Harmonic Inc (HLIT) 2025 Q4 法說會逐字稿

Welcome to the fourth quarter and full year 2025 Harmonic earnings conference call. My name is Michelle, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the call over to David Hanover, Investor Relations. David, you may begin.

歡迎參加 Harmonic 公司 2025 年第四季及全年業績電話會議。我叫米歇爾，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。現在我將把電話轉交給投資人關係部門的戴維漢諾威。大衛，你可以開始了。

Thank you, operator. Hello everyone, and thank you for joining us today for Harmonic's fourth quarter and full year 2025 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 公司 2025 年第四季及全年財務業績電話會議。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 our 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 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。此類聲明僅為當前預期，實際事件或結果可能與此有重大差異。

We refer you to documents Harmonic files at the SEC including our most recent 10-Q and 10-K reports, and the forward-looking statement section of today's preliminary results press release. These documents identify important risk factors which can cause actual results to differ materially from those contained in our projections or forward-looking statements, and please note that unless otherwise indicated, the financial metrics we provide you on this call are determined on a non-GAAP basis.

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存在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確定。

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.

這些指標以及相應的 GAAP 數據和與 GAAP 的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 8-K 表格的形式提交給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. And now I'll turn the call over to our CEO Nimrod Ben‑Natan. Nimrod.

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。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, David, and welcome everyone to our fourth quarter and full year 2025 earnings square. We delivered a strong fourth quarter, reflecting accelerating momentum across our broadband business.

謝謝大衛，歡迎大家來到我們2025年第四季及全年財報發表會。我們第四季業績強勁，反映出我們寬頻業務的成長動能正在加速。

This is our first earnings call following the announcement of the pending sale of our Video business to MediaKind. This is a decisive step that will push our growth strategy forward and transform us into what I call the new Harmonic, a pure play broadband leader. This transaction will simplify our operating model and align all of our resources to unlock growth opportunities in the expanding broadband infrastructure market.

這是我們宣布即將把視訊業務出售給 MediaKind 之後的第一次財報電話會議。這是推動我們成長策略向前邁出的決定性一步，並將我們轉變為我所說的全新 Harmonic，純粹的寬頻領導者。此交易將簡化我們的營運模式，並整合我們所有的資源，以在不斷擴大的寬頻基礎設施市場中抓住成長機會。

With the Video sale expected to close in the second quarter of 2026, all financial and operating results I discussed today reflect our continuing operations, meaning our core broadband business.

由於視訊業務的出售預計將於 2026 年第二季完成，我今天討論的所有財務和營運業績均反映了我們持續經營的業務，也就是我們的核心寬頻業務。

Turning to slide 4, broadband revenue for the quarter was $98.2 million, representing 9% sequential growth and coming in above the high end of guidance. In addition, we delivered record quarterly bookings of $346.9 million, driving a 3.5 book-to-bill ratio. These bookings were fueled by several multi-year contracts, reinforcing both revenue resiliency and long-term customer commitment to our platform, alongside record diversified rest-of-world bookings that will support growth in 2026 and beyond.

翻到第 4 張投影片，該季度寬頻營收為 9,820 萬美元，季增 9%，高於預期上限。此外，我們實現了創紀錄的季度預訂 3.469 億美元，訂單出貨比達到 3.5。這些預訂量得益於幾份多年期合同，這既增強了收入的韌性，也鞏固了客戶對我們平台的長期承諾，同時，來自世界其他地區的多元化預訂量也創下歷史新高，這將支持 2026 年及以後的增長。

All of this drove backlog and deferred revenue to $573.8 million at year-end, up 73% year over year. The current portion of this alone was $307 million, more than double last year's level, giving us strong visibility and confidence as we enter 2026.

所有這些因素共同推動積壓訂單和遞延收入在年底達到 5.738 億美元，年增 73%。僅目前這部分就達到了 3.07 億美元，是去年水平的兩倍多，這讓我們在進入 2026 年時擁有了強大的可見性和信心。

In addition to our core broadband business, our Video business, now classified as discontinued operations, exceeded our expectations in the fourth quarter both in terms of revenue and profitability. The planned sale of this business to MediaKind for approximately $145 million in cash remains on track.

除了我們的核心寬頻業務外，我們的視訊業務（現已被歸類為終止經營業務）在第四季度的收入和盈利能力方面均超出了我們的預期。先前計劃以約 1.45 億美元現金將該公司出售給 MediaKind 的交易仍在按計劃進行。

In addition to the strategic benefits, this transaction further enhances our balance sheet and supports a disciplined capital allocation framework focused on investing in growth, maintaining financial flexibility, and building long-term shareholder value.

除了策略優勢外，此交易進一步增強了我們的資產負債表，並支持了以投資成長、維持財務靈活性和創造長期股東價值為重點的嚴謹資本配置框架。

A defining theme of 2025, and one that accelerated meaningfully in the fourth quarter, is the diversification and expansion of our customer base beyond our two largest North American accounts. Rest of world revenue, which excludes revenue from these two large customers, grew 33% year over year in the fourth quarter. This now represents 41% of total broadband revenue, a meaningful shift in our revenue mix underscoring the continuing momentum of our diversification initiatives.

2025 年的一個顯著主題，也是第四季度加速推進的主題，是將我們的客戶群多元化和擴展到北美兩大客戶之外。不包括這兩大客戶的收入，世界其他地區的收入在第四季年增了 33%。目前，寬頻業務收入佔總收入的 41%，這標誌著我們收入結構的重大轉變，也凸顯了我們多元化舉措的持續勢頭。

We delivered record rest-of-world bookings in the fourth quarter, reflecting growing adoption of our platform globally and increasing confidence from operators investing in multi-year network modernization.

第四季度，我們在世界其他地區的預訂量創下歷史新高，這反映出我們的平台在全球範圍內得到越來越廣泛的採用，以及運營商對多年網絡現代化投資的信心不斷增強。

For example, together with Normann Engineering, our longest standing partner in Europe, we recently marked 20 successful DOCSIS and fiber deployments across the region, including with operators in Austria and Germany. We also announced that Telia, the second largest telecom operator in Norway, is modernizing its broadband network using our virtualized cOS platform in a distributed access architecture.

例如，我們最近與我們在歐洲最長久的合作夥伴 Normann Engineering 一起，在該地區成功完成了 20 個 DOCSIS 和光纖部署項目，其中包括與奧地利和德國營運商的合作。我們也宣布，挪威第二大電信營運商 Telia 正在使用我們的虛擬化 cOS 平台，在分散式存取架構中對其寬頻網路進行現代化改造。

What is very important here is that we are not just seeing one-off wins. Rather, these recent deployments are the result of expanding platform relationships. Customers typically start with an initial deployment, such as DOCSIS, and as they standardize on our platform and services, they grow their footprint and expand across our portfolio, adding fiber and our intelligence-driven cloud capabilities.

非常重要的一點是，我們看到的不僅僅是零星的勝利。相反，這些近期的部署是平台關係不斷擴展的結果。客戶通常從初始部署開始，例如 DOCSIS，隨著他們逐漸採用我們的平台和服務，他們會擴大業務範圍，並擴展到我們的產品組合中，添加光纖和我們智慧驅動的雲端功能。

Our fiber business continues to scale rapidly and is an increasingly important growth driver, with strong revenue growth in the fourth quarter and for the full year. We are seeing growing fiber wins with both telco and cable operators in North America and internationally.

