Calix Inc (CALX) 2023 Q4 法說會逐字稿

Greetings, everyone, and welcome to the Calix fourth-quarter 2023 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

大家好，歡迎參加 Calix 2023 年第四季財報電話會議。（操作員說明）謹此提醒，本次電話會議正在錄音。

It is now my pleasure to introduce your host, Jim Fanucchi, Vice President of Investor Relations. Sir, please go ahead.

現在我很高興向您介紹主持人，投資者關係副總裁 Jim Fanucchi。先生，請繼續。

Thank you, Rob. And good morning, everyone. Thank you for joining our fourth-quarter 2023 earnings call. Today on the call, we have President and CEO, Michael Weening; and Chief Financial Officer, Cory Sindelar.

謝謝你，羅布。大家早安。感謝您參加我們的 2023 年第四季財報電話會議。今天參加電話會議的有總裁兼執行長 Michael Weening；財務長科里辛德拉 (Cory Sindelar)。

As a reminder, yesterday after the market closed, Calix issued a news release which was furnished on our Form 8-K along with our stockholder letter, and both were posted in the Investor Relations section of the Calix website. Today's conference call will be available for webcast replay in the Investor Relations section of our website.

提醒一下，昨天收盤後，Calix 發布了一份新聞稿，該新聞稿與我們的股東信一起附在我們的 8-K 表格中，並且均發佈在 Calix 網站的投資者關係部分。今天的電話會議將在我們網站的投資者關係部分進行網路直播重播。

Before I turn the call over to Michael for his opening remarks, I want to remind everyone on this call that we will refer to forward-looking statements including all statements the company will make about its future financial and operating performance, growth strategy, and market outlook, and actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause actual results and trends to differ materially are set forth in the fourth-quarter 2023 letter to stockholders and in the annual and quarterly reports filed with the SEC. Calix assumes no obligation to update any forward-looking statements, which speak only as of their respective dates.

在我將電話轉交給邁克爾進行開場白之前，我想提醒參加本次電話會議的所有人，我們將參考前瞻性陳述，包括公司將就其未來財務和營運業績、成長策略和市場做出的所有陳述前景和實際結果可能與這些前瞻性陳述中預期的結果有重大差異。2023 年第四季致股東的信函以及向 SEC 提交的年度和季度報告中闡述了可能導致實際結果和趨勢出現重大差異的因素。Calix 不承擔更新任何前瞻性陳述的義務，這些陳述僅代表各自日期的情況。

Also in this conference call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of the GAAP to non-GAAP measures is included in the fourth-quarter 2023 letter to stockholders. Unless otherwise stated, all financial information referenced in this call will be non-GAAP.

同樣在本次電話會議中，我們也將討論 GAAP 和非 GAAP 財務指標。2023 年第四季致股東的信函中包含了 GAAP 與非 GAAP 衡量標準的調整。除非另有說明，本次電話會議中引用的所有財務資訊均為非 GAAP 財務資訊。

With that, it is my pleasure to turn the call over to Michael. Michael, please go ahead.

至此，我很高興將電話轉給麥可。邁克爾，請繼續。

Thank you, Jim. Ordinarily, I would speak about the results we outlined in the investor letter, where the team delivered a strong Q4 with record revenue and margin, completing our fourth year of deliberate revenue growth, gross margin expansion, disciplined operating expense investments, and ongoing predictability. However, these are not ordinary times.

謝謝你，吉姆。通常，我會談論我們在投資者信中概述的結果，其中團隊在第四季度實現了強勁的收入和利潤記錄，完成了我們刻意的收入增長、毛利率擴張、嚴格的營運費用投資和持續可預測性的第四年。然而，現在不是平常時期。

2024 represents both a challenge and a unique opportunity for Calix with one constant, our unique platform, cloud, and managed services continue to lead the way with robust growth as they enable our strategically aligned broadband service provider customers to simplify their operations and go-to-market strategy, innovate for residential, business, government, and communities and growth for their investors, members, and the communities they serve. This strategy is enabling their success as they take market share from legacy network operators at a faster and faster pace.

2024 年對 Calix 來說既是挑戰也是獨特的機遇，我們獨特的平台、雲端和託管服務將繼續引領強勁成長，因為它們使我們策略一致的寬頻服務供應商客戶能夠簡化其營運和選擇-市場策略，為住宅、企業、政府和社區進行創新，並為投資者、會員和他們所服務的社區帶來成長。這項策略使他們能夠取得成功，因為他們以越來越快的速度從傳統網路營運商手中奪取市場份額。

Since our last investor call, we have seen a significant broadening in the number of customers interested in competing for BEAD funds. Today, nearly all our customers are either assembling a BEAD strategy or actively pursuing funds. The clear reality is that the BEAD funds are simply too large at $42 billion and too close for any strategic minded BSP to ignore.

自上次投資者電話會議以來，我們發現有興趣競爭 BEAD 基金的客戶數量顯著增加。如今，幾乎我們所有的客戶都在製定 BEAD 策略或積極尋求資金。顯而易見的現實是，BEAD 基金規模太大，達到 420 億美元，而且距離任何有戰略頭腦的菲律賓央行都無法忽視。

While they do this, they slow their new builds as BEAD money could be used instead of consuming their own capital, and thus, we'll slow our appliance shipments until decisions are made and funds are awarded. At that point, the winners will move ahead and those who decided to skip the BEAD program or did not receive BEAD funding will begin investing to ensure that the winner does not impinge on their market. This represents a delay but also represents a unique opportunity for Calix in 2024.

當他們這樣做時，他們會放慢新建設的速度，因為可以使用 BEAD 資金而不是消耗自己的資本，因此，我們將放慢我們的設備發貨速度，直到做出決定並獲得資金。屆時，獲勝者將繼續前進，而那些決定跳過 BEAD 計劃或未獲得 BEAD 資金的人將開始投資，以確保獲勝者不會影響其市場。這代表著延遲，但也代表著 Calix 在 2024 年的獨特機會。

Before I discuss this unique opportunity, I'd like to turn it over to Cory to review our disciplined execution in the fourth quarter. Cory?

在討論這個獨特的機會之前，我想請科里檢視我們在第四季的紀律執行。科里？

Thank you, Michael. We closed 2023 with another quarter of strong execution, resulting in record revenue of $264.7 million. Continued robust growth in our platform, cloud and managed services, drove record non-GAAP gross margin of 54.1%.

謝謝你，麥可。我們以另一個季度的強勁執行力結束了 2023 年，營收達到創紀錄的 2.647 億美元。我們的平台、雲端和託管服務持續強勁成長，推動非 GAAP 毛利率達到創紀錄的 54.1%。

Our supply chain has settled into a new normal where price increases from the past are difficult to undo. We will rely on future design wins and product releases to drive down costs over time, much like prior to the pandemic. Consequently, we consider the pandemic-induced supply chain challenges to be behind us.

