Calix Inc (CALX) 2024 Q4 法說會逐字稿

Greetings, everyone, and welcome to the Calix fourth-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Nancy Fazioli, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 Calix 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人、投資者關係副總裁 Nancy Fazioli。請繼續。

Thank you, [Latania], and good morning, everyone. Thank you for joining our fourth-quarter 2024 earnings call. Today on the call, we have President and CEO, Michael weening; and Chief Financial Officer, Cory Sindelar.

謝謝你，[拉塔尼亞]，大家早安。感謝您參加我們的 2024 年第四季財報電話會議。今天電話會議上，我們邀請了總裁兼執行長 Michael Weening；和財務長 Cory Sindelar。

As a reminder, yesterday after the market close, Calix issued a news release which was furnished on a Form 8-K along with our Stockholder Letter and was also posted in the Investor Relations section of the Calix website.

提醒一下，昨天收盤後，Calix 發布了一份新聞稿，該新聞稿以 8-K 表格的形式提供，與我們的股東信函一起發佈在 Calix 網站的投資者關係部分。

Today's conference call will be available for webcast replay in the Investor Relations section of our website. Before I pass the call over to Michael for his opening remarks, 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 that actual results may differ materially from those contemplated by these forward-looking statements.

今天的電話會議將在我們網站的投資者關係部分提供網路直播重播。在我將電話轉給麥可致開場白之前，我想提醒大家，在這次電話會議上，我們將參考前瞻性陳述，包括公司對其未來財務和營運績效、成長策略和市場前景。實際結果可能與這些前瞻性陳述所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 fourth-quarter 2024 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.

可能導致實際結果和趨勢發生重大差異的因素已在 2024 年第四季度致股東的信函以及向美國證券交易委員會提交的年度和季度報告中列出。Calix 不承擔更新任何前瞻性陳述的義務，這些陳述僅代表其各自日期的觀點。

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 fourth-quarter 2024 letter to stockholders. Unless otherwise stated, all financial information referenced in this call will be non-GAAP.

此外，在本次電話會議中，我們還將討論 GAAP 和非 GAAP 財務指標。2024 年第四季致股東的信中包含了 GAAP 與非 GAAP 指標的對帳。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公認會計準則資訊。

With that, Michael, please go ahead.

好了，邁克爾，請繼續。

Thank you, Nancy. As I stated at ConneXions, 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 experiences. The fourth quarter delivered strong results as our business model was embraced by a growing number of broadband experience providers to meet the needs of the entire community, consumer, small business, education, MDU, government, and the municipality.

謝謝你，南希。正如我在 ConneXions 上所說，這個行業正處於十字路口。寬頻供應商必須決定是否繼續作為基於速度的網路營運商，冒著商品化的風險，還是透過寬頻體驗實現差異化。第四季取得了強勁的業績，因為我們的商業模式受到越來越多的寬頻體驗提供者的歡迎，以滿足整個社區、消費者、小型企業、教育、MDU、政府和市政當局的需求。

By doing so, the experience provider becomes a community brand that wins. One such story is MGW SmartTown Network in Virginia. MGW utilize their network to provide secure Wi-Fi across multiple towns, transforming how residents work, play, learn, and communicate.

這樣一來，體驗提供者就成為了成功的社群品牌。維吉尼亞州的 MGW SmartTown 網路就是一個這樣的故事。MGW 利用其網路為多個城鎮提供安全的 Wi-Fi，改變居民的工作、娛樂、學習和溝通方式。

During Hurricane Helene, MGW SmartTown network ensured seamless outdoor Wi-Fi aiding and disaster recovery. This highlighted MGW's commitment to their community and ensure their brand is synonymous with the communities they serve, going way beyond speed and price.

在颶風海倫期間，MGW SmartTown 網路確保了無縫的戶外 Wi-Fi 援助和災難復原。這凸顯了 MGW 對社區的承諾，並確保他們的品牌與他們所服務的社區同義，遠遠超越速度和價格。

Our mission remains aligned to help our customers win to 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 fourth quarter.

我們的使命始終如一，幫助我們的客戶贏得未來的顛覆性變革，利用我們的平台簡化營運和行銷，透過新的體驗進行創新，使其產品與眾不同，並為他們的投資者、會員和服務社區帶來成長。我們任務策略和執行的力度在第四季度的業績中得到了證實。

Cory, over you to cover the quarter.

科里 (Cory)，我接替你來負責本季的工作。

Thank you, Michael. We saw strong demand during the fourth quarter and delivered revenue of $206 million, which is at the high end of our guidance range we provided in October and represents 2.6% sequentially quarterly revenue growth demand for our platform cloud and managed services was strong once again and is best evidenced by growth in our RPOs, which grew 10% sequentially to $326 million and increased 34% year over year.

謝謝你，麥可。我們在第四季度看到了強勁的需求，並實現了2.06 億美元的收入，這處於我們10 月份提供的指導範圍的高位，比上一季度收入增長了2.6%。再次強勁，最好的證明就是我們的RPO成長，季增10%，達到3.26億美元，年增34%。

Our current RPOs were $121 million, up 10% sequentially and up 27% year over year. This strength in our platform cloud and managed services led to record non-GAAP gross margin of 55.5% in the fourth quarter. As we have said all year, our focus remains on landing new footprints. And in the fourth quarter, we added 18 new customers, DXP customers.

我們目前的 RPO 為 1.21 億美元，季增 10%，年增 27%。我們的平台雲端和託管服務的優勢使得第四季度非公認會計準則毛利率達到創紀錄的 55.5%。正如我們全年所說的那樣，我們的重點仍然是取得新的足跡。第四季度，我們增加了 18 個新客戶，即 DXP 客戶。

The overwhelming majority of these customer wins were competitive takeaways. On the expansion front, 21 customers adopted our platform, 15 customers started with Calix Cloud, and 32 customers deployed a managed service for the first time. These are all examples of customers partnering with KCalix to cross the chasm and become broadband experience providers to win in their markets.

這些客戶勝利絕大多數都是競爭性的收穫。在擴展方面，21 位客戶採用了我們的平台，15 位客戶開始使用 Calix Cloud，32 位客戶首次部署了託管服務。這些都是客戶與 KCalix 合作跨越鴻溝並成為寬頻體驗提供者以在市場中獲勝的例子。

Our balance sheet metrics remain pristine. After purchasing $7 million of our common stock during the quarter, we ended the year with record cash and investments of $297 million. DSO remained an industry best at 36 days. Inventory terms were 3.1, and if you exclude component inventory, inventory terms were over 4. This compares to our target range of 3 to 4 terms.

我們的資產負債表指標依然完美。在本季購買了價值 700 萬美元的普通股後，我們在今年年底的現金和投資金額達到了創紀錄的 2.97 億美元。指定儲存系統辦公室仍為業界最佳，為 36 天。庫存條款為 3.1，如果排除組件庫存，庫存條款則超過 4。這與我們的目標範圍 3 到 4 個術語相比。

Inventory deposits decreased by $4 million, bringing our inventory deposits to $63 million down from a peak of $78 million a year ago. Coupled with operational discipline, management of our working capital remains a focus to enable consistent quarterly double-digit free cash flow.

