Ceragon Networks Ltd (CRNT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Ceragon Networks earnings call. (Operator Instructions) I must advise you that this call is being recorded today.

女士們、先生們，感謝你們的支持，歡迎參加 Ceragon Networks 財報電話會議。（操作員指示）我必須通知您，今天的通話將會被錄音。

I would like to now hand this call over to our first speaker, Rob Fink, Head of Investor Relations. Please go ahead.

現在我想把這通電話交給我們的第一位發言者，投資人關係主管 Rob Fink。請繼續。

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

謝謝接線員，大家早安。主持今天電話會議的是 Ceragon 執行長 Doron Arazi 和財務長 Ronen Stein。

Before we start, I would like to remind everyone that certain statements made on this call may constitute forward-looking statements within the meaning of the Securities Act of 1933, Securities Act of 1934 as well as the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Ceragon intends forward-looking terminology, such as may, plans, anticipates, believes, estimates, targets, expects, intends, potential or other comparable terminology, although not all forward-looking statements contain these identifying words.

在我們開始之前，我想提醒大家，本次電話會議中所做的某些陳述可能構成《1933 年證券法》、《1934 年證券法》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陳述。Ceragon 有意使用前瞻性術語，例如可能、計劃、預期、相信、估計、目標、期望、打算、潛在或其他類似術語，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's management. 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 our forward-looking statements. These risks are detailed in Ceragon's most recent Annual Report on Form-20F, as published on March 25, 2025 as well as in other documents that may be subsequently filed by Ceragon from time-to-time with the Securities and Exchange Commission.

這些聲明反映了 Ceragon 管理層當前的期望和假設。實際結果可能存在重大差異，因為它們受到某些風險和不確定性的影響，這可能導致實際結果與我們的前瞻性聲明中的預測有重大差異。這些風險在 Ceragon 於 2025 年 3 月 25 日發布的最新 20F 表年度報告以及 Ceragon 隨後可能不時向美國證券交易委員會提交的其他文件中有詳細說明。

Forward-looking statements relate to the date initially made and they are not predictions of future events or results. 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 sec.gov and may be also obtained from Ceragon's website at sargon.com. Also today's call will include certain non-GAAP numbers.

前瞻性陳述與最初做出的日期有關，它們不是對未來事件或結果的預測。無法保證這些資訊的準確性，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 sec.gov 取得，也可從 Ceragon 官網 sargon.com 取得。今天的電話會議還將包含一些非公認會計準則 (non-GAAP) 數據。

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

有關 GAAP 和非 GAAP 結果之間的對照表，請參閱今天早上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 will now turn the call over to Doron. Doron, the call is yours.

說了這麼多，現在我將把電話交給多倫。多倫，你來決定。

Thank you, Rob, and good morning, everyone. Ceragon delivered a strong financial performance in the first quarter, highlighted by the highest booking levels since Q1 2024. Bookings rebounded across India and EMEA, while growth in North America remained solid. We are reiterating our outlook for full year 2025 and have been encouraged by multiple positive demand signals we observed during the quarter and specifically at Mobile World Congress in Barcelona in early March. Our conversations with senior decision makers from both existing and prospective customers further validated that Ceragon is strategically aligned for long-term success in the evolving wireless connectivity landscape.

謝謝你，羅布，大家早安。Ceragon 在第一季取得了強勁的財務業績，預訂量創下了 2024 年第一季以來的最高水平。印度和歐洲、中東和非洲地區的預訂量出現反彈，而北美地區的成長依然穩健。我們重申對 2025 年全年的展望，並受到本季度以及特別是 3 月初在巴塞隆納舉行的世界行動通訊大會上觀察到的多個積極需求訊號的鼓舞。我們與現有和潛在客戶的高階決策者的對話進一步證實，Ceragon 在不斷發展的無線連線領域具有長期成功的策略一致性。

Notably, we had direct discussions with senior executives from major customers in India and other regions. These conversations, along with other market insights, support our belief that our current offerings are exceedingly well aligned with customers' needs. Additionally, we heard compelling feedback that supports strong anticipated demand for microwave and millimeter wave products, including first fixed wireless point-to-point, point-to-multipoint solutions for Tier 1 operators in North America and Europe. We are discussing with at least one Tier 1 operator the possible development of a new solution tailored to their needs that has substantial commercial potential.

值得注意的是，我們與印度和其他地區主要客戶的高階主管進行了直接討論。這些對話以及其他市場見解支持了我們的信念，即我們目前的產品非常符合客戶的需求。此外，我們聽到了令人信服的回饋，支援對微波和毫米波產品的強勁預期需求，包括針對北美和歐洲一級營運商的首個固定無線點對點、點對多點解決方案。我們正在與至少一家一級運營商討論開發一種符合他們需求且具有巨大商業潛力的新解決方案的可能性。

Another trend that was evident at the Mobile World Congress was the deep interest from CSPs and private networks in our software-driven services and solutions to support network operation and optimization. As we have discussed on previous calls, managed services are an important strategic priority for Ceragon and we saw strong interest at MWC from customers who are increasingly evaluating software applications and managed services to enable faster deployment and more efficient network operation.

