Infinera Corp (INFN) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. And welcome to the Infinera Corp. First Quarter 2022 Earnings Call. (Operator Instructions)

女士們，先生們，謝謝你們的支持。歡迎參加 Infinera Corp. 2022 年第一季度財報電話會議。 （操作員說明）

Thank you. Amitabh Passi, Head of IR, you may begin your conference.

謝謝你。 IR 負責人 Amitabh Passi，您可以開始您的會議了。

Thank you, operator, and good afternoon.

謝謝接線員，下午好。

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

歡迎參加 Infinera 2022 財年第一季度電話會議。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 roadmap, sales, growth, market opportunities, manufacturing operations, product, 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 second quarter of 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、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，以及有關未來財務業績的聲明，包括我們對 2022 財年第二季度的財務展望。

These statements are subject to risks and uncertainties that could cause Infinera's results to differ materially from management's current expectations. Actual results may differ materially as a result of various risk factors, including those set forth in our Annual Report on Form 10-K for the year ended on December 25, 2021, as filed with the SEC on February 23, 2022, 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 2022 年 2 月 23 日向美國證券交易委員會提交的截至 2021 年 12 月 25 日止年度的 10-K 表格年度報告中所述的因素，以及不時向 SEC 提交或提供給 SEC 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 Reg G -- 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.

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Reg G-Reg G，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，每一項都可在投資者關係中獲得我們網站的部分。

(Operator Instructions)

（操作員說明）

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

我現在將把電話轉給我們的首席執行官 David Heard。大衛？

Thanks, Amitabh. Good afternoon, and thanks for joining us today.

謝謝，阿彌陀佛。下午好，感謝您今天加入我們。

I will begin with a review of the results for the quarter and provide some color on the broader market context. And then I'll turn the call over to Nancy to cover the details of our financial performance.

我將從回顧本季度的結果開始，並為更廣泛的市場環境提供一些色彩。然後我將把電話轉給南希，以介紹我們財務業績的細節。

We continue to benefit from strong demand and deal momentum in the quarter, both of which were above our expectations, especially following a very strong Q4 2021. However, our Q1 financial results did not represent our full potential and were at the low end of our outlook range due to uncontrollable and previously unforeseen supply chain developments late in the quarter.

我們繼續受益於本季度強勁的需求和交易勢頭，這兩者都超出了我們的預期，尤其是在 2021 年第四季度非常強勁之後。但是，我們的第一季度財務業績並未代表我們的全部潛力，處於我們的低端由於本季度末供應鏈發展無法控制和先前無法預見的情況，前景範圍。

Non-GAAP revenue was just below the outlook range, while both non-GAAP gross margin and operating margin were within the low end of the range. From a bookings perspective, we had a big quarter, especially in the US coming from both ICPs and service providers. Overall, bookings grew in the double-digit percentage range on a year-over-year basis, and we ended the quarter with a product book-to-bill meaningfully above 1. This was our sixth consecutive quarter with book-to-bill ratio above 1.

非美國通用會計準則收入略低於預期範圍，而非美國通用會計準則毛利率和營業利潤率均在該範圍的低端。從預訂的角度來看，我們有一個很大的季度，特別是在美國，來自 ICP 和服務提供商。總體而言，預訂量同比增長兩位數，我們在本季度末的產品訂單出貨比明顯高於 1。這是我們連續第六個季度的訂單出貨比1以上。

Not surprisingly, our product backlog set another quarterly record and was up almost above 20% sequentially, and over 100% on a year-over-year basis. However, from a revenue perspective, we faced 2 anticipated headwinds late in the quarter. First, a $5 million impact due to governmental trade sanctions and our decision to suspend operations in the Russian Federation in early March, the right decision.

毫不奇怪，我們的產品積壓創造了另一個季度記錄，環比增長幾乎超過 20%，同比增長超過 100%。然而，從收入的角度來看，我們在本季度末面臨兩個預期的逆風。首先，由於政府貿易制裁和我們決定在 3 月初暫停在俄羅斯聯邦的業務，造成 500 萬美元的影響，這是正確的決定。

Second, a $20 million impact from 2 new supply chain related developments, including first, project delays due to customer dependencies, meaning we shipped the hardware, but our customers were delayed in commissioning their network to allow for revenue recognition due to challenges with their site readiness, availability of customer resources and customer furnished installation material. This timing impact was split roughly across product and services revenue.

其次，來自 2 項與供應鏈相關的新開發項目帶來 2000 萬美元的影響，包括首先，由於客戶依賴關係導致的項目延遲，這意味著我們運送了硬件，但由於他們的網站面臨挑戰，我們的客戶在調試他們的網絡以允許收入確認方面被延遲準備情況、客戶資源的可用性和客戶提供的安裝材料。這種時間影響大致分為產品和服務收入。

We also experienced a relatively smaller impact from supplier decommits and push outs, partially caused by the COVID shutdowns in China in the last 2 weeks of the quarter, a time when we typically ship a very high percentage of our quarterly revenue. These new supply-related impacts occurred against the backdrop of an already difficult semiconductor environment. The combined effect of the higher logistics, component cost variations, particularly in the broker market, and lower volumes impacted gross margin in the quarter by an incremental 150 basis points to 200 basis points versus our earlier expectations.

我們還經歷了供應商退出和淘汰的相對較小的影響，部分原因是本季度最後兩週在中國的 COVID 停工，此時我們通常會運送非常高比例的季度收入。這些與供應相關的新影響是在本已艱難的半導體環境的背景下發生的。較高的物流、組件成本變化（尤其是在經紀市場）和較低的交易量共同影響了本季度的毛利率，與我們之前的預期相比，該季度的毛利率增加了 150 個基點至 200 個基點。

On the customer front, we continue to secure new large deals with well-known brands at a faster pace than originally expected, across long haul, metro and subsea applications, further validating that our 8x4x1 strategy and refreshed portfolio are winning in the market. In addition to our announced wins in Q1 with customers like Zayo, Windstream, PCCW, amongst others, we had a few other notable brand name wins.

在客戶方面，我們繼續以比原先預期更快的速度與知名品牌達成新的大型交易，涉及長途、地鐵和海底應用，進一步驗證了我們的 8x4x1 戰略和更新後的產品組合正在市場上獲勝。除了我們在第一季度宣布贏得 Zayo、Windstream、PCCW 等客戶之外，我們還獲得了其他一些值得注意的品牌名稱。

First, we secured an ICE6 win with a significant Tier 1 service provider in Western Europe. Our momentum and performance leadership in subsea are starting to translate into meaningful terrestrial network wins. Second, we signed a large metro deal for our GX product with a major US service provider, one of the largest deals in our history. This is a multi-year deployment that we believe will benefit from improved margins as we integrate our own pluggables in the first half of next year. And third, we successfully onboarded a new top ICP with our GX family of products. We have very strong momentum in the ICP segment and for the first time in several years, an ICP was our number one customer in the quarter.

首先，我們贏得了西歐一家重要的一級服務提供商的 ICE6 勝利。我們在海底的勢頭和性能領先地位開始轉化為有意義的陸地網絡勝利。其次，我們與一家主要的美國服務提供商就我們的 GX 產品簽署了一項大型地鐵交易，這是我們歷史上最大的交易之一。這是一個多年部署，我們相信隨著我們在明年上半年整合我們自己的可插拔產品，這將受益於利潤率的提高。第三，我們的 GX 系列產品成功加入了新的頂級 ICP。我們在 ICP 領域的勢頭非常強勁，幾年來第一次，ICP 成為我們本季度的第一大客戶。

ICE6 revenue grew to the high teens as a percentage of product revenue in the quarter, up from the low-teens last quarter. Bookings have started out strong in Q2. And we're in the middle of several certifications of major ICPs and Tier 1 service providers. We remain on track to ramp by 6% to 20% to 25% of product revenue in 2022.

ICE6 收入在本季度佔產品收入的百分比從上一季度的低點增長到十幾歲。第二季度的預訂量開始強勁。我們正在通過主要 ICP 和一級服務提供商的多項認證。我們仍有望在 2022 年將產品收入的 6% 提高到 20% 到 25%。

Next, the GX metro product had a record quarter, with bookings up almost 200% year-over-year, driven by a combination of new wins and growth in existing accounts. We are winning new metro deals at a much faster pace than our prior expectations. While these wins have a near term margin impact as we lay out common infrastructure, the expanded footprint lays the foundation for margin expansion in 2023 when we vertically integrate these platforms with our own products.

接下來，GX Metro 產品創下了創紀錄的季度業績，在新的勝利和現有客戶增長的共同推動下，預訂量同比增長近 200%。我們正在以比我們之前預期更快的速度贏得新的地鐵交易。雖然這些勝利在我們佈局通用基礎設施時會對利潤率產生短期影響，但擴大的足跡為 2023 年我們將這些平台與我們自己的產品垂直整合時的利潤率擴張奠定了基礎。

And finally, we saw continued growth in open line systems, a good leading indicator of future high-margin transponder sales for long haul and subsea. The subsystems business group achieved several significant milestones for the quarter. First, our 400 gig XR DSP, which is ZR plus compatible and the industry's first point-to-point and point-to-multipoint DSP, was delivered from the fab and is performing well. Initial testing is ahead of schedule.

最後，我們看到開放線路系統的持續增長，這是未來長途和海底高利潤轉發器銷售的良好領先指標。子系統業務集團在本季度實現了幾個重要的里程碑。首先，我們的 400 gig XR DSP 與 ZR plus 兼容，並且是業界首個點對點和點對多點 DSP，它從晶圓廠交付並運行良好。初步測試提前完成。

Second, we began early production of our TROSA, the optical front end that represents almost 65% of the bill of materials in pluggable. As a reminder, the DSP and the TROSA are the 2 critical building blocks in the pluggable and we're off to a good start with both. We are planning for our first pluggable samples to be available in the beginning of the third quarter and to start ramping revenue in the first half of 2023 and then to drive 100s of basis points of gross margin improvement in our metro products once we integrate them into our platforms.

