INSG Inseego

Dan Mondor Chairman, Chief Executive Officer
Steve Smith Executive Vice President, Chief Financial Officer
Ashish Sharma Executive Vice President of IoT & Mobile Solutions
John Weldon Senior Vice President of Enterprise SaaS Solutions
Anthony Nemoto Canaccord Genuity
Scott Searle ROTH Capital
Lance Vitanza Cowan
Mike Latimore Northland Capital Markets
Jaeson Schmidt Lakestreet
Call transcript
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Hello and welcome to Inseego Corp.'s third quarter 2019 financial results conference call. Please note that today's event is being recorded. All participants will be in a listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity for analysts to ask questions. Instructions]. [Operator

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

the comparable the measures release, is measures included website. the earnings During financial discussed. replay call reconciliation financial will this of call, of to archived will GAAP A is Investors available An audio also on which be company's there. non-GAAP the section most directly this in be

Please also historical statements. facts, today's and the will not These are rather contain expectations based on be forward-looking advised that but company's are forward-looking statements current discussion beliefs.

could from note the differ results on risk are in today's that cause our XX-Q press to Form the which Please For actual expectations, to statements described refer other also a materially cautionary in our section and available release. contained regarding website. factors forward-looking XX-K, on to please filings, discussion SEC factors refer

Mondor, like I Dan over to go and CEO. the Please call now to ahead. turn would Chairman

Dan Mondor

an Thank time with some is my you for I remarks hello observations. This Inseego. and start important everyone. will exciting

made broadband third developing progress first the the have Our Inseego hard work towards in is in commercially XG available our goals quarter. now a global tangible world's portfolio leader we XG and mobile clear products strategic is fruit. bearing with our

of the progress are do our to team pleased left lot take Board of far. opportunity have fully Directors so management We advantage this and the to but with

revenue mid-XXXX. quarter $XX.X recorded recent strong building XG our generation the highest is starting remain of foundation in Looking we prospects carriers nine We XXXX confident to in revenue flow ahead, pleased on countries. to history which from up significant XX provide cash are million a are and we and million in revenue and over ahead of importantly, and in recognize coming XG in Most XX% that calendar track expectations are very $XX XX% sequentially. year-over-year we of

products, new our new are into margins continually geographies. This quarter. new underscores to the improve where Also we and in expanding winning customers gross of our launching we saw improvements third strategy working

our we sheet, to a evaluating We expect reduce non-dilutive shift we mid-XXXX. on many to progress make we business optimal XG our products in are and as higher currently continue have cost strengthening With of our disposal and path to XG balance our margin further forward. options at starting goal the respect

the which we in a promotional was our MiFi the mobile a strong hotspot, the well one XXXXL. have FirstNet-certified business do our disappointment Despite XXXX will quarter, we XG remain XG Sprint, at did in with our strong. our very you MiFi third for QX for modem see XG flagship to products this, AT&T demand and in In our by XXXX, right continues While nine hotspot evidenced as change USBXXX Verizon first launched months of sell-through. increasing result

XG all to opportunity U.S. to the customer has given and and week. We Telstra new other These tracker will we Canada XG Australia launch in major the sell now showcase revenue us products expect our carriers carriers which growth next is Bell XG are to where our as including and launch important in to diversification important our IoT strategically customers. to initiatives in with the these products QX

take gives us expectations let's look revenue in progress in XXXX. XG our XX% XX% to at that our closer confidence Now a of growth

to the pipeline XG technical which we new is with Our first strong. numerous have performance worldwide. door opening and opportunity talked advantage in along be mover operators capabilities past, with In continues to engagements our the about

labs forward to testing their our and with trials networks. active who operators going are What we products on a of in is going are focus on number their

the four includes in wireless the reference, who significantly XX more subscribers. grew just an size in-service than million of and for quarter have that's nearly times And subscriber Our providers active XXX of aggregate third trials wireless base. Verizon

these of America. are encouraging between service ad real are seeing trials majority second gigabits outside sub-X service devices per and both speeds Inseego's millimeter North world trials bands with in and these as providers large These The of perform new providers are two wave on networks. one gigahertz

goals the XX expect to the year. we of of this, Given to end wins meet by eight design our

goal generation will strategic access mobile generation both second ties expertise are for and work This products include far XG-enabled that our hotspot new broadband category. leveraging technology We sub-X our beyond based for the at take also which devices mobile products fixed us bands. to hard designing millimeter XG new of wireless of on chipsets and will wave a

this We on executing and our partnerships close are Qualcomm Verizon. with through Ericsson,

will We wireless cases. XG emerging use relationships unique strategic traditional the of giving new that is establish outside into insights ecosystem us

