Ribbon Communications Inc (RBBN) 2025 Q3 法說會逐字稿

Greetings and welcome to the Ribbon Communications third quarter 2025 financial results conference call. (Operator Instructions) this conference is being recorded.

各位賓客，歡迎參加 Ribbon Communications 2025 年第三季財務業績電話會議。 （操作說明）本次會議正在錄音。

And it is now my pleasure to introduce to you Fahad Najam with Investor Relations.

現在，我很高興向大家介紹投資者關係部門的法哈德·納賈姆。

Thank you, sir. You may begin.

謝謝您，先生。你可以開始了。

Good afternoon and welcome to Ribbon's third quarter 2025 financial resources conference call. I am Fahad Najam, SVP corporate strategy and Investor relations at Ribbon Communications.

下午好，歡迎參加 Ribbon 2025 年第三季財務資源電話會議。我是 Fahad Najam，Ribbon Communications 公司企業策略和投資者關係資深副總裁。

Also on the call today are Bruce McClelland, Ribbon's Chief Executive Officer, and John Townsend, Ribbon's Chief Financial Officer.

今天參加電話會議的還有 Ribbon 的執行長 Bruce McClelland 和 Ribbon 的財務長 John Townsend。

Today's call is being webcast live and will be archived on the investor relations section of our website at ribboncommunications.com, where both our press release and supplemental slides are currently available.

今天的電話會議將進行網路直播，並將存檔在公司網站 ribboncommunications.com 的投資者關係版塊，我們的新聞稿和補充幻燈片目前都可以在該版塊找到。

Certain matters we will be discussing today, including the business outlook and financial projections for the fourth quarter of 2025 and beyond our forward-looking statements.

今天我們將討論一些事項，包括 2025 年第四季及以後的業務展望和財務預測以及我們的前瞻性聲明。

Such statements are subject to risk and uncertainties that could cause actual results to differ materially from those contained in these forward-looking statements.

此類聲明存在風險和不確定性，可能導致實際結果與這些前瞻性聲明中包含的結果有重大差異。

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 statements included in the supplemental financial information, posted on our website.

這些風險和不確定性已在提交給美國證券交易委員會的文件中進行了討論，包括我們最新的 10-K 表格。請您參閱我們網站上發布的補充財務資訊中所包含的安全港聲明。

In addition, we will present non-GAAP financial information on this call.

此外，我們將在本次電話會議上提供非GAAP財務資訊。

Reconciliations to the applicable GAAP measures are included in the earnings press release we issued earlier today, as well as in the supplemental financial information, we prepared for this conference call.

與適用 GAAP 指標的調節表已包含在我們今天早些時候發布的盈利新聞稿以及我們為本次電話會議準備的補充財務資訊中。

Which again are both available on the investor relations section of our website.

這兩份文件都可以在我們網站的投資者關係版塊找到。

And now I would like to turn the call over to Bruce.

現在我想把電話交給布魯斯。

Great. Thanks, Fahad. Good afternoon, everyone, and thanks for joining us today to discuss our Q3 results and the outlook for the fourth quarter and full year.

偉大的。謝謝你，法哈德。各位下午好，感謝各位今天蒞臨，與我們共同探討第三季業績以及第四季和全年展望。

I'd like to start by highlighting a recent new product announcement that's getting considerable interest from customers.

首先，我想重點介紹一下最近發布的一款新產品，該產品引起了顧客的極大興趣。

Acumen is our new powerful AI ops automation platform designed to help service providers and enterprises navigate the complexity of today's challenging operational environment and accelerate their transition to autonomous networks.

Acumen 是我們全新強大的 AI 運維自動化平台，旨在幫助服務供應商和企業應對當今充滿挑戰的營運環境的複雜性，並加速其向自主網路的轉型。

Our recent announcement included the endorsement from LTO Optimum, who are integrating the platform into their operation to enhance network reliability and performance.

我們最近發布的公告中包括了 LTO Optimum 的支持，他們正在將該平台整合到他們的營運中，以提高網路可靠性和效能。

The Acumen platform is built to reduce deployment timelines and deliver customizable automation across the entire network life cycle. It ingests data from all layers of network providing end to end network observability across multi-vendor and multiple networks.

Acumen 平台旨在縮短部署時間，並在整個網路生命週期中提供可自訂的自動化功能。它從網路的所有層攝取數據，提供跨多廠商和多個網路的端到端網路可觀測性。

Moreover, it combines out of the box applications built on our analytics and new products with a powerful agent builder capability that enables our customers to develop their own AI agents with various LLM integrations.

此外，它將基於我們的分析和新產品構建的現成應用程式與強大的代理構建器功能相結合，使我們的客戶能夠開發自己的 AI 代理，並整合各種 LLM。

Our deep protocol and networking experience uniquely positions us to help our customers build fully autonomous AI-driven networks. Beyond AI ops, our cloud and edge portfolio is becoming increasingly strategic to our customers' agentic AI platforms and roadmap.

我們深厚的協定和網路經驗使我們能夠以獨特的優勢幫助客戶建立完全自主的人工智慧驅動網路。除了 AI 營運之外，我們的雲端和邊緣產品組合對客戶的智慧 AI 平台和路線圖也變得越來越具有戰略意義。

We had several very important awards in the third quarter where we've been selected by leading technology providers, including one of the largest companies in the world, which is leveraging our cloud native SPCs and web RTC APIs deployed in AWS to enhance their customer service agentic AI operations.

我們在第三季度獲得了幾個非常重要的獎項，我們被領先的技術供應商選中，其中包括全球最大的公司之一，該公司正在利用我們部署在 AWS 中的雲端原生 SPC 和 Web RTC API 來增強其客戶服務代理 AI 操作。

Another notable win in the quarter was with IBM, which is embedding our virtual SPC solutions within its Watson AI platform to enable support for multiple different formats, including voice to interact with users.

本季另一個值得關注的勝利是與 IBM 的合作，IBM 將我們的虛擬 SPC 解決方案嵌入到其 Watson AI 平台中，以支援多種不同的格式，包括語音，從而與用戶互動。

These are just some of the examples of the new innovations our team is working on with more to come, and I'm extremely excited about the convergence of AI and voice technologies and the significant opportunity ahead for Riven.

這些只是我們團隊正在研究的一些創新成果的例子，未來還會有更多成果。我對人工智慧和語音技術的融合以及Riven未來面臨的巨大機會感到無比興奮。

Okay, now onto our quarterly results. I'm pleased to report a solid third quarter with sales increasing 2% year over year, even as we navigate short-term disruption related to the US federal government shutdown.

好了，現在來看看我們的季度業績。我很高興地報告，儘管我們受到了美國聯邦政府停擺帶來的短期影響，但第三季業績依然穩健，銷售額年增 2%。

Year-to-date revenue has increased 6% this year and EBITDA has increased 5% versus the same period in 2024. Excluding the impact of sales to Eastern Europe, revenue has increased more than 10% so far this year.

今年迄今的營收成長了 6%，EBITDA 與 2024 年同期相比成長了 5%。剔除東歐地區的銷售額影響，今年迄今，公司營收已成長超過 10%。

Sales to service providers in the quarter increased 5% year over year with growth across multiple accounts, including Verizon, Bardi, and several other operators in North America.

本季面向服務提供商的銷售額年增 5%，多個客戶實現了成長，其中包括 Verizon、Bardi 和北美其他幾家營運商。

Sales to enterprise customers in the quarter were down approximately 3% year over year and were impacted by lower sales to US government agencies. Excluding this segment, enterprise sales to all other customers were up almost 7% year over year.

本季面向企業客戶的銷售額年減約 3%，主要受面向美國政府機構的銷售額下降的影響。剔除這一部分，面向其他所有客戶的企業銷售額年增近 7%。

Well, the US government shutdown officially started on October first, it became a growing distraction in the last few weeks of the third quarter and delayed the procurement process on several projects that would have easily put us above the midpoint of our guidance for the quarter.

美國政府停擺於 10 月 1 日正式開始，在第三季度的最後幾週，它日益分散了我們的注意力，並延誤了幾個項目的採購流程，而這些項目原本可以輕鬆地使我們本季度的業績超過預期中位數。

The ongoing shutdown is obviously affecting many government activities, with significant non-critical staff furloughed. This has become an important segment for us, contributing mid to high single-digit percentages of our cloud and edge revenue in 2024.

目前的政府停擺顯然影響了許多政府活動，大量非關鍵崗位員工被迫休假。這已成為我們的一個重要組成部分，預計到 2024 年，它將為我們貢獻中高個位數百分比的雲端和邊緣收入。

In any event, these projects remain a high priority for US federal agencies, and purchases are simply delayed, not lost.

無論如何，這些項目仍然是美國聯邦機構的優先事項，採購只是被推遲，而不是取消。

But given the uncertainty over when a resolution will be reached, we have removed the majority of US government-related sales from our projection for the fourth quarter and now assume these purchases will occur in 2026.

但鑑於何時能夠達成解決方案尚不明朗，我們已將大部分與美國政府相關的銷售額從第四季度的預測中剔除，並假設這些採購將在 2026 年進行。

To be clear, no business has been lost. Deployments and services are continuing, and we're supporting our customers' mission critical needs. Not with standing this near term impact, the fundamentals across our cloud and edge and IP optical businesses remain strong.

