(HLIT) 2023 Q2 法說會逐字稿

Thank you for standing by. Welcome to the Second Quarter 2023 Harmonic Earnings Conference Call. My name is Jonathan, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

謝謝你的支持。歡迎參加 Harmonic 2023 年第二季度收益電話會議。我的名字是喬納森，我將擔任您今天通話的接線員。 （操作員說明）請注意，本次會議正在錄製中。

And now I'd like to turn the call over to David Hanover, Investor Relations. David, you may begin.

現在我想將電話轉給投資者關係部的大衛·漢諾威 (David Hanover)。大衛，你可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us today for Harmonic's Second Quarter 2023 Financial Results Conference Call. With me today are Patrick Harshman, President and Chief Executive Officer; and Walter Jankovic, 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.

謝謝你，接線員。大家好，感謝您今天參加我們哈雷 2023 年第二季度財務業績電話會議。今天與我在一起的有總裁兼首席執行官帕特里克·哈什曼 (Patrick Harshman)；沃爾特·揚科維奇（Walter Jankovic），首席財務官。在開始之前，我想指出，除了網絡廣播的音頻部分之外，我們還為本次網絡廣播提供了幻燈片，您可以通過訪問我們的投資者關係網站上的網絡廣播來觀看這些幻燈片。

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

現在轉向幻燈片 2。在本次電話會議中，我們將提供有關公司未來事件或未來財務業績的預測和其他前瞻性陳述。此類陳述僅是當前的預期，實際事件或結果可能存在重大差異。我們請您參閱 Harmonic 向 SEC 提交的文件，包括今天初步業績新聞稿前瞻性聲明部分中的最新 10-Q 和 10-K 報告。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 the 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中向您提供的財務指標是根據非公認會計原則確定的。這些指標以及相應的 GAAP 數字和 GAAP 調節表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 表格形式向 SEC 提交。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。其餘信息將在本次通話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 (Patrick Harshman)。帕特里克？

Thanks, David, and welcome, everyone, to our second quarter call. In the second quarter, Harmonic delivered solid Broadband and Video SaaS growth while also encountering short-term headwinds. Revenue was $156 million, EPS was $0.12 and adjusted EBITDA margin was 13.5%.

謝謝大衛，歡迎大家參加我們的第二季度電話會議。第二季度，Harmonic 實現了寬帶和視頻 SaaS 的穩健增長，但也遇到了短期阻力。收入為 1.56 億美元，每股收益為 0.12 美元，調整後 EBITDA 利潤率為 13.5%。

Our Broadband segment revenue grew 20% year-over-year, our Video SaaS revenue was up 58% and book-to-bill was over 1.2, leading to record backlog and deferred revenue of over $663 million. Hardware deliveries on both our Broadband and Video sides of the business were softer than anticipated, and we expect this softness to persist through the third quarter before rebounding in Q4.

我們的寬帶部門收入同比增長 20%，視頻 SaaS 收入增長 58%，訂單出貨比超過 1.2，導致積壓訂單和遞延收入超過 6.63 億美元，創歷史新高。我們的寬帶和視頻業務方面的硬件交付量均低於預期，我們預計這種疲軟狀態將持續到第三季度，然後在第四季度反彈。

Our competitive position continues to be strong, evidenced by several important new customer wins during the quarter. The combination of record backlog and deferred revenue, active and healthy existing customers and new customer relationships that have yet to scale continues to position us well for sustained long-term growth.

我們的競爭地位仍然強勁，本季度贏得的幾個重要新客戶就證明了這一點。創紀錄的積壓和遞延收入、活躍且健康的現有客戶以及尚未擴大規模的新客戶關係的結合，繼續為我們的持續長期增長奠定了良好的基礎。

Taking a closer look first at our Broadband segment. We delivered another quarter of solid growth with segment revenue of $97.1 million, up 20% year-over-year. Customers deploying our solution reached 98, up 24% year-over-year, with corresponding 21 million cable modems now served worldwide, still only approximately 12% of the addressable global market, highlighting our significant expansion opportunity, expanding existing and new accounts.

首先仔細看看我們的寬帶部分。我們又實現了一個季度的穩健增長，部門收入達到 9710 萬美元，同比增長 20%。部署我們解決方案的客戶達到98 家，同比增長24%，目前在全球範圍內提供了2100 萬個相應的電纜調製解調器，但仍僅佔全球潛在市場的約12%，這突顯了我們擴大現有和新客戶的重大擴張機會。

Now we did expect Q2 growth -- excuse me, we did expect Q2 growth to be higher. And during the quarter, we ran into unexpected reductions in hardware deliveries. Reductions, we now expect to persist -- we expect to persist through the third quarter. I want to emphasize we see no loss business, nor do we see any change in our mid- to long-term growth opportunity. Indeed, our customers remain on offense with regard to new gigabit services. Our new broadband bookings were strong, enabling record backlog and deferred revenue and our competitive position has never been stronger.

現在我們確實預計第二季度的增長——對不起，我們確實預計第二季度的增長會更高。在本季度，我們遇到了硬件交付量意外減少的情況。我們現在預計削減將持續下去——我們預計將持續到第三季度。我想強調的是，我們沒有看到業務虧損，也沒有看到我們的中長期增長機會有任何變化。事實上，我們的客戶仍然對新的千兆位服務感到不滿。我們的新寬帶預訂量強勁，積壓訂單和遞延收入創歷史新高，我們的競爭地位從未如此強大。

Contributing to these bookings were initial multimillion dollar orders from 2 new Tier 1 accounts, one in North America and one international. Neither of these accounts have yet begun deployment or contributing revenue.

促成這些預訂的因素是來自 2 個新一級賬戶（一個在北美，一個在國際）的數百萬美元的初始訂單。這兩個帳戶尚未開始部署或貢獻收入。

Further highlighting our still strengthening market position, market intelligence firm, Dell'Oro Group recently and for the first time recognized Harmonic is the cable broadband equipment market share leader.

市場情報公司 Dell'Oro Group 最近首次承認 Harmonic 是有線寬帶設備市場份額的領先者，這進一步凸顯了我們仍在加強的市場地位。

Another highlight of the quarter was the extension of our software license relationship with a key customer. Our cloud-native core software continues to be unrivaled in the market, valued by our customers and key to our unique and powerful market proposition. Illustrating the flexibility and competitive advantage of our software core, we're leading in enabling new DOCSIS 4.0 -- the new DOCSIS 4.0 standard, which opens the door to compelling new multi-gigabit services for our customers and new growth opportunities for our business. Complementing our extended software core is a new family of backward-compatible DOCSIS 4.0 RPDs and optical nodes. The technology development and trial progress in this area has been truly remarkable, and we're now gearing up to support initial deployments in the coming months.

本季度的另一個亮點是我們與主要客戶的軟件許可關係的擴展。我們的雲原生核心軟件在市場上繼續保持無與倫比的地位，受到客戶的重視，也是我們獨特而強大的市場主張的關鍵。我們在支持新的DOCSIS 4.0（新的DOCSIS 4.0 標準）方面處於領先地位，這體現了我們軟件核心的靈活性和競爭優勢，它為我們的客戶提供引人注目的全新多千兆位服務並為我們的業務帶來新的增長機會。向後兼容 DOCSIS 4.0 RPD 和光節點的新系列是對我們擴展軟件核心的補充。該領域的技術開發和試驗進展確實令人矚目，我們現在正準備支持未來幾個月的初步部署。

While technology transitions such as this can result in short-term headwinds, as some customers begin to look ahead to the coming standard, the new growth opportunities being created by the associated new wave of symmetrical multi-gigabit services, the DOCSIS 4.0 unlocks are good news for our business.

雖然此類技術轉型可能會帶來短期阻力，但隨著一些客戶開始展望即將到來的標準，相關新一波對稱多千兆位服務所創造的新增長機會，DOCSIS 4.0 的解鎖是好的我們業務的新聞。

Also good news for our business is the progress we continue to make in the fiber-to-the-home area. We recently announced Claro Perú has selected our 10G PON solution for their new fiber service. And we also announced the availability of a powerful new hardened switch for XGS and 10G EPON. Worldwide, cable customers are looking to fiber as they edge out their footprints and compete head-to-head with telcos. And our growing fiber sales pipeline reflects this expanding opportunity.

對於我們的業務來說，另一個好消息是我們在光纖到戶領域不斷取得的進展。我們最近宣布 Claro Perú 已為其新光纖服務選擇我們的 10G PON 解決方案。我們還宣布推出適用於 XGS 和 10G EPON 的強大新型硬化交換機。在全球範圍內，有線電視客戶正在尋求光纖，因為他們正在擴大自己的足跡並與電信公司展開正面競爭。我們不斷增長的纖維銷售渠道反映了這種不斷擴大的機會。

In summary for our Broadband business, we continue to be confident in our technology position, our market position and our opportunities. With record backlog and deferred revenue, we're continuing to execute on high-impact cable and fiber initiatives that are being embraced by a growing number of customers worldwide, positioning us for sustainable long-term growth.

