Calix Inc (CALX) 2024 Q3 法說會逐字稿

Greetings and welcome to the Calix third quarter, 2024 earnings conference call.

歡迎參加 Calix 2024 年第三季財報電話會議。

This time, all participants are in listen-only mode.

這次，所有參與者都處於僅監聽模式。

A question-and-answer session will follow the brief prepared remarks (operator instruction). As a reminder, this conference is being recorded.

在簡短的準備好的發言之後將進行問答環節（操作員指令）。提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Nancy Fazioli, Vice President of Investor Relations. Please go ahead.

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

Thank you, Rob and good morning, everyone. Thank you for joining our third quarter, 2024 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。感謝您今天參加我們的 2024 年第三季財報電話會議，我們的總裁兼執行長 Michael Weening 和財務長 Cory Sindelar 出席了電話會議。

As a reminder yesterday after the market closed Calix issued a news release which was furnished on a form 8-K along with our stockholder letter. It was also posted on 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. Before I turn the call over to Michael for his opening remarks.

作為提醒，昨天市場收盤後，Calix 發布了一份新聞稿，該新聞稿與我們的股東信一起以 8-K 表格形式提供。它也發佈在 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。在我將電話轉給邁克爾進行開場白之前。

I want to remind everyone that on this call, 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 the actual results may differ materially from those contemplated by these forward-looking statements.

我想提醒大家，在這次電話會議上，我們將參考前瞻性陳述，包括公司將做出的有關其未來財務和經營業績成長策略以及市場前景的所有陳述。實際結果可能與這些前瞻性陳述預期的結果有重大差異。

Factors that could cause actual results and trends to differ materially are set forth in the third quarter, 2024 letter to stockholders and in the annual and quarterly reports filed with the SEC assumes no obligation to update any forward-looking statements which speak only as of their respective dates. Also in this conference call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in the third quarter, 2024 letter to stockholders unless otherwise stated, all financial information referenced in this call will be non-GAAP with that Michael. Please go ahead.

可能導致實際結果和趨勢出現重大差異的因素已在 2024 年第三季度致股東的信函以及向 SEC 提交的年度和季度報告中闡述，公司沒有義務更新任何僅代表當前情況的前瞻性聲明。日期。同樣在本次電話會議中，我們也將討論 GAAP 和非 GAAP 財務指標。2024 年第三季致股東的信函中包含了 GAAP 與非 GAAP 指標的對賬，除非另有說明，否則本次電話會議中引用的所有財務資訊都將是非 GAAP 財務資訊。請繼續。

Thank you, Nancy. I'm back from Connections. Our annual Innovation and Customer success conference where we set another record for attendance. On stage we had innovative broadband experience leaders such as Tom Maguire from Brighte Brad Moline from ALLO and Scott Hendrix from Tong Bigby. Share how they are winning by partnering with Calix to deliver a comprehensive business model across consumer business, MD U and the communities they serve to benefit their shareholders and members the replay of their motivational business leadership stories along with those of other broadband experience providers from connections is now available on Calix.com.

謝謝你，南希。我從 Connections 回來了。我們的年度創新和客戶成功會議創下了出席人數的新紀錄。在舞台上，我們有創新的寬頻體驗領導者，例如來自 ALLO 的 Brighte Brad Moline 的 Tom Maguire 和來自 Tong Bigby 的 Scott Hendrix。分享他們如何透過與Calix 合作，在消費者業務、MD U 及其服務的社區中提供全面的商業模式，使股東和成員受益，重播他們的激勵性業務領導故事以及來自Connections 的其他寬頻體驗提供商的故事現已在 Calix.com 上提供。

As I stated at connections. The industry is at a crossroads, a broadband provider must decide if they remain a speed-based network operator risking commoditization or embrace differentiation through broadband experience. For the last 13 years, we have been building our appliance-based platform cloud and managed services model to enable broadband experience providers to take advantage of this. Once in a generation opportunity, our mission remains aligned to helping our customers win through the disruption ahead. As they leverage our platform to simplify operations and their go to market innovate with new experiences that differentiate their offerings and grow for their investors, members and the communities. They serve. The strength of our mission strategy and execution is evidenced in our results in the third quarter, Corey over you to over to you to cover those results.

正如我在連接中所說的那樣。該行業正處於十字路口，寬頻供應商必須決定是否繼續以速度為基礎的網路營運商冒著商品化的風險，還是透過寬頻體驗實現差異化。在過去的 13 年裡，我們一直在建立基於設備的平台雲端和託管服務模型，以使寬頻體驗提供者能夠利用這一點。千載難逢的機會，我們的使命仍然是幫助我們的客戶克服未來的顛覆。他們利用我們的平台簡化運營，並透過新體驗進行市場創新，使他們的產品脫穎而出，並為投資者、會員和社區帶來成長。他們服務。我們的使命策略和執行力的優勢在我們第三季的業績中得到了證明，科里向您介紹了這些結果。

Thank you, Michael.

謝謝你，麥可。

We are pleased by the disciplined execution. In the third quarter, we delivered revenue of $201 million which represents 1.4% sequential growth.

我們對紀律嚴明的執行感到高興。第三季度，我們營收 2.01 億美元，季增 1.4%。

This is within the guidance range we provided in July as expected, buying patterns for appliances are beginning to normalize. So still modest in the near term. Once again, we achieved a record non-GAAP gross margin of 55.4% in the third quarter, remaining performance obligations or RpoS grew to $296 million at the end of the third quarter.

這符合我們 7 月提供的預期指引範圍，家電購買模式開始正常化。因此短期內仍然溫和。我們在第三季再次實現了創紀錄的非 GAAP 毛利率 55.4%，剩餘履約義務或 RpoS 在第三季末成長至 2.96 億美元。

This is an increase of $29 million or 11% sequentially and an increase of $76 million or 35% year over year our current RpoS were $110 million. Up 7% sequentially and up 29% year over year, we expect RpoS will continue to grow as our customers add subscribers and correspondingly expand the use of Calix platform cloud and managed services.

這比上一季增加了 2,900 萬美元，即 11%，比去年同期增加了 7,600 萬美元，即 35%，我們目前的 RpoS 為 1.1 億美元。環比成長 7%，年增 29%，我們預計，隨著我們的客戶增加訂閱者並相應擴大 Calix 平台雲端和託管服務的使用，RpoS 將繼續成長。

We added 13 new customers in the third quarter. All existing service providers and therefore examples of landing new footprint on the expansion front. There were five customers that started their first cloud Kex cloud deployment and 23 customers who developed deployed a managed service for the first time.

第三季我們增加了 13 位新客戶。所有現有的服務提供者以及因此在擴張方面開闢新足跡的範例。有 5 位客戶開始了他們的首次雲端 Kex 雲端部署，還有 23 位客戶首次開發部署了託管服務。

These are all examples of broadband experience providers, partnering with Calix to win in their markets.

這些都是寬頻體驗供應商與 Calix 合作贏得市場的例子。

non-GAAP operating expenses were $105 million. Up $1 million from the prior quarter related primarily to marketing expenses. Considering our guidance for the fourth quarter, we are on track to keep 2024 operating expense investment in line with 2023 our balance sheet metrics remain pristine cash and investments were a record $288 million at the end of the third quarter, representing a sequential increase of $26 million of which half was from free cash flow DSO will remain at a best industry best in 39 days.

非 GAAP 營運費用為 1.05 億美元。比上一季增加 100 萬美元，主要與行銷費用有關。考慮到我們對第四季度的指導，我們預計將使2024 年營運費用投資與2023 年保持一致，我們的資產負債表指標仍保持原始現金，第三季末投資達到創紀錄的2.88 億美元，比上一季度增加26 美元其中一半來自自由現金流 DSO 將在 39 天內保持行業最佳水平。

Inventory turns were 3.2 up from 2.8 last quarter related to an increase in shipments and a reduction in component inventory on hand inventory deposits decreased by $3 million. Bringing our total inventory deposits to $67 million.

庫存週轉率從上季度的 2.8 倍上升到 3.2 倍，這與出貨量的增加以及現有零件庫存的減少有關，庫存存款減少了 300 萬美元。使我們的庫存保證金總額達到 6700 萬美元。

Coupled with operational discipline, management of working capital remains a focus to enable consistent quarterly double digit free cash flow.

與營運紀律結合，營運資金管理仍是實現季度兩位數自由現金流穩定的重點。

Moving to guidance for the fourth quarter of 2024 our revenue outlook is between $201 million and $207 million which at the midpoint would represent 1.5% sequential growth. This is consistent with our expectations for the second half of 2024 as discussed in July buying patterns related to appliances are normalizing albeit modestly. At first on our perspective on bead as a future lever of growth remains consistent with our prior comments.

