PWFL PowerFleet

Chris Wolfe Chief Executive Officer
Ned Mavrommatis Chief Financial Officer
Jaeson Schmidt Lake Street Capital
Josh Nichols B. Riley FBR
Glenn Mattson Ladenburg Thalmann
William Gibson Roth Capital Partners
Dan Weston Westcap Management
Matthew Galinko National Securities
Call transcript
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Good afternoon, welcome to I.D. Systems Third Quarter 2018 conference call. My name is Tiffany, and I will be your operator for today's call.

Joining us for today's presentation, I have the company's CEO, Chris Wolfe; and CFO, Ned Mavrommatis.

Following their remarks, we will open up the call for your questions.

call, like the provide begin we I to would I.D. Before cautions harbor statements statement safe regarding that Systems' call. includes forward-looking this made during

SEC competitive filings, does new the company's the future undertake position, emergence to for strategy, operations, be events, During reflect duty and historical circumstances. overall future and or facts, other Such will and financial for made The or of imply others, presence technologies product are from and results, competitive statements not the any forward-looking the or factors, and for company's company's position. demand contingencies materially achievements which may company's amongst there future position, statements XXXX are statements business future company's results statements. expectations include could All to the statement. cash the financial regarding to anticipated of are any offerings opportunities regarding than industry not forward-looking present products cause beyond and forward-looking growth, that differ regarding intend of but including conditions, trends plans forward-looking limited performance. other to anticipate statements financial the statements company such actual demand the Systems projected company's results in which beyond. for of for economic All company's expectations statements and materially actual to risks, considered control. I.D. The update Factors that call, operations, performance assumed include, include, uncertainties differ services, could any forward-looking many any company's business future those events

replay Relations that like available to will the company's remind section Investor Finally, in call website made this at the I would everyone be of for

call the turn to Mr. Please Systems' like CEO, to over would I Chris Wolfe. I.D. proceed. Now

Chris Wolfe

Investors of thank financial everyone, XXXX, today. for the for Tiffany. joining issued quarter our After third which you, website. press copy is of release, results close, a market and in we our Good of us section and the afternoon a Thank the available

and third marked I.D. the XXXX of Systems. period quarter solid months performance The of first for financial X another

exceeded our we In line for of not top a for period reflecting first year Complementing and generated achieved only gross maintained cash margins the we for our record in our revenue total XX% addition model. the flow XXXX. for but revenue our results, top months the for line marked X profit to also growth, also the inherent the meaningful healthy quarter, leverage quarter,

Vehicle growth by business platform driven with financial Solution Group. of XX,XXX the all Connected Avis our were Our units results delivery in telematics the to Budget unified

addition, also industrial strength we truck as paid our our the with management product renewal realized in by strategy refresh Walgreens. In and segment enterprise PowerFleet dividends

our financial our provide Ned into afterwards will update Ned? details profitable we stable to our more I'd performance, a product our as this on business, up minute our Solutions to and contributor marketing first, about CFO, and I'll overall and launch but an Logistics product Mavrommatis, be October business, late our ramped Our the Association. X continue talk like I provide American ahead development to exciting at in more Trucking of and businesses invite outlook. Visibility to insights in efforts

Ned Mavrommatis

Chris, everyone. you, Thank and good afternoon,

down Connected or source the Vehicle driven revenue million and to QX million, $X.X down in revenue LVS, by increase or And Solutions, third was revenue revenue. quarter: Truck Industrial XXXX. compared increase of slightly Solutions million million lastly, in ago Visibility year XX% from for by XXXX. XX% from $X.X the a $X.X $X.X QX for Logistics $XX.X Breaking XXXX. Revenue total QX million, in Turning totaled XX, X% same the period. increased to Solutions from year. to our XXXX. to million, million ITM $XXX,XXX revenue The from quarter million, ITM $X September million for QX third our financial $XX.X results in up ended increased in Vehicle revenue up last Connected revenue the $X.X was higher was quarter for the third $X.X XXXX of of quarter Recurring in Management third

