My name is Sean, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Cambium Networks Second Quarter 2022 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. To ask a question, press star one one on your phone. Please limit yourself to one question and one follow-up question. Thank you. Mr. Peter Schuman, Vice President, Investor and Industry Analyst Relations, you may begin your conference. Thank you, Sean. Welcome and thank you for joining us today for Cambium Networks Third Quarter 2022 Financial Results Conference Call, and welcome to all those joining by webcast. Atul Bhatnagar, our President and CEO, and Andrew Bronstein, our CFO, are here for today's call. The financial results press release and CFO commentary referenced on this call are accessible on the investor page of our website, and the press release has been submitted on Form 8-K with the SEC. A copy of today's prepared remarks will also be available on our investor page at the conclusion of this call. As a reminder, today's remarks, including those made during Q&A, will contain forward-looking statements about the company's outlook and expected performance. These statements are based on current expectations, forecasts, assumptions. Risks and uncertainties could cause actual results to differ materially. Except as required by law, Cambium Networks does not undertake any obligation to update or revise any forward-looking statements for any reason after the date of this presentation, whether as a result of new information, future developments, to conform these statements to actual results or to make changes in Cambium's expectations or otherwise. It is Cambium Networks' policy not to reiterate our financial outlook. We encourage listeners to review the full list of risk factors included in the safe harbor statement in today's financial results press release. We will also reference both GAAP and non-GAAP financial measures, and specifically note that all sequential and year-over-year comparisons reference non-GAAP numbers, except where otherwise noted. A reconciliation of non-GAAP measures to GAAP measures is included in the appendix to today's financial results press release, which can be found on the investor page of our website and in today's press release announcing our results. Turning to the agenda, Cambium Networks President and CEO, Atul Bhatnagar, will provide the key investment highlights for the third quarter 2022, and Andrew Bronstein, Cambium Networks CFO, will provide a recap of the financial results for the third quarter 2022 and present our financial outlook for the fourth quarter 2022. Our prepared remarks will be followed by a Q&A session. I'd now like to turn the call over to Atul. Thank you, Peter. Cambium continued growth in our third quarter with revenues of $81.2 million, increasing 17% sequentially, ahead of the high end of our outlook of between $72 million-$76 million announced during the Q2 2022 quarter call. Profitability improved significantly with strong gross margins and EPS of $0.40 ahead of the high end of our outlook of between $0.16 and $0.20. We saw improved supply of components for enterprise products, including record revenues for Wi-Fi, switching, and SaaS solutions. Cambium had better product mix, and spending was lower than anticipated due to our tight cost controls. We anticipate improving demand for fixed wireless point-to-multipoint PMP solutions driven by new technologies and stronger demand for point-to-point PTP for defense applications. Our enterprise solutions also remain strong, and we expect further improvements in the supply chain. We had an exceptional quarter for our enterprise solutions, with record demand growing 60% sequentially and increasing 257% year-over-year, including record Wi-Fi 6, Wi-Fi 6E, and switching revenues. Our switching business had strong backlog, which we were able to fulfill during Q3 2022. We continue to gain market share and now expect our enterprise business to grow by more than 50% for calendar year 2022. During Q3 2022, we shipped our 13th millionth radio as a standalone company. Cambium's one network solution is a compelling choice for wireless infrastructure projects around the world, featuring our attractive total cost of ownership, cloud-managed wireless fabric of solutions integrating multiple communication standards and emerging broadband technologies with network management from a single pane of glass. Turning to the results of third quarter 2022. Looking at revenues across our product lines, our PMP business revenue decreased 8% sequentially and decreased 48% year-over-year due to lower demand as service providers moved from our legacy PMP 450 products ahead of the ramp of new gigabit technologies, including both 28 GHz cnWave 5G fixed technology and the introduction of 6 GHz products expected during Q4 2022. The PTP business decreased by 2% sequentially during Q3 2022, while year-over-year revenues improved 11% due to higher shipments for our federal defense business using Cambium's PTP 700 technology for fixed wireless broadband communications. We had our largest quarter of defense bookings in the company's history during Q3 2022, although Hurricane Ian in Florida caused