CRNT - Earnings call transcript Q1 2024

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to Ceragon Networks Conference Call. [Operator Instructions] I must advise you that this call is being recorded.I'd now like to hand it over to Rob Fink, Head of Investor Relations. Please go ahead, sir.

Rob Fink

Thank you, operator, and good morning, everyone. Hosting today's call is Doron Arazi, Ceragon's Chief Executive Officer and Ronen Stein, Chief Financial Officer.Before we start, I'd like to note that certain statements made on this call including projected financial information, results and the company's future initiatives, future events, business outlook, development efforts and their potential outcome, anticipated progress and plans, results and timelines and other financial accounting related matters constitute forward-looking statements within the meaning of the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended, and the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.Ceragon intends forward-looking terminology, such as believes, expects, may, will, should, anticipates, plans or similar expressions to identify forward-looking statements. current and only management. of reflect statements beliefs, assumptions expectations Ceragon's Such which actual results, Ceragon those to are uncertainties, of or projected certain cause differ and Actual statements. achievements they in may such performance materially to results differ materially, forward-looking as risks could from Ceragon's subject in are time uncertainties and all other Annual risks Report filing.The Ceragon's Form limited XX-F and to Ceragon's uncertainties SEC, Such risks earlier reference. expressly not in recent and that be of incorporated most from supplemented may time include, but the today's with to, are described are filings by which on herein including PR, earnings

could related predictions at filings that no they available from be purport at and obligation Forward-looking may are the also accurate, Commission's made initially include will to on the prove website today's to Ceragon's to update of obtained do website them. Ceragon or and Exchange be non-GAAP events numbers. sec.gov, ceragon.com.Also, be to be call will undertakes not there public no statements Securities future and assurances date Ceragon's and results

was Relations to Doron. a earlier posted and over please between that results, that please Doron, ahead. reconciliation would turn today, the attached section Investor to now press release on all For which tables the of Ceragon's is I non-GAAP said, to call the the see GAAP issued website.With like go

Doron Arazi

a This start Ceragon. everyone. Thank XXXX morning, was solid you, and Rob, good to for

free America year-over-year, particular, profit to are strong major presence and in private Demand orders Tier The globally. full bookings, and the our quarter is We project and network in on strong as a our revenue we by profitability another was year expanded North network the particularly are margins initial a grew positive contributor received large-scale are our to India growth pace flow.The against and and a agreement. X booking with operator expanding for and level. executing delivered achieve was targets. significant cash We with quarter modernization plan highlighted profitable in our our solutions gross for customers we higher against India growing strategic

and continue in bookings our our profitability The We and optimism us achieve other targets.Our visibility improved as and all in strong serving well bookings catalyst strong that sequentially. generated for we regions products bookings North growth we a as America full to give generate new solutions are and year business. will

Congress revenue. new creating are interest Mobile used expected, World solutions. offerings venue to to showcase next our We are customer higher as and bookings the starting As a and our translate generation

quarter. one also products delivering We in new of the started significant first our quantities of

scale costs revenue. IP-XXCX, the to and to campuses.Next, the areas all-outdoor the multihaul new radio as in form Some entire unlicensed solutions This networks spectrum are along from the reducing most to universal of in to both connections that and its architecture, in for quantities the industry. with aiming dense with providers worth fixed its operate confined, network ideal of opening versatility cities wireless through first, swift simplifying establish scale in use such doors to family include: service frequency, or capacity solutions capability the diverse to applications range These sites, unparalleled portfolio compact private characteristics. accelerating highlighting, are multi-point and the short small that has our point and our its access microwave significantly network V-band large high of radio aggregation time

MWC are largest our event sure radio, ideally ultra-compact, high-capacity, an is small IP-XXEX, in you connectivity am priorities.As and most suited size the variety the when for E-band is know, there which cases, use a OpEx industry. of Finally, is especially low influential I

of indications new next-gen industry's market prospects, communicate XXX demonstrate and strong that of these broadest the our technology affirmations well soon at received industry-first microwave to each wireless aligned to of goals great our were a achieved advances demonstration and with We a face-to-face is is millimeter goals. upcoming are our great on recent chip on our technology, had with fixed transport the and that based we an feedback. wave live access. E-band MWC second wave capabilities our and and customers needs.We also received per gigabit with which of We demonstrate be Our provided record millimeter meetings in our of link, solution, system number

