Gilat Satellite Networks Q1 2023 Earnings Call Transcript

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May 9, 2023

There are 7 speakers on the call.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Gilat's First Quarter 2023 Results Conference Call. All participants are at present in listen only mode. Following management's formal presentation, instructions will be given for the question and answer session. As a reminder, this conference is being recorded May 9, 2023.

Operator

By now, you should have all received the company's press release. If you have not received it, please contact Gilat's Investor Relations team at EK Global Investor Relations at 1-six forty six-six eighty eight-three thousand five hundred and fifty nine or view it in the News section of the company's website, www.gilat.com. I would now like to hand over the call to Mr. Ehud Helf of EK Global Investor Relations. Mr.

Operator

Helt, would you like to begin?

Speaker 1

Yes. Good morning and good afternoon, everyone. Thank you for joining us Today for Gilat's Q1 2023 results conference call and webcast. A recording of this call will be available beginning at approximately noon Eastern Time today, May 9 is a webcast on Gilat's website for a period of 30 days. Also, please note that investors are urged to read the forward looking statements in Gilat's earnings release With a reminder that statements made on this earnings call that are not historical facts may be deemed forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Speaker 1

All such forward looking statements, including statements regarding future financial operating results, the anticipated results. Gilat is under no obligation to update or alter these forward looking statements whether as a result of new information, future events or otherwise, and the company explicitly disclaims any obligation to do so. More detailed information about the risk sector can be found in Gilat's report filed with the Securities and Exchange Commission. With that, let me turn to introduction. On the call today are Mr.

Speaker 1

Adi Fadia, Gilat's CEO and Mr. Gil Beniamini, Gilat, CFO. I would now like to turn the call over to Adim Paj.

Speaker 2

Thank you, Ehud, and good day to everyone. I want to thank you for joining us today for our Q1 of 2023 earnings call. 2023 started very well for Gilat. The Q1 of 2023 was another quarter in which we showed solid Our growth was broad across multiple business areas and totaled 15% compared to the same quarter last year. Adding to that, the significant improvement in our profit margins with gross margin reaching a multiyear high of 42% An adjusted EBITDA of $8,400,000 more than tripled the adjusted EBITDA of the same quarter last year.

Speaker 2

As you can imagine, I am very pleased with the results of the Q1. Looking ahead, we are increasing our profitability expectation for the year. We expect GAAP operating profit of between $16,000,000 to $20,000,000 and adjusted EBITDA of between $31,000,000 to $35,000,000 While keeping the revenues guidance at the same level of between $260,000,000 to $280,000,000 2023 is turning It's now to be a very strong and profitable year for Gilat. I am pleased to highlight 3 major activities achieved this quarter. First, we continue to make great progress with our strategy to be the partner of choice for the satellite operators.

Speaker 2

2nd, we signed This quarter a strategic agreement with a leading IFC service provider with the potential of tens of 1,000,000,000 of dollars for the Development and supply of electronically steered antenna. And third, we signed an agreement to acquire Datapas Inc, a U. S. Defense integrator to significantly boost our defense offering focusing on the U. S.

Speaker 2

Department of Defense. I will now focus on some additional B2C shipments and opportunities. The new era of satellite communications continued to be a primary focus for Gilat. We strengthened and expanded our strategic relationship With the satellite operators SES and Intelsat receiving orders of $1,000,000 of dollars during the Q1 of 2023. During the Q1, Ispasat, a leading global satellite operator based in Spain chose guides for Gilat's next generation platform for its new highly flexible and efficient Amazonas Nexus satellite.

Speaker 2

This is further testament to the great market acceptance of SkyEdge 4 As we experience additional operators choosing Gilat's net generation platform, we have a growing pipeline of operators that see the value of the Skyj Pro, which was designed to meet the need for VHPS multi orbit, software defined satellites and Sales and multiple applications. Particularly noteworthy is the expanded strategic partnership with SES to include O3B Classic, SCS's existing neo constellation, in addition to SkyJpo already being the platform of choice for the O3 BNPAR and SCS WTI. Furthermore, Intelsat is strengthening its strategic partnership with Gilat and enjoying the multi service capabilities of Gilat's platforms and terminals such as in flight connectivity and cellular record. As a reminder, Skyjoy was chosen for Intelsat High Throughput Satellite IS40, which was launched last month. In our SSPI product line, we are on track with previously reported product With significant potential for large NGSO constellation, the IFC segment remains a strategic market and significant growth engine.

