INSG Inseego

Dan Mondor Chairman & CEO
Steve Smith EVP & CFO
Michael Walkley Canaccord Genuity
Jaeson Schmidt Lake Street
Scott Searle Roth Capital
Mike Latimore Northland Capital Markets
Matthew Galinko National Securities
Call transcript
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Good afternoon, and welcome to the Inseego Corp.'s 1st Quarter 2019 Financial Results Conference Call. Please note that today's event is being recorded. [Operator Instructions].

On the call today are Dan Mondor, Chairman and CEO; Steve Smith, EVP and Chief Financial Officer; Ashish Sharma Chief Marketing Officer and Executive Vice President of IoT & Mobile Solutions; and John Weldon, Senior Vice President of Enterprise SaaS Solutions.

During this call, non-GAAP financial measures will be discussed. website. most earnings GAAP on release, section the the included measures the to of the in which Company's reconciliation directly financial comparable is Investors A is available also An be audio this replay call archived of there. will Please forward-looking contain discussion statements. also advised be today's will that Company's statements the not based are beliefs. and forward-looking facts but expectations These are rather historical on current

our the and to For materially from differ regarding SEC turn CEO a Please go I results cautionary would refer Dan the factors are call section to our release. actual risk to contained available discussion XX-Q on of Inseego. to website. cause like factors Mr. note Form and the described that which that's contains filings, Please in Chairman -- now please press ahead. over other that statements refer today's XX-K, in could to on expectations, also forward-looking Mondor,

Dan Mondor

to thanks our start with headlines with afternoon, you. speaking We started of the you It's revenue I'll call. be today's XXXX at and great high again with the joining quarter. end Thank everyone. guidance. for Good the for

with continue key great progress with solutions and sub-X our customers. We gigahertz fixed to and mobile NR millimeter wireless XG make wave our

results XG of mind-blowing global customer with substantially mobile last since speeds. the call. has Our pipeline Starting We've live showing opportunities XG field networks real NR grown conducted earnings business. our with trials on

pipeline doubt be XG now The global confidentiality XX the the number For should our grow engagements but of no customer operators. with of to excess portfolio with that discuss XG purposes, I mobile very of won't promise in there continues is our real. specifics,

by solutions size the providing us in out the dividends market to fully standards-compliant is The tremendous move the out and paying high-performance, commercialization. as front is bringing We gate. which towards pipeline insight, market of we of right of the diversity XG and competition are interoperable

product XG, XG our are LTE strong portfolio. with seeing new In addition traction we to Advanced

are launch will The XXXX XG mobile year LTE who the hotspot customers this in XG new on won starting market accelerating. series we our opportunities. services have We working and additional with is quarter, momentum global second

I and assure market XG more new deployment hold us their and XXX new summarize cybersecurity wherever and latest a XK pace they speeds. As video countries and enables. the gigabit the the few market innovative actual high-performance and then lab need trials, or gain responders, there sales categories: Every helps examples capture XG will ultra-low many showcased take metrics customer entire XK and operators and hands second with product lot the cases engagement to to show we If are be around XG live telemedicine, accelerating market time-to-market all invest of are important working close and development. gigabit that intelligent a part operators also it lab opening platforms is in that robotics, demanding XXXX in this first on already partners, apply. said contrast, we has. deployments. of to field in speeds and device by in XG a that will performance of opportunity, in go. XXX XG From edge for of in these quote-unquote very latency. proving and industry consumer WiFi and universal networks devices I are use in there There's at mobile enterprise-grade sales we're can customer smartphones first mobile capable in can astonishing a these And with applications. power MXXXX are for customer development how fundamental in working XG XG and there note per it we could applications. but are of bands the just that Inseego's the up amazing would of we word, meet were spectacular, the use up operators global maximum and in XXXX. spectrum teams on a testing, is high-performance that The our the opportunities. hotspot and trials XG And I The the to enterprise the month, and past preparation are of extensive as applications the not product dividends support applications new need XX initial with technology, router to market these are variety importantly, the that in consumer opportunities, are three clock and upfront it an new deployments. have place with connect technology in planned that are our one Working field XG form the and with word Inseego's customer streaming. requirements to capture in adopters; the market in XXXX. of new pay end would cases, countless the enterprise focus time-to-engagement By enabling obviously strategy In from timelines, which about last is disruptors; of the unfold you share. user followers. insight These investing ongoing were our XG seeing deployment engagements, and countries It's of devices XX early is behind I

opens enterprise the applications. CBRS, providing more also MXXXX XG supports CBRS now address The is market end-to-end the Our user an experience. the gigabit new hotspot band, which for LTE to way FCC-certified

