Ribbon Communications Inc (RBBN) 2025 Q4 法說會逐字稿

Greetings and welcome to the Ribbon Communications fourth quarter in full year 2025 financial results conference call.(Operator Instructions)

歡迎參加 Ribbon Communications 2025 年第四季及全年財務績效電話會議。 （操作說明）

It's now my pleasure to introduce your host, Fahad Najam, Senior Vice President of Investor Relations and corporate strategy. Fahad, please go ahead.

現在，我很高興向大家介紹主持人法哈德·納賈姆，他是投資者關係和企業策略高級副總裁。法哈德，請開始吧。

Good afternoon and welcome to Ribbon's fourth quarter and full year 2025 financial results conference call. I am Fahad Najam, SVP Corporate strategy and Investor Relations at Ribbon Communications.

下午好，歡迎參加Ribbon公司2025年第四季及全年財務業績電話會議。我是Ribbon Communications公司企業策略與投資人關係資深副總裁Fahad Najam。

Also on the call today are Bruce McClelland, Ribbon's Chief Executive Officer; and John Townsend, Ribbon's Chief Financial Officer. Today's call is being webcast live and will be archived on the Investor Relations section of our website at rbbn.com.

今天參加電話會議的還有Ribbon執行長Bruce McClelland和財務長John Townsend。本次電話會議將進行網路直播，並將存檔於我們網站rbbn.com的投資者關係頁面。

Where both our press release and supplemental slides are currently available. Certain matters we will be discussing today, including the business outlook and financial projections for the first quarter of 2026 and beyond are forward-looking statements. Such statements are subject to the risks and uncertainties that could cause actual results to differ materially from those contained in these forward-looking statements.

我們的新聞稿和補充投影片目前均可在此處取得。我們今天將討論的某些事項，包括2026年第一季及以後的業務展望和財務預測，均為前瞻性陳述。此類陳述受風險和不確定性因素的影響，實際結果可能與這些前瞻性陳述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 statement 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 will present non-GAAP financial information on this call. 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 call. Which again are both available on the investor relations section of our website. And now, I would like to turn the call over to Bruce. Bruce?

此外，我們將在本次電話會議上提供非GAAP財務資訊。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。這兩份文件均可在我們網站的投資者關係頁面查閱。現在，我想把電話會議交給布魯斯。布魯斯？

Great. Thanks, Fahad. Good afternoon, everyone, and thanks for joining us today to discuss our Q4 results and outlook for 2026. When we spoke with you back in October, we entered Q4 with a sense of optimism, but also recognized we are operating in a very dynamic macro environment, including budget uncertainty related to the recent US government shutdown.

好的。謝謝，法哈德。大家下午好，感謝各位今天參加我們的討論會，共同探討我們第四季的業績以及對2026年的展望。我們在十月與大家交流時，對第四季的前景持樂觀態度，但也意識到我們正處於一個非常動態的宏觀環境中，包括近期美國政府停擺帶來的預算不確定性。

We remain optimistic as we start the year. We successfully closed multiple significant deals in the quarter and achieved record product and professional service bookings. A significant portion of these new orders is associated with new voice modernization projects where we expect revenues starting in the second half of 2026.

新年伊始，我們依然保持樂觀。本季我們成功完成了多筆重要交易，產品和專業服務訂單量均創歷史新高。這些新訂單中很大一部分與新的語音現代化項目相關，我們預計這些項目將於2026年下半年開始產生收入。

We've expanded the customer base and reinforced our industry leadership in cloud-centric voice modernization, where our portfolio and technical teams really sets us apart from the competition.

我們擴大了客戶群，鞏固了我們在以雲端為中心的語音現代化領域的行業領先地位，我們的產品組合和技術團隊真正使我們從競爭對手中脫穎而出。

We also see a significant opportunity to integrate voice technologies with the expanding set of conversational AI and agente AI platforms, and our Acumen AI ops platform continues to garner strong interest.

我們也看到了將語音技術與不斷擴展的對話式人工智慧和代理人工智慧平台相結合的巨大機遇，而我們的 Acumen AI 營運平台也持續受到廣泛關注。

However, relative to our guidance for Q4, revenue was below our expectations and was impacted by several customer and project delays. The delayed programs are not lost business and are primarily tied to two key reasons.

然而，與我們第四季度的預期相比，營收低於預期，並受到多個客戶和專案延期的影響。這些延期項目並非業務損失，主要原因有二。

Half of the shortfall was associated with projects already in backlog where implementation delays pushed out project completion milestones or product shipments, delaying revenue recognition to future quarters. This included one of our primary US customers where deployments slowed during their recent restructuring.

一半的缺口與已積壓的項目有關，這些項目的實施延誤導致項目完成里程碑或產品交付時間推遲，將收入確認推遲到未來幾個季度。這其中包括我們的一位美國主要客戶，該公司近期重組導致部署速度放緩。

The remaining GAAP in the fourth quarter was with several customers impacted by budget availability at the end of the year. This included an IP optical project where the end customer is still waiting for bead funding to be distributed.

第四季剩餘的GAAP專案主要受年底預算限制的影響，涉及幾家客戶。其中包括一個IP光學項目，該項目的最終客戶仍在等待微珠資金的撥付。

When comparing year over year, as expected, the largest contributor to the lower sales in Q4 was the reduction in new sales to US federal agencies, which were approximately $10 million lower than the fourth quarter of 2024.

與去年同期相比，正如預期的那樣，導致第四季度銷售額下降的最大因素是美國聯邦機構的新銷售額減少，比 2024 年第四季減少了約 1,000 萬美元。

The other primary contributor to the year over year reduction in Q4 is the challenging comparison to the record quarter we had with Verizon in the fourth quarter of 24 when we ship significant amounts of equipment to begin to ramp the voice modernization project across multiple sites.

導致第四季同比下降的另一個主要原因是，與 2024 年第四季我們與 Verizon 合作創紀錄的季度相比，今年第四季的業績面臨嚴峻挑戰。當時我們向 Verizon 交付了大量設備，開始在多個站點加速推進語音現代化專案。

For the full year our business with Verizon was very strong, with sales increasing 27% year over year.

全年來看，我們與 Verizon 的業務非常強勁，銷售額年增 27%。

And now with the closure of the frontier acquisition, there is a significant opportunity to expand the scope of our program across the frontier footprint over the next several years.

隨著前沿收購的完成，未來幾年我們將迎來一個重大機遇，可以擴大我們在整個前沿地區的專案範圍。

For the full year, sales to global service providers increased 5% and were 70% of overall sales for the company. Sales to enterprise customers increased 2% year over year while sales to government and defense declined 23% and were 9% of overall sales.

全年來看，全球服務供應商的銷售額成長了5%，占公司總銷售額的70%。面向企業客戶的銷售額年增了2%，而面向政府和國防客戶的銷售額下降了23%，佔總銷售額的9%。

So we made good progress growing our position in telecom and enterprise markets while government and defense were below expectations. On a regional basis, 2025 sales in the Americas were essentially flat year over year given the reduction in US federal offset by the increased business with service providers.

因此，我們在電信和企業市場取得了顯著進展，鞏固了自身地位，而政府和國防市場則低於預期。從區域來看，由於美國聯邦政府業務的減少被服務提供者業務的成長所抵消，2025年美洲地區的銷售額與去年基本持平。

EMEA sales were down year over year as a result of the reduced sales to Russia starting in the second quarter of 2024. Excluding Russia, sales in EMEA were flat year over year.

由於從 2024 年第二季開始對俄羅斯的銷售額減少，EMEA 地區的銷售額比去年同期下降。如果排除俄羅斯，EMEA 地區的銷售額與上年持平。

And sales in the Asia Pacific region grew 19% year over year on the significant increase of business in India. Consolidated gross margin in the quarter was in line with our expectations, with very strong cloud and edge margins benefiting from a stronger mix of software revenue this quarter, offset by lower IP optical networks gross margin from the increased sales in India and lower sales in North America and the EMEA regions.

亞太地區銷售額年增19%，主要得益於印度業務的顯著成長。本季綜合毛利率符合預期，雲端和邊緣運算業務的毛利率非常強勁，這得益於本季軟體營收佔比的提升；但印度銷售額成長導致IP光網路業務毛利率下降，而北美和歐洲、中東及非洲地區（EMEA）的銷售額下降，部分抵銷了上述成長；

Adjusted EBITDA for the quarter was $40 million and [$0.02] million below our guidance range due to the lower sales, offset by lower operational expenses primarily related to reduced employee variable compensation.

本季調整後 EBITDA 為 4,000 萬美元，比我們預期範圍低 0.02 萬美元，原因是銷售額下降，但營運費用下降（主要與員工可變薪酬減少有關）抵消了這一影響。

Despite the lower than expected Q4 results, we ended 2025 in a solid financial position and as expected, Q4 was the strongest quarter of the year, increasing 6% versus the third quarter.