庫存存款減少了 400 萬美元，使我們的庫存存款從一年前的 7800 萬美元的峰值下降到 6300 萬美元。除了營運紀律外，我們仍將營運資本管理作為重點，以確保季度自由現金流持續維持兩位數。

Moving to guidance. For the first quarter of 2025, our revenue outlook is between $204 million and $210 million, which at the midpoint, would represent a sequential increase in revenue. For the first quarter of 2025, non-GAAP gross margin is expected to remain flat to slightly up due to product mix as we continue to see a shift toward subscriber systems. For 2025, we anticipate annual gross margin improvement will be at the lower end of our target financial model of 100 basis points to 200 basis points.

轉向指導。對於 2025 年第一季度，我們預計營收在 2.04 億美元至 2.1 億美元之間，中間值代表營收將連續增加。2025 年第一季度，由於我們繼續看到向訂戶系統的轉變，非 GAAP 毛利率預計將保持平穩或略有上升，原因是產品組合的原因。到 2025 年，我們預計年度毛利率改善將達到我們目標財務模型的低端，即 100 個基點到 200 個基點。

We expect clients margins to be a headwind to overall margins due to a mix shift towards subscriber systems and an increase in revenue from medium and large customers as we land new footprint. Regarding non-GAAP operating expense, we plan to continue to hold our 2025 operating expenses flat to slightly up compared with 2024 in terms of absolute dollars.

我們預計，隨著我們開拓新的業務範圍，業務組合向用戶系統轉變，以及來自中型和大型客戶的收入增加，客戶利潤率將成為整體利潤率的阻力。關於非 GAAP 營業費用，我們計劃繼續保持 2025 年營業費用與 2024 年相比持平或略有上升（以絕對美元計算）。

In summary, our visibility continues to improve. Our objective is to implement our strategy with discipline, helping our customers become broadband experience providers who deliver value to their subscribers and succeed in the marketplace, to continue to increase our footprint by landing new broadband service providers, and to continuously expand our platform cloud and managed services with each of our customers.

總而言之，我們的知名度不斷提高。我們的目標是嚴格執行我們的策略，幫助我們的客戶成為寬頻體驗供應商，為其用戶提供價值並在市場上取得成功，透過引入新的寬頻服務供應商繼續擴大我們的足跡，並不斷擴展我們的平台雲端和為每一位客戶提供管理服務。

Michael, back to you.

邁克爾，回到你身邊。

Thank you, Cory. We're in the early stages of this once-in-a-generation opportunity as the broadband industry disrupts. The Calix broadband platform cloud and managed services enable network operators to cross the chasm and become broadband experience providers that win in the communities they serve. We are excited about the opportunity ahead in 2024 and we thank our team, our customers, our partners, and shareholders for their support.

謝謝你，科里。隨著寬頻產業的顛覆，我們正處於這一千載難逢的機會的早期階段。Calix 寬頻平台雲端和主機服務使網路營運商能夠跨越鴻溝，成為其服務社群中獲勝的寬頻體驗供應商。我們對 2024 年的未來機會感到興奮，並感謝我們的團隊、客戶、合作夥伴和股東的支持。

Nancy, let's open the call for questions.

南希，讓我們開始提問。

Thank you. Latania, we're ready to start.

謝謝。拉塔尼亞，我們準備開始了。

(Operator Instructions) Samik Chatterjee, JP Morgan.

(操作員指示) Samik Chatterjee，摩根大通。

Hey, good morning. Thanks for the question. This is Joe Cardoso on for Samik. I guess, maybe just for the first one. You had a large increase in RPO this quarter, which is pretty impressive following some large step-ups the last couple of quarters. I think in the most of the prior quarters, you referenced large deals that were closed and called them out.

嘿，早安。謝謝你的提問。這是喬‧卡多索 (Joe Cardoso)，取代薩米克 (Samik)。我想，也許只是第一個。本季的 RPO 大幅增加，繼過去幾季的大幅提升之後，這一增幅相當令人印象深刻。我認為在之前的大多數季度中，您都提到了已經完成的大型交易並對其進行了呼籲。

Just curious, was the increase this quarter a function of another one of these large deals coming through that you guys are closing? And then how are you guys thinking about momentum continuing in 2025 on the RPO fun just given the success you have had over this past couple of quarters in these large increases? And then I have a quick follow-up.

只是好奇，本季的成長是否是你們即將達成的另一筆大型交易的結果？那麼，考慮到過去幾季取得的大幅成長，你們如何看待 2025 年 RPO 的持續發展動能？然後我有一個快速的後續問題。

As we came through Q4, we had ConneXions, right? And while that was right before the previous earnings call, we came out of that event with a lot of momentum and a big part of that was the CEOs and general managers who were there, which is the largest number we ever had, over 300. We had a lot of conversations with regards to how the industry is disrupting and how they need to change.

當我們完成第四季時，我們有了 ConneXions，對嗎？雖然那是在上次財報電話會議之前，但我們在那場活動中取得了很大的進展，其中很大一部分原因是出席會議的執行長和總經理人數最多，超過 300 人。我們就該行業如何顛覆以及需要如何改變進行了許多討論。

And there was a significant shift in mindset that I noticed and that our selling teams noticed where the customers were in the past were saying, no, I'm going to continue with my old business model. They were saying no, I need to embrace it. And that's what RPOs are. RPOs are an example of customers who are embracing the transformation that they have to go through to launch new managed services, launch experiences.

我注意到客戶的思維模式發生了重大轉變，我們的銷售團隊注意到，過去的客戶會說，不，我要繼續我的舊商業模式。他們說不，我需要接受它。這就是 RPO。RPO 就是一個典型的例子，客戶正在接受變革，他們必須經歷這種變革才能推出新的託管服務和推出體驗。

And as part of that, they drive incremental revenue and we reflect that through RPO growth. And you really saw that in Cory's opening statement where he talked about how many net new customers, the number of customers, I think it was 32 who launched a managed service for the first time. So that momentum, we expect that to continue.

作為其中的一部分，他們推動增量收入，我們透過 RPO 成長反映這一點。您確實在 Cory 的開場白中看到了這一點，他談到了有多少淨新增客戶，有多少客戶，我認為首次推出託管服務的客戶數量是 32 家。因此，我們預計這種勢頭將會持續下去。

And Joe, I'd add one other comment on that, which is in the fourth quarter, it's typically our strongest quarter as people are aligning their contracts with their operating plans for the following year. And so we normally see a strong and as our platforms all monetize on subscriber ads, as these customers cross the chasm and become broadband experience providers, we expect that momentum to continue going forward, albeit at maybe at varied rates, but we expect it to continue to increase as we go forward.

喬，我想補充一點，第四季度通常是我們業績最強勁的季度，因為人們正在將他們的合約與下一年的營運計劃相結合。因此，我們通常會看到強勁的成長勢頭，隨著我們的平台都透過訂戶廣告實現盈利，隨著這些客戶跨越鴻溝並成為寬頻體驗提供商，我們預計這種勢頭將繼續下去，儘管速度可能有所不同，但我們預計它會隨著我們前進，並將繼續增加。

Got it, guys. Thanks for the color there. And then for my next question or last question, obviously there's this lingering narrative around the risks around need or government programs who are broadly coming under increased scrutiny and given the new administration coming in.

