Harmonic Inc (HLIT) 2025 Q1 法說會逐字稿

Welcome to the first-quarter 2025 Harmonic earnings conference call.

歡迎參加 2025 年第一季 Harmonic 財報電話會議。

My name is Lisa. I will be your operator for today's conference call.

我的名字是麗莎。我將擔任今天電話會議的接線生。

(Operator Instructions) Please be advised that today's conference is also being recorded.

（操作員指示）請注意，今天的會議也將錄製。

I would now like to turn the conference over to David Hanover, Investor Relations. David, you may begin.

現在我想將會議交給投資者關係部的 David Hanover。大衛，你可以開始了。

Thank you, Lisa. Hello, everyone.

謝謝你，麗莎。大家好。

Thank you for joining us, today, for Harmonic's first quarter of 2025 financial results conference call.

感謝您今天參加 Harmonic 2025 年第一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.

今天與我一起的還有總裁兼執行長 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 Investor 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，我們還提供了該網路廣播的幻燈片，您可以透過造訪我們的投資者關係網站上的網路廣播來觀看。

Now, turning to slide 2. During this call, we will provide projections and other forward-looking statements regarding future events or future financial performance of the company. Such statements are only current expectations and actual events or results may differ, materially.

現在翻到投影片 2。在本次電話會議中，我們將提供有關公司未來事件或未來財務表現的預測和其他前瞻性陳述。此類聲明僅代表目前的預期，實際事件或結果可能存在重大差異。

We refer you to documents Harmonic filed with the SEC, including our most recent 10-Q and 10-K reports and the Forward-Looking Statement section of today's preliminary results press release. These documents identify important risk factors which can cause actual results to differ, materially, from those contained in our projections or forward-looking statements.

我們請您參閱 Harmonic 向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-Q 和 10-K 報告以及今天的初步結果新聞稿中的前瞻性聲明部分。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的結果有重大差異的重要風險因素。

Please note that unless otherwise indicated, the financial metrics we'll provide you on this call are determined on a non-GAAP basis. These metrics, together with the corresponding GAAP numbers and a reconciliation of GAAP, are contained in today's press release, which we have posted on our website and filed with the SEC on Form 8-K.

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。這些指標以及相應的 GAAP 數字和 GAAP 對帳表都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. Some of this information is included in the press release. The remainder of the information will be available on a recorded version of this call or on our website.

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。部分資訊已包含在新聞稿中。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。

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

現在，我將把電話轉給我們的執行長 Nimrod Ben-Natan。寧錄？

Thanks, David. Welcome, everyone, to our first-quarter 2025 earnings call.

謝謝，大衛。歡迎大家參加我們的 2025 年第一季財報電話會議。

Before we get into the specifics in each of our businesses, I would like to provide a high-level update on how we're executing on our long-term growth plans and navigating tariffs and the current macroeconomics environment.

在深入討論每個業務的具體情況之前，我想先簡要介紹一下我們如何執行長期成長計劃以及如何應對關稅和當前的宏觀經濟環境。

Today, we delivered another strong quarter, advancing our long-term growth strategy. Revenue reached $133 million, as we exceeded our Video revenue expectations. We also generated adjusted EBA of $21 million; again, ahead of our previous outlook.

今天，我們又取得了一個強勁的季度業績，推進了我們的長期成長策略。營收達到 1.33 億美元，超出了我們的影片收入預期。我們還產生了 2100 萬美元的調整後 EBA；再次超出了我們先前的預期。

Complementing this, strong operating cash flow lifted our cash balance to $149 million at quarter end. That's even after the $36 million we returned to shareholders through share repurchases. We closed the quarter with backlog and deferred revenue at $485 million, underscoring the durability of our business model.

除此之外，強勁的營運現金流使我們的現金餘額在季度末升至 1.49 億美元。這還是在我們透過股票回購向股東返還 3,600 萬美元之後。本季結束時，我們的積壓訂單和遞延收入為 4.85 億美元，凸顯了我們商業模式的持久性。

In 2025, we're continuing to navigate the current industry shift to unified DOCSIS 4.0. As we noted on our last earnings call, we expect 2025 will be a below-trend revenue year for Broadband, due to Unified 4.0 timing and its effect on customer deployments.

2025 年，我們將繼續引領目前產業轉向統一的 DOCSIS 4.0 。正如我們在上次收益電話會議上指出的那樣，由於 Unified 4.0 的時間表及其對客戶部署的影響，我們預計 2025 年將是寬頻收入低於趨勢的一年。

Now, potential tariff exposure has contributed to this outlook. Having said that, with our technology and market share leadership position on Unified 4.0, our progress here, today, has been in line with our expectations. Therefore, we continue to expect resumed revenue growth in 2026, with Unified 4.0; and existing customer ramps, as recently reflected on the Dell'Oro analyst report, which supports this future long-term growth outlook.

現在，潛在的關稅風險加劇了這種前景。話雖如此，憑藉我們在 Unified 4.0 上的技術和市佔率領先地位，我們今天在這裡取得的進展符合我們的預期。因此，我們繼續預期 2026 年隨著 Unified 4.0 的推出，營收將恢復成長；以及現有客戶的成長，正如最近 Dell'Oro 分析師報告所反映的那樣，這支持了未來的長期成長前景。

Turning to slide number 5. Our Broadband vision is becoming a reality. We are seeing rapid adoption of next-generation virtualized platforms, across both DOCSIS and Fiber networks. I will highlight some of that for us, today.

翻到第 5 張投影片。我們的寬頻願景正在成為現實。我們看到下一代虛擬化平台在 DOCSIS 和光纖網路中的快速應用。今天我將重點介紹其中的一些內容。

Turning to slide number 6. As we continue to execute on our broad-and growth-strategy, the revenue in this segment was $84.9 million for the quarter, representing 7.6% growth year over year; and gross margin expanded to 55.5%, reflecting a favorable product mix.

翻到第 6 張投影片。隨著我們繼續執行廣泛的成長策略，本季該部門的營收為 8,490 萬美元，年增 7.6%；毛利率擴大至55.5%，反映出良好的產品組合。

We ended the quarter with 129 COS deployments in production, managing 33.9 million connected modems, and approximately a 250 million remote PHY devices, a testament to the scalability and maturity of our virtualized access platform.

截至本季度，我們已在生產中部署了 129 個 COS，管理著 3390 萬個連接的數據機和大約 2.5 億個遠端 PHY 設備，這證明了我們的虛擬化接入平台的可擴展性和成熟度。

Based on our progress to date, we expect to bring at least nine new customers. One in prior quarters into production during the second quarter, further expanding the reach of our COS platform.

根據迄今為止的進展，我們預計將帶來至少九位新客戶。前幾季中的一個已於第二季投入生產，進一步擴大了我們 COS 平台的覆蓋範圍。

Our customer diversification keeps accelerating. This quarter, we added seven new logos, Astound; and a second top 5 North 1American MSO, upgrading to Unified 4.0; and a tier-1 Latin American operator launching a major fiber upgrade.

我們的客戶多樣化進程不斷加快。本季度，我們增加了七個新標誌，Astound；以及第二家北美​​前五名 MSO，升級到 Unified 4.0；一家拉丁美洲一級營運商正在啟動重大光纖升級。

Rest of world bookings were also strong. And we expect that momentum to continue, further expanding our global installed base.

世界其他地區的預訂量也十分強勁。我們預計這種勢頭將持續下去，進一步擴大我們的全球安裝基礎。

Industry trends are amplifying this progress. As cable operators pursue broadened subscriber growth, they are shifting to virtualized access platforms that deliver higher speeds and reliability, while lowering operating cost.

