Ribbon Communications Inc (RBBN) 2024 Q3 法說會逐字稿

Ladies and gentlemen, greetings and welcome to the Ribbon Communications third quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Ribbon Communications 2024 年第三季財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Joni Roberts, Chief Marketing Officer. Please go ahead.

現在我很高興介紹您的主持人，首席行銷長喬尼·羅伯茨（Joni Roberts）。請繼續。

Good afternoon and welcome to Ribbon's third quarter, 2024 financial results conference call. I'm Joni Roberts, Chief Marketing Officer at Ribbon Communications. Also on the call today, Bruce McClelland, Ribbon's Chief Executive Officer; and John Townsend, who will shortly assume the role of Ribbon's Chief Financial Officer.

下午好，歡迎參加 Ribbon 2024 年第三季財務業績電話會議。我是 Ribbon Communications 的首席行銷長 Joni Roberts。參加今天電話會議的還有 Ribbon 執行長 Bruce McClelland；以及即將擔任 Ribbon 財務長的 John Townsend。

Today's call is being webcast live and will be archived on the investors relations section of our website ribboncommunications.com where both our press release and supplemental slides are currently available. Certain matters we will be discussing today, including the business outlook and financial projections for fourth quarter of 2024 and beyond are forward-looking statements.

今天的電話會議將進行網路直播，並將存檔在我們網站ribboncommunications.com的投資者關係部分，我們的新聞稿和補充幻燈片目前都可以在該部分查閱。我們今天將討論的某些事項，包括 2024 年第四季及以後的業務前景和財務預測，都是前瞻性陳述。

Such statements are subject to the risks and uncertainties that could cause actual results to differ materially from those contained in these forward-looking statements. These risks and uncertainties are discussed in our documents filed with the SEC, including our most recent Form 10-K. I refer you to our Safe Harbor statement, including the supplemental financial information posted on our website.

此類聲明受風險和不確定性的影響，可能導致實際結果與這些前瞻性聲明中的結果有重大差異。我們向美國證券交易委員會提交的文件中討論了這些風險和不確定性，包括我們最新的 10-K 表。請您參閱我們的安全港聲明，包括我們網站上發布的補充財務資訊。

In addition, we'll present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measure are included in the earnings press release we issued earlier today, as well as the supplemental financial information we prepared for this conference call, which again, are both available on the Investor Relations section of our website.

此外，我們將在本次電話會議上提供非公認會計準則財務資訊。我們今天稍早發布的收益新聞稿以及為本次電話會議準備的補充財務資訊中包含了與適用的 GAAP 指標的對賬，這些資訊同樣可以在我們網站的「投資者關係」部分找到。

And now I'd like to turn it over to Bruce. Bruce?

現在我想把發言權交給布魯斯。布魯斯？

Great. Thanks, Joni. Good afternoon, everyone, and thanks for joining us today to discuss our Q3 results and outlook for the rest of the year.

偉大的。謝謝，喬尼。大家下午好，感謝您今天加入我們討論我們的第三季業績和今年剩餘時間的展望。

First, as many of you know, Mick Lopez announced his plan to retire and will be with us through the end of the month. As I've stated before, Mick has been instrumental in maturing the operations of the company and accomplishing multiple strategic initiatives. Mick, thank you for your leadership and contributions to Ribbon and all the best to you in your retirement.

首先，正如你們許多人所知，米克洛佩茲宣布了他的退休計劃，並將與我們一起度過這個月底。正如我之前所說，米克在完善公司營運和完成多項策略計畫方面發揮了重要作用。米克，感謝您對 Ribbon 的領導和貢獻，祝您退休後一切順利。

I'd now like to welcome John Townsend, who is joining us as Chief Financial Officer effective November 1. John is a proven financial leader with an impressive career that spans over 30 years, leading large, complex financial organizations for several of the industry's largest service providers in multiple countries. Given our focus in this area and the continued gains we're making, I'm really looking forward to the insight John will bring us. He'll be available in our Q&A session this afternoon.

現在我歡迎約翰湯森 (John Townsend)，他將於 11 月 1 日起擔任我們的財務長。約翰是一位經驗豐富的金融領袖，擁有超過 30 年的輝煌職業生涯，曾領導多個國家/地區業內幾家最大服務提供者的大型複雜金融機構。鑑於我們在這一領域的重點以及我們不斷取得的進展，我非常期待約翰能為我們帶來見解。他將於今天下午參加我們的問答環節。

Now on to Q3 results. I'm very pleased with our performance in the quarter, highlighted by the return to growth in our Cloud & Edge business. As we indicated on our last earnings call, we have a number of tailwinds that will support and underpin this business for years to come and will have a positive effect on the overall margins for the company.

現在來看看第三季的業績。我對我們本季的表現非常滿意，尤其是雲端和邊緣業務的恢復成長。正如我們在上次財報電話會議上所指出的，我們面臨著一系列有利因素，這些因素將在未來幾年內為這項業務提供支持和支撐，並將對公司的整體利潤率產生積極影響。

And while IP Optical network sales were lower year over year this quarter following the suspension of product sales to Eastern Europe beginning last quarter, we are growing in other areas. In fact, we're having a very strong second half in the US, where our cross-sell strategy is working well, and we have numerous projects focused on expanding rural Internet availability and capacity.

雖然由於上個季度開始暫停對東歐的產品銷售，本季 IP 光纖網路銷售額年減，但我們在其他領域正在成長。事實上，我們在美國下半年表現非常強勁，我們的交叉銷售策略效果良好，並且我們有許多項目致力於擴大農村互聯網的可用性和容量。

We also continue to see more opportunities related to competitive shifts in the market where customers are assessing their options to replace incumbent suppliers, and we have very good opportunities to gain market share. One of the most notable areas of growth for us across both businesses is the federal and defense industry.

我們也繼續看到更多與市場競爭變化相關的機會，客戶正在評估替代現有供應商的選擇，我們有很好的機會獲得市場份額。我們兩個業務中最顯著的成長領域之一是聯邦和國防工業。

Year-to-date, sales have grown 60% as compared to 2023 and accounted for 13% of overall sales so far this year. Our portfolio of secure communication applications and network infrastructure is a great fit for this important market.

今年迄今，銷售額與 2023 年相比成長了 60%，佔今年迄今總銷售額的 13%。我們的安全通訊應用程式和網路基礎設施組合非常適合這個重要的市場。

In the US Defense segment, we have developed a very strong position with multiple branches of the armed forces as they replace legacy systems with modern cloud based voice solutions that provide the security and survivability needed to carry out their combat and peacekeeping missions.

