ADTRAN Holdings Inc (ADTN) 2025 Q2 法說會逐字稿

Good morning. My name is Kate, and I will be your conference operator. At this time, I would like to welcome everyone to ADTRAN Holdings second quarter 2025 financial results conference call. (Operator Instructions) Mr. Peter Schuman, Vice President, Investor relations. You may begin your conference call.

早安.我叫凱特，我將擔任您的會議接線生。現在，我歡迎大家參加 ADTRAN Holdings 2025 年第二季財務業績電話會議。（操作員指示）投資者關係副總裁 Peter Schuman 先生。您可以開始電話會議了。

Thank you, Kate. Welcome and thank you for joining us today for ADTRAN Holdings second 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.

謝謝你，凱特。歡迎並感謝您今天參加 ADTRAN Holdings 2025 年第二季財務業績電話會議，並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。

However, these statements involve risk and uncertainties, including those detailed in our earnings release, our annual report on Form 10-K as amended, and other 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 call. We undertake no obligation to update any statements to reflect events that occur after this call.

然而，這些聲明涉及風險和不確定性，包括我們的收益報告、經修訂的 10-K 表年度報告以及向美國證券交易委員會提交的其他文件中詳述的風險和不確定性。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。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。

During today's call, we will refer to certain non-GAAP financial measures, reconciliation of GAAP to non-GAAP measures, and certain additional information are also included in our investor presentation and our earnings release. We have not provided reconciliations of our third quarter 2025 outlook with regard to non-GAAP operating margin, because we cannot predict and quantify without unreasonable effort, all the adjustments that may occur during the period.

在今天的電話會議中，我們將參考某些非 GAAP 財務指標、GAAP 與非 GAAP 指標的對賬，而某些附加資訊也包含在我們的投資者介紹和收益報告中。我們沒有提供關於非 GAAP 營業利潤率的 2025 年第三季度展望的對賬，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 relations presentation has been updated and is available for download on the ADTRAN Investor Relations website.

投資者關係簡報已更新，可在 ADTRAN 投資者關係網站上下載。

Turning to the agenda, Tom Stanton, ADTRAN Holdings' CEO and Chairman of the Board, will provide the key investment highlights for the second quarter of 2025. Tim Santo, our Senior Vice President and CFO, will review the quarterly financial performance in detail and provide our third quarter 2025 outlook, and then we will take any questions that 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 年第二季的主要投資亮點。我們的高級副總裁兼財務長 Tim Santo 將詳細回顧季度財務業績並提供我們對 2025 年第三季的展望，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. ADTRAN delivered solid second quarter results marked by stronger revenue performance, healthy profitability, and continued balance sheet improvements. As previously disclosed in our pre-announcement, revenue exceeded our expectations with sequential and year-over-year growth across all three of our revenue categories.

謝謝你，彼得。大家早安。ADTRAN 第二季業績穩健，營收表現強勁，獲利能力良好，資產負債表持續改善。正如我們之前在公告中披露的那樣，收入超出了我們的預期，我們所有三個收入類別都實現了連續和同比增長。

This performance reflects strong execution and market share gains coupled with an improving industry backdrop driven by renewed infrastructure investment, the normalization of service provider spending, and growing demand for advanced fiber and optical solutions. Importantly, cash generation remained healthy with $32.2 million in cash from operations and $18.3 million in free cash flow.

這一業績反映了強勁的執行力和市場份額的增長，以及由新的基礎設施投資、服務提供商支出的正常化以及對先進光纖和光學解決方案的需求不斷增長所推動的行業環境改善。重要的是，現金產生保持健康，經營現金流為 3,220 萬美元，自由現金流為 1,830 萬美元。

I'm encouraged by the improving demand environment across our key market segments. These demand trends not only supported our strong Q2 for performance but also increased our confidence in our outlook for continued growth over the coming quarters.

我們主要細分市場的需求環境不斷改善，這讓我感到鼓舞。這些需求趨勢不僅支持了我們第二季的強勁業績，也增強了我們對未來幾季持續成長前景的信心。

Turning to the quarterly results, ADTRAN's revenue of $265.1 million was above the high end of our previous guidance range. All three revenue categories delivered sequential growth, and for the second straight quarter, each revenue category generated year-over-year gains. This broad-based momentum reinforces the strong competitive positioning of our optical transport, fiber access, and subscriber solutions portfolios.

談到季度業績，ADTRAN 的收入為 2.651 億美元，高於我們先前指導範圍的高端。三大收入類別均實現環比成長，並且連續第二個季度，每個收入類別均實現同比增長。這種廣泛的勢頭增強了我們的光傳輸、光纖接入和用戶解決方案產品組合的強大競爭地位。

As expected, the highest sequential revenue growth in the quarter came from our optical networking solutions, which grew 22% year-over-year and 15% sequentially. This growth was driven by demand in both the US and non-US regions, with the most significant gains coming from our US service provider customers.

正如預期的那樣，本季最高的連續收入成長來自我們的光網路解決方案，該解決方案同比增長 22%，環比增長 15%。這一增長是由美國和非美國地區的需求推動的，其中最顯著的增長來自我們的美國服務提供者客戶。

New customer acquisition also remains strong with 18 new optical customers added during the quarter, including several cross-selling wins further validating the synergies with our optical transport and fiber access portfolios.

新客戶獲取也保持強勁，本季新增了 18 個光纖客戶，其中包括幾項交叉銷售勝利，進一步驗證了與我們的光纖傳輸和光纖接入產品組合的協同效應。

There are multiple application demand drivers fueling the investment in optical networks. These include the build out of private compute infrastructure, the expansion of wholesale service providers to connect AI infrastructure, ongoing 5G densification, and upgrading critical infrastructure. Combining these application demands with new customer wins and a return to more normalized service provider buying patterns gives us optimism for sustained growth in this category.

有多種應用需求驅動因素推動對光網路的投資。這些包括建構私有運算基礎設施、擴大批發服務供應商以連接人工智慧基礎設施、持續進行 5G 密集化以及升級關鍵基礎設施。將這些應用需求與新客戶的贏得以及回歸更規範的服務提供者購買模式相結合，讓我們對該類別的持續成長充滿信心。

In access and aggregation, we followed a very strong first quarter with additional growth in the second quarter, growing an impressive 30% year-over-year for the quarter. This category was led by the strength of our large European service providers and small to mid-size US service providers, with many of these customers not only expanding their fiber footprint but also expanding their share of business with us.

