Harmonic Inc (HLIT) 2025 Q3 法說會逐字稿

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

歡迎參加 Harmonic 2025 年第三季財報電話會議。我叫謝麗，今天由我來為您接聽電話。（操作員說明）請注意，本次會議正在錄音。

I will now turn the call over to Scott Eckstein, Investor Relations. You may begin, Scott.

現在我將把電話轉交給投資者關係部的斯科特·埃克斯坦。你可以開始了，史考特。

Thank you, operator. Hello, everyone, and thank you for joining us today for Harmonic's third-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 for this webcast, which you may view by going to our webcast on our Investor Relations website.

謝謝接線生。大家好，感謝各位今天參加 Harmonic 公司 2025 年第三季財務業績電話會議。今天陪同我的是總裁兼執行長尼姆羅德·本-納坦和財務長沃爾特·揚科維奇。在開始之前，我想指出，除了網路直播的音訊部分外，我們還為本次網路直播提供了幻燈片，您可以透過造訪我們投資者關係網站上的網路直播頁面來查看。

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.

現在請看第二張投影片，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聲明。這些說法僅為目前的預期，實際事件或結果可能與預期有重大差異。

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

請您參閱 Harmonic 向美國證券交易委員會提交的文件，包括我們最新的 10-Q 和 10-K 報告以及今天初步業績新聞稿中的前瞻性聲明部分。這些文件列出了重要的風險因素，這些因素可能導致實際結果與我們的預測或前瞻性聲明中包含的結果有重大差異。

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

請注意，除非另有說明，否則我們在本次電話會議中向您提供的財務指標均按非公認會計準則決定。這些指標以及相應的 GAAP 數據和與 GAAP 的調節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 表格的形式提交給了美國證券交易委員會。

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.

我們還將討論有關我們業務和運營的歷史、財務和其他統計信息，其中一些信息已包含在新聞稿中。其餘資訊將在本次通話的錄音版本或我們的網站上提供。

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

現在我將把電話交給我們的執行長尼姆羅德·本-納坦。尼姆羅德？

Thanks, Scott. And welcome, everyone, to our third-quarter 2025 earnings call. Today, we shared strong third-quarter results that exceeded our guidance and reflect both focused execution and growing market momentum across our Broadband and Video businesses. Revenue was $142.4 million, driven by strong unified RPD and fiber product shipments, along with year-over-year growth in Broadband rest of the world and continued strong Video performance across both appliances and SaaS streaming.

謝謝你，斯科特。歡迎各位參加我們2025年第三季財報電話會議。今天，我們公佈了強勁的第三季業績，業績超出預期，反映了我們在寬頻和視訊業務方面專注的執行力和不斷增長的市場勢頭。營收達 1.424 億美元，這主要得益於統一 RPD 和光纖產品出貨量的強勁增長，以及世界其他地區寬頻業務的同比增長，還有設備和 SaaS 流媒體業務持續強勁的視頻表現。

In addition to these operational achievements, we returned capital to shareholders by repurchasing an additional $16 million of our outstanding common shares, bringing total repurchases under the current program to $66.1 million. We closed the quarter with backlog and deferred revenue of $495 million, underscoring consistent customer demand and visibility into future deployments as operators accelerate network modernization.

除了這些營運成就之外，我們還透過回購價值 1,600 萬美元的流通普通股向股東返還了資本，使目前計劃下的回購總額達到 6,610 萬美元。本季末，我們的積壓訂單和遞延收入達到 4.95 億美元，這凸顯了客戶需求的持續性，以及隨著營運商加速網路現代化，未來部署的可見度。

Earlier today, we announced an expanded partnership with Charter to extend our cOS virtualized broadband platform and advanced operational tools across their entire footprint, including the deployment of DOCSIS 4.0 unified RPDs. This expansion reinforces Harmonic's leadership in virtualized broadband and our ability to scale next-generation architectures for the world's largest operators.

今天早些時候，我們宣布與 Charter 擴大合作夥伴關係，將我們的 cOS 虛擬化寬頻平台和先進的營運工具擴展到他們的整個業務範圍，包括部署 DOCSIS 4.0 統一 RPD。此次擴張鞏固了 Harmonic 在虛擬化寬頻領域的領先地位，以及我們為全球最大營運商擴展下一代架構的能力。

Turning to slide 5, across the industry, broadband operators are making significant investments to modernize their networks for higher speeds and to deliver better economics and improve subscriber satisfaction. Network evolution has become a strategic imperative. Elevating quality of experience, reducing churn, and lowering operating costs are no longer optional. They are core business goals.

翻到第 5 張投影片，整個產業都在進行大量投資，以實現網路現代化，從而提高速度，帶來更好的經濟效益，並提高用戶滿意度。網路演進已成為一項策略要務。提升使用者體驗品質、降低客戶流失率和降低營運成本已不再是可選項。這些是核心業務目標。

Harmonic's virtualized broadband platform, cloud services, and operational tools, together with our portfolio of compact, energy-efficient, and feature-rich DOCSIS and fiber access devices are driving this industry transformation. Our customers rely on us to simplify network modernization, accelerate deployments, and continuously optimize performance at scale. These capabilities make the business case for transformation both compelling and sustainable.

Harmonic 的虛擬化寬頻平台、雲端服務和營運工具，以及我們緊湊、節能、功能豐富的 DOCSIS 和光纖存取設備產品組合，正在推動這項產業變革。我們的客戶依靠我們來簡化網路現代化、加速部署並持續優化大規模效能。這些能力使得轉型的商業理由既令人信服又可持續。

Turning to slide 6, building on our broadband growth strategy, revenue in this segment reached $90.5 million for the quarter with gross margin of 47.3%. We now have 142 cOS deployments in production, serving over 37 million cable modems and ONUs worldwide, reflecting our unmatched scale and reliability in virtualized broadband. At this scale, the gap between Harmonic and the rest of the market has become extraordinary. Our field-proven consistency, operational depth, and nearly decade-long production maturity place our platform in a class of its own.