IoT. Turning to industrial

connectivity strength. We annually oil We LTE are segments, and play this market, Inseego's to IoT will segment in and major which XX% manufacturing, industrial wireless gigabit growing including greater the XG pursuing compounded gas, which numerous plays and transportation. is believe market public roles safety, than across

released connected XXX and LTE portfolio The routers. gigabit ruggedized a provide extreme environmental are including building series for responders. We markets address a remote a enterprise failover infrastructure, account WAN WAN purpose-built with industrial for first connectivity, of multiple wins Skyus, market. variety Dell XXX SD into powerful integrated and and Skyus applications solution vertical newly been of are and speeds, secured new the We transportation edge with conditions has XXX which our IoT XXX across

into the largest deployed We locations in customers. North providers SD relationship locations a market these with solution bundled It Skyus markets such Europe. our solutions select are and WAN by selling our are And of in with secured Australia to Riverbed We design expanding with where offering world's providers. and extending service we solutions as quarter recently deployed has is including one this their our in reliability in WAN reach strengthened international and financial we our now SD throughout its America. security being value who proven Hertz has quality, win

world-class We that which second network channel of last an are partners, year. launched enterprise a we the in building is distribution initiative half of

efforts with announced yielded partners anchor have Connected and Our including Arrow, Five-Star value-add new quarter, Solutions know, Technology as And MicroAge, channel distributor this another reseller global Connected you reach. we Group. numerous in Solutions. recruitment March, Technology

to our business. Moving Ctrack

fleet traditional growth are on emerging and We Starting aviation opportunities: key the aviation. business. with our two market focused

The in begin in is as demonstrating capital of Our return off wasted proof long concepts this cycle sales paying patience operating and the through Ctrack's compelling saving proof unused clearly we with proposition on from convert investment with numbers and from of annual the and to fuel into of expenses vertical millions incidents driving. underutilized value identification assets, inherent unsafe are deployments. concepts

in assets validates the vertical agreement objectives the pleased strategic key XXXX system add ground of their aviation we're the for our Ctrack Ctrack's with global This the of which finalizing mandates agreement potential European-based a anchor further customers. carrier motorized I'm as One is market-leading that worldwide. solution. aviation and report to tracking to

growth X% in in Europe Ctrack call, fleet large regions. two and last We a the fleet has serve. Ctrack key we which solution we geographies to In have and growing countries And underperforming all how began in purpose-built have discussed a experienced business perform base a implementing markets with the the installed we in across presence. all over growth plans turnaround the continues earnings I well market.

has grew early the days. segment. The business first Africa began months. SMB South The only shown good in very few over business the past in very year-over-year in Australia quarter in the the still leadership turnaround in fleet X% is New recently, progress it so

While plenty moving countries, are to in is both in the done innings. summary, Inseego's there work In that of show entered be middle leading the we direction. turnaround has right indicators

customers new regions. winning new products, into new launching and expanding are We

New initiatives challenges. without don't come about

they However, we when we come very come tackle -- them when aggressively.

half. XXXX for half Our shaping and outlook second the is the stronger up bullish with than beyond first of to be much XXXX

first the guidance quarter the highlights who turn will the Steve I'll financial call second Now, the from provide to for over quarter. and

Steve Smith

results million, year-over-year SaaS Revenue sequentially. was for component joining decline for anticipated XX.X% and $XX.X everyone Mobile during was are EBITDA. was call is The combination Dan, a projects in Solutions you, to down thank completed. up year-over-year on both down as on basis down guidance revenue This you, for met shortage projects revenue and QX sequentially. expected of and IoT year-over-year for Thank Solutions engineering X% a due call. XX.X% last into sequential sequential is the adjusted highlighted revenue a translate development Enterprise lower 'XX and primarily which and & and today's basis. services to design were up million, revenue X.X% impact $XX.X QX of XX.X% million, XXXX. the revenue $XX.X specific These a XX.X%

continue in approximately currency to UK, and compared On of real revenues down rates to revenue both offset South lower QX by Australia, exchange X% Enterprise consumer and impact the constant in a growth Africa. results. reflective SaaS XXXX, Europe Foreign was our basis, QX

