Puneet Pamnani (00:57:46):
Yeah, Ill, Ill add one more thing, you know, I dont know if they question was also about, uh, carrier commitments and, uh, you know, any, any
revenue commitments to them. By and large, uh, thats not an issue for us, you know. We dont have, uh, very many, uh, minimum-revenue commitments to carriers that impact our gross margins, that carriers in this day and age are happy to
engage. Uh, with either those commitments are very, very few of them, right? Like in [inaudible 00:58:13] about almost all instances, in, in terms of what we consume versus, uh, any commitments you may have.
Puneet Pamnani (00:58:19):
So from, even from that
perspective, our utilization is more or less 100%, right?
Jean Creech Avent (00:58:26):
Yup. In kind, in kind of keeping with that spectrum, we had someone ask, Do you, we anticipate, you know, ever needing to acquire spectrum?
Romil Bahl (00:58:36):
Yeah, you dont- Look, I
dont think so, right? I mean. Um, uh, I, I, I love our operating model. I love our business model, right? It is this unique combination of resilience, mission criticality, um, low CapEx, right? And, and high profit, high free cash flow, I, I
just, I just I love it. And so, so lets talk through this, right?
Romil Bahl (00:59:02):
So go back 18 months in time we had a budget approved, you know, sometime in early, uh, 2020. Um, and this is
pre-pandemic, right? And the pandemic hits and sometime in March, you know, were on whatever it was, right? Daily calls, weekly calls with our private equity and our board, and, and Puneet was being
challenged to... Right? Maximize it, uh, all cash and who knew bad things were going to get?
Romil Bahl (00:59:31):
And by golly, I think, he took our forecast down like 30% of 35% or something for the year, right? Um, and since then, every month weve strengthened that
forecast every month, weve gone back down, back down, back. Somewhere in August last year, we went back over the pre-pandemic budget and sort of comfortably ended up comfortably beating last years
budget. Pre-pandemic budget, not some readjusted, you know, Im going to take my guidance down and and Im gonna beat it kind of nonsense, right?
Romil Bahl (00:59:57):
Um, so, so proves mission
criticality, proves that our customers can do what they need without us, proves the resilience of the business, right? And now, you know, you add to the fact that I can use all of these technologies as best suited to meet our customers need. Our job
is to make it work, right? If you, if you, if you remember, sort of nothing else about us, what makes us truly different, um, is the fact that we orchestrate across the entire IoT ecosystem, uh, and are very, very differentiated in our posi- Right?
This, this position show, right?
Romil Bahl (01:00:37):
And so Id like to keep it to that purity. Id like to not have to go out and buy spectrum. Now, you know, never say never, I guess, right? As the
[useful 01:00:48] James Bond says. So, Ill say, um, Ill say that if in the future because of a reason like a private networking, just absolutely exploding, where for example a CBRS-type spectrum in the US might be helpful, maybe, you
know?