the broadband showcased to talent facilitating wireless within to city position We of Ceragon deals our our second offering the center we and serving networks integrate profitable energy infrastructure we speed across network role networks approach operators regions learned and of luminaires our transformation experiences.As lightning advancing with it growth. demonstration industry, the offering nearly costs.In signed to into Ceragon value also digital end-to-end gigabit private enable about in aggregate energy unique booth These in the our saw We optimizes new achieve connectivity services relates agreements or user that of Twin smart quarter. Visitors of sector how the we display half and play sector at to reduced and XXXX, goal the a expanded energy a for during underscore with professional improved connectivity. for pivotal to an million. industry networks, of deal Digital multiple energy made high $XX the strides capacity reduced solution our digital it costs particular private managed better

activities Asuncion, X these talent our access have Israel and in India to In continue $XX.X will primary X addition have of and the million. we Noting our and to North now one on expanded improve we and of talent goal as primarily in of to QX that on America as our the our the our revenue existing near-term. overview to the that Paraguay. long-term growth now centers and greatest is on in by market In North and centers will margins.I'd very like centers, talent have, The in Bangalore, we India, was to operating call, successful expect opened provide focus impact highlights support America, to targets well one new results today's talent an regions in region. Romania,

large major We presence continue with customers. and to maintain other carriers our

saw large significant large demand Siklu's more solutions. Specifically, ISPs well-documented for providers we has from service CapEx been millimeter by wave volatile. been have face spending headwinds The and networks

we reduced accounts, few initial the marketing than receiving elongated have we from bookings, customers to expanded steps investments agreement of QX. first of networks, hope are challenges made standing start we to continue revenue many line fruits we with our space, it our number again, somewhat.In our better increase just as orders and of these to high large We one discussed though accelerating in converting private sight value to expect was now of well has America customers. North bookings these important this orders and Also, our and seeing long related last as to the later million year.In quarter cycles in record sales new India, the new initiatives in in a navigate received to $XX revenue of

North X quarter I'll our and successful and we new America continue the Stein, results this this is that, to Ronen profitability.With be XX% in We the to to and call in and facilitating growth our recognized during over continue approximately of years, of in project orders discuss to with expect deployment take expected timeframe. India customer more you. delivery detail. Clearly, turn deployment CFO, about to the Ronen, second the value to is expected to over and to be begin

Ronen Stein

everyone. you, good Thank and morning, Doron,

quarter first I be the understand to a the outlined, represented Ceragon. To primarily financials. non-GAAP start to help will year for Doron As the solid you results, referring

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

million Let $XX.X me XXXX. actual now X% QX $XX.X from the results.Revenues up review in million, were

of see terms India Our America we respectively, strongest demand these were and in regions. in the $XX.X quarter with North with the continuous and regions strong million, for revenues $XX million line in

in contributed QX region XX% an in more for revenues.Gross was customers of XX.X% first quarter strongest XXXX. terms our EMEA million compared than X the million. of $XX.X to increase the of revenues quarter basis third non-GAAP a was in $XX.X that We Our $XX.X on had first with profit million,

with Our XX% of gross QX margin XX.X% gross margin XXXX. in non-GAAP was compared

to achieve record with margins, revenue, gross mainly revenues keep product of costs quarterly America terms in We region as continue high continue strongest to North under mix becomes while and we the control. favorable be

up for million Siklu quarter acquisition XXXX. Our gross quarter-to-quarter fully were on general, $X.X impact. to continue the and in operating operating to for a expenses from mix.As the Research regional In expenses: this changes million, in QX $X.X and expenses the may development first basis include from margins quarter's product non-GAAP due fluctuate

last a R&D the to X.X% our in quarter XXXX. revenue, $XX.X expenses and year.Sales X.X% expenses for $X.X marketing were non-GAAP first basis of the from a As the on quarter first QX percentage million up in quarter million, in compared were first

the marketing basis last compared quarter and XX.X% QX of year. compared expenses As General sales a $X percentage first on to were in in quarter XXXX. XX.X% the non-GAAP million the first million, to expenses a first in revenue, quarter administrative were and for $X.X

expenses year.I'd expenses integration G&A QX restructuring of compared costs new of Siklu. associated million non-GAAP compared Doron for the the As in first related quarter organizational excellence out earlier, backed that a non-GAAP with operating last on the X.X% to of X of was changes, as These first first our X.X% include percentage to expenses.Operating our were as a GAAP well are the in centers operating expenses $X.X income million revenues, for with mentioned quarter note $X.X establishment XXXX. charges the quarter basis

of last to was revenues, for non-GAAP X.X% were $X.X compared the income quarter on the a in X.X% in quarter million. first and Financial first the As percentage quarter a operating basis expenses first year. other non-GAAP

per share a for per Our basis Net a first basis $X.XX the million, $X.X $X.X $X.XX expenses quarter for non-GAAP XXXX.As to was compared $X.X QX were the for balance our first million, on on income quarter diluted tax share, diluted sheet. or or non-GAAP for million.