我們的光纖業務持續快速擴張，並日益成為重要的成長動力，第四季和全年營收均實現強勁成長。我們看到，在北美和國際上，我們與電信營運商和有線電視營運商的光纖業務合作正在增加。

A major highlight is our expanding collaboration with izzi, the largest MSO in Mexico. izzi has selected our cOS platform and remote OLT solutions to power a strategic fiber broadband expansion across its network. This multi-year deployment leverages our ONT strategy, lowering izzi's total cost of ownership while accelerating their fiber rollouts. It is a strong example of how our platform simplifies large-scale fiber transitions.

本次合作的一大亮點是與墨西哥最大的MSO（多系統營運商）izzi的合作不斷深化。 izzi已選擇我們的cOS平台和遠端OLT解決方案，為其網路策略性光纖寬頻擴充提供支援。這項多年部署計畫充分利用了我們的 ONT 策略，降低了 izzi 的總擁有成本，同時加快了其光纖部署。這是我們的平台如何簡化大規模光纖過渡的一個有力例證。

Enabling our fiber market momentum are several new fiber product innovations. We recently introduced a new pluggable combo OLT option, which is particularly attractive for operators executing surgical footprint expansions and serving rural markets in a highly cost-effective way.

推動我們纖維市場發展動能的因素包括幾項新的纖維產品創新。我們最近推出了一種新的可插拔組合式 OLT 選項，對於正在擴大手術範圍並以極具成本效益的方式服務農村市場的運營商來說，這尤其具有吸引力。

What is particularly compelling and a key differentiator for Harmonic is how fiber and DOCSIS converge within our cloud-native architecture, allowing operators to efficiently manage both technologies through a unified platform, simplifying operations and lowering total cost of ownership across their entire access networks.

Harmonic 最引人注目且具有關鍵差異化優勢的地方在於，光纖和 DOCSIS 在我們的雲端原生架構中融合，使營運商能夠透過統一的平台高效地管理這兩種技術，從而簡化操作並降低整個存取網路的整體擁有成本。

Our unified DOCSIS 4.0 strategy continues to gain traction as the ecosystem matures and operators' confidence builds. Major operators are advancing DOCSIS 4.0 roadmaps and reporting tangible operating benefits from network upgrades, including fewer service calls and faster repair times. We successfully completed a DOCSIS 4.0 field validation with Vodafone Germany, further reinforcing the maturity of the technology and our leadership in this space.

隨著生態系統的成熟和運營商信心的增強，我們統一的 DOCSIS 4.0 策略持續獲得認可。主要營運商正在推進 DOCSIS 4.0 路線圖，並報告網路升級帶來了切實的營運效益，包括減少服務呼叫和加快維修速度。我們與德國沃達豐成功完成了 DOCSIS 4.0 現場驗證，進一步鞏固了該技術的成熟度和我們在該領域的領先地位。

Unified DOCSIS 4.0 node shipments are now ramping with initial deliveries this quarter. We are transitioning from field trials and early deployments to scale commercial deployments, marking an important inflection point for this cycle.

統一 DOCSIS 4.0 節點的出貨量正在逐步增加，首批交付工作將於本季開始。我們正從實地試驗和早期部署過渡到大規模商業部署，這標誌著本輪週期的重要轉折點。

Looking ahead, operators are increasingly seeking platforms that help them anticipate issues, optimize performance, and reduce operational friction, ultimately lowering operating expenses and improving competitiveness. This creates an extraordinary opportunity for Harmonic to leverage the unique data available through our virtualized cloud platform and provide innovative new intelligence-driven operational solutions.

展望未來，營運商越來越尋求能夠幫助他們預測問題、優化效能和減少營運摩擦的平台，最終降低營運成本並提高競爭力。這為 Harmonic 創造了一個絕佳的機會，可以利用我們虛擬化雲端平台提供的獨特數據，並提供創新的、以智慧驅動的營運解決方案。

Following the successful introduction of Beacon and Pathfinder, which help customers maximize the speed performance of their networks while minimizing truck rolls, we've introduced new subscriber experience detection capabilities that can identify and mitigate network issues before they generate support calls, directly helping operators reduce churn and lower operating costs.

繼成功推出 Beacon 和 Pathfinder 之後，我們幫助客戶最大限度地提高網路速度效能，同時最大限度地減少上門服務次數。現在，我們又推出了新的使用者體驗偵測功能，可以在網路問題導致支援電話之前識別並緩解這些問題，從而直接幫助營運商減少用戶流失並降低營運成本。

Over time, we expect continued development of this intelligence layer to increase recurring revenue, deepen customer integration, improve margins, and expand our addressable market into AI-enabled operations beyond access infrastructure.

隨著時間的推移，我們預期這一智慧層的持續發展將增加經常性收入，加深客戶整合，提高利潤率，並將我們的目標市場擴展到接入基礎設施以外的人工智慧賦能營運領域。

Turning to slide 5, network investment is no longer just about speed. It is about measurable business outcomes. A large North American operator recently highlighted significant reductions in service costs and faster mean time to repair in areas where next generation DOCSIS 4.0 technology has been deployed. These improvements translate directly into lower operating costs and higher subscriber satisfaction.

翻到第 5 張投影片，網路投資不再只是關於速度。關鍵在於可衡量的業務成果。北美一家大型業者最近強調，在部署了下一代 DOCSIS 4.0 技術的地區，服務成本顯著降低，平均維修時間也更快。這些改進直接轉化為更低的營運成本和更高的用戶滿意度。

When operators invest in network quality, the returns show up in reduced churn, stronger loyalty, and improved competitive position. Our own commitment to customer success is reflected in our world-class net promoter score of 82, as measured at the end of 2025, underscoring the trust operators place in our platform and our team. Customer success is the foundation of our growth model.

營運商投資網路質量，其回報體現在客戶流失率降低、客戶忠誠度增強和競爭地位提升等。我們對客戶成功的承諾體現在我們世界一流的淨推薦值上，截至 2025 年底，我們的淨推薦值達到了 82 分，這凸顯了營運商對我們平台和團隊的信任。客戶成功是我們成長模式的基礎。

Moving to slide 6, Harmonic wins because we enable operators to scale bandwidth faster, more cost effectively, and with improved subscriber satisfaction. Our differentiation is built on technology leadership, speed of execution, improving customer network reliability, and solutions that drive lower total cost of ownership.

翻到第 6 張投影片，Harmonic 勝出的原因在於，我們能夠幫助營運商以更快的速度、更經濟高效的方式擴展頻寬，並提高用戶滿意度。我們的優勢在於技術領先、執行速度快、持續提升客戶網路可靠性，以及能夠降低整體擁有成本的解決方案。

We now have 146 cOS deployments in production, serving more than 41 million cable modems and ONUs worldwide. At this scale, the gap between Harmonic and the rest of the market is no longer incremental. It is structural. Our platform brings a decade of production maturity, proven operational consistency, and unmatched scale in virtualized broadband, and a wealth of real-time network data that is now beginning to be exploited. This is why leading cable and now telco operators are standardizing on Harmonic as they modernize their networks and why we believe there are so many compelling growth opportunities still in front of us.

