Infinera Corp (INFN) 2023 Q4 法說會逐字稿

Good afternoon.

午安.

My name is Krista, and I'll be your conference operator today.

我叫克里斯塔，今天我將擔任你們的會議接線生。

At this time, I would like to welcome everyone to the Infinera Corporation fourth quarter earnings conference call.

此時此刻，我謹歡迎大家參加英飛朗公司第四季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Amitabh Passi, Head of Investor Relations.

（操作員指示）我現在想將會議轉交給投資人關係主管 Amitabh Passi。

You may begin your conference.

您可以開始您的會議了。

Thank you, Christian, and good afternoon, everyone.

謝謝克里斯蒂安，大家下午好。

Welcome to Infinera's fourth quarter of fiscal 2023 conference call.

歡迎參加英飛朗 2023 財年第四季電話會議。

A copy of the press release issued by Infinera today is available on the Investor Relations section of the website, and this call is being recorded and will be available for replay from our website.

英飛朗今天發布的新聞稿副本可在網站的投資者關係部分獲取，本次電話會議正在錄音中，可在我們的網站上重播。

Today's call will include projections and estimates that constitute forward-looking statements, including but not limited to, statements related to the matters referenced in the press release and current report on Form 8-K that the company issued today and our financial outlook for the first quarter of 2024.

今天的電話會議將包括構成前瞻性陳述的預測和估計，包括但不限於與新聞稿中提到的事項相關的陳述和公司今天發布的 8-K 表格中的當前報告以及我們的首次財務展望2024年第四季。

These statements are subject to risks and uncertainties that could cause Infinera's results to differ materially from management's current expectations.

這些陳述受到風險和不確定性的影響，可能導致英飛朗的業績與管理階層目前的預期有重大差異。

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 on December 31, 2022, as filed with the SEC on February 27, 2023 and amended on February 29, 2024 and in our quarterly report on Form 10-Q for the quarter ended September 30, 2023, as filed with the SEC on February 29, 2024 as well as subsequent reports filed with or furnished to the SEC from time to time.

由於各種風險因素，實際結果可能會存在重大差異，包括我們於2023 年2 月27 日向SEC 提交並於2 月修訂的截至2022 年12 月31 日的10-K 表格年度報告中列出的風險因素2024 年 9 月 29 日的報告、截至 2023 年 9 月 30 日的季度 10-Q 表格季度報告（於 2024 年 2 月 29 日向 SEC 提交）以及不時向 SEC 提交或提供的後續報告。

Please be reminded that all statements are made as of today.

請注意，所有聲明均截至今天。

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.

英飛朗不承擔更新或修改任何前瞻性陳述以反映本次電話會議之後可能發生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 each discussed on a GAAP basis pursuant to Reg G.

今天的電話會議提到了非 GAAP 財務指標，但收入、資產負債表項目和營運現金流量除外，這些指標均根據 Reg G 的 GAAP 基礎進行了討論。

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 sorry, the R&O investor slides this quarter, each of which is available on the Investor Relations section of our website.

我們在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較的GAAP 財務指標的調節表。抱歉，本季度的R&O 投資者幻燈片，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, will allow for plenty of time for Q&A today.

最後，提醒一下，今天將留出充足的時間進行問答。

So we ask that you limit yourself to one question and one follow-up, please.

因此，我們要求您將自己限制在一個問題和一項後續行動上。

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

我會將電話轉給我們的執行長戴維·赫德 (David Heard)。

Thanks, Tom.

謝謝，湯姆。

Good afternoon and thanks for joining us today.

下午好，感謝您今天加入我們。

I'll begin with the highlights for our preliminary fourth quarter results and then turn the call over to Nancy to cover the preliminary financial details of our fourth quarter performance and outlook for the first quarter.

我將首先介紹我們第四季度初步業績的重點，然後將電話轉給南希，介紹我們第四季度業績的初步財務細節和第一季的前景。

Overall, the fourth quarter was a strong quarter for us in which the mid in which the midpoint of our preliminary revenue, gross margin and EPS ranges are all expected to come in above our outlook ranges.

總體而言，第四季度對我們來說是一個強勁的季度，其中我們的初步收入、毛利率和每股收益範圍的中點預計都將高於我們的預期範圍。

We delivered a book-to-bill of approximately one for the second quarter in a row, and we generated over $50 million in free cash flow.

我們連續第二季的訂單出貨比約為 1，並且產生了超過 5,000 萬美元的自由現金流。

Furthermore, during the quarter, our GX systems portfolio performed strongly landing new Tier 1 design wins with global service providers and ICPs.

此外，在本季度，我們的 GX 系統產品組合表現強勁，贏得了全球服務供應商和 ICP 的新一級設計勝利。

It now represents almost 50% of our expected annual product revenue.

現在它幾乎占我們預期年產品收入的 50%。

And in subsystems, we shipped our first 400 gig ICE6 coherent pluggables vertically integrated into our own GX Metro platform.

在子系統中，我們交付了第一個 400 gig ICE6 相干可插拔設備，垂直整合到我們自己的 GX Metro 平台中。

Combining the third and fourth quarters of 2023 marked a strong finish to the calendar year while capital markets and macro economic conditions were challenging throughout 2023, we kept our heads down and believe we've delivered on our commitments to you for the full year 2023, we expect to deliver our sixth consecutive year as revenue grow, expand gross margins to approximately 40%, expanded operating margins and increased operating profit in the double digit percentage range and delivered EPS in the 20% to 25% range, also consistent with what we mentioned to you in our Investor Day.

2023 年第三季和第四季標誌著日曆年的強勁收官，而資本市場和宏觀經濟狀況在2023 年全年都充滿挑戰，我們保持低調，相信我們已經兌現了2023 年全年對您的承諾，我們預計將連續第六年實現營收成長，毛利率擴大至約40%，營業利潤率擴大，營業利潤增加兩位數百分比範圍，每股收益在20% 至25% 範圍內，也與我們的預期一致在我們的投資者日向您提及。

And that EPS is up at least 70% year over year.

EPS 年成長至少 70%。

From a portfolio and customer perspective, we continued to build on the momentum of the last few years as we landed new customers during the year and successfully expanded into new market segments and geographies.

從投資組合和客戶的角度來看，我們繼續鞏固過去幾年的勢頭，年內獲得了新客戶，並成功擴展到新的細分市場和地區。

Let me touch on a few of the 2023 highlights.

讓我談談 2023 年的一些亮點。

First, we won new strategic deals with major service providers, including notable wins in the US, Europe, India and Australia and several multinational subsea consortiums.

首先，我們與主要服務提供者贏得了新的戰略協議，包括在美國、歐洲、印度和澳洲以及多個​​跨國海底財團的重大勝利。

Our win rate in the metro remains strong, with revenue in this segment growing to almost 50% of product revenue in 2023, an important part of our investment thesis and forward opportunity with the Huawei situation.

我們在地鐵領域的勝率仍然很高，到 2023 年，該領域的收入將增長到產品收入的近 50%，這是我們投資主題的重要組成部分，也是華為情況下的未來機會。

Second, we had another banner year with U.S. hyperscalers and delivered our fourth consecutive year of [30] plus revenue growth in this segment, we've increased our market share with hyperscalers by approximately 1,000 basis points over the last four years, and our total exposure to them, including the indirect business that they drive through carrier service providers and subsea consortia is approaching approximately 50% of our revenue.

其次，我們與美國超大規模企業又迎來了輝煌的一年，並連續第四年在該領域實現了[30] 以上的收入增長，在過去四年中，我們在超大規模企業中的市場份額增加了約1,000 個基點，我們的總銷售額與他們的接觸，包括他們透過營運商服務提供者和海底財團推動的間接業務，接近我們收入的 50% 左右。

Third, we exceeded $10 million in bookings for our subsystem products and recognized initial revenue in the year.

第三，我們的子系統產品預訂量超過 1,000 萬美元，並在當年確認了初始收入。

This was an important milestone for the Company and consistent with the goals we communicated at our March Investor Day to date we received purchase orders from 26 customers that span our entire subsystems portfolio.

這是該公司的一個重要里程碑，與我們在三月投資者日傳達的目標一致，迄今為止，我們收到了來自 26 個客戶的採購訂單，涵蓋了我們整個子系統產品組合。

Additionally, membership in the exit, our forum continued to expand in 2023 and the new list of members included Lumentum and Arysta.

此外，在退出會員方面，我們的論壇在 2023 年繼續擴大，新的會員名單包括 Lumentum 和 Arysta。

And fourth, we announced the commercial availability of our 400 gig XR pluggables and also shipped our first metro systems with our bone own vertically integrated pluggables in Q4.

