Welcome to Ceragon Networks Q4 and full year 2021 earnings conference call. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation, in which time, if you wish to ask a question, you will be able to raise your hand using your Zoom mobile or desktop application and wait for your name to be announced. As a reminder, this conference is being recorded today. It is now my pleasure to introduce your host, Maya Lustig, Head of Investor Relations for Ceragon Networks. Thank you. You now may begin. Thank you, operator, and good morning, everyone. I am joined by Doron Arazi, Ceragon's Chief Executive Officer, and Ran Vered, Ceragon's Chief Financial Officer. Before we start, I would like to note that this call includes information that constitutes forward-looking statements within the meaning of the Securities Act of 1933 as amended, and the Securities Exchange Act of 1934 as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviation therefrom will not be material. Such statements involve risks and uncertainties that may cause future results to differ materially from those anticipated. These risks and uncertainties include, but are not limited to, such risks, uncertainties, and other factors that could affect our results as detailed in our press release that was published earlier today and is further detailed in Ceragon's most recent annual report on Form 20-F and in Ceragon's other filings with the Securities and Exchange Commission. Such forward-looking statements represent our views only as of the day they are made and should not be relied upon as representing our views as of any subsequent date. Such forward-looking statements do not purport to be predictions of future events or results, and there can be no assurance that they will prove to be accurate. Ceragon may elect to update these forward-looking statements at any point in the future, but it specifically disclaims any obligation to do so. Ceragon's public filings are available on the Securities and Exchange Commission's website at www.sec.gov and may also be obtained from Ceragon's website at www.ceragon.com. Also, today's call will include certain non-GAAP numbers. For a reconciliation between GAAP and non-GAAP results, please see the table attached to the press release that was issued earlier today. I will now turn the call over to Doron. Please go ahead. Thank you, Maya, and good morning, everyone. We had a relatively good end to a highly challenging year. I am pleased to share with you that we delivered at the high end of our projected annual revenue range at $291 million. Our best efforts and success in delivering revenues were overshadowed by the many challenges the business world experienced in 2021. As I mentioned in our previous calls, the global component shortages, supply chain disruptions, and shipping bottlenecks have rattled many industries, including ours. They led to increased prices. As such, our financials have been materially impacted throughout 2021. Our gross margin for the Q4 was 29%. It is our belief that if it weren't for such strong turbulence in these industries, our gross margin would have been around 3% higher. We maintained our strong position in the market, but it came at a cost. Looking ahead, we have an optimistic view. We believe the crisis will eventually come down, and we will see improvements in the second half of 2022. Until then, we are looking to overcome component shortages and looking into new ways to improve the cost competitiveness of our products without compromising on quality and performance. We are also working on optimizing our shipping costs. This is all part of our delivery through margin expansion strategy. Looking at our overall financial results for Q4, I am pleased to report that we have been on track with our expectations all the way down to the operating income on a non-GAAP basis. In fact, we would have been at a break-even point for the second half of 2021 if it weren't for higher than expected financial expenses. Ran will elaborate on this further. In 2021, the majority of our business came from 4G. That said, 5G is growing fast, especially in North America, Europe, and to a certain degree in APAC. I'm very pleased with the fact that in these regions, our 5G bookings made up for over 1/3 of all bookings. In 2-3 years, we expect our business to mostly come from 5G. This past year, we continued to win in our domain by focusing on best-in-class, all outdoor, microwave, and millimeter wave market segments. Our recent products, such as the IP-50E and the IP-50C, with our SDN suite, made strides in the market. We engaged with POCs' trials and orders with an increasing number of prominent market players and other tier-ones. We ended this year selling quite significant quantities of IP-50E and IP-50C equipment. This is a great achievement, especially given the relative short time passed since their launch, and given the fact that we don't have all frequencies available yet. Beyond our core domain, I'm pleased to share with you that the 5G era provides us with many opportunities. From Open RAN to disaggregated cell site routers and to disaggregated wireless transport, the trend towards opening the