CRNT - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by. Greetings, and welcome to Ceragon Networks Limited Fourth Quarter and Full Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode, a brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, your conference today is being recorded. It is now my pleasure to introduce your host, Maya Lustig, Head of Investor Relations at Ceragon. you. Thank

begin. may You

Maya Lustig

and President everyone. and and Financial Ceragon’s Alan, Ira Ran joined Palti, Chief Ceragon’s Chief Officer. good you, I’m morning, by Vered, Thank Executive Officer,

I Act harbor statements within amended of Reform meaning this Securities start, XXXX. Before as note of Securities XXXX provisions and the Private like Securities amended Litigation that forward-looking information as and of that the we of constitutes the call would of Act includes safe XXXX the the to Act Exchange

are Although can that reflected be future results are not published and such materially that any we in may uncertainties cause will in limited other such report from was that based could and upon that XX-F prove Such at that the risks and it most Exchange on certain in recent Form filings disclaims Commission uncertainties will today’s filings the there website believe expectations assurance update not will to annual that date. Ceragon’s forward-looking Ceragon’s uncertainties factors or results, material. our expectations call include forward-looking statements so. Such obtained subsequent reasonable results any Commission. affect give not events but specifically our future, upon Securities as in detailed or relied differ also and be will as no further as public at website These be therefrom statements could to assumptions, the to to should the statements anticipated. the they earlier and represent be that Such be point statements numbers. www.ceragon.com. of release predictions obtained other with be assurance we representing purport detailed and involve from be deviations in include, to, any to elect today those and our no views Exchange risks press views some non-GAAP may Ceragon’s may at and future made and www.sec.gov only date these Ceragon’s Also, on as do obligation of and do forward-looking accurate. it available are Securities of are our statements Ceragon but as not the risks, forward-looking

reconciliation a results, For now please the earlier today. that and will issued the between attached press go see GAAP turn to to over non-GAAP the ahead. was table Ira. call Please I Mr. release

Ira Palti

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total integration. vertical Second,

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our full all going support see of gigabits capacities XG This capabilities, are wide this above only leadership networking of finally, of with firm. the by second share the segment the measured of to we wireless and network, capabilities solutions disaggregated and is are scenario. software, needed XXX what as nearly all hardware XX% is X the well all to gigahertz. every we second the possible kings per spectrum, in solutions believe Third, with XXX over per a Putting of any the roadmap, Light together, you and Research networking three range we outdoor market extent hauling radios. for compact Sky player gigabits and domains And

We networks have plans the and across our to and the and by the hauling We’ve transport today toward transition we the be with late hauling COVID, believe increased The exact is rollouts off that a Pacific are XXXX wireless and using XG rollouts. might Rim, U.S. leadership to the at Europe Network deploying general the China. to and question in networks are speed has impacted start this but design that end positioned of will large-scale XXXX scale pick are nine and are believe toward then gradually of XG open proof-of-concept building perfectly wins signs XXXX see Now is quarter, we anticipate leverage and numerous go evolution, larger this use we XG at We in through the recently of XXXX. first begun. likely the to through a XG in timing. end direction. we up evolution mass since of pick mass XXXX. first been for timetable shares and that XXXX the wireless The participating finalized to this then make being initial and U.S., for XXXX build-outs

kind After and expect also share. expect XG Europe, Europe, We benefit market Rest momentum take to the in this of year. to the and are Africa, ramification number us this see are opportunities by and globe, in into holding build are In new already mobile some growing reach of we we followed for market wireless potential from and a APAC large the on of three global with hyperconnectivity increasing of to Japan benefit network growth from to conclude, XG LATAM, context, In the full required will for presence moving yet and we and new XG. we there business the these starting be of meantime, to projects, an future, road. the are we operators expedited ceding years projects capacity. and To collective building across down believe, this online to witness. the increase already infrastructure In continue Western a

Ran XG to be call these now hard to like opportunities the working a to to continue Ran? are in We multiyear detail. key would turn our to financials of leverage and more enabler evolution. I the discuss over to

Ran Vered

the Thank you, good to everyone. To and be you Ira, referring will morning, non-GAAP help numbers. results, understand mainly I

you refer measures, financial measures, more non-GAAP of reconciliations we For regarding of these today’s press use to information including our release.

