Harmonic Inc (HLIT) 2024 Q3 法說會逐字稿

Welcome to the third-quarter 2024 Harmonic earnings conference call.

歡迎參加 Harmonic 2024 年第三季財報電話會議。

My name is Josh, and I will be your operator for today's call.

我叫喬什，我是今天電話的接線生。

(Operator Instructions) Please note that this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

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

我現在將把電話轉給投資者關係部的戴維漢諾威 (David Hanover)。

David, you may begin.

大衛，你可以開始了。

Thank you, operator.

謝謝你，接線生。

Hello, everyone, and thank you for joining us today for Harmonic's third-quarter 2024 financial results conference call.

大家好，感謝您今天參加我們哈雷 2024 年第三季財務業績電話會議。

With me today are Nimrod Ben-Natan, President and CEO; and Walter Jankovic, Chief Financial Officer.

今天與我在一起的有總裁兼執行長 Nimrod Ben-Natan；沃爾特·揚科維奇（Walter Jankovic），財務長。

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

在開始之前，我想指出，除了網路廣播的音訊部分之外，我們還為本次網路廣播提供了幻燈片，您可以透過我們的投資者關係網站上的網路廣播觀看這些幻燈片。

Now, turning to slide 2.

現在，轉到投影片 2。

During this call, we will provide projections and other forward-looking statements regarding future events or future financial performance of the company.

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表現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.

此類陳述僅是目前的預期，實際事件或結果可能有重大差異。

We refer you to documents Harmonic filed with the SEC, including our most recent 10-Q and 10-K reports and the Forward-Looking Statements section of today's preliminary results press release.

我們請您參閱 Harmonic 向 SEC 提交的文件，包括我們最新的 10-Q 和 10-K 報告以及今天初步業績新聞稿的前瞻性聲明部分。

These documents identify important risk factors which can cause actual results to differ materially from those contained in our projections or forward-looking statements.

這些文件確定了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有重大差異的重要風險因素。

And please note that unless otherwise indicated, the financial metrics we provide you on this call are determined on a non-GAAP basis.

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。

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.

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。

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.

我們還將討論有關我們業務和營運的歷史、財務和其他統計信息，其中一些資訊包含在新聞稿中。

The remainder of the information will be available on a recorded version of this call or on our website.

其餘資訊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, Nimrod Ben-Natan.

現在，我將把電話轉給我們的執行長 Nimrod Ben-Natan。

Nimrod?

寧羅德？

Thanks, David, and welcome, everyone, to our third-quarter earnings call.

謝謝大衛，歡迎大家參加我們的第三季財報電話會議。

Turning to slide 3.

轉到投影片 3。

Today, we reported record Q3 results that demonstrated our team's strong execution of our business plans.

今天，我們報告了創紀錄的第三季業績，這證明了我們團隊對業務計劃的強大執行。

These included record total revenue and adjusted EBITDA, as well as broadband and video segment revenues which exceeded our guidance.

其中包括創紀錄的總收入和調整後的 EBITDA，以及超出我們指導的寬頻和視訊部門收入。

Our broadband market leadership and product differentiation are stronger than ever, especially with the recent announcement of Unified DOCSIS 4.0 technology, reinforcing and expanding our competitive position.

我們的寬頻市場領導地位和產品差異化比以往任何時候都更加強大，特別是最近發布的統一 DOCSIS 4.0 技術，加強和擴大了我們的競爭地位。

I will expand shortly on Unified.

我將很快擴展統一。

We have successfully returned the video business to profitability through right-sizing actions and revenue execution, and we are focused on advancing our pipeline of new Tier 1 SaaS streaming and larger-scale appliance opportunities.

我們透過適當的規模行動和收入執行，成功地使視訊業務恢復盈利，並且我們專注於推進新的一級 SaaS 串流媒體和更大規模的應用機會的管道。

Finally, based on our considerable progress today, we are reaffirming our full-year broadband 2024 revenue guidance and raising our EBITDA guidance for this business.

最後，基於我們今天的巨大進展，我們重申 2024 年全年寬頻收入指引，並提高了該業務的 EBITDA 指引。

In video, we are also reaffirming our 2024 EBITDA guidance.

在影片中，我們也重申了 2024 年 EBITDA 指引。

Walter will discuss this guidance in more detail.

沃爾特將更詳細地討論該指南。

Turning to slide number 4 to our broadband segment.

轉向第四張投影片，我們的寬頻部分。

We had strong quarter as we executed effectively on our key initiatives.

由於我們有效執行了關鍵舉措，我們的季度表現強勁。

Segment revenue came in at $145.3 million, representing year-over-year and sequential increases of 92% and 56%, respectively, both exceeding our original expectations.

部門營收為 1.453 億美元，年比和季比分別成長 92% 和 56%，均超出我們最初的預期。

The number of global customers deploying our cOS solution reached 121, an increase of 16% year over year.

部署我們的cOS解決方案的全球客戶數量達到121家，較去年同期成長16%。

This growth represents over 32 million DOCSIS cable modems in operation globally, which is approximately 18% of the global market.

這一成長意味著全球營運中的 DOCSIS 電纜數據機超過 3,200 萬個，約佔全球市場的 18%。

We continue to expand and diversify our customer base in Q3, securing business with seven new customers.

我們在第三季繼續擴大客戶群並使其多元化，確保與七個新客戶的業務。

This highlights the increasing demand for modernized cable network solutions and reflects our focus on continued market share growth.

這凸顯了對現代化有線電視網路解決方案日益增長的需求，並反映出我們對市場份額持續成長的關注。

Our pipeline of qualified new customer engagements continues to expand, and we expect this positive momentum to build going forward.

我們合格的新客戶合作管道不斷擴大，我們預計這種積極的勢頭將繼續發展。

The broader availability of Unified technology to all cable broadband operators is key driver of our accelerated customer acquisition and diversification success.

統一技術向所有有線寬頻業者的更廣泛可用性是我們加速客戶獲取和多元化成功的關鍵驅動力。

Additionally, we were pleased to see the recent announcement from Comcast and Rogers, where Rogers will deploy Comcast access solution based on our cOS virtual CMTS.

此外，我們很高興看到康卡斯特和羅傑斯最近宣布，羅傑斯將部署基於我們的 cOS 虛擬 CMTS 的康卡斯特接入解決方案。

We anticipate this deployment will begin to ramp up in the second half of 2025 and can be an important contributor to our multi-year growth opportunity.

我們預計這項部署將於 2025 年下半年開始加速，並可能為我們的多年成長機會做出重要貢獻。

Switching over to fiber, we continue to gain momentum with our fiber-to-the-home strategy.

轉向光纖後，我們的光纖到戶策略持續獲得動力。

In Q3, we closed a record number of fiber deals with existing and new customers for both hybrid and pure fiber deals.

第三季度，我們與現有和新客戶的混合和純光纖交易數量創下了紀錄。

Also, since our last earnings call, Harmonic has partnered with Tribal Ready, a company dedicated to empowering native communities to bring high-speed fiber broadband connectivity to tribes nationwide in the US.

此外，自上次財報電話會議以來，Harmonic 已與 Tribal Ready 合作，Tribal Ready 是一家致力於幫助本土社區為美國全國部落提供高速光纖寬頻連線的公司。

This collaboration aims to bridge the digital divide for underserved tribal communities by leveraging our cOS platform and high-density OLT solutions.

此次合作旨在利用我們的 coOS 平台和高密度 OLT 解決方案，以彌合服務不足的部落社區的數位落差。

We also continue to gain traction with our open ONU strategy, which disrupts traditional vendor-locked fiber ecosystems and make fiber more affordable for more operators.

我們也繼續透過開放 ONU 策略獲得吸引力，該策略顛覆了傳統的供應商鎖定光纖生態系統，並使更多營運商能夠更實惠地購買光纖。

In addition to several successful customer interoperability on-site demonstrations, we are collaborating with half a dozen third-party optical network unit vendors to qualify devices.

