RADCOM Limited (NASDAQ: RDCM), a leader in cloud-native network intelligence and service assurance solutions, has announced its financial results for the first quarter of 2024, showcasing a record revenue of $14.1 million. This figure represents a 17.5% increase compared to the same period last year, marking the company's nineteenth consecutive quarter of revenue growth. Alongside this, RADCOM has reported its highest-ever cash reserves and a renewed multi-year contract with Rakuten Mobile. The company's focus on expanding sales, particularly for 5G solutions, has led to an optimistic outlook for the remainder of the year, with raised revenue guidance and strategic investments planned in key areas.
Key Takeaways
- RADCOM's Q1 2024 revenue reached a record $14.1 million, up 17.5% year-over-year.
- The company reported the highest cash levels at $85.3 million.
- Renewal of a multi-year contract with Rakuten Mobile and deployment of RADCOM ACE on AWS.
- Raised the lower end of 2024 revenue guidance to between $57 million and $60 million.
- Investment in sales and marketing has reflected positively in Q1 results.
- The company plans further investments in R&D, sales, marketing, and potential strategic acquisitions.
Company Outlook
- RADCOM is optimistic about continued growth in the second half of the year.
- Expectations of maintaining a similar trend in Q2 as seen in Q1.
- The company is focused on increasing market share and capturing more opportunities, especially in Europe.
Bearish Highlights
- The telecom industry is experiencing budget cuts and reduced spending.
- Challenges are present in delivering a modern API-driven, microservice-based architecture for 5G.
- Slower than anticipated adoption of advanced 5G features like network slicing.
Bullish Highlights
- RADCOM's solutions are well-positioned to assist in the transition to modern, software-based, and cloud-based networks.
- The company's platform aids customers in reducing costs and managing networks more efficiently.
- The optimism is based on the inevitable adoption of 5G and the company's ability to address industry challenges.
Misses
- No specific financial misses were reported in the call.
Q&A Highlights
- Discussion about the strategic use of cash, considering M&A transactions, dividend, or share buyback.
- RADCOM has generated $15 million in cash over the last three years.
- The company's strategic focus remains on stability and increasing market share despite industry challenges.
In conclusion, RADCOM Ltd's first-quarter results demonstrate robust financial health and strategic positioning within the telecom industry. Despite the broader challenges faced by the sector, the company's focus on innovation and market expansion, particularly in the realm of 5G technology, positions it favorably for future growth and resilience.
InvestingPro Insights
RADCOM Limited (NASDAQ: RDCM) has not only reported impressive revenue growth but also holds a strong financial position according to the latest InvestingPro data and metrics. Here are some key insights:
- The company's market capitalization stands at $149.3 million, reflecting investor confidence and the market's valuation of RADCOM's business.
- With a Price to Earnings (P/E) ratio of 39.31, RADCOM is trading at a valuation that suggests investors are expecting higher earnings in the future. This is further reinforced by the company's positive revenue growth, which was 12.05% over the last twelve months as of Q1 2023.
- RADCOM's gross profit margin remains high at 73.31%, indicating efficient operations and strong pricing power over its cost of goods sold.
In addition to these metrics, RADCOM's strategic financial management is highlighted by two InvestingPro Tips that are particularly relevant to the article's context:
1. RADCOM holds more cash than debt on its balance sheet, which is a testament to the company's prudent financial management and positions it well for future investments and strategic acquisitions.
2. Analysts have revised their earnings upwards for the upcoming period, signaling confidence in RADCOM's growth trajectory and potential for increased profitability.