目前我們已在生產環境中部署了 146 個 cOS，為全球超過 4,100 萬個有線數據機和 ONU 提供服務。從這個規模來看，Harmonic 與市場其他部分之間的差距不再是漸進的。這是結構性的。我們的平台擁有十年的生產成熟度、經過驗證的營運一致性、無與倫比的虛擬化寬頻規模，以及大量即時網路數據，這些數據現在正開始被利用。這就是為什麼領先的有線電視營運商和現在的電信營運商在對其網路進行現代化改造時都將 Harmonic 作為標準，也是為什麼我們相信我們面前仍然有很多令人矚目的成長機會。

Moving to slide 7, the broader market opportunity ahead of us is substantial. According to Dell’Oro, the cable serviceable addressable market is expected to grow from approximately $510 million in 2025 to over $1.1 billion by 2030. What's driving this is that across the industry, broadband operators are accelerating network modernization as data consumption continues to rise at a rapid pace.

翻到第 7 張投影片，我們眼前的市場機會非常廣闊。據戴爾公司稱，可維護電纜的可尋址市場預計將從 2025 年的約 5.1 億美元增長到 2030 年的超過 11 億美元。推動這一趨勢的原因是，隨著數據消耗量持續快速成長，整個產業的寬頻業者都在加速網路現代化進程。

AI powered applications, immersive content experiences, and multi-gigabit services are driving sustained bandwidth growth and placing increasing performance demands on broadband networks. This investment cycle is not driven by speed alone. Operators are increasingly focused on quality of experience, churn reduction, and operating efficiency. Network capability has become a direct driver of customer satisfaction, application adoption, and long-term competitiveness.

人工智慧應用、沉浸式內容體驗和多千兆服務正在推動頻寬的持續成長，並對寬頻網路提出了越來越高的效能要求。本輪投資週期並非僅由速度驅動。營運商越來越注重用戶體驗品質、降低客戶流失率和提高營運效率。網路能力已成為顧客滿意度、應用普及率和長期競爭力的直接驅動因素。

Our share positions remain strong in virtual CMTS, RPDs, and remote OLTs, with meaningful room to expand. In fiber, the addressable market exceeds $2.6 billion and represents a significant opportunity where our share is growing. Importantly, these market figures exclude the AI operation and tools market, which represents an additional growth vector we have begun to actively target.

我們在虛擬 CMTS、RPD 和遠端 OLT 領域的市場份額依然強勁，還有很大的擴張空間。在光纖領域，潛在市場規模超過 26 億美元，這是一個巨大的機遇，而我們的市場份額正在不斷增長。值得注意的是，這些市場數據不包括人工智慧營運和工具市場，而這代表著我們已經開始積極瞄準的另一個成長方向。

Turning to slide 8, our long-term strategy centers on four priorities. First, expanding our market leadership in DOCSIS through continued innovation in cOS, remote devices, outdoor nodes, and recurring services, while accelerating our fiber position with both cable and telco operators globally. Our objective is not simply participation but category leadership across access architectures, driven by continued investment in innovation and differentiated capabilities.

翻到第 8 張投影片，我們的長期策略圍繞著四個優先事項。首先，透過在 cOS、遠端設備、室外節點和循環服務方面的持續創新，擴大我們在 DOCSIS 領域的市場領先地位，同時加快我們在全球有線電視和電信營運商中的光纖業務佈局。我們的目標不僅是參與，而是透過持續投資於創新和差異化能力，在各種存取架構中佔據產業領先地位。

Second, increasing customer diversification. We are targeting sustained rest-of-world growth of 30% or more annually, expanding beyond our largest North American customers and building a broader, more balanced global revenue base.

第二，增加客戶多元化。我們的目標是實現世界其他地區每年 30% 或以上的持續成長，拓展北美以外最大的客戶群體，並建立更廣泛、更均衡的全球收入基礎。

Third, driving software and cloud differentiation. Our cloud-native architecture and intelligent automation capabilities create opportunities to expand recurring revenue, deepen platform integration, and build long-term customer relationships.

第三，推動軟體和雲端的差異化發展。我們的雲端原生架構和智慧自動化能力創造了擴大經常性收入、深化平台整合和建立長期客戶關係的機會。

And fourth, maintaining operational and cost discipline. As a pure play broadband company, we are simplifying our cost structure and positioning the business to generate meaningful operating leverage as revenue scales. Together these priorities are designed to expand our addressable market, increase revenue durability, and improve our long-term margin profile.

第四，保持營運和成本控制。作為一家純粹的寬頻公司，我們正在簡化成本結構，並調整業務方向，以便在收入規模擴大時產生有意義的營運槓桿。這些優先事項旨在擴大我們的目標市場，提高收入的持續性，並改善我們的長期利潤率。

Moving to slide 9, as we enter 2026, Harmonic is well positioned as a focused pure play broadband innovator providing market-leading DOCSIS and fiber to the home solutions augmented by an intelligence-driven software layer for automation and subscriber experience to operators worldwide.

進入第 9 張投影片，隨著我們進入 2026 年，Harmonic 作為一家專注於純粹寬頻創新的專注型公司，憑藉其市場領先的 DOCSIS 和光纖到戶解決方案，以及智慧驅動的軟體層，為全球營運商提供自動化和用戶體驗，佔據了有利地位。

With the sale of our Video business, we are transitioning to a company fully dedicated to the growing broadband market. This sharpens our strategic focus, simplifies our operating model to a single go-to-market motion and product roadmap, and improves our ability to generate long-term operating leverage as we scale.

隨著視訊業務的出售，我們正在轉型成為一家完全致力於不斷成長的寬頻市場的公司。這使我們的策略重點更加明確，將我們的營運模式簡化為單一的市場推廣策略和產品路線圖，並提高我們在規模擴大過程中產生長期營運槓桿的能力。

The transaction also provides us with a significant capital infusion. With a stronger balance sheet and incremental cash, we are positioned to invest in organic innovation, expand into adjacent broadband opportunities, and pursue disciplined inorganic expansion where it accelerates diversification and market leadership.

此次交易也為我們帶來了可觀的資金注入。憑藉更強勁的資產負債表和新增現金，我們有能力投資於有機創新，拓展到相鄰的寬頻機遇，並在能夠加速多元化和市場領導地位的領域進行有紀律的非有機擴張。

We believe this combination, leadership in DOCSIS, expanding our presence in fiber, and a growing intelligence-driven software capability, positions Harmonic for accelerated growth and improved long-term operating margins.

我們相信，憑藉在 DOCSIS 領域的領先地位、不斷擴大的光纖業務以及日益增長的智慧驅動軟體能力，Harmonic 將實現加速成長並提高長期營運利潤率。

With that, I will turn the call over to Walter to walk through our financials in more detail.

接下來，我會把電話交給沃特，讓他更詳細地介紹我們的財務狀況。

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 Q4 press release and earnings presentation include reconciliations of our non-GAAP to GAAP financial measures. Both of these are available on our website.

謝謝尼姆羅德，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。正如大衛之前提到的，我們的第四季新聞稿和收益報告包含了非GAAP財務指標與GAAP財務指標的調節表。這兩款產品都可以在我們的網站上找到。

As previously announced, we are in the process of selling our Video business to MediaKind. As a result, this segment is classified as held for sale and reported as discontinued operations. Unless otherwise noted, all results discussed today relate to continuing operations. We've also provided historical information for continuing operations to support your financial modeling and prior period comparisons.

