Calix Inc (CALX) 2025 Q2 法說會逐字稿

Greetings. Welcome to the Calix second quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being ordered.

問候。歡迎參加 Calix 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在籌備中。

I will now turn the conference over to Nancy Fazioli, VP of Investor Relations. Thank you. You may begin.

現在，我將會議交給投資者關係副總裁 Nancy Fazioli。謝謝。你可以開始了。

Thank you, Darryl, and good morning, everyone. Thank you for joining our second 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 年第二季財報電話會議。今天參加電話會議的有總裁兼執行長 Michael Weening 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 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邁克爾致開場白之前，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、增長戰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存在重大差異。

Factors that could cause actual results and trends to differ materially are set forth in the second 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 年第二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 second quarter 2025 letter to stockholders. Unless otherwise stated, all financial information referenced on 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 年第二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 in our last earnings call, the investments we made in 2024 to manage through the post-pandemic period are yielding results and the market is evolving as we predicted. Cory will cover our exceptional second quarter, which is a testament to our long-term strategy, our Calix team, the incredible customers we serve and the partners who support us.

謝謝你，南希。正如我在上次財報電話會議上所說，我們在 2024 年為度過後疫情時代所做的投資正在產生成效，市場正在按照我們的預測發展。Cory 將負責我們出色的第二季業績，這證明了我們的長期策略、我們的 Calix 團隊、我們服務的優秀客戶以及支持我們的合作夥伴。

As I continue to state, the industry is at a crossroads. A broadband provider must decide if they will retain the legacy mindset of a speed-based network operator who tries to cost cut their way to growth while being commoditized.

正如我不斷指出的那樣，這個行業正處於十字路口。寬頻供應商必須決定是否保留基於速度的網路營運商的傳統思維模式，即在商品化的同時試圖削減成本以實現成長。

As our homes passed is not a measure of success as it does not guarantee a revenue-generating subscriber, while the successful broadband provider is the one that delivers incredible experiences across all segments, thereby establishing a brand that is loved by the communities they serve. The result is higher revenue per customer across all segments: residential, business and municipality, higher Net Promoter Scores, which yield customer loyalty and lower churn.

由於我們的房屋通過率並不能保證創收用戶，因此它並不是衡量成功的標準，而成功的寬頻提供者是能夠在所有領域提供令人難以置信的體驗的提供商，從而建立一個受到其服務社區喜愛的品牌。結果是，所有細分市場（住宅、商業和市政）的每位客戶收入都更高，淨推薦值更高，從而產生客戶忠誠度並降低客戶流失率。

That experience-based success is what Calix enabled as we always think subscriber in, not network out. Our mindset is grounded in the experiences beyond the undifferentiated speed of a pipe via our unique appliance-based platform, cloud and managed services model that helps our customers transform with the support of our industry-leading customer success team.

Calix 之所以能取得這種基於經驗的成功，是因為我們始終以使用者為中心，而不是以網路為中心。我們的理念根植於超越管道無差別速度的體驗，透過我們獨特的基於設備的平台、雲端和託管服務模式，幫助我們的客戶在我們行業領先的客戶成功團隊的支持下實現轉型。

Our press releases frequently highlight our customers' ability to use differentiated experiences to deliver value for members and investors as evidenced by a discussion I had with a medium-sized customer last month. That customer launched SmartBiz in late 2024 and saw a 250% increase in revenue per small business subscriber by delivering a better experience.

我們的新聞稿經常強調我們的客戶利用差異化體驗為會員和投資者創造價值的能力，正如我上個月與一位中型客戶的討論所證明的那樣。該客戶於 2024 年底推出了 SmartBiz，透過提供更好的體驗，每個小型企業用戶的收入增加了 250%。

Experiences are the future of broadband, and our platform is unique in that it can address residential, small business, MDU and municipal needs with the same appliances cloud and managed services, which brings me to the second even larger disruption that the world is paying attention to, artificial intelligence.

體驗是寬頻的未來，我們的平台是獨一無二的，它可以使用相同的設備雲端和託管服務來滿足住宅、小型企業、MDU 和市政需求，這讓我想到了世界正在關注的第二個更大的顛覆，即人工智慧。

Since late 2023, our team has believed that the long-term impact of AI is significant and represented the next critical component of the Calix platform. More importantly, we have ensured that our teams do not underestimate the pace of change.

自 2023 年底以來，我們的團隊一直相信人工智慧的長期影響是巨大的，並且代表了 Calix 平台的下一個關鍵組成部分。更重要的是，我們確保我們的團隊不會低估變化的速度。

This is not a normal technology curve. The pace of change in AI is staggering. The difference between short term and long term is going to be radically shorter than any technology before it, as evidenced by the fact that Netflix took a decade to get to 100 million subscribers, while ChatGPT took two months, is now approaching 1 billion users. It is useful to note that both Netflix and ChatGPT stand on the shoulders of the platform known as the Internet.

這不是一條正常的技術曲線。人工智慧的變化速度令人震驚。短期和長期之間的差異將比之前的任何技術都要小得多，Netflix 花了十年時間才達到 1 億用戶，而 ChatGPT 只用了兩個月時間，現在已經接近 10 億用戶，這一事實就證明了這一點。值得注意的是，Netflix 和 ChatGPT 都站在網路平台的肩膀上。

Since 2007, we have been investing in our platform, cloud and managed services to transform the entire broadband market. In 2016, we launched our second-generation platform, which introduced several key components, two operating systems for network and premises appliances that are extracted from the chips, enable local applications with rich telemetry and policy management capabilities.

自 2007 年以來，我們一直投資於我們的平台、雲端和託管服務，以改變整個寬頻市場。2016年，我們推出了第二代平台，引入了幾個關鍵組件，從晶片中提取的兩個網路和場所設備作業系統，使本地應用程式具有豐富的遙測和策略管理功能。

We also introduced our persona-based cloud and the managed services model, which now serves residential, small business, MDU and municipal use cases on the same appliances. We have invested more than 15 years and almost $2 billion into our platform.

我們還推出了基於個人的雲端和主機服務模型，現在可以透過相同的設備為住宅、小型企業、MDU 和市政用例提供服務。我們為我們的平台投資了超過 15 年的時間和近 20 億美元。

As of the second quarter, we have enabled 1,116 broadband providers to deliver a differentiated experience to ensure their brand is front and center as they delight the communities they serve, including a new large cloud customer who selected us in the quarter.

截至第二季度，我們已幫助 1,116 家寬頻供應商提供差異化體驗，以確保他們的品牌處於中心位置，為他們服務的社區帶來快樂，其中包括本季度選擇我們的新的大型雲端客戶。

In late 2023, we recognized the emergence of AI would be an incredible opportunity to address the largest constraint that our customers face, the capacity to transform across operations, marketing and service.

2023 年末，我們意識到人工智慧的出現將是一個絕佳的機會，可以解決我們的客戶面臨的最大限制因素，即跨營運、行銷和服務轉型的能力。

To meet that need, we began investing in our third generation of the platform. And in second quarter, it went into preproduction for a second half launch in 2025. Beginning with the upcoming release of our third generation mobile application in August, CommandIQ, which is a valuable brand portal to end-subscribers.

為了滿足這項需求，我們開始投資第三代平台。第二季度，它進入預生產階段，計劃於 2025 年下半年推出。從我們即將於 8 月發布的第三代行動應用程式 CommandIQ 開始，它對於最終用戶來說是一個有價值的品牌入口網站。

The third-generation Calix platform has three goals: First, we expand our platform, cloud and managed services to allow us to meet the needs of local geographies through sovereign data centers. Second, we gain the ability to serve large customers with private clouds. Last and most important, we evolve our platform architecture to speed our capabilities with agentic AI across our solutions to allow the Calix team to move from success advice that a customer may or may not implement to success advice enabled through execution capacity with the legion of Calix AI agents.

