Ceragon Networks Ltd. (NASDAQ:CRNT) Q3 2019 Earnings Conference Call - Final Transcript

Good day, everyone, and welcome to Ceragon Networks Ltd. Third Quarter 2019 Results Conference Call. Today's call is being recorded and will be hosted by Mr. Ira Palti, President and CEO of Ceragon Networks.

Today's call include statements concerning Ceragon's future prospects that are forward-looking statements and is designed by -- defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on certain beliefs, expectations and assumptions of Ceragon's management. For examples of forward-looking statements, please refer to the forward-looking statements paragraph in our press release that was released -- was published earlier today.

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks relating to the concentration of significant portion of our Ceragon's expected business in certain geographic regions and particularly in India where a small number of customers are expected to represent a significant portions of our revenues, including the risks of deviations from our expectations of timing and size of orders for these customers; the risk that the current slowdown in revenue from India could extend for a longer period than anticipated; the risk of delays in converting design wins into revenue; risks associated with any failure or -- to effectively compete with other wireless equipment providers; the risk that the roll out of 5G services could take longer than anticipated; and other risks and uncertainties detailed from time to time in Ceragon's Annual Report on Form 20-F and Ceragon's other filings with the Securities and Exchange Commission that represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.

Ceragon's public filings are available from the Securities and Exchange Commission website www.sec.gov or may be obtained from Ceragon's website at www.ceragon.com. Also, today's call includes 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 Mr. Ira Palti, President and CEO of Ceragon. Please go ahead, sir.

Thank you for joining us today. With me on the call is Ran Vered, Chief Financial Officer. Our Third quarter results were disappointing. We had a very strong quarter in APAC, but performance was below our expectations in most other regions for various reasons. At a high level, the main factors impacting Q3 were the slowdown in India and short-term delay on one large project in Latin America.

I want to emphasize a few key points, which aren't apparent from our Q3 results, before we get into the regional business details. During the quarter, we made excellent progress with new customers. We mentioned as 5G design wins on previous calls, and we are making good progress towards another new 5G design win during Q4 as well. This demonstrates two things that operators are continuing to move