除了多次成功的客戶互通性現場演示之外，我們還與六家第三方光網絡單元供應商合作驗證設備。

These ONU partners are helping us drive stronger value proposition that is resonating with a growing number of fiber customers.

這些 ONU 合作夥伴正在幫助我們推動更強大的價值主張，與越來越多的光纖客戶產生共鳴。

Also, to provide a brief update on our activities related to BEAD, we have aligned with our US customers pursuing BEAD funding and have put plans in place to provide BABA remote OLT product deliveries in 2025 according to the requirements.

此外，為了簡要介紹我們與 BEAD 相關的活動，我們與尋求 BEAD 資金的美國客戶保持一致，並製定了計劃，根據要求在 2025 年提供 BABA 遠端 OLT 產品交付。

Turning now to DOCSIS 4.0. Our market leadership and execution momentum remains strong, with successful full-duplex node shipments and deployments continuing at a steady pace, a trend which has continued into the fourth quarter.

現在轉向 DOCSIS 4.0。我們的市場領導地位和執行勢頭依然強勁，全雙工節點的成功出貨和部署繼續穩步推進，這一趨勢一直持續到第四季度。

Following the important joint announcement by Broadcom, Comcast, and Charter at the recent SCTE TechExpo, Unified DOCSIS 4.0 technology is no longer limited to a small group of operators, but is now open to all cable broadband providers, a significant positive catalyst for the industry and for our business.

繼Broadcom、Comcast和Charter在最近的SCTE TechExpo上聯合發布重要聲明後，統一DOCSIS 4.0技術不再局限於一小部分運營商，而是現在向所有有線寬頻提供商開放，這對行業來說是一個重要的積極催化劑以及我們的業務。

Making Unified DOCSIS 4.0 available for all operators is a significant advantage for Harmonic, leveraging our uniquely flexible cOS core and our successful scale deployments of full-duplex nodes.

利用我們獨特的靈活的 cOS 核心和我們成功的全雙工節點規模部署，使統一 DOCSIS 4.0 可供所有營運商使用是 Harmonic 的一項顯著優勢。

Our early experience with Unified technology enhances our leadership position.

我們早期在統一技術方面的經驗增強了我們的領導地位。

This combination of specification flexibility and Harmonic's capabilities enables operators of all sizes and strategic approaches to confidently plan upgrades to their DOCSIS networks, boosting speeds and increasing reliability with either full-duplex or extended-spectrum options, both supported with Unified.

規範靈活性和Harmonic 功能的結合使各種規模和策略方法的營運商能夠自信地規劃其DOCSIS 網路的升級，透過全雙工或擴展頻譜選項（兩者均受Unified 支援）提高速度並提高可靠性。

Since the announcement of Unified 4.0 just weeks ago, we've already received more than a dozen new requests to evaluate the technology and discuss deployment strategies.

自從幾週前宣布 Unified 4.0 以來，我們已經收到了十多個評估技術和討論部署策略的新請求。

While Unified represents a critical inflection point supporting the mid to long-term cable opportunity for Harmonic that we discussed during our recent Analyst Day, there will be short-term challenges as customers and prospects around the world now plan their technology transition strategies.

雖然Unified 代表了一個關鍵的轉折點，為Harmonic 的中長期電纜機會提供了支持，正如我們在最近的分析師日討論的那樣，但隨著世界各地的客戶和潛在客戶現在規劃其技術轉型戰略，短期內仍將面臨挑戰。

Specifically, as we begin to look ahead to 2025, we see both significant new market movement and share gain opportunities, as well as new deployment timing challenges due to ecosystem integration requirements and new Unified RF front-end development.

具體來說，當我們開始展望2025 年時，我們不僅看到了重大的新市場動向和份額成長機會，還看到了由於生態系統整合要求和新的統一射頻前端開發而帶來的新的部署時序挑戰。

Walter will expand on this in his prepared remarks.

沃爾特將在他準備好的演講中詳細闡述這一點。

We are also excited about Sercomm's recent announcement of Unified Smart Amplifiers, which are expected to enhance the overall Unified ecosystem and accelerate time to market.

我們也對 Sercomm 最近發布的統一智慧擴大機感到興奮，預計它將增強整個統一生態系統並加快上市時間。

In summary, our broadband business demonstrated our ability to scale rapidly to serve customer demand as we executed to the 2024 plan that we presented early this year.

總而言之，我們的寬頻業務展示了我們在執行今年年初提出的 2024 年計劃時快速擴展以滿足客戶需求的能力。

We continued to gain market share as we further expanded our technology leadership, positioning ourselves for sustained growth and competitive advantage.

隨著我們進一步擴大技術領先地位，我們繼續獲得市場份額，為持續成長和競爭優勢做好準備。

Turning to slide number 5 to our video segment.

前往我們的影片片段的第 5 號投影片。

Total segment revenue for Q3 was $50.4 million, compared to $51.4 million a year ago.

第三季的部門總收入為 5,040 萬美元，而去年同期為 5,140 萬美元。

Sequentially, segment revenue was up 10% and exceeded the high end of our guidance.

隨後，分部收入增加了 10%，超過了我們指導的上限。

This included SaaS streaming revenue of $14.2 million, which was up 13.1% year over year.

其中 SaaS 串流媒體收入為 1,420 萬美元，年增 13.1%。

Driven by strong execution of our right-sizing actions, the video segment returned to profitability with greater than 10% adjusted EBITDA margin.

在我們大力執行規模調整行動的推動下，視訊業務恢復獲利，調整後 EBITDA 利潤率超過 10%。

In Q3, we secured a refresh project with a Tier 1 service provider using our latest XOS Media Processor, achieving significant space and power saving while improving video quality.

在第三季度，我們與一家一級服務提供商合作，使用我們最新的 XOS 媒體處理器獲得了一個更新項目，在提高視訊品質的同時實現了顯著的空間和功耗節省。

Data center efficiencies were a key factor in the decision.

資料中心效率是做出此決定的關鍵因素。

We see growing pipeline of similar opportunities as demand for power space and cooling optimization continues, with the new XOS platform consistently delivering these benefits for service providers.

隨著對電源空間和冷卻優化的需求持續增長，我們看到類似的機會不斷增加，新的 XOS 平台始終如一地為服務提供者提供這些優勢。

In our SaaS streaming business, we continue to grow the pipeline of Tier 1 opportunities while expanding relationships with our largest existing customers through increased capacity and new services, such as our Server-Side Ad Insertion solution.

在我們的 SaaS 串流業務中，我們繼續擴大一級機會的管道，同時透過增加容量和新服務（例如我們的伺服器端廣告插入解決方案）擴大與我們最大的現有客戶的關係。

These opportunities will contribute to our revenue growth in 2025 and beyond.

這些機會將有助於我們 2025 年及以後的營收成長。

We've also successfully trialed our new in-stream advertisement solution during live sports events, enabling us to offer this value-add service to our customers and increase their monetization.

我們也在體育賽事直播期間成功試用了新的插播廣告解決方案，使我們能夠為客戶提供這種增值服務並提高他們的盈利能力。

This aligns with our 2024 IBC presentation in Amsterdam, where we showcased AI-based solutions for automating live sports production and monetization, ideal for lower-tier events.

這與我們在阿姆斯特丹舉行的 2024 年 IBC 演示相一致，我們在會上展示了基於人工智慧的解決方案，用於自動化現場體育製作和貨幣化，非常適合低階活動。

And these tools enable premium broadcast with automated highlights, live captions, multiple languages, and ad insertion without costly labor.

這些工具可以透過自動亮點、即時字幕、多種語言和廣告插入來實現優質廣播，而無需昂貴的人工。

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

沃爾特，現在請您更深入地討論我們的財務表現和前景。

Thanks Nimrod, and thank you all for joining us today.