需要說明的是，沒有任何業務損失。部署和服務仍在繼續，我們正在支援客戶的關鍵任務需求。儘管短期內會受到一些影響，但我們的雲端、邊緣和 IP 光業務的基本面仍然強勁。

Continuing on the momentum built over the last several quarters, we're benefiting from very good demand across both service provider and enterprise customers as they continue to invest in modernizing their voice and data networks, and we're tracking well against our growth objectives.

延續過去幾季累積的良好勢頭，我們受益於服務供應商和企業客戶對語音和數據網路現代化改造的持續投資，市場需求非常旺盛，我們正朝著既定的成長目標穩步邁進。

From a regional perspective, sales to Europe, Middle East, and Africa were very strong this quarter, growing 26% year over year. Sales to Asia Pacific countries were also strong, growing 13%, with India really leading the way.

從區域角度來看，本季對歐洲、中東和非洲的銷售額非常強勁，較去年同期成長 26%。對亞太地區的銷售額也表現強勁，成長了 13%，其中印度市場表現尤為突出。

Sales in North America were impacted by the lower US federal sales and declined approximately 10% year over year in the quarter.

受美國聯邦政府銷售額下降的影響，北美地區的銷售額在本季同比下降了約 10%。

From a consolidated bookings perspective, product and professional services booking in the quarter were below 1 times for the first time in almost two years. To some extent, this reflects the impact from the US government shutdown.

從綜合預訂量來看，本季產品和專業服務預訂量近兩年來首次低於 1 倍。在某種程度上，這反映了美國政府停擺的影響。

Booking's momentum so far in the fourth quarter has been good, with more than $30 million of new enterprise and service provider orders received over the last few weeks.

Booking在第四季度迄今的發展勢頭良好，在過去幾週內已收到超過3000萬美元的新企業和服務提供商訂單。

Now a little more detail on each of our operating segments.

現在讓我們更詳細地了解我們各個營運部門的情況。

Sales in our IP optical networks business continued to grow, increasing 11% year over year, one of our strongest quarters in the last five years, and compensating for lost sales to Eastern Europe.

我們的 IP 光網路業務銷售額持續成長，年成長 11%，這是我們近五年來業績最好的季度之一，彌補了東歐市場銷售額的損失。

The higher sales, favorable regional and customer mix, and expense management resulted in a positive earnings contribution on an EBITDA basis, an important milestone for the business.

更高的銷售額、有利的區域和客戶組合以及費用控制，使得 EBITDA 實現了正收益貢獻，這是公司發展的一個重要里程碑。

Business in Europe and the Middle East increased almost 50% year over year with a variety of critical infrastructure and defense agency projects. This included several note able new data center interconnect projects in Central Europe.

歐洲和中東地區的業務年增近 50%，涉及各種關鍵基礎設施和國防機構項目。這其中包括中歐幾個值得關注的新資料中心互連專案。

The first was in support of a large regional insurance provider to provide secure high-speed connectivity between its data centers with a key focus on low latency and traffic encryption.

第一個項目是為一家大型區域保險公司提供支持，旨在為其資料中心之間提供安全的高速連接，重點是低延遲和流量加密。

The second was with a regional telecom operator building a new 400 gig internet peering network connecting over 200 cities.

第二個項目是與區域電信業者合作，建造一個新的 400G 互聯網互聯網絡，連接 200 多個城市。

I'm pleased with the growing pipeline of DCI opportunities that have opened up with our expanded portfolio of IP over DWDM solutions.

隨著我們擴展了基於 DWDM 的 IP 解決方案組合，DCI 的機會管道也日益增多，我對此感到非常高興。

We also had a very nice optical transport award with a new customer in the Ukraine and are seeing several additional opportunities as this region continues to rebuild and modernize their infrastructure.

我們還與烏克蘭的一位新客戶簽訂了一份非常好的光傳輸合同，隨著該地區繼續重建和現代化其基礎設施，我們看到了幾個額外的機會。

In the Asia Pacific region, we saw IP optical growth across multiple areas including Japan, India, and Southeast Asia.

在亞太地區，我們看到 IP 光纖在包括日本、印度和東南亞在內的多個地區實現了成長。

Sales to India continued to grow, increasing 31% year over year this quarter and are up 50% year-to-date.

對印度的銷售額持續成長，本季年增 31%，今年迄今成長了 50%。

With several new projects in Japan, including a new 400 gig long haul transport win with a regional electric power company that provides internet, mobile, and data center services throughout the region.

在日本，我們獲得了幾個新項目，其中包括與一家區域電力公司簽訂的 400 Gb 長途傳輸合同，該公司為整個地區提供互聯網、移動和數據中心服務。

While IP optical sales in North America were lower this quarter, we were pleased to see our first World Broadband Project Award tied to a provisional beat award, expected to be ratified shortly.

雖然本季北美地區的 IP 光纖銷售額有所下降，但我們很高興地看到，我們的第一個世界寬頻專案獎與一個暫定的領先獎項相關聯，預計該獎項很快就會得到批准。

With growing clarity around the new bead rules and process, I expect momentum to quickly increase over the next several months.

隨著新的珠子規則和流程越來越清晰，我預計未來幾個月內勢頭將迅速增強。

To further underscore the progress we've made over the last several quarters in diversifying our IP optical revenue, I'm pleased to highlight that revenue from IP routing solutions has grown by more than 20% year-to-date and represents approximately 50% of new product sales for the segment so far this year.

為了進一步強調我們在過去幾個季度中在實現 IP 光纖收入多元化方面取得的進展，我很高興地指出，IP 路由解決方案的收入今年迄今為止增長了 20% 以上，約佔該部門今年迄今為止新產品銷售額的 50%。

Optical sales are down year-to-date, but entirely due to the suspension of shipments to Russia mid last year.

今年迄今為止，光學產品銷售額有所下降，但這完全是由於去年年中暫停向俄羅斯發貨所致。

In our cloud and edge segment, despite the lower sales this quarter due to reduced US federal sales, we've generated solid revenue growth year-to-date, with revenue up almost 9% year over year, primarily on the strength of voice network modernization projects.

在我們的雲端和邊緣業務領域，儘管由於美國聯邦政府銷售額減少，本季度銷售額有所下降，但我們今年迄今仍實現了穩健的收入增長，收入同比增長近 9%，這主要得益於語音網絡現代化項目的強勁表現。

Excluding low growth maintenance revenue, cloud and edge product and professional service revenue has grown almost 18% so far this year as compared to last year.

剔除成長緩慢的維護收入，今年迄今，雲端和邊緣產品及專業服務收入與去年相比成長了近 18%。

We had another strong quarter with service provider customers growing 5% year over year.

本季我們又迎來了一個強勁的業績，服務供應商客戶年增了 5%。

In addition to another strong quarter with Verizon, where revenue grew approximately 20% year over year, we're seeing an increasing number of service providers beginning to invest in voice network modernization with 8 new projects initiated this last quarter.

除了 Verizon 又一個強勁的季度（營收年增約 20%）之外，我們還看到越來越多的服務供應商開始投資語音網路現代化，上個季度啟動了 8 個新專案。

Cloud and edge channels to enterprise customers, excluding US government agencies were up slightly from the second quarter, but down approximately 10% year over year.

除美國政府機構外，面向企業客戶的雲端和邊緣通路業務較第二季略有成長，但較去年同期下降約 10%。

As we've moved more customers towards annual enterprise software license agreements, we see a larger concentration of revenue in the fourth quarter when we renew these recurring license agreements.

隨著越來越多的客戶轉向年度企業軟體授權協議，我們發現，在續簽這些經常性授權協議的第四季度，收入會更加集中。

As a result, the amount of our cloud and edge revenue, which is reoccurring in nature, including high margin support and maintenance contracts, continues to increase.

因此，我們的雲端和邊緣收入（具有經常性，包括高利潤的支援和維護合約）持續成長。

As mentioned earlier, cloud and edge sales to US federal customers in the quarter were impacted by the impending government shutdown, and we're down approximately 60% year over year from our first half 25 run rate.

如前所述，本季面向美國聯邦客戶的雲端和邊緣銷售受到即將到來的政府停擺的影響，與上半年 25% 的年化銷售率相比，年減了約 60%。

However, in the third quarter, we did receive a significant 1st order from a new US Federal DOD agency that has started a major voice modernization project, and we continue to see the scope of opportunity growing within our US federal customer segment.

然而，在第三季度，我們確實收到了來自美國國防部一家新機構的首筆重要訂單，該機構已啟動一項重大的語音現代化項目，我們繼續看到我們在美國聯邦客戶群體中的機會範圍不斷擴大。

As I highlighted earlier, we're uncovering multiple new opportunities tied to our customers' agentic and generative AI roadmap, which is very exciting.

正如我之前強調的那樣，我們正在發掘與客戶的智慧體和生成式人工智慧路線圖相關的多個新機遇，這非常令人興奮。

I already mentioned two very notable wins in the quarter, and our pipeline of opportunities related to agentic and generative AI platforms is growing.

我已經提到了本季度取得的兩項非常值得關注的勝利，而且我們與智能體和生成式人工智慧平台相關的機會也在不斷增加。

With that, I'll turn it over to John to provide additional financial details on our third quarter results and then come back on to discuss outlook for the fourth quarter. John.

接下來，我將把發言權交給約翰，讓他提供我們第三季業績的更多財務細節，然後我們再回來討論第四季度的展望。約翰。

Thanks, Bruce and good afternoon, everyone. Let's begin with Q3 financial results at the consolidated level. We generated revenues of $215 million in the quarter, an increase of 2% from the prior year within the guidance range we discussed during our Q2 earnings.