總而言之，對於我們的寬帶業務，我們仍然對我們的技術地位、市場地位和機遇充滿信心。憑藉創紀錄的積壓和遞延收入，我們將繼續執行具有高影響力的電纜和光纖計劃，這些計劃受到全球越來越多客戶的歡迎，為我們實現可持續的長期增長奠定了基礎。

Now turning now to our Video segment. The highlight of the quarter was SaaS revenue, $13.6 million, up 58% year-over-year. Total revenue was $58.9 million, down from $76.2 million a year ago, reflecting our intentional SaaS transformation, some project delays and a continuing transition of historical appliance revenue to software, evident in the second quarter from the 61.7% segment gross margin.

現在轉向我們的視頻部分。該季度的亮點是 SaaS 收入，達到 1360 萬美元，同比增長 58%。總收入為5890 萬美元，低於一年前的7620 萬美元，反映出我們有意進行SaaS 轉型、一些項目延遲以及歷史設備收入持續向軟件轉型，這從第二季度61.7% 的部門毛利率中可以看出。

The business delivered a positive EBITDA, demonstrating our commitment to profitability while investing in the transition to SaaS with its inherent revenue timing challenges. Our strong streaming sales growth was again driven primarily by live sports, with both existing and newer customers contributing. As a reminder, we're benefiting from several newer SaaS customers signed in prior periods that are now coming online and ramping usage. The exceptional video quality and low-latency characteristics of our Video SaaS continue to shine in the market.

該業務實現了正的 EBITDA，展示了我們對盈利的承諾，同時投資於向 SaaS 的轉型，解決了固有的收入時機挑戰。我們強勁的流媒體銷售增長再次主要由體育直播推動，現有客戶和新客戶都做出了貢獻。提醒一下，我們受益於之前簽約的幾個新 SaaS 客戶，這些客戶現在已經上線並且使用量不斷增加。我們的視頻 SaaS 卓越的視頻質量和低延遲特性繼續在市場上大放異彩。

For example, we're currently supporting Women's World Cup and consumer feedback on the relative quality of the streaming services we're powering has been excellent. Based on this progress and growing impact of several new capabilities we announced last quarter, we continue to forecast SaaS growth greater than 50% for the full year.

例如，我們目前正在支持女足世界杯，消費者對我們所支持的流媒體服務的相對質量的反饋非常好。基於這一進展以及我們上季度宣布的幾項新功能日益增長的影響，我們繼續預測 SaaS 全年增長將超過 50%。

On the appliance side of the business, North America was quite solid while we experienced some project delay headwinds internationally. We have undertaken a thorough review of our sales pipeline and are working closely with key customers worldwide. The net result is a reconfirmed solid sales pipeline for the second half of the year, with a seasonally strong fourth quarter, which is typical for our Video business.

在家電業務方面，北美市場相當穩健，而我們在國際上遇到了一些項目延遲的不利因素。我們對我們的銷售渠道進行了徹底審查，並與全球主要客戶密切合作。最終結果是下半年銷售渠道穩固，第四季度季節性強勁，這是我們視頻業務的典型表現。

Recapping our Video segment strategy. We remain focused on taking a leading position in the growing streaming SaaS market, particularly for live sports, while also maximizing profit from the traditional video appliance market. Our results for the first half of the year demonstrate continuing excellent progress on SaaS and continued overall profitability, despite some macro international headwinds. We're confident in our second half outlook and in our ability to continue to create value through sustained streaming SaaS growth.

回顧我們的視頻細分策略。我們仍然專注於在不斷增長的流媒體 SaaS 市場（尤其是體育直播）中佔據領先地位，同時最大限度地提高傳統視頻設備市場的利潤。我們上半年的業績表明，儘管存在一些宏觀國際阻力，但 SaaS 領域仍取得了出色進展，整體盈利能力也持續良好。我們對下半年的前景以及通過持續的流媒體 SaaS 增長繼續創造價值的能力充滿信心。

With that, let me turn it over to you now, Walter, for a deeper discussion of our financial results and outlook.

沃爾特，現在讓我將其交給您，以便更深入地討論我們的財務業績和前景。

Thanks, Patrick, and thank you all for joining us today. Before I discuss our quarterly results 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.

謝謝帕特里克，也感謝大家今天加入我們。在討論我們的季度業績和展望之前，我想提醒大家，我將提到的財務業績是根據非公認會計原則提供的。

As David mentioned earlier, our Q2 press release and earnings presentation includes reconciliations of the non-GAAP financial measures to GAAP that are discussed on this call. Both of these are available on our website. During the second quarter, we delivered double-digit year-over-year Broadband and SaaS revenue growth and generated strong gross margins in total and across our business segments.

正如大衛之前提到的，我們的第二季度新聞稿和收益報告包括本次電話會議中討論的非公認會計準則財務指標與公認會計準則財務指標的調節。這兩個都可以在我們的網站上找到。第二季度，我們的寬帶和 SaaS 收入實現了兩位數的同比增長，並在整個業務領域產生了強勁的毛利率。

Having said that, we also experienced hardware sales delays, which resulted in total revenue below our expectations. Despite this, our SaaS business continued to grow to record levels and our overall mix of the software revenue was up significantly as reflected in our gross margins. Our operating model demonstrated its inherent strength as we continue to deliver solid profitability, resulting in EPS of $0.12, which was within our guidance range. We ended the second quarter with a solid balance sheet as well as record backlog and deferred revenue of $663.8 million, positioning us well for continued long-term growth.

話雖如此，我們也經歷了硬件銷售延遲，導致總收入低於我們的預期。儘管如此，我們的 SaaS 業務繼續增長至創紀錄的水平，我們的軟件收入整體組合顯著上升，這反映在我們的毛利率上。我們的運營模式展示了其固有的優勢，我們繼續提供穩健的盈利能力，每股收益為 0.12 美元，在我們的指導範圍內。第二季度結束時，我們的資產負債表穩健，積壓訂單和遞延收入達到創紀錄的 6.638 億美元，這為我們的持續長期增長做好了準備。

Before reviewing our Q2 2023 financials in more detail, I'll briefly review the key highlights here on Slide 7. For the quarter, we reported revenue of $156 million with EPS of $0.12. Bookings of $194.7 million and record backlog and deferred revenue of $663.8 million. In a few minutes, we will discuss our Q3 2023 and full year '23 guidance, which now take into consideration the impact of recent customer demand pushouts that have occurred following our last earnings call. These demand changes reflect inventory adjustments by our Broadband customers and macroeconomic challenges affecting our Video customers. To offer some additional color, they do not reflect any loss of market share or any changes in the competitive landscape.

在更詳細地回顧我們 2023 年第二季度的財務數據之前，我將簡要回顧一下幻燈片 7 上的主要亮點。該季度的收入為 1.56 億美元，每股收益為 0.12 美元。預訂量為 1.947 億美元，積壓訂單和遞延收入創紀錄的 6.638 億美元。幾分鐘後，我們將討論 2023 年第三季度和 23 年全年指引，該指引現在考慮了我們上次財報電話會議後近期客戶需求推出的影響。這些需求變化反映了我們的寬帶客戶的庫存調整以及影響我們的視頻客戶的宏觀經濟挑戰。為了提供一些額外的色彩，它們並不反映任何市場份額的損失或競爭格局的任何變化。

Now let's review our second quarter financials in detail. Turning to Slide 8. Again, total Q2 revenue was $156 million, down less than 1% on a year-over-year basis. Looking first at our Broadband segment, Q2 revenue was $97.1 million, down slightly sequentially and up 20% year-over-year. We continue to see current customer ramp-up and newer customer launches during the quarter, including modest contribution from fiber revenue. As mentioned, hardware revenue was lower than expected, reflecting sales delays across several customers.

現在讓我們詳細回顧一下我們第二季度的財務狀況。轉向幻燈片 8。同樣，第二季度總收入為 1.56 億美元，同比下降不到 1%。首先看我們的寬帶業務，第二季度收入為 9710 萬美元，比上一季度略有下降，但同比增長 20%。我們繼續看到本季度當前客戶的增加和新客戶的推出，包括光纖收入的適度貢獻。如前所述，硬件收入低於預期，反映出多個客戶的銷售延遲。

In our Video segment, we reported Q2 revenue of $58.9 million, up 3% sequentially and down 23% year-over-year. While hardware sales were lower, our Video revenue included SaaS revenue of $13.6 million or 23% of segment revenue in the quarter, up 58% from the prior year. We continue to execute the strategic transformation of our Video business and the continued growth of SaaS while also focusing on maximizing profitability in the appliance business. 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.

