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CEVA Inc (CEVA -1.03%)
Q2 2020 Earnings Call
Aug 10, 2020, 8:30 a.m. ET


  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:


Good day, and welcome to CEVA, Inc. Second Quarter 2020 Earnings Conference Call. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions].

I would now like to turn the conference over to Richard Kingston, Vice President of Market Intelligence, Investor and Public Relations. Please go ahead, sir.

Richard Kingston -- Vice President, Market Intelligence, Investor and Public Relations

Thank you, Rocco. Good morning everyone and welcome to CEVA's second quarter 2020 earnings conference call. I'm joined today by Gideon Wertheizer, Chief Executive Officer, and Yaniv Arieli, Chief Financial Officer of CEVA.

Gideon will cover the business aspects and the highlights from the second quarter and provide general qualitative data. Yaniv will then cover the financial results for the second quarter, and also provide qualitative data for the third quarter and full year 2020. I will start with the forward-looking statements.

Please note that today's discussion contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions. These forward-looking statements include guidance for the third quarter 2020, and qualitative data for the remainder of 2020; optimism about 5G opportunities, including expectation of royalty revenue increase in the third quarter associated with 5G base station RAN in China; optimism associated with the CEVA-XC DSP portfolio and PentaG 5G-modem platform, CEVA's ability to play a pivotal role in the O-RAN space; CEVA's ability to leverage opportunities that may arise from the pandemic and the US-China trade tensions, and positive market data by GSMA Intelligence and Forrester Research.

For more information on the factors that could cause a difference in our results, please refer to our filings with the SEC. These include, the scope and the duration of the pandemic; the extent and length of the shelter-in-place and other restrictions associated with the pandemic, and the impact on customers, consumer demand and the global economy generally; the ability of CEVA's IPs for smarter, connected devices to continue to be strong growth drivers for us; our success in penetrating new markets and maintaining our market position in existing markets; the ability of new products incorporating our technologies to achieve market acceptance; the speed and extent of the expansion of the 5G, O-Ran, Wi-Fi and IoT markets; our ability to execute more non-handset baseband license agreements; the effect of intense industry competition and consolidation; and global chip market trends. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

With that said, I'd now like to turn the call over to Gideon.

Gideon Wertheizer -- Chief Executive Officer

Thank you, Richard. Good morning everyone and thank you for joining us today. We are living in an unprecedented times where we all continue to adapt to the implications of the COVID-19 pandemic.

First and foremost, we continue to look out for the health and safety of our employees, customers and partners worldwide. Our employees have stepped up to ensure we meet our customers' milestones and maintain the development schedules of our new products. I would like to take this opportunity to thank our employees for their hard work under these difficult circumstances.

Second, we are closely monitoring the impact of the measures to control the spread of the coronavirus on our ongoing business, and also the strategic opportunities the pandemic uncovers. I will allude to this later in the call. Despite this lingering uncertainty, we had a very good second quarter with revenue of $23.6 million, up 28% year-over-year, the highest second quarter revenue we ever recorded.

The licensing environment continues to be healthy with $13.5 million in licensing revenue, up 25% year-over-year. We signed eight new license agreements, of which three were for smart sensing and five were for connectivity products. One out of the eight deals was with a first time customer. Target applications of our customers include automotive powertrain, a new growth opportunity for us in the automotive space, wearables, true wireless stereo earbuds, and a range of IoT devices.

Royalty revenue came in ahead of expectations at $10.1 million, up 10% sequentially and 33% year-over-year, driven by strength in the base stations and IoT product line, formerly referred to as non-handset royalties. This product line posted 77% year-over-year revenue growth to $4.3 million, comparable to our all-time record high and driven by record high Bluetooth and Wi-Fi royalties resulting from many new IoT production ramp-ups.

In this product line, we expect a step up in our royalty revenues in the third quarter associated with the fast deployment and share gain of 5G base station RAN in China. The handset product line also showed growth, where solid demand for new low-cost smartphones from a US-based customer more than offset weakness in the low tier LTE shipments into emerging markets.

India, which is currently the second largest handset market by volume, experienced a 48% year-over-year decline according to Canalys report, due to supply and demand constraints as a result of the Indian government's measures to control the spread of the virus. Let me take the next few minutes to walk you through our perspective on COVID-19 and the geopolitical tension between the US and China.

