Ceragon Networks Ltd (CRNT) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Ceragon Networks Ltd earnings conference call. Our presentation today will be followed by a question and answer session [Operator Instructions]

女士們、先生們，感謝你們的支持，歡迎參加 Ceragon Networks Ltd 收益電話會議。今天的演講之後將有一個問答環節[操作說明]

I'd like to hand the call over now to our first speaker today, Rob Fink, head of investor relations. Rob, please go ahead.

現在我想將電話交給今天的第一位發言者、投資者關係主管 Rob Fink。羅布，請繼續。

Thank you, operator, and good morning everyone. Hosting the call today is Doron Arazi, Ceragon's Chief Executive Officer; , and Ronen Stein , Chief Financial Officer.

謝謝接線員，大家早安。今天主持電話會議的是 Ceragon 的執行長 Doron Arazi； ，以及財務長 Ronen Stein。

Before we start, we would like to note that certain statements made on this call will constitute as 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 Security Litigation Reform Act of 1995.

在開始之前，我們想指出，本次電話會議中所做的某些聲明將構成《1933 年證券法》（修訂版）和《1934 年證券交易法》（修訂版）以及《1995 年私人證券訴訟改革法》的安全港條款所定義的前瞻性聲明。

Ceragon intends forward-looking terminology such as may, plans, anticipates, believes, estimates, targets, expects, intends potential, or other comparable techno terminology, although not all forward-looking statements contain these identifying words.

Ceragon 打算使用前瞻性術語，例如可能、計劃、預期、相信、估計、目標、預期、意圖、潛力或其他類似的技術術語，儘管並非所有前瞻性陳述都包含這些識別詞。

Such statements reflect current expectations and assumptions of Ceragon management.

這些聲明反映了 Ceragon 管理層當前的預期和假設。

Actual results may differ materially, as they are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in these forward-looking statements. A full list of risk and uncertainties are disclosed in Ceragon's annual report on Form 20-F that was published on March 21, 2024, as well as with other documents that had been subsequently filed by Ceragon's from time to time with the Securities and Exchange Commission.

實際結果可能存在重大差異，因為它們受某些風險和不確定性的影響，這可能導致實際結果與這些前瞻性陳述中的預測有重大差異。Ceragon 於 2024 年 3 月 21 日發布的 20-F 表年度報告以及 Ceragon 隨後不時向美國證券交易委員會提交的其他文件中披露了完整的風險和不確定性清單。

Forward-looking statements relate to the date initially made, and they are not prediction 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.

前瞻性陳述與最初作出的日期有關，它們不是對未來事件或結果的預測，也不能保證它們的準確性。並且 Ceragon 不承擔更新它們的義務。

Ceragon's public filings are available on the Securities and Exchange Commission's website at SCC.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 SCC.gov 上查閱，也可從 Ceragon 的網站 Ceragon.com 取得。

In addition, today's call will include certain non-GAP financials. For reconciliation between GAAP and non-GAP results, please see the table attached to the press release that was issued earlier today, which is posted on the investor relations section of Ceragon's website.

此外，今天的電話會議還將討論某些非 GAP 財務狀況。有關 GAAP 和非 GAP 結果之間的調節，請參閱今天早些時候發布的新聞稿所附的表格，該表格發佈在 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 Dr. Doron, the call is yours.

說了這麼多，現在我想把電話轉給 Doron 博士，您來接電話。

Thank you, Rob, and good morning everyone.

謝謝你，羅布，大家早安。

This was a record year for Ceragon financially, achieving record operating profit on the highest revenue levels since 2012.

這是 Ceragon 財務狀況創紀錄的一年，在 2012 年以來最高的收入水準上實現了創紀錄的營業利潤。

Importantly, we made significant progress in our strategy to expand our t and diversify our revenue streams.

重要的是，我們在擴大業務和多樣化收入來源的策略方面取得了重大進展。

To remind everyone, our growth strategy consists of three pillars focusing on millimeter wave products that are expected to be the fastest growing part in the wireless transport market, increasing our market share in private networks of end to end solutions, and increasing our recurring revenue primarily by helping our customers in network operation and optimization.

提醒大家，我們的成長策略由三大支柱組成：專注於預計成為無線傳輸市場中成長最快的部分的毫米波產品、增加我們在端到端解決方案的私有網路中的市場份額，以及主要透過幫助客戶進行網路運營和優化來增加我們的經常性收入。

Let me highlight some of the achievements in this regard.

讓我強調一下這方面所取得的一些成就。

We grew our annual revenue during 2024 by more than 13% even as the wireless transport market, according to industry analysts, declined more than 10% year over year.

儘管據行業分析師稱，無線傳輸市場同比下降了 10% 以上，但我們在 2024 年的年收入仍增長了 13% 以上。

About half of that growth was organic and the balance was contributed by Siklu acquisition. We grew our bookings from private networks by more than 50%. And we secured additional recurring revenue from manage services with approximately $7 million annual recurring revenue, which is more than 30% of our current ARR.

其中約一半的成長是有機成長，其餘則來自對 Siklu 的收購。我們從私人網路獲得的預訂量增加了50%以上。我們也從管理服務中獲得了額外的經常性收入，每年約 700 萬美元的經常性收入，占我們目前 ARR 的 30% 以上。

These additional revenues are expected to have gradual impact on our recurring revenue in 2025 and 2026.

這些額外收入預計將對我們 2025 年和 2026 年的經常性收入產生逐步影響。

Simultaneously, we continue to execute against our product roadmap, extending our technological lead.

同時，我們繼續執行我們的產品路線圖，擴大我們的技術領先地位。

We have introduced the IP-50 EX enabling us to win a significant new business and take market share in India.

我們推出了 IP-50 EX，這使我們能夠贏得重要的新業務並佔領印度的市場份額。

We have introduced the new millimeter wave series, IP-50 EX that we believe is the best price performance millimeter wave product in the industry, as demonstrated by the recent indication of demand for the IP-50 EX product in India.

我們推出了新的毫米波系列 IP-50 EX，我們認為這是業內性價比最高的毫米波產品，最近印度對 IP-50 EX 產品的需求表明就證明了這一點。

On that same front, we have finished the tests of our proprietary Neptune chip successfully and have been developing the 1st 25 gigabit per second in a single box, our IP-50 100E that once again is expected to be the best price performance product in the industry, enabling us to also provide a multi-band solution. In a split mount configuration of 29 gigabits per second, likely the highest in our space.