明白了，夥計們。感謝那裡的色彩。然後對於我的下一個問題或最後一個問題，顯然存在關於需求或政府計劃的風險的揮之不去的說法，鑑於新政府的上台，這些需求或政府計劃正受到越來越嚴格的審查。

Maybe you can just share your thoughts on these concerns or updated thoughts on these concerns, the conversations that you're having with customers, which is perhaps making you less concerned of these perceived risks from the investment community. Thanks for the questions, guys.

或許您可以分享一下您對這些問題的看法或最新想法，以及您與客戶進行的對話，這也許會讓您不那麼擔心投資界所感知到的這些風險。謝謝大家的提問。

Yeah, there is a lot of noise and no news. So we run our business based upon facts and things changing and therefore as the facts evolve, we'll adjust our strategy accordingly. But at this point, we have no comment because it's just a lot of noise.

是的，噪音很大，沒有新聞。因此，我們根據事實和事物的變化來經營業務，因此隨著事實的發展，我們會相應地調整我們的策略。但目前我們沒有任何評論，因為這只是很多噪音。

No, understood. Thanks, Cory. Appreciate it. Thanks, Michael. Appreciate it.

不，明白。謝謝，科里。非常感謝。謝謝，麥可。非常感謝。

Ryan Koontz, Needham & Company.

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

Great, thanks. Really nice RPO number. Maybe stepping back big picture here, given all the noise about [BEAD] you mentioned, and I think as a lot of the traditional infrastructure suppliers are a little nervous about that, but your primary business is really built on subscriber connections. Can you maybe speak to how the company is focusing on targeting and monetizing the installed base of fiber-served homes and businesses? That'd be great. Thank you.

太好了，謝謝。非常好的 RPO 數字。考慮到您提到的有關[BEAD]的所有喧囂，也許在這裡退一步來看大局，我認為很多傳統基礎設施供應商對此有點緊張，但您的主要業務確實建立在用戶連接上。您能否談談公司如何瞄準光纖服務家庭和企業的安裝基礎並從中獲利？那太棒了。謝謝。

Right. Yeah, thanks Ryan. Great question. And as you'll notice in the letter, I don't believe the word BEAD is used once in the entire letter because the fundamentals of our business model is regardless of government funding, we're going to succeed. And as you stated, that the whole premise and growth model for Calix, which we've been investing in for now 13 years and building for, is to build a broadband platform that allows our customers to do what you just said, which is monetize the subscriber.

正確的。是的，謝謝 Ryan。好問題。而且正如您在信中註意到的，我認為「BEAD」這個詞在整封信中一次都沒有出現過，因為我們商業模式的基礎是，無論政府是否資助，我們都會取得成功。正如你所說，Calix 的整個前提和成長模式，我們已經投資了 13 年，並且正在為此努力，就是要建立一個寬頻平台，讓我們的客戶能夠做到你剛才說的，也就是貨幣化訂閱者。

And that monetized subscriber can be on -- what BEAD is going to focus on is expanding our fiber networks and connections to subscribers. But for us, it's around whether it's a Calix network or someone else's network. How do we help that service provider differentiate in what is becoming a commodity market and win the subscriber to monetize? And then on top of that, how do you grow RPOs through incremental services that are very sticky, which is what my whole keynote at ConneXions was about where I personally was with a service provider who basically took my fiber connection when I signed out from $80 down to $54 and then threw five months in for free, when I really should have been monetized at between $100 and $150 a month.

而且這些貨幣化用戶可以加入——BEAD 的重點是擴展我們的光纖網路和用戶連線。但對我們來說，關鍵在於它是 Calix 網路還是其他人的網路。我們如何幫助服務提供者在日益商品化的市場中脫穎而出並贏得用戶青睞？除此之外，如何透過非常黏性的增量服務來發展RPO，這就是我在ConneXions 的整個主題演講的主題，當時我與一家服務提供者合作，當我從80 美元的合約中退出時，這家服務提供者基本上取消了我的光纖連線。

So to your point, our growth model, what you saw in the RPOs and our focus is on how do we actually win, help our customers win more subscribers regardless of the network. And that's about -- that's why we use the words crossing the chasm. So we're very comfortable right now that we've gone through the product adoption cycles of the early adopters and the innovators. We're now crossing that chasm into the early adopters and ConneXions was a great indicator and RPOs were a great indicator that more and more customers are crossing that chasm.

所以正如您所說，我們的成長模式、您在 RPO 中看到的以及我們的重點是如何真正取勝，幫助我們的客戶贏得更多的用戶，無論網路如何。這就是——這就是我們使用「跨越鴻溝」這個詞的原因。因此，我們現在非常高興，我們已經經歷了早期採用者和創新者的產品採用週期。我們現在正在跨越這一鴻溝，成為早期採用者，而 ConneXions 是一個很好的指標，RPO 也是一個很好的指標，表明越來越多的客戶正在跨越這一鴻溝。

Cory, anything to add?

科里，還有什麼要補充嗎？

No, I think you covered it, Michael.

不，我想你已經說清楚了，麥可。

Great. And maybe we can double click on the smaller customers. Looks like they were pretty weak relative to recent trends, going back for a while here. How do you think about that particular market, the US Tier 3s kind of getting going again relative to their greenfield projects? Do you have much hope that that's going to pick up this year or do you think about that as upside to numbers? How should investors think about that core market of yours? There's talk about [ACAM] and you know, the CPF awards may be starting to help that that segment. Thanks.

偉大的。也許我們可以雙擊較小的客戶。看起來，相對於最近的趨勢而言，它們相當弱，並且已經回溯了一段時間。您如何看待這個特定市場，美國三級市場相對於其綠地計畫正在重新起步？您是否抱持著希望今年這一數字會回升，還是您認為這對數字來說是一種好處？投資人該如何看待你的核心市場？有關於 [ACAM] 的討論，你知道，CPF 獎可能開始對這一部分有所幫助。謝謝。

Yeah, Ryan. We see strength kind of across the board. So everything's kind of returned back to more normal ordering patterns. As you look at that chart, it's a little misleading in the sense that there were two large cuts, two medium-sized customers really driving the growth in the quarter.

是的，瑞安。我們看到各方面的力量。所以一切都恢復到了更正常的排序模式。當您查看該圖表時，您會發現它有點誤導，因為有兩個大幅削減，兩個中型客戶真正推動了本季度的成長。

One of those customers, if you were to look at the year-ago period, was in the small category and during the year last year, became a medium. So it's a little bit of comparing apples to oranges if you're looking at that bar chart. So if you were to kind of put that guy back down in the smalls, it wouldn't look so dramatic as it does today.

如果你看去年同期的情況，你會發現其中一個客戶屬於小型客戶，而在去年，它變成了中型客戶。因此，如果您查看條形圖，這有點像比較蘋果和橘子。因此，如果你把這個人放回小個子球員的位置，事情看起來就不會像今天這樣戲劇化。

Got it. And is that a US or international customer? Can you tell me?