For readers interested in a deeper analysis, there are 11 additional InvestingPro Tips available, which can provide more comprehensive insights into RADCOM's financial performance and market position. To explore these tips and gain a fuller understanding of RADCOM's investment potential, visit https://www.investing.com/pro/RDCM. Don't forget, you can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Full transcript - Radcom Ltd (NASDAQ:RDCM) Q1 2024:
Operator: Ladies and gentlemen, thank you for standing by. Welcome to the RADCOM Limited Results Conference Call for the First Quarter of 2024. All participants are present in a listen-only mode. Following management's formal presentation, instructions will be given for the question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded and will be available for replay on the company's website at www.radcom.com later today. On the call are Hilik Itman, RADCOM's Interim CEO, and Hadar Rahav, RADCOM's CFO. Please note that management has prepared a presentation for your reference that will be used during the call. If you have not downloaded it yet, you may do so through the link in the investors section of RADCOM's website at www.radcom.com/investor-relations. Before we begin, I’d like to review the Safe Harbor provision. Forward-looking statements in the conference call involve several risks and uncertainties, including but not limited to the Company's statements about its momentum, growth, future profitability, expected levels of gross margins, its ability to drive the business forward in 2024 and beyond, its full year 2024 revenue guidance, opportunities to expand sales with new logos for 5G and in the cloud and GenAI ecosystems, its pipeline, its leadership and innovation in artificial intelligence and as a cloud assurance vendor, the potential benefits of its Software-as-a-Service solution, the ability of RADCOM ACE on Amazon (NASDAQ:AMZN) Web Services to allow operators to achieve higher levels of automation and insights, future investments by operators in their networks and 5G, its expectations with respect to research and development and sales and marketing expenses and headcount, as well as grants from the Israel Innovation Authority, and the company's expectations with respect to its relationships with Rakuten, AT&T and DISH. The company does not undertake to update forward-looking statements. The full safe harbor provisions, including risks that could cause actual results to differ from these forward-looking statements, are outlined in the presentation and the company's SEC filings. In this conference call, management will refer to certain non-GAAP financial measures, which are provided to enhance the user's overall understanding of the company's financial performance. By excluding certain non-cash stock based compensation expenses that have been expensed in accordance with ASC Topic 718, financial income, expenses, acquisition related expenses, and amortization of intangible assets related to acquisitions, non-GAAP results provide information helpful in assessing RADCOM's core operating performance and evaluating and comparing the results of operations consistently from period-to-period. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles. Investors are encouraged to review the reconciliations of GAAP to non-GAAP financial measures included in the quarter's earnings release, available on our website. Now, I would like to turn over the call to Hilik. Please go ahead.
Hilik Itman: Thanks, operator. Good morning everyone and thank you for joining us for our First Quarter 2024 Earnings Call. My name is Hilik Itman. Before being appointed by the Board as Interim CEO, I served as RADCOM’s Chief Operating Officer since 2020. I was responsible for the product development and customer success teams. Before becoming COO, I served as Vice President of R&D from 2015 to 2020. During this time, I led our product transition from software to virtualization and finally to the cloud, including all the additional AI-powered capabilities and automation features provided to our customers as part of our solution offering. I want to thank the board for trusting me to lead the business as Interim CEO. Since assuming the role, I have worked closely with the management team to ensure business continuity and that our positive momentum and profitable growth continue. The mandate is clear, and we are laser-focused on leveraging market opportunities to expand our sales with new logos for 5G. Turning to the first quarter results. We continued our strong positive momentum from 2023 into the first quarter of 2024 with record first quarter revenue that increased by 17.5% year-over-year, a nineteenth consecutive growth quarter. We achieved our highest-ever cash levels, ending the quarter with $85.3 million. We continued our profitability strategy and achieved positive income on a GAAP and a non-GAAP basis. We had an encouraging start to 2024 by renewing our multi-year contract with one of our key strategic customers, Rakuten Mobile. We continue to extend our collaboration and strengthen our partnership with this innovative operator. The contract extension includes advanced AI powered analytics for its private cloud, enabling Rakuten Mobile to drive more automated network operations for its nationwide rollout. This partnership with Rakuten demonstrates our market leadership and innovation in AI, automation the telco network cloud, and 5G. In addition we announced that a US telecom operator extended its contract to use RADCOM ACE. In this contract, the value we offer is that our solution will run on AWS as SaaS. It is also available on other cloud platforms. Deploying RADCOM ACE on AWS will enable this operator to achieve a higher level of automation and gain real-time insights into the network. Operators rely on assurance to navigate a smooth transition to 5G and the cloud, and our goal is to be