在同一方面，我們已成功完成專有 Neptune 晶片的測試，並正在開發首個每秒 25 千兆位元的單機產品 IP-50 100E，預計該產品將再次成為業界最佳性價比的產品，同時使我們能夠提供多頻段解決方案。在分離式安裝配置中，速度為每秒 29 千兆位，可能是我們所在領域中最高的。

And finally, on the millimeter wave, we have launched a new product version of Siklu by Ceragon product, the 80/20 that many CIL by Ceragon's customers have been waiting for.

最後，在毫米波方面，我們推出了 Siklu by Ceragon 產品的新產品版本，即許多 CIL by Ceragon 客戶一直在等待的 80/20。

During 2024 we also started developing a new split-mount product after many years of focusing primarily on an all outdoor solution. This product can address the needs of a large part of the market, including private networks that still prefers split-mount products and we expect it to be commercially available within the first half of 2025.

在多年專注於全戶外解決方案之後，我們在 2024 年也開始開發新的分離式產品。該產品可以滿足很大一部分市場的需求，包括仍然偏愛分離式產品的私人網絡，我們預計它將在 2025 年上半年上市。

On the software front, we've introduced the smart activation key that enables more flexibility and ease of use of different features and configurations of our products opening the door for software as a service business models. We have recently seen an increased interest in our encryption features due to the increased threats of cyber-attacks.

在軟體方面，我們推出了智慧啟動金鑰，使我們產品的不同功能和配置更加靈活和易於使用，為軟體即服務業務模式打開了大門。由於網路攻擊威脅的增加，我們最近發現人們對我們的加密功能的興趣增加。

This can drive higher software revenue for us from both our install base and future purchases. Our smart activation key can make this feature even easier to use. With these achievements, we entered 2025 in a strong competitive position. I believe our position is the strongest it has been since I became CEO.

這可以為我們從現有安裝基礎和未來購買中獲得更高的軟體收入。我們的智慧啟動金鑰可以使此功能更加易於使用。憑藉這些成就，我們將以強勁的競爭優勢進入2025年。我相信，自從我擔任執行長以來，我們的地位是最穩固的。

We are making our strides and seeing the signals of success tied to the continued execution of our strategy. The recent acquisition of E2E technologies is another attestation of our determination to pursue the private network market organically and inorganically.

我們正在大步前進，並看到了與我們策略的持續執行相關的成功訊號。最近對 E2E 技術的收購再次證明了我們透過有機和無機方式進軍私人網路市場的決心。

The two acquisitions completed over the last 14 months improve our ability to compete in this domain.

過去 14 個月完成的兩次收購提高了我們在該領域的競爭力。

I firmly believe that we can continue increasing our market share significantly. Said that the dynamics of the private network market results in projects shifting from quarter to quarter, and this impacts our visibility on revenue until we reach a critical mass of projects in our backlog.

我堅信我們能夠繼續大幅提高我們的市場佔有率。表示私人網路市場的動態導致專案每季都在變化，這會影響我們的收入可見性，直到我們積壓的專案達到臨界數量。

On the managed services front, we had a few recent successes that are reflected in our increased committed ARR and make us more optimistic or even much more optimistic about this path of growth.

在託管服務方面，我們最近取得了一些成功，這反映在我們增加的承諾 ARR 上，並使我們對這一成長道路更加樂觀，甚至更加樂觀。

We have seen increasing interest in the market for full turnkey deals where we are expected to design, deliver, deploy and manage the performance of our products over periods that can range between 5 to 10 years.

我們看到市場對全套交鑰匙交易的興趣日益濃厚，預計我們需要在 5 至 10 年的時間內設計、交付、部署和管理我們產品的效能。

We expect to continue this approach even if it impacts our growth pace in the short run. Ceragon has been outperforming the market in 2024 and we expect to continue to outperform the market in 2025. That said, data from analysts as well as other companies' performance in the telecommunication technology space suggest that the CSP market has been soft for at least a year.

即使這種方法在短期內會影響我們的成長速度，我們也希望繼續採用這種方法。Ceragon 在 2024 年的表現一直優於市場，我們預計 2025 年將繼續優於市場。儘管如此，分析師的數據以及其他公司在電信技術領域的表現表明，CSP 市場至少已經疲軟一年了。

Recently Some of the companies, especially in the run and fiber domain, are reporting on signs of potential recovery. Run and fiber deployments typically come before wireless transport deployments serving as a leading indicator for growth for us.

最近，一些公司，特別是運作和光纖領域的公司，報告了潛在復甦的跡象。運行和光纖部署通常先於無線傳輸部署，這是我們成長的領先指標。

In 2024, Ceragon outperformed the industry in this respect due to being the vendor of choice in particular parts of the market, primarily in India and North America, yet we are not immune to the global market trends.

2024 年，Ceragon 在這方面的表現優於產業，因為它是特定市場領域（主要是印度和北美）的首選供應商，但我們並不能免受全球市場趨勢的影響。

But with the huge progress we have made with our offerings, we are very well positioned to benefit from a from a recovery in the industry.

但隨著我們在產品方面取得巨大進步，我們完全有能力從產業復甦中獲益。

To summarize, I'm very optimistic about long term direction.

總而言之，我對長期方向非常樂觀。

2025 is indeed starting with low visibility but can also turn into another successful year for Ceragon if CSP market recovers and subject to the pace of success in private networks. As we navigate this period, I continue to believe that Ceragon is well positioned and we expect to continue to outperform the market.

2025 年確實開局不明朗，但如果 CSP 市場復甦，並受制於私有網路成功的速度，那麼 2025 年也可能成為 Ceragon 的另一個成功年份。在我們度過這段時期的過程中，我仍然相信 Ceragon 處於有利地位，我們預計將繼續跑贏大盤。

I'd now like to provide an overview of our Q4 highlights by region.

現在，我想按地區概述我們第四季度的亮點。

In North America, revenue was $13.4 million.

北美地區收入為 1,340 萬美元。

This reflects the lower levels of booking we had in Q3 as previously discussed and into Q4. We saw a nice uptick in bookings in Q4 and we expect another sequential growth in Q1 of 2025.

這反映了我們之前討論過的第三季和第四季的預訂量較低。我們看到第四季的預訂量大幅上升，預計 2025 年第一季將再次持續成長。

This trend reinforces our confidence that lower bookings in Q3 were reflective of timing issues, not demand.

