Infinera Corp (INFN) 2022 Q2 法說會逐字稿

Good day, and welcome. Good day. My name is Savannah, and I will be your conference Operator for today. At this time, I would like to welcome everyone to the Infinera Corporation Q2 2022 Earnings Call. Today's call is being recorded. (Operator Instructions) Thank you.

美好的一天，歡迎。再會。我的名字是 Savannah，我將成為您今天的會議接線員。在這個時候，我想歡迎大家參加 Infinera Corporation 2022 年第二季度財報電話會議。今天的電話正在錄音。 （操作員說明）謝謝。

And I would now like to turn the conference over to Amitabh Passi. Please go ahead.

我現在想把會議交給 Amitabh Passi。請繼續。

Thank you, Operator, and good afternoon. Welcome to Infinera's Second Quarter of Fiscal 2022 Conference Call. A copy of today's earnings and investor slides are available on the Investor Relations section of the website. Additionally, this call is being recorded and will be available for replay from our website.

謝謝你，接線員，下午好。歡迎參加 Infinera 2022 財年第二季度電話會議。今天的收益和投資者幻燈片的副本可在網站的投資者關係部分獲得。此外，此通話正在錄音中，並可從我們的網站重播。

Today's call will include projections and estimates that constitute forward-looking statements, including, but not limited to, statements of our business plans, including our product roadmap, sales, growth, market opportunities, manufacturing operations, products, technology and strategy, statements regarding the impact of industry-wide supply chain challenges, macroeconomic factors and COVID-19 on our business plans and results of operations. As well as statements regarding future financial performance, including our financial outlook for the third quarter and second half of 2022. These statements are subject to risks and uncertainties that could cause Infinera's results to differ materially from management's current expectations.

今天的電話會議將包括構成前瞻性陳述的預測和估計，包括但不限於我們的業務計劃陳述，包括我們的產品路線圖、銷售、增長、市場機會、製造運營、產品、技術和戰略、關於全行業供應鏈挑戰、宏觀經濟因素和 COVID-19 對我們的業務計劃和運營結果的影響。以及有關未來財務業績的聲明，包括我們對 2022 年第三季度和下半年的財務展望。這些聲明受風險和不確定性的影響，可能導致 Infinera 的業績與管理層當前的預期存在重大差異。

Actual results may differ materially as a result of various risk factors, including those set forth in our annual report on Form 10-K for the year ended December 25, 2021, as filed with the SEC on February 23, 2022, and its quarterly report on Form 10-Q for the quarter ended March 26, 2022, as filed with the SEC on May 3, 2022, as well as subsequent reports filed with or furnished to the SEC from time to time. Please be reminded that all statements are made as of today, and Infinera undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call.

由於各種風險因素，實際結果可能存在重大差異，包括我們於 2022 年 2 月 23 日向 SEC 提交的截至 2021 年 12 月 25 日止年度的 10-K 表格年度報告及其季度報告中所述的風險因素於 2022 年 5 月 3 日向 SEC 提交的截至 2022 年 3 月 26 日的季度的 10-Q 表格，以及不時向 SEC 提交或提供的後續報告。請注意，所有聲明均截至今日，Infinera 不承擔更新或修改任何前瞻性聲明以反映本次電話會議後可能出現的事件或情況的義務。

Today's conference call includes certain non-GAAP financial measures. Pursuant to Regulation G, we've provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the earnings release and investor slides for this quarter, each of which is available on the Investor Relations section of our website.

今天的電話會議包括某些非公認會計原則的財務措施。根據 G 條例，我們在本季度的收益發布和投資者幻燈片中提供了這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的對賬，每一項都可以在我們網站的投資者關係部分找到.

And finally, as a reminder, we'll allow for plenty of time for Q&A today, so we ask that you limit yourselves to one question and one follow-up, please. I'll now turn the call over to our Chief Executive Officer, David Heard.

最後，提醒一下，我們今天將留出大量時間進行問答，所以我們要求您將自己限制在一個問題和一個後續行動上。我現在將把電話轉給我們的首席執行官 David Heard。

Well, thanks, Amitabh. Good afternoon, and thanks for joining us today. I will begin with a review of our financial results for the quarter, and then I'm going to turn the call over to Nancy to cover the financial details of our financial performance. The second quarter results were encouraging in a challenging environment, with revenue beating the midpoint of our outlook range, non-GAAP operating margin at the upper end of our range, and non-GAAP gross margin near the midpoint of our range due to higher supply chain costs. On a year-over-year basis, product revenue grew 11%, while services revenue declined 11% due to supply-related delays in customer deployments, resulting in total company revenue growth of 5.5%. The good news is, this is only an issue of timing with the service revenue and revenue associated with these delays should be recognized in the coming quarters.

嗯，謝謝，阿彌陀佛。下午好，感謝您今天加入我們。我將首先審查我們本季度的財務業績，然後我將把電話轉給南希，以涵蓋我們財務業績的財務細節。在充滿挑戰的環境中，第二季度的業績令人鼓舞，收入超過了我們展望範圍的中點，非 GAAP 營業利潤率處於我們範圍的上限，並且由於供應增加，非 GAAP 毛利率接近我們範圍的中點連鎖成本。與去年同期相比，產品收入增長了 11%，而由於與供應相關的客戶部署延遲，服務收入下降了 11%，導致公司總收入增長 5.5%。好消息是，這只是服務收入的時間問題，與這些延遲相關的收入應該在未來幾個季度得到確認。

Global demand for our products remained strong in Q2, with bookings up in the double-digit percentage range year-over-year and a book-to-bill above 1. Bookings growth was especially strong with the ICPs, where we grow both with existing customers and expanded with new ones. We set another record backlog, growing approximately 80% year-over-year with product backlog growth over 100% again. Our remaining performance obligations, which are a measure of both our noncancelable backlog and our deferred revenue, grew by $133 million sequentially in the quarter. We successfully delivered our Q2 results despite facing several supply chain challenges including continued component shortages, decommits, COVID-related shutdowns in China, all of which resulted in higher costs for components and logistics. Taken together, these factors impacted our gross margin by approximately 350 basis points in quarter and temporarily skewed our shipping linearity which had a much larger portion of shipments occurring in the last 3 weeks of the quarter.

全球對我們產品的需求在第二季度保持強勁，預訂量同比增長兩位數，訂單出貨比高於 1。ICP 的預訂量增長尤其強勁，我們與現有的客戶並擴大新客戶。我們創造了另一個創紀錄的積壓，同比增長約 80%，產品積壓增長再次超過 100%。我們剩餘的履約義務是衡量我們不可取消的積壓和遞延收入的指標，在本季度環比增長了 1.33 億美元。儘管面臨一些供應鏈挑戰，包括持續的零部件短缺、停產、與 COVID 相關的中國停工，我們仍成功交付了第二季度業績，所有這些都導致零部件和物流成本上升。總而言之，這些因素在本季度影響了我們的毛利率約 350 個基點，並暫時扭曲了我們的運輸線性度，其中大部分出貨量發生在本季度的最後 3 週。

We believe the supply chain impact was at its worst in Q2. And while we expect the supply chain environment to remain difficult for some time, we do expect some relief in the second half of the year with additional improvements in 2023. Overall, the demand drivers fueling our business are healthy. Our booking strength and record backlog demonstrate the market traction of our Open Optical portfolio. Specifically, within the systems business, we added new ICE6 customers, secured new design wins in Q2, resulting in very solid bookings for the quarter. We believe ICE6 lead times are industry-leading, given our high degree of vertical integration, which we are leveraging to win new deals and drive future share gains. We are certifying ICE6 with several leading U.S. and global Tier 1 service providers for deployment in their networks, which will drive future growth and margin accretion. Through the first half of the year, ICE6 has ramped to the high teens as a percentage of product revenue, and we are on track to grow ICE6 to 20% to 25% of product revenue in 2022.