行業趨勢正在擴大這一進步。隨著有線電視營運商追求更廣泛的用戶成長，他們正在轉向提供更高速度和可靠性同時降低營運成本的虛擬化存取平台。

Harmonic's proven deployment record, field-tested Unified 4.O capabilities, and converged DOCSIS and fiber architecture help operators compete, deploy faster, and scale with confidence.

Harmonic 經過驗證的部署記錄、經過現場測試的 Unified 4.O 功能以及融合的 DOCSIS 和光纖架構可協助營運商競爭、更快部署並充滿信心地擴展。

Fiber is the major pillar of our broadband strategy. And the momentum we are seeing, here, is unmistakable. We booked a record quarter, lending three new pure fiber wins and completing eight expansion projects with existing customers.

光纖是我們寬頻策略的主要支柱。我們在這裡看到的勢頭是顯而易見的。我們創下了季度記錄，贏得了三項新的純纖維貸款，並與現有客戶完成了八個擴建項目。

First: a Tier 1 Latin American operator selected Harmonic for a nationwide upgrade, based on the density and performance of our remote [OLT] solution and our industry-leading power efficiency.

首先：拉丁美洲的一級運營商選擇 Harmonic 進行全國範圍的升級，因為他們看重我們遠端 [OLT] 解決方案的密度和性能以及我們業界領先的電源效率。

Second: one of our largest North American customers have expanded its deployment, with our virtual BNG and remote [OLT] solution on the very same distributed access network it already runs for virtual CMTS and DAA, another proof point of the power of convergence on cOS.

第二：我們最大的北美客戶之一已經擴大了其部署，在其已經為虛擬 CMTS 和 DAA 運行的同一分散式存取網路上採用了我們的虛擬 BNG 和遠端 [OLT] 解決方案，這是 cOS 融合能力的另一個證明點。

And, third: our Open ONU strategy is proving its value in the field. Earlier this quarter, an operator seamlessly migrated from [DZ] to Harmonic with cOS [OLTs] managing the legacy DZS ONUs already in subscriber homes. We expect this success story to resonate with other operators looking to replace their DZS network equipment, following that company's Chapter 7 bankruptcy.

第三，我們的開放 ONU 策略正在該領域證明其價值。本季早些時候，一家業者無縫地從 [DZ] 遷移到 Harmonic，並使用 cOS [OLT] 管理用戶家中已有的傳統 DZS ONU。我們預計，這一成功案例將引起其他營運商的共鳴，這些營運商將在 DZS 公司第 7 章破產後更換其網路設備。

These wins show the Harmonic's open and converged platform lets operators match the right access solution to every market use case, accelerating fiber roll-outs with precision and confidence.

這些勝利表明，Harmonic 的開放和融合平台可讓營運商為每個市場用例匹配正確的存取解決方案，從而精確且自信地加速光纖鋪設。

Turning to Unified 4.0.. We continue to gain further traction here. In Q1, we started volume shipments of Unified RPDs and are on track to introduce the Unified out-of-front end in the second half of the year.

轉向統一 4.0..我們在此繼續獲得進一步的關注。在第一季度，我們開始批量出貨統一的 RPD，並計劃在今年下半年推出統一的前端產品。

Since the architecture was open to the broader market, our team has been working closely with more than a dozen operators and ecosystem partners to validate the technology and craft deployment roadmaps.

自從該架構向更廣泛的市場開放以來，我們的團隊一直與十多家營運商和生態系統合作夥伴密切合作，以驗證技術並建立部署路線圖。

That engagement is already translating into wins. As mentioned earlier, Astound chose Harmonic for a network upgrade that adds advanced DOCSIS and fiber capabilities. And we also secured a second top 5 North American MSO that will deploy Unified DOCSIS 4.0 in the second half of the year.

這種參與已經轉化為勝利。如前所述，Astound 選擇 Harmonic 進行網路升級，以增加先進的 DOCSIS 和光纖功能。我們也獲得了第二家北美​​前五名 MSO 的支持，該公司將於今年下半年部署統一 DOCSIS 4.0。

On the innovation front, we recently demonstrated 13 gigabits per second downstream throughput on a live unified system, which is faster than today's 10 gig fiber-to-the-home speeds. This is an industry first that showcases the bandwidth performance built into the standard.

在創新方面，我們最近在即時統一系統上展示了每秒 13 千兆位元的下行吞吐量，這比當今的 10 千兆位元光纖到戶速度更快。這是業界首次展示標準內建的頻寬效能。

We will keep highlighting this breakthrough at industry interoperability events and directly to customers throughout the second quarter and beyond. Achievements like these underscore the maturity of the Unified ecosystem and reinforce why operators continue to choose Harmonic as their partner of choice for DOCSIS 4.O..

我們將在第二季及以後繼續在行業互通性活動中以及直接向客戶強調這一突破。這些成就凸顯了統一生態系統的成熟，也證明了營運商繼續選擇 Harmonic 作為 DOCSIS 4.O 首選合作夥伴的原因。

Innovation remains the foundation of our industry-leading position. This quarter, I'm pleased to highlight three major advancements.

創新仍然是我們行業領先地位的基礎。本季度，我很高興強調三項重大進步。

First: we placed our patented PTP-less timing solution into live commercial service. This technology lowers overall DAA cost while enhancing reliability; and represents another important proof point in our continued drive for smarter and simplified broadband infrastructure.

首先：我們將我們專利的無 PTP 計時解決方案投入到即時商業服務中。該技術降低了整體 DAA 成本，同時提高了可靠性；這是我們持續推動更智慧、簡化的寬頻基礎設施建設的另一個重要證明。

Second: our Beacon Speed Maximizer, a real-time automated network optimization service leveraging our cOS edge compute capabilities, is now live with eight customers. This service gives operators a powerful new way to ensure consistent subscribers' experience and proactively managed network performance.

第二：我們的 Beacon Speed Maximizer 是利用我們的 cOS 邊緣運算功能的即時自動網路優化服務，目前已為 8 位客戶提供服務。這項服務為營運商提供了一種強大的新方法來確保一致的用戶體驗和主動管理的網路效能。

And, third: we are excited to see one of our top customers launch the nation's first ultra-low latency internet service, powered by our virtual CMTS technology. This milestone enables an entirely new class of latency-sensitive applications from cloud gaming to immersive real-time collaboration, helping broadband operators to deliver a differentiated experience with increased quality of service.

第三，我們很高興看到我們的頂級客戶之一推出了全國首個由我們的虛擬 CMTS 技術提供支援的超低延遲網路服務。這項里程碑實現了從雲端遊戲到沉浸式即時協作等全新類別的延遲敏感應用，幫助寬頻業者提供差異化體驗和更高的服務品質。

To summarize, our Broadband business continues to expand, adding new logos and delivering breakthrough innovation.

總而言之，我們的寬頻業務不斷擴大，增加了新的標誌並實現了突破性的創新。

With the world's largest base of live virtual CMTS networks, first-mover scaling Unified 4.0 and converged platform that spans both DOCSIS and fiber, Harmonic is uniquely positioned to help operators deliver faster speeds with greater reliability, while lowering operating costs.

Harmonic 擁有全球最大的即時虛擬 CMTS 網路基礎、先行擴充 Unified 4.0 以及涵蓋 DOCSIS 和光纖的整合平台，具有獨特的優勢，可協助營運商提供更快的速度和更高的可靠性，同時降低營運成本。

Record Fiber bookings, rising rest-of-world demand, and robust innovation pipeline give us confidence in this business' long-term top-line growth, as Unified and fiber deployments scale through 2026 and beyond, while we prudently navigate near-term tariffs and macro uncertainties.

創紀錄的光纖預訂量、不斷增長的世界其他地區的需求以及強勁的創新管道使我們對該業務的長期營收成長充滿信心，因為統一和光纖部署將持續到 2026 年及以後，同時我們謹慎地應對短期關稅和宏觀不確定性。

Now, let's turn to slide number 7 to discuss current market trends in our Video business and to provide an update.