the leading assurance provider for this transition. Hence, we want to offer telecom operators the ability to choose whatever cloud provider or deployment model they want and use our innovative assurance technology to manage their network transformations. SaaS is a popular cloud computing offering that delivers a turnkey solution. Operators can access our cloud-based assurance software quickly and gain its benefits as it has already been installed and configured. It also offers cost savings as operators don’t need to invest in additional infrastructure. Furthermore, operators can scale their solution usage up and down based on specific needs. Offering SaaS provides customers with flexible options that can generate more sales opportunities for us in the future. This project reinforces the importance of our strategic journey to become a leading cloud assurance vendor and offer operators flexible SaaS options for deploying assurance in the cloud. Turning to our customers and sales pipeline. We continue to provide innovative software enhancements and new releases to our install-based customers to help them manage their networks, deliver more automation, and save operational costs. AT&T and DISH remain key strategic customers, and we believe our business will remain strong. In addition, as I noted previously, our business with Rakuten Mobile remains strong following the renewal of our multi-year contract. Our pipeline is healthy, based on our RADCOM ACE product line, and includes a good mix of new and existing customers. We see significant growth potential in our pipeline and have increased our sales team to ensure we fully capitalize on the growth opportunities ahead of us. We continue to work within the 5G cloud ecosystem for private, public, and hybrid networks. In the public cloud, we offer potential customers integration with all three leading public cloud providers. Our investments in the cloud ecosystem are bearing fruit, and we believe our integration with cloud providers will help generate additional opportunities. In previous calls, we mentioned the importance of Gen-AI and that all the leading public cloud providers or hyperscalers are emerging as having a pivotal role in the Gen-AI ecosystem. We see an opportunity to use our unique telco-centric assurance skillset to help operators manage their networks, as they partner with hyperscalers entering the telco space to facilitate operators' smooth transition to the cloud. Last year, we announced our position as one of the first assurance vendors to harness the power of GenAI for real-time management of 5G networks, RADCOM NetTalk. Our team continues to work on embedding Gen AI technology into our solutions to enable innovations that help operators manage their networks more dynamically and efficiently through AI and automation. As part of this effort, we announced the integration of our GenAI applications with AWS. Although GenAI is in the innovation stage, customers see our innovation and thought leadership in this space, which can be a door opener that leads to other sales opportunities. We continue to engage with operators globally through our sales and marketing activities, including direct meetings, tender processes and conferences. Operators are continuing to invest in their networks and roll out 5G. In the current macro-economic landscape, operators are looking for innovative solutions to help them reduce costs while seeking additional revenue due to their significant investments in 5G. In addition, operators must ensure their subscribers enjoy top-quality services in this highly competitive market, a critical use case for assurance. This is an opportunity for RADCOM. Operators can use our solution to ensure service quality, while driving operational efficiencies and generating revenue through services like private networks for enterprise customers. RADCOM continues to be engaged in multiple opportunities for our innovative solutions at different stages of maturity. We continue to enhance our software with additional automation, intelligence, and AI-based capabilities and integration into the cloud to add value and expand our customers' use cases. The North Star that guides our product roadmap is to make networks more intelligent and autonomous through AI-powered analytics. We will continue innovating to help operators become more efficient and increase revenues for 5G. We announced Generative AI Application Support for Amazon Web Services, so operators can roll out new services fast on AWS while improving operational efficiencies using RADCOM ACE enhanced by generative AI. RADCOM is a company with many years of expertise in the telco space. We know how to analyze data and deliver valuable insights into telecom operators. So, we approach all our product innovation from this unique perspective, starting from a foundation of good data and telco-domain knowledge. By building GenAI products on top of this solid foundation, we are leveraging our know-how to provide innovative solutions that enable operators to use natural language to tap into the wealth of data RADCOM ACE produces, helping operators work faster and more cost effectively. To summarize. Based on our good visibility into 2024, overall market opportunity, and unique market position supporting telecom operators as they roll out 5G and optimize costs. We remain well-positioned to drive the business forward in 2024. Our multi-year contracts also provide a strong backlog, driving consistent results and giving us good visibility. We are confident in delivering the fifth consecutive year of revenue growth, increasing our profitability, and continuing the last four years of growth momentum. This gives us the confidence to raise the lower end of our 2024 revenue guidance to $57 million to $60 million. With that, I’d like to turn the call over to Hadar Rahav, our CFO, who will discuss the financial results in detail.