going consumer From to in margin across 'XX. Consistent began calls, Reconciliation South X.X in QX earnings favor growth resulted quarter, SMB end, will in X.X compared and X.X product fleet businesses. release. turnaround overcome cost that at than points last to In software additional our and on aggregate, due have stated Australian to buying in year-over-year Africa reductions QX forward, we we non-GAAP including gross our this key XX.X%, between margins. focus place our impact of point To with We're The by was early of transition with and we the are higher-margin in to spot shipping, first an deemphasized numbers. expedited due quarter to reduce is lower to non-GAAP we the Ctrack. detailed additional about margins of which margin and which actions impacted and hardware factory to was As is GAAP product the was QX. points network in markets. non-GAAP costs. XXXX on, points low margins this and in X.X my in and Accordingly, point Compared costs reduction and bring business supply discussion disappointed had renewed both down in shortage, design to gross specific buys businesses. SMB ARPU component XXXX Foxconn's mix cost The services. and about all lower leveraging margin remaining higher-ARPU starting from conference fleet reductions implementing in improve power in we engineering planned earlier put online strategy, a were

throughout of XXXX. We gross second expansion XXXX improve in to high-growth in results half to investing we the year. in expect and markets, further Inseego start products is showing expect and with margins the

revenue sales to for and we and $X.X with to was expense As quarters to all of businesses, software such, compared increasing QX X.X% align of critical order in continue XX.X% R&D in as and future million invest 'XX and we investment QX, or revenues. with in costs product of expenses non-GAAP success XXXX, began our associated capitalization our and X. development certain Starting product In of to X% in R&D marketing come. in the in 'XX. development certifications QX remains product

in perspective, 'XX X% XX.X% net 'XX. was capitalized when of QX of 'XX development, XX. revenue revenue software this with of compared XX.X% put as QX revenue in combined to QX in to and However, R&D in

The investment and in marketing. is for Inseego of other area sales

teams $X.X XG, in investing product were out, marketing $XXX,XXX $X.X is expenses year-over-year net reflecting million, increased Accordingly, XG pointed globally Dan down the million and address from QX in sales loss and $XX.X which QX, these per of We sales our and operating initiatives. and we're and expenses $X.X to industrial million. opportunities from adjusted growing support to globally million, non-GAAP X.X% IoT $X.XX, of development up million, increasing activities Total costs. reported of up X.X% positive capitalization and sales As down 'XX. marketing QX sequentially, non-GAAP and loss EBITDA $X.X of non-GAAP were share

We cash exercise and from of sheet. warrants. the $XX.X balance the ended the including million in to first Turning $XX approximately quarter million with equivalents,

contract and of move continuity QX, Foxconn the transition. of to an of of we lead for Taiwan, As to time supply manufacturing long in demand a components built scarce result and the Mainland the in our to out our China increased beginning products inventory provide during

end QX, the had million $XX.X we in inventory, of of of which raw was $XX.X about As million approximately materials.

majority be over the We consumed of months. raw expect materials the will these coming

we look positioned capitalize believe we that XG highlighted. are market Dan the large forward, we opportunities well As on pipeline that to of

As expected market we guidance of With growth bring our XXXX -- is: drop in driving new start this as from the as IoT backdrop, months, Solutions expected is for $XX half and million; a a new $XX we Solutions second the to revenue products to in million. existing $XX revenues with to million coming the the range and quarter SaaS to the second expect customers. expected are QX the & Enterprise to range be to be to million range in Mobile million; of to is $XX $XX $XX revenue of million in be of this

increase expected be is of EBITDA to this in $X.X QX $X.X million. top range to the million adjusted Given line, our in

that, So Dan. call I'll to turn the you. back over with Thank

Dan Mondor

XX by my In APAC mobile number XG opening substantially these X since call, our our Americas, EMEA the combined. earnings massive, said Thanks pipeline mobile operators Steve. grown of remarks, billion and surpassing is that I served last subscribers subscribers total The exceeding across operators. global has

power currently the right and XXXX X forward. has in Tier to manufacturer from move for manufacture including more going an product four time inherent the network off address at Taiwan Foxconn new to their and first from who going several have to supply has to strategically the arise volume a team our of manufacturers. Hats forward. and increased steadily job families, done switching given in pipeline. in introduction mainland in and in contract with to clearly China much is fourth us We're the leverage device, hand-in-hand our that buying Foxconn first shipping scale challenges working XG quickly quarter capacity product Foxconn decision contract reasons. right with Foxconn was more operations our the quarter Our production supply building chain amazing flexibility

XG our in to report couple we Europe, up XG MOU operator Before of more in leading I'm things. operator are success an I partnership South a have there a Ericsson. with and close, chalked just with that being delighted products our more America, tested by signing strategic new leveraging mobile are by a