delays in shipments at the end of Q3 2022. We expect higher defense shipments during Q4 2022. Our enterprise business had record revenues of $38.3 million during Q3 2022, increasing by $14.4 million or 60% sequentially. Higher by $27.6 million or 257% year over year, due to record demand for our Wi-Fi 6 and 60 solutions, record switching revenues and increased growth in SaaS solutions. We have established a strong reputation for our enterprise feature set and product quality, and are being well received by the hospitality, education, health care and other verticals. Looking at some notable customer wins and new product developments. In North America, a large wireless service provider in Texas, Community Internet Providers, CIP, selected Cambium's PMP 450 platform, cnHeat and 60 GHz cnWave for green field sites. Cambium was selected for its superior performance and attractive total cost of ownership, planning capabilities, including FCC-mandated Broadband Data Collection, BDC, reporting and scalability. The customer was previously with one of our largest competitors and has signed a long-term agreement to deploy Cambium products. In Kentucky, Midway University selected Cambium's enterprise Wi-Fi, switching and 60 GHz cnWave fixed wireless backhaul to upgrade their network. Cambium was selected due to our portfolio breadth and superior performance in both indoor and outdoor applications. Cambium 60 GHz cnWave was selected to deliver high-speed access to remote locations that would have otherwise required expensive fiber to reach. In the Europe, Middle East and Africa region, EMEA, we continued to have healthy demand for our enterprise business and continued to win larger projects. We received a substantial commitment from a service provider in Northern Africa for our new 28 GHz cnWave 5G fixed platform. We won this deal as a result of Cambium's quality, reliability, scalability, and our technology roadmap. We had two large managed service provider, MSP, wins in France for initial deployments in the hospitality vertical. These wins included Cambium's Wi-Fi 6 access points and cnMaestro X cloud management solutions. Cambium's one network makes it easy to plan, deploy, and manage affordable gigabit speeds for the home and enterprise. In the Asia Pacific, APAC region, we had a strong quarter in the hospitality vertical with a sizable enterprise win at a large chain of luxury hotels in India for over 16 locations. Cambium was selected through a leading hospitality MSP partner for better overall Wi-Fi performance, total cost of ownership, easy management with cnMaestro and strong support. In Caribbean and Latin America, CALA region, we had a smart city win for the city of Rio de Janeiro for our enterprise business, including both our Wi-Fi 6 access points and cnMaestro X software to provide 5,100 Wi-Fi hotspots across the city. Turning to new product introductions since our previous quarterly update. The industry is eagerly awaiting the availability of new 6 GHz spectrum to enable the delivery of gigabit data rates to the edge of the network. Cambium will have an industry-leading position when our next- generation multi-gigabit ePMP 4600 product is released before year-end. Approximately 10 customers are doing proof of concept of our technology, and we have already received our first significant order. One customer utilizing an experimental license achieved actual throughput of 1.8 Gbps at 1.5 mi, with 1.2 Gbps download and 640 Mbps upload to each subscriber module. Cambium 6 GHz ePMP 4600 leverages the significant technology advantages of 802.11ax standards technology and provides higher performance than our competition at a significantly more affordable cost. Use of 6 GHz for fixed wireless point-to-multipoint operation is available in the U.S. today on a limited and controlled basis. However, broad access will require use of automated frequency coordination, AFC. AFC is similar to Citizens Band Radio Services, CBRS, Spectrum Access Service or SAS. In that, it facilitates sharing of spectrum with incumbent users. We expect the FCC to approve use of AFC in early 2023. As with CBRS SAS, we intend to provide a complete solution, including hardware and AFC services under cnMaestro. In the enterprise market, we are launching new outdoor access points in Q4, including a Wi-Fi 6 product for high volume outdoor markets such as public Wi-Fi, hospitality, education, municipality, transportation and logistics applications. A connectorized Wi-Fi 6 and 60 software-defined radio targeted for outdoor use for higher education, stadiums and campuses. In 60 GHz, we recently introduced the new cnWave V2000, which fills out our 60 GHz cnWave portfolio for the service provider market. The new product features longer range than our V1000 product and fills the mid-range customer needs. This technology is targeted for the CCTV, wireless internet service provider, WISP, warehouse and logistics, and smart city markets. The product offers point-to-point connectivity with up to 3.6 Gbps and a range of up to 1 km. Also within our 60 GHz cnWave product lineup, we are introducing 1 Gbps and 2 Gbps bridge- in- the- box solutions, which provide a pair of cnWave radios