這一趨勢增強了我們的信心，即第三季預訂量的下降反映了時間問題，而不是需求問題。

We also see opportunities for deployment of our encryption capabilities as cybersecurity is getting more attention.

隨著網路安全越來越受到關注，我們也看到了部署加密功能的機會。

In India, revenue was $55.6 million an all-time record quarter for Ceragon, exceeding the $50.5 million reported in the third quarter, our previous record.

在印度，Ceragon 本季的營收為 5,560 萬美元，創下歷史新高，超過了我們先前第三季報告的 5,050 萬美元的記錄。

We have been shipping and deploying equipment related to several projects in India, including the new customer we won in Q4 2023.

我們一直在運輸和部署與印度多個專案相關的設備，包括我們在 2023 年第四季贏得的新客戶。

These deployments are supporting customers in both the expansions of 4G and 5G networks.

這些部署支援客戶進行4G和5G網路的擴展。

During the last few months, we have finished negotiations of the commercial terms with two of our customers securing our market share with the potential for a certain increase on account of competition.

在過去的幾個月裡，我們已經與兩位客戶完成了商業條款的談判，確保了我們的市場份額，並且由於競爭還有一定成長的潛力。

We have started receiving orders for delivery in 2025 based on the new commercial terms, and we expect more orders in the coming quarters for both our microwave and even products. Importantly, Our IP-50 EX has generated significant traction, being most probably the best price performance product in our space.

根據新的商業條款，我們已經開始接收 2025 年交付的訂單，我們預計未來幾季我們的微波爐和均勻產品的訂單都會增加。重要的是，我們的 IP-50 EX 已經產生了顯著的吸引力，很可能是我們領域中中性價比最好的產品。

Our strong relationship with one of our customers and their trust in us and its appreciation of our strong technological capabilities are opening for us more opportunities that are beyond our core domain and current roadmap.

我們與一位客戶的牢固關係以及他們對我們的信任和對我們強大技術能力的讚賞為我們帶來了超越我們核心領域和當前路線圖的更多機會。

While these opportunities are in the initial exploration phase, they are another attestation to a strong position in India.

雖然這些機會尚處於初步探索階段，但它們再次證明了其在印度的強勢地位。

In our Asia Pacific region, we finished the year strong, winning business that included significant Siklu by Ceragon products.

在亞太地區，我們以強勁的勢頭結束了這一年，贏得了包括 Siklu by Ceragon 產品在內的重要業務。

This was primarily in the point to multipoint access solutions for municipality projects which included managed services following deployment.

這主要是針對市政專案的點對多點存取解決方案，其中包括部署後的託管服務。

We also were awarded a project worth of approximately $20 million in collaboration with the tower company to provide capacity as a service to certain communications service providers as well as $3.5 million win in the energy domain.

我們還與塔台公司合作贏得了一個價值約 2000 萬美元的項目，為某些通訊服務提供者提供容量服務，並在能源領域贏得了 350 萬美元。

We expect to have final agreements signed by this final agreement signed by the first half of 2025.

我們預計該最終協議將在 2025 年上半年簽署。

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

說完這些，我將把電話轉給我們的財務長 Ronen Stein，以更詳細地討論結果。羅南，交給你了。

Thank you, Doron, and good morning everyone.

謝謝你，多倫，大家早安。

Q4 2024 was another successful quarter, closing 2024 with 13.5% revenue growth year over year and more than 10% in non-GAP operating profit, even when eliminating an approximately $9.1 million benefit related to collection on account of a debt settlement agreement from a South American customer.

2024 年第四季是另一個成功的季度，即使取消了與南美客戶債務清償協議收款相關的約 910 萬美元收益，2024 年收入仍同比增長 13.5%，非 GAP 營業利潤增長超過 10%。

While further strengthening our financial position and increasing our operating leverage, we have invested organically and inorganically in positioning ourselves better in the fastest growing segments of now more diversified markets.

在進一步加強我們的財務狀況和提高我們的經營槓桿的同時，我們透過有機和無機投資，使自己在目前更加多元化的市場中成長最快的領域中佔據更好的地位。

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

為了幫助您理解結果，我將主要參考非 GAP 財務狀況。

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

有關我們使用非GAP財務指標的更多信息，包括這些指標的對賬，請參閱今天的新聞稿。

Let me now review the 4th quarter results.

現在讓我回顧一下第四季的業績。

Revenues for the fourth quarter were $106.9 million up 18.3% from $90.4 million in Q4 2023.

第四季營收為 1.069 億美元，較 2023 年第四季的 9,040 萬美元成長 18.3%。

Our strongest regions in terms of revenues for the quarter were India and [Eir ]with $55.5 million and $16.2 million respectively, followed by North America.

就本季營收而言，我們最強勁的地區是印度和[Eir]，分別為 5,550 萬美元和 1,620 萬美元，其次是北美。

We had Three customers in the 4th quarter that contributed more than 10% of our revenues.

第四季我們有三位客戶貢獻了我們超過 10% 的營收。

Gross profit for the fourth quarter on a non-GAP basis was $36.7 million an increase of 15.5% compared to $31.8 million in Q4 2023.

第四季非 GAP 毛利為 3,670 萬美元，較 2023 年第四季的 3,180 萬美元成長 15.5%。

Our non-GAP gross margin was 34.3% compared with gross margin of 35.1% in Q4 2023.

我們的非 GAP 毛利率為 34.3%，而 2023 年第四季的毛利率為 35.1%。

We continue to achieve this gross margin, despite the change in regional revenue mix.

儘管區域收入結構發生了變化，我們仍繼續實現這一毛利率。

We achieve this by increasing revenues, continuous focus on improving product costs and maintaining control over our fixed costs. Our gross margins may continue to fluctuate from quarter to quarter due to changes in volumes and revenue mix.

我們透過增加收入、持續專注於改善產品成本和控制固定成本來實現這一目標。由於銷售量和收入結構的變化，我們的毛利率可能會繼續逐季度波動。

As for operating expenses. In general, operating expenses in 2024 fully include the impact of the Siklu acquisition at the end of 2023, and thus impact the comparison to 2023 operating expenses.

至於營業費用。總體而言，2024 年的營運費用完全包含了 2023 年底收購 Siklu 的影響，從而影響與 2023 年營運費用的比較。

Research and development expenses for the fourth quarter on a non-GAP basis were $8.8 million up from $7.7 million in Q4 2023. As a percentage of revenue, our R&D expenses were 8.2% in the fourth quarter compared to 8.5% in the fourth quarter last year.

