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Ceragon Networks (NASDAQ:CRNT)

Q3 2020 Earnings Name

Nov 02, 2020, 9:00 a.m. ET

Contents:

Ready Remarks Questions and Solutions Name Members

Ready Remarks:

Operator

Good day, everybody. Welcome to the Ceragon Networks Restricted third-quarter 2020 outcomes convention name. At present’s name is being recorded and shall be hosted by Mr. Ira Palti, president and CEO of Ceragon Networks.

Earlier than we begin, I want to observe that this name contains data that constitutes forward-looking statements throughout the which means of the Securities Act of 1933 and the Securities Alternate Act of 1934 as amended and the secure harbor provisions of the Personal Securities Litigation Reform Act of 1995. Though we consider that the expectations mirrored in such forward-looking statements are based mostly upon cheap assumptions, we can provide no assurance that our expectations shall be obtained or that any deviations, subsequently, won’t be materials. Such statements contain dangers and uncertainties that will trigger future outcomes to vary materially from these anticipated. These dangers and uncertainties embrace, however aren’t restricted to, the consequences of normal financial circumstances, the impact of the COVID-19 disaster on the worldwide markets and on the markets through which we function, together with the chance of continued disruption to our and our clients’ suppliers, enterprise companions and contractors, enterprise and operations because of COVID-19 pandemic.

And such different dangers, uncertainties, and different components that would have an effect on our outcomes as detailed in our press launch that was revealed earlier at this time and as additional detailed in Ceragon’s most up-to-date annual report on Type 20-F and in Ceragon’s different filings with the Securities and Alternate Fee. Such forward-looking statements embrace, as to the dangers, uncertainties, and different components that would have an effect on our outcomes symbolize our views solely as of the date that they’re made and shouldn’t be relied upon as representing our views as of any subsequent date. Such forward-looking statements don’t purport to be predictions of future occasions or outcomes, and there may be no assurance that it’ll show to be correct. Ceragon could elect to replace these forward-looking statements in some unspecified time in the future sooner or later, however the firm particularly disclaims any obligation to take action, besides as could also be required by legislation.

Ceragon’s public filings can be found from the Securities and Alternate Fee web site at www.sec.gov and might also be obtained from Ceragon’s web site at www.ceragon.com. Additionally, at this time’s name will embrace sure non-GAAP numbers. For a reconciliation between GAAP and non-GAAP outcomes, please see the desk hooked up to the press launch that was issued earlier at this time. I’ll now flip the decision over to Mr.

Ira Palti, president and CEO of Ceragon. Please go forward, sir.

Ira Palti — President and Chief Government Officer

Thanks. Good morning, and good afternoon to everybody becoming a member of us on the decision at this time. With me on the decision at this time are Ran Vered, our chief monetary officer; and Osi Sessler, head of investor relations. Earlier than entering into the quarter, I hope that you simply, your family members, your coworkers are wholesome and nicely.

Right here at Ceragon, the well being and security of our workers proceed to be our high precedence. We’re managing nicely within the new regular with all departments persevering with at full velocity. As you may see from the outcomes, Q3 was a stronger interval for Ceragon. Our revenues had been $70.6 million, practically again to pre COVID ranges, and our gross margin was above 33%, the very best it has been in additional than a yr.

This, mixed with decrease working bills gave us a worthwhile quarter in step with our focus. Our efficiency displays the market with a stronger than ever want to extend community capability because the world goes more and more on-line to buy, work, and socialize. It additionally displays the complexity and working issue of COVID, which remains to be strongly with us. The necessity for broadband is driving the urgency for constructing new 5G networks, increasing 4G networks, and lengthening ISP service into extra areas.

As operators execute on 5G plans, a key consideration is having the ability to deploy the networks quicker whereas controlling general prices, and this has led to an entire change in the way in which networks are constructed. Many operators are actually embracing an open community structure through which each one and core community domains shift towards a cloud-native software-centric paradigm, open one, and open core. With this method, community shift from tightly built-in {hardware} and software program to a disaggregated mannequin that permits operators to create digital software-based community capabilities. This makes it a lot simpler to adapt to continuously altering necessities.

We, at Ceragon, play a key enabling function on this course of with a brand new class of apparatus designed particularly for the open run surroundings. Now we have lately launched our new IP-50 platform, an open resolution structure for wi-fi backhaul, mid-haul, and front-haul. As a part of the event course of, we achieved a number of thrilling technological breakthroughs, that led to its recognition final week, however the telecom infra mission tip neighborhood is without doubt one of the main platforms for open wi-fi holding. Additionally they acknowledge Ceragon as the one resolution supplier that gives each know-how and merchandise for all parts of the open wi-fi holding structure.