XXXX. During back that began quarter, QX moving trend positive made we the operations, further in normal the progress fourth toward continuing

in revenues strong all COVID at building. the network has industry urgency high almost reducing the projections normal activities investing run margin. This reflect us to a revenues. billion end to took quarterly compared low our expenses in technology the generate the expenses return At net the remained $X.X our to to cash the supply quarter quarter an will loss million almost activities well the our the performance Nevertheless, gave end of recorded in financial for repay year-end range same execution large quarter us from Our our ongoing the a collections new strong our revenue strong $XX strong level of and some into quarter, write-off time, loans. increased They and with pre-COVID. us of and for see and are enabling gross in as that flow gross despite chain for fourth our the and high operating returned with margin as in significantly, rate strong

main in right the balance direction DSO, this indicators, all flow long-term and fact, very-challenging despite cash inventory, environment. sheet moved short quarter, In

XG X% last on region year. Europe in with me network initial XXXX has QX in Revenues $XX The some quarter up COVID from were to and the last effect the with with business three varied that up for quarter compared plans. third years, X% revenues revenues fourth its region, you. from operations projects. strongest line actual now quarter with the Let reflecting numbers and the million, had the review had build-out local compared

the reflecting with strong shipments from Niger Orange ISP well won XXXX, positive the August in Revenues in Our Africa a gradual This quarter America to was the reflecting Peru. our smaller strong, strongest return continued too Africa. for in quarter. some reflecting in in quarter, revenue as and proof deliveries further this strongest ongoing for we we India, in reflecting of Latin customer had strong as had success announced our America another project momentum carriers. is XG activity to Bharti. quarter North for were project

are still has CapEx face in above in of customer relatively the APAC one COVID-XX. weak quarter. frozen However, XX% facing the budget we with fourth quarter

with For half to than for our a the $XX.X half. slightly overall million, on compared X, with the almost The XX.X% revenue margin a annual a the of It customer onetime the reflects our following ratio X% also several XXXX. less below negative quarter well which reflects improve few of reached XXXX. effects, with will This agreements high supply mix. the quarters as COVID with believe, major cost, continue with favorable increase chain of likely as airfreight we more. had continued that until the XX.X% one. for profit gross year XXXX. of book-to-bill quarter much us XXXX to them due was which, a weak year, ratio million, to first few deal above was future costs the some down were Gross from full the while are second is we a revenues and next Overall, business cost basis $XXX COVID, This was customers, reflected recovery. bookings fourth the environment higher were to for non-GAAP giving in quarter material stronger there fluctuate to This slightly over is higher non-GAAP have for booking

million, non-GAAP to for XXXX. taken the we operational pleased gross and not fourth XXXX a on fourth quarter XXXX. we was basis with, million, full chip with margin some non-GAAP on development and with $X.X level with XXXX, quarter increase XX.X% QX expenses Operating the in non-GAAP compared expectations. improve were line the For our is our were development. basis a This it ended, a in from steps due expenses a for Research mainly $XX.X slight for are XX.X% the to have progress

and compensation marketing mid-XXXX. COVID. XXXX, quarter from expenses these tape-out million, QX with to basis million Sales continue reduced $X.X expenses fourth for that in down reflecting on administrative fourth a impacted expenses. basis in have provision. Operating in million full down line on $X.X $X.X from stay the million, primarily expectations and QX a were and on a $XX travel marketing $XX.X for in planned, and As expenses high General come XXXX, by reach until variable onetime we in the non-GAAP for the period will down were the to non-GAAP million was sales XXXX, year quarter with non-GAAP which and our expenses were million, $XX.X basis from reduced due

our the to complete expenses open year higher throughout chip, markets we XXXX, new R&D sales gradually and For as as and we half post-COVID. first increase Financial to expenses during marketing the the have the is do expected expect other XXXX. them $X.X were basis expenses much level. return which to on levels higher fourth to the QX quarter for normal million, non-GAAP regular the We than a in expect

quarter for Our higher than which million, expected. basis the was were expenses a tax $X.X on non-GAAP

However, see at when take line our XXXX expenses. are that step tax annual tax the with expenses, we and they annual we look back a in typical

fourth the the $X.X was fit decision investment, on technology to quarter we together related in our market. equity an $X.X with diluted $X.X and of impairment view of was million or with loss net better basis, a share. non-GAAP which customers believe intangible million taken solution, a the of Net to GAAP $X.X alternative share. quarter use During On our for XXXX, the this write-off of loss million per assets was or $X.XX per a basis is loss $X.XX million for diluted