在接入和聚合方面，我們在第一季表現非常強勁，第二季度又實現了進一步增長，本季同比增長了 30%。這個類別由我們的大型歐洲服務供應商和中小型美國服務供應商的實力所主導，其中許多客戶不僅擴大了他們的光纖覆蓋範圍，而且還擴大了與我們的業務份額。

New customer acquisition with our fiber access platforms also remained healthy. The ongoing success in our access and aggregation solutions is being driven by the technical leadership shown in our SDX portfolio and the corresponding Mosaic cloud software. In the last two years, more than 10 million homes have been passed with fiber using the SDX 6330 alone, highlighting the momentum of the flagship platform in our fiber access portfolio.

我們的光纖接入平台的新客戶獲取也保持健康。我們的存取和聚合解決方案的持續成功得益於我們的 SDX 產品組合和相應的 Mosaic 雲端軟體所展現的技術領導力。在過去兩年中，僅使用 SDX 6330 就已為超過 1000 萬戶家庭接入了光纖，凸顯了我們光纖接入產品組合中旗艦平台的強勁發展勢頭。

Demonstrating our ongoing commitment to innovation, we recently connected the first commercial 50 gig PON customers in the UK using our new SDX 6400 series. These product investments paired with our strong regional presence in the US and Europe, new customer wins, and the continued demand for high-speed fiber-based broadband has us well positioned to sustain the success into the future.

為了展示我們對創新的持續承諾，我們最近使用新的 SDX 6400 系列連接了英國首批商業 50 千兆 PON 客戶。這些產品投資，加上我們在美國和歐洲的強大區域影響力、新客戶的成功以及對高速光纖寬頻的持續需求，使我們有能力在未來保持成功。

Our Subscriber Solutions category grew 4% sequentially after a strong first quarter. Within this category, residential solutions perform particularly well, increasing 18% sequentially and 25% year-over-year. Importantly, new customer acquisitions remain strong, with 20 new service provider and government customers added for our Subscriber Solutions category during the quarter.

繼第一季表現強勁之後，我們的用戶解決方案類別較上季成長了 4%。在此類別中，住宅解決方案表現尤為出色，季增 18%，較去年同期成長 25%。重要的是，新客戶獲取依然強勁，本季我們的用戶解決方案類別增加了 20 個新的服務提供者和政府客戶。

Subscriber Solutions revenue is growing due to expanded fiber connectivity, rising multi-gigabit demand, and service providers adopting bundled broadband solutions covering both access and in-home needs. Our broad Subscriber Solutions portfolio covers residential, enterprise, and wholesale fiber services and is being expanded to address the unique needs of SMB, MDU community Wi-Fi with the launch of our SDG 9000 series of products.

由於光纖連接的擴大、多千兆位元需求的增加以及服務供應商採用涵蓋存取和家庭需求的捆綁寬頻解決方案，用戶解決方案收入正在增長。我們廣泛的用戶解決方案組合涵蓋住宅、企業和批發光纖服務，並且隨著我們的 SDG 9000 系列產品的推出，我們正在擴展以滿足 SMB、MDU 社區 Wi-Fi 的獨特需求。

The expanded offering along with continued demand for high-speed fiber services and large-scale deployments of our complementary fiber access platform, is expected to result in further growth in this segment during this quarter. Our Mosaic software suite integrates our comprehensive fiber networking portfolio which covers everything from the optical core to the customer premise. Leveraging this extensive range of solutions and advanced software capabilities, we are well positioned to facilitate the industry's transition towards AI-driven network operations.

擴大產品範圍、對高速光纖服務的持續需求以及我們互補光纖接入平台的大規模部署，預計將在本季度推動該部門進一步成長。我們的 Mosaic 軟體套件整合了我們全面的光纖網路產品組合，涵蓋了從光纖核心到客戶端的所有內容。利用廣泛的解決方案和先進的軟體功能，我們能夠促進產業向人工智慧驅動的網路營運的轉型。

Live customers are currently in progress, featuring our new suite of AI applications, including advanced generative and agentic AI tools. These complement and enhance our Mosaic One offering. Early results highlight the ability of these applications to transform how networks are operated by substantially lowering network operating cost while improving the subscriber experience.

目前，即時客戶正在進行中，採用我們的新 AI 應用程式套件，包括先進的生成和代理 AI 工具。這些補充並增強了我們的 Mosaic One 產品。早期結果凸顯了這些應用程式能夠透過大幅降低網路營運成本並改善用戶體驗來改變網路運作方式。

In summary, we are encouraged by the progress we made during the second quarter, both financially and strategically. We delivered growth across all major revenue categories and advanced our position in key technology domains. Our continued investments in next generation optical, fiber access, and subscriber solutions are translating into new customer wins and deeper engagement with existing accounts.

總而言之，我們對第二季度在財務和策略上的進展感到鼓舞。我們在所有主要收入類別中都實現了成長，並在關鍵技術領域提升了我們的地位。我們對下一代光纖、光纖接入和用戶解決方案的持續投資正在轉化為新客戶的贏得以及與現有客戶的更深入的互動。

The ongoing expansion of AI infrastructure, especially as it moves closer to the network edge, plays directly to our strengths. Looking ahead, we remain confident in our outlook for the second half of the year. Strong customer demand and discipline execution position as well to deliver continued improvement in profitability and cash generation, both of which are central to our long-term strategy.

人工智慧基礎設施的不斷擴展，特別是當它越來越接近網路邊緣時，直接發揮了我們的優勢。展望未來，我們對下半年的前景仍充滿信心。強勁的客戶需求和嚴格的執行立場將持續提高獲利能力和現金創造能力，這兩者都是我們長期策略的核心。

With a differentiated portfolio, expanding global presence, and increasing relevance in next generation network architectures, we believe ADTRAN is exceptionally well positioned for sustained success.

我們相信，憑藉差異化的產品組合、不斷擴大的全球影響力以及在下一代網路架構中日益增強的相關性，ADTRAN 已做好充分準備，能夠持續取得成功。

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

接下來，我將把電話轉給我們的財務長提姆，讓他向您介紹我們第二季的財務業績，然後在提姆演講之後，我們將開始回答您可能提出的任何問題。提姆？

Thank you, Tom, and thank you for joining us this morning. As I shared last quarter, my focus remains on three key priorities: strengthening our capital structure, enhancing the capabilities of the finance organization, and deepening our engagement with stakeholders. These are fundamental to delivering long-term, sustainable value for our stockholders. We are making solid progress across each of these areas.

