(HLIT) 2022 Q2 法說會逐字稿

Welcome to the Q2 2022 Harmonic Earnings Conference Call. My name is Kevin, and I'll be your operator for today. (Operator Instructions) Please note that this conference is being recorded. I will now turn the call over to David Hanover, Investor Relations. David, you may begin.

歡迎參加 2022 年第二季度諧波收益電話會議。我的名字是凱文，我將成為你今天的接線員。 （操作員說明）請注意，本次會議正在錄製中。我現在將把電話轉給投資者關係部的 David Hanover。大衛，你可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us today for Harmonic's Second Quarter 2022 Financial Results Conference Call. With me today are Patrick Harshman, President and Chief Executive Officer; and Sanjay Kalra, Chief Financial Officer.

謝謝你，接線員。大家好，感謝您今天參加 Harmonic 的 2022 年第二季度財務業績電話會議。今天和我在一起的是總裁兼首席執行官 Patrick Harshman；和首席財務官 Sanjay Kalra。

Before we begin, I'd like to point out that in addition to the audio portion of the webcast, we've also provided slides to this webcast, which you may view by going to our webcast on our Investor Relations website.

在開始之前，我想指出，除了網絡廣播的音頻部分外，我們還提供了該網絡廣播的幻燈片，您可以通過我們的投資者關係網站上的網絡廣播觀看。

Now turning to Slide 2. During this call, we will provide projections and other forward-looking statements regarding future events or future financial performance of the company. Such statements are only current expectations and actual events or results may differ materially. We refer you to documents filed with the SEC, including our most recent 10-Q and 10-K reports and the forward-looking statements section of today's preliminary results press release. These documents identify important risk factors, which can cause actual results to differ materially from those contained in our projections or forward-looking statements.

現在轉到幻燈片 2。在這次電話會議中，我們將提供有關公司未來事件或未來財務業績的預測和其他前瞻性陳述。此類陳述僅為當前預期，實際事件或結果可能存在重大差異。我們向您推薦向 SEC 提交的文件，包括我們最近的 10-Q 和 10-K 報告以及今天初步結果新聞稿的前瞻性陳述部分。這些文件確定了重要的風險因素，這些因素可能導致實際結果與我們的預測或前瞻性陳述中包含的結果大不相同。

And please note that unless otherwise indicated, the financial metrics we provide you on this call are described on a non-GAAP basis. These metrics, together with corresponding GAAP numbers and a reconciliation to GAAP are contained in today's press release, which we have posted on our website and filed with the SEC on Form 8-K. We will also discuss historical, financial and other statistical information regarding our business and operation, and some of this information is included in the press release. The remainder of the information will be available on a recorded version of this call or on our website. And now I'll turn the call over to our CEO, Patrick Harshman. Patrick?

請注意，除非另有說明，否則我們在本次電話會議上為您提供的財務指標是在非公認會計原則的基礎上描述的。這些指標，連同相應的 GAAP 數字和與 GAAP 的對賬，都包含在今天的新聞稿中，我們已將其發佈在我們的網站上，並以 8-K 表格的形式向 SEC 提交。我們還將討論有關我們的業務和運營的歷史、財務和其他統計信息，其中一些信息包含在新聞稿中。其餘信息將在本次通話的錄音版本或我們的網站上提供。現在我將把電話轉給我們的首席執行官 Patrick Harshman。帕特里克?

Thanks, David, and welcome, everyone, to our second quarter call. In the second quarter of 2022, Harmonic again delivered exceptional business results. Revenue was up 39% year-over-year, reaching a record $157.4 million. EPS was $0.16, and adjusted EBITDA margin was 15.5%, with balanced contribution from our 2 business segments. Cable Access segment continues to generate strong sustainable growth with revenue up 62% year-over-year. Video segment revenue grew 20%, with the underlying highlight again being SaaS revenue, which was up 69% year-over-year. These results demonstrate growing demand for multi-gigabit broadband and live streaming video and that our associated products and services are highly differentiated and build value for our customers.

謝謝大衛，歡迎大家參加我們的第二季度電話會議。 2022年第二季度，Harmonic再次取得了優異的業績。收入同比增長 39%，達到創紀錄的 1.574 億美元。每股收益為 0.16 美元，調整後的 EBITDA 利潤率為 15.5%，我們的兩個業務部門的貢獻平衡。有線接入部門繼續產生強勁的可持續增長，收入同比增長 62%。視頻業務收入增長 20%，其中 SaaS 收入再次成為亮點，同比增長 69%。這些結果表明對多千兆寬帶和實時流媒體視頻的需求不斷增長，並且我們的相關產品和服務具有高度差異化並為我們的客戶創造價值。

They also demonstrate the resilience of our business model as Harmonic continues to execute despite current supply chain challenges and the macroeconomic environment. Turning first to our Cable Access segment, we produced strong top and bottom line growth during the second quarter. Segment revenue was $81.2 million, up 62% year-over-year. By quarter end, 79 broadband service providers were deploying our CableOS and cable modems served grew to 8.5 million, up 159% year-over-year, still less than 15% of our existing customers status footprint.

儘管當前供應鏈面臨挑戰和宏觀經濟環境，但隨著 Harmonic 繼續執行，它們還展示了我們業務模式的彈性。首先談到我們的有線接入部門，我們在第二季度實現了強勁的收入和利潤增長。分部收入為 8120 萬美元，同比增長 62%。到季度末，79 家寬帶服務提供商正在部署我們的 CableOS，所服務的有線調製解調器增長到 850 萬，同比增長 159%，仍不到我們現有客戶狀態足蹟的 15%。

Adjusted segment EBITDA margin was 14.3%, demonstrating good earnings leverage despite product cost headwinds. These results reflect both a healthy market and our strong momentum in this market. The current cable customers are global market leaders and they are leaned into advancing their broadband networks to new multi-gigabit offerings, better analytics and more flexible operations; all areas where Harmonic solution continues to be way out in front. During the quarter, we announced and demonstrated groundbreaking new capabilities in support of the cable industry's 10G vision. We announced a new solution, enabling customers to leverage legacy Cisco node platforms to deploy our DAA and several of our engagements with respective Tier 1 customers moved forward in ways that we find very encouraging.

調整後的部門 EBITDA 利潤率為 14.3%，儘管存在產品成本逆風，但仍顯示出良好的盈利槓桿。這些結果既反映了健康的市場，也反映了我們在該市場的強勁勢頭。目前的有線電視客戶是全球市場領導者，他們傾向於將寬帶網絡推向新的多千兆位產品、更好的分析和更靈活的運營；諧波解決方案繼續領先的所有領域。在本季度，我們宣布並展示了支持有線電視行業 10G 願景的突破性新功能。我們宣布了一個新的解決方案，使客戶能夠利用傳統的思科節點平台來部署我們的 DAA，並且我們與各個一級客戶的多項合作以我們認為非常令人鼓舞的方式向前發展。

Complementing this excellent work in broadband over cable, we also drove significant progress in our more nascent fiber business area. And during the quarter, we received over $10 million of fiber solution orders, advanced trials with additional Tier 1 customers and grew our fiber sales pipeline domestically and internationally. We're increasingly convinced that our fiber and converged cable plus fiber solutions are winners. The fiber represents a significant addressed market expansion opportunity and then fiber will be a key contributor to our longer-range market leadership and growth.

作為對有線寬帶這一出色工作的補充，我們還推動了我們新興光纖業務領域的重大進展。在本季度，我們收到了超過 1000 萬美元的光纖解決方案訂單，與其他一級客戶進行了高級試驗，並擴大了我們在國內和國際的光纖銷售渠道。我們越來越相信我們的光纖和融合光纜加光纖解決方案是贏家。光纖代表了一個重要的市場擴張機會，然後光纖將成為我們長期市場領導地位和增長的關鍵貢獻者。

Looking ahead to the remainder of 2022 and beyond, we remain confident that our broadband access business is uniquely positioned for sustained growth. We have a very strong backlog, great customer relationships, technology and service capabilities that are truly unique in the market, and we're investing and working hard to stay out in front.