We parameters. end of to million sheet, and and million, our XXXX. to see we $XX.X you reduced from at can our following capital, the working success down our stability balance to $XX.X in the improve As our continue inventory

million from of at now XXXX. end at $XXX.X receivables Our million, the are $XXX.X down

cash is quarter in this our XXX which now stands short-term strong $X.X loans. Our activities invested fourth million flow flow was repay the $XX.X from was us Cash days, cash of bit lower to for at a QX DSO enabled Net quarter activities XXXX. operating $XX.X than million. for This million. used

operating Looking see significant forward, alongside expect to to uncertainty. activities we continue continued

Although the well-positioned long-term situation are of we opportunities. to remains are volatile, take control good advantage we maintaining full believe that and

growth revenue are We targeting in XXXX.

to to a on first the year, of expect $XXX Although typical thus million start the seasonal to yearly for affecting expect we revenue based slow X, negatively the first factors $XXX QX below continue book-to-bill half million. we be between half,

margin the XXXX. of XX% range are to reach aiming gross non-GAAP in to XX% We in

However, other on and chain margin with the range. that continued impact expenses COVID gross deviate supply might factors, cost the from

QX $XX.X For With to for our in technology. needed XXXX, in the of now will we open range operating that, expect million, expenses consideration call the Operator? questions. your the unique non-GAAP be taking multi-core into I million $XX chipset to investment our

Operator

while Instructions] we our [Operator moment One of the your For we’ll go open Alex first please, question, line. to line Henderson.

Your ahead, line please. is open. Go

Alex Henderson

margins in with? a of gross in impact? what gross Thank bit could the probably a XX% to you the having of at weak anticipated. you the in COVID than sense some or that give for variance the hope was just about throughout quarter, would -- December we’ve be on in steeper trajectory, to what period? extent with you bigger the stay of Obviously, us we sense first the talk little a guide in you think in quarter should the us very the the ‘XX the start could band bit I seasonally But, but XX% low very of gives much. hoping quarter, pressure you’ll margin the end I decline little for of a to caused the quite bit margins the And, that the CYXX whether some have to a waterfall gross

Ran Vered

it and was gross will actually say, yes, was margin, So, a buckets it compounded, I four low reasons. of

freights, the next is keep the higher we until air is see one to and in with cost, by chain higher going actually staying impacted of first supply from The cost us COVID, the shipment few probably some that relief this quarters. higher

we them The will several some effect in and with -- our had customers a that future is onetime believe we on will improve business negative QX. with second had item impact arrangement

specific year-end of is also QX. the expenses In impacted had in And to in regions. less some addition, mix that onetime region last terms in it’s item, gross quarter some with really customer timing in that in several recorded some of specifically we expenses the specific impacted margin, us regions, with say, quarters between favorable the would that I the that the the

regions better these for if rate average revenue QX, I take the example, in need the balance, and quarterly take the you if specific customer QX, regions. on -- take several revenue if So, look I we All-in-all, to average had and mix I run in say, range margin gross XX% quarters. some also XX%, quarters. is wide and is the between between XX% full the between with volatility above to to specific I the with why deviate of this XXXX, XX%, again, in for below we QX And provided, possibility or would

Alex Henderson

isn’t give of you delta? basis that that And supply any of I’m probable waterfall, that why different. much confused wasn’t would be us to the September that How as points? the Is XX.X% -- Can it in quarter little a meaningfully well? chain? XX.X% kind XXX was

Ran Vered

with would was the was several XX% ballpark So, reached I And of remainder of of as issues was, of customers. favorable out agreement the of of this the chain will shipment that. the that XX%, to specifically we less specific the it deviation costs. I supply XX% it roughly air XX% -- such air say, remainder This impact higher say, XX% is say, mix. chain things was faced -- supply customer the and freight

Alex Henderson

Okay.

should -- the -- where a calibration Is I’m those, be first quarter, get which at a quarter, you’d is you fair that would that a I COVID weak seasonally the they as several March were normally the looking higher pressures are XQ? So, that the at above XX%, out December than of guess, the suggest quarter. in of fall one-timers least, in quarter,

Ran Vered

Yes, fair it’s calibration. a

Alex Henderson

shekel-dollar from us has your you the band of guidance bit hedging shekel Are then, a And been And therefore to the side, quite Okay. remind on pressure you your to relationship? OpEx basis? little position that ‘XX a relative the quarterly end anticipating ‘XX the higher towards and strong. obviously, of can on of