謝謝你，湯姆，謝謝你今天早上加入我們。正如我上個季度所分享的，我仍然專注於三個關鍵優先事項：加強我們的資本結構，增強財務組織的能力，以及深化我們與利害關係人的合作。這些對於為我們的股東提供長期、可持續的價值至關重要。我們在各個領域都取得了紮實的進展。

First, we are taking meaningful steps to improve our capital structure. We generated $32.2 million in operating cash and $18.3 million in free cash flow this quarter, with $106 million of cash available on our balance sheet. We are advancing efforts to raise capital through the sale of non-core assets, including our Huntsville campus, which I will speak further shortly.

首先，我們正在採取有意義的措施來改善我們的資本結構。本季我們產生了 3,220 萬美元的營運現金和 1,830 萬美元的自由現金流，資產負債表上有 1.06 億美元的可用現金。我們正在努力透過出售非核心資產來籌集資金，包括我們的亨茨維爾園區，我稍後將進一步介紹。

Meanwhile, availability on our revolving credit facility has more than doubled and will continue to expand as we grow non-GAAP EBIT and accelerate our free cash flow.

同時，我們的循環信貸額度增加了一倍多，隨著非公認會計準則息稅前利潤的增長和自由現金流的加速，這一數字也將繼續擴大。

Second, we've strengthened our financial organization through strategic additions to my senior leadership team. These hires improve our ability to manage the complexities of our current structure and support execution. We will continue investing in talent to ensure finance remains a strategic asset of our business.

其次，我們透過對我的高階領導團隊進行策略性補充，加強了我們的財務組織。這些員工的加入提高了我們管理當前結構複雜性和支援執行的能力。我們將繼續投資人才，以確保財務仍然是我們業務的策略資產。

Finally, we've deepened our engagement with external stakeholders. We've expanded participation in investor and industry conferences and are pursuing broader research coverage. We remain committed to transparency, listening, and increased accessibility as we execute our strategy, and will continue to expand over the coming quarters.

最後，我們加深了與外部利害關係人的合作。我們擴大了對投資者和行業會議的參與，並正在尋求更廣泛的研究覆蓋範圍。在執行我們的策略時，我們將繼續致力於透明度、傾聽和提高可訪問性，並將在未來幾季繼續擴大。

With that, let's take a look at the financial results for the second quarter of 2025. ADTRAN's second quarter performance reflects an improving industry environment and our ability to deliver strong operating results. We are adding new customers and expanding our presence with existing ones, driving market share gains, and we are continuing to scale our business.

有了它，讓我們來看看2025年第二季的財務表現。ADTRAN 第二季的業績反映了產業環境的改善以及我們提供強勁經營業績的能力。我們正在增加新客戶並擴大現有客戶的影響力，推動市場份額的成長，並且我們正在繼續擴大業務規模。

ADTRAN delivered second quarter revenue of $265.1 million, up 17% year-over-year and 7% sequentially, exceeding the high end of our original guidance range and reinforcing strong execution and momentum. Our Network Solution segment contributed revenue of $219.5 million accounting for approximately 83% of total revenue in Q2, compared to 79% in the prior year.

ADTRAN 第二季營收為 2.651 億美元，年成長 17%，環比成長 7%，超過了我們最初預期範圍的高端，並增強了強勁的執行力和發展勢頭。我們的網路解決方案部門貢獻了 2.195 億美元的收入，約佔第二季總收入的 83%，而去年同期為 79%。

Our Services and Support segment generated $45.6 million of revenue, representing 17% of revenue in Q2 2025 compared to 21% in Q2 2024, largely resulting from the significant growth and outperformance in network solutions.

我們的服務和支援部門創造了 4,560 萬美元的收入，佔 2025 年第二季收入的 17%，而 2024 年第二季為 21%，這主要得益於網路解決方案的顯著成長和優異表現。

Moving on to product categories. Our optical networking solutions revenue was $90.1 million or 34% of total revenue. As predicted, optical networking solutions revenue was higher, growing by 22% year-over-year. Access and aggregation delivered revenue of $91.2 million or approximately 34% of total revenue and increased 30% year-over-year. Subscriber Solutions was $83.8 million or 32% of total revenue, increasing 2% year-over-year.

繼續討論產品類別。我們的光網路解決方案收入為 9,010 萬美元，佔總收入的 34%。正如預測的那樣，光網路解決方案收入更高，年增22%。接入和聚合業務收入為 9,120 萬美元，約佔總收入的 34%，年增 30%。用戶解決方案營收為 8,380 萬美元，佔總營收的 32%，較去年同期成長 2%。

Geographically, non-US revenue accounted for 55% of the total, while US revenue comprised 45%. Additionally, one customer represented more than 10% of our Q2 revenue. This quarter's non-GAAP gross margin was 41.4%. While gross margin was in line with previous trends, the quarter-over-quarter decline was primarily driven by product and customer mix, higher transportation costs, as we strategically reposition products to mitigate tariff exposure. We maintain our longer-term target ratio of 42% to 43%.

從地理上看，美國以外地區的收入佔總收入的 55%，而美國地區的收入則佔 45%。此外，有一位客戶貢獻了我們第二季營收的 10% 以上。本季非公認會計準則毛利率為41.4%。雖然毛利率與先前的趨勢一致，但環比下降主要是由於產品和客戶組合以及運輸成本上升，因為我們對產品進行了策略性重新定位以減輕關稅風險。我們維持 42% 至 43% 的長期目標比率。

Non-GAAP operating expenses were $101.7 million, up from $95.5 million in Q1 and $93 million in Q2 last year, mainly due to currency fluctuations and higher sales commissions. Non-GAAP operating profit was $8 million or 3% of revenue above the midpoint of our 0% to 4% outlook. This compares to $9.8 million or 3.9% of revenue in Q1 2025 and 1.4 million or 0.6% of revenue one year ago.

非公認會計準則營運費用為 1.017 億美元，高於去年第一季的 9,550 萬美元和第二季的 9,300 萬美元，主要原因是貨幣波動和銷售佣金增加。非公認會計準則營業利潤為 800 萬美元，佔營收的 3%，高於我們 0% 至 4% 預期的中點。相較之下，2025 年第一季的營收為 980 萬美元，佔營收的 3.9%，而一年前的營收為 140 萬美元，佔營收的 0.6%。

The year-over-year operating margin and profitability improvement was primarily driven by higher revenue. Although we tightly manage our costs, OpEx increased due to fluctuations in European currencies and higher sales-related expenses.

營業利益率和獲利能力的年增率主要得益於收入的增加。儘管我們嚴格管理成本，但由於歐洲貨幣波動和銷售相關費用增加，營運支出有所增加。

Currency fluctuations were a meaningful factor this quarter. While we are generally well positioned from a natural hedging standpoint on profitability, we believe that looking ahead currency will continue to play a role in our financial results. Since joining ADTRAN in March, I've prioritized strengthening FX management, taking early steps to build a more robust hedging strategy. These efforts support our broader goal of enhancing transparency and resilience in a more complex global environment.

