(HLIT) 2023 Q1 法說會逐字稿

Welcome to the Q1 2023 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 call is being recorded. I will now turn the call over to [Scott Eckstein], Investor Relations. Scott, you may begin.

歡迎參加 2023 年第一季度諧波收益電話會議。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，此電話會議正在錄製中。我現在將把電話轉給投資者關係部的 [Scott Eckstein]。斯科特，你可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us today for Harmonic's first quarter 2023 financial results conference call. With me today are Patrick Harshman, President and Chief Executive Officer; and Jeremy Rosenberg, Interim Chief Financial Officer. 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. 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.

謝謝你，運營商。大家好，感謝您今天參加哈雷 2023 年第一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)；和臨時首席財務官 Jeremy Rosenberg。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。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。

Such statements are only current expectations and actual events or results may differ materially. We refer you to the 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.

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。請參閱 Harmonic 向 SEC 提交的文件，包括我們最近的 10-Q 和 10-K 報告以及今天初步結果新聞稿的前瞻性陳述部分。這些文件確定了重要的風險因素，這些因素可能導致實際結果與我們的預測或前瞻性陳述中包含的結果存在重大差異。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。

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 large statistical information regarding our business and operations. 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.

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的業務和運營的歷史、財務和大量統計信息。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？

Thanks, Scott, and welcome, everyone, to our first quarter call. In the first quarter, Harmonic delivered another period of excellent results. Revenue was $157.6 million, EPS was $0.12 and adjusted EBITDA margin was 14%. Our Broadband segment revenue grew 23% year-over-year, and our radio SaaS revenue was up 72% for the same period, and both segments had booked a bill greater than 1. Strong demand for our products and services was further evidenced by strategic multiyear contracts signed for both CableOS and Video SaaS during the quarter. These new contracts, overall demand trends and the competitive success we're seeing gives us continued confidence in our ability to deliver on our full year 2023 and previously stated multiyear growth objectives.

謝謝斯科特，歡迎大家參加我們的第一季度電話會議。一季度，哈雷又交出了一份亮眼的成績單。收入為 1.576 億美元，每股收益為 0.12 美元，調整後的 EBITDA 利潤率為 14%。我們的寬帶業務收入同比增長 23%，我們的無線電 SaaS 收入同期增長 72%，這兩個業務部門的帳單均大於 1。戰略戰略進一步證明了對我們產品和服務的強勁需求本季度為 CableOS 和 Video SaaS 簽署了多年合同。這些新合同、總體需求趨勢和我們所看到的競爭成功讓我們對實現 2023 年全年和之前製定的多年增長目標的能力充滿信心。

Taking next a closer look first at our Broadband segment; it was another excellent quarter characterized by strong financial growth, promising market development and expanding technology leadership. Segment revenue was $100.4 million, up 23% year-over-year. Adjusted segment EBITDA margin was 21.5%, demonstrating consistently improving operating leverage. New customer wins brought the total number of broadband operators deploying our solution to 94, up 22% year-over-year. At quarter end, our CableOS deployments expanded to serve 18.4 million cable modems worldwide, still only approximately 10% of the global cable modem footprint.

接下來首先仔細看看我們的寬帶部分；這是又一個出色的季度，其特點是強勁的財務增長、充滿希望的市場發展和擴大的技術領先地位。分部收入為 1.004 億美元，同比增長 23%。調整後的分部 EBITDA 利潤率為 21.5%，表明經營槓桿持續改善。贏得新客戶後，部署我們解決方案的寬帶運營商總數達到 94 家，同比增長 22%。在本季度末，我們的 CableOS 部署擴展到為全球 1840 萬個電纜調製解調器提供服務，但仍僅佔全球電纜調製解調器佔地面積的大約 10%。

Looking ahead, we see expanding opportunity associated with both the remaining 90% of this global cable footprint for distributed DOCSIS 3.1 and follow-on investment waves associated with DOCSIS 4.0, fiber-to-the-home and network expansions. Breaking this down a little further, our 2023 growth expectations remain centered around our existing customers who continue to reaffirm and execute through advanced DOCSIS 3. and distributed access deployment plans across their networks. Looking a little further ahead, engagements with prospective new accounts are increasingly encouraging, aided by the visible success of our current customers and accelerating industry recognition of the unique market-leading benefits of our solution.

展望未來，我們看到與 DOCSIS 3.1 分佈式 DOCSIS 3.1 的全球剩餘 90% 電纜足跡相關的不斷擴大的機會，以及與 DOCSIS 4.0、光纖到戶和網絡擴展相關的後續投資浪潮。進一步細分，我們 2023 年的增長預期仍然以我們現有的客戶為中心，他們繼續通過先進的 DOCSIS 3 和跨網絡的分佈式訪問部署計劃重申和執行。展望未來，與潛在新客戶的合作越來越令人鼓舞，這得益於我們現有客戶的明顯成功以及行業對我們解決方案獨特的市場領先優勢的認可。

Notably, during the quarter, we announced our partnership with Charter, and we're very excited to contribute to their new network evolution, footprint expansion and operational efficiency initiatives. We're also excited about the progress we continue to make with our new DOCSIS 4.0 and fiber solutions, important contributors to our multiyear growth plan. In the DOCSIS 4.0 area, our technology is out in front, and we're actively supporting our customers with advanced demonstrations and trials. In the fiber area, our unique cloud native vBNG and remote PON solution continues to gain traction with both new and existing customers. The new orders and sales pipeline are growing in line with our 2025 fiber growth target.

值得注意的是，在本季度，我們宣布了與 Charter 的合作夥伴關係，我們非常高興能為他們的新網絡發展、足跡擴張和運營效率計劃做出貢獻。我們也對我們在新的 DOCSIS 4.0 和光纖解決方案方面繼續取得的進展感到興奮，這是我們多年增長計劃的重要貢獻者。在 DOCSIS 4.0 領域，我們的技術處於領先地位，我們通過先進的演示和試驗積極支持我們的客戶。在光纖領域，我們獨特的雲原生 vBNG 和遠程 PON 解決方案繼續吸引新老客戶。新訂單和銷售管道的增長符合我們 2025 年纖維增長目標。

I'll conclude this broadband update by reminding you of our overall 2025 financial targets, over $825 million in revenue and over 28% EBITDA margin. The combination of our existing customers have already begun multiyear deployment programs, new customers we expect to begin scaling in 2024, and our increasingly strong competitive position across both cable and fiber, all give us high confidence in delivering on these 2025 targets and building an even stronger broadband business that will drive profitable growth for years to come.

