Cambium Networks Corp (CMBM) 2024 Q2 法說會逐字稿

Good afternoon. My name is Stephen, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Cambium Networks second-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this call is being recorded. (Operator Instructions)

午安.我叫史蒂芬，今天我將擔任你們的會議操作員。此刻，我歡迎大家參加 Cambium Networks 2024 年第二季財務業績電話會議。（操作員說明）謹此提醒，此通話正在錄音。（操作員說明）

Thank you. Mr. Peter Schuman, Vice President of Investor, Industry Analyst and Public Relations. You may begin your conference.

謝謝。彼得舒曼先生，投資者、產業分析師和公共關係副總裁。您可以開始您的會議了。

Thank you, Stephen. Welcome, and thank you for joining us today for Cambium Networks' second-quarter 2024 financial results conference call, and welcome to all those joining by webcast. Morgan Kurk, our President and CEO; and Jacob Sayer, our CFO, are here for today's call.

謝謝你，史蒂芬。歡迎並感謝您今天加入我們參加 Cambium Networks 的 2024 年第二季財務業績電話會議，並歡迎所有透過網路直播加入的人。摩根·庫克，我們的總裁兼執行長；我們的財務長 Jacob Sayer 也出席了今天的電話會議。

The financial results, press release and commentary referenced on this call are accessible on the Investor page of our website, and the press release has been submitted on a Form 8-K with the SEC. A copy of today's prepared remarks will also be available on our Investor page at the conclusion of this call.

本次電話會議中引用的財務業績、新聞稿和評論可在我們網站的投資者頁面上查看，並且新聞稿已以 8-K 表格形式向 SEC 提交。本次電話會議結束時，我們的投資者頁面也將提供今天準備好的評論副本。

As a reminder, today's remarks, including those made during Q&A, will contain forward-looking statements about the company's outlook and forecasted performance. These statements are based on current conditions, forecasts, and assumptions. Risks and uncertainties could cause actual results to differ materially.

提醒一下，今天的言論，包括問答期間的言論，將包含有關公司前景和預測業績的前瞻性陳述。這些陳述是基於當前狀況、預測和假設。風險和不確定性可能導致實際結果有重大差異。

Except as required by law, Cambium Networks does not undertake any obligation to update or revise any forward-looking statements for any reason after the date of this presentation whether as a result of new information, future developments to conform these statements to actual results or to make changes in Cambium's expectations or otherwise. It is Cambium Networks' policy not to reiterate our financial outlook. We encourage listeners to review the full list of risk factors included in the Safe Harbor statement in today's financial results press release or most recent SEC filings, including our most recent Form 10-K and Form 10-Qs.

除法律要求外，Cambium Networks 不承擔在本簡報發布之日後以任何理由更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來發展，以使這些陳述符合實際結果還是為了使這些陳述符合實際結果。Cambium Networks 的政策是不重申我們的財務前景。我們鼓勵聽眾查看今天的財務業績新聞稿中的安全港聲明或最新的 SEC 文件（包括我們最新的表格 10-K 和表格 10-Q）中包含的完整風險因素清單。

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

我們也將參考 GAAP 和非 GAAP 財務指標，並特別指出，除非另有說明，所有連續比較和同比比較均參考非 GAAP 數據。今天的財務業績新聞稿的附錄中包含了非公認會計準則措施與公認會計準則的調節，您可以在我們網站的投資者頁面和今天宣布我們業績的新聞稿中找到該資訊。

Turning to the agenda. Morgan will provide the key operational highlights for the second quarter 2024, and Jacob will provide a recap of the financial results for the second quarter of 2024 and will discuss our financial outlook for the third quarter and full year 2024. Our prepared remarks will be followed by a Q&A session. I'd now like to turn the call over to Morgan.

轉向議程。摩根將提供 2024 年第二季的主要營運亮點，雅各將提供 2024 年第二季的財務業績回顧，並將討論我們對 2024 年第三季和全年的財務前景。我們準備好的發言之後將進行問答環節。我現在想把電話轉給摩根。

Thank you, Peter. Summarizing the performance of Q2 of '24. Revenues for Q2 '24 were $45.9 million. We are pleased revenues were just above the midpoint of the outlook we provided during our Q1 '24 financial results call, with revenues up sequentially by 9% due to continued growth in our enterprise business with higher revenues in all geographies and growth in our point-to-multipoint PMP business.

