Ceragon Networks Ltd (CRNT) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Ceragon Networks conference call.

女士們、先生們，感謝你們的支持並歡迎參加 Ceragon Networks 電話會議。

(Operator Instructions) I must advise you that this call is being recorded.

（操作員指示）我必須通知您，此通話正在錄音。

I'd now like to hand it over to Rob Fink, Head of Investor Relations.

我現在想將其交給投資者關係主管 Rob Fink。

Please go ahead, sir.

請繼續，先生。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

Hosting today's call is Doron Arazi, Ceragon's Chief Executive Officer; and Ronen Stein, Chief Financial Officer.

今天的電話會議由 Ceragon 執行長 Doron Arazi 主持。和財務長 Ronen Stein。

Before we start, I would like to note that certain statements made on this call including projected financial information, results and the company's future initiatives, future events, business outlook, development efforts, and their potential outcome, anticipated progress and plans, results and timelines and other financial accounting related matters constitute forward-looking statements within the meaning of the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions and the Securities Litigation Reform Act of 1995.

在我們開始之前，我想指出本次電話會議中所做的某些陳述，包括預期的財務資訊、結果和公司的未來舉措、未來事件、業務前景、開發工作及其潛在結果、預期進展和計劃、結果和時間表以及其他財務會計相關事項構成1933 年《證券法》（經修訂）、《1934 年證券交易法》（經修訂）以及《安全港》條款和1995 年《證券訴訟改革法》含義內的前瞻性陳述。

Ceragon intends forward-looking statements, terminologies, such as believes, expects, may, will, should, anticipates, plans or similar expressions to identify forward-looking statements.

Ceragon 打算使用前瞻性陳述、術語，例如相信、期望、可能、將、應該、預計、計劃或類似表達來識別前瞻性陳述。

Such statements reflect only current beliefs, expectations, and assumptions of Ceragon's management.

此類聲明僅反映 Ceragon 管理層當前的信念、期望和假設。

The 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 的實際結果、績效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 的實際結果與此類前瞻性陳述中預測的結果有重大差異。

Such risks and uncertainties include, but are not limited to, risks and uncertainties that are described in Ceragon's most recent annual report on Form 20-F and may be supplemented from time to time in Ceragon's other filings with the SEC, including today's earlier filing.

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（包括今天早些時候的文件）中可能不時補充的風險和不確定性。

The earnings PR, all of which are expressly incorporated herein by reference.

收益 PR，所有這些均透過引用明確併入本文。

Forward-looking statements related to the date initially made do not purport to be predictions of future events or results and there could be no assurances that they will prove to be accurate, and Ceragon takes no obligation to update them.

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 沒有義務更新它們。

Ceragon's public filings are available on the Securities and Exchange Commission's website at sec.gov and they may also be obtained from Ceragon's website at ceragon.com.

Ceragon 的公開文件可在美國證券交易委員會網站 sec.gov 上取得，也可從 Ceragon 網站 ceragon.com 取得。

Also, today's call will include non-GAAP numbers.

此外，今天的電話會議將包括非公認會計準則的數據。

For reconciliation between GAAP and non-GAAP results, please see the tables attached to the press release that was issued earlier this morning, which is also posted on the Investor Relations section of Ceragon's website.

有關 GAAP 和非 GAAP 業績之間的調節，請參閱今天早上早些時候發布的新聞稿所附的表格，該新聞稿也發佈在 Ceragon 網站的投資者關係部分。

With all that said, I'd now like to turn the call over to Doron.

話雖如此，我現在想把電話轉給多倫。

Doron, please go ahead.

多倫，請繼續。

Thank you, Rob, and good morning, everyone.

謝謝你，羅布，大家早安。

This was a solid start to 2024 for Ceragon.

對 Ceragon 來說，這是 2024 年良好的開端。

We are executing against our strategic plan and are on pace to achieve our full-year growth and profitability targets.

我們正在執行我們的策略計劃，並正在努力實現我們的全年成長和獲利目標。

Demand for our solutions is strong and growing in North America and India in particular and we are expanding our presence with private network customers globally.

對我們解決方案的需求強勁，尤其是北美和印度的需求不斷增長，我們正在全球擴大與專用網路客戶的業務。

We grew revenue year over year, expanded our gross profit margins and delivered another profitable quarter with positive free cash flow.

我們的收入逐年增長，毛利率擴大，並實現了另一個盈利季度，自由現金流為正。

The quarter was highlighted by a particularly strong booking level.

本季的亮點是預訂量特別強勁。

The large scale network modernization project for a Tier 1 operator in India was a major contributor to the higher bookings as we received significant initial orders against the agreement.

印度一家一級營運商的大規模網路現代化項目是預訂量增加的主要原因，因為我們收到了大量違反協議的初始訂單。

We continue to generate strong bookings in North America as well and we generated improved bookings in all other regions sequentially.

我們在北美也持續產生強勁的預訂量，我們在所有其他地區的預訂量也相繼有所改善。

The strong bookings give us visibility and optimism that we will achieve our full-year growth and profitability targets.

強勁的預訂量讓我們對全年成長和獲利目標充滿信心和樂觀。

Our new products and solutions are serving as a catalyst for our business.

我們的新產品和解決方案正在成為我們業務的催化劑。

As expected, our new offerings are creating higher customer interest and are starting to translate the bookings and revenue.

正如預期的那樣，我們的新產品正在引起更高的客戶興趣，並開始轉換預訂和收入。

We used Mobile World Congress as a venue to showcase our next generation solutions.

我們利用世界移動大會作為展示我們下一代解決方案的場所。

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

我們也在第一季開始交付大量新產品。

Some of the new solutions in our portfolio that are worth highlighting include, first, our multihaul or fixed wireless access family of point to multi-point solutions that operate in the V-band frequency, opening doors to diverse applications through its use of unlicensed spectrum along with its high capacity and short range characteristics.

我們的產品組合中值得強調的一些新解決方案包括，首先，我們的多程或固定無線接入系列點對多點解決方案在V 頻段頻率下運行，通過使用未經許可的頻譜為各種應用打開了大門以及其高容量和短距離的特性。

These quantities are ideal for both private networks and service providers aiming to establish swift connections in confined, dense areas, such as cities and campuses.

