Calix Inc (CALX) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Calix first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Calix 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Nancy Fazioli, VP of Investor Relations. Thank you, Nancy. You may begin.

現在我很高興向大家介紹主持人、投資者關係副總裁 Nancy Fazioli。謝謝你，南希。你可以開始了。

Thank you, Darryl, and good morning, everyone. Thank you for joining our first-quarter 2025 earnings call. Today on the call, we have President and CEO, Michael Weening; and Chief Financial Officer, Cory Sindelar.

謝謝你，達裡爾，大家早安。感謝您參加我們的 2025 年第一季財報電話會議。今天參加電話會議的是總裁兼執行長 Michael Weening；和財務長 Cory Sindelar。

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, and was also posted in the Investor Relations section of the Calix website. Today's conference call will be available for webcast replay in the Investor Relations section of our website.

提醒一下，昨天市場收盤後，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。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。

Before I turn 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.

在我將電話會議交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經營業績、成長策略和市場前景做出的所有陳述；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 first-quarter 2025 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出現重大差異的因素已在 2025 年第一季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 first-quarter 2025 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，我們將討論 GAAP 和非 GAAP 財務指標。2025 年第一季致股東的信函中包含了 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 (GAAP)。

With that, Michael, please go ahead.

好了，邁克爾，請繼續。

Thank you, Nancy. As I stated throughout 2024 and we'll reiterate as we step into 2025, the industry is at a crossroads. A broadband provider must decide if to remain a speed-based network operator that risks commoditization or embrace differentiation through broadband experiences across residential, business, and municipal within the communities they serve.

謝謝你，南希。正如我在 2024 年所說的那樣，而且在邁入 2025 年時我們還會重申，該行業正處於十字路口。寬頻供應商必須決定是否繼續作為面臨商品化風險的基於速度的網路營運商，還是透過其服務的社區內的住宅、商業和市政寬頻體驗來實現差異化。

The first quarter of 2025 showcased the strength of our experience-based broadband business, driven by our unique appliance-based platform, cloud and managed services model, and industry-leading customer success team. A great example of this is Windstream's Kinetic business as they launched our small business solution, SmartBiz, to differentiate and win across 18 states.

2025 年第一季展示了我們基於體驗的寬頻業務的實力，這得益於我們獨特的基於設備的平台、雲端和託管服務模式以及行業領先的客戶成功團隊。Windstream 的 Kinetic 業務就是一個很好的例子，他們推出了我們的小型企業解決方案 SmartBiz，以在 18 個州實現差異化並取得成功。

At the same time, our platform continued to expand beyond the consumer and small business segments as we added a new segment, multi-dwelling units, with the February release of SmartMDU. That said, as you are all aware, it seems yet again, we face a dynamic environment and yet again, our unique business model will ensure that Calix and our customers thrive during this time of uncertainty.

同時，隨著二月 SmartMDU 的發布，我們增加了一個新的細分市場——多住宅單元，我們的平台繼續擴展到消費者和小型企業領域之外。話雖如此，正如大家所知，我們再次面臨一個充滿活力的環境，而我們獨特的商業模式將確保 Calix 和我們的客戶在這個不確定的時期蓬勃發展。

Our platform enables broadband experience providers, customers, to simplify operations in their go-to-market, innovate with unique market-differentiating experiences, and grow for their investors, members, and the communities they serve. The dynamic environment will be defined by three components, demand, supply, and costs.

我們的平台使寬頻體驗提供者和客戶能夠簡化其上市運營，透過獨特的市場差異化體驗進行創新，並為其投資者、會員和服務社群實現成長。動態環境將由需求、供給和成本三個要素定義。

While dumb box providers will look at demand as a function of capital expenditure, I will reiterate that our business model is different. We partner with our customers to leverage our platform to create demand by enabling their sales and marketing teams to reduce churn, grow revenue per subscriber, and attract new subscribers.

雖然啞盒提供者會將需求視為資本支出的函數，但我要重申，我們的商業模式是不同的。我們與客戶合作，利用我們的平台來創造需求，使他們的銷售和行銷團隊能夠減少客戶流失、增加每個用戶的收入並吸引新用戶。

As we look forward through 2025, we will see growing demand, and the dynamic environment will not change that. Consumers and businesses have a growing need for broadband experiences, and Calix will help our customers meet that demand.

展望2025年，我們將看到需求不斷成長，而動態環境不會改變這種情況。消費者和企業對寬頻體驗的需求日益增長，Calix 將幫助我們的客戶滿足這項需求。

Furthermore, subscriber demand for broadband is inelastic. As we saw in Netflix earnings last week, which they blew out and forecasted a great future, when end-consumers are uncertain, they cut out disposable income items such as taking a flight or eating at a restaurant and stay home and watch a movie.

此外，使用者對寬頻的需求缺乏彈性。正如我們在上週 Netflix 的收益報告中看到的那樣，他們公佈了驚人的業績並預測了美好的未來，當最終消費者感到不確定時，他們會削減可支配收入項目，例如乘飛機或在餐廳吃飯，而呆在家裡看電影。

If they're a hybrid worker, they will try to travel to the office less and work at home more. In each of these scenarios, broadband becomes more important and the broadband provider with the best experience wins. In summation, demand is strong and will continue to grow through 2025.

如果他們是混合型員工，他們會盡量減少去辦公室的次數，而更多地在家工作。在每種情況下，寬頻都變得更加重要，擁有最佳體驗的寬頻供應商將獲勝。總而言之，需求強勁並將持續成長至 2025 年。

Cory, please cover supply and costs before sharing insights on our outstanding Q1 and a view on a strong Q2.

Cory，在分享我們出色的第一季業績和強勁的第二季業績之前，請先介紹一下供應和成本。

Thank you, Michael. To address the effects of the dynamic environment that we find ourselves in, we have one of the most talented and capable supply chain teams in the industry that learned and adapted rapidly during the pandemic-induced supply chain crisis.

謝謝你，麥可。為了應對我們所處的動態環境的影響，我們擁有業內最有才華、最有能力的供應鏈團隊之一，該團隊在疫情引發的供應鏈危機期間迅速學習和適應。

Furthermore, our appliance-based platform model has allowed us to reduce our active SKU count to less than 200, which further reduces the complexity of managing in these dynamic times. We have a diversified supply chain with a manufacturing presence around the world.

此外，基於裝置的平台模型使我們能夠將活躍的 SKU 數量減少到 200 個以下，從而進一步降低了這些動態時期的管理複雜性。我們擁有多元化的供應鏈，製造業務遍佈全球。

The data-direct relationship we have with our customers, combined with our strong balance sheet, allows us to make intelligent investments in critical areas such as component inventory and incremental finished goods, thereby ensuring supply for our customers.

