Infinera Corp (INFN) 2023 Q1 法說會逐字稿

Good day. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Infinera First Quarter 2023 Earnings Conference Call. (Operator Instructions) Thank you.

再會。我叫 Rob，今天我將擔任你們的會議接線員。在這個時候，我想歡迎大家參加 Infinera 2023 年第一季度收益電話會議。 （操作員說明）謝謝。

Amitabh Passi, Head of Investor Relations, you may begin your conference.

投資者關係主管 Amitabh Passi，您可以開始您的會議了。

Thank you, Rob, and good afternoon. Welcome to Infinera's first quarter of fiscal 2023 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，羅布，下午好。歡迎參加 Infinera 2023 財年第一季度的電話會議。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，此通話正在錄製中，可以從我們的網站上重播。

Today's call will include projections and estimates that constitute forward-looking statements, including, but not limited to, statements related to our future business plans, product development and growth opportunities, including progress against strategic priorities and milestones, trends, competition and customers, capacity growth, expectations regarding industry-wide supply chain challenges and the macroeconomic environment, market adoption of coherent optical engines, expectations regarding the launch of our subsystems business and its impact on our financial results, expectations regarding obtaining government funding, projected year-over-year drivers of demand, revenue, gross margin, operating expenses and operating margin, expectations regarding our future performance, revenue growth and margin expansion and our financial outlook for the second quarter of 2023.

今天的電話會議將包括構成前瞻性陳述的預測和估計，包括但不限於與我們未來業務計劃、產品開發和增長機會相關的陳述，包括戰略重點和里程碑的進展、趨勢、競爭和客戶、能力增長、對全行業供應鏈挑戰和宏觀經濟環境的預期、相干光引擎的市場採用、對我們子系統業務啟動的預期及其對我們財務業績的影響、對獲得政府資助的預期、預計同比需求、收入、毛利率、營業費用和營業利潤率的驅動因素，對我們未來業績、收入增長和利潤率擴張的預期，以及我們對 2023 年第二季度的財務展望。

These statements are subject to risks and uncertainties that could cause Infinera's results to differ materially from management's current expectations. 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 on December 31, 2022, as filed with the SEC on February 27, 2023, 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.

這些陳述受風險和不確定因素的影響，這些風險和不確定因素可能導致 Infinera 的業績與管理層當前的預期存在重大差異。實際結果可能因各種風險因素而存在重大差異，包括我們於 2023 年 2 月 27 日向美國證券交易委員會提交的截至 2022 年 12 月 31 日的年度報告 10-K 表格中所列的風險因素，以及不時向 SEC 提交或提供給 SEC 的後續報告。請注意，所有聲明均截至今日作出，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日期後可能出現的事件或情況的義務。

Today's conference call includes references to non-GAAP financial measures, except for revenue, balance sheet items and cash flow from operations, which are discussed on a GAAP basis. Pursuant to Regulation G, we've provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures in our earnings release and investor slides for this quarter, each of which is available on the Investor Relations section of our website. And finally, as a reminder, we'll allow for plenty of time for Q&A today that we ask that you limit yourselves to one question and one follow-up, please.

今天的電話會議包括對非 GAAP 財務指標的參考，但收入、資產負債表項目和運營現金流量除外，這些指標是在 GAAP 基礎上討論的。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，每一個都可以在我們網站的投資者關係部分找到.最後，提醒一下，今天我們將留出充足的時間進行問答，請大家將自己限制在一個問題和一個後續問題上。

I'll now turn the call over to our Chief Executive Officer, David Heard. David?

我現在將電話轉給我們的首席執行官大衛赫德。大衛？

Thanks, Amitabh. Hey, good afternoon, and thanks for joining us today. I'll begin with a review of our results, and then I'm going to turn the call over to Nancy to cover the details of our financial performance for the first quarter. We had a very solid start to 2023 with first quarter revenue, gross margin, operating margin and EPS, all beating the midpoint of our outlook range.

謝謝，阿彌陀佛。嘿，下午好，感謝您今天加入我們。我將首先回顧我們的結果，然後我將把電話轉給南希，以介紹我們第一季度財務業績的細節。我們在 2023 年開局非常穩健，第一季度的收入、毛利率、營業利潤率和每股收益都超過了我們預期範圍的中點。

Revenue in the quarter was $392 million and grew 16% year-over-year, and we expanded gross margins by 260 basis points and operating margins by 450 basis points compared to the first quarter of 2023. During the quarter, we continued to make progress towards the 6 strategic milestones that we laid out at our Investor Day in March. Specifically, first, we had another good quarter of shipping ICE6 and currently are on track to drive ICE6 to greater than 35% of product revenue in 2023.

本季度收入為 3.92 億美元，同比增長 16%，與 2023 年第一季度相比，我們的毛利率提高了 260 個基點，營業利潤率提高了 450 個基點。本季度，我們繼續取得進展實現我們在 3 月份投資者日制定的 6 個戰略里程碑。具體來說，首先，我們又迎來了一個不錯的 ICE6 出貨季度，目前有望在 2023 年推動 ICE6 佔產品收入的 35% 以上。

Second, our 400 gig ZR, ZR+ software-defined ICE-X pluggables are performing well and are being integrated into our own metro platforms. We are expanding our metro footprint with new design wins and expect to see initial margin benefit from the vertical integration of these metro platforms as we exit the year.

其次，我們的 400 gig ZR、ZR+ 軟件定義的 ICE-X 可插拔器表現良好，並且正在集成到我們自己的城域平台中。我們正在通過贏得新的設計來擴大我們的地鐵足跡，並期望在今年結束時看到這些地鐵平台的垂直整合帶來的初始利潤收益。

Third, the pipeline for our external pluggables business is expanding quite nicely, and we're on track to capture tens of millions of dollars of orders during 2023. To date, we've received orders for qualification, sampling and initial deployment from over 10 customers spanning network equipment manufacturers, ICPs and service providers.

第三，我們的外部可插拔業務的管道擴展得很好，我們有望在 2023 年獲得數千萬美元的訂單。迄今為止，我們已經收到來自 10 多個公司的資格、抽樣和初始部署訂單客戶涵蓋網絡設備製造商、ICP 和服務提供商。

Fourth, the development of our next-generation embedded engines, including ICE6 and ICE7 is progressing well, and we're focused on delivering to the technology road map and time line that we laid out for you during our Investor Day. Fifth, we're continuing to position ourselves for the CHIPS and Sciences Funding Act to augment our existing business plan. As a U.S.-based optical semiconductor manufacturer, Infinera is well situated at a time with significant government funding is on the table to reshore and secure critical supply chains.

