(HLIT) 2022 Q3 法說會逐字稿

Welcome to the Q3 2022 Harmonic Earnings Conference Call. My name is Jonathan, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. And now I'd like to turn the call over to David Hanover, Investor Relations. David, you may begin.

歡迎參加 2022 年第三季度諧波收益電話會議。我叫喬納森，我將擔任今天電話會議的接線員。 （操作員說明）請注意，正在錄製此會議。現在我想把電話轉給投資者關係部的大衛漢諾威。大衛，你可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us today for Harmonic's third 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，運營商。大家好，感謝您今天參加哈雷 2022 年第三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帕特里克·哈什曼 (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 for this webcast, which you may view by going to our webcast on our Investor Relations website.

在我們開始之前，我想指出，除了網絡廣播的音頻部分之外，我們還為該網絡廣播提供了幻燈片，您可以訪問我們的投資者關係網站上的網絡廣播來查看這些幻燈片。

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 Harmonic 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. And please note that unless otherwise indicated, the financial metrics we provide you on this call are determined on a non-GAAP basis. These metrics, together with corresponding GAAP numbers and a reconciliation of GAAP, are contained in today's press release, which we have posted on our website and filed with the SEC on Form 8-K.

現在轉到幻燈片 2。在此次電話會議中，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。此類陳述僅是當前的預期，實際事件或結果可能存在重大差異。我們建議您參考 Harmonic 向美國證券交易委員會提交的文件，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存在重大差異。請注意，除非另有說明，否則我們在本次電話會議上向您提供的財務指標是根據非公認會計原則確定的。這些指標連同相應的 GAAP 數字和 GAAP 對賬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 表格提交給美國證券交易委員會。

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.

我們還將討論有關我們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。其餘信息將在本次電話會議的錄音版本或我們的網站上提供。

And now I'll turn the call over to our CEO, Patrick Harshman. Patrick?

現在我將把電話轉給我們的首席執行官帕特里克哈什曼。帕特里克？

Well, thanks, David, and welcome, everyone, to our third quarter call. In the third quarter of 2022, Harmonic again delivered excellent business results. Revenue was up 23% year-over-year. New bookings were up 50%. EPS was $0.13 and adjusted EBITDA margin was 13.5%. Both business segments were again solidly profitable and had book-to-bill greater than 1. The cable access segment, which we have recently renamed broadband continues to deliver strong top line growth with revenue up 60% year-over-year. Video segment revenue transformation continues with SaaS revenue up 64% year-over-year.

好吧，謝謝大衛，歡迎大家參加我們的第三季度電話會議。 2022年第三季度，哈雷再次交出了優異的經營業績。收入同比增長 23%。新預訂量增長了 50%。每股收益為 0.13 美元，調整後的 EBITDA 利潤率為 13.5%。這兩個業務部門再次實現穩健盈利，訂單出貨比大於 1。我們最近更名為寬帶的有線接入部門繼續實現強勁的收入增長，收入同比增長 60%。視頻業務收入轉型繼續，SaaS 收入同比增長 64%。

In mid-September, we updated you on key market trends, our strategy and our enhanced 3-year financial model. Our third quarter results released today further highlight the key points in that presentation and support our confidence in our growth plan. We see robust demand for multi-gigabit broadband and live streaming video. Our associated products and services are winning in the marketplace, and our focused business execution remains resilient despite macroeconomic headwinds.

9 月中旬，我們向您介紹了主要市場趨勢、我們的戰略和增強的 3 年期財務模型。我們今天發布的第三季度業績進一步突出了該演示文稿中的要點，並支持我們對我們的增長計劃的信心。我們看到對多千兆寬帶和實時流媒體視頻的強勁需求。我們的相關產品和服務在市場上贏得了勝利，儘管宏觀經濟逆風，我們專注的業務執行仍然保持彈性。

Taking a closer look now with our broadband segment. We delivered strong financial results and further solidified our technology leadership and growth opportunity outlook. Segment revenue was $91.9 million, up 13% sequentially and 60% year-over-year. Segment gross margin rebounded to 45% and adjusted segment EBITDA margin was 18.4%, demonstrating consistently improving leverage as the business scales. New orders were also strong, contributing to near record backlog and deferred revenue. This sustained growth reflects both a robust broadband market and our strong execution. At quarter end, consumer modems served grew to $10.9 million, up 179% year-over-year, still less than 20% of our existing customers' DOCSIS footprint. We added several new customers during the quarter, bringing the number of customers actively deploying our solution to 85, up 25% year-over-year, and we secured an important new DOCSIS DAA win with an international Tier 1.

現在仔細看看我們的寬帶部分。我們取得了強勁的財務業績，並進一步鞏固了我們的技術領先地位和增長機會前景。分部收入為 9190 萬美元，環比增長 13%，同比增長 60%。部門毛利率反彈至 45%，調整後的部門 EBITDA 利潤率為 18.4%，表明隨著業務規模的擴大，槓桿率不斷提高。新訂單也很強勁，導致積壓訂單和遞延收入接近創紀錄水平。這種持續增長反映了強勁的寬帶市場和我們強大的執行力。在本季度末，消費調製解調器服務增長到 1090 萬美元，同比增長 179%，但仍不到我們現有客戶 DOCSIS 足蹟的 20%。我們在本季度增加了幾家新客戶，使積極部署我們解決方案的客戶數量達到 85 家，同比增長 25%，並且我們通過國際一級贏得了重要的新 DOCSIS DAA 勝利。

We're also making excellent progress with several Tier 1s who have not yet selected us. Aiding us in winning over these new accounts are 2 increasingly compelling technology advantages. First, there's a growing industry consensus that the particular variant of DAA we pioneered with Comcast and other early customers that is virtualized CMTS paired with remote PHY nodes is the most architecturally advantageous and market-proven solution and consequently, the best way to go. Obviously, this growing consensus is good news for us, considering the huge technology and deployment expertise lead we have in virtualized CMTS or remote PHY.

我們還與幾個尚未選擇我們的一級供應商取得了很好的進展。幫助我們贏得這些新客戶的是 2 個越來越引人注目的技術優勢。首先，越來越多的行業達成共識，我們與 Comcast 和其他早期客戶一起開創的 DAA 的特定變體是虛擬化 CMTS 與遠程 PHY 節點配對，是架構上最具優勢和經過市場驗證的解決方案，因此也是最佳方式。顯然，考慮到我們在虛擬化 CMTS 或遠程 PHY 方面擁有巨大的技術和部署專業知識領先地位，這種不斷增長的共識對我們來說是個好消息。

Our second unique advantage, which is increasingly resonating with prospective customers is the way our fiber-to-the-home PON solution is seamlessly converged and integrated in both software and hardware with our DAA DOCSIS solution. This competition from fiber-based service providers continues to intensify a multipronged solution that incorporates fiber on-demand capability is becoming a must-have for our customers. Emphasizing this point, another highlight of the quarter was a significant new fiber win with an existing Tier 1 international cable customer, punctuated by an initial multimillion dollar purchase order.

我們的第二個獨特優勢越來越引起潛在客戶的共鳴，這是我們的光纖到戶 PON 解決方案與我們的 DAA DOCSIS 解決方案在軟件和硬件中無縫融合和集成的方式。來自基於光纖的服務提供商的競爭繼續加劇，包含光纖按需功能的多管齊下的解決方案正成為我們客戶的必備品。強調這一點，本季度的另一個亮點是與現有的一級國際電纜客戶贏得了一項重要的新光纖，其中包括數百萬美元的初始採購訂單。

Complementing our fiber solution, we've also been investing heavily in new DOCSIS 4.0 capability and believe that here again, we are the industry technology leader, which puts us in excellent position to benefit this demand for DOCSIS 4.0 commences in late 2023 and 2024. Putting it altogether, our unique combination of DOCSIS 3.1 DAA DOCSIS 4.0 DAA and 10G fiber, all manage through common cloud-native core software and analytics is simply the right solution at the right time, provided only by our company.

為了補充我們的光纖解決方案，我們還一直在大力投資新的 DOCSIS 4.0 功能，並再次相信，我們是行業技術領導者，這使我們處於有利地位，可以從 2023 年末和 2024 年開始的 DOCSIS 4.0 需求中受益。總而言之，我們將 DOCSIS 3.1 DAA、DOCSIS 4.0 DAA 和 10G 光纖的獨特組合全部通過通用的雲原生核心軟件和分析進行管理，這只是我們公司在正確的時間提供的正確解決方案。

Those of you who had the opportunity to visit the cable industry's premier technology conference in September in Philadelphia saw all of this on display and the tremendous feedback we received from both existing and prospective customers. We left the event feeling even more upbeat about the outlook for our business over the next several years. Referring back to our mid-September Analyst Day, we laid out an aggressive 3-year growth plan that calls for over $800 million of revenue and 28% EBITDA margin in 2025. As we head into the final quarter of 2022 and begin looking ahead to 2023, we remain confident in our ability to deliver on this target and excited about the impact we're having on the global broadband market.