Ran Vered

So, Alex so, to will -- it XXXX. I compare

our shekel our is XXXX, and X.XX, year, XXX% or close was is our or rate XXXX, policy expenses. in to So, of hedging to X.XX. fixed to to the in Last hedge hedging XXX% close

So actually, and we are fixed. the current shekel, going it’s okay, to be

impact you what So, does shekel the cost be hedged. impacts impact But is us XXXX, it’s -- and going a we’re on the rate shekel, it’s The hedging fixed. to and even that do with see XXXX, not the us, don’t on going the of shekel, because our is even to it’s hedge weak XXX% issue this it in of fixed it is XXXX because for great. a X.XX,

Alex Henderson

interest to that on you said normalize. expect Down the you line,

interest a debt. paid of bunch is the rate income expense down on What You line? normal

Ran Vered

will million I between to any number $X.X say $X.X million.

Operator

ahead. next For Iwanyc. we’ll our go the question, of George Please go line to

George Iwanyc

question. Thank you my taking for

be to sales XXXX? after range at on up side, look expect OpEx OpEx stay When cost million and tape the the savings necessarily for to then increases the a year full out to for normalize that R&D following the So, starting do in $XX on and discussion. potential just you million Ran, marketing from you wash $XX throughout you that your you and

Ran Vered

marketing, eventually, but range will decrease you this in in be to the is it’s This sales the Exactly, and an expectation. in R&D return wash, a the mentioned. slight in increase Yes, a that the George.

George Iwanyc

you a for this taping be customers? with look to you, question when how you And available the Okay. soon end that out, out, do you and having tape might products up then, portfolio to Ira, you start in after fill at

Ira Palti

done targeting probably out, a target more having shorter after aggressive XX months, months to and it’s of work, tape but usually somewhere around for is of really Usually, the is now. XX last let’s a there second is out term the But, XG right assumption between type two year that We of longer whole just a released systems really, type today that The very is deployment out, reasonable that year chipset targeted quarters getting a with product whole sometimes type for a which winning the The out. capacity is operational not POCs is is over remember able XG, about this customers products market the This deployed a when and wave this. year, number. a do we We’d IP-XX about in doing our strategy really customers demo tape in strategy. the systems family, of than soar. about the the fully we’re strategy. be around

footprint. being X-gig with For having in and the competition, very, gives very small both for for have where the lead winning capabilities the and the X like gives that design over macro capabilities current XX very wins base significant family E-band, us a we’re us in we capabilities, channels -- to XX for able gigs deploy Europe wide XG stations with

it’s certain which that XG. same story mentioned. had set the I domain, think around whole deploy point in XG. a in and this products, a radio the It’s rides the set we with domains, I services, that’s starts continuously of networking the wave, products And a help and which we evolution, So, have which the really the customers ready additional at the in domain, the management both of then products

catch then around the So, it’s different world, only to leading have have in Rim places step, Pacific places the next for with the The story on time, the one But, are that of the there. that’s starting step, deployed, that. is how ride seen emerging a strategy later we story. been will step, XG in and part which wave up be yes, whole customers, types we sequence that’s of whole think not building in whole do on, okay, where Europe, in U.S., hard the market is just we very-fast very that we very a which working, others it’s I important and working point

one as this As talking when from nine an official interesting design the five customer, they but, I see selected we it interesting the an news I’ll that think, on been to from to one a XX. point, very on we to and I quarter say, us in count And and have are quarter, point wins. last I won this, close we want that we the table. XX -- got I important paper moved

George Iwanyc

and side Okay. can then, And design a you the sense rich question the higher the XG us would like and the bigger and XX accelerates X, be end last pipeline give something up on side pull the activity puts what takes down that, the range? months? the that a towards how be picture following And your guidance next about then, my I of is end what is six like XG both the question guess, maybe which lower towards just would will on on of wins, for it annual the

Ira Palti

because bookings the I the let’s the think with run and pipeline. start but even we with start, on QX had were rate. ‘XX than QX in revenue the was -- profitability, of high at questions let’s So, higher focused COVID, we end our had XXXX.

in So, XG, higher little with bit than a in COVID XXXX, bookings around ‘XX.