我們的供應鏈已進入新常態，過去的價格上漲難以逆轉。我們將依靠未來的設計勝利和產品發布來隨著時間的推移降低成本，就像疫情大流行之前一樣。因此，我們認為疫情引發的供應鏈挑戰已經過去。

From a balance sheet perspective, we continue to see improvement in component lead times during the fourth quarter and continue to work down our purchase commitments as they decreased by $51 million from the third quarter to $176 million, back to a pre-pandemic level.

從資產負債表的角度來看，我們繼續看到第四季度零件交貨時間的改善，並繼續減少我們的採購承諾，因為採購承諾比第三季減少了5,100 萬美元，降至1.76 億美元，回到了大流行前的水平。

Over time, we expect to see an improvement in inventory turns and a reduction in supplier deposits. These reductions in working capital requirements, combined with continued profitability will result in consistent quarterly double-digit operating and free cash flow.

隨著時間的推移，我們預計庫存週轉率將有所改善，供應商押金將減少。營運資金需求的減少加上持續的獲利能力將導致季度營運和自由現金流持續保持兩位數。

I do want to offer some commentary on the inventory and component liability charges we took in the fourth quarter as they impacted our GAAP results. Over the past few years, we have provided progress checks on our transformation from a box ship company to an appliance-based platform, cloud and managed services company. Last year, we communicated that our legacy business represented less than 10% of our fourth-quarter 2022 bookings and that the transformation was largely complete. Over the past year, we benefited from the legacy customers moving to our platforms at a faster rate than we initially anticipated.

我確實想對我們在第四季度收取的庫存和零件責任費用發表一些評論，因為它們影響了我們的公認會計原則結果。在過去的幾年裡，我們對從貨櫃運輸公司向基於設備的平台、雲端和託管服務公司的轉型進行了進度檢查。去年，我們表示，我們的傳統業務僅佔 2022 年第四季預訂量的不到 10%，而且轉型已基本完成。在過去的一年裡，我們受益於傳統客戶以比我們最初預期更快的速度遷移到我們的平台。

In the fourth quarter of 2023, we reached a point where we could see the end of the shipments for this legacy product set. While this transformation over the last few years to our platform, cloud and managed services has been a huge positive, we had to make purchasing decisions regarding our legacy products during the global pandemic-induced supply chain prices. As a result of these circumstances, we were left with excess legacy finished good inventory and components at suppliers. After a thorough evaluation, we took charges in the fourth quarter to effectively wind down this business. This was the primary reason why our fourth-quarter GAAP gross margin came in at 42.8% and why we reported a GAAP net loss of $4.1 million.

在 2023 年第四季度，我們可以看到該遺留產品集的出貨結束。雖然過去幾年對我們的平台、雲端和託管服務的轉變帶來了巨大的正面影響，但我們必須在全球大流行引發的供應鏈價格上漲期間就我們的遺留產品做出購買決定。由於這些情況，我們在供應商處留下了多餘的成品庫存和零件。經過徹底評估後，我們在第四季度採取了行動，有效地結束了這項業務。這是我們第四季 GAAP 毛利率達到 42.8% 以及 GAAP 淨虧損 410 萬美元的主要原因。

As we have said previously, an added benefit of our unique appliance-based platform model is an industry low SKU count, which is now less than 200 go-forward SKUs. This low appliance-based SKU count gives us operating leverage as well as allowing us to better manage our inventory level and have the right inventory at the right time to meet our customers' demands.

正如我們之前所說，我們獨特的基於設備的平台模型的另一個好處是 SKU 數量行業較低，目前不到 200 個前進 SKU。這種基於設備的低 SKU 數量為我們提供了營運槓桿，並使我們能夠更好地管理我們的庫存水平，並在正確的時間擁有正確的庫存來滿足客戶的需求。

Our operational focus enabled us to produce our third consecutive quarter of double-digit free cash flow and to strengthen our balance sheet. We continue to make deliberate decisions with our strong balance sheet in the fourth quarter. We purchased $44 million of our common stock at an average price of $35, bringing our total utilization of the original repurchase plan to $86.4 million. With expectations for continued double-digit quarterly free cash flow generation, the Board authorized an additional $100 million to continue our common stock repurchase program.

我們的營運重點使我們能夠連續第三個季度實現兩位數的自由現金流，並加強我們的資產負債表。我們在第四季繼續憑藉強勁的資產負債表做出深思熟慮的決定。我們以 35 美元的平均價格購買了 4,400 萬美元的普通股，使我們原回購計畫的總利用率達到 8,640 萬美元。由於預計季度自由現金流將持續保持兩位數，董事會額外授權 1 億美元來繼續我們的普通股回購計畫。

Now let's turn to guidance. In addition to the ongoing decision-making process that Michael discussed affecting our appliance shipments, we have a few significant customers pausing their purchases in early 2024 as they reevaluate their capital expenditures. As a result of these factors, our first quarter of 2024 revenue guidance is for revenue to be between $225 million and $231 million.

現在讓我們轉向指導。除了麥可討論的影響我們設備出貨量的持續決策過程之外，我們還有一些重要客戶在 2024 年初暫停了採購，因為他們重新評估了資本支出。由於這些因素，我們對 2024 年第一季的營收指引是在 2.25 億美元至 2.31 億美元之間。

We expect customers will make decisions regarding whether to pursue government stimulus over the course of the year as customers decide to pass on BEAD and they will begin their network builds, which should translate into increased shipments. If they decide to pursue BEAD, then their purchases will be delayed until the award is received. We believe there are customers all along the continuum. As such, we expect our first quarter revenue to mark the low point for the year and will grow sequentially thereafter.

我們預計，隨著客戶決定放棄 BEAD，他們將開始網絡建設，這將轉化為出貨量的增加，因此客戶將在這一年中決定是否尋求政府刺激措施。如果他們決定追求 BEAD，那麼他們的購買將被推遲到收到獎勵為止。我們相信整個連續體都有客戶。因此，我們預計第一季營收將創下年內低點，此後將連續成長。

What is certain is the continued growth of our platform, cloud, and managed services revenue. As such, our non-GAAP gross margin guidance for the first quarter of 2024 is 54.5% at the midpoint and would represent an increase of 40 basis points compared to the prior quarter. It would also set us up well for achieving the high end of our target financial model of 100 to 200 basis points for 2024.