貨幣波動是本季的重要因素。雖然從自然對沖的角度來看，我們在獲利能力方面總體上處於有利地位，但我們相信，展望未來，貨幣將繼續在我們的財務表現中發揮作用。自從三月加入 ADTRAN 以來，我一直優先加強外匯管理，並採取早期措施建立更強大的對沖策略。這些努力支持了我們更廣泛的目標，即在更複雜的全球環境中提高透明度和彈性。

Non-GAAP tax expense in Q2 2025 was $628,000, reflecting higher taxable income in the US. We reported a non-GAAP net loss of $256,000 or $0.00 on an earnings per share basis. This compares to non-GAAP net income of $0.03 per share in Q1 2025 and a net loss of $0.13 per share in Q2 2024.

2025 年第二季非公認會計準則稅費為 628,000 美元，反映了美國較高的應稅收入。我們報告的非公認會計準則淨虧損為 256,000 美元，即每股收益 0.00 美元。相比之下，2025 年第一季非 GAAP 淨收入為每股 0.03 美元，2024 年第二季淨虧損為每股 0.13 美元。

Turning to the balance sheet and cash flow statement. In the second quarter, we continued to make meaningful progress in strengthening our financial position. Net working capital improved by $21.7 million sequentially, reaching $226.6 million supported by a continued reduction in inventories and stronger collections. Trade accounts receivable were $164.8 million at quarter end, resulting in DSO of 57 days, and improvement from 60 days in the prior quarter.

轉向資產負債表和現金流量表。第二季度，我們在加強財務狀況方面繼續取得有意義的進展。受庫存持續減少和收款增加的推動，淨營運資本環比增加 2,170 萬美元，達到 2.266 億美元。季末應收貿易帳款為 1.648 億美元，導致應收帳款週轉天數為 57 天，較上一季的 60 天有所改善。

Inventory levels declined to $240.1 million at the end of the quarter, a decrease of $13.6 million sequentially. Correspondingly, day's inventory outstanding significantly decreased by 17 days to 135 days in Q2 2025. Accounts payable were $178.3 million with days payable outstanding of 70 days. Strengthening our balance sheet remains a key strategic priority.

本季末庫存水準下降至 2.401 億美元，季減 1,360 萬美元。相應地，2025年第二季庫存未清償天數大幅減少17天至135天。應付帳款為 1.783 億美元，應付帳款週轉天數為 70 天。加強我們的資產負債表仍然是一項關鍵的策略重點。

As mentioned before, operating cash flow was $32.2 million, and we had free cash flow of $18.3 million for Q2 2025. This is compared to $24.5 million in Q1 2025 and $3.9 million during Q2 2024. We ended Q2 with $106.3 million in cash and cash equivalents, a $5 million sequential increase reflecting solid improvement in our liquidity.

如前所述，2025 年第二季的營業現金流為 3,220 萬美元，自由現金流為 1,830 萬美元。相比之下，2025 年第一季為 2,450 萬美元，2024 年第二季為 390 萬美元。我們第二季結束時的現金和現金等價物為 1.063 億美元，比上一季增加 500 萬美元，反映出我們的流動性穩步改善。

It is worth noting that this increase was achieved net of certain ADTRAN networks share repurchases under our DPLTA agreement. Underscoring our discipline, cash management, and strong operational execution. We remain focused on materially strengthening our financial position in 2025 with the ultimate goal of achieving a positive net cash position.

值得注意的是，這一增長是根據我們的 DPLTA 協議回購某些 ADTRAN 網路股份而實現的。強調我們的紀律、現金管理和強大的營運執行力。我們將繼續致力於在 2025 年大幅加強我們的財務狀況，最終目標是實現正淨現金狀況。

As mentioned earlier, we continue to evaluate opportunities to monetize certain non-core assets, including some of our Huntsville properties. Although we were close to closing a deal this past quarter, that deal is not yet finalized and we continue to work on finding additional purchases for this unique property. Further, with our improved credit positioning, we are evaluating a sale leaseback transaction on our East Tower.

如前所述，我們繼續評估將某些非核心資產貨幣化的機會，包括我們的部分亨茨維爾資產。儘管我們在上個季度接近達成交易，但該交易尚未最終確定，我們將繼續努力為這一獨特的房產尋找更多購買機會。此外，隨著我們信用狀況的改善，我們正在評估東塔的售後回租交易。

We are approaching these decisions thoughtfully and increasingly from a position of strength. We are pleased with our second quarter performance and encouraged by the signs of continued improvement across the industry. We are beginning to experience the benefits of scale and expect that momentum to build in the second half as revenue growth continues.

我們正在深思熟慮地做出這些決定，並且越來越從強勢的角度出發。我們對第二季的業績感到滿意，並對整個產業持續改善的跡象感到鼓舞。我們開始體驗規模帶來的好處，並預計隨著收入持續成長，這種勢頭將在下半年增強。

Foreign exchange has generally had a positive impact on our business in Q2, although it contributed to slightly higher operating expenses, largely due to the weaker US dollar relative to the Euro. On a constant currency basis, we expect OpEx to remain consistent with prior quarter levels. As I mentioned since joining in March, I prioritize building stronger FX management and reporting capabilities.

外匯總體上對我們第二季的業務產生了積極影響，儘管它導致營運費用略有增加，這主要是由於美元相對於歐元走弱。以固定匯率計算，我們預期營運支出將與上一季的水準保持一致。正如我三月加入以來提到的那樣，我優先考慮建立更強大的外匯管理和報告能力。

Our capital allocation remains focused on deleveraging and continuing to evaluate opportunities to streamline the portfolio. Before turning to our outlook for the third quarter, I want to briefly address our approach to guidance.

我們的資本配置仍然專注於去槓桿，並繼續評估精簡投資組合的機會。在談到我們對第三季的展望之前，我想先簡單介紹一下我們的指導方針。

A few weeks ago, we issued a press release pre-announcing that Q2 revenue would exceed our prior guidance range. While that intraday disclosure update may have seemed atypical, it was required under German disclosure rules we inherited through the ADVA merger. These regulations mandate rapid public disclosure of any material deviation, positive or negative, from previously issued guidance.

幾週前，我們發布了一份新聞稿，預先宣布第二季的收入將超出我們先前預期的範圍。雖然該盤中揭露更新可能看起來不太典型，但這是我們透過 ADVA 合併繼承的德國揭露規則所要求的。這些法規要求迅速公開披露與先前發布的指導方針相悖的任何重大偏差，無論是正面的還是負面的。

As such, we provide quarterly guidance rather than annual guidance to remain compliant and avoid unnecessary disclosure burdens.

