ADTRAN Holdings Inc (ADTN) 2025 Q1 法說會逐字稿

Good morning. My name is Sarah, and I will be your conference operator. At this time, I would like to welcome everyone to ADTRAN Holdings first-quarter 2025 financial results conference call. (Operator Instructions)

早安.我叫莎拉，我將擔任您的會議接線生。現在，我歡迎大家參加 ADTRAN Holdings 2025 年第一季財務業績電話會議。（操作員指示）

Mr. Peter Schuman, Vice President, Investor relations. You may begin your conference.

投資人關係副總裁 Peter Schuman 先生。您可以開始您的會議了。

Thank you, Sarah. Welcome and thank you for joining us today for ADTRAN Holdings first-quarter 2025 financial results conference call, and welcome to all those joining by webcast. During the conference call, ADTRAN representatives will make forward-looking statements that reflect management's best judgment based on factors currently known. However, these statements involve risk and uncertainties, including those 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 our forward-looking statements which may be made during the conference call.

謝謝你，莎拉。歡迎並感謝您今天參加 ADTRAN Holdings 2025 年第一季財務業績電話會議，也歡迎所有透過網路直播參加的人士。在電話會議期間，ADTRAN 代表將根據目前已知的因素做出反映管理層最佳判斷的前瞻性陳述。然而，這些聲明涉及風險和不確定性，包括我們的收益報告、10-K 表年度報告以及我們向美國證券交易委員會提交的文件中詳細說明的風險和不確定性。這些風險和不確定性可能導致實際結果與我們在電話會議期間所做的前瞻性陳述中的結果有重大差異。

We undertake no obligation to update any statements to reflect events that occur after this call. During today's call, we refer to certain non-GAAP financial measures, reconciliations of non-GAAP to GAAP measures, and certain additional information are included in our investor presentation earnings release. We have not provided reconciliations of our second quarter 2025 outlook with regard to non-GAAP operating margin because we cannot predict and quantify without unreasonable effort all of the adjustments that may occur during the period.

我們不承擔更新任何聲明以反映本次電話會議後發生的事件的義務。在今天的電話會議中，我們參考了某些非公認會計準則財務指標、非公認會計準則與公認會計準則指標的對賬，並且某些附加資訊包含在我們的投資者演示收益報告中。我們沒有提供關於非 GAAP 營業利潤率的 2025 年第二季度展望的對賬，因為我們無法在不付出不合理努力的情況下預測和量化該期間可能發生的所有調整。

The investor presentation has been updated and is available for download on the ADTRAN investor relations website. In addition, the financial measures discussed during the conference call are preliminary estimates.

投資者介紹已更新，可在 ADTRAN 投資者關係網站上下載。此外，電話會議中討論的財務指標只是初步估計。

Turning to the agenda, Tom Stanton, ADTRAN Holdings CEO and Chairman of the board, will provide key investment highlights for the first quarter of 2025. Tim Santo, our Senior Vice President and CFO, will review the quarterly financial performance in detail in our second quarter 2025 outlook, and then we will take any questions you may have. I'd now like to turn the call over to Tom Stanton.

談到議程，ADTRAN Holdings 執行長兼董事會主席湯姆·斯坦頓 (Tom Stanton) 將提供 2025 年第一季的主要投資亮點。我們的高級副總裁兼財務長 Tim Santo 將在 2025 年第二季展望中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。現在我想把電話轉給湯姆史丹頓。

Thank you, Peter. Good morning, everyone. Before we discuss the quarterly results, I'd like to introduce Tim Santo, our new CFO, who joined ADTRAN in early March.

謝謝你，彼得。大家早安。在我們討論季度業績之前，我想介紹一下我們的新任財務長 Tim Santo，他於 3 月初加入 ADTRAN。

Tim was brought on board because of his extensive experience in finance and operational leadership, including more than a decade in leadership roles at General Electric. He has over 25 years of international experience in finance, accounting, and operations across multiple industries.

提姆之所以加入公司，是因為他在財務和營運領導方面擁有豐富的經驗，包括在通用電氣擔任十多年的領導職務。他在多個行業的財務、會計和營運方面擁有超過 25 年的國際經驗。

I would also like to take this opportunity to thank Uli Dopfer for his significant contributions and leadership. ADTRAN's first quarter performance highlighted our improved operating efficiency and our strength in our business model. We delivered solid results with improvements across several key operating metrics.

我也想藉此機會感謝烏利·多普費爾 (Uli Dopfer) 的重大貢獻和領導。ADTRAN 第一季的業績凸顯了我們提高的營運效率和我們商業模式的優勢。我們取得了穩健的業績，多項關鍵營運指標均有所改善。

Revenue exceeded typical first quarter patterns showing growth both sequentially and year over year. This increase reflects heightened customer activity and strong execution by our team.

營收超過了典型的第一季模式，季比和年比均有所成長。這一成長反映了客戶活動的增加和我們團隊的強大執行力。

Our non-GAAP gross margin remains strong, and non-GAAP operating profit was at the high end of our guidance range. We also generated a robust $41.6 million in cash from operations and $22.9 million in free cash flow.

我們的非公認會計準則毛利率依然強勁，非公認會計準則營業利潤處於我們預期範圍的高端。我們還產生了 4,160 萬美元的強勁營運現金流和 2,290 萬美元的自由現金流。

We continue to believe that 2025 will be a year of accelerating performance, and this should translate to meaningful cash generation, which is a significant, which is a key strategic priority for us.

我們仍然相信，2025 年將是業績加速成長的一年，這將轉化為有意義的現金創造，這對我們來說意義重大，是一項關鍵的策略重點。

Let me talk a little bit about tariffs. In the near term, the impact of tariffs is expected to be minimal. Post 90 days, we are one of the few manufacturers that own and operate our own facilities, which puts us in a stronger position to respond effectively to policy changes.

讓我稍微談談關稅問題。短期內，關稅的影響預計很小。90 天后，我們是少數擁有並經營自己的設施的製造商之一，這使我們能夠更有效地應對政策變化。

Although the environment is continuously evolving and the mid to long-term effects from tariffs remain uncertain, ADTRAN is well positioned to adapt thanks to our global customer base and diverse supply chain.

儘管環境不斷變化，關稅的中長期影響仍不確定，但憑藉我們遍布全球的客戶群和多樣化的供應鏈，ADTRAN 已做好充分的適應準備。

Over the years, we have built a durable global network with manufacturing capabilities across the US and Europe. We are actively managing production transfers and enhancing logistics to optimize our supply chain and navigate the evolving trade policies.

多年來，我們建立了持久的全球網絡，製造能力遍及美國和歐洲。我們正在積極管理生產轉移並加強物流，以優化我們的供應鏈並應對不斷變化的貿易政策。

Our manufacturing strategy is focused on diversifying geographies and operational flexibility. I am incredibly proud of our manufacturing and logistics teams for their swift, decisive actions in handling these challenges.

我們的製造策略注重地域多樣化和營運靈活性。我對我們的製造和物流團隊在應對這些挑戰時所採取的迅速、果斷的行動感到無比自豪。

Their efforts have been instrumental in minimizing disruption and controlling costs, demonstrating the strength and flexibility of our operations.