Speaker 2

As I mentioned earlier, I'm excited to share the win for a major ESA project with the potential of tens of 1,000,000 of dollars with the leading IFC service provider. The ESA terminal will enable us to increase our IFC presence with an additional product And to enter new market segments such as IFC for business jets as well as connectivity for government and military aviation. This 3rd Easter project is an important turning point and growth engine as we enter to the new promising and growing Easter market. Furthermore, We are collaborating with our partners on several potential projects for both ESA and IFC transceivers product line. In addition, Intelsat continued to expand its global IFC network to include both Skyj4 and Skyj2C working together.

Speaker 2

This demonstrates a great advantage to our partners on upward compatibility while protecting their past investments. We expect even further expansion as IFC picks up and intends to broaden the global coverage with increased capacity to serve additional aircraft. Gilat's platforms will operate on multiple satellites including EtailSat IS-40E, ISpassat Nexus IS-forty 6 And you to start E10B. During the Q1, we signed an agreement to acquire Dettabas Inc, the U. S.

Speaker 2

Defense Satellite integrating is a major step in our initiative to increase our presence in the strategic growing defense market. The acquisition is an important milestone for the expansion of Gilat's business into the U. S. DoD and government sectors as well as into other international government and defense markets. The acquisition price is a fixed component and an airline component That together totaled to an enterprise value of up to $45,000,000 As part of the acquisition, Gilat will assume approximately $15,000,000 of data plus debt Mainly to banks and most of the remainder of the purchase price of up to $30,000,000 including the Ena portion will be paid in Gilat shares.

Speaker 2

I am pleased that we are progressing well with the closing of the transaction that is subject to certain regulatory approvals, mainly CFIUS Approval in the U. S. We expect our revenues in the defense sector to increase by approximately $50,000,000 on a yearly basis following the closing of the acquisition, which is expected in the Q3 of 2023. In addition, this quarter, we launched 2 new products for the defense market that We expect to further enhance our offering. 1st is the Enduance, a modular, hot swappable, high power amplifier solution designed to disrupt the industry by its ability to replace existing satcom solution based on cube technology.

Speaker 2

The U. S. DoD is already evaluating This SSP aims for a significant Satcom program. Once certified, we expect follow on orders Valued $1,000,000 per year in the coming few years and the ability to pursue additional USD and commercial programs. The second addition to our portfolio for the military and government market is the new satellite modem Skyj4 Turasem.

Speaker 2

This new modem can also operate with SkyH 2C and as such protects past investments of customers who have already adopted Gilat's leading platform. In our strategic cellular vehicle growth engine, we continue to expand our global presence with multimillion dollar of orders. We continue to receive orders from leading mobile network operators as well as from satellite operators who have chosen Gila as the lead technology for cellular backhaul, including this quarter in Australia, Latin America and Africa. In the enterprise market, 2 deals stood out during the quarter. 1st, in Asia, a multimillion dollar order was received to expand and advance disaster response national network to ensure service continuity.

Speaker 2

And second, in Latin America, a world leading financial service company is deploying 1,000,000 of dollars of Gilat technology across In Peru, We made progress this quarter with Ponateros accepting the network in our 5th project in the ICA region. This will allow us to shift to the operation phase and provide services to customers. Furthermore, I am pleased to report that in January this year, Gilat Peru received About $3,200,000 as initial payment for the 1st arbitration of the 2 arbitrations once against Conatel And the Peruvian Ministry of Communication in 2018 and in 2022 for a total amount of approximately $29,000,000 To conclude, I believe that Gilat today is in its best position it has been in a long time. Revenue is growing strongly with bookings, backlog and pipeline at a very healthy level. This is due primarily, but not solely To the strengthening and growing of the relationship with the satellite operators, to significantly build our position in the defense market with the agreement to acquire Datapart and to embarking on initial terminal projects for IFC with the potential of tens of 1,000,000 of dollars.

