(HLIT) 2022 Q4 法說會逐字稿

Welcome to the Q4 and Full Year 2022 Harmonic Earnings Conference Call. My name is Latif, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加 2022 年第四季度和全年諧波收益電話會議。我叫 Latif，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。

I will now turn the call over to David Hanover, Investor Relations. David, you may begin.

我現在將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 Fourth Quarter and Full Year 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 Harmonic 的第四季度和 2022 年全年財務業績電話會議。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 going 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 our forward-looking statements.

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。此類陳述僅為當前預期，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。

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 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.

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 數字和與 GAAP 的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。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 fourth quarter call. In the fourth quarter, Harmonic closed out 2022 with another period of excellent results. Revenue was a record $164 million, EPS was $0.17 and adjusted EBITDA margin was over 16% as both business segments were again solidly profitable. Our broadband segment grew revenue of 38% year-over-year and contributed EBITDA margin of 21%. Video segment transformation continues with fourth quarter SaaS revenue of 51% year-over-year and segment EBITDA margin over 9%.

好吧，謝謝大衛，歡迎大家參加我們的第四季度電話會議。第四季度，哈雷以又一波優異成績收官2022年。收入達到創紀錄的 1.64 億美元，每股收益為 0.17 美元，調整後的 EBITDA 利潤率超過 16%，這兩個業務部門再次實現穩健盈利。我們的寬帶業務收入同比增長 38%，貢獻的 EBITDA 利潤率為 21%。視頻細分市場繼續轉型，第四季度 SaaS 收入同比增長 51%，細分市場 EBITDA 利潤率超過 9%。

This impressive fourth quarter and full year results demonstrate the tremendous market success and execution momentum, we're carrying into 2023. We're entering the year with strong demand, unique technology and competitive differentiation and continuing confidence in our ability to deliver on the multiyear growth plan we outlined in our September 2022 Analyst Day.

這一令人印象深刻的第四季度和全年業績證明了巨大的市場成功和執行勢頭，我們正在進入 2023 年。我們帶著強勁的需求、獨特的技術和競爭差異化以及對我們實現多年目標的能力的持續信心進入這一年我們在 2022 年 9 月的分析師日中概述的增長計劃。

Now taking a closer look first at our broadband segment. We again delivered excellent financial results that reflect both a healthy broadband market and expanding breadth and depth of our technology leadership position. Segment revenue was $96 million, up 4% sequentially and 38% year-over-year. Segment gross margin was over 47% and adjusted segment EBITDA margin was 21%, demonstrating consistently improving operating leverage.

現在首先仔細看看我們的寬帶部分。我們再次取得了出色的財務業績，這既反映了寬帶市場的健康發展，也反映了我們技術領先地位的廣度和深度不斷擴大。分部收入為 9600 萬美元，環比增長 4%，同比增長 38%。部門毛利率超過 47%，調整後的部門 EBITDA 利潤率為 21%，表明經營槓桿持續改善。

Sensing the worst of the supply chain disruption risks are behind us, some customers slowed orders as a step towards normalizing advanced purchase lead times. Nonetheless, we again exited the quarter with near record backlog and deferred revenue.

意識到最嚴重的供應鏈中斷風險已經過去，一些客戶放慢了訂單，以此作為提前採購提前期正常化的一步。儘管如此，我們再次以接近創紀錄的積壓和遞延收入退出了本季度。

Our sustained broadband growth is a result of both the robust end market and strong go-to-market and project execution. The quarter end modem served grew to $15.2 million, up 218% year-over-year. And we again added several new customers during the quarter, bringing the number deploying our solution to 91, up 25% year-over-year. Among these new wins is our first Asia Pacific Tier 1 operator in an account we expect to begin to scale in 2023.

我們持續的寬帶增長是強勁的終端市場和強大的上市和項目執行的結果。季度末調製解調器服務增長至 1520 萬美元，同比增長 218%。我們在本季度再次增加了幾個新客戶，使部署我們解決方案的客戶數量達到 91 個，同比增長 25%。在這些新客戶中，我們預計將在 2023 年開始擴大規模，這是我們在亞太地區的第一家一級運營商。

Looking ahead, we're confident about both our 2023 and multiyear growth prospects. Our global pipeline of new account relationships is excellent, aided by growing industry recognition of our technology and deployment execution leadership. Two areas of rapidly expanding leadership to highlight our DOCSIS 4.0 and Fiber-on-Demand. In the DOCSIS 4.0 area, we've made great strides with both variants of the standard, ESD and FDX, and we're actively supporting our customers in advanced demonstrations and trials of these technologies.

展望未來，我們對 2023 年和多年的增長前景充滿信心。我們的全球新客戶關係渠道非常出色，這得益於行業對我們技術和部署執行領導地位的認可度不斷提高。兩個快速擴大領導地位的領域突出了我們的 DOCSIS 4.0 和按需光纖。在 DOCSIS 4.0 領域，我們在 ESD 和 FDX 這兩個標準變體方面取得了長足進步，我們正在積極支持我們的客戶進行這些技術的高級演示和試驗。

In the fiber area, our converged PON plus DOCSIS solution is unique and gaining increasing recognition from both existing and prospective customers as a powerful competitive advantage. Although we only recorded modest fiber revenue in 2022, we're entering 2023 with several new design wins, good order backlog and a trajectory that is in line with our 2025 fiber growth target.

在光纖領域，我們融合的 PON 和 DOCSIS 解決方案是獨一無二的，作為強大的競爭優勢越來越受到現有和潛在客戶的認可。儘管我們在 2022 年僅錄得適度的纖維收入，但我們進入 2023 年時將贏得多項新設計、良好的訂單積壓以及符合我們 2025 年纖維增長目標的軌跡。

Regarding 2023, more generally, the full year growth outlook that Sanjay will share momentarily is supported by our year-end backlog, deferred revenue and the existing plans of our current customers with only very modest contribution assumed from new accounts. To be clear, we're confident about winning new accounts in 2023, both large and small. And for now, we're conservatively assuming these new wins will drive significant revenue and growth starting in 2024 and beyond, supporting our multiyear growth targets.

關於 2023 年，更廣泛地說，Sanjay 將暫時分享的全年增長前景得到我們年終積壓、遞延收入和我們現有客戶現有計劃的支持，新客戶的貢獻非常有限。需要明確的是，我們有信心在 2023 年贏得新客戶，無論大小。目前，我們保守地假設這些新的勝利將從 2024 年及以後開始推動可觀的收入和增長，支持我們的多年增長目標。

As a reminder, in our mid-September Analyst Day, we laid out an aggressive 3-year growth plan that calls for over $820 million of revenue and 28% EBITDA margin in 2025 as we closed a very successful 2022 and head into 2023. We're pleased with our continued financial execution. We're excited about our increasingly strong technology and leadership position in the market, and we're confident and our ability to continue to execute our overall strategic plan.

提醒一下，在我們 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 8.2 億美元的收入和 28% 的 EBITDA 利潤率，因為我們結束了非常成功的 2022 年並進入了 2023 年。我們對我們持續的財務執行感到滿意。我們對我們在市場上日益強大的技術和領導地位感到興奮，我們有信心和能力繼續執行我們的整體戰略計劃。

Turning now to our video segment. Here also, we delivered an excellent quarter. Fourth quarter segment revenue was $68.3 million, up 7% sequentially, although down 21% year-over-year when compared to an extraordinarily strong fourth quarter in 2021. SaaS transformation execution continues to be the highlight, with record quarterly revenue of $10.5 million, up 51% year-over-year. As a result, quarterly gross margin was 59.9%, also up year-over-year and adjusted segment EBITDA margin was over 9%.

現在轉到我們的視頻部分。在這裡，我們也交付了出色的季度。第四季度分部收入為 6830 萬美元，環比增長 7%，儘管與 2021 年異常強勁的第四季度相比同比下降 21%。SaaS 轉型執行仍然是亮點，季度收入達到創紀錄的 1050 萬美元，同比增長 51%。因此，季度毛利率為 59.9%，也同比增長，調整後的分部 EBITDA 利潤率超過 9%。

Full year segment gross profit and adjusted EBITDA margin finished ahead of the guidance we provided at the beginning of the year despite the loss of business in Russia and Ukraine, an encouraging result.

儘管在俄羅斯和烏克蘭的業務出現虧損，但全年分部毛利和調整後的 EBITDA 利潤率比我們年初提供的指引提前完成，這是一個令人鼓舞的結果。

As you will recall from our September Analyst Day, our video business strategy has 2 pillars: taking a leading position in the growing streaming SaaS market, particularly for live sports; and maximizing profit from the traditional video appliance market with a financial focus on gross profit and EBITDA. Our full year 2022 results are fully in line with our longer-range projections and support our continued confidence in the execution of this plan.