轉向 2024 年第四季的指導，我們的營收前景在 2.01 億美元至 2.07 億美元之間，中間值將代表 1.5% 的環比增長。這與我們對 2024 年下半年的預期一致，正如 7 月討論的那樣，與家電相關的購買模式正在正常化，儘管程度不大。首先，我們對珠子作為未來成長槓桿的看法與我們先前的評論保持一致。

We believe this will be a multiyear lens shaped rollout.

我們相信這將是一個多年的透鏡型推出。

There has certainly been positive momentum with the B program heading into the end of 2024 with all but one state now having been approved by the NTIA recall that actual funds have yet to be awarded.

到 2024 年底，B 計畫無疑呈現出積極的勢頭，除一個州外，所有州均已獲得 NTIA 的批准，但實際資金尚未發放。

And though we expect a few states like Louisiana and Nevada and West Virginia to be early movers, we believe the vast majority of them are 9 months to 12 months away from making their awards. As such we expect to see initial bookings in the first quarter of 2025 with shipments occurring later in the year.

儘管我們預計路易斯安那州、內華達州和西維吉尼亞州等少數州會率先行動，但我們相信絕大多數州距離頒發獎項還有 9 個月到 12 個月的時間。因此，我們預計將在 2025 年第一季看到初步預訂，並在今年稍後發貨。

Our focus on executing our strategy with discipline allows us to help our customers win in the marketplace. Michael back to you.

我們專注於嚴格執行我們的策略，這使我們能夠幫助我們的客戶在市場上獲勝。麥可回到你身邊。

Thank you, Corey, at least data that connection. The industry is in the midst of a disruption and broadband providers are at a crossroads. They will either remain network operators who sell speed and suffer the fate of commodity mobile operators who face declining revenue and margins or cross the chasm by becoming broadband experience providers. By leveraging our unique end to end broadband platform and partnering with our team, they become a comprehensive experience provider, winning consumer business MD U and the communities they serve on stage at connections, the CEOs of our broadband experience provider. Customers inspired the crowd to transform and win and our customer success. Army stands ready to help these service providers transform.

謝謝你，科里，至少提供了該連接的數據。該產業正處於顛覆之中，寬頻供應商正處於十字路口。他們要么仍然是銷售速度的網路營運商，並遭受商品行動營運商面臨收入和利潤下降的命運，要么透過成為寬頻體驗提供商來跨越鴻溝。透過利用我們獨特的端到端寬頻平台並與我們的團隊合作，他們成為綜合體驗提供商，贏得了消費者業務MD U 以及他們在Connections 舞台上所服務的社區，即我們寬頻體驗提供商的首席執行官。客戶激勵人們改變並贏得勝利，並激勵我們的客戶取得成功。陸軍隨時準備好幫助這些服務提供者轉型。

Our team leaves connections inspired by our customers, willingness to partner with us to bring the most innovative ideas to life and by their impressive ongoing success. And as we know when a Calix broadband experience provider wins, we win. I would encourage all of you to invest time watching the Calix connections replays on Calix.com as it provides great insight into how our customers and Calix are leading the industry. Nancy. Let's open the call for questions.

我們的團隊受到客戶的啟發、願意與我們合作將最具創新性的想法變為現實以及他們令人印象深刻的持續成功而建立聯繫。正如我們所知，當 Calix 寬頻體驗提供者獲勝時，我們就獲勝了。我鼓勵大家花時間在 Calix.com 上觀看 Calix 連結重播，因為它可以深入了解我們的客戶和 Calix 如何引領業界。南希。讓我們開始提問吧。

Thank you, Rob. You can go ahead.

謝謝你，羅布。你可以繼續。

Thank you. We'll now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

(operator instructions) While we poll for questions. Thank you.

（操作員說明）當我們投票詢問問題時。謝謝。

Thank you. And our first question today comes from the line of Scott Searle with Roth Capital partners. Please proceed with your questions.

謝謝。今天我們的第一個問題來自 Scott Searle 和 Roth Capital 合夥人的對話。請繼續回答您的問題。

Hey, good morning. Thanks for taking the questions and nice job on, on hitting the September quarter straight down the fairway, maybe Mike just to dive in. You know, looking at June, it appears that it's a trough. You've been talking about it as the trough. We've got small customers up, I think 3% sequentially in September and that doesn't reflect, it sounds like some customers graduating to a larger category. You also have RpoS up 11% sequentially. So, I'm wondering, what else are you seeing in the pipeline? And how comfortably can you declare that June is now the trough?

嘿，早安。感謝您提出問題，幹得好，九月季度直接上球道，也許麥克只是為了投入其中。要知道，看看六月，似乎是個低谷。你一直在談論它作為低谷。我們的小客戶成長了，我認為 9 月環比成長了 3%，但這並沒有反映出來，聽起來有些客戶正在轉向更大的類別。RpoS 也連續成長了 11%。所以，我想知道，您還看到了什麼？您能輕鬆地宣布六月現在是低谷嗎？

I think we declared that last earnings call that we not Corey. Yes. Yeah. So, we, we declared in Q2 that that was the trough. And so, we're very comfortable that we're there and we now look into the guidance, the sequential growth guidance that we put forward. And as we come out of connections, you saw that from an RpoS point of view, RpoS is your forward indicator of where we are going over the long term and customers investing in our platform to win. So, I think we're in great shape, they want to become experienced providers. And that's the, that's the theme, you know, my time for the entire quarter was spent on the road meeting CEOs who are talking about this reality that, you know, I can remain a network operator, who's a construction company or I can become a high value, high margin, high revenue experience provider. And frankly, Calix is the only solution in that scenario. So, and that was reflected in our fields. Anything to add Carl Corey.

我想我們在上次財報電話會議上宣布我們不是科里。是的。是的。所以，我們在第二季宣布那是低谷。因此，我們對我們的存在感到非常滿意，我們現在正在研究我們提出的指導意見，即連續成長指導。當我們擺脫聯繫時，您會看到，從 RpoS 的角度來看，RpoS 是我們長期發展方向以及客戶投資我們平台以贏得勝利的前瞻性指標。所以，我認為我們狀況良好，他們希望成為經驗豐富的提供者。這就是，這就是主題，你知道，我整個季度的時間都花在了與首席執行官的路途中會議上，他們正在談論這個現實，你知道，我可以繼續成為一名網絡運營商，誰是一家建築公司，或者我可以成為高價值、高利潤、高收入的體驗提供者。坦白說，Calix 是這種情況下的唯一解決方案。所以，這反映在我們的領域。卡爾·科里有什麼要補充的。

Yes, Scott, I would say we have now enough evidence that we are in that new normal as it relates to appliances.

是的，史考特，我想說我們現在有足夠的證據表明我們正處於與電器相關的新常態。

And so we we'll build from here.

所以我們將從這裡開始建立。

Right? And, and if I could just to quickly follow up on the like we're, we're almost through every entity besides Texas and 3 billion. You know, being approved. It sounds like you guys are still talking about some of the early orders may be coming through in the, the first quarter, first half of 2025 but it sounds like you might actually have some shipments in 2025 which seems like it's a mild pull forward on that front. I'm wondering if you could kind of address a little bit the timing and your expectations of being in late 2025 and 2026. And as part of that, how your customers are positioned, you know, it feels like it's swung back more towards your customer base being extremely well positioned, depending on the market, depending on the entity of the smaller carriers, being well positioned to win a decent amount of share going forward with the bank.

正確的？而且，如果我能像我們一樣快速跟進，我們幾乎遍及德州和 30 億人之外的所有實體。你知道，獲得批准。聽起來你們仍在談論一些早期訂單可能會在 2025 年第一季、上半年完成，但聽起來你們實際上可能會在 2025 年發貨，這似乎是一個溫和的提前那個前面。我想知道您是否可以稍微談談 2025 年末和 2026 年的時間安排和您的期望。作為其中的一部分，你的客戶如何定位，你知道，感覺就像它更多地轉向你的客戶群定位得非常好，這取決於市場，取決於較小的運營商的實體，處於有利的位置以贏得勝利未來將與銀行分享相當數量的股份。

It's a good question. Look like we've always said, is that, you know, Carl has always said this right is that these programs always are way longer to get out of the chute and then they last for significantly longer and larger than expected. And with all of the uncertainty, our customers, like most don't like uncertainty and we've worked our way through that. So, as we enter into a period of certainty to your point, there's only one state left, they now understand what the guidelines are where there's opportunity for them where they don't think there's opportunity and more and more of our customers are now applying and they will, you know, as with previous stimulus programs, this is how they work through it.

這是一個好問題。看起來就像我們一直說的那樣，你知道，卡爾一直說這一點是對的，這些項目總是需要更長的時間才能擺脫困境，然後它們的持續時間明顯比預期更長和更大。面對所有的不確定性，我們的客戶和大多數人一樣不喜歡不確定性，而我們已經努力克服了這一點。因此，當我們進入一個對你的觀點有確定性的時期時，只剩下一個州了，他們現在明白指導方針是什麼，他們有機會，他們認為沒有機會，越來越多的客戶現在正在申請你知道，就像以前的刺激計劃一樣，他們會這樣做。

And so frankly, it's going exactly how we've been saying it would go for the last 2.5 years since everybody's been saying it's going to come early, it's going to come early, and we were saying no, it's not.