展望 2022 年及以後的剩餘時間，我們仍然相信我們的寬帶接入業務具有獨特的持續增長優勢。我們擁有非常強大的積壓訂單、良好的客戶關係、技術和服務能力，這在市場上是獨一無二的，我們正在投資並努力保持領先地位。

As mentioned last quarter, we now forecast that 2024 top line revenue, EBITDA dollars and EBITDA percentage will be ahead of the plan we communicated to you during our Investor Day in June last year. We solidified plans for our next Investor Day in September, during which we'll provide additional color on our view of the market and growth trajectory as well as updated long-term financial models for both of our business segments. In the meantime, we remain confident about the broadband access market and our ability to continue to deliver industry-leading solutions and compelling profitable growth.

如上個季度所述，我們現在預測 2024 年的收入、EBITDA 美元和 EBITDA 百分比將領先於我們在去年 6 月的投資者日期間與您溝通的計劃。我們鞏固了 9 月下一個投資者日的計劃，在此期間，我們將為我們對市場和增長軌蹟的看法以及我們兩個業務部門的更新的長期財務模型提供更多的色彩。與此同時，我們對寬帶接入市場以及我們繼續提供行業領先的解決方案和令人信服的盈利增長的能力充滿信心。

Now turning now to our video segment. Here also, we delivered another quarter of strong financial and strategic execution. Second quarter segment revenue was $76.2 million, up 20% year-over-year, ahead of our forecast as some business we expected to realize in the second half of the year came in earlier than anticipated. Segment EBITDA was 16.7%, highlighting continued strong financial execution. Strategically, the biggest highlight of the quarter was achieving streaming SaaS revenue of $8.6 million, which was up 69% year-over-year.

現在轉向我們的視頻部分。在這裡，我們還實現了另一個季度的強勁財務和戰略執行。第二季度分部收入為 7620 萬美元，同比增長 20%，超出了我們的預期，因為我們預計在下半年實現的一些業務比預期的要早。分部 EBITDA 為 16.7%，突顯出持續強勁的財務執行。從戰略上講，本季度最大的亮點是實現了 860 萬美元的流媒體 SaaS 收入，同比增長 69%。

As a reminder, our video business strategy has 2 elements; taking a leading position in the growing streaming SaaS market, particularly for live sports and maximizing profit from the flat to decline in traditional video broadcast market. Our results through the first half of 2022 demonstrated continued execution of this plan with important strategic SaaS wins, top line growth, gross margin expansion and continued segment profitability, despite ceasing sales in Russia with estimated loss revenue of approximately $6 million.

提醒一下，我們的視頻業務戰略有兩個要素；在不斷增長的流媒體 SaaS 市場中佔據領先地位，特別是在體育直播和從平淡的利潤中最大化利潤以應對傳統視頻廣播市場的下滑。儘管在俄羅斯停止銷售，估計虧損收入約為 600 萬美元，但我們到 2022 年上半年的業績表明，該計劃繼續執行，取得了重要的戰略性 SaaS 勝利、收入增長、毛利率擴張和持續的部門盈利能力。

As I mentioned earlier, the highlight of the quarter and year-to-date is streaming SaaS growth, which was driven principally by our larger media customers who're expanding their consumer footprints, content rights and usage of our service, particularly for high-profile live sports events. We also secured several important new Tier 1 SaaS customer wins, spanning North America, Latin America and EMEA. Live sports streaming is an increasingly active and opportunity rich end market and our experience and reputation for enabling best-in-class live streaming continues to grow.

正如我之前提到的，本季度和年初至今的亮點是流媒體 SaaS 的增長，這主要是由我們的大型媒體客戶推動的，他們正在擴大他們的消費者足跡、內容權利和對我們服務的使用，特別是對於高簡介現場體育賽事。我們還贏得了幾個重要的新一級 SaaS 客戶，跨越北美、拉丁美洲和歐洲、中東和非洲。體育直播是一個日益活躍且機會豐富的終端市場，我們在實現一流直播方面的經驗和聲譽不斷增長。

Considering our strong first half SaaS results and a robust sales pipeline, we continue to expect our streaming SaaS revenue will grow over 50% in 2022. Looking further ahead, we remain confident that our transformation in video to streaming SaaS is working, and then we remain on track to achieve the 2024 streaming SaaS targets that we laid out for you in our Investor Day last year. As with our cable access segment, we plan to provide you a more detailed update on video market dynamics and our forecast in September.

考慮到我們上半年強勁的 SaaS 業績和強勁的銷售渠道，我們繼續預計 2022 年我們的流媒體 SaaS 收入將增長超過 50%。展望未來，我們仍然相信我們從視頻到流媒體 SaaS 的轉型正在奏效，然後我們繼續按計劃實現我們在去年的投資者日為您制定的 2024 年流媒體 SaaS 目標。與我們的有線接入部分一樣，我們計劃為您提供有關視頻市場動態的更詳細更新以及我們在 9 月份的預測。

With that, I'll now turn it over to you, Sanjay, for further discussion of our financial results and outlook.

有了這個，我現在把它交給你，桑傑，進一步討論我們的財務業績和前景。

Thanks, Patrick, and thank you all for joining us today. Before I discuss our quarterly results and outlook, I'd like to remind everyone that the financial results I'll be referring to are provided on a non-GAAP basis. As David mentioned earlier, our Q2 press release and earnings presentation includes reconciliations of the non-GAAP financial measures to GAAP that are discussed on this call. Both of these are available on our website.

謝謝，帕特里克，感謝大家今天加入我們。在討論我們的季度業績和展望之前，我想提醒大家，我將提到的財務業績是在非公認會計原則的基礎上提供的。正如大衛之前提到的，我們的第二季度新聞稿和收益報告包括本次電話會議中討論的非 GAAP 財務指標與 GAAP 的對賬。這兩個都可以在我們的網站上找到。

For the second quarter of 2022, we delivered strong financial results that were ahead of our guidance. These results demonstrate the strength and resiliency of our businesses, which continue to perform well in today's macro environment due largely to the strong demand we continue to see for our distinctive solutions.

2022 年第二季度，我們實現了超出預期的強勁財務業績。這些結果證明了我們業務的實力和彈性，這些業務在當今的宏觀環境中繼續表現良好，這主要是由於我們繼續看到對我們獨特解決方案的強勁需求。

Before I review our quarterly financials in detail, I'll briefly review the key highlights here on Slide 7. We reported a record second quarter revenue of $157.4 million, along with solid gross margins of 52.8%, adjusted EBITDA margins of 15.5% and EPS of $0.16. Our balance sheet continues to be healthy with a cash balance of $121.8 million at the quarter end. We continue to maintain near-record backlog and deferred revenue, which was $477.8 million at the quarter end, positioning us well for the second half of the year.

在詳細查看我們的季度財務數據之前，我將簡要回顧一下幻燈片 7 上的主要亮點。我們報告了創紀錄的第二季度收入 1.574 億美元，以及 52.8% 的穩健毛利率、15.5% 的調整後 EBITDA 利潤率和每股收益0.16 美元。我們的資產負債表繼續保持健康，季度末現金餘額為 1.218 億美元。我們繼續保持接近創紀錄的積壓和遞延收入，截至季度末為 4.778 億美元，為下半年做好準備。

Taking into consideration our second quarter performance and the positive market trends Patrick mentioned earlier, we have raised our full year revenue, adjusted EBITDA and EPS guidance once again. Now let's review our second quarter financials in more detail. Turning to Slide 8. As I just mentioned, total company Q2 revenue was $157.4 million, up 6.8% on a sequential basis from Q1 and up 38.8% year-over-year. Looking first at our Cable Access business segment. Revenue for the quarter was $81.2 million, consistent with our strong performance in Q1 and up 62.2% year-over-year, reflecting both the continued ramp of existing customers and newer customer launches. In our Video segment, we reported Q2 revenue of $76.2 million, up 15.8% sequentially and 20.3% year-over-year. This growth was driven by both strong broadcast and SaaS demand.