現在，讓我們翻到第 7 張投影片來討論我們視訊業務的當前市場趨勢並提供最新資訊。

As the video market evolves, the bar for broadcast-grade quality and reliability keeps rising. Being a provider of leading video appliances, our customers still depend on Harmonic appliances to keep their flagship channels flawless.

隨著視訊市場的發展，廣播級品質和可靠性的標準不斷提高。作為領先視訊設備的供應商，我們的客戶仍然依賴 Harmonic 設備來保持其旗艦頻道的完美無缺。

And, now, they expect the same no-glitch experience for streaming, especially when premium sports rights can mean millions of dollars per minute.

現在，他們希望串流媒體也能獲得同樣無故障的體驗，尤其是當優質體育賽事的版權​​價值每分鐘高達數百萬美元時。

To meet these rising stakes, we are finding that customer demands spends across appliances, SaaS streaming, as well as an accelerating shift toward hybrid deployments that blends on-prem capacity with cloud elasticity.

為了滿足這些日益增長的需求，我們發現客戶需求涵蓋設備、SaaS 串流媒體以及將內部容量與雲端彈性相結合的混合部署的加速轉變。

That theme of multiple and often hybrid solutions was front and center at the NAB show in Las Vegas, where we unveiled AI-powered advances and industries-first end-to-end playout-to-delivery workflow or the live at Weigel Broadcasting.

在拉斯維加斯舉行的 NAB 展會上，多種且通常混合的解決方案這一主題成為焦點，我們在展會上展示了由人工智能驅動的進步和行業首個端到端播放到交付工作流程，即 Weigel Broadcasting 的現場直播。

Turning to slide 8. This momentum was visible in our first-quarter results.

翻到第 8 張投影片。這一勢頭在我們的第一季業績中得到了明顯體現。

Our Appliance business, sharpened by renewed focus and disciplined execution, delivered excellent margins on a higher volume of larger refreshed deals and a series of competitive take-outs, including notable wins in the Service Provider segment. It remains a solidly profitable engine for us, with strong pipeline of opportunities.

我們的家電業務透過重新聚焦和嚴格執行而變得更加強大，在大量更大規模的更新交易和一系列競爭性收購中實現了出色的利潤率，包括在服務提供者領域取得的顯著勝利。它仍然是我們穩固的獲利引擎，擁有強大的發展機會。

Meanwhile, our SaaS Streaming business posted Q1 revenue of $14.8 million and continues to build a robust pipeline that supports growth in 2025 and beyond.

同時，我們的 SaaS 串流媒體業務第一季營收為 1,480 萬美元，並將繼續建立強勁的管道，以支持 2025 年及以後的成長。

The drivers are clear. First: expansion of live sports streaming with existing customers, where we deliver some of the world's most prestigious events with unmatched reliability. Second: a pipeline of Tier 1 operators poised to scale on our platform. And, third: strong demand for AI-based monetization tools that we previewed at the NAB show and we'll move from proof-of-concept into full production next year.

驅動因素很清楚。首先：與現有客戶一起擴展體育賽事直播，我們以無與倫比的可靠性提供一些世界上最負盛名的賽事。第二：準備在我們的平台上擴展一級營運商管道。第三，我們在 NAB 展會上預覽了基於人工智慧的貨幣化工具，市場需求強勁，明年我們將從概念驗證階段轉向全面生產階段。

Taken together, the strengths of our Appliance offering, the rapid expansion of SaaS Streaming, our differentiated hybrid solution, and our strong operating leverage all position our Video segment for sustained and profitable growth in 2025 and beyond.

綜合起來，我們的設備產品優勢、SaaS 串流媒體的快速擴張、我們的差異化混合解決方案以及我們強大的營運槓桿，都使我們的視訊部門在 2025 年及以後實現持續盈利增長。

Now, I will turn it to Walter for a deeper review of our financials and to elaborate on our expectations for and response to potential tariff impacts on our business.

現在，我將請沃爾特對我們的財務狀況進行更深入的審查，並詳細說明我們對關稅對我們業務的潛在影響的預期和應對措施。

Thanks, Nimrod. Thank you, all, for joining us today.

謝謝，尼姆羅德。謝謝大家今天加入我們。

Before I discuss our quarterly results and outlook, I'd like to remind everyone: the financials I'll be referring to on this call are provided on a non-GAAP basis. As David mentioned earlier, our Q1 press release and earnings presentation include reconciliations of the non-GAAP financial measures to GAAP. Both of these are available on our website.

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數據是基於非公認會計準則提供的。正如 David 之前提到的，我們的第一季新聞稿和收益報告包括非 GAAP 財務指標與 GAAP 的對帳。這兩個文件都可以在我們的網站上找到。

Looking at some of our first-quarter highlights here on slide 10, our results reflect strong execution as we exceeded expectations for our Video revenue, as well as gross margin and adjusted EBITDA on both of our businesses.

回顧第 10 張投影片上我們第一季的一些亮點，我們的業績反映了強勁的執行力，因為我們的影片收入以及兩項業務的毛利率和調整後 EBITDA 都超出了預期。

Total company revenue increased 9% year over year to $133.1 million. EPS rose from $0 to $0.11, driven by higher-than-anticipated profitability in both of our businesses.

公司總營收年增 9% 至 1.331 億美元。每股盈餘從 0 美元上漲至 0.11 美元，這得益於我們兩項業務的獲利能力均高於預期。

We also had strong positive free cash flow during the quarter, which helped raise our cash balance to $148.7 million at quarter end, a substantial increase of $47.3 million sequentially, even with repurchasing $36.1 million of shares during the quarter under our repurchase program.

本季我們也擁有強勁的正自由現金流，這有助於將我們的現金餘額在季度末提高到 1.487 億美元，比上一季大幅增加 4,730 萬美元，儘管我們在本季度根據回購計劃回購了 3,610 萬美元的股票。

Looking more closely at our businesses, first-quarter Broadband revenue and adjusted EBITDA was $84.9 million and $15.9 million, respectively; with both metrics showing growth year over year.

更仔細地看一下我們的業務，第一季寬頻營收和調整後的 EBITDA 分別為 8,490 萬美元和 1,590 萬美元；兩項指標均顯示同比增長。

Video revenue was $48.3 million, up 11.8% year over year, while adjusted EBITDA in this business was $5.3 million, reflecting strong revenue momentum and ongoing efficiency improvements.

影片營收為 4,830 萬美元，年成長 11.8%，而該業務的調整後 EBITDA 為 530 萬美元，反映出強勁的營收動能和持續的效率提升。

Video SaaS revenue in the quarter was $14.8 million, up 15% year over year, as we continue to expand this portion of our business.

本季影片 SaaS 營收為 1,480 萬美元，年成長 15%，我們繼續擴大這部分業務。

Moving to slide 11. I will now briefly review our capital allocation priorities and mention some updates on our progress.

移至投影片 11。我現在將簡要回顧我們的資本配置重點，並提及一些進展的最新情況。

One of our priorities is continuing to make targeted investments in order to drive our organic growth. This includes investments to support Broadband rest-of-world growth, new service offerings, and funding anticipated working capital needs.

我們的首要任務之一是繼續進行有針對性的投資，以推動我們的有機成長。這包括支持寬頻世界其他地區成長、新服務提供和預期營運資金需求的投資。

As mentioned earlier, we had seven new broadband customer wins during the quarter, including three fiber wins. So these investments have been paying off.

如前所述，本季我們贏得了 7 個新的寬頻客戶，其中包括 3 個光纖客戶。因此這些投資已經獲得了回報。

Another priority is returning capital to our shareholders through stock repurchases. In our February earnings call, we announced a new three-year share repurchase program of up to $200 million, which doubled our previous program.