坦白說，這正是我們過去 2.5 年裡一直所說的那樣，因為每個人都在說它會提前到來，它會提前到來，而我們卻說不，事實並非如此。

And so, with regards to how we see the timing of orders, we are resolute that it exactly the same way that we said it before and the quarter before and the quarter before which is, we'll see a trickle in the first half. We'll see more in the second half and, and, you know, as we get better insight into it and as we help our customers go forward, we'll make, we'll make, hey, so Corey, anything to add to that, you know.

因此，關於我們如何看待訂單的時間安排，我們堅決認為，與我們之前、上一季和前一季度所說的方式完全相同，我們將在上半年看到少量訂單。我們會在下半年看到更多，而且，你知道，隨著我們對它有更好的了解，當我們幫助我們的客戶前進時，我們會做，我們會做，嘿，科里，有什麼要補充的嗎？

So with 55 out of the 56 states and territories being approved, we expect those first orders in, in Q1 for me and then shipments will continue to build over the course of 2025 right? All the way through 2031, right?

因此，隨著 56 個州和地區中的 55 個州獲得批准，我們預計第一季的第一批訂單將在 2025 年繼續增加，對嗎？一直到2031年，對嗎？

And it's a 5-year to 10-year program.

這是一個為期 5 年到 10 年的計畫。

Great. Thanks so much. Nice job.

偉大的。非常感謝。幹得好。

Thank you.

謝謝。

Our next question is from the line of Samik Chatterjee with JP Morgan. Please see with your questions.

我們的下一個問題來自摩根大通的 Samik Chatterjee。帶著你的疑問請看一下。

Hey, thanks for the question. This is actually Joe for Doo on for Sonic. Maybe just a quick follow up to that last question and more of a clarification. But so maybe just in terms of the contribution in 25 itself, I think over the past couple of quarters, you talked about the 10 to 15 bogeys in terms of approvals and that being indication of being large enough to have a contribution in 2025 itself. So as we think about the 55 approvals that we have today, like is that ahead of your expectations or should we think about that more in line with how you were expecting it to unfold through the year and basically getting into that, hey, is there pull forward or is there isn't their pull forward because this is more tracking in line with your expectation and then I have a follow up on this. Thanks.

嘿，謝謝你的提問。這實際上是 Joe 代表 Doo 代表 Sonic。也許只是對最後一個問題的快速跟進和更多的澄清。但也許就 25 本身的貢獻而言，我認為在過去的幾個季度中，您談到了批准方面的 10 到 15 個柏忌，這表明足夠大，足以在 2025 年本身做出貢獻。因此，當我們考慮今天獲得的 55 項批准時，這是否超出了您的預期，或者我們是否應該更符合您對今年的進展的預期，基本上進入這一點，嘿，有嗎？沒有他們的向前拉動，因為這更符合您的期望，然後我對此進行了跟進。謝謝。

So by the way from an expectation point of view, we always saw in November is kind of that looming deadline where we would see the state hustling. Right. And so, and they are, and so we expected a bit of a hockey stick with regards to what happened for them all to race to get over that first step because that's what it was required to do. And so, it's exactly as our expectations went. And then as for how it rolls out in 2025 I think we're right where we are Corey commentary on that.

因此，順便說一句，從預期的角度來看，我們總是看到 11 月是迫在眉睫的最後期限，我們將看到各州的忙碌。正確的。所以，他們確實如此，所以我們對他們所有人競相邁出第一步所發生的事情抱有一點曲棍球棒的期待，因為這就是需要做的。所以，這正是我們的預期。至於 2025 年如何推出，我認為科里對此的評論是正確的。

Yeah, I, I would say that from an expectation perspective, it, it's in line.

是的，我，我會說，從期望的角度來看，它，它是符合的。

We just need to see an early start, right? And clearly with the, the looming election, you're seeing a lot of the states get approved and get those, get the program rolling. So, it's in line with our expectations how steep the line is in 2025. It's hard to say. So, we'll see where that is. But we certainly know that we'll start to see some orders in the first quarter and then those shipments will ramp from that standpoint.

我們只需要看到儘早開始，對嗎？顯然，隨著即將到來的選舉，您會看到許多州獲得批准並獲得這些批准，使該計劃得以實施。因此，2025 年這條線的陡峭程度符合我們的預期。很難說。那麼，我們來看看它在哪裡。但我們當然知道，我們將在第一季開始看到一些訂單，然後從這個角度來看，這些出貨量將會增加。

Got it. No, very clear guys. Thanks. I appreciate the additional colour there. And then maybe just as my second question, you know, you obviously highlighted the largest platform and cloud deal that closed in three Q. I think that makes two back-to-back, which is obviously contributing nicely to the boost in RPO over the last six months. Can you maybe just flesh that out a bit and what's driving these larger deals to close despite kind of what we would characterize as a more sluggish backdrop and how are you thinking about that deal pipeline and whether we should think of this as more timing or you guys actually seeing momentum build on this front. And thanks for the question, guys, appreciate it.

知道了。不，非常清楚。謝謝。我很欣賞那裡的額外顏色。然後，也許就像我的第二個問題一樣，您顯然強調了在三個季度內完成的最大平台和雲端交易。的貢獻。您能否詳細說明一下，儘管我們將其描述為更加低迷的背景，但是什麼推動了這些較大的交易完成，您如何看待該交易渠道以及我們是否應該認為這是更多的時機或您夥計們實際上看到了這方面的勢頭。謝謝你們提出這個問題，謝謝。

So the momentum in this building is this real life is a broader market thing. It has nothing to do with bead. In fact, as you know, we stated, we look at be as one as one investor said a call option and you know, an increase, right? But for the last 13 years, we've been really focused on this. We've seen a disruption coming and that disruption is that this broadband market will commoditize large percentage of them, 95% will have access to fast broadband. And in a scenario where fast broadband is ubiquitous and you have two or three competitors going at it hard if they stay on a speed-based mindset. And what's going to happen is they become a commodity just like mobile operators. And we've seen mobile operators continue to dump tons of capital into the market and really get nothing back in the form of, you know, all they see declining revenue, declining margins.

因此，這棟建築的動力是現實生活是一個更廣闊的市場。和珠子沒有關係。事實上，正如你所知，我們說過，我們認為就像一位投資者所說的看漲期權一樣，你知道，是增加，對嗎？但在過去 13 年裡，我們一直非常關注這一點。我們已經看到一種顛覆即將到來，這種顛覆是寬頻市場將把其中很大一部分商品化，95% 的人將能夠使用快速寬頻。在快速寬頻無所不在的情況下，如果他們堅持以速度為基礎的思維方式，那麼你就會有兩三個競爭對手奮力拼搏。將會發生的事情是它們會像行動電信商一樣成為一種商品。我們看到行動營運商繼續向市場投入大量資金，但實際上卻一無所獲，他們看到的只是收入下降、利潤率下降。

And so, this is the disruption that we've been focused on and is now front and centre. Every conversation with CEOs is around. How do I transform my business from a network operator, construction company into a full-bodied experience company. And when I say, you know, comprehensive, what I mean is not just dumb consumer, you know, putting out a piece of Wi-Fi but managing the whole home. But then how do I go into small business, medium business MDUs in an effective way, which is constantly a challenge for these service providers because every MDU is different in size.

因此，這是我們一直關注的顛覆，現在已成為首要和中心。與CEO的每一次對話都是圍繞著的。如何將我的企業從網路營運商、建築公司轉型為全方位的體驗公司。當我說，你知道，全面時，我的意思不僅僅是愚蠢的消費者，你知道，推出一個 Wi-Fi，而是管理整個家庭。但如何有效地進入小型企業、中型企業 MDU，這對這些服務提供者來說一直是一個挑戰，因為每個 MDU 的規模都不同。

And then how do I build a brand that is synonymous with the community where I have a really high MPs and they select me because they feel a sense of loyalty, you know, on stage, I put Tom Bigby up there and Tom Bigby was really clear, they actually have an NPS of Ninety one because everyone across the community, police fire ambulance education, the football fields, you know, beyond just the consumer broadband type, you know, they think about Tom Baby as part of the community and that's a conversation we're having. So, are we having momentum? Heck yeah, because the fact is that these service providers are in big trouble if they don't wake up and actually transform their business into something other than a dumb pipe.