Additionally, efforts. our XG Once will the this again, to deploy Canada deploy with has will Inseego and thank and hotspot second every quarter for year. later Bell employee want gigabit in LTE tireless standardized Sprint their been I

who continues of also the Our progress and tackling is X.X innovative talented result X.X very to Company products and aggressively new necessary in gain doing that capabilities and to markets. of Inseego market the engineers in us. the Anecdotally, eagerly momentum. transforming I'll now dedication. their left rejoining those beginning Inseego blocking transformation to our bringing to you tell win prior are the We're

my I'll concludes turn it start over that operator remarks. back to So the to Q&A. prepared


[Operator Instructions].

question comes Walkley from Canaccord first from The Genuity. Mike

Michael Walkley

operator I'm and into these into product the comments customers second the revenue cadence, turn the it of operators, with get of we win revenue? how you in time Dan, at it help think see customers continuing your QX XX And some about half, just is us now QX? trying these like stronger should the Can layering sounds grow. engagement big [indiscernible] the is, I your about kind pipeline just to guess and what to new to

Dan Mondor

adopters of fair to are of those. to my I the back if to followers. think probably to XX think these description handful There think spectrum say, the it work those way the will. Early There's you following, doing of about market then that And going the is three the the be a operators, parts we're -- spectrum, doing and disruptors. and going that there's fast represents there I definitely timeline been described. across I we've are

going expect, specifically, second of there in to this of half it first not break produce in will course start which the the I'm year. to are of we each category, many out So but revenue,

to revenue. more a will will of So planning that going as and rollouts this stacks XXXX. acceleration operators continue get The continuum. be their year deployment, it's And trials of an and start and in course, it past yields periods up

it We're to what out see. broadly to see -- that's out So phase going we're over going time. phased

Michael Walkley

to is broad-based different So customers Or major multiple multiple product with is half? there just or second any with X it important customers strength X lines? the

Dan Mondor

say there's XX and of there did in there's will that to a would year. I targeting we prior of in this were say earnings X Well, I customers wins anchor others design contributors. couple call, a handful be

way the to We as contribute our And and of more these revenue are their deployments. on more to begin doing operators that. will start

Michael Walkley

A right for follow-up the Thinking sales about growing, and need marketing support and then pipeline you've the gross gross will margin, the just the about impact -- be pressure Is the the need year, progression. see in those and adjusted pushing with exiting the the R&D, EBITDA $XX out XXXX near-term question run numbers? to on short talked maybe to margins -- invest under possible? million you EBITDA here and type rate now, just of still Or term.

Dan Mondor

as changing not We're We're we obviously question. go. great assessing anything. Mike,

to need them. appreciate market investment-wise is those you rate And I capture of we're do think the capture opportunities, to that to in do we going to the extraordinary. can naturally, change what

further make a So it's down it's now, change assessing no road. right or -- we'll it. to the -- really that comment to But on going indeterminate be there's

Michael Walkley

the and question Okay. in for queue. back I'll me Last jump

Or component going going into mainly maybe and there expedited more to better QX Just cost hampering QX? are margins gross Inseego be behind should QX forward? shortages, those some in margin the now are see you on and

Steve Smith

shortages at all us this stage. Steve. is Mike, this behind The are component

can right course, Of with any you now, component issues never unpredictable. as shortages. predict of But we don't the have

Dan Mondor

massive basically that of material and that raw part the hold, also all array I of is behind of production of their components. supply think inventories their Foxconn they kinds note, wide a on in values with chain

really it does So diversify.

much has unpredictable. is never mitigation can just as risk said, our past. Foxconn I than I better think it You of the with much, the think the Steve inherently via predict, work But been in now


comes Lake next Jaeson Street. The from Schmidt from question

Jaeson Schmidt

missed but can the gross Enterprise provide and I each if you first, segment? this, for Sorry IoT non-GAAP margin SaaS

Steve Smith

don't that Jaeson, the we call. provided high-level mid-XXs. SaaS, Mobile. the provide teens numbers typically We're -- then number. I'll give on you at & on least revenue the We mid-to-high But some the in IoT Enterprise and some

Jaeson Schmidt

industrial And know at but outlining it's then IoT of the most you forward? what early, looking mind you're on sort verticals business, going bullish would I