另一個優先事項是透過股票回購向股東返還資本。在二月份的收益電話會議上，我們宣布了一項新的為期三年、金額高達 2 億美元的股票回購計劃，這筆金額是先前計劃的兩倍。

In the first quarter, we repurchased $36.1 million of shares under this new program.

第一季度，我們根據該新計劃回購了價值 3,610 萬美元的股票。

As we mentioned on our last call, we expected to fund these purchases with strong free cash flow generation over the next three years, supported by our strong liquidity position. At quarter end, this liquidity position consisted of $148.7 million in cash and $82 million in undrawn credit facility.

正如我們在上次電話會議上提到的那樣，我們預計在未來三年內，在強大的流動性支持下，我們將透過強勁的自由現金流為這些購買提供資金。截至季末，該流動性狀況包括 1.487 億美元現金和 8,200 萬美元未提取信貸額度。

Therefore, we have ample liquidity to support our capital allocation priorities and to manage through the current economic uncertainties.

因此，我們擁有充足的流動性來支持我們的資本配置優先事項並應對當前的經濟不確定性。

We intend to continue to opportunistically repurchase shares. As we've 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, macroeconomic conditions, corporate needs, and regulatory requirements.

我們打算繼續適時回購股票。正如我們之前所說，任何股票回購的時間和數量都將取決於多種因素，包括 Harmonic 普通股的價格、市場狀況、宏觀經濟狀況、企業需求和監管要求。

And, finally, we intend to explore inorganic expansion opportunities. Our approach will be disciplined and targeted, with a focus on opportunities that complement our current capabilities and leverage our growing footprint in Broadband.

最後，我們打算探索無機擴張機會。我們的方法將是嚴謹的、有針對性的，重點關注補充我們現有能力的機會並利用我們在寬頻領域不斷增長的影響力。

Turning back to a more detailed look at our first-quarter 2025 financial results on slide 12.

回到第 12 張投影片，更詳細地了解我們的 2025 年第一季財務表現。

As I mentioned earlier, first-quarter total company revenue was $133.1 million. In the quarter, we had two customers representing greater-than-10% of total revenue, with Comcast representing 34% of total revenue and Charter representing 12%.

正如我之前提到的，第一季公司總收入為 1.331 億美元。本季度，我們有兩位客戶的收入佔總收入的 10% 以上，其中康卡斯特佔總收入的 34%，Charter 佔 12%。

Total company Q1 gross margin was 59.4%, above the high end of our guidance range and significantly up both sequentially and year over year.

該公司第一季總毛利率為 59.4%，高於我們預期範圍的高端，且環比和同比均有大幅增長。

Broadband Q1 gross margin was 55.5%, up 280 basis points sequentially and 800 basis points year over year, due predominantly to a higher mix of cOS licenses.

寬頻第一季毛利率為 55.5%，比上一季成長 280 個基點，比去年同期成長 800 個基點，這主要歸因於 cOS 許可證組合的增加。

Video gross margin in Q1 was 66.4%, up 480 basis points year over year. The increase is mainly due to the revenue strength related to larger refreshed Appliance deals and our cost optimization efforts.

第一季錄影帶毛利率為66.4%，較去年同期成長480個基點。成長主要歸因於更大規模更新家電交易帶來的收入成長以及我們的成本優化努力。

Moving down the income statement on slide 13. Q1 '25 total company operating expenses were $60.5 million, down 3.6% year over year, as a result of prior restructuring actions in Video.

將第 13 張投影片上的損益表向下移動。由於先前視訊部門的重組行動，2025 年第一季公司總營運費用為 6,050 萬美元，年減 3.6%。

And to briefly reiterate: first-quarter 2025 Broadband EBITDA was $15.9 million and Video EBITDA was $5.3 million. Total company EPS was $0.11.

簡單重申一下：2025 年第一季寬頻 EBITDA 為 1,590 萬美元，影片 EBITDA 為 530 萬美元。公司每股收益總計 0​​.11 美元。

Turning to the order book, Q1 bookings were $113.7 million. The book-to-bill ratio for the quarter was 0.9 compared to 0.7 in Q4 '24 and 1.2 in Q1 '24. As we stated previously, over time, we expect our book-to-bill ratio to normalize and approach the historical benchmark of greater-than-1; especially as Unified DOCSIS 4.0, in Broadband, ramps.

談到訂單，第一季的訂單金額為 1.137 億美元。本季的訂單出貨比為 0.9，而 2024 年第四季為 0.7，2024 年第一季為 1.2。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正常化並接近大於 1 的歷史基準；尤其是隨著寬頻領域統一 DOCSIS 4.0 的普及。

Turning to the balance sheet on slide 14. We ended Q1 with cash and cash equivalents of $148.7 million. The quarter-over-quarter change was mainly attributable to strong positive free cash flow of $81.7 million, resulting from improved DSO and slightly lower inventory levels.

翻到第 14 張投影片上的資產負債表。我們第一季末的現金和現金等價物為 1.487 億美元。環比變化主要歸因於強勁的 8,170 萬美元正自由現金流，這是由於 DSO 改善和庫存水準略有下降所致。

Day sales outstanding at the end of Q1 '25 was 67 compared to 72 in Q4 '24 and 78 in Q1 '24. The sequential decrease was due to strong end-quarter collections.

2025 年第一季末的未償債務銷售天數為 67 天，而 2024 年第四季為 72 天，2024 年第一季為 78 天。環比下降是由於季末收款強勁所致。

Inventory decreased 1.9 million in the quarter. And our day's inventory, on hand, was 103 days.

本季庫存減少190萬。我們當天的庫存是 103 天。

At the end of Q1, total backlog and deferred revenue was $485.1 million. Around 51% of our backlog and deferred revenue have customer request dates for shipments of products and for providing services within the next 12 months.

第一季末，積壓訂單和遞延收入總額為 4.851 億美元。我們的積壓訂單和遞延收入中約有 51% 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 mentioned on our last earnings call, due to market developments around Unified DOCSIS 4.0, some customers have pushed out their deployment timing plans for 2025.

轉向指導。正如我們在上次收益電話會議上提到的那樣，由於統一 DOCSIS 4.0 的市場發展，一些客戶已經將其部署時間計劃推遲到 2025 年。

We continue to believe this is mainly a timing change and expect these 2025 deployment shifts to create a positive tailwind for us in 2026, as schedules are refined and Unified Ford Auto technology deployments accelerate.

我們仍然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福特汽車技術部署的加速，這些 2025 年的部署變化將在 2026 年為我們帶來積極的順風。

I'd like to take a couple of minutes to discuss the current tariffs situation, its impact on our business, and how we are managing through it.

我想花幾分鐘時間討論一下當前的關稅情況、它對我們業務的影響以及我們如何應對它。

In our Video business, we anticipate the tariffs, both current and potential, will have an immaterial impact on our business.

在我們的視訊業務中，我們預計當前和潛在的關稅都將對我們的業務產生非實質的影響。

First of all, our Video business revenue is geographically diversified and our US sales are well below 50% of the revenue. Secondly, we have a flexible supply chain with multiple location options, which we believe will allow us to minimize the tariff impact on the equipment element of our solutions, which is predominantly made up of off-the-shelf servers.

首先，我們的視訊業務收入在地理上是多樣化的，美國的銷售額遠低於收入的 50%。其次，我們擁有靈活的供應鏈和多個地點選擇，我們相信這將使我們能夠最大限度地減少關稅對我們解決方案的設備元素的影響，該解決方案主要由現成的伺服器組成。

In our Broadband business, we do anticipate more significant impacts as a result of current and potential tariffs. As noted in our filings, one of our primary third-party manufacturing sites is in Malaysia. This is where we have the vast majority of our broadband node products manufactured. Additionally, a large majority of our broadband sales are to US-based customers.

