NETGEAR Inc (NTGR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. [Operator Instructions] I would now like to turn the conference over to Mr. Eric Bieland. please go ahead, sir.

女士們、先生們，感謝你們的耐心等待。【操作員指示】現在我將會議交給艾瑞克‧比蘭德先生。請開始吧，先生。

Thank you, operator. Good afternoon and welcome to NETGEAR's Third quarter of 2025 Financial Results Conference Call. Joining us from the company are Mr. C.J. Prober, CEO, and Mr. Brian Murray, CFO. The format of the call will start with commentary on the business provided by C.J., followed by a review of the financials for the second quarter in guidance for the fourth quarter provided by Brian.

謝謝接線生。下午好，歡迎參加NETGEAR 2025年第三季財務業績電話會議。公司方面，執行長 C.J. Prober 先生和財務長 Brian Murray 先生也出席了本次活動。電話會議的形式將首先由 C.J. 對公司業務進行評論，然後由 Brian 回顧第二季度的財務狀況並給出第四季度的指導意見。

We'll then have time for any questions. If you've not received a copy of today's release, please visit Netgear's investor relations website at www.netgear.com. Before we begin the formal remarks, we advise you that today's conference call contains forward-looking statements. Forward-looking statements include statements regarding expected revenue, gross and operating margins, expenses, tax expenses, and future business outlook.

之後我們會預留時間回答大家的問題。如果您尚未收到今天發布的公告，請造訪Netgear的投資者關係網站www.netgear.com。在正式發言開始之前，我們提醒您，今天的電話會議包含前瞻性陳述。前瞻性陳述包括有關預期收入、毛利率和營業利潤率、支出、稅收支出和未來業務前景的陳述。

Actual results or trends could differ materially from those contemplated by these forward-looking statements. For more information, please refer to the risk factors discussed in Netgear's periodic filings with the SEC, including the most recent Form 10.

實際結果或趨勢可能與這些前瞻性陳述所設想的結果或趨勢有重大差異。有關更多信息，請參閱 Netgear 定期向美國證券交易委員會提交的文件（包括最新的 10 表格）中討論的風險因素。

Any forward-looking statements that we make on this call are based on assumptions as of today, and Netgear undertakes no obligation to update these statements as a result of new information or future events, except as required by law.

我們在本次電話會議中所做的任何前瞻性陳述均基於截至今日的假設，除法律要求外，Netgear 不承擔因新資訊或未來事件而更新這些陳述的義務。

In addition, several non-GAAP financial measures will be mentioned on this call. A reconciliation of the non-GAAP to GAAP measures can be found in today's press release on our investor relations website. At this time I would now like to turn the call over to CJ.

此外，本次電話會議也將提及幾個非GAAP財務指標。有關非GAAP指標與GAAP指標的調節表，請參閱我們投資者關係網站上今天發布的新聞稿。現在我想把電話交給CJ。

Thanks, Eric. We are pleased to share that our team delivered another really strong quarter. Over the past year and a half, Netgear has embarked on the first phase of a dramatic and comprehensive transformation, and the results of everyone's efforts and diligence are coming to fruition.

謝謝你，埃里克。我們很高興地宣布，我們的團隊又取得了非常亮眼的季度表現。在過去一年半的時間裡，Netgear 開始了意義深遠且全面的轉型的第一階段，大家的努力和勤奮正在取得成果。

Well, the seeds of our investment are only beginning to bear fruit in terms of top-line expansion. Our team's operational acumen is unlocking new ways for us to efficiently capitalize on the opportunities in front of us. We are sincerely excited about the foundation we've built and are confident that our transformation positions us exceedingly well to deliver long growth, profitability, and shareholder value creation.

嗯，就營收成長而言，我們的投資種子才剛開始結出果實。我們團隊的運作才能正在為我們開闢新的途徑，讓我們能夠有效率地掌握眼前的機會。我們對已建立的基礎感到非常興奮，並相信我們的轉型將使我們處於非常有利的位置，從而實現長期成長、獲利能力和股東價值創造。

This quarter's results mark the 6th quarter in a row, where net year has exceeded our revenue and non-GAAP operating margin guidance. The supply chain team kept the pedal to the floor to drive material improvement in our supply position for our managed switches, allowing us to grow revenue for our enterprise segment almost 16% year over year.

本季業績標誌著公司連續第六個季度淨收入和非GAAP營業利潤率超過預期。供應鏈團隊全力以赴，推動我們管理型交換機的供應狀況得到實質改善，使我們的企業部門營收年增近 16%。

As a great sign of our strength in this category, ProAD units and ASTs were each up materially year over year, contributing to a strong improvement in gross margin, operating margin, and net profitability. We came into this year hoping to improve our gross margin from 2024 while sharing that we felt that achieving profitability for the year was unlikely.

作為我們在該類別實力的有力證明，ProAD 單元和 AST 均實現了同比大幅增長，從而顯著提高了毛利率、營業利潤率和淨利潤率。今年年初，我們希望從 2024 年開始提高毛利率，但同時也表示，我們認為今年獲利的可能性不大。

We're now thrilled to share that not only are we expecting to be non-GAAP profitable for the year, but we expect to deliver non-GAAP positive EPS in each quarter this year. While our focus remains on making the investments needed to drive our transformation and enable long-term profitable growth, this near-term profitability milestone is a sign our efforts are paying off.

我們現在非常高興地宣布，我們不僅預計今年將實現非GAAP獲利，而且預計今年每季都將實現非GAAP每股收益為正。雖然我們仍然專注於進行必要的投資以推動轉型並實現長期盈利增長，但這一近期盈利里程碑表明我們的努力正在取得成效。

In Q3, our profitability resulted from a big improvement in each segment. We once again delivered positive contribution margin and significantly improved gross margin for each business. an increased mix from enterprise, which delivered an all-time high segment gross margin of over 50%, led to another record high non-GAAP gross margin for the company of 39.6%, surpassing the record from last quarter by 180 basis points.

第三季度，我們獲利能力的提升得益於各個業務部門的大幅改善。我們再次實現了正貢獻毛利，各業務的毛利率均顯著提高。企業業務佔比提升，使其毛利率創歷史新高，超過50%，帶動公司非GAAP毛利率再創新高，達到39.6%，比上季度創下的紀錄高出180個基點。

This enabled us to deliver positive non-GAAP operating income, well above guidance, and non-GAAP EPS of $0.12. We were also extremely successful on the capital allocation front, repurchasing $20 million of our common stock at an average price of $24.55 per share in the quarter. We plan to continue to opportunistically return capital to shareholders via share repurchases at a minimum to offset dilution.

這使我們能夠實現正的非GAAP營業收入，遠超預期，非GAAP每股收益為0.12美元。我們在資本配置方面也取得了巨大成功，本季以每股24.55美元的平均價格回購了2,000萬美元的普通股。我們計劃繼續透過股票回購等方式，至少在一定範圍內，擇機向股東返還資本，以抵銷股權稀釋。

Before moving on to updates for our business segments, we're excited to share a couple of important updates on our transformation that will allow us to continue to evolve how we position our products and services in the market.

在介紹我們各個業務部門的最新進展之前，我們很高興與大家分享一些關於我們轉型的重要進展，這將使我們能夠不斷改進我們在市場上的產品和服務定位。

First, we launched our new website yesterday and we encourage you all to check that out. This has been in the works for over a year and reflects our new branding that will serve to more clearly distinguish our consumer and commercial businesses.

首先，我們昨天推出了新網站，歡迎大家去看看。這項工作已經籌備了一年多，它體現了我們全新的品牌形象，這將有助於更清晰地區分我們的消費者業務和商業業務。

A key part of this change involves renaming our commercial business from Netgear for Business to Netgear Enterprise. This is a reflection of the fact that we're delivering reliable enterprise grade solutions to large customers that include Fortune 500 companies and mission critical events like the G7 summit, not to mention many different global tier one music and sporting events.