謝謝尼姆羅德，也謝謝大家今天加入我們。

Before I discuss our quarterly results, as well as our outlook, I'd like to remind everyone the financial results I'll be referring to are provided on a non-GAAP basis.

在討論我們的季度業績以及展望之前，我想提醒大家，我將提到的財務表現是根據非公認會計原則提供的。

As David mentioned earlier, our Q3 press release and earnings presentation includes reconciliations of the non-GAAP financial measures to GAAP that are discussed on this call.

正如大衛先前所提到的，我們的第三季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。

Both of these are available on our website.

這兩個都可以在我們的網站上找到。

Our third-quarter results included record total company revenue and profitability that exceeded our guidance.

我們第三季的業績包括創紀錄的公司總收入和獲利能力，超出了我們的指導。

Further, we surpassed our revenue guidance for both broadband and video.

此外，我們在寬頻和視訊方面都超出了收入指導。

Broadband revenue was also a record for the quarter.

該季度的寬頻收入也創歷史新高。

In terms of profitability, our overall company-adjusted EBITDA and EPS were all higher than the top end of our guidance range.

在獲利能力方面，我們公司整體調整後的 EBITDA 和 EPS 均高於我們指導範圍的上限。

I'll call out some of our third-quarter highlights here on slide 7.

我將在幻燈片 7 中列出第三季的一些亮點。

For the quarter, we reported total revenue of $195.8 million, a 54% increase quarter over quarter; EPS of $0.26; bookings of $171.4 million; and a book-to-bill of 0.9. At quarter-end, our backlog and deferred revenue was $584.7 million, leaving us well placed for continued growth.

本季度，我們報告總收入為 1.958 億美元，季增 54%；每股收益 0.26 美元；預訂額為 1.714 億美元；訂單出貨比為 0.9。截至季末，我們的積壓訂單和遞延收入為 5.847 億美元，使我們處於持續成長的有利位置。

Before we review our third-quarter financials and provide detailed Q4 and full-year 2024 guidance, I want to mention some highlights of our guidance.

在我們回顧第三季財務數據並提供詳細的第四季和 2024 年全年指引之前，我想先提一下我們指引的一些要點。

Regarding broadband, we are reaffirming the midpoint of our prior FY24 revenue guidance and tightening the range to $477 million to $487 million.

關於寬頻，我們重申先前 2024 財年收入指引的中點，並將範圍收窄至 4.77 億美元至 4.87 億美元。

As we do each quarter, we closely evaluate the latest customer information, forecasts, and commitments just prior to our earnings call.

正如我們每季所做的那樣，我們會在財報電話會議之前仔細評估最新的客戶資訊、預測和承諾。

So this guidance is based on our year-to-date results, as well as our latest available information.

因此，本指南基於我們今年迄今為止的結果以及我們最新的可用資訊。

At the midpoint of our FY24 broadband revenue guidance, we continue to expect revenue to increase 24% year over year.

在我們 2024 財年寬頻營收指引的中點，我們持續預期營收將年增 24%。

Additionally, due to our third-quarter broadband EBITDA results and our outlook for the fourth quarter, we have raised our FY24 broadband EBITDA forecast.

此外，由於我們第三季寬頻 EBITDA 業績和第四季度展望，我們上調了 2024 財年寬頻 EBITDA 預測。

Before going further, I'd like to discuss our outlook for 2025 broadband revenue.

在進一步討論之前，我想先討論一下我們對 2025 年寬頻收入的展望。

As Nimrod mentioned earlier, due to the recent market developments around Unified DOCSIS 4.0 and the related ecosystem dependency, including recent customer demand updates, we are seeing some customers pushing out their deployment timing plans, thus creating a short-term broadband revenue headwind in 2025.

正如Nimrod 之前提到的，由於最近圍繞統一DOCSIS 4.0 的市場發展以及相關生態系統的依賴，包括最近的客戶需求更新，我們看到一些客戶推出了他們的部署時序計劃，從而在2025 年造成短期寬頻收入逆風。

Hence, we will be revisiting our 2025 broadband revenue growth outlook in the coming months.

因此，我們將在未來幾個月重新審視 2025 年寬頻營收成長前景。

However, this is mainly a timing shift, and we expect these potential 2025 deployment delays to create a positive tailwind for us in the future.

然而，這主要是時間上的轉變，我們預計這些潛在的 2025 年部署延遲將為我們未來創造積極的推動力。

Our confidence here stems from several factors, including our market-leading position in FDX nodes and early experience with Unified 4.0 technology, the expected growth acceleration of rest-of-market DOCSIS, as well as fiber growth.

我們的信心源於多個因素，包括我們在 FDX 節點的市場領先地位和 Unified 4.0 技術的早期經驗、其他市場 DOCSIS 的預期成長加速以及光纖成長。

With regards to video, we have now completed the restructuring actions that we previously communicated.

關於視頻，我們現在已經完成了先前溝通的重組行動。

Based on this and our most recent analysis of this business, we are refining our 2024 video revenue guidance, still within the prior guidance range with a slightly lower midpoint.

基於此以及我們對該業務的最新分析，我們正在完善 2024 年視訊收入指引，仍處於先前的指引範圍內，中點略低。

Specifically related to video EBITDA, we continue to maintain our prior guidance at the midpoint.

特別是與影片 EBITDA 相關，我們繼續將先前的指導維持在中點。

As a result of the broadband and video guidance, we are raising overall company full-year 2024 EBITDA and EPS at the midpoint of guidance.

由於寬頻和視訊指導，我們將公司 2024 年全年 EBITDA 和 EPS 提高到指導的中點。

Turning back to this quarter's financial results on slide 8, total Q3 revenue was a record $195.8 million, up 54% compared to $127.2 million last year.

回到投影片 8 的本季財務業績，第三季總收入達到創紀錄的 1.958 億美元，比去年的 1.272 億美元成長 54%。

This was above the top end of the guidance range we provided on our last earnings call.

這高於我們在上次財報電話會議上提供的指導範圍的上限。

Looking more closely at broadband, Q3 revenue was $145.3 million, an increase of 92% year over year and again above our previous guidance for the quarter.

更仔細觀察寬頻，第三季營收為 1.453 億美元，年成長 92%，再次高於我們先前對該季度的指導。

In video, Q3 revenue was $50.4 million, also above our guidance.

在影片領域，第三季營收為 5,040 萬美元，也高於我們的預期。

Video revenue included SaaS revenue of $14.2 million, up 13.1% year over year and representing 28.1% of segment revenue for the quarter.

視訊收入包括 SaaS 營收 1,420 萬美元，年增 13.1%，佔該季度部門營收的 28.1%。

Video SaaS revenue growth continues to be driven by live sports streaming, SaaS expansions, and new customer wins.

視訊 SaaS 收入成長繼續受到體育直播、SaaS 擴展和新客戶贏得的推動。

In the third quarter, we had two customers representing greater than 10% of total revenue, with Comcast representing 51% of total revenue and Charter representing 18% of total revenue.

第三季度，我們有兩個客戶佔總收入超過 10%，其中 Comcast 佔總收入的 51%，Charter 佔總收入的 18%。

Total company gross margin was 53.7% for Q3 '24, which was above the high end of our guidance range and reflecting better-than-expected video segment gross margin.

2024 年第三季公司總毛利率為 53.7%，高於我們指引範圍的上限，反映出影片業務毛利率優於預期。

Broadband gross margin was 48.3% for Q3 '24, up 70 basis points sequentially and up 380 basis points year over year due to product mix.

由於產品組合，2024 年第三季寬頻毛利率為 48.3%，季增 70 個基點，年增 380 個基點。

Video gross margin was 69% in Q3 '24, up 1,210 basis points year over year and 460 basis points sequentially, mainly due to a large-scale appliance XOS deal in the quarter, as well as favorable product mix coupled with cost reductions.

