Calix, Inc. (CALX) 2026 Q1 法說會逐字稿

Greetings, everyone, and welcome to the Calix first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Calix 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

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

現在我很榮幸介紹本次會議主持人：投資人關係副總裁 Nancy Fazioli。Nancy，請開始。

Thank you, Alicia, and good afternoon, everyone. Thank you for joining our first-quarter 2026 earnings call. Today on the call, we have President and CEO, Michael Weening; and Chief Financial Officer, Cory Sindelar.

謝謝你，Alicia，各位下午好。感謝各位參加我們 2026 年第一季財報電話會議。今天與會者包括總裁暨執行長 Michael Weening，以及財務長 Cory Sindelar。

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

提醒各位，今天在收盤後，Calix 已發布新聞稿，並以 Form 8-K 形式提交，同時附上我們的股東信，亦已張貼於 Calix 官網的投資人關係專區。今天的電話會議也將在我們網站投資人關係專區提供網路重播。

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.

在我把電話交給 Michael 發表開場致詞之前，我想提醒各位：本次電話會議中我們將提及前瞻性陳述，包括公司就未來財務與營運表現、成長策略與市場展望所做的所有陳述；實際結果可能與這些前瞻性陳述所預期者有重大差異。

Factors that could cause actual results and trends to differ materially are set forth in the first-quarter 2026 letter to stockholders and in the annual quarterly reports filed with the SEC. Calix assumes no obligation to update any forward-looking statements which speak only as of their respective dates.

可能導致實際結果與趨勢出現重大差異的因素，已載明於 2026 年第一季股東信以及向美國證券交易委員會（SEC）提交的年度與季度報告中。Calix 不承擔更新任何前瞻性陳述之義務；該等陳述僅截至其各自發表之日有效。

Also on 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 2026 letter to stockholders. Unless otherwise stated, all financial information referenced to this call will be non-GAAP.

此外，在本次電話會議中，我們將同時討論 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之調節表已包含於 2026 年第一季股東信中。除非另有說明，本次電話會議所引用的所有財務資訊均為非 GAAP。

With that, Michael, please go ahead.

那麼，Michael，請開始。

Thank you, Nancy. It was another incredible execution quarter for the Calix team, record revenue with strong demand continuing into 2026 with customers. At the end of March, we completed the migration of all existing customers to the third generation of the Calix platform, launched on Google Cloud, thereby enabling the expansion of our capabilities and the markets that we target.

謝謝你，Nancy。對 Calix 團隊而言，這又是一個執行表現極為出色的季度：營收創新高，且客戶端的強勁需求延續至 2026 年。3 月底，我們完成將所有既有客戶遷移至第三代 Calix 平台（於 Google Cloud 上線），從而使我們得以擴展能力與鎖定的市場。

As important, those customers who expand their partnerships with Calix on Calix One begin to see the benefits rapidly as agent workforce and our AI-native platform comes to life. The impact of AI will now start contributing to our customers' success by helping them transform their operations, allowing their teams to add capacity and capability with AI and accelerate experiences that they need to differentiate in the markets they serve, thereby enabling their teams to compete and win.

同樣重要的是，當客戶在 Calix One 上擴大與 Calix 的合作夥伴關係時，便能迅速看見效益，因為代理型（agent）工作力與我們的 AI 原生平台開始發揮作用。AI 的影響如今將開始為客戶的成功做出貢獻，協助其轉型營運，讓團隊透過 AI 增加產能與能力，並加速打造其在所服務市場中用以差異化所需的體驗，進而使其團隊能夠競爭、取勝。

Today's call is focused on the quarter and our 2026 outlook. Tomorrow at Investor Day, we'll go deeper on how Calix One expands the opportunity of our model, with proof directly from customers who will attend the event and are ready to share.

今天的電話會議將聚焦本季表現與我們對 2026 年的展望。明天在投資人日（Investor Day），我們將更深入說明 Calix One 如何擴大我們商業模式的機會，並由出席活動、準備分享的客戶直接提供佐證。

With that, I'll turn it over to Cory to walk through the results and guidance, and then we'll take your questions. Cory, over to you.