考慮到我們第二季度的業績和帕特里克之前提到的積極市場趨勢，我們再次提高了全年收入，調整了 EBITDA 和每股收益指引。現在讓我們更詳細地回顧一下我們的第二季度財務狀況。轉到幻燈片 8。正如我剛才提到的，公司第二季度總收入為 1.574 億美元，比第一季度環比增長 6.8%，同比增長 38.8%。首先看看我們的有線接入業務部門。本季度收入為 8120 萬美元，與我們在第一季度的強勁表現一致，同比增長 62.2%，這反映了現有客戶的持續增長和新客戶的推出。在我們的視頻部門，我們報告第二季度收入為 7620 萬美元，環比增長 15.8%，同比增長 20.3%。這種增長是由強勁的廣播和 SaaS 需求推動的。

Our revenue outperformance in video versus the high end of our original expectations was partly due to approximately $3 million of appliance shipments that we had previously forecasted would ship in the second half of the year. In addition to these shipments, our Video revenue included SaaS revenue of $8.6 million, up 68.7% from the prior year, ahead of our expectations. We had 2 customers representing greater than 10% of total revenue during the quarter. Comcast contributed 37% and Intelsat contributed 11% of total revenue.

我們在視頻方面的收入表現優於我們最初預期的高端，部分原因是我們之前預測的大約 300 萬美元的設備出貨量將在今年下半年出貨。除了這些出貨量，我們的視頻收入包括 860 萬美元的 SaaS 收入，比上年增長 68.7%，超出了我們的預期。我們有 2 個客戶，佔本季度總收入的 10% 以上。康卡斯特貢獻了 37%，國際通信衛星公司貢獻了 11% 的總收入。

Total company gross margin for Q2 '22 showed a 550 basis point sequential improvement to 52.8% compared to 47.3% in Q1 '22 and decreased slightly by 110 basis points versus Q2 '21. The year-over-year decline was due to both an increased mix of Cable Access segment revenue and an increased hardware mix within the Cable Access segment. We achieved Cable Access gross margins of 43% for Q2 '22, which was within our expectations compared to 38% in Q1 '22 and 47% in Q2 '21.

與 22 年第一季度的 47.3% 相比，22 年第二季度的公司總毛利率環比增長 550 個基點至 52.8%，與 21 年第二季度相比略有下降 110 個基點。同比下降是由於有線接入部門收入組合的增加和有線接入部門內硬件組合的增加。我們在 22 年第二季度實現了 43% 的有線接入毛利率，與 22 年第一季度的 38% 和 21 年第二季度的 47% 相比，這在我們的預期之內。

Consistent with the expectations stated on last earnings call, Cable Access gross margins improved sequentially as certain nonrecurring premium costs that were recorded in Q1 were not present in Q2. The comparative year-over-year softness in cable margins was primarily due to increased hardware mix. Video segment gross margin was a record 63.2% in Q2 '22, up 440 basis points sequentially and a 390 basis improvement over last year. The sequential and annual improvements reflect a more favorable software mix within our appliance category and strong growth in our expanding SaaS business.

與上次財報電話會議中所述的預期一致，Cable Access 毛利率環比提高，因為第一季度記錄的某些非經常性保費成本在第二季度不存在。電纜利潤率的同比疲軟主要是由於硬件組合的增加。視頻業務毛利率在 22 年第二季度達到創紀錄的 63.2%，環比增長 440 個基點，比去年提高 390 個基點。連續和年度改進反映了我們設備類別中更有利的軟件組合以及我們不斷擴大的 SaaS 業務的強勁增長。

Moving down the income side on Slide 9, Q2 '22 operating expenses were $61.7 million, net of foreign exchange benefit of approximately $1.3 million as a result of the strong U.S. dollar during the second quarter compared to $58.4 million in Q1 '22 and $54.6 million in Q2 '21. The increase was primarily due to increased research and development to support the growth of our Cable Access business and the ongoing transformation of our video appliance business to SaaS. Operating expenses represented 39.2% of revenue in Q2 '22 compared to 39.6% in Q1 '22 and 48.1% of revenue in Q2 '21, demonstrating additional operating leverage as revenues continue to ramp.

在幻燈片 9 的收入方面向下移動，22 年第二季度的運營費用為 6170 萬美元，扣除由於第二季度美元走強而產生的約 130 萬美元的外匯收益，而 22 年第一季度為 5840 萬美元和 5460 萬美元在 21 年第二季度。這一增長主要是由於增加了研發以支持我們的有線接入業務的增長以及我們的視頻設備業務向 SaaS 的持續轉型。運營費用在 22 年第二季度佔收入的 39.2%，而在 22 年第一季度和 21 年第二季度分別佔收入的 39.6% 和 48.1%，這表明隨著收入的持續增長，運營槓桿會增加。

Adjusted EBITDA for Q2 '22 was 15.5% of revenue at $24.3 million, comprised of $11.6 million from Cable Access and $12.7 million from Video. This compares to an adjusted EBITDA of $14.5 million or 9.8% of revenue in Q1 '22 and demonstrate significant year-over-year improvement compared to $9.5 million or 8.4% of revenue in Q2 '21. This all translated into Q2 EPS of $0.16 per share compared to $0.08 per share in Q1 '22 and $0.05 per share for Q2 '21.

22 年第二季度的調整後 EBITDA 為收入的 15.5%，為 2430 萬美元，其中包括來自有線接入的 1160 萬美元和來自視頻的 1270 萬美元。相比之下，22 年第一季度調整後的 EBITDA 為 1450 萬美元或收入的 9.8%，與 21 年第二季度的 950 萬美元或收入的 8.4% 相比，同比顯著改善。這一切都轉化為每股 0.16 美元的第二季度每股收益，而 22 年第一季度為每股 0.08 美元，21 年第二季度為每股 0.05 美元。

We ended the quarter with a diluted weighted average share count of 109 million compared to 110.6 million in Q1 '22 and 103.8 million in Q2 '21. The sequential decrease was primarily due to a reduction in convertible debt dilution of 1.4 million shares and a reduction in the dilutive effect of outstanding RSUs and options by 0.8 million shares, both resulting from a decrease in our average stock price in the quarter and by the share repurchases of approximately 324,000 shares in the quarter at an average price of $8.86, partially offset by issuance of 0.6 million shares to employees for vested RSUs.

我們在本季度末的稀釋加權平均股數為 1.09 億股，而 22 年第一季度為 1.106 億股，21 年第二季度為 1.038 億股。環比下降主要是由於可轉換債務稀釋減少了 140 萬股，以及流通的 RSU 和期權的稀釋效應減少了 80 萬股，這都是由於我們在本季度的平均股價下降和本季度以 8.86 美元的平均價格回購了約 324,000 股股票，部分被為既得 RSU 向員工發行 60 萬股所抵消。

The year-over-year increase reflects the dilution of our convertible debt by 1.2 million shares and the dilutive effect of outstanding RSUs and options by 0.5 million shares, both resulting from an increase in our average stock price during the year, and 3.8 million shares from the weighted effect of stock issued to employees for vested RSUs and exercised options as well as ESPP shares offset by the impact of repurchase of approximately 557,000 shares.