On COVID-19, recent market data from research firm GSMA Intelligence predicted that IoT net additions for this year are expected to be down 45% on a yearly basis due to the pandemic. GSMA Intelligence is however maintaining its forecast for 2025 of 24 billion devices, doubling 2019 levels, because it expects strong post-pandemic activities to offset the current decline. With that said, the social distancing measures have uncovered new services for mobile technology including education, healthcare and industrial. The latest UNESCO figures claim that nearly 1.4 billion students around the world have shifted to remote study via mobile technology, in particular in emerging markets where wired broadband is not available.

Furthermore, Forrester Research predicts that more than 1 billion virtual care visits are expected within the U.S. this year. The magnitude and the pace of adoption of these new services call for the persistent and expedited deployment of 5G networks where we believe there will be attractive opportunities for our strong technology portfolio.

As I commented earlier, based on discussions with our customers, we expect to see a sizable production ramp and noticeable step up in royalty revenue for 5G base station RAN in the third quarter. Furthermore, COVID-19 brings forward new usage models for 5G, including Fixed Wireless Access, 5G-enabled PCs and V2X. With our latest CEVA-XC DSP portfolio, and our PentaG 5G-modem platform, we are well equipped and positioned to address these new usage models for incumbents and newcomers.

Onto the geopolitical tension between China and the U.S., the existing export control rules do not directly apply to our current technologies developed in Israel and Europe. We continuously monitor developments on this front, and are prepared to adapt our business as required. A by-product of the trade tensions, the US government is looking to stimulate the use of Open RAN or O-RAN technologies for 5G mobile networks. O-RAN enables mobile operators to mix and match hardware and software components from different suppliers rather than use vertical solutions from a few tier-one OEMs. O-RAN dramatically reduced the entry barriers for software and hardware companies, the majority of which are US-based such as Intel, Facebook, CISCO, Microsoft, as well as new start-ups like Altiostar, Mavenir and Parallel Wireless.

CEVA is aiming to play a pivotal role in the O-RAN space, using the power efficiency of our DSP platforms for the stringent run time and low latency requirements associated with baseband processing. We have gained a lot of experience and pedigree in the RAN space to be able to proliferate the supplier base. On the China front, the central government came out in March with a new ambitious plan called New Infrastructure. The plan highlights investments in seven areas, of which 40% to 50% of the investments are associated with 5G, AI and IoT.

These are areas in which CEVA already has strong presence and deployments in China. We are continuously discussing with our major Chinese customers on how we can expand our presence in China based on this plan. So, in closing, our business in the first half of the year was robust despite the volatility and the uncertainty brought about by COVID-19.

This affirms the strength of our Company, vision and business model. Furthermore, the current situation poses new opportunities for us to expand in O-RAN and China's New Infrastructure plan. While I'm satisfied with our first half performance and the opportunities ahead, the recovery from the pandemic is slower than was anticipated earlier in the year and the US China trade tensions poses additional uncertainty.

We are therefore laser-focused on our efficiencies, productivity, and most importantly, our customer engagements. Our organization is agile, and alert to respond to any positive or negative development in the coming months.

With that said, let me hand over the call to Yaniv for financials and guidance.

Yaniv Arieli -- Chief Financial Officer

Thank you, Gideon, I'll start by reviewing the results of our operations for the second quarter of 2020. Revenue for the second quarter was up 28% to $23.6 million, as compared to $18.4 million for the same quarter last year. It was the highest second quarter revenue we ever recorded. The revenue breakdown is as follows. Licensing and related revenue was approximately $13.5 million, reflecting 57% of our total revenues, 25% higher than $10.8 million for the second quarter of 2019.

Royalty revenue was $10.1 million, reflecting 43% of our total revenues, 33% higher than $7.6 million for the same quarter last year. Royalty revenue from our base station & IoT product line in the quarter was $4.3 million. This is comparable to the all-time record high we reached in the fourth quarter of 2019.

Quarterly gross margin was 87% on a GAAP basis and 89% on a non-GAAP basis, both slightly better than what we projected. Non-GAAP quarterly gross margin excluded approximately $0.2 million of equity-based compensation expenses and $0.2 million of the impact of the amortization of acquired intangibles. Our GAAP operating expenses for the second quarter was just below the high-end of our guidance at $22.1 million.

