Harmonic Inc (HLIT) 2024 Q4 法說會逐字稿

Welcome to the fourth quarter and full-year 2024 Harmonic earnings conference call.

歡迎參加 2024 年第四季和全年 Harmonic 財報電話會議。

My name is Victor.

我的名字是維克多。

And I'll be your operator for today's call.

我將擔任您今天電話的接線生。

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

（操作員指示）請注意，本次會議正在錄音。

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

現在我將把電話轉給投資者關係部戴維·漢諾威 (David Hanover)。

David, you may begin.

大衛，你可以開始了。

Thank you, operator.

謝謝您，接線生。

Hello, everyone.

大家好。

And thank you for joining us today for Harmonic's 4th quarter and full-year 2024 financial results conference call.

感謝您今天參加 Harmonic 2024 年第四季和全年財務業績電話會議。

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；以及財務長 Walter Jankovic。

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 Industrial Relations website.

在我們開始之前，我想指出的是，除了網路廣播的音訊部分之外，我們還提供了本次網路廣播的幻燈片，您可以透過造訪我們工業關係網站上的網路廣播來觀看。

Now turning to slide 2.

現在翻到投影片 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.

這些陳述僅代表目前的預期，實際事件或結果可能有重大差異。

We refer you to documents filed with the SEC, including our most recent 10-Q and 10-K reports in the forward-looking statement section of today's preliminary results press release.

我們請您參閱提交給美國證券交易委員會 (SEC) 的文件，包括今天的初步結果新聞稿的前瞻性聲明部分中我們最新的 10-Q 和 10-K 報告。

These documents identify important risk factors which can cause actual results that 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，我們在本次電話會議上向您提供的財務指標均基於非 GAAP 基礎確定。

These metrics, together with corresponding GAAP numbers and a reconciliation 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 數字和對帳 GAAP 都包含在今天的新聞稿中，我們已將新聞稿發佈在我們的網站上並以 8-K 表格的形式提交給美國證券交易委員會 (SEC)。

We will also discuss historical, financial, and other statistical information regarding our business and operation.

我們還將討論有關我們的業務和營運的歷史、財務和其他統計資訊。

And some of this information is included in the press release.

部分資訊已包含在新聞稿中。

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

其餘資訊將在本次電話會議的錄音版本或我們的網站上提供。

And now I'll turn the call over to our CEO, Nimrod Ben-Natan.

現在我將電話轉給我們的執行長 Nimrod Ben-Natan。

Nimrod?

寧錄？

Thanks, David.

謝謝，大衛。

And welcome everyone to our fourth quarter earnings call.

歡迎大家參加我們的第四季財報電話會議。

I'd like to start today with an update on how we're executing on our long-term growth plans.

今天，我想先介紹一下我們執行長期成長計畫的情況。

First, regarding our 2024 commitments, we delivered all-time record fourth quarter and full-year 2024 results with strong growth in our Broadband segment, driven by our growing leadership in DOCSIS 4.0, technology, and our increasing market share.

首先，關於我們 2024 年的承諾，我們實現了歷史最高的第四季度和 2024 年全年業績，寬頻部門實現強勁增長，這得益於我們在 DOCSIS 4.0、技術方面不斷增強的領導地位以及不斷增加的市場份額。

At the same time, we return our Video segment to profitability, underscoring our operational focus.

同時，我們使視訊部門恢復盈利，並強調我們的營運重點。

Next, as we look into 2025, we're navigating an industry-wide transition to unified DOCSIS 4.0. Well, this change is expected to result in a below trend year for Broadband revenue due to the timing of the rollout and ecosystem dependencies.

接下來，展望 2025 年，我們將引導全產業過渡到統一的 DOCSIS 4.0。嗯，由於推出的時間和生態系統的依賴性，預計這一變化將導致寬頻收入低於趨勢年。

Our technology leadership position in unified DOCSIS 4.0 remains clear.

我們在統一 DOCSIS 4.0 領域的技術領導地位依然明確。

Despite the anticipated short-term headwinds in Broadband during 2025, we expect our robust operating model to continue to generate strong cash flow.

儘管預計 2025 年寬頻領域將面臨短期阻力，但我們預計強勁的營運模式將繼續產生強勁的現金流。

At the same time, we've also set the stage for enhanced shareholder returns with a new $200 million, 3-year share repurchase.

同時，我們也透過新的 2 億美元 3 年期股票回購計畫為提高股東回報奠定了基礎。

Looking ahead to 2026 and beyond, we anticipate a return to above trend growth driven by the full implementation of unified DOCSIS 4.0 and ongoing customer ramp ups.

展望 2026 年及以後，我們預計，在統一 DOCSIS 4.0 的全面實施和客戶數量的持續增長的推動下，增長將恢復到高於趨勢的增長。

This trend has also been noted recently in an analyst report from Dell'Oro, reinforcing our positive, long-term outlook.

Dell'Oro 的一份分析報告最近也指出了這一趨勢，這強化了我們積極的長期展望。

And I will expand on that shortly.

我很快將對此進行詳細說明。

Let's now move to slide number 5, our 2024 highlights. 2024 was a record year.

現在讓我們轉到第 5 張投影片，這是我們 2024 年的亮點。 2024 年是創紀錄的一年。

And I would like to highlight four key achievements that set the stage for our future success.

我想強調為我們未來的成功奠定基礎的四個關鍵成就。

First, we demonstrated a strong ability to ramp up our operations in both the third and the fourth quarter, positioning us very well for future growth.

首先，我們在第三季和第四季展現了強大的擴張業務的能力，為未來的成長做好了準備。

Second, we successfully delivered on our expectation for both the fourth quarter and the full year of '24 with a growing footprint of DOCSIS 4.0 and Fiber deployments.

其次，我們成功實現了對第四季和24年全年的預期，DOCSIS 4.0和光纖部署的覆蓋範圍不斷擴大。

Third, in the fourth quarter, we saw strong revenue growth in our Broadband, rest-of-world customer base exceeding 50% compared to the prior quarter.

第三，第四季度，我們的寬頻業務和世界其他地區客戶群的收入成長強勁，與上一季相比成長了 50% 以上。

And we also added five new customers during the quarter.

本季我們也增加了五個新客戶。

And finally, our Video streaming staff segment is poised for growth.

最後，我們的視訊串流媒體員工部門有望實現成長。

Thanks in part to the momentum provided by our collaboration with Akamai that we announced earlier today.

部分歸功於我們今天早些時候宣布的與 Akamai 合作所提供的動力。

These highlights from 2024 underscore our strong performance and show how we have built a solid foundation for the next phase of our journey.

2024 年的這些亮點凸顯了我們的強勁表現，並展示了我們如何為下一階段的旅程奠定了堅實的基礎。

Before we dive into our Broadband update, I would like to start today with a big-picture view of this business.

在我們深入討論寬頻更新之前，我想先從整體上了解這項業務。

We are recognized as a clear leader in next-generation cable access technologies driven by a proven track record of innovation and successful execution over multiple years.

我們被公認為下一代有線接入技術的領導者，這得益於多年來經過驗證的創新和成功執行記錄。

Serving the world's largest operators has helped us secure a leading market share, underscoring the trust and confidence our customers demonstrate in our innovative solutions.

為世界上最大的營運商提供服務幫助我們確保了領先的市場份額，凸顯了客戶對我們創新解決方案的信任和信心。

So even with the near-term industry-wide challenges in 2025, the overall growth trajectory for Broadband remains positive.

因此，即使 2025 年整個產業面臨短期挑戰，寬頻的整體成長軌跡仍然保持積極。

We are guiding 2025 forecasts prudently, taking into account these near-term factors and positioning ourselves to capitalize on market momentum in 2026 and beyond.

