[Management View]
Total revenue reached $142.4 million, driven by strong shipment volume in unified RPD, fiber products, and broadband rest of world, along with consistent video segment performance. Key strategic priorities include expanding partnerships, particularly with Charter and Comcast, and focusing on virtualized broadband and DOCSIS 4.0 deployments.

[Outlook]
For fiscal Q4 2025, broadband revenue is expected to be between $85 million and $95 million with gross margins of 48%-50%. Video revenue is projected to be between $48 million and $52 million with gross margins of 66%-67%. Total company EPS guidance is $0.06-$0.12. Management anticipates renewed broadband growth in 2026, driven by unified DOCSIS 4.0 deployments and strong operating leverage.

[Financial Performance]
- Total revenue: $142.4 million
- Broadband revenue: $90.5 million, gross margin 47.3%
- Video revenue: $51.9 million, up 2.9% YoY
- Video SaaS revenue: $16.1 million, up 13.6% YoY
- EPS (Non-GAAP): $0.12
- Free cash flow: $21 million
- Stock repurchases: $15.7 million in Q3, $65.8 million YTD
- Backlog and deferred revenue: $494.5 million

[Q&A Highlights]
Question 1: How do you view the long-term trend of your top customers, and when do you expect to have a second 10% customer?
Answer: We expect our top customers to return to historical levels at some point. We are planning for both top customers and rest of world customers for 2026 and beyond. We are starting to get visibility into customers' plans for next year, which will be fine-tuned over the coming months.

Question 2: Your Q4 guidance implies a change to normal seasonality. How should we think about this change and future seasonality?
Answer: The Q4 guidance reflects the transition to DOCSIS 4.0. We are preparing for this transition, which is why we are guiding as we are. We expect growth and accelerating growth through 2026 as customers get ready for deployment.

Question 3: What are the current market drivers for the Rest of World segment, and how should we think about customer diversification?
Answer: The global market is transitioning from legacy to virtualized platforms to improve customer experience, reduce churn, and lower operating costs. Recent wins and the maturity of the ecosystem are driving our confidence.

Question 4: Can you quantify the pull-in of broadband revenue from Q4 to Q3 and the impact of the Akamai partnership on the video business?
Answer: The pull-in was a few million dollars. The Akamai partnership contributed significantly to the sequential growth in video SaaS from Q2 to Q3. This onboarding will continue, driving growth in SaaS in 2026.

Question 5: Can you provide more detail on the Comcast fiber opportunity and its potential impact?
Answer: Comcast is adding roughly 1 million new fiber passings per year, leveraging our technology. This is a sizable opportunity, and we are enabling them to achieve this expansion.

[Sentiment Analysis]
Analysts were generally positive, focusing on the strong performance and future growth potential. Management maintained a confident and optimistic tone, emphasizing strategic wins and future growth drivers.

[Quarterly Comparison]
| Metric | Q3 2025 | Q3 2024 |
|-------------------------|---------------|---------------|
| Total Revenue | $142.4 million| $138.5 million|
| Broadband Revenue | $90.5 million | $88.0 million |
| Video Revenue | $51.9 million | $50.4 million |
| Video SaaS Revenue | $16.1 million | $14.2 million |
| EPS (Non-GAAP) | $0.12 | $0.11 |
| Free Cash Flow | $21 million | $19 million |
| Stock Repurchases | $15.7 million | $14.5 million |
| Backlog and Deferred Rev| $494.5 million| $480 million |

[Risks and Concerns]
- Transition to DOCSIS 4.0 and potential delays in customer readiness.
- Dependence on top customers like Comcast.
- Macroeconomic conditions impacting future guidance.

[Final Takeaway]
Harmonic delivered strong Q3 2025 results, exceeding guidance with significant contributions from broadband and video segments. The company is well-positioned for growth in 2026, driven by DOCSIS 4.0 deployments and expanding fiber adoption. Management remains confident in their strategic direction and ability to capitalize on market opportunities.