Ceragon Networks Ltd (CRNT) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Ceragon Networks Q4 and Full Year 2022 Earnings Call. Our presentation today will be followed by a question-and-answer session, at which time, if you wish to ask a question, you'll need to raise your hand using your mobile or desktop application and wait free your name to be announced. I'd like to hand over the call now to our first speaker today, Ms. Maya Lustig, Investor Relations. Please go ahead.

女士們、先生們，感謝大家的支持，歡迎參加 Ceragon Networks 第四季和 2022 年全年財報電話會議。我們今天的演講之後將進行問答環節，此時，如果您想提問，您需要使用行動或桌面應用程式舉手，然後等待宣布您的名字。我現在想將電話交給今天的第一位發言人，投資者關係部門的 Maya Lustig 女士。請繼續。

Thank you, operator, and good morning, everyone. I am joined by Doron Arazi, Chief Executive Officer; and Ronen Stein, Chief Financial Officer. Before we start, I would like to note that certain statements made on this call, including projected financial information and other results and the company's future initiatives, future events, business outlook, development efforts and their potential outcome, anticipated progress and plans, results and time lines and other financial and 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.

謝謝接線員，大家早安。執行長多倫·阿拉齊 (Doron Arazi) 也出席了會議；和財務長 Ronen Stein。在我們開始之前，我想指出在這次電話會議上所做的某些陳述，包括預期的財務資訊和其他結果以及公司的未來舉措、未來事件、業務前景、發展努力及其潛在結果、預期進展和計畫、結果和時間表和其他財務和會計相關事項構成經修訂的 1933 年證券法、經修訂的 1934 年證券交易法以及 1995 年私人證券訴訟改革法的安全港條款所界定的前瞻性陳述。 。

Ceragon intends forward-looking terminology such as believes, expects, may, will, should, anticipates, plans or similar expressions to identify forward-looking statements. Such statements reflect only current beliefs, expectations and assumptions of Ceragon management, but actual results, performance or achievements of Ceragon may differ materially as they are subject to certain risks and uncertainties, which could cause Ceragon's actual results to differ materially from those projected in such forward-looking statements.

Ceragon 打算使用諸如相信、預期、可能、將、應該、預期、計劃或類似表達等前瞻性術語來識別前瞻性陳述。此類聲明僅反映Ceragon 管理層當前的信念、期望和假設，但Ceragon 的實際結果、業績或成就可能存在重大差異，因為它們受到某些風險和不確定性的影響，這可能導致Ceragon 的實際結果與此類聲明中預測的結果有重大差異。

Such risks and uncertainties include, but are not limited to, those that are described in Ceragon's most recent annual report on Form 20-F and as may be supplemented from time to time in Ceragon's other filings with the SEC, including today's earlier filing of the earnings press release, all of which are expressly incorporated herein by reference.

此類風險和不確定性包括但不限於Ceragon 最近的20-F 表年度報告中所述的風險和不確定性，以及Ceragon 向SEC 提交的其他文件中可能不時補充的風險和不確定性，包括今天早些時候提交的收益新聞稿，所有這些都明確地透過引用併入本文。

Forward-looking statements relate to the date initially made do not purport to be predictions of future events or results, and there can be no assurance that they will prove to be accurate and Ceragon undertakes no obligation to update them. Ceragon's public filings are available on the Securities and Exchange Commission's website at www.sec.gov and may also be obtained from Ceragon's website at www.ceragon.com.

與最初做出的日期相關的前瞻性陳述並不旨在預測未來事件或結果，並且不能保證它們將被證明是準確的，並且 Ceragon 不承擔更新它們的義務。 Ceragon 的公開文件可在美國證券交易委員會網站 www.sec.gov 上取得，也可從 Ceragon 網站 www.ceragon.com 取得。

Also, today's call will include certain non-GAAP numbers. For a reconciliation between GAAP and non-GAAP, please see the table attached to the press release that was issued earlier today. I will now turn the call over to Doron. Please go ahead.

此外，今天的電話會議將包括某些非公認會計原則數字。有關 GAAP 和非 GAAP 之間的調整表，請參閱今天早些時候發布的新聞稿所附的表格。我現在將把電話轉給多倫。請繼續。

Thank you, Maya, and good morning, everyone. We had a very good 2022 in terms of the strength of our business as reflected in our annual bookings. Our bookings to revenue ratio was well above 1. We ended the year with a strong backlog. Fourth quarter bookings were softer than prior quarters, but this is similar to fourth quarter 2021, largely reflecting seasonality factors in doing business in the last quarter of the calendar year. At the inception of 2023, we are seeing, again, strong demand for our products and services.

謝謝瑪雅，大家早安。就我們的業務實力而言，我們的 2022 年表現非常好，這反映在我們的年度預訂中。我們的預訂量與收入之比遠高於 1。第四季度的預訂量低於前幾個季度，但這與 2021 年第四季相似，很大程度上反映了日曆年最後一個季度業務的季節性因素。 2023 年伊始，我們再次看到對我們的產品和服務的強勁需求。

Financially, the fourth quarter of 2022, despite being at the lower end of our revenue projection was a good quarter for us in many aspects. We ended the quarter with 33.1% gross margin and $3.2 million in operating profit, which reflects a growth of 113% over the fourth quarter of 2021. When we look at the second half of 2022, we see significant improvement in our revenue levels and profitability. This, we believe, is mainly thanks to a combination of 2 factors.

從財務角度來看，儘管 2022 年第四季處於我們收入預測的下限，但在許多方面對我們來說都是一個不錯的季度。本季末，我們的毛利率為 33.1%，營業利潤為 320 萬美元，較 2021 年第四季成長 113%。我們認為，這主要歸功於兩個因素的結合。

First, is our relentless execution of our growth strategy, and the second is the changing market dynamics, especially in supply chain, which continues to head in a good direction. Our fourth quarter 2022 revenues would have been even higher by a few million dollars were it not for a policy change by one of our leading customers regarding equipment received prior to year-end. The gap was also impacted to a lesser extent by a delay in a specific component that pushed certain equipment delivery out of fourth quarter 2022 into the first quarter of 2023.

首先是我們對成長策略的不懈執行，其次是市場動態的變化，特別是在供應鏈方面，它繼續朝著良好的方向發展。如果不是我們的一位主要客戶對年底前收到的設備的政策發生變化，我們 2022 年第四季的收入甚至會高出數百萬美元。這一差距在較小程度上也受到特定組件延遲的影響，導致某些設備的交付從 2022 年第四季推遲到 2023 年第一季。

As of today, we are mostly caught up with these deliveries. Without these 2 factors, our fourth quarter revenue and profit would be stronger. Throughout 2022, we made significant headway in the productization of our new system on a chip technology, and we are on track and expect to finish productization in 2023 and launch our new product line in 2024.