第三代 Calix 平台有三個目標：首先，我們擴展我們的平台、雲端和託管服務，以便我們透過主權資料中心滿足當地地域的需求。第二，我們獲得了透過私有雲服務大客戶的能力。最後，也是最重要的一點，我們改進了平台架構，以加快我們在解決方案中使用代理 AI 的能力，從而使 Calix 團隊能夠從客戶可能會或可能不會實施的成功建議轉變為透過大量 Calix AI 代理的執行能力實現的成功建議。

While we remain the only organization in this industry with a substantial investment and customer success teams to support transformation, it does not overcome the very real capacity challenge that our customers face.

雖然我們仍然是這個行業中唯一擁有大量投資和客戶成功團隊來支持轉型的組織，但它並不能克服我們的客戶面臨的真正容量挑戰。

For example, many leaders prioritize new installs over adding a new experience campaign such as outdoor Wi-Fi, despite the very real truth that this campaign could add $10 to $50 of incremental revenue per month per subscriber and is wildly sticky, which reduces churn. They do not have the marketing capacity to build and execute campaigns nor installer capacity as they have not embraced the high satisfaction driving self-install model.

例如，許多領導者優先考慮新安裝，而不是增加戶外 Wi-Fi 等新的體驗活動，儘管事實上，這項活動可以為每位用戶每月增加 10 至 50 美元的增量收入，而且具有很強的粘性，可以減少客戶流失。他們沒有行銷能力來建立和執行活動，也沒有安裝能力，因為他們沒有採用高滿意度驅動的自安裝模式。

Agentic AI changes that as it will enable our customers to move faster, a force multiplier for action. Calix AI agents learning across our unique end-to-end platform and aligned with our customer success teams will allow a capacity-constrained customer to LEAP over the castle.

Agentic AI 改變了這種狀況，因為它將使我們的客戶能夠更快地行動，成為行動的力量倍增器。Calix AI 代理商透過我們獨特的端到端平台進行學習，並與我們的客戶成功團隊保持一致，將使容量受限的客戶能夠跨越城堡。

Our fast-growing legion of agents will speed opportunities to simplify, which improves margin; innovate, which increases revenue and reduces churn; and grow to meet the financial goals of our customers, members and investors. In short, more than 15 years of investment, building a unique end-to-end platform does more than enable an incredible second quarter.

我們快速成長的代理商團隊將加速簡化流程的機會，從而提高利潤率；創新，從而增加收入並減少客戶流失；並不斷發展以滿足我們的客戶、會員和投資者的財務目標。簡而言之，經過15年多的投資，建立一個獨特的端到端平台不僅僅帶來了令人難以置信的第二季業績。

We are poised to enable an industry-wide transformation that we have always envisioned for all broadband providers regardless of size or geography. Platform-based Agentic AI will enable network operators to become experience providers that dominate the markets they serve as the concept of customer success moves from advice that a BXP needs to prioritize and build capacity to implement to the push of a button by our BXP team member to approve the actions of a quickly expanding and evolving legion of Calix agents.

我們已準備好實現我們一直設想的針對所有寬頻供應商的全行業轉型，無論其規模或地理位置如何。基於平台的 Agentic AI 將使網路營運商成為主導其服務市場的體驗提供商，因為客戶成功的概念從 BXP 需要優先考慮和建立實施能力的建議轉變為我們的 BXP 團隊成員按下按鈕即可批准快速擴展和發展的 Calix 代理軍團的行動。

With that, I'll hand it over to Cory who will cover our second quarter financial performance and third quarter outlook and ongoing investments to transform and lead the broadband industry. Cory, over to you.

接下來，我將把時間交給 Cory，他將介紹我們第二季的財務表現和第三季的展望，以及為轉型和引領寬頻產業而進行的持續投資。科里，交給你了。

Thank you, Michael. We saw a very strong and broad-based demand environment during the second quarter, which allowed us to deliver revenue of $242 million, which represented 10% sequential quarterly revenue growth. Our record RPOs grew 2% sequentially to $347 million and increased 30% year-over-year. Our current RPOs were $134 million, up 5% sequentially and up 30% year-over-year.

謝謝你，麥可。我們在第二季度看到了非常強勁和廣泛的需求環境，這使我們能夠實現 2.42 億美元的收入，即季度收入環比增長 10%。我們的記錄RPO月增2%，達到3.47億美元，年增30%。我們目前的 RPO 為 1.34 億美元，季增 5%，年增 30%。

This metric is a strong indicator of the strength we are seeing from our platform, cloud and managed services model. This strength led to another quarter of record gross -- non-GAAP gross margin of 56.8%, representing a 60-basis point sequential increase and is related to customer mix and our BXP customers winning new subscribers as they continue the adoption of our platform.

這項指標有力地顯示了我們的平台、雲端和託管服務模式的實力。這一優勢使我們本季的非 GAAP 毛利率再創歷史新高，達到 56.8%，比上一季度增長了 60 個基點，這與客戶結構以及我們的 BXP 客戶在繼續採用我們的平台時贏得新用戶有關。

In the second quarter, we added 18 new BXP customers that were largely competitive takeaways as we continue to focus on landing new footprint. Our balance sheet metrics remained outstanding. We marked our fifth year of quarterly free cash flow and generated record free cash flow of $36 million in the quarter, our ninth consecutive quarter generating eight-digit free cash flow.

在第二季度，我們增加了 18 個新的 BXP 客戶，這些客戶大多是具有競爭力的客戶，我們將繼續專注於開拓新的業務範圍。我們的資產負債表指標依然出色。我們迎來了季度自由現金流的第五年，本季創造了 3,600 萬美元的創紀錄自由現金流，這是我們連續第九個季度實現八位數的自由現金流。

We ended the second quarter with record cash and investments of $299 million, even after utilizing $33 million for share repurchases during the second quarter.

儘管我們在第二季度動用了 3,300 萬美元進行股票回購，但我們在第二季結束時仍持有創紀錄的 2.99 億美元的現金和投資。

DSO was a record 24 days, down 6 days sequentially and down 14 days from a year ago. Inventory turns was 3.4%, down from 3.6% in the first quarter. As we noted last quarter, we have a diversified supply chain and manufacturing presence.

DSO 達到創紀錄的 24 天，比上一季減少 6 天，比去年同期減少 14 天。庫存週轉率為3.4%，低於第一季的3.6%。正如我們上個季度所指出的，我們擁有多元化的供應鏈和製造業務。

The data and 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. So far this year, the impact by tariffs has been minimal. And if the situation in this dynamic environment changes, we will do our best to minimize the impact to our customers.

我們與客戶之間的數據和直接關係，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。今年迄今為止，關稅的影響微乎其微。如果這種動態環境中的情況發生變化，我們將盡最大努力將對客戶的影響降至最低。

Moving to guidance. Given the broad-based demand picture, we believe we can continue to grow sequentially even with the big step up from this quarter, specifically for the third quarter of 2025. Our revenue outlook is between $243 million and $249 million, which at the midpoint would represent a 2% sequential increase in revenue. Our non-GAAP gross margin guidance at the midpoint would represent a slight increase from the second quarter and reflects our expectations regarding customer and product mix.

轉向指導。鑑於廣泛的需求狀況，我們相信，即使從本季開始大幅成長，我們仍能繼續環比成長，特別是在 2025 年第三季。我們預計營收在 2.43 億美元至 2.49 億美元之間，中間值代表營收季增 2%。我們對中期非公認會計準則毛利率的預期較第二季略有增加，這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 at the higher end of our target financial model from 100 basis points to 200 basis points.

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高端，從 100 個基點到 200 個基點。

And regarding non-GAAP operating expenses, we continue to restrain our OpEx investments until we are back into our target financial model. That said, we expect a slight increase in the third quarter as we made some incremental investments in sales and marketing. However, as a percentage of revenue, operating expenses will continue to decline as our revenue grows each quarter.

關於非公認會計準則營運費用，我們將繼續限制我們的營運支出投資，直到我們回到目標財務模型。話雖如此，由於我們在銷售和行銷方面進行了一些增量投資，我們預計第三季會略有成長。然而，作為收入的百分比，隨著我們每季的收入成長，營運費用將繼續下降。

Michael, back to you.

