CMBM - Earnings call 3 2023 | Cambium Networks Corporation

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Operator

Good afternoon. My name is Eric, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Cambium Networks Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] Be advised that today's conference is being recorded. And now Mr. of conference. Industry President may Relations, Vice your begin Schuman, Investor Analyst and you Peter

Peter Schuman

had call Eric. referenced and Financial call. press for you, by available conclusion of and were and Cambium A results. release and has website, on the Thank Andrew in Welcome, press to The webcast. Form period. of Networks' be on today joining to welcome the our CFO today's Investor are no CFO, President on and of operating Third in financial at copy for Morgan revisions X-K within us the the Bronstein, prior Kurk, remarks accessible results our Quarter and impact revisions those release Certain our to on classifications today's will XXXX been conform all Results this page this also our to current call. Call, the SEC. operating submitted thank Conference commentary Investor joining you prepared CEO; for here are periods expenses with the made These page

of most to date forecasted actual and obligation today's the revise list full our reminder, release or These results on update could those press SEC Form today's for in XX-Qs. remarks, our financial Except and does expectations policy review Q&A, to outlook. in required XX-K to statement filings, as reason differ encourage forward-looking are Form after not during of to most results, these conform results any whether is contain reiterate materially. our statements statements Cambium to undertake make Networks' presentation, risk including cause statements assumptions. forecasts new actual by law, not of Risks any as any Networks statements a result this recent recent about and to Cambium It Safe developments and listeners changes Cambium's and a company's in current otherwise. future included outlook Harbor made conditions, or financial We forward-looking based the or the As information, will factors including to performance. uncertainties the

GAAP We year-over-year today's included all non-GAAP where found measures GAAP measures reconciliation reference both of be financial results page numbers release, note on of our and can is appendix our announcing the otherwise sequential reference Investor in in will to and measures the to and that comparisons noted. financial website specifically press which except and also A release results. non-GAAP non-GAAP today's press

will for certain discuss quarter of XXXX. of a highlights the the third the to Andrew elements financial agenda. of quarter financial for Bronstein our of the operational the the Kurk provide fourth for key outlook third XXXX and quarter provide Morgan Turning XXXX, results and recap will will

Our Q&A prepared a be like now I'd Morgan. call to session. remarks followed will the to turn by over

Morgan C. Kurk

by comprehensive a possibilities than technology in by in Peter. and promise and economic use X-month about and of of different our a rest you, and be Furthermore, additional review begin future areas of what organization we to believe Networks' I've say-do I'm to innovations our will combining by trust a a of by that, the of is and promise is about as seen the I've and outlining tenure when to what effectively. to in some encouraged it's solve immediate I'll our is organization. the headwinds, CEO; help from the the there I talent X why, direction, market. technical say have observations keeping build see capital challenges deliver I foundation promises, is networking Thank we Cambium's more aspects depth the I business technologies exploited. the breadth. suppliers, in have I'm throughout value future. greater is execution. with first my portfolio, of both our capital. I priorities. solid My focus company in wealth roadmaps opportunity to during the despite and This and and customers problems human say, product the excited a us initiatives of is I'm business, started promise Cambium deliver all impressed This the After within whether use cash wisely, I between or it our the and to had

session discussion I've spreading with customers, much, to ourselves we too after Second, too strategy an initial do thin. and concluded often try

is cost. to key priority we requires to is and support Focus to a implementing what are what success do focused to the we improve the to go-to-market to used to This strength grow. time in am reduces solutions. do. market and engineering, multiple decide platforms I that not third My cost product strategy specific simplified where efficiency core in strategy building areas where can and and and lowers our So create can be improves

will growing line levels forward during differentiated shortfall back top place I to in the of Recapping QX profitability. revenues on the that 'XX be items X contributing 'XX. to to Cambium's or look emphasis returning had We and those sectors services. QX higher revenues revenues. product We additional underperformance can business of through the

more QX orders grew issues, Our gap initial in X% temporary federal U.S. year-over-year our revenues million compared $X resulting XX% 'XX as budgetary and outlook. decreased due in to point-to-point PTP than of a sequentially to defense

of a 'XX. these expect to QX delays We shift during portion significant

spectrum of V sequentially X QX gigahertz Cambium's 'XX. On XX decreased FCC XXXX revenues XX% product revenues, year-over-year X lower is new lines. for note, positive gigahertz increasing PMP sequentially by our gigahertz anticipated was sales as and a and reduced of product record drive approval channel late The during PMP point-to-multipoint ePMP reported 'XX. Our to fixed during QX XXX in the inventories XXX% waiting expected XX% approval while