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大支柱：在不斷增長的流媒體 SaaS 市場中佔據領先地位，尤其是在體育直播方面；將傳統視頻設備市場的利潤最大化，並將財務重點放在毛利和 EBITDA 上。我們 2022 年的全年業績完全符合我們的長期預測，並支持我們對執行該計劃的持續信心。

Our streaming SaaS growth was again driven principally by larger media accounts expanding their consumer footprints and live sports content rights and correspondingly expanded consumption of our server The World Cup was a notable international success in the fourth quarter and SaaS usage exceeded our expectations and feedback on the quality of service we delivered was action. During the quarter, we also again secured several new SaaS contracts, including for Blue Chip North America Sports services that will launch later this year.

我們的流媒體 SaaS 增長再次主要受到更大媒體賬戶擴大其消費者足跡和直播體育內容權利以及相應擴大我們服務器的消費的推動。世界杯在第四季度取得了顯著的國際成功，SaaS 的使用超出了我們的預期和反饋我們提供的服務質量就是行動。在本季度，我們還再次獲得了幾份新的 SaaS 合同，包括將於今年晚些時候推出的 Blue Chip North America Sports 服務。

We continue to see live sports streaming and the movement of legacy broadcast workflow to the cloud is attractive and growing opportunities. And with our recent successes, our brand and technology leadership in high-quality streaming is strengthened. While SaaS transformation continues to be the headline, our video plant sales pipeline remains solid, including in Europe, where we're pleased to say we're not seeing an impact from macroeconomic headwinds.

我們繼續看到直播體育流媒體和傳統廣播工作流程向雲端的移動是有吸引力的和不斷增長的機會。憑藉我們最近的成功，我們在高質量流媒體方面的品牌和技術領導地位得到加強。雖然 SaaS 轉型仍然是頭條新聞，但我們的視頻工廠銷售渠道仍然穩固，包括在歐洲，我們很高興地說我們沒有看到宏觀經濟逆風的影響。

Putting it all together, we remain confident that our transformation in video to consumption-driven streaming SaaS is working, and we're on track to achieve the targets we laid out for you in our September Analyst Day. As a reminder, this plan calls for greater than 45% compounded annual sales growth through 2025, consistent profitability and return to mid-teens EBITDA segment margin.

綜上所述，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，並且我們有望實現我們在 9 月分析師日為您制定的目標。提醒一下，該計劃要求到 2025 年實現超過 45% 的複合年銷售額增長、持續的盈利能力並恢復到十幾歲的 EBITDA 分部利潤率。

Our full year 2022 video segment results, the high-profile streaming services we're now powering and the new wins we've recently secured and our full year 2023 guidance, all demonstrate we remain on track to achieve these objectives.

我們 2022 年全年的視頻業務業績、我們現在正在提供的備受矚目的流媒體服務、我們最近獲得的新勝利以及我們 2023 年全年的指導，都表明我們仍在實現這些目標的軌道上。

And with that, Sanjay, let me turn it over to you for further discussion of our results and our outlook.

說到這裡，Sanjay，讓我把它交給你進一步討論我們的結果和我們的展望。

Thanks, Patrick, and thank you all for joining us today. Before I discuss our quarterly and annual results as well as our 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 Q4 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和年度業績以及我們的展望之前，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，我們的第四季度新聞稿和收益報告包括本次電話會議上討論的非 GAAP 財務措施與 GAAP 的對賬。這些都可以在我們的網站上找到。

We finished the year delivering another quarter of strong financial results and our strong balance sheet at year-end positions us well for continued growth in 2023.

我們在這一年結束時又交付了一個季度強勁的財務業績，年末我們強勁的資產負債表為我們在 2023 年的持續增長奠定了良好的基礎。

Before reviewing our quarterly financials in more detail, I'll briefly review the Q4 and full year 2022 key highlights here on Slide 7. For the fourth quarter, we reported record revenue of $164.3 million, with strong gross margins of 52.7%. We also generated strong adjusted EBITDA of 16.2% and EPS of $0.17. Our balance sheet remains solid, ending 2022 with a cash balance of $89.6 million while reducing convertible debt by $37.7 million.

在更詳細地回顧我們的季度財務數據之前，我將在幻燈片 7 上簡要回顧一下第四季度和 2022 年全年的主要亮點。第四季度，我們報告的收入達到創紀錄的 1.643 億美元，毛利率高達 52.7%。我們還產生了 16.2% 的強勁調整後 EBITDA 和 0.17 美元的每股收益。我們的資產負債表保持穩健，到 2022 年底現金餘額為 8960 萬美元，同時減少可轉換債務 3770 萬美元。

For the full year 2022, our total revenue was a record $625 million, up 23% as broadband revenue increased over 60%, and video SaaS revenue increased 63% year-over-year. Adjusted EBITDA of $86.5 million, increased over 50% year-over-year. Diluted EPS increased 62% to $0.55. We exited the year with near record backlog and deferred revenue of $457.1 million.

2022 年全年，我們的總收入達到創紀錄的 6.25 億美元，增長 23%，寬帶收入增長超過 60%，視頻 SaaS 收入同比增長 63%。調整後的 EBITDA 為 8650 萬美元，同比增長超過 50%。稀釋後每股收益增長 62% 至 0.55 美元。我們以接近創紀錄的積壓和遞延收入 4.571 億美元結束了這一年。

Now let's review our fourth quarter financials in detail. Turning to Slide 8. Again, total Q4 revenue was $164.3 million, up 5.5% on both a sequential basis and year-over-year basis. Looking first at our broadband business segment. Q4 revenue was $96 million, up 4.5% sequentially and 37.7% year-over-year, reflecting continued current customer ramp-up and newer customer launches, including modest fiber revenue generated during the quarter.

現在讓我們詳細回顧一下第四季度的財務狀況。轉到幻燈片 8。同樣，第四季度總收入為 1.643 億美元，環比和同比增長 5.5%。首先看我們的寬帶業務部門。第 4 季度收入為 9600 萬美元，環比增長 4.5%，同比增長 37.7%，反映出當前客戶的持續增長和新客戶的推出，包括本季度產生的適度光纖收入。

In our Video segment, we reported Q4 revenue of $68.3 million, up 7% sequentially and down 20.7% year-over-year. With the comp being a very strong Q4 2021. Our video revenue included SaaS revenue of $10.5 million, up 51.3% from prior year, once again ahead of our expectations. We had 1 customer representing greater than 10% of total revenue during the quarter. Total Comcast Corporation contributed 48% of total revenue.

在我們的視頻部門，我們報告第四季度收入為 6830 萬美元，環比增長 7%，同比下降 20.7%。隨著 2021 年第四季度的表現非常強勁。我們的視頻收入包括 1050 萬美元的 SaaS 收入，比去年增長 51.3%，再次超出我們的預期。本季度我們有 1 個客戶佔總收入的 10% 以上。 Comcast Corporation 貢獻了總收入的 48%。

Total company gross margin was 52.7% for Q4 '22, up 180 basis points sequentially and 220 basis points year-over-year, reflecting increased gross margins in both of our business segments. Broadband gross margin was 47.6% for Q4, up 260 basis points sequentially and 730 basis points year-over-year. This improvement was due to several factors, including a favorable products and services mix, which included high margin nonrecurring services, our strategic inventory investments in 2022, modest improvement in freight rates and improved pricing.

22 年第四季度公司總毛利率為 52.7%，環比上升 180 個基點，同比上升 220 個基點，反映出我們兩個業務部門的毛利率均有所提高。第四季度寬帶毛利率為 47.6%，環比上升 260 個基點，同比上升 730 個基點。這種改善歸因於幾個因素，包括有利的產品和服務組合，其中包括高利潤率的一次性服務、我們在 2022 年的戰略庫存投資、運費的適度改善和定價的改善。

Video segment gross margin was 59.9% in Q4 '22, up 60 basis points sequentially and 110 basis points year-over-year. We've seen a strong overall gross margin improvement over the past 2 years as Q4 video gross margins have risen 370 basis points from 2020 and 110 basis points from 2021, respectively, primarily due to SaaS continuing to scale.

