願意花錢，或者他們是否會考慮其他方式，包括像可插拔我們一樣將支出保持在類似的水平？

That's largely, I would say the concern in terms of even as we sort of think about these broader sort of bandwidth expiration trends.

我想說的是，即使我們在考慮這些更廣泛的頻寬到期趨勢，這在很大程度上也是令人擔憂的。

This telcos haven't really shown their appetite to spend more over time.

隨著時間的推移，這些電信公司並沒有真正表現出增加支出的意願。

Can you just share your thoughts on that please and I have a follow up?

您能分享一下您對此的想法嗎？

Let me start to answer that Samik, and I think there are a lot of different dimensions to this question.

讓我開始回答 Samik，我認為這個問題有很多不同的維度。

But the first thing I would say is that we've gone through a very unusual period in the industry.

但我首先要說的是，我們已經經歷了這個行業中一個非常不尋常的時期。

Starting in 2020 with COVID then followed by the supply chain dynamics and the swinging of the pendulum back and forth.

從 2020 年的新冠疫情開始，供應鏈的動態和鐘擺的來回擺動隨之而來。

And so my own view is that the recent trends -- the recent actual spends on the part of service providers are not reflective of a long-term trend.

因此，我自己的觀點是，最近的趨勢——服務提供者最近的實際支出並不能反映長期趨勢。

The other thing that's happened during this period is that service providers have spent a large amount of money on building out their 5G networks.

在此期間發生的另一件事是服務提供者花費了大量資金來建立他們的 5G 網路。

So all of that is wireless here in which we don't participate.

所以這裡的一切都是無線的，我們不參與其中。

It's our view that it's not going to be a highly -- rapidly growing business.

我們認為這不會是一個高度快速成長的業務。

But we do think that over time, service providers will start to spend again, particularly on optical.

但我們確實認為，隨著時間的推移，服務提供者將再次開始支出，尤其是在光學方面。

Every indication that we see is that demand on their networks is growing at least on their wired networks, and they're going to have to spend to build that out.

我們看到的每一個跡像都表明，他們的網路需求正在增長，至少在有線網路上，他們將不得不花錢來建造它。

In the near term, as we said on the MOFN side, they're getting that opportunity from the of GCNs.

在短期內，正如我們在 MOFN 方面所說的那樣，他們正在從 GCN 獲得這個機會。

And we've said in the past.

我們過去已經說過。

This is in areas where the GCNs actually are regulated and prevented from owning fiber and owning the networks, but even in places where they can own their own networks, they want to get enough gear out there more quickly than they can do themselves.

在這些地區，GCN 實際上受到監管，無法擁有光纖和網絡，但即使在他們可以擁有自己網絡的地方，他們也希望比自己更快地獲得足夠的設備。

And so they're entering into MOFN arrangements with service providers in the US and other parts of the world.

因此，他們正在與美國和世界其他地區的服務提供者簽訂 MOFN 安排。

So we don't think that the near term actuals reflect long-term trends.

因此，我們認為近期實際情況並不能反映長期趨勢。

We think the service providers are going to be just fine.

我們認為服務提供者會很好。

The other thing I would sort of add to that is you've got traffic growth and you've got, as Jim said, MOFN cloud driving that.

我要補充的另一件事是流量成長，正如吉姆所說，MOFN 雲端推動了這項成長。

We're also winning share.

我們也正在贏得份額。

We have leading technology in this space, leading relationships and we're winning share in there.

我們在這個領域擁有領先的技術，領先的關係，我們正在贏得那裡的份額。

We're also -- our TAM expansion -- some of that TAM expansions in terms of, convergence of metro, routing, et cetera, means that we're going to take share in those new emerging markets as well.

我們也——我們的 TAM 擴張——在地鐵、路由等方面的一些 TAM 擴張，這意味著我們也將在這些新興市場中佔據份額。

So service providers is a challenging market for sure, but we believe it will grow in our space and they will absolutely need to spend and grow their wireline networks, as Jim said, for all the drivers that we know of.

因此，服務提供者肯定是一個充滿挑戰的市場，但我們相信它會在我們的領域中成長，正如吉姆所說，他們絕對需要為我們所知道的所有驅動程式花費和發展他們的有線網路。

And that's before sort of a I really start.

那是在我真正開始之前。

They're going to be responsible for delivering a lot of the broadband AI.

他們將負責提供大量寬頻人工智慧。

And we're quite bullish on that broadband space.

我們非常看好寬頻領域。

So we think that we are going to get to a more normalized state with service providers as we get through to next year from an inventory balance point of view.

因此，我們認為，從庫存平衡的角度來看，隨著明年的到來，我們將與服務提供者達成更正常化的狀態。

And we are incredibly well positioned to take advantage of that in addition to our confidence in the cloud relationships.

除了我們對雲端關係的信心之外，我們還處於非常有利的位置來利用這一點。

Got it.

知道了。

And if I can just do a quick follow up.

如果我能快速跟進一下就好了。

Jim, you mentioned in your remarks that you're expecting orders in Q3 to be slightly above revenue potentially.

吉姆，您在演講中提到，您預計第三季的訂單可能會略高於收入。

Is that really what's embedded in the Q4 guide because my math would indicate that you're sort of implying a 50% increase in the orders from Q2 to then sort of drive to that order level in Q3.