第四，我們下一代嵌入式引擎（包括 ICE6 和 ICE7）的開發進展順利，我們專注於實現我們在投資者日為您制定的技術路線圖和時間表。第五，我們將繼續為 CHIPS 和科學資助法案定位自己，以擴大我們現有的商業計劃。作為一家總部位於美國的光學半導體製造商，Infinera 在政府提供大量資金以重新安置和保護關鍵供應鏈的時候處於有利地位。

And finally, we're driving towards our full year plan for revenue growth and margin expansion. As you've just heard, Q1 revenue was 16% and above our 8% annual target, and we expect the first half of 2023 to be generally in line with our expectations coming into the year. All of these milestones are aligned towards delivering our target business model of at least $1 of EPS in the '25, '26 time period. From a macro perspective, there's no doubt that the current environment is a little more dynamic with customers taking more time to balance the need to work down their backlog, prioritize projects and establish the right strategic budgets for the year.

最後，我們正在朝著實現收入增長和利潤率擴張的全年計劃邁進。正如您剛剛聽到的那樣，第一季度收入為 16%，高於我們 8% 的年度目標，我們預計 2023 年上半年將與我們今年的預期基本一致。所有這些里程碑都與我們在 25 年、26 年期間實現每股收益至少 1 美元的目標商業模式保持一致。從宏觀角度來看，毫無疑問，當前環境更加動態，客戶需要更多時間來平衡處理積壓工作、確定項目優先級和製定正確的年度戰略預算的需求。

Within the ICP segment, which represents 25% to 30% of our revenue and less than 15% of the overall optical systems market, we've seen a bifurcation in customer behavior. While some of our ICP customers are digesting inventory and working down backlogs, we're winning and shipping to others who are gearing up for artificial intelligence and machine learning workloads while continuing to drive significant incremental traffic growth.

在占我們收入的 25% 到 30% 和整個光學系統市場不到 15% 的 ICP 細分市場中，我們看到了客戶行為的分歧。雖然我們的一些 ICP 客戶正在消化庫存和處理積壓，但我們正在贏得併運送給其他正在為人工智能和機器學習工作負載做準備的人，同時繼續推動顯著的增量流量增長。

Within the communication service provider or CSP customer segment, we are also seeing a push-out of some projects as customers work down inventory and run their networks a bit hotter. Despite this macroeconomic backdrop, we're continuing to land new design wins with our strong portfolio as customers look to diversify their vendor base. Furthermore, spending priorities across our customer base remains centered on fiber builds, higher speeds and feeds, lower cost and power efficiency.

在通信服務提供商或 CSP 客戶群中，我們也看到一些項目被推出，因為客戶減少了庫存並使他們的網絡運行得更熱。儘管存在這種宏觀經濟背景，但隨著客戶尋求多樣化其供應商基礎，我們將繼續憑藉我們強大的產品組合贏得新的設計。此外，我們客戶群的支出重點仍然集中在光纖構建、更高的速度和饋送、更低的成本和能效上。

These are areas that firmly hit our sweet spot. Our overall sales funnel is solid and RFP activity is quite healthy. As we stated during our Investor Day and like the prior 2 years, we expect to grow ahead of the market in 2023 with bookings weighted towards the second half of the year. In the meantime, we're staying focused on our growth strategy, prioritizing investments in expanding our market reach and building our pluggables business while being judicious about all other expenses.

這些領域牢牢地擊中了我們的最佳點。我們的整體銷售渠道穩固，RFP 活動非常健康。正如我們在投資者日和前 2 年所說的那樣，我們預計 2023 年的增長將領先於市場，預訂量將集中在今年下半年。與此同時，我們將繼續專注於我們的增長戰略，優先投資於擴大我們的市場範圍和建立我們的可插拔業務，同時審慎對待所有其他費用。

At this point, our bottoms-up view supports our annual plan for 2023. As you've seen from our press release today, at the midpoint of our outlook range for Q2 2023, we would deliver 10% year-over-year revenue growth in the first half of 2023, which is above our annual target of 8%, while continuing to expand margins.

在這一點上，我們自下而上的觀點支持我們 2023 年的年度計劃。正如您從我們今天的新聞稿中看到的那樣，在我們 2023 年第二季度展望範圍的中點，我們將實現 10% 的同比收入增長2023 年上半年，高於我們 8% 的年度目標，同時繼續擴大利潤率。

In closing, while there is some near-term uncertainty in the market, it's our expectation that much of what we're seeing today is short-term and timing-related and not a reflection of any long-term underlying demand. We are executing to the 6 strategic milestones we outlined during our Analyst Day, and our primary objectives remain unchanged, to grow faster than the market, expand our margins, launch our pluggables business and deliver at least $1 of EPS in that '25, '26 time frame.

最後，雖然市場近期存在一些不確定性，但我們預計我們今天看到的大部分是短期的和時間相關的，而不是任何長期潛在需求的反映。我們正在執行我們在分析師日期間概述的 6 個戰略里程碑，我們的主要目標保持不變，即比市場增長更快、擴大我們的利潤率、推出我們的可插拔業務並在 25 年實現至少 1 美元的每股收益26 時間框架。

I'd like to thank the Infinera team for their continued commitment to building a culture centered on caring for our customers and one another and delivering on innovation that matters. I would also like to thank our partners, customers and shareholders for their ongoing support.

我要感謝 Infinera 團隊繼續致力於建立一種以關心客戶和彼此為中心的文化，並提供重要的創新。我還要感謝我們的合作夥伴、客戶和股東一直以來的支持。

I will now turn the call over to Nancy to cover the financial details of the quarter and our outlook for second quarter. Nancy?

