ADTRAN Holdings Inc (ADTN) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the ADTRAN Holdings, Inc., third quarter 2024 earnings release conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持，歡迎參加 ADTRAN Holdings, Inc. 2024 年第三季收益發布電話會議。（操作員說明）

During the course of the conference call, ADTRAN representatives expect to make forward-looking statements that reflect management's best judgment based on factors currently known. However, these statements involve risks and uncertainties, including the risks detailed in our earnings release, our annual report on Form 10-K, and our filings with the SEC. These risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements, which may be made during the call. We undertake no obligation to update any statement to reflect the events that occur after this call.

在電話會議期間，ADTRAN 代表希望做出前瞻性聲明，反映管理層根據目前已知因素做出的最佳判斷。然而，這些聲明涉及風險和不確定性，包括我們的收益發布、我們的 10-K 表格年度報告以及我們向 SEC 提交的文件中詳述的風險。這些風險和不確定性可能導致實際結果與電話會議期間可能做出的前瞻性聲明中的結果有重大差異。我們沒有義務更新任何聲明以反映本次電話會議後發生的事件。

In addition, the financial measures discussed during the course of this conference call are preliminary estimates. They consequently remain subject to the company's internal controls and procedures and are subject to risks and uncertainties, including, among others, changes in connection with quarter-end adjustments.

此外，本次電話會議中討論的財務措施只是初步估計。因此，它們仍然受到公司內部控制和程序的約束，並受到風險和不確定性的影響，其中包括與季度末調整相關的變化。

Finally, during the course of today's call, we will refer to certain preliminary non-GAAP financial measures. Reconciliations of non-GAAP to GAAP measures and certain additional information are also included in our investor presentation and our earnings release. The investor presentation found on ADTRAN Investor Relations website has been updated and is available for download.

最後，在今天的電話會議中，我們將提及某些初步的非公認會計準則財務指標。我們的投資者介紹和收益發布中還包含非公認會計準則與公認會計準則衡量標準的調節以及某些附加資訊。ADTRAN 投資者關係網站上的投資者簡報已更新並可供下載。

It is now my pleasure to turn the call over to Tom Stanton, Chief Executive Officer of ADTRAN Holdings. Sir, please go ahead.

現在我很高興將電話轉給 ADTRAN Holdings 執行長湯姆·斯坦頓 (Tom Stanton)。先生，請繼續。

Thank you, Rochelle. Good morning, everyone. We appreciate you joining us for our third quarter 2024 earnings conference call. With me today is ADTRAN Holdings CFO, Uli Dopfer. Following my opening remarks, Uli will review the quarterly financial performance in detail, and then we will take any questions you may have.

謝謝你，羅謝爾。大家早安。感謝您參加我們的 2024 年第三季財報電話會議。今天與我在一起的是 ADTRAN Holdings 財務長 Uli Dopfer。在我的開場白之後，Uli 將詳細回顧季度財務業績，然後我們將回答您可能提出的任何問題。

We executed according to plan in Q3 and made improvements across several key operating metrics. During the quarter, we continued to grow our non-GAAP operating profit and generated positive free cash flow for the third consecutive quarter. Our quarter-over-quarter performance was driven by further improvements in our non-GAAP gross margin as we maintained our reduced cost structure and grew revenue.

我們按照第三季的計畫執行，並對幾個關鍵營運指標進行了改進。本季度，我們的非公認會計原則營業利潤持續成長，並連續第三個季度產生正的自由現金流。我們的季度環比業績是由非公認會計準則毛利率的進一步改善推動的，因為我們保持了成本結構的縮減和收入的增長。

During the quarter, we also saw signs of further improvement in customer activity and bookings. Geographically, 55% of our revenues were generated outside of the US as we experienced higher demand from both our EMEA and APAC regions. Both the US and non-US regions benefited from a 10% sequential increase in large service provider sales.

在本季度，我們也看到客戶活動和預訂進一步改善的跡象。從地理來看，我們 55% 的收入來自美國以外地區，因為歐洲、中東和非洲和亞太地區的需求更高。美國和非美國地區均受益於大型服務供應商銷售額環比成長 10%。

Diving deeper into the portfolio details, optical networking solutions added 13 new carrier customers this past quarter as we continue to introduce our optical portfolio to our fiber broadband customer base. As we have previously noted, we had expected our optical networking revenue to bottom in Q3, and we continue to believe that that will have been the case. While revenue was in line with our expectations, bookings continue to accelerate, supporting our optimism.

深入研究產品組合細節，隨著我們繼續向光纖寬頻客戶群推出我們的光纖產品組合，光網路解決方案在上個季度增加了 13 個新的營運商客戶。正如我們之前指出的，我們預計我們的光網路收入將在第三季觸底，我們仍然相信情況會如此。雖然收入符合我們的預期，但預訂量繼續加速，支持了我們的樂觀情緒。

In our Access & Aggregation Solutions, we began shipping products to 12 new carrier customers. Revenue in our Access & Aggregation Solutions was up outside of North America. However, it was down slightly in the aggregate due to slower sales in the US.

在我們的存取和聚合解決方案中，我們開始向 12 個新的營運商客戶運送產品。我們的接入和聚合解決方案的收入在北美以外地區有所成長。然而，由於美國銷售放緩，整體略有下降。

We expect revenue from our Access & Aggregation Solutions to increase in the upcoming quarter. Our Subscriber Solutions category increased 9% quarter-over-quarter. This growth was driven by an increase in sales of our residential ONTs and RGs, which were up 25% quarter-over-quarter and a strong 102% year-over-year.

我們預計我們的接入和聚合解決方案的收入將在下一季增加。我們的訂戶解決方案類別較上季成長 9%。這一增長是由我們的住宅 ONT 和 RG 銷售額增長推動的，季度環比增長 25%，同比增長 102%。

Within this category, we added 11 new customers to our latest SDG series of Wi-Fi platforms. As demand for fiber broadband continues to grow, we expect to continue to increase our revenue and customers in this category. In addition to residential broadband, we continue to see strong demand for our carrier Ethernet CPE Solutions as carriers connect more businesses with higher-speed fiber services.

在此類別中，我們為最新的 SDG 系列 Wi-Fi 平台新增了 11 位新客戶。隨著光纖寬頻需求的持續成長，我們預計該類別的收入和客戶將繼續增加。除了住宅寬頻之外，隨著營運商透過更高速的光纖服務連接更多企業，我們繼續看到對我們的營運商乙太網路 CPE 解決方案的強勁需求。

Looking ahead, you may have seen our recent press releases announcing customer trials to bring 50-gig PON connectivity to the market. As customers begin to realize the value of converging residential, business, and mobile backhaul into a single network, the breadth and power of our open disaggregated networking platforms will further differentiate ADTRAN from our competition. While 50-gig access technology is still in its early stages, we remind listeners of the ascendancy of XGS-PON, which has quickly become the preferred access technology for PON deployment.

