INSG Inseego

Dan Mondor Chairman and Chief Executive Officer
Ashish Sharma President
Bob Barbieri Chief Financial Officer
Lance Vitanza Cowen & Co.
Scott Searle Roth Capital
Call transcript
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Hello, and welcome to Inseego Corp's Third Quarter 2021 Financial Results Conference Call. Please note, today's event is being recorded. [Operator Instructions] On the call today are Dan Mondor, Chairman and CEO; Ashish Sharma, President; Bob Barbieri, Interim Chief Financial Officer and other members of the management team.

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

factors a the are in the I available our filings, from refer our in that For XX-K, Cautionary please on now could actual also and website. differ to Note contained expectations, the release. factors results risk refer the which Statements XX-Q on cause CEO. to Form Please materially turn Dan today's to described Forward-Looking to go SEC press discussion to ahead. Mondor, would and Regarding like section over Please call Chairman other

Dan Mondor

Ctrack to report very quarter and coming was at with customers, last third The for operator, in customers a revenue for after Africa. everyone. results and of you, over new segments. million. carrier sequential joining growth strong hello, sale in key with a South XG pleased international This both performance the quarter of and topline represents channel $XX.X enterprise for strong by offerings enterprise X% Thank the our I'm adjusting partners driven Thanks call today.

fixed into entire the growth major traction an remake connectivity solutions. validation wireless seeing in including carriers enterprises large both be and to XXXX. We are of leader strategy company access is customer important will XG Recent XG contributor portfolio, which across in our products, our our our a the to edge traction with

to launching made paying any past XG wireless expanding increased up a pushes product with over employees. revenue a the customers. for XG wireless new Inseego's represent subscribers from products relationship carriers, is marks total as it aims release, This year-over-year. our for now as continue an most the enterprise thrilled XXX% FXXXXX is next relationship rapidly. exciting we perfect They to as cloud and now we represents rotor progress XXXX. In with T-Mobile, off. quarter. to million in business cashflow indoor is software other wireless These are announce free innovation have priority, impressive This The This the aggregate and by significant sign last home of of our company you and enterprise generation are products are fixed now expanded year-over-year. defined medium office, our As versus first in the with as fixed our up positive. total its is work-from-home software only called on companies small years comprises revenue fixed few new total revenue in grow and XX% XX% significant investments significant history to year. stock now XX% our an who the And represents deal XX% up including access product seven product cloud investment product T-Mobile XG press a saw X% business of in revenue XX% eight small phase office indoor to of our customers,

Telstra East are one wireless X this in Our North network scheduled also operator outside Middle operators, two launches also fixed the wireless products sign and international a other deals access Australia. as gaining quarter, with Tier America the in mobile with we traction with with

we expansion accelerated rate launched addressable primary last significant. believe and platform we sales deploying market year. region represents reason every market enterprise cases, I've product see international our enterprises a the direct and the leadership why taking use our XG past, in excellent is is initiative largest And approach market addressable role fit Across in the we developing history. it's an our the As in said and global providing

RFPs and both pilots the of from our resellers. number increasing and our also domestically an to customers expanding partners end, deployment abroad. resellers entering phase. our is both carrier enterprises and the channel continues through distributor growing our and goal grow distributors and flow Order sell the saw to through In value-added quarter This to

the Ashish being Now provide use in management diverse device connectivity secure will edge cases Inseego's solutions additional color on and are which leveraged.

like I'd chain to Lastly, on supply touch dynamics.

a As with and are keeping flowing. in products tirelessly fabulous to significant our you have a key know, partner components working across industries. this Foxconn. many conjunction issue secure Kahn is Doug team They his done job

constraints expect future, to customers timely impact our foreseeable products our but and supply being chain the of day supply continue our said, we we capability minimize is working business to the deliver competitive a a the to That for We on to believe to source basis. norm advantage. are remain every on

across seen we major freight markets. pleased cloud not enterprise In with have While have our our experienced we many elevated continued seen costs, carrier growth by the and businesses closing, disruptions competitors. are we our and in XG software of strong

achieve be revenue history. of XXXX XX% Inseego’s XXXX and in deployments our confident well XG we We their as degree will that commercial And high positioned accelerate best that growth are a we to approximately the have in are long year beyond. confidence customers