世界行動通訊大會上另一個明顯的趨勢是，通訊服務供應商和私人網路對我們支援網路營運和優化的軟體驅動服務和解決方案表現出濃厚的興趣。正如我們在先前的電話會議中討論過的，託管服務是 Ceragon 的重要策略重點，我們在 MWC 上看到了客戶的濃厚興趣，他們越來越多地評估軟體應用程式和託管服務，以實現更快的部署和更有效率的網路營運。

Finally, we continue to see the emergence of new use cases for our products, both in CSP and private network segments, which have the potential to meaningfully expand our targeted addressable market and drive incremental revenue opportunities. These market dynamics are consistent with our product and service roadmap, supporting our strategy to maintain technology leadership and address the needs of both Tier 1 and Tier 2 carriers as well as private networks.

最後，我們繼續看到我們的產品在 CSP 和私人網路領域出現新的用例，這有可能顯著擴大我們的目標市場並帶來增量收入機會。這些市場動態與我們的產品和服務路線圖一致，支持我們維持技術領先地位並滿足一級和二級營運商以及私人網路需求的策略。

As we have previously noted, the shift to software-driven services and applications will also enable us to increase our annual recurring revenue and achieve higher margins relative to our traditional hardware business.

正如我們之前所指出的，向軟體驅動的服務和應用程式的轉變也將使我們能夠增加年度經常性收入，並實現相對於傳統硬體業務更高的利潤率。

In February, we successfully closed the acquisition of E2E Technologies, strengthening our expertise in private networks, particularly in the energy and utilities sector in North America. Private networks remain a fast growing segment of telecom connectivity and E2E's proven system integration capabilities and software platform are expected to strengthen our portfolio significantly. E2E's bookings in the first quarter outperformed our expectations. And revenue contribution in the first quarter was in line with our expectations. We continue to expect E2E to be accretive to non-GAAP earnings by the second half of 2025.

今年 2 月，我們成功完成對 E2E Technologies 的收購，增強了我們在私人網路方面的專業知識，尤其是在北美能源和公用事業領域。專用網路仍然是電信連接中快速成長的一個領域，E2E 成熟的系統整合能力和軟體平台有望大大增強我們的產品組合。E2E 第一季的預訂量超出了我們的預期。第一季的營收貢獻符合我們的預期。我們繼續預計到 2025 年下半年，E2E 將增加非 GAAP 收益。

I'd now like to review our first quarter highlights by region. In India, revenue was $42.9 million, an increase of 65% year-over-year. Encouragingly, bookings were also the highest since Q1 2024. Moreover, a minimal amount of these bookings was tied to the previously announced $150 million project award for a major network modernization initiative of a Tier 1 operator, which demonstrates broad-based demand throughout India. The elevated bookings and revenue in Q1 and continued strong customer demand reinforce our long-term outlook in our largest market.

現在我想按地區回顧一下我們第一季的亮點。印度市場收入為 4,290 萬美元，年增 65%。令人鼓舞的是，預訂量也是自 2024 年第一季以來的最高水準。此外，這些訂單中的極少量與先前宣布的 1.5 億美元項目獎有關，該項目將用於一級運營商的一項重大網路現代化計劃，這表明印度各地存在廣泛需求。第一季預訂量和收入的增加以及持續強勁的客戶需求增強了我們在最大市場的長期前景。

In North America, revenue was $17.6 million, including contributions from E2E. Excluding the contributions from E2E, Q1 bookings and revenue were also higher than in Q4. We are improving our competitive position with existing customers and getting more traction from new prospects. The tariff dynamics are creating some instability for certain customers, primarily those in private networks.

在北美，收入為 1760 萬美元，其中包括來自 E2E 的貢獻。除去 E2E 的貢獻，第一季的預訂量和收入也高於第四季。我們正在提高與現有客戶的競爭地位，並從新客戶那裡獲得更多吸引力。資費動態為某些客戶（主要是私人網路客戶）帶來了一些不穩定。

However, we're encouraged by the continued steady activity among carriers. While we're closely monitoring for any shifts in customer ordering patterns, we are also proactively positioning ourselves to navigate these changes effectively. Simultaneously, we are actively assessing the proposed tariffs, not just to mitigate potential risks, but also to identify strategic opportunities to capture market share.