展望未來，您可能已經看到我們最近發布的新聞稿，宣布客戶進行試驗，將 50 Gb PON 連接推向市場。隨著客戶開始意識到將住宅、商業和行動回程整合到單一網路中的價值，我們開放式分類網路平台的廣度和功能將進一步使 ADTRAN 在競爭中脫穎而出。雖然 50G 接入技術仍處於早期階段，但我們提醒聽眾 XGS-PON 的優勢，它已迅速成為 PON 部署的首選接入技術。

The adoption of these higher-speed access technologies is an ideal match for our broader fiber networking portfolio. As service providers deploy higher-speed access networks, they must upgrade their backhaul networks with a mix of 100, 400, and 800-gig coherent optical solutions.

這些高速接入技術的採用是我們更廣泛的光纖網路產品組合的理想匹配。隨著服務供應商部署更高速的存取網絡，他們必須混合使用 100、400 和 800 吉相干光解決方案來升級其回程網路。

We currently offer edge optimized transport solutions to address this need. To support these new access technologies, we have a full suite of in-home networking platforms, SMB Solutions, and Carrier Ethernet CPE to address the full range of subscriber connectivity needs.

我們目前提供邊緣優化的運輸解決方案來滿足這項需求。為了支援這些新的存取技術，我們擁有一整套家庭網路平台、SMB 解決方案和營運商乙太網路 CPE，以滿足全方位的用戶連接需求。

This complete solution offering from the core to the customer premise is managed by our Mosaic software suite and covers everything from optical networking automation to proactive in-home network monitoring. With it, we partner to help service providers deliver best-in-class subscriber experiences as they automate the scale of their fiber networks.

這個從核心到客戶場所的完整解決方案由我們的 Mosaic 軟體套件管理，涵蓋從光纖網路自動化到主動家庭網路監控的所有內容。借助它，我們合作幫助服務供應商在實現光纖網路規模自動化時提供一流的用戶體驗。

Transitioning to our operational performance, we continue to make progress with the program we launched last year to improve our profitability and operating cash flow. The results can be seen in our non-GAAP gross margins over the last nine months of 2024, which improved from 38.6% last year to 41.9% this year.

轉向我們的營運績效，我們繼續在去年啟動的計劃上取得進展，以提高我們的獲利能力和營運現金流。結果可以從我們 2024 年最後 9 個月的非 GAAP 毛利率中看出，毛利率從去年的 38.6% 提高到今年的 41.9%。

This improvement was directly related to operational efficiencies and lower overhead costs that were driven by both site and product consolidation. This past quarter's performance paired with our improved outlook reinforces our confidence that our long-term operating model of gross margin percentages in the low to mid-40s and operating profit percentages in the low double digits.

這項改進與站點和產品整合推動的營運效率和間接費用降低直接相關。上個季度的業績加上我們改善的前景增強了我們的信心，即我們的毛利率百分比在 40 多歲左右、營業利潤百分比在兩位數左右的長期營運模式。

We continue to move forward with our capital efficiency program as we are working to monetize nonstrategic business side assets. We hope to update you next quarter on tangible results as we continue to progress.

我們將繼續推動資本效率計劃，努力將非策略性業務面資產貨幣化。隨著我們不斷取得進展，我們希望在下個季度向您通報具體成果。

In summary, we had a successful quarter in terms of improving our financial positioning while growing our customer base and investing in our strategic platforms as major opportunities in the US and Europe are still ahead of us. While we remain confident in our long-term outlook, we expect more meaningful growth in the current quarter.

總而言之，我們在改善財務狀況、擴大客戶群和投資策略平台方面度過了一個成功的季度，因為美國和歐洲的重大機會仍然擺在我們面前。儘管我們對長期前景仍然充滿信心，但我們預計本季將出現更有意義的成長。

We will continue to -- and we expect more meaningful growth in the current quarter. We will continue to take a cautious approach with our forecast and operating model given the relatively cautious spending we still see from our service provider customers. This approach has proven to be successful over the past few quarters, and we have stabilized our results in a difficult macro environment, and we expect meaningful improvements in profitability once market conditions improve.

我們將繼續 - 我們預計本季會有更有意義的成長。鑑於我們仍然看到服務提供者客戶相對謹慎的支出，我們將繼續對我們的預測和營運模式採取謹慎的態度。這種方法在過去幾季被證明是成功的，我們在困難的宏觀環境中穩定了我們的業績，我們預計一旦市場狀況改善，獲利能力將出現有意義的改善。

With that, I will turn things over to Uli to provide a review of our financial results. And following Uli's remarks, we'll answer any questions you may have. Uli.

這樣，我將把事情交給 Uli 來審查我們的財務表現。在烏利的發言之後，我們將回答您可能提出的任何問題。烏利.

Thank you, Tom, and thank you to everyone on the call this morning. I will first walk you through our Q3 2024 financial performance, and then I will discuss our expectations for the fourth quarter.

謝謝你，湯姆，也謝謝今天早上參加電話會議的所有人。我將首先向您介紹我們 2024 年第三季的財務業績，然後我將討論我們對第四季的預期。

Revenue in the third quarter was $227.7 million, a sequential increase and above the midpoint of our guidance. Our Network Solutions segment delivered $181.5 million, accounting for approximately 80% of total revenues in Q3 compared to 79% in the prior quarter.

第三季營收為 2.277 億美元，環比成長，高於我們指引的中點。我們的網路解決方案部門交付了 1.815 億美元，約佔第三季總收入的 80%，而上一季為 79%。

Our Services & Support segment delivered $46.2 million or 20% of total revenues in the quarter compared to 21% in the prior quarter. From a product category perspective, Access & Aggregation delivered $67.1 million or approximately 29% of total revenue, which was down 4% sequentially. Our Optical Networking Solutions was $70.5 million or 31% of total revenues. This was also down 4% sequentially. Subscriber Solutions was $90.1 million or 40% of total revenue, and this was up 9% sequentially.