他們的努力對於最大限度地減少干擾和控製成本起到了重要作用，展現了我們營運的實力和靈活性。

Now turning to the quarterly results, that ADTRAN's revenue of $247.7 million was above the midpoint of our previous guidance with all three of our product categories achieving year over year growth. This progress reinforces the strength across our networking portfolio that spans from the optical core to the customer premise.

現在來看看季度業績，ADTRAN 的營收為 2.477 億美元，高於我們先前預期的中點，我們的三個產品類別均實現了同比增長。這項進展增強了我們從光纖核心到客戶端的網路產品組合的實力。

We delivered particularly strong growth in our access and aggregation solution segment with 23% sequential and 10% year over year growth.

我們的接取和聚合解決方案領域實現了尤為強勁的成長，環比成長 23%，較去年同期成長 10%。

This performance was driven by fiber footprint expansion initiatives and 10 gig network upgrade cycles, especially with our large European and 2 tier 2 US service providers. Despite broader global economic uncertainties, the demand for high-speed fiber broad-based broadband services remains strong.

這項業績得益於光纖覆蓋範圍擴展計畫和 10 千兆網路升級週期，尤其是與我們的大型歐洲服務供應商和 2 家美國二級服務供應商的合作。儘管全球經濟不確定性增加，但對高速光纖寬頻服務的需求依然強勁。

Thanks to our differentiated portfolio and strong regional presence in the US and Europe, ADTRAN continues to be a preferred partner.

憑藉我們差異化的產品組合以及在美國和歐洲的強大區域影響力，ADTRAN 繼續成為首選合作夥伴。

Our optical networking solutions category grew 4% year over year with a 21% year over year increase in the US market. Although we maintain a positive outlook for all of our optical cost customers, the highest year over year growth in optical has been with our enterprise, government, and internet content provider customers.

我們的光網路解決方案類別年增 4%，其中美國市場年增 21%。儘管我們對所有光纖成本客戶都保持樂觀態度，但光纖年增率最高的是企業、政府和網路內容供應商客戶。

With ongoing vendor consolidation in the optical market and industry-wide shift away from high-risk vendors, and all customers essentially having completed their inventory reductions, we are well positioned for further growth in the optical networking solutions category.

隨著光學市場供應商的持續整合以及整個行業從高風險供應商的轉變，以及所有客戶基本上都已完成庫存減少，我們在光網絡解決方案類別中已做好準備實現進一步增長。

Our subscriber solutions category grew 15% year over year. This growth was driven by increased sales of residential gateways and ONTs as our service providers continue to have success in connecting more homes and businesses with fiber.

我們的用戶解決方案類別較去年同期成長了 15%。隨著我們的服務供應商繼續成功地透過光纖連接更多的家庭和企業，住宅網關和 ONT 的銷售額不斷增長，推動了這一成長。

The outlook for subscriber solutions is closely correlated to our success in passing more homes and businesses with our fiber access platforms.

用戶解決方案的前景與我們透過光纖接入平台覆蓋更多家庭和企業的成功密切相關。

With high demand for Wi-Fi 7 platforms, continued customer adoption of fiber-based broadband and wholesale services, and continued innovation in our complementary software platforms, we are confident that we can drive further growth in this category.

隨著對 Wi-Fi 7 平台的需求不斷增長、客戶對光纖寬頻和批發服務的持續採用以及我們互補軟體平台的持續創新，我們有信心推動這一類別的進一步成長。

The year over year growth across each of these three major categories is a direct reflection of both the strength of our portfolio. And the ability of our sales teams to better position -- our complete offerings.

這三大類別的年成長直接反映了我們投資組合的實力。我們的銷售團隊能夠更好地定位我們的全部產品。

We‘re encouraged by the traction we are seeing as more customers recognize the value of our integrated solutions and the depth of our integrate our innovation across access, optical and subscriber platforms.

隨著越來越多的客戶認識到我們的整合解決方案的價值以及我們在存取、光學和用戶平台上整合創新的深度，我們看到了令人鼓舞的進展。

Underscoring that progress during the quarter, we added another large service provider to our European customer base as we are awarded a share of both the fiber access and optical transport businesses.

為了強調本季的進展，我們在我們的歐洲客戶群中增加了另一家大型服務供應商，因為我們獲得了光纖存取和光傳輸業務的份額。

This large national service provider located in southern Europe is a new customer to ADTRAN, and they specifically selected us for our strong regional presence paired with a complete portfolio offering spanning the optical core to the customer premise.

這家位於南歐的大型國家服務供應商是 ADTRAN 的新客戶，他們之所以選擇我們，是因為我們擁有強大的區域影響力以及涵蓋光纖核心到客戶端的完整產品組合。

Continuing with the theme of growing our business in Europe, we had another large service provider in the region select us for two key optical projects, one for mobile backhaul and another one for mobile fronthaul. This is an operator where we are already an incumbent transport access vendor, and they see the value in expanding their business with a more scaled solutions partner.

我們繼續在歐洲拓展業務，該地區的另一家大型服務提供商選擇我們開展兩個關鍵的光學項目，一個用於移動回程，另一個用於移動前傳。我們已經是該營運商的現任傳輸接取供應商，他們看到了與更具規模的解決方案合作夥伴一起擴展業務的價值。

Moving to the US, our cross-selling strategy continues to pay off. We recently had a couple of our high growth US national service providers.

轉向美國，我們的交叉銷售策略繼續獲得回報。我們最近有幾家美國國家服務提供者實現了高成長。

Both of whom were incumbent access -- we are both, an incumbent Access lender for both of those, expand their business with us.

他們兩家都是現任准入方——我們也是他們兩家的現任准入貸款方，我們幫助他們拓展業務。

One customer selected us for new optical transport deployments moving forward, and the other one selected us for carrier Ethernet business moving forward.

一個客戶選擇我們來推進新的光傳輸部署，另一個客戶選擇我們來推進營運商乙太網路業務。

These examples are representative of the encouraging trends we are increasingly having success leveraging our relationships and synergies in one portion of our portfolio to have success in other areas. These portfolio synergies start with a Mosaic software suite, which automates and simplifies the provisioning and monitoring of our solutions that span from the optical core to the customer premise.

這些例子代表了令人鼓舞的趨勢，我們正越來越多地利用我們投資組合中某一部分的關係和協同效應來在其他領域取得成功。這些產品組合協同效應始於 Mosaic 軟體套件，該套件可自動化並簡化從光纖核心到客戶端的解決方案的配置和監控。

One example of this software is with our optical monitoring solutions that only provide real-time in-service monitoring of transport networks. But can now extend that visibility all the way to the customer premises and point to multipoint PON networks.

該軟體的一個例子是我們的光學監控解決方案，它僅提供傳輸網路的即時線上監控。但現在可以將這種視覺性擴展到客戶端和點對多點 PON 網路。

This solution was selected for an innovation award by the fiber to the Home Council Europe in March, alongside a separate award for 50 gig on solution.