Speaker 2

Just as important, Looking ahead, we are well on track with our revenue expectation for 2023 of between $260,000,000 to $280,000,000 representing year over year growth in revenues of 13% at the midpoint. We are increasing our profitability expectation. GAAP operating profit of between $16,000,000 to $20,000,000 and adjusted EBITDA of between $31,000,000 to $35,000,000 presenting year over year growth of 31% at the midpoint. I'm looking forward to a successful year in materializing many of the opportunities discussed as well as capturing additional large projects. And with that, I hand over to Gil Bin Yamini, our CFO.

Speaker 3

Gil? Thank you, Adi. Good morning and good afternoon to everyone. I would like to remind everyone that our financial results are presented on both GAAP and non GAAP We regularly use supplemental non GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. We believe that these non GAAP financial measures provide consistent and comparable measures to help investors understand our current and future operating performance.

Speaker 3

Non GAAP financial measures mainly exclude the effect of stock based compensation, amortization of purchased intangibles, lease incentive, amortization, litigation, income or expenses, income related to trade secrets claims, Restructuring, reorganization costs, merger, acquisition and related litigation income or expenses, impairment of held for sale assets, Other expenses, income tax effects on adjustments, one time changes of deferred tax assets and one time tax expense related to the release of The reconciliation table in our press release highlights these data and our non GAAP information presented I will now move to our financial highlights for the Q1 of 2023. Overall, as Adi mentioned earlier, we are very pleased With a strong start of 2023, we reported a 15% year over year growth in revenue and a significant improvement in profitability. Non GAAP gross margin was at a multiyear high at 42% And our adjusted EBITDA reached $8,400,000 more than 3x over Q1 last year. We're well on track with our revenue targets For the year and today, we also increased our GAAP operating profit and adjusted EBITDA guidance, which I will cover later. In terms of our financial results, revenues for the Q1 were $59,000,000 16% higher than those of Q1 of last year, which were $51,400,000 The improvement was driven by growth in the Satellite Network segment, mainly from the PHTS and NGSO, IFC and Cellular Backhaul Verticals.

Speaker 3

In terms of the revenue breakdown by segment, Q1 'twenty three revenues of the Satellite Networks segment were $33,500,000 compared to $24,800,000 in the same quarter last year. Significant increase mainly resulted from the large deals This quarter to our strategic customers in the IFC and maritime markets. Q1 'twenty three revenues of the Integrated Solutions segment were $12,900,000 compared to $13,700,000 in the same quarter last year. Q1 2023 revenues of the Networks Infrastructure and Services segment were $12,500,000 compared to $12,900,000 in the same quarter last year. I would now like to summarize our Q1 both GAAP and non GAAP results.

Speaker 3

Our GAAP gross margin in Q1 2023 Grew to 42% compared to 32% in the same quarter last year. The improvement in our gross margin was due to a particularly favorable product According to the trailing 4 quarters and in light of the annual guidance, the gross margin in the trailing 4 quarters was 38.6 compared to 33.4 percent in the trailing 4 quarters that ended on March 31, 2020 GAAP operating expenses in Q1 'twenty three were $17,700,000 in the quarter at a relatively Similar level of those of the same quarter last year. We've received a first payment of approximately $3,000,000 For the first of 2 arbitrations, 1 against Ronatel and the Ministry of Communications in Peru in 2018 and in 2022 For a total amount of approximately $29,000,000 which is included only in the GAAP numbers and offset Much of the increase in the operating expenses in the quarter. GAAP operating income for the quarter improved to $7,000,000 compared to an operating loss of $1,000,000 in the same quarter last year. GAAP net income in the first quarter It was $5,600,000 or diluted earnings per share of $0.10 This is compared to a GAAP net loss of $2,500,000 or a loss per share of $0.04 in the same quarter last year.

Speaker 3

Moving to the non GAAP results. Our non GAAP gross margin in Q1 2023 Improved to 42% compared to 32% in the same quarter last year. Non GAAP operating expenses in Q1 2023 were $19,500,000 compared with $16,700,000 in the same quarter last year. The increase was mainly due to an increase in R and D expenses support our long term business growth. Non GAAP operating income for the quarter improved to $5,300,000 compared to an operating loss of $300,000 in the same quarter last year.

