Infinera Corp (INFN) 2021 Q4 法說會逐字稿

Good afternoon. Welcome to today's conference call, and thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Infinera Corporation Q4 2021 Earnings Conference Call. (Operator Instructions)

下午好。歡迎參加今天的電話會議，感謝您的支持。我的名字是布倫特，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Infinera Corporation 2021 年第四季度收益電話會議。 （操作員說明）

I would like to now turn the call over to Amitabh Passi, Vice President of Investor Relations. Sir, please go ahead.

我現在想把電話轉給投資者關係副總裁 Amitabh Passi。先生，請繼續。

Thank you, Operator, and good afternoon. Welcome to Infinera's Fourth Quarter Fiscal 2021 Conference Call. A copy of today's earnings and investor slides are available on the Investor Relations section of the website. Additionally, this call is being recorded and will be available for replay from our website.

謝謝你，接線員，下午好。歡迎參加 Infinera 2021 財年第四季度電話會議。今天的收益和投資者幻燈片的副本可在網站的投資者關係部分獲得。此外，此通話正在錄音中，並可從我們的網站重播。

Today's call will include projections and estimates that constitute forward-looking statements, including, but not limited to, statements about our business plans, including our product road map, sales, growth, market opportunities, manufacturing operations, products, technology and strategy, statements regarding the impact of industry-wide supply chain challenges and COVID-19 on our business plans and results of operations as well as statements regarding future financial performance, including our financial outlook for the first quarter of our Fiscal Year 2022.

今天的電話會議將包括構成前瞻性陳述的預測和估計，包括但不限於關於我們的業務計劃的陳述，包括我們的產品路線圖、銷售、增長、市場機會、製造運營、產品、技術和戰略、陳述關於全行業供應鏈挑戰和 COVID-19 對我們的業務計劃和運營結果的影響，以及關於未來財務業績的聲明，包括我們對 2022 財年第一季度的財務展望。

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 25, 2020, as filed with the SEC on March 3, 2021, and our quarterly report on Form 10-Q for the quarter ended on September 25, 2021, as filed with the SEC on November 3, 2021, as well as subsequent reports filed with or furnished to the SEC from time to time.

這些陳述受到風險和不確定性的影響，可能導致 Infinera 的結果與管理層當前的預期存在重大差異。由於各種風險因素，實際結果可能存在重大差異，包括我們於 2021 年 3 月 3 日向 SEC 提交的截至 2020 年 12 月 25 日止年度的 10-K 表格年度報告和我們的季度報告中所述的風險因素。於 2021 年 11 月 3 日向 SEC 提交的截至 2021 年 9 月 25 日的季度的 10-Q 表格報告，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 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.

請注意，所有聲明都是在今天作出的，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之後可能出現的事件或情況的義務。

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

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

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

有了這個，我將把電話轉給我們的首席執行官戴維·赫德。大衛？

Thanks, Amitabh. Good afternoon, and thanks for joining us today. I will begin with a review of the results for the quarter and the full year and then turn the call over to Nancy to cover the details of our financial performance.

謝謝，阿彌陀佛。下午好，感謝您今天加入我們。我將首先審查本季度和全年的結果，然後將電話轉給南希，以涵蓋我們財務業績的詳細信息。

Q4 was another strong quarter for us. Non-GAAP revenue of $401 million exceeded the high end of our outlook range, while both non-GAAP gross margins and operating margins were above the midpoint of our outlook. On a year-over-year basis, revenue grew 13%, and the second half grew 9%, driven primarily by the adoption of ICE6 and strong demand from our products from customers from the Americas and EMEA regions.

第四季度對我們來說是另一個強勁的季度。非美國通用會計準則收入 4.01 億美元超出了我們展望範圍的高端，而非美國通用會計準則毛利率和營業利潤率均高於我們展望的中點。收入同比增長 13%，下半年增長 9%，這主要得益於 ICE6 的採用以及美洲和歐洲、中東和非洲地區客戶對我們產品的強勁需求。

Gross margins in the quarter benefited from a higher mix of ICE6, partially offset by elevated supply chain costs, higher line system sales and slightly lower services margin due to a high mix of professional services to install new networks. Nancy will provide additional details of these dynamics in her commentary.

本季度的毛利率受益於 ICE6 的較高組合，但部分被供應鏈成本上升、線路系統銷售增加以及由於安裝新網絡的專業服務組合較高而導致的服務利潤率略有下降所抵消。南希將在她的評論中提供這些動態的更多細節。

Bookings momentum continued in the quarter. On a year-over-year basis, bookings were up profoundly and set a company record and were nicely balanced across customer verticals and major geographies. Our product backlog was up 100% year-over-year. Our record backlog provides us greater demand visibility as we enter the new year and positions us well to execute our growth and profitability objectives for 2022.

本季度繼續保持預訂勢頭。與去年同期相比，預訂量大幅上升並創下公司記錄，並且在客戶垂直領域和主要地區之間取得了很好的平衡。我們的產品積壓量同比增長 100%。隨著我們進入新的一年，我們創紀錄的積壓為我們提供了更大的需求可見性，並使我們能夠很好地執行我們 2022 年的增長和盈利目標。

Our strong Q4 performance was a great way to wrap up 2021, a year in which we were able to navigate an ongoing global pandemic and the increased impact of supply chain disruptions. Despite these headwinds, we executed our planned financial and strategic goals in 2021, including 5 key accomplishments that I'd now like to highlight.

我們強勁的第四季度業績是結束 2021 年的好方法，這一年我們能夠應對持續的全球大流行和供應鏈中斷的影響增加。儘管存在這些不利因素，我們還是在 2021 年執行了計劃的財務和戰略目標，其中包括我現在想強調的 5 項關鍵成就。

First, we delivered against our major financial milestones. We grew revenue faster than the market, despite absorbing 4 to 5 percentage points of supply chain impacts. We expanded gross margins by 380 basis points, at the high end of our 300- to 400-basis point goal, despite absorbing 150 to 200 basis points of increased supply chain costs. And we generated positive and improved operating margins and cash flow from operations.

首先，我們實現了我們的主要財務里程碑。儘管吸收了 4 到 5 個百分點的供應鏈影響，但我們的收入增長速度快於市場。儘管吸收了 150 至 200 個基點的供應鏈成本增加，但我們將毛利率擴大了 380 個基點，處於我們 300 至 400 個基點目標的高端。我們從運營中產生了積極和改善的營業利潤率和現金流。

Second, we drove commercial success across the customer footprint, as we secured new Tier 1 design wins and one new Huawei displacement business. During the year, we announced awards with a very diverse set of global customers, including Virgin Media, Telstra, Telefonica Telxius, Telecom Italia Sparkle, Hatif Libya and Globe Telecom, amongst many other awards. Our customer successes in 2021 included a 400-gig metro win at a major North American service provider, commercialization of 600 gig at another Tier 1 ICP and 800-gig growth at major ICPs and CSPs worldwide.

其次，我們在客戶範圍內推動了商業成功，因為我們獲得了新的一級設計勝利和一項新的華為置換業務。在這一年中，我們與非常多樣化的全球客戶一起宣布了獎項，其中包括 Virgin Media、Telstra、Telefonica Telxius、Telecom Italia Sparkle、Hatif Liberia 和 Globe Telecom 以及許多其他獎項。我們在 2021 年的客戶成功包括在北美主要服務提供商贏得 400 gig 的地鐵，在另一個 1 級 ICP 中實現 600 gig 的商業化，以及在全球主要 ICP 和 CSP 中實現 800 gig 的增長。

Overall, we had a record bookings and revenue year with ICPs and have grown our ICP revenue at a 30% CAGR since 2019. And in subsea, a market characterized by stringent capacity and reach requirements, we grew overall bookings by over 50% in 2021.

總體而言，我們在 ICP 方面的預訂量和收入均創歷史新高，自 2019 年以來，我們的 ICP 收入以 30% 的複合年增長率增長。在以嚴格的容量和覆蓋範圍要求為特徵的海底市場，我們在 2021 年的總體預訂量增長了 50% 以上.

Third, we expanded our product portfolio, securing design wins and gaining market share with our compact modular platforms, line systems and metro products. We grew revenue from our 800-gig ICE6 GX product to the low teens as a percentage of product revenue in Q4, up from high single digits in Q3. We exited the year with over 30 ICE6 customers, a healthy pipeline and are on track to ramp ICE6 revenue to 20% to 25% of product revenue in 2022.

第三，我們擴展了我們的產品組合，通過我們緊湊的模塊化平台、線路系統和地鐵產品確保設計成功並獲得市場份額。我們的收入從我們的 800 gig ICE6 GX 產品增長到第四季度產品收入的百分比，高於第三季度的高個位數。今年結束時，我們擁有 30 多個 ICE6 客戶，擁有健康的管道，並有望在 2022 年將 ICE6 收入佔產品收入的 20% 至 25% 提高到 20% 至 25%。

In addition, line system bookings, a leading indicator of the future high-margin transponder sales, grew by 100%. This was primarily driven by ICE6 deployments. And bookings from our metro portfolio, including the XTM, 7100 and GX platforms, grew by 25% in year.