然而，我們對營運商持續穩定的活動感到鼓舞。在我們密切關注客戶訂購模式的任何變化的同時，我們也積極主動地定位自己，以有效地應對這些變化。同時，我們正在積極評估擬議的關稅，不僅是為了降低潛在風險，也是為了尋找佔領市場份額的策略機會。

Our diverse manufacturing footprint and adaptable supply chain provide us with a distinct advantage in this environment, allowing us to explore alternative sourcing and pricing strategies that could offset potential impact. While it is still too early to quantify the precise effect of our profitability in 2025, we believe the net impact of tariffs will be minimal. As we remain vigilant in monitoring these developments, we are confident in our ability to adapt swiftly and leverage our strength to drive continued growth.

我們多樣化的製造足跡和適應性強的供應鏈為我們在這種環境中提供了獨特的優勢，使我們能夠探索可以抵消潛在影響的替代採購和定價策略。雖然現在量化我們 2025 年獲利能力的具體影響還為時過早，但我們相信關稅的淨影響將是微不足道的。我們始終密切關注這些事態發展，並有信心我們能夠迅速適應並利用我們的優勢推動持續成長。

Returning to some more general commentary, through the acquisition of Siklu and E2E, we have significantly enhanced our capabilities in the fast-growing segments of wireless connectivity, particularly millimeter wave and private network markets. We are continuously evaluating additional strategic M&A opportunities that would further complement our product and service offerings, enabling us to further expand in high-growth areas for wireless connectivity.

回到一些更一般的評論，透過收購 Siklu 和 E2E，我們顯著增強了我們在快速成長的無線連接領域的能力，特別是毫米波和私人網路市場。我們正在不斷評估其他策略併購機會，以進一步補充我們的產品和服務，使我們能夠在無線連接的高成長領域進一步擴張。

I'd now like to turn the call over to Ronen Stein, our CFO, to discuss the financial results in more details. Ronen, over to you.

現在，我想將電話轉給我們的財務長 Ronen Stein，更詳細地討論財務結果。Ronen，交給你了。

Thank you, Doron, and good morning, everyone. The first quarter was marked by solid execution amidst volatile market conditions. Our revenue was at the higher end of our expectations and we maintained solid non-GAAP profitability. To help you understand the results, I will be referring primarily to non-GAAP financials. For more information regarding our use of non-GAAP financial measures, including reconciliations of these measures, we refer investors to today's press release.

謝謝你，多倫，大家早安。儘管市場環境動盪，但第一季的業績表現穩健。我們的收入處於預期的高位，並且保持了穩健的非公認會計準則獲利能力。為了幫助您理解結果，我將主要參考非 GAAP 財務數據。有關我們使用非公認會計準則財務指標的更多資訊（包括這些指標的對帳），請參閱今天的新聞稿。

Let me now review the first quarter results. Revenue for the first quarter was $88.7 million, up 0.2% from $88.5 million in the first quarter of 2024. India was again the strongest region in terms of revenue and contributed $42.9 million. North America rebounded from $13.4 million in Q4 2024 to $17.6 million in Q1 2025 and was the second strongest region. We had three customers in the first quarter that contributed at least 10% of our revenue. Gross profit in the first quarter on a non-GAAP basis was $29.7 million, which was down 8.6% from $32.5 million in Q1 2024.

現在讓我回顧一下第一季的業績。第一季營收為 8,870 萬美元，較 2024 年第一季的 8,850 萬美元成長 0.2%。印度再次成為收入最高的地區，貢獻了 4,290 萬美元。北美從 2024 年第四季的 1,340 萬美元反彈至 2025 年第一季的 1,760 萬美元，成為第二強勁的地區。第一季我們有三位客戶貢獻了我們至少 10% 的營收。以非公認會計準則計算，第一季毛利為 2,970 萬美元，較 2024 年第一季的 3,250 萬美元下降 8.6%。

Our non-GAAP gross margin was 33.5% as compared with gross margin of 36.7% in the prior year period. The decline in gross margin was mainly attributable to the change in revenue mix by region with India increasing to 48% of revenues and North America declining to 20% of revenues. Over the longer term, our initiatives in private networks and an increase in deployments of software-driven services should enable us to maintain or potentially expand gross margins, offsetting regional revenue mix headwinds.

我們的非公認會計準則毛利率為 33.5%，去年同期的毛利率為 36.7%。毛利率下降主要歸因於地區收入結構的變化，其中印度收入佔比上升至48%，而北美收入佔比下降至20%。從長遠來看，我們在私人網路方面的舉措以及軟體驅動服務部署的增加應該使我們能夠維持或潛在地擴大毛利率，從而抵消區域收入組合的不利因素。

Moving on to operating expenses. Research and development expenses in Q1 2025 on a non-GAAP basis were $8.1 million, down from $8.7 million in Q1 2024. As a percentage of revenue, R&D expenses on a non-GAAP basis were 9.1% in the first quarter versus 9.8% in the prior year period. Sales and marketing expenses on a non-GAAP basis in the first quarter were $11.8 million, up from $10.7 million in Q1 2024. As a percentage of revenue, sales and marketing expenses on a non-GAAP basis were 13.3% in the first quarter as compared to 12.1% in the first quarter of 2024. General and administrative expenses on a non-GAAP basis for the first quarter were $5.4 million as compared to $5.5 million in Q1 2024.