OPEX also included an aggregate equity-based compensation expenses of approximately $3.3 million and $0.6 million for the amortization of acquired intangibles. Total operating expenses for the second quarter, excluding these two items were $18.3 million, just above the high-end of our guidance. US GAAP net loss for the quarter was $1.1 million and diluted loss per share was $0.05. This compares to a net loss of $1.5 million and diluted loss per share of $0.07 for the second quarter of 2019.

Our non-GAAP net income and diluted EPS for the second quarter of 2020 increased by 130% and 140%, respectively to $2.9 million and $0.12. Non-GAAP net income and diluted EPS for the second quarter of 2019 were $1.2 million and $0.05 respectively. Other related data. Shipped units by CEVA licensees during the second quarter of 2020 were 231 million units, down 11% sequentially, and up 6% from the second quarter of 2019 reported shipments.

Of the 231 million units shipped, 99 million units, or 43%, were for handset baseband chips, reflecting a sequential decrease of 11% from 111 million units of handset baseband shipped during the first quarter of 2020, and a 19% decrease from 122 million units shipped a year ago. Our base station and IoT product shipments were 132 million units, down 12% sequentially and up 37% year over year. As a reminder, we have categorized all of our non-handset baseband chips under the umbrella of base station and IoT products since the beginning of this year.

This product line posted 77% year-over-year growth and 17% sequential revenue growth to reach $4.3 million. As for the balance sheet items. As of June 30th, 2020, CEVA's cash and cash equivalent balances, marketable securities and bank deposits were $157 million. We did not repurchase any shares this quarter under the terms of our 10b-5 plan. We currently have approximately 500,000 shares available for repurchase. Our DSOs for the second quarter of 2020 was 27 days, significantly lower than 63 days we recorded for the first quarter of this year.

During the second quarter, we generated $6.2 million of net cash from operations; our depreciation and amortizations were $1.5 million and purchase of fixed assets was $0.6 million. At the end of the second quarter, our headcount was 401 people, of which 333 were engineers, up from a total of 390 people at the end of March 2020.

Now for the guidance. As demonstrated by our results for the first half of this year, CEVA's product and customer diversity enabled us to mitigate the economic challenges the pandemic presented. We remain focused on our near-term objectives and continue to invest in future growth. As for the second half outlook, prolonged measures to contain the spread of the coronavirus pose economic uncertainty, partially in emerging markets -- particularly in emerging markets where our primary exposure is for low-tier handsets.

On the other hand, we are encouraged by the indicators we have noted in recent customer reports reflecting to the base station and IoT product line and as Gideon just alluded to, we expect a step up in the 5G base station royalty revenue in the third quarter royalty reports. So with that said, we believe the second half royalty revenues will be higher than the first based on the assumption of a gradual recovery in economic activities as the current restrictions are lifted. On licensing, we maintain the licensing target we have forecasted earlier this year of up $2 million to $4 million over the 2019 record annual licensing revenues.

Specifically for the third quarter of this year, gross margin is expected to be approximately 88% on GAAP basis, and 89% on non-GAAP basis, excluding an aggregate $0.2 million for both equity-based compensation expenses, and the amortization of other assets associated with our Immervision investment. Opex for the third quarter is forecasted to be slightly lower than the first two quarters of 2020.

GAAP-based opex is expected to be in the range of $21.5 million to $22.5 million. Of our anticipated total opex for the third quarter, $3.4 million is expected to be attributable to equity-based compensation expenses and $0.6 million to the amortization of acquired intangibles. Our non-GAAP opex is expected to be in the range of $17.5 million to $18.5 million. Net interest income is expected to be approximately $0.7 million. Taxes for the third quarter are expected to be approximately $0.5 million on both GAAP and non-GAAP basis, and our share count for the third quarter is expected to be approximately 23.1 million shares.

Rocco, you could now open the Q&A session, please.

Questions and Answers:


Thank you. We will now begin the question-and-answer session. [Operator Instructions]. Today's first question comes from Matt Ramsay with Cowen. Please go ahead.

Matthew D. Ramsay -- Cowen -- Analyst

Thank you very much. Good afternoon, and good morning everybody.

Gideon, I wanted to just start with a question about 5G in general, for sort of both sides of the business, the infrastructure side and the handset side. And maybe you could step back and kind of characterize where you guys feel like you are competitively and maybe more important, where your licensees are competitively on 5G. It sounds like things are going to start to materially ramp in the third quarter and fourth quarter on the base station side.