然後我如何建立一個與社區同義的品牌，在這個社區中我擁有非常高的議員，他們選擇我是因為他們有一種忠誠感，你知道，在舞台上，我把湯姆·比格比放在那兒，湯姆·比格比真的是顯然，他們實際上有91 的NPS，因為社區中的每個人，警察消防救護車教育，足球場，你知道，不僅僅是消費者寬頻類型，你知道，他們認為湯姆寶貝是社區的一部分，這就是我們正在進行的對話。那麼，我們有動力嗎？哎呀，是的，因為事實是，如果這些服務提供者不覺醒並真正將其業務轉變為除啞管道之外的其他東西，那麼他們就會遇到大麻煩。

And you literally heard the CEO of brights Speed. Tom Maguire, come on stage behind me and articulate this is exactly what's happening and it's the thing that keeps me up and what my team are working on, which is how do I transform my business. So, I'm much more than a dumb fiber connection. And so that's momentum, everything that we've been saying, and I've been, you know, here for eight years, we've been working towards this since Carl first saw this 13 years ago or 1.3 billion into it. And nobody from a competitive point of view is following us because they don't see the opportunity like we do more importantly if they start it now, see in a decade. So yeah, do we see, do we see momentum?

你確實聽到了 Brights Speed 的執行長的聲音。湯姆·馬奎爾（Tom Maguire），請在我身後上台，闡明這正是正在發生的事情，也是讓我堅持下去的事情，也是我的團隊正在努力的事情，這就是我如何改變我的業務。所以，我不僅僅是一個愚蠢的光纖連接。這就是動力，我們一直在說的一切，你知道，我在這裡已經八年了，自從卡爾 13 年前第一次看到這個或投入了 13 億美元以來，我們一直在努力實現這一目標。從競爭的角度來看，沒有人關注我們，因為他們沒有像我們一樣看到機會，更重要的是，如果他們現在就開始，十年後就會看到。所以，是的，我們看到了嗎？

You know, just like we've been saying, we see momentum and now you saw that in the RpoS. Why? Because the, the RpoS are basically an indicator of, I have bought into the Calix vision of where the business is changing.

你知道，就像我們一直說的那樣，我們看到了勢頭，現在你在 RpoS 中看到了這一點。為什麼？因為 RpoS 基本上是一個指標，我已經接受了 Calix 對業務正在改變的願景。

And I'm all in long way of answering a short question, but it's worth saying. So

我已經很難回答一個簡短的問題了，但還是值得一說。所以

Yeah, you know, I would say when, when you look at the contracts that we landed in the sec, you know, second quarter and third quarters, what you're seeing is our customers that have embraced the platform growing. And so, it's just a natural extension of their, their adoption. So, think of it just a simple mathematical formula, right? So, when they first join us. They're not on the platform, they're getting started and they may have signed a contract, and it represents, you know, $1million, $2 million $3 million in the first three years.

是的，你知道，我會說，當你查看我們在第二季和第三季簽訂的合約時，你會看到我們的客戶已經接受了平台的成長。因此，這只是他們的採用的自然延伸。那麼，把它看成一個簡單的數學公式吧？所以，當他們第一次加入我們時。他們不在平台上，他們正在開始，他們可能已經簽署了一份合同，這意味著，你知道，前三年的收入為 100 萬美元、200 萬美元、300 萬美元。

By the time they come back around for a renewal, continuing on that same linear extrapolation, you get four, five and six you get more of a 2.5 X through renewal contract just as they're continuing to build out. That's what we're seeing. We're just seeing those customers that have partnered with us the longest that are seeing the success growing their subscriber base. And when they come back for the renewals, those renewals are obviously, you know, 2.5 times the original renewal. So that's, that's why you're seeing, you know, the continued growth in the RpoS as customers are seeing success with the Calix platform.

當他們回來續約時，繼續同樣的線性外推，你會得到四、五和六，你會透過續約合約獲得更多的 2.5 倍，就像他們繼續擴建一樣。這就是我們所看到的。我們只是看到那些與我們合作最久的客戶正在成功擴大他們的用戶群。當他們回來續訂時，這些續訂顯然是原始續訂的 2.5 倍。這就是為什麼您會看到 RpoS 持續成長，因為客戶看到了 Calix 平台的成功。

Sorry, I want to come back on this one more time. So, like we talked about in the last earnings call, we had a customer who's been here, who is now a customer. They are a prospect. They've been a broadband provider for 25 years and last quarter, they made their first acquisition of anything from Calix, and it was Engagement cloud to understand the data in their network, the experiences their subscribers were having and where the market opportunity is. And then to your point, what will happen is they start with engagement cloud, then they'll look at transforming their go to market in small business and, and in consumer and they'll expand and expand.

抱歉，我想再來一次。因此，就像我們在上次財報電話會議中談到的那樣，我們有一位客戶曾經來過這裡，現在是我們的客戶。他們是一個前景。他們作為寬頻供應商已經有 25 年了，上個季度，他們首次收購了 Calix 的任何產品，而正是 Engagement 雲端來了解他們網路中的資料、使用者的體驗以及市場機會在哪裡。然後就你的觀點而言，將會發生的事情是他們從參與雲端開始，然後他們將考慮改變他們的小型企業和消費者市場，他們將不斷擴張。

And so, you can expect that we have this nice long tail on how we do this as represented by our RpoS by, as we transform, we help these customers transform and look if you've been a broadband provider for 20 years, this is not easy. And that's why we have the only customer success organization worth noting in the entire industry and we've made a massive investment into it because of the fact that our customers need help. And we're going to be right beside them as they do that. And so that's a, it's, this is the business that we do.

因此，您可以期待我們在如何做到這一點方面有一個很好的長尾，以我們的RpoS 為代表，當我們轉型時，我們幫助這些客戶轉型，看看您是否已經成為寬頻供應商20 年了，這就是不容易。這就是為什麼我們擁有整個行業中唯一值得注意的客戶成功組織，並且我們對其進行了大量投資，因為我們的客戶需要幫助。當他們這樣做時，我們將在他們身邊。這就是我們所做的業務。

Very.

非常。

Clear. Very clear. Thanks.

清除。非常清楚。謝謝。

Great question.

很好的問題。

Our next question from the line of Michael Genovese with Rosenblatt Securities. Please see with your question.

我們的下一個問題來自羅森布拉特證券公司的 Michael Genovese。請結合你的問題看看。

Great. Thanks. Thanks a lot. I just a couple of quick clarifications first. Just on the, on the OpEx for connections in the fourth quarter. Should we think about OpEx being lower in the fourth in the first quarter? Sequentially for that reason?

偉大的。謝謝。多謝。我先簡單澄清一下。就在第四季的連結營運支出上。我們是否應該考慮第一季第四季的營運支出較低？依序是因為這個原因嗎？

That that's true. It'll be consistent with what you've seen in prior first quarters.

那是真的。這將與您在之前第一季看到的情況一致。

Okay, great. And then on the RPO. (multiple speaker)

好的，太好了。然後是 RPO。（多個發言者）

Yeah. Right. And what I would say. (multiple speaker)

是的。正確的。以及我要說的話。（多個發言者）

I was going to say, you know, similar step down from Q4 to Q1.

我想說，你知道，從第四季到第一季的降級類似。

Okay, thanks. Great. On the RpoS mean, the last couple quarters. You know, each of the last two quarters, you've had the largest managed services deals in history going into the RPO. I just wonder about the pipeline there. I mean, should we expect to hear similar things happening in the future or was this something special the last two quarters?

好的，謝謝。偉大的。過去幾季的 RpoS 平均值。您知道，在過去兩個季度中，每個季度都會有歷史上最大的託管服務交易進入 RPO。我只是想知道那裡的管道。我的意思是，我們是否應該期待未來會聽到類似的事情發生，或者這是過去兩個季度的特殊情況？

So it's, it's always lumpy. We said that in the past, right? But there was something that happened this week that I, I think is worth noting. So, Louisiana popped out to everyone who's applying for Bead and what was on the list? Amazon is actually applying for BEAD. So, with regards to how do I feel about the pipeline, Amazon applying for BEAD is a, is a validation of what I have been saying on stage every single year for the last four years that Eero and Amazon are the enemy of every broadband provider out there. So if you're, if you are an hero customer and Eero was a great company when it was Eero but as soon as they got bought by Amazon, they became the enemy, you know, all those customers now come to the table because they finally realize that Amazon has actually come out of this, the wolf out of the sheep's clothing has popped up and they are applying for BEAD to compete with all of our customers.