該解決方案於 3 月被歐洲光纖到戶委員會評為創新獎，同時也獲得了 50G 解決方案的單獨獎項。

Our portfolio innovation and customer momentum remain strong. More customers continue to turn to ADTRAN to provide turnkey fiber networking solutions that scale from the optical core to the customer premise while delivering best in class subscriber experiences through improved insight and automation.

我們的產品組合創新和客戶發展動能依然強勁。越來越多的客戶繼續轉向 ADTRAN 提供從光纖核心到客戶端的交鑰匙光纖網路解決方案，同時透過改進的洞察力和自動化提供一流的用戶體驗。

In summary, our quarter end performance was at the higher end of guidance, giving us confidence that improving market conditions combined with continued solid execution will drive and increased cash generation. We delivered above seasonal revenue and improved profitability with strong booking trends that give us optimism for continued positive momentum.

總而言之，我們的季度末業績處於預期的高位，這讓我們有信心，不斷改善的市場條件加上持續穩健的執行力將推動並增加現金創造。我們實現了高於季節性的收入，並提高了盈利能力，強勁的預訂趨勢讓我們對持續的積極勢頭充滿信心。

Our customer base continues to expand and we're developing strategic platforms with significant opportunities still ahead of us, both in the US and Europe. Importantly, our product portfolio has never been stronger.

我們的客戶群不斷擴大，我們正在開發戰略平台，無論在美國或歐洲，我們面前仍有巨大的機會。重要的是，我們的產品組合從未如此強大。

Fiber infrastructure growth remains strong, fueled by our customer expansion initiatives, vendor consolidation, a broad shift away from high risk Chinese vendors, and new investments focused on AI-driven networking.

光纖基礎設施成長依然強勁，這得益於我們的客戶擴展計劃、供應商整合、遠離高風險中國供應商的廣泛轉變以及專注於人工智慧驅動網路的新投資。

Given our strong performance this past quarter and improving outlook, we remain confident in our long-term operating targets, including gross margins in the low to mid-40% range, and operating profit margins in the low double digits.

鑑於我們上個季度的強勁表現和不斷改善的前景，我們對我們的長期營運目標仍然充滿信心，包括 40% 左右的毛利率和 40% 左右的營業利潤率。

Double digits. While the frequent shifts in proposed government policies create potential for uncertainty, ADTRAN is uniquely well positioned to navigate market changes. Thanks to our globally diverse supply chain, operational flexibility, and strong customer relationships, we believe we are better insulated than most of our competitors.

兩位數。儘管政府政策的頻繁變化帶來了不確定性，但 ADTRAN 具有獨特的優勢來應對市場變化。由於我們擁有全球多元化的供應鏈、營運靈活性以及強大的客戶關係，我們相信我們比大多數競爭對手更有優勢。

We are actively managing the evolving tariff landscape and are focused on minimizing the impact to our business and to our customers.

我們正在積極管理不斷變化的關稅格局，並致力於盡量減少對我們的業務和客戶的影響。

With that, I will turn the call over to Tim, our CFO, to walk you through the financial results for the first quarter, and then following Tim's remarks, we'll open up to any questions you may have.

接下來，我將把電話轉給我們的財務長提姆，讓他向您介紹第一季度的財務業績，然後在提姆發言之後，我們將解答您可能提出的任何問題。

Tim?

提姆？

Thank you, Tom, and thank you everyone for joining us on the call this morning. Before I walk through our preliminary financial results for Q1 2025 and discuss our expectations for Q2 2025, I'd like to take a moment to introduce myself and offer a little perspective on why I chose ADTRAN.

謝謝你，湯姆，也謝謝大家今天早上參加我們的電話會議。在我介紹 2025 年第一季的初步財務表現並討論我們對 2025 年第二季的預期之前，我想花點時間介紹一下自己，並簡單說明一下我選擇 ADTRAN 的原因。

So I've been with the company for just two months. I have had an opportunity to engage with many of our investors, analysts, and team members. These early conversations have been incredibly valuable as I continue to listen, learn, and build a deeper understanding of the business.

我來這家公司才兩個月。我有機會與我們的許多投資者、分析師和團隊成員進行交流。這些早期的對話非常有價值，因為我可以繼續傾聽、學習並加深對業務的了解。

What drew me to ADTRAN was the strong alignment between my background, the company's strategic priorities, and the opportunity to join a growing technology company with strong potential in an attractive market.

我加入 ADTRAN 的原因是，我的背景、公司的策略重點以及加入一家在有吸引力的市場中擁有強大潛力的成長型科技公司的機會高度契合。

Over the past 25 years, I have led corporate finance, accounting, and treasury functions across both global enterprises and transformation-focused organizations. My work is consistently centered on financial discipline, simplifying capital structures, and enabling strategic execution.

在過去的 25 年裡，我領導了全球企業和以轉型為重點的組織的企業財務、會計和財務職能。我的工作始終以財務紀律、簡化資本結構和實現策略執行為中心。

Looking ahead, my priorities are clear, strengthening our capital structure, continuing to enhance the finance organization, and deepening engagement with our external stakeholders. These are essential elements in positioning ADTRAN to drive long-term sustainable value for our stockholders.

展望未來，我的首要任務很明確：加強我們的資本結構，持續加強財務組織，並深化與外部利害關係人的合作。這些都是 ADTRAN 為股東創造長期永續價值的重要因素。

With that, let's dive into the financial results for the first quarter of 2025. We began the year with a stronger than typical first quarter performance, exceeding seasonal trends amid a gradually improving industry environment.

接下來，讓我們深入了解 2025 年第一季的財務表現。今年第一季我們的業績表現強於往年，在產業環境逐漸改善的背景下，業績超越了季節性趨勢。

As market conditions continue to improve, combined with recent customer wins, we are beginning to recognize the benefits of scale in our business. ADTRAN delivered revenue of $247.7 million for the first quarter, representing a year over year revenue increase of $21.6 million or approximately 10%.

隨著市場條件的不斷改善，加上最近客戶的勝利，我們開始認識到業務規模帶來的好處。ADTRAN 第一季營收為 2.477 億美元，年增 2,160 萬美元，增幅約 10%。

This is up $4.9 million or 2% sequentially demonstrating our outside seasonal trends while underscoring ongoing strength across several key areas of the business and exceeding the midpoint of our guidance. Our network solution segment contributed revenue of $202.2 million, accounting for approximately 82% of total revenue in Q1, compared to 80% in the prior year.

這比上一季成長了 490 萬美元或 2%，這反映了我們的外部季節性趨勢，同時強調了業務幾個關鍵領域的持續強勁成長，並超越了我們預期的中點。我們的網路解決方案部門貢獻了 2.022 億美元的收入，約佔第一季總收入的 82%，而去年同期為 80%。

Our services and support segment generated $45.5 million of revenue, representing 18% of revenue in Q1 2025 compared to 20% in Q1 2024.

我們的服務和支援部門創造了 4,550 萬美元的收入，佔 2025 年第一季收入的 18%，而 2024 年第一季為 20%。

Moving on to the product categories, access and aggregation delivered revenue of $89.1 million or approximately 36% of total revenue and increased 10% year over year.