其次，我們開始了 TROSA 的早期生產，該光學前端佔可插拔材料清單的近 65%。提醒一下，DSP 和 TROSA 是可插拔的兩個關鍵構建塊，我們在這兩個方面都有一個良好的開端。我們計劃在第三季度初提供我們的第一個可插拔樣品，並在 2023 年上半年開始增加收入，然後一旦我們將地鐵產品集成到我們的平台。

And lastly, membership in the open XR forum continues to gain traction. During the quarter, we announced the addition of 5 new service providers to the forum, including AT&T and Telefonica and the list of service provider members now collectively represents over 20% of the global telecom CapEx spend.

最後，開放 XR 論壇的成員資格繼續獲得關注。在本季度，我們宣布論壇新增 5 家服務提供商，包括 AT&T 和 Telefonica，服務提供商成員名單現在合計佔全球電信資本支出的 20% 以上。

Furthermore, the first set of equipment manufacturers of routers, switches, servers and wireless RAN, including Juniper, Sumitomo and Arrcus have joined the forum. We have a healthy pipeline of familiar network equipment manufacturers interested in joining. These proof points validate that we're on track to productize our pluggables, vertically integrate them into our platform and create what is potentially a new billion dollar plus addressable market to point to multipoint pluggables.

此外，包括Juniper、Sumitomo和Arrcus在內的首批路由器、交換機、服務器和無線RAN設備製造商也加入了論壇。我們擁有一批有興趣加入的熟悉網絡設備製造商。這些證明點證明我們正在生產我們的可插拔產品，將它們垂直集成到我們的平台中，並創造一個潛在的十億美元以上的潛在市場，以指向多點可插拔產品。

There is tremendous momentum in our business. We're winning new customers, growing with existing ones, scaling our ICE6 800 gig in metro solutions, and introducing innovative products like our pluggables and software automation suite. The underlying demand drivers are healthy and as our customers cope with increasing bandwidth needs to accelerate the rollout of 5G, mobile edge compute and deep fiber architectures. These dynamics are playing out, while the industry's number one optical infrastructure vendor, Huawei, is excluded from many global markets.

我們的業務發展勢頭強勁。我們正在贏得新客戶，與現有客戶一起成長，在地鐵解決方案中擴展我們的 ICE6 800 gig，並推出我們的可插拔和軟件自動化套件等創新產品。潛在的需求驅動是健康的，隨著我們的客戶應對不斷增長的帶寬需求，加速推出 5G、移動邊緣計算和深度光纖架構。這些動態正在上演，而業界排名第一的光基礎設施供應商華為卻被排除在許多全球市場之外。

Looking ahead to Q2, we anticipate continued healthy demand, given our bookings momentum and the expectation of a strong CapEx cycle continuing. At the same time, we believe the acute macroeconomic and supply chain pressures from Q1 will continue into Q2. In our Q2 outlook, which Nancy will cover in detail shortly, we've incorporated the impact of suspending our operations in Russia, as well as the projected temporal impact of further customer delays and product push outs due to constraints on the customers' end.

展望第二季度，鑑於我們的預訂勢頭和強勁的資本支出週期持續的預期，我們預計需求將持續健康。同時，我們認為第一季度的宏觀經濟和供應鏈壓力將持續到第二季度。在我們的第二季度展望中，南希很快將詳細介紹，我們已經考慮了暫停我們在俄羅斯的業務的影響，以及由於客戶終端的限製而導致的進一步客戶延遲和產品推出的預計時間影響。

This is a timing impact only. Despite these challenges, we expect to grow revenue sequentially Q1 to Q2. As we look out further into the year, we now believe 2022 will be a tale of 2 halves, not too dissimilar to 2021, albeit for different reasons. We expect the lower first half of the year constrained entirely by supply, followed by a meaningful uplift in our financial performance in the second half with year-over-year revenue growth in the second half at or above the high end of our 8% to 12% range and gross margins in the 40% range as we exit the year.

這只是時間影響。儘管存在這些挑戰，我們預計第一季度至第二季度的收入將連續增長。隨著我們對這一年的進一步展望，我們現在認為 2022 年將是一個兩半的故事，儘管原因不同，但與 2021 年並沒有太大的不同。我們預計上半年下半年完全受供應限制，下半年我們的財務業績將顯著提升，下半年收入同比增長將達到或高於我們 8% 至當我們退出今年時，12% 的範圍和 40% 的範圍內的毛利率。

We anticipate the second half of the year will benefit from the continued ramp of our own production of ICE6, conversion of our backlog of revenue, partial benefit from first half push outs of those projects, as I mentioned, we're timing-only based and some supply chain relief given the actions we've taken over the last 6 quarters will continue to intensify.

我們預計下半年將受益於我們自己的 ICE6 產量的持續增長、我們積壓收入的轉換、上半年推出這些項目的部分收益，正如我所提到的，我們只是基於時間的鑑於我們在過去 6 個季度採取的行動，一些供應鏈緩解措施將繼續加強。

Specific to the supply chain, we believe there are at least 2 developments that are unlikely to be long lasting and therefore, temporary in nature. First, we expect the impact of the COVID-related shutdowns in China to persist through Q2, and we're assuming some relief from these shutdowns in the second half of the year.

具體到供應鏈，我們認為至少有兩個發展不太可能持久，因此是暫時的。首先，我們預計中國與 COVID 相關的停工的影響將持續到第二季度，我們假設這些停工在今年下半年會有所緩解。

Second, we don't believe the elevated pricing levels that we're seeing in the semiconductor broken market are sustainable. And that, frankly, they're running out of supply, which forces more direct negotiations with suppliers, which is proving healthy for forward forecasting. Taking these 2 factors into account, we remain focused on the elements we can control. The Infinera team has been working diligently over the last 6 quarters to 8 quarters on the following 5 areas.

其次，我們認為我們在半導體破碎市場中看到的高定價水平是不可持續的。而且，坦率地說，他們的供應即將耗盡，這迫使與供應商進行更直接的談判，這對於前瞻性預測來說是健康的。考慮到這兩個因素，我們仍然專注於我們可以控制的元素。 Infinera 團隊在過去 6 至 8 個季度中一直在以下 5 個領域努力工作。

First, we continue to qualify additional sources of supply, including the redesign of parts for substitution. Second, we have significantly increased purchase commitments to our contract manufacturers, commensurate with the longer lead times and increasing demand. Third, we're investing more heavily in hardware cost reduction programs.

首先，我們繼續對其他供應來源進行認證，包括重新設計替換零件。其次，我們顯著增加了對合同製造商的採購承諾，與更長的交貨時間和不斷增長的需求相稱。第三，我們正在加大對硬件成本降低計劃的投資。

Fourth, we're significantly increasing production capacity of ICE6 internally, given the robust demand we are seeing. And lastly, we're adjusting selected commercial terms with suppliers and customers. These actions have the objective of mitigating some of the supply chain costs and revenue impacts, which I highlighted earlier and our enabling us to remain on the path to achieving our target business model.

第四，鑑於我們看到的強勁需求，我們正在內部顯著提高 ICE6 的產能。最後，我們正在與供應商和客戶一起調整選定的商業條款。這些行動的目的是減輕我之前強調的一些供應鏈成本和收入影響，並使我們能夠繼續走上實現目標業務模式的道路。

As I close today, I want to reiterate our confidence in Infinera strategy, refreshed portfolio, competitive position and customer momentum. We've made tremendous progress and our team continued to work through some unprecedented times and challenges. I'd like to thank the Infinera team for their continued focus, intensity and dedication for servicing our customers during these dynamic times, while taking care of one another. The Infinera culture is intensely focused on doing the right thing. And our thoughts and prayers go out to everyone who has been impacted by the crisis in Ukraine.

在今天結束之際，我想重申我們對 Infinera 戰略、更新的產品組合、競爭地位和客戶發展勢頭的信心。我們已經取得了巨大的進步，我們的團隊繼續在一些前所未有的時期和挑戰中工作。我要感謝 Infinera 團隊在這個充滿活力的時期持續專注、專注和奉獻，為我們的客戶提供服務，同時互相照顧。 Infinera 文化非常注重做正確的事。我們向所有受烏克蘭危機影響的人表示思念和祈禱。

Finally, I would like to extend my thanks to our customers, partners and shareholders for your continued support.

最後，我要感謝我們的客戶、合作夥伴和股東一直以來的支持。

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

我現在將電話轉給南希，以介紹本季度的財務細節和我們對第二季度的展望。

Thanks, David. Good afternoon, everyone.

謝謝，大衛。大家下午好。

I will begin by covering our Q1 results and then provide our outlook for Q2 '22. My comments reflect our non-GAAP results and outlook. For your reference, on our Investor Relations website, we have posted slides with financial details, including our GAAP to non-GAAP reconciliation to assist with my commentary.

我將首先介紹我們的第一季度業績，然後提供我們對 22 年第二季度的展望。我的評論反映了我們的非公認會計原則結果和展望。供您參考，在我們的投資者關係網站上，我們發布了包含財務細節的幻燈片，包括我們的 GAAP 與非 GAAP 對賬，以幫助我發表評論。

As you heard from David, demand in our fiscal first quarter remains strong, coming in much better than our expectations, particularly after a very strong Q4 of '21. We had another quarter with a very strong book-to-bill ratio and set a new quarterly record for both product and services backlog. However, the industry-wide supply impacts proved more challenging than our expectations, resulting in our financial metrics coming in below our plan. Despite these transitory challenges, we feel good about our strategy, deal momentum, new product milestones and NPI ramp and remain committed to delivering our target business model.

正如您從大衛那裡聽到的那樣，我們第一財季的需求仍然強勁，遠好於我們的預期，特別是在 21 年第四季度非常強勁之後。我們還有一個季度的訂單出貨比非常強勁，並在產品和服務積壓方面創造了新的季度記錄。然而，事實證明，整個行業的供應影響比我們的預期更具挑戰性，導致我們的財務指標低於我們的計劃。儘管存在這些暫時的挑戰，但我們對我們的戰略、交易勢頭、新產品里程碑和 NPI 增長感覺良好，並繼續致力於實現我們的目標業務模式。

Turning to the financial details of the quarter. Q1 revenue of $339 million grew 2% year-over-year, with product revenue up over 5%, while services revenue was down 8% on a year-over-year basis. Compared to the first quarter of last year, product revenue benefited from higher ICE6, GF metro and line systems revenue, but was attenuated by severe supply constraints and the suspension of our operations in Russia.