謝謝布魯斯，大家下午好。讓我們先來看看第三季合併層面的財務表現。本季我們實現了 2.15 億美元的收入，比去年同期成長了 2%，符合我們在第二季財報中討論的預期範圍。

Third quarter non-GAAP gross margin was 52.6%, lower than we guided due to lower software sales to US government customers, offset by stronger margins in our IP optical segment.

第三季非GAAP毛利率為52.6%，低於預期，原因是面向美國政府客戶的軟體銷售額下降，但IP光纖業務的利潤率較高，抵銷了部分損失。

Overall, gross margin was up sequentially by 50 basis points, driven by higher margins in both segments.

總體而言，毛利率環比上升 50 個基點，這主要得益於兩個業務部門毛利率的提高。

Non-GAAP operating expenses were $89 million in the quarter, up $1 million sequentially, principally due to increased employee expenses, but down marginally year over year, reflecting our continued focus on driving efficiencies within the business.

本季非GAAP營運費用為8,900萬美元，季增100萬美元，主因是員工費用增加，但年比略有下降，反映出我們持續致力於提高業務效率。

This reduction was achieved despite the weaker US dollar and foreign exchange headwinds of approximately $3 million year over year. ForQ expenses are expected to trend upwards marginally based on seasonally higher employee compensation costs.

儘管美元走軟，外匯匯率年減約 300 萬美元，但仍實現了這項減幅。由於季節性員工薪資成本較高，預計 ForQ 費用將略有上升。

Third quarter, adjusted EBITDA a little bit down was $29 million. Again, within our guidance range, a $1 million decrease in the prior year driven principally by the lower gross margin, I just noted.

第三季調整後 EBITDA 略有下降，為 2,900 萬美元。同樣，在我們預期的範圍內，較上年減少了 100 萬美元，這主要是由於毛利率下降造成的，正如我剛才提到的。

The non-GAAP tax rate for the quarter was 40%, higher than the 35% we have projected because of changes included in the one big beautiful bill.

本季非GAAP稅率為40%，高於我們先前預測的35%，原因是包含在龐大且美好的法案中的變更。

From a cash tax perspective, as expected indicated during our 2Q or earnings call, we did not pay US federal income tax in Q3 and expect no further payments for the rest of the year due to the ability to accelerate the deduction of R&D expenses.

從現金稅的角度來看，正如我們在第二季度或收益電話會議上所預期的那樣，我們在第三季度沒有繳納美國聯邦所得稅，並且由於研發費用可以加速扣除，預計今年剩餘時間也不會再繳納任何稅款。

Interest expense in the quarter was $12 million including amortization or debtsuance cost. Quarterly non-GAAP net income was $7 million compared to $8 million in the prior year. This generated a non-GAAP diluted earnings per share of $0.04 down from $0.01 in the prior year.

本季利息支出為 1,200 萬美元，其中包括攤銷或債務發行成本。本季非GAAP淨收入為700萬美元，而上年同期為800萬美元。這導致非GAAP稀釋後每股收益為0.04美元，低於去年的0.01美元。

Our basic share account was 177 million shares, and our fully diluted share account was 181 million shares of the quarter.

本季我們的基本股本為 1.77 億股，完全稀釋後的股本為 1.81 億股。

Now let's look at the results of our two business s.

現在讓我們來看看我們兩項業務的成果。

In our IP optical networks results, we recorded third quarter revenue of $91 million an 11% increase versus the prior year and up $7 million sequentially. This was driven by strong sales to India and Eir.

在我們的 IP 光網路業績中，第三季營收為 9,100 萬美元，比上年同期成長 11%，比上一季成長 700 萬美元。這主要得益於對印度和Eir市場的強勁銷售。

The third quarter non-GAAP gross margin for IP optical was 39.4%, up 350 basis points sequentially, and up 330 basis points from the prior year, reflecting better product and geographical mix, as well as fixed cost absorption on higher revenues.

第三季 IP 光纖業務的非 GAAP 毛利率為 39.4%，季增 350 個基點，較上年同期成長 330 個基點，反映出產品和地理組合的改善，以及更高的收入帶來的固定成本吸收。

The combination of higher sales and margin resulted in a positive even dire contribution of $1 million in the quarter, which was particularly pleasing. Year-to-date, IP optical revenues have grown 2%, but excluding Russia, revenues are up 13%.

銷售額和利潤率的提高，使得本季獲利達到100萬美元，這尤其令人欣喜。今年迄今為止，IP 光纖收入成長了 2%，但如果不包括俄羅斯，收入則增加了 13%。

We now move on to our cloud and edge business. We generate third quarter revenue of $124 million a decrease of 3% year over year, down 9% sequentially.

接下來，我們將談談我們的雲端運算和邊緣運算業務。我們第三季營收為 1.24 億美元，年減 3%，季減 9%。

Non-GAAP gross profit was $77 million producing a non-GAAP gross margin of 62.2%, an improvement of 27 basis points from the prior quarter.

非GAAP毛利為7,700萬美元，非GAAP毛利率為62.2%，較上一季提高了27個基點。

This improvement was achieved by tight commercial discipline and despite some higher margin software based deals pushing out from the quarter as noted by Bruce.

這一改善是透過嚴格的商業紀律實現的，儘管正如布魯斯所指出的，一些利潤率較高的軟體交易推遲到本季結束。

Margins were approximately 500 basis points lower year over year due to the mix of the revenues in the prior year, as the variance of network transformation commenced with larger product shipments versus higher service revenues in the quarter just closed.

由於上一年的收入組成，利潤率同比下降了約 500 個基點，因為網路轉型帶來的差異在剛結束的季度中表現為產品出貨量增加，而服務收入增加。

Adjusted even data for the segment was $28 million or 22% of revenue in the quarter, down EUR10 million over year driven by the margin dynamics just discussed.

經調整後，該業務板塊的淨收入為 2,800 萬美元，佔本季收入的 22%，年減 1,000 萬歐元，主要原因是剛才討論的利潤率變化。

Moving on to cash and capital expenditure, we remained disciplined and focused on managing our operating expenses and working capital and generated cash from operations $26 million in the quarter with a closing cash balance of $77 million up $14 million from the end of the second quarter.

接下來談談現金和資本支出，我們保持了嚴謹的態度，專注於管理營運費用和營運資金，本季營運現金流為 2,600 萬美元，期末現金餘額為 7,700 萬美元，比第二季末增加了 1,400 萬美元。

We close the quarter with a net debt leverage ratio of 2.2 times.

本季末，我們的淨負債槓桿率為 2.2 倍。

Total CapEx spend in the quarter was $5.5 million including final payments associated with our new facility in Israel.

本季資本支出總額為 550 萬美元，其中包括與我們在以色列的新工廠相關的最終付款。

During the third quarter, we repurchased approximately 900,000 shares under our previously announced stock buyback program for a total cost of $3.5 million.

第三季度，我們根據先前宣布的股票回購計劃，回購了約 90 萬股股票，總成本為 350 萬美元。

In summary, we produced a robust set of results in the quarter and continue to strengthen the company's balance sheet.

總而言之，我們本季取得了穩健的業績，並繼續加強公司的資產負債表。

With that, I'll turn the call back to Bruce.

這樣，我就把電話轉回布魯斯了。

Great, thanks, John.

太好了，謝謝你，約翰。

Looking at the final quarter of the year, we have solid momentum across the majority of our business other than the timing uncertainty related to the US government shutdown.

展望今年最後一個季度，除了與美國政府停擺相關的時效不確定性之外，我們的大部分業務都保持著穩健的發展勢頭。

Despite this, we continue to expect Q4 to be the strongest quarter of the year with both our enterprise and service provider customers.

儘管如此，我們仍預期第四季將是今年以來企業客戶和服務供應商客戶業績最好的一個季度。

In our cloud and edge segment, out of an abundance of caution, we're assuming the US government shutdown will impact new purchases associated with our ongoing voice modernization projects this quarter.

出於謹慎考慮，我們預計本季美國政府停擺將影響與我們正在進行的語音現代化專案相關的新採購。

This may prove to be a conservative approach, but it will take time for the government to fully restart once a new spending bill is passed by Congress. The outlook for the rest of our cloud and edge business remains consistent with our previous guidance.

這或許是保守的做法，但一旦國會通過新的支出法案，政府就需要時間才能完全恢復運作。我們其餘雲端和邊緣業務的前景與我們先前的預期保持一致。

In North America we expect continued excellent execution with our Verizon projects and similar revenue to the recently completed third quarter.

在北美，我們預計 Verizon 專案將繼續取得優異的執行效果，營收將與最近結束的第三季類似。

We're still early in the initial phase of this multi-year program with significant opportunity for multiple years beyond this, as well as a large potential opportunity as Verizon completes their acquisition of Frontier.

我們仍處於這項多年計畫的初期階段，未來幾年將有很大的發展機會，而且隨著 Verizon 完成對 Frontier 的收購，未來將有巨大的發展潛力。

As I mentioned earlier, across the rest of North American service providers, we have an increased number of voice modernization projects that will begin to contribute in the fourth quarter.

正如我之前提到的，在北美其他服務提供者中，語音現代化專案的數量增加，這些專案將在第四季度開始產生效益。

And we expect a seasonally strong quarter with enterprise customers as we renew several annual enterprise license agreements with multiple additional projects across financial, healthcare, and industrial verticals.