第四季非 GAP 基礎的研發費用為 880 萬美元，高於 2023 年第四季的 770 萬美元。作為營收的百分比，我們第四季的研發費用為 8.2%，而去年第四季為 8.5%。

Says the marketing expenses for the fourth quarter on a longer basis were $10.6 million up from $10.2 million in Q4 2023. As a percentage of revenue, sales and marketing expenses were 9.9% in the fourth quarter compared to 11.3% in the fourth quarter last year.

表示第四季的行銷費用長期來看為 1,060 萬美元，高於 2023 年第四季的 1,020 萬美元。以收入百分比計算，第四季銷售和行銷費用為 9.9%，去年同期為 11.3%。

General and administrative expenses for the fourth quarter on a non-GAP basis were $5.1 million compared to $6.1 million in Q4 2023. As a percentage of revenues, GNA expenses were 4.8% in the fourth quarter compared to 6.7% in the fourth quarter last year.

第四季非 GAP 基礎的一般及行政費用為 510 萬美元，而 2023 年第四季為 610 萬美元。作為收入的百分比，第四季的 GNA 支出為 4.8%，而去年第四季為 6.7%。

Operating income for the fourth quarter on a long-GAP basis was $12.2 million compared with $7.8 million for Q4 2023.

以長期 GAP 基礎計算，第四季的營業收入為 1,220 萬美元，而 2023 年第四季的營業收入為 780 萬美元。

As a percentage of revenues, non-GAP operating income was 11.4% in the fourth quarter compared to 8.6% in the fourth quarter last year.

作為收入的百分比，第四季非 GAP 營業收入為 11.4%，去年同期為 8.6%。

Financial and other expenses for the fourth quarter on a non-GAP basis were $3.5 million negatively impacted by foreign exchange fluctuations and the strengthening of the US dollar versus several currencies offset by a continuous reduction in interest expenses.

第四季非 GAP 基礎上的財務及其他費用為 350 萬美元，受外匯波動和美元兌多種貨幣走強的負面影響，但利息支出的持續減少抵消了這一影響。

Our tax expenses for the 4th quarter on a longer basis were $1 million. Net income for the fourth quarter on a long GAAP basis was $7.7 million or $0.09 per looted chair, compared to $3.7 million or $0.04 per diluted share for Q4 2023.

我們第四季的稅費長期來看為 100 萬美元。以長期 GAAP 計算，第四季的淨收入為 770 萬美元，即每把被盜椅子 0.09 美元，而 2023 年第四季的淨收入為 370 萬美元，即每股攤薄收益 0.04 美元。

Turning to the full year results. Revenues were $394.2 million up 13.5% from $347.2 million in 2023.

談到全年業績。營收為 3.942 億美元，較 2023 年的 3.472 億美元成長 13.5%。

Gross profit for 2024 non-GAP basis was $138.2 million an increase of 14.3% compared to $120.9 million in 2023.

2024 年非 GAP 基礎的毛利為 1.382 億美元，較 2023 年的 1.209 億美元成長 14.3%。

Our non-GAP gross margin was 35.1% compared with the gross margin of 34.8% in 2023.

我們的非 GAP 毛利率為 35.1%，而 2023 年的毛利率為 34.8%。

Operating income for the year on a longer basis was $48.8 million an all-time record, compared with $29 million for 2023.

長期來看，全年營業收入為 4,880 萬美元，創歷史新高，而 2023 年的營業收入為 2,900 萬美元。

As a percentage of revenues, non-GAP operating income was 12.4% for the year compared to 8.4% last year.

作為收入的百分比，非 GAP 營業收入今年為 12.4%，而去年為 8.4%。

Net income for the year on a non-GAP basis was $36.4 million or $0.41 per diluted share compared to $16.7 million or $0.20 per diluted share for 2023.

以非 GAP 基礎計算，本年度淨收入為 3,640 萬美元或每股攤薄收入 0.41 美元，而 2023 年為 1,670 萬美元或每股攤薄收入 0.20 美元。

As for our balance sheet. Our cash position at the end of the year was $35.3 million compared to $28.2 million at the end of 2023.

至於我們的資產負債表。我們年底的現金狀況為 3,530 萬美元，而 2023 年底的現金狀況為 2,820 萬美元。

Short term loans were $25.2 million compared to $32.6 million as of December 31, 2023. We had a net positive cash position of $10.1 million compared to a negative net cash position of $4.4 million at December 31, 2023.

短期貸款為 2,520 萬美元，而截至 2023 年 12 月 31 日為 3,260 萬美元。我們的淨正現金狀況為 1,010 萬美元，而 2023 年 12 月 31 日的淨現金狀況為負 440 萬美元。

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

我們相信我們擁有的現金和設施足以滿足營運和營運資金需求。

Our inventory at the end of 2024 was $59.7 million down from $68.8 million at the end of December 2023.

我們 2024 年底的庫存為 5,970 萬美元，低於 2023 年 12 月底的 6,880 萬美元。

The reduction is mainly related to our continued efforts since 2023 to streamline inventory levels following the improvement in components availability and substantial shipments to India.

減少的主要原因是，自 2023 年以來，隨著零件供應增加和對印度的出貨量大幅增加，我們不斷努力精簡庫存水準。

Our trade receivables at the end of 2024. Are at $149.6 million as compared to $104.3 million at the end of December 2023, reflecting the growth of our business in India. Our dear soul now stands at 126 days.

我們的 2024 年底貿易應收帳款。為 1.496 億美元，而 2023 年 12 月底為 1.043 億美元，反映了我們在印度業務的成長。我們親愛的靈魂現在已經126天了。

As for cash flow, net cash flow generated by operations and investing activities in 2023 was $8.6 million. Turning to our 2025 outlook, we expect 2025 revenues to be between $390 million to $430 million inclusive of [E to E] acquisition.

至於現金流，2023年經營投資活動產生的淨現金流為860萬美元。展望 2025 年，我們預計 2025 年的營收將在 3.9 億至 4.3 億美元之間（包括 [E to E] 收購）。

We expect non-GAP operating margins of at least 10% even at the low end of our revenue range as we continue improving our cost structure and look carefully at our expenses, especially in times like these lower visibility. We also expect to increase our free cash flow compared to 2024 levels.