第四，我們宣布了 400 gig XR 可插拔產品的商業可用性，並在第四季度推出了我們的第一個帶有我們自己的垂直整合可插拔產品的地鐵系統。

The use of pluggables in our metro systems will be a key driver of margin expansion getting into the back half of 2024.

在我們的地鐵系統中使用可插拔設備將成為 2024 年下半年利潤成長的關鍵驅動力。

Our consistent performance over the past few years highlights that our strategy is working and that our portfolio is in the best shape it's ever been as evidenced by our win rates.

我們過去幾年的穩定表現突顯了我們的策略正在發揮作用，並且我們的投資組合處於有史以來的最佳狀態，我們的勝率就證明了這一點。

Our key growth and profitability.

我們的關鍵成長和獲利能力。

Financial metrics are trending up into the right, and we feel great about the underlying long-term secular drivers in the business.

財務指標呈現向右上升趨勢，我們對業務中潛在的長期長期驅動因素感到滿意。

However, in the near term, as we look at the first half of 2024.

然而，從短期來看，我們展望 2024 年上半年。

We're planning for a slow start to the year, consistent with what our peers in the industry are seeing and communicating.

我們計劃今年開局緩慢，這與業內同行所看到和溝通的情況一致。

In Q1, in particular, we're experiencing a temporary low point in revenue and margin driven by two factors.

特別是在第一季度，由於兩個因素的推動，我們的收入和利潤率暫時處於低點。

First, from a revenue standpoint, approximately $35 million of revenue shifted out of the quarter with roughly $10 million being recognized earlier in Q4 and $25 million of shippable backlog shipped shifting from Q1 into future quarters.

首先，從收入的角度來看，約3500 萬美元的收入從本季度轉移出去，其中約1000 萬美元在第四季度早些時候得到確認，2500 萬美元的可交付積壓訂單從第一季轉移到未來幾季。

And second, from a margin standpoint, we expect gross margin to be approximately 400 basis points lower in Q1 due to a 300 basis point impact from the timing impact of higher line system shipments in Q1 associated with many of our global Tier 1 customer wins.

其次，從利潤率的角度來看，我們預計第一季的毛利率將下降約400 個基點，因為第一季較高的生產線系統出貨時間影響與我們許多全球一級客戶的勝利相關，因此產生了300 個基點的影響。

This is ultimately a good news story in the back half of the year and for the longer term and 100 basis point impact from the combined effects of lower volume in Q1.

這最終對今年下半年來說是一個好消息，從長遠來看，第一季成交量下降的綜合影響將帶來 100 個基點的影響。

The good news here is our commercial wins and strategic deployments give me confidence that we remain on path to deliver a full year of revenue growth and expanded margins in 2024, with gross margins expected to return to 40% plus starting in Q2.

好消息是我們的商業勝利和策略部署讓我有信心，我們將繼續在 2024 年實現全年營收成長和利潤率擴大，毛利率預計從第二季開始恢復到 40% 以上。

The even better news is both the pace and scale of our design wins across the portfolio are accelerating in this quarter, Q1.

更好的消息是，我們在整個產品組合中贏得設計的速度和規模在本季度（第一季）都在加快。

This is especially true for hyperscalers who we believe will continue to drive healthy levels of spending across the industry in the years ahead already.

對於超大規模企業來說尤其如此，我們相信他們將在未來幾年繼續推動整個產業的健康支出水準。

In the first 60 days of 2024, we've achieved major hyperscale influence strategic wins with our systems and subsystem solutions, including the following developments.

在 2024 年的前 60 天內，我們透過我們的系統和子系統解決方案取得了重大的超大規模影響力策略勝利，包括以下開發。

First, you've seen from our press release this morning, we've announced a new line system that puts our portfolio under the GX family.

首先，您從今天早上的新聞稿中看到，我們宣布了一個新的產品線系統，將我們的產品組合納入 GX 系列。

We've already landed wins with five service providers and hyperscalers that are expected to lead to significant revenue and margins with follow-on transponder sales.

我們已經與五家服務提供商和超大規模提供商取得了勝利，預計後續轉發器銷售將帶來可觀的收入和利潤。

And we have a strong pipeline of additional customers.

我們擁有強大的額外客戶管道。

Second, we have won our first contract with a major hyperscaler for 800 gig, three nanometer ZR ZR plus pluggables.

其次，我們贏得了與一家大型超大規模提供商的第一份合同，涉及 800 gig、3 奈米 ZR ZR 以及可插拔設備。

This win has the potential to be among the largest contracts for the Company, scaling to hundreds of billions of dollars over a three year period beginning in 2025.

此次中標有可能成為該公司最大的合約之一，從 2025 年開始的三年內價值將達到數千億美元。

This is the first of multiple contracts in this key market segment that we expect to land in 2024.

這是我們預計於 2024 年簽署的這一關鍵細分市場的多個合約中的第一個。

These pluggable wins will drive additional volume through our U.S. based semiconductor manufacturing assets and be incredibly it be incrementally accretive to the financial model.

這些可插入的勝利將透過我們位於美國的半導體製造資產推動額外的銷售，並且令人難以置信的是，它將逐步增加財務模型。

Third, influenced by traffic demands of hyperscalers.

第三，受超大規模流量需求的影響。

We continue winning managed optical fiber networks or motion deals in India, the Middle East and Asia with at least three wins quarter to date in Q1 with three different hyperscalers.

我們繼續在印度、中東和亞洲贏得託管光纖網路或行動交易，第一季迄今為止，我們與三個不同的超大規模供應商贏得了至少三場勝利。

These private network builds are driven by hyperscalers and their preference for suppliers along with service providers across the globe.

這些專用網路的建構是由超大規模企業及其對全球供應商和服務提供者的偏好所推動的。

Fourth, in addition to shipping our first metro systems with our own 400 gig pluggables.

第四，除了使用我們自己的 400 兆可插拔設備運送我們的第一個地鐵系統。

We're also qualifying our 400 gig [ICE6] pluggables with a major Tier 1 service provider and a major US cable MSO for applications that include single fiber by die and business to business upon overlap.

我們也透過一家主要的 1 級服務供應商和一家美國主要的有線 MSO 來驗證我們的 400 gig [ICE6] 可插拔設備，適用於包括單光纖晶片和重疊時企業對企業的應用。

And fifth, we've invested in producing the first test chips for inside the data center applications driven by AI. that will drive down power and leverage our U.S. based semiconductor assets.

第五，我們投資生產了第一批用於人工智慧驅動的資料中心內部應用的測試晶片。這將降低功耗並利用我們位於美國的半導體資產。

While these data are early and architectures are still evolving, we believe our unique vertical integration and indium phosphide capabilities are competitive differentiators inside the data center.

雖然這些資料還處於早期階段，架構仍在不斷發展，但我們相信我們獨特的垂直整合和磷化銦功能是資料中心內的競爭優勢。

We look forward to talking to you on the progress as this further develops based on the stack-up of those strategic wins.

我們期待與您討論進展情況，因為這項進展是基於這些戰略勝利的疊加而進一步發展的。

My confidence in our strategy portfolio and execution is as high as it's ever been despite the short term and inventory digestion customers are going through and the timing of the mix impacts of laying down new routes in the long term, demand for bandwidth continues to grow as hyperscalers accelerate the rollout of artificial intelligence, machine learning workloads and service providers drive fiber deeper into networks.

我對我們的策略組合和執行的信心一如既往地高，儘管客戶正在經歷短期和庫存消化，以及鋪設新路線的混合影響的時間，但從長遠來看，對頻寬的需求持續增長超大規模企業加速了人工智慧、機器學習工作負載的部署，服務供應商推動光纖深入網路。

We believe we're uniquely positioned to gain with this with these customer segments.

我們相信，我們擁有獨特的優勢，能夠從這些客戶群中獲益。

We look forward to diving deeper into our product and technology strategy at this year's Optical Fiber Communications Industry Show in San Diego, California, on March 27.

我們期待在 3 月 27 日於加州聖地牙哥舉行的今年光纖通訊產業展上更深入探討我們的產品和技術策略。

And as I close today, I'd like to thank the Infinera team for another solid quarter of execution and results and their continued commitment to our customers and one another.

在今天結束時，我要感謝英飛朗團隊在另一個季度的出色執行和業績，以及他們對我們的客戶和彼此的持續承諾。

I'd also like to thank our partners, customers and shareholders for their continued support.

我還要感謝我們的合作夥伴、客戶和股東的持續支持。

I couldn't feel better about our strategic position, and I believe we made we remain well positioned to deliver our seventh consecutive year of revenue growth, expand margins by approximately 200 basis points and deliver EPS growth of at least 25% in 2024.

我對我們的策略地位感覺再好不過了，我相信我們能夠保持良好的地位，實現連續第七年的收入增長，將利潤率擴大約200 個基點，並在2024 年實現每股收益增長至少25 %。

I'll now turn the call over to Nancy to cover the preliminary financial results for the quarter and our Q1 outlook.

