INSG Inseego

Dan Mondor Chairman and Chief Executive Officer
Ashish Sharma President
Bob Barbieri Interim Chief Financial Officer
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
ConferenceCall Participants

John Marchetti - Stifel Lance Vitanza - Cowen and Company Daniel Park - Canaccord Genuity Aditya Dagaonkar - Northland Capital


Hello and welcome to Inseego Corp.'s Second Quarter 2021 Financial Results Conference Call. Please note, 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. management call President; Dan Financial Bob other of the CEO; Chairman Officer On members Sharma, Ashish Barbieri, the Instructions] today Mondor, are and and [Operator team. Interim Chief

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

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

Dan Mondor

and report Inseego XX% call of second I through was joining an Thanks quarter everyone. solutions. the strength I'm pleased $XX.X million. fact. quarter highlight driven growth today. to The and consensus. suite our of sell important of sequentially breakeven to operator of for in EBITDA to continued ahead the with approached well XG both want software by hardware you, a Thank adjusted second hello, strong up very the for revenue we And

market the total results products. the XXX% last quarter Our XG year. customer These Inseego overall XG of second of reflect revenue, increase the of now growth adoption over solutions almost represent of remarkable continued and XX%

are this rest shortage. core like remainder our of suppliers experiencing, products the players with the will growing partners. what That the our reasons and manufacturing I'd at for experienced direct by our customers similar longstanding chain this the not growth was support meet components growing confidence we software-as-a-service for the we impacted vigilant Rapidly is semiconductor demand other environment to of quarter that can least year. supply believe supply our last relationships business One our up said key of challenging is year. remain strain. have set business and We also through global the

products initiatives the Excluding and Ctrack XX% XX% rest successfully including software South Africa, Ashish. increased be the Ctrack will close free to our After of grew our our more software More unit, from striving world, flexibility in of This and to Ctrack gives and meet XXX% Inseego continue sequentially to in the completed subscriptions demand of provided cash year-over-year. our to million the managed in which $XX invest sale than flow positive. us brought we financial year-over-year, XG quarter, sheet. balance Africa customer for South while

in Back confident of we and our here's company. we So are we be that in a year focused the here on the as better in to we XXXX momentum why. halfway expectation. remain second business half our stated first believe into pure May, XG and see remain And will than half transformation we great the through diligently play

you grow. carrier customers had continues U.S. sell now we this continue LTE With carriers to and networks to the Net-net, with the pre-pandemic. in continued pipeline than it quarter, we four stabilize our solutions. largest robust demand enterprise XG First, expect higher we opportunities of for for mobile through will LTE international more launches we to that planned see note XG U.S. levels two sell XG and

has as with XG globe. our The been software and the reception to new fantastic. out roll new products platform to continue existing carrier both as across we product Second, deployments customers our well

steadily We the And second building business. our and half contributor major is XXXX. fixed in see fixed wireless are we a wireless

to we're to and software for only of increasingly profile. fixed to These solutions continue in value sales enterprises that XG with and offering we seeing And overall force. XG their primarily pipeline pricing integrate are overall happy not strong of power adds Inseego's wireless for report enterprise that greater increase to that but solutions. see a are dramatic stickiness, fourth, opportunities proposition well-known driven being work margin into Third, our looking our engagement I'm improves the the by top-line, ways

our This quarter, this in see strategy we began off. investment to pay

federal, are trialing would there represent primary will Ashish from Defense, state global These local the airlines, like companies, and retailers, verticals, purchasing I companies a use other companies. well companies go connectivity XG these, but of highlight and XXX Inseego cases. for automotive major on customers to to wide and into that fortune over specifics more many manufacturers, of agencies, utility global XXXX Department logistic range solutions

ground I XXXX Ashish strong been and for let has half just that, a the only to turn look what With over I'm the that provide call additional imagine detail. can Given laid second like. discussed, me I to what will confident

Ashish Sharma

Thank Dan. you,

For investing the transformation the to growth. for and past solutions engine in form a few XG, years, and XG cloud business the company state-of-the-art, powerful has been

what's in major for you led and across offerings. demand excitement had me We which work, As optimism software and by strong our digital customer them, gives hybrid QX, from momentum shifts, heard ahead. subscription-based uptake we of transformation business saw continued market the impressive great

