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CEO Adi Sfadia confirmed that the Stellar Blue production ramp is progressing despite a component challenge, with increased deliveries expected in Q3 and Q4. CFO Gil Benyamini added that margins will improve materially by early next year. Regarding SkyEdge Four, Sfadia described the initial win as a software license sale for commercial off-the-shelf hardware, with options for subscription models. He also noted that another large order and several RFPs are expected for the Peru business.

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CEO Adi Sfadia affirmed that Stellar Blu is on track with its guidance and has sufficient internal resources, supported by a strong backlog. He described the sales process as primarily technical, working with service providers like Intelsat and Panasonic. He also clarified the next-gen product is an adaptation of the Sidewinder ESA for military, ISR, and VVIP markets, with orders expected by early 2026.

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CEO Adi Sfadia reported that Stellar Blu delivered approximately 75 units in Q4 2024, with installed systems performing well. Regarding Russia, Sfadia and CFO Gil Benyamini confirmed the business decline was about $10 million year-over-year. On the competitive landscape, Sfadia positioned the Stellar Blu terminal as the leading multi-orbit ESA solution and noted that the overall IFC market growth is accelerating due to the industry's shift toward offering free WiFi to passengers.

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CEO Adi Sfadia clarified that the exit from Russia, a market worth about $10 million annually, is in process and no new revenues are expected from Q3 onward. He described the Peru business as stable, with 80% recurring revenue and an expansion project nearing completion. Regarding Stellar Blu, Sfadia noted the acquisition closing is delayed by regulatory approvals but reiterated revenue guidance of $25-$35 million for Q4 2024 and $120-$150 million for 2025, expecting it to be accretive.

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CEO Seamus Grady stated that 800G visibility is 'quite good' and that the current challenge is supply, not demand. He characterized the automotive outlook as 'steady,' driven by market share gains in EV charging infrastructure. Regarding tariffs, he noted no meaningful impact, as customers are the importer of record and many products do not ship directly to the U.S.

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CEO Seamus Grady responded that Fabrinet has not seen any material impact from tariffs to date, as customers are typically responsible for them under FOB shipping terms, and demand remains strong. On Building 10, he confirmed the project is on track with its original 18-month timeline since breaking ground in January. He added that the company is fully committed to the expansion and is even exploring options to accelerate it if needed, as they anticipate needing all the additional capacity.

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CEO Seamus Grady and CFO Csaba Sverha responded. Grady confirmed 400ZR remains the dominant force but noted that Fabrinet has qualified and shipped some 800ZR products. He clarified the datacom softness is in high-speed 800G products due to a transition. Sverha stated the new building has an 18-month lead time, with CapEx spread over the next 6-8 quarters.

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CEO Seamus Grady confirmed that 400ZR is a primary growth driver and that traditional telecom demand is beginning to recover. While uncertain about cannibalization, he noted Fabrinet has six ZR customers of varying sizes. He also stated that 800ZR products are already shipping.

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CEO Benny Epstein projected that future growth would come approximately two-thirds from existing customers and one-third from new logos. He noted that while 5G is the focus, legacy LTE networks remain significant. Epstein confirmed RADCOM is in several global Tier 1 RFPs with decisions expected in H2 2025, is pursuing satellite opportunities, and sees no major shifts in the competitive environment as peers move away from the telco sector.

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Executive Benny Eppstein projected a continued growth pace for 5G SA deployments and highlighted the significant pipeline expansion opportunity through the ServiceNow partnership. He also detailed the NVIDIA collaboration, which involves deploying DPUs in customer servers. CFO Hadar Rahav clarified that gross margins, typically 72-76%, were higher in Q1 due to a favorable revenue mix with fewer third-party components.

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Executive Hilik Itman identified North America and Europe as the primary focus areas due to their advanced progress in 5G stand-alone and cloud migration. He confirmed that the company's platform, enhanced with AI and analytics, is well-positioned for these trends. Itman stated that Voice over New Radio is currently generating the most significant interest because of the critical need for assurance tools in this new technology transition, and he affirmed that VoNR deployments are expected in 2025.