我現在將把電話轉給南希，介紹本季度的財務細節和我們對第二季度的展望。南希？

Thanks, David. Good afternoon, everyone. I will begin by covering our first quarter results and then provide the outlook for the second quarter. 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。我將首先介紹我們第一季度的業績，然後提供第二季度的展望。為了您在我們的投資者關係網站上的參考，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，以協助我發表評論。

As you heard from David, the first quarter was a solid quarter for us, in which we delivered double-digit year-over-year revenue growth with key financial metrics, revenue, margins and EPS all coming in above the midpoint of our outlook range. Revenue in the quarter was $392 million, up 16% on a year-over-year basis with product revenue up 18% year-over-year. This performance was driven primarily by strength in the Americas and with ICP customers and was across both our GX portfolio and line systems.

正如您從大衛那裡聽到的那樣，第一季度對我們來說是一個穩健的季度，我們實現了兩位數的同比收入增長，關鍵財務指標、收入、利潤率和每股收益均高於我們預期範圍的中點.本季度收入為 3.92 億美元，同比增長 16%，其中產品收入同比增長 18%。這一業績主要是由美洲和 ICP 客戶的實力推動的，並且涵蓋了我們的 GX 產品組合和生產線系統。

Geographically, we derived 60% of our Q1 revenue from domestic customers, a level consistent with Q4 as we saw continued strength across our customer base in the U.S. Q1 gross margin of 38.8% was above the midpoint of our outlook range and increased 260 basis points year-over-year. Compared to the year ago quarter, gross margin benefited from higher ICE6 revenue and some relief in supply costs, partially offset by higher line systems revenue and services mix as we continue to work through our lower-margin professional services backlog.

從地域上看，我們第一季度 60% 的收入來自國內客戶，這一水平與第四季度一致，因為我們看到美國客戶群持續強勁。第一季度毛利率為 38.8%，高於我們預期範圍的中點，增加了 260 個基點一年又一年。與去年同期相比，毛利率受益於更高的 ICE6 收入和供應成本的一些緩解，部分被更高的線路系統收入和服務組合所抵消，因為我們繼續處理利潤率較低的專業服務積壓。

As we have discussed in prior calls, line systems revenue comes at a lower gross margin, but the expanded customer footprint bodes well for the future attachment of higher-margin transponder sales. Operating profit in the quarter was $13.6 million with an operating margin of 3.5% compared to an operating loss of $3.5 million in Q1 of 2022. On a year-over-year basis, we expanded our operating margin by 450 basis points, benefiting from higher revenue, higher gross margin and improved operating leverage. Operating expenses of $138.6 million in Q1 were slightly below our outlook range of $139 million to $143 million as we tightly managed quarterly spending. The resulting diluted EPS was $0.02 per share at the high end of our outlook range, which compared to a loss of $0.07 in the year ago quarter.

正如我們在之前的電話中所討論的那樣，線路系統收入來自較低的毛利率，但擴大的客戶足跡預示著未來更高利潤的轉發器銷售的附加值。本季度營業利潤為 1360 萬美元，營業利潤率為 3.5%，而 2022 年第一季度營業虧損為 350 萬美元。與去年同期相比，我們的營業利潤率提高了 450 個基點，這得益於更高的利潤率收入、更高的毛利率和更高的經營槓桿。由於我們嚴格管理季度支出，第一季度的運營支出為 1.386 億美元，略低於我們 1.39 億美元至 1.43 億美元的預期範圍。由此產生的攤薄後每股收益為 0.02 美元，處於我們展望範圍的高端，而去年同期為虧損 0.07 美元。

Moving on to the balance sheet and cash flow items. We ended the quarter with $170 million in cash and restricted cash with no amount drawn on our ABL. The primary use of cash in the quarter was working capital as we continue to strategically build inventory while reducing our payables. Consequently, cash flow from operations reflected a modest use of $1.8 million in cash in the quarter and $18.6 million in outflow in free cash flow.

轉到資產負債表和現金流量項目。本季度結束時，我們擁有 1.7 億美元的現金和未從我們的 ABL 中提取任何金額的限制性現金。本季度現金的主要用途是營運資金，因為我們繼續戰略性地建立庫存，同時減少應付賬款。因此，運營現金流反映出本季度現金使用量為 180 萬美元，自由現金流流出 1860 萬美元。

Let me turn now to the outlook for the second quarter of 2023. While we remain encouraged by the long-term drivers of our business, our design wins, our above-industry growth and healthy backlog, we are cognizant of the environment we are operating in as our customers take a little bit more time to determine their spending priorities for the year. However, we don't expect this transitory effect to reflect the material shift in the longer-term drivers of our business. Based on our current visibility, we expect Q2 revenue to be in the range of $375 million, plus or minus $20 million, representing 5% growth on a year-over-year basis at the midpoint of the range and implying 10% growth in the first half of 2023 over the first half of 2022.

現在讓我談談 2023 年第二季度的展望。雖然我們仍然對我們業務的長期驅動因素、我們的設計勝利、我們高於行業的增長和健康的積壓感到鼓舞，但我們認識到我們所處的環境因為我們的客戶需要更多時間來確定他們今年的支出重點。但是，我們預計這種暫時性影響不會反映我們業務長期驅動因素的重大轉變。根據我們目前的能見度，我們預計第二季度收入將在 3.75 億美元上下浮動 2000 萬美元之間，在該範圍的中點處同比增長 5%，意味著收入增長 10% 2023 年上半年超過 2022 年上半年。

Partially impacting our Q2 outlook is the push-out of our approximately $20 million government project that we now expect to materialize in the second half of the year. Overall, we believe our revenue trajectory in 2023 will mirror the trend of the last 2 years with sequential growth in both Q3 and Q4 and a stronger second half compared to the first half. We expect Q2 margins to be in the range of 38.5%, plus or minus 150 basis points, up 240 basis points year-over-year at the midpoint of the range. The primary driver of the year-over-year increase in gross margin is the projected greater contribution of ICE6 in our revenue mix and the continued abatement of supply costs, partially offset by a more acute impact from lower-margin line systems and metro products that are currently non-vertically integrated.