我將通過提醒您我們 2025 年的總體財務目標、超過 8.25 億美元的收入和超過 28% 的 EBITDA 利潤率來結束本次寬帶更新。我們的現有客戶已經開始多年部署計劃，我們預計將在 2024 年開始擴展的新客戶，以及我們在電纜和光纖領域日益強大的競爭地位，所有這些都使我們充滿信心地實現這些 2025 年目標並建立一個均衡的更強大的寬帶業務將推動未來幾年的盈利增長。

Now turning now to our Video segment; here also, we delivered a solid quarter. First quarter segment revenue was $57.3 million. Although the top line was down, gross margin was 60.4%, up 160 basis points year-over-year, reflecting a continued shift to software, reduced low-margin server sales and especially continued SaaS transformation and growth. SaaS revenue was up over 72% year-over-year, exceeding 20% of total segment revenue for the first time. The strong streaming SaaS growth was primarily driven by existing media accounts expanding their live sports content rights and consumer reach, resulting in growing consumption of our services.

現在轉向我們的視頻部分；在這裡，我們也交付了一個穩定的季度。第一季度分部收入為 5730 萬美元。儘管收入下降，但毛利率為 60.4%，同比增長 160 個基點，反映出繼續轉向軟件，減少低利潤服務器銷售，尤其是持續的 SaaS 轉型和增長。 SaaS 收入同比增長超過 72%，首次超過總收入的 20%。流媒體 SaaS 的強勁增長主要是由現有媒體賬戶擴大其直播體育內容權利和消費者覆蓋範圍推動的，從而導致我們服務的消費不斷增長。

A second significant highlight of the quarter was several new SaaS contracts with major media players that will begin to contribute recurring SaaS revenue in the coming periods. Among these were greater than $10 million expansion with an existing sports streaming customer and a greater than $20 million contract with a historically appliance-based broadcaster who's flipping the majority of their traditional operations to our SaaS. Associated with the April industry NAB event in Las Vegas, we recently made several announcements that highlight our growing leadership and success in live sports, streaming and dynamic service monetization.

本季度的第二個重要亮點是與主要媒體公司簽訂的幾份新的 SaaS 合同，這些合同將在未來幾個時期開始貢獻經常性 SaaS 收入。其中包括與現有體育流媒體客戶的超過 1000 萬美元的擴展，以及與一家歷史上基於設備的廣播公司簽訂的超過 2000 萬美元的合同，後者正在將其大部分傳統業務轉移到我們的 SaaS。與 4 月在拉斯維加斯舉行的行業 NAB 活動相關，我們最近發布了幾項公告，強調了我們在體育直播、流媒體和動態服務貨幣化方面日益增長的領導地位和成功。

On the customer front, we announced very exciting relationships with Madison Square Garden, Bally's Interactive and VertiCast. On the technology and services front, we announced significant new SaaS technology advancements and ecosystem partnerships for dynamic ad insertion and fast channel creation. We're capping our video business strategy. We're focused on taking a leading position in the growing streaming SaaS market, particularly for live sports and maximizing profit from the traditional video [clients] market with a financial focus on recurring revenue, gross profit and EBITDA.

在客戶方面，我們宣布與麥迪遜廣場花園、Bally's Interactive 和 VertiCast 建立非常令人興奮的合作關係。在技術和服務方面，我們宣布了重大的新 SaaS 技術進步和生態系統合作夥伴關係，以實現動態廣告插入和快速渠道創建。我們正在限制我們的視頻業務戰略。我們專注於在不斷增長的流媒體 SaaS 市場中佔據領先地位，特別是在直播體育和最大化傳統視頻 [客戶] 市場的利潤，財務重點是經常性收入、毛利潤和 EBITDA。

The first quarter results were financial and strategic, demonstrate that we continue to make excellent progress towards these objectives. In fact, we're increasing our internal streaming SaaS forecast for 2023, and we remain highly confident in the 2025 business transformation, SaaS revenue growth and composite EBITDA targets we previously shared with you.

第一季度的財務和戰略業績表明，我們繼續朝著這些目標取得出色進展。事實上，我們正在提高對 2023 年內部流媒體 SaaS 的預測，我們對我們之前與您分享的 2025 年業務轉型、SaaS 收入增長和復合 EBITDA 目標仍然充滿信心。

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

有了這個，我現在把它交給你，傑里米，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 discussing our quarterly results as well as our outlook, we remind everyone that the financial results being referred to are provided on a non-GAAP basis. As Scott mentioned earlier, our Q1 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. We delivered another quarter of strong financial results, highlighted by record first quarter revenue and solid operating profit.

謝謝帕特里克，感謝大家今天加入我們。在討論我們的季度業績和展望之前，我們提醒大家，所提及的財務業績是在非 GAAP 基礎上提供的。正如 Scott 之前提到的，我們的第一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。我們又交付了一個季度強勁的財務業績，第一季度創紀錄的收入和穩健的營業利潤凸顯了這一點。

We ended the quarter with a solid balance sheet as well as record backlog and deferred revenue, positioning us well for continued growth in 2023 and into 2024. Before reviewing our Q1 2023 financials in more detail, let's briefly review the key highlights here on slide 7. For the quarter, we reported record revenue of $157.6 million, with EPS of $0.12, record bookings of $325.5 million and record backlog and deferred revenue of $623.5 million. Now let's review our first quarter financials in detail. Turning to slide 8; again, total Q1 revenue was $157.6 million, up 6.9% on a year-over-year basis.

我們以穩健的資產負債表以及創紀錄的積壓和遞延收入結束了本季度，為我們在 2023 年和 2024 年的持續增長做好了準備。在更詳細地回顧我們 2023 年第一季度的財務狀況之前，讓我們簡要回顧一下幻燈片 7 中的主要亮點. 本季度，我們報告創紀錄的收入為 1.576 億美元，每股收益為 0.12 美元，預訂量為 3.255 億美元，積壓訂單和遞延收入為 6.235 億美元。現在讓我們詳細回顧一下我們第一季度的財務狀況。轉到幻燈片 8；同樣，第一季度總收入為 1.576 億美元，同比增長 6.9%。

Looking first at our broadband segment, Q1 revenue was $100.4 million, up 4.5% sequentially and 23% year-over-year, reflecting continued current customer ramp-up and newer customer launches, including modest fiber revenue generated during the quarter. In our Video segment, we reported Q1 revenue of $57.3 million, down 16.1% sequentially and 13% year-over-year. Our video revenue included SaaS revenue of $11.6 million, up 72% from the prior year, which was ahead of our expectations. We had one customer representing greater than 10% of total revenue during the quarter with Comcast representing 47% of total revenue, which was similar to last quarter.