謝謝你，彼得。總結 24 年第二季的表現。2024 年第二季的營收為 4,590 萬美元。我們很高興收入略高於我們在24 年第一季財務業績電話會議期間提供的前景的中點，由於我們的企業業務持續增長，收入環比增長了9%，所有地區的收入均有所增加，而我們的觀點有所增長-到多點的PMP業務。

Adjusted gross margin improved again quarter-over-quarter muted by higher-than-expected reserves taken for excess finished goods and raw materials. Excluding the unexpected E&O charges, adjusted gross margins would have been 44.4%, above our guidance for the quarter.

由於多餘製成品和原料的儲備高於預期，調整後毛利率再次較上季改善。排除意外的 E&O 費用，調整後毛利率將為 44.4%，高於我們對本季的指引。

Operating margins improved sequentially as we continue to control expenses to lower our breakeven point. Free cash flow was negative $1.8 million during Q2 '24, and our cash balance stood at $42.6 million, as of June 30. Cash flow from operations was positive $2.4 million. This is the first time it was positive in six quarters.

隨著我們繼續控制費用以降低損益平衡點，營業利潤率連續改善。2024 年第二季度，自由現金流為負 180 萬美元，截至 6 月 30 日，我們的現金餘額為 4,260 萬美元。營運現金流為正 240 萬美元。這是六個季度以來首次出現正值。

We believe the business is moving in the right direction, financially, operationally, and strategically. Sales of Cambium's products out of distribution channel as reported by Cambium's distributors were again higher for Q2 '24 in Cambium's reported revenues, and we saw corresponding declines in channel inventories. We continue to make progress in cleaning channel inventories and some of our partners are at appropriate levels of inventory, while other partners still have work to do.

我們相信，該業務在財務、營運和策略上都在朝著正確的方向發展。根據 Cambium 經銷商的報告，24 年第 2 季 Cambium 報告的收入中，Cambium 產品在分銷管道外的銷售額再次上升，我們看到通路庫存也相應下降。我們在清理渠道庫存方面繼續取得進展，一些合作夥伴的庫存水準處於適當水平，而其他合作夥伴仍有工作要做。

Sales in and sales out are expected to be at equilibrium by the end of the year, which is slightly longer than we had previously thought as shorter lead times and higher interest rates are driving distributors to a greater level of efficiency than in the past. Looking forward, lower channel inventories will result in end users demand more directly, driving increased revenues.

預計到今年年底，進銷存將達到平衡，這一時間比我們之前的預期稍長一些，因為更短的交貨時間和更高的利率正在推動分銷商比過去提高效率。展望未來，較低的通路庫存將導致最終用戶的需求更直接，進而推動收入增加。

Looking at some customer wins that are key to our future success. In the US, Cal.net, a provider of high-speed wireless broadband and digital services in the Central Valley and rural Northern California, has deployed ePMP 4600 to serve residential and commercial users with improved service levels of 400 megabits per second downlink and 200 megabits per second uplink.

看看一些對我們未來成功至關重要的客戶勝利。在美國，中央山谷和北加州農村地區的高速無線寬頻和數位服務供應商Cal.net 部署了ePMP 4600，為住宅和商業用戶提供每秒400 兆位元下行鏈路和200 兆位元每秒的改進服務水平。

They are providing high-speed Internet service to agricultural operation, local businesses, and residential customers, enabling increased productivity, improved video experience and a whole host of other broadband services. They selected Cambium as their supplier due to our value proposition: reliable, high-performance service at an affordable cost. This, in turn, allows Cal.net to provide faster broadband speeds at a lower cost to their customers in the incumbent service providers.

他們為農業經營、當地企業和住宅客戶提供高速網路服務，從而提高生產力、改善視訊體驗和一系列其他寬頻服務。他們選擇 Cambium 作為供應商是因為我們的價值主張：以實惠的成本提供可靠、高效能的服務。這反過來又使得 Cal.net 能夠以更低的成本向現有服務供應商的客戶提供更快的寬頻速度。

In England, Voneus, a rural broadband provider is leveraging Cambium Network's cnWave 60 gigahertz mesh technology to bring improved connectivity to Walney Island. Voneus is deploying Cambium's technology to make gigabit broadband available to more than 10,000 island residents. This collaboration aims to support the community's economic development and enhance educational opportunities for local students.