Though this business shift has been coming for a number of years, it’s intensifying now. Operators making the shift are in search of best-in-class choices for every community area, and that is main them to Ceragon. This can be a testomony to our technique of offering best-in-class know-how options, which drive greater buyer worth for profitable market share. These market dynamics are creating sturdy tailwinds for our 5G efforts across the globe.

We’re very busy with 5G community design wins and POC’s processes, in addition to with actions across the launch of our new 5G merchandise. We’re collaborating in varied phases of the 5G choice course of for operators all through the world every with the potential to result in very giant multiyear gross sales. This, our long-term efforts that started with design wins, progress towards POCs or proof of idea with small preliminary shipments, and at last, as we consider we’ll see quantity shipments and deployment. On the POC entrance, we’re getting ready for a POC with an rising greenfield service supplier in North America.

It would check a large protection, 5G resolution with gigabit backhaul to help its up and coming 5G rollout. We’re additionally getting ready for a subject trial with one of many Pacific Rim main open community operators following a really profitable lab trial. Our resolution will present them with 20 gigabits 5G mid-haul capability in millimeter-wave spectrum. Now we have additionally seen an elevated variety of design wins, together with a number of current awards from service suppliers in Europe and North America getting ready to transition to 5G.

They wish to improve the backhaul put in base with minimal {hardware} adjustments and our options care for it with image swap of a module, in addition to by offering a set of recent radios in microwave and millimeter-wave bands, which seamlessly integrates with our put in base. Now we have begun delivery our newly launched IP-50C in Europe to help quite a lot of ongoing 5G community rollouts. The IP-50C is an revolutionary all outside quote service resolution for bringing 5G onto macrocells. It offers excessive 5G backhaul community capacities in microwave spectrum whereas making certain community reliability and availability.

It’s distinctive in its help of operations in channels which can be two instances to 4 instances wider than our opponents can present. eight gigabits within the air with the smallest footprint. That is the requirement for 5G macrocells reaching double to quarter improve in capability. Operators perceive the immense advantages and already performing in quite a lot of nations to understand this implausible community improvement method to 5G.

And we’re continuing with regulatory lobbying with regulators worldwide to open up 224 megahertz channels uniquely supported by our know-how, which permits the intense 5G backhaul capacities which can be required for this market. By the way in which, the operators that getting ready for 5G are taking quite a lot of rights to get there. Some are choosing fiber first deployments in a densely populated space. Following later because the second stage with microwave deployments in much less dense and rural areas and with front-hauling video items within the dense city areas.

Others are going forward first with upgrades to be prepared for 5G rapidly when the time comes. Due to this fact, our improvement actions are designed to make us the go-to provider for each variation of the 5G alternative, permitting clients to remodel their community at their tempo and in their very own trend. That is positioning us ideally and uniquely as a pacesetter of holding 5G know-how. As to 4G, we proceed to learn from giant expedited operator initiatives to extend community attain in markets the place 4G is at present missing whether or not due to elevated demand or insufficient protection.

In a few of these initiatives, the operators are already sitting within the backhaul infrastructure that’s required for 5G. In Africa, we had been awarded a giant 4G order from Orange Niger and continued shipments to different operators for ongoing 4G improve and growth initiatives. In India, we continued reaching a superb supply and set up run charge for our Bati initiatives, regardless of COVID constraints, giving us sturdy revenues from each services and products. And in APAC, we delivered very strongly in Southeast Asia, the place a number of operators are ramping up the 4G networks.

In distinction, our enterprise in LatAm was each week through the quarter on account of COVID. One among our largest clients throughout the area stays within the CAPEX freeze, and different purchasers are dealing with provide chain delays. We consider the scenario is bettering considerably in LatAm and that budgets for 2021 will start opening up already by the tip of this yr. The final market I might like to debate is the ISP market, which is benefiting strongly from the very long time strains of 4G and 5G rollouts.

