MiX Telematics (MIXT)

Paul Dell Interim Group CFO
Stefan Joselowitz President & CEO
Brian Peterson Raymond James
Matt Pfau William Blair
Joshua Reilly Canaccord Genuity
David Gerhardt First Analysis
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
Paul Dell

Good day and welcome to MiX Telematics Earnings Results Call for the Third Quarter of fiscal year 2018, which ended on December 31, 2017. Today we will be discussing the results announced in our press release issued a few hours ago. I am Paul Dell, Interim Chief Financial Officer and joining me on the call today is Stefan Joselowitz, who many of you know him. He is President and Chief Executive of MiX Telematics.

During the call, we will also make statements relating to our business that may be considered forward-looking pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. to actual of from results subject that and expectations. are cause could to statements a risks variety uncertainties These differ materially

that Exchange our the Furthermore, Form For other and www.mixtelematics.com other please material under the the XX-F on to could Securities we our with factors at and refer in discussion tab. results, available affect will Investor contained risks those Relations filings our a certain which With non-IFRS the Commission detailing financial of important our also reconciliation and be call is in release, schedule Exchange that, results There press website referring the turn is over available currently Commission. to me Securities and with these Joss. measures. to on let and our website filed located

Stefan Joselowitz

would the all Telematics Thanks, is history. net today. basis XX,XXX that like the call to you constant of a in am MiX evidenced and in new revenue the QX, XX% to currency the quarter joining company's thank I addition strongest subscribers. annual for proud subscription announce over growth This on by the Paul. delivered I

reflect Stock few of plus. some decade. Johannesburg wanted we our great In and consecutive Exchange of the moment expansion goal EBITDA on delivered the record marked was million of ZARXXX a in quarter of months on I to of progress the ago, towards take we close our Mix's XX%. and A XX% This of continues margin the margin XXth to our addition, listing anniversary last at to accomplishments adjusted a sixth longer-term

annual execution, fleet annual Since of through of a provider asset approximately solutions. South into are billion, past primarily with roughly business ZARXXX of the consistent passion, XXXX, representing to leading fleet XX% approximately combination we've in year's listing be management expected Just industry rate revenue prior of ZARX.X to management of was company a work, total growth and Africa This a a liquid in and persistence services hard over million. and provider then, compounded toughest tracking decade. an geographically global mobile revenues book the

customers and with has service, an fleet attractive, eight ability during drives investment, return and premium approximately six our to our on years. exponential of quarter. easy long-term a in scalable us broadest innovation Our which a that years are evidenced all last enabling this This such software which These relationships technologies We’ve of to being and customer average our our measure extend edge resulted best support updates mobile as and this range one of releases evidenced commitment to & of lifetime app the commitment system all to regards advantage, has our next be subscriber by and on backend year. releases focus in quality growth has development offerings on we the platform, by are new consistently the in as deliver well deploy After our releasing and In well this leading also platforms, also Lightening enhanced completed research in significantly our the our to to Dynamics to beyond customers competitive generation in our software common the to base. retention. by hardware large platforms over foundation our the some efficiencies applications project driven provide operations, speed in as customer rates architectural highlights improved as fleet well MiX Lightening, to designed of industry. later This group leverages practices highly customer these XX%, premium investments will easy XX as as understand being as retention investments developed. in MiX

of our our As premium ability our to of application, over on bundling fleet to on has customers. a a our sell improved deals top well focus final past range core ARPU driven solutions a decade, point, of combination our the materially as by as

deliver $X,XXX more reminder, growth subscription the a The growth in lifetime with in XX% customer progress XX% deals the of cash given be cash clearly over deal. bundled in in to contributes and subscribers. more we’ve unbundled can revenue average ARPU significantly As QX, an over made compared almost year-over-year seen

turning of third Now performance. summary to quarter a our

and some million stopped. gap] is at over basis. don't ZARXXX currency year-on-year guidance the [Audio problem XX% line I I Our a above know believe was subscription constant and I point. on apologize, grew The revenue it of dropped Ladies our gentlemen, where