$XX.X cash Our $XX.X Short-term to cash are million materialized. XXXX. we of QX loans our were levels million down of $XX.X XXXX the working the facilities availability of the as $XX.X million, and first have XX, operations position inventory have XXXX. end XXXX. sufficient to reduction that at in quarter at at during to million end the XXXX the our following the as $XX.X December end components efforts was million compared $XX of capital is streamline The from of for the and We compared improvement mainly million, believe was end December needs.Our inventory at

improvements demand. continue components and expected into inventory monitor in in availability of the taking levels, We consideration to changes

at as $XX.X are $XXX.X million, December of to trade compared XXXX. at receivables Our million the end

generated flow cash stands at activities operations now $X.X by for our DSO cash Net million. Our days.As was QX and XXX investing flow: in

We full outlook. year are our reiterating

For the guidance. of This targeted XX% XXXX, margins the the we margins to to growth midpoint million at are of Non-GAAP guidance Non-GAAP XX% expect at midpoint revenue XX% be revenue are the revenue from guidance. contribution to $XXX of XXXX. at includes targeted be million, operating at XX% to least operating to Siklu. compared of representing least the $XXX

result, increased As full the and for XXXX.With questions. the for Operator? we now non-GAAP call open I expect year flow your a that, profit positive of cash free

Operator

question be [Operator from Henderson will first & from Instructions] Our Alex Company. Needham

Alex Henderson

can me you okay. hear hope I

Doron Arazi

Yes, Alex.

Alex Henderson

that the gig Is to correct? a that's quickly still Just very on schedule chip commentary. of be questions on on system couple The this GA XXX product year. a

Doron Arazi

the We intend this XXXX, end product by of to launch indeed.

Alex Henderson

are products you And you The which more was about one the like? such comment granularity -- look in Perfect. what around X seeing? products one of are orders second, quarter? it kind significant What's were current you launched. important a And us seeing the launched products were of recently the that the launched them was? Can new And give -- the ramp the that some of orders. Okay. those what of products then here made ramp

Doron Arazi

Yes.

this traction, frequencies in that kind primarily all first and probably the IP-XXC a microwave is that significant stages. basically the that gets is and believe much will in suitable more but E-band but coming traction. very very first to do in more talking but of the of minimal, advanced business frequencies and one relative started production start ramp the with significance demand, definitely, already the up we and rest also other product of delivery, X efficient that tiniest the new cost XXXX. our in of associated product It's part in links definitely our the to a have product we expect also old Tier quantities to one the very contributing second smaller India. And ISPs. lot basically obviously, with to So, smaller outdoor, with replaces the already more we we quarters we nicely It and in quarter Indian see regarding it this to about expect operators, the were the it and industry were market our -- This quantities. And nicely already one this of huge we we was are started the world.As of delivering product lot are a in the launched because to

Alex Henderson

Can the little bit over about of you assuming quarter us that year? is the the of but quarter give over sub the quarter. year, you linearity you that quarter little some talk and Can the over the $XXX million bit of up June course seasonally -- a sense talk -- a about linearity March the the year from the nicely softest expect I'm

Doron Arazi

us as customer be pace major will QX level One, to following that orders factors by is manufacturing initial starting manufacture that very But may that have a within obviously deliver until of also we large revenues the in timely are with these $XXX component think no speaking, get is quarter that booking, products deliver enabled are company, cautious we that and fact the we should capacity careful in basically, from impact big terms in our want than the in million. million contract we'll a also capacity, new terms or in that delays the a But X The of delivery and do itself of they us probably the expectations part. revenue India. us timeline, in look, in the this And linearity to or put half start that same, revenue we that the yet create buying achieving to we we QX, speak, and X. very the QX, a whether will rationalized kind customers second, basically So expect won the ramp assuming so think a to have main, beyond overcome.So orders. and we installation factor the summarize, to year, our And define ability less able large the customer of backlog second be that one of obviously, the continue in orders I certain more to products business will to we able receive quarter-over-quarter generation. to a issue. will of India, the starting are the the we demand to cause I of fashion.Now in be a so during with in the if speak, second to $XXX quarter higher.Generally