因此，我們提供季度指導而不是年度指導，以保持合規並避免不必要的揭露負擔。

Looking ahead to the third quarter of 2025, we expect revenue between $270 million and $280 million and anticipate a non-GAAP operating margin of 3% to 7%. This outlook excludes potential tariff impacts due to ongoing uncertainty surrounding global trade policy and broader macroeconomic conditions. Additional financial details are available at investors.adtran.com.

展望 2025 年第三季度，我們預期營收在 2.7 億至 2.8 億美元之間，非 GAAP 營業利潤率預計在 3% 至 7% 之間。這項展望不包括由於全球貿易政策和更廣泛的宏觀經濟狀況持續不確定性而產生的潛在關稅影響。更多財務詳情請瀏覽 investors.adtran.com。

This concludes our prepared remarks. I'll now turn the call back to the operator for Q&A.

我們的準備好的演講到此結束。我現在將把電話轉回給接線員進行問答。

(Operator Instructions)

（操作員指示）

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

Great guys, thanks for the question and nice results there. You had some real strength in your large SPs. I assume that's coming from Europe and Tom, can you maybe lay out the trends you're seeing there either in some of your larger existing accounts or some of the new ones you're actively ramping in Europe?

非常好，感謝你們的提問，結果非常好。您的大型 SP 確實擁有實力。我認為這是來自歐洲的，湯姆，你能否闡述一下你在歐洲一些較大的現有帳戶或正在積極拓展的一些新帳戶中看到的趨勢？

Yeah, sure. First of all, you're right, there was a lot of strength in Europe. And, yeah, I mean the large accounts did well, but we also saw strength specifically in optical in the US large service providers as well, so that was kind of -- that was good to see.

是的，當然。首先，你說得對，歐洲確實實力雄厚。是的，我的意思是大客戶表現不錯，但我們也看到了美國大型服務提供者在光學領域的優勢，所以這很好。

In general, the strength there is -- just the momentum there is just continuing to grow. I mean, we really don't see any slowdown. We think that the German carriers are getting or German customer is getting stronger, and more able to deploy, what's going on in the UK. I think you're aware of this continuing to really kind of beat where we had hoped it to be. So it's just continuing to move upward.

總體而言，那裡的實力——那裡的勢頭正在持續增長。我的意思是，我們確實沒有看到任何放緩。我們認為，德國航空或德國客戶正在變得更加強大，並且更有能力部署英國正在發生的事情。我想你已經意識到了這一點，它確實超出了我們的預期。所以它只是繼續向上移動。

The market itself is continuing to move towards, say, more and more towards, making sure that they have the right vendor base, right, and removing eastern vendors. We announced a -- when last quarter and I think we call it a Southern European, it was in Italy and we actually -- that's been quick. So we've actually started shipping towards the tail end of that quarter some optical gear to that customer as well. So, yeah, I would say, everything looked positive.

市場本身正在繼續朝著確保擁有正確的供應商基礎並去除東方供應商的方向發展。我們宣布了——上個季度，我想我們稱之為南歐，它在義大利，我們實際上——這很快。因此，我們實際上已在該季度末開始向該客戶運送一些光學設備。所以，是的，我想說，一切看起來都是正面的。

That's great, and maybe another kind of business topic here around data centers which you talked about in the prepared remarks. When we were at OFC, we heard a little bit about deep emerging DCI opportunities and this concept of MOFN networks where the big cloud providers are contracting local SPs to build.

這很棒，也許這是您在準備好的演講中談到的另一種關於資料中心的商業話題。在 OFC 上，我們聽到了一些有關新興 DCI 機會和 MOFN 網路概念的消息，大型雲端供應商正在與本地 SP 簽約進行建置。

Can you update us on that? Are you seeing that as an important trend? Is it meaningful at this point and how would you characterize that opportunity for you?

能告訴我們最新情況嗎？您認為這是一個重要的趨勢嗎？現在這是否有意義？您如何看待這個機會？

Yeah. There is a host of different RFPs out there right now with service providers who are -- and some of these are actually customer-driven, so some of these are -- you may have the big ICP coming in and saying that they want to be able to cover this. Then there are others that are just kind of more opportunistic and trying to make sure that their network is ready.

是的。目前，服務提供者有大量不同的 RFP — — 其中一些實際上是由客戶驅動的，所以其中一些是 — — 你可能會看到大型 ICP 進來並表示他們希望能夠涵蓋這一點。還有一些人則更具機會主義精神，試圖確保他們的網路已經準備就緒。

But there's a ton of activity. I would say, we have won some business there, but I would say it's still early, that there's just a lot of activity right now.

但活動卻非常多。我想說，我們在那裡贏得了一些業務，但現在還為時過早，因為現在有很多活動。

Got it. Great. And maybe just one last if I could on the balance sheet. Looks like there were some redemptions of ADVA shares, how should investors think about that relative to your expectations?

知道了。偉大的。如果可以的話，我可能只會在資產負債表上寫最後一個。看起來 ADVA 股票有一些贖回，投資者應該如何看待與您的預期相關的問題？

Yeah, let me touch on that and see if there's anything else to add to it, Tim. About half of that was actually we disclosed last quarter and then half of that was of this quarter disclosure. And in that case, it was the same person. We have been in discussions with them for quarters and I would say, it was very well managed, and I think we were glad to be able to get those shares back at the price that we were able to get those shares back at. Anything else, Tim?

是的，讓我談談這一點，看看是否還有什麼可以補充的，提姆。其中大約一半實際上是我們上個季度披露的，另一半是本季披露的。在這種情況下，他們是同一個人。我們已經與他們討論了幾個季度，我想說，他們的管理非常好，而且我們很高興能夠以當時的價格收回這些股份。還有什麼嗎，提姆？

I would just say that, that was largely an orderly transaction. Again, we're in contact with these investors. And done in an orderly way, it reduces the shares outstanding which long term is a very positive thing.

我只想說，這基本上是一次有序的交易。再次，我們與這些投資者保持聯繫。有條不紊地進行可以減少流通股數量，長遠來看這是一件非常積極的事情。

That's great. Thanks for the questions and nice job on the quarter.

那太棒了。感謝您的提問，本季我們做得很好。

Thank you.

謝謝。

Michael Genovese, Rosenblatt Securities.

羅森布拉特證券公司的麥可‧吉諾維斯。

Great, thanks very much. Tom, you mentioned a couple of times in the script, you talked about market share gains. So could we just double click on that and get some more thoughts on what you're seeing there?