我們正在謹慎地指導 2025 年的預測，考慮這些短期因素，並準備好利用 2026 年及以後的市場動能。

Ultimately, our expertise, track record, and strategic approach reinforce why we're well prepared to remain a leader in the evolving Broadband landscape.

最終，我們的專業知識、業績記錄和策略方針強化了我們為何做好充分準備在不斷發展的寬頻領域繼續保持領先地位。

The Broadband industry is at a pivotal turning point.

寬頻產業正處於關鍵的轉折點。

Service providers are facing increasing competition from telco and fixed wireless access providers, challenging both their market share and convergence opportunities.

服務供應商正面臨來自電信公司和固定無線存取供應商日益激烈的競爭，他們的市場份額和整合機會都面臨挑戰。

To stay ahead, operators must modernize their networks with DAA and virtuals, vCMTS.

為了保持領先，營運商必須使用 DAA 和虛擬 vCMTS 來實現其網路的現代化。

These technologies drive business growth by improving network reliability, enhancing downstream and upstream speeds, lowering operating costs, reducing latency, and ensuring Fiber optionality.

這些技術透過提高網路可靠性、增強下行和上行速度、降低營運成本、減少延遲和確保光纖可選性來推動業務成長。

Harmonic is at the forefront of this transition, helping our customers futureproof their network for constantly changing consumer demands.

Harmonic 處於這一轉變的前沿，幫助我們的客戶確保其網路能夠滿足不斷變化的消費者需求。

Beyond competition from other service providers, cable operators must also contend with an ever-growing demand for bandwidth and higher expectations for subscribers' quality of experience.

除了來自其他服務提供者的競爭之外，有線電視營運商還必須應對不斷增長的頻寬需求和對用戶體驗品質的更高期望。

The surge in live sports streaming, major gaming releases, and AI-driven applications and agents, are prompting operators to accelerate network evolution towards a modern, virtualized platform, combining advanced DOCSIS with targeted Fiber optionality were necessary.

體育賽事直播、大型遊戲發布以及人工智慧驅動的應用程式和代理商的激增，促使營運商加速網路向現代虛擬化平台演進，並將先進的 DOCSIS 與有針對性的光纖可選性相結合。

Unified DOCSIS 4.0 offers a major upgrade opportunity for cable Broadband networks, unlocking a range of symmetrical speed boosts that put cable on par with Fiber operators.

統一的 DOCSIS 4.0 為有線寬頻網路提供了重大的升級機會，實現了一系列對稱速度提升，使有線網路與光纖營運商相提並論。

In addition, advanced capabilities like low latency and AI powered by new unified silicon, help operators stay one step ahead in an increasingly competitive market.

此外，由新統一晶片支援的低延遲和人工智慧等先進功能可幫助營運商在競爭日益激烈的市場中保持領先一步。

At Harmonic, we are collaborating closely with our customers to optimize migration strategies tailored for each network's unique requirements and service goals.

在 Harmonic，我們與客戶密切合作，針對每個網路的獨特需求和服務目標最佳化遷移策略。

Fiber optionality has always been a core element of our platform strategy.

光纖可選性一直是我們平台策略的核心要素。

We designed our Broadband solutions so that operators can easily add Fiber services, no matter their network topology or architecture, by leveraging the COS platform and remote devices.

我們設計了寬頻解決方案，以便營運商可以利用 COS 平台和遠端設備輕鬆添加光纖服務，無論其網路拓撲或架構如何。

This approach not only ensures flexibility, but also delivers significant financial and operational benefits.

這種方法不僅確保了靈活性，而且還帶來了顯著的財務和營運效益。

A key differentiator of COS is its ability to power both Fiber and access technologies simultaneously within the same network.

COS 的一個主要區別是它能夠在同一網路內同時為光纖和接入技術提供支援。

This capability accelerates the evolution to Fiber in existing footprints while enabling a smooth shift to Fiber-focused expansion.

此功能加速了現有覆蓋範圍內向光纖的演進，同時實現了向以光纖為中心的擴展的平穩轉變。

Our customers are finding it a highly effective way to modernize and future proof their Broadband networks.

我們的客戶發現這是實現寬頻網路現代化和麵向未來的一種非常有效的方式。

Let's now move to slide 11.

現在我們來看第 11 張投影片。

Our Broadband vision, which is centered on accelerating the adoption of next-generation virtualized Broadband networks.

我們的寬頻願景是加速採用下一代虛擬化寬頻網路。

By leveraging both DOCSIS and Fiber technologies, we aim to deliver unparalleled speed, reliability, and operational simplicity.

透過利用 DOCSIS 和光纖技術，我們旨在提供無與倫比的速度、可靠性和操作簡便性。

This vision is perfectly aligned with our customers' priorities, equipping them with the services and tools they need to better drive growth and stay ahead in an ever-evolving competitive market landscape.

這個願景與我們客戶的優先事項完全一致，為他們提供所需的服務和工具，以更好地推動成長並在不斷變化的競爭市場環境中保持領先地位。

Now, I would like to review the outlook for the cable Broadband market according to a recent analyst report from Dell'Oro.

現在，我想根據 Dell'Oro 最近的一份分析報告來回顧有線寬頻市場的前景。

First, let's look at the dark blue line which represents the virtual CMTS and DAA market.

首先，讓我們來看看代表虛擬 CMTS 和 DAA 市場的深藍色線條。

You will see it climb steadily over time and captures nearly the majority of the total Broadband cable market by 2028 when it reaches nearly $1.2 billion.

您將看到它隨著時間的推移而穩步攀升，到 2028 年將達到近 12 億美元，佔據整個寬頻電纜市場的幾乎大部分份額。

This clearly shows the industry's shift towards virtualized and distributed access architecture.

這清楚地表明了產業向虛擬化和分散式存取架構的轉變。

Second, even with the strong, long-term outlook, this report recognizes that there are some headwinds in 2025.

其次，即使長期前景強勁，該報告也承認 2025 年仍存在一些阻力。

These are driven primarily by operator readiness and the transition to unified DOCSIS 4.0. As a result, we see a slight dip or plateau in spending while providers prepare for the next major technology upgrade.

這主要由營運商準備情況和向統一 DOCSIS 4.0 的過渡所驅動。因此，在供應商為下一次重大技術升級做準備時，我們看到支出略有下降或穩定。

Third, these short-term ups and downs are not unusual.

第三，這些短期的起伏並不罕見。

The chart highlights similar cycles in the past, especially during previous DOCSIS technology transitions, while clearly illustrating the market's long term growth trajectory.

這張圖表重點介紹了過去的類似週期，特別是在先前的 DOCSIS 技術轉型期間，同時清楚地說明了市場的長期成長軌跡。

Finally, even with the expected 2025 pause, the overall average CAGR for the virtual CMTS DAA market from '23 to 2028 is around 13%, a solid double-digit growth rate that underscores the growth opportunity of virtualized and distributed access solutions.

最後，即使預計 2025 年會暫停，虛擬 CMTS DAA 市場從 23 年到 2028 年的整體平均複合年增長率仍在 13% 左右，這是一個穩定的兩位數增長率，凸顯了虛擬化和分散式存取解決方案的成長機會。

Turning to slide 13, the Broadband's strategic imperatives are built around four key areas: customer diversification, technology leadership, Fiber growth, and cloud services.

轉到第 13 張投影片，寬頻的策略要務圍繞著四個關鍵領域：客戶多樣化、技術領導、光纖成長和雲端服務。

Let's start with customer diversification.

讓我們從客戶多樣化開始。

Our focus here is on expanding revenue beyond our top two customers.

我們的重點是擴大前兩大客戶以外的收入。

In the rest of the world market, we saw a fourth-quarter revenue grow by over 50% compared to the previous quarter.

在世界其他市場，我們看到第四季的營收較上一季成長了50%以上。

We also secured five new wins, including significant deals with Blue Stream Fiber in the US and IPKO in the EMEA region.