Alex Henderson

more the margin. numbers, The the half which again for with lower shifting that mix doing couple And going margin your quarter, back the as think or the -- even quarters assuming range that India, gross in reasonable XX.X% to that's be costs to in? I'm here in as the new you're XX.X%-ish quarter start-up June in the not have with a Is that that on it kicks that products? you next generally towards

Ronen Stein

Ronen. it's Alex,

we target As to -- On the would to I be the I will XX% we call, around we XX%. said -- we in that XX%. average, the to opt previous between reach think

give quarter, specific XX% It the So, might down yes, as the might on quarter also good or the very regions depending we converted the around not that XX.X% XX%, backlog but XX%, how reasonable. is product mixture, depending is by dependent we each specific an between and to go to have up services something -- in much software very on backlog go and being needs specific on in mixture average mixture more a the or it whether specific is customers. of

Doron Arazi

are in improvement on said a expect. top Just call, conference as with we last Last mix, further we year, the what big we to and I shy gross previous previous annual that XX% on we we in in for so our with slightly believe margin -- that an think the of no to add speak, are said margin of we the call, that basis. gross it, ended up in we right, the And in non-GAAP. is shooting changes planning

nearing will We -- XX%, be minimum for we are that's goal the year. nearing and our this

Alex Henderson

we One I'll the first 'XX on like cede get in in Can then the last where as we us the you floor what question, -- back remind quarter? book-to-bill the are the and in and queue. exited book-to-bill look

Doron Arazi

create prepare want beginning X. kind and because a in with all, maybe XXXX. last in sell very indicating quarter of first refer we to [ in quarters my and of I it from us above we XXXX, it by this above orders book-to-bill strong of Yes. had of big XXXX, advance very the necessarily think not that X. on and getting of that may quarter.So a where situation amount And alluding this very basis, obviously, did people misled year hugely to Last think I is full the that what to that And QX expect the we specifically X after I strong to don't not because, that very of ]. to quarterly India comments were quarter end huge Look, for prepared happen order is to are, delivery book-to-bill were all-in-all, each of also every volumes strongly, we a this

book-to-bill. of I is trailing period, think approach. the in above on are look terms XX-month trailing that XX-month more And a on we a definitely at the way bookings one to way

Operator

Rommel? is Our next Aegis from of question Rommel Capital. Dionisio

Doron Arazi

Rommel, we hear you. cannot

Rommel Dionisio

you me okay? can hear Doron,

Doron Arazi

you. hear can I Yes,

Rommel Dionisio

on private network. the So obviously significant you've progress made

color the if over Obviously, here prospects for North the little just that. some wonder, both give and significant us more business last and you that? could I events several America a in Europe months on So

Doron Arazi

was the up call. not So of and booking We to last amount ended saying I will conference year path previous changed in double level this I has for in start to definitely with, of what $XX we this the plan private million a booking. getting and This aspire in XXXX. with we see networks

I that by In of our this $XX some with this good energy of quarter nearly received in we good of a of going fruits segment, was digital concept. particular fact characterized think seeing this work, think this sort segments. segment. of from system through results the we on especially brand I the transformation, lot segment we plus where that huge And orders across that all integrator value hard million unique solution focusing of, have is are the segment transformation a

but year, of encouraging.On about And means And very quite our we our this of showing In number solutions, last that in look nicely. increasing increased are this the is also very, even I'm budget. therefore, to optimistic getting So much traction. a very started it our marketing that we our achieve maybe of we strong with we year also doubling in efforts of the at towards ability that's definitely it. have strong exceeding QX top our funnel booking as higher that, of end signals pace number that part very and funnel that traction are signs -- and double the

Operator

]. next [Operator Karger Instructions] is Gunther [ question from Our

Okay.

move Henderson. now to we'll along Alex maybe So for

Doron Arazi

side hear your Can check cannot you. we Alex, connection? the of you

Unknown Analyst

Can you hear me now?

Doron Arazi

go ahead. Gunther, Yes.