知道了。那是一位美國客戶還是國際客戶？你能告訴我嗎？

International.

國際的。

Perfect. All right, great.

完美的。好的，太好了。

And the other thing I would add in there is there's a seasonality element to that, right? It's kind of like when in previous quarters, when they're like, oh, the largest down significantly, is that an issue? I would not read anything into the mix from the quarter at all to course point, drawing across a strong (inaudible) across both segments.

我想補充的另一點是，這其中有季節性因素，對嗎？這有點像前幾季的情況，當時他們會說，哦，最大降幅顯著，這是一個問題嗎？我不會從季度到課程點的任何組合中解讀出任何東西，在兩個部分中都產生強烈的（聽不清楚）影響。

All right. Thanks, guys.

好的。謝謝大家。

George Notter, Jeffries.

喬治諾特，傑弗里斯。

Hi, guys. Thanks a lot. I guess I'd love to start by asking about -- if I look at your tax rate guidance for the year, and I heard what you said about adding or growing an international customer, it seems like there's a lot of strength in international which would push that tax rate up. I guess I'm inferring that that customer or maybe other international customers are going to remain strong for a good chunk of the year.

嗨，大家好。多謝。我想先問一下——如果我看一下你今年的稅率指導，並且我聽到你所說的增加或發展國際客戶，似乎國際業務有很大的優勢，將會推高稅率。我想我的推斷是該客戶或其他國際客戶將在今年大部分時間內保持強勁勢頭。

But can you talk us through the dynamics that you're seeing there and maybe anything you can tell us on these new customer wins or the ramp in existing customers internationally?

但是，您能否向我們介紹您在那裡看到的動態，以及您可以告訴我們有關這些新客戶的成功或國際上現有客戶數量的增長的情況？

Yeah, George, on the international side, it's going to be fairly consistent. So this is one of those things where I think as we have seen in the past, those international customers can be lumpy, right? If you were to go back, there would be a quarter or two or where we would be up and then it goes back down. I suspect you're going to see the same thing as we look at 2025.

是的，喬治，從國際方面來說，它會相當一致。所以我認為，正如我們過去看到的那樣，這些國際客戶可能會很不穩定，對嗎？如果你回去的話，會有一個或兩個季度的時間，或者我們會處於上升狀態，然後又會下降。我想當我們展望 2025 年時你會看到同樣的事情。

Overall, I don't think international will grow disproportionately to the United States. And so therefore, I think it'll be relatively the same as you look at it for the whole year. So I think that's it. I wouldn't characterize that you're going to see an increase in international. It's certainly not going to grow faster than what's going on in the United States.

總的來說，我認為國際市場的成長不會超過美國市場的成長。因此，我認為從全年來看情況會相對相同。所以我認為就是這樣。我不會說你會看到國際化程度的成長。它的成長速度肯定不會比美國快。

Okay.

好的。

Does that make sense? What was your second part of your question?

這樣有道理嗎？你的問題的第二部分是什麼？

Yeah, I think the tax rate was part of this. Why is the tax rate higher, I guess, is the question.

是的，我認為稅率是其中的一部分。我想，問題在於為什麼稅率會比較高。

It is where we were able to take advantage of some tax credits and those are running off a bit. And so it's just normalized a little bit higher. So we've had some recapture of some prior tax credits that brought down the effective rate last year and those have run out. So this is kind of more of our normalized rate moving forward.

我們能夠利用一些稅收抵免，而這些稅收抵免已經有些用完了。所以它只是標準化了一點。因此，我們重新獲得了一些去年降低實際稅率的稅收抵免，這些抵免已經用完了。因此，這更像是我們未來的標準化利率。

Got you. Okay. And then, I think each of the last two quarters, you talked about a large new customer coming on board. I think maybe more in the context of the cloud offerings, but was that part of the RPO strength this quarter or is that still to come in terms of the RPO improvement? Thanks.

明白了。好的。然後，我認為在過去兩個季度中，您都在談論有大型新客戶的加入。我認為可能更多地與雲端產品有關，但這是本季 RPO 優勢的一部分嗎，還是在 RPO 改進方面仍有待實現？謝謝。

Yeah, you're right. When we were talking about the largest deal find in the second quarter and then again, topped it in the third quarter, that was related to our cloud, our platform cloud and managed services. In the fourth quarter, there was no such large contract.

是的，你說得對。當我們談論第二季最大的交易發現以及第三季最​​大的交易發現時，這些交易都與我們的雲端、平台雲端和託管服務有關。第四季度，沒有這麼大的合約了。

We had no large contract.

我們沒有大合約。

So there were lots of medium-sized contracts and it was broad-based across a number of many customers.

因此，存在大量中型合同，並且廣泛涉及眾多客戶。

And go back to your opening statement. We had the reason why Q4 was strong is and the make-up of that was a very strong diversified business, which we're very proud of, which is 31 net new customers or 32, who launched their first managed service. And when they launched that managed service, they signed up with us for a multiyear contract and with a ramp or however we end up doing it with them depending on the deal specifics and that was the make-up of the fourth quarter strength.

回到你的開場白。我們在第四季度表現強勁的原因是，其組成是一個非常強大的多元化業務，我們對此感到非常自豪，其中包括31 個淨新增客戶，或者32 個推出了他們的首個託管服務的客戶。當他們推出該託管服務時，他們與我們簽訂了一份多年的合同，並且根據交易細節，我們最終與他們簽訂了協議，這就是第四季度實力的構成。

So the good thing and what makes Cory and I very confident and happy about the quarter with RPOs is actually wasn't one deal. It was strength across the board.

因此，好事以及讓 Cory 和我對本季度的 RPO 非常有信心和高興的實際上並不是一筆交易。這是全面的力量。

Thanks a lot. I appreciate it, guys.

多謝。我很感激你們。

Christian Schwab, Craig Hallum.

克里斯蒂安·施瓦布、克雷格·哈勒姆。

Hey, good morning, guys. So in the letter, you talked about this once-in-a-generation disruption and in the broadband industry and you said you guys were excited about your multiyear outlook for the business. Can you quantify what that multiyear outlook looks like? Revenue earnings potential over some type of multiyear timeframe that you're running the business to? I don't know if you guys have talked about that recently.

嘿，大家早安。所以在信中，您談到了寬頻行業這一代人以來的一次顛覆，並表示您對該行業的多年前景感到興奮。您能量化一下多年的前景嗎？您經營業務的某幾年間的收入潛力是多少？我不知道你們最近是否談論過這件事。

No, we haven't provided any color out there, certainly over a multiyear period. If anything, I would fall back to our target financial model, which says, hey, we can grow somewhere in that 10% to 15% range. At this point, we haven't provided anything over a longer term than that.

不，我們沒有提供任何顏色，至少多年來沒有提供。如果有的話，我會回到我們的目標財務模型，即，嘿，我們可以在 10% 到 15% 的範圍內成長。到目前為止，我們還沒有提供任何更長期的措施。

Okay. And then earlier this morning, very early, Nokia did talk about the fact that they were shipping to some BEAD customers already in Q4. I know there's only been a few states that have released money, but have you seen any benefit from those few states that already got their money?

