Harmonic Inc (HLIT) 2025 Q2 法說會逐字稿

Welcome to the second-quarter 2025 Harmonic earnings conference call. My name is Victor and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加 2025 年第二季 Harmonic 財報電話會議。我叫維克多，今天我將擔任您的電話接線生。（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. David, you may begin.

現在我將把電話轉給投資者關係部的大衛漢諾威 (David Hanover)。大衛，你可以開始了。

Thank you, operator. Hello, everyone, and thank you for joining us today for Harmonic's second-quarter 2025 financial results conference call. With me today are Nimrod Ben-Natan, President and CEO; and Walter Jankovic, Chief Financial Officer. Before we begin, I'd like to point out that in addition to the audio portion of the webcast, we've also provided slides to this webcast, which you may view by going to our webcast on our Investor Relations website.

謝謝您，接線生。大家好，感謝您今天參加 Harmonic 2025 年第二季財務業績電話會議。今天與我一起的有總裁兼執行長 Nimrod Ben-Natan 和財務長 Walter Jankovic。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. We refer you to documents Harmonic filed with the SEC, including our most recent 10-Q and 10-K reports and the forward-looking statements section of today's preliminary press release. These documents identify important risk factors, which can cause actual results to differ materially from those contained in our projections or forward-looking statements. And please note that unless otherwise indicated, the financial metrics we provide you on this call are determined on a non-GAAP basis.

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。此類陳述僅代表目前的預期，實際事件或結果可能有重大差異。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新聞稿中的前瞻性陳述部分。這些文件確定了重要的風險因素，這些因素可能導致實際結果與我們的預測或前瞻性陳述中的結果有重大差異。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 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. We will also discuss historical financial and other statistical information regarding our business and operation and some of this information is included in the press release. The remainder of the information will be available on a recorded version of this call or on our website.

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)。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信息，其中一些資訊包含在新聞稿中。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。

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

現在我將電話轉給我們的執行長 Nimrod Ben-Natan。寧錄？

Thanks, David, and welcome, everyone, to our second-quarter 2025 earnings call. Today, we're sharing strong results that exceeded our guidance in both Broadband and Video, reflecting our continued focus on execution and long-term value creation. Revenue was $138 million driven by a record quarter in Fiber, significant sequential and year-over-year growth in Broadband Rest of World and robust performance across both Appliances and SaaS streaming. We also continue to drive innovation and customer expansion in Broadband, further enhancing our competitive position.

謝謝，大衛，歡迎大家參加我們的 2025 年第二季財報電話會議。今天，我們分享了寬頻和視訊領域超越預期的強勁業績，這反映了我們對執行和長期價值創造的持續關注。本季營收達到 1.38 億美元，這得益於光纖業務創紀錄的季度業績、世界其他地區寬頻業務的環比和同比大幅增長以及家用電器和 SaaS 串流媒體業務的強勁表現。我們也將繼續推動寬頻領域的創新和客戶擴張，進一步增強我們的競爭地位。

In addition to our results, during the quarter, we returned capital to our shareholders by repurchasing an additional $14 million of our outstanding common shares, bringing total repurchases under the current program to $50.1 million. We closed the quarter with backlog and deferred revenue of $504.5 million, underscoring consistent customer demand for our products and services, even as the industry transitions to Unified DOCSIS 4.0, as we have discussed previously.

除了我們的業績之外，在本季度，我們還透過回購額外的 1,400 萬美元流通普通股向股東返還資本，使目前計劃下的總回購額達到 5,010 萬美元。本季結束時，我們的積壓訂單和遞延收入為 5.045 億美元，這突顯了客戶對我們的產品和服務的持續需求，即使行業正在向統一 DOCSIS 4.0 過渡，正如我們之前所討論的那樣。

While tariffs had minimal impact this quarter, the global trade environment remains uncertain. Looking ahead, we continue to expect revenue growth to resume in 2026, supported by Unified DOCSIS 4.0 adoption, recent wins, and accelerated customer ramps.

雖然本季關稅影響甚微，但全球貿易環境仍不確定。展望未來，我們繼續預期收入成長將在 2026 年恢復，這得益於統一 DOCSIS 4.0 的採用、近期的成功以及客戶數量的加速成長。

Turning to slide 5. Our Broadband vision continues to gain momentum. We are accelerating the adoption of next-generation virtualized broadband networks designed for speed, reliability, and simplicity, spanning DOCSIS and Fiber. This transformation is well underway and we are helping customers modernize their networks and prepare for the future. We expect that the recently passed OBBBA, which provides bonus depreciation, cash tax benefits to those building and modernizing broadband networks in the US, will help to incentivize those investments over the next several years.

翻到幻燈片 5。我們的寬頻願景繼續獲得發展動力。我們正在加速採用涵蓋 DOCSIS 和光纖的下一代虛擬化寬頻網絡，該網絡旨在實現速度、可靠性和簡單性。這一轉變正在順利進行中，我們正在幫助客戶實現網路現代化並為未來做好準備。我們預計，最近通過的 OBBBA 將有助於在未來幾年激勵這些投資，該法案為在美國建設和現代化寬頻網路的企業提供獎金折舊和現金稅收優惠。

Turning to slide 6. Building on our Broadband growth strategy, the revenue in this segment was $86.9 million for the quarter and gross margin was 46.5%, reflecting a lower mix of cOS software in the quarter. We ended the quarter with 136 cOS deployments in production managing 35.3 million connected modems, demonstrating the scalability and maturity of our virtualized access platform, capabilities not yet evident elsewhere in the market.

翻到幻燈片 6。基於我們的寬頻成長策略，本季該部門的營收為 8,690 萬美元，毛利率為 46.5%，反映出本季 cOS 軟體組合較低。截至本季度，我們已在生產中部署了 136 個 cOS，管理著 3530 萬個連接的調製解調器，這證明了我們的虛擬化接入平台的可擴展性和成熟度，這些功能在市場上其他平台尚不明顯。

Our customer base continues to expand. This quarter, we added four new logos, including a large regional Tier 2 North American broadband operator undertaking a major DOCSIS and Fiber network transformation. Rest of World revenue grew significantly year over year and we expect this momentum to continue, driving further expansion of our global installed base. Additionally, projects announced last quarter such as a sound and a Tier 1 Latin American fiber project are progressing well with deployments ramping and customers coming online.

我們的客戶群不斷擴大。本季度，我們增加了四個新標誌，其中包括一家正在進行重大 DOCSIS 和光纖網路轉型的大型區域二級北美寬頻營運商。世界其他地區的收入同比大幅增長，我們預計這一勢頭將持續下去，從而推動我們全球安裝基數的進一步擴大。此外，上個季度宣布的專案（例如聲音和一級拉丁美洲光纖專案）進展順利，部署正在增加，客戶也開始上線。

Industry momentum is building as operators modernize networks for higher speeds, greater reliability, and lower cost. We believe our Unified 4.0 architecture and converged DOCSIS and Fiber design, backed by proven deployments and ongoing innovation, will continue to enable faster rollouts and confident scaling for our customers.

隨著營運商對網路進行現代化改造以實現更高的速度、更高的可靠性和更低的成本，產業發展勢頭正在增強。我們相信，我們的統一 4.0 架構和融合的 DOCSIS 和光纖設計，在成熟的部署和持續創新的支援下，將繼續為我們的客戶提供更快的推出和自信的擴展。

Let's now turn to Fiber, which is at the heart of our Broadband strategy and a top priority. As our customers increasingly leverage the fiber optionality built into our solution to deploy fiber to the home for MDUs, edge-outs and greenfield builds. In the second quarter, we delivered record Fiber revenue while building a strong pipeline for the future, driven by both existing customers and new customer wins.