那些有機會參加 9 月份在費城舉行的電纜行業頂級技術會議的人看到了所有這些展示以及我們從現有和潛在客戶那裡收到的大量反饋。在活動結束時，我們對未來幾年的業務前景更加樂觀。回顧我們 9 月中旬的分析師日，我們制定了一項積極的 3 年增長計劃，要求在 2025 年實現超過 8 億美元的收入和 28% 的 EBITDA 利潤率。隨著我們進入 2022 年最後一個季度並開始展望未來到 2023 年，我們對實現這一目標的能力充滿信心，並對我們對全球寬帶市場產生的影響感到興奮。

Turning now to our video segment. Here also, we delivered another quarter of solid financial and strategic execution. Third quarter segment revenue was $63.8 million, down 7.1% year-over-year as expected due to the previously discussed movement of a few larger plants orders into the first half of the year and the corresponding Q2 upside. SaaS revenue growth continues to be outstanding, up 64% year-over-year. As Sanjay will discuss momentarily, segment gross margins were again strong. Segment EBITDA was 6.8%, and we're raising our full year segment EBITDA guidance, highlighting our continued focus on profitability as we scale our SaaS business.

現在轉到我們的視頻部分。在這裡，我們還交付了另外一個季度穩健的財務和戰略執行。第三季度分部收入為 6380 萬美元，如預期的那樣同比下降 7.1%，這是由於之前討論過的一些大型工廠訂單轉移到今年上半年以及相應的第二季度上漲。 SaaS 收入增長依然出色，同比增長 64%。正如 Sanjay 稍後將討論的那樣，分部毛利率再次強勁。分部 EBITDA 為 6.8%，我們正在提高全年分部 EBITDA 指引，強調我們在擴展 SaaS 業務時繼續關注盈利能力。

As you will recall from our September Analyst Day, our video business strategy has 2 key elements: taking a leading position in the growing streaming sales market, particularly for live sports and maximizing profit from a slowly declining traditional video appliance market. The year-to-date results demonstrate our continued execution of this plan. Specifically, the highlight of the quarter was again streaming SaaS growth, driven principally by larger media accounts expanding their consumer footprints, live sports content rights and usage of our service. We secured several important new SaaS customer wins during the quarter, spanning North America, Latin America and EMEA, expanding our foundation for sustained SaaS growth.

正如您在我們的 9 月分析師日回憶的那樣，我們的視頻業務戰略有兩個關鍵要素：在不斷增長的流媒體銷售市場中佔據領先地位，特別是在體育直播方面，以及從緩慢下滑的傳統視頻設備市場中實現利潤最大化。今年迄今的結果表明我們繼續執行該計劃。具體而言，本季度的亮點再次是流媒體 SaaS 的增長，這主要是由大型媒體賬戶擴大其消費者足跡、直播體育內容權利和我們服務的使用所推動的。我們在本季度贏得了幾個重要的新 SaaS 客戶，遍及北美、拉丁美洲和 EMEA，擴大了我們持續 SaaS 增長的基礎。

As evidenced by recent demand associated with the upcoming Soccer World Cup, we continue to see live sports streaming and the movement of legacy broadcast workflows to the cloud as attractive and growing opportunities and our associated brand and technology leadership strengthen. While SaaS was the highlight, overall demand, including for video appliances was strong during the quarter with book-to-bill greater than 1 and a solid sales pipeline extending into 2023.

最近與即將舉行的足球世界杯相關的需求證明，我們繼續將直播體育流媒體和傳統廣播工作流程轉移到雲端視為有吸引力且不斷增長的機會，並且我們相關的品牌和技術領導地位得到加強。雖然 SaaS 是亮點，但本季度包括視頻設備在內的整體需求強勁，訂單出貨比大於 1，穩固的銷售渠道延伸至 2023 年。

The market seems particularly robust in North and South America, offsetting what we currently see as some possibility of macroeconomic headwind for video in Europe in the coming months, and of course, the loss of our business in Russia. Looking further ahead, we remain confident that our transformation in video to consumption-driven streaming SaaS is working. And then we're on track to achieve the targets we laid out for you at our mid-September Analyst Day. As a reminder, this plan calls for greater than 45% compounded annual SaaS growth through 2025, consistent profitability and a return to mid-teens EBITDA segment margin.

北美和南美的市場似乎特別強勁，抵消了我們目前認為未來幾個月歐洲視頻可能出現的宏觀經濟逆風，當然還有我們在俄羅斯的業務損失。展望未來，我們仍然相信我們從視頻到消費驅動的流媒體 SaaS 的轉型正在奏效。然後我們有望實現我們在 9 月中旬的分析師日為您制定的目標。提醒一下，該計劃要求到 2025 年 SaaS 的年復合增長率超過 45%，盈利能力保持穩定，EBITDA 部門利潤率恢復到十幾歲左右。

The new wins we've recently secured, the high-profile streaming services we're now powering and our expanding segment gross margins and steady segment profitability demonstrate that we remain on track to achieve these objectives. And with that, let me now turn it over to you, Sanjay, for further discussion of our financial results and our outlook.

我們最近獲得的新勝利、我們現在正在支持的備受矚目的流媒體服務以及我們不斷擴大的細分市場毛利率和穩定的細分市場盈利能力表明，我們仍有望實現這些目標。有了這個，讓我現在把它交給你，桑傑，進一步討論我們的財務業績和我們的前景。

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 Q3 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。在我討論我們的季度業績和展望之前，我想提醒大家，我所指的財務業績是在非 GAAP 基礎上提供的。正如大衛之前提到的，我們的第三季度新聞稿和收益報告包括本次電話會議上討論的非 GAAP 財務指標與 GAAP 的對賬。這些都可以在我們的網站上找到。

For the third quarter of 2022, we delivered another period of strong financial results. Before reviewing our quarterly financials in detail, I'll briefly review the key highlights here on Slide 7. We reported September quarter record revenue of $155.7 million, up 23.3% year-over-year, along with strong gross margins of 50.9%. We also generated adjusted EBITDA of 13.6%, up 187 basis points from the prior year and EPS of $0.13.

2022 年第三季度，我們又取得了強勁的財務業績。在詳細回顧我們的季度財務數據之前，我將簡要回顧一下幻燈片 7 中的主要亮點。我們公佈的 9 月季度收入達到創紀錄的 1.557 億美元，同比增長 23.3%，毛利率高達 50.9%。我們還產生了 13.6% 的調整後 EBITDA，比上年增長 187 個基點，EPS 為 0.13 美元。

Our balance sheet remains sturdy with a cash balance of $105.3 million at September 30. We also reported September quarter record bookings of $171.1 million and continue to maintain near-record backlog and deferred revenue of $490.1 million at the quarter end, positioning us well for the remainder of 2022 and into 2023.

截至 9 月 30 日，我們的資產負債表仍然穩健，現金餘額為 1.053 億美元。我們還報告了 9 月季度創紀錄的預訂量 1.711 億美元，並在季度末繼續保持接近創紀錄的積壓和遞延收入 4.901 億美元，這使我們在2022 年剩餘時間和 2023 年。

Now let's review our third quarter financials in more detail. Turning to Slide 8. As I just mentioned, total company Q3 revenue was $155.7 million, slightly down on a sequential basis and up 23.3% year-over-year. Looking first at our broadband business segment. Revenue for the quarter was $91.9 million, up 13.2% on a sequential basis from Q2 and up 59.6% year-over-year, reflecting both the continued ramp of existing customers and newer customer launches, including modest fiber revenue.

現在讓我們更詳細地回顧一下我們第三季度的財務狀況。轉到幻燈片 8。正如我剛才提到的，公司第三季度總收入為 1.557 億美元，環比略有下降，同比增長 23.3%。首先看我們的寬帶業務部門。本季度收入為 9190 萬美元，環比增長 13.2%，同比增長 59.6%，反映了現有客戶的持續增長和新客戶的推出，包括適度的光纖收入。

In our video segment, we reported Q3 revenue of $63.8 million, down 16.3% sequentially and 7.1% year-over-year. This decline was attributable to a reduction in our appliance business, including a modest impact from unfavorable foreign exchange rates and a $3 million of shipments that were moved up earlier into Q2 as we discussed in our last earnings call, offset partially by strong SaaS consumption. Our video revenue included SaaS revenue of $8.9 million, up 63.9% from the prior year, ahead of our expectations.

在我們的視頻部門，我們報告第三季度收入為 6380 萬美元，環比下降 16.3%，同比下降 7.1%。這一下降歸因於我們家電業務的減少，包括不利匯率的適度影響以及我們在上次財報電話會議上討論的 300 萬美元的出貨量提前進入第二季度，部分被強勁的 SaaS 消費所抵消。我們的視頻收入包括 890 萬美元的 SaaS 收入，比上年增長 63.9%，超出我們的預期。

We had 2 customers representing greater than 10% of total revenue during the quarter. Comcast contributed 38% and Vodafone contributed 11% of total revenue. Total company gross margin for Q3 '22 declined 190 basis points to 50.9% compared to 52.8% in both Q2 '22 and Q3 '21. The year-over-year decline was due to increased mix of broadband segment revenue as a portion of total company revenue.