所以它總是凹凸不平的。我們過去也這麼說過吧？但本週發生了一些我認為值得注意的事情。那麼，路易斯安那州突然出現在所有申請 Bead 的人面前，名單上有什麼？亞馬遜實際上正在申請BEAD。因此，就我對管道的看法而言，亞馬遜申請 BEAD 是對過去四年來我每年在台上所說的話的驗證，即 Eero 和亞馬遜是每個寬頻提供者的敵人在那裡。所以，如果你是，如果你是英雄客戶，Eero 在Eero 的時候是一家偉大的公司，但一旦被亞馬遜收購，他們就變成了敵人，你知道，所有這些客戶現在都來到談判桌前，因為他們終於意識到亞馬遜實際上已經走出了困境，披著羊皮的狼已經出現，他們正在申請BEAD來與我們所有的客戶競爭。

And so do I think with regards to, you know, another indicator that our customers are going to consider a different business model to change their markets. That was a big one. And it should be a wakeup call for every customer out there that if they're not transitioning from a dumb network operator who actually has one go to market, which is speed into a full experience provider for the entire community that there's a that they're missing an opportunity. So as you know, with regards to the future of the future of, of our opportunities, I think that they're going to continue to grow because all of the elements of a disruption continue to rear their head for anything to add.

我認為，另一個指標表明我們的客戶將考慮採用不同的商業模式來改變他們的市場。那是一件大事。這應該會給每個客戶敲響警鐘，如果他們不從一個實際上可以一次進入市場的愚蠢的網絡運營商轉變為整個社區的完整體驗提供商，那麼他們就會有一個“我們錯過了一個機會。正如你所知，關於我們機會的未來，我認為它們將繼續增長，因為所有破壞因素都在不斷湧現，以求增加任何東西。

Yeah, Mike, I, I would, I would add that. You know, our RpoS in the first quarter grew 7% sequentially in the second quarter was 9% and, in this quarter, it was 11% sequential growth.

是的，麥克，我，我會，我會補充這一點。你知道，我們第一季的 RpoS 環比增長了 7%，第二季度環比增長了 9%，本季環比增長了 11%。

You know, as Michael said, we're seeing this as our platform, cloud managed services are helping our customers win, but the deals are.

你知道，正如邁克爾所說，我們將其視為我們的平台，雲端託管服務正在幫助我們的客戶獲勝，但交易確實如此。

Lumpy.

塊狀。

Okay, perfect. Okay. Last question for me then on BEAD obviously a popular topic I just want to ask, are you guys, do you guys see any political risk with the upcoming election? Depending on how that goes. Do you think if there's like a, you know, a change in administration that, that the timing of the could be at risk because of that or is that something that you're worried about at all? Thank you.

好的，完美。好的。關於 BEAD 的最後一個問題顯然是一個熱門話題，我只想問你們，你們認為即將到來的選舉有任何政治風險嗎？取決於事情進展如何。您是否認為，如果政府發生變動，那麼這一時間表可能會因此而面臨風險，或者您根本擔心這一點？謝謝。

No, we're not worried and we believe that the dramatic acceleration approvals over the last six months is in part because is in part because of the impending election. But I will remind everybody that this is a bipartisan bill that everybody worked on and whether it's a red state or a blue state, everybody needs broadband and they're all going to stay behind it because they want votes. So, you know, no Corey, I agree with you might.

不，我們並不擔心，我們相信過去六個月批准的急劇加速部分是因為即將到來的選舉。但我要提醒大家，這是一項每個人都參與的兩黨法案，無論是紅州還是藍州，每個人都需要寬頻，他們都會支持它，因為他們想要選票。所以，你知道，沒有科里，我同意你的看法。

Okay, perfect. That's it for me. I appreciate it.

好的，完美。對我來說就是這樣。我很感激。

Thanks.

謝謝。

Our next questions are from the line of Christian Schwab with Craig Hallum. Please receive your questions.

我們的下一個問題來自克里斯蒂安·施瓦布 (Christian Schwab) 和克雷格·哈勒姆 (Craig Hallum)。請接收您的問題。

Hey, good Koder guys. So just as we kind of think about good. Yeah, thanks for the time. So, as we kind of think about the opportunity going forward, right? So we're kind of at this 1% to 2% sequential growth here coming off of the trough, you know, can you give us some type of colour as we get, you know, to the end of 2025 and into 2026 and beyond, you know, how we should expect, you know, sequential growth to continue on a multiyear basis to kind of outlined in your letter. You know, as, as the BEAD money, you know, rolls out is hopefully interest rates go lower as you know, elections are over and people can get back to, you know, business here.

嘿，好科德人。就像我們思考善一樣。是的，謝謝你的時間。那麼，當我們思考未來的機會時，對嗎？因此，我們的成長率為 1% 到 2%，脫離了低谷，你知道，你能給我們一些關於 2025 年底、2026 年及以後的數據嗎？多年的成長將繼續下去，就像你在信中概述的那樣。你知道，隨著 BEAD 資金的推出，你知道，希望利率會降低，選舉結束，人們可以回到這裡做生意。

So, you know, we've got it to, you know, 1% to 5% for every single quarter, right. You know, and as I've stated openly that the longer this takes the better for us because the looming challenge that our customers have with regards to, you know, do I remain a network operator or to cross the chasm and become an experience provider? Right, that decision becomes more and more challenging as, as time goes by. So, the interest rates actually being high has actually made everybody kind of have a coming to Jesus moment where they had to say, what am I going to do with regards to my future? Because all of a sudden money isn't free and I better be driving a good margin.

所以，你知道，我們每季都達到 1% 到 5%，對吧。你知道，正如我公開表示的，這需要的時間越長對我們來說越好，因為我們的客戶面臨著迫在眉睫的挑戰，你知道，我是繼續作為網絡運營商還是跨越鴻溝並成為體驗提供商？是的，隨著時間的推移，這個決定變得越來越具有挑戰性。所以，利率實際上很高，實際上讓每個人都有一種來到耶穌面前的時刻，他們不得不說，我要對我的未來做什麼？因為突然間錢就不再是免費的了，我最好能獲得可觀的利潤。

And so, you know, what do I think is, you know, is it kind of the end of 2025? Well as that kind of lands in the end of 2025 and goes into 2026 will we get stronger if we continue to do our jobs? Which is articulate to our customers, the opportunity ahead and the challenge that they have, if they don't change, then what they do is they buy into our vision, which will be reflected on increasing RpoS and we will gain more, we will land and expand through that footprint over time. So, you know, if anything, the ongoing delays indeed has been a boon for us and will continue to be a boon as it shows up in the end of in the second half Of 2025.

所以，我認為 2025 年底會是這樣嗎？那麼，當這種情況在 2025 年底並進入 2026 年時，如果我們繼續做好我們的工作，我們會變得更強大嗎？這對我們的客戶來說是明確的，他們面臨的機會和挑戰，如果他們不改變，那麼他們所做的就是接受我們的願景，這將反映在增加 RpoS 上，我們將獲得更多，我們將隨著時間的推移，土地並通過該足跡擴展。所以，你知道，如果有什麼不同的話，那就是持續的延誤確實對我們來說是一個福音，並且在 2025 年下半年末將繼續成為一個福音。

Christian last quarter, we had said that we saw we would grow from the second quarter on at 1% to 5% per quarter in sequential growth. And we said that we would be at the low end of that range here for the next several quarters and exit 2025 at a, you know, middle of that range. So, we still stand behind that and that's reflective of the strong demand that we're seeing.

Christian 上個季度表示，我們預計從第二季開始，我們將實現每季 1% 至 5% 的環比成長。我們說過，在接下來的幾個季度中，我們將處於該範圍的低端，並在 2025 年結束時處於該範圍的中間位置。因此，我們仍然支持這一點，這反映了我們所看到的強勁需求。

It, creates that confidence in terms of the visibility that we're starting to see.

它為我們開始看到的可見性創造了信心。

But as we look at the 2025-2026 it's too early to say what that slope of the line looks like. And so unfortunately, I can't give you better guidance than to just, you know, be patient. And we'll let you know as we start seeing some of that improvement as we get into 2025.

但當我們展望 2025-2026 年時，現在判斷這條線的斜率是什麼樣子還為時過早。不幸的是，除了保持耐心之外，我無法給你更好的指導。進入 2025 年，當我們開始看到一些改進時，我們會通知您。

Great. And then can you remind us, you know, you said lead times for appliances now at, you know, post pandemic new normal are, are, are those of the same as pre pandemic levels or lead times, you know, can you, is there any colour you could give us there? And that's my last question.

偉大的。然後你能提醒我們，你知道，你說現在的電器交貨時間，你知道，大流行後的新常態是，是，是與大流行前的水平或交貨時間相同，你知道，你能嗎？這是我的最後一個問題。

Yeah, so our, so our lead times have been norm stable all, all, all year long here. But, what your kind of getting at is the, the amount of inventory that customers are, wanting to maintain.

是的，我們的交貨時間全年、全年都保持正常穩定。但是，您要了解的是客戶想要維持的庫存量。

And so that is at a slightly higher level than where we were pre pandemic. So, we are starting to see those customers come back and do their orderings. They've got their inventory at appropriate levels, albeit at a higher level than it was pre pandemic. And we're starting to see that momentum continue to build from here. So, we think the order normalization process is kind of is no longer a headwind as we move forward and we're in the new normal.

