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    W. Chiu • Raymond James

    W. Chiu's questions to Harmonic Inc (HLIT) leadership

    W. Chiu's questions to Harmonic Inc (HLIT) leadership • Q1 2025

    Question

    W. Chiu of Raymond James, on behalf of Simon Leopold, asked about options for diversifying the Broadband manufacturing footprint, whether there were any changes in spending visibility from top MSO customers, and the reason for the significant drop in guided Q2 Broadband gross margins.

    Answer

    CFO Walter Jankovic explained that while options like nearshoring to Mexico are being explored, any supply chain changes are preliminary pending clarity on the permanent tariff environment. He stated there has been no change in customer behavior to date. The Q2 margin drop is attributed to an estimated $3 million tariff impact and a below-average mix of high-margin cOS software licenses.

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    W. Chiu's questions to Nutanix Inc (NTNX) leadership

    W. Chiu's questions to Nutanix Inc (NTNX) leadership • Q1 2025

    Question

    Victor Chiu, on behalf of Simon Leopold from Raymond James, asked if the increased customer engagement driven by the VMware situation represented an acceleration. He also inquired about the typical transition time for a customer moving away from VMware.

    Answer

    CEO Rajiv Ramaswami described the VMware opportunity as a dynamic but largely unchanged multiyear opportunity, with no significant change in win rates this quarter. He explained that migration timelines vary greatly: a simple vSphere migration can take a month or two, while large, complex estates can take several years and require professional services. He noted the vast majority of smaller customers fall into the easier migration category.

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