正如之前宣布的那樣，我們正在將我們的視訊業務出售給 MediaKind。因此，該業務板塊被歸類為持有待售資產，並作為終止經營業務進行報告。除非另有說明，否則今天討論的所有業績均與持續經營有關。我們還提供了持續經營的歷史信息，以支持您的財務建模和前期比較。

The transaction remains on track to close in the second quarter of this year, subject to customary conditions including the completion of the required consultation with the French Employee Works Council.

該交易仍有望在今年第二季完成，但需滿足慣例條件，包括完成與法國僱員工會的必要諮詢。

We close the year with exceptionally strong quarterly broadband bookings, driving a 3.5 book-to-bill ratio for the quarter and a significant year over year increase in backlog. This robust backlog enhances our visibility for 2026, and combined with unified DOCSIS 4.0 ramps, large customer deployment plans, and accelerating rest-of-world adoption, will help drive strong broadband revenue growth throughout the course of this year.

我們以異常強勁的季度寬頻預訂量結束了這一年，推動該季度預訂出貨比達到 3.5，並且積壓訂單量較上年同期大幅增長。強大的積壓訂單增強了我們對 2026 年的可見性，再加上統一的 DOCSIS 4.0 推廣、大型客戶部署計劃以及世界其他地區加速採用，將有助於推動今年寬頻收入的強勁增長。

On slide 11, you'll find some of the financial highlights for the quarter. For total company results, including Video discontinued operations, revenue was $157.3 million, EPS was $0.14, and adjusted EBITDA was $23.8 million, all well above our Q4 guidance.

第 11 頁列出了本季的一些財務亮點。包括已終止營運的視訊業務在內，公司整體業績為：營收 1.573 億美元，每股收益 0.14 美元，調整後 EBITDA 為 2,380 萬美元，均遠超我們第四季的預期。

For continuing operations, fourth quarter broadband revenue was $98.2 million, above our $85 to $95 million guidance range, with adjusted EBITDA of $12.1 million and EPS of $0.06. These results include $3 million in stranded costs related to the pending Video business sale. The revenue upside reflected strong bookings and service deployments in the quarter.

持續經營業務方面，第四季寬頻營收為9,820萬美元，高於我們先前8,500萬至9,500萬美元的預期範圍；調整後EBITDA為1,210萬美元，每股收益為0.06美元。這些業績包含了與待售視訊業務相關的300萬美元擱淺成本。營收成長反映了本季強勁的預訂量和服務部署量。

For the fourth quarter, we had one customer representing greater than 10% of total revenue, which accounted for 53% of total revenue. To remind everyone, this metric is now based on continuing operations, which is only our broadband business.

在第四季度，我們有一個客戶的收入佔總收入的 10% 以上，而該客戶的收入佔總收入的 53%。提醒大家，該指標目前基於持續運營，而持續運營僅指我們的寬頻業務。

Our Q4 rest-of-world revenue showed strong year over year growth of 33%, representing 41% of total revenue, underscoring our customer diversification progress. As a reminder, rest-of-world revenue describes all revenue that is not from our largest two customers as measured by subscriber count. Starting with next quarter's results, we will refer to rest-of-world as rest-of-market, as this name more accurately reflects the grouping of these customers, which can be in any region, including the US.

我們第四季世界其他地區的營收年增 33%，佔總營收的 41%，凸顯了我們在客戶多元化方面取得的進展。提醒一下，世界其他地區收入是指除我們訂閱用戶數量最多的兩個客戶之外的所有收入。從下一季的業績報告開始，我們將把“世界其他地區”稱為“市場其他地區”，因為這個名稱更準確地反映了這些客戶的群體，他們可能位於任何地區，包括美國。

Recurring revenue, reflected in the services and SaaS revenue line item, made up 16% of our total continuing operations or broadband revenue.

經常性收入（反映在服務和 SaaS 收入項目中）占我們持續經營或寬頻總收入的 16%。

Moving on to slide 12, you'll find our fiscal year 2025 actual results. For the total company, net revenue was $570.8 million, with a gross margin of 55.8%, adjusted EBITDA of $83.8 million, and EPS of $0.47.

接下來請看第 12 張投影片，您將看到我們 2025 財年的實際表現。該公司整體淨收入為 5.708 億美元，毛利率為 55.8%，調整後 EBITDA 為 8,380 萬美元，每股收益為 0.47 美元。

Continuing operations generated $360.5 million in revenue, a 48.7% gross margin, adjusted EBITDA of $47.3 million, and EPS of $0.23. These results include a $2.3 million tariff impact and approximately $9 million of stranded costs related to the pending Video sale.

持續經營業務創造了 3.605 億美元的收入，毛利率為 48.7%，調整後 EBITDA 為 4,730 萬美元，每股收益為 0.23 美元。這些業績包括 230 萬美元的關稅影響以及與待決 Video 出售相關的約 900 萬美元的擱淺成本。

Turning to slide 13, you can see our balance sheet and cash flow highlights for continuing operations. Our balance sheet remains strong with $124.1 million of cash and cash equivalents at year end. The sequential change in cash was mainly attributed to positive free cash flow in the quarter, offset by share repurchases. Free cash flow during the fourth quarter was $9.6 million.

翻到第 13 頁，您可以看到我們持續經營的資產負債表和現金流量表摘要。截至年末，我們的資產負債表依然穩健，現金及現金等價物達 1.241 億美元。現金環比變動主要歸因於本季的正自由現金流，但被股票回購所抵銷。第四季自由現金流為960萬美元。

For the full year, we increased cash by $22.6 million while also repurchasing $79 million in stock during the year. We generated $97 million in free cash flow, which was an increase of $44 million from the prior year, demonstrating strong profitability and cash generation even amid a broadband industry transition to DOCSIS 4.0.

全年來看，我們的現金增加了 2,260 萬美元，同時在年內回購了價值 7,900 萬美元的股票。我們產生了 9700 萬美元的自由現金流，比上一年增加了 4400 萬美元，這表明即使在寬頻行業向 DOCSIS 4.0 過渡的情況下，我們仍然實現了強勁的盈利能力和現金流。

Furthermore, given our expectations for progressive and significant full year broadband revenue growth in 2026, we are confident in our ability to expand profit margins and generate free cash flow considering the high operating leverage we have already shown in broadband.

此外，鑑於我們對 2026 年全年寬頻收入穩定成長的預期，我們有信心擴大利潤率並產生自由現金流，因為我們已經在寬頻領域展現出了較高的營運槓桿。

DSO at the end of Q4 was 79, compared to 61 in Q3 '25 and 76 in Q4 '24. The sequential increase was due to a large number of shipments that took place earlier in the third quarter. We expect DSO to trend in the high 70s going forward based on our customer mix. Inventory decreased $1 million in the quarter, and our days inventory on hand fell to 83 days from 91 days last quarter.

第四季末的應收帳款週轉天數為 79，而 2025 年第三季為 61，2024 年第四季為 76。環比增長是由於第三季度早些時候發生的大量發貨所致。根據我們的客戶組成，我們預計未來 DSO 將保持在 70% 以上。本季庫存減少了 100 萬美元，庫存週轉天數從上季的 91 天降至 83 天。

Q4 bookings reached a record $346.9 million, nearly matching all of total broadband revenue for full year 2025, resulting in a 3.5 book-to-bill ratio. At the end of Q4, total backlog and deferred revenue was $573.8 million, up 73% year over year. Of that, $307 million, or 53.5%, is expected to convert to revenue within the next 12 months, an increase of 110% year over year. This provides us excellent visibility for 2026 growth.