2024 年第三季視訊毛利率為 69%，年成長 1,210 個基點，季增 460 個基點，主要得益於本季大規模家電 XOS 交易，以及有利的產品組合和成本降低。

Moving down the income statement on slide 9, Q3 '24 operating expenses were $60.5 million, down 3.8% year over year.

向下移動幻燈片 9 上的損益表，24 年第三季的營運支出為 6,050 萬美元，年減 3.8%。

In the quarter, we also had an unrealized non-cash foreign exchange loss of approximately $4 million as a result of intercompany balances that we don't expect to settle in the short term.

本季度，由於我們預計短期內不會結清公司間餘額，我們也產生了約 400 萬美元的未實現非現金外匯損失。

This is reflected in our other expense income line of the P&L and in our adjusted EBITDA.

這反映在我們損益表的其他費用收入項目和調整後的 EBITDA 中。

Adjusted EBITDA for Q3 '24 was $43.4 million, also above our guidance, comprised of $37.5 million from broadband and $6 million from video.

24 年第 3 季調整後 EBITDA 為 4,340 萬美元，也高於我們的指導，其中 3,750 萬美元來自寬頻，600 萬美元來自影片。

This all translated into Q3 '24 EPS of $0.26 per share, compared with $0.08 in Q2 '24 and $0.00 per share for Q3 '23.

這一切都轉化為 24 年第三季每股收益 0.26 美元，而 24 年第二季為 0.08 美元，23 年第三季為每股 0.00 美元。

We ended the third quarter of 2024 with a calculated diluted weighted average share count of 117.4 million, compared to 116.7 million in both Q2 '24 and Q3 '23.

截至 2024 年第三季度，計算得出的稀釋加權平均股票數量為 1.174 億股，而 2024 年第二季和 23 年第三季均為 1.167 億股。

Turning to the order book, Q3 bookings were strong at $171.4 million.

就訂單而言，第三季的訂單量強勁，達到 1.714 億美元。

As I mentioned earlier, the book-to-bill ratio for the quarter was 0.9, compared to 0.5 in Q2 '24 and 0.8 in Q3 '23.

正如我之前提到的，本季的訂單出貨比為 0.9，而 24 年第二季為 0.5，23 年第三季為 0.8。

The third quarter's 0.9 book-to-bill ratio was due to decreasing order lead times in our broadband business.

第三季的訂單出貨比為 0.9，原因是我們寬頻業務的訂單交貨週期縮短。

As mentioned in our prior earnings call, we've continued working with our larger customers to secure supply based on committed forecasts, resulting in customer orders with shorter lead times.

正如我們在先前的財報電話會議中提到的，我們繼續與大客戶合作，根據承諾的預測確保供應，從而縮短客戶訂單的交貨時間。

As we've stated previously, over time, we expect our book-to-bill ratio to normalize and approach the historical benchmark of greater than 1.

正如我們之前所說，隨著時間的推移，我們預計訂單出貨比將趨於正常化並接近大於 1 的歷史基準。

Turning to the balance sheet on slide 10, we ended Q3 '24 with cash and cash equivalents of $58.2 million.

轉向幻燈片 10 上的資產負債表，截至 24 年第三季度，我們的現金和現金等價物為 5,820 萬美元。

This amount excludes restricted cash of $0.3 million.

該金額不包括 30 萬美元的限制性現金。

The quarter-over-quarter change in cash was mainly attributable to positive cash from operations of $8.7 million related to our higher net income in Q3, net of $2.5 million in cash restructuring costs in the quarter.

現金環比變動主要歸因於我們第三季淨利潤增加，扣除本季 250 萬美元的現金重組成本，營運產生 870 萬美元的正現金。

In Q3, we made no share repurchases.

第三季度，我們沒有進行股票回購。

The free cash flow during the quarter was $5.7 million.

該季度的自由現金流為 570 萬美元。

We expect our cash balance to increase again in Q4 based on projected collections and timing of material receipts.

根據預計的收款和材料接收時間，我們預計第四季度的現金餘額將再次增加。

Turning to accounts receivable and days sales outstanding, at the end of Q3 '24, DSO was 80, compared to 78 in both Q2 '24 and Q3 '23.

至於應收帳款和應收帳款週轉天數，截至 24 年第 3 季末，DSO 為 80，而 24 年第 2 季和 23 年第 3 季均為 78。

The sequential increase was due to the timing of sales in Q3.

環比增長是由於第三季的銷售時間。

Our days inventory on hand was 73 days at the end of Q3 '24, compared to 116 at the end of Q2 '24 and 145 at the end of Q3 '23.

截至 24 年第三季末，我們的庫存天數為 73 天，而 24 年第二季末為 116 天，23 年第三季末為 145 天。

Inventory decreased $10.2 million in the quarter as we continue to shorten days of inventory between receipt and customer shipment and due to the strong sales in Q3.

由於我們繼續縮短收貨和客戶發貨之間的庫存天數以及第三季度的強勁銷售，本季庫存減少了 1,020 萬美元。

We do expect our inventory to increase in Q4.

我們確實預計第四季度的庫存會增加。

In terms of capital allocation, when appropriate, we will strategically invest in building inventory as we've done in the past to meet strong demand.

在資本配置方面，在適當的時候，我們將像過去一樣策略性地投資於庫存建設，以滿足強勁的需求。

Regarding liquidity, in December 2023, we closed a five-year $160 million credit facility that included a $120 million revolving credit line and a $40 million delayed draw term loan.

關於流動性，我們於 2023 年 12 月關閉了一項為期 5 年的 1.6 億美元信貸安排，其中包括 1.2 億美元的循環信貸額度和 4000 萬美元的延遲提取定期貸款。

As of today, we have drawn down $115 million on this credit facility.

截至今天，我們已從該信貸額度中提取了 1.15 億美元。

As mentioned earlier, we did not purchase any of our common stock under our repurchase program during the quarter.

如前所述，本季我們沒有根據回購計劃購買任何普通股。

To date, we have repurchased $35 million of the $100 million approved under our repurchase program, with $30 million of that in the first half of 2024.

迄今為止，我們已回購了回購計畫下批准的 1 億美元資金中的 3,500 萬美元，其中 3,000 萬美元將在 2024 年上半年回購。

As we said previously, the timing and amount of any stock repurchases will depend on a variety of factors, including the price of Harmonic's common stock, market conditions, corporate needs, and regulatory requirements.

正如我們之前所說，股票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。

Given our strong balance sheet and liquidity resources, we continue to believe that we can opportunistically repurchase shares without impacting our ability to execute our long-term growth plans.

鑑於我們強大的資產負債表和流動性資源，我們仍然相信我們可以趁機回購股票，而不會影響我們執行長期成長計畫的能力。

Also, as mentioned on prior earnings calls, we plan to prudently manage our balance sheet by maintaining overall net leverage of around 2 times or less and available liquidity of no less than $100 million going forward.

此外，正如先前的財報電話會議中所提到的，我們計劃透過將整體淨槓桿率維持在2 倍左右或更低，並將可用流動性保持在不少於1 億美元，來審慎管理我們的資產負債表。

At the end of Q3, total backlog and deferred revenue was $584.7 million.

截至第三季末，積壓訂單和遞延收入總額為 5.847 億美元。

Our strong backlog continues to demonstrate the demand we're seeing from our large broadband customers and growing video SaaS commitments.

我們強勁的積壓訂單繼續證明了我們從大型寬頻客戶和不斷增長的視訊 SaaS 承諾中看到的需求。

Around 55% of our backlog and deferred revenue has customer request dates for shipments of products and for providing services within the next 12 months.

我們約 55% 的積壓訂單和遞延收入中有客戶要求在未來 12 個月內出貨和提供服務的日期。

As discussed during our last earnings call as part of our go-forward strategy, Harmonic's video business will be centered on driving profitable growth by focusing on scalable market opportunities, streamlining its operations, and optimizing its cost structure.