翻到第 6 張投影片，在我們的寬頻成長策略的基礎上，該部門本季的營收達到 9,050 萬美元，毛利率為 47.3%。目前，我們已在生產環境中部署了 142 個 cOS，為全球超過 3700 萬個有線調變解調器和 ONU 提供服務，這體現了我們在虛擬化寬頻領域無與倫比的規模和可靠性。從這個規模來看，Harmonic 與市場上其他公司之間的差距已經變得非常巨大。我們經過實地驗證的穩定性、營運深度以及近十年的生產成熟度，使我們的平台獨樹一幟。

In addition to these results, this quarter, we also achieved several important milestones with key customers that highlight our leadership in Unified DOCSIS 4.0 and fiber convergence. Together with Mediacom, the fifth largest cable operator in the US, we completed the industry's first production deployment of a Unified DOCSIS 4.0 on a live extended spectrum network. This deployment, showcased at SCTE TechExpo, demonstrated symmetric multi-gig performance and live analytics with real subscribers, a breakthrough moment for the broadband industry.

除了這些成果之外，本季我們還與主要客戶實現了幾個重要的里程碑，突顯了我們在統一 DOCSIS 4.0 和光纖融合領域的領先地位。我們與美國第五大有線電視營運商 Mediacom 一起，完成了業界首次在即時擴展頻譜網路上部署統一 DOCSIS 4.0 的生產部署。此次部署在 SCTE TechExpo 上展出，展示了對稱的多千兆性能和真實用戶的即時分析，這是寬頻行業的一個突破性時刻。

We are also powering GCI's modernization program with our cOS platform and Unified DOCSIS 4.0 nodes, enabling them to bring multi-gigabit broadband to some of the most remote regions in North America. This collaboration highlights how our technology helps operators extend the reach and longevity of existing HFC infrastructure.

我們也透過我們的 cOS 平台和統一 DOCSIS 4.0 節點為 GCI 的現代化計劃提供支持，使他們能夠為北美一些最偏遠的地區帶來多千兆寬頻。此次合作凸顯了我們的技術如何幫助營運商延長現有HFC基礎設施的覆蓋範圍和使用壽命。

Additionally, Midco, a leading operator in the Midwest, continued its rollout of virtual CMTS and DAA nodes, selecting Harmonic to upgrade its HFC network and prepare for future 4.0 upgrades. Also, among recent highlights is a multi-million-dollar RFP award from a leading operator in Europe, along with another win with an international Tier 1 operator, both partnered with Harmonic to power their next-generation broadband transformation.

此外，中西部領先的營運商 Midco 繼續推出虛擬 CMTS 和 DAA 節點，選擇 Harmonic 來升級其 HFC 網路並為未來的 4.0 升級做好準備。此外，近期亮點還包括從歐洲一家領先運營商處獲得數百萬美元的 RFP 合同，以及與一家國際一級運營商的另一項合作，這兩家運營商都與 Harmonic 合作，為其下一代寬頻轉型提供支持。

Our fiber business delivered another strong quarter, demonstrating both robust year-over-year growth and accelerating customer momentum. We continue to win new projects and follow-on orders across North America and international markets. A major highlight this quarter is our expanding collaboration with Comcast, which is deploying our fiber solution, including our virtual BNG and remote OLTs as part of its network expansion program.

我們的光纖業務又迎來了一個強勁的季度，實現了強勁的同比增長，客戶增長勢頭也日益強勁。我們不斷在北美和國際市場贏得新項目和後續訂單。本季度的一大亮點是我們與 Comcast 不斷擴大的合作，Comcast 正在部署我們的光纖解決方案，包括我們的虛擬 BNG 和遠端 OLT，作為其網路擴展計劃的一部分。

Comcast is adding roughly 1 million new fiber passing per year, leveraging our technology to deliver multi-gigabit symmetrical broadband with ultra-low latency. This expansion extends connectivity to new and remote communities and demonstrates how our solution accelerates fiber reach while simplifying operations and reducing cost. The fiber segment remains a key growth driver supported by record booking and expanding global adoption.

Comcast 每年新增約 100 萬根光纖，利用我們的技術提供多千兆對稱寬頻，實現超低延遲。此次擴建將網路連接擴展到新的和偏遠的社區，並展示了我們的解決方案如何加快光纖覆蓋範圍，同時簡化操作並降低成本。光纖領域仍然是關鍵的成長驅動力，這得益於創紀錄的訂單量和不斷擴大的全球應用。

Our Unified DOCSIS 4.0 strategy continues to gain momentum, marked this quarter by the first commercial extended spectrum rollouts. These live deployments validate the maturity of the technology and are fueling growing operator interest as the ecosystem advances through ongoing interoperability work and increasing readiness of modems and smart amplifiers. Unified RPD shipments remain strong, and our new unified RF front-end tray is on track for initial shipments late in the fourth quarter.

我們的統一 DOCSIS 4.0 策略持續發展壯大，本季以首次商用擴展頻譜部署為標誌。這些實際部署驗證了該技術的成熟度，隨著生態系統透過持續的互通性工作和調製解調器及智慧放大器的日益完善而不斷發展，這些部署也激發了營運商日益增長的興趣。統一 RPD 的出貨量依然強勁，我們新的統一 RF 前端托盤預計在第四季末開始首次出貨。

Innovation continues to be a defining strength for Harmonic. And this quarter, we expanded our capabilities of our broadband cloud platform to drive higher network intelligence and operational automation. We introduced new tools that allow operators to detect and resolve service issues in real time down to micro-outage levels, improving subscriber satisfaction and reducing churn. These capabilities leverage our advanced streaming telemetry to provide instant root cause analysis and to automate corrective actions and optimize field resources to dispatch with exceptional precision.

創新一直是 Harmonic 的核心優勢。本季度，我們擴展了寬頻雲平台的功能，以推動更高的網路智慧和營運自動化。我們引入了新的工具，使營運商能夠即時檢測和解決服務問題，甚至精確到微小的故障級別，從而提高用戶滿意度並降低用戶流失率。這些功能利用我們先進的串流遙測技術，提供即時的根本原因分析，自動執行糾正措施，並優化現場資源調度，實現極高的精確度。

At SCTE, we also unveiled Pathfinder, a patent-pending new self-healing capability within our broadband platform. Pathfinder enables the rapid mitigation of localized spectrum interference that could otherwise affect quality of experience for any group of subscribers. This functionality complements our Beacon Speed Maximizer technology, which dynamically adapts RF network configuration to maintain peak throughput even in challenging and dynamic conditions. Together, these innovations mark a new level of adaptive intelligence for Harmonic's broadband platform, reinforcing our leadership and unique differentiation.