邁克爾，回到你身邊。

Thanks, Cory. Nine years ago, I joined Calix because Carl Russo painted a vision, where Calix would transform from a network system company into a platform company that would get ahead of the disruption he saw in 2007, the end of legacy network operators and the rise of broadband experience providers.

謝謝，科里。九年前，我加入 Calix 是因為 Carl Russo 描繪了一個願景，Calix 將從一家網路系統公司轉型為一家平台公司，以應對他在 2007 年看到的顛覆——傳統網路營運商的終結和寬頻體驗供應商的崛起。

With agentic AI on our unique end-to-end platform, an important piece falls in place, the ability to automate action to drive the success of our broadband experience customers as they expand across residential, business and municipal in the communities they serve.

借助我們獨特的端到端平台上的代理人工智慧，一個重要的部分得以實現，即能夠自動採取行動，推動我們的寬頻體驗客戶在其服務的社區中的住宅、商業和市政領域擴展時取得成功。

This next step will see Calix leverage our platform in more than 15 years of investment to evolve into an AI as a service platform company. I'm excited to lead the team forward at this truly amazing time.

下一步，Calix 將利用我們平台超過 15 年的投資，發展成為 AI 即服務平台公司。我很高興能在這個真正令人驚嘆的時刻帶領團隊前進。

In closing, I'd like to thank our team, our customers, our partners and investors whose passion, grit over 15 years, trust and partnership have brought us to this exciting next stage in the Calix journey.

最後，我要感謝我們的團隊、客戶、合作夥伴和投資者，他們 15 年來的努力、勇氣、信任和合作帶領我們進入了 Calix 旅程令人興奮的下一個階段。

Nancy, let's open the call.

南希，我們開始通話吧。

Darryl, we are ready to take some questions.

達裡爾，我們準備好回答一些問題。

(Operator Instructions)

（操作員指示）

Scott Searle, ROTH Capital Partners.

塞爾（Scott Searle），羅仕證券資本合夥公司（ROTH Capital Partners）。

Great job on the quarter and the outlook. Just a quick clarification. I'm not sure if I heard a normalized number as you reclassified one of the customers from a smaller to a larger customer. I wonder what the growth was sequentially for the smaller customers on an organic basis without that was being adjusted.

本季和前景都表現優異。只需簡單澄清一下。當您將其中一個客戶從較小客戶重新分類為較大客戶時，我不確定我是否聽到了標準化的數字。我想知道，在沒有進行調整的情況下，小客戶的有機成長情況如何。

And then Mike, maybe to dive in on the agentic front. I'm wondering if you could talk a little bit more detailed in terms of the impact from an OpEx standpoint. It sounds like you're going to keep that pretty constrained in the near term until you get to some target operating margin levels? But how do you expect cost to trend on that front?

然後麥克，也許會深入研究代理方面。我想知道您是否可以從營運支出的角度更詳細地談談其影響。聽起來，在達到某個目標營業利潤率水平之前，您會在短期內對此保持相當嚴格的限制？但您預期這方面的成本趨勢如何？

And the actual impact then from an ARPU standpoint, as you start to look at the customer base and how you monetize that? I know it's going to come from improvements in general in terms of your efficiency. But in terms of rollout of new services and adoption, are we starting to think about ARPU levels from value-added services at a higher level as you start to implement agenetic on a more broad-based basis?

那麼從 ARPU 的角度來看，當您開始關注客戶群以及如何將其貨幣化時，實際影響是什麼？我知道這將帶來整體效率的提升。但是，在推出和採用新服務方面，當您開始在更廣泛的基礎上實施基因技術時，我們是否開始在更高的層次上考慮增值服務的 ARPU 水平？

Yes, Scott. We haven't really specified what that impact is, but it's mid-single digits.

是的，斯科特。我們還沒有具體說明這種影響是什麼，但它是一個數字的中等程度。

Now with regards to -- okay, you asked a lot of questions in there. So I'm going to -- but I wrote them down, so I'll parse them out. So the first one is that you asked about what's the impact of cost. I'm assuming the question you're asking is internally? Or are you asking the cost with regards to our investment in artificial intelligence?

現在關於——好的，你在那裡問了很多問題。所以我要——但我把它們寫下來，這樣我就可以分析它們了。所以第一個問題就是你問到成本的影響是什麼。我假設您問的問題是內在的？或者您問的是我們對人工智慧的投資成本？

Sorry about that, Mike. Your investment, right, in terms of what's going to happen to your R&D and OpEx, does it start to require a little bit more of an inflection as you start to move down that path?

很抱歉，麥克。對吧，就您的研發和營運支出將會發生什麼而言，當您開始沿著這條道路前進時，您的投資是否開始需要更多的轉變？

Good point, okay. Good question. So with regards to investments, so we have a model that we've identified, and Cory mentioned now we've constrained OpEx with regards to it because until we get our revenue to a certain point and Cory, why don't you take few seconds to remind all investors about our model with regards to R&D, it is?

說得好，好的。好問題。因此，就投資而言，我們有一個已確定的模型，Cory 提到，現在我們已經限制了與此相關的營運支出，因為直到我們的收入達到一定水平，Cory，你為什麼不花幾秒鐘時間提醒所有投資者關於我們的研發模型呢？

29% of gross profit.

毛利的29%。

Correct. So as we think about it, sure there's going to be opportunities where we have to go a little bit faster because the transformation, the rate of change is going on with AI is something we've never seen before. But you have to understand that what we're doing with artificial intelligence is not a new thing that we plunk on top of a legacy as a legacy company that we plunk it on top and hope that AI does something magic. You have to recognize the fact that this is the third generation of our platform.

正確的。因此，當我們思考這個問題時，我們肯定會有機會加快步伐，因為人工智慧的轉變和變化速度是我們從未見過的。但你必須明白，我們在人工智慧方面所做的事情並不是什麼新鮮事，我們把它放在傳統公司的傳統之上，並希望人工智慧能創造一些神奇的東西。你必須認識到這是我們平台的第三代。

We are building on a significant strength that allows us to drop this capability in place and really accelerate what we're doing for our customers. And the best way to think about the times and how things are changing is that Carl started to vision this back in 2007. But it took us to 2019 to launch our -- and so we started to play with it. That was the first generation.

我們正在建立強大的實力，使我們能夠實現這一能力並真正加快我們為客戶所做的事情。思考時代和事物如何變化的最佳方式是卡爾早在 2007 年就開始設想這一點。但我們直到 2019 年才推出——所以我們開始嘗試它。那是第一代。

Then, in 2019, we launched the second generation. That basically took us over the last six years. And now we're going into the third generation, which has had a development cycle of like 18-, 24 months. So the pace of change here, you can see that the investments over time that we have made are making us much more efficient at each subsequent state.

然後，在2019年，我們推出了第二代。這基本上花了我們過去六年的時間。現在我們進入第三代，其開發週期約為 18 到 24 個月。因此，從這裡的變化速度可以看出，我們隨著時間的推移所做的投資使我們在每個後續階段變得更有效率。

And so as we look at this, it really drops onto our platform in a very unique way that allows us to help our customers monetize the opportunity. And that opportunity is transforming from a network operator into a broadband experience provider without investing a ton of capital.

因此，當我們審視這一點時，它確實以一種非常獨特的方式進入我們的平台，使我們能夠幫助客戶將這一機會貨幣化。這個機會就是無需投入大量資金就能從網路營運商轉型為寬頻體驗供應商。

So when you ask the question around how does this monetize out? For our customers, it monetizes out in the form of I am -- as I stated in my opening comments, I want to launch a new campaign, but I don't have the marketing capacity to even do it. And now all of a sudden, this capability pops up in our cloud that allows our organization to go to one that was coaching our customers on how to do micro-based segmentation, how to build campaigns, how to win that new subscriber to push the button and the campaign launches.