pre-configured for out-of-box operation for connectivity for up to 1 km away. The deployment-friendly solution can be used for high- bandwidth internet connectivity, including remote cameras or CCTV video feeds, for activities such as concerts, athletic events, farmers' markets, or to connect cabins, lodges, machine shops, barns, or garages. Within Cambium's 28 GHz cnWave 5G fixed, our 4x4 multi-user MIMO and software-defined radio architecture delivering 400 Mbps speeds was released in late Q3 and is now available. Our next version of 28 GHz cnWave 5G fixed, featuring even higher performance, including 8x8 multi-user MIMO and speeds of 2 Gbps will become available within a few quarters with a software update. Network operators are now able to support scaled deployments for business and residential subscribers in urban, suburban, and rural locations at scale. After our Q3 2022 quarter end, Cambium landed one of the largest PMP contracts in our company's history, a multi-million dollar per year, multi-year deal for 28 GHz cnWave 5G fixed from a customer in the CALA region. We are very excited that customers have validated our technology, and we are now moving into the commercial phase of deployment with larger size deals. Looking at our cnMaestro Cloud software, our end-to-end cloud-powered connectivity solution to manage the network from a single pane of glass. The cnMaestro Cloud software continued to experience strong user growth. Total devices under cloud management in Q3 2022 was over 866,000, an increase of over 3% from Q2 2022, and up approximately 21% year-over-year. For our premium cnMaestro X offering, we booked a major deal with a large service provider in Asia for 20,000 seats for fixed wireless broadband during the third quarter and are continuing to see healthy growth in revenue for this product. Revenue for cnMaestro X, which includes both enterprise and fixed wireless solutions, grew 227% sequentially during the third quarter. Turning to the channel. In Q3 2022, we expanded our channel presence by adding over 285 net new channel partners sequentially and over 1,400 net new channel partners year-over-year, which represents an increase of over 2% sequentially and 13% year-over-year. We continue to expand our reach into new mid-market customers around the world. Also in the channel, in early October, Cambium participated at a well-attended WISPAPALOOZA trade show, which is focused on service providers and channel partners within the industry and featured several new product introductions from Cambium, including 6 GHz, 60 GHz, 28 GHz home gateways and routers. Cambium's cnHeat RF mapping tool received the 2022 WISPA Association Service of the Year Award. cnHeat makes it easy for all fixed wireless broadband service providers to plan their fixed wireless access networks, assess the effective coverage of their networks, market their services to served addresses, and meet the FCC-mandated Broadband Data Collection, BDC, reporting requirements. Software is becoming an increasingly important part of Cambium's growth story and is now showing up in more meaningful way in our financial results. I will now turn the call over to Andrew for a review of our Q3 2022 financial results and Q4 2022 outlook. Thanks, Atul. Cambium reported revenues of $81.2 million for Q3 2022. Revenues increased by 17% quarter-over-quarter and increased 7% year-over-year. During the third quarter, our global supply constraints continued to ease, leading to increased production and shipment of our high-demand enterprise products. On a sequential basis for Q3 2022, revenues were higher by $11.9 million. The higher revenues were primarily the result of increased enterprise solutions, while PMP revenues were lower for legacy PMP 450 products ahead of customers anticipating a technology transition, partly offset by improved supply benefiting ePMP shipments, while PTP revenues were down slightly. Moving to our gross margin. Our non-GAAP gross margin of 51.3% was significantly better than anticipated, increasing by 350 basis points compared to Q3 2021. The year-over-year increase in our non-GAAP gross margin was the result of higher volumes and a greater mix of higher margin enterprise and PTP products. On a sequential basis, non-GAAP gross margin improved by 240 basis points compared to Q2 2022. The higher quarter-over-quarter non-GAAP gross margin was the result of higher volumes, an increased mix of enterprise solutions, tight cost controls, lower freight costs, and increased pricing, offset in part by higher component costs due to inflation, as well as supply chain challenges. In Q3 2022, our non-GAAP gross profit dollars of $41.6 million increased by $5.4 million compared to the prior year due to higher volumes and improved mix of enterprise products, and increased by $7.8 million sequentially because of higher volumes, improved pricing, and a higher product mix of enterprise products, as well as lower freight costs. This was offset in part by higher component costs due to inflation and supply chain challenges. While we achieved our target gross margin on a quarterly basis, our longer-term goal remains a consistent non-GAAP gross margin target of 51%-52% on