我們還獲得了五個新訂單，包括與美國 Blue Stream Fiber 和 EMEA 地區的 IPKO 達成的重要交易。

To help our customers speed up the rollout of the new DOCSIS technology, we are now offering our customers expanded professional services to help them more quickly operationalize their next generation Broadband infrastructure.

為了幫助我們的客戶加快推出新的 DOCSIS 技術，我們現在為客戶提供擴展的專業服務，幫助他們更快地經營下一代寬頻基礎設施。

Looking ahead, we expect the rest of the world segment to deliver even more substantial growth in 2025 as we win new accounts and see them expand the scope of their engagement with Harmonic.

展望未來，隨著我們贏得新客戶並看到他們擴大與 Harmonic 的合作範圍，我們預計世界其他地區將在 2025 年實現更大幅的成長。

Now let's talk about technology leadership.

現在我們來談談技術領導力。

We're making significant strides with the rollout of DOCSIS 40, which features a unified core and supports both full duplex and FDD through our new unified remote devices.

我們在推出 DOCSIS 40 方面取得了重大進展，它具有統一核心，並透過我們的新統一遠端設備支援全雙工和 FDD。

Our COS platform plays a critical role by seamlessly orchestrating all formats of DOCSIS and Fiber, plus our differentiated Fiber offering, including our Open ONU, high density and versatile OLTs, and virtual platform ensures we remain ahead of the curve in innovation and market demand.

我們的 COS 平台透過無縫協調所有格式的 DOCSIS 和光纖發揮關鍵作用，再加上我們差異化的光纖產品，包括開放式 ONU、高密度和多功能 OLT 以及虛擬平台，確保我們在創新和市場需求方面始終保持領先地位。

Moving on to Fiber growth, our strategy is to help our cable customers migrate cost effectively and expand into Fiber.

繼續談光纖成長，我們的策略是幫助我們的有線電視客戶以經濟有效的方式進行遷移並擴展到光纖。

Over 30% of our current DOCSIS customers are now purchasing our Fiber solution, which validates our Fiber optionality product strategy and positions us for future growth as they expand their Fiber footprint.

我們目前的 DOCSIS 客戶中有超過 30% 正在購買我們的光纖解決方案，這驗證了我們的光纖可選產品策略，並為我們在擴大光纖覆蓋範圍時實現未來成長奠定了基礎。

Looking forward, we see significant opportunity from our second-generation remote switch, the Jetty [2], which is forward compatible with 25GS-PON and is now available in shipping imminently.

展望未來，我們看到第二代遠程交換器 Jetty [2] 的巨大機遇，它向前兼容 25GS-PON，並且即將開始發貨。

This module is compatible with our deployed base of nodes as well as a wide range of third-party nodes.

該模組與我們部署的節點庫以及廣泛的第三方節點相容。

Additionally, the previously announced LATAM tier-one operator launched our high-density Pearl remote OLT into production, leveraging their existing DOCSIS network and outdoor nodes.

此外，先前宣布的 LATAM 一級營運商已將我們的高密度 Pearl 遠端 OLT 投入生產，利用其現有的 DOCSIS 網路和室外節點。

They used our solution to deliver GPON and DOCSIS for residential applications while seeding their footprint with 10G-EPON to address competitive pressure and enterprise opportunities.

他們使用我們的解決方案為住宅應用提供 GPON 和 DOCSIS，同時透過 10G-EPON 擴大其覆蓋範圍，以應對競爭壓力和企業機會。

Finally, I want to highlight our cloud services, which provides our customers with network insights and telemetry to improve network reliability and subscriber satisfaction.

最後，我想強調我們的雲端服務，它為我們的客戶提供網路洞察和遙測，以提高網路可靠性和用戶滿意度。

This offering also includes our edge compute functions such as the Beacon speed maximizer, which is now rolling out.

該產品還包括我們的邊緣運算功能，例如目前正在推出的 Beacon 速度最大化器。

In 2024, we achieved a 47% year-over-year revenue growth with our cloud offerings.

2024 年，我們憑藉雲端產品實現了 47% 的年成長。

This robust performance underscores the strength and reliability and scalability of our cloud strategy.

這種強勁的表現凸顯了我們的雲端策略的實力、可靠性和可擴展性。

And we will continue expanding the services and capabilities offered by our cloud services.

我們將繼續擴展我們的雲端服務所提供的服務和功能。

Turning to slide 14, I would like to share our Video market update.

轉到第 14 張投影片，我想分享我們的影片市場更新。

Traditionally, broadcast workflows ran on dedicated appliances while streaming dependent on the cloud for flexibility and scalability.

傳統上，廣播工作流程在專用設備上運行，而串流媒體則依賴雲端來實現靈活性和可擴展性。

Now those lines are blaring.

現在這些台詞非常刺耳。

Broadcasters are moving some channels to the cloud for disaster recovery and pop-ups.

廣播公司正在將一些頻道轉移到雲端，以實現災難復原和彈出視窗。

And streaming providers want broadcast-like reliability and sometimes bring workflows on-prem to manage cost.

串流媒體提供者希望獲得廣播般的可靠性，有時會將工作流程帶入內部以管理成本。

Although the cloud can be expensive for constant use and require specific expertise, it's great for occasional events, offers lower upfront cost, and lets you spin up new technology quickly.

儘管雲端運算的持續使用成本較高且需要特定的專業知識，但它非常適合偶爾舉辦的活動，前期成本較低，並且可以讓您快速啟用新技術。

That's why we're seeing a great demand for hybrid solutions.

這就是我們看到對混合解決方案的巨大需求的原因。

Keep core channels on-prem while moving additional or short-term workloads to the cloud.

將核心頻道保留在本地，同時將額外或短期工作負載遷移到雲端。

This demand for hybrid works well for us as Harmonic excels at both.

這種對混合動力的需求對我們來說非常有利，因為 Harmonic 在這兩方面都表現出色。

We have deep experience with broadcast appliances and a robust cloud native platform.

我們在廣播設備和強大的雲端原生平台方面擁有豐富的經驗。

Our hybrid solutions give customers the best of both worlds, providing seamless migration between on-prem and Cloud while meeting broadcast standards in any environment.

我們的混合解決方案為客戶提供了兩全其美的解決方案，提供本地和雲端之間的無縫遷移，同時滿足任何環境中的廣播標準。

Turning to slide 15.

翻到第 15 張投影片。

Let's look at our two strategic imperatives for our Video business, appliance profitability, and SAS transformation.

讓我們來看看我們的視訊業務、家電盈利能力和 SAS 轉型的兩大戰略要務。

On the appliance side, we're executing with clear focus on our core XOS and spectrum product lines.

在設備方面，我們明確地專注於核心 XOS 和頻譜產品線。

We're innovating around them to enable more functional consolidation, greater scalability, and advanced use cases.

我們正在圍繞它們進行創新，以實現更多的功能整合、更高的可擴展性和更高級的用例。

This concentrated approach is already showing results.

這種集中做法已初見成效。

Our pipeline of larger deals in the fourth quarter of 2024 and into 2025 is growing.

我們在 2024 年第四季和 2025 年的大型交易計畫正在不斷增加。

And we're entering 2025 with an improved backlog.

進入 2025 年，我們的積壓工作將會改善。

Turning to the SAS streaming, we're continuing to see strong momentum and are taking steps to increase this even further.

談到 SAS 串流媒體，我們繼續看到強勁勢頭，並正在採取措施進一步提高這一勢頭。

We just announced a notable partnership with Akamai for Video streaming.

我們剛剛宣布與 Akamai 建立視訊串流領域的重大合作夥伴關係。

And our fourth quarter SAS revenue stands at $15.1 million.

我們第四季的 SAS 營收為 1510 萬美元。

We expect further growth in 2025 with the real impact of these sales efforts ramping into 2026 as recurring revenue builds over time.