我們預計，即使在我們的收入範圍的低端，非 GAP 營業利潤率也至少能達到 10%，因為我們會繼續改善我們的成本結構，並仔細審視我們的開支，尤其是在這種能見度較低的時期。我們也預計我們的自由現金流將比 2024 年的水準增加。

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

接線員，現在我開始回答你們的提問。

(Operator Instructions)

（操作員指令）

Ryan Koontz from Needham & Company

來自 Needham & Company 的 Ryan Koontz

Thank you for the question. Yeah, my question was about, the end to end acquisition. Can you maybe outline for us, the role that this company plays in the energy industry and, what types of customer relationships they have that they can bring to the company related to, this new target market.

感謝您的提問。是的，我的問題是關於端到端收購。您能否為我們概述一下這家公司在能源產業中扮演的角色，以及他們可以為這個新目標市場帶來哪些類型的客戶關係。

Thank you.

謝謝。

Hey, hi, Ryan. This is Duron. So thank you for your question. .

嘿，嗨，瑞安。這是 Duron。感謝您的提問。。

It is a very, well known, system integrator, primarily in North America, for networks, within the energy and utilities domain.

它是一家非常知名的系統整合商，主要在北美從事能源和公用事業領域的網路業務。

They have very, a good reputation. And they have a very nice portfolio of customers. Some of them are very prominent in those industries. And, their relationship are very strong.

他們的聲譽非常好。他們擁有非常好的客戶組合。他們中的一些人是這些行業中的佼佼者。而且，他們的關係非常牢固。

And over time, they were able even to kind of build the relationship to a level that they are providing software to their customers that is helping them very nicely in managing the network post deployment.

隨著時間的推移，他們甚至能夠建立某種關係，為客戶提供軟體，幫助他們在部署後很好地管理網路。

This software is actually also being [OEM]

這款軟體其實也[原始設備製造商]

Via one of the other technology vendors to this particular space that is using this software for his own customers. I think the combination of a stronger understanding of the needs of these two segments in the private network market, together with the very strong relationship they were able to build over time.

透過其他技術供應商進入這個特定領域，該供應商正在為自己的客戶使用該軟體。我認為，他們對私人網路市場這兩個細分市場的需求有了更深入的了解，並且隨著時間的推移建立了非常牢固的關係。

And the additional capabilities in terms of software development, can boost our success in the private networks market in North America and outside predominantly in the, energy and the utilities space.

軟體開發的附加能力可以促進我們在北美及以外地區的私人網路市場（主要是能源和公用事業領域）的成功。

It's really helpful Jeron. Thanks. These are energy producers or distributors or kind of broadly in the cross.

這真的很有幫助，傑倫。謝謝。這些都是能源生產商或分銷商，或者廣義來說是跨能源的。

It, it's broadly you see different, use cases. This could be producers, this could be oil and gas manufacturers that have both offshore and onshore networks. I would, it could be mining. There's a lot of different use cases under the energy segment, and I would dare saying that probably their solutions can be applicable for 80% to 90% of the use cases.

廣義上，你會看到不同的用例。這可能是生產商，也可能是擁有海上和陸上網路的石油和天然氣製造商。我想，這可能是採礦。能源領域有很多不同的用例，我敢說他們的解決方案可能適用於 80％ 到 90％ 的用例。

Nice, sounds like a great opportunity. You mentioned on the call here, on the private network side, maybe some deal slips. Are these coming to you from channels and, what types of customer opportunities are these that you're seeing, in terms of market verticals, you're seeing some slips in.

很好，聽起來是個很好的機會。您在電話中提到，在私人網路方面，可能會有一些交易單。這些都是從管道獲得的嗎？

Yeah, so usually, the reporting about private networks.

是的，通常都是關於私人網路的報道。

Is focusing primarily on deals where either we go direct or we go via system integrator, but we have the ultimate relationship with the end user, helping them and the integrator to come up with the best solution. So eventually, the slippage is driven by a pattern in this industry.

我們主要專注於直接交易或透過系統整合商進行的交易，但我們與最終用戶建立了最終關係，幫助他們和整合商提出最佳解決方案。所以最終，這種下滑是由該產業的一種模式造成的。

That it takes time to close deals, especially if you are working with some government institutions that may make the decision based on the available budget and sometimes defer the decision, but, generally speaking, it's either direct or system integrators where we have a very strong a direct impact on the architecture and the solution.

達成交易需要時間，特別是如果你與一些政府機構合作，他們可能會根據可用的預算做出決定，有時也會推遲決定，但一般來說，我們要么直接與系統整合商合作，要么對架構和解決方案產生非常強烈的直接影響。

Got it. Thank you. And you talked about some contract renewals or expansions in India. Any color you can share with us there? These are the big mobile operators that have been here traditional customers there.

知道了。謝謝。您談到了印度的一些合約續約或擴張。您可以與我們分享什麼顏色嗎？這些都是大型行動營運商，一直是那裡的傳統客戶。

Yeah, so we're still talking about the large players. We're starting 2025, probably with the best position, I think since 2013 or 2014 when we just announced the IP 20C at the time, this was a product that was winning for us the market. It was like a silver bullet.

是的，所以我們仍在談論大型參與者。我們以 2025 年開始，可能處於最佳位置，我認為自 2013 年或 2014 年我們剛剛宣布 IP 20C 以來，這是一款為我們贏得市場的產品。它就像一顆銀彈。

I feel that we are kind of repeating this same position at the beginning of 2025. This time we obviously continue being very successful with the microwave product with our CX series, but, more importantly, especially nowadays when the. Demand for even for millimeter wave solutions is higher. I think that the IP-50 EX is a winning product and actually this the pricing and the conditions of delivering this product.

我感覺我們在 2025 年初會重複同樣的情況。這一次，我們顯然繼續透過 CX 系列的微波產品取得巨大成功，但更重要的是，尤其是現在。甚至對毫米波解決方案的需求也更高。我認為 IP-50 EX 是一款成功的產品，實際上這就是該產品的定價和交付條件。

To the Indian market, at least for two customers out of the three we own are already closed and they are waiting for this product to be in mass production, which is going to happen starting Q3.

對於印度市場，我們擁有的三個客戶中至少有兩個已經關閉，他們正在等待該產品的量產，這將在第三季開始實現。

Got it, that's great. And one last one if I can around gross margins and new products, a lot of times new products have lower yields and higher startup costs. How should we think about shaping gross margins for the year in consideration of kind of the new products ramping?