Combined, broadband total total generation and XG of our now is year-over-year from up XX% just last almost total half software XXX% of represent these XX% products represents grew almost of mentioned, revenue, quarter. portfolio in XX% portfolio XX% next which And business QX cloud our grew year-over-year, now revenue. of Dan revenue. As now

it's impressive. Let that reiterate because me

What in just space. before. an XG connected generation of extend [under] is XG areas and revenue foundation that started. new enterprise total to Our time networks of half now exciting represents can be [ph] laying products numerous end-to-end to Inseego's the portfolio towards almost controlled and getting reach applications never we're the

provide details businesses. key me Now our on let

down We quarter launches broadband. see mentioned mobile in growth Dan the the more XG with third slowing that signs with we two the start this great saw track in U.S. And with of portfolio. as quarter Let's for no on earlier,

Our solutions XG lower solutions for are work to the And proving and XG carrier for be cases a amazing paradigm. gigabit delivering are anywhere of solutions customers remote performance connectivity. provide is plus of these experiences broadband latency because capable leveraging are like security. from our these speeds, employee perfect to variety with use sustained This

of Let new an use me provide example case. a

collaborating cases transformation. a critical tier is with which wide our sectors. is such digital powering Western for program Europe use persons. efforts case multiple injured land terrain mission are utilizing and This We solutions rescue One location drones range cameras, the carrier one search for innovative use across in in before especially leveraged areas mobile are a with search to unknown rescue teams and outfitted being deploying XG equipment with greatly locate and improve and time areas, team. can complex to By rescue map of

solution ultrafast with data. this lower is like with Our of cases mapping are latency technologies. the possible processing real-time enabling speeds not Use of higher massive legacy and

in globally. outdoor Next, of markets released two the the products half two including use products, of let's rugged were which FWA series XG for first wireless about talk many indoor certified access. products, a year, and we In fixed

has We will revenue us believe positive be XG The industrial built been for released and extremely a moving driver FWA new just XG purpose a major gateway for also we response forward. vertical markets.

have to note operators primary XG by of addition both four coming our revenue and in drivers channel Mobile the products FWA. customer the quick hotspots are five that instrumental East. dramatic increase anchor T with engagements and been now In partners they Verizon, secure be and in adopt new driving portfolio, the U.S., quarters. and we products product to will Also Australia who've in we the including awards Middle growth certified in These the

of products. three are Let driving adoption XG the me highlight that these factors

be work and to are pool. First, and the newly the by anywhere aggressive capitalize growing added from paradigm to This at capacity. a an pace enterprise looking is XG operators rolled reinforced this out networks on quickly network customer continue

Second, XG and customers. the depth our resonating portfolio is of breadth with

and XG products out networks. that other also throughput of wireless new long are customers extremely fixed Inseego the products us for time. in our periods fast, tell sustain our but only consistent their can connection solutions reliable and best to distances. has deliver XG Not Our they're vendor Inseego of and at partners No the performance outdoor bring And their proven solutions. long exceptionally

is highly a in with system is ransomware In security a dramatically first security of simply company addition, that and our mindset is core differentiated And realization the software, hardened put XG. to the of are To of with for unique environment operating to advantage. performance security like users at security confidence, with built is combination this products apps no the connect coming security creates Inseego. our rising, everyone Inseego all to killer The wirelessly devices. competitive of with which other our layers breaches multiple empowers it proprietary of and built and one

decision year market security and pandemic pipeline We're the board all security significant over work this an for growth with use in across of The cases results. products. that meant overall products. are This in pleased me across all segments strong our global When vulnerabilities XG considerations to backseat. our performance across of in shift user enterprise's our a opportunities some or often very Third, to the many has driving network enterprise the all was I'm customer first now business took last began, continuity is connect paramount the engagement yielding increase our segments incredible to demand. strategic increased FWA that our investments anywhere go-to-market building from Allow and geographies, fantastic posture. momentum markets. and go a created

home, we the extend flexible their work work enterprises as we're seeing to beyond from come environments more demand for workforces. pandemic, create out look Now of as

a stronger and better is mobile allows it impressive as that our natural for use hotspots of XX/X on cloud already management. with dissipation portfolio FWA heat capabilities centralized Our the improves choice antennas,

branch Another of to as XG or growing source enterprises office case the their The is remote the backup. past Whereas location broadband. products in capabilities was used wireless of primary use allow a our make wireless connectivity.