轉向本季度的財務細節。第一季度收入為 3.39 億美元，同比增長 2%，其中產品收入增長超過 5%，而服務收入同比下降 8%。與去年第一季度相比，產品收入受益於 ICE6、GF 地鐵和線路系統收入的增加，但由於嚴重的供應限制和我們在俄羅斯的業務暫停而有所減弱。

Services revenue declined year-over-year primarily from a recent dynamic, where some customer projects are being shifted out due to their own site readiness and resource constraints, coupled with the impact of our operations in Russia having been suspended. Services bookings, however, were strong in Q1 and we are entering Q2 with record backlog. Geographically, we derived 50% of our revenue from domestic customers in the latest quarter compared to 48% in the year ago quarter and 42% in Q4 of '21. And no customer contributed greater than 10% of our revenue in the quarter.

服務收入同比下降主要是由於最近的動態，其中一些客戶項目由於其自身的站點準備和資源限製而被轉移，再加上我們在俄羅斯的業務已暫停的影響。然而，服務預訂在第一季度表現強勁，我們正以創紀錄的積壓進入第二季度。從地域上看，我們在最近一個季度從國內客戶那裡獲得了 50% 的收入，而去年同期為 48%，21 年第四季度為 42%。本季度沒有客戶貢獻超過 10% 的收入。

Q1 gross margin of 36.2% came in below the midpoint of our outlook range, primarily due to an incremental 150 basis points to 200 basis points of supply chain impacts from higher component costs and lower volumes, and secondarily, from a higher contribution of line systems and metro common infrastructure. Partially offsetting these factors was the positive contribution to gross margin from ICE6, which ramps to the high-teens as a percentage of product revenue in Q1.

第一季度 36.2% 的毛利率低於我們展望範圍的中點，主要是由於較高的組件成本和較低的銷量對供應鏈的影響增加了 150 個基點至 200 個基點，其次是線路系統的貢獻增加和地鐵公共基礎設施。部分抵消了這些因素的是 ICE6 對毛利率的積極貢獻，在第一季度佔產品收入的百分比上升到十幾歲。

Operating loss for the quarter was $3.5 million, equating to an operating margin of negative 1%, which was below the midpoint of our outlook range. Operating margin in the quarter was impacted by lower revenue and gross margin, partially offset by focused expense control. Operating expenses in the quarter of $126 million were below our outlook range of USD130 million to USD134 million. As we tightly managed spending, while maintaining investments to keep our innovative programs on schedule, the resulting EPS in Q1 was a loss of $0.07 per share.

本季度的營業虧損為 350 萬美元，相當於負 1% 的營業利潤率，低於我們展望範圍的中點。本季度的營業利潤率受到收入和毛利率下降的影響，部分被集中費用控制所抵消。本季度 1.26 億美元的運營費用低於我們 1.3 億美元至 1.34 億美元的預期範圍。由於我們嚴格管理支出，同時保持投資以確保我們的創新計劃按計劃進行，因此第一季度每股收益為 0.07 美元。

Moving on to the balance sheet and cash flow items. We ended the quarter with $204 million in cash and restricted cash, up slightly quarter-over-quarter. During the quarter, we generated $16 million of cash from operations and free cash flow was approximately breakeven. We ended the quarter with a zero balance on our credit facility.

轉到資產負債表和現金流項目。我們以 2.04 億美元現金和受限現金結束本季度，環比略有增長。在本季度，我們從運營中產生了 1600 萬美元的現金，自由現金流接近收支平衡。本季度末，我們的信貸額度餘額為零。

Looking ahead to the second quarter of 2022. We are encouraged by our customer wins, booking momentum and record backlog. At the same time, as David outlined in his comments, we expect the supply challenges to continue in Q2, before seeing some relief in certain areas in the second half of the year. Taking these factors into account, we expect Q2 revenue to be in the range of $350 million, plus or minus $20 million, representing approximately 3% growth on a year-over-year basis at the midpoint of the range.

展望 2022 年第二季度。我們對客戶的勝利、預訂勢頭和創紀錄的積壓感到鼓舞。與此同時，正如大衛在評論中概述的那樣，我們預計供應挑戰將在第二季度繼續存在，然後在下半年的某些領域看到一些緩解。考慮到這些因素，我們預計第二季度收入將在 3.5 億美元上下 2000 萬美元的範圍內，在該範圍的中點處同比增長約 3%。

However, product revenue is expected to grow faster at approximately 8% year-over-year. Given the increasingly uncertain supply chain environment, we have widened our revenue range for Q2, and have incorporated the following impacts in our quarterly outlook. First, the removal of $5 million in revenue related to our prior expectations due to the suspension of operations in Russia. And second, approximately $25 million of revenue attenuation from customer delays and product push outs, including a large global ICE6 deal that is shipping in Q2, but will generate revenue in the second half of the year. These delays and push outs will continue to pressure our services revenue, especially professional services tied to new project installations.

然而，預計產品收入將增長更快，同比增長約 8%。鑑於供應鏈環境越來越不確定，我們擴大了第二季度的收入範圍，並在我們的季度展望中納入了以下影響。首先，由於在俄羅斯的業務暫停，與我們之前的預期相關的 500 萬美元收入被取消。其次，由於客戶延遲和產品推出導致收入減少約 2500 萬美元，其中包括在第二季度發貨的大型全球 ICE6 交易，但將在下半年產生收入。這些延誤和延期將繼續給我們的服務收入帶來壓力，尤其是與新項目安裝相關的專業服務。

We are forecasting Q2 gross margins to be in the range of 36.5%, plus or minus 150 basis points, up slightly on a quarter-over-quarter basis. Compared to the year ago quarter, 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 the impact from a combination of higher supply chain costs as we continue to bear the burden of higher components, materials, logistics and freight costs, lower services revenue and margin compared to the second quarter of 2021 and new footprint wins from large household names, which bode well for future quarters. We are planning to recover much of this margin impact as we exit the year.

我們預計第二季度毛利率將在 36.5% 的範圍內，正負 150 個基點，環比略有上升。與去年同期相比，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，但隨著我們繼續增加供應鏈成本的組合而被抵消與 2021 年第二季度相比，要承擔較高的組件、材料、物流和貨運成本、較低的服務收入和利潤率以及家喻戶曉的新足跡，這對未來幾個季度來說是個好兆頭。我們計劃在今年退出時恢復大部分利潤影響。

We are forecasting Q2 operating expenses to be in the range of USD132 million to USD136 million, as we continue to prioritize investments in both sales and R&D, consistent with the comments we made at the beginning of the year. Within R&D, our priorities are centered on pluggables metro platforms and software, areas critical to driving top line growth and margin expansion. Additionally, Q2 was also the quarter when our annual merit increase takes effect. We expect Q2 operating margin to be a loss of 2%, plus or minus [100] basis points, with operating margins down on a year-over-year basis at the midpoint of the range, primarily due to lower gross margins compared to the year ago quarter.

我們預計第二季度的運營費用將在 1.32 億美元至 1.36 億美元之間，因為我們繼續優先考慮在銷售和研發方面的投資，這與我們在年初發表的評論一致。在研發中，我們的優先事項集中在可插拔地鐵平台和軟件上，這些領域對於推動收入增長和利潤增長至關重要。此外，第二季度也是我們年度績效增長生效的季度。我們預計第二季度營業利潤率將下降 2%，上下浮動 [100] 個基點，營業利潤率在該區間的中點同比下降，主要是由於毛利率低於一年前的季度。

In Q2, we expect to use some cash from operations as we make select investments in inventory and manage through the impact of the supply-constrained environment. Below the operating income line, we assume $5 million for net interest expense and $7 million for taxes.

在第二季度，我們預計將使用一些運營現金，因為我們對庫存進行選擇投資並通過供應受限環境的影響進行管理。在營業收入線以下，我們假設淨利息支出為 500 萬美元，稅收為 700 萬美元。

Finally, we are anticipating a basic share count of approximately 215 million shares for Q2. Given the recent external events, including the challenging supply chain environment and the impact to our services revenue in the year from customer project pushouts, based on what we see today, we now expect our full-year revenue growth to be at the low end of our 8% to 12% goal and for gross margin to expand by 100 basis points to 150 basis points in 2022 versus our prior 300 basis points to 400 basis points goal.

最後，我們預計第二季度的基本股數約為 2.15 億股。鑑於最近的外部事件，包括充滿挑戰的供應鏈環境以及客戶項目推出對我們今年服務收入的影響，根據我們今天看到的情況，我們現在預計我們的全年收入增長將處於低端我們的 8% 至 12% 的目標和毛利率在 2022 年擴大 100 個基點至 150 個基點，而我們之前的目標是 300 個基點至 400 個基點。

Our updated outlook for the year also implies a meaningful improvement in our financial performance in the second half of the year, with revenue growth measured for the second half at or above the high end of an 8% to 12% range and gross margin of 40% plus exiting the year. Our second half financial performance is expected to benefit from product growth, the ramp of ICE6, the deployment of new customer wins secured in the first half, the timing of certain large project deployments, completions and our supply chain mitigation efforts.

我們更新的年度展望也意味著我們下半年的財務業績將顯著改善，下半年的收入增長達到或高於 8% 至 12% 範圍的高端，毛利率為 40 % 加上退出年份。我們下半年的財務業績預計將受益於產品增長、ICE6 的增長、上半年獲得的新客戶部署、某些大型項目部署的時間、完成和我們的供應鏈緩解工作。

Despite the slight step back in 2022 from several uncontrollable external developments, we are extremely pleased with our record demand, new customer wins and next-generation technology development. We remain confident and committed to working towards the realization of our target business model.

儘管在 2022 年從幾個無法控制的外部發展中略有退步，但我們對創紀錄的需求、新客戶的勝利和下一代技術的開發感到非常滿意。我們仍然有信心並致力於實現我們的目標業務模式。

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

最後，我要回應大衛對 Infinera 團隊的感謝，他們在充滿活力的環境中繼續不懈地工作，感謝我們的合作夥伴、客戶和股東的持續支持。

Josh, we can now open the line for questions.