那麼當您問到如何將其貨幣化時？對於我們的客戶，它以「我」的形式實現貨幣化——正如我在開場白中所說的那樣，我想發起一項新的活動，但我沒有行銷能力來做到這一點。現在，突然之間，這種功能出現在我們的雲端中，使我們的組織可以去指導我們的客戶如何進行微觀細分、如何建立活動、如何贏得新用戶並啟動活動。

It's not only does the agentic AI, one agent will build out the segmentation, the next will then do propensity to buy. The next will select what are the right social media opportunities for them to advertise on. The next agenetic agent will use A to A to reach out into HubSpot and actually run the campaign. The next agent will grab the response back and then present it to the end-user inside the broadband company and say, here was the campaign that we launched.

它不只是代理人工智慧，一個代理會建立細分，下一個代理會進行購買傾向分析。接下來將選擇適合他們做廣告的社群媒體機會。下一個遺傳代理將使用 A to A 來聯繫 HubSpot 並實際運行活動。下一個代理商將獲取回應，然後將其呈現給寬頻公司內的最終用戶，並說，這是我們發起的活動。

And so in that scenario, we go from people who are running for broadband, these broad-based campaigns to truly what we've always talked about, which is small micro segmented campaigns that frankly were too difficult to run because if you run a really good marketing campaign in broadband, it should cost you dollars, not hundreds of thousands.

因此，在這種情況下，我們從那些為寬頻而奔走的人們，這些廣泛的活動，轉向了我們一直在談論的真正內容，即小型微型細分活動，坦率地說，這些活動太難開展了，因為如果你在寬頻領域開展一個真正好的營銷活動，它應該花費你幾美元，而不是幾十萬美元。

So for example, I should be able to micro segment down to 50 or 75 customers and run a $3 social media campaign and get an ROI on that through upsell, cross-sell or net new subscribers. But then I want to run thousands of those, and that just doesn't scale because I can't hire the employees to do it.

例如，我應該能夠將客戶細分到 50 或 75 個，並開展 3 美元的社交媒體活動，並透過追加銷售、交叉銷售或新增訂戶獲得投資回報。但我想運行數千個這樣的系統，但這無法擴大規模，因為我無法僱用員工來做這件事。

So when we talk about the monetization, that helps our customers radically transform how they operate today, which then -- and as we've always stated, we only make money when our customers make money. And so it helps them do the things as we go faster. They win more subscribers. They sell it at a higher ARPU by doing higher attach than they cross-sell, upsell.

因此，當我們談論貨幣化時，這有助於我們的客戶從根本上改變他們目前的營運方式，正如我們一直所說的那樣，只有當我們的客戶賺錢時，我們才能賺錢。這樣可以幫助他們在我們加快速度的同時完成工作。他們贏得了更多的訂閱者。他們透過更高的附加價值而不是交叉銷售、追加銷售來獲得更高的 ARPU。

So all of these become force multipliers, which is something that Carl and I have frequently talked about. In fact, he sent me an article about two months ago, and he talked about how private equity is shifting into looking at legacy businesses and investing and saying, if I drop AI into that legacy business, can I get this massive multiplying impact on that business and in essence, finding undervalued assets using artificial intelligence to turn them into radically higher value businesses.

因此，所有這些都成為力量倍增器，這是卡爾和我經常談論的事情。事實上，大約兩個月前，他給我發了一篇文章，他談到私募股權如何轉向關注傳統企業並進行投資，並說，如果我將人工智慧投入到傳統企業中，我能否對該企業產生巨大的倍增效應，本質上，利用人工智慧找到被低估的資產，並將其轉變為價值更高的企業。

And frankly, that's been our thesis right from 15 years ago, that broadband is undervalued, that it is a business model that is inelastic that once they make the infrastructure investment, that there's a huge monetization opportunity on top of it. And what this allows us to do with the third generation of our platform is help our customers make a lot more money faster and crush their competition, and we get a portion of that. So that's how it all comes out.

坦白說，這是我們 15 年前就提出的觀點，即寬頻被低估了，它是一種缺乏彈性的商業模式，一旦他們進行基礎設施投資，就會有巨大的盈利機會。這使我們能夠利用第三代平台來幫助我們的客戶更快地賺取更多利潤並擊敗他們的競爭對手，而我們也能從中獲益。事情就是這樣的。

Mike, then just to follow-up, and I'll get back in the queue. You're accelerating your customers' time to market in terms of their ability to deploy value-added services and campaigns. How quickly can that get deployed then in the customer base with the third-generation platform? And when do we start to see that, I guess, ramping up as part of your current RPOs?

麥克，接下來只是跟進，我會回到隊列中。您正在根據客戶部署增值服務和活動的能力來加速他們的產品上市時間。那麼，第三代平台能多快在客戶群中部署呢？那麼，我猜，我們什麼時候會開始看到這一點，作為您目前 RPO 的一部分而不斷提升？

Yes, so that's 2026. And the platform rolls out, as I said, it's in preproduction right now. We put it into preproduction in second quarter. We have the first component of that launching in August, which is our third-generation mobile app, which actually there's multiple iterations of that. There's a consumer mobile app, there's a small business mobile app and then there's installer.

是的，那是 2026 年。正如我所說，該平台現已推出，目前處於預生產階段。我們在第二季將其投入預生產。我們的第一個組件將於 8 月推出，即我們的第三代行動應用程序，實際上它有多個版本。有一個消費者行動應用程序，有一個小型企業行動應用程序，然後還有一個安裝程式。

And we just showed it to 30-plus CEOs 3- or 4 weeks ago and walked them through where we're going with the mobile app to support a brand portal, frankly, for customers. And they were blown away because all the things they've been looking for us to do are implemented in that mobile app. And on top of that, that becomes the portal upon which AI has a profound impact on the end subscriber. So we see that impacting through 2026.

我們在三四周前向 30 多位執行長展示了它，並向他們介紹了我們將如何使用行動應用程式為客戶提供品牌入口網站的支援。他們非常震驚，因為他們希望我們做的所有事情都在那個行動應用程式中實現了。最重要的是，這成為人工智慧對最終用戶產生深遠影響的門戶。因此，我們認為其影響將持續至 2026 年。

And then the other part of that is, as I said in my opening remarks, there's three facets to this. One is helping our existing customers succeed. The other two are facets of our platform, which we have been very thoughtful about what markets we expand to.

另一部分是，正如我在開場白中所說，這有三個面向。一是幫助我們現有的客戶成功。另外兩個是我們平台的方面，我們非常認真地考慮要擴展到哪些市場。

This evolution of -- to this third generation also enables us to do private cloud for large customers and allows us to eliminate the geographic constraints that we have because privacy and data control and sovereignty of data has been a significant constraint with us with regards to our ability to go into new markets. And we will now be able to set up sovereign data centers and eliminate that issue as we go through 2026. Long answer for a short question.

第三代技術的演進使我們能夠為大客戶提供私有雲，並消除地理限制，因為隱私、資料控制和資料主權一直是我們進入新市場能力的重大限制。我們現在將能夠建立主權資料中心，並在 2026 年之前消除此問題。簡短的問題，長答案。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Congrats on the quarter and the strong RPO. Maybe if I can start on the RPO growth that you had quite robust at 30%. But I'm just trying to sort of match this up relative to the revenue growth acceleration that you've had this quarter.

恭喜本季取得的出色業績和強勁的 RPO。也許我可以開始討論你們的 RPO 成長，其成長率相當強勁，達到 30%。但我只是想將其與本季的營收成長加速進行匹配。

The RPO growth, in fact, decelerated modestly, while still at a healthy level. Was there something different in terms of attach of platform services, et cetera, this quarter that would explain why probably the RPO numbers are a bit lower compared to the last quarter while your revenue growth, in essence, is quite significantly better than the last quarter? And I have a follow-up.

事實上，RPO 成長略有放緩，但仍處於健康水平。本季在平台服務附加等方面是否存在不同，這是否可以解釋為什麼 RPO 數字與上一季相比略低，而實際上營收成長卻比上一季好得多？我還有一個後續問題。

So it's worth reviewing again how RPOs work. So with regards to RPOs, when we sign a contract with a customer, we actually go through it and we'll sign them up for a minimum. And I'm just going to use really simple numbers.

