Good afternoon. I will be your conference operator. At this time, I would like to welcome everyone to the Applied Optoelectronics fourth quarter and full year 2021 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to enter the queue, you may press star then one. Should you require assistance, please press star then zero to reach the operator. Please note that this call is being recorded. I would now like to turn the conference over to Cassidy Fuller, Investor Relations for AOI. Ms. Fuller, you may begin. Thank you. I'm Cassidy Fuller, investor relations for Applied Optoelectronics, and I'm pleased to welcome you to AOI's fourth quarter and full year 2021 financial results conference call. After the market closed today, AOI issued a press release announcing its fourth quarter and full year 2021 financial results and provided its outlook for the first quarter of 2022. The release is also available on the company's website at ao-inc.com. This call is being recorded and webcast live. A link to the recording can be found on the investor relations section of the AOI website and will be archived for one year. Joining us on today's call are Dr. Thompson Lin, AOI's founder, chairman, and CEO, and Dr. Stefan Murry, AOI's Chief Financial Officer and Chief Strategy Officer. Thompson will give an overview of AOI's Q4 results, and Stefan will provide financial details in the outlook for the first quarter of 2022. A question-and-answer session will follow our prepared remarks. Before we begin, I'd like to remind you to review AOI's Safe Harbor statement. On today's call, management will make forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions and current expectations, which could cause the company's actual results to differ materially from those anticipated in such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as believe, anticipate, estimate, intend, predict, expect, plan, may, should, could, would, will, or think, and by other similar expressions that may convey uncertainty of future events or outcomes. Forward-looking statements also include statements regarding management's beliefs and expectations related to the expansion of the reach of our products into new markets and customer responses to our innovations, as well as statements regarding the company's outlook for the first quarter of 2022. Except as required by law, we assume no obligation to update forward-looking statements for any reason after the date of this earnings call to conform these statements to actual results or to changes in the company's expectations. More information about other risks that may impact the company's business are set forth in the Risk Factors section of the company's reports on file with the SEC, including the company's annual report on Form 10-K for the year ended December 31, 2020. Also, all financials discussed today are on a non-GAAP basis, unless specifically noted otherwise. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation between our GAAP and non-GAAP measures, as well as a discussion of why we present non-GAAP financial measures, are included in our earnings press release that is available on our website. I'd like to note the date of our first quarter 2022 earnings call is currently scheduled for May 5, 2022. Now I'd like to turn the call over to Dr. Thompson Lin, Applied Optoelectronics Founder, Chairman, and CEO. Thompson? Thank you, Cassidy, and thank you for joining our call today. Turning to the fourth quarter, we delivered revenue and non-GAAP EPS in line with our expectations and gross margin below our expectations, mostly due to unfavorable product mix and increased costs from unanticipated supply chain and logistics expenses. During the quarter, we continued to see strong demand in the CATV market and improving conditions in the data center market. We achieved total revenue for fourth quarter of $54.4 million, which increased 3.1% compared to the fourth quarter of 2020 and increased 2.1% sequentially. Total revenue in our CATV segment of $24.9 million was up 56.4% year-over-year and down 7.9% sequentially. The overall CATV demand environment remains strong, and we currently have an unprecedented order backlog extending into Q4 of this year. We believe the conditions in our CATV market are likely to remain highly unfavorable into 2023 because our products are currently being used in network upgrade projects by the three largest CATV MSOs in the U.S., along with other smaller operators. Total revenue for our data center product of $25.2 million decreased 23.1% year-over-year and increased 5.3% sequentially. The sequential growth is encouraged as inventory level with our largest data center customer appear to have returned to normal levels, and delivery against new demand from this customer have resumed. In addition to our largest data center customer, we saw a significant order increase from several of our new data center customers. Some of these increases were offset with an anticipated decline in 40G revenue, indicating that the mix continued to shift to 100G. In addition, I'm very pleased to report that during the quarter, we received our first volume orders for 400G products from two different data center customers. This represent the accumulation of a multi-year qualification effort with these customers, and we believe this initial order will lead to further significant order in the future as 400G gradually surpasses 100G as a dominant data rate within large data centers. During the fourth quarter, we secured four design wins among four customers. Two of these design wins were with data center customers and two were with telecom customers. One of the data center wins was with an existing data center customer for our 400G products. This customer is currently purchasing 100G product from AOI and has