我們認為供應鏈的影響在第二季度最為嚴重。雖然我們預計供應鏈環境在一段時間內仍將困難重重，但我們確實預計下半年會有所緩解，2023 年會有所改善。總體而言，推動我們業務發展的需求驅動因素是健康的。我們的預訂實力和記錄的積壓證明了我們開放式光學產品組合的市場吸引力。具體而言，在系統業務中，我們增加了新的 ICE6 客戶，在第二季度獲得了新的設計勝利，導致該季度的預訂非常穩定。鑑於我們高度的垂直整合，我們認為 ICE6 的交貨時間處於行業領先地位，我們正在利用這一點贏得新交易並推動未來的份額增長。我們正在與多家領先的美國和全球一級服務提供商認證 ICE6，以便在其網絡中進行部署，這將推動未來的增長和利潤增長。今年上半年，ICE6 佔產品收入的比例已經上升到十幾歲，我們有望在 2022 年將 ICE6 增長到產品收入的 20% 到 25%。

Next, our Metro solutions performed well as we grew bookings and revenue year-over-year for both the GX and XTM platforms. Our expanding customer footprint sets us up well for future revenue growth and margin expansion once we vertically integrate our coherent pluggables into our Metro platforms. To that effect, we have our first set of pluggable samples available now, and we are currently integrating them into our Metro platforms for deployment starting in 2023.

接下來，我們的 Metro 解決方案表現良好，因為我們在 GX 和 XTM 平台上的預訂量和收入均同比增長。一旦我們將連貫的可插拔產品垂直整合到我們的 Metro 平台中，我們不斷擴大的客戶足跡為我們未來的收入增長和利潤增長奠定了良好的基礎。為此，我們現在提供了第一組可插拔示例，我們目前正在將它們集成到我們的 Metro 平台中，以便從 2023 年開始進行部署。

And finally, we saw continued growth in our Open line systems with both bookings and revenue up in the double-digit percentage range year-over-year. The continued strength in Line Systems growth over the past 2 years remains a good leading indicator of future high-margin transponder sales as we grow with existing customers and win precious new ones.

最後，我們看到我們的 Open line 系統持續增長，預訂量和收入同比增長兩位數。隨著我們與現有客戶一起成長並贏得寶貴的新客戶，Line Systems 過去 2 年的持續增長仍然是未來高利潤轉發器銷售的良好領先指標。

Turning to our subsystems business group, we have the following highlights for the quarter. First, as I previously stated, we have samples available for our 400-gig XR pluggables, capable of supporting both point-to-point and industry-leading point-to-multipoint applications. These samples are on time and performing well against our technical specifications, and we're on track to see their financial impact beginning in the first half of 2023.

談到我們的子系統業務組，我們在本季度有以下亮點。首先，正如我之前所說，我們有可用於我們的 400 gig XR 可插拔的樣品，能夠支持點對點和行業領先的點對多點應用程序。這些樣品按時並符合我們的技術規範，我們有望從 2023 年上半年開始看到它們的財務影響。

Second, important to our systems business, we're integrating these pluggable 400-gig pluggable modules into our Metro platforms. This is a high percentage of material content for our Metro systems. This is the first time we've had the ability to produce our own vertically integrated Metro solutions instead of buying components from the merchant market, which should result in future meaningful margin expansion and improved global competitiveness.

其次，對我們的系統業務很重要，我們正在將這些可插拔的 400 gig 可插拔模塊集成到我們的 Metro 平台中。對於我們的地鐵系統來說，這是一個很高的材料含量百分比。這是我們第一次有能力生產我們自己的垂直整合 Metro 解決方案，而不是從商業市場購買組件，這將導致未來有意義的利潤擴張和全球競爭力的提高。

Third, we're beginning to certify our 400-gig pluggables to work in external platforms as well, such as routers, switches, servers and wireless RAN. This will open up a new multibillion dollar addressable market for us, while giving us additional revenue growth and margin expansion opportunities. We partnered with leading equipment manufacturers to accelerate our go-to-market programs for our pluggables and are planning trials with Tier 1s in the second half of this year.

第三，我們開始認證我們的 400 gig 可插拔設備也可以在外部平台上工作，例如路由器、交換機、服務器和無線 RAN。這將為我們開闢一個新的數十億美元的潛在市場，同時為我們提供額外的收入增長和利潤率擴張機會。我們與領先的設備製造商合作，以加快我們的可插拔產品的上市計劃，併計劃在今年下半年與 Tier 1 進行試驗。

Next, we're expanding our line of pluggable products as we develop both 100-gig and 800-gig coherent pluggable solutions. While we are in early days of development, we've received great feedback from our customers, and we're building out our customer pipeline. We plan to provide an update on our pluggables roadmap at an upcoming industry event.

接下來，隨著我們開發 100-gig 和 800-gig 相干可插拔解決方案，我們正在擴展我們的可插拔產品線。雖然我們處於開發的早期階段，但我們已經從客戶那裡收到了很好的反饋，我們正在建立我們的客戶管道。我們計劃在即將舉行的行業活動中提供我們可插拔路線圖的更新。

Lastly, membership in the XR Open XR Forum, which was established to accelerate the market adoption of point-to-multipoint networks and architectures, continues to gain traction. During the quarter, several new service providers joined as members of the forum. More importantly, the pipeline of network equipment manufacturers who are major players in their respective market segments is growing. And in Q2, Dell Technology signed on as a forum member, which is a significant milestone.

最後，為加速點對多點網絡和架構的市場採用而成立的 XR Open XR 論壇的成員資格繼續獲得關注。在本季度，幾家新的服務提供商作為論壇成員加入。更重要的是，作為各自細分市場主要參與者的網絡設備製造商的管道正在增長。在第二季度，戴爾科技作為論壇成員簽約，這是一個重要的里程碑。

Our portfolio is in great shape, and we're seeing insertion opportunities from competitive displacements and the growing need for supply chain diversity from our global customers. These opportunities are balanced by the temporary supply chain impacts on our business which we expect to attenuate over time. In 2022, we estimate the total supply chain impact on our gross margins to be over 300 basis points for the full year, almost twice the impact we saw in 2021. We expect the supplier chain -- higher supply chain costs to start easing next year, potentially declining by 30% to 40% in 2023 and to dissipate in 2024.

我們的產品組合狀況良好，我們看到了來自競爭性替代的插入機會以及我們全球客戶對供應鏈多樣性日益增長的需求。這些機會與對我們業務的臨時供應鏈影響相平衡，我們預計隨著時間的推移會減弱。到 2022 年，我們估計全年供應鏈對我們毛利率的影響將超過 300 個基點，幾乎是我們在 2021 年看到的影響的兩倍。我們預計供應鏈——更高的供應鏈成本將在明年開始緩解，可能在 2023 年下降 30% 至 40%，並在 2024 年消散。

We're not sitting still. As we shared with you on our last earnings call, we're taking several steps to mitigate these higher costs over time, including adjusting our commercial terms, cost-reducing products and substituting precious parts. Our investment thesis fundamentally remains intact, and we expect our financial performance to continue to improve in the back half of 2022 as we benefit from design wins, ramp the production of ICE6 and see the conversion of our backlog to revenue. We are planning for sequential revenue growth in both Q3 and Q4 with product revenue growth of 8% to 12% year-over-year, offsetting the timing of the service revenue recognition. We are also planning to exit the year with gross margins hitting 40% or higher in Q4.