首先看我們的寬帶業務，第一季度收入為 1.004 億美元，環比增長 4.5%，同比增長 23%，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。在我們的視頻部門，我們報告第一季度收入為 5730 萬美元，環比下降 16.1%，同比下降 13%。我們的視頻收入包括 1160 萬美元的 SaaS 收入，比上年增長 72%，超出了我們的預期。本季度我們有一個客戶佔總收入的 10% 以上，而 Comcast 佔總收入的 47%，這與上一季度相似。

Total company gross margin was 53.9% for Q1 '23, up 120 basis points sequentially and 660 basis points year-over-year, reflecting increased gross margins in both of our business segments. Broadband gross margin was 50.1% for Q1 '23, up 250 basis points sequentially and 1,210 basis points year-over-year. This improvement was due mainly to a very favorable product and services mix and to a lesser extent, our strategic inventory investments to enable seafreight versus airfreight. Video segment gross margin was 60.4% in Q1 '23, up 50 basis points sequentially and 160 basis points year-over-year. This was primarily due to SaaS continuing to scale.

23 年第一季度公司總毛利率為 53.9%，環比上升 120 個基點，同比上升 660 個基點，反映出我們兩個業務部門的毛利率均有所提高。 23 年第一季度寬帶毛利率為 50.1%，環比上升 250 個基點，同比上升 1,210 個基點。這種改善主要是由於非常有利的產品和服務組合，在較小程度上是由於我們的戰略庫存投資使海運與空運成為可能。 23 年第一季度視頻業務毛利率為 60.4%，環比增長 50 個基點，同比增長 160 個基點。這主要是由於 SaaS 繼續擴展。

Moving down the income statement on slide 9; Q1 '23 operating expenses were $66.2 million, up by 0.2% sequentially and 13.4% 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 the Video segment to SaaS. Adjusted EBITDA for Q1 '23 was $21.4 million or 13.6% of revenue, up 48.3% versus Q1 '22, comprised of $21.6 million from broadband representing 21.5% of segment revenue and a loss of $0.2 million from video. This all translated into Q1 '23 EPS of $0.12 per share compared to $0.17 per share in Q4 '22 and $0.08 per share for Q1 '22.

向下移動幻燈片 9 的損益表； 23 年第一季度運營費用為 6620 萬美元，環比增長 0.2%，同比增長 13.4%。增加的主要原因是增加了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。 23 年第一季度的調整後 EBITDA 為 2140 萬美元，佔收入的 13.6%，比 22 年第一季度增長 48.3%，其中寬帶 2160 萬美元，佔分部收入的 21.5%，視頻虧損 20 萬美元。這全部轉化為 23 年第一季度每股收益 0.12 美元，而 22 年第四季度每股收益為 0.17 美元，22 年第一季度每股收益為 0.08 美元。

We ended the first quarter of 2023 with a calculated diluted weighted average share count of $117.8 million compared to $117.3 million in Q4 '22 and $110.6 million in Q1 '22. The year-over-year increase was primarily due to the issuance of shares for settlement of the premium for convertible debt conversions upon maturity in December '22, and the issuance of shares to employees for vested restricted stock units, ESPP purchases and performance-based compensation. Turning now to the order book; we reported record bookings of $325.5 million.

我們在 2023 年第一季度結束時計算出的攤薄加權平均股數為 1.178 億美元，而 22 年第四季度為 1.173 億美元，22 年第一季度為 1.106 億美元。同比增長主要是由於發行股票用於結算 22 年 12 月到期的可轉換債券轉換的溢價，以及向員工發行股票以獲得既得限制性股票單位、ESPP 購買和基於績效的股票賠償。現在轉向訂單簿；我們報告了 3.255 億美元的創紀錄預訂量。

The book-to-bill ratio was 2.1% for the first quarter. For Q4 '22 and Q1 '22, our book-to-bill ratios were 0.8% and 1.4%, respectively. Q1 bookings include particularly strong multiyear SaaS bookings and new CableOS commitments. Over time, as supply chain conditions improve, we expect this ratio to normalize and approach the historical benchmark of modestly greater than 1. Turning to the balance sheet on slide 10; we ended Q1 '23 with cash of $90.9 million compared to $89.6 million at the end of Q4 '22.The net $1.3 million sequential increase was due to a variety of factors, including improved DSO.

第一季度的訂單出貨率為 2.1%。對於 22 年第四季度和 22 年第一季度，我們的訂單出貨比分別為 0.8% 和 1.4%。第一季度的預訂包括特別強勁的多年期 SaaS 預訂和新的 CableOS 承諾。隨著時間的推移，隨著供應鏈狀況的改善，我們預計該比率將正常化並接近略高於 1 的歷史基準。轉到幻燈片 10 上的資產負債表；我們在 23 年第一季度結束時現金為 9090 萬美元，而在 22 年第四季度末為 8960 萬美元。連續淨增長 130 萬美元是由於多種因素，包括改進的 DSO。

We generated $6.3 million cash from operations, net of investing $10.5 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 proportion of ocean freight over airfreight, resulting in improved gross margin. As noted earlier, these investments helped drive the gross margin expansion we reported for the quarter. We also used $2.3 million of cash in the purchase of fixed assets.

我們從運營中產生了 630 萬美元的現金，扣除了 1050 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，並為我們提供靈活性，以使用比空運更高比例的海運，從而提高毛利率。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。我們還使用了 230 萬美元的現金購買固定資產。

Turning to days sales outstanding; at the end of Q1 '23, DSO was 50 compared to 59 the previous quarter and 71 in the prior year period. Days inventory on hand was 163 days at the end of Q1 '23, up 16.4% compared to the end of Q4 '22 and up over 71.6% compared to the end of Q1 '22. The increase reflects our continued proactive investment in inventory as we prepare for growth during the rest of '23 and into 2024. Regarding capital allocation, our top priority remains driving our future growth. As such, we will continue to strategically invest in building inventory to meet the strong demand that we're seeing.

轉向未完成銷售天數；在 23 年第一季度末，DSO 為 50，而上一季度為 59，去年同期為 71。 23 年第一季度末庫存天數為 163 天，比 22 年第四季度末增長 16.4%，與 22 年第一季度末相比增長超過 71.6%。這一增長反映了我們在為 23 年剩餘時間和 2024 年的增長做準備時對庫存的持續積極投資。關於資本配置，我們的首要任務仍然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，以滿足我們所看到的強勁需求。

We continue to enjoy considerable success by employing this strategy. However, if the supply chain situation improved substantially, as we've stated previously, we do have the flexibility to manage our working capital differently and generate additional cash by maintaining somewhat lower inventory levels. At the same time, our capital allocation strategy also takes into account our ability to return capital to our shareholders through stock repurchases. Again, as we stated previously, 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.

通過採用這一戰略，我們繼續取得了相當大的成功。然而，如果供應鏈狀況大幅改善，正如我們之前所說，我們確實可以靈活地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。同時，我們的資本配置策略也考慮了我們通過股票回購向股東返還資本的能力。同樣，正如我們之前所說，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、公司需求和監管要求。

At the end of Q1, total backlog and deferred revenue was $623.5 million. This record backlog and deferred revenue reflects strong demand from our large broadband customers and growing video SaaS commitments. The majority of our backlog and deferred revenue has customer request dates for shipments of products and providing services within the next 12 months. Please note that we are now guiding to majority within 12 months rather than our historical 80% guide. This change also reflects the timing of some commitments with greater than 12 months with scheduling in process.