第四季預訂金額達到創紀錄的 3.469 億美元，幾乎與 2025 年全年寬頻總營收持平，預訂出貨比為 3.5。截至第四季末，積壓訂單和遞延收入總額為 5.738 億美元，年增 73%。其中，預計未來 12 個月內將有 3.07 億美元（佔 53.5%）轉化為收入，年增 110%。這為我們展望 2026 年的成長提供了極佳的視角。

As shown on slide 14, we believe we have ample liquidity to support our capital allocation priorities with $124 million in cash, an $82 million undrawn credit facility, and expected net proceeds from the planned Video sale. Additionally, we continue to anticipate a meaningful reduction in our cash income taxes in 2026 due to the passage of the One Big Beautiful Bill Act, as well as the impact of Section 174 R&D adjustments. All of this should substantially enhance our capital allocation flexibility.

如投影片 14 所示，我們相信我們擁有充足的流動資金來支持我們的資本配置優先事項，包括 1.24 億美元的現金、8,200 萬美元的未提取信貸額度以及計劃中的影片出售的預期淨收益。此外，由於《一項偉大的法案》的通過以及第 174 條研發調整的影響，我們預計 2026 年我們的現金所得稅將大幅減少。所有這些都將大大增強我們的資本配置靈活性。

Even as we transform to a pure play broadband company, our capital priorities remain unchanged. Investing in organic growth and diversification, returning capital to our shareholders, and pursuing strategic M&A to further enhance growth and diversification in our broadband business.

即使我們轉型為純粹的寬頻公司，我們的資本優先事項也保持不變。投資於內生成長和多元化，向股東返還資本，並進行策略併購，以進一步增強寬頻業務的成長和多元化。

Aligned with our first key priority, we expect to increase our inventory over the next several quarters to support our anticipated growth, including advancing memory purchases to secure supply. We also expect to invest in additional organic broadband opportunities in both our services business and fiber portfolio.

為了配合我們的首要任務，我們預計將在未來幾季增加庫存，以支援我們預期的成長，包括提前採購記憶體以確保供應。我們也計劃在服務業務和光纖業務組合中加大對寬頻領域的投資。

Under our expanded $200 million share repurchase program, to date we have already repurchased $101 million of our common shares, including $13.3 million in Q4 2025 and an additional $21.8 million post year end. As we stated previously, we expect to fund ongoing repurchases through the strong free cash flow generation over the next several years.

根據我們擴大的 2 億美元股票回購計劃，迄今為止，我們已經回購了 1.01 億美元的普通股，其中包括 2025 年第四季的 1,330 萬美元和年底後的 2,180 萬美元。正如我們之前所述，我們預計未來幾年將透過強勁的自由現金流產生來為持續的股票回購提供資金。

In addition, we expect to realize a substantial cash infusion from the sale of Video. This will also position us well to explore additional opportunities, including inorganic options to further diversify and grow our broadband business.

此外，我們預計出售 Video 業務將獲得大量現金注入。這將使我們處於更有利的地位，去探索其他機會，包括透過非有機成長方式進一步實現寬頻業務的多元化和發展。

Now I would like to briefly discuss stranded costs on slide 15. These are shared corporate and infrastructure expenses previously allocated across both Broadband and Video that will now reside in continuing operations. We anticipate approximately $10 million in stranded costs for 2026, including $3 million in public company costs. We believe roughly 30% of these are temporary costs and will be removed within one year following the closing of the Video sale.

現在我想簡單討論一下第 15 頁投影片上的擱淺成本。這些是先前分配給寬頻和視訊業務的共享企業和基礎設施費用，現在將計入持續營運費用。我們預計 2026 年擱淺成本約為 1,000 萬美元，其中包括 300 萬美元的上市公司成本。我們認為其中約 30% 是暫時性成本，將在 Video 出售完成後的一年內消除。

Turning to guidance on slide 16, we lay out our continuing operations non-GAAP financial guidance for Q1 2026 and full year 2026, and we have included an FY 2026 EPS bridge to assist in comparing our continuing operations results to the previous combined Broadband and Video results.

在第 16 頁的指導意見中，我們列出了 2026 年第一季和 2026 年全年的持續經營非 GAAP 財務指導意見，並附上了 2026 財年每股收益過渡表，以幫助將我們的持續經營業績與之前的寬頻和視訊合併業績進行比較。

Please note, beginning this period, the company will provide guidance on an adjusted operating profit before tax basis rather than on an adjusted EBITDA basis. This change reflects our view that operating profit is the more commonly used profitability measure in this industry and provides a more complete and transparent view of our underlying operating performance. Given the company's limited capital expenditures and low depreciation and amortization, the difference between the two metrics is minimal.

請注意，從本期開始，公司將以調整後的稅前營業利潤為基礎提供業績指引，而不是以調整後的 EBITDA 為基礎提供業績指引。這項變更反映了我們認為營業利潤是業界較常用的獲利能力衡量指標，能夠更全面、更透明地反映我們的基本經營績效。鑑於該公司資本支出有限，折舊和攤提費用較低，這兩個指標之間的差異微乎其微。

With our 2026 guidance, we are taking a prudent and measured approach on both revenue and margins, considering factors such as the current memory chip pricing and supply dynamics. Built into our full year margin guidance is the current market pricing expected for memory.

在製定 2026 年業績指引時，我們對收入和利潤率都採取了審慎穩健的態度，並考慮了當前內存晶片價格和供應動態等因素。我們的全年利潤率預期已納入了當前記憶體市場的預期價格。

Now let me walk you through the guidance. For Q1 2026, we expect broadband to deliver revenue between $100 million to $105 million, gross margins between 54% to 55% due to favorable product mix, operating profit between $18 million to $20 million, and EPS of $0.11 to $0.12.

現在讓我帶你了解操作指南。預計 2026 年第一季寬頻業務收入將在 1 億美元至 1.05 億美元之間，毛利率在 54% 至 55% 之間（得益於有利的產品組合），營業利潤將在 1800 萬美元至 2000 萬美元之間，每股收益將在 0.11 美元至 0.12 美元之間。

As our guidance shows, we expect modest sequential broadband revenue growth in Q1 2026 versus Q4 2025, with momentum building considerably as we move throughout 2026. Our broadband gross margin guidance includes an estimated tariff impact of less than $1 million based on the currently announced tariff rates and exemptions. Operating profit includes stranded costs of approximately $2 million.

正如我們的預測所示，我們預計 2026 年第一季寬頻營收將比 2025 年第四季略有成長，但隨著 2026 年的推進，成長動能將顯著增強。根據目前公佈的資費標準和豁免情況，我們的寬頻毛利率預期包含不到 100 萬美元的資費影響。營業利潤包含約 200 萬美元的擱淺成本。

For the full year 2026, we expect broadband to generate revenue between $440 million to $480 million, gross margins between 51% to 53% declining from the Q1 levels due to product mix and surging memory costs as they flow into shipments after the Q1 time frame, operating profit between $74 million to $99 million, and EPS of $0.46 to $0.63.