儘管第四季業績低於預期，但我們2025年末財務狀況穩健，而且正如預期的那樣，第四季度是全年業績最好的一個季度，比第三季度增長了6%。

For the full year, revenue increased 1% to $845 million but excluding sales to Russia in 2024, sales to all of the customers increased 4% in 2025. Also note that you'll see a significant increase to our net income and EPS this quarter related to a new tax benefit that John will describe shortly.

全年營收成長1%至8.45億美元，但若不計入2024年對俄羅斯的銷售額，2025年對所有客戶的銷售額成長4%。另請注意，由於一項新的稅收優惠政策，本季度我們的淨利潤和每股收益將大幅增長，約翰稍後將詳細介紹。

Now, a little more detail on our operating segments. In our IP optical networks business, revenue was down $2 million year over year in the quarter, which was below our target of mid-single-digit growth. As mentioned earlier, we saw several projects in North America push out into 2026, including a significant new deployment awaiting the release of BED funding.

現在，我們來詳細說說我們的營運部門。在我們的IP光網路業務中，本季營收年減200萬美元，低於我們預期的個位數中成長目標。如同先前所提到的，我們在北美的幾個項目被推遲到2026年，其中包括一個重要的全新部署項目，該項目正在等待BED資金的到位。

And sales were lower in the EMEA region primarily due to a year-end budget freeze with a government defense agency. This was offset by continued growth in India with sales in the fourth quarter increasing 28% year over year on the strength of deployments with Bardi as well as first shipments for a new world broadband deployment.

歐洲、中東和非洲地區的銷售額下降，主要是因為年底與政府國防機構的預算凍結。但印度市場的持續成長抵消了這一影響，第四季銷售額年增28%，這主要得益於與Bardi的合作部署以及為一項新的全球寬頻部署專案提供的首批產品。

For the full year, sales in India grew more than 40% and exceeded $100 million. In other regions, we won several optical transport expansion projects in Southeast Asia with Converge CICT and Moriel. And in the critical infrastructure market segment, we won significant projects with two major European railways, Danish Railway Panna Denmark and pan-European operator Deutsche Bahn.

全年來看，我們在印度的銷售額成長超過40%，突破1億美元。在其他地區，我們與Converge CICT和Moriel合作，在東南亞贏得了多個光傳輸擴展項目。在關鍵基礎設施市場領域，我們與兩家歐洲大型鐵路公司——丹麥鐵路公司（Panna Denmark）和泛歐鐵路營運商德國鐵路公司（Deutsche Bahn）——合作，贏得了多個重要項目。

We also had a first win with one of the largest electric power generation and distribution cooperatives in the US which provides service across nine states. IP optical product and services bookings to revenue was 1.1 times in the quarter, and bookings were the highest level of the year.

我們也與美國最大的電力生產和輸配合作社之一達成了首個合作協議，該合作社的服務涵蓋九個州。本季IP光纖產品和服務的預訂量與收入之比為1.1倍，預訂量也創下了全年新高。

For the full year, revenue grew approximately 1%, but when excluding sales to Russia in 24, revenue across all other regions increased 9% year over year. In our cloud and edge segment, revenue in the fourth quarter was down $23 million year over year and below our expectations, as I previously mentioned.

全年營收成長約1%，但若剔除2024年俄羅斯市場的銷售額，其他所有地區的營收年增9%。正如我之前提到的，在雲端和邊緣運算業務方面，第四季營收年減2,300萬美元，低於預期。

Despite the lower revenue in the quarter, Cloud and Edge Bookings set a new record high, with product and professional services booked a revenue of 1.5 times.

儘管本季收入有所下降，但雲端和邊緣預訂量創下新紀錄，產品和專業服務的預訂收入達到 1.5 倍。

As I mentioned on our last earnings call, we're seeing an increasing number of service providers investing in modernizing their traditional voice networks. In addition to Verizon, we've booked over $50 million of voice network transformation orders in the quarter across more than a dozen different customers.

正如我在上次財報電話會議上提到的，我們看到越來越多的服務供應商正在投資對其傳統語音網路進行現代化改造。除了Verizon之外，本季我們還從十幾家不同的客戶那裡獲得了超過5000萬美元的語音網路改造訂單。

Revenue for these projects is normally spread out over time, typically 6 to 12 months or perhaps longer for larger projects. It's a very good start and there are several additional significant opportunities that we are pursuing.

這些項目的收益通常會分期支付，一般為 6 到 12 個月，大型項目可能需要更長。這是一個非常好的開端，我們也正在積極尋求其他幾個重要的機會。

In addition to Legacy Class 5 switch replacement, another key voice modernization priority for both service providers and enterprises is to migrate from purpose-built hardware to fully virtual cloud-native implementations.

除了取代傳統的 5 類交換器之外，服務供應商和企業語音現代化的另一個關鍵優先事項是從專用硬體遷移到完全虛擬的雲端原生實作。

We now have several major projects underway with tier 1 service providers in Europe and Asia pack along with a significant new win with the US Tier 1 customer this quarter to migrate SPC and routing workloads to cloud native implementations running in both private and public cloud.

我們目前正與歐洲和亞洲的一級服務供應商開展幾個重大項目，並且本季度還與美國一級客戶取得了一項重大新合作，將 SPC 和路由工作負載遷移到在私有雲和公有雲中運行的雲原生實現中。

For the full year, cloud and edge sales increased 1%, with service provider sales growing 8% and enterprise and government sales decreasing 16%. With that, I'll turn it over to John to provide additional financial details on our results and then come back on to discuss Outlook for 2026, John.

全年來看，雲端和邊緣運算銷售額成長了1%，服務供應商銷售額成長了8%，而企業和政府銷售額下降了16%。接下來，我將把發言權交給約翰，請他提供更多關於我們業績的財務細節，之後我們再回來討論2026年的展望，約翰。

Thanks Bruce. Let's begin with financial results at the consolidated level. In the fourth quarter of 2025, Ribbon generated revenues of $227 million. A decrease of 10% from the prior year. For the full year, revenues were $845 million an increase of 1% or $11 million year over year. Fourth quarter non-GAAP gross margin was 55.4%, down 270 basis points due to lower software revenue and higher professional services revenue. It was also impacted by a geographic mix with a very strong performance from our team in India.

謝謝 Bruce。我們先來看合併層面的財務表現。 2025 年第四季度，Ribbon 的營收為 2.27 億美元，較上年同期下降 10%。全年營收為 8.45 億美元，年增 1%，即 1,100 萬美元。第四季非 GAAP 毛利率為 55.4%，下降 270 個基點，主要原因是軟體收入下降和專業服務收入上升。此外，地域分佈也對毛利率產生了一定影響，其中印度團隊的業績表現非常出色。

For the full year, non-GAAP gross margin was 52.3%, down 355 basis points from the prior year, driven by the highest sales in India and the highest services revenues. Fourth quarter non-GAAP operating expenses were $90 million a decrease of $4 million year over year, reflecting our continued focus on efficiency and cost management.

全年非GAAP毛利率為52.3%，較前一年下降355個基點，主要受印度市場銷售額及最高服務收入的影響。第四季非GAAP營運費用為9,000萬美元，年減400萬美元，反映了我們對效率和成本控制的持續關注。

For the full year, operating expenses were $352 million a reduction of $9 million from the prior year. The reductions were driven by employee and related costs, more than offsetting $4 million and $0.06 million dollars of FX pressures in the quarter and new year respectively.

全年營運支出為3.52億美元，較前一年減少900萬美元。減少的主因是員工及相關成本的降低，足以抵銷當季和新年分別造成的400萬美元和6萬美元的匯率壓力。

Fourth quarter adjusted EBITD is $40 million a $15 million decrease from the prior year driven principally by lower revenues. For the full year, adjusted EBITDA was $107 million a decrease of $12 million from the prior year driven by the lower gross margin.

第四季調整後EBITDA為4,000萬美元，較上年同期減少1,500萬美元，主因是營收下降。全年調整後EBITDA為1.07億美元，較上年同期減少1,200萬美元，主因是毛利率下降。

During the quarter, we recognized the deferred tax benefit of approximately $90 million related to our investment in ECI. This had a favorable 50% benefit to non-GAAP EPS. The tax asset will be utilized over the next several years, resulting in cash tax savings of between $15 million to $20 million per annum.

本季度，我們確認了與對ECI的投資相關的約9,000萬美元遞延所得稅收益。這使非GAAP每股收益提高了50%。該稅務資產將在未來幾年內逐步使用，每年可節省1500萬至2000萬美元的現金稅。

Net interest expense in the quarter is $11 million and $0.44 million dollars for the full year. Quarterly non-GAAP net income was $106 million a $78 million improvement year over year driven by the tax benefit in the quarter. This generated non-GAAP diluted earnings per share of $0.59, which was an increase of $0.43 versus the prior year.