Enterprise due as distribution impacted QX by headwinds, to revenues, America products. in channel, approximately which large revenues by decreased of continues EMEA, sequentially our Our of correspondingly enterprise PMP revenues North inventory. decreased experience negatively 'XX rotations and a particularly XX% and we were of $X for out year-over-year. million, were were in channel enterprise high products. enterprise stock and Order business XX% approximately half enterprise saw reported the for distributors, reported exchanged channel products for Cambium's than decrease higher both inventories and of Cambium's Sales significantly for Cambium to

clearing yet. are we in complete good While progress is making not channel, this the inventories effort out in

return We to enterprise first levels half expect XXXX. during the products inventories for to channel of pre-COVID the Cambium's

Company AB points, Rescue that funded Africa to [City streetlights outdoor provide city won selected our service to in product's Caribbean the a connect solutions, the Petroleum an for divide Cambium management which and hotel highlighting access equipping the of implementing switching America to the by and enterprise provide Now wins Rico at Middle Wi-Fi set. market. as Puerto which bridge important access Act, Corporation provider Africa and the with Wise] our the wins the providing with East demonstrates a thousands of largest recently the are and The looking Natural our In In largest for the key service X unique hospitality suite in product is Cambium's And digits. Republic, managed Europe, managed exemplifies and chain the Wi-Fi region, harsh Suez Huntington Dominican both customer Luquillo Wi-Fi Asia-Pacific a single the Plan and in cnMaestro brewer we of to Gulf testimony to large, we was Park, taverns Internet continued ARPA, environments, the selected our world, Cambium's Cambium's Initiative Fairfield Gas XX-gigahertz and across of Cambium's of the solutions cnWave product win Santiago in California, in with sub-Saharan multiyear InBev, had phase architecture. reliability. PMP world region, and central success. to Limited, acceptance of Middle Internet provider's Beach American cloud In some East, had future AC in with the Latin to PTP, digital first the in Oil cloud region, Cambium

a radios. is introducing network and solution self-help. works self-install and defense enables the introductions compliance auto-frequency a the Cambium products bedtimes, Cambium X ability gateway II The the a XXX alignment PTP a hardware guest product solution. business unit, fiber upcoming also features of for backhaul antenna weight antenna, mesh to and quarterly previous smart update. PTP since with outdoor beam-steering mesh coordination, be filtering, customized introduced our which to In and Wi-Fi apps high-level deploying Wi-Fi automatically customer alignment, and communication, one Turning our and wireless home and seamlessly wireless of CAF mitigation do to subsequently cost in can the biggest than antenna device gateway is provide the reduces This which manually, challenges hostile networks, product in the communications solves and and speed environments. branded, The new secure rather content with interference test.

software, cnMastro year-over-year. cloud cloud million over under at up 'XX Looking X total increasing 'XX from and QX first approximately history, in for XX% time our X% Cambium's the surpassed management devices QX in

and connected financial a financial increased hotel QX by connected front, by over more clients Disaster turn review those reported Within XX of Wi-Fi from outdoor one devices. number displaced our the about will of I results than XXX to for the to Xx Cambium to interest 'XX Andrew hours now human call Resource outlook. the the installation, Center donated 'XX to QX On Technology equipment of Information fires help Maui. on

Andrew Bronstein

Thanks, Morgan.

savings impacted expect While reduction reductions normalized of approximately cash of presently of return of of the are see million, to we our of as realize 'XX. to revenue both we savings $XX we to during to additional XXXX our OpEx to line. COGS structure through as to savings revenues comprised approximately benefits our higher $X annualized taken Once profitability lower of to cost and planned include plan is as million. In as revenues million, cash our million, more actions designed XXXX, well improve savings cost $X well Cambium These flow August QX by bottom in flow. savings expect of $XX cost levels, CapEx levels, seeing align

include the variable to XXXX, are compared costs for million approximately plans to of underperformance variable our XXXX our when As compensation results do XXXX. Therefore, add due a $XX reminder, these to for expected operating not our programs full results. the compensation

XX% for revenues decreased the and year-over-year. result by by lower to quarter-over-quarter $XX reported revenues, the rotations our the of were our revenues delays PMP federal $XX.X continued to due gigahertz for impacting stock ahead of Revenues mentioned of defense million lower volume revenues from slowing On Cambium sequential slower inventories, channel and turning million. QX The decreased QX spectrum. a Now budgetary order basis and XX% of economies; high were X approval lower 'XX, orders U.S. 'XX. by business the PTP previously enterprise quarter.