在我們的視頻部門，我們報告第二季度收入為 5890 萬美元，環比增長 3%，同比下降 23%。雖然硬件銷售額較低，但我們的視頻收入包括 1,360 萬美元的 SaaS 收入，佔本季度部門收入的 23%，比上一年增長 58%。我們繼續執行視頻業務的戰略轉型和SaaS的持續增長，同時也專注於設備業務盈利能力的最大化。我們有一個客戶佔本季度總收入的 10% 以上，康卡斯特佔總收入的 47%，與上季度相似。

Total company gross margins was 54.7% for Q2 '23, up 80 basis points sequentially and 190 basis points year-over-year, reflecting increased gross margins in both of our business segments sequentially. Broadband gross margin was 50.5% for Q2 '23, up 40 basis points sequentially and 750 basis points year-over-year. The sequential increase predominantly reflects favorable software mix as a result of lower hardware sales in Q2.

2023 年第二季度公司總毛利率為 54.7%，環比增長 80 個基點，同比增長 190 個基點，反映出我們兩個業務部門的毛利率環比增長。 2023 年第二季度寬帶毛利率為 50.5%，環比增長 40 個基點，同比增長 750 個基點。環比增長主要反映了第二季度硬件銷量下降導致的有利軟件組合。

Video segment gross margin was 61.7% in Q2 '23, up 130 basis points sequentially and down 150 basis points year-over-year. The sequential increase was primarily due to SaaS continuing to scale.

2023 年第二季度視頻業務毛利率為 61.7%，環比增長 130 個基點，同比下降 150 個基點。環比增長主要是由於 SaaS 的持續擴展。

Moving down the income statement on Slide 9. Q2 '23 operating expenses were $67.2 million, up 1.5% sequentially and 9% year-over-year. The sequential increase reflects higher sales commissions due to recent contract wins. Adjusted EBITDA for Q2 '23 was $21.1 million or 13.5% of revenue, down 13.4% versus Q2 '22, comprised of $19.7 million from Broadband, representing 20% -- 20.2% of segment revenue and $1.4 million from Video. This all translated into Q2 '23 EPS of $0.12 per share, consistent with Q1 '23 and compared to $0.16 per share for Q2 '22.

向下移動幻燈片 9 上的損益表。2023 年第 2 季度運營支出為 6,720 萬美元，比上一季度增長 1.5%，比去年同期增長 9%。連續增長反映了由於最近贏得合同而導致的銷售佣金增加。 23 年第二季度調整後EBITDA 為2110 萬美元，佔收入的13.5%，比22 年第二季度下降13.4%，其中寬帶收入為1970 萬美元，佔部門收入的20% - 20.2%，視頻收入為140 萬美元。這一切都轉化為 23 年第二季度的 EPS 為每股 0.12 美元，與 23 年第一季度一致，而 22 年第二季度為每股 0.16 美元。

We ended the second quarter of 2023 with a calculated diluted weighted average share count of 119.3 million compared to 117.8 million in Q1 '23, and 109 million in Q2 '22. The sequential increase is primarily due to the increased convertible debt dilution of 1.2 million shares.

截至 2023 年第二季度，計算得出的稀釋加權平均股票數量為 1.193 億股，而 23 年第一季度為 1.178 億股，22 年第二季度為 1.09 億股。這一環比增長主要是由於 120 萬股可轉換債務稀釋增加。

Turning now to the order book. We reported bookings of $194.7 million. The book-to-bill ratio was 1.2 for the second quarter. For Q1 '23 and Q2 '22, our book-to-bill ratios were 2.1 and 0.9, respectively. This follows what we've stated previously that over time, as supply chain conditions improve, we expect this ratio to normalize and approach the historical benchmark of greater than 1 as it did in Q2.

現在轉向訂單簿。我們報告的預訂額為 1.947 億美元。第二季度的訂單出貨比為1.2。 23 年第一季度和 22 年第二季度，我們的訂單出貨比分別為 2.1 和 0.9。這遵循我們之前所說的，隨著時間的推移，隨著供應鏈狀況的改善，我們預計這一比率將正常化並接近大於 1 的歷史基準，就像第二季度那樣。

There is one item that I would like to draw your attention to from our GAAP to non-GAAP reconciliations for Q2. In Q2, we recorded a nonrecurring expense of $2.1 million that is excluded from our non-GAAP results relating to professional accounting tax and legal fees associated with strategic corporate initiatives. Given their nonrecurring nature, we have excluded these costs from our non-GAAP results to provide investors greater transparency regarding the performance of our core businesses.

我想提請您注意第二季度 GAAP 與非 GAAP 調節表中的一項內容。第二季度，我們記錄了 210 萬美元的非經常性費用，該費用不包括在與戰略性企業計劃相關的專業會計稅和法律費用相關的非公認會計準則業績中。鑑於其非經常性性質，我們已將這些成本從我們的非公認會計準則業績中排除，以便為投資者提供有關我們核心業務業績的更大透明度。

Turning to the balance sheet on Slide 10. We ended Q2 '23 with cash of $71 million compared to $90.9 million at the end of Q1 '23. The net $19.9 million sequential decrease was due to a few factors. We used $16.5 million of cash in operations. This was primarily due to an increase in accounts receivable, offset partially by a decrease in inventory in the quarter. I will address these 2 items in a moment. We also used $1.5 million of cash in the purchase of fixed assets.

轉向幻燈片 10 上的資產負債表。截至 23 年第二季度末，我們的現金為 7100 萬美元，而 23 年第一季度末為 9090 萬美元。環比淨減少 1,990 萬美元是由於幾個因素造成的。我們在運營中使用了 1650 萬美元的現金。這主要是由於應收賬款增加，但被本季度庫存減少部分抵消。我稍後將討論這兩個問題。我們還使用了 150 萬美元現金購買固定資產。

Turning to accounts receivables and days sales outstanding. At the end of Q2 '23, DSO was 69 compared to 50 in Q1 '23 and 61 in the prior year period. Our second quarter DSO reflected a significantly larger portion of shipments in the final 2 weeks of the quarter that have since been collected. Going forward, one of our larger customers has informed us that they will no longer take an early pay discount so that will now be reflected in our go-forward DSOs and cash forecast.

轉向應收賬款和應收賬款周轉天數。截至 23 年第二季度末，DSO 為 69，而 23 年第一季度為 50，上年同期為 61。我們第二季度的 DSO 反映了該季度最後兩週內已收集的大部分發貨量。展望未來，我們的一位大客戶已通知我們，他們將不再享受提前工資折扣，因此這將反映在我們的未來 DSO 和現金預測中。

Days inventory on hand was 145 days at the end of Q2 '23 compared to 163 at the end of Q1 '23 and 100 at the end of Q2 '22. It's important to note that the inventory decline in the quarter was a result of lower-than-expected material in feed as we tighten our supply chain.

23 年第二季度末的庫存天數為 145 天，而 23 年第一季度末的庫存天數為 163 天，22 年第二季度末的庫存天數為 100 天。值得注意的是，本季度庫存下降是由於我們收緊供應鏈而導致飼料原料低於預期。

Regarding capital allocation, our top priority remains driving our future growth. As such, when appropriate, we will strategically invest in building inventory as we've done in the past to meet strong demand. Having said that, as we've stated previously, we have the flexibility to maintain somewhat lower inventory levels. That is reflected in our ending inventory balances for the second quarter.

在資本配置方面，我們的首要任務仍然是推動我們未來的增長。因此，在適當的時候，我們將像過去那樣戰略性地投資於建立庫存，以滿足強勁的需求。話雖如此，正如我們之前所說，我們可以靈活地維持較低的庫存水平。這反映在我們第二季度的期末庫存餘額中。

At the same time, our capital allocation strategy takes into account our ability to return capital to our shareholders through stock repurchases. Again, as 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 condition, corporate needs and regulatory requirements. We also consider our 2024 convertible notes in our forward cash planning activities.

同時，我們的資本配置策略考慮到我們通過股票回購向股東返還資本的能力。同樣，如前所述，任何回購的時間和金額將取決於多種因素，包括哈雷普通股的價格、市場狀況、公司需求和監管要求。我們還在遠期現金規劃活動中考慮 2024 年可轉換票據。

At the end of Q2, total backlog and deferred revenue was $663.8 million compared to $623.5 million at the end of Q1. This record backlog and deferred revenue reflects continued 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. In summary, while our Q2 revenue was below expectations, our SaaS business continued to grow to record levels.

第二季度末，積壓訂單和遞延收入總額為 6.638 億美元，而第一季度末為 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持續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。總而言之，雖然我們第二季度的收入低於預期，但我們的 SaaS 業務繼續增長至創紀錄的水平。

In addition, our overall mix of software revenue was up significantly as reflected in the strength of our gross margins. While we do expect to see continued short-term headwinds in our revenue as customers deal with inventory levels and macroeconomic conditions, we do not see these factors impacting our market share or our long-term expectations for continued growth.