這些數量對於旨在在城市和校園等有限、密集區域建立快速連接的專用網路和服務提供者來說是理想的選擇。

Next, the IP-50CX, the most compact universal microwave radio in the industry, this all outdoor radio with its unparalleled versatility has the capability to form the entire network from small scale to large scale aggregation sites, significantly simplifying network architecture, reducing costs, and accelerating time to revenue.

接下來是IP-50CX，業界最緊湊的通用微波電台，這種全室外電台以其無與倫比的多功能性，能夠形成從小規模到大規模匯聚站點的整個網絡，顯著簡化網絡架構，降低成本，並加快創收時間。

Finally, there is the IP-50EX, an ultra-compact, high capacity, E-band radio, which is ideally suited for a variety of use cases, especially when small size and low OpEx are priorities.

最後，還有 IP-50EX，這是一款超緊湊、高容量的 E 頻段無線電，非常適合各種使用案例，特別是當優先考慮小尺寸和低運營成本時。

As I am sure you know, MWC is the largest most influential connectivity event in our industry.

我相信您知道，MWC 是我們產業中規模最大、最具影響力的連結盛會。

Our goals at MWC were to demonstrate our technology, communicate our millimeter wave solution, which is the industry's broadest and also demonstrate our recent advances in microwave and millimeter wave transport and fixed wireless access.

我們在 MWC 上的目標是展示我們的技術、傳達我們業內最廣泛的毫米波解決方案，並展示我們在微波和毫米波傳輸以及固定無線接入方面的最新進展。

We achieved each of these goals.

我們實現了每一個目標。

We had a record number of face-to-face meetings with customers and prospects, received great affirmations of our upcoming next-gen technology, and received strong indications that we are well-aligned with market needs.

我們與客戶和潛在客戶進行了創紀錄數量的面對面會議，獲得了對我們即將推出的下一代技術的高度肯定，並收到了強烈的跡象表明我們與市場需求保持了良好的契合。

We provided an industry first live demonstration of the capabilities of our soon to be 100 gigabit per second E-band link that is based on our new system on a chip with great feedback.

我們首次現場展示了即將達到每秒 100 吉比特的 E 頻段鏈路的功能，該鏈路基於我們的新晶片系統，並得到了良好的反饋。

We also showcased end-to-end private networks offering with a unique display of our broadband luminaires that integrate gigabit speed wireless connectivity into lightning infrastructure to enable smart city connectivity.

我們還展示了端到端專用網路產品，以及我們寬頻燈具的獨特展示，這些燈具將千兆位元速度無線連接整合到閃電基礎設施中，以實現智慧城市連接。

Visitors to our booth learned about our professional and managed services offering and saw a demonstration of our Ceragon Digital Twin solution and how it optimizes networks for reduced costs and improved user experiences.

參觀我們展位的參觀者了解了我們的專業和託管服務產品，並觀看了我們的 Ceragon Digital Twin 解決方案的演示以及它如何優化網絡以降低成本和改善用戶體驗。

As it relates to private networks, we made particular strides in the energy sector during the quarter.

由於與專用網路相關，我們本季在能源領域取得了特別的進展。

We signed new deals serving the energy industry across multiple regions with an aggregate deal value of nearly $10 million.

我們簽署了為多個地區的能源產業提供服務的新交易，交易總價值近 1000 萬美元。

These energy sector agreements underscore the pivotal role we play in advancing digital or digital transformation within the energy industry, facilitating the goal of network operators to achieve high capacity at reduced costs.

這些能源部門協議強調了我們在推動能源產業數位化或數位轉型方面發揮的關鍵作用，促進網路營運商以降低成本實現高容量的目標。

In the second half of 2023, we expanded our talent center approach to better position Ceragon for profitable growth.

2023 年下半年，我們擴大了人才中心方法，以更好地定位 Ceragon 以實現獲利成長。

In addition to our existing and very successful talent centers in Israel and Romania, we have now opened two new talent centers, one in Bangalore, India and one in Asunción, Paraguay.

除了我們在以色列和羅馬尼亞現有的非常成功的人才中心外，我們現在還開設了兩個新的人才中心，一個位於印度班加羅爾，一個位於巴拉圭亞松森。

The primary goal of these talent centers is to improve our access to the talent market as well as to support our long-term targets of growth and expanded operating margins.

這些人才中心的主要目標是改善我們進入人才市場的機會，並支持我們的長期成長目標和擴大營業利潤。

I'd now like to provide an overview of our Q1 highlights by region.

我現在想按地區概述我們第一季的亮點。

Noting that on today's call, we will focus primarily on activities in North America and India, the two regions that have and we expect will continue to have the greatest impact on our results in the near term.

注意到在今天的電話會議上，我們將主要關注北美和印度的活動，這兩個地區已經並且我們預計將繼續對我們近期的業績產生最大的影響。

In North America, revenue was $28.9 million.

在北美，收入為 2890 萬美元。

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

我們繼續保持與大型營運商和其他主要客戶的聯繫。

Specifically, we saw significant demand from large ISPs for Siklu's millimeter wave solutions.

具體來說，我們看到大型 ISP 對 Siklu 毫米波解決方案的巨大需求。

The headwinds service providers face have been well documented and CapEx spending by large networks has been more volatile.

服務提供者面臨的不利因素已被充分記錄，大型網路的資本支出也更加不穩定。

We continue to navigate these challenges better than many in the space, though it has reduced our line of sight to converting bookings to revenue and elongated our sales cycles somewhat.

我們繼續比該領域的許多人更好地應對這些挑戰，儘管它減少了我們將預訂轉化為收入的視線，並在一定程度上延長了我們的銷售週期。

In private networks, we have made important first steps in a few new accounts, receiving initial orders and we expect the number of new customers to increase in Q2.

在專用網路中，我們在一些新帳戶中邁出了重要的第一步，收到了初始訂單，我們預計第二季新客戶數量將會增加。

Also, our expanded marketing initiatives in North America are just now accelerating and we hope to start seeing the fruits of these investments later this year.

此外，我們在北美擴大的行銷計劃正在加速，我們希望在今年稍後開始看到這些投資的成果。

In India, revenue was $26 million with record bookings, again related to large agreement we discussed last quarter as well as high value of orders received from one of our long standing customers.

在印度，收入為 2600 萬美元，預訂量創歷史新高，這又與我們上季度討論的大型協議以及從我們的一位長期客戶那裡收到的高價值訂單有關。

We continue to expect delivery and deployment of new customer orders to begin in the second quarter and deployment is expected to take approximately two years, with about 75% of the project value expected to be recognized during this timeframe.