For of and our example, Dan edge XG Congress we advanced technology technology. end, developing created with the across under new that we recently our small partnered demonstration a compute powered with MiFi products. verticals CTO XG to work now large Mobile group are companies Nvidia Americas industry GPU at To World Picker an for that

is these partner with to firms goal to solutions. Our XG create

XG to capabilities launched growing rapidly markets. our leveraging successfully We similar industrial a IoT in portfolio effort expand by greenfield our

FirstNet. revenue have in started We generating

new we part expanding on also are opportunities in CBRS. SD hard footprint and WAN are at in our work We

USBXXX network, which the FirstNet, is now from In safety Let's revenue or The quarter, area AT&T. software-defined our serves market introduced generating third with X,XXX start network expanding and is government modem agencies organizations. SD WAN which wide we public other rapidly.

are which products of Our provide Skyus connectivity line traction. industrial wireless gaining IoT

SD now market. Meraki. leading companies with leaders. these Cisco have the we we two other market providers, XX% and nearly SD of the result, Together, And Riverbed with of VMware, pending WAN three VeloCloud partnerships by engagements a hold share WAN have As strategic

spectrum market target received recently nationwide. the FCC CBRS additional newly for deployment or Radio Broadband Citizens commercial Service markets An additional is in approval opened which

with customers working we CBRS Our and are partner market. the and develop our product includes to support for

Turning to solutions. enterprise SaaS

business with the growth XXXX. of pleased fleet in results We and trajectory the and expect are seeing are

As time strong recurring same period. XX% examples, a leading. bookings year-over-year overall, bookings Germany growth Europe, year-to-date up XX% was South year-to-date were were Africa with digits double over basis In Australian and the up on and U.K. the up revenue

have to development customer XXXX vertical, of next sales accelerate cloud new aviation and accelerate platform revenue the Pegasus, working new partner customers X large Tier two rollouts. platform are our fourth retention, increase In called a the beyond. launching phases channel. enable in in to quarter This and we We the will us to grow

execute for in engineering. investment opportunities XG and staffing recently important on growth R&D, are executive the To marketing requires and properly appointments. We announced sales,

Product in people we A industry Senior was globally Adam of with Picker, brand Vice leadership. President Dan mentioned the awareness Wendy She recently few execution make in Inseego's new to BXB I BXC roadmaps. investments design CMO is We worth tasked noting also tasked Gould increasing senior need. previously. with thought our product of hires our and to appointed implementing lead is the will generation programs. new demand Management continue as and include of CTO, Caceres, Inseego

Steve will guidance. So I with and to that, it results to discuss QX Smith turn over

Steve Smith

both and beating and up end year-over-year sequentially, up for of quarter $XX.X African for and turn Australian at of $XX.X sales QX every was guidance, around a strength XX% Dan and strong end fleet guidance. a logos approximately robust of thank and the pointed Revenue year-over-year our up currently first the Both million, top one call. and the basis you customer In of indicators Inseego. quarter was top reflecting guidance. to XX% and sequentially was Enterprise joining very which and today's businesses, backlog, of LTE solutions customers. on XG South SaaS Thank X% actions positive the has you African have South XX% was out. strong portfolio million, solutions XG XX% and businesses. mobile pipeline of was X.X% have as on both top from we expansions revenue exceeding Australian year-over-year our taking the devices, existing IoT geographies revenue $XX.X almost leading end seen Dan new of last million, a

equity in million from due a $XX million investments quarter. with our in during of we of down continued of initiative. our support the two $XX.X $X.X preferred largest working cash, end balance Turning raised quarter-over-quarter $X.X the XG sheet. QX, to to approximately combined had the increase We capital million stock approximately investors million At