network is strong. Our product strategy for disaggregated wireless transport with the RAON software and Layer 3 routing capabilities position us ahead of the curve. In Q4, we partnered with IP Infusion. Through this partnership, we are delivering the industry's first radio-aware disaggregated cell site router. In parallel, we just launched our IP-50FX disaggregated cell site gateway solution. It is now generally available for sale and deployment. Disaggregated routing is an open wireless transport architecture that decouples the hardware and the software elements of routers. The IP-50FX uses best-of-breed software as well as best-in-class hardware. Beyond that, it also integrates two essential cell site elements into a single scalable product, a cell site router and a radio indoor unit. It provides mobile service providers and private networks a faster, more cost-effective way to deploy and upgrade 4G and 5G cell sites. I'm also proud to share with you that our new IP-50FX has been awarded the prestigious Telecom Infra Project Requirement Compliant ribbon and is listed on TIP Exchange. TIP is a diverse global community of communication solutions and service providers whose goal is to advance high-quality connectivity worldwide. They do so by accelerating the deployment of open, disaggregated, and standards-based solutions. The IP-50FX is the only wireless transport equipment that has received this award so far. The market timelines of IP-50FX and its TIP ribbon is a testament to our technological leadership, our passion for innovation, as well as our understanding of the industry's direction and the adjustments we need to make to maintain our technological edge. IP-50FX gives us the first-mover advantage, helping us to grow market share in the $4 billion wireless transport and in the $2 billion cell site routing markets. As 5G brings more network complexity, more and more companies are turning to us to manage their wireless transport with our managed services offering. While smaller carriers and private networks benefit the most from this, large companies turn to us as well to provide them with either partial or full services for operating the transport network. One example is our recent engagement with Globacom, on which I will elaborate later. We have a presence in 140+ countries, 50 of them strongly so. We have served more than 2,000 customers throughout the years. You see, on top of our technological capabilities and software tools, we have the resources and the experience to become a one-stop shop for our existing customers as well as new ones. Our decision to focus on strengthen our managed services offering, leveraging our software tools, will strengthen our relationship with our customers, increase our recurring revenue, giving us more visibility, reduce the lumpiness of our business results, and improve our gross margins. We have just ratified our mid- and long-term strategy with our board of directors. This strategy, which is comprised of increasing our traditional business and expanding into managed services business as well as new markets such as the cell site routing market, is designed to guide us to a new phase of growth through margin expansion. With our now more optimistic view about the main challenges we faced in 2021, we expect our revenue for 2022 to range between $305 million and $320 million. Let me now give you an overview per region. In North America, although bookings in Q4 were a bit lower than in previous ones, overall, 2021 was a record year for us. Our 5G design win customers generated more than 50% of the booking for this region. In Q4, I am pleased to report that our lab tests with our tier one operator customers continued and have been successful so far. We expect the testing process to continue during the first half of the year. Looking ahead in North America, we see significant federal investments to expand networks to rural North America. We see the region's critical infrastructure markets grow. Our goal is to leverage these developments, and to that end, we are restructuring our organization in this region. In India, Q4 was a healthy quarter for us. On an annual basis, we had a very strong year, surpassing our record since 2018. This industry performed strongly as post-COVID recovery continued. We saw sustained demand for network upgrades and expansions. We believe the future of 5G in India is bright. As 5G corridors are developed in the region, we will be there to participate in the RFPs. In Europe, we had another strong quarter. We won two tenders with Rai Way, Italy's national TV and radio network provider, to renew and maintain their wireless transport network infrastructure. We successfully finished IP-50FX POC with a leading tier one operator. We will be undertaking SDN trials with another operator and IP-50FX trials with a third operator. The future of 5G in Europe is strong, and we feel confident about all these trials. When we look at our activity in the European continent on an annual basis, 2021 was a record year, surpassing the last eight years in terms of bookings. Our 5G design win customers generated more than 30% of the annual bookings for this region. In