第一季度末，積壓和遞延收入總額為 6.235 億美元。這一創紀錄的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。我們的大部分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。請注意，我們現在指導 12 個月內達到多數，而不是我們歷史上 80% 的指導。這一變化還反映了一些超過 12 個月的承諾的時間安排正在進行中。

In summary, operating cash flow was solid in Q1 '23, taking into consideration our stated capital allocation strategy, whereby we invested our free cash into inventory to meet the persistent demand we're seeing from our customers and to support our continued growth and managing freight. Let's now review our revised non-GAAP guidance for 2023, beginning on slide 11. For total company, for the full year 2023, we expect revenue in the range of $705 million to $740 million, up $8 million at the midpoint from prior guidance; gross margin in the range of 50.9% to 51.9%, an increase versus prior guidance; operating expenses to range from $262 million to $271 million, a slight increase versus prior guidance; adjusted EBITDA to range from $108 million to $125 million, up $7 million at the midpoint from our previous guidance.

總而言之，考慮到我們既定的資本配置策略，我們將自由現金投入庫存以滿足我們從客戶那裡看到的持續需求，並支持我們的持續增長和管理，總而言之，23 年第一季度的經營現金流穩定貨運。現在讓我們回顧一下我們修訂後的 2023 年非 GAAP 指南，從幻燈片 11 開始。對於整個公司，我們預計 2023 年全年的收入將在 7.05 億美元至 7.4 億美元之間，比先前指南的中點增加 800 萬美元；毛利率在 50.9% 至 51.9% 之間，高於之前的指引；運營費用在 2.62 億美元至 2.71 億美元之間，與之前的指導相比略有增加；調整後的 EBITDA 範圍為 1.08 億美元至 1.25 億美元，比我們之前的指引中點高出 700 萬美元。

An effective tax rate of 20%, up from 13% last year as we exhausted our NOLs in the past year. A weighted average diluted share count of approximately $118.1 million. Please note that the convertible debt-related dilution included in our share count uses the Q1 average stock price of $13.79. EPS to range from $0.63 to $0.74 per share, subject to the just mentioned dilution calculation, up $0.05 at the midpoint from previous guidance. And cash at the end of 2023 is expected to come in between 125 and $135 million.

有效稅率為 20%，高於去年的 13%，因為我們在過去一年用盡了 NOL。加權平均稀釋股數約為 1.181 億美元。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了 13.79 美元的第一季度平均股價。根據剛剛提到的稀釋計算，每股收益在 0.63 美元至 0.74 美元之間，較之前的指引中點上漲 0.05 美元。到 2023 年底，現金預計將在 125 至 1.35 億美元之間。

For total company for the second quarter of 2023 on slide 12, we expect revenue in the range of $161 million to $171 million. Gross margin in the range of 51.8% to 52.9%, operating expenses to range from $66 million to $68 million, adjusted EBITDA to range from $20 million to $25 million, an effective tax rate of 20%, a weighted average diluted share count of approximately $117.8 million and EPS to range from $0.11 to $0.15 and cash to range from $90 million to $100 million. Turning to slide 13; for the full year 2023, based on our progress to-date and the latest customer information, we expect broadband to achieve revenue between $450 million to $470 million, which is $5 million above prior guidance at the midpoint.

對於幻燈片 12 中 2023 年第二季度的公司總收入，我們預計收入在 1.61 億美元至 1.71 億美元之間。毛利率在 51.8% 到 52.9% 之間，營業費用在 6600 萬美元到 6800 萬美元之間，調整後的 EBITDA 在 2000 萬到 2500 萬美元之間，有效稅率為 20%，加權平均攤薄股數約為1.178 億美元，每股收益從 0.11 美元到 0.15 美元不等，現金從 9000 萬美元到 1 億美元不等。轉到幻燈片 13；對於 2023 年全年，根據我們迄今為止的進展和最新的客戶信息，我們預計寬帶業務的收入將在 4.5 億美元至 4.7 億美元之間，比之前的中點指引高出 500 萬美元。

Gross margins between 46% to 47%, a 100 basis point improvement over previous guidance, given our expectations for software-hardware mix. Operating expenses between $123 million to $128 million, up slightly from our previous guidance based on supporting increased customer activity and adjusted EBITDA between $90 million to $99 million. For our Broadband segment, in Q2, we expect revenue in the range of $101 million to $106 million, gross margin in the range of 47% to 48%, operating expenses in the range of $31 million to $32 million and adjusted EBITDA to range from $18 million to $20 million.

考慮到我們對軟硬件組合的預期，毛利率在 46% 至 47% 之間，比之前的指導提高了 100 個基點。運營費用在 1.23 億美元至 1.28 億美元之間，略高於我們之前的指導，該指導基於支持增加的客戶活動和調整後的 EBITDA 在 9000 萬至 9900 萬美元之間。對於我們的寬帶部門，我們預計第二季度收入在 1.01 億美元至 1.06 億美元之間，毛利率在 47% 至 48% 之間，營業費用在 3100 萬至 3200 萬美元之間，調整後的 EBITDA 範圍為1800 萬至 2000 萬美元。

Now on slide 14, let's review the full year 2023 Video segment guidance. We expect revenue in the range of $255 million to $270 million, up $2.5 million at the midpoint from previous guidance; gross margins in the range of 59.5% to 60.5%; operating expenses in the range of $139 million to $143 million, down slightly and adjusted EBITDA in the range of $18 million to $26 million. For our Video segment, in Q2, we expect revenue in the range of $60 million to $65 million, gross margin in the range of 60% to 61%, operating expenses in the range of $35 million to $36 million and adjusted EBITDA to range from $2 million to $5 million.

現在在幻燈片 14 上，讓我們回顧一下 2023 年全年的視頻細分指南。我們預計收入在 2.55 億美元至 2.7 億美元之間，比之前的指引中點增加 250 萬美元；毛利率介於 59.5% 至 60.5% 之間；運營費用在 1.39 億美元至 1.43 億美元之間，略有下降，調整後的 EBITDA 在 1800 萬至 2600 萬美元之間。對於我們的視頻部門，我們預計第二季度收入在 6000 萬至 6500 萬美元之間，毛利率在 60% 至 61% 之間，營業費用在 3500 萬至 3600 萬美元之間，調整後的 EBITDA 範圍為200萬到500萬美元。

In summary, during the first quarter, we continue to execute our strategic plans and drive strong growth in our broadband segment while advancing the planned transformation of our Video segment. We ended the first quarter with record backlog and deferred revenue. We believe this and the strong demand we continue to see from both new and existing customers positions us well for the rest of 2023 and into 2024 as we continue to execute on our long-term business plan.

