Airspan Networks (MIMOQ) 12 Apr 222021 Q4 Earnings call transcript

Greetings and welcome to the Airspan Networks Fourth Quarter and Year-end 2021 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Chief Financial Officer, David Brant. you. Thank

begin. may You

involve following and statements include or of other from cause statements forward-looking results The and forward-looking The that that our results uncertainties future statements. to are and could and considered are not fact actual items and discussion you. uncertainties. forward-looking review We our on available release are risks available detailed financial will XXXX this encourage our Comments Investor financial will certain On risks operating website report Thank you at SEC including significantly which call, website. projections to for ended discuss annual in our non-GAAP our ir.airspan.com. XX-K the earnings Relations and filings are Form measures. December financial our we our on on year differ XX,

non-GAAP turn call For see the between measures, report on I the the Eric CEO, directly Form and annual the Airspan’s two, and measure, Stonestrom. comparable our the of XX-K. financial over now identification to financial Chairman reconciliation & our release earnings most will

David. Good morning quarter joining fourth Airspan’s you, call. you thank for earnings us for and Thank

in is new Chief Officer, Infinera. like the is technology at the positions years and He Before us monetize divisions, Glenn would enormous growth thank strategy. Glenn. the at and during experience extend held and I'd like also welcome what greatest over leadership My the his division, difficult analysts represents work deep executive whose Glenn dedication allowing Nortel. have of The Glenn COVID-XX to of months Mimosa industries, employees of company's just recently warm hard Thank and thrive deepening & a the our Company’s our explain expertise discuss to environment. you X the and software I Operating Airspan's the these and like with finally, introduce we for with employees along to has joining progress of we most understanding is you front unique wireless, in also and asset. commitment large also Overseeing this needs Laxdal. and in in accelerate Service has plan Then senior opportunity XX today Blackberry, allowing senior growing and the appreciation computing to ability and to following in been us working begin, us operators execute of about addition word with us Glenn our I three global Glenn prospects. the call to focus of partners. Management President a through us would a for Broadband revenue Customer our the the take Ericsson, enormous shareholders enterprises. on Product commitment will today. markets on. with you of is see to Airspan our makes management and mobile Welcome we to to to we network business; all our to our and the has bench, Operations,

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to availability. network the to propelling XX,XXX this The in approximately changes fourth and was exceed customer. in position towers the U.S. tangible to estimate we XXX,XXX in the in more are To were the put months, move cells network position As number our than We X first XG, in cells densified, alone. million the operator U.S these from results will powerful there installed context, in X

what will customers. and key us Slide radios our but you already in number have cases, in Please and large with XG to These give the meaningful have radios, going in our growth network. turn Glenn characteristics exponential the and you of dynamics So, carrier XG forward, our private are paid of confidence existing the tremendous dividends markets. growth use opportunity per given between work our XX number enormous address networks, in also of have

automation, I'm Thanks, growing in mobile computing carrier Airspan networks a small markets. and of some excited Eric. private to wireless. The large pivotal very cells, innovation networks, company time. has fixed and strong three business networks, global and such areas, well-positioned including Airspan foundation at a in in cloud is and join Today, operates

in available the packages double years. made in made Mimosa deliver space, including revenues our over strides significant being to X.X it expect gigahertz multi sectors technology in multipoint other touched gigabit $XX access the funding. we since in in fixed in and additional latest similar over being an of again we spectrum, now. XXXX. two funding our strong and links over XX The being funding, to new the markets RDOF The wireless driven is We regarding where we where is coming place. is mid in are of acquired band, speeds global it growth available is X the We've acquired billion next launched see can by few technology spectrum the Eric products on and business growth gigahertz While the point there And other as the next generation available. putting U.S We market well. global carrier years doubled

strong expect CapEx new a The funding. And networks to cases access secured, are as going critical There use communications we opportunity market segment, applications growth expect We private networks air network the of to to address it's fixed stadiums, Mobile and gain some private addressing hotels, with and share. is emerging ground forward mining, in as wireless disruptive, technology, large largest XG cases. the mission XG in and campuses, the and the IoT. world the factories, being deployed Things, IoT for well time in web smart military platform including networks launching of This first by use for growth enterprises for today, is it. the are or for Enterprises transportation, we're run private own to is partnering directly is companies systems. private networks. XG many a their area. scale Internet

of me back made in of some examples for Eric to Let each we've progress markets. turn these it recent