我們與客戶之間的數據直接關係，加上我們強大的資產負債表，使我們能夠在零件庫存和增量成品等關鍵領域進行明智的投資，從而確保為客戶提供供應。

Our costs will be affected by this dynamic environment. However, it is difficult to forecast with precision by how much. We will do our best to minimize the impact to our customers. And to the extent we pass on these costs, it will be done strictly on a pass-through basis, meaning we will add no profit margin to these costs.

我們的成本將受到這種動態環境的影響。然而，很難準確預測其變化幅度到底有多大。我們將竭盡全力將對客戶的影響降到最低。至於我們轉嫁這些成本，我們將嚴格按照轉嫁方式進行，這意味著我們不會在這些成本上增加任何利潤率。

Now let's turn our attention to the first-quarter results. We saw strong demand during the first quarter and delivered revenue of $220 million, which represented 7% sequential quarterly revenue growth. In addition to the continued strength from our platform cloud and managed services, we had a large-sized customer pull forward demand, which contributed to the overperformance in the quarter.

現在讓我們把注意力轉向第一季的業績。我們在第一季看到了強勁的需求，並實現了 2.2 億美元的收入，這意味著季度收入環比增長 7%。除了我們的平台雲端和託管服務持續強勁成長之外，我們還有大型客戶的提前需求，這也促成了本季的超額表現。

As an indicator of strength of our platform cloud and managed services model, our RPOs grew 4% sequentially to $340 million and increased 39% year over year. Our current RPOs were $128 million, up 6% sequentially and up 30% year over year.

作為我們平台雲端和託管服務模式實力的指標，我們的 RPO 環比成長 4% 至 3.4 億美元，年增 39%。我們目前的 RPO 為 1.28 億美元，季增 6%，年增 30%。

The aforementioned strength led to record non-GAAP gross margin of 56.2% in the first quarter. The sequential increase related to customer mix and our BXP customers winning new subscribers as they continued the adoption of our platform.

上述優勢使得第一季非公認會計準則毛利率達到創紀錄的 56.2%。連續的成長與客戶結構有關，我們的 BXP 客戶隨著繼續採用我們的平台而贏得了新用戶。

In the first quarter, we added 16 new BSP customers as we continue to focus on landing new footprint. The majority of these customer wins were competitive takeaways, and we expect this trend to continue.

第一季度，我們增加了 16 個新的 BSP 客戶，我們繼續專注於拓展新的業務範圍。這些客戶勝利大多是競爭性的收穫，我們預期這種趨勢將會持續下去。

Our balance sheet metrics remained pristine. We generated double-digit free cash flow for the eighth consecutive quarter, ending with cash and investments of $282 million even after utilizing $40 million for share repurchases.

我們的資產負債表指標依然保持完好。我們連續第八個季度實現了兩位數的自由現金流，即使在動用了 4,000 萬美元進行股票回購之後，最終的現金和投資仍達到 2.82 億美元。

DSO was an outstanding 30 days, down six days sequentially and down 10 days from the year-ago quarter. Inventory turns were 3.6. Aligned with operational discipline, management of our working capital remains a focus to enable consistent quarterly double-digit free cash flow.

DSO 為出色的 30 天，比上一季減少了 6 天，比去年同期減少了 10 天。庫存週轉率為3.6。與營運紀律保持一致，我們仍將營運資本管理作為重點，以實現季度兩位數的自由現金流。

Moving to guidance. For the second quarter of 2025, our revenue outlook is between $221 million and $227 million, which at the midpoint would represent a 2% sequential increase in revenue. For the second quarter of 2025, non-GAAP gross margin at the midpoint of our guidance would represent a slight increase from the first quarter and reflects our expectations regarding customer and product mix.

轉向指導。對於 2025 年第二季度，我們預計營收在 2.21 億美元至 2.27 億美元之間，中間值代表營收環比成長 2%。對於 2025 年第二季度，我們預期中點的非 GAAP 毛利率將較第一季略有增加，並反映了我們對客戶和產品組合的預期。

For 2025, we anticipate annual gross margin improvement will be within our target financial model of 100 to 200 basis points. Regarding non-GAAP operating expenses, we plan to continue to hold our 2025 operating expenses flat to slightly up compared with 2024 in terms of absolute dollars, and they will continue to decline as a percentage of revenue as our revenue grows each quarter.

到 2025 年，我們預計年度毛利率將在我們的目標財務模型範圍內提高 100 至 200 個基點。關於非 GAAP 營運費用，我們計劃繼續保持 2025 年營運費用與 2024 年持平或略有上升（以絕對美元計算），隨著我們每季收入的增長，其占收入的百分比將繼續下降。

With our improved visibility, the strength of our US-centric platform model, and increased expected free cash flow generation, the Board increased our common stock purchase -- repurchase program by another $100 million.

隨著我們知名度的提高、以美國為中心的平台模式的實力以及預期自由現金流的增加，董事會將我們的普通股購買（回購計劃）增加了 1 億美元。

Michael, back to you.

邁克爾，回到你身邊。

Thanks, Cory. After highlighting the Board's decision to allocate an additional $100 million for our stock repurchase program, I believe there's nothing more to add.

謝謝，科里。在強調董事會決定為我們的股票回購計畫額外撥款 1 億美元之後，我相信沒有什麼可補充的了。

Nancy, let's open the call for questions.

南希，讓我們開始提問吧。

Darryl, we're ready to go ahead.

達裡爾，我們準備繼續前進。

(Operator Instructions) Ryan Koontz, Needham & Company.

（操作員指示）Ryan Koontz，Needham & Company。

Congrats on a great quarter there and guide. I wanted to ask about --

恭喜您在本季度取得了出色的成績並擔任指導。我想問一下--

Ryan, could you speak up a little bit? Sorry, we're having a little hard time hearing you.

Ryan，妳能大聲說點嗎？抱歉，我們聽不清楚您的聲音。

Is that better?

這樣好些了嗎？

That's a bit better, yes.

是的，這樣好一點了。

All right. I want to ask about the macro spending environment, what you're hearing from your customers about their CapEx plans for '25. I'd expect that your BXPs are going to remain pretty resilient in this climate, given the inelastic characteristics of broadband. So any commentary you might share with us from your different customer cohorts would be helpful.