我們仍然預計新客戶訂單的交付和部署將在第二季度開始，部署預計需要大約兩年的時間，大約 75% 的專案價值預計將在這段時間內確認。

Clearly, we continue to be successful in India and North America and this is facilitating our growth and profitability.

顯然，我們在印度和北美繼續取得成功，這促進了我們的成長和獲利能力。

With that, I'll turn the call over to Ronen Stein, our CFO, to discuss the results in more details.

接下來，我會將電話轉給我們的財務長 Ronen Stein，以便更詳細地討論結果。

Ronen, over to you.

羅南，交給你了。

Thank you, Doron, and good morning, everyone.

謝謝你，多倫，大家早安。

As Doron outlined, the first quarter represented a solid start to the year for Ceragon.

正如 Doron 所概述的那樣，第一季為 Ceragon 帶來了一個良好的開局。

To help you understand the results, I will be referring primarily to non-GAAP financials.

為了幫助您理解結果，我將主要參考非 GAAP 財務數據。

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

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，請參閱今天的新聞稿。

Let me now review the actual results.

現在讓我回顧一下實際結果。

Revenues were $88.5 million, up 6% from $83.4 million in Q1 2023.

營收為 8,850 萬美元，比 2023 年第一季的 8,340 萬美元成長 6%。

Our strongest regions in terms of revenues for the quarter were North America and India with $28.9 million and $26 million, respectively, in line with the continuous strong demand we see in these regions.

就本季營收而言，我們最強勁的地區是北美和印度，分別為 2,890 萬美元和 2,600 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 EMEA with $14.9 million.

就收入而言，我們第三強的地區是歐洲、中東和非洲 (EMEA)，為 1,490 萬美元。

We had two customers in the first quarter that contributed more than 10% of our revenues.

第一季我們有兩個客戶貢獻了我們超過 10% 的收入。

Gross profit for the first quarter on a non-GAAP basis was $32.5 million, an increase of 14.7% compared to $28.4 million in Q1 2023.

以非公認會計準則計算，第一季毛利為 3,250 萬美元，較 2023 年第一季的 2,840 萬美元成長 14.7%。

Our non-GAAP gross margin was 36.7% compared with gross margin of 34% in Q1 2023.

我們的非 GAAP 毛利率為 36.7%，而 2023 年第一季的毛利率為 34%。

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

我們繼續實現高毛利率，主要是因為北美成為收入最強勁的地區，季度收入創紀錄，產品組合繼續有利，同時我們控製成本。

Our gross margins may continue to fluctuate from quarter to quarter due to changes in product and regional mix.

由於產品和區域組合的變化，我們的毛利率可能會繼續逐季度波動。

As for the operating expenses.

至於營運費用。

In general, this quarter's operating expenses fully include the Siklu acquisition impact.

總體而言，本季的營運支出完全包含了 Siklu 收購的影響。

Research and development expenses for the first quarter on a non-GAAP basis were $8.7 million, up from $7.7 million in Q1 2023.

以非公認會計準則計算，第一季的研發費用為 870 萬美元，高於 2023 年第一季的 770 萬美元。

As a percentage of revenue, our R&D expenses were 9.8% in the first quarter compared to 9.2% in the first quarter last year.

從佔營收的百分比來看，第一季我們的研發費用為 9.8%，去年第一季為 9.2%。

Sales and marketing expenses for the first quarter on a non-GAAP basis were $10.7 million, up from $9.8 million in Q1 2023.

以非公認會計準則計算，第一季的銷售和行銷費用為 1,070 萬美元，高於 2023 年第一季的 980 萬美元。

As a percentage of revenue, sales and marketing expenses were 12.1% in the first quarter compared to 11.8% in the first quarter last year.

第一季銷售和行銷費用佔收入的比例為 12.1%，而去年第一季為 11.8%。

General and administrative expenses for the first quarter on a non-GAAP basis were $5.5 million compared to $5 million in Q1 2023.

以非公認會計準則計算，第一季的一般和管理費用為 550 萬美元，而 2023 年第一季為 500 萬美元。

As a percentage of revenues, G&A expenses were 6.3% in the first quarter compared to 5.9% in the first quarter last year.

第一季管理及行政費用佔收入的百分比為 6.3%，去年第一季為 5.9%。

I'd note that our GAAP operating expenses include restructuring expenses associated with organizational changes, the establishment of the two new centers of excellence Doron mentioned earlier, as well as integration costs related to Siklu.

我要指出的是，我們的 GAAP 營運費用包括與組織變革相關的重組費用、Doron 前面提到的兩個新的卓越中心的建立，以及與 Siklu 相關的整合成本。

These charges are backed out of our non-GAAP operating expenses.

這些費用從我們的非公認會計準則營運費用中扣除。

Operating income for the first quarter on a non-GAAP basis was $7.6 million compared with $5.9 million for Q1 2023.

以非公認會計準則計算，第一季的營業收入為 760 萬美元，而 2023 年第一季的營業收入為 590 萬美元。

As a percentage of revenues, non-GAAP operating income was 8.6% in the first quarter compared to 7.1% in the first quarter last year.

第一季非 GAAP 營業收入佔收入的百分比為 8.6%，而去年第一季為 7.1%。

Financial and other expenses for the first quarter on a non-GAAP basis were $2.3 million.

以非公認會計準則計算，第一季的財務和其他費用為 230 萬美元。

Our tax expenses for the first quarter on a non-GAAP basis were $0.5 million.

以非公認會計準則計算，我們第一季的稅務費用為 50 萬美元。

Net income for the first quarter on a non-GAAP basis was $4.7 million or $0.05 per diluted share compared to $3.6 million or $0.04 per diluted share for Q1 2023.

以非公認會計準則計算，第一季淨利潤為 470 萬美元，即稀釋後每股收益 0.05 美元，而 2023 年第一季淨利潤為 360 萬美元，即稀釋後每股收益 0.04 美元。

As for our balance sheet.

至於我們的資產負債表。

Our cash position at the end of the first quarter was $28.8 million compared to $28.2 million at the end of 2023.

第一季末我們的現金部位為 2,880 萬美元，而 2023 年底為 2,820 萬美元。

Short-term loans were $30.5 million compared to $32.6 million as of December 31, 2023.