截至今天，我們大部分時間都在趕上這些交付。如果沒有這兩個因素，我們第四季的營收和利潤將會更強。在整個 2022 年，我們在新片上系統技術的產品化方面取得了重大進展，我們正步入正軌，預計在 2023 年完成產品化，並在 2024 年推出新產品線。

We strongly believe this system on a chip will drive strong demand and have a transformative impact on the industry and on our market share and performance, mainly due to 2 to 3 years' time to market advantage we expect to have over our competitors. Assuming supply chain dynamics continue to head in the right direction, together with strong business traction diverse and growing use cases for Ceragon solutions and the new products in development, we expect to launch, we are excited about the growth opportunities we anticipate for 2023 and beyond.

我們堅信，這種系統單晶片將推動強勁的需求，並對產業以及我們的市場份額和業績產生變革性影響，這主要是由於我們預計比競爭對手擁有 2 到 3 年的上市時間優勢。假設供應鏈動態繼續朝著正確的方向發展，加上Ceragon 解決方案和正在開發的新產品的多樣化和不斷增長的用例的強大業務牽引力，我們預計將推出，我們對2023 年及以後的成長機會感到興奮。

I'd now like to give you an overview per region. In North America, in the fourth quarter of 2022, 5G build continues to be strong. We received first orders for the DISH 2023 deployment. We also saw significant traction in the critical infrastructure sector in certain states with multiple RFPs. We continue to invest and intensify our sales efforts and services infrastructure in the region, and we intend to continue with this investment in 2023. Our bookings were softer than our expectations as some of the orders were not received on time in Q4 2022 and we shifted to Q1 2023.

現在我想向您介紹每個地區的概況。在北美，2022年第四季5G建設持續強勁。我們收到了 DISH 2023 部署的第一批訂單。我們也看到某些州的關鍵基礎設施領域具有多個 RFP 的巨大吸引力。我們繼續投資並加強我們在該地區的銷售工作和服務基礎設施，我們打算在2023 年繼續進行這項投資。到，我們轉移了到 2023 年第一季。

Our revenues were also lower than our expectations due to the year-end policy change by one of our clients. I'm happy to report that we already caught up on a major part of the slippages. We expect a strong first quarter in this region. India is a saturated market in terms of end customer demand, which means operators are increasingly turning to upselling and cross-selling to improve customer experience and drive engagement. Indian telcos continue to invest in 4G technology, while they start deploying 5G in different regions. They augment their network capacity with additional fiber and wireless E-band and multiband to meet the demand for high speed.

由於我們的一位客戶在年底政策發生變化，我們的收入也低於我們的預期。我很高興地向大家報告，我們已經彌補了大部分的錯誤。我們預計該地區第一季將表現強勁。就最終客戶需求而言，印度是一個飽和市場，這意味著營運商越來越多地轉向追加銷售和交叉銷售，以改善客戶體驗並提高參與度。印度電信公司持續投資4G技術，同時開始在不同地區部署5G。他們透過額外的光纖和無線 E 頻段和多頻段來增強網路容量，以滿足高速需求。

Coupled with the growing affordability and availability of 5G smartphones, we expect these developments to fuel consumer adoption of 5G in 2023 and beyond. In Q4 2022, we continue to deliver our products for 4G networks as well as started delivering our e-band multi-band solution for 5G networks. We expect this trend to continue in 2023. In Europe, we had a good quarter despite macroeconomic challenges seen in this region. We signed an agreement for a new turnkey project in Italy worth $4 million through which we replaced competition. We won the first project in partnership with a leading open run vendor composed of the full IP-50 family, including IP-50 FX.

再加上 5G 智慧型手機的價格和可用性不斷提高，我們預計這些發展將推動消費者在 2023 年及以後採用 5G。 2022 年第四季度，我們繼續為 4G 網路提供產品，並開始為 5G 網路提供 e-band 多頻段解決方案。我們預計這一趨勢將在 2023 年持續下去。我們在義大利簽署了一項價值 400 萬美元的新交鑰匙項目協議，透過該協議我們取代了競爭。我們贏得了與領先的開放式供應商合作的第一個項目，該供應商由完整的 IP-50 系列（包括 IP-50 FX）組成。

In general, our open network architecture solution continues to get traction as we are invited to more labs of Tier 1 operators, continue field trials with others and participate in RFQs. In APAC, 5G deployment is still unfolding, though at a different pace in different parts of the region. Australia, Japan and Korea are well advanced in 5G rollout and those are increasing the focus into the rural regions. Indonesia, Vietnam and several others are behind.

總的來說，我們的開放網路架構解決方案繼續受到關注，因為我們被邀請到更多的一級運營商實驗室，繼續與其他人一起進行現場試驗並參與詢價。在亞太地區，5G 部署仍在展開，但該地區不同地區的部署速度有所不同。澳洲、日本和韓國在 5G 部署方面走在前列，並且正在加強對農村地區的關注。印尼、越南和其他幾個國家落後。

We are well positioned primarily in Australia, where we are providing turnkey services as well as in South Korea and Japan. We continue to see traction and interest in our IP-50 product series, especially for wide band and open network use cases. In Q4 2022, we received the first significant order from one of the largest operators in APAC, which includes our IP-50 FX. We also delivered the first phase of a private network in Taiwan, which is an emerging and promising use case for us.

我們主要在澳洲以及韓國和日本佔據有利地位，在那裡我們提供交鑰匙服務。我們繼續看到人們對 IP-50 產品系列的吸引力和興趣，特別是對於寬頻和開放網路用例。 2022 年第四季度，我們收到了來自亞太地區最大營運商之一的第一份重要訂單，其中包括我們的 IP-50 FX。我們還在台灣交付了專用網路的第一階段，這對我們來說是一個新興且有前途的用例。

In Latin America, the continued instability of economies and governments may delay 5G rollout, government projects and the overall expected telco business. We continue to see competition primarily driven by Chinese vendors, and we continue to focus on offering our managed services, getting very strong traction. We also continue to focus on private networks. In Africa, business was slow in 2022 as many projects NPOs were moved to 2023. We enjoyed recurring business in managed services in Nigeria and Congo.

在拉丁美洲，經濟和政府的持續不穩定可能會推遲 5G 的推出、政府項目和整體預期的電信業務。我們仍然看到競爭主要由中國供應商推動，我們繼續專注於提供我們的託管服務，並獲得了非常強大的吸引力。我們也持續關注專用網路。在非洲，2022 年的業務進展緩慢，因為許多非營利組織計畫被推遲到 2023 年。

To summarize, while 2022 was a good year overall, it would have been better were it not for our supply chain changes, especially in the first half of the year. While these challenges are less intense today than they were a month ago, they still exist and impact our operations. Despite the said challenges, we reached new milestones in 2022, achieved successes in key areas of our business, advance the productization of our new chipset and gain traction on our managed services offering. We did all that while improving our gross margins and profitability. When we look into the future, we expect a strong 2023.