好的。我想問一下宏觀支出環境，您從客戶那裡了解到了有關 25 年資本支出計劃的情況。考慮到寬頻的非彈性特性，我預期您的 BXP 在這種環境下將保持相當強的彈性。因此，您與我們分享的不同客戶群的任何評論都會有所幫助。

Thanks, Ryan. Well, from a capital point of view, we continue to see they're investing appropriately. And so all of them have plans with their builds. That's the capital part of the build.

謝謝，瑞安。嗯，從資本的角度來看，我們繼續看到他們正在進行適當的投資。所以他們每個人都有自己的建造計畫。這是建設的資本部分。

The second part of capital is around consumer demand. So for example -- and business demand. So if they win a new subscriber, then they have to make a capital investment into the home and put a WiFi system in place, and then they monetize it.

資本的第二部分是圍繞消費者需求。例如—以及商業需求。因此，如果他們贏得了一個新用戶，那麼他們就必須對家庭​​進行資本投資並安裝 WiFi 系統，然後將其貨幣化。

And from our perspective, as I stated in my opening remarks, we are uniquely positioned, unlike the dumb box vendors who really do not add any incremental value in that scenario other than shipping a box and saying, see you later. Our whole business model is built around how do we use marketing analytics, so insights into the consumer, to not only drive upsell, cross-sell. But how do you expand out those new subscribers and win them?

從我們的角度來看，正如我在開場白中所說的那樣，我們處於獨特的地位，不像那些愚蠢的盒子供應商，他們除了運送一個盒子並說“回頭見”之外，實際上並沒有增加任何增量價值。我們的整個商業模式都是圍繞著如何使用行銷分析來建立的，從而深入了解消費者，不僅可以推動追加銷售，還可以推動交叉銷售。但是您如何擴大這些新訂戶並贏得他們？

And that is what the broadband experience provider is all about, how do I attract that new subscriber, which will then drive capital. So do we feel comfortable with that? I think that you see from the fact that in Q1, strong results, but more importantly, that we're guiding higher in Q2.

這就是寬頻體驗提供者所關注的，我如何吸引新用戶，從而推動資本。那麼我們對此感到滿意嗎？我認為您可以從第一季的業績強勁這一事實中看出這一點，但更重要的是，我們預計第二季的業績將更高。

It's because of the fact that we absolutely believe that our business model is the winning model. And as they look to monetize the networks that through the pandemic in the last couple of years, they've been investing in, we are the best answer to help them win in the markets they serve.

這是因為我們堅信我們的商業模式是成功的模式。當他們希望透過過去幾年疫情期間一直在投資的網絡實現盈利時，我們是幫助他們在所服務的市場中取勝的最佳答案。

That's helpful, Michael. Maybe a quick follow-up, if I could. You mentioned in your letter twice about some customer pull forwards. We saw, I think, an international customer pull forward in Q4 and now your large customer cohort here in Q1. I'm curious if this has anything to do with tariffs or this was purely just budget timing typical things you have in large customers.

這很有幫助，邁克爾。如果可以的話，也許可以快速跟進。您在信中兩次提到了一些客戶提前的事情。我認為，我們看到國際客戶在第四季提前到來，現在您的大型客戶群在第一季也出現了。我很好奇這是否與關稅有關，或者這純粹是大客戶所面臨的典型預算時間問題。

Cory can answer. It has nothing to do with tariffs. It's actually just the -- every quarter, we see the inherent lumpiness of the business where one customer has different demands and we move things around to help them out. Cory, any other color on that? No, it had nothing to do with tariffs.

Cory 可以回答。這與關稅無關。實際上，每個季度我們都會看到業務中固有的不平衡性，即一個客戶有不同的需求，我們會調整流程來幫助他們。科里，還有其他顏色嗎？不，這與關稅無關。

Yes, I agree. It had nothing to do with tariffs. Obviously, Q1 happened without the effect of tariffs. That said, that pull forward, we see enough strength in our business that there's no air gap behind it, no pocket. And so we obviously raised our guidance for Q2 sequentially by 2%. And so we see revenue continuing to grow off this higher base even with that pull forward in by that large customer.

是的，我同意。這與關稅無關。顯然，第一季並沒有受到關稅的影響。話雖如此，但隨著我們繼續向前發展，我們看到我們的業務有足夠的實力，背後沒有任何空隙，沒有任何漏洞。因此，我們顯然將第二季的預期上調了 2%。因此，我們看到，即使受到大客戶的推動，收入仍將繼續在這個較高的基礎上成長。

That's helpful. And any customer commentary about -- since the tariffs were enacted, what behaviors they're exhibiting with regards to demand in the near term?

這很有幫助。還有什麼客戶評論說——自從關稅實施以來，他們在短期內對需求表現出了什麼行為？

So if you're talking about their demand and what they're seeing from subscribers, there is none. But as I alluded to in my opening remarks, as the economy changes -- so let's say, to the downside that there is -- we heard the recession word in Wall Street Journal and all these other places. Let's say that happens.

因此，如果您談論他們的需求以及他們從訂閱者那裡看到的情況，那麼就沒有。但正如我在開場白中提到的那樣，隨著經濟的變化——可以說，出現了下行趨勢——我們在《華爾街日報》和所有其他地方都聽到了經濟衰退這個詞。假設這種情況發生了。

I keep going back to the fact that broadband is inelastic and highly resilient. So I would suspect, and this is something I've talked to many CEOs about -- not only suspect that we'll see ongoing demand, if not a strengthening of demand.

我一直在強調寬頻缺乏彈性且具有高度彈性這一事實。因此我懷疑，而且這是我與許多執行長討論過的問題——我們不僅懷疑我們會看到持續的需求，甚至會看到需求的加強。

One could just look to the pandemic and what happened when everyone stayed home. Demand went through the roof. And so you saw that with Netflix.

人們只需看看這場疫情以及當每個人都待在家裡時會發生什麼。需求量急遽上升。您在 Netflix 上看到了這一點。

Netflix had a good quarter. But more importantly, they forecasted the year is going to be insane for them. Why? People stay home and they watch more movies.

Netflix 本季表現良好。但更重要的是，他們預測今年對他們來說將是瘋狂的一年。為什麼？人們待在家裡，看更多電影。

And I would say that, that's the exact same thing that's going to happen. Broadband will continue to expand both on the consumer and business side, which is why we felt very comfortable with raising our guidance for the year.

我想說的是，這正是即將發生的事。寬頻將繼續在消費者和商業方面擴展，這就是我們非常樂意提高今年指導的原因。

Ryan, we see no change in demand in the first part of Q2. It remains strong.

瑞安，我們認為第二季前半段的需求沒有改變。它依然強勁。

Michael Genovese, Rosenblatt Securities.