接下來我把時間交給 Cory，請他說明業績與財測指引，之後我們將回答各位的提問。Cory，交給你。

Thank you, Michael. In the first quarter of 2026, Calix delivered yet another quarter of record revenue of $280 million, marking a sequential increase of 3%, driven by continued strong demand for our platform. This quarter, we welcomed 14 new customers, reinforcing our ongoing efforts to grow our customer base while supporting their expansion within the local communities they serve.

謝謝你，Michael。2026 年第一季，Calix 再度繳出創紀錄的季度營收 2.80 億美元，較前一季成長 3%，主要受惠於市場對我們平台持續強勁的需求。本季我們新增 14 家新客戶，強化我們持續擴大客戶基礎的努力，同時也支持客戶在其所服務的在地社區中擴張。

Remaining performance obligations were $376 million, down 2% sequentially and up 11% year over year, the sequential decline related to a robust fourth-quarter comparison and our focus on completing the migration of customers to the new third-generation platform.

剩餘履約義務（RPO）為 3.76 億美元，較前一季下降 2%，較去年同期成長 11%。季減主要與第四季基期強勁，以及我們專注完成客戶遷移至新第三代平台有關。

Current RPOs in the first quarter were a record $157 million, representing a 3% sequential increase and a 22% rise from the same period last year. We anticipate that RPOs will reaccelerate in the second half of 2026 as we gain momentum with Calix One, underscoring the strength of our business model as customers focused on delivering exceptional experiences, adopt our platform, add incremental offerings and win new subscribers.

第一季的當期 RPO（Current RPO）創新高，達 1.57 億美元，較前一季成長 3%，較去年同期成長 22%。我們預期，隨著 Calix One 動能提升，RPO 將在 2026 年下半年重新加速，凸顯我們商業模式的強勁：專注提供卓越體驗的客戶採用我們的平台、增加增量產品/服務並贏得新訂戶。

Non-GAAP gross margin was 57.2%, down 80 basis points sequentially due to investment in our dual cloud environments as we migrated customers to our third-generation platform. Compared to last year, non-GAAP gross margin increased 100 basis points.

非 GAAP 毛利率為 57.2%，較前一季下降 80 個基點，原因是我們在將客戶遷移至第三代平台期間，投資於雙雲端環境。與去年相比，非 GAAP 毛利率提升 100 個基點。

Our balance sheet remains strong. DSO at the end of the first quarter was 36 days. Inventory turns remain steady at 3, reflecting continued inventory investments to address robust demand and building supply continuity, and we generated free cash flow in the quarter of $7 million.

我們的資產負債表仍然穩健。第一季末的應收帳款週轉天數（DSO）為 36 天。存貨週轉率維持在 3，反映我們持續進行存貨投資以因應強勁需求並建立供應連續性；本季我們產生 700 萬美元的自由現金流。

We also invested $171 million to buy back 3.3 million shares of our common stock at an average price of $51.34. Furthermore, the Board today authorized another $100 million to be added to this program. This investment speaks to our belief in the tremendous opportunity ahead and our commitment to creating lasting value for our stockholders. We finished the quarter with a strong cash and investment balance of $243 million.

我們也投入 1.71 億美元，以每股平均 51.34 美元回購 330 萬股普通股。此外，董事會今日核准再增加 1.00 億美元至此回購計畫。這項投資反映我們對未來龐大機會的信心，以及我們致力為股東創造長期價值的承諾。本季結束時，我們的現金與投資餘額強勁，達 2.43 億美元。

Turning to guidance. Our revenue guidance for the second quarter of 2026 is between $287 million and $293 million, representing a 4% increase at the midpoint over the prior quarter. This reflects continued robust demand trends and a modest benefit from recapturing a portion of the higher memory costs via a memory surcharge. For the year, we expect revenue to grow between 15% and 20%.