APAC, while there have been signs of a new momentum, 2021 was a difficult year. Many business decisions were pushed to 2022. That said, we continued building a solid pipeline for potential future partnerships. In Latin America, the macro environment remained challenging. The Southern Cone was adversely impacted by the economic crisis. The rest of Latin America, too, experienced a variety of different challenges, including COVID. All that said, we have a new customer in Mexico who is expected to evaluate our IP-50FX in Q1 2022. We also built a solid pipeline of government-funded projects in Mexico and Peru. There are initiatives to close the digital divide between different communities. We are doing our best to take part in such projects. In Africa, we had a very strong second half. We received booking from a tier one operator worth $5 million. We signed and received POs for a multi-million dollar deal with Globacom, a tier one Nigerian telecom operator. We will be providing Globacom with a customized solution that covers long-haul rural areas, high-capacity metro, as well as the access network. We will help them to not only enhance their existing subscribers' quality of experience, but also to expand their reach to further grow their market share. We will also be providing them with deployment services and managed services for monitoring the health of their network, as well as first-tier support. With that, let me now turn the call over to Ran to discuss the financials for the quarter. Ran? Thank you, Doron, and good morning, everyone. To help you understand the results, I will be referring mainly to non-GAAP numbers. For more information regarding our use of non-GAAP financial measures, including reconciliations of these measures, we refer you to today's press release. Like Doron mentioned, during Q4 2021, we saw strong bookings coming from India and Europe. When we look at the trailing 12 months, we see a strong book-to-bill ratio above one. Let me now review the actual numbers with you. Revenues for the quarter were $77.8 million, up 5.1% compared with $74 million in Q4 last year. This was achieved despite the highly challenging environment we found ourselves in. We are proud of this achievement and the fact that most of our customers' demands were fulfilled. Our strongest region in terms of revenue for the quarter was India, reflecting ongoing deliveries for our main customers in the region and in line with the strong demand we are seeing in this region. Our second strongest region in terms of revenues for the quarter was Latin America, mainly thanks to the progress we made with the deliveries and deployment for our Colombian tier one operating customer, whose agreement we announced back in March 2021. We had two above 10% customers in the Q1. For the year, our revenues were almost $291 million, up almost 11% from 2020. This reflects our ability to keep up with the strong industry demand we are experiencing even during such challenging times. Gross profit for the Q1 on a non-GAAP basis was $22.6 million, giving us a non-GAAP gross margin of 29%, similar to the Q1 of 2020. As Doron mentioned, if it wasn't for the component shortages and surging shipping costs, our gross margin would have been around 3% higher. For the full year, the non-GAAP gross margin was 30.3% compared to 28.7% in 2020. We are pleased with this achievement, especially given the challenging macro environment we are in. Operating expenses on a non-GAAP basis for the Q1 were $21 million, in line with our expectations. Research and development expenses for the Q1 on a non-GAAP basis were $7.7 million, similar to Q4 2020. Selling and marketing expenses for the Q1 on a non-GAAP basis were $8.7 million compared to $8.5 million in Q4 2020, still reflecting the reduced travel and variable compensation that have come with COVID. General and administrative expenses for the Q1 on a non-GAAP basis were $4.6 million, slightly lower than our expectations. Financial and other expenses for the Q1 on a non-GAAP basis were $2.7 million. In the Q1, we incurred $600K in financial repatriation expenses as we repatriated a significant amount of cash collected earlier than expected from a large customer in a developing country to Israel. In addition, the exchange rate was not in our favor in Q4, which is something we can't control or focus. Our tax expenses for the Q1 on a non-GAAP basis were $0.9 million. This is in line with our yearly expectations. I would now like to spend a couple of minutes on our tax line in our GAAP numbers as this caused a big drop in our net income and EPS for Q4 and for the full year on a GAAP basis. In Q4, we wrote off a tax asset of $8.5 million. Let me explain why. If you recall, back in 2018, we recorded income on the tax line primarily due to the need to record a tax asset of $7.2 million in our balance sheet that reflected tax benefit we anticipated as a result of utilizing our NOLs against taxable income in Israel in the following years. This also meant that we were expected to record higher tax expenses on a GAAP basis in the following years. This was an indication of our strong performance back in the day, as