Our gross $X.X due revenue profit of XX% increase QX profit million $X.X XXXX million in to higher in The in year ago gross total period. increased the same the for was from period. to

reallocation which gross same $X.X was period. administrative expenses cost last to to ago million of Logistics ago were Selling, for profit development our of of million in in in R&D quarter XXXX due QX was expenses third Solutions sales of expenses primarily new expenses expenses Research the and As of QX XXXX million at Budget strong and the introduction for to $X.X to the was marketing of percentage to for were The in resources development same year product quarter. of compared increase related for total $X.X SG&A Visibility products. higher the $X.X for development year in year. Group. revenue, to general consistent internal program primarily a Avis third and remained with XX.X%, our the due compared quarter The services increase XXXX million

basic our compensation, of $XX.X XXXX loss totaled million basis, and our non-GAAP acquisition-related QX Turning marketable in non-GAAP diluted Chris? of $XXX,XXX of totaled $X.XX QX expenses, to compared remains amortization, $X.XX prepared basic per of and remarks. last concludes share and or for income quarter. $X.XX XXXX. $XXX,XXX QX the my equivalents And improvement This net with at the an $XX.X of strong and balance net basic That $XXX,XXX the cash, in and from GAAP currency GAAP basic net share per to compares depreciation, in finally, sheet stock-based foreign diluted per cash or $X.XX translation or share XXXX quarter year. end prior net measures, and securities, million or to $XXX,XXX loss profitability diluted income share. On excludes which diluted third for losses per a of

Chris Wolfe

Ned. Thanks,

over part product products solution improving ago. performances a a that year and of financial and expanding Keytroller, quality, our successful acquisition we improving offerings little the our to integration due completed Our in

in where Industrial Looking consolidation a headquartered. supporting be focused be new Keytroller combines and Essence, consolidation The and Truck saw, will the we entire previous Management. plan. of strategic brand direct, PowerFleet of This industrial to channels. of unit Keytroller announced is division truck of of dealer business. product a ITM will efforts first an new was integration truck our of July, OEM that and called value. into Tampa, we as a both building, offerings division of Florida, blend offers stand-alone some called ease In selling and through you class based initiated ahead [Indiscernible] account division PowerFleet of unit I'm telematics, the use the the the multi-tier product on core at PowerFleet ease industrial new size, report to installation, and the and are Essence a ideal market encouraged And

so to channel we and to customers. is successfully business. dealer Shifting ramp products knowledge the Expo more Essence to with dealers our their solution Safety of their end Logistics we many in the significant the Congress at dealer Introduction importantly, this in and up This National Visibility requesting the UniCare's gears and October end earnest our Miami, can meeting step dealers. customers Following begin PowerFleet selling kits. from Council Solutions and With demo of saw interest first

customers from several are fleet. who During chassis large QX, expanding orders we AIM, their received existing including actively

acting the suite a Lucy We of its Lucy, user of kind I.D. named an launch and extra essentially, telemetry hands, released analyst. sensors as virtual a first includes interface asset as an power line eyes also voice detector. as accessing for new psychic a image-based solutions, visibility analytics of the well Systems platform. inoperable assistance brains gives interactive users set This and cargo product of of

to tracking, product booth, American week. You robust of QX Association platforms in reporting by coverage Many the market's as The the your decisions received provide overall providers, solutions. see and was look freight production the to for XXXX. of we Trucking forward in which and powerful well new and month. expensive smarter, shippers can line door. opening excited last supply stopped at very our discussions, insights exceeded without chain freight more press fleets ramping about performance. transportation our field trials technological higher faster the in monitoring as enhance we're stakeholders make well top with more capabilities conversations and requesting The engaging to the follow-up expectations, have reception our this happening up Lucy and Engaging our been and These

products these website I'd our and products these. to of the of love of visibility from feel copies our an main section the offices, can you by stop of free logistics list You show or to get overview

business. our to Turning Vehicle Connected Solution

Avis. units work successfully we quarter, our third of the delivered final with contract under the During

installation Avis, on with assistance to with installation and process ways now logistics. streamline up further we ramped also working We the and them are

in-fleeting, in as are certifying year the of We which model process is for XXXX happening we vehicles speak. the

work Avis also these term which several to development to best car continued We approvals taking and Avis, Avis, proven step we're into work connected the technology of next doing QX activities internal to speak. and we're under pursuing success. impacted began projects We're to very other ensure our several through our with while is the work statement it geared the expenses work was covered Avis, we of statement partnerships results, business commence final as with determined completing major next on our close also I going with work opportunities. with our In platforms long