But on the flip side, we've seen some share consolidation with Qualcomm and MediaTek on the 5G handset side at the expense of some of your licensees. So if you could just kind of level set how you're thinking about the 5G opportunity for the Company, that would be helpful. Thank you.

Gideon Wertheizer -- Chief Executive Officer

Hi, Matt. So let me start with the 5G RAN. RAN is Radio Access Network, that's the base station. Let me start by saying that 5G has substantially more addressable market for us than in LTE.

And there are four new components in 5G that weren't in LTE. The first one is what is called active antenna. In LTE, the antenna was passive. Now when you go to 5G, and you have this high bandwidth and the fact that you have massive amount of antennas. So the move some of the baseband processing into the [Phonetic] antenna today is done by FPGA primarily. And Huawei was the first company that managed to build it with their own DSP and now our customer moved and come out with a solution based on our DSP.

So that's a pretty sizable market because for every base station, you're going to have between 3 to 110. Each of them will have a processing part of the processing done on the antenna itself on top of what we do on the -- on the base station itself. So that's one area. The other area is, in 5G, you're going to have many more small cells than you have in LTE because of microwave, the millimeter wave. Gradually, operator will start rolling out these services.

The third component that you have in 5G RAN is what is called private network. So, there was announcement coming from Toyota with our customer and Ford. They want to install private base station in their manufacturing line to get these low latencies and the security that they need for their robots in the manufacturing. And the first one, I referred in the call is the O-RAN. O-RAN is an initiative that is for a long time now with the polarization between China and the US, it's stimulated by the government. And that's a very good sweet spot to guys like Intel, like Facebook. They are already active in this area. Microsoft made acquisition in this. And you know, all of them more or less will -- and some other, it effects what we offer.

So all those are areas that were in LTE and 5G -- and in 5G, we are doing. And one of the reasons that we have a step-up in China now is the antenna and the fast deployment. And we serve all those components. And we have a good visibility. I'm very optimistic about the prospects there.

Now, I think you asked about handset or so -- you put it right, it's a consolidated area. MediaTek and Qualcomm is there. We are engaged with our customers in China discussing and have initial ramp on 5G. The way to -- for us to approach the 5G is not through the modern side that is consolidated and people want to build their own stuff. Other than customers that we have there is to go to the application process. Because this is now revolutionized and opened up.

So the camera becomes much more DSP-oriented with feature AI. And also, what is called Conversational AI or a NLP, natural language processing, this is moving to the edge, this is moving to the smartphone, and that's where we are coming with our smart sensing portfolio and getting traction there.

So, you may not see a -- there will not be news in terms of Qualcomm, MediaTek in 5G modem, but there are other avenues that we're going to approach and have engagement. And, you know, the market is not just bringing the ace speed. The merchant chip is also -- the OEMs that are building their own chips and looking for our stuff as well.

Matthew D. Ramsay -- Cowen -- Analyst

Thank you, Gideon. That's great perspective all the way around. As a follow-up from me, I think, Yaniv, you talked about in the guidance, royalties being higher in the second half of the year versus the first half. And it's notable that I would expect the revenue you get from the Intel modem would be significantly less in the back half of the year. So if you could talk about maybe the magnitude that you're expecting out of 5G base station in the back half of the year, just kind of the moving parts on the royalty side would be helpful. Thank you.

Yaniv Arieli -- Chief Financial Officer

Yes. So as you say, there are many moving parts. It was always the case in the CEVA model. And this is why in one hand, it's quite difficult to model this out. And based on the new rules of the 606, we just wait for the customer reports at the end of the 30 days after the quarter end. And then we get the real visibility of how the quarter works out. So in every segment, we have ups and downs, in every segment, we have seasonality.

This year, I think, seasonality and COVID-19 has completely changed. We saw vacuum cleaners have been very, very strong or TVs in the first half of the year, something that is not commonly -- a common practice. Because, people wanted to -- they had more time to shop at home or wanted their house to be cleaner or had more kids around, different rooms, they needed TVs. That's true for Bluetooth, WiFi devices. We just came out of our strongest royalty numbers ever for Bluetooth and WiFi in the second quarter.