現在讓我們來談談光纖，它是我們的寬頻策略的核心和重中之重。隨著我們的客戶越來越多地利用我們解決方案中內建的光纖可選性來為 MDU、邊緣擴展和綠地建設部署光纖到戶。在第二季度，我們實現了創紀錄的光纖收入，同時在現有客戶和新客戶的推動下，為未來建立了強大的管道。

This quarter, we introduced SeaStar, our new optical node purpose-built for multi-dwelling units, MDUs. SeaStar enables cable and telco operators to quickly and very cost effectively deliver fiber-class broadband to low-density buildings using existing infrastructure. It simplifies deployments, lower costs, and accelerates time to market, giving operator a powerful and cost-effective way to compete in this MDU segment.

本季度，我們推出了專為多住戶單元 (MDU) 打造的新型光纖節點 SeaStar。SeaStar 使有線電視和電信業者能夠利用現有基礎設施快速且經濟高效地向低密度建築物提供光纖寬頻。它簡化了部署、降低了成本並加快了產品上市時間，為營運商提供了一種強大且經濟高效的方法來在 MDU 領域競爭。

We also partnered with Vodafone on their Fiber Island showcase at the ANGA COM show in Germany. The demonstration highlighted how our solution enable operators to extend fiber-to-the-home connectivity more efficiently, leveraging existing HFC and Fiber investments to accelerate fiber broadband availability. Overall, we made great progress this quarter in Fiber with record revenue, the launch of the new SeaStar product, and the high-profile Vodafone showcase, which underscore the powerful momentum and leadership we are building in Fiber.

我們也與沃達豐合作，在德國 ANGA COM 展會上展示他們的 Fiber Island。演示重點介紹了我們的解決方案如何幫助營運商更有效地擴展光纖到戶連接，利用現有的 HFC 和光纖投資來加速光纖寬頻的可用性。總體而言，本季度我們在光纖領域取得了巨大進展，創下了創紀錄的收入、推出了新的 SeaStar 產品，並進行了備受矚目的沃達豐展示，這些都凸顯了我們在光纖領域正在建立的強大勢頭和領導地位。

Looking at Unified DOCSIS 4.0, our solution is rapidly moving to real-world deployment. We are shipping Unified RPDs in volume and advancing the new Unified RF front-end tray, which is entering customer labs this quarter for testing and early field trials. We also formally announced Mediacom as the Unified DOCSIS 4.0 customer, and they have since shared their deployment strategy and the magnitude of their plans, reinforcing the reality and opportunity of DOCSIS 4.0 rollouts powered by our Unified platform.

縱觀統一 DOCSIS 4.0，我們的解決方案正在迅速轉向實際部署。我們正在大量出貨 Unified RPD，並推進新的 Unified RF 前端托盤，該托盤將於本季進入客戶實驗室進行測試和早期現場試驗。我們也正式宣布 Mediacom 成為統一 DOCSIS 4.0 客戶，此後他們分享了他們的部署策略和計劃規模，強化了由我們的統一平台支援的 DOCSIS 4.0 推出的現實性和機遇。

We recently demonstrated a 14 gigabit per second throughput milestone on a live Unified DOCSIS 4.0 system at CableLabs Interop, exceeding today's 10 gig fiber-to-the-home speeds and setting a new industry record. These advancements show how our technology is redefining Broadband performance and why operators are turning to Harmonic to lead their DOCSIS 4.0 evolution.

我們最近在 CableLabs Interop 的現場統一 DOCSIS 4.0 系統上展示了每秒 14 千兆位元的吞吐量里程碑，超過了當今 10 千兆位元光纖到戶的速度，創下了新的產業紀錄。這些進步顯示了我們的技術如何重新定義寬頻效能，以及營運商為何轉向 Harmonic 來引領其 DOCSIS 4.0 演進。

On the topic of innovation, this continues to be the cornerstone of our leading industry position. And this quarter, we're excited to share two notable updates. First, Vectra, a leading operator in Poland, selected Harmonic for its broadband transformation, citing our patented PTP-less timing solution as a key differentiator. That solution is now live in full commercial production, simplifying network timing, lowering cost, and enhancing reliability, another step forward in delivering smarter, more efficient broadband infrastructure.

關於創新，這仍然是我們保持產業領先地位的基石。本季度，我們很高興分享兩個值得注意的更新。首先，波蘭領先的營運商 Vectra 選擇 Harmonic 進行寬頻轉型，並稱我們獲得專利的無 PTP 計時解決方案是其關鍵的優勢。該解決方案目前已全面投入商業生產，簡化了網路時序、降低了成本並提高了可靠性，在提供更智慧、更有效率的寬頻基礎設施方面又邁出了一步。

Second, we collaborated with CUJO AI on a live demonstration of ultra-low latency broadband powered by our virtual CMTS and advanced traffic management. This joint showcase highlighted how operators can dramatically reduce latency for applications such as cloud gaming and advanced real-time collaboration, delivering a step change in Broadband quality of experience.

其次，我們與 CUJO AI 合作，現場演示了由我們的虛擬 CMTS 和先進的流量管理提供支援的超低延遲寬頻。此次聯合展示重點展示了營運商如何大幅降低雲端遊戲和高級即時協作等應用程式的延遲，從而顯著提高寬頻體驗品質。

To summarize, Broadband business continues to progress, adding new logos, expanding in Fiber and delivering advanced innovations. With the world's largest base of live virtual CMTS networks, leadership in Unified DOCSIS 4.0 and a converged DOCSIS and Fiber platform, we enable operators to deliver faster speeds, greater reliability, and lower operating costs. Record Fiber business and Rest of World revenue along with the accelerated product innovation pipeline give us confidence in the long-term growth of this business as Unified and Fiber deployments scale through 2026 and beyond.

總而言之，寬頻業務不斷進步，增加了新的標誌，擴展了光纖並提供了先進的創新。憑藉全球最大的即時虛擬 CMTS 網路基礎、統一 DOCSIS 4.0 領域的領導地位以及整合的 DOCSIS 和光纖平台，我們使營運商能夠提供更快的速度、更高的可靠性和更低的營運成本。創紀錄的光纖業務和世界其他地區收入以及加速的產品創新管道使我們對該業務的長期成長充滿信心，因為統一和光纖部署將持續到 2026 年及以後。

Turning to slide number 7. The Video market continues to evolve rapidly as broadcast-grade reliability is no longer optional in premium streaming but rather a necessity. Customers depend on Harmonic to deliver flawless performance for their most valuable content, specifically high stakes live sports events where even a brief interruption can translate into the potential loss of millions of dollars.

翻到第 7 張投影片。視訊市場繼續快速發展，因為廣播級可靠性在優質串流媒體中不再是可選項，而是必需品。客戶依靠 Harmonic 為其最有價值的內容提供完美的性能，特別是高風險的現場體育賽事，即使是短暫的中斷也可能造成數百萬美元的潛在損失。

To meet these rising demands, we are seeing a strong momentum across Appliances, SaaS streaming, and increasingly hybrid deployments that combine on-premise capacity with agnostic cloud flexibility. Our SaaS streaming platform is delivering at scale with high reliability across all major cloud providers. A clear example is our partner, ViewLift, a live sports-focused platform that illustrates how our customers' growth fuels our SaaS streaming momentum. ViewLift is expanding its customer base and leveraging our cloud-agnostic SSAI advertising solution to achieve top-tier reliability and greater business flexibility.