我們預計本季度企業客戶業務將呈現季節性強勁成長，因為我們將續簽多項年度企業授權協議，並在金融、醫療保健和工業等垂直領域開展多個新專案。

We expect the increased mix of software and services to contribute to significantly higher clouded gross margins in the high 60s in Q4, similar to the previous year. In the IP optical segment, the solid third quarter results demonstrate that we're on the right path.

我們預計，軟體和服務業務佔比的提高將使第四季度雲端業務毛利率顯著提高至 60% 以上，與去年同期水準相近。在IP光傳輸領域，第三季穩健的業績顯示我們走在正確的道路上。

In the fourth quarter, we're projecting sales to be at similar levels to the third quarter and increasing mid single-digit year over year. We expect India to remain one of our strongest markets with sales increasing yet again both quarter over quarter and year over year.

我們預計第四季銷售額將與第三季持平，並實現個位數中段的年成長。我們預計印度仍將是我們最強勁的市場之一，銷售額將再次實現環比和同比增長。

In addition to continued momentum with key customers such as Barty and Tata Teleservices, we expect first revenue associated with the new rural India broadband project. In North America and Europe, we expect sales to be fairly consistent with last quarter and with fourthrthrth quarter 2024.

除了與 Barty 和 Tata Teleservices 等主要客戶的持續合作勢頭外，我們還預計將獲得與印度農村寬頻新專案相關的首筆收入。在北美和歐洲，我們預計銷售額將與上一季以及 2024 年第四季基本保持一致。

And starting this quarter, we expect our IP optical maintenance revenue to be lower due the completion of a maintenance contract with a European service provider associated with legacy access equipment.

從本季開始，由於與歐洲服務供應商（該公司負責傳統接取設備）的維護合約已完成，我們預計 IP 光纖維護收入將會下降。

As a result of all these mixed changes, we anticipate IP optical margins to be in the mid-30s in the fourth quarter.

由於上述各種變化，我們預計第四季 IP 光纖利潤率將在 30% 左右。

So based on these expectations for the fourth quarter, we're projecting revenue in a range of $230 million to $250 million in non-GAAP adjusted EBITDA in a range of $42 million to $48 million.

因此，根據對第四季度的這些預期，我們預計營收將在 2.3 億美元至 2.5 億美元之間，非 GAAP 調整後的 EBITDA 將在 4,200 萬美元至 4,800 萬美元之間。

As I mentioned earlier, while the US government shutdown creates near-term timing uncertainty this quarter, the fundamentals have not changed. We are well positioned to benefit from the growing investment in data centers, critical infrastructure, and fiber networks to meet the exponential increase in data consumption.

正如我之前提到的，雖然美國政府停擺為本季短期內的時間安排帶來了不確定性，但基本面並沒有改變。我們已做好充分準備，從資料中心、關鍵基礎設施和光纖網路領域不斷增長的投資中受益，以滿足​​資料消費的指數級成長。

We expect the growth in our voice communications business to continue with investment across a wide range of service providers, enterprise customers, and government agencies.

我們預計，隨著對眾多服務供應商、企業客戶和政府機構的投資，我們的語音通訊業務將繼續成長。

And we've identified several new growth vectors for the company with the real world adoption and application of AI technology to help our customers achieve autonomous network operation and the convergence of voice and agentic AI within the enterprise.

我們已經確定了公司幾個新的成長方向，即在現實世界中採用和應用人工智慧技術，幫助我們的客戶實現自主網路營運以及企業內部語音和代理人工智慧的整合。

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

操作員，我們的發言到此結束，現在可以回答幾個問題了。

Thank you. (Operator Instructions).

謝謝。（操作說明）

And the first question comes from the line of Michael Genovese with Rosenblatt Securities. Please proceed with your question.

第一個問題來自 Rosenblatt Securities 的 Michael Genovese。請繼續提問。

Thank you. Hey, Bruce, to start the call, you were talking about software and AI. So my question is this, is this, do we think about this as a driver of a cloud and edge growth rate in the future, or do we think, are we going to have automation and AI software as a category we talk about that that will become significant and if so when?

謝謝。嘿，布魯斯，通話開始時，你談到了軟體和人工智慧。所以我的問題是，我們是否認為這是未來雲端運算和邊緣運算成長速度的驅動因素？或者我們認為自動化和人工智慧軟體會成為一個重要的類別，如果是的話，又是什麼時候？

Yeah, great question, Mike. We're actually thinking of it as a new category in a lot of ways, and there's really two elements, kind of I've described in the comments. One is around AI ops, basically, an AI engine that allows our customers to build their own smart agents to help them manage and operate the network.

嗯，問得好，麥克。實際上，我們在許多方面都將其視為一個新的類別，它實際上包含兩個要素，我在評論中已經描述過了。其中之一是 AI 運維，基本上是一個 AI 引擎，它允許我們的客戶建立自己的智慧代理來幫助他們管理和營運網路。

It builds on top of some of the other platforms we already have invested in and developed around. Large, analytic engines and, management systems, etc.

它建立在我們已經投資和開發的其他一些平台之上。大型分析引擎和管理系統等。

So that, that's part of it, but it really spans both product categories so you could really think of it as a new category on its own. The other part that we're really seeing some more momentum around and I've mentioned this a couple of times on earnings calls.

所以，這只是其中的一部分，但它實際上涵蓋了這兩個產品類別，因此你可以把它看作是一個全新的類別。另一部分我們也看到了更大的發展勢頭，我在財報電話會議上也提到過幾次。

I as the convergence between voice and AI starts to increase in the enterprise, our products kind of sit in the middle here and they provide a bridge between, the traditional, voice network and these new AI environments, and there's a lot of different use cases there.

隨著企業中語音和人工智慧的融合日益加深，我們的產品恰好處於中間位置，它們在傳統的語音網路和這些新的人工智慧環境之間架起了一座橋樑，並且有很多不同的應用場景。

So, we, for now, we're reporting that revenue within the cloud and edge segment, but in some ways I'm thinking of it it really is a new category.

所以，目前我們把這部分收入計入雲端和邊緣運算領域，但在某種程度上，我認為它實際上是一個新的類別。

Okay, great. And then can you touch upon both for the quarter as well as the guide, just sort of the, characterize the Verizon cloud and edge business and the US IP optical business, like just kind of summarize the third and fourth quarters, how those were in each of those two areas.

好的，太好了。然後，您能否就本季和指南談談 Verizon 的雲端和邊緣業務以及美國 IP 光纖業務，簡要概括一下第三季和第四季這兩個領域的發展？

So in the case of Verizon, we, they're a 10% plus customers, so we break out their information, in our queue when you see that come out.

以 Verizon 為例，他們的客戶佔比超過 10%，所以我們會把他們的資訊單獨列出來，在我們的隊列中，當你看到相關資訊出現時就會注意到。

If I recall correctly, Verizon grew about 20% year over year in the third quarter, and was down from the second quarter, as I mentioned, second quarter is the best quarter we ever had with them, so we knew this quarter was going to be more around services than than products.

如果我沒記錯的話，Verizon 第三季年增約 20%，但比第二季有所下降。正如我之前提到的，第二季度是我們與他們合作以來業績最好的季度，所以我們知道這個季度他們的業務重點將更多地放在服務上，而不是產品上。

So again, just a really healthy quarter with Verizon, and up year over year. If you recall last year in the third quarter we were just really kind of getting started with our modernization program and, as John had mentioned, we shift quite a bit of the infrastructure, the products, and then started the service deployment.

所以，Verizon 的這個季度業績依然非常健康，而且比去年同期成長。如果你還記得的話，去年第三季度我們才剛開始實施現代化計劃，正如約翰提到的那樣，我們轉移了相當多的基礎設施和產品，然後開始了服務部署。

This quarter is a little bit different. It's more around services than than products. So hopefully that helps a little bit on Verizon.

本季的情況略有不同。它更側重於服務而非產品。希望這對Verizon用戶能有所幫助。

On the US IP optical business, it does tend to be a little lumpy as we do different types of programs, as a lot of the business there is with, tier 2 or tier 3 regional operators or around some critical infrastructure customers and so we do see the revenue kind of go up and down quarter to quarter, what we're looking at is really the longer-term trend in the growth rate there.

就美國IP光纖業務而言，由於我們開展不同類型的項目，其業績往往不太穩定。許多業務都與二級或三級區域營運商或一些關鍵基礎設施客戶相關，因此我們看到收入會逐季波動。我們真正關注的是該業務成長率的長期趨勢。

One of the things I mentioned was, the, obviously the bead funding that you know you can kind of start to see, come into the market, many of the states now have provisional awards and there's a review process to ratify that and it was good to see, the first project we don't clearly identify that's directly attached to the bead funding coming in, so that was nice to see.

我提到的其中一點是，很明顯，珠子基金，你知道，你可以開始看到它進入市場，許多州現在都有臨時撥款，並且有一個審查程序來批准它，很高興看到第一個我們還沒有明確指出與珠子基金直接相關的項目，所以很高興看到這一點。

Great. And I guess I'll just sneak one more in, obviously, the reported numbers on the reported numbers, we see them and they're affected by the shutdown.