Given the huge new demand for bandwidth stemming from COVID stay-at-home directives, giant inhabitants areas have been left with inadequate broadband. ISPs, each nationwide and regional have been speeding in to fill the demand, particularly in North America, and to some extent, in Europe, and we fulfill that demand each instantly and through a few of our channels. So to summarize, demand for community capability has elevated dramatically, resulting in extra 5G design wins, a few of which have already translated into small orders, continued large-scale 4G growth initiatives, and elevated ISP demand. On the similar time, important variability and uncertainty stay relating to the timing of planning, buying, community rollout, supplying chain components as COVID dynamics transfer in response to their very own rhythms the world over.

We stay extraordinarily targeted on execution on this unsure surroundings, progressing on observe with the IP-50 platform improvement and shifting strongly forward with new 5G design wins, POCs, and orders. I am going to cease right here and switch the decision over to Ran to debate our funds in additional element. Ran?

Ran Vered — Chief Monetary Officer

Thanks, Ira. Since you have all seen the press launch, I am going to deal with the highlights. As you may see, Q3 was a superb quarter from a monetary viewpoint. Our revenues had been $70.6 million, up 13% in contrast with the second quarter and 26% in comparison with the primary quarter of 2020.

They had been down simply 2% in contrast with the third quarter of 2019. The revenues waged from area to area, in step with the impact that COVID has had on native enterprise operations and community build-out plans. Our strongest income had been from India, reflecting ongoing deliveries for Bharti initiatives and APAC. Revenues from North America and Europe had been in step with expectations, reflecting continued progress with ongoing initiatives, primarily ISPs and small 5G initiatives in Europe.

Africa had an exceptionally sturdy quarter, reflecting shipments for the Orange Niger mission we introduced in August. And as Ira mentioned, LaTAM had a really weak quarter with budgets and initiatives frozen within the face of COVID-19. We had one above 10% buyer within the third quarter. In distinction to revenues, our book-to-bill ratio for the quarter was under one.

This resulted from the truth that a few of our clients booked their orders earlier within the yr, along with very low bookings throughout Latin America. Bookings in APAC had been truly sturdy and bookings in North America, Europe, and India was secure. General, our gathered book-to-bill ratio for the 9 months interval is above 1. Gross revenue for the quarter on a non-GAAP foundation was $23.6 million, giving us a gross margin of 33.5%.

That is our highest gross margin in over a yr, in contrast with 26.5% final quarter and 32.2% for the third quarter of 2019. It displays the return of our revenues to the traditional vary, along with roughly $1 million in import tax aid that we recorded through the quarter. Excluding this aid, the gross margin would nonetheless have been about 32%, just like Q3 final yr and stronger than it has been within the final three quarters. Our non-operating bills for the third quarter was $19.9 million, roughly $300,000 greater than they had been in Q2 however down in contrast with pre-COVID in our projections.

R&D was $7.three million, $0.5 million greater than Q2. The rise due primarily to our progress into the ultimate phases of our chip improvement as deliberate. In distinction, our gross sales and advertising bills declined once more through the quarter to $7.eight billion. That is down about 18% from Q3 final yr, reflecting the decreased journey and variable compensation which have include COVID.

G&A for the quarter was $4.eight million, in step with our expectations. For This fall, the expectation is for OPEX to extend to a degree of $20.5 million to $22 million, which is extra in step with our regular sample. On the whole, our working bills are greater for This fall than for different quarters, reflecting greater variable compensation. As well as, we count on to proceed accelerating our investments in chip R&D through the fourth quarter, leading to an extra improve within the R&D line.

Monetary bills and different bills had been a bit decrease than the traditional anticipated degree through the quarter, and tax bills for the quarter had been low at $200,000. Our targeted execution would result in sturdy revenues, a excessive gross margin, and management OPEX, mixed with decrease taxes, gave us sturdy web revenue. On a non-GAAP foundation, we posted a $2.three million web revenue or $0.03 per diluted share. On a GAAP foundation, we posted a web revenue of $1.6 million or $0.02 per diluted share.

Turning to the steadiness sheet. We continued working to enhance our stability and dealing capital, and you may see our success in lots of parameters. We decreased our stock by one other $2 million through the quarter and are actually at roughly $52 million, down $22 million from our peak 5 quarters in the past. Our receivables are actually at $108.Four million, down $10 million for the reason that starting of the yr.

Our DSO now stands at 152 days. For Q3, we had $4.5 million adverse money circulation from working and investing actions whereas for the 9 months interval, we had $1.Four million in constructive money circulation. As well as, we decreased our loans through the quarter, serving to to strengthen our steadiness sheet. Regardless of the lockdown on challenges, we proceed on schedule with our operations.