喬希，我們現在可以打開電話提問了。

(Operator Instructions) Your first question comes from the line of Michael Genovese with Rosenblatt Securities.

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

Okay. A couple of questions here. First, if I look at the guide for 2Q, it's about $30 million below consensus, and I think you're saying $5 million is Russia. So that leaves us with $25 million for the supply chain. And what I'm having trouble understanding from your language is how much of that is you guys having trouble getting parts versus your customers having from getting other products and delaying network builds?

好的。這裡有幾個問題。首先，如果我看一下第二季度的指南，它比共識低了大約 3000 萬美元，我想你是說 500 萬美元是俄羅斯。因此，我們為供應鏈留下了 2500 萬美元。我從你的語言中難以理解的是，你們在獲得零件方面遇到了多少困難，而你的客戶在獲得其他產品和延遲網絡建設方面遇到了困難？

Yes. So the delta -- it's a good question, Mike. The question is -- a majority of that is actually project acceptance from our customers' ability to not just get parts but have sites available, have labor available to be able to have site preparations. Good news is we have good visibility now into that happening. And a piece of that is a very large ICE6 customer that's deploying in multiple countries. And just based on these delays that we've seen through China and the supply chain, the acceptance for that will now spread that revenue in the back half of the year.

是的。所以三角洲——這是一個很好的問題，邁克。問題是——其中大部分實際上是來自我們客戶的項目接受能力，他們不僅可以獲得零件，而且有可用的場地，有可用的勞動力來進行場地準備。好消息是我們現在對這種情況有了很好的了解。其中一部分是在多個國家部署的一個非常大的 ICE6 客戶。僅僅基於我們通過中國和供應鏈看到的這些延遲，現在接受這一點將在今年下半年分散收入。

Okay.

好的。

It's a majority of the $25 million.

這是2500萬美元中的大部分。

A couple of follow-ups on that. I mean -- so it sounds like you're saying that the stuff you can control in the supply chain, you're getting parts for yourself. You sound like you wouldn't have missed based on that. You're doing a good job there. And then secondly, if you could comment on that, but also talk about ICE6 products. Like how much are other vendors, parts or contract manufacturing services necessary for ICE6-based products? Are you doing a lot of that yourself?

對此進行了一些跟進。我的意思是——所以聽起來你是在說你可以在供應鏈中控制的東西，你自己得到零件。基於此，您聽起來好像不會錯過。你在那裡做得很好。其次，如果您可以對此發表評論，還可以談談 ICE6 產品。比如基於 ICE6 的產品需要多少其他供應商、零件或合同製造服務？你自己做的很多嗎？

Yes, it's good -- another good question. So again, just to try to put this into perspective that the -- if you think about the miss to the midpoint of guidance for Q1, $5 million of Russia, $15 million of project acceptance, all based on customer site availability. However, typically, Mike, we have enough wiggle room with the supply chain in what we've been doing over the last 8 quarters to be able to hit the high end of that range. So obviously, the late in-quarter supply decommits did not allow us to cover that $20 million impact of Russia in the supply chain. So I appreciate we've been hanging in there quite well for the last 8 quarters and the team is working around the clock, but was not able to pull in enough supply to mitigate that 20%.

是的，這很好——另一個好問題。再說一次，只是想從這個角度來看 - 如果你考慮到第一季度指導中點的失誤，俄羅斯的 500 萬美元，1500 萬美元的項目驗收，所有這些都基於客戶站點的可用性。但是，通常情況下，邁克，在過去 8 個季度我們一直在做的事情中，我們有足夠的供應鏈迴旋餘地，以便能夠達到該範圍的高端。因此，很明顯，季度末的供應中斷使我們無法彌補俄羅斯在供應鏈中的 2000 萬美元影響。因此，我很欣賞我們在過去 8 個季度中一直保持良好狀態，並且團隊正在夜以繼日地工作，但無法獲得足夠的供應來減輕 20% 的影響。

Based on our carryforward of the Russia, in typical markets, given our -- Mike, we're now sitting on $822 million of RPOs. That grew $58 million over the quarter. I expect that to top $100 million for the first half of the year in terms of growth of the RPOs. So there's plenty of opportunity to go get. But based on the fact that supply chain lead times are no longer 12 weeks, it's hard for us to flip the Russia turn off into another opportunity without having that supply.

根據我們對俄羅斯的結轉，在典型市場中，鑑於我們的 - Mike，我們現在坐擁 8.22 億美元的 RPO。這一季度增長了 5800 萬美元。我預計今年上半年 RPO 的增長將超過 1 億美元。所以有很多機會去拿。但基於供應鏈提前期不再是 12 週這一事實，我們很難在沒有供應的情況下將俄羅斯的出口轉為另一個機會。

And third, to your question -- yes, sorry, go ahead.

第三，關於你的問題——是的，對不起，請繼續。

About the ICE6, how much you [working yourselves]?

關於 ICE6，你 [自己工作] 了多少？

Yes. So look, well, we have way more control over ICE6. We always -- these supply chain challenges are across. You can have a transistor, ferrite, a small device that's coming through your contract manufacturer. And you've seen the reports from the primary contract manufacturers that went through. They also had some challenges in the supply chain in the quarter. But ICE6 much more in our control, not completely. You can always be, again, impacted by some small device, but a lot more in our control. The remainder of what we see and what our customers see are things like power supplies and things that they need in building out their local networks.

是的。所以看，好吧，我們對 ICE6 有更多的控制權。我們總是——這些供應鏈挑戰貫穿始終。您可以通過合同製造商提供晶體管、鐵氧體和小型設備。你已經看到了主要合同製造商的報告。他們在本季度的供應鏈中也遇到了一些挑戰。但是 ICE6 更多的是在我們的控制之下，而不是完全控制。你總是會再次受到一些小型設備的影響，但更多的是在我們的控制之下。我們看到的以及我們的客戶看到的其餘部分是電源和他們在構建本地網絡時需要的東西。

I can ask a lot more questions, but -- and I'm probably pass my time, but maybe I'll just get one more and then that would be my last one, which is you're comparing this next -- this year to last year with the back half, but we didn't see the kind of, I think, ramp you're implying in the third quarter of 15% plus sequential revenues in the third quarter. We didn't have that last year. We had a strong fourth quarter sequentially, but not as strong as the third quarter. Talk more about your confidence that not a lot of companies are saying things are going to get better before the end of the year. So the confidence in the third quarter, please talk about that some more?

我可以問更多問題，但是 - 我可能已經打發時間了，但也許我會再得到一個，然後那將是我的最後一個問題，這是你接下來要比較的 - 今年到去年的後半部分，但我認為，我們沒有看到你在第三季度暗示的那種增長 15% 加上第三季度的連續收入。去年我們沒有。我們連續第四季度表現強勁，但不如第三季度強勁。多談談你對沒有多少公司說事情會在年底前好轉的信心。那麼第三季度的信心，請多說一些？

Yes. I'd say the confidence in the back half isn't that the supply chain environment gets better. It's that -- the projects that we already have out to go to revenue, again, remembering those $822 million of RPOs, we'll convert, and we have visibility to that. The second thing is there is a very large degree of that, that is on the production of our own ICE6 for Q3 and Q4. And given our visibility to that supply chain environment and the fact that we in Q2 grew our production capacity by 6%, by 30% and are continuing to increase that on a quarterly basis, we feel good about the flow through of our own and the service conversion in the back half of the year. We're kind of holding the supply chain environment, the only improvements we expect to see, Mike, are because we ordered a bunch of parts for a very hefty demand and above even the demand we were seeing last year to be able to cover, and we're starting to see that visibility of supply in the back half, albeit, it wasn't in the first quarter.

是的。我想說的是，後半部分的信心並不是供應鏈環境變得更好。就是這樣 - 我們已經獲得收入的項目，再次記住那些 8.22 億美元的 RPO，我們將轉換，我們對此有可見性。第二件事是很大程度的，那就是我們為第三季度和第四季度生產我們自己的 ICE6。鑑於我們對供應鏈環境的可見性，以及我們在第二季度將產能增長了 6%、30% 並且每季度繼續增加這一事實，我們對自己和下半年服務轉換。我們有點保持供應鏈環境，我們期望看到的唯一改進，邁克，是因為我們訂購了一堆零件以滿足非常龐大的需求，甚至超過了我們去年看到的能夠滿足的需求，我們開始在後半部分看到供應的可見性，儘管這不是在第一季度。

Okay. Thanks, Mike. We need to move on, Mike. Thanks. Operator, next question, please?

好的。謝謝，邁克。我們需要繼續前進，邁克。謝謝。接線員，請問下一個問題？

Your next question comes from the line of Matt Dezort with Needham.

您的下一個問題來自 Matt Dezort 與 Needham 的對話。

I think that's Alex. That's right?

我認為那是亞歷克斯。這是正確的？

Yes, Alex. Maybe you were putting somebody else in there. How you doing, Alex?

是的，亞歷克斯。也許你把別人放在那裡。你好嗎，亞歷克斯？

I'm fine. So it's nice to hear Mike on the call here. I just wanted to clarify a couple of the numbers to start with. The Russian number was $5 million in the first quarter. You're saying additional $5 million in the June quarter. Is it $20 million for the year then?

我很好。所以很高興聽到邁克在這裡的電話。我只是想先澄清幾個數字。俄羅斯第一季度的數字是 500 萬美元。你說的是六月季度額外的 500 萬美元。那一年是2000萬美元嗎？

Yes. It's $20 million for the year. But given the -- again, strong RPO position and lead time, we'll be able to convert the back half and cover that with other existing demand.

是的。一年是2000萬美元。但鑑於 - 再次，強大的 RPO 地位和交貨時間，我們將能夠轉換後半部分並用其他現有需求來滿足它。

Yes. I'm just trying to get the numbers straight. That's all. The second question is, it sounds like you're suggesting that there was $15 million in project in 1Q, and it's going to be an additional $20 million or so in 2Q. Is that correct? So there's $35 million in the first half?