XXXX that, against XXXX the over of into I'd this in questions. key sheet beyond. a vision, we time. for the to offering of to But And months our well appropriate exciting premature and and call in execution strong growth QX and the X.X for provide financial on momentum us. past. success to ready your we day, it's customers implemented thank for reflect get first this support. deliver significant our ourselves, before of execution, continued for details as employees, with our we've ourselves we're that strategy, believe doing the please go and execute for to of balance instructions. the open product been established and like X And our shareholders successful However, We every performance remind years ago. we milestones their our we have at summary, Operator, too have In ahead our our


Jaeson Lake Schmidt comes our first with [Operator from street And Capital. question Instructions]

Jaeson Schmidt

your with longer could I just what new a up be segment. in expanding products term? these revenue Chris, the could how or opportunity sort new you opening you products And the view the little bit talk about start market? to of addressable LVS want

Chris Wolfe

my Yes, products, the of background parts or in ecosystem market at the of is also before, Jason, so been great. lessen that's it typically it's go you we suite really but never into parcel. to an truckload allows whole if look like us which have

organizationally, So as high we've we to beyond call, staffing see you'll the what van dry branch be space And us up major well. on, player beyond chassis, even a to intermodal. allow very actually been actually in end,

So sensors trailer Inflation you whether into light if you think are about antilock or your or suite, figurative pulled getting your lights is what I And visibility system, gives call over the System, not. into for not trailer on into your the activated is braking Tire our out. reason it road

really we under can are to platforms, them cost. that proactively is, inoperable. all it going which happens, they know covers, if the lot obviously, great of let a delay avoid So before and you're you The about

And the XXX little could the but which and is could LV a and Cam what lets and is deep we a I you with interesting XXX, was actually are sensors -- deep is one them our you tell not loaded. actually LV take we're doing XXX, for, but to what our image percent how lastly, learning Cam. uploaded. learning installability, product the images platform call tell it's the you the you of on can container loaded Matter-of-fact giving think, we inside hit, those we're look big Freight trailer, price, with back image, it's on can Freight operating. have a performance, is what's you changer chassis have we So the and our differentiates market and that the all a freight image really a you LV game just empty, we're actually giving

nice have XX planning, bottom Cam, because versus does somewhere So thing very you that we can now down with $XX so visibility offered pallet again, the integrate shipment, economically. it have tracking $XX platforms itself, close to for does our people or And a is level. back. itself, It the for are component One into telemetry inbound pallet. the cargo. have open beyond buying is images recurring a But There that actually it Freight other up solution in can a the about pallets we getting data by could recorder for so Freight asset it. to and Cam a just was solutions $XX and set do to cargo do out today, We the the trailer. between we line

do that's a that just over you also to we on it almost And for if the So do changer that, slightly pallet. game $X.XX we per is could announced. me economics

it So a the the Lucy, it was what's And again acceptance about all Lucy, products ATA. phenomenal great of at together. ties

desk having run an about technology, have helping is on is sitting another analysis Literally, Lucy what the you business. it's and the So the help how telling, person interpreted to it's your one what technology your actually thing the side. do can at thing to extra talk she as like being you you tell you technology

Jaeson Schmidt

to that's mentioned, there with I with working work next was comments. you're then you exclusivity your know Okay, on very statement And Avis, just the clarify of Avis. helpful. and

So rental other business these we assume those Should with opportunities Avis, that's are customers? or in additional car with market. also the

Chris Wolfe

in they are rental market. would car the not I assume

that and So we are and be in not are in we're spaces. to currently engaged car in opportunities those excluded sharing rental

Jaeson Schmidt

last queue. the me And I'll into one turn from back and

the Just a customers the were XX% quarter? who housekeeping question, in

Ned Mavrommatis

budget is this approximately Walmart Ned. was Avis of XX% Toyota each. Jason, revenue, Walgreens, were Sure, at all XX% and


Thank B. question from you. comes Josh And the FBR. Nichols Please our proceed. with Riley next

Josh Nichols

was any whatnot customers driving what's ask, healthy like aside you quarter, through revenue, re-orders like from Avis, or went that helping parts from for of my XX% customers. to really I of big some that want the I like spare or one-time the the know was taking revenue for for Avis? growth things Thanks But outside seen delta line there Looks question. or we've before top