此外，我們的整體軟件收入組合顯著上升，這反映在我們毛利率的強勁表現上。雖然我們確實預計，隨著客戶處理庫存水平和宏觀經濟狀況，我們的收入將持續出現短期阻力，但我們認為這些因素不會影響我們的市場份額或我們對持續增長的長期預期。

Before reviewing the guidance, I'd like to take a moment to comment on my first 2 months here at Harmonic and my priorities going forward. First of all, as I've met with all the organizations and conducted a deeper review into our technology, capabilities and market opportunity, I'm extremely excited about the opportunities ahead of us and our ability to grow over the long term.

在查看指南之前，我想花點時間評論一下我在 Harmonic 的頭兩個月以及我未來的優先事項。首先，當我與所有組織會面並對我們的技術、能力和市場機會進行更深入的審查時，我對我們面前的機會以及我們長期發展的能力感到非常興奮。

To facilitate our long-term growth plans, I've laid out the following key priorities for my team in collaboration with the broader organization. First, to conduct a thorough review of our long-term market opportunities to drive an updated strategic plan, which we will share with you at our next Analyst Day late this year. Second, to develop a road map on how we scale up the organization cost effectively and with the appropriate tools and processes to facilitate our expected growth. And third, revise our capital allocation plan based on our updated strategic plan.

為了促進我們的長期發展計劃，我與更廣泛的組織合作，為我的團隊制定了以下關鍵優先事項。首先，對我們的長期市場機會進行徹底審查，以推動更新的戰略計劃，我們將在今年年底的下一個分析師日與您分享。其次，制定路線圖，說明如何以成本有效的方式擴大組織規模，並使用適當的工具和流程來促進我們的預期增長。第三，根據更新的戰略計劃修改我們的資本配置計劃。

I look forward to updating you as we progress on these key priorities.

我期待著在我們在這些關鍵優先事項上取得進展時向您通報最新情況。

Let's now review our revised non-GAAP guidance for 2023, beginning on Slide 11. Based on the current macroeconomic conditions and the continued demand we're seeing for our products, for the full year 2023, on a total company basis, we expect revenue in the range of $620 million to $660 million, gross margin in the range of 51.9% to 52.9%, operating expenses to range from $262 million to $268 million, adjusted EBITDA to range from $71 million to $93 million, an effective tax rate of 20%, up from 13% from last year as we exhausted our NOLs in the past year, a weighted average diluted share count of approximately 119.2 million. Please note that the convertible debt-related dilution included in our share count uses the Q2 average stock price, which was approximately $16.05. As a reminder, the share count figure utilized in our dilution calculations will change depending on stock price movements. EPS to range from $0.38 to $0.52 per share, subject to the just mentioned dilution calculation, down 24% at the midpoint from previous guidance. And cash at the end of 2023 is expected to come in between $80 million to $95 million.

現在讓我們從幻燈片11 開始回顧一下我們修訂後的2023 年非GAAP 指引。根據當前的宏觀經濟狀況和我們看到的對我們產品的持續需求，對於2023 年全年，我們預計在公司總收入的基礎上毛利率在 51.9% 到 52.9% 之間，運營費用在 2.62 億美元到 2.68 億美元之間，調整後 EBITDA 在 7100 萬美元到 9300 萬美元之間，有效稅率為 20 %，高於去年的13%，因為我們去年耗盡了NOL，加權平均稀釋後股票數量約為1.192 億股。請注意，我們的股數中包含的可轉換債務相關稀釋使用的是第二季度平均股價，約為 16.05 美元。提醒一下，我們稀釋計算中使用的股數數字將根據股價變動而變化。根據剛才提到的稀釋計算，每股收益將在 0.38 美元至 0.52 美元之間，比之前的指引中值下降 24%。到 2023 年底，現金預計將達到 8000 萬至 9500 萬美元。

Our cash guidance reflects one of our larger customers no longer taking an early pay discount option, as I mentioned earlier. This will result in higher DSOs than what we have seen over the past few quarters. We still see cash accretion over the second half of 2023 and into 2024 to give us full optionality on how we handle the repayment of the principal of our 2024 convertible notes.

正如我之前提到的，我們的現金指導反映了我們的一位大客戶不再採取提前支付折扣的選擇。這將導致 DSO 高於我們過去幾個季度所看到的水平。我們仍預計 2023 年下半年和 2024 年現金會增加，以便我們可以完全選擇如何處理 2024 年可轉換票據本金的償還。

For total company for the third quarter of 2023 on Slide 12, we expect revenue in the range of $125 million to $140 million, gross margin in the range of 50.0% to 50.8%, operating expenses to range from $65 million to $67 million, adjusted EBITDA to range from 0 to $8 million, an effective tax rate of 20%, a weighted average diluted share count of approximately 112 million to 119.8 million. And EPS to range from a loss of $0.02 to a profit of $0.02, and then cash to range from $80 million to $90 million.

對於幻燈片12 上的2023 年第三季度公司總體情況，我們預計收入在1.25 億美元至1.4 億美元之間，毛利率在50.0% 至50.8% 範圍內，調整後運營費用在6500 萬美元至6700萬美元之間EBITDA 範圍為 0 至 800 萬美元，有效稅率為 20%，加權平均稀釋後股份數量約為 1.12 億至 1.198 億股。每股收益從虧損 0.02 美元到盈利 0.02 美元不等，現金則從 8000 萬美元到 9000 萬美元不等。

Turning to Slide 13. For the full year 2023 based on the progress to date, we expect Broadband to achieve revenue between $385 million to $410 million, below our prior guidance at the midpoint. Gross margins between 47.0% to 48.0%, reflecting a much greater mix of hardware in the second half of 2023 versus the first half. Operating expenses between $122 million to $125 million and adjusted EBITDA between $65 million to $78 million.

轉向幻燈片 13。根據迄今為止的進展，我們預計 2023 年全年寬帶將實現收入 3.85 億美元至 4.1 億美元之間，低於我們之前的中值指引。毛利率在 47.0% 至 48.0% 之間，反映出 2023 年下半年的硬件組合比上半年要大得多。運營費用在 1.22 億美元至 1.25 億美元之間，調整後的 EBITDA 在 6500 萬美元至 7800 萬美元之間。

For our Broadband segment in Q3, we expect revenue in the range of $70 million to $80 million, gross margin in the range of 42.5% to 43.5%, operating expenses in the range of $30 million to $31 million, and adjusted EBITDA to range from $1 million to $6 million.

對於第三季度的寬帶業務，我們預計收入將在7000 萬美元至8000 萬美元之間，毛利率將在42.5% 至43.5% 之間，運營費用將在3000 萬美元至3100 萬美元之間，調整後的EBITDA 將在100萬至600萬美元。

Now on Slide 14, I will review full year '23 Video segment guidance. We expect revenue in the range of $235 million to $250 million, gross margins in the range of 60% to 61%, operating expenses in the range of $140 million to $143 million and adjusted EBITDA in the range of $6 million to $15 million. For our Video segment in Q3, we expect revenue in the range of $55 million to $60 million, gross margin in the range of 59.5% to 60.5%, operating expenses in the range of $35 million to $36 million and adjusted EBITDA to range from a loss of $1 million to a profit of $2 million.

現在，在幻燈片 14 上，我將回顧 23 年全年視頻片段指南。我們預計收入將在2.35 億美元至2.5 億美元之間，毛利率將在60% 至61% 之間，運營費用將在1.4 億美元至1.43 億美元之間，調整後EBITDA 將在600 萬美元至1500 萬美元之間。對於第三季度的視頻部門，我們預計收入將在5500 萬美元至6000 萬美元之間，毛利率將在59.5% 至60.5% 之間，運營費用將在3500 萬美元至3600 萬美元之間，調整後的EBITDA 將在虧損 100 萬美元，盈利 200 萬美元。

This guidance reflects a wider range on revenue and earnings related to short-term headwinds we are seeing with customers. We believe it's somewhat conservative, which we think is appropriate given the current environment. In summary, during the second quarter, we continued to execute on our long-term strategic plans with continued growth in our Broadband segment and further progress with the planned transformation of our Video segment and shift to SaaS. We ended the second quarter with record backlog and deferred revenue, which we believe positions us well for future growth.