羅森布拉特證券公司的麥可‧吉諾維斯 (Michael Genovese)。

Great. Following up on those last questions. I mean, in the past, you guys have said that you expect to grow sequentially every quarter moving forward without any seasonality hitting the business again. Is that still the take? And I mean, specifically, do you think in the back half of 2025 that we'll see sequential revenue growth?

偉大的。繼續回答最後幾個問題。我的意思是，過去你們曾說過，預計未來每季都會持續成長，並且不會再受到季節性的影響。這還是一種做法嗎？我的意思是，具體來說，您是否認為在 2025 年下半年我們會看到連續的收入成長？

Yes. Yes, Michael. We believe we can continue to grow sequentially from here. Even with the demand pull forward by that large customer, we can continue to grow sequentially moving forward and particularly in the back half of 2025.

是的。是的，邁克爾。我們相信我們可以從現在開始繼續持續成長。即使受到大客戶需求的推動，我們仍能持續保持持續成長，尤其是在 2025 年下半年。

Great. And then just in terms of like a '26 growth rate, I think in the past, you guys have put what a normalized annual growth rate should be for you guys. Has anything changed there or is that still the same?

偉大的。然後就 26 年的成長率而言，我想在過去，你們已經設定了你們的正常年增長率應該是多少。那裡有什麼變化嗎？還是仍然一樣？

Yeah, we would still guide you to a low double-digit growth rate for next year.

是的，我們仍然會預期明年的成長率將達到低兩位數。

Okay. Perfect. And then on the gross margin, I mean, I guess we're seeing some higher tariff costs, but your gross margin continues to move up. So are we seeing any impact from the tariffs there and on the gross margin right now?

好的。完美的。然後就毛利率而言，我的意思是，我想我們看到一些更高的關稅成本，但你的毛利率繼續上升。那麼，我們現在看到關稅對毛利率有什麼影響嗎？

And then just looking ahead, how important is it to you guys that Taiwan and Southeast Asia get deals done? Does that matter? Or if those reciprocal tariffs fully go into effect, does that make a bigger difference in the future for you guys? How do we think about that?

那麼展望未來，台灣和東南亞達成協議對你們來說有多重要？這有關係嗎？或者，如果這些互惠關稅全面生效，這對你們的未來會產生更大的影響嗎？我們對此有何看法？

Yeah. So for Q1, there was no impact related to tariffs as nothing had been enacted at the time. And obviously, we have inventory on our balance sheet that protects us going into Q2. But in this dynamic environment, it changes almost on a daily basis. So forecasting what will happen in the future is almost impossible.

是的。因此，對於第一季而言，沒有與關稅相關的影響，因為當時尚未頒布任何法規。顯然，我們的資產負債表上有庫存，可以保護我們進入第二季。但在這種動態環境中，它幾乎每天都在改變。因此預測未來會發生什麼事幾乎是不可能的。

And not something we're going to do. And so as you heard Cory say, though, is that we will just pass that through with no margin.

這不是我們要做的事。所以，正如你所聽到的科里所說的那樣，我們將毫無餘地地通過這一點。

And so consequently, the best thing to understand is that we have a fantastic supply chain team that can react rapidly, and we will do our best to minimize those costs as we move forward. And at the same time, we've got the strong balance sheet.

因此，最好的理解是，我們擁有一支能夠快速反應的優秀供應鏈團隊，我們將盡最大努力在未來降低這些成本。同時，我們擁有強勁的資產負債表。

We're going to take that balance sheet and utilize it by making investments in components and incremental finished goods, which then should help us with obviously supply and playing out the timing here, delay the impact of such tariffs to our customers.

我們將利用該資產負債表對零件和增量成品進行投資，這顯然有助於我們改善供應並掌握時機，延緩此類關稅對我們客戶的影響。

Okay. Great. And then just final for me. I mean you guys have always said that in disruptions, you guys would gain ground and gain share. And I'm wondering if that's not what we're seeing here with this extra layer of disruption and that the cross through the chasm that you guys are doing is really going to shine through, in particular, because of more disruptions in the market. What do you guys think about that?

好的。偉大的。這對我來說只是最後的結局。我的意思是，你們一直說，在顛覆性變革中，你們會取得進展並獲得份額。我想知道，這是否不是我們在這裡看到的這種額外的混亂局面，你們正在跨越的鴻溝是否真的會顯現出來，特別是因為市場上出現了更多的混亂。大家對此有什麼看法？

I think you're spot on. Cory and I were laughing yesterday about the fact that it's not one thing, it's another. That's why I use the word yet again, right? We had a pandemic, then we had the ongoing high interest rates, then we had questions about BEAD, then we had this, that, and the other thing.

我認為你說得很對。昨天，科里和我都在笑，因為事實並非如此，而是另一回事。這就是我再次使用這個詞的原因，對嗎？我們經歷了一場疫情，然後我們面臨持續的高利率，然後我們對 BEAD 產生了疑問，然後我們遇到了這樣或那樣的事情。

And so what you are seeing us is taking share. This is absolutely what we're doing. And the way we take share is by educating the executive teams of our customers on where is the market going and how do they do the most important three things for any broadband business, which is reduce churn, grow revenue per subscriber, and attract new subscribers.

所以，您看到我們正在佔據份額。這絕對是我們正在做的事情。我們獲得市場份額的方式是讓客戶的管理團隊了解市場走向以及如何為任何寬頻業務做最重要的三件事，即減少客戶流失、增加每個用戶的收入和吸引新用戶。

And again, on the -- I was on the road again way too much this quarter, which is another theme that happens every bloody quarter. And I spend a lot of time with CEOs, and that is the conversation, not buy a dumb box, not pawn. It's actually how do I grow my business. And we are uniquely positioned.

再說一次，這個季度我又在路上跑了太多次，這是每個季度都會發生的另一個主題。我花了很多時間與 CEO 們交流，討論的不是購買啞巴盒子，也不是當鋪。這實際上是我如何發展我的業務。我們擁有獨特的優勢。

We're the only ones having that conversation with them because we're a good business partner. And that's why, unlike everybody else, we have this massive customer success army that spends every single day coaching them on how to use data and analytics to understand where the growth opportunities are, how to improve their operational efficiency through less truck rolls and all the other insights, and then how to drive NPS and build the most loyal base of customers.