可以肯定的是，我們的平台、雲端和託管服務收入將持續成長。因此，我們對 2024 年第一季的非 GAAP 毛利率指引為 54.5%，較上一季增加 40 個基點。這也將為我們實現 2024 年 100 至 200 個基點的高端目標財務模型奠定良好基礎。

Finally, our non-GAAP operating expense guidance for the first quarter of 2024 is higher than our target financial model because of the expected dip in first-quarter revenue. We plan to hold our operating expense investments relatively flat during 2024 while we execute on our objective of growing footprint prior to the arrival of what we believe will be a significant amount of government stimulus in 2025.

最後，由於第一季營收的預期下降，我們對 2024 年第一季的非 GAAP 營運費用指引高於我們的目標財務模型。我們計劃在 2024 年保持營運費用投資相對平穩，同時在我們認為 2025 年大量政府刺激措施到來之前實現擴大足蹟的目標。

In summary, Calix had an amazing year in 2023, and we are just getting started. And to tell you more about that opportunity ahead, I will return the call back to Michael.

總而言之，Calix 在 2023 年度過了令人驚嘆的一年，而我們才剛剛開始。為了告訴您有關未來機會的更多信息，我會將電話回給邁克爾。

Thank you, Cory. The unique Calix platform, cloud and managed services are enabling our BSP customers to win in their markets against the legacy network operators. The insights, data and operational capabilities that they provide, combined with our direct sales, service, and success relationships give us unparalleled visibility into more than 1,000 BSP customers' planning and execution.

謝謝你，科里。獨特的 Calix 平台、雲端和託管服務使我們的 BSP 客戶能夠在市場上擊敗傳統網路營運商。他們提供的見解、數據和營運能力，與我們的直接銷售、服務和成功關係相結合，使我們能夠對 1,000 多家 BSP 客戶的規劃和執行擁有無與倫比的可見性。

This visibility makes it clear that their new network builds are going to slow in '24. However, at the same time, new subscriber additions will continue unabated on our customers' existing network infrastructure as they take market share from legacy network operators. Therefore, we are confident that in 2024, our platform, cloud, and managed services will continue their robust growth while our appliance shipments will slow.

這種可見性清楚地表明，他們的新網路建設將在 24 年放緩。然而，與此同時，隨著客戶從傳統網路營運商手中奪取市場份額，新用戶的增加將在我們客戶現有的網路基礎設施上繼續有增無減。因此，我們有信心在 2024 年，我們的平台、雲端和託管服務將繼續強勁成長，而我們的設備出貨量將放緩。

For four reasons, we believe this is a unique opportunity prior to the arrival of $42 billion in BEAD funds for new builds in 2025 and beyond. First, we are excited that the vast majority of our BSP customers are contemplating or already applying for BEAD funding as we believe they are best placed to win as they have spent decades servicing rural and travel community.

基於四個原因，我們認為，在 2025 年及以後用於新建項目的 420 億美元 BEAD 資金到來之前，這是一個獨特的機會。首先，我們很高興絕大多數 BSP 客戶正在考慮或已經申請 BEAD 資金，因為我們相信他們最有資格獲勝，因為他們花了數十年的時間為農村和旅遊社區提供服務。

Second, we believe our BSP customers will provide the best experience to those formerly under or unserviced subscribers going well beyond the fiber connection. Our platform-enabled BSPs will supercharge residential for home office workers in use cases like the farm, education, small and medium businesses, which are the economic lifeblood of rural America, and for local governments.

其次，我們相信我們的 BSP 客戶將為那些以前未獲得服務或未獲得服務的用戶提供遠遠超出光纖連接範圍的最佳體驗。我們支援平台的 BSP 將為家庭辦公室工作人員在農場、教育、中小企業（這些是美國農村和地方政府的經濟命脈）等用例中提供住宅服務。

Third, we believe our BSP customers have demonstrated for decades that they will make the most effective use of taxpayer dollars. They care about the communities they serve, and we'll do the right thing, investing taxpayer dollars for the greatest long-term effect to improve the community.

第三，我們相信，我們的菲律賓央行客戶幾十年來已經證明，他們將最有效地利用納稅人的錢。他們關心他們所服務的社區，我們將做正確的事情，投資納稅人的錢，以取得最大的長期效果，以改善社區。

And fourth, we believe this presents Calix with the unique opportunity to expand our footprint in the North American market. We have heard almost every legacy box vendor speak about 2024 as a tough year. We see this year as a unique opportunity to expand our footprint for the following reasons.

第四，我們相信這為 Calix 提供了擴大我們在北美市場的足跡的獨特機會。我們聽到幾乎所有傳統盒子供應商都說 2024 年是艱難的一年。我們認為今年是擴大我們足跡的獨特機會，原因如下。

First, we have a strong balance sheet to continue to invest and execute with discipline throughout the year. Second, we have a talented team that is motivated by the community-centric purpose of our BSP customers. It is what motivates us and has powered us to execute our customer-focused strategy year in and year out.

首先，我們擁有強大的資產負債表，可以全年繼續嚴格投資和執行。其次，我們擁有一支才華橫溢的團隊，他們的動力來自 BSP 客戶以社區為中心的目標。這是我們的動力，也是我們年復一年執行以客戶為中心的策略的動力。

Third, service providers will be making network build decisions upon which they expect to rely for a decade or more. This is not a purchasing decision rather it's a long-term strategic investment decision. Calix is best place to enable evolving service providers to build networks that yield the lowest operating cost, highest customer satisfaction and are environmentally sustainable, which enables them to win in the markets they serve.

第三，服務提供者將制定他們期望在十年或更長時間內依賴的網路建設決策。這不是購買決策，而是長期策略投資決策。Calix 是幫助不斷發展的服務提供者建立營運成本最低、客戶滿意度最高且環境可持續的網路的最佳場所，這使他們能夠在其服務的市場中獲勝。

Last, we are uniquely positioned with our platform, cloud, and managed services to ride the BSP disruption that is picking up momentum. As such, since last fall and into this year, I have dramatically ramped up my time with customers, prospects, and partners as I know the view is always clearest from the front.

最後，我們憑藉我們的平台、雲端和託管服務佔據了獨特的地位，可以應對日益強勁的 BSP 顛覆。因此，從去年秋天到今年，我大大增加了與客戶、潛在客戶和合作夥伴相處的時間，因為我知道從正面看總是最清晰的。

In my numerous conversations with CEOs and GMs since our last earnings call, and as illustrated in our frequent press releases that share our customers' ongoing success, the Calix platform, cloud, and managed services model is the winning model, delivering incredible cash flow, profitability, and unmatched experiences across residential, business, government, and the communities our BSP customers serve.