在美國國防部門，我們與多個軍種建立了非常強大的合作關係，他們用現代的基於雲端的語音解決方案取代了傳統系統，為他們執行戰鬥和維和任務提供了所需的安全性和生存能力。

And in Europe, our secure IP and Optical data networking platforms are widely deployed in countries such as Israel, Switzerland and Finland. Our combined portfolio has brought applicability across many more federal agencies and countries, creating opportunity for significant further growth.

在歐洲，我們的安全 IP 和光纖資料網路平台廣泛部署在以色列、瑞士和芬蘭等國家。我們的綜合投資組合已為更多聯邦機構和國家帶來了適用性，為進一步的顯著增長創造了機會。

In the third quarter, overall sales were $210 million, increasing 3.5% year-over-year and 9% quarter-over-quarter, led by the growth in Cloud & Edge. Earnings were once again very solid and at the top end of our guidance with adjusted non-GAAP EBITDA of $30 million. Non-GAAP gross margin of 55% exceeded expectations and was at the high end of guidance with a positive mix of product sales and good execution from our professional services team.

第三季度，整體銷售額為 2.1 億美元，年增 3.5%，環比成長 9%，主要得益於雲端運算和邊緣運算的成長。收益再次非常穩健，達到我們預期的最高水平，調整後非 GAAP EBITDA 為 3000 萬美元。非公認會計準則55% 的毛利率超出預期，處於指導值的高位，得益於產品銷售的積極組合以及我們專業服務團隊的良好執行。

Non-GAAP operating expenses were $90 million in the quarter, up slightly year over year, mostly due to midyear employee compensation adjustments. Year to date, profitability for the company has increased $15 million or 32% on an adjusted EBITDA basis as compared to 2023. Trailing 12-month adjusted EBITDA is now $106 million.

本季非公認會計準則營業費用為 9,000 萬美元，較去年同期略有上升，主因是年中員工薪資調整。今年迄今，該公司的獲利能力按調整後的 EBITDA 計算與 2023 年相比增加了 1,500 萬美元，即 32%。過去 12 個月調整後的 EBITDA 為 1.06 億美元。

Now a little more detail on our operating segments. In the Cloud & Edge business, as expected, sales to Verizon increased substantially in the quarter, reaching 15% of overall company sales. The initial three-year phase of the voice network modernization project we announced earlier this year is fully underway, and the combined Verizon and Ribbon team are executing very well.

現在來更詳細地介紹一下我們的經營分部。在雲端運算和邊緣業務方面，正如預期的那樣，本季對 Verizon 的銷售額大幅成長，達到公司整體銷售額的 15%。我們今年稍早宣布的語音網路現代化計畫的初始三年階段正在全面進行中，Verizon 和 Ribbon 的聯合團隊執行得非常順利。

Our revenue run rate is now exceeding $100 million per year with this key customer and is expected to grow in 2025. In the US federal market, we announced an important project win to modernize and secure the US federal softswitch backbone with our state of the art voice communication infrastructure. We now have deployments in four branches of the US military as we continue to expand our presence in defense networks across the globe.

目前，憑藉這位重要客戶，我們的年收入運行率已超過 1 億美元，預計到 2025 年還將成長。在美國聯邦市場，我們宣布贏得一項重要項目，將利用我們最先進的語音通訊基礎設施對美國聯邦軟交換主幹網進行現代化改造和保護。目前，我們已在美國軍隊的四個軍種部署，並將繼續擴大我們在全球國防網路中的存在。

One of the key drivers behind the improved gross margin this quarter was the increase in SBC sales and the greater software mix. This is one of the best quarters for SBC sales that we've had in several years, up more than 60% from the third quarter last year. This included sales across a number of markets, including US and international service providers, US federal and a number of large enterprise customers.

本季毛利率提高的一個關鍵驅動因素是 SBC 銷售額的成長和軟體組合的豐富。這是我們幾年來 SBC 銷售最好的季度之一，比去年第三季成長了 60% 以上。這包括多個市場的銷售，其中包括美國和國際服務提供者、美國聯邦政府和許多大型企業客戶。

Also, as I mentioned earlier, we're in active discussion with a number of customers regarding the replacement of Microsoft Metaswitch platforms. We have a large funnel of opportunities, and we've closed several initial deals this quarter. We also closed a sizable project with our partner, JSC, to provide a full IMS voice platform, leveraging our SBC and policy solutions along with their IMS core.

另外，正如我之前提到的，我們正在與許多客戶積極討論更換 Microsoft Metaswitch 平台的事宜。我們擁有大量的機會，本季我們已經完成了幾筆初步交易。我們還與合作夥伴 JSC 完成了一個大型項目，以提供完整的 IMS 語音平台，利用我們的 SBC 和策略解決方案以及他們的 IMS 核心。

This is a relatively new area for us and has the potential for us to gain share in a portion of the market where we've not fully addressed in the past.

對我們來說，這是一個相對較新的領域，並且有可能讓我們在過去尚未完全覆蓋的市場中獲得份額。

Overall, Cloud & Edge revenue in the third quarter was $128 million, up 11% year-over-year and 16% quarter-over-quarter. Non-GAAP gross margin neared an all-time high at 68% and non-GAAP adjusted EBITDA contribution grew 20% year-over-year to $38 million or 30% of revenue for the quarter, also near an all-time high.

整體而言，第三季的 Cloud & Edge 營收為 1.28 億美元，年增 11%，季增 16%。非公認會計準則毛利率接近歷史最高水平，達到 68%，非公認會計準則調整後 EBITDA 貢獻年增 20%，達到 3,800 萬美元，佔本季營收的 30%，也接近歷史最高水準。

Book to bill was very strong at over 1.4 times with an increasing backlog associated with network transformation projects. In summary, this was a great quarter for our Cloud & Edge business and sets us up for an even stronger performance in the fourth quarter.

訂單出貨比非常強勁，達到1.4倍以上，且與網路轉型專案相關的積壓訂單不斷增加。總而言之，這對於我們的雲端和邊緣業務來說是一個偉大的季度，並為我們在第四季度取得更強勁的表現奠定了基礎。

In our IP Optical segment, the highlight of the quarter was certainly the increased business in the US. As mentioned in our last earnings call, we had very good backlog entering the quarter in the US market, particularly with regional and rural broadband providers. This resulted in our strongest quarter ever in the US with revenue increasing more than 100%, both quarter over quarter and year over year and accounted for more than 20% of IP Optical sales.

在我們的IP光學領域，本季的亮點無疑是美國業務的成長。正如我們在上次財報電話會議上提到的那樣，本季我們在美國市場擁有非常好的積壓訂單，特別是來自區域和農村寬頻供應商的訂單。這使得我們在美國取得了有史以來最強勁的季度業績，營收環比和同比增長均超過 100%，佔 IP 光纖銷售額的 20% 以上。

We expect the momentum in the US to continue in the fourth quarter across a number of use cases and customers, including US rural and regional broadband middle mile transport, TDM circuit emulation with an increasing number of service providers, as well as critical infrastructure providers such as American Electric Power.

