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DZS (DZSI)

Participants
Ted Moreau Vice President of Investor Relations
Charlie Vogt President and Chief Executive Officer
Misty Kawecki Chief Financial Officer
Tyler Burmeister Craig-Hallum
Tim Savageaux Northland Capital
John Marchetti Stifel
Dave King B. Riley
Ryan Koontz Needham & Company
Call transcript
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Operator

Good day and thank you for standing by. Welcome to the DZS Second Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. to Moreau, conference Relations. Vice like speaker to now Ted today, President would hand over the your I of Investor go ahead. Please

Ted Moreau

XXXX Thank DZS welcome and earnings quarter you, conference to call. Catherine, second the

on and actual differ DZS On may such statements shareholders are Yesterday company. are as company second Relations today the of information. our its CEO, and the of and and the to President call, shareholders reports Joining investor close, section events with excited Misty we the statements quarter Relations X-K of of filed and call during our projections as will differ cause or will – metrics identify to expectations, to us website, we otherwise materially Charlie. company that reconciliation turn Forward-looking together financial financial provide materially. or with introduce the XXXX was These Kawecki. provide risk on participate and other DZS third XX-K Please to CFO, the results regarding Form These to like most in non-GAAP the the Investor Investor to indicated, now a market to you those I’d Jefferies, and – cautions events Statements over GAAP are Charlie on conferences unless you actual referenced well website. and statements. quarter. provided Vogt; performance section the company’s contained forward-looking report in the shareholder determined that The we on after well available to product, Wolfe SEC, a Riley, shareholder new forward-looking the the that plan are report to could section in including documents B. only XX-Q that are GAAP, that the files insights, our as you we important being actual for Research numbers of documents forward-looking updates or perspective business basis. results also analysts market results to financial being current this will recent factors shareholder note refer and that as projections future with from in earlier. items, the future published the remind to Please corresponding I you report call this the contained the

Charlie Vogt

Thank you, Ted. guests. Welcome and analysts investors,

after we update well Misty shareholder the our market yesterday shared, a trends current Ted Chief Financial close, comprehensive and including on our posted dynamics, business, Officer. new as market our appointment quarterly As to as Kawecki of provide report announcing as

As GENBAND, release, Communications. including a of Nortel’s welcome have of finance companies, Misty voice unit as the in Misty DZS to Imagine highlighted for branded over-IP acquisition tenure business our in we seven Together, as XXXX. GENBAND’s news my her today of together field I to DZS. rare seven during and have talent years and fortunate part Misty, the CEO team. past and of acquired Communications Ribbon is in have the worked integrated and is

and Following financial of opening QX as results our as the I will who remainder call our cover provide our over XXXX. to will Misty, remarks, outlook well for turn guidance the

and I today, As what one-year been. year celebrating you am DZS, to speak I my it’s a anniversary with

our industry we free. for initiatives new now connectivity, We movement significant sales numerous our with global companies, the We We leadership luminaries. open as a flourish geopolitical executive technology than upgrade doubled standards. which been to increase upgraded are and acquired stimulus by applications a customers. which sales team and our government XX industry pipeline. new as strengthened continue experienced e-sports, accelerating technology The two We has R&D cycle, and more dynamics, balance programs, organization. solutions networking innovation undergoes employees pandemic product have secured has broadband We debt home towards and fueled our mobile-edge Demand software-defined pandemic, funding defined healthcare. exposed a software and and multiple in introductions, the and the of remote are sheet transport due bandwidth networking, conferencing, areas our scale XG such large from expanded interactive strengthened of and mobile working video network limited remote fixed driving mobile we our wireline education to

security In threats numerous with To Premises addition, providers. The have X opened specific XG opportunities and up the Tier China Fiber service

investment our in mobile-edge long-term networking before. and cycle. the and of Sitting partners connectivity transport, early partners, As ecosystem customers, and Jabil innings convergence were technology Broadcom wireless more I aligned solutions, the strategic fixed are and such with broadband ever we previously, as at a of our shared we with networks than software-defined

mobile-edge to solutions. announced In broadband intentions the DZS technology our fact, in yesterday, advance Broadcom further areas of and publicly our and partnership connectivity strategic