總之，在第一季度，我們繼續執行我們的戰略計劃並推動寬帶業務的強勁增長，同時推進視頻業務的計劃轉型。我們以創紀錄的積壓和遞延收入結束了第一季度。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 年剩餘時間和 2024 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 let's turn back to Patrick for final remarks before we open up the call for questions.

謝謝大家今天的關注。在開始提問之前，現在讓我們回到帕特里克的最後發言。

Well, thank you, Jeremy. In summary, we delivered another very strong quarter, characterized by excellent financial results, significant new contracts and important new customer relationships in both the broadband and video sides of the house. Our technology, our customer relationships and our team all continue to lead the markets we serve. We see great opportunity ahead and remain determined and confident in taking full advantage of these opportunities in 2023, '24 through '25 and beyond.

好吧，謝謝你，傑里米。總而言之，我們在寬帶和視頻方面交付了另一個非常強勁的季度，其特點是出色的財務業績、重要的新合同和重要的新客戶關係。我們的技術、我們的客戶關係和我們的團隊都繼續引領我們所服務的市場。我們看到了巨大的機遇，並在 2023 年、24 年到 25 年及以後仍然有決心和信心充分利用這些機會。

Thank you for your continued support. And with that, let's now open up the call for questions.

感謝您一如既往的支持。有了這個，讓我們現在開始提問。

(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。

So in March, you announced the Charter award, which we've all been keeping our fingers crossed waiting for. But what struck me was it specifically talks about the virtual CMTS products and does not discuss other products, such as the DAA nodes. Given the revenue forecast, I'm sort of assuming your intent is to sell them -- DAA nodes as well and not simply the CableOS head-end solutions. But if we could get a little bit more color on the composition of that project and the timing, I'd appreciate it.

所以在 3 月份，您宣布了憲章獎，我們一直在祈禱。但令我印象深刻的是，它專門討論了虛擬 CMTS 產品，而沒有討論其他產品，例如 DAA 節點。鑑於收入預測，我假設您的意圖是出售它們——包括 DAA 節點，而不僅僅是 CableOS 頭端解決方案。但是，如果我們能對該項目的組成和時間安排有更多的了解，我將不勝感激。

Well, it's a little awkward Simon. It's -- we can't go there and talk in any specificity about any particular customer's plans. The communication that we agreed and that you saw with Charter was intended to really speak to the partnership around the broad portfolio with the capabilities that Harmonic brings to bear. Certainly, our virtualized core is essential to our solution and hence, the specific mention of that.

好吧，西蒙有點尷尬。它是——我們不能去那裡具體談論任何特定客戶的計劃。我們同意的溝通以及您看到的與 Charter 的溝通旨在真正與圍繞廣泛產品組合的合作夥伴關係以及 Harmonic 帶來的能力進行對話。當然，我們的虛擬化核心對於我們的解決方案至關重要，因此，特別提到了這一點。

I would say in any engagement that we're involved in worldwide, we see strong interest and opportunity around both the centralized core software as well as the hardware elements of the solution. And so without implying anything too specific about Charter, just kind of -- it's actually (inaudible) that we would pursue hardware-related business, with Charter just like we would within the other customer.

我想說的是，在我們在全球範圍內參與的任何活動中，我們都看到了圍繞集中式核心軟件和解決方案的硬件元素的濃厚興趣和機會。因此，在不暗示任何關於 Charter 的太具體的情況下，只是有點——實際上（聽不清）我們將追求與硬件相關的業務，就像我們在其他客戶中一樣。

And then just as a follow-up. The forecast for the Broadband segment suggests a pretty heavy back-end load to the year, given that the first half of the year is just a little over $200 million, and even your low end is $450 million for the full year. How should we think about that? Is it a very back-end loaded sort of 4Q or is the third quarter sort of somewhere in between the 3Q, 4Q guide? How do we think about it given sort of trying to figure out where that revenue is coming from and the timing?

然後作為後續行動。寬帶部分的預測表明今年的後端負載相當沉重，因為今年上半年僅略高於 2 億美元，而全年的低端也為 4.5 億美元。我們應該如何考慮？它是一種非常後端加載的 4Q 還是第三季度介於 3Q、4Q 指南之間？我們如何考慮它，試圖弄清楚收入的來源和時間？

Yeah. Look, every one of our customers is actually still scaling. So the overall theme is continued growth. I'd stop short of saying it's linear but we expect Q3 to be up and we expect Q4 to be up on top of that. And that's based on the aggregate continuing deployment plans of our global customer base.

是的。看，我們的每個客戶實際上都在擴展。因此，總體主題是持續增長。我不會說它是線性的，但我們預計第三季度會上升，我們預計第四季度會上升。這是基於我們全球客戶群的總體持續部署計劃。

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。

Nice work on the gross margin there moving up and great bookings number, obviously. I wanted to ask -- I'm sure you're not going to respond so much quantatively but can you help us understand the software contribution there in terms of the quarter? Bookings, I assume with the shift in long-term deferred, there's a stronger software contribution there as well. Maybe shed some light on that would be helpful.

顯然，在毛利率上升和預訂數量方面做得很好。我想問——我相信你不會在數量上做出如此多的回應，但你能幫助我們了解軟件在本季度的貢獻嗎？預訂，我認為隨著長期延期的轉變，軟件也有更大的貢獻。也許對此有所幫助。

Ryan, Jeremy here. Thanks for the question. And in our results, we absolutely did get a strong software mix. And in our -- and that did push the margins up and that's, as you well appreciate sometimes the timing on how those things happen. We've really taken a systems approach to how we sell, as you know, as between software and hardware. So we are not breaking out software and hardware in the backlog, Ryan.

瑞安，這裡是傑里米。謝謝你的問題。在我們的結果中，我們確實獲得了強大的軟件組合。在我們——這確實推高了利潤率，而且你很欣賞有時這些事情發生的時機。如您所知，在軟件和硬件之間，我們確實採用了系統方法來銷售我們的產品。所以我們不會在積壓工作中分解軟件和硬件，Ryan。

Sure, sure. Okay. And then maybe if you could reflect on the non-Comcast revenue. You've had just a tremendous run there. How should investors think about the scale of the non-Comcast revenue forward here in the guide? Do you think we'll start to see some meaningful growth there as we go through the year?

一定一定。好的。然後也許你可以反思一下非康卡斯特的收入。你剛剛在那裡跑得很好。投資者應如何考慮指南中此處非康卡斯特收入的規模？你認為我們會在今年開始看到一些有意義的增長嗎？

The short answer is yes. Comcast is the largest cable operator in the planet, and they're also furthest ahead. So it's not surprising to see them out front. But in aggregate, the rest of the market is much larger. And our competitive position with the rest of the market is growing increasingly strong. So over time, while we're excited about the work we still have ahead of us with Comcast, the -- just the math of the rest of the markets is that the rest of the market will increasingly be a larger and larger portion of the business that we're seeing, we believe.