繼續討論營運費用。2025 年第一季非 GAAP 基礎的研發費用為 810 萬美元，低於 2024 年第一季的 870 萬美元。以非公認會計準則計算，第一季研發費用佔營收的百分比為 9.1%，去年同期為 9.8%。第一季非公認會計準則下的銷售和行銷費用為 1,180 萬美元，高於 2024 年第一季的 1,070 萬美元。以非公認會計準則計算，第一季銷售和行銷費用佔收入的百分比為 13.3%，而 2024 年第一季為 12.1%。第一季非公認會計準則下的一般及行政費用為 540 萬美元，而 2024 年第一季為 550 萬美元。

As a percentage of revenue, G&A expenses on a non-GAAP basis were 6% in Q1 2025 versus 6.3% in the year-ago period. Restructuring and related charges on a GAAP basis in the first quarter were $3.7 million as compared to $1.4 million in the first quarter of 2024, reflecting our increased efforts to achieve optimal cost discipline. These charges are backed out of our non-GAAP operating expenses. Acquisition and integration-related expenses on a GAAP basis in the first quarter were $0.5 million versus $0.5 million in the first quarter of 2024. These charges are backed out of our non-GAAP operating expenses.

以非 GAAP 計算，2025 年第一季的 G&A 費用佔營收的百分比為 6%，去年同期為 6.3%。第一季以 GAAP 計算的重組和相關費用為 370 萬美元，而 2024 年第一季為 140 萬美元，反映出我們為最佳成本控製而做出的更大努力。這些費用已從我們的非公認會計準則營運費用中扣除。根據 GAAP 計算，第一季收購與整合相關費用為 50 萬美元，而 2024 年第一季為 50 萬美元。這些費用已從我們的非公認會計準則營運費用中扣除。

Operating income on a non-GAAP basis for the first quarter was $4.5 million versus operating income of $7.6 million in Q1 2024. Lower gross profit was the primary factor for the decline in operating income year-over-year. Financial and other expenses on a non-GAAP basis in the first quarter were $1 million, an improvement from $2.3 million in the prior year period. The change was positively impacted from favorable exchange rate changes and lower interest expenses. Our tax expenses on a non-GAAP basis for the first quarter were $0.9 million. Non-GAAP net income for Q1 2025 was $2.6 million or $0.03 per diluted share versus non-GAAP net income of $4.7 million or $0.05 per diluted share in Q1 2024.

第一季非公認會計準則下的營業收入為 450 萬美元，而 2024 年第一季的營業收入為 760 萬美元。毛利下降是營業收入較去年同期下降的主要因素。第一季非公認會計準則下的財務及其他費用為 100 萬美元，較去年同期的 230 萬美元有所改善。這項變更受到有利的匯率變動和較低的利息支出的正面影響。我們第一季的非公認會計準則稅費為 90 萬美元。2025 年第一季非 GAAP 淨收入為 260 萬美元，即每股攤薄收益 0.03 美元，而 2024 年第一季非 GAAP 淨收入為 470 萬美元，即每股攤薄收益 0.05 美元。

Moving over to our balance sheet. Our cash position at March 31, 2025 was $27.7 million, down from $35.3 million at the end of 2024, primarily due to cash payments made in Q1 in connection with the acquisition of E2E amounting to $6.6 million, net of acquired cash. Short-term loans were $25.2 million at the end of the first quarter as they were at year-end 2024. Thus, our net cash position was approximately $2.5 million as opposed to $10.1 million at December 31, 2024, again, largely due to the acquisition of E2E. We believe we have cash and facilities that are sufficient for our operations and working capital needs.

前往我們的資產負債表。截至 2025 年 3 月 31 日，我們的現金狀況為 2,770 萬美元，低於 2024 年底的 3,530 萬美元，主要原因是第一季為收購 E2E 支付的現金為 660 萬美元，扣除收購現金。第一季末的短期貸款為 2520 萬美元，與 2024 年底的一樣。因此，我們的淨現金狀況約為 250 萬美元，而 2024 年 12 月 31 日為 1,010 萬美元，這主要歸功於對 E2E 的收購。我們相信，我們擁有的現金和設施足以滿足我們的營運和營運資金需求。

Inventory at the end of the first quarter was $62.3 million, up slightly from $59.7 million at the end of 2024 as we are preparing to introduce our new E-Band products expected to be delivered mainly in India in the second half of the year. Our trade receivables at the end of the first quarter were $145.7 million versus $149.6 million at the end of December 2024. Our DSO now stands at 135 days. Looking at our statements of cash flow. Net cash flow used by operations and investing activities in Q1 2025 was $1.6 million, excluding cash payments made in connection with the acquisition of E2E, net of acquired cash.