正如我們在上次財報電話會議上討論的那樣，作為我們前進策略的一部分，哈雷的視訊業務將集中於透過專注於可擴展的市場機會、簡化營運和優化成本結構來推動利潤成長。

To align with this go-forward strategy, as previously stated, we implemented a restructuring program to achieve cost savings in this business.

為了與此前進策略保持一致，如前所述，我們實施了重組計劃，以節省該業務的成本。

These initiatives are now completed.

這些舉措現已完成。

We currently expect total restructuring-related severance costs to be $15.7 million for the 2024 fiscal year, nearly all of which has been recorded as of Q3 year to date.

我們目前預計 2024 財年與重整相關的遣散費總額為 1,570 萬美元，截至今年第三季度，幾乎所有費用均已記錄。

As previously stated, we expect to achieve approximately $18 million in savings in FY24 from these and other actions and approximately $28 million in savings on an annualized basis in FY25.

如前所述，我們預計透過這些及其他行動，將在 2024 財年節省約 1,800 萬美元，並在 2025 財年按年計算節省約 2,800 萬美元。

These actions were necessary to better align the video business with our go-forward strategy.

這些行動對於更好地使視訊業務與我們的前進策略保持一致是必要的。

With that, let's now review our non-GAAP guidance for the fourth quarter, beginning on slide 11.

現在，讓我們從投影片 11 開始回顧第四季的非 GAAP 指引。

For Q4, we expect broadband to deliver revenue between $160 million to $170 million, gross margins between 53% to 54% due to product mix, gross profit between $85 million to $92 million, and adjusted EBITDA between $54 million to $59 million.

對於第四季度，我們預計寬頻業務的收入將在1.6 億至1.7 億美元之間，由於產品組合，毛利率將在53% 至54% 之間，毛利將在8,500 萬美元至9,200 萬美元之間，調整後的EBITDA 將在5,400 萬美元至5,900 萬美元之間。

For the full year 2024, we expect broadband revenue between $477 million to $487 million, gross margins between 49.6% to 50.0%, gross profit between $237 million to $244 million, and adjusted EBITDA between $118 million to $123 million.

對於2024年全年，我們預計寬頻收入在4.77億美元至4.87億美元之間，毛利率在49.6%至50.0%之間，毛利在2.37億美元至2.44億美元之間，調整後的EBITDA在1.18億美元至1.23億美元之間。

For broadband, we expect to reach record levels of revenue again in Q4 due to the expected sales momentum we've been seeing in the second half of the year.

對於寬頻，由於我們在下半年看到的預期銷售勢頭，我們預計第四季度的營收將再次達到創紀錄的水平。

For our video segment in Q4, we expect revenue in the range of $45 million to $50 million, gross margin in the range of 64% to 66%, gross profit in the range of $29 million to $33 million, and adjusted EBITDA to range from $2 million to $5 million.

對於第四季的視訊業務，我們預計營收在4,500 萬美元至5,000 萬美元之間，毛利率在64% 至66% 之間，毛利在2,900 萬美元至3,300 萬美元之間，調整後的EBITDA範圍在200萬至500萬美元。

For the full year, we expect video revenue between $184 million to $189 million, gross margins between 64.9% to 65.4%, gross profit between $120 million to $124 million, and adjusted EBITDA to range from $1 million to $4 million.

我們預計全年視訊收入在1.84 億美元至1.89 億美元之間，毛利率在64.9% 至65.4% 之間，毛利在1.2 億美元至1.24 億美元之間，調整後EBITDA 在100 萬美元至400萬美元之間。

Turning to slide 12, for the fourth quarter of 2024, we expect total company revenue in the range of $205 million to $220 million, gross margin in the range of 55.4% to 56.7%, gross profit to range from $114 million to $125 million, adjusted EBITDA to range from $55 million to $64 million, a weighted average diluted share count of 117.8 million, and EPS to range from $0.33 to $0.39. For the full year 2024, as depicted here, we expect to see full-year 2024 results that are consistent with our year-to-date results and the fourth-quarter guidance that I've already discussed in detail.

轉向幻燈片12，對於2024 年第四季度，我們預計公司總收入在2.05 億美元至2.2 億美元之間，毛利率在55.4% 至56.7% 範圍內，毛利在1.14 億美元至1.25 億美元之間，調整後的 EBITDA 範圍為 5,500 萬美元至 6,400 萬美元，加權平均稀釋後股票數量為 1.178 億股，每股收益範圍為 0.33 美元至 0.39 美元。對於 2024 年全年，如這裡所示，我們預計 2024 年全年業績將與我們年初至今的業績以及我已經詳細討論過的第四季度指導一致。

The full-year guidance displayed here is also included in our earnings press release.

這裡顯示的全年指引也包含在我們的收益新聞稿中。

So respecting listeners' time, I will let everyone read this at your convenience rather than read it line by line here.

所以尊重聽眾的時間，我會讓大家在方便的時候閱讀，而不是在這裡逐行閱讀。

In summary, our strong third-quarter results reflect the substantial progress we've made this year in executing on our FY24 plan.

總之，我們強勁的第三季業績反映了我們今年在執行 24 財年計畫方面的實質進展。

This enabled us to achieve revenue, EBITDA, and EPS results that surpassed all of our original guidance.

這使我們能夠實現收入、息稅折舊攤銷前利潤 (EBITDA) 和每股盈餘 (EPS) 的結果，超過了我們最初的所有指引。

We believe our broadband segment continues to be well positioned for future growth.

我們相信我們的寬頻業務將繼續為未來的成長做好準備。

In addition, with the restructuring actions we've taken and the progress that's been made in video, we believe this segment will remain profitable in Q4.

此外，隨著我們採取的重組行動以及視訊領域的進展，我們相信該細分市場將在第四季度保持盈利。

Thank you, everyone, for your attention today.

謝謝大家今天的關注。

And now, I'll turn it back to Nimrod for final remarks before we open up the call for questions.

現在，在我們開始提問之前，我將把它轉回尼姆羅德做最後的評論。

Thanks, Walter.

謝謝，沃爾特。

In closing, Harmonic delivered another strong quarter, which included record total company results and both broadband and video revenue exceeding our expectations.

最後，哈雷又實現了強勁的季度業績，其中包括創紀錄的公司總業績以及寬頻和視訊收入都超出了我們的預期。

With our market-leading solutions and strong execution of our business plans, we remain well positioned for continued future growth.

憑藉我們市場領先的解決方案和業務計劃的強大執行，我們為未來的持續成長做好了準備。

Let's now open the call up for questions.

現在讓我們開始提問。

(Operator Instructions) Ryan Koontz, Needham & Company.

（操作員說明）Ryan Koontz，Needham & Company。

Hi.

你好。

Thanks for the question, and congrats on the great quarter.

感謝您的提問，並祝賀這個偉大的季度。

The nice upside in broadband in the September quarter, can you explain -- was that primarily timing that you expected later in the year?

您能否解釋一下，九月季度寬頻業務的良好成長勢頭——這是您預計今年稍後的主要時機嗎？

And can you have any color you can provide on product mix as that might have been shifting and driving higher margins?

您能否在產品組合上提供任何顏色，因為這可能會改變並推動更高的利潤？

Thanks.

謝謝。

Hey, Ryan.

嘿，瑞安。

It's Walter.

這是沃特。

Thanks for the question.

謝謝你的提問。

So first of all, with regards to Q3, obviously, we achieved higher than the expectation we set in terms of our guidance.

首先，就第三季而言，顯然我們取得的成績高於我們在指導方面設定的預期。

And that was just based on delivery timing, capability to ship out product to customers.

這只是基於交付時間、向客戶運送產品的能力。

And as you've noted today, we've reaffirmed our full-year guidance at the midpoint for broadband.

正如您今天所指出的，我們重申了寬頻的全年指引。

So this is just a shift, as we had seen it a quarter ago when we were looking at the second half, a little stronger in Q3, maintaining the full year for broadband on the guidance.