因此，這比大流行前的水平略高。因此，我們開始看到這些客戶回來訂購。他們的庫存處於適當水平，儘管高於大流行前的水平。我們開始看到這種勢頭繼續增強。因此，我們認為，隨著我們前進並處於新常態，訂單正常化過程不再是阻力。

Great. No other questions. Thank you.

偉大的。沒有其他問題。謝謝。

Thank you.

謝謝。

Our next questions are from the line of Timothy Savageaux with Northland capital markets. Please see with your questions.

我們的下一個問題來自 Timothy Savageaux 與北國資本市場的關係。帶著你的疑問請看一下。

Hey, good morning. Question over in tier one land.

嘿，早安。關於一級土地的問題。

We're, yeah, you had a strong year there with some of your top customers last year less so this year. But as we look at what Verizon in particular is saying about plans for fiber builds and also the planned acquisition of frontier, I wonder what kind of implications that might have for Calix on the one hand, and it sort of leads me to my next question which is as you look into your Q4 guide, do you see any significant moving parts in terms of customer segment by size and any changes that we might want to know about?

是的，我們去年的一些頂級客戶表現強勁，今年的表現有所下降。但當我們看看 Verizon 特別是關於光纖建設計劃以及計劃收購 Frontier 的內容時，我想知道這可能會對 Calix 產生什麼樣的影響，這讓我想到了下一個問題當您查看第四季度指南時，您是否發現在按規模劃分的客戶群方面有任何重大變化以及我們可能想了解的任何變化？

Thanks.

謝謝。

Obviously, it's way too early to know anything about Verizon other than Verizon, you know, has been and continues to be a very good customer that's strategically aligned with regards to the value we add.

顯然，現在了解 Verizon 的任何資訊還為時過早，但 Verizon 一直是並將繼續是一個非常好的客戶，在戰略上與我們增加的價值保持一致。

So, you know, we are working with them to cross the chasm and Corey. He had questions about Q4 and whether or not that would be an impact. I'd say that it's just.

所以，你知道，我們正在與他們一起跨越鴻溝和科里。他對第四季以及這是否會產生影響有疑問。我想說這只是。

Lumpy. I might maybe share a little bit of colour on the engagement at large to medium customer that you're now seeing as they make this transition.

塊狀。我可能會分享一些關於大中型客戶的參與度的信息，您現在看到他們正在進行這種轉變。

Oh, you are on the large to medium customers. By the way, this is no different than the small customers, other than if you're a smaller customer, it's quicker and easier for you to make a change. And so, the conversations we're having with medium and large customers is they had the exact same problem that everyone else has.

哦，你是大中型客戶。順便說一句，這和小客戶沒有什麼不同，只不過如果你是小客戶，你做出改變會更快更容易。因此，我們與中型和大型客戶進行的對話是，他們遇到了與其他人完全相同的問題。

In fact, you could take somebody who is a large service provider who happens to have a mobile business. And if I was them, I would be really scared because my mobile business continues to decline. And you know, the concept of just buying broadband providers to expand our revenue is frankly a bit of a fool's errand because that's just buying another commodity unless across the chasm and become a broadband experience provider, which means you have to have a comprehensive business. And in the past, with larger companies, they have lots of money. And so what they would often do to build a comprehensive business with, they would literally set it up as unique bespoke lines of business with no economies of scale.

事實上，你可以選擇一個剛好擁有行動業務的大型服務提供者。如果我是他們，我會非常害怕，因為我的行動業務持續下滑。你知道，僅僅購買寬頻提供者來擴大我們的收入的概念坦率地說有點愚蠢，因為這只是購買另一種商品，除非跨越鴻溝並成為寬頻體驗提供商，這意味著你必須擁有全面的業務。過去，大公司有很多錢。因此，他們通常會做的事情是建立一個綜合性業務，他們實際上會將其設定為沒有規模經濟的獨特客製化業務線。

So I would have a consumer business and then I would have a completely different organization doing my, my small business and then I'd have an organization doing medium and then I'd have an MD business and they would get no scale across that business. We represent a pretty significant opportunity for them to scale that business rapidly and massively across a single platform, leveraging the appliances, same appliances can go on a consumer, small business, medium business and an MDU and support communities. And so, if you think about the economies of scale alone, just from an operating simplicity point of view, the margin growth we can provide them is significant.

因此，我會有一個消費者業務，然後我會有一個完全不同的組織來做我的小型業務，然後我會有一個組織做中型業務，然後我會有一個MD 業務，他們在該業務上不會獲得規模。我們為他們提供了一個非常重要的機會，可以利用這些設備，在單一平台上快速、大規模地擴展業務，相同的設備可以用於消費者、小型企業、中型企業和 MDU 並支援社群。因此，如果您僅考慮規模經濟，僅從操作簡單性的角度來看，我們可以為他們提供的利潤成長是顯著的。

So I would say long answer is that is that just like everybody else, it's just harder for them because if you've ever worked in a big company, change is big. It's like a big, you know, turn around a big truck or turning around a big boat takes more time and more effort and most important, the captain of that business has to wake up and realize that they need to actually lead instead of just managing the business.

所以我想說的長答案是，就像其他人一樣，這對他們來說更困難，因為如果你曾經在一家大公司工作過，變化就會很大。這就像一輛大卡車或一艘大船調頭需要更多的時間和精力，最重要的是，該企業的船長必須醒來並意識到他們需要真正的領導而不僅僅是管理業務。

So, you know, we talk to leaders about helping them transform their business and that will pay dividends for us as they also come into crisis.

所以，你知道，我們與領導者討論幫助他們進行業務轉型，這將為我們帶來效率，因為他們也陷入了危機。

Corey on Q4. Yes, Q4.

科里在第四季。是的，第四季。

He said, is there any implication with the Drt report? I .

他說，DRT報告有什麼影響嗎？我。

Would just say that we're seeing early days of that segment, proving.

只是說我們看到了該部分的早期階段，證明了這一點。

Yeah, I guess that was less on Veri Verizon in particular and more on just across the segments, small, medium large, whether you expect any movement in the Q4. And

是的，我想這對 Veri Verizon 來說尤其少，而更多地集中在各個細分市場，小型、中型、大型，無論你是否期望第四季度有任何變化。和

First too, we know that.

首先，我們也知道這一點。

We should know is lumpy, you know, some, you know, sometimes as we, sometimes it's been up, sometimes it's been down but they've been good consistent customers.

我們應該知道是不穩定的，你知道，有些，你知道，有時像我們一樣，有時會上漲，有時會下跌，但他們一直是良好的一致客戶。

All right. Well, maybe let's stay on this for a moment. I mean, actually Verizon did have some interesting commentary about higher market share in mobile and reduced churn where they did have a fiber footprint which, you know, in theory, maybe explains this frontier thing as well as what T Mobile is doing with some of the smaller carrier investments. So, if you look into 2025 with that kind of guidance for sequential growth, should we assume that's principally small carrier driven heading forward or, or do you see any opportunities for, for medium and large to rebound?

好的。好吧，也許讓我們先討論一下這個問題。我的意思是，實際上Verizon 確實有一些關於更高的行動市場份額和減少客戶流失的有趣評論，他們確實擁有光纖足跡，從理論上講，這也許可以解釋這一前沿問題以及T Mobile 正在做的一些事情運營商投資較小。因此，如果您以這種連續增長的指導來展望 2025 年，我們是否應該假設這主要是小型航空公司推動的前進，或者您是否認為中型和大型航空公司有反彈的機會？

I, I think you will see progress on, on all customer segments as we move forward through 2025 we expect, then.

我認為，隨著我們預計到 2025 年，您將看到所有客戶群都取得了進展。

There are a lot we expect CRE you know, I keep going back to my statement.

你知道，我們對 CRE 有很多期望，我不斷回到我的聲明。

You know, we've been working towards this disruption in the crisis ahead. They're finally because the businesses are struggling. You know, they have to feel pain before because, you know, I stated this, I think in Q1 is that we had a large organization come over and they have 18 broadband providers or 19 broadband providers. And, and they said during the pandemic, you know, money was no money was free. In essence, anyone with, anyone with a pulse could earn, could raise $50 million, frankly.