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President and CEO Michael Hurlston confirmed strong demand for its narrow linewidth lasers for ZR modules, stating they are sold out for the fiscal year. President of Cloud & Networking Wupen Yuen estimated 30% annual volume growth for the ZR market. Both executives noted that while silicon photonics is a factor, the market is supply-constrained and EML demand remains robust.

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CEO Michael Hurlston acknowledged customer interest in diversifying from Chinese suppliers but noted that non-Chinese capacity is not yet sufficient to meet insatiable demand. On the telecom shift, Hurlston, along with Wupen Yuen and Wajid Ali, highlighted that DCI and other hyperscaler-driven products like pump lasers are a significant growth driver. CFO Wajid Ali added that DCI products are accretive to gross margin, even above the company's 40% target, boosting confidence in future profitability.

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President and CEO Alan Lowe stated that the growth in DCI pluggables like 400G and 800G ZR is additive to the market, not cannibalizing traditional systems, and represents a strong growth area for Lumentum's components. He confirmed they are adding capital to meet this demand. Regarding satellite communications, he noted that while Lumentum has some growing business in this area, it remains a relatively small opportunity compared to the data center market.

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President and CEO Alan Lowe stated that the primary DCI exposure is through tunable lasers sold to other module makers, as Lumentum has a small share in 400G ZR modules. EVP and CFO Wajid Ali projected sequential gross margin improvement throughout the fiscal year, driven by better utilization, though this will be partially offset by planned increases in R&D spending to capture strong customer demand.

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CFO Adam Spice reported very strong progress, with the Solero business achieving margins above its long-term target of 30% in the quarter, a significant improvement from the high-single-digit margins at acquisition. CEO Sir Peter Beck added that future demand looks strong, driven by large national security programs like Golden Dome, and that CHIPS Act funding will help modernize facilities and drive further efficiencies.

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CEO Peter Beck explained that the 'Star Ray' modular solar arrays are a quick-turn, plug-and-play solution designed to help customers get to orbit faster, moving the company from a cell supplier to a complete array manufacturer. Regarding Europe, Beck stated that it has been a protected market, and establishing a physical footprint there, such as through the Mynaric acquisition, opens up significant TAM expansion for Rocket Lab's full product suite, especially in government programs.

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President and CEO Oleg Khaykin emphasized that growth is driven by "fiber, fiber, and more fiber," with strong demand from the data center ecosystem and a recovery in service provider fiber spend, while wireless remains a laggard. He explained that the growing data center business, which has a counter-cyclical demand pattern to service providers, is muting traditional seasonality and should lead to less quarter-over-quarter volatility.

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CEO Oleg Khaykin identified the 'fiber lab and production' segment as a proxy for data center and AI demand, expecting it to be a strong growth driver through calendar '25. He also highlighted the aerospace and defense business, boosted by the Inertial Labs acquisition, as another key growth area. Regarding the divestiture process involving Keysight, Khaykin deferred to Keysight's stated timeline, noting their expectation for a close during their July quarter.

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President and CEO Oleg Khaykin explained the wireless rebound is a North American phenomenon driven by operators preparing to restart 5G deployments, likely to convert 4G spectrum to 5G for cost efficiency. Regarding Inertial Labs, he stated it was a conscious diversification to strengthen Viavi's position in the high-growth Positioning, Navigation, and Timing (PNT) space, complementing its existing timing technology to create a full alternative navigation solution for markets like drones.

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President and CEO Oleg Khaykin noted that Europe's recovery often follows North America's, with fiber remaining strong. He detailed that the 1.6T opportunity is entirely driven by AI data centers, which have a much faster 2-4 year technology transition cycle. He confirmed Viavi is already selling 1.6T systems for R&D. Regarding enterprise, he clarified the softness is in the SE segment's software assurance products, where large financial and healthcare customers have shown more conservative spending.

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CFO and CSO Dr. Stefan Murry clarified that AOI is producing both Motorola and Gainmaker amplifier platforms to build inventory and meet evolving customer needs, expecting a modest sequential increase in CATV revenue. He also confirmed the node product is slated to launch in Q4 2025, with revenue expected by Q1 2026. CEO Dr. Thompson Lin stated there are three serious tier-one engagements for 800G and highlighted the strategic importance of 1.6T, with volume production anticipated around mid-2026. Dr. Murry added that the current capacity expansion for 800G will also support 1.6T production.