我們是唯一與他們進行這種對話的人，因為我們是一個很好的商業夥伴。這就是為什麼我們與其他人不同，我們擁有一支龐大的客戶成功團隊，他們每天都會指導客戶如何使用數據和分析來了解成長機會在哪裡，如何透過減少上門拜訪次數和所有其他見解來提高營運效率，以及如何推動 NPS 並建立最忠誠的客戶群。

And so you're spot on. This is just another bunch of crappy noise around us that we will plow through. And fortunately, as Cory alluded, he talked about the strong supply chain team. It isn't just a strong supply chain team; it's actually a broad Calix organization that is highly motivated, continues to win cultural awards, understands our purpose, and customers who partner with us to succeed. And so we are absolutely taking share.

所以你說得完全正確。這只是我們周圍另一堆糟糕的噪音，我們必須努力克服它。幸運的是，正如 Cory 所提到的，他談到了強大的供應鏈團隊。這不僅僅是一個強大的供應鏈團隊；它實際上是一個廣泛的 Calix 組織，它積極性很高，不斷贏得文化獎項，了解我們的目標，並且擁有與我們合作取得成功的客戶。因此我們絕對佔據了市場份額。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Congrats on the results here. Maybe if I can just start with the first one on the guidance. You had a strong 7% sequential growth in revenue in 1Q. You're guiding to a modest sequential growth in 2Q.

恭喜你所取得的成果。也許我可以從指導中的第一個開始。您第一季的營收連續成長了 7%。您預計第二季將出現溫和的環比成長。

If we can outline what you're embedding in there for the large customer that had a pull forward in 1Q, are you embedding the similar run rate to continue? I think it's $220 million-plus to continue into the second quarter? Or is the pull forward symbolic of them stepping down in terms of that run rate into 2Q?

如果我們可以概述一下您為在第一季提前下調的大客戶嵌入的內容，您是否會嵌入類似的運行率以繼續？我認為第二季的支出將超過 2.2 億美元？或者說，這種提前是否象徵著他們在第二季的運行率方面有所下降？

And maybe a side question on that front, it seems like, from the customer segmentation that you have, that you are seeing that inherent lumpiness from your customers. So what's giving you the confidence of a lower longer-term investment cycle from them?

關於這方面的一個附帶問題，從您的客戶細分來看，您似乎看到了客戶固有的不一致性。那麼，是什麼讓您相信他們的長期投資週期會更短呢？

Particularly, are they giving you more maybe forward visibility into their demand than they were in 2024? Just wanted to understand the confidence despite the lumpiness that you have in terms of those investments continuing. And I have a quick follow-up.

特別是，他們是否能為您提供比 2024 年更遠期的需求洞察？只是想了解一下，儘管你們對這些投資的持續性存有疑慮，但你們仍然充滿信心。我有一個快速的後續行動。

Okay. Well, so I'll just talk at the broader level. The organization, one of the things that we're able to do is partner closely with our customers, look at the data, look at their inventory levels, understand their daily demand, and actually help them forecast that effectively. And we're getting better insight.

好的。好吧，那我就從更廣泛的層面來談。作為組織，我們能夠做的事情之一就是與客戶密切合作，查看數據，查看他們的庫存水平，了解他們的日常需求，並幫助他們有效地預測。我們的洞察力正在增強。

As we talked about through 2024, there was some inventory changes that we had to work through as lead times went from a peak of 71 months or whatever it was down to -- or weeks down to 12 to 14 weeks. And so we work through that effectively with them, and we have very strong visibility on how to work through it.

正如我們談到的到 2024 年，我們必須處理一些庫存變化，因為交貨時間從高峰期的 71 個月或幾週縮短到 12 到 14 週。因此，我們與他們一起有效地解決了這個問題，並且我們對如何解決這個問題有非常清晰的認識。

And with regards to the segments, every quarter is lumpy. We get the same question every quarter, which is one is up and the other one catastrophic and is the other one up and the other one is down. And the reality is that we have a lumpy business. So Cory, why don't you talk about, as you said, no air gap in behind.

就各個細分市場而言，每季的表現都不盡相同。我們每季都會遇到同樣的問題，即一個季度上漲，另一個季度出現災難性下跌；一個季度上漲，另一個季度下跌。而現實情況是，我們的業務並不順利。那麼科里，你為什麼不談談，正如你所說，後面沒有空氣間隙。

Yeah. So Samik, to answer your question directly, we don't expect that large customer to have run rate moving forward. So it's the pull forward. But it's being backed by broadly across our business.

是的。因此，Samik，直接回答你的問題，我們不期望那個大客戶未來的運行率會提高。所以這是向前拉。但它得到了我們整個業務的廣泛支持。

You saw the strength in the first quarter of our small business -- small customer segment. That will continue. And I expect there will be other larger customers who will backfill that customer.

您看到了我們小業務－小客戶細分市場在第一季的強勁表現。這種情況將會持續下去。我預計還會有其他更大的客戶來填補這個客戶空缺。

And that's the lumpy nature of some of those large accounts. But for the most part, we're seeing broad-based strength across all customer segments. And that gives us the confidence as we look at the back half of '25.

這就是一些大額帳戶的不穩定性。但總體而言，我們看到所有客戶群都表現出廣泛優勢。這讓我們對 2025 年下半年充滿信心。

Got it. Great. And maybe for my follow-up, just in terms of what's the discussion with your customers at this point relative to BEAD looking like, it sounds more like the customers are not really waiting at this point to see any disbursement of funds from BEAD and moving ahead with their plans. But just still want to understand what you're hearing from -- on that front and any expectations that you're seeing in terms of timing there?

知道了。偉大的。也許就我的後續問題而言，就目前您與客戶就 BEAD 進行的討論而言，聽起來更像是客戶目前並沒有真正等待 BEAD 撥付任何資金並推進他們的計劃。但仍然想了解您聽到了什麼 - 關於這方面以及您對時間安排有何期望？

No. I would say on BEAD, seeing in the field with customers all the time is that if they had BEAD plans, they're still working through those with the different government channels. And if they didn't have BEAD plans, they're continuing to go forward, right? And then you have some insights on BEAD, Cory?

不。我想說的是，關於 BEAD，我一直在現場觀察客戶，如果他們有 BEAD 計劃，他們仍然會透過不同的政府管道來處理這些計劃。如果他們沒有 BEAD 計劃，他們會繼續前進，對嗎？那麼，科里，您對 BEAD 有什麼見解嗎？

So I would say on the front end of the curve, that front end has slowed down to some extent, waiting for the finalization of rules and the appointment of the NTIA director. But the back part of the curve, they continue moving forward, right?

因此我想說，在曲線的前端，前端已經在一定程度上放緩，等待規則的最終確定和 NTIA 局長的任命。但是在曲線的後部，它們繼續向前移動，對嗎？

So if they were behind later in their approval cycle, they're not moving forward, gathering the data. And so what you'll ultimately see is more of a compressed front end, but the rest of it moving through.