我們的服務與支援部門本季貢獻了 4,620 萬美元，佔總收入的 20%，而上一季為 21%。從產品類別的角度來看，接取與聚合業務交付了 6,710 萬美元，約佔總收入的 29%，比上一季下降了 4%。我們的光網路解決方案收入為 7,050 萬美元，佔總收入的 31%。這也比上一季下降了 4%。用戶解決方案的營收為 9,010 萬美元，佔總營收的 40%，比上一季成長了 9%。

We had one customer represent more than 10% of our revenue in the quarter. Non-GAAP gross margin during the quarter was 42.1%, an increase of 17 basis points sequentially. The improved gross margin is reflective of our ongoing efforts to optimize our supply chain and supply-related processes.

我們有一個客戶占我們本季營收的 10% 以上。本季非 GAAP 毛利率為 42.1%，較上一季成長 17 個基點。毛利率的提高反映了我們不斷努力優化供應鏈和供應相關流程。

Non-GAAP operating expenses in the third quarter were $93.3 million, in line with levels in Q2 2024. For the third quarter of 2024, our non-GAAP operating profit was $2.5 million or 1.1% of revenues, which was again above the midpoint of our guidance range. This compares to a non-GAAP operating profit of $1.5 million or 0.7% of revenues in Q2 2024.

第三季非 GAAP 營運費用為 9,330 萬美元，與 2024 年第二季的水準一致。2024 年第三季度，我們的非 GAAP 營業利潤為 250 萬美元，佔營收的 1.1%，再次高於我們指引範圍的中點。相比之下，2024 年第二季非 GAAP 營業利潤為 150 萬美元，佔營收的 0.7%。

The increase in operating margin and profitability was attributable to improved gross margins and stable OpEx. Non-GAAP tax expense for the third quarter of 2024 was $1.1 million. This is a result of the non-deductibility of impairment charges and losses for which no tax benefits can be realized.

營業利潤率和獲利能力的成長歸因於毛利率的提高和營運支出的穩定。2024 年第三季的非 GAAP 稅務費用為 110 萬美元。這是由於無法扣除減損費用和損失而無法實現稅收優惠的結果。

Including the $2.4 million dividend attributed to the minority shareholder interest of ADTRAN Networks SE as well as $3 million credit related to an adjustment to the redeemable noncontrolling interest in the non-GAAP interest -- the non-GAAP diluted loss per share was $0.05 negative compared to a loss of negative $0.12 in Q2 2024.

包括歸屬於 ADTRAN Networks SE 少數股東權益的 240 萬美元股息以及與非 GAAP 權益中可贖回非控股權益調整相關的 300 萬美元信貸——非 GAAP 攤薄每股虧損為負 0.05 美元2024 年第二季度虧損0.12 美元。

Turning to the balance sheet and cash flow statement. During the quarter, we continued to improve our working capital by $33.9 million. Trade accounts receivable were $172 million at quarter end, resulting in DSO of 70 days. This compares to 75 days in the prior quarter.

轉向資產負債表和現金流量表。本季度，我們的營運資金持續增加 3,390 萬美元。季度末貿易應收帳款為 1.72 億美元，DSO 為 70 天。相比之下，上一季為 75 天。

Our inventories were down to $282.9 million at the end of the quarter. Accounts payable were $173.4 million, an improvement of DPOs of seven days. The improved working capital resulted in operating cash flow of $42 million compared to $19.9 million in Q2 2024.

截至本季末，我們的庫存降至 2.829 億美元。應付帳款為 1.734 億美元，DPO 改善了 7 天。營運資金的改善使營運現金流達到 4,200 萬美元，而 2024 年第二季為 1,990 萬美元。

Consequently, we generated $23.2 million of free cash flow in Q3 2024. At the end of the quarter, cash and cash equivalents were $88.5 million, a quarter-over-quarter decrease of $22.7 million. This decrease includes the scheduled annual dividend payment to the minority shareholders of ADTRAN Networks SE of $10.1 million and $17.4 million in repurchases of ADTRAN Networks SE shares that were processed during the quarter.

因此，我們在 2024 年第三季產生了 2,320 萬美元的自由現金流。截至季末，現金及現金等價物為8,850萬美元，季減2,270萬美元。這一減少包括計劃向 ADTRAN Networks SE 少數股東支付的 1,010 萬美元年度股息以及本季度處理的 1,740 萬美元回購 ADTRAN Networks SE 股票。

In summary, we have made significant strides in our operational performance and execution. Revenue increased on a sequential basis, we expanded gross and operating margins, and we generated positive free cash flow during the quarter.

總而言之，我們在營運績效和執行方面取得了重大進展。營收季增，毛利率和營業利潤率擴大，本季產生了正的自由現金流。

We are seeing improvements in each of our key end markets and are growing our customer base. The continued trend to increase fiber access and optical transport globally is a catalyst that we believe will help us to drive accelerated profitability and increased cash generation.

我們看到每個關鍵終端市場都有改善，並且正在擴大我們的客戶群。全球光纖接入和光傳輸的持續成長趨勢是一種催化劑，我們相信這將有助於我們加速獲利並增加現金生成。

Turning now to our outlook for the fourth quarter. We expect revenues to range between $230 million and $245 million and non-GAAP operating margin between zero and positive 4% of revenues. Once again, additional information is available on ADTRAN's Investor Relations web page at investors.adtran.com.

現在轉向我們對第四季的展望。我們預計收入將在 2.3 億美元至 2.45 億美元之間，非 GAAP 營業利潤率將在零至收入的 4% 之間。更多資訊請再次造訪 ADTRAN 投資者關係網頁 Investors.adtran.com。

And finally, I'd like to welcome the addition of our new Vice President of Investor Relations, Peter Schuman, who many of you may know. Peter is here today with us, and he will be ramping up his new role. Please reach out to him for any Investor Relations inquiries.

最後，我要歡迎我們新任投資者關係副總裁彼得舒曼 (Peter Schuman) 的加入，你們中的許多人可能都認識他。彼得今天和我們在一起，他將加強他的新角色。如有任何投資者關係疑問，請聯絡他。

This concludes the prepared remarks portion of the call, and I will now turn the call back over to the operator to begin the Q&A session.

電話準備好的評論部分到此結束，我現在將把電話轉回接線員以開始問答環節。

(Operator Instructions) George Notter, Jefferies.

（操作員說明）George Notter，Jefferies。

Nice to see the improved results and free cash flow generation. I guess, I'd like to start just by kind of getting an update on where the excess inventory situation is right now. I know that the optical business, I think, was the area that's most recently been struggling with excess customer inventory. But can you give us an update on kind of where that is? And when you think that inventory will be gone and when you expect the business to improve?