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President & CEO Ed Meyercord explained that Platform One just became generally available and its meaningful financial impact is expected in the second half of fiscal 2026. CFO Kevin Rhodes added that recent subscription booking growth was driven by large wins and new commercial models, not yet Platform One. Meyercord characterized the MSP program as being in its 'early innings' despite doubling to 53 partners, with a newly automated platform expected to drive momentum. He also noted that Extreme is successfully moving upmarket and winning large deals by demonstrating the superior performance of its fabric technology against competitors.

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President and CEO Ed Meyercord explained that channel inventory has normalized and real demand has returned. He noted strong execution in the Americas, upcoming tailwinds from Germany, and significant wins in Japan. For Platform ONE, he said traction is 'across the board,' with early E-Rate quoting resulting in approximately 100 customers and encouraging feedback from MSPs, which are heavily weighted in Europe.

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CEO Ed Meyercord explained that U.S. results were impacted by normal K-12 seasonality, while EMEA's growth was strong despite a slowdown in Germany, where he expects pent-up demand to be released. CFO Kevin Rhodes noted that FX impact is minimal due to hedging. Regarding the HP-Juniper deal, Meyercord stated that Extreme would be a net beneficiary from the disruption and that any regulatory delays create customer caution that could help Extreme.

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CEO Ed Meyercord detailed significant changes, including a new CMO and better alignment between marketing and sales, leading to higher quality funnel and better conversion rates. He described the pricing environment as stable, noting Extreme's discounting improved and its channel inventory is in better shape than some competitors. While acknowledging that uneconomic behavior can occur, he stated Extreme tends to fly under the radar of larger competitors.

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After a clarification from management that growth was in Maritime, not Fixed Broadband, CEO & Chairman Mark Dankberg attributed the sequential growth to the rapid adoption of the NexusWave hybrid LEO/GEO service. He noted it commands higher ARPU due to increased bandwidth for crew and operational services. He also expressed confidence in the growth runway by augmenting the OneWeb partnership with Viasat's GEO capacity.

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CEO Mark Dankberg reported a positive reception for NexusWave, with a growing pipeline that has surpassed 4,000 vessels. He stated the pipeline is converting to orders in the 'low hundreds,' with a target to install a similar number this quarter. He expects significant growth in installations during fiscal 2026, leading to a stabilization and then growth in net vessels, followed by revenue and eventually EBITDA growth for the maritime segment.

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Chairman and CEO Mark Dankberg explained that the 'deceleration' refers to the year-over-year decline in dollar terms, not a reversal of the trend. He attributed the ongoing decline to two main factors: the strategic reallocation of satellite capacity from fixed broadband to higher-value mobility services and the industry-wide increase in bandwidth consumption per user, which reduces the number of subscribers a satellite can support.

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President & COO Todd Nightingale described the fit as "incredibly complementary," filling a gap in the distributed branch portfolio. He highlighted the plan to leverage VeloCloud's strong MSP motion across Arista's entire portfolio, while also cross-selling SD-WAN through Arista's traditional channels. CEO Jayshree Ullal concurred, noting Arista will leverage VeloCloud's strength with MSPs.

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CEO Jayshree Ullal noted that Neo Cloud customers are often more 'adventurous' and are actively exploring Ethernet as a scale-out alternative to InfiniBand. She stated that momentum for Ethernet has grown significantly, spurred by the Ultra Ethernet Consortium, and that this transition is happening faster than the adoption of alternative AI accelerators.

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CEO Jayshree Ullal noted that CPO adoption has been weak due to reliability and serviceability issues associated with soldering optics directly to a board. She stated that customers currently prefer the flexibility of pluggable optics. While CPO could become important at very high speeds (224G or 448G) if reliability improves, Arista is also focused on promising alternatives like co-packaged copper (CPC) and linear drive pluggable optics (LPO).