Now, CFO demonstrated before welcome to has over Inseego his April, extensive as joined permanent and in leadership operating Bob Barbieri experience to proved Interim tremendous CFO. early I as he I turn say to delighted invaluable. Ashish, Bob how we Since has call the want our are

for more various beyond will Bob help With ideal that, As deals generation revenue us us actual deployments that we phase the Ashish, turn on are became the details is me priorities. moving strategic forward our pilot progressed towards let Inseego. to over to regarding CFO and have CFO evaluated obvious to rapidly call it the execute who successfully share that candidates to

Ashish Sharma

Thank you, Dan.

mentioned, our major Dan it outstanding as team Let XG driven XX% business. me portfolio. our Dan in third also join in solid the represents QX. the We quarter now quarter, of by another had strength Inseego software milestone recognizing in a for performance and achieving and across And delivering overall

accelerating and during this we've history quarter to strong recent highest revenue continuing product digital deception the reaffirming with solutions. digit see was million enabling XG $XX innovations. growth XG we and transformation position the Increased in our to is our technologies. seen is new representing customer our leader of generation legacy for demand triple technology increased as that a Notably, surpassed growth order need year-over-year. This XG broadband, in are possible access our product Our momentum great worldwide XG now of the have

to enterprise on Dan am XG compact the thrilled me been launching important by and is This moment the side so indoor their announcement for efforts. T-Mobile for for the a Inseego months. many that XG our far by has efforts team spend customers. solution our I achievement mentioned, FWA business diligent As with most working T-Mobile in side let a testament customers is its that

a we additional pipeline of with the have them. about of products We FWA certified XG by number excited opportunities incredibly And T-Mobile. are we

we also up products to support provider customers T-Mobile, recently fourth in Middle addition launches XG the customers In in Middle signed to service the to East Australia and We these quarter. new shipped East.

things As I our past achieve think to the about me goals. three the financial transformation our ability of give Inseego several in confidence over quarters,

with of the multiple past accounts. First our over significant wins months investment product important enterprise with XX is XXX and FWA Fortune Tier validation X carriers the

year FWA given announced can time expect XXXX our current near UN recent driving growth address. revenue material majority significantly larger a next beyond. FWA announced, future these wins, in see of and market hotspot contribution and Given both a see where we exceeds to these revenue, I with our the revenue products in the

single the been time revenue diversification of carrier. we There our is our that in the the product to of majority Everything where a has from sold over streams. dynamic. change Second, a a not have came was years to done hotspot three distant past the so last single revenue

virtually today, America, two and LTE two XG the every technology Today includes technology XG we in a solution. U.S. of also sell have As we carrier for North in the largest which complete XG, including our providers in cloud lines to

are business. XG into We also large to who a of growing sell integrating directly their enterprises, list

no Middle [indiscernible] North Asia. doing We this longer not also the old. but are in in and only This East Europe, is America,

is underway. revenue mix shift Third important the

heard You've calls XG higher prior seeing with about we our earning a the are in stock solutions. margins

of the to all a including all same solutions. ability use solutions is the FWA mobile solutions, The As the allows of powers across XG engine at engine hotspots common that XG our leverage. for heart operating significant

uptick On been of sense customer the cloud alongside In our give adds addition, software and significant a margins of calls, order of to amazing illustrated conducting us. to of important FWA a products. our opportunities I This seeing both ahead recording revenue we've an are examples prior quarterly pilots we everyone our attractive, gross in component business.

To that our go some Europe industry cases. One start, live a announce that we to large some for capacity, beginning pleased seeing in across these numerous in testing the are accelerating verticals. product low I'm market. to momentum enable quarter XG X.X is FWA high manufacturing of leader the line recognized the manufacturing capabilities is trials latency and systems data to automotive global vertical This we use interesting see integrator is are

public routers new schools in-classroom our that SoCal robotics two who working workplace to high underserved districts bringing remote a In CPE find safety equipment. to more for live indoor testing production using using is are case and telecom goal innovative learning charter in KIPP automation FWA are with power long provide FWXXXXe new our for also to education school areas to on create and And In Wi-Fi, agility private distance We solution factory Schools side. the in with AR/VR manufactures CBRS in students students the they're use market areas. our and to the a the improve network connectivity XG speed this experiences. to industrial to internet ways in Utah, connecting Public XG outdoor