inside locations access working digital logistics can light retail connectivity such to work our anywhere airline We're largest parks, led rural the secluded of long we're application now We're a metro to outlets, through They're buried time. leveraging with print stream be at States. to FWXXXX seeing remote deep trial household tactics, wireless a record and an location counterterrorism be and economically with global globe. secure pop of and as the high other manufacturer at surveillance wireless just millimeter XK wireless secure wave their malls, a Wavemaker working fiber in here to industrial settings shopping reliable solution and in connectivity areas heavy With a no centers example, response at in gates remote implement would wanting all a where and piloting application edge, just also For feasible. with United name centers, equipment up live to one deploy outdoor across department name capabilities, up new few. innovative a speed emergency enable not this breaking the action police video a in from distance a the

of tracking management, to Another Department XG testbed workforce this machine To and before applications, a were inventory moment's Again, a Inseego ready military cases incredible augmented a exciting solutions logistics warehouse several for leveraging material pilot technologies. of demonstrate partners. reality with handful and enabling notice. are for inventory ensures improved by these efficiency. for secure the is other use our applications broadband example, The possible autonomous not including round smart learning for at XG space. XG In vehicles powered a network over CPE a is FWA deploy necessary Defense

business Lastly, to of our let well. me the cover progress perform software that continues

Major which half first are distributed subscription locations, XX of innovations attach and to bringing large to the will and growth been proud cloud to In cloud operations software to of using we continue securely rates. driving and our customers software we our XG and the added Inseego. base. wholesalers Inseego year, are to such closing, monitor innovations for configure retailers phenomenal I'm new During improve enterprise we've connect, managed over our drive this cloud market new customer

is network deliver Our partner unique in choice of the solutions Inseego to to ability bring to enterprise. the the out the best XG making

over seeing of continue hand we now the to I continue we pace fueling call would will so team are the And like innovation, growth Our can fantastic with XG. to Bob. the rapid

Bob Barbieri

Thank you, Ashish.

now second review results fiscal me quarter the XXXX. Let of our

last which comparisons XG year With Before for us sequentially and June I up hotspots, and would the fiscal where generation driven to remind I result began get revenue, higher our by products QX that current and was XG start, the level prior driven results. the XX.X impacted XX% solution into that, latest pre-pandemic. than like surge everyone has remainder year. for will now a the the XX% year-over-year The That million was strong continued it in quarter at by quarters, of from XXX% pandemic be XG normalized million. domain XXXX. which the up from XX.X was revenue let was prior through

now held-for-sale, related countries the on cash to South X.X Second eased our and to at networking sell end was modules. quarter, $XX.X capital increased in of we from to subscriber restricted from and through as balance to recognize of world XX.X% Enterprise Mobile reorders quarter SaaS is of of from as revenue led X.X reflective solutions in quarter-over-quarter up and XG solution Africa. the our The the IoT million sales. cash Ctrack IoT cash have million million products X.X% increase continued current revenue of solutions adjustments. of in Ctrack the XX.X% XXXX. rest resulted Inseego restrictions the decrease million, of classified strong was of spending mobile and $XX.X Cash T particular. in allowing strength up The million as to are of COVID-related of from able partners well XX.X R&D and Accelerating that QX growth due products includes QX install QX Xg the down XG as sale was year-over-year our some

net we $XX.X for deal respect July approximately the to We of goal decline Ctrack the and diligently cash in cash of on sale burn expect with continue South will Inseego. closed consistent manage the use with working capital our free million. including quarters steadily Africa, flow to XX of coming With positive proceeds cash

non-GAAP page. IoT report found in on was up mobile decline down the Gross from mix, balance The prior reflected for non-GAAP to reconciliation specifically focus sheet is You the prior XX% much stronger in versus I to our GAAP product business from will the amount quarter in release when measures. hardware quarter from was see forward, is QX will earnings more margin the XX.X% and the year. due but XX%, From on IR that point results. we and our sales from QX. prior our this in web detailed A