well as our expectations for continued strength. However, since in the past three years we recorded net losses on a GAAP basis, according to the accounting guidelines, we now had to write off the tax asset. Net loss on a GAAP basis for the quarter was $2 million or $0.02 per diluted share. As for our balance sheet, our inventory at the end of 2021 was $61.4 million, up from $50.6 million at the end of 2020. The increase reflects our need to stock long lead items and strategic items as a result of increased customer orders, as well as ongoing component shortages. We strive to keep our inventory levels at a lower level, but given the current environment, sometimes the need to stock key and long-lead items arises. Our trade receivables are now at $118.3 million, up from $107.4 million at the end of 2021. Our days sales now stands at 149 days, same as in Q4 2021. Net cash used in operating and investing activities for the Q1 was $13.1 million. Net cash provided in financing activities for the Q1 was $2.9 million. Looking forward, we continue to expect strong operator demand alongside continued uncertainty. Although the situation remains volatile, we believe that we are maintaining good control and are well-positioned to take full advantage of long-term opportunities. We are targeting revenue growth in 2022. Assuming the global component shortages, supply chain disruption, and shipping issues will come down, we expect yearly revenue to be between $305 million-$220 million with improvement in our gross margin. Our long-term non-GAAP gross margins remain in the range of 33%-34%. With that, I now open the call for questions. Operator? Thank you. As a reminder, if you wish to ask a question, you are able to raise your hand using your Zoom mobile or desktop application and wait for your name to be announced. Once your name is announced, you'll be prompted to unmute. Our first call today comes from the line of Alex Henderson from Needham. Alex, please go ahead. There we go. Couple of questions. The first is on the book-to-bill for 2021. You characterized it as, quote, "strong." Most companies at your end, because of the unusual circumstances, are giving a little bit more granularity to what their backlog looks like. I was hoping you could provide us a little bit more granularity as well. I would just say that, overall, our backlog has increased if we compared our situation to the beginning of the year. Obviously this gives us some higher level of confidence in delivering in 2022. All right. The second question I'd like to ask is relative to the outlook. You gave a full year, but no commentary on the Q1. Can you give us any sense of how you think the growth over the course of the year will progress? I assume it's supply constrained in the first half of the year and therefore lower growth in the first half, a little higher growth in the back half. Could you give us a better qualification of what you mean by, you know, the supply conditions becoming more normalized? What do you mean by that exactly? Your language is a little bit imprecise, it's hard for us to understand. Are you saying that you're now expecting the supply conditions by year-end to be normal? Are you saying that you'll still be constrained through year-end in your expectation of 5%-10% growth? I will try to give you an answer about the supply chain, and then I will turn the answer to Ran to be more specific about Q1, Q2. The supply chain environment is very turbulent. While we were able to resolve some of the component issues we had during Q4, there are still other component issues that we're not able to resolve yet. That obviously creates some sort of a vagueness or unclarity cloud over our projection for the year. Now, based on the orders that we have put to cover for the need of our components and the current messages coming from the very different vendors, we believe that the supply of these components will become steadier during the second half of the year, and that will enable us to deliver in a, I would say, more smooth and flawless way than the challenges we have faced so far. That said, it's not that we are back to what we have seen prior to this crisis in terms of, I would say, regular supply, prices and commitment and reliability of timelines. Therefore, we are taking a cautious approach, saying that the level of severity that we've seen so far will probably be with us for the upcoming quarter or two, and we believe that it will start easing up during the second half of the year. Well, just to be clear, are you assuming that there's no supply constraints in the back half of the year? Or are you assuming that you can get what parts you need and therefore no backlog issues in the back half of the year? It's an important distinction. We don't assume that there will be no supply constraints on the second part of the year. We believe that based on the current demand we see for our products and the components that we have challenges with, these items will probably be able to resolve within the upcoming 6 months, and beyond that, it makes us feel more confident on the second part. We are not back to normal situation on the second part of 2022. It's