此變革的關鍵部分在於將我們的商業業務名稱從 Netgear for Business 更改為 Netgear Enterprise。這反映出我們正在為包括財富 500 強企業和 G7 峰會等關鍵任務活動在內的大型客戶提供可靠的企業級解決方案，更不用說許多不同的全球頂級音樂和體育賽事了。

Second, starting in Q4, we'll be reporting on two segments Netgear Enterprise and Netgear Consumer. As we've shared over the past several quarters, our mobile products serve both of these end customers, and the go forwardward product strategy is to drive stronger integration of our mobile products into our app and subscription service for consumers on the one hand and into our cloud management and security platform for our enterprise customers on the other.

其次，從第四季開始，我們將分別報告 Netgear 企業版和 Netgear 消費者版兩個商業板塊。正如我們在過去幾個季度中分享的那樣，我們的行動產品服務於這兩個最終客戶，而未來的產品策略是，一方面將我們的行動產品更緊密地整合到面向消費者的應用程式和訂閱服務中，另一方面將其整合到面向企業客戶的雲端管理和安全平台中。

Mobile, of course, remains an important strategic capability that we will leverage to expand both our consumer and enterprise businesses. Brian will share more details on this in his section.

當然，行動技術仍然是一項重要的策略能力，我們將利用它來拓展我們的消費者業務和企業業務。布萊恩將在他的章節中分享更多細節。

With that context, I'll move on to the business segment updates. Our enterprise segment again led the way in driving our great results, and we continue to see double-digit demand growth for our best in class Pro AB managed switches.

有了以上背景，接下來我將介紹業務板塊的最新進展。我們的企業級業務再次引領了我們取得優異業績，我們一流的 Pro AB 管理型交換機的需求持續保持兩位數成長。

The Netgear team successfully navigated supply chain headwinds to accelerate supply and start to lower our backlog, leading to outperformance in the quarter.

Netgear 團隊成功克服了供應鏈逆風，加快了供應速度，並開始減少積壓訂單，從而在本季度取得了優異的業績。

While we still believe we'll return to an optimal inventory position in the first quarter, the 16% sequential growth of our managed switch revenue in Q3 reflects better supply and strong end user demand for these products.

雖然我們仍然相信我們將在第一季恢復到最佳庫存水平，但第三季我們管理型交換機營收季增 16%，反映出供應情況有所改善，以及終端用戶對這些產品的強勁需求。

We're already a clear leader in the pro-AV space and continue to expand our advantages and round out our value proposition by relentlessly growing our ecosystem, notably reaching 500 AV partners this quarter. Further.

我們已是專業視聽領域的領導者，並透過不斷發展我們的生態系統來擴大我們的優勢並完善我們的價值主張，尤其值得一提的是，本季度我們已擁有 500 家視聽合作夥伴。更遠。

The AV professional services that launched in the second quarter have garnered positive early traction with blue chip customers and will be an integral part of expanding our enterprise value proposition and non-device revenue going forward.

第二季推出的 AV 專業服務已獲得藍籌客戶的正面回饋，並將成為我們未來擴大企業價值主張和非設備收入的重要組成部分。

Essential to achieving this goal is our constant drive to innovate in ways that will improve our differentiation across products, pricing, and partners. Much of our headcount growth remains an enterprise as we're building out our software development capabilities. Our new team in Chennai, which is roughly cost neutral due to a simultaneous reduction in outsourced software development capacity, allows us to improve our efficiency, quality, and competitive differentiation.

實現這一目標的關鍵在於我們不斷創新，以提高我們在產品、定價和合作夥伴方面的差異化優勢。由於我們正在建立軟體開發能力，因此我們的人員成長主要集中在企業層面。由於外包軟體開發能力同時減少，我們在欽奈組建的新團隊基本上實現了成本中性，這使我們能夠提高效率、品質和競爭優勢。

With this new and growing team, we're making great strides in improving our device firmware, cloud management, and security software offerings. We're also in the process of greatly improving the user experience, and in the coming months we will be integrating networking and security in a manner that will lead to a unique offering in the industry.

憑藉這支不斷壯大的新團隊，我們在改進設備韌體、雲端管理和安全軟體產品方面取得了長足進步。我們目前也大力改善使用者體驗，在接下來的幾個月裡，我們將整合網路和安全功能，從而打造出業界獨一無二的產品。

We plan to offer networking and security with enterprise grade reliability delivered by a simple user experience at an affordable price that will make this platform purpose built for managed service providers and small to medium enterprises.

我們計劃以實惠的價格，提供具有企業級可靠性的網路和安全功能，並提供簡單的用戶體驗，使該平台成為專為託管服務提供商和中小型企業量身打造的平台。

And as a first step to addressing cybersecurity in our target market, earlier this month, we announced a tailored security solution for SMEs based on technology obtained via the acquisition of Exxiom earlier this year.

作為解決目標市場網路安全問題的第一步，本月初，我們宣布推出一項針對中小企業的客製化安全解決方案，該方案基於今年稍早收購 Exxiom 所獲得的技術。

This exciting new unified solution is the industry's only all in one sassy and hybrid firewall platform designed specifically for SMEs and the MSPs that support them. We can now secure remote workers as well as the on-premise networks and combine advanced threat protection, AI-powered zeroo trust network access, web gateway security, SD-WAN, and firewall capabilities in a single user friendly platform.

這款令人興奮的全新統一解決方案是業界唯一專為中小企業及其支援服務供應商 (MSP) 設計的一體化、靈活且混合的防火牆平台。現在，我們不僅可以保護遠端工作人員，還可以保護本地網絡，並將高級威脅防護、AI 驅動的零信任網路存取、Web 網關安全、SD-WAN 和防火牆功能整合到一個用戶友好的平台中。

The investments we've made in the enterprise business are clearly beginning to deliver both financial and operational benefits. While we continue to have success in hiring key leaders for the enterprise sales team, we're starting to expand the list of marquee customers we serve. In the most recent quarter, we closed material deals with a Fortune 10 global retailer, Boeing, the South African Parliament, University of Wales, and Fox Sports, to name a few.

我們在企業業務方面的投資顯然已經開始帶來財務和營運方面的收益。雖然我們在為企業銷售團隊招募關鍵領導人方面持續取得成功，但我們也開始擴大我們服務的知名客戶名單。在最近一個季度，我們與財富 10 強全球零售商、波音公司、南非議會、威爾斯大學和福克斯體育等公司達成了重要交易。

Moving on to home networking. While the retail market remains highly competitive, we're continuing to make inroads with our good, better, best strategy. Sequential top-line growth came in at roughly 8%, and we once again delivered positive contribution margin in the quarter.

接下來我們來談談家庭網路。儘管零售市場競爭依然非常激烈，但我們憑藉著「好、更好、最好」的策略，不斷取得進展。本季營收季增約 8%，我們再次實現了正的貢獻毛利率。

Key enablers to this success are the broadening product portfolio, strengthen our higher margin D2C channel, leaner operational execution, and growing annual recurring revenue, which reached 37.9 million in the quarter and grew 17.2% year over year.

實現這一成功的關鍵因素包括：不斷擴大的產品組合、加強利潤率更高的 D2C 管道、更精簡的營運執行以及不斷增長的年度經常性收入（本季度達到 3790 萬美元，同比增長 17.2%）。

Our RB 370 mesh product that launched in the quarter is gaining momentum in the market and outperformed our expectations. This is our most affordable Wi FY 7 mesh system to date and offers high-end performance and security at an accessible price point benefits that are clearly resonating with customers.