好的。今天早上，諾基亞確實談到他們已經在第四季度向一些 BEAD 客戶發貨。我知道只有少數幾個州已經發放了資金，但您是否看到那些已經獲得資金的州獲得了什麼好處？

Yeah. So in terms of what we see so far is, yes, we've received our first order out of Louisiana, albeit it's small. And in conversations with those customers, they're looking to do exactly what we thought they would do, which is continue to place orders in the first and second quarter. They'll have their first customer turn up in the third and fourth quarters. And so you'd expect delivery in the third and fourth quarters. So it's like what we expected would happen and we're seeing it come to fruition.

是的。所以就我們目前看到的情況而言，是的，我們已經收到了來自路易斯安那州的第一筆訂單，儘管數量不大。在與這些客戶的交談中，我們發現他們正在做我們認為他們會做的事情，即在第一季和第二季繼續下訂單。他們的第一位客戶將會在第三季和第四季出現。因此您預計第三季和第四季將交付。這就像我們預期會發生的事一樣，而且我們看到它實現了。

Okay, fantastic. No other questions. Thanks, guys.

好的，太棒了。沒有其他問題。謝謝大家。

Tim Savageaux, Northland Capital.

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

Hi, good morning. This question kind of comes out of the comments around gross margins for the year or the improvement being at the low end of the range. And I guess -- and I want to kind of marry that up with revenue growth expectations, given that you're talking about more medium to large carrier appliance growth. Could we see somewhat of an offset, I guess, to the low-end gross margin guide in terms of stronger-than-expected revenue growth given those dynamics?

嗨，早安。這個問題來自於對年度毛利率或處於範圍低端的改善的評論。我想將其與收入成長預期結合起來，因為你談論的是中型到大型營運商設備的成長。考慮到這些動態，我猜，我們是否會看到收入成長強於預期，從而抵消低端毛利率指南的影響？

And as you mentioned, the 10% to 15% range, I mean, do you think the company could be in a position? I know you got a tough comp for Q1 here in terms of the year, but in a position to return to that double-digit growth range by the end of calendar '25 or at some point in the second half, given those dynamics you mentioned of larger revenue -- more revenue from larger customers and lower gross margins. Thanks.

正如您所說，10% 到 15% 的範圍，您認為公司能夠達到這個水平嗎？我知道，從今年第一季來看，你們的業績並不理想，但考慮到你提到的這些動態，你們有望在 2025 年底或下半年某個時候恢復兩位數的增長。 ——來自更大客戶的收入更多，而毛利率更低。謝謝。

Yeah, Tim. So in a sense, if you look at what we just did in the fourth quarter, we grew 2.6% sequentially. If you annualize that, we're back to kind of a double-digit growth rate as it was. Now, we're obviously not guiding for that in the first quarter. What we said is that we will grow sequentially between 1% and 5% going forward.

是的，提姆。因此從某種意義上說，如果你看看我們在第四季度的表現，我們環比成長了 2.6%。如果以年率計算，我們又回到了兩位數的成長率。現在，我們顯然沒有在第一季對此做出預測。我們說過，未來我們的成長率將在 1% 至 5% 之間。

And we said that we expect to be in the middle of the range as we exit 2025. So as long as we can get back to that 2%, 3% growth rate sequentially, you're a double-digit grower. And so the answer to your question is yes, we think that happens certainly by the second half of this year.

我們表示，預計到 2025 年時，我們的收入將處於這個範圍的中間水準。因此，只要我們能夠連續回到 2%、3% 的成長率，我們就是一個兩位數的成長率。所以對你的問題的答案是肯定的，我們認為這肯定會在今年下半年實現。

And that's with no meaningful impact from BEAD in that number. So I think we'll do that just with what customers we acquired over the last year and the growth of our existing customers. As it relates to margins, though --

且 BEAD 對該數字沒有產生任何重大影響。因此，我認為我們會根據去年獲得的客戶和現有客戶的成長來做到這一點。不過，就利潤而言--

May I take that one? Because I want to talk about mix.

我可以拿走那個嗎？因為我想談談混合。

So what we identified in the margin a way, it's at the lower end of the range is because you're seeing a mix shift over to the subscriber. What do you call that? Subscriber system side, right? And as an investor, that's the most important thing you need to pay attention to because you should be looking at that and saying that, oh, well, Calix always said that the most important thing that we should be doing is winning new subscribers.

因此，我們在利潤率中確定的某種方式是，它處於範圍的低端，因為你看到混合轉移到了訂閱者。你怎麼稱呼它？使用者係統端，對嗎？作為投資者，這是您需要關注的最重要的事情，因為您應該看到這一點並說，哦，好吧，Calix 總是說，我們應該做的最重要的事情是贏得新訂戶。

And we do that by our customers, winning subscribers, putting systems into their home and business. And then we monetize on top of it through incremental services. So when I look at the lower end of the range on margins, think of this as us laying out significant incremental footprint that will monetize over a long period of time. So we look at this as a significant positive through the year.

我們透過客戶實現這一目標，贏得用戶，並將系統引入他們的家庭和企業。然後我們透過增量服務將其轉化為現金。因此，當我查看利潤率範圍的下限時，我認為這是我們正在佈局的重大增量足跡，這些足跡將在很長一段時間內實現貨幣化。因此，我們認為這是全年的重大正面因素。

It's not necessarily a short-term revenue bump. Although Cory did identify some opportunities for that and how we're back into double-digit growth. But for us, this is core to who we are and how our leadership team is focused. Expand the footprint, monetize on top of it. And that's the biggest thing we're focused on and that creates long-term value for shareholders from our perspective -- from our opinion.

這不一定會帶來短期的收入成長。儘管科里確實發現了一些機會，以及我們如何重回兩位數的成長。但對我們來說，這是我們的核心，也是我們的領導團隊關注的重點。擴大覆蓋範圍，並從中獲利。這是我們關注的最重要的事情，從我們的角度來看，這為股東創造了長期價值。

Great. And if I could follow up on the medium and large carrier front, I guess, would you characterize that growth that you expect as coming from existing or new customers? And in particular, do you have any more visibility here as we worked through the end of last year and into this year on prospects for growth at Verizon given what's going on over there? Thanks.

偉大的。如果我可以跟進中型和大型營運商的情況，我想，您會將預期的成長描述為來自現有客戶還是新客戶？特別是，考慮到 Verizon 的情況，當我們從去年年底到今年對 Verizon 的成長前景進行研究時，您是否對該公司的未來發展有了更多的了解？謝謝。

Well, Verizon continues to -- Verizon has been a customer of ours for what, six years now. And so, they've continued to invest in Calix technology in a pretty consistent rate. They're a bit lumpy, but I would expect not some significant shift from Verizon in the way that they're operating and it's just going to continue on.