偉大的。我想我再偷偷補充一點，很明顯，已公佈的數據，我們看到這些數據都受到了停擺的影響。

So I'll have to take your word on this next question, but, would you describe sort of X shutdown? Do you think that you would have been in line or do you think you would have beat nicely? Like how much, what would have happened if there was not a shutdown?

那麼，對於下一個問題，我只能相信你了，你能描述一下 X 系統關閉的情況嗎？你覺得你會排在隊伍前面，還是會輕鬆獲勝？例如，如果沒有停工，會發生什麼事？

Yeah, no, I think, in fact, I think I mentioned it in the call that we would have been comfortably, in the midpoint or above the midpoint, with the opportunities and really it was in the last week, and as we transact and closed a fair amount of business in the last month of each quarter and it was just clearly a distraction on anything going on.

是的，不，我想，事實上，我想我在電話會議中提到過，我們本來可以很輕鬆地把握住機會，達到或超過中點，而且這確實是在最後一周，因為我們在每個季度的最後一個月都會完成相當多的交易，這顯然分散了我們對任何事情的注意力。

I spent several days in Washington that last week and, it was just obvious that things were getting impacted. Prior to that, I think everybody thought it wasn't going to happen. So, it really started to scramble things in the last 10 days or so of the quarter.

我上週在華盛頓待了幾天，很明顯，那裡的情況受到了影響。在此之前，我想大家都認為這件事不會發生。所以，在本季的最後十天左右，事情開始變得非常混亂。

I think right, the amount of business that we're doing with these federal agencies now it's pretty significant for us. In 2024, I think it was high single-digits of our cloud and edge business is all voice infrastructure. So it's a pretty substantial amount of business and Q4 last year was a really good quarter for us in that space.

我認為沒錯，我們現在與這些聯邦機構的業務量對我們來說相當可觀。我認為到 2024 年，我們雲端和邊緣業務中語音基礎設施的佔比將達到個位數以上。所以這部分業務量相當可觀，而且去年第四季我們在這個領域的業績也非常好。

And so I just feel like, given the situation with the government still shut down at this point, the prudent thing to do is to take that out of our view for the rest of the year. Hopefully, that's a conservative view, but, I think that's the right thing to do at this stage.

因此，鑑於目前政府仍然處於停擺狀態，我認為謹慎的做法是在今年餘下的時間裡暫時擱置此事。希望這是一種保守的看法，但我認為在現階段這樣做是正確的。

Thanks very much. I'll pass it on.

非常感謝。我會轉達的。

Thanks.

謝謝。

Thank you. And the next question comes from the line of Dave Kang with B Riley. Please proceed with your question.

謝謝。下一個問題來自 Dave Kang 和 B Riley 的問題。請繼續提問。

Thank you. Good afternoon. First of all, just wondering if you can, quantify the impact of FX and tariffs. I think I missed that.

謝謝。午安.首先，請問您能否量化外匯和關稅的影響？我想我錯過了。

Yeah, so in the case of FX, John, I think in the quarter we're about $3 million I think on X, is that.

是的，就外匯而言，約翰，我認為本季我們在X上的收益大約是300萬美元，是嗎？

Right? Yeah, it's just under $3 million year on year from an FX impact there, Dave. The biggest component of that is the shekel, sort of we've seen pretty stable shackle through the, over the last couple of years and then, with the.

正確的？是的，戴夫，受外匯影響，年比損失略低於 300 萬美元。其中最重要的組成部分是謝克爾，我們看到它在過去幾年裡一直保持著相當穩定的走勢，然後，隨著…

What happened in April, we said at the end of Q2 that we'd seen weaking of the US dollar and through the quarter, we've seen some stability on that. And then with the war in Iran we saw another weakening as well. So the shackle has been the major factor behind our FX issues headwinds.

4 月發生的事情，我們在第二季末說過，我們看到美元走弱，而整個季度以來，美元走勢趨於穩定。然後，隨著伊朗戰爭的爆發，我們也看到了另一種削弱。因此，這種束縛是我們外匯市場面臨不利局面的主要原因。

And right now if nothing changes, I think it's kind of similar and really we're trying to compare year over year to give you a comparison here on. If we'd had stable FXs relative to a year ago, what's the impact? That's what we're trying to quantify here, so.

如果現在情況沒有變化，我認為情況差不多，我們實際上是在嘗試逐年比較，以便在這裡給大家一個比較。如果匯率與一年前相比保持穩定，會產生什麼影響？這就是我們試圖在這裡量化的內容。

On the tariff question, yeah, so it's still, relatively small at this stage, we benefit from the US MCA free trade agreement with anything we're manufacturing in Mexico and there's some other provisions that we have for products that we're bringing in internationally.

關於關稅問題，是的，目前來說，關稅仍然相對較小。我們受惠於美國與墨西哥簽訂的《多邊貿易協定》(MCA)自由貿易協定，該協定適用於我們在墨西哥生產的任何產品。此外，對於我們從國際進口的產品，我們也有一些其他規定。

There is some additional cost associated more with cables and shelving equipment and things like that, steel, etc. That have tariffs attached to them. It's probably a $5 million dollar or a quarter headwind, something in that ballpark date at this point.

電纜、貨架設備、鋼材等物品會產生一些額外的成本，這些都會產生關稅。這可能是 500 萬美元或 25 萬美元的逆風，目前來看大概是這個範圍。

Okay, and then, just wanted to clarify, I think you said regarding federal, mid to high single-digit, I thought you said the mid single MSD to, high single-digit of CNE, is that correct or is it overall revenue?

好的，然後，我想確認一下，關於聯邦方面，我認為您說的是中個位數到高個位數，我以為您說的是中個位數 MSD 到高個位數 CNE，是這樣嗎？還是說是總收入？

Yeah, I was, given what we're selling there today in the US it's all CNE, so I'm just trying to base it off the CNE numbers. So if, last year we did $504 million to $505 million dollars of revenue and C&E high single-digits portion of that is now, diversified into US federal.

是的，鑑於我們今天在美國銷售的產品全部來自加拿大展覽會（CNE），所以我只是試著根據加拿大展覽會的數據來估算。所以，如果說去年我們的收入為 5.04 億美元至 5.05 億美元，而其中 C&E 的高個位數部分現在已多元化發展到美國聯邦政府。

So it's a very good business diversifies us from, traditional enterprise as well as service provider, so it's an important element of the work we're doing.

所以，這是一個很好的業務，使我們從傳統的企業和服務提供者轉型為多元化企業，因此，它是我們正在做的工作的重要組成部分。

Got it. And then, lastly, on North America, IP optical, it was down, just wondering if you can provide more, color, was it IP or was it optical that was down or were both down?

知道了。最後，關於北美地區的IP光纖網絡，它出現了故障。請問您能否提供更多信息，例如，是IP網路故障還是光纖網路故障，或者兩者都發生故障？

Yes, so the majority of what we're selling is, either IP or IP over DWDM we're bundling basically, routers with pluggables with line systems, etc.

是的，所以我們銷售的大部分產品基本上都是IP或基於DWDM的IP，我們基本上是將它們捆綁在一起，例如帶有可插拔模組的路由器、線路系統等等。

So, most of the projects look like that today, and as I mentioned earlier, it does tend to be a little lumpy, as an example, last quarter, we had a nice big project with a critical infrastructure provider here in the US. This quarter was more focused around rural broadband customers.

所以，現在大多數項目看起來都是這樣的，而且正如我之前提到的，它確實有點參差不齊，例如，上個季度，我們與美國一家關鍵基礎設施提供商合作了一個很棒的大項目。本季度業務重點更多地放在了農村寬頻用戶身上。

We expect this quarter looks pretty good with, the pipeline and the backlog we already have there and, as I mentioned, the feed program, we think with that customer we'll start to ship into the into that deployment. So, just moves around a little bit quarter to quarter.

我們預計本季情況會相當不錯，這得益於我們現有的項目儲備和積壓訂單，而且正如我提到的，還有飼料計劃，我們認為有了那個客戶，我們將開始向該部署項目發貨。所以，每季都會略有變動。

I did highlight obviously how strong EMEA was in the third quarter. It was up, I think 50% year over year. And so, that was really nice to see and it really helps with the margins, which tend to be better than what we see in the Asia Pacific region.

我當然重點強調了歐洲、中東和非洲地區在第三季的強勁表現。我認為同比增長了50%。所以，看到這種情況真的很好，而且對利潤率也很有幫助，我們的利潤率往往比亞太地區的好。

And lastly on India, it was fairly strong. How long, I mean, is that sustainable since India can get a little lumpy at times?

最後，印度的表現相當強勁。我的意思是，這種情況能持續多久？畢竟印度有時局勢不太穩定。

It's been, I don't know, I think few quarters in a row now where we've seen nice sustained momentum in India and we have been diversifying to a little broader set of customers.

我不知道，我想已經連續幾季我們在印度市場都看到了良好的持續成長勢頭，而且我們也一直在向更廣泛的客戶群進行多元化發展。

I would love talking about India. We have such a great partnership with Barty in the region, the service and deployment team that we have that partners with them closely out in the market, helping, deploy the products is so strategic.

我很樂意談談印度。我們與 Barty 在該地區建立了非常好的合作關係，我們的服務和部署團隊與他們緊密合作，在市場上幫助他們部署產品，這具有非常重要的戰略意義。

Unlike what you see with the investment around mobile infrastructure which tends to be, some big ebbs and flows, ups and downs as they activate new spectrum and then consume capacity, most of what we're deploying there today is access and aggregation, IT routing and if they're continuing to add more capacity to keep up with the growth in in data, so it tends to be a more linear deployment.