Chris Wolfe

for the success having quality the remarks XX% compared the see the the product truck due this we're question. of the technology pick that quarter. The goal they Chris in business improvement for is offering. includes hosted to actually this software, oriented. have our a moving And will refresh stated I truck the Thanks refresh we up. big industrial by that, new the old firewall a Obviously, in example you software-as-a-service where business. were on the industrial it's, previous to actually from their mentioned Walgreens to is accounts. prepared solution we're the running delta increase in demand quarter great seeing add our in is our basically behind And to

Josh Nichols

any you year, of And was you some sales Are go customers great then with those later lot the And things one work back that that focusing the obviously on logos, we front? into the or budget was are to have product are of process. in you year enhance an think and as have which we entities of Fortune stage. XXX of ago, these I a starting mix from of were the if noticing on into large to earlier get into getting the some X a issues company offerings other their bigger a you process new incorporated difference on that material budget done that operational looking the will 'XX in front be for of

Chris Wolfe

on the on would LVS, with sales the good and our only out say I our news channel our land strong. ITM and say It's brand-new the mix I just, engagement. product, what getting some but just also just not And dealer where of in we've have it's expand. have concept are the really we launched gotten pipeline side inside not really we've there. now, and saturation. side, opportunities dev but had our, the the call right push, because a progress on Right biz would seeing into of in just we we The to especially Refocusing like now But it's is ITM very lot we And that. good

Josh Nichols

then pushing distributors in updates on to of been and there? America. And Keytroller, the that acquisition even front Europe with North progress on more outside you've focusing also, Any

Chris Wolfe

availability, called the is just essence we line all before coming now off what PowerFleet the set now, the, stage. was Right what

is distributors owner are he the taken up a Terry other and in so Europe -- that us has with us And actually that distributor Wickam, with lining from, we acquired international there we to Keytroller actually position set up. help

the demo we're in that that And so going. Europe, it's get gearing lot kits distributors a had base to are But up. channel right is time, just of not from ramped there's it's ancillary to that interest to products worldwide the get our Keytroller At we now acquisition getting Europe. the we same European actually up out

kind kind great door once gets trusted of go crane to out some leading like of us that that's then but to product a well is of lights, supplier which telemetry, the because in working Europe. it's nice product, and in really are So a So that to then be the safety those seems right? you're


with comes Thank Glenn Please the you. Thalmann. Ladenburg question our And Mattson next from proceed.

Glenn Mattson

the Yeah, for thanks question. taking

to trying segment growth of industrial I'm versus of some the growth. on So organic truck in kind drill the the versus Keytroller down

mistaken. So you $X.X extra guess. $X.X got Product what -- think if Connected back I is out if revenue an quarter I month of of And guess Vehicle then million was Keytroller, my this or you million you I'm maybe not

think in was year. it I last acquired July

mid- growth digits. So I single are guess -- high more sales wondering like I'm like the to organic

or little both, so there? growth or then is explain correct? a you color of and existing coming that just from Keytroller And more And can mix is that just

Chris Wolfe


the Vehicle Glenn, $X.X So Connected for revenue was million. the quarter,

correct deal. we the closed that You're

-- month there's extra an we Keytroller. So in

extra in continue and to Toyota diverse, under we buy success month, that the And it's it look some XX% you existing the product growth had high XX%. to if pretty continues grow. excluding with customers, the was rate been So at just

mentioned, an Walgreens, As there we're success to success as their well. Chris existing an which beginning see offered to had first quarter, the took product. latest so where upgrade we seen they program customer we we're And was with had where they so $X -- million Keytroller,

Glenn Mattson

out, portion, Right. of to figure $X.X total, right? service, Right. out, XX% revenue think of just sort Vehicle, trying growth of to the Connected that and million some trying so I is that guess I'm out is product script is right? that I including

Chris Wolfe

the at look you grew If truck it year-over-year. business, XX% industrial

was... of just exclude that that Keytroller you If X month

Glenn Mattson

XX%, be will It okay.