同比增長反映了我們的可轉換債務稀釋了 120 萬股，以及流通的 RSU 和期權的稀釋效應為 50 萬股，這都是由於我們年內平均股價和 380 萬股的增加向員工發行的既得 RSU 和已行使的期權以及 ESPP 股票的加權影響被約 557,000 股回購的影響所抵消。

Turning now to the order book. We reported solid new bookings. Q2 bookings were $140.9 million compared to $205.5 million in Q1 '22 and $186.9 million from Q2 '21. Following over last 2 quarters where we reported record bookings, bookings in Q2 were in line with our expectations for the first half overall. The book-to-bill ratio was 0.9 in the quarter compared to 1.4 in Q1 '22 and 1.6 in Q2 '21. Our year-to-date book-to-bill ratio is 1.1.

現在轉向訂單簿。我們報告了穩定的新預訂。第二季度的預訂量為 1.409 億美元，而 22 年第一季度為 2.055 億美元，21 年第二季度為 1.869 億美元。在過去兩個季度我們報告了創紀錄的預訂量之後，第二季度的預訂量總體上符合我們對上半年的預期。本季度的訂單出貨比為 0.9，而 22 年第一季度為 1.4，21 年第二季度為 1.6。我們年初至今的訂單出貨比為 1.1。

Turning to Slide 10, we'll now discuss our liquidity position and balance sheet. We ended Q2 with cash of $121.8 million compared to $100.7 million at the end of Q1 '22 and $115.2 million in Q2 last year. The $21.1 million sequential cash increase is primarily comprised of $21.8 million of cash generated from operations and $7.8 million of cash from an investment liquidation event. These were partially offset by $2.9 million used for share repurchases, $3.1 million used in the purchase of fixed assets and a foreign exchange rate impact on cash of $4.7 million.

轉到幻燈片 10，我們現在將討論我們的流動性狀況和資產負債表。我們在第二季度末的現金為 1.218 億美元，而 22 年第一季度末為 1.007 億美元，去年第二季度為 1.152 億美元。連續增加的 2110 萬美元現金主要包括來自運營的 2180 萬美元現金和來自投資清算事件的 780 萬美元現金。這些被用於股票回購的 290 萬美元、用於購買固定資產的 310 萬美元以及匯率對現金的 470 萬美元影響部分抵消。

The investment liquidation proceeds of $7.8 million was from a $3.6 million investment that we made during 2014 in encoding.com, a privately held company. This investment generated a gain of $4.2 million for Harmonic, which we reported on a GAAP basis for the quarter, but was excluded from our non-GAAP results as it is a nonrecurring event. Turning to days sales outstanding, at the end of Q2, DSO was 61 days compared to 71 days at the end of Q1 '22 and 80 days in Q2 '21.

780 萬美元的投資清算收益來自我們 2014 年對私營公司 encoding.com 的 360 萬美元投資。這項投資為 Harmonic 帶來了 420 萬美元的收益，我們根據 GAAP 報告了本季度的收益，但由於它是非經常性事件，因此被排除在我們的非 GAAP 業績之外。談到銷售天數，在第二季度末，DSO 為 61 天，而在 22 年第一季度末為 71 天，在 21 年第二季度為 80 天。

Collections and thereby accounts receivable improved in Q2. Our days inventory on hand was 100 days at the end of Q2 compared to 95 days at the end of Q1 '22 and 74 days at the end of Q2 '21, reflecting continued investment in inventory as we prepare for heavy shipments during the remainder of the year. We continued to build inventory at higher-than-normal levels to proactively manage our supply chain.

第二季度的收款和應收賬款有所改善。我們手頭的庫存天數在第二季度末為 100 天，而在 22 年第一季度末為 95 天，在 21 年第二季度末為 74 天，這反映了在我們準備在剩餘時間內大量出貨時對庫存的持續投資那一年。我們繼續以高於正常水平的水平建立庫存，以主動管理我們的供應鏈。

Regarding capital allocation, our priorities remain consistent. We will continue to invest in building inventory, which enables us to better control inventory acquisition costs, meet the strong demand we are experiencing, timely fulfill orders and drive our future growth. We will also continue to be opportunistic in buying back stock when market conditions merit. As mentioned earlier, during the second quarter Harmonic repurchased 324,000 shares at an average price of $8.86 per share or $2.9 million. Year-to-date, we have bought back 557,000 shares of stock for an aggregate purchase price of approximately $5 million.

在資本配置方面，我們的優先事項保持一致。我們將繼續投資建設庫存，這使我們能夠更好地控制庫存採購成本，滿足我們正在經歷的強勁需求，及時履行訂單並推動我們未來的增長。當市場條件合適時，我們還將繼續機會主義地回購股票。如前所述，在第二季度，Harmonic 以每股 8.86 美元或 290 萬美元的平均價格回購了 324,000 股。年初至今，我們以約 500 萬美元的總購買價格回購了 557,000 股股票。

Given the current macroeconomic environment we expect to continue repurchasing shares in a responsible manner, taking into consideration strategic inventory investments to support our future growth, broad equity market conditions, the importance of maintaining a strong balance sheet and our future debt obligations. This includes our upcoming debt repayment of $37.7 million in December 2022. At the end of Q2, total backlog and deferred revenue was $477.8 million, marginally down sequentially from a record $497.3 million at Q1 '22 and up 38% year-over-year from $347.2 million at Q2 '21. This large backlog and deferred revenue reflects continued growing demand from our large cable customers and increasing video streaming SaaS commitments. Note that more than 80% of our backlog and deferred revenue has customer request dates for shipment of products and providing services within next 12 months.

鑑於當前的宏觀經濟環境，我們預計將繼續以負責任的方式回購股票，同時考慮到支持我們未來增長的戰略庫存投資、廣泛的股票市場狀況、維持強勁資產負債表的重要性以及我們未來的債務義務。這包括我們即將在 2022 年 12 月償還的 3770 萬美元的債務。在第二季度末，積壓和遞延收入總額為 4.778 億美元，比 22 年第一季度創紀錄的 4.973 億美元略有下降，同比增長 38%。 21 年第二季度為 3.472 億美元。這一龐大的積壓和遞延收入反映了我們大型有線電視客戶持續增長的需求以及不斷增加的視頻流 SaaS 承諾。請注意，我們 80% 以上的積壓訂單和遞延收入都有客戶要求在未來 12 個月內發貨和提供服務的日期。

As mentioned on previous calls, not included in our backlog is additional contractually agreed CableOS business with 2 of our initial Tier 1 cable customers. At the end of Q2 '22, this incremental amount was approximately $96 million, down from $98 million last quarter as approximately $2 million went through the purchase order process and therefore moved into bookings. Taking these CableOS contracts into account, we have total future contracted revenues of approximately $573.8 million, which continues to provide us with a very solid base as we move forward through the second half of 2022 into 2023.

正如在之前的電話會議中提到的，我們的積壓工作中不包括與我們最初的 2 個一級有線電視客戶簽訂的額外合同約定的 CableOS 業務。在 22 年第二季度末，這一增量金額約為 9600 萬美元，低於上一季度的 9800 萬美元，因為大約 200 萬美元通過了採購訂單流程並因此進入預訂。考慮到這些 CableOS 合同，我們未來的合同總收入約為 5.738 億美元，隨著我們從 2022 年下半年進入 2023 年，這將繼續為我們提供非常堅實的基礎。

Now I'll turn to our revised non-GAAP guidance for 2022, beginning on Slide 11. I will also give brief commentary on key changes from our prior annual guidance we gave in April. For the total company for the full-year 2022, we now expect revenue in the range of $607 million to $627 million. The 2% midpoint increase from our prior guidance was driven by an increase in expected cable segment revenues. Gross margin in the range of 49.4% to 50.7%, up 40 basis points at the midpoint versus prior guidance. Gross profit to range from $300 million to $318 million, up 2.8% at midpoint versus prior guidance. Operating expenses to range from $239 million to $248 million, down 0.4% at the midpoint of our prior guidance. Adjusted EBITDA to range from $72 million to $82 million. This represents a 14% increase at the midpoint versus prior guidance, driven by expected increase in cable revenues discussed previously.