Unknown Analyst

trans in rise With and been been the market, transmissions, there's of specific the in area? range, there the things. of systems industry, range and any millimeter interest artificial has that such medical to short diagnostic market areas data interest -- the notice Regarding diagnostic regard intelligence, a a

Doron Arazi

say So, would I the following.

definitely and access, the or what of purpose by in was planned wave, is wireless we the dense slightly of are acquisition forward following this the transport the all, of millimeter fixed a actually short way, Siklu heading moving encouraging solutions that, because lot of And for areas. seeing There's even First that's better. as obviously traction acquisition. and especially

definitely Siklu.In a know we questions. respect, in terms business lot believe traction position see can that asking our in people of we this we I are following this the of leveraging domain, of increase our AI, acquisition that and So

Digital questions itself. use Guys, we where just piece. network our we be the or have Some of AI via expand the different of either software these for e-mail. it we And already Twin, are the can coming wireless used cases the transport and embedded have even transport optimization beyond with in AI can our

So already of this we and our our intention to capabilities and it's kind are using software our into continue products. tools, of these solutions kind leverage

Unknown Analyst

luck It's a growing market. on big Good that.

Operator

Alex from & Our Company. next Needham Henderson is question from

Alex Henderson

I'm think I right? unmuted

Doron Arazi

Yes.

are good. Now you

Alex Henderson

didn't to earlier. in unmute timely pop-up Yes. It fashion a

was it of over get first 'XX. for to I orders had not your that into is in very look wondering, to the But given the that the that get very -- of there the enough it heft also more set the order back year. is and/or this continue So of flow strong of you've timing you remainder the does half deals skewed to the but pipeline additional and pipeline to large that course some build I What over I of year orders, heavily deployments that just those like? here. still quarter, up healthy

Doron Arazi

we It booking for sequential regions, progress the year we the my growth first We're a that versus other encouraged other regions. in the So where any in without by all the exception few obviously in the probably healthy, made looks quarter. quarter prepared was previous also pipeline made quarters quite of and actually the in comment. also and had comment this kind

level as that's We a So in regions. pipeline, confidence XXXX. see the said see target most we and the for to nice the ourselves of the this networks private of in need set comfortable in we to feel and increasing We confidence, path for sign in I and give the that also good a pipeline us. us the a healthy

Alex Henderson

to is year? How India you it? is down to of Okay. that And still How the And tied just normal be into going do your I about think normal. the do business? that course that back inventory going we see think or inventory, the little a shipments over to than is just feathering higher

Ronen Stein

We thank reduced So, inventories yes, $XX indeed, of $XX question this substantially to because, Alex, all, the for million. reduced quarter. first you million the from inventory

it's positive because quite sign quarters. few a a So for it's

new is were to this last level I XXXX plan XXXX. where streamline the there as least post years. from not progress and has due I'm the to coming to quarter-to-quarter in and couples sourcing that COVID-XX the these we the components we time decrease continue we down. associated, then but, and of to of to around we can come this to course, of as And think a in we of the that stage, inventories now we fact year are products few sell up a products that of building is to the decrease of we this room materialized that And the well inventory made this come more inventories, we sure new to continue going start to millions.And are with year, was over lot now have back inventory. levels, being that for about decrease over to challenges built that the at a inventories by believe had

Doron Arazi

not a at this fast of plans working of inventory. very with obviously, one long. seeing since add and inventory our that comment, waiting adjusting lot, issue a excess rationalizing. only to much the is of inventory excess a on Alex, big of the some balance components. too component And more more time, in on delivery item up the creating our top Ronen's of obviously dramatically handling that And has market we a all started there's lot And meticulous of sheet our just our of building stepped managing to the process activities is hand, on looking and

I trend. truly we to believe take the need also of continue to of that into we X business. be inventory volume need a in as this you that percentage account.One look our able factors is to So at will only There's that

is might or revenue order. is that it, maybe I'm rationalizing hardware of thing of and that and expecting associated decisions specific percentage that level with sometimes on the that the the may quarterly even advance, a overcoming if we capacity part we Definitely, are because of that are revenue So making in $XXX growing go basis our to inventory get of other ramping specific come exceed is inventory product some we'll is one some see revenue. million the for with And up if the as deliveries significantly. capacity equipped issues some the a a to

So these is, caveats. we see do are road. better continue The do X further we line results to yes, expect our and the to the down inventory expect rationalizing bottom

Alex Henderson

order of that X in slated as that normalized very context, the hit looking now second, fall India ramping obviously, production In are new a this Yes. point? those you've at associated year. products at the got that in is And will out some large your that in, size embedded cost ramping that late to for and another Should products what we got a start-up costs with those or thinking and level? X then you've launch is then that's eventually be