截至 2023 年 12 月 31 日，短期貸款為 3,050 萬美元，而截至 2023 年 12 月 31 日為 3,260 萬美元。

We believe we have cash and facilities that are sufficient for our operations and working capital needs.

我們相信我們擁有足夠的現金和設施來滿足我們的營運和營運資金需求。

Our inventory at the end of Q1 2024 was $61 million down from the $68.8 million at the end of December 2023.

截至 2024 年第一季末，我們的庫存為 6,100 萬美元，低於 2023 年 12 月底的 6,880 萬美元。

The reduction is mainly as our efforts during 2023 to streamline inventory levels following the improvement in components availability have materialized.

減少的主要原因是我們在 2023 年隨著零件可用性的改善而努力精簡庫存水準。

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

我們繼續監控庫存水平，同時考慮組件可用性的改善和預期的需求變化。

Our trade receivables are at $97.4 million as compared to $104.3 million at the end of December 2023.

我們的貿易應收帳款為 9,740 萬美元，而 2023 年 12 月底為 1.043 億美元。

Our DSO now stands at 101 days.

我們的 DSO 現在為 101 天。

As for our cash flow, net cash flow generated by operations and investing activities in Q1 was $2.4 million.

至於我們的現金流，第一季營運和投資活動產生的淨現金流為 240 萬美元。

We are reiterating our full-year outlook.

我們重申全年展望。

For 2024, we expect revenue of $385 million to $405 million, representing growth of 11% to 17% compared to 2023.

2024 年，我們預計營收為 3.85 億至 4.05 億美元，較 2023 年成長 11% 至 17%。

This guidance includes the contribution from Siklu.

本指南包括 Siklu 的貢獻。

Non-GAAP operating margins are targeted to be at least 10% at the midpoint of the revenue guidance.

非 GAAP 營運利潤率目標為收入指導中位數至少 10%。

Non-GAAP operating margins are targeted to be at least 10% at the midpoint of the revenue guidance.

非 GAAP 營運利潤率目標為收入指導中位數至少 10%。

As a result, we expect increased non-GAAP profit and positive free cash flow for the full year of 2024.

因此，我們預計 2024 年全年非 GAAP 利潤將增加，自由現金流為正。

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

至此，我現在開始詢問大家的問題。

Operator?

操作員？

(Operator Instructions) Alex Henderson, Needham & Company.

（操作員說明）Alex Henderson，Needham & Company。

Good morning.

早安.

So just a couple of questions very quickly on the commentary.

所以很快就評論提出幾個問題。

The 100 gig system on a chip product that's still on schedule to be GA this year.

這款 100 兆系統級晶片產品仍按計畫於今年上市。

Is that correct?

那是對的嗎？

We intend to launch this product by the end of 2024, indeed.

事實上，我們打算在 2024 年底前推出該產品。

Okay, perfect.

好的，完美。

And then the second, you made a comment about the new products launched -- recently launched.

第二，您對最近推出的新產品發表了評論。

One of them was seeing significant orders.

其中之一看到了重要的訂單。

Can you give us some more granularity around which one of the products it was?

您能否更詳細地介紹一下它是哪一款產品？

And what kind of orders are you seeing?

您看到什麼樣的訂單？

And what are the ramp of those two products that were, such important products that were launched here in the current quarter?

本季推出的這兩款如此重要的產品的銷售量如何？

What's the ramp look like?

坡道是什麼樣子的？

Yeah.

是的。

So regarding the first one that we already started delivering significant quantities, it's our new all outdoor, probably the tiniest one in the industry microwave product and it gets a lot of traction, primarily in India.

因此，關於我們已經開始大量交付的第一個產品，它是我們全新的全戶外產品，可能是業內微波爐產品中最小的產品，它受到了極大的關注，主要是在印度。

It basically replaces our old IP-20C that is kind of in relative advanced stages.

它基本上取代了我們處於相對高級階段的舊 IP-20C。

And definitely, we see a lot of traction.

當然，我們看到了很大的吸引力。

And obviously, the first links were launched with the frequencies that are associated with the Indian market because of the huge demand, but we do expect to, basically have this product with much more frequencies in the coming quarters and we believe it will also ramp up very nicely in the rest of the world.

顯然，由於需求龐大，第一個連結是按照與印度市場相關的頻率推出的，但我們確實預計，基本上在未來幾個季度該產品的頻率會更高，我們相信它也會增加在世界其他地方都非常好。

As to the other product, we are talking about a smaller and more cost efficient E-band that is suitable, very nicely to Tier 1 operators, but also to smaller ISPs.

至於另一種產品，我們談論的是更小、更具成本效益的 E 頻段，它非常適合一級營運商，也適合小型 ISP。

This one was already -- we already started production and delivery, but the quantities were very minimal, and we expect this product to start contributing to our business in this quarter and definitely more significance in the second part of 2024.

這個產品我們已經開始生產和交付，但數量非常少，我們預計該產品將在本季度開始為我們的業務做出貢獻，並且在 2024 年下半年肯定會更加重要。

Can you talk a little bit about the linearity that you expect over the course of the year and give us some sense of, I'm assuming that the June quarter is sub $100 million, but up nicely from the seasonally softest quarter of the year, the March quarter.

您能否談談您在一年中預期的線性度，並讓我們了解一下，我假設 6 月季度的收入低於 1 億美元，但比一年中季節性最疲軟的季度有所上升，三月季度。

Can you talk a little bit about linearity over the year?

能談談這一年的線性度嗎？

So look, one major factor that will impact the linearity is obviously the fact that in Q2, we are starting to deliver our products and obviously, also start also starting the installation of the big contract we won with the new customer in India.

因此，影響線性度的一個主要因素顯然是，在第二季度，我們開始交付我們的產品，顯然，我們也開始安裝我們與印度新客戶贏得的大合約。

And that by itself should put us in a level of revenue that is higher.

這本身就應該讓我們的收入水準更高。

Generally speaking, following Q1 booking, basically, the backlog we have enabled us to get to $100 million.

一般來說，在第一季的預訂之後，基本上，我們的積壓訂單已經使我們達到了 1 億美元。

The main, so to speak, two factors that will define whether we will be able to kind of create a more rationalized quarter-over-quarter revenues are basically two.