我們沒有坐以待斃。正如我們在上次財報電話會議上與您分享的那樣，隨著時間的推移，我們正在採取一些措施來降低這些更高的成本，包括調整我們的商業條款、降低成本的產品和替換貴重零件。我們的投資理念基本保持不變，我們預計我們的財務業績將在 2022 年下半年繼續改善，因為我們受益於設計勝利，增加 ICE6 的產量並看到我們的積壓轉化為收入。我們計劃在第三季度和第四季度實現連續收入增長，產品收入同比增長 8% 至 12%，抵消了服務收入確認的時間。我們還計劃在今年第四季度毛利率達到 40% 或更高。

The size of our backlog, which is approaching $1 billion, gives us greater confidence going into 2023. Nancy will provide additional details on our expectations for the rest of the year shortly. While there are several short-term factors at play, including a global pandemic, a war, a difficult supply chain environment and macroeconomic uncertainty, the underlying market opportunity is healthy, and the Infinera team is executing to plan. We're winning new customers, expanding with existing ones, ramping ICE6 to 20% to 25% of product revenue in 2020, and launching our pluggable products at or ahead of schedule. I'd like to thank the Infinera team for their continued support and dedication to our customers and to one another.

我們接近 10 億美元的積壓訂單讓我們對 2023 年充滿信心。Nancy 將很快提供有關我們對今年剩餘時間的預期的更多細節。雖然有幾個短期因素在起作用，包括全球大流行、戰爭、艱難的供應鏈環境和宏觀經濟的不確定性，但潛在的市場機會是健康的，Infinera 團隊正在執行計劃。我們正在贏得新客戶，擴大現有客戶，在 2020 年將 ICE6 提高到產品收入的 20% 到 25%，並按計劃或提前推出我們的可插拔產品。我要感謝 Infinera 團隊對我們的客戶和彼此的持續支持和奉獻。

I'd also like to extend our thanks to our customers, partners, suppliers and shareholders for your continued support. We intend to take full advantage of these market disruptions to create opportunities for Infinera and for our investors. I will now hand the call over to Nancy to cover the financial details of the quarter and the outlook for the third quarter. Nancy?

我還要感謝我們的客戶、合作夥伴、供應商和股東一直以來的支持。我們打算充分利用這些市場動盪，為 Infinera 和我們的投資者創造機會。我現在將電話轉給南希，以介紹本季度的財務細節和第三季度的前景。南希？

Thanks, David. Good afternoon, everyone. I will begin by covering our Q2 results and then provide our outlook for Q3. My comments reflect our non-GAAP results and outlook. For your reference on our Investor Relations website, we have posted slides with financial details, including our GAAP to non-GAAP reconciliation to assist with my commentary.

謝謝，大衛。大家下午好。我將首先介紹我們的第二季度業績，然後提供我們對第三季度的展望。我的評論反映了我們的非公認會計原則結果和展望。供您在我們的投資者關係網站上參考，我們發布了包含財務詳細信息的幻燈片，包括我們的 GAAP 與非 GAAP 對賬，以幫助我發表評論。

Overall, I am pleased with our financial results for Q2. As you heard from David, revenue beat the midpoint of our outlook range, non-GAAP operating margin was at the upper end of our outlook range, and the non-GAAP gross margin in the quarter was near the midpoint of the range as we absorbed the highest supply chain impact to date. Demand remained strong in the quarter with bookings up in the double-digit percentage range, a book-to-bill ratio above 1, and record backlog. Our strategy is working well, and our refreshed portfolio is creating insertion opportunities, especially as our customers seek supplier diversity.

總體而言，我對我們第二季度的財務業績感到滿意。正如您從大衛那裡聽到的那樣，收入超過了我們展望範圍的中點，非 GAAP 營業利潤率處於我們展望範圍的上限，當我們吸收時，本季度的非 GAAP 毛利率接近該範圍的中點迄今為止最大的供應鏈影響。本季度需求保持強勁，預訂量以兩位數的百分比增長，訂單出貨比高於 1，訂單積壓創歷史新高。我們的戰略運作良好，我們更新的產品組合正在創造插入機會，尤其是在我們的客戶尋求供應商多元化的情況下。

Turning to the financial details of the quarter, on a year-over-year basis, Q2 revenue of $358 million was up 5.5% with product revenue up 11% in the quarter and up 8% in the first half. Services revenue, which is still being impacted by the timing of customer project deployments, was down 11% on a quarter over -- I'm sorry, on a year-over-year basis. We continue to view the dynamics within our services business as temporary and expect revenue to catch up through the rest of the year and into 2023.

談到本季度的財務細節，第二季度收入為 3.58 億美元，同比增長 5.5%，產品收入在本季度增長 11%，上半年增長 8%。服務收入仍然受到客戶項目部署時間的影響，比上一季度下降了 11%——對不起，同比下降了 11%。我們繼續將服務業務的動態視為暫時的，並預計收入將在今年剩餘時間和 2023 年趕上。

Geographically, we saw revenue growth across all regions on a year-over-year basis and derived 51% of our revenue from domestic customers, a level generally consistent with Q1. During the quarter, one customer contributed to greater than 10% of our revenue.

從地域上看，我們看到所有地區的收入都同比增長，我們 51% 的收入來自國內客戶，這一水平與第一季度基本一致。在本季度，一位客戶對我們收入的貢獻超過 10%。

Q2 gross margin of 36.1% was near the midpoint of our outlook range. We delivered this margin while absorbing approximately 350 basis points of impact from elevated supply chain costs. Operating profit in the quarter was $1.5 million, equating to an operating margin of 0.4% and at the high end of our outlook range. Operating expenses in the quarter of $127.6 million were below our outlook range of $132 million to $136 million as we tightly managed spending while maintaining investments in our long-term projects. The resulting EPS in the quarter was a loss of $0.05 per share.

第二季度毛利率為 36.1%，接近我們展望範圍的中點。我們實現了這一利潤率，同時吸收了供應鏈成本上升帶來的大約 350 個基點的影響。本季度的營業利潤為 150 萬美元，相當於 0.4% 的營業利潤率，處於我們展望範圍的高端。本季度 1.276 億美元的運營費用低於我們 1.32 億美元至 1.36 億美元的預期範圍，因為我們在保持對長期項目投資的同時嚴格管理支出。該季度的每股收益為每股虧損 0.05 美元。

Moving onto the balance sheet and cash flow items, we ended the quarter with $155 million in cash and restricted cash, down from last quarter. The primary use of our cash in the quarter was for temporary changes in the working capital balance, impacted by atypical linearity as a greater portion of shipments than is normal occurred late in the quarter. As a result, cash collections were lower than our expectations in Q2, but we expect to see improved collections in Q3 and Q4. In addition, we used cash opportunistically to increase our inventory by $18 million in the quarter, which we expect to convert to cash in the back half of the year as we ramp ICE6 further and drive growth.