為了滿足這些不斷增長的需求，我們看到設備、SaaS 串流媒體以及日益增長的混合部署（將內部容量與不可知的雲端靈活性相結合）呈現出強勁的發展勢頭。我們的 SaaS 串流平台正在所有主要雲端供應商中大規模且高可靠性地交付。一個明顯的例子是我們的合作夥伴 ViewLift，這是一個專注於體育直播的平台，它說明了我們客戶的成長如何推動我們的 SaaS 串流媒體發展勢頭。ViewLift 正在擴大其客戶群，並利用我們與雲端無關的 SSAI 廣告解決方案來實現頂級可靠性和更大的業務靈活性。

In the second quarter, our Video segment delivered $51.1 million in revenue, reflecting strong overall performance. Our Appliance business contributed solid profitability to our results, driven by primary distribution and competitive takeout deals, while our SaaS streaming business posted a record $15.4 million in quarterly revenue, again, fueled by the expansion of live sports streaming and a growing pipeline of Tier 1 operators preparing to scale deployments.

第二季度，我們的視訊部門實現了 5,110 萬美元的收入，反映出強勁的整體表現。在主要分銷和競爭性外賣交易的推動下，我們的家電業務為我們的業績貢獻了穩健的盈利能力，而我們的 SaaS 串流媒體業務季度收入創下 1,540 萬美元的新高，這同樣受到體育直播流媒體擴張和越來越多的一級運營商準備擴大部署的推動。

Additionally, our Akamai partnership positions us for expanded opportunities in premium streaming delivery in the second half of 2025. Together, we believe our Appliance strengths, accelerating SaaS streaming growth, and differentiated hybrid approach with agnostic cloud support provide our Video business with a solid foundation for sustained and profitable growth in 2025 and beyond.

此外，我們與 Akamai 的合作將使我們在 2025 年下半年在優質串流媒體交付方面獲得更多機會。總而言之，我們相信，我們的設備優勢、加速的 SaaS 串流媒體成長以及具有不可知雲端支援的差異化混合方法將為我們的視訊業務在 2025 年及以後持續盈利增長奠定堅實的基礎。

Now, I will turn to Walter for a deeper review of our financials.

現在，我將請沃爾特對我們的財務狀況進行更深入的審查。

Thanks, Nimrod, and thank you, all, for joining us today. Before I discuss our quarterly results and outlook, I'd like to remind everyone the financial results I'll be referring to on this call are provided on a non-GAAP basis. As David mentioned earlier, our Q2 press release and earnings presentation include reconciliations of the non-GAAP financial measures to GAAP. Both of these are available on our website.

謝謝，尼姆羅德，也謝謝大家今天加入我們。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結果是按照非公認會計準則提供的。正如 David 之前提到的，我們的第二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。

Our second quarter highlights are here on slide 10. As you can see, revenue and profitability in both our Video and Broadband businesses exceeded the high end of our guidance as we continue to successfully execute our plans and navigate the previously discussed industry-wide headwinds in Broadband.

我們第二季的亮點在第 10 張投影片上。正如您所看到的，隨著我們繼續成功執行我們的計劃並應對之前討論過的寬頻行業逆風，我們的視頻和寬頻業務的收入和盈利能力都超出了我們預期的高端。

On a total company basis, revenue was $138 million, while EPS rose from $0.08 to $0.09 per share year over year. Free cash flow during the quarter was minus $15.5 million and our cash balance at quarter end was $123.9 million, a notable increase of $78 million versus the same quarter a year ago. The large increase in cash from a year ago is net of $50 million of stock repurchases and is primarily a correlation to the strong revenue we delivered in the second half of 2024 and demonstrates the operating leverage in our business. As we expect, our Broadband revenue growth to resume in 2026, this gives us confidence in our ability to drive significant future cash flow.

該公司整體營收為 1.38 億美元，每股收益較去年同期從 0.08 美元上漲至 0.09 美元。本季自由現金流為負 1,550 萬美元，季末現金餘額為 1.239 億美元，與去年同期相比大幅增加了 7,800 萬美元。與去年同期相比，現金大幅增加，扣除 5,000 萬美元的股票回購，主要與我們在 2024 年下半年實現的強勁收入相關，並體現了我們業務的營運槓桿。正如我們預期的那樣，我們的寬頻收入將在 2026 年恢復成長，這使我們對推動未來大量現金流的能力充滿信心。

Looking more closely at our businesses. Second-quarter Broadband revenue and adjusted EBITDA were $86.9 million and $10.8 million, respectively. These year-over-year results were expected, owing to the industry headwinds we have previously discussed. It's important to note that in Q2, our Rest of World revenue was at a record level and helped to mitigate the lower revenue from our largest customers on a year-over-year basis, demonstrating our improving diversification trend.

更仔細地審視我們的業務。第二季寬頻營收和調整後 EBITDA 分別為 8,690 萬美元和 1,080 萬美元。由於我們之前討論過的行業逆風，這些同比業績是意料之中的。值得注意的是，在第二季度，我們來自世界其他地區的收入達到了創紀錄的水平，並有助於緩解我們最大客戶的收入同比下降的影響，表明我們多元化趨勢正在改善。

In our Video business, we are continuing to see greater momentum as Video revenue was $51.1 million, up 11.6% year over year, while adjusted EBITDA in this business was $6.2 million. This reflects consistently strong Appliance and SaaS revenue as well as the ongoing efficiency improvements we've implemented. We've also continued to expand the video SaaS part of our business as this revenue line grew 10.1% year over year to reach a record $15.4 million.

在我們的視訊業務中，我們繼續看到更大的發展勢頭，視訊收入為 5,110 萬美元，年增 11.6%，而該業務的調整後 EBITDA 為 620 萬美元。這反映了設備和 SaaS 收入持續強勁以及我們實施的持續效率改進。我們也繼續擴大影片 SaaS 業務，該業務的營收年增 10.1%，達到創紀錄的 1,540 萬美元。

Moving to slide 11. As we stated previously, we currently have three main capital allocation priorities. These include: one, making targeted investments in our business to drive our organic growth; two, returning capital to our shareholders; and three, identifying and evaluating inorganic growth opportunities or M&A to complement and leverage our growing Broadband installed base. Aligned with our first key priority, we will continue to invest further in our inventory over the next several quarters to support our expected growth in Broadband, which includes our Rest of World customers where we're making substantial progress.

移至投影片 11。正如我們之前所說，我們目前有三個主要的資本配置優先事項。這些措施包括：一、對我們的業務進行有針對性的投資，以推動我們的有機成長；二、向我們的股東返還資本；三、識別和評估無機成長機會或併購，以補充和利用我們不斷增長的寬頻安裝基礎。與我們的首要任務一致，我們將在接下來的幾個季度繼續進一步投資於我們的庫存，以支持我們在寬頻方面的預期成長，其中包括我們正在取得實質進展的世界其他地區的客戶。

In terms of returning capital to our shareholders, we will continue to engage in opportunistic stock repurchases under our share repurchase program, which authorizes up to $200 million of repurchases and doubled our previous program. Year to date, we have repurchased $50.1 million of our common shares under this program, including repurchasing shares totaling $14 million in the second quarter. As we've said in the past, we expect to fund these purchases with expected strong free cash flow generation over the next three years.