在 SCTE 大會上，我們也推出了 Pathfinder，這是我們寬頻平台中一項正在申請專利的新型自癒功能。Pathfinder 能夠快速緩解局部頻譜幹擾，否則這些幹擾可能會影響任何使用者群體的體驗品質。此功能與我們的 Beacon Speed Maximizer 技術相輔相成，該技術可動態調整射頻網路配置，即使在具有挑戰性和動態條件下也能保持峰值吞吐量。這些創新共同標誌著 Harmonic 寬頻平台的自適應智慧達到了一個新的水平，鞏固了我們的領先地位和獨特差異化優勢。

To summarize, our Broadband business continues to perform, fueled by new deployments, expanding fiber adoption, and advances in Unified DOCSIS 4.0. Our converged DOCSIS and fiber architecture is proven at scale, enabling operators to deliver multi-gigabit services with higher quality of experience and lower total cost of ownership. Fiber continues as a high priority as we execute successfully across a growing number of deployments. It stands out as a major growth engine for Harmonic with rising customer wins, expanding use cases, and consistently increasing revenue.

總而言之，在新的部署、光纖應用範圍的擴大以及統一 DOCSIS 4.0 技術的進步的推動下，我們的寬頻業務持續保持良好表現。我們融合的 DOCSIS 和光纖架構已在規模化應用中得到驗證，使營運商能夠以更高的用戶體驗品質和更低的整體擁有成本提供多千兆服務。光纖仍然是我們的重中之重，我們在越來越多的部署專案中都取得了成功。它已成為 Harmonic 的主要成長引擎，客戶數量不斷增加，應用案例不斷擴大，收入持續成長。

Meanwhile, the successful launch of live DOCSIS 4.0 services and a maturing ecosystem are driving momentum and giving more operators the confidence to advance their own deployments. Combined with growing intelligence of our cloud-based capabilities, Harmonic is positioned as partner of choice for operators seeking to elevate broadband performance, simplify operations, and maximize value from their network investments. These dynamics give us confidence in our long-term growth trajectory as Unified DOCSIS 4.0 and fiber deployments scale through 2026 and beyond.

同時，DOCSIS 4.0 服務的成功上線和生態系統的日益成熟正在推動發展勢頭，並讓更多運營商有信心推進自身的部署。結合我們基於雲端的功能日益增強的智能，Harmonic 已成為尋求提升寬頻效能、簡化營運並最大限度提高網路投資價值的營運商的首選合作夥伴。這些動態讓我們對長期成長軌跡充滿信心，因為統一 DOCSIS 4.0 和光纖部署將在 2026 年及以後持續擴展。

Turning to slide 7, the video market continues to transform rapidly, shaped by new audience experiences and rising expectations for reliability. Broadcast-grade availability is now essential to streaming success, specifically for live sports, where even a brief disruption carries immediate business impact. The recent widespread cloud outages that took down major streaming, gaming, and messaging services worldwide was a clear reminder of how dependent the industry remains on a few cloud providers.

翻到第 7 張投影片，影片市場繼續快速轉型，受到新的觀眾體驗和對可靠性日益增長的期望的影響。廣播級可用性如今對串流媒體的成功至關重要，尤其是對於體育直播而言，即使是短暫的中斷也會立即對業務產生影響。最近全球範圍內發生的大規模雲端服務中斷事件，導致全球主要串流媒體、遊戲和即時通訊服務癱瘓，這清楚地表明，該行業仍然非常依賴少數幾家雲端服務提供商。

Our VOS streaming platform was designed from the ground up to avoid this single-point dependency. It is fully cloud agnostic, geo redundant, and capable of seamless failover across cloud providers. This architecture enables our customers to maintain continuity and deliver uninterrupted service even when a major cloud experiences downtime.

我們的 VOS 串流平台從一開始就被設計成避免這種單點依賴。它完全與雲端平台無關，具有異地冗餘功能，並且能夠在雲端供應商之間實現無縫故障轉移。即使主要雲端服務發生故障，這種架構也能使我們的客戶保持業務連續性並提供不間斷的服務。

At the same time, sports streaming is evolving rapidly with new innovation and differentiation. Leading platforms are competing to offer more immersive and personalized fan experiences. A major streaming platform is expanding its involvement in live sports through Formula 1 coverage, designed to offer a data-driven and immersive experience by integrating live race telemetry, multiple in-car camera views, and special audio to make viewers feel like they are inside the action.

同時，體育串流媒體正在快速發展，不斷湧現新的創新和差異化。各大平台競相提供更具沉浸感和個人化的粉絲體驗。一個大型串流媒體平台正在透過一級方程式賽車報道擴大其在體育直播領域的參與度，旨在透過整合即時比賽遙測數據、多個車內攝影機視角和特殊音頻，提供數據驅動的沉浸式體驗，讓觀眾感覺自己身臨其境。

Meanwhile, Peacock recently introduced Dolby Atmos to Sunday Night Football, bringing viewers closer to the action than ever before. Such experiences highlight the next frontier of sports engagement, immersive, interactive, and powered by real-time data.

與此同時，Peacock 最近在周日晚間橄欖球賽中引入了杜比全景聲，讓觀眾比以往任何時候都更近距離地感受比賽的精彩。這類體驗凸顯了體育參與的下一個前沿領域：沉浸式、互動式，並由即時數據驅動。

Our strategy aligns closely with that trend. VOS360 Media SaaS and VOS360 Ad SaaS now deliver sub-five-second synchronized low-latency streaming, multi-view experiences, AI-based highlights creation, and dynamic in-stream advertising. These capabilities position Harmonic as a critical enabler of next-generation live sports streaming services.

我們的策略與這一趨勢高度契合。VOS360 Media SaaS 和 VOS360 Ad SaaS 現在提供低於 5 秒的同步低延遲串流媒體、多視圖體驗、基於 AI 的精彩片段創建和動態流內廣告。這些能力使 Harmonic 成為下一代體育賽事直播服務的關鍵推動者。

In the third quarter, Video segment delivered $51.9 million in revenue, up sequentially and reflecting solid execution across both appliances and SaaS streaming. Our appliance business delivered solid execution through continued Tier 1 refresh programs, competitive takeouts, and primary distribution wins, while SaaS streaming once again achieved record performance with $16.1 million in quarterly revenue, driven by global live sports deployments and new Tier 1 opportunities moving into scale.