因此值得再次回顧 RPO 的工作方式。因此，就 RPO 而言，當我們與客戶簽訂合約時，我們實際上會對其進行審核，並會與他們簽訂最低合約。我只會使用非常簡單的數字。

So we sign them up for a minimum of 1,000 subscribers a month. And then they would sign up for a three-year contract. And let's say their growth is, they actually do 1,500 subscribers, 1,600 subscribers, 1,700 subscribers. Those incremental 600 subscribers or 700 subscribers per month actually dropped straight to revenue.

因此，我們每月至少為他們簽約 1,000 名訂閱者。然後他們會簽署一份三年的合約。假設他們的成長是，他們實際上擁有 1,500 名訂閱者、1,600 名訂閱者、1,700 名訂閱者。每月新增的 600 名或 700 名訂閱者實際上直接影響了收入。

They don't show up in RPOs until the customer comes up for a renewal, so they can either renew at the end of that three-year contract or if their growth is significant, as we saw in some of our lumpy RPO numbers where you see big jumps where the customer would say, I want to renegotiate because I'm twice my volumes, therefore, I would like a better per month subscriber charge.

它們直到客戶續約時才會出現在 RPO 中，因此他們可以在三年合約結束時續約，或者如果他們的成長顯著，就像我們在一些不均勻的 RPO 數字中看到的那樣，你會看到大幅跳躍，客戶會說，我想重新協商，因為我的數量是原來的兩倍，因此，我希望每月的訂閱費用更優惠。

And so for us as a company, we're not going to push for a renewal because why would we not allow just to drop to revenue, we're not focused just on driving RPO growth. So that negotiation of the contract is what then -- then they go to 2,000 subscribers as the minimum over three years, and that bumps up the RPO number. So that's why you see it's lumpy, but that also is why RPOs are a portion of the growth that we see in our cloud.

因此，對於我們公司而言，我們不會推動續約，因為我們為什麼不允許收入下降，我們並不只專注於推動 RPO 成長。因此，合約談判就是——然後他們在三年內至少獲得 2,000 名用戶，這會提高 RPO 數字。所以這就是為什麼你看到它不均勻，但這也是為什麼 RPO 是我們在雲端中看到的成長的一部分。

Okay. In that sense -- sorry, go ahead.

好的。就這個意義上來說——抱歉，請繼續。

In the quarter, the acceleration that you saw really was on the appliance side. As you know, a large number of legacy vendors in our industry have been challenged. We anticipated that this would present us an opportunity to land new footprint, and it has. What we didn't anticipate was the speed at which these new customers would want to roll out Calix appliances.

在本季度，您看到的加速確實是在設備方面。眾所周知，我們行業中的大量傳統供應商都受到了挑戰。我們預計這將為我們帶來開拓新領域的機會，事實也確實如此。我們沒有預料到這些新客戶想要推出 Calix 設備的速度會如此之快。

Okay. Great. And maybe for my follow-up, if I can get a quick update on the current supply situation that you have? I think you had updated us that you're looking to move the supply capacity to Mexico. But what's been the progress on that front? Any update on that?

好的。偉大的。也許為了後續跟進，我可以快速了解您目前的供應情況嗎？我想您已經向我們通報了您正在考慮將供應能力轉移到墨西哥。但這方面的進展如何？有最新消息嗎？

Yeah. I mean at this point, we are, knock on wood, in a stable environment. We are okay where we're at from a manufacturing process perspective. And so we'll continue to build that. It will take time. So like we said, it feels like anywhere from 9- to 18 months to complete having the capacity in multiple locations. But at the moment, there is no need to make any real changes. We're okay as it is.

是的。我的意思是，目前我們正處於一個穩定的環境。從製造過程的角度來看，我們現在的狀況還不錯。因此我們將繼續建構這套體系。這需要時間。所以就像我們說的，感覺需要 9 到 18 個月的時間才能在多個地點實現產能。但目前，沒有必要做出任何真正的改變。我們現在還好。

So unless something changes, we're going to continue to do what we're doing with no real big modifications to our manufacturing footprint.

因此，除非發生變化，否則我們將繼續做我們正在做的事情，不會對我們的製造足跡進行真正的重大改變。

Michael Genovese, Rosenblatt Securities.

羅森布拉特證券公司的麥可‧吉諾維斯 (Michael Genovese)。

I just want to understand on this third-generation platform. This is just a software update, correct? I mean do the appliances change at all? Or do you just press the button and then everybody has the third-generation platform?

我只是想了解這個第三代平台。這只是一個軟體更新，對嗎？我的意思是電器有變化嗎？還是你只需按下按鈕，然後每個人都會擁有第三代平台？

Yes, I know it's exactly that. So it's a cloud upgrade and like it's a transformation of the architecture of the cloud. And yes, everybody gets it, it actually goes back against all systems. That's the value when I talk about the two operating systems. We have a network operating system that's unique in the industry. It allows customers to virtualize their networks, so access, aggregation, subscriber management and other provider edge functions into a single platform.

是的，我知道確實如此。所以這是一次雲端升級，也是雲端架構的轉變。是的，每個人都明白，它實際上違背了所有系統。這就是我談論這兩個作業系統的價值。我們擁有業界獨一無二的網路作業系統。它允許客戶虛擬化他們的網絡，從而將存取、聚合、用戶管理和其他提供者邊緣功能整合到一個平台中。

And then we have our operating system that sits on top of a WiFi appliance, but we're agnostic to the hardware. So for sure, it's just press the button.

我們的作業系統位於 WiFi 設備之上，但我們對硬體一無所知。所以可以肯定的是，只需按下按鈕即可。

Sounds good. And then the other two things I want to ask on quickly. Last quarter, there was some pull-ins with a Tier 1 customer, Tier 1 category was strong this quarter. So was that customer better than you thought it would be in 2Q?

聽起來不錯。然後我想快速問另外兩件事。上個季度，我們吸引了一些一級客戶，本季一級客戶表現強勁。那麼，第二季的客戶表現是否比您想像的要好？

And I mean I'll just ask my other question about BEAD. What's the confidence that BEAD is going to be a -- I mean, obviously, at this point, I don't care at all, but I just want to get your opinion, a confidence level that it will be a significant program to close the digital provider in this country or not -- end up being that or not.

我的意思是我只想問另一個關於 BEAD 的問題。您對 BEAD 是否會成為——我的意思是，顯然，在這一點上，我一點也不關心，但我只是想聽聽您的意見，您對它是否會成為關閉這個國家數字提供商的一項重要計劃的信心程度如何——最終是否會成為一項重要計劃的信心程度如何。

So on your first question, what's your first question?

那麼關於您的第一個問題，您的第一個問題是什麼？

It's the Tier 1 pull-in.

這是一級吸引。

Yes, pull-in. It's not strength from that customer. It was largely reclassification from the small customer segment to the large customer segment. So when you factor that in, that was -- the actual large customer strength in the first quarter is actually down in the second quarter, so that's kind of predicted.

是的，拉進來。這不是來自那位顧客的實力。這主要是從小客戶群到大客戶群的重新分類。因此，當你考慮到這一點時，第一季的實際大客戶實力實際上在第二季下降了，所以這是可以預測的。

But you had the strength across the entire broad base that just kind of pull that up, right? As customers continue to cross the chasm and add more subscribers, that's broad-based, and we're seeing it across our customers.

但是你擁有覆蓋整個廣泛基礎的力量，可以將其拉高，對嗎？隨著客戶不斷跨越鴻溝並增加更多訂戶，這種趨勢是廣泛的，我們在客戶中都能看到這一點。

Second one is BEAD.

第二個是BEAD。

On the BEAD thing -- so in terms of BEAD, there's really no update. It's still in the state of flux, as you know. They're going through a rebidding process at the state level. I'm not going to speculate on when that gets itself sorted out. I think it will take time. What's important to know is that it's not in our numbers. And when it ever eventually happens, which is likely later than you think it's going to be, we'll do well.