在向股東返還資本方面，我們將繼續根據我們的股票回購計劃進行機會性股票回購，該計劃授權回購金額高達 2 億美元，是我們先前計劃的兩倍。年初至今，我們已根據該計劃回購了價值 5,010 萬美元的普通股，其中第二季回購總額達 1,400 萬美元。正如我們過去所說的那樣，我們預計未來三年將透過強勁的自由現金流為這些收購提供資金。

Our balance sheet remains strong with ample sources of liquidity. As of June 27, we had $123.9 million in cash and $82 million available under our credit facility. We believe this is more than sufficient to support our capital allocation priorities. In addition, given the considerable research and development we do in the US and with the passage of the OBBBA, we expect this to result in a meaningful cash tax benefit to the company over the next several years, which will enhance our capital allocation plan.

我們的資產負債表依然強勁，流動性來源充足。截至 6 月 27 日，我們擁有 1.239 億美元現金和 8,200 萬美元的信貸額度。我們相信這足以支持我們的資本配置重點。此外，鑑於我們在美國進行的大量研發以及 OBBBA 的通過，我們預計這將在未來幾年為公司帶來可觀的現金稅收優惠，從而增強我們的資本配置計劃。

Now let's take a more detailed look at our second-quarter 2025 financial results on slide 12. As I mentioned earlier, second-quarter total company revenue was $138 million. In the quarter, we had one customer representing greater than 10% of total revenue, with Comcast representing 39% of total revenue.

現在讓我們更詳細地看一下第 12 張投影片上的 2025 年第二季財務業績。正如我之前提到的，第二季公司總收入為 1.38 億美元。本季度，我們有一位客戶的收入佔總收入的 10% 以上，而康卡斯特的收入佔總收入的 39%。

Total company Q2 gross margin was 54.1%, surpassing the high end of our guidance range and up 100 basis points year over year. Broadband Q2 gross margin was 46.5%, down 110 basis points year-over-year, mainly due to tariff costs, which ended up being substantially less than what we had anticipated when we guided last quarter. I'll discuss tariffs in greater detail shortly. Video gross margin in Q2 was 67%, up 260 basis points year over year, reflecting both revenue strength from larger Appliance deals and SaaS expansion and our cost optimization efforts.

該公司第二季總毛利率為 54.1%，超過了我們預期範圍的上限，年增 100 個基點。寬頻第二季毛利率為 46.5%，年減 110 個基點，主要原因是資費成本大幅低於我們上個季度的預期。我很快將更詳細地討論關稅問題。第二季視訊毛利率為 67%，年成長 260 個基點，反映了更大規模家電交易和 SaaS 擴展帶來的收入強勁以及我們的成本優化努力。

Moving down the income statement on slide 13. Q2 total company operating expenses were $60.7 million, down 1.3% year over year as a result of our previously discussed restructuring initiatives in Video and other cost management initiatives. Our profitability metrics remained steady as second-quarter 2025 Broadband EBITDA was $10.8 million and Video EBITDA was $6.2 million. Total company EPS was $0.09.

將第 13 張投影片上的損益表向下移動。由於我們之前討論過的視訊重組舉措和其他成本管理舉措，第二季公司總營運費用為 6,070 萬美元，年減 1.3%。我們的獲利指標保持穩定，2025 年第二季寬頻 EBITDA 為 1,080 萬美元，影片 EBITDA 為 620 萬美元。公司每股收益總計 0.09 美元。

Our order book was strong with Q2 bookings at $158.4 million. The book-to-bill ratio for this quarter was 1.1 compared to 0.9 in Q1 '25 and 0.5 in Q2 '24. Digging a little deeper, Broadband book-to-bill was significantly higher than the company average of 1.1 as we saw a strong level of bookings across multiple customers. This is a positive indicator for future revenue growth. As we've stated previously, over time, we expect our book-to-bill ratio to normalize and approach the historical benchmark of greater than one, especially as we see growth in Broadband due to Unified DOCSIS 4.0 and other customer ramps accelerate.

我們的訂單很強勁，第二季的訂單金額為 1.584 億美元。本季的訂單出貨比為 1.1，而 2025 年第一季為 0.9，2024 年第二季為 0.5。深入挖掘後發現，寬頻訂單出貨比明顯高於公司平均 1.1，因為我們看到多個客戶的預訂量很高。這對於未來的收入成長來說是一個正面的指標。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，特別是當我們看到由於統一 DOCSIS 4.0 和其他客戶增長加速而導致的寬頻增長時。

Turning to the balance sheet on slide 14. As I've noted earlier, we ended Q2 with cash and cash equivalents of $123.9 million. The quarter-over-quarter change in cash was mainly attributed to the aforementioned share repurchases and increases in inventory to support our growth and to provide a cushion for any potential near-term tariff impacts. Days sales outstanding at the end of Q2 was 79 compared to 67 in Q1 '25 and 78 in Q2 '24. The sequential increase was due to timing of sales in the quarter and reflects our typical DSO level.

翻到第 14 張投影片上的資產負債表。正如我之前提到的，我們第二季的現金和現金等價物為 1.239 億美元。現金的環比變化主要歸因於上述股票回購和庫存增加，以支持我們的成長並為任何潛在的近期關稅影響提供緩衝。第二季末的未償債務天數為 79 天，而 2025 年第一季為 67 天，2024 年第二季為 78 天。連續的成長是由於本季度的銷售時間安排，反映了我們典型的 DSO 水平。

Inventory increased $9.1 million in the quarter and our days inventory on hand fell to 101 days from 103 days last quarter. At the end of Q2, total backlog and deferred revenue was $504.5 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.

本季庫存增加了 910 萬美元，庫存週轉天數從上一季的 103 天下降至 101 天。第二季末，積壓訂單和遞延收入總額為 5.045 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。

Turning to guidance. We anticipate a moderate pace of Broadband upgrade activity in the near term. However, we continue to believe this is mostly a timing change and we are already beginning to see positive tailwinds for 2026 as customer ramp readiness improves, Unified 4.0 technology progresses, and our new Rest of World customers ramp up, as Nimrod highlighted earlier. These positive developments we expect will support the return of growth in 2026.

轉向指導。我們預計短期內寬頻升級活動將以適度的速度進行。然而，我們仍然相信這主要是時間上的變化，而且正如 Nimrod 之前強調的那樣，隨著客戶升級準備的改善、Unified 4.0 技術的進步以及我們新的世界其他地區客戶的增加，我們已經開始看到 2026 年的積極順風。我們預計這些積極的發展將支持2026年經濟恢復成長。

Now I'd like to provide an update on the tariff situation. On our last call in late April, we stated that we believe the increased tariff proposals at the time would have an immaterial impact on our Video business and an estimated $3 million impact on our Broadband business for Q2. However, the actual impact in Q2 was much less than our initial forecast.

現在我想向大家介紹一下關稅的最新情況。在 4 月底的最後一次電話會議上，我們表示，我們認為當時提高的資費提案對我們的視訊業務不會產生實質影響，但對我們第二季的寬頻業務將產生約 300 萬美元的影響。然而，第二季的實際影響遠低於我們最初的預測。

For Q2, the tariff impact was less than $1 million, and it was all related to Broadband. This better-than-expected performance was due to trade reprieves as well as operational and supply-chain adjustments that we had implemented to address these potential effects, which proved quite successful. While we are pleased with the success of these efforts to date, the tariff situation remains fluid and unpredictable. As such, we continue to explore options to offset tariff sensitivity, including further optimizing our supply chain, additional cost management measures, and taking price actions where appropriate.