本季淨利息支出為1,100萬美元，全年淨利息支出為44萬美元。季度非GAAP淨利為1.06億美元，年增7,800萬美元，主要得益於本季的稅收優惠。由此產生的非GAAP稀釋後每股收益為0.59美元，較上年同期成長0.43美元。

Full year 2025, non-GAAP net income was $118 million up $74 million from the prior year. Diluted earnings per share for 2025 was $0.66, up $0.41 from 2024. Now let's look at the results of our two business segments. In our IP optical networks results, we recorded fourth quarter revenues of $85 million a 2% decrease versus the prior year.

2025年全年，非GAAP淨利為1.18億美元，較上年增加7,400萬美元。 2025年稀釋後每股收益為0.66美元，較2024年成長0.41美元。接下來，我們來看看兩大業務板塊的業績。在IP光網路業務方面，第四季營收為8,500萬美元，較上年同期下降2%。

Revenues for the full year were $333 million up 1% from 2024.

全年營收為 3.33 億美元，比 2024 年成長 1%。

Fourth quarter non-GAAP gross margin for IP optical was 34%, down 600 basis points from the prior year, due principally to the higher revenues generated in India. For the full year, gross margin was 35%. IP optical Networks adjusted EBITDA for the quarter was a loss of $8 million. For the full year, adjusted EBITD was a loss of $27 million.

第四季IP光網路業務的非GAAP毛利率為34%，較上年同期下降600個基點，主要原因是印度市場營收成長。全年毛利率為35%。第四季IP光網路業務調整後EBITDA虧損800萬美元。全年調整後EBITDA虧損2,700萬美元。

Now on to our cloud and edge business. We generated fourth quarter revenue of $142 million up 14% sequentially, but a decrease of 14% year over year against a record fourth quarter in 2024. Full year revenues were $511 million a $6 million increase from 2024.

接下來談談我們的雲端和邊緣業務。第四季營收為1.42億美元，季增14%，但年減14%，而2024年第四季創下歷史新高。全年營收為5.11億美元，比2024年增加600萬美元。

Fourth quarter non-GAAP gross margins were strong at 68%, up 65 basis points from the prior year, supported by core session border control of sales, increasing by 10%, benefiting the overall mix. All-year gross margin was 64%, down 300 basis points from the prior year due to the higher level of professional service revenues related to voice network transformation programs.

第四季非GAAP毛利率表現強勁，達68%，較上年同期成長65個基點，主要得益於核心會話邊界控制銷售成長10%，從而提振了整體業務結構。全年毛利率為64%，較上年同期下降300個基點，主要原因是與語音網路轉型專案相關的專業服務收入增加。

Adjusted EBITDA for the segment was $48 million or 34% of revenue. For the full year, adjusted EBITD is $134 million or 26% of revenues. Cash flow was very strong in the quarter. Good collections performance drove cash from operations of $29 million resulting in a closing cash balance of $98 million and a net debt leverage ratio of 2.3 times.

該業務板塊調整後 EBITDA 為 4,800 萬美元，佔營收的 34%。全年調整後 EBITD 為 1.34 億美元，佔營收的 26%。本季現金流非常強勁。良好的收款表現推動營運活動現金流達 2,900 萬美元，最終現金餘額為 9,800 萬美元，淨債務槓桿率為 2.3 倍。

Cash from operations for the full year was $51 million. Total cap spend in the quarter was $2 million bringing the full year expenditure to $15 million plus an additional $10 million relating to our new Israeli facility. During the fourth quarter, we repurchased approximately 972,000 shares of our common stock under our buyback authorization for a total cost of approximately $3.3 million bringing the total for 2025 to $2.5 million shares and a total cost of approximately $9 million.

全年經營活動產生的現金流量為5,100萬美元。本季資本支出總額為200萬美元，使全年支出總額達到1500萬美元，此外還有1000萬美元用於我們在以色列的新工廠。第四季度，我們根據回購授權回購了約97.2萬股普通股，總成本約330萬美元，使2025年回購總量達到250萬股，總成本約900萬美元。

In conclusion, we continue to improve our cost efficiency and working capital levels to better drive cash conversion in the business.

總之，我們將繼續提高成本效益和營運資金水平，以更好地推動業務現金轉換。

We also expect our annual capital expenditure levels to return to approximately $15 million. These efforts plus lower cash taxes are expected to improve cash generation in the coming years. And with that, I'll turn the call back to Bruce.

我們也預計年度資本支出水準將恢復到約1500萬美元。這些舉措加上較低的現金稅收，預計將在未來幾年改善現金流。接下來，我將把電話轉回給布魯斯。

Great, thanks, John. Over the past four years, we've maintained steady topline revenue performance and navigated a significant number of challenges while delivering improved profitability with EBITDA growing at a 19% CAGR.

太好了，謝謝約翰。過去四年，我們維持了穩定的營收成長，克服了許多挑戰，同時獲利能力也得到了提升，EBITDA 的複合年增長率達到了 19%。

As we enter the new year, we're not satisfied and are anxious to drive faster growth. We ended 2025 with increasing backlog and a broadening customer base for our secure voice and IP optical solutions. We continue to strengthen our balance sheet while also investing in innovation across our portfolio to drive long-term value.

新年伊始，我們並不滿足於現狀，渴望更快成長。 2025年底，我們的安全語音和IP光纖解決方案訂單積壓不斷增加，客戶群也不斷擴大。我們將持續鞏固資產負債表，同時增加對產品組合創新的投入，以創造長期價值。

Our momentum remains intact, and I'm confident we'll deliver improving results as the year progresses. We have several important elements to our strategy this year to drive improved profitable growth and unlock value. The largest area of opportunity continues to be the investment being made by service providers, governments, and enterprises to lower the cost of operating their communication infrastructure and replacing outdated equipment.

我們的發展勢頭依然強勁，我相信隨著時間的推移，我們將取得越來越好的業績。今年，我們的策略包含幾個重要要素，旨在推動獲利成長並釋放價值。最大的機會領域依然是服務供應商、政府和企業為降低通訊基礎設施營運成本和更換老舊設備而進行的投資。

With our marquee customer Verizon, we ramped up activity in 2025 and are progressing well on the first phase of their modernization program. We believe this remains a high priority for them and believe there is opportunity to expand as Verizon integrates the frontier operation in the coming months.

我們與重要客戶Verizon的合作已於2025年全面展開，目前其現代化改造計畫的第一階段進展順利。我們相信，該項目仍是Verizon的重中之重，隨著Verizon在未來幾個月內整合前沿運營，我們相信未來將有更大的發展空間。

Beyond Verizon, we now have similar initiatives with a broadening number of customers highlighted by the strong bookings in the fourth quarter. These projects are complex and can take 6 months or more to implement and include a significant amount of professional services that Ribbon is uniquely positioned to provide.

除了Verizon之外，我們現在還與越來越多的客戶開展了類似的合作項目，第四季度強勁的訂單量是最好的證明。這些專案非常複雜，實施可能需要6個月或更長時間，並且包含大量專業服務，而Ribbon恰好擁有提供這些服務的獨特優勢。

In many ways, the upfront investment can essentially be self-funded by the savings generated, and we're exploring creative ways to further unlock and accelerate voice modernization across the industry. In addition to telecom service providers, we have a growing presence in the enterprise segment where companies are building and managing their own complex, secure communication infrastructure.

在許多方面，前期投資基本上可以透過節省的成本來實現自我融資，我們正在探索創新方法，進一步釋放和加速整個產業的語音現代化進程。除了電信服務供應商之外，我們在企業領域的影響力也在不斷增強，這些企業正在建構和管理他們自己的複雜、安全的通訊基礎設施。

We have several specific market verticals that we are addressing across the Fortune 1,000 landscape including financials, healthcare, transportation, energy, and defense. The technology stack within large global multinationals is transitioning from private data centers to public cloud, adopting technologies such as containers and Kubernetes, and we believe we are considerably in front of our competition in supporting these new capabilities.

我們針對財富1000強企業中的多個特定垂直市場領域，包括金融、醫療保健、運輸、能源和國防。大型跨國企業的技術架構正從私人資料中心轉型為公有雲，並採用容器和Kubernetes等技術。我們相信，在支援這些新功能方面，我們已遙遙領先競爭對手。

Within the government sector, although it may take some time, we expect improved visibility now that the US Federal fiscal '26 funding has been approved. We have several large voice modernization programs already underway and a funnel of new opportunities that we expect will provide growth in the second half of the year. A key goal is to also secure similar programs outside the US this year.