22 年第四季度視頻業務毛利率為 59.9%，環比增長 60 個基點，同比增長 110 個基點。我們看到過去 2 年的整體毛利率有了強勁的改善，第四季度視頻毛利率分別比 2020 年和 2021 年分別上升了 370 個基點和 110 個基點，這主要是由於 SaaS 的持續擴張。

Moving down to the income statement on Slide 9. Q4 operating expenses were $63 million, up 3.2% sequentially and 8.5% year-over-year. The increases were primarily due to increased research and development to support the growth of our broadband business and the ongoing strategic transition of video segment to SaaS. Adjusted EBITDA for Q4 '22 was $26.6 million or 16.2% of revenue, up 88 basis points versus Q4 '21. comprised of $20.2 million from broadband, representing 21% of segment revenue and $6.4 million from video, representing 9.3% of segment revenue.

轉到幻燈片 9 的損益表。第四季度運營費用為 6300 萬美元，環比增長 3.2%，同比增長 8.5%。增加的主要原因是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。 22 年第四季度的調整後 EBITDA 為 2660 萬美元，佔收入的 16.2%，比 21 年第四季度高 88 個基點。包括來自寬帶的 2020 萬美元，佔分部收入的 21%，以及來自視頻的 640 萬美元，佔分部收入的 9.3%。

This all translated into Q4 EPS of $0.17 per share compared to $0.13 per share in Q3 '22 and $0.16 per share for Q4 '21. We ended the quarter with calculated diluted weighted average share count of 117.3 million compared to 113.2 million in Q3 and 110.5 million in Q4 '21. The sequential increase is primarily due to the issuance of shares for settlement of the premium for convertible debt conversions upon maturity in December, and an increase in outstanding convertible debt dilution and the dilutive effect of outstanding RSUs and options resulting from the increase in our average stock price during the quarter.

這一切都轉化為每股 0.17 美元的第四季度每股收益，而 22 年第三季度的每股收益為 0.13 美元，21 年第四季度的每股收益為 0.16 美元。我們在本季度結束時計算出的稀釋加權平均股數為 1.173 億股，而第三季度為 1.132 億股，21 年第四季度為 1.105 億股。環比增加主要是由於發行股票用於結算 12 月份到期的可轉換債券轉換的溢價，以及未償還的可轉換債務攤薄增加以及未償還的 RSU 和期權的攤薄效應導致我們的平均股票增加本季度的價格。

Turning now to the order book. We reported new December bookings of $130.2 million. The book-to-bill ratio was 0.8% for the fourth quarter, which was in line with our expectations. For Q3 '22 and Q4 '21, our book-to-bill ratios were 1.1% and 1.7%, respectively, which is higher than what we have seen historically. That's because in the past few quarters, some customers ordering patterns were affected by the challenging supply chain landscape. As supply chain conditions improved, we expected this ratio to normalize and approach the historical benchmark. Consistent with that, our book-to-bill ratio for the full year was 1.04%.

現在轉向訂單簿。我們報告 12 月的新預訂額為 1.302 億美元。第四季度的訂單出貨率為 0.8%，符合我們的預期。對於 22 年第三季度和 21 年第四季度，我們的訂單出貨比分別為 1.1% 和 1.7%，高於歷史水平。這是因為在過去幾個季度，一些客戶的訂購模式受到了充滿挑戰的供應鍊格局的影響。隨著供應鏈狀況的改善，我們預計該比率將正常化並接近歷史基準。與此一致，我們全年的訂單出貨比為 1.04%。

Turning to the balance sheet on Slide 10. We ended Q4 with cash of $89.6 million compared to $105.3 million at the end of Q3 '22 and $133.4 million in Q4 last year. The net $15.7 million sequential decrease was primarily due to a cash payment of $37.7 million for the principal of maturing convertible debt. You may recall, we mentioned December 22 debt maturities on our last earnings call.

轉到幻燈片 10 的資產負債表。我們在第四季度結束時現金為 8960 萬美元，而 22 年第三季度末為 1.053 億美元，去年第四季度為 1.334 億美元。環比淨減少 1,570 萬美元，主要原因是為到期可轉換債券的本金支付了 3,770 萬美元的現金。您可能還記得，我們在上一次財報電話會議上提到了 12 月 22 日到期的債務。

We generated $19.4 million cash from operations, net of investing $19.5 million in inventory. Increased inventory has, by design, enabled us to meet strong demand for our products and to proactively manage our supply chain, enhance product availability and provide us with flexibility to use a higher mix of ocean freight rather than air freight, resulting in improved gross margins.

我們從運營中產生了 1940 萬美元的現金，扣除了 1950 萬美元的存貨投資。通過設計，增加庫存使我們能夠滿足對我們產品的強勁需求，並主動管理我們的供應鏈，提高產品可用性，並使我們能夠靈活地使用更多的海運而不是空運，從而提高毛利率.

As noted earlier, these investments helped drive the gross margin expansion we reported for the quarter. We also used $1.9 million of cash in partial fixed assets and saw a favorable foreign exchange rate impact of $4.9 million.

如前所述，這些投資幫助推動了我們報告的本季度毛利率增長。我們還在部分固定資產中使用了 190 萬美元的現金，並看到了 490 萬美元的有利匯率影響。

Turning to days sales outstanding. At the end of Q4. DSO was 59 comparable to previous quarter and previous year period. Days inventory on hand was 140 days at the end of Q4, up 20% compared to the end of Q3 and up over 50% compared to end of Q4 '21. The increase reflects our continued proactive investment in inventory as we prepare for strong shipments growth during 2023.

轉向銷售天數。在第四季度末。與上一季度和去年同期相比，DSO 為 59。第四季度末庫存天數為 140 天，比第三季度末增加 20%，比 21 年第四季度末增加 50% 以上。這一增長反映了我們在為 2023 年強勁的出貨量增長做準備時對庫存的持續積極投資。

Regarding capital allocation, our top priority is driving our future growth. As such, we will continue to strategically invest in building inventory to meet the strong demand we are seeing. This strategy has proven highly successful to date as demonstrated by our revenue and gross margin results for Q4.

在資本配置方面，我們的首要任務是推動我們未來的增長。因此，我們將繼續戰略性地投資於建立庫存，以滿足我們看到的強勁需求。迄今為止，我們第四季度的收入和毛利率結果證明了這一戰略非常成功。

Having said that, should the supply chain situation improve considerably, we have the optionality to manage our working capital differently and generate additional cash by keeping lower inventory levels. Along those lines, 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.

話雖如此，如果供應鏈狀況顯著改善，我們可以選擇以不同方式管理我們的營運資金，並通過保持較低的庫存水平來產生額外的現金。按照這些思路，我們的資本配置策略還考慮通過股票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。

This balanced capital allocation strategy also takes into account anticipated future debt obligations as well as our current debt repayment of $37.7 million in December 2022. At the end of Q4, total backlog and deferred revenue was $457.1 million. 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 days for shipments of products and providing services within the next 12 months.

這種平衡的資本配置策略還考慮了預期的未來債務義務以及我們目前在 2022 年 12 月償還的 3770 萬美元債務。截至第四季度末，積壓和遞延收入總額為 4.571 億美元。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，我們大約 80% 的積壓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天數。

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 Q4 '22, this incremental amount was approximately $47 million, down from $60 million last quarter as approximately $13 million went through purchase order process and therefore, moved into bookings.

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 22 年第四季度末，這一增量金額約為 4700 萬美元，低於上一季度的 6000 萬美元，因為大約 1300 萬美元通過了採購訂單流程，因此進入了預訂階段。

So in summary, operating cash flow was strong in Q4 '22, consistent with our capital allocation strategy I discussed earlier. Our free cash was invested in inventory to meet demand and support growth as well as for debt repayment.

因此，總而言之，22 年第四季度的經營現金流強勁，這與我之前討論的我們的資本配置策略一致。我們的自由現金投資於庫存以滿足需求和支持增長以及償還債務。

I'll now review our non-GAAP guidance for 2023, beginning on Slide 11. For the full year 2023 based on our progress to date, we expect broadband to achieve revenue between $445 million to $465 million, a 30% increase at the midpoint, based on the strong demand trends we continue to see. This guidance includes revenue from existing Tier 1 customers and does not include significant revenue from potential Tier 1 customer wins in our pipeline.

我現在將回顧我們 2023 年的非 GAAP 指南，從幻燈片 11 開始。根據我們迄今為止的進展，對於 2023 年全年，我們預計寬帶收入將在 4.45 億美元至 4.65 億美元之間，中點增長 30% ，基於我們繼續看到的強勁需求趨勢。本指南包括來自現有一級客戶的收入，不包括來自我們管道中潛在一級客戶贏得的大量收入。

Gross margins between 45% to 46%, a 190 basis point improvement over 2022 based on assumed hardware and software mix, that is typical of what we have seen over the past 18 months. Operating expenses between $120 million to $123 million. Adjusted EBITDA between $86 million to $97 million.