明白了，太好了。最後想問毛利率和新產品，很多時候新產品的收益較低，啟動成本較高。考慮到新產品的不斷湧現，我們該如何思考塑造今年的毛利率？

Look, this is also associated for sure with the original mix in each and every quarter, but generally speaking, I believe that as we introduce these new products, although we may face certain.

看起來，這肯定也與每季的原始組合有關，但總的來說，我相信當我們推出這些新產品時，儘管我們可能會面臨某些問題。

A certain period of, I would say more investment. Generally speaking, I would expect our gross margins to improve, during the second part of the year.

在某個時期，我想說會有更多的投資。總的來說，我預計我們的毛利率將在今年下半年增加。

Great.

偉大的。

Thanks for that. That's all I've got.

謝謝。這就是我所得到的一切。

Thank you.

謝謝。

Scott W Searle, Roth Capital

羅斯資本的斯科特·W·塞爾

Hey, good morning, good afternoon. Thanks for taking my questions. Maybe just to follow up on some of Ryan's questions on the private networks front. Doron, I'm wondering if you could give some of your longer term expectations in terms of growth for private networks.

嘿，早上好，下午好。感謝您回答我的問題。也許只是為了跟進 Ryan 關於私人網絡方面的一些問題。多倫，我想知道您是否可以就私人網路的發展給出一些長期預期。

I know there's a little bit of softness in North America this quarter. What's the comfort level with that returning, in the second half of this year? And also on the M&A front, you have been inquisitive in that area with CIL now and end to end. Are you still looking around the space to continue to add to and enhance the portfolio?

我知道本季北美市場稍微有些疲軟。您對於今年下半年恢復這項政策的放心程度如何？在併購方面，您一直對 CIL 在該領域的合作充滿好奇。您是否仍在尋找繼續增加和增強投資組合的空間？

So, good morning, Scott, and thank you for your questions. I will start with the last one. So, it is part of our, strategy to, actually execute with continuous search for M&A opportunities. So definitely we'll continue to pursue, for such opportunities that can strengthen our position.

早安，斯科特，謝謝你的提問。我先從最後一個開始。因此，持續尋找併購機會實際上是我們策略的一部分。因此，我們肯定會繼續尋求這樣的機會來鞏固我們的地位。

And that's a part of our daily work here as management in in Ceragon. When it pertains to the private networks, we believe that the second part of the year could be stronger for us. I think that, also with the last organizational changes we have done internally, we're even more well positioned to pursue such opportunities and to take business.

這是我們作為 Ceragon 管理者的日常工作的一部分。至於私人網路方面，我們相信今年下半年我們的表現會更加強勁。我認為，隨著我們內部進行的最近的組織變革，我們更有能力尋求這樣的機會並開展業務。

There are certain indications that there is an increased demand. For that particularly in North America. But, just to remind you, this strategy is not, solely focused on North America. We see a lot of other private network opportunities in other places in the world.

有跡象顯示需求增加。特別是在北美。但是，需要提醒您的是，該策略並非僅關注北美。我們在世界其他地方看到了很多其他私人網路機會。

This deal that we won in APAC, that is actually leveraging the Siklu point to multipoint product. For municipalities is just another example. So I am very optimistic about private networks in general. Yes, I believe that we will continue in high percentage of growth, in this domain, and I believe that North America.

我們在亞太地區贏得的這筆交易實際上利用了 Siklu 點對多點產品。對市政當局來說這只是另一個例子。所以整體來說我對私人網路非常樂觀。是的，我相信我們在這個領域將繼續保持高成長率，我相信北美。

Will be much better in 2025.

2025 年將會更好。

Very helpful. And maybe to shift over to India for a second, I wonder if you could talk about the comfort level and visibility in the second half of this year. You also indicated you're benefiting from both 4G and 5G builds. I'm wondering how eBand, fits into that particularly as we start to get into the latter portion of this year.

非常有幫助。也許我們可以暫時轉到印度，我想知道您是否可以談談今年下半年的舒適度和可見性。您也表示您將受益於 4G 和 5G 版本。我想知道 eBand 將如何適應這種情況，特別是當我們開始進入今年下半年的時候。

Yeah, so, look, the way the process works usually Is that we, before the next fiscal year, for the operators in India that basically starts at April, we start the negotiation and the discussions about the volumes that they expect to buy from us, the kind of product that they want to buy from us given their plans for rollout. And obviously following negotiation about commercials, we get a strong indication about our market share.

是的，所以，你看，這個過程通常是這樣運作的：在下一個財政年度之前，對於基本上從四月開始的印度運營商，我們開始談判和討論他們期望從我們這裡購買的數量，以及根據他們的推出計劃他們想要從我們這裡購買的產品類型。顯然，透過商業廣告談判，我們對我們的市場份額有了清晰的認識。

And basically, we finished this process with two out of the. The three customers. The other one is the one that we won back in 2023 and we are still delivering under the old contract. So there was no need at least not yet to discuss further the terms. Now when we look into 2025, we see a very strong phenomena of.

基本上，我們用其中兩個就完成了這個過程。三位顧客。另一個是我們在 2023 年贏得的合同，我們仍在按照舊合約履行。因此，至少現在還沒有必要進一步討論這些條款。現在，當我們展望 2025 年時，我們看到一個非常強烈的現象。

Operators, basically going to, increase their fixed wireless part of the network in order to serve not just mobility but also to serve homes. And this is a driving an increase in demand for our even solution as the back hole.

營運商基本上會增加其網路的固定無線部分，以便不僅服務於行動性，也服務於家庭。這推動了對我們的暗孔解決方案的需求增加。

For the fixed wireless access that usually will contain much more capacity. And this is the main driver for at least some of the customers that we are working with to go back and to start buying e-end products. I believe that we'll see a very significant ramp up on the second part of 2025, but I can tell you that as we speak, we already received orders for event, both the old product and the new product, a few days ago, and we intend to start delivering certain quantities in Q1 and Q2.

對於固定無線存取來說，通常會包含更大的容量。這是促使我們合作的部分客戶回頭並開始購買電子終端產品的主要驅動力。我相信我們將在 2025 年下半年看到非常顯著的增長，但我可以告訴你，就在我們說話的時候，幾天前我們已經收到了舊產品和新產品的訂單，我們打算在第一季度和第二季度開始交付一定數量的產品。

Thank you, very helpful. And lastly, if I could, Ronan, on the operating margin targeting 10% plus for this year, I wonder if you could give us some directional guidance in terms of OpEx as we go into the first quarter. Thanks.