在政府部門，雖然可能需要一些時間，但隨著美國聯邦政府2026財政年度撥款的批准，我們預計前景將更加明朗。我們已經啟動了幾個大型語音現代化項目，並且還有一系列新的機會正在醞釀中，我們預計這些機會將在下半年帶來成長。今年的一個關鍵目標是爭取在美國以外地區進行類似的計畫。

Our third major focus area is the sustained global investment in high-speed broadband infrastructure driven by exponential growth in data traffic and the need to extend connectivity to underserved regions. In the US, we're actively supporting regional service providers as they expand fiber to the home networks using very cost-effective IP over DWDM architectures. And we expect these deployments to accelerate meaningful, meaningfully in 2026 with the support of federal funding dollars.

我們的第三個重點領域是持續增加對高速寬頻基礎設施的全球投資，這主要源於數據流量的指數級增長以及將網路連接擴展到服務欠缺地區的迫切需求。在美國，我們正積極支持區域服務供應商利用極具成本效益的基於DWDM架構的IP技術擴展光纖到戶網路。我們預計，在聯邦資金的支持下，這些部署將在2026年顯著加速。

We're seeing similar momentum internationally, particularly in India, where national broadband initiatives have already translated into early commercial success for us.

我們在國際上也看到了類似的勢頭，尤其是在印度，那裡的國家寬頻計劃已經為我們帶來了早期的商業成功。

These networks also provide a foundation for data center interconnect services, and we see additional upside in critical infrastructure customers across rail, energy, and defense, with a strong focus on expanding further in North America.

這些網路也為資料中心互連服務提供了基礎，我們看到鐵路、能源和國防等關鍵基礎設施客戶還有很大的成長空間，並將重點放在進一步拓展北美市場。

Finally, our new Acumen AI Ops platform is an important growth initiative for us, enabling end to end observability and automation across multi-vendor networks with tools that allow customers to build AI agents using multiple large language model integrations.

最後，我們全新的 Acumen AI Ops 平台是我們一項重要的成長舉措，它實現了跨多供應商網路的端到端可觀測性和自動化，並提供工具讓客戶能夠使用多個大型語言模型整合來建立 AI 代理程式。

Optimum remains our lead customer with additional POCs planned in the first half and modest revenue expected in the second half. Beyond AI ops, as the adoption of agentic AI platforms continue to grow, we see a great convergence opportunity with our cloud-centric secure voice portfolio to seamlessly integrate AI with the human interface.

Optimum 仍然是我們的主要客戶，計劃在上半年開展更多概念驗證項目，並預計下半年將實現適度的收入。除了人工智慧運維之外，隨著智慧體人工智慧平台的普及，我們看到了巨大的融合機遇，我們的雲端安全語音產品組合能夠將人工智慧與人機互動無縫整合。

Partnerships are critical to success in this ecosystem, and we recently signed a multi-year collaboration agreement with AWS to simplify the transition of critical network services to public cloud.

在這個生態系統中，合作夥伴關係對於成功至關重要。我們最近與 AWS 簽署了一項多年合作協議，以簡化關鍵網路服務向公有雲的過渡。

In addition to our core strategy, our recent tax planning has created an opportunity to generate more cash over the next several years that can be used to strengthen our balance sheet, as well as to potentially accelerate innovation and expansion into new immediately adjacent markets with select investments in new private technology companies rapidly innovating in these explosive growth markets.

除了我們的核心策略之外，我們最近的稅務規劃也為我們創造了在未來幾年內產生更多現金的機會，這些現金可以用來加強我們的資產負債表，並有可能透過對在這些爆炸性增長市場中快速創新的新興私營科技公司進行選擇性投資，來加速創新和向緊鄰的新市場擴張。

Now on the guidance for 2026.

現在來看2026年的指導方針。

As I've just outlined, the underlying industry fundamentals are solid, and there are multiple positive long-term drivers supporting the business, and it's imperative for our customers to continue to invest. However, we're taking a more cautious approach at this point in the year, given several near-term factors that are out of our control.

正如我剛才所述，行業基本面穩健，且有許多積極的長期驅動因素支撐著業務發展，因此我們的客戶必須繼續投資。然而，鑑於一些我們無法控制的短期因素，我們目前採取更謹慎的態度。

As a result, our 2026 outlook reflects a more conservative set of assumptions, particularly around timing of business here in the first quarter. Key factors affecting our near-term outlook include shifts in investment priorities at major US service providers amidst elevated M&A activity.

因此，我們對2026年的展望採用了更保守的假設，尤其是在第一季業務時間安排方面。影響我們近期展望的關鍵因素包括：在併購活動活躍的背景下，美國主要服務提供者的投資重點發生了變化。

Sustainability of Indian service provider CapEx intensity that has resulted in 60% revenue growth for Ribbon over the last three years. And timing in US federal spending and subsidy programs in the current political environment.

印度服務提供者資本支出強度的可持續性，使得Ribbon在過去三年中實現了60%的收入成長。此外，當前政治環境下美國聯邦政府支出和補貼項目的時機也至關重要。

Reflecting these macro uncertainties, we recently completed a restructuring that eliminated approximately 85 positions, lowering our annual expenses by more than $10 million. With that context, for the full year we're projecting revenue in a range of $840 million to $875 million. This implies a consolidated year over year growth rate of approximately 1.5% at the midpoint of guidance. But it's actually quite a bit higher after excluding low growth maintenance revenue.

鑑於宏觀經濟的不確定性，我們近期完成了一項重組，裁減了約 85 個職位，使年度支出減少了超過 1000 萬美元。在此背景下，我們預計全年營收將在 8.4 億美元至 8.75 億美元之間。這意味著，以預期中位數計算，全年綜合成長率約為 1.5%。但若剔除低成長的維護業務收入，實際成長率會更高。

For the cloud and edge segment, we're projecting approximately 6% growth in product and professional services revenue offset by slightly lower maintenance revenue. And for the IP optical segment we're projecting approximately 5% growth of product and professional services revenue.

在雲端和邊緣運算領域，我們預計產品和專業服務收入將成長約 6%，但維護收入將略有下降，從而抵消部分成長。在 IP 光纖領域，我們預計產品和專業服務收入將成長約 5%。

Maintenance revenue is expected to be lower by approximately $10 million related to the completion of a maintenance contract with a European customer associated with legacy access equipment. On a consolidated basis, we're currently projecting gross margin to increase 50 basis points to 100 basis points year over year. And we're projecting Ox for the year to increase approximately 2% year over year.

由於與歐洲客戶就舊式接入設備簽訂的維護合約已完成，預計維護收入將減少約 1,000 萬美元。合併後，我們目前預計毛利率將年增 50 至 100 個基點。此外，我們預計全年 Ox 將年增約 2%。

Due to normal inflationary increases offset by the restructuring savings I mentioned earlier. As a result, adjusted EBITDA for the year is projected in a range of $105 to $120 million which would be approximately 6% higher than 2025 at the midpoint.

由於正常的通貨膨脹成長被我之前提到的重組節省所抵消，因此，預計本年度調整後 EBITDA 將在 1.05 億美元至 1.2 億美元之間，中位數將比 2025 年高出約 6%。

For the first quarter, we expect a slower than typical start given lower sales in India and lower maintenance revenue and are projecting revenue in a range of $160 million to $170 million and adjusted EBITDA a range of $3 million to $1 million. In conclusion, we're taking a cautious approach given several factors I've outlined that can affect the timing of the business this year and expect improvement as the year progresses.

鑑於印度銷售額和維護收入的下降，我們預計第一季開局將比往年慢，預計營收在1.6億美元至1.7億美元之間，調整後EBITDA在100萬美元至300萬美元之間。總之，考慮到我前面提到的幾個可能影響今年業務進展的因素，我們採取了謹慎的態度，並預計隨著時間的推移情況會有所改善。

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) Michael Genovese, Rosenblatt Securities.

謝謝，（操作員指示）邁克爾·傑諾維斯，羅森布拉特證券。

Great, thanks very much. I, Bruce, I'd like to hear more about these, new cloud and Edge bookings, just, more detail on the size of those bookings, and then also, are those all coming from.

太好了，非常感謝。我是 Bruce，我想了解更多關於這些新的雲端和邊緣運算預訂的信息，例如這些預訂的規模，以及這些預訂是否都來自哪裡。

New customers or or does that also include, new programs with existing customers like Verizon in in in that number?

這個數字是否包含新客戶，或也包括像Verizon一樣為現有客戶推出的新項目？

Yeah, hey, Mike, thanks for the question. So the $50 million of new bookings that I mentioned were non Verizon, first of all, these are other customers on top of the business we have with Verizon. And, I think I mentioned there are about a dozen different customers, so it's kind of spread across, a growing base of, customers kind of focused on similar modernization.