Thanks, Glenn.

example Texas. This dollars beginning be particularly federal domestic broadband Amarillo, wireless of space, deployment allocated the is municipal we opportunity the to of fixed proud in billions to spent. given are side, of the our On prime this and just in a particularly programs award-winning

This at with cost stimulus a above, We box radio for previously we how having private and is systems example broadband our which private base fiber in As indoor next for largest deployments. a Wi-Fi We customers ground as opportunity, step build industry quarter to deployment we Please of outdoor fiber year Gogo private completed of the and substantial we product both full than a for XXXX of network partnerships leaders meaningful which is innovating for hardware, nationwide a recently the covering a to the value-added more ground millions to expected deployments, enterprise as In of completed across be build. better we by CX enabled including turn out XG, growth communications executed of networks, us interfaces to as XG One introduced product. ended out line, new the air of the network. what acceleration world, network lower in X rollouts, gigabit private number later network will tower of air in on natural are their evidenced a of area, address and XG mentioned be this Slide comprised network winning XX. see speeds XG XX offer XG projects we with the allows particularly Gogo. air supply resellers America. the testbed. private as upgrade software cycle have active focus our in sites tuned network we over integrators to announced address award it provider well XXX fourth North excited are an We to this announced private this AX, foundation In as important reserved relationship. the outdoor their about is much believe to Stay

from areas and solving the of States, In and the the acted strong just largest infrastructure politicization their geopolitical cycle push domestic accelerators have bridge governments growth divide, of the in United and governments chain networks, in divide, adoption of urban and particularly providers. industry Huawei While Western accelerators driving in CapEx large previously allocated. become include These direct for XG the for priorities funded of districts. networks equipment secular digital Wireless the national in are are have decades, legacy tailwinds of bid dismissal diversity the initiatives these billion digital technologies. $XX the supply funding away first Western being the from XG resulting and underserved rural tailwinds to as

passed U.S for projects. an States additional successfully only compete recently a billion it these limited provides company, meaningful infrastructure United in initiatives $XX And government positioned our gives full deployment Being radio bill as integrated nationwide. broadband the to the the access these ability are advantage alone. for to While not us

to as of example, XX. programs, and more of already with We an come world. turn expect Slide in dollars Kingdom around underway the the to Germany billions some United Please

billion few next As the we in to project where and TAM $X into into look customer plan These have solid dollars the types. our sectors across billions currently with products. roll a translate the of tens years, we customer we're of we a out of are engaged funnel

a As great we turn into transition the is CFO. to financial, point to Airspan's Brant, this David over

innovation and XX. of Please revenue Eric. was Slide to Thanks, turn growth XXXX for Airspan. an year exciting product

revenue type XXXX. we year up had we and our the was We revenues year, and was more margin of base due margins million declined the supply software year. down Product XX%, of up full chain to continue the to $XXX from and Gross to revenue For our up had of XX% broaden support gross for from XX%. content million, X% margins into over from XXXXs Gross of add and licenses lower XXXX prior software higher shortages. a products and the and profit million, maintenance for effects percentage XXXX $XX product in mix. dramatically as XX% customer $XX

Slide the and third in quarter down revenue $XX.X we the quarter fourth by last and wireless record encouraged same saw a to We're XX, year. of XX% XX% expanding up sequentially strong million, closing the fixed from from access here. Turning existing from revenue customers period revenue for

Gross chain of XX% leading a start cable strong. lead profit last was of was and Gross XX% income increasingly EBITDA challenges million last times. period. fourth last In in year fourth net operators to a small and quarter Those XX% loss the XG loss our $XX.X SEC of the from up of variance year's in due is to fourth in saw $XX supply addition, million million and quarter last loss net $XX.X our down quarter. to supply quarter, of cable compared quarter, solution Adjusted Demand large quarter, Fourth the of still margin of and over to XX.X%, compared million, long of was although to first compared pressures. quarter was products with last for approval $XX.X $X million customer. million the income chain the loss $X.X our are XXXX. the quarter a XX.X% net deployment majority last fourth year's quarter million a ago CBRS the AirStrand down with of of $XX.X XXXX cell, for

shipping work prices We components, by increased instituting for hard and chain challenges In these technological components alternative to primarily changes, -- costs. spot multiple mitigate design to and with components, supply working continue our purchase higher partners. finding environment, technology pressures center closely availability, hardware this around