As mentioned key are areas on us. networks prior and CBRS focus for private earning calls,

a to manufacturer solutions the an In to solutions managed integrator internet enable gateway using schools we XG connect remote latency their connect guests. are public speed services use the access connectivity, Kentucky, our enable Similarly interest are Tennessee time operating to train where CPE a city connect Utah, XG seeing the And dorms to is exciting hotels customers trial high solar wind quality in we to our to testing facilities with and using is in virtual network a city University street Wave safety other improve Inseego areas. few and testing working our major light of Australia, TRECS use industry critical in monitoring U.S. to in vertical their the public procedures. to with example, for with The utility is across infrastructure XG solutions. the using Top on our A traffic using wire of of with business powered provide applications for real poles for and cases cameras to Public power diverse professionals in collection market in parks XX just the reality sector is on monitoring downtown provide we XG are U.S. point impractical XG new systems their solution are or U.S. campus for large addition needs broadband another one for In Europe large is These a lights a XG university the cloud are help industrial cases. connections impossible. Wi-Fi That turbines. being of is low to our points. integrated of medical the connections in where Wi-Fi powered in deployed surveillance solution healthcare couple being areas is for engaged In and high areas. is the just examples in of another and provide In our including I by in a outdoor remote described millimeter of U.S. Arizona goal global our case XG city connectivity are healthcare to a

we Lastly, our with XX% progress make software now to that our business revenue. continue off good is cloud

During this their terms. attaching for FWA XG service to cloud multi-year quarter, we signed our offerings software are solutions provider who customers large XG

value and over software the it While now still our to improve days, the margins I strategy long-term. over to our early investments proposition, to call turn improve as these our And well would as like Bob. validates of are

Bob Barbieri

Thank Ashish. you,

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

started Chief start, proud any the am financial I client other at enhance assignment everyone named let me to with this Officer. to been tell I Before as I how Inseego. function would have Financial I

financial I the processes to and was I connecting that the with Additionally, very have team happy improve strengthen critically leadership see running as important. we in the executive this and business.

the I'm with impressed Officer to months me that I let holds, became As to I excited this with and spent organization Inseego. Financial the the last get the Chief the stay team, potential financials. as several With of on

a driven note the surge remainder year-over-year of XG the June comparisons fiscal and will of in that include reminder quarter to through in sales the which please XXXX. year As continue everyone began of hotspots, pandemic last

was we In and the addition, that close sequential a solutions XG with XXth unit XXX% before last will South of sale from year. X% financial year robust demand software X% was Africa. result Africa South basis the QX up from was prior but products down The Ctrack of reflect of last comparisons surge a excludes Africa, providing quarter, revenue July Adjusted be because COVID up sale that revenue for prior the on by on last driven for this our Ctrack the from year. whose remember forma $XX.X demand XG up related in period Ctrack year. quarter. accelerating South cloud strong Inseego's pro from the million, I revenue the of performance

and quarter $XX approximately IoT solutions from quarter-over-quarter a revenue Third million; mobile QX. almost was strong what was up XX%

This which and Africa Ctrack by and movements the impact the world quarter-over-quarter Verizon of SaaS seasonal cash received and There be QX. due SaaS end of on also working I one-month the growth payment we million provider point capital subscription Solutions million was recurring initial South expect the across into as our quarter on points both for detailed GAAP A was sale in our non-GAAP for is improvement X% a up Enterprise T-Mobile, a service and a FWA favorable year-over-year, XG $X.X the focus Africa from was includes X.X% a as the this result slight XX revenue $X.X hotspots over revenue; on non-GAAP to release of in of devices available to adjusting in our accelerating exchange our and million, Ctrack selling in XG a and past Africa, receive to months QX mobile result was $XX.X margin the XX% driven after measures. closed and at than IoT and quarter-over-quarter over T-Mobile webpage. of sale sales. XX.X%, July included Cash of XXth. expanded XX revenue for in QX Enterprise South Ctrack the earnings self $XX.X reconciliation the which business IR revenue of basis will at of foreign unfavorable Solutions better down growth forward, is million of increase South our of XXXX. Gross adjustment will last the the and hardware XX.X% of of Ctrack we From relationship. through expansion international

devices, margin we mix well rapidly as growing by business. gross earlier, higher margin QX improve approximately software ASP to As year-over-year was Dan able in $X our higher impacted a the costs, discussed freight but in million favorable to of sequentially still were due in as

for and product we improvement factors Assuming absent see unforeseen going similar potential margin any gross and forward. further mix in trends our

expense down share quarter, our in prior million $X.X year's pursuing. what $X.X in but million was opportunities COVID of the products. for line up the operating net positive the XG Again $X.XX year. The down $X.XX from $X.X $X.X with in quarter. performance the of a year-over-year in or prior high operating loss the million QX, demand or mark from benefited share QX for reflects the last made expense $XX.X water per surge was significantly from year XG are Our was we investments million million, to take the QX advantage increase but prior

was and in of $X.X costs the earlier. loss QX Africa than South was $X from loss sequential higher last million of down XX,XXX the year. The EBITDA and sale higher of freight to million positive due $XXX,XXX I decline the the largely Ctrack Our was discussed