很高興看到業績的改善和自由現金流的產生。我想，我想先了解目前庫存過剩情況的最新情況。我知道，我認為光學業務是最近因客戶庫存過剩而苦苦掙扎的領域。但您能為我們介紹一下具體位置的最新情況嗎？當您認為庫存將會消失以及您預計業務何時會改善？

Yeah. So I think I mentioned in my notes, George, that the -- we did see a pickup in bookings in the quarter, which was good to see because as you know, the bookings have been dropping for a few quarters now. So I think that's directly related to inventory situations at customers.

是的。所以我想我在我的筆記中提到，喬治，我們確實看到本季度的預訂量有所增加，這是很好的結果，因為如您所知，預訂量已經連續幾個季度下降。所以我認為這與客戶的庫存情況有直接關係。

We still have a customer, I'm not saying that there aren't other smaller ones, but a customer in Europe that has an inventory hangover that we think will last through probably the first part of the first quarter, but I think our expectations are that -- and what we're already seeing from that customer, they don't have everything of everything.

我們仍然有一個客戶，我並不是說沒有其他較小的客戶，而是歐洲的一個客戶有庫存殘留，我們認為這種情況可能會持續到第一季的上半年，但我認為我們的期望我們已經從該客戶那裡看到，他們並沒有擁有一切。

So we're already seeing pickups there. But that's kind of the last big overhang that I'd say is notable. And on the CPE side, I mean, we've had some pretty strong growth there. So that seems to have worked itself out for the most part and same thing on Access & Aggregation.

所以我們已經在那裡看到皮卡了。但這是我認為值得注意的最後一個重大懸而未決的問題。我的意思是，在 CPE 方面，我們已經實現了相當強勁的成長。因此，這似乎在很大程度上已經解決了，並且在存取和聚合方面也是如此。

And then I was also curious -- by the way, when you talk about that particular customer in Europe, I think you're referencing more optical inventory as opposed to the product lines.

然後我也很好奇——順便說一句，當你談論歐洲的那個特定客戶時，我認為你指的是更多的光學庫存，而不是產品線。

Yeah, everything -- yes, that's correct. Now the other product lines are -- but I won't call this optical. Let me be clear about -- I mean, inventory, but let me be clear about this. We have large customers that buy in chunks, right? So they'll buy a big block of equipment and then they'll deploy it over two to three quarters, then they'll buy another big block of equipment. I wouldn't consider that inventory. I consider that just how they operate. And -- but that's an ongoing phenomenon that will always be there.

是的，一切——是的，這是正確的。現在還有其他產品線——但我不會稱其為光學產品。讓我澄清一下——我的意思是庫存，但讓我澄清一下。我們有大量購買的大客戶，對吧？因此，他們將購買一大堆設備，然後將其部署超過兩到四分之三，然後他們將購買另一大堆設備。我不會考慮那個庫存。我認為這就是他們的運作方式。而且──但這是一個持續存在的現象，將永遠存在。

And then I also wanted to ask about sort of the real estate update. I know you guys said you're going to give people a bigger, I guess, disclosure next quarter. But anything you can say? Obviously, you guys are in the process on the North and South towers. I think there was a sale leaseback option here on the East building. I'm just curious on where that is now.

然後我還想詢問有關房地產更新的情況。我知道你們說你們將在下個季度向人們提供更大規模的披露。但你有什麼可以說的嗎？顯然，你們正在北塔和南塔的過程中。我認為東樓有售後回租選項。我只是好奇那現在在哪裡。

I'd just say it's moving forward. I mean we have interested parties, more than one. I think that the financing of different things, for instance, the sale-leaseback environment has gotten better as well. So we're hopeful we can actually dig into more detail on the next call.

我只想說它正在向前發展。我的意思是我們有不只一個感興趣的各方。我認為不同事物的融資，例如售後回租環境也變得更好。因此，我們希望能夠在下次通話中深入探討更多細節。

Michael Genovese, Rosenblatt Securities.

麥可‧吉諾維斯，羅森布拉特證券公司。

It is nice to see the better results. I agree with that. And I want to dig in on the sustainability of the better trends. So this is kind of a broad question, but can you get -- because I want to ask about both North America and EMEA and the big opportunities that you're seeing in front of you, both for existing business, so the kind of key drivers of the existing business and then the new wins that you are going after. So I know that's a lot of questions in there, but I'd love to hear your comments.

很高興看到更好的結果。我同意這一點。我想深入研究更好趨勢的可持續性。所以這是一個廣泛的問題，但你能得到——因為我想問北美和歐洲、中東和非洲的情況，以及你在你面前看到的巨大機會，無論是對現有業務來說，還是關鍵的問題現有業務的驅動因素，然後是您追求的新勝利。我知道其中有很多問題，但我很想聽聽您的評論。

Yeah. I think it's both. So we have some customers, as you're aware, that are just ramping up. So I would call those existing wins. Some of them are operationalized not at all, right? And then some of them are, as I mentioned before, we expect to be operationalized right around the beginning of the year.

是的。我認為兩者都是。正如您所知，我們有一些客戶正在增加。所以我會把這些稱為現有的勝利。其中一些根本無法操作，對嗎？正如我之前提到的，其中一些我們預計將在今年年初投入運行。

And now that operationalization happens. And sometimes we're talking about a national carrier that's just very country specific. And Germany is an example of that. UK is an example of that, albeit both of those have old carriers as well. But then we also have some multinationals that we're bringing online. So those are coming on country by country.

現在，操作化已經發生了。有時我們談論的是非常針對特定國家/地區的國家航空公司。德國就是一個例子。英國就是一個例子，儘管這兩個國家都有舊的營運商。但我們也將一些跨國公司引入線上。所以這些都是逐國出現的。

I mentioned, I think, on the last call that Sweden is one of those larger countries where we have kind of a wholesale swap out that's going to be happening. And although we're already selling to, I think, 3 countries with that carrier, we have another country that is yet to be online.

我想，在上次電話會議中，我提到瑞典是較大的國家之一，我們將在其中進行大規模的交換。雖然我們已經透過該運營商向 3 個國家/地區銷售產品，但我們還有一個尚未上線的國家。

So we have several of those that will be coming online in the first half with some of them happening right around, let's say, January, February. And then we have new carriers that we have won that are not yet -- one of them I'm just now getting into the lab with. That's a multinational carrier. We expect that the first country there to be deployed will probably be in Spain, and that will happen later on in the year. So it's really a mix.