我們預計，美國第四季度的勢頭將繼續延續，涉及多個用例和客戶，包括美國農村和區域寬頻中英里傳輸、越來越多的服務提供商的 TDM 電路仿真，以及關鍵基礎設施提供商等例如美國電力公司。

And we anticipate further growth in 2025 as larger service providers accelerate their modernization of the TDM infrastructure and leverage our IP routing technology. IP Optical sales to operators in India, including Bharti, and Vodafone Idea, increased 16% quarter-over-quarter, but are tracking a little below last year's level.

隨著大型服務供應商加速其 TDM 基礎設施的現代化並利用我們的 IP 路由技術，我們預計 2025 年將進一步成長。對印度營運商（包括 Bharti 和 Vodafone Idea）的 IP 光纜銷售額環比增長 16%，但略低於去年的水平。

We continue to expect the fourth quarter to be the best of the year in this region with the second half approximately 30% higher than the first half of the year. This is in large part due to the renewed investment being made by Vodafone Idea to upgrade their network infrastructure.

我們繼續預計第四季將成為該地區今年最好的季度，下半年的業績將比上半年高出約 30%。這在很大程度上是由於 Vodafone Idea 重新投資升級其網路基礎設施。

In Europe, IP Optical sales in the quarter increased 15% year-over-year and are up 17% year-to-date. Central Europe continues to be our strongest region, including Germany, Austria and Switzerland, where we have a good mix of critical infrastructure, service provider, and defense customers supporting the business. We also have a good pipeline of opportunities with service providers in Southern Europe, including Italy and Spain.

在歐洲，本季 IP 光學銷售額年增 15%，年初至今已成長 17%。中歐仍然是我們最強大的地區，包括德國、奧地利和瑞士，我們在那裡擁有關鍵基礎設施、服務提供者和國防客戶的良好組合來支援業務。我們也與義大利和西班牙等南歐的服務提供者有著良好的合作機會。

Finally, from an innovation perspective, at the recent next generation optical networking event in Paris, we demonstrated the industry's first 400G ZR+ module that supports field upgradability to 800G ZR+. This enables operators to cost effectively support both metro and long haul transport on a single module, enhancing performance and cost efficiencies with an open interoperable architecture.

最後，從創新角度來看，在最近於巴黎舉行的下一代光網路活動上，我們展示了業界首個支援現場升級到800G ZR+的400G ZR+模組。這使營運商能夠以經濟高效的方式在單一模組上支援城域和長途傳輸，並透過開放的互通架構提高效能和成本效率。

Our new Apollo 9408 compact modular platform provides industry leading density with 25.6 terabits per two rack units and an impressive low power consumption of less than 0.07 watts per gigabit. This is a great platform ideally suited for growing data center demand.

我們全新的 Apollo 9408 緊湊型模組化平台提供業界領先的密度，每兩個機架單元 25.6 太比特，並且功耗低至每千兆比特不到 0.07 瓦。這是一個非常適合不斷成長的資料中心需求的優秀平台。

From a financial perspective, IP Optical revenue in the third quarter was $82 million, down 6% year-over-year and flat to the second quarter. But excluding sales to Eastern Europe, revenue from all other customers was up 4% year-over-year. As expected, gross margins were lower at 36% as a result of the change in mix. Book to bill was 1.0 times in the quarter after adjustments associated with Eastern Europe.

從財務角度來看，第三季IP Optical營收為8,200萬美元，年減6%，與第二季持平。但除東歐銷售外，其他所有客戶的收入年增了 4%。如預期，由於產品組合的變化，毛利率下降至 36%。經過與東歐相關的調整後，本季的訂單出貨比為 1.0 倍。

Non-GAAP adjusted EBITDA for IP Optical was negative $8 million, down $4 million from the prior year. Year to date, adjusted EBITDA is $21 million improved over the first three quarters of last year.

IP Optical 的非 GAAP 調整後 EBITDA 為負 800 萬美元，較前一年下降 400 萬美元。年初至今，調整後的 EBITDA 比去年前三個季度增加了 2,100 萬美元。

Now let me wrap up on our third quarter results with a few key operational metrics that Mick would normally comment on. John will pick this up next quarter. Cash from operations was a negative $15 million, and we ended the quarter with cash and cash equivalents of $40 million. This was lower than anticipated due to approximately $25 million of accounts receivable collections expected at the end of September that were delayed into October, increasing our quarter end AR by approximately $40 million.

現在，讓我用米克通常會評論的幾個關鍵營運指標來總結一下我們第三季的業績。約翰將在下個季度接手此事。經營活動現金為負 1,500 萬美元，本季末我們的現金及現金等價物為 4,000 萬美元。這一數字低於預期，原因是預計 9 月底應收帳款回收金額約為 2,500 萬美元，但被延遲到 10 月份，導致本季末應收帳款增加約 4,000 萬美元。

More than half this amount was already received in the first two weeks of October, and we expect positive cash generation this quarter with AR staying at a similar level due to significant increase in shipments this quarter. Interest expense in the quarter was $10 million, reflecting our new credit facility, but we will benefit from the 50 basis point SOFR rate reduction recently implemented.

10 月前兩週已經收到了超過一半的款項，我們預計本季將產生正現金，並且由於本季出貨量大幅增加，應收帳款將保持在相似水準。本季的利息支出為 1000 萬美元，反映了我們的新信貸安排，但我們將受益於最近實施的 50 個基點的 SOFR 利率下調。

We also invested $7 million this quarter as we prepare to relocate an R&D facility and $2 million in typical CapEx investment. We now estimate a non-GAAP tax rate for the full year of approximately 40% given shifts in regional profit and loss contributions.

本季我們也投資了 700 萬美元，準備遷移研發設施，並投資 200 萬美元進行典型的資本支出。考慮到地區利潤和損失貢獻的變化，我們現在估計全年非公認會計準則稅率約為 40%。

Now a few comments on the fourth quarter and outlook for 2025. The operating environment continues to improve and presents an excellent opportunity for us to maintain our momentum, growing revenue and profitability. Specific trends influencing our business include the following key areas. First, network modernization to drive down cost and retire obsolete infrastructure is a key factor behind the increasing investment from service providers, enterprises and federal agencies to upgrade their voice communication infrastructure.

現在就第四季和 2025 年的展望發表一些評論。經營環境持續改善，為我們維持發展動能、增加收入和獲利能力提供了絕佳機會。影響我們業務的具體趨勢包括以下關鍵領域。首先，網路現代化可以降低成本並淘汰過時的基礎設施，這是服務提供者、企業和聯邦機構增加投資以升級其語音通訊基礎設施的關鍵因素。

Legacy TDM and copper networks are increasingly expensive to support and programs such as the Verizon voice core modernization project are clear evidence of the priority now being placed on this part of the network. We have a growing number of sizable projects with other large service providers that will drive further growth in our Cloud & Edge secure communications business in 2025 and in years to come.