簡短的回答是肯定的。康卡斯特是地球上最大的有線電視運營商，而且他們也遙遙領先。所以看到他們出現在前面也就不足為奇了。但總的來說，市場的其餘部分要大得多。我們與其他市場的競爭地位越來越強。因此，隨著時間的推移，雖然我們對康卡斯特的工作感到興奮，但對其他市場的數學計算表明，其他市場將越來越多地成為越來越大的一部分我們相信，我們所看到的業務。

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

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

With the theme from the last couple of questions going back to the last call, I think there was some color that you guys gave around the fact that there were three or four Tier 1s that were very early in their deployment phase, and you had anticipated that they would be scaling up between now and the -- between now and the end of the year. Is that still the case or did any of those customers' plans get pushed out?

最後幾個問題的主題可以追溯到上次電話會議，我認為你們給出了一些顏色，因為有三四個第一層處於部署階段的早期，而且你們已經預料到了從現在到年底，他們將擴大規模。情況仍然如此，還是這些客戶的任何計劃都被推遲了？

It's still the case. There's no material change in terms of the expectations or the forecast that we had for a bunch of them.

現在依然如此。我們對其中一些人的期望或預測沒有實質性變化。

Okay. And you mentioned an interesting case in the video business, although legacy appliance customer switching to broadband. Maybe -- I'm sorry, switching to your cloud-based offerings in SaaS. Maybe walk us through the economics of that kind of transition? And do you think this is something that will become fairly commonplace in your customer base over the next couple of years?

好的。你提到了視頻業務中的一個有趣案例，儘管傳統家電客戶轉向了寬帶。也許 - 對不起，切換到 SaaS 中基於雲的產品。也許讓我們了解一下這種轉型的經濟學原理？您是否認為這會在未來幾年內在您的客戶群中變得相當普遍？

So I'll start with the end of the question. I mean the short answer is yes. I think that the -- from both a technology perspective and from an economics or business model perspective, I think that the broadcast market has been kind of very much on the learning curve, understanding how to harness cloud. But I think there's no question that it's not really a question of if, but when. The economics, both from a cost perspective as well as from a flexibility and innovation perspective, from a personalization perspective, it's -- there's overwhelming advantages that are, I think, increasingly understood by the market, Steve. So if you go back to the Analyst Day that we did in September, we talked about streaming sports is perhaps the largest opportunity, but we also highlighted conversion of traditional broadcast infrastructure is another significant SaaS opportunity. And it's great to see the first -- from our perspective, the first major domino there to fall, if you will in that regard.

所以我將從問題的結尾開始。我的意思是簡短的回答是肯定的。我認為 - 從技術角度和經濟或商業模式角度來看，我認為廣播市場在很大程度上處於學習曲線上，了解如何利用雲。但我認為毫無疑問，這不是一個如果的問題，而是什麼時候的問題。從成本的角度以及從靈活性和創新的角度來看，從個性化的角度來看，經濟學是——我認為，市場越來越理解它的壓倒性優勢，史蒂夫。因此，如果你回到我們 9 月份舉辦的分析師日，我們談到流媒體體育可能是最大的機會，但我們也強調了傳統廣播基礎設施的轉換是另一個重要的 SaaS 機會。很高興看到第一個 - 從我們的角度來看，第一個倒下的主要多米諾骨牌，如果你願意的話。

Great. And then lastly, maybe an update on the CFO search.

偉大的。最後，也許是 CFO 搜索的更新。

The headline is it's going well. Jeremy has a big smile. Yeah. So we're fortunate. We're having discussions with a number of really excellent candidates. And I can't give you a specific date, but we're making good progress, and I think that we'll have a world-class CFO on board in the not-too-distant future.

標題是一切順利。傑里米笑容燦爛。是的。所以我們很幸運。我們正在與許多非常優秀的候選人進行討論。我不能給你一個具體的日期，但我們正在取得很好的進展，我認為在不久的將來我們將有一位世界級的首席財務官。

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, if I could. First, on the video side, Patrick, can you talk a little bit more about kind of the SaaS wins you guys are getting? You mentioned live sports a few times, but can you talk a little bit about the complexion of those wins, how broad-based they are? Are these kind of competitive wins or is it folks maybe we're looking to do it themselves or just any color you can give us there? And then you also mentioned fiber-to-the-home going well according to plan. Can you just give us an update there on how your customers are looking at that portfolio and how you see the ramp going?

兩個，如果可以的話。首先，在視頻方面，帕特里克，你能多談談你們獲得的 SaaS 勝利嗎？你多次提到現場體育賽事，但你能談談這些勝利的面貌嗎？它們的基礎有多廣泛？這些是競爭性的勝利，還是人們可能希望自己做，或者只是您可以給我們提供的任何顏色？然後你還提到光纖到戶按計劃進展順利。您能否向我們介紹一下您的客戶如何看待該產品組合以及您如何看待增長的最新情況？

Okay. Thanks both good questions, Tim. On the SaaS front, really, it's all of the above. As I reflect on our -- perhaps our top 10 SaaS customers, they really come from all the categories we've previously spoken about. I would say, in general, they are all competitive with either our traditional competitors or, as you say, with in-house. One of our top three customers, for example, is the first time they've gone outside. They do their own VOD stuff themselves, which is a somewhat easier technical problem, but they turn to us for the live sports.

好的。謝謝提姆，這兩個好問題。在 SaaS 方面，實際上就是以上所有內容。當我反思我們的——也許是我們的前 10 大 SaaS 客戶時，他們確實來自我們之前談到的所有類別。我會說，總的來說，他們都與我們的傳統競爭對手競爭，或者如您所說，與內部競爭。例如，我們的前三位客戶之一是他們第一次出門。他們自己做自己的 VOD 內容，這是一個稍微容易一些的技術問題，但他們求助於我們進行體育直播。

Other recent wins were very much competitive situations with other peer companies, competitive companies like us who are providing a more turnkey cloud-based SaaS offering. And as we touched on a couple of moments ago, from another dimension, the customers also span media companies that are new to us, maybe new brands out there all the way to traditional brands that you and I know for the last 30 years that are changing their approach and their philosophy on infrastructure and moving from a traditional appliances to SaaS. So it's really all of the above. And it's -- we previously described it as a fragmented market.

最近的其他勝利是與其他同行公司的競爭激烈的情況，像我們這樣的競爭公司正在提供更加交鑰匙的基於雲的 SaaS 產品。正如我們剛才提到的，從另一個維度來看，客戶還包括對我們來說很陌生的媒體公司，也許是新品牌，一直到你我都知道的過去 30 年的傳統品牌改變他們在基礎架構方面的方法和理念，並從傳統設備轉向 SaaS。所以它真的是以上所有。它是——我們之前將其描述為一個分散的市場。

I'm impressed with the way our team is increasingly sales and marketing is getting after it, kind of covering the market from all different dimensions to get engaged with these myriad kinds of opportunities. On the fiber side, I think fiber is becoming increasingly relevant for all participants in the market. Home-based for us is really the cable operators and there is increasing competitive pressure in certain markets from fiber-based competitors. And having a fiber offering is part of the arsenal, particularly on what we call brownfield is -- seems increasingly important to the (inaudible) customer strategic plans. And our solution seems to be a perfect fit for that kind of application where we really layer on top of the CableOS cloud-native core and the already distributed gigabit access point (inaudible) called note.