可以說，決定我們是否能夠創造更合理的季度收入的兩個主要因素基本上有兩個。

One, the customer demand and the pace they want us to deliver these orders; and second, our ability and capacity to manufacture the products in a timely fashion.

第一，客戶的需求以及他們希望我們交付這些訂單的速度；第二，我們及時生產產品的能力和能力。

Now in terms of manufacturing capacity, we have no issue.

現在就製造能力而言，我們沒有問題。

But yet as a very cautious company, until we receive the large orders or the initial large orders from India, we are very careful in terms of component buying and that may cause certain delays that I think that within less than a quarter we'll be able to overcome.

但作為一家非常謹慎的公司，在我們收到來自印度的大訂單或最初的大訂單之前，我們在零件採購方面非常謹慎，這可能會導致一定的延遲，我認為在不到一個季度的時間內我們將能夠克服。

So to summarize, in Q2, we do expect a ramp in the business or in the revenue generation.

總而言之，我們確實預計第二季業務或營收將會成長。

But I think that during the second half of the year, if assuming customers continue with the same, so to speak, expectations of delivery timeline, we will probably be achieving beyond $100 million a quarter in this second part.

但我認為，在今年下半年，如果假設客戶繼續對交付時間表保持相同的預期，我們可能會在第二部分中實現每季超過 1 億美元的目標。

And the gross margin numbers, 36.7% in the quarter, I'm assuming that you're not going to be doing that again here in the June quarter or even in the back half with the mix shifting towards India, which generally a lower margin.

該季度的毛利率數字為 36.7%，我假設您不會在 6 月季度甚至後半段再次這樣做，因為組合轉向印度，而印度的利潤率通常較低。

Is it reasonable to think that's more on the 35.5%-ish range, for the next couple of quarters as that kicks in and you have start-up costs with your new products?

認為在接下來的幾個季度中，隨著新產品的啟動成本的增加，這一比例在 35.5% 左右，是否合理？

Yes, hi, Alex, it's Ronen.

是的，嗨，亞歷克斯，我是羅南。

As I said in the previous call, I think that we would be around between the 35% to 37%.

正如我在上次電話會議中所說，我認為我們的比例將在 35% 到 37% 之間。

On average, we opt to target to reach the 36%.

平均而言，我們選擇目標達到 36%。

So yes, something in between the 35.5% and 36% as an average is reasonable.

所以是的，平均值在 35.5% 到 36% 之間是合理的。

It might go down to around 35%, but it might go up also to 37%, depending on the specific quarter, specific mixture by regions and a specific product mixture or services mixture, whether we give more software or not very much dependent on how backlog is being -- the very good backlog that we have is converted depending on the specific needs in each quarter of the customers.

它可能會下降到35% 左右，但也可能會上升到37%，這取決於具體的季度、地區的具體組合以及具體的產品組合或服務組合，我們是否提供更多軟體，很大程度上取決於如何積壓正在——我們擁有的非常好的積壓是根據每個季度客戶的具體需求進行轉換的。

Just to add on top of it, I think in the last -- in the previous call, we said that we are planning for further improvement in our gross margin on an annual basis.

除此之外，我想在上一次電話會議中，我們表示我們計劃進一步提高每年的毛利率。

Last year, we ended up with a gross margin that is slightly shy of 35% non-GAAP.

去年，我們的毛利率略低於 35%（非 GAAP）。

And as we said in the previous conference call, we are shooting and we believe that with the right, so to speak, mix, no big changes in what we expect.

正如我們在之前的電話會議中所說，我們正在拍攝，我們相信，只要是正確的，可以說，混合，我們的預期不會有太大的變化。

We will be nearing the 36% and that's our minimum goal for this year.

我們將接近 36%，這是我們今年的最低目標。

One last question and I'll cede the floor and get back in queue.

最後一個問題，我將讓出發言權並重新排隊。

Can you remind us where we are on the book-to-bill as we exited '23 and what the book-to-bill looked like in the first quarter?

您能否提醒我們，當我們退出 23 年時，我們的訂單出貨量情況以及第一季的訂單出貨量情況如何？

Yeah.

是的。

Look, first of all, we did not specifically refer to that in the last two quarters because I think that on a quarterly basis, it may miss sell it.

你看，首先，我們沒有特別提到最近兩個季度的情況，因為我認為按季度計算，它可能會錯過出售它。

Last quarter and for the full year of 2023, we were with book-to-bill above 1.

上個季度和 2023 年全年，我們的訂單出貨比均高於 1。

And also after this quarter and I think that my prepared comments were alluding to that very strongly, we had a huge book-to-bill that is hugely above 1.

而且在本季之後，我認為我準備好的評論非常強烈地暗示了這一點，我們的訂單出貨比遠高於 1。

And I don't want to kind of create a situation where people are, maybe misled by this because, obviously, getting this amount of orders from India in advance in order to prepare us to the very big volumes of delivery is not necessarily indicating what we expect to happen each and every quarter.

我不想造成人們被誤導的情況，因為很明顯，提前從印度獲得這麼多訂單以便我們為大量交付做好準備並不一定表明什麼我們預計每個季度都會發生。

So all in all, very strong end of 2023, very strong beginning of Q1 2024, I think that the way to look at the bookings is more on a trailing 12-month approach.

總而言之，2023 年底非常強勁，2024 年第一季開始非常強勁，我認為看待預訂的方式更多是採用過去 12 個月的方法。

And definitely on a trailing 12-month period, we are way above 1 in terms of book-to-bill.

毫無疑問，在過去 12 個月的時間裡，我們的訂單出貨率遠高於 1。

That's very helpful.

這非常有幫助。

Thank you so much.

太感謝了。

I'll let anybody else into the queue here.

我會讓其他人加入這裡的隊列。

Rommel Dionisio, Aegis Capital.

隆美爾·迪奧尼西奧，宙斯盾資本。

Thank you.

謝謝。

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

因此，您顯然已經在專用網路上取得了重大進展。

So I wonder if you could just give us a little more color on that.

所以我想知道你是否可以給我們更多的資訊。

Obviously, some significant events here over the last several months and the business prospects both in North America and Europe for that?

顯然，過去幾個月這裡發生了一些重大事件，以及北美和歐洲的商業前景？

Thank you.

謝謝。

So I will start with, what I was saying in the previous conference call.

因此，我將從上次電話會議中所說的話開始。

We ended up last year with $40 million of booking in the private networks and we aspire to double this amount in 2024.