談到產品類別，訪問和聚合業務的收入為 8,910 萬美元，約佔總收入的 36%，年增 10%。

Our optical networking solutions category was $78.2 million or 32% of total revenue. This was higher by 4% year over year. Subscribers was $80.4 million or 32% of total revenue, increasing 15% year over year. Geographically, non-US revenue accounted for 58% of the total, while US revenue comprised 42%.

我們的光網路解決方案類別收入為 7,820 萬美元，佔總收入的 32%。與去年同期相比，這一數字成長了 4%。訂閱用戶營收為 8,040 萬美元，佔總營收的 32%，較去年同期成長 15%。從地理上看，美國以外地區的收入佔總收入的 58%，而美國地區的收入則佔 42%。

Additionally, one customer represented more than 10% of our Q1 revenue. Non-GAAP gross margin during the quarter was 42.6%, an increase of 146 basis points sequentially, and 193 basis points year over year, resulting from favorable product and customer mix.

此外，有一位客戶貢獻了我們第一季營收的 10% 以上。本季非公認會計準則毛利率為 42.6%，比上一季增加 146 個基點，比去年同期增加 193 個基點，這得益於良好的產品和客戶組合。

Non-GAAP operating expenses in Q1 were $95.5 million compared to $94 million in Q4 2024. And $102.7 million in Q1 2024. This year over year reduction of $7.2 million reflects the positive impact of our business efficiency program.

第一季非公認會計準則營運費用為 9,550 萬美元，而 2024 年第四季為 9,400 萬美元。2024 年第一季為 1.027 億美元。與去年同期相比，這項減少 720 萬美元反映了我們的業務效率計畫的正面影響。

For Q1, our non-GAAP operating profit was $10.1 million or 4.1% of revenue, slightly above the high end of our guidance range. This compares to a non-GAAP operating profit of $6 million or 2.5% of revenue in Q4 2024 and an operating loss of $10.7 million in the first quarter of 2024.

第一季度，我們的非公認會計準則營業利潤為 1,010 萬美元，佔收入的 4.1%，略高於我們的預期範圍的高端。相較之下，2024 年第四季非公認會計準則營業利潤為 600 萬美元，佔營收的 2.5%，2024 年第一季營業虧損為 1,070 萬美元。

The year over year improvement in operating margin and profitability was driven by higher revenue and gross profit dollars coupled with lower operating expenses and strong discipline in managing our fixed costs due to our increased productivity from last year's business efficiency efforts.

營業利潤率和盈利能力的同比增長得益於更高的收入和毛利，加上更低的營運費用，以及由於去年業務效率努力提高生產力而對固定成本進行嚴格管理。

On a sequential basis, the increase in operating margin and profitability reflects higher revenue and gross margin, translating into greater gross profit dollars.

從環比來看，營業利潤率和獲利能力的提高反映了更高的收入和毛利率，從而轉化為更高的毛利。

Non-GAAP tax expense in Q1 2025 was $1.7 million or an effective non-GAAP tax rate of 26.3%. We generated non-GAAP net earnings of $2.4 million during Q1, or $0.03 on an earnings per share basis.

2025 年第一季非公認會計準則稅費為 170 萬美元，有效非公認會計準則稅率為 26.3%。我們在第一季實現了 240 萬美元的非 GAAP 淨收益，或每股收益 0.03 美元。

This compares to non-GAAP net loss of $1.7 million or a loss of $2.02 per share in Q4 2024 and a net loss of $16.1 million or a loss of $0.20 per share in Q1 2024.

相比之下，2024 年第四季非 GAAP 淨虧損為 170 萬美元或每股虧損 2.02 美元，2024 年第一季淨虧損為 1,610 萬美元或每股虧損 0.20 美元。

Turning to the balance sheet and cash flow statement, in the first quarter, we continue to make meaningful progress in strengthening our financial position. Networking capital improved by $19.1 million quarter over quarter to $250.1 million. This improvement was supported by stronger collections and improved inventory management.

談到資產負債表和現金流量表，第一季度，我們在加強財務狀況方面繼續取得有意義的進展。網路資本比上一季增加了 1,910 萬美元，達到 2.501 億美元。這項改善得益於更強的收款能力和改進的庫存管理。

Trade accounts receivable were $166.5 million at quarter end, resulting in DSO of 60 days, a notable improvement from 67 days in the prior quarter. Inventory levels declined to $254.1 million at the end of the quarter, a decrease of $7.6 million sequentially.

本季末，應收貿易帳款為 1.665 億美元，DSO 為 60 天，較上一季的 67 天有顯著改善。本季末庫存水準下降至 2.541 億美元，季減 760 萬美元。

Correspondingly, the inventory outstanding decreased by 9 days to 152 days in Q1. Accounts payable stood at $170.5 million with DPOs increasing by 2 days sequentially to 74 days. These working capital improvements contributed to an increase in operating cash flow, which came in at $41.6 million up from $4.6 million in Q4 '24. This increase was driven by lower GAAP net losses, improved collections, and reduced inventory levels.

相應地，第一季庫存未清償天數減少9天至152天。應付帳款為 1.705 億美元，DPO 週期較上季增加 2 天，達到 74 天。這些營運資本的改善促進了營運現金流的增加，從 24 年第四季的 460 萬美元增加到 4,160 萬美元。這一增長是由 GAAP 淨虧損減少、收款增加和庫存水準降低所推動的。

Working capital improved significantly year over year, lower by $95.9 million as a result of the benefits of lower inventories, improved collections, and higher payables. We had free cash flow of $22.9 million for Q1 2025, a strong turnaround from negative $10.4 million in Q4 2024.

營運資本年比大幅改善，由於庫存減少、收款改善和應付款項增加，營運資本減少了 9,590 萬美元。2025 年第一季度，我們的自由現金流為 2,290 萬美元，較 2024 年第四季的負 1,040 萬美元實現強勁扭轉。

The improvement reflects the strength and operating cash flow and tighter working capital management. At the end of Q1, cash and cash equivalents were $101.3 million, a sequential increase of $23.8 million, representing a significant improvement in our liquidity position. Strengthening our balance sheet remains a key strategic priority in 2025.

這項改善反映了強勁的經營現金流和更嚴格的營運資本管理。第一季末，現金和現金等價物為 1.013 億美元，環比增加 2,380 萬美元，這意味著我們的流動性狀況顯著改善。加強我們的資產負債表仍然是 2025 年的關鍵策略重點。

As previously communicated, we're working to monetize certain non-core assets, including corporate real estate. While the sale of our Huntsville campus has taken longer than initially anticipated, discussions with potential buyers have advanced. To be clear, we have firm offers in hand for each of the towers. However, we'll only sign when we believe that shareholder value has been maximized.

正如之前所傳達的，我們正在努力將某些非核心資產貨幣化，包括企業房地產。雖然我們亨茨維爾園區的出售時間比最初預期的要長，但與潛在買家的討論已經取得進展。需要明確的是，我們手邊對每座塔都有確定的報價。然而，只有當我們相信股東價值已最大化時，我們才會簽署。

We will provide a more substantive update once we reach an agreement. And in the meantime, we continue to explore and evaluate alternative options. To further reinforce our capital position.