在英格蘭，農村寬頻供應商 Voneus 正在利用 Cambium Network 的 cnWave 60 GHz 網狀技術來改善沃爾尼島的連接。Voneus 正在部署 Cambium 的技術，為 10,000 多名島嶼居民提供千兆寬頻。此次合作旨在支持社區的經濟發展並增加當地學生的教育機會。

Cambium was selected due to the speed at which the system can be deployed. This is enabled by leveraging existing physical infrastructure and combining with Cambium's mesh technology, which also reduces the total cost of ownership. In addition, in the enterprise space, the Indian Institute of Technology, a premier public technical university located in Dhanbad, India, selected Cambium's enterprise solutions to connect multiple academic and housing blocks across the university's campus.

之所以選擇 Cambium，是因為該系統的部署速度很快。這是透過利用現有的實體基礎設施並結合 Cambium 的網格技術來實現的，這也降低了總擁有成本。此外，在企業領域，位於印度丹巴德的一流公立技術大學印度理工學院選擇了 Cambium 的企業解決方案來連接大學校園內的多個學術和住房區。

Now let's turn to upcoming product introductions since our last previous -- since our previous quarterly update. In June, we announced the release of a new PTP product for our commercial customers in the 80 gigahertz E-band, PTP 850EX. The product delivers 10 gigabit capacity and features a smaller form factor than prior product versions at a very compelling price. The E-band is ideal for building-to-building and other point-to-point connectivity as an alternative to fiber or as a backup to fiber and is used for applications such as backhauling outdoor Wi-Fi and video surveillance.

現在讓我們來看看自上次季度更新以來即將推出的產品。6 月，我們宣佈為 80 GHz E 頻段的商業客戶推出新的 PTP 產品 PTP 850EX。該產品提供 10 GB 容量，並且比以前的產品版本具有更小的外形尺寸，並且價格極具吸引力。E 頻段非常適合建築物到建築物和其他點對點連接，作為光纖的替代方案或光纖的備份，並用於回程室外 Wi-Fi 和視頻監控等應用。

For channel partners, we have introduced a new concierge program called Elite. Managed Wi-Fi service providers, value added resellers, and system integrators are eligible for this select program. The enhanced program introduces a new partner level, offering a host of benefits designed to accelerate growth, reduce risk and increase sales velocity.

對於通路合作夥伴，我們推出了一項名為「Elite」的新禮賓計畫。託管 Wi-Fi 服務提供者、加值經銷商和系統整合商有資格參加此精選計畫。增強版計劃引入了新的合作夥伴級別，提供一系列旨在加速成長、降低風險和提高銷售速度的優勢。

The program includes personalized support and the deployment of Cambium ONE solutions from a senior technical staff member assigned to the account as a consultant and expertise from specialized technical staff for onboarding and customer engagement.

該計劃包括個人化支援和 Cambium ONE 解決方案的部署，由一名被分配到該帳戶擔任顧問的高級技術人員負責，以及由專業技術人員提供的專業知識來進行入職和客戶參與。

Finally, total devices under cnMaestro cloud management in Q2 '24 increased approximately 6% from Q1 '24 and was up 15% year-over-year. I will now turn the call over to Jacob for a review of our Q2 '24 financial results and Q3 '24 and full-year 2024 financial outlook.

最後，24 年第 2 季 cnMaestro 雲端管理的設備總數比 24 年第 1 季增加了約 6%，較去年同期成長 15%。我現在將把電話轉給 Jacob，以審查我們 24 年第二季的財務業績以及 24 年第三季和 2024 年全年的財務前景。

Thank you, Morgan. Q2 '24 top-line results of $45.9 million increased 9% from Q1 due to growth in our enterprise and PMP businesses. Q2 results included additional inventory charges and supplier commitment reserves, which impacted gross margins by approximately $7 million, which was $5 million more than we expected at the beginning of the quarter.

謝謝你，摩根。由於我們的企業和 PMP 業務的成長，2024 年第二季的營收為 4,590 萬美元，比第一季成長 9%。第二季業績包括額外的庫存費用和供應商承諾準備金，這對毛利率造成了約 700 萬美元的影響，比我們本季初的預期高出 500 萬美元。

Had it been in line with expectations, non-GAAP gross margins would have been approximately 44.4%, slightly better than expectations due to stronger enterprise sales. We continue to work hard to manage our operating costs, focusing resources on those products and projects that are most critical for Cambium's future success.

如果符合預期，非 GAAP 毛利率約為 44.4%，由於企業銷售強勁，略好於預期。我們繼續努力管理營運成本，將資源集中在對 Cambium 未來成功最關鍵的產品和專案上。

Turning to revenue in the quarter. The increase in revenue was mostly due to growth in the enterprise business, which grew 58% sequentially as demand improved in all geographies and channel inventories continues to decline. Our PMP business grew slightly up 1% sequentially, thanks to strength in our ePMP product lines in Europe and Asia Pacific. Our North America PMP business remains slow as service providers are still working to understand the nuances of the 6 gigahertz PMP solution before moving to volume deployments.