毛利率在 45% 到 46% 之間，基於假設的硬件和軟件組合，比 2022 年提高 190 個基點，這是我們在過去 18 個月中看到的典型情況。運營費用在 1.2 億美元至 1.23 億美元之間。調整後的 EBITDA 在 8600 萬美元至 9700 萬美元之間。

For full year '23, Video segment results we expect revenue in the range of $250 million to $270 million. Gross margins range of 58.5% to 60.5%. Operating expenses $140 million to $144 million. Adjusted EBITDA, $12 million to $25 million.

對於 23 年全年，我們預計視頻部門的收入將在 2.5 億美元至 2.7 億美元之間。毛利率介於 58.5% 至 60.5% 之間。運營費用為 1.4 億美元至 1.44 億美元。調整後的 EBITDA，1200 萬美元至 2500 萬美元。

For total company for the full year '23, we expect revenue in the range of $695 million to $735 million; gross margins in the range of 49.8% to 51.3%, operating expenses in the range of $260 million to $267 million, adjusted EBITDA in the range of $98 million to $122 million. An effective tax rate of 20%, up from 13% last year as we have exhausted our NOLs in the past year. A weighted average diluted share count of approximately 118.3 million.

對於 23 年全年的公司總收入，我們預計收入在 6.95 億美元至 7.35 億美元之間；毛利率在 49.8% 到 51.3% 之間，營業費用在 2.6 億美元到 2.67 億美元之間，調整後的 EBITDA 在 9800 萬到 1.22 億美元之間。有效稅率為 20%，高於去年的 13%，因為我們在過去一年已經用盡了 NOL。加權平均稀釋股數約為 1.183 億股。

Please note that the convertible debt-related dilution included in our share count uses the average stock price for the last 90 days, which was approximately $14. As a reminder, the share count figure utilized in our dilution calculation will change depending on the stock price movement. For those modeling this, consider as an example that currently, an increase in our stock price by $1 would increase dilution by only approximately 400,000 shares. Inversely, a decrease in our stock price by $1 would decrease dilution by approximately 900,000 shares.

請注意，我們的股票數量中包含的與可轉換債務相關的稀釋使用的是過去 90 天的平均股價，約為 14 美元。提醒一下，我們稀釋計算中使用的股票數量將根據股價變動而變化。對於那些對此進行建模的人，請考慮一個例子，目前，我們的股票價格上漲 1 美元只會增加大約 400,000 股的稀釋。相反，我們的股價下跌 1 美元將使稀釋減少約 900,000 股。

EPS range from $0.56 to $0.72 per share, subject to the just mentioned dilution calculation. Cash at the end of '23 is expected to come between $90 million to $100 million.

根據剛才提到的稀釋計算，每股收益從 0.56 美元到 0.72 美元不等。 23 年底的現金預計將在 9000 萬至 1 億美元之間。

Now on Slide 12, I'll review the non-GAAP guidance for the first quarter of 2023. For Broadband segment in Q1, we expect revenue in the range of $97 million to $102 million; gross margins, 45% to 46%; operating expenses, $29 million to $30 million, adjusted EBITDA of $16 million to $18 million.

現在在幻燈片 12 上，我將回顧 2023 年第一季度的非 GAAP 指南。對於第一季度的寬帶業務，我們預計收入在 9700 萬至 1.02 億美元之間；毛利率，45% 至 46%；運營費用為 2900 萬美元至 3000 萬美元，調整後的 EBITDA 為 1600 萬美元至 1800 萬美元。

For our video segment in Q1, we expect revenue in the range of $55 million to $60 million, gross margins, 58% to 59%; operating expenses, $35 million to $36 million; adjusted EBITDA in the range from a loss of $2 million to a profit of $1 million.

對於我們第一季度的視頻業務，我們預計收入在 5500 萬至 6000 萬美元之間，毛利率為 58% 至 59%；運營費用，3500 萬至 3600 萬美元；調整後的 EBITDA 在虧損 200 萬美元至盈利 100 萬美元之間。

For total company for first quarter of '23, we expect revenue in the range of $152 million to $162 million, gross margins, 49.7% to 50.8%; operating expense is $64 million to $66 million; adjusted EBITDA, $14 million to $19 million; effective tax rate of 20%; a weighted average diluted share count of approximately $117.9 million; and EPS to range from $0.07 to $0.10; cash to range from $75 million to $85 million.

對於 23 年第一季度的總公司，我們預計收入在 1.52 億美元至 1.62 億美元之間，毛利率為 49.7% 至 50.8%；運營費用為 6400 萬至 6600 萬美元；調整後的 EBITDA，1400 萬美元至 1900 萬美元；有效稅率為 20%；加權平均稀釋股數約為 1.179 億美元；每股收益從 0.07 美元到 0.10 美元不等；現金從 7500 萬美元到 8500 萬美元不等。

In summary, during the fourth quarter, we continued to execute and drive strong growth in our broadband segment while advancing the strategic transformation of our video segment. We ended the fourth quarter with a strong backlog and deferred revenue position. We believe this and the strong demand we continue to see from both our new and existing customers positions us well for 2023 as we continue to execute on our long-term business plan.

總而言之，在第四季度，我們繼續執行並推動寬帶業務的強勁增長，同時推進視頻業務的戰略轉型。我們在第四季度結束時積壓了大量訂單和遞延收入。我們相信這一點以及我們繼續從新老客戶那裡看到的強勁需求將使我們在 2023 年處於有利地位，因為我們將繼續執行我們的長期業務計劃。

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.

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。

Well, thanks, Sanjay. So in summary, we delivered a record of 2022, ahead of our initial targets through continued focused execution of our strategic plan, our technology, our customer relationships and our people are all extraordinary and working extraordinarily well together, pointing to compelling value creation, opportunities we're determined to take full advantage of. We're excited and confident about 2023 and the longer-range future of our business, and we appreciate your continued support.

好吧，謝謝，桑傑。因此，總而言之，我們通過持續專注地執行我們的戰略計劃、我們的技術、我們的客戶關係和我們的員工都非常出色並且合作得非常好，從而實現了 2022 年的記錄，這表明引人注目的價值創造、機會我們決心充分利用。我們對 2023 年和我們業務的長遠未來感到興奮和自信，我們感謝您的持續支持。

With that, let's now open up the call for questions.

有了這個，讓我們現在打開問題的電話。

(Operator Instructions) Our first question comes from the line of Simon Leopold of Raymond James.

（操作員說明）我們的第一個問題來自雷蒙德詹姆斯的西蒙利奧波德。

I've got 2, 1 on each segment. I want to start out asking about the 2023 outlook for the video segment, which is a little bit lower than the 2022 sales. And as I recall, the outlook you gave us for 2025 reflected some modest growth. And so I would like to get an understanding of whether or not that long-term 2025 outlook has changed? Or what factors are leading to the 2023 decline versus 2022, specifically to the video segment? And then I've got a follow-up on broadband.

我在每個細分市場上有 2、1 個。我想開始詢問視頻領域的 2023 年前景，這比 2022 年的銷售額略低。我記得，您給我們的 2025 年展望反映了一些溫和的增長。因此，我想了解 2025 年的長期前景是否發生了變化？或者是什麼因素導致 2023 年比 2022 年下降，特別是視頻部分？然後我有一個關於寬帶的跟進。

Okay. Well, thank you, Simon. I'll take the first one. The outlook for 2025 has absolutely not changed at all. We're seeing somewhat faster transition to SaaS. And in particular, some of the new wins will not materialize as revenue until later this year. I mentioned in the prepared remarks, we had a couple of very significant new sports wins. If it was traditional appliance business, we would have recognized that revenue kind of immediately upon booking and shipping of appliances. But as with the way SaaS works. We'll only start recognizing that revenue as the services themselves or launch the natural consumption happens. .

好的。好吧，謝謝你，西蒙。我要第一個。 2025 年的前景絕對沒有改變。我們看到向 SaaS 的過渡速度有所加快。特別是，一些新的勝利要到今年晚些時候才能實現收入。我在準備好的發言中提到，我們獲得了一些非常重要的新運動勝利。如果是傳統的家電業務，我們會在預訂和運送家電時立即確認這種收入。但與 SaaS 的工作方式一樣。我們只會開始認識到收入作為服務本身或啟動自然消費發生。 .