第三季度，視訊業務部門營收 5,190 萬美元，環比成長，反映出設備和 SaaS 串流媒體業務的穩健表現。我們的家電業務透過持續的一級供應商更新計畫、競爭性收購和主要分銷管道的拓展，實現了穩健的執行；同時，SaaS 串流媒體業務再次創下季度收入 1610 萬美元的紀錄，這得益於全球直播體育賽事部署和新的一級供應商機會的規模化發展。

We also expanded our ecosystem of technology partners, including AI-specific ad tech integrations with Google Ad Manager and other leading monetization platforms. These advancements, combined with our unique advertising capabilities, are driving strong momentum and wins for our VOS ad solutions and redefining how live sports is delivered, monetized, and experienced. Looking ahead, our combination of appliance strengths, accelerating SaaS growth, and differentiated multi-cloud resiliency provide a strong foundation for continued profitable expansion in 2026 and beyond.

我們也擴展了技術合作夥伴生態系統，包括將人工智慧專用廣告技術與 Google Ad Manager 和其他領先的獲利平台整合。這些進步，加上我們獨特的廣告能力，正在推動我們的 VOS 廣告解決方案取得強勁發展勢頭和成功，並重新定義現場體育賽事的交付、盈利和體驗方式。展望未來，我們憑藉設備優勢、加速成長的 SaaS 業務以及差異化的多雲彈性，為 2026 年及以後的持續獲利擴張奠定了堅實的基礎。

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 Scott mentioned earlier, our Q3 press release and earnings presentation include reconciliations of the non-GAAP financial measures to GAAP. Both of these are available on our website.

謝謝你，尼姆羅德，也謝謝各位今天蒞臨現場。在討論我們的季度業績和展望之前，我想提醒大家，我將在本次電話會議上提到的財務業績是按非GAAP準則提供的。正如 Scott 之前提到的，我們的第三季新聞稿和收益報告包含了非 GAAP 財務指標與 GAAP 的調整表。這兩款產品都可以在我們的網站上找到。

Here on slide 10 are some financial highlights for the quarter. As Nimrod mentioned, in Q3, both our Broadband and Video businesses exceeded our revenue and EBITDA expectations. On a total company basis, revenue was $142.4 million, while EPS was $0.12. The year-over-year comparison was impacted by extremely strong performance in Broadband during the third quarter of last year.

第 10 頁是本季的一些財務亮點。正如尼姆羅德所提到的，在第三季度，我們的寬頻和視訊業務的收入和 EBITDA 都超過了預期。該公司整體營收為 1.424 億美元，每股收益為 0.12 美元。由於去年第三季寬頻業務表現極為強勁，年比數據受到影響。

Free cash flow during the quarter was $21 million, and our cash balance at quarter end was $127.4 million, a year-over-year increase of $69.2 million. I'd like to point out that this substantial increase in cash is net of $65.8 million in stock repurchases that we did during the past 12 months.

本季自由現金流為 2,100 萬美元，季末現金餘額為 1.274 億美元，年增 6,920 萬美元。我想指出，現金的這一大幅增加已扣除了我們在過去 12 個月中進行的 6,580 萬美元股票回購。

Even at these recent quarterly revenue levels, we have continued to maintain profitability and free cash flow. Furthermore, given our expectations for Broadband revenue growth in 2026, we are confident in our ability to expand profit margins and future free cash flow, considering the high operating leverage we have previously demonstrated.

即使在最近幾季的收入水平下，我們仍然保持了盈利能力和自由現金流。此外，鑑於我們對 2026 年寬頻收入成長的預期，考慮到我們先前所展現的高營運槓桿，我們有信心擴大利潤率和未來的自由現金流。

Looking more closely at our businesses, third-quarter Broadband revenue and adjusted EBITDA were $90.5 million and $14.2 million, respectively. These year-over-year results were largely expected, reflecting the timing of operators shifting to DOCSIS 4.0 that we have previously discussed. Revenues for Q3 exceeded our guidance range, in part due to orders that we had expected to occur in Q4. Similar to last quarter, our Q3 rest-of-world revenue showed strong year-over-year growth as we focus on customer diversification.

更仔細地觀察我們的業務，第三季寬頻收入和調整後 EBITDA 分別為 9,050 萬美元和 1,420 萬美元。這些同比結果基本上是在意料之中，反映了營運商向 DOCSIS 4.0 過渡的時間安排，我們之前已經討論過這一點。第三季營收超出預期範圍，部分原因是原本預計在第四季才會出現的訂單。與上個季度類似，由於我們專注於客戶多元化，第三季度世界其他地區的收入實現了強勁的同比增長。

In our Video business, we continue to see strong and consistent momentum as Video revenue was $51.9 million, up 2.9% year over year, while adjusted EBITDA in this business was $7.7 million due to the increasing mix of recurring revenue and overall strong margins, coupled with our efficiency improvements. Importantly, we've continued to see strong growth in the Video SaaS part of our business as this revenue line grew 13.6% year over year to reach a record $16.1 million.

在我們的視訊業務中，我們繼續保持強勁穩定的成長勢頭，視訊收入達到 5,190 萬美元，年增 2.9%；由於經常性收入佔比不斷提高、整體利潤率強勁，以及我們效率的提升，該業務的調整後 EBITDA 達到 770 萬美元。重要的是，我們的影片 SaaS 業務部分繼續保持強勁成長，營收年增 13.6%，達到創紀錄的 1,610 萬美元。

Moving to slide 11, as we stated previously, we continue to focus on three capital allocation priorities. These include making targeted investments in our business to drive our organic growth, returning capital to our shareholders, and identifying and evaluating inorganic growth opportunities or M&A that complement and leverage our growing Broadband installed base.

翻到第 11 張投影片，正如我們之前所說，我們將繼續關註三個資本配置優先事項。這些措施包括對我們的業務進行有針對性的投資，以推動我們的內生成長，向股東返還資本，以及尋找和評估能夠補充和利用我們不斷增長的寬頻安裝基礎的非內生成長機會或併購。

Aligned with our first key priority, we expect to invest in our inventory over the next several quarters to support our expected growth in Broadband, which includes our rest-of-world customers, where we are continuing to make good progress. While our inventory was actually lower in Q3, this remains a priority as we continue to order material for next year.