接著談財測指引。我們對 2026 年第二季的營收指引為 2.87 億至 2.93 億美元，以中位數計較前一季成長 4%。此反映需求趨勢持續強勁，並因透過記憶體附加費（memory surcharge）回收部分較高的記憶體成本而帶來小幅助益。全年而言，我們預期營收成長 15% 至 20%。

With demand supply disconnect, so large related to memory components, there will inevitably be some companies that will come up short. Our first priority is to ensure that we have adequate supply such that our customers can continue to add subscribers and take market share. Our advanced purchasing had allowed us to avoid higher memory component costs during the first quarter. However, that advanced supply has run its course, and we now face market prices. We are partnering with our customers to share in the higher memory costs by initiating a surcharge, albeit it is a partial cost recovery and without adding gross profit is one way we can help our customers in this unfortunate memory supply environment.

由於記憶體元件造成的供需落差如此之大，勢必會有一些公司供應不足。我們的首要任務是確保供應充足，使客戶能持續增加訂戶並取得市占。我們的提前採購使我們在第一季得以避免較高的記憶體元件成本。然而，這批提前取得的供應已用罄，我們現在必須面對市場價格。我們正與客戶合作，透過啟動附加費來分攤較高的記憶體成本；儘管這僅是部分成本回收，且不增加毛利，但在這個不利的記憶體供應環境下，這是我們協助客戶的一種方式。

Our gross margin guidance for the second quarter of 2026 is between 54.25% and 57.25%, reflecting the effects of higher memory component costs, the impact from surcharges and the customer and product mix. The decline in appliance gross margin is expected to be offset by improvement in software and service gross margin as the dual cloud costs abate and we optimize the current cloud environment. For the year, we expect our non-GAAP gross margin to decline between 50 and 150 basis points.

我們對 2026 年第二季的毛利率指引為 54.25% 至 57.25%，反映較高的記憶體元件成本、附加費的影響，以及客戶與產品組合。預期設備（appliance）毛利率的下滑，將由軟體與服務毛利率的改善所抵銷，因雙雲端成本將逐步消退，且我們將優化現有雲端環境。全年而言，我們預期非 GAAP 毛利率將下降 50 至 150 個基點。

For non-GAAP operating expenses, we forecast $128 million at the midpoint in the second quarter of 2026, which is a sequential increase of $1 million. This increase is mainly driven by our efforts to expedite AI functionality and enhancements to the Calix One platform. Importantly, we continue to expect to return to our target financial model for operating expenses by the end of 2026, improving our operating leverage and profitability.

在非 GAAP 營業費用方面，我們預估 2026 年第二季中位數為 1.28 億美元，較前一季增加 100 萬美元。此增加主要來自我們加速 AI 功能與 Calix One 平台強化的投入。重要的是，我們仍預期在 2026 年底前回到營業費用的目標財務模型，提升營運槓桿與獲利能力。

Tomorrow morning, we are excited to host our first Investor Day in four years at the New York Stock Exchange. The event will provide a look into our strategy, innovation road map and the long-term prospects that drive our confidence for the future. In addition, we will outline our key targets for growth, profitability and cash flow, giving investors benchmarks to track our progress and understand how we are positioning Calix for sustained success in the coming years.

明天上午，我們很高興將在紐約證券交易所舉辦四年來首次投資人日。本次活動將讓各位了解我們的策略、創新路線圖，以及支撐我們對未來信心的長期前景。此外，我們也將說明成長、獲利能力與現金流的關鍵目標，為投資人提供可追蹤我們進展的基準，並了解我們如何在未來幾年為 Calix 的持續成功進行布局。

Nancy, let's open the call for questions.

Nancy，我們來開放提問。

Operator, we're ready for questions.

接線員，我們準備好回答問題了。

(Operator Instructions) Samik Chatterjee, JPMorgan.

（接線員指示）Samik Chatterjee，摩根大通。

I have a couple. Maybe if I can just start with you, Cory, on the gross margin guide here, just to fully understand the drivers. Once you put the surcharges through, are you expecting a recovery -- recovering the back half of the year in relation to gross margins on the appliances as some of these surcharges flow through on your revenue line?