So in short, the plan is fully on target. In fact, if anything, we see sands moving a little bit ahead of plan. You'll note that the gross margin actually evolution is a little bit ahead of plan. And the slight movement in revenue would actually review favorable as it reflects quicker success around movement to SaaS than we anticipated even 6 months ago.

所以簡而言之，該計劃完全符合目標。事實上，如果有的話，我們看到沙子比計劃提前了一點。你會注意到毛利率的實際變化比計劃提前了一點。收入的輕微變動實際上會受到好評，因為它反映出向 SaaS 的轉變比我們 6 個月前預期的更快成功。

Great. And then I guess, I'm struggling with how to ask about the broadband segment. But I'm trying to understand what's built into your assumptions in terms of incremental contributions from Tier 1 cable operators and how you envision your customer concentration evolving?

偉大的。然後我想，我正在為如何詢問寬帶部分而苦苦掙扎。但我想了解您在一級有線電視運營商的增量貢獻方面的假設是什麼，以及您如何看待您的客戶集中度的演變？

I guess I'm sort of struggling with maybe the timing and the extent of what's baked into the numbers versus what you have yet to secure hopefully, you can maybe understand that and drill into that a little bit for us?

我想我可能正在努力解決數字中包含的時間和範圍與您希望獲得的內容之間的關係，您也許可以理解這一點並為我們深入研究一下？

Yes. Well, it's a little tricky for us as well, as you might imagine. And so in fact, kind of led to our decision at the risk of being too conservative to just kind of cut it black and white. The guidance we've given you excludes new Tier 1s that we're quite optimistic about bringing on board. The issue is until we bring them on board and until we have visibility to the timing and the impact of the initial orders, it's premature for us to put it in the guidance. I think the good news is, therefore, that we've given you guidance that is based almost exclusively on the activity around our existing customer base and put that together with our high confidence and being able to bring on new Tier 1 customers, we feel that really underlines our confidence in our 2024 and 2025 targets.

是的。好吧，正如您想像的那樣，這對我們來說也有點棘手。所以事實上，我們的決定有點過於保守，以至於不能把它黑白分明。我們為您提供的指南不包括我們非常樂觀地引入的新的 1 級。問題是，在我們讓他們加入之前，在我們了解初始訂單的時間和影響之前，我們將其納入指南還為時過早。因此，我認為好消息是，我們為您提供的指導幾乎完全基於我們現有客戶群的活動，並將其與我們的高度信心和能夠帶來新的一級客戶結合在一起，我們覺得這確實凸顯了我們對 2024 年和 2025 年目標的信心。

Now look, if we get in a position where we can confirm additional Tier 1s, and we further confirm that they'll have a meaningful incremental impact for us in 2023. We'll update our 2023 guidance accordingly. But frankly, stepping back and looking at the big picture, that's not nearly as consequential as from our perspective is, number one, winning those accounts; and number two, having them firmly in the pipeline. Indeed, as you kind of allude to, further diversifying the customer base in 2024 and 2025.

現在看，如果我們處於可以確認其他一級的位置，並且我們進一步確認它們將在 2023 年對我們產生有意義的增量影響。我們將相應地更新我們的 2023 年指南。但坦率地說，退一步看大局，從我們的角度來看，這並不像第一，贏得這些客戶那麼重要；第二，讓他們堅定地在管道中。事實上，正如你提到的那樣，在 2024 年和 2025 年進一步多樣化客戶群。

Our next question comes from the line of Steve Frankel of Rosenblatt.

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

Patrick, let me go at the broadband growth in a slightly different way. We're clearly seeing the Comcast acceleration. Can you give us a flavor for when do you expect the other Tier 1s that you already have to kind of accelerate their pace of deployment, which is, I think, something we've been anticipating with at some point kind of, or maybe another way to cut out is it, how many of the current customers are at what you think is steady state versus still early in that ramp?

帕特里克，讓我以稍微不同的方式談談寬帶增長。我們清楚地看到了 Comcast 的加速發展。您能否給我們介紹一下您何時期望您已經必須加快部署速度的其他第 1 層，我認為，這是我們在某種程度上或其他方面一直在期待的事情切出的方法是，當前有多少客戶處於您認為穩定的狀態，而仍處於該階段的早期？

Well, look, a couple of things. We're fortunate for the relationship with Comcast. They're aggressive, they're out in front and they're pushing hard I think anyone, who listened to their conference call last week can test to all of that. And so we're pleased to be and feel fortunate to be right in the middle and able to support them. That being said, I think that they are paving the way for other parts of the industry. And to date, if you've been following us, we've -- I think we've been able to disclose 11 Tier 1s to date.

嗯，看，有幾件事。我們很幸運能與康卡斯特建立關係。他們很有侵略性，他們在前面，他們正在努力推動我認為上週聽過他們電話會議的任何人都可以測試所有這些。因此，我們很高興並且很幸運能夠站在中間並能夠支持他們。話雖如此，我認為他們正在為該行業的其他部分鋪平道路。到目前為止，如果你一直關注我們，我們已經 - 我認為我們已經能夠披露 11 個一級。

And of those, about 7, Steve, I would say, are really in the process of rolling. None of them is as far along and has the pace with Comcast to date. And we see them all of those accelerating toward that. And indeed, there's another 4 out of the 11 that are just getting going and haven't really materially impacted things. So with the -- just the currently on Tier 1s, we see the rest of the pack picking up the pace, of course, proportionate to their size, right?

我想說，在這些人中，大約有 7 個人，史蒂夫真的處於滾動的過程中。到目前為止，他們中沒有一個走得那麼遠，也沒有康卡斯特的步伐。我們看到他們都在加速實現這一目標。事實上，11 個項目中還有 4 個剛剛開始，並沒有真正對事情產生實質性影響。因此，只有目前處於第 1 層的人，我們看到其他人正在加快步伐，當然，這與他們的規模成正比，對吧？

And then going back to our September Analyst Day, there is a big chunk of the market, over 2/3 of the market that is not on board with our platform yet. And that's also very much in our sights. And we expect that the rest of the market is also headed our way from an architecture point of view. We think we're very well positioned to do well in the rest of the market. And over the next couple of years, we see corresponding aggressive deployment. And all that really does speak to the reason why we have been kind of consistent in articulating not only our coming 12-month target about a 36-month outlook for you and the rest of the investment community.

然後回到我們 9 月的分析師日，有很大一部分市場，超過 2/3 的市場尚未加入我們的平台。這也在我們的視野中。我們預計市場的其他部分也從架構的角度出發。我們認為我們已經做好充分準備，可以在其他市場上做得很好。在接下來的幾年裡，我們看到了相應的積極部署。所有這一切確實說明了為什麼我們一直在為您和投資界的其他人闡明我們即將到來的 12 個月目標以及 36 個月的前景。

And I hope it comes across loud and clear here not only our growth target for 2023, but our conviction and delivering on the aggressive growth numbers we've laid out for 2025 as well.

我希望這不僅能清楚地傳達我們 2023 年的增長目標，而且我們的信念和實現我們為 2025 年制定的激進增長數字的目標。

Great. And given the comment around the booking the supply chain pressures seem to be easing a bit. What do you think now are typical lead times for node? So how should we anticipate those orders and deliveries lining up over the next couple of quarters?

偉大的。鑑於圍繞預訂的評論，供應鏈壓力似乎有所緩解。您認為現在節點的典型交貨時間是多少？那麼我們應該如何預測未來幾個季度的訂單和交付呢？

Well, to be clear, I think a couple of our customers are -- maybe a little bit ahead of the good news or slowing down anticipating improvement. I mean it's still an environment which is not -- Sanjay indicated, has not returned to what we would consider normal, or prepandemic semiconductor shortage conditions. So the situation has improved. We've made a number of decisions to optimize our execution in the context of continuing challenges.

好吧，要明確一點，我認為我們的一些客戶 - 可能比好消息提前一點或放慢預期的改進。我的意思是，它仍然是一個環境——桑傑表示，還沒有恢復到我們認為正常或大流行前半導體短缺的情況。所以情況有所好轉。我們已經做出了許多決定，以在持續挑戰的背景下優化我們的執行。

And I think we have to -- we certainly want to see a couple more quarters before we declare victory or, let's say, a return to normal.

而且我認為我們必須 - 我們當然希望在我們宣布勝利之前再看到幾個季度，或者說，恢復正常。

Okay. Let me sneak one last quick one in here for Sanjay. How should we think about the strategy for paying off the 2024 convertible given the way you've laid out cash flow projections for year-end 2023?

