Cambium Networks Corporation (NASDAQ:CMBM) Q2 2023 Earnings Call Transcript

Atul Bhatnagar: Let me — first of all, we don’t comment on any of the recruitment, any of that. So Eric, I will not go there. But I’ll pass it to Andrew. Andrew can give a little more color on the cost reduction.

Andrew Bronstein: Yes, thanks for the question. So we are — we do have headcount reductions, both in terms of employees as well as contractors. When you look at it in total, it’s about 10% of the workforce. As we said, there’s a total of a $14 million annualized cost savings. About $9 million to $10 million of that is headcount related and about $4 million to $5 million of it is non-headcount related to contracts and R&D type projects that are being delayed or deferred into next year. But not that we believe that we are going to be a stronger company as a result of this. Its — we are going to be a very much agile company and looking forward to success in the coming quarters ahead.

Erik Suppiger: Very good. Thank you.

Atul Bhatnagar: During Q3 ’23, Cambium Networks will be meeting with investors virtually on August 9th at the Oppenheimer Annual Internet Communications Conference. And we will present and meet investors in-person on August 29th at the Jeffries Semiconductor, IT, and Communications Technology Summit in Chicago, and on September 19th at the Northland Capital Markets in Institutional Investor Conference in Minneapolis. In the meantime, you’re always welcome to contact our Investor Relations department at 847-264-2188 with any questions that arise. Thank you for joining us. And this concludes today’s call.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.