Harmonic Inc (HLIT) 2025 Q3 法說會逐字稿

Welcome to the third-quarter, '25 Harmonic Earnings Conference call. My name is Sherie and I'll be your operator for today's call. At this time, all participants are on a listen-only mode. After the speaker presentation, there will be a question-and-answer session. (Operator Instructions).

歡迎參加 2025 年第三季 Harmonic 財報電話會議。我叫謝麗，今天由我來為您接聽電話。目前，所有參與者均處於唯讀模式。演講結束後，將進行問答環節。（操作說明）

Please note that this conference is being recorded. I will now turn the call over to Scott Eckstein, Investor Relations. You may begin, Scott.

請注意，本次會議正在錄影。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 '25 Financial Results Conference Call. With me today are Nimrod Ben-Natan, President and CEO, and Walter Jankovic, Chief Financial Officer.

謝謝接線生。大家好，感謝各位今天參加 Harmonic 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。

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 investor relations website.

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 the 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 in actual events or results may differ materially. We refer you to documents harmonic files at the SEC, including our most recent 10Q and 10K reports, and the forward-looking statement section of today's preliminary results press release.

現在翻到第二張投影片，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。此類陳述僅為當前預期，實際情況或結果可能存在重大差異。請您參閱美國證券交易委員會 (SEC) 的相關文件，包括我們最新的 10Q 和 10K 報告，以及今天發布的初步業績新聞稿中的前瞻性聲明部分。

These documents identify important risk factors which can cause actual results of different materially from those contained in our projections of 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. These metrics, together with corresponding GAAP numbers and a reconciliation GAAP, are contained in today's press release, which we have posted on our website and filed with the SEC on Form 8K. 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.

這些文件列出了可能導致實際結果與前瞻性聲明中所包含的預測結果有重大差異的重要風險因素。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，連同相應的 GAAP 數據和 GAAP 調節表，都包含在我們今天發布的新聞稿中，該新聞稿已發佈在我們的網站上，並以 8K 表格的形式提交給了美國證券交易委員會。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 '25 Earnings Call.

謝謝斯科特，歡迎大家參加我們2025年第三季財報電話會議。

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.

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。

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 start screaming.

營收達到 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，還有兩款設備視頻業務的持續強勁表現，並開始尖叫。

In addition to these operational achievements, we return capital to shareholders by repurchasing an additional $16 million of our outstanding common shares, bringing total repurchases under the current program to $66.1million. 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.

除了上述營運成果外，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資本，使目前計畫下的回購總額達到 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穩定，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 Advance Operational tools across their entire footprint, including the deployment of DOCSIS 4.0 Unified RPDs. This expansion reinforces Harmonic 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 虛擬化寬頻平台和高級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 virtual 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.

Harmonic 的虛擬寬頻平台、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。

Our customers rely on us to simplify network modernization, accelerate deployments, and continuously optimize performance at scale.

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。

These capabilities make the business case for transformation both compelling and sustainable.

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 ONU worldwide, reflecting our unmatched scale and reliability in virtualized broadband. At this scale, the GAAP between harmonic and the rest of the market has become extraordinary.

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，我們已在全球生產環境中部署了 142 個 cOS，為價值超過 3700 萬美元的有線調變解調器和 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，諧波與市場其他部分之間的 GAAP 差異已經變得非常顯著。

Our field-proven consistency, operational depth, and nearly decade-long production maturity place our platform in a class of its own.

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.

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。

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 Tech expo, demonstrated symmetric multi-gig performance and live analytics with real subscribers, a breakthrough moment for the broadband industry.

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 技術博覽會上展出，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.

我們也為GCI的現代化專案提供技術支援。

With our cOS platform and Unified access 4.0 nodes, enabling them to bring multi-giga bit 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.

透過我們的 cOS 平台和統一存取 4.0 節點，他們能夠為北美一些最偏遠的地區帶來多千兆位元寬頻。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.

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。

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 one operator. Both partnered with Harmonic to power their next generation broadband transformation.

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。雙方都與 Harmonic 合作，以推動其下一代寬頻轉型。

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。我們不斷贏得北美和國際市場的新項目和後續訂單。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-giga bit symmetrical broadband with ultra-low latency.