支援傳統的 TDM 和銅線網路的成本越來越高，而 Verizon 語音核心現代化專案等計劃就清楚地表明了目前對網路這一部分的重視。我們與其他大型服務供應商合作的大型專案數量不斷增加，這將推動我們的雲端和邊緣安全通訊業務在 2025 年及未來幾年的進一步成長。

Second, as I mentioned earlier, we're having very good success in federal and defense sectors in the US and Europe. Mission critical applications that rely on highly secure networks that are always on and never fail. This is an area where Ribbon really differentiates from the competition.

第二，正如我之前提到的，我們在美國和歐洲的聯邦和國防領域取得了非常好的成功。依賴始終在線且永不故障的高度安全網路的關鍵任務應用程式。這就是 Ribbon 真正區別於競爭對手的地方。

Third, there continues to be substantial investment to improve Internet availability and performance for underserved segments of the broadband market. This is an area where we're really executing well on our cross-sell strategy and the upcoming US BEAD program will further increase funding across the entire ecosystem.

第三，繼續投入大量資金來改善寬頻市場服務不足部分的網路可用性和效能。在這一領域，我們的交叉銷售策略執行得非常好，即將推出的美國 BEAD 計畫將進一步增加整個生態系統的資金。

And finally, the shifting competitive environment is creating further opportunity for Ribbon to win new accounts across multiple regions. In the IP Optical space, the merger of Nokia and Infinera introduces supply chain concerns that we expect to capitalize on. And Microsoft has generated significant uncertainty around the Metaswitch installed base that introduces substantial replacement opportunities for us.

最後，不斷變化的競爭環境為 Ribbon 在多個地區贏得新客戶創造了更多機會。在IP光學領域，諾基亞與Infinera的合併帶來了供應鏈問題，我們期望能夠從中獲益。微軟在 Metaswitch 安裝基數周圍產生了很大的不確定性，這為我們帶來了大量的替代機會。

The focus we have on cross-selling the entire portfolio to our broad base of customers continues to generate results as highlighted by the success we're having with US rural broadband providers. And the integration of our Neptune IP router with our voice transformation portfolio has opened doors across the entire US service provider landscape to modernize the aging TDM voice network, leveraging our IP routing technology.

我們專注於向廣大客戶群交叉銷售整個產品組合，這項舉措持續產生成效，我們與美國農村寬頻供應商合作所取得的成功就凸顯了這一點。而且，我們的 Neptune IP 路由器與語音轉換產品組合的集成，為整個美國服務提供者領域打開了大門，使他們能夠利用我們的 IP 路由技術對老化的 TDM 語音網路進行現代化改造。

While it's still early, we expect the combination of these opportunities to enable us to grow revenue in 2025 in the mid-single-digit range even after accounting for the reduction in sales to Eastern Europe. We do not anticipate significant changes in operating expenses, enabling the majority of the incremental margin to contribute directly to earnings, where we expect to grow at a double digit rate.

雖然還為時過早，但我們預計，即使考慮到東歐銷售額的下降，這些機會的結合也將使我們在 2025 年的收入成長達到中等個位數。我們預計營業費用不會發生重大變化，這使得大部分增量利潤直接貢獻於盈利，我們預計盈利將以兩位數的速度增長。

In the fourth quarter, we continue to expect an excellent finish to the year with sequential growth in both businesses. Voice modernization programs with Verizon and multiple other carriers will continue to ramp, and we anticipate several new awards with US Federal Defense agencies. We expect the momentum in the US rural broadband segment to continue at similar levels to the third quarter. And we expect a seasonally strong quarter with enterprise customers as we renew annual enterprise license agreements.

在第四季度，我們繼續期待兩項業務取得連續成長，為今年畫下圓滿句點。我們與 Verizon 和其他多家營運商的語音現代化專案將繼續推進，並且我們預計將與美國聯邦國防機構簽訂多個新的合約。我們預計美國農村寬頻領域的發展勢頭將繼續保持與第三季度相似的水平。隨著我們續簽年度企業許可協議，我們預計企業客戶將迎來一個季節性強勁的季度。

Our guidance for the fourth quarter projects year over year sales growth of approximately 8% at the mid-point reflecting all of these positive trends. We anticipate gross margin to be slightly higher than the notable level we posted in the third quarter due to the expected higher mix of Cloud & Edge sales.

我們對第四季度的預期是，銷售額年增約 8%，這反映了所有這些正面趨勢。由於預計雲端運算和邊緣運算銷售組合將有所提高，我們預計毛利率將略高於第三季的顯著水準。

Based on this, for the fourth quarter, we're projecting revenue in a range of $235 million to $255 million, non-GAAP gross margins in a range of 55.5% to 56% and non-GAAP adjusted EBITDA in a range of $46 million to $52 million. We certainly recognize that our guidance for the fourth quarter implies significant sequential growth. But as I've outlined, we have good momentum across multiple areas, along with strong bookings in the third quarter that provide good visibility and confidence for an excellent finish for the year.

基於此，我們預計第四季營收將在 2.35 億美元至 2.55 億美元之間，非 GAAP 毛利率將在 55.5% 至 56% 之間，非 GAAP 調整後 EBITDA 將在 4,600 萬美元之間至5,200 萬美元。我們當然認識到，我們對第四季度的預期意味著顯著的連續成長。但正如我所概述的，我們在多個領域都保持了良好的發展勢頭，加之第三季度的強勁預訂量，為今年的出色收官提供了良好的可見性和信心。

Overall, we're making good progress on our key strategic goals, including returning to growth in our Telco voice infrastructure business, diversifying and expanding sales in enterprise market verticals, including financial, health care, energy, transportation and government information security.

總體而言，我們在實現關鍵戰略目標方面取得了良好進展，包括恢復電信語音基礎設施業務的增長，實現企業市場垂直領域的銷售多元化和擴大，包括金融、醫療保健、能源、交通和政府信息安全。

Cross-selling the entire portfolio, particularly in the US and achieving sustainable profitable growth in our IP Optical business, and accelerating innovation and capturing cost efficiencies with the full integration of our product teams.

交叉銷售整個產品組合，特別是在美國，實現我們的 IP 光纖業務的可持續獲利成長，並透過我們產品團隊的全面整合來加速創新並提高成本效率。

Operator, that concludes our prepared remarks, and we can now take a few questions.

