 Hi, this is Salim Bhartia and welcome to you for today. We have with us once again your heart be at land CEO of Petercom. Yehan is great to have you back on the show. Thanks for having your backs up now. I appreciate it. Last year, we talked a lot about the adoption of 5G private wireless networks. That option continues to grow. A lot of reports keep coming out that the market will continue to grow. But I want to hear from you. What do you see? Where are we heading? What future holds for private wireless networks in 2023? We see a lot of traction right now in different industries. We're focusing very specifically on logistics, manufacturing, and also on transportation airports and so forth. We feel that there's a lot of opportunity for the US to bring back manufacturing here. And to do that, we need a lot more robotics, automation and so forth. And in order to do that, then we need robust wireless networks. And that's where private wireless comes into play, where mobility plays into it, security, cybersecurity, and also latency. So that's where 4G and 5G networks come into play. And we see growth in those areas driven by those industries. And since you're talking about manufacturing, and if I'm not wrong, the tips and science tech, that also wants to bring a lot of manufacturing back here. So do you see these kind of, a lot of initiatives from the government will also help? If you go to that for geopolitical reasons, with China, Russia, but then specifically China looking more and more threatening to Taiwan, we have more than 90% of our chips at manufacturing right now is in Taiwan. So obviously, that's a geopolitical concern for the government and for us in the US. So they have a lot of incentive programs for companies to bring back chips at manufacturing to the US to be less focused on Taiwan. So Taiwan is still going to continue to be a great partner, of course, but there's probably going to be a higher proportion of chips at over time being created here, manufactured here in the US on shores, driving basically the manufacturing industry that we talked about before. As we are looking at bringing a lot of manufacturing, you know, stateside, do you think the infrastructure, especially when we talk about IT infrastructure and people may not realize it, but the fact is that network is like the highways of the modern economy without networking, nothing will work. So is the infrastructure ready, or you think that we still need a lot of work to do to get that infrastructure in place? So when we do bring all these industries here, we don't have to do any struggle or roadblocks. What I think is missing, if you think about where we put these manufacturing facilities, it's usually a little bit outside of the big cities, and sometimes really far outside of the big cities, which means the connectivity is an issue. So sometimes we need to bring fiber there, we don't have fiber and so forth, but what's pretty much always missing is a secure wireless networks. Usually the carriers, the big M&Os, they're building more for the urban, suburban spaces where there's high density, and they're not really covering these places very well. So what we see is there's a really big need for more infrastructure in these manufacturing facilities, which are always placed pretty much outside of big cities where coverage is not great for a lot of different reasons. So there's definitely more money that needs to be invested in infrastructure on the IT side as well. Can you talk a bit about how private wireless networks, and of course, you and I talked about earlier, I think two or three years ago when the government released a spectrum to further enable 5G adoption also. It's not as expensive to deploy these private networks. So talk a bit about how these developments will also help those industries, and then we'll also talk about 5G versus 4G, but later on, but let's talk about the technologies that are there. 4G and 5G, we deploy these technologies actually more or less like you deploy Wi-Fi network, which means that we're deploying it behind our customers firewalls, which means that their data never leaves their own firewalls. It always stays within their network, and they quite like that. And then if you compare Wi-Fi compared to 4G and 5G, 4G and 5G have much better mobility. The network is really built for mobility and also around security. There's just a lot more cybersecurity hardening opportunities when you're using a 4G and 5G network on the edge in particular, where Wi-Fi is not really built for that. So what we're finding is that a lot of these business critical applications for manufacturing and for logistics, Wi-Fi is just not robust enough. Wi-Fi will always be around, but it's going to be around more as a mass adoption technology. But for these business critical applications, that's really where we find ourselves deploying 4G and 5G private wireless networks. When do you see that 5G network will surpass 4G? How far are you in that journey? Right now 4G is the biggest technology for sure. It's a big ecosystem, right? So you need the networks, you need the radios, but you need the devices, and then you need the apps. So it's a pretty big ecosystem that needs to come together here. And we're starting to see more devices in 5G this year, of course, than last year. So as devices become more and more readily available, we're going to see 5G overtaking 4G deployments. But we're still a couple of years out before we really see that. So we think this year, as well as next year at least, we're going to have more 4G networks being deployed than 5G networks in this space. Earlier, you were talking about, of course, the adoption of these technology will be