與我們的首要任務一致，我們預計將在未來幾個季度投資於我們的庫存，以支持我們在寬頻業務方面的預期成長，其中包括我們在世界其他地區的客戶，我們在這方面正繼續取得良好進展。雖然第三季我們的庫存實際上有所下降，但這仍然是我們的首要任務，因為我們將繼續為明年訂購材料。

Returning capital to our shareholders is also important to us. As such, 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 $65.8 million of our common shares under this program, including repurchasing shares totaling $15.7 million in the third quarter. As we stated before, we plan to fund these purchases with expected strong free cash flow generation over the next three years.

向股東返還資本對我們來說也很重要。因此，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，該計劃授權回購高達 2 億美元的股票，是先前計劃的兩倍。今年迄今為止，我們已根據該計劃回購了價值 6,580 萬美元的普通股，其中包括第三季回購的 1,570 萬美元股份。正如我們之前所說，我們計劃利用未來三年預計強勁的自由現金流來為這些收購提供資金。

Our balance sheet remains strong with ample sources of liquidity. At the end of Q3, we had $127.4 million in cash and $82 million available under our credit facility. We believe this is more than sufficient to support our capital allocation priorities.

我們的資產負債表依然穩健，擁有充足的流動資金來源。第三季末，我們有 1.274 億美元現金，並有 8,200 萬美元的信貸額度可用。我們認為這足以支持我們的資本配置優先事項。

Additionally, I'm pleased to share that following an analysis of the recent passage of the One Big Beautiful Bill Act, as well as the impact of Section 174 R&D adjustments, we expect to realize a meaningful reduction in our cash income taxes by a cumulative total of approximately $50 million for both 2025 and 2026. This will further enhance our capital allocation plan as we consider additional investments to accelerate our growth in Broadband.

此外，我很高興地宣布，在分析了最近通過的《一項偉大的美麗法案》以及第 174 條研發調整的影響之後，我們預計 2025 年和 2026 年的現金所得稅將累計減少約 5000 萬美元。這將進一步完善我們的資本配置計劃，因為我們正在考慮追加投資以加速我們在寬頻領域的成長。

Now let's take a more detailed look at our third-quarter 2025 financial results on slide 12. As I mentioned earlier, second quarter (sic - see Press Release, "third quarter") total company revenue was $142.4 million. In the quarter, we had one customer representing greater than 10% of total revenue, which was Comcast accounting for 43% of total revenue.

現在讓我們更詳細地看一下第 12 頁幻燈片中的 2025 年第三季財務業績。正如我之前提到的，第二季（原文如此 - 請參閱新聞稿「第三季」）公司總收入為 1.424 億美元。本季度，我們有一位客戶的收入佔總收入的 10% 以上，那就是 Comcast，其收入佔總收入的 43%。

Total company Q3 gross margin was 54.4%, once again surpassing the high end of our guidance range and up 70 basis points year over year. Broadband Q3 gross margin was 47.3%, which was also above our guidance range and down year over year as anticipated, mainly due to tariff costs and mix. Video gross margin in Q3 was 66.7%, reflecting continued revenue strength from larger appliance deals, SaaS expansion, and our cost-optimization efforts.

該公司第三季毛利率為 54.4%，再次超過我們預期範圍的上限，年增 70 個基點。寬頻業務第三季毛利率為 47.3%，高於我們的預期範圍，但年減，如預期，主要原因是資費成本和產品組合。第三季視訊業務毛利率為 66.7%，反映出大型家電交易、SaaS 業務擴張以及成本優化工作帶來的持續強勁收入。

Moving down the income statement on slide 13, Q3 total company operating expenses were $58.4 million, down 3.5% year over year as a result of our prior restructuring initiatives in Video and additional cost actions. We expect OpEx to increase in Q4 due to seasonality. Our profitability metrics exceeded our guidance range as third-quarter 2025 Broadband EBITDA was $14.2 million and Video EBITDA was $7.7 million. Total company EPS was $0.12.

在第 13 頁的損益表中，第三季公司總營運費用為 5,840 萬美元，年減 3.5%，這是由於我們先前在視訊領域採取的重組措施和額外的成本控制措施所致。我們預計第四季度營運支出將因季節性因素而增加。我們的獲利指標超出了預期範圍，2025 年第三季寬頻 EBITDA 為 1,420 萬美元，影片 EBITDA 為 770 萬美元。該公司每股收益為 0.12 美元。

Q3 bookings were $133.3 million. The book-to-bill ratio for the quarter was 0.9 compared to 1.1 in Q2 '25 and 0.9 in Q3 '24. Broadband book-to-bill was above 1. Over time, we expect our book-to-bill ratio to normalize with some possible quarterly fluctuations and approach the historical benchmark of greater than 1, especially as we see growth in Broadband due to Unified DOCSIS 4.0 and other customer ramps accelerate.

第三季預訂金額為1.333億美元。本季訂單出貨比為 0.9，而 2025 年第二季為 1.1，2024 年第三季為 0.9。寬頻訂單結算比高於 1。隨著時間的推移，我們預計我們的訂單出貨比將趨於正常化，可能會出現一些季度波動，並接近大於 1 的歷史基準，尤其是在統一 DOCSIS 4.0 帶來的寬頻成長和其他客戶成長加速的情況下。

Turning to the balance sheet on slide 14, as I've noted earlier, we ended Q3 with cash and cash equivalents of $127.4 million. The sequential change in cash was mainly attributable to positive free cash flow in the quarter, offset by share repurchases. Days sales outstanding at the end of Q3 was 66 compared to 79 in Q2 '25 and 80 in Q3 '24.

翻到第 14 頁的資產負債表，正如我之前提到的，我們在第三季末持有現金及現金等價物 1.274 億美元。現金環比變動主要歸因於本季正的自由現金流，但被股票回購所抵銷。第三季末的應收帳款週轉天數為 66 天，而 2025 年第二季為 79 天，2024 年第三季為 80 天。

The sequential decrease was due to a larger number of shipments that took place earlier in the quarter, allowing for collections to occur in the quarter. We expect DSO to return to our typical levels. Inventory decreased $2.5 million in the quarter, and our days inventory on hand fell to 95 from 101 days last quarter. At the end of Q3, total backlog and deferred revenue was $494.5 million. Around 63% of our backlog and deferred revenue have customer request dates for shipments of products and for providing services within the next 12 months.