現在，我將從幻燈片 11 開始轉向我們修訂的 2022 年非 GAAP 指導。我還將簡要評論我們在 4 月份提供的先前年度指導的主要變化。對於 2022 年全年的整個公司，我們現在預計收入在 6.07 億美元至 6.27 億美元之間。我們先前指引的中點增長 2% 是由於預期有線電視部門收入的增加。毛利率在 49.4% 至 50.7% 之間，中點比之前的指導高 40 個基點。毛利潤從 3 億美元到 3.18 億美元不等，中點比之前的指引增長 2.8%。運營費用從 2.39 億美元到 2.48 億美元不等，在我們之前指導的中點下降 0.4%。調整後的 EBITDA 範圍為 7200 萬美元至 8200 萬美元。與之前的指導相比，中點增長了 14%，這是由之前討論的有線電視收入的預期增長推動的。

An effective tax rate of 13%, a weighted average diluted share count of approximately 109.6 million, a decline in 1.2 million shares from prior guidance. This is primarily due to reduced dilution on debt given softer average stock trading price. EPS to range from $0.44 to $0.52 per share. At midpoint, this is a 20% increase versus prior guidance. Finally, cash at the end of 2022 is expected to come in between $95 million to $105 million. The reduced guidance in cash primarily reflects additional working capital investments, especially inventory planned for the second half of 2022 to prepare us for 2023 revenue growth.

有效稅率為 13%，加權平均攤薄股數約為 1.096 億股，較先前指引減少 120 萬股。這主要是由於平均股票交易價格疲軟，債務稀釋減少。每股收益從 0.44 美元到 0.52 美元不等。在中點，這比之前的指導增加了 20%。最後，到 2022 年底，現金預計將在 9500 萬美元至 1.05 億美元之間。現金指引的減少主要反映了額外的營運資本投資，特別是計劃在 2022 年下半年為我們為 2023 年收入增長做好準備的庫存。

Turning to Slide 12. I will review our total company outlook for the third quarter of 2022. We expect revenue in the range of $147 million to $157 million, gross margin in the range of 48.9% to 50.5%; gross profit in the range of $72 million to $79 million, operating expenses to range from $60 million to $63 million, adjusted EBITDA to range from $15 million to $19 million, a weighted average diluted share count of approximately 109.5 million, EPS to range from $0.08 to $0.12. At the end of Q3, cash is expected to range from $110 million to $120 million.

轉到幻燈片 12。我將回顧我們對 2022 年第三季度的總體公司前景。我們預計收入在 1.47 億美元至 1.57 億美元之間，毛利率在 48.9% 至 50.5% 之間；毛利潤在 7,200 萬美元至 7,900 萬美元之間，運營費用在 6,000 萬美元至 6,300 萬美元之間，調整後 EBITDA 為 1,500 萬美元至 1,900 萬美元，加權平均攤薄後股份數約為 1.095 億美元，每股收益為 0.08 美元至 0.12 美元。在第三季度末，現金預計在 1.1 億美元至 1.2 億美元之間。

On Slide 13, I will first review guidance for both the full year and third quarter of 2022 for our cable segment. For the full-year 2022 based on our progress to date, we expect Cable Access to achieve revenue between $335 million to $345 million, a 5% increase from midpoint of prior guidance, implying a full year revenue growth of 56% at the midpoint. Given our success navigating capacity constraints through the first 7 months of the year, we are comfortable expanding the high end of our outlook.

在幻燈片 13 上，我將首先查看我們有線電視部門的全年和 2022 年第三季度的指導。根據我們迄今為止的進展，對於 2022 年全年，我們預計 Cable Access 的收入將在 3.35 億美元至 3.45 億美元之間，比先前指導的中點增長 5%，這意味著中點全年收入增長 56%。鑑於我們在今年前 7 個月成功克服了產能限制，我們很樂意擴大展望的高端。

Gross margins between 42.1% to 43.5%. This marginal 10 basis point improvement from prior guidance is due to increased expected software and services contribution. Gross profit between $141 million to $150 million, up 5% from prior guidance at the midpoint. Operating expenses between $94 million to $100 million, flat from prior guidance at the midpoint. Adjusted EBITDA between $53 million to $56 million, up 16% from prior guidance at the midpoint.

毛利率在 42.1% 至 43.5% 之間。與之前的指導相比，這一微小的 10 個基點改善是由於預期的軟件和服務貢獻增加。毛利潤在 1.41 億美元至 1.5 億美元之間，較之前的中點指引增長 5%。運營費用在 9400 萬美元至 1 億美元之間，與之前的中點指引持平。調整後的 EBITDA 在 5300 萬美元至 5600 萬美元之間，較之前的中點指引增長 16%。

For our Cable Access segment in Q3, we expect revenue in the range of $85 million to $91 million, gross margin in the range of 43% to 45%, gross profit in the range of $37 million to $41 million, operating expenses in the range of $24 million to $26 million, adjusted EBITDA to range from $14 million to $16 million.

對於我們第三季度的有線接入部門，我們預計收入在 8500 萬美元到 9100 萬美元之間，毛利率在 43% 到 45% 之間，毛利潤在 3700 萬美元到 4100 萬美元之間，運營費用在2400 萬美元至 2600 萬美元，調整後的 EBITDA 範圍為 1400 萬美元至 1600 萬美元。

Moving on to Slide 14, we will review full year and third quarter 2022 Video segment guidance. Currently, for the full year, we expect revenue in the range of $272 million to $282 million, a 1% decrease from midpoint than prior guidance, reflecting a decrease in appliance revenue, partially offset by an increase in SaaS. Gross margins in the range of 58.3% to 59.5% with a 125 basis point improvement than prior guidance at the midpoint. Gross profit in the range of $159 million to $168 million, up 0.7% from prior guidance at the midpoint. Operating expenses in the range of $145 million to $148 million, 1% better than prior guidance at the midpoint. Adjusted EBITDA in the range of $19 million to $26 million, a 12.5% improvement from prior guidance at the midpoint.

轉到幻燈片 14，我們將回顧 2022 年全年和第三季度的視頻細分指導。目前，我們預計全年收入在 2.72 億美元至 2.82 億美元之間，比之前的指引中點下降 1%，反映了設備收入的下降，部分被 SaaS 的增長所抵消。毛利率在 58.3% 至 59.5% 之間，比之前的中點指引提高了 125 個基點。毛利潤在 1.59 億美元至 1.68 億美元之間，較之前的中點指引增長 0.7%。運營費用在 1.45 億美元至 1.48 億美元之間，比之前的中點指導高出 1%。調整後的 EBITDA 在 1,900 萬美元至 2,600 萬美元之間，較之前的中點指引提高 12.5%。

For our Video segment in Q3, we expect revenue in the range of $62 million to $66 million, gross margin in the range of 57% to 58%, gross profit in the range of $35 million to $38 million, operating expenses in the range of $36 million to $37 million, adjusted EBITDA to range from $1 million to $3 million.

對於我們第三季度的視頻部門，我們預計收入在 6200 萬美元到 6600 萬美元之間，毛利率在 57% 到 58% 之間，毛利潤在 3500 萬美元到 3800 萬美元之間，運營費用在3600 萬美元至 3700 萬美元，調整後的 EBITDA 為 100 萬美元至 300 萬美元。

In summary, we continued to execute and drive strong momentum in both of our business segments during the second quarter. As a result, we ended the first half of the year with near record balances for both backlog and deferred revenue. We believe this sustained momentum positions us well for the balance of 2022 as we continue to execute on our long-term model. This confidence is reflected in our updated full year guidance.