與行動基礎設施投資的情況不同，行動基礎設施投資往往會隨著新頻譜的激活和容量的消耗而出現大幅波動，而我們今天部署的大部分是接入和聚合、IT路由，如果他們繼續增加容量以跟上數據增長的步伐，那麼它往往是一種更線性的部署。

It's a little early to nail down next year yet, but it feels like we've got some good sustainable momentum there.

現在就確定明年的計劃還為時過早，但感覺我們已經取得了一些良好的可持續發展勢頭。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. And the next question comes from the line of Tim Savageaux with Northland Capital Markets. Please proceed with your question.

謝謝。下一個問題來自 Northland Capital Markets 的 Tim Savageaux。請繼續提問。

Hey, good afternoon. Just a couple of questions. I'll start with the focus on IP optical. I think you had kind of a surprise and positive EBITDA results, and given your guidance, it sounds like maybe you don't expect that.

嘿，下午好。幾個問題。我將首先重點介紹IP光纖技術。我認為你們的 EBITDA 業績出乎意料地好，而且是積極的，考慮到你們之前的預測，這似乎有點出乎你們的意料。

To necessarily maintain in Q4, maybe a modest negative, but given the double-digit growth rate, which I think is finally apples to apples.

第四季未必會維持成長，或許會略有下滑，但考慮到兩位數的成長率，我認為這才是真正意義上的公平比較。

And it looks like you're got into something mid singles next quarter. As you look forward for IP optical, I mean, can that business be be a positive contributor or break even in 2026, and what type of growth rate do you think you can see here in what appears to be a pretty strong and and market environment? Thanks.

看來你下個季度單打比賽期間要參加一些活動了。展望IP光纖業務的未來，我的意思是，該業務能否在2026年實現正收益或收支平衡？在目前看似相當強勁的市場環境下，您認為該業務的成長率會是多少？謝謝。

Yeah, thanks, Tim. Well, so first of all, obviously it was John said, as John said, very pleasing to see a positive EBITDA contribution in the third quarter. I think the the mix was a large portion of that with the European market being very strong in the quarter.

謝謝你，提姆。首先，很顯然，正如約翰所說，看到第三季 EBITDA 為正值，非常令人高興。我認為這很大程度上是由於市場組合變化造成的，其中歐洲市場在本季表現非常強勁。

We know we can be positive on EBITDA at the right level of revenue and margin. Like, obviously that's a no brainer, but but we got to get there. So, at a $90 million dollar plus with margins in that 40% range, we're there, but as I mentioned, in the mix in the next quarter, we're not seeing quite the same favorable mix.

我們知道，只要收入和利潤率達到合適的水平，我們就能實現 EBITDA 為正。這顯然是顯而易見的，但是我們必須達到那個目標。所以，如果營收超過 9,000 萬美元，利潤率達到 40% 左右，我們就達到目標了。但是，正如我之前提到的，在下一季的產品組合中，我們並沒有看到同樣有利的產品組合。

We have more India, less Europe, and so that just drives the equation. Look, our objective is clearly that this business is a positive contributor for the company, otherwise we wouldn't be investing in it.

印度的影響力增強，歐洲的影響力減弱，這就是影響整體格局的原因。很明顯，我們的目標是讓這項業務為公司做出積極貢獻，否則我們就不會投資它。

So that's absolutely the objective, the growth this year now at the end of the third quarter is higher than the revenue level we had last year, even though we don't have the the the revenue going into Eastern Europe.

所以這絕對是我們的目標，今年第三季末的成長已經超過了去年的收入水平，儘管我們沒有來自東歐的收入。

So we've kind of replaced that now with new growth and that's what we needed to do. It's taken us, a year or so to get there, but it's great to see getting to that milestone. The next one is sustainable, positive contribution for the business.

所以我們現在用新的成長取代了它，而這正是我們需要做的。我們花了大約一年的時間才達到這個目標，但很高興看到我們達到了這個里程碑。下一個是為企業做出可持續的正面貢獻。

Okay, great and before we leave that, I'd like to get an update on what you're seeing in terms of impact from, mergers among your competitors or or any other trends that are standing out sounds like a little more going on on the data center interconnect side in Europe.

好的，太好了。在我們結束之前，我想了解您觀察到的競爭對手之間的合併或其他突出趨勢的影響。聽起來歐洲資料中心互連方面似乎有更多的事情正在發生。

If you've got anything additional to call out in terms of what's happening fundamentally across that segment.

如果您對該領域正在發生的根本性變化還有其他補充說明。

Yeah, it was a relatively quiet quarter from big shifts because of changes in in the competitive environment and things like that.

是的，由於競爭環境的變化等等原因，本季相對平靜，沒有出現重大變化。

So I didn't have a lot of kind of notable examples to point to this last quarter.

所以上個季度我並沒有很多值得一提的典型例子。

As we brought the market a couple of new products focused on the data center market, not focused on, selling pluggable optics into hyperscale data centers, not that type of. Focus really around systems selling transport systems and IP aggregation into data center.

我們向市場推出了幾款專注於資料中心市場的新產品，而不是專注於向超大規模資料中心銷售可插拔光模組，不是那種類型的產品。重點在於銷售傳輸系統和將 IP 聚合到資料中心的系統。

So I pointed out a couple of good examples in Europe that we had nice 400 gig optical transport win in Japan which included picking up data center traffic. And so, where we're really focused is working often through our telco partners, to attack the data center and aggregate traffic, out of the growing investment in data center.

所以我指出了歐洲的一些很好的例子，例如我們在日本贏得了一個不錯的 400G 光傳輸項目，其中包括資料中心流量。因此，我們真正關注的重點是經常透過我們的電信合作夥伴，攻擊資料中心並聚合流量，以利用資料中心不斷增長的投資。

Clearly, as these data centers get more, sophisticated, more diversified, spread into other regions, there's a need for more and more fiber transport going into the data centers.

顯然，隨著這些資料中心變得越來越複雜、越來越多樣化，並擴展到其他地區，對進入資料中心的光纖傳輸的需求也越來越大。

And so I think the timing on some of the new systems products that we've brought to market is good and we're seeing some good wins here and starting to build momentum.

所以我認為我們推出的一些新系統產品的時機很好，我們已經取得了一些不錯的成績，並開始累積勢頭。

And in many cases it looks a lot like our specialty around critical infrastructure where low latency really matters, the ability to encrypt individual data streams really matters and you know that's where we, we've really specialized.

在很多情況下，這看起來很像我們在關鍵基礎設施方面的專長，低延遲非常重要，加密單一資料流的能力非常重要，你知道，這正是我們真正擅長的領域。

Great. I just maybe a couple more quick ones. We saw a very strong. Outlook plans for Q4 capital spending from AT&T this morning. A&I know they're Not rating the 10% list but maybe not too far away, whether it's just run rate business or new projects.

偉大的。我可能還會再快速拍幾張。我們看到了非常強大的力量。AT&T今天上午公佈了第四季度資本支出展望計劃。A&I 知道他們沒有進入前 10% 的名單，但可能也相差不遠，無論是日常業務還是新項目。

Which you did refer to, starting up in Q4, any comments on expectations there with the And then could they join Verizon on the 10% list sometime next year.

您確實提到了從第四季開始，您對這方面的預期有什麼看法？他們明年某個時候能否加入 Verizon 的行列，躋身前 10% 的行列？

Yes, so I know, listening to their call this morning, John was pretty vocal and passionate around their plans to reduce operating cost and really drive efficiency across the network, talked about their copper network plans multiple times.

是的，我知道。今天早上聽了他們的電話會議，約翰非常熱情地談到了他們降低營運成本、提高整個網路效率的計劃，並多次談到了他們的銅纜網路計劃。

As you point out, they're a very important customer for us, one of our largest customers, and I think, again, where we're focused is helping reduce operating costs across the network.

正如您所指出的，他們是我們非常重要的客戶，也是我們最大的客戶之一。我認為，我們目前的重點仍然是幫助降低整個網路的營運成本。

So, it's good to see you know healthy returns for for them and how they're operating and hopefully that translates into more growth for us as well.

很高興看到你們了解他們的健康回報和營運情況，希望這也能轉化為我們更多的成長。

Okay, great. And finally I'm going to TRY and this is pretty complicated, but I want to TRY and take a quick swing at the shutdown impact both in Q3 and Q4 from what you said, that looks like kind of a mid 10s.

好的，太好了。最後，我想嘗試一下，這相當複雜，但我想嘗試快速估算一下停工對第三季和第四季的影響，根據你所說，看起來大概在 10 個百分點左右。

Million type, situation and you would probably would be.

百萬種類型，各種情況，你大概都會遇到。

Around your original guidance range without that, so in Q3, I want to understand a little bit more, it looks like US revenues were down. Something on the order of $20 million sequentially, Verizon a little, but hung in there pretty well.

如果沒有那部分因素，那麼第三季的業績將基本上符合您最初的預期範圍。我想更深入地了解一下，看起來美國的收入有所下降。大概每季損失 2,000 萬美元，Verizon 損失稍多一些，但整體來說表現相當不錯。

Are we seeing some of the Q3 impacts of the shutdown there in that number, are there other dynamics driving that? And overall in terms of the effect in Q3 and Q4, am I in a in the ballpark, if you, I, [1,010 million] one quarter, 15 the next or something like that. Thanks.