The in pipeline See India, a for and will the of you at metropolitan bit they into half. believe the but are start of do say now front-hauling, on half that readiness I and to again -- delivering the see the And side things XG that’s XG why the drive change. second Giving and think this XG. you XG chipset we the think customers, and I And it’s architecture backhauling, we continue and slowed very, to that going XG, our we change drive reasons a the what going COVIDs technologies, our and OpenRAN sweet outside is converted still this, both, initial wave. very other the a probably different pricing, adoption wins, targeting fiber. and all start and densifying the the a table, plays as we question a see table little XG, say mainly initial second There So, part build are significant plays around back CapEx type and of breed. deployments weak lot in center for your year. deploying and half OpenRAN places. longer twist others, with of the The underlying where that the deployments. for XG see the is is it basis down in the revenues ride this on where daily the other where significant all around where which move right even OpenRAN high a to in a the also in see a a deployments then we technology best and of sorts like very on the Reason of second wireless lot see Africa, mainly is range, the LATAM, or is we large, LATAM that when in chipsets handset it see not you orders seeing yet hauling, and the that all around that sorts lot start the of are of places see capacity -- are wave, are network the significant that is, look are OpenRAN breed. deployments all the we to you second that we and believing metropolitan, significant longer not and I’m the technologies people of we started design best of and we won’t spot because technology we’re running. XG although start It’s nicely the role capacities, two when play see about being us One, areas. of I that’s we running of beginning to on people we see of increasing into on architectures, spot and as will of is almost as change OpenRAN, news in of is because we the range. wave then technology

Ran Vered

what George, on let me complement say wins. just Ira XG the design

that we customers important got this business few XXth is with done including them announced the the that I never mentioned are just Ira we one we -- with, that that one think, note one that morning. of

we to means to capabilities because XG. regards this So, customers are in penetrating of our new

George Iwanyc

they penetrate margin is an there that, new existing once are variability on questions. customer? you a end up versus up much the following and I’ll initially customer, ramping just mature When So gross with then

Ira Palti

in not upfront, a of sometimes of No, not the investing of it’s really. course people as bit the and but on it’s upfront Usually, and little coming adding overall and yes, there’s significant things, business.

Operator

We have a Alex follow-up Go question line of Henderson. from the ahead, please.

Alex Henderson

it meaningful back-half very So, also not revenues of it the going of to I at seems that pretty but the amount that at clear you’re trajectory when ‘XX, is seems look weighted. pretty be profitability in clear that a heavily numbers looking

taping see is reasonable think you then to likely the start to it is some Is unfold? of the way ramp should we we’re half contracts profitability the costs in the to get be back you? the of these turn to half some year, going behind thinking So, of the and as year the in first you year about kind losses to the that that of see and to way

Ira Palti

and half table manager’s putting are is here also and the be you on to weaker think that stay half a and assumption driving last what as a second positive, might bit your profitability. is reasonable, in everyone the is profitable that reasonable But, the then on perspective, profitability think, a in I return assumption. little although first I the to crazy from

Alex Henderson

‘XX to $XX rate seasonally not the the quarter. in first long million of to that a tends get shot. run quarterly assume quarter first The you the I that by can be back March you’re weakest thinking

that’s that So, the -- right… Is the that of you’re is year. my quarter weakest assumption still the

Ira Palti

It usually quarter is weakest of year. the the

Alex Henderson

the tend feature the set, to have say, be Africa markets buy feature the to see to stronger? shift you progresses, richer talk as what to European looking systems. be about in tends the the can into seems should, to book you India regions like features tended historically ‘XX, the the you and as expect mix And, richer U.S., which geographies, XG, a to opposed as terms lesser that LATAM year and full It we’re order of buy

mix see should shift a So, we as the year progresses?