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

thoughts on XXXX. some and of rest XXXX Finally, the

phase XG the uptake of by the see enterprise sales. as we strong our accelerating execute sales and benefit pipeline in growth we're to and entering U.S. XXXX, growth margin the internationally. Ashish our and and cloud mentioned, company solutions demand software, in on opportunity continue we from and in both cloud new in device encouraged alongside FWA Dan We current The increasing as higher

we this, Given are in in ability achieve confident to revenue business. XXXX the our after South Africa approximately pro growth forma XX% Ctrack into account taking

is reported net higher quarter. analysis basis. an given operating that the please moderating may growth operating begin return excessive on a there note to operating leverage. in as to as significant in in result see plan however, also believe fluctuations growth R&D my any of we XXXX our rate. should model, turn operating adjusted On our We expenses in in growth This EBIDA growth should we revenue From capitalized expenses in basis capacity, costs and I support on improved

In of year, the of our of is revenue. consensus with current terms of the comfortable million street management $XXX team view next

We will detail providing we enter more begin XXXX. as guidance

Dan revenue our of Board giving the Financial I in currently we're shareholders second meeting the With that given our turn cash free Chief the improvement thank I and coming margin Lastly, comments. become it to half targeting me expectations, forward growth of existing Inseego's and months. to the for want look for positive. to turn XXXX Dan opportunity Again, let prospective his all back and to to closing new Officer.

Dan Mondor

boxes. comments the to before Thank to I in final investments we our the our primary Cloud, accelerate it to Inseego have made check decision over to goals NextGen, we you, and welcome again XG turn Bob. Team. three some When were And Q&A.

to first be with market XG would products. we ensure to differentiated First highly

of only enterprise that both improves be products creates And leverage. operating that complete market, cloud to create third products customers. our our but XG to a that carriers combination a our engine markets sold RF creates used scalable a build not in software could time to all for our platform common to across Second, with significant solution and

As in all the accomplished. third we be of near end have quarter clear year, that the of we evidence more proud performance I couldn't And our that. is the of

carrier optimistic managed growth deployments ahead, in our acceleration see portfolio. an we look I significant am we enterprise by both of cloud will XG As driven also that and


& first Our will with from Instructions] Lance Vitanza Cowen go [Operator ahead. Please question come Co.

Lance Vitanza

the and Hi. taking Thanks the quarter. Thanks on for guys. congratulations questions

could terms talk bit if Let partners or me the helpful? there's over past about if funnel little channel be to but well, revenue respect as has could but I actually, there know or engagements, don't a of And Ashish, developed best you cloud active could any more the the how bit start number sales Dan, that's maybe a more little you talk there, number you if up details follow I discussed that then provide in a the would I'll few for months? now. for with of of that stop have software

Ashish Sharma

hope you're well. doing Lance,

We So the the now software large funnel is signed in we've carriers today cloud our our to that attaching developing XG really multiple now products. who also are just said script well.

shipping to them. We are

that's cloud much to the pushing it. are through through [indiscernible] all has products So component a pretty carrier XG channel with we channel and the then the most now

where of through in as projects solid. And the through you early it's we pipeline shipping distribution now It the product focus of channel. is extremely is pretty use we So have much regions, solid. really days first our all in are but looking multiple selling the is new these know, still motion

Lance Vitanza

get with Okay. a to carrier say to respect obviously what the to which Is for a are making for Inseego. point wireless. supply is of that's that chain And respect fixed I'm trying expect rolling lot of safe this forward of about of to ample part sort the sort see carriers a their mean, pace from that's lot than risk that more forth? of and that to out just to just news it we be I locally sense And a – obviously support reflection beneficial so and seen with we've could story the central they shortages actions growth? to then at FWA, actually

Dan Mondor

Dan. it's Lance, Hey

able But of the real So supply. of to for credit dynamics of We're we in across speak goes we and as can what a do. orders Well, not quarter We getting and speak fixed end only in hotspots, this part question. the the we It for to fixed Thanks parts talked again. for chain ready as we commonality – our launch. cuts with mentioned difference fundamental not good team our supply no their we're you lot of are towards and wireless platform. mobile given to wireless about constrained both Inseego. T-Mobile for had our significant the our

on we forward very So, bullish XXXX. bullish how wireless extremely QX in how going and accelerating that fixed looks we're in see