現在我將把電話轉給南希，介紹本季的初步財務表現和我們第一季的前景。

Nancy?

南希？

Thanks, David.

謝謝，大衛。

Good afternoon, everyone.

大家下午好。

I will begin by addressing our third quarter filings and then cover our preliminary (technical difficulty) followed by our outlook for the first quarter of 2024.

我將首先介紹我們第三季的文件，然後介紹我們的初步（技術困難），然後是我們對 2024 年第一季的展望。

For your reference, we have included a GAAP to non-GAAP reconciliation of our preliminary financials and outlook in our press release to assist with my commentary.

為了供您參考，我們在新聞稿中納入了我們初步財務和前景的公認會計準則與非公認會計準則的對賬，以協助我的評論。

As a reminder, any financial commentary (technical difficulty) filed today for Q4 '23 or the full fiscal 2023 period are based on our preliminary non-GAAP results.

謹此提醒，今天提交的 23 年第 4 季或整個 2023 財年期間的任何財務評論（技術難度）均基於我們的初步非 GAAP 業績。

As most of you are aware, we filed our Q3 '23 form 10-Q on February 29.

正如你們大多數人所知，我們在 2 月 29 日提交了 23 年第 3 季的 10-Q 表格。

This represented a tremendous effort by the Infinera team and our auditors over the past few months.

這代表了英飛朗團隊和我們的審核員在過去幾個月中付出的巨大努力。

Given the intensive and time-consuming nature of the matters under review, I want to emphasize that despite the delayed review process, there were no adjustments to prior period financials.

鑑於所審查事項的密集性和耗時性，我想強調的是，儘管審查過程被推遲，但前期財務數據並未發生調整。

Our results for Q3 were revenue of $392 million.

我們第三季的業績是營收 3.92 億美元。

Gross margin of 41.9%, operating income of $30.3 million and diluted EPS of $0.08, all of which exceeded the midpoint of our original outlook range.

毛利率為 41.9%，營業收入為 3,030 萬美元，稀釋後每股收益為 0.08 美元，所有這些都超過了我們最初展望範圍的中點。

Since our efforts over the past few months have been directed toward completing the work necessary to file our Q3 '23 results and other related SEC filings.

由於我們過去幾個月的努力主要是為了完成提交 23 年第 3 季業績和其他相關 SEC 文件所需的工作。

Our final results for Q3 -- Q4 '23 and fiscal year '23 have been delayed.

我們 23 年第三季、第四季和 23 財年的最終結果已被推遲。

As a result, we are sharing preliminary unaudited ranges today.

因此，我們今天分享初步的未經審計的範圍。

We currently expect to have our year end audits completed and file our fiscal year '23 10-K in the next five to seven weeks or about mid-April and plan to be back on our normal cadence in Q1.

目前，我們預計將在未來五到七週或四月中旬左右完成年終審計並提交我們的財年 '23 10-K，併計劃在第一季度恢復正常節奏。

Turning to our performance in the fourth quarter.

轉向我們第四季的表現。

I am pleased with the strong finish we had to the year, the midpoint of our preliminary range of $435 million to $452 million is expected to be at or above our outlook range.

我對今年的強勁收尾感到滿意，我們初步範圍 4.35 億美元至 4.52 億美元的中點預計將達到或高於我們的展望範圍。

This quarterly performance was primarily driven by strength in the Americas and with ICPs or hyperscalers.

這一季度業績主要是由美洲地區以及 ICP 或超大規模企業的實力推動的。

Geographically, we derived over 65% of our Q4 revenue from domestic customers, a level higher than normal.

從地理來看，我們第四季超過 65% 的營收來自國內客戶，高於正常水準。

Given the strength at U.S. hyperscalers and service provider customers.

鑑於美國超大規模企業和服務供應商客戶的實力。

We had one ICP customer that accounted for over 10% of our revenue in the quarter.

我們有一個 ICP 客戶，該客戶占我們本季營收的 10% 以上。

Turning to gross margin, we expect the midpoint of our Q4 preliminary gross margin range of 39% to 41% to be above that in our outlook range and up on a year-over-year basis compared to the prior year.

談到毛利率，我們預計第四季度初步毛利率範圍的中點為 39% 至 41%，將高於我們的展望範圍，並且與上年相比同比有所上升。

Gross margin in the quarter benefited from higher vertical integration, continued relief in supply costs and ongoing cost improvements.

本季的毛利率得益於更高的垂直整合、供應成本的持續緩解以及持續的成本改善。

Overall, I am encouraged by the trend in 2023, with gross margin expected to approach 40% for the year and be up approximately 300 basis points for the year.

整體而言，我對2023年的趨勢感到鼓舞，預計全年毛利率將接近40%，全年成長約300個基點。

Preliminary operating margin of 5.7% to 8.3% is expected to be within our outlook range, while operating expenses of $145 million to $147 million are expected to be slightly above our outlook range.

預計 5.7% 至 8.3% 的初步營業利潤率將在我們的預期範圍內，而 1.45 億美元至 1.47 億美元的營業費用預計將略高於我們的預期範圍。

Our Q4 operating expenses included approximately $3 million of incremental spend as a result of the extended financial review I referred to earlier.

由於我之前提到的擴展財務審查，我們第四季度的營運支出包括約 300 萬美元的增量支出。

We expect this level of incremental spend to continue through Q1 and partially into Q2 and Q4.

我們預計這種增量支出水準將持續到第一季度，並部分進入第二季和第四季。

We also executed on a tax structuring initiative that allowed us to true up a $7 million tax benefit for current year and prior years.

我們還執行了一項稅收結構計劃，使我們能夠在本年度和往年獲得 700 萬美元的稅收優惠。

The resulting preliminary diluted EPS is expected to be $0.07 to $0.13, with the midpoint representing above our outlook range.

由此產生的初步稀釋每股收益預計為 0.07 美元至 0.13 美元，其中中點高於我們的展望範圍。

Moving on to the balance sheet and cash flow items, we ended the quarter with approximately $174 million in cash and cash equivalents.

轉向資產負債表和現金流項目，本季末我們的現金和現金等價物約為 1.74 億美元。

We generated over $50 million of free cash flow in the quarter, and we benefited from higher net income, the partial work-down of our inventory and an improvement in shipment linearity.

本季我們產生了超過 5000 萬美元的自由現金流，我們受益於更高的淨利潤、部分庫存減少以及發貨線性度的改善。

Let me now turn to the outlook for the first quarter of 2024.

現在讓我談談 2024 年第一季的展望。

As David mentioned, like the rest of the industry, we are expect we are expecting a slow start to the year as our customers continue to work down their excess inventory and manage CapEx prudently in the short term.

正如大衛所提到的，與行業其他公司一樣，我們預計今年開局會緩慢，因為我們的客戶將繼續減少過剩庫存並在短期內謹慎管理資本支出。

Therefore, specific to Q1, we expect revenue to be in the range of $320 million to $350 million, including the impact of approximately $35 million of revenue that shifted out in the quarter.

因此，具體到第一季度，我們預計營收將在 3.2 億美元至 3.5 億美元之間，包括本季轉移的約 3,500 萬美元收入的影響。

Gross margin to be in the range of 36% to 38%.

毛利率在36%至38%之間。

This lower margin includes a 400 basis point margin impact primarily from higher line system shipments with fill expected in the following quarters and from lower volumes in Q1.

這一較低的利潤率包括 400 個基點的利潤率影響，這主要來自於預計在接下來的幾個季度中填充的更高的線路系統出貨量以及第一季度銷量的下降。

Operating expenses to be in the range of $143 million to $147 million, including approximately $3 million of incremental expenses related to support our fiscal '23 audit and an operating margin loss of 8.5% to (technical difficulty) below the operating loss line, we assume approximately $8 million for net interest expense and approximately $4 million for taxes.

我們假設營運費用在 1.43 億美元至 1.47 億美元之間，包括與支持我們 23 財年審計相關的約 300 萬美元增量費用以及營運利潤率損失 8.5% 至（技術難度）低於營運虧損線淨利息支出約800 萬美元，稅費約400 萬美元。

Finally, we are anticipating a net loss per share of $0.18 to $0.1, assuming a basic share count of approximately 232 million shares.

最後，假設基本股數約為 2.32 億股，我們預期每股淨虧損為 0.18 美元至 0.1 美元。

As you heard from us this afternoon.

正如您今天下午收到的消息。

Overall, we feel great about our strategy and the strength of our portfolio as evidenced by the pace and scale of recent design wins across both our systems and subsystems portfolios.

總體而言，我們對我們的策略和產品組合的實力感到滿意，我們的系統和子系統產品組合最近設計成功的速度和規模就證明了這一點。

In the first 60 days of the quarter.