Dan Mondor

connectivity, we've thing. monitoring, Well, on broader of talked SD remote But call integrated sort WAN Yes. to we're WAN, about our solutions see solution. a that starting the being part of vertical as

you vertical. these at of smart you look gas, and at services, enterprise Dell that think application. of if oil look pretty and you will, into. look field city, about at if you can integration if go But you Talked manufacturing, horizontal a verticals products our So there's into range an for broad if look if you at

connectivity if where the not could range. is happening. one really But area, a of look really SD particular a it wide think it's a It's question So at you the bulk would WAN concentration really is be action verticals. I quite of of

high-growth in is We mentioned, market. Riverbed of them of partners one vertical, strategic have being we a and a that number that

big a there's SD pull the of standpoint WAN. So from

Jaeson Schmidt

if opportunity comment me. market from the the viewing in you you're American for one Ctrack these days? last could And Curious North how

Dan Mondor

of And Benelux will and It carrier. US I European a some that if for American -- say the global operations. of of this the have at you say American will that on question. standpoint they definitely region, point look this, North there if earlier North from comments great Well, operations. engagements Also growing. of have we customers that our carrier, I operations our North in Germany, enterprises, also major with are enterprises is initiatives from American view,

deployable are of North and decisions So operations of then agreements the to include multiple geographies be Ctrack some across those synergies their decisions, kinds easy extend in to of being allowing we those America.


Searle question next from Capital. Roth from Our comes Scott

Scott Searle

and of to quarter, we directionally else margins earlier shortages to follow in Clearly expect the gross gross on that And is Or what the for there on margin or into the should from second standpoint? could exit quarter? gross us where on you you component front of going some Just first margins, headwinds. there Is pricing would margins the hardware pressure going a questions an about gross freight all give was expect target up related to makeups? the year? some idea something

Steve Smith

to quarter be we We forward, a increase being shortages this points going quarter don't expect be couple forward. get expect -- are us. -- to I this We would we margins what the Scott. each gross expect to quarter to as continue QX premium move of to component behind pay throughout any more The overall.

Scott Searle

you. Got

up follow reverse the R&D, bit. of go to other of some start that start some capitalizing costs, to with you of live as will to products, these And some little a Okay. Steve, on

is the of get to year? kind what level we as R&D this back normalized of of half So the out

Steve Smith

frame. back year the amortizing to be we'll expect as just two to product the like they'll a amortize the time over start it P&L that sells. Obviously, we'll Well, -- cost

the the So GAAP later amortization it P&L. the in the see in back half we'll selling second year come will start in then, and

Dan Mondor

I our comment, job guess, we'll continue good costs. a have and to do managing add a very we to of

We be that new money to these in opportunities along. need come on also capturing the

market, it capitalization, it's brought being and we've opportunities, on R&D a to growing. as and similar new respect market of sales to marketing. function discussed, And the if so, of a and function look you the then that's normalization of And is with at the commented products

the but us. to on costs, front go after opportunities we in going to heck diligent we're So sure be as of going are

Scott Searle

the subscriber so is mix now on with. carriers Auction what waiting XX by on to up does look your you're how end I to about sounds you LTE where you is us is the but like are not also actually to front, number It you And do -- now versus X the be with And NR billion, year? Can but into think the mobile idea X these shipping the like then well? addressable that Dan, this still developed quarter, takes level a engaged NOR, operators. many the to how think, of you. fixed gigabit base from I you to X how of going Got when wireless could, XX feather hotspot ballpark. kind just target you'll $X in that hotspots? front, that as fixed it access think I'm relationship XXX does last this somewhere XG curious internationally. wireless right concluding of Verizon billion it what billion And just And for activity an commercially domestically does We've presumably we're give year got guys spend. if the

Dan Mondor

sure. as Yeah, Well, just clarity across operators. my XX fixed gateway well as opportunities on the our for encompass those mobile both hotspots, on solution that, wireless comment

we it from both a the term And come several very of But revenue XXXX. half. numbers, just that to dependent the in an But not the beginning say to we've testing The question deployment. be timing-related comfortable I'm is XX feel to course the fact several. this at say win to and see from revenue field trial about the second but on will X categories. phenomenon it's talked wins. is end timing the operators specific discussed. about beginning in The product on will design It's So We in contribution contributing those I of XXXX. in design question. to doesn't XG the we what going

in as and So with up evaluation, them trials, customers, past, our them as with the with there stacking I out then working being their they working focus, roll design through is wins, them technology. supporting the said

the hell, going fiercely sure of second as where continue see action XXXX the and we beginning, is is action So in half to XXXX.


question comes from next Northland from Markets. The Capital Mike Latimore

Mike Latimore

that many to XG-related be the specific, do have how is the you X wins, is second, the for goal just On -- deals with to And XX, that right? now?

