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To: FJB who wrote (2339)	2/9/2022 1:35:44 PM
From: FJB	2 Recommendations Recommended By frmrVZguy JCnieuwenj Respond to of 2386

Craig Ellis The next question relates to a point that came up a quarter ago, and it was the fact that the massive IoT business was breakeven in the calendar third quarter. And I know at this point in its growth, that might be a little bit lumpy quarter to quarter. But can you just talk about the visibility you have to massive IoT being, one, more consistently breakeven and then, two, consistently moving into profitability, when might that occur? And what are some of the things that would drive this to sustained profitability in that business from here? Georges Karam When you talk about profitability, it depends what you load under massive IoT, right? So, in general, we tend to talk about our legacy business, which is – include all what we have and take out the 5G investment, if you want. This is in referring to the timeline and so on, what we have spoken about. We remain in this game. If we take this year, in average, with the growth factor – growth targets we put to our ourselves, if I take out the 5G investment, definitely, we'll be profitable as a company. There is no doubt on this. And, obviously, the driver behind it making this growth because you can imagine the broadband is very limited, the services, they are what they are, they're more flat, so the main growth is coming from massive IoT that we said doubled year-over-year in terms of product revenue. And we expect to continue to see it, the growth on the massive IoT is expected, if not doubling, in any case, to be close to 70%, 80% – 70% this year year-over-year. So, the main growth is coming from this segment. And this is based on the – again, the four segments I spoke about between smart homes, smart cities and the tracking and the health and medical, with design win in hand, turning to mass production. And this is what gives us the confidence that we'll achieve this.