因此，如果他們在審批週期的後期落後，他們就無法繼續收集數據。因此，您最終會看到一個壓縮的前端，但其餘部分仍在移動。

And what we understand is the rules are expected to be finalized by the end of May. So this could all go. The bottom line is we aren't counting on BEAD in our numbers. When BEAD happens, whatever it is, we'll do well.

據我們了解，這些規則預計將於五月底最終確定。所以這一切都可以進行。底線是，我們的數字中不包含 BEAD。當 BEAD 發生時，無論它是什麼，我們都會做得很好。

Which goes back to what we've been consistently saying for the last two years, which is it will take a lot longer for it to arrive. It sure is. When it does arrive, it will go over. It will last longer than anticipated, and it will be bigger than people expect.

這又回到了我們過去兩年一直在說的話，那就是它的到來還需要更長的時間。確實如此。當它到達時，它就會過去。它的持續時間將比預期的更長，規模也將比人們預期的更大。

Christian Schwab, Craig-Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Great. I just have one question, guys. Congratulations, though, on great execution and outlook in the current environment.

偉大的。夥計們，我只有一個問題。不過，還是要祝賀您在當前環境下的出色執行和展望。

Understanding -- back to BEAD, understanding it will be a significant tailwind eventually at some point. But I got to believe you feel much better about supplying your customer base. I know supply chain, different components, particularly semiconductors, who knows what may happen.

理解－回到 BEAD，理解它最終會在某個時候成為重要的順風。但我相信，您對滿足客戶需求會感覺好很多。我了解供應鏈、不同的組件，特別是半導體，誰知道會發生什麼事。

But you guys, like other people in the industry, increased your hardware manufacturing capabilities, you guys, in particular, in Michigan with Jabil on the hardware side to make products in the United States for the United States. So do you view that as a fortunate situation today?

但是，你們和業內其他人一樣，提高了硬體製造能力，特別是你們在密西根州與 Jabil 公司合作，在硬體方面在美國為美國生產產品。那麼，您認為今天這是一個幸運的情況嗎？

Well -- so I'll talk to the broader business. One of the things that Cory misspoke about on his comments, he said 200 SKUs. It's actually 150 SKUs, right? And so when it comes to designing out our business, what we've done through the pandemic is we use that as an opportunity to grow as a company and put ourselves into a stronger position.

好吧——那麼我將談論更廣泛的業務。Cory 在評論中說錯了一件事，他說的是 200 個 SKU。實際上有 150 個 SKU，對嗎？因此，在設計我們的業務時，我們在疫情期間所做的就是將其作為一個機會，讓公司發展壯大，並使自己處於更強大的地位。

And so -- and in fact, we continue to have an evolutionary approach to our business regularly, which has become better and better. And once again, when competitors are going to have SKUs of add a zero to it or add a zero and times it by two or three or four, we are uniquely positioned in this industry to lead and to pivot as required.

所以 — — 事實上，我們繼續定期對我們的業務採取漸進的方法，而且這種方法已經變得越來越好。再一次，當競爭對手的 SKU 上加一個零，或者加一個零再乘以二、三或四時，我們在這個行業中具有獨特的優勢，可以根據需要引領和調整。

I mean at the same time, from a manufacturing diversity, we talked about our United States, as you said. So I think we're in a great position. Anything to add?

我的意思是，同時，從製造業的多樣性來看，我們談論了我們的美國，正如你所說。所以我認為我們處於非常有利的地位。還有什麼要補充的嗎？

Yeah. Christian, we will be -- we're going to be very adept and move quickly. The United States certainly gives us a capacity to deal with reciprocal tariffs if that should come to pass. But ultimately, manufacturing in the United States comes at a higher cost. And so we will continue to optimize our supply chain as we move forward and move quickly to minimize those costs as they may occur.

是的。克里斯蒂安，我們會——我們會非常熟練並且行動迅速。如果這種情況發生，美國肯定會給予我們處理互惠關稅的能力。但最終，在美國製造的成本更高。因此，我們將繼續優化我們的供應鏈，並迅速採取行動，盡量減少可能發生的成本。

Tim Savageaux, Northland Capital Markets.

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

Congrats on the strong results and outlook. I wanted to go back to the large customer category. And I know you've mentioned pull forwards here, but Verizon has been pretty open about plans to increase their fiber homes passed build rate this year.

恭喜您取得的出色成果和良好的前景。我想回到大客戶類別。我知道您在這裡提到了提前，但 Verizon 一直非常公開地表示計劃今年提高其光纖家庭的建設率。

I wonder if that's playing a factor in the strength here and what you might expect out of that large customer for the year given the result. And as an aside, and I know it's still pretty early, any indications on what opportunities Frontier might bring you guys? And I have a follow-up.

我想知道這是否是影響這裡實力的一個因素，以及根據結果您對今年這位大客戶有何期望。順便說一句，我知道現在還為時過早，有什麼跡象表明 Frontier 可能會給你們帶來什麼機會嗎？我還有一個後續問題。

Yes, that's the answer. Yes, Verizon continues to be a long-term customer. They invested us and sole-sourced their fiber network to us ages ago -- was it five, six years ago or longer?

是的，這就是答案。是的，Verizon 仍然是我們的長期客戶。他們很久以前就投資了我們，並把他們的光纖網路獨家外包給我們——是五、六年前還是更久以前？

They've been a great partner, and they continue to expand. And as they continue to build out fiber, as others do, we will benefit from that. So that close partnership has yielded great dividends, and that will continue. Anything else to say on that?

他們一直是我們出色的合作夥伴，而且還在持續擴張中。隨著他們像其他人一樣繼續建造光纖，我們將從中受益。因此，這種密切的夥伴關係已經產生了巨大的紅利，而這種紅利也將繼續下去。對此還有什麼要說的嗎？

And it's too early on Frontier. We don't have an idea of what that might look like.

現在對於 Frontier 來說還為時過早。我們不知道那會是什麼樣子。

Yeah, I figured that might be the case, but who knows? From a follow-up perspective, I'm wondering if you can talk to any opportunities, potential tailwinds coming out of the DZS bankruptcy for Calix.

是的，我認為情況可能如此，但誰知道呢？從後續的角度來看，我想知道您是否可以談談 DZS 破產為 Calix 帶來的任何機會和潛在的推動力。

Well, the first thing is I'd like to express my sympathy for all of the customers who are in that situation. It's crappy, right?