Revenues 'XX. $XX result by $XX.X QX We inventories and slowing million partially enterprise due as as stock the have of by the revenues demand enterprise PMP increased lower from for slightly channel seen fixed during to a inventories, primarily high PMP the gigahertz economies. for and channel decline due to million XX offset year-over-year, X decreased rotations anticipation decreased revenues a FCC products. of service XG. of higher providers our PTP rose revenues approval, gigahertz result demand year-over-year defense of

stronger By PTP CALA business. defense 'XX for driven by while XXX% growing expect revenues We QX due weakened gigahertz America, region, customer. a from expanding our demand and large EMEA sequentially XX recovered APAC North quarter-over-quarter to

Now moving margin. to our gross

revenues, a QX 'XX of $XX.X to higher margin loss reserves of XX.X% non-GAAP below our $X.XX million, dollars 'XX, freight lower or income net $XX.X $XXX,XXX in approximately to approximately quarter non-GAAP to margin gross due including freight lower 'XX gross year-over-year during 'XX, net to in per and profit a by was Non-GAAP was capitalization approximately defense and On enterprise XX.X% $X.XX by was $XX.X million, by lower income primarily sequential spend, primarily of compares decreased as due G&A $XXX,XXX in diluted lower well lower by in quarter-over-quarter higher was the a of XXXX. the was weaker per January XX.X% 'XX, to $XX primarily lower lower QX gross OpEx quarter-over-quarter at sales lower $XXX,XXX services. and of lower compared the period share compared lower QX commissions and and 'XX. for gross The our of due the $XX.X result non-GAAP outlook margin. 'XX, In to lower million, increased share, decreased our 'XX. non-GAAP gross operating by share net XX.X% million QX million, income stood diluted Non-GAAP QX basis, in commissions to for and as the decreased compared headcount salary to approximately year amortization loss is QX prior to or partially result primarily wages decrease to reserves and of inflationary operating sales million $X.XX diluted million net enterprise of increases million, revenues. in to $X partially margin sequentially for QX [including] of 'XX marketing margin prior of $X a compared as per capitalization due higher revenues gross product lower lower non-GAAP year to effective to and QX decreased prior non-GAAP enterprise lower The costs When revenues. expenses, QX 'XX. due revenues. by due $XX.X inventory decrease earnings result QX or when operating was This non-GAAP non-GAAP to a to inventory and expenses as expenses offset compared decrease The professional the or The compared of of non-GAAP revenues, total Our XX.X%. offset mix revenues. lower year result X, of compared due

While revenues the and lower head the net offset was compared a to income lower quarter's margin, million, QX sales 'XX, QX the negative of 'XX. commissions. EBITDA XX.X% and primarily in revenues of count gross by $X.X million, QX for for the $XX.X to due or reduction partially to $XX.X of loss a 'XX million, enterprise of and prior X.X% PTP for lower lower or expenses lower results was or and a operating revenues compared Adjusted revenues XX.X% result of

$X.X 'XX, flow. operating in QX provided operating Cash QX compares was QX of to used in $XXX,XXX moving activities and million 'XX. by activities for $X.X activities cash for for used million and of to cash operating Now 'XX cash

cash. due During QX 'XX, were reserves. Inventories modestly, job great did reduced we a mainly receivables inventory converting into to

some While will levels, we inventory balances manufacturers face decline pre-COVID until at we as inventories headwinds that return expect our to still third-party we our normalize. will

from inventories inventories gigahertz addition, and orders revenues sales X by products. revenues will enterprise driven In of growth reduce increasing the levels, and to PMP by products, driven returning pre-COVID increase, as introduction our channel defense PTP our

of income primarily QX income Net of in summary, aggressive lower and both down products, we to levels. sequential lower decrease as decreased year-over-year. continue Now CapEx million taxes. September to turning business inventories reserves. sequentially the the of XXXX, to in QX and to a Net actions our go delays inventories higher inventory million quarter net 'XX gigahertz 'XX. business, for and Channel enterprise sluggish of of as million decrease and balance from channel XX, our result $XX.X return and PMP sheet. timing well $XX.X revenues with million FCC as our continue await orders in take In QX and impacted $XX.X 'XX were in in totaled of sequentially by order work pre-COVID to as business, lower $X.X enterprise The approval volume distributors our and and by X $X.X inventories were the spectrum. the as rotations a our cash sales reflects stock PTP Cambium's Cash PMP million higher from higher distributors by defense results inventories shipments in third