總而言之，雖然2022年整體來說是不錯的一年，但如果我們的供應鏈沒有發生變化，尤其是上半年，情況會更好。雖然這些挑戰今天不像一個月前那麼嚴重，但它們仍然存在並影響我們的營運。儘管面臨上述挑戰，我們還是在 2022 年實現了新的里程碑，在業務的關鍵領域取得了成功，推進了新晶片組的產品化，並在我們的託管服務產品上獲得了吸引力。我們在做到這一切的同時提高了毛利率和獲利能力。展望未來，我們預期 2023 年會表現強勁。

Given the positive business traction and our operational momentum, we expect to continue our growth in the leading regions we operate in. We anticipate substantial growth coming from our e-band sales, especially with the new coming cost-effective product that enables covering a broader market base. We also expect that our sell-side routing and managed services businesses to increase in 2023 and beyond. Before I turn the call over to Ronen to review the financials, allow me to acknowledge our new Chief Revenue Officer, Alon Klomek.

鑑於積極的業務牽引力和我們的營運勢頭，我們預計將在我們經營的領先地區繼續增長。的市場市場基礎。我們也預計我們的賣方路由和託管服務業務將在 2023 年及以後增加。在我將電話轉給 Ronen 審查財務狀況之前，請容許我向我們新任首席營收長 Alon Klomek 表示感謝。

In this newly created position, Alon will oversee the entire revenue materialization from prospect to order delivery and collection. We believe that with this addition to our team, we'll be better able to fulfill our strategic goals. I'd also like to welcome our Board Dima Friedman, who is joining us as Chief Operating Officer. Dima will work on further strengthening our operations. With these changes in place, our goal is to optimize our organizational structure and implement our growth strategy with further success.

在這個新設立的職位上，阿隆將監督從潛在客戶到訂單交付和收款的整個收入實現過程。我們相信，隨著我們團隊的加入，我們將能夠更好地實現我們的策略目標。我還要歡迎我們的董事會 Dima Friedman，他將作為首席營運長加入我們。迪馬將致力於進一步加強我們的營運。透過這些變革，我們的目標是優化我們的組織結構並進一步成功實施我們的成長策略。

Ronen, over to you.

羅南，交給你了。

Thank you, Doron, and good morning, everyone. I will now share a detailed review of our fourth quarter and full year 2022 financial results. To help you understand the results, I will be referring mainly to non-GAAP numbers for more information regarding our use of non-GAAP financial measures, including reconciliations of these measures, we refer you to today's press release. Let me now review the actual numbers with you.

謝謝你，多倫，大家早安。我現在將詳細回顧我們第四季和 2022 年全年的財務表現。為了幫助您了解結果，我將主要參考非公認會計原則數字，以獲取有關我們使用非公認會計原則財務指標的更多信息，包括這些指標的調節表，我們建議您參閱今天的新聞稿。現在讓我和大家一起回顧一下實際數字。

Revenues were $75.5 million, a decrease of 3% compared to $77.8 million in Q4 2021 and 4.1% compared to $78.6 million in Q3 2022. The decrease is mainly attributed to a policy change by one of our customers regarding equipment received prior to year-end. Our strongest regions in terms of revenues for the quarter were India and North America with $21.6 million and $17.2 million, respectively, in line with the continuous strong demand we see in these regions.

營收為7,550 萬美元，與2021 年第四季的7,780 萬美元相比下降了3%，與2022 年第三季的7,860 萬美元相比下降了4.1%。客戶對年底前收到的設備的政策發生了變化。我們本季營收最強勁的地區是印度和北美，分別為 2,160 萬美元和 1,720 萬美元，這與我們在這些地區看到的持續強勁需求相符。

Our third strongest region in terms of revenues was Latin America with $13.2 million followed by Europe with $10.1 million. We had 2 above 10% customers in the fourth quarter. Gross profit for the fourth quarter on a non-GAAP basis was $25 million, an increase of 10.7% compared to $22.6 million in Q4 2021 and a decrease of 10.6% as compared to $28 million in Q3 2022.

就收入而言，我們第三強的地區是拉丁美洲，為 1,320 萬美元，其次是歐洲，為 1,010 萬美元。第四季我們有 2 個超過 10% 的客戶。以非公認會計準則計算，第四季毛利為 2,500 萬美元，較 2021 年第四季的 2,260 萬美元成長 10.7%，較 2022 年第三季的 2,800 萬美元下降 10.6%。

Our non-GAAP gross margin was 33.1% compared to 29% in Q4 2021 and 35.5% in Q3 2022. When we take the trailing 12 months view, our non-GAAP gross margin was 31.8%, an increase compared to last quarter's trailing 12 months gross margin of 30.8%. I'd like to emphasize that the majority of our business is still project-based, and we see continued lumpiness in our revenues and gross margin from quarter-to-quarter.

我們的非GAAP 毛利率為33.1%，而2021 年第四季為29%，2022 年第三季為35.5%。上一季的過去12 個月有所增長月毛利率為30.8%。我想強調的是，我們的大部分業務仍然以專案為基礎，我們的收入和毛利率逐季度持續波動。

That said, the upward trajectory of our gross margin is very encouraging and reflects our ability to increase margins when we execute on our strategy and operational efficiencies. As for our operating expenses, Research and development expenses for the fourth quarter on a non-GAAP basis were $7.9 million, up from $7.7 million in Q4 2021 and up from $7.2 million in Q3 2022.

也就是說，我們毛利率的上升軌跡非常令人鼓舞，反映出我們在執行策略和營運效率時提高利潤的能力。至於我們的營運費用，以非公認會計準則計算，第四季的研發費用為 790 萬美元，高於 2021 年第四季的 770 萬美元，高於 2022 年第三季的 720 萬美元。

Sales and marketing expenses for the fourth quarter on a non-GAAP basis were $8.6 million, down from $8.7 million in Q4 2021 and up from $8.3 million in Q3 2022. General and administrative expenses for the fourth quarter on a non-GAAP basis were $5.4 million, up from $4.6 million in Q4 2021 and down from $6.1 million in Q3 2022.

以非GAAP 計算，第四季的銷售和行銷費用為860 萬美元，低於2021 年第四季的870 萬美元，高於2022 年第三季的830 萬美元。的一般和管理費用為5.4 美元百萬美元，高於 2021 年第四季的 460 萬美元，低於 2022 年第三季的 610 萬美元。

Operating profit for the fourth quarter was $3.2 million, up 113.3% compared to $1.5 million in Q4 2021 and down 50% compared to $6.4 million in Q3 2022. When we take the trailing 12 months view, our non-GAAP operating profit was $9.3 million, a 20.8% increase compared to last quarter's trailing 12 months operating profit of $7.7 million. Financial and other expenses for the fourth quarter on a non-GAAP basis were $2.9 million, impacted by an increase in interest rates and fluctuations in certain currencies.