第一季末的庫存為 6,230 萬美元，略高於 2024 年底的 5,970 萬美元，因為我們正準備推出新的 E-Band 產品，預計將於下半年主要在印度交付。我們第一季末的貿易應收帳款為 1.457 億美元，而 2024 年 12 月底為 1.496 億美元。我們的 DSO 目前為 135 天。查看我們的現金流量表。2025 年第一季經營投資活動所用的淨現金流為 160 萬美元，不包括與收購 E2E 相關的現金支付，扣除收購現金。

Turning to our 2025 outlook. As Doron mentioned earlier, we are reiterating our previous 2025 revenue guidance of $390 million to $430 million. We also reiterate our expectations for non-GAAP operating margin of at least 10% at the low end of our revenue guidance and higher positive cash flow in 2025 than in 2024.

展望 2025 年。正如 Doron 先前提到的，我們重申先前對 2025 年 3.9 億至 4.3 億美元的收入預期。我們也重申了對非 GAAP 營業利潤率至少為 10% 的預期，該數字處於我們收入指引的低端，並且 2025 年的正現金流將高於 2024 年。

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

現在我開始回答大家的提問。操作員？

(Operator Instructions) Christian Schwab, Craig-Hallum.

（操作員指示） Christian Schwab，Craig-Hallum。

Congrats on the strong start to the year to reiterate guide. I'm just wondering if you could give us some more color regarding the strength in bookings in India. Is that a diverse customer base? Is that concentrated in the hands of one person primarily? Any additional color there would be fantastic.

恭喜您今年開局強勁，重申指南。我只是想知道您是否可以向我們提供有關印度預訂量的更多資訊。客戶群多元化嗎？這主要集中在一個人手中嗎？任何額外的顏色都會很棒。

Christian, I would say that it's not concentrated on a single customer. Actually, it's distributed between two customers that we are seeing very strong demand. And obviously, with the third one that still has some potential booking out of the $150 million, if that happens down the road during 2025, this will be another boost for our business. At the same token, I can say that we are also discussing with our old customer that in the last couple of years decreased the spending in wireless technology on some new opportunities.

克里斯蒂安，我想說它並不集中在單一客戶身上。實際上，我們看到兩個客戶的需求非常強勁。顯然，第三個項目在 1.5 億美元中仍然有一些潛在的預訂量，如果該項目在 2025 年期間實現，這將對我們的業務產生另一個推動作用。同樣，我可以說，我們也在與我們的老客戶討論，在過去幾年裡，我們減少了在無線技術領域的支出，以尋求一些新的機會。

Great. And then you mentioned that we're working on a potential significant opportunity in North America, the United States specifically. Is significant mean like $150 million or just significant -- just any color about the range of potential outcomes there would be great.

偉大的。然後您提到我們正在北美，特別是美國尋找一個潛在的重要機會。重大是指像 1.5 億美元這樣的金額，或者只是重大——任何有關潛在結果範圍的顏色都會很棒。

Look, the opportunities we are working on could become meaningful. And by saying meaningful, I would probably talk about north of $10 million on an annual basis for a few years.

瞧，我們正在努力爭取的機會可能會變得有意義。我所說的“有意義”，可能是指幾年內每年超過 1000 萬美元。

Great. And then my last question, we talked about gross margin expansion opportunities. I guess it wasn't clear to me how much gross margins potentially could expand in the future? Is there any potential color you could give us on that? And that's my last question.

偉大的。我的最後一個問題是，我們討論了毛利率擴張機會。我猜我不清楚未來毛利率可能擴大多少？您能給我們一些關於此方面的潛在資訊嗎？這是我的最後一個問題。

I will take it. Good morning. First of all, part of the expansion is improved mixture. That's one potential because we have the opportunity to come back much stronger in the US. Secondly, it's the economies of scale. Obviously, when we have higher revenues, that's a good potential for increasing our gross margins.

我會接受的。早安.首先，擴張的一部分是改善混合物。這是一種潛力，因為我們有機會在美國變得更強大。其次是規模經濟。顯然，當我們的收入更高時，這對提高我們的毛利率來說是一個很好的潛力。

The third thing is the more software and private networks sales. The more we continue to sell to these solutions or these markets, it will also improve our gross margins. So in the long-term, we still continue to discuss 35% to 38% in the long-term. That's what we hope to arrive. And obviously, in the short-term, it depends on the mixture specifically and how much revenues from software we can have.