預計 2026 年全年寬頻業務收入將在 4.4 億美元至 4.8 億美元之間，毛利率將在 51% 至 53% 之間，由於產品組合和內存成本在第一季度之後計入出貨量而從第一季度水平下降，營業利潤將在 7400 萬美元至 9900 萬美元之間，每股收益將在 0.46 美元之間。

This full year broadband gross margin guidance includes an estimated tariff impact of approximately $4 million, while operating profit includes stranded costs of approximately $10 million. Our non-GAAP tax rate in Q1 and full year 2026 is now 24.5% and reflects the higher expected US mix of business in our continuing operations.

全年寬頻毛利率預期包括約 400 萬美元的預估關稅影響，而營業利潤包括約 1,000 萬美元的擱淺成本。我們 2026 年第一季和全年的非 GAAP 稅率為 24.5%，反映了我們持續經營業務中預期美國業務佔比的提高。

Regarding the previously mentioned EPS bridge, Video, which as a reminder is now classified as discontinued operations, contributed $0.24 in EPS in 2025. Also, in 2026, continuing operations includes $10 million of stranded costs, an EPS impact of $0.07. These items provide a bridge to prior total company EPS results and expectations.

關於前面提到的 EPS 橋樑，Video（提醒一下，它現在被歸類為終止經營）在 2025 年貢獻了 0.24 美元的 EPS。此外，2026 年持續經營業務包括 1,000 萬美元的擱淺成本，對每股盈餘的影響為 0.07 美元。這些項目為公司先前的每股收益總額和預期提供了過渡。

On slide 17, we provide some historical context to our continuing operations and our full year 2026 guidance. Revenues are forecasted to grow quite strongly in 2026, between 22% and 33%. Due to the extremely strong bookings we saw in Q4, combined with unified DOCSIS 4.0 ramps, large customer deployment plans, and rest-of-market adoption.

在第 17 張投影片中，我們提供了我們持續經營的一些歷史背景以及我們對 2026 年全年業績的展望。預計 2026 年營收將強勁成長，增幅在 22% 至 33% 之間。由於我們在第四季度看到了極其強勁的預訂量，加上統一的 DOCSIS 4.0 推廣、大型客戶部署計劃以及其他市場的採用。

2026 gross margin is projected to increase several hundred basis points due to cOS mix, offset partially by expected higher memory costs. Operating expenses increase primarily due to expanded portfolio investments and the impact of foreign exchange. Again, you can see here our record backlog and deferred revenue level as compared to prior years, which positions us well for growth in 2026 and beyond.

由於 cOS 組合的變化，預計 2026 年毛利率將提高數百個基點，但預計更高的記憶體成本將部分抵消這一增長。營運費用增加主要是由於投資組合擴大和外匯匯率的影響。再次，您可以看到，與往年相比，我們的積壓訂單和遞延收入水準創下歷史新高，這為我們在 2026 年及以後的成長奠定了良好的基礎。

We ended the year with strong performance in Broadband and Video, exceeding our expectations. Record broadband bookings provide excellent visibility for the coming year and revenue resiliency over the long term. As we finish 2025, we are now seeing DOCSIS 4.0 transitions evolve from headwinds to tailwinds, positioning us for accelerated growth as deployments ramp.

我們在寬頻和視訊業務方面取得了強勁的業績，為這一年畫上了圓滿的句號，超出了我們的預期。寬頻預訂量創歷史新高，為來年提供了極佳的業績可觀性，並保證了長期的收入穩定性。隨著 2025 年的結束，我們現在看到 DOCSIS 4.0 的過渡正從逆風轉變為順風，隨著部署規模的擴大，這將使我們處於加速成長的位置。

The Video sale will streamline our operations, strengthen our balance sheet, and allow us to focus entirely on our fast-growing broadband business. This will position us well for accelerating our growth and diversification across broadband, both in DOCSIS and fiber to the home, to take full advantage of the growing available market.

出售視訊業務將簡化我們的運營，增強我們的資產負債表，並使我們能夠完全專注於快速成長的寬頻業務。這將使我們在寬頻領域（包括 DOCSIS 和光纖到府）加速成長和多元化發展方面佔據有利地位，從而充分利用不斷成長的可用市場。

With broadband, with robust demand, strong cash generation, and expanding operating leverage, we are confident in our ability to deliver sustained revenue growth, margin expansion, and continued strong free cash flow in 2026 and beyond.

憑藉寬頻業務的強勁需求、充裕的現金流和不斷擴大的經營槓桿，我們有信心在 2026 年及以後實現持續的收入成長、利潤率擴張和持續強勁的自由現金流。

Thank you for your attention, and now I'll turn it back to Nimrod for closing remarks before we open up the call for questions.

謝謝大家的關注，現在我會把時間交還給尼姆羅德，請他作總結發言，之後我們將開始提問環節。

Thanks, Walter. To summarize, our broadband business delivered a strong finish to 2025. Record bookings and substantial backlog growth provide clear visibility into 2026 and beyond. With the pending sale of our Video business, we're well placed to capitalize on this industry's growth as a pure play leader in the broadband deployment space.

謝謝你，沃特。總而言之，我們的寬頻業務在 2025 年取得了強勁的收官成績。創紀錄的預訂量和大量的積壓訂單增長，為 2026 年及以後的發展提供了清晰的前景。隨著我們視訊業務的出售即將完成，作為寬頻部署領域的純粹領導者，我們已做好充分準備，把握該行業成長帶來的機會。

Our converged DOCSIS and fiber architecture is proven at scale, enabling operators to deliver multi-gigabit services with higher quality of experience and lower cost of ownership. Fiber continues to accelerate as a major growth engine, and unified DOCSIS 4.0 is transitioning from trials to commercial scale.

我們整合了 DOCSIS 和光纖的架構已在大規模應用中得到驗證，使營運商能夠以更高的體驗品質和更低的擁有成本提供多千兆位元服務。光纖作為主要成長引擎持續加速發展，統一的 DOCSIS 4.0 正在從試驗階段過渡到商業規模。

At the same time, our intelligence-driven software capabilities are expanding our differentiation and extending our addressable market. Supported by strong rest-of-world momentum and a more diversified customer base, Harmonic will lead the next phase of broadband network modernization. These dynamics give us confidence in our long-term growth trajectory as DOCSIS 4.0 and fiber deployment scale through 2026 and beyond.

同時，我們以智慧驅動的軟體能力正在擴大我們的差異化優勢，並拓展我們的目標市場。在世界其他地區強勁的發展勢頭和更加多元化的客戶群的支持下，Harmonic 將引領寬頻網路現代化的下一階段。隨著 DOCSIS 4.0 和光纖部署規模在 2026 年及以後擴大，這些動態讓我們對公司的長期成長軌跡充滿信心。

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)

（操作說明）

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thanks for taking the question. I want to start out with how you're thinking about the customer mix for the full year 2026. In that, I assume there are a number of moving parts, and it's intriguing to see the rest-of-world customers getting as big as they did this quarter, so it's a positive, but I imagine we should not make the assumption that they remain at 40% of revenue for the full year. So I'd love to get your thoughts on how 2026 assumptions might be broken down by major customers versus rest-of-world.

感謝您回答這個問題。我想先了解您對 2026 年全年客戶組成的看法。我認為其中有很多變數，而且看到世界其他地區的客戶在本季度發展如此迅速，這很令人興奮，所以這是一個積極的信號，但我認為我們不應該假設他們在全年收入中保持 40% 的份額。所以我很想聽聽您對 2026 年各項假設如何按主要客戶與世界其他地區進行細分的看法。

Hi Simon, it's Walter. Maybe I'll address that here first. So with regards to 2026, the comments we made today around the rest-of-world and the expected continued growth at 30%-plus is one of the factors in looking at the absolute growth of that contingent of customers. Obviously from quarter to quarter, depending on what the largest customers spend, the percent will vary.