因此，我們有幾個項目將在上半年上線，其中一些將在大約一月、二月左右發生。然後我們有了一些我們已經贏得但尚未贏得的新運營商——我剛剛進入實驗室就是其中之一。那是一家跨國航空公司。我們預計第一個部署的國家可能是西班牙，這將在今年稍後發生。所以這確實是一個混合體。

And then you have -- to really complicate things, you have BEAD coming in, which is also a mix. We have carriers that are current plans are that they're going to be deploying and accessing BEAD funds, and those are existing customers, and we have quite a mix of those that you're aware.

然後，讓事情變得更加複雜的是，BEAD 的加入，這也是一個混合體。我們有一些營運商，他們目前的計劃是部署和獲取 BEAD 資金，這些都是現有客戶，我們有很多您所知道的客戶。

And then we have new customers that are just going to be popping up left and right out of some of them are very new municipalities or whatever that may actually jump into that mix. So I think it's a broad mix of different customers.

然後我們就會有新客戶，其中一些是非常新的城市或任何可能真正加入其中的城市。所以我認為這是不同客戶的廣泛組合。

So if we could kind of summarize though. So I mean, the guidance is the best sequential growth we've seen for a while in the fourth quarter.

那我們是否可以總結一下。所以我的意思是，該指導是我們在第四季度一段時間內看到的最好的連續成長。

Yeah, that's generally, yes, that's generally the base.

是的，這通常是，是的，這通常是基礎。

But let's talk about next year. What are you thinking about growth?

但讓我們來談談明年。關於成長，你有什麼想法？

Yes, that's generally -- I mean what we're seeing right now, it is still -- well, it is -- there -- let me see if I can summarize it in a different way. Our existing customer base is improving. And I would say that the majority of what we're seeing right now in order activity is with our existing customer base, right? And so now I'd consider what we do in the UK as existing customer base. I consider what we do in Germany as existing customer base.

是的，一般來說——我的意思是我們現在所看到的，它仍然——嗯，它——在那裡——讓我看看是否可以用不同的方式總結它。我們現有的客戶群正在改善。我想說的是，我們現在看到的大部分訂單活動都來自我們現有的客戶群，對吧？所以現在我會考慮我們在英國作為現有客戶群所做的事情。我認為我們在德國所做的事情是現有的客戶群。

So yes, that's really where you're seeing that improvement. And I think that's just a matter of inventory drawdown, there is without a doubt, a big push on fiber deployment. For most of the customers I talk to, their fiber acceptance rate when they're the first one in the community is very strong. And we're seeing that in our subscriber business. So I would say -- I think your question is new versus old. And I think really, if we're talking about it in the near term, it's going to be heavily driven by existing customers.

所以，是的，這確實是您看到改進的地方。我認為這只是庫存減少的問題，毫無疑問，光纖部署將得到大力推動。對於我交談過的大多數客戶來說，當他們是社群中的第一個客戶時，他們的光纖接受率非常高。我們在訂戶業務中看到了這一點。所以我想說——我認為你的問題是新問題還是舊問題。我認為，如果我們在短期內談論它，它將在很大程度上受到現有客戶的推動。

Two more for me. Is there -- I think you said you had 13 new optical customers in the quarter. Is there -- are you seeing any impact from the announced acquisition in the space? The companies that have been acquired didn't seem to do any better in the service provider business. So is share gain from them happening now? Or is that more in the future?

還有兩個給我。我想您說過本季有 13 個新的光學客戶。您認為宣布的收購對該領域有何影響嗎？被收購的公司在服務提供者業務方面似乎並沒有做得更好。那麼現在他們的股票報酬正在發生嗎？或者將來會更多嗎？

I don't think it's moving the needle now. I think -- I know that there are RFPs that have been generated that we're in a more favorable light because of the potential disruption and what happens when you try to merge product lines. But I don't think it's not near -- it didn't materially move that customer base, the add-on customers that we have.

我不認為現在有什麼進展。我認為 - 我知道已經產生了一些 RFP，因為潛在的干擾以及當您嘗試合併產品線時會發生什麼，我們處於更有利的位置。但我認為它還沒有接近——它並沒有實質地改變我們擁有的客戶群、附加客戶。

And then final one for me. I guess, in a scenario if BEAD were to just not happen, I mean, first of all, do you think that that's a possibility now given the election this week? And then secondly, how much would that impact you? How important is BEAD? Would there be other drivers in the US market if that could replace some of that if BEAD were to go away? What do you think about that?

然後是我的最後一張。我想，如果 BEAD 不會發生，我的意思是，首先，考慮到本週的選舉，您認為現在有這種可能性嗎？其次，這會對你產生多大影響？珠子有多重要？如果 BEAD 消失，美國市場上是否會有其他驅動力可以取代其中的一些驅動力？你對此有何看法？

There are multiple drivers, not just in the US, but around the world. And the fundamental driver is people want fiber. And so if there's an end-user demand, it's typically satisfied to the extent that it's not a very rural area. And you've got carriers today, some of them have been public about it, that are setting up their capital structure to deploy fiber. And you even got private equity coming in to help bolster that capital structure. So I think it's going to be built.

不僅在美國，而且在世界各地都有多個驅動程式。根本驅動力是人們對光纖的需求。因此，如果最終用戶有需求，只要所在地區不是非常農村地區，通常就能得到滿足。今天的營運商，其中一些已經公開了這一點，他們正在建立自己的資本結構來部署光纖。甚至有私募股權公司介入幫助加強資本結構。所以我認為它將被建造。

Now you can argue about the elongation of the time line depending on how rural you are. But this phenomenon that we're getting into right now is not a BEAD driven phenomenon. I think BEAD just adds fuel to that fire.

現在，您可以根據您的鄉村程度來爭論時間線的延長。但我們現在遇到的這種現象並不是 BEAD 驅動的現象。我認為 BEAD 只會火上澆油。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北國資本市場。

I want to focus on the uptick in guidance for Q4 as well, but maybe along a couple of different lines. It sounds like given the commentary on bookings and your previous comments on optical, you might expect that to grow in Q4. But anything to call out there from either a segment perspective in terms of what you see the potential to drive that sequential growth or also US versus international?

我也想關注第四季度指導的上升，但可能是沿著幾個不同的方向。聽起來，鑑於對預訂的評論以及您之前對光學的評論，您可能預計第四季度會有所增長。但從您認為推動連續成長的潛力或美國與國際市場的潛力來看，有什麼值得指出的嗎？

We are stronger international than in the US with optical. So I mean, without a doubt, Europe is growing. We expect some growth here in the US, too, and that's -- we have added some we'll call it cross-sold customers here in the US, we've started to add -- those are starting to come online. So there'll be some there. But to be honest with you, what's driving that optimism is just we've seen an increase in the booking rate. And that's pretty much across the board.