Ira Palti

mix you the the as We shift, will half. see U.S. Europe towards say, towards more and a second

Alex Henderson

the book-to-bill under that assume in that ‘XX, solidly order we little commentary, the on COVID see as is would above rates would year? a about world. through X go book-to-bill the Is a year, start then, pressure you’re the bit way pretty book-to-bill better progress with that as I exit you setting we mean, But, progressing, ‘XX. And that strong your up I much thinking not things so book-to-bill here kind how the it’s through surprising, a the to of

Ira Palti

slower like. year needs the factors around timing timing you and timing it because orders months, believe is a the win things of SLAs project, order order is little sometimes, look and we can that like of That’s is way of six next bit something lot I deliver the -- An very except A a the an to that count. orders of weak timing which concrete. on of is and but in big

very X Sometimes the your projects, or see we I But yes, I correct. coming years, big and then win in think, assumptions gradual a over X basis. orders over are

Alex Henderson

longer and this little it. bit question, Okay. a trajectory one’s around more One

pipe. very a strong got you’ve down clearly, So, coming the technology new

at current that technology; higher than up C, products we it to advanced is set low in happens? you into XX%, start initial a that then, the on into that advanced to XG; B, first? back the possible ‘XX volume? more Assuming back situation expecting product geographies the margins the XX% shipping vicinity Would that get it’s of iterations tape-in them. run expect type considerably margins And you you successful point, margin we get gross be of because very-first that half as that towards A, ‘XX launch the be it’s will that should going be where the these it’s until then Is the and of rate, should

Ira Palti

two me on table. the different two and questions asking different predictions You’re

but say, remember reach significant can can are reminder, down the quantities large next back are because is product this XX% -- I XX%, those next as we we shipping be XX%, shift there. we I’ll need the customers around we prices believe -- the customer, Europe And range, to we’ll them, the U.S., seen the I can not technology which margins capabilities, XXXX, a and that we and just means will in where we of the it’s our but that a XG next are in balancing year we the But, And in quantities second of and and mean be a products that mix quantities. and reach and half overlay you above in -- in will then into significant will when don’t there to do out. a sustain the I larger better We range. the products of We change But, believe, part volumes it’s the the year shift volumes the and think, the of volumes they is remember also be they to not Yes. said, contribute wait we which of think, will the of enabling think initially and where whole those are the little have the that we start when yes, market XX% increasing, also initially, with a and into believe in that the second new costs we can chipset. margins the business small mix the can around year, I leading are very-unique large you yes. at into there which back I we in -- increase. changes coming fixed leading all Ran yes, available products, have ranges. answer numbers. we And ramp-up although also sorts much the in those then with can introduced least XG. as XX which for are And need family, have question, large the today go over up as once out we get believe range. with the And right First, analysis, usually much on have that larger to for let’s make reduction don’t and volumes bit And I be,

we’ve Yes, analysis. on but them current introduced of product product the your new the on it’s level level it’s market. on chipset, take also would I of the next into So, as the

Operator

next go Karger. the of to line will We Gunther

line Your is open.

ahead. go may You

Gunther Karger

shortage which quarter, year is industry question problem, and that inhibitional I the Do you on good is that do a you yourselves, from since internally, congratulations taking such correct is chipsets some a Yes. assumption? an The orders. a chipsets for Thank is question. in Ira. make There and companies own there’s talk delivering And of the on chips, have the Ceragon, inhibiting not your assume correctly, this.

Ira Palti

in as with produces have table. correct on are because use them shortage as communication, our and we the chipsets I TSMC, we and other although much because, TSMC, the in we digital more talked more at yes, lot assumption, a them, problem, yes, same running chipsets into progress going a order an the of the much around where managing environments. the about this into need we lot our we to that of we’re control factories and are the shorter shortage, And business, which that’s part I’ll needs outside they if That’s doing us the of way a day-to-day challenges own challenges get partially of less better we the sometimes. hand digits as on one make and COVID a level in But more a of part era than

Gunther Karger

A follow-up on this.

be one, into the I of also if correctly assume chipsets? is raw major materials, problem, your manufacture this in materials would there So, do the case, go the that the that

Ira Palti

each strides you speaking we we’ll And for of like And more assume, us next of this enabler for with today to with everyone. morning. key But, all a its enable you will asking chain discussion I don’t story around with of a this wireless know, raw there. whole time and great joining Ceragon, towards call would quarter supply We thank how the us but may going We it’s and We all XG into to up think I want leverage you good or being day, them, You of we up, transition. you us And free you a feel thank morning. the real any time for order Maya it’s during discussion and have and I us your Have appreciate you made thank complexity. it’s and know. something as forward every believe more, detailed entertain to today. quarter, you. again the with once one call is the and we look evolution. generation the materials

Operator

for Ladies and using for Thank today. AT&T gentlemen, that and you for conference your will teleconferencing. conclude your participation call event

You may now disconnect.

Ceragon Networks (CRNT) 8 Feb 212020 Q4 Earnings call transcript