across industries, but there are certain industries that you are focused on. Talk a bit about some of these industries. Let's look at both ways. How private 5G or private wireless networks will kind of enable these industries, like teleportation, you talk about manufacturing. And on the other way, how the growth of these industries will also help the adoption of private networks. Oh, yeah. It's kind of a virtuous cycle, where COVID put a lot of pressure on our global supply chain. There was a lot of capital, and we all realized how fragile our global supply chain is. Then, of course, we have geopolitical issues, Russia, Ukraine, potentially China, and so forth as well. So all of this is really driving a more focus on domestic manufacturing. And, of course, we need more logistics in order for that to happen as well. To shorten these supply chains, to be less dependent on manufacturing is over that we built for decades and decades and decades in China and other places. And in order for that to really to work out, we need private wireless. So even though we might go into recession, maybe it will be mild and so forth, these are huge initiatives that will continue to be funded and driven. And back to your earlier point, the government is very much aligned with that and is also pumping money into that type of spending as well for industries to make those choices. So I think we're in a really good spot. I'm not going to say that it's a recession proof, but it's as close to that as you can possibly come, I think, because there's such a big need for it. But I want to ask you just to pick manufacturing and transportation. What will be the impact of private networks on these industries? There are a lot of things that they want, but I mean, not that they want, but it will enable them to do a lot of things like on the manufacturing, on the floors. In fact, they use a lot of IoT devices, a lot of things are there. So I just want to understand how private network built kind of further enable these industries to grow rapidly within the states. It will make it go faster and it will also be able to offset the fact that we have worked for decades and decades and decades on offshoring these type of industries, which means that there's just not a lot of skill sets out there, right? Because that's kind of skill sets. There haven't been the jobs here in the US so far, right? So we need to build a lot of automation into these industries in order for the industries to really work, to be able to pick up the capacity that we have spent decades and decades on outsourcing. And that's really how private wireless and automation really comes into play. So specifically manufacturing, for example, if you think about an assembly line and you think about how often that needs to be reconfigured, which is really quite frequent. Right now, they have cut five cables into every single one of those manufacturing stations, which makes it quite hard to reconfigure both physically and also logically. But if we have a private wireless network there instead, you can actually reconfigure these workstations and these assembly lines very quickly. So that's just one use case that is quite practical that we see that the manufacturing industry is using right now. Can you give some examples of a transportation industry also, if possible? Yeah. So on the transportation industry, so if you think about airports, for example, you have business critical applications, for example, luggage scanning. And when you need luggage scanning the most is, of course, at the peak hours of the airport. That's when you have the most capacity, the most volume. If you're using Wi-Fi in your scanners, because you're scanning the bags down as it comes off the conveyor belt underneath the gates and to get uploaded onto the airplane, then the Wi-Fi capacity is, of course, much lower because we have all the other passengers and so forth. They're logging on with their laptops, with their smartphones, etc., using Wi-Fi. So then the luggage scanners don't work very well. But if you have a dedicated private wireless network, it doesn't really matter how many passengers you have going through, how much of the spectrum they're using, because we're using different spectrum than Wi-Fi. And therefore, you will have a much more consistent service with the predictable demand and the predictable supply as well. Let's talk about the innovations, developments that are happening within the 5G ecosystem. And also, if you can quickly also talk about the rule of beta com in this sector. 5G is a standard, of course, a 3G to P standard. And what we're waiting for right now is release 2016, which is sort of the next version of the standards. So our partners Qualcomm, Airspan, and so forth, they're working very closely now with the new standard. So we get all these new features, which will come with much better latency and more robustness in general, I would say. So we're working closely with our partners. We're testing out different devices, testing out different applications with the latest software and hardware from our partners to make sure that it actually works end to end as well. Because we also need the standard is one thing, but once you start building, according to the standard, there's so many ways to interpret things, you also need interoperability testing between different devices, between different network nodes and so forth. So that's kind of where we come in, right? We're making sure that it all works end to end. John, thank you so much for joining me today. And I would love to have you back on the show. Thank you. I would love that too. Thank you so much, thumbnail. Very nice to be here. Very good. See you again.