接線員，我們的準備好的發言到此結束，現在我們可以回答幾個問題。

(Operator Instructions)

（操作員指令）

Christian Schwab, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的克里斯蒂安·施瓦布 (Christian Schwab)。

Great. Thanks for taking my question. Good quarter. So I'm just curious, can you help us on the Metaswitch opportunity that seems like that you talked about it being substantial and Microsoft kind of walking away from the platform. I'm just is there a dollar installed base that in a percentage of share that you think is reasonable that you could attain, you know, on a go forward basis, just any more color regarding how substantial that opportunity might be?

偉大的。感謝您回答我的問題。好季度。所以我很好奇，您能否幫助我們了解 Metaswitch 的機會？ 您似乎說過它是一個巨大的機會，而微軟卻放棄了這個平台。我只是想知道，是否存在一個以美元為單位的安裝基數，以百分比為單位的份額，您認為從未來的角度來看，這個機會有多大？

Yeah. Hey Christian. So there's a couple different metrics I think to look at, there's quite a range they're deployed in kind of a broad range of smaller regional rural operators and then quite a few of the Tier 2 operators frankly, places where we're not, they are sort of thing, right? There's a lot of kind of distribution across the footprint between the two of us. So these deals can range from a few hundred thousand dollars to several million dollars or larger depending on the scale and the scope.

是的。嘿，克里斯蒂安。因此，我認為需要考慮幾個不同的指標，它們部署在廣泛的小型區域農村運營商中，然後坦率地說，部署在許多二級運營商中，而這些地方我們沒有。 ，對吧？我們兩人之間的足跡分佈很廣泛。因此，這些交易的金額可以從幾十萬美元到幾百萬美元甚至更多，具體取決於規模和範圍。

One of the metrics to look at is the last public filings that Microsoft maintains in the UK for that business. And just the ongoing maintenance revenue stream is pretty substantial from that installed base. I forget the exact number, but in the $75 million range or more. So I think it's a fairly substantial footprint. Of course, some of that will just continue to operate the way it is. Some of it will get upgraded and replaced. And I can tell you, we've got a lot of focus on it. It's an opportunity that doesn't come along very often to go capture some of that real estate that footprint.

需要關注的指標之一是微軟在英國為該業務保留的最新公開文件。僅從此安裝基礎來看，持續的維護收入流就相當可觀。我忘記了具體數字，但應該在 7500 萬美元或更多。所以我認為這是一個相當大的足跡。當然，其中一些將繼續以原有方式運作。其中一些將會得到升級和替換。我可以告訴你，我們非常關注這一點。這是一個不常有的機會去佔領一些房地產的足跡。

Great. And then my second question has to do with the [BEAD] program. It sounds like you're seeing some revenue. Nokia on their conference call talked about recognizing their first revenue in the December quarter. That seems a little bit earlier than a lot of people were thinking given the slow start to all the state approvals. Would you expect that 2025 could be a stronger uptake of movement of spending BEAD dollars., or do you think it will be kind of gradual in '26 is the big year?

偉大的。我的第二個問題與 [BEAD] 計劃有關。聽起來你看到了一些收入。諾基亞在電話會議上談到了在 12 月季度實現第一筆收入。考慮到所有州政府審批的緩慢，這似乎比許多人想像的要早一些。您是否預期 2025 年 BEAD 美元支出行動會更加活躍，或者您認為在 2026 年這個重要年份，這一行動會以漸進的方式進行？

Yes. I think it's gradual, particularly for us given we're not on the access layer of the network. I'm kind of pleased to see the progress, though, over the last few months. I think I was actually doing some reading this morning. I think there are now nine states that have opened up their grant application windows and some are already processing applications.

是的。我認為這是一個漸進的過程，特別是對我們來說，因為我們並不處於網路的存取層。不過，我很高興看到過去幾個月的進展。我想我今天早上確實在讀一些書。我認為現在已有九個州開放了補助金申請窗口，有些州已經在處理申請。

And you could even see perhaps the first awards before the end of the year. So that's good progress compared to where we were, say, six months ago.

您甚至可能在年底之前就看到首批獎項。與六個月前相比，這是一個很大的進步。

And again, I think the first half is pretty modest and kind of getting started on the construction portion of some of these programs and then accelerating in the second half, and again, our piece is a little bit later in the process as they start to build out the interconnectivity in the middle mile portion. But it's good to see the progress finally being made here.

而且，我認為上半年進展相當溫和，一些項目的建設部分剛剛開始，下半年會加速，而且我們的工作會稍晚一些，因為他們開始建立中間一英里部分的互聯互通。但很高興看到這裡終於取得了進展。

Great, fantastic. No other questions, thank you.

太棒了，太棒了。沒有其他問題了，謝謝。

Thanks, Christian.

謝謝，克里斯蒂安。

Michael Genovese, Rosenblatt Securities.

羅森布拉特證券公司的麥可‧吉諾維斯 (Michael Genovese)。

Great. Thanks so much. Bruce, an encouraging quarter, and we go through all of the geographies and the segments, that's really, really promising data points. But I guess can I just start by asking where, if anywhere in the quarter did not go to your expectations, was there anywhere where you were sort of slightly disappointed by the demand?

偉大的。非常感謝。布魯斯，這是一個令人鼓舞的季度，我們研究了所有的地區和細分市場，這些都是非常非常有希望的數據點。但我想我可以先問一下，如果本季的任何地方沒有達到您的預期，那麼是否有任何地方讓您對需求略感失望？

Well, I'm really pleased with the profitability. Obviously, the mix the margin, the performance of our services team was really outstanding in the quarter. So it was great to see that come through. Obviously, we were $1.5 million or $2 million below the midpoint of guidance. So we were a couple of million (inaudible) of where I thought we would be and maybe a few deals in Europe, in particular, that could have happened in the quarter.

嗯，我對獲利能力非常滿意。顯然，無論是利潤率還是服務團隊的表現在本季都非常出色。我很高興看到這個成果實現。顯然，我們比指導中點低了 150 萬美元或 200 萬美元。因此，我們本季的銷售額比預期少了幾百萬（聽不清楚），特別是在歐洲，可能已經達成了幾筆交易。

Good pipeline for the fourth quarter here, though obviously, good momentum and outlook and the margin mix even a little better in the quarter. So really looking forward to a strong finish.

儘管第四季的銷售動能和前景明顯良好，而且利潤率組合在本季也略有改善，但第四季的銷售動能和前景明顯良好。所以真的很期待有個圓滿的結局。

Yes. So following up on that, I mean, for the fourth quarter, it really looks like the US is going to be the star again, but you made positive comments about India as well. I guess how should we think about Europe in the fourth quarter? Should we think about some positive seasonality, or is there anything showing fundamental signs of improvement in the fourth quarter in Europe?