嗯，首先我想對所有處於這種情況的顧客表示同情。很糟糕，對吧？

When you buy these products, you anticipate that you're going to be able to depreciate it over a 10- to 15-year life cycle, and I do not envy any of those customers. Obviously, with Zhone going down a peculiar path -- I think we all thought they would go into Chapter 11, and they did the, what I would call, a rather nefarious move of going to chapter seven and stripping that -- strip mining that thing.

當您購買這些產品時，您預計它將在 10 到 15 年的生命週期內貶值，我並不羨慕這些客戶。顯然，Zhone 走上了一條奇特的道路——我想我們都認為他們會進入第 11 章，但他們做了我所說的相當邪惡的舉動，進入了第 7 章並剝離了那個東西——剝離了那個東西。

It left customers in an awkward position because it's not even like the asset is worth anything and you can expect to get supported. And so that's the first thing is I don't envy them on their situation. And with that perspective in mind, what we've been doing is speaking to a lot of companies who are in that situation and frankly, offering how we help.

這讓客戶處於一個尷尬的境地，因為這項資產甚至沒有任何價值，你也無法期望得到支持。所以首先我並不羨慕他們的處境。從這個角度來看，我們一直在與許多處於這種情況的公司進行交流，並坦率地提供我們的幫助。

And so I feel bad about saying the word opportunity, frankly, because of the fact that it feels like you're kicking someone when they're down. How about we are offering a helping hand empathetic to their horrible situation, feel bad for the leaders and their investors because it's something that they shouldn't have to go through due to the bad actions of a bad actor.

所以坦白說，我不太願意說出「機會」這個詞，因為這感覺就像是在別人處於困境時落井下石。我們何不伸出援手，同情他們的可怕處境，為領導者和投資者感到難過，因為這是他們不應該因為壞人的不良行為而經歷的事情。

And we will do everything that we can, and we have been. So yes, out of that will come some opportunity. But at the same time, our focus isn't really about how to make hay there. Our focus is how to help.

我們將竭盡全力，而且我們已經這樣做了。是的，由此將會出現一些機會。但同時，我們的重點並不是如何在那裡賺錢。我們的重點是如何提供協助。

Scott Searle, Roth Capital Partners.

羅斯資本合夥公司的 Scott Searle。

Great job on the 1Q results and the second quarter outlook. Maybe, Mike, Cory, to dive in on the macro front, small customers are certainly coming back in a meaningful way. It sounds like it's broad-based. Could you provide a little bit of color?

第一季業績和第二季展望都很好。也許，麥克、科里，從宏觀角度來看，小客戶肯定會以有意義的方式回歸。聽起來它具有廣泛的基礎。能提供一點顏色嗎？

Is that deeper penetration into existing footprints or is that expanding within those footprints? And Cory, I just want to clarify the comments around BEAD and growth for '26. I think you were talking about double-digit growth without BEAD.

這是對現有足跡的更深入滲透還是在這些足跡內進行擴展？科里，我只是想澄清有關 BEAD 和 26 年增長的評論。我認為您談論的是沒有 BEAD 的兩位數增長。

And then coming back to the dreaded BEAD question again, in terms of when that starts to ramp up, we saw a pause last year ahead of that as customers were evaluating those build plans. As BEAD starts to filter into the mix, whenever that is, whether it's second half of this year or '26, do the existing programs and build cycles slow down at all? Or do you expect to continue to see linearity on growth on that front and BEAD just feathers in incrementally?

然後再次回到可怕的 BEAD 問題，就何時開始加速而言，我們在去年看到了暫停，因為客戶正在評估這些建置計劃。隨著 BEAD 開始滲透進來，無論何時，無論是今年下半年還是 26 年，現有的專案和建設週期是否會減慢？或者您是否預期該領域的成長將繼續呈線性，而 BEAD 只是逐步成長？

Oddly, I'm going to answer all those questions. So the first one is small are not coming back. Small continue to be strong. And so the business is inherently lumpy.

奇怪的是，我將回答所有這些問題。所以第一個小的就不回來了。小的繼續強大。因此，這項業務本質上是不穩定的。

Some customers, we have to move things around from a shipping point of view through the quarter to deal with different -- the vagaries of the business. Small businesses continue to always be strong. I would say that through 2024, what we were -- the customers were all strong. It was we were dealing with lead times going from 70 weeks down to 12 to 14 weeks and helping them manage through that.

對於某些客戶，我們必須從運輸的角度來調整整個季度的計劃，以應對不同的業務變化。小型企業始終保持強勁。我想說，到 2024 年，我們的客戶都很強大。我們處理的交貨時間從 70 週縮短至 12 至 14 週，並協助他們管理此流程。

So that's -- now that we're well through that, demand remains strong as it was through 2024, and they will continue to grow. On BEAD in our numbers, BEAD is not in our numbers. We do not actually forecast them as growth because at this point, there's not clarity while we're getting closer. There's not clarity with regards to when BEAD will hit.

所以，現在我們已經很好地度過了這個階段，需求仍然像 2024 年一樣強勁，而且還會繼續成長。關於 BEAD 在我們的數字中，BEAD 不在我們的數字中。我們實際上並沒有預測它們會成長，因為目前我們還不清楚何時才能成長。目前尚不清楚 BEAD 何時會實現。

And then with regards to your question on BEAD and whether or not there would be a pause before the cycles and all those things, I will go back to how I've answered that question in the past and what I just said to one of the other questions, which is if you are not going for BEAD, then you're just plowing ahead. If you are going for BEAD, we've been working with you on this for the last two years and you've been planning that into your cycle.

然後關於你關於 BEAD 的問題，以及在周期和所有這些事情之前是否會暫停，我將回顧我過去如何回答這個問題，以及我剛才對另一個問題所說的內容，那就是如果你不打算進行 BEAD，那麼你就只能繼續前進。如果您要參加 BEAD，我們過去兩年一直在與您合作，並且您也已將其納入您的週期計劃。

So there is no pause in demand because you're not doing anything about it anyways. And so all it is is that it's an ongoing delay in when you actually feel comfortable when you've been allocated the money and how you do it. And the reason why BEAD is not in our growth numbers is because as we saw with Louisiana, Louisiana's paused some of the disbursement of money. There is still uncertainty.