嗨，西蒙，我是沃特。或許我應該先在這裡談談這個問題。因此，就 2026 年而言，我們今天在世界其他地區發表的評論以及預計 30% 以上的持續增長是考慮該客戶群絕對增長的因素之一。顯然，每個季度，根據最大客戶的消費額，該百分比都會有所不同。

However, over the long term, with the expectation around this year's growth and continued growth in the rest-of-market customers, we expect that metric to continue moving north. However, as you look at quarter to quarter, you will see it move up and down based on what the other customers are doing in terms of the larger customers.

然而，從長遠來看，考慮到今年的成長預期以及其他市場客戶的持續成長，我們預計該指標將繼續上升。但是，從季度來看，你會發現它會根據其他客戶（尤其是大客戶）的行動而上下波動。

Okay, and you've given us quarterly guidance, full year guidance on gross margin. I just wanted to sort of do a sanity check on my arithmetic in that it sounds like you're expecting some COGS hit from memory to basically start contributing in the second quarter. My rough estimate is something like 300 basis points, which sounds similar to what we've heard from others, but is that kind of the right magnitude of how to think about it?

好的，你們已經給了季度業績指引和全年毛利率指引。我只是想確認我的計算是否正確，因為根據我的記憶，你似乎預計第二季會出現一些銷售成本方面的成長。我粗略估計是 300 個基點左右，這聽起來和我們從其他人那裡聽到的差不多，但這算不算是正確的數量級呢？

Here's what we've assumed based on the very dynamic situation around memory pricing today. We've built in around a net $6 million impact as a result of the pricing that we see today. We have committed orders out there for the supply that we need in 2026, and the pricing on that is generally fixed to some degree. It could move, so we've built in a certain factor there in terms of the margin impact solely from the price element of memory, and as I mentioned, we already have committed all of the supply we need for 2026.

以下是我們根據當前記憶體價格動態變化的情況所做的假設。由於我們目前看到的定價，我們預計淨影響約為 600 萬美元。我們已經下了 2026 年所需供應的訂單，而且這些訂單的價格在某種程度上是固定的。價格可能會變動，因此我們在考慮記憶體價格因素對利潤率的影響時，已經預留了一定的緩衝空間。正如我之前提到的，我們已經預訂了 2026 年所需的全部供應量。

Now, one of the factors beyond margin that I would like to highlight and mention, and it kind of reflects back to the comments I made with regards to the full year guidance and being prudent about it, is that there's always risk that some of those deliveries that are committed get delayed, which could impact your timing of your revenue, or there could be impacts to our customers' ecosystem from other products out there that could have a knock-on or indirect effect on delivery schedules later in the year. So that's why we've taken a more prudent view of our guidance for the full year.

現在，除了利潤率之外，我想強調和提及的另一個因素，這與我之前關於全年業績指引和謹慎行事的評論也有一定關聯，那就是，一些已承諾的交付總是存在延遲的風險，這可能會影響您的收入時間，或者其他產品可能會對客戶的生態系統產生影響，從而對今年晚些時候的交付計劃產生連鎖或間接影響。因此，我們對全年的業績指引採取了更為謹慎的態度。

But specifically with regards to the pricing of memory, we've got a pretty good handle of where it is right now and we've built that in based on looking at the net impact. And when I say net on the $6 million, it's net of what we expect from customer recoveries in terms of additional price matters.

但具體到內存定價方面，我們已經相當清楚地了解了它目前的狀況，並且我們已經根據對淨影響的考慮將其納入考慮。我說的淨額 600 萬美元，是指扣除我們預期從客戶處追回的額外價格款項後所得的金額。

Maybe one last value that maybe you've given us and I haven't found it yet, but I'm just trying to figure out in 2025 what would be the sort of other customers, rest-of-world customers' broadband purchases. So we know total company. I'm trying to figure out what they did in the broadband segment.

也許您已經給了我們最後一個數值，但我還沒有找到。我只是想弄清楚，到 2025 年，其他客戶（世界其他地區的客戶）的寬頻購買情況會是什麼樣的。所以我們知道整個公司的情況。我正在努力弄清楚他們在寬頻領域做了些什麼。

For '25?

2025年？

I think you can -- yeah, $130 million and a change.

我認為你可以——是的，1.3億美元多一點。

130 million, yeah.

1.3億，沒錯。

Great. Thank you. $130 appreciate it.

偉大的。謝謝。 130美元，感激不盡。

$138 million.

1.38億美元。

$138 million as compared to 2024 at just under $95 million.

138美元相比之下，2024 年將略低於 9,500 萬美元。

Thank you very much. Appreciate that.

非常感謝。謝謝。

Thank you Simon.

謝謝你，西蒙。

Ryan Koontz, Needham and Company.

Ryan Koontz，Needham and Company。

Hey, thanks for the question. Nice quarter. Now, look, guys, with regards to the big bookings step-up you saw here in Q4, maybe can you discuss customer behaviors there that drove kind of the change in behavior, and a little bit about the composition there as it relates to maybe the difference between your larger customers and some of your rest-of-market customers within that backlog?

嘿，謝謝你的提問。不錯的街區。現在，各位，關於你們在第四季度看到的預訂量大幅增長，你們能否談談推動這種行為變化的客戶行為，以及這與你們的大客戶和積壓訂單中的其他市場客戶之間的差異有何關係？

Ryan, it's Walter. Yeah, maybe I'll kick it off and Nimrod can add some more color to it, but just in terms of the bookings there in Q4, the way I would categorize it was very strong in the rest-of-world, so the dynamics of both larger customers as well as the rest-of-world were strong. We have some bookings that are multi-year bookings included in there, but you have the current metric there as well in terms of how much of that backlog is going to be expected to be turned into revenue over the next 12 months.

瑞恩，我是沃特。是的，也許我可以先拋磚引玉，然後讓尼姆羅德再添上一些色彩，但就第四季度的預訂情況而言，我認為世界其他地區的預訂量非常強勁，因此無論是大客戶還是世界其他地區的預訂量都很高。其中包含一些多年期的訂單，但同時也包含了目前的指標，即預計在未來 12 個月內，有多少積壓訂單將轉化為收入。

And certainly customers are putting their orders in sooner. We're getting more visibility and we're pushing our teams to get that level of visibility so that way we can ensure that we're ordering appropriately in terms of getting our supply chain ready for the growth.

顧客下單的時間確實也提早了。我們正在提高透明度，並敦促我們的團隊達到這種透明度，這樣我們才能確保我們能夠合理訂購，使我們的供應鏈為成長做好準備。

Great, and maybe with a follow-up if I could on the margin outlook within broadband. What’s your perspective there on increasing mix of software? Is that one of the tailwinds you're seeing as it relates to the step-up in gross margins for '26?

太好了，如果可以的話，我或許可以跟進一下寬頻領域的利潤前景。您對軟體混合使用比例不斷提高有何看法？這是您認為2026年毛利率上升的有利因素之一嗎？

Yeah Ryan, absolutely. It is the step up of the cOS mix for 2026 which is to drive that. Obviously we're scaling up and also scaling broader customer sets, so those are all things that are tailwinds. One of the headwinds, as explained on the prior question, with regards to memory, that's a headwind for us and it has been factored into the overall margin guide.