總而言之，我們在第二季度繼續執行並推動我們兩個業務部門的強勁勢頭。因此，我們在今年上半年結束時積壓和遞延收入的餘額都接近創紀錄的水平。我們相信，隨著我們繼續執行我們的長期模型，這種持續的勢頭使我們在 2022 年的餘額中處於有利地位。這種信心反映在我們更新的全年指導中。

And lastly, I will invite everyone to mark your calendars. On September 15, we will be hosting a virtual investor event similar to the one we held in June of last year. During this event, we will provide multiyear updates for both our Cable Access and Video business segments. Please stay tuned for additional details as we get closer to the date. Thank you, everyone, for your attention today. And now I'll turn it back to Patrick for final remarks before we open up the call for questions.

最後，我會邀請大家標記你的日曆。 9 月 15 日，我們將舉辦與去年 6 月類似的虛擬投資者活動。在此次活動中，我們將為我們的有線接入和視頻業務部門提供多年更新。隨著日期的臨近，請繼續關注更多細節。謝謝大家今天的關注。現在，在我們開始提問之前，我將把它轉回給 Patrick 做最後的評論。

Thanks, Sanjay. We'd like to conclude by summarizing our strategic and execution priorities as we enter the second half of the year. For Cable Access business, it continues to be all about working with our existing customers to enable ramping deployment success, winning and launching volume deployments with the Tier 1 operators we've not yet secured and leveraging our fiber solution to expand our addressed market and create additive revenue growth and value.

謝謝，桑傑。在我們進入下半年時，我們想總結一下我們的戰略和執行重點。對於有線接入業務，它仍然是與我們現有的客戶合作，以實現成功的部署，贏得併與我們尚未獲得保護的一級運營商啟動批量部署，並利用我們的光纖解決方案來擴展我們的目標市場並創造附加的收入增長和價值。

For our Video business, we continue to focus on growing our streaming SaaS brand and customer base, further extending our streaming SaaS capabilities, particularly for live sports and leveraging the traditional broadcast appliance business to profitably enable these transformations. In each of these areas, our execution and results in the first half of the year were excellent. We're looking forward to the rest of 2022, and we appreciate your continued support.

對於我們的視頻業務，我們將繼續專注於發展我們的流媒體 SaaS 品牌和客戶群，進一步擴展我們的流媒體 SaaS 能力，特別是在體育直播方面，並利用傳統的廣播設備業務來實現這些轉型，從而實現盈利。在這些領域中，我們上半年的執行和結果都非常出色。我們期待著 2022 年剩下的時間，感謝您的持續支持。

And with that, as Sanjay just said, we'll now open up the call for questions.

有了這個，正如桑傑剛才所說，我們現在將打開提問的電話。

(Operator Instructions) Our first question comes from Simon Leopold with Raymond James.

（操作員說明）我們的第一個問題來自 Simon Leopold 和 Raymond James。

I wanted to get your thoughts on what's going on in terms of the cable TV industry, the marketplace and potential implications for Harmonic in -- this was a quarter where the largest cable operators reported declining subscriber metrics and it wasn't just lots of linear video subscribers, but now broadband subscribers. And I'm just wanting your sense of what was your take on the most recent reports as an industry observer. And then what do you see as the implications of these new trends or this inflection on Harmonic in the longer term?

我想了解您對有線電視行業、市場和對 Harmonic 的潛在影響方面的看法——這是最大的有線電視運營商報告訂戶指標下降的季度，而且不僅僅是線性的視頻用戶，但現在是寬帶用戶。我只是想了解你作為行業觀察員對最新報告的看法。那麼你認為這些新趨勢的影響或這種對諧波的長期影響是什麼？

We're not in the details of our customers' number, but a high level, we're not too surprised. I think we've been talking about for a while, increasingly competitive playing field around broadband services for our customers. And in fact, this heightened level of competition or coming competition from technologies like fiber, I think is part of the reason, the big part of the reason why we've seen some of our customers really lean into investing in developing, deploying next-generation multi-gigabit services. So I think we're really seeing play out with most in the industry expected. I think we can debate about what timing was anticipated, but at the top level, not a concern.

我們沒有在細節上透露我們的客戶數量，但在高層次上，我們並不會太驚訝。我想我們已經談論了一段時間，圍繞我們客戶的寬帶服務競爭日益激烈的競爭環境。事實上，這種競爭加劇或來自光纖等技術的競爭，我認為是部分原因，也是我們看到一些客戶真正傾向於投資於開發、部署下一個-一代多千兆服務。所以我認為我們真的看到了業內大多數人的預期。我認為我們可以討論預期的時間安排，但在最高級別，這不是問題。

And frankly, we look at it as constructive. There is a consumer thirst for even greater broadband speeds and access capabilities. We think that service providers in general will be fighting over the consumer and investing to build the highest quality network, the networks that can deliver the highest quality of service. And our strategic objective is to provide -- to really be a key partner in terms of providing enabling technology. The work we've done to date is really, I think, in anticipation of this next phase of heightened competitiveness between service providers.

坦率地說，我們認為它具有建設性。消費者渴望獲得更高的寬帶速度和接入能力。我們認為，一般服務提供商將爭奪消費者並投資建設最高質量的網絡，即能夠提供最高質量服務的網絡。我們的戰略目標是提供——真正成為提供支持技術的關鍵合作夥伴。我認為，我們迄今為止所做的工作確實是對下一階段服務提供商之間競爭力增強的預期。

And then as a follow-up, I wanted to see if your international business is feeling any effects of foreign exchange rates given the strong U.S. dollar. I guess 2 parts to my question. I've assumed -- I don't know if this is correct, I assumed you write your contracts in dollar terms, not in local currency. And therefore, your products would be more expensive for customers who may be budgeting in a local currency. Could you discuss what, if any, impact you've seen from the shift in exchange rates?

然後作為後續行動，我想看看在美元走強的情況下，您的國際業務是否感受到了外匯匯率的任何影響。我想我的問題有兩個部分。我假設-我不知道這是否正確，我假設您以美元而不是當地貨幣編寫合同。因此，對於可能以當地貨幣進行預算的客戶來說，您的產品會更貴。您能否討論一下您從匯率變化中看到的影響（如果有的話）？

Simon, definitely this quarter the U.S. dollar was very strong. And overall it benefited, as I pointed out in my OpEx. But to your specific question on customer contracts, majority of our customer contracts are in U.S. dollar. There are some which are not in U.S. dollars, but they are like kind of -- we have an inherent hedge in terms of FX as our expenses are also in euro. So we don't expect a significant change or a significant shift in the way we expect this to impact us in case the exchange rate goes more stronger for you going forward.

西蒙，這個季度的美元肯定非常強勁。正如我在 OpEx 中指出的那樣，總體而言，它受益匪淺。但是對於您關於客戶合同的具體問題，我們的大多數客戶合同都是美元。有些不是美元，但它們就像——我們在外匯方面有固有的對沖，因為我們的費用也是歐元。因此，我們預計這不會影響我們的方式發生重大變化或重大轉變，以防匯率對您未來變得更加強勁。

And then just one last one, in terms of what you're seeing on supply chain constraints, just your latest view on sort of the trajectory and time line for normalization?

然後最後一個，就您所看到的供應鏈限製而言，只是您對正常化軌跡和時間表的最新看法？

Simon, definitely, supply chain is something we've been very cautious about right from the beginning of the year. But our experience to date since the last 2 quarters has shown us that things have not significantly changed. We are still battling with the same challenges. We still see decommits. We still see cost premiums. We still see surprises on prices. We planned our year in a way that addresses those risks.

