Ribbon Communications Inc (RBBN) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Ribbon Communications first-quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Ribbon Communications 2025 年第一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。

I would now like to turn the conference over to your host, Joni Roberts, Chief Marketing Officer. Please go ahead.

現在，我想將會議交給主持人、首席行銷長喬尼·羅伯茨 (Joni Roberts)。請繼續。

Good afternoon, and welcome to Ribbon's first-quarter 2025 financial results conference call. I'm Joni Roberts, Chief Marketing Officer at Ribbon Communications. Also on the call today are Bruce McClelland, Ribbon's Chief Executive Officer and John Townsend, Ribbon's Chief Financial Officer.

下午好，歡迎參加 Ribbon 2025 年第一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 和 Ribbon 財務長 John Townsend。

Today's call is being webcast live and will be archived on our Investor Relations section of our website, rbbn.com, where both the press release and supplemental slides are currently available. Certain matters we'll be discussing today, including the business outlook and financial projections for second quarter 2025 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 rbbn.com 的投資者關係部分，新聞稿和補充幻燈片目前均可在該部分取得。我們今天將要討論的某些事項，包括 2025 年第二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 uncertainty 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 included in 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。這些風險和不確定性在我們向美國證券交易委員會提交的文件中進行了討論，包括我們最新的 10-K 表格。我請您參閱我們網站上發布的補充財務資訊中包含的安全港聲明。

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 supplemental financial information we prepared for this conference call, which again, both are 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 GAAP 指標的對賬，這些資訊均可在我們網站的「投資者關係」部分找到。

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

現在我想把電話轉給布魯斯。布魯斯？

Great. Thanks, Joni. Good afternoon, everyone and thanks for joining us today to discuss our outlook for 2025 and our first quarter results. Building on the momentum from last year, we continue to see very good demand as both service providers and enterprises invest in modernizing their voice and data networks.

偉大的。謝謝，喬尼。大家下午好，感謝您今天加入我們，討論我們對 2025 年的展望和第一季的業績。基於去年的勢頭，隨著服務提供者和企業都在投資現代化其語音和數據網絡，我們繼續看到非常好的需求。

In particular, the momentum in our Cloud and Edge business continues to build and is now a growth engine for the company, contrasting with the market perspective on this business several years ago. Our portfolio is the best in the industry and supports a broad number of use cases, including carrier-grade Telco voice services, enterprise Unified Communications, large-scale contact centers and resilient, secure defense command and control. The industry focus on eliminating legacy copper networks and adoption of cloud technologies that can be deployed on-premise or in the cloud is a great tailwind for our business for years to come.

特別是，我們的雲端和邊緣業務勢頭持續增強，現在已成為公司的成長引擎，這與幾年前市場對該業務的看法形成了鮮明對比。我們的產品組合是業界最好的，支援廣泛的用例，包括營運商級電信語音服務、企業統一通訊、大型聯絡中心以及有彈性、安全的國防指揮和控制。業界專注於消除傳統的銅線網絡，並採用可在本地或雲端部署的雲端技術，這對我們未來幾年的業務來說是一個巨大的推動力。

As with many companies, we expect AI to be a growing opportunity for us and have two projects directly tied to increasing AI deployments. The first is a new nationwide fiber network being built in the Philippines to significantly add capacity to keep up with the growing demand and data center expansion. And the second is a Fortune 500 company leveraging AI in unique ways to enhance their contact center effectiveness.

與許多公司一樣，我們預計人工智慧將成為我們的一個成長機會，並且有兩個專案與增加人工智慧部署直接相關。首先是在菲律賓建立一個新的全國光纖網絡，以大幅增加容量，滿足不斷增長的需求和資料中心的擴展。第二家是財富 500 強公司，以獨特的方式利用人工智慧來提高其聯絡中心的效率。

A great leading indicator of our continued momentum is the growth in our backlog, up 35% from the same point last year. Book-to-bill in the first quarter was 1.2x, and we continue to expect a strong first half with sales projected to grow 5% to 8% year over year. All the more impressive as we overcome the difficult compare to first half of '24 after suspending shipments in Eastern Europe midway through last year. In fact, our IP Optical business, excluding Eastern Europe, grew by 25% in the first quarter. So the demand picture remains strong, and we continue to expect good growth this year.

我們持續成長動能的一個重要領先指標是積壓訂單的成長，比去年同期成長了 35%。第一季的訂單出貨比為 1.2 倍，我們繼續預期上半年業績將表現強勁，銷售額預計將年增 5% 至 8%。與去年年中暫停東歐出貨後 2024 年上半年相比，我們克服了困難，這更加令人印象深刻。事實上，我們的 IP 光纖業務（不包括東歐）在第一季成長了 25%。因此，需求前景依然強勁，我們繼續預計今年將出現良好的成長。

Sales in the first quarter were flat year over year and lower than expected, but was entirely related to the timing of two enterprise projects, one with the US federal agency and one with a Critical Infrastructure customer in the US We've already received orders for the vast majority of the shortfall and much has now been shipped and recognized in the second quarter. Business with service providers was robust in the first quarter, with sales increasing more than 10% year over year with significantly higher sales in the US and in India.

第一季的銷售額與去年同期持平，低於預期，但完全與兩個企業專案的時間表有關，一個是與美國聯邦機構合作，另一個是與美國的關鍵基礎設施客戶合作。我們已經收到了絕大部分缺口的訂單，大部分已經發貨並已在第二季度確認。第一季與服務供應商的業務表現強勁，銷售額年增超過 10%，其中美國和印度的銷售額顯著成長。

And if you adjust for the significant reduction of sales due to suspension of shipments to Eastern Europe last year, service provider sales increased more than 30% year over year in the first quarter. Margins in the first quarter were lower than we projected, primarily due to the mix of shipments and the lower sales volume. Our sales in India were particularly strong in our IP Optical segment, reducing the overall gross margin.

如果考慮到去年因暫停向東歐發貨而導致的銷售額大幅下降，服務提供商第一季的銷售額比去年同期增長了 30% 以上。第一季的利潤率低於我們的預期，主要原因是出貨量組合和銷售量較低。我們在印度的 IP 光學領域的銷售尤其強勁，從而降低了整體毛利率。

The mix of Cloud and Edge sales in the quarter were more concentrated in hardware products and higher Professional Services revenue, both of which contribute a lower gross margin than our software products. In the second quarter, we have a stronger mix of software and better regional profile that we expect will improve consolidated gross margins by more than 400 basis points sequentially.

本季雲端和邊緣銷售的組合更集中在硬體產品和更高的專業服務收入上，這兩者貢獻的毛利率都低於我們的軟體產品。在第二季度，我們擁有更強大的軟體組合和更好的區域配置，我們預計這將使合併毛利率將比去年同期增加 400 個基點以上。

The lower sales and margin contributed to a reduction in adjusted EBITDA year over year, which again, we expect to largely catch up in the second quarter. Now a little more detail on each of our operating segments. We had a good quarter in our Cloud and Edge segment with sales growing approximately 6% year over year. Excluding maintenance revenue, product and services sales increased approximately 17% year over year. Adjusted EBITDA for the segment increased 17% year over year on higher sales and continued improvement in operating expenses.