Speaker 3

Non GAAP net income in the Q1 was $3,800,000 or diluted earnings per share of $0.07 This is compared with a net loss of $1,800,000 or loss per share of $0.03 in the same quarter last year. Adjusted EBITDA for the quarter was $8,400,000 over 3x improvement compared with an adjusted EBITDA of $2,500,000 the same quarter last year. Moving to our balance sheet. As of March 31, 2023, our total cash and cash equivalents, Including restricted cash were $89,700,000 compared with $87,100,000 on December 31, 2020 And compared to $75,100,000 as of March 31, 2020, we did not hold any debt. In terms of cash flow, we generated $6,200,000 in operating activities during the Q1 of 2023.

Speaker 3

DSOs, which exclude receivables and revenues of our terrestrial network construction projects in Peru, were 77 days, Higher than previous quarter's DSO, which were of 72 days. The increase was impacted by a decrease in revenues, partially offset by a decrease in receivables due to higher collection in the quarter. Our shareholders' equity as of March 31, 20 totaled about $260,000,000 compared with $244,000,000 at the end of December 2020. Looking ahead, as I already mentioned, we have increased our GAAP operating income and EBITDA guidance for the year. Our expectations remain for a strong 2023 with revenues of between $260,000,000 to 2 $16,000,000 to $20,000,000 representing year over year growth of 81% at the midpoint And adjusted EBITDA of between $31,000,000 to $35,000,000 representing year over year growth of 31% at the midpoint.

Speaker 3

That concludes my financial review. I would now like to open the call and would be happy to take your questions. Operator?

Operator

Thank before pressing the numbers. Your questions will be pulled in the order they are received. Please stand by while we poll for your questions. The first question is from Chris Quilty of Quilty Space. Please go ahead.

Speaker 4

Thanks guys. Great quarter here. Just want to follow-up on the satellite networks business, which seem to be the Real revenue strength, I think you mentioned that there were a couple of large programs in IFC and maritime, I think. Should we view that as sort of a one time lift there or do you feel good about sort of an upward trajectory through the balance of the year?

Speaker 2

Hi, Chris, it's Adi. Indeed, we said last time that we had a record year both in IFC and cellular backhaul In order in 2022 and we are now seeing the outcome in revenues, We had also a very strong quarter both in IFC and cellular backhaul During this quarter, we'll see continued strong revenues from both the Lobeckle and IFC during the year. We also have maritime revenues, but it's not as high yet. It will take time to be a significant growth engine. In addition, we see a lot of business From the satellite operators for NGSO and VHTS satellites, Related or not related to IFC and Stellullar backhaul.

Speaker 2

So altogether, it drives the growth In revenues this quarter and the growth in profitability.

Speaker 4

Great. And I think One more launch with O3B, Empower and SES expects to turn on service in Q3. How does that impact you in terms of terminal sales? Are you seeing a pull now in advance of shipments or Do you expect that to happen more in line service launch?

Speaker 2

I think it's a combination. First, I know the SDFs and satellite operator needs to be ready for service launch. So they need to deploy a lot of equipment, Especially on the gateway side and the modems, I guess, we'll see more revenues Once the service is launched, when they will start to deploy with customers.

Speaker 4

And where are you with the gateway rollout on Empower?

Speaker 2

Progressing. There is 2 types of gateways, regional one and Local one, so the regional ones are already deployed and the local ones, it depends on the business FCS brings From each and every country, so it's vary between their expectation for the new business over there.

Speaker 4

Good. I noticed that the inventories were up a little bit in Q1. Was that a Timing related issue or do you have big orders going out in Q2?

Speaker 2

I think it's a combination of the 2. First, we are now seeing the increase after we said in the last, I think, 18 months that we are starting to By inventory for 24 months because of the lead time, we are starting to see Inventory coming to our warehouses. There are several projects that we bought inventory and we

Speaker 3

I can say that in general our inventory management Based on the delivery forecast and it also reflects our actual growing business. As Adi said, part of the growth is due to the mitigation of the supply chain issues that we've dealt with.

Speaker 4

Great. While I have you, just a question on the OpEx. It looks like both R and D and SG and A were up pretty big on a percent basis year over year, but It's more flattish on a sequential basis. Is it fair to assume that this is a better run rate through the balance of the year for a lot of the OpEx? Are there any seasonal issues or whatnot we should look for?

Speaker 2

Yes. I think on terms of sales and marketing and G and A, It should be give or take flattish 3rd year, but we do expect R and D on a yearly basis to grow. We have several large projects that we need to deliver. We are getting awards of additional projects that It will require us to continue and recruit headcount. So I expect R and D to grow.