是的，嗨，麥克，謝謝你的提問。我之前提到的那5000萬美元新訂單首先並非來自Verizon，而是來自我們與Verizon現有業務之外的其他客戶。而且，我想我之前也提到過，大約有十幾個不同的客戶，所以訂單分佈比較分散，客戶群也在不斷增長，他們都專注於類似的現代化改造。

There was, a couple reasonably large ones and then, a longer list of more single-digit millions sort of thing that contributed to the $50 million in bookings and, the revenue associated with that, a portion of that we shipped some of that in Q4, probably around 25% and then the rest of that revenue associated with those bookings kind of plays out over the next, say 15 months, something like that.

其中有幾個數額較大的項目，然後還有一長串數額為數百萬美元的項目，這些項目共同促成了 5000 萬美元的預訂額以及相關的收入。我們在第四季度交付了其中的一部分，大概佔 25% 左右，而與這些預訂相關的其餘收入將在接下來的 15 個月左右陸續到賬。

Okay. And I mean, do any of those, dozen or so customers, I mean, are any of them of the size where they could be, eventually like a Verizon or even like a Brightspeed or, is there anybody large on that list?

好的。我的意思是，這十幾家客戶中，有沒有哪一家規模大到最終能像 Verizon 甚至 Brightspeed 那樣？名單上有沒有哪一家是大型公司？

Yes.

是的。

Okay, yeah. I guess we'll leave it at that. I guess some, my other question is I just want to get more follow-up on.

好的，那就到此為止吧。另外，我還想問一些後續問題。

Some of these delays that you're seeing because, it sounds like it's cutting across, government in the US, government in Europe, plus some US service provider. So that's like multiple vectors of, delay and budget issue. So just, more color on what's going on in all of these places and how long this could last, would be helpful.

您看到的這些延誤，聽起來似乎涉及美國政府、歐洲政府以及一些美國服務提供者。所以，這牽涉到多個方面的延誤和預算問題。因此，如果能更詳細地說明所有這些方面的情況以及這種情況可能會持續多久，那就太好了。

Yeah, no, I definitely understand, the question, I wish I could point to one specific thing. There was kind of two groupings. One, I think the one I was probably most frustrated with was, business we already had a backlog that we were expecting to score revenue in the quarter, that moved out of the quarter, and, these are basically, professional service programs where we're deploying product. I mentioned as one example, a large US customer, that was going through, restructuring and, these programs were basically, joined at the hip with the customer, doing the planning out in the field, basically, installing the equipment, doing the migrations, etc.

是的，我完全理解這個問題，我真希望我能指出一個具體的例子。情況大致可以分為兩類。第一類，我覺得最讓我感到沮喪的是，我們原本積壓了一些業務，預計這些業務會在本季度產生收入，但後來這些業務被推遲到了其他季度。這些業務基本上都是專業服務項目，我們需要部署產品。我舉個例子，例如一個正在重組的美國大客戶，這些專案基本上都與客戶緊密合作，包括現場規劃、設備安裝、資料遷移等等。

And we recognize revenue as these migrations complete and, all the lines are cut over to the new platforms. And, so we saw some delays in those deployments and that kind of immediately, moves out revenue for us. And, those types of kind of major restructurings, obviously have an impact on those types of programs. So that was the first big bucket and then the other was, what I described as, year-end budget, issues.

我們會在遷移完成後，所有線路都切換到新平台後確認收入。因此，我們看到這些部署出現了一些延遲，這直接影響了我們的收入。這類重大重組顯然會對相關項目產生影響。這是第一個主要影響因素，另一個影響因素是我之前提到的年終預算問題。

It, the one that was kind of the best example was the project that I talked about last quarter that's associated with the bead funding. And of course if you follow that closely, there's a lot of frustration over, when that, when those funds start to really get released to the individual states.

其中最好的例子就是我上個季度提到的那個與珠子基金相關的項目。當然，如果你密切關注這個項目，你會發現很多人都非常不滿，因為這些資金何時才能真正撥付給各州。

Most of the NT, NTIA approvals are now completed, but now everyone's waiting for NIST approval, which is really, the final government contract to release the funds. And so you know that's an example of something moved out of the quarter and there's a couple other kind of smaller examples like that so.

大部分NT和NTIA的審批工作已經完成，但現在大家都在等待NIST的審批，這實際上是最終的政府合同，只有獲得批准才能發放資金。所以你知道，這就是一個專案被推遲到本季之外的例子，還有其他一些類似的較小例子。

Okay, maybe I'll ask, I'll ask one last question if you don't mind. I guess, given, where we're starting the first quarter and the guide for the full year, it looks like we need some pretty significant. Sequential growth, I'd say throughout the year, right, throughout the remaining quarters, is that the right way to think about it, because I know typically, the third quarter can be down sequentially, but in this kind of, when you're starting the 1st quarter this low and you have this kind of guide, I'm just thinking ahead to the third quarter. I know it's early to think about the third quarter, but should we think about, sequential growth every quarter this year and less seasonality after we get by the first quarter.

好的，如果您不介意的話，我再問最後一個問題。我想，鑑於第一季的開局以及全年的業績指引，我們似乎需要相當顯著的環比增長，我指的是全年，也就是剩餘的幾個季度，這樣想對嗎？因為我知道通常情況下，第三季可能會環比下降，但考慮到第一季的開局如此低迷，而且業績指引也如此糟糕，我只是在展望第三季度。我知道現在考慮第三季度還為時過早，但我們是否應該考慮在今年每個季度都實現環比增長，並在度過第一季後減少季節性因素的影響？

That's the way we're profiling it at this point. And yeah, we're, slow here in Q1, obviously, as I mentioned, we expect, revenue in India to be lower than the peak levels that we've had last year. I think there's a couple of reasons why you're seeing us be more conservative. Obviously, starting slower in Q1 is one of them. But there's a number of kind of macro things going on here, the large, changes going on at Verizon, our key customer here, we feel like we're well positioned because we're ultimately helping them reduce the cost of operating the networks and as they integrate, the frontier footprint, we think there's just a great opportunity for us in the midterm here to expand the programs we have going and I think they're delighted with the progress and everything we've made.

這就是我們目前對情況的分析。是的，正如我之前提到的，我們第一季的成長速度明顯放緩，預計在印度的收入將低於去年的峰值。我認為我們採取更保守的策略有幾個原因。顯然，第一季開局緩慢是其中之一。但還有一些宏觀因素在起作用，例如我們的主要客戶Verizon正在進行的大規模變革。我們認為我們處於有利地位，因為我們最終幫助他們降低了網路營運成本。隨著他們整合前沿市場，我們認為中期內我們有機會擴展現有專案。我認為他們對我們所取得的進展和所有成果都非常滿意。

But when they go through a major restructuring like they are, it definitely has some, near-term impact just on the velocity of getting the work done. So that's one of the key reasons we're being more conservative, until we really understand exactly how that out.

但像他們現在這樣進行大規模重組，肯定會對工作效率產生一些短期影響。所以，在我們真正了解事情的最終走向之前，這是我們採取更保守策略的關鍵原因之一。

The second, is still tied to the US federal government spending. Not that, obviously things are back in business there and, budgets are now kind of established for all the agencies, etc.

第二點仍與美國聯邦政府的支出有關。當然，現在一切都恢復正常了，所有機構的預算都基本上已經確定了。

But it takes a bit of time for that all to start to ramp back up again. We have, in particular, two major programs going on there today where we're in the deployment phase and, kind of similar to the Verizon program, we're out helping, deploy, and operationalize, the infrastructure that we've already sold them. So we think that ramps significantly again back in the second half and, that's why we think it's, kind of back and loaded as the year progresses.

但這一切需要一些時間才能重新步入正軌。目前，我們有兩個大型專案正在進行中，都處於部署階段。與Verizon的項目類似，我們正在協助部署和營運我們已經售出的基礎設施。因此，我們認為下半年業務量將顯著回升，這也是為什麼我們認為隨著時間的推移，業務會逐漸恢復並蓬勃發展。

The third item I flagged, Mike, in the commentary was around India. We've had a great run there, increased 40%, in 2025. We think there's a possibility it continues at that rate, but we're not sure yet until all the budgets are finished. They're on a fiscal year ending March.

麥克，我在評論中提到的第三點是關於印度的。我們在印度的發展勢頭強勁，到2025年成長了40%。我們認為這種成長速度有可能繼續保持下去，但在所有預算完成之前，我們還不能確定。他們的財政年度從三月結束。

So we're trying to be just a little more thoughtful around the targets that we set and, hopefully we can improve that as the year progresses here.

所以我們正在努力更加認真地思考我們設定的目標，希望隨著時間的推移，我們能夠在這方面有所改善。

I appreciate all the response, all the colors. Thanks very much.

感謝大家的回覆和各種色彩。非常感謝。

Thanks very much, Mike.

非常感謝，麥克。

Thank you.