本季的前 60 天。

I am encouraged by our win rate deployment of line systems setting us up for future margin expansion.

我對我們的生產線系統的贏率部署感到鼓舞，這為我們未來的利潤擴張奠定了基礎。

I'm encouraged by the growth of our sales funnel and the margins on our bookings, which I believe puts us on a path to drive revenue growth of 2% to 3% for the full year and deliver on our seventh consecutive year of revenue growth, expand gross margin by approximately 200 basis points for the year and earnings per share expansion with EPS growth of at least 25% in 2024.

我對我們銷售管道的成長和預訂利潤感到鼓舞，我相信這使我們能夠推動全年收入增長 2% 至 3%，並實現連續第七年的收入增長，全年毛利率擴大約200個基點，每股收益擴大，2024年每股收益成長至少25%。

As I close today, I would like to reiterate that I'm pleased with our '23 performance for the full year.

在今天結束時，我想重申，我對我們 23 全年的表現感到滿意。

We hit several important milestones in the year with gross margin approaching 40%, bookings exceeding $10 million for our subsystems products, vertical integration in the mid-50th percentile for the Company and we proactively strengthened our balance sheet.

我們在這一年中實現了幾個重要的里程碑，毛利率接近40%，子系統產品的預訂量超過1000 萬美元，公司的垂直整合達到了第50 個百分位數，並且我們積極加強了我們的資產負債表。

Looking ahead, we remain laser focused on continuing to accelerate revenue growth, drive earnings per share expansion and generate cash flow in the quarters and years ahead.

展望未來，我們仍然專注於繼續加速收入成長、推動每股收益擴張並在未來幾季和幾年內產生現金流。

We plan to file our fiscal year 10-K in the next five to seven weeks, as I said earlier, and we are back on track to file our Q1 10-Q on our normal cadence.

正如我之前所說，我們計劃在接下來的五到七週內提交我們的財政年度 10-K，並且我們已回到正軌，按照正常節奏提交第一季的 10-Q。

In closing, I would like to take to take the time to thank the Infinera team, especially my finance team for their continued commitment to innovation and execution as well as to our partners, customers and shareholders for your continued patience, cooperation and support.

最後，我想花時間感謝英飛朗團隊，特別是我的財務團隊對創新和執行的持續承諾，以及我們的合作夥伴、客戶和股東的持續耐心、合作和支持。

Christa, I'd now like to open the line up for questions.

克里斯塔，我現在想開始提問。

(Operator Instructions) Mike Genovese, Rosenblatt Securities.

（操作員指示）Mike Genovese，羅森布拉特證券公司。

Great.

偉大的。

Thank you.

謝謝。

Um, can you start by giving us more color on this major hyperscale win, the three nanometer ZR plus 800 G. pluggable.

嗯，您能否先為我們介紹一下這個主要的超大規模勝利，即三奈米 ZR 加 800 G 可插拔。

Just with more color on what that application is, what that product purpose.

只是用更多的顏色來說明該應用程式是什麼、該產品的用途是什麼。

Thank you, Chair.

謝謝主席。

And Mr. Ron Johnson, do you want to take that?

羅恩·約翰遜先生，您願意接受嗎？

Yes.

是的。

Thanks, David.

謝謝，大衛。

Yes, Mike.

是的，麥克。

So we had to close a contract with a major hyperscaler basically to deliver product early '25 with revenue expectation in '25 and the application is an 800 gig PCS pluggable that would go into multiple different form factors.

因此，我們必須與一家主要的超大規模提供商簽訂合同，基本上是在25 年初交付產品，並在25 年實現收入預期，並且該應用程序是800 gig PCS 可插拔，可以採用多種不同的外形尺寸。

QSFP, OSAB, CFPT two and provide a capability to optimize their power per bit performance and their cost per bit.

QSFP、OSAB、CFPT 兩者都提供了優化其每位元功耗性能和每位元成本的能力。

And this will be interoperable and in multiple parts of their network, effectively addressing all of their their terrestrial applications.

這將是可互通的，並且在其網路的多個部分中，有效地解決他們所有的地面應用。

Still in short, point-to-point Metro peering applications, even in long-haul applications.

簡而言之，點對點城域對等應用，甚至在長途應用中也是如此。

So it's an opportunity to drive lower power, lower cost for for all of their terrestrial network in a minute and the affiliates from a contract standpoint, it is a it's kind of the largest contract potential that the company has dealt with in its history.

因此，這是一個在一分鐘內為所有地面網路和附屬公司降低功耗、降低成本的機會，從合約的角度來看，這是該公司歷史上處理過的最大的合約潛力。

So it really kind of helped launch the subsystem business that we talked about going forward with the kind of volumes that really spin the fab nicely for cost reduction that will help across the portfolio, particularly and now it sounds like it's some GCI. application more than a datacom inside the data center.

因此，它確實有助於啟動我們談到的子系統業務，以真正使工廠運作良好的量來降低成本，這將有助於整個產品組合，特別是現在聽起來像是一些 GCI。應用程式不僅僅是資料中心內的資料通訊。

You have the application for it.

你有它的申請。

Is that correct?

那是對的嗎？

Okay, perfect.

好的，完美。

Great.

偉大的。

And then on that, I would just say at the outside the data center, correct?

然後，我只想說在資料中心外部，對嗎？

Correct.

正確的。

Then I would just say it's outside the data centre.

那我只想說它在資料中心之外。

And then just my other question is on, I guess, just some color on gross margins as we move through the year.

然後我的另一個問題是，我想，隨著我們這一年的發展，毛利率會有一些變化。

It sounds like you're calling for 200 basis points of gross margin improvement this year, if that's correct, but we're starting with it with a bad quarter in 1Q for some specific reasons.

聽起來您要求今年的毛利率提高 200 個基點（如果這是正確的），但由於某些特定原因，我們從第一季的糟糕季度開始。

So ambition is we understand how things get a lot better later in the year.

因此，我們的目標是了解今年稍後情況會如何變得更好。

Yes, I looked at the amount of line systems that we're laying out in the first quarter and the cost of that on we had significant.

是的，我查看了我們在第一季部署的線路系統的數量以及我們的成本。

It's just that it's just a heavy heavy mix, which bodes well for the second half and being heavy.

只是這只是一個沉重的混合，這預示著下半場的好兆頭，而且很沉重。

So while we start out, you know, we look at our inbound bookings and their standard margin rates, and we look at the forecast for the remainder of the year and the fill on those line systems as well as additional line systems we still intend to deploy and it gives us comfort around that 200 basis point roughly 200 basis point improvement year over year, just like we committed to last year and delivered last year and then you're right, sounds good.

因此，當我們開始時，您知道，我們會查看我們的入境預訂及其標準保證金率，我們還會查看今年剩餘時間的預測以及這些線路系統以及我們仍打算增加的其他線路系統的填充情況。部署，它給我們帶來了大約200 個基點的安慰，每年大約有200 個基點的改進，就像我們去年承諾並交付的那樣，然後你是對的，聽起來不錯。

Thanks a lot, Beckman.

非常感謝，貝克曼。

Alexander Henderson, Needham & Company.

亞歷山大·亨德森，李約瑟公司。

Hoping you could help us a bridge to 25% EPS growth on 2% to 3% revenue nice but modest 200 basis points, the margin expansion is at that something is it very tight OpEx cost or declining OpEx customer?

希望您能幫助我們實現 25% 的每股盈餘成長，營收成長 2% 至 3%，不錯但適度的 200 個基點，利潤率擴張是指營運支出成本非常緊張還是營運支出客戶不斷減少？

How do we bridge that?

我們如何彌補這一點？

Yes, I think it's a combination of all of those, right.

是的，我認為這是所有這些的結合，對吧。

It's the growth and growth rate on the top line and the expanding 200 basis points of margin right so I mean knowing we're approaching 40%, I think approaching 42% for the full year.

這是營收的成長和成長率，以及不斷擴大的 200 個基點的利潤率，所以我的意思是，我們正在接近 40%，我認為全年接近 42%。

And then we will be certainly keeping our operating expenses in control.

然後我們肯定會控制我們的營運費用。

You'll see probably two areas think of it in the $15 million increase for the for the year in total, some of which we talked about in terms of expenses on the audit and some catch-up we have to do in the first half.

您可能會發現，今年 1500 萬美元的總增長涉及兩個方面，其中一些是我們在審計費用方面討論的，還有一些是我們上半年必須做的追趕工作。

But also the work that we're doing in R&D in particular and really investing in that growth.

還有我們特別是在研發方面所做的工作，以及對這種成長的真正投資。

And as David mentioned, some of the chip development that we're doing inside the data center, and we'll you'll see a small step-up there.