我們預計 2025 年將進一步成長，隨著經常性收入隨著時間的推移而增加，這些銷售努力的實際影響將持續到 2026 年。

Overall, these two pillars, appliances profitability and SAS transformation, are working together to create strong operating leverage and position us for sustained success as we move forward.

整體而言，家電獲利能力和 SAS 轉型這兩大支柱共同努力，創造了強大的經營槓桿，並使我們在未來取得持續成功。

Now, let me turn it over to Walter for a deeper discussion of our financial results and outlook.

現在，讓我將話題交給沃爾特，讓他更深入地討論我們的財務表現和前景。

Thanks, Nimrod.

謝謝，尼姆羅德。

And thank you, all, for joining us today.

感謝大家今天的參與。

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

在我討論我們的季度業績和展望之前，我想提醒大家，我在本次電話會議上提到的財務報表都是按照非公認會計準則提供的。

As David mentioned earlier, our Q4 press release and earnings presentation include reconciliations of the non-GAAP financial measures to GAAP.

正如 David 之前提到的，我們的第四季新聞稿和收益報告包括非 GAAP 財務指標與 GAAP 的對帳。

Both of these are available on our website.

這兩份文件均可在我們的網站上找到。

Looking at some of our fourth quarter highlights here on slide 17, we delivered record quarterly total company revenue, adjusted EBITDA, and EPS.

回顧第 17 頁投影片中我們第四季的一些亮點，我們實現了創紀錄的季度公司總收入、調整後 EBITDA 和 EPS。

Total company revenue increased 33% year over year to $222.2 million. EPS

公司總營收年增 33% 至 2.222 億美元。每股盈餘

rose 246% to $0.45. And our cash balance reached $101.5 million, up $43.3 million, sequentially.

上漲246%，至0.45美元。我們的現金餘額達到 1.015 億美元，比上一季增加 4,330 萬美元。

Broadband revenue in EBITDA reached record levels to $171 million and $64.1 million, respectively.

EBITDA中的寬頻收入分別達到創紀錄的1.71億美元和6,410萬美元。

Video revenue was $51.1 million, and Video EBITDA was $7.8 million as we continue to improve efficiencies in that business.

隨著我們繼續提高該業務的效率，視訊收入為 5,110 萬美元，視訊 EBITDA 為 780 萬美元。

Video SaaS revenue in the quarter was $15.1 million, up 15% year over year.

本季影片 SaaS 營收為 1,510 萬美元，年成長 15%。

Before we review our detailed fourth-quarter financials and provide Q1 and full-year 2025 guidance, I want to put our top line and profitability results in perspective by reviewing the past five years as shown on slide 18.

在我們回顧第四季度的詳細財務狀況並提供 2025 年第一季和全年指引之前，我想透過回顧第 18 張投影片所示的過去五年來全面了解我們的營收和獲利情況。

In this time span, we've delivered solid total company revenue growth and rapid Broadband growth, with similar trends in EBITDA during this same period.

在這段時間內，我們實現了公司總營收的穩健成長和寬頻的快速成長，同期 EBITDA 也呈現類似的趨勢。

While we expect a decline for both total company and Broadband revenue in 2025 due to recent market dynamics, we expect revenue growth to resume in 2026 for both of these.

雖然由於最近的市場動態，我們預計 2025 年公司總收入和寬頻收入都會下降，但我們預計這兩項收入在 2026 年都將恢復成長。

As Nimrod highlighted earlier, the overall market growth for our part of the cable access market is estimated to be 13% CAGR from 2023 to 2028.

正如 Nimrod 先前強調的那樣，我們所在有線接入市場的整體市場成長預計從 2023 年到 2028 年將達到 13% 的複合年增長率。

We are cautiously managing our Broadband business based on a more conservative growth rate in the low double digits.

我們正在謹慎管理我們的寬頻業務，以較保守的低兩位數成長率為基礎。

Having said that, we are extremely well positioned with our strong market share and technology leadership to capitalize on expected growth in 2026 and beyond.

話雖如此，我們憑藉強大的市場份額和技術領先地位，佔據了極其有利的地位，可以利用 2026 年及以後的預期成長。

I will now briefly review our capital allocation priorities on slide 19.

我現在將在第 19 頁上簡要回顧我們的資本配置優先事項。

One of our priorities is driving organic growth.

我們的首要任務之一是推動有機成長。

This includes investments to support Broadband rest of world growth, new service offerings, and funding anticipated working capital needs.

這包括用於支持寬頻世界其他地區成長、新服務提供和資助預期營運資金需求的投資。

Another priority is returning capital to our shareholders through stock repurchases.

另一個優先事項是透過股票回購向股東返還資本。

Today, we announced a new three-year share repurchase program of up to $200 million which doubles our previous program and reflects our extreme confidence in the business.

今天，我們宣布了一項新的為期三年、總額高達 2 億美元的股票回購計劃，這是我們之前計劃的兩倍，反映了我們對業務的極大信心。

We will fund these repurchases with expected free cash flow over the next three years and our strong liquidity position of $101.5 million in cash and $82 million in undrawn credit facility at the end of 2024.

我們將利用未來三年的預期自由現金流以及我們強勁的流動性狀況（截至 2024 年底的 1.015 億美元現金和 8,200 萬美元未提取的信貸額度）為這些回購提供資金。

In December 2024, we increased our current credit facility by $40 million to $200 million which includes a $160 million revolving credit line and a $40 million delayed draw term loan.

2024 年 12 月，我們將目前的信貸額度增加了 4,000 萬美元，達到 2 億美元，其中包括 1.6 億美元的循環信貸額度和 4,000 萬美元的延期提取定期貸款。

Therefore, we have ample liquidity to support our capital allocation priorities.

因此，我們有充足的流動性來支持我們的資本配置重點。

During Q4, we did not purchase any of our common stock under our prior repurchase program.

在第四季度，我們沒有根據先前的回購計畫購買任何普通股。

In 2025, we intend to opportunistically repurchase shares when we believe our stock is undervalued, relative to the strength of our business, thereby creating value for our long-term shareholders.

2025 年，當我們認為我們的股票相對於我們的業務實力被低估時，我們打算趁機回購股票，從而為我們的長期股東創造價值。

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，任何股票回購的時間和金額都將取決於多種因素，包括 Harmonic 普通股的價格、市場條件、公司需求和監管要求。

Additionally, we will continue to prudently manage our balance sheet with the goal of maintaining overall net leverage of two times or less and available liquidity of no less than $100 million going forward.

此外，我們將繼續審慎管理我們的資產負債表，目標是未來保持整體淨槓桿率不超過兩倍，可用流動資金不少於 1 億美元。

And finally, we intend to explore inorganic expansion opportunities that complement and leverage our growing footprint in broadband.

最後，我們打算探索無機擴張機會，以補充和利用我們在寬頻領域不斷增長的影響力。

Turning back to our fourth quarter 2024 financial results on slide 20.

回到第 20 頁的 2024 年第四季財務表現。

In the fourth quarter, we had two customers representing greater than 10% of total revenue, with Comcast representing 43% of total revenue and Charter representing 24%.

第四季度，我們有兩位客戶佔總收入的 10% 以上，康卡斯特佔總收入的 43%，而 Charter 佔 24%。

Total company Q4 gross margin was 56.1% at the higher end of our guidance and significantly up both sequentially and year over year.

該公司第四季總毛利率為 56.1%，處於我們預期的高位，且較上季和年比均有大幅成長。

Broadband Q4 gross margin was 52.7%, up 440 basis points sequentially, and 1,030 basis points year over year due predominantly to a higher mix of COS licenses, partially offset by inventory provisions taken related to the current unified DOCSIS Ford auto transition.

寬頻第四季毛利率為 52.7%，比上一季成長 440 個基點，比去年同期成長 1,030 個基點，這主要歸因於 COS 許可證組合增加，但部分被與當前統一 DOCSIS 福特汽車過渡相關的庫存撥備所抵消。

Video gross margin in Q4 was 67.4%, up 280 basis points year over year.