prudently. to We manage continue costs

cost actions We to enterprise have structure taken through reduce the channel. sales along actions inventories move to our significant with aggressive

our of XG to as gigahertz FCC We momentum continued although approval XX lumpy, commercial the more products continue deployment. our our of the X positive to products; driven providers by service revenues PMP move expect gigahertz from ramp and, expected

non-GAAP remarks. due 'XX of net of cash we $XX.X draw revenues at million, XX% $XX to not the approximately financial our to $XX will Networks' financial $XX.X of will diluted outlook. portion one-half operating evaluate not than of financial between follows: XX.X% now possible does some potential our million the today, requirements, net impact less representing $XX to as Cambium and to whether $X expected of XXXX matters per outlook XX%, a financial loss between or to turn million we acquisitions, call of midpoint non-GAAP as is quarter fourth share future $X.XX. margin to be the impact current and pending between the legal of for between and outlook a prepare QX million gross $X.X expenses XXXX. our visibility transactions, a the or Considering Further, lower increase and I revenues outlook; include to of of non-GAAP and sequential loss or $X.XX likely million, million closing revolver any transactions. our of Morgan Moving back other enter million; between as

Morgan C. Kurk

go level have and business, making returning with than sellout good digest still significantly inventory, to revenue sell-in. enterprise our remains channel of progress ways a We partners before we're our normalized to but in to stronger current channel the

While business it not our gigahertz strong. our corner, with remained expect in Cambium's affordable approval will of the has turned we accelerate the business yet X solutions. Bookings FCC's PTP PMP

We expect participate. record defense and in to revenues we number the we of expand countries XXXX, continue of in which and year programs

additional which and to are costs, to reduce We them, will continue well serve in manage taking our future. the we us actions

new shareholders. customers compelling value investing focusing but all our be to can't on return that are in realize financial requires products that all solid a the we things to provide We those and customers, innovative areas our which most to

Eric to concludes partners And customers call success long I'd session. like This the my that, like to we Q&A and the the begin to as reposition the appreciation I'd run. remarks. turn and our back with continued show for in employees, prepared Finally, our for company

Operator

Scott LLC. Partners Our comes Capital from first ROTH Searle Instructions] question [Operator with

Scott Searle

my to to where channel low. back very in I should back terms third levels, million-plus to the the I that if quarter, calibrate you we what quarter it inventory indicated around to the the I us wondering is. revenues the but was looking pre-COVID certainly, of Can Wi-Fi actual just think company comes know guys posted product in once in portfolio? results that you are front, channel Wi-Fi normalized had but an more burn mentioned us idea last mid-'XX. you get dive on give what inventory on to continuing maybe the trying think hands sell-through getting of could range. it's down, in the Morgan, sell-through in $XX the and in been sometime about levels normal had like previously, front, think was I you

Morgan C. Kurk

Absolutely.

So I range. the It's inventory to levels from channel think And $XX we very $XX similar. will is off, grow it's that in after expect million burned the and revenues that, our there. to return million

Scott Searle

And follow-up, the then maybe for point-to-point over shifting the quickly to front.

transitions fourth in meantime, gig a had as sounds on going for approval. product like But we're sitting sounds the that's in quarter. big XX expected really the Some like quarter. there waiting third and in It AFC the it impact

So How of are biggest there's the at with us we if sequentially, front? revenues as magnitude we things I calibrate POCs. How us look if XX bit the terms when X up year of gigahertz, gig to XXXX? we X the I'm as gigahertz European that. is relates chunk frame approval. could you you the a What's then when saw at XXXX, on were look as a successful assuming that AFC to for opportunity about WISPA, were into XXX-plus you think talking in pipeline? quite movement. you it wondering last that of big could The And that

Morgan C. Kurk

Sure.

range, new significant. is the new product XX of to of $XX what couple the and it The is was a past spectrum in this things with unpack million And when collides there. impact products. So happens to $X million this gigahertz quarter

ourselves get that sizable as becomes a out.You're it. bump sort the it's that correct. And You same people a bump build and whole will nice the available, from industry gigahertz of in X as benefits get that

POCs. XXX than more have We

doing deployments. Some folks early are

an this year cannot half the they approval quarter. except on under but ramp course, license, with to experimental the rather Of that to equipment significantly expect of prior turn first approval we in happening this in

Operator

We have Raymond Leopold Simon with James.