我有幾個問題。也許我先從你開始，Cory，關於這裡的毛利率指引，我想更完整地理解其驅動因素。當你們把附加費（surcharges）加上去之後，你們是否預期毛利率在今年下半年會回升——也就是家電產品的毛利率，隨著這些附加費逐步反映在你們的營收端？

And then if memory does continue to sort of go higher, memory costs continue to go higher, what's the plan here because you're not passing through the margin on the cost increase? So what prevents more downside on the margin percentage as you go through the year or if memory costs continue to increase? And I have a follow-up.

另外，如果記憶體價格確實持續走高、記憶體成本持續上升，你們的計畫是什麼？因為你們並沒有把成本上升所造成的毛利影響轉嫁出去。那麼在今年接下來的時間裡，或如果記憶體成本持續增加，是什麼能防止毛利率百分比進一步下滑？我還有一個追問。

Yeah. Thank you for the question. So our plan is to recover the costs. And so if there are further cost increases, we would adjust the surcharges accordingly. The effect of the surcharges by themselves put a headwind to the gross margin. I estimate that in 2026, the effect of the surcharges for here to the end of the year represent a 200-basis-point headwind because you're adding a large amount of revenue at 0 points of margin [through it].

是的，謝謝你的問題。我們的計畫是把成本收回來。因此如果還有進一步的成本上升，我們會相應調整附加費。單就附加費本身而言，會對毛利率造成逆風。我估計在2026年，從現在到年底，附加費的影響代表約200個基點的逆風，因為你是在增加大量營收，但其毛利為0個點數［穿透其中］。

Okay. Got it. And then maybe just on the demand side, you did mention sort of stronger demand from your customers. And I'm sort of trying to parse out, obviously, haven't been able to do the math yet in terms of you're raising the revenue guide from earlier talking about 10% to 15% growth on the top line to now 15% to 20%. And you also are outlining stronger sequential growth for 2Q than you have in the last couple of quarters.

好的，了解。那再談需求面，你確實提到客戶需求較強。我試著拆解一下——當然我還沒來得及算——你們把營收指引從先前提到的年增10%到15%，上調到現在的15%到20%。而且你們也指出第二季的季增會比過去幾季更強。

How much of that is stronger customer demand that you're seeing in terms of orders versus the benefit from the price increase, which you're referring to as a sort of decently large price increase that's going to go through the revenue line as well? So just maybe help us break that down? And what are you seeing in terms of customer orders that's maybe giving you a bit more confidence as well.

其中有多少是你們看到的客戶需求更強、也就是訂單面的提升；又有多少是來自你所說的價格上調帶來的好處——你把它形容為幅度相當可觀的漲價，也會反映在營收端？能否幫我們拆解一下？另外，你們在客戶訂單方面看到什麼，讓你們更有信心？

Yeah. Great question. The majority of the quarter-over-quarter increase is due to customer demand and a lesser portion is the surcharges. We are rolling out those surcharges now; they'll take effect in May. So we're not getting a full quarter of recovery this current quarter. So consequently, the majority of that increase in revenue is coming from increased demand and, to a lesser extent, memory and price increases.

是的。問得很好。季對季的增幅大多來自客戶需求，較小一部分來自附加費。我們現在正在推行這些附加費；它們將在5月生效。所以本季我們不會取得完整一季的回收。因此，營收增加的大部分來自需求提升，較小程度則來自記憶體與價格上調。

Scott Searle, Roth Capital Partners.

Scott Searle，Roth Capital Partners。

Just wanted to dive in on the gross margins related to the dual cloud cost. It looks like it was in the $3 million to $4 million range. Just want to clarify, does that go away completely by the second half? How should we think about modeling that? And then I had a follow-up.

我想深入了解與雙雲（dual cloud）成本相關的毛利率。看起來大約在300萬到400萬美元的區間。我想確認一下：到下半年這個成本會完全消失嗎？我們在建模時應該怎麼看？我還有一個追問。

Yeah. Great question, Scott. That's the good news story is that we've got all the customers migrated onto the new cloud. And so yes, the dual cloud environment is done. So it's done. As we sit here today, it's done.

是的，問得很好，Scott。好消息是我們已經把所有客戶都遷移到新的雲端上了。所以，是的，雙雲環境已經結束了。已經結束了。以我們今天此刻的狀態來看，已經結束了。

So the penalty that we incurred happened in the first quarter. I think you got it sized about right. And so what you would expect to see on that line is for it to return back to levels that we're previously at. So I would expect for the next quarter or two, we'll be back at record levels and continuing the progress that we've been making on that line.