Doron Arazi

gradually try are took to rationalize to our kind So impact Usually, and costs these these embedded we're account. a we expect they these costs don't happen have on projections. disclose but we of into make specific quarter. that. If so going this situation big that a to already costs We them happens, in don't obviously,

on we're improve as as our about able these gigabit think gross taken the BOM new into that don't I talking to from for cost. our year, we it's quarter, gross this are products, X account new for But performance expect the we will in when have to the rest products and improve XXX launched margins do we products. margins an other almost taken event manufacturing that year. eventually, of the have by the terms So the impact into account I and fact the of our

Alex Henderson

I -- I -- calibrate what was as XXXX, in as are year. upside then products what was imply startup out gross that some to these that you Now the margin out trying is logical conceptually, whether and the 'XX, large amount extent the to of know XXXX a give further that in normalized for guidance abnormally conclusion? fall the then to costs would in would don't want but in

Doron Arazi

speaking, generally X. would the to our startup products, some the are that that to I see will more be I you the X.X% actually fit the not in CapEx. in to course, new from different don't into of in than, cost don't margin. and actually categorized expenses gross CapEx would see investment is to think Look, testing give years. to One And set, or testing that are that the CapEx them you build is equipment going equipment But going that the investment other immediately. the previous in investment of know, I enhance

Operator

question you. next is hear Jeff from Capital. can't Rosenberg Jeff, Rail-Splitter Our we from

Jeffrey A. Rosenberg

guys I me. and me unmuted think then muted you

Sorry. me Can now? you hear

Doron Arazi

Yes, Jeff.

Jeffrey A. Rosenberg

to just first us if wanted contribution the what the was in you could from Siklu tell I ask quarter?

Doron Arazi

products XXXX we that Look, as higher of was between to terms quarter, do tiny so want integration XXXX. to And that also their fashion, contribution I'll that to the Siklu the you of for projection transaction a very tell specific we million a the speak booking, remind impossible million slightly quality Yet for expectation. in contribution and And contribute margin and is business deep gross will separate in first simple the so becoming was $XX expecting. numbers. $XX in was Siklu in our to as you even the almost a don't the than we separate it Siklu fast can not it's the from to the This reason. just and that include our just and strong is were I

second in we number. if able all the maybe it. part this a we'll that of align, are I on year, stars path exceed to to achieve be even the think And

Jeffrey A. Rosenberg

asking at And against even I year just was was slower, I because little seasonality growth difficult. the year-over-year from know just in QX. sequential you so The looked Great. contribution last reason it's or a but maybe comparison some and and I Siklu uneven looking about was growth I the got think the

for very the strength So year? and the bookings to overall about just in quarter terms in visibility of of kind maybe versus just obviously the first building good revenue talk

Doron Arazi

hit on we an team we head. quarter, love few just on you're I a would that Jeff, start, them, to that board So join There try next to willing to moving were because confused. we get we if you everyone eventually the have nail NDA and explain thought our sign finance factors the if you

of delays be usually of for in weaker is all, a QX that QX of or to to XXXX. were come some was because last us delivery some year and First the good bit primarily the products delivered to side of supposed different in of

indicating just to moving So more rationalized was that give analysis rationalized the fluctuations. to revenue thought it quarters especially between most we Alex anyone.I how these that a see growth, okay, may aligned down up starting and about, trying the thing, confuse all we after and put comment that of and growth will ingredients important that think some the

going QX look to of So, XXXX of impressed I the terms be versus would year is not the QX how by like. XXXX full percentage in of in projecting the

Ronen Stein

guidance this guidance bookings. as Doron higher have gave we of mentioned due was that reach thing revenues guidance. $XXX important most to still to the $XXX And for of we the that for comments, And volume prepared add to in the year we visibility the and million million. would expect this better between I

So are stage. target this we at on

Operator

you. are There no questions. Thank further

proceed. please So

Doron Arazi

a We're So, quarterly good and are I look quarter growth as self-sustaining start growth for executing share. was a forward said, that call. this believe positioned to strategy. year capturing our strategy our our against everyone. day further flows Have an I you updating We achieve well Ceragon. as execute next cash we market to encouraging and solid we to on the

Ceragon Networks (CRNT) 7 May 242024 Q1 Earnings call transcript