環比下降是由於本季早些時候發貨量較大，使得本季能夠進行收款。我們預計DSO將恢復到正常水準。本季庫存減少了 250 萬美元，庫存週轉天數從上季的 101 天降至 95 天。第三季末，積壓訂單和遞延收入總額為 4.945 億美元。我們約 63% 的積壓訂單和遞延收入都有客戶要求在未來 12 個月內出貨和提供服務的日期。

Turning to guidance, we continue to anticipate a moderate pace of Broadband upgrade activity in the short term. However, we continue to see positive tailwinds for 2026 as Unified 4.0 technology progresses and customer ramp readiness improves. We expect these positive developments to support increasing revenue growth in Broadband during the course of 2026.

展望未來，我們繼續預期短期內寬頻升級活動將保持適度步伐。然而，隨著統一通訊 4.0 技術的進步和客戶適應能力的提高，我們預計 2026 年仍將迎來積極的發展趨勢。我們預計這些積極的發展將支持寬頻業務在 2026 年實現更高的收入成長。

Now let's review our non-GAAP guidance for Q4 2025, beginning on slide 15. Given the timing of the DOCSIS 4.0 transition and macroeconomic conditions, similar to last quarter, we're taking a prudent approach to our Q4 guidance. For Q4, we expect Broadband to deliver revenue between $85 million to $95 million, gross margins between 48% to 50% due to product mix, and adjusted EBITDA between $10 million to $16 million. This Broadband guidance includes an estimated tariff impact of less than $1 million in the Q4 margins, similar to what we saw in Q3 based on the current announced tariff rates and exemptions.

現在讓我們回顧一下我們對 2025 年第四季的非 GAAP 指引，從第 15 頁開始。鑑於 DOCSIS 4.0 過渡的時間和宏觀經濟狀況，與上個季度類似，我們對第四季度業績指引採取了謹慎的態度。我們預計第四季寬頻業務收入將在 8,500 萬美元至 9,500 萬美元之間，毛利率在 48% 至 50% 之間（受產品組合影響），調整後 EBITDA 將在 1,000 萬美元至 1,600 萬美元之間。根據目前公佈的資費標準和豁免情況，寬頻業務的預期影響在第四季度利潤率中將減少不到 100 萬美元，與我們在第三季度看到的情況類似。

For our Video segment in Q4, we expect revenue in the range of $48 million to $52 million, gross margin in the range of 66% to 67%, and adjusted EBITDA to range from $3 million to $6 million. On this slide, we have also provided total company guidance for Q4. In the interest of time, I will let you read through the details. Please also note that our non-GAAP tax rate remains at 21%. I would like to highlight that total company EPS for the fourth quarter is expected to be in the range of $0.06 to $0.12.

對於我們第四季的視訊業務，我們預計營收在 4,800 萬美元至 5,200 萬美元之間，毛利率在 66% 至 67% 之間，調整後的 EBITDA 在 300 萬美元至 600 萬美元之間。本頁也提供了公司對第四季的整體業績預期。為了節省時間，細節部分就留給您自行閱讀。另請注意，我們的非GAAP稅率仍為21%。我想強調的是，預計該公司第四季每股收益將在 0.06 美元至 0.12 美元之間。

In closing, we executed a very successful quarter with sequential momentum and results that exceeded our expectations across both businesses. As we finish 2025, we are starting to see the effects of DOCSIS 4.0 transition timing become the tailwinds we anticipate will drive our Broadband growth in 2026 with increasing strength as the year progresses and operator ramp ups accelerate.

總而言之，我們本季取得了非常成功的業績，兩大業務板塊均保持了連續成長勢頭，業績超出了預期。隨著 2025 年的結束，我們開始看到 DOCSIS 4.0 過渡時間的影響成為我們預期將在 2026 年推動寬頻成長的順風，隨著時間的推移和營運商加速擴張，這種順風的力度會越來越大。

Based on all of this, we expect modest sequential Broadband revenue growth in Q1 2026 versus Q4 2025 guidance, again, with momentum building as we move throughout 2026. This growth, combined with our substantial operating leverage and the cash tax benefits I mentioned earlier, leave us well positioned for not only stronger revenue growth but also increased profitability and free cash flow as we move into next year and beyond.

基於以上所有因素，我們預計 2026 年第一季寬頻營收將比 2025 年第四季的預期略有成長，但隨著 2026 年的推進，成長動能將逐漸增強。這一增長，加上我們強大的經營槓桿和前面提到的現金稅收優惠，使我們不僅能夠實現更強勁的收入增長，而且在明年及以後還能提高盈利能力和自由現金流。

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

感謝大家今天的關注。現在我將把發言權交還給尼姆羅德，請他作最後總結發言，之後我們將開始接受提問。

Thanks, Walter. For the third quarter, we generated strong results that were once again above the high end of the guidance, driven by our progress in cOS deployments, Unified 4.0, fiber, and video appliances and SaaS streaming. Looking ahead, we remain confident that 2026 will mark a return to growth, supported by expanding Unified 4.0 adoption, continued fiber expansion, and growing impact of our intelligent cloud services.

謝謝你，沃特。第三季度，我們取得了強勁的業績，再次超過了預期的上限，這主要得益於我們在 cOS 部署、統一通訊 4.0、光纖、視訊設備和 SaaS 串流媒體方面的進展。展望未來，我們仍然相信，在統一通訊 4.0 的普及、光纖網路的持續擴張以及我們智慧雲端服務日益增長的影響力的支持下，2026 年將標誌著成長的回歸。

That concludes our prepared remarks. Walter and I are now happy to take your questions.

我們的發言稿到此結束。沃特和我現在很樂意回答你們的問題。

(Operator Instructions) Simon Leopold, Raymond James.

（操作說明）西蒙·利奧波德，雷蒙德·詹姆斯。

Thanks for taking the question. So it looks like your top customers, continuing to be on an improving trend through this year. Just wondering how you're thinking about that long term. In other words, should we expect that you're on a path now to getting back to levels you've had historically? Or would you consider the current level somewhat normalized? And just wondering, you haven't had that second 10% customer in a bit. We think that that customer has been absorbing inventory. Just sort of what's your expectation for when you get a second 10% customer? Thank you.