部分影響我們第二季度前景的是我們現在預計將在今年下半年實現的大約 2000 萬美元的政府項目的推出。總體而言，我們認為我們 2023 年的收入軌跡將反映過去兩年的趨勢，第三季度和第四季度連續增長，下半年比上半年更強勁。我們預計第二季度利潤率將在 38.5% 的範圍內，上下浮動 150 個基點，在該範圍的中點處同比增長 240 個基點。毛利率同比增長的主要驅動力是 ICE6 預計對我們的收入組合的更大貢獻以及供應成本的持續下降，部分被利潤率較低的線路系統和地鐵產品的更嚴重影響所抵消目前是非垂直整合的。

We are forecasting Q2 operating expenses to be in the range of $140 million to $144 million, modestly up sequentially as we continue to prioritize investments in global sales and business development to take advantage of the growing market opportunity and as we continue to invest in our product road map. The resulting operating margin in Q2 is expected to be approximately 0.6%, plus or minus 300 basis points, up 20 basis points on a year-over-year basis at the midpoint. Below the operating income line, we assume $7 million for net interest expense and $4 million for taxes.

我們預測第二季度的運營支出將在 1.4 億美元至 1.44 億美元之間，隨著我們繼續優先投資全球銷售和業務發展以利用不斷增長的市場機會以及我們繼續投資於我們的產品，環比小幅上升路線圖。由此產生的第二季度營業利潤率預計約為 0.6%，上下浮動 300 個基點，中間值同比增長 20 個基點。在營業收入線以下，我們假設淨利息支出為 700 萬美元，稅收為 400 萬美元。

Finally, we anticipate a loss of $0.03 per share, plus or minus $0.05, assuming a basic share count of approximately 226 million shares and a fully diluted share count of approximately 267 million shares. The midpoint of this Q2 outlook range would represent year-over-year improvement across all outlook metrics, revenue, gross margin, operating income and EPS.

最後，我們預計每股虧損 0.03 美元，上下浮動 0.05 美元，假設基本股數約為 2.26 億股，完全稀釋後的股數約為 2.67 億股。第二季度展望範圍的中點將代表所有展望指標、收入、毛利率、營業收入和每股收益的同比改善。

As we look ahead, at this point, we are leaving our full year 2023 outlook unchanged. Consistent with the messaging during our Investor Day in March, we expect our revenue growth to be approximately 8% for the year and our annual EPS to be above $0.20 for 2023. As I wrap up today, I want to thank those of you who attended our Investor Day in March, and I enjoyed seeing you in person. We had record attendance at our OFC booth, our portfolio and technology road map are clearly resonating with our customers, and we believe the investment thesis is compelling. We are focused on executing our strategy, delivering on the 6 milestones and driving at least $1 of EPS by '25, '26. I would like to thank the Infinera team for their continued commitment to innovation and execution excellence and our partners, customers and shareholders for their continued cooperation and support.

展望未來，在這一點上，我們維持 2023 年全年展望不變。與我們在 3 月的投資者日期間傳達的信息一致，我們預計我們今年的收入增長約為 8%，2023 年我們的年度每股收益將超過 0.20 美元。在今天結束時，我要感謝那些參加的人我們三月份的投資者日，我很高興見到你。我們的 OFC 展位出席人數創歷史新高，我們的產品組合和技術路線圖顯然引起了客戶的共鳴，我們相信投資論點很有說服力。我們專注於執行我們的戰略，實現 6 個里程碑，並在 25 年和 26 年之前推動至少 1 美元的每股收益。我要感謝 Infinera 團隊對創新和卓越執行的持續承諾，以及我們的合作夥伴、客戶和股東的持續合作和支持。

Operator, I'd like to open it now for questions.

接線員，我想現在打開它來提問。

(Operator Instructions) And your first question comes from the line of Mike Genovese from Rosenblatt Securities.

（操作員說明）您的第一個問題來自 Rosenblatt Securities 的 Mike Genovese。

David, thanks for the question. I guess David, when you're talking about cloud or ICP versus service provider, I didn't get a clear message, but I guess that's kind of what you were saying is that some of the cloud guys are speeding up, some are slowing down. But if you could just compare cloud to service provider in terms of your -- whether you think the markets -- which one feels relatively stronger or relatively weaker in the second quarter? And do you think that, that same kind of trend will continue in the second half or do you have different expectations?

大衛，謝謝你的提問。我想大衛，當你談論云或 ICP 與服務提供商時，我沒有得到明確的信息，但我想這就是你所說的一些雲計算人員正在加速，一些正在放緩向下。但是，如果你可以根據你的 - 無論你認為市場 - 哪個在第二季度感覺相對較強或相對較弱？您是否認為同樣的趨勢會在下半年繼續，還是您有不同的預期？

No, it's a good question. What I was actually saying is exactly what you repeated back, which is it's bifurcated. There's some -- and they publicly announced their numbers, right? So some of their web services slowed down from some really fantastic growth rates, I mean some above 40%, right? There's still some high double-digit growth rates. So I think we've all expected them to digest some inventory and burn down some backlog. And so I think that's a couple of quarter issue.

不，這是個好問題。我實際上說的正是您重複的內容，它是分叉的。有一些——他們公開宣布了他們的數字，對吧？所以他們的一些網絡服務從一些非常驚人的增長率放緩，我的意思是一些超過 40%，對吧？仍然有一些高兩位數的增長率。所以我認為我們都期望他們消化一些庫存並減少一些積壓。所以我認為這是幾個季度的問題。

Well, there's a second set of them. When you look at their CapEx, I think there were 3 or 4 that are driving these machine learning and AI workloads, which are -- everybody told us they were going to be 10x and you don't believe it until you see it in the forecast and then ultimately in the order book. So I think as I said at Analyst Day, they're going to continue to be lumpy, but I think the demand will be there. I think even the ones that have slowed down to burn off the backlog, workloads are still -- when they're growing double-digit, you still need to build out data center and server infrastructure and connect it via optics. On the service provider front, I think what we're seeing is honestly a huge number of RFPs out globally going on right now.

嗯，還有第二組。當你看他們的資本支出時，我認為有 3 或 4 個在推動這些機器學習和人工智能工作負載，它們是——每個人都告訴我們他們將是 10 倍，直到你在預測，然後最終在訂單簿中。所以我認為正如我在分析師日所說的那樣，它們將繼續波動，但我認為需求將會存在。我認為，即使是那些已經放慢速度以消除積壓的工作量，工作量仍然存在——當它們以兩位數的速度增長時，您仍然需要構建數據中心和服務器基礎設施並通過光纖將其連接起來。在服務提供商方面，我認為我們現在看到的是全球範圍內正在進行的大量 RFP。

But what happens in times like this, when you hear the R word, recession, a lot of them are sweating their assets and running a little hotter and burning down backlog. That being said, service providers typically when they cut their budgets, some of them that are spending $18 billion, they don't cut them to $9 billion, right? They cut them by a couple of billion dollars, and it's really the priority of the spend. So I think that's what they're going through as their priority of spend, and where orders are going to be. I think the good news for the long-term and the medium term is actually that fiber is a big priority.