Dan Mondor

Yeah. Thanks commentary Mike. XG. is the on Yes,

Mike Latimore

many many relative And now then, how X like now? those XX to you -- of you wins have X do do have wins how to

Dan Mondor

we're Well, there. halfway about

Mike Latimore

think million products? opportunity Okay. Got big couple it. multi-year. might of start you And But quarter around you XG revenue XG-related a a is obviously, seeing do from the when

Dan Mondor

The of beginning a of million quarter? couple

Mike Latimore


Dan Mondor

Okay. That's this year. easy, second half of

Mike Latimore

this then, percent this, until but XX-Q Verizon as And may you the -- wait revenue? for what of a was

Steve Smith

XX%. Roughly

Mike Latimore

driver Okay. the kind kind a I we hotspot be of think the biggest in fixed year, from like of come there? and should most be new Verizon hotspot wireless product this wireless -- of and category, And question -- fixed for -- the the the overall guess should that about be, different opportunities would for growth category or would -- would

Dan Mondor

of early. I several of of the and to AT&T be mix, disruptor, of and parts is announcements, course, others dependent it's there's world. Well, in market been out Verizon be very and how aggressive the get operator other on a to making the to as be is going said, certainly a there's has gate as going stance the

So it's studying a time are if markets going microcosm, the international lot time And Xs a Tier stance. there spending disruptor of a equal but take percentage on we're a in to you number, and market that really are the markets. will, spending basis international

we expect be a lot too. there mix, will in yes, be there Verizon in more So but the to

Mike Latimore

your change gross long-term margin last for targets just the to gross Mobile category? then margin, And any Yeah. IoT & on

Dan Mondor

No. that. No, not changing we're


[Operator Instructions].

next Our question comes from Matthew National from Securities. Galinko

Matthew Galinko

few distribution You new mentioned a partners.

sales ramping of kind signing it how get long cycle the about to from think and takes you contributing? how curious Just them to and

Dan Mondor

the of on question. is market Yes. recruiting The time support actually Hi, It sales getting and but to short. quite is them they the partners, a the collateral short. market channel Matthew. training really really cycle is the products, the that sell all of quite time need, function them part Good the engage in to and

quarter. can new VAR from can and them same recruit we the we So revenue have a in

different resellers. and and very of And model. you SYNNEX talked a then stocking distributors. it's typically again, have the about tier value-add the Arrow, We've models, So others, two with course,

So we'll orders to the see have revenue distributors replenishment. stocking and from that the sales through out the goes then you of going standpoint the to market and VARs

long and So part the the name or in the enterprise. there, provider of short it's short dynamic the sales market, it's so cycles in of game different service and very carrier a sales the cycles and -- market certainly that

Matthew Galinko

specific what you And operation. your are? there, changed understand some leadership be African those to how about us kind South sustainable -- in help but talked point you any around could improvements improvements specific you then, Can -- would of know you that I

Dan Mondor

yeah. It's leadership. pursuing certainly Yeah, are a done, is would a more good partner that well, sales new programs say are sales lot I There's There going upgrades in more done. There much being the and talent There's on Well, logos. outreach excellent discipline. question. force. new being

really point really fronts. importantly -- on sales leadership of upgrade, it many in view So many, is a you if area will, from an and the

a was fact weren't doing job very of capturing We always growing. the So it. good and market in there

the SMB in -- on my the in we So in first a quarter will. as sub-segment, I had comments, if you said, South the Africa X% growth

for. order indicator. stronger look a book, early kinds So you a we're And these good leading that is that of indicators all very seeing

So that's the nature of comment. my


remarks. concludes question-and-answer any turn would Mondor, our Chairman closing and like to This to Dan conference CEO, over for back session. I the

Dan Mondor

Thank you.

things. of to a So I before call, couple mention wrap the up we wanted

with customers New Mobile meeting Thanks be to And And XG the First, of the in to on and seeing XX. Telecom at in strong month dialogue with XG momentum Media throughout hosting you EMEA and this look World of on upon everyone. mention, I forward region. we be building the want I'll June, XXth the at the again, Inseego's continuing at also as Technology meetings road I'll York World the I operators also pipeline May Cowen and we'll the Pacific in London. be Conference the and Barcelona events Conference discussed Asia opportunities, many Congress in from these growing on transformation. Annual


now concluded. for today's you the has presentation. and Ladies conference Thank gentlemen, attending

You may good now Have disconnect. a day.