對於第二季度，關稅影響不到 100 萬美元，並且全部與寬頻有關。這一優於預期的業績得益於貿易緩解以及我們為應對這些潛在影響而實施的營運和供應鏈調整，事實證明這些調整非常成功。雖然我們對迄今為止這些努力所取得的成功感到高興，但關稅情況仍然不穩定且難以預測。因此，我們繼續探索抵消關稅敏感性的方案，包括進一步優化我們的供應鏈、採取額外的成本管理措施以及在適當的情況下採取價格行動。

Now let's review our non-GAAP guidance for Q3 2025, beginning on slide 15. Similar to last quarter, we're taking a prudent approach to our current quarter guidance given the industry and macroeconomic factors I discussed. Additionally, like last quarter, we'll not provide updated full-year 2025 guidance at this time due to the current situation with tariffs and the potential impact on economic conditions and our customers' behavior. To date, we have not seen any changes in our customers' behavior.

現在讓我們回顧一下 2025 年第三季的非 GAAP 指引，從第 15 張投影片開始。與上一季類似，考慮到我所討論的行業和宏觀經濟因素，我們對本季的指導採取了審慎的態度。此外，與上一季一樣，由於當前的關稅狀況以及對經濟狀況和客戶行為的潛在影響，我們目前不會提供 2025 年更新的全年指引。到目前為止，我們還沒有看到客戶行為有任何變化。

For Q3, we expect Broadband to deliver revenue between $75 million to $85 million, gross margins between 45% to 46% due to product mix, and adjusted EBITDA between $5 million to $9 million. The Broadband guidance includes an estimated tariff impact of less than $1 million in the Q3 margins based on the current announced tariff rates and exemptions.

對於第三季度，我們預計寬頻業務的收入將在 7,500 萬美元至 8,500 萬美元之間，由於產品組合的原因，毛利率將在 45% 至 46% 之間，調整後的 EBITDA 將在 500 萬美元至 900 萬美元之間。根據目前公佈的關稅稅率和豁免，寬頻指南估計第三季的關稅影響不到 100 萬美元。

For our Video segment in Q3, we expect revenue in the range of $45 million to $50 million as normal seasonal weaknesses in Appliances is offset by our strong backlog and pipeline, gross margin in the range of 65% to 67%, and adjusted EBITDA to range from $2 million to $5 million. On this slide, we have also provided total company guidance for Q3.

對於我們第三季的視訊部門，我們預計營收將在 4,500 萬美元至 5,000 萬美元之間，因為家電部門的正常季節性疲軟被我們強勁的積壓訂單和管道所抵消，毛利率將在 65% 至 67% 之間，調整後的 EBITDA 將在 200 萬美元至 500 萬美元之間。在這張投影片上，我們也提供了第三季的整體公司指導。

In the interest of time, I'll let you read through the details. Please also note that our non-GAAP tax rate has changed slightly to 21%. I would like to highlight that total company EPS for the third quarter is expected to be in the range of $0.02 to $0.07.

為了節省時間，我會讓你閱讀詳細資訊。另請注意，我們的非公認會計準則稅率略有變化，為 21%。我想強調的是，預計第三季公司每股收益總額將在 0.02 美元至 0.07 美元之間。

In closing, we want to reiterate that our Broadband solutions are critical for our customers as they upgrade their networks to address current competitive pressures and minimize subscriber churn. Harmonic has had a history of successfully navigating industry transitions like the one we are in now and our operating leverage and market leadership puts us in an enviable position when growth resumes in 2026. We thank everyone for their attention today.

最後，我們想重申，我們的寬頻解決方案對於我們的客戶至關重要，因為他們需要升級網路以應對當前的競爭壓力並最大限度地減少用戶流失。Harmonic 曾經成功應對過像我們現在這樣的產業轉型，我們的經營槓桿和市場領導地位將使我們在 2026 年恢復成長時處於令人羨慕的地位。我們感謝大家今天的關注。

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，我將把話題交還給 Nimrod 進行最後的發言。

Thanks, Walter. In summary, we delivered strong second-quarter results as revenue and profitability in both our Video and Broadband businesses were above the high end of expectations. In addition to our financial results, we continue to make progress across all aspects of our business, including cOS deployments, Unified DOCSIS 4.0, Fiber, and Video Appliances and SaaS streaming. While we expect Broadband upgrades to progress at a moderate pace in 2025, we continue to see developments that will ultimately benefit our business in 2026 and beyond.

謝謝，沃爾特。總而言之，我們第二季的業績表現強勁，視訊和寬頻業務的營收和獲利能力都超乎預期。除了財務業績外，我們還在業務的各個方面不斷取得進展，包括 cOS 部署、統一 DOCSIS 4.0、光纖、視訊設備和 SaaS 串流媒體。雖然我們預計寬頻升級將在 2025 年以適度的速度發展，但我們仍然看到最終將在 2026 年及以後有利於我們業務的發展。

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。

(Operator Instructions)

（操作員指示）

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Thank you very much for taking the question. I did -- I'm interested in your description of the strength from what we refer to as Others and Rest of World customers. So I guess in your first quarter of the year, if we exclude the business with Comcast and Charter, that was about 54% of your revenue. And I'm just wondering if you could characterize or quantify actually what the ex-Comcast, Charter percent and dollar value was this quarter to help us quantify that strength in Rest of World.

非常感謝您回答這個問題。是的——我對您對我們所說的「其他」和「世界其他地區」客戶的實力的描述很感興趣。因此，我估計，在今年第一季度，如果我們排除與康卡斯特和 Charter 的業務，那大約占到你們收入的 54%。我只是想知道您是否可以描述或量化本季度除康卡斯特、特許的百分比和美元價值，以幫助我們量化世界其他地區的實力。

Well, specifically -- Simon, it's Walter here. We basically provided our concentration with regards to Comcast during the prepared remarks. And obviously, in terms of Rest of World and the makeup of Rest of World for the company, it is definitely much stronger than 50%. And that's on a total company basis. So that includes both Broadband and Video. And you probably noticed that one of the customers that we have been calling out as a greater than 10% customer I think five of the last seven quarters was not listed today.

嗯，具體來說——西蒙，我是沃爾特。我們在準備好的演講中主要集中討論了康卡斯特的問題。顯然，就世界其他地區以及世界其他地區對公司的組成而言，這一比例肯定遠遠超過 50%。這是整個公司的情況。其中包括寬頻和視訊。您可能已經注意到，我們一直提到的超過 10% 的客戶之一，我認為過去七個季度中有五個季度沒有列出。

Okay. And then the other fact I wanted to follow up is you certainly sound, I think, a little bit more optimistic about 2026 than you did on the prior conference call. And when I'm looking at the forecast from the third-party researchers that you typically site, it looks like for your served market, they're expecting good growth in 2026 as well, roughly 40% growth in the year. Could you give us your thoughts, even if you're not prepared yet for a formal forecast, of how you're thinking about that trajectory for 2026? Thank you.