謝謝。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北地資本市場。

Yeah, hey, good afternoon. I guess the first question. And I think you said you might have some, I don't know if you specified big US tier one carriers in that $50 million of orders. But is there a way to relate those initial orders to the total opportunity at those customers. Is that sort of Those are pretty big deployments, but I guess how much of your estimate of the total opportunity of those customers for voice upgrades does that 50 represent?

好的，下午好。我想先問第一個問題。您之前說過，那5000萬美元的訂單中可能包含一些美國一級運營商，但我不知道您是否具體提到了這些運營商。有沒有辦法將這些初始訂單與這些客戶的整體市場潛力連結起來？這些部署規模相當大，但我想問的是，這5000萬美元的訂單佔您估計的這些客戶語音升級總市場潛力的多少？

Yeah, hey, Tim, it's a, it's absolutely a fair question. I've hesitated to put a specific number on the total addressable market for modernization.

是的，嘿，提姆，這絕對是個合理的問題。我一直猶豫要不要為現代化改造的潛在市場總量設定一個具體的數字。

A part of my reluctance is not everybody's adopting the same approach, obviously, the tactics at Verizon look different than what, let's say Lumen's doing today or what AT&T is doing today. . The additional backlog that we built here in the fourth quarter is obviously meaningful and, covers, deployments over the next say 12 months as I mentioned. And there's some larger names in that, are maybe not committing to a larger multi-year program. Maybe it's more targeted on different regions where the cost of operating those networks are higher or it's more challenging to just switch off the offices and turn off the copper loop.

我猶豫的部分原因在於，顯然並非所有人都採取相同的方法。 Verizon 的策略與 Lumen 或 AT&T 目前的做法截然不同。正如我之前提到的，我們在第四季度累積的額外訂單意義重大，涵蓋了未來 12 個月的部署。其中一些規模較大的公司可能並未承諾開展更大規模的多年期專案。或許他們的目標更著重於營運成本較高的特定地區，或是在這些地區關閉辦公室和銅纜環路更具挑戰性。

So, depending on just how big and broad these programs go, it's, this is a sizable large market. The last number I saw, the number of, plot lines in the US is something like 420 million. I don't know if anybody has an exact number on that, but it, it's a large addressable market. As I mentioned in my commentary, if you look at the numbers, as far as the cost savings that you generate from doing the modernization, it, depending on your time horizon, this becomes a self-funding program and if you're not modernizing, eventually, your costs start to be higher than your revenue.

所以，這些項目的規模和覆蓋範圍決定了它所代表的市場規模相當龐大。我看到的最新數據顯示，美國有大約4.2億條線路。我不知道是否有人掌握確切的數字，但這無疑是一個巨大的潛在市場。正如我在評論中提到的，如果你仔細分析現代化改造帶來的成本節約，你會發現，根據你的時間規劃，這最終會成為一個自籌資金的項目；如果不進行現代化改造，最終你的成本將會超過收入。

And so I think there's, we're looking at some creative ways to really unlock and move more quickly.

所以我認為，我們正在尋找一些創意的方法來真正解鎖並更快地前進。

Just a final comment, if you look at, Verizon, we've obviously, in the first phase of that program with them, I think it addresses about a third of their network and so there's, a significant opportunity still with them as we progress over the next several years. And then, I think, it's a key part of how they're thinking about reducing cost operating the frontier network as well, so. Yeah, there's lots of activity, lots of opportunity here for us.

最後補充一點，以Verizon為例，我們與他們合作的第一階段，目前已經涵蓋了他們大約三分之一的網絡，所以未來幾年我們與他們合作的機會仍然很大。而且，我認為這也是他們考慮降低前沿網路營運成本的關鍵。所以，是的，這裡有很多合作機會。

Yeah, I mean, that's kind of the Color I'm looking for. You're obviously a pretty big deal with Verizon. I think you mentioned up 26%. I don't know if that's getting close to $140 million or something like that, but Is to try to relate and you know they've sort of committed to, that three year rollout.

是的，我的意思是，這正是我想要的感覺。你顯然對Verizon來說非常重要。我想你提到了成長26%。我不知道這是否接近1.4億美元，但我想說的是，他們已經承諾在三年內完成推廣。

I guess what I'm trying to get to is it doesn't sound like within that 50 million of bookings there are commitments for three year rollouts or from big carriers but maybe there are right? So.

我想表達的是，這5000萬份預訂中似乎並沒有大型航空公司做出三年推廣的承諾，但也許有，對吧？所以。

To the extent you're relating what you've done with the Verizon is a third of the network, it seems like.

如果你所做的事情與 Verizon 的網路有關，那麼 Verizon 似乎佔據了該網路的三分之一。

This range of commitments from current customers should represent a lot less than that in in terms of proportion of their networks they're upgrading. That's direction kind of what I'm looking for.

現有客戶所做的這些承諾，就他們正在升級的網路比例而言，應該遠低於這個範圍。這正是我想要了解的方向。

Right, I think those are all the right observations, none of the bookings in Q4 were for like a 3 year horizon, this was all kind of 12 month, 12 to 15 month horizon, programs.

沒錯，我認為這些觀察都很正確，第四季度的所有預訂都不是為期 3 年的，都是為期 12 個月、12 到 15 個月的專案。

And just on Verizon again, the contract we have in place for first three years, kind of a third of their footprint, we're now kind of halfway through that from a timing perspective, we're about 1.5 years since we initiated the program and, we estimate we're 35% or so through that effort. So there's a lot of work left to go on the first contract. We think, there's likely a second phase and then frontier on top of that, so. There's, yeah, there's quite a runway here for us, lots of work ahead.

再說回Verizon，我們和他們簽訂了為期三年的合同，涵蓋了他們大約三分之一的業務範圍。從時間上看，現在合約已經執行了一半左右。計畫啟動至今大約一年半，我們估計已經完成了35%左右。所以，第一份合約還有很多工作要做。我們認為，很可能還會有第二階段，之後還會拓展到其他地區。所以，是的，我們還有很多工作要做。

Right, exactly. I guess it's closer to $150 million for Verizon now that I look at it. Now, obviously they're, kind of announced a draconian cut in their combined CapEx with Frontier. And looking to maintain, I guess, at least the current level, if not accelerate of fiber build.

沒錯，正是如此。我仔細一看，Verizon 的實際支出應該接近 1.5 億美元。顯然，他們已經宣布大幅削減與 Frontier 合併後的資本支出。而且，他們似乎希望至少維持目前的光纖建設水平，甚至可能加快建設速度。

And you mentioned a restructuring, but. Would you say you're And, I guess you've got a bunch of factors going on, but, Maybe just uncertainty around where that.

您提到了重組，但是……您覺得……而且，我想您有很多因素需要考慮，但也許只是對重組方向存在不確定性。

Where that cut's coming from perhaps is given this merger just happened is is likely what's impacting you as well as just a lower bogey envelope for capital spending overall is that kind of fair to say?

削減開支的原因或許在於，鑑於此次合併剛剛發生，這可能也影響到了你，此外，整體資本支出預算的下調也可能影響了你，這樣說是否合理？

Yeah, I guess what I would say is we're being cautious here until, plans are finalized. They're only, kind of weeks into running the frontier network and, again, I think there's obviously opportunity for expansion associated with that. But until we, we and they have had a chance to kind of nail all that down, I just want to be cautious in how we think about how the year's going to play out. And, I, I'm convinced there's tons of business and growth here with them, but until they get through their planning, I want to be more cautious and as you said, they've made some big macro changes. So until that kind of rolls out to everybody, I think it's the right way to manage it.

是的，我想說的是，在計劃最終敲定之前，我們都會保持謹慎。他們才經營這個前沿網絡幾週，而且，我認為顯然這其中蘊藏著擴張的機會。但在我們和他們有機會把所有細節敲定之前，我希望在展望今年的發展趨勢時保持謹慎。我相信他們擁有巨大的商機和成長潛力，但在他們完成規劃之前，我希望更加謹慎。正如你所說，他們做出了一些重大的宏觀調整。所以，在這些調整全面實施之前，我認為這種管理方式是正確的。

Fair enough. And last one for me, and then I'd say most of understanding the fine points of the process, but certainly most of what we've been hearing in recent quarters around deed has been pretty positive with the approvals and a lot of the access guys getting.

好吧。對我來說，最後一個問題，也是最重要的一點，就是要了解流程中的細節，但最近幾個季度我們聽到的關於地契的消息大多都很積極，審批和很多准入人員都獲得了相當不錯的機會。

A lot more visibility on network planning, design, rollout, what have you.

網路規劃、設計、部署等方面的透明度大大提高。

So it would seem like that should be a good news story in calendar 26, at least in the second half, at the very least, but how are you looking at right now at a higher level versus the push you described in Q4?