康卡斯特每年新增約 100 萬條光纖線路，利用我們的技術提供多千兆位元對稱寬頻，並具有超低延遲。

This expansion extends connectivity to new and remote communities and demonstrates how our solution accelerates Fiber reach while simplifying operation and reducing cost. The Fiber segment remains a key growth driver supported by record booking and expanding global adoption.

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。光纖業務板塊依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 and of the technology and are fuelling growing operator interest as the ecosystem advances through ongoing interoperability work and increasing readiness of modems and smart amplifiers.

我們的統一 DOCSIS 4.0 策略持續發展，本季以首次商用擴展頻譜的推出為標誌。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日益完善的發展，也激發了營運商日益增長的興趣。

Unified RPD shipments remain strong, and our new unified out of front-end tray is on track for initial shipments late in the fourth-quarter.

統一 RPD 出貨量依然強勁，我們新的統一前端托盤出貨計畫在第四季末按計畫進行。

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.

創新一直是 Harmonic 的核心優勢，本季我們擴展了寬頻雲端平台的功能，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。

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.

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.

在 SCTE 大會上，我們也推出了 Pathfinder，這是我們寬頻平台內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。

This functionality complements our beacon speed maximizer technology which dynamically adapts RF network configuration to maintain peak throughput, even in challenging and dynamic conditions.

此功能與我們的信標速度最大化技術相輔相成，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。

Together, these innovations mark a new level of adaptive intelligence for Harmonics Broadband Platform, reinforcing our leadership and unique differentiation.

這些創新共同標誌著 Harmonics 寬頻平台自適應智慧的新水平，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, fuelled by new deployments, expanding Fiber adoption and advances in Unified DOCSIS 4.0.

總而言之，在新的部署、光纖普及和統一 DOCSIS 4.0 技術的進步推動下，我們的寬頻業務持續發展。

Our converged axis 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.

我們融合的軸線和光纖架構已在規模上得到驗證，使營運商能夠以更高的體驗品質和更低的整體擁有成本提供多千兆位元服務。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 [Lidoes] for all 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 position as partner of choice for operators seeking to elevate broadband performance, simplify operations, and maximize value from their network investments.

同時，[Lidoes] 在所有服務中的成功推出以及日益成熟的生態系統正在推動發展勢頭，並讓更多運營商有信心推進自身的部署。加之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、簡化營運並最大化網路投資價值的營運商的首選合作夥伴。

These dynamics give us confidence, In our long-term growth trajectory as Unified DOCSIS 4.0 and Fiber deployments scale through '26 and beyond.

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.

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。

Broadcast grade availability is now essential to streaming success, specifically for live sports, where even a brief disruption carries immediate business impact.

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。

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. 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.

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。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.

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。一家主流串流媒體平台。

He's expanding its involvement in live sports through Formula One coverage designed to offer a data-driven and immersive experience by integrating live rays' telemetry, multiple in-car camera views, and spatial audio to make viewers feel like they are inside the action.

他正透過一級方程式賽車報道擴大其在現場體育賽事中的參與度，旨在透過整合即時光線遙測、多個車內攝影機視角和空間音頻，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. Our strategy aligns closely with that trend. VOS360 Media SaaS and VOS360 Ad SaaS now deliver Sub five seconds synchronized low latency streaming, multi-view experiences, AI-based highlights creation, and dynamic in-stream advertising.

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。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。

These capabilities position harmonic as a critical enabler of next generation live sports streaming services.

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, subsequentially and reflecting solid execution across both appliances and soft streaming.

第三季度，視訊業務收入為 5,190 萬美元，與上一季相比，在設備端和軟串流媒體方面均實現了穩健成長。

Our appliance business delivered solid execution through continued Tier one 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 one opportunities moving into scale.

我們的家電業務透過持續的一級產品更新計畫、競爭性收購和主要分銷管道的拓展，實現了穩健的執行。SaaS 串流媒體再次創下季度收入 1,610 萬美元的紀錄，這主要得益於全球體育賽事直播部署和新的頂級賽事機會的規模化發展。

We also expanded our ecosystem of technology partners including AI specific ed-tech.

我們也擴大了技術合作夥伴生態系統，其中包括專門針對人工智慧的教育科技公司。

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.