轉向資產負債表和現金流項目，我們在本季度末擁有 1.55 億美元的現金和受限現金，低於上一季度。本季度我們現金的主要用途是營運資金餘額的臨時變化，受到非典型線性的影響，因為本季度末發生的出貨量比正常情況大。因此，第二季度的現金收款低於我們的預期，但我們預計第三季度和第四季度的收款將有所改善。此外，我們在本季度利用現金機會將我們的庫存增加了 1800 萬美元，隨著我們進一步提升 ICE6 並推動增長，我們預計在今年下半年將其轉換為現金。

Additionally, because of our improved financial position over the last couple of years, we were able to replace our prior ABL facility at the end of June with a new one at better terms and with expanded capacity. This new $200 million facility will be an efficient source of short-term capital, if required, to drive working capital for our growth while allowing us to navigate temporary supply challenges.

此外，由於過去幾年我們的財務狀況有所改善，我們能夠在 6 月底以更好的條件和擴大產能的新設施替換我們之前的 ABL 設施。如果需要，這個 2 億美元的新設施將成為短期資本的有效來源，為我們的增長提供營運資金，同時讓我們能夠應對臨時的供應挑戰。

Looking ahead to the third quarter of '22, we are encouraged by our bookings' momentum, the ramp of ICE6 and record backlog. At the same time, as we have discussed this afternoon, we expect the supply challenges to continue through the second half of '22 and into '23, albeit moderating some over this period. Taking these factors into account, we expect Q3 revenue to be in the range of $360 million to $400 million, representing approximately 7% growth on a year-over-year basis at the midpoint of the range with product revenue growth at or above 8% to 12%, while services revenue will still be down on a year-over-year basis in Q3.

展望 22 年第三季度，我們對我們的預訂勢頭、ICE6 的增長和創紀錄的積壓感到鼓舞。同時，正如我們今天下午所討論的，我們預計供應挑戰將持續到 22 年下半年和 23 年，儘管在此期間有所緩和。考慮到這些因素，我們預計第三季度收入將在 3.6 億美元至 4 億美元之間，在該範圍的中點處同比增長約 7%，產品收入增長在 8% 或以上至 12%，而第三季度服務收入仍將同比下降。

We expect Q3 gross margin to be in the range of 38% plus or minus 150 basis points, up on a quarter-over-quarter basis. The primary driver of improved gross margin sequentially is a higher percentage of vertical integration in our mix from the ongoing ramp of ICE6 in Q3. Embedded in our gross margin outlook is the assumption that we will continue to absorb approximately 300 basis points of supply chain impact from higher costs tied to components, materials, logistics and freight. We are forecasting Q3 operating expenses to be in the range of $131 million to $135 million as we continue to prioritize investments in both sales and R&D, consistent with the comments we made at the beginning of the year. The resulting operating margin in Q3 is expected to be 3%, plus or minus 300 basis points, generally in line with current consensus expectations and up on a year-over-year basis at the midpoint of the range.

我們預計第三季度毛利率將在 38% 上下 150 個基點的範圍內，環比增長。連續提高毛利率的主要驅動因素是我們組合中垂直整合的百分比更高，因為第三季度 ICE6 的持續增長。我們的毛利率前景假設我們將繼續吸收與組件、材料、物流和貨運相關的更高成本對供應鏈的影響約 300 個基點。我們預計第三季度運營費用將在 1.31 億美元至 1.35 億美元之間，因為我們將繼續優先考慮對銷售和研發的投資，這與我們在年初發表的評論一致。第三季度由此產生的營業利潤率預計為 3%，正負 300 個基點，大致符合當前的普遍預期，並在該範圍的中點同比增長。

We plan to generate cash from operations in the quarter as working capital begins to normalize even as we continue to invest in inventory. Below the operating income line, we assume $5 million for net interest expense and $5 million for taxes. Finally, we are anticipating a basic share count of approximately 218 million shares for Q3 and a fully diluted share count of 289 million shares.

我們計劃在本季度從運營中產生現金，因為即使我們繼續投資於庫存，營運資金也開始正常化。在營業收入線以下，我們假設淨利息支出為 500 萬美元，稅收為 500 萬美元。最後，我們預計第三季度的基本股數約為 2.18 億股，完全稀釋後的股數為 2.89 億股。

Looking further ahead, we are currently planning for revenue to have a normal seasonal uplift in Q4, up approximately in the mid-teens percentage range sequentially from Q3 to Q4 and with Q4 gross margin at or above 40%. We expect the year-over-year growth rate for product revenue to be in the 8% to 12% range again in Q4 and on an annual basis in '22.

展望未來，我們目前正計劃在第四季度實現正常的季節性增長，從第三季度到第四季度環比增長大約在 10% 左右，第四季度毛利率達到或超過 40%。我們預計第四季度產品收入的同比增長率將再次保持在 8% 至 12% 的範圍內，並在 22 年以年度為基礎。

Consistent with commentary on our last earnings call, we expect approximately $30 million of services revenue to push out from '22 to '23. Despite the ongoing challenges in '22 from numerous external developments, we remain committed to driving revenue growth and margin expansion in 2022 and beyond. We are pleased with our record demand, customer wins and next-generation technology development. Through the first half of the year, we have grown bookings in the double-digit percentage range, and our remaining performance obligations, a proxy for backlog, are approaching $1 billion, up approximately $350 million from the year ago quarter.

與我們上次財報電話會議的評論一致，我們預計大約 3000 萬美元的服務收入將從 22 年推到 23 年。儘管 22 年來自眾多外部發展的持續挑戰，我們仍致力於在 2022 年及以後推動收入增長和利潤率擴張。我們對創紀錄的需求、贏得客戶和下一代技術的發展感到滿意。今年上半年，我們的預訂量以兩位數的百分比增長，我們剩餘的履約義務（代表積壓訂單）接近 10 億美元，比去年同期增加約 3.5 億美元。

Furthermore, we are driving toward product growth of 8% to 12% in 2022 and plan to exit the year with gross margin at 40% or higher. Based on what we see today, we expect to be generally in line with current consensus for operating margin in Q3 and Q4. I am proud of our team's operational execution as we are delivering these results while absorbing supply chain costs that are almost twice the level of what we experienced in 2021.

此外，我們將在 2022 年推動產品增長 8% 至 12%，併計劃以 40% 或更高的毛利率退出這一年。根據我們今天看到的情況，我們預計第三季度和第四季度的營業利潤率將大致符合當前的共識。我為我們團隊的運營執行感到自豪，因為我們在提供這些成果的同時吸收了幾乎是 2021 年水平兩倍的供應鏈成本。

In closing, I would like to echo David's thanks to the Infinera team who continue to work tirelessly through a very dynamic environment and to our partners, customers and shareholders for your continued support. Savannah, I'd now like to open up the line for questions.

最後，我想向 David 表示感謝，感謝 Infinera 團隊在充滿活力的環境中繼續孜孜不倦地工作，感謝我們的合作夥伴、客戶和股東的持續支持。薩凡納，我現在想打開電話提問。

(Operator Instructions) And our first question will come from Rod Hall with Goldman Sachs.

（操作員說明）我們的第一個問題將來自高盛的 Rod Hall。

Thanks for quantifying the backlog. I'm wondering where you expect this $1 billion backlog, the total backlog, to trend from here as we move throughout the year and into 2023? And then I have a follow-up.