Japan on the of orders, and year-over-year. record with orders half of strong of X and June to East, second and demand and record sequentially Middle our of Mobile focus connectivity combined broadband record exceptional first backlog million XX, delivered quarter and Europe, led North X% has consecutive America, XXXX. $XXX Korea $XXX Our alignment as XX% million a increasing Tier execution

underway the fiber-based generation which by ZTE opportunities; world and XG is that substantial RAN; initiatives, vision transport and progress the with upgrade being four the and our America the three, half past positive team has replacement playbook; fueled one, and in are; next four, first over the results Open strategy record XX deployments. two, made mobile our portfolio, and numerous months which growth EMEA with Our North aligned Huawei is Take-Share the demonstrates our around cycle

than sorry, are margin environment our expedite to long-term lead said, margins increased we our With freight impacted not environment adjusted gross believe logistics targets. due cost. chain of in indicative semiconductor represents near-term and headwinds During QX, normal supply that elevated charges current the costs, longer model increased times, costs, semiconductor market current chain the in operating secondary and high – supply

deliver our and months, council of The to want that year of largest calendar past States. of manufacturing number initiatives, product with in growth facilities consolidate have that I with cost business. operational XXXX. our our Over our favorable German a approximately is shareholder in expansion anticipate These to and go-to-market also we of giving networking one agreement margin which the streams within detailed $X expected six work design reached aligns engines facilities, we a we highlight that our the the million. during XX% the plans our manufacturing initiated gross innovation initiatives report. to would German second the touch on the savings and to us United are will increase quarter, Florida are product briefly to like margins I annual consolidation access works

the Over work will automated be technology Two portfolio. orchestrated Cloud. nine Helix weeks DZS edge our that next-generation we and are initiated months, streams that differentiated yielding we have solutions and our connectivity access expanded announced portfolio past by mobile XGS-PON XCelerate, ago, broadband numerous and XX-gig

portfolio our with XCelerate any ultra-high includes of XXX-gig the any cards Our performance, first service, interfaces. density a port high line

initiatives Consolidated United providers and addition, as defined North edge Top Communications, of office XX-gig fully-distributed largest this XCelerate services networking is a can We to of their port the in X.X offer will the States million announced design as the one believe deployment In Helix multi-gigabit to deploy XX XGS-PON architecture. software in traditional part service announced we XCelerate America. be households. in deployed that

our service revenue and and highlights. Cronos, optical call combined over and transport update, that portfolio, Helix our as Helix as margin turn line I’ll growth Cloud solutions financial Our the our will expansion. and to intelligent DZS provide Cloud core for now access With for mobile differentiated edge will DZS analytics Velocity, a foundation with Misty assurance together business data orchestration, portfolio serve service the management, termination and capabilities. XCelerate,

Misty Kawecki

you, and Thank everyone. morning Charlie good

spanning the with thrilled had As and over billion. mentioned, assembled I technology revenues two work the $X to nearly reunite year. the I’ve am extensive companies, is for to impressive has exceeding with team combined with he Charlie dynamic the Charlie had leadership world. past and years, relationships join around operational which opportunity leader a him seven

range. has resulted strategy ago a the highlighted XX% that in $XXX orders of XG end top demand revenue and in solution the vision and guidance percentage of as broadband the our growth joined Execution reflected was the remains Americas million year our XXXX. of company established in and highest mobile total, revenue Charlie and the combined to since $XX.X when As exceeding to from Charlie of XX% connectivity XX% strong, the in growth above for million year-over-year our set beginning the year-over-year region EMEA

numerous deployment, the months XG and customer our can cycle months, the approximately Over the the be premises and Growth compared preceding XX% upgrade increased is fiber to period. has XX to to in past design and participation underway. RAN over that global this Open network period XX attributed wins, revenue new

into of previous million are – $XXX half of $XXX With XXXX, And the revenue anticipate from million to these excuse second we continuing we $XX the range raising guidance of to to million. me, in full-year to range raising $XX million revenue our million trends a QX $XXX $XXX million.