是的。所以繼續說下去，我的意思是，對於第四季度來說，美國看起來確實會再次成為明星，但您也對印度做出了積極的評價。我想我們該如何看待第四季的歐洲？我們是否應該考慮一些積極的季節性，或者是否有任何跡象表明歐洲第四季度出現了根本性的改善？

Yes. I think the way I describe that region is really seasonality, the way you just described it. The combination of critical infrastructure and service providers, the service provider piece tending to be a little more seasonal. So I do think we have a stronger fourth quarter, which we typically do in that region. The US, I think, will be the strongest region. I think we shifted back to the US being more than 50% of revenue in the third quarter and probably the same in the fourth quarter.

是的。我認為我描述該地區的方式確實具有季節性，就像您剛才描述的那樣。關鍵基礎設施和服務提供者的結合，服務提供者部分往往更具季節性。因此我確實認為我們的第四季度會表現得更強勁，這在該地區通常是常見的情況。我認為美國將成為最強大的地區。我認為，第三季美國市場收入佔比已超過 50%，第四季這一比例可能也保持不變。

And on India, last year, we grew substantially. We were up 30% last year in India. This year, as I talked about on the last call, we're down about 20% compared to last year, but the fourth quarter will be the strongest quarter of the year. So we've continued to improve as the year progressed. And with Vodafone Idea beginning to reinvest in their network and build out both 4G and 5G infrastructure, that's good for the whole vendor community. So looking forward to a stronger year going into next year as well there.

去年，我們在印度實現了大幅成長。去年我們在印度的銷售額成長了30%。正如我在上次電話會議上所說的那樣，今年我們的業務比去年下降了約 20％，但第四季將是今年最強勁的一個季度。因此，隨著時間的推移，我們不斷取得進步。隨著 Vodafone Idea 開始對其網路進行重新投資並建立 4G 和 5G 基礎設施，這對整個供應商社區來說都是有利的。因此我們也期待明年會是更加強勁的一年。

The last question for me, I mean, this looking at it from the outside, I mean, I know it's just started, but it looks like maybe the most promising time ever for sort of softswitch architectures and your basically your Cloud & Edge business and maybe I'm not remembering -- well enough something good that happened 10 or 20 years ago in the market. But, I mean, something really fundamental seems to be going on there. Could you -- is this the best time ever for cloud and edge, and why if so?

對我來說最後一個問題是，從外部來看，我知道這才剛開始，但看起來這可能是軟體交換架構和雲端與邊緣業務最有前​​景的時期。年或20 年前市場上發生的一些好事。但是，我的意思是，那裡似乎正在發生一些真正根本性的事情。您能否—這是雲和邊緣的最佳時機嗎？

Well, in that portion of that business, it's certainly the best that I've been here. I think we've gone through some fairly major upgrade cycles in this space back, say, seven, eight years ago for kind of the first phase of some of the modern softswitch architectures. There's a lot of focus on pulling cost out of the network operation. And there's a bit of an issue around aging knowledge based, knowledge workers in this space. And so I think the motivation has really picked up.

嗯，就該業務的這一部分而言，這無疑是我在這裡所做過的最好的事情。我認為我們在這個領域經歷了一些相當大的升級週期，例如七、八年前，這是一些現代軟體交換架構的第一階段。人們非常關注如何降低網路營運成本。這個領域存在一些關於知識型員工老化的問題。因此我認為積極性確實增強了。

Of course, the other part of our business in this space is around unified communications, deploying session border controller and policy management to support Microsoft Teams and Zoom and those sorts of migrations, and we've had a number of really strong years around that part. But the whole kind of network infrastructure upgrade process that we're seeing service providers and US federal agencies go through, it feels pretty unique for sure.

當然，我們在這個領域的另一部分業務是圍繞統一通信，部署會話邊界控制器和策略管理，以支援 Microsoft Teams 和 Zoom 以及此類遷移，我們在這一領域已經取得了許多非常強勁的業績。但我們看到服務提供者和美國聯邦機構經歷的整個網路基礎設施升級過程確實感覺非常獨特。

Great. Thanks so much.

偉大的。非常感謝。

Thanks.

謝謝。

(Operator Instructions)

（操作員指令）

Tim Savageaux, Northland Capital Markets.

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

Hi, good afternoon and congrats on the quarter. I wanted to follow up on your mid-single-digit growth guidance, I guess for calendar '25 and try and get at some of the moving parts there. Obviously you've seen some declines in IP Optical this year. I think you were expecting that to may maybe be flat to up now. It seems like maybe down single digits.

大家下午好，恭喜本季取得佳績。我想跟進你對 25 年中等個位數成長的預測，並嘗試了解其中的一些變化部分。顯然，今年你已經看到 IP 光纖出現了一些下滑。我認為您預計現在可能會持平或上升。看起來可能下降了個位數。

Do you given the US strength? Do you expect a strong rebound there? Then again, you've got a lot going on big orders and big opportunities in Cloud & Edge. So I guess how would you expect the, the segments to grow around that kind of mid-single-digit target and I'll follow up from there?

您認為美國的實力如何？您預計那裡會出現強勁反彈嗎？再說了，您在 Cloud & Edge 方面有很多大訂單和大機會。那麼我想您如何預期這些細分市場會圍繞這種中等個位數的目標成長，我將從那裡開始追蹤？

Yeah. Hey, Tim, thank you. So there's a number of moving parts here, obviously, to get to an overall corporate average growth for next year. As you point out, we have been on an approximately 10% per year growth rate on the IP Optical the last few years with the Eastern European business suspension that we implemented last quarter, year over year going into 2025, we have to make up, if you will, the shipments that we had in the first part of the year in that region.

是的。嘿，蒂姆，謝謝你。因此，顯然，要實現明年企業整體平均成長率，這裡需要考慮許多因素。正如您所指出的，過去幾年，我們的 IP 光纖業務每年的成長率約為 10%，但由於上個季度我們實施了東歐業務暫停，到 2025 年，我們必須彌補這一差距。的話，這是我們今年上半年在該地區收到的貨物。

And you estimate that in the $25 million range. So to grow next year in that business, we've got to kind of make up that amount and then grow from there. So that gets us to the kind of mid-single-digit range around that business.

您估計這個數字在 2500 萬美元左右。因此，為了明年該業務的成長，我們必須先達到這個金額，然後再繼續成長。這樣，我們的業務就達到了中等個位數的水平。

In the Cloud & Edge business, voice infrastructure business, a portion of our total revenue there is obviously maintenance revenue, and that tends to be fairly flat year over year. So to get to a mid-single-digit growth rate around that, we have to grow at a faster rate on the product and service portion. And again, so that the implied growth rate around the product side is actually higher than the mid-single-digit range. So between those two kind of pieces of the model, that gets you to an overall average in the mid-single-digit range.