是的。我只是想弄清楚數字。就這樣。第二個問題是，聽起來你是在暗示第一季度有 1500 萬美元的項目，第二季度將增加 2000 萬美元左右。那是對的嗎？所以上半年有3500萬美元？

Yes. Sorry, it was $20 million in Q1, and it's going to be 25% in Q2. And that's because of the large multi-country project, as Nancy mentioned, for ICE6.

是的。抱歉，第一季度為 2000 萬美元，第二季度將達到 25%。正如 Nancy 所提到的，這是因為 ICE6 的大型多國項目。

Okay. So that revenue, that $45 million in revenue will show up in the back half of the year and that's contributing to the upside to the back half growth rates?

好的。那麼收入，即 4500 萬美元的收入將在今年下半年出現，這是否有助於提高下半年的增長率？

Yes, some piece of that. And so what we're saying is that, that will time shift out in the waterfall of those -- that revenue recognition will happen in the back half of the year. We will see some push ups from the back half of the year, but we think the impact of that, Nancy, will be about...

是的，其中的一部分。所以我們要說的是，這將在那些瀑布中轉移 - 收入確認將在今年下半年發生。我們將在今年下半年看到一些俯臥撑，但我們認為，南希，其影響將是……

About $30 million on the services line.

大約 3000 萬美元在服務線上。

Only.

僅有的。

Yes. We're going to make up on the products that some of the services will take longer to deploy. So think about $30 million impact on the year in terms of services revenue.

是的。我們將彌補一些服務需要更長時間才能部署的產品。因此，考慮一下服務收入對這一年的 3000 萬美元影響。

Okay. So I'm shifting $30 million out of '22 into '23 as a result of that?

好的。因此，我將 22 年的 3000 萬美元轉移到 23 年？

Correct. Yes.

正確的。是的。

Okay.

好的。

That does not go away.

那不會消失。

Yes. In the back -- I mean, the growth rate in products, as you can see, good in Q1 at 5%, expecting 7% to 8%, 8 percentage on Q2. And then it will be higher revenue growth in Q3 and Q4 as we end up with product revenue in the back half of the year at or above the high end of the 8% to 12% range.

是的。在後面——我的意思是，正如你所見，產品的增長率在第一季度很好，為 5%，預計第二季度為 7% 至 8%，為 8%。然後第三季度和第四季度的收入增長將更高，因為我們最終在今年下半年的產品收入達到或高於 8% 至 12% 範圍的高端。

All right. If I'm doing my math correctly, the Russian impact is 1.4% and the impact of the $30 million sliding out is another 2.5%. So that's effectively 4 percentage points of drift because of those 2 factors, and that's what's bringing the full year down?

好的。如果我的數學計算正確，俄羅斯的影響是 1.4%，而 3000 萬美元滑出的影響是另外 2.5%。因此，由於這兩個因素，這實際上是 4 個百分點的漂移，這就是導致全年下降的原因？

Yes. And we are going to obviously do what we can to offset that in the back half, but it's still very early in the year. So I think you have it captured correctly.

是的。我們顯然會盡我們所能在後半場抵消這一點，但現在還很早。所以我認為你已經正確捕獲了它。

Great. And so if the products are shipping now but recognized in the back half of the year, then I would assume that there's a significant improvement in gross margins in the back half. But it sounds like you're talking 40 percentage gross margins in the back half. I think we were already there before this. So am I talking about gross margins benefiting in addition to that from that shift?

偉大的。因此，如果產品現在正在發貨但在下半年得到認可，那麼我會假設下半年的毛利率會顯著提高。但聽起來你說的是後半部分的毛利率為 40%。我想我們在這之前就已經在那裡了。那麼我是在說毛利率從這種轉變中受益嗎？

No. I think we exit the year at or slightly above 40%. We've still got the hangover effect on the cost of supply, right? Even though we're able to manage through on the product revenue and product growth, the supply costs are still very real and continuing. And we'll offset as many of those as we can at the back half and then you'll also have the impact of a lower percentage of services revenue.

不。我認為我們今年的退出率是 40% 或略高於 40%。我們仍然對供應成本產生了宿醉效應，對吧？即使我們能夠管理產品收入和產品增長，供應成本仍然非常真實且持續。我們將在後半部分盡可能多地抵消這些影響，然後你也會受到服務收入百分比降低的影響。

All right. Got it. Okay. And then my final question, if I could, just one on the point to multi-point products. Very good news that you're pulling that forward. Can you quantify the magnitude of the portfolio? Is it like one quarter? Is it -- what's the thought process in terms of the timing of getting that product to market?

好的。知道了。好的。然後我的最後一個問題，如果可以的話，只是一個關於多點產品的點。非常好的消息，你正在推動這一點。你能量化投資組合的規模嗎？像四分之一嗎？是什麼 - 就將該產品推向市場的時間而言，思考過程是什麼？

Yes. Well, I think first and most importantly, the DSP that we got back is point-to-point and point to multipoint. So it fulfills the ZR plus portion of our market, which allows us to put that pluggable in our own metro platforms to improve our margin in the first half of the year. And the fact that, that DSP is back from the fab ahead of schedule and testing well, just puts us a high degree of confidence, a higher degree of confidence in our ability to go ahead and hit that margin improvement in the first half of next year and the fact that we're going to have samples out bodes well for all the customers looking to deploy both point-to-point and kind of the industry's first point-to-multipoint. It's a big, big, big deal, big confidence boost for us.

是的。嗯，我認為首先也是最重要的是，我們得到的 DSP 是點對點和點對多點的。因此，它滿足了我們市場的 ZR plus 部分，這使我們能夠將其插入我們自己的地鐵平台，以提高我們上半年的利潤率。事實上，DSP 提前從晶圓廠回來並進行了良好的測試，這讓我們充滿信心，對我們繼續前進並在下半年實現利潤率提高的能力更有信心對於希望部署點對點和業界首個點對多點的所有客戶來說，我們將提供樣品這一事實是個好兆頭。這對我們來說是一件大事、大事、大事，極大地鼓舞了我們的信心。

Thank you, Alex. Operator, we'll go to next question, please.

謝謝你，亞歷克斯。接線員，請我們進入下一個問題。

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。

A couple of questions for me. I mean, I guess, just in terms of -- you guys are seeming to indicate that this large project that you guys aren't kind of controlling, the timing of is pushed out and that you can basically pull some other orders in or just fill that with kind of the other order activity that you guys are seeing. I guess, just in terms of, if the timing of this kind of project that's being pushed out, like what kind of gives you confidence of when that timing will take place, that some of that is moving into kind of '23? Or what gives you confidence in kind of the timing that is there? And do you think that kind of all these other orders can be pulled in?

我有幾個問題。我的意思是，我猜，就——你們似乎表明，你們無法控制的這個大項目，時間被推遲了，你們基本上可以拉一些其他訂單，或者只是用你們看到的其他訂單活動來填充它。我想，就這一點而言，如果這類項目的時間被推遲，比如什麼樣的讓你對何時會發生有信心，其中一些正在進入 23 年？或者是什麼讓你對那裡的時機充滿信心？你認為所有這些其他的訂單可以拉進來嗎？

And then the second question that I have is just, you mentioned kind of taking some of the negotiations direct and avoiding maybe some of the gray market and that actually being helpful. I just wanted to see if you could give more detail as far as kind of what you're seeing as far as improvements there.

然後我的第二個問題是，你提到直接進行一些談判並避免一些灰色市場，這實際上是有幫助的。我只是想看看您是否可以就您所看到的改進提供更多細節。

Yes, no, both excellent questions. So look, let me restate for Q1. So for Q1, from a shipment perspective, we shipped the amount of hardware that we would have expected to cover to the midpoint of our range. The fact that it didn't revenue recognized due to kind of customer requirements, that was an unexpected dynamic that developed in the last month of the quarter and was not expected given the supply chain impacts. And then typically, we have more supply chain to cover that.

是的，不，兩個很好的問題。所以看，讓我重述第一季度的情況。因此，對於第一季度，從出貨量的角度來看，我們出貨的硬件數量預計會達到我們範圍的中點。由於某種客戶要求，它沒有確認收入這一事實，這是本季度最後一個月出現的意外動態，鑑於供應鏈的影響，這是意料之外的。然後通常，我們有更多的供應鏈來覆蓋它。

What gives us confidence in this large project that we're talking about that has an impact to Q2 is we are intimately involved with deploying the product in this one under lots of things that will be under our purview as we implement this. And we've implemented a first phase of this maybe 2 years ago, Nancy? 2 years ago, that had a negative impact to the first quarter of 2020. And this is ICE6 global big revenue and big margin impact that we feel comfortable will spread between Q3 and Q4 based on the contract details that we have. And we're being, I think, good and conservative given what we learned in Q1.

是什麼讓我們對我們正在談論的這個對第二季度產生影響的大型項目充滿信心的是，我們密切參與在這個項目中部署產品，在我們實施這一過程時，我們將在我們的權限範圍內進行許多事情。我們可能在 2 年前實施了第一階段，南希？ 2 年前，這對 2020 年第一季度產生了負面影響。這是 ICE6 的全球大收入和大利潤影響，我們認為根據我們擁有的合同細節，我們認為將在第三季度和第四季度之間傳播。我認為，考慮到我們在第一季度學到的東西，我們是好的和保守的。

To your second question, look, I think if you listen to some of our suppliers like Fabrinet and others in their commentary, they're seeing the same thing where the broker market, which has been ridiculous, where we saw 200% markups go to 600%. We've even seen them up to 1,000%. It's beginning to dry up. And some of the suppliers are monitoring that broker market to see when parts go to it, trying to punish is probably the wrong word, but really control anybody that's dumping and taking profit by moving their parts to the broker market.

關於你的第二個問題，看，我想如果你聽聽我們的一些供應商，比如 Fabrinet 和其他人在他們的評論中，他們看到的經紀市場是一樣的，這很荒謬，我們看到 200% 的加價去了600%。我們甚至看到它們高達 1,000%。它開始乾涸了。一些供應商正在監視該經紀人市場，以查看零件何時進入，試圖懲罰可能是錯誤的詞，但真正控制任何通過將零件轉移到經紀人市場來傾銷和獲利的人。

And so by in that, we're having more direct discussions directly with the manufacturers or the suppliers themselves. And that's giving us more visibility to the capacity they're adding in analog technologies and fabs and in digital technologies and fabs and to when things begin to come online. And when we can view the commits they're giving to us for our forward needs, more confidence when they'll be met. So that transparency is a good thing right now.