因此我們承擔的那個損失發生在第一季。我想你估的規模大致正確。所以你在那一項目上應該會看到它回到我們先前的水準。因此我預期接下來一兩季，我們會回到創紀錄的水準，並延續我們在那條線上所取得的進展。

So in terms of my follow-up, I've got a lot as it relates to the One platform, but I'd rather than preempt tomorrow. I'll save it for then. So maybe if I just could. Fiber availability, in general, how is that impacting demand?

至於我的追問，關於 One 平台我有很多問題，但我不想搶先明天的內容，我會留到那時再問。所以也許我先問：整體而言，光纖可用性（fiber availability）對需求有什麼影響？

And it's been interesting to see some of the Starlink numbers that have filtered to the marketplace where they've gotten some traction in places that I really didn't expect that they would in terms of more dense suburban environments than you would ordinarily think that they participate. I'm wondering what you're seeing in terms of your customer response on that front.

另外，看到一些 Starlink 的數據流入市場也很有意思——他們在一些我原本沒預期的地方取得了一些進展，例如更密集的郊區環境，而不是你通常會認為他們會參與的地方。我想知道你們在這方面看到客戶的反應是什麼。

In terms of their demand, their rollout plans, is this pushing them to accelerate? How is that kind of factoring into the calculus in terms of the overall market demand of your core customers?

就他們的需求、他們的佈建計畫而言，這是否促使他們加速？這在你們核心客戶的整體市場需求評估中，是如何納入考量的？

I spent a lot of time with customers. It's Michael. And while the Starlink thing is there, you generally see it in rural areas where there's -- when you have a 6-mile run to actually join a farm. Obviously, Starlink is a good example there. I don't hear anyone saying I need to accelerate my rollout of fiber to compete.

我花很多時間和客戶交流。我是 Michael。雖然 Starlink 這件事確實存在，但你通常會在鄉村地區看到它——例如當你需要拉6英里的線路才能接到一個農場時。顯然，Starlink 在那裡是個很好的例子。我沒有聽到有人說：我需要加速我的光纖佈建來競爭。

But for us, frankly, another competitive pressure is a good thing for Calix because if you think about -- which we'll talk about tomorrow, we try to think about the experience-based nature of what we're doing and how we help our customers differentiate and transform their business to win subscribers and grow net revenue by delivering an amazing experience, whether it's a consumer small business or multi-dwelling units. Frankly, that's good for our business is because that gets them listening if, in the past, they didn't feel that competitive threat. So it's all good.

但對我們來說，坦白說，另一個競爭壓力對 Calix 是好事，因為如果你想想——我們明天會談到——我們試著從體驗導向的角度思考我們在做什麼，以及我們如何幫助客戶透過提供卓越體驗來差異化並轉型其業務，以贏得用戶並提升淨營收，不論是消費者、小型企業或多住戶單位。坦白說，這對我們的業務是好事，因為如果過去他們沒有感受到競爭威脅，這會讓他們願意聽我們說。所以一切都很好。

Mike, and just fiber availability, what are customers saying? And maybe if I could sneak one other. I think you talked about guidance for 15% to 20% this year. 15% is really just kind of bumping along at the level you're at today. So what kind of visibility do you have in terms of deployments into the second half? Are you starting to feel pretty good about the lower end of that range?

Mike，那光纖可用性方面，客戶怎麼說？另外如果我可以再偷問一個：我想你們談到今年指引是15%到20%。其中15%其實就是大致維持在你們今天的水準附近。那你們對下半年部署的能見度如何？你們是否開始對這個區間的下緣感覺相當有把握？

I haven't heard anything with fiber availability. Have you?

我沒有聽到任何關於光纖可用性的問題。你有聽到嗎？

There's been some talk that -- a little bit of like [scuttle but for BEAD] --

有一些傳聞——有點像［關於 BEAD 的小道消息］——

For BEAD, yeah. But we expected that as all that BEAD money starts flowing, that there's going to be some supply, right? So Cory, any comments on that?