此外，作為未來高利潤轉發器銷售的領先指標，線路系統預訂量增長了 100%。這主要是由 ICE6 部署驅動的。我們的地鐵產品組合（包括 XTM、7100 和 GX 平台）的預訂量同比增長 25%。

Fourth, we unveiled our suite of vertically integrated coherent pluggables to expand our addressable market by over $1 billion and enable an increase in margins from higher levels of vertical integration in our metro portfolio.

第四，我們推出了我們的垂直集成相干可插拔套件，將我們的潛在市場擴大了超過 10 億美元，並通過我們地鐵產品組合中更高水平的垂直集成來增加利潤。

In June, we launched the Open XR Forum with initial members Verizon, BT, Lumen, Windstream and Liberty Global. Over the next couple of weeks and ahead of OFC, we plan to announce other major carriers as new members in the forum. This impressive list of members collectively represents 20% of the global telecom CapEx spend. This is a great start, especially given we only announced the forum in June, and we have a strong pipeline of additional partners interested in joining the Forum.

6 月，我們與初始成員 Verizon、BT、Lumen、Windstream 和 Liberty Global 啟動了 Open XR 論壇。在接下來的幾週內，在 OFC 之前，我們計劃在論壇中宣布其他主要運營商成為新成員。這一令人印象深刻的成員名單合計佔全球電信資本支出的 20%。這是一個很好的開始，尤其是考慮到我們在 6 月份才宣布了該論壇，而且我們還有很多其他有興趣加入該論壇的合作夥伴。

Fifth, and lastly, to execute our 8x4x1 strategy that we laid out at our Investor Day last May, we organized the company into 2 business groups: one focused on optical systems and the other on coherent optical modules, with both groups supported by our services organization. We also bolstered the executive leadership team by bringing in industry veterans from Cisco, Dell, Lumentum and Nokia to accelerate the execution of our growth and scale strategy.

第五，也是最後一點，為了執行我們在去年 5 月的投資者日制定的 8x4x1 戰略，我們將公司分為兩個業務組：一個專注於光學系統，另一個專注於相干光學模塊，這兩個業務組都得到我們的服務支持組織。我們還通過引進來自思科、戴爾、Lumentum 和諾基亞的行業資深人士來加強執行領導團隊，以加速我們的增長和規模戰略的執行。

Looking ahead to 2022, our goal is to build on the foundation we established in 2021. The industry trends fueling our business remain robust. However, as we begin 2022, the supply chain environment remains challenging, and we expect these supply challenges to persist throughout the year, with some relief anticipated in the second half of the year. These supply chain dynamics have reinforced the importance of our strategic focus on vertical integration, enabling us to have greater control over our supply chain.

展望 2022 年，我們的目標是在 2021 年建立的基礎上再接再厲。推動我們業務發展的行業趨勢依然強勁。然而，隨著我們 2022 年的開始，供應鏈環境仍然充滿挑戰，我們預計這些供應挑戰將持續一整年，預計下半年會有所緩解。這些供應鏈動態強化了我們對垂直整合戰略重點的重要性，使我們能夠更好地控制我們的供應鏈。

On the demand side, we see 4 drivers continuing to play out in 2022. First, healthy global service provider CapEx environment will be driven by bandwidth demands, 5G and the proliferation of deep fiber architectures.

在需求方面，我們看到 4 個驅動因素在 2022 年繼續發揮作用。首先，健康的全球服務提供商資本支出環境將由帶寬需求、5G 和深度光纖架構的擴散驅動。

Second, a robust 800-gig cycle. Based on the industry analysts' forecast, 800-gig is expected to be a long multiyear cycle, growing to almost $4 billion by 2025. A recent survey conducted by ACG Research found that 85% of service providers plan to deploy 800-gig solutions by the end of 2023, further substantiating the tremendous demand for 800-gig.

其次，一個強大的 800 演出週期。根據行業分析師的預測，800-gig 預計將是一個漫長的多年周期，到 2025 年將增長到近 40 億美元。ACG Research 最近進行的一項調查發現，85% 的服務提供商計劃部署 800-gig 解決方案到 2023 年底，進一步證實了對 800-gig 的巨大需求。

Third, new insertion opportunities in the metro and access networks, as service providers transition to 400 gig services and drive 100 gig coherent to the edge of the network.

第三，城域網和接入網絡中的新插入機會，因為服務提供商過渡到 400 gig 服務並推動 100 gig 連貫到網絡邊緣。

And fourth, and lastly, an increased level of competitive opportunities to displace Huawei infrastructure.

第四，也是最後一點，取代華為基礎設施的競爭機會增加。

These demand drivers, coupled with the size of our backlog, Tier 1 wins and growing pipeline, give us confidence that we're on the right track to grow and achieve our target business model in 2023. This model assumes revenue growth of 8% to 12% in 2022 and 2023, gross margin expansion of 300 to 400 basis points per year and double-digit operating margins in 2023.

這些需求驅動因素，再加上我們積壓的規模、Tier 1 獲勝和不斷增長的管道，讓我們相信我們正走在正確的軌道上，並在 2023 年實現我們的目標業務模型。該模型假設收入增長 8% 至2022 年和 2023 年為 12%，毛利率每年增長 300 至 400 個基點，2023 年營業利潤率為兩位數。

I'm excited about our competitive position and our market opportunities ahead of us. We've strengthened our portfolio, bolstered our management team and are investing to win. In fact, we set an exciting portfolio -- we have a set of portfolio announcements planned for this year's OFC in San Diego from March 6 to 10, where you'll hear more about near-term performance enhancements to our 1.6-terabit ICE6-embedded optical engine, faster ways to integrate and manage Open transponders in multi-vendor networks with our Open Automation suite, the introduction of our own high-performance vertically integrated pluggables.

我對我們的競爭地位和我們面前的市場機會感到興奮。我們加強了我們的投資組合，加強了我們的管理團隊，並正在投資以贏得勝利。事實上，我們制定了一個令人興奮的投資組合——我們計劃在今年 3 月 6 日至 10 日在聖地亞哥舉行的 OFC 上發布一系列投資組合公告，屆時您將聽到更多關於我們 1.6 兆位 ICE6 近期性能提升的信息-嵌入式光學引擎，通過我們的開放自動化套件更快地集成和管理多供應商網絡中的開放轉發器，引入我們自己的高性能垂直集成可插拔。

Today, we also announced that Roop Lakkaraju will be joining our Board of Directors. I look forward to his contributions, as he will work with us every day to drive value for our shareholders. Welcome, Roop.

今天，我們還宣布 Roop Lakkaraju 將加入我們的董事會。我期待他的貢獻，因為他將每天與我們合作，為我們的股東創造價值。歡迎，魯普。

Separately, I would like to thank Board members Kambiz Hooshmand and Tom Fallon, who have resigned from the Board effective today, for their service to Infinera over the years. I know they will continue to be friends of mine and for the company for years to come.

另外，我要感謝董事會成員 Kambiz Hooshmand 和 Tom Fallon，他們從今天起辭去董事會職務，感謝他們多年來為 Infinera 提供的服務。我知道他們將在未來幾年繼續成為我和公司的朋友。

Following these changes, our Board will be smaller, more diverse and reflect a lower average director tenure.

在這些變化之後，我們的董事會將更小、更多樣化，並反映出更低的平均董事任期。

As I close today, I want to reiterate how proud I am of the Infinera team's resilience in navigating a tough macroeconomic environment while delivering industry-leading products, record-breaking revenue and bookings, improved margins and cash flow and winning new customers. The team's unwavering commitment, drive and support have been personally humbling.

在今天結束之際，我想重申我對 Infinera 團隊在提供行業領先的產品、創紀錄的收入和預訂量、提高利潤率和現金流以及贏得新客戶的同時在艱難的宏觀經濟環境中的應變能力感到多麼自豪。團隊堅定不移的承諾、動力和支持讓我個人感到謙卑。

I would also like to extend my thanks to our customers, partners and shareholders for their continued support during a challenging year.

我還要感謝我們的客戶、合作夥伴和股東在充滿挑戰的一年中的持續支持。

I will now hand the call over to Nancy to cover the financial details of the quarter, our first quarter outlook and the progress towards our target business model. Nancy?

我現在將電話轉給南希，以介紹本季度的財務細節、我們的第一季度展望以及我們的目標業務模式的進展。南希？

Thanks, David. Good afternoon, everyone. I will begin by covering our Q4 results and then provide our outlook for Q1 '22 as well as our planning assumptions for the full year of Fiscal Year '22.

謝謝，大衛。大家下午好。我將首先介紹我們的第四季度業績，然後提供我們對 22 年第一季度的展望以及我們對 22 財年全年的計劃假設。

My comments reflect our non-GAAP results and outlook. For your reference, we have posted slides with financial details, including our GAAP to non-GAAP reconciliation, to our Investor Relations website to assist with my commentary.