本季推出的 RB 370 網狀產品在市場上獲得了良好的發展勢頭，並超越了我們的預期。這是我們迄今為止最經濟實惠的 Wi FY 7 網狀網路系統，以親民的價格提供高端的性能和安全性，其優勢顯然引起了客戶的共鳴。

We remain confident in the long-term growth potential of the home networking business and notably saw share growth in Wi FY 7 routers and mesh systems in Q3, pointing to Netgear's expanding sphere of influence in this part of the market.

我們仍然對家庭網路業務的長期成長潛力充滿信心，尤其值得注意的是，我們在第三季度 Wi-Fi 路由器和網狀網路系統的市場份額有所增長，這表明 Netgear 在該市場領域的影響力正在擴大。

The mobile segment delivered on our modest top-line expectations and with strong demand for a high-end offering, we achieved record non-GAAP gross margins of 31% for this business.

行動業務板塊實現了我們適度的營收預期，由於對高端產品有強勁的需求，該業務的非GAAP毛利率達到了創紀錄的31%。

Although the service provider channel remains highly competitive, we continue to add new channel partners. For example, we'll be launching the M7 Pro with 02 in the UK this quarter. We also have exciting new products coming to market for this segment over the coming months that will expand our addressable market.

儘管服務供應商管道競爭依然非常激烈，但我們仍在不斷增加新的通路合作夥伴。例如，我們將在本季在英國推出搭載 O2 電池的 M7 Pro。未來幾個月，我們還將推出令人興奮的新產品，進一步拓展該細分市場。

Over the long-term, we expect our strategic capability in delivering mobile products to benefit our consumer and enterprise segments by offering differentiated experiences that are integrated closely with our broader solution for these end markets.

從長遠來看，我們期望我們在交付行動產品方面的策略能力能夠透過提供差異化的體驗，使我們的消費者和企業客戶受益，這些體驗將與我們面向這些終端市場的更廣泛的解決方案緊密結合。

So in summary, this quarter was marked by solid execution, and these results underscore the impact of our strategic transformation in building a healthier, more resilient business for the long-term.

總而言之，本季執行力強勁，這些成果凸顯了我們策略轉型對建立更健康、更具韌性的長期業務的影響。

We remain well positioned to be the trusted domestic supplier across our range of products, a true differentiator in this market, and remain almost completely exempt from tariffs.

我們依然保持著良好的市場地位，成為值得信賴的國內供應商，產品種類齊全，在這個市場中擁有真正的差異化優勢，並且幾乎完全免徵關稅。

We're focusing on the right areas, growing our higher margin segments, driving operational efficiency, and delivering value to our customers, and it's showing in our financial performance thus far while setting the stage for renewed growth in 2026. With that, I'll turn it over to Brian.

我們正專注於正確的領域，發展利潤率較高的業務板塊，提高營運效率，並為客戶創造價值，這已體現在我們迄今為止的財務表現中，同時也為 2026 年的重新成長奠定了基礎。接下來，我將把麥克風交給布萊恩。

Thank you, CJ, and thank you everyone for joining today's call. We entered the second half of the year, building on the solid momentum we established in the 1st half, and I'm pleased to share that this marks a 6th consecutive quarter where we exceeded the high end of our guidance ranges for revenue and non-GAAP operating margin.

謝謝CJ，也謝謝大家參加今天的電話會議。我們進入了下半年，延續了上半年建立的良好勢頭，我很高興地宣布，這標誌著我們連續第六個季度超過了收入和非GAAP營業利潤率預期範圍的上限。

Propelled by the strong demand for our managedwitch products within our enterprise business segment. And enabled by the ongoing operational excellence of our team, we drove sequential top-line growth of more than 8% while attaining non-GAAP gross margin of 39.6%, yet another new all-time high for Netgear.

受企業業務部門對我們託管型網路產品的強勁需求所推動。憑藉我們團隊持續卓越的營運能力，我們實現了超過 8% 的環比營收成長，同時實現了 39.6% 的非 GAAP 毛利率，這是 Netgear 的另一個歷史新高。

These impressive results are undeniable signs of progress as we continue to execute our long-term growth and profitability strategy. For the quarter ended September 28, 2025, revenue was above the high end of our guidance range, coming in at $184.6 million up 8.2% on a sequential basis, and up 0.9% year over year.

這些令人矚目的成果無疑是我們持續推動長期成長和獲利策略取得進展的有力證明。截至 2025 年 9 月 28 日的季度，營收高於我們預期範圍的上限，達到 1.846 億美元，環比增長 8.2%，年增 0.9%。

The third quarter's outperformance was once again a result of a strong showing by our higher margin enterprise segment. Benefiting from ASP and unit growth in ProAV managedwitch products. The team worked tirelessly to improve supply in the quarter, which enabled a 16% sequential revenue growth for these products and meaningful double-digit growth year over year in any user demand.

第三季業績優異再次得益於我們高利潤率企業部門的強勁表現。受惠於ProAV託管交換器產品的平均售價和銷售成長。該團隊不懈努力，在本季度改善了供應，使得這些產品的收入環比增長了 16%，並且任何用戶需求都實現了兩位數的同比增長。

We also saw all three of our businesses delivered positive contribution income for the second consecutive quarter. In Q3, we repurchased $20 million of our shares and ended the quarter with $326.4 million in cash in short-term investments. We delivered $90.8 million of revenue in the enterprise segment for the third quarter, up 9.9% sequentially and up 15.7% year over year, above our expectations.

我們也看到，我們旗下的三項業務連續第二季實現了正貢獻收入。第三季度，我們回購了價值 2,000 萬美元的股票，季末我們持有 3.264 億美元的現金用於短期投資。第三季度，我們在企業部門實現了 9,080 萬美元的收入，季增 9.9%，年增 15.7%，超出預期。

Although we continue to be challenged by supply constraints around certain managedwitch products in the enterprise business, the team executed well and was once again able to outperform our forecasts for the quarter by working closely with key vendors to navigate these headwinds.

儘管我們在企業業務中仍然面臨某些託管交換機產品供應受限的挑戰，但團隊執行得很好，並透過與主要供應商密切合作克服這些不利因素，再次超越了我們對本季度的預測。

Notably, in spite of these supply constraints, the revenue mix of our products from higher margin enterprise segment continued to climb and grew both sequentially and year over year, adding to the corporate margin improvement.

值得注意的是，儘管存在這些供應限制，但我們來自高利潤企業部門的產品的收入佔比仍然持續攀升，環比和同比均有所增長，從而提高了公司利潤率。

We continue to expect modest impacts from the supply constraints in Q4. And expect to be back into a healthy supply position in Q1 so we can fully capitalize on the substantial and growing demand.

我們仍然預計第四季度供應限制的影響不大。預計第一季供應將恢復正常，以便我們能夠充分利用不斷增長的巨大需求。

In Q3, the home networking business delivered net revenue of $72.6 million down 6.6% on a year to year basis and up 7.6% sequentially. The US retail market remained extremely competitive, but with the introduction of our entry point Wifi 7 mesh offering in the Orbi 370, We were able to gain share in the Wifi 7 mesh category, and we saw similar share gains in Wi FY 7 routers.

第三季度，家庭網路業務淨收入為 7,260 萬美元，年減 6.6%，季增 7.6%。美國零售市場競爭仍然非常激烈，但隨著我們推出入門級 Wifi 7 網狀網路產品 Orbi 370，我們在 Wifi 7 網狀網路領域獲得了市場份額，並且在 Wifi 7 路由器領域也獲得了類似的市場份額增長。

We have moved past higher cost inventory and continue to benefit from an improved product mix of Wi FY 7 offerings coupled with streamlined channel execution. Revenue for the mobile business in Q3 was $21.1 million down 20.7% year over year, but up 3.3% sequentially.