好的。然後我想跟進的另一個事實是，我認為您對 2026 年的看法聽起來比上次電話會議要樂觀一些。當我查看您通常引用的第三方研究人員的預測時，看起來對於您所服務的市場，他們預計 2026 年也將實現良好的增長，年增長率約為 40%。即使您還沒準備好正式的預測，您能否告訴我們您對於 2026 年的發展軌跡的看法？謝謝。

Yeah. So it's still too early for us to give the exact '26, but we certainly see some of the headwinds that we talked about turning into tailwinds. Clearly, the Unified 4.0 will be ready for the entire '26. We did talk about a couple of wins that are scheduled to deploy the Unified. We did talk about Mediacom and a few others that are in the pipeline.

是的。因此，現在給出確切的 26 年目標還為時過早，但我們確實看到我們談到的一些逆風變成了順風。顯然，Unified 4.0 將為整個 26 年做好準備。我們確實談到了計劃部署統一的幾場勝利。我們確實討論了 Mediacom 和其他一些正在籌備中的項目。

So we certainly see that. We also see kind of rest of the market, as we call it, strengths, as you asked in your first question. So overall, we certainly see that. We cannot, at this point, comment on the exact 40% that you highlighted.

所以我們確實看到了這一點。正如您在第一個問題中所問的那樣，我們也看到了我們所說的其他市場的優勢。總的來說，我們確實看到了這一點。目前，我們無法對您強調的 40% 進行評論。

But definitely, we're seeing momentum -- And definitely, Simon, we're seeing the momentum in terms of our Rest of World customers, momentum around customer ramp readiness. And so to your point about feeling more bullish in terms of 2026, definitely, we're seeing those positive indicators, those tailwinds, as we had expected when we had talked earlier in the year with regards to what the expectations are around 2026. And I think the third-party market research corroborates that turnaround in '26.

但毫無疑問，我們看到了勢頭——而且毫無疑問，西蒙，我們看到了世界其他地區客戶的勢頭，以及客戶準備就緒的勢頭。因此，關於您所說的對 2026 年更加樂觀的看法，我們確實看到了那些積極的指標、那些順風，正如我們在今年早些時候談到對 2026 年的預期時所預料的那樣。我認為第三方市場研究證實了 1926 年的轉變。

And maybe one more thing. I think the competitive environment for our customers is getting very challenging. And clearly, they all recognize the importance and the value of what they call the network evolution or upgrading the network to kind of deliver the best of what you can get out of these networks, which is more in the symmetric speeds, at least 1 gigabit on the upstream. So they all definitely see the importance of that and we believe that they will do anything they can to push that forward.

也許還有一件事。我認為我們的客戶面臨的競爭環境變得越來越具有挑戰性。顯然，他們都認識到了所謂的網路演進或網路升級的重要性和價值，以便從這些網路中獲得最好的結果，也就是更對稱的速度，至少上行速度為 1 千兆位元。所以他們都清楚地認識到這一點的重要性，我們相信他們會盡一切努力推動這一點。

I think the other thing, Walter, and you touched on that, the OBBBA, which -- again, it's kind of new. We heard from other telco operators that this will help them to accelerate CapEx investment. We have not yet seen the kind of impact of that but -- as this is fairly new, but this is kind of yet another factor to add.

華特，我認為另一件事，你提到了 OBBBA，這 — — 再說一次，它有點新。我們從其他電信業者那裡聽說，這將有助於他們加速資本支出投資。我們還沒有看到這種影響，但是——因為這相當新，但這也是另一個需要添加的因素。

Thank you.

謝謝。

Thanks, Simon.

謝謝，西蒙。

Ryan Koontz, Needham.

瑞安·孔茨，尼德姆。

Great, thanks. Wondering if you can talk a little bit more detail about DOCSIS 4.0 Unified in light of your soft Broadband guide commentary that you're making early RPD shipments there. We've seen some recovery here in your 2Q sales to Comcast. Where is the industry now today end of July on DOCSIS 4.0 Unified readiness? And then what kind of progress have you specifically made on your product platform? Thank you.

太好了，謝謝。我想知道您是否可以根據您在軟寬頻指南中關於您在那裡進行早期 RPD 發貨的評論，更詳細地談論 DOCSIS 4.0 Unified。我們看到你們第二季度對康卡斯特的銷售有所回升。截至 7 月底，業界在 DOCSIS 4.0 統一方面的準備情況如何？那麼你們的產品平台具體取得了哪些進展呢？謝謝。

Yeah. So specifically, I think Comcast, the case of Full Duplex, we talked about that and we talked about the dependency early in the year on amplifiers. That's a non-issue. That's progressing well. That's one component of what we generically define as the Unified 4.0.

是的。具體來說，我認為康卡斯特，全雙工的情況，我們討論了這個問題，並且我們在今年年初討論了對放大器的依賴性。那不是什麼問題。一切進展順利。這是我們通常定義的統一 4.0 的一個組成部分。

For the rest of the market, above and beyond Comcast, the progress that we're making is fairly good. As I mentioned, we do have dependency on the so-called RF front end, which is required. This technology must be deployed both in RPD in conjunction with an RF front end, which is Unified compatible. And I did mention that we're entering into customer labs in the third quarter and starting field trials with the plan to early shipments in the fourth quarter.

對於康卡斯特以外的其他市場，我們取得的進展相當不錯。正如我所提到的，我們確實依賴所謂的 RF 前端，這是必要的。該技術必須與統一相容的 RF 前端一起部署在 RPD 中。我確實提到過，我們將在第三季度進入客戶實驗室並開始現場試驗，計劃在第四季度初發貨。

On top of that, you could follow the progress that we're making from an interop point of view at CableLabs, including this 14-gigabit milestone, which is -- I agree, is more of a marketing milestone, but nevertheless important. There is an ongoing interop activity with the CPEs. So overall, the ecosystem is moving forward and we are encouraged by that.

除此之外，您還可以從 CableLabs 的互通角度關注我們所取得的進展，包括這個 14 千兆位元里程碑，我同意，這更像是一個行銷里程碑，但仍然很重要。目前正在進行與 CPE 的互通活動。總體而言，生態系統正在向前發展，我們對此感到鼓舞。

That's really helpful, Nimrod. And with respect to Charter, who you mentioned fell off the 10%, we saw them cut CapEx a few days ago on the year. How should investors think about that opportunity for you? Do you see this really as just a pushout generally in their program? Or is there other competitive changes?

這真的很有幫助，尼姆羅德。至於您提到的 Charter，其股價跌了 10%，我們看到他們幾天前削減了今年的資本支出。投資人該如何看待這個機會？您是否真的認為這只是他們計劃中的一種推廣？或者有其他競爭變化嗎？

Well -- yes. So they did say that they will be short about $500 million that will be moved to next year. They also said a couple of times how important the network evolution is for the services that they deliver, the 2x1, the 5x1 as a converged network. And they specifically called out what they call step 2 of the program, which is underway. So I think they signal that this is moving forward.

嗯——是的。所以他們確實說過他們將短缺約 5 億美元，這些資金將轉移到明年。他們也多次提到網路演進對於他們提供的服務有多重要，2x1、5x1 作為融合網路。他們特別提到了該計劃的第二步，目前該步驟正在進行中。所以我認為這表明事情正在向前發展。

Yeah. I think we've heard about them deploying amplifiers, I think, as part of their Phase 2, but perhaps doing that in phases with other products.

是的。我想我們已經聽說過他們部署放大器，我認為這是他們第二階段的一部分，但也許是分階段與其他產品一起進行。

Well, so I cannot break it down beyond what they said, but I think the point for them is to deliver services. Just by deploying amplifiers, you cannot deliver the kind of enhanced service, whether it's the 2x1 or eventually the 5x1.