I at start you of my fiction risk am the boring again. to I So, hope going

you to basis today. net evidenced new and of QX, by for addition the I quarter like subscribers. over the currency to a in announce am delivered call is the the XX,XXX company's proud thank I'd strongest annual the So, all on Telematics MiX joining history. in growth constant subscription revenue that This XX%

a few marked Stock some of the in the accomplishments We moment the ZARXXX longer-term expansion of also to consecutive of ago, anniversary million margin on XX% the XXth target we decade. close months margin progress of Johannesburg listing a Exchange of great our XX%. adjusted of to and record continues A sixth was at wanted delivered to our EBITDA and reflect I plus. Mix's quarter last This towards take our on

prior management primarily then, million. execution, through revenue ZARXXX to passion, in Africa Just XXXX, annual roughly combination liquid South a the a with provider and services tracking work, of in Since of consistent of fleet expected listing we've and global was leading hard of approximately management year's ZARX.X This persistence a asset industry an are rate solutions. into over of XX% representing to decade. mobile provider compounded annual approximately billion, revenues last growth total business be geographically and fleet company toughest the a book

the After and of to these premium has fleet designed in efficiencies deliver generation leverages retention an operations, platforms, broadest highly our attractive, on drives in support the leading approximately in investments as which industry. easy innovation customers app to easy our practices enhanced has our year. some our of customers releases and be applications In of platforms evidenced offerings the our resulted retention. are This in over large commitment MiX as commitment also developed. a are These our by advantage, eight to best the fleet development and during third investment, all to dynamics exponential extend years. improved regards our with customer hardware and backend next average project new evidenced as by a in as highlights focus research This group all understand as technologies this growth on being well has in as driven this such MiX investment quality XX%, us we and well and releases & to platform, foundation six scalable our to of service, architectural customer one to Our of XX the being well rates to updates quarter. software lifetime Lightening by which Lightening, enabling range mobile completed as common system measure subscriber deploy competitive significantly that provide our We’ve to on premium our also years beyond the speed releasing in our base. consistently will relationships customer the ability software return long-term edge

to driven of fleet a by has well a the past solutions our combination point, deals bundling customers. ability range final decade, improved on focus application, to core as a over materially sell our our as ARPU our our of As of top on premium

The lifetime subscription average significantly deals bundled be in cash deliver reminder, compared XX% customer subscribers. over in we’ve progress ARPU cash in seen more the in unbundled with the more growth of a deal. can and QX, an over growth revenue given made year-over-year almost $X,XXX As contributes XX% clearly to

our Now performance. of turning third to a summary quarter

subscription I rand-dollar on that guidance currency was of every pretty the million Our reported QX, year-on-year exchange this close and rate want out constant point XX% rate currency over during above period. a our in grew revenue to basis. growth were given constant ZARXXX and our

I’ve home like a said explicit However, dramatic major always stronger The rand in is, The business I’d rand United the my I'll earned look significant and African and from dollar prefer always our in one. dollars I rand South I a see the strengthening mid-December is our currencies. the be business about started weaker are to this. from States dollars terms. against at U.S. to more the more the rand stronger dividend.

our In the reporting fact, day might well when business come, we’re in dollars. very U.S.

currency operations, Rand valuation South our and line top than down Ultimately, line, look British sterling and However, bottom for to obviously had since hamburgers. currency whichever Rand. currency dollar, range revenue. you growth which we’re expecting our way Buffet however, rand, being, does to African strong at rates, significant terms cheap way which we the by rand in our strengthening a be of are stronger in it, U.S. reporting on dollars, stronger almost revenue comes all business experience is cyclical African means there To are and the currency. at dollar will U.S. but rand a impact a We the another in adding with this believe At reported for South optically, in U.S. of we’ve control performance, in terms balance, and Warren rather time our cons, bottom the terms. pros offset euro the I both in our the driven some rand is QX our growth the no foreign measured in over loves cost negligible, while functional to exchange

we of a quarter, the added taking year-over-year. us new XX% base total subscribers, XX,XXX net to over up XXX,XXX During

the Brazil, record committed strength sector States, we’re as in ability and new vast lagged now secured a recovery report the addition that activity our South but given total vehicles and globally, few Middle oil of Europe Brazilian XXX the has revenue in the City very opportunities We Middle customer pipeline the of Paul to was in the Asia, subscription will business of of in a a saw as customers, wins rebound orders the in a guidance, a price. strong as maintain Americas, regional few energy raising this Mexico minutes, in detail based more momentum sales since including quarter. and confident past in Africa, East. are within momentum. and we seeing performance we broad over fiscal strong our well the pleased provide renewed the in which the XXXX I’m Given East to From United of remain our fleet perspective, Salvador. in sizable that our ongoing we