With targeted execution, we’ve got been in a position to convert a big portion of our backlog, a improvement, which is able to profit us going ahead. And we continued on observe with our main improvement applications to make sure that our future highway map helps our design win efforts, supporting our goal positioning because the strongest firm in rudderless hauling and the important thing to producing future revenues. Trying ahead, we count on to see important operator actions, alongside continued uncertainty. If the world enters right into a second or third wave with intensive lockdown, this might clearly affect our clients and us.

Because of this, we’re taking the cautious method to our projections for This fall with a bit wider vary than typical, $62 million to $75 million, $69 million to $75 million. With that, I’ll now open the decision to your questions. Operator?

Questions & Solutions:

Operator

Thanks. [Operator Instructions] Our first query will come from the road of Alex Henderson. Your line is open.

Alex Henderson — Needham and Firm — Analyst

Thanks very a lot. A few questions, if I may. So the vary of steering, I assume that the 69 assumes there’s additional shutdowns and a worsening of the COVID surroundings. Are you able to discuss somewhat bit about what you are assuming on the low finish of the band and what you are assuming on the excessive finish of the band?

Ira Palti — President and Chief Government Officer

After we have a look at that, with the low finish of the band, we do assume some shutdowns, primarily in Europe and different locations, and that in LatAm, issues will not open up through the quarter. On the excessive finish, we assume that all over the place the place there have been I might say some lockdowns, we might begin seeing some releases in these areas. Nevertheless it’s very arduous. Let’s keep in mind, the massive variations between deployment revenues, cargo revenues and bookings, and COVID and lockdowns impact.

By the way in which, they normally have an effect on the bookings greater than the revenues and the deployment as a result of these in most locations all over the world, this will proceed even underneath lockdowns.

Alex Henderson — Needham and Firm — Analyst

I am sorry. You are saying it impacts the bookings extra, but it surely does proceed through the lockdowns, it appears contradictory? I might suppose the bookings could be extra secure than the revenues underneath that state of affairs and the flexibility to put in?

Ira Palti — President and Chief Government Officer

Sure. However due to the way in which we see generally the decision-making throughout the operators slows down considerably underneath lockdown a number of the decision-making whereas initiatives which can be in place. In most locations all over the world, the lockdowns are such that we are able to, at this level, set up, work and in-store, ship, work and set up.

Alex Henderson — Needham and Firm — Analyst

OK. So it seems like then on the low finish of the band, you’ll count on your guide to invoice to be under one, wouldn’t it be cheap to imagine on the greater finish of the band that you’d count on your guide to invoice to be above one?

Ira Palti — President and Chief Government Officer

Most likely at one.

Alex Henderson — Needham and Firm — Analyst

Bought it. Excellent. With respect to the ’21 surroundings, clearly, there’s been a lot of strain this yr, and it is clearly going to be a query of whether or not we get vaccines and all that kind of stuff. Clearly, lots of unknowns.

Nevertheless it additionally looks as if along with your guide to invoice above one by means of the primary 9 months with an affordable chance of some enchancment in 5G deployments subsequent yr. And continued power within the new merchandise that you’d be seeing a greater surroundings and a greater response to your merchandise in that yr. Are you able to discuss somewhat bit about what you are fascinated about for the total yr? Clearly, not in search of steering, it is method untimely for that. However some tonality to it could be very useful?

Ira Palti — President and Chief Government Officer

OK. So if we glance into 2021, it’s totally, very — I am going to begin with the remark, very, very arduous to focus. And we’ve got performed this train right here internally as a result of we’re planning, it is a funds time. It is lots of stuff.

So from a budgeting perspective, we’re focusing in the beginning internally on the actions we wish to do in 2021 internally with clients, markets, and the place we wish to go. After which enjoying round with the numbers on the again finish. At this level, I nonetheless see very excessive variability on the numbers and if I take, what I might say, the low ranges if I add up the low ranges that I am getting from a number of the areas and a number of the actions and the excessive finish is, I am getting up with an nearly significantly excessive vary. We do count on that if the circumstances do enhance and so they count on it to enhance, we’ll most likely see a greater yr than 2020 into subsequent yr.

And that is based mostly on precisely the identical feedback that you simply made, somewhat little bit of 5G design wins in some locations opening up of a number of the markets continued deployment of 4G, which is able to find yourself with a yr, which is healthier than 2020. And possibly we have to decide that additionally on a quarterly foundation, most likely at or above the run charge of the present quarter or a few of people who type, which is, as we mentioned, we consider this quarter was somewhat bit extra towards the traditional.