Simon Leopold

bit want or gross getting I is a bridge margin. deciphering maybe one First the on little a help of

I that was inventory million think and if you been that would like, so XX%. back mentioned looks $X I have out, margins adjustment; around gross that there

offer on business because wondering really understand I'm And be could unpack low check maybe us even Anything math this or negative us contributing help my margin? enough contributes what Wi-Fi gross guessing weak Just a that gross what's help can to there. on segment, then that to is margin. going it by you

Andrew Bronstein

I that. for the question. Thanks appreciate

the impact in the you That certainly the So additional inventory $X terms had reserve. million. biggest mentioned of

third area vendors enterprise, addition we very bring inventory We're result in have is that the includes discounting we now. In the to freight through of especially I in capitalization distributors products. inventory of inventory, that looking -- the channel, that, right in inventory.And the a with less working are of closely from had our as in less we terms mentioned is not purchasing that more our that especially enough our have because inventory for moving and older to channel,

are XXXX, those range. at So ahead X that the more rate, margin. least even plus once at We discounting normalized the a we impacted expect to that be we with look do as will get to XX% we gross areas the that,

Scott Searle

how if we consider like timing government And as BEAD tailwinds about of thinking to an and your could what's opportunities. the get of your update current then even some the and thinking from from maybe example, international those? contribution on any an thinking But programs, on

Morgan C. Kurk

when impact primarily funding fiber. predominantly and to be timing an view Simon, to There everybody fiber. the of money current happen. we methodology more that using on have future, the expect So the not enough with clearly is around really have of going of And other this we a exactly will don't although focused in bead good connect continues to

while the rest uplift throughout on as get And real of because that requiring we are United the an States. in to have programs what believe on we're government And favor for over I part normal time.But I be business. them, where number working so will funding. it we us think gaining have. you different with said, the just timing a actively big we of we other a as world There will of I that have don't will a impact give requirements it don't sort our of

Operator

comes Notter question Jefferies. next with George from Our

George Notter

for I company. that monologue, your as Morgan, of look about thoughts being portfolio? where the about to in views a focused can might you become pieces product on talk Morgan. less you talked guess set? one on as Any kind Are Can you a focused? there you doing your the company, product more rationalize or areas

Morgan C. Kurk

a is cases a products kind if field. And this the of to emphasized.But my mine, my deemphasized And in some product and our lines, without a will are try specific and it, methodology. speak there of of to I covering I'll customers. Absolutely. that so across or plan have spectrum be you the that passion same multitude reducing we go is same product through deemphasize the immediate emphasize, ability a look to products, the to in support the addressing product competing if best-in-class, call is I'll won't

more term, on to and about platform. something longer means of address can which R&D That, product. along products the single base, however, market consolidate single is it really a from customer this a that larger fervent gets because the I And you spread out it unified is am time. Over takes your a

consolidation. emphasize step is the to spend, So your and with step one X involved where going just you're engineering is

Operator

Erik with next Stand JMP Securities. this is question, from Suppiger coming our and by for

Erik Suppiger

competitive can a your there? Morgan, the doing are Are you bit significant you the seeing that the talk enterprise environment are particularly Or products? out little you discounting for about ones reductions. like sense a then of headcount give perspective? it a a particular? perspective, in us from things And Can headcount discounting sounds where stand already you made you've some from also,

Morgan C. Kurk

Sure.

think channel So facing think with lots shortages, terms When enterprise, that a of industry I orders dealing have as I same the similar is the the is issue. places suppliers, and typically whole you of of and competitive supply lots different challenges. in on lots in everybody landscape chain

possible. to discounting a We that are have We of is the on fact our where a our example. cost, accomplish. we need price terms the on.In what while accomplish with following not this entire attempt out to I still we that's to And company, today, does primary of a but our portfolio. in in discounting. leaders maintaining and company the where impact figure is we lot reductions, have can oversized that's am there's R&D of a market majority the that's We're hold afford of across I a can others. operating our But what balancing reductions we how how in going expenses as reduce healthy

Erik Suppiger

Can you of think comment you at it how September what from your headcount and the quarter was the proceed end will there?