XX%, at In towards of range, previous addition, year guidance a long-term XX% our up high XX.X% of the closure from is target full margin EBITDA of our end we’re to plus. guidance now adjusted increasing which the our new step-up

same the time we Finally, I our am same subscription business generated we to the pleased operate ability bundling revenue to growth say free strategy, executing our during at highlights at efficiently quarter, strong flow, that this the cash report positive believe the time. and while

to we very guys. South XXXX we for in our remains across over a work summary, as in Brazil, three it hard strong plan all to fiscal really done to third-quarter Africa, the before like results, Paul the growth me Dubai United quarters these past the of well-positioned existing when in the to their demand details. see customers to thank as together, remainder comes opportunity results. pleased traction through deliver the it worldwide. given focus to pipeline with opportunities our in and maintain and teams I Paul, that, and for the So, broad run I in hand momentum well growing it are to the And turn well this MiX great in love over beyond, Europe, With Telematics I and based geographies. strong States, let continue Perth as of ongoing from in to over

Paul Dell

Joss. Thanks

that is Let third currency quarter year South Rand. in recall fiscal performance walk African me and our XXXX through reporting our

have and convenience, we dollars, U.S. translated the December using XXXX results the For XXXX rate. both XX, XXXX periods, our into for spot

press You release. these can our conversions follow in

at in this end on note rand, operating an In results ZARXXX up and otherwise million. million presented please total, the addition, unless quarter, noted. that total third revenue geographies Hardware are year-over-year. the our over a ZARXXX basis were On range. came ongoing XX%. was of guidance revenue was constant or Of fleet above revenues vertical subscription In across XX% our million by including driven all premium traction and our XX% customers revenues, sector. from the energy other the currency grew markets, also performance strong rand down ZARXX and basis, This positive subscription high

of profitable. a total are to last revenue, represent more bundled which in as continue significantly Subscription year. We business see engagements subscription longer compared our more contract, the to larger positive now is third an revenue XX% XX% term for quarter the improvement

of towards as bundled ongoing which higher Looking a and expect revenue us increase will improved our with subscription margins. revenue, the we provide visibility percentage deals to both forward, shift total

provided go drive margins, increase as costs and was expenses margin which in profit controls quarter. and to cost see expect peripherals XX% vehicle QX of are the period, with our development in consistent have with related which we earnings to revenue an quarter term. used scale included the third ongoing through capitalized. to gross margin to adjusted total again Record again information and in contract measures. our expense, press towards XX% Our The With administration EBITDA adjusted the in interested gross cycles, it they which release. non-IFRS gross to for previous certain provide our a costs contract. the EBITDA our earnings long profit ARPUs capitalization I XX.X% we general as devices, in business. profit bundled cost well and our in charges certain third to contracts additional higher last in compared the of hardware our financial we and disclosed year, These adjusted generate not historical table of as Operating in expect investors trend quarter the development were additional in relatively those include you that XX% fleet depreciation and renewal regarding To highlights commitment results,

in So, release. our provided press full reconciliation we tables have

XX% increased rand ZARXX compared of million margin XX.X% EBITDA or to last XX.X% ZARXXX quarter year. or a a adjusted revenue to of Third million

free of our XX% South diluted are was which plus. fiscal perspective, investments target share, cash quarter third margin, pleased including ZARXX in the the ZARXX our subscription ZARX.XX ZARXX the of third expenditures investments as primarily a As million From we Due remarks, last fiscal for contract, per in in to investments quarter Capital a devices. earnings million towards Joss the to mentioned, we period million to compared during long-term quarter made adjusted led to generated our approximately of XXXX, million in-vehicle highlighting ability of than vehicle African his of Adjusted and increase our a devices. the million third devices in we capital offering. with with year. continued cash mentioned flow with by as result flow were Joss very and number pleased net ZARXX cash increased were from XXXX. demand investments million positive of activities higher the same of generate the cash steady very a ZARXX.X the consistent of for ZARXXX operating are end for driven in bundled EBITDA expenditures, bundled our given ordinary ongoing in in-vehicle improvement This the quarter

subscription the financial our well to momentum turning due for increasing as Now and continue, expectation we fiscal are our our strong for our growth outlook, XXXX. revenue expectations third as to quarter to

raising total range ZARX,XXX revenue the of of our ZARX,XXX guidance to billion billion. we are to Specifically,

year We are ZARX,XXX guidance billion. growth. to subscription of This to of growth to would XX.X% ZARX,XXX to our the previous of compared represent raising full guidance range XX.X% revenue to XX.X% XX.X% billion

revenue Subscription On and highest as way the also to a the revenue, component fastest growing favorable visibility quarterly this margin largest business. have is predictability. provide subscription is highest we we and target topic guidance our of the