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CEO Jayshree Ullal described the enterprise opportunity as stronger than ever, driven by customer desire for a unified network architecture. She identified the universal spine as the primary entry point, with strong progress in wired edge switching. WiFi remains the weakest area but is a focus for improvement. CFO Chantelle Breithaupt added that key verticals include financials, healthcare, retail, and the federal government.

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CEO & Chairman Tom Stanton confirmed strong momentum in Europe, particularly in Germany and the UK, and noted a new win in Italy. Regarding DCI, Stanton acknowledged significant RFP activity but stated it's still early. Both Stanton and SVP & CFO Tim Santo characterized the ADVA share redemption as an orderly, well-managed transaction that was positive for the company long-term.

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CEO Thomas Stanton reported minimal tariff-related pull-ins, as the company is actively avoiding a repeat of prior inventory issues. He described European demand as consistently positive, with a significant Huawei replacement opportunity about to begin. Stanton also confirmed that the attach rate for subscriber equipment with XGS-PON is high, as more carriers prefer end-to-end solutions.

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CFO Ulrich Dopfer indicated that a significant inventory reserve is already in place, mitigating major write-down risk. CEO Thomas Stanton added that non-core assets are not a large part of revenue, the 10% customer in Q4 was international, and there was no 10% customer for the full year. Stanton expects a key optical inventory issue to resolve in Q1, described cloud operator business as 'lumpy,' and noted that while BEAD is not a near-term driver, positive momentum exists with Tier 2 and Tier 3 carriers independent of the program.

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Executive Thomas Stanton stated he does not expect the U.S. run rate business to be softer in 2025, citing constant demand pressure for fiber. He noted the U.S. business in the current year is weighted more toward Tier 2 and Tier 3 carriers. The optical portfolio's 'sweet spot' is in metro edge and aggregation backhaul. Regarding the minority shares, he said the immediate priority for capital is paying down debt, after which the company plans to address taking those shares off the market over time.

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CFO Cooper Werner confirmed that 'tech refresh' primarily refers to F5's own installed base, though competitive displacements are a separate growth driver. He stated the January price increase is now flowing through the model with reasonable customer reception, noting that more aggressive pricing from peers has actually driven some business to F5.

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President and CEO François Locoh-Donou stated that F5 is in the 'early innings' of its competitive displacement opportunity, with most of the potential still ahead. He clarified that the new ADSP is a comprehensive platform that integrates all three product families—BIG-IP, F5 Distributed Cloud, and NGINX—to accelerate the consolidation of point products onto F5's unified stack.

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CEO François Locoh-Donou stated that F5 is still in the 'early innings' of its competitive displacement opportunity, with the majority of potential gains still ahead. He explained the displacement occurs in two ways: winning new accounts and consolidating point products within existing accounts. He clarified that the new ADSP is a comprehensive platform that brings together all three product families—BIG-IP, Distributed Cloud, and NGINX—under a single umbrella.

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Roy Zisapel, Co-Founder, CEO, President & Director, confirmed that agentic AI dramatically changes the attack surface, representing a key area of investment for Radware. He noted that MSSP portfolios are expanding to include cloud application security, creating partnership opportunities. On competition, Zisapel stated that Radware's win ratio is increasing due to innovation and partnerships, and while he sees no new major entrants in core markets, he anticipates new startups will emerge focused on AI application security.

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President and CEO Roy Zisapel acknowledged that weak service provider spending impacted the Americas but expressed high expectations for the future, noting North America is a key investment area. Regarding expenses, Zisapel stated the company is aiming for profitable growth through a mix of operational leverage and targeted go-to-market investments for cloud security. CFO Guy Avidan added that they expect a ~$1 million increase in Q4 OpEx, primarily for sales and marketing in the U.S.

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CEO Nimrod Ben-Natan stated that the ecosystem is moving forward, with Harmonic's new RF front end entering customer labs in Q3 and field trials planned. Regarding Charter, he emphasized their stated commitment to network evolution. CFO Walter Jankovic added that the strong bookings were a mix across various time periods and included a number of customers, including those in the "rest of world" category.

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CFO Walter Jankovic clarified that the decision to not provide a full-year guide is strictly due to the macroeconomic uncertainty associated with tariffs, not technology readiness. He emphasized that business fundamentals remain strong. He also confirmed that the vast majority of Harmonic's Broadband products are manufactured in Malaysia.