因此，我們可以直接與製造商或供應商本身進行更直接的討論。這讓我們更清楚地了解他們在模擬技術和晶圓廠、數字技術和晶圓廠中增加的能力，以及何時開始上線。當我們可以查看他們為滿足我們的未來需求而向我們提供的承諾時，就會更有信心滿足這些承諾。因此，這種透明度現在是一件好事。

Got it.

知道了。

The brokers are a bad thing. Yes.

經紀人是壞事。是的。

Thank you, Meta. Operator, next question?

謝謝你，梅塔。接線員，下一個問題？

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。

I guess somebody needs to ask, and I will volunteer. You opted not to preannounce the quarter. And given the degree of the mix and the factors, I just want a little bit of insight into the thought process as to why you opted not to preannounce this quarter? And then I've got a follow-up regarding one of the projects you were discussing.

我想有人需要問，我會自願的。您選擇不預先宣布該季度。考慮到混合的程度和因素，我只想對思考過程有一點了解，為什麼你選擇不提前宣布本季度？然後我對你正在討論的一個項目進行了跟進。

Sure. So the outlook range for revenue was USD345 million to USD375 million. And where we landed was about 2%, a little less than 2% below that bottom end of the range. And our gross margin and our operating margin were within the outlook range. We have some challenges with supply. Supply chain is very well known in terms of an industry dynamic. The impact of Russia in terms of the suspension of activity there, also a very well-known and well publicized event globally. So we felt that we didn't need to make a pre-announcement and make that call.

當然。因此，收入前景範圍為 3.45 億美元至 3.75 億美元。我們降落的地方大約是 2%，比該範圍的下限低了不到 2%。我們的毛利率和營業利潤率都在展望範圍內。我們在供應方面面臨一些挑戰。供應鏈在行業動態方面是眾所周知的。俄羅斯對那裡的活動暫停的影響，這也是全球非常知名和廣為人知的事件。所以我們覺得我們不需要提前發佈公告並打電話。

Okay. And regarding the GX metro deal that you talked about, you characterized it, David, as the largest in your history. I think I know what you're talking about, but I'd like to maybe get a little bit more color to confirm. Is this something related to an open ROADM type of an architecture?

好的。關於您談到的 GX Metro 交易，您將其描述為您歷史上最大的一筆交易，David。我想我知道你在說什麼，但我想可能會得到更多的顏色來確認。這與開放 ROADM 類型的架構有關嗎？

No.

不。

Just maybe give us a little bit more color on the nature of the -- either the customer deployment that makes it special?

只是也許讓我們對它的性質有更多的了解——要么是讓它變得特別的客戶部署？

Yes. Nationwide metro footprint on our GX platform, starting with merchant integration and will ultimately better in our own vertical integration via our own pluggables. We are also engaged with that other opportunity with the Tier 1 in the metro. We are winning large initial design wins and initial footprint in the metro, as I mentioned, at a much faster pace. So we are involved in that other opportunity, I think you're alluding to. But this is a nationwide US carrier that we don't define as a Tier 1. It's a very large footprint of somebody who's laying out fiber to try to get lots of bandwidths out to -- 2 gig out to everybody's home.

是的。我們 GX 平台上的全國地鐵足跡，從商家集成開始，最終將通過我們自己的插件更好地實現我們自己的垂直集成。我們還與地鐵中的第 1 層進行了其他機會。正如我所提到的，我們正在以更快的速度在地鐵中贏得大量的初始設計勝利和初始足跡。所以我們參與了另一個機會，我想你是在暗示。但這是一家全國性的美國運營商，我們沒有將其定義為一級運營商。這是一個非常大的足跡，有人正在鋪設光纖以嘗試將大量帶寬傳輸到 - 2 gig 到每個人的家中。

Great. That's helpful. I appreciate that insight.

偉大的。這很有幫助。我很欣賞這種洞察力。

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。

So I wanted to ask you on the product growth. Just to clarify what you were saying, you're expecting product revenue on a full-year basis to more or less catch up in the second half. So no change there. But services revenue will be impacted because of the fact that it takes longer to recover. Is that what you're saying?

所以我想問你關於產品增長的問題。只是為了澄清你所說的，你預計全年的產品收入將在下半年或多或少地趕上。所以那裡沒有變化。但服務收入將受到影響，因為它需要更長的時間才能恢復。這就是你說的嗎？

Correct. So basically, product catches up services timing delay of $30 million impacting the quarter. That's how I frame it.

正確的。因此，基本上，產品趕上了影響本季度的 3000 萬美元的服務時間延遲。我就是這樣構圖的。

Right. Yes. Okay. That's what we understood. And then the other thing I wanted -- following up on that, the Russian impact, and this may come back to kind of an ICE6 question ultimately. But you're dropping $20 million out of the model for Russia. I guess a lot of that's product. You're going to end up kind of flat on the product for the full year. What fills that in? And is that just better ICE6 performance than you expected? Or can you give us a little bit of more color on kind of what's doing better than you anticipated to come back and infill that revenue?

對。是的。好的。這就是我們所理解的。然後是我想要的另一件事——跟進俄羅斯的影響，這最終可能會回到 ICE6 的問題。但是你從俄羅斯的模型中損失了 2000 萬美元。我想很多都是這樣的產品。你最終會在全年的產品上持平。填什麼？這只是比您預期的更好的 ICE6 性能嗎？或者你能否給我們一些更多的色彩，讓我們了解一些比你預期的更好的事情會回來並增加收入？

Well, just real quick, just -- I want to make sure we're not misstating. On the front half of this year, as Nancy said, we grew 5% in product in the first quarter. And we expect that to be 7% to 8%, as you said in Q2. And in the back half, it's much higher than that, right? So it will -- product will be growing across the board. It will be growing certainly, highly driven by ICE6 deployment. But also the thing that's quite surprising is the GX platform as a metro platform is just winning much more than anticipated. Our line system is winning much more than anticipated. And these are across the board between -- certainly in the metro, it's CSPs, but we're also seeing even more opportunity with ICPs.

嗯，真的很快，只是——我想確保我們沒有誤報。正如南希所說，今年上半年，我們第一季度的產品增長了 5%。正如您在第二季度所說，我們預計這一比例為 7% 到 8%。而在後半部分，它比這要高得多，對吧？所以它會 - 產品將全面增長。它肯定會增長，在 ICE6 部署的高度推動下。但同樣令人驚訝的是，作為地鐵平台的 GX 平台獲得的收益遠遠超出預期。我們的生產線系統贏得的遠遠超出預期。這些都是全面的——當然在地鐵中，它是 CSP，但我們也看到了 ICP 的更多機會。

And do you -- David, do you guys think that -- so you've got this 20% to 25% ICE6 mix target for the full year?

你是否——大衛，你們是否這麼認為——所以你們已經實現了全年 20% 到 25% 的 ICE6 混合目標？

Yes.

是的。

Do you end up above that now given what you know? Or do you think -- is most of the extra over on the (technical difficulty).

鑑於您所知道的，您現在是否最終超過了這一點？或者你認為——是（技術難度）的大部分額外內容。

Rod, given the unknowns that we saw, I think in Q1 that we didn't predict the Russian conflict, nor the China shutdown of the pandemic. So given that, look, I think our -- giving the color of outlook that we have, we're just trying to give you assurance that, again, when you're sitting on $822 million RPOs and you know the contracts, you know the design wins you have and you're expecting that to grow again, again, commensurate with the first half growing another $100 million in RPOs, that's what gives us confidence. I don't want to get a little too far ahead of our skis here on the ICE6 rates.

羅德，鑑於我們所看到的未知數，我認為在第一季度我們沒有預測到俄羅斯的衝突，也沒有預測中國對大流行的關閉。因此，考慮到這一點，看，我認為我們 - 給出我們所擁有的前景顏色，我們只是想再次向您保證，當您坐在 8.22 億美元的 RPO 並且您知道合同時，您知道設計贏得了您的青睞，您期望它再次增長，與上半年再增長 1 億美元的 RPO 相稱，這給了我們信心。我不想在 ICE6 費率上比我們的滑雪板領先太多。

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 I wanted to ask about -- I wanted to ask about vertically integrated products. I think last quarter, you told us that 44% or 45% of sales came from vertically integrated products. I'm just curious what that is right now.

我想我想問一下——我想問一下垂直整合的產品。我想上個季度，你告訴我們 44% 或 45% 的銷售額來自垂直整合的產品。我只是好奇現在是什麼。

Yes. It's about the same right now, George. We have -- as David said, we're seeing the impact of the metro wins that are starting to offset some of that. Not changing our objective though to get that into the 60% range next year. But for this quarter, it was about flat last quarter.

是的。喬治，現在差不多。我們已經 - 正如大衛所說，我們看到地鐵勝利的影響開始抵消部分影響。不會改變我們的目標，即明年將其提高到 60% 的範圍內。但就本季度而言，與上一季度持平。

Got it. Okay. And then so as I think about the gross margin discussion for the full year, you took the expectation down a bit. It sounds like the issue there is really about component costs. I think you mentioned services mix, but the issue was not the mix of vertically integrated products. Is that correct?

知道了。好的。然後，當我考慮全年的毛利率討論時，您將預期降低了一點。聽起來問題確實與組件成本有關。我認為您提到了服務組合，但問題不在於垂直整合產品的組合。那是對的嗎？

That's correct.

這是正確的。

And then as you guys work to vertically integrate more of your products, I guess I'm wondering what the milestones are. I think you mentioned pluggable for the first half. But are there other details in that, sort of transition that you can share with us?