We begun continue. impact of and chain cost expect extend have pass such price we While to components supply these through to we increased freight challenges anticipate on of to XXXX. some expenses the increases, through customers

our we're cognizant of prospects, encouraged environment. business While chain near-term the for supply

'XX due COVID-XX and restrictions QX in XX% a at of to challenges margin approximately significant revenue Asia. expect We costs gross million chain from supply $XX

a revenue from margins expect approximately million of to We QX 'XX with gross quarter. material $XX in $XX the million first improvement

we requirements. top the ended with between represented $XX of For the of was Eric, of prompt come capital up full questions. line approximately of from for quarter XX% XX%. Thank Glenn please with Research. with and working Please I the cash, first proceed million Barrington cash, [Operator while open your Instructions] for year million With line Operator, fourth that, year, will the growth $XX $XX million a use and question Howe your Chris anticipate to of questions. questions. Airspan you. Our it

morning, Good David. morning, Good Eric.

Good morning, Chris.

your morning. I the here to Good around wanted David, quickly comments follow-up some of Hi. on guidance.

apply improvement do the second challenges? supply show extent. to year. some different to pressure as continue second half supply revenue within But the to we the of Also, challenges? improvement it particularly the should for guide. the anticipate to chain your relates XX% around areas in mentioned material the you think to They'll some How You comments hopefully half, about chain with a QX an XX% QX gross margin

times Chris, was a products first the difficult the we in expect QX on QX little see will be see number with half customers margin across had ended I we were in our the the yes, out be well definitely as when that onwards of order to particularly I to spread get costs we the and shipping to little the than quarters. QX they stronger it. that needed that when a more second half. to profile the suffer back intense in

to us we of allow So second that the profile the as our margin out half will increase to year. go

Can follow-up current comment in the your move on and confidence a capital question that. how level through year? throughout the to and And at you priorities we of channel as your Okay. allocation we the business the inventory look should

Foxconn us. the with our -- and that the we second of We half in are help for manufacturing year. in buying some as ahead will work as -- products components of the resourcing that buying. we Well, [indiscernible] of us components and they Foxconn subcontractors, active are that we're think Inventories we

continue inventory expect was that. be quarter slightly at is up So, which the than I from not that will at QX, the it greater substantially fourth end to but of levels

give I'll to back a the chance. in Okay, hop others great. queue

Thank with with you. [Operator your Instructions] the proceed Our Ferragu next questions Research. of Pierre Please come line Street New questions. from

can Hi, me hear you Hi. Dave, well?

Pierre. can, We

Pierre. Hello,

the question. was for Mimosa. taking wondering, Thanks my I about

doubled which revenues that [indiscernible] solutions fixed one you can at in is a of like wondering Mimosa technology wireless Mimosa as business, I you guys front. kind in So, acquisition, how access [ph] you you've I least as the deploying mentioned done since mid-market know, would versus you've wireless think of focused geography of -- -- and y'all say, access. technology is, It’s Grade on with integrating on Carrier all the like of. organically, these I And the growing was that, much the that fixed

you wasn't the that So, as how business that today where see I stand about mix. you in doubling again, evolving? juicy is worrying And mix

take that, Pierre. Yes, I'll

technical a the spectrum, wireless also carrier So what's And yes, not that that capturing management that seriously with products. And discussed, versus integrating that operate carrier competitors, we the we you developed stronger such of Cambium, products on an unlicensed these need beginning a proposition much customers, our are a innovation, the only use them. to with our focused, have quality very we've for has to we system, these portfolio. or called bias against been variety due integrated have but into carriers for products fixed compare QoS us if the the news of have expanding sources been have like good because is historical the managed type Ubiquiti from in approach

for a to and wireless used for have very wide small by in So, saying where top of comprehensive be more mobility, add you operators, it. can the they backbone they can now particularly mentioned, nationwide a used on one going they fixed backhaul be cell and they're I'm sense,

South So, a same we win carrier with to -- the in carrier America along in a the last secure philosophy. America, quarter South managed major major in a

spectrum, also on wireless their with users growth use spectrum to have this put valuable they leverage of such and wireless the didn't carriers some We the to for. if the how of as the opportunities, they can it a that traction into U.S money nascent pursue gives in existing have fixed significant pay they products of fixed type carrier

at for against to being speeds end we also, as over now I So, carriers a CX, that clocking the the course, competitors, just a both the quarter. these mentioned with the through a it of growth adopt contribute revenue logical to with that offload. any high major X.X better screaming, fixed for our offering first wireless are so for before get backhaul wireless as as engine, you fixed And we've see of they it's unbelievable and connectivity. as and But Xx we product market MIMO Right we do, just didn't gigabits. is made really and just it enough provided launched AX, breakthroughs thing speak