Speaker 2

Just as a reference, we have tons of open positions in R and D, both in Israel and worldwide, Just to accelerate development and be able to deliver what we promised to our customers. And it's already factored in our guidance.

Speaker 4

Great. Final question and I guess a little bit forward looking, but when the DataPath acquisition closes, Is it fair to assume that all those revenues will get folded into integrated solutions?

Speaker 2

Good questions. It's still under discussion here and we haven't decided yet How it will reflect it in the segments? I guess that once we'll be close to the acquisition, we'll advise on that.

Speaker 4

And I guess maybe to follow on that, I mean you already have the WaveStream business here in the U. S. How will Is there any opportunities for integrating the overhead or facilities or anything between those 2?

Speaker 2

Facility is going to be a bit challenging because it's a 2 different location. But from overhead Perspective, no doubt that we'll try to optimize and share relevant resources. We have no intention of reducing headcount, mainly because of the fact that We are very lean in meeting our day to day management. We haven't increased our headcount when everyone We are doing it only based on relevant needs. I think that there is a lot of synergies between DataPath and WaveStream and DataPath and satellite networks and we'll optimize On that, I think that the most synergy that we see is on the top line where we can drive our Revenues into the defense market.

Speaker 4

Got you. I forgot one last important question. Obviously, a big announcement around the IFC and the flat panel antenna contract. If I recall, a couple of years ago, you guys were Primarily looking at that product line, you get built out, you're in design to a certain point, but have indicated that we really weren't going to make big investments until Saw a direct customer opportunity. Obviously, that opportunity has arrived.

Speaker 4

Is it fair to assume that You'll have some incremental R and D to bring that product up to operational specs or is there some NRE involved in there?

Speaker 2

It's a combination of increasing our R and D, NRE revenues and it's About 24 months development and certification cycle and then Significant amount of units to be delivered every year. It's a very large potential for us And it's opened the door for us for future investment in this growing ESA market segment. Everything is already factored in the guidance that we gave.

Speaker 4

Great. And remind me, this is a Ku or a Ka?

Speaker 1

This is a Ku. Great.

Operator

Thank you. Thank you. The next question is from Gunther Karger of Discovery Group. Please go ahead.

Speaker 5

Yes. Thank you. And Again, congratulations on a nice quarter, Adi. And two questions. Question 1, with the Coming merger between SCS and IntralStab, will that have any material impact, positive or negative on Gilat?

Speaker 5

And The second question is regarding Defend's business globally. Do you care to make any comment on any specific new projects globally in

Speaker 2

the defense area? Hi, Gunther. Nice to hear from you again. So I think both SVS and Intelsat are a strategic customer for us. Such a merger, The combined company will be even significant larger customer.

Speaker 2

I think it's easy to say What such move will do to our business on the long term? I think on the short and the mid term, I don't expect any change In their purchasing decisions, we work closely with both of them. Their product is part of our roadmap. We In general, we see this as a positive in many ways. At the end, it's always easier to interact With 1 large customer on all fronts, but on the other hand, it's always one customer it poses additional risk.

Speaker 2

So to make a long story short, we consider this as a positive effect on Gilat. As for your second question about the large defense program, There are a lot of programs that we are participating in the RFP. Several of them are very large, but we cannot at this point give more information on them. I hope that soon we'll be able to announce some awards and then we'll see where we are going to.

Speaker 5

Thank you, Adi. With regard to the defense question, I meant to include also the Homeland Security and disaster recovery type of programs, anything

Speaker 2

in that area? Yes. So, disaster and recovery, we do see a lot of business, especially in Asia. We even announced a month ago a program like that. Usually, it's not a Huge program, several $1,000,000 per year.

Speaker 2

We saw that in back in the Philippines and other countries. And we are tracking those projects. Some of them are considered to be cellular backhaul like

Operator

The next question is from Alon Lath of Netaf. Please go ahead.

Speaker 6

Hi. Can you hear me? Hi, Alon. How are you? Good.

Speaker 6

Thank you. Thank you for having the option to ask questions. First of all, about the guide, I mean, $260,000,000 to $280,000,000 does it include any portion of DataPath revenues or it is not? If so, why is it increasing? And if not, what should be the prospect for that assuming that the QSE deal is closed?