我們在光學領域的國際化程度比美國更強。所以我的意思是，毫無疑問，歐洲正在成長。我們預計美國也會出現一些成長，那就是——我們在美國增加了一些我們稱之為交叉銷售的客戶，我們已經開始添加——這些客戶已經開始上線。所以那裡會有一些。但老實說，推動這種樂觀情緒的只是我們看到預訂率上升。這幾乎是全面的。

Yeah, that's where I was going to follow up there. So you'd expect similar types of increases across segments, I guess, is what you're saying, maybe a little more biased toward Europe.

是的，這就是我要跟進的地方。因此，我想，您會期望各個細分市場出現類似類型的成長，這就是您所說的，也許更偏向歐洲。

Yeah, yes. Well, the answer is yes. I mean, if I had to -- and you're asking me to, so knowing as little as I know right now, yes, I would expect all of the segments of the business to be up in Q4.

是的，是的。嗯，答案是肯定的。我的意思是，如果我必須這樣做——而且你要求我這樣做，所以據我目前所知，是的，我預計該業務的所有部門都會在第四季度有所增長。

And I want to follow up. I think you made a comment about Q3 about large carriers increasing 10%. And I'd like to get a little more color on that. Is that commentary across segments, I guess?

我想跟進。我認為您對第三季大型營運商成長 10% 發表了評論。我想對此有更多的了解。我猜這是跨部門的評論嗎？

Yes, that's across segments. That's total business.

是的，這是跨部門的。這就是全部業務。

And you mentioned Access & Aggregation down in the quarter in the US. So I assume that large carrier commentary is probably also internationally or maybe European focused.

您提到美國本季的訪問和聚合有所下降。因此，我認為大型業者的評論可能也是國際性的，或者可能是歐洲性的。

Yes. It's literally, if I look at the large carrier segment, I think every geographic region that we serve was up. Just some were up more than others. Did you get that?

是的。從字面上看，如果我看看大型營運商細分市場，我認為我們服務的每個地理區域都在成長。只是有些人的漲幅高於其他人。你明白了嗎？

I did. Yes, trying to take notes and mute and unmute here. -- Okay. Last one for me, and I think you kind of answered this to some degree with the existing customer. But you are adding a pretty substantial number of new customers.

我做到了。是的，正在嘗試在這裡記筆記、靜音和取消靜音。 - 好的。我的最後一個問題是，我認為您在某種程度上已經向現有客戶回答了這個問題。但您正在增加相當多的新客戶。

So for looking at the quarter or quarter of the outlook, to the extent that's existing customers, are we looking at '25 -- and I distinguish between net new customers and ramps that haven't -- that have been won and haven't occurred.

因此，在審視季度或季度的前景時，就現有客戶而言，我們是否著眼於 25 年——我區分了淨新客戶和尚未贏得的客戶——那些已經贏得的客戶和尚未贏得的客戶發生。

Maybe if you look at those two categories, some of the new customers you went through here on the call as well as the ramp of deals that you mentioned that are already in process, it sounds like that should be a -- those should be '25 growth drivers more so than [NPR].

也許如果你看看這兩個類別，你在電話會議上遇到的一些新客戶以及你提到的已經在進行中的交易的增加，聽起來應該是——那些應該是「超過 25 個增長動力[美國國家公共電台]。

Yeah, absolutely. Yeah, the new growth drivers are heavily weighted. Yes, they'll be in '25. I mean the whole key to us is getting -- you know this, you've been following the business for a while. It's all about how long does it take you get through the lab. I mean that's the hardest part, and that's the hardest part to forecast. Having said that, we've got a few that are really at the very tail end of that, that will -- that should happen in the first quarter, and then they'll just be coming on after that. Does that answer your question? I'm not sure if I did.

是的，絕對是。是的，新的成長動力很重要。是的，他們會在 25 年。我的意思是，我們的關鍵是——你知道這一點，你已經關注該業務一段時間了。關鍵在於你需要多長時間才能通過實驗室。我的意思是這是最困難的部分，也是最難預測的部分。話雖如此，我們有一些確實處於最後階段，這應該發生在第一季度，然後他們就會在那之後出現。這能回答你的問題嗎？我不確定我是否做到了。

It does.

確實如此。

Bill Dezellem, Tieton Capital.

比爾·德澤勒姆，泰頓資本。

Tom, you've essentially touched on this with your answer to several different questions, but I want to very specifically ask you to discuss the meaningful deployments that are ahead of you. And I think that's the phrase that you used in your opening remarks. Would you dial into that as much as you can, please?

湯姆，您透過回答幾個不同的問題基本上已經觸及了這一點，但我想非常具體地請您討論即將進行的有意義的部署。我認為這就是您在開場白中使用的短語。請您盡可能多撥打這個電話好嗎？

Yeah. So as you're probably aware, but we have to be a little bit customer sensitive here, but we have talked about a multinational that has multiple countries that were already deployed in three of those countries. Sweden will be the last one that will be coming on hopefully towards in the first quarter of next year.

是的。正如您可能知道的那樣，但我們在這裡必須對客戶有點敏感，但我們已經討論過一家擁有多個國家/地區的跨國公司，並且已經在其中三個國家/地區部署了部署。瑞典將是最後一個預計在明年第一季登場的國家。

We have another very recent win. I don't think it's been publicly announced that will be coming on. It's hard to give a time frame on that because it's a very large carrier. Our first deployment, our first country for deployment is Spain, and then they have properties throughout the world, including South America. And so that's one that will be -- now we have to compete in each of those areas, but that will be one that I think in aggregate, it will be a very good customer.

我們最近又取得了一場勝利。我認為這不會被公開宣布。很難給出一個時間表，因為它是一家非常大的運營商。我們的第一個部署，我們第一個部署的國家是西班牙，然後他們在世界各地都有房產，包括南美洲。因此，現在我們必須在每個領域進行競爭，但我認為總的來說，這將是一個非常好的客戶。

We also have another carrier that I spoke to before that we expected to be through the lab at the end of this year. That's a Tier 1 carrier, a multinational Tier 1 carrier that I think is progressing really well. In fact, we may already be through the lab and now we're into an FOA. Those are the biggest ones.