去年，我們在私人網路上的預訂量達到了 4000 萬美元，我們希望在 2024 年將這一數字翻倍。

This plan has not changed and we definitely see a path for getting to this level of booking.

這個計劃沒有改變，我們肯定看到了達到這一預訂水平的途徑。

I think this quarter was characterized by a lot of good results of hard work, especially in the energy segment where we received nearly $10 million value of orders from this segment.

我認為本季的特點是努力工作取得了很多良好成果，特別是在能源領域，我們從該領域收到了價值近 1000 萬美元的訂單。

And I think that with our unique solution plus the fact that we have a good brand of, some sort of, system integrator concept.

我認為，憑藉我們獨特的解決方案，加上我們擁有良好品牌的某種系統整合商概念。

In this particular segment, we are seeing the fruits of focusing on this segment that is going through huge transformation -- digital transformation, across all segments.

在這個特定的細分市場中，我們看到了專注於這個正在經歷巨大變革的細分市場的成果——跨所有細分市場的數位轉型。

So that's definitely encouraging.

所以這絕對是令人鼓舞的。

On top of that, we look at the funnel and our funnel is increasing very, very nicely.

最重要的是，我們觀察漏斗，我們的漏斗正在非常非常好的成長。

And that means that we have very strong signals that we are getting traction with our solutions, our marketing efforts that we started in much higher pace towards the end of last year, but also increased it as part of our budget, in Q1 are also showing very strong signs of traction.

這意味著我們有非常強烈的信號表明我們的解決方案正在受到關注，我們在去年年底以更快的速度開始了行銷工作，但也將其作為預算的一部分增加，在第一季度也顯示出非常強烈的牽引跡象。

And therefore, I'm quite optimistic about our ability to achieve this, doubling the number of booking in this year and maybe even exceeding it.

因此，我對我們實現這一目標的能力非常樂觀，今年的預訂數量將增加一倍，甚至可能超過這一目標。

Great.

偉大的。

Thanks very much for the color.

非常感謝你的顏色。

(Operator Instructions) [Gunther Karger].

（操作員說明）[Gunther Karger]。

Hi, Gunther.

嗨，岡瑟。

Hi, Gunther.

嗨，岡瑟。

Gunther, please unmute.

岡瑟，請取消靜音。

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

所以也許我們現在可以轉向亞歷克斯·亨德森（Alex Henderson）。

Alex, go ahead.

亞歷克斯，繼續。

Yes, Gunther, go ahead.

是的，岡瑟，繼續吧。

I'm sorry.

對不起。

Regarding the medical industry a specific market, there's been a rise of interest in the artificial intelligence, the diagnostic areas and such things.

對於醫療產業這一特定市場，人們對人工智慧、診斷領域等的興趣日益濃厚。

With regard to the short range, millimeter range systems and diagnostic trans data transmissions, has there been any notice of market interest in that area?

關於短距離、毫米距離系統和診斷資料傳輸，是否有任何市場對該領域感興趣的通知？

So I would say the following.

所以我想說以下內容。

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

首先，順便說一下，我們在收購Siklu 後看到的是，實際上正在按計劃前進或向前推進，甚至稍微好一點，短毫米波、傳輸解決方案和固定無線接入有很大的吸引力，尤其是在人口稠密的地區。

And that's obviously definitely encouraging because this was the purpose of the acquisition.

這顯然絕對令人鼓舞，因為這就是收購的目的。

So in this respect, we see a lot of traction and we believe that we can increase our business in this domain, definitely leveraging our position following the acquisition of Siklu.

因此，在這方面，我們看到了很大的吸引力，我們相信我們可以增加我們在這一領域的業務，絕對可以利用我們在收購 Siklu 後的地位。

In terms of AI, I know that people are asking questions.

在人工智慧方面，我知道人們在問問題。

Some of these questions are coming via email.

其中一些問題是透過電子郵件提出的。

Guys, we have already AI embedded in our software and we have different use cases where AI can be used for optimization of either the network or the wireless transport piece.

夥計們，我們已經將人工智慧嵌入到我們的軟體中，我們有不同的用例，其中人工智慧可用於優化網路或無線傳輸部分。

And with our digital twin, we can even expand it beyond just the transport itself.

借助我們的數位孿生，我們甚至可以將其擴展到運輸本身之外。

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

因此，我們已經在使用此類工具，並且我們打算繼續將這些功能應用到我們的軟體解決方案和產品中。

Thank you and good luck on that.

謝謝你，祝你好運。

That's a big growing market.

這是一個不斷成長的龐大市場。

Alex Henderson, Needham & Co.

亞歷克斯·亨德森，李約瑟公司

So I get it that you've had some very large orders here.

我知道你們這裡有一些非常大的訂單。

I get it that the timing of that is heavily skewed to the first quarter, set you up for very strong deployments over not just to the back half of this year, but also into '25.

我知道這個時間安排嚴重偏向第一季度，這讓你不僅在今年下半年而且在 25 年進行非常強大的部署。

But I was wondering, given those orders, is your pipeline of additional deals still healthy and/or is there enough heft in that to continue to build more order flow over the course of the remainder of the year.

但我想知道，考慮到這些訂單，您的額外交易管道是否仍然健康，和/或是否有足夠的分量在今年剩餘時間內繼續建立更多訂單流。

What does the pipeline look like?

管道是什麼樣子的？

So the pipeline looks quite healthy, and we also actually made that comment in my prepared comment.

因此，管道看起來相當健康，我們實際上也在我準備好的評論中發表了這一評論。

We're also encouraged by the progress we made in other regions.

我們也對其他地區的進展感到鼓舞。

It was kind of the first quarter in this year and probably for a few quarters where all other regions, without any exception had the sequential growth in the booking versus the obviously previous quarter.

這是今年第一季的情況，可能在接下來的幾個季度中，所有其他地區的預訂量均與上一季相比，毫無例外地出現了環比增長。

So that's also a good sign for us.

所以這對我們來說也是一個好兆頭。

We see a healthy pipeline in most of the regions.

我們在大多數地區看到了健康的管道。

We see a nice pipeline, as I said in the private networks and increasing and this give us the confidence, the level of confidence that we need to feel comfortable in the path and in the target we set to ourselves for 2024.