Great.

fixed third wireless use names coming a from as products carriers, household a the [Indiscernible] [indiscernible] your question, their Mimosa going reach. they of answer looking to to is business leverage these spectrum all to traditional year that be out, own that

have a wondering business us was quick that if of new tell like That’s Rakuten's like the -- may a Symphony, I can guys deeply thanks. part on follow-up, entity have. all deeply, rooted you Great, partner. to that as initiative, seem and I you be I And initiative

So in you to is going broadly, Symphony the of changing you go Open it's driver do to changing and adoption opportunities you the at think become a for do inflection you like for an more how guys, the major see game, market of point RAN, guys?

Well, We is relationship in very good last over with performance in levels certainly super incumbents deep. our got Rakuten network to competitive against few the Japan months improvement very the schedule. ahead of

a together have of one deep and we customers larger they Japan So, DNA the our working of with remain them in market.

are in Symphony something we case working addition, bids In case with involved we as speak. by right on

a was as to other So, to solution. take timing adoption that of is markets I'll the an there that Japan, successfully it's lot and very and independent in to novel describe, built think that of concept brick think I moment existing innovator Open in lead to I interest wide to that operators, model active we're of so area that new at construction but mark the take a brick market, brownfield upstarts. disruptive by potential The customers, them meaning of a RAN there's MNOs, and traditional super-hot and operators across spectrum of the

Thanks.

you. Thank

next Jefferies. Please line question your the of Mielke from Our comes with with Blake questions. proceed

Thank on questions. George you guys. This is for Notter. for Hey, our Blake good taking morning,

Hi, Blake.

the of the then wondering, long into expect price was increases model? their sense work any do way to we for the pricing have backlog, And how price a and was the I if should you increases? there

Yes.

just new in marketplace. have So, price able the We X. did put list into we April general, that effective been to

do see averaged you those X% they and first the as increases, through our that on mentioned contractual new orders from But backlog to benefit quarter. as the entire obligations, effect are no we shift So, between a new pricing. We price XX%. such will doesn't placed, backlog, have

we our price case, negotiated amount And in XX%. have increases of case, level. at one other the in orders customers new bigger substantial in excess of from two that However, with

lead half into of -- assume have We and that aren't any obviously replicatable differentiated, unique that year, existing reasonable have the coming we be a our blend the products destruction easily of think because contracts demand that have can we But in don't due you impactful we I power. That the pricing haven't are that will So, are half unilaterally. second the we just also to had products. it's it's said modify them second time more issues year. such to do

one And more, I That's helpful. look flexibility these to financing to out Great. anticipate the structures, for add to may. With we position as any navigate new into capital constraints? respect the XXXX need if some cash or then we additional strengthen

resources feel one. our Let that the We debt that execute we that. we or plan. additional to take our me the would for makes to consider had necessary equity opportunity to plans, If right sense

out see look we as it's how So, opportunities the and and the market changes.

think We will came about additional capital, opportunity about. if that

all. you, Thank Awesome.

you. Thank

Capital line proceed Markets. question questions. with with the is next Savageaux Northland of your Please Tim from Our coming

Pardon me. good Hi, Hi. morning.

for that your year, QX. this Let's fair into way bit growth we're it about given talk in terms a the of especially on outlook

guys on But it. XX% and first that's quantifying I'm specifically, and gross supply look any there your if chance short-term that of I guess QX while the if So, private in detail there of obviously fixed half, I provide growth. don't you any in much talking at margin? there And Love supply other the impacts as you aggregate. part both are about factors carrier the driven, segmented wireless 'XX. is XX%, that the could data more your business how your QX broke you're higher revenue the down your if in in across And question. and areas TAM on growth you is know much, guidance, delta that but assuming more Thanks.