本季度我們有 2 個客戶佔總收入的 10% 以上。康卡斯特貢獻了 38%，沃達丰貢獻了總收入的 11%。 22 年第三季度公司總毛利率下降 190 個基點至 50.9%，而 22 年第二季度和 21 年第三季度均為 52.8%。同比下降是由於寬帶部門收入占公司總收入的比例增加。

We achieved broadband gross margin of 45% for Q3 '22 compared to 43% in Q2 '22 and 42% in Q3 '21. Broadband gross margin improved both sequentially and year-over-year due to several factors, including our strategic decision to invest in increasing our inventories, enabling us to use more ocean freight rather than airfreight, which is most cost effective. We also saw modest contributions in margins from improvements in freight rates, improved customer pricing and favorable products and services mix. Video segment gross margin was 59.3% in Q3 '22, down 390 basis points sequentially and 260 basis points year-over-year. Q3 '22 was modestly impacted by unfavorable foreign exchange rates. Please note that the period I'm referring to were record video gross margin quarters. We've continued to see a strong overall gross margin improvement trend over the past 2 years as our video gross margins have risen from 54.5% and 58.7% in 2020 and 2021, respectively.

我們在 22 年第三季度實現了 45% 的寬帶毛利率，而 22 年第二季度和 21 年第三季度分別為 43% 和 42%。由於幾個因素，包括我們投資增加庫存的戰略決策，使我們能夠使用更多的海運而不是最具成本效益的空運，寬帶毛利率環比和同比均有所提高。我們還看到運費的改善、客戶定價的改善以及有利的產品和服務組合對利潤率的貢獻不大。 22 年第三季度視頻業務毛利率為 59.3%，環比下降 390 個基點，同比下降 260 個基點。 22 年第三季度受到不利匯率的適度影響。請注意，我指的是創紀錄的視頻毛利率季度。由於我們的視頻毛利率分別從 2020 年和 2021 年的 54.5% 和 58.7% 上升，我們在過去 2 年繼續看到整體毛利率強勁的改善趨勢。

Moving down to the income statement on Slide 9. Q3 '22 operating expenses were $61 million, net of modest foreign exchange benefit, as a result of strong U.S. dollar during the third quarter compared to $61.7 million in Q2 '22 and $54.9 million in Q3 '21. The year-over-year increase was primarily due to increased research and development to support the growth of our broadband business and the ongoing strategic transition of the video segment to SaaS.

轉到幻燈片 9 的損益表。由於第三季度美元走強，22 年第三季度的運營費用為 6170 萬美元，第三季度為 5490 萬美元，22 年第三季度的營業費用為 6100 萬美元，扣除適度的外匯收益'21。同比增長主要是由於增加研發以支持我們寬帶業務的增長以及視頻部分向 SaaS 的持續戰略轉型。

Adjusted EBITDA for Q3 '22 was 13.6% of revenue at $21.2 million, comprised of $16.9 million from broadband and $4.3 million from video. This compares to an adjusted EBITDA of $24.3 million or 15.4% of revenue in Q2 '22 and demonstrates year-over-year improvement compared to $14.8 million or 11.7% of revenue in Q3 '21. This all translated into Q3 EPS of $0.13 per share compared to $0.16 per share in Q2 '22 and $0.09 per share for Q3 '21.

22 年第三季度的調整後 EBITDA 佔收入的 13.6%，為 2120 萬美元，其中寬帶收入為 1690 萬美元，視頻收入為 430 萬美元。相比之下，22 年第二季度調整後的 EBITDA 為 2430 萬美元，佔收入的 15.4%，與 21 年第三季度的 1480 萬美元，佔收入的 11.7% 相比，同比有所改善。這一切都轉化為每股 0.13 美元的第三季度每股收益，而 22 年第二季度的每股收益為 0.16 美元，21 年第三季度的每股收益為 0.09 美元。

We ended the quarter with a diluted weighted average share count of 113.2 million compared to 109 million in Q2 '22 and 106.4 million in Q2 '21. The sequential increase is primarily due to the increase in convertible debt dilution of 2.9 million shares and the dilutive effect of outstanding RSUs and options by 0.7 million shares, both resulting from an increase in our average stock price during the quarter, increased by the issuance of 0.6 million shares to employees for vested RSUs. The year-over-year increase reflects the dilution of our convertible debt by 2.9 million shares and dilutive effect of outstanding RSUs and options by 0.7 million shares, both resulting from an increase in our average stock price during the year and 3.7 million shares due to the weighted effect of stock issued to employees and ESCP shares, offset by the impact of repurchase of approximately 0.6 million shares.

我們在本季度末的稀釋加權平均股數為 1.132 億股，而 22 年第二季度為 1.09 億股，21 年第二季度為 1.064 億股。環比增長主要是由於可轉換債務攤薄增加 290 萬股，以及未償還 RSU 和期權的攤薄效應增加 70 萬股，這兩者都是由於本季度我們的平均股價上漲，增加發行60 萬股給員工的既得限制性股份單位。同比增長反映了我們的可轉換債務被稀釋了 290 萬股，以及未償還的 RSU 和期權被稀釋了 70 萬股，這都是由於我們年內的平均股價上漲以及 370 萬股由於發行給員工的股票和 ESCP 股票的加權影響被回購約 60 萬股股票的影響所抵消。

Turning now to the order book. We reported new September quarter record bookings of $171.1 million compared to $140.9 million in Q2 '22 and $114.3 million for Q3 '21. The book-to-bill ratio was 1.1 in the quarter compared to 0.9% in both Q2 '22 and Q3 '21. Book-to-bill was more than 1 for both segments.

現在轉向訂單簿。我們報告了新的 9 月季度預訂量為 1.711 億美元，而 2022 年第二季度為 1.409 億美元，21 年第三季度為 1.143 億美元。本季度的訂單出貨比為 1.1，而 2022 年第二季度和 21 年第三季度均為 0.9%。兩個細分市場的訂單出貨比都超過 1。

Turning to Slide 10. We'll now discuss our liquidity position and balance sheet. We ended Q3 with cash of $105.3 million compared to $121.8 million at the end of Q2 '22 and $128.4 million in Q3 last year. The $16.5 million sequential cash decrease is primarily comprised of $8.2 million cash used in operations, primarily in inventories of $16.4 million and prepaid deposits for suppliers of inventories of $7.4 million. These working capital investments for inventories and related deposits are part of our larger strategy to proactively manage the supply chain landscape, enhancing product availability and providing us flexibility to use a higher mix of ocean freight rather than airfreight, resulting in increased gross margin. We also used $1.9 million of cash and purchase of fixed assets, $1.9 million of cash towards taxes for employees withholding on RSUs vesting and an unfavorable foreign exchange rate impact of $4.3 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。我們以 1.053 億美元的現金結束了第三季度，而 2022 年第二季度末為 1.218 億美元，去年第三季度為 1.284 億美元。 1650 萬美元的連續現金減少主要包括 820 萬美元的運營現金，主要是 1640 萬美元的存貨和 740 萬美元的存貨供應商預付定金。這些用於存貨和相關存款的營運資金投資是我們主動管理供應鍊格局、提高產品可用性並為我們提供使用更多海運而非空運組合的靈活性的更大戰略的一部分，從而提高毛利率。我們還使用了 190 萬美元的現金和購買固定資產，190 萬美元的現金用於為員工預扣 RSU 歸屬的稅款，以及 430 萬美元的不利匯率影響。

Turning to days sales outstanding at the end of Q3. DSO was 61 days, same as of Q2 '22 and comparable 54 days in Q3 '21. Our days inventory on hand was 116 days at the end of Q3 compared to 100 days at the end of Q2 '22 and 78 days at the end of Q3 '21. The increase reflects continued investment in inventory as we prepare for heavy shipments during the remainder of this year and into next year.

轉向第三季度末未完成銷售天數。 DSO 為 61 天，與 22 年第二季度相同，21 年第三季度為 54 天。我們的庫存天數在第三季度末為 116 天，而在 22 年第二季度末為 100 天，在 21 年第三季度末為 78 天。這一增長反映了在我們為今年剩餘時間和明年的大量出貨做準備時對庫存的持續投資。

Regarding capital allocation, our priorities remain unchanged. Harmonic is committed to strategically deploying capital where we believe it can generate value for our shareholders. Our top priority is to drive future growth. As such, we continue to invest in building inventory, which enables us to better manage the supply chain, enabling us to fulfill incoming orders on a timely basis and control inventory transportation costs. At the same time, our capital allocation strategy also considers returning capital to shareholders through share repurchases. The timing and amount of any repurchases will depend on a variety of factors, including the price of Harmonic's common stock, market conditions, corporate needs and regulatory requirements. This balanced capital allocation strategy also takes into consideration anticipated future debt obligations, including our upcoming debt repayment for $37.7 million in December 2022.