Speaker 2

So in general, the numbers are pre DataPath acquisition. And once the deal will close, we will update our guidance, but I expect around $60,000,000 per year. So now you can divide it here the quarterly, so around $50,000,000 per quarter.

Speaker 6

Okay. Thank you. And then about the gross margin, You jumped there. I mean, you said that we should look at the 20 12 months, but maybe some explanation, more detailed explanation about What are the specific items that contribute to the gross margin to the very large increasing gross margin and to what extent it should support Expansion going forward.

Speaker 3

So, as I said Before analyzing Gilat on a quarterly basis, it's a bit or maybe problematic because of the fluctuation And the way that we recognize revenues. In this quarter, comparing to Q1 of last year, most of the change was due to favorable deal mix, Meaning deliveries of products with higher gross margin and this comes mainly from the IFC market, which has higher Gross margins than Gilat's average. Looking forward, We do believe that over time the gross margin will grow With the growth of volume and as we discussed in the last Of course, in our new platform, the Sky H4, we have a higher software component. And as it deploys, You'll see that impacting our product mix and we believe We can reach steady gross margins in the area of 40% in the longer term. In addition to that, In the business of Peru, as Adi mentioned, we got The submission of the 5th project now on the 6th and last project construction and construction revenues are associated with lower gross margin.

Speaker 3

So as these will these revenues are expected to be in the next year And then we'll move only to the operations. And with that, it will push the gross margin average higher as well.

Speaker 6

Thank you. What should we assume about the capital expenditures once the Peru is done? So

Speaker 3

Peru expenses are not CapEx. So our CapEx level should be around the same level of last year.

Speaker 2

Alon, I think it's important to understand that And I would say that the CapEx level of Gilat, it really depends on projects, especially managed project, managed service projects. Some of them are in Peru that we need to invest at the beginning and later on to see service revenues And this can create a lot of fluctuation in the company. The regular run rate without managed service is between 6 $7,000,000 $8,000,000 And then managed services, it really depends on the project. It can be Few 100 up to several 1000000. It depends on the project and the potential on the project.

Speaker 6

Understood. About Tax rate, we've seen a large tax rate this quarter. Is it something that we should expect also going forward?

Speaker 3

I think that the tax rate First of all, the taxes of Gilat are comprised of many countries and so it has impact of Several tax regimes, I think that in this quarter, the tax rate is quite normal. Last quarter, we had a one time tax expense because of releasing the trapped Earnings in Israel, but looking at this quarter, this is quite normal.

Speaker 6

I see. So what kind of effective tax rate should we assume?

Speaker 3

I would say that we should rely on this quarter's tax rate and we can assume

Speaker 6

Okay. Last question, I mean, you spoke about the Also Intelsat spoke about a project there which should be deployed with Alaska Airlines. Maybe a bit of color to what extent there is an overlap between that project or it's different angles to the same segment?

Speaker 2

So, first of all, the deal for the terminal is not with Intelsat. In Intelsat, Every new customer that they bring in, they need to usually increase their Ground equipment with us and buy modems to be installed on the aircraft. So the deals they announced will drive more business for Gilat, but not related to the ESA terminal. Intesaat buys terminals from other vendors. Their main vendor is CECOM.

Speaker 5

Okay. Thank

Speaker 1

you very much. Thank you, Ivan.

Operator

The next question is a follow-up question from Gunther Parger of Discovery Group. Please go ahead.

Speaker 5

Yes. Thank you for taking my final question. With regard to China, is there any further delay regarding the China Airways, The IFC projects and the high speed rail projects.

Speaker 2

Yes. On the speed rail project, No. I would say that this project is there a long time ago. On in flight connectivity, we are mainly cooperating with The service providers, which has also deployment in China, so if Intelsat will get an award from Chinese Airlines will use our equipment. We do have also baseband that installed with China stuff.

Speaker 2

So there are also some opportunities with local service providers.

Speaker 5

Thank you, Hardi, and good luck.

Speaker 2

Thank

Speaker 3

you,

Operator

There are no further questions at this time. Mr. Binyamini, would you like to make your concluding statement?

Speaker 3

I want to thank you all for joining us on this call and for your time and attention. We hope to see you soon or speak

Operator

Thank you. This concludes GWAS' 1st Quarter 2023 Results Conference Call. Thank you for your participation. You may go ahead and disconnect.

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Gilat Satellite Networks Q1 2023
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