an annual basis. Non-GAAP operating expenses, including amortization, in Q3 2022 increased by approximately $300,000 when compared to Q3 2021 and stood at $27.9 million, or 34.3% of revenues. The increase in operating expenses compared to the prior year period was primarily due to higher travel costs related to sales and marketing, increases in G&A for professional services and IT, offset by lower variable compensation and tight cost controls around headcount. When compared to Q2 2022, our non-GAAP operating expenses increased by approximately $300,000 as well. Quarter-over-quarter sales and marketing increased slightly, primarily because of higher promotional materials. R&D increased relating to the timing of expenditures for materials, while G&A was lower due to less professional services as a result of our tight cost controls. Non-GAAP operating margin for Q3 2022 was 17%, up from 11.4% during Q3 2021, and up from 9.1% of revenues in Q2 2022. Non-GAAP net income for Q3 2022 was $11.3 million or $0.40 per diluted share, above the previous outlook of between $0.16 and $0.20 per diluted share, and compared to $6.7 million or $0.23 per diluted share for Q3 2021. Non-GAAP net income of $5 million or $0.18 per diluted share for Q2 2022. The higher non-GAAP net income compared to the prior year period was primarily due to higher gross profit dollars, while higher net income compared to the prior quarter's results was primarily a result of both higher revenues and gross profit dollars. Adjusted EBITDA for Q3 2022 was $14.7 million or 18.2% of revenues, compared to $9.6 million or 12.6% of revenues for Q3 2021 and compared to $7.8 million or 11.3% of revenues for Q2 2022. Our operating model remains solid. We are beginning to regain some operating leverage in our business as Cambium revenues exceeded $80 million. We remain committed to consistently driving our adjusted EBITDA to our long-term target of 18%-19% of revenues. Now moving to cash flow. Cash provided by operating activities was $2.2 million for Q3 2022 and compares to $11.8 million for Q3 2021 and $10 million for Q2 2022. Our cash flow was impacted as we increased accounts receivable as a result of higher revenues and timing, and certain product inventories increased to support the anticipated growth in our business. Turning to the balance sheet. Cash totaled $44.9 million as of September 30, 2022, a decrease of $1.1 million from Q2 2022. The sequential decrease in cash primarily reflects higher accounts receivable due to growth in revenues and increased inventories to support the faster growth in our business. Net inventories of $50.6 million in Q3 2022 increased by approximately $21.9 million year-over-year, while increasing by $3.2 million from Q2 2022. Inventories were higher sequentially because of an increase in component and finished goods inventories as we continue to grow the business. While the supply chain remains an ongoing challenge, we are working to selectively increase our inventory positions in certain products for the remainder of the year. In addition, we recently announced that we are selectively increasing prices by an average of about 5% for a wide range of products due to inflation and supply chain costs that have resulted in higher manufacturing costs, including the cost of chips. This price increase will take effect for all orders placed on or after November 26. However, we will not increase prices for backlog as long as the customer requests a ship date that is within our published lead times and on or before March 31, 2023. We expect the full impact of this price increase to be realized by Q3 2023. In summary, the third quarter was much better than anticipated due to strong demand for our enterprise products, a full quarter of uninterrupted operations in China, and a continued improvement in our supply chain environment. Our backlog remains strong, and we are at the start of new product cycles. We expect to continue to regain scale, improve operational efficiency, and make significant progress towards achieving our long-term target operating model. Moving to our fourth quarter outlook. Cambium Networks' financial outlook does not include the potential impact of any possible future financial transactions, acquisitions, pending legal matters, or other transactions. Considering our current visibility as of today, our Q4 2022 financial outlook is expected to be as follows. We expect revenues of between $80 million and $84 million, representing approximately 1% sequential growth at the midpoint. We remain supply- constrained in certain components. Our non-GAAP gross margin we expect to be between 48.7% and 49.7%. Non-GAAP operating expenses of between $30.6 million and $31.6 million, and non-GAAP operating income of between $8.4 million and $10.2 million. Interest expense net of approximately $500,000 and non-GAAP net income of between $6.6 million and $7.8 million, where net income per diluted share of between $0.23 and $0.27. Adjusted EBITDA between $9.5 million and $11.3 million, and adjusted EBITDA margin between 11.9% and 13.4%. A non-GAAP effective income tax rate of approximately 17%-20%, and approximately 28.5 million weighted average diluted