與 Google Ad Manager 和其他主流獲利平台整合。這些進步，再加上我們獨特的廣告能力，正在為我們的 VOS 廣告解決方案帶來強勁的發展勢頭和成功，並重新定義了現場體育賽事的交付、盈利和體驗方式。

Looking ahead, our combination of appliance, strengths, accelerating SaaS growth, and differentiated multi-cloud resiliency provide a strong foundation for continued profitable expansion in '26 and beyond.

展望未來，我們的設備組合、優勢、加速成長的 SaaS 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 EBITA expectations. On a total company basis, revenue was $142.4 million, while EPS was $0.12.

第 10 頁是本季的一些財務亮點。正如 Nimrod 在第三季所提到的，我們的寬頻和視訊業務的收入和 EBITA 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。

The year-over-year comparison was impacted by extremely strong performance and broadband during the third-quarter of last year. Free cash flow during the quarter was $21 million, and our cash balance at quarter end was $127.4 million.

去年第三季強勁的業績和寬頻發展對年比數據造成了影響。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。

An in year-over-year increase of $69.2 million.

與上年同期相比成長了6,920萬美元。

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.

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 '26, 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經營槓桿，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.

更仔細地觀察我們的業務，第三季寬頻收入和調整後的 EBITDA 分別為 9,050 萬美元和 1,420 萬美元。

These year-over-year results were largely expected, reflecting the timing of operators shifting to DOCSIS 4.0 that we have previously discussed.

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。

Revenues for Q3 exceeded our guidance range, in part due to orders that we had expected to occur in Q4.

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。

Similar to last quarter, our Q3 rest of world revenue showed strong year-over-year growth as we focus on customer diversification.

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.

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效率提升，該業務的調整後 EBITDA 達到 770 萬美元。

Importantly, we've continued to see strong growth in the videos as part of our business as this revenue line grew 13.6% year-over-year to reach a record $16.1 million.

重要的是，作為我們業務的一部分，視訊業務持續強勁成長，該收入年增 13.6%，達到創紀錄的 1,610 萬美元。

Moving to slide 11.

切換到第11張投影片。

As we stated previously, we continue to focus on 3 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.

正如我們之前所述，我們將繼續專注於 3 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，以支持我們寬頻業務的預期成長，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.

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。

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.

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。

As we stated before, we plan to fund these purchases with expected strong free cash flow generation over the next 3 years.

正如我們之前所說，我們計劃利用未來 3 年預計強勁的自由現金流來為這些收購提供資金。

Our balance sheet remained 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 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 '25 and '26.

此外，我很高興地宣布，經過對近期通過的《一項偉大的美麗法案》以及第 174 條研發調整的影響進行分析後，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。

This will further enhance our capital allocation plan as we consider additional investments to accelerate our growth in broadband.

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 '25 financial results and slide 12.

現在讓我們更詳細地看一下我們 2025 年第三季的財務業績和第 12 張投影片。

As I mentioned earlier, second-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.

正如我之前提到的，該公司第二季總收入為 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.

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。

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.

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。

Video gross margin in Q3 was 66.7%, reflecting continued revenue strength from larger appliance deals, SaaS expansion, and our cost optimization efforts.

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.

繼續查看第 13 頁的損益表。

Q3 total company operating expenses were $58.4 million, down 3.5% year-over-year as a result of our prior restructuring initiatives and video and additional cost actions. We expect OPEX to increase in Q4 due to seasonality.

第三季公司總營運支出為 5,840 萬美元，年減 3.5%，這得益於我們先前的重組計劃、視訊製作以及其他成本控制措施。我們預計第四季度營運支出將因季節性因素而增加。

Our profitability metrics exceeded our guidance range as third-quarter '25 broadband EBITA was $14.2 million and video EBITA was $7.7 million. Total company EPS was $0.12.

我們的獲利指標超出了預期範圍，2025 年第三季寬頻 EBITA 為 1,420 萬美元，影片 EBITA 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 build 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.

第三季預訂金額為1.333億美元。本季的訂單量與訂單量之比為 0.9，而 2025 年第二季為 1.1，2024 年第三季為 0.9。寬頻帳期間與帳單金額之比超過 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 one, especially as we see growth in broadband due to Unified DOCSIS Ford Auto and other customer ramps accelerate.