Alex Henderson — Needham and Firm — Analyst

So over that timeframe, would you count on your guide to invoice to regularly enhance because the momentum builds and also you’re looking by means of the interval into ’22, ’23. Only a technical query on the print. I used to be somewhat shocked to listen to you say that the gross margin was impacted by a tax adjustment. It is not usually what I might assume occurs.

And does that occur once more? Are you able to clarify that somewhat bit and whether or not that is one thing that is going to occur once more, or what is going on to —

Ira Palti — President and Chief Government Officer

I’ll let Ran — a one-off, however I am going to let Ran clarify.

Ran Vered — Chief Monetary Officer

Alex, it is Ran. Thanks for the query. So it is extra a one-off. It is some form of import taxes that we’ve got in Latin America, that we provision for it a few years in the past and now with some regulatory adjustments, we appear to get it again.

And this can be a onetime $1 million that improved the gross margin by 1.5%.

Alex Henderson — Needham and Firm — Analyst

I see. In order that — there isn’t any change within the tax charge going ahead, subsequently, no everlasting profit to it?

Ran Vered — Chief Monetary Officer

Appropriate. Appropriate. It is one time.

Alex Henderson — Needham and Firm — Analyst

All proper. I do not wish to be a pig, so I am gonna let the subsequent man get into the questions. Thanks.

Operator

Thanks. Our subsequent query comes from the road of Gunther Karger, and your line is open.

Gunther Karger — Discovery Group Inc. — Analyst

Sure. Whats up? Are you able to hear me? Sure. Initially, congratulations on a superb report. And secondly, the — the second is the query.

Do you’ve any — do you — I hear you. Sure. The query is that this. Now we have a delay right here.

What I needed to ask is that this. Is there any constraint relating to provides given the worldwide COVID scenario?

Operator

And, audio system, would you want to reply?

Ira Palti — President and Chief Government Officer

OK. So I am going to reply, Gunther. You requested concerning the provide chain subject. On the whole, the availability chain is open at this level.

We don’t see important points across the provide chain. Though we do have every so often right here and their points with some components and operators, however not important. The place the place it is extra important is that a few of our provide chains is through air. And air shipments remains to be very, very costly proper now, the place air shipments — given a really excessive precedence for medical provides and different issues, and it prices somewhat bit extra.

We do see a rise in provide chain prices inside our gross margin due to the COVID because it occurs.

Operator

Thanks. [Operator Instructions] And we’ll go to a follow-up from Alex Henderson. And your line is open.

Alex Henderson — Needham and Firm — Analyst

Hey. Thanks very a lot. So couple of issues that I needed to speak to. The scenario in India, clearly, there’s been some challenges related to installations.

There’s been some challenges related to getting {qualifications}. It does sound like a few of that began to bleed off. And it additionally seems like there’s large improve in visitors. As I perceive that the visitors development in India has been operating at 70% plus in every of this yr and final yr.

And contemplating they did not spend very a lot in ’19 and weren’t unable to spend a lot over the primary two or three quarters of ’20. Are you able to speak about what sort of pent-up demand you may see there? And the way do you see that bottleneck breaking?

Ira Palti — President and Chief Government Officer

OK. So in India, I would like to speak into two issues. One is someday towards the start of August, lots of the constraints in India on working due to the lockdowns had been lifted. And since that point, I am going to say, operating full velocity.

We had been planning on that. We had been operating full velocity, each in supply of apparatus and supply within the subject in doing installations. I don’t see what you’ll name a pent-up demand as a result of in India, and I am going to speak about a number of the operators, however primarily each GEO and Bharti continued shifting forward with their plans even underneath COVID, they had been totally operational. We noticed each the related bookings, and we noticed the related orders.

And the minute that every little thing was lifted up, we received an enormous strain to assist and do the deployment. I do count on this to proceed on the present run charges most likely into first or perhaps all of subsequent yr as actually they construct up the community, there is a sure velocity on the market. The one huge query, Mark, is a buyer of ours, which we’ve not labored with for some time, which is Vodafone in India, which goes underneath important adjustments. And there, you’ll say there’s a pent-up demand as a result of they haven’t been investing within the community for fairly some time.

And we’re nonetheless ready to see what would they do. And the way would they run their enterprise shifting ahead?