好的。讓我在這里為 Sanjay 偷偷最後一張。鑑於您為 2023 年底制定的現金流量預測方式，我們應該如何考慮還清 2024 年可轉換債券的策略？

So Steve, as we laid out earlier, our capital allocation policy is for the debt, we would pay the principal in cash. We are committed to do that. We recently did for the $37.7 million debt, and we will do exactly the same for our $115 million net in 2024. As far as it relates to the premium on conversion, we have time to make that decision. But at least for accounting purposes, conservatively presume that the premium will be paid in shares, and that's baked into our diluted share down.

所以史蒂夫，正如我們之前製定的那樣，我們的資本配置政策是針對債務，我們將以現金支付本金。我們致力於這樣做。我們最近為 3770 萬美元的債務做了同樣的事情，我們將在 2024 年為 1.15 億美元的淨額做同樣的事情。就轉換溢價而言，我們有時間做出決定。但至少出於會計目的，保守地假設溢價將以股份形式支付，這已經計入我們稀釋後的股份中。

Our next question comes from the line of Tim Long of Barclays.

我們的下一個問題來自巴克萊銀行的 Tim Long。

Two questions, if I could. First, not to belabor this point here, but I wanted to ask kind of about maybe changing contracts and situations as technology emerges and other players come into place. So I'm just curious when you start talking to some of the newer larger Tier 1s or even in your current customer base. Number one, are you seeing any kind of different rollout timing that are available as the technologies has matured? And number two, are you seeing more of an appetite for multi-vendor types of arrangements within some of these networks? And then I have another follow-up.

兩個問題，如果可以的話。首先，我不想在這裡強調這一點，但我想問一下隨著技術的出現和其他參與者的出現，合同和情況可能會發生變化。因此，當您開始與一些較新的大型 1 級甚至您當前的客戶群交談時，我很好奇。第一，隨著技術的成熟，您是否看到任何不同的推出時間可用？第二，您是否看到其中一些網絡對多供應商類型的安排有更多興趣？然後我有另一個後續行動。

Well, let's see, on the first part, I think that the -- one of the benefits of us having really pioneered the work in virtualization DAA is that we, as a company, have tremendous deployment expertise. And while any rollout -- any network rollout is inherently complex and particularly with larger operators, they all have different idiosyncrasies factors to consider. I think our ability to bring our expertise and experience to bear is certainly improving the possible pace of rollout relative to what it was a couple of years. That being said, I mean, I think all the customers we talk to still look at and think about multiyear kind of rollout plans. And certainly, multi rollout plan is plans or what is contemplated in our multiyear outlook or targets that we've established. On the question of multi-vendor, specifically around the cable architecture, frankly, we continue not to see any competitor on the horizon with a competitive virtualized software core.

嗯，讓我們看看，在第一部分，我認為——我們真正開創了虛擬化 DAA 工作的好處之一是，作為一家公司，我們擁有豐富的部署專業知識。雖然任何推出 - 任何網絡推出本質上都是複雜的，特別是對於較大的運營商，他們都有不同的特質因素需要考慮。我認為我們運用我們的專業知識和經驗的能力肯定會提高推出的可能速度，相對於幾年前的速度。話雖如此，我的意思是，我認為與我們交談的所有客戶仍在關注並考慮多年推出計劃。當然，多推出計劃是我們多年展望或我們已經制定的目標中考慮的計劃或計劃。關於多供應商問題，特別是圍繞電纜架構，坦率地說，我們仍然沒有看到任何具有競爭性虛擬化軟件核心的競爭對手出現。

On the other hand, from the beginning, we've acknowledged and talked about competitors in the hardware arena. You may recall, going back 15 months or so ago, our initial multiyear model contemplated us only having about 30% of DAA market share. We raised that somewhat in our more recent September '22 outlook is just reflecting the strong success that we're seeing in the hardware area. But to be clear, we always expected and continue to expect the hardware piece of DAA to be a multi-competitor situation. And really, Tim, that hasn't changed.

另一方面，從一開始，我們就承認並討論了硬件領域的競爭對手。您可能還記得，回到 15 個月左右之前，我們最初的多年模型預計我們只有大約 30% 的 DAA 市場份額。我們在最近的 9 月 22 日展望中有所提高，這只是反映了我們在硬件領域看到的巨大成功。但要明確的是，我們一直期望並繼續期望 DAA 的硬件部分是一個多競爭者的情況。真的，蒂姆，這並沒有改變。

That being said, please don't get me wrong. While we think we have a kind of an overwhelming lead in software, I'd say we have a strong lead in hardware. And while I fully expect to split hardware business, we still have a pretty strong competitive advantage in hardware that we're seeing play out. (inaudible).

話雖如此，請不要誤會我的意思。雖然我們認為我們在軟件方面擁有壓倒性的領先優勢，但我想說我們在硬件方面擁有強大的領先優勢。雖然我完全希望拆分硬件業務，但我們在我們看到的硬件方面仍然擁有相當強大的競爭優勢。 （聽不清）。

Okay. Great. Great. And maybe just on to the fiber-to-the-home piece, it sounded like some good wins there. Can you just maybe qualify that a little bit or a little bit more detail on kind of where you're seeing success there, what type of customers? And how that art looks over the next few years?

好的。偉大的。偉大的。也許只是在光纖到戶方面，這聽起來像是一些不錯的勝利。您能否就您在那裡看到成功的地方、什麼類型的客戶提供一點或更多的細節？在接下來的幾年裡，這種藝術會是什麼樣子？

It's been predominantly with our cable customers. A combination of what we'd call fiber on demand that is filling in brownfield opportunities. But together with an increasing exposure to greenfield new footprint. And it's still a smaller piece, but for example, in the U.S., the beam funding is something that we currently worked with several customers on putting in proposals for. So we see a combination of those 2 applications.

主要是我們的有線電視客戶。我們稱之為按需光纖的組合正在填補棕地機會。但隨著對綠地新足蹟的接觸越來越多。它仍然是一個較小的部分，但例如，在美國，光束資金是我們目前與幾個客戶合作提出建議的東西。所以我們看到了這兩個應用程序的組合。

Our next question comes from the line of Ryan Koontz of Needham & Company.

我們的下一個問題來自 Needham & Company 的 Ryan Koontz。

On the book-to-bill there about 0.8, that's the lowest we've seen little, I'm sure raising some eyebrows out there and your backlog being down, and you talked about normalization in lead times of your ordering patterns from customers. Can you share any color specifics on the composition of the backlog there that? Are you seeing more of the backlog now comprised of next 6 months versus previous prints?

在 book-to-bill 上大約有 0.8，這是我們所見過的最低值，我肯定會引起一些人的注意，你的積壓正在下降，你談到了客戶訂購模式的交貨時間正常化。你能分享關於積壓工作組成的任何顏色細節嗎？您是否看到現在包含未來 6 個月的積壓工作與以前的印刷品相比更多？

Well, Ryan, I'll say that. First of all, we were not surprised by the book and bill in the fourth quarter. That's something which we anticipated as we were entering in the quarter. We knew that the elevated book-to-bill levels we have seen in the past, during the pandemic, they would not persist forever. And we always expected them to come back to the historical levels. And our exit backlog and deferred revenue is still very close to record levels of $457 million. And both segments are looking good in terms of the composition.

好吧，瑞安，我會這麼說。首先，我們對第四季度的賬面和賬單並不感到意外。這是我們進入本季度時預期的事情。我們知道，過去在大流行期間看到的訂單出貨比水平升高不會永遠持續下去。我們一直期望他們回到歷史水平。我們的退出積壓和遞延收入仍然非常接近 4.57 億美元的創紀錄水平。就構成而言，這兩個部分看起來都不錯。

One metric we share is that 80% of our backlog and deferred revenue is expected to convert revenue in the next 12 months. And that's consistent. That team persists since last 2 quarters, and that's how both the segments are comprised of. We feel very strong in the position we have for our total backlog and deferred revenue for both the segments.

我們分享的一個指標是，我們 80% 的積壓和遞延收入預計將在未來 12 個月內轉化為收入。這是一致的。該團隊自上兩個季度以來一直存在，這就是這兩個部分的組成方式。我們在這兩個部門的總積壓和遞延收入方面的地位非常強勁。

All right. And just to follow if I could. On the Europe number in Q4 look like it was pretty soft. How much would you attribute that to FX? Or is it an impact and may be impacted by the video segment there? I know you talked about some weakness historically coming from the video segment in Europe.