在我們的寬頻業務中，我們確實預期當前和潛在的關稅將帶來更重大的影響。正如我們在文件中指出的，我們主要的第三方製造基地之一位於馬來西亞。我們的絕大多數寬頻節點產品都是在這裡生產的。此外，我們的寬頻銷售絕大部分面向美國客戶。

With the current 90-day pause in reciprocal tariffs, we have a certain level of clarity for at least Q2. And today's guidance reflects our current expectations.

由於目前互惠關稅暫停 90 天，我們至少對第二季的情況有了一定的了解。今天的指導反映了我們當前的預期。

It's important to note that, to date, we have not seen any change in our customers' behavior due to the tariffs. This continues to be a fluid situation, as we work through options on mitigating the short-term impact, as well as we look at longer-term supply chain options, pending a final outcome on what the tariffs will be across different countries.

值得注意的是，到目前為止，我們還沒有看到客戶的行為因關稅而發生任何變化。這種情況仍然不穩定，我們正在研究減輕短期影響的方案，同時也考慮長期供應鏈方案，等待最終確定不同國家之間的關稅結果。

We are actively exploring options to offset tariff sensitivity, including optimizing our supply chain, cost management, and taking price actions where appropriate.

我們正在積極探索抵消關稅敏感性的方案，包括優化我們的供應鏈、成本管理以及在適當的情況下採取價格行動。

Our Broadband solutions are critical for our customers, as they upgrade their networks to address competitive pressures and to avoid subscriber churn. And we are confident that these current tariff uncertainties will not impact our business over the long term.

我們的寬頻解決方案對我們的客戶至關重要，因為他們需要升級網路來應對競爭壓力並避免用戶流失。我們相信，目前的關稅不確定性不會對我們的長期業務產生影響。

Now, let's review our non-GAAP guidance for 2025, beginning on slide 15. We're taking a prudent approach to Q2 guidance, given the general macroeconomic factors I just mentioned.

現在，讓我們從第 15 張投影片開始回顧 2025 年的非 GAAP 指導。考慮到我剛才提到的宏觀經濟因素，我們對第二季的指引採取了謹慎的態度。

For the full-year 2025, we will not be providing updated annual guidance, today, due to lack of visibility on the future tariffs and the impact it may have on economic conditions and our customers' behavior for the second half of 2025.

對於 2025 年全年，由於對未來關稅缺乏預見性以及其對 2025 年下半年經濟狀況和客戶行為可能產生的影響，我們今天將不會提供更新的年度指導。

Continually shifting tariff policies have made it difficult to forecast and guide with confidence for the full year.

不斷變化的關稅政策使得對全年的預測和指導變得困難。

For Q2, we expect Broadband to deliver revenue between $75 million to 85 million, gross margins between 44% to 45% due to product mix, and adjusted EBITDA between $2 million to $6 million.

對於第二季度，我們預計寬頻業務的收入將在 7,500 萬至 8,500 萬美元之間，由於產品組合的原因，毛利率將在 44% 至 45% 之間，調整後的 EBITDA 將在 200 萬至 600 萬美元之間。

In our guidance, we expect to see continued revenue growth in our rest-of-world customers, based on the progress Nimrod mentioned earlier, offset by expected timing shifts by our larger customers.

在我們的指導中，基於 Nimrod 先前提到的進展，我們預計世界其他地區客戶的收入將繼續增長，但會被我們較大客戶預期的時間變化所抵消。

This guidance includes an estimated tariff impact of approximately $3 million in the Q2 margins, almost all of which is related to Broadband. We continue to assess and seek to mitigate the tariff impacts, both in the short term and over the long term.

該指引包括第二季利潤中約 300 萬美元的預期關稅影響，幾乎全部與寬頻有關。我們將繼續評估並尋求減輕關稅的短期和長期影響。

For our Video segment, in Q2, we expect revenue in the range of $45 million to $50 million, gross margin in the range of 63% to 64%, and adjusted EBITDA to range from $2 million to $4 million.

對於我們的視訊部門，在第二季度，我們預計營收將在 4,500 萬美元至 5,000 萬美元之間，毛利率將在 63% 至 64% 之間，調整後的 EBITDA 將在 200 萬美元至 400 萬美元之間。

On this slide, we've also provided total company guidance for Q2. In the interest of time, I will let you read through the details. Please also note that our non-GAAP tax rate is 20%.

在這張投影片上，我們也提供了第二季的整體公司指引。為了節省時間，我將讓您閱讀詳細資訊。另請注意，我們的非公認會計準則稅率為 20%。

I would like to highlight that total company EPS for the second quarter of 2025 is expected to be in the range of $0 to $0.04.

我想強調的是，預計 2025 年第二季公司總每股盈餘將在 0 美元至 0.04 美元之間。

We thank everyone for their attention, today. Now, I'll turn it back to Nimrod for final remarks, before we open up the call for questions.

我們感謝大家今天的關注。現在，在我們開始提問之前，我將把話題轉回給 Nimrod 進行最後的發言。

Thanks, Walter.

謝謝，沃爾特。

In summary, we had a strong Q1, with gross margin and adjusted EBITDA exceeding our expectations in both of our businesses and Video revenue that was also higher than we had anticipated.

總而言之，我們的第一季表現強勁，毛利率和調整後的 EBITDA 超出了我們的預期，視訊收入也高於我們的預期。

Although the transition to Unified 4.0 in Broadband and the current tariff situation is creating some short-term headwinds, as you can tell from our (inaudible) update today, we continue to be confident in the long-term growth for our business and in the expected growth rebound for Broadband in 2026.

儘管寬頻向統一 4.0 的過渡以及當前的資費狀況在短期內造成了一些阻力，但正如您從我們今天的（聽不清）更新中看到的那樣，我們仍然對我們業務的長期增長以及寬頻在 2026 年的預期增長反彈充滿信心。

With our innovation and technology leadership positions, our strong operating model, and proven business execution, our growing roster of customer wins and sizable backlog, we are extremely well positioned for the future.

憑藉我們的創新和技術領導地位、強大的營運模式、成熟的業務執行力、不斷增長的客戶群和大量的積壓訂單，我們為未來做好了充分的準備。

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)

（操作員指示）

Steve Frankel, Rosenblatt Securities.

羅森布拉特證券公司的史蒂夫·弗蘭克爾。

Good afternoon. Thanks for the opportunity.

午安.感謝有這個機會。

Last quarter, there was some discussion of this Unified DOCSIS delay having to do with the amplifier piece. Obviously, you don't supply those but it's critical to the network.

上個季度，有人討論過與放大器部件有關的統一 DOCSIS 延遲。顯然，您不提供這些，但它們對網路至關重要。

Any update in terms of where you think the industry is and getting those Unified amplifiers in and tested and tuned?

您認為該行業目前的情況如何？統一放大器的引入、測試和調整情況如何？

I would say, according to our original plan, there is no change, relative to what we expected at the beginning of the year.

我想說，根據我們最初的計劃，相對於我們年初的預期，沒有變化。

And then, in terms of dealing with the tariffs, given the cash flow and the balance sheet in Q1, does it make any sense to go out and try to buy products, ahead of delivery, to work around the tariffs? Or you're comfortable that whatever tariffs we end up with, your customers are likely to really share the burden and so, you don't need to be aggressive about bringing in [WIP]?

然後，在處理關稅方面，考慮到第一季的現金流和資產負債表，在交貨之前出去嘗試購買產品以解決關稅問題是否有意義？或者你覺得無論我們最終徵收什麼關稅，你的客戶都可能真正承擔負擔，所以你不需要積極地引入[正在製作]？

Hey, Steve. It's Walter.

嘿，史蒂夫。是沃特。

With regards, specifically, to looking at options to bring inventory forward, especially as we have or currently have a 90-day pause, we definitely are looking at those options.