placed an initial volume order for its earliest 400G deployments. With that, I will turn the call over to Stefan to review the details of our Q4 performance and outlook for Q1. Stefan. Thank you, Thompson. As Thompson mentioned, we delivered revenue and non-GAAP EPS in line with our expectations and gross margin below our expectations, mostly due to unfavorable product mix and unanticipated supply chain and logistics costs. During the quarter, we continued to see strong demand in the CATV market and improving conditions in the data center markets. As we anticipated, our results were adversely impacted by approximately $3 million due to the well-known component shortages and supply chain disruptions. Currently, we believe that supply constraints are easing and do not anticipate revenue shortfall in the first quarter due to an inability to source necessary raw materials. We do believe, however, that pricing and shipping costs on many of these components will remain elevated for some time, and this will negatively impact margins in the quarter. Turning to our quarterly performance, we secured four new design wins among four customers. Of the four design wins, two were with data center customers and two were with telecom customers. One of the data center design wins was our first for 400G products and was with an existing data center customer. This customer is currently purchasing 100G products from AOI and has placed an initial volume order for its earliest 400G deployments. We are pleased to report that this customer has chosen AOI as the primary supplier for its 400G data center transceiver needs. Total fourth quarter revenue of $54.4 million increased 3.1% compared to the fourth quarter of 2020, and increased 2.1% sequentially. Our Q4 revenue was at the upper end of our guidance range of $51 million-$55 million. In the fourth quarter, 46% of our revenue was from our data center products, 46% from CATV products, with the remaining 8% from FTTH Telecom and other. In our CATV product segment, the overall demand environment remains exceptionally strong as MSOs, particularly in North America, continue to upgrade their networks. We generated revenue of $24.9 million, up 56.4% year over year, and up 7.9% sequentially. Looking ahead, we continue to have good visibility with CATV orders as we currently have an unprecedented order backlog extending into Q4 of this year. We believe that conditions in our CATV market are likely to remain highly favorable into 2023 because our products are currently being used in network upgrade projects by the three largest CATV MSOs in the U.S., along with other smaller operators. In general, these network upgrades are still in their early phases, and all of the projects are currently expected to continue well into 2023 or beyond. Our Q4 data center revenue came in at $25.2 million, down 23.1% year-over-year and up 5.3% sequentially. In the fourth quarter, 14% of our data center revenue was from our 40G transceiver products, 79% was from our 100G products, and 0.4% was from our 200G and 400G transceiver products. We are very pleased to have begun volume shipments of our 400G portfolio as these products have been under qualification by 11 different customers, and the first design wins and associated volume orders give us increased confidence in our traction within the 400G data center market. While we begin shipments of 400G, we are also preparing our first 800G samples, which we expect to deliver to the first of our interested customers by the end of next month. We have begun concept discussions with several customers on ideas beyond 800G, including 1.6 Tbps. We can see a clear progression of increasing data rate products being developed by AOI and customer interest in these future product activities remains high. Now turning to our telecom segment. Revenue from our telecom products of $3.3 million was down 5.8% year-over-year and declined 36.1% sequentially. In line with our expectations, we saw continued volatility in market conditions in the China telecom market with respect to 5G rollouts. Looking ahead, we continue to expect quarter-to-quarter variability until the pace of 5G rollouts in China becomes more predictable. For the fourth quarter, our top 10 customers represented 88.4% of revenue, up from 85.1% in Q4 of the prior year. We had three 10% or greater customers in the fourth quarter, one in the CATV market and two in the data center market. These customers contributed 36.1%, 15%, and 12.4% of total revenue, respectively. For the full year, we had three 10% or greater customers, two in the CATV market and one in the data center market. These customers contributed 25.6%, 14.1%, and 11.9% of revenue, respectively. In Q4, we generated non-GAAP gross margin of 17.6%, which was below our guidance range of 18.5%-20% and was down from 19.9% in Q3 of 2021 and 27.5% in Q4 of 2020. The decline in our gross margin was mostly due to unfavorable product mix and increased costs from component shortages. As we discussed last quarter, we have experienced price pressure on certain of our 100G data center products as these product lines have reached full maturity and 400G additions have begun. In addition, in our CATV segment, we have seen an inventory correction on some of our higher margin products by one of our customers that has significantly reduced orders for these higher margin products. These product mix issues overlap with well-known supply chain challenges and increases in shipping costs that also provide a margin headwind. Finally, we reduced production of lasers in our fab in Q4 due to slower demand from the China 5G market, as well as managing inventory ahead of the Lunar New Year. This reduction in fab output resulted in under absorption of the fixed cost of running the fab and further pressured