隨著時間的推移，我們預計我們的訂單出貨比率將趨於正常，可能會有一些季度波動，並接近大於 1 的歷史基準，尤其是在我們看到由於統一 DOCSIS 福特汽車和其他客戶加速增加而導致寬頻增長的情況下。

Turning to the balance sheet on slide 14, as I've noted earlier, we ended Q3 with cash in 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.

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。

Day sales outstanding at the end of Q3 was 66 compared to 79 in Q2 25 and 80 in Q3 24. 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.

第三季末的應收帳款天數為 66 天，而第二季為 79 天，第三季為 80 天。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。

Inventory decreased $2.5 million in the quarter, and our day's inventory on hand fell to 95% from 101 days last quarter.

本季庫存減少了 250 萬美元，庫存週轉天數從上季的 101 天下降到 95%。

At the end of Q3, total backlog and deferred revenue was $494.5 million.

第三季末，積壓訂單和遞延收入總額為 4.945 億美元。

Around 63% of our backlogged and deferred revenue have customer request dates for shipments of products and for providing services within the next 12 months.

我們約 63% 的積壓和延期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 '26 as Unified Ford Auto technology progresses, and customer ramp readiness improves. We expect these positive developments to support increasing revenue growth and broadband during the course of '26.

展望未來，我們持續預期短期內寬頻升級活動將維持適度速度。然而，隨著福特汽車統一技術的進步和客戶產能提升，我們繼續看到 2026 年的積極發展趨勢。我們預計這些積極的發展將在 2026 年期間支持收入成長和寬頻發展。

Now let's review our non-GAAP guidance for Q4 '25 beginning on slide 15.

現在讓我們從第 15 頁開始回顧 2025 年第四季的非 GAAP 指引。

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.

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。

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 $10million to $16 million.

我們預計第四季寬頻業務的營收將在 8,500 萬美元至 9,500 萬美元之間。由於產品組合的原因，毛利率在 48% 至 50% 之間，調整後的 EBITDA 在 1,000 萬美元至 1,600 萬美元之間。

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.

根據目前公佈的資費標準和豁免情況，該寬頻業務指引估計，第四季利潤率的關稅影響將低於 100 萬美元，與第三季的情況類似。

For a 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%.

對於第四季的視訊業務，我們預計收入在 4,800 萬美元至 5,200 萬美元之間，毛利率在 66% 至 67% 之間。

And adjusted EBITDA to range from $3 million to $6 million.

調整後 EBITDA 預計在 300 萬美元至 600 萬美元之間。

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%.

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%。

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.

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.

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。

As we finish '25, we are starting to see the effects of DOCSIS 4.0 transition timing become the tailwinds we anticipate will drive our broadband growth in '26 with increasing strength as the year progresses and operator ramp ups accelerate.

2025 年即將結束，我們開始看到 DOCSIS 4.0 過渡時間的影響正在成為我們預期將在 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 '26 versus Q4 '25 guidance again with momentum building as we move throughout '26. 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略有環比成長，與 2025 年第四季的預期相比有所下降，並且隨著 2026 年的推進，成長勢頭將逐漸增強。這一成長，加上我們強大的經營槓桿和先前提到的現金稅收優惠，使我們不僅能夠實現更強勁的收入成長，而且還能為更強勁的收入成長奠定良好的基礎。但隨著我們邁入明年及以後，獲利能力和自由現金流也將持續提高。

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，現在我會把時間交還給尼姆羅德，請他作最後總結發言，之後我們將開始提問環節。

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 such streaming. Looking ahead, we remain confident that '26 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、視訊設備以及串流媒體等方面的進展。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智慧雲端服務影響力的不斷增強的支持下，2026 年將標誌著公司重回成長軌道。

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

以上就是我們想表達的觀點。沃特和我現在很樂意回答你們的問題。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Due to time restraints, we ask that you please limit yourself to one question and one follow-up question. Please stand by while we compile the Q&A roster.

由於時間有限，請您盡量只提一個問題，並可再提一個後續問題。請稍候，我們正在整理問答名單。

Simon Leopold, Raymond James. Your line is open.