所以，這似乎應該是2026年日曆上的一個好消息，至少在下半年是這樣，但是，從更高的層面來看，你如何看待與您在第四季度描述的努力相比的情況呢？

Yeah, no, I resonate with all those comments, we think it's a great opportunity for us. We think that segment of our business grows, reasonably significantly this year for us. I'm a little frustrated because we expected to get started in Q4. I think everybody did. So, we're a little delayed from that, but I think we've got a really nice funnel of opportunities in that space for us and.

是的，我完全同意這些評論，我們認為這對我們來說是個絕佳的機會。我們認為今年這部分業務會有相當顯著的成長。我有點沮喪，因為我們原本預計在第四季啟動。我想大家都是這麼想的。所以，我們比預期晚了一些，但我認為我們在這個領域有很多不錯的機會。

Hopefully we're weeks and, kind of months away from, all of this being settled and moving out, but we're not quite there yet, so.

希望幾週甚至幾個月後，這一切就能塵埃落定，我們就能搬出去，但我們還沒完全實現這個目標。

Thank you.

謝謝。

Ryan Koontz, Needham Company.

Ryan Koontz，Needham 公司。

Great, thanks, I appreciate all the color, Bruce on the voice modernization. Covered most of kind of the bigger tier one opportunities. Do you have any updated thoughts on, downmarket opportunities there in terms of the rurals? Are they any idea what kind of approach they're going to be taking, as a, start to maybe retire copper and deploy more fiber here and what they're going to do with their existing infrastructure, their classifieds.

太好了，謝謝。布魯斯，我很欣賞你對語音現代化的詳細闡述。你涵蓋了大部分大型一級市場機會。你對農村地區的低端市場機會有什麼最新的看法嗎？他們是否考慮過採取什麼策略，例如逐步淘汰銅纜，部署更多光纖？他們又將如何處理現有的基礎設施，例如他們的分類廣告服務？

Yeah, that's a great question. You know what we're seeing most of the activity is in the, I'll call it the tier 2, operator space where, they, they're committed to that service offering. They want to lower the cost of operating the network and, we're a great solution to help them do that. When you get into the much smaller operators, I think you see different things there. I think voice looks like, a nice lead service, but it's not necessarily a good revenue generator or profit generator for them. We see different things happening. Some look at that as an entry point to sell more fiber.

是的，這是一個很好的問題。你知道，我們看到大部分活動都集中在二級運營商領域，他們致力於提供這項服務。他們希望降低網路營運成本，而我們正好能為他們提供一個很好的解決方案。但當你深入到規模小得多的運營商時，情況就有所不同了。我認為語音服務看起來是個不錯的引流服務，但它可能不會為他們帶來可觀的收入或利潤。我們看到一些業者將語音服務視為銷售更多光纖的切入點。

So not only do they want to maintain. The relationship with subscribers on the copper network that maybe even want to grow that because it's an entry point for them to differentiate, once you've got a relationship with the consumer, it's easier to maintain it. Others we see, just wanting to kinda manage it in place. They don't want to invest anything incremental, we have a decent service and support, revenue stream from that segment of the market, and we see it kind of similarly where it's a great entry point for us to come in. Introduce our IP optical products and grow our business within that space.

所以他們不僅希望維持與銅纜網路使用者的關係，甚至可能希望拓展這種關係，因為這是他們實現差異化的切入點。一旦與消費者建立了聯繫，維護起來就更容易。我們看到，有些公司只想維持現狀，不願意進行任何額外的投資。我們已經擁有不錯的服務和支持，並且從該細分市場獲得了穩定的收入來源。我們認為，這同樣是一個很好的切入點，可以讓我們進入這個領域，推出我們的IP光纖產品，並拓展我們的業務。

And we've built in some capabilities that help them migrate off of legacy TDM networks on the IP networks, so it's a great entry point for us there, but, we don't think of it as a great revenue generator for voice modernization necessarily. I'm not sure they're investing, that's not a top priority investment for them. Yeah.

我們已經建立了一些功能，可以幫助他們從傳統的TDM網路遷移到IP網絡，所以這對我們來說是一個很好的切入點。但是，我們並不認為語音現代化一定能帶來可觀的收入。我不確定他們是否在投資，這並非他們的首要投資目標。是的。

Makes sense. And on your legacy, maintenance business, what kind of decline is that typically seeing like. 10% a year kind of double-digit declines typically.

有道理。至於你們的傳統維護業務，通常會出現什麼樣的下滑？例如每年10%左右，還是兩位數的下滑？

No, it's much, steadier than that, and we've in select places we've been in a position where we are raising prices, I think we see a few million dollars a year erosion kind of in the base from our voice business in our IP and optical business, it's actually been growing, as we increase the base we have One customer where we completed a long-term maintenance contract supporting their access business that we exited or completed in Q4 so that's a step down going into this year. I kind of mentioned that on the call, but for the rest of the market that that part of the business is actually growing for us.

不，情況要穩定得多。在某些地區，我們已經提價了。我認為，我們的語音業務、IP業務和光纖業務的基數每年會減少數百萬美元，但實際上，隨著基數的擴大，我們的業務一直在成長。我們有一個客戶，我們之前與其簽訂了一份長期維護合同，支持他們的接入業務，但該合同已於第四季度終止或結束，因此今年年初的業務有所下滑。我在電話會議上也提到過這一點。但就其他市場而言，這部分業務實際上是在成長的。

Got it, thanks. And then, following up on that, on the packet optical side, are your main kind of use cases you're most excited about here in the next, 18 months or so? Is it still, broadband aggregation and backhaul, or are you seeing alternate type use cases for your new platforms?

明白了，謝謝。那麼，接下來，在分組光傳輸方面，您在未來18個月左右最關注的主要應用場景是什麼？還是寬頻聚合和回程鏈路，還是您看到了新平台的其他應用場景？

Yeah, that, that's really the focus and, I've mentioned a couple times that, the, I think our area for best differentiations around integration of IP networks with optical networks or IP over DWDM and, where that's the most cost effective way to build a new network. You're integrating the transponder technology into a plugable that goes into the router. We've invested a lot in a broader set of platforms for IP routing. And, most of the growth here in North America has been IP with optics integrated into the routers and maybe an OLS that we include for the transport network. And similarly in, the high growth area we've had in India with the portfolio, the majority of that growth has been around our IP portfolio, IPMPLS portfolio and the growth there. So, that's really the focus.

是的，這確實是我們的重點。我之前也提到過幾次，我認為我們最大的差異化優勢在於將IP網路與光網路集成，或基於DWDM的IP，因為這是建立新網路最具成本效益的方式。我們將轉發器技術整合到可插入路由器的模組中。我們在更廣泛的IP路由平台上投入了大量資金。在北美，大部分成長都來自整合光網路的IP路由器，以及我們為傳輸網路提供的OLS。同樣，在印度，我們的產品組合也實現了高速成長，其中大部分成長都來自我們的IP產品組合，特別是IPMPLS產品組合。所以，這確實是我們的重點。

Sounds great. And any commentary on kind of enterprise SBC market, I assume that's, also, somewhat a legacy product you're not investing a whole lot. Is it a profitable business line for you still?

聽起來不錯。關於企業級SBC市場，您有什麼看法？我猜想這在某種程度上也是您的傳統產品，您並沒有投入太多資金。現在它對您來說仍然是一條盈利的業務線嗎？

Yeah, no, it's a great business for us and, most of the investment, the innovation there has been, taking, the traditional kind of bespoke products and turning them into cloud platforms and, anybody that's been through that knows, it's not a lift and shift, in many cases you're re-engineering the implementation into a cloud native elastic, fault tolerant implementation. And I think we're out in front of the competition in that space I mentioned in the in the call we have now kind of tier one carriers in all regions migrating their traditional SPC infrastructure into a true cloud native implementation with a complete DevOps software delivery model, which is a big shift for that market. We see the same thing in the enterprise market where customers want to move to much more of a public cloud, implementation.

是的，這對我們來說是一項很棒的業務，大部分投資和創新都集中在將傳統的客製化產品轉型為雲端平台。任何經歷過這個過程的人都知道，這並非簡單的“搬過來就行”，在很多情況下，你需要對現有系統進行重新設計，使其成為雲原生、彈性且容錯的架構。我認為我們在這個領域領先於競爭對手。我在電話會議中提到，現在各個地區的頂級營運商都在將其傳統的SPC基礎設施遷移到真正的雲端原生架構，並採用完整的DevOps軟體交付模式，這對該市場來說是一次巨大的轉變。我們在企業市場也看到了同樣的趨勢，客戶希望遷移到更接近公有雲的架構。

I mentioned that we have a new partnership with AWS where we integrate our SPC and routing platforms and, management systems into the AWS cloud to really simplify the onboarding of new customers and we have two, fairly significant wins last quarter based on that integration into AWS. So there's, yeah, there's a lot of activity. In fact, I think John mentioned our SPC sales and. In Q4 we're up pretty considerably. It was one of the big growth areas and the contributor from a margin perspective in the quarter.