太好了，非常感謝。湯姆，你在劇本中提到過幾次，你談到了市場份額的成長。那麼我們可以雙擊它並對您在那裡看到的內容有更多的想法嗎？

Yeah. You know what's going on in Europe, and I would say, there's probably nothing big there that changed other than the Italian one that we brought on. We picked up market share in the, I'll call it the Tier 2 space, but the kind of competitive carrier space here in the US as we won some additional optical business. But I'm going to guess here, about 50% of that new business was where we added a customer that was buying either optical or fiber access and then, they joined on with buying the other piece that they were not buying.

是的。你知道歐洲正在發生什麼，我想說，除了我們引入的意大利之外，那裡可能沒有什麼重大的變化。我們獲得了市場份額，我稱之為二級市場，但在美國這種競爭激烈的運營商領域，我們贏得了一些額外的光學業務。但我在這裡猜測，大約 50% 的新業務是我們增加了一個購買光纖或光纖接入的客戶，然後他們加入購買他們沒有購買的其他產品。

And that was really good to see because that was kind of the premise of the acquisition that we did three quarters ago or three years ago. Tier 2s, Tier 1s, -- Tier 3s, we added somewhere around 10 or 11 carriers during the quarter just for fiber access alone and I mentioned we added 20 customers on the subscriber space. The majority of those were carriers, and then the next largest segment was in government municipalities. So that space as you go there, continues to be very active.

這真是令人高興，因為這是我們三個季度前或三年前進行收購的前提。二級、一級——三級，我們在本季度僅在光纖接入方面就增加了大約 10 或 11 個運營商，我提到我們在用戶領域增加了 20 個客戶。其中大多數是營運商，其次是政府市政當局。因此，當你去那裡時，那個空間仍然非常活躍。

Great, thanks. And then, if we go back a couple of quarters ago on your reporting, there was a big emphasis on operating leverage, and then last quarter, we had the Forex pop up. But it sounds like you're hedging that again, or hedging that out now.

太好了，謝謝。然後，如果我們回顧幾個季度前的報告，就會發現我們非常重視經營槓桿，而上個季度，外匯交易就出現了。但聽起來你又在對沖這一點，或者現在正在對沖這一點。

So I guess my question is, are we going to start -- do you expect to start talking about operating leverage again as being a key part of the story, because, again, we had that thread and it kind of got lost and I've been waiting for it to come back. So any thoughts on that issue would be helpful. Thank you.

所以我想我的問題是，我們是否要開始——您是否希望再次開始談論經營槓桿作為故事的關鍵部分，因為，再一次，我們有了這條線索，但它有點迷失了，我一直在等待它回來。因此，對這個問題的任何想法都會有所幫助。謝謝。

I think I'll highlight just on the forex side, it was generally EPS neutral because we are largely naturally hedged. What I'm working on internally with our bank groups and with some of our advisors is a hedging strategy that keeps it that way. The challenge is, you do see some volatility in the individual line items. Again, back to FX is -- I'm sorry, OpEx, if you back out, the impact of currency we are largely flat. But at an EPS level, it was neutral, slightly positive for the company.

我想我只強調外匯方面，它一般對每股收益是中性的，因為我們基本上是自然對沖的。我正在與我們的銀行集團和一些顧問一起制定一種保持這種狀態的對沖策略。挑戰在於，你確實會看到個別項目有些波動。再次回到外匯問題——對不起，OpEx，如果你退出，貨幣的影響基本上是持平的。但從每股盈餘水準來看，這對公司來說是中性的，略微有利。

So what we really want to do is hedge against any changes, further changes in the US dollar, which is active strategy. Ideally, what I have is a constant currency model, which again, I've been here a quarter, so we're still working some things internally and building out some additional capabilities within my team. But with a constant currency reporting, there will be more transparency to the true impact of FX and the benefits of our hedging strategies.

因此，我們真正想要做的是對沖美元的任何變化、進一步的變化，這是一種積極的策略。理想情況下，我擁有的是一個恆定貨幣模型，再說一次，我已經在這裡待了一個季度，所以我們仍然在內部進行一些工作，並在我的團隊中建立一些額外的能力。但透過持續的貨幣報告，外匯的真正影響和對沖策略的好處將更加透明。

And just on a percentage basis, right, we are starting to see that this quarter, if you take a look at the midpoint of our guidance on our EBIT, you'll see that that's moving up from where we ended up and where we were guiding to last quarter. So I think we're right at that tipping point now to where you'll start seeing that leverage, FX or no-FX, you'll see that leverage so. Yeah, we don't want to get too ahead on what we're projecting because things happen, but I would say, we're right at that point right now.

僅從百分比來看，我們開始看到，本季度，如果您查看我們對息稅前利潤的指導中點，您會發現它比我們最終的水平和上一季度的指導水平有所上升。所以我認為我們現在正處於一個轉折點，你將開始看到槓桿作用，無論有沒有外匯，你都會看到槓桿作用。是的，我們不想對我們的預測做得太過超前，因為事情會發生，但我想說，我們現在就處於這個階段。

Okay, that's good. That's great for me. I'll pass it on. Thanks again.

好的，那很好。這對我來說太好了。我會傳達的。再次感謝。

Christian Schwab, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的克里斯蒂安·施瓦布 (Christian Schwab)。

Thank you for staying with me. Just a follow up on the currency question. In the hedging, you assume constant currency. Can you just tell us your assumption for the dollar to Euro exchange rate for the quarter, which you're assuming it will be until all your hedge strategies are in place?

謝謝你一直陪著我。這只是對貨幣問題的後續討論。在對沖中，你假設貨幣不變。您能否告訴我們您對本季美元兌歐元匯率的假設，您假設它會一直保持到您所有的對沖策略到位為止？

Well, again, on an EPS basis, we're largely naturally hedged, so I expect on an EPS basis to remain relatively neutral. We are net positioning a strong improvement in the dollar, but no material movements in the next three months.

嗯，再說一次，從每股盈餘來看，我們基本上是自然對沖的，所以我預計每股盈餘將保持相對中性。我們的淨部位對美元的強勁改善，但未來三個月不會有實質的變動。

Great, and then my second question is regarding the US revenue strength. Are you guys benefiting this quarter and do you anticipate benefiting in the second half of the year due to the bankruptcy of DZS?

太好了，我的第二個問題是關於美國的收入實力。你們本季是否受惠？由於 DZS 破產，你們預計下半年是否會受益？

Yeah, we right off of the bat, started getting calls. We started shipping to multiple customers now in the US. Predominantly in the US, I think we have some international business as well, but that's affected. That'll be a positive movement for us both on the OLT side, on the infrastructure side, as well as on the subscriber side. It already has been, it's already started impacting us.