XX.X% year-over-year in ZARXXX XXXX, range represents fourth to growth the million, million XX.X%. of are of For subscription targeting quarter we ZARXXX revenues to of which the

earlier, headwind which the levels on the a during U.S. dollar rand upcoming performance. will fourth the at strengthening a seen the current quarter, mentioned Joss be quarter's dramatic As versus have we of

our currency subscription will end to the on constant a last fourth compared be over However, range the XX% quarter at growth revenue basis, high of year.

also In terms of the continue. increasing of expected better to we're EBITDA, quarter results given our three annual the our accretion guidance than margin and adjusted expectation

to previous African of ZARXXX XX.X% million of regards previous increasing of of adjusted from ZARXX.X cents. ZARXXX our a ZARX.XX of end At EBITDA adjusted ZARXXX represents guidance South XX%. XXXX, this up our range, of in to targeting per range the to the million. are fiscal African XXXX, now ZARXX.X our new the to guidance ZARXXX fiscal from margin previous are we to million Specifically, from expectation million diluted we South share for earnings In up to ZARXX.X high

guidance new our during with we're very ordinary Our is of momentum business. effective shares to In quarter as XX%. execution between strong tax of the third the based XXX benefit diluted million our XX% summary, and on from continue board-based an premium to pleased fleet they rate

margin ability for accretion over that our quarter adjusted is now sixth for will Joss further In is to back strategy margin EBITDA working. hand evidence remarks. the I some our addition, to improve closing consecutive it

Stefan Joselowitz

this results. again with to Thanks, I'm our on cylinders strong is reiterate during glitch sitting technology same time Paul. as I'd in both trans-Atlantic perspective running Johannesburg for the flow. quarter like strongest in the history the at bottom Paul Apologies we free today reported cash all the on these call. while reporting end company's that generated top mix just line

to the the to XXXX fully call the progress that, turn our continue remain of we'll targets Q&A focused We over to maintaining the begin make and and great beyond. momentum long-term the fiscal operator for With remainder towards session. for


first go Thank you. Brian James. [Operator Instructions] Peterson, to And we'll Raymond

Brian Peterson

guys a congrats Thanks and on great quarter.

it vehicle quite the per be revenue up on looks double-digits you average time. best like to some for matter figure pace the up in and are was So, that

figure a think growth the vehicle of over revenue that of would long-term in have should and that I and what we as mix I how factor? today, front think versus you Joss pipeline So, about think opportunities what if long-term about per the should about you the

Stefan Joselowitz

nice and business nice fleet both business. asset deals of in fact premium pipeline, ARPU we our in tracking in Certainly, certainly in terms our lower opportunities, see

driven deployed still the products it remains are it quarter. by So, mix one difficult a during because model to of largely is that the

evident or a very five ratios of this asset quarter tracking fleet higher deals. being in large much perspective quarter implemented four deals lower ago what's So, recall lower and a because ratio were was we from the reporting saw doing we're percentage that much we of is just premium ratio apparently you'll ARPU

planning we a year. for reasonably balanced So, are

can all to particularly forward year was from and see on higher quarter ARPU our that best using is forward perspective judgment the not we going don't best in This our expect but based we're us. that when we strong marketing to got ago the a going say we've do front of information

So, expect variations to up perspective. still a we both down quarterly blended see and ARPU from

Brian Peterson

guys. you're a Got know guidance factors just two few year, year next investors on it one be more attention that to pay me. if fiscal for on to today, three? had but should Thanks I call not and what the from giving you 'XX or top would key

Stefan Joselowitz

As in on the with I all pipeline. pleased we call, mentioned firing our cylinders. are We're

is and on this focus with clearly Our year beyond. finishing flourish a

we're our geographies and So, on strategy on focused of that pleased executing our I'm delivering contributing. are strategy, all very our

nice So, see from despite and regions one that's our good perspective. we the of contribution sign regional each challenges, some from a always

is Of odd of stronger a XX% we're biggest much in vertical course, revenue that growing our little now and now globally bit energy out sector. probably activity a because the sector our of seeing

and energy as We're starting it's that the Asia in seen etcetera. rebound in So, see we just Middle we in other between the I lag not would thing had sector a regions to sites East mind another happening versus rebound well. had those in a bear that

think mind. I in bear those factors So,

Brian Peterson

Joss. Thanks Great.