感謝您回答這個問題。看來貴公司的主要客戶群今年持續保持成長動能。只是想知道你對長遠打算是怎麼想的。換句話說，我們是否可以期待你現在正走在恢復到以往水準的道路上？或者您認為目前的水平已經基本正常化了？我只是好奇，你們好久沒遇到第二個10%的客戶了。我們認為該客戶一直在消化庫存。那麼，當你獲得第二個10%佣金的客戶時，你有什麼預期呢？謝謝。

Hi, Simon. It's Walter. So to address both of those questions, first of all, we're not going to specifically guide any one of our large customers here in terms of when they're going to be 10% or not. I think you can look at the history of that customer in terms of being a 10% customer in past quarters, and we expect that customer to return to that level at some point in time.

你好，西蒙。是沃特。所以為了回答這兩個問題，首先，我們不會具體指導我們的任何大客戶何時能達到或達不到 10% 的水平。我認為可以回顧這位客戶的歷史，他在過去幾個季度一直是我們10%的客戶，我們預計這位客戶在某個時候會恢復到那個水平。

With regards to how we think about our top customers, obviously, we are planning in tandem our view of our top customers as well as the rest-of-world customers as we look at the Broadband picture for 2026 and beyond.

至於我們如何看待我們的頂級客戶，顯然，在展望 2026 年及以後的寬頻發展前景時，我們會將我們對頂級客戶的看法與對世界其他地區客戶的看法結合起來進行規劃。

Today, we shared in our prepared remarks commentary around how we see Q1 of '26 unfolding based on the visibility we have today as well as our expectations that the momentum will pick up as the year goes on in terms of the growth. We're just today starting to get some visibility around customers' plans for next year, and that will be fine-tuned over the coming months as it typically does as we enter into the new year.

今天，我們在事先準備好的發言稿中分享了我們對 2026 年第一季度發展情況的看法，這些看法基於我們目前所掌握的信息，以及我們對隨著今年增長勢頭將逐漸增強的預期。我們今天才開始對客戶明年的計劃有了一些了解，接下來的幾個月裡，我們會像往常進入新年時那樣，對這些計劃進行微調。

Thank you.

謝謝。

Ryan Koontz, Needham & Co.

Ryan Koontz，Needham & Co.

Hi. This is Matt on for Ryan. Thanks for the question. Your fourth-quarter guidance implies a change to normal seasonality, which, if you look historically, is usually up strong sequentially. How should we think about that change this year? And then going forward, should we expect a return to normal seasonality? Thanks.

你好。這裡是馬特替瑞恩報道。謝謝你的提問。你們對第四季的預測意味著季節性規律發生了變化，而從歷史數據來看，季節性規律通常會比上季強勁成長。今年我們該如何看待這種改變？那麼展望未來，我們是否應該預期季節性規律恢復正常？謝謝。

Hey, Matt. It's Walter here. So with regards to our Q4 guidance, I think all year, we have been communicating the headwinds impacting us in terms of getting ready for the DOCSIS 4.0 transition, the Unified 4.0 platform specifically. And so I think with this year, specifically, we're looking at getting ready for that transition as we move into 2026. So that's why we're guiding what we're guiding for Q4 based on where we see things today in terms of that transition.

嘿，馬特。我是沃特。所以關於我們第四季的業績指引，我認為我們全年都在溝通影響我們為 DOCSIS 4.0 過渡（特別是 Unified 4.0 平台）做準備的不利因素。所以我認為，今年，特別是對我們而言，我們正在為邁向 2026 年的過渡做好準備。所以，這就是我們根據目前對轉型情勢的觀察來製定第四季度指導方針的原因。

But as Nimrod mentioned in the prepared remarks, we're seeing everything on track in terms of progress across the piece in terms of customers getting ready for deployment of Unified 4.0. Nimrod mentioned Mediacom in his opening remarks as a great example of that. As we look at customers getting ready for that transition, that's why we continue to point to 2026 in terms of growth and accelerating growth through that year.

但正如尼姆羅德在準備好的演講稿中提到的那樣，就客戶為部署統一通訊4.0所做的準備而言，我們看到一切都在按計劃進行。尼姆羅德在開場白中以Mediacom為例，說明了這一點。鑑於客戶正在為這項轉型做好準備，因此我們繼續將成長目標鎖定在 2026 年，並預計在這一年將加速成長。

And we also mentioned that the specific unified RF tray would only become available late in the fourth quarter. So that by itself is also a factor for Q4.

我們也提到，特定的統一射頻托盤要到第四季末才能上市。所以這本身也是影響第四季的因素之一。

Great. And as a follow up, earlier in the call, you had highlighted the strong growth coming out of your rest-of-world segment. Could you just share what the current market drivers are there for that strength? And how we should think about that opportunity for more customer diversification going forward? Thanks.

偉大的。作為後續，在先前的通話中，您曾重點提到貴公司在世界其他地區的強勁成長。您能否分享一下目前推動市場強勁成長的因素是什麼？那麼，我們該如何看待未來客戶群更加多元化帶來的機會呢？謝謝。

Yes, so over time, we expect most of the global market of DOCSIS to make the transition from legacy into the virtualized platform for a long list of reasons. But I think, as I highlighted, the imperatives for the network evolution for them, increasing speed was historically the driver for that, but it's no longer the main driver. They have to do whatever they can to improve customer experience and satisfaction, and as a result of that, to drive improvement of churn and reducing the operating cost. And the new platform with all the tools that we provide is enabling that.

是的，因此隨著時間的推移，我們預計全球 DOCSIS 市場的大部分將出於許多原因從傳統平台過渡到虛擬化平台。但我認為，正如我所強調的那樣，對於他們來說，網路演進的必要性在於提高速度，而速度的提昇在歷史上一直是推動網路演進的主要動力，但現在速度已不再是主要動力。他們必須盡一切努力改善客戶體驗和滿意度，從而降低客戶流失率和營運成本。而我們提供的所有工具所構成的新平台正在實現這一點。

So that's what we see globally, and we shared today a fairly long list of recent wins. And specifically, as it relates to DOCSIS 4.0 with the success and I think the Mediacom specifically, kind of their launch of the service, gave a lot of confidence to the rest of the market. So we clearly see that. And I also recognize the progress that we are seeing in the kind of maturity of the ecosystem, interoperability that is taking place by CableLabs, modems availability, smart amplifiers. So it's all coming together, and that's what's kind of driving our confidence.