在資本配置方面，我們的優先事項保持不變。 Harmonic 致力於戰略性地部署資本，我們相信它可以為我們的股東創造價值。我們的首要任務是推動未來的增長。因此，我們繼續投資建立庫存，這使我們能夠更好地管理供應鏈，使我們能夠及時履行收到的訂單並控制庫存運輸成本。同時，我們的資本配置策略也考慮通過股份回購向股東返還資本。任何回購的時間和金額將取決於多種因素，包括 Harmonic 普通股的價格、市場狀況、企業需求和監管要求。這種平衡的資本配置策略還考慮了預期的未來債務義務，包括我們即將在 2022 年 12 月償還的 3770 萬美元債務。

At the end of Q3, total backlog and deferred revenue was $490.1 million, up approximately 3% sequentially from $477.8 million in Q2 and up 47% year-over-year from $333.3 million at Q3 '21. This large backlog and deferred revenue reflects strong demand from our large broadband customers and growing video SaaS commitments. Note that approximately 80% of our backlog and deferred revenue has customer request dates for shipments of products and providing services within the next 12 months. As mentioned on previous calls, not included in our backlog is additional contractually agreed CableOS business with 2 of our initial Tier 1 broadband customers. At the end of Q3, this incremental amount was approximately $60 million, down from $96 million last quarter as approximately $36 million went to the purchase of [our assets] and therefore moved into bookings.

截至第三季度末，積壓和遞延收入總額為 4.901 億美元，較第二季度的 4.778 億美元環比增長約 3%，較 21 年第三季度的 3.333 億美元同比增長 47%。大量積壓和遞延收入反映了我們大型寬帶客戶的強勁需求和不斷增長的視頻 SaaS 承諾。請注意，大約 80% 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。正如在之前的電話中提到的，我們的積壓訂單中不包括與我們最初的 2 個一級寬帶客戶簽訂的額外合同約定的 CableOS 業務。在第三季度末，這一增量金額約為 6000 萬美元，低於上一季度的 9600 萬美元，因為大約 3600 萬美元用於購買 [我們的資產]，因此進入了預訂。

Free cash flow was negative in Q3 '22, primarily due to the investments in working capital for inventories and related deposits, as I mentioned earlier.

正如我之前提到的，22 年第三季度的自由現金流為負，這主要是由於存貨和相關存款的營運資金投資。

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 August. For the total company for full year 2022, we now expect revenue in the range of USD612 million to USD626 million. The midpoint is a slight increase on our prior guidance. Gross margin in the range of 50.6% to 51%, up 75 basis points at the midpoint versus prior guidance due to improved gross margins in both segments. Gross profit to range from USD310 million to USD319 million, up 2% at the midpoint versus prior guidance. Operating expenses to range from USD242 million to USD244 million, down slightly versus our prior guidance at the midpoint, primarily due to favorable foreign exchange rates.

現在我將轉向我們修訂後的 2022 年非 GAAP 指南，從幻燈片 11 開始。我還將簡要評論我們在 8 月份給出的先前年度指南的主要變化。對於 2022 年全年的公司總收入，我們現在預計收入在 6.12 億美元至 6.26 億美元之間。中點比我們之前的指導略有增加。毛利率在 50.6% 至 51% 的範圍內，由於兩個部門的毛利率均有所提高，因此中間值比之前的指導高出 75 個基點。毛利潤在 3.1 億美元至 3.19 億美元之間，中間值比之前的指引高 2%。營業費用在 2.42 億美元至 2.44 億美元之間，略低於我們之前的中點指引，這主要是由於有利的匯率。

Adjusted EBITDA to range from USD79 million to USD87 million. This represents an 8% increase at the midpoint versus prior guidance. An effective tax rate of 13%, a weighted average diluted share count of approximately 111.2 million, an increase of 1.6 million shares from prior guidance. This is primarily due to increased debt related dilution given the higher average stock trading price. EPS to range from USD0.49 to USD0.55 per share. At the midpoint, this is an 8% increase versus prior guidance.

調整後的 EBITDA 範圍為 7900 萬美元至 8700 萬美元。與之前的指導相比，這意味著中點增加了 8%。有效稅率為 13%，加權平均稀釋股數約為 1.112 億股，比之前的指引增加 160 萬股。這主要是由於平均股票交易價格較高導致債務相關稀釋增加。每股收益介於 0.49 美元至 0.55 美元之間。在中點，這比之前的指導增加了 8%。

Finally, cash at the end of 2022 is expected to come in between USD80 million to USD90 million. The lower cash balance is primarily reflective of $37.7 million debt repayment maturing in December and additional strategic working capital investments, mainly inventory to support our 2023 revenue growth.

最後，到 2022 年底，現金預計將在 8000 萬美元至 9000 萬美元之間。較低的現金餘額主要反映了 12 月到期的 3770 萬美元債務償還以及額外的戰略營運資本投資，主要是支持我們 2023 年收入增長的庫存。

Turning to Slide 12. I will review our total company outlook for the fourth quarter of '22. We expect revenue in the range of USD151 million to USD165 million, down 1% from the midpoint of previous guidance. This guidance reflects a stronger Q3 result. Gross margin in the range of 51.3% to 52.6% at the midpoint, an increase of 180 basis points versus prior guidance. This reflects higher expected broadband and video gross margins. Gross profit in the range of USD78 million to USD87 million, reflecting an increase of 3% from prior guidance at the midpoint. Operating expenses to range from USD61 million to USD66 million, nearly flat at the midpoint of prior guidance. Adjusted EBITDA to range from USD19 million to USD27 million, up 7% at the midpoint. A weighted average diluted share count of approximately 113.5 million and EPS to range from USD0.12 to USD0.18, up 7% at the midpoint of prior guidance.

轉到幻燈片 12。我將回顧我們公司對 22 年第四季度的總體展望。我們預計收入在 1.51 億美元至 1.65 億美元之間，比之前指引的中點下降 1%。該指引反映了更強勁的第三季度業績。中點毛利率在 51.3% 至 52.6% 之間，比之前的指引增加 180 個基點。這反映出更高的預期寬帶和視頻毛利率。毛利潤在 7800 萬美元至 8700 萬美元之間，較之前的中值指引增長 3%。營業費用在 6100 萬美元至 6600 萬美元之間，幾乎與先前指引的中點持平。調整後的 EBITDA 介於 1,900 萬美元至 2,700 萬美元之間，中間值增長 7%。加權平均攤薄股數約為 1.135 億股，每股收益介於 0.12 美元至 0.18 美元之間，較之前指引的中點增長 7%。

On Slide 13, I will first review guidance for both the full year and fourth quarter of 2022 for our broadband segment. For the full year 2022, based on our progress to date, we expect broadband to achieve revenue between USD345 million to USD350 million, a 2% increase from the midpoint of prior guidance, implying a full year revenue growth of 59% at the midpoint. Given our success navigating capacity constraints through the first 10 months of the year, we are modestly expanding the high end of our outlook. Gross margins between 43.2% to 43.6%. This 60 basis point improvement from prior guidance is due to the reasons mentioned previously, specifically our strategic investments in inventory to reduce freight costs, even as component costs remain high.

在幻燈片 13 上，我將首先回顧我們寬帶部門 2022 年全年和第四季度的指導意見。對於 2022 年全年，根據我們迄今為止的進展，我們預計寬帶收入將在 3.45 億美元至 3.5 億美元之間，比先前指引的中點增長 2%，這意味著全年收入在中點增長 59%。鑑於我們在今年前 10 個月成功克服了產能限制，我們正在適度擴大前景的高端。毛利率在 43.2% 至 43.6% 之間。這 60 個基點比之前的指導提高是由於前面提到的原因，特別是我們在庫存方面的戰略投資，以降低運費，即使組件成本仍然很高。

Gross profit between USD149 million to USD152 million, up 3% from prior guidance at the midpoint, reflecting both higher expected revenues and margins. Operating expenses between USD100 million to USD101 million, up 4% versus prior guidance at the midpoint, adjusted EBITDA between USD55 million to USD58 million, up 4% from the prior guidance at midpoint, also reflecting higher expected revenue and margins.

毛利潤在 1.49 億美元至 1.52 億美元之間，比之前的中點指引增長 3%，反映出更高的預期收入和利潤率。運營支出在 1 億美元至 1.01 億美元之間，比之前的中點指引增長 4%，調整後的 EBITDA 在 5500 萬美元到 5800 萬美元之間，比之前的中點指引增長 4%，這也反映了更高的預期收入和利潤率。

For our broadband segment in Q4, we expect revenue in the range of USD90 million to USD95 million; gross margin in the range of 46.4% to 47.4%. Gross profit in the range of USD42 million to USD45 million, operating expenses in the range of USD26 million to USD27 million and adjusted EBITDA to range from USD17 million to USD20 million.

對於我們第四季度的寬帶業務，我們預計收入在 9000 萬美元到 9500 萬美元之間；毛利率在46.4%至47.4%之間。毛利潤在 4200 萬美元到 4500 萬美元之間，營業費用在 2600 萬美元到 2700 萬美元之間，調整後的 EBITDA 在 1700 萬美元到 2000 萬美元之間。

Moving to Slide 14. We will review full year and fourth quarter 2022 video segment guidance. Currently, we expect revenue in the range of USD267 million to USD276 million, a 2% decrease from the midpoint of prior guidance. Full year 2022 SaaS growth is now expected to exceed our annual SaaS growth expectations of 50%. Gross margins in the range of 60.1% to 60.3%, a 130 basis point improvement versus prior guidance at the midpoint due to improved product mix, partially offset by a continued modest foreign exchange headwind. Gross profit in the range of USD161 million to USD167 million, a slight improvement from prior guidance at the midpoint, primarily due to stronger-than-expected Q3 margins. Operating expenses in the range of USD142 million to USD143 million, [2.7] better than prior guidance at the midpoint, primarily due to reduced hiring and improved foreign exchange benefit.