然後當你們努力垂直整合更多產品時，我想我想知道里程碑是什麼。我認為您在上半年提到了可插拔。但是，您可以與我們分享其他細節嗎？

Yes. So first and foremost, we try to give the ICE6 measure of that growing into the 20% to 25%. No, we're not going to top that off right now, as we mentioned, Rod. On the second piece, it's a huge chunk of this. 45% of the bill of materials of a metro deployment for us is the optical engine. And that is the DSP and the TROSAs. So the fact that we're already producing the TROSAs and we got our DSP back gives me more confidence that as we exit the year, we will feel very good about our margin accretion plan for the pluggable in the metro in 2023, which has always been part of our margin story. This year was about ICE6, about getting the wins and scaling and next year was about getting additional margin accretion with the pluggable. Those are the biggest pieces of our vertical integration.

是的。因此，首先，我們嘗試給出 ICE6 衡量增長到 20% 到 25% 的指標。不，正如我們所提到的，Rod，我們現在不打算這樣做。在第二部分，這是其中的一大塊。對我們來說，地鐵部署的 45% 的材料清單是光學引擎。這就是 DSP 和 TROSA。因此，我們已經在生產 TROSA 並且我們收回了我們的 DSP，這讓我更有信心，當我們結束這一年時，我們會對 2023 年地鐵中可插拔的利潤增長計劃感到非常滿意，該計劃一直成為我們利潤故事的一部分。今年是關於 ICE6，關於獲得勝利和擴展，明年是關於通過可插拔獲得額外的利潤增長。這些是我們垂直整合的最大部分。

Got it. Okay.

知道了。好的。

And the fact that the GX platform -- yes, sorry, the fact that the GX platform is up 200% as that footprint is beginning to -- there's demand for the footprint, which is good.

事實上，GX 平台——是的，對不起，GX 平台隨著足跡開始增長 200% 的事實——對足蹟有需求，這很好。

Okay. Great. And then -- so you said the pluggable would ship in the first half of the year, next year. Is that early in the first half? Is that midyear?

好的。偉大的。然後 - 所以你說可插拔將在今年上半年發貨，明年。上半場這麼早嗎？是年中嗎？

Yes. No, early. So sorry. Samples come out in Q3 this year, and we'll be going through qualification and qualification in our -- even our own platforms, which is a lot more under our control. So we're ready to go as fast as possible as we enter 2023. But we wouldn't expect the revenue impact given the capital conversion cycle, if you think about revenue recognition to happen until full half, kind of second quarter, we'll probably see the biggest. So it's the first step. Yes.

是的。不，早。非常抱歉。樣品將於今年第三季度推出，我們將在我們的 - 甚至是我們自己的平台上進行資格認證，這在我們的控制之下。因此，我們已準備好盡快進入 2023 年。但考慮到資本轉換週期，我們預計不會對收入產生影響，如果您認為收入確認會在整個一半之前發生，類似於第二季度，我們可能會看到最大的。所以這是第一步。是的。

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。

A question for Nancy. Nancy, I see that you upgraded your gross margin guidance, which I think is appropriate and prudent in this stage. Am I correct that it's folded in the impact of higher ASPs of your components coming in, higher expedited costs, but also these new orders that Dave talked about coming in that some of those new orders are at pricing that kind of say, was subdued before this recent environment we're in now? And so that also has been fully folded into your gross margin outlook. Or how should we think about that?

南希的問題。南希，我看到你升級了你的毛利率指導，我認為在這個階段這是適當和謹慎的。我是否正確，它受到了更高的組件平均售價的影響，更高的加急成本，以及戴夫談到的這些新訂單的影響，其中一些新訂單的定價是這樣的，之前被抑制了我們現在所處的這個最近的環境？因此，這也已完全納入您的毛利率前景。或者我們應該怎麼想？

Yes. I mean, that would all be rolled into the full-year outlook in terms of now being at 100 basis points to 150 basis points up versus the 300 basis points to 400 points. So I think you've captured the components there.

是的。我的意思是，這將全部納入全年展望，目前為 100 個基點至 150 個基點，而不是 300 個基點至 400 個基點。所以我認為你已經捕獲了那裡的組件。

Okay. Great. And then Dave, I noticed your optimism about the second half of the year for the recovery of the component availability. I guess, can you give us any insights about your conviction behind that? Because I think that there may be some of us who may just be a little more uncertain about all of that kind of becoming closer towards [delivering].

好的。偉大的。然後是 Dave，我注意到您對下半年組件可用性恢復的樂觀態度。我想，你能給我們一些關於你在這背後的信念的見解嗎？因為我認為我們中的一些人可能對所有這些變得更接近[交付]更加不確定。

Jim, if I'm coming off as super confident about component availability in the second half, let me clarify. I think -- I'm not expecting the component availability to get better, and I'm not expecting for any massive erosion. What we experienced in the first quarter was we had enough at least to ship. It was tighter than normal, meaning we didn't have enough to cover this, hey, we ship the parts but our customer couldn't get it -- couldn't get the parts, nor the people to be able to deploy.

吉姆，如果我對下半年的組件可用性非常有信心，讓我澄清一下。我認為 - 我不期望組件可用性會變得更好，我也不期望任何大規模侵蝕。我們在第一季度所經歷的是，我們至少有足夠的出貨量。它比正常情況更緊，這意味著我們沒有足夠的能力來解決這個問題，嘿，我們運送了零件，但我們的客戶無法得到它——無法得到零件，也無法部署人員。

In the back half, we're just assuming that if stuff comes through, the other projects we have been deferred and then RPO begin to come through because we provisioned for the parts, we see them in our supply chain right now and we're not seeing right now additional risk. That doesn't mean I'm super fired up about the supply chain environment we're in. It's been a tough slog. We've been going at this for 6 quarters to 8 quarters now and holding ourselves reasonably well. But I will tell you that there's a bit of this that's under our control, which is the production of ICE6. So as long as the supply chain holds, we've increased the production output capability of ICE6 and our own capacity to be able to keep up with a consistent supply chain environment to what it is today.

在後半部分，我們只是假設如果有東西通過，我們已經推遲的其他項目，然後 RPO 開始通過，因為我們為這些部件提供了供應，我們現在在我們的供應鏈中看到它們，我們正在現在沒有看到額外的風險。這並不意味著我對我們所處的供應鏈環境非常興奮。這是一個艱難的過程。我們現在已經進行了 6 個季度到 8 個季度，並且保持得相當好。但我會告訴你，有一點是在我們控制之下的，那就是ICE6的生產。因此，只要供應鏈保持不變，我們就增加了 ICE6 的生產能力和我們自己的能力，以便能夠跟上今天的一致供應鏈環境。

Is that helpful?

這有幫助嗎？

That was very useful and helpful, and clarifies all of it for me.

這非常有用和有幫助，並且為我澄清了所有這些。

Your next question comes from the line of Fahad Najam with Loop Capital.

您的下一個問題來自 Loop Capital 的 Fahad Najam。

I want to double click more on the component shortages. Are the component shortages that you're facing -- correct me, if they are like universal products that go across all your product lines? Or are they -- are the products more skewed towards your vertically integrated products?

我想雙擊更多關於組件短缺的信息。您是否面臨組件短缺——糾正我，如果它們就像貫穿您所有產品線的通用產品？還是它們——產品是否更傾向於您的垂直整合產品？

No, I'd say actually that a lot of them go to older geometries and things like line systems, other things in the metro. I'd say it's skewed less towards our vertical integration in newer geometries. However, there are some parts, power supplies as an example, all kinds of chipsets and ferrites and other things that -- look, just -- it's -- again, they go across the portfolio. Certainly, much more line system in metro, but there is an impact even when you have your own vertical integration because you're going to have some element you need from an outside supplier.

不，實際上我想說的是，他們中的很多人都使用了較舊的幾何形狀和諸如線路系統之類的東西，以及地鐵中的其他東西。我會說它不太傾向於我們在新幾何中的垂直整合。但是，有一些部件，例如電源，各種芯片組和鐵氧體以及其他東西 - 看起來，只是 - 它是 - 再次，它們跨越了產品組合。當然，地鐵中的線路系統要多得多，但即使你有自己的垂直整合也會產生影響，因為你需要從外部供應商那裡獲得一些你需要的元素。

And what we're doing now is not only managing our direct supply, but even if we get it from a supplier in many cases from a CM or from a supply, we're going to the second and tertiary source to make sure that, that will change us through because some of our decommits were the secondary or tertiary impact to that and that happens primarily when you see things like China happen unexpectedly.

我們現在所做的不僅是管理我們的直接供應，而且即使我們從供應商那裡獲得它，在許多情況下是從 CM 或供應商那裡獲得的，我們也會去第二和第三來源以確保，這將改變我們，因為我們的一些退役是次要或三次影響，這主要發生在你看到像中國這樣的事情意外發生時。

Got it. So if the parts like the power supplies or [power stretch] are (inaudible) why wouldn't you optimize your ICE6, maybe prefer your ICE6 shipments over any other portfolio product because it's better margin. I'm just trying to understand why aren't you maybe allocating more of your limited supply to ICE6 and rest ICE6 more strongly in the rest of the year?

知道了。因此，如果電源或 [電源拉伸] 之類的部件（聽不清）為什麼不優化您的 ICE6，可能更喜歡您的 ICE6 出貨量而不是任何其他產品組合，因為它的利潤率更高。我只是想了解你為什麼不將更多有限的供應分配給 ICE6，並在今年餘下的時間裡更強烈地休息 ICE6？

Yes. I mean, look, we first optimized to what our customers' demand is and what our requirements and our expectations are from our customer. But then certainly, we look at the mix. But even ICE6, when put in -- it needs to be put into a line system and things like power supplies. Again, RACs and other things that, again, the industry has been pinched on. So we do -- we've been doing our best to try to optimize our shipping volumes and hitting customer service, but also our shareholder expectations. And for the last 8 quarters, that's been going pretty good. This new dynamic of Russia and us shipping the actual goods that we thought would hit revenue, but did not on behalf of the customers and ability to get power supplies and other things into their network, that was new.