我們已經擺脫了高成本庫存的困境，並繼續受益於 Wi FY 7 產品組合的改進以及通路執行的精簡。第三季行動業務收入為 2,110 萬美元，年減 20.7%，但季增 3.3%。

Mobil benefited from an increased adoption of a high-end Nighthawk M7 Pro mobile hotspots in retail. With additional products expected to launch in the coming months, we believe the full benefit of our good, better, best strategy will build over time.

Mobil受益於高階Nighthawk M7 Pro行動熱點在零售領域的普及。隨著未來幾個月預計將推出更多產品，我們相信，隨著時間的推移，我們「好、更好、最好」策略的全部益處將會逐漸顯現。

Our focus in mobile technology really straddles both consumer and enterprise customers. As such, we will be reporting two business segments going forward with products and solutions built on mobile technology being in both businesses.

我們在行動技術領域的關注點真正涵蓋了消費者和企業客戶。因此，今後我們將報告兩個業務部門，這兩個部門都將提供基於行動技術的產品和解決方案。

Even though more than 50% of our mobile hotspot products sold through our service provider channel are to commercial customers, the initial reporting of this revenue will remain in our consumer business segment.

儘管我們透過服務供應商管道銷售的行動熱點產品中有超過 50% 是面向商業客戶的，但該收入的初始報告仍將歸入我們的消費者業務部門。

We will continue to supplement reporting of revenue for mobile products sold to service providers and plan to add our cable modem and gateway businesses to this reporting as well, since these products also enable services offered by these operators.

我們將繼續補充報告向服務提供者銷售的行動產品的收入，並計劃將我們的有線調變解調器和網關業務也納入此報告範圍，因為這些產品也支援這些業者提供的服務。

This revenue callout will allow investors to isolate these declining businesses in their assessment of net gear and our transformation. Now moving on to an update on a recurring subscriber base, we continue to believe that focusing on increasing our recurring subscriber base is the optimal strategy to add high margin revenue throughout our business while differentiating our offerings.

此次營收揭露將使投資者能夠在評估淨資產和我們的轉型時，將這些下滑的業務單獨列出來。現在我們來談談經常性用戶群的最新情況。我們仍然認為，專注於增加經常性用戶群是提高我們業務整體利潤率、同時實現產品差異化的最佳策略。

We've made progress with our initiatives to transform these offerings, successfully moving more customers to our higher ASP Armor Plus offering, which is the driving force in growing our ARR by 17.2% year by year. Reaching $37.9 million in the quarter.

我們在產品轉型方面取得了進展，成功地將更多客戶轉移到我們平均售價更高的 Armor Plus 產品，這是我們 ARR 每年成長 17.2% 的驅動力。本季達到 3,790 萬美元。

We remain confident we can grow our highly profitable Aar over time, and I'm pleased to share that we exited Q3 with 560,000 recurring subscribers. From this point on, my discussion points will focus on non-GAAP numbers. The reconciliation from GAAP to non-GAAP is detailed in our earnings release distributed earlier today.

我們仍然有信心隨著時間的推移，我們能夠實現高利潤的 Aar 的成長，我很高興地宣布，截至第三季末，我們的經常性訂閱用戶已達 56 萬。從現在開始，我的討論重點將集中在非GAAP財務資料。GAAP 與非 GAAP 之間的調整細節已在今天稍早發布的盈利報告中詳細說明。

Non-GAAP gross margin came in at 39.6% in the third quarter of 2025, once again, a new record, and the fifth consecutive quarter of sequential gross margin expansion. This marked an 850 basis point increase compared to 31.1% in the prior comparable period and a 180 basis point increase compared to 37.8% in the second quarter of 2025.

2025 年第三季度，非 GAAP 毛利率達到 39.6%，再次創下新紀錄，也是毛利率連續第五個季度成長。與上一可比較期間的 31.1% 相比，這標誌著增長了 850 個基點；與 2025 年第二季度的 37.8% 相比，這標誌著增長了 180 個基點。

Our growth margin in the current period benefited from an improved mix of our higher margin enterprise business. Success in moving past older, higher cost inventory, along with other benefits of operating with channel inventory at leaner levels relative to the year ago period.

本期利潤率的成長得益於高利潤率企業業務組合的改善。成功擺脫了較舊、成本較高的庫存，以及與去年同期相比，渠道庫存水準降低帶來的其他好處。

Drilling down to the profitability of our three business segments, ALL3 segments were profitable on a contribution margin basis for the second quarter in a row, and each grew their contribution margin by at least 440 basis points year over year.

深入分析我們三個業務部門的盈利能力，ALL3 部門連續第二個季度實現貢獻毛利盈利，並且每個部門的貢獻毛利都比上年同期增長了至少 440 個基點。

This is the truest indicator of the operational changes we've made over the last 6 quarters and the stellar execution of the team. Enterprise gross margin was 51%, up 630 basis points year every year, matching its highest level ever, led again by strong demand for our pro AV managed switches. Driven by strong demand for our Nighthawk M7 Pro mobile hotspots, the mobile segment experienced the largest improvement in segment gross margin expansion year over year, growing 1,270 basis points to 31%.

這是我們過去六個季度所進行的營運變革以及團隊出色執行力的最真實體現。企業毛利率為 51%，年成長 630 個基點，與歷史最高水準持平，這再次得益於市場對我們專業 AV 管理交換器的強勁需求。受市場對我們 Nighthawk M7 Pro 行動熱點的強勁需求推動，行動業務部門的毛利率年增幅最大，成長了 1270 個基點，達到 31%。

The home networking segment was aided by an improved mix of Wi FY 7 products, the move into lower cost inventory, strength in our higher margin direct to consumer channel, which grew to approximately 15% of sales, improving our gross margin for this business by 590 basis points year over year to 27.7%. Total Q3 non-GAAP operating expenses came in at $69.2 million up 25.1% year over year and up 5.4% sequentially, as we had some one-time expenses related to moving our headquarters, and we continued our strategic hiring plans.

家庭網路業務得益於 Wi FY 7 產品組合的改進、向低成本庫存的轉型以及高利潤率的直接面向消費者管道的強勁表現（該通路的銷售額增長至約 15%），使該業務的毛利率同比提高了 590 個基點，達到 27.7%。第三季非GAAP營運總支出為6,920萬美元，較去年同期成長25.1%，較上季成長5.4%，原因是公司總部搬遷產生了一些一次性支出，並且我們繼續推進策略招募計畫。

We saw an increase in facility-related costs due to moving our new San Jose headquarters in Q3, but we expect this cost to normalize. Our headcount was 753 at the end of the quarter, up from 707 in Q2. As a reminder, we conducted a reorganization in January to enact approximately $20 million in annual savings and are reinvesting those savings in the areas of the business that we expect will deliver the best growth and profitability. This is reflected in the sequential operating expense and headcount increase, most notably within our enterprise business.

由於我們在第三季搬遷了位於聖荷西的新總部，設施相關成本增加，但我們預計這筆成本將會恢復正常。本季末，我們的員工人數為 753 人，高於第二季的 707 人。再次提醒大家，我們在 1 月進行了重組，實現了每年約 2000 萬美元的節約，並將這些節約下來的資金重新投資於我們預期能夠帶來最佳增長和盈利能力的業務領域。這體現在營運費用和員工人數的連續成長上，尤其是在我們的企業業務中。

Our non-GAAP R&D expense for the third quarter was 11.7% of net revenue, as compared to 11% of net revenue in the prior comparable period. and 11.6% of net revenue in the second quarter of 2025.

第三季非GAAP研發費用佔淨收入的11.7%，去年同期為11%，2025年第二季為11.6%。

To continue our technology and product leadership, we are committed to continuing investment in R&D. I'm pleased that we delivered non-GAAP profitability above the high endeavor guidance range. Enabled by improved top-line led by enterprise growth.