XXX see gross is solution expect prior through line a mix is XXXX. approximately steadily fiscal prior software year We which quarter improve Enterprise the XG was QX to higher gross point with and as This in of we margin revenue. basis from dynamic roughly margin year. SaaS visible in the and the XX%, improvement

we increase The the expense are engagement from in and or investments advantage a and operating was qX the increase have X.X considerable The pursuing take $X.XX a million from in path. million $X.XX of made X.X XX we prior the XG the in reflects this year loss was opportunity significant and to quarter, year. compared of the X.X in or expense X.X or quarter opportunities right the million in pipeline in prior prior Our up share million before. $X.XX XX.X loss pursuing. the loss year-over-year were the with is operating QX net share, million up a clear of million we evidence,

the pandemic but of on year. improves X.X aided loss $XX,XXX XXX,XXX EBITDA prior last adjusted of down is million from Our the of quarter's gain loss EBITDA

and refer For release. our details the tables to additional press EBITDA results, non-GAAP on adjusted reconciliation in please

of rest Finally, some thoughts for XXXX. the

and to carriers, the expansion reiterate wireless We we stronger our the of the with second than of first products the a be sales especially And will year confident result, pipeline enterprises. half. from significant remain as half fixed have our seen a with

we expect rest this that, it In remarks. addition, turn IoT to sequentially back me growth With his for the Dan to year. of see for and let mobile closing fiscal

Dan Mondor

Thanks, Bob.

brings Board our Directors. global of markets have for new Q&A, Before we're and in into products. and Bowers affairs us instrumental a XG be aspects and the welcome will Stephanie experience Board. delighted chain to government approval security, our supply government She of join I with our in Inseego opening her wealth international Stephanie helping to moving want of by relations to

on XG to our On will make necessary doing support the That I of continue we excellent progress the search, execute second and the I job. well accomplishments next have software challenging has thanks right times. expressing taking confidence margin, our said our can't quarter, CFO to the Their global behind conclude to everyone. driving enough. XG even we will continue us amazingly our the pipeline, the employees to company. time to these ability great a an them narrowed force list of and my good opportunity our thank Bob growth in they They no find in experience plan dedicated and again, solutions. high more gives generation I sincere been candidates. solutions and am and candidate. high tremendous the rush become in and are to in Thanks and capabilities One, growth who by the have so software-as-a-service strong growth,


Instructions] come begin answer-session. We first question the will from John with now Stifel. [Operator will question-and Marchetti Our

John Marchetti

have what we better exclude revenue that for? accounting make your over and that first, that first Can If comment given just you sale. you're first the what as business in on for second that revenue your of to the that just was sure to is know your I want assuming need a be of we us portion that let should can half Ctrack out divesting I'm about start half, just of we the sense

Dan Mondor

Dan. Hi, John. question. Thanks Good It's very much.

was to jumping ready I answer. think in Bob

away, Bob. take it So

Bob Barbieri

a Thanks John. Yes. lot,

revenue of And two the to respect I X.X, helpful. was XX.X the in end million. exactly first think the the at July month. in in Africa, about If we quarters, the South work terms of you month, generated because saw with amount That's of

John Marchetti

there. if make more very, positive. very a I question on XG that this helpful just quarter, margins, I clearly the of correctly, you understand I That's And very in much. saw can sure to Thank want all that up with follow you the

the software that that about function nature? or quarters So seeing here, hotspots back took out a bit a Wi-Fi solely so in growth me step can versus was XG next into surprised of and looking we're it little the dynamic, more, as given we're that that, in something, a portfolio. of Is XG I fixed think over help can the wireless access Just, you understand we just things 'XX? and that several margins

Dan Mondor

software, thanks, Yes, XG gross supply our and we our wireless are improvement said reasons well solutions, in for XG through of the as market well. attach for large I overall better XG journey there and Well, fixed costs. over and shipping hotspots, as is our think higher learnings the overall was That John. than the the hardware, all products. there in chain products than have market did be value knows we Thanks. our freight will spot added time, That the better products improvement economies access to when get XG, costs the for we better the gross in especially we we premiums purchases, a said, scale, margin margin inventory pretty saw appreciable quarter that even that margin believe

John Marchetti

for then, jump I'll one me, one and last And Great. out. maybe

is should more side, that a this more software year calendar of applications expect 'XX we the on event? or Just launched