是的。我的意思是，看，我們首先針對客戶的需求以及客戶的要求和期望進行了優化。但可以肯定的是，我們會考慮混合情況。但即使是 ICE6，在投入使用時 - 它也需要投入到線路系統和電源等設備中。再一次，RAC 和其他東西，再一次，這個行業受到了壓力。所以我們這樣做了——我們一直在盡最大努力優化我們的運輸量和達到客戶服務，以及我們的股東期望。在過去的 8 個季度中，情況一直很好。俄羅斯和我們運送我們認為會影響收入的實際貨物的這種新動態，但並沒有代表客戶以及將電源和其他東西納入他們的網絡的能力，這是新的。

So we're making an adjustment. And again, that's that $30 million of services that we've kind of pushed out in timing only to the year. Now we'll continue to stay super, super diligent and we've got an awesome team that's on it, but -- and are working with our supply chain partners as well to make sure that we shore up more that's in our control. It tells you how important vertical integration is and the more we can put in our control, the better.

所以我們正在做調整。再說一次，這就是我們在時間上只在今年推出的 3000 萬美元的服務。現在，我們將繼續保持超級、超級勤奮，我們擁有一支很棒的團隊，但是 - 並且正在與我們的供應鏈合作夥伴合作，以確保我們支持更多我們可以控制的東西。它告訴您垂直整合的重要性，我們可以控制的越多越好。

I have another question on pricing. A number of your peers have now started talking about a second round of price increases. Can you remind us where you are in the -- I guess, you haven't really talked much about price increases that much. One, when should we expect your new price increases to go in effect? And are you also talking about the second round of price increases?

我還有一個關於定價的問題。您的許多同行現在已經開始談論第二輪價格上漲。你能提醒我們你在哪裡 - 我想，你並沒有真正談論過價格上漲。一，我們應該期待你們的新漲價何時生效？而且你是不是也在說第二輪漲價？

Yes. It's a good question, and I've been pretty consistent on this, that I don't -- this isn't the forum that we talk about our commercial strategies. We have made some adjustments to contractual terms with our supply chain, as well as customer network. But I think we're enjoying winning some new footprint and focused on products that drive the lowest cost per bit. Outside that, we'll work our commercial terms in a more private form.

是的。這是一個很好的問題，我對此一直非常一致，但我沒有——這不是我們談論我們的商業戰略的論壇。我們已經對我們的供應鏈以及客戶網絡的合同條款進行了一些調整。但我認為我們正在享受贏得一些新的足跡並專注於推動最低每比特成本的產品。除此之外，我們將以更私密的形式處理我們的商業條款。

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。

A couple of things I wanted to go back to. The first one was, there was a comment on the questions about the product being -- or the Russian business being more product. It seems very stable at $5 million a quarter. It sounds like it's more servicer as opposed to product. Can you talk about what the mix is between service and products within that $20 million?

有幾件事我想回去。第一個是，關於產品是——或者俄羅斯業務是更多產品的問題有評論。每季度 500 萬美元似乎非常穩定。聽起來它更像是服務者而不是產品。你能談談這 2000 萬美元的服務和產品之間的組合嗎？

Yes. So I would tell you that out of that $5 million a quarter...

是的。所以我會告訴你，在每季度的 500 萬美元中...

$1.5 million.

150 萬美元。

Yes, $1.5 million is service, the rest product.

是的，150 萬美元是服務，其餘是產品。

That's great. And then second, you made a comment and Jim Suva talked a little bit about it. But I don't think he -- we addressed the right issue, which is, you implied that the pricing was going to come down as volumes of parts have gotten tighter and that seems a contradiction in terms to me.

那太棒了。然後第二，你發表了評論，吉姆蘇瓦談了一點。但我不認為他——我們解決了正確的問題，也就是說，你暗示隨著零件數量的增加，價格會下降，這對我來說似乎是矛盾的。

In economics, yes.

在經濟學中，是的。

Not the other way around. I'm a little confused despite that comment. Why would you think prices would come down as supply has gotten tighter?

不是反過來。儘管有這樣的評論，我還是有點困惑。為什麼你會認為隨著供應越來越緊，價格會下降？

No. So I think what I'm saying is that the broker market itself, when you buy a part from a broker versus directly from a Broadcom, Intel, whoever, you're paying more implicitly. And again, we've seen crazy pricing there. Just multiples of the product, taking a [full of] $90 part and charging $4,000 for it, but they're running out of parts. And so that's forcing you to go directly to the direct -- make sure that you're with the direct manufacturer. The direct manufacturer doesn't like that either. And so my point isn't that this quarter, that's going to go down or next quarter. But ultimately, this will not be something that will be permanent in the market on the broker market....

不。所以我認為我要說的是經紀人市場本身，當你從經紀人那裡購買零件時，而不是直接從博通、英特爾等任何人那裡購買，你付出的代價更大。再一次，我們在那裡看到了瘋狂的定價。只是產品的倍數，購買一個 [full] 90 美元的零件並為此收取 4,000 美元，但它們的零件用完了。所以這迫使你直接去直接 - 確保你在直接製造商那裡。直接製造商也不喜歡那樣。所以我的意思不是這個季度，它會下降或下個季度。但最終，這不會是經紀人市場上永久存在的東西......

At these levels.

在這些層面。

At these levels. We do not believe that, that will continue. So didn't mean to state that, that goes away this quarter or next quarter. When we say temporal, we mean it's not -- we're not permanently baking those costs of something that's a $90 part, paying thousands of dollars for it is permanent. And we're tracking that.

在這些層面。我們不相信，這種情況會繼續下去。所以並不是要說明這一點，這個季度或下個季度就會消失。當我們說暫時的時，我們的意思是它不是——我們不會永久地烘烤那些價值 90 美元的東西的成本，為它支付數千美元是永久性的。我們正在跟踪這一點。

I see. And then you made a comment about purchase commitments.

我懂了。然後你對購買承諾發表了評論。

Yes.

是的。

One of the [common side of risks] was that they took their purchase commitments up by over 50%. Clearly, that's giving them a chip to play with their customers saying, hey, we're looking out for you. Can you quantify the degree that which you taken the purchase commitments up?

[風險的共同方面] 之一是他們將購買承諾提高了 50% 以上。顯然，這給了他們一個籌碼，可以讓他們的客戶說，嘿，我們正在尋找你。你能量化你接受購買承諾的程度嗎？

Sure. Give us a second. Nancy will pick that up. But yes, it's a very good point. So if you think of starting or ending the year at, what, $764 million of RPO and adding $58 million and I said, in the first half, we'll add -- my expectation is we'll add $100 million. We have significantly increased our purchase commitments with RCMs and our suppliers. Nancy will pull that in a second, and we'll read it off before Q&A ends.

當然。給我們一秒鐘。南希會接受的。但是，是的，這是一個很好的觀點。因此，如果您考慮以 7.64 億美元的 RPO 開始或結束這一年並增加 5800 萬美元，我說，在上半年，我們會增加 - 我的預期是我們將增加 1 億美元。我們顯著增加了與 RCM 和供應商的採購承諾。南希會在一秒鐘內完成它，我們會在問答結束前閱讀它。

One last quick question. The comment around service sliding out, does that pressure your service gross margins to at or below the recent levels?

最後一個快速問題。圍繞服務滑出的評論，這是否會使您的服務毛利率達到或低於最近的水平？

Yes. Partial pressure, but I think we'll offset because on some of those projects, you're using variable labor. So you're using contract labor for pieces of that and that stuff that we're obviously not committing to in the same timeframe. So we can kind of follow the matching principle.

是的。部分壓力，但我認為我們會抵消，因為在其中一些項目中，您使用的是可變勞動力。因此，您正在使用合同工來處理我們顯然不會在同一時間範圍內承諾的部分內容。所以我們可以遵循匹配原則。

Alex, on the purchase commitments, we'll get it to you. We typically disclose it in our 10-K, and the number I can -- we can give it to you after the call. It was up quite meaningfully from 2020, '21. We'll disclose it.

亞歷克斯，關於採購承諾，我們會告訴你的。我們通常會在我們的 10-K 中披露它，以及我可以提供的號碼——我們可以在電話會議後將其提供給您。從 2020 年 '21 年開始，它的增長非常有意義。我們會公開的。

And it continued to go up in Q1.

並且在第一季度繼續上漲。

Thanks, operator.

謝謝，接線員。

Sorry. There are no further questions. I'll turn the call back to CEO, David Heard, for closing remarks.

對不起。沒有進一步的問題。我將把電話轉回給首席執行官戴維·赫德（David Heard），以致閉幕詞。

Thank you. So I appreciate everybody's patient questions. We look forward to getting back to you in one-on-ones. We are expanding our customer reach, the demand strength and customer wins ahead -- are ahead of our company expectation. The execution of our new products with ICE6 momentum, the initial production of our pluggable elements are in line with what we told you on our 8x4x1 strategy and the business model impacts that, that brings.

謝謝你。所以我感謝大家耐心的提問。我們期待與您一對一的回复。我們正在擴大我們的客戶範圍，需求實力和客戶贏在前面——超出了我們公司的預期。我們以 ICE6 的勢頭執行新產品，我們的可插拔元件的初始生產符合我們在 8x4x1 戰略中告訴您的內容，以及帶來的商業模式影響。

The global supply chain impact on our customer rollouts and the cost of expediting parts to fulfill the demand has pushed out due to the timing, and that's impacted the timing of revenue and margin. As we talked about, that has a service impact of $30 million. We know we're not alone, and we fared well in the supply chain up to this point over the last 6 quarters.

全球供應鏈對我們客戶推出的影響以及加快零件以滿足需求的成本已因時間而推遲，這影響了收入和利潤的時間安排。正如我們所談到的，這會產生 3000 萬美元的服務影響。我們知道我們並不孤單，在過去 6 個季度中，到目前為止，我們在供應鏈中的表現都不錯。

We did have some late-breaking impacts between the supply chain in Russia in Q2. We do have remediation actions in place, and we are addressing these developments accordingly. Really do appreciate the partnership with our supply chain partners, with our customers and the continued tenacity of our employees and your patience. Look forward to catching up with you more in one-on-ones and next quarter. Be safe. Be well.

我們確實在第二季度對俄羅斯的供應鏈產生了一些最新的影響。我們確實採取了補救措施，並且正在相應地處理這些事態發展。非常感謝與我們的供應鏈合作夥伴、我們的客戶以及我們員工的持續堅韌和您的耐心的伙伴關係。期待在一對一和下個季度與您進行更多交流。注意安全。好好的。

Thank you, operator.

謝謝你，接線員。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連接。