轉向本季的收入。營收的成長主要歸功於企業業務的成長，隨著所有地區的需求改善和通路庫存持續下降，企業業務較上季成長了 58%。由於我們在歐洲和亞太地區 ePMP 產品線的實力，我們的 PMP 業務環比小幅成長 1%。我們的北美 PMP 業務仍然緩慢，因為服務供應商仍在努力了解 6 GHz PMP 解決方案的細微差別，然後再進行大量部署。

The point-to-point business declined by 5% sequentially due to the completion of a large North American licensed microwave installation in the prior quarter in Q1, partially offset by increased defense orders in Europe. While we typically expect defense to grow with historical trends during the second half of the year, this year we're seeing a delay in projects due to budget prioritization, both for domestic and international defense projects.

由於第一季上一季完成了北美大型授權微波安裝，點對點業務環比下降了 5%，但部分被歐洲國防訂單的增加所抵消。雖然我們通常預計下半年國防將按照歷史趨勢成長，但今年我們看到由於預算優先順序，國內和國際國防項目的項目出現延遲。

So looking at it by region, EMEA increased revenue 78% sequentially as a result of recovery in the P2P business for defense and higher PMP and enterprise revenues. North America was lower by 18% sequentially on lower P2P and PMP revenues, partially offset by higher enterprise revenues. APAC increased by 25% sequentially on higher enterprise and PMP revenues, and Latin America improved by 8% quarter over quarter.

因此，按地區來看，由於國防 P2P 業務的復甦以及 PMP 和企業收入的增加，歐洲、中東和非洲地區的收入環比增長了 78%。由於 P2P 和 PMP 收入減少，北美地區環比下降 18%，但企業收入增加部分抵消了這一影響。由於企業和 PMP 收入增加，亞太地區較上季成長 25%，拉丁美洲較上季成長 8%。

Now let's move on to gross margins. Our non-GAAP gross margin for Q2 '24 continued to move in the right direction and was 33.5% compared to 22.7% in Q1 '24. The higher quarter-over-quarter non-GAAP gross margin was primarily the result of lower material costs, fewer rebates, and an improved mix of higher margin enterprise revenues.

現在讓我們轉向毛利率。我們 24 年第二季的非 GAAP 毛利率繼續朝著正確的方向發展，為 33.5%，而 24 年第一季為 22.7%。非公認會計原則毛利率較上月上升主要是由於材料成本降低、回扣減少以及高利潤率企業收入組合的改善。

Non-GAAP total operating expenses, including depreciation and amortization in Q2, stood at $23.3 million, lower by $3 million sequentially as we manage expenses lower and due to certain one-time benefits. Our non-GAAP net loss for Q2 '24 was $7.1 million or a loss of $0.25 per diluted share and compared to a non-GAAP net loss of $12.7 million or a loss of $0.46 per diluted share in Q1. Adjusted EBITDA for Q2 '24 was a loss of $6.7 million compared to a loss of $15.5 million in Q1 '24.

非 GAAP 總營運費用（包括第二季的折舊和攤銷）為 2,330 萬美元，比上一季減少 300 萬美元，因為我們管理費用較低以及某些一次性福利。我們 24 年第二季的非 GAAP 淨虧損為 710 萬美元，或稀釋後每股虧損 0.25 美元，而第一季的非 GAAP 淨虧損為 1,270 萬美元，或稀釋後每股虧損 0.46 美元。24 年第二季調整後 EBITDA 虧損 670 萬美元，而 24 年第一季虧損 1,550 萬美元。

Now let's move on to cash flow and the balance sheet. Cash provided by operating activities was $2.4 million for Q2 '24 compared to cash used in operating activities of $15.4 million for Q1. We are focused on improving the order to cash cycle, reducing inventories, and managing working capital closely.

現在讓我們繼續討論現金流和資產負債表。2024 年第二季經營活動提供的現金為 240 萬美元，而第一季經營活動使用的現金為 1,540 萬美元。我們專注於改善訂單到現金週期、減少庫存並密切管理營運資金。

Cash totaled $42.6 million as of June 30 and free cash flow for the quarter was negative $1.8 million. We continue to manage our cost base and have reduced our breakeven point to an approximately $55 million quarterly revenue run rate.