好吧，我無法進一步解釋他們所說的內容，但我認為他們的目的是提供服務。僅透過部署擴大機，您無法提供此增強型服務，無論是 2x1 還是最終的 5x1。

Great, Right. And just a quick question for Walter on the strong bookings in the quarter. Walter, any change in the mix there of bookings? Is this more longer term for '26? How should we think about that step up?

太好了，對的。我只想向 Walter 詢問一下本季的強勁預訂情況。沃特，那裡的預訂情況有什麼改變嗎？這對於 26 年來說是否是一個更長遠的期限？我們該如何看待這項進步？

Yeah. It's a mix of bookings across the time period. And as I pointed out in the prepared remarks, it came across in Broadband across a number of customers, including our Rest of World customers.

是的。這是不同時段的預訂組合。正如我在準備好的演講中指出的那樣，它出現在許多客戶的寬頻中，包括我們世界其他地區的客戶。

All right. Thanks very much.

好的。非常感謝。

Okay. Thanks, Ryan.

好的。謝謝，瑞安。

Steven Frankel, Rosenblatt Securities.

羅森布拉特證券公司的史蒂文‧弗蘭克爾 (Steven Frankel)。

Good afternoon. I just want to try to square the strong order book, the cautious guidance, and the third element, which is a nice pickup in modems served in the quarter. So deployment seems to be getting back to a better pace. Do we read from this that one of the dynamics that we're seeing in Q3 is kind of deployments from inventories of nodes and RPDs that your customers have had and now are ready to start to draw down?

午安.我只是想嘗試平衡強勁的訂單、謹慎的指導和第三個要素，即本季調變解調器的良好回升。因此部署似乎正在恢復到更好的步伐。我們是否可以從中看出，我們在第三季度看到的動態之一是從您的客戶已經擁有的節點和 RPD 庫存中進行部署，現在準備開始減少？

You know, we always talked about the lag between shipments and when do we see modems specifically. We also talked about impact of deployments in what's called fiber-deep environment where you deploy a lot of nodes, but you don't pick up a lot of subscribers. So it did -- and I think I did highlight last quarter because the number was lower, that we have in the pipeline a good number of customers that will turn up the service in the second quarter, and we can see the results in the modem pickup, and we expect to see that increasing going forward.

你知道，我們總是談論發貨之間的延遲以及我們何時才能看到調製解調器。我們也討論了在所謂的光纖深度環境中部署的影響，在這種環境中，您可以部署很多節點，但不會接收很多使用者。確實如此——我認為我在上個季度確實強調過，因為這個數字較低，我們有大量客戶正在籌備中，他們將在第二季度開始使用該服務，我們可以在調製解調器的搭載中看到結果，我們預計未來這一數字還會增加。

Okay, and then on the Video side, you haven't talked about new customer wins in a while kind of what's the pipeline like? Are there large potential customers that are in the process of deploying that will flow into revenue in the next few quarters?

好的，那麼在影片方面，您有一段時間沒有談論贏得新客戶了，管道是什麼樣的？是否有大量潛在客戶正在部署並將在未來幾季內帶來收入？

So maybe two things. And I did highlight on the prepared remarks. A partner we work with that provide a platform for more of regional sports and they actually bring on the platform a lot of customers. We don't count them as customers. It's effectively in existing customers that get expanded as they bring on more customers.

所以可能有兩件事。我確實強調了準備好的發言。我們的合作夥伴為更多的區域體育運動提供了平台，他們實際上為該平台帶來了許多客戶。我們不把他們算作顧客。它實際上可以擴大現有客戶群，因為可以吸引更多客戶。

We also did talk about Akamai, which we kind of count as one customer. But under the hood, they actually transition and expand into more customers. So these are two examples where we expand and grow with existing customers, but we don't necessarily provide the details of these customers.

我們也談到了 Akamai，我們將其視為我們的客戶之一。但在本質上，他們實際上正在轉型並擴展到更多的客戶。這是我們與現有客戶一起擴張和成長的兩個例子，但我們不一定會提供這些客戶的詳細資訊。

Okay. And you did talk about Akamai contributing to growth in the back half, but that doesn't appear to be in the guide for Q3. So is that more of a Q4 phenomenon?

好的。您確實談到了 Akamai 對下半年成長的貢獻，但這似乎並沒有出現在第三季的指南中。那麼這更像是 Q4 現象嗎？

Yeah. We're just -- in Q2, we started successfully onboarding a number of customers and starting to see the revenue. But by the time the ramp-up occurs of the customers, it takes a little while before you're going to see that into the growth. But we are highlighting that in the second half, a good part of our growth coming out of the SaaS business will be a result of that partnership.

是的。我們只是——在第二季度，我們開始成功地吸引一些客戶，並開始看到收入。但是，當客戶數量開始增加時，還需要一段時間才能看到成長。但我們要強調的是，下半年，SaaS 業務的成長很大一部分將得益於這種合作關係。

Alright, thank you.

好的，謝謝。

Thanks, Steve.

謝謝，史蒂夫。

George Notter, Wolfe Research.

喬治·諾特（George Notter），沃爾夫研究公司。

Hi, guys. Thanks very much. I was just curious about anything more you can tell us on the plan around tariffs. I think you guys make quite a bit of your nodes in Malaysia. It feels like the tariff is going to be reasonably substantial in Malaysia as that gets negotiated. And I guess I'm just curious about what kind of offsets would you have? Could you move manufacturing?

嗨，大家好。非常感謝。我只是好奇您能否告訴我們有關關稅計劃的更多資訊。我認為你們在馬來西亞建立了相當多的節點。隨著談判的進行，感覺馬來西亞的關稅將會相當高。我想我只是好奇你會有什麼樣的補償？你能轉移製造業嗎？

Is there some kind of flexibility you can kind of walk us through that would help your situation on nodes and margins there? And if you do have, say, a 20% or 25% tariff in Malaysia, what kind of impact might you expect through the P&L? Thanks.

您能否向我們介紹某種靈活性，以幫助您解決那裡的節點和邊緣問題？如果馬來西亞確實徵收 20% 或 25% 的關稅，您預計會對損益表產生什麼樣的影響？謝謝。

Sure. Hey, George, it's Walter. So first of all, our assumptions that we built into our guidance for Q3 take into consideration the current rates that have been disclosed in terms of, for example, Malaysia, August 1, going up to 25%. And so the impact is already baked into our quarterly guidance. And as you heard earlier, the whole impact for Q3 for the Broadband business, we expect it to be less than $1 million based on the rates and the exemptions.

當然。嘿，喬治，我是沃特。首先，我們在第三季指引中所做的假設考慮了已揭露的當前利率，例如馬來西亞從 8 月 1 日起將利率上調至 25%。因此，其影響已經反映在我們的季度指引中。正如您之前所聽到的，根據費率和豁免，我們預計第三季對寬頻業務的整體影響將低於 100 萬美元。

So we have products that are exempt. We have products that are not exempt, and we also have some various options in terms of optionality around our product base there. So in total, right now, based on the rules that exist today, the impact is less than $1 million in the Broadband business.

所以我們有免稅的商品。我們擁有不免稅的產品，並且我們在產品基礎的可選性方面也擁有各種選擇。因此，總的來說，目前根據現行規則，寬頻業務受到的影響不到 100 萬美元。

Now if the rules change, let it be the rates, the exemptions, we continue to look at other options from a long-term standpoint in terms of looking at nearshoring and potentially taking advantage of other options of that nature. But until both the rates and this whole thing is cleared up, it's not like there's something that we're going to execute on. I think we're proactively looking at the different options available to us. And right now, it's not having that much of a significant impact on our overall business, if you consider $1 million, about 1% on the overall margin line.