正如大衛所提到的，我們正在資料中心內部進行一些晶片開發，您會在那裡看到一個小小的進步。

But net-net, it gets us into that 25% growth in EPS.

但淨淨來看，它讓我們的每股盈餘成長了 25%。

Hey, Alex, it is in fact, if I if I would just remind you in '23, right, if you look at the contemplated ranges will grow 2% to 3% and EPS will be up over 7%.

嘿，亞歷克斯，事實上，如果我在 23 年提醒你，對吧，如果你看看預期的範圍將增長 2% 到 3%，每股收益將增長超過 7%。

So the leverage is there in the model.

所以模型中存在槓桿。

Just to be clear, what is the drag that you're assuming relative to the accounting issues in the numbers, both the fourth quarter and in '24?

需要澄清的是，您認為第四季和 24 年的會計問題對數字的拖累是什麼？

Sure.

當然。

It's about $3 million in Q4.

第四季約 300 萬美元。

It's about the same $3 million roughly in Q1.

第一季的銷售額約為 300 萬美元。

And then it should temper from that in Q2 and get back to normal.

然後它應該會從第二季的情況回落並恢復正常。

Thank you so much, sir, myself.

非常感謝您，先生，我本人。

Thanks you.

感謝您。

George Notter, Jefferies.

喬治諾特，傑弗里斯。

Hi, guys.

嗨，大家好。

How's it doing?

怎麼樣？

Thanks very much for the question.

非常感謝您的提問。

I guess I wanted to ask about Tom, help me understand sort of the cadence on the top line here, right?

我想我想問湯姆，幫助我理解這裡頂行的節奏，對吧？

So a really strong Q4, a big step down in Q1.

因此，第四季非常強勁，第一季大幅下滑。

I would imagine there's a bit of seasonality here, but I think the narrative is really around excess inventory.

我認為這裡有一點季節性，但我認為這種說法實際上是圍繞著庫存過剩展開的。

And I guess as I think about it, the excess inventory issue has been around for a few quarters now.

我想，正如我所想，庫存過剩問題已經存在了幾個季度了。

You guys have been talking about it for a few quarters.

你們已經討論了幾個季度了。

Sir.

先生。

So why have a strong Q4 and a step down in Q1?

那麼為什麼第四季表現強勁而第一季卻有所下降呢？

And how does that mesh with this whole narrative around working off excess inventory fix?

這與解決過剩庫存修復的整個敘述如何結合？

Yes.

是的。

No, it's a good, a very good question.

不，這是一個很好、非常好的問題。

Remember that when I talk our exposure as well, I think most people think of the service provider exposure in our business and think the likes of Verizon AT. and TBT.

請記住，當我談論我們的風險時，我認為大多數人都會想到我們業務中的服務提供者風險，並想到 Verizon AT 等公司。和技術性貿易壁壘。

Vodafone.

沃達豐。

Yes, if I just took those four as an example, that's probably on the top less than 5% of our revenue in 2023.

是的，如果我只以這四個為例，這可能最多只占我們 2023 年收入的 5%。

And when I look at our exposure from the web scalers or ICPs, as we call them both direct, I think in Q4, it was probably approaching 40% for the year.

當我查看我們從網路縮放器或 ICP（我們稱之為直接）的曝光度時，我認為在第四季度，這一比例可能接近全年的 40%。

It's probably a third of our business.

這可能占我們業務的三分之一。

When I take into account these our managed fiber-optic deals that they're influencing, it's close to 50%.

當我考慮到他們正在影響的我們管理的光纖交易時，這一比例接近 50%。

So when I when we looked into Q1, we had some amount of shippable backlog between a few customers that moved from Q1 just scheduling wise out into Q2 and Q3.

因此，當我研究第一季時，我們在某些​​客戶之間有一些可交付的積壓訂單，這些客戶從第一季只是明智地安排到了第二季和第三季。

And we were able to accomplish about $10 million worth of projects in Q4.

我們在第四季完成了價值約 1000 萬美元的專案。

So that does explain part of the step down.

這確實解釋了部分降級的原因。

And we've been winning these long term strategic deals in the quarter.

我們在本季贏得了這些長期戰略交易。

But the book ship business has a bit has been a bit slower as some of our customers, as everybody is aware of, are continuing to burn down inventory, which we think is about the end of the story as we get out of the first half.

但圖書運輸業務的速度有點慢，因為眾所周知，我們的一些客戶正在繼續銷毀庫存，我們認為隨著上半年的結束，這就是故事的結局。

And they're also being a bit cautious on setting their budgets.

他們在製定預算時也有些謹慎。

And Q1 is always as you know, in our industry and for our company is always our toughest quarter and there we go.

如您所知，第一季始終是我們行業和我們公司最艱難的季度，我們就這樣吧。

Got it was excess inventory issue that in Q4 as well?

知道第四季也是庫存過剩問題嗎？

Yes, I mean, in terms of raw bookings, we did well in Q3 and Q4 having a book-to-bill of about one for those quarters, but it has not been a loose environment in terms of those dollars.

是的，我的意思是，就原始預訂而言，我們在第三季度和第四季度表現良好，這兩個季度的訂單出貨比約為1，但就這些美元而言，這並不是一個寬鬆的環境。

It is beginning at segment by segment to be able to wear off.

它是從一段一段開始逐漸消退的。

And that's why I kind of like our exposure on the on the ICT. front and I hate to say it, I want more positive business with customers that I mentioned that are major Tier 1 service providers, but they just they're not as significant of an impact to our business cash.

這就是為什麼我有點喜歡我們在 ICT 上的曝光。在前面，我不想這麼說，我希望與我提到的主要一級服務提供者的客戶進行更多積極的業務，但他們只是對我們的業務現金沒有那麼大的影響。

Okay.

好的。

Thinking about upside.

考慮好的方面。

Thanks, George.

謝謝，喬治。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thank you for taking the question just first, David, if you could clarify, I think you made the point that direct plus indirect sales to hyperscale or ICPs with some close to 50%.

感謝您首先提出這個問題，David，如果您能澄清一下，我認為您提出了直接加上間接銷售給超大規模或 ICP 的觀點，其中一些接近 50%。

But what was the value of the direct sales to hyperscalers again?

但直接向超大規模企業銷售的價值呢？

Yes, it's about 30 -- about a third of our product revenues.

是的，大約是 30——大約是我們產品收入的三分之一。

And in 2023, certainly in Q4, in Q4, it was approaching 40%.

到 2023 年，當然是第四季度，第四季度，這一比例接近 40%。

So I guess one of the things I'm trying to sort of square here is the full year growth outlook of 2% to 3%.

所以我想我在這裡試圖調整的事情之一就是全年成長前景為 2% 到 3%。

I would assume we'd expect fall through from that hyperscale group survey, they are growing much better than that 2% to 3%, which means something else is declining.

我認為我們預計超大規模群體調查的結果會有所下降，它們的成長比 2% 到 3% 好得多，這意味著其他東西正在下降。

You have not guided by vertical in the past, but maybe if you could help us unpack sort of the relative vertical movements to sort of square that.

你過去沒有以垂直方向為指導，但也許你可以幫助我們解開相對垂直運動的形式，使其平方。

Yes.

是的。

Look, I think the hyperscalers, if you look at the average CapEx are expected to grow in the double digits still in 2024.

看，我認為超大規模企業的平均資本支出預計在 2024 年仍將以兩位數成長。

Again, we're winning the line systems, the new line systems with both hyperscalers and with CSPs.

我們再次贏得了線路系統，即具有超大規模和 CSP 的新線路系統。

They will be laying those out based on wins that we just had over the last 60 days.

他們將根據我們在過去 60 天內的勝利來列出這些內容。

They probably they don't probably they lay those out in the back half of the year and begin to fill.

他們可能不會，他們可能會在今年下半年將這些安排出來並開始填補。

So you're right, some of that we expect continued strength in hyperscale.

所以你是對的，我們預計其中一些在超大規模領域將持續強勁。

The wholesalers are continuing to do well.

批發商繼續表現良好。

Subsea is continuing to do well.

海底繼續表現良好。

I think you're going to see a lot of these Tier 1 wins that we have just not have the scale until we get into 2025.

我認為你會看到很多這樣的一級勝利，但直到 2025 年我們才具備規模。

Great.

偉大的。

And you also mentioned done some very significant share gains over a period of number of years with this group of customers.

您也提到，多年來與這群客戶一起取得了一些非常顯著的份額成長。

But who have you been displacing?

但你取代了誰？

Thank you.

謝謝。

Yes, that's you know, that's a good question on, I'm sure are one-offs.

是的，這就是你知道的，這是一個很好的問題，我確信這是一次性的。

It depends on the situation and you probably know better than I do.