嗯，Verizon 繼續——Verizon 已經成為我們的客戶六年了。因此，他們一直以相當穩定的速度投資 Calix 技術。它們有點不穩定，但我預計 Verizon 的運作方式不會發生重大轉變，而且會繼續下去。

With regards to winning customers, we talked about how our Tier 3 customers in the medium size basically launched Smart business for the very first time. And it was a big win for us in second half last year. And that represents for us a great example where that segment of the market who is generally slower to move than the smaller customers, simply because of the fact that smaller customers can be more agile.

關於贏得客戶，我們談到了我們的中型三級客戶基本上是如何首次推出智慧業務的。這對我們來說是去年下半年的一個巨大的勝利。這對我們來說是一個很好的例子，市場上的那部分客戶通常比小型客戶行動更慢，只是因為小客戶可以更靈活。

But they're also starting to acknowledge that there is a significant challenge in the market with regards to broadband commoditization and they need to operate differently. So do I think that those opportunities open up for us through the year? Yes. I lead from the front, I did a lot of miles last year meeting with customers, and a big part of that is conversing with them around the state of their business and what they're concerned about.

但他們也開始意識到，市場在寬頻商品化方面面臨巨大的挑戰，他們需要採取不同的運作方式。那麼我是否認為這些機會全年都會向我們敞開？是的。我從前線帶頭，去年我走了很多路與客戶會面，其中很大一部分是與他們交談，了解他們的業務狀況以及他們關心的問題。

And I consistently hear that they look at this quantization. They look at the challenge of what you're hearing from the Tier 1s is something called convergence, which frankly, convergence is a bit of a nonsense. It's really just a bundle. How do I build a broadband mobile bundle and then discount? And so they look at those challenges and they're saying, how do I compete? And this represents significant opportunity for Calix to still work with them to change their go to market and win through experiences.

我經常聽說他們正在研究這種量化。他們所面臨的挑戰是，您從一級供應商那裡聽到的就是所謂的融合，坦白說，融合有點無稽之談。它實際上只是一捆。我該如何建立寬頻行動套餐然後享受折扣？所以他們看著這些挑戰並問，我該如何競爭？這對 Calix 來說意味著重大機遇，可以繼續與他們合作，改變他們的市場定位，並透過經驗取勝。

Great. Thanks very much. I'll pass it on.

偉大的。非常感謝。我會傳達的。

Scott Searle, Roth Capital Partners.

羅斯資本合夥公司的 Scott Searle。

Hey, good morning. Thanks for taking the questions. Nice job on the quarter. Mike, maybe to dive in a little bit deeper on the RPO front, significant growth on a sequential and year-over-year basis. You talked a little bit about some of the high-level reasons. I'm wondering if you could dive down a layer in terms of what services you're seeing the adoption for, where's the real interest there?

嘿，早安。感謝您回答這些問題。本季表現良好。麥克，也許可以更深入地探討一下 RPO 方面的問題，即按季度和年度計算的顯著增長。您稍微談到了一些高層的原因。我想知道您是否可以深入了解您所看到的採用該技術的服務，真正的興趣在哪裡？

And are you guys thinking about different metrics in terms of how you report that to us beyond just RPOs, for example, the number of different services that customers are using? And how should we be thinking about growth in 2025 and beyond given that now, you're well above 20% growth over the last couple of quarters on a year-over-year basis?

除了 RPO 之外，你們在向我們報告時是否考慮過不同的指標，例如客戶正在使用的不同服務的數量？鑑於過去幾季的年成長率遠高於 20%，我們應該如何看待 2025 年及以後的成長？

Sure. It's difficult to say. There's one product, like one go-to-market strategy that's growing. It really depends on the maturity of the customer. So our customer success organization has established a really good maturity of customer model. So what we do is we look at the stages from network operator, which means I know how to dig trenches and run a network, all the way up to a full experience provider, which I would say as an example would be people who were up on stage.

當然。這很難說。有一種產品，就像一種正在成長的市場進入策略。這實際上取決於客戶的成熟度。因此，我們的客戶成功組織已經建立了非常好的成熟度客戶模式。因此，我們所做的就是研究從網絡運營商到全面體驗提供商的各個階段，這意味著我知道如何挖掘戰壕並運營網絡，一直到全面體驗提供商，我想舉個例子，在舞台上。

You heard Brightspeed talking about how they're going down that model. You saw Tombigbee, who was a cooperative, who has done that very effectively and deployed all every technology that we have in every go-to-market model. And then you have this mix of everything in between.

您聽過 Brightspeed 談論他們如何推行該模型。您看到湯比格比 (Tombigbee)，他是一位合作社成員，他非常有效地完成了這項工作，並在每個上市模式中部署了我們擁有的所有技術。然後你就得到了介於兩者之間的所有東西。

And so our entire success organization, which is unique in the market, we have over 100 people that do this every single day, who invest in our customers and really help them progress through that maturation model. Unlike anyone else in the industry, that's what they do every single day. And it really just depends on where the customer is. So is there one that I'm more excited about than another? Absolutely not, because it just comes down to, hey, I'm a network operator, as you heard from the 32 in this quarter, who did launch their first managed services. Okay. I've launched from basic fiber and Wi-Fi management to a managed service of some type. And now I'm going to march up the stack.

因此，我們的整個成功組織在市場上是獨一無二的，我們有超過 100 人每天都在做這件事，他們投資於我們的客戶並真正幫助他們透過成熟模式取得進步。與業內其他人不同，這就是他們每天都在做的事情。這實際上取決於客戶在哪裡。那麼，哪一個更讓我興奮呢？絕對不是，因為歸根結底就是，嘿，我是一個網頁營運商，正如您從本季度的 32 家公司所聽到的，他們確實推出了他們的第一項託管服務。好的。我已經從基本的光纖和 Wi-Fi 管理轉向某種類型的託管服務。現在我要向堆疊上方行進。

Do I launch SmartTown next? Do I launch small business next? It really just comes down to their leadership, what the stressors are in their market, and what their brand strategy is. And so there's nothing specific that I would give out like other than perhaps, how many -- as we go through our customer base, which is over 1,000 broadband providers, the only interesting thing in there is how many are one, how many are two services, how many are three.

我下一步要啟動 SmartTown 嗎？我下一步要創辦小型企業嗎？這實際上取決於他們的領導力、他們所處的市場壓力以及他們的品牌策略。因此，除了可能有多少之外，我無法透露具體資訊——當我們的客戶群超過 1,000 家寬頻供應商時，唯一有趣的是，有多少是第一家，有多少是第二家服務，有多少個是三。

That's something that we can contemplate. But there is not one specific thing other than there is a very clear journey map that we have that we share with customers on how to progress from network operator to high margin, very profitable, crushing your competition experience provider.

這是值得我們深思的。但除了我們與客戶分享的非常清晰的旅程地圖之外，沒有其他具體的事情，關於如何從網路營運商發展成為高利潤、非常有利可圖、擊敗競爭體驗提供者。

Hey, Mike, maybe just to follow up on that is what is that gestation period in terms of taking that customer from the initial nibble of managed services to a more deep penetration? And is that timeline shrinking now with the commercial success you're seeing with a lot of other [BEAD] customers out there?