但是在這樣的時候會發生什麼，當你聽到 R 詞，經濟衰退時，他們中的很多人都在耗盡他們的資產，運行得更熱，並在消耗積壓的訂單。話雖如此，服務提供商通常在削減預算時（其中一些花費 180 億美元）不會削減到 90 億美元，對嗎？他們削減了數十億美元，這確實是支出的優先事項。所以我認為這就是他們正在經歷的支出優先事項，以及訂單的去向。我認為長期和中期的好消息實際上是纖維是一個重要的優先事項。

We've got some design wins in many of those big CSPs. I'll remind you, I would like more customer concentration in those Tier 1 top 50 CSPs. So the slowdown in terms of their order deployment versus their backlog drawdown isn't quite as painful when you're not as concentrated, but we are going to continue to drive to be more concentrated on those CSPs. Mike, did I answer your question?

我們在許多大型 CSP 中取得了一些設計勝利。我會提醒您，我希望更多的客戶集中在那些排名前 50 的第 1 層 CSP 中。因此，當你不那麼專注時，他們的訂單部署與他們的積壓縮減相比並不那麼痛苦，但我們將繼續推動更加專注於這些 CSP。邁克，我回答你的問題了嗎？

Yes, that was great. I guess just looking at last year, there was a pretty steep ramp in the second half of the year compared to the first half of the year. And by saying 8% is achievable this year, it seems like it could be even slightly steeper this year. Is that -- where does that confidence come from in the second half, like where are you getting that confidence?

是的，那太好了。我想只看去年，下半年與上半年相比有一個非常陡峭的斜坡。如果說今年可以達到 8%，那麼今年似乎會更陡一些。那是——下半場的信心從何而來，比如你從哪裡獲得信心？

So, a couple of things. I think you're right. Actually for the last couple of years, we've had a much more dramatic back half than front half slower start. I think what you saw is, our Q1 performance was quite a bit stronger than our last 2 years. And that front half being 10% and being above the 8%, we came at Analyst Day in March and talked about that, right? Meaning, we said we thought that the back half certainly would be in magnitude stronger, but that certainly overall we believe we'd be at that 8% market rate, which is again below the 10% in the front half. We'd be crazy in this market, Mike, to get more frothy than that.

所以，有幾件事。我想你是正確的。實際上，在過去的幾年裡，我們的後半場比起步較慢的前半場更具戲劇性。我想你看到的是，我們第一季度的表現比過去兩年強很多。前半部分是 10%，高於 8%，我們在 3 月份的分析師日來討論這個問題，對嗎？意思是，我們說我們認為後半部分肯定會更強大，但總體而言，我們肯定會達到 8% 的市場利率，這再次低於前半部分的 10%。邁克，如果我們在這個市場上獲得比這更多的泡沫，那就太瘋狂了。

We think we're being really mindful, and we're managing with the micro. We're looking at our sales funnel. We're looking at our deployments. We're looking at having conversations with the people making these deployments. And could it get hotter, hey look, I think that would be speculation. We're kind of -- at this point, we stick with what we said in March and continue to use our micro tools quarter-to-quarter like we did through the supply chain mess, like we did through the pandemic. We're keeping our same forecast methodology and our same executional focus.

我們認為我們真的很用心，我們正在用微觀進行管理。我們正在研究我們的銷售漏斗。我們正在查看我們的部署。我們正在考慮與進行這些部署的人員進行對話。它會不會變得更熱，嘿，看，我認為那是猜測。在這一點上，我們有點——在這一點上，我們堅持我們在 3 月份所說的話，並繼續每季度使用我們的微型工具，就像我們在供應鏈混亂中所做的那樣，就像我們在大流行期間所做的那樣。我們保持相同的預測方法和相同的執行重點。

Your next question comes from the line of Alex Henderson from Needham & Company.

您的下一個問題來自 Needham & Company 的 Alex Henderson。

Great. I think the Street believes that you guys have a pretty good-sized backlog of product that you will be shipping in 2023, and that should give you some pretty good visibility as supply chain improves. The bait on a lot of these companies that are in the systems market with large backlog seems to be focused more on what happens after the backlog comes down. And I was hoping you could talk a little bit about the mix of the backlog and what it might imply? Specifically, it's my understanding in talking to Ciena, and I think you guys have a similar situation that the optical line systems are a pretty significant piece of your backlog.

偉大的。我認為華爾街認為你們有大量積壓的產品將在 2023 年發貨，隨著供應鏈的改善，這應該會給你們一些很好的可見性。許多在系統市場上有大量積壓的公司的誘餌似乎更多地集中在積壓減少後會發生什麼。我希望你能談談積壓的混合情況及其可能意味著什麼？具體來說，這是我在與 Ciena 交談時的理解，我認為你們也有類似的情況，即光線路系統是你們積壓工作中非常重要的一部分。

But it's also my understanding that the transceivers needed to light those optical line systems are not. And so I guess the question is, if it's 40% of the backlog is OLS and you ship that out, how long before the orders come in to light those line systems up? And is that a second round of orders that should give visibility to a longer-term trajectory of growth?

但我的理解是，點亮這些光線路系統所需的收發器並非如此。所以我想問題是，如果 40% 的積壓訂單是 OLS 並且您將其運送出去，那麼訂單進入點亮這些生產線系統需要多長時間？第二輪訂單是否應該讓人們看到更長期的增長軌跡？

Yes. I'll start and David you can jump in.

是的。我會開始，大衛你可以加入。

Sure.

當然。

But the backlog, we're not going to get into the specifics of what's in our backlog. But one of the comments that I did make is we are seeing, I'll say, some of the supply loosen up and you're seeing more line systems getting deployed, one of the statements that I made about the Q2 margin and keeping that range where we did. It really depends on the customer and the deployment. Certain customers are going to buy lines, going to buy the transponders, at the same time, they're deploying the line systems and fill at different rates. Others, it will be a more staged and take multiple quarters. But it really is going to depend on the customer, the deployment, and the timing of what they need in order to get their network up and running.