關於 BEAD，是的。但我們原本就預期，當那些 BEAD 資金開始流入時，供應端會有一些壓力，對吧？所以 Cory，你對此有什麼看法？

Yeah, Scott, I'm either more bullish or more negative on BEAD at the moment. I would say my temperature is about the same. It's progressing as we would expect. We've got tens of millions of dollars forecast in the second half of '26 related to BEAD.

是的，Scott，我目前對 BEAD 的看法既沒有更樂觀也沒有更悲觀。我會說我的感受大致相同。它正如我們預期地在推進。我們預估在26年下半年，與 BEAD 相關的營收將有數千萬美元。

We're starting to see states actually start receiving their money. So things are kind of working its way out. We are not hearing that fiber shortage is causing a significant impact to BEAD demand as we're hearing it.

我們開始看到各州實際上開始收到他們的資金。所以事情正在逐步落地。我們沒有聽到光纖短缺正在對 BEAD 需求造成顯著影響——至少就我們聽到的情況而言。

Christian Schwab, Craig-Hallum Capital Group.

Christian Schwab，Craig-Hallum Capital Group。

Congrats on the good quarter. Just for foot clarity, our previous guidance was 10% to 15% top line and near the high end. And now we've taken it to 15% to 20%. Should we just assume that that's the surcharges that is going on? There's incrementally better visibility and continued strong demand, but demand has been accelerating beyond what you thought 90 days ago is it? Or [is it]?

恭喜本季表現不錯。只是為了釐清，我們先前的指引是營收年增10%到15%，而且接近區間高端。現在你們把它提高到15%到20%。我們是否可以直接假設這主要是附加費帶來的？還是說能見度增量變得更好、需求持續強勁，而且需求相較於90天前你們的預期正在加速？還是［不是］？

It's yes and yes to that, Christian. So clearly, the effect of surcharges is going to move us up into that higher part of the range. But we're also seeing some of the best demand that we've seen.

是的，對此答案是是、也是，Christian。所以很明顯，加徵附加費的影響會把我們推升到該區間的較高端。但我們也看到了一些我們所見過的最佳需求。

Yeah. And that's we'll talk about tomorrow on Investor Day, right? So for us, as everybody knows, when you're rolling out the next stage in the platform going through that evolution, there can be unexpected challenges.

是的。而且這也是我們明天在投資人日會談到的，對吧？所以對我們而言，眾所周知，當你在平台演進過程中推出下一階段時，可能會出現意想不到的挑戰。

We had gotten pretty hard for being done in Q1, and I'm really proud to say that the team got through it. So having gone through that and not facing any incremental delays, that allows Cory and I had to sit on this call and be very bullish about the future for 2026 because this is what our team has worked towards for -- since November of 2023, we've been pounding away at this for over 2.5 years.

我們原本被要求在第一季完成，壓力很大，而我很自豪地說團隊挺過來了。因此，經歷了這一切且沒有面臨任何額外延遲，這讓 Cory 和我能坐在這通電話上，對 2026 年的未來非常樂觀，因為這正是我們團隊自 2023 年 11 月以來一直努力的方向——我們已經為此持續奮戰超過 2.5 年。

And now our AI native platform is got 12 -- more than 1,200 customers loaded. And tomorrow, we're going to talk about how fast we're going to go and how we're going to go [skitting] out into that nice big blue ocean of incremental TAM and compete aggressively to grow the company. So yes, you're hearing me be very bullish as you'll hear tomorrow during Investor Day.

而現在，我們的 AI 原生平台已經載入了 12——超過 1,200 家客戶。明天我們將談談我們會以多快的速度前進、以及我們將如何走向那片廣闊的藍海——也就是新增 TAM 的巨大藍海——並以積極競爭的方式推動公司成長。所以是的，你聽到我非常樂觀，明天在投資人日你也會聽到。

Great. And then my just quick follow-up question is, as it relates to BEAD, congrats on rightly getting some of that dollars generated for the company. I think you said tens of millions in the second half of calendar '26. What is the internal plan for what year you think will be the peak of that program? And what type of annual revenue number should we be thinking about?