嘿，麥克，也許只是為了跟進一下，從讓客戶從最初的託管服務轉向更深入的滲透來看，這個孕育期是多長？那麼，隨著您看到許多其他 [BEAD] 客戶取得商業成功，這個時間表是否會縮短呢？

Well, it really depends on the customer. And frankly, I would say that it's not so much. They look at their peer group and they would say, oh, that guy's doing it really well and that woman's doing something really innovative. I want to be like them. That's a traditional adoption curve. But what actually drives from my perspective, the timelines frankly is how much pressure they're under.

嗯，這確實取決於客戶。坦白說，我想說事實並非如此。他們看著自己的同齡人，會說，哦，那個男人做得非常好，那個女人做的事情真的很有創新。我想成為像他們一樣的人。這是傳統的採用曲線。但從我的角度來看，時間表的真正驅動因素坦率地說是他們承受了多大的壓力。

So the more competition they're in in a market, when someone's kicking their butt, it's fascinating to watch. You'll see a CEO who's like, you know what, I'm good enough. I'm going to keep building fiber, I'm going to -- I've got a basic managed service. I'm not doing outdoor Wi-Fi, I'm not doing these other things, but I'm pretty happy. And all of a sudden, someone announces that they're going to overbuild their market and it's amazing to watch their demeanor change overnight and they realize they're about to get their butt kicked.

因此，市場競爭越激烈，當有人打敗他們時，就越引人注目。你會看到一位執行長說，你知道嗎，我已經夠好了。我將繼續建造光纖，我將—我有一個基本的託管服務。我沒有使用戶外 Wi-Fi，也沒有做其他事情，但我很高興。突然間，有人宣布他們要過度擴張他們的市場，令人驚訝的是，他們的態度在一夜之間發生了變化，他們意識到他們即將遭受打擊。

So from my perspective, it's really around how do we continue to educate and drive that sense of urgency because frankly, the CEOs who wait until the crisis is there should be fired. It's that simple. And so we really need to educate them on the freight train that's coming and that they need to change. And I would say we're doing a good job of that. That was kind of my takeaway from ConneXions.

因此，從我的角度來看，這實際上取決於我們如何繼續教育和推動這種緊迫感，因為坦白說，等到危機真的來臨時才採取行動的執行長應該被解僱。就這麼簡單。因此，我們確實需要讓他們了解即將到來的貨運列車，並且他們需要做出改變。我想說我們在這方面做得很好。這就是我從 ConneXions 學到的東西。

What I talked about on the last earnings call is that where the CEOs a year before, you definitely had just a small tranche of CEOs who were those innovators and early adopters. But they were kind of alone. Everybody else was saying -- they're still saying, golly, I sure wish that the market would stay the same way and I didn't have to do this hard stuff. But I could just dig a ditch, put fiber in it, have a great managed Wi-Fi service, do a great job of managing my network and rolling trucks and then that's good enough to succeed.

我在上次財報電話會議上談到的是，一年前，執行長中肯定只有一小部分是創新者和早期採用者。但他們卻顯得有些孤獨。其他人都在說 - 他們仍在說，天哪，我真希望市場保持原樣，這樣我就不用做這些困難的事情了。但我只需挖一條溝，在裡面鋪設光纖，擁有一個管理良好的 Wi-Fi 服務，出色地管理我的網路和滾動卡車，這就足以獲得成功。

Well, this year everybody was talking about the fact that that isn't good enough. Yes, you got to do that well, but that's the basics. To be in the market, you have to do those things. You really need to think about what you do. And this is frankly -- this is what we've been talking about for a real long time. This is why I joined the company nine years ago and why we've made such massive investments to really make this happen and make it simple because this is the key thing, is we do make it simple.

嗯，今年每個人都在談論這還不夠好。是的，你必須做好這一點，但這是基礎。為了進入市場，你必須做這些事。你確實需要認真思考你所做的事情。坦白說，這是我們長期以來一直在談論的事情。這就是我九年前加入公司的原因，也是我們投入如此巨資來實現這一目標並使其變得簡單的原因，因為這是關鍵，我們確實使其變得簡單。

And I would go back to the Brightspeed press release and what we put on the earnings call -- or sorry, earnings call, and we talked about the last earnings call, but we also put up a ConneXions. You heard Tom Maguire from Brightspeed say, if you look at Brightspeed when Apollo acquired that asset and brought it from Lumen, Lumen's back office that they acquired is very old, decades old.

我要回顧一下 Brightspeed 的新聞稿以及我們在收益電話會議上發布的內容——或者抱歉，是收益電話會議，我們討論了上次收益電話會議，但我們也提出了 ConneXions。你聽到Brightspeed 的湯姆·馬奎爾(Tom Maguire) 說過，如果你看看Brightspeed，當阿波羅(Apollo) 收購該資產並將其從Lumen 帶走時，你會發現他們收購的Lumen 的後台辦公室已經非常老舊了，有幾十年的歷史了。

And for them to do anything, it has significant IT costs. Which frankly is the story of every large carrier. I always joke back about my time at Bell Canada. If I use the word Amdocs, it cost me a million dollars, let alone do a project and it was two years to do an IT integration. And Brightspeed was able to launch a new service, a multi-gig service, and add a new router in 30 days, which is unheard of.

而且他們做任何事情都需要花費大量的 IT 成本。坦白說，這是每家大型航空公司的故事。我常常開玩笑地回憶我在加拿大貝爾公司的那段時光。如果我使用Amdocs這個詞，它花了我一百萬美元，更不用說做一個專案了，而且做了兩年才完成一個IT整合。而且，Brightspeed 能夠在 30 天內推出一項新服務、一項多千兆服務，並添加一個新路由器，這是聞所未聞的。

And so it's unheard of for everybody else. That's the promise in what we do as a broadband platform. That's what we do every single day. So their ability to launch new services is really not an IT constraint, it's not a technology constraint. In fact, IT and the CTO team have nothing to do. They have some base testing to do because it just works because of the platform, the real work. And this is where we have been investing in our customer success organization, Matt Collins, our COO; and John Durocher, our Head of Customer Success; and myself.

這對其他人來說都是聞所未聞的。這是我們作為寬頻平台所做的承諾。這就是我們每天都在做的事情。因此，他們推出新服務的能力其實並不是 IT 限製或技術限制。事實上，IT和CTO團隊沒什麼關係。他們要進行一些基礎測試，因為它需要平台的支援才能正常運作，這是真正的工作。這就是我們一直在投資客戶成功組織的地方，我們的營運長 Matt Collins；以及我們的客戶成功主管 John Durocher；和我自己。

We spend all of our time teaching customers that actually the hard work is to become a great marketing and sales company. And this frankly is what the chasm is. They have to go from, I have a really great service, I'm really good operationally to I am the best sales and marketing organization in the markets that I serve, and I understand brand. And that's everything that we've done.