但是積壓，我們不會詳細討論積壓中的內容。但我確實發表的評論之一是我們看到，我會說，一些供應鬆動，你會看到更多的線路系統得到部署，這是我關於第二季度利潤率並保持這一點的聲明之一我們所做的範圍。這實際上取決於客戶和部署。某些客戶將購買線路，購買轉發器，同時，他們正在部署線路系統並以不同的速率填充。其他人，這將更加分階段，需要多個季度。但這實際上將取決於客戶、部署以及他們啟動和運行網絡所需的時間。

But to your point, Alex, I think there's a good portion of line systems in our backlog.

但就你的觀點而言，亞歷克斯，我認為我們的積壓工作中有很大一部分線路系統。

Yes.

是的。

And that there is still -- that's the one area that there is still a fair bit of supply constraint in the industry. As those come out, let's say, you have a 5x opportunity in terms of fill on value to go from the first order to completely filling, like typically unless it's a true subsea where they're going to fill the whole -- the whole spectrum right away. You are absolutely right. Typically, people aren't going to buy line systems and then not fill them right, and deploy them. And we certainly don't want that to happen.

而且仍然 - 這是一個領域，該行業仍然存在相當多的供應限制。當這些出現時，比方說，就填充價值而言，你有 5 倍的機會從第一個訂單到完全填充，就像通常一樣，除非它是一個真正的海底，在那裡它們將填充整個 - 整個頻譜馬上。你是絕對正確的。通常，人們不會購買線路系統，然後不正確填充和部署它們。我們當然不希望這種情況發生。

So we kind of track where we've got line systems out and where that gives us forward visibility in our funnel, that loads our sales force funnel, which is what we manage in this -- in these micros. And yes, when we're selling those transponders, they tend to be at higher margins than that nasty line system.

因此，我們有點跟踪我們在何處安裝了線路系統，以及在何處為我們提供了漏斗中的前瞻性可見性，加載了我們的銷售人員漏斗，這就是我們在這些微觀中管理的內容。是的，當我們銷售這些轉發器時，它們的利潤率往往高於那個討厭的線路系統。

Just to be clear, the line system orders generally do not include at the same time as the order was put in, the transceivers to meaningfully light them up, there is always a lag from the OLS going out to when the transceiver order comes in. And therefore, that does suggest another round of ordering front. That thesis is correct, yes?

需要明確的是，線路系統訂單通常不包括在訂單發出的同時，收發器有意義地點亮它們，從 OLS 發出到收發器訂單進來總是有滯後。因此，這確實暗示了另一輪訂購戰線。那篇論文是正確的，是嗎？

Partially. I mean, there are people that when they're doing their initial order might order the line systems and a portion of the initial deployment, but a majority of the dollar value of that potential deal is future versus current.

部分地。我的意思是，有些人在執行初始訂單時可能會訂購線路系統和部分初始部署，但該潛在交易的大部分美元價值是未來與當前的對比。

Great. And just to be clear, have you -- did you work down your backlog during the period or is it -- I mean normally this is seasonally weak quarter for orders, I'd assume [if that's] the case?

偉大的。需要明確的是，你有沒有 - 你是否在此期間處理了你的積壓訂單，或者 - 我的意思是通常這是訂單的季節性疲軟季度，我假設 [if that's] 是這樣嗎？

Yes, yes. We have mentioned at the Analyst Day, we thought that in the first half that would definitely be the case.

是的是的。我們在分析師日提到過，我們認為上半年肯定會是這樣。

Yes. RPOs went from 983 to 903.

是的。 RPO 從 983 上升到 903。

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

你的下一個問題來自 Raymond James 的 Simon Leopold。

In the prepared remarks, David, you mentioned this comment about inventory absorption. And I want to make sure I understand, because I guess I'm a little bit confused in that. I do imagine that the -- your customers had inventory of your gear. Now I didn't know whether you were sort of referring to the broad sense of things like 5G radios being absorbed or you are specifically talking about your own products. And if it's your own products, I'm puzzled how they got that inventory?

在準備好的評論中，大衛，你提到了關於庫存吸收的評論。我想確保我理解，因為我想我對此有點困惑。我確實認為 - 您的客戶有您的裝備庫存。現在我不知道你是指廣義的東西，比如 5G 無線電被吸收，還是你在具體談論你自己的產品。如果是您自己的產品，我很困惑他們是如何獲得庫存的？

Simon, I would like to make a very clear statement here. So thank you for the clarifying question. Yes, in the prepared comments, it was industry-wide and not just specific to optical and not our gear, right? I think that during the supply chain, a lot of CSPs and customers loaded up and in many cases, loaded up to be given where the lead times are. As those are coming down, they have the ability to burn down and economic pressures necessity drives that innovative spirit to drive what's in the warehouse and try to get that out and what's deployed.

西蒙，我想在這裡做一個非常明確的聲明。所以謝謝你的澄清問題。是的，在準備好的評論中，它是整個行業的，而不是特定於光學而不是我們的設備，對吧？我認為在供應鏈中，很多 CSP 和客戶都在加載，並且在許多情況下，加載是為了在交貨時間所在的地方提供。隨著這些東西的減少，它們有能力被燒毀，經濟壓力必然會推動創新精神來推動倉庫中的東西，並試圖把它拿出來，部署什麼。

So what I meant is, they're burning down backlog and they're burning down the inventory that they have rather than ordering lots of new gear in the front half of the year. And we mentioned that in the Analyst Day that we thought that, that would happen and then people would kind of reload and recharge as we go out throughout the year.

所以我的意思是，他們正在減少積壓，他們正在減少他們擁有的庫存，而不是在上半年訂購大量新設備。我們在分析師日提到過，我們認為那會發生，然後人們會在我們全年外出時重新加載和充電。

And then as a follow-up, just what are you thinking in terms of the ebbs and flows in your customer mix in that second quarter guidance? So it implies that at least one of your verticals is not following seasonality. And your comments on the call make me think it's the ICPs and not the traditional telcos. But I just want to make sure that I'm thinking about this correctly?