一旦達成協議，我們將提供更實質的更新。同時，我們將繼續探索和評估其他選擇。進一步鞏固我們的資本地位。

We remain firmly committed to materially strengthening our financial position over the course of '25, aiming towards our ultimate goal of achieving a net positive cash position.

我們將繼續堅定地致力於在 25 年內大幅加強我們的財務狀況，力爭實現淨正現金狀況的最終目標。

We are pleased with our strong performance in the first quarter, with momentum exceeding historical seasonal trends, and have confidence that the industry environment continues to improve. As market conditions stabilize, we are beginning to regain scale in our business, which positions us well for the remainder of the year.

我們對第一季的強勁表現感到滿意，其發展勢頭超過了歷史季節性趨勢，並且有信心行業環境將繼續改善。隨著市場狀況的穩定，我們的業務規模開始恢復，這為我們在今年剩餘時間內的業績做好了準備。

Looking ahead, we anticipate additional scale as revenue growth continues. At the same time, we're seeing elevated operating expenses primarily driven by foreign exchange headwinds stemming from a weaker US dollar relative to the EUR and British pound.

展望未來，我們預期隨著營收持續成長，規模將進一步擴大。同時，我們發現營運費用增加主要是因為美元相對於歐元和英鎊走弱導致的外匯不利因素。

On a constant currency basis, we expect operating expenses to remain relatively consistent with prior quarter levels, reflecting our continued focus on disciplined cost management. Regarding capital allocation, we continue to focus on strengthening our balance sheet.

以固定匯率計算，我們預期營運費用將與上一季的水準保持相對一致，這反映出我們持續專注於嚴格的成本管理。關於資本配置，我們持續致力於加強我們的資產負債表。

This includes continuing to reduce debt through cash generation and taking decisive steps to streamline our portfolio, notably through the divestiture of non-core assets. These actions align with our long-term strategy to enhance financial flexibility and sharpen our focus on core growth opportunities.

這包括繼續透過現金創造來減少債務，並採取果斷措施精簡我們的投資組合，特別是透過剝離非核心資產。這些舉措符合我們增強財務靈活性和加強對核心成長機會的關注的長期策略。

Turning now to our outlook for the second quarter. We continue to experience increasing global demand for broadband connectivity and remain encouraged by the underlying industry fundamentals. Regarding tariffs, and as Tom mentioned earlier, while the situation remains fluid, we believe our supply chain strategy places us in a favorable position relative to peers.

現在來談談我們對第二季的展望。我們持續感受到全球對寬頻連線日益增長的需求，並且仍然對產業基本面感到鼓舞。關於關稅，正如湯姆之前提到的，雖然情況仍然不穩定，但我們相信我們的供應鏈策略使我們相對於同行處於有利地位。

We are actively evaluating options to minimize the impact of any potential changes on our customers. Our outlook excludes the potential impact of additional future tariffs, given the inherent uncertainty surrounding global trade policies, possible disruptions to the US and international economies, and the potential for retaliatory governmental actions.

我們正在積極評估各種選擇，以盡量減少任何潛在變化對客戶的影響。鑑於全球貿易政策本身的不確定性、對美國和國際經濟可能造成的干擾以及政府可能採取的報復行動，我們的展望不包括未來額外關稅的潛在影響。

Based on the information we have today, we expect revenue to range between $247.5 million to $262.5 million and a non-GAAP operating margin between 0 and 4%.

根據我們今天掌握的信息，我們預計收入將在 2.475 億美元至 2.625 億美元之間，非 GAAP 營業利潤率將在 0 至 4% 之間。

Once again, additional financial information related to today's call is available on ADTRAN's Investor relations website at investors.adtran.com.

再次強調，與今天電話會議相關的更多財務資訊可在 ADTRAN 的投資者關係網站 investors.adtran.com 上查閱。

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

通話的準備好的評論部分到此結束，我將把電話轉回給接線員，開始問答環節。

(Operator Instructions)

（操作員指示）

Mike Genovese, Rosenblatt Securities.

羅森布拉特證券公司的麥克吉諾維斯 (Mike Genovese)。

Great. Thanks. So Tom, it looks like in the quarter, right, all the growth came from, access and aggregation. So I just want to ask, across the three revenue segments, sort of what the outlook is going forward, what will access and aggregation keep up? This toward growth and what should we expect from subscribers and from optical, specifically this quarter, but, over the next couple quarters. Thank you.

偉大的。謝謝。所以湯姆，看起來在本季度，所有的成長都來自訪問和聚合。所以我只想問一下，在這三個收入部分中，未來的前景如何，接入和聚合將如何維持？這是為了實現成長，我們應該對用戶和光學業務抱有怎樣的期望，特別是本季度，但在接下來的幾個季度。謝謝。

Yes, some of that, as you may know, Michael, was supply related because we had gotten a little bit slow in our most specifically on subscriber, so without a doubt we left some demand sitting on the dock, that has gotten.

是的，邁克爾，您可能知道，其中一些與供應有關，因為我們在最具體的訂戶方面有點慢，所以毫無疑問，我們在碼頭上留下了一些需求。

Notwithstanding tariffs and everything that has gotten better, we did, but to be frank, we had a strong access quarter. We expected a strong access quarter. As some of our customers tend to buy a little early. Our access customers, especially in Europe, tend to buy a little early in the year. Then they go down a little bit and then they pick up a little bit towards the end of the year.

儘管關稅和其他所有方面都已好轉，但我們確實做到了，但坦白說，我們有一個強勁的准入季度。我們預計本季的訪問量將強勁成長。因為我們的一些客戶傾向於提前購買。我們的接入客戶，尤其是歐洲的客戶，傾向於在年初購買一些。然後，價格會稍微下降，然後在年底時又會稍微回升。

So that's kind of a new seasonal pattern that we've seen over the last couple of years. Optical, I would say that what we saw in optical was just a seasonal thing, and.

這是我們在過去幾年中看到的一種新的季節性模式。光學，我想說我們在光學中看到的只是季節性的東西。

There, there's, optical is growing. I mean, we, I would expect without getting into too much detail, but I would expect a better performance.

那裡，光學正在發展。我的意思是，我們，我不希望談論太多細節，但我期待有更好的表現。

This quarter and we expect growth from those segments moving forward. It was actually across the board from a pure order and environmental perspective, it was actually a good quarter.

本季我們預計這些部門將實現成長。從純粹的訂單和環境角度來看，這實際上是一個好的季度。

Okay, and then just follow up for me on margins. So is, I guess when we look at the revenue guidance, compared to the first quarter and the operating margin guidance compared to the first quarter.

好的，然後請跟進一下利潤狀況。所以，我想當我們查看收入指引時，與第一季相比，以及查看營業利潤率指引與第一季相比。

It looks like there's some margin pressure in the second quarter and it sounds like you're saying that that's on the OpEx side because of the exchange rate and not because of gross margin. I just want to verify that that's a correct read and then, I guess it's hard to predict, forex beyond the quarter, but how do you think OpEx should trend, beyond the second quarter?

看起來第二季的利潤率存在一些壓力，聽起來您說這是由於匯率而不是毛利率導致的營運支出壓力。我只是想驗證一下這個讀數是否正確，然後，我想很難預測本季之後的外匯走勢，但您認為第二季之後的營運支出趨勢應該如何？

It that -- just it. I think you're going to have to project, exchange rates, as you know our core operating on a constant currency basis, our operating expenses we would expect to be basically flat through the year and that that hasn't changed a bit. I mean, the movement we saw.