第四季營業利潤為320 萬美元，與2021 年第四季的150 萬美元相比成長113.3%，與2022 年第三季的640 萬美元相比下降50%。看，我們的非GAAP 營業利潤為930 萬美元與上一季過去 12 個月營運利潤 770 萬美元相比增長 20.8%。受利率上升和某些貨幣波動的影響，以非公認會計準則計算，第四季的財務和其他費用為 290 萬美元。

Our tax expenses for the fourth quarter on a non-GAAP basis were $0.5 million. Net loss on a non-GAAP basis for the fourth quarter was $0.2 million or $0.00 per diluted share compared to $2 million or $0.02 per diluted share in Q4 2021 and compared to $4.1 million of net income or $0.05 earnings per diluted share in the previous quarter. As for our balance sheet, our cash position at the end of 2022 was $22.9 million, and our short-term loans stand at $37.5 million, leaving us with additional $12.5 million available unused facility.

以非公認會計準則計算，我們第四季的稅務費用為 50 萬美元。以非公認會計準則計算，第四季淨虧損為20 萬美元，即稀釋後每股收益0.00 美元，而2021 年第四季為200 萬美元，即稀釋後每股收益0.02 美元，上一季淨利潤為410 萬美元，即稀釋後每股收益0.05 美元。就我們的資產負債表而言，截至 2022 年底，我們的現金部位為 2,290 萬美元，短期貸款為 3,750 萬美元，這使我們還有 1,250 萬美元的可用未使用貸款。

Our inventory at the end of Q4 2022 was $72 million, up from $64.2 million at the end of Q3 2022. The increase is expected to reduce risks in fulfilling the demand we are witnessing mainly for our new products, including the E-band products. Our trade receivables are at $112.3 million, down from $115.9 million at the end of Q3 2022. Approximately 11% reflects a depth from a single customer for which we have recently initiated legal proceedings. While we believe we are taking effective measures in collecting this debt, we continue to closely monitor this situation.

截至2022 年第四季末，我們的庫存為7,200 萬美元，高於2022 年第三季末的6,420 萬美元。風險。我們的貿易應收帳款為 1.123 億美元，低於 2022 年第三季末的 1.159 億美元。雖然我們相信我們正在採取有效措施追收這筆債務，但我們將繼續密切關注這一情況。

Our DSO now stands at 139 days. As for our cash flow, net cash flow used for operations and investing activities in Q4 2022 was $10.6 million, mainly related to the investment in in-body and the onetime expense related to Abe's hostile attempt recorded in Q3 2022.

我們的 DSO 現在為 139 天。至於我們的現金流，2022 年第四季用於營運和投資活動的淨現金流為1,060 萬美元，主要與2022 年第三季記錄的In-body 投資以及與安倍敵對企圖相關的一次性費用有關。

In 2022, revenues came in shy of the lower end of our guidance. As Doron explained, specific factors were critical, including a policy change one of our customers regarding equipment purchase prior to the year-end and to a lesser extent, a particular delay related to one specific component, which pushed deliveries from Q4 2022 to Q1 2023.

2022 年，收入低於我們指導的下限。正如Doron 所解釋的那樣，具體因素至關重要，包括我們的一位客戶在年底前更改了有關設備採購的政策，以及在較小程度上與某個特定組件相關的特定延遲，這將交付時間從2022 年第四季延後到了2023 年第一季。

Our 2023 revenue guidance of $325 million to $345 million remains unchanged as we see improvement in the supply chain and component shortages, challenges and anticipate this trend to continue. We are more confident in our ability to navigate these challenges and expect to maintain our profitable growth trajectory.

我們對 2023 年 3.25 億美元至 3.45 億美元的收入指引保持不變，因為我們看到供應鏈和零件短缺的情況有所改善，面臨挑戰，並預計這一趨勢將持續下去。我們對應對這些挑戰的能力更有信心，並期望保持我們的獲利成長軌跡。

With that, I now open the call for your questions. Operator?

至此，我現在開始詢問大家的問題。操作員？

(Operator Instructions) Our first question today comes from the line of Alex Henderson from Needham.

（操作員說明）我們今天的第一個問題來自 Needham 的 Alex Henderson。

Let's just start off with the obvious. Can you explain what policy change occurred and how that manifests into your numbers and the component delay, can you give us a little bit of a sense of -- was it just a temporary thing? Have you gotten those proponents in? Or are you still experiencing it?

讓我們從顯而易見的事情開始。您能否解釋一下發生了哪些政策變化以及這些變化如何體現在您的數位和組件延遲中，您能否給我們一點感覺——這只是暫時的事情嗎？你讓那些支持者加入了嗎？還是你還在經歷嗎？

So as we said, we already caught up with these delays that reduced our revenue for Q4 versus our original expectation. So all these revenues were already basically taken into account in Q1 after we have delivered the products. Now there were 2 issues. The first one is one of our big customers, we usually receive material and equipment almost until the last minute at the end of the year, at least in previous years. And this year, at a certain point, they decided to make a change and to push the expected equipment delivery into Q1. The other point was referring to a specific component by a couple of weeks. And obviously, as a result of that, created a delay in our production line. We're trying to catch up, but eventually, a few million dollars slipped into January. So generally speaking, as I said, we already caught up with these revenues.

正如我們所說，我們已經趕上了這些延遲，導致第四季度的收入低於我們最初的預期。所以所有這些收入在我們交付產品後基本上已經在第一季考慮了。現在有兩個問題。第一個是我們的大客戶，我們通常幾乎到年底的最後一刻才收到材料和設備，至少在前幾年是如此。今年，在某個時候，他們決定做出改變，將預期的設備交付推遲到第一季。另一點是幾週前提到的一個特定組件。顯然，這導致了我們生產線的延誤。我們正在努力迎頭趕上，但最終，一月份損失了幾百萬美元。所以總的來說，正如我所說，我們已經趕上了這些收入。

If I were to look at the policy change, what magnitude impact did that have on the quarter? Was it $2 million to $3 million kind of number? Or what was it?

如果我看一下政策變化，這對本季產生了多大影響？是200萬到300萬美元之類的數字嗎？或者那是什麼？

This size, more or less?

這個尺寸，多還是少？

So the policy change sounds like it wasn't a policy so much as it was a timing of the desire delivery. Am I wrong in that assessment? And when somebody says I just wanted the next quarter, it's maybe more of a timing of their spend and recognition of their cost as opposed to, say, a policy implementation where it's a change in accounting or any other element in that sort.