自從上次財報電話會議以來，在我與執行長和總經理的多次對話中，以及我們經常分享客戶持續成功的新聞稿中所表明的那樣，Calix 平台、雲端和託管服務模型是獲勝模型，可提供令人難以置信的現金流，我們的 BSP 客戶所服務的住宅、企業、政府和社區的盈利能力和無與倫比的體驗。

In conclusion, we see 2024 as a unique opportunity to grow our footprint ahead of the extraordinary funding coming in 2025. We have the platform, the people, and the balance sheet to remain focused on the success of our BSP customers and long-term success.

總之，我們認為 2024 年是一個獨特的機會，可以在 2025 年獲得大量資金之前擴大我們的足跡。我們擁有平台、人員和資產負債表，可以繼續專注於 BSP 客戶的成功和長期成功。

Jim, let's open the call.

吉姆，讓我們開始通話吧。

Thank you, Michael. Rob, let's open the call for Q&A now.

謝謝你，麥可。羅布，我們現在開始問答環節。

Thank you. We'll now be conducting the question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

George Notter, Jefferies.

喬治諾特，傑弗里斯。

Hi, guys. Thanks very much. I guess, I was -- I appreciate the press release or rather the shareholder letter and all the detail on all the different stimulus programs that your customers are chasing right now. I guess, the question that I have is, as I look at all these programs, RDOF, ARPA, the ARPA capital projects piece, ReConnect, Tribal, there's numerous state programs, it seems to me that a lot of those funding dollars are flowing now. And so I guess what I'm trying to get my head around is why are you seeing such a big wait for effect around BEAD, yet there are stimulus dollars that are available to operators today, so hoping to better understand that.

嗨，大家好。非常感謝。我想，我是——我很欣賞新聞稿，或者更確切地說是股東信，以及您的客戶現在正在追求的所有不同刺激計劃的所有細節。我想，我的問題是，當我查看所有這些項目時，RDOF、ARPA、ARPA 資本項目、ReConnect、Tribal，還有許多國家項目，在我看來，很多資金都在流動現在。因此，我想我想弄清楚的是，為什麼您會看到 BEAD 的影響如此之大，但今天運營商可以獲得刺激資金，因此希望能更好地理解這一點。

And then also, I think in the letter and then on the call, you mentioned a few significant customers that are holding things up. Is it a few customers? Is it broad based? Like what's the picture you're seeing?

另外，我認為在信中和電話中，您提到了一些阻礙事情發展的重要客戶。是不是有幾個顧客？基礎廣泛嗎？就像你看到的圖片是什麼？

I'll address the first one. So with regard to the funding that is flowing, yes, there are component of it. But the pause as we started to see in Q3 is definitely you saw game momentum in Q4 was around the fact that this dollar value coming from BEAD is so significant that they need to assemble a strategy on how they're going to use it or if they're going to go after.

我將解決第一個問題。因此，就流動資金而言，是的，其中有一部分。但正如我們在第三季開始看到的停頓，你肯定會在第四季度看到遊戲的動力，因為來自BEAD 的美元價值是如此重要，以至於他們需要製定一個關於如何使用它的策略，或者如果他們會追趕的。

And so while there are -- there is money flowing for sure, this program is so large that, from our perspective, almost every single customer has said, I need to have a strategy to either pursue it actively and they're doing it right now or consider it, and therefore, it's a setup for the future.

因此，雖然確實有資金流動，但這個計劃太大了，從我們的角度來看，幾乎每個客戶都說，我需要製定一個策略來積極追求它，而他們正在做正確的事情現在或考慮它，因此，這是為未來做好的準備。

Got it. And then do you think that -- sorry, go ahead, guys.

知道了。然後你認為——抱歉，繼續吧，夥計們。

I was going to answer that second part of the question, do you want to follow up to what Michael said?

我正要回答問題的第二部分，你想跟進麥可所說的嗎？

Sure, sure. Yeah. Please go ahead. I'll follow up afterwards.

一定一定。是的。請繼續。後續我會跟進。

Sure. So regarding the few significant customers, it is exactly that. It's a few significant customers. And when we say significant, that doesn't mean they're large, medium, or small. It just means that they represented a significant amount of revenue in 2023. And as they moved into 2024, they froze their purchasing in the near term here while they reevaluate what they want to do for 2024.

當然。所以對於少數重要客戶來說，確實如此。這是一些重要的客戶。當我們說重要時，並不意味著它們是大、中或小。這只是意味著它們在 2023 年代表了相當大的收入。隨著 2024 年的到來，他們凍結了近期的採購，同時重新評估 2024 年的計畫。

Got it. So it sounds like this is a few customers out of nearly 1,000 customers that you're actively seeing this wait for effect from. Is that correct? And is it that you're anticipating the other bulk of your customers to also go into this wait for effect, or is it that you're not yet seeing that?

知道了。因此，聽起來這只是近 1,000 名客戶中的少數客戶，您正在積極地看到這種等待效果。那是對的嗎？您是否預計其他大部分客戶也會進入這種等待效果，或者您還沒有看到這種情況？

Well, let's distinguish this between the two factors we're talking about. There's the slowdown related to government stimulus while they work through that decision-making process. That is broad-based. The hold up for capital expenditure replanning is narrow. That's a few customers only, and I don't anticipate it to expand beyond that.

好吧，讓我們區分一下我們正在討論的兩個因素。當他們進行決策過程時​​，與政府刺激措施有關的經濟放緩。這是基礎廣泛的。資本支出重新規劃的難度很小。這只是少數客戶，我預計它不會擴大到更多。

Got it. Okay. And then the other question I had is, just to be clear, this is affecting the OLT business. Specifically, you're not seeing this impact on the CPE side of the hardware business, correct?

知道了。好的。我的另一個問題是，需要明確的是，這正在影響 OLT 業務。具體來說，您沒有看到這種對硬體業務 CPE 方面的影響，對嗎？

Well, as we said, our platform, cloud, and managed services will continue their robust growth. And so you saw that in Q4.

正如我們所說，我們的平台、雲端和託管服務將繼續強勁成長。所以你在第四季看到了這一點。

Yes, George. So when we're talking about the government stimulus, it is affecting network builds, new network builds. So it's not affecting the existing footprint. On the few significant customers, it's both -- it's both sides of it. They froze their CapEx.

是的，喬治。因此，當我們談論政府刺激措施時，它正在影響網路建設、新網路建設。所以它不會影響現有的足跡。對於少數重要客戶來說，兩者都是——它是雙方的。他們凍結了資本支出。

Got you. Okay. Okay. Super. I'll pass it on. I appreciate the help.

明白你了。好的。好的。極好的。我會把它傳遞下去。我很感激你的幫忙。

Ryan Koontz, Needham & Company.

瑞恩‧孔茨 (Ryan Koontz)，李約瑟公司。

George, hit the key ones there. In terms of your small -- I want to double-click though on the small customer revenue there. It does seem to be slowing. And obviously, that's not a contributor to your few customers tightening. Any commentary on the small customer sentiment going into '24 relative to your guide for Q1?