轉到幻燈片 14。我們將審查 2022 年全年和第四季度的視頻細分指南。目前，我們預計收入在 2.67 億美元至 2.76 億美元之間，比先前指引的中點下降 2%。現在預計 2022 年全年 SaaS 增長將超過我們 50% 的年度 SaaS 增長預期。由於產品組合改善，毛利率在 60.1% 至 60.3% 之間，較之前的中點指引提高 130 個基點，部分被持續適度的外匯逆風所抵消。毛利潤在 1.61 億美元至 1.67 億美元之間，比之前的中點指引略有改善，這主要是由於第三季度利潤率強於預期。運營費用在 1.42 億美元至 1.43 億美元之間，[2.7] 好於之前的中點指引，這主要是由於招聘減少和外匯收益改善。

Adjusted EBITDA in the range of USD24 million to USD29 million, an 18% improvement from prior guidance at the midpoint.

調整後的 EBITDA 在 2,400 萬美元至 2,900 萬美元之間，比之前的中點指引提高了 18%。

For our video segment in Q4. We expect revenue in the range of USD61 million to USD70 million. The broader range for Q4 reflects increased uncertainty in Europe appliance demand and timing of book deals. Gross margin in the range of 58.6% to 59.6%, reflecting a 330 basis point improvement from prior guidance due to improved product mix. Gross profit in the range of USD36 million to USD42 million, a slight decrease from prior guidance at midpoint. Operating expenses in the range of USD35 million to USD36 million, better than prior guidance at midpoint due to the factors mentioned previously. And adjusted EBITDA to range from USD2 million to USD7 million, an improvement from prior guidance.

對於我們在第四季度的視頻部分。我們預計收入在 6100 萬美元至 7000 萬美元之間。第 4 季度範圍擴大反映了歐洲家電需求和預訂交易時間的不確定性增加。毛利率在 58.6% 至 59.6% 之間，反映出由於產品組合的改善，較之前的指引提高了 330 個基點。毛利潤在 3600 萬美元至 4200 萬美元之間，比之前的中點指引略有下降。由於前面提到的因素，營業費用在 3500 萬美元至 3600 萬美元之間，好於之前的中點指引。並將 EBITDA 調整為 200 萬美元至 700 萬美元，較之前的指引有所改善。

In summary, during the third quarter, we continued to execute and drive strong momentum in our broadband segment while advancing our strategic transformation in our video segment, which led us to raise our full year adjusted EBITDA guidance for both segments. As a result, we ended the third quarter with near record balances for backlog and deferred revenue. We believe this momentum positions us well for the balance of '22 and into '23, as we continue to execute on our long-term business plan. 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.

總而言之，在第三季度，我們繼續在寬帶領域執行和推動強勁勢頭，同時推進我們在視頻領域的戰略轉型，這使我們提高了這兩個領域的全年調整後 EBITDA 指引。因此，我們在第三季度結束時積壓訂單和遞延收入的餘額接近創紀錄水平。我們相信，隨著我們繼續執行我們的長期業務計劃，這種勢頭使我們在 22 年和 23 年的平衡中處於有利地位。謝謝大家今天的關注。現在，在我們開始提問之前，我將把它轉回給帕特里克進行最後的評論。

All right. Thanks, Sanjay. Look, just before concluding the call, let's review the strategic and execution priorities that have been guiding us this year. For our broadband business, we remain focused on enabling our existing customers to successfully ramp, accelerate deployment and compete. We're also focused on breaking into the Tier 1 operators that we have not yet secured and vitally important, leveraging our fiber solution to expand our addressed market and create additive revenue growth and value.

好的。謝謝，桑傑。看，就在結束電話會議之前，讓我們回顧一下今年指導我們的戰略和執行重點。對於我們的寬帶業務，我們仍然專注於使我們的現有客戶能夠成功地提升、加速部署和競爭。我們還專注於打入我們尚未獲得且至關重要的一級運營商，利用我們的光纖解決方案擴大我們的目標市場並創造額外的收入增長和價值。

For video segment, we're driving rapid expansion of our streaming SaaS brand and customer base. We're further extending our streaming SaaS technology and service differentiation, particularly for live sports, and we're leveraging the traditional broadcast appliance business to profitably enable these transformations. In each of these areas, our year-to-date results have been excellent, and we're well positioned to finish 2022 strong and enter 2023 with great market momentum. We're truly excited about the future of our business, and we greatly appreciate your continued support.

對於視頻領域，我們正在推動流媒體 SaaS 品牌和客戶群的快速擴張。我們正在進一步擴展我們的流媒體 SaaS 技術和服務差異化，特別是對於現場體育賽事，我們正在利用傳統的廣播設備業務來實現這些轉型並從中獲利。在這些領域中的每一個領域，我們年初至今的業績都非常出色，我們有能力以強勁的勢頭結束 2022 年，並以強勁的市場勢頭進入 2023 年。我們對我們業務的未來感到非常興奮，我們非常感謝您一直以來的支持。

With that, I would like to now open up the call for a few questions.

有了這個，我現在想打開幾個問題的電話。

(Operator Instructions) And our first question comes from the line of Ryan Koontz from Needham.

（操作員說明）我們的第一個問題來自 Needham 的 Ryan Koontz。

Great. Just a quick clarification, please. About your Tier 1 fiber trials, I know you announced 2 last quarter. And is this a third one this quarter? And how are these kind of scheduled out to ship over the coming quarters?

偉大的。請快速澄清一下。關於您的第 1 層光纖試驗，我知道您上個季度宣布了 2 個。這是本季度的第三次嗎？這些產品如何安排在未來幾個季度發貨？

I'll take that, Ryan. First, what we've announced here are not trials, but they are at the back end of trials, they're actually purchase order commitments representing planned deployments of a couple of different scales, I would say. And yes, what we're announcing today is a third significant win. The last quarter, we talked about actually a couple of different customers who have selected us and with more of a focus on the domestic market. And we're excited that during the third quarter, we secured our first significant commitment from a Tier 1 international customer.

我會接受的，瑞安。首先，我們在這裡宣布的不是試驗，而是試驗的後期，它們實際上是代表幾個不同規模的計劃部署的採購訂單承諾，我會說。是的，我們今天宣布的是第三次重大勝利。上個季度，我們實際上談到了幾個選擇我們的不同客戶，他們更關注國內市場。我們很高興在第三季度，我們獲得了一級國際客戶的第一個重大承諾。

That's fantastic. And just maybe stepping back in the big picture here, as we think about cable operator spending, moving away from monolithic legacy systems to next-gen distributed and virtualized like where do you feel like we are in that transition? Or are we maybe 25% to the way shift to next gen? And at what point do you anticipate we might get to see the market surpass 50%?

這太妙了。當我們考慮有線電視運營商的支出，從單一的遺留系統轉向下一代分佈式和虛擬化時，也許只是回到大局，就像你覺得我們在那個轉變中的位置一樣？或者我們可能有 25% 的時間轉向下一代？您預計我們會在什麼時候看到市場超過 50%？

Well, I think it's an excellent question. There's 2 ways to answer it. I mean one way is what percentage of the operators have kind of embraced and have begun deploying next-gen? And for that, in roughly round numbers, we think something close to maybe 1/3 of the operators not in terms of an aggregate number, but if we look in terms of subscriber base. And there's a nice chart about this back in the Analyst Day deck that we did in September. And it really captures our view of what's happening in the market. We're kind of at the crossing the chasm point. So operators controlling about 1/3 of the global cable operators today, we think, have begun to deploy next-gen architecture. And as I mentioned in my prepared remarks, we think that they're kind of something in the order of a little less than 20% into it. Then there's the other 2/3 of the cable subscribers in the market. Those operators have yet to really commence next-gen work. And that being said, our pipeline tells a story as well as the feedback at the recent industry event tells the story of really of the chasm beginning to be crossed now. And so we see a lot of activity around that kind of main market, if you will, getting ready, we think, getting much closer to making decisions and moving forward. Let me park here, did that answer the question?

好吧，我認為這是一個很好的問題。有兩種方法可以回答它。我的意思是，一種方式是多少百分比的運營商已經接受並開始部署下一代？為此，在大致整數方面，我們認為接近 1/3 的運營商不是總數，而是如果我們看用戶群。在我們 9 月份所做的分析師日平台上，有一個很好的圖表。它確實抓住了我們對市場正在發生的事情的看法。我們有點在跨越鴻溝點。因此，我們認為，如今控制全球約 1/3 有線電視運營商的運營商已經開始部署下一代架構。正如我在準備好的發言中提到的那樣，我們認為它們的比例略低於 20%。然後是市場上另外 2/3 的有線電視用戶。這些運營商尚未真正開始下一代工作。話雖這麼說，我們的管道講述了一個故事，最近的行業活動中的反饋講述了現在開始跨越鴻溝的故事。因此，我們看到圍繞這種主要市場的大量活動，如果你願意的話，準備好，我們認為，更接近做出決定並向前邁進。讓我把車停在這裡，這回答了問題嗎？

Yes, you did. Just one more quick clarification. So of the third of operators that have shifted, are they still spending much on legacy? Or have they largely wound that down and are kind of in a pause and ramp mode there?