是的，我們馬上就開始接到電話。我們現在已經開始向美國的多個客戶出貨。我們主要在美國開展業務，但我認為我們也有一些國際業務，但這受到了影響。這對於我們的 OLT 方面、基礎設施方面以及用戶方面來說都是一個積極的進展。它已經開始對我們產生影響了。

And then could you quantify that opportunity over multiple quarters to come or the positive impact that you received this quarter?

然後，您能否量化未來多個季度的機會或本季獲得的正面影響？

I don't really have that number. That's getting pretty granular. I would say, across the business, it's probably in the $10-ish million, but that's when it is all rolling, but some of these things are still competitive. They're going out to RFP. Some of them -- we have interoperable products, so we're an easy plug in. So where people were really in a bind, they called us. But yeah -- I would say it's probably material, but it's not overly so.

我確實沒有那個號碼。這已經變得非常細緻了。我想說，整個業務的規模可能在 1000 萬美元左右，但那是在一切都順利進行的時候，但其中一些仍然具有競爭力。他們正在出去徵求意見稿。其中一些——我們有可互通的產品，因此我們很容易插入。因此，當人們真正陷入困境時，他們就會打電話給我們。但是的——我想說它可能是物質的，但也不是太重要。

All right, great. No other questions. Thank you.

好的，太好了。沒有其他問題。謝謝。

Okay.

好的。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

Hi, thanks a lot guys. Tim, I think you mentioned your efforts on the sale of the North South Tower. It sounds like from your comments that that's -- you've had a particular buyer kind of walk away from the process. Is that correct? And what do you think the outlook is for getting a transaction done there? Thanks.

嗨，非常感謝大家。提姆，我想你提到了你在出售南北塔方面所做的努力。從您的評論來看，似乎有一位特定的買家放棄了這個過程。對嗎？您認為在那裡完成交易的前景如何？謝謝。

Yeah, let me start with the first piece and then I'll turn back over to Tim. We didn't have a buyer walk away. We had a buyer that has been closed, slow to close, so they are still actively trying to get their side of the deal done, but based off of the timing differential, we're now looking at offering it to other people.

是的，讓我先從第一部分開始，然後再轉回給提姆。我們沒有遇過買家流失的情況。我們有一個買家已經成交，成交緩慢，所以他們仍在積極嘗試完成他們的交易，但基於時間差異，我們現在正在考慮將其提供給其他人。

And before that, for a period of time we were not. We had taken it off and we're trying to close the deal. That's still an active negotiation, but we are now looking at other offers as well. Tim, anything you want to add to that?

而在此之前，有一段時間我們並沒有這麼做。我們已經將其取消並且正在努力完成交易。這仍然是一個積極的談判，但我們現在也在考慮其他報價。提姆，你還有什麼要補充的嗎？

I would just say, we're exactly -- we're under an exclusivity period. We were -- we have an inked deal, but there's contingencies that have kept us from moving that forward and those remain in place. We're tired as you are with some of these things moving. So it's a unique property. It's a tough property, but it's a gorgeous property.

我只想說，我們正處於獨家經營期。我們已經簽署了協議，但有一些意外情況阻礙了我們繼續推進，而且這些情況仍然存在。我們和您一樣，對這些事情的進展感到厭倦。所以它是一種獨特的財產。這是一個艱難的財產，但它是一個華麗的財產。

So, we're not willing to give the property away for an amount that's at a fire sale, and we're also very selfishly aware of who's going to be our neighbor. So we're working with some new parties to help us remarket the facility in parallel and also, I mentioned re-exploring with our renewed strength and capital position, a sale leaseback transaction on the East Tower.

因此，我們不願意以低價出售房產，而且我們也非常自私地知道誰會成為我們的鄰居。因此，我們正在與一些新的合作方合作，幫助我們同時重新行銷該設施，而且，我提到，利用我們新的實力和資本狀況重新探索東塔的售後回租交易。

Thank you.

謝謝。

Tim Savageaux, Northland Capital Markets.

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

Hey, good morning, and congrats on the outlook in particular and some of that operating leverage that you're starting to show. And along those lines, I think you mentioned an expectation for Subscriber Solutions to grow in Q3, but I'd be looking for any other color from a segment or geographic perspective about where you expect that sequential growth to come from? I can follow up from there.

嘿，早安，特別祝賀你的前景以及你開始展現的一些經營槓桿。順著這個思路，我想您提到了對第三季度用戶解決方案增長的預期，但我想從細分市場或地理角度尋找其他顏色，以了解您預計連續增長將來自哪裡？我可以從那裡跟進。

Yeah. We explicitly -- you're right, I explicitly did point out Subscriber Solutions and that's just -- backlog in that area continues to grow. So, we have more visibility as to what we expect there. Optical will probably have a very good strong quarter as well, that business and that backlog continues to grow and access continues. Backlog is probably not as big because we do have lumpy order patterning, but, yeah, it's positive.

是的。我們明確地——你是對的，我確實明確地指出了訂戶解決方案，那就是——該領域的積壓工作持續增長。因此，我們對那裡的預期有了更清晰的認識。光學業務可能也會有一個非常強勁的季度，該業務和積壓訂單將繼續增長，訪問量也將持續增長。積壓訂單可能沒有那麼大，因為我們確實有不均勻的訂單模式，但是，是的，這是積極的。

I mean, the business itself is definitely trending positive. I don't -- our visibility as you know is usually strongest in the next quarter and then it gets a little weaker and a little weaker. All of the signs that we have right now are looking upwards so. Yeah, and I would say across all the product segments.

我的意思是，業務本身肯定呈現正面的趨勢。我不知道——正如你所知，我們的可見性通常在下個季度最強，然後就會變得越來越弱。我們現在看到的所有跡像都表明形勢一片大好。是的，我想說的是，這涉及所有產品領域。

Probably the strongest single area right now is optical because they have the most ground to make up. They had the inventory depletion cure itself, the latest. At this point in time, I would say it's cured, and we're just seeing strong activity there. Did that answer your question? Hopefully?

目前最強大的單一領域可能是光學領域，因為它們有最多的空間需要彌補。他們已經解決了庫存枯竭的最新問題。目前，我想說它已經治癒了，我們只是看到那裡有強勁的活動。這回答了你的問題嗎？希望如此？

Sure did and leads very well into the next one, which is, Tom, you've mentioned or maybe, both of you guys have mentioned continued momentum in the second half in terms of revenues and cash flow. I mean, should we take that as implying an expectation for continued sequential growth into Q4? You do at times have some seasonal headwinds there. I know it's early, but I want to see if I'm interpreting that correctly.