就是那樣——就是那樣。我認為你必須預測匯率，因為你知道我們的核心營運是以固定貨幣為基礎的，我們的營運費用預計全年基本持平，而且這一點也沒有改變。我的意思是，我們看到的運動。

Right around the turn of the quarter here was, pretty substantial, not typical, But on from a pure how we're running the business, we would expect OpEx to be effectively flat.

在本季之交，營運支出相當可觀，這並不常見，但從純粹的業務運作方式來看，我們預期營運支出將保持穩定。

Okay, I appreciate it and I'll pass it on. Thank you.

好的，我很感激，我會傳達的。謝謝。

Ryan Koontz, Needham and Company.

瑞安·孔茨 (Ryan Koontz)，Needham and Company。

Great, thanks. Tom, any evidence or inquiries around pulling from customers ahead of tariffs that you're hearing about from customers?

太好了，謝謝。湯姆，您從客戶那裡聽到任何有關在關稅實施前從客戶撤資的證據或詢問嗎？

Maybe a little, but really not a lot. I think most people are kind of in the same boat. Everybody else's, which is, it's kind of hard to figure out what's going to happen and we're really not, we're not entertaining a whole lot of pulling. In fact, we're not, we're trying not to have pulling because, we just kind of went through.

或許有一點，但實際上不多。我認為大多數人都處於同樣的境地。對於其他人來說，這有點難以弄清楚接下來會發生什麼，而我們真的不會，我們也不會考慮進行大量的拉動。事實上，我們不會，我們試著不去拉扯，因為我們只是經歷過。

An inventory situation and trying not to recreate that. There has been no strong pressure for so it just hasn't.

庫存情況並嘗試不再重現這種情況。一直沒有強大的壓力，所以事情還沒發生。

And then maybe stepping back a little, you've got great exposure in Europe now can you maybe just top down, help us see what's going on in the macro there as it relates to kind of top 5 carriers, the BT and DT types, what's going on with those large customers and then broadly what's happening in Europe with respect to, high risk Chinese displacements and any other wins you're anticipating ramping up over the balance of the year.

然後也許稍微退一步，您現在在歐洲有很大的曝光率，您能否自上而下地幫助我們了解那裡宏觀上發生的事情，因為它與前五大運營商、英國電信和德國電信類型有關，這些大客戶的情況如何，然後大致了解歐洲在高風險中國取代方面的情況，以及您預計在今年剩餘時間裡會增加的任何其他勝利。

Yeah, so the environment hasn't changed in that it has been really positive now for, a solid year. We had inventory issues as we went through those inventory issues, but the underlying demand hasn't changed.

是的，所以環境沒有改變，因為整整一年來一直非常積極。我們在處理庫存問題時遇到了庫存問題，但潛在需求並沒有改變。

The success rate is probably has picked up in some areas. And some of our biggest customers, their conversion rate has gone up, which has driven stronger subscriber, backlog, and, but their overall plans for deployment stay in place. In fact, one of them has recently expanded theirs, I think last quarter expanded the number of homes they were trying to get to by a couple of million.

在某些地區，成功率可能已經上升。我們的一些最大客戶的轉換率已經上升，從而推動了訂戶數量和積壓訂單的增加，但他們的整體部署計劃保持不變。事實上，其中一個公司最近擴大了他們的業務，我認為上個季度他們試圖覆蓋的房屋數量增加了幾百萬。

So, all of that's in place. The wins that we've had, I just talked about one in my notes, which is a brand new customer that is a large Tier 1.

所以，所有一切都已準備就緒。我剛才在筆記中談到了我們所取得的勝利之一，那就是我們獲得了一個全新的大型一級客戶。

Yeah, but the other ones that we've talked about before are still on track. We will start shipping some of them right around, hopefully a little bit before the half. Some of them have already started shipping and there is a big replacement opportunity where they're actually going to decommission some Huawei equipment. That is probably about to start. It should, it's right around the time for that to kick off.

是的，但是我們之前討論過的其他問題仍在進行中。我們將立即開始運送其中一些，希望是在半程之前。其中一些已經開始發貨，並且存在很大的替代機會，他們實際上將淘汰一些華為設備。這可能即將開始。應該，現在正是開始的時間。

Yeah, so do we haven't lost anything. All those are still on track, although you know they're. Being operationalized and those take a long time.

是的，我們也沒有損失任何東西。所有這些仍然在正軌上，儘管你知道它們在正軌上。實施起來需要很長時間。

And that replacement opportunity is in is in fiber, not optical.

而替代機會在於光纖，而不是光學。

It's in fiber.

它在纖維中。

Yeah. Maybe one more if I could squeeze it in please any changes in your attach rate of selling ONTs versus OLTs and you know with regards to, XGS and kind of modern products you still have a I attach right there and how would you characterize kind of thoughts about that going forward.

是的。如果可以的話，也許我還可以再問一個問題，請問您銷售 ONT 與 OLT 的附加率是否有任何變化，並且您知道關於 XGS 和現代產品，您仍然有附加產品，您如何描述對未來的想法。

I would say with XGS the attach rate is probably higher than what it was with PON, I think that's just because it was a newer technology and interoperability and things I don't think I surprisingly, I mean, if you follow the industry much, it has remained strong. I mean we pick, we've got some Tier 1 that have selected our subscriber equipment where traditionally, tier ones to shop more smaller carriers typically end to end and they buy everything. Larger carriers tend to go shopping.

我想說的是，XGS 的連接率可能高於 PON，我認為這只是因為它是一種較新的技術，並且具有互通性，我不認為這令人驚訝，我的意思是，如果你經常關注這個行業，你會發現它一直保持強勁。我的意思是，我們選擇了一些一級運營商，他們選擇了我們的用戶設備，而傳統上，一級運營商通常會端到端地購買更多小型運營商的所有設備。較大的承運商往往會去購物。

It's going to be interesting to see how the environment changes. I think it is changing. I think more and more are looking at trying to buy up more end to end solutions and maybe not go direct to some of the Asian vendors so it'll be interesting to see how that but it's the attach rate is fairly strong.

觀察環境如何變化將會很有趣。我認為它正在改變。我認為越來越多的公司正在考慮嘗試購買更多的端到端解決方案，而可能不會直接與一些亞洲供應商合作，因此看看情況會很有趣，但它的附加率相當高。

That's all I got. Thank you.

這就是我所得到的全部。謝謝。

Christian Schwab, Craig-Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Great, thanks for taking my question. I know you guys historically have not, put in any hedge instruments regarding currency swings, given, the big, roughly 9% move, in a short period of time, is that something you guys are considering or are you going to, evaluate?

太好了，感謝您回答我的問題。我知道你們過去沒有針對貨幣波動採取任何對沖工具，但考慮到短期內出現大約 9% 的大幅波動，這是你們正在考慮的事情還是你們打算進行評估？

The short answer is yes, with the, we've realized the benefit of the downside, and now we're moving the other direction and it's something that we are exploring.