just going to calm down a bit. Okay. One last question, and I'll cede the floor, and then I'll get back in queue for additional questions later. You didn't mention the IP-100 at all. Can you give us an update on where you are on your 100 gig product? Yeah. We didn't mention it because there's no significant change relative to our discussions in Q3. We are moving forward with productizing the chip itself. As we said, assuming timelines are kept by the supply chain industry of the chip, we believe that we'll have the chip ready and productized by the end of 2022. In parallel, we'll start developing the products that will be based on this chip, and we hope to start presenting or launching these products to the market towards the end of 2023 or beginning of 2024. That has not changed relative to my previous discussions and announcements. I'll cede the floor and get back in queue. Thanks. Thank you, Alex. Our next question today comes from the line of George Iwanyc from Oppenheimer. George, please go ahead. Hello, Doron and Ran. Can you hear me now? Yes, George. Hi. Thank you. Just maybe following up a little bit about the supply chain and the backlog. When you look at your guidance for the full year, are you anticipating actually starting to burn down your backlog, or do you expect it to be relatively flat and that the inventory you have on-hand gives you some confidence in being able to grow, and then if things change either positively or negatively, that's where you move within the range? First of all, you know, the nature of the backlog is that you consume it, but it is actually filled up by new orders or new booking. We believe that our booking for next year is going to be at least as strong, if not even stronger, than the booking this year. Obviously, we are going to consume this backlog because the customers are expecting us to deliver. All in all, we expect to see a growth in our business and in our booking. If you look at the end of 2022, we believe that our backlog will be at the same value or even higher. Okay. With the 5G activity that you're seeing, it looks like you added 2 new design wins. Are you starting to deliver on, you know, the base that you have there, either in North America or Europe? You know, like, what type of momentum do you have on actually starting to deliver in 5G? It depends on the more traditional and available products such as the IP-50E, IP-50C. We've seen, as I said on the script, a strong demand. Actually for at least the IP-50C, less than a year since launch, and the IP-50E slightly longer than that, the amounts that were basically ordered and obviously delivered are quite significant, but obviously just the start. We believe that these amounts will increase further as we move into 2022 for two reasons. First of all, we see more demand coming from more customers or potential customers that are now starting the rollout. Secondly, because obviously there are some regions that have not started yet, the 5G rollout. The combination of these two elements gives us optimism about increased demand for our 50E and 50C. That said, obviously the trials, especially when you are talking about a very prominent Tier 1 operators of the world, is not something that you can kind of underestimate. It takes time. It takes at least 6 months, sometimes even 9 months, until the product has been trialed in the labs and in the field before we get the final approval to start working with the procurements and with the different circles or markets. That's a lengthy process. I believe that at least for the North America trials, we will start seeing orders in the second part of 2022. In Europe, they have just tried our IP-50FX, which is actually a brand-new product, and we just initiated and launched the first version, and they are looking into a second version that will come within a couple of months, that will even be more robust. It's a lengthy process. But from my perspective, it's a very good sign for the longer future. Doron, one more question for you. On the managed services and the disaggregated routing, you know, the new efforts that you're putting in, how quickly do you think that becomes a meaningful part of your overall revenue mix? You know, does this offer an opportunity to reengage with some customers that you may not have been either selling to recently or, you know, maybe driving an incremental amount of business with them? I think that generally speaking, all opportunities are open for us in this domain. I will refer to the cell site router and the managed services separately. In the cell site router domain, I can tell you that we're getting a lot of interest. Some of this interest is coming from existing customers, some of it is coming from new prospects, and we have a very nice list of potential prospects that we have started discussions. Some of them are in more advanced stages, some of them are in less advanced stages, some of those are in trials, some of them have finished trials, and they want to move to the next stages. It will take us some time. I don't think that 2022 will have a very significant amount of revenue coming from this business, but I do expect us to have a