西蒙·利奧波德，雷蒙德·詹姆斯。您的線路已開通。

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 and in other words, should we expect that you're on a path now to getting back to level. 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's been absorbing inventory just sort of what, what's your expectation for when you get a second 10% customer?

感謝您回答這個問題。看來，今年以來，您的頂級客戶群的業績持續呈現成長趨勢。我只是想知道你對長遠發展是如何考慮的，換句話說，我們是否應該期待你現在正走在恢復到之前水平的道路上。從歷史數據來看，或者您認為目前的水平已經基本正常化了嗎？我只是好奇，您有一段時間沒有遇到第二位 10% 的客戶了。我們認為這位客戶一直在吸收庫存，那麼，當您獲得第二個 10% 的客戶時，您有什麼期望？

Thank you.

謝謝。

Hi Simon, it's Walter.

嗨，西蒙，我是沃特。

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-past quarters, and we expect that customer to return to that level at some point in time. 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 '26 and beyond. 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.

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佔比 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。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客戶的看法結合起來進行規劃。今天，我們在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畫有了一些了解，接下來的幾個月裡，這些計畫將會像往常進入新年時那樣微調。

Thank you.

謝謝。

Thank you. One moment for our next question.

謝謝。請稍等片刻，我們來問下一個問題。

Ryan Koontz with Needham and Co. Your line is open.

Ryan Koontz，來自 Needham and Co.。您的線路已開通。

Your fourth-quarter guidance implies a change to the normal seasonality, which if you look historically is usually off strong sequentially. How should we think about that change this year and then going forward, should we expect to return to normal seasonality?

你們對第四季的業績預期意味著正常的季節性規律發生了變化，而從歷史數據來看，通常情況下，第四季的業績環比都會大幅下滑。我們該如何看待今年的這種改變？展望未來，我們是否應該期待恢復正常的季節性變化？

Thank you.

謝謝。

Hey Matt, it's Walter here.

嗨，馬特，我是沃特。

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 '26. That's why we're guiding what we're guiding for Q4 based on where we see things today in terms of that transition. 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 Ford Auto. 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 '26 in terms of growth and accelerating growth through that year.

所以，關於我們第四季度的業績指引，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，因此我認為今年，我們正在為進入 2026 年的過渡做好準備。這就是為什麼我們根據目前對轉型情勢的判斷來制定第四季度的指導方針。但正如尼姆羅德在準備好的演講稿中提到的那樣，我們看到整個專案進展順利，客戶也正在為統一福特汽車的部署做好準備。尼姆羅德在開場白中提到了 Mediacom，並以此為例進行說明。鑑於客戶正在為這一轉變做好準備，因此我們繼續將目光投向 2026 年，認為那一年將實現成長並加速成長。

And we also mentioned that the specific unified RF trade will only become available late in the fourth-quarter.

我們也提到，具體的統一射頻交易要到第四季末才能推出。

So that by itself is also a factor for a Q4.

所以，這本身也是影響第四季結果的因素。

Great, and as a follow-up earlier in the call you had highlighted a strong growth coming out of your rest of world segment.

很好，而且在之前的通話中，您還強調了貴公司在世界其他地區的強勁成長。

Could you just share what the current market drivers are there for that strength and how we should think about that opportunity for more costs for diversification going forward? Thanks.

您能否分享一下目前推動市場走強的因素是什麼，以及我們應該如何看待未來透過多元化投資來增加成本的機會？謝謝。

Yeah, 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.

是的，隨著時間的推移，我們預計全球 DOCSIS 市場的大部分用戶將出於諸多原因從傳統平台過渡到虛擬化平台，但我認為，正如我強調的，網絡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這一進程的動力，但現在速度已不再是主要動力。

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 so that's what we see globally, and we share 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 launches 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 cable labs, modem's availability, smart amplifiers, so it's all coming together, and that's what's kind of driving our confidence.

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。我們提供的所有工具構成的新平台正在發揮作用。這就是我們在全球範圍內看到的，今天我們分享了一系列近期取得的成功，特別是與 DOCSIS 4.0 相關的成功，我認為 Mediacom 尤其如此，他們推出的這項服務給了我們很大的信心。對其他市場而言，這一點我們看得很清楚。我也看到了我們在生態系統互通性方面取得的進步，例如有線電視實驗室、調製解調器的普及、智慧放大器等等，所有這些都在朝著同一個方向發展，這正是我們信心的來源。

Thank you. As a reminder, if you have a question, please press 11.