第四季影音毛利率為67.4%，較去年同期成長280個基點。

The increase mainly due to a favorable product mix, coupled with our restructuring efforts in this business.

成長主要歸因於有利的產品組合，加上我們在該業務上的重組努力。

Moving down the income statement on slide 21.

將第 21 張投影片上的損益表向下移動。

Q4 '24 operating expenses were $61.5 million, down 3% year over year.

24年第四季營運費用為6,150萬美元，年減3%。

In the quarter, we had an unrealized non-cash foreign exchange gain of approximately $5.8 million as a result of inter-company balances that we don't expect to settle in the short term.

本季度，由於我們預計短期內無法結清的公司間餘額，我們產生未實現非現金外匯收益約 580 萬美元。

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

這反映在我們的損益表的其他費用收入行和調整後的 EBITDA 中。

Turning to the order book, Q4 bookings were $150 million.

談到訂單，第四季的訂單金額為 1.5 億美元。

The book-to-bill ratio for the quarter was 0.7 compared to 0.9 in Q3 '24 and 1.2% in Q4 '23.

本季的訂單出貨比為 0.7，而 24 年第三季為 0.9，23 年第四季為 1.2%。

The 0.7 book-to-bill ratio was due to the sharp increase in Broadband revenue in the quarter and the expected outlook for early 2025.

0.7 的訂單出貨比是由於本季寬頻營收的大幅成長以及 2025 年初的預期前景。

As we stated previously, over time, we expect our book-to-build ratio to normalize and approach the historical benchmark of greater than one, especially as unified DOCSIS 4.0 and Broadband ramps.

正如我們之前所說，隨著時間的推移，我們預計我們的訂單與建造比率將正常化並接近大於 1 的歷史基準，特別是隨著統一的 DOCSIS 4.0 和寬頻的發展。

Turning to the balance sheet on slide 22, we ended Q4 with cash and cash equivalents of $101.5 million.

翻開第 22 頁的資產負債表，我們第四季末的現金和現金等價物為 1.015 億美元。

The quarter-over-quarter change was mainly attributed to strong positive free cash flow of $46.2 million resulting from higher income, improved DSL, and lower inventory levels.

季度環比變化主要歸因於收入增加、DSL 改善和庫存水準降低帶來的 4,620 萬美元的強勁正自由現金流。

Day sales outstanding at the end of Q4 '24 was 72 compared to 80 in Q3 '24 and 76 in Q4 '23.

2024 年第四季末的未結清銷售天數為 72 天，而 2024 年第三季為 80 天，2023 年第四季為 76 天。

The sequential decrease was due to strong in quarter collections performance and timing of shipments.

連續下降的原因是本季收款表現強勁以及出貨時間安排合理。

Our day's inventory on hand was 59 days at the end of Q4 '24 compared to 73 at the end of Q3 '24 and 89 at the end of Q4 '23.

截至 2024 年第四季末，我們的庫存天數為 59 天，而截至 2024 年第三季末為 73 天，截至 2023 年第四季末為 89 天。

Inventory decreased $9.9 million in the quarter due to lower receipts and higher inventory provisions, mainly in Broadband.

由於收入減少和庫存撥備增加（主要在寬頻領域），本季庫存減少了 990 萬美元。

At the end of Q4, total backlog and deferred revenue was $496.3 million.

截至第四季末，總積壓訂單和遞延收入為 4.963 億美元。

Around 57% of our backlog and deferred revenue has customer request dates for shipments of products and for providing services within the next 12 months.

我們的積壓訂單和遞延收入中約有 57% 是客戶要求在未來 12 個月內出貨和提供服務的日期。

Turning to guidance, as we've mentioned previously, due to recent market developments around unified DOCSIS 4.0, we've seen some customers pushing out their deployment timing plans for 2025.

談到指導，正如我們之前提到的，由於圍繞統一 DOCSIS 4.0 的最新市場發展，我們看到一些客戶推遲了 2025 年的部署時間規劃。

We believe this is mainly a timing shift and expect that these 2025 deployment delays to create a positive tailwind for us in 2026 as schedules are refined and unified Ford auto technology deployments accelerate.

我們認為這主要是時間上的變化，並預計隨著時間表的完善和統一的福特汽車技術部署的加速，2025 年的部署延遲將為我們在 2026 年創造積極的順風。

Now let's review our non-gap guidance for 2025 beginning on slide 23.

現在讓我們從第 23 張投影片開始回顧 2025 年的無缺口指引。

We're taking a prudent approach, given the factors I just mentioned.

考慮到我剛才提到的因素，我們採取了謹慎的做法。

For Q1, we expect Broadband to deliver revenue between $80 million to $90 million, gross margins between 52% to 54% due to product mix, and adjusted EBITDA between $9 million to $15 million.

對於第一季度，我們預計寬頻業務的收入將在 8,000 萬至 9,000 萬美元之間，由於產品組合原因，毛利率將在 52% 至 54% 之間，調整後的 EBITDA 將在 900 萬至 1,500 萬美元之間。

For the full year 2025, we expect Broadband revenue between $400 million to $450 million gross margins between 51% to 54%, and adjusted EBITDA between $77 million to $106 million.

對於 2025 年全年，我們預計寬頻收入在 4 億至 4.5 億美元之間，毛利率在 51% 至 54% 之間，調整後的 EBITDA 在 7,700 萬美元至 1.06 億美元之間。

Of note, we saw reduced order forecasts from some of our Broadband customers last month.

值得注意的是，上個月我們發現一些寬頻客戶的訂單預測有所下降。

And our current conservative outlook reflects this and the ongoing unified Ford auto tech technology transition.

我們目前的保守觀點反映了這一點以及正在進行的統一福特汽車技術轉型。

For our Video segment in Q1, we expect revenue in the range of $40 million to $45 million, gross margin in the range of 64% to 65%, and adjusted EBITDA to range from zero to $2 million.

對於第一季的視訊部門，我們預計營收在 4,000 萬美元至 4,500 萬美元之間，毛利率在 64% 至 65% 之間，調整後的 EBITDA 在零至 200 萬美元之間。

For the full year, we expect Video revenue between $185 million to $195 million, gross margins between 63% to 65%, and adjusted EBITDA to range from $8 million to $17 million.

我們預計全年視訊收入在 1.85 億美元至 1.95 億美元之間，毛利率在 63% 至 65% 之間，調整後 EBITDA 在 800 萬美元至 1700 萬美元之間。

On slide 24, we've provided the total company guidance for Q1 and full year 2025.

在投影片 24 上，我們提供了 2025 年第一季和全年的整體公司指引。

In the interest of time, I will let you read through the details.

為了節省時間，我會讓你閱讀詳細資訊。

Please also note that our non-GAAP tax rate for 2025 is 20%.

另請注意，我們 2025 年的非 GAAP 稅率為 20%。

I would like to highlight that the total company EPS for full year 2025 is expected to be in the range of $0.43 to $0.68. As mentioned earlier, subsequent to our Q3 earnings call, we have seen additional demand forecast reductions which are factored into this guidance.

我想強調的是，預計 2025 年全年公司每股收益在 0.43 美元至 0.68 美元之間。如前所述，在我們的第三季財報電話會議之後，我們看到需求預測進一步下調，這些都已計入本指引中。

Before closing, as you can tell from today's remarks, we provided more content on this earnings call than we typically do.

在結束之前，正如您從今天的演講中看到的，我們在這次財報電話會議上提供的內容比通常更多。

We felt it was important to do so given the current industry dynamics and how they relate to our 2025 guidance and our outlook for 2026.

我們認為，考慮到當前的行業動態以及它們與我們 2025 年指引和 2026 年展望的關係，這樣做非常重要。

We appreciate you giving us this extra time today and on future calls we'll return to a more normal level of detail.