喬治，擊中關鍵點。就您的小額而言，我想雙擊那裡的小額客戶收入。它似乎確實在放緩。顯然，這並不是導致少數客戶緊縮的原因。相對於您第一季的指南，對進入 24 年的小客戶情緒有何評論？

Well, I think this goes back to, again, the BEAD funding, right? So if we look at what their decision-making is through 2024, we saw that the Enhanced A-CAM offering in the third quarter actually got many of our customers thinking more seriously about BEAD as an early decision factor. Then our customers typically don't enter their budgeting process until after Thanksgiving, so they took a moment to start contemplating that as they look at '24. And then now that it's right in front of them, that is part of their decision-making process through 2024.

嗯，我認為這又可以追溯到 BEAD 資金，對吧？因此，如果我們看看他們到 2024 年的決策，就會發現第三季的增強型 A-CAM 產品實際上讓我們的許多客戶更加認真地考慮 BEAD 作為早期決策因素。然後，我們的客戶通常要到感恩節之後才會進入預算流程，因此他們在考慮「24」時花了一些時間開始考慮這一點。現在它就擺在他們面前，這是他們到 2024 年決策過程的一部分。

So they are either actively applying for BEAD right now, or they're working out their strategy to say, how am I going to apply for it? So those come into the pause in their decision-making, for sure they are, in fact, you talk about our small customers, they are rural America.

因此，他們現在要么正在積極申請 BEAD，要么正在製定策略：我將如何申請？因此，那些人在決策過程中陷入了暫停，事實上，他們是我們的小客戶，他們是美國農村地區。

Got it. That's helpful. And Cory, you talked about on the prepared remarks your opportunity for further cost reduction on the hardware front. Can you tell us in general what your thoughts are there? Is this mainly about sourcing, redesigned modern components, optics. And can you give us any clues there as to where your opportunities lie for cost reductions on hardware?

知道了。這很有幫助。科里，您在準備好的發言中談到了在硬體方面進一步降低成本的機會。您能大致告訴我們您的想法嗎？這主要是關於採購、重新設計的現代組件、光學器件。您能否提供我們任何線索，說明您降低硬體成本的機會在哪裡？

Yeah, Ryan. What we are basically saying is that we have come through the global supply chain challenges. And the only thing really remaining are those price increases that were passed along. You don't get those back. Our vendors don't voluntarily lower their prices for you. So the only way and the only place you have leverage is really when you're going out to bid on new design wins.

是的，瑞安。我們基本上是說，我們已經度過了全球供應鏈的挑戰。唯一真正剩下的就是那些被傳遞的價格上漲。你不會把這些拿回來。我們的供應商不會自願為您降低價格。因此，唯一有影響力的方法和地方就是當你出去競標新設計時。

And so this is something that we would look to do much like we did pre-pandemic. It's when the new product is released, we've come out with a new design win on our new platform. We aren't going to necessarily redesign products in lieu of that, right? So we will wait and come out with the next-generation products. We do that five, six, seven hardware devices a year, and that's how we will go about clawing back those price increases.

因此，我們希望這樣做，就像我們在大流行前所做的那樣。當新產品發佈時，我們在新平台上取得了新的設計勝利。我們不一定要重新設計產品來取代它，對嗎？因此，我們將等待下一代產品的推出。我們每年生產五、六、七台硬體設備，這就是我們收回價格上漲的方式。

Got it. Okay. That's helpful. I'll pass it on.

知道了。好的。這很有幫助。我會把它傳遞下去。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

This is Joe Cardoso on for Samik. So first question from me is, it sounds like cloud and managed services growth is expected to continue in the face of these pauses and delays. But can you just talk to the impact of the growth rate there from the slowdown in appliances and whether we should expect a slower growth rate in that part of the business?

我是喬·卡多佐 (Joe Cardoso) 替補薩米克 (Samik)。所以我的第一個問題是，聽起來雲端和託管服務的成長預計將在這些暫停和延遲的情況下繼續成長。但您能否談談家電產業放緩對成長率的影響，以及我們是否應該預期這部分業務的成長率會放緩？

I guess I'm just trying to better understand the correlation between appliances and cloud and managed services and whether you expect a slower growth rate there on the temporary pauses or delays? And then I have a quick follow-up.

我想我只是想更了解設備與雲端和託管服務之間的相關性，以及您是否預計臨時暫停或延遲的成長率會較慢？然後我會進行快速跟進。

Yeah. The managed -- the platform, cloud, and managed services is growing constantly. It's just at a steady rate, just continuing to grow. We saw that all through the pandemic, through supply chain slowdown, and it continues even today. So if you're looking at a relative mix of revenue, the slowdown is on the appliance side. So it's a lower appliance revenue, you're going to end up having a greater percentage of software in your mix. And that's why we believe we will be at the higher end of the target financial model with that 100 to 200 basis points for 2024. So there you go.

是的。託管——平台、雲端和託管服務正在不斷增長。它只是以穩定的速度持續成長。我們在整個大流行期間、透過供應鏈放緩看到了這種情況，甚至在今天仍在繼續。因此，如果你考慮收入的相對組合，你會發現設備方面的成長放緩。因此，設備收入較低，您最終將在組合中擁有更大比例的軟體。這就是為什麼我們相信 2024 年我們將處於目標財務模型的高端，即 100 到 200 個基點。所以就這樣吧。

Okay. I guess just my next question is you obviously highlighted the slowdown investments from existing customers from the government subsidies on the horizon. However, just curious if you could talk to the trends you're seeing from new customers and clarify whether those same factors are impacting your ability to onboard new customers to Calix? Or is that less of a hurdle on the new customer front? Those are the questions.

好的。我想我的下一個問題是，您顯然強調了即將到來的政府補貼將導致現有客戶的投資放緩。但是，只是好奇您是否可以談談從新客戶那裡看到的趨勢，並澄清這些相同的因素是否會影響您吸引新客戶加入 Calix 的能力？或者說這對新客戶來說不是一個障礙？這些就是問題。

Actually, that was the point of my opening remarks and what you saw through the letter, which is we recognize 2024 or see it as a unique opportunity for us, in fact, to expand footprint. So our platform, cloud, and managed services continue to differentiate us in the minds of evolving service providers who are looking at 2024 and then the tsunami of money that's coming in 2025 and beyond as a decision point. They're no longer just taking out a purchase order to continue the existing network and what they were currently doing for a strategy.