Lance Vitanza

we'd million in year-over-year but And be a COVID like more point XXX-basis lower of I from in Okay. then you to camping had XXX margin about of gross that about sort at the higher million at revenues you If roughly, adjust the for this I more mobility could margin despite If IoT, squeeze is that's think $XX will. we that of is you and surge know the improvement, one way basis improvement. freight the, the had of costs, IoT in about question off just year-over-year. if looking was if $X improvement services, don't point all

especially we're benefit the to that with quarter whether mix the about or you that in to shift enterprise of be talking XXX that other extent that So, were just reversing influencing XXXX? the and or talked some gross earlier those XXX, to there might of margin, were all software, factors respect is fourth

Ashish Sharma

ahead, go Bob. Yes,

Bob Barbieri

Yes, with was sure. dollars approximate points. costs you of Lance correct million some Yes, XXX charges the freight associated hi. of about basis the that are

don't we kind see question, of which unusual anything happening. forward, Looking is your

mix you other it And XG So, that's forward go a margin we about helpful think the moves kind with of software. should again, of as think of to outlook that terms brings to type steady in is you. to about if our think thing of more XG, as I

when months, immediate margin XX an period, future. is gross you increasing building as layers but so of over impact will ratable the are you over in which don't well Now up bode time, the the for get software

Lance Vitanza

Thanks helpful. baton. really That's guys. I'll the pass

Dan Mondor

you, Thank Lance.


come from Searle ahead. Our Instructions] with Scott go next question Capital. Roth [Operator Please will

Scott Searle

just Hey apologize for you bit of wondering I'm a to again figure also this mix remaining think, going to into to call Ctrack what's little so questions. in of XX% that the clarify, and Is had got couple quarter consumer then in just I enterprise if I access components then follows. my sort the calibrate I applications? that's taking cloud, business And hotspot Just terms I what in understand I there cloud. a is release I to sure a call provided well? terms late, that fixed as talking XG of But other more want of on the about in are guys thanks apologize, the the or I redundant. or me, XG wireless versus some make the

Dan Mondor

of the Scott, earlier. quickly out yes, pretty through made can Hey we think, remarks run I those we Yes.

you don't recap? why Ashish, So, just

Ashish Sharma

good Hey Yes. Scott, talking you. to

Scott Searle

Ashish. Hey

Ashish Sharma

mobile asked questions enterprise the of the Yes, through XG side, into both is different product digital the going the hey, of and so and the large a other carriers couple enterprise, most you through much the product product channels. broadband and on pretty

within some the is in segments use enterprise. and but cool from as consumers all and of multiple really some enterprise. the FWA And seeing, buy in all we different verticals here majority are are board the script, my described enterprises. I good who of across it seeing might cases particular, it we there's So, is there, towards

second So cloud we've attaching the these different question that's we cloud software And on got XG. software, to multiple now your devices. are then about

it. we've the that's So, you got one about, to Ctrack piece talked software,

a one Second Inseego the software we one And certain is to management management is which attached is software. cloud that third our Subscribe customers. subscription

So, it's building in and more mix margins better layers move structure. create we're better as prop our multiple forward value layers to of and we a more and

Scott Searle

from you. private going Ashish enterprise Americas what's the World front, just a out of Got in terms week, to XG a network coming lot standpoint, maybe And last et Congress on of on of Mobile cetera. follow-up

in periods, it cycles provide play wondering aggressively the of You actually color pilot the of how the look that. big you size in that magnitude the could pipeline, there, like? are guys seems fill into you there's the but trial deployments timing deals the certainly adoption if to phase, of wondering will, are interest, that I'm the and you if magnitude because terms seeing that some on starting the an like and implementations up how those of I'm the and

Ashish Sharma

Yes, good question, Scott, there. lot see tremendous and new first quarter-over-quarter, talk off, activity we seeing more just progress are not Like we it's anymore, projects. just

seeing a adopt their cases. are trying to private like for districts verticals, certain use school We network

we And so, deployments some not just but right which have XG real, TAM and and SAM that eventually of different districts for in nice, scale these us, over next starting are few a is to starting the for quarters, they are there's got happening enterprises, now. are to They to see private be developing market. small, some school to places, this multisite but this. And new tend