簡短的回答是肯定的，我們已經意識到了不利因素帶來的好處，現在我們正在轉向另一個方向，這是我們正在探索的事情。

Great. And then from a business momentum perspective, I know we, excluding new design wins, is there any commentary you can give on, further confidence and conviction and strength, in, Europe versus North America, or are they both hitting on all cylinders?

偉大的。然後從商業勢頭的角度來看，我知道，除了新的設計勝利之外，您是否可以對歐洲與北美之間的進一步信心、信念和實力發表任何評論，或者它們是否都在全力以赴？

Good question. Without a doubt, Europe is just really hot right now. It is booking rates coming out of Europe are very strong. That area is definitely hot. In the US it is more in Europe, I guess what I'm saying is you can say that pretty much across the board.

好問題。毫無疑問，歐洲現在真的很熱。來自歐洲的預訂率非常高。那個區域肯定很熱。在美國，這種情況更常見於歐洲，我想說的是，幾乎在所有情況下都可以這麼說。

In the US it's a little more hit and miss. The Tier 2 have been strong, and they continue to be strong, and I mentioned in my notes that we won incremental business with a couple of the larger Tier 2. The Tier 3 have been kind of in a lull, you may call it a BEAD lull or whatever. They seem to be waking up.

在美國，情況就比較不穩定了。Tier 2 一直表現強勁，並將繼續保持強勁，我在我的筆記中提到，我們與幾家較大的 Tier 2 贏得了增量業務。第 3 層處於一種平靜狀態，您可以稱之為 BEAD 平靜狀態或其他什麼。他們似乎正在醒來。

And we'll see, we haven't seen that yet, but they seem to be getting better. There's a lot of talk about them getting better. Numbers have been just incrementally moving up, no big change. Over the last six to nine months, but the Tier 2 have definitely been strong.

我們會看到，雖然我們還沒有看到這一點，但他們似乎正在變得更好。有很多關於他們正在變得更好的討論。數字只是逐漸上升，沒有太大的變化。在過去的六到九個月裡，但第二層級的表現確實很強勁。

Great, no other questions. Thank you.

太好了，沒有其他問題了。謝謝。

Amira Manai, ODDO BHF.

阿米拉·馬奈（Amira Manai），ODDO BHF。

Thank you for, the presentation. I have actually a few questions, regarding the increasing trades, could you provide more details on the group supply chain and whether you have suppliers in China or Asia for certain components?

謝謝您的演講。我實際上有幾個問題，關於不斷增長的交易，您能否提供有關集團供應鏈的更多詳細信息，以及您是否在中國或亞洲有某些組件的供應商？

Sure. We do have -- well, let me start back. So we have moved and have been moving the majority of our supply chain contingencies outside of China for some time. If you go far enough back, pre-merger of the two companies.

當然。我們確實有——好吧，讓我重新開始。因此，我們已經將大部分供應鏈應急計劃轉移到中國境外，並且已經持續了一段時間。如果追溯得夠久遠，就會發現兩家公司在合併之前。

The ADTRAN portion had moved out a long time ago, and then on the ADTRAN side, they were moving out and we accelerated that. So that's been going on for a couple of years now. So we're in a pretty good position to where on a finished good basis.

ADTRAN 部分很久以前就搬出去了，然後在 ADTRAN 方面，他們也在搬出去，我們加快了這一進程。這種情況已經持續好幾年了。因此，我們處於一個相當有利的位置，可以完成良好的基礎。

There's very little that's done there, and I think the majority of any finished goods, I shouldn't say any, but by and large any finished goods will be out of there sometime around the middle of this year. So we don't expect a whole lot of impact from tariffs now on a raw material perspective.

那裡做的很少，我認為大多數成品，我不應該說全部，但總的來說，任何成品都會在今年年中左右從那裡出來。因此，從原料角度來看，我們預計關稅目前不會產生太大影響。

Yeah, everybody buys capacitors, everybody buys resistors, everybody buys PC boards, and then, the real Thing there is where does the product actually get finished? We're going to have tariffs on some of those materials.

是的，每個人都購買電容器，每個人都購買電阻器，每個人都購買印刷電路板，然後，真正的問題是產品實際上在哪裡完成？我們將對其中一些材料徵收關稅。

But in the overall scheme of things, I think that it's we're not in a bad place. As of today. I don't know what they're going to be tomorrow. I don't know what the tariffs are going to be tomorrow, but as of today, yeah, we're not in a bad place.

但從整體來看，我認為我們的處境還不算糟。截至今天。我不知道他們明天會怎麼樣。我不知道明天的關稅是多少，但截至今天，我們的處境還不錯。

Okay, and the group's performance quarter over quarter was mainly driven by Europe while the US remained relatively stable. What explains the dynamic and do you foresee continued decline in the US share versus non-US in the coming quarters?

好的，該集團季度環比業績主要受歐洲推動，而美國保持相對穩定。如何解釋這種動態？您是否預期未來幾季美國市場佔有率相對於非美國市場佔有率將持續下降？

I would say US was actually, I wouldn't call it not strong. It was actually not bad. It was just that Europe was stronger and Europe is just a hot area right now. It is pretty much from any metric we see it's actually it's just.

我想說美國實際上，我不會說它不強大。其實還不錯。只是歐洲更強大，歐洲現在是熱門地區。從我們看到的任何指標來看，這實際上都是如此。

It's they're just buying it at a stronger rate. I wouldn't say the US is bad, it's not, but I would say that Europe is just, and we have a couple of customers. That really can materially drive those numbers upwards and they're kind of hitting on all cylinders right now.

他們只是以更高的價格購買。我不會說美國不好，事實並非如此，但我想說歐洲不錯，而且我們有幾個客戶。這確實可以顯著推動這些數字的上升，而且他們現在正全力以赴。

Okay, and how, would you compare ADTRAN’s position to its main competitors today? I mean, from financial perspective, do you see stronger growth trends in the market and from technological side, how does ADTRAN’s offer stack back against its peers, particularly in emerging areas like fiber broadband, AI, data centers, etc. And there are any specific areas where you believe ADTRAN is a technological, has a technological advantage for today.

好的，那麼您如何比較 ADTRAN 目前的地位與其主要競爭對手？我的意思是，從財務角度來看，您是否看到市場成長趨勢更加強勁？從技術角度來看，ADTRAN 的產品與同業相比如何，特別是在光纖寬頻、人工智慧、資料中心等新興領域？您是否認為 ADTRAN 在哪些特定領域具有技術優勢？

Yeah, I think the key to what we do is maybe the focus on w here we put our resources. So on the optical side, we very much focus on that mid-network, transport, kind of a regional, size network, and we're very very good at that.

是的，我認為我們所做的事情的關鍵也許在於專注於我們將資源投入到哪裡。因此，在光纖方面，我們非常注重中型網路、傳輸、區域規模網絡，我們在這方面非常擅長。

And as that market, we do believe that's a growth market, both from just a carrier perspective as they reach more homes with fiber, and from an enterprise perspective, as people try to find on-ramps into the ICP cloud or that becomes more distributed. And we've seen some signs of that.