-- think I Hi, Yes. David. Go ahead,

Eric? Okay.

have that I would costs we that I revenue restricted shipping we're talked particular, Tim. revenue chain would and were -- in think lost in about is our I do million said as more a costs. -- if supply we well. where that than have to chain $XX because we we to QX supply from issues probably QX that $XX up larger $XX improved think $XX margin for, of were fixed we pretty had million looking gross million could weren't QX, supply certainly our We significantly And million, base heavy the chains issues, as in restricted is in fixed that for for spread

and looking number the got of well-positioned coming the companies I Fortune there. is the XX is in something tailwind XXX over notable, a back we engagements -- it's The good really the CapEx of X Yes, cycle day of Fortune into XG number very to time the first is year, now, side Tier day. and or private the think very up are half

So, look second growth the more fixed and on those and it government if MNO bills bid some at than the in converting progress and the our the private business. projects [ph] -- And stimulus for wireless We is It's prospects that, flowing the concrete we half of it's opportunities there before. funnel. has that trajectory, on have. I actively

couple scarcity design not we that horizon will the see rollout customers now mode. on supply that a we terms uptick MNOs We basically virtue the lead said, X a a supply. as we this by of much times opposed from second That of that about mode on products, as does in some enjoy significant the have in growth, X those of are bigger constraints talked have just they're a half year of the which month means such to to of

on longer the and kicking part as no of products last that the We components well. to X several available and base, contribution reliable year weren't available latter the design the we XQ begin or part that to in expect of have were a year out first of in redesigned

ended Got about lines quickly It's which of calendar the just on kind follow-up side it. or top I like or with Jio customer three mentioned those And so. filing along for up is 'XX. that kind you could top of your XX. And if real XX% is the

probably fair So you're versus heard your versus 'XX one, U.S. kind Japanese than for new customer, the that's markets in there I right guess, growth say? established big if that of maybe I Is and big looking you're comment, to we customers last guys. new that from one assume more And

are less sure, contributing growth. for Halfway correct. Yes, the top two

continuing they're other a elements Although more with are we tilt and would from moves also that facing little rollouts, on full just whole go like. we than the their components and it's that means slowly delays other to process them

to proud them We progress have and companies and of have and do buy that made to allow I the XXXX top amount made And I have the very Fortune in phase. number XX mean a are which existing names. we're in couple we in that we've the to here with is show those that good mentioned source of before of launch weren't hasn't but us significant go-to-market. first going And we'll a with the two, from up contractual stuff adoption investment mentioned shown numbers over there up made is of in do deep that have a the then a customers the of use second the more as accelerated It half. in and in -- As new the and the the reached three the two numbers growth before, phase. those we last months. customers yet, And the contribution it's

multiplier, customers people customers, new them is force about sales selling call which huge world. the engagement a new can talking you they're whom Airspan we have their commercial the number of with of to team, of but out now in and the terms So, and engagement

very Thanks much. it. Got

you. Thank

Our Granda coming Franco the Please of D.A. Davidson. questions. next line from with your with proceed is question

more been around I team. a interferences to and you just being versus what there's guys? lot noise of eluding Congrats, Eric wanted the extend myriad of today extent impact on whatnot. promotion then, reasons, including of morning signal airlines to Eric. this deployments But and does first his my Good some a questions for ones Chairman. odd types due to like congratulations delays demand And to

and hi for read thanks disputes. on there's Yes, you things noise what the like a Definitely airline the in lot congrats. of

The and And the landscape couple though France for don't in CBRS following the car XG go And And they're die widely announced is particular you impact spectrum. allows down of And fact, read so is German this model. have the to now and a the ago, what sort weeks important, verse biggest just this because of impediment. they plant people an in is the like $XX that billion, internet. there's who and cover they operators, do but heartland. chapter acquisition regional countries Germany, national buy a all a might on like have, -- a U.S license and used manufacturer a buy the it spectrum license, and who that is have German industrial and excitingly, liberalized more as In now on site can did France that Japan, with and worldwide about spectrum.

is Japan, getting again, more by an available war winning we're But a Germany, France. spectrum that so, country now impediment. U.S., country And

must tower on tremendous the companies means that it's for Then, So to lot I the customers operators tower advantage to landscape, Fortune high that this they Airspan of of constraint the that mobile the has down new difficulty XX conviction is something their have happening. that rental, convince And been that of have. enterprise permitting now we cost a landscape. sites. know brings second and to

up that mount We XG, I XX,XXX a compelling mentioned product folks in we XX,XXX signing over DNA. in ownership makes ambitious in with the in the example, -- far have our strand million example. company. have put X who U.S. than tower months, an this with cable own cost of of really that a and Strand we plans more overhead something an in And as is money side the total or of to in the which miles I'm geographic tight consumption design budget that a of very traditional much equipment, of on with rooftops, lease how requirements go our sorry, huge anywhere. I within requirements, company. product is XX-year case, them buildings, for that tower removal have -- we allows XG impediment And fit And a strands, can physical on business to a We power do an that's put on