因此，政策的改變聽起來與其說是一項政策，不如說是實現願望的時機。我的評估有誤嗎？當有人說我只想要下個季度時，這可能更多的是他們的支出時機和對成本的認識，而不是政策實施，其中包括會計或任何其他類似因素的變化。

When talking about policy change, -- what I mean is that they have kind of more focused on certain KPIs such as the level of their inventory in their warehouses at the end of the year. And as a result of that, obviously, the organization is focused on making sure that the level of inventories at the end of the year will be the minimal possible essentially, from our perspective, it's just a timing difference. I fully agree with you.

在談論政策變化時，我的意思是他們更關注某些關鍵績效指標，例如年底倉庫的庫存水準。因此，顯然，該組織的重點是確保年底的庫存水準基本上盡可能低，從我們的角度來看，這只是時間上的差異。我完全同意你的觀點。

So has your visibility improved for 2023 over the course of the back half of the year?

那麼下半年您對 2023 年的能見度有改善嗎？

I would say that generally speaking, our visibility has increased. Obviously, when looking on the end of 2022, all in all and the booking we received, the visibility has increased.

我想說的是，總的來說，我們的知名度有所提高。顯然，展望 2022 年底，總而言之以及我們收到的預訂，可見度有所增加。

And your gross margins have now moved up the most recent year around 33%. Is that a function of mix and therefore, that's kind of the new range? And also as you're starting to shift more to the U.S. and EMEA, which where margins tend to be higher. Is that a reasonable thought process on the new range?

最近一年，你們的毛利率增加了 33% 左右。這是混合的功能嗎？而且，隨著您開始更多地轉向美國和歐洲、中東和非洲地區，這些地區的利潤率往往更高。這是對新系列的合理思考過程嗎？

Eventually, it's a combination. I will let Ronen give you more detailed answer.

最終，這是一個組合。我會讓Ronen給你更詳細的答案。

It is a combination both of the North America improvement and also the reduction in supply chain costs, PDAs and sourcing of components cost us.

這是北美改進和供應鏈成本、PDA 和組件採購成本降低的組合。

And then if I were to look at your OpEx, obviously, you've got some big moving items here. You've got increases in your compensation that has to happen every year, but you've also got the shekel swing 2 other companies report out of Israel this morning. And they both said they were benefiting enough to offset the rise in costs and both guided to essentially flat OpEx. Can you give us some sense of what your OpEx is expected to do over the course of '23?

然後，如果我查看您的營運支出，顯然，您這裡有一些重要的移動項目。你的薪水每年都會增加，但今天早上以色列還有另外兩家公司報告謝克爾波動。他們都表示，他們的收益足以抵消成本的上漲，並且營運支出基本上持平。您能否告訴我們您的營運支出在 23 年期間預計會做什麼？

We do expect the OpEx to increase a bit. According to our growth trajectory and also the improvement in the gross margin, we will also increase a bit the OpEx. Of course, the OpEx impact will improve.

我們確實預計營運支出會略有增加。根據我們的成長軌跡以及毛利率的改善，我們還將增加一點營運支出。當然，營運支出的影響將會改善。

So 2 last questions, and I'll see the floor and they're both related. Do you think at this point that you would expect to be profitable throughout the 4 quarters of '23? And do you expect to build or eat backlog in '23?

最後兩個問題，我會看看大家，它們都是相關的。您認為目前您是否期望在 23 年的 4 個季度實現盈利？您預計 23 年會增加還是消除積壓訂單？

So first of all, yes, our expectation is to be profitable throughout 2023. In terms of backlog, basically, we just finalized our AOP for 2023, just 1.5 months ago and the plan is, on the one hand, to leverage the strong backlog and hopefully improve our top line as supply chain issues continue to ease up. But at the same token, we are putting a strong and high target for booking. So all in all, we want the situation to be very positive for us at the end of 2023, where the backlog would probably maybe stay the same or even grow a little bit, but not because of revenue conversion issues, but more because of more bookings and more business.

首先，是的，我們的期望是在 2023 年全年實現盈利。著供應鏈問題的持續緩解，我們有望提高我們的收入。但同樣，我們為預訂設定了堅定而高的目標。因此，總而言之，我們希望到 2023 年底，情況對我們來說非常有利，積壓訂單可能會保持不變，甚至略有增長，但不是因為收入轉換問題，而是因為更多預訂和更多業務。

(Operator Instructions) Alex, you're back up.

（操作員指示）亞歷克斯，你回來了。

Let's talk about the flow of orders here. Obviously, fourth quarter orders were all the way back when you announced your third quarter would be down from the third quarter rate and you had a big, big slug of orders in the third quarter. But with that order decline, the question is the back half, I think your backlog increased. Can you give us some sense of where your backlog is as a percent of 4-quarter product sales? It sounds like it's still running at something over 50% of the full year for 2023.

這裡先說一下訂單的流程。顯然，當您宣布第三季的訂單量將低於第三季的成長率並且第三季的訂單量很大時，第四季的訂單量就一路回落。但隨著訂單下降，問題是後半部分，我認為你們的積壓增加了。您能否告訴我們您的積壓訂單佔第四季產品銷售額的百分比？聽起來 2023 年全年的運行率仍超過 50%。

I think 50% is a good rule of thumb or the level of backlog we are having at the beginning of 2023.

我認為 50% 是一個很好的經驗法則，或者說我們在 2023 年初的積壓水平。

And if you were to look at your pipeline of deal flow, good orders over the course of '23, duration stretched a little bit. As parts become more available, do you expect any change in the time line for the expected delivery dates to have an impact on order rates? Or do you have such a strong pipeline that's not an issue for you?

如果你看看你的交易流程，23 年期間的良好訂單，持續時間會延長一點。隨著零件變得越來越可用，您預計預期交貨日期的時間線的任何變化是否會對訂單率產生影響？或者您是否擁有如此強大的管道，這對您來說不是問題？

I think that some of the behaviors we have seen during '20 -- sorry, '21 and '22 would probably change a little bit. As you are actually may be alluding, obviously, when people are understanding that the time lines are improving, they will not be in such a rush in order to secure time lines. Said that, we be a very nice funnel. And therefore, it's hard for me to say that there will be a specific impact as a result of this change in behavior on our bookings and our ability to convert into revenue.

我認為我們在 20 年期間看到的一些行為 - 抱歉，21 和 22 年間可能會發生一些變化。正如您實際上可能暗示的那樣，顯然，當人們了解到時間線正在改善時，他們就不會為了確保時間線而如此匆忙。話雖如此，我們是一個非常好的漏斗。因此，我很難說這種行為變化會對我們的預訂和轉化為收入的能力產生具體影響。

So if I were to look at the expectations going into the first quarter, are we expecting orders to be a book-to-bill at or above 1? Or is this seasonally a very tough quarter to call, obviously. Maybe you could look at the first half, give us some sense of what to think the book-to-bill might look like in that time frame.