銷售額和利潤率的下降導致調整後 EBITDA 年比下降，我們預計第二季這一數字將基本趕上。現在讓我們更詳細地介紹一下我們的每個營運部門。我們的雲端和邊緣運算部門本季表現良好，銷售額年增約 6%。除維護收入外，產品和服務銷售額年增約 17%。由於銷售額增加和營運費用持續改善，該部門的調整後 EBITDA 年成長 17%。

Sales to Global Service Providers were the primary driver behind the year over year growth with total Cloud and Edge revenue increasing approximately 20% year over year. Large Voice Network transformation projects were once again the main catalyst behind the good momentum this quarter. As expected, total Cloud and Edge sales to Verizon increased significantly and were up approximately 50% year over year as we continue to make very good progress on our multiyear project to decommission and replace legacy switching equipment in hundreds of central offices.

對全球服務供應商的銷售是年成長的主要驅動力，雲端和邊緣總收入年增約 20%。大型語音網路轉型計畫再次成為本季良好勢頭的主要催化劑。正如預期的那樣，由於我們在退役和更換數百個中央局的傳統交換設備的多年項目中繼續取得非常好的進展，對 Verizon 的雲和邊緣總銷售額大幅增長，同比增長約 50%。

The pace of installation and migrations is typically slower in the first quarter of the year, and we're now back at the same level as we were in the fourth quarter and expect to accelerate further as the year progresses. Cloud and Edge sales to all other service providers also increased approximately 10% year over year, highlighting the broad base of interest in network modernization and improving efficiency.

安裝和遷移的速度通常在每年第一季較慢，現在我們已回到第四季度的水平，並預計隨著時間的推移將進一步加快。對所有其他服務供應商的雲端和邊緣銷售額也同比增長約 10%，凸顯了人們對網路現代化和提高效率的廣泛興趣。

Cloud and Edge sales to enterprise customers were down approximately 23% year over year , largely due to the timing of US federal shipments I mentioned earlier. We've already shipped and recognized revenue on the remaining portion of these orders we received late in Q1. We're expecting a strong second quarter with several US federal agencies, including an initial phase of a project with a new DoD agency.

面向企業客戶的雲端和邊緣銷售額年減約 23%，這主要是由於我之前提到的美國聯邦出貨時間。我們已經發貨並確認了第一季末收到的剩餘訂單的收入。我們預計第二季我們與美國多個聯邦機構的合作將表現強勁，其中包括與國防部新機構合作進行專案的初始階段。

While we're seeing elongated decision-making due to the additional scrutiny on spending in the government, the voice modernization projects have a very clear ROI and significant reduction in operating expenses. So we expect these investments to remain a high priority as reflected in the 150% growth we experienced in 2024. Overall, Cloud and Edge gross margin was below our expectations in the quarter due to a higher mix of hardware shipments.

雖然我們看到由於政府對支出的額外審查而導致決策過程延長，但語音現代化專案的投資回報率非常明確，且營運費用也顯著降低。因此，我們預計這些投資仍將處於高度優先地位，正如我們在 2024 年經歷的 150% 的成長所反映的那樣。整體而言，由於硬體出貨量較高，本季雲端和邊緣運算的毛利率低於我們的預期。

This included a significant number of media gateways to support the replacement of legacy TDM switches and a higher demand for enterprise edge gateways. We expect a rebound in gross margin in the second quarter to the more typical mid-60s for the segment with a higher mix of software and continued improved services margins.

這包括大量媒體網關，以支援替換傳統的TDM交換機，以及對企業邊緣網關的更高需求。我們預計，隨著軟體組合的增加和服務利潤率的持續提高，該部門第二季的毛利率將反彈至更典型的 60 年代中期。

In our IP Optical segment, sales in the first quarter were down approximately 6% year over year . This continues to be a tough comparison due to the suspension of shipments to Eastern Europe beginning partway through the second quarter last year. This accounted entirely for the drop year over year . We remain hopeful there's a path to resolution of the conflict in the region and a resumption of trade. Asia Pac was once again the highlight of the quarter for our IP Optical business.

在我們的 IP 光模組部門，第一季的銷售額年減約 6%。由於去年第二季中期開始暫停向東歐發貨，因此這仍然是一個艱難的比較。這完全解釋了同比下降的原因。我們仍然希望能夠找到解決該地區衝突和恢復貿易的途徑。亞太地區再次成為我們 IP 光纖業務本季的亮點。

Sales in India increased 80% year over year and were up 6% sequentially to the highest level in the last 5 years. We continue to have a strong business with Bharti and benefited from the renewed network investment being made by Vodafone Idea to expand mobile network capacity and coverage. Sales in Southeast Asia were also very strong and increased over 20% year over year with multiple new projects across the region.

印度市場銷售額年增80%，季增6%，達到5年來的最高水準。我們繼續與 Bharti 保持著強勁的業務往來，並受益於 Vodafone Idea 為擴大行動網路容量和覆蓋範圍而進行的新網路投資。東南亞的銷售也非常強勁，年成長超過 20%，該地區有多個新項目。

As an example, we announced a great project win with our customer Converge ICT in the Philippines to build a new nationwide fiber backbone supporting customers such as Starlink as they grow their presence in the region and to add significant capacity for expanding data center traffic. We also announced a new subsea cable project with Mortel in Indonesia as they add 20 terabits of new capacity to the islands using our latest Apollo transport platform and MUSE automation management system.

例如，我們宣布與菲律賓客戶 Converge ICT 合作贏得一項重大項目，建造一條新的全國性光纖主幹網，為 Starlink 等客戶在該地區擴大業務提供支持，並為擴大數據中心流量增加大量容量。我們還與印尼的 Mortel 宣布了一項新的海底電纜項目，他們使用我們最新的 Apollo 傳輸平台和 MUSE 自動化管理系統為這些島嶼增加了 20 太比特的新容量。

We continue to see new opportunities across this region, partially due to vendor consolidation as well as the need to build networks that have no Chinese OEM equipment. Sales in North America were also very solid in the quarter, more than doubling year over year . This included a nice mix of Rural Broadband projects, growth in Critical Infrastructure with providers such as AEP and major service providers such as Brightspeed. Gross margins for the segment were impacted due to the regional mix of higher sales in AsiaPac and lower sales in the EMEA region. We also had several projects where the initial shipments of optical line equipment and low-cost access routers weighed on margins.