為了維持我們在技術和產品方面的領先地位，我們致力於持續加大研發投入。我很高興我們實現了高於預期目標的非GAAP獲利能力。得益於企業成長帶來的營收提升。

And compounded by gross margin improvement. Our Q3 non-GAAP operating income was $3.8 million resulting in a non-GAAP operating margin of 2.1%, an improvement of 120 basis points compared to the year ago period.

再加上毛利率的提高。我們第三季的非GAAP營業收入為380萬美元，非GAAP營業利潤率為2.1%，比去年同期提高了120個基點。

And an improvement of 280 basis points compared to the prior quarter. as a reminder, the prior year period included a $10.9 million dollar benefit from a legal fee adjustment relating to the favorable settlement of a legal matter.

與上一季相比，改善了 280 個基點。需要注意的是，去年同期包含因一起法律案件的有利和解而產生的 1,090 萬美元法律費用調整收益。

Our non-GAAP tax expense was approximately $3.4 million in the third quarter of 2025. Looking at the bottom line for Q3, we reported non-GAAP net income of approximately $3.5 million resulting in a non-GAAP income of $0.12 per share.

2025 年第三季度，我們的非 GAAP 稅務支出約為 340 萬美元。從第三季的最終結果來看，我們報告的非GAAP淨收入約為350萬美元，導致非GAAP每股收益為0.12美元。

Turning to the balance sheet, we entered the third quarter of 2025 with $326.4 million in cash and short-term investments, down $37.1 million from the prior quarter, due largely to $20 million in stock repurchases and changes in working capital.

從資產負債表來看，截至 2025 年第三季度，我們擁有 3.264 億美元的現金和短期投資，比上一季減少了 3,710 萬美元，這主要是由於 2,000 萬美元的股票回購和營運資本的變化。

During the quarter, $7.4 million of cash was used by operations, which brings our total cash provided by operations over the trailing 12 months to $3.6 million. We used $9.7 million in purchases of property and equipment during the quarter, elevated from normal levels relating to improvements to our new corporate headquarters.

本季度，營運活動使用了 740 萬美元現金，使過去 12 個月的營運活動產生的現金總額達到 360 萬美元。本季我們花了 970 萬美元用於購買房產和設備，高於正常水平，這主要是為了改善我們新的公司總部。

Which brings our total cash use for capital expenditures over the trailing 12 months to $17.1 million. In Q3, we spent $20 million to repurchase approximately 815,000 shares of Neckyear Common stock at an average price of $24.55 per share.

這使得我們過去 12 個月的資本支出現金總額達到 1,710 萬美元。第三季度，我們花費 2,000 萬美元回購了約 815,000 股 Neckyear 普通股，平均價格為每股 24.55 美元。

We have approximately $2 million shares reserved in our current authorization, and our fully deleted share account is approximately 29.8 million shares as of the end of the third quarter. We're committed to returning value to our shareholders and plan to continue to opportunistically repurchase shares in future periods.

我們目前的授權中預留了約 200 萬美元的股份，截至第三季末，我們完全註銷的股份帳戶約為 2,980 萬股。我們致力於為股東創造價值，並計劃在未來繼續擇機回購股票。

I'll now cover out like for the fourth quarter of 2025. Within an enterprise, and user demand for a Pro AD line of managed switches is expected to remain strong. and although we expect to continue to make improvements in our supply position, we continue to face supply headwinds which may limit our ability to capture the full top-line potential of this growing business.

接下來我將介紹 2025 年第四季的情況。在企業內部，用戶對Pro AD系列管理型交換器的需求預計將保持強勁。儘管我們預計供應狀況將持續改善，但我們仍然面臨供應方面的挑戰，這可能會限制我們充分挖掘這項不斷成長的業務的營收潛力。

On the home networking side, we are seeing signs of the benefit of our broader product portfolio to address the market. On the mobile side, we expect revenue to be in line with Q3 as we await our new product introductions to round out the portfolio, which we don't expect to yield benefits until next year. accordingly, we expect 4th quarter net revenue to be in the range of $170 million to $185 million.

在家庭網路方面，我們已經看到，我們更廣泛的產品組合對滿足市場需求具有積極作用。在行動業務方面，我們預計營收將與第三季持平，因為我們仍在等待新產品的推出以完善產品組合，而這些新產品預計要到明年才能產生效益。因此，我們預計第四季淨營收將在1.7億美元至1.85億美元之間。

In the 4th quarter, we expect our operating expenses to be slightly reduced with our facilities cost normalizing now that we have transitioned into our new corporate headquarters, with some offset as we further ramp our planned investments. We'll focus on insourcing software development capabilities and enhancing our go to market capabilities supporting our enterprise business.

第四季度，隨著我們遷入新的公司總部，設施成本將趨於正常化，預計營運費用將略有下降；但隨著我們進一步加大計畫投資，部分降幅將被抵銷。我們將專注於內部軟體開發能力和增強市場推廣能力，以支援我們的企業業務。

Additionally, we expect a headwind to our gross margin of about 150 basis points, mainly related to the rising cost of memory, as several of the large suppliers in this space have exited the DDR4 market. Accordingly, we expect our fourth quarter GAAP operating margin to be in the range of 7.3% to 4.3%, and non-GAAP operating margin to be in the range of 2% to 1%.

此外，我們預計毛利率將面臨約 150 個基點的阻力，主要與記憶體成本上升有關，因為該領域的幾家大型供應商已經退出了 DDR4 市場。因此，我們預計第四季度 GAAP 營業利潤率將在 4.3% 至 7.3% 之間，非 GAAP 營業利潤率將在 1% 至 2% 之間。

Our GAAP tax expense is expected to be in the range of a benefit of $500,000 to an expense of $500,000. and our non-GAAP tax expense is expected to be in the range of $500,000 to $1.5 million for the fourth quarter of 25. and with that we can now open it up for questions.

我們預計2025年第四季的GAAP稅收支出將在50萬美元收益至50萬美元支出之間，非GAAP稅收支出將在50萬美元至150萬美元之間。現在我們可以開始接受提問了。

At this time, I would like to remind everyone [Operator Instructions] our first question comes from the line of Tor Sandberg or from Steel, please go ahead.

此時，我想提醒大家[操作說明]，我們的第一個問題來自 Tor Sandberg 或 Steel，請繼續。

Yes, thank you, CJ, Brian, and congrats on the continuous progress here. My first question is on the gross margin headwind for the fourth quarter. Is that across the board for each three of the segments, or is this mainly more tied to the enterprise segment?

是的，謝謝你們，CJ，布萊恩，恭喜你們在這裡持續的進步。我的第一個問題是關於第四季毛利率面臨的不利因素。這種情況是適用於所有三個細分市場，還是主要與企業細分市場有關？

Yeah, good question. So the main headwind is coming from the DDR4 memory, situation where the largest suppliers in that space have taken their products end of life, and at this point there are smaller players who are trying to pick up capacity. Memory is in products in each of our businesses. I'd say it's more acutely felt on the home networking side at this point, but it does. It does impact all three businesses.

嗯，問得好。因此，主要的阻力來自 DDR4 內存，該領域最大的供應商已經停止了其產品的生命週期，目前一些較小的廠商正在試圖填補產能缺口。記憶體是我們所有業務產品的核心組成部分。我認為目前家庭網路方面受到的影響更為明顯，但確實存在這種情況。這確實會對這三家企業都產生影響。

Very good. And when I look at your revenue guidance, it's like a $15 million spread. Could you just talk about some of the puts and takes, what would have to happen for you to get to the higher end of the range versus lower end of the range? I mean, I assume supply is part of it because you obviously have very good background visibility, but, anything else that you could share with us as far as variability within that guidance range?