to William Matt We'll go Blair. next Pfau,

Matt Pfau

taking for thanks guys questions. my Hey

lifetime many you or of inflection deal $X,XXX. was stated think flow How take on months bundled And the over see accretive years touch to cash that when an an versus unbundled over more But the I flow bit. point course does the wanted about cash a it becomes flow deal? when unbundled bundled a the that deal? deal is just First, that deal a the cash incremental you

Stefan Joselowitz

onwards that new assumption out potentially Certainly, stage. the need from at no roll contract renewal on that it's there basically hardware to is

raising capital aggressively Stock know So, you post the this our driving started New we on exercise York quite as Exchange.

now are going renewal into our So, early cycle stage. contracts

cash certainly started, hasn’t no there So within around will that be is doubt inflection now it we're course that if were imagine starting kind we further XX months new would being in that's point then deals. machine cycle of and time. into that when the about but I to But would of cash we're already investing again. we're away started imagine I year probably we that a from a

am are I pleased allow to amortized starts as certainly Although deals cycle and generating performance. we through, flow hardware we're deals become achieving having we're capable that's am with without thinking higher as we positive they these free real renewing cash what and the back know happening. to I and that magic of fully cash ARPU when

Matt Pfau

for just one more Got it. And then me.

of the any the the I'm But ARPU incremental the there are really that sort deals, the specific to terms are other you're in deals In ARPU, of biggest ARPU. than driving increase contributor are bundled most seeing that guessing currently? bundled products that

Paul Dell

value So, it's but now. contributor, a only deals that higher big picture -- certainly bundled part are certainly are that we're doing of add-ons peripheral not

So, that out that quarters enjoying as tens on that. seen thousands out and deployed more I've hours adds of revenues improving in we're vision of of carries and of previous subscription revenue. reported we've service mix got additional revenue, traction We've ongoing and

the part So, factors it the bundled really is a deals is of combination which of being picture.

modules or add-on being up. peripherals part that drive Another ARPUs

Matt Pfau

Thanks Got it. me my taking it questions. for for That's guys.

Stefan Joselowitz

appreciate I it. your Thank time. for you


Joshua to next Genuity Reilly, go Canaccord We'll

Joshua Reilly

here. for Josh Hey Mike on

platform benefits you at new later that one? Could to hardware potentially talk cost a the that's mentioned going going out lower about be for the year, be than the coming You that? is in to existing

Stefan Joselowitz

It's fleet our to replace premium platform.

additional terms of a of add additional in can deploying we things without modularity kind enables a to terms that offer bunch benefits bunch -- are features potentially the So, lot we on. It there in a of also it's could of of customer of both hardware. a

other new in efficiently effectively existing it and our terms that So, new I interacts of more to with more it's got architecture technologies, communicate and is enables then also how with -- with it's platform it back got it guess office. peripherals our self-sufficient in and it's more

an important ecosystem business clear one also in our whole the from the beginning. services is we of continue software that We're So, certainly in see that subscription But the and made we're controlling to companies the We're hardware business. not benefit it's few revenue this this see business, -- component. benefits. in and I've

this That's So, at of us both us enabler it's is cost important more an potentially. a for think well. enable do to things to customers additional going combination ultimately ARPU and more for as a we effective competitiveness and driving

Joshua Reilly

And at Okay. more there there of driving U.S. the a Great. of then add I and you beyond was number wondering I net any in markets that That's the record mentioned energy think one this verticals just point? competitive is

Stefan Joselowitz

work other we're to progress. our Yeah, something no yet ultimately it's diversification working quarter. in the work it's verticals getting with achieved. reduce but verticals, that part It's in progress. we've still with a U.S. the and around very of energy of of And the terms this big It a pull remains combination in satisfied on not the hard fact in we not making sector. a progress. saw we're is our traction the to remains Americas that there's business it's We're in lines a progress but we've It got, very ratios, still

Joshua Reilly

other margins, regions, level we me, you then Africa? to one get you the I up currently just about And Great. scaling in South breakout for are the geographic last am curious, have this but quarter thinking Okay. that how didn't