Chris Wolfe


Glenn Mattson

And it's mean that. you helps I with solid that a said. mix,

about other I'm side Connected you're update business -- some these on you upgrading? XX to Logistics in going the the whether next, the when -- of -- months changeover, sorry, the what kind and at and of catalyst your timing to XG on us the or be a the to that's guys So thoughts the could on not say, XG of

Chris Wolfe

I that and absolutely months say timing catalyst. I And timing XX our to on our catalyst. all that's months would a was based XX -- think

at stuff. with So hitting competition, just like if was I they just and At you think came really said interesting with time, year. well, version out just I are the LTE. I had I'd our replacement what tired we're replacement last basically the it the same bored of gave here ATA, be not products that market but the an It's right got I LTE products

your redo, your actually status of changer or asset complete a freight, year view of redo. asset, at side. way LVS well I when in-transit think the So I moving like it's look like And you you we're can game dormant. on little can freight as the in-figurative as this the the get true it's actually And beyond say


proceed. Capital William with from comes question next Roth And Please Partners. Gibson

William Gibson

to you you fourth to on think spend, and Does we've finding on what date or both do off taper next develop? it are the the[development with -- things R&D Ned, trend new year. you done is the quarter

Ned Mavrommatis

is Visibility leverage in flat grow this by then Yes, flat keep quarter next our the slightly line. the some rate. as and goal mentioned, higher keep $XXX,XXX goal it do to to product. because, and related But quarter see is Chris started the It was the the to to this at of expenses version the line work last Connected then top we bottom our


with Weston And our next Please proceed. question Westcap comes Management. from Dan

Dan Weston

little in I'm first on some a Chris, fast going the stuff. repetition LVS on the to you're economics. of hearing some relating your interested comments

cost through about the could pallet You there some economics, points were run me main you talking please. for per again, of

Chris Wolfe


if comes have data and pharmaceuticals a chain now, one doing data logger, let's say, right of actually you're and So my you to cold you this management, from competitors. want --

pallet worth okay? about value pharmaceuticals that pallet, with pallet, $XX could $XX its could if different have props. you logger per get you millions keep you be goes $X.X buy that have You The high-value If you the of dollars, to data can pallet. less or the time-sensitive, pharmaceuticals, less buy range. valuable, your million If mind, run on in a

it have To from tags are on pallet. of go perhaps to goes data So or what the sensors master-slave can directly communicate pallet. about we some which itself. concept through better. visually, you have lot be feeding we're one doing, tracker freight every our it, where tracker a platforms I on obviously, it think the either a show telemetry we kind all that economical, master they Those our would on very asset together; master And sensor all are

we fact. lot data too, it's a the So after again, our product actually of loggers we -- our those differentiated -- so

data, get it Oh don't download they the problem. record -- says, pallet they its they destination, real-time So at the there's it, information, the and arrives

Ours a real is time.

And it's driver barometric notified. So problem. be everybody can they a I I have have of a can action. have shock, temperature, the take dispatcher corrective pressure got like, can the be humidity I a a tilt, notified, I Immediately and

on Freight critical. So then that top you put -- and Cam, of is the claims talk where cargo really you

think you'll a I a and door when bookings. photo, will going you photo. and where it say, one if looks Like, vibe give a If happened. no got you we'll have lose, to to it something today, a the get trailer, analyze the shut in opens door. or gorilla the destination. they So you tail has when you'll it mean a And we're gets the let's door shift, of happened And the photo there. photo. at actually And end, like tilt it, the open a about knows get trailer the you a before open that the when

So forensics who it's going done who did it be it, past. and a of is thing claims like the the cargo to

about working Why crossing. the we're us, Secondarily and see you the fast with border pushing border interested the trailer, ATA to sensor can already you you data path customers so think legislators to fact, through, need security, Matter we've get with pass and look you this, if and the of got you do right? help inside fast inside trailer, can trailer. also open inside you can trailer, the from look can

the So it not left you the smuggling people, that know you and loaded. load are know was they way

So to way of handled going think gets a it's the once the change into problems are again, this capability out lot today. I mainstream, logistics

Dan Weston

a That's explanation. great

maybe then the per come $XX Just lower pallet solution? logger with the pallet per and pallet outlook end, cost a the were on down on high-end cost to what closed deploying typical economics, talking $XX your per data would you a about by