Hadar Rahav: Thank you, Hilik, and good morning, everyone. To review our financial performance, while the slides contain GAAP and non-GAAP results, I will mainly refer to non-GAAP numbers, excluding stock-based compensation, acquisition-related expenses and amortization of intangible assets related to acquisitions. Now, please turn to Slide 8 for our financial highlights. First quarter revenue grew by 17.5%, reaching a new record of $14.1 million. This represents a 19 consecutive quarter of year-over-year revenue growth and an increase from $12 million in the first quarter of 2023. At the same time, we continue to manage and control our expenses while investing strategically and efficiently in increasing our investment in sales and marketing. This resulted in non-GAAP net income of $2.8 million for the quarter. Our gross margin on a non-GAAP basis in the first quarter of 2024 was 74%. Note that our gross margin can vary slightly from quarter-to-quarter, depending on the revenue mix. We expect that the second quarter will remain at a similar level. Our gross R&D expenses for the first quarter of 2024 on a non-GAAP basis were $4 million, a decrease of $168,000 compared to the first quarter of 2023. With the market evolving rapidly, our continued investment in research and development to extend our technological leadership within this space is vital. This is a key enabler for our future business. We will continue to invest strategically in R&D and maintain similar expenses as in 2023 to enhance our RADCOM ACE solution, increase our 5G capabilities, expand our AI-driven insights, and seamlessly integrate our solution into the cloud. Excluding any impact from exchange rates, our R&D expenses in the next quarter will remain at a similar level with a slight increase. During the quarter, we received a grant of $209,000 from the Israel Innovation Authority, compared to $262,000 in the first quarter of last year. As a result, on a non-GAAP basis, our net R&D expenses for the first quarter of 2024 were $3.8 million, compared to $4 million in the first quarter of 2023. We expect the Israel Innovation Authority grant to remain at a similar level in the second quarter. As announced in previous calls, we continue strategically investing in sales and marketing to expand our business and capture more opportunities in the 5G market. Towards the end of 2023, we made an incremental investment in sales and marketing. In the first quarter of 2024, sales and marketing expenses reached $3.8 million on a non-GAAP basis, an increase of $747,000 compared to the first quarter of 2023. In the following quarters, we expect a gradual increase in sales and marketing expenses to support an increasing pipeline of opportunities. G&A expenses for the first quarter of 2024 were $1.2 million on a non-GAAP basis, an increase of $210,000 from the first quarter of 2023. Thanks to increased revenue and careful expense management, operating income on a non-GAAP basis for the first quarter of 2024 was $1.7 million compared to [$800,000] (ph) for the first quarter of 2023. Net income on a non-GAAP basis for the first quarter of 2024 was $2.8 million, $0.18 per diluted share, compared to $1.8 million, or $0.12 per diluted share, for the first quarter of 2023. On a GAAP basis, as you can see on Slide 8, our net income for the first quarter of 2024 was $762,000, or $0.05 per diluted share. This compares to a net income of $621,000, or a net income of $0.04 per diluted share for the first quarter of 2023. At the end of the first quarter of 2024, our headcount was 296, the same as the previous quarter. We expect our headcount to remain similar in the second quarter. Turning to the balance sheet. As shown on Slide 11, our cash, cash equivalents, and short-term bank deposits were $85.3 million as of March 31, 2024. That ends our prepared remarks. I will now turn the call back to the operator for your questions.
Operator: Thank you. Ladies and gentlemen, at this time we will begin the question-and-answer session. [Operator Instructions] The first question is from Alex Henderson of Needham & Company. Please go ahead.
Alex Henderson: Thanks. It's a nice quarter and certainly a great start for 2024. I wanted to address the linearity implied by the large [beating] (ph) 1Q versus only taking the low end of the guidance up. Was the first quarter a little lumpy quarter in terms of a lump into the quarter and hence we should anticipate a more moderate result in the upcoming quarters in terms of the growth rate?
Hadar Rahav: Okay. Hi Alex. Thank you for your kind words. So as you saw we raised the lower end of the other revenue guidance and we updated the guidance to $57 million to $60 million, which means that we are likely to have a higher second half of the year in terms of the revenue. And if no change in the ForEx, we expect a similar trend on the bottom-line. As announced in the previous calls, we continue to -- strategically investing in sales marketing to make sure we have great visibility and enough boots on the ground to capture more opportunities in the 5G market. So part of the revenue increase will be used for sales investment, but most of it will go down to the bottom line.