我的評論反映了我們的非公認會計原則結果和展望。供您參考，我們在我們的投資者關係網站上發布了包含財務細節的幻燈片，包括我們的 GAAP 與非 GAAP 對賬，以協助我發表評論。

I am pleased with our performance in the fourth quarter of 2021, a quarter in which we achieved record revenue and bookings for the company and exited the year with a substantial increase in our backlog. We delivered this performance while navigating a global pandemic and a tough supply chain environment that continue to constrain our top line and put pressure on our margins. Despite these transitory challenges, we accelerated revenue growth to 9% in the second half of the year and remain on course to execute to our 8x4x1 strategy and deliver on our target business model in 2023.

我對我們在 2021 年第四季度的表現感到滿意，在該季度，我們為公司實現了創紀錄的收入和預訂量，並在今年結束時積壓了大量訂單。我們在應對全球大流行和嚴峻的供應鏈環境的同時實現了這一業績，這些環境繼續限制我們的收入並給我們的利潤帶來壓力。儘管存在這些暫時的挑戰，我們在下半年將收入增長加速至 9%，並繼續執行我們的 8x4x1 戰略並在 2023 年實現我們的目標業務模式。

Q4 revenue of $401 million was up 13% year-over-year, with strong product revenue growth of 19%, primarily driven by the growth in our 800-gig ICE6 solution and strength in the Americas and EMEA regions. We derived 58% of our revenue from international customers, compared to 64% in the year ago quarter, and no customer contributed to greater than 10% of our revenue.

第四季度收入為 4.01 億美元，同比增長 13%，產品收入強勁增長 19%，這主要得益於我們 800 gig ICE6 解決方案的增長以及在美洲和歐洲、中東和非洲地區的實力。我們 58% 的收入來自國際客戶，而去年同期為 64%，並且沒有客戶對我們收入的貢獻超過 10%。

Q4 gross margin of 37.2% came in just above the midpoint of our outlook range, benefiting from higher volumes and the ramp of ICE6, offset by approximately 200 basis points from the impact of elevated supply chain costs and another 200-basis points impact from a higher mix of lower-margin line systems. Q4 services gross margin was slightly lower on both a sequential and a year-over-year basis due to higher logistics costs and a higher mix of professional services from an increase in installation projects.

第四季度的毛利率為 37.2%，略高於我們展望範圍的中點，這得益於銷量增加和 ICE6 的上升，但被供應鏈成本上升的影響和另外 200 個基點的影響抵消了大約 200 個基點。利潤率較低的線路系統的更高組合。由於物流成本增加以及安裝項目增加導致專業服務組合增加，第四季度服務毛利率環比和同比均略有下降。

Operating profit in the quarter was $17.1 million, equating to an operating margin of 4.3%, which was at the high end of our outlook range. Operating margin benefited from higher revenue, higher gross margin and good control expense in the quarter relative to the upside we delivered.

本季度的營業利潤為 1710 萬美元，相當於 4.3% 的營業利潤率，處於我們展望範圍的高端。相對於我們交付的上行空間，營業利潤率受益於本季度更高的收入、更高的毛利率和良好的控制費用。

Operating expenses of $132 million were just above the midpoint of our outlook range, primarily due to higher sales commissions resulting from a very strong bookings and revenue quarter and year.

1.32 億美元的運營費用略高於我們展望範圍的中點，這主要是由於非常強勁的季度和年度預訂和收入導致銷售佣金增加。

The resulting EPS in Q4 was $0.03 a share.

第四季度的每股收益為 0.03 美元。

Moving on to the balance sheet and cash flow items, we ended the quarter with $203 million in cash and restricted cash. During the quarter, we generated $1.4 million of cash from operations, down on a year-over-year basis, as we accelerated investments in R&D, restored bonuses, paid higher sales commissions and made strategic investments in working capital, including inventory.

轉到資產負債表和現金流項目，我們在本季度結束時擁有 2.03 億美元的現金和受限現金。在本季度，我們從運營中產生了 140 萬美元的現金，同比下降，因為我們加快了研發投資、恢復獎金、支付更高的銷售佣金以及對包括庫存在內的營運資金進行戰略投資。

Free cash flow in the quarter was a negative $7.7 million, and we ended the quarter with a 0 balance on our credit facility.

本季度的自由現金流為負 770 萬美元，本季度末我們的信貸額度為 0。

As David mentioned in his commentary, Fiscal Year '21 was a strong year for us, with notable progress across our business model, new product introductions, customer design wins and talent acquisition. For the full year of 2021, we delivered revenue of $1.43 billion, up 5% on a year-over-year basis and about 200 basis points above projected market growth. We had a record bookings year and exited the year with product backlog up 100% on a year-over-year basis. We expanded gross margin to 37.6%, up 380 basis points on a year-over-year basis and at the high end of our 300- to 400-basis point margin expansion goal. We expanded operating margin to 2.1%, up 260 basis points on a year-over-year basis. And we generated positive cash flow from operations.

正如大衛在評論中提到的那樣，21 財年對我們來說是強勁的一年，在我們的商業模式、新產品推出、客戶設計贏得和人才招聘方面取得了顯著進展。 2021 年全年，我們實現收入 14.3 億美元，同比增長 5%，比預期的市場增長高出約 200 個基點。我們有創紀錄的預訂年份，並且在去年結束時產品積壓同比增長 100%。我們將毛利率擴大至 37.6%，同比增長 380 個基點，處於我們 300 至 400 個基點利潤率擴張目標的高端。我們將營業利潤率擴大至 2.1%，同比增長 260 個基點。我們從運營中產生了正現金流。

We delivered these strong results in a challenging supply chain environment, which impacted our top line growth by 4 to 5 percentage points for the full year and constrained our gross margin by 150 to 200 basis points as we absorbed additional supply chain costs.

我們在充滿挑戰的供應鏈環境中取得了這些強勁的業績，這影響了我們全年的收入增長 4 到 5 個百分點，並且由於我們吸收了額外的供應鏈成本，我們的毛利率被限制了 150 到 200 個基點。

Looking ahead to the first quarter of 2022, we are encouraged by the demand drivers fueling our business. These drivers, combined with our backlog and continued order intake, give us optimism for 2022. At the same time, the supply chain challenges are real and even more intense than what we have experienced in the past few quarters. We expect this supply environment to remain difficult through at least the first half of the year, followed by some relief in the second half as we add inventory and bring up additional capacity.

展望 2022 年第一季度，我們對推動我們業務的需求驅動因素感到鼓舞。這些驅動因素，加上我們的積壓訂單和持續的訂單量，讓我們對 2022 年充滿樂觀。同時，供應鏈挑戰是真實存在的，甚至比我們過去幾個季度所經歷的更加嚴峻。我們預計這種供應環境至少會在今年上半年保持困難，隨著我們增加庫存並增加產能，下半年會有所緩解。

Taking these factors into account, we are forecasting Q1 revenue to be in the range of $345 million to $375 million, representing approximately 8.5% growth on a year-over-year basis at the midpoint of the range, constrained entirely by supply. Sequentially, the revenue forecast for Q1 is slightly better than the seasonality we have experienced over the past 3 years.

考慮到這些因素，我們預計第一季度收入將在 3.45 億美元至 3.75 億美元之間，在該範圍的中點處同比增長約 8.5%，完全受供應限制。因此，第一季度的收入預測略好於我們過去 3 年經歷的季節性。

We are forecasting Q1 gross margin to be in the range of 37%, plus or minus 150 basis points, down slightly on a year-over-year basis. Compared to the first quarter of last year, the primary factors influencing our gross margin outlook include a higher mix of ICE6 revenue, which is accretive to the company's gross margin, but is being offset by approximately 300 basis points from the impact of higher supply chain costs as we bear the burden of higher component and logistic costs and additional capacity and inventory costs as we plan for the continued growth in ICE6 through this year.

我們預計第一季度毛利率將在 37% 的範圍內，上下浮動 150 個基點，同比略有下降。與去年第一季度相比，影響我們毛利率前景的主要因素包括更高的 ICE6 收入組合，這增加了公司的毛利率，但被更高供應鏈的影響抵消了約 300 個基點成本，因為我們要承擔更高的組件和物流成本以及額外的產能和庫存成本，因為我們計劃今年 ICE6 的持續增長。

We are planning for Q1 operating expenses to be in the range of $130 million to $134 million as we increase investments in both our sales organization and R&D to take advantage of the market opportunity ahead of us. Within R&D, we are investing in pluggables, vertical integration, metro platform and software, areas critical to driving top line growth and margin expansion.