因此，如果我看一下第一季的預期，我們是否預期訂單出貨比會等於或高於 1？顯然，從季節性角度來看，這是一個很難預測的季度嗎？也許你可以看看前半部分，讓我們了解一下在那個時間範圍內訂單到賬單可能會是什麼樣子。

So I think, first of all, it's good that you are trying to look at it from a longer period because a single quarter can change dramatically. Just an order from India that was delayed from 25th of March to, I don't know, 10th of April could make a big change for us. And when we look back, we saw quarters where Q1 was very strong. and we saw quarters where Q1 was weaker and Q2 was much more significant. But all in all, based on our current expectations, we believe that we'll be able to see a book-to-bill ratio that is above 1. And my recommendation is to continue or to start getting used to a 12 month or 12 trailing month trajectory because we believe it's a better measurement for our business.

所以我認為，首先，你嘗試從更長的時期來看待它是件好事，因為單一季度可能會發生巨大的變化。只是來自印度的訂單從 3 月 25 日推遲到（我不知道）4 月 10 日，這可能會給我們帶來重大變化。當我們回顧過去時，我們看到第一季非常強勁的季度。我們看到第一季較弱，而第二季則更為重要。但總而言之，根據我們目前的預期，我們相信我們將能夠看到訂單出貨比高於 1。是對我們業務的更好衡量。

Two more questions on the income statement, which are kind of tough for us to look at externally. It does sound like you had some FX in the December quarter. So what are you thinking here in the March quarter and for the year on the interest income and other expense line? Is it going to be pretty much at the levels that it was at in 2022 or down here because FX is a little bit of less of a headwind? Can you just give any guidance on that?

還有兩個關於損益表的問題，這對我們外部來說有點困難。聽起來您確實在 12 月季度有一些外匯。那麼，您對三月季度和全年的利息收入和其他支出項目有何看法？它會基本上保持在 2022 年的水平還是因為外匯的阻力稍微小一些而下降？您能就此提供任何指導嗎？

So interest expense has increased. And for now, it continues to be in the same level as in Q4. On the other hand, [Inaudible] fluctuations are very difficult to predict. We are trying to hedge and to minimize that, but it could fluctuate between quarters.

因此利息支出增加了。目前，它仍處於與第四季度相同的水平。另一方面，[聽不清楚] 波動非常難以預測。我們正在努力對沖並將其最小化，但它可能會在季度之間波動。

So let's assume no full FX, what would the number look like because we can't -- we have to assume flat exchange rates.

因此，讓我們假設沒有完整的外匯，這個數字會是什麼樣子，因為我們不能——我們必須假設固定匯率。

So assuming flat exchange rates, the financial expenses should be reduced.

因此，假設匯率持平，財務費用應該會減少。

But something is 7.5 to 8 range kind of thing.

但有些東西是 7.5 到 8 範圍之類的東西。

Yes, more or less.

是的，或多或少。

And then the tax line, any guidance on that, did $1.2 million in '22. Any thoughts on 23 tax line?

然後，稅收額度（任何有關此方面的指導）在 22 年帶來了 120 萬美元。關於23稅線有什麼想法嗎？

I think that the trajectory of the tax is not so, I would say, significant as compared to what you saw in the last year.

我認為，與您去年看到的情況相比，稅收的軌跡並不那麼重要。

I'm not sure I understand. So you're saying it will be similar to the $1.68 billion or below it?

我不確定我是否理解。那麼您是說它會與 16.8 億美元相似或更低？

No, not below. It could be a little bit higher according to the increase in the profit, but not significant.

不，不是下面。根據利潤的增加，可能會稍微高一點，但不會很大。

So maybe 1.5 in the tax line. As we look at 2023, how do we think about -- obviously, you said you're going to be profitable, but what about on the cash flow side, are we going to be able to generate enough cash to get back to a positive net cash position, bring down your debt and improve the balance sheet here in '23? Or does that require us to go all the way out to '24.

所以稅額可能是 1.5。當我們展望 2023 年時，我們如何考慮——顯然，你說你將實現盈利，但在現金流方面，我們是否能夠產生足夠的現金以恢復正值淨現金頭寸，減少債務並改善23 年的資產負債表？或者這是否需要我們一路走到'24。

No, I believe that we are working very diligently on converting our improved profitability into cash.

不，我相信我們正在非常努力地將提高的獲利能力轉化為現金。

I'm sure that's the case. But do you think you can get to a net cash position as opposed to a net debt position over the course of 2023.

我確信情況就是如此。但您認為在 2023 年期間您可以達到淨現金部位而不是淨債務部位嗎？

We don't give guidance on that, but we hope for that we're working.

我們不會就此提供指導，但我們希望我們正在為此努力。

And when I look at the U.S. operations, you've made a pretty big investment to go after the service market and even starting to go after government and enterprise markets. That's a new initiative for you. It sounds like that's running a little bit ahead of target. Obviously, there was some costs associated with setting that invested ahead of revenues. Can you give us an update on where that's going?

當我看看美國的業務時，你已經投入了相當大的投資來追求服務市場，甚至開始追求政府和企業市場。這對你來說是一個新舉措。聽起來有點超前目標。顯然，在收入之前進行投資會產生一些成本。能為我們介紹一下最新進展嗎？

So generally speaking, yes, we decided to invest in this part of the segment of the market in the U.S. I think we made very good progress there. As we speak, obviously, we are looking into ways to even accelerate this part of the business that we believe is very important for us, and we think that we have a very good offering.

所以總的來說，是的，我們決定投資美國的這部分市場。顯然，正如我們所說，我們正在尋找方法來加速我們認為對我們非常重要的這部分業務，並且我們認為我們擁有非常好的產品。

Obviously, for a company that was not in this business in the past, at least not directly because we sold via channels, and we've now kind of made a change in our strategy, and we are taking also more and more direct deals where we need to provide with the whole solution, it takes time to ramp up. But we're quite encouraged from the progress we made in 2022 -- and actually, our targets for next year are basically to even double the achievements of 2022. Obviously, I cannot comment to that level of specifics and provide with the numbers.

顯然，對於一家過去沒有從事這項業務的公司來說，至少不是直接從事這項業務，因為我們透過通路進行銷售，而我們現在已經改變了我們的策略，我們也正在採取越來越多的直接交易，其中我們需要提供整個解決方案，需要時間來提升。但我們對 2022 年的進展感到非常鼓舞——實際上，我們明年的目標基本上是 2022 年成就的兩倍。

I actually got a couple of questions from investors that they wanted me to pass along, almost like at a fireside chat here. First question was what would GMs have been in Q4 if that one customer had accepted delivery?

實際上，我從投資者那裡收到了幾個問題，他們希望我轉達這些問題，就像在爐邊聊天一樣。第一個問題是，如果某個客戶接受了交貨，那麼第四季總經理會怎麼樣？

This is a hypothetic question, and I will answer it, obviously, hypothetically. I believe in this case, we would probably get closer to 34%.