Alex Henderson: Okay, so in the second quarter relative to the first quarter, it's fairly stable sequentially, I assume?
Hadar Rahav: Yes.
Alex Henderson: Looking at the pipeline, you obviously had some nice news on Rakuten. The deal with Rakuten does sound like it's an expansion, not just a renewal. Can you talk about the size [upsell] (ph), all that's going?
Hadar Rahav: So the new renewal of the contract is going.
Alex Henderson: Yeah, so can you talk about the upsell to your larger partners, not just Rakuten, the Dish as well as any others that you want to mention or put together. What does the large cohort of the top Tier 1s look like in terms of ability to upsell in 2024 and for that matter into 2025?
Hadar Rahav: So about the contract with the Rakuten, the renewal is in the same way as the previous one, but it has a few opportunities for extension around AI products and services. We have -- with our existing customers, different opportunities in our pipeline, and we believe that some of them will be executed in the second half of 2024.
Alex Henderson: If I were to look at the pipeline, I think you said it was evenly split between both new customers and existing customers. Is that how you're expecting the incremental growth to play out? Or is it more due to new customers driving the upsell to the revenue?
Hadar Rahav: No, both. Also from existing and from a new customer, our pipeline is including a mix of opportunities from existing and from new customers.
Alex Henderson: So evenly split between the two or is there a [bias] (ph) to one type versus the other?
Hadar Rahav: No. I'd say [indiscernible].
Alex Henderson: Just in terms of the new product, I think you guys have had a fair amount of new technology announcements and new product announcements. Can you just talk a little bit about whether that's -- something that's starting to metastasize into the revenue streams?
Hilik Itman: I can think about the technology side of this product. Actually, you know that the GenAI now is bringing to the table a new very dramatic opportunities, I mean technology-wise. And we are actually [acquiescing] (ph) a lot of information, and our product is based on a lot of knowledge in the telecom, especially in cellular fields, and the combination between the two of these spaces, I mean the information that we capture and analyze and save in our customers and the GenAI capabilities in understanding a lot of information and knowledge base, bring a lot of significant capabilities for us. And we believe it will bring a lot of opportunities in the future and even now with the engagement that we have with customers in this area.
Alex Henderson: All right, I'll seat the floor. Thanks.
Operator: The next question is from Arjun Bhatia of William Blair. Please go ahead.
Arjun Bhatia: Yeah, perfect. Thank you so much and very nice job on the start of the year. Maybe actually to continue on that last point, like -- when you think about all the new capabilities on all the innovation that you've added into the platform, obviously you're doing a lot with AI, with analytics, et cetera, right? And how do you think your pricing strategy might evolve as you look at your existing customers? Obviously, it's a [sticky] (ph) and you want to capture the value. So talk about whether you think there is pricing power over time and how you maybe intend to use that as a lever.
Hadar Rahav: Okay, so if you look --.
Arjun Bhatia: No, if you generalize. Okay, Hadar, you can keep going.
Hadar Rahav: I would like to start with the SaaS model. So if you look at the SaaS model, for example, so it's a win-win situation. On the one hand, it's saving costs for the operator and the operator saves the infrastructure and for us -- for RADCOM, as more operators will switch to the SaaS model, you know the marginal cost will decrease and we will improve the [other related] (ph) gross margin. So this is from the financial aspect. Hilik, do you want to add anything?
Hilik Itman: No, no.
Hadar Rahav: Okay.
Arjun Bhatia: Okay. Got it. And then so I guess the other piece, just as you're making more sales and marketing investments, can you just help us understand a little bit about how those are, how you're executing on those? I mean, is that mostly new sales reps that you're hiring to go after, new telco accounts that you don't have? Is it pipeline conversion? I assume a lot of this, I think we touched on this a little bit last quarter, that it's following the 5G ramp, and that's kind of where you're really focusing. But how is that -- how is kind of the execution on that front going, and where are the new reps kind of being targeted?
Hadar Rahav: So we are following very carefully the evolution of 5G and primarily the 5G [Sender on] (ph) and as we announced in the other previous call, we saw that the early adapters in the market are in North America and in some advanced countries in Asia like Japan and South Korea. And there we focused on the last few years. In the last year, we started to see that more work then start to progress, mainly in Europe, and you know that Europe is more scattered or more operators in a small country so we want to have enough coverage and to make sure we have enough boots on the ground, as I say. And therefore, we extended our investment in sales and marketing and this [up we see] (ph) in order to make sure that we capture more and more opportunities and increase our market share. You might see this increase, this increase has already been reflected in the results of the first quarter. And we may see an additional increase, a gradual increase in the second half of the year. Is that answer your question, Arjun?