我們計劃第一季度的運營費用在 1.3 億美元至 1.34 億美元之間，因為我們增加了對銷售組織和研發的投資，以利用我們面前的市場機會。在研發方面，我們正在投資於可插拔、垂直集成、地鐵平台和軟件，這些領域對於推動收入增長和利潤增長至關重要。

We expect Q1 operating margin to be 0.5%, plus or minus 200 basis points, approximately flat on a year-over-year basis at the midpoint. During the quarter, we expect to use cash from operations as we match inventory with our backlog.

我們預計第一季度營業利潤率為 0.5%，上下浮動 200 個基點，中點與去年同期相比大致持平。在本季度，我們預計將使用來自運營的現金，因為我們將庫存與我們的積壓訂單相匹配。

Below the operating income line, we assume about $5 million for net interest expense and $7 million for taxes.

在營業收入線以下，我們假設淨利息支出約為 500 萬美元，稅收約為 700 萬美元。

Finally, we are anticipating a (inaudible) share count of 213 million shares for Q1. In the event that we are profitable on a non-GAAP basis in the quarter, diluted share count should be approximately 223 million shares.

最後，我們預計第一季度的（聽不清）股數為 2.13 億股。如果我們在本季度按非公認會計原則計算盈利，稀釋後的股票數量應約為 2.23 億股。

Looking ahead to the full year of 2022. We intend to make continued progress toward our target business model and plan to grow revenue by 8% to 12%, expand gross margin by 300 to 400 basis points and expand operating margin by 200 to 300 basis points. Furthermore, we are assuming a typical seasonal cadence to our business this year as well with a seasonal uptick in revenue and margin in Q2 and expect revenue and margin in the second half of the year to be greater than the first half.

展望 2022 年全年。我們打算繼續朝著我們的目標業務模式前進，併計劃將收入增長 8% 至 12%，將毛利率擴大 300 至 400 個基點，並將營業利潤率擴大 200 至 300 個基點點。此外，我們假設今年我們的業務具有典型的季節性節奏，第二季度的收入和利潤率出現季節性增長，預計下半年的收入和利潤率將高於上半年。

I would like to close today by echoing David's thanks to the Infinera team and to our partners, customers and shareholders for your continued support. We have made tremendous progress these past few years in enhancing the financial profile of the company by putting the right team in place, launching new products and securing key customer wins. We know we have more work to do, and we look forward to delivering additional shareholder value in the years ahead.

今天結束時，我想與 David 一樣感謝 Infinera 團隊以及我們的合作夥伴、客戶和股東的持續支持。過去幾年，我們通過組建合適的團隊、推出新產品和贏得關鍵客戶，在提升公司財務狀況方面取得了巨大進步。我們知道我們還有更多工作要做，我們期待在未來幾年為股東創造更多價值。

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

布倫特，我現在想打開電話提問。

(Operator Instructions) Your first question comes from David Kang with B. Riley.

（操作員說明）您的第一個問題來自 David Kang 和 B. Riley。

I guess my first question is on 800-gig. Customers went from 25% to 30%, and you're still targeting 20% to 25%. I'm just wondering if you can talk about customer concentration. Is that going to be driven by maybe just a couple of customers? Or more broader than that?

我想我的第一個問題是關於 800-gig 的。客戶從 25% 上升到 30%，而您的目標仍然是 20% 到 25%。我只是想知道您是否可以談論客戶集中度。這可能只是由幾個客戶推動的嗎？或者比這更廣泛？

It's broader. I think when you look at -- we don't have any 10% customers now. We could use a little bit more customer concentration. But I think when it comes to ICE6 800-gig, we're continuing to win both in this quarter, and we obviously racked up a bunch of design wins last quarter.

它更廣泛。我想當你看的時候——我們現在沒有任何 10% 的客戶。我們可以使用更多的客戶集中度。但我認為，當談到 ICE6 800-gig 時，我們在本季度繼續贏得這兩項勝利，而且我們顯然在上個季度贏得了一系列設計勝利。

So customer wins are really across the footprint, both with ICPs and CSPs, with ICPs being a little bit lumpier in terms of larger initial deployments; CSPs taking a little bit longer when they roll new products into their networks.

因此，無論是 ICP 還是 CSP，客戶的勝利都是跨領域的，而 ICP 在較大的初始部署方面有點笨拙； CSP 在將新產品引入其網絡時需要更長的時間。

Got it. And my follow-up is on 800-gig. 20% to 25% for the year. So I'm just wondering what the exit rate will be in fourth quarter. I'm assuming it's going to be much higher than 25%.

知道了。我的後續行動是 800 演出。全年為 20% 至 25%。所以我只是想知道第四季度的退出率是多少。我假設它將遠高於 25%。

That'd be right on kind of a weighted-average basis, yes. So if you think about us finishing Q4 in the early teens, which is exactly what we said, same as what we had mentioned for finishing in high single digits in Q3, that continues to build quarter-over-quarter-over-quarter, with an exit rate that should be greater than 25%, which is why you'll see the margins, both in terms of as we build that out, our entitlements become even much better. So our margins get even stronger as we go throughout the year.

是的，在加權平均的基礎上，這是正確的。因此，如果您考慮我們在十幾歲時完成第四季度，這正是我們所說的，與我們提到的在第三季度以高個位數完成的情況相同，那將繼續按季度建立，與退出率應該大於 25%，這就是為什麼你會看到利潤，無論是在我們建立它時，我們的權利都會變得更好。因此，隨著我們全年的發展，我們的利潤率變得更加強勁。

(Operator Instructions) Your next question comes from the line of Alex Henderson with Needham.

（操作員說明）您的下一個問題來自 Alex Henderson 和 Needham 的台詞。

I was hoping you could talk a little bit about the pricing environment. There's obviously a lot of raises in costs and supply chain industry-wide. We've heard some players are actually pushing up pricing. I know that's never happened in this industry before, but I was wondering if you're getting any pricing help. And then I have a follow-up.

我希望你能談談定價環境。顯然，整個行業的成本和供應鏈都出現了很多上漲。我們聽說有些玩家實際上在推高價格。我知道這在這個行業以前從未發生過，但我想知道你是否得到任何定價幫助。然後我有一個跟進。

There's never help in this industry, right? Look, I don't think we're going to go through our complete pricing strategy. Our view is right now there's a bunch of customers that are looking to deploy bandwidth. We're trying to give them the price/value by heavily working Moore's Law of optical and getting them that price per bit. You'll see some new announcements at OFC, which will help even more.

這個行業從來沒有幫助，對吧？聽著，我認為我們不會完成完整的定價策略。我們的觀點是現在有很多客戶正在尋求部署帶寬。我們試圖通過大量運用摩爾光學定律並為他們提供每比特的價格，從而為他們提供價格/價值。您將在 OFC 看到一些新公告，這將更有幫助。

We go through kind of a cleanup on our list structure now annually. But again, we're trying to be very careful, that we're a market-taker in this environment and we want to be very cautious of that and continue to drive the impact of our R&D to the lowest cost per bit without kind of the same impact we're getting from our supply base on temporary price increases. We are seeing it in the industry. We're going to be opportunistic to continue to take share while keeping to our margin commitments.

我們現在每年都會對我們的列表結構進行一次清理。但是，我們再次嘗試非常小心，在這種環境下，我們是市場接受者，我們希望對此非常謹慎，並繼續將我們的研發影響力推向最低的每比特成本，而無需我們的供應基礎對臨時價格上漲產生了同樣的影響。我們在行業中看到了這一點。我們將有機會繼續分享份額，同時遵守我們的保證金承諾。

So the question, and this isn't the follow-up yet, the question really is, what are you doing and what are you seeing? Are you actually seeing -- can you quantify the price hikes by your competitors at all?

所以問題是，這還不是後續問題，真正的問題是，你在做什麼，你在看什麼？你真的看到了——你能量化你的競爭對手的價格上漲嗎？

No. We are seeing and hearing from some of our customers that they are being approached by some telecom infrastructure companies with price increases. And again, our response to that is we're trying to provide them solutions in an open architecture environment to be able to take share and drive lower cost with newer platforms.

沒有。我們從一些客戶那裡看到和聽到，一些電信基礎設施公司正在與他們接洽，要求他們漲價。同樣，我們對此的回應是，我們正試圖在開放架構環境中為他們提供解決方案，以便能夠通過更新的平台分享並降低成本。

So the question, the follow-up question I wanted, was really on the backlog. I think you said the backlog was up 100%. But I guess I don't have a clarity on what the dollar value of that backlog is relative to the base. So I don't know what 100% of what, right? So could you give us a dollar characterization of what the backlog looks like?

所以這個問題，我想要的後續問題，確實在積壓中。我想你說積壓工作增加了 100%。但我想我不清楚該積壓的美元價值相對於基數是多少。所以我不知道 100% 是什麼，對吧？那麼你能給我們一個關於積壓工作的美元特徵嗎？

Alex, we're not going to disclose the backlog number, per se, but I can share with you that our book-to-bill was meaningfully above 1 this year. And we're starting the year with great coverage from our backlog as we go into Q1 and for the year, and it gives us even more confidence in the revenue growth that we're projecting for '22. And as David said, you'll see that start to grow through the year quarter-to-quarter-to-quarter. We're really pleased that we were able to hit the high end of our outlook range for revenue in Q4 and feel very well positioned as we go into '22.