具體來說，關於提前庫存的選擇，特別是因為我們有或目前有 90 天的暫停期，我們肯定會考慮這些選擇。

As you noted, we have ample liquidity to bring in product sooner, if we think it's advantageous for us and our customers, in terms of the potential for additional tariffs, post the 90-day pause.

正如您所說，如果我們認為在 90 天的暫停期後可能會徵收額外關稅，這對我們和我們的客戶有利，那麼我們就有充足的流動性來更快地引進產品。

Okay. And then, last quick one.

好的。然後，最後一個快速的。

In terms of Fiber, where you seem to make some real progress in terms of bookings, when does that Fiber business begin to become a material part of revenue, in terms of deployments?

就光纖而言，你們似乎在預訂方面取得了一些真正的進展，那麼從部署的角度來看，光纖業務何時開始成為收入的重要組成部分？

We did not provide the breakdown. But this is becoming, I would say, sizable, in terms of the revenue.

我們沒有提供細目分類。但我想說，從收入角度來看，這個數字已經相當可觀了。

I don't know, Walter, what level of details we can provide on that. But this is certainly sizable.

沃爾特，我不知道我們可以提供什麼程度的細節。但這確實是相當大的數目。

In this quarter, we expanded the number of customers. And some of them were pretty big, in terms of the booking and, even, initial revenue volume.

本季度，我們擴大了客戶數量。其中一些規模相當大，無論是從預訂量還是初始收入來看。

Yeah. One thing I would add, Steve, to Nimrod's comments here is that we have cable customers that are purchasing both DOCSIS and fiber. And we've talked about that before, in terms of penetrating our cable customers with our fiber products as well.

是的。史蒂夫，我想補充 Nimrod 的評論，我們的有線電視客戶既購買 DOCSIS，也購買光纖。我們之前也討論過這個問題，關於如何利用我們的光纖產品滲透到我們的有線電視客戶。

So when we sell those products, together, they're not necessarily segregated out.

因此，當我們一起銷售這些產品時，它們不一定會被分開。

I think with regards to Fiber sales to pure-play telcos, that is an area that we continue to gain momentum on and will become more substantial, as we move forward.

我認為，就向純電信業者銷售光纖而言，這是我們繼續獲得發展勢頭的一個領域，隨著我們的前進，這一領域將變得更加重要。

Yeah. I think that the easiest comment that we made is a pure telco. The international opportunity we mentioned in Latin America is a cable but a pure telco project, from our point of view.

是的。我認為我們所做的最簡單的評論就是純粹的電信公司。我們提到的拉丁美洲的國際機會是一條電纜，但從我們的角度來看，這是一個純粹的電信項目。

And the other example that we provided is a sizable expansion with the existing customer.

我們提供的另一個例子是與現有客戶的大規模擴張。

Great. Thank you. I'll jump back in the queue.

偉大的。謝謝。我會重新回到隊列中。

Thanks, Steve.

謝謝，史蒂夫。

Thank you.

謝謝。

Ryan Koontz, Needham & Company.

瑞安·孔茨 (Ryan Koontz)，Needham & Company。

Great. Thanks.

偉大的。謝謝。

Just trying to double-click here on your second-half uncertainty and trying to understand exactly the source of that. How much of that uncertainty is coming from tariff situation? And how much is coming from technology readiness, whether it's your customers adopting new technology at a different pace or just the DOCSIS for Unified ecosystem not really being ready yet?

只是想雙擊這裡，了解下半年的不確定性，並試圖準確了解其根源。其中有多少不確定性來自關稅情況？有多少是來自技術準備，無論是您的客戶以不同的速度採用新技術，還是統一生態系統的 DOCSIS 尚未真正準備好？

Can you can help us parse that current visibility? That current view of second half?

您能幫助我們分析目前的可見度嗎？目前對下半年的看法是？

Sure, Ryan. It's Walter.

當然，瑞安。是沃特。

I'll kick it off, specifically with regards to not providing a full-year guide this time. This is strictly due to the macroeconomic uncertainty associated with the tariffs and the continuing changes in the tariff rates and potential tariff rates.

我先開始，特別是關於這次不提供全年指南。這完全是由於與關稅相關的宏觀經濟不確定性以及關稅稅率和潛在關稅稅率的持續變化所造成的。

That's impacted us, in terms of having the right level of visibility, as we look through the rest of the year.

這對我們在今年剩餘時間的展望中產生了影響，因為我們需要擁有正確的可見度。

As of today, we don't have all of the revenue for the year committed in backlog, as you would imagine. And therefore, as we look at the tariff uncertainty and all of the tariff fluctuations -- and remember, this is 26-days old, that we've been involved in this situation and things have continued to change over that period of time.

正如您所想像的，截至今天，我們還沒有完成今年承諾的全部收入。因此，當我們審視關稅的不確定性和所有關稅波動時——請記住，這已經是 26 天前的事了，我們已經陷入這種情況，而且在這段時間內情況一直在改變。

It puts us in a position where depending on what happens next and the handling of these tariffs, we could see customers potentially delay orders or have some timing shift in orders, especially if the tariffs are significant and we'll need to sit down with customers and discuss pricing, going forward, associated with products.

這使我們處於這樣一種境地：根據接下來發生的情況和這些關稅的處理，我們可能會看到客戶推遲訂單或訂單時間發生變化，特別是如果關稅很高，我們需要與客戶坐下來討論與產品相關的未來定價。

So this is the uncertainty that's been put in in front of us. It's all related to that. And we just don't feel comfortable that we can provide a confident guide for the full year, based on what we see ahead of us and where we are, right now -- 26 days into the situation -- with regards to tariffs.

這就是我們面臨的不確定性。一切都與此有關。我們只是不確定能否根據我們對未來的展望以及目前的關稅情況（26 天後的關稅情況）為全年提供有信心的指導。

In my prepared remarks today, we talked about our business and provided some color around how a large majority of our Broadband business does go to the US. It comes from Asia.

在我今天準備好的演講中，我們談到了我們的業務，並說明了我們的大部分寬頻業務確實流向了美國。它來自亞洲。

So those are the key facts, in terms of what we're dealing with, as we go through this. And it's everybody in the industry that is going through it.

因此，就我們正在處理的問題而言，這些就是關鍵事實。業內每個人都在經歷這個過程。

Obviously, out of our control. But we're managing it effectively, in terms of what we can do in the short term to address the tariffs that are in place, right now, as well as looking longer term. But, really, we need to see what those final rules are before we start making any decisions with regards to supply chains for the longer term.

顯然，這超出了我們的控制範圍。但我們正在有效地管理它，就我們目前在短期內可以採取的措施來解決現行關稅問題以及從長遠來看我們可以採取的措施而言。但實際上，在我們開始就長期供應鏈做出任何決定之前，我們需要了解這些最終規則是什麼。

I think the other thing to really note here is that -- and I mentioned it in the prepared remarks -- the fundamentals are strong. You heard it today from Nimrod, in terms of our wins, our progress with regards to our long-term strategy.

我認為這裡真正要注意的另一件事是——我在準備好的發言中提到過——基本面強勁。今天，您從 Nimrod 那裡聽到了關於我們的勝利以及我們在長期戰略方面取得的進展。

None of that has changed. Our customers, in terms of their situation around competitive pressure and needing to upgrade the network or face subscriber loss -- that hasn't changed.

這一切都沒有改變。就我們的客戶面臨的競爭壓力以及需要升級網路或面臨用戶流失的情況而言，這種情況並沒有改變。

So we feel very good about our business in the long term -- in the business. I think we, all, are facing some short-term headwinds and uncertainty, all associated with regards to the macroeconomic uncertainty and the situation around tariffs.

因此，從長遠來看，我們對我們的業務感到非常滿意。我認為我們都面臨一些短期阻力和不確定性，所有這些都與宏觀經濟不確定性和關稅狀況有關。

That's really helpful, Walter. Thank you.