現在，如果規則發生變化，無論是稅率還是豁免，我們都會繼續從長遠的角度考慮其他選擇，即考慮近岸外包，並可能利用此類其他選擇。但在利率和整件事情明朗之前，我們不會採取任何行動。我認為我們正在積極考慮可用的不同選擇。目前，它對我們的整體業務沒有太大的影響，如果你考慮 100 萬美元，它對整體利潤線的影響約為 1%。

Got it. I assume that's -- a high percentage of your nodes are exempt. That's what's going on here, I presume. Is that correct?

知道了。我認為——很大比例的節點都是豁免的。我想這就是這裡發生的事情。對嗎？

There's elements -- there's parts of our portfolio.

這是我們投資組合的組成部分。

Okay. Thank you.

好的。謝謝。

Okay. You're welcome.

好的。不客氣。

Tim Savageaux, Northland Capital Markets.

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

Hey, good afternoon. A couple of questions. First, I think you mentioned some positive indications for '26 and, I think, above-trend growth. Clearly, that would beg a question about off what baseline. I know you're not guiding for the year.

嘿，下午好。有幾個問題。首先，我認為您提到了 26 年的一些積極跡象，而且我認為增長高於趨勢。顯然，這會引出一個關於基準是什麼的問題。我知道你今年不會擔任導遊。

Your commentary sounds flattish throughout the second half. But you usually do see some degree of upward seasonality in Q4 and I know they've been all over the place of late. But I wonder if you have any commentary there. Should we take -- should we assume Q4 looks like a lot like Q3 or could we have some seasonality in thinking about the baseline for that above-trend growth in '26?

您的評論在下半場聽起來很平淡。但你通常會看到第四季出現一定程度的季節性上升，而且我知道最近這種現象隨處可見。但我想知道您是否對此有任何評論。我們是否應該假設第四季度與第三季度非常相似，或者我們可以考慮一些季節性因素來考慮 26 年高於趨勢的成長基線？

Hi, Tim. So what I would say about Q4 is that we do expect some sequential growth Q3 to Q4. Right now, we're not going to guide Q4 because of the commentary I provided earlier in regards to the uncertainty around customers' behavior on spend because of tariffs. I would also indicate that we've got a lot of puts and takes as we look at Q4. And so therefore, that's a key reason why we are not guiding for Q4.

你好，提姆。因此，關於第四季度，我想說的是，我們確實預計第三季到第四季會出現一些連續成長。目前，我們不會指導第四季度，因為我之前就關稅導致的客戶消費行為存在不確定性的評論。我還要指出的是，展望第四季度，我們有很多得失。因此，這就是我們沒有為第四季做出預測的一個主要原因。

But if you think about Q3 to Q4, we do still expect some sequential growth in the quarter. And our commentary all really focused around the positive tailwinds that we're now seeing, some of the progress that's been made across the board in terms of customer ramp readiness, in terms of the Unified 4.0 that Nimrod spoke about earlier, as well as onboarding of Rest of World customers. And that really we see as the key elements for our 2026 growth.

但如果你考慮第三季到第四季度，我們仍然預期該季度會出現一些連續成長。我們的評論實際上都集中在我們現在看到的積極因素上，在客戶升級準備方面、在 Nimrod 之前提到的 Unified 4.0 方面以及在世界其他地區客戶的加入方面，都取得了一些進展。我們確實將其視為 2026 年成長的關鍵因素。

Okay. And to take it right from there in terms of '26, and obviously, we've been -- I think we're looking at the beginning of this year and going to get declines of a similar magnitude. But for '26, I assume you'd like to hit, as an initial goal, a new high watermark for revenue in the business, kind of the nearly $500 million you achieved in '24. Is that safe to say?

好的。就 26 年而言，顯然我們已經——我認為我們正在展望今年年初，並將看到類似幅度的下降。但對於 26 年，我想您的初始目標將是創下業務收入的新高，類似於 24 年實現的近 5 億美元。可以這麼說嗎？

Too early to guide at this point, Tim. I think we've got to make assessment across the board, look at all of the various customers, all of the things we talked about today in terms of the progress that's been made. And it's just too early to comment around any specific number or watermark for next year other than to say we're very well positioned in terms of our portfolio, our market share.

提姆，現在下結論還為時過早。我認為我們必須進行全面評估，審視所有不同的客戶，審視我們今天討論的所有事情，並考慮所取得的進展。現在評論明年的任何具體數字或水準還為時過早，只能說我們的產品組合和市場份額處於非常有利的地位。

We've talked about the positive tailwinds that we're now seeing and the progress that we are seeing right now with the customer base. So I think those all point in the right direction, but we're not going to give any type of directional statement at this point.

我們討論了我們現在看到的積極因素以及我們目前在客戶群中看到的進展。所以我認為這些都指向正確的方向，但我們現在不會給出任何類型的方向性聲明。

Yes. Fair enough. Last question for me, I guess, and you mentioned Charter not on the 10% customer list. And I mean is there any way to assess inventory over there? Yes, they pushed some CapEx, but it's still more this year than last year and more in the second half than the first.

是的。很公平。我想這是我的最後一個問題，您提到 Charter 不在 10% 的客戶名單上。我的意思是有沒有辦法可以評估那裡的庫存？是的，他們增加了一些資本支出，但今年的支出仍比去年多，下半年的支出也比上半年多。

And so I know that's not a quarter-to-quarter relationship. So second half of last year, you shipped them maybe $80 million worth of gear. First half of this year, I don't know, $25 million, maybe $10 million in the quarter. So is there a way for you to assess what's going on there in terms of what they have deployed, what inventory they might have and how that might relate to their kind of run rate deployment schedule?

所以我知道這不是一個季度與季度之間的關係。因此，去年下半年，您向他們運送了價值約 8000 萬美元的裝備。今年上半年，我不知道，2,500 萬美元，或本季 1,000 萬美元。那麼，您能否評估他們部署的情況、他們可能擁有的庫存以及這與他們的運行率部署計劃有何關係？

Tim, we can't comment around any specific customer's ramp, ramp schedule, et cetera. What we can say in general is that many of our customers acquire product from us. They acquire licenses from us. They acquire nodes from us. And obviously, as they ramp -- and the speed of their ramp will dictate exactly when they're going to need more equipment and, therefore, the onset of orders and product to a customer. And that goes across the board for all customers.

蒂姆，我們無法對任何特定客戶的坡道、坡道時間表等發表評論。整體來說，我們可以說很多客戶都從我們這裡購買產品。他們從我們這裡獲得許可證。他們從我們這裡獲取節點。顯然，隨著產量的增加——產量增加的速度將決定何時需要更多設備，從而決定何時開始向客戶下訂單並提供產品。這對所有客戶都適用。

Okay, thanks.

好的，謝謝。

Thanks, Tim.

謝謝，蒂姆。

Thank you. I'm not showing any further questions in the queue. I would now like to turn it back over to management for any closing remarks.

謝謝。我不會在隊列中顯示任何其他問題。現在我想將發言權交還給管理階層，請他們做最後的總結發言。

We appreciate your continued interest in Harmonic and look forward to updating you on our progress in the future. Thank you, all, for joining the call. Have a good day.

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。感謝大家參加此次電話會議。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。