of chain, freight certain in margin products XX.X%, higher opening reflecting to customers the highlighted lower his supply Our adjusted that was margin and remarks. costs for Asia second a shipments quarter in gross and Charlie logistics

reflected expansion work second begin we XXXX half seven will As shareholder will margin be by our of the in our XXXX. financials profiled report, and in have implemented streams during that

of For backlog half QX improving based more anticipate margin, on product levels geographic we mix. known in second a the XXXX, and gross from favorable

contribution prior XXXX. XX% to XXXX operations be our we our ahead, of to anticipate Germany full-year Looking the gross modest contribution the QX yield to manufacturing to in XX.X% the in Florida We will anticipate full-year range. a consolidation margins for

consolidation be expenses. manufacturing and approximately Approximately cost remainder highlighted in in earlier, expect which half Charlie reflected X operating we annualized As of savings. will represent of the gross will million margin

our the for second the have about year and of investments thoughtful We the first plan been half. half throughout

investments and cycle campaign the throughout and Huawei in broadband XG. strategic grow initiative, focused key investment upgrading positions the have numerous and sales been cap and the ZTE and geographic acquisitions, timely and an underway connectivity Our innovation, company, expansion, product customer on marketing pursuing aggressive

a guidance million Adjusted our in As operating to EBITDA of guidance during to QX and We range the we the of $XXX range. $XXX range the be QX anticipate midpoint million. from at adjusted which our $X slight operating profiling to in slightly expenses result, million. range a to be from loss breakeven quarter the above were now represented EBITDA expenses our was full-year $XXX,XXX, are

adjusted closing for For comments. to back we $XX Charlie our to call turn the I in would the the anticipate be to million range his million. full-year, from $X EBITDA now to like

Charlie Vogt

XXXX. to DZS. slight like full-year Misty increase Misty’s some you, additional to spending pertaining I Thank commentary the provide and welcome regarding would for in again to remarks the

customers centered the is that investing the strategy and services and around capturing specifically thesis that required capture and pursuing we’re a of incremental thoughtful we planned to opportunity over wave investment to sales about our in, is R&D, XX market XX to being months. we are countries and Our while what There share share. have next investments market ensure opportunity what are are we best

has our ratio expectations, delivering over the and past sales entire of doubled we’re our an increasing for Our Orders, and of spanning more portfolio. the first a RFP months. book-to-bill revenue X.X backlog exceeded pipeline half of responding than to number XX XXXX

Investor of investment early in the innings Day are May, As our shared cycle. in we breakout a during

the final transformation chain effectively our and are more yielding, this The corporate phase a to for remarks the overall world-class continue over the integration with results a and associated supply foundation operator call are the to morning. facilitate And I Zhone, Thank manage near-term in our leadership stronger of innovation concludes environment that of sustainable headwinds former questions. will by you. turn led DASAN Keymile. and and now our and we to We team.

Operator

from [Operator Christian first Craig-Hallum. you. Instructions] And Thank comes question with our Schwab

open. is line Your

Tyler Burmeister

Hi, is couple letting on Thanks us Tyler for ask Christian. of for guys. questions. a This

or current Charlie, First, maybe you tight some supply view give the I was chain wondering, environment. your more could of if expand on detail

a worst it do wondering, improve? pretty of while, Is would the view Any going channels are consensus think at color a it’s the yet? now on to your low be trough to clear for here for behind remain this you? is we but I was think going you great. From just can level while there that kind persist

Charlie Vogt

I think mean, consistent, supply peers think challenging. is look, our that the I been environment and chain we’ve Yes. with I

of about believe used the the allowing deliver partners, and balance I to good going we hinder have Although, way is supply to I’ve supply think Broadcom half going QX second the inability are partners supply my that with technology we We as deliver crutch continue lot on sure to And to out various ability haven’t chain time year. QX. a other a XXXX. the we on the make on and gone I sit. to constraints the feel of of that manage don’t Having chain for our our chain feel into us, supply is that that certainly us where business to like key chain we effectively. spent across

Tyler Burmeister

improvements. then at financial to and on the execution to what maybe challenging in broke your gave some gross improve XX% of if degree the And targeted if you really number was getting geo go-to-market I models of improvements. Thanks. point I that’s mix of the some with you appreciate gross be product color might great. those improvements, That’s hanging XXXX, processes wondering, you maybe Thanks. gross to there, question, in fruit outline second number wondering drivers, than particular, them rank others the lower most you was out target the improvements it margin or and and just could the operational some the margins. could provide of of some we and margin

Charlie Vogt

manufacturers, two it we’ve Yes. dubbed like as categorize to you execution. got of more do which is sounds understand we categories, to operational our our target margin within in the margin you other model feel more tried create Well, standpoint, There’s control, somewhere see, those to strategic bit operation in that with most rationalization job contract consolidating for we we improvement we year. us allowing And call report, create particular represented bit The The of could enhancements ability team partners. that’s little which dropped one that of consolidate over going done of phenomenal is X half one XX – shareholder to facility and ranges which And be in rationalizing our that part some product scale shoe some we are the and the like German is to will on from last in behind Florida. Obviously, that then XXX represented initiatives that certainly this yield momentum next is an the the with half margin to XXX between into and a on a the little us. our million has points. the second portfolio going basis a our product of already $X in And year has sort that to about improvement. more months. and working certainly the the