實際上，這就是我開場白的要點，也是您透過這封信看到的內容，即我們認識到 2024 年，或將其視為我們擴大足蹟的獨特機會。因此，我們的平台、雲端和主機服務繼續使我們在不斷發展的服務提供者心目中脫穎而出，他們將 2024 年以及 2025 年及以後即將到來的資金海嘯視為決策點。他們不再只是發出採購訂單來繼續現有網路以及他們目前正在做的策略。

They're actually looking broadly at their strategy and saying, what do we have to do to actually compete and win? Do we remain a legacy network operator which is rife with challenges? And in all my conversations with CEOs and GMs, this is one of the big things as we talk to prospects who are not on the Calix platform, they're talking about the fact that building a fiber network does not transition into actually success. In fact, it's a commoditization that's coming in broadband, and they're really, really worried about it.

他們實際上是在廣泛地審視自己的策略，並說，我們必須做什麼才能真正競爭並獲勝？我們仍然是一個充滿挑戰的傳統網路營運商嗎？在我與執行長和總經理的所有對話中，這是最重要的事情之一，因為我們與不在Calix 平台上的潛在客戶交談，他們談論的是建立光纖網路並不能轉化為真正的成功。一事實。事實上，寬頻正在商品化，他們真的非常擔心。

In fact, I had a prospect that I was talking to before Christmas, and he was emphatic. He said, the thing that keeps me up at night is the commoditization of my business, which opens it up for the expansion of footprint. This is the opportunity where we can -- with that customer exactly. The conversation then led to, well, with what we've built in this platform, in the managed services, in the cloud, we help you transition into a broadband service provider who has a diversified business of residential, small business, medium business, government, education, all these different component parts, so you can differentiate in the marketplace and win, which means build the fiber and then fill it with customers and then drive all the upsell and cross-sell.

事實上，我在聖誕節前曾與一位潛在客戶交談過，他的態度非常強硬。他說，讓我夜不能寐的是我的業務的商品化，這為擴大足跡打開了大門。這正是我們能夠與該客戶合作的機會。然後，談話的結果是，透過我們在這個平台、託管服務、雲端中構建的內容，我們幫助您轉型為擁有住宅、小型企業、中型企業等多元化業務的寬頻服務提供商，政府、教育、所有這些不同的組成部分，這樣您就可以在市場中脫穎而出並獲勝，這意味著建立纖維，然後用客戶填充它，然後推動所有追加銷售和交叉銷售。

So as we look into 2024, when I said there's a unique opportunity ahead, that's explicitly what I'm talking about. This pause in decision-making is not cut a PO and keep doing the same thing. It is actually look at my business model, and there's only one company in this entire industry who actually has a new model that will allow them to succeed for the long term. That's why 2024 is a massive opportunity for us to expand our footprint and win in the market.

因此，當我們展望 2024 年時，當我說前面有一個獨特的機會時，這正是我所說的。這種決策暫停並不是削減 PO 並繼續做同樣的事情。實際上，看看我的商業模式，整個行業中只有一家公司實際上擁有一種新模式，可以讓他們長期成功。這就是為什麼 2024 年對我們來說是一個擴大足跡並贏得市場的巨大機會。

Got it. Appreciate all the color, guys.

知道了。欣賞所有的顏色，夥計們。

Christian Schwab, Craig-Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

I just have -- my question is about when you began to see this. You guys have always been the most cautious and negative about the timing and acceleration of government programs and the fact that usually, they'll end up being bigger than anticipated, but they'll take much longer to get started. All of that seemed to be extremely -- not all of that with $42 billion now that much to think about that could be a tremendous risk.

我只是——我的問題是你什麼時候開始看到這一點的。你們一直對政府計劃的時機和加速持最謹慎和最消極的態度，事實上，通常情況下，它們最終會比預期更大，但它們需要更長的時間才能開始。所有這一切似乎都極其危險，但考慮到現在 420 億美元的規模，這可能是一個巨大的風險。

And so between that and the significant customers kind of -- is this something that truly started to trickle out after Thanksgiving and is accelerated into this conference call. I'm just surprised you guys didn't call this issue before this conference call.

因此，在感恩節之後，這與重要客戶之間的關係真正開始逐漸顯現，並在本次電話會議中加速。我只是很驚訝你們在這次電話會議之前沒有提出這個問題。

Before this conference call, okay? We had an incredible Q4. And so from a visibility point of view, you're right, we've always stated that we have great visibility on what we're doing with customers. And the reason why we can provide you a clear explanation today is because of that visibility.

在這次電話會議之前，好嗎？我們的第四季表現令人難以置信。因此，從可見性的角度來看，您是對的，我們一直表示我們對與客戶所做的事情具有很高的可見性。我們今天之所以能夠提供您清晰的解釋，就是因為這種可見性。

And so the conversation that, as I stated, after Thanksgiving, they go into their budgeting cycles and almost every customer started in Q3, but in Q4 and explicitly after the Thanksgiving as they entered budgeting cycles, almost every customer that I spoke to, general managers, and CEOs, we're focused on what is my plan for BEAD? It is such a large amount of money, and it is right in front of them, that even customers who have never pursued a dollar of broadband money ever in their history are now considering in their 2024, 2025 strategy because they can't ignore it. It's right here, and it's so big. And so that in the end is the last component of this where it has become very clear.

因此，正如我所說，感恩節之後，他們進入預算週期，幾乎每個客戶都在第三季度開始，但在第四季度，特別是在感恩節之後，當他們進入預算週期時，幾乎所有與我交談過的客戶，一般經理們和執行長們，我們關注的是我對 BEAD 的計劃是什麼？這是一筆如此大的資金，而且就在他們面前，即使是歷史上從未追求過一美元寬頻資金的客戶現在也在他們的 2024、2025 年戰略中考慮，因為他們無法忽視它。就在這裡，而且還這麼大。因此，最後一個組成部分已經變得非常清晰。

Great. No other questions.

偉大的。沒有其他問題。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北國資本市場。

Question on the, I guess, trying to get a little more color on the opportunity, the share gain opportunity. You're discussing here for calendar '24, I mean, should we be thinking more in the medium and larger carrier area given the -- the extent of your market share among smaller carriers? And is there a way for you to quantify maybe in terms of annual revenue or total TAM value kind of what you consider to be the size of that opportunity, what's up for grabs, if you will. And I assume that none of these potential share gains are factored into your '24 outlook?

我想，問題是試圖在機會上獲得更多的色彩，也就是分享收益機會。您在這裡討論的是 24 日曆年，我的意思是，考慮到您在小型運營商中的市場份額，我們是否應該更多地考慮中型和大型運營商領域？有沒有一種方法可以讓您以年收入或總 TAM 價值的形式來量化您認為機會的大小，以及可以抓住的機會（如果您願意的話）。我認為您的 24 年前景中沒有考慮到這些潛在的份額收益？

First of all, none of those are factored into our 2024 outlook. And we call it footprint expansion, where we're -- they may be with an existing legacy box company, and they're contemplating as they continue their expansion, can they apply new business models to that incremental footprint?