這就是我們在全球範圍內看到的，今天我們分享了一份相當長的近期勝利清單。具體來說，就 DOCSIS 4.0 而言，我認為 Mediacom 的成功推出，尤其是他們推出的這項服務，為市場上的其他公司帶來了極大的信心。這一點我們很清楚地看到了。我也看到了我們在生態系統成熟度、CableLabs 實現的互通性、調製解調器的可用性以及智慧放大器等方面取得的進展。所以一切都朝著好的方向發展，這正是我們信心的來源。

(Operator Instructions) Steve Frankel, Rosenblatt Securities.

（操作說明）史蒂夫·弗蘭克爾，羅森布拉特證券。

Good afternoon. I'm wondering if you might quantify a couple of things for me. The extent of that pull-in in the Broadband business that you mentioned, how material was that in pulling revenue, which you anticipated in Q4 into Q3? And then I have a Video question for you when you're finished with that.

午安.我想請您幫我量化幾個面向。您提到的寬頻業務的拉動程度，對您預計在第四季度實現的收入拉動到第三季度有多大影響？等你做完這些之後，我還有一個影片問題想問你。

Yes, Steve, it's Walter. It was a few million dollars.

是的，史蒂夫，我是沃特。那是幾百萬美元。

Okay. And then maybe a ballpark on or some description of the Akamai impact on the Video business that you mentioned in the slides, either in terms of revenue or new customer acquisition. How should we think about the leverage from that partnership?

好的。然後，或許可以大致估算一下你在投影片中提到的 Akamai 對影片業務的影響，或是做一些描述，無論是從收入還是新客戶獲取方面來看。我們該如何看待這種合作關係帶來的優勢？

Sure, Steve. I'll kick it off. With regards to Akamai, we've started onboarding customers onto the platform. And when you look at our sequential growth in Video in terms of Video SaaS from Q2 to Q3, a large part of that was a result of getting started with the onboarding with Akamai. Now that's going to continue in terms of several months to onboard additional customers onto the platform, and we see that as a big factor of growth as we move forward. And as we look at FY26 and bring those customers on and get them to full run rate, it will be part of the -- big part of the growth story in SaaS next year.

當然可以，史蒂夫。我先來。關於 Akamai，我們已經開始讓客戶加入這個平台。從第二季度到第三季度，我們在影片 SaaS 領域的連續成長很大程度上歸功於我們開始與 Akamai 合作。接下來幾個月，我們將持續推進平台用戶成長，我們認為這將是我們未來發展的重要因素。展望 2026 財年，我們將吸引這些客戶並使其達到滿載運轉，這將成為明年 SaaS 成長故事的重要組成部分。

The other thing is that, Steve, just on Akamai, we are transitioning the media services, which is kind of the first layer, if you will. And some of these customers are then taking our additional services that we provide with VOS on livestreaming and ad. So we see incremental revenues, and some of that was already reflected in the third quarter.

另外，史蒂夫，就 Akamai 而言，我們正在過渡媒體服務，這可以說是第一層。其中一些客戶隨後又使用了我們透過 VOS 提供的直播和廣告等附加服務。因此我們看到收入有所增長，其中一部分已經反映在第三季度。

Okay. But it will continue to build as we get into 2026 is what I'm hearing you say. You're not fully transitioned until some point in '26.

好的。但我聽你的意思是，到了 2026 年，這種情況還會繼續發展。直到 2026 年的某個時候，你才算完全過渡完成。

That's correct.

沒錯。

And then if I sneak one last one in, this Spectrum announcement today, that's saying there was a portion of their network originally they thought was going to stay 3.1. Now it's going to look like the 85% that you were focused on before, correct?

最後，我再補充一點，Spectrum今天宣布，他們原本計劃保留3.1版本的網路的一部分，現在看來會像你之前關注的85%那樣，對吧？

I think you should relate to what they publicly announced. If I'm not mistaken, they always talked about a 4.0 phase in their network evolution. I guess the news from our point of view is that both the virtual CMTS -- well, the virtual CMTS obviously supports 4.0 and future evolution of DOCSIS. There was a discussion around that during the recent SCTE TechExpo about going beyond 1.8 gigahertz. So future potential evolution of that will be covered as well as our participation in the Unified DOCSIS 4.0.

我認為你應該相信他們公開宣布的內容。如果我沒記錯的話，他們總是談到網路演進的 4.0 階段。從我們的角度來看，我認為新聞是虛擬 CMTS——顯然，虛擬 CMTS 支援 DOCSIS 4.0 及未來的發展。在最近的 SCTE 技術博覽會上，曾就 1.8 吉赫茲以上的技術發展問題進行討論。因此，未來可能的發展方向以及我們參與統一 DOCSIS 4.0 的情況也將納入討論範圍。

Great. Thank you.

偉大的。謝謝。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

Hi, guys. This is Taran on for George. I just wanted to get a better idea of the sizing or potential opportunity of this fiber-to-the-home opportunity, the announcement you guys made with Comcast. I would love any more detail there and how you guys think about that going forward.

嗨，大家好。這是塔蘭替喬治解說。我只是想更了解你們與康卡斯特聯合宣布的「光纖到戶」計畫的規模或潛在機會。我很想了解更多細節，以及你們接下來對此有何打算。

Yes, so I guess what we shared is the announcement we made around the SCTE, which we enable Comcast to do that on the remote OLT and software components like the virtual BNG and that Comcast is doing about 1 million new homes a year. We did not provide any financial details, unit count, or anything like that. But 1 million new homes is quite sizable in terms of what they do, and we power them to enable that.

是的，所以我想我們分享的是我們圍繞 SCTE 發布的公告，我們使 Comcast 能夠在遠端 OLT 和軟體組件（如虛擬 BNG）上實現這一點，並且 Comcast 每年大約為 100 萬個新家庭提供服務。我們沒有提供任何財務細節、單位數量或類似資訊。但就他們的工作而言，100 萬套新房子是一個相當大的數字，而我們為他們提供動力來實現這一目標。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call back over to management for any closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我想把電話轉回給管理階層，請他們作總結發言。

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.

我們感謝您一直以來對 Harmonic 的關注，並期待在未來向您報告我們的最新進展。感謝各位參與通話。祝你有美好的一天。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線了。