Stefan Joselowitz

another give will breakdown. we Yeah,

it year. do a twice we think I

all really making remains operations topline towards seven I we'll the our results, that's that trend we're do feel the below our So, and together starts business so year, a with our driving absolutely and of out the scale progress. seeing that, accretion big last QX you of where get at am both magic putting making it the but now. come we're in accretion percentage And really focus margin accretion happening. over topline full that's but six sure the quarters that costs and delighted from very a on

for what we African plus out So, know our XX% We of vision scale. our achievable all that's with is operations. business see ultimately really and of our

of to for probably team plus them get there need realistically efficiencies get really and services Now to get to a job focusing them short to there. them all our to them this. to margin. relatively we one target in of their to a all others we or hit of don't a others And think to can and get achieving we timeframe the XX% can but been there get great EBITDA function them another one not, -- and of we We need to more continue need we in the on group, as doing get continue has get -- central our efficient two

I trend So, am expecting the see to continue.


We'll [Operator go to next First Gerhardt, Analysis. instructions] David

David Gerhardt

my nice for Thanks Joss. and on morning, Good congratulations question Hi. a quarter.

yet of past that like said row a in the again Did think of So, a two revisit of my another increasing quarters first in but question, quarters percentage nice you as fleet sounded that mix. there mix fleet, it strong a was premium quarter? I wanted to the consecutive for mix additions, premium of I hold

Stefan Joselowitz

my would, the I head. top Certainly, off of

David Gerhardt

profile know hardware terms bundled from a target to of that of I seen Okay. gross this that's we've in decline margin the hardware deals -- depreciation back of with been ongoing reiterated a and the XX%. going long-term And in bit your then of target morning little you

margin back gross upwards the and a trajectory we trajectory for we think of positive least start on about to going near-term, how territory wondering positive should margin? when towards turning the at Just do

Stefan Joselowitz

very cost third-party couple I margins the significant most hardware party, slim of guess nice things, are a one, We've third equipment. deals have of and party is peripherals third we pieces combination a that the of did ARPU we've large had deals, high that on bundled those but

term of deals expect had all we are contract, and our the of initial cycle reasonably a it's that second going margin the kind of the during we're impact to those before unusual. profit gross muting So,

back we've some which now larger third margin returns is peripherals, deals. of of doesn’t out to the stated done our trajectory certainly doing So, goal. kind which towards without bundling We're us deals hardware party traditional we're are our a

larger does it get us. are deals for these So, effective which by influenced

away want hardware am terms I some of handle at looking -- to bunding. that. I We're these party that we So, come from to turn to getting of in actually providers the not also don't internally how

deals anywhere you we near the a having we remain and we're we those the transaction box. on bases that $XXX $XXX recognize and on own into worth we're for other a deal doing our bundle people's is customer kind of As impact and our hardware for targets. make on certainly margins make We some our can't a paid boxes that know where focused to box

So, made I've that's to team, where back ourselves and set very where way the for destination get to we direction clear we headed. the -- we're to to the have our right get and get that it

David Gerhardt

Okay. the And competitors little one were bit a one of acquired actually your those place. of in for a them U.S. from we're when further took couple last off me, then and transactions getting

any any biggest Just or you're U.S. the if regards acquired? competition wondering change so if they’ve Just revitalized being one if wondering change of with in the you're seeing your to far seeing on market competitors in balance?

Stefan Joselowitz

they of first getting way a in my referring competitive them think is -- I them serious them for -- you're that terms It's getting than terms a one suppose the view there I more in fit is to of go to in place. were

and them. been at successful kind they So, I'll these particularly past of deals doing observe haven't and generally the in telco doing globally

good the said seeing quarter about focused Clearly, doing traction what on focused nice our deals we're where winning -- history. driving we're on geographies. and in we're just seeing I we've all balance strategy. on in delivered strongest our operations will So, fact in our business, tell working in is our time just as we're We're in we're

So, on a competitive never to which a of we're eye. blind turn still we one much more but particularly going industry, than can't to are is the sizes speak what I kind eye with that focusing in I'll do. am we fit, when our what do doing developing

David Gerhardt

it for Okay. That's for Thank much me. color. you very the

Stefan Joselowitz

Appreciate your time. Thanks again.


or like question-and-answer remarks. to turn session. back That call will the conclude additional for management over any to I'd closing the

Stefan Joselowitz

today. Appreciate it. joining Thanks again for us

March really attending very early Orlando see great Thanks you excited of Have and Raymond Just and now in you James are your a If of presenting any your reminder, will the appreciate a we for attention, to in much. Conference questions. be at some Florida there. day.


you Again, participation. that Thank for call. today's your does conclude