是的，你做到了。再快速澄清一下。那麼，在已經轉移的三分之一的運營商中，他們是否仍在遺留問題上花費很多？或者他們在很大程度上降低了它並且在那里處於暫停和斜坡模式？

Yes, it's hard to generalize. There is definitely still spending on legacy. I mean, what's the best way to think about it. Think about an operator that is maybe operating in 2 or 3 cities. Even if they're going as fast as they can on next gen, they may still have an immediate kind of hole to plug in the part of the network being served by legacy equipment. I'm sure you can imagine that. So we think that, for sure, there is some spending on legacy going on even under the umbrella of those who have embraced the next-generation stuff. But what we think the best spend is in general kind of being minimized and is on an as-needed as absolutely needed basis.

是的，很難一概而論。肯定還有遺產支出。我的意思是，最好的思考方式是什麼。想想可能在 2 或 3 個城市運營的運營商。即使他們在下一代上盡可能快地發展，他們仍然可能有一個直接的漏洞來插入由遺留設備提供服務的網絡部分。我相信你可以想像得到。因此，我們認為，可以肯定的是，即使在那些擁抱下一代產品的人的保護傘下，也會有一些遺產支出。但我們認為最好的支出通常是最小化的，並且是在絕對需要的基礎上按需支出。

And our next question comes from the line of Simon Leopold from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的西蒙利奧波德。

A couple, if I might. The first one is you did host the analyst meeting back in September and provided us with some targets for 2025. And I guess I'm just sort of wondering, in 2021, you had given us a target of $830 million for 2024. I guess I just want to put that in perspective. Should we still be thinking about $830 million as sort of a milestone midpoint to the 2025 targets? Or should we sort of think about how to extrapolate between '23 and '25. Just a little bit of advice on how to consider that.

一對，如果可以的話。第一個是你確實在 9 月份主持了分析師會議，並為我們提供了 2025 年的一些目標。我想我只是有點想知道，在 2021 年，你給了我們 2024 年 8.3 億美元的目標。我想我只想正確看待這一點。我們是否仍應考慮將 8.3 億美元作為 2025 年目標的里程碑中點？或者我們應該考慮如何在 23 年和 25 年之間進行推斷。關於如何考慮這一點的一些建議。

We don't want this, what I'm not to say to be construed strict guidance. But we see it more or less is kind of linear growth out to 2025. That is we don't expect any significant knee in the curve, I don't know, 1.5 years out. We've been growing strongly, if you look past back over the past 2 years, and we expect that growth rate as we get a little bit larger to maybe be tempered a little bit, hence, the aggregate growth rate that we quoted. But we expect the growth to be more or less linear between now and 2025.

我們不希望這個，我不想說的被解釋為嚴格的指導。但我們或多或少地看到到 2025 年是一種線性增長。也就是說，我們預計曲線不會有任何明顯的拐點，我不知道，1.5 年後。我們一直在強勁增長，如果你回顧過去 2 年，我們預計隨著我們變得更大一點的增長率可能會有所緩和，因此，我們引用的總增長率。但我們預計從現在到 2025 年之間的增長或多或少是線性的。

That's very helpful. And then not to get too deep into the technology weeds, if we can avoid it. But I've been hearing some suggestions that the industry is harmonizing around a remote PHY architecture and not the MAC-PHY choice and I guess 2 parts is, one, is that true? And two, what are the implications, if any, for Harmonic?

這很有幫助。然後不要太深入技術雜草，如果我們能避免的話。但我一直聽到一些建議，即業界正在圍繞遠程 PHY 架構而不是 MAC-PHY 選擇進行協調，我猜有兩個部分，一個，這是真的嗎？第二，如果有的話，對 Harmonic 有什麼影響？

I would say, yes, it's the first part. There is a growing consensus, which is not complete. There's still an active dialog in the industry, but I would say there is a growing consensus that in terms of overall efficacy, technical as well as the scale and proven and volume advantages. There is a kind of a convergence of opinion around the benefits of virtualized CMTS and Remote PHY. And to the extent that that happens, it's very good news for Harmonic. Now I want to pause and say we have had an active Remote MAC-PHY. So the risk is sounding like I'm talking on both sides of my mouth, we are prepared and capable of supporting MAC 5. That being said, when you think about just the bivariate of the architecture, we are miles ahead of the rest of the industry in both terms of technology understanding, know-how, deployment experience, et cetera. And so to the extent that the industry really converges on Remote-PHY is the architecture of choice. That strengthens our leadership position in the market even further.

我會說，是的，這是第一部分。共識越來越多，但並不完整。業內仍有活躍的對話，但我想說的是，在整體功效、技術以及規模和經過驗證的數量優勢方面，人們越來越達成共識。圍繞虛擬化 CMTS 和 Remote PHY 的好處存在一種觀點的趨同。就發生這種情況而言，這對 Harmonic 來說是個好消息。現在我想暫停一下，說我們有一個活動的遠程 MAC-PHY。所以風險聽起來就像我在嘴巴的兩邊說話，我們已經準備好並且有能力支持 MAC 5。話雖這麼說，當你只考慮架構的雙變量時，我們領先於其他人幾英里行業在技術理解、專業知識、部署經驗等方面。因此，就行業真正融合到 Remote-PHY 而言，架構是首選。這進一步鞏固了我們在市場上的領導地位。

That's very helpful. And that's the kind of answer I was trying to get a good understanding of. And then just one last one. You gave a couple of updates, I believe, on the call about some wins in the fiber-to-the-prem architecture. Is this something where when it gets is there sort of a threshold where you would break it out in terms of dollar contributions? Or how should we be thinking about the implications and modeling for the FTTP traction?

這很有幫助。這就是我試圖很好地理解的那種答案。然後就是最後一個。我相信，您在關於光纖到本地架構的一些勝利的電話會議上提供了一些更新。這是什麼東西，當它到達時，你會在美元貢獻方面突破它嗎？或者我們應該如何考慮 FTTP 牽引力的影響和建模？

Yes. Well, going back to the Analyst Day, we did give a 2025 target, and we're starting from a small base. And from a multiyear perspective, I think that, that gives you a picture of where we think we're going over the next 3 years. Indeed, it's relatively small numbers today. I think in that chart, if memory serves correct, Sanjay, we estimated maybe $10 million of revenue. We certainly expect order input well above that this year, and so Simon, it remains to be seen when we begin to break that out as it becomes short term a bigger part of the business. But to be clear, we do anticipate at some point breaking it out as it gets to the right scale and the 2025 target that we've given, I think, gives you an idea of where we think we're headed.

是的。好吧，回到分析師日，我們確實給出了 2025 年的目標，我們是從一個小基數開始的。從多年的角度來看，我認為這可以讓您了解我們認為未來 3 年的發展方向。事實上，今天的數字相對較小。我認為在該圖表中，如果桑傑沒記錯的話，我們估計收入可能為 1000 萬美元。我們當然希望今年的訂單輸入遠高於此，所以西蒙，當我們開始打破它時，它仍然有待觀察，因為它在短期內成為業務的更大一部分。但需要明確的是，我們確實預計在某個時候將其分解為正確的規模，而我們給出的 2025 年目標，我認為，讓您了解我們認為我們的前進方向。

And our next question comes from the line of Steven Frankel from Rosenblatt Securities.

我們的下一個問題來自 Rosenblatt Securities 的 Steven Frankel。

So just a follow up on this theme of the industry coalescing behind Remote PHY. To what extent have you seen that either accelerate orders from existing customers or maybe up the urgency among people that were in the pipeline?

因此，只需跟進 Remote PHY 背後的行業聯合主題。您在多大程度上看到，要么加速現有客戶的訂單，要么可能提高正在籌備中的人的緊迫性？

No change, Steve, with existing customers. I mean, frankly, existing customers were already there and they're doing their thing. So this is for those who maybe on the call warrants, first in all of this, there's a couple of permutations on DAA. To be clear, I think everybody in the industry was focused on DAA, there's a couple of permutations and there were some customers out there, I'd say, on the fence between the different permutations. I don't want to suggest, as we discussed a moment ago, that, that debate or discussion is currently is over. But indeed, more of those who are on the fence, I think, are leaning towards Remote PHY. And Steve, I think part of the conversions is the urgency. We are seeing competition not only in the U.S. but really around the world particularly from fiber, but also from fixed wireless broadband competitors. It's just it's becoming a much more competitive market for traditional cable operators. And so I think some of them are deciding the time to kind of evaluate different technology alternatives is over and the time to begin planning to get on with it is at hand. And if you're an operator feeling some amount of urgency, I think looking to the variant of DAA that has been most widely deployed, it's most mature, has got kind of the most miles underneath. that's certainly advantageous. And that speaks to some of the advantage that I think we're bringing to the market as well. We think that we're in a better position, frankly, above and beyond the technology itself as a partner that can help an operator move quickly. We think we are the premier partner in the industry right now. So it's all still kind of a real time, but yes, we're excited about opportunity to help both existing and new customers really meet the challenge of their fiber and wireless based competition, and we think we've got the tool set to do it.