截至 6 月 30 日，現金總額為 4,260 萬美元，該季度自由現金流為負 180 萬美元。我們繼續管理我們的成本基礎，並將損益平衡點降低至約 5,500 萬美元的季度營收運行率。

Net inventories of $50 million in Q2 '24 decreased by $5.6 million from Q1, driven by both consumption and increased inventory reserves. E&O reserves are primarily driven by estimated long-term demand for our products. These estimates can change over time and are dependent on the market, future technology development, and anticipated technology migration. Our goal for 2024 is to reduce our inventories to approximately 90 days outstanding, and that's down from 157 days at the end of June.

受消耗和庫存儲備增加的推動，2024 年第二季的淨庫存為 5,000 萬美元，比第一季減少了 560 萬美元。E&O 儲備主要由對我們產品的估計長期需求所驅動。這些估計可能會隨著時間的推移而變化，並且取決於市場、未來的技術發展和預期的技術遷移。我們 2024 年的目標是將庫存減少到約 90 天，低於 6 月底的 157 天。

Moving to the third-quarter and full-year '24 financial outlook. Considering our current visibility, our Q3 '24 financial outlook is as follows: revenue between $43 million to $48 million; non-GAAP gross margin between 41.5% and 43.5%; non-GAAP net loss between $5.4 million to $3.8 million, or net loss per diluted share between $0.19 and $0.14; adjusted EBITDA is expected to be between a negative $4.4 million to a negative $2.4 million; and adjusted EBITDA margin between the negative 10.2% to a negative 4.9%.

轉向 24 年第三季和全年財務展望。考慮到我們目前的能見度，我們 24 年第 3 季的財務前景如下：營收在 4,300 萬美元至 4,800 萬美元之間；非 GAAP 毛利率在 41.5% 至 43.5% 之間；非 GAAP 淨虧損在 540 萬美元至 380 萬美元之間，或攤薄後每股淨虧損在 0.19 美元至 0.14 美元之間；調整後的 EBITDA 預計在負 440 萬美元至負 240 萬美元之間；調整後的 EBITDA 利潤率在負 10.2% 至負 4.9% 之間。

Our updated full year 2024 financial outlook is expected to be as follows: revenues between $180 million and $190 million; non-GAAP gross margins of approximately 37%; non-GAAP net loss between $29.4 million and a net loss of $24.6 million, or a loss of between $1.04 to $0.87 per diluted share. Adjusted EBITDA margins are expected to be between a negative 16.2% to a negative 12%.

我們更新後的 2024 年全年財務展望預計如下： 收入在 1.8 億美元至 1.9 億美元之間；非公認會計準則毛利率約為 37%；非 GAAP 淨虧損在 2,940 萬美元至 2,460 萬美元之間，或攤薄後每股虧損在 1.04 美元至 0.87 美元之間。調整後 EBITDA 利潤率預計在負 16.2% 至負 12% 之間。

In summary, excluding the E&O charge, we delivered what we promised in the second quarter. Looking forward, while the incremental steps may not be as large as we would like, the company is moving in the right direction, and we expect to continue to improve financially from here.

總之，除去 E&O 費用，我們在第二季兌現了我們的承諾。展望未來，雖然增量可能沒有我們希望的那麼大，但公司正在朝著正確的方向前進，我們預計在此基礎上繼續改善財務狀況。

I'll now turn the call back to Morgan for closing remarks.

現在我將把電話轉回給摩根，讓他作結束語。

Thank you, Jacob. My first year with Cambium has been challenging. But as I assess our progress, I believe we have passed the most difficult point. For the past year, I've outlined three focus areas: improved operational excellence, platforming, and optimizing our go-to-market for enterprise.

謝謝你，雅各。我在 Cambium 工作的第一年充滿挑戰。但當我評估我們的進展時，我相信我們已經度過了最困難的時刻。在過去的一年裡，我概述了三個重點領域：改善卓越營運、平台化和優化我們的企業上市。

We have significantly improved our operational performance with increased focus and new processes. We are streamlining our supply chain and reducing channel inventories, which positions us better for the future. Our platforming work is underway and will bear fruit in faster product development, reduced lead times, improved efficiencies in operations and sales and lower overall cost.