亞歷克斯，我們本身不會透露積壓數量，但我可以與您分享，我們今年的訂單出貨量明顯高於 1。隨著我們進入第一季度和全年，我們從積壓的工作中得到了很大的覆蓋，這讓我們對我們預測的 22 年的收入增長更有信心。正如大衛所說，你會看到它開始逐季增長。我們真的很高興我們能夠在第四季度達到我們預期收入範圍的高端，並且在進入 22 年時感覺非常好。

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

您的下一個問題來自 Simon Leopold 和 Raymond James 的觀點。

Sorry. Joined late. So hopefully, I'm not rehashing. The quarter was good in December, and I imagine that some of this might have been revenue recognition on projects that you had shipped during the course of the year. Could you quantify where you are in terms of acceptance on new products and how that might have contributed to the reported quarter?

對不起。加入晚了。所以希望，我不會重複。該季度在 12 月表現不錯，我想其中一些可能是您在這一年中交付的項目的收入確認。您能否量化您對新產品的接受程度以及這可能對報告的季度有何貢獻？

I would tell you that the overachievement to the midpoint that we provided in the outlook wasn't just the acceptance. It was actually better execution from the team on actually getting shipments out, heavier flow of bookings than we expected with a nice match to the supply and just better execution from the team. There has been no change in actually the acceptance criteria or acceptance intervals across our footprint during that time.

我會告訴你，我們在展望中提供的超過中點的成就不僅僅是接受。實際上，在實際發貨方面，團隊執行得更好，預訂流量比我們預期的要大，與供應的匹配度很好，團隊執行得更好。在此期間，我們足蹟的實際驗收標准或驗收間隔沒有變化。

That's helpful. And then I wanted to just follow up on what you're seeing in terms of component supply issues and drill down a little bit. And part of the reason for this question is that with the PIC architecture you've got a different build and not like maybe all your peers in terms of your components. So could you maybe double-click on what you're seeing as constraints currently?

這很有幫助。然後我想就您在組件供應問題方面看到的情況進行跟進，並深入研究一下。這個問題的部分原因是，對於 PIC 架構，您有不同的構建，並且在組件方面可能不像您所有的同行。那麼您是否可以雙擊您當前看到的約束？

It's a good question. And I think what Nancy had mentioned in her comments is, look, I think we're going to all live with this supply chain environment for 2022. I think we're beginning to see the back half with commitments that we put in place as well as commitments we're getting back from the supply chain that are becoming a little bit more reliable for the back half of the quarter.

這是個好問題。而且我認為南希在她的評論中提到的是，看，我認為我們都將在 2022 年適應這種供應鏈環境。我認為我們開始看到後半部分做出了我們做出的承諾以及我們從供應鏈中獲得的承諾，這些承諾在本季度後半段變得更加可靠。

What we are seeing, Simon, is kind of more acute supply chain cost being extracted, maybe this is the final wave, from folks that are providing, call it, processors for packet switch architectures. Obviously, a lot of our optical stuff we have a little bit more under our control. So it really is around, think of them as microcontrollers, processors, packet processors and switch fabrics out in the network space.

西蒙，我們所看到的是一種更嚴重的供應鏈成本被提取，也許這是最後一波，來自為分組交換架構提供處理器的人。顯然，我們可以控制很多光學設備。所以它確實存在，將它們視為網絡空間中的微控制器、處理器、數據包處理器和交換結構。

So in comparison to some of our competitors, those might be bigger constraints than we have, but we're obviously mindful that we've been challenging with them, too, but the team executed well in Q4.

因此，與我們的一些競爭對手相比，這些限制可能比我們更大，但我們顯然注意到我們也一直在挑戰他們，但團隊在第四季度表現良好。

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

您的下一個問題來自 Alex Henderson 與 Needham 的對話。

I wasn't expecting to get back in that fast. I've got my headset on here. Give me a half-second.

沒想到這麼快就回來了。我在這裡戴上耳機。給我半秒鐘。

Back to your last question, Alex, one way you can kind of gauge the kind of buildup that we're having is as we put the K out and have RPOs disclosed there, we're just seeing that continue to grow. So our coverage overall for the first half is pretty profound.

回到您的最後一個問題，亞歷克斯，您可以衡量我們所擁有的積累的一種方法是，當我們推出 K 並在那裡披露 RPO 時，我們只是看到它繼續增長。因此，我們對上半年的整體報導非常深刻。

We also see when we're looking at orders that are coming in, we measure what orders for this quarter plus 1 and for orders outside of that. So we kind of have a more normalized view of bookings as we go so we're not getting too far ahead of our skis.

我們還看到，當我們查看即將到來的訂單時，我們會衡量本季度的訂單加上 1 以及除此之外的訂單。因此，我們在進行過程中對預訂有更規範的看法，這樣我們就不會領先於滑雪板太遠。

That's a smart way of doing it. Duration is misleading a lot of people relative to the backlogs.

這是一種聰明的做法。相對於積壓，持續時間會誤導很多人。

Right.

正確的。

I wanted to address the component issue from a slightly different perspective. As you build out your ICE6 production and that becomes an increasing portion of your business, does that have a commensurate impact on reducing your exposure to some of the areas that are in short supply or particularly constrained? Or is it, as you described a moment ago, just processors that sit around the other elements that, therefore, is not directly related to the 800-gig platform, per se?

我想從稍微不同的角度來解決組件問題。隨著您擴大 ICE6 生產並成為您業務中越來越大的一部分，這是否對減少您在一些供應短缺或特別受限的領域的風險敞口產生相應的影響？或者，正如您剛才所描述的，只是處理器圍繞著其他元素，因此與 800-gig 平臺本身沒有直接關係？

Good question. I'd say 3 follow-on tidbits for you. One, it does kind of happen implicitly as people -? people are going to transition from legacy platforms quicker to newer platforms. So that is helpful. When they go off the legacy stuff, we might have had a commercial solution in merchant integration and now we can go into our own vertical integration. That's helpful. And we do see customers that are much more sensitive of the profile based on the -- in this supply chain environment, not only you can't get the parts, but many suppliers are coming out and end-of-life-ing older geometries, which is going to push people to fresher platforms.

好問題。我會為你說 3 個後續花絮。一，它確實隱含地發生在人們身上——？人們將從傳統平台更快地過渡到新平台。所以這很有幫助。當他們放棄傳統的東西時，我們可能已經在商家整合方面有了商業解決方案，現在我們可以進入我們自己的垂直整合。這很有幫助。我們確實看到客戶對配置文件更加敏感，基於 - 在這種供應鏈環境中，不僅您無法獲得零件，而且許多供應商正在出現並報廢較舊的幾何形狀，這將把人們推向更新鮮的平台。

Number 2, yes, we still will have some dependence on microprocessors and other things for fans and packet processing in the platform, just less dependent. Something that we want to consider.

第二，是的，我們仍然會在平台中對微處理器和其他用於風扇和數據包處理的東西有一些依賴，只是依賴程度較低。我們想要考慮的東西。

And thirdly, you're aware that when we run our own fab and our own packaging, while we haven't had a huge entitlement bump like we used to, we will see, and as Nancy described, we will see a nice entitlement push when we move from Q1 into Q2, Q3, Q4, moving forward, from a volume perspective of ICE6.

第三，您知道，當我們運營自己的晶圓廠和自己的包裝時，雖然我們沒有像以前那樣有巨大的權利提升，但我們會看到，正如 Nancy 所描述的，我們會看到很好的權利推動當我們從 Q1 進入 Q2、Q3、Q4 時，從 ICE6 的數量角度來看，向前推進。

Did that help, Alex?

有幫助嗎，亞歷克斯？

Absolutely. Exactly what I was looking for. On the DSP side, have you seen a change in pricing behavior out of your primary supplier? In the sense that we are understanding that they've raised prices across most of their products by as much as 20% and including a 10% price hike effective February 1. So have we seen any pricing changes in the DSP supply that you've done from third parties?

絕對地。正是我想要的。在 DSP 方面，您是否看到主要供應商的定價行為發生了變化？從某種意義上說，我們了解到他們已將大部分產品的價格提高了 20%，其中包括從 2 月 1 日起上調 10% 的價格。因此，我們是否看到您所了解的 DSP 供應的任何價格變化從第三方完成？

Yes, I think we absolutely have. And that, as Nancy talked through, a little bit more pressure on the PPV as we ended the year. The good news is when we look at the bill of material for what we do, given what we do in the fab, what we do in the packaging, the DSP itself, it's a piece of it, but it's not a huge piece of the bill of materials. So what we've worked on over the last year are ways to countervail that. And again, you'll hear a little bit more about that at OFC to get more, again, more efficient bits per dollar out of the platform.