首先，我們的 2024 年展望中並沒有考慮到這些因素。我們稱之為足跡擴張，他們可能是一家現有的傳統盒子公司，他們在繼續擴張時正在考慮，他們能否將新的業務模式應用於增量足跡？

So it's not in 2024, and it's really around size of the customer, there's a wide range of them. It's all across the continuum, where we're having the conversation around how do you change your business model to address the disruption that's happening in the market and not see yourself commoditized.

所以不是 2024 年，而是取決於客戶的規模，客戶的範圍很廣。這都是整個連續體，我們正在討論如何改變您的業務模式以應對市場中正在發生的顛覆，而不是讓自己商品化。

And the best example is we have -- that example I referred to with this CEO that I was speaking to, who is quite [like a lot] he said, they've never done business with us. And he was contemplating, and the conversation started about pawn and different things like that, box shippers. And my statement to him was actually, let's talk about your business, what keeps you up at night? And he said I'm worried about being commoditized, which then led to which we call out in Q4, the growth driver in our business, which is our platform, cloud, and managed services and how we can help him and his organization differentiate in the market. So that represents the opportunity in 2024. No, it's not factored into what we're doing from a numbers point in this year.

最好的例子是我們有 - 我提到的與我交談的這位首席執行官的例子，他說，他們從未與我們做過生意。他正在沉思，談話開始於典當和類似的事情，箱子托運人。我對他說的其實是，讓我們談談你的生意，是什麼讓你徹夜難眠？他說我擔心被商品化，這導致我們在第四季度提出，我們業務的成長動力是我們的平台、雲端和託管服務，以及我們如何幫助他和他的組織在市場。這代表了 2024 年的機會。不，從數字上看，這並沒有考慮到我們今年所做的事情。

I guess, maybe to follow up a little bit more. I mean, let's say you were, I don't know, what you would consider to be reasonably successful in this endeavor. But let's say you are in '24, what could that add to the revenue run rate at Calix in '25 and going forward?

我想，也許要多跟進一點。我的意思是，假設你，我不知道，你認為在這項努力中相當成功。但假設您現在是 24 年，這會對 Calix 25 年及未來的營收營運率有何影響？

Well, as Cory identified, in Q1, we consider this a low point and that we will have sequential growth quarter on quarter, which that will contribute to it. So Tim, I don't think we're prepared to quantify what we think the footprint gains might be.

嗯，正如科里指出的那樣，在第一季度，我們認為這是一個低點，我們將實現季度環比增長，這將對此做出貢獻。所以提姆，我認為我們還沒有準備好量化我們認為的足跡增益可能是多少。

Yeah. I was getting that sense.

是的。我有這種感覺。

Scott Searle, ROTH MKM.

斯科特·塞爾，羅斯 MKM。

Maybe to dive in on the timing, Mike. It sounds like from a BEAD funding standpoint, some of at least the initial awards are starting to slip out a little bit. I'm wondering if you can take us through the process and the timeframe that you start to expect to see awards. I know there's a challenge process. So when do we start to see some of those initial awards?

也許是為了深入了解時機，麥克。聽起來從 BEAD 資金的角度來看，至少一些最初的獎項開始有所減少。我想知道您是否可以向我們介紹您開始期望獲得獎項的流程和時間表。我知道有一個挑戰過程。那麼我們什麼時候開始看到一些最初的獎項呢？

And then it sounds like the market then bifurcates from your customer base. Customers who get awards, when the timing and the impact of that revenue stream would be, I think the early expectation was in the beginning of 2025. I'm wondering if those deployments are slipping.

然後聽起來市場就從你的客戶群分裂出來了。獲得獎勵的客戶，收入流的時間和影響是什麼，我認為早期的預期是在 2025 年初。我想知道這些部署是否正在下滑。

And then for the customers who don't get BEAD funding to keep their pedal - foot on the gas to deploy ahead of incoming competition. When does that start to reaccelerate?

然後，對於那些沒有獲得 BEAD 資金的客戶來說，他們需要在即將到來的競爭之前加速部署。什麼時候開始重新加速？

There's a lot of questions in there. So first of all, with regards to BEAD funding. So to your point, you basically netted it out that we see the funding flowing in early '25, right? So you're going to see the second half going through the process and then 2025, you're going to see it flowing.

裡面有很多問題。首先，關於 BEAD 資金。因此，就您的觀點而言，您基本上已經得出結論，我們在 25 年初就看到了資金流動，對嗎？因此，你將看到下半年的整個過程，然後到 2025 年，你將看到它的進展。

So in the second half of this year, what happens to the other group that you talked about, which is if I am -- well, I'm in my decision-making phase right now. I'm deciding, first of all, do I, and this is the first bifurcation, do I apply for the funding that's out there? Or do I not, right? So if I go into the applying for funding, the same people who do my planning and all the work that I do for new builds are going to be tied up in the BEAD submission process.

所以在今年下半年，你談到的另一個小組會發生什麼，如果我是——嗯，我現在正處於決策階段。我先決定，這是第一個分歧，我是否要申請現有的資金？或者我不這樣做，對嗎？因此，如果我開始申請資金，負責我的規劃和我為新建所做的所有工作的人將參與 BEAD 提交流程。

And so they're all going to be focused on that. And the group that decides, you know what, I'm not going to go for BEAD funding. I've now made that decision. I'm going to -- then their planning folks will go into and we'll start doing the overbuilding before BEAD money shows up, which will be competitive.

所以他們都會關注這一點。決定的小組，你知道嗎，我不會尋求 BEAD 資助。我現在已經做出這個決定了。我將——然後他們的規劃人員將介入，我們將在 BEAD 資金出現之前開始過度建設，這將具有競爭力。

So now back to the other group. So I've applied my BEAD funding, second half I get my awards, there's challenge processes, and then in 2025, that starts to flow.

現在回到另一組。所以我已經申請了 BEAD 資金，下半年我獲得了獎項，還有挑戰流程，然後在 2025 年，一切開始流動。

Got you. And Mike, just to clarify though, when you say funding flowing, you're not talking about awards, you're actually talking about deployments that are impacting sales at that point in time. Is that correct?

明白你了。麥克，我想澄清一下，當你說資金流動時，你不是在談論獎項，你實際上是在談論影響當時銷售的部署。那是對的嗎？

We think that once the awards are made, they will start sourcing their equipment in anticipation of getting those networks being built. So we would expect to see some initial orders late in the year. Now remember that BEAD process is very complex. Not only do you have a challenge phase right now where you cite with the service levels, with the maps. And that's going to take way into the summer before they even get into the proposals where they're actually submitting bids on the network.