shares outstanding. Our cash requirements are expected to include a pay down of debt of $700,000, cash interest of approximately $400,000 and CapEx of between $2 million and $2.2 million. I will now turn the call back to Atul for some closing remarks. We delivered a solid quarter of results and are expecting a strong finish to the year, ending on a high note with increased revenues, strong profitability, significant new product introductions, increasing chip supplies, and a return to growth for our PMP business, driven by 60 GHz cnWave, 28 GHz cnWave 5G fixed, and the imminent launch of affordable 6 GHz fixed wireless solutions. Our enterprise business remains strong, led by Wi-Fi 6 and 6E, wireless- savvy switching products, and solid growth in our software as a service solutions. Cambium One network integrated wireless fabric is resonating with customers and brings together ease of deployment, scalability of networks, and lower total cost of ownership as the world deploys next- generation high- performance wireless broadband. We remain focused on judiciously managing our costs, improving our operations, continuing to invest in innovative products to maintain our technology edge, and expect increased scale will benefit our future operating results. I would like to show my appreciation for our employees, partners, and customers during these unprecedented times. This concludes our prepared remarks. With that, I would like to turn the call over to Sean and begin the Q&A session. Thank you. At this time, we will conduct a question- and- answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. Please limit your time to one question and one follow-up. One moment while we put the questions in queue. Our first question comes from Samik Chatterjee with JP Morgan. Samik, your line is open. Hi. This is MP on for Samik Chatterjee. First of all, congratulations on a strong quarter. My question is regarding like, this quarter has been very strong. I just wanted to ask regarding your outlook, given a tough macro situation and moderation in CapEx from service providers as well as the broadband, like the broadband service providers as well as the telcos. How do you look into 2023? How like do you still believe for us, double-digit growth that we generally guide? Yeah. Samik, thank you for the question. My overall message for 2023 is we are very well- positioned for solid growth, and there's a reason behind that. You know, we prepared for this. If you look at the amount of innovation last two years we've been bringing about, and we are working very diligently on technology validations for the next generation networks. Overall, our organic growth in 2023, I think mid-teens type of a number around that, we feel pretty good. 5G fixed rollout is happening. We are beginning to see larger deals and now proof points are coming as I mentioned in my call. PMP definitely in Q4 starts turning around with these new products. We have proof points with 6 GHz, as I mentioned, you know, 1.8 Gbps and 1.5 mi. Now we are beyond that validation, and these networks will scale. Supply situation is improving for us. Enterprise growth continues, and Cambium is a mid-tier market. See, Cambium doesn't go after very large service providers worldwide, which is very seasonal. We go after that mid-tier market, both for enterprise and for service providers, which is very resilient for us. Samik, we feel pretty good about 2023. Okay. Thank you. Thank you. One moment for our next question. Our next question comes from Scott Searle with Roth Capital Partners. Hey, good afternoon. Nice job on the quarter, guys. I see the Wi-Fi business recovering pretty strongly there. Maybe just to dive right in, Atul, looking at your guidance for the fourth quarter, gross margin's coming down a little bit sequentially. I assume part of that is just margin mix, less Wi-Fi. I was wondering if you could kinda talk us through the puts and takes on that front, particularly how you see point-to-multipoint ramping up into the fourth quarter and how the supply chain is behaving on that front. Yeah, I'll take that one, and thanks for the question. We see the gross margin coming down a bit in the fourth quarter, and you're exactly right, it's because mainly of mix. As we said during the commentary, we were able to fulfill some accumulating backlog, especially in the enterprise switch area. The level of revenue that we see coming from that in the fourth quarter will likely be lower than the third quarter, and that will have an impact on the margin. Also, there's, as we mentioned during the call, a product transition in terms of PMP, and we do see PMP beginning to get to a growth stage in the fourth quarter on a sequential basis. That's gonna be driven by the new products that we're introducing into the market and commercializing. We still see the impact of inflation in terms of cost increases from our suppliers, and that's one of the reasons for the increase, the major reason for the increase that I mentioned in terms of our pricing, beginning later on in Q4. That impact on pricing will have a very minimal effect in the quarter, but begin to ramp up, you know, more so in the second quarter of next