我對我們團隊越來越多的銷售和營銷方式印象深刻，從各個不同的維度覆蓋市場，以參與這些無數的機會。在纖維方面，我認為纖維對市場上的所有參與者都變得越來越重要。對我們來說，以家庭為基礎的實際上是有線電視運營商，在某些市場上，來自光纖競爭對手的競爭壓力越來越大。擁有光纖產品是武器庫的一部分，特別是在我們稱之為棕地的地方——似乎對（聽不清）客戶戰略計劃越來越重要。我們的解決方案似乎非常適合那種我們真正在 CableOS 雲原生核心和已經分佈式千兆接入點（聽不清）之上的應用程序，稱為 note。

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

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

And good afternoon, and congrats on the crazy bookings number. And I'll ask about that in a moment. But I wanted to touch on, I think, this maybe kind of a new metric you've given us here about your cable modems serve representing 10% of the global footprint, is that 10% of cable broadband subscribers globally? And I guess, historically, you talked about the footprint of your wins, which you added to substantially. I mean I assume that's up to 130 million now, so or something like that in terms of homes passed, but that's a different metric than the subscriber metric that you gave us. So I think in both cases, it suggests you're still pretty early on, whether it's 10% of the subscriber footprint or what looks to me to be 14% of your win -- homes passed. But how should we look at either or both of those metrics and kind of assessing where you are in the cycle? And I want to follow-up on that.

下午好，祝賀瘋狂的預訂數量。稍後我會問這個問題。但我想談談，我想，這可能是你在這裡給我們的一種新指標，關於你的電纜調製解調器服務佔全球足蹟的 10%，是全球有線寬帶用戶的 10% 嗎？我想，從歷史上看，你談到了你的勝利足跡，你大大增加了它。我的意思是，我假設現在已經達到 1.3 億，或者類似的家庭數量，但這與您給我們的訂戶指標不同。因此，我認為在這兩種情況下，這表明您還處於早期階段，無論是訂戶足蹟的 10% 還是在我看來是您獲勝的 14% — 房屋通過。但是，我們應該如何看待這兩個指標中的一個或兩個，以及如何評估您在周期中所處的位置？我想跟進。

Tim, I'm going to pick this one up. Great question, as always. So if you go back to our Investor Day, I think we did talk about the size of the TAM, maybe not so much on the quarterly calls. And when we look outside of China, it's about 190 million households for high-speed data for our architecture. So that is a TAM reference for us. And to your question about how far along, I think, as Patrick laid out, we're at about the 10% mark for DOCSIS 3.1. And as we laid out in September, you have a DOCSIS 4.0 way that is coming up. And then you also have a fiber way and then multiple speeds of fiber from that. So we see ourselves still as very -- in very early exciting days here, Tim. And look forward to your follow-up question.

蒂姆，我要把這個拿起來。好問題，一如既往。因此，如果你回到我們的投資者日，我認為我們確實討論了 TAM 的規模，也許在季度電話會議上沒有那麼多。當我們放眼中國以外時，大約有 1.9 億家庭需要我們架構的高速數據。所以這是我們的 TAM 參考。關於你的問題，我認為，正如帕特里克所說，我們的 DOCSIS 3.1 大約達到了 10%。正如我們在 9 月份制定的那樣，您將採用 DOCSIS 4.0 方式。然後你還有一個光纖方式，然後是多種速度的光纖。所以我們認為自己仍然非常 - 在這裡很早的激動人心的日子裡，蒂姆。並期待您的後續問題。

Well, specifically with your largest customer, they had talked about basically being at a 20% kind of complete with the upgrade of the footprint by year-end and moving over 30% by the end of the year, this year, which seems like a long way to go, but does that represent -- is that similar to the cadence that you've seen, say, last year? Does that represent an acceleration or it seems with those type of metrics, obviously, Charter is trying to do this a lot faster. I guess we'll see about that. But it seems like you've still got a ways to go with Comcast in particular, even though they've been going for a while. Any color on that front would be appreciated.

好吧，特別是與你最大的客戶，他們談到在年底前基本完成 20% 的足跡升級，並在今年年底前移動超過 30%，這似乎是一個還有很長的路要走，但這是否代表——這與你去年看到的節奏相似嗎？這是否代表加速，或者它似乎與這些類型的指標有關，顯然，Charter 正試圖更快地做到這一點。我想我們會看到的。但似乎你仍然有辦法與康卡斯特合作，尤其是，即使他們已經合作了一段時間。前面的任何顏色都將不勝感激。

Look, I mean I think we're fortunate, we're all fortunate that Comcast has been pretty open at recent industry conferences, etcetera, and talking about their progress and their plans. I think we don't really have anything more to add to that, but their plans, I think, really have laid out that they've talked about publicly, and laid out there, they're multiyear ambitions and both their continuing commitment to what they're doing and indeed to the fact that they're -- they still have a ways to go. So we're just fortunate to be along working with them as a partner, and we've been at it for several years, as you know, with them. And indeed, we see a pretty bright and exciting future around the current ways of technology and then coming ways of technology.

看，我的意思是我認為我們很幸運，我們都很幸運，康卡斯特在最近的行業會議等方面非常開放，並談論他們的進展和計劃。我認為我們真的沒有什麼可以補充的了，但我認為他們的計劃確實已經制定好了，他們已經公開談論過，並且在那裡制定，他們是多年的雄心壯志，並且他們持續致力於他們正在做的事情，事實上他們正在做的事——他們還有很長的路要走。因此，我們很幸運能作為合作夥伴與他們一起工作，而且正如您所知，我們已經與他們合作了好幾年。事實上，我們看到圍繞當前技術方式和未來技術方式的光明和令人興奮的未來。

Great. If I could just sneak one more in quickly. I mean you seem to imply in your commentary that as was the case last quarter, your guidance for broadband for this year is overwhelming. I don't know what the right word is -- completely a function of your current customer base and that I would -- as well as the backlog commentary shifting from 80% to majority. I guess that you expect the big new orders that you got on the broadband side in Q1 to ship principally into '24. Is that fair to say?