So to. we a I a job think done years. the our ones that lot of of team ops those tariffs are of tariff see the great couple a mismanaged the lot Certainly, our over has last easy clarity mitigating mitigations,

in margin products So where products introduction considering around from world. a new mean, I market is feel the our well that then, we have like underway. product a selling I profile new with margin mean, And different to just new perspective, to a are come expansion I going philosophy. we’re

grow And I everyone we’ve EMEA. And into in shared. we’ve streams. operational execute. we in there. like are time lots I of So put North to our and lot continue in profiles phenomenal and The Western really continue feel market America those we to ability margin I as energy better about into a America nine a what detail months to our as think, in of work it, execution, the to six share like go-to-market Europe, and very growing are feel had much saw, well-represented is the North

representing so we’re that’s is feel like And something we manageable. what very

Tyler Burmeister

us, for Thanks That’s all color. Thanks. That’s for guys. great. the

Charlie Vogt

you. Thank

Operator

you. Thank

question Savageaux Capital. from with Northland next Tim Our comes

open. is line Your

Tim Savageaux

Hi, A morning. couple questions. good of

order on the the congrats book, by and way. – the on First,

to along your so? with as mentioned stepping landscape the magnitude around look you you here investment largest And I in out in consolidated, either North kind significant discussed sort what other you’re chase you that globally? at lines, it say I’d with the of least perhaps America. there being quarter around consolidated look North do that those last timing First, of upon what you – of the in to in up And if relative has America pipeline, deployment tending you’ve that or bit opportunities. changed, how or too in and opportunities the deployment OpEx some terms wonder like relative or seems see

Charlie Vogt

now great million in we and a the a we we that can And up right me, almost that’s represented mean, to access invest to to I we’ve the seeing I over I expected opportunity that had. the the space seeing think book got design of you our in on exceeding of we’re question. No, the highlighted, I just being as you America opportunities transport I pipeline expectations year, teeing opportunity going appreciate XXXX, Tim, XX win what months. us is it were based opportunity to at next view we Europe I look, I this us North have because of specifically, windows And highlight mean, have massive robust beginning did half sort the – and us Western the the first mobile for XX from And we in. these look, to We $XXX see opportunity. mean, is space the the we’re for And are certainly first of but specifically half an and the sales a that in year. in mean,

region. in America sales the certainly Asia We’ve the have Western North in and Europe. number we Pan sales some increased of personnel personnel So added actually

right with RDOF, the And bipartisan to at $XX that’s doled continue But we there. anyone. as aggressively is us, as So feel of some opportunity we’re for and gets going outside communities. in salespeople it’s some to out very exciting helping now long-time know consolidated to very infrastructure are that if at growing $XX we’ve hired lot billion of consolidated But those aligned and and different you mean, pointed that when three area customer, their be expand that of opportunities. for an passage, you and talented opportunities Japan, as fiber-based exciting that’s that I it an down certainly times trying And be opportunity Korea mean, that’s look but look solutions I like the us. a believe us be will infrastructure to frankly they’re the RDOF, a the you to customer is going passed, assuming the to of local of and the nearing billion governments bill, on bill municipality deploying size out we fact that’s get ahead doubling that to

think side us I in attributed continue see the where sales our been to increase to has opportunity specifically the more So we adding spend for salespeople on to grow.

Tim Savageaux

has I even in you number and a there’s rural pursuing do, assume capturing toward out begun would seemingly I North more America mean, which opportunities broadband there, of larger around oriented both working to consolidated that’s say than opportunity, or Europe? Tier the Xs? perhaps

Charlie Vogt

Yes.