該指引反映了我們在客戶中看到的與短期不利因素相關的更廣泛的收入和收益。我們認為這有些保守，但考慮到當前的環境，我們認為這是適當的。總而言之，第二季度，我們繼續執行長期戰略計劃，寬帶業務持續增長，視頻業務轉型和向 SaaS 的轉型取得進一步進展。我們以創紀錄的積壓和遞延收入結束了第二季度，我們相信這為我們未來的增長奠定了良好的基礎。

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，我將把它轉回帕特里克進行最後發言。

Thanks very much, Walter. I think you've got the summary right. Our products and services, our customer relationships and our team will continue to lead the markets we serve. We remain determined and confident in leveraging this leadership to take full advantage of the expanding market opportunities in front of us. And we appreciate all of you listening on the call today, our shareholders. We appreciate your continued support.

非常感謝，沃爾特。我認為你的總結是正確的。我們的產品和服務、客戶關係和團隊將繼續引領我們所服務的市場。我們仍然有決心和信心，利用這種領導地位，充分利用我們面前不斷擴大的市場機會。我們感謝今天收聽電話會議的所有人，我們的股東。我們感謝您一如既往的支持。

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

現在讓我們開始提問。

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

我們的第一個問題來自雷蒙德·詹姆斯的西蒙·利奧波德。

So a couple of things I'm trying to digest here, but it really comes down to trying to make sure we understand what's changed in terms of the commentary you offered last quarter to this quarter because it seems to me that this is a combination of factors and not just one.

因此，我想在這裡消化一些事情，但實際上歸根結底是為了確保我們理解您上季度到本季度提供的評論方面發生了什麼變化，因為在我看來，這是以下因素的結合：因素，而且不僅僅是一個。

So I think we had been expecting during the second half of the calendar year, you would be seeing more growth from your other customers besides your largest. And we also felt like your largest customer was sort of running at a pretty steady pace. And given this outlook for the third quarter, it seems as if perhaps your largest customers are sitting on too much inventory and the other customers are maybe not showing up with the strength you thought. And just one clarification to sort of tie this together, if it does seem as if the fourth quarter is you're anticipating very, very strong sequential growth, and I want to make sure I'm sort of plugging that in correctly and sort of what gets us there.

因此，我認為我們一直預計在今年下半年，除了最大的客戶之外，您還會看到其他客戶的更多增長。我們還覺得你們最大的客戶正在以相當穩定的速度運行。考慮到第三季度的前景，您最大的客戶似乎擁有過多的庫存，而其他客戶可能沒有以您想像的實力出現。如果你確實預計第四季度將出現非常非常強勁的連續增長，那麼我想確保我能夠正確地插入這一點，並將其聯繫在一起，只是一個澄清是什麼讓我們到達那裡。

Okay. Well, thank you, Simon. There's a lot there in the question. As you know, we cannot parse out what's happening with different customers. Maybe going back to the headline, indeed, what transpired during the past quarter in terms of expected demand, we saw a significant change in terms of what was communicated to us. The change was not exclusively from one customer. We don't think, in any way, it reflects changes in long term or even mid-range plans. It does reflect though some absorption of inventory, some contraction. And secondarily, I think some other market factors, transition to FDX being one of them.

好的。好吧，謝謝你，西蒙。問題中有很多內容。如您所知，我們無法解析不同客戶的情況。也許回到標題，事實上，上個季度在預期需求方面發生的情況，我們看到傳達給我們的內容髮生了重大變化。這一變化並不完全來自一位客戶。我們不認為它以任何方式反映了長期甚至中期計劃的變化。它確實反映了庫存的一些吸收和收縮。其次，我認為還有其他一些市場因素，向 FDX 的過渡就是其中之一。

I think the outlook for the business, while it's premature to give 2024 guidance, the outlook for the business is really unchanged. And I think recent statements by several of our customers, as they've issued their earnings releases, speaks to their continuing aggressiveness in advancing their deployment plans. We're certainly encouraged by that. And we're -- yes, we're confident in the guide that we've given here for the fourth quarter and confident in our positioning with these customers as they continue to drive their businesses.

我認為業務前景雖然現在給出 2024 年指導還為時過早，但業務前景確實沒有改變。我認為我們的一些客戶最近在發布收益報告時發表的聲明表明了他們在推進部署計劃方面的持續積極性。我們當然對此感到鼓舞。是的，我們對我們在這裡提供的第四季度指南充滿信心，並對我們在這些客戶繼續推動業務的過程中的定位充滿信心。

Thanks for that clarification. And just maybe a quick follow-up, if I might. I wanted to get a little bit more color on how you structure your agreements in the CableOS, whether your customers are getting perpetual licenses, paying by the seat, whether there's a renewal stream. Just if you could unpack the business arrangements around the software aspects on the cable side.

感謝您的澄清。如果可以的話，也許我會快速跟進。我想進一步了解如何在 CableOS 中構建協議、您的客戶是否獲得永久許可證、按席位付費、是否有續訂流。只要您能在電纜方面圍繞軟件方面解開業務安排就好了。

Okay. I'll take it, and Walter, you can chime in. Simon, the most common model and the truth is there are a couple of different models we've used. But by far and away, the most common model is a perpetual license associated with a fixed amount of provisioned bandwidth around a specific standard. So let's just say, 100 megabits, 5 gigabits, 10 gigabits of DOCSIS 3.1 traffic, a perpetual license for that, that is associated with the underlying compute.

好的。我會接受，沃爾特，你可以插話。西蒙，最常見的模型，事實是我們使用了幾種不同的模型。但到目前為止，最常見的模型是與圍繞特定標準的固定配置帶寬量相關聯的永久許可證。因此，我們可以說，100 兆、5 兆、10 兆的 DOCSIS 3.1 流量是與底層計算相關的永久許可證。

So when a customer migrates to 4.0, you'd essentially have a new software agreement?

那麼，當客戶遷移到 4.0 時，您基本上會獲得新的軟件協議嗎？

That is the most common model. That is correct.

這是最常見的模型。那是對的。

And Walter, you were going to say something?

沃爾特，你想說點什麼嗎？

Yes, I was just going to add, as Patrick highlighted, just to emphasize the point, there are different models in terms of the CableOS and how we're selling that through to customers and how that will transact going forward. So as we see customers, there's many customers who will be buying on a subscriber basis. So as they increase their network in terms of adding subscribers, that will have an impact in terms of our software revenues.

是的，我只是想補充一點，正如帕特里克強調的那樣，只是為了強調這一點，CableOS 方面有不同的模型，以及我們如何將其銷售給客戶以及未來如何進行交易。因此，當我們看到客戶時，有很多客戶會以訂閱者的方式進行購買。因此，當他們通過增加用戶來擴大網絡時，這將對我們的軟件收入產生影響。

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

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

Given your software license model there around bandwidth consumption, I've been hearing there were some recent history reports about declines in broadband traffic demands. And I wonder if you're seeing that have any impact relative to kind of the pace of customer projects and maybe over purchase of inventory. So as you look at kind of these near-term headwinds, and it sounds like you've mentioned it was mostly international. Can you parse out any of those thoughts for me in terms of how you think that might be affecting your near-term demand?

考慮到您圍繞帶寬消耗的軟件許可模型，我聽說最近有一些關於寬帶流量需求下降的歷史報告。我想知道您是否發現這對客戶項目的節奏以及庫存的過度購買有任何影響。因此，當你看到這些近期的逆風時，聽起來你已經提到這主要是國際性的。您能否為我分析一下這些想法可能會如何影響您的近期需求？

Yes, Ryan. It's Walter. Thanks for the question. So first of all, with regards to international demand and comments, so I think those comments reflect across both Broadband and Video. We're seeing certain regions that are being more impacted in terms of delaying their decisions to move forward with certain projects. So I first wanted to clarify that point specifically.

是的，瑞安。這是沃爾特。謝謝你的提問。首先，關於國際需求和評論，我認為這些評論反映在寬帶和視頻領域。我們發現某些地區因推遲推進某些項目的決定而受到更大的影響。所以我首先想具體澄清這一點。

And then secondly, as we had emphasized in our opening remarks, customers are adjusting inventory levels. I think that's something that's happening across the board with many customers out there and doesn't necessarily reflect their plans in terms of deployments moving forward. And I think that's a really important point to take away from the comments here. We expect, as Patrick highlighted earlier, that the fundamentals, the expectation of continued growth and rollouts from our customers is happening and will continue to happen. And from the position of where we stand and the wins that we have and the market share, we've never been stronger. So I just wanted to clarify with those comments.

其次，正如我們在開場白中強調的那樣，客戶正在調整庫存水平。我認為這是許多客戶全面發生的事情，並不一定反映他們在未來部署方面的計劃。我認為這是從這裡的評論中得到的非常重要的一點。正如帕特里克早些時候強調的那樣，我們預計基本面、客戶對持續增長和推出的期望正在發生並將繼續發生。從我們所處的位置、我們所取得的勝利以及市場份額來看，我們從未如此強大。所以我只是想澄清這些評論。

That's great. And I want to kind of continue that thought forward with a comment around FDX and DOCSIS 4.0. Are you -- it sounds like you feel well prepared to participate in some of these early trials. When do you think you'll see kind of the customers in total really begin to move over to DOCSIS 4.0? Are we still talking '25, do you think?