因此，這只是一個轉變，正如我們在一個季度前展望下半年時所看到的那樣，第三季度稍強一些，維持全年寬頻的指導。

To your second question, with regards to Q3 specifically on product mix, so certainly, our products mix shifted slightly, and hence the margin improvement in terms of the gross margins you're seeing in Q3.

關於你的第二個問題，關於第三季度的產品組合，當然，我們的產品組合略有變化，因此你在第三季度看到的毛利率方面的利潤率有所提高。

That's great.

那太棒了。

Thank you.

謝謝。

And if I could do a follow-up, please.

如果我可以跟進一下，請。

In terms of the kind of characterization of your Tier 1 customer deployments, what kind of color can you provide on how those have changed, excluding Comcast, which is obviously in a strong growth mode?

就您的一級客戶部署的特徵而言，您可以提供什麼樣的顏色來說明這些變化，不包括顯然處於強勁增長模式的康卡斯特？

It looks like substantially all of your growth was coming out of the Americas segment.

看起來你們的成長大部分都來自美洲市場。

Any commentary you can make around some of the Americas Tier 1s moving into deployment mode?

對於進入部署模式的一些美洲一級設備，您有何評論？

Well, we cannot mention specific customers.

嗯，我們不能提及特定客戶。

We indicated the percentage of business with both Comcast and Charter in the opening remarks.

我們在開場白中指出了與康卡斯特和查特的業務百分比。

As far as other customers, there is certainly momentum of new kind of growing pipeline and more customers in that market segment.

就其他客戶而言，該細分市場肯定存在新型成長管道和更多客戶的勢頭。

We indicated a number of new logos that we won this quarter, and our expectation is that this will continue into the fourth quarter and beyond.

我們指出了本季贏得的一些新徽標，我們預計這種情況將持續到第四季度及以後。

Great.

偉大的。

And any further color you can provide on your comments around '25?

您可以在 25 年左右的評論中提供更多的資訊嗎？

It sounds like there could be some stalling of growth in broadband as customers evaluate Unified.

聽起來，隨著​​客戶對 Unified 的評估，寬頻的成長可能會出現一些停滯。

Yes.

是的。

That's correct, Ryan.

沒錯，瑞安。

In terms of the Unified transition, as Nimrod mentioned in the prepared remarks and I commented on for FY25, it's premature at this stage for us to provide anything specific in terms of growth ranges for next year.

就統一過渡而言，正如 Nimrod 在準備好的發言中提到的以及我對 2025 財年的評論，我們現階段提供有關明年增長範圍的任何具體信息還為時過早。

However, based on the Unified transition, based on what we're seeing from customer demand recently, that's the indicator in terms of next year.

然而，根據統一過渡，根據我們最近從客戶需求中看到的情況，這是明年的指標。

And so at this point, we're not prepared to provide a number for next year or a range for next year.

因此，目前我們還不準備提供明年的數字或明年的範圍。

We're looking at various scenarios right now in terms of what that business is going to look like and obviously working with customers to bring together their budgets and work with them as they set their firm plans for 2025.

我們現在正在考慮業務的各種場景，顯然，我們正在與客戶合作，匯總他們的預算，並與他們一起制定 2025 年的堅定計劃。

Okay.

好的。

So I assume, Walter, for some of these larger customers that go into a reevaluation mode, there could be multiple quarters of impact there in terms of their deployment plans versus previous?

因此，沃爾特，我認為，對於進入重新評估模式的一些較大客戶來說，與之前相比，他們的部署計劃可能會受到多個季度的影響？

Yeah, we could see timing.

是的，我們可以看到時機。

This is all a timing delay in terms of expectations.

就期望而言，這都是時間上的延遲。

As Nimrod mentioned in the prepared remarks, this move to Unified is actually very positive for us from a market leadership standpoint, the opportunity to even gain more share at the node level.

正如 Nimrod 在準備好的發言中提到的那樣，從市場領導地位的角度來看，轉向統一實際上對我們非常積極，甚至有機會在節點層級獲得更多份額。

And I think that's the strong point in terms of the mid to the long term.

我認為這是中長期的優勢。

I think in the short term, that's a potential challenge for us as we see customers reconsider their deployment plans, the deployment timing.

我認為在短期內，這對我們來說是一個潛在的挑戰，因為我們看到客戶重新考慮他們的部署計劃和部署時間。

And therefore, as we look at next year, we are being cautious about the expectation for FY25.

因此，當我們展望明年時，我們對 25 財年的預期持謹慎態度。

And we'll be working on that as we sit down with customers and go through more detail in terms of their plans.

當我們與客戶坐下來討論他們的計劃的更多細節時，我們將致力於解決這個問題。

And I think it's important to add two important factors.

我認為添加兩個重要因素很重要。

Number one, the urgency for customers to upgrade the network has never been stronger.

第一，客戶升級網路的迫切性從未如此強烈。

In the competitive environment that they have, we think that they will do everything possible to move forward as quickly as they can.

在他們所處的競爭環境中，我們認為他們會盡一切可能盡快前進。

That's one thing.

這是一回事。

The other thing is that competitively, as I mentioned in the opening remarks, we feel very stronger than ever, I would say, and with Unified even stronger than that because Unified has the full duplex plus the extended spectrum, and we're leading the full duplex in the market.

另一件事是，正如我在開場白中提到的，我們感覺比以往任何時候都更強大，而且Unified 甚至比這更強大，因為Unified 擁有全雙工和擴展頻譜，而且我們在業界處於領先地位。

So we feel very comfortable with that.

所以我們對此感到非常滿意。

At the same time, as we said, we certainly see that somewhat being delayed.

同時，正如我們所說，我們當然看到這有些延遲。

Understood.

明白了。

Thank you both.

謝謝你們倆。

Steven Frankel, Rosenblatt Securities.

史蒂文‧弗蘭克爾，羅森布拉特證券公司。

Good afternoon.

午安.

I'll take another crack at the same question.

我將再次回答同一個問題。

If we step back over the last year, one of the big questions has been, when will somebody other than your two largest customers really get going?

如果我們回顧過去一年，最大的問題之一是，除了你們兩個最大的客戶之外，什麼時候其他人才能真正開始行動？

So when you talk about this caution around the availability of Unified solutions potentially slowing down growth in 2025, are you implying that that affects everybody?

因此，當您談到有關統一解決方案的可用性可能會減緩 2025 年增長的警告時，您是否暗示這會影響每個人？

Or is this caution around the notion that the other customers that have been anxious to get going may not be able to run as fast because of the lack of availability of Unified parts?

或者這種謹慎是因為其他急於開始行動的客戶可能由於缺乏統一部件而無法快速運作？

So I think it's a combination of the two.

所以我認為這是兩者的結合。

And if to be specific, we talked about ecosystem integration requirements, as well as a new Unified RF front end.

具體來說，我們討論了生態系統整合要求，以及新的統一射頻前端。

So when you think about new customers that now can consider the Unified, and previously they could not, even if we had a deal in the making, many of them are asking to get kind of the details of what would it take for them to go Unified.

因此，當你想到現在可以考慮統一的新客戶，而以前他們不能，即使我們正在達成協議，他們中的許多人都要求了解他們需要什麼才能離開的細節。

So that by itself is kind of causing a delay.

因此，這本身就造成了延遲。

They want to look at the economics of that.

他們想看看背後的經濟學原理。

They want to look at the technology.

他們想看看這項技術。

This is the dozen requests that we got for evaluation.

這是我們收到的十幾個評估請求。

So I think that's kind of the second part of that that I mentioned.

所以我認為這就是我提到的第二部分。

Okay.

好的。

And then kind of on a related factor, are you also implying that maybe at the same time we're seeing a shift for people to kind of go full force on DOCSIS 4.0 rather than what it seemed to be before, which was you had a group of customers that seemed content with doing 3.1 first?