So I career, my laser-focused mean, has the career most been and we the are at following Xs. on my of for Tier have DZS those Tier been who Xs, on focused

has in that ability North we’ve Xs the the so some can our added you more sales resources Tier America in And that capture assume of to been America. North investing in

– appreciate, types making with go months that if team who supporting Tier Meggin’s team, has resources, completely investment Europe. aligns on Telekom Xs, Western we’ve Verizon, on doesn’t last large, as brought that into AT&T companies. Deutsche six going we that and fact, those in sales multiple the and in like the and focused have Tier me, of got we recently been has impressive. momentum the we’re Western the have very that are and pipeline upgraded team excuse not we focus And Europe accounts. can large-scale after resources But Xs in we’re invested you’ve those you’re others, to to are over It in We you in entire the the Xs force And new feel DZS are. Tier mean

Tim Savageaux

existing the in maybe question me on big you by And last assume of order driven increase being for customer APAC. usual for would on the that as of a Or customers, the saw we principally is focusing list sort Should been? the different of and suspects tenor your kind Japan your QX Obviously, terms business than performance. of there Great. well, normally major hit it in XX% time might that APAC be in commentary any pretty any Korea has that’s welcome. is

Charlie Vogt

Yes.

saw spot I We which added knows pretty X think uptake certainly significant I think region countries but year-over-year, pursuit with the did your which in we’re saw year-over-year. think up a I receive from North has first, So a and we size a excited the in so Korea one bookings. is about and in we XXX% is and as Japan over a from sizable America, up pretty think have of been was that to India, everyone order commentary ZTE on so on big I orders supplier. orders anti-Huawei was strong We that we XXX% aggressively did a India of America. one and Asia I that Tier mean, a India from our received as the exception. Asia that order North from pretty large is

large-scale very, for very opportunity a there’s India. So us in

today. tier bit where suppliers with with which the the of are makes we’re like us. a it, We’re different today completely was here. now were us about value into is careful having little prices it challenging more between competing opportunity when and suppliers versus an we at being for sort low the we ones with selling not difference advantageous margins. competing but And and like proposition Chinese India And We’ve I was got GENBAND feel it thoughtful big in Huawei

Tim Savageaux

Thanks Misty. to Great. it welcome on. I’ll And pass very much.

Charlie Vogt

Thank you, Tim.

Operator

Marchetti John Stifel. with from comes question next Our

line Your open. is

John Marchetti

that your high I year off segment, some just quarters. looking But on strong quarter, from when look growth, at Charlie, around that could And the as kind come of hit I if in straight the at remarks. first ago I’m but the it’s a we do into some September should these was that to wondering tough it about mobile for some a to four orders start that of back XG obviously segment come that least Thanks order know you we I next, business revenue very event? particularly XXXX prepared we back half start much. cited just here, at expect there to mobile get to or half of year-over-year you sequential comps, more this growth? actually see grow year into of as and faced is

Charlie Vogt

I think a lot of the Open we anchor RAN initiatives mean, large that XG I solutions. we’re customers for working on obviously our is a mobile XXXX initiative, very three have

amount We the of into ones ATIS are Next is forecasting and don’t others tier in focused are I America but Open I think board, hopeful next we year, what year. that for second been, the half know are seeing And second executive kicks here XG in that and larger one joined customer you I Alliance you – which a of pretty I of the conservative that as the if board We’ve half accelerating year as on XG. will but of tell on. you evolution G RAN, in the North the significant well really saw, know momentum AT&T is around of particular the

you Open know all see We momentum the us think it, for the going rewards a a my tier invest it’s to we but in around and but we’re So, opportunity I cycle area. bit and certainly to I seeing certainly know, are the to around that the when world. view. in greater make RAN, And longer, bit you ones, invest is appreciate the sales in much more this are decision comprehensive continue

but that process been are in the investments we of are ones. strategic we Broadcom, a the both mean, see The that are seeing with certainly and fixed to partners takes is some I little momentum most we for time quality longer, our tier the and semiconductor spending one which so mobile. want necessary making And we, look, I’ve

to of as products – us the us fixed forward. we unique the innovation both differentiate our working some in on, allows helps and I are companies that go that think participate a in networks way mobile and And in two

John Marchetti

the of be that Cloud, XXXX should Got an little little a contributor? think kind or feedback it. you’re too even am about launched a sort aggressive just and And in maybe that newly seeing again, curious we maybe bit DZS a again, then of as should And what about XXXX thinking to-date? more on I how being just

Charlie Vogt

that done mobile think could more you us I we’re DZS sort different up right seeing is of have Cloud that glad brought one the and momentum segments, two highlight on because bifurcated I’m I for we on to excitement of sort now Cloud. mean, that the DZS side.

around specifically So orders network first slicing. from our management, did July. We XG receive orchestration, application we that in call Telus

that So that. working wireless And initiatives we were of there’s that the on very excited about number we’re with side of portfolio.

ability we’ve portfolio to we DZS us this for to able be line be core already bring investment acquiring and Cloud the RIFT will market, deployed to unique I what accelerate unlock got were believe access there’s for us with from the was think world, fixed one XX operator. the of orchestration, service to any value thesis there. of the we exciting about wireline think what robust most one that this the opportunity to initiatives to unique the fact and products data analytics around And you million if fixed assurance, the significant wire doing

it’s XXXX think answer So your a question, opportunity. to I

products know, some this opportunity lot the those back next the into and year first to the year anchor a of networks really into as an for we that of us see You pursuing. half half we’re of of

John Marchetti

you Thank much. very Great.