該數字是否反映了第三季停工的影響？還有其他因素在驅動這股趨勢嗎？總體而言，就第三季和第四季的影響而言，我的估計是否大致正確？例如，一個季度 10.1 億，下一個季度 1500 萬，或類似這樣的數字。謝謝。

Yeah, so you're in the ballpark and I do want to make sure, I'm as clear as I can on it. So there was an impact in the third quarter again in the last, essentially the last week or so, if not for that, we would have been comfortably, midpoint plus in in Q3.

是的，所以你的理解大致正確，但我確實想確保我盡可能清楚地理解這一點。所以，第三季最後一周左右再次受到了影響，如果不是因為這個，我們本可以輕鬆達到第三季中點以上。

So I think you can, derive kind of a pretty good estimate from that. We're not projecting that revenue to catch up in Q4, at this point, we've effectively removed the essentially the majority of new business, new orders that we might receive in the quarter from any of the US federal agencies.

所以我認為你可以從中得到相當準確的估計。我們預計第四季度的收入不會趕上第一季度，目前我們已經有效地取消了本季度可能從任何美國聯邦機構獲得的大部分新業務和新訂單。

Again, that may prove conservative, but at this stage, really nothing's getting through the process, there's a lot of the civilian employees for load and, that just slows everything down or freezes everything. As I mentioned last year, the business US DOD was a, a significant part of our business.

再說一遍，這可能顯得保守，但在現階段，實際上什麼都無法通過審批流程，因為有很多文職人員承擔了工作，這只會減慢一切速度，甚至讓一切停滯不前。正如我去年提到的，美國國防部是我們業務的重要組成部分。

The first half of this year was on a similar run rate, so it definitely has an impact in the fourth quarter and as the majority, say that the vast majority of why, the numbers are lower, but as I mentioned, the rest of our projections are basically in line with what we expected, in the last earnings call.

今年上半年的業績也維持了類似的成長速度，因此肯定會對第四季產生影響。正如大多數人所說，第四季度的業績數字較低，這是主要原因。但正如我之前提到的，我們其餘的預測基本上與我們在上次財報電話會議上的預期一致。

Great, thanks. Yeah, thanks.

太好了，謝謝。嗯，謝謝。

Thank you. And the next question comes from the line of Christian Schwab with Craig Hallam Capital Group. Please proceed with your question.

謝謝。下一個問題來自克雷格·哈勒姆資本集團的克里斯蒂安·施瓦布。請繼續提問。

Great, most.

很好，大部分都很好。

Of my questions have been answered, but just to follow-up on the government business. Eventually the government will reopen, we'll have that catch up. Next Calendar year.

我的問題大部分都得到了解答，但我想跟進政府事務。政府最終會重新開放，我們會趕上進度的。下一個日曆年。

What Given excluding that catch up, what do you expect your government program business growth rates to be in calendar 2026 versus 2025?

不考慮追趕因素，您預計貴公司政府專案業務在 2026 年的成長率與 2025 年相比會是多少？

Yeah, that's, it's obviously the right question and it's a little early to be able to clearly answer that, particularly when the government doesn't even have a budget at this point, trying to answer it in a slightly different way, I mentioned that we did have a new win on a brand new project basically with another, you know.

是的，這顯然是個正確的問題，但現在要給出明確的答案還為時過早，尤其是在政府目前甚至還沒有預算的情況下。我試著換個方式回答這個問題，我提到我們確實在一個全新的專案上取得了新的成功，基本上是和另一個…你知道的。

TOP3 US government agency in the third quarter that is starting their own voice modernization program, that's additive to the business that we've been having so far, so.

第三季度，美國排名前三的政府機構啟動了自己的語音現代化計劃，這為我們迄今為止的業務增添了新的動力。

What we're obviously doing is expanding the deployments with current customers that are modernizing and then hunting for new ones, right, that will do similar programs and that's what I think drives the growth next year, if we can bring on.

很明顯，我們正在擴大現有客戶的部署規模，幫助他們進行現代化改造，然後尋找新的客戶，對吧？這些客戶也會進行類似的專案。我認為，如果我們能做到這一點，這將推動明年的成長。

Even one more new major agency, it moves the needle pretty well for us. So, my, obviously my aspiration here for next year is this business grows at a really, a solid rate going into next year as we build on the programs that we already have.

即使再增加一家大型新機構，對我們來說也是一個巨大的推動。所以，很顯然，我對明年的期望是，隨著我們現有專案的發展，這項業務能夠在明年以非常​​穩健的速度成長。

Great, and then just to follow-up on that, what is the typical, can you help us with a typical yearly run rate that a new win for voice modernization, of a government agency means.

好的，那麼接下來我想問一下，政府機構在語音現代化方面取得一項新進展，其典型的年度運作率是多少？能幫我們估算一下嗎？

Yeah, a broad range.

是的，範圍很廣。

Yeah, sure, so you know that tends to be a combination of, hardware systems, in a lot of cases, if you're going into an existing base, let's say, they're looking for survivability, so they want capabilities both on premise as well as running in their cloud data centers and so there's elements of hardware will deploy, there's clearly a lot of software systems that will run inside their data centers.

是的，當然，你知道，這通常是硬體系統的組合。在很多情況下，如果你要進入一個現有的基地，比如說，他們追求的是生存能力，所以他們既需要在本地部署，也需要在雲端資料中心運行，因此會部署一些硬件，顯然也會有很多軟體系統在他們的資料中心內運行。

And then there's quite a bit of service support that goes into standing these up and deploying them, so those three elements and of course we'll recognize revenue on hardware shipment, we'll recognize some software, some radibly, some upfront, but some radily, and then the service is all radibly over the program.

此外，還需要大量的服務支援來建立和部署這些系統，所以這三個要素，當然我們會確認硬體出貨的收入，我們會確認一些軟體收入，有些是可直接確認的，有些是預付的，但有些是可直接確認的，然後服務全部透過該計畫進行。

So, kind of getting to answer your question, a project will be multiple years in the making and, on the larger ones, we're talking tens of millions of dollars over that period of time to go and modernize the infrastructure.

所以，算是回答你的問題吧，一個項目需要數年時間才能完成，而對於規模較大的項目，我們說的是在此期間投入數千萬美元來對基礎設施進行現代化改造。

Great, no other questions.

好的，沒有其他問題了。

Thank you.

謝謝。

Thanks, Christian.

謝謝你，克里斯蒂安。

Thank you. And the next question comes from the line of Rostamkanga with citizens. Please proceed with your question.

謝謝。下一個問題來自羅斯塔姆坎加大街上的市民。請繼續提問。

Alright, hey guys, thanks for taking my questions here. Great to see the provisional beat awards and Bruce, you kind of mentioned expecting to see momentum in the coming months. Just wondering, are you factoring any of that into your outlook or is that still a little bit too too presumptuous and more on a wait and see basis?

好了，大家好，感謝你們回答我的問題。很高興看到初步的獎項評選結果，布魯斯，你之前也提到預計未來幾個月會取得好成績。我只是想知道，您是否將這些因素納入您的考慮範圍？或者您仍然覺得這種想法太武斷，更傾向於採取觀望態度？

Yeah, hi, Russ, yeah, good question. So I've talked a few times. I've really in some ways discounted bead from a timing perspective, at least anyway for us, a lot of the investment initially goes into, construction, into optics, into, driving fiber, etc.

嗨，Russ，嗯，問得好。我已經談過幾次了。從時間角度來看，我確實在某種程度上忽略了珠子，至少對我們來說是這樣，因為最初的許多投資都投入了建造、光學、驅動光纖等。

And the portion that we do kind of the middle mile, aggregation and transport tends to be later in the program. So I, it was great to see kind of the first win and opportunity kind of come through here, probably a little sooner than I expected.

而我們所做的中間環節，即集散和運輸，往往是在專案的後期階段。所以，我很高興看到第一次勝利和機會來到這裡，可能比我預期的要早一些。

As you review all of the wards to each of the states now, there's a lot of money that's been provisionally, granted, and it'll be interesting to see just how this process, unfolds over the next few months on approving these and seeing programs go into execution.

現在，當你審查分配給各州的全部款項時，你會發現有很多資金已被臨時批准，接下來幾個月，這些資金的批准和項目的執行過程將會如何展開，這將非常有趣。

At this stage, I haven't figured out how to size this for us next year. I probably wouldn't have put much on it initially, but maybe I've been too conservative in my thinking there. So I hope to learn a lot more over the next few months.

目前，我還沒有想好明年該如何決定我們的尺寸。我一開始可能不會投入太多精力，但也許我在這方面的想法太保守了。所以我希望在接下來的幾個月裡能學到更多。

In fact, we have a customer event coming up next month called Insights, and one of the panels we're focused on bringing in some experts to focus all their time around bead and bead funding programs. So it'll be interesting to get their perspective on how they see it rolling out.

事實上，我們下個月將舉辦一場名為「洞察」的客戶活動，其中一個小組討論環節，我們將邀請一些專家，讓他們把所有時間都集中在珠子和珠子融資項目上。所以，了解他們對這項計劃如何實施的看法會很有趣。

Great, appreciate that. Just wanted to also just saw in in the supplemental slides that there was a, historically large take up in in the direct direct versus indirect mix there. Anything interesting to to call out there or is that more just a function of. Maybe some of the shut down dynamics.