非常好。當我查看你們的營收預期時，發現差距大約有 1500 萬美元。您能否談談一些賣出和賣出的情況，要達到價格區間的高端和低端分別需要發生什麼？我的意思是，我假設供應是其中的一部分，因為你們顯然對背景情況有非常清晰的了解，但是，關於該指導範圍內的變動情況，您還能和我們分享些什麼嗎？

Yeah, I'll start there and CJ can certainly chime in as well. Supply is the big factor there, as we've said throughout the year, we're seeing tremendous progress on the managed switch side with the ProAV switches.

好的，我就從這裡開始，CJ當然也可以補充一些內容。供應是關鍵因素，正如我們今年一直強調的那樣，我們在管理型交換機方面，特別是專業視聽交換機方面，取得了巨大的進步。

We are still supply constrained. We are making progress there, but really don't believe we'll be in a position to have safety stock in place until Q1 of next year. So that would be one lever as you saw in Q3, the upside to the quarter that obviously impacted gross margins as well as the top-line was that we were able to to pull things in ahead of expectations. So that would be one potential lever there.

我們仍然面臨供應限制。我們在這方面取得了進展，但真的不認為我們能在明年第一季之前建立起安全庫存。所以，正如你在第三季度看到的那樣，這是一個槓桿，該季度的利好因素顯然影響了毛利率和營收，那就是我們能夠提前完成一些事情。所以這可能是可以施加影響的因素。

The other thing would certainly be the success of the Q4 holiday promotional period, what happens in the home networking market, I would say would be another factor to unlocking more towards the upside potential in that revenue guide.

另一個因素當然是第四季度假日促銷期的成功與否，家庭網路市場的走向，我認為這將是釋放營收預期成長潛力的另一個因素。

Great, thank you. I'll go back in line.

太好了，謝謝。我回去排隊。

Your next question comes from the line of Adam Tindall from Raymondja. Please go ahead.

你的下一個問題來自雷蒙德賈樂團的亞當廷德爾的詩句。請繼續。

Okay, thanks, CJ, I want to start by just acknowledging great progress on the gross margin front and very clear that your leadership and strategy towards pushing more of the enterprise business and quality of the business hire is manifesting itself in results.

好的，謝謝 CJ，首先我想肯定毛利率方面取得的巨大進步，並且非常清楚地表明，您在推動更多企業業務和提高業務招聘品質方面的領導和策略正在取得成果。

More recently we've seen more headlines around TP Link of late and we obviously get a lot of investor questions on that. So I just wanted to start. on that subject, it seems like there's a lot of government activity around TP Link. Just give us your sense of the latest of your understanding there and the potential timeline and opportunity on that.

最近我們看到更多關於TP-Link的新聞報道，顯然我們也收到了許多投資者的相關問題。所以我想先談談這個話題。似乎政府對TP-Link有許多關注。請您談談您對此事的最新了解，以及可能的時間安排和機會。

Yeah, sounds good and hi Tory hi hi Adam. So Bloomberg reported a few weeks ago that there's been a flurry of activity, and I think that's a kind of well put statement around what's happening.

好的，聽起來不錯，嗨，托里，嗨，亞當。彭博社幾週前報道稱，最近出現了一系列活動，我認為這很好地概括了目前的情況。

In the article they mentioned that there's a final deter initial determination on TP Link. It's been completed and a bunch of administrative activity around that haven't heard. About it since then, but more broadly, the Senate just passed the NDAA, which states that it's going to evaluate TP Link as a DOD covered company. Yesterday the FCC voted in favor of restricting networking equipment that has connected components from. The Chinese covered list.

文章中提到，TP-Link的最終裁定已經完成，但仍有一些相關的行政工作尚未公佈。從那時起，事情的發展就更加複雜了。更廣泛地說，參議院剛剛通過了《國防授權法案》，其中規定將對TP-Link作為國防部涵蓋的公司進行評估。昨天，美國聯邦通信委員會投票贊成限制帶有連接組件的網路設備。中國方面涵蓋的名單。

There's a state of Texas investigation of the TPA. Something apparently just dropped from Wisconsin of all places. There's a 60 minute piece. So with all of this activity, I think our confidence is increasing that something's going to eventually drop your timing is obviously uncertain. In fact, I think our President's meeting with the the the G right now or shortly. And there's obviously a lot going on there, but one thing, kind of related to that, not specific to a government action is that we have been seeing.

德克薩斯州正在對TPA進行調查。竟然有東西從威斯康辛州掉下來了。這部片長60分鐘。所以隨著這些活動的開展，我認為我們越來越有信心，最終會有一些東西發布，但你的時間表顯然是不確定的。事實上，我認為我們的總統現在或不久後將與G會面。顯然那裡發生了很多事情，但有一件事與此有關，雖然並非特別指政府行為，但我們一直看到這種情況。

Customers starting to recognize Nick year differently in the market as a US based, public company trusted partner, and we've been. Winning some pretty big deals that may may have previously not gone our way because of that and so I think the all the messaging out there is actually helping us win with customers and so we're we're excited about that in the near term but then also you know I think there's just a lot going on from the administration perspective so it'll be following it closely like everybody else.

客戶開始以不同的方式看待 Nick Year，將其視為一家總部位於美國的上市公司，值得信賴的合作夥伴，而我們也一直如此。由於這些舉措，我們贏得了一些以前可能無法達成的大單，所以我認為所有這些宣傳實際上都在幫助我們贏得客戶，因此我們對此感到興奮。但同時，你也知道，我認為從管理角度來看，有很多事情正在發生，所以我們會像其他人一樣密切注意。

Got it. Makes sense. And maybe just a follow-up for Brian. I know you have an investor day coming and I imagine we're going to get a lot more information. I appreciate the detailed guidance for Q4, so I think we've got a good handle on that. But a number of moving parts that are happening and I'm trying to unpack, when some of these things unwind or how long headwinds persist. Maybe a simple way.

知道了。有道理。或許可以給布萊恩一個後續問題。我知道你們即將舉辦投資者日活動，我想我們會獲得更多資訊。感謝您對第四季度的詳細指導，我認為我們已經很好地掌握了情況。但有許多變數正在發生，我正在努力理清這些變數，例如這些事情何時才能結束，或是逆風會持續多久。或許有個簡單的辦法。

To ask would just be, as we have to shape our models for 2026 and in particular for Q1, is there anything that you might just, have us be mindful of, whether it's on the margin front or growth front or channel inventory front just so we can you know make sure that we're in good shape heading into that analyst day and not caught with something that we mismodeled or a surprise.

我想問的是，由於我們需要為 2026 年，特別是第一季度製定模型，您是否有什麼需要我們注意的地方，無論是利潤率方面、增長方面還是渠道庫存方面，以便我們能夠確保在分析師會議之前一切就緒，不會因為模型錯誤或意外情況而措手不及。

Certainly, I'll start by saying that we're certainly thrilled and you kind of started your questions with us, that we're thrilled with the progress we've made on the transformation thus far and the, unlocking of incremental gross margin performance on the business that's certainly Is putting us ahead of our plans. You may recall at the start of the year we came in, we didn't think we would be profitable in 2025 and certainly year-to-date we're there.

當然，首先我要說的是，我們非常激動，而且你們的問題也正是從我們這裡開始的。我們對迄今為止在轉型方面取得的進展感到非常激動，並且業務中毛利率的提升也讓我們遠遠超出了預期。您可能還記得，年初我們剛進入這個行業時，我們並不認為到 2025 年就能實現盈利，但就目前來看，我們已經實現了這個目標。

And you can see by the guide where we expect the full year to shape up there. There are certainly a lot of additional opportunities ahead of us and as we've said, we are very much focused on driving towards long-term sustainable, profitable growth.