And remember, when we stepped into this first -- at the second quarter, at the end of the first, we believe that Q2 will be the low point of the year for us. And from there on, it's going to pick up.

So how long were we -- it was two and a half or three months ago. So very difficult to predict and answer the right answer knowing today how Q3 and Q4 are going to look like. We thought -- you mentioned correctly, the handset space, there is a change, at least with one well-known OEM in the 5G aspects. But, they came out with a very, very successful low-cost version, which is doing extremely well. I think all of us were super surprised by the excellent results they came up with two weeks ago, caught everybody by surprise. And that's part of the very strong second quarter for us as well.

We couldn't have known that in advance, nor do we know how Q3 and Q4 would look like from that aspects or from different aspects. So that's one area. Another area is the emerging economies, as Gideon mentioned, India was down close to 50% in the consumption of phones last quarter. This was because of the curfew and corona, direct impact of people not walking around, being able to go to stores and buying, Amazon is maybe less of a way to buy those lower cost phones. And we -- and now when things open up gradually in the third and fourth quarter, that segment of the market should strengthen for us.

Last, but not least the base station, Gideon just talked about it in length, this -- different indications that we are seeing from our customers. We shared with you last quarter that they have won significant design wins in China, and will have north of 30% market share in that segment. And that's starting to ramp up and be deployed.

So as soon as we get those royalty reports, we will have a much better vision, what's the magnitude of it. There is no doubt that per the different news and deployment data that we are getting, this could be quite significant. But there are moving pieces. So, overall, we believe it's going to be a stronger second quarter. I don't think we have the data to guess right now like we were wrong on the positive side a few months ago for Q2, and we'll just need to look how this play out in the second half on a quarter-by-quarter basis. So, hope I managed to give you a little bit more color on these different moving parts.

Matthew D. Ramsay -- Cowen -- Analyst

Got it. Thanks very much for that. I'll jump back in the queue. But much appreciated.

Gideon Wertheizer -- Chief Executive Officer



And our next question today comes from Tavy Rosner with Barclays. Please go ahead.

Peter Zdebski -- Barclays Investment Bank -- Analyst

Hi. This is Peter Zdebski on for Tavy. Congratulations on the quarter. Regarding the continued strength in licensing, I was wondering how we should think about the sustainability of that. Is it two-way? And given that we saw a bit fewer deals in the quarter versus Q1, is that a headwind at all? Or is it that you're just seeing a bit bigger deal size?

And then if I could have a follow-up. I was hoping if you could give us an update on the integration of the imaging and sensor fusion acquisitions, both from the operational, but particularly from a commercial point of view?

Gideon Wertheizer -- Chief Executive Officer

Okay. [Indecipherable] Hi. Good morning. Let me take first the licensing. So the way we see it is the momentum continues. Don't look at the fact that you have eight or ten or 11, does not mean -- licensing is a -- it's a lumpy business. You have peaks and valleys. You have to look things in perspective. The pipeline looks solid. We managed to continue with those deals [Phonetic]. Now, we have strong interest in our WiFi products, we have strong interest in computer vision products, we have strong interest for Bluetooth. We signed a very important agreement in the powertrain products. This is by itself is going to grow 30%. It's part of the electrification of cars. This space is going to grow by 30% CAGR between 2020 and 2030.

So I mean, we don't see any weakness. Again, this is licensing. It's timing of closing deals. We want to do the complete evaluation with customer, do the legal negotiation properly, commercial negotiation properly, but we are on a solid ground there.

Regarding integration of sensor fusion and imaging, so the sensor fusion, it's part of CEVA already. It's a strong contributor. Yaniv mentioned vacuum cleaner a by-product of the pandemic. We start seeing significant increase in royalties there. With our interest [Phonetic] in -- we are in the PC space, with the industry, we are much stronger on the DTV space. We do cross sales between the CEVA products like voice and sensor fusion.

So it was a smooth integration, like what CEVA is doing, when we acquire a Company, we look on the history, we look at this team, know they do. And then based on this, we make a decision. So that's to do -- did you ask another question?

Yaniv Arieli -- Chief Financial Officer

And I'll add you one more thing that we said earlier that on the licensing front, overall, not on a full quarter basis, we are still reiterating our guidance from earlier this year, which is like $2 million to $4 million on top of the $48 million, which was all-time record high last year. And this means that we are looking to cross the $50 million level for the first time and this is for 2020.