然後作為後續行動，您對第二季度指導中客戶組合的潮起潮落有何看法？因此，這意味著您的至少一個垂直行業沒有遵循季節性。你對電話的評論讓我認為這是 ICP 而不是傳統的電信公司。但我只是想確保我正確地考慮了這個問題？

Yes. I think 2 things. One, we did have a government deal of a reasonable size that Nancy mentioned, a $20 million deal that was supposed to be in the first half. And in these times and governments typically run at their own productivity time lines, that's going to move from the first half into the second half of the year. And you've seen that happen before with other big projects with us. This one is a government project.

是的。我認為有兩件事。第一，我們確實有南希提到的一筆規模合理的政府交易，一筆 2000 萬美元的交易，本應在上半年完成。在這些時候，政府通常會按照自己的生產力時間表運行，這將從上半年轉移到下半年。您之前已經在我們的其他大型項目中看到過這種情況。這是一個政府項目。

As I mentioned in the Analyst Day, I think you're going to continue to see the ICPs lumpy in terms of shipments to revenue from us. I think you're continuing to see -- we had a very strong Americas for the quarter. Europe continued to be a little bit weaker. I think that's overall a more of a cautious environment, although, we see a very large number of RFPs out there, that one is just going to be timing. So I think it is a little bit of ICP lumpiness, a government project that has spit out and then just the ramp rate of CSPs that are traditionally pretty darn strong in Q2, that are just taking a lot longer again as they try to burn down their backlog.

正如我在分析師日提到的那樣，我認為你將繼續看到 ICP 在我們的出貨量和收入方面的波動。我認為你會繼續看到 - 本季度我們有一個非常強大的美洲。歐洲繼續有點疲軟。我認為這總體上是一個更加謹慎的環境，儘管我們看到了大量的 RFP，這只是時間問題。所以我認為這是 ICP 的一點點塊狀，一個已經吐出的政府項目，然後只是 CSP 的爬坡率，這些 CSP 在第二季度傳統上非常強勁，只是在他們試圖燒毀時再次花費了更長的時間他們的積壓。

Appreciate the clarification. And just as a quick verification, I'm assuming that government shows up with your other service provider segment?

感謝澄清。作為快速驗證，我假設政府與您的其他服務提供商部門一起出現？

That's correct, Simon.

沒錯，西蒙。

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

你的下一個問題來自摩根士丹利的 Meta Marshall。

Great. Maybe on your commentary about kind of the 10 customers kind of looking at the external pluggables. Just wanted to get a sense of kind of what early feedback you are getting, what kind of scale of projects these could be as we head to '24 and '25? And then maybe a second comment or a second question is just on lab trials that you were seeing in general, are you seeing any kind of slowdown in their activity and in valuations or is this really just kind of slowdown of orders?

偉大的。也許在您關於 10 位客戶中的一些正在查看外部可插拔產品的評論中。只是想了解一下您得到了什麼樣的早期反饋，當我們進入 24 和 25 年時，這些項目的規模會有多大？然後，也許第二條評論或第二個問題只是關於您通常看到的實驗室試驗，您是否看到他們的活動和估值出現任何放緩，或者這真的只是訂單放緩？

Yes. Meta, good question. I want to -- I do want to clarify this one as well to be very specific. Yes, the 10 customers aren't looking. What I mentioned is they are ordering. So we actually have firm hard orders in for either qualification, initial deployment or sampling. So that's really good news. I'm encouraged by that. I think for those of you who were at OFC, you did see a large degree of interest as 400 gig goes into the metro for CSPs, as well as our 400 gig ZR+ and ZR module, couple of things are happening. The performance of it has been quite strong.

是的。元，好問題。我想——我也想澄清這個問題，非常具體。是的，這 10 位顧客沒有看。我提到的是他們正在訂購。因此，我們實際上在資格、初始部署或抽樣方面都有嚴格的硬性訂單。所以這真是個好消息。我對此感到鼓舞。我想對於那些在 OFC 的人來說，您確實看到了很大程度的興趣，因為 400 gig 進入 CSP 的地鐵，以及我們的 400 gig ZR+ 和 ZR 模塊，一些事情正在發生。它的性能已經相當強勁了。

And as people go look to deploy the 400 gig ZR spec, in some cases, they would like a little bit more reach. And our 400 gig ZR ICE-X pluggable is filling that need. So we -- our sales funnel is building with lots of nice opportunities there. But look, we won't -- we'll count those when big orders are able to come in-house. We've got some work to do. The second thing is, the software definition on them, meaning the fact that these are manageable via software has been a big hit.

隨著人們開始尋求部署 400 gig ZR 規格，在某些情況下，他們希望覆蓋範圍更大一些。我們的 400 gig ZR ICE-X pluggable 可以滿足這一需求。所以我們——我們的銷售渠道正在建設中，那裡有很多不錯的機會。但是看，我們不會 - 當大訂單能夠進入內部時，我們會計算那些。我們有一些工作要做。第二件事是它們的軟件定義，這意味著這些可以通過軟件進行管理這一事實受到了很大的打擊。

Networks are complicated. Even in ICP networks, people looking to segment alarm, track and be secure. And I'd say the third point is, let's not forget, our pluggables are manufactured in the United States with our own fab here in Sunnyvale, California and our advanced semiconductor packaging facility in Pennsylvania. And so that value proposition of performance software and made in the U.S.A, especially given the performance and reach that they're looking for and the economics have been a hit.

網絡很複雜。即使在 ICP 網絡中，人們也希望分段報警、跟踪並確保安全。我要說的第三點是，我們不要忘記，我們的可插拔器件是在美國製造的，我們在加利福尼亞州桑尼維爾有自己的工廠，在賓夕法尼亞有我們先進的半導體封裝工廠。因此，性能軟件和美國製造的價值主張，特別是考慮到他們正在尋找的性能和範圍以及經濟性受到了打擊。

And just...

只是...

Yes, go ahead.

好，去吧。

I will quickly just add on that and don't forget, right, that these pluggables are what's going to allow us as we exit this year and go into '24 to vertically integrate our own metro platform, and that's the margin expansion that we shared with you at Investor Day that, that really starts to kick in, in '24.

我會很快補充一點，不要忘記，這些可插拔設備將使我們能夠在今年退出並進入 24 世紀垂直整合我們自己的地鐵平台，這就是我們分享的利潤擴張在投資者日與您一起，在 24 年真正開始發揮作用。

Now that's a new business, Meta, and that's 10 orders for again sampling initially and some initial deployments, that takes a while to scale. And that's why at Analyst Day, we talked about our goal being tens of millions of orders by the time we exit the year and then the scale happening there. But I'm quite encouraged by so far what we see. We need to translate that to the almighty income statement and balance sheet.