第三件事是更多的軟體和私人網路銷售。我們向這些解決方案或這些市場銷售的產品越多，我們的毛利率就越高。所以長期來看我們還是會繼續討論35%到38%的長期目標。這正是我們所希望的。顯然，從短期來看，這取決於具體的組合以及我們能從軟體中獲得多少收入。

Scott Searle, ROTH Capital.

斯科特·塞爾（Scott Searle），羅仕資本（ROTH Capital）。

Nice job in terms of maintaining the outlook for the remainder of this year. Maybe, Doron, just to dive in on that front, you're maintaining the guidance for this year at the midpoint. It implies a pretty significant uptick over the next couple of quarters. I'm wondering if you could talk a little bit about first half versus second half. It sounds like you've got some E-Band kicking in, in India in the second half of that -- of this year.

在維持今年剩餘時間的前景方面做得很好。也許，多倫，只是為了深入探討這一點，你會將今年的指導保持在中間水平。這意味著未來幾季將出現相當顯著的成長。我想知道您是否可以談談上半場和下半場的對比。聽起來你們今年下半年將在印度推出一些 E-Band 技術。

If you could kind of expand on that a little bit and how important India is to growth, particularly within the second half? It sounds like you got some decent visibility now on that front. But presumably, it sounds like India will continue to be a growth opportunity in 2025.

您能否稍微詳細闡述一下這一點？印度對於經濟成長有多重要，尤其是在下半年？聽起來你現在在這方面已經有相當好的認知了。但據推測，印度在 2025 年仍將是成長機會。

Yes. So Scott, thanks for the question. Look, indeed, we believe that the main uptick will happen on the second part of the year. And this is coming predominantly from India and the rollout of E-Band as a result of a very significant deployment of fixed wireless access technology in this country. Obviously our projections are based on the indications that we are getting from the customer. And in terms of the pace that they are talking about now, it looks like there will be a very significant uptick. And I think that from a capacity perspective as well as procurement, we are ready. But India is India.

是的。斯科特，謝謝你的提問。事實上，我們相信主要的上漲將發生在今年下半年。這主要來自印度，E-Band 的推出是由於該國大量部署了固定無線存取技術。顯然，我們的預測是基於從客戶那裡得到的指示。就他們現在談論的速度而言，看起來將會出現非常顯著的成長。我認為從產能和採購角度來看，我們已經準備好了。但印度就是印度。

And obviously, we will wait until the last minute to get the go-ahead either in terms of orders or even if you already received orders in terms of delivery timelines. So bottom line, yes, we build a lot on India. But as a last sentence to this thing, I want to tell you that I was also encouraged by the bookings that came up in other regions that were relatively, I would say, weak during 2024. EMEA, for example, is showing very good signals. And if this will become a trajectory, I'm sure that other regions, including, obviously, North America, could contribute to a very nice second half.

顯然，我們會等到最後一刻才獲得訂單的批准，或者即使您已經收到了交貨時間的訂單。所以，總而言之，是的，我們在印度做了很多建設。但最後我想告訴大家的是，2024 年其他地區的預訂量相對較弱，這也讓我感到鼓舞。例如，歐洲、中東和非洲地區就顯示出非常好的訊號。如果這成為一種軌跡，我相信其他地區，顯然包括北美，也會為下半年的良好發展做出貢獻。

Just to follow up on that point. From a macro standpoint, certainly, tariff environment has caused some, I guess, raised the level of uncertainty out there from a macro standpoint. But you're insulated from, I think, a tariff standpoint. But what is that doing in terms of customer decision timelines and otherwise? And do you think you're seeing any pull-ins as a result of that?

只是為了跟進這一點。從宏觀角度來看，關稅環境確實造成了一些不確定性，我想，從宏觀角度來看，不確定性水準有所提升。但我認為，從關稅角度來看，你們不受任何影響。但這對於客戶決策時程和其他方面有什麼作用呢？您認為這會產生什麼結果呢？

Well, I referred to that in my prepared comments. So far, we have not seen any change in buying patterns from the CSPs. There were some, I would say, hesitations in closing deals on the private networks, which obviously delayed some of the bookings. But at this point, it is not that significant. And obviously, we are following on these changes in patterns very closely.

嗯，我在準備好的評論中提到了這一點。到目前為止，我們還沒有看到 CSP 的購買模式有任何變化。我想說，在私人網路交易方面存在一些猶豫，這顯然推遲了一些預訂。但就目前而言，這並不那麼重要。顯然，我們正在密切關注這些模式的變化。

Helpful. And lastly, if I could, just to follow up on the private networks front. A lot going on there now between Siklu and end-to-end and your expanding presence. I'm wondering if you could talk a little bit about how each are doing in the different geographies, particularly Siklu. I'm not sure if we heard many comments during your prepared remarks. And geographically, where are you starting to see the demand on that front?