正如我在私人網路中所說的那樣，我們看到了一條很好的管道，並且正在不斷增加，這給了我們信心，我們需要對我們為自己設定的2024 年目標和道路感到舒適的信心水平。

Okay.

好的。

And just going back to the inventory, I think your inventory is still a little higher than normal.

回到庫存，我認為你們的庫存仍然比正常情況高一點。

How do you see that feathering down over the year?

您如何看待這一年的下降趨勢？

And is that going to be tied to the shipments into India or is that just normal course of business?

這是否與運往印度的貨物有關，還是只是正常的業務流程？

How do we think about it?

我們如何看待這個問題？

So Alex, first of all, thank you for the question.

亞歷克斯，首先，謝謝你提出這個問題。

Yes, indeed, the inventory reduced substantially this quarter.

是的，確實，本季庫存大幅減少。

We reduced inventories from $69 million to $61 million.

我們將庫存從 6,900 萬美元減少到 6,100 萬美元。

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

所以這是一個積極的信號，因為它已經持續了好幾個季度了。

I think that the last time we were in this level was around 2022.

我認為我們上次達到這個水平是在 2022 年左右。

And we made a lot of progress in 2023 to come to this stage, where inventory has come down.

我們在 2023 年取得了很大進展，達到了庫存下降的階段。

And we believe that there is more room to decrease inventory.

我們認為庫存還有更大的下降空間。

I'm not sure about quarter-to-quarter levels, but, over the year to continue to decrease and we have a plan to continue to decrease the inventories by at least

我不確定季度環比的水平，但是，在這一年裡會繼續減少，我們有計劃繼續減少庫存至少

[a few couples of millions].

[幾百萬]。

And this is associated, of course, with the fact that we built up inventories for the new products that are now being materialized and that we are now going to start to sell over this year, and then we can streamline the new products as well as coming back from the post-COVID-19 building of inventories due to the challenges that we had of sourcing of components at these years.

當然，這與我們為現在正在實現的新產品建立了庫存，並且我們現在將在今年開始銷售，然後我們可以簡化新產品以及由於這些年我們在零部件採購方面面臨的挑戰，我們從新冠肺炎( COVID-19) 疫情後的庫存建設中恢復過來。

Alex, just to add on top of Ronen's comment, the only issue of managing our inventory that is obviously a big item on our balance sheet has stepped up dramatically since we started seeing the component market rationalizing.

亞歷克斯，除了羅南的評論之外，還要補充一點，自從我們開始看到零件市場合理化以來，管理庫存的唯一問題顯然是我們資產負債表上的一個大項目，這一問題已經急劇加劇。

And there's a lot, a lot of activities on the one hand, building our plans to more of adjusting time delivery of components.

一方面有很多很多的活動，制定我們的計劃以更多地調整組件的交付時間。

Obviously, looking at some excess and working with this excess inventory very fast in the process and not waiting too long, and all of that is creating a much more meticulous handling of our inventory.

顯然，在這個過程中非常快速地查看一些多餘的庫存並處理這些多餘的庫存，而不是等待太久，所有這些都使我們對庫存的處理更加細緻。

So I truly believe that we will be able to continue in this trend.

所以我堅信我們將能夠繼續這一趨勢。

There's only two factors that you need to take into account.

您只需考慮兩個因素。

One is that we need also to look at the inventory as a percentage of our volume of business.

一是我們還需要查看庫存佔業務量的百分比。

So if we are ramping up and we'll go to the $400 million revenue and maybe even exceed it, we might see the inventory rationalizing as a percentage of revenue, definitely if the part of the revenue that is associated with our hardware product is the one that is growing significantly.

因此，如果我們正在加速，我們的收入將達到 4 億美元，甚至可能超過它，我們可能會看到庫存佔收入的比例合理化，當然，如果與我們的硬體產品相關的收入部分是一個正在顯著成長的國家。

And the other thing is that sometimes I'm making decisions on a quarterly basis to get equipped with some level of inventory in advance, expecting some capacity or overcoming some capacity issues that may come because of deliveries that are specific for a specific order.

另一件事是，有時我會按季度做出決定，提前配備一定水平的庫存，預期一定的產能或克服因特定訂單的特定交貨而可能出現的一些產能問題。

So these are the two caveats.

所以這是兩個警告。

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

底線是，是的，我們確實希望繼續合理化我們的庫存，我們確實希望看到未來更好的結果。

Yeah, in that context, obviously, you've got a very large order ramping for India and then second, you've got two new products that are ramping now and then another one that's slated to launch late in the year.

是的，在這種情況下，顯然，印度的訂單量非常大，其次，有兩種新產品正在增加，然後另一種產品計劃在今年稍後推出。

Should we be looking at some start-up costs associated with those or is that embedded in your thinking at this point?

我們是否應該考慮與這些相關的一些啟動成本，或者您目前的想法是否已包含這些成本？

And what size of a cost is that, that will eventually fall out as those products hit the normalized production level?

當這些產品達到正常生產水準時，最終會降低的成本有多大？

So these costs are already embedded in our projections.

因此，這些成本已經包含在我們的預測中。

We took them into account.

我們考慮到了它們。

Usually, we try to rationalize these costs and to make these costs happen gradually, so they don't have a big impact on a specific quarter.

通常，我們會嘗試合理化這些成本，讓這些成本逐漸發生，這樣它們就不會在特定季度產生很大的影響。

If that happens, obviously, we're going to disclose this kind of situation, but we don't expect that.

如果發生這種情況，顯然我們會披露這種情況，但我們不希望這樣。

So eventually, when we are talking about our gross margins for the rest of the year, we have taken into account the fact that we launched the two new products.

因此，最終，當我們談論今年剩餘時間的毛利率時，我們考慮到了我們推出了兩款新產品的事實。

I don't think that the new 100 gigabit event will have an impact on this year.

我認為新的百吉餅事件不會對今年產生影響。

But as for the other products, it's taken into account and I do expect our gross margins from these products to improve almost by the quarter, as we're able to improve our performance in terms of manufacturing and BOM cost.

但至於其他產品，它已被考慮在內，我確實預計這些產品的毛利率幾乎會在本季度有所改善，因為我們能夠提高製造和 BOM 成本方面的績效。

Now what I was trying to calibrate was to what extent that abnormally large amount of startup costs in 2024 would then fall out in 2025 as these products are normalized and whether that would then imply some further upside in the gross margin in the out year.