關於 BEAD 的事情 —— 就 BEAD 而言，確實沒有更新。如你所知，它仍然處於不斷變化的狀態。他們正在進行州一級的重新招標程序。我不想猜測什麼時候這個問題才能解決。我認為這需要時間。重要的是要知道這不在我們的數字之內。當它最終發生時，這可能比你想像的要晚，我們會做得很好。

It's the same thing as we always say. I always quote Carl on this, right, our Chairman, which is, it's always going to take way plenty longer than you ever thought it would. When it does arrive, it will take longer to roll out and it will be bigger than you ever expected. We do believe that this program will go forward, but we don't have it in our numbers because it's a political program.

這和我們常說的是一樣的。我總是引用我們的主席卡爾的話，那就是，這總是會比你想像的花費更長的時間。當它真正到來時，推出的時間會更長，而且規模會比你預想的要大。我們確實相信這個計劃將會繼續推進，但是我們並沒有將其納入我們的數據中，因為它是一個政治計劃。

And the good thing is that at its core, it's a bipartisan goal because the country is filled with red and blue states, right? So those people who want to get elected or reelected in the midterms definitely wants something to happen. But this process has been a bit more arduous than others.

好消息是，從本質上講，這是一個兩黨共同的目標，因為這個國家充滿了紅州和藍州，對嗎？因此，那些想在中期選舉中當選或連任的人肯定希望發生一些事情。但這個過程比其他過程更加艱鉅。

Although there's lots of people who would argue this is exactly as arduous and as it was before. So the good thing is not in our numbers. Yes, it will come at some point, and when it does, we'll be ready to -- well, our customers will take advantage of it, and we continue to engage with them and support their rebids.

儘管很多人認為這和以前一樣艱鉅。所以，好事並不在於我們的數量。是的，它會在某個時候到來，當它到來時，我們會做好準備——我們的客戶會利用它，我們會繼續與他們合作並支持他們的重新競標。

George Notter, Wolfe Research.

喬治·諾特（George Notter），沃爾夫研究公司。

I just wanted to go back to the agentic AI discussion. I'm just curious about what elements of this are here to benefit the end subscribers? From what you've described, it sounds like it's more about operational benefits for the service provider. I'm wondering if there's also new offerings, new capabilities, new ARPU-enhancing things for the end subscribers that drive this as well.

我只是想回到代理人工智慧的討論。我只是好奇這其中的哪些元素能為最終用戶帶來好處？根據您的描述，這聽起來更多的是關於服務提供者的營運利益。我想知道是否還有新的產品、新的功能、新的 ARPU 增強功能可供最終用戶使用，從而推動這項進程。

Yes, that was my initial statement is that the first iteration of this for the first component that drops into place is the mobile application, which is a brand for the end-subscriber. It's a brand portal for them, for our customers to get their brand out to the end-subscriber. And within that, that's where a lot of these new incremental capabilities will show up.

是的，這是我最初的說法，即第一個到位的組件的第一次迭代是行動應用程序，它是最終用戶的品牌。對他們來說，這是一個品牌門戶，我們的客戶可以透過它向最終用戶推廣他們的品牌。而其中，許多新的增量能力將會顯現出來。

The agentic AI capabilities for an end-consumer subscriber are going to be around cyber capabilities, enhancements with regards to performance and analysis of everything that's going on in the home to provide a better capability. We evolved from machine learning to agentic AI and things like troubleshooting.

面向最終消費者用戶的代理 AI 功能將圍繞網絡功能、性能方面的增強以及對家庭中發生的一切事情的分析，以提供更好的功能。我們從機器學習發展到代理人工智慧和故障排除之類的東西。

And I'm sitting by the pool, my laptop is not working so, well, what's going on, and then it'll come back and identify it. So yes, there's lots of opportunities. And then it does, as I said, expands out into -- there's really three elements to a broadband business: Operations, which drives efficiencies and improve profitability; innovation, which drives new subscribers through partnering -- sorry, innovation drives new subscribers through new capabilities that attract new customers.

我坐在泳池邊，我的筆記型電腦不工作了，所以，好吧，發生了什麼事，然後它會回來並識別它。是的，有很多機會。然後，正如我所說，它確實擴展到——寬頻業務實際上包含三個要素：運營，提高效率和盈利能力；創新，透過合作推動新用戶——抱歉，創新透過吸引新客戶的新功能來推動新用戶。

And I gave you the example where we had a customer put out SmartBiz and the 2.5x revenue, it was incredible per subscriber. And so yes, there will be all kinds of customer-facing, subscriber-facing and customer enhancement.

我給你舉了一個例子，我們有一位客戶推出了 SmartBiz，其每個訂閱者的收入為 2.5 倍，這是令人難以置信的。是的，將會有各種面向客戶、面向使用者和客戶增強的功能。

Got it. And then just as a quick follow-up. Was there any pull forward do you think from your customers around tariffs? I was just looking at how strong the hardware business looked in the quarter. Any benefits there?

知道了。然後只是進行快速跟進。您認為您的客戶在關稅方面是否有所提升？我只是在觀察本季硬體業務的表現有多強勁。有什麼好處嗎？

No. We work closely with our customers with regards to -- like this concept of pull forward. I shouldn't have used that word because it's not true. What we do is we work really closely with our customers on how they manage their inventories and then we just move things around to help them meet the demands of their subscribers.

不。我們與客戶就「向前拉」這個概念展開密切合作。我不應該使用這個詞，因為它不是真的。我們所做的就是與客戶密切合作，了解他們如何管理庫存，然後我們調整庫存以幫助他們滿足訂閱者的需求。

Christian Schwab, Craig-Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

First, congrats on the better results and the material earnings leverage. My question has to do with given the better-than-expected results here this year as well as what appears to be improved visibility, as I look to 2026, last year, you guys talked about being able to drive double-digit top line growth. Should we assume that still is the expectation, given the better-than-expected results in the near term here in '25?

首先，恭喜公司業績取得較好成績，獲利槓桿大幅提升。我的問題與今年好於預期的業績以及似乎有所提高的可見性有關，展望 2026 年，去年你們談到能夠推動兩位數的營收成長。考慮到 25 年短期內的結果好於預期，我們是否應該認為這仍然是預期？

Yes, that is correct. We still think we can drive a double-digit growth next year and improving margin and cash.

是的，正確。我們仍然認為明年我們可以實現兩位數的成長，並提高利潤率和現金。

And improving margin. I got on the gross margin point, but thanks for reiterating that. My last question then, as we move to the different layers of agenetic AI applications and helping your customers over, now I understand it's kind of being rolled out here and kind of finalized throughout 2026.

並提高利潤率。我談到了毛利率問題，但感謝您重申這一點。那麼我的最後一個問題是，隨著我們轉向不同層次的遺傳人工智慧應用並幫助您的客戶，現在我了解到它正在這裡推出並在 2026 年完成。

But on a multiyear kind of CAGR basis, would you expect this to have a positive impact on your long-term growth rate? And if it does, could you give an aspirational expectation?

但是從多年的複合年增長率來看，您是否認為這會對您的長期成長率產生正面影響？如果是的話，您能給一個期望嗎？

No aspirational expectations. But yes, because, as I stated, there's three elements to what agentic AI and our third-generation platform do for Calix. The first one is our existing base. It allows us to help them add new subscribers at a faster rate. And as per the previous question, that comes out from a customer benefit in two ways: one, that they can radically improve operating costs and therefore, their own margins, which is important.

沒有抱負的期盼。但確實如此，因為正如我所說，代理 AI 和我們的第三代平台為 Calix 所做的事情有三個要素。第一個是我們現有的基礎。它使我們能夠幫助他們以更快的速度增加新用戶。正如前面的問題，這對客戶有兩個好處：第一，他們可以從根本上改善營運成本，從而提高自己的利潤率，這一點很重要。

And then also win new subscribers and selling at higher ARPU. So that's the first part. So that's our existing base. So we continue to see -- we have strength in that base, and we'll continue to dominate those markets and grow with our customers.