我們感謝您今天給予我們額外的時間，在以後的通話中我們將恢復到更正常的詳細程度。

In summary, our strong 4th quarter results, including record quarterly total company revenue and adjusted EBITDA, reflect the substantial progress we've made.

總而言之，我們強勁的第四季度業績，包括創紀錄的季度公司總收入和調整後的 EBITDA，反映了我們取得的重大進展。

In Broadband, we have proven our technological capabilities and the ability to scale to our customers' needs.

在寬頻領域，我們已經證明了我們的技術能力和根據客戶需求進行擴展的能力。

Our technology leadership position has never been stronger.

我們的技術領導地位從未如此強大。

And we believe this puts us in a strong position to capitalize on the long-term growth opportunities we see in Broadband DOCSIS 4.0 and Fiber.

我們相信，這將使我們處於有利地位，利用寬頻 DOCSIS 4.0 和光纖帶來的長期成長機會。

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，我將把話題轉回給 Nimrod，請他做最後的發言。

Thank you, Walter.

謝謝你，沃特。

So in conclusion, we had a record 2024, a testament to our technology leadership, strong operating model, and proven execution.

總而言之，我們在 2024 年創下了創紀錄的業績，證明了我們的技術領先地位、強大的營運模式和經過驗證的執行力。

We are navigating the expected 2025 Broadband headwinds thoughtfully and positioning ourselves for the growth rebound we anticipate in 2026.

我們正在認真應對預期的 2025 年寬頻逆風，並為我們預期的 2026 年成長反彈做好準備。

The short-term challenges do not alter our long-term trajectory.

短期挑戰不會改變我們的長期發展軌跡。

We remain confident in our market-leading positions.

我們對我們的市場領先地位依然充滿信心。

The strengths of our products and our ability to execute on both our Broadband and Video strategy.

我們的產品優勢以及我們執行寬頻和視訊策略的能力。

Thank you for your attention throughout this presentation.

感謝您對本次演示的關注。

Walter and I are now happy to take your questions.

沃特和我現在很高興回答你們的問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Thanks for taking the question.

感謝您回答這個問題。

I guess one of the things I'm trying to get my head around here is in terms of this outlook, how much is is broad market trends?

我想，我在這裡試圖弄清楚的事情之一是，就這種前景而言，廣泛的市場趨勢是多少？

And how much of your outlook specifically in the Cable Edge segment is reflective of market share shifts?

您對 Cable Edge 領域的展望有多少反映了市場佔有率的變化？

How are you thinking about market share versus market trends?

您如何看待市場佔有率與市場趨勢？

Thank you.

謝謝。

Yeah.

是的。

So we think this is mostly a market trend.

因此我們認為這主要是市場趨勢。

We believe our market share on virtual CMTS remains very strong north of 90%.

我們相信，我們在虛擬 CMTS 上的市佔率仍然非常強勁，超過 90%。

And on remote devices north of 60%, we don't see any market share loss.

在 60% 以上的遠端設備上，我們沒有看到任何市場份額的損失。

I would say quite the opposite as we get into more, although this is going to be I would say developing slowly into the year and getting stronger at the second half of the year.

隨著我們進一步深入，我想說的情況恰恰相反，儘管我認為這種情況在今年會緩慢發展，並在下半年變得更加強勁。

The more we win on unified 4.0, more customers are going there.

我們在統一 4.0 上取得的勝利越多，就會有越多的客戶選擇我們。

We're going to -- in our mind, increase our market share given our strengths in the end-to-end solution for Unified.

在我們看來，我們將利用我們在 Unified 端到端解決方案方面的優勢來增加我們的市場份額。

So the short answer is a market trend, more so than a market share, we feel very confident about our market share position.

因此，簡短的回答是市場趨勢，而不是市場份額，我們對我們的市場份額地位非常有信心。

And just add to Nimrod's point, I mean you'll see it reported.

補充一下 Nimrod 的觀點，我的意思是你會看到報道。

I'm sure shortly from Dell'Oro in terms of the quarterly market share.

我相信 Dell'Oro 很快就會在季度市場份額方面取得進展。

But we feel very good in terms of where the last few quarters have gone in terms of our market share position.

但就過去幾季的市場佔有率而言，我們感覺非常好。

And then I guess the related question is then is how much of this is reflective of patterns among your your two lead customers?

然後我想相關的問題是，這在多大程度上反映了您的兩個主要客戶的模式？

Is one behaving differently or are they sort of moving in sync?

一個人的行為是否有所不同，或者他們的行為是否同步？

How should we think about those behaviors?

我們該如何看待這些行為？

I'm assuming one is maybe slowing to a greater extent than another, any color you could offer I'd appreciate.

我假設其中一個可能比另一個放緩得更嚴重，如果您能提供任何顏色我將不勝感激。

We cannot provide the -- both of them reported recently.

我們無法提供——他們兩人最近都報告了此事。

Both of them discussed at some level, the development of their initiatives.

他們兩人都在某種程度上討論了各自倡議的發展。

One has specifically noted increase in the overall CapEx category, which we are subset of that.

人們特別注意到整體資本支出類別增加，我們是其中的一部分。

There are many other network elements that they spend money on.

他們在許多其他網路元素上都花了錢。

The other one was talking about the expansion into DOCSIS 4.0 and the kind of percentage of completion of their mid-slit initiative.

另一個正在談論向 DOCSIS 4.0 的擴展以及中期計劃的完成百分比。

They both have different dynamics.

它們都有不同的動態。

We cannot specifically comment on one versus the other in terms of the impact on what we see in 2025.

我們無法具體評論其中哪一種會對 2025 年產生什麼影響。

We also have the rest of the world, dynamics, which we provided details on expectation for that, to kind of grow and expand during the course of the year.

我們也了解世界其他地區的動態，我們提供了有關這方面的預期細節，這些動態將在一年內成長和擴張。

Thanks for taking the questions.

感謝您回答這些問題。

Ryan Koontz, Needham.

瑞安·孔茨，尼德姆。

Great.

偉大的。

Thanks for the question.

謝謝你的提問。

With regards to maybe what's changed in your comments around ecosystem readiness, and you've mentioned before about the full-duplex amplifiers that are a real challenge for the industry.

關於您在生態系統準備方面評論中可能發生了什麼變化，您之前提到全雙工放大器對行業來說是一個真正的挑戰。

Can you kind of reflect reflect broadly on what you see happening across the broader cable industry as it relates to making these full-duplex amps work versus moving forward in an ESD model or even in DOCSIS 3.1 for now and then coming back and doing the DOCSIS for clean up later?

您能否廣泛地反思一下您所看到的整個有線電視行業正在發生的事情，即讓這些全雙工放大器工作，還是先在 ESD 模型中前進，甚至先在 DOCSIS 3.1 中前進，然後再回來進行 DOCSIS 清理？

Thanks.

謝謝。

Yeah.

是的。

So first of all, no dependency on customers that are rolling out DOCSIS 3.1 or extended spectrum in DOCSIS 4.0. It primarily impacts those that want to take advantage of the full duplex, or the flexible FDD, what's called FDD that you can dynamically change.

首先，不依賴推出 DOCSIS 3.1 或 DOCSIS 4.0 擴充頻譜的客戶。它主要影響那些想要利用全雙工或靈活 FDD（即可以動態更改的 FDD）的人。

The split, in such case, you will need these types of amplifiers.

分裂，在這種情況下，您將需要這些類型的擴大機。

As we said previously, these are not just smart amplifiers.

正如我們之前所說，這些不僅僅是智慧放大器。

These are -- in fact, brilliant amplifiers.

事實上，這些都是出色的擴大機。

And they require quite a significant integration, ecosystem integration into the network, to fully operationalize them.

它們需要相當大規模的整合，將生態系統整合到網路中，才能全面運作。

And it takes time.