現在我試圖校準的是，隨著這些產品的正常化，2024 年異常大量的啟動成本會在 2025 年下降到什麼程度，以及這是否意味著未來一年的毛利率會進一步上升。

I know you don't want to give guidance for '25, but conceptually, is that a logical conclusion?

我知道您不想為 '25 提供指導，但從概念上講，這是一個合乎邏輯的結論嗎？

Look, the startup cost that you would see are actually categorized into two.

看，你看到的啟動成本其實分為兩類。

One is our investment in CapEx to build the testing equipment or to enhance the testing equipment to fit the new products, and that you will see in some investment in CapEx.

一是我們對資本支出的投資，用於建造測試設備或增強測試設備以適應新產品，您會在資本支出方面看到一些投資。

But generally speaking, I don't think that investment in CapEx is going to be that different from previous years.

但總的來說，我認為資本支出的投資與前幾年不會有太大不同。

And the other set of course that are actually going to the expenses immediately, I would not give them more than, I don't know, [0.5%] of the gross margin.

當然，另一組實際上會立即支出的費用，我不會給他們超過，我不知道，毛利率的[0.5%]。

Okay.

好的。

Thank you.

謝謝。

Jeff Rosenberg, Rail-Splitter Capital.

傑夫·羅森伯格，Rail-Splitter Capital。

Good morning.

早安.

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

我只是想問你能否告訴我們 Siklu 第一季的貢獻是多少。

Look, we do not include and we don't want to separate the Siklu contribution for a very simple reason.

聽著，我們不包括也不希望將 Siklu 的貢獻分開，原因很簡單。

This is a tiny transaction and the integration is so fast and so to speak deep that it's almost becoming impossible to separate the numbers.

這是一筆很小的交易，而且整合速度如此之快，可以說如此之深，幾乎不可能將這些數字分開。

Yet just in a quality fashion, I can tell you that in the first quarter, the contribution to the gross margin of Siklu was even slightly higher than our expectation.

但從品質上來說，我可以告訴你，第一季度，Siklu 對毛利率的貢獻甚至略高於我們的預期。

And in terms of the business and the booking, it was also as strong as we were expecting.

在業務和預訂方面，也正如我們預期的那樣強勁。

And just to remind you that our projection for 2024 was that Siklu will contribute from their specific products between $25 million to $29 million in 2024.

只是提醒您，我們對 2024 年的預測是，Siklu 將在 2024 年從其特定產品中貢獻 2500 萬至 2900 萬美元。

I think that we are on a path to achieve it.

我認為我們正在實現這一目標。

And if all stars align, maybe in the second part of the year, we'll be able even to exceed this number.

如果所有星星都對齊，也許在今年下半年，我們甚至能夠超過這個數字。

Great.

偉大的。

And the reason I was asking was just about looking at the year-over-year or even sequential growth because I think you got some contribution from Siklu in Q4.

我問的原因只是為了看看同比甚至連續增長，因為我認為你在第四季度從 Siklu 得到了一些貢獻。

Now the growth looked a little slower, but I know it's uneven and seasonality and so maybe the comparison against last year was difficult.

現在成長看起來有點慢，但我知道這是不平衡和季節性的，所以與去年相比可能很困難。

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

因此，也許只是想談談第一季收入的整體實力與明顯非常好的預訂量和今年的知名度。

So Jeff, if you're willing to sign an NDA and join our finance team next quarter, I would love to have you on board because you hit the nail on the head.

所以傑夫，如果你願意簽署保密協議並在下個季度加入我們的財務團隊，我很樂意邀請你加入，因為你擊中了要害。

There were a few moving factors that we thought that eventually if we start -- we tried to explain them, we just get everyone confused.

我們認為有一些令人感動的因素，最終如果我們開始嘗試解釋它們，我們只會讓每個人感到困惑。

First of all, usually Q1 is weaker and last year was a bit different for us to the good side primarily because of some delays in delivery of some of the products that were supposed to come or to be delivered in Q4 of 2022.

首先，通常第一季會較弱，去年對我們來說有點不同，主要是因為一些本應在 2022 年第四季交付或交付的產品出現了一些延遲。

So starting to put all these ingredients moving up and down and trying to give a more rationalized analysis of the growth, we thought that it will just confuse anyone.

因此，我們開始將所有這些因素上下移動，並試圖對成長進行更合理的分析，我們認為這只會讓任何人感到困惑。

I think that the most important thing, especially after Alex's comment about, okay, how rationalized and aligned the revenue growth between quarters that was indicating that we may see some fluctuations.

我認為最重要的是，特別是在亞歷克斯發表評論之後，好吧，如何合理化和調整季度之間的收入成長表明我們可能會看到一些波動。

So I would not be impressed by the percentage of the Q1 versus -- Q1 in 2023 in terms of projecting how the full year of 2024 is going to look like.

因此，在預測 2024 年全年情況時，我不會對 2023 年第一季與第一季的百分比印象深刻。

I would add that the most important thing that we gave guidance for this year and the guidance was for revenues of between $385 million to $405 million.

我想補充一點，我們今年給出的指導最重要的是收入在 3.85 億美元至 4.05 億美元之間。

And we still expect to reach this guidance.

我們仍然期望達到這項指導。

And as Doron mentioned in the prepared comments, we have better visibility due to the higher volume of bookings.

正如多倫在準備好的評論中提到的，由於預訂量較高，我們擁有更好的可見度。

So we are on target at this stage.

所以我們在這個階段已經達到目標了。

Great.

偉大的。

Well, thanks for that color.

嗯，謝謝你的顏色。

Appreciate it.

欣賞它。

Thank you.

謝謝。

There are no further questions, so please proceed.

沒有其他問題了，請繼續。

So as I said, this was an encouraging quarter and a solid start to the year for Ceragon.

正如我所說，這是一個令人鼓舞的季度，也是 Ceragon 新年的良好開端。

We're executing against our growth strategy and capturing market share.

我們正在執行我們的成長策略並佔領市場份額。

We believe that we are well-positioned to achieve self-sustaining cash flows as we execute our growth strategy.

我們相信，在執行成長策略時，我們有能力實現自我維持的現金流。

I look forward to updating you further on our next quarterly call.

我期待在下一次季度電話會議上向您進一步通報最新情況。

Have a good day everyone.

祝大家有美好的一天。