Dan Mondor

let let me Ashish. to it me Yes, over turn

Ashish Sharma

Hey, John, good question.

and to do solutions. in some the features more to customer add addition more to functionality existing So expect continuing year, this later launch to new solutions we

do ones we to puff will be new continue So ones. the there out up but some existing coming


with question will next come from Vitanza Company. Lance Cowen and Our

Lance Vitanza

wondering, the the I enterprise Ashish, or know the mentioned you quarter. over, wanted right XQ? like get the the phrase that's And regarding press to all pipeline now. Is that But attributable from maybe nice largely I thinking statement list sounds and first don't that there already actually then, that how should are right try Was And measurable the just there release I And XXX converting I in the the Will measurable? well Thanks. improved converted. was be sense revenue. How be in you wanted actually, ask I'm the QX? the on congratulations of close there's we being way? Am revenues or to beginning the about back half it if customers you're from to a was right? of to trialing was was for to And well was at do in to measurable, and that? pipeline was channel, different pipeline enterprise the in sort on that. buying from over versus Dan the someone it enterprise half, a the like I language sounded now far think it reading types. that it and it contribution it

Dan Mondor

May. what customers referencing. Well, just We're from pipeline, as XG right, when but in enterprise is were know, you're you the an zero XXX and plus we XG going. was, in comment our Really, getting that's enterprise

So that's yes. pretty incredible growth,

And the can't corporations world, in largest XG they're adopt and impressive some name very, pipeline, -- brands to the looking but them. very names, of

POs, the understand who that and So, are, the we a visibility the the sort good decision cuts defined, the are budget, we time, thing selection pipeline. of start the the have scope, Projects makers who in process.

there to of XG pipeline referencing few small So but And you enterprise be to very, can for number, was was terms months. anywhere QX, question, days timeline start revenue a your as your answer in dates question, XX the the a yes, other could in we're from of part it imagine. the very

ramping up quite see So we nicely. do that

Lance Vitanza

sequentially improves other then, question XX%. if I And my if it I that cloud right, was, got about to XG think Okay. that plus

from even from if XX%. the it XX% quarter. that went XX% said revenue XG the piece, it grew in though I cloud percent a year-on-year. And as think got actually, The think first down, I I the XX% right, went to revenue revenues was of XX% you'd piece of

you've got tripling sort going is the to just relative with is are that, smaller? get you then when pleased that, that that was growing year-over-year, XG of it I way So two to another? But those the guess piece are piece was one

Dan Mondor

you pleased. the hit very, denominator it, I think Well, different a was very number. And

larger So is clearly ratios how different. they, were going gangbusters. the numbers, XG

the said we're you from I the I was the if the in traction, is way growth. at look incredible areas the numbers quarter, it that it up we invested think Those XX%, want get getting we year on for overall, themselves. speak a growth the ago the where are engines market in last to

to expect that growth we see So, curve continuing.

Lance Vitanza

there a a or only capital that so Great. four comfortable basis, reported, If perhaps straight you in million some over But is of cash, I you decline? to noticeably balance know, million could the sale think on feeling the you to XX pro there that that from there? quarters the sort the stage? XX XX XX just forma you mean, burn squeeze million mentioned of If Ctrack just the And where few is cash million? burned is add will that million I your raise your in I I'm cash one of liquidity payable pro kind math Would next be more three balance. and XX going I this you with on incremental Or, wondering, to the take taxes the quarters. cash. way forma just versus at need position? be it mentioned think I that Are

Dan Mondor

I'll Yes, comment. to ask Bob

million end. question your at XX was QX cash slight But correction. a It – Just

Lance Vitanza

Sorry, apologize. I

Dan Mondor

you specific was No cash with you to QX, want if were, if also that. Bob some one-time explain Yes, you will aspects. QX associated that burn to things ask There And we know, will, to problem.

we forward. But a changes, do working So going use color the can of burn some of QX Bob we cash. the can of we high see what's the certainly decline see and through -- because go capital that. you cash cash steady give on But