偉大的。要是我能快點再偷偷進去就好了。我的意思是，您似乎在評論中暗示，與上一季度的情況一樣，您對今年寬帶的指導是壓倒性的。我不知道正確的詞是什麼——完全取決於你當前的客戶群，我也會——以及積壓評論從 80% 轉變為多數。我猜你希望第一季度在寬帶方面獲得的大筆新訂單主要在 24 世紀出貨。這樣說公平嗎？

As we said, the backlog is still a majority within 12 months. It is important to remember that while there is much discussion about the supply chain improving, we are still in general, dealing with 12-month lead times and commitment requirements. And that's something that our customers are cognizant of and working with us on. So indeed, order activity right now, it doesn't need really to be more than 12 months, but it reflects, in general, a 12-month view, which indeed does bring us into 2024. I mean that's the first part of your question, yes. 2023, predominantly existing customers. We see new customers really all the time kind of coming on and slowly beginning to ramp. But with that caveat to 2023, the best way to think about it is predominantly existing customers, and we really see a material impact from new customers in 2024.

正如我們所說，積壓在12個月內仍然佔多數。重要的是要記住，雖然有很多關於改進供應鏈的討論，但我們仍然在一般情況下處理 12 個月的交貨時間和承諾要求。這是我們的客戶認識到並與我們合作的事情。所以實際上，現在的訂單活動不需要超過 12 個月，但總的來說，它反映了 12 個月的觀點，這確實讓我們進入了 2024 年。我的意思是這是你的第一部分問題，是的。 2023 年，主要是現有客戶。我們真的一直看到新客戶不斷湧現，並慢慢開始增加。但鑑於到 2023 年的警告，考慮它的最佳方式主要是現有客戶，我們確實看到了 2024 年新客戶的重大影響。

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 -- if I go back to the conversation I think we had in the past, it was about how the sort of vendor ecosystem for optical nodes had kind of taken a step back, Cisco, of course, more or less exited the node market. And as a result, there was a period of time there where Harmonic was getting more share than you guys anticipated. And I know its diluting margins. But if I come back to the environment currently, where do you think you guys are in terms of node market share? Do you think you guys could have a third of the market, half, two-thirds? I mean what kind of share do you think is reasonable in general for the company?

我想我想——如果我回到我認為我們過去的談話，那是關於光節點的供應商生態系統如何退後一步，當然，思科或多或少退出節點市場。因此，有一段時間 Harmonic 獲得的份額比你們預期的要多。我知道它會稀釋利潤。但是，如果我回到目前的環境，您認為你們在節點市場份額方面處於什麼位置？你認為你們可以擁有三分之一、一半、三分之二的市場嗎？我的意思是你認為什麼樣的股份對公司來說總體上是合理的？

We believe, and it's consistent with, I think, it's the (inaudible) Group that tracks this. So we believe that let's focus specifically on the distribute and access nodes, George, which is where we -- sole area where we participate. We think we're in the neighborhood of about 70% of the DAA nodes that have been deployed to-date. Our multiyear or 2025 model that we presented at our Analyst Day envisions this percentage dropping somewhat, but perhaps closer to 50% maybe the 30% that we might have discussed with you, I don't know, a year or 18 months ago.

我們相信，而且我認為這與跟踪此的（聽不清）小組是一致的。因此，我們相信讓我們特別關注分佈式和訪問節點，George，這是我們參與的唯一領域。我們認為我們處於迄今為止已部署的大約 70% 的 DAA 節點附近。我們在分析師日展示的多年期或 2025 年模型預計這一百分比會有所下降，但可能接近 50%，也可能是我們可能在一年或 18 個月前與您討論過的 30%。

So in short, we've been pleasantly surprised by the success that we've had. We've built a great product, and it's not just that it's tied to our cloud-native core from a power consumption, from a capability, from a throughput point of view, from being able to house both the DOCSIS and the fiber elements a number of reasons, our node turns out to be extraordinarily competitive. And we expect it will continue to be that way. Perhaps 70% market share is a bit lofty hence, our multiyear view that it comes down. But we're increasingly confident that we'll be able to maintain a very healthy market share.

簡而言之，我們對所取得的成功感到驚喜。我們已經構建了一個偉大的產品，這不僅僅是因為它從功耗、功能、吞吐量的角度，以及能夠同時容納 DOCSIS 和光纖元素，都與我們的雲原生核心相關聯。出於多種原因，我們的節點非常具有競爭力。我們預計它將繼續保持這種狀態。也許 70% 的市場份額有點高，因此我們多年認為它會下降。但我們越來越有信心能夠保持非常健康的市場份額。

Got it. That's great. And then as a follow-up I know from some of the metrics here, you guys have -- I think you said 18.4 million homes that are now connected to CableOS. When I look at the second derivative of those numbers quarter-to-quarter, it's down a chunk relative to what you put up in December. I think this quarter, you passed an additional -- connected an additional 3.2 million homes, I think, in December, that was 4.3 million homes. And so should I infer from that, that your CableOS revenue was down sequentially or should I not be kind of aligning revenue so tightly with homes connected as I think about you guys?

知道了。那太棒了。然後作為後續行動，我從這裡的一些指標知道，你們有 - 我想你說現在有 1840 萬家庭連接到 CableOS。當我按季度查看這些數字的二階導數時，它相對於你在 12 月份提出的數字下降了很多。我認為本季度，你通過了額外的 - 連接了額外的 320 萬戶家庭，我認為，在 12 月份，那是 430 萬戶家庭。所以我應該從中推斷出，你們的 CableOS 收入是連續下降的，還是我不應該像我對你們的看法那樣將收入與連接的家庭緊密聯繫起來？

Yeah. There's certainly a correlation over time. But quarter-to-quarter, a lot of different stuff happens in terms of shipment deployment, etcetera. And particularly in the first quarter where some geographies are affected by weather, George, I think I wouldn't read too much into quarter-to-quarter fluctuation. I do think that our full year guidance and then the multiyear guidance is really the best indicator of the overall trend that we see around the CableOS.

是的。隨著時間的推移肯定存在相關性。但是每個季度，在出貨部署等方面都會發生很多不同的事情。特別是在第一季度，一些地區受到天氣的影響，喬治，我想我不會過多地解讀季度間的波動。我確實認為我們的全年指導和多年指導確實是我們在 CableOS 周圍看到的總體趨勢的最佳指標。

I would now like to turn the conference back over to management for closing remarks.

我現在想把會議轉回管理層作閉幕詞。

All right. Well, thank you all again very much for joining us. We had a great first quarter. Second quarter is well underway, the rest of the year and the following years continue to look very positive. We're excited about our business, excited what we're doing, and we continue to appreciate your support. We look forward to our next opportunity to update to meet with you. Until then, have a good evening, everyone.

好的。好吧，再次非常感謝大家加入我們。我們有一個很棒的第一季度。第二季度進展順利，今年餘下時間和接下來的幾年繼續看起來非常積極。我們對我們的業務感到興奮，對我們正在做的事情感到興奮，我們將繼續感謝您的支持。我們期待著下一次更新的機會與您見面。在那之前，祝大家晚上好。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。