很有幫助。最後，如果可以的話，我想跟進一下私人網路方面的情況。現在 Siklu 和端到端之間發生了很多事情，而且您的影響力也在擴大。我想知道您是否可以談談各個公司在不同地區的經營情況，特別是 Siklu。我不確定在您準備的發言中我們是否聽到了很多評論。從地理位置來看，您在哪裡開始看到這方面的需求？

Yes. So I think the most intriguing phenomenon we have seen in the last three months is a huge increase in interest in the point-to-multipoint solution that we basically bought as part of the Siklu acquisition. We are talking about use cases, by the way, both for CSPs and for private networks that at least during 2024, we did not see them at least not coming as strong as we started seeing them during the last three months. Just to give you a few examples, one of the use cases is a small cell backhaul and we have seen that use case in both North America and Europe coming up.

是的。因此，我認為我們在過去三個月中看到的最有趣的現像是人們對點對多點解決方案的興趣大幅增加，而我們基本上是在收購 Siklu 時購買的。順便說一下，我們正在討論 CSP 和私人網路的用例，至少在 2024 年，我們沒有看到它們像過去三個月那樣強勁發展。僅舉幾個例子，其中一個用例是小型蜂窩回程，我們已經看到北美和歐洲都出現了這種用例。

In fact, in Europe, we are already beyond a very successful POC with one of the CSPs in Europe and obviously starting to discuss commercials and some rollout plans. And so this is one use case. The other use case that we have started seeing is very dominant and very interesting is actually supporting large enterprises with the connectivity that I wouldn't say it's a private network, but it's almost private network, it's semi-private network. They are looking to replace the regular 5G connectivity that is usually not steady enough and very expensive. And even in this case, we already passed a few stages of POC, particularly with a big enterprise in North America.

事實上，在歐洲，我們已經與歐洲一家 CSP 達成了非常成功的 POC，並且顯然已經開始討論商業廣告和一些推廣計劃。這是一個用例。我們開始看到的另一個用例非常主要且非常有趣，它實際上是透過連接來支援大型企業，我不會說它是一個私人網絡，但它幾乎是私人網絡，它是半私人網絡。他們正在尋求取代通常不夠穩定且非常昂貴的常規 5G 連線。即使在這種情況下，我們已經通過了 POC 的幾個階段，特別是與北美的一家大企業合作。

So while the point-to-point traditional E-Band from Siklu is continuing to be a good solution for small ISPs and also for private networks, we are seeing also a very nice uptick in the interest and demand for the 60-gigahertz point-to-multipoint in Siklu. Honestly, with E2E, it's just the beginning, but we were very encouraged by the performance of E2E in the first quarter and we all hope that this is a sign for a very successful future.

因此，雖然 Siklu 的點對點傳統 E 波段繼續成為小型 ISP 和私人網路的良好解決方案，但我們也看到對 Siklu 的 60 千兆赫點對多點的興趣和需求出現了非常明顯的上升。老實說，E2E 才剛開始，但我們對 E2E 第一季的表現感到非常鼓舞，我們都希望這是一個非常成功未來的標誌。

Ryan Koontz, Needham.

瑞安·孔茨，尼德姆。

I want to ask about the E-Band product you have coming out for -- it sounds like really targeted for India. Can you maybe expand on your differentiation there and why you think that that's a game-changer in that important market for you?

我想問一下你們即將推出的 E-Band 產品——聽起來它確實是針對印度的。您能否詳細說明您的差異化優勢，以及為什麼您認為這對您來說將是一個重要市場的遊戲規則改變者？

People who know India predominantly in this space, India is, I would say, a freak of the latest technology for the lowest price. And I think that over the years, we have built this kind of experience of understanding how we find this golden line. And the product that is going to be launched and actually commercially available towards the end of this quarter is just meeting these two elements, which is very strong product in terms of performance and top-notch technology and at the same token with a cost structure that fits in to India.

對於主要了解印度這一領域的人來說，我想說，印度是一個以最低價格提供最新技術的奇葩。我認為，多年來，我們已經累積了這種經驗，了解如何找到這條黃金線。而即將在本季末推出並實際投入商業使用的產品正好滿足了這兩個要素，這是一款在性能和一流技術方面非常強大的產品，同時其成本結構也適合印度。

Now, let's not forget, it's not that we are just now -- sorry, finishing the development and now we'll start negotiating the price and everything. All terms have been already closed in Q4 of last year, all commercial terms. And we basically know or we have an indication what market share we will capture with this product. And market share in India means everything. If you are getting the lion's share, it means that your product is meeting the cost effectiveness versus the performance the most as opposed to the competition.

現在，我們不要忘記，並不是說我們現在——抱歉，完成了開發，然後我們就開始協商價格和一切。所有條款已於去年第四季完成，均為商業條款。我們基本上知道或知道這款產品將佔據多少市場份額。印度的市場佔有率意味著一切。如果您獲得了最大份額，則表示與競爭對手相比，您的產品最能滿足成本效益和效能。

Got it. That's really helpful. And then maybe lastly, if you can comment on the competitive environment in North -- in the developed markets, North America and Europe and who you see out there in your traditional deals and any changes in the last quarter or two?