我們繼續看到該地區的新機遇，部分原因是供應商整合以及建造沒有中國 OEM 設備的網路的需求。本季北美地區的銷售額也非常穩健，較去年同期成長一倍以上。其中包括農村寬頻專案的完美組合、關鍵基礎設施的成長（包括 AEP 等提供者）以及 Brightspeed 等主要服務提供者。由於亞太地區銷售額較高而歐洲、中東和非洲地區銷售額較低，該部門的毛利率受到影響。我們還有幾個項目，其中光纖線路設備和低成本接入路由器的初始出貨量對利潤產生了影響。

We expect a sizable improvement in gross margins in the second quarter and substantially lower EBITDA loss for this segment. With that, I'll turn it over to John to provide additional financial details on our first quarter results and then come back on to discuss outlook for the second quarter. John?

我們預計第二季該部門的毛利率將大幅提高，EBITDA 損失將大幅下降。接下來，我將把時間交給約翰，讓他提供有關我們第一季業績的更多財務細節，然後再討論第二季的前景。約翰？

Thanks, Bruce. Good afternoon, everyone. Let's begin with financial results at the consolidated level. In the first quarter of 2025, Ribbon generated revenues of $181 million, an increase of 1% from the prior year. First quarter non-GAAP gross margin was 48.6%, lower than expected due to higher sales in India and higher Cloud and Edge hardware shipments that Bruce mentioned.

謝謝，布魯斯。大家下午好。讓我們從合併層面的財務結果開始。2025 年第一季度，Ribbon 的營收為 1.81 億美元，比前一年成長 1%。第一季非 GAAP 毛利率為 48.6%，低於預期，原因是印度銷售額增加以及 Bruce 提到的雲端和邊緣硬體出貨量增加。

Non-GAAP operating expenses were $86 million in the quarter, a $5 million reduction versus the first quarter of 2024 and down $8 million sequentially. This reflects the seasonality in expenses such as sales commissions and variable employee compensation as well as the benefit related to cost actions implemented in 2024. First quarter adjusted EBITDA was $6 million, a decrease of $6 million year over year . This was driven by the tighter margins we experienced across both segments due to the product mix and notably the regional mix in the IP Optical segment. Our non-GAAP tax rate for the quarter was 32%, and our interest expense was $11 million, including amortization of debt issuance costs.

本季非公認會計準則營運費用為 8,600 萬美元，較 2024 年第一季減少 500 萬美元，較上一季減少 800 萬美元。這反映了銷售佣金和可變員工薪酬等費用的季節性，以及與 2024 年實施的成本行動相關的收益。第一季調整後息稅折舊攤提前利潤為 600 萬美元，年減 600 萬美元。這是由於產品組合以及特別是 IP 光纖領域的區域組合導致兩個領域的利潤率收緊所致。我們本季的非公認會計準則稅率為 32%，利息支出為 1,100 萬美元，其中包括債務發行成本的攤銷。

Both of these were in line with our expectations. Quarterly non-GAAP net loss was $5 million compared to a $1 million loss in the prior year. This generated a non-GAAP diluted loss per share of $0.03, which compares to a $0.01 per share loss in the prior year. Our basic share count was 176 million shares, and our fully diluted share count was 180 million shares for the quarter. Now let's look at the results of our two business segments.

這兩者都符合我們的預期。季度非公認會計準則淨虧損為 500 萬美元，而去年同期淨虧損為 100 萬美元。這導致每股非公認會計準則稀釋虧損 0.03 美元，而去年每股虧損為 0.01 美元。本季度，我們的基本股數為 1.76 億股，完全稀釋股數為 1.8 億股。現在讓我們來看看我們兩個業務部門的業績。

Our Cloud and Edge business had revenues in the first quarter of $108 million, an increase of 6% year over year , with product and Professional Services revenue increasing 17% year over year . Cloud and Edge non-GAAP gross margins were 62.5%, down 350 basis points from the prior year. The reduction is a result of higher Professional Services and hardware revenue and lower software sales compared to the prior year. Adjusted EBITDA was $20 million or 19% of revenue in the quarter, a 17% improvement year over year . Now on to our IP Optical Networks results.

我們的雲端和邊緣業務第一季營收為 1.08 億美元，年增 6%，其中產品和專業服務收入年增 17%。雲端運算和邊緣非公認會計準則毛利率為 62.5%，較前一年下降 350 個基點。減少的原因是與去年相比，專業服務和硬體收入增加，而軟體銷售額下降。調整後息稅折舊攤提前利潤 (EBITDA) 為 2,000 萬美元，佔本季營收的 19%，較去年同期成長 17%。現在來看看我們的 IP 光網路結果。

We recorded first quarter revenue of $74 million, a 6% decrease versus the prior year. Excluding Eastern Europe, sales in the segment were actually up 25% year over year . First quarter non-GAAP gross margin for IP Optical was 28%, which is below our expectations. As Bruce noted, the higher sales in India impacted the overall gross margin for the segment and were further compounded by the unfavorable mix of products this quarter. IP Optical Networks adjusted EBITDA was a loss of $15 million versus a $6 million loss in the prior year, again, mostly driven by the regional mix of revenues.

我們第一季的營收為 7,400 萬美元，比上年下降 6%。除東歐外，該部門的銷售額實際上同比增長了 25%。IP Optical 第一季非 GAAP 毛利率為 28%，低於我們的預期。正如布魯斯所指出的，印度市場的銷售成長影響了該部門的整體毛利率，而本季不利的產品組合進一步加劇了這一情況。IP 光網路調整後的 EBITDA 虧損 1,500 萬美元，而去年同期虧損 600 萬美元，這同樣主要受區域收入組合的影響。

As Bruce mentioned earlier, we expect significant improvement in the second quarter and continuing throughout the year with increased sales in North America and Europe and improved product mix. Moving on to cash and capital expenditure. Cash from operations was a usage of $4 million in the quarter with a closing cash balance of $74 million versus $90 million at the end of 2024. The reduction in cash was primarily a result of annual employee incentive compensation payments and the completion of the build-out of our new R&D facility in Israel, which drove the higher capital expenditure. Total CapEx in the quarter was $12 million.

正如布魯斯之前提到的，我們預計第二季將出現顯著改善，並且隨著北美和歐洲銷售額的成長和產品結構的改善，這一情況將持續全年。繼續討論現金和資本支出。本季經營活動現金流為 400 萬美元，期末現金餘額為 7,400 萬美元，而 2024 年底為 9,000 萬美元。現金減少主要是由於年度員工激勵薪資支付以及我們在以色列的新研發設施的建設完成，這推動了更高的資本支出。本季總資本支出為 1200 萬美元。

Excluding the R&D facility, we expect our full year capital expenditures to be consistent with prior years in the $12 million to $13 million range. Our net debt leverage at the end of the quarter was 2.4x, up slightly sequentially. And now I'll turn the call back to Bruce.