那太棒了。我想通過對 FDX 和 DOCSIS 4.0 的評論來繼續這一想法。你是嗎——聽起來你已經做好了參加其中一些早期試驗的準備。您認為什麼時候您會看到大量客戶真正開始轉向 DOCSIS 4.0？你認為我們還在談論“25”嗎？

It's a fluid picture, Ryan. Actually, the progress -- the technology progress and the early trial progress that we've been involved with has actually moved more quickly than I think many anticipated. We expect not just trials, but we now expect initial true deployment, revenue deployments to be happening beginning in 2024. Now some customers are further along and more aggressive than others. So 2024, I think, will still be more of a DOCSIS 3.1 story. But there's no doubt that because of the pace of progress that we in particular have made, and I believe that we're very much leading here, the door is now open to some customers to start to pivot to that even in 2024.

這是一幅流動的畫面，瑞安。事實上，我們所參與的技術進步和早期試驗進展實際上比我認為許多人預期的要快。我們不僅期望進行試驗，現在還期望從 2024 年開始進行初步的真正部署和收入部署。現在，一些客戶比其他客戶走得更遠，也更積極。因此，我認為 2024 年仍將是 DOCSIS 3.1 的故事。但毫無疑問，由於我們所取得的進展速度，而且我相信我們在這方面處於領先地位，現在大門已經向一些客戶敞開，即使在 2024 年也可以開始轉向這一點。

And I think it's exciting. It's creating -- it's going to enable, I think, a very interesting competitor -- additional competitive platform, excuse me, for cable versus telco and pure fiber competitors. And I think it also speaks, maybe back to the earlier part of your question, to the continuing aggressiveness that many of our customers are still looking -- or still have motivating them as they're looking at competing in this space.

我認為這很令人興奮。它正在創造——我認為，它將成為一個非常有趣的競爭對手——額外的競爭平台，對不起，是針對有線電視與電信和純光纖競爭對手的。我認為這也說明了，也許回到了你問題的前半部分，我們的許多客戶仍在尋求持續的積極性，或者在考慮在這個領域競爭時仍然激勵他們。

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

我們的下一個問題來自羅森布拉特證券公司的史蒂文弗蘭克爾。

Patrick, let me just circle back to the second part of Simon's question, which was I think all of us had this assumption that while your largest customer may be going through something, there was a set of other customers, including some Tier 1s that haven't really gotten started yet. They were still in the early deployment phases, and the assumption was they would be ramping up in the back half of this year. Are you telling us that some of those customers are also putting the brakes on at this point? They're not ready to ramp up?

帕特里克，讓我回到西蒙問題的第二部分，我認為我們所有人都有這樣的假設，即雖然您最大的客戶可能正在經歷一些事情，但還有一些其他客戶，包括一些尚未經歷過的一級客戶還沒有真正開始。它們仍處於早期部署階段，預計它們將在今年下半年加速部署。您是否告訴我們，其中一些客戶此時也踩剎車了？他們還沒有準備好加速嗎？

Steve, it's Walter. I will first answer that, and then Patrick can add some more color. I think -- and it was mentioned earlier here in the Q&A that when you look at our guidance, we do expect multiple customers to be ramping up in Q4, and you see that in our number based on the full year guide that we've provided. So the quick answer to that is yes, we're seeing customers starting to ramp up. And we're seeing it in our Q4 guidance, and we've built it in. And Patrick, if you...

史蒂夫，我是沃爾特。我會先回答這個問題，然後帕特里克可以添加更多顏色。我認為 - 前面在問答中提到，當您查看我們的指導時，我們確實預計第四季度會有多個客戶增加，並且您可以在我們基於全年指南的數字中看到這一點假如。因此，答案是肯定的，我們看到客戶開始增加。我們在第四季度的指導中看到了這一點，並且我們已經將其納入其中。帕特里克，如果你......

No. I think that captures it all.

不，我認為這已經說明了一切。

But no one's stepping up in Q3 to fill the gap clearly from the guidance. Patrick, maybe some color on the 2 new Tier 1 wins?

但沒有人會在第三季度採取行動來填補指導中明確的空白。帕特里克，也許對 2 個新的 1 級勝利有一些了解？

We're excited about them. They are definitely players or, let's say, if I can use them in quotes, household names in the community. So they're premier accounts, and we're excited to have them on board. I think that, as I mentioned in the prepared remarks, initial multimillion dollar orders, so we have a ways to go. But to your question, neither is contributing revenue yet. And likely, only modest revenue before year-end, but it's really part of the layering that's going on of our business and speaking to what we think will be greater diversity of customers, a breadth of customers, a large as well as small, that's building over time here. Yes, Steve, it's not always easy to exactly prognosticate what the pace of the ramp will be. Every customer has got their own thing going on. But having more in the funnel, it's only good news for our business. And so we're thrilled to see continuing progress in North America as well as continuing progress overseas.

我們為他們感到興奮。他們絕對是玩家，或者，如果我可以在引號中使用他們的話，他們是社區中家喻戶曉的名字。所以他們是首要客戶，我們很高興他們的加入。我認為，正如我在準備好的發言中提到的，初始訂單數百萬美元，所以我們還有很長的路要走。但對於你的問題，兩者都還沒有貢獻收入。年底前的收入很可能只有適度，但這確實是我們業務分層的一部分，我們認為客戶將更加多樣化，客戶範圍廣泛，無論大小，這就是隨著時間的推移在這裡建設。是的，史蒂夫，準確預測坡道的速度並不總是那麼容易。每個客戶都有自己的事情要做。但漏斗中的更多內容對我們的業務來說只是好消息。因此，我們很高興看到北美和海外​​的持續進步。

Okay. And just a clarification on the backlog. I think you've said a couple of times you didn't feel like you were losing any market share or any shifts there. But from a technical point of view, if I was a customer, do I have the ability to cancel that backlog? Or am I locked in to some extent?

好的。只是對積壓的工作進行澄清。我想你已經說過好幾次了，你並不覺得自己失去了任何市場份額或任何轉變。但從技術角度來看，如果我是客戶，我有能力取消積壓的訂單嗎？或者我在某種程度上被鎖定了？

Generally, customers are locked in with their purchase commitments. What we sometimes see and have obviously experienced is customers will push out the order dates. And so we have to work with our customers with regards to their plans and requirements. And so that is something that does impact us from the perspective of timing as compared to an order being cancelable.

一般來說，客戶會被鎖定他們的購買承諾。我們有時看到並且明顯經歷過的是客戶會推遲訂單日期。因此，我們必須與客戶合作，滿足他們的計劃和要求。因此，與可取消的訂單相比，從時間的角度來看，這確實對我們產生了影響。

And our next question comes from the line of George Notter from Jefferies.

我們的下一個問題來自傑富瑞 (Jefferies) 的喬治·諾特 (George Notter)。

This is Blake on for George. I'm curious if you can provide any additional detail on the follow-on software contract with the existing large Tier 1? Maybe how that deal is structured, if it's any different and if the economics have improved at all for you?

這是喬治的布萊克。我很好奇您是否可以提供有關與現有大型 Tier 1 的後續軟件合同的任何其他詳細信息？也許這筆交易的結構如何，是否有什麼不同，以及經濟狀況對您來說是否有所改善？

I appreciate the question, and I understand where it's coming from. But I ask you to appreciate, it's not something that we can really unpack for you. I think the headline message is the differentiation, the power of the software is enduring. And I think we faced a question of, gee, will some customers stay with you? And I think we're offering it as an example of the durability of the leadership and of the relationships that are built around or built around the software, how the software is a major building block.

我很欣賞這個問題，我也理解它的來源。但我請你明白，這不是我們能為你真正解開的東西。我認為主要信息是差異化，軟件的力量是持久的。我認為我們面臨的一個問題是，天啊，有些顧客會留下來嗎？我認為我們將其作為一個例子，展示了領導力的持久性以及圍繞軟件建立的關係，以及軟件如何成為主要構建塊。

What we can't talk about really is the duration, the scope or other aspects of it. And other than to say that in no way is it a one for one with what has been done previously with the customer. But it's an important reflection of our continuing relationship and the continuing leadership that we have in the industry with our software capability.

我們真正不能談論的是它的持續時間、範圍或其他方面。除此之外，這絕不是與之前與客戶所做的一對一的。但這是我們持續合作關係以及我們憑藉軟件能力在行業中保持持續領先地位的重要體現。

Understood. And then curious where lead times stand for cable access equipment. I believe they're about 12 months recently for larger quantity node orders. Is that still the case? And maybe how did they change at all out -- they did during the quarter, if so?