是的，我認為我們絕對有。而且，正如 Nancy 所說，當我們結束這一年時，PPV 面臨的壓力更大。好消息是，當我們查看我們所做工作的物料清單時，考慮到我們在晶圓廠所做的工作，我們在封裝中所做的工作，DSP 本身，它是其中的一部分，但不是很大的一部分材料清單。因此，我們在過去一年中所做的工作是抵消這種情況的方法。再一次，你會在 OFC 聽到更多關於這一點的信息，以便從平台中獲得更多、更有效的每美元比特。

Thanks, Alex. Apologies. There's actually several people in the queue, Alex.

謝謝，亞歷克斯。道歉。實際上有幾個人在排隊，亞歷克斯。

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

您的下一個問題來自摩根士丹利的 Meta Marshall。

I'll jump in before Alex's third turn. So just a question. Nancy, David, as you look forward to the gross margin outlook for '22 and calling for the 300- to 400-basis point uplift throughout the year, how much of that is from kind of the supply chain, getting back some of the supply chain costs, or those costs mitigating? Or how much of that is from the uplift of ICE6 becoming a greater piece of the portfolio?

我會在亞歷克斯第三回合之前跳進去。所以只是一個問題。南希，大衛，當你期待 22 年的毛利率前景並呼籲全年提高 300 到 400 個基點時，其中有多少來自供應鏈，取回了部分供應連鎖成本，還是那些減輕成本的成本？或者其中有多少來自 ICE6 的提升成為投資組合中更大的一部分？

And then maybe second question. Just any customer categories that you're expecting to lead growth in '22? Are there any kind of project-based dynamics like we saw with Tier 1 that we should just be mindful of that would lead to different kind of growth rates between the categories?

然後也許是第二個問題。您期望在 22 年引領增長的任何客戶類別？有沒有像我們在第 1 層看到的那樣基於項目的動態，我們應該注意這會導致類別之間的不同類型的增長率？

Sure. No problem, Meta. As we look at the trend in margin through the year, and I'm sure you're doing the math just like we do in terms of where we're looking at Q1 and how we exit the year with 300 to 400 basis points up, we are going to see the continued improvement quarter-over-quarter.

當然。沒問題，梅塔。當我們觀察全年的利潤率趨勢時，我相信你正在做數學，就像我們在看第一季度的位置以及我們如何以 300 到 400 個基點退出這一年一樣，我們將看到環比持續改善。

I am planning for, as I mentioned, the first half still remaining very tight on supply and having those pressures. We may see some relief in the back half. But really, it's the continued ramp of ICE6 and that margin impacting from the vertical integration to our overall gross margin for the (inaudible). But you'll see it be kind of another (inaudible) of 2 halves: [first half to the second half] really jumping up in the gross margin.

正如我所提到的，我正在計劃上半年供應仍然非常緊張，並且面臨這些壓力。我們可能會在後半部分看到一些緩解。但實際上，這是 ICE6 的持續增長，以及從垂直整合到我們整體毛利率的利潤率（聽不清）。但你會看到它是另一種（聽不清）的兩半：[上半年到下半年] 毛利率確實在上升。

And then on the customer category piece, I'd say we continue to see strong uptake from the ICPs in this Open line system environment. We're now seeing that in CSPs worldwide. So we are -- we had a number of Tier 1 design wins last year, and we continue already this year with those. And so we expect to be ramping those as we exit the quarter, which you should see some relief in that Tier 1 category that you're talking about as well as continued strength in the ICPs. Very, very strong business in Europe. And we're looking to amp up our presence in Asia.

然後在客戶類別部分，我想說我們繼續看到這個開放線路系統環境中 ICP 的強勁吸收。我們現在在全球的 CSP 中看到了這一點。所以我們 - 去年我們贏得了許多一級設計勝利，今年我們已經繼續這樣做了。因此，我們預計在我們退出本季度時會增加這些，您應該會看到您所說的第 1 層類別有所緩解，以及 ICP 的持續實力。在歐洲的業務非常非常強大。我們正在尋求擴大我們在亞洲的影響力。

Your next question comes from the line of Rod Hall with Goldman Sachs.

您的下一個問題來自高盛的 Rod Hall。

This is Bala on for Rod. David, I want to start off with 800-gig mix. It was high single digits last quarter. It's now in low teens in Q4. And full year, 20% to 25%, which probably indicates that ending the year it would be about 30% ICE6 mix. You mentioned new customer wins. But just wondering, what's the visibility for this 20% to 25% ICE6 mix that you have? Is it in the form of existing backlog orders or even pipeline? And I have a follow-up.

這是羅德的巴拉。大衛，我想從 800 演出開始。上個季度是個位數的高位。它現在在第四季度處於青少年時期。全年為 20% 至 25%，這可能表明年底將是 30% 左右的 ICE6 混合。你提到了新客戶的勝利。但只是想知道，您擁有的 20% 到 25% ICE6 組合的可見度如何？是現有積壓訂單的形式，還是管道形式？我有一個後續行動。

Excellent. All of the above, but quite a bit of pipeline, but quite a bit of backlog. I mean, we have existing backlog for the product. We have design wins that we haven't yet deployed and reached the orders for, and we have a growing pipeline of opportunities. So it's a nice mix. And again, it's a nice global mix, and it's a nice mix between CSPs and ICPs.

出色的。以上所有，但相當多的管道，但相當多的積壓。我的意思是，我們有該產品的現有積壓。我們已經獲得了尚未部署並獲得訂單的設計勝利，而且我們擁有不斷增長的機會渠道。所以這是一個很好的組合。再一次，這是一個很好的全球組合，它是 CSP 和 ICP 之間的一個很好的組合。

But a substantial backing of backlog to back up the confidence in that 20% to 25% number as well as a couple of quarters now of revenue hitting where we said it would hit in terms of its percentage of revenue. So we feel pretty solid there.

但是，大量的積壓支持支持對 20% 到 25% 數字的信心，以及現在幾個季度的收入達到我們所說的收入百分比將達到的水平。所以我們在那裡感覺很穩固。

Very good. Again, competition in 800-gig. You mentioned 30 customer wins for the year. Just wondering how many of them were against those that you went head-to-head against your major U.S. competitor.

很好。再次，在 800 演出中的競爭。您提到了今年 30 次客戶勝利。只是想知道其中有多少人反對你與美國主要競爭對手正面交鋒的那些人。

Look, in an open architecture environment the best transponder wins. We're not keeping public score of how many of those are there, but very few of our customers go into a single-supply scenario. So they're all competitive environments. And they look for, again, the best solution, the lowest cost per bit. Some people may be trying to provide that via 400 gig. Some people may be providing it via a single-wave 800-gig. We just tend to provide it at a 1.6-terabit, 2-wave, 800-gig platform. So it's a mix.

看，在開放式架構環境中，最好的轉發器勝出。我們沒有公開其中有多少人的分數，但我們的客戶中很少有人進入單一供應方案。所以它們都是競爭環境。他們再次尋找最好的解決方案，最低的每比特成本。有些人可能試圖通過 400 gig 來提供。有些人可能會通過單波 800 演出來提供它。我們只是傾向於在 1.6 太比特、2 波、800 吉格的平台上提供它。所以這是一個混合體。

Your next question comes from the line of Jim Suva with Citigroup.

您的下一個問題來自花旗集團的 Jim Suva。

I just have one question. A lot of the discussion was focused on gross margins, which was rightfully so. Could we just take at one level a little bit lower and focus a little bit on operating margins kind of as the year progresses? Because I would assume you're seeing some inflation or salary payroll increases or R&D or something. Can you talk to us about the gross margin flow-through? Should we expect a similar flow-through to operating margins? Or do we need to adjust for some inflationary environment for operating margins?

我只有一個問題。很多討論都集中在毛利率上，這是理所當然的。隨著時間的推移，我們是否可以稍微降低一個水平並稍微關注營業利潤率？因為我假設您會看到一些通貨膨脹或工資單增加或研發或其他東西。你能和我們談談毛利率流通嗎？我們是否應該期望類似的流向營業利潤率？或者我們是否需要針對營業利潤率的某些通貨膨脹環境進行調整？

So great question. We are expecting for the year, as I mentioned in my comments, 200- to 300-basis point improvement year-over-year on operating income. Certainly, we are planning for, as everyone is in this inflationary environment, step-ups in certain expenses there, but managing through those, as we did in Fiscal Year '21, really carefully in terms of our expense profile.

這麼好的問題。正如我在評論中提到的那樣，我們預計今年的營業收入將同比提高 200 至 300 個基點。當然，由於每個人都處於這種通貨膨脹的環境中，我們正在計劃增加那裡的某些費用，但就像我們在 21 財年所做的那樣，在我們的費用狀況方面非常謹慎地管理這些費用。

But you will see us step up investments in sales and marketing as we go after the market growth, we need to do some further investing there, in addition to the ongoing R&D and pluggables and metro and software, as I mentioned, because we really want to see that vertical integration percentage go up to be able to flow through to the bottom line.