year and a full impact in the third quarter as we look ahead. Gotcha. Maybe just to- If I could just add, Scott, if I can just add what Andrew mentioned. I think in general, Andrew and I both feel very good about our long-term model of 51%-52% for three reasons. Reason number one, the software is playing more and more meaningful role in Cambium, and this again has been a two-year work. Second, mix is also gonna help us as we move forward with our new products, both enterprise and new designs which are coming out. Third, defense is becoming, again, a larger business. I think in general, the margin, gross margin is in the right direction, and we feel pretty good where we will be in terms of long-term model. That's very helpful. If I could just follow up on that point, then I had one follow-up. Just the component challenges on the point- to- multipoint front. For the new products, are you pretty well positioned on that? And then talking about that 51%-52% gross margin, is that something that's achievable in 2023? And then if I could, specifically around 6 GHz, huge market opportunity there. I know you're just starting to ship now, but Atul, I was wondering if you could put a framework around it in terms of, I don't know, quantifying the interest level, what that pipeline of opportunity looks like, or where you think that's gonna be in 2023. 'Cause huge, huge product opportunity there given the price points that you can be delivering gigabit-like speeds. I'm kind of wondering what's gonna deem success for that product line when we're looking into 2023. Thanks. Okay. Let me take 6 GHz question first because I think that's a strategic question. We were very gratified and very pleasantly surprised as our 10 pilots come back with performance numbers in 6 GHz band. We never shared that performance number of that 1.8 Gb at 2.1 mi. Now customers are saying, "Wow, very affordable product, very large bandwidth available." 6 GHz is gonna be a, I think, a very strong product line of Cambium. Having said that, I would still say that first half of 2023 will be lots of trials, POCs across the board, and again, working with FCC, making sure AFC, all that gets approved, and we are working closely with them. My sense is that second half is when you will see lots of those POCs turn into production networks. That's one key point. Second is that Cambium's key strategy is based on merchant silicon, standards-based, and very affordable pricing. It matches all of that, so very excited. U.S. will lead it. Rest of the world, I think, will follow after that. On the 51%-52% gross margin, let me pass it to Andrew. Yeah. Yeah. On the long-term operating model of 51%-52%, I think that we will see within the next two years. I do think that next year, as we continue to improve our mix and look at, you know, trade-off of headwinds in front of us in terms of inflation as well, the way we see it is we're gonna be in, around the 50% mark, which is a nice improvement over the past couple of years as well. In terms of components for new products, yes, we are well- positioned to be able to ship those out as soon as we are able to commercialize. The products and get approval from the FCC, etc. That's one of the reasons for the increase in inventory as we continue to strategically buy supplies for those products and getting ready for those product launches. Hopefully that answers all parts of your question. Okay, great. Thanks so much. Great job on the quarter. Thank you, Scott. Thank you. One moment for our next question. Our next question comes from George Notter with Jefferies. Hi, guys. Thanks a lot. This is Kyle. I'm for George Notter. Thanks for the question. We're trying to get a sense for how much of your Wi-Fi momentum right now is driven by demand versus more the easing of supply that you're talking about. Were Wi-Fi components just easier to get than PTP, PMP? Can you quantify it at all, how much you thought the quarter came from benign supply versus demand picking up? Is there any other structural reason why you'd see more growth in Wi-Fi versus PMP and PTP, you know, other than the fact that the PTP has this wait-and-see effect going into the fourth quarter? Thanks. Yeah. Thanks, Kyle. First of all, in Wi-Fi, Cambium is emerging as a strong mid-tier enterprise player globally. I think that's a pretty important statement I'm making. It has taken us five to seven years with the right roadmap, right features, understanding customer needs. We are now a strong brand in that mid-tier segment. Just to give you an idea how much growth or acceleration or adoption Cambium is getting, we have added in last three quarters 2,600 new customers. The reason Cambium is winning is three words. Number one, simplicity. Our products are simple. Number two, we have added a lot of automation in cnMaestro for scaled enterprise networks. Number three, affordability. Our solutions have a lower total cost of ownership. By the way, these words, our customers are telling us. At this point, these segments which are accelerating for us are managed service providers serving multiple dwelling units, MDU markets, hospitality, healthcare, education, and we are beginning to get into some verticals