謝謝。再次提醒，如果您有任何疑問，請按 11。

Steve Frankel, Rosenblatt Securities. Your line is open.

史蒂夫·弗蘭克爾，羅森布拉特證券公司。您的線路已開通。

Good afternoon. I'm wondering if you might quantify a couple of things for me. The extent of that pulling 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到第三季度的拉動有多大影響？等您回答完這個問題，我還有一個影片問題想問您。

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

是的，史蒂夫，我是沃特。那可是幾百萬美元呢。

Okay, and then, maybe a ballpark on or some description of the Akamai impact on the video business that you've 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，那麼，能否大致估算一下或描述一下您在投影片中提到的 Akamai 對影片業務的影響，無論是在收入方面還是在新客戶獲取方面？我們該如何看待這種合作關係帶來的槓桿作用？

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. On board 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 in SaaS next year.

當然，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，我們在視訊 SaaS 領域的視訊業務實現了連續成長，這很大程度上要歸功於我們開始與 Akamai 合作開展業務。這種情況將會持續數月之久。將更多客戶納入平台，我們認為這是我們未來發展的重要因素。展望 2026 財年，我們將吸引更多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 we said, 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 OS on live streaming and Ed, so we see incremental revenues and some of that was already reflected in the third-quarter.

史蒂夫，我們還提到，就 Akamai 而言，我們正在過渡媒體服務，這可以說是第一層，一些客戶隨後會使用我們為直播和 Ed 提供的 OS 附加服務，因此我們看到了增量收入，其中一些已經反映在第三季度。

Okay, but it'll continue to build as we get into the '26 is what I'm hearing you say you're not fully transitioned until some point in 26 and then if I sneak one last one in.

好的，但隨著我們進入 2026 年，它會繼續發展壯大，我聽你的意思是你直到 2026 年的某個時候才完全轉型，然後如果我偷偷地再加一個進去。

This spectrum announcement today that's saying there was a portion of their network originally they thought was going to stay 31 now it's going to look like the 85% that you were focused on before, correct?

今天發布的頻譜公告稱，他們原本計劃將網路的一部分保留 31%，現在看來將會像你之前關注的 85% 那樣，對嗎？

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.

我認為你應該把這和他們公開宣布的，如果我沒記錯的話，他們一直在談論的網絡演進的 4.0 階段聯繫起來。

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. It was a discussion around that during the recent SCTE tech expo about going beyond 1.8 gigahertz. So future potential evolution of that will be covered as well as our participation in the Unified Access 4.0.

從我們的角度來看，我認為新聞是，虛擬 CMTS 顯然支持 DOCSIS 4.0 及未來的發展。在最近的 SCTE 技術博覽會上，人們就 1.8 吉赫茲以上的技術發展問題展開了討論。因此，未來可能的發展方向以及我們參與統一接取 4.0 的情況也將納入討論範圍。

Great, thank you.

太好了，謝謝。

Thank you. One moment for our next question.

謝謝。請稍等片刻，我們來問下一個問題。

[George Natter] with Wolf Research. Your line is open.

[George Natter] 與 Wolf Research 合作。您的線路已開通。

Hi guys, this is Tron 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, Love any more detail there and how you guys think about that going forward.

大家好，我是Tron，替George上線。我只是想更了解光纖到戶的規模或潛在機遇，以及你們與康卡斯特合作發布的公告。我很想了解更多細節，以及你們對未來發展的看法。

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

是的，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 [LLT] 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、單元數量或類似信息，但是，100 萬美元的新房，就他們的業務而言，這相當可觀，而我們為他們提供支持，使他們能夠做到這一點。

Okay great thank you.

好的，非常感謝。

Thank you. I'm showing no further questions in the queue at this time. I would not 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。我不想把電話轉回給管理階層做總結發言。

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

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。

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

感謝各位參與通話。祝你有美好的一天。

This concludes today's program.

今天的節目到此結束。

Thank you all for participating. You may now disconnect.

感謝大家的參與。您現在可以斷開連線了。