這取決於具體情況，你可能比我更清楚。

I'm not going to I won't comment into our particular competitor's business.

我不會對我們特定競爭對手的業務發表評論。

Appreciate it.

欣賞它。

Thanks, guys.

多謝你們。

Thanks.

謝謝。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

And that I think is paying does not have that Karan on for Meta ahead of us.

我認為支付並沒有讓卡蘭在我們前面為 Meta 服務。

Hey, Tom, I mean, I just wanted to double-click on sort of the $25 million that got pushed out into future quarters.

嘿，湯姆，我的意思是，我只是想雙擊被推入未來季度的 2500 萬美元。

Any maybe further detail on why that was pushed out?

關於為什麼被推遲的任何進一步細節？

Or was it just simply timing of contracts?

或只是合約的時間安排？

And then the point you made on sort of Q4 still being impacted by inventory digestion I guess, is where do you feel we are in terms of service provider inventory digestion and sort of what you're expecting across the year with that?

然後，您在第四季度仍然受到庫存消化影響的觀點是，您認為我們在服務提供者庫存消化方面處於什麼位置，以及您對全年的預期是什麼？

Yes, I'm going to under $25 million.

是的，我的預算不會超過 2500 萬美元。

I mean, that's it, but from backlog.

我的意思是，就是這樣，但是來自積壓。

So it's just scheduling in terms of timing of people putting projects in, whether it's into a data center or whether it's out into a network and that happens from time to time.

因此，這只是根據人們投入專案的時間進行安排，無論是進入資料中心還是進入網絡，這種情況時有發生。

Unfortunately, it happened in Q1 as people were laying out resources in our expectations to where our customers were.

不幸的是，這種情況發生在第一季度，因為人們會按照我們的期望將資源分配給我們的客戶。

The second part of the question is, look, I think we have been saying consistently that we thought this year the front half would be softer than the back half because from our not from analyst reports from our direct contact with both CST.s wholesalers, ICPs cable operators.

問題的第二部分是，看，我認為我們一直在說，我們認為今年上半年會比下半年更疲軟，因為我們不是來自我們與 CST.s 批發商直接聯繫的分析師報告， ICP 有線運營商。

We do think as we get into the back half and look based on some of the infrastructure wins we're getting now, we believe that the spend and the inventory situation frees up in the back half, and that's been consistent.

我們確實認為，當我們進入後半段並根據我們現在獲得的一些基礎設施勝利來看，我們相信支出和庫存情況會在後半段釋放，而且這是一致的。

Industry commentary, I believe if you talk through the value chain in the industry.

產業評論，我相信如果你從產業的價值鏈來談。

No, that makes a lot of sense.

不，這很有意義。

And then maybe moving on to sort of operating margins on Q1 coming down a little bit but I guess just how you're thinking about operating margins throughout the year and maybe just in the back half of the year, just how much of a benefit you think the pluggables opportunity can be to margins.

然後，也許第一季的營業利潤率會略有下降，但我猜你是如何考慮全年甚至下半年的營業利潤率的，你會得到多少好處認為可插拔機會可能會帶來利潤。

Thank you.

謝謝。

Yes, on the operating margin, but you should see consistent improvement kind of quarter to quarter to quarter through the year.

是的，在營業利潤率方面，但您應該會看到全年每個季度的持續改善。

As you see the revenue and the gross margin step-up.

正如您所看到的收入和毛利率的上升。

And as I mentioned, you'll see some tapering off in terms of that.

正如我所提到的，你會看到這方面的一些逐漸減少。

I'm unique in expand.

我在擴展方面是獨一無二的。

We're doing right now within G&A in terms of gross margin relative to subsystems, it's going to be it will be modest, right?

我們現在在 G&A 內的毛利率相對於子系統而言，會是適度的，對嗎？

There's not going to be a big step-up that you'll see in '24.

24 年不會有很大的進步。

But really as David mentioned with some of the wins that we see at the '25 and no benefit to us as we start to see that revenue really step up and the opportunities that we're seeing are giving us more and more confidence in particular in terms of the funnel that we see.

但實際上，正如大衛所提到的，我們在25 年取得的一些勝利並沒有為我們帶來任何好處，因為我們開始看到收入確實在增加，我們看到的機會給了我們越來越多的信心，特別是在我們看到的漏斗術語。

And then as I mentioned in my statement earlier, that the margin on those bookings and the improvements that we're seeing there as well.

正如我在之前的聲明中提到的，這些預訂的利潤以及我們也看到了那裡的改進。

Yes, I would say just real quick, let's differentiate between two things there so that the external sales of pluggables like to the webscale or that Ron went through very exciting and we don't expect that to positively impact margin because that's a '25, '25 impact for us.

是的，我想說的是，很快，讓我們區分兩件事，以便可插拔設備的外部銷售類似於網絡規模，或者Ron 經歷了非常令人興奮的事情，我們預計這不會對利潤率產生正面影響，因為那是25 年， '25 對我們的影響。

The biggest impact is what we talked about before to the 200 basis points of margin improvement is really remember that huge increase in metro that we're getting this year will now be able to integrate our own plugs into that.

最大的影響是我們之前談到的利潤率提高 200 個基點，真的要記住，我們今年獲得的地鐵的巨大增長現在將能夠將我們自己的插頭整合到其中。

And so that will be a margin benefit leading to that 200 basis point improvement for internal consumption.

因此，這將是導致內部消費提高 200 個基點的邊際效益。

Okay, sure.

好吧，當然。

Dave Kang, B. Riley.

戴夫·康，B.萊利。

Yes, I think your first question is regarding your vertical integration.

是的，我認為你的第一個問題是關於你的垂直整合。

Just wondering if you can provide what that was and how we should think about it first quarter and beyond.

只是想知道您是否可以提供那是什麼以及我們應該如何考慮第一季及以後的情況。

Yeah, for for the year, it was in the mid-50s.

是的，就這一年而言，是在 50 年代中期。

So and we should continue to see that expand, particularly in '24 as we just talked about with Metro coming online.

因此，我們應該繼續看到這種擴張，特別是在 24 年，正如我們剛剛談到的 Metro 上線一樣。

Correct.

正確的。

Got it.

知道了。

And then on your side outlook for the year, how should we think about first half versus second half.

然後就今年的展望而言，我們應該如何看待上半年和下半年。

Should we be thinking about like something like maybe 40/60 or even more back-end loaded?

我們是否應該考慮 40/60 甚至更多後端負載？

Yes.

是的。

I would say probably we did very similar to '22.

我想說，我們的做法可能與 22 年非常相似。

So maybe 43/57, [42]/58 can just to be safe harbor, whichever [48] was at roughly Amazon offering a scrip dividend will be 47%, 40%.

因此，也許 43/57、[42]/58 可以只是安全港，無論亞馬遜提供的以股股息大致為 47%、40%，以 [48] 為準。

But this year, I would say it's more like '22 played out.

但今年，我想說這更像是「22」。

Got it.

知道了。

Thanks.

謝謝。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Maybe.

或許。

Yes, you have I mean, I understand most of the ICP probably quarterly today.

是的，你有我的意思是，我了解大部分ICP今天可能是季度的。

Yes.

是的。

And India as a region, how should we think about what areas and I have a follow-up now let's get it get.

印度作為一個地區，我們應該如何思考哪些地區，我現在有一個後續行動，讓我們開始吧。

So obviously, again, very highly indexed on the P strength, actually, Alex Henderson brought this up, but I think four quarters ago about when you do the subsea, are you getting the terrestrial benefit.

很明顯，實際上，亞歷克斯·亨德森（Alex Henderson）提出了這一點，但我認為四個季度前，當你在海底進行時，你是否獲得了陸地上的好處。

We're just beginning to see that.

我們才剛開始看到這一點。

So I would tell you India and Asia sounds like I think we're getting some static from your solid.

所以我想告訴你，印度和亞洲聽起來我認為我們從你的實體中得到了一些靜態資訊。

And again, I think India and Asia, we're seeing nice wins again already in the first 60 days with three different content providers doing those landed deal.

我認為在印度和亞洲，我們在前 60 天內再次看到三個不同的內容提供者達成了這些落地交易，取得了不錯的勝利。

So we do expect the Asia Pacific region.

所以我們確實期待亞太地區。

We've had some new leadership there, some new staffing, they're doing a great job.

我們有一些新的領導階層，一些新的員工，他們做得很好。

The funnel is full in the Middle East.

中東的漏斗已經滿了。

We see big opportunities and are winning big opportunities, both in subsea and terrestrial in the Middle East.

我們看到了巨大的機遇，並且正在贏得中東海底和陸地的巨大機會。

So that's been a nice growth area for us.

所以這對我們來說是一個很好的成長領域。

I think you won't see it in the numbers in 2024, but you will see it in the wins in Europe with Tier 1 service providers.

