Ceragon Networks Ltd.

Good day, everyone. Welcome to the Saragon Network's limited second quarter 2020 results conference call. Today's call is being recorded and will be hosted by Mr. Ira Pulte, President and CEO of Saragon Networks. Before we start, I would like to note that this call includes information that constitutes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations therefrom will not be material. Such statements involve risks and uncertainties that may cause results to differ materially from those anticipated. These risks and uncertainties include but are not limited to the effects of general economic conditions, the effect of the COVID-19 crisis on the global markets and on the markets in which we operate, including the risk of a continued disruption to our and our customers' providers, business partners' and contractors' business as a result of the outbreak and the effects of the COVID-19 pandemic, and such other risks and uncertainties, and other factors that could affect our results as detailed in our press release that was published earlier today and as further detailed in Saragon's most recent annual report on Form 20F and in Saragon's other filings with the Securities and Exchange Commission. Such forward-looking statements, including as to the risks and uncertainties and other factors that could affect our results represent our views only as of the date they are made and should not be relied upon as representing our views as of any other subsequent date. Such forward-looking statements do not purport to be predictions of future events or results, and there can be no assurance that it will prove to be accurate. Saragon may elect to update these forward-looking statements at some point in the future, but the company specifically disclaims any obligation to do so. Saragon's public filings are available from the Securities and Exchange Commission's website at www.sec.gov and may also be obtained from Saragon's website at www.saragon.com. Also, today's call will include certain non-GAAP numbers. For a reconciliation between GAAP and non-GAAP results, please see the table attached to the press release that was issued earlier today. I will now turn the call over to Ira Pulte, President and CEO of Saragon. Please go ahead, sir.

Good morning and good afternoon to everyone joining us on the call today. With me on the call today are Ran Vered, our Chief Financial Officer, and Ossie Sessler, Head of Investor Relations. Before getting into the quarter, I hope that you, your loved ones, and coworkers are healthy and well. I want to assure you that our top priority is ensuring the health and safety of all our employees, wherever they are, even as we walk to serve our customers. It has been three months since we first discussed the impact that COVID-19 was making on our business. In some ways, we are smarter than we were then, and in other ways, there is still plenty of uncertainty. But taken as a whole, I believe we are in very good shape. As you can see from the results, Q2 was better than Q1 with improved revenues margins, and net results. All of these metrics came in better than market average projections. With a focus on execution, we have reduced our accounts receivable and inventory, enabling us to generate a healthy $4 million in cash flow while also allowing us to reduce our loans. Our ability to deliver continues to improve day to day.

And perhaps most importantly,