除研發設施外，我們預計全年資本支出將與往年持平，介於 1,200 萬美元至 1,300 萬美元之間。本季末我們的淨債務槓桿率為 2.4 倍，較上季略有上升。現在我將把電話轉回給布魯斯。

Great. Thanks, John. Following the last several quarters of strong bookings, our outlook and visibility for the second quarter is very good with substantially higher backlog than in previous years, even as we continue to optimize expenses. In our Cloud and Edge segment, we're projecting approximately 20% sales growth in the second quarter year over year . Key trends underpinning this increase included the following areas.

偉大的。謝謝，約翰。繼過去幾季的強勁預訂量之後，我們對第二季的前景和前景非常好，即使我們繼續優化費用，積壓訂單量仍比往年大幅增加。在我們的雲端和邊緣運算領域，我們預計第二季銷售額將年增約 20%。推動這一成長的關鍵趨勢包括以下領域。

First, we expect another very good quarter with Verizon, similar to our record level in fourth quarter last year as the Voice Network modernization program continues to perform well and other network upgrades continue. We're in the first year of this three-year program with significant opportunity for multiple years beyond this as well as a large potential opportunity as Verizon completes their acquisition of Frontier.

首先，我們預計 Verizon 將再創佳績，與去年第四季的創紀錄水平相似，因為語音網路現代化計劃繼續表現良好，其他網路升級也在繼續。我們正處於這個三年計畫的第一年，未來幾年將有重大機遇，而且隨著 Verizon 完成對 Frontier 的收購，也將有巨大的潛在機會。

Second, in addition to the deals delayed from Q1, we have a very good funnel of US federal network modernization opportunities with several sizable deals expected to close this quarter that include both expansion of current projects and new project wins. Despite some delays in decision-making, these programs look very solid for the quarter.

其次，除了第一季推遲的交易外，我們還擁有非常好的美國聯邦網路現代化機會，預計本季將完成幾筆規模可觀的交易，其中包括現有項目的擴展和新項目的中標。儘管決策方面有些延遲，但這些計劃在本季度看起來非常穩健。

Third, we're projecting several new enterprise wins in the quarter, including the Fortune 500 customer I mentioned that's at the forefront of leveraging AI to enhance contact center effectiveness. Another obvious area of focus for us is related to Metaswitch Replacement opportunities with a primary focus around the top 25% larger installed base. In the first quarter, we closed new replacement deals in the UK and in the US, serving both residential and commercial customers. Similarly, we also had a very nice win and award with a Tier 1 provider in Central America to replace a high-profile Cisco BroadSoft government services deployment.

第三，我們預計本季將獲得幾家新的企業客戶，包括我提到的財富 500 強客戶，該客戶在利用人工智慧提高聯絡中心效率方面處於領先地位。我們關注的另一個明顯領域與 Metaswitch 替代機會有關，主要關注前 25% 的較大安裝基數。第一季度，我們在英國和美國達成了新的替代交易，為住宅和商業客戶提供服務。同樣，我們也與中美洲的一級供應商贏得了非常好的合作，並獲得了獎項，以取代備受矚目的思科 BroadSoft 政府服務部署。

So I'm pleased with the progress we're making to grow our share in multiple markets. In the IP Optical segment, we're projecting 5% to 10% sequential growth in the second quarter, which would result in revenue similar to the second quarter last year, which still included a partial quarter of sales to Eastern Europe. The key trends in this business include the following areas.

因此，我對我們在多個市場擴大份額方面取得的進展感到滿意。在 IP 光纖領域，我們預計第二季營收將環比成長 5% 至 10%，這將使營收與去年第二季持平，其中仍包括部分季度對東歐的銷售。該業務的主要趨勢包括以下領域。

We expect continued momentum in Asia with strong sales in India and Southeast Asia, similar to the last several quarters, but with a better mix from a margin perspective. Hardy, Vodafone Idea, Tata and others continue to expand network capacity, and we see additional opportunities related to expansion of rural Internet access and Data Center Interconnect.

我們預計亞洲將繼續保持成長勢頭，印度和東南亞的銷售將保持強勁，與前幾季類似，但從利潤率的角度來看，其組合將更加出色。Hardy、Vodafone Idea、Tata 和其他公司繼續擴大網路容量，我們也看到了更多與擴大農村網路存取和資料中心互連相關的機會。

We have a lot of activity in Europe and in the Middle East with both Critical Infrastructure and defense agency projects expanding secure command and control networks. We also have very good momentum with customers like MTN in Africa, where there's a lack of fiber infrastructure and significant projects underway to improve connectivity across the continent.

我們在歐洲和中東地區開展了大量活動，包括關鍵基礎設施和國防機構項目，以擴展安全指揮和控制網路。我們與非洲 MTN 等客戶的合作也發展勢頭良好，非洲缺乏光纖基礎設施，我們正在實施重大項目以改善整個非洲大陸的連接性。

And finally, we expect a stronger quarter in North America with both Critical Infrastructure and regional service providers. Longer term, innovation and new product development is the key to our future growth. We have several important areas in focus for this year, including enhancements to our routing platforms to support an expanding set of TDM elimination use cases.

最後，我們預計北美地區的關鍵基礎設施和區域服務提供者在本季將表現更強勁。從長遠來看，創新和新產品開發是我們未來成長的關鍵。我們今年重點關注幾個重要領域，包括增強我們的路由平台以支援不斷擴展的 TDM 消除用例。

This has become a great entry point for us in the US market and an area where we're proving to be very differentiated and highly synergistic with our Cloud and Edge voice portfolio. We're also investing in additional routing platforms and features to support the growing trend of IP directly over optical networks. We have a great example of this with a significant new IP over DWDM win in Africa to support data center expansion. We recently launched our latest new routing platform at Mobile World Congress, the NPT 2714, that is a metro core router supporting up to 14 terabit per second traffic levels.

這已成為我們進入美國市場的絕佳切入點，並且在這一領域，我們已證明自己具有極強的差異化優勢，並且與我們的雲端和邊緣語音產品組合具有高度的協同作用。我們還投資了額外的路由平台和功能，以支援直接透過光纖網路進行 IP 傳輸的成長趨勢。我們有一個很好的例子，在非洲贏得一項重要的 IP over DWDM 新協議，以支援資料中心的擴展。我們最近在世界行動通訊大會上推出了最新的路由平台 NPT 2714，這是一款支援高達每秒 14 太比特流量等級的城域核心路由器。

At the OFC Optical Show last month, we received the Lightwave Innovation Award for the platform and are seeing increased customer interest. And finally, automation has become table stakes for managing complex networks and for improving the delivery of new capabilities. For the Cloud and Edge portfolio, this means adoption of cloud-native technologies and processes, which is the key focus behind the project I mentioned last quarter with a Tier 1 service provider in Europe. As we indicated earlier, we're expecting improved margins for both segments in the second quarter. The first quarter was unusually low given the customer and product mix, and the mix for the second quarter is expected to be much better.