從這份指南中你可以看出我們對全年情勢的預期。當然，我們面前還有很多其他的機會，正如我們所說，我們非常注重實現長期可持續的獲利成長。

These things will require investments. We've made some investments this year. We obviously took some aggressive actions to strip out $20 million of annual cost to help fund some of those, but we still have additional investments to go here to really get this business to where we think it can get to.

這些都需要投資。我們今年進行了一些投資。我們顯然採取了一些積極的措施，削減了每年 2000 萬美元的成本來幫助資助其中一些項目，但我們仍然需要進行額外的投資，才能真正使這項業務達到我們認為它能夠達到的水平。

If I look at, like, if I look at the public estimates that are out there for next year, I think they're fairly reasonable when it comes to both the top-line and the operating income side of things. And again, that's largely we do have investments that we need to continue to put into the business.

如果我看一下，比如說，如果我看一下明年公開的預測，我認為無論從營收或營業收入來看，這些預測都相當合理。而且，這在很大程度上意味著我們需要繼續向企業投入投資。

Shorter term or more near term, I should say, Q1, I would reiterate there is seasonality in the consumer side of the business and while enterprise has gotten to about 50% of the mix, the other 50% is subject to some of those seasonal fluctuations. So Q1 seasonality typically off of the Q4 period.

就短期或更近期而言，也就是第一季度，我想重申，消費者業務存在季節性波動，雖然企業業務已占到總業務量的 50% 左右，但其餘 50% 仍會受到這些季節性波動的影響。所以第一季的季節性通常與第四季有所不同。

The markets would be down in the mid-teen percentage wise. Certainly, that that will impact top-line leverage in the first part of the year, but as I said before, I think I think the public estimates that are out there for the full year 2026 are reasonable at this point.

市場跌幅將達到15%左右。當然，這將在今年上半年對營收槓桿率產生影響，但正如我之前所說，我認為目前公開的 2026 年全年的預測是合理的。

Okay, and did the mid 10s is just for the consumer side of the business, not for.

好的，而且 10 年代中期的業績只是針對業務的消費者方面，而不是針對其他方面。

Correct. Yes, it's for the consumer side, enterprise is not a seasonal business for us today.

正確的。是的，這是面向消費者的，如今企業業務對我們來說不再受季節性影響。

Yeah, just want to make sure. Okay. Got it. That's it for me. Thank you.

是的，我只是想確認一下。好的。知道了。就這些了。謝謝。

Your next question comes from the line of Jay Goldberg from Seaport. Your line is open.

你的下一個問題來自 Seaport 的 Jay Goldberg 的台詞。您的線路已開通。

Hi, good afternoon guys, thanks for taking my question. First up I wanted to ask about, you mentioned considerable progress in growing your distributor channel for. Like year Enterprise, you get that right? I was wondering, I was just hoping you could talk more about what's going on in the channel, what is drawing their, the channel's interest in the gear, and just sort of know what you're hearing from them.

大家好，下午好，感謝各位回答我的問題。首先我想問一下，您提到在拓展分銷管道方面取得了相當大的進展。就像企業年一樣，你懂我的意思吧？我想知道，我只是希望你能多談談頻道裡正在發生的事情，是什麼吸引了他們，頻道對這些設備的興趣，以及你從他們那裡聽到了什麼。

Yeah, great question, Jay and good to see you on the call. One thing just to clarify when we talk about our pro EV ecosystem partners and the growth of that that relates more to the product integrations that we're doing with, the broader AV ecosystem to kind of extend our product leadership.

是的，傑伊，問得好，很高興在電話會議上見到你。需要澄清一點，當我們談到我們的專業電動車生態系統合作夥伴及其發展時，這更多地與我們正在與更廣泛的自動駕駛汽車生態系統進行的產品整合有關，以擴大我們的產品領先地位。

And make it, continue to make it simple to deploy complex, IP based AV networks that I mean been said and I because I just make that point because I'm not sure if that's what you're referring to, but, we are very focused on the channel on the enterprise side of.

而且，我們將繼續簡化複雜、基於 IP 的 AV 網路的部署，我的意思是，正如我之前所說，我之所以強調這一點，是因為我不確定這是否就是您所指的，但是，我們非常專注於企業管道。

Things and there's a number of transformational initiatives that are coming to market and our overall philosophy is we just want Nick here to be the easiest company to do business with and so we've got a partner program that's launching on. I guess it's a week today on November 4th I believe it is, via webcast

目前有許多變革性舉措即將推向市場，我們的整體理念是，我們希望 Nick 成為最容易與之合作的公司，因此我們推出了合作夥伴計畫。我想今天是11月4日，應該是一週後，透過網路直播。

And there's a number of other things happening under the hood in terms of, we've launched our new website as part of the partner program launch we're going to have a new partner portal so we're very closely monitoring the health of our channel and expanding the business that we do with our with our channel partners. And helping enable them to work more seamlessly with with Netgear. So it's a huge part of our transformation on the enterprise side, and we're really excited with the progress that we've made to date.

此外，還有一些其他的事情正在幕後進行，例如，作為合作夥伴計劃的一部分，我們推出了新的網站，我們將推出一個新的合作夥伴門戶網站，因此我們正在密切關注渠道的健康狀況，並擴大我們與渠道合作夥伴的業務。並幫助他們更順暢地與 Netgear 合作。因此，這是我們企業轉型的重要組成部分，我們對迄今為止的進展感到非常興奮。

And just to cap this all off, I spent a week on the east coast a couple weeks ago with A customers existing customers and potential customers, and the feedback that we're getting is like we're spot on in terms of our product strategy and how we're evolving our go to market capabilities so it's really validating to get that directly from those folks.

最後，我想補充一點，幾週前我花了一周時間在東海岸與 A 公司的現有客戶和潛在客戶見面，我們得到的反饋是，我們在產品戰略和市場推廣能力的提升方面都非常準確，所以直接從這些人那裡得到這些反饋真的很有說服力。

Got it. That sounds great. Let me just follow-up real quick you you. as you went through your prepared remarks, you mentioned a number of new product launches, and they seem to be across.

知道了。聽起來不錯。我再快速跟進。當你宣讀準備好的演講稿時，你提到了一些新產品的發布，它們似乎都很順利。

All the business units, could you just give us, could you sort of walk through the cadence of when we should be expecting new products over the next year? as much as you can say now. Doesn't have to be dates or anything specific just how we think about new product launches.

所有業務部門，能否向我們簡要介紹一下未來一年內我們應該何時能看到新產品？你現在能說的就這麼多。不必是具體日期或其他任何細節，只要是我們如何看待新產品發布就好。

Yeah, it's a good question philosophically I don't like to talk about new products coming to market until we've actually launched them we will be teasing out some stuff at investor day and I think we're going to see you there at least on the webcast so I definitely tune in to that but you know across the board we are innovating for our end customers and have both kind of new.

是的，這是一個很好的問題。從哲學角度來說，我不喜歡在新產品正式上市之前談論它們。我們會在投資者日上透露一些信息，我想我們至少會在網絡直播中見到你，所以我肯定會收看。但你知道，我們正在各個方面為我們的終端客戶進行創新，並且擁有一些新的產品。

New devices coming to market, but more most importantly, our focus is on innovating on the software side, driving differentiation via software, and part of this change that we highlighted in the call of making mobile more of a horizontal capability is we have a strong belief that that's the com combining our mobile products with what we've previously been calling our home networking products.

新設備即將上市，但更重要的是，我們的重點是軟體方面的創新，透過軟體實現差異化。我們在電話會議中強調，行動技術更具橫向能力，而我們堅信，將我們的行動產品與我們之前稱之為家庭網路產品的產品結合起來，正是實現這一目標的關鍵。

Allows us to drive a lot of differentiation in terms of having a single app, a single subscription with all of those products connected in one experience and similarly on the enterprise side bringing our mobile products into our insight cloud management platform into our security experiences is quite differentiated so what you're going to see from us going forward is.