感謝您量化積壓。我想知道隨著我們全年進入 2023 年，您預計這 10 億美元的積壓訂單（總積壓訂單）會從這裡趨向何方？然後我有一個跟進。

Yes. I think the good news is, one, backlog continues to grow. We're continuing to see strong demand. Certainly, as we see match supply begin to ease in the back half of this quarter and as it even continues in 2023. Some of that will drain down. But consistent with our comments when we entered the year, consistent with our comments every quarter, we believe that we'll continue to support that 8% to 12% growth rate. It should be noted that double-digit product revenue growth is double what we grew last year despite the supply chain environment. That puts us in a nice position, because as you know, when you get the revenue on the product side, the service and warranty is certain to follow that. Very, very high attach rates and future commitment rates.

是的。我認為好消息是，第一，積壓工作繼續增長。我們繼續看到強勁的需求。當然，正如我們看到的那樣，比賽供應在本季度後半段開始減少，甚至在 2023 年還會繼續。其中一些將會減少。但與我們進入今年時的評論一致，與我們每個季度的評論一致，我們相信我們將繼續支持 8% 至 12% 的增長率。應該指出的是，儘管供應鏈環境不佳，但兩位數的產品收入增長是我們去年增長的兩倍。這使我們處於有利位置，因為如您所知，當您在產品方面獲得收入時，服務和保修肯定會隨之而來。非常非常高的附加率和未來的承諾率。

And then on ICE6 mix of total product revenue, high teens this quarter and I believe also high teens last quarter. And what gives you the confidence to end the year in the 20% to 25% range of total product?

然後是 ICE6 產品總收入的組合，本季度的青少年高，我相信上個季度的青少年也高。是什麼讓您有信心在年底將總產品的 20% 到 25% 範圍內？

Yes, deployment facts. Backlog, bookings and some of those deployments are indeed out shipped, being installed, going into revenue, going through certification to be clicked on. Just based on the fact of our business in front, we're very comfortable with the 20% to 25%.

是的，部署事實。積壓、預訂和其中一些部署確實已經發貨、安裝、進入收入、通過認證以供點擊。僅基於我們前面業務的事實，我們對 20% 到 25% 的比例非常滿意。

Our next question will come from Alex Henderson with Needham.

我們的下一個問題將來自李約瑟的 Alex Henderson。

I just wanted to clarify on the backlog comments, that $1 billion was total backlog. What was the backlog for just product, which is what would be comparable to what other people are reporting?

我只是想澄清一下積壓的評論，10 億美元是總積壓。僅產品的積壓是什麼，這與其他人報告的相比是什麼？

Yes, we aren't giving that split out. And that $1 billion that we're referring to is actually the RPO, I just want to clarify that, which represents noncancelable backlog and our deferred revenue. But our product backlog grew, as David said, over 100% on a year-over-year basis again. We are seeing very good product backlog.

是的，我們不會把它分開。我們所指的 10 億美元實際上是 RPO，我只是想澄清一下，它代表不可取消的積壓和我們的遞延收入。但正如大衛所說，我們的產品積壓量再次同比增長超過 100%。我們看到了非常好的產品積壓。

If you could talk just about the transaction that slipped out of the first quarter into the second quarter, I think that you clarified during the May timeframe that you had won a 19-country deployment which was apparently that project. Have we now gotten most of that into the revenue for the second quarter? Or is that still slated for the back half of the year? How do we -- what's the slope of that fairly massive project? And do you expect to have terrestrial wins in the 19 countries that it has a terrestrial landfall in?

如果你能談談從第一季度滑到第二季度的交易，我認為你在 5 月的時間框架內澄清說，你贏得了 19 個國家的部署，這顯然是那個項目。我們現在是否已將大部分收入用於第二季度的收入？或者這仍然是今年下半年的計劃？我們如何——這個相當龐大的項目的斜率是多少？你是否期望在它有陸地登陸的 19 個國家取得陸地勝利？

Yes. Good question, Alex. We had removed that from second quarter and said it was likely to push out to the back half of the year. We're confident it will be done in the back half of the year between Q3 and Q4. And we are getting, as the prior question asked, we are having new wins on ICE6 that are making us confident that as we go through shipments, deployments, that we'll hit the 20% to 25% that we committed to for the year.

是的。好問題，亞歷克斯。我們已經從第二季度刪除了它，並表示它可能會推遲到今年下半年。我們有信心它將在第三季度至第四季度之間的下半年完成。而且，正如之前的問題所問的那樣，我們在 ICE6 上取得了新的勝利，這讓我們相信，隨著我們的出貨和部署，我們將達到我們今年承諾的 20% 到 25% .

The other piece of that was the terrestrial opportunities off of it.

另一部分是它帶來的地面機會。

Yes, look, I think we're seeing terrestrial opportunities based on the fact that our lead times for ICE6 are quite low because of our vertical integration maybe compared to others right now. At the same time, those same customers are looking for supply chain diversity. I think this whole last 2 years has taught everybody to try to better equalize the supply chain, and as a market taker in our position as somebody that needs to take share, that's opening up opportunity for us. We are starting to see those terrestrial wins. I'm not commenting in particular on that particular customer's attach rate to the subsea, but that does remain opportunistic upside for us. And we continue to see our sales pipeline increase, which is super important right now because you're seeing very, very healthy backlog continue to grow. I mean, RPOs growing in quarter at $133 million makes me feel much better about our growth trajectory going forward, much more confident about our year end as well as 2023.

是的，看，我認為我們看到了陸地機會，因為我們的 ICE6 交貨時間非常短，因為我們的垂直整合可能與其他人相比。與此同時，這些客戶也在尋求供應鏈的多樣性。我認為過去 2 年的整個過程都教會了每個人嘗試更好地平衡供應鏈，作為一個需要分享份額的市場接受者，這為我們打開了機會。我們開始看到那些地面上的勝利。我沒有特別評論那個特定客戶對海底的附加率，但這對我們來說仍然是機會主義的上行空間。我們繼續看到我們的銷售渠道增加，這現在非常重要，因為您看到非常非常健康的積壓訂單繼續增長。我的意思是，RPO 在本季度增長到 1.33 億美元，這讓我對我們未來的增長軌跡感覺好多了，對我們的年底和 2023 年更有信心。

Our next question will come from Mike Genovese with Rosenblatt Securities.

我們的下一個問題將來自 Rosenblatt Securities 的 Mike Genovese。

First question, it sounds like we're still with the 8% to 12% total revenue guidance for '23 and '24. And are we still looking at 300 basis points of gross margin and about 200 of operating margin? Or since we're starting with a little bit lower operating margin base, is there a reason operating margin could grow, stay in line with gross margins next year?

第一個問題，聽起來我們仍然在 23 和 24 年的 8% 到 12% 的總收入指導。我們是否還在關注 300 個基點的毛利率和大約 200 個基點的營業利潤率？或者，由於我們的營業利潤率基數較低，是否有理由增加營業利潤率，與明年的毛利率保持一致？

Based on what we see today, and we're still halfway through '22 and have just come off of a tough supply chain quarter, I'll leave it at that. But based on that, yes, we're still expecting that 8% to 12% growth in '23. And the margin expansion, albeit off a lower base of '22 than we had originally anticipated. But our view today is that we'll still exit '23 at our target business model which has margins in the 45% range and double-digit operating income.