作為這個市場，我們確實相信這是一個成長型市場，無論從營運商的角度來看，因為他們透過光纖覆蓋更多的家庭，還是從企業的角度來看，因為人們試圖找到進入 ICP 雲端的入口或變得更加分散。我們已經看到了一些跡象。

On the fiber access side, we just fundamentally across the board. Now I am biased, but we have a better product. We have a kind of a next generation product which is very very scalable. We did a press release.

在光纖接入方面，我們只是從根本上全面開展。現在我有偏見，但我們有更好的產品。我們有一種下一代產品，其可擴展性非常強。我們發表了一份新聞稿。

Maybe last quarter that said we had passed over 8 million homes with British Telecom in an incredibly short period of time. It is very flexible, because it is software based and disaggregated so you can use it.

上個季度，我們在極短的時間內就透過英國電信覆蓋了超過 800 萬戶家庭。它非常靈活，因為它是基於軟體的並且是分解的，所以您可以使用它。

And small locations as well as large locations, and it's just a better product. Subscriber, it's a little more difficult to differentiate yourself with subscribers’ it’s all about the software.

無論是小型場所還是大型場所，它都是一款更好的產品。訂閱者，要將自己與訂閱者區分開來有點困難，這一切都與軟體有關。

And you know you have to keep up with the generational changes in the hardware, but it's really about the software. We launched our Mosaic One product about two years ago, and the big piece that we're missing was Intellifi, which is in-home Wi-Fi management, which is a real cornerstone for a lot of our customers.

你知道你必須跟上硬體的更新換代，但這實際上與軟體有關。我們大約兩年前推出了 Mosaic One 產品，我們缺少的一個重要部分是 Intellifi，它是家庭 Wi-Fi 管理，對我們的許多客戶來說，它是真正的基石。

We launched that, I think earlier last year, phenomenal success so far. It's still relatively new into the market. I think that piece has yet to shake out. I think competitively, we have a very good product, but we just need some more time in that market. Hopefully that answers your question.

我想，我們是在去年早些時候推出的，到目前為止，它取得了巨大的成功。它在市場上還相對較新。我認為這一點尚未得到明確。我認為從競爭力上來說，我們的產品非常好，但我們只是需要在該市場上多花些時間。希望這能回答你的問題。

Okay. Thank you so much. That's all for me.

好的。太感謝了。對我來說就這些了。

Tim Savageaux, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Tim Savageaux 說道。

Hi, good morning. A couple of questions, but first I wanted to start with -- it really seems like you're starting to see a greater amount of synergy across your product portfolio, right, particularly between Access and optical transport. We talked about that a couple of times here.

嗨，早安。我有幾個問題，但首先我想問的是——看起來您確實開始看到整個產品組合中出現了更大的協同效應，特別是在接入和光傳輸之間。我們在這裡討論過這個問題幾次。

Are we right to observe some kind of break out here or inflection point with regards, given the companies have been together for a while now and in cross-selling that portfolio and then I have a follow up.

考慮到兩家公司已經合作了一段時間，並且正在交叉銷售該投資組合，我們是否正確地觀察到了某種突破或轉折點，然後我進行了後續。

Yeah, the only problem I have with your sentences, how do you define breakout? So without a doubt, I mentioned it in my notes, and the reason that I mentioned them is we have seen good reception in the Tier 3 space.

是的，我對你的句子唯一的疑問是你如何定義突破？因此，毫無疑問，我在我的筆記中提到了這一點，我提到它們的原因是我們在 Tier 3 空間中看到了良好的反響。

If we sell them an access product, there's a good chance that we're going to be able to get the transport needs and meet the transport needs and they'll be open to that because they're, they don't want to do business with a whole lot of vendors.

如果我們向他們出售接入產品，很有可能我們能夠獲得並滿足運輸需求，他們也會對此持開放態度，因為他們不想與一大堆供應商做生意。

In the larger, kind of more sophisticated, it's a real fight, and what we started to see, it may be earlier than this, but I'll tell you, last quarter was a good quarter for that. We won the European carrier, which is a very large carrier, and we had not done business and they flat out told us that it had to do with the breadth of our product line and the synergies that we were able to bring in the management and operations and you know they liked the scale of the company.

從更大、更複雜的角度來看，這是一場真正的戰鬥，我們開始看到的情況可能比這更早，但我要告訴你，上個季度是一個好季度。我們贏得了這家歐洲航空公司，這是一家非常大的航空公司，我們之前從未做過生意，他們直截了當地告訴我們，這與我們的產品線廣度以及我們能夠在管理和運營中帶來的協同效應有關，你知道他們喜歡這家公司的規模。

Same thing happened in the US, so we had two large Tier 2 that now are broadening one specifically in our optical space that we had been locked out of for a period of time forever, really.

同樣的事情也發生在美國，所以我們有兩個大型的 Tier 2，現在正在擴大我們的光學領域，實際上我們已經被排除在外一段時間了。

And they move forward so there's these anecdotal pieces with the larger customers. But, they had not been in existence before. We had, I mean, it's really starting, it feels like it's really getting much more reception now, maybe some of that may have to do with inventory, by the way, they had a lot of optical inventory, not just ours, but everybody's, and until they were getting out of that inventory, they weren't in in a position to make a decision on a new vendor. So I think some of that may just be the fact that they're now in a position to actually start making some moves.

他們繼續前進，因此有這些與大客戶有關的軼事。但它們之前並不存在。我的意思是，它真的開始了，感覺現在真的得到了更多的歡迎，也許其中一些可能與庫存有關，順便說一下，他們有很多光學庫存，不僅僅是我們的，而是每個人的，直到他們把庫存處理掉，他們才能夠決定選擇新的供應商。所以我認為，這可能只是因為他們現在已經準備好開始採取一些行動了。

Great. I appreciate that, and as I ponder large Southern European carriers that you're not already engaged with in some way, which I will continue to do.

偉大的。我對此表示感謝，我正在考慮與您尚未以某種方式合作的南歐大型航空公司，我會繼續這樣做。

I ask about the, at this point, how you're seeing the size of that opportunity relative to some of your current big European customers and what sort of a timing we should expect in terms of a ramp there.

我問的是，目前，相對於您目前的一些歐洲大客戶，您如何看待這個機會的規模，以及我們應該期待那裡的成長時機是怎樣的。

They're in a hurry, and they're in a hurry on the optical side first. It's hard to predict what you ultimately end up with, but if you think about them in the tens of millions, a quarter, that's probably the way to think about them. Once they get rolling with the portfolio.

他們很著急，而且首先在光學方面很著急。很難預測最終結果會怎樣，但如果你以數千萬、四分之一來考慮，這可能是思考的方式。一旦他們開始著手投資組合。

That's across optical and access.

這是跨越光學和接入的。

Yeah. When I say ten, that's. That's a broad range, so yeah.

是的。當我說十時，就是。範圍很廣，所以是的。

I know, I get it. Appreciate it.

我知道，我明白了。非常感謝。

And at this point, that's the end of our question here. So I appreciate everybody for joining us today and we look forward to talking to you next quarter.

至此，我們的問題就結束了。因此，我感謝大家今天的參加，我們期待下個季度與你們交談。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。