Bob Barbieri

million under quarter. restricted is first treatment, to just a little had that a paid closed, cash impact have in and of line the the And employees term, our bonuses and our And rep sale we from is accrues stock the of have in in months sale them be its held held-for-sale. or relieve sale our that raw In add but held after get a happens then terms the gotten million is company of to then One a taxes if quarter, the on bit cash held will million And standpoint cash. a cash us, for that closure. the and the first, the that in you assets of company. of warranty then And about the that first couple X.X our then couple a but first the Lance, together, period the what second restricted was we an cash. Yes. that forward Dan in things. those And second, basically how we XX, about where you In a separately account it. lack from XX that's things better the amount. do but cash exactly that is the after just X for through quarter, quarter in the about And and the you XX going mentioned. payroll think outside

yes, of about million an was, the movement. had some of was the $X that impact from quarter-to-quarter, cash each The rebates certainly less we just So of unit. movement only remainder because

If you contributed rebate one if a certainly year, look quarter QX at versus QX QX about revenue, the and lower there's so lag, earn them, – the we prior less that

Dan Mondor

Qualcomm rebates.

Bob Barbieri

of well some of other revenue in for working forward because as that'll up And is in move of have capital. on recovery going the and of as more step QX less reverse Certainly burn. and cash a QX. when receivable number, itself Qualcomm, I'll And the lower to of your reverse yes, out then, strength a you forward. accounts like a QX your then itself because as revenue we activity

are a cash So little mentioned, bit the goal. color. we're we that burn how that's the that's managing thing And and Actually, hopefully executing. as it's down of other Dan


[Operator from come Instructions] Our next question will with Genuity. Canaccord Mike Walkley

Daniel Park

Daniel my question. thanks for is This for Mike, on taking

carrier new of us a just forward? me. you Could of for the quick timing as launches a Just you give the of mentioned moving sense one some

Dan Mondor

we to thanks Hi, going for on pipeline, our And it's long has have a expect of pretty the it, a forward, of we Well, have Yes. quarter. launches part tail -- we question. number this pipeline that your different stages. occur

you can't back So as healthy to imagine. pipeline. terms of cycle very sales cycle, again, give the a to really -- carrier longer it in specific numbers. But And pipeline, as it's answers a goes can

going So the the approval forward. from to our but carrier products base expect takes certification time, engagement to we customer expand to testing to launch

I RFPs, think, got it's and we to. customers. of two, already a but one. XX flow have. additional at to a we Number that slots pipeline we new it's like announce expect Again, any think right we've moment expect to customer product another carrier of in have we're time, number steady something That's now aspect. within responding a function I That's healthy


Mike will come Our question next from with Latimore Northland Capital.

Aditya Dagaonkar

of Aditya you Lattimore. how behalf you tell customers me percentage Hi. have? is on many Could did XX Mike This

Dan Mondor

is I'm is going for looking Bob numbers? The answer to two. give

Aditya Dagaonkar

revenue were these percentages me two total Okay. you Can like, what of their customers? individual give to

Dan Mondor

don't going not to the out we're dollars. -- we revenue break No, actual

customer. just revenue not want for to identify we specific that numbers discuss something not any because it's So we do

don't just that we provide kind of So breakout.

Aditya Dagaonkar

pipeline, what the on And mobile right. is international? it IoT percentage All and of

Dan Mondor


Ashish Sharma

a not at Aditya a We've this nice got pipeline. point. Yes. lot

majority but We value coming of customers, early have America. North still some the from

Dan Mondor

relative financial the to answer relative pipeline. think I to revenues

that relative And higher we're, and say pipeline lot The a on new So international teams, would the revenue basis, a market market. basis, on a is basis a our building international we're percentage than a products go-to-market on revenue helps. it percentage the current currently, I not much because if of be would


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

Dan Mondor

operator. you, up, every executing thank and I the Inseego team in part company. of exceptionally say Well, to is wrap just well, will this the

As you of saw, adoption enterprise XG the portfolio solutions customer we're seeing and software carriers reception our our newly market launched growing incredible. was of with and

been highly our teams have We and differentiated have go-to-market stronger. never process

behind So pipeline together, largest if it put the our the in recent these we are of all being reasons history. company opportunities

we've we laid for think and as half XXXX. strong groundwork an net-net, the So discussed, second amazing a I

So thanks again everyone.


attending concluded. for now today's has The you conference presentation. Thank

disconnect. You may now