根據我們今天看到的情況，我們仍處於 22 年的一半，剛剛結束了一個艱難的供應鏈季度，我將把它留在那裡。但基於此，是的，我們仍然預計 23 年將增長 8% 到 12%。利潤率擴張，儘管 22 年的基數比我們最初預期的要低。但我們今天的觀點是，我們仍將在 23 年以我們的目標業務模式退出，該模式的利潤率在 45% 範圍內，營業收入為兩位數。

I understand that it was a back-end loaded quarter, and what happened with receivables and so forth, but is that the reason that you took the revolver, $40 million more? And just talk to me about the cash flow and the balance sheet and make me a little bit more comfortable for the back half of the year and into next year about that situation.

我知道這是一個後端加載的季度，應收賬款等發生了什麼，但這就是你拿走左輪手槍的原因，多出 4000 萬美元？和我談談現金流和資產負債表，讓我在下半年和明年對這種情況感到更舒服一些。

No, that's great. It's a good question. I think, look, the reason we changed out the ABL is we got -- we're in much better financial shape, so we had better terms, both in terms of setup fees, both in terms of the interest rate as well as the capacity. This is an increased capacity as well as the ability to expand it over time. And we're looking at a big backlog and growth sitting in front of us and a big pipeline in front of us.

不，那太好了。這是個好問題。我認為，看，我們改變 ABL 的原因是我們得到了 - 我們的財務狀況要好得多，所以我們有更好的條件，無論是在設置費方面，在利率方面還是在容量。這是增加的容量以及隨著時間的推移擴展它的能力。而且我們正在考慮擺在我們面前的大量積壓和增長以及擺在我們面前的大型管道。

As we exited the quarter, we had the ability for really the first time in multiple quarters to add some inventory. Our team has been working really hard in putting those purchase commitments in, so we were actually able to add to be able to execute for the back half and the beginning of 2023. And at the same time, yes, the linearity in the amount we shipped in the last month of the quarter was significant. We changed out because we're going to get better terms.

當我們退出本季度時，我們真的有能力在多個季度中第一次增加一些庫存。我們的團隊一直在努力投入這些採購承諾，因此我們實際上能夠增加能夠在下半年和 2023 年初執行。同時，是的，我們數量的線性本季度最後一個月的出貨量很大。我們改變了，因為我們會得到更好的條件。

The fact that we use an ABL for a low-cost and flexible working capital relief is there. And given we expect to create cash from operations in Q3 and Q4, we feel adequately positioned in the future and that, that was a good thing to help us drive to these growth numbers and to our target business model.

我們使用 ABL 來實現低成本和靈活的營運資金減免的事實就在那裡。鑑於我們預計將在第三季度和第四季度從運營中創造現金，我們感到在未來處於充分的位置，這有助於我們推動這些增長數字和我們的目標業務模式。

Our next question will come from Simon Leopold with Raymond James.

我們的下一個問題將來自 Simon Leopold 和 Raymond James。

I wanted to see if you could talk a little bit about how foreign exchange rates are or are not affecting your business. You saw a little bit of sequential slowing from your EMEA region and slower growth in Asia Pacific, and we've had certainly big moves in the dollar to other currencies. How are you factoring that into your outlook? And how did it affect you in the quarter?

我想看看您是否可以談談外匯匯率對您的業務有何影響或是否不會影響您的業務。您看到歐洲、中東和非洲地區的連續放緩和亞太地區的增長放緩，而且美元兌其他貨幣肯定有很大的波動。您如何將其納入您的前景？它在本季度對您有何影響？

Sure. Very minimal impact, think less than $5 million on an overall basis. Our exposure in Europe from contracts that are transacted in the euro are limited, and we have a natural hedge on some expenses in OpEx. We did not have a meaningful exposure to FX this quarter.

當然。影響非常小，總體上認為不到 500 萬美元。我們在歐洲以歐元交易的合約的敞口有限，而且我們對運營支出的一些費用有天然的對沖。本季度我們沒有有意義的外匯敞口。

And in the outlook, how are you thinking about the impact that your goods are now more expensive for customers to pay in dollars when they budget in euros?

展望未來，您如何看待您的商品現在以歐元為預算時以美元支付的客戶更貴的影響？

Yes, we're planning accordingly based on we're watching the trends and the forecasts as well. But we don't expect it to be a meaningful impact to the back half of the year.

是的，我們正在根據我們正在觀察的趨勢和預測進行相應的計劃。但我們預計這不會對下半年產生有意義的影響。

A big portion of that is they're still drawing down on backlog. The reason I mentioned we're watching the pipeline carefully, is to pick up any nuances like that. But so far, we haven't seen any material shift in that demand equation.

其中很大一部分是他們仍在積壓工作。我提到我們正在仔細觀察管道的原因是要找出任何這樣的細微差別。但到目前為止，我們還沒有看到需求等式發生任何實質性變化。

Our next question will come from Meta Marshall with Morgan Stanley.

我們的下一個問題將來自 Meta Marshall 和摩根士丹利。

A couple of questions for me. One, maybe just on kind of the confidence that you guys have about conditions improving in the second half and just a little bit of kind of maybe more background on kind of what's giving you or what part availability is kind of giving you some of that confidence? And then it seems as if both of the gross margin ramp into the second half is largely just from kind of the ICE6 mix picking up. But I just want to make sure that none of that is also from kind of any supply chain overhang improving in the second half.

我有幾個問題。一，也許只是因為你們對下半場情況有所改善的信心，只是一點點可能更多的背景知識，關於什麼給了你，或者什麼零件的可用性給了你一些信心?然後似乎進入下半年的毛利率都在很大程度上只是來自 ICE6 組合的回升。但我只是想確保這一切都不是由於下半年供應鏈過剩的改善。

Yes, Meta, let's talk about that because I want to be crystal clear. I don't think the supply chain environment is anywhere near over. I just think, and when you talk to the supply chain all the way through CMs, all the way through the folks that are in the semiconductor field, I think everybody saw Q2 as kind of the triple witching. Between costs, transportation costs, the China pandemic shutdown, it was just more material than anybody had expected.

是的，Meta，讓我們談談這個，因為我想清楚。我認為供應鏈環境還沒有結束。我只是想，當你通過 CM 一直與供應鏈交談時，一直到半導體領域的人們，我想每個人都將 Q2 視為一種三重巫術。在成本、運輸成本、中國大流行停工之間，這比任何人預期的都要重要。

And therefore, whether you call it a peak or a bottom, I think a lot of us see that is going to be the top impact that supply chain has to us. We are seeing parts free up, and you're hearing some banter in the world whether it's cellphones or consumer electronics are freeing up through the economy. That doesn't have a lot of cross-hatch with the products we build, but it does have some shared components in terms of resistors, capacitors, or some of the raw materials.

因此，無論您稱其為高峰還是低谷，我認為我們中的很多人都認為這將是供應鏈對我們的最大影響。我們看到零件正在釋放，而你在世界上聽到一些玩笑，無論是手機還是消費電子產品都在通過經濟釋放。這與我們製造的產品沒有太多交叉影線，但在電阻器、電容器或一些原材料方面確實有一些共享組件。

Overall, I just think the planning effect that we put in place over the last 2 years, again, you haven't seen us with the ability to pre-bring-in $18 million of inventory before. That should be a telling sign and a good telling sign because we tend to turn the inventory pretty damn quick once we get it in. Obviously, it has to be a matched set.