透過加強關注和新流程，我們顯著提高了營運績效。我們正在精簡供應鏈並減少通路庫存，這使我們能夠更好地應對未來。我們的平台化工作正在進行中，並將在加快產品開發、縮短交貨時間、提高營運和銷售效率以及降低整體成本方面取得成果。

Our enterprise business is growing. And as we change the way we interact with our partners, I expect this to accelerate. Our PMP business is positioned to grow with the approval of both our ePMP and PMP product lines of 6 gigahertz offering faster speeds, improved reliability, and increased bandwidth. We expect to see the benefit as our product ramps in North America as well as with the future opening of 6 gigahertz spectrum for PMP use in other countries around the world.

我們的企業業務正在不斷成長。隨著我們改變與合作夥伴互動的方式，我預計這種情況會加速。隨著我們的 ePMP 和 6 GHz PMP 產品線獲得更快的速度、更高的可靠性和更高的頻寬的批准，我們的 PMP 業務將不斷發展。隨著我們的產品在北美的推廣以及未來開放 6 GHz 頻譜供世界其他國家的 PMP 使用，我們預計將看到收益。

Our enterprise business is at the start of a new product cycle with Wi-Fi 7. Channel inventories have been reduced and our switching software businesses offer competitive product line-ups.

我們的企業業務正處於 Wi-Fi 7 新產品週期的開始。通路庫存已經減少，我們的交換軟體業務提供了具有競爭力的產品線。

Finally, I'd like to share my continued appreciation to all those involved in our transformation. The effort and loyalty are appreciated and I believe will be rewarded in the long run.

最後，我想向所有參與我們轉型的人們表示我一直以來的感謝。我們的努力和忠誠受到讚賞，我相信從長遠來看將會得到回報。

With that, I'd like to turn the call back over to Stephen and begin with the Q&A session.

接下來，我想將電話轉回給史蒂芬，並開始問答環節。

Thank you. We will now open the call for your questions. (Operator Instructions)

謝謝。我們現在將開始電話詢問您的問題。（操作員說明）

Scott Searle, Roth Capital.

史考特·塞爾，羅斯資本。

Hey, good afternoon. Thanks for taking my questions. Maybe Morgan, Jacob, just a couple of quick clarifications. Looking at the gross margins into the third quarter, you have them up slightly sequentially, but there were a lot of reserves that were taken in the second quarter. I'm wondering if you could clarify what those reserves or what are you thinking about and is embedded into those -- that guidance for the third quarter?

嘿，下午好。感謝您回答我的問題。也許摩根，雅各布，只是簡單的幾個澄清。從第三季的毛利率來看，它們比上一季略有上升，但第二季有大量準備金被佔用。我想知道您是否可以澄清這些儲備是什麼，或者您在考慮什麼以及將哪些內容嵌入到第三季的指導中？

And also, you talked about sell through being higher than sell-in, I think, from the Wi-Fi product line or enterprise. The last couple of quarters, I think that's been in the $15 million to $20 million range. I wonder if you could clarify if we're still seeing that demand at those levels. And it sounds like you're expecting that to normalize by the end of this year. And then I had a follow-up.

而且，我認為，您談到了透過比 Wi-Fi 產品線或企業的銷售更高的銷售。我認為過去幾季的銷售額在 1500 萬美元到 2000 萬美元之間。我想知道您能否澄清一下我們是否仍然看到這些水平的需求。聽起來您預計這種情況會在今年年底前恢復正常。然後我進行了跟進。

Thanks. I'll deal with the first half of that question, and I'll pass it to Morgan for the second. On the excess and obsolete, you're absolutely right. The charges have been pretty large for the last couple of quarters at $7 million each. They stem from a series of tests that we do from an accounting perspective with regard to the component balances and finished good balances that we hold and that are held at our suppliers.

謝謝。我將處理該問題的前半部分，然後將其傳遞給摩根來解決第二部分。關於過剩和過時，你是絕對正確的。過去幾季的費用相當高，每季高達 700 萬美元。它們源自於我們從會計角度對我們持有和供應商持有的零件餘額和成品餘額進行的一系列測試。

For the third quarter, embedded in the guidance is just under a $2 million assumption for E&O. We don't have a current list of those products in terms of where we'd expect to see that, it's just a placeholder at the moment. But we do expect it to reduce substantially from where we've been the last couple of quarters.

對於第三季度，指導中嵌入的 E&O 假設略低於 200 萬美元。我們目前還沒有這些產品的列表，無法說明我們希望在哪裡看到這些產品，目前它只是一個佔位符。但我們確實預計它會比過去幾季大幅減少。

(multiple speakers) Sorry, go ahead, Scott.

（多個發言者）抱歉，請繼續，斯科特。

No. Please continue. Thank you.