globally where these values of simplicity and lower TCO are playing very well. I think overall, this is not about chip supply. The bigger companies can get more chips than Cambium. Cambium is earning its way in through superior solution, superior TCO. Okay, great. Yeah, I would add to that, too, just in terms of your question about the level of shipments that happened in the quarter because of improved supply. You know, I would quantify that somewhere around the $5 million range, and most of that is related to what we had said earlier about the switches, that we were able to fulfill and get supply, get inventory to fulfill orders where customers were really wanting that product, that particular product, and begin to fulfill those orders. You know, it's a very popular product. We're gonna continue to see nice sales in Q4 and beyond. In terms of being able to satisfy kind of backlog, you know, that was growing, it was about $5 million of shipments. Okay. Kyle, to add, we are making our solutions sticky, not necessarily by hardware. We are making our solutions sticky by providing APIs for smart locks, like for example, for hospitality and hotels. We are providing a lot of good software in cnMaestro and making it easier for them to integrate Cambium products in their enterprise applications. Overall, we feel pretty good about 2023 and continue the growth. Okay, great. Thanks. One last one for me. It looks like the guide was solid for revenue and gross margin going into Q4. OpEx seems a little higher. Are there specific areas that you're investing in, maybe ahead of the launch of the new products? Is there some additional sales and marketing that you're doing? Could you contextualize anything important that you're spending on right now and when revenue scale might pick up to cover that OpEx investment? Thanks. Yeah. There's really two areas. One is within R&D, and you're right about the new products and the regulatory activity that happens as a result of getting approvals ahead of those launches. The other is with the success that we've had in the enterprise business this year, which, you know, as you know, is going to be in that $100 million range of total revenues for the year. The sales compensation reflective of that, and the people who sell those products will hit overages in the fourth quarter, so there will be some additional sales and marketing costs in the fourth quarter. Okay. Thanks very much. As a reminder, if you wish to ask a question, please press star one one on your telephone. Our next question comes from Paul Essi with William K. Woodruff. Thanks for taking my question. First question is, on your switch business, I know you're gaining market share there. You're growing very rapidly versus the market. How long do you think you can sustain that growth, in the switches? Who are you taking market share from? Paul, first of all, switching is a very large market, and there are a lot of generic players there. Our switching business caters to only wireless savvy product. That's why we always say wireless savvy switching. It's a very good companion to our Wi-Fi 6 and 6E products. It has a very good cloud management, single pane of glass. I think overall we'll keep growing, but this is not a generic switch. For the wireless networks, for wireless internet service providers, for mid-size enterprise networks, for smart city projects, very well-positioned to grow in those markets. The second question is on the 28, your main competitor there, I'm wondering, are they gonna be able to maintain the spend that you guys have? Do they have a 2 GHz coming next year like you guys do? Do you know if there's one in the works? You know, on 20 GHz 5G. I think, Paul, you asked a very good question. I think the companies which are adopting 5G fixed are going to do well because 5G is a very key standard, which is bringing a lot of key feature sets and speeds and feeds. We bet on that three years back, and now we have the products. It has taken us good investments, and I think whoever wants to enter has to also invest substantially. As of now, you will see Cambium as a very key leader in 5G fixed. I'm not talking 5G mobile, 5G fixed. We don't believe as of now there is another company which has the kind of feature set and performance we have. That's why we are beginning to close those deals. We always had the POCs going, now they're turning into production networks. Key answer, I don't know of another company, but as the market expands, I'm pretty sure others will enter as well. Okay. Thank you. Thanks, Paul. At eight four seven two six four- At this time, I would like to turn it over to Peter Schuman for closing remarks. Thanks, Sean. During Q4 2022, Cambium Networks will be presenting a meeting with investors on November 15th at the Needham Virtual Security, Networking and Communications Conference, on November 16th at the Roth Technology Event in New York, and December 13th at the Oppenheimer 5G Summit. In the meantime, you're always welcome to contact our investor relations department at 847-264-2188 with any questions that arise. Thank you for joining us and this concludes today's call. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.