As debt in appear sheet. convertible pointed in term the out the last and included on rate instruments quarter, the XXXX our June due XXXX redemption August of both debt maturity to current loan, balance liabilities

than be exercised. we more Given is redemption rate both until majority, expect that will do par trading two-and--a-half has above the years that the and convert not

and pointed convertible continue Dan working As we loan, term work actively capital addressing the to debt flexibility. out,

plant the we We expect have coming in months. multiple to undertake to we options and actions available announce

release. in we focus on QX, quarter. will gross non-GAAP was From to from points mobile my IoT gross this and said The XX.X%, reconciliation quarter, XX.X% Last solutions margin this overall XX.X%. margin GAAP that I detailed numbers. X.X on, Compared points mobile up earnings to increase an is increased sequentially. gross margin in from discussion products points to point X.X non-GAAP The our expected

the we seeing are We from cost the benefits reductions from expected Foxconn.

execute continue We cost as reduction quarters on expect improve will our in margins gross pan. we coming to

margins sequentially. up quarter sequentially. expense gross non-GAAP $XX.X gross in million, sequentially. Total of XX.X%, points margin operating XX.X% X.X SaaS, up non-GAAP enterprise million third up total X.X The were For the was by points $X.X

platform. been Dan upgrade Pegasus. our our have For several investing software mentioned we new cloud quarters, called IoT Ctrack and platforms to

project been and in us Both also and early are which expect a have entire ERP to fully company improve will the on working complete CRM to We which scale to platforms common to we allow efficiency. investments, based integrate XXXX.

our million XG our initiatives, up by Driven million, was $X.X R&D non-GAAP $X.X in expense sequentially. QX

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

to we marginally take QX, as as opportunities. QX. investment of grew As up IoT million, were XG XG our pointed $X.X position sales and Dan well industrial and leadership marketing year-to-date expenses In our out, from advantage

majority XXXX strategy We the to end meet goals the of of hiring plan that and have to aggressively we been QX. complete of the our growth by hiring

of $X.X IoT a million forma adjusted $X.X top share EBITDA solutions and pro end we $X.X.X and the forma adjusted EBITDA. $X.X pro about of mobile had had non-GAAP solutions business million in was of which enterprise positive loss SaaS guidance. loss QX, recorded In at non-GAAP million per The million, and of net $X.X adjusted EBITDA of

October. into in change Now Dan on to promotional guidance. went Verizon earlier mentioned effect The

of typical a few with take Compound to a QX we have guidance. that weeks only conservative we seasonality, to approach sell-through have So decided data.

QX to the and be $XX million $XX $XX $XX million. IoT million range enterprise solutions $XX million the in of and to total SaaS with and in We $XX to million million mobile revenues of solutions expect revenues revenues between range

the expected EBITDA to adjusted million. $X positive negative range is to be in million of Our $X

with year, XG growth from the in year products, providers, specifically expanded Qualcomm full the new XXX than to service to geographies, expected based new Snapdragon expect revenues half the higher year second XXXX and be full Given coming we XX% products XX% in XXXX. of

per to based We the quarter of the In continue cost gross to Snapdragon our we launch, gains expect margins plans. execute improve. on reduction expect XXXX, gross we margin XXX again second as further half products

margin and XXXX XX% IoT a year-end. have mobile We gross target by

We mid-XXs. gross expect SaaS remain margin in the to enterprise

that, to Thank you. Dan. the With over I back call turn will

Dan Mondor

joining And you Thank to for us today. Steve. want I thank everybody

are and proud accomplished. any We in I teams quarter. of in for difference conviction portfolio see two history. XG tireless is growth. towards employee success market. our have are in over value. am strong building every exciting been I are a have now Inseego's term about This the given an to at have don't Inseego we out our thank industry-leading the future by term We believe point last working measure what that want I can years. well-positioned making the efforts. XG long their for shareholder They long I big I we

That will back prepared for marks turn operator my I and to the it concludes Q&A.


Instructions]. [Operator

Genuity. question Please Walkley come will Mike first from Canaccord with ahead. The go

Anthony Nemoto

actually is for on Anthony, Mike. This Hi.

as it In quarter the going come QX can XXX the in down level the XXXX, foresee level we you from R&D into based rollout back product you sustained potentially of throughout see terms forward line? XG and Or this do XXXX?