然後還能贏得新用戶並以更高的 ARPU 進行銷售。這是第一部分。這就是我們現有的基礎。因此，我們繼續看到——我們在該基礎上擁有實力，並且我們將繼續主導這些市場並與我們的客戶共同成長。

But the other key element that I identified is that the growth of incremental segments. So we announced that we launched MDU. We have a goal to move into the medium-sized business segments. And then agentic allows us to eliminate the geographic constraints that we have with regards to our clouds due to data sovereignty and privacy rules and move into new markets.

但我發現的另一個關鍵因素是增量細分市場的成長。因此我們宣布推出 MDU。我們的目標是進軍中型企業領域。然後，agentic 使我們能夠消除由於資料主權和隱私規則而對雲端產生的地理限制，並進入新的市場。

And then on top of that, we've never dealt with the very large in our industry primarily because of the fact that while we won a large customer this quarter, who bought our existing business, most of the others actually have a different business model. And so part of the evolution of our architecture in this third generation was also to allow private instances big companies. So those are TAM expansions.

除此之外，我們從未與行業中的大型企業打過交道，主要是因為雖然我們本季贏得了一位大客戶，他購買了我們現有的業務，但其他大多數企業實際上都有不同的商業模式。因此，我們第三代架構的演進也是為了讓大公司擁有私有實例。這些就是 TAM 擴充。

Fantastic. And then if I could sneak in one last question. Your commentary about security and software and cloud and being in a position to expand into international markets with a stronger presence. Can you just elaborate on what that means?

極好的。然後我可以偷偷問最後一個問題。您對安全、軟體和雲端的評論以及以更強大的影響力拓展國際市場的能力。能詳細說明一下這是什麼意思嗎？

Does that mean that you would expect over time to have a stronger presence in, say, Europe, for example, than you currently have? I guess that wasn't clear to me, I'm sorry.

這是否意味著您希望隨著時間的推移，在例如歐洲等地擁有比現在更強大的影響力？我想這對我來說並不清楚，很抱歉。

Yes. So the constraint that we have is that if you look at the rules with regards to -- and data sovereignty is something that most governments have a lot of -- care a lot about it, right? And if we look at some of the polarization of what's going on politically across the world, one could, I think, safely hypothesize that data privacy and sovereignty is going to become more and more important by a company -- or by country.

是的。因此，我們面臨的限制是，如果你看一下與資料主權相關的規則，你會發現大多數政府都非常關心資料主權，對嗎？如果我們觀察一下世界各地政治局勢的兩極化，我認為，我們可以有把握地假設，資料隱私和主權對公司或國家來說將變得越來越重要。

And so in the past, we've had two data centers, one in the United States -- two data instances, I guess, but not truly just data centers, but one in the United States and one in Canada, which has served like UK and places like that. We now have the capability with this third-generation platform to leveraging our cloud partner to set up instances in a local level by country, if necessary. So not necessarily in the EU, although if there's fragmentation in the EU that might become possible.

過去，我們有兩個資料中心，一個在美國——我想是兩個資料實例，但實際上不僅僅是資料中心，而是一個在美國，一個在加拿大，為英國等地提供服務。現在，我們有能力利用這個第三代平台，在必要時利用我們的雲端合作夥伴按國家在本地層級設定實例。因此在歐盟不一定如此，但如果歐盟出現分裂，這種情況就有可能發生。

But we look at this -- this whole conversation with regards to where we go with this back in late 2023 started with, we looked at the United States, which is a very state-based country, and we hypothesized out that, hey, what would happen if every state started to put data privacy rules in place and wanted sovereignty in a state, which is not frankly -- that could happen.

但我們看看這個——關於 2023 年底我們將如何發展的整個討論都是從美國開始的，這是一個非常以州為基礎的國家，我們假設，如果每個州都開始製定數據隱私規則並希望擁有州主權，會發生什麼，坦率地說，這不可能發生。

And so we started down this path in 2023, investing almost $100 million to make this happen. And that's the point of this. So we can set it up in the EU. We can set it up in the Middle Eastern country and not have to worry about the data privacy. That has frankly held us back in a lot of markets. And now is the time.

因此，我們從 2023 年開始沿著這條道路前進，投資近 1 億美元來實現這一目標。這就是這件事的意義。所以我們可以在歐盟建立它。我們可以在中東國家建立它，而不必擔心資料隱私。坦白說，這阻礙了我們在許多市場的發展。現在是時候了。

Tim Savageaux, Northland Capital Markets.

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

My congrats on the results and outlook as well. Quick question about some specific customer segments, even correcting for the reclass. Your large carrier revenue is up pretty good over what you saw last year. And that's true on the medium side as well. I wanted to kind of get your view on a couple of dynamics driving that.

我也對結果和前景表示祝賀。關於一些特定客戶群的快速提問，甚至糾正重新分類。與去年相比，您的大型營運商的收入有了很大的成長。從中等角度來看也是如此。我想了解您對推動這一現象的幾個動力因素的看法。

We heard from Verizon yesterday that they're ramping up their fiber build per their plan. And I assume that's part of it and also have a really second half loaded CapEx plan for the year. Of course, CityFibre just raised a bunch of money. I assume that's part of what's driving your dynamics near term. I wonder how both of those situations might affect your outlook for the second half. It seems like there's a lot of tailwinds there in those categories. And I'd be interested in your thoughts.

我們昨天從 Verizon 那裡聽說，他們正在按照計劃增加光纖建設。我認為這是其中的一部分，今年下半年還有一項重要的資本支出計畫。當然，CityFibre 剛剛籌集了一大筆資金。我認為這是近期推動您行動的部分因素。我想知道這兩種情況會如何影響您對下半年的展望。看起來這些類別中存在著許多順風。我對你的想法很有興趣。

Tim, we're not going to get down into the customer-specific details of what's kind of happening at each level. Again, I'll come back to the demand environment we're seeing is broad-based. So we're seeing strength across the board. The revenue from those large customers that you've seen price in CityFibre and so forth are inherently lumpy and they come back and forth. And so we don't comment on kind of the quarter-to-quarter fluctuations.

提姆，我們不會深入探討每個層面上發生的具體客戶細節。再次，我要回到我們所看到的廣泛需求環境。因此，我們看到了各方面的力量。您在 CityFibre 等公司看到的來自大客戶的收入本質上是不穩定的，而且價格波動很大。因此，我們不對季度間的波動發表評論。

We just know that the demand environment is broad-based. And even with this large step-up in the second quarter, we can continue to grow sequentially from here. So it's not relying on either of those two customers.

我們只知道需求環境是廣泛的。即使第二季出現如此大的成長，我們仍可以從現在開始繼續連續成長。所以它不依賴這兩個客戶中的任何一個。

And with regards to demand, I'm going to go back to the smart broadband providers making bets on who are their partners that are going to walk them through the significant disruption that the entire -- every industry faces. The power of what's going to happen with artificial intelligence is frankly underhyped. This is going to and there's a great Ted talk on YouTube with Schwartz, the Google CEO, the ex-Google CEO.

關於需求，我將回到智慧寬頻供應商，押注誰是他們的合作夥伴，將帶領他們度過整個產業面臨的重大變革。坦白說，人工智慧的威力還未被充分重視。YouTube 上有一個精彩的 Ted 演講，演講者是谷歌前首席執行官、現任首席執行官施瓦茨。

Schmidt.

施密特。

Schmidt, and he basically talks about how everybody has been hyping it out, but it's massively underhyped. The impact of what's about to happen over the next couple of years is frankly larger than industrialization. There's not a faceted society that's not going to be impacted in some way shape or form. It's profound. And anyone who thinks that it's kind of status quo is completely wrong.