總體而言，我只是認為我們在過去 2 年中實施的計劃效果，再次，您之前沒有看到我們能夠預先引入 1800 萬美元的庫存。這應該是一個明顯的標誌和一個很好的標誌，因為一旦我們進入庫存，我們往往會非常快地轉動庫存。顯然，它必須是一個匹配的集合。

We are seeing that lighten up and, Meta, to that point, 350 basis points of gross margin was the impact in Q2. It will be about 300 basis points in Q3. It might be a little bit lighter than that in Q4, but that's still a pretty big margin impact. To put it in perspective roughly, in '21 we had our results improve yet we absorbed $25 million roughly of supply chain, extra supply chain costs.

我們看到這種情況有所減輕，Meta 到那時，350 個基點的毛利率是第二季度的影響。第三季度將約為 300 個基點。它可能比第四季度要輕一些，但這仍然是一個相當大的利潤影響。粗略地說，在 21 年，我們的業績有所改善，但我們大約吸收了 2500 萬美元的供應鏈，額外的供應鏈成本。

This year, that number will be closer to $50 million, yet we'll improve on every financial metric. Next year, I expect that to attenuate back down. Not all the way to 0, but as we said, 30% to 40% down. In '24, I expect it to be 0. I think that's prudent planning right now.

今年，這個數字將接近 5000 萬美元，但我們將改進每一個財務指標。明年，我預計這種情況會減弱。不是一直到 0，但正如我們所說，下降了 30% 到 40%。在 24 年，我預計它是 0。我認為這是目前的謹慎計劃。

(Operator Instructions) Our next question will come from Jim Suva with Citigroup.

（操作員說明）我們的下一個問題將來自花旗集團的 Jim Suva。

Your comments around the back-end loaded quarter, I get it, but I'm just kind of curious, with such a big backlog and arguably more visibility than kind of ever, why was it so back-end loaded? Was that just you didn't get the parts into the warehouses or the shipments in time?

你對後端加載季度的評論，我明白了，但我只是有點好奇，有這麼大的積壓，可以說比以往任何時候都更能見度，為什麼後端加載這麼多？只是你沒有及時將零件送入倉庫或發貨嗎？

Bingo.

答對了。

Okay, that's what it was.

好吧，就是這樣。

Look, Shanghai was shut down for half the quarter. CMs were having a hard time getting digestion in. Our production lines were smoking around the clock, both at our CMs and in our own internals, to be able to get things racked, stacked and finished to get out to the customer. And a lot of that shipped, deployed and had to turn on in the last period, unlike we've seen before. That's why I said normal linearity.

看，上海停了半個季度。 CM 很難消化。我們的生產線日以繼夜地吸煙，無論是在我們的 CM 還是在我們自己的內部，以便能夠將物品架好、堆放並完成後送到客戶手中。與我們之前看到的不同，其中許多已在上一時期交付、部署並不得不開啟。這就是我說正常線性的原因。

Great. And then in the quarter outlook for the revenue growth, is it then back to a normal cadence of linearity or actually better since the spigot was so tight given the lockdowns in the June quarter that just kind of started to release towards the end?

偉大的。然後在收入增長的季度展望中，它是回到正常的線性節奏還是實際上更好，因為由於 6 月季度的鎖定措施在接近尾聲時才開始釋放，所以龍頭非常緊？

Hey, Jim, nothing is normal in this period, but it's beginning to normalize I would tell you. We don't expect that kind of dramatic linearity. We do expect it to normalize, and thus, the working capital balance to rebalance between Q3 and Q4 based on payment terms, collection cycles, just mass.

嘿，吉姆，這段時間沒有什麼是正常的，但我會告訴你，它開始正常化了。我們不期望這種戲劇性的線性。我們確實希望它能夠正常化，從而使第三季度和第四季度之間的營運資金餘額根據付款條件、收款週期和質量重新平衡。

But I would also add to that, that if we have the opportunity to bring in inventory, we're doing it. The faster we can get it in and turned, the better for us in the back half.

但我還要補充一點，如果我們有機會引入庫存，我們正在這樣做。我們越快進入並轉身，對我們在後半區的表現就越好。

Our next question will come from George Notter with Jefferies.

我們的下一個問題將來自 George Notter 和 Jefferies。

I guess I know there was some talk at one point about pricing increases. Was that something that you guys did in Q2? And is there a possibility of raising price going forward as well?

我想我知道曾經有人談論過漲價。那是你們在第二季度做的事情嗎？未來還有沒有漲價的可能？

Yes. I think I've mentioned this on probably 3 or 4 earnings calls that obviously we work with our customers on their commercial terms as well as cost reductions and parts substitutions. But I don't make public our competitive price actions.

是的。我想我可能在 3 或 4 次財報電話會議上提到了這一點，顯然我們與客戶就他們的商業條款以及降低成本和更換零件進行合作。但我不會公開我們有競爭力的價格行為。

Is it -- so can we say -- is it fair to say that the RPOs or backlog were not affected by any type of price increase? Is that -- I guess, I just want to know that the improvements there were organic.

是否——我們可以這麼說——說 RPO 或積壓訂單不受任何類型的價格上漲的影響是否公平？是不是——我想，我只是想知道那裡的改進是有機的。

Yes. It's fair to say a portion of that might not be impacted by that, but all of it's impacted by our ability to continue to drive the cost reductions and part substitutions we're going through.

是的。可以公平地說，其中一部分可能不會受到影響，但所有這些都受到我們繼續推動成本降低和零件替換的能力的影響。

And then, Nancy, can you just remind me the share count? I missed the fully diluted number.

然後，南希，你能提醒我份額數嗎？我錯過了完全稀釋的數字。

Yes, 289 million for Q3 because that includes the convertibles with the new accounting standard.

是的，第三季度為 2.89 億美元，因為其中包括採用新會計準則的可轉換債券。

And we do have a follow-up from Alex Henderson with Needham.

我們確實有來自 Alex Henderson 與 Needham 的跟進。

I was hoping you could just clarify the commentary around the absorption on the supply chain. Obviously, $50 million this year is a pretty good nut and attenuation of that over the 2 years would be a large number. But are you saying $50 million? Or are you saying the so-called $75 million with $25 million from last year and the $50 million this year? And how would the parts price inflation that is part of standard cost accounting going forward as the parts prices increase by the OEMs feather against that?

我希望你能澄清關於吸收供應鏈的評論。顯然，今年 5000 萬美元是一個相當不錯的數字，而在 2 年內減少這一數字將是一個很大的數字。但你是說5000萬美元嗎？或者你是說所謂的7500萬美元加上去年的2500萬美元和今年的5000萬美元？隨著原始設備製造商的零部件價格上漲，作為標準成本會計一部分的零部件價格上漲將如何應對？

Yes, it's a good question, Alex. We keep pretty -- like forward orders that we track, we track everything that we view as extraordinary, so we can drive it the heck out of our business as soon as possible. The $25 million from '21 was $25 million of extraordinary costs not planned at the beginning of the year as part of our standard basis. The $50 million was $50 million of extraordinary costs beyond our standard cost basis. And that is typically captured in TPV, extra transportation costs that you can track in OCOGS, a great portion of it. When you put that all together, Alex, when we go into next year, we expect those costs to go down again by 30% to 40%. I think that's a good conservative assumption we're making. And we always track what is going to be the recurring cost of Part A, B and C. That's in our standard cost basis and that's in our standard margin. Does that make sense?