很好。那我快速追問一下，關於 BEAD，恭喜你們確實為公司爭取到了一些資金帶來的收入。我想你說的是在 2026 年下半年有數千萬美元。內部規劃認為這個計畫的高峰會落在哪一年？我們應該預期的年度營收規模大概是多少？

So Christian, we've talked about that in the past. We've done some high-level math. I think that you'll start to see this thing ramp more significantly in 2027, probably peaks in '28. And I don't think that I would want to kind of put a number on it, but it's potentially high tens of millions.

Christian，我們過去談過這個。我們做過一些高層次的推算。我認為你會在 2027 年開始看到更明顯的加速成長，可能在 2028 年達到高峰。我不太想給出一個具體數字，但可能是高位數的數千萬美元。

Great. Go ahead.

很好。請繼續。

As we said about BEAD, we see that as an accelerant on top of the core growth model, right?

正如我們談到 BEAD 時所說，我們把它視為在核心成長模型之上的加速器，對吧？

Correct. Correct. Got it. All right. No other questions. Thanks, guys.

沒錯。沒錯。了解。好吧。沒有其他問題了。謝謝各位。

George Notter, Wolfe Research.

George Notter，Wolfe Research。

This is [Kiran] on for George. Just a quick question. Any update on traction with Tier 1 customers on the cloud side?

我是 [Kiran]，代 George 提問。簡單問一下。雲端方面與一級（Tier 1）客戶的進展有任何更新嗎？

None that we're willing to share.

沒有我們願意分享的內容。

Okay. Got it. And then any comments on the quarter-on-quarter uptick in appliances? I think you guys have mentioned in the past that DVS takeouts are mostly done, if not all out. But what drove that, just the quarter on quarter?

好的，了解。那麼，關於設備（appliances）季度對季度的上升，有什麼看法嗎？我記得你們過去提到 DVS 替換（takeouts）大多已完成，甚至可能全部完成。那這次季度環比上升的原因是什麼？

Customer demand for our products because of the fact that we're better than our competitors.

客戶對我們產品的需求，因為我們比競爭對手更好。

Yeah. And it was within our guidance that we provided. So there were no surprises in the quarter.

是的。而且這也在我們提供的指引範圍內。所以本季沒有任何意外。

We added customers, and we'll talk about that tomorrow on Investor Day when we walk through the core drivers of growth.

我們新增了客戶，明天在投資人日我們會在講解核心成長驅動因素時談到。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

Maybe a couple of questions. First, I don't know if you mentioned it upfront, but if you can go through the BEAD commentary again. Was it any more granular than tens of millions in the second half? And maybe on a somewhat related note, there's been some news out of the FCC recently about foreign-made routers in the US and some exemptions there. I wonder if any of that has any implications for Calix?

我有幾個問題。第一，我不確定你們是否在開場提到，但能否再說一次 BEAD 的評論？是否能比「下半年數千萬美元」更具體一些？另外一個某種程度相關的問題，最近 FCC 有一些新聞，關於美國境內外國製路由器以及某些豁免。我想知道這對 Calix 是否有任何影響？

Yeah, Tim, on the BEAD piece, all we said is that we would start to see revenue that I'm either more bullish or less bullish. I'm [even keeled] through last quarter to this quarter. Things are progressing along as you would expect it to. We think that then translates into tens of millions of dollars in the back half of this year. And obviously, the ramp will start next year.

是的，Tim，關於 BEAD 的部分，我們所說的只是我們將開始看到營收——我對此並沒有變得更樂觀或更悲觀。我從上季到本季的看法是 [even keeled]（保持平衡）。事情正如你所預期地推進。我們認為這會轉化為今年下半年數千萬美元的收入。而且很明顯，明年會開始爬坡。

In terms of FCC regulation, it appears to be that the timing is fairly quick, kind of measured in weeks, not months. So we would expect to be receiving our conditional approval here soon. Calix has sought received various government approvals over Calix's 26-year history, expect no difference here. But I would also point out that FCC approval alone doesn't really differentiate your product at all, where Calix wins is after you deploy with automation and intelligence and subscriber experience, that lowers OpEx and drive business outcomes.