但是你會看到我們在追求市場增長的同時加大了對銷售和營銷的投資，除了正在進行的研發和可插拔、地鐵和軟件之外，我們還需要在這方面做一些進一步的投資，正如我所提到的，因為我們真的想要看到垂直整合百分比上升到能夠流向底線。

But you can expect 2x to 3x what we did in Fiscal Year '21 for '22 in terms of operating margin.

但是，就營業利潤率而言，您可以期待我們在 21 財年對 22 財年所做的 2 到 3 倍。

Your next question comes from the line of Tim Savageaux with Northland Capital Markets.

您的下一個問題來自 Northland Capital Markets 的 Tim Savageaux。

I want to go back to 800-gig mix here and try and get underneath those dynamics a little bit. And I don't know if you've given a contribution for the full year '21, but given what you've said about the second half I assume we're in the mid-single digits or maybe mid- to high. And so you're looking at a pretty dramatic increase in '22.

我想回到這裡的 800 演出混音，並嘗試稍微了解一下這些動態。而且我不知道您是否為 21 年全年做出了貢獻，但是鑑於您對下半年的看法，我認為我們處於中個位數或中高水平。因此，您正在看到 22 年的顯著增長。

And I guess the overall question is, how incremental is the 800-gig business to the total business? It looks like you could grow as much as fourfold, certainly 3.5-fold. In '22, obviously, you're cannibalizing some of the older stuff. So do you look at these dynamics of more bringing in new customers with 800-gig? Or maybe current customers transitioning from previous generations? And when you net that out, what kind of overall growth dynamic do you see?

而且我想總體問題是，800 gig 業務對總業務的增量有多大？看起來你可以增長四倍，當然是 3.5 倍。顯然，在 22 年，你正在蠶食一些舊的東西。那麼，您是否看到這些通過 800 演出吸引更多新客戶的動態？或者可能是當前客戶從前幾代過渡？當你把它弄清楚時，你會看到什麼樣的整體增長動力？

It's a good question. So again, overall, we see the 800-gig ICE6 product line pretty confidently hitting that 20% to 25%. As you said, some portion of that is people moving from previous generations, whether they're ours or, more hopefully for us, our competitors. As people roll off the older technologies, we've kind of baked that into our overall growth rate. So that 8% to 12% does include any kind of single-digit fall-offs, which typically happens in older product lines as you go through the cycle.

這是個好問題。因此，總的來說，我們看到 800 gig ICE6 產品線非常有信心地達到了 20% 到 25%。正如你所說，其中一部分是從前幾代人移出的人，無論他們是我們的，還是更有希望的，我們的競爭對手。隨著人們淘汰舊技術，我們已經將其納入了我們的整體增長率。因此，8% 到 12% 確實包括任何類型的個位數下降，這通常發生在舊產品線中，因為您正在經歷這個週期。

So again, higher pickup with the ICPs and with CSPs just taking a bit longer to onboard into their environment. So the 8% to 12% includes that offset.

因此，ICP 和 CSP 的拾取率更高，只是需要更長的時間才能進入他們的環境。所以 8% 到 12% 包括那個抵消。

It's sort of a netting. And that's -- most of your competitors, and I think some of this is supply catch-up and maybe this is true for you guys as well, are looking to grow kind of in that double-digit, low-double-digit area. I mean, as you look at Infinera's growth relative to the overall market, I mean, do we need to kind of normalize for those supply issues and look for an above-trend growth here this year? You're talking about that growth being sustainable into '23. Or I guess, it's a long way of saying, has your view of market growth, kind of baseline market growth, changed or accelerated a bit?

這有點像一張網。那就是 - 你的大多數競爭對手，我認為其中一些是供應追趕，也許這對你們來說也是如此，他們正在尋求在那個兩位數，低兩位數的領域增長。我的意思是，當您查看 Infinera 相對於整體市場的增長時，我的意思是，我們是否需要對這些供應問題進行正常化，並在今年尋找高於趨勢的增長？你說的是這種增長可持續到 23 年。或者我想，這是一個很長的說法，你對市場增長的看法，一種基線市場增長，改變或加速了一點？

We've probably accelerated that. I mean, look, we came back in April/May in our Analyst Day and said we were going to grow at 8% to 12%. And many people in the after-calls suggested we might want to go calm down a little bit. And we saw that based on the market dynamics of what were going on with Open, the growth of 800-gig, the Open line system growth and our line system bookings, which grew 100% year-over-year. So we do believe we're going to grow faster than the market.

我們可能已經加快了速度。我的意思是，看，我們在 4 月 / 5 月的分析師日回來說我們將以 8% 到 12% 的速度增長。電話後的許多人建議我們可能要冷靜一點。我們看到，基於 Open 的市場動態、800 演出的增長、Open 線路系統的增長以及我們的線路系統預訂量，同比增長 100%。因此，我們確實相信我們的增長速度將超過市場。

The market says, the analysts today say 3% to 3.5% growth for this year. I just don't buy it. I think the market will probably grow more like 5%. Now I think there are winners and losers in the market. So there are certainly people that are going to lose share, like the Huawei infrastructure opportunity. That's a substantial portion of the market. It's $2 billion outside of China annually.

市場稱，分析師今天表示今年將增長 3% 至 3.5%。我只是不買它。我認為市場可能會增長5%左右。現在我認為市場上有贏家和輸家。所以肯定有人會失去份額，比如華為基礎設施的機會。這是市場的很大一部分。在中國以外的地區每年有 20 億美元。

So I expect the market analysts to -- I'll wait for them. They'll change their view on real numbers. But I expect that to maybe move from 3%, 3.5%, maybe up to 5%, and we still expect to grow well above that.

所以我希望市場分析師——我會等他們。他們會改變對實數的看法。但我預計可能會從 3%、3.5% 甚至可能上升到 5%，而且我們仍然希望增長遠高於此。

I do expect, and we said back in May of last year, we expected that to continue into 2023. So I don't think that -- we measure our bookings and what we think are people stocking for a later period very carefully, and we feel good about that 8% to 12% growth rate in 2022 and the continuance of it as long as we keep our heads down and execute and do the right thing for our customers and shareholders.

我確實期待，我們在去年 5 月就說過，我們預計這種情況會持續到 2023 年。所以我不這麼認為——我們會非常仔細地衡量我們的預訂量以及我們認為人們在後期備貨的情況，並且我們對 2022 年 8% 至 12% 的增長率以及它的持續性感到滿意，只要我們保持低調並執行並為我們的客戶和股東做正確的事情。

Your next question comes from the line of George Notter with Jefferies.

您的下一個問題來自 George Notter 與 Jefferies 的對話。

I guess, my question, I was wondering what the mixture of vertically integrated products was in Q4. I think you guys had given us that number in the past. You gave us the ICE6 piece, certainly, but I'd love to know what the bigger number is overall.

我想，我的問題是，我想知道第四季度垂直整合產品的組合是什麼。我想你們過去已經給了我們這個號碼。當然，你給了我們 ICE6 的一塊，但我很想知道更大的數字是多少。

Give me one second. We're pulling it up right now.

給我一秒鐘。我們現在把它拉起來。

It was close to the mid-40s, George, in the quarter.

喬治在本季度接近 40 年代中期。

Okay. Got it. And if memory serves, you were also close to mid-40s in Q3. So it sounds like the growth in ICE6 is coming at the expense of, I presume, the heritage DTN-X product. Is that the right read here? Or am I missing something?

好的。知道了。如果沒記錯的話，你在第三季度也接近 40 多歲。所以聽起來 ICE6 的增長是以犧牲傳統 DTN-X 產品為代價的。這裡讀對了嗎？還是我錯過了什麼？

No. So remember, it's also on a lower number. So I think what we're seeing is new opportunities. We didn't see a precipitous decline from Q3 to Q4 on that. So we were in the, I want to say it was 42% or 43% in Q3 and then in the mid-45%, 46% in Q4, which obviously on a higher revenue base. So no, I wouldn't make that as foredrawn conclusion.

不，所以請記住，它也是一個較低的數字。所以我認為我們看到的是新的機會。我們沒有看到從第三季度到第四季度的急劇下降。所以我們處於，我想說第三季度是 42% 或 43%，然後是 45% 中期，第四季度是 46%，這顯然是基於更高的收入基礎。所以不，我不會把它作為預先得出的結論。

Got it. Okay. So it's a mix of new customers and then existing.

知道了。好的。所以這是新客戶和現有客戶的混合。

Correct.

正確的。

And then I guess I also wanted to ask about the XTM portfolio. You guys didn't say much about it here. I know metro has been a source of growth for you guys in recent quarters. That is not a vertically integrated product. I know you guys are looking to redesign XTM, but do you guys have a sense for when those redesigned products will come into the marketplace and help you kind of juice that vertically integrated mix?