是的，這是一個很好的問題，亞歷克斯。我們保持漂亮 - 就像我們跟踪的遠期訂單一樣，我們跟踪我們認為非凡的一切，因此我們可以盡快將其趕出我們的業務。 21 年的 2500 萬美元是年初未計劃的 2500 萬美元的特殊費用，作為我們標準基礎的一部分。這 5000 萬美元是超出我們標準成本基礎的 5000 萬美元的特殊成本。這通常體現在 TPV 中，您可以在 OCOGS 中跟踪的額外運輸成本，其中很大一部分。當你把所有這些放在一起時，亞歷克斯，當我們進入明年時，我們預計這些成本將再次下降 30% 到 40%。我認為這是我們正在做出的一個很好的保守假設。我們總是跟踪 A、B 和 C 部分的經常性成本。這是我們的標準成本基礎，也是我們的標準利潤率。那有意義嗎？

Right. It does. I just wanted to be clear, 30% to 40% is on the $75 million.

正確的。確實如此。我只是想明確一點，30% 到 40% 是在 7500 萬美元上。

No, 30% to 40% is off of the $50 million. Off of the $50 million. This year is a peak. Yes. It went from $25 million in '21 of extra above standard cost, $50 million extra above standard costs in 2022.

不，30% 到 40% 是 5000 萬美元的一部分。從 5000 萬美元中扣除。今年是一個高峰。是的。它從 21 年的 2500 萬美元超出標準成本，到 2022 年超出標準成本 5000 萬美元。

A net increase of $25 million.

淨增加2500萬美元。

Correct. A net increase year-over-year of $25 million and where we didn't expect it's a net increase. And next year, we expect a net decrease off of the $50 million, conservatively 30% to 40%.

正確的。同比淨增長 2500 萬美元，我們沒想到的是淨增長。明年，我們預計 5000 萬美元將淨減少 30% 至 40%。

The fundamental element of that question which was underpinning it was, I assume that yes, you had a whole bunch of increases in costs, but that are not normal by standard accounting. But on the other side of the coin, that the price increases of components, you must be hearing from your suppliers that they plan to increase their standard pricing. And therefore, you've got to add that back into your cost structure going forward, which would then be an offset to the benefits that you're talking about. Because I mean, they are obviously in quite different buckets, but it does go against it and it's similar. The costs that you're absorbing now for expediting parts at the higher prices, it will turn into a price increase in future periods of standard pricing.

支撐它的那個問題的基本要素是，我認為是的，你有一大堆成本增加，但這在標準會計中是不正常的。但另一方面，組件價格上漲，您必須從供應商那裡聽說他們計劃提高標准定價。因此，您必須將其重新添加到您的成本結構中，這將抵消您正在談論的收益。因為我的意思是，它們顯然處於完全不同的桶中，但它確實違背了它並且它是相似的。您現在為以更高的價格加速零件而吸收的成本，將在未來的標准定價期間變成價格上漲。

No, see that's why we tried to put it where we did, Alex. If we have a price increase of a product, it goes into our standard costs, and that's normal course of business. I mean don't get me wrong, some people took advantage of this period of time, and we always will remember that. But our job is to offset that with normal cost reduction and the Moore's Law of optics. Those things we all track at normal standard cost. If a chip goes up 10%, we do that, then we'd go try to negotiate that. Just like we negotiate with our suppliers to get costs down on an annual basis and through volume. Those $25 million, $50 million and then whatever it's going to be next year, meaning the 30% to 40% below, those are extraordinary on top of standard costs.

不，這就是為什麼我們試圖把它放在我們做的地方，亞歷克斯。如果我們的產品價格上漲，它會計入我們的標準成本，這是正常的業務過程。我的意思是不要誤會我的意思，有些人利用了這段時間，我們會永遠記住這一點。但我們的工作是通過正常的成本降低和摩爾光學定律來抵消這一點。我們都以正常的標準成本跟踪這些事情。如果籌碼上漲 10%，我們會這樣做，然後我們會嘗試協商。就像我們與供應商談判以每年和通過數量降低成本一樣。那些 2500 萬美元、5000 萬美元，以及明年的價格，這意味著低於 30% 到 40%，這些都是標準成本之上的非凡。

I got the point. I'll take it offline. Thanks.

我明白了。我會把它離線。謝謝。

(Operator Instructions) And with no further questions, I'll turn the call back over to David Heard for closing remarks.

（操作員說明）沒有其他問題，我會將電話轉回給 David Heard 以進行結束語。

I do appreciate the questions and the engagement. Overall, I look at a tough macroeconomic backdrop, but growing. Our current view of the year is we will grow product revenue 8% to 12%, and that will be double what we did last year in a tough supply chain environment. We are on track for the promises that we made to our shareholders and our employees and our customers to have ICE6 scaling to 20% to 25% of revenue.

我很欣賞這些問題和參與。總體而言，我認為宏觀經濟形勢嚴峻，但仍在增長。我們目前對今年的看法是，我們的產品收入將增長 8% 至 12%，這將是我們去年在艱難的供應鏈環境中所做的兩倍。我們正在兌現我們對股東、員工和客戶做出的承諾，即將 ICE6 擴大到收入的 20% 到 25%。

Metro wins are ahead of schedule. The pluggables have gone from PowerPoint to products to qualification and are building a pipeline to open up a new $1 billion opportunity. We have new 400-gig pluggable samples out there today. We will be talking further about our 100-gig and 800-gig coherent pluggables. We have solid wins across the board with ICPs and CSPs. We've built that strong backlog up to $1 billion with RPO that Nancy talked about.

地鐵的勝利提前了。可插拔產品已經從 PowerPoint 到產品再到資格認證，並且正在建立一個管道，以開闢一個新的 10 億美元的機會。我們今天有新的 400 gig 可插拔樣本。我們將進一步討論我們的 100-gig 和 800-gig 相干可插拔。我們在 ICP 和 CSP 方面取得了全面的勝利。我們已經通過 Nancy 談到的 RPO 建立了高達 10 億美元的強大積壓。

Margins will be up for the year despite us absorbing these huge 350 basis points of supply chain. It would have been up further if you take in the operating leverage effect of the attenuated revenue. So overall, we feel good about our business going forward. We've got opportunities that are further enhanced by both competitive displacements of Huawei as well as an opportunity where our customers are really saying we've got to balance the scale here in terms of supply chain and bring on new vendors in an open architecture environment that puts us in great shape.

儘管我們吸收了這些巨大的 350 個基點的供應鏈，但今年的利潤率仍將上升。如果考慮到收入減少的經營槓桿效應，它會進一步上漲。所以總的來說，我們對未來的業務感覺良好。我們有機會被華為的競爭取代以及我們的客戶真正說我們必須在供應鏈方面平衡這裡的規模並在開放架構環境中引入新供應商的機會進一步增強這讓我們的狀態很好。

We really do appreciate what's been really good developments of partnership with our customers for planning. I think it will be something that will change us all forever. Our supplier partnerships that we've had, the patience of our shareholders and certainly the dedication of our employees. Thank you very much. And that's all we got. Have a great day.

我們真的很欣賞與客戶合作進行規劃的真正良好發展。我認為這將永遠改變我們所有人。我們擁有的供應商合作夥伴關係，股東的耐心，當然還有我們員工的奉獻精神。非常感謝。這就是我們所得到的。祝你有美好的一天。

Thank you, everyone. Thanks, Operator.

謝謝大家。謝謝，接線員。

And that will conclude today's conference. Thank you for your participation, and you may now disconnect.

今天的會議到此結束。感謝您的參與，您現在可以斷開連接。