而這需要時間。

The volume of these devices relative to our devices is a factor of 1 to 17.

這些設備的體積相對於我們的設備而言是 1 比 17 的倍數。

You have 17 times more of these devices.

你擁有的設備數量是這些設備的 17 倍之多。

And these are outdoor.

這些都是戶外的。

Once you put them, majority of the investment is to put them out there.

一旦你把它們放到那裡，大部分的投資就是用來把它們放到那裡的。

So there is quite a lot of effort to fully operationalize that.

因此，要全面實現這一目標還需要付出很多努力。

And this is what we have been talking about that previously.

這就是我們之前一直在談論的。

At the same time, you may recall that we mention Sercomm getting into that space.

同時，您可能還記得我們曾提到 Sercomm 進入該領域。

And later on, we announced a partnership with them, a technological partnership with them.

後來，我們宣布與他們建立合作關係，技術合作夥伴關係。

And we're very encouraged with the progress made.

我們對所取得的進展感到非常鼓舞。

And we think that this is going to help the ecosystem move faster to fully operationalize these brilliant amplifiers.

我們認為這將有助於生態系統更快地全面運作這些出色的擴大機。

That's really helpful, Nimrod.

這真的很有幫助，尼姆羅德。

Thank you.

謝謝。

And maybe just in terms of your metrics, you quoted I think [1.3 million] new cable modems served, which is the lowest in a few years, but yet also reported record revenue in Broadband.

也許僅就您的指標而言，您引用了我認為 [130 萬] 個新的有線調製解調器服務，這是幾年來的最低水平，但同時也報告了寬頻創紀錄的收入。

Can you help us kind of true that up in terms of what's happening there?

您能幫我們確認那裡到底發生了什麼事嗎？

Is this -- are these hardware shipments in advance of activations or some kind of other rev recognition going on in the quarter?

這些硬體出貨量是否提前於啟動或本季進行某種其他收入確認？

Thanks.

謝謝。

I'll address that, Ryan.

我會解決這個問題，瑞安。

Yes.

是的。

So absolutely, the cable modems getting activated come after folks are picking up equipment and licenses.

所以，毫無疑問，在人們領取設備和許可證之後，電纜調變解調器才會被啟動。

So you kind of answered your own question there.

您實際上已經回答了您自己的問題。

Got it.

知道了。

Alright.

好吧。

Thank you.

謝謝。

And your earlier comment about inventory was that similar to this too.

您之前關於庫存的評論也與此類似。

But inventory stacking up at some customers ahead.

但一些客戶的庫存正在不斷累積。

No.

不。

Our comments on inventory was with regards to taking an inventory provision related to the transition to DOCSIS unified 4.0. We had certain 3.1 inventory, a specific type that we took a $5 million-dollar provision on roughly $5 million-dollar provision on in Q4.

我們對庫存的評論是關於採取與向 DOCSIS 統一 4.0 過渡相關的庫存規定。我們有特定的 3.1 庫存，這是特定類型的庫存，我們在第四季度對其計算了約 500 萬美元的撥備。

That was the comment earlier.

這是之前的評論。

Perfect.

完美的。

Thanks so much.

非常感謝。

Appreciate it both.

非常感謝。

Okay, thanks, Ryan.

好的，謝謝，瑞安。

Steven Frankel, Rosenblatt Securities.

羅森布拉特證券 (Rosenblatt Securities) 的史蒂文·弗蘭克爾 (Steven Frankel)。

Talk about a question -- about unified DOCSIS.

談一個問題——關於統一DOCSIS。

And when do you think there will be an availability of chips to go into things like amplifiers?

您認為什麼時候才會有可用於擴大機之類的設備的晶片呢？

(multiple speakers)

（多位發言者）

The silicon is available.

矽可用。

There is no dependency on availability of silicon.

不依賴矽的可用性。

What I was talking about is how you put the product together and how you put all the firmware and software to operationalize that, how you, get the deployment teams, fully mastering the deployment and troubleshooting of that.

我所談論的是如何將產品組合在一起，如何整合所有韌體和軟體以實現其操作，如何讓部署團隊完全掌握部署和故障排除。

So it's more of how you put that into the system together, more so than the silicon.

因此，這更多的是關於如何將其放入系統中，而不是矽片上。

The silicon itself is fully available.

矽本身是完全可用的。

Okay and like a couple of other previous questions, I'm trying to square up what we're fairly bullish full year spending plans by your two biggest customers with your forecast which is kind of the opposite of that.

好的，就像之前的幾個問題一樣，我試圖將我們對您兩個最大客戶的全年支出計劃與您的預測進行對比，您的預測與我們的預測正好相反。

So what am I missing?

那我遺漏了什麼？

Are they doing other things in their network build out that doesn't involve you?

他們在網路建設中是否做了其他不涉及你的事情？

Or you're just not going to factor that build out in until you see the orders?

或者您只是在看到訂單之前不考慮這一因素？

So when you look at major MSOs' CapEx in this network evolution category, it includes our piece of technology.

因此，當您查看此網路演進類別中的主要 MSO 的資本支出時，它其中包括我們的技術。

But it also includes amplifiers.

但它還包括放大器。

It includes a lot of labor to put it out there into the network, depending on the type of upgrade that you do.

根據您進行的升級類型，將其放入網路需要大量勞動力。

If you do extended spectrum, you go and replace all the passive and taps in the network itself, which is a lot of labor effort.

如果你進行擴展頻譜，你需要去替換網路本身中的所有被動設備和分接頭，這需要大量的勞動力。

So holistically, when you look at that, we are a portion of that.

因此從整體來看，我們只是其中的一部分。

And in any given year, it's not necessarily that they spend equally on all parts.

而且在任何一年中，他們並不一定在所有方面都投入同等的資金。

Okay.

好的。

And you could you give us any more color about these recent inventory or order reductions that you -- that you've heard about in the last month?

您能否向我們詳細介紹一下您上個月聽說的近期庫存或訂單減少的情況？

And is there any rationale for that that you could share?

能分享一下其中的原因嗎？

Yeah, Steve.

是的，史蒂夫。

It's Walter.

是沃特。

I'll address that one.

我來談談這個問題。

Our belief is those demand pushouts are all related to the market dynamics we talked about in terms of the transition over to unified 4.0 as well as the the other, the ecosystem dependency.

我們相信，這些需求推動都與我們在向統一 4.0 過渡方面所討論的市場動態以及生態系統依賴性有關。

So I believe it's all related to that.

所以我相信這一切都與此有關。

And we saw that as I mentioned in the prepared remarks, we saw that here in January.

正如我在準備好的演講中提到的那樣，我們在一月份就看到了這一點。

So we've now had all of our forecasts.

現在我們已經有了所有的預測。

We believe those forecasts are now settled out.

我們相信這些預測現在已經得到確認。

And as we mentioned on the call today, we're prudently guiding based on the market dynamics and the transitions we we spoke about for 2025.

正如我們今天在電話會議上提到的那樣，我們將根據市場動態和我們談到的 2025 年的轉變做出謹慎的指導。

All right, thank you.

好的，謝謝。

Thank you.

謝謝。

Tim Savageaux, Northland Capital.

北國資本 (Northland Capital) 的 Tim Savageaux 說道。

Hey, good afternoon. [It's then] a couple of questions here.

嘿，下午好。 [那麼]這裡有幾個問題。

Looking at the increase in gross margin forecast or guidance for calendar '25, I assume that's a result of -- well, maybe a higher mix of Video overall.

從 25 年毛利率預測或指引的成長來看，我認為這可能是影片整體結構變化較高的結果。

But within Broadband, it would appear to be a higher mix of routing versus nodes, is it?

但是在寬頻中，路由與節點的混合程度似乎更高，是嗎？

Would you confirm that it would be fair to say that substantially all the revenue declines that you're forecasting for Broadband next year are in on the node side?