我曾提到我們與AWS建立了新的合作關係，將我們的SPC和路由平台以及管理系統整合到AWS雲端中，從而真正簡化新客戶的入職流程。上個季度，基於與AWS的集成，我們取得了兩個相當重要的成功案例。所以，是的，我們有很多業務活動。事實上，我想John也提到了我們的SPC銷售額。第四季度，我們的SPC銷售額大幅成長。它是本季成長最快的領域之一，也是利潤率的主要貢獻者。

Great, appreciate it, Bruce. Thanks so much.

太好了，謝謝你，布魯斯。非常感謝。

Thanks very much.

非常感謝。

Thank you. As a reminder, that's one to be placed in the question queue.

謝謝。提醒一下，這個問題需要加入到問題隊列中。

Dave Kang, B Riley Securities.

Dave Kang，B Riley Securities。

Yeah, good afternoon. Just on the, federal, segment, I think you said, the amount as far as how much it was down. Can you, repeat that? I missed that one.

午安.關於聯邦層級的部分，我想您剛才提到了降幅。您能再說一次嗎？我沒聽清楚。

Yeah, so the US federal business, which was one of the drivers for our great Q4 a year ago, 2024, was a little over $20 million and in the fourth quarter of 2025, it was $10 million down from that, so call it $10 million in the quarter.

是的，美國聯邦業務是我們去年第四季度業績強勁的驅動力之一，2024 年第四季度該業務收入略高於 2000 萬美元，而 2025 年第四季度則比上年同期減少了 1000 萬美元，所以就說該季度減少了 1000 萬美元吧。

Got it. And then, regarding, all these delays, were they mainly in optical or CNE or both?

明白了。那麼，關於這些延誤，主要是光纖傳輸方面的問題，還是CNE方面的問題，還是兩者都有？

It was almost evenly split, and I would say that, the again the ones I mentioned that I'm probably most frustrated with the deployment delays, the stuff that was already in backlog, a large portion of that was cloud and edge, obviously with all the services that go with that and the ones that were more, I'll call it budget oriented like the bead delay was more IP optical.

幾乎勢均力敵，我想說的是，我之前提到的那些讓我最沮喪的部署延遲問題，以及那些已經積壓的項目，其中很大一部分是雲和邊緣，顯然還有與之相關的所有服務，還有一些更偏向預算方面的項目，比如延遲更多的是 IP 光纖。

But based on your outlook for 1st quarter, it doesn't sound like they're being pushed into first quarter. Can you just provide more color as far as when you expect to capture all these delayed projects?

但根據你對第一季的展望，這些項目似乎不會被推遲到第一季。你能否詳細說明一下，你預計何時才能完成所有這些延期項目？

Yeah, if you kind of did the arithmetic on the $227 million we did in Q4 relative to guidance, it's about $13 million below the midpoint and I think we pick up about $6 million of that in Q1 and then the rest is kind of linearly into other quarters. .

是的，如果你算一下我們第四季度2.27億美元的收入與預期之間的差距，你會發現比預期中位數低了大約1300萬美元，我認為我們會在第一季彌補其中的600萬美元，剩下的部分會按比例線性地分配到其他季度。

The deployment related delays, probably just all kind of move out so you don't catch up on that. I mean, eventually we'll catch up if we can accelerate the deployments, but we need the customer to go faster with us to kind of catch that back up. So again, we're trying to be, more conservative here and how we, put together the outlook and, I think that's the right profile for the first quarter.

部署相關的延誤，可能都是因為時間關係，所以你沒辦法趕上進度。我的意思是，如果我們能加快部署速度，最終肯定能趕上，但我們需要客戶配合加快進度才能彌補。所以，我們這次在製定展望時更加謹慎，我認為這才是第一季的合理預期。

And then, you mentioned about certain customers with budget issues.

然後，您提到了一些存在預算問題的客戶。

So as far as timing is concerned, I mean, have they given you some kind of a timing, as far as when that, budget will be available, or is it still uncertainty, going forward?

所以就時間安排而言，我的意思是，他們是否給出預算到位的具體時間安排，還是說未來仍有不確定性？

Yeah, I think it varies a little bit, our larger customers, we get good visibility, generally speaking, we get good visibility, particularly around the hardware products where we have to drive supply chain and, if we're not forecasting and they're not forecasting, it's difficult to supply. So there's a lot of cases where you have good visibility and then. There's a portion of our business which is still book and ship inside the quarter and particularly with software where it's really easy to fulfill, there's not as much pressure to forecast that as accurately, so maybe we have more variability around that part of the business.

是的，我認為情況略有不同。對於我們的大客戶，我們通常能更好地掌握供貨情況，尤其是在硬體產品方面，因為我們需要掌控供應鏈。如果我們和客戶都沒有做好預測，就很難保證供貨。所以很多情況下，我們都能很好地掌握供貨情況。但是，我們也有一部分業務仍然採用季度內完成預訂和發貨的模式，特別是軟體業務，這類業務的交付非常容易，因此對準確預測的壓力相對較小，所以這部分業務的波動性可能更大。

Got it, thank you.

明白了，謝謝。

Thanks Dave.

謝謝你，戴夫。

Thank you.

謝謝。

Rustam Kanga, Citizens.

魯斯塔姆·坎加，市民。

Good afternoon, thanks for taking the question. Just curious to sort of peek into the growing POC opportunities in regards to the Acumen platform. Our customers still evaluating the solution there just relative to their own DIY approaches, and then additionally any update on sort of initial reactions to, pricing perhaps on, OE based savings. Thanks.

下午好，感謝您回答這個問題。我只是想了解Acumen平台在概念驗證（POC）方面日益增長的機會。我們的客戶仍在評估該解決方案，並將其與自己的DIY方案進行比較。此外，能否提供一些關於初步回饋、定價以及基於OE的成本節約等方面的最新資訊？謝謝。

Yeah, thanks, Russ. Good question. So we're in the heavy lifting, getting, into deployment with our lead customer optimum on integrating Acumen into their, operation.

是的，謝謝，Russ。問得好。我們現在正處於關鍵階段，與我們的主要客戶Optimum合作，將Acumen整合到他們的營運中。

And then we probably got about a dozen other POCs lined up for the next few months. And I think similar, actually we have the same experiences we're integrating AI platforms into our back office. We really want to see them in operation in the network and see the savings from them. Before you make a larger, longer-term commitment, and we're seeing kind of the similar phenomena as we position acumen. The kind of the easiest introduction is with customers that already have our analytics platform deployed. They're already, they already have a large data collection infrastructure that we're able to tap into and feed all of that up into the acumen layer and into the large language model, etc. But I think customers really want to see it in action. They want to see the translation into OE savings. So I think, the next six months I think is really focused on these POCs so that we can start to, turn that into into real revenue in the second half of the year.

接下來幾個月，我們大概安排了十幾個概念驗證項目。實際上，我們在將人工智慧平台整合到後台系統時也遇到了類似的情況。我們非常希望看到它們在網路中實際運行，並看到它們帶來的成本節約。在進行更大規模、更長期的投入之前，我們非常希望看到這些成果。我們在推廣Acumen的過程中也看到了類似的現象。最簡單的推廣方式是與已經部署了我們分析平台的客戶合作。他們已經擁有龐大的資料收集基礎設施，我們可以利用這些基礎設施，並將所有資料匯入Acumen層和大型語言模型等。但我認為客戶真正想看到的是實際應用效果，他們希望看到這些成果轉化為營運效率（OE）的降低。因此，我認為未來六個月的重點將放在這些概念驗證項目上，以便我們能夠在下半年開始將其轉化為實際收入。

Anything else?

還要別的嗎？

Yeah, thanks.

嗯，謝謝。

We reach the end of our question answer session. I'd like to turn the floor back over to Bruce for any further closing comments.

我們的問答環節到此結束。現在我想把發言權交還給布魯斯，請他再做些總結性發言。

Great. Thank you. Thanks for everyone being on our call and your interest in ribbon. We look forward to speaking with many of you at, the upcoming investor conferences as well as some of the major trade shows, Mobile World Congress coming up in Barcelona, and then the large OSC optical conference in Los Los Angeles in March as well.

太好了，謝謝。感謝各位參加我們的電話會議，也感謝大家對Ribbon產品的關注。我們期待在即將舉行的投資者會議以及一些重要的行業展會上與各位交流，例如即將在巴塞隆納舉行的世界行動通訊大會，以及三月份在洛杉磯舉行的大型OSC光學會議。

So thanks very much. That concludes our call.

非常感謝。通話到此結束。

Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議直播到此結束。您可以掛斷電話了，祝您有美好的一天。感謝您今天的參與。