不。請繼續。謝謝。

The second part of your question had to do with the level at which our inventory was destocking. It's less than it was in the past, but still on the order of, call it, the $10 million. It's destocking on a quarterly basis.

你問題的第二部分與我們的庫存去庫存水準有關。雖然比過去少了，但仍在 1000 萬美元左右。它每季都會去庫存。

I think it was VPLS.

我認為是 VPLS。

I'm sorry, Morgan, just to clarify. So the delta in the sell-in versus sell-through was $10 million. Is that roughly the range that we're talking about for the second quarter?

抱歉，摩根，我只是想澄清一下。因此，售入與售出的增量為 1000 萬美元。這大致是我們談論的第二季的範圍嗎？

Absolutely, those are the types of numbers, yes. Remember those number come from our supply -- our distributors, so they're not accurate. So I can only give you a range but around that number.

當然，這些都是數字類型，是的。請記住，這些數字來自我們的供應商——我們的經銷商，所以它們並不準確。所以我只能給你一個範圍，但大約是這個數字。

Okay. Fair enough. And if I could on the point-to-multipoint front, it's been a couple of years of headwinds due to multiple product cycles, spending patterns, et cetera. But I'm starting to hear -- it sounds like you're becoming more optimistic about this gigahertz product cycle.

好的。很公平。如果我能在點對多點方面做到這一點，那麼由於多個產品週期、支出模式等原因，這已經是幾年的逆風了。但我開始聽到——聽起來你對這個千兆赫產品週期變得更加樂觀。

I'm wondering if you could give us some broad-based thoughts in terms of how you're thinking about 2025 in terms of it contributing. And maybe wrap that into the B conversation in terms of the dialog that you're having with customers and how that kind of feathers into that funding opportunity.

我想知道您是否可以就您如何看待 2025 年的貢獻向我們提供一些廣泛的想法。也許可以將其納入 B 對話中，即您與客戶的對話以及這種方式如何融入融資機會。

And in aggregate then if I look at point-to-multipoint, we're under $20 million on a quarterly basis. It peaked at close to $60 million a quarter. When we start to get to a normalized environment, maybe in the second half of next year, what's the bogey in terms of revenue run rate that we should be thinking about?

總的來說，如果我看看點對多點，我們每季的收入不到 2000 萬美元。每季的峰值接近 6000 萬美元。當我們開始進入正常化環境時，也許是在明年下半年，我們應該考慮的收入運行率方面的忌諱是什麼？

Okay. I feel like Rodney Dangerfield. One question has 27 parts. I'll try to make sure I answer all of it. In terms of PMP and how we foresee the future, while I don't think speed will have a measurable impact in '25, probably will happen late '25 or '26 before that really has an opportunity, as we speak to customers, they're putting their plans in, they're trying to get state governments, 26 of which now have been, call it, funded by the Fed. They're trying to get their plans in and then they will be rushing to get money, and then there will be a plan to roll out and eventually, that will turn into equipment for us.

好的。我感覺就像羅德尼·丹澤菲爾德。一道題目有27個部分。我會盡力確保我回答了所有問題。就 PMP 以及我們如何預見未來而言，雖然我認為速度不會在 25 年產生可衡量的影響，但可能會在 25 年末或 26 年真正有機會之前發生，正如我們與客戶交談時，他們在製定他們的計畫時，他們正在努力爭取州政府的支持，其中26 個州政府現在已經得到了聯準會的資助。他們試圖制定他們的計劃，然後他們會急於籌集資金，然後會有一個計劃推出，最終，這將變成我們的設備。

We've been speaking about that. That's sort of our view on that. It's a late '25, early '26. There's still a lot of questions around it, because today it requires licensed spectrum and remember 6 gigahertz is unlicensed spectrum. There are some costs that this may change that could have a material positive impact for us.

我們一直在談論這個。這就是我們對此的看法。現在是 25 年底，26 年初。圍繞它仍然存在很多問題，因為今天它需要許可頻譜，並記住 6 GHz 是未經許可的頻譜。這可能會改變一些成本，從而對我們產生重大的正面影響。

And the reason I'm more optimistic is that we've kind of what I think hit have a floor in terms of people's low point on their spend. And we're starting to have a better appreciation for what it will take to roll out 6 gigahertz services. We thought this would happen faster, but I am optimistic that it will happen in, I'll call it, the next few quarters as people figure out what it takes to avoid the incumbents, deploy these systems and get the higher data rates and returns they want with their customers.