在雲端運算和邊緣業務、語音基礎設施業務中，我們總收入的一部分顯然是維護收入，而且這個數字比去年同期趨於持平。因此，為了達到中等個位數的成長率，我們必須在產品和服務部分以更快的速度成長。再次，產品方面的隱含成長率實際上高於中等個位數範圍。因此，透過模型的這兩種部分，您可以獲得中等個位數範圍內的總體平均值。

Got it. And I think you mentioned in the release and maybe a little bit on the call about pursuing, obviously, you got the Verizon voice modernization deal and strong growth there, but pursuing opportunities with multiple additional carriers.

知道了。我覺得您在發布會上提到過，也許在電話會議中也提到過，顯然，您已經與Verizon 達成了語音現代化協議，並且在那裡實現了強勁增長，但同時也在尋求與多家其他營運商合作的機會。

And I think we can talk about pipelines in several different ways here. Maybe you could try and quantify those opportunities relative to what you were able to land with Verizon. And I might extend that you kind of did that with Metaswitch a little bit at least threw a number out there.

我認為我們可以在這裡用幾種不同的方式來討論管道。或許您可以嘗試量化這些機會，相對於您在 Verizon 所獲得的機會。而且我可能會稍微延伸一下，你用 Metaswitch 做過類似的事情，至少會給出一個數字。

If it's possible to look at the opportunities that are emerging on the IP Optical side with the Nokia Infinera deal, it'd be interesting to get a sense of that pipeline as well. So address it how you want, but I'm looking for more color on the voice modernization opportunities and then the IP Optical opportunities? Thanks.

如果能夠透過Nokia Infinera 交易來了解 IP 光纖方面出現的機遇，那麼了解該管道也將會很有趣。那麼您可以按自己的想法來解決這個問題，但是我正在尋找有關語音現代化機會以及 IP 光纖機會的更多細節？謝謝。

Yeah. So on the first one there's, it would be hard to find another opportunity of the same scale as the Verizon project. So that's certainly the largest in our, in our funnel. We've announced a few other ones that we've been able to talk about publicly, like Brightspeed, we talked about last quarter as they're modernizing some of their legacy voice infrastructure and migrating off of the Lumen infrastructure as part of that separation.

是的。因此，就第一個而言，很難找到與 Verizon 專案同等規模的另一個機會。所以這肯定是我們漏斗中最大的。我們已經宣布了其他一些可以公開討論的項目，例如上個季度我們討論過的 Brightspeed，他們正在對一些傳統的語音基礎設施進行現代化改造，並作為分離的一部分從 Lumen 基礎設施中遷移出來。

I've talked about some of the projects we have going in Africa with operators like MTN, putting in a new voice interconnect hub into Africa. There's a number in Europe that we haven't talked about publicly yet that are similar in nature. And then others here in the US, obviously, some larger opportunities here to do similar network modernization.

我談到了我們與 MTN 等營運商在非洲開展的一些項目，在非洲建立新的語音互連中心。歐洲有許多類似案例，我們還沒有公開談論過。然後，在美國，顯然其他地區也有一些更大的機會進行類似的網路現代化。

I will say that each network is a little bit different. The regions that have deployments in much more rural areas with smaller line counts those sorts of things, maybe the ROI on upgrading those types of switching platforms isn't there. It makes more sense just to operate them as long as you can. But there's larger ones where it does make sense and there's a good ROI.

我想說的是每個網路都有點不同。在更偏遠的地區部署此類設備，線路數量較少，升級此類交換平台的投資回報率可能不高。盡可能長時間地操作它們更有意義。但對於規模較大的企業來說，這確實有意義，而且投資報酬率也很高。

So there's a good pipeline of those types of additional service provider opportunities in both North America and in Europe that we're pursuing and will be lined up for next year. Of course, you add to that the US Federal that I commented on quite a bit around those types of opportunities, very similar. They're building out their own secure communication infrastructure.

因此，我們正在北美和歐洲尋求大量此類額外的服務提供者機會，並將在明年進行安排。當然，你要補充的是，我對美國聯邦儲備委員會對這些類型的機會發表過很多評論，非常相似。他們正在建造自己的安全通訊基礎設施。

The DISA project that we announced in the third quarter, basically replacing and modernizing that softswitch backbone that operates the DoD, basically interconnect network for voice communications. Yes, just a good pipeline of those types of opportunities that are driving growth for the business.

我們在第三季宣布的 DISA 專案基本上是對營運國防部的軟交換主幹網路進行替換和現代化改造，主要是用於語音通訊的互連網路。是的，這只是推動業務成長的此類機會的良好管道。

The other part of your question around the IP Optical pipeline and, and comment on the competitive environment. So certainly as we saw in the third quarter here with you know, 20% of our revenue in the US for the first time. We're having good success, particularly in the regional and rural operators helping build out and add more capacity into the network.

您的問題的另一部分涉及 IP 光纖管道以及對競爭環境的評論。因此，正如我們在第三季所看到的，我們的收入首次有 20% 來自美國。我們取得了良好的成功，特別是幫助區域和農村營運商建立和增加網路容量。

We've got a good pipeline for fourth quarter and I think those programs continue into next year. And then as the bead funding actually starts to move into our portion of the network, I think that is our '26, '27 opportunities for us. So good runway going forward there.

我們為第四季做好了充足的準備，我認為這些項目將會持續到明年。然後，隨著資金真正開始進入我們的網路部分，我認為這就是我們 26、27 年的機會。那裡的跑道運行狀況非常好。

The other area we haven't talked too much about in the in the US is around critical infrastructure. That's a real platform for our business in Europe has not been a big driver so far. Here in the US, we announced American Electric Power earlier this year, sixth largest energy transportation company here in the US that build out their own secure transport and IP routing network, and we're having a really good program with them this year helping modernize some of that.

在美國，我們還沒有過多談論的另一個領域是關鍵基礎設施。這是一個真正的平台，對我們在歐洲的業務來說，到目前為止還不是一個很大的推動力。在美國，我們今年稍早宣布，美國第六大能源運輸公司美國電力公司將建立自己的安全運輸和 IP 路由網絡，今年我們將與他們合作開展一項非常好的項目，幫助他們現代化其中一些。

So those are -- some of the other kind of related opportunities that the Nokia Infinera opportunity specifically, I think takes a little longer time to develop. It's not so much in North America, the opportunities we see are more in Asia Pac and in Europe to some extent. And typically it's an operator that has either both of them deployed in the network today or we're perhaps migrating in a particular direction. And for whatever reason aren't sold on the combined road map or the strategy there.

所以這些是—一些其他類型的相關機會，特別是諾基亞 Infinera 的機會，我認為需要更長的時間來發展。這種機會在北美並不多，我們看到的機會更多是在亞太地區和歐洲。通常情況下，運營商要么在當今的網路中部署這兩者，要么可能正在朝特定的方向遷移。無論出於什麼原因，他們都不認同合併後的路線圖或策略。

I think the window of time is, between now and when, when that closes and they bring together a clearer road map. So while that uncertainty is in the market, we're really hustling to go try and find some new wins in that space.