然後，在一個相關因素上，您是否也暗示，也許與此同時，我們看到人們正在全力支持 DOCSIS 4.0，而不是像以前那樣，您有一個一群似乎對先做 3.1 感到滿意的客戶？

That's exactly right.

完全正確。

Until literally six weeks ago, the Unified was limited to a small community of operators.

直到六週前，統一還僅限於一小部分業者。

Now, it's available to everybody.

現在，每個人都可以使用它。

When I say everybody, some of them were considering -- well, some of them were on the sidelines because they were kind of desperate to do something, but DOCSIS 4.0 was undecided.

當我說每個人時，他們中的一些人正在考慮——好吧，他們中的一些人處於觀望狀態，因為他們有點迫切地想做某事，但 DOCSIS 4.0 尚未決定。

There is full duplex.

有全雙工。

There is extended spectrum.

有擴展的頻譜。

And they did not even have access to the technology.

他們甚至無法獲得這項技術。

With Unified, and Unified becoming available for all, that solved that problem for them.

隨著統一和統一變得可供所有人使用，這為他們解決了這個問題。

And they certainly -- historically, they always liked to -- the cable industry is known for doing -- kind of enjoying economy of scale of one specification that everybody's using.

他們當然——從歷史上看，他們總是喜歡——電纜行業以這樣做——享受每個人都在使用的一種規格的規模經濟。

That's true, by the way, also for the cable modems that they are using.

順便說一句，對於他們使用的電纜調製解調器來說也是如此。

So there is definitely a group of operators that either didn't do anything or were down the path of doing 3.1 that now are saying, well, what does it mean to do Unified?

因此，肯定有一群運營商要么沒有做任何事情，要么正在走 3.1 的道路，現在他們說，那麼，統一意味著什麼？

And this is really real-time discussions that we have.

這確實是我們進行的即時討論。

All right.

好的。

Thank you so much.

太感謝了。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北國資本市場。

Good afternoon.

午安.

I want to kind of stay on that topic.

我想繼續討論這個話題。

I think last quarter, you had talked about the expectation for broadband revenues to accelerate from '24 growth rates into '25.

我想上個季度，您曾談到寬頻收入成長率將從「24 年」加速到「25 年」的預期。

I gather that's no longer the case.

我想現在情況已經不再是這樣了。

And I guess my question is, could broadband revenues decline in '25?

我想我的問題是，25 年寬頻收入會下降嗎？

So I'll take that, Tim.

所以我會接受的，提姆。

It's Walter.

這是沃特。

With regards to the prior comments that we had in the earnings call slides and that we had commented on during these earnings calls, yes, that no longer applies in terms of broadband growth accelerating further in '25 based on the growth rate exceeding the growth rate of FY24, which right now at the midpoint is 24%.

關於我們之前在財報電話會議幻燈片中發表的評論以及我們在這些財報電話會議期間發表的評論，是的，這不再適用於基於增長率超過增長率的 25 年寬頻增長進一步加速24 財年的成長率，目前的中點為24%。

So we've taken that out of the slides because of the situation that we've described this afternoon in terms of the Unified technology, as well as what we've seen in terms of customer demands.

因此，由於我們今天下午在統一技術方面描述的情況以及我們在客戶需求方面所看到的情況，我們已將其從幻燈片中刪除。

So as I mentioned earlier in the response to the prior question, right now, we're looking at a whole number of plans with customers.

正如我在回答上一個問題時提到的，現在我們正在與客戶一起研究大量計劃。

It's premature for us to give any specific revenue guidance for FY25 as we assess this for the next couple of months with customers.

我們現在對 2025 財年給予任何具體的收入指引還為時過早，因為我們將與客戶一起評估未來幾個月的情況。

And to your point on what could it look like in terms of the most conservative, the only thing that I'll say based on doing some very conservative type of modeling and reviewing some scenarios in terms of very conservative scenarios is that we still expect our FY25 total company EPS to be above where it is today in terms of our guidance for FY24 EPS at the midpoint.

就您關於最保守的情況而言，我要說的唯一一件事是，基於進行一些非常保守類型的建模並根據非常保守的場景審查一些場景，我們仍然期望我們的就我們對2024 財年每股獲利的指引而言，2025 財年公司每股獲利總額將高於目前的水平。

But that is based on the most conservative scenario that we're looking at.

但這是基於我們正在考慮的最保守的情況。

But it's just too premature to provide any type of guidance range around FY25.

但在 2025 財年左右提供任何類型的指導範圍還為時過早。

Okay.

好的。

And maybe this is relevant to that last comment about EPS growth in a worst-case scenario, if I may summarize, and that is on gross margin guidance, especially for Q4 in broadband.

也許這與最後關於最壞情況下每股收益成長的評論有關，如果我可以總結的話，那就是毛利率指導，特別是第四季度的寬頻。

I assume that envisions a pretty significant uptick on the head-end side with routers driving those margins into the 50s.

我認為，隨著路由器將這些利潤率推向 50 多歲，前端方面將出現相當顯著的成長。

Is that -- well, are there any other drivers, I guess?

那是——嗯，我猜還有其他驅動程式嗎？

Would you view that as kind of anomalous and expect a return to the high 40s after this very strong kind of quarter exiting year?

您是否認為這有點反常，並預計在今年這個非常強勁的季度之後，將回到 40 多歲的高位？

Or how would you describe that gross margin outlook for broadband in Q4?

或者您如何描述第四季寬頻的毛利率前景？

Yeah.

是的。

For Q4, I can comment on the broadband margins.

對於第四季度，我可以評論寬頻利潤。

It's due to the product mix. cOS, specifically in Q4, that's what drives up the margin.

這是由於產品組合。 cOS，特別是在第四季度，這就是提高利潤率的原因。

With regards to FY25, too premature to provide any more specific guidance around the gross margins, considering we've got to look at all of the customer mix and what that's going to equate to in terms of the product mix for FY25.

關於 2025 財年，考慮到我們必須考慮所有客戶組合以及這相當於 2025 財年的產品組合，現在就毛利率提供任何更具體的指導還為時過早。

But the uptick itself is something unique to Q4.

但上升本身是第四季獨有的。

We don't expect to stay at that level.

我們預計不會停留在這個水平。

Yeah, that's what -- yeah, exactly.

是的，就是這樣——是的，正是如此。

Great.

偉大的。

Appreciate that color.

欣賞那個顏色。

Last one for me in terms of kind of the diversification of the business.

我的最後一個問題是關於業務多元化。

In the short term, it seems like you're going the opposite way.

從短期來看，你似乎正在走相反的路。

I'm just making sure I'm looking at this the right way.

我只是確保我以正確的方式看待這個問題。

But as you look at kind of the broadband business, it seems like your two top guys are contributing something in excess of 80%, which is higher than it's been earlier this year.

但當你觀察寬頻業務時，你會發現兩位主管的貢獻超過了 80%，這比今年稍早的情況要高。

And I know perhaps you expected that ramp with these guys in the second half, but that would put your, quote, unquote, other customers sequentially down from an absolute dollar perspective.

我知道也許您預計下半年這些人會成長，但這將使您的（引用或取消引用）其他客戶從絕對美元角度連續下降。

Is that something you expected?

這是你所期望的嗎？

First of all, yeah, Tim, so when we provided our guidance last quarter and had the call, we specifically said that our expectation of the top two was going to be significant for this quarter, and then we would see it start coming down over time.

首先，是的，蒂姆，所以當我們上季度提供指導並接到電話時，我們特別表示，我們對本季度前兩名的預期將非常重要，然後我們會看到它開始下降時間。

So it was not unexpected.

所以這並不意外。

I'm not going to confirm specific.

具體我不打算確認。

You've done some math here just looking at broadband.

您已經在這裡做了一些關於寬頻的數學計算。

You've got the metrics that we quoted here in terms of total company for the top two customers, so you have that metric already.