our margins. We believe most of these impacts are transitory. While 100G margins are likely to continue to remain pressured, we expect these products to represent a smaller contribution to data center revenue as 400G begins its ramp, and we begin to see cost reduction associated with the transition to volume production. On the CATV front, we have a number of cost reduction efforts that have been implemented to reduce raw material and production costs for our highest volume products. In addition, we expect the unfavorable mix shift due to the inventory correction mentioned above to ease by mid-year. While we expect margins in Q1 to continue to be pressured by many of the factors I've already discussed, and additionally by the effects of Lunar New Year on our Asian operations, Q2 and beyond currently looks significantly more favorable in terms of gross margin as these headwinds moderate or eliminated altogether. Total non-GAAP operating expenses in the fourth quarter were $16.9 million, or 31% of revenue, compared with $20.6 million or 39% of revenue in Q4 of the prior year. The reduction in operating expenses is due to a decrease in R&D spend, as some of the costs associated with our 400G development have begun to subside, along with benefits from certain cost reduction efforts we made during the quarter. Operating expenses were further improved by careful cost control, along with a significant reversal of previously accrued bonuses, especially to executives, which occurred in Q4. We anticipate continued disciplined cost control until a return to consistent profitability has been demonstrated. While we intend to carefully control operating expenses, we continue to invest in new product development. In addition to the 800G and 1.6 Tb transceiver work I discussed earlier for our data center customers, we also have been actively developing high-power lasers intended for use in lidar and other sensing applications. These lidar lasers have applications in automotive driver assistance systems, security monitoring, augmented reality, and other 3D sensing systems. These products have been under development for several years now, and within the last few months, we have begun shipping qualification samples to eight different customers, most of which are in the automotive space. Initial feedback from these customers has been very positive, further reinforcing our conviction that AOI's laser-related R&D remains at the forefront of new technology, both in our data center market and in new markets like automotive. While meaningful revenue for these lidar lasers is likely a year or two away, the addition of these products continues the trend of greater diversity within our customer base. As many of you know, increasing revenue diversity has been a key element of our risk reduction strategy for more than three years. Non-GAAP operating loss in the fourth quarter was $7.3 million, compared to an operating loss of $6.1 million in Q4 of the prior year. GAAP net loss for Q4 was $14.5 million, or a loss of $0.54 per basic share, compared with the GAAP net loss of $13.4 million, or a loss of $0.57 per basic share in Q4 of 2020. On a non-GAAP basis, net loss for Q4 was $5.5 million or a loss of $0.20 per basic share, which was in line with our guidance range of a loss of $5.5 million-$6.6 million, or a loss per share in the range of $0.20-$0.24 per basic share, and compares to a net loss of $4.8 million or a loss of $0.20 per basic share in Q4 of the prior year. The basic shares outstanding used for computing the net loss in Q4 were $27.1 million. Turning now to the balance sheet. We ended the fourth quarter with $41.1 million in total cash equivalents, short-term investments, and restricted cash. This compares with $48.9 million at the end of the third quarter. Notably, we reduced total debt compared with Q3 by $5.8 million by utilizing less of our revolving line of credit at year-end. As of December 31, we had $92.5 million in inventory compared to $94.5 million at the end of Q3. Inventory decreased primarily due to utilization of inventory for customer orders. We made a total of $2.3 million in capital investments in the quarter, including $2.1 million in production equipment and machinery and $0.1 million in construction and building improvements. We are still in the process of evaluating our CapEx plans for 2022, and we will share our expectations as soon as we complete our analysis. Moving now to our Q1 outlook. We expect Q1 revenue to be between $51 million and $54 million, and non-GAAP gross margin to be in the range of 15.5%-17.5%. Non-GAAP net loss is expected to be in the range of $8.3 million to $9.5 million and non-GAAP loss per basic share between $0.30 and $0.35, using a weighted average basic share count of approximately 27.5 million shares. With that, I'll turn it back over to the operator for the Q and A session. Operator? Thank you. We will now begin the question-and-answer session. If you would like to ask a question, you may press star then one on your telephone keypad. You may need to pick up your handset before pressing the keys. If you would like to withdraw your question, you may press star then two. Once again, that is star then one to ask a question, and we will pause momentarily to assemble the roster. Our first question today will come from Sam Peterman with Craig-Hallum Capital Group. Please go ahead. Hi, guys. Thanks for taking my question. I wanted to ask on gross margins. Obviously, it seems like some of the mix issues and cable resolving by the middle of the year that the margin outlook for the back half would be better. Do you guys think you can get into kind of the mid-20s% there? Or what kind of, as you know, the cable issue resolves in data center, you start to ramp 400G, is mid-20s% kind of reasonable