是的，瑞恩，絕對的。推動這一趨勢的是 2026 年 cOS 組合的升級。顯然，我們正在擴大規模，同時也擴大客戶群，這些都是有利因素。正如前一個問題中所解釋的那樣，記憶體方面的不利因素之一對我們來說是一個不利因素，並且已經將其納入了整體利潤率指導原則中。

And maybe one more comment on the licenses. Historically we had quarters in which we delivered more hardware versus software, and one of the indicators you see now is increasing our connected modems and ONUs. When customers are connecting subscribers, this is typically when there's more cOS licenses being recognized.

關於許可證問題，或許還有一點要補充。從歷史上看，我們曾有過幾個季度硬體交付量超過軟體交付量的情況，而您現在看到的一個指標是，我們連接的數據機和 ONU 的數量正在增加。當客戶連接訂閱用戶時，通常會有更多的 cO 授權被識別。

And is that a factor of -- what’s driving that higher connectivity rate? Is it just rollout or is there --

而這是否是導致連線率更高的因素之一？只是推出而已，還是有其他原因？--

It's a ramp up of production. Sometimes it takes longer to go through integration phase. We announced quite a few new customers over the course of '25. So as we get into end of '25 and '26, you see more of them starting to connect subscribers.

這是產能提升計畫。有時整合階段需要更長時間。在 2025 年期間，我們宣布了不少新客戶。所以到了 2025 年底和 2026 年，你會看到越來越多的人開始連結訂閱用戶。

George Notter, Wolfe Research

喬治諾特，沃爾夫研究公司

Hi guys, it’s Karen on for George. I just want to confirm, you said $6 million in net cost, net of pricing actions, correct? And if so, what sort of pricing actions do you guys plan on taking with your customers?

大家好，我是Karen，替George上線。我只是想確認一下，您說的是扣除定價措施後的淨成本為 600 萬美元，對嗎？如果真是這樣，你們打算對客戶採取什麼樣的定價策略？

Well Karen, it's Walter here. Specifically, the net is, just to confirm the number, it's $6 million net that we've built in there, and the pricing actions have to do with certain products that obviously have higher memory content in it and rolling out those actions. I won't get specific about the nature of those, but obviously this is a significant impact across the industries and it's impacting a lot of different vendors out there, so I'm sure you've heard very similar from them as well.

凱倫，我是沃特。具體來說，為了確認這個數字，淨額是 600 萬美元，這是我們投入的資金，定價策略與某些內存含量較高的產品有關，並且正在推出這些策略。我不會具體說明這些事情的性質，但顯然這對各個行業都產生了重大影響，並且影響到了很​​多不同的供應商，所以我相信你也從他們那裡聽到了非常相似的說法。

Great, thank you.

太好了，謝謝。

Steven Frankel, Rosenblatt Securities

Steven Frankel，Rosenblatt Securities

Good afternoon. I wonder if you might characterize the bookings in the quarter. How significant was that RoW contribution to the total, or did you also have significant bookings from your two key customers in Q4?

午安.我想請您描述一下本季的預訂情況。RoW（世界其他地區）對總銷售額的貢獻有多大？或者說，您在第四季是否也從兩位主要客戶那裡獲得了大量訂單？

Steve, it's Walter. It was a mix of both, to be honest, well spread out between larger customers as well as the rest-of-world. And you saw today in our commentary in terms of the expectations of rest-of-world growth at 30%-plus. So that’s helping us have the level of visibility and confidence around that continued growth trajectory.

史蒂夫，我是沃特。說實話，兩者兼而有之，既包括大客戶，也包括世界其他地區的客戶。正如您今天在我們的評論中看到的，預計世界其他地區的經濟成長率將超過 30%。所以這有助於我們對持續成長的軌跡有更清晰的認識和信心。

Okay, and then on memory, maybe in these products that are more memory‑intense, typically what percentage of the BOM does memory represent?

好的，那麼關於內存，在這些對內存要求較高的產品中，內存通常在物料清單 (BOM) 中佔多大比例？

As compared to other products in the industry outside of what we specifically do, I think we’d fall in the category of the lower end of the spectrum as compared to high memory count. Like for example, if you look at CPE-type equipment, customer‑prem equipment, modems that would have a much higher memory content BOM in the product versus the products we do. But nonetheless, it does have an impact and that's why we made the comments we did.

與業界其他產品（不包括我們專門從事的產品）相比，我認為我們的產品在記憶體容量方面屬於較低端的類別。例如，如果您查看 CPE 類型的設備、客戶高級設備、數據機，您會發現它們的物料清單 (BOM) 記憶體含量比我們生產的產品要高得多。但即便如此，它確實產生了一定的影響，這也是我們發表這些評論的原因。

Okay, and one more quick one. In the revenue breakdown of SaaS and service, if you look at that $58 million in '25, could you give us a rough idea of what maintenance was of the $58 million?

好的，最後一個問題。在 SaaS 和服務收入細分中，如果您查看 2025 年的 5800 萬美元，您能否大致估算一下這 5800 萬美元中有多少是維護費用？

It was the large majority in terms of SLA contracts, but included in there under the SaaS umbrella are the features and functionality that we're also selling out to customers, and very much a focused area of growth. Nimrod mentioned it earlier in his opening remarks in regards to investments we're making around tools and the intelligence on the networks. So maybe Nimrod, you'd like to --

就 SLA 合約而言，它佔據了絕大多數，但 SaaS 涵蓋了我們也向客戶銷售的功能和特性，這是一個重點成長領域。尼姆羅德在開場白中提到了這一點，他談到了我們在網路工具和情報方面的投資。所以，尼姆羅德，也許你想…--

So that’s a component of that. It’s a growing component and we expect that to grow into '26 and beyond, and that's also an area of investment, whether organic or inorganic. We see that as number one, very critical for our customers; number two, very beneficial for our business, given the recurring nature of that.

所以這是其中的一個組成部分。這是一個不斷增長的組成部分，我們預計到 2026 年及以後它將繼續增長，這也是一個投資領域，無論是有機增長還是無機增長。我們認為，第一，這對我們的客戶來說至關重要；第二，鑑於其重複性，這對我們的業務非常有利。

And were any of the multi‑year agreements you talked about in the quarter kind of more software‑focused on these new value‑added offerings, or are these new customers that are securing a multi‑year view into nodes and associated software?

您在季度中提到的多年協議中，是否有一些更側重於這些新的增值產品的軟體協議，或者這些新客戶是否正在確保對節點和相關軟體的多年使用權？

There was a mix in the bookings. There was a mix of hardware and software as well as our tools. When we publicly talk about tools, and more recently intelligence, these are the categories that we talked about. There was a mix of all of the above.

預訂情況各不相同。其中包含硬體、軟體以及我們的工具。當我們公開談論工具，以及最近的情報時，我們談論的就是這些類別。以上所有情況都有所涉及。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you. I am showing no further questions at this time. I’d like to turn the call back over to Nimrod for any further remarks.

謝謝。我目前沒有其他問題要問。我想把電話轉回給尼姆羅德，讓他再發表一些意見。

Thank you. 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.

謝謝。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。

Thank you for your participation. You may now disconnect. Good day.

感謝您的參與。您現在可以斷開連線了。再會。