知道了。這真的很有幫助。最後，您能否評論一下北方已開發市場、北美和歐洲的競爭環境？您在傳統交易中看到了哪些對手？過去一、兩個季度有什麼變化嗎？

I think that there were not any major changes during the last couple of quarters. I would only say that in Europe, we are seeing more and more interest in looking into vendors like Ceragon to basically replace the Chinese. It's not as strict and it's not as fast as it happened in some other countries and some other regions. But this is obviously opening up for us some new prospects which we did not see in the past.

我認為過去幾個季度沒有發生任何重大變化。我只想說，在歐洲，我們看到越來越多的人對尋找像 Ceragon 這樣的供應商來取代中國供應商感興趣。它並不像其他一些國家和地區那樣嚴格，也不像其他一些地區那麼迅速。但這顯然為我們開闢了一些過去未曾見過的新前景。

That's really helpful. What kind of share would you estimate the Chinese have in Europe in microwave? I assume it's pretty big.

這真的很有幫助。您估計中國微波爐在歐洲佔有多大的份額？我認為它相當大。

It's quite big. It's quite big. They have a very large installed base in some of the leading or the Tier 1 operators in Europe. And obviously, these guys are looking for different ways to reduce the level of dependency. And I think that over time, this creates a very nice opportunity for non-Chinese companies, obviously, including Ceragon.

它相當大。它相當大。他們在歐洲一些領先或一級運營商中擁有非常龐大的安裝基礎。顯然，這些人正在尋找不同的方法來降低依賴程度。我認為，隨著時間的推移，這將為非中國公司（顯然包括 Ceragon）創造一個非常好的機會。

Theodore O'Neill, Hills Research.

西奧多·奧尼爾（Theodore O'Neill），希爾斯研究公司（Hills Research）。

Congratulations for the good guidance going forward. Just a quick question here on India, your strength in India and North America. Could you give us a sort of portion of this is -- you've got the strength because your technology or the service level versus market share? And is it different between the technology service and market share between India and North America?

祝賀您未來的良好指導。這裡只想問一個簡單的關於印度的問題，貴公司在印度和北美的實力。您能否向我們介紹一下這方面的情況—您的技術或服務水準與市場佔有率相比具有優勢嗎？印度和北美的技術服務和市場佔有率有什麼不同嗎？

I would say that there is no much difference. I would say that in North America, the main emphasis is technology. And while in India, they expect you to deliver, including services and that makes a little difference in terms of the rollout and how it works. And in many cases, you are actually dependent on yourself. So if you are able to faster roll out equipment that was already delivered, your chances to get the next PO and to move to the next delivery are higher. It's slightly different in North America.

我想說，沒有太大的差別。我想說在北美，主要重點是技術。而在印度，他們希望你能夠交付成果，包括服務，而這對產品的推出和運作方式會有些許影響。而在很多情況下，你其實是依賴你自己的。因此，如果您能夠更快地推出已交付的設備，那麼您獲得下一個採購訂單並進入下一次交付的機會就會更高。北美的情況略有不同。

But look, generally speaking, when talking about Tier 1 operators, eventually, I would say that there's a lot of commonality. Obviously, the economy in North America is allowing for better margins and also sometimes for more sophisticated pricing models. But generally speaking, both operators from both countries are aspiring to get a very strong and reliable product. They want a peace of mind. That's what they are looking for.

但總體來說，當談到一級運營商時，我最終會說，它們有很多共同點。顯然，北美的經濟允許更高的利潤率，有時也允許更複雜的定價模式。但整體來說，兩國業者都渴望獲得一款非常強大且可靠的產品。他們想要內心的平靜。這就是他們所尋找的。

Thank you. There are no further questions. So, Doron, back to you for closing statements.

謝謝。沒有其他問題了。那麼，多倫，回到你的最後陳述。

Yes, I'd like to thank all of you for participating in today's call and for your interest in Ceragon. Given our improved bookings, product road map and expansion into faster-growing segments of the market, namely private networks and millimeter wave, I believe we are well-positioned to remain the leader in wireless connectivity. I look forward to sharing our progress on the next quarterly conference call when we report our second quarter results. Have a good day, everyone.

是的，我要感謝大家參加今天的電話會議以及對 Ceragon 的關注。鑑於我們預訂量的提高、產品路線圖以及向更快增長的市場領域（即私人網路和毫米波）的擴張，我相信我們有能力繼續保持無線連接領域的領先地位。我期待在下次季度電話會議上報告第二季度業績時分享我們的進展。祝大家有愉快的一天。