nice ramp up in booking. As to the managed services, I think that the more we talk with our existing customers, the more we see their needs for more sophisticated tools to basically run and operate the transport network after deployment. On the one hand, we have a very nice list of existing customers whom we have already engaged with, partially or fully. At the same time, there is a very nice list of new customers. Some of them we have just finished trials for a few months, and they are very happy with us. I expect us to get business in the $ multimillion in the upcoming quarter or two quarters. Some of them are in the private network domain, and there we also are in a position to win the first win, but the potential is huge. Generally speaking, it's a combination. Obviously, when we will be able to announce these wins in more, I would say, details, we will be announcing them. Generally speaking, I feel that the start is obviously coming from existing customers, but there's many opportunities that we see with some new prospects. All right. Ran, just a couple of questions to finish up with you. On the gross margin side, are you seeing any success with, you know, maybe raising your own prices to offset some of the pressure there? You know, you talked about having confidence in returning to the 33%-34%, 35% type of area long term. Do you expect much relief this year on the gross margin side, maybe low 30%? Let me first answer the first question about increasing prices to customers. Yes, we have succeeded in increasing our prices to some of our customers. We actually launched a very detailed and specific plan per region. In some of the cases, we've been quite successful. In some of the cases, I would say it's more challenging. This is going to contribute for the gross margin for 2022. Coupled with the, I would say, some relief in the supply chain and the component shortages, which have been a toll for us in the past few quarters. As I mentioned in my prepared remarks, it's if we hadn't been with these constraints, our gross margin would have been better by 3%. I don't expect that all of this will ease in 2022. I do expect some ease in the gross margin and to have better gross margin, I would say, at about 1%, compared to 2021 in 2022. Great. My last question is on the OpEx side. You know, with the FX impact that you're seeing and, you know, the tight hiring market as well, and how attractive engineers are and all that, do you anticipate, you know, having your OpEx level go up to $22 million a quarter? Or, you know, how do you see it on a quarterly basis through the year? I think that actually Q4 represents relatively what we expect or a little bit higher in 2022 because of the I would say two factors. First is indeed the salary pressure on engineers in Israel, and the second one is the foreign exchange here in Israel, that although has been rebounded a little bit in the past months according to our forecast, we do expect a negative impact on it in 2022. All in all, we do expect the OpEx to be higher than in 2021 on the average, and to be closer to what we have in Q4 or a little bit more than that. Thank you very much. Thanks, George. Thank you. Our next question today comes from the line of Rommel Dionisio. Please go ahead. Good morning, Doron and Ran. Hi, good morning. Good morning. You mentioned, Doron, you talked about re-engineering, or maybe it was you, Ran, that talked about re-engineering some of the products to help improve gross margins going forward. Is that something? Is that a factor that could impact 2022, or will that take a little bit longer to see the benefit of those initiatives? Thanks. It depends because this initiative has a wide spread of effort. Some of them are relatively small in terms of time that need to be invested. Immediately after that, enjoying the new design. In this regard, a portion of it will also impact positively our gross margins in 2022. Some of them are much bigger initiatives and obviously will have a very nice impact on 2023 and beyond that. The short answer is, at least partially, we expect this kind of, so to speak, redesign to have a partial contribution into the gross profit and gross margin, obviously, of 2022 as well. Okay. You know, during your prepared comments, as you were going through the geographies, you talked about, I think, a restructuring in North America. I wonder if you could just, you know. Could you just give us a little more granularity on the rationale and the plans for that, please? In North America, our traditional business was focused on the tier one operators. Yes, we had a very fruitful partnership with some partners in this particular region to basically sell our products to smaller ISPs and to a certain degree, private networks. The focus was primarily on the tier one operators. Now, what we want to do is to increase our focus on the tier three, tier four ISPs and private networks by coming with a slightly different strategy. In places where they are seeking for a one-stop shop, we want to provide them with a full network solution using the great ecosystem that we have with the access vendors with core vendors, and the fact that we've