在上個月的 OFC 光學展上，我們的平台獲得了光波創新獎，客戶的興趣日益濃厚。最後，自動化已成為管理複雜網路和改善新功能交付的必要條件。對於雲端和邊緣產品組合，這意味著採用雲端原生技術和流程，這是我上個季度提到的與歐洲一級服務供應商合作的專案背後的重點。正如我們之前指出的，我們預計第二季這兩個部門的利潤率都會提高。考慮到客戶和產品組合，第一季的業績異常低迷，預計第二季的業績會好得多。

There remains a lot of uncertainty on where US tariffs will settle and any reciprocal trade barriers that may be implemented. At the current time, we're not expecting a material impact on our business, but it's a dynamic situation. We have some agility to change the manufacturing location for our IP optical products, and we benefit from the USMCA free trade agreement for the Cloud and Edge products we currently manufacture in Mexico. We're working closely with our manufacturing partners to anticipate multiple scenarios and react quickly and hope to minimize the cost impact passed on to our customers.

美國關稅最終將如何解決以及可能實施的任何相互貿易壁壘仍然存在許多不確定性。目前，我們預計這不會對我們的業務產生重大影響，但情況正在不斷變化。我們可以靈活地改變我們的 IP 光學產品的製造地點，並且我們目前在墨西哥生產的雲和邊緣產品受益於 USMCA 自由貿易協定。我們正在與製造合作夥伴密切合作，預測多種情況並迅速做出反應，希望盡量減少轉嫁給客戶的成本影響。

Also, given the substantial amount of revenue that is tied to software and services, we believe we are relatively immune at a more macro level. Now on to guidance. As already mentioned, we expect a strong second quarter with sales growing more than 10% year over year as we complete enterprise deals delayed from Q1 and the continued momentum in our Cloud and Edge business. Based on the assumptions I've outlined, we're projecting revenue in a range of [$110 million] (sic, see presentation slide 14, "$210 million") to $220 million, a year over year increase of approximately 12% at the midpoint, and adjusted EBITDA in a range of $28 million to $32 million, a year over year increase of 38% at the midpoint. We remain positive on our outlook for the remainder of the year and continue to maintain our full-year outlook.

此外，考慮到與軟體和服務相關的大量收入，我們認為我們在更宏觀的層面上相對不受其影響。現在開始指導。正如前面提到的，我們預計第二季將表現強勁，銷售額將年增 10% 以上，因為我們完成了第一季推遲的企業交易，並且我們的雲端和邊緣業務繼續保持成長勢頭。根據我所概述的假設，我們預計收入將在 [1.1 億美元]（原文如此，請參閱簡報投影片 14，「2.1 億美元」）至 2.2 億美元之間，中間值較上年同期增長約 12%，調整後的 EBITDA 將在 2800 萬美元至 3200 萬美元之間，中間值較上年同期增長 38%。我們對今年剩餘時間的前景仍然持樂觀態度，並繼續維持全年展望。

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) Dave Kang, B. Riley Securities.

（操作員指示）Dave Kang，B. Riley Securities。

My first question is regarding your book-to-bill of 1.2, fairly strong. Just wondering if there were any pull-ins because of tariff uncertainty?

我的第一個問題是關於你們的訂單出貨比為 1.2，相當強勁。只是想知道是否由於關稅不確定性而出現任何拉動？

Dave, no, I don't think we saw any strong evidence of that. Bookings were pretty consistent across the quarter and really spread pretty evenly between the businesses and geographies. So nothing that I would flag directly associated with trying to pull in equipment early or anything like that.

戴夫，不，我認為我們沒有看到任何有力的證據。整個季度的預訂量相當穩定，並且在各個業務和地區之間的分佈也相當均勻。因此，我不會標記任何與嘗試提前拉入設備或類似情況直接相關的東西。

Okay. And regarding the tariff situation, just wondering what your customers are telling you regarding assuming third quarter, if reciprocal tariffs are back on again, what the plans are as far as your customers versus you picking up that extra cost as well as your suppliers, too?

好的。關於關稅情況，我只是想知道您的客戶對第三季的假設有何看法，如果互惠關稅再次恢復，您的客戶有什麼計劃，以及您和您的供應商是否也承擔額外成本？

Yes. I guess a few thoughts kind of expanding on my comments earlier. So far, we haven't seen customers indicate changes in their strategy or their plans for the year at this point in time. And I think you've seen a lot of the public commentary through the earnings calls that most of the service providers are not expecting a significant impact on their business from this. In the case of our business, of course, we're in a couple of different areas of their operation.

是的。我想，有些想法可以擴展我之前的評論。到目前為止，我們還沒有看到客戶表示改變他們的策略或年度計劃。我想你已經透過收益電話會議看到了很多公眾評論，大多數服務提供者並不認為這會對他們的業務產生重大影響。就我們的業務而言，當然，我們處於他們運營的幾個不同領域。

A lot of what we're selling is software and services in many cases, which don't have an impact really at all from a tariff perspective kind of immediately associated with it. And then the products that we are manufacturing internationally, some of them coming out of Mexico that are subject to the US free trade agreement and really exempt at this point. Others coming out of Asia, where we've been working with our manufacturers to mitigate the cost, share some of the expense and expect that anything that we have to pass on to customers is relatively modest at this stage given the current situation, at least anyway.

在很多情況下，我們銷售的許多產品是軟體和服務，從與關稅直接相關的角度來看，這些產品實際上根本不會產生影響。我們在國際上生產的產品中，有些來自墨西哥，受美國自由貿易協定的約束，目前確實享有豁免。其他來自亞洲的客戶，我們一直在與製造商合作，以降低成本，分擔部分費用，並預計，考慮到目前的情況，我們目前轉嫁給客戶的費用相對較少，至少無論如何都是如此。

Got it. And my last question is just wondering if you can provide an update on AT&T's Neptune ramp. I guess, it's still early. Also, I'm wondering if you got any wins or should we expect any wins this year.

知道了。我的最後一個問題是，您是否可以提供有關 AT&T Neptune 升級的最新消息。我想，現在還早。另外，我想知道您是否取得了任何勝利或我們今年是否應該期待任何勝利。

Yes. So again, I apologize, I can't comment too much on AT&T's plans, particularly around their Voice Network. As you know, they've indicated a strategy that they're implementing. And I'll just say we remain a really strategic partner to them and involved in their network deployments. I do think we're going to grow this year in IP Optical in North America.

是的。因此，我再次表示抱歉，我無法對 AT&T 的計劃發表太多評論，尤其是有關他們的語音網路。如您所知，他們已經表明了正在實施的策略。我只想說，我們仍然是他們真正的策略合作夥伴，並參與他們的網路部署。我確實認為今年我們在北美的 IP 光纖業務將會成長。

As I mentioned, the progress around Rural Broadband has been strong. Our first quarter was up considerably year over year . And some of the new products we've launched are getting a lot of looks. So I'm pretty -- bullish on the progress we'll make this year.