您已經獲得了我們在此引用的關於前兩名客戶的公司總數的指標，因此您已經擁有了該指標。

And so it really isn't anything that we didn't expect.

所以這確實不是我們沒有預料到的。

And in terms of our rest of market or the non-top two customers, Nimrod highlighted earlier the number of customer wins we had in Q3.

就我們的其餘市場或非前兩名客戶而言，Nimrod 早些時候強調了我們在第三季度贏得的客戶數量。

That's picking up momentum quarter over quarter in terms of wins.

就勝利而言，這一勢頭逐季回升。

In terms of expectations moving forward, we expect the revenue for rest of world or the non-top two customers to increase in the fourth quarter.

就未來的預期而言，我們預計第四季度世界其他地區或非前兩名客戶的收入將增加。

Okay.

好的。

Thanks very much.

非常感謝。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Yeah.

是的。

Just maybe to follow up on Tim's question in terms of the customer concentration, what are you assuming for scenarios for other customers?

也許只是為了跟進蒂姆關於客戶集中度的問題，您對其他客戶的場景有何假設？

So I think you've disclosed Comcast and Charter for this quarter.

所以我認為您已經披露了本季的康卡斯特和憲章。

How do you see the mix specifically in what's implied in the fourth quarter?

您如何看待第四季的具體表現？

And then, what are your expectations for concentration as you look out to the longer term, specifically other customers besides Comcast and Charter?

然後，當您著眼於長期，特別是康卡斯特和查特以外的其他客戶時，您對集中度的期望是什麼？

Yeah, certainly, Simon.

是的，當然，西蒙。

So definitely in Q4, expectation is that the concentration of the top two will be less in that the other non-top two customers are growing.

因此，在第四季度，預計前兩名的集中度將會降低，因為其他非前兩名客戶正在成長。

That is our expectation for Q4.

這是我們對第四季的預期。

As I've said on prior calls, as we look forward, and obviously we're still reassessing now all of 2025, we continue to see rest of world growing in terms of the number of customers and the revenue.

正如我在之前的電話會議中所說的那樣，正如我們展望未來一樣，顯然我們仍在重新評估 2025 年全年，我們繼續看到世界其他地區的客戶數量和收入都在增長。

And therefore, the concentration metric will reduce on the top two customers as compared to the rest of the market.

因此，與市場其他客戶相比，前兩名客戶的集中度指標將會降低。

So that is an expectation we have going forward.

這是我們對未來的期望。

It's no different than the expectation we had previously.

這和我們之前的預期沒有什麼不同。

However, we're still rolling through our 2025 to look at overall customer mix.

然而，我們仍在展望 2025 年，以了解整體客戶組合。

And I guess in terms of the delays due to Unified, one of the things I'm a little bit puzzled by is, I think, at the cable show, it sounded like the full duplex amplifiers are now shipping.

我想就統一造成的延遲而言，我有點困惑的一件事是，我認為，在電纜展上，聽起來全雙工擴大機現在正在出貨。

So I assume, and I'm wondering if this is a safe assumption, that Comcast is basically moving ahead unencumbered because it had been waiting for full duplex.

所以我假設，並且我想知道這是否是一個安全的假設，康卡斯特基本上不受阻礙地前進，因為它一直在等待全雙工。

Full duplex is now available.

現在可以使用全雙工。

So it sounds to me that they shouldn't be part of the delay, and I'm just trying to get a little bit of clarification around that idea.

所以在我看來，他們不應該成為延遲的一部分，我只是想就這個想法得到一些澄清。

So we cannot comment specifically on Comcast.

因此我們無法具體評論康卡斯特。

What we can say, and this is a question you guys had last quarter as far as the dependency that we have on amplifiers, and we indicated that in '24 and certainly into the first part of '25, there is enough of what's called the fiber deep markets that do not require amplifiers.

我們可以說的是，這是你們上個季度提出的一個問題，涉及我們對放大器的依賴，我們表示，在 24 年，當然到 25 年第一部分，有足夠的所謂的不需要放大器的光纖深度市場。

As we go beyond that -- and again, we cannot comment on availability of amplifiers -- but what we can say that at some point we are, and we said that before, dependent in availability and kind of level of maturity of amplifiers -- FDX amplifiers.

當我們超越這一點時——再說一次，我們不能評論擴大機的可用性——但我們可以說，在某些時候我們是，我們之前說過，取決於擴大機的可用性和成熟度等級—— FDX 擴大機。

Okay.

好的。

And then just to try to come back to the video segment briefly, that segment seems to have been weighed down by some macro factors that caused some hesitancy by that group of customers.

然後簡單地回到影片領域，該領域似乎受到一些宏觀因素的拖累，導致該群體的客戶產生了一些猶豫。

Just if you can give us some update on how you're seeing customer behavior in the pipeline in that line of business.

只要您能為我們提供一些關於您如何看待該業務領域的客戶行為的最新資訊。

And that's all I had.

這就是我所擁有的一切。

Thank you.

謝謝。

There is no, I would say, material change.

我想說，沒有實質的改變。

I think we are going, as we said, after refresh opportunities where aging equipment is up for kind of refresh, whether it's a space power, video quality, things like that.

正如我們所說，我認為我們正在尋找更新的機會，老化的設備需要更新，無論是空間能力、視訊品質還是類似的東西。

And I think we get kind of our fair share and sometimes more on that.

我認為我們得到了公平的份額，有時甚至更多。

And on the streaming side, we're focusing on Tier 1 opportunities and growing our existing largest opportunities.

在串流媒體方面，我們專注於一級機會並擴大現有的最大機會。

This is where our strategy is right now.

這就是我們現在的策略。

I totally agree with you that the segment at large is definitely being challenged.

我完全同意你的觀點，整個細分市場肯定面臨挑戰。

Thank you very much.

非常感謝。

(Operator Instructions) George Notter, Jefferies.

（操作員說明）George Notter，Jefferies。

Hi, guys.

嗨，大家好。

Thanks a lot.

多謝。

I appreciate it.

我很感激。

You said, I think, ecosystem challenges was part of the issue here, as well as the Unified transition.

你說，我認為生態系統挑戰以及統一過渡都是問題的一部分。

When you say ecosystem challenges, what exactly was that about?

當你說生態系統挑戰時，到底是什麼？

So one example is -- and again, that was the feedback I just gave on our dependency on amplifiers -- we can ship and deploy FDX nodes to a point.

因此，一個例子是——這也是我剛剛就我們對擴大機的依賴給出的回饋——我們可以將 FDX 節點運送和部署到一個點。

And at some point, we will be in -- and last time, we said that sometime in '25, we will be dependent on amplifiers.

在某個時候，我們將會——上次我們說過，在 25 年的某個時候，我們將依賴擴大機。

So this is something you can understand as ecosystem dependency.

所以這你可以理解為生態係依賴。

Got it.

知道了。

Okay.

好的。

And I assume integration of the cOS product with cable operator back-office networks, is that is that still an issue?

我假設 cOS 產品與有線運營商後台網絡集成，這仍然是一個問題嗎？

Is that part of the ecosystem comment or not?

這是生態系統評論的一部分嗎？

Not really.

並不真地。

Okay.

好的。

Super.

極好的。

Thanks very much.

非常感謝。

I appreciate it.

我很感激。

Thank you.

謝謝。

I would now like to turn the call back over to Nimrod Ben-Natan for any closing remarks.

我現在想將電話轉回給尼姆羅德·本·納坦（Nimrod Ben-Natan），請其發表結束語。

We appreciate your continued interest in Harmonic and look forward to updating you on our progress in the future.

我們感謝您對 Harmonic 的持續關注，並期待向您通報我們未來的最新進展。

Thank you all for joining the call.

感謝大家加入通話。

Have a good day.

祝你有美好的一天。

Thank you.

謝謝。

This concludes the conference.

會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。