Alex Henderson — Needham and Firm — Analyst

Are you able to discuss somewhat bit concerning the implications of the Huawei ban that is occurring there and whether or not that adjustments the demand traits, significantly Vodafone, which I consider was predominantly a Huawei store?

Ran Vered — Chief Monetary Officer

Vodafone was a predominantly Huawei store, and my guess, due to the restrictions in India, they will have to decide on different distributors. And I feel we’re in a superb operating place there, however let’s wait and see. Till they make their choices, I feel they’ve points earlier than that, which need to do with the financing and getting the financing in place. After which I feel we’re in a superb operating place there.

Alex Henderson — Needham and Firm — Analyst

Are you able to speak about what the share of Huawei has traditionally been in your class in that geography?

Ira Palti — President and Chief Government Officer

In India, the share of Huawei was someplace round 20%, 25%.

Alex Henderson — Needham and Firm — Analyst

So do you suppose you will choose up —

Ira Palti — President and Chief Government Officer

Sure. However we took a few of that share already in Bharti in doing it, and so there are issues that should be picked up as nicely.

Alex Henderson — Needham and Firm — Analyst

OK. I received the gist of that. Going to the North American market, there’s been some dialogue about you getting some trials with some tier ones with, as well as, T-Cell/Dash scenario coming again on stream, now that is closed. Are you able to discuss somewhat bit about what you are pondering is in that geography?

Ira Palti — President and Chief Government Officer

And within the U.S. market, we have to have a look at just a few issues. One, as I discussed on the decision, we’re in POCs with a greenfield operator for the 5G community and POCs are there. We did discuss concerning the tier one trials.

We’re nonetheless in discussions with them in lab trials on the tools. And that is progressing slower than we needed, but it surely’s progressing. And the opposite factor that we see in there may be that, once more, with the COVID, it is slowing down decision-making. It is a lot tougher, and I feel I discussed that each on the 5G, much less on the 4G.

When folks must do lots of planning and all the workers are working from residence, issues are doable, and I say lots of progress, however a number of the issues are somewhat bit slower in there. One of many issues that we noticed, we did count on T-Cell and Dash to maneuver a lot faster this yr and I feel they’re making very important, excellent progress round what we see the little or no viewpoint that we’ve got on the combination and integration of the networks but it surely’s nonetheless slower than what we anticipated firstly of the yr earlier than COVID.

Alex Henderson — Needham and Firm — Analyst

I get the gist of that. That each one is sensible. Relative to the chip aspect of the enterprise. Are you able to speak about your partnership there and whether or not that is expanded? What are you seeing from the competitors in response to shedding each Huawei and one different Pac rim key clients? So are you able now the place you suppose you will see the service provider market to your chips begin to develop, or the aggressive benefit that you simply see on these chips accelerating because of the shortage of an out there service provider chip with greater traits?

Ira Palti — President and Chief Government Officer

As a lot as we all know at this time, there isn’t any work and no plans for a service provider chipset on the market from anybody, and that is one of the best of our data at this level. We do see and we proceed to do as you realize, we had a JV with NEC, which is utilizing these applied sciences on the market, and we proceed to work very carefully with them. And it will inform will different folks be a part of our efforts round it or not.

Alex Henderson — Needham and Firm — Analyst

So no change in standing in that surroundings?

Ira Palti — President and Chief Government Officer

No change in standing at this level within the surroundings.

Alex Henderson — Needham and Firm — Analyst

Bought it. Let me cease there and see if there’s every other questions in queue.

Operator

Thanks. And with that, audio system, I might like to show it again over to you.

Ira Palti — President and Chief Government Officer

OK. In order we do not have different questions, I might prefer to put just a few feedback round closing comment. Regardless of at this time’s unsure surroundings, I feel we’re working nicely, very targeted on working, profiting from each the short-term tendencies and place to learn strongly from the longer-term alternatives as we transfer into 2021 and past. I want to thank all of you to your curiosity being with us.

And for individuals who have an interest, we shall be holding the subsequent digital R&D excursions, so you may contact us and we’ll schedule it on the market. I might prefer to thanks, and good day. And for our associates within the U.S., completely satisfied voting. Thanks.

Operator

[Operator signoff]

Length: 51 minutes

Name contributors:

Ira Palti — President and Chief Government Officer

Ran Vered — Chief Monetary Officer

Alex Henderson — Needham and Firm — Analyst

Gunther Karger — Discovery Group Inc. — Analyst

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