然後我想我也想問一下 XTM 產品組合。各位在這裡就不多說了。我知道最近幾個季度，地鐵一直是你們增長的源泉。那不是一個垂直整合的產品。我知道你們正在尋求重新設計 XTM，但是你們是否知道這些重新設計的產品何時會進入市場並幫助您獲得垂直整合混合的果汁？

Yes, we do. So when we did our Analyst Day, we talked about, one, had a great year, a record year with XTM bookings. Overall, metro grew 25%, and I believe was about 45% of our overall bookings, product bookings.

是的，我們有。因此，當我們舉辦分析師日時，我們談到，有一個很棒的一年，XTM 預訂量創紀錄的一年。總體而言，metro 增長了 25%，我相信約占我們整體預訂、產品預訂的 45%。

As we get into 2023, you'll hear a little bit at OFC about our pluggable, that we will have our own CFP2 and DD pluggables available to be able to provide 400-gig ZR Plus as well as our XR point to multipoint, of which that form is growing. That will start phasing in, in the first half of 2023 and should significantly improve our margin profile. And those CFP2s can be used on older products as well as newer products.

隨著我們進入 2023 年，您會在 OFC 聽到一些關於我們的可插拔設備的消息，我們將擁有自己的 CFP2 和 DD 可插拔設備，能夠提供 400 gig ZR Plus 以及我們的 XR 點對多點，這種形式正在增長。這將在 2023 年上半年開始逐步實施，並應顯著改善我們的利潤率狀況。這些 CFP2 可用於舊產品和新產品。

Your next question comes from the line of Samik Chatterjee with JPMorgan.

您的下一個問題來自摩根大通的 Samik Chatterjee。

I have a couple here. So just starting first one with just a broader one. I know the 8% to 12% you're guiding for revenue growth in 2022. I mean, that's a strong growth guidance in itself, but that's more in line with your long-term guidance that you had presented at the Analyst Day. And when we look across most optical companies that have talked to-date during this earnings season or recently, most are expecting to exceed their long-term growth rates over the next 12 months given some of the pent-up demand that we are seeing. So I just wanted to get your thoughts around that. I mean, this is still a good growth number, but why not more upside to your long-term growth rates? And I have a follow-up, but Please go ahead.

我這裡有一對。因此，只需從更廣泛的第一個開始。我知道您為 2022 年的收入增長指導的 8% 到 12%。我的意思是，這本身就是一個強大的增長指導，但這更符合您在分析師日提出的長期指導。當我們查看迄今為止在本財報季或最近進行過交談的大多數光學公司時，鑑於我們看到的一些被壓抑的需求，大多數人預計未來 12 個月的增長率將超過其長期增長率。所以我只是想了解一下你的想法。我的意思是，這仍然是一個不錯的增長數字，但為什麼不給你的長期增長率帶來更多好處呢？我有後續行動，但請繼續。

I appreciate the comment, but we also are empathetic to others in this industry, that when you have a supply chain shortage and miss your number you guys aren't very happy, nor are our shareholders.

我很欣賞這個評論，但我們也同情這個行業的其他人，當你有供應鏈短缺並且錯過你的號碼時，你們不會很高興，我們的股東也不會。

So I think we've done a good job, as you saw, with last year and with Q3 and Q4. The back half grew at 9%. Q4 grew at 13%. We're just not trying to get ahead of our skis. Again, we're very, very in tune with our supply chain environment, and we want to provide you the right range as we go.

所以我認為我們在去年以及第三季度和第四季度做得很好。後半部分增長了 9%。第四季度增長 13%。我們只是不想超越我們的滑雪板。同樣，我們非常非常適應我們的供應鏈環境，我們希望在我們前進的過程中為您提供正確的範圍。

As Nancy said, that 8% to 12% was entirely constrained, in our outlook, was constrained by supply, which we expect to continue through 2022. We might see some light as we get to the back half just based on inventory that's been provisioned and some of the activity we see amongst the supply base of starting to give a little bit clearer of a picture of how capacities are going to be met, but it's too early to tell that.

正如南希所說，8% 到 12% 完全受到限制，在我們的展望中，受到供應的限制，我們預計這種情況將持續到 2022 年。我們可能會看到一些光明，因為我們僅根據已提供的庫存進入後半部分我們在供應基地中看到的一些活動開始更清楚地了解產能將如何得到滿足，但現在說這一點還為時過早。

So 8% to 12% is pretty good. Our intention is always to beat that, like we came at the high end of the range in Q4.

所以8%到12%就不錯了。我們的意圖始終是擊敗它，就像我們在第四季度進入範圍的高端一樣。

To follow up, I mean, you did have some Huawei displacement revenues already starting to creep in, in 2021.

接下來，我的意思是，到 2021 年，你確實有一些華為置換收入已經開始攀升。

We did.

我們做到了。

How should we think about the magnitude of that in 2022? How much of a contribution is from that aspect in 2022?

我們應該如何看待 2022 年的規模？ 2022 年這方面的貢獻有多大？

I think when we did our Analyst Day, we kind of had a bar chart that had an indicative view, and it hasn't really changed actually. And so we see it -- it was a nice taste, a nice appetizer in 2021, but I think we said all along that we would see the design wins and RFPs really scaling and we thought that we'd see revenues from that really beginning to take hold as we got into 2023. And we did contemplate that way back in May when we gave you our 8% to 12% growth rate.

我認為當我們舉辦分析師日時，我們有一個具有指示性視圖的條形圖，實際上並沒有真正改變。所以我們看到了——這是一種很好的味道，是 2021 年的開胃菜，但我認為我們一直說我們會看到設計獲勝和 RFP 真正擴大，我們認為我們會看到從那個真正開始的收入在我們進入 2023 年時站穩腳跟。早在 5 月，當我們給你 8% 到 12% 的增長率時，我們確實考慮過這種方式。

(Operator Instructions) Your next question comes from Dave Kang with B. Riley.

（操作員說明）您的下一個問題來自 Dave Kang 和 B. Riley。

Nancy, I may have missed it, but fourth quarter, what was the impact on -- you talked about margin impact, but what about revenue impact? Was it approximately $20 million, as you said before?

南希，我可能錯過了，但第四季度的影響是什麼——你談到了利潤率影響，但收入影響呢？如你之前所說，大約是 2000 萬美元嗎？

Yes, in that range. So we did still have constraints on our revenue in Q4 because of supply.

是的，在那個範圍內。因此，由於供應，我們在第四季度的收入仍然受到限制。

Got it. And my follow-up is you said the supply impact was about 4 to 5 points for 2021. Should we expect nearly all of that 4 or 5 points to be shifted to next quarter? So it's more like 8% or 6% on top of that? You're adding back 4% from last year? So that's how you get to, like, 10% growth this year, something like that?

知道了。我的後續行動是您說 2021 年的供應影響約為 4 到 5 個點。我們是否應該預計幾乎所有的 4 或 5 個點都會轉移到下個季度？因此，除此之外，它更像是 8% 或 6%？你從去年增加了 4%？所以這就是你如何獲得今年 10% 的增長之類的？

We expect in this supply chain environment that backlog and lead times are extended and backlog is going to continue to -- we're going to bleed off the older backlog as the lead time hits, and we'll be building out new backlog for the future. So we're not -- our view all along was the 8% to 12% growth. If the supply chain environment attenuates and we can overachieve that, that would be great. But right now, we don't think it's prudent to call that.

我們預計在這種供應鏈環境中，積壓和交貨時間會延長，並且積壓將繼續——隨著交貨時間的到來，我們將排出舊的積壓，我們將為未來。所以我們不是——我們一直認為增長 8% 到 12%。如果供應鏈環境減弱，我們可以超額完成，那就太好了。但現在，我們認為這樣稱呼是不明智的。

There are no further questions at this time. I would like to now turn the call back over to Mr. David Heard.

目前沒有其他問題。我現在想將電話轉回給 David Heard 先生。

Thanks. Appreciate the thoughtful questions. Appreciate the engagement.

謝謝。欣賞深思熟慮的問題。欣賞訂婚。

2021 was a great year for Infinera. We achieved our financial targets. Demand was robust. New products ramped nicely. And our momentum with customers continued to build and continues to build as we sit here today. We feel good about our position and the opportunity in the future for both our financial targets and our strategic goals.

2021 年對 Infinera 來說是偉大的一年。我們實現了財務目標。需求強勁。新產品上市不錯。當我們今天坐在這裡時，我們與客戶的合作勢頭不斷增強。對於我們的財務目標和戰略目標，我們對我們的地位和未來的機會感覺良好。

So we couldn't do that without the extended global Infinera team, our suppliers, our customers and, again, our loyal shareholders. So thank you all. And be safe, be well. We look forward to a bright 2022.

因此，如果沒有擴展的全球 Infinera 團隊、我們的供應商、我們的客戶以及我們忠實的股東，我們就無法做到這一點。所以謝謝大家。並且要安全，要健康。我們期待著光明的2022年。

Ladies and gentlemen, thank you for your participation. This concludes today's conference call. You may now disconnect.

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。

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