謝謝，非常有幫助。最後，羅南，如果可以的話，關於今年 10% 以上的營業利潤率目標，我想知道您是否可以在我們進入第一季時就營運支出方面給我們一些方向性指導。謝謝。

So, as I mentioned in the pre, in the remarks, we are going to align on the, OpEx and to ensure that as visibility is not that high. We are monitoring the OpEx as much as possible. So, generally, we will align that with the revenues and the gross margin to ensure that, the target is the actual is as close as possible to the targets of the 10%.

因此，正如我在前面的評論中提到的那樣，我們將對營運支出進行調整，並確保可見性不會那麼高。我們正在盡可能地監控營運支出。因此，一般來說，我們會將其與收入和毛利率結合，以確保實際目標盡可能接近 10% 的目標。

The gross margins, on the other hand, is obviously dependent on what the one mentioned before regarding the mixture, and the, of the revenues and also the volume of the revenues.

另一方面，毛利率顯然取決於前面提到的收入的混合以及收入的數量。

Theodore R. O'Neill, Litchfield Hills Research, LLC

歐尼爾（Theodore R. O’Neill），Litchfield Hills Research，LLC

Yeah, thanks and congratulations on the revenue in the quarter. That was very good in this challenging environment. I was wondering if you could talk about your success in India just sort of briefly, is this, you talk about the combination of technology wins versus market share there for you?

是的，謝謝並祝賀本季的收入。在這種充滿挑戰的環境中，這非常好。我想知道您是否可以簡單談談您在印度的成功，您能否談談技術優勢與市場份額的結合？

I would start by saying that, the most important, thing that drove our, strong position in India is our technology. We are not a new vendor, to the Indian market and the many years of delivering very reliable products and in most cases cutting edge.

首先我想說，我們在印度保持強勢地位最重要的因素是我們的技術。對於印度市場來說，我們並不是一個新的供應商，多年來我們一直致力於提供非常可靠的產品，而且大多數都是最先進的產品。

And also coming with a very good price performance, factors is creating this ongoing demand for us. I think that this actually is also built for us very strong relationship over time where the customer know. That even if we are introducing a new product that they did not fully test.

而且其價格優勢也非常好，這些因素為我們帶來了持續的需求。我認為這實際上也為我們建立了非常牢固的關係，客戶也了解這一點。即使我們推出了一款新產品，他們也沒有進行全面測試。

They know that they can rely on us that 90% probability it will be functional from day one as we did with the IP-50 EX in 2024 and if it's not, they know that we will do the utmost and find the solutions and that.

他們知道他們可以信賴我們，從第一天起它就有 90% 的可能性可以正常運行，就像我們在 2024 年對 IP-50 EX 所做的那樣；如果不能，他們知道我們會竭盡全力找到解決方案。

Has created an intimate relationship for us with at least some of the customers and it actually opens up more opportunities for us where they are coming to ask and asking for specific use cases for specific products that they are pursuing, knowing that if we can eventually commit to meet the spec, they can trust us. So all in all, it's a combination of very strong technology, very in-depth, understanding of the Indian market needs in terms of price performance and over time obviously building a strong relationship with the customers executives.

為我們與至少部分客戶建立了密切的關係，這實際上為我們開闢了更多的機會，他們會來詢問他們正在追求的特定產品的具體用例，他們知道如果我們最終能夠承諾滿足規範，他們就會信任我們。總而言之，這是非常強大的技術、非常深入的了解、對印度市場在性價比方面的需求以及隨著時間的推移與客戶高管建立的牢固關係的結合。

Okay, and Tron, I wonder if you could talk about the, so how do you manage the challenge of having tier one business ramping up and down and What kind of impact that has in terms of your managing your balance sheet, the income statement, your personnel.

好的，Tron，我想知道您是否可以談談，那麼您如何應對一級業務起起落落的挑戰，以及這對您管理資產負債表、損益表和人員有何影響。

Well, first of all, I want to start by saying that our three pillar strategy.

嗯，首先，我想先講我們的三大支柱策略。

Is exactly meant to resolve, at least partially for this phenomena. So by going after private networks and by going after manage services whether it's for private networks or for service providers, that's exactly. The long term answer for this fluctuation in the (inaudible) that is very cyclical.

正是為了至少部分解決這現象。因此，透過追求私人網路和管理服務（無論是針對私人網路還是服務提供者），這正是如此。對於這種（聽不清楚）波動的長期答案是，它是非常週期性的。

Now, on the expense and the cost structure side, we are obviously, looking into this piece and as I mentioned in a few previous conference call. We have a very structured model and strategy where we are changing the baseline of our cost by building a low cost centers of excellence where a lot of back office functions are concentrated in those centers and by that are becoming more efficient and obviously in terms of low cost.

現在，就費用和成本結構方面而言，我們顯然正在研究這一點，正如我在之前的幾次電話會議中提到的那樣。我們有一個非常結構化的模型和策略，我們透過建立低成本卓越中心來改變我們的成本基準，許多後台職能都集中在這些中心，這樣一來，我們的效率就會提高，成本也會降低。

They are also reducing our cost versus the productivity. So that's one piece. It's a part of our strategy. It's a 3 year plan that is being looked at every 3 years and then we come up with a new plan and this is a gradual approach. On top of that, when we see that the visibility is becoming lower, we are taking the measures.

他們還在降低我們的成本和提高生產力。這就是其中一件。這是我們戰略的一部分。這是一個三年計劃，每三年我們會審查一次，然後制定一個新計劃，這是一個循序漸進的方法。除此之外，當我們看到能見度變低時，我們就會採取措施。

To do certain alignments, usually, in the regions that we see that the weakness is the strongest and we don't expect an immediate recovery.

通常是在我們認為薄弱環節最為嚴重且不期望立即復甦的地區進行某些調整。

So, generally speaking, we are striving.

所以，總的來說，我們正在努力。

To con to contain our costs and expenses and we are making the necessary adjustments, either we use subcontractors or we also make the necessary adjustments in specific activities that we don't see them as a very strong as applicable.

為了控制我們的成本和費用，我們正在做出必要的調整，要麼使用分包商，要麼在具體活動中做出必要的調整，我們認為這些調整併不十分適用。

Oh, thanks very much. My last question is, are you seeing any supply chain issues?

哦，非常感謝。我的最後一個問題是，您是否發現任何供應鏈問題？

The short answer is that so far we have not seen any.