這真的是第四季度指南中嵌入的內容嗎？

Am I doing the -- am I getting it in the ballpark in terms of what's embedded in the revenue recovery in Q4?

我是否在做——就第四季度收入復甦的內容而言，我是否在大致範圍內？

[You're in] the ballpark, we do expect a meaningful increase in orders in Q3 based on everything we see now and if things fall right, we could approach what we expect to deliver for revenue in the quarter.

[你在]大概的情況下，根據我們現在所看到的一切，我們確實預計第三季度的訂單將出現有意義的增長，如果情況順利，我們可以接近我們預期的本季度收入。

Whether we get there or not, we're going to be close to what we delivered in revenue in Q3.

無論我們能否實現這一目標，我們都將接近第三季的營收水準。

And that order pattern is what drives a lot of our confidence for Q4.

這種訂單模式是我們對第四季充滿信心的動力。

And we're also -- I'd also point out we're carrying a big backlog so [stay] still.

我們也—我還要指出，我們積壓了大量訂單，所以[保持]不動。

Ryan Koontz, Needham & Co.

孔茲 (Ryan Koontz)，李約瑟公司

Great.

偉大的。

Thanks for the question.

謝謝你的提問。

Just circle back to some previous commentary around the 800 ZR impacts.

回到之前關於 800 ZR 影響的一些評論。

Can you specify when you think the timing of that impacts to cloud business, which segments of cloud, you expect 800 ZR to impact in terms of DCI, metro, long-haul, subsea?

您能否具體說明一下您認為影響雲端業務的時間？

Thanks.

謝謝。

Commercial, the availability of our product, Ryan, is going to be a late in the calendar year, this year.

我們的產品 Ryan 的商業上市將在今年稍後進行。

We wouldn't expect it to be a revenue impact for us until 2025 certification cycles.

在 2025 年認證週期之前，我們預計這不會對我們的收入產生影響。

And obviously, there needs to be host platforms and whatnot that these parts will go into.

顯然，需要有主機平台以及這些零件將進入的東西。

The other thing

另一件事

(multiple speakers) --

（多位發言者）——

Later in the year.

當年晚些時候。

Sorry, Ryan?

對不起，瑞安？

Yes, I think it will take a couple of quarters gone beyond availability for start to see any meaningful revenue.

是的，我認為需要幾個季度的時間才能開始看到任何有意義的收入。

And just to be clear, Ryan, we still believe that the ultra-long haul, submarine, long-haul market is going to be a systems business, not pluggable business.

需要明確的是，Ryan，我們仍然相信超長途、海底、長途市場將是一個系統業務，而不是可插拔業務。

And we think the WaveLogic 6 E is the one that's going to drive that and we'll be ahead of the market on that by good long time.

我們認為 WaveLogic 6 E 將會推動這一趨勢，我們將在很長一段時間內領先市場。

It's great to here.

來到這裡真好。

And just shifting gears real quick on the broadband side, sounds like some decent momentum there.

在寬頻方面快速轉變，聽起來像是一些不錯的動力。

Can you maybe outline the different segments you are seeing success in terms of cable and Tier 2s and what your differentiation is, what the competitive environment is like there?

您能否概述一下您在電纜和第 2 層方面看到的成功的不同細分市場，以及您的差異化是什麼，那裡的競爭環境是什麼樣的？

Appreciate it.

欣賞它。

Thank you.

謝謝。

Yes, Ryan.

是的，瑞安。

And just to remind folks on the call that with our play here is to intercept broadband PON at the next generation PON, 10-gig and above.

只是想提醒一下電話中的人們，我們在這裡的目的是攔截下一代 PON（10 吉級及以上）的寬頻 PON。

We've got a vertically integrated solution on the OLT side with our Tibit acquisition.

透過收購 Tibit，我們在 OLT 方面獲得了垂直整合的解決方案。

It's a modular solution that brings with the benefits of cost and footprint.

它是一種模組化解決方案，具有成本和占地面積的優勢。

And it's an open solution unlike sort of sort of pass technology.

這是一種開放的解決方案，與某種傳遞技術不同。

So that's the value proposition.

這就是價值主張。

Resonating, I think we've got approaching 60 customers globally on that.

我想我們已經在全球範圍內接觸了 60 個客戶，這引起了共鳴。

It's across all the segments that you mentioned.

它涉及您提到的所有細分市場。

So Tier 1 service providers, MSOs, large regional broadband providers, both US-based and internationally, and a number of Tier 2, Tier 3 broadband suppliers.

因此，包括美國和國際的一級服務提供者、MSO、大型區域寬頻供應商，以及一些二級、三級寬頻供應商。

The majority of those I'm mentioning are actually whole systems, but remind folks, we also sell the Tibit technology as an individual component in the marketplace through other OEMs as well.

我提到的大多數實際上是整個系統，但請提醒大家，我們也透過其他 OEM 在市場上將 Tibit 技術作為單獨的組件出售。

Perfect.

完美的。

Thanks a lot, Scott.

非常感謝，斯科特。

Thank you, Ryan.

謝謝你，瑞安。

And thanks, everyone, for joining us today, and we'll look forward to catching up with everyone later today and over the next days and weeks.

感謝大家今天加入我們，我們期待在今天晚些時候以及接下來的幾天和幾週內與大家見面。

Have a good day.

祝你有美好的一天。

Ladies and gentlemen, the conference has now concluded.

女士們、先生們，會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。