我認為您不會在 2024 年的數字中看到它，但您會在歐洲一級服務提供者的勝利中看到它。

We are winning in Europe.

我們正在歐洲獲勝。

I expect that to see that really scale in terms of the numbers in 2025.

我預計到 2025 年，這一數字將真正擴大。

And again, as I as I said in the prepared remarks on the 400 gig pluggable front, we have North America ag cable providers.

再次，正如我在關於 400 gig 可插拔前端的準備好的評論中所說的那樣，我們有北美農業電纜提供商。

That is we have a great application of that software defined pluggable for fiber limited areas for by die bidirectional as well as upon overlay that allows them to use the same fiber.

也就是說，我們有一個很好的應用，即軟體定義的可插拔光纖有限區域，用於晶片雙向以及覆蓋，允許它們使用相同的光纖。

So I expect again, design wins there.

所以我再次預計，設計會獲勝。

And then for cable in 2025 to become a nice growth area for us because it's been a too small for us.

然後到 2025 年，有線電視將成為我們的一個很好的成長領域，因為它對我們來說太小了。

Historically, all of those are consistent with what we said in our March Analyst Day in terms of concentrating on these most win deals on Asia Pacific on India, in particular and on the Middle East.

從歷史上看，所有這些都與我們在三月分析師日所說的一致，即專注於亞太地區、印度（尤其是中東）這些最成功的交易。

Sorry, if they're still getting static, I apologize for that.

抱歉，如果它們仍然有靜電，我對此表示歉意。

Just maybe a quick follow-up from Nancy, just starting the first quarter at lower gross margins?

南希可能會快速跟進，從第一季開始就以較低的毛利率？

(technical difficulty) Guide, that implies is color on where Vigen exit?

（技術難度）引導，那暗示維根出口處有顏色嗎？

Is that sort of elephant vertical integration

這是一種大象垂直整合嗎

(technical difficulty)

（技術難度）

So I think you're right, right.

所以我認為你是對的，對的。

It will scale up as we go through the year and we'll have to exit the year close to mid-40s in order to hit the 200 basis point growth.

隨著今年的成長，它的規模將會擴大，我們必須在接近 40 年代中期的時候結束，才能達到 200 個基點的成長。

And that is, as we mentioned, very much tied to Metro VI. as well as the growth of our VI. in general.

正如我們所提到的，這與地鐵 VI 密切相關。以及我們VI的成長。一般來說。

So we should expect to be in the 60s in 2024 in order to and hit that 200 basis point improvement.

因此，我們預計 2024 年將達到 60 多歲，以便達到 200 個基點的改善。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂菲爾。

Hey, David, I had a question on the 800 gig.

嘿，大衛，我有一個關於 800 演出的問題。

Congrats on the first of I'm sure many multiple wins there.

恭喜您獲得了第一場勝利，我相信您會贏得很多場勝利。

How are you thinking about that from and sort of the perspective of the rest of the business, meaning is that incremental or do you expect that to impact your systems business?

您如何從其他業務部門的角度來考慮這一點，這意味著是增量還是您期望這會影響您的系統業務？

I mean, any color there for 2025?

我的意思是，2025 年有什麼顏色嗎？

The good news is the penetration of that in terms of the dollar value on one, the growth rates we see are pretty tremendous, again driven by AI and ML with the web scalers that we're currently in front of for 800 gig.

好消息是，就美元價值而言，我們看到的成長率相當驚人，這再次受到人工智慧和機器學習以及我們目前面臨的 800 兆網路擴展器的推動。

And we don't expect this to be the last that this is the first and very, very large Second is we weren't in a lot of these potential spend for the web scalers.

我們預計這不會是最後一次，這是第一次，而且規模非常大。其次，我們並沒有為網路擴展器投入大量潛在支出。

So this is kind of net new for us for the business.

因此，這對我們的業務來說是一種全新的體驗。

So it really doesn't cannibalize anything we've had.

所以它確實不會蠶食我們所擁有的任何東西。

Did I get that right, Ron?

我沒聽錯吧，榮恩？

Yeah, I agree.

是的，我同意。

Great.

偉大的。

Okay.

好的。

Thank you, guys.

感謝你們。

Appreciate the detail.

欣賞細節。

And then

進而

(multiple speakers)

（多個發言者）

Just to be clear, Ron would have disagreed to see if the decision is not just saying that.

需要明確的是，羅恩不會同意看看這個決定是否只是這麼說的。

Yes, excellent.

是的，非常好。

Okay.

好的。

So either for you or Ron or Dave, you did mention a little bit about the 400 gig and the cable for Amazon, et cetera.

所以，無論是對你、羅恩還是戴夫來說，你確實提到了一些關於 400 演出和亞馬遜電纜的事情，等等。

But just in terms of how we should think about, you know, the rents of 800 versus 400 seems like 800 could be sort of faster ramps, bigger ramps versus longer tail longer cycle performer.

但就我們應該如何思考而言，800 與 400 的租金似乎 800 可能是更快的坡道、更大的坡道與更長尾、更長週期的表演者。

I gave you my thinking about that, right?

我已經告訴你我的想法了，對嗎？

You are.

你是。

So I think 800 Cotco buying buying and huge lost huge chunks, a defined product defined application because of ZR ZR plus the 400 gig one will consume it and continue to increase our consumption year over year in the metro for our own products.

因此，我認為 800 Cotco 購買購買並大量丟失大量塊，由於 ZR ZR 的定義產品定義應用程式加上 400 gig 應用程式將消耗它，並繼續逐年增加我們在地鐵中對我們自己的產品的消耗。

And then for these applications, again, I mentioned we're certifying with the North American cable, but we're also certifying with another global Tier 1 for an application look because it's software defined that ties into their network operations.

然後，對於這些應用程序，我再次提到，我們正在通過北美電纜進行認證，但我們也正在通過另一個全球一級電纜進行應用程式外觀認證，因為它是與網路運營相關的軟體定義的。

They just take a little bit longer, but I think you'll see a very long life cycle for that given the differentiation and the fact that, as Ron says, it's a three-legged stool, drive lower cost per bit, drive lower power per bit and drive the Agility up.

它們只是需要更長的時間，但我認為考慮到差異化以及事實上，正如羅恩所說，它是一個三腳凳，您會看到一個非常長的生命週期，降低每比特的成本，降低功耗每比特並提高敏捷性。

And that 400 gig pluggable allows you to move in 25 gig increments only power, which you what you need.

400 GB 可插拔電源可讓您僅以 25 GB 增量行動電源，這正是您所需要的。

And that's why we won some green awards, for example, in Europe with that product on.

這就是為什麼我們憑藉該產品贏得了一些綠色獎項，例如在歐洲。

So yes, longer lifecycle.

所以是的，生命週期更長。

Sorry.

對不起。

Understood.

明白了。

Thank you, David.

謝謝你，大衛。

Thanks.

謝謝。

Christian Schwab, Craig-Hallum Capital.

克里斯蒂安·施瓦布，克雷格·哈勒姆資本。

Thanks for taking my question.

感謝您提出我的問題。

Given the headwinds that we're seeing structurally in the industry this year, but the big design wins in hyperscale that we've talked about and further to come.

考慮到今年我們在行業中看到的結構性逆風，但大型設計在我們已經討論過的和未來的超大規模領域中獲勝。

I know it's only March of '24, but the strength that you are talking about in '25 and you should be able to grow the top line double digit plus and Calendar '25, right was perfect set.

我知道這只是 24 年 3 月，但你在 25 年談論的實力，你應該能夠將頂線增長兩位數，日曆 '25，右邊是完美的設置。

That was a trap Well said, well said, well, look, certainly these are very, very large opportunities.

那是個陷阱 說得好，說得好，好吧，看，當然這些都是非常非常大的機會。

You're right, it's March of 2024.

你是對的，現在是 2024 年 3 月。

I'd be silly to give 2025 guidance, but I think what we said prior is past this inventory digestion period, we're going to continue to put our heads down and get design wins, continue to drive margin improvement and EPS expansion.

我給出 2025 年的指導是愚蠢的，但我認為我們之前所說的已經過了這個庫存消化期，我們將繼續埋頭苦幹，獲得設計勝利，繼續推動利潤率改善和每股收益擴張。

And if you remember our Analyst Day, we talked about, we think steady state in the business once you get through these externalities that 8% to 12% or 8% to 12% was the kind of growth rate.

如果你還記得我們的分析師日，我們談過，我們認為一旦克服了這些外部因素，8% 到 12% 或 8% 到 12% 的成長率就是業務的穩定狀態。

We said this gives us great comfort, both in that and as well as in our business model from a financial perspective in terms of margin and EPS.