for where you guys think you can go? Or how do you think about margins in the second half? Yeah. I think mid-20s is an achievable number for us. It's difficult to put a precise timeline on that. I mean, there's a lot of moving parts, as we mentioned, you know, some of the component shortages and other things that have been affecting us. It's, you know, it's a little bit difficult to provide an exact timeframe for that, but it's certainly a number that we think is achievable. Okay. Fair enough. On data center, it sounds like with these two customers and 400G ramping in the second half that will, you know, provide an uplift from where you are today. How should we think about data center revenues in the first half? How should we think about what 400G can add? Is that, you know, in the low millions or even potentially more than that in the second half? Well, I think, you know, data center revenues probably will, you know, be reasonably consistent throughout the first half of the year with where they were in the last quarter. Then as you mentioned, you know, we'll start to see a ramp. Now some of that, there will be a little bit of a shift there, as we mentioned in our prepared remarks, from, you know, sort of a 100G to starting to see a little bit more of an increase in the 400G revenue. It's probably not gonna be hugely meaningful certainly in the first half until we start to see a ramp, later on in the year, hopefully. Within that, as that mix is shifting, we don't think the overall number is gonna change that much in the first quarter or two a year. Okay. On the 400G customers, you kinda described one of them. Is there any way you could characterize the other one? You know, on the second 400G customer, are you also the primary or lead supplier there? And how would you size that one or that opportunity relative to that first 400G one? I would say that the size of both the customers is probably, I mean, roughly similar. I don't have the, you know, the total purchasing trend for each of them. I don't have a number on the customer that we didn't talk about as much. I don't have information from them about whether we're, you know, the primary or secondary source on that. Some customers will tell you that information directly, others will not. You know, from that perspective, I can't give you that information. Certainly, you know, we believe that all the customers will have multiple sources and, you know, if you're in the top one or two, you're probably gonna get a pretty reasonable market share, and that's what we would expect with both of these customers. Okay. Fair enough. That's it for me. Thanks, guys. Okay. Once again, if you would like to ask a question, please press star then one. Our next question will come from Robert Mandra with Cowen. Please go ahead. Hi, this is Bob Mandra for Paul Silverstein. Guys, at one time, you were thinking that 400G could be 10% of revenue this year. Is that still in the works? Is it still what you would see? You know, I wouldn't say I don't think not. We haven't changed our outlook much on the 400G. I think it's really positive that we're starting to see you know actual orders, volume orders flowing from a couple of customers now. We still have a number of qualification efforts that are underway that we're optimistic will culminate here in the next you know few months, and that all of those opportunities together should drive revenue. Whether that'll be 10% by the end of the year or not is you know it's difficult to say, but I think it's possible. Okay. In the past, I guess last quarter, one of your principal customers for 400G was seeing their own supply chain constraints, which was limiting their ability to place orders. Did I hear correctly that that's been resolved? That was more related to just the overall inventory situation. As you recall, if you go back a few quarters, we had that particular customer had been you know hit with supply chain issues that affected their overall deployment of not only 400G but also 100G technology at the time. It wasn't a statement specifically on 400G. It was just their overall- Oh, okay. Demand coming back. Is that still an issue with them, or has that been addressed? I think it's largely been addressed at this point. At the moment, your data center and CATV is pretty evenly split, and it sounds like you're pretty optimistic about your going forward with the CATV. Do you still see an even split, or you're gonna expect to see CATV be a larger, you know, a greater percentage than data center going forward for the year? I think they'll be fairly comparable for the year. As you recall or, you know, from past experience, you know, our first quarter in cable TV can be a little bit challenging for us just because we have the Lunar New Year shutdown. Yeah. Which affects most of our cable TV products are made in Asia. By virtue of the fact that there's just less time in Q1 due to the Lunar New Year, that oftentimes puts a damper on our ability to expand cable TV. We may see, you know, cable TV not grow as much early in the year as it will in the back half of the year. You know, from quarter to quarter, you might see some variability, but if you look at the year as a whole, I think the two will probably be fairly comparable. Okay. All right. Well, thank you for taking my questions. My pleasure. Once again, if you would like to ask a question, please press star then one. This will conclude the question and answer session. I'd like to turn the conference back over to Thompson Lin for any closing remarks. Okay. Thank you for joining our call today. We want to extend a thanks to you, to our investors, customers, and employees for your continued support. We look forward to updating you on our next earnings call. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.