Andrew Bronstein

of terms is specific, So of of overall the in reduction XX%. terms again, in headcount numbers people XX% to

Erik Suppiger

And can you remind us what your current headcount is?

Andrew Bronstein

range. headcount, using, it's we're including in So if contractors XXX the overall look at our that you

Operator

our from Roy John Tower question Water Research. with next comes And

John Marc Roy

to gross So to I want back kind of margins. circle

bit curious on of give guiding color mix. You on to recovery that you little a fourth maybe kind are quarter. product the can as to Was of any any guys in and specifics

Andrew Bronstein

is big part mix. that's product it, Yes, a of

in products revenues in company. defense pretty expecting increase issues.As you sector given we're deferral the because QX significantly within the the have that the know, may occurred timing margin budgetary to our the So the of highest defense

we're because are distributors and their other the to said inventory very that issues making move inventory We of have Morgan as price we through the as channel. being which sure sure that to as have at we working them looking to price we terms in to as decrease channel. enterprise, working can aggressively often channel, move in with earlier, similar inventory competitors taken we're competitive with And actions making they've the through as means need also, the our

partially that's in the one X So well, Those main are drivers. within enterprise. happening as product especially particular what's

yes, So go ahead.

John Marc Roy

ask the kind point, a of somewhat to was items gig. margin bit little I XX about this higher at that, just it's Yes. going Is since newer?

Andrew Bronstein

It's on not mid the high margin are, running, the in many higher products products. one PMP as average. to the of XXs of It's

for right about that's XX So gigahertz.

Operator

again Searle with Roth And our from comes Capital Scott final question Partners.

Scott Searle

gross just real XXXX, I scenario at as in expectations in you are look there through out second time? of recovery, to understanding half of quickly the et in your in the of what look to near-term dive that discounting, that what's will on margin the again a recovery moving headwinds the profile point But in cetera. gross Wi-Fi wanted terms terms margin channel, like

Andrew Bronstein

you I we're well 'XX. done.And through we're historically back I comments, cost us think the said think get we've levels. think the where get as that reductions out I I had, mean, more of I see that the future for whether significant in as I think as once of I ultimately that half my is second don't I all ultimately. pan and going into in going the after the industry XX% get said out think, range we've in to go and kind I or we that's that to have in that generating settles we cash free flow But levels had think know when we 'XX to with headwinds overall the those you're to going similar positions longer-term, to

Morgan C. Kurk

more. Take one

Operator

Suppiger And again with JMP we Eric have Securities.

Erik Suppiger

quick a Just follow-up.

do flow want a we When how we breakeven? can getting of have free either you Anything you balance sense from any Or or cash, to the should you flow? be cash work cash anticipate of terms out do modeling preserve? In rule-of-thumb-wise? that target to cash

Andrew Bronstein

with the more quarters I way coming as it's cash about think terms collecting in quarter's the previous especially from headwinds, really prudent of see be get it as X is in. some next that you're going us for right I to now call. I quarter, into XXXX, first in talk we we'll the that where mentioned, in But mean, receivables I

previous year the we more couple I And bit XXXX. see in. makes of have to to see it's the portion with now, of take low-revenue terms even modeling need cash little obviously, prudent we'll don't we quarters into than than be it any With right don't a as it that restructuring.So of in it such it, going a very which of I coming take down XXXX. maybe as less challenging, of than to us the also more we're associated out revolver, for a half any being enter the costs quarters, And being throughout that think

Erik Suppiger

Are there aware be of should any with restrict of covenants would that that that? the revolver loan associated any we

Andrew Bronstein

covenants restrictive now. are being with see but don't that as we the There some right associated revolver,

Operator

session. this President, turn it I Mr. Analyst back Industry Peter Peter? Vice for closing to now like to concludes Schuman, remarks. the question-and-answer And would and Investor Relations,

Peter Schuman

Thank you, Eric.

will Oppenheimer Cambium ROTH Conference; New at today's the meantime, Conference welcome November Virtual QX and In Summit. concludes Investor November at this you Communications During (XXX) that meeting on and and in with call. joining on the XX us, XX be at on Relations Security, XX Capital questions Needham XG investors Networks the York, contact department the to our Thank always for Networking at XXX-XXXX and Virtual you're any December 'XX, held virtually arise. with

Operator

Ladies and you gentlemen, earnings today's this call. Thank your concludes quarterly for participation.

You may off. log now

Cambium Networks (CMBM) 2 Nov 232023 Q3 Earnings call transcript