這是一個假設性問題，顯然我會假設性地回答它。我相信在這種情況下，我們可能會接近 34%。

And then targets for inventory turn cash flow benefits, same for AR targets without litigation and possible details on litigation.

然後，庫存目標轉變為現金流收益，對於沒有訴訟和可能的訴訟細節的 AR 目標也是如此。

So I will start with possible details about litigation. Actually, I cannot provide any details. The process is under strict confidentiality. The only thing I can add is that we believe that this process together with some other managers could be very effective. But obviously, we are monitoring closely. And at this point, we cannot assure our success. [inaudible] Do you want to answer that?

因此，我將從有關訴訟的可能細節開始。事實上，我無法提供任何細節。該過程受到嚴格保密。我唯一可以補充的是，我們相信這個過程與其他一些管理者一起可能會非常有效。但顯然，我們正在密切監視。在這一點上，我們不能保證我們的成功。 [聽不清楚] 你想回答這個問題嗎？

Yes. So regarding inventory, of course, it is derisking our ability to fulfill the backlog. But we are working on that from quarter-to-quarter to ensure first that we have as less risk as possible. But on the other hand, to convert it as soon as possible into cash.

是的。因此，就庫存而言，這當然會降低我們完成積壓訂單的能力。但我們每季都在努力做到這一點，以確保我們的風險盡可能降低。但另一方面，要盡快將其兌換成現金。

I would just add one comment on the inventory. For us, it's very clear that this level of inventory is on the high side. However, when we see opportunities for a very significant business and especially in cases where some of the components are still, I would say, a challenge to attend. We take these business decisions. Obviously, we are looking in all aspects, cash flow, God forbid, obsolete inventory in the future and so on and so forth. But these are decisions that can be made actually within the quarter (technical difficulty) this will happen at the beginning of the quarter.

我只想對庫存添加一條評論。對我們來說，很明顯這個庫存水準偏高。然而，當我們看到一項非常重要的業務的機會時，特別是在某些組件仍然存在的情況下，我想說，這是一個挑戰。我們做出這些業務決策。顯然，我們正在關注各個方面，現金流，上帝保佑，未來的過時庫存等等。但這些決定實際上可以在季度內做出（技術難度），這將在季度初發生。

All in all, it's our intention to start gradually take the level of inventories down. And obviously, subject to the supply chain market, assuming it continues to get better and better. [Inaudible] also an answer about the AR.

總而言之，我們打算開始逐步降低庫存水準。顯然，受制於供應鏈市場，假設它繼續變得越來越好。 [聽不清楚] 還有一個關於 AR 的答案。

So again, the AR, we have targets to reduce the DSO, and we will continue to push for that. For example, in Q4, our collection was higher than the revenues.

再說一次，對於 AR，我們有減少 DSO 的目標，我們將繼續推動這一目標。例如，在第四季度，我們的收藏量高於收入。

Our next question today comes from Brian Kinstlinger from Alliance Global Partners.

今天我們的下一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。

Sorry if I'm repeating the question, I missed part of the call. But can you talk about the short-term and medium-term targets for gross margin with inflation easing and as the supply chain does begin to improve for you, what are the puts and takes that can drive improvement from, say, that hypothetical in 4Q?

抱歉，如果我重複這個問題，我錯過了部分通話。但是，您能談談隨著通膨緩解，毛利率的短期和中期目標嗎？

So the trajectory, as Ronen said, is a positive trajectory. Still within quarters, there could be some fluctuations because of revenue mix between regions. But the general trajectory is to continue and see the percentages going up. So if we ended up on was it 31.8% for 2022. I think as a target, we want to increase 2023, by at least 1%. Do you have a chance to do better? Yes, but this is a target taking into account all aspects and factors that are impacting our gross margins.

因此，正如羅南所說，這個軌跡是一個積極的軌跡。仍在幾個季度內，由於地區之間的收入組合，可能會出現一些波動。但總的趨勢是繼續下去，並且看到百分比上升。因此，如果我們最終確定 2022 年為 31.8%。你有機會做得更好嗎？是的，但這是一個考慮到影響我們毛利率的所有方面和因素的目標。

In a period where inflation maybe is modest, obviously, not today. In a period where the supply chain is not a challenge at all to you. Is the long-term goal to be above 35%.

在通貨膨脹可能溫和的時期，顯然不是今天。在供應鏈對您來說根本不構成挑戰的時期。長期目標是35%以上。

Yes. We said that already. We put some sort of a range last time that we discussed that because the situation was much more turbulent than it is now. And obviously, the more we see the market stabilize, the more we feel comfortable to aim towards the higher end of the range. Originally, we're indicating 34 to 36 million. So already kind of indicator of 35, there could be very probable scenarios where we, in the long run, go beyond 35%.

是的。我們已經說過了。我們上次討論這個問題時設定了某種範圍，因為當時的情況比現在更加動盪。顯然，我們看到市場越穩定，就越願意瞄準區間的高端。最初，我們顯示的是 34 到 3600 萬。因此，該指標已經達到了 35%，從長遠來看，很可能會出現超過 35% 的情況。

My other question is if you could discuss at a high level the M&A pipeline? Is this going to be an area of focus for the company? And if so, what is it you hope to accomplish? Is it more international expansion? Is it complementary technologies, increased scale?

我的另一個問題是您是否可以在高層討論併購管道？這會成為公司的重點領域嗎？如果是這樣，您希望實現什麼目標？是否有更多的國際擴張？是技術互補、規模擴大嗎？

Obviously, this is something that I cannot discuss very freely. All I can say is that our strategy is basically to increase our portion, especially in the segments of private networks and small operators. We see huge opportunities there. And in order to take a bigger market share, we will look for either a faster attainment of customers' M&A or for some augmenting technologies, products that can help us provide end-to-end network solutions to these players. So these are basically the main focus areas when we are looking into potential M&As.

顯然，這是我不能很自由地討論的事情。我只能說，我們的策略基本上是增加我們的份額，特別是在專網和小型業者的部分。我們在那裡看到了巨大的機會。為了獲得更大的市場份額，我們將尋求更快地實現客戶的併購，或尋找一些增強技術、產品來幫助我們為這些參與者提供端到端的網路解決方案。因此，這些基本上是我們研究潛在併購時的主要關注領域。

Our next question today comes from the line of Scott Carroll from Roth Capital.

今天我們的下一個問題來自羅斯資本的斯科特·卡羅爾。

I just wanted to get some clarification on the sequential outlook. It sounds like there was $2 million to $3 million that slipped out due to customer delivery schedules. And it sounds like another $2 million to $3 million in terms of component availability. So is that correct? We had about $5 million or so slip out. So as we're looking into March, what are you guys thinking about in terms of the sequential progression. Typically, there's seasonality where it's down, do we not see that now because of what sounds like you've already recognized in the March quarter. And then for all of 2023, the guidance of 10% to 17% growth is very healthy. I wonder if you could give us some color in terms of the geographies, specifically where you're kind of seeing a lot of that strength.