正如我所提到的，農村寬頻進展順利。我們第一季的業績年增率大幅成長。我們推出的一些新產品受到了廣泛關注。所以我對我們今年的進展非常樂觀。

Christian Schwab, Craig-Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Bruce, can you explain quickly how you benefit as people retire copper in their phone networks here in the United States and that may get more aggressive?

布魯斯，您能否簡單解釋一下，隨著美國人們逐步淘汰電話網路中的銅線，而這一趨勢可能變得更加激進，您將如何受益？

Christian, so I think there's kind of two different methodologies, if you will, around copper replacement. One is obviously to move lines or services completely onto a fiber or an IP backbone and eliminate the copper completely. In those cases, we might be involved in the network from a call server perspective or an application server. But on the access side, obviously, we are not -- as they remove the copper completely, we wouldn't be involved in that. That's kind of the natural attrition of legacy lines, but there's a large installed base that are not migrating.

克里斯蒂安，所以我認為，如果你願意的話，圍繞銅的替代，有兩種不同的方法。顯然，一種方法是將線路或服務完全轉移到光纖或 IP 主幹網路上，並完全取代銅線。在這些情況下，我們可能會從呼叫伺服器或應用伺服器的角度參與網路。但在接入方面，顯然我們不會參與其中——因為他們會完全移除銅，我們不會參與其中。這是傳統線路的自然損耗，但有大量安裝基數不會遷移。

And so there's really a couple of different methods to eliminate the copper, but still maintain the service. And so in one case, the media gateway or the transition from copper to IP would happen at the central office, and we provide a lot of gateways and then the software that enables that to happen. That's kind of a, I'll call it, a Verizon strategy around eliminating a lot of the complexity in the core of the network, but maintaining some of the copper local loop. The second approach is to put the media gateways basically right at the edge and preserve basically all of the legacy services that might be implemented at the enterprise and yet be able to eliminate all of the copper, all of the legacy SONET infrastructure, et cetera, and really simplify the operation of the network. So we're involved in both of those use cases, providing both the software that goes in the core as well as the media gateways that sit at the edge.

因此，實際上有幾種不同的方法可以消除銅，但仍能維持服務。因此，在一種情況下，媒體網關或從銅線到 IP 的轉換將在中央局進行，我們提供許多網關以及實現這一目標的軟體。我稱之為 Verizon 的一種策略，旨在消除網路核心中的許多複雜性，但保留部分銅本地環路。第二種方法是將媒體閘道置於邊緣，並保留企業可能實施的所有傳統服務，同時能夠消除所有銅線、所有傳統 SONET 基礎設施等，並真正簡化網路的運作。因此，我們參與了這兩種用例，既提供核心軟體，也提供邊緣媒體閘道。

Great. And then I kind of missed it. I apologize. Your Cloud and Edge products business, I think you said what you expected your growth rates in '24 –in '25 versus '24 for both Cloud and Edge and IP Optical. Could you repeat that for me, please?

偉大的。然後我就有點懷念它了。我很抱歉。您的雲端和邊緣產品業務，我想您說過您對 24 年成長率的預期——25 年與 24 年相比，雲端和邊緣以及 IP 光纖的成長率是多少。你能再說一次嗎？

Yes, sure. So as I was kind of going through the guidance section, as we think about the second quarter, at least anyway, we're expecting the Cloud and Edge portion to be up approximately 20% year over year . Obviously, a pretty strong growth number in the second quarter and continuing that momentum throughout the rest of the year. In the IP Optical segment, we're projecting 5% to 10% growth in the second quarter year over year . Again, we are adjusting or having to make up for any of the shipments in Eastern Europe in the second quarter a year ago.

是的，當然。因此，當我瀏覽指導部分時，當我們考慮第二季度時，至少無論如何，我們預計雲端和邊緣部分將同比增長約 20％。。顯然，第二季的成長數據相當強勁，而這一勢頭將在今年剩餘時間內持續下去。在 IP 光纖領域，我們預計第二季將年增 5% 至 10%。再次，我們正在調整或必須彌補去年第二季東歐的任何出貨量。

So that, I'll call it, the organic growth rate is higher than that. And just to give you one last stat, as I mentioned, in the first quarter, if you excluded the Eastern Europe revenue, we actually grew 25% year over year in the first quarter for IP Optical.

因此，我稱之為有機成長率高於這個水準。最後再給你一個統計數據，正如我提到的，在第一季度，如果不包括東歐的收入，我們第一季的 IP 光纖業務實際上同比增長了 25%。

Tim Savageaux, Northland Capital Markets.

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

Sorry about that. Can you hear me?

很抱歉。你聽得到我嗎？

We got you, Tim.

我們抓到你了，提姆。

Okay. Great. My first question is about Verizon. And just to clarify although there won't be-- you expect Verizon to move back toward Q4 levels on an absolute dollar basis. Is that correct?

好的。偉大的。我的第一個問題是關於 Verizon 的。需要澄清的是，儘管您預計 Verizon 不會以絕對美元為基礎回到第四季度的水平。對嗎？

I just want to clarify that.

我只是想澄清這一點。

Yes.

是的。

Well, and I think you've said a couple of times maybe last quarter and maybe just on this call that you're sort of still in the process of scaling here with Verizon, and I don't know whether that Q2 guide represents that scaling, it may well. But I guess the overall question is, do you think you can -- continue to increase revenue with Verizon from that Q2 level in Q3 and Q4?

嗯，我想您可能在上個季度說過幾次，也可能就在這次電話會議上說過，您仍在與 Verizon 進行擴展，我不知道第二季度的指南是否代表了這種擴展，很可能。但我想總體問題是，您是否認為您可以——在第三季和第四季繼續增加 Verizon 的收入（以第二季的水平為基準）？

Yes. I think that's a fairly good planning level for the second half of the year, I'll say, Tim, there are kind of two pieces or two phases to the migrations. The first is getting the equipment procured, installed, commissioned, powered up, kind of ready to go. And then the second piece is actually the migration or the conversion of lines, et cetera. The first part, we can move pretty quickly on.

是的。我認為這是下半年一個相當不錯的規劃水平，我想說，提姆，遷移分為兩個部分或兩個階段。首先是採購、安裝、調試、通電，準備投入使用。第二部分實際上是線路的遷移或轉換等等。第一部分，我們可以很快地繼續下去。

The second part is a more complex operation. And so what we're really scaling is that second part. The first part moves pretty quickly. The second part, more manual labor involved. You got to be careful as you migrate these lines, coordinate with customers, et cetera.

第二部分是更為複雜的操作。因此，我們真正擴展的是第二部分。第一部分進展相當快。第二部分，涉及更多的體力勞動。在遷移這些線路、與客戶協調等等時你必須小心。

And what -- from a revenue perspective, we're able to recognize most of the product revenue kind of upfront as it gets deployed. And then there's a lot of service revenue involved with the actual migration efforts. And so the timing of revenue on that is a little different. So I think we're scaling up the service portion of the revenue, but the product portion will be a little lumpy depending on which quarter we're shipping in and those sorts of things. So it's a long answer to your question, but I think the velocity from a revenue perspective, we're at in the second quarter is a nice planning level for the rest of the year.