好的。如果可以的話，就跟著我。第四季度的歐洲數據看起來相當疲軟。您認為這在多大程度上歸功於 FX？還是那裡的視頻片段有影響，可能會影響？我知道你談到了歐洲視頻領域歷史上的一些弱點。

The FX impact was not that significant. We do experience some FX impact, but looking at our total revenue, it wasn't as much. I would say, a few millions, maybe around $2 million or so.

外匯影響並不那麼顯著。我們確實經歷了一些外匯影響，但看看我們的總收入，並沒有那麼多。我會說，幾百萬，可能在 200 萬美元左右。

(Operator Instructions) Our next question comes from the line of Tim Savageaux of Northland.

（操作員說明）我們的下一個問題來自 Northland 的 Tim Savageaux。

I have a question on overly Comcast in particular, quite an uptick there in the quarter. And I guess I want to get your perspectives along several lines on that, which is for that specifically, would you characterize that as sort of a year-end spending thing because you've been kind of stair stepping up here, I guess the overall question I'm getting to is that are we at or near peak Comcast contribution on a quarterly type basis. So how would you describe that? And where would you put them in terms of their overall deployment of the kind of next-gen Remote PHY technology? And I have a follow-up on that.

我有一個關於康卡斯特過度的問題，特別是在本季度那裡出現了相當大的上升。而且我想我想從幾個方面了解你的觀點，這是專門針對這一點的，你會把它描述為一種年終支出的事情嗎，因為你一直在進步，我想總體而言我要問的問題是，我們是否處於或接近康卡斯特季度貢獻的峰值。那你怎麼形容呢？就下一代 Remote PHY 技術的整體部署而言，您會將它們置於何處？我對此進行了跟進。

Tim, I appreciate where the question is coming from. It's difficult to answer without really crossing the line and discussing my understanding, our understanding of Comcast's plans and intentions, et cetera, which is somewhere we can't and shouldn't try to go. They've -- I think, then, as explicit as they want to be in their recent public statements about their intentions in this area, I would say that there's always some variability quarter-to-quarter. It was a strong quarter. But we -- look, we said that there -- excuse me, our total business is 15 million modems passed, and that's across what is now 90-plus customers.

蒂姆，我很欣賞這個問題的來源。如果不真正越界並討論我的理解、我們對康卡斯特的計劃和意圖的理解等等，就很難回答，這是我們不能也不應該嘗試去的地方。他們已經 - 我認為，正如他們希望在最近關於他們在這一領域的意圖的公開聲明中一樣明確，我會說每個季度總是存在一些差異。這是一個強勁的季度。但是我們 - 看，我們說過 - 對不起，我們的總業務是通過了 1500 萬個調製解調器，而且現在有 90 多個客戶。

So Comcast is certainly the biggest piece of that, but by no means the whole piece of that. So you can do some very rough math looking and saying that even within Comcast, we're -- we still have quite a bit of runway ahead of us, I think, in any scenario in which they go forward. And our approach to the relationship is to be a long-term partner as they continue to evolve and develop the network. Beyond that, there's not much more specifically we can say.

所以康卡斯特當然是其中最大的一部分，但絕不是全部。所以你可以做一些非常粗略的數學計算，然後說即使在康卡斯特內部，我們 - 我認為，在他們前進的任何情況下，我們仍然有相當多的跑道在我們面前。隨著他們不斷發展和發展網絡，我們處理這種關係的方法是成為長期合作夥伴。除此之外，我們不能說更多具體的內容。

Let me try on that one. And I don't get to my follow-up, but just focused on something that you said there. Well, obviously, you did about $240 million with those guys this year. And obviously, the vast majority of that, call it, 200 plus is in cable access. I guess what get to as you look towards your growth expectations for '23, in particular, and not being driven by any new customers, and that's going to be the focus of my follow-up. Do you expect a lot of growth there? Or should we think about more of a steady state at a high level on com from Comcast, which we've seen to beginning these last 2 quarters? Or do you expect Comcast to be a meaningful growth for broadband in '23?

讓我試試那個。我沒有繼續跟進，只是專注於你在那裡說的話。好吧，很明顯，今年你和這些人做了大約 2.4 億美元。顯然，其中絕大多數，稱之為 200 多個是有線接入。我想當你特別期待你對 23 年的增長預期，而不是受到任何新客戶的推動時，會發生什麼，這將是我後續行動的重點。你期望那裡有很大的增長嗎？或者我們是否應該考慮更多來自 Comcast 的 com 的高水平穩定狀態，我們已經看到最近兩個季度開始？或者您是否期望康卡斯特在 23 年成為寬帶的有意義的增長？

Well, again, we cannot forecast expectations around any specific customer. I appreciate where the question is coming from, but we simply can't go there. What I can say is that of 11 announced Tier 1s to date, only 7 are really ramping. Comcast is one of those 7 and by far the furthest along. So we expect others, who we have won, the other 10 to play an increasingly large role. And then if you zoom out on the business, we're increasingly confident and adding to that number over the course of this year and as we look forward beyond 2023 or late 2023, early '24 into '25, we see an ever-growing list of customers, who will be, we think, similarly aggressively engaged in rolling out multi-gigabit services.

嗯，再一次，我們無法預測任何特定客戶的期望。我理解問題的來源，但我們不能去那裡。我能說的是，迄今為止，在 11 個已宣布的 Tier 1 中，只有 7 個真正在升級。康卡斯特是這 7 家公司之一，也是迄今為止走得最遠的一家。因此，我們希望我們贏得的其他 10 人發揮越來越大的作用。然後，如果你縮小業務範圍，我們會越來越有信心，並在今年增加這個數字，我們期待 2023 年以後或 2023 年底，即 24 年初到 25 年，我們看到一個不斷增長的客戶名單，我們認為，他們將同樣積極地參與推出多千兆位服務。

And that's where my question -- Yes. And that's where my last question was headed. Obviously, there's another Tier 1 about the same size who's sort of publicly committed to at least the type of architecture you're providing. Should we think of that relative to all we've just been over Comcast right there in terms of quarterly contributions and ramps? I think it's been probably like $400 million over the last 3 years. I mean how should we think about that opportunity in particular relative to what you've seen on a Comcast? Can you give us any kind of metrics? I mean the same footprint, should we assume it's the same or maybe a quicker deployment, so maybe bigger?

這就是我的問題-- 是的。這就是我最後一個問題的出發點。顯然，還有另一個規模相同的第 1 層，他們至少公開承諾您提供的架構類型。就季度貢獻和增長而言，我們是否應該考慮相對於我們剛剛超過康卡斯特的一切？我認為過去 3 年可能有 4 億美元。我的意思是我們應該如何考慮這個機會，特別是相對於你在康卡斯特看到的東西？你能給我們任何類型的指標嗎？我的意思是相同的佔地面積，我們應該假設它是相同的還是更快的部署，所以可能更大？

Yes. I'm sorry not to be able to be more explicit. I can't allude to expectations about any other specific customer. What I can tell you again is the 2025 target, which until recently, I think a lot of people thought was over the top. Our $825 million top line, we are confident in delivering on that number. And that number will be comprised of contributions from a number of large and small operators on domestic U.S. and international. And that's the best indication I can give you for what we expect the trajectory of the business to be. And it's based on a, I'd say, a statistical combination of a wide pool of the current customer plans as well as our prospective customers' intentions that we have confidence around the participating.

是的。很抱歉不能更明確。我不能提及對任何其他特定客戶的期望。我可以再次告訴你的是 2025 年的目標，直到最近，我認為很多人都認為這個目標有些過頭了。我們 8.25 億美元的收入，我們有信心實現這個數字。這個數字將由許多大大小小的運營商對美國國內和國際的貢獻組成。這是我能給你的最好的指示，說明我們對業務發展軌蹟的預期。我想說的是，它基於大量當前客戶計劃以及我們對參與的潛在客戶的意圖的統計組合。

I'll just add that the 2023 guidance we have given is in line with our long-term model, even though Patrick mentioned the guidance is conservative. It captures only the Tier 1s we have and very small piece of new Tier 1s you might get. But it's in line exactly with our long-term model of $825 million in 2025.

我只想補充一點，我們給出的 2023 年指導符合我們的長期模型，儘管帕特里克提到該指導是保守的。它僅捕獲我們擁有的第 1 層和您可能獲得的非常小的新第 1 層。但這完全符合我們 2025 年 8.25 億美元的長期模型。

Our next question comes from the line of George Notter of Jefferies.