我們認為，一旦獲得獎項，他們將開始採購設備，以期建成這些網路。因此，我們預計將在今年稍後看到一些初步訂單。現在請記住，BEAD 過程非常複雜。您現在不僅面臨著一個挑戰階段，您需要引用服務等級和地圖。這將持續到夏天，然後他們才會真正在網路上提交投標。

And like we commented in there, and this is the state's last opportunity to really make sure that all these unserved areas are being taken care of by the BEAD money. So it's in the state's interest to make sure that these, quote orphan locations are being picked up by these service providers that are building. So there is a back and forth process where they're going to try to get those orphan ones picked up by somebody.

就像我們在那裡評論的那樣，這是該州最後的機會來真正確保所有這些未服務的地區都得到 BEAD 資金的照顧。因此，確保這些正在建造的服務提供者能夠選擇這些引用孤兒地點符合國家利益。因此，有一個來回的過程，他們將嘗試讓那些孤兒被某人接走。

And then finally, each state is going to submit their awards simultaneously for all of the participants. So there's no partial awards going on, right? So it's kind of, each state will be all or nothing, right? Here it is, here's the date. And so that process is likely to take all the way into late '24 or early '23, depending on what states you're in. So it's going to start coming out state by state, and that's when we'll start seeing it. But the bulk of the awards will likely be made very end of the year, early '25.

最後，每個州將同時為所有參與者提交獎項。所以沒有部分獎勵，對吧？所以，每個州要嘛全有，要嘛全無，對吧？在這裡，這是日期。因此，這個過程可能會持續到 24 年末或 23 年初，具體取決於您所在的州。因此，它將開始逐州出現，那時我們就會開始看到它。但大部分獎項可能會在今年底、25 年初頒發。

And that nuance is really important because as you heard Cory say, the states are focused on stopping cherry picking, right? Which bluntly, when I talk to customers, that's one of the things that irritate them the most, is actually that those of you who will cherry pick areas that they want and will not go after the unserved or the underserved areas. And this process will focus on that. And that's also why we believe our customers are best placed to win because they actually care. They look at this as an exciting opportunity to expand their footprint past where they serve and get to those places. So that makes them the best choice at a local level.

這種細微差別非常重要，因為正如您聽到科里所說，各州的重點是停止採摘櫻桃，對嗎？坦白說，當我與客戶交談時，這是最讓他們惱火的事情之一，實際上是你們中的那些人會精挑細選他們想要的區域，而不會去追求沒有服務或服務不足的區域。這個過程將集中於此。這也是為什麼我們相信我們的客戶最有能力贏得勝利，因為他們真正關心我們。他們認為這是一個令人興奮的機會，可以將他們的足跡擴展到他們服務的地方並到達這些地方。因此，這使它們成為當地的最佳選擇。

Okay. Very helpful. And just to, I guess, extrapolate that into '25, right? Your long-term target for growth has been 10% to 15%. I know it's early, but is the expectation in '25, we return to those levels?

好的。很有幫助。我想，只是為了將其推斷到 25 年，對吧？您的長期成長目標是 10% 到 15%。我知道現在還為時過早，但是 25 年的預期是我們會回到那些水平嗎？

And then just real quickly on the managed services and RPO growth, it continued to be pretty healthy on that front. I think going back to connections, SmartBiz was one of the centerpieces that was gaining a lot of momentum with your customers. I wonder if you could just clarify where you're seeing the strength in terms of the RPO growth in managed services?

然後，託管服務和 RPO 的成長速度非常快，在這方面仍然非常健康。我認為回到聯繫，SmartBiz 是客戶中獲得巨大動力的核心產品之一。我想知道您能否澄清一下您認為託管服務 RPO 成長的優勢在哪裡？

So in terms of 2025 revenue growth rate, yes, Scott, we think we'll return to that 10% to 15%. We'll move back into the double digits. With regards to the strong growth in Q4 of our platform, cloud, and managed services, SmartBiz is one of those components. But I would point to one of the biggest reasons why we think that we have this unique opportunity in 2024 is because our existing customers are continuing to deploy at a rapid rate, which Cory, with clarity, has stated, it's going to have an impact on our continued margin expansion, right.

因此，就 2025 年收入成長率而言，是的，史考特，我們認為我們將恢復到 10% 到 15%。我們將回到兩位數。至於我們的平台、雲端和託管服務在第四季度的強勁成長，SmartBiz 就是其中之一。但我想指出，我們認為 2024 年擁有這一獨特機會的最大原因之一是，我們現有的客戶正在繼續快速部署，科里明確表示，這將產生影響關於我們持續的利潤率擴張，對吧。

And these new prospects who have never spoke to us is surprising to me in the last three months since we last spoke, how many product companies I have spoken to, who have never done business with us and are now saying back to my point, that commoditization risk is finally starting to sink in, and they're keeping them up at night. And it's very clear that there's only one company who has spent 13 years and $1.2 billion building out a platform that allows them to differentiate in their market and win and they're talking to us. So you're going to see that continued strength in platform, cloud, and managed services.

自從我們上次交談以來的過去三個月裡，這些從未與我們交談過的新潛在客戶令我感到驚訝，我與多少產品公司交談過，他們從未與我們做過生意，現在又回到了我的觀點，即商品化風險終於開始顯現，他們徹夜難眠。很明顯，只有一家公司花了 13 年時間和 12 億美元打造了一個平台，使他們能夠在市場中脫穎而出並獲勝，並且他們正在與我們交談。因此，您將看到平台、雲端和託管服務的持續優勢。

Thank you. At this time, we've reached the end of our question-and-answer session. And I like to turn the floor back to Jim Fanucchi for closing remarks.

謝謝。此時，我們的問答環節已經結束。我想請吉姆法努奇 (Jim Fanucchi) 致閉幕詞。

Thank you, Rob. Calix's leadership will participate in several investor events during this first quarter and the information about these events, including the date and time and publicly available webcast will be posted on the Events and Presentations page of the Investor Relations section of our website at calix.com. Once again, I would like to thank you to -- I would like to thank everyone on this call and webcast for your interest in Calix and for joining us today. This concludes our conference call. Have a great day.

謝謝你，羅布。Calix 的領導層將在第一季參加多項投資者活動，有關這些活動的資訊（包括日期和時間以及公開網路廣播）將發佈在我們網站 calix.com 投資者關係部分的活動和演示頁面上。我要再次感謝你們——我要感謝這次電話會議和網路廣播中的每個人對 Calix 的興趣以及今天加入我們。我們的電話會議到此結束。祝你有美好的一天。

Thank you to everyone who joined us today. You may now disconnect your lines at this time, and thank you for your participation.

感謝今天加入我們的所有人。此時您可以斷開線路，感謝您的參與。