我認為，時間窗口是從現在到關閉並製定更清晰的路線圖之間。因此，當市場存在不確定性時，我們確實在努力嘗試在該領域找到一些新的勝利。

Great. And last one for me real quick. I mean, what could the Verizon acquiring Frontier mean from you guys from a voice perspective?

偉大的。對我來說這是最後一個。我的意思是，從語音角度來看，Verizon 收購 Frontier 對你們來說意味著什麼？

Yeah, I think, you know, that's a, it's a real opportunity. I haven't been able to quantify it yet. But we don't do a lot of voice business there today with frontier other than some maintenance, they haven't invested a lot in modernizing that portion of their network and a lot of focus on driving fiber very successfully. I think there's a good possibility, Verizon will look at a similar playbook as they look at the frontier infrastructure.

是的，我認為，這是一個真正的機會。我還無法量化它。但是，除了一些維護之外，我們目前在那裡沒有與 Frontier 開展很多語音業務，他們沒有對這部分網路的現代化進行大量投資，而是將大量精力放在了成功推動光纖發展上。我認為，Verizon 在研究前沿基礎設施時很有可能會採用類似的策略。

We won't know that until they're further along in the process, but that's certainly something as we look to say, the 2026 time frame that could be a further catalyst for us.

我們只有等到這個過程進展到某個階段才會知道，但我們可以肯定地說，2026 年的時間框架可能會成為我們的進一步催化劑。

Trevor Walsh, Citizens JMP.

特雷弗沃爾什 (Trevor Walsh)，公民 JMP。

Hi, this is Russ on for Trevor Walsh at Citizens JMP. Thanks for the question. In regards to the impressive triple digit growth rate year over year in IP Optical, aside from the cited rural broadband fiber initiatives, you guys talked about the success with the cross sell motion. Could you just unpack what's kind of driving that success there?

大家好，我是公民 JMP 的 Trevor Walsh 的 Russ。謝謝你的提問。關於IP光纖同比增長率令人印象深刻的三位數，除了提到的農村寬頻光纖計劃之外，你們還談到了交叉銷售行動的成功。您能否解釋一下推動其成功的因素是什麼？

Yes. So I guess two thoughts on that. The rural portion of the business, we think of as cross sell. Many of these customers, we actually have an installed base of voice infrastructure with them already today. And they're not investing a lot in that, but it's an ongoing support and maintenance and commercial relationship with them.

是的。因此我對此有兩點看法。我們將農村部分的業務視為交叉銷售。對於許多這樣的客戶，我們實際上已經為他們安裝了語音基礎設施。他們並沒有在這方面投入太多，但卻與他們保持了持續的支持、維護和商業關係。

They rely on us to help operate that network. And so it's given us a bit of an unfair advantage in some ways to be able to go in and compete for this new business as they're investing in these new areas. Many times, the decision makers are the same people that we work with already on the other part of the business. And so that part of the cross sell has really worked well.

他們依靠我們來幫助運作這個網路。因此，當他們在這些新領域進行投資時，這在某種程度上給了我們一些不公平的優勢，使我們能夠進入並競爭這項新業務。很多時候，決策者就是我們在業務其他部分合作過的人。所以這部分交叉銷售確實發揮了很好的作用。

The other part is really being able to use the IP routing technology, the routing platforms that we have to be able to do replacement of TDM and SONET infrastructure with a broader set of service provider customers. And so we have a pretty active base now of customers that provide interconnect services in the US. between the different operators that help interconnect both data traffic and voice traffic and the cost of these interconnect networks, these traditional TDM networks and SONET networks is going up every year like disproportionately.

另一部分是真正能夠使用 IP 路由技術，我們必須能夠利用路由平台為更廣泛的服務供應商客戶取代 TDM 和 SONET 基礎架構。因此，我們現在擁有相當活躍的客戶群，為美國提供互連服務。幫助連接數據流量和語音流量的不同營運商之間的成本以及這些互連網路、這些傳統 TDM 網路和 SONET 網路的成本每年都在不成比例地上漲。

And so there's been a lot of interest in using our routers as basically a replacement for doing circuit emulation. And again, that's a great example of cross-sell where we've got a new technology, a new platform that we're going to existing customers and selling into the new space. So several examples like that, Russ, that we're focused on.

因此，人們對使用我們的路由器來替代電路模擬產生了濃厚的興趣。這是交叉銷售的一個很好的例子，我們擁有一項新技術、一個新平台，可以將其提供給現有客戶並推向新的領域。拉斯，我們重點關注的就是幾個這樣的例子。

That's great. Thanks Bruce. I think we, we heard a lot of answers on Metaswitch and Infinera but I just wanted to touch on the third competitive dynamic, any revised thoughts or updates around the HPE Juniper?

那太棒了。謝謝布魯斯。我想我們聽到了很多關於 Metaswitch 和 Infinera 的回答，但我只想談談第三個競爭動態，您對 HPE Juniper 有什麼修改後的想法或更新嗎？

There hasn't been a lot of new news, if you will, there. Juniper's position in the customer base that we're in today is relatively modest compared to Cisco, Nokia and Huawei. So there's a few that are in the pipeline there or a couple of smaller wins Russ, in that space, but not dramatic, so I didn't comment on this go around.

如果你願意的話，那裡沒有太多的新消息。與思科、諾基亞和華為相比，瞻博網路在目前的客戶群中的地位相對較低。因此，那裡有幾個正在籌備中，或者有幾個較小的勝利，拉塞爾，在那個領域，但並不引人注目，所以我沒有對此發表評論。

Great, thank you so much.

太好了，非常感謝。

Thank you.

謝謝。

Thank you. As there are no further questions. I now hand the conference over to Mr. Bruce McClelland for his closing comments. Bruce?

謝謝。因為沒有其他問題。現在我將會議交給布魯斯·麥克萊蘭先生，請他作最後總結。布魯斯？

Yeah, thanks very much Ryan. Thanks again for everybody being on the call and for your interest in in Ribbon Communications. We look forward to speaking with many of you in our upcoming investor conferences and keeping you updated on our progress. So operator, thanks very much. This concludes our call.

是的，非常感謝 Ryan。再次感謝大家參加電話會議以及對 Ribbon Communications 的關注。我們期待在即將召開的投資者會議上與你們交談，並讓你們了解我們的進展。非常感謝接線生。我們的通話到此結束。

Thank you. The conference of Ribbon Communication has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。Ribbon Communication大會至此結束。感謝您的參與。現在您可以斷開線路了。