至於 FCC 的法規，看起來時程相當快，可能以「幾週」而不是「幾個月」來衡量。因此我們預期很快就會收到有條件核准。Calix 在 26 年的歷史中已取得過各種政府核准，預期這次也不會有任何不同。但我也要指出，單靠 FCC 核准本身並不能讓你的產品有任何差異化；Calix 的勝出之處在於部署之後，透過自動化、智慧化與用戶體驗來降低營運支出（OpEx）並推動業務成果。

Which we'll talk a lot about at tomorrow at Investor Day is that, as Cory said, in the last 26 years, we've done this frequently through a myriad of government programs and as a proud American company. And we're actually going to show you tomorrow what the power of it and agentic -- and AI native, agentic-ready platform, how that's going to help us transform our customers' business, and that's going to drive outcomes. So press release on FCC is kind of irrelevant. We do it.

而我們明天在投資人日會大量談到的是，正如 Cory 所說，在過去 26 年裡，我們透過各式各樣的政府計畫經常做這件事，作為一家值得自豪的美國公司。而且我們明天會向各位展示，這個具備 agentic——以及 AI 原生、可支援 agentic 的平台的力量，將如何幫助我們改造客戶的業務，並帶來成果。所以關於 FCC 的新聞稿其實無關緊要。我們就是會把它做成。

Okay. But maybe just a quick follow-up there. I mean, is the timing of the conditional approval, having any impact on the business at all? (multiple speakers)

好的。但我再快速追問一下。我的意思是，有條件核准的時程，對業務有任何影響嗎？（多位講者）

None, zero. Absolutely none. They're actually the -- the FCC is actually moving really quickly. So we anticipate no issues whatsoever. It's a non-event. We will do this quickly because we're already well down the cycle. And so we won't press release it. We'll just -- well all of our customers we made aware quickly as that resolves itself.

沒有，零影響，完全沒有。其實——FCC 的進度非常快。所以我們預期完全不會有任何問題。這不是事件。我們會很快完成，因為我們已經在流程週期中走得很後面了。所以我們也不會發新聞稿。我們只會——嗯，等它解決後，我們會很快讓所有客戶知道。

So Tim, to be a little bit more clear on it, any existing product that's shipping is not at risk. So there's not having any impact on current shipments. It is the next release in terms of new products coming into the marketplace. And so we have a number in the pipeline, and those are what we've applied for conditional approval. So expect to get those approvals. And it appears that the SEC is moving pretty fast --

Tim，為了更清楚一點，任何目前正在出貨的既有產品都沒有風險。所以對現有出貨沒有任何影響。影響的是下一次發佈、也就是即將進入市場的新產品。為此我們在管線中有一些產品，而那些就是我們申請有條件核准的項目。所以預期會取得這些核准。而且看起來 SEC 的進度相當快——

Which is great. We're surprised at how fast is the process going.

這很好。我們對流程進行得這麼快感到驚訝。

It's great. So we don't anticipate there being any problems as a result of those new rules.

很好。所以我們不預期這些新規則會帶來任何問題。

Apologies. We have reached the end of our question-and-answer session. I would now like to turn the call back over to Nancy Fazioli, for closing remarks.

抱歉，我們的問答環節已結束。現在我想把電話交回給 Nancy Fazioli，請她做結語。

Thank you. Calix will participate in several investor events during the second quarter, most importantly hosting our Investor Day at the New York Stock Exchange tomorrow as referenced. Information about these events, including dates and times and publicly available webcast, will be posted on the Events page of the Investor Relations section of calix.com.

謝謝。Calix 將在第二季參與數場投資人活動，其中最重要的是如前所述，明天將在紐約證券交易所主辦我們的投資人日。關於這些活動的資訊，包括日期、時間以及公開可用的網路直播，將公布在 calix.com 的投資人關係（Investor Relations）專區之活動（Events）頁面。

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.

再次感謝所有參與本次電話會議與網路直播的朋友，感謝你們對 Calix 的關注並加入我們。本次電話會議到此結束。祝各位有美好的一天。