我更樂觀的原因是，我認為人們的支出已經達到了最低點。我們開始更了解推出 6 GHz 服務所需的條件。我們認為這會發生得更快，但我樂觀地認為，它會在接下來的幾個季度發生，我稱之為，因為人們會弄清楚如何避免現任者，部署這些系統並獲得更高的數據速率和回報他們希望與客戶一起。

Well, Morgan, I don't know if you'd be willing to go this far, but I'll call it quote-unquote normalized or more normalized environment. What do you think point-to-multipoint revenues look like on a quarterly basis?

好吧，摩根，我不知道你是否願意走這麼遠，但我將其稱為引用-非引用標準化或更標準化的環境。您認為點對多點的季度收入如何？

I'm not prepared to answer that at this point. But I will take that for future reference to you.

我現在不准備回答這個問題。但我會把它當作以後給你的參考。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thanks for taking the question. I want to see if maybe you could unpack your thoughts about the full-year forecast, because basically you've given us September and given us a full year, so that allows us to determine what you're assuming for the fourth quarter. And basically, it looks like you average $36 million-ish in 3Q and 4Q.

感謝您提出問題。我想看看您是否可以闡述您對全年預測的想法，因為基本上您已經給了我們 9 月和全年的預測，這樣我們就可以確定您對第四季度的假設。基本上，第三季和第四季的平均收入看起來約為 3,600 萬美元。

I'm just wondering if there's a good reason why the fourth quarter shouldn't be showing further signs of improvement. Basically, I'm looking for a trajectory and whether or not you think I’m misinterpreting it or if there's some aspect of the macro that you're concerned about? Just help us unpack what applies for the fourth quarter.

我只是想知道是否有充分的理由為什麼第四季度不應顯示出進一步改善的跡象。基本上，我正在尋找一條軌跡，您是否認為我誤解了它，或者您是否擔心宏觀的某些方面？請幫助我們解開適用於第四季的內容。

So if you unpack the guidance at the midpoint of that $185 million, you can kind of back into a number close to $51 million for Q4. That's pretty simple math. So it is an improvement sequentially, that's what we're expecting in the fourth quarter.

因此，如果您將指導意見解壓縮為 1.85 億美元的中點，那麼第四季度的數字可能會接近 5,100 萬美元。這是非常簡單的數學。所以這是一個連續的改善，這就是我們對第四季的預期。

These are down from our prior expectations with regard to weakness in defense, which we mentioned on the call and some slow ramps, especially in the 6 gigahertz space for PMP. But we are expecting sequentially improvement, especially as we go into the fourth quarter.

這些低於我們先前對防禦弱點的預期，我們在電話會議中提到了這一點，並且出現了一些緩慢的變化，特別是在 PMP 的 6 GHz 空間中。但我們預計會出現連續改善，尤其是進入第四季時。

So what's driving that, I guess, is what I'm looking for.

所以我想，推動這股趨勢的因素正是我所尋找的。

What's driving the lower forecast in prior or what's driving it up?

是什麼導致了先前的預測較低或是什麼導致了預測的上升？

What's driving the sequential improvement? Sort of where is the recovery coming (technical difficulty)

是什麼推動了連續改進？復甦即將到來（技術難度）

Yeah, it's coming from sequential enterprise growth and then some growth in PMP.

是的，它來自連續的企業成長以及 PMP 的一些成長。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

All right. I am showing no further questions at this time. I would now like to turn it back to Peter Schuman for closing remarks.

好的。我目前沒有提出任何進一步的問題。現在我想請彼得舒曼（Peter Schuman）發表結束語。

Thank you, Stephen. During Q3 '24, Cambium Networks will be meeting with investors in Chicago on Tuesday, August 27 at the Jefferies Technology Media and Consumer Conference. In the meantime, you're always welcome to contact our Investor Relations department at (847) 264-2188 with any questions that arise. Thank you for joining us, and this concludes today's call.

謝謝你，史蒂芬。24 年第三季度，Cambium Networks 將於 8 月 27 日星期二在芝加哥 Jefferies 技術媒體和消費者會議上與投資者會面。同時，如有任何問題，歡迎您隨時致電 (847) 264-2188 聯絡我們的投資者關係部門。感謝您加入我們，今天的電話會議到此結束。

All right. Ladies and gentlemen, this does conclude today's quarterly earnings call. Thank you for your participation. You may now log off.

好的。女士們先生們，今天的季度財報電話會議到此結束。感謝您的參與。您現在可以註銷了。