從收入角度來看，我們能夠在產品部署時預先確認大部分產品收入。實際的遷移工作也涉及大量的服務收入。因此，收入的時間略有不同。因此，我認為我們正在擴大服務收入部分，但產品收入部分會有些不穩定，這取決於我們在哪個季度發貨以及諸如此類的事情。所以對你的問題的回答很長，但我認為從收入的角度來看，我們在第二季的速度對於今年剩餘時間來說是一個很好的規劃水平。

The actual migration rate is going to speed up. And as we look into next year, we're expected to do more next year. So the volume needs to increase as we exit the year and go into next year. It will be a bigger year. That's without adding in the potential for similar programs at Frontier as that business starts to be operated by Verizon.

實際遷移速度將會加快。展望明年，我們預計明年將會取得更多成績。因此，隨著今年的結束和明年的到來，交易量需要增加。這將是更重要的一年。這還沒有考慮到 Frontier 推出類似項目的可能性，因為該業務已開始由 Verizon 營運。

Great. And I think you might have given us some metrics about the pace of installation or I don't know if it was a switch a week or something like that or the total that you've done so far. But I would love it if you might update that, is that a pace you expect to return to or exceed in Q2 or the second half of the year? Are there other metrics to gauge kind of where we are with Verizon, which still seems fairly early days, but any comment on that as well?

偉大的。我認為您可能已經為我們提供了一些有關安裝速度的指標，或者我不知道它是否是每週切換一次或類似的東西，或者是您迄今為止完成的總數。但如果您可以更新一下，我會很高興，您預計第二季或下半年的成長速度會恢復到或超過這個水平嗎？有其他指標可以衡量我們與 Verizon 的合作嗎？這似乎還處於早期階段，您對此有什麼評論嗎？

Yes. No, we definitely have a long pipeline ahead of us here for sure. The metric I mentioned last quarter was basically doing which migration per week. All of that prep work I talked about that leads up to the migration and then final completion of the switchover when you start to see the cost savings, that's why that's an important milestone is when the cost savings start to benefit the customer. We were at one per week as we went through Q4.

是的。不，我們面前肯定還有很長的路要走。我上季提到的指標基本上是每週要進行哪些遷移。我談到的所有準備工作都會導致遷移，然後最終完成切換，當您開始看到成本節省時，這就是為什麼當成本節省開始使客戶受益時，這是一個重要的里程碑。在進入第四季度時，我們每週都會進行一次。

That velocity came down in the first quarter, kind of a natural pause during the holiday season, et cetera. And then we're back at that rate again at this point. And we basically want to try and double that migration rate as the year progresses. That's where we'd like to be.

第一季度，這一速度有所下降，這在假期期間是一種自然的停頓，等等。然後我們又回到那個速度了。我們基本上希望隨著時間的推移將移民率提高一倍。這正是我們想要的。

Okay. Great. And then another question over on the optical side. And it looks like we've seen from some of your larger competitors that -- and even similar sized that by and large, inventories at carriers have sort of burned off, and we're starting to see growth again in optical transport in the broader service provider universe. I wonder if you -- and I know you've got some one-offs here on the compares, but I wonder if you have any observations on that front on the one hand.

好的。偉大的。然後是關於光學方面的另一個問題。看起來我們已經從一些較大的競爭對手那裡看到 - 甚至類似規模的競爭對手，總體而言，運營商的庫存已經消耗殆盡，我們開始看到更廣泛的服務提供商領域的光傳輸再次增長。我想知道您是否——我知道您在比較方面有一些一次性的經驗，但我想知道您在這方面是否有任何觀察。

And then anything incremental on what you're seeing out of opportunities stemming from Nokia and Infinera or any overall commentary on Tier 1 carrier pipeline in IP optical? That's it for me.

那麼您從諾基亞和 Infinera 帶來的機會中看到了什麼進展，或者對 IP 光纖領域的一級運營商管道有什麼總體評論？對我來說就是這樣。

Yes. Great. Thanks, Tim. So from I'll call it, from a geographical perspective or regional perspective, we've seen good growth and continue to see that here in the second quarter in several regions. India, I called out, obviously, that's a strong market for us and continues to be a good growth area.

是的。偉大的。謝謝，蒂姆。因此，從地理角度或區域角度來看，我們看到了良好的成長，並且在第二季在多個地區繼續看到這種成長。我指出，印度顯然是我們的一個強勁市場，並且將繼續保持良好的成長動能。

Part of that's with Vodafone Idea coming back and investing in the network. But as I mentioned, I think we had our best quarter ever since acquiring ACI 5 years ago here in the first quarter in India. So that was very strong. The second region that continues to be a strong contributor is the rest of Asia Pac or Southeast Asia. In fact, I was just in the Philippines and in Taiwan back a few weeks ago.

部分原因是 Vodafone Idea 回歸並投資該網絡。但正如我所提到的，我認為自從五年前收購 ACI 以來，我們在印度的第一季取得了最好的成績。所以這非常強大。繼續做出強勁貢獻的第二個地區是亞太其他地區或東南亞。事實上，幾週前我才剛去過菲律賓和台灣。

We had a nice announcement in the Philippines with Converge, one of our key customers there, building out a nationwide fiber backbone that's serving both their internal needs as well as data center interconnectivity as well as the launch of Starlink in the region and supporting their downlink stations. So that's a great example of growth for us with a major operator in that region. That region also tends to be the area we're seeing the most opportunities, I think, from a Nokia Infinera integration perspective. We're a great, I'll call it, Western alternative in the region, and they're looking for alternatives as that integration happens. And so good momentum, in particular, competitively there.

我們在菲律賓與我們的主要客戶之一 Converge 共同宣布了一項好消息，我們將建立一條全國性的光纖主幹網，既滿足他們的內部需求，又滿足數據中心的互連，並在該地區推出 Starlink 並支持他們的下行鏈路站。因此，對於我們與該地區的主要營運商合作而言，這是一個很好的成長例子。我認為，從諾基亞英飛朗整合的角度來看，該地區也是我們看到最多機會的地區。我們是該地區一個偉大的西方替代者，我願意這樣稱呼我們，而隨著一體化的進行，他們也在尋找替代者。因此，那裡的競爭勢頭良好。

The third region I'll mention that we had good growth in the first quarter, again, was in the US domestic market here. year over year growth that was very strong. And that today is with, I'll call it, the regional or rural operators building out broadband infrastructure. It's also with the interconnect carriers that are basically replacing legacy TDM networks.