這真的很有幫助，沃爾特。謝謝。

Just a clarification on your comment about the nodes and sourcing that technology: obviously, the RPDs are coming from a traditional PCB shop, [OD], contract manufacturer.

只是想澄清一下您關於節點和採購該技術的評論：顯然，RPD 來自傳統的 PCB 商店、[OD]、合約製造商。

But how about the balance of the nodes, in terms of the power and mechanicals that are so heavy? Are those also sourced from Malaysia or are they coming from -- ?

但是，就如此沉重的電力和機械而言，節點的平衡性如何呢？這些也是來自馬來西亞嗎？還是來自-- ？

Yeah. As per the prepared remarks, the vast majority of our product is manufactured out of Malaysia, for the Broadband business.

是的。根據準備好的評論，我們的絕大多數產品都是在馬來西亞製造的，用於寬頻業務。

Got it. All right. Thanks so much.

知道了。好的。非常感謝。

Thanks Ryan.

謝謝瑞安。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Victor Chu, Raymond James.

Victor Chu，雷蒙詹姆斯。

Hi, guys. This is Victor Chu, on for Simon Leopold.

嗨，大家好。我是 Victor Chu，取代 Simon Leopold。

Just to follow-up on the tariff commentary a bit. Can you tell us what potential options you're looking at, in terms of possibly diversifying your manufacturing footprint like you mentioned, earlier, for the Broadband business?

只是想稍微跟進一下關稅評論。您能否告訴我們，就您之前提到的寬頻業務製造足跡多樣化而言，您正在考慮哪些潛在選擇？

Hey, Victor. It's Walter.

嘿，維克多。是沃特。

Yeah. Without getting into a lot of specific details, obviously, there are other options. And I'm sure you've heard it from, perhaps, other companies out there, in terms of looking beyond Asia; looking to near-shore our supply chain potential for doing work in Mexico, under the USMCA rules.

是的。無需深入探討具體細節，顯然還有其他選擇。我相信您可能已經從其他公司聽說過，關於放眼亞洲以外的領域；根據 USMCA 規則，尋求近岸供應鏈潛力以便在墨西哥開展工作。

But this is all preliminary. We really need to understand what is going to be the permanent tariff environment. And then, that'll allow us to do the appropriate assessment to determine if there are other options that would be beneficial to us and our customers.

但這都是初步的。我們確實需要了解什麼將會成為永久的關稅環境。然後，我們將進行適當的評估，以確定是否有其他對我們和我們的客戶有益的選擇。

Okay. That's helpful.

好的。這很有幫助。

And then, just excluding the potential impact from tariffs, has there been any change around the visibility of the spending trajectory, from your two largest MSO customers, at this point in the year, versus when you cautioned us against the slower spending, last year?

然後，僅排除關稅的潛在影響，與去年您警告我們支出放緩相比，今年這個時候您最大的兩個 MSO 客戶的支出軌蹟的可見性是否有任何變化？

Yeah. I would say, Victor, without getting into any specific customers -- we mentioned it on the call and I think we also mentioned in our quote today -- we haven't seen any change in our customers behavior, to date.

是的。我想說，維克多，無需談及任何特定客戶——我們在電話中提到過，我想我們也在今天的報價中提到過——到目前為止，我們還沒有看到客戶行為發生任何變化。

Okay.

好的。

And then, just one last one -- quick. I'm sorry, what was the mixed dynamic in the Broadband segment between 1Q and 2Q that's causing the big drop in the margins?

然後，只剩下最後一個了——快。抱歉，請問第一季和第二季之間寬頻部門的混合動態是什麼，導致利潤率大幅下降？

Certainly. Let me just bridge the margins for the Q2 guide.

當然。讓我來彌補一下 Q2 指南的不足。

In the Q2 guide, we highlighted that we had put in $3 million, approximately, for the tariff impact. That's a worst-case scenario. We're working through that, right now.

在第二季指南中，我們強調我們已投入約 300 萬美元來應對關稅影響。這是最糟糕的情況。我們現在正在努力解決這個問題。

So if you bridge that -- predominantly, almost all of it is to the Broadband business -- the delta between Q1 and Q2 would be the mix of cOS licenses in the quarter.

因此，如果你將其聯繫起來——主要是，幾乎所有都是寬頻業務——那麼第一季和第二季之間的差異將是該季度 cOS 許可證的組合。

Q2 is a below-average type of quarter, in terms of the mix of the cOS compared to all the other products. That's the bridge between Q1 and Q2.

就 cOS 與其他所有產品的組合而言，第二季是低於平均的季度。這是 Q1 和 Q2 之間的橋樑。

And you would have seen, in our Q4 results, the margin levels we were at in Broadband. So in Q2, when you normalize for that, that's what's causing it to dip down.

您可能已經在我們的第四季業績中看到了我們寬頻業務的利潤水平。因此，在第二季度，當你將其正常化時，這就是導致其下降的原因。

Okay. Thank you.

好的。謝謝。

Okay. Thanks, Victor.

好的。謝謝，維克多。

(Operator Instructions)

（操作員指示）

Alyssa Shreves, Barclays.

巴克萊銀行的 Alyssa Shreves。

Hi. This is Alyssa Shreves, on for Tim Long, from Barclays.

你好。我是巴克萊銀行的 Alyssa Shreves，代替 Tim Long。

I was just looking at the SaaS piece in the Video business. It looks like it was down a little bit quarter to quarter.

我只是在關注視訊業務中的 SaaS 部分。看起來季度環比有所下降。

Can you talk a little bit about the customer dynamics you're seeing within this piece of the business, in terms of overall customer fiscal health?

您能否從整體客戶財務狀況的角度談談您在這部分業務中看到的客戶動態？

Yeah. Hi, Alyssa. It's Walter.

是的。你好，艾莉莎。是沃特。

With regards to SaaS: yeah, from Q4 to Q1, we were down, slightly. There's always a level of seasonality, with regards to, especially, live events in sports. And so, there is no major shift, in terms of customers or the portfolio of customers that we have.

關於 SaaS：是的，從第四季度到第一季度，我們略有下降。總是存在一定程度的季節性，尤其是對於體育賽事的現場直播而言。因此，就我們的客戶或客戶組合而言，並沒有重大轉變。

And when we look at year-over-year growth, as I mentioned during the prepared remarks, it's 15% up year over year.

當我們查看同比增長時，正如我在準備好的發言中提到的那樣，它同比增長了 15%。

One other thing to just comment or provide a little bit more color on: we do expect the SaaS business to grow in 2025. We mentioned that on our last earnings call. And a good part of that growth will come from our partnership with Akamai that we had announced during the last quarterly call.

還有一件事需要評論或提供更多資訊：我們確實預計 SaaS 業務將在 2025 年實現成長。我們在上次財報電話會議上提到了這一點。這一成長很大一部分將來自我們在上一季電話會議上宣布的與 Akamai 的合作。

And we had not any contribution from that in the second -- in the first quarter.

而我們在第二季（第一季）並沒有從中獲得任何貢獻。

That's right. We expect that to be starting to contribute midyear and going forward.

這是正確的。我們預計這將在年中及以後開始產生貢獻。

Okay. That's really helpful.

好的。這真的很有幫助。

And then, you talked about some of the traditional Appliance refresh winds you're seeing. How should we think about where we are, in terms of [inning], with this traditional appliance refresh cycle? Are we still -- are we in the middle? How should we think about timing there?

然後，您談到了您所看到的一些傳統家電更新風潮。就這項傳統家電更新周期而言，我們應該如何看待我們所處的位置？我們是否還處於──中間？我們該如何考慮時機？

Thanks.

謝謝。

Yeah. We think it's going to continue. That was the level of confidence that we shared in the prepared remarks.