明白了。然後好奇電纜接入設備的交貨時間是多少。我相信最近較大數量的節點訂單大約需要 12 個月。現在還是這樣嗎？也許他們在本季度發生了怎樣的變化，如果是的話？

Blake, it's Walter here. So what I can say is that from our perspective, I mean, we've continued to work with our customers based on our lead time requirements. And from a supply chain perspective, and I made the comments in the opening remarks, we continue to see certain long lead time parts that require 52-week lead times. But there's many parts in the supply chain now that have actually improved, and that's given us more flexibility in terms of our ability to order up and square up inventory.

布萊克，我是沃爾特。所以我可以說的是，從我們的角度來看，我的意思是，我們繼續根據我們的交貨時間要求與客戶合作。從供應鏈的角度來看，我在開場白中發表了評論，我們繼續看到某些需要 52 週交貨時間的長交貨期零件。但現在供應鏈中的許多部分實際上已經得到了改善，這使我們在訂購和整理庫存方面具有更大的靈活性。

And I think from a customer standpoint, customers are looking at their buffers and determining what inventory levels they want to hold. And I think that's where it comes back to the comments we made around customers making inventory adjustments, and we see that across many customers that we have today.

我認為從客戶的角度來看，客戶正在考慮他們的緩衝並確定他們想要持有的庫存水平。我認為這就是我們圍繞客戶進行庫存調整所做的評論的來源，我們在今天的許多客戶中都看到了這一點。

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

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

I had a couple of questions here. First, following on an earlier discussion about the new Tier 1 wins, and, I guess, we'll throw Charter in there as well. Is there -- to the extent, Patrick, you talked about your growth outlook, though not explicitly stated for '24 being unchanged. Does that imply that the real -- you won't see much in terms of meaningful revenue contribution from any of those 3 wins this year with the -- even though you booked some orders? The meaningful ramp coming next year? And I guess could those, in the aggregate, help to get you pretty close to achieving that growth plan?

我在這裡有幾個問題。首先，繼之前關於新的 1 級勝利的討論之後，我想我們也會將 Charter 也放在那裡。帕特里克，您是否談到了您的增長前景，儘管沒有明確表示 24 世紀保持不變。這是否意味著即使您預訂了一些訂單，今年您也不會從這三場胜利中看到太多有意義的收入貢獻？明年會出現有意義的增長嗎？我想，總的來說，這些可以幫助您非常接近實現該增長計劃嗎？

I appreciate the question, Tim. I think it is premature for us to be talking in any quantitative way about 2024. And as you also, I think, will appreciate, I can't comment specifically about Charter. But look, what we've seen with other Tier 1s -- and going back to the Comcast relationship, it takes a while to get going. It's a powerful but new operational paradigm in addition to technology, et cetera. And so there is an on-ramp, for lack of a better term, that needs to be worked through. And in each of these accounts, we're working through that. I cannot say that there is no contribution in 2023. In fact, that there is modest contribution from some of the newer Tier 1s in 2023. But indeed, the lion's share of the opportunity lies ahead in 2024 and 2025. That's for sure.

我很欣賞這個問題，蒂姆。我認為我們現在以任何定量方式談論 2024 年還為時過早。我想，正如你們也會理解的那樣，我無法具體評論《憲章》。但是看，我們在其他一級公司中看到的情況 - 回到康卡斯特的關係，需要一段時間才能開始。除了技術等之外，它是一種強大但新的操作範式。因此，由於缺乏更好的術語，需要解決一個入口匝道。在每個賬戶中，我們都在努力解決這個問題。我不能說 2023 年沒有貢獻。事實上，一些較新的一級企業在 2023 年的貢獻不大。但事實上，最大的機會就在 2024 年和 2025 年。這是肯定的。

And as we look out to 2024 and 2025, that's one of the reasons why we can say with more certainty or more confidence that as we look at customer concentration in our business, et cetera, we think we will be in a different place as more of these Tier 1s come online. Exact timing and exact size, I think we're going to have to hold back being quantitative until we're a little closer to 2024 and we've reviewed with our customers their more detailed 2024 plans.

當我們展望 2024 年和 2025 年時，這就是為什麼我們可以更確定或更自信地說，當我們考慮業務中的客戶集中度等時，我們認為我們將處於不同的位置，因為更多其中1 級已上線。確切的時間和確切的規模，我認為我們將不得不暫停量化，直到我們接近 2024 年，並且我們已經與客戶一起審查了他們更詳細的 2024 年計劃。

Got it. And on to a separate topic here, and this might get a little sticky, so please bear with me. And you commented earlier on the call and in the prepared remarks that you didn't feel like well, A, most of your comments about areas of weakness seem to be focused on the outside plan. When you say hardware, at least that's what it means to me. And your order book kind of reflects that. It's a pretty good order book for a weakening demand environment, and you mentioned some of the new Tier 1s there.

知道了。這裡有一個單獨的主題，這可能會有點棘手，所以請耐心等待。您早些時候在電話會議和準備好的發言中評論道，您感覺不太好，A，您對薄弱環節的大部分評論似乎都集中在外部計劃上。當你說硬件時，至少這對我來說意味著什麼。你的訂單簿也反映了這一點。對於需求疲軟的環境來說，這是一個相當不錯的訂單簿，您在那裡提到了一些新的一級訂單。

So are we seeing some differentiation in how the business is behaving between kind of the virtualized CCAP, the router side of the house versus the node side? And you did mention, you didn't feel like you were losing market share. But to the extent that FDX is ramping pretty quickly and one of your big established competitors is arguably very well positioned there, wouldn't that -- A, would that implicitly imply some market share loss in the hardware side nodes? B, might not that be a good thing for your business model over time, right? Less revenue, higher margins. And C, is that what's behind maybe a rethinking of the '25 Analyst Day targets? On the one hand, Patrick, you said support long-term growth targets. I thought Walter just told me we have new numbers coming. Can you guys clarify that? And I apologize in advance for that, so sorry.

那麼，我們是否看到虛擬化 CCAP、路由器端與節點端之間的業務行為存在一些差異？您確實提到，您並不覺得自己正在失去市場份額。但就 FDX 的增長速度相當快而言，並且您的一個大型競爭對手可以說在那里處於非常有利的位置，這難道不是 - A，這是否隱含著硬件側節點的一些市場份額損失？ B，隨著時間的推移，這對你的商業模式來說可能不是一件好事，對吧？收入減少，利潤增加。 C，這就是重新思考“25 分析師日”目標背後的原因嗎？一方面，帕特里克，你說支持長期增長目標。我以為沃爾特剛剛告訴我我們有新的數字即將到來。你們能澄清一下嗎？我為此提前道歉，非常抱歉。

No, it's okay. But there are several things there. So we'll do our best to kind of track through them, and maybe you can remind us along the way. Why don't we start at the end, Walter?

不，沒關係。但其中有幾件事。因此，我們將盡力追踪它們，也許您可​​以一路提醒我們。我們為什麼不從最後開始呢，沃爾特？

Let me handle that one first, Tim. So in my remarks in terms of our focus every year, we go through a strat planning process. And now I'm coming in new into the organization and working with the team to thoroughly go through that process and build up our long-term strat plan. And so we will be revising that plan. We'll be working together as a team internally and then presenting that at our Analyst Day later this year. So I just wanted to clarify, this is something that will happen each and every year, and as you would expect, in terms of us recasting our long-term plan.

讓我先處理這個問題，蒂姆。因此，在我所說的每年的重點方面，我們都會經歷一個策略規劃過程。現在，我作為新人加入該組織，並與團隊一起徹底完成該流程並製定我們的長期戰略計劃。因此我們將修改該計劃。我們將在內部作為一個團隊一起工作，然後在今年晚些時候的分析師日上展示這一點。所以我只是想澄清一下，這是每年都會發生的事情，正如你所期望的，就我們重新制定長期計劃而言。

And with regards to the target models that have been provided previously, those were put together in -- a year ago and presented at Analyst Day. And as Patrick pointed out earlier and in some of our remarks, if you look at the long-term opportunity for us in terms of the market itself and our position in the market, we're still very strong in terms of our overall position. So I'll let Patrick handle the next couple of questions here.

至於之前提供的目標模型，這些模型是在一年前匯總並在分析師日上提出的。正如帕特里克早些時候在我們的一些言論中指出的那樣，如果你從市場本身和我們在市場中的地位來看我們的長期機會，就我們的整體地位而言，我們仍然非常強大。所以我會讓帕特里克在這里處理接下來的幾個問題。

Okay. Thanks, Walter. So Tim, I think there's a couple of interrelated topics, so I'll try to touch briefly and then you can direct a follow-up. So in no particular order, maybe DOCSIS 4.0. We think we're incredibly well positioned there. And the work we've done, we think, is exceptional. And the feedback we're getting from the customer base on the products we've made is exceptional. So in fact, we see DOCSIS 4.0 as an opportunity to capture even more hardware market share. And of course, the quick way we've been able to adapt because of the software basis of the core is a big part of the agility and speed there. So we see 4.0 as a positive in terms of strengthening the competitive position. And frankly, it's -- from a hardware perspective, it's a higher price point. So from multiple perspectives, it's a good thing.