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CEO Nimrod Ben-Natan explained that the primary challenge with full duplex amplifiers is the complex ecosystem integration required to operationalize them, not a lack of components. CFO Walter Jankovic clarified that the record revenue reflects equipment and license sales that occur before cable modems are activated by end-users. He also specified that a roughly $5 million inventory provision was taken for specific DOCSIS 3.1 inventory due to the transition to Unified 4.0.

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CFO Walter Jankovic explained the Q3 upside was due to the timing of product shipments, which was anticipated as part of a strong second half, and confirmed the full-year guidance remains intact. President and CEO Nimrod Ben-Natan noted momentum with new customer logos. Regarding 2025, Walter Jankovic confirmed that the Unified transition creates short-term headwinds as customers reassess deployment timing, making it premature to provide specific growth guidance, though he emphasized it is a positive long-term catalyst.

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President, CEO & Director Bruce McClelland confirmed a strong correlation between fiber upgrades and Class 5 switch modernization, driven by telco OpEx reduction. He noted that while recent tax law changes are a tailwind for customer CapEx, it's too early to see the full impact. McClelland also described a strong pipeline for voice modernization with DOD agencies and growing wins in U.S. critical infrastructure, with plans to expand these efforts in Europe.

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CEO Bruce McClelland noted that while North America is historically stronger, Ribbon is gaining international traction in Cloud & Edge, highlighted by a European Tier 1 win driven by its cloud-native offerings. He stated that excluding the sizable Eastern Europe revenue from early 2024 would have resulted in approximately 3-4% higher sales growth for the company last year.

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CFO Cory Sindelar offered 'no comment' on the customer win's relation to the reclassification. He attributed strong gross margins to continued platform adoption and favorable customer mix. He affirmed that demand is broad-based and expects the small customer cohort to continue growing, noting it did grow quarter-on-quarter despite the reclassification.

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CEO Michael Weening stated that Calix's platform model helps customers create their own demand, making the company confident in its outlook despite the macro environment. CFO Cory Sindelar confirmed the Q1 pull-forward was not tariff-related and that strong broad-based demand prevents any "air gap," supporting the raised Q2 guidance. Weening reiterated that broadband demand is inelastic and resilient, which will drive growth even in an economic downturn.

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CEO Michael Weening emphasized that Calix's model is built to succeed regardless of government funding by helping service providers monetize subscribers on any network. CFO Cory Sindelar clarified that the small customer segment chart was misleading due to a customer graduating from the "small" to "medium" category during the year. He stated that ordering patterns have returned to normal and underlying demand is strong across segments.

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CFO Cory Sindelar explained that RPO growth is driven primarily by existing customers adding subscribers, followed by adopting new applications, and lastly by new customer wins. CEO Michael Weening detailed a key customer success initiative: teaching service providers how to sell effectively, including implementing sales quotas and variable compensation. This addresses a major industry weakness and was a direct request from Calix's CEO advisory board.

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CFO Jim Moylan stated that while the current tariff regime costs about $10 million per quarter, mitigation strategies should make the net impact to the bottom line immaterial going forward. Executive Advisor Scott McFeely confirmed that ZR pluggable volume is still "dominated by the cloud," as service providers tend to use pluggables for other applications like modularity rather than high-volume ZR deployments.

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CEO Gary Smith attributed North American SP strength to recent design wins, inventory normalization, and a return to infrastructure investment by telcos. He described cloud growth as both broader and deeper, highlighting that five cloud providers were in the top 10 customers for Q1, which illustrates an expanding group of large companies investing heavily in their networks.

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President & CFO Ashley Fieglein Johnson explained that while partner solutions and the JSAT contract create short-term margin pressure, the JSAT deal's structure allows for monetization of excess capacity, aligning its long-term margin profile with the core business. CEO Will Marshall added that while NASA faces budget uncertainty, the government's push for efficiency is an opportunity for Planet's lower-cost solutions.

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CFO Ashley Whitfield Johnson responded that the guidance takes an 'appropriately conservative' approach, factoring in macro pressures and potential delays. CEO William Marshall added that the environment also creates opportunities, as government agencies seek efficiency—a core Planet value proposition. He also noted that geopolitical uncertainty is driving increased international demand.