Charlie Vogt

when on big beginning I making It’s a if second where part our think I market, by the at mean, XXXX, and see Craig-Hallum Cloud margin you of, our about raised go-to XXXX margins. –I into mean, that think think of I about when that’s think, DZS question half was the the expansions we you you impact.

John Marchetti

Charlie. Thanks,

Charlie Vogt

you. Thank

Operator

Thank you.

King from Riley. with Our B. Dave question comes next

Your line is open.

Dave King

quarter if guys. second quarter, into the your margin supply morning. baked was gross wondering third for on and what’s I you Hi outlook. and revenue Good can quantify chain impact

Charlie Vogt

Dave, report you commentary if at points attributed the about basis think quarter. the Misty’s shareholder we to and be in I look in supply XXX chain what’s

Dave King

then was versus regarding And out between you if nicely, it. I backlog, was broadband quite your which break mobile? up wondering Got can

Charlie Vogt

think I of me. front in shaking don’t And out the people have in broken we’ve room don’t head. backlog, ever so their I that I’ve our got

I to I expect back about something have I you roughly I with providing careful So to want it’s we about and done. get I I want that speaking mean, extent we last haven’t – to because thoughtful tell to that that about I’d did should mean, you, say on talk that. would the week. XX:XX, be but

Dave King

Got raise question I is starting situation, to my back some of chain to as some prices it. are was regarding to costs? peers if can last you supply wondering do your elevated the of And going the pass-through

Charlie Vogt

one You board my sound members. of like

as functionality long-term some the prices way are have have industry, contracts, We tier in to to of difficult a that I in of you – been to is is hard products provide thing that we have differentiate obviously lot margins, our the I’ve and place contracts as raising when being – to best one that has be for it’s enhance able very and able Having to the ones. this been long different software attributes end-users. said

delicate, when market sometimes guys delicate easier if a one is trying prices. have hard to – and we been nothing can discussion. you’ve able lot you’re portfolio area, promise thing to a it analysts that to going products don’t share, a I be to and an go we’re increase it challenging. when specifically a you’re have our It’s might So a it It sell makes that time sell, do it’s lot you of out else got a as of that but of discussing it’s be something in internally, spending to shareholders appreciate. is want particular to company

Dave King

Thank it. Got you.

Charlie Vogt

Thanks Dave.

Operator

Thank you.

question with & Ryan next comes Company. Our from Koontz Needham

Your line is open.

Ryan Koontz

follow-up Hey supplier thanks characterize a the of there for of the obviously Consolidated, in would prime coming an result starting are to your subsidies, of dominant or Obviously, different on influx been little we lots supplier And Thank May question. and are stimulus RFPs answered. Consolidated have there three we assume one I in tier with XGS the yet, but how tier there ones Most and PON be way Consolidated? can the a a you’re see the twos? mine activity you. way. RFP that Charlie, a tier can you of that? ask

Charlie Vogt

yes. would the Consolidated right RAN. receiving not activity our of lot tell now our XX-gig and pursuing we’re XGS by network is Two, that, The and dominated I PON not the answer that products, you portfolio, Open is a orchestration to RFP software

the a different now. think is at right market RAN I phase Open

we North influencing America America, projects, I here, and we’ve activity network I we’re engaged architecture think, perspective the design But operators numerous a the you time, mobile had of overwhelmed to tell Latin which some and from hasn’t a with that seeing but ever. right a moved been network I’ve if would RFP. like from since between Europe, that think I and RFP long that RFP reaching is the hand-in we’re not in those are more with very, architecture now company responses, very

Ryan Koontz

Thanks, Helpful. Charlie.

Charlie Vogt

you. Thank

Operator

today’s the Thank you. conclude queue. call. for no And questions there in are This participating. you Thank does conference other

disconnect. You may now