been doing that for a while in other regions. Obviously, we are going to handle this strategy in a very high, I would say, sensitivity so that we will continue also to strengthen the strong partnerships that we have. We see this I would call it unserved market of smaller players who do not have one throat to choke in terms of one-stop shop that can serve them. Either they don't have the knowledge, if it's coming from the private networks, or they don't have the capacity to have the expertise in-house. We believe that this target market also have a good opportunity for managed services. For that, we have actually changed our sales organization, and obviously also the technical people so that we can really focus on this unserved part of the market and win business there. Great. Thanks very much. Sure. Thank you, Roman. Thank you. Our next question comes from Alex Henderson from Needham. Please go ahead. Great, thanks. A couple of questions. Since we start, you just were talking about the U.S. private networks and tier two through four. Can you update us on your relationship with Cambium and whether that's growing or how that business is doing? We have great relationship with Cambium, and we are having a, I would say, recurring calls and discussions about continuing our partnership and strategizing, or actually fine-tuning our strategy in light of what we see in the market. I'm speaking with Atul almost every month, at least once a month. We intend to continue this collaboration because, basically, they are augmenting the needs of their customers with our products, and in some cases, by the way, not only in North America, but also in other regions, we are augmenting our offering with their product. This partnership is fruitful and will continue for sure. Do you expect them to benefit from RDOF and therefore see a meaningful acceleration in that business, as well as potential for your strategy here to capture some of the RDOF business? The short answer is yes. The longer answer is that the nice thing about the partnership between us and Cambium is that they decided that they don't want to be involved in providing with services. They just want to sell their products. We have a different strategy, and we believe that with our experience in software tools, we can provide a very robust services and therefore in many cases, when they come across opportunities through their funnel, where the value-added reseller cannot provide with the services that the customer, the end customer is expecting them to provide, and it happens, we are getting into the picture and taking responsibility. We have seen a couple of such opportunities just recently, and I hope that this stream of opportunities will continue, and I'm sure that we'll be able to collaborate with them further. Well, the RDOF stuff should drive Cambium business. Excluding that services piece, I would assume that would also drive acceleration and demand for your products through that channel. Yeah. Yeah, that's true, but for me, that's natural and it's part of my anticipation for further growth in North America. The only thing I'm saying- When do you think that'll kick in? Sorry? When do you think that'll kick in as a driver? I believe that we can see more business coming, probably towards the second part of the year, because let's not forget, the process is filing applications, asking for grants. It's not a process where you just make your decision and go to the next value-added reseller and ask for this amount of equipment of microwave and this amount of equipment of unlicensed. It's a process, and I've seen a lot of activities of different ISPs filing for grants. It takes time. It's not something that happens within a second. I do believe that we have a good chance to start seeing an increase towards the second part of 2022. You mentioned service a number of times. Is it additive to the growth rate in 2022 in a meaningful fashion? Can it add a percentage point to the growth rate, or is it more of a 2023, 2024, contribution to growth? I don't think that a huge increase in our services beyond the traditional business is baked into our projection. Since we are aiming to manage services, the ramp up is usually reflected in the revenue, kind of, later on. I think it's a build-up for further growth in 2023 and beyond. Will the gross margins benefit or be hurt by services growth? Our assumptions and our use cases are showing that eventually this could help our gross margins. Remember, the idea behind managed services is not just to replace human beings by human beings. It's also to come with sophisticated software tools that can be used remotely to really bring value to the customers. For software that provides value, customers, primarily North America, Europe, developed countries are willing to pay. All in all, we do believe that it will contribute positively to our gross margins. Just to add on that, Alex, I see the same view as Doron, that it will positively contribute to the gross margin. Although usually in the first period, 6 months, 9 months, we do require to have some more, I would say, incremental investment that will pay off over time. We actually have