因此需求不會暫停，因為無論如何你都不會採取任何措施。所以，這只是一個持續的延遲，當你真正感到滿意，並且分配到錢之後，你該如何分配？而 BEAD 不在我們的成長數字中的原因是，正如我們在路易斯安那州看到的那樣，路易斯安那州暫停了部分資金的支出。仍然存在不確定性。

And so fortunately, unlike a lot of other dumb box guys, we have not been forecasting in this -- this in our numbers. We have not pinned our hopes on it because we don't have to. We have a very strong broadband business model that is unique to this industry, and we help our customers drive demand by winning subscribers. (technical difficulty)

幸運的是，與許多其他愚蠢的人不同，我們並沒有用我們的數字來預測這一點。我們沒有對它寄予厚望，因為我們沒有必要這麼做。我們擁有業界獨有的非常強大的寬頻業務模式，我們透過贏得用戶來幫助客戶推動需求。（技術難度）

Sorry. And lastly, if I could, Mike, RPOs. They continue at a really torrid pace, up 30% year over year, continuing to grow sequentially.

對不起。最後，如果可以的話，Mike，RPO。它們繼續以驚人的速度增長，同比增長 30%，並持續保持連續增長。

You made some comments, I believe. MDU kicked off in the first quarter. You've had growth in small business. I'm wondering if you could maybe stack rank what the biggest drivers are on that front and what the growth rate you think looks like for RPOs over the course of '25 and beyond?

我相信您發表了一些評論。MDU 在第一季開賽。您的小型企業已經取得了成長。我想知道您是否可以對這方面最大的驅動因素進行排序，以及您認為 25 年及以後 RPO 的成長率是多少？

Well, so as you know, with RPOs, we burn them off on a regular -- on a daily basis. And therefore, you have to backfill them and they are indicators of customers signing on three-year contracts, right?

嗯，正如你所知，有了 RPO，我們每天都會定期將其消耗掉。因此，您必須填補這些空白，它們是客戶簽署三年合約的指標，對嗎？

With regards to stack ranking demand, I would say it goes from left to right based upon maturity. So the strongest demand is continued penetration on the consumer. The second one behind it is what we're doing on small business with SmartBiz, which is our customers came to us and really wanted us to displace their Ubiquity nightmare because that product is an IT-based product and doesn't really serve their business well.

關於堆疊排名需求，我想說它是根據成熟度從左到右進行的。因此最強烈的需求是持續滲透到消費者中。其後的第二個是我們透過 SmartBiz 為小型企業開展的業務，我們的客戶來找我們，真心希望我們能夠取代他們的 Ubiquity 噩夢，因為該產品是基於 IT 的產品，並不能真正很好地服務於他們的業務。

So we expanded our platform with SmartBiz and made it so that they could provide incremental cyber network management and great capabilities using the existing WiFi appliances and all of the existing clouds. So no incremental complexity, in fact, a radical simplification, which then led to this newest one, where we -- in November, we put out the first release. And in February, we put out what I would call the MVP release for multi-dwelling units.

因此，我們透過 SmartBiz 擴展了我們的平台，使其能夠使用現有的 WiFi 設備和所有現有的雲端提供增量網路管理和強大的功能。因此，沒有增加複雜性，事實上，這是一種徹底的簡化，然後導致了這個最新版本的出現，我們在 11 月發布了第一個版本。今年 2 月，我們發布了多住戶單元的 MVP 版本。

And this is the next demand from our customers saying, MDUs are a nightmare. Every MDU is different, whether it's the WiFi footprint because I can have a triplex or a quadplex. I can have an apartment building with 600 apartments. There's every form factor on the planet.

這是我們的客戶提出的下一個需求，他們說，MDU 是一場噩夢。每個 MDU 都是不同的，無論是 WiFi 覆蓋範圍，因為我可以擁有三重或四重。我可以擁有一棟有 600 間公寓的公寓大樓。地球上有各種各樣的形狀。

There's a pool in the -- there's an outdoor pool, there's a parking garage. You have real complexity with regards to physical WiFi challenges. And then on top of that, you layer in the business model challenge. And the business model challenge is bulk versus every unit is a residential.

這裡有一個游泳池－有一個室外游泳池，還有一個停車場。就實體 WiFi 挑戰而言，您確實面臨著複雜的問題。在此基礎上，你還要面臨商業模式的挑戰。商業模式的挑戰在於大量生產，而不是每個單位都是住宅。

And so we are in the process of knocking that challenge down for our customers by radically simplifying it. Again, expanded out our software so that we can cover an MDU, both from a business model point, whether it's resi or bulk, but more importantly, through -- or as importantly, from a WiFi footprint point of view because you can take our appliances, mix and match them infinitely and cover any physical WiFi footprint imaginable with just with a different piece of software.

因此，我們正在透過徹底簡化這一過程來幫助我們的客戶解決這項挑戰。再次，擴展了我們的軟體，以便我們可以從商業模式的角度覆蓋 MDU，無論是住宅還是批量，但更重要的是，通過 - 或者同樣重要的是，從 WiFi 覆蓋範圍的角度來看，因為您可以使用我們的設備，無限地混合和匹配它們，並僅使用不同的軟體來覆蓋可以想像到的任​​何物理 WiFi 覆蓋範圍。

And that will allow our customers to do what they've always wanted to do, which is go after MDU business in a very simple way based -- while building upon their existing small business and consumer business. And so that's the third one and the least mature from a market penetration point of view, and I would -- that's how I would stack rank those three.

這將使我們的客戶能夠做他們一直想做的事情，即以非常簡單的方式開展 MDU 業務——同時建立在他們現有的小型企業和消費者業務的基礎上。從市場滲透率的角度來看，這是第三個，也是最不成熟的，我會 — — 這就是我對這三個的排名方式。

And so the great thing about MDU is that MDU also opens up other channels and segments from a channel point of view. So where MDUs will be served by our existing broadband customers, there are a large number of MDU companies out there who just deal with MDU.

因此，MDU 的優點在於，從通路角度來看，MDU 也開啟了其他通路和細分市場。因此，在 MDU 由我們現有的寬頻客戶提供服務的地方，有大量的 MDU 公司只處理 MDU 業務。

And then they will partner with broadband companies in the back end. And so this, to us, MDU actually represents what I would call a TAM expansion because the addressable market just got larger because we will be going on beyond broadband customers.

然後他們將與後端的寬頻公司合作。因此，對我們來說，MDU 實際上代表了我所說的 TAM 擴展，因為可尋址市場變得更大了，因為我們將超越寬頻客戶。

I would now like to turn the floor back over to Nancy Fazioli for any closing comments.

現在我想把發言權交還給 Nancy Fazioli，請他發表最後評論。

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

謝謝你，達裡爾。Calix 將在第二季參加幾場投資者活動。有關這些活動的資訊（包括日期、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 to everyone on this call and webcast for your interest in Calix and for joining us. This concludes our conference call. Have a good day.

再次感謝這次電話會議和網路直播中大家對 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。