你知道，我們一直在努力應對未來危機中的這種破壞。他們最終是因為企業陷入困境。你知道，他們之前必須感到痛苦，因為，你知道，我說過這一點，我認為在第一季我們有一個大型組織過來，他們有 18 家寬頻供應商或 19 家寬頻供應商。而且，他們說，在疫情期間，你知道，錢不是免費的。坦白說，從本質上講，任何有脈搏的人都可以賺錢，可以籌集 5000 萬美元。

And, you know, so the bar was really low with regards to acquiring capital. And everybody was so busy that it was even, it was, it was tough if, if you had partners and you had a business strategy, you were just building as fast as you can. This concept of home past, right? And it's fascinating to me that there are still legacy minded operators who still use the word homes past homes past means absolutely nothing. That's like I the mall and there's all this revenue that's going to come. But I have nobody in the mall, right. If you don't actually win subscribers and have a strategy to win subscribers, you're, you're not going to succeed. And what's happened is that now that they've gone and done a home, a bunch of homes path and they've, and they've deployed, they're all getting stuck at 20% - 22% market share. And so, if you want to get up to like a Tom Bigby who's over 60% or an ALLO or some of these industry leaders Lumos or T Mobile bot, if you want to become an industry leading provider, who makes a ton of money for your investors. You have to be an experienced provider, and you have to have a comprehensive business model. So, you know, it's your question with regards to what's going to happen in 2025 I reiterate and come back to the same thing I said, which is that if we continue to find leaders in these businesses who actually are strategic minded and, you know, Carl often coaches on this, you know, the difference between CEOs. There's two types of CEOs, there's a CEO who is a founder, entrepreneurial mindset, and there's a CEO who is a professional manager and the professional manager just wants to do the same stuff that's being done for the last 20 years. And in this coming disruption, the professional manager is going to get crushed because the entrepreneur founder who actually understands the trend that's coming ahead, will actually look for change and will drive transfer in their business and they will crush their competition. Why? Because they're going to have a comprehensive.

而且，你知道，因此獲得資本的門檻非常低。每個人都如此忙碌，如果你有合作夥伴並且有商業策略，你只是盡可能快地建設，那是很困難的。這就是家鄉過去的概念吧？讓我著迷的是，仍然有一些具有傳統意識的運營商仍然使用“過去的家”這個詞，“過去的家”毫無意義。就像我在購物中心一樣，所有的收入都會跟著來。但我的商場裡沒有人，對吧。如果你沒有真正贏得訂閱者，也沒有製定贏得訂閱者的策略，那麼你就不會成功。現在發生的情況是，現在他們已經完成了一個家庭、一堆家庭路徑，而且他們已經部署了，他們都陷入了 20% - 22% 的市場份額。因此，如果你想像湯姆·比格比（Tom Bigby）那樣超過 60% 或 ALLO 或其中一些行業領導者 Lumos 或 T Mobile 機器人，如果你想成為行業領先的提供商，為他們賺很多錢你的投資者。您必須是經驗豐富的提供者，並且必須擁有全面的商業模式。所以，你知道，這是你關於2025 年會發生什麼的問題，我重申並回到我說過的同一件事，那就是，如果我們繼續在這些企業中找到真正具有戰略頭腦的領導者，你知道，卡爾經常就這一點進行指導，你知道，執行長之間的區別。有兩種類型的首席執行官，一種是創始人，具有創業思維的首席執行官，另一種是職業經理人，而職業經理人只想做過去 20 年所做的同樣的事情。在即將到來的顛覆中，職業經理人將被壓垮，因為真正了解未來趨勢的企業家創辦人將真正尋求變革並推動業務轉移，他們將壓垮競爭對手。為什麼？因為他們將會有一個全面的。

So, with regards to what segments grow in 2025 frankly, that just comes down to are the leaders smart enough and strategic enough to listen. And if they are, we'll help them win. And so, as Corey said, we see strength across all of them because they're coming into crisis. The amount of people like I was at the TMT forum, which is an investor forum for broadband and all the investors were saying the same thing, you know, they've come to this realization that they were valuing their assets based on homes past, doesn't mean anything. The last comment on homes past, you know, you go and they say, hey, it cost me $700 to do a homes past $1,000 bucks to do a homes past, you know what, you know, how much it costs you to do a home connected almost double that.

因此，坦白說，關於 2025 年哪些細分市場會成長，這取決於領導者是否足夠聰明、足夠有策略眼光來傾聽。如果他們是，我們將幫助他們獲勝。因此，正如科里所說，我們看到了他們所有人的力量，因為他們正陷入危機。像我這樣的人在 TMT 論壇上，這是一個寬頻投資者論壇，所有投資者都在說同樣的事情，你知道，他們已經意識到他們是根據過去的房屋來評估自己的資產的，沒有任何意義。最後關於過去的房屋的評論，你知道，你去了，他們說，嘿，我花了700 美元做一個過去的房屋，花了1,000 美元做一個過去的房屋，你知道嗎，你知道，你要花多少錢做一個過去的房屋家庭連接幾乎是這個數字的兩倍。

So it's great that you've gone and past all these homes, you're still going to have to spend another $500 to $1000 to connect the home. But more importantly, you actually have to spend the marketing dollars. So, they give a hoot, and they want change. So that's kind of, you know, long answer to a short question. But the great thing is crisis is here and they're listening, and we have a customer success Army, you know, that's massive, that's ready to help them do that.

因此，很高興您已經走過了所有這些家庭，但您仍然需要另外花費 500 到 1000 美元來連接家庭。但更重要的是，你實際上必須花費行銷資金。所以，他們很在意，他們想要改變。所以，你知道，這是對一個簡短問題的長答案。但最重要的是危機就在這裡，他們正在傾聽，我們有一支客戶成功軍隊，你知道，這是巨大的，準備好幫助他們做到這一點。

Okay, thanks very much.

好的，非常感謝。

Thank you. Our last question is from the line of Ryan Koontz with Needham and Company. Please assist you with your questions.

謝謝。我們的最後一個問題來自 Needham and Company 的 Ryan Koontz。請協助您解決您的問題。

Good morning. Thanks for the question here. Nice to see your top line predictability improve. And the sizable RPO growth really starting to look more like software company you're becoming. So how do you think about the RPO contribution and trajectory across your, you know, small, medium and large segments? And is there any colour you can give us on that strong RPO bookings in the quarter in terms of mix of, you know, new contracts with new customers versus expansions.

早安.謝謝你在這裡提問。很高興看到您的收入可預測性有所提高。RPO 的大幅成長確實開始看起來更像您正在成為的軟體公司。那麼，您如何看待小型、中型和大型細分市場中 RPO 的貢獻和軌跡？對於本季強勁的 RPO 預訂，您能從與新客戶的新合約與擴張的組合方面給我們提供什麼資訊嗎？

Thanks.

謝謝。

Yeah. Right. Consistent with what we've said in the past, you know, the strongest drivers for growth, our new subscribers being added, followed by new applications, so expanding to new applications and then finally that from new customers, a brand new Greenfield customer that would sign a contract with us, you know, it's going to produce very little revenue up front because you have to deploy the platform cloud and managed services and has to sit on a hardware or a an appliance.

是的。正確的。與我們過去所說的一致，您知道，最強勁的增長驅動力是我們的新用戶的增加，其次是新的應用程序，因此擴展到新的應用程序，最後來自新客戶，一個全新的Greenfield 客戶，如果您與我們簽訂合同，您知道，它會預先產生很少的收入，因為您必須部署平台雲端和託管服務，並且必須坐在硬體或設備上。

And so that just takes time. So, every one of these new contracts or new subscription layers in another little micro stream of revenue.

所以這只是需要時間。因此，每一份新合約或新訂閱層都會帶來另一筆微收入流。

And so it's not that you're going to get any kind of step function from any new customer. And so, it's just going to continue to increase, and it has a slight little bend in it as you see some acceleration as you continue to layer in, not only new customers being added, but existing customers expanding with new applications. And obviously every day they are taking more subscribers away and expanding their businesses and growing with Calix.

因此，您不會從任何新客戶那裡獲得任何類型的階梯功能。因此，它只會繼續增加，並且有一個輕微的彎曲，因為當您繼續分層時會看到一些加速，不僅會添加新客戶，而且現有客戶也會透過新應用程式進行擴展。顯然，他們每天都在吸引更多的訂閱者，擴大他們的業務，並與 Calix 一起成長。

Got it. You, you, you've just followed up there. You you've talked about some opportunities where you come in as a new experience provider on top of a legacy broadband transport, even wireless applications is, is, is that meaningful at all within RPO yet, or is it more still very niche?

知道了。你，你，你剛剛也跟著去了。您談到了作為傳統寬頻傳輸之上的新體驗提供者的一些機會，甚至無線應用程式在 RPO 中是否有意義，還是更小眾？

Well, it depends on the customer. Right. So, you know, it, it would be, it depends on the size. Right. So, you know, if they're massive then, yeah, it would be larger and if they're small then you're going to see a small amount added on the first contract and then they add more and add more. Right. And so, you know, the key thing is you got to get the momentum out of them, right? And then, you know, and I know that doesn't answer your question because you're trying to model out what's the RPO growth going to be on based on it? But you know, different customers do go different ways.

嗯，這取決於客戶。正確的。所以，你知道，這取決於大小。正確的。所以，你知道，如果它們很大，那麼，是的，它會更大，如果它們很小，那麼你會看到第一份合約中添加了少量，然後他們添加更多，添加更多。正確的。所以，你知道，關鍵是你必須從他們身上獲得動力，對吧？然後，你知道，我知道這並不能回答你的問題，因為你試圖根據它來模擬 RPO 成長的基礎？但你知道，不同的客戶確實有不同的方式。

Sorry, that's a hard, it's a hard, it's a hard question to answer because they can do like that one customer and start with engagement cloud or they could start as Corey said during the pandemic, they were generally starting with the network, right?