現在這是一項新業務，Meta，這是 10 個訂單，用於最初的再次抽樣和一些初始部署，這需要一段時間才能擴展。這就是為什麼在分析師日，我們談到了我們的目標是到今年年底時獲得數千萬的訂單，然後那裡發生的規模。但到目前為止，我對我們所看到的感到非常鼓舞。我們需要將其轉化為全能的損益表和資產負債表。

And your next question comes from the line of George Notter from Jefferies.

你的下一個問題來自 Jefferies 的 George Notter。

I've got a few questions here. I guess maybe to start, I thought I'd ask about pricing. I know you guys raised price about 5% back in May of last year. I'm kind of guessing that, that will start flowing through the model here in Q1. Can you give us a sense of how much of the growth you're getting is coming from pricing or maybe that benefit is still in front of us? I'd love to get a sense for that. And then secondly, I'm just curious about the mix of ICE6 and mix of vertically integrated products in the quarter. I'm kind of wondering what the update is on that mix of product sales?

我在這裡有幾個問題。我想也許是開始，我想我會詢問定價。我知道你們在去年 5 月將價格提高了大約 5%。我有點猜測，這將在第一季度開始流經這裡的模型。您能否讓我們了解您獲得的增長有多少來自定價，或者這種好處是否仍在我們面前？我很想了解一下。其次，我只是對本季度 ICE6 和垂直整合產品的組合感到好奇。我有點想知道產品銷售組合的更新是什麼？

Yes. Amitabh, why don't you hit the ICE6 and vertical integration, and then Nancy can hit the other piece?

是的。 Amitabh，你為什麼不打ICE6和垂直整合，然後Nancy可以打另一塊？

Yes. So George, ICE6, we said -- well, we didn't say it, it's just north of 30% in the quarter of product revenue and VI was north of 50%, 5-0.

是的。所以 George，ICE6，我們說 - 好吧，我們沒有說，它在產品收入的季度剛剛超過 30%，而 VI 超過 50%，5-0。

Yes. And I think we, first of all, never announced a price increase. So we have, as we've said, look at our pricing, look at our customer mix, look at the products that they're buying and make assessments on a quarter-by-quarter basis. But the mix of the margin that you're seeing now as we go above the 38.5% and continue on our track to get to 40% for the year is going to be made up of a compilation of a number of things, right?

是的。我認為，首先，我們從未宣布提價。因此，正如我們所說，我們已經查看我們的定價，查看我們的客戶組合，查看他們購買的產品並按季度進行評估。但是，當我們超過 38.5% 並繼續在今年達到 40% 的軌道上時，您現在看到的利潤率組合將由許多因素組成，對嗎？

But primarily, the mix of ICE6 helps us as we grow our margin there. And we're going to continue to look at our own pricing relative to the market, relative to where we see opportunity and also where we want to grow, right, and where we want to expand the market in front of us. So I won't comment further about any other increases or any decreases.

但主要是，ICE6 的組合幫助我們增加了那裡的利潤。我們將繼續考慮我們自己相對於市場的定價，相對於我們看到機會的地方以及我們想要增長的地方，正確的，以及我們想要擴大我們面前的市場的地方。所以我不會進一步評論任何其他增加或減少。

And there are no further questions at this time. Mr. David Heard, I turn the call back over to you for some final closing remarks.

目前沒有其他問題。大衛赫德先生，我把電話轉回給你，請你做最後的結束語。

No, I appreciate it. Like Nancy said, it was great to see everybody at Investor Day. So I know we're short today because -- hopefully, we reviewed kind of the plans of where we go. As we mentioned there, we have those 6 milestones that we went through, that we laid out at Investor Day, I think the good news is in times like this concentrating on ensuring we are closing off on those with credible measures I think happened in Q1. We had quite a strong Q1, and I'm proud of what the team did, 16% year-over-year growth, 260 points of gross margin, and 450 points of operating margin expansion, nice job to the team.

不，我很感激。正如南希所說，很高興在投資者日見到大家。所以我知道我們今天很短，因為 - 希望我們審查了我們去哪裡的計劃。正如我們在那裡提到的那樣，我們已經完成了 6 個里程碑，我們在投資者日制定了這些里程碑，我認為好消息是在這樣的時候集中精力確保我們關閉那些我認為在第一季度發生的可靠措施.我們有一個相當強勁的第一季度，我為團隊所做的感到自豪，同比增長 16%，毛利率 260 點，營業利潤率增長 450 點，對團隊來說乾得不錯。

Our Q2 guidance implies 10% revenue growth for the first half, which is again ahead of what we see. We're certainly mindful of the macro. We read the news. We listen to other earnings calls. We understand what's going on. However, we're operating our business off the micro tools and processes in close discussions with our clients that have proved to be effective as we manage through the pandemic, supply chain crisis, wars, you name it. So that's what we're going to continue to do.

我們的第二季度指引暗示上半年收入增長 10%，再次高於我們的預期。我們當然注意宏觀。我們讀了新聞。我們聽取其他財報電話會議。我們明白髮生了什麼。但是，我們通過與客戶的密切討論，通過微型工具和流程來運營我們的業務，這些工具和流程在我們管理流行病、供應鏈危機、戰爭等方面被證明是有效的。這就是我們將繼續做的事情。

Our job with you is to always give you a great view of what we see. We are encouraged by what we see in the subsystems business, that's quite exciting. We know it takes time. But again, those 6 key milestones are what we are focused on. So we really appreciate everybody's continued interest, the thoughtful questions today, and we look forward to speaking to you at our next earnings call, if not sooner. Everybody, have a great day.

我們與您的工作是始終讓您對我們所看到的有一個很好的了解。我們對我們在子系統業務中看到的情況感到鼓舞，這非常令人興奮。我們知道這需要時間。但同樣，這 6 個關鍵里程碑是我們關注的重點。因此，我們非常感謝大家一直以來的興趣和今天深思熟慮的問題，我們期待在下一次財報電話會議上與您交談，如果不是更早的話。大家，祝你有美好的一天。

Thank you.

謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。