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CFO Ashley Johnson attributed the Q4 guidance to the timing of the NASA renewal, the necessary ramp time for large Q3 bookings, and some quarter-to-quarter usage variability. She noted onboarding time depends on customer complexity. CEO Will Marshall highlighted Planet's competitive advantages, including the unique daily scan enabling 'Tip & Cue' analysis, and upcoming Pelican enhancements like on-edge AI and satellite-to-satellite links that will speed up time-to-insight.

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Ashley Whitfield Johnson, President, explained that the lumpiness in RPO and North American revenue is often due to the timing of large, one-year government contract renewals. She specified that the region's growth rate was particularly impacted by headwinds in the commercial sector. Regarding gross margins, Johnson attributed the strength to cloud infrastructure efficiencies driven by engineering teams, a favorable business mix with fewer partner-related costs in the quarter, and the inherent scalability of adding new data customers.

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Executive Mariam Sorond explained that NextNav's technology is embedded in the 5G standard's Positioning Reference Signal (PRS). An MNO partner would deploy NextNav's spectrum for its own capacity needs and activate the PRS beacon. The MNO's motivation is access to valuable low-band spectrum. For end-user devices, NextNav's solution is entirely software-based, requiring no new chips and integrating into standard device roadmaps like any new spectrum band.

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CEO James Anderson explained that Coherent addresses the DCI market by both selling its own ZR modules and selling components to other module suppliers, representing a significant opportunity. Regarding the OCS, he stated that it replaces an electrical switch to keep data in the optical domain for performance and power benefits. He confirmed the company has existing customer orders and expects initial revenue in the current calendar year, with the product being applicable to multiple parts of the data center.

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CEO Vlad Shmunis reiterated that new product ARR is over $50 million, more than halfway to the $100 million target. He noted strong attach rates, with RingCX being included in over 50% of large enterprise deals and RingSense having a 50% attach rate with RingCX. He expressed particular excitement for the newly launched RingCentral AIR. President and COO Kira Makagon added that internal deployment of RingCX and RingSense has already yielded ~10% efficiency gains, providing a strong customer benchmark.

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CFO Daryl Raiford explained that political campaign traffic carried a higher attach rate of surcharges, and he expects this rate to normalize back to commercial levels in 2025, resulting in lower overall surcharge revenue. CEO David Morken noted that while AI is used internally to expedite messaging campaign registration, the primary AI opportunity is in voice. Regarding RCS, Morken confirmed Bandwidth is a key partner with Google and a leader in the space, with adoption timing dependent on U.S. mobile operator rollouts.

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CEO Khozema Shipchandler characterized the RCS market as being in 'incredibly early' days, with ecosystem challenges like interoperability still present. He stated that Twilio is ready to support customers and is cautiously optimistic, viewing RCS as neutral to modestly accretive to the business. He confirmed that the Android ecosystem is much further ahead of Apple in RCS adoption.

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CEO Khozema Shipchandler described the company's approach to self-service as a perpetual 'day 1' effort to make the platform as easy as possible for developers to use. He explained that the 'friction' was intentionally added over the last few years to enhance trust and compliance, such as verifying users to prevent malicious use and managing industry-wide requirements like 10DLC registration.

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CEO Samuel Wilson acknowledged some pricing aggressiveness in the UCaaS market, typical for the calendar fourth quarter, but emphasized that 8x8's focus is on contact center-led, platform deals where UC is an add-on. He expressed strong optimism for the international opportunity, particularly in Europe and Asia-Pac, citing strong CPaaS performance and less 'irrational behavior' from competitors compared to the U.S. market.

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CEO Samuel Wilson explained that while RPO is increasing, its growth may not be linear due to the rise of usage-based business, which often has lower contracted revenue than actual usage. He noted a customer trend towards requesting consumption-based pricing. Regarding CPaaS fees, Wilson stated that similar large A2P fee hikes are not being seen internationally, as many of those carriers had already implemented significant price increases in prior years. He added that the company is bullish on future innovation around RCS.

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