史蒂夫，現有客戶沒有變化。我的意思是，坦率地說，現有客戶已經在那裡，他們正在做他們的事情。因此，這是針對那些可能正在看漲認股權證的人，首先，在所有這些方面，DAA 有幾個排列。需要明確的是，我認為行業中的每個人都專注於 DAA，有一些排列，並且有一些客戶，我會說，在不同排列之間的柵欄上。正如我們剛才討論的那樣，我不想暗示辯論或討論目前已經結束。但事實上，我認為更多持觀望態度的人傾向於 Remote PHY。史蒂夫，我認為部分轉變是緊迫性。我們不僅在美國而且在全世界都看到了競爭，特別是來自光纖的競爭，還有來自固定無線寬帶競爭對手的競爭。只是對於傳統有線電視運營商而言，它正在成為一個更具競爭力的市場。因此，我認為他們中的一些人正在決定評估不同技術替代方案的時間已經結束，開始計劃繼續使用它的時間就在眼前。如果你是一名感到有些緊迫感的運營商，我認為尋找部署最廣泛、最成熟、最深入的 DAA 變體。那當然是有利的。這說明了我認為我們也為市場帶來的一些優勢。坦率地說，我們認為我們處於更好的位置，超越技術本身作為可以幫助運營商快速行動的合作夥伴。我們認為我們現在是該行業的首要合作夥伴。所以這一切仍然是實時的，但是，是的，我們很高興有機會幫助現有和新客戶真正應對他們基於光纖和無線的競爭的挑戰，我們認為我們已經有了工具集來做它。

Okay. And in the last few quarters, you've kind of characterized your installed base in broadband as kind of going through a shakedown crews for a bit and figuring out DAA and then accelerating deployment. Could you give us some color on kind of how you think those Tier 1s are today? If you had a material movement to more of those customers getting through the shakedown crews and kind of putting the foot on the accelerator in terms of deployment now?

好的。在過去的幾個季度中，您將寬帶安裝基礎描述為經歷了一段時間的重組工作人員並確定 DAA，然後加速部署。你能給我們一些關於你如何看待這些一級的顏色嗎？如果你對更多的客戶進行實質性的調整，讓他們通過安定工作人員，並在部署方面加快步伐？

Well, I think it's the other side of the coin of what we just discussed. We closed, as you saw, a significant new Tier 1 international during the quarter. We're excited about that. And the progress with other Tier 1s that haven't yet made decisions on next-generation architecture. I would characterize it as very good. So I think the urgency is that they feel, yes, they have fantastic broadband businesses. And I think that understandably, they want to work to secure them. I think that there's been a real push to understand the architectural variance and to make decisions and begin to get on with it. So I earlier referenced the crossing the chasm kind of idea. I think we're not quite to the other side of it. But I think we're substantially closer than we were when we spoke to 3 months ago. And as we did in our Analyst Day in September, we expect 2023 to be an important year of a number of significant decisions being made, and we hope several new scale rollouts at commencing.

好吧，我認為這是我們剛才討論的問題的另一面。如您所見，我們在本季度關閉了一個重要的新一級國際。我們對此感到興奮。以及尚未就下一代架構做出決定的其他一級供應商的進展情況。我會把它描述為非常好。所以我認為當務之急是他們覺得，是的，他們擁有出色的寬帶業務。我認為可以理解，他們想努力保護他們。我認為真正推動了了解架構差異並做出決策並開始著手處理它。所以我之前提到了跨越鴻溝的想法。我認為我們還沒有完全走到另一邊。但我認為我們比 3 個月前交談時更接近了。正如我們在 9 月的分析師日所做的那樣，我們預計 2023 年將是做出許多重大決策的重要一年，我們希望開始推出幾個新的規模。

And our next question comes from the line of Tim Savageaux from Northland Capital Markets.

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

And congrats on the results, especially on the gross margin side, which is kind of where I wanted to start focusing in broadband, in particular, and Sanjay, you gave us a couple of drivers for the strength in Q3, but you're guiding to a further uptick in Q4 into the high 40s. I wonder if you could talk about what's driving that? I mean, as I look at your results, it seems like you've had an uptick in kind of router or software revenue within cable access, maybe getting a few of your new Tier 1s off the ground here. Obviously, you were strong in Europe this quarter. So I wonder if you can characterize that both for the quarter and the outlook in terms of, but especially the outlook in terms of broadband gross margin.

祝賀結果，特別是在毛利率方面，這是我想開始關注寬帶的地方，特別是 Sanjay，你給了我們幾個推動第三季度實力的因素，但你在指導到第四季度進一步上升到 40 多歲。我想知道你是否可以談談是什麼驅動了它？我的意思是，當我看到你的結果時，你似乎在有線接入中的路由器或軟件收入有所增加，也許你的一些新的一級供應商在這裡開始了。顯然，您本季度在歐洲表現強勁。所以我想知道您是否可以描述本季度和前景的特徵，尤其是寬帶毛利率的前景。

Sure, Tim. So as I said in the prepared remarks, the most important aspect of our gross margin improvement in Q3 and which also is the reason why Q4 guidance is up, is that we are deploying our capital mostly in investing in inventories and related deposits, as I mentioned. And that's basically driving a lot of gross margin improvement. We are able to use more of an ocean freight given the flexibility we have versus the air freight. I mean ocean freight, air freight, the costs are hugely different. They're like one is 8x of the other approximately. That said, we have also seen modest improvements in the freight rates coming down. There are some marginal price increases as well. So overall, if you look at the entire mix of all these factors, we saw that in Q3 and substantially in Q4, there's the next step further down as we invest more in inventories. And to your point, more Tier 1s are they increasing the ramp? Yes. And that's also contributing. And the mix is working in our favor as well. And this is exactly what we guided right at the beginning of the year, Tim. Our Q1 was supposed to be weakest, and we were expected to march to the highest gross margin quarter by Q4. And it played out exactly as we envisioned and exactly for the same reasons. And we are glad our capital deployment is working effectively to give us those benefits.

當然，蒂姆。因此，正如我在準備好的評論中所說，我們第三季度毛利率改善的最重要方面，也是第四季度指引上升的原因，是我們主要將資本用於投資庫存和相關存款，因為我提及。這基本上推動了毛利率的大幅提高。鑑於我們與空運相比具有靈活性，我們能夠使用更多的海運。我的意思是海運，空運，成本差別很大。它們就像一個大約是另一個的 8 倍。也就是說，我們也看到運費有所下降。也有一些邊際價格上漲。所以總的來說，如果你看一下所有這些因素的整體組合，我們在第三季度和第四季度看到了這一點，隨著我們對庫存的更多投資，下一步會進一步下降。就您而言，更多的一級供應商是否正在增加坡道？是的。這也在做出貢獻。這種組合也對我們有利。這正是我們在今年年初指導的，蒂姆。我們的第一季度應該是最疲軟的，我們預計到第四季度將進入毛利率最高的季度。結果完全符合我們的設想，原因也完全相同。我們很高興我們的資本部署有效地為我們帶來了這些好處。

Great. Thanks very much. And without addressing the elephant in the room here over the last couple of questions, I will ask about your new Tier 1 win that you mentioned at the Analyst Day. And I just want to make sure I have this right. I was looking for a footprint update in terms of your total subscriber footprint that you deferred to this call from the $60 million. So hopefully, you can provide that. Or is that Tier 1 is that relevant? Is it a virtualized CCAP, DOCSIS deal? Or is it a fiber deal? Or is it both? I've kind of heard both here during the call, Fiber one was an existing Tier 1 customer internationally. Is that separate and distinct from what you talked about at the Analyst Day? And can I get that updated footprint number?

偉大的。非常感謝。在最後幾個問題中，我不針對房間裡的大象，而是詢問您在分析師日提到的新的 1 級勝利。我只是想確保我有這個權利。我一直在尋找關於您從 6000 萬美元推遲到本次電話會議的總訂戶足蹟的足跡更新。所以希望你能提供。或者第 1 層是否相關？它是虛擬化的 CCAP、DOCSIS 交易嗎？還是纖維交易？或者兩者兼而有之？我在通話期間在這裡聽到了兩種說法，Fiber one 是國際上現有的一級客戶。這與您在分析師日談論的內容是分開的和不同的嗎？我可以獲得更新後的足跡編號嗎？

Yes. I don't have an exact updated footprint number for you. So let me come back and take it in turn. So we announced in the Analyst Day, and we repeated here that earlier in Q3, we secured a new DOCSIS win with a new international Tier 1 cable operator. And indeed, I'd say I don't know exactly off the top of my head, let's say, a couple, several million homes passed, Tim. So that's adding on to, I don't think we said around 60. So that's, let's call it, a 5% or so increase to the address to footprint. And that's just in cable, okay? Full stop. Second, and distinct from that, new news on this call today is that with a previously kind of announced, if you will, at least from a numbers point of view, international cable operator, not the one I've just mentioned, but one that we secured business with prior to 2022. That customer has now, in addition to rolling out DOCSIS with us, has embraced our fiber-to-the-home PON solution. They're going to begin rolling that out as well in a converged kind of way, and they've given us a first substantial multimillion-dollar order for that fiber business. Does that make sense? Does it clarify?