我要提到的第三個地區是我們在第一季實現了良好的成長，那就是美國國內市場，年成長非常強勁。今天，我稱之為區域或農村營運商正在建造寬頻基礎設施。互連營運商也基本上正在取代傳統的 TDM 網路。

It could be copper, it could be SONET networks, IP networks and then using our routing platform as that circuit emulation capability. And so we've been growing pretty nicely in that mid-market, if you will, in the US around our IP routing platforms.

它可以是銅線，可以是 SONET 網絡，也可以是 IP 網絡，然後使用我們的路由平台作為電路模擬功能。因此，如果你願意的話，我們的 IP 路由平台在美國中階市場一直發展得很好。

Rustam Kanga, Citizens.

魯斯塔姆·坎加，公民。

Just touching on the recent launch of the NPT-2714 and broader -- enhancements to the IP optical portfolio. Could you help qualify the early customer reception there? And do you expect that to be a meaningful contributor in the back half of the year?

只是談到最近推出的 NPT-2714 以及更廣泛的 IP 光學產品組合的增強。您能協助確定那裡早期的客戶接待標準嗎？您是否預計這會對今年下半年產生有意義的貢獻？

Yes. Great question. So we launched the product at Mobile World Congress in February and then also highlighted it at the OFC conference here recently where we won an award with it. It's pretty strategic for us. It basically is the metro core router.

是的。好問題。因此，我們在二月的世界行動通訊大會上推出了該產品，並在最近的 OFC 會議上重點介紹了它，並憑藉它獲得了一個獎項。這對我們來說非常具有戰略意義。它基本上是城域核心路由器。

It's the highest capacity, densest platform that we've got in the portfolio. And it allows us to expand from just the access layer aggregation layer where we have a lot of business today into the more of the core of the network. So one, it allows us to provide a complete end-to-end solution with customers that are building out a metro IT network. And two, it allows us more strategically to be further in the network, so not just at the access layer, but really in the core. So it's a pretty important element of being able to provide a fulsome kind of complete solution to customers.

這是我們產品組合中容量最高、密度最高的平台。它使我們能夠從目前業務量很大的存取層聚合層擴展到網路的核心部分。首先，它使我們能夠為正在建立城域 IT 網路的客戶提供完整的端到端解決方案。其次，它使我們能夠更有策略地進一步深入網絡，不僅在存取層，而且真正深入核心層。因此，為客戶提供全面完整的解決方案是一個非常重要的因素。

It's committed already with a variety of customers that are building out the access layer and then want to insert the core router next step of their network upgrades. So good pipeline, good opportunities. I think it's a next class product for us that really moves us beyond the access layer. So yes, pretty important.

它已經與各種客戶合作，這些客戶正在建立存取層，然後希望在網路升級的下一步插入核心路由器。所以，通路很好，機會也很好。我認為這對我們來說是一款一流的產品，它真正讓我們超越了訪問層。是的，這非常重要。

That's fantastic. Just one more from me regarding the Converge expansion. Could you talk a bit about what that does for the performance and optimization of that regional network and maybe how that deployment impacts kind of your share within APAC and perhaps touching on the vendor consolidation and elimination of the Chinese parts that you mentioned in your prepared remarks?

太棒了。關於 Converge 擴展，我還有一件事想說。您能否談談這對該區域網路的性能和優化有何影響，以及這種部署如何影響您在亞太地區的份額，或許還涉及您在準備好的發言中提到的供應商整合和中國部分的淘汰？

Yes, great question. Thank you. So the Philippines region is pretty strategic for us. In fact, we service a lot of Southeast Asia out of the Philippines. It's our -- kind of our central headquarters in the region for technical support and sales.

是的，很好的問題。謝謝。因此菲律賓地區對我們來說具有重要的戰略意義。事實上，我們為菲律賓以外的東南亞地區提供服務。它是我們在該地區的技術支援和銷售中心。

In the country itself, we're doing business with really, I think, four of the top five service providers and so we have built a really good reputation in the region. This new network is being built as basically an overlay to the current network, and it's being built completely with Western providers to make it as they provide services to large hyperscalers or regional cloud providers, there's no concern over having Chinese equipment in that network. And so it's a deliberate decision to build a new network with a partner and expand their reach in the region. So it's a great reference point for us. Other countries we're pretty active with as well.

在該國國內，我們實際上與前五大服務提供者中的四家有業務往來，因此我們在該地區建立了良好的聲譽。這個新網路基本上是作為現有網路的覆蓋而構建的，並且完全由西方供應商構建，以便他們為大型超大規模企業或區域雲端供應商提供服務，而不必擔心該網路中有中國設備。因此，我們經過深思熟慮後決定與合作夥伴建立新網絡並擴大其在該地區的影響力。所以這對我們來說是一個很好的參考點。我們與其他國家的合作也相當活躍。

We mentioned a win with Mortel in the region. In that case, we're putting a new subsea cable in 20 terabits of additional capacity into the island. So that was a very nice win. And then other countries such as Taiwan, Vietnam, we're all active in today with new wins in the last three months. So getting a lot of focus from us is the reason I did a trip over to spend time with customers and really grow our presence in the region.

我們提到了與 Mortel 在該地區的勝利。在這種情況下，我們將在島上鋪設一條新的海底電纜，容量增加 20 兆位元。所以這是一場非常漂亮的勝利。然後，我們在台灣、越南等其他國家也都很活躍，並且在過去三個月中取得了新的勝利。因此，為了引起我們的高度關注，我特意前往與客戶共度時光，並真正擴大我們在該地區的影響力。

The last country I'll mention that's strategic for us in the region is Japan. We've had a long history and kind of presence there with our Cloud and Edge portfolio. And then we've been able to cross-sell and build into some of these networks from an IP and optical perspective into names like Sony and SoftBank and those sorts of names. So it's a strategic area for us to grow in the Asia Pac region as well.

我要提到的最後一個對我們在該地區具有戰略意義的國家是日本。我們的雲端和邊緣產品組合在那裡有著悠久的歷史和存在。然後，我們能夠從 IP 和光學角度向索尼、軟銀等公司進行交叉銷售和建立這些網路。因此這也是我們在亞太地區發展的戰略領域。

This concludes the question-and-answer session. I would like to turn the call back to Bruce McClelland for closing remarks.

問答環節到此結束。我想請布魯斯·麥克萊蘭作最後發言。

Okay. Great. Well, thanks very much. Thanks for being on the call and the interest in Ribbon. We really look forward to meeting with many of you in the upcoming investor conferences over the next few months and keeping you updated on our progress.

好的。偉大的。嗯，非常感謝。感謝您的來電以及對 Ribbon 的關注。我們非常期待在未來幾個月即將舉行的投資者會議上與你們中的許多人會面，並讓你們了解我們的進展。

Operator, thanks to you as well, and that concludes our call.

接線員，也感謝您，我們的通話到此結束。

Thank you. This concludes today's conference. You may now disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的會議到此結束。現在您可以斷開線路了。享受剩餘的一天。