我們還有另一家運營商，我之前曾與他們交談過，我們預計將在今年年底通過實驗室。這是一家一級運營商，一家跨國一級運營商，我認為進展非常順利。事實上，我們可能已經完成了實驗室的工作，現在我們進入了 FOA。這些是最大的。

We have some carriers both in the UK and in the US that are kind of at a different tier, but they're still material carriers. We have one that is here in the US that has started rolling out with the SDX that has very good growth plans, kind of recapitalized and are moving forward. I would say we have two of those here in the US that are doing that.

我們在英國和美國都有一些處於不同層級的營運商，但它們仍然是物質運營商。我們在美國有一家公司，它已經開始與 SDX 一起推出，它有非常好的成長計劃，進行了資本重組，並且正在向前推進。我想說，美國有兩家公司正在這麼做。

And the driver for one of them is it's basically going out and just being first in market. And they are -- without getting too much into the names, I mean, they're very well known for the activity that they've been doing. And then we have another one that's been in market for a long time, a very large Tier 2 carrier that is looking to go and upgrade their network to 10 gig. And all of those are opportunities that will come to fruition in 2025.

其中一個的驅動力是它基本上是走出去並成為市場上的第一個。他們是——我的意思是，我的意思是，他們因他們一直在做的活動而聞名。然後我們還有另一家已經上市很長時間的公司，一家非常大的二級營運商，正在尋求將其網路升級到 10 GB。所有這些機會都將在 2025 年實現。

So it's a broad mix. And then you got BEAD that just -- it's kind of hard to list the number of customers. We have a very large MSO that hopefully will be participating in a meaningful way in BEAD and then we have a bunch of other carriers as well as Tier 1s, right, in the US. So it's hard to give you a complete list. But in general, I would say '25 is looking good.

所以這是一個廣泛的組合。然後你就得到了珠子——很難列出客戶的數量。我們有一個非常大的 MSO，希望能夠以有意義的方式參與 BEAD，然後我們還有很多其他運營商以及美國的一級運營商。所以很難給你一個完整的清單。但總的來說，我想說 25 看起來不錯。

So Tom, we have followed you all for a long time. And the number of deployments that you're talking about seems significantly greater than what we would normally think of in the past. Is that a fair perspective? And so essentially, we're now transitioning from this difficult drought, if you will, due to the inventory reduction that's taking place across the industry to almost the opposite where the monsoons are coming with many, many deployments. Are we thinking about that right?

湯姆，我們關注你們很久了。您所談論的部署數量似乎比我們過去通常認為的要多得多。這是一個公平的觀點嗎？因此，從本質上講，我們現在正在從這場嚴重的乾旱過渡，如果你願意的話，由於整個行業正在減少庫存，而季風帶來了許多部署，幾乎相反。我們這樣想對嗎？

I hesitate with the term monsoon because I'm just such a -- I tend not to like to trade. But in general, I agree with your sentiment. Yeah. I mean we have never had this many opportunities where we have -- this is not opportunities that were in RFP. This is opportunities that we've won, but we've never had that many come online.

我對季風這個詞猶豫不決，因為我就是這樣——我不太喜歡交易。但總的來說，我同意你的觀點。是的。我的意思是，我們從來沒有擁有過這麼多的機會——這不是 RFP 中的機會。這是我們贏得的機會，但我們從未有過這麼多機會上線。

I mean if you look at all of the opportunities that we've talked about over the last year, 1.5 years or so, right, one of them is really in full deployment. One of them has just started in full deployment and all the rest are at different stages, including some that were at the tail end of getting into deployment. So I would say, absolutely, yes.

我的意思是，如果你看看我們在過去一年（1.5 年左右）討論過的所有機會，對吧，其中一個確實正在全面部署。其中一個剛開始全面部署，其餘所有都處於不同階段，包括一些處於部署末期的階段。所以我想說，絕對是的。

In the US, I think we've been through somewhat of a slow period. And you've gone through kind of a recapitalization period with some of these carriers, and now they're out and their whole mission in life is to deploy fiber. And as if you follow the industry for any period of time, we have never seen such a wholesale move towards a new access technology ever, right? It's just never been there. And you have government stimulus that may or may not come. I think it's going to be really, really hard to unwind. But I would not say it couldn't be unwound because things that you think can't get done, get done sometimes.

在美國，我認為我們經歷了一段緩慢的時期。其中一些營運商經歷了資本重組時期，現在他們已經退出，他們的全部使命就是部署光纖。如果您關注該行業一段時間，我們從未見過如此大規模地轉向新的接入技術，對吧？只是從來沒有出現過。政府的刺激措施可能會也可能不會。我認為放鬆下來真的非常非常困難。但我不會說它不能解除，因為你認為無法完成的事情有時會完成。

But it does not all change the underlying driver, which is people want fiber connectivity and they'll pay for it. And so I think the premise of your statement is correct. I hope it's a monsoon. I'll be -- I'd love to go out and sit in the rain.

但這並沒有完全改變根本的驅動因素，即人們想要光纖連接並且他們會為此付費。所以我認為你的說法的前提是正確的。我希望這是季風。我會——我很想出去坐在雨中。

Ryan Koontz, Needham & Company.

瑞恩‧孔茨 (Ryan Koontz)，李約瑟公司。

Most of my questions have been answered, but maybe, Tom, one last swing at the US broadband business, and let's call it your run rate business, not new customers, not BEAD related. But just think about '25 with your existing customer base. What is your view on that? Are there some setbacks there?

我的大部分問題都已得到解答，但湯姆，也許是美國寬頻業務的最後一擊，我們稱之為運行率業務，而不是新客戶，與 BEAD 無關。但想想 25 年您現有的客戶群。您對此有何看法？那裡有一些挫折嗎？

Are there still some of these Tier 2s that are going through a recap or going through a PE acquisition that are still sounding like softer next year? Or do you think your run rate business from '24 to '25 looks pretty stable and can see some growth.

是否還有一些正在經歷回顧或正在進行私募股權收購的二級企業，明年聽起來仍然會更加疲軟？或者您認為您的運行率業務從 24 年到 25 年看起來相當穩定並且可以看到一些增長。

Yeah. All right. So taking BEAD out is kind of a BEAD takeout because it's hard to know how much of the environment is being impacted today by BEAD anticipation. So it's kind of an unknown probably weight that's on the market that if BEAD doesn't happen, then that weight goes away, right?

是的。好的。因此，取消 BEAD 就等於取消 BEAD，因為很難知道今天的環境有多少受到 BEAD 預期的影響。因此，市場上存在一種未知的可能重量，如果 BEAD 沒有發生，那麼該重量就會消失，對吧？

So I do think you have people that are thinking, "Hey, let me figure out what BEAD opportunities I'm going after and how aggressively I have to bid before I kind of set in stone my entire capital plan." So that weight is on there today.