抱歉，這是一個很難、很難、很難回答的問題，因為他們可以像一個客戶一樣從參與雲開始，或者他們可以像科里在大流行期間所說的那樣開始，他們通常從網絡開始，對嗎？

Got it going to be a quick follow up on, on your comments around the customer success additions. I think you guys had a press release recently about this. Any, any specific kind of go to market motion, you can highlight that is working well for you. That'd be great.

我知道這將是您對客戶成功補充的評論的快速跟進。我想你們最近發布了一份關於此事的新聞稿。任何、任何特定類型的上市動議，您都可以強調它對您來說效果很好。那太好了。

Thanks. Yeah.

謝謝。是的。

That's a great, that's a great question actually, on the customer success side, what's really interesting to us, you know, and should frankly should have been forecasted. So, John Derocher came on two years ago and as he's worked through the business, he's transforming it pretty significantly with his leadership team. And you know what we just recognized, you know, same thing that he and I talked about a lot when we were both at salesforce is that our customers really need assistance to transform. And so the one that we were talking about, and if you watch John's keynote on stage and to some extent, Matt's keynote, one of the things that they talk about is that, you know, Matt and his organization are really helping our customers around scaling marketing and you know, John's team executing that. And now John's team is also executing on the sales motion.

這是一個很好的問題，實際上是一個很好的問題，在客戶成功方面，我們真正感興趣的是什麼，你知道，並且坦率地說應該進行預測。因此，約翰·德羅徹 (John Derocher) 於兩年前上任，在他負責公司業務的過程中，他與領導團隊一起對公司進行了重大變革。你知道我們剛剛認識到的，你知道，當我們都在銷售團隊時，他和我經常談論的同一件事是，我們的客戶確實需要幫助來轉型。所以我們正在談論的一個，如果你在舞台上觀看約翰的主題演講，在某種程度上，馬特的主題演講，他們談論的一件事是，你知道，馬特和他的組織正在真正幫助我們的客戶擴大行銷規模，你知道，約翰的團隊正在執行這一點。現在約翰的團隊也正在執行銷售動議。

So helping our customers learn how to sell. And while we have a portion of the customers who have that have that capability, we've come to a realization, and this actually came out of our leadership advisory board. So, I have about 52 CEOs and general managers who I work with on a quarterly basis. And there were a portion of them that actually have a business go to market, but and therefore they understand sales, but there's a whole bunch of them who are cooperatives, they've, you know, they've never actually deployed something as simple as quotas or variable compensation. So, for example, their salespeople don't even have a quota or, or upside.

因此幫助我們的客戶學習如何銷售。雖然我們有一部分客戶具備這種能力，但我們已經意識到，這實際上來自我們的領導諮詢委員會。因此，我每季都會與大約 52 位執行長和總經理合作。他們中的一部分實際上有業務進入市場，但因此他們了解銷售，但他們中有一大群人是合作社，他們，你知道，他們從未真正部署過如此簡單的東西作為配額或可變薪酬。例如，他們的銷售人員甚至沒有配額或上升空間。

And so, as we went through that advisory board meeting, which was in June. A bunch of them said, hey, we'd really like you to work out how to actually build out a customer success, go to market on, on teaching us how to sell.

因此，當我們參加六月的顧問委員會會議時。他們中的一些人說，嘿，我們真的希望你能弄清楚如何真正實現客戶成功，進入市場，教我們如何銷售。

And so at connections on Sunday morning, we actually ran this session that had room for 200 people and supposedly, it was like standing room only like 300 people, there was packed to the gills and why? Which shows demand, they really want us to teach them how to sell. It. Just so happens from my background. That's what I did at sales force. My entire career has been around sales transformation and someone else on our team who's working closely with John, we go build all that out and it's second nature to us because we did it at sales force. So, you know, we're going to help them become the best.

因此，在周日早上的轉會中，我們實際上舉辦了一場可容納 200 人的會議，據說，這就像只有 300 人的站立空間，那裡擠滿了人，為什麼呢？這顯示了需求，他們真的希望我們教他們如何銷售。它。從我的背景來看，情況正是如此。這就是我在銷售團隊所做的事。我的整個職業生涯都圍繞著銷售轉型，我們團隊中與約翰密切合作的其他人，我們將這一切都建立起來，這對我們來說是第二天性，因為我們是在銷售隊伍中做到的。所以，你知道，我們將幫助他們成為最好的。

You know, Matt and his organization with the success team has helped our customers build the greatest go to markets. We now have over 10,000 some pieces of content in our electronic and you know, electronic ECB content builder, which they can with two clicks, they can put their brand and their colouring on it. They can have Instagram and Facebook posts and great websites. You know, in fact, we've, our agency has built out all these amazing contents so they can do that really quickly. And now we're going to help them learn how to sell.

您知道，馬特和他的組織以及成功團隊幫助我們的客戶建立了最大的市場進入機會。現在，我們的電子 ECB 內容建構器中有超過 10,000 個內容，他們只需點擊兩次即可將自己的品牌和顏色放在上面。他們可以擁有 Instagram 和 Facebook 貼文以及很棒的網站。你知道，事實上，我們的機構已經建立了所有這些令人驚嘆的內容，因此他們可以非常快速地做到這一點。現在我們要幫助他們學習如何銷售。

And frankly, that makes me excited because that gets me away from sitting in pl P&L reviews with Corey. And instead, I get to go into the field with customers and help them learn how to sell. So, you know, that's a great example and a and a good example is that has nothing to do. You know, we don't have AC RM, we don't have a sales cloud. But this is where we can help our customers. And if we do the right thing and help them kind of transform into a better broadband experience provider, we win because we're a true partner. So, there's a great example. That's a good question.

坦白說，這讓我很興奮，因為這讓我不用和科里一起參與損益審查。相反，我可以深入客戶現場，幫助他們學習如何銷售。所以，你知道，這是一個很好的例子，但一個很好的例子是無關的。你知道，我們沒有 AC RM，我們沒有銷售雲端。但這就是我們可以幫助客戶的地方。如果我們做正確的事情並幫助他們轉型為更好的寬頻體驗供應商，我們就會獲勝，因為我們是真正的合作夥伴。所以，有一個很好的例子。這是個好問題。

And it's really great and it's, it's, it's been a weakness for the telecom industry for decades.

它真的很棒，幾十年來一直是電信業的弱點。

For sure. Look at mobile, look at mobile sales. And so again, if you go on, if you watch my keynote at connections, what I walked through is how a fiber provider, you know, it's got a house and there's a fiber provider and they went from $80 bucks down to $54. That was, they had $80 per gig and they took me down to $54 ARPU we're selling strategy on the planet where I should have been between $110 and $150 of ar and so I would encourage everybody on the call to watch the keynote and they will see the challenge because most fiber providers are some really good ones, but most couldn't sell a brick and a riot and we're here to help.

一定。看看行動設備，看看行動銷售。再說一次，如果你繼續看我在 Connections 上的主題演講，我會講到光纖提供者如何，你知道，它有房子，有光纖供應商，他們的價格從 80 美元降到了 54 美元。也就是說，他們每場演出的收入為80 美元，他們把我的ARPU 降到了54 美元，我們在這個星球上銷售策略，而我的AR 成本應該在110 美元到150 美元之間，所以我鼓勵每個人都參加電話會議，觀看主題演講，他們將會看到挑戰，因為大多數光纖供應商都是一些非常好的供應商，但大多數都無法出售磚塊和騷亂，而我們隨時為您提供幫助。

Great. That's all I've got guys. Thanks so much for the call. Appreciate it.

偉大的。這就是我所擁有的一切。非常感謝您的來電。欣賞它。

Thank you. We've reached the end of our question-and-answer session and now I'd like to turn the call back over to Nancy Fazioli for closing remarks.

謝謝。我們的問答環節已經結束，現在我想將電話轉回給南希·法齊奧利（Nancy Fazioli）做總結演講。

Thank you. R help us participate in several investor events during the fourth quarter. Information about these events including dates and times and publicly available webcast will be posted on the events and presentations page of the investor relations section of calls dotcom. Once again, thank you to everyone on this call and webcast for your interest in Calus and for joining us, this concludes our conference call. Have a good day.

謝謝。R 幫助我們參加了第四季的多個投資者活動。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 Calls dotcom 投資者關係部分的活動和演示頁面上。再次感謝本次電話會議和網路廣播中的所有人對 Calus 的興趣並加入我們，我們的電話會議到此結束。祝你有美好的一天。

You may now disconnect your lines at this time.

此時您可以斷開線路。