是的。我們認為這種情況將會持續下去。這就是我們在準備好的發言中所分享的信心程度。

It's not, like, a major industry trend like we see on SaaS streaming. But, at the same time, we see a good list of reasons for customers to upgrade and refresh.

它並不像我們在 SaaS 串流媒體上看到的那樣是一個主要的行業趨勢。但同時，我們也看到了客戶升級和更新的一系列理由。

For higher density: refreshing the compute infrastructure, new features and capabilities, improved video quality. So there is a good list of reasons for that.

為了實現更高的密度：刷新運算基礎設施、新特性和能力、提高視訊品質。因此，有一系列理由來解釋這一現象。

I think one of the other things that is helping us is the fairly big installed base that we have. So we don't need the entire installed base to go through a refresh at once.

我認為對我們有幫助的另一個因素是我們擁有相當大的安裝基礎。因此，我們不需要一次對整個安裝基礎進行更新。

So in aggregate, we see that continuing.

因此，總體而言，我們認為這種情況將繼續下去。

Great. Thank you so much.

偉大的。太感謝了。

Thanks, Alyssa.

謝謝，艾莉莎。

Tim Savageaux, Northland Capital Markets.

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

Hey. Good afternoon.

嘿。午安.

Couple of questions here. But I'll start on this one first: Last quarter, you talked about amplifier availability or smart amplifier availability, I think, as, maybe, a gating factor or one factor that could be slowing down deployments; talked about a technology collaboration aimed to address that.

這裡有幾個問題。但我首先從這個開始：上個季度，您談到了放大器可用性或智能放大器可用性，我認為，這可能是一個限制因素或可能減慢部署速度的一個因素；討論了旨在解決該問題的技術合作。

I wonder if we can get an update on the status of that situation, from your perspective.

我想知道從您的角度來看，我們是否可以了解該情況的最新情況。

Yeah. I think when we presented that issue, we basically said that we count on availability of these not smart but brilliant amplifiers. And we've got dependency on them.

是的。我認為，當我們提出這個問題時，我們基本上是說，我們依賴這些不是智慧而是出色的擴大機的可用性。我們對它們有依賴性。

We also mentioned that we collaborate with Sercomm to bring more choice for the market and help speed up the deployment.

我們也提到，我們與Sercomm合作，為市場帶來更多選擇，並協助加速部署。

What I said earlier is that, right now, it's progressing according to what we anticipated, when we provided the outlook for the entire year. So it's going according to the plan.

我之前說過，目前，一切進展都符合我們對全年前景的預期。一切都按照計劃進行。

Okay.

好的。

And just to -- well, I mean, I guess the original plan, from a guidance perspective, was a pretty decent ramp in Broadband or pretty sharp ramp in Broadband throughout the year. It sounds like you would still expect that to be the case, at least on -- barring any other issues.

只是為了 - 嗯，我的意思是，我想最初的計劃，從指導的角度來看，是全年寬頻的相當不錯的增長或相當急劇的增長。聽起來你仍然期望情況會是這樣，至少在——除非出現任何其他問題。

With regard to some of the rest of the business, it looks like, based on spending targets, that your other big US customers are planning a pretty aggressive ramp and spending throughout the year. Is that something you see, from your perspective? And, again, leaving aside product availability, has anything change there, from your standpoint?

至於其餘部分業務，根據支出目標，看起來您的其他美國大客戶正計劃全年大幅增加支出。從你的角度來看，這是你看到的嗎？另外，撇開產品可用性不談，從您的角度來看，有什麼改變嗎？

Hey, Tim. It's Walter. Maybe I'll take the that question.

嘿，提姆。是沃特。也許我會回答這個問題。

Obviously, we can't guide specifically to any one particular customer. Obviously, we've also read all of the public information associated with our largest customers. So no specific comment, with regards to that piece of it.

顯然，我們無法針對任何特定的客戶提供具體的指導。顯然，我們也閱讀了與我們最大客戶相關的所有公開資訊。因此，對於這部分內容，沒有具體的評論。

Obviously, we had a certain expectation. As we entered the year, we've provided our guide, now, for Q2, which is a prudent, guide, considering the macroeconomic environment that we're in, right now.

顯然，我們有一定的期望。進入今年以來，我們已為第二季提供了指南，考慮到我們目前所處的宏觀經濟環境，這是一個審慎的指南。

We're just not guiding second half for all of the reasons that I mentioned earlier in the Q&A and in the prepared remarks.

由於我在問答環節和準備好的發言中之前提到的所有原因，我們不會指導下半年。

Got it. Well, maybe let's wrap up, then, with just the Q2 guide in Broadband.

知道了。好吧，也許我們可以僅用寬頻的第二季指南來總結一下。

You've mentioned having seen no changes in customer behavior. And I guess you'd call that a potential tariff impact. But is there anything, in particular, driving that guidance to be flat to down, given those comments about no changes in customer behavior?

您提到沒有看到客戶行為有任何變化。我想你會稱之為潛在的關稅影響。但是，考慮到有關客戶行為沒有變化的評論，有什麼特別的原因導致該指導持平或下降嗎？

I would say two things, relative to -- if you compare that to Q1 or Q2 of last year.

如果你將其與去年第一季或第二季進行比較，我想說兩件事。

It's really a timing issue, with some of our larger projects, related to transitions. We did talk in the past on Unified 4.0 that were dependent or limited to the pace of that; and, also, a couple of, I would call, it a scale-up of projects.

對於我們的一些較大的項目來說，這確實是一個與過渡相關的時間問題。我們過去確實討論過 Unified 4.0，但它依賴或受限於它的步伐；另外，我還會將一些專案稱為擴大規模的專案。

The second thing -- maybe, Walter, you can comment on how we got prudent around what book-and-burn ahead of us.

第二件事——沃爾特，也許你可以評論我們如何謹慎對待我們即將面臨的問題。

Yeah. With the uncertainty, we definitely have a bias to rely a little bit less on what we call book-and-burn. These are opportunities that haven't yet booked; that we expect will book and turn a revenue in the quarter.

是的。由於存在不確定性，我們肯定會傾向於減少對所謂的「閱讀而後焚書」的依賴。這些是尚未預訂的機會；我們預計本季將實現盈利。

So just because of the uncertainty potential that some of those orders could be delayed, we've biased ourselves a little bit more to relying more on the backlog and a little bit less on the book-and-burn elements.

因此，僅僅因為某些訂單可能會被延遲的不確定性，我們就更傾向於更多地依賴積壓訂單，而較少依賴預訂和燒毀元素。

So we think that's the prudent thing to do, considering the environment we're in, right now, that continues to shift, by the day.

因此，我們認為，考慮到我們目前所處的環境每天都在變化，這是明智之舉。

I'll just add on my earlier comment: this was really expected. This is not something that was discovered for the second quarter.

我只是想補充一下我之前的評論：這確實是意料之中的。這不是第二季度發現的事情。

We knew what we're walking into. I think the book-and-burn conservatism is really something we decided on the last couple of weeks.

我們知道我們將要面對什麼。我認為，『讀書並焚書』的保守主義確實是我們在過去幾週內決定的。

Got it. Thanks very much.

知道了。非常感謝。

Okay. Great. Thanks, Tim.

好的。偉大的。謝謝，蒂姆。

Thank you.

謝謝。

That does conclude today's Q&A session.

今天的問答環節到此結束。

I would like to go ahead and turn the call back over to Nimrod Ben-Natan, CEO. Please go ahead for closing remarks.

我想繼續，並將電話轉回給執行長 Nimrod Ben-Natan。請大家作結束語。

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，並期待在未來向您通報我們的進展。

Thank you, all, for joining the call. Have a good day.

感謝大家參加此次電話會議。祝你有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

You may all disconnect.

你們都可以斷開連線。