西蒙，毫無疑問，供應鍊是我們從年初開始就非常謹慎的事情。但我們自過去兩個季度以來的經驗表明，情況並沒有顯著改變。我們仍在與同樣的挑戰作鬥爭。我們仍然看到取消承諾。我們仍然看到成本溢價。我們仍然看到價格方面的驚喜。我們以解決這些風險的方式計劃了我們的一年。

And as you would have noted, our gross margins are very consistent what we guided earlier. So yes, the challenges are continuing. And we don't think that they will be completely behind us. Certain costs go up and they never go down. But overall, as macroeconomic factors improve, we do expect some improvement in certain areas. But overall, our experience in the last 2 quarters has shown us that things are kind of similar what we expected.

正如你會注意到的，我們的毛利率與我們之前指導的非常一致。所以，是的，挑戰仍在繼續。而且我們認為他們不會完全支持我們。某些成本會上升，而且永遠不會下降。但總體而言，隨著宏觀經濟因素的改善，我們確實預計某些領域會有所改善。但總的來說，我們在過去兩個季度的經驗表明，事情與我們的預期有些相似。

Next question comes from Ryan Koontz with Needham.

下一個問題來自 Ryan Koontz 和 Needham。

If you could comment, Patrick, on the composition of backlog here kind of given the softness Q-over-Q, is this a new seasonality? Can you comment on any kind of mix changes there? Is some of this kind of bookings weakness coming more from the video side? How should investors think about that? And I have a follow-up, please.

帕特里克（Patrick），如果您可以評論一下這裡積壓的構成，考慮到 Q-over-Q 的柔軟度，這是一個新的季節性嗎？你能評論那裡的任何混合變化嗎？這種預訂疲軟是否更多來自視頻方面？投資者應該如何看待這個問題？我有一個跟進，拜託。

Well, Ryan, year-to-date, our book-to-bill is about 1.1, which is consistent, if not strong relative to historic trends. Now we did see a couple of quarters that were -- had extraordinarily strong book-to-bill. But as we called out, in part this was some customers really trying to get ahead, contemplating the supply chain issues that we just spoke about and really trying to order further ahead. So we saw that effect. We never anticipated it to be that long lived.

嗯，瑞安，年初至今，我們的訂單出貨比約為 1.1，與歷史趨勢相比，即使不是很強，也是一致的。現在我們確實看到了幾個季度 - 具有非常強大的賬面出貨量。但正如我們所說的那樣，部分原因是一些客戶真正想要取得成功，考慮到我們剛剛談到的供應鏈問題，並真正試圖進一步提前訂購。所以我們看到了這種效果。我們從未料到它會如此長壽。

And what we're seeing now is that some of those orders, in many cases, they extend out 12 months or in place, we see more of a turn, I would say, to traditional book-to-bill ratios, which again is still greater than 1. So I think that there's no -- we don't see any particular change. Certainly, no broad trend in terms of softness from a backlog and book-to-bill point of view, if we look at the last several quarters in aggregate, we're about where we expected to be.

我們現在看到的是，其中一些訂單，在很多情況下，它們會延長 12 個月或到位，我們看到更多的轉變，我想說，傳統的訂單出貨比，這又是仍然大於 1。所以我認為沒有——我們沒有看到任何特別的變化。當然，從積壓和訂單到賬單的角度來看，沒有普遍的疲軟趨勢，如果我們總體看過去幾個季度，我們大約是我們預期的水平。

And on the -- some great news there on your fiber-to-the-home trials and the strong bookings in the quarter. Can you comment on that? It sounds like it was a Tier 1 trial that you're -- that you have now?

還有一些關於您的光纖到戶試驗和本季度強勁預訂的好消息。你能對此發表評論嗎？聽起來你是第 1 層試驗——你現在有嗎？

We've got a great solution to be frank. And it particularly resonates with cable operators of all sizes, so Tier 1s down to small ones. There's a really powerful kind of hybrid unified solution for both fiber and cable, which offers, I think, tremendous operational cost and customer responsiveness advantages. And we're seeing good traction with that really across the board. So we've got advanced trials going on with several Tier 1s as well as with smaller customers. And we've seen good order input from early Tier 1s and as well as smaller customers. So the bookings result, which was a record for us, so this quarter really represents fairly broad strength. And that mirrors the pipeline that we're seeing, both domestically and internationally.

坦率地說，我們有一個很好的解決方案。它特別能引起各種規模的有線電視運營商的共鳴，因此從 1 級到小型有線電視運營商。對於光纖和電纜來說，有一種非常強大的混合統一解決方案，我認為它提供了巨大的運營成本和客戶響應優勢。我們在這方面看到了很好的牽引力。因此，我們已經在幾個 1 級以及較小的客戶中進行了高級試驗。我們已經看到來自早期 1 級和較小客戶的良好訂單輸入。所以預訂結果對我們來說是創紀錄的，所以本季度確實代表了相當廣泛的實力。這反映了我們在國內和國際上看到的管道。

Our next question comes from Tim Savageaux with Northland Capital.

我們的下一個問題來自 Northland Capital 的 Tim Savageaux。

And congrats on the good results. I wanted to follow up on the PON side, and you mentioned the $10 million plus in orders. I wonder if you might be able to quantify that a little bit more, which is to say, how should we think about that relative to the pipeline that you're looking at. To the extent that you -- well, and I guess I'll ask specifically, were any of those orders translated into revenue and including with your top customer. And as you look at the size of that opportunity both there and elsewhere, how does that pipeline compare to the $10 million that you mentioned from an order standpoint?

並祝賀取得好成績。我想跟進 PON 方面，你提到了超過 1000 萬美元的訂單。我想知道您是否可以進一步量化這一點，也就是說，相對於您正在查看的管道，我們應該如何考慮這一點。在某種程度上，你——好吧，我想我會特別問一下，這些訂單中的任何一個是否轉化為收入，包括你的頂級客戶。當您查看那里和其他地方的機會規模時，該管道與您從訂單的角度提到的 1000 萬美元相比如何？

The pipeline is substantially larger, I guess, in short. And ultimately, the opportunity is much larger. Look, relative to the scale of the cable or the DOCSIS side of the business, this is still the smaller piece of what's happening. But the slope is starting to become interesting and we're spending more and more time on it. So pipeline is bigger than what was ordered this quarter. That being said, Tim, we're still relatively early days. I might expect some up and down in the coming quarters in terms of the amount booked.

簡而言之，我猜這條管道要大得多。最終，機會要大得多。看，相對於電纜的規模或業務的 DOCSIS 方面，這仍然是正在發生的事情的一小部分。但是斜坡開始變得有趣，我們在上面花費了越來越多的時間。所以管道比本季度訂購的要大。話雖如此，蒂姆，我們還處於相對早期的階段。就預訂金額而言，我可能預計未來幾個季度會有上下波動。

But I think that the results that we've seen in terms of early orders and the pipeline we have tell us that over the next several quarters, certainly over the next year, this is going to become an important additional growth vector for us. And again, we'll talk more about it in the Investor Analyst Day we're talking about in September. I think that what we previously shared in terms of multiyear ambitions around fiber-to-the-home, we feel increasingly confident about both because of the market opportunity and the resonance solution it seems to be having.

但我認為，我們在早期訂單和管道方面看到的結果告訴我們，在接下來的幾個季度，當然在明年，這將成為我們重要的額外增長載體。再說一次，我們將在 9 月份的投資者分析師日上更多地討論它。我認為，我們之前分享的關於光纖到戶的多年雄心壯志，由於市場機會和它似乎擁有的共振解決方案，我們對這兩個方面都越來越有信心。

Right. I was just going to follow up right on that, which is I think you said last year at the Analyst Day, you felt like this could be a $100 million business or pretty close in '24. So those are the type of targets that we're talking about. Final question on this topic for me, in terms of what we've seen kind of yet another increase in Cable Access revenue guide for this year, is fiber contribute to that in any meaningful way?