我們的下一個問題來自 Jefferies 的 George Notter。

I guess I wanted to ask about the video business. Could you tell us how much satellite revenue you generated in 2022 that will not repeat again in 2023? I'm just trying to assess the moving parts on the video side of the business.

我想我想問一下視頻業務。您能告訴我們您在 2022 年產生了多少不會在 2023 年重複的衛星收入嗎？我只是想評估業務視頻方面的活動部分。

George, we have not broken out the revenue by opportunity in any quarter or in the year. And we don't plan to break revenues in that fashion as well.

喬治，我們沒有在任何季度或年度按機會細分收入。而且我們也不打算以這種方式打破收入。

Got it. Okay. If I go back and look at your 10% customer information by quarter in 2022, I think Intelsat alone accounted for about $37 million, I guess, I assume that, that's not going to repeat in 2023. Is that a fair assumption? .

知道了。好的。如果我回頭看看 2022 年每個季度 10% 的客戶信息，我認為僅 Intelsat 一項就佔了大約 3700 萬美元，我想，我認為，這種情況在 2023 年不會重演。這是一個公平的假設嗎？ .

Well, again, a difficult question to answer, George. $37 million to Intelsat, no, I don't expect that exact amount of revenue to that exact customer. Will we do business with that customer, perhaps, we have a historic relationship with Intelsat. Will we do satellite-related business in 2023, yes, we will. So I regret we are unable to be more specific about specific amounts of revenues with specific customers. But that is something where we can't go.

嗯，又是一個很難回答的問題，喬治。給 Intelsat 的 3700 萬美元，不，我不希望那個確切的客戶獲得確切的收入。我們會和那個客戶做生意嗎，也許，我們與 Intelsat 有著歷史性的關係。 2023年我們會不會做衛星相關的業務，是的，我們會。所以我很遺憾我們無法更具體地說明特定客戶的具體收入數額。但那是我們不能去的地方。

What I can tell you is that as we've acknowledged before, while the specific C-band reclamation activity in the U.S. is down, and we don't anticipate quite that level from that application. We expect analogous satellite-related reclamation activity to be an ongoing feature of our video funds business. And that expectation is built into our guidance for 2023 as well as the 2025 targets that we've laid out.

我可以告訴你的是，正如我們之前所承認的那樣，雖然美國特定的 C 波段回收活動正在下降，但我們預計該應用程序不會達到那個水平。我們預計類似的衛星相關回收活動將成為我們視頻基金業務的持續特色。這種期望已納入我們對 2023 年的指導以及我們制定的 2025 年目標。

Great. And then one other thing. You guys in the past have talked about the number of total -- I guess I'm referencing the CableOS business now. But in the past, you guys have referenced the total number of modems in aggregate for the collection of customers that are deploying CableOS. I think last quarter in September, you talked about a $63 million number. I think it was maybe was $60 million that was up about 5%. But can you update us on that number? .

偉大的。然後是另一件事。你們過去曾談論過總數——我想我現在指的是 CableOS 業務。但在過去，你們參考了部署 CableOS 的客戶集合的調製解調器總數。我想在 9 月份的最後一個季度，你談到了 6300 萬美元的數字。我認為可能是 6000 萬美元，增長了大約 5%。但是你能告訴我們這個數字嗎？ .

Well, I can tell you that the number is between 60 and 70 now. And I can also tell you that we've decided that going into this year, we're going to start providing the challenge or appreciate is if we win a significant customer, who's got 7 million subscribers hypothetically, and then we announced that, that number went up by 7 were effectively preannouncing that customer, which is something that we want to avoid doing without more explicit agreement around publicity. If you look at the Denali research coming out of Q3 last year, we're nearly #1 in the market. And I expect, if not in Q4, I expect us to be #1 in CMTS according to a third-party market research.

那麼，我可以告訴你，現在這個數字在 60 到 70 之間。而且我還可以告訴你，我們已經決定進入今年，我們將開始提供挑戰或感謝我們是否贏得了一個重要客戶，假設他有 700 萬訂戶，然後我們宣布，數字增加了 7 有效地預先宣布了該客戶，這是我們希望在沒有更明確的宣傳協議的情況下避免做的事情。如果您查看去年第三季度發布的 Denali 研究，我們幾乎在市場上排名第一。而且我預計，如果不是在第四季度，根據第三方市場研究，我希望我們在 CMTS 中排名第一。

So from that perspective, actually, the salience figure for us becomes the total available addressable which is about $180 million worldwide. Of that, we're about $15 million deployed, so a little less than 10%. And I think going forward, it's the total addressable market that is going to be the key number to watch. Certainly, that is what we are going after as the current or some to be a market leader, I also think that's the appropriate number to keep our eyes on.

因此，從這個角度來看，實際上，我們的顯著數字變成了全球可尋址的總額約為 1.8 億美元。其中，我們部署了大約 1500 萬美元，所以略低於 10%。而且我認為展望未來，總的可尋址市場將成為值得關注的關鍵數字。當然，這就是我們作為當前或一些成為市場領導者所追求的目標，我也認為這是值得我們關注的合適數字。

We have a follow-up question from the line of Ryan Koontz of Needham & Company.

我們有來自 Needham & Company 的 Ryan Koontz 的後續問題。

Just a quick follow-up on my backlog topic. I think investors are very focused on that, and I'm sure that's much your consternation. But how would you frame up your expectations for backlog to trend in the year ahead in general in terms of setting the expectations correctly for investors as we grow understanding that there'll be quarter-to-quarter kind of lumpiness to backlog orders. How would you frame up your expectations for backlog in '23?

只是對我的積壓主題的快速跟進。我認為投資者非常關注這一點，我相信這會讓你大吃一驚。但是，隨著我們越來越了解積壓訂單會出現季度到季度的波動，您如何在為投資者正確設定預期方面將您對未來一年積壓趨勢的預期設定為總體趨勢。您如何設定對 23 年積壓工作的預期？

Let me take a crack at it, and Sanjay, you can weigh in if there's something that I missed. I think the best way to explain it, Ryan, is that we expect us to kind of gradually return to historic ratios between backlog and revenue. Now that's -- so we're ahead of that right now. I think a number of customers, as we've explained, really got out in the head and tried to secure -- get orders on the books much further in advance than they have historically done. And yes, we expect over the next couple of quarters, that to normalize. We saw the beginning about normalization process in the fourth quarter, and that will continue.

讓我試一試，Sanjay，如果我遺漏了什麼，你可以參與進來。我認為最好的解釋方式是，瑞安，我們希望我們能夠逐漸恢復到積壓和收入之間的歷史比率。現在那是 - 所以我們現在領先於此。我認為，正如我們所解釋的那樣，許多客戶確實頭腦發熱，並試圖確保 - 比以往任何時候都提前得多地獲得訂單。是的，我們希望在接下來的幾個季度內恢復正常。我們在第四季度看到了正常化進程的開始，並將繼續下去。

So to be clear, we expect total book-to-bill to be greater than 1 in 2023. And we expect backlog levels to be -- to fully support the revenue forecast that we're giving. And -- but returning to the historic ratio between backlog and revenue implies a somewhat less smaller ratio book-to-bill in the short term.

所以要明確一點，我們預計 2023 年總訂單出貨比將大於 1。我們預計積壓水平將是——完全支持我們給出的收入預測。而且——但回到積壓訂單與收入之間的歷史比率意味著短期內訂單出貨比要小一些。

Thank you. At this time, I'd like to turn the call back over to Patrick Harshman for closing remarks. Sir?

謝謝。此時，我想將電話轉回給 Patrick Harshman 以作結束語。先生？

All right. Well, thank you very much again, all for joining us today. Again, we're pleased with the business that we -- the success that we had in '22. We're optimistic and confident going into 2023 as well as looking at our business from a multiyear perspective. We're excited. We're determined. The customer relationships are strong. We've got tremendous momentum in the market, and we're looking forward to executing a great year. And we're looking forward to keeping you updated. Thank you all, and have a good day.

好的。好吧，再次非常感謝大家今天加入我們。再一次，我們對我們的業務感到滿意——我們在 22 年取得的成功。我們對進入 2023 年以及從多年的角度審視我們的業務感到樂觀和自信。我們很興奮。我們下定決心了。客戶關係牢固。我們在市場上擁有巨大的發展勢頭，我們期待著表現出色的一年。我們期待為您提供最新信息。謝謝大家，祝你有美好的一天。

Thank you. This concludes today's conference call. Please disconnect your lines at this time.

謝謝。今天的電話會議到此結束。此時請斷開您的線路。