Arjun Bhatia: Yep, yes, very helpful, Thank you.
Hadar Rahav: You're welcome.
Operator: The next question is from Jeff Meyers of Cobia Capital. Please go ahead.
Jeff Meyers: Thanks guys. Congratulations on a good start to the year. I just wanted to ask about your cash position reach over an all-time high. What are your thoughts about that? Have you thought about a share buyback or a tender offer or something along those lines?
Hadar Rahav: Okay. So in the last three years we generated about $15 million and it gives us a very strong position in the market and allows us to engage and to take more risk. Last year we did our first M&A transaction and we want to make sure that we have enough cash and sufficient level of cash to execute other relevant opportunities of M&A. Dividend or buyback is something that is being discussed and the board and the company may allocate the limited level of cash for this purpose, but we don't see it as the key, as the strategic use of our cash. We use our cash for stability, for increasing our market share. And as I said we want to maintain a sufficient level to engage and to make another M&A transaction.
Jeff Meyers: Understood. I mean, I think you guys -- it seems like you have enough cash to do all three things to maintain stability, do a buyback, and any acquisitions you might look at. But congratulations again. Thank you.
Hadar Rahav: You're welcome. Thank you.
Operator: The next question is a follow-up question from Alex Henderson of Needham & Company. Please go ahead.
Alex Henderson: Thanks. So listening to virtually every person who sells into the telecom space, it seems pretty clear that most of the telecom industry is under duress and cutting back on their budgets and spending. There's clearly been some challenges around the 5G core in terms of delivering a true multi-vendor, modern API-driven, microservice-based architecture. And so when I talk to virtually every other company in the category, they're telling me that we are kind of in telecom winter here and that the pace of adoption of 5G is going to be slower than originally expected with challenges around delivering some of the advanced architecture, new features like network slicing and the like that were intended to monetize the 5G investments. So, yeah, I think it was obvious that AT&T had tried to go down the path of multi-vendor and ended up with cutting out Nokia (HE:NOKIA) and going with Ericsson (BS:ERICAs). So how does all of that affect you? Are you negatively impacted by it, or are you alternatively, and I think is the right answer, the answer to the problem, and actually amplified by those issues, because you're the solution to get them to the next plateau.
Hilik Itman: Yeah, exactly. I think in order to understand all the 5G evolution in the right context. But all the technology transition are derived from some valid and strong business. So actually 5G is the -- I think is the only way for transition to modern software-based and cloud-based networks for the telecom. So, from what I see – when we saw -- the telecom is keeps going to the autonomous journey. I think that the train has already left the station. I know that there is some difficulties, but again, we are in the best position in this space and we have a lot of things to bring to the table to help them with this journey, with the assurance and not even with new aspects. So I think that we are in a good position in all this 5G transition and autonomous network position. I think it's going together and I don't see any way that it will not happen eventually. Thank you. You have more questions about it?
Alex Henderson: Well, there's clearly a problem, right? I mean I don't think there's any issue that anybody believes that the 5G core is working as expected. And AT&T was kind of at the center of that with the decision to go multi-vendor to standardize on Ericsson. So given the observation that this problem is the Rakuten, actually is the RADCOM products, the key to solving those problems. And so instead of slowing investment, they're actually accelerating investment with you.
Hilik Itman: Yes, that's true. I think that the fact that we are dealing with this space, with all the 5G and cloud native transitions, and we bring the platform that the customer relies on with these transitions. So it's put us in a good position. We saw it in -- with all the customers that we are working with around all these 5G transitions. The newcomers, it's very significant that they are relying on our technology because they reduce costs by reduce people and we are in the best position because with our platform you can manage your network more efficiently and more in a scalable manner. So yeah, I think it's very helpful to work with us on all this area.
Alex Henderson: Okay, thanks.
Operator: Thank you. This concludes the RADCOM Ltd first quarter 2024 results conference call. Thank you for your participation. You may go ahead and disconnect.
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