您是否確認，可以公平地說，您預測的明年寬頻收入下降基本上全部發生在節點方面？

Looks based on -- (multiple speakers) Yeah.

看起來是基於－（多位發言者）是的。

Yeah.

是的。

Hey, Tim.

嘿，提姆。

It's Walter.

是沃特。

But yes, you have noticed that if you look at the midpoint of our Broadband guide on gross margins as compared to the full year '24 Broadband gross margins, we're up about [290] basis points and that shifted.

但是的，你已經注意到，如果您查看我們的寬頻毛利率指南的中點，並與 24 年全年寬頻毛利率進行比較，我們上漲了約 [290] 個基點，並且這種情況有所變化。

Mix is most significantly related to COS platform as compared to nodes.

與節點相比，Mix 與 COS 平台的關係最為密切。

When we look at the mix with the revenue dropping, you are correct in assuming it's a lower mix of nodes and an increased mix with regards to -- with regards to licenses.

當我們看到收入下降的組合時，您正確地假設節點的組合較低，而許可證的組合較高。

If I can just dig in on that a little bit more increase mix, would it be fair to say that the routing of the license size looking about flat?

如果我可以深入研究一下增加混合的情況，是否可以公平地說，許可證大小的路由看起來是平坦的？

Oh, in in terms of the revenue profile

哦，就收入情況而言

--

--

I think 25 over 24.

我認為是 25 除以 24。

I think it would be slightly up even at a nominal dollar basis.

我認為，即使以名目美元計算，該數字也會略有上升。

Yeah.

是的。

All right.

好的。

Well, that's interesting.

嗯，這很有趣。

And you managed mentioned kind of managing the business prudently, although it seems like you're forecasting a pretty solid increase in OpEx on the Broadband side, despite the revenue declines.

您提到要謹慎地管理業務，儘管您似乎預測寬頻方面的營運支出將大幅增加，儘管收入有所下降。

I wonder if you could give us a little more color on what's driving that.

我想知道您是否可以向我們詳細介紹一下這現象的驅動因素。

Yeah.

是的。

Correct, Tim.

正確，提姆。

As on the Video side of the business, we instituted our cost optimization through 2024.

與視訊業務一樣，我們在 2024 年實施了成本優化。

So now we're going to get the full-year benefit of that in 2025.

所以現在我們將在 2025 年獲得全年利益。

And you're correct in terms of the direction on the Broadband OpEx is increasing.

您關於寬頻營運支出成長方向的說法是正確的。

And the major reason for that is that as we mentioned earlier, rest-of-world customer growth in 2025 and supporting all of those customers, basically, building up the the support structure on that OpEx.

主要原因在於，正如我們前面提到的，2025 年世界其他地區的客戶將成長，而對所有這些客戶的支援基本上就是在該 OpEx 上建立支援結構。

So we have Broadband OpEx moving upward in in 2025 over 2024.

因此，2025 年的寬頻營運成本將比 2024 年上升。

And maybe I can add on that.

也許我還可以補充一點。

We mentioned on the last quarter that we expect Rogers to start deploying, towards the second half of the year.

我們在上個季度提到，預計羅傑斯將在今年下半年開始部署。

That's an integration effort that we're investing.

這是我們正在投資的整合工作。

We have, in the pipeline quite a few of sizable opportunities that we're expecting to secure this year.

我們手上有不少可觀的機會，希望今年能把握住。

They all require some level of effort, both from an engineering point of view and integration and support.

它們都需要一定程度的努力，無論是從工程角度還是從整合和支援角度。

So put it all together, that requires that incremental expense.

所以把所有一切加在一起，就需要增加開支。

Okay.

好的。

Got it.

知道了。

And last from one from me.

最後一個來自我。

Walter, I think you -- if you're quite specific, but talking about Broadband, I guess on a medium-term basis, I mean, you're kind of revising the growth profile.

沃爾特，我認為你 - 如果你說得比較具體，但談到寬頻，我想從中期來看，我的意思是，你正在修改增長概況。

I think you said double digits or low double digits.

我認為你說的是兩位數或低兩位數。

I mean, I know we're looking solidly over 30%, sorry, 20% before.

我的意思是，我知道我們之前預期的比例會穩定在 30% 以上，抱歉，是 20%。

I mean is that a function of what you're seeing this year and factoring that in, or is there something changed in the market to alter your overall sense of of growth rate?

我的意思是，這是您今年看到的情況並將其考慮在內的結果嗎，還是市場發生了一些變化，從而改變了您對成長率的整體感覺？

Yes, certainly.

是的，當然。

And just to first of all, make sure it was crystal clear.

首先，確保它非常清晰。

As we've shown on the chart today, the overall market for the Dell'Oro report from '23 to '28 for the cable access part that's related to virtualized CMTS, DAA, and remote OLTs is increasing at a 13% CAGR if you go over that period of time.

正如我們今天的圖表所顯示，根據 Dell'Oro 報告，從 23 年到 28 年，與虛擬化 CMTS、DAA 和遠端 OLT 相關的有線接入部分的整體市場將以 13% 的複合年增長率增長。

And our comments, the comments that we made during prepared remarks are around us managing our business and looking at it over the same time period and a low double digit kind of growth, growth rate from that '23 to '28 span using that type of CAGR.

我們的評論，我們在準備好的評論中所發表的評論都是圍繞著我們管理我們的業務，並在同一時間段內對其進行觀察，以及從'23年到'28年期間的低兩位數增長，增長率使用這種複合年增長率。

And the relevance of that is that you know from a cost structure standpoint, from the things we control, we're managing the business that way as you can appreciate, very difficult to by going out two years, three years to know exactly what a year is going to look like.

其相關性在於，從成本結構的角度來看，從我們控制的事物來看，我們以這種方式管理業務，正如您所理解的，很難透過兩年或三年的時間準確地知道一年的情況。

I think our focus right now is making sure that we continue to grow our market share, that we do the right thing from a cost standpoint, and that we capitalize on the opportunities that are ahead of us when that revenue comes based on the timing of our customers and and their deployment plans.

我認為我們現在的重點是確保我們繼續擴大市場份額，從成本的角度做正確的事情，並且根據客戶的時間和部署計劃，利用好擺在我們面前的機會來獲得收入。

So I wanted to address that.

所以我想解決這個問題。

First, now your question as compared to prior CAGR rates that were out there, I think there have been some market revisions, the market analyst revisions from the prior views that were out there, and especially over the medium term.

首先，現在您的問題是與之前的複合年增長率相比，我認為市場已經進行了一些修正，市場分析師對先前的觀點進行了修正，特別是在中期內。

And what I mean by that is '25, '26, we're seeing a drop off.

我的意思是，25、26 年，我們看到了下降。

So I think we're managing our things that we control very cautiously.

所以我認為我們正在非常謹慎地管理我們控制的事情。

And we'll be ready for whenever the customer's deployment timings work out over the next few years.

我們將在未來幾年內根據客戶的部署時間做好準備。

So that that that's what I meant by that.

這就是我的意思。

And I also just wanted to provide you a little color on what has changed.

我也想讓你們稍微了解一下發生了什麼變化。

Oh, appreciate it.

哦，非常感謝。

Thanks very much.

非常感謝。

Okay.

好的。

Thanks, Tim.

謝謝，蒂姆。

Thank you.

謝謝。

I'm not showing any further questions at this time.

我現在不想再問任何問題。

I'd like to call back over to Nimrod for any closure remarks.

我想再打電話給 Nimrod 詢問有關結束語。

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的未來進展。

Thank you, all, for joining the call.

感謝大家參加此次電話會議。

Have a good day.

祝你有美好的一天。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does include the program.

這確實包括該程式。

You may now disconnect, everyone.

各位，現在您可以斷開連接了。

Have a great day.

祝你有美好的一天。