好的。謝謝，沃爾特。蒂姆，我認為有幾個相互關聯的主題，所以我將嘗試簡要介紹一下，然後您可以指導後續行動。所以排名不分先後，可能是 DOCSIS 4.0。我們認為我們在那里處於非常有利的位置。我們認為，我們所做的工作是非常出色的。我們從客戶群那裡得到的關於我們生產的產品的反饋非常好。因此，事實上，我們將 DOCSIS 4.0 視為佔領更多硬件市場份額的機會。當然，由於核心的軟件基礎，​​我們能夠快速適應，這是敏捷性和速度的重要組成部分。因此，我們認為 4.0 對於加強競爭地位是積極的。坦率地說，從硬件角度來看，這是一個更高的價格點。所以從多個角度來看，這是一件好事。

Although there may be a little bit of delay in the market as some folks begin to look ahead to DOCSIS 4.0 product. You also touched on maybe related to that the market share more broadly. Look, we do not think that we are losing any market share. In fact, we think -- what we think we -- the politically correct word is we think that we have, by far and away, leadership share in the software core, the only real virtualized solution out there. On the hardware side of things, though, we think we actually continue to exceed our expectations in terms of market share. And in particular, the most recent addition of the Dell'Oro report, I think, calls out for the first time Harmonic as the clear market leader here in all things DAA, NBC, MTS.

儘管市場可能會出現一些延遲，因為一些人開始期待 DOCSIS 4.0 產品。您還談到了可能與更廣泛的市場份額有關的問題。看，我們不認為我們正在失去任何市場份額。事實上，我們認為——我們認為我們——政治上正確的詞是我們認為我們在軟件核心方面遙遙領先，這是唯一真正的虛擬化解決方案。不過，在硬件方面，我們認為我們的市場份額實際上繼續超出了我們的預期。我認為，特別是最近添加的 Dell'Oro 報告首次將 Harmonic 稱為 DAA、NBC、MTS 領域的明確市場領導者。

And maybe last but not least, we talked about the -- you asked about the software-hardware balance. And indeed, I think what you saw in the second quarter was lighter software for the reasons -- hardware, excuse me, for the reasons we've discussed. But we saw pretty strong software, which is why the mix kind of tilted and the margins were as strong as they are. So no doubt about it. We are -- our strength in software, I would call commanding.

也許最後但並非最不重要的一點是，我們討論了您詢問的軟件硬件平衡問題。事實上，我認為您在第二季度看到的是更輕的軟件，原因是硬件，對不起，原因我們已經討論過。但我們看到了非常強大的軟件，這就是為什麼混合方式有所傾斜並且利潤率如此之高的原因。所以毫無疑問。我們是——我們在軟件方面的優勢，我稱之為指揮。

On the hardware front, though, I'll take the opportunity to remind everybody that we have a couple of different models out there. And while some customers are buying our node and our RPD, there are some customers, particularly overseas, where we actually just provide the RPD inside of a third-party node platform. And in fact, we have some North America customers who are looking at that model as well.

不過，在硬件方面，我將藉此機會提醒大家，我們有幾種不同的型號。雖然有些客戶購買我們的節點和 RPD，但也有一些客戶，特別是海外客戶，我們實際上只是在第三方節點平台內提供 RPD。事實上，我們有一些北美客戶也在考慮該型號。

And to your -- I guess, your side comment, that's more than fine by us, frankly. The RPD is the highest value, the highest margin part of the hardware solution. And if we can piggyback on third-party enclosures and whatnot, it's good news. Even though it does reflect in maybe a lower headline revenue number from a gross profit perspective, the business is very strong. And in many regards, that's what you saw play out in the second quarter.

對於你的——我想，你的側面評論，坦率地說，我們對此非常滿意。 RPD是硬件解決方案中價值最高、利潤率最高的部分。如果我們可以利用第三方外殼之類的東西，那是個好消息。儘管從毛利潤的角度來看，這確實反映了總體收入數字可能較低，但該業務非常強勁。從很多方面來看，這就是你在第二季度看到的情況。

So in summary, we're not -- we don't think we're losing any market share in terms of lost opportunity. We are pursuing a couple of different business models that may tilt towards a higher software mix. And we think that the advent of DOCSIS 4.0 is doing nothing but solidifying our position in the market. That was a mouthful, Tim. Forgive me. But does that cover what you were after?

總而言之，我們不認為我們會因為失去機會而失去任何市場份額。我們正在追求幾種不同的商業模式，這些模式可能會傾向於更高的軟件組合。我們認為 DOCSIS 4.0 的出現只是鞏固了我們的市場地位。那真是太拗口了，蒂姆。對不起。但這涵蓋了您所追求的嗎？

It absolutely did. I really appreciate it.

確實如此。對此，我真的非常感激。

And our next question comes from the line of Alyssa Shreves from Barclays.

我們的下一個問題來自巴克萊銀行的艾莉莎·什里維斯（Alyssa Shreves）。

This is Alyssa Shreves on from Barclays. Just could you talk a little bit about the broadband slowdown? Specifically, when did you kind of see in the quarter customers kind of changing their plans and delaying? And was it all at the same time? Or did you start to see it accelerate? And then also, can you talk a little bit about in which geos you're seeing the weakness in Video?

我是巴克萊銀行的艾莉莎·什里夫斯。您能談談寬帶速度下降的問題嗎？具體來說，您在本季度什麼時候看到客戶改變了計劃並推遲了？這一切都是同時發生的嗎？或者你開始看到它加速了嗎？另外，您能談談您在哪些地區看到視頻的弱點嗎？

Okay. Thanks for the question, Alyssa. The change in request or direction we started receiving for customers on broadband were really back half of the quarter, mid-quarter and onwards. And yes, I don't think there's much information to be further parsed by exact timing, but more on the back end. And as you can see, a modest impact on the second quarter, really, and this is more of a third quarter impact and somewhat movement to fourth quarter as evidenced in our guidance.

好的。謝謝你的提問，艾莉莎。我們開始收到的寬帶客戶請求或方向的變化實際上是在本季度後半段、季度中期及以後。是的，我認為沒有太多信息需要通過確切的時間來進一步解析，但更多的是在後端。正如您所看到的，對第二季度的影響確實不大，這更多的是第三季度的影響，並且在我們的指導中證明了第四季度的一些變化。

On the Video side of the business, the weakness is definitely overseas. And we think it's really macro related. Our SaaS business is strong worldwide. Our Video appliance business was quite robust in North America. But the real weakness that we saw and really manifest as delays, not lost project, but customers kind of saying, oh, well, you know what, we don't -- we're not ready to pull the trigger this quarter as planned. We'd like to do it a little later in the year. That kind of dialogue we saw in several instances internationally.

在視頻業務方面，弱點肯定是在海外。我們認為這確實與宏觀相關。我們的 SaaS 業務在全球範圍內都很強大。我們的視頻設備業務在北美相當強勁。但我們看到並真正體現為延誤，而不是項目丟失，而是客戶說，哦，好吧，你知道嗎，我們沒有——我們還沒有準備好按計劃在本季度扣動扳機。我們希望在今年晚些時候進行。我們在國際上多次看到這種對話。

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

今天節目的問答環節到此結束。我想將該程序交還給管理層以徵求進一步的意見。

Right. Well, thank you all for joining us again today. Through our prepared remarks, and I think this very good Q&A session, I hope it's evident that the fundamental market drivers on which we're focused remain in full force and we believe will for the mid- to long term. There's no doubt about it.

正確的。好的，謝謝大家今天再次加入我們。通過我們準備好的發言，以及我認為這次非常好的問答環節，我希望我們所關注的基本市場驅動因素顯然仍然充分發揮作用，並且我們相信從中長期來看將會如此。毫無疑問。

We've laid out our best understanding. And as Walter said, we believe, conservative understanding what the remainder of this year looks like. But make no mistake, we're playing long ball here and we're extremely excited about the future of this business. We're 100% focused on execution, and we look forward to keeping you apprised of our progress. Thank you all again. Good day.

我們已經給出了我們最好的理解。正如沃爾特所說，我們相信，保守派理解今年剩餘時間會是什麼樣子。但毫無疑問，我們在這裡打的是長線，我們對這項業務的未來感到非常興奮。我們 100% 專注於執行，並期待讓您隨時了解我們的進展。再次感謝大家。再會。

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

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