太好了，謝謝。我還想在補充幻燈片中看到，直接投資與間接投資的比例在歷史上出現了很大的成長。有什麼值得一提的有趣之處嗎？還是說這只是某種功能？或許是某些停工動態因素。

Thanks. Yeah.

謝謝。是的。

I'll have to go look just to double check, but I'm certain it's tied to the federal business. All of those sales flow through a fairly complex set of partners to get to the end customer, so they'll be all in our indirect number.

我得去查一下再確認一下，但我確信這與聯邦政府有關。所有這些銷售都要經過相當複雜的合作夥伴網路才能到達最終客戶，因此它們都將計入我們的間接銷售數量。

Makes total sense. Last one for me, just talking about the new product with with Acumen and, the potential emergence of a new category.

完全有道理。最後，我想談談與 Acumen 合作推出的新產品，以及新品類的潛在出現。

Understand it's currently falling into CNE, but is that an area that you can, you continue to expect to announce new product innovation, and is it overly presumptuous to think that you might be telegraphing that down the road you you would view Riven as having sort of 3 segments to the business rather than 2 segments.

我知道它目前屬於 CNE 領域，但您是否可以繼續在該領域宣布新的產品創新？如果我這樣認為，您是否暗示未來會將 Riven 的業務劃分為 3 個部分而不是 2 個部分，這是否過於狂妄？

Yeah, it's probably, much too early for me to predict that yet, from an actual financial reporting perspective, but it is interesting. This product really spans both business units, if you will. It doesn't necessarily fit neatly into one or the other, and so we'll just have to think about how do we manage that.

是的，從實際的財務報告角度來看，現在預測這一點可能還為時過早，但這確實很有意思。這款產品實際上跨越了兩個業務部門。它不一定能完全歸入其中任何一種情況，所以我們只能想想該如何處理這個問題。

It's been really interesting since we've announced this project, this product, and announced the project with, Optimum as our first lead customer.

自從我們宣布這個項目、這款產品，並宣布 Optimum 作為我們的第一個主要客戶以來，一切都變得非常有趣。

We've gotten just a ton of interest and I've been to a few, industry events and actually been able to do live demonstrations of this product that again allows our customers to literally build their own agentech agents, and Take their information that's being collected off the network and feed it into an LLM of their choice, basically.

我們獲得了大量的關注，我參加了一些行業活動，並實際演示了這款產品，該產品再次讓我們的客戶能夠真正構建自己的代理技術代理，並將從網絡收集的信息輸入到他們選擇的LLM中。

It's pretty, it's really a pretty phenomenal capability, that's put in the hands of people that can build their own things here.

這很棒，這真是一種非常了不起的能力，它被賦予了那些能夠在這裡創造自己事物的人。

So we'll see just how transformational it is, but it's been pretty, a lot of energy around it the first couple of months and these, from an economics perspective just to kind of stand up the solution and the network, get it running, we're talking several million dollars, so there's the ability here for this to really scale as we can get it out to more customers.

所以我們將拭目以待，看看它究竟能帶來多大的改變。但在最初的幾個月裡，圍繞著它的投入非常巨大。從經濟角度來看，僅僅為了建立解決方案和網絡，使其運作起來，我們就需要投入數百萬美元。因此，隨著我們能夠將其推廣到更多客戶，它具有真正擴展的潛力。

Thank you. And the next question comes from the line of Ryan Koontz with Needham and Company. Please proceed with your question.

謝謝。下一個問題來自 Needham and Company 的 Ryan Koontz。請繼續提問。

Great, thanks. Just a couple.

太好了，謝謝。就幾個。

Of clarifications if I could, Bruce, on the Bin, I assume that's for middle mile optical and aggregation, so you're selling into kind of the backhaul from these remote nodes.

Bruce，如果可以的話，我想澄清一下，關於 Bin，我假設它是用於中間距離光纖和聚合的，所以你正在向這些遠端節點的回程鏈路銷售產品。

Yeah, exactly, Ryan. So I'll call Middle mile, right IP over DWDM type infrastructure or network design.

對，沒錯，瑞恩。所以我會把中間環節，也就是基於DWDM的IP基礎設施或網路設計稱為中間環節。

Is that typically handled by the local incumbent telco or some kind of or a third-party that's maybe a consortium or such?

這通常是由當地現有的電信公司處理，還是由某種第三方機構（例如財團）處理？

Yeah, in this case it is, it's not a consortium, but it is a number of, operators kind of working together on the infrastructure, so.

是的，在這種情況下，它不是一個聯盟，而是由一些運營商共同合作開發基礎設施。

Yeah, cool. And then on Verizon going forward, how should we think about that? A kind of mix of product and service going forward, is it going to always be kind of seasonal, or how should we frame that up over the next, 18 months into next year?

嗯，酷。那麼，展望Verizon的未來，我們該如何看待這個問題呢？未來產品和服務將如何結合？這種結合是否會一直具有季節性？或者我們應該如何規劃未來 18 個月甚至明年的發展？

Yeah, we'll TRY and give, as good a visibility as we can, in addition to the modernization program with them, we obviously have a number of other pieces of business, and a lot of what we're transacting or selling these days is very software oriented.

是的，我們會盡力提供盡可能好的透明度，除了與他們合作的現代化項目之外，我們顯然還有許多其他業務，而且我們現在交易或銷售的很多東西都非常注重軟體。

So you know they will move the needle, an extra $5 million here or there or less makes, does make an impact on the overall numbers.

所以你知道，他們肯定會有所作為，即使只是額外增加 500 萬美元或更少，也會對整體數字產生影響。

So you know the I think the way to think of it is we have this background set of activity focused on modernization and then you'll see a few additional things kind of come in and out, a few times a year, and so it'll create a little bit of variability that way.

所以，我認為理解的方式是，我們有一套以現代化為重點的背景活動，然後你會看到一些額外的項目一年幾次地出現和消失，這樣就會產生一些變化。

Little more lumpy, yeah, right, great. And then lastly, just kind of a big question. You talk about agentic AI and I I assume you're selling mostly session border controllers into these agentic AI applications and how do you think about that TAM right now obviously very early in the in the market development.

稍微有點凹凸不平，是啊，太好了。最後，還有一個比較重要的問題。您談到了智慧體人工智慧，我假設您主要向這些智慧體人工智慧應用銷售會話邊界控制器，您如何看待目前這個市場的潛在市場規模（TAM），顯然，目前還處於市場發展的早期階段。

Yeah, so it's some, certainly I think the lat the core of the solution is going to be a session border controller. What we're seeing the most interested in is the cloud native versions of the products, so these are, kind of sas environments being stood up in the cloud, the first couple that we've done have been AWS based, so we've.

是的，所以這肯定是一些，我認為解決方案的核心將是會話邊界控制器。我們發現，大家最感興趣的是產品的雲端原生版本，也就是在雲端搭建的 SAS 環境。我們最初搭建的幾個版本都是基於 AWS 的。

I think we're out in front on the cloud native implementation of not just the SPC but then all the things that go around that goes around the policy routing, the analytics, the, management system, and then pair that with a kind of a web RTC set of APIs that allow you know basically programmatic access to the network functions, the telecom network functions.

我認為我們在雲端原生實作方面處於領先地位，不僅是 SPC，還有圍繞策略路由、分析、管理系統的所有相關內容，然後將其與 Web RTC 的一組 API 相結合，從而允許您以程式設計方式存取網路功能、電信網路功能。

So it's a pretty sophisticated set of solutions that then made up into the customer's A agentic AI platform that they're developing and of course, that's all the buzz right is is how do you leverage Agenic AI to really transform all these different types of services whether it's contact center or staff applications, those sorts of things.

所以，這是一套相當複雜的解決方案，最終構成了一個客戶正在開發的智慧AI平台。當然，現在大家都在熱議的是如何利用智慧AI來真正改變所有這些不同類型的服務，無論是聯絡中心還是員工應用程式等等。

So I think the interface into those more and more will be voiced so I think that really puts us in a good spot.

所以我認為，這些介面會越來越多地採用語音交互，我認為這真的讓我們處於有利地位。

And the bulk of that, Bruce, that technology stack was built for Enterprise originally, just traditional enterprise voice.

Bruce，這其中的技術棧大部分最初是為企業建構的，就是傳統的企業語音。

It's really the great thing about the technology is that we can deploy it inside a telecom network or inside an enterprise. How we position and sell it and package it is different, but the core techno technology is very similar.

這項技術真正的優勢在於，我們可以部署在電信網路內部或企業內部。雖然定位、銷售和包裝方式有所不同，但核心技術非常相似。

Got it. All.

知道了。全部。

Right That's all. Thank you.

好了，就這些。謝謝。

And there are no further questions at this time. I would like to turn the floor back over to Bruce McClelland for any closing remarks.

目前沒有其他問題了。我謹將發言權交還給布魯斯·麥克萊蘭，請他作總結發言。

Great, thank you. Well, thanks again for being on the call and your interest in Ribbon. We look forward to speaking with many of you at upcoming investor conferences and updating you on our progress. Operator, thank you and that concludes our call.

太好了，謝謝。再次感謝您參加電話會議以及您對 Ribbon 的關注。我們期待在即將舉行的投資者會議上與各位交流，並向大家報告我們的最新進展。接線員，謝謝，通話到此結束。

Thank you, sir. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝您，先生。今天的電話會議到此結束。感謝您的參與。您可以在此時斷開線路。