Dan Mondor

a make Steve comment Hi. two to and It's ask Dan. or just will I add.

strategy, relative our of we comments, see bulk the is course, XG hiring As to growth therefore R&D that proportional our and headcount. to expense, of

conclude that year. the to of expect give There We what of from expect the fourth hiring But sense you level hiring some additional going quarter. the to that into end an see the majority you should expense next of a should maybe forward. at


Steve Smith


it out. spells I think adequately that

I think past after that I increases we you laid have in will got see the quarter. think have Mike. don't the with fourth any targets we at out huge all

Anthony Nemoto

cadence related XG in XX% add the of color to back-half cadence you the more $XX Got I XX% the that know year, just million growth it. And appreciated. given any much XXXX? would you little the you on are but on XXXX, can said revenue then this additional growth, of on a color weighted bit expecting be

Dan Mondor

a is what I about topic but revenue the in nor not that generation and in runner I is is are will that to are which we year. this our excess the generation million chipset newest of on, year, will ask also essentially of Yes. the and designs market this what chipsets, $XX on. based The comment on comment in the Ashish our expected to talked next be high first product in model on

the acceptance to performance, great But are on and customer things great referred start. XG the all the event based second a we working so XX chipset that is to the forth. have that now. start, customer And main expected happened, on a has are technology it's I great, that So our It validated and trials generation really happen technology. we

you Ashish, that? to if want to And would add

Ashish Sharma

Yes. by next next-gen Thanks XG see ticked portfolio market QX Dan. these the when in mass start customers as lot in start of sometime and And get a of they during mentioned, way year the do of will yes, products the to deployments is start you to devices. where our tick-off, Dan more see that's to development when to And are going mid launched. XG of to you

Anthony Nemoto

on will And am to for Great. just pass one sorry. it. me. Got I queue. last it I

I remark, perhaps still said QX, prepared gross sequentially consolidated you the a just on But confirm, to up in for think. margin this blended You see basis?

Dan Mondor

you want to? do Steve, Yes.

Steve Smith

them expect would I rise. Yes. to to continue

Anthony Nemoto

you very Thank Okay. much.

Dan Mondor

Thank you.


ahead. Please be question go The next will from Searle Capital. Scott ROTH with

Scott Searle

taking Hi. Good question. afternoon. my for Thanks

I in Just bit. was on quarter. in little December us guidance follow-up front? EBITDA to a dig help on margin just standpoint. a top then out the Could terms little Non-GAAP in OpEx to more you in wanted to of calibrate Where for quarter? $XX the to I over that the to dive start OpEx gross just want the is million. bit little a that going a And from December

they XX% You margins calibrated? then up XXXX. fourth quarter on into and are IoT will be the correct, a to up exiting be sequentially gross Is saying, range continue just will that towards

Dan Mondor


you want I Steve, to? actually think you have But it, Scott. do

Steve Smith


Scott. I have got think adequately, you it

we margins far But upward. it modestly should be continue as up So OpEx, QX. as gross in do to expect

Scott Searle

looking the hotspot And understand how as think past I us then you quarter. of cadence tying second a lead given pulling another it's Okay. kind the being are in be? XXX introductions, if just solutions you in have that's the big product am to Ashish, of help you to the it like and of general XG wondering an could is talked XG the that also I on going inflection about mobile front. well, availability product

cetera. et LTE, gigabit So

could in range give of what if And So if contribution kind like hockey-stick you what us XXXX? some could us looks Thanks. like? you XG help maybe starts that of also, understand ballpark

Dan Mondor

will second. I comment kind of arrangement. to it's a But Ashish ask I in two-way think a Yes.

It introducing XG interest Some positions for and initiatives also new XG. direction, or with to in XG is brand our end XG is actually establishing customers the their the extending that customers evaluating looking reverse are to happening importantly conversations.

But guess, yes, really a the generation that's inflection second it's cycle call, the of design So of second-half. And is a, chipset. kind point both. effect, I push-pull of for you if major the

Ashish Sharma

Dan which increase deployment. revenue those to provided Dan's remarks, driven XX% is have mentioned in topline earlier And mentioned, next Scott, as in year, he we XX% by

right, their on market working devices out more the device, in hitting it's the now. So rolling networks, what is next-gen addition are to on they the which coverage right operators the

that see, market see a when As coverage some up markets XG is there next point the to that's lot are week, you mentioned. new is Every month, can of and is decent second-half and that what inflection mass towards start to with tracking will activity. every in year happens we going in are Dan of you devices what there coverage

Scott Searle

Maybe follow-up. quickly just to

you an of both fixed how provider and XG In us hotspot wireless service front? multiple LTE playing are active Thanks. many could in toying idea with, products, the mobile gigabit trials, give with terms and XX

Dan Mondor

Well, And mobile with to with those products XX to as well are XG of a just clarify, reference broadband wireless all trials, trials. the mixture our fixed our it's as products.