Scott Searle

African in next Ctrack the see you that growth, year, to less the quarters? sold smaller front, and terms And, is the Thanks wondering forward does keep attractive or monetize that the possible guys. how South going And there, look several as more you next kind much two of the of over what that overall on driver of portion, also you biggest pushing Okay. look good, and doesn't into to now fit a XX% as maybe forward? offering. that look build out you asset have it's Strategically upon, it's I think that that scale as business, Is that a portfolio? to an much you've that an I'm off then but the to

Dan Mondor

thanks. Scott, hey Yes,

in. I'll and off start just me Let Ashish ask chime to

customers. In enterprise XG layers cake wireless as fixed XXXX, of that. terms wireless, and we're more fixed adding a carrier on we There's major driver of the certainly obviously see

Continuing curve. is to of cases Our Those it's attach the growth with a small, instances those, through. that ran impressive continuing and pipeline. relatively on Ashish are pipeline, indicative We growing various built high a a that's very grow real-life that enterprise that's use business it's of layer. cloud, and out the but enterprise rates and kind of

business, of wireless. things XXXX. of strong us And combination slots international extra as confidence guidance. growth And a fixed for there's well gives in now, long time. taken T-Mobile we are is our as I So, that carriers, tailwinds, that a mobile realize that has hotspot our go providing carriers, Cloud our with really Scott, as whole in we've combination not our done a into

talk we now to full So, and about start, year XXXX. wanted guidance provide

done we've what that's on So call. this

Scott Searle

you Hey carriers front, shipping that to coming XXXX? and Dan, of if would to what that solutions Thanks. disclosed towards you virtually of I the number could look like for just expect you follow-up middle have on are the now that FWA

Dan Mondor

Yes. did we make the announcements, market obviously just major and their the se. to from but But reporting have for out enterprise No, more We them and Thanks Scott. one now fixed come wireless to we're yesterday We'll business. not a with continue breaking really them T-Mobile, per can announcements. you. Thanks not. add

Scott Searle


Ashish Sharma



Pease from ahead. with question Capital. [Operator Our Instructions] will come go Mike Latimore next Northland

Unidentified Analyst

how a overall percentage [ph] the Mike is of behalf revenue me you on Latimore. much did of international Could this Hi, Aditya tell revenue? as contribute

Dan Mondor

We do out not externally. that break

our that around go in we now but as break more But not that. we some consider right and forward, breaks revenue more color stride, about sorry certainly, do So we'll out. other

Unidentified Analyst

ten have All in you many, me this you tell right. Could how quarter? least did at customers percentage

Dan Mondor

queue. It would reported be in the

Bob Barbieri

two. The

Dan Mondor


Bob Barbieri

answer is two. The Yes.

Unidentified Analyst

start on could XQ? from the Could exceed the expecting fine. some right, give sales? that seeing we All when the we start we XG right. All could sales XG And Two. to color

Dan Mondor

I XX% comment. this Well, growth ago, year off reported I'll quarter revenue we in we start Ashish of a X%. it as we're talked was ask about, XG, seeing our as mean, to rapid

growing. it's clearly, So

is that and effect. technology through a overtake is eventually steady what would said transition, having we're business naturally seeing XG Now see an XG. We so XG, additive business

So, to in I of and it's as XG the say, would future, going happen function a staying XG relatively steady growing rapidly, of near just course.

you want Ashish if to…

Ashish Sharma

what exactly it’s Dan Yes, said.

next happen. that sometime I think will year

So, future. in not-too-distant

Unidentified Analyst

Thank All right. fine. All right, you.

Dan Mondor



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

Dan Mondor

Okay. Well, operator. thank you

and for questions. great everyone joining thanks So, for the again,

product and And by software line. customer our think to our against complete rapidly also, As you strategic with creating our devices. are heard, it's we're our I cloud certainly bundling we important note executing and solutions plan our expanding expanding base

So, what sticking That this. where and you does means that margins improved mean? are

fixed comment be you’ve are will the enterprise point off. taking absolutely ramp part inflection And in we other wireless, of heard or of and think wireless, to fixed The seeing XXXX. continue up is major and that believe I we a

breakout that's for you So by real great huge Inseego. our to giving shout rock. just out great, see close employees, folks to a year a why be XXXX absolutely we I'll

fourth quarter again, Thanks close by look forward speaking you the saying with I everyone. I'll call. on again to So,


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

You disconnect. may now