施密特，他主要談論的是為什麼每個人都在大肆宣傳它，但它卻被嚴重低估了。坦白說，未來幾年即將發生的事情的影響將比工業化更大。沒有一個社會不會受到某種形式的影響。這很深刻。任何認為這是現狀的人都是完全錯誤的。

And the winners and the losers are going to be completely different. And in fact, the ones who we think is winners and which AI model is buying today are not the ones that are going to be in the future. And that's kind of what we actually really have to think about is that who are the companies, and back to that hypothesis, that article that I talked about a little bit earlier, that Carl and I were talking about is that there's these private -- these investors out there, who are looking at legacy companies and saying, who are the companies who are poised to take a legacy industry or an infrastructure play that has a certain valuation, pop AI on top of that, execute effectively because in the end, there's so much BS out there. It's about execution because there's so much hype in nonsense, it's about those who can execute through this opportunity, and those are going to be the winners.

而勝利者和失敗者將會完全不同。事實上，我們認為的贏家和今天購買的 AI 模型並不是未來的贏家。我們真正需要考慮的是，這些公司是誰，回到那個假設，我之前談到的那篇文章，卡爾和我談論的是，這些私人投資者正在關注傳統公司，並說，哪些公司準備接手具有一定估值的傳統行業或基礎設施建設，並在其上推出人工智能，有效執行，因為最終，那裡有太多的 BS。關鍵在於執行力，因為現在有太多無稽之談，關鍵在於那些能夠抓住這個機會的人，他們將成為贏家。

And when we had the 30-plus CEOs together, we finally unveiled to them exactly what we're doing. And there was a collective sigh of relief, frankly, as they left because they were all reading carefully about what's going on with agentic AI and they're saying, do I need to go build this out myself, who are the right partners, and what they all left with was Calix has got this.

當我們把 30 多位執行長聚集在一起時，我們終於向他們透露了我們正在做的事情。坦白說，當他們離開時，他們都鬆了一口氣，因為他們都在仔細閱讀有關代理人工智能的最新進展，他們在說，我是否需要自己去構建這個，誰是合適的合作夥伴，而他們都離開時得出的結論是 Calix 已經做到了。

And the platform that we have bet on, the second-generation platform since 2019 has been the right bet. It's helped us grow our business, but this next one is so transformative that I need to be at the forefront or I'm worried that my company is not going to succeed.

而我們所押注的平台，自2019年以來的第二代平台一直是正確的押注。它幫助我們發展了業務，但下一次變革將帶來巨大的變革，我必須站在最前線，否則我擔心我的公司不會成功。

And they all left, like I said, with that collective sigh relief saying, wow, Calix has got this. And we got this. And we're uniquely positioned because we've been doing it for 15 years. So when you want to talk about demand, this isn't something that we woke up and said, hey, on our crappy boxes, we should go pop an AI engine on it and see if it can do some autonomous networking.

然後他們都離開了，就像我說的，集體鬆了一口氣，說著，哇，Calix 做到了。我們得到了這個。我們擁有獨特的優勢，因為我們已經在這個領域耕耘了 15 年。因此，當你想談論需求時，這並不是我們醒來後說，嘿，在我們的蹩腳盒子上，我們應該在上面放一個人工智慧引擎，看看它是否可以進行一些自主聯網。

We systematically rebuilt everything that we do from a platform top to bottom, starting in 2019 with the launch of our two operating systems. We've evolved on it for six years. And over the last 18- to 24 months, we've invested significantly to update that architecture for AI.

從 2019 年推出兩款作業系統開始，我們從平台頂部到底部系統地重建了我們所做的一切。我們對此已進行了六年的改進。在過去的 18 到 24 個月裡，我們投入了大量資金來更新 AI 架構。

So with regards to where growth is going, I have to be really explicit. This is what I joined nine years ago for, to do this, and it's all been building up to this point.

因此，關於成長的方向，我必須非常明確。這就是我九年前加入這個團隊的目的，為了做這件事，我一直努力工作直到現在。

And as I said, with regards to where the growth opportunities are, we're no longer just in our existing businesses and the constraints that we had with regards to geography, sovereignty and size of customer, frankly, who will demand a dedicated instance inside their own private cloud are no longer going to be constraints. And so with regards to where demand is going, this is the next big step for us.

正如我所說，關於成長機會在哪裡，我們不再僅限於現有業務，我們在地理、主權和客戶規模方面的限制，坦白說，誰將要求在自己的私有雲中擁有專用實例，這些將不再是限制因素。因此，就需求走向而言，這是我們的下一個重要舉措。

If I can just do a quick follow-up here. Michael, I think you mentioned also with a large cloud win with a two large customer or --

如果我可以在這裡做一個快速的跟進。邁克爾，我想你也提到了與兩家大客戶或--

Brand new large customer.

全新大客戶。

I think you mentioned a new win. I'd love to get some more color on that. Is this a net new customer, whatever you can tell us.

我想你提到了一次新的勝利。我很想對此進行更多的闡述。這是一位新客戶嗎？您可以告訴我們一些資訊嗎？

Yes, brand new customer who's a very large, very large customer. And so they became a cloud-only customer, which is great. They didn't -- they haven't been buying other technology and they bought our cloud. So for us, I think that's our second-generation platform. But they know where we're going. And I think that's a good indicator of what's coming.

是的，全新的客戶，而且是個非常大的客戶。因此他們成為了僅使用雲端運算的客戶，這很棒。他們沒有——他們沒有購買其他技術，他們購買的是我們的雲端。所以對我們來說，我認為這是我們的第二代平台。但他們知道我們要去哪裡。我認為這是未來發展的良好預兆。

Ryan Koontz, Needham & Company.

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

Just to clarify what Tim was asking out there, this large customer win is not related to the reclassification of small to large you talked about or is it?

只是為了澄清蒂姆所問的問題，贏得這個大客戶與您所說的從小到大的重新分類無關，是嗎？

No comment.

沒有意見。

Okay. Fair. The great gross margins here and especially with the strength of market in medium and large obviously, a strong appliance shipping quarter 2. So what are the mechanics behind that, Cory, in terms of your continued gross margin expansion? Is this purely software mix, anything going on in terms of hardware mix we should be aware of driving margins?

好的。公平的。這裡的毛利率很高，尤其是中大型市場的強勁表現，明顯帶動了第二季家電出貨量的強勁成長。那麼，科里，就你們持續的毛利率擴大而言，背後的機制是什麼呢？這是純粹的軟體組合嗎？在硬體組合方面，我們應該注意哪些因素會影響利潤率？

Yes, it is primarily just the continued adoption of the platforms and the growth that you're seeing there, and a little bit of favorability on customer mix.

是的，這主要是因為平台的持續採用和您所看到的成長，以及客戶組合的一點有利因素。

Got it. And lastly, great DSOs there. It sounds like the quarter was done practically before you started. On the small customer growth rate there, maybe a little below expectations from investors. Do you expect that to improve as we go through the second half of the year, small customer cohort, at least on an organic basis?

知道了。最後，那裡有出色的 DSO。聽起來好像這個季度在你開始之前就已經結束了。就小型客戶成長率而言，可能略低於投資者的預期。您是否預計，隨著我們進入下半年，小型客戶群的情況會有所改善，至少在有機基礎上有所改善？

For sure. I mean, again, my comments are that demand is broad-based, and we're seeing strength across the board. And so even with the reclassification of one small customer to large had the impact of still growing quarter-on-quarter, albeit at a more muted rate, but still, it's growing and it's broad based.

一定。我的意思是，我再次強調，需求是廣泛的，而且我們看到了全面強勁的成長勢頭。因此，即使將一個小客戶重新歸類為大客戶，其影響仍然會環比增長，儘管速度較為緩慢，但仍然在增長，並且基礎廣泛。

Thank you. This now concludes our question-and-answer session. I would like to turn the floor back over to Nancy Fazioli for closing comments.

謝謝。我們的問答環節到此結束。我想將發言權交還給 Nancy Fazioli，請她發表最後評論。

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

謝謝你，達裡爾。Calix 將在第三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。

Thank you. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines at this time, and have a wonderful day.

謝謝。女士們、先生們，感謝你們的參與。今天的電話會議到此結束。此時請斷開您的線路，祝您有美好的一天。