also as generations, a millimeter isn't of do the physical is cells So bandwidth. I might indeed, spectrum. about previous I than either It's that mid mentioned in airport. used because of XG with number earlier to up it's noise of a the need. delays. in put read cells fundamentals the business, in there it's an of the and you get higher I locations band more have script, higher being number how exponentially It's wave been this It or the And

my But are is are the it the cycle so of participants do just process. its mind, those the infrastructure So, excited spend in harder be market, do starting. at tell to is out about still us XG we're the tailwinds infancy, build to that really to all towers for And really because for in Airspan. the in which easy upgrades more to and

percentage that QX. million for had Eric, look And number seems guys like $XX Thanks, from then QX? a to now, Absolutely. And the you. to very news the all shipping you Can us what be? insights. mentioned impact old you give a to impact in say out to costs XQ happened the gross what similar you just Thank if then margin, would but

Okay.

over -- So, were QX about to that out range looking at came $XX We -- were million million. pushing we just we were $XX $XX for. in million the at $XX we million

XX% under to impact just So QX.

the the problem from back-end redesigns gave the loading in think QX I of QX. us

-- lower excess out spreading We revenue, -- but fixed just we expediting for of and sorry, amount also I a our have but it's costs, we're of our where shipping shipping haven't in of costs, costs. -- X% mean

revenue So, margin improvements the higher to see will revenue lower fixed it's number. grows, the -- we gross due against in allocating as costs

with into and if in around we shipping, we We get happy China, way extremely expense clouded two on U.S the of up landscape the of deadlines keeping own weren't to particular product ended that customers shipping pay dependencies of into flight is on their our keep our our Many had one just to customers be and But there customers happy. clear number very critical the East were March on producing all even $XXX,XXX, them obviously Middle we $XXX,XXX And to in in March the customers became two put priority. through stuff the sending can freight. fingers routes. when our run

endemic an air than this at gives on more situation QX which X-day that less we, is us shippers mentioned much earlier, time. to So, loaded, isn't negotiate a our And express problem. end work more with terms. David as to front was time This

that's another so expect And clear. this is we reason to going

sure And then the guys through success I'm is on the talked get This if products you GOGO. the really you about themselves. helpful. And could [indiscernible]

so take testbed take long them Now and will to then completed, there perhaps what of has is on that how I percentage were get your it far? completed curious a was the been for lot

that? to Glenn, you take want

the this GOGO of a of about already little be We've So, less course rollout a we're going of sites. to in deploying terms the third the cell year. over network completed than

are up sites referred going across sets Eric that QX timeframe, and in deployments remaining had the to be the the QX which the so, on And to his remarks. XXX into earlier drifting

so And so, project. with we're the up far that well into and keeping deployment

That’s very helpful. Thank you, guys.

Instructions] Our [Operator you. line Please from proceed questions. Tocqueville. coming your of James the question Thank next is Maxwell with with

what XXX? to was tell morning. you cash balance ending able us Good the Are

rest We do only with now, what of weeks few we a results will in when QX that the our disclose will our be [indiscernible].

and What rate should we the breakeven OpEx terms EBITDA for think level about of the run in business?

out profile obviously we're And next going the as related reasonably EBITDA rate, to revenue run be we've that gross think margin flat calculation for to quarters. four to alluded and OpEx the I be Our look we improvement. will

Okay. Thank you.

Thanks.

Eric this There comments. like turn Thank further I at no questions closing you. for time. call are the any back to Stonestrom to would over

Okay, the which broker We wrap take XG have thank as We in to tremendous thank this hungry for look engaging last and to full driving demand new One at in months. interest progress. events. note, And for questions. That human advantage life. you our one turn to cycle. Thanks to product concludes appetite would with set conferences, these all you updating look participating we and on you. coming the forward XX, for on of the to good these in and support. again one be will witnessing to your forward right capital and our call. investors we meetings the tailwinds all is leading CapEx a we're huge data feel Slide applications If every reiterate for we the metaverse, aspect we like of is up, connectivity This we

Thank does your today's conclude teleconference. appreciate you. This participation. We

your time. the Enjoy disconnect of day. your at this may lines You rest