確實如此，並且很好地引出了下一個問題，那就是湯姆，你提到過，或者也許你們倆都提到過下半年收入和現金流將繼續保持增長勢頭。我的意思是，我們是否應該將其視為第四季度繼續連續成長的預期？有時你確實會遇到一些季節性的逆風。我知道現在還早，但我想看看我的理解是否正確。

Yeah, I'm going to -- we don't give, as you know, guidance past the quarter, but I would say the momentum is strong enough to where I would not be surprised if we were to overcome any seasonal patterns at this point.

是的，正如你所知，我們不會給出本季之後的指導，但我想說的是，這種勢頭足夠強勁，如果我們能夠克服此時的任何季節性模式，我不會感到驚訝。

Great. And maybe the last one for me. You did see a good amount of sequential growth in the US this quarter and have talked about that to some degree. But should we -- to what extent should we associate that with inventory burning off versus maybe some of the new wins you announced last quarter with the Tier 2's in the US or what mix of factors would you say is driving that US growth in particular?

偉大的。對我來說這也許是最後一次了。您確實看到本季度美國出現了相當大的連續增長，並且已經在一定程度上談論了這一點。但是，我們應該在多大程度上將其與庫存消耗聯繫起來，還是與您上個季度宣布的與美國二級市場的一些新勝利聯繫起來，或者您認為哪些因素推動了美國的成長？

Yeah, I think you literally hit the mix. I think we did win some Tier 3s as well, but they tend to be smaller buyers, so you have to really have a big mass, and I would say we don't have a big mass yet. Tier 2s can move the needle. They have started buying our optical products as well. So, it was Tier 2s and the Tier 1s here in the US probably are what drove the most. Enterprise also did good, but those two drove the most -- I'm trying to think of the numbers. Those two definitely had the biggest impact.

是的，我認為你確實做到了。我認為我們也確實贏得了一些 3 級客戶，但他們往往是規模較小的買家，所以你必須擁有龐大的客戶群，而我想說我們目前還沒有龐大的客戶群。2 級可以推動進度。他們也開始購買我們的光學產品。因此，美國的 Tier 2 和 Tier 1 可能是推動力最大的。企業也表現不錯，但這兩家公司的推動力最大——我正在努力思考這些數字。這兩個人肯定影響最大。

Okay, thanks very much.

好的，非常感謝。

[Bill Develin, Titan Capital].

[比爾·德維林，泰坦資本]。

Thank you. Relative to the strength that you were talking about really around the globe, are you able to either rank or highlight what's the true driver between the expanding bandwidth, the AI, the data centers, vendor replacement. There are all these factors that I think you've highlighted are favorable contributors, but are there one or two that are truly the meaningful drivers?

謝謝。相對於您真正談論的全球實力，您能否對擴展頻寬、人工智慧、資料中心、供應商更換之間的真正驅動力進行排名或強調。我認為您強調的所有這些因素都是有利的因素，但其中是否有一兩個因素是真正有意義的驅動因素？

I would say the biggest driver right now is upgrade of the network, at least for us, right, is upgrade of the network for residential broadband. That's driving the biggest piece of our revenue growth over the last few quarters. The next biggest driver -- it gets -- optical returning to normality would definitely be the next one, and I would tell you, like I said, we're expecting a strong second half there.

我想說，目前最大的驅動力是網路升級，至少對我們來說，是住宅寬頻網路的升級。這是我們過去幾季營收成長的最大推動力。下一個最大的驅動因素——光學恢復正常肯定是下一個，我想告訴你，就像我說的，我們預計下半年將會表現強勁。

In that normality -- it's not just normality, it's new application win. So, I mentioned we won some in Europe. We won some additional projects in Europe that include 5G gentrification, for instance, which is kind of nice to see.

在這種常態下──這不僅是常態，更是新應用的勝利。所以，我提到我們在歐洲贏了一些勝利。我們在歐洲贏得了一些額外的項目，例如 5G 高檔化，這令人欣慰。

And then we're seeing some of the work and have won some business around getting just general bandwidth upgrades and some of that is AI driven. So it's kind of hard -- opticals, multiple different things affecting optical. But I would -- so if you just let me just say, fiber to the prim plus optical, that would be the right answer because the fiber to the prem is also affecting our Subscriber business, of course.

然後我們看到了一些工作，並贏得了一些業務，包括一般頻寬升級，其中一些是由人工智慧驅動的。所以這有點難——光學，多種不同的因素影響光學。但是我會 - 所以如果你只是讓我說，光纖到主加上光纖，那將是正確的答案，因為光纖到主當然也會影響我們的用戶業務。

That's helpful. Thank you, Tom. And then in the US, do you see any opportunity to crack into any of the Tier 1s that you are not currently a meaningful player with?

這很有幫助。謝謝你，湯姆。那麼在美國，您是否看到任何機會打入您目前尚未參與的一級市場？

We sell to the other -- well, let me define Tier 1 for you if you don't mind. Tier 1 carrier customers, telco customers, we sell to them, but I don't see any real big change in trajectory in the near term there. For MSO customers, I think there's a difference. I think that we have products well positioned and the larger MSOs here and we could see some movement there. Did that answer your question?

我們向其他人銷售——好吧，如果您不介意的話，讓我為您定義第一層。我們向一級營運商客戶、電信客戶銷售產品，但我不認為短期內他們的發展軌跡會發生任何真正的重大變化。對於 MSO 客戶來說，我認為是有區別的。我認為我們的產品定位良好，並且這裡有較大的 MSO，我們可以看到那裡的一些動向。這回答了你的問題嗎？

Yes, but it certainly does lead to another -- to expand on that last comment about winning additional -- sounds like a large MSO business.

是的，但它確實會導致另一個——擴展關於贏得額外收入的最後一條評論——聽起來像是一個大型的 MSO 業務。

Right, we're working at it. We have some approvals that we've gotten and I think we're well positioned. We won't -- until I see that big PO coming in, I'm not going to really [caught up]. But, we're approved and ready to go.

好的，我們正在努力。我們已經獲得了一些批准，我認為我們已做好準備。我們不會——直到我看到大訂單到來，我才會真正[被抓住]。但是，我們已經獲得批准並準備出發。

All right, great. Congratulations on a really nice quarter.

好的，太好了。恭喜您度過了一個非常愉快的季度。

All right, thank you very much. I think with that, we are out of questions for today. So I appreciate everybody joining us on the call today, and we look forward to talking to you next quarter.

好的，非常感謝。我想，今天的問題到此為止。因此，我感謝今天參加電話會議的各位，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 log off.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以註銷。