been seeing it in the managed services agreement we announced, I think a year ago, or 9 months ago with the U.S. provider. So we see actually an improvement, and we see also some opportunities in this engagement for upsell, which also contributes positively to the gross margin. Could you talk about mix as we go forward? One of the biggest swings in the mix of your gross margins is the geography that you're selling into. India has been strong in 2021. You've had very strong wins in both Europe and the U.S., which I think carry much higher margins, and take every feature you make available. Will we see a mix shift from a geographic perspective to higher margin geographies in 2021, 2022, and into 2023? We believe that in North America and Europe, the trend up of a stronger business and higher business than in the past will continue. Just for you to remember, actually, the strong year we had in Europe and North America, unfortunately, due to the component issues, was not fully converted into our revenues yet. Obviously, this is a very nice part of our backlog to be consumed next year. Generally speaking, if the issues of the supply chain will come down partially as we expect, we do expect the revenue of Europe and the revenue of North America to become a bigger portion as opposed to India, unless the growth we are seeing or planning for in India will be even bigger. In that case, we'll see absolute numbers go in both, or in the three regions, which will obviously make us very, very satisfied because maybe we'll be even able to exceed the guidance we just gave. Just a couple of quick ones. The Peru build-out, is that now completed? Not yet. There were some challenges due to the COVID that basically held this project progress. Also due to some changes in the government, there are some delays. I would say that at least one of the regions is about to be finished very shortly, and the other two regions will follow. Obviously, pending the discussions with the government and how they want us to continue with this project, given the situation of the COVID and the impact on the economy there. It's not ended yet, but we believe that probably it will end up towards end of 2022, maybe will slip also into the first half of 2023. Okay. Last question, and then I'll cede the floor. The IP-50FX, I heard you say three trials in Europe, one trial in Latin America. You think you said that you expect trials in the U.S., in the second half of 2022. Is that all of the trials or are there or I mean, can you aggregate them and give us a totality of your trial expectations so that we have a little bit better feel for it? It's a little bit disjointed. All in all, we are talking about a list of tens of trials across the globe. North America is not there yet because they are focused on what we call 4G+, which is actually expanding the capacity. By the way, the Tier 1 operators in the region were already introduced to this product in the past, so they know that it exists. In terms of priorities at this point, their approach is slightly different. We're seeing numerous trials or stages of trials, Europe, Asia, Latin America. I don't think I missed any significant one. I think that even in Africa, there is another trial starting now. Tens of trials implies, you know, 20+ trials kind of thing? Yes. Yes. Okay. We have a list of 20+ trials. Some of them were not even able to start because we didn't have so much equipment available for trials. We are speeding up, and we intend to catch up in this quarter, in Q1. Okay. Just last two points on that question. One, what's the gross margin impact of this product once it ramps? I assume it's a lot of software, and therefore it's accretive to gross margins. And does it pull your other products in your line as well? Thanks. So yes, we expect the gross margins to be higher. Obviously region by region, we're analyzing region by region. Generally speaking, the idea is that this product can also connect with our all outdoor solutions as an indoor unit and serve the market that is still seeking for split mount solutions. Not only that, in one of the future versions, this software of the RadioWare would be able also to contact third-party radios, and that will hopefully give even much higher flexibility to potential customers to buy something that is much more cost efficient. Perfect. Thanks. We have no further questions. Please proceed. In closing, allow me to reiterate that in 2021, we enjoyed strong bookings and healthy revenues. We were able to contain the impact of the crisis around us. I sincerely thank our employees for the enormous endurance and creativity they showed in these extraordinary times. While in the short run, we expect to be dealing with the same issues, continued strong demand by our customers brings us optimism. We expect market share growth and margin expansions in the mid and long run. Our goal is to create equal digital opportunities for all people around the world, whether they are in an urban setting or in a rural area. We work to bring reliable communication capabilities everywhere. I look forward to updating you further on our next call. Have a good day, everyone, and thank you.