我們說，這給我們帶來了極大的安慰，無論是在這方面，還是從財務角度來看，我們的商業模式在利潤率和每股盈餘方面都是如此。

But I'm not getting to a number for '25.

但我還沒有得到 25 年的具體數字。

Yes, no, understood.

是的，不是，明白了。

Thank you for that.

謝謝你。

And then my last question is we've all been kind of waiting for a CHIPS Act money to be released.

我的最後一個問題是，我們都在等待 CHIPS 法案的資金發放。

Do you have an update of where you think you're positioned in that process?

您認為自己在這個過程中處於什麼位置，有最新的資訊嗎？

And here's what I'd tell you, you know, again, I think we've been very diligent over the last couple of years and are very well positioned, but we're not allowed by actual rules of the CHIPS Act to give a status on where we're at there, what I'm confident as we are an excellent fit for the CHIPS Act and then as they go to push awards out.

這就是我要告訴你的，你知道，我認為我們在過去幾年裡一直非常勤奮，並且處於非常有利的位置，但《CHIPS 法案》的實際規則不允許我們給予我們的現狀、我對我們的信心，因為我們非常適合《CHIPS 法案》，然後他們會推出獎項。

That should be something we see in the in the '25 timeframe as well.

這也應該是我們在 25 年時間範圍內看到的事情。

In terms of the impact to the business, if we are to be awarded.

就對業務的影響而言，如果我們要獲獎的話。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Alex Henderson, Needham & Company.

亞歷克斯·亨德森，李約瑟公司。

Beginning with the second one up there.

從上面的第二個開始。

Yes.

是的。

Thank you, and thanks for letting me in.

謝謝你，也謝謝你讓我進來。

I was hoping we could go back to this contract that you've got.

我希望我們能回到你所擁有的這份合約。

It's hyperscaler three years out to $100 million annual run rate.

它是超大規模的，三年運行率可達 1 億美元。

I would think the initial shipments first year that would be fairly low and then it would ramp probably say $50 million and then hit that $100 million, is that kind of the cadence of that ramp for $25 million, $50 million to a $100 million?

我認為第一年的初始出貨量會相當低，然後可能會增加 5,000 萬美元，然後達到 1 億美元，這是否是 2,500 萬美元、5,000 萬美元到 1 億美元的成長節奏？

Now that I have done, what we said in the prepared remarks was the three year contract is worth hundreds of millions of dollars.

現在我已經做到了，我們在準備好的發言中說的是三年合約價值數億美元。

So we believe it will start shipping in 2025.

因此我們相信它將在 2025 年開始發貨。

Yes, with this particular customer and yes, get more intense in '26, '27 and the beginning of '28, and then we'll be on the new with that particular customer.

是的，對於這個特定的客戶，是的，在 26 年、27 年和 28 年初變得更加緊張，然後我們將與那個特定的客戶進行新的合作。

Would you go from the 800 gig pluggable to potentially a 1.6 T. and pluggable from national IT.

您是否願意從 800 gig 可插拔到潛在的 1.6 T. 並可從國家 IT 可插拔。

So the number is much larger.

所以數量要大得多。

So it's a larger than $25 million, $50 million?

那麼這比 2500 萬美元、5000 萬美元還要大嗎？

Yes, it's hundreds of millions.

是的，有數億。

It's yes, it's hundreds of millions over a three-year period, not like a one or two or a I don't want to get too specific on, but where it's the largest that we've bought, but we've seen.

是的，三年期間有數億美元，不像一兩個或一個，我不想太具體，但它是我們購買過的最大的，但我們見過。

Just to be clear, is that all pluggables, is there are additions sales associated with that, or is that is it more narrow than that?

需要明確的是，是所有可插拔的產品，是否有與之相關的附加銷售，還是它的範圍更窄？

So, you know, with a lot of these deals.

所以，你知道，有很多這樣的交易。

What I think you will see with a lot of deals in the future, as you will see us get a pluggable win for the pluggable and then we will have to compete independently for the the platform that that goes in the GX platform in-line system that that goes in.

我認為你會在未來看到很多交易，因為你會看到我們在可插拔方面取得了勝利，然後我們將不得不獨立競爭 GX 平台內聯繫統中的平台那個進去的。

So in many cases, you know, we have the opportunity to not only win the pluggable, but also win the platform that that goes.

因此，在許多情況下，我們不僅有機會贏得可插拔產品，而且有機會贏得所使用的平台。

And so there has that that doesn't even count that dollar impact.

因此，這甚至沒有算上美元的影響。

Yes, Ron, anything to add there.

是的，羅恩，有什麼要補充的嗎？

One thing I would add is that it's it's extremely compelling for them to ramp this quickly because it is significant improvement in cost per gallon power per bit for their network.

我要補充的一件事是，對於他們來說，如此快速地提升是非常有吸引力的，因為這對他們的網路每加侖電力每比特的成本有了顯著的改善。

So the other question I had for you is the you mentioned the managed the optics lines that you're growing.

因此，我向您提出的另一個問題是您提到的管理您正在種植的光學產品線。

You're winning in some service providers, particularly in the can you talk a little bit about the mechanics and the economics of that type of transaction where you're actually in line with it?

你在一些服務提供者中獲勝，特別是在你能談談你實際上符合的那種交易類型的機制和經濟學嗎？

Yes, Ron, you want to take that?

是的，羅恩，你想接受這個嗎？

Give to referring to managed optical fiber networks.

指的是受管理的光纖網路。

And these are effectively opportunities where we work with the end customer, who's a hyperscaler and the service provider who's providing the actual service.

這些實際上是我們與最終客戶（超大規模提供者）和提供實際服務的服務提供者合作的機會。

And then we agree on a a bespoke network for them to consume or into use all in their own for their own specific application in that in that particular country.

然後我們商定一個客製化網絡，供他們在該特定國家/地區自行消費或使用，以實現自己的特定應用程式。

And from a economic perspective, it's very much like any other service provider win where there's a line system component or services on push transponders or pluggables depending on the application.

從經濟角度來看，它非常像任何其他服務提供者獲勝，根據應用程序，推送應答器或可插拔器上有線路系統組件或服務。

And it looks very similar to any big Tier 1 service provider wins.

它看起來與任何大型一級服務提供者的勝利非常相似。

It's not a high management maintenance contract piece.

這不是高階管理維護合約。

It's just classic classic systems like the maintenance contract and the good news is we see the end demand because we're working with the web scalers.

這只是經典的經典系統，例如維護合同，好消息是我們看到了最終需求，因為我們正在與網路擴展器合作。

So they typically tend to build them bigger because they're looking to interconnect to data centers and terrestrial networks.

因此，他們通常傾向於將其建造得更大，因為他們希望與資料中心和地面網路互連。

Right.

正確的。

Got it.

知道了。

Thanks.

謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

And that concludes our question and answer period.

我們的問答環節到此結束。

I will now turn it back to Chief Executive Officer, David Heard closing remarks.

現在我將請執行長戴維‧赫德 (David Heard) 致閉幕詞。

Thank you. 2023 was another great year for us.

謝謝。 2023 年對我們來說又是偉大的一年。

We delivered on our commitments that we made during our Analyst Day in, I would say, what is a pretty rough landscape through Q4 of 2023.

我們兌現了在分析師日所做的承諾，我想說的是，到 2023 年第四季度，情況將相當嚴峻。

And we have met or exceeded our outlook in 15 out of the last 16 quarters.

在過去 16 個季度中，我們有 15 個季度達到或超越了我們的預期。

Our portfolio is in the best shape.

我們的投資組合處於最佳狀態。

It's been we're winning new customers globally with less than 25% of our products from legacy systems.

我們透過不到 25% 的產品來自舊系統，贏得了全球新客戶。

I mean that's a dramatic shift from where we were three, four years ago, while the front half of the year start starting off a bit sluggish, which we called out last year.

我的意思是，與三四年前相比，這是一個巨大的轉變，而今年上半年開始時有點緩慢，我們去年就指出了這一點。

As this inventory burns out, we are winning some major design wins in both systems and subsystems of build our confidence, confidence and confidence in the back half recovery and our ability to grow revenue, expand share and increase margins and EPS.

隨著庫存耗盡，我們在系統和子系統方面贏得了一些重大設計勝利，這些勝利建立了我們對後半段復甦的信心、信心和信心，以及我們增加收入、擴大份額、提高利潤和每股收益的能力。

So we appreciate the support of our customers, employees and shareholders.

因此，我們感謝客戶、員工和股東的支持。

We're now going to get back to work and continue executing a very sound investment strategy and focus on continued EPS expansion.

我們現在將重新開始工作，繼續執行非常健全的投資策略，並專注於每股盈餘的持續擴張。

Thank you all and have a nice afternoon or evening.

謝謝大家，祝您有個愉快的下午或晚上。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。