Some are both testing one, a are in number products, fact.

it's of But Scott. trials, strategy. kind XG are So a product line those

Scott Searle

Thank Great. you.

Dan Mondor

you. Thank


Vitanza Lance from comes ahead. question Please go next The Cowan. with

Lance Vitanza

don't one. you I put to much was congratulations. one too good a guys. importance Thanks but know Hi. on want This any quarter,

and promotional on more promotional? guide. the this had and that to to we on QX gone, a puts And a QX? thoughts takes might shot be the we side? why we to Could holidays about get we Any topline that it talk with on decided is going bit anticipate little it, environment the XG more the the one Verizon the was Turning come in Or not at it? are less

Dan Mondor

come Promotions and very directions. a in they They Lance. This Thanks Yes. was do do go, change. that happened recently. change both

In of beginning fact, October. the was at it

had change. So weeks sell-through few it was information very we of ought But obviously, to have be. understand to for really promotional a it where

least, We quarter year-end very there data, That's are inventory sell-through a is management. a term the the information. downtick at sell-through Also, near phenomenon. seeing in, fourth

So it's the beginning of time.

scenario hands. where we will go That's into know out. played So But obviously future. that's not don't the really the in that our

a it's super there having said conservative And that, also, is have we our to So in range there. quite QX just guidance. be wanted in

more a coming the weeks. to going lot are in we So learn

Lance Vitanza

give the in prepared like fourth momentum XG I missed in number the for remarks. you some And But side. the on guide revenue if sounds good it quarter? you this did And a XG I have apologize meanwhile

Dan Mondor


to is in phenomenon. that done million is All guide not thing is, down a going said prior are QX we that. for have entirely thing. XG back year in first be calendar I we of That's one $XX We the excess guess to XG in XXXX.

actually that's So a point was from July's onward. mid-year, really

So that's all we said.

a We done there, Lance. basis anything haven't on quarterly

Lance Vitanza

you. going that little balance it opportunity and I now liability question just to current expense or on would would that But there? sales. I the via I know be a related would And last not am a the that, to something I And that sheet break seem asset refinancing, strengthening debt things trance. My am for like that no-brainer. That surprised missing the there it seem your there correctly? did then you is about interest is bank balance I to to wondering make a think include thinking Okay. given would I if just an am wondering am be you that reduce non-dilutive redone mention it's I to sheet. example really other yet, on just than if a options. am haven't

Steve Smith

sheet this balance the Steve. is Lance, So on side,

are. who on know can You have our you And investors significant look backers got our at and some website. we bios their

at We and debt options are available have to as we additional working capital. all working as as our them us the with as getting and to, well far the options looking with in flexibility

can I all will we So be and on providing guidance that. tuned is, stay say further

Lance Vitanza


Dan Mondor

Thank you Lance.


with go comes Markets. Our Mike ahead. Capital from next question Please Northland Latimore

Mike Latimore

Great. Thanks.

is revenue, across customer million On a all XG the with $XX one or couple? of that

Dan Mondor

No. across nine of as that's in XX Mike, a actually fact countries. customers, matter

those the about bulk of the great revenue mix And diversified it XX of are well in But and domestically customers fact of thing the it's a there So various is international. is, sources. internationally.