因此，我確實認為有人會想，“嘿，讓我弄清楚我正在尋找哪些 BEAD 機會，以及在我確定整個資本計劃之前我必須積極出價。”所以今天的重量就在那裡。

So if you take BEAD out and say that BEAD is gone and that weight is gone, I guess, maybe the easiest way to answer it is I don't know of any customer today that's a material customer to us that I would expect softer. I don't see softer. There may be some that end up being (multiple speakers)

因此，如果你把珠子拿出來，說珠子消失了，重量也消失了，我想，也許最簡單的回答方法是，我不知道今天有哪個客戶對我們來說是一個重要的客戶，我希望它能變得更軟。我沒看到更柔和的。可能有一些最終會成為（多個發言者）

No, I'm (inaudible) that the BEAD goes way, but it certainly could be delayed, right, with the change in administration and it could move completely out '25.

不，我（聽不清楚）認為 BEAD 會成功，但隨著政府的更迭，它肯定會被推遲，對吧，它可能會在 25 年完全退出。

It could. But I think -- I do believe, and I could be wrong here, but I do believe the BEAD weight on capital spending is already in place. So softer would be difficult. I mean you can only be softer for so long before you have a problem, right? At some point in time, somebody is going to overbuild that. Unless it's a really real rural area, right? I think there is just a demand driver that is somewhat of a kind of constant pressure on getting something built.

可以的。但我認為——我確實相信，而且我可能是錯的，但我確實相信資本支出的 BEAD 權重已經就位。所以軟化會很困難。我的意思是，在出現問題之前，你只能軟弱一段時間，對吧？在某個時間點，有人會過度建造它。除非是真正的農村地區，對吧？我認為只有一個需求驅動因素，在某種程度上是建造某些東西的持續壓力。

Yeah. And of that run rate business that you have in the US this year, how is it kind of roughly split between Tier 1, Tier 2, Tier 3 for you? Can you remind us?

是的。今年您在美國的營運率業務中，您的第一級、第二級、第三級大致上是如何劃分的？你能提醒我們嗎？

This year, it has been definitely more Tier 2, Tier 3, less Tier 1. I think you understand the reason.

今年，Tier 2、Tier 3 肯定更多，Tier 1 更少。我想你明白其中的原因。

Yeah. And then on the optical side, can you remind us where you're seeing the most traction for the products that you acquired through ADVA? Like which -- where is your wheelhouse? If you look at that big optical business, what applications are you seeing the most traction with? Is it more like --

是的。然後在光學方面，您能否提醒我們您透過 ADVA 購買的產品在哪些方面最有吸引力？例如——你的駕駛室在哪裡？如果您觀察一下大型光學業務，您發現哪些應用程式最受關注？是不是更像--

It's metro edge. There is some growth on the enterprise side for secure optical, but it's metro edge, large enterprise. And in metro edge, I would lump backhaul of aggregation networks. That's our sweet spot. We're strong in pretty much all of Europe, including the large carriers. And then it's being introduced into the Tier 3, and we're seeing positive movement in the Tier 3 space here as people start to figure out how they're going to backhaul their networks.

這是地鐵邊緣。安全光學在企業方面有一些成長，但它是城域邊緣的大型企業。在城域邊緣，我會集中聚合網路的回程。那是我們的甜蜜點。我們幾乎在整個歐洲都很強大，包括大型航空公司。然後它被引入到第 3 層，隨著人們開始弄清楚如何回程網絡，我們看到第 3 層空間出現了積極的變化。

One last question here. Can you update us on your thinking around the minority shares in terms of where that is now on the balance sheet and what your thinking is forward? Are you seeing redemptions? And I know the -- what can you comment that you can share with investors about what your plan is there?

最後一個問題。您能否向我們介紹一下您對少數股的最新看法，包括少數股現在在資產負債表上的位置以及您的未來想法？你看見救贖了嗎？我知道——您能與投資者分享您的計劃有何評論？

Yeah. I mean so there's a bunch of shareholders. There are some fairly large ones that we stay in contact with. I don't think the mindset on those investors have changed. The typical redemptions, we do see redemptions from time to time. We did see a redemption, but it was a very unique case.

是的。我的意思是，有很多股東。我們與一些相當大的公司保持聯繫。我認為這些投資者的心態沒有改變。典型的贖回，我們確實時常看到贖回。我們確實看到了救贖，但這是一個非常獨特的案例。

This last quarter, really no change. I mean we -- right now, our mission with our capital plan, to be honest with you, is pay down our debt. When we pay down the debt, we have the ability then to figure out what we want to do over time, we plan on taking those shares and taking them off the market, but that's -- our first thing right now is just get rid of our debt.

最後一個季度，確實沒有變化。我的意思是，老實說，我們現在的資本計畫使命是償還我們的債務。當我們還清債務時，我們就有能力弄​​清楚隨著時間的推移我們想要做什麼，我們計劃將這些股票撤出市場，但那是 - 我們現在的第一件事就是擺脫我們的債務。

George Notter, Jefferies.

喬治諾特，傑弗里斯。

Just a quick one. I noticed that your DSO calculation was down, I think, five days. Is there an improvement in linearity here? Or is there improvement in collections? Or what drove that?

只是快一點。我注意到你的 DSO 計算結果下降了五天。這裡的線性有改善嗎？或者說收藏方面有進步嗎？或者是什麼推動了這一點？

Uli.

烏利.

Yeah. It's just -- essentially, it's customer mix. And then, of course, we put a lot of effort in collections also, but it's just the result of how customers fall and how our shipments fall. Sometimes in our industry, it's usually quarters are pretty much back-end loaded. And sometimes it moves the needle in the one or the other direction.

是的。本質上，這是客戶組合。當然，我們也在產品系列上投入了許多精力，但這只是客戶數量下降和我們的出貨量下降的結果。有時在我們的行業中，通常有很多季度都在後端加載。有時它會使針向一個或另一個方向移動。

Yeah. I think linearity probably got a little bit better, George, but I don't think it materially changed. I think it's still back-end loaded.

是的。我認為線性可能會好一點，喬治，但我不認為它有實質改變。我認為它仍然是後端加載的。

Okay. All right. It looks like we are out of questions. Thank you very much for joining us on the call this morning, and we look forward to talking to you next quarter.

好的。好的。看來我們已經沒有問題了。非常感謝您今天早上參加我們的電話會議，我們期待下個季度與您交談。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。