簡短的回答是，到目前為止我們還沒有看到任何。

Any significant supply chain issues, there might be some cases here and there where a specific component is missing and since we are managing our inventory and our liabilities to the vendors very meticulously in order to minimize the exposure, sometimes it comes on a component scarcity. And sometimes we may need to pay some expedite fees, but this is a very tactical situation and eventually I truly believe that this policy is actually driving much better operational and financial results for us.

任何重大的供應鏈問題，都可能出現特定組件缺失的情況，而且由於我們非常細緻地管理我們的庫存和對供應商的責任，以盡量減少風險，所以有時它會導致組件短缺。有時我們可能需要支付一些加急費用，但這是一個非常策略性的情況，最終我真正相信這項政策實際上會為我們帶來更好的營運和財務表現。

Okay, thanks very much.

好的，非常感謝。

Thank you. Our next question today comes from the line of Jonathan Pierce. Please go ahead.

謝謝。我們今天的下一個問題來自喬納森·皮爾斯。請繼續。

Can you guys hear me?

你們聽得到我的聲音嗎？

Yes, hi Jonathan.

是的，嗨，喬納森。

Awesome, how's it going?

太棒了，進度如何？

Hey, just want to say congratulations on a great quarter and a great year. It seems like you guys are starting to fire on all cylinders, which is really nice to see. My question has to do with the AR issue with your South American customer.

嘿，我只想對這個季度和一年的輝煌表示祝賀。看起來你們開始全力以赴，這真是令人高興。我的問題與您南美客戶的 AR 問題有關。

It seems like the past two quarters, you guys have seen a positive impact from that issue, and then from what I understand, this quarter actually had a negative impact. Just wondering if you guys could shed a little bit more light on that and then also how you guys see it affecting subsequent quarters, if at all, or if that's now behind us.

似乎在過去兩個季度，你們都看到了該問題帶來的正面影響，而據我了解，這個季度實際上產生了負面影響。只是想知道你們是否能對此再多解釋一下，以及你們認為這會對接下來的幾個季度產生什麼影響，如果有的話，或者這是否已經過去了。

Okay, yeah, hi, Jonathan. The, two quarters of Q2 in Q3.

好的，是的，嗨，喬納森。第三季的兩個季度是第二季。

Impacted, it had like a one-time impact of resolving and all the debt that was already provisioned in 2022. So it's not on our books anymore, and the fact that we collected something that was fully provisioned added up about $9.1 million altogether in Q2 and Q3.

受到影響的是，它具有一次性解決的影響，以及 2022 年已撥備的所有債務。所以它不再在我們的帳簿上，事實上，我們在第二季和第三季收取了一些已完全撥備的款項，總計約 910 萬美元。

The settlement is for a higher amount, but we are still chasing further amounts, but it's not on our books anymore. So the customer is not active, the AR is zero. There is no anything, no impact on the AR anymore.

和解金額較高，但我們仍在追討更多金額，但這筆錢已不在我們的帳簿上。因此客戶不活躍，AR 為零。什麼都沒有了，對 AR 不再有任何影響。

The air itself went up as I mentioned in the, in my, comments, that, and that is more or less in line with the fact that the business shifted more towards India and obviously DSO in India is higher.

正如我在評論中提到的那樣，空氣本身上升了，這或多或少與業務更多地轉向印度的事實相符，顯然印度的 DSO 更高。

I would just add that on top of Ho's comments, if you look at our investor presentation.

如果你看過我們的投資人介紹，我只想在何的評論基礎上補充這一點。

There is a chart that shows the adjusted non-GAP operating profit and margin.

有一張圖表顯示了調整後的非 GAP 營業利潤和利潤率。

And there we are actually carving out these two very significant collections just to normalize for the investors community, how do we see the operating non-GAP profit in the normal cost of business.

我們實際上正在製定這兩項非常重要的收集計劃，只是為了讓投資者群體正常化，我們如何看待正常業務成本中的非 GAP 經營利潤。

Okay.

好的。

All right, thanks, guys.

好的，謝謝大家。

Thank you. Our last question today comes from the line of Gunther Carter. Please go ahead.

謝謝。我們今天的最後一個問題來自岡瑟·卡特。請繼續。

Can you hear me okay?

你聽得到我說話嗎？

Hi Gunther, yes, we can hear you very well.

你好，Gunther，是的，我們聽得很清楚。

Yes, thank you.

是的，謝謝。

I just want to, remark that over the years I've followed your company and yourself, but you've done remarkably well, through the storms that have been encountered, and, looks like you're on the way. Congratulations. We may not be around the next time, but, wish you well and congratulations.

我只想說，多年來我一直關注著貴公司和您自己，雖然經歷了許多風風雨雨，但你們做得非常好，看起來你們已經在路上了。恭喜。下次我們可能就不在你身邊了，不過，祝你一切順利，恭喜你。

Thank you.

謝謝。

Gano, thank you so much for your kind words. I wish that you will continue being with us for as long as possible. I wish you best health and I wish you to be able to continue following up on us hopefully with continued success.

加諾，非常感謝您的善意言辭。我希望您能盡可能長久地與我們在一起。我祝您身體健康，並希望您能繼續關注我們並取得持續的成功。

Yes, thank you. I will do that as long as I can.

是的，謝謝。只要我能，我就會這麼做。

Thank you, Doron. Sure.

謝謝你，多倫。當然。

Thank you. No further questions, please proceed.

謝謝。沒有其他問題，請繼續。

As we enter 2025, following our achievements in 2024, our long term our long term outlook and confidence has only grown.

隨著我們進入 2025 年，繼 2024 年取得成就之後，我們的長期展望和信心將不斷增強。

We remain focused on executing on our strategy towards achieving our stated long term revenue and profitability targets.

我們將繼續專注於執行我們的策略，以實現我們既定的長期收入和獲利目標。

In the new term, visibility is limited. Hence we are prudent in our projections. Long term, we continue to move forward or towards our target of $500 million in annual revenues. We believe that the pieces are in place for us to achieve this level of scale from a combination of organic growth as well as strategic acquisitions.

在新任期內，能見度有限。因此，我們在預測時非常謹慎。從長遠來看，我們將繼續朝著年收入 5 億美元的目標邁進。我們相信，透過有機成長和策略性收購，我們已經具備了達到這一規模的條件。

I look forward to updating you further on our next quarterly call. Have a good day, everyone!

我期待在下次季度電話會議上向您提供進一步的最新消息。祝大家有美好的一天！