So with all that said, this is still our plan. We kept it last quarter. We are still very confident with it for this quarter, and this is where we are targeting for the rest of the year.

Peter Zdebski -- Barclays Investment Bank -- Analyst

Very helpful perspective. Thank you.

Gideon Wertheizer -- Chief Executive Officer



[Operator Instructions]. Today's next question comes from Suji DeSilva with ROTH Capital. Please go ahead.

Suji DeSilva -- Roth Capital -- Analyst

Hi, Gideon. Hi, Yaniv. Congratulations on the momentum here. So the second half -- the second half guidance for an improvement, can you talk about what you're assuming there in the consumer exposed non-smartphone markets, the volume markets? Are you expecting a seasonality recovery, or kind of still muted demand, a lot of the other areas where I heard your comments on, but I'm curious just the broader consumer non-smartphone?

Gideon Wertheizer -- Chief Executive Officer

So this ties a bit to what we tried to convey a bit earlier. It's an excellent question. And historically, Q3 was seasonally strong [Phonetic] in a lot of these consumer devices. This year, we hope that that's still the case, especially after on one hand, some of the manufacturing was lower in the beginning of the year and picked up in the second quarter. Demand, as people start going back to normal or sort of normal alongside COVID, and they continue work, it should -- that historically, at least it did pick up. Q2 was down in volume in a lot of these IoT devices, although we saw new product ramps, new devices for the first time.

So with those in mind and those new products that just hit the shelves in Q2 with relatively lower volumes because of the pandemic, we do believe that they will continue to pick up. The pace of all this, whether it's a TV or earbuds or vacuum cleaner, TV or all of these other devices that we are powering, it's a lot of moving pieces and from lots of different segments.

And you know what, even one of our customers in the action camera space came out surprisingly with a very strong quarter and increased their guidance for Q3, which is, again, it's not the easiest guess for us, if people don't start taking a bit more vacations, going out to the outdoors. So even that -- that's a good sentiment and good sign that Q3 seasonality is -- maybe, I don't want to say, back on track but on the right track.

And these are the moving parts that we want to see.

Suji DeSilva -- Roth Capital -- Analyst

No. I appreciate the color, Yaniv. I mean, it sounds very optimistic in a challenging environment there. And then the automotive market, you started to talk about it, Gideon. But can you talk about how many wins you have now? You have one. You talked about it in the press release, and what's the timing of potential revenue contribution there is maybe the content per car or things like that?

Gideon Wertheizer -- Chief Executive Officer

We need to -- as you know in automotive, we need to take a deep breath until you go to production. I mean we have activities ongoing with that customer, another customer for all the products. I think in late 2021, we'll see initial product, although nothing [Phonetic] significant, specifically for this product, if all goes well, that's 2023 mass production.

Suji DeSilva -- Roth Capital -- Analyst

Okay. Great. Thanks, guys.

Gideon Wertheizer -- Chief Executive Officer

Thank you, Suji. Good luck.


And ladies and gentlemen, this concludes the question-and-answer session. I'd like to turn the conference back over to the management team for any final remarks.

Richard Kingston -- Vice President, Market Intelligence, Investor and Public Relations

Thanks, Rocco. Thank you all for joining us today and for your continued interest in CEVA. As a reminder, the prepared remarks for this conference call are filed as an exhibit to the Current Report on Form 8-K and accessible through the Investors section of our website at investors.ceva-dsp.com.

With regards to upcoming events, we will be participating in, these are the following virtual events that we will attend in August and September, starting with Oppenheimer's 23rd Annual Technology, Internet & Communications Conference, August 12; Jefferies' Semiconductor, IT Hardware & Communication Infrastructure Summit, September 1st and 2nd; and Citi's 2020 Global Technology Conference, September 8th, 9th and 10th.

Further information on these events and all events we will be participating in can be found on the Investors section of our website. Thank you, and goodbye.


[Operator Closing Remarks].

Duration: 42 minutes

Call participants:

Richard Kingston -- Vice President, Market Intelligence, Investor and Public Relations

Gideon Wertheizer -- Chief Executive Officer

Yaniv Arieli -- Chief Financial Officer

Matthew D. Ramsay -- Cowen -- Analyst

Peter Zdebski -- Barclays Investment Bank -- Analyst

Suji DeSilva -- Roth Capital -- Analyst

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