正確的。我只是想跟進這件事，我想你去年在分析師日上說過，你覺得這可能是一項價值 1 億美元的業務，或者在 24 年非常接近。所以這些就是我們正在談論的目標類型。對我來說，關於這個話題的最後一個問題，就我們看到今年有線接入收入指南的又一次增長而言，光纖是否以任何有意義的方式對此做出了貢獻？

Very modestly, I think is the best way to think about it. I think we're still really -- and creating that business. We want to create a good backlog. Certainly, there'll be modest revenue, but it's not a material contributor to our guidance.

非常謙虛，我認為這是思考它的最佳方式。我認為我們仍然是真的 - 並創造了這項業務。我們想創建一個好的積壓工作。當然，會有適度的收入，但這不是我們指導的重要貢獻。

And I wanted to follow up on the gross margin side. You did have a pretty significant increase in appliance gross margins in the quarter. And I think you mentioned the video drivers there. But it does seem that Cable Access saw a stronger mix of router or head end based activity also contributing to that margin strength, although you did call out component costs, so maybe it's that. But am I right about that, I guess, on the one hand and what does that portend for your business going forward to the extent that you might be seeing a little higher appliance versus node mix and cable access?

我想跟進毛利率方面的問題。您在本季度的家電毛利率確實有相當大的增長。我想你提到了那裡的視頻驅動程序。但是，Cable Access 似乎確實看到了路由器或基於前端的活動的更強組合，這也有助於提高利潤率，儘管你確實提到了組件成本，所以也許就是這樣。但是，我想，我對此是否正確，一方面，這對您的業務發展意味著什麼，您可能會看到更高的設備與節點混合和電纜接入？

So Tim, you're definitely right on the video side that the software mix is better and hence the margins were kind of record this quarter. In terms of cable, there is no real change in the mix versus the way we expected. The margins came right at the midpoint of what we were expecting. They came at 43%. Our expectation was 42% to 44%. And it's a confluence of mix, supply chain impacts and whatnot. But overall, it's not the mix changing of any hardware as you mentioned.

所以蒂姆，你在視頻方面絕對是正確的，軟件組合更好，因此本季度的利潤率有點創紀錄。就有線電視而言，與我們預期的方式相比，組合併沒有真正的變化。利潤正好在我們預期的中點。他們達到了 43%。我們的預期是 42% 到 44%。它是混合、供應鏈影響等的融合。但總的來說，這不是你提到的任何硬件的混合變化。

Our next question comes from Greg Notter with Jefferies.

我們的下一個問題來自 Greg Notter 和 Jefferies。

That's George Notter. And this is actually Kyle on for George Notter. Thanks for the question. This is also around gross margin a little bit more specifically on Cable Access, but it sounded like overall gross margin upside was driven by mix, it's probably largely in video, but you also mentioned certain period costs in Q1 that didn't repeat. So would you give us a sense for how the gross margin you're getting on optical nodes is coming in? And whether that's improving, driven by the better costs or better pricing? Are they still generally in line with what they've been over the past few quarters and your expectation, or are they improving based on supply chain?

那是喬治·諾特。這實際上是凱爾對喬治諾特的看法。謝謝你的問題。這也與 Cable Access 的毛利率有關，但聽起來整體毛利率上升是由混合推動的，它可能主要是在視頻中，但你也提到了第一季度的某些期間成本，這些成本沒有重複。那麼，您能否告訴我們您在光節點上獲得的毛利率是如何進入的？以及由於更好的成本或更好的定價，這種情況是否有所改善？它們是否仍然總體上符合過去幾個季度的情況和您的預期，或者它們是否基於供應鏈而有所改善？

Yes. So I'll answer the first part of the question, which is why the margins improved in Q2 versus Q1 for cable. The margins improved basically because of -- we had onetime premium costs for certain components, which we paid last year, and they were amortized in Q4 and Q1. And in Q2, we didn't see them. And this is exactly what we said in the last call. We expect those premium charges to be behind us in Q2 and they were behind. And that's the biggest reason why margins are up in Q2 versus Q1.

是的。所以我將回答問題的第一部分，這就是為什麼第二季度與第一季度相比，有線電視的利潤率有所提高。利潤率的提高主要是因為——我們在去年支付了某些組件的一次性溢價成本，它們在第四季度和第一季度攤銷。在第二季度，我們沒有看到它們。這正是我們在上次電話會議中所說的。我們預計這些溢價費用將在第二季度落後於我們，而且它們已經落後了。這就是第二季度利潤率高於第一季度的最大原因。

Now on the second part of the question regarding the nodes margins, they are in line with what we were expecting. There's a trajectory plan for the year. They are going in accordance with that trajectory. We do not specifically call out margins of certain product lines. But overall, they are within our expectations, and nothing significantly changed beyond that.

現在關於節點邊距問題的第二部分，它們符合我們的預期。有一個今年的軌跡計劃。他們正在按照那個軌跡前進。我們沒有特別指出某些產品線的利潤率。但總的來說，它們在我們的預期之內，除此之外沒有任何顯著變化。

What's your general sense for the trajectory of supply chain? You did better this quarter, reduced backlog somewhat. Will supply continue to get better from here? Or could there be some ups and downs? I think in other words, are we past the peak in backlog in your mind given you have a good inventory position and book-to-bill was a bit below 1 in this quarter specifically?

您對供應鍊軌蹟的總體理解是什麼？你本季度做得更好，稍微減少了積壓。從這裡開始供應會繼續好轉嗎？或者可能有一些起起落落？我認為換句話說，鑑於您擁有良好的庫存狀況並且本季度的訂單出貨比略低於 1，我們是否已經過了您心目中的積壓高峰？

So Kyle, the increase of our guidance for cable, the first 2 quarters we did not really have a very good view of what the supply chain could entail in terms of supply, what -- how much we can get from our manufacturers. But the experience of the past 7 months tell us that, yes, we can generate the product which we have to ship. Demand was definitely there, could we supply and the answer is yes. And that's one of the reasons we are raising the guidance on the supply. So yes, while there are risks, but we feel confident what we've achieved so far, we can continue for the next 2 quarters.

所以凱爾，我們對電纜的指導增加了，前兩個季度我們並沒有很好地了解供應鏈在供應方面可能帶來什麼，我們可以從製造商那裡得到多少。但是過去 7 個月的經驗告訴我們，是的，我們可以生產我們必須交付的產品。需求肯定存在，我們能否供應，答案是肯定的。這就是我們提高供應指導的原因之一。所以是的，雖然存在風險，但我們對迄今為止所取得的成就充滿信心，我們可以在接下來的兩個季度繼續。

(Operator Instructions) And I'm not showing any further questions at this time. I'd like to turn the call back over to our host for any closing remarks.

（操作員說明）我目前沒有提出任何進一步的問題。我想將電話轉回給我們的主持人，以獲取任何結束語。

Okay. Well, thank you very much for joining us today. I hope it comes across, we're very encouraged by our results for the first half of the year. We have a tremendous opportunity in front of us. We're executing against that opportunity. We're looking forward to the second half of this year. We're looking forward to going after our longer-range plan and to speaking with all of you in September. Until then, thank you very much, and have a good day.

好的。嗯，非常感謝你今天加入我們。我希望它能夠實現，我們對上半年的業績感到非常鼓舞。我們面前有一個巨大的機會。我們正在利用這個機會。我們期待今年下半年。我們期待著執行我們的長期計劃並在 9 月與大家交談。在此之前，非常感謝您，祝您有美好的一天。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，度過美好的一天。