我只是想對順序前景進行一些澄清。聽起來好像有 200 萬到 300 萬美元因為客戶交貨時間表而漏掉了。就組件可用性而言，聽起來還需要花費 200 萬到 300 萬美元。那麼這是正確的嗎？我們有大約 500 萬美元溜走。因此，當我們展望三月時，你們對後續進展有何看法？通常情況下，下降是有季節性的，我們現在沒有看到這一點嗎，因為聽起來您已經在三月的季度認識到了這一點。對於 2023 年全年來說，10% 至 17% 的成長指引是非常健康的。我想知道您是否可以給我們一些關於地理位置的信息，特別是您在哪裡看到了很多這種優勢。

So first of all, you are right on spot. We expect Q1 will be stronger than the usual. So the seasonality that we usually have will be by far lower, if not even kind of evened out due to the slippage of this level of revenues that you just mentioned. So generally speaking, we believe and we plan for a strong Q1 in terms of revenue. As to the other question, can you remind me?

所以首先，你是對的。我們預計第一季將強於平常。因此，由於您剛才提到的收入水平下滑，我們通常的季節性將會低得多，甚至不會趨於平衡。因此，總的來說，我們相信併計劃第一季的收入將強勁。至於另一個問題，可以提醒我一下嗎？

Sorry, look at the growth expectations for this year in that range. Where are you really expecting the geographic strength from end market like private networks are growing for you as well?

抱歉，看看今年這個範圍內的成長預期。您真正期望終端市場的地理優勢（例如專用網路）在哪些方面為您帶來成長？

So first of all, we plan to continue the increase in our business in North America for reason. First of all, the Tier 1 operators, at least as we see it now, continue to roll out the 5G. And we expect to have a strong DR in this respect as well, at least as of now. And obviously, starting to kind of enjoy the fruits of our investment in the private networks and the smaller ISPs.

因此，首先，我們計劃繼續增加我們在北美的業務是有原因的。首先，至少我們現在看到的一級營運商繼續推出5G。我們希望在這方面也能擁有強大的災難應變，至少到目前為止是如此。顯然，我們開始享受我們在專用網路和小型 ISP 上投資的成果。

The second region or maybe even the first one is India. We see a lot of traction for both E-band and the traditional microwave. We believe that India will also be strong and even slightly stronger. Now in terms of other regions, let's not forget that, first of all, Africa was very, very soft this year, and we expect a certain level of rebound there that can help us obviously to grow. And also, APAC as well as Europe are showing some initial signs that could give us some level of hope that they will look better than 2022. But the leading regions are North America and India.

第二個地區，甚至可能是第一個地區是印度。我們看到 E 頻段和傳統微波爐都有很大的吸引力。我們相信印度也會強大，甚至會更強一些。現在就其他地區而言，我們不要忘記，首先，非洲今年非常非常疲軟，我們預計那裡會出現一定程度的反彈，這顯然可以幫助我們成長。此外，亞太地區和歐洲也出現了一些初步跡象，這可能會給我們帶來一定程度的希望，認為它們會比 2022 年更好。

And lastly, if I could, on the ASIC time line, thank you very much for the color on that front, right? It sounds like you'll be taping out this year with design win certifications kind of as you're going into '24.

最後，如果可以的話，在 ASIC 時間線上，非常感謝您在前面的顏色，對吧？聽起來您今年將透過設計贏得認證進行流片，就像您即將進入 24 世紀一樣。

So I guess the question is to, it's when do you start to see meaningful revenue coming from those platforms? And is it second half of '24 is earlier in '24. And I think that has a favorable impact on the gross margins as well. So when you're talking about 35% as your long-term target, what are you kind of assuming from an ASIC adoption and penetration standpoint?

所以我想問題是，你什麼時候開始看到這些平台帶來有意義的收入？ '24 的下半年是 '24 的早些時候嗎？我認為這對毛利率也有有利的影響。因此，當您談論 35% 作為您的長期目標時，您從 ASIC 採用和滲透的角度做出了什麼樣的假設？

So as we all know, introducing new products even if they are available takes time. We hope to start selling but not at large volumes towards the end of 2024. I hope that we'll get the surprises and the volumes would be by far higher. But definitely, the bigger impact could be in 2025. Now in terms of cost structure, (inaudible) and so on and so forth, I must tell you that with the new series of the 50 EX and 50 CX. We are already coming with a big portion of the savings on the bond cost.

眾所周知，即使有新產品推出，也需要時間。我們希望在 2024 年底開始銷售，但不會大量銷售。但毫無疑問，更大的影響可能是在 2025 年。我們已經節省了很大一部分債券成本。

So in this respect, I expect the upcoming new products in 2023 to contribute to the improvement in the gross margins already. So we don't need to wait that long for the new chip in order to get better gross margins. The new chip would add some additional level of cost reduction. But I think the message would be about performance, the message would be about a very, very, very strong radio capabilities, which obviously is our bread and butter.

因此，在這方面，我預計 2023 年即將推出的新產品將有助於毛利率的改善。所以我們不需要等那麼久的新晶片就能獲得更好的毛利率。新晶片將進一步降低成本。但我認為這個資訊將是關於性能的，這個資訊將是關於非常、非常、非常強大的無線電功能，這顯然是我們的麵包和黃油。

Thank you. We have no further questions. Please proceed.

謝謝。我們沒有其他問題了。請繼續。

I'd like to underline the excellent execution of our growth strategy, which has led us to achieve strong traction across different regions with different solutions. The improvement in our annual gross margin and operating profit are testaments to the effectiveness of this strategy. We expect an even better 2023, barring unforeseen developments.

我想強調我們的成長策略的出色執行，這使我們透過不同的解決方案在不同地區獲得了強大的吸引力。我們的年度毛利率和營業利潤的改善證明了這項策略的有效性。除非出現不可預見的情況，我們預計 2023 年會更好。

Lastly, we will be at the Mobile World Congress in Barcelona on February 27th through March 2nd, we will be showcasing our solutions at our booth, such as AI network insights, open transport, longest hole and flexible network services. Come and visit us at Hall 5, Booth Number G61. I look forward to updating you further on our next call. Have a good day, everyone.

最後，我們將於2月27日至3月2日參加巴塞隆納世界行動通訊大會，我們將在展位上展示我們的解決方案，例如AI網路洞察、開放傳輸、最長洞和靈活的網路服務。歡迎蒞臨 5 號館，攤位號碼 G61。我期待在下次通話中進一步向您通報最新情況。祝大家有美好的一天。