這使我們能夠透過單一應用程式、單一訂閱，將所有產品連接在一個體驗中，從而實現很大的差異化。同樣，在企業方面，將我們的行動產品整合到我們的洞察雲端管理平台和安全體驗中也具有相當大的差異化，因此，您將在未來看到我們這樣做。

You know we've really got a consumer platform an enterprise platform, and anything we launch is going to be, connected into one of those for consumers on the one hand or or our commercial customers on the other.

你知道，我們確實有一個面向消費者的平台和一個面向企業的平台，我們推出的任何產品都將連接到其中一個平台，一方面是面向消費者的平台，另一方面是我們的商業客戶平台。

Got it, thank you. I'll go back in the queue and I look forward to seeing you in person at the end of the day.

明白了，謝謝。我會重新排隊，期待今天結束時能見到你。

Oh excellent. I wasn't sure if you'd be there. I saw your name on the list. I wasn't sure if you're coming in person. That's great.

哦，太好了。我不確定你會不會到場。我在名單上看到了你的名字。我不確定你是否會親自到場。那太棒了。

Yeah, I'll be there. Thank you.

好的，我會到場。謝謝。

Your next question comes from the line of Thornberg from Steel. Please go ahead.

你的下一個問題出自鋼鐵人索恩伯格的台詞。請繼續。

Yeah, thank you. Just had a couple of clarifications or follow-ups. So first of all, and not to really pick on this, right, because you had such a strong gross margin improvement in your home networking business in Q2, but when I do look at the gross margin this quarter, it was down slightly sequentially. So I was just wondering, is that some of the DDR4 pricing already starting to weigh on that gross margin, or was it something else that contributed to the gross margin being down sequentially?

是啊，謝謝。還有一些需要澄清或跟進的問題。首先，我並不是想挑刺，因為你們的家庭網路業務在第二季度的毛利率有了非常強勁的提升，但是當我查看本季度的毛利率時，發現它環比略有下降。所以我想知道，DDR4記憶體定價是否已經開始對毛利率造成影響，還是其他因素導致毛利率較上月下降？

Yeah, good question.Last quarter we talked a little bit about there being a kind of out of period, one-time benefit that would have been in the Q3 period there that was pertaining to improved experience with regards to sales returns.

是的，問得好。上個季度我們稍微談到了第三季會出現一種非週期性的、一次性的收益，這與銷售退貨體驗的改善有關。

And we said at that time it was about a 250 basis point windfall to the home networking gross margins on the quarter. So we said normalize it would be about 27% going into 4. We obviously beat that and I would say that as I noted on the on the.

當時我們表示，這將使家庭網路業務的季度毛利率獲得約 250 個基點的意外成長。所以我們說，正常化後，進入第四年時的比例大約是 27%。我們顯然戰勝了對手，正如我之前提到的。

Comments earlier that we did see some improvements and acceleration on our direct to consumer business, which grew to about 15% of our total sales for home networking that has higher gross margins, so that would be the improvement. We have not yet felt any of the impact of the memory pricing increase, that won't hit us until Q4.

先前的評論指出，我們的直接面向消費者的業務確實取得了一些進步和加速發展，家庭網絡業務的銷售額增長到總銷售額的 15% 左右，而家庭網絡業務的毛利率較高，因此這應該算是一種進步。我們尚未感受到記憶體價格上漲的影響，這種影響要到第四季才會顯現。

Very good. And my last question for you, CJ, you highlighted on the ProAV side, company very unique with the decision offering both networking and security.

非常好。CJ，我最後一個問題，你重點介紹了ProAV方面，該公司非常獨特，因為它同時提供網路和安全解決方案。

I was just hoping you could elaborate a little bit more on that, especially when it comes to, how you potentially monetize that. I mean, obviously by, including security, you can charge more, but I'm just wondering if there's a, software services part of that as well. Thank you.

我只是希望您能就此再詳細闡述一下，尤其是在如何將其變現方面。我的意思是，很顯然，如果把安保服務也算進去，就可以收取更高的費用，但我只是想知道這裡面是否也包含軟體服務的部分。謝謝。

Yeah, great question, sorry, the So the way that we and you'll see this come out in investor day more, even more clearly is we we're we're when we talk about our enterprise business we can think about it in the context of ProAV and enterprise networking which includes security.

是的，問得好。抱歉，我們和你們將在投資者日上更清楚地看到這一點，那就是，當我們談論我們的企業業務時，我們可以將其放在專業視聽和企業網絡（包括安全）的背景下考慮。

And when you hear from promote, he'll share kind of our long-term plans around those two different segments on the enterprise networking side of things, we're building a platform that combines networking and security that's targeted at, small to medium enterprises, many of whom are served by MSPs and the differentiation that we're looking to drive there is enterprise level reliability.

當您從 promote 那裡聽到消息時，他會分享我們在企業網絡方面的兩個不同細分市場的長期計劃。我們正在建立一個結合了網路和安全功能的平台，目標客戶是中小企業，其中許多企業由 MSP 提供服務。我們希望實現的差異化優勢是企業級可靠性。

With a very simple user interface that combines both of those things that tend to be presented in a complex, very feature rich manner that those size customers don't value at an affordable price, so we're looking to be quite disruptive and you know on the topic of gross margin.

我們採用非常簡單的使用者介面，將這兩點結合起來，而這些功能通常以複雜、功能豐富的方式呈現，但這些規模的客戶並不重視這些功能，而且價格也實惠。因此，我們希望能夠顛覆傳統，並且你知道，在毛利率方面也是如此。

The competitors that we're looking to disrupt in that enterprise networking space have a very different margin profile that we do, so that's our opportunity. And a lot of the business growth that we expect to drive there will be on the services side of things.

我們在企業網路領域想要顛覆的競爭對手與我們有著非常不同的利潤率結構，所以這就是我們的機會。我們預計，推動當地業務成長的大部分動力將來自服務方面。

So we're very focused on software differentiation, driving recurring revenue, and Your non-device revenue and cloud management's a big piece of that. Security is going to be a big piece of that and then support and services is another big piece of that so. Hopefully that answers your question, but that software recurring revenue side of things is a big priority for us on the enterprise networking and security side of things.

因此，我們非常注重軟體差異化，推動經常性收入，而您的非裝置收入和雲端管理是其中的重要組成部分。安全將是其中的重要組成部分，而支援和服務也是其中的另一個重要組成部分。希望這能解答你的疑問，但軟體的經常性收入是我們企業網路和安全領域工作的重中之重。

Sounds good. Look forward to hearing more about it on November 17th. Thanks again.

聽起來不錯。期待在11月17日聽到更多相關消息。再次感謝。

Thank you.

謝謝。

Again, if you would like to ask a question, press start then the number one on your telephone keypad. There are no further questions at this time, Mr. CJ, I turned the call back over to you.

再次提醒，如果您想提問，請按開始鍵，然後按電話鍵盤上的數字 1。CJ先生，目前沒有其他問題了，我把電話交還給您。

Just a final shout out to the Nick your team really proud of the work that we've done to date on the transformation and a little plug for our investor day. We've got exciting things to share. We're going to have some demos. I know many of the people on this call are are committed to joining, but the space is limited, so if you're interested in coming to New York on November 17th, let us know and we look forward to seeing you there.

最後要特別感謝 Nick 和他的團隊，我們為迄今為止在轉型方面所做的工作感到非常自豪，也想藉此機會宣傳一下我們的投資者日。我們有一些令人興奮的消息要和大家分享。我們將進行一些演示。我知道參加這次電話會議的很多人都決心前來，但是場地有限，所以如果您有興趣在 11 月 17 日來紐約，請告訴我們，我們期待在那裡見到您。

Concludes today's conference call you may now disconnect.

今天的電話會議到此結束，您可以斷開連線了。