我們花費所有的時間教育客戶，要成為一家偉大的行銷和銷售公司，艱苦的工作才是關鍵。坦白說，這就是鴻溝所在。他們必須從「我有非常棒的服務，我的營運非常出色」轉變為「我是我所服務市場中最好的銷售和行銷組織，我了解品牌」。這就是我們所做的一切。

And I'm proud to say that I think we're doing a really good job of demonstrating to our customers how to build a great brand as that is evidenced by the (inaudible) award that we won up against companies like Sony PlayStation, that are the advertising that we provide our customers so that they can put their brand on it and do the advertising in their market. It's kind of best in class regardless of industry. And we'll continue to lead there and that's what our focus is.

我很自豪地說，我認為我們在向客戶展示如何建立一個偉大的品牌方面做得很好，這一點從我們在與索尼 PlayStation 等公司競爭時贏得的（聽不清楚）獎項就可以看出。是我們為客戶提供的廣告，以便他們可以在上面投放他們的品牌並在他們的市場上做廣告。無論在哪個行業，它都是同類產品中最好的。我們將繼續引領這一領域，這就是我們的重點。

Sorry, long answer to a short question.

抱歉，我針對一個簡短的問題回答了很長的一段話。

It's okay. And Mike, just to clarify, in terms of Tier 2 and Tier 3 customers outside of one customer graduating, it sounds like channel and customer inventory has normalized. And there shouldn't be any big digestion periods as we're looking into 2025.

沒關係。麥克，需要澄清的是，就二級和三級客戶而言，除了一個客戶畢業之外，聽起來通路和客戶庫存已經正常化了。展望 2025 年，應該不會有任何大的消化期。

And real quick on the competitive takeaway front, it sounds like a lot of your new wins came from competitive takeaways. Anything to note there? Is it (inaudible) own? Is it otherwise? And anything of note? Thanks.

就競爭性外賣而言，聽起來您的許多新勝利都來自競爭性外賣。有什麼要注意的嗎？它是（聽不清楚）自己的嗎？難道不是嗎？還有什麼值得注意的嗎？謝謝。

Yes, Scott. So here we are, 91 days further along on this process and our visibility has improved. It looks like the order normalization is completed. We don't expect any anomalies associated with inventory at customer level -- at customers.

是的，斯科特。現在，我們已經完成了 91 天的這項進程，我們的知名度也提高了。看起來訂單規範化已經完成。我們預期客戶層面的庫存不會有任何異常。

Yeah, and then on the competitive takeaway, so what we identified is, I believe that all but one of the net new customers are competitive takeaways. But I don't really think of it like a competitive takeaway. I actually think of it as the customer is deciding on a new business strategy and it's not -- those are not about the network. Those are -- the majority of them are actually customers saying, I have an existing network and I need to change my go-to-market model, and I'm going to for the first time partner with Calix around what they're doing in their cloud, what they're doing in go-to-market strategy, behavioral analytics, which engagement cloud. How do I change my business model?

是的，然後是關於競爭性外賣，所以我們確定的是，我相信除了一個淨新客戶之外，其他所有客戶都是競爭性外賣。但我真的不認為這是一種具有競爭力的外賣。我實際上認為這是客戶在決定一項新的商業策略，而這並不是——這些與網路無關。其中大多數實際上是客戶，他們說，我有一個現有的網絡，我需要改變我的行銷模式，我將首次與 Calix 合作，了解他們正在做的事情在他們的雲中，他們在市場進入策略、行為分析和參與雲端所做的工作。我該如何改變我的商業模式？

So I think you could say that as competitive takeaway, obviously, we're displacing someone else's Wi-Fi router, but it's really about -- every single one of those is a march down the path of helping customers cross the chasm and transform their business for the long term. And I think that also -- I don't think I know we're unique with regards to this.

因此，我認為你可以說，作為競爭優勢，我們顯然正在取代其他人的 Wi-Fi 路由器，但實際上，每個產品都在幫助客戶跨越鴻溝並轉變其長期業務。我還認為——我不認為我們在這方面是獨一無二的。

Everyone else is just selling a bunch of dumb boxes. And as one customer said to me, it's fascinating to me on the Wi-Fi side that how many people still run their business based upon, can I save $20 on a router? And they're making like a seven-year decision and for that capital gain of like a couple bucks, they're giving up all of the incremental revenue, all of the MPS gains, and then the incremental opportunities such as SmartTown, which allows them to solidify their brand and support the community around education, police fire ambulance, their subscriber roaming around the town, and then future monetization opportunities.

其他人只是在銷售一堆愚蠢的盒子。正如一位客戶對我說，在 Wi-Fi 方面，我很好奇有多少人仍然以「我能在路由器上節省 20 美元嗎？」為基礎來經營他們的業務。他們做出了一個為期七年的決定，為了獲得幾塊錢的資本收益，他們放棄了所有的增量收入，所有的 MPS 收益，以及諸如 SmartTown 之類的增量機會，這使得他們需要鞏固自己的品牌，為教育、警察、消防、救護車以及城鎮週邊的用戶提供社區支持，並為未來的盈利機會提供支持。

And I think the more customers who are strategically minded versus short term, what's my CapEx? The more we can actually educate them on how to do that. That's the key thing. Again, I go back to my time at -- when I was running a business and at a large Telco. I actually had this conversation with my procurement team. I'm like, go away. We'll never cut our way to growth. We're going to invest in the right choices and we're going to grow our [POO].

我認為，具有策略眼光的客戶越多，而不是短期客戶越多，我的資本支出就越多？我們實際上可以更多地教育他們如何做到這一點。這才是關鍵。再次，我回想起我在一家大型電信公司經營企業的時候。我實際上與我的採購團隊進行過這次對話。我就像，走開吧。我們絕不會透過削減開支來實現成長。我們將投資於正確的選擇，我們將發展我們的[公雞]。

We're going to drop down turns and we're going to grow our POO and then we're going to shift our brand and win new subs. And that's what we did when I was there. We had a 25% increase in our POO over three years after five years of decline. And that's exactly the mindset that we bring to our customers and everything that we've done over the last decade in the investments that we're making.

我們將降低轉彎半徑，擴大我們的 POO，然後我們將轉變我們的品牌並贏得新的訂閱者。這就是我在那裡時我們所做的。在經歷了五年的下滑之後，我們的 POO 在三年內成長了 25%。這正是我們帶給客戶的理念，也是我們過去十年來所做的一切投資。

Great. Thanks so much.

偉大的。非常感謝。

Thank you. We have reached the end of our question-and-answer session, and I'd like to now 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) 做結束語。

Thank you, Latania. Calix will participate in several investor events during the first quarter. Information about these events including dates and times and publicly available webcast will be posted on the Events and Presentations page of our Investor Relations section of calix.com.

謝謝你，拉塔尼亞。Calix 將在第一季參加幾場投資者活動。有關這些活動的信息，包括日期和時間以及公開的網路廣播，將發佈在 calix.com 投資者關係部分的活動和演示頁面上。

Once again, thank you, everyone on this call and on the webcast, for your interest in Calix and for joining us. This concludes our conference call. Have a good day.

再次感謝本次電話會議和網路直播中的每個人對 Calix 的關注和加入我們。我們的電話會議到此結束。祝你有美好的一天。

Thank you. That concludes today's teleconference. We thank you for your participation. You may disconnect your lines at this time and have a great day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開您的線路並享受美好的一天。