Mike Latimore

do little a and carriers be understanding of expect the Great. how are some the you Or a ahead product? push to those your products products new there that? versus maybe to balance the of of that then bit big selling do they kind XG extent is for in beyond, second And say, pause coming quarter may the pretty

Dan Mondor

I it reiterated that's deployment. our to for that And Well, and really what about. target decisions think making That's relates those here. design wins we are future

XXXX deployment we provided. So lead will guidance to basically the decision-making then the cycle of and

will they their So make decisions.

and That that's second-generation of a them revenue We trials. to and know, I then launch out XX been we availability to of onward. don't are have clearly will have hand-in-hand go Ashish, infrastructure. going consistently mid-year you the chipsets to do hunt on of beginning have the lot are their there leads the to They on products part build quarter add? second anything that's on saying. product then uptick And what the

Ashish Sharma

Dan. with agree fully I

ask, down, down. seeing to are think we think meant seeing we slow XG if slowed I is XG I going anybody, getting you if not Mike, are to not

But In is needless out can every all fact, in it's pretty the there XG much a to market And building of the happening lot buildouts major on globally advanced XG LTE continues. say, name. networks. in momentum you still

Mike Latimore

talk And then upsells significantly. not enterprise SaaS and Okay. then area bookings case I last South does African renewals? that there? just for main logos up is one, when on you were of two, The the include of the but guess, what sort interest bookings, just business. about new And use

Dan Mondor

John Yes. is here Weldon Thanks. with me.

So John, why don't one? that you tackle

John Weldon

So includes question, expansion new it answer the renewals. yes, clients, in the it includes logos, to it includes to existing first

efficiency. In second, it's terms better just sales of the

better got customer like and the at traditional there. seeing have down our market and have we our fleets mining, it's staff we core We and are base it and it's core team upgraded construction, service heavy-duty things whether businesses, the in but fleets that, fit and product

progress. the with pleased very are we So

Mike Latimore


Thank Sounds good. you.


Jaeson Lakestreet. next Schmidt with go will The be Please from question ahead.

Jaeson Schmidt

has questions. your over then IoT markets Hi are this business. gateway particular comment expanded for you wondering If any my you end past I how am guys. Thanks could that is on if pipeline strength? quarter? industrial there And taking seeing

Dan Mondor

yes. Jaeson. Well, Thanks

a complementary that we that number being a talked vertical into marketed horizontal markets. WAN as market of verticals one with are are and about of There selling and into we solution is our industry actively partnerships are So providers, a there. together set we SD developing WAN there SD major are number the

markets are comment the So we targeting on can there? maybe Ashish, end you

Ashish Sharma

more monitoring connecting mean out markets infrastructure, LTE prominence. WAN add mean of applications SD know. many one. a those I to I more and markets management vehicular Dan, what from locations. another vertical again Yes. to I is lot But gain connecting there Jaeson, corporate remote remote of is there. one infrastructure are continues To to then connected such connected as and branches there is transportation, connected applications into

new brand we greenfield SD about, a type is provider are of And and we support you talked are WAN, FirstNet we as other we connectivity. a into CBRS we know, progress providers which well going in of we are opportunity for IoT to CBRS, got and that So industrial working seeing seeing devices in is after building portfolio are a market LTE service have solution the in our market built as with key as spectrum market. build that progress

So going to years. this we XX% CAGR grow see that is market many year-over-year with over for

And for us. so opportunity it's a good

Jaeson Schmidt

decision on And the Okay. lastly consumer to the know business. portion of the Ctrack roll-off that. then I

You expected decline tail to see guys the expected? progressing is as But still revenue some there.

Dan Mondor

you I obviously, decision rate yes. very churn to ask will was high low-margin, Well, a know, it roll- as John. deliberate But business. that low-return, off

enterprise results built net in SaaS. that Ctrack on is the So

expected it I it headwind call you guess, headwind. known would planned is, but So a a it's

John Weldon

Dan. with agree I Yes.

In terms rate, off run of the projected. what we it's nearly

point. is there that's this impact no not to So known quantified or been material

Jaeson Schmidt

Thanks guys. Okay. lot a

Dan Mondor

Thank you.


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

Dan Mondor


joined very Caceres that announcement want would pleased making and I with Wendy be announce Relations. as to has just who up Investor here you So CMO I heading start much. thank am an us to

and meeting you going forward. to So role. Wendy, certainly Investor forward with welcome you working to looks the Relations She

of attending. we to Another remind be upcoming comment make will to everyone events want some I is

XX, November be Needham are in XXXX already we Mobile the XX New CES York at ROTH the New for also and York January gearing Conference will week We Congress Technology next XX, on on Growth and up Conference and Barcelona. City World City in in

all to in hope Thanks see everyone. of you these events. I So again


thank has conference sir. Thank today's now concluded. The And for you, attending you presentation.

now You disconnect. may