是的。我沒有準確的更新足跡編號給你。那就讓我回來輪流拿吧。因此，我們在分析師日宣布，並在此重申，在第三季度早些時候，我們與一家新的國際一級有線電視運營商取得了新的 DOCSIS 勝利。事實上，我想說我並不清楚我的頭腦，比方說，有幾個，幾百萬個家庭過去了，蒂姆。所以這增加了，我不認為我們說的是 60 左右。所以，我們稱之為地址足跡增加 5% 左右。那隻是有線電視，好嗎？句號。其次，與此不同的是，今天這次電話會議的新消息是，如果你願意的話，至少從數字的角度來看，國際有線電視運營商不是我剛才提到的，而是一個我們在 2022 年之前獲得了業務。該客戶現在除了與我們一起推出 DOCSIS 外，還接受了我們的光纖到戶 PON 解決方案。他們也將開始以一種融合的方式推出它，並且他們已經為我們提供了該光纖業務的第一筆價值數百萬美元的大訂單。那有意義嗎？它澄清了嗎？

It makes perfect sense. And you kind of hinted at it a couple of times, but in the past, you've talked about kind of assessing where your group of Tier 1s are with regard to moving to meaningful or full deployment. And I think now you have 10, maybe it's about half. Does that remain the case? Or have you seen some progress there? And that will be it for me.

這是完全有道理的。您曾多次暗示過，但在過去，您曾談到過評估您的第 1 層團隊在轉向有意義或全面部署方面所處的位置。我想現在你有 10 個，也許是一半左右。情況仍然如此嗎？或者你在那裡看到了一些進展？對我來說就是這樣。

We've seen that, Tim. I mean the path we are marching on in terms of the growth this year, we are approximately 60% up year-over-year. I think all that entails the ramp of our existing Tier 1s, and that's playing out as we planned and anticipated.

我們已經看到了，蒂姆。我的意思是，就今年的增長而言，我們正在走的道路是，我們同比增長了大約 60%。我認為所有這些都需要我們現有的第 1 層的提升，並且正在按照我們的計劃和預期進行。

To the specific question, Tim had, yes, I think that in terms of announced, well, it's 10 Tier 1s globally. that we have won, that is right. And now a couple of them have also given us scale of fiber-to-the-home. And so we penetrated a couple of them, not only with the DOCSIS solution but with the fiber solution. And to be clear, our objective over time is to penetrate all of them. Our belief is that over time, fiber will become a weapon or a tool, if you will, in the portfolio of every cable operator as they compete. And while our ambitions in fiber are not limited to cable operators, certainly within cable and in particular, with the Tier 1s that have already deployed our DOCSIS solution, our objective is to have them embrace our fiber solution as well. So we'll talk about our progress in that dimension as well as winning new accounts outright.

對於具體問題，蒂姆有，是的，我認為就宣布而言，全球有 10 個一級。我們贏了，這是對的。現在，其中一些還為我們提供了光纖到戶的規模。因此，我們不僅通過 DOCSIS 解決方案而且通過光纖解決方案滲透了其中的幾個。需要明確的是，隨著時間的推移，我們的目標是滲透所有這些。我們相信，隨著時間的推移，光纖將成為每個有線電視運營商競爭中的武器或工具，如果你願意的話。雖然我們在光纖方面的雄心不僅限於有線運營商，當然也包括有線運營商，尤其是已經部署了我們的 DOCSIS 解決方案的一級供應商，但我們的目標是讓他們也採用我們的光纖解決方案。因此，我們將討論我們在該方面的進展以及直接贏得新客戶。

(Operator Instructions) Our next question comes from the line of George Notter from Jefferies.

（操作員說明）我們的下一個問題來自 Jefferies 的 George Notter。

This is Kyle on for George. I was interested that you mentioned investing in inventory makes sense given the revenue growth, but we've also heard that some areas of supply chain are getting modestly better. Can you tell us how much of this inventory investment is directly related to revenue growth? And how much might be still related to protecting yourselves for the supply chain? Or could it be the case that you're reacting to a better supply chain and that might be an offsetting factor? Just a little bit more about the moving pieces of inventory.

這是喬治的凱爾。我很感興趣，你提到考慮到收入增長，投資庫存是有意義的，但我們也聽說供應鏈的某些領域正在適度改善。您能否告訴我們這些庫存投資中有多少與收入增長直接相關？還有多少可能與保護自己的供應鏈有關？還是您正在對更好的供應鏈做出反應，而這可能是一個抵消因素？關於移動庫存的更多信息。

Sure. Kyle, and first thing I'll say that the investment we are making in inventories is purely how we -- is helping our gross margins purely in sense of how we transport the inventory to us. Let me be very clear. The costs of inventories still remain high. Once the costs go up for from our suppliers, it's very hard to see them going down. So they do get big into standard costs and costs get elevated, and they remain there. What else can we do to bring it down, and that's exactly in our control. That's what we are deploying our capital to. So it's primarily the freight benefit, which I mentioned. And other than that, yes, we are seeing modest improvements in the confluence of things. Price increases, we are also seeing software and services mix improvement. All these are contributing to it. That said, going back to the increase in revenue question you asked, definitely, this investment in inventories is giving us an opportunity to address the strong demand we have, the strong backlog we have and to shift the products on time to the customers.

當然。凱爾，首先我要說的是，我們在庫存方面的投資純粹是我們如何幫助我們提高毛利率，這純粹是因為我們如何將庫存運送給我們。讓我非常清楚。存貨成本仍然居高不下。一旦我們供應商的成本上升，就很難看到它們下降。因此，他們確實對標準成本投入了大量資金，而成本卻上升了，而且它們仍然存在。我們還能做些什麼來降低它，這完全在我們的控制之中。這就是我們正在部署我們的資本。所以這主要是我提到的運費收益。除此之外，是的，我們看到了事物融合方面的適度改善。價格上漲，我們也看到了軟件和服務組合的改善。所有這些都促成了它。就是說，回到您提出的增加收入的問題，肯定地，這種對庫存的投資使我們有機會解決我們的強勁需求，我們擁有的大量積壓訂單，並按時將產品轉移給客戶。

And our next question is a follow-up question from Ryan Koontz from Needham & Company.

我們的下一個問題是來自 Needham & Company 的 Ryan Koontz 的後續問題。

Thanks for quick follow-up. You mentioned European macro risk there and obviously you had a really great quarter in Q3 here. How should investors think about the risk in Europe, barring an all-out spreading of the war. But just given the energy crisis, what kind of insights can you share with us about the demand picture in Europe next year?

感謝您的快速跟進。你在那裡提到了歐洲宏觀風險，顯然你在第三季度的表現非常好。除非戰爭全面蔓延，否則投資者應該如何看待歐洲的風險。但就能源危機而言，您能與我們分享關於明年歐洲需求情況的哪些見解？

Right, we're not economists. Let me say that first and foremost. To date, we haven't seen any major deterioration. And particularly on the broadband side, the competition is as intense as it is anywhere else in the world. So our current perception is that certainly the broadband part of what we do, we think is going to be relatively immune or macro headwind resistant. We think we may be slightly more susceptible on the video side of our business, slightly higher percentage of our video business happens in Europe, about 30%. Europe, Middle East and Africa is one consideration. And another perhaps slightly more subject to economic macroeconomic headwinds. Although historically, our video business as well has been somewhat resistant to more challenged consumer spending. So where we are is we have some uncertainty. You've seen that we've given a wider range on the video business for the fourth quarter. That's really simply a reflection of the uncertainty that we have. Our current sales pipeline, the recent orders that we saw in Q3, none of that points to any significant challenge, but we do want to highlight that we see some potential risk, and there's nothing for us to do except for to continue to watch that and execute as aggressively as we can on the opportunities that we do have in front of us.

對，我們不是經濟學家。我首先要說的是。迄今為止，我們還沒有看到任何重大惡化。尤其是在寬帶方面，競爭與世界其他任何地方一樣激烈。所以我們目前的看法是，我們所做的寬帶部分肯定會相對免疫或抵抗宏觀逆風。我們認為我們在業務的視頻方面可能更容易受到影響，我們視頻業務的百分比略高一些，大約 30%。歐洲、中東和非洲是一個考慮因素。另一個可能更容易受到經濟宏觀經濟逆風的影響。儘管從歷史上看，我們的視頻業務也對更具挑戰性的消費者支出有所抵制。因此，我們所處的位置存在一些不確定性。你已經看到我們在第四季度的視頻業務範圍更廣。這實際上只是反映了我們所擁有的不確定性。我們目前的銷售渠道，我們在第三季度看到的最近訂單，都沒有任何重大挑戰，但我們確實想強調，我們看到了一些潛在風險，除了繼續觀察外，我們別無選擇並儘可能積極地執行我們面前的機會。

And this does conclude the question-and-answer session of today's program. I'd like to hand the program back to management for any further remarks.

這確實結束了今天節目的問答環節。我想將該程序交還給管理層，以徵求進一步意見。

Okay. Well, thank you very much all for joining us today. We're pleased to report a solid quarter. We're excited about our momentum. We appreciate your interest and support, and we look forward to driving another strong quarter to talk, thanks very much. Have a good evening.

好的。非常感謝大家今天加入我們。我們很高興地報告一個穩定的季度。我們對我們的勢頭感到興奮。感謝您的關注和支持，我們期待著推動另一個強勁的季度討論，非常感謝。晚上好。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。