Chris Wolfe

Yes, this brand going to be is us. for new model business a

it, in to, customers. feedback to going deploy going we and our as getting our we're it So deploy the is with we're position,

customers So by the value-added It initially. to be shippers offer a can our it's will service the shipment.

or a tag, So the not tracker right? completely by it's different, it's

Dan Weston

Very good.


could realistically, to think new a not launch formally guidance you realistically, trials you when you the in field larger hold progressing actually Before you and you of those start the generating customers. products. for had How but do some LVS ongoing field trials orders the from particular are products,

Chris Wolfe

That's question. a great

trials, field a higher we from today. just to with what So we're different we're that's really moving to quantity, chassis it's flatbed We field trials fleets, to is, get the call, in, into game, to getting all need get into the way dry end is to in what we're X QX. extended which what van. But

QX the see deploy volume. to actually at us able being Q, end in So of in I

to work good. just do, of interest, engagements. so the a We're lot a lot So of getting that's

Dan Weston

close are development like car. X. last gears some work Avis some sounds getting number it guys Very talked good. of connected the internal their Switching on With for call to about statement the increased you plans. of On you work your

work one X Do international of of including being deployment. as them international well? I number the statement think anticipate you units

Chris Wolfe

Yes, does. matter fact, started in as QX ahead And of some went that's work the it we before. and a

again So it as the restart better its and in for have as to us running forward, hit the partner [Indiscernible] than Avis, engines, just, ground we're good lean a right. good to faith.

one is underway. So of them

Dan Weston

more may. if I of Couple

Just an update, had updates color internationally either some good here on Amazon, you back pretty quarter or there last home? any

Chris Wolfe

for year. Yes, retailer to on their the it U.S., expand Europe. the in online color And is that looks in facilities we largest continue promising next

global accomplished. So the biggest with called thing, been master dealing service and when very agreement distributors. large of Matter the master agreement what's you're you get the fact with large that's into a company that's purchasing is or been accomplished a few

okay, kind provider list. a provider now of on preferred sort So of to run we're the to you're and get again, you're their that's

Dan Weston

is of inside quarter? any platforms specific in which strength the this the with My customers Toyota various most showed last to there segment there in XX% any Toyota, on different -- you kind one are Was Is Toyota. now. one

Ned Mavrommatis

pretty grow to that was the at see was It very very good a product continues actual white they Dan. our It channel sales healthy to rate. diverse, label

feel we good. pretty So

We are next to with the Toyota, year. and we expect increase business


And Matthew our from Galinko with next National comes question Securities.

Matthew Galinko

to you missed Essence expect dealer this remarks, seeing in have product? from do the PowerFleet and maybe results but might channel from the when start prepared the I

Chris Wolfe

the and already had, about Keytroller the a to they acquiring already and volumes of our the was great they have is that already have presence What's the reasons behind going one dealer channels.

the have is interest. to actually sell. That's don't dealers They It's lot the want If why I on the vastly we're a way, a to this our Because to is, product the good make by it getting easier to of money it. just so installation, about get this that. a just lot not paid just network, implement. all of for lot much on Wi-Fi So customers improves product side get easier on sell product.

ramp d like then interest, start So next and there's throughout actually, we of year. a in lot seeing QX, you'll like

Matthew Galinko

Terrific. speak. a them there the kind so refreshing pull behind factor premise think you And you technology? that is How into the for firewall is could refresh them gears, bringing pipeline mentioned kind And hosted environment. of of then help and significant them to to platforms motivating a you Walgreens running are switching that customers that of

Chris Wolfe

think get next the base. analytics last I space we And own say our interesting how used in of platform our level. do basically them IR that what our part is And out we to we Yes, customer within to put to deck, show strategy the engagement. is to year it's move opportunity

and and that actively Walgreens is large to ours. customer move accounts of the hosted a we're So with upgrade currently from right in amidst now over, like Nestlé basically to engaged some migration other

are moving not hardware have doing necessarily newer They doing our they they the a refresh hardware. are refresh because software-as-a-service. to and a that's, So on our

So that's as an example.

place have obviously, interest, followed go some in largest fairly in that all there's, of usually lot our by old draws equipments. then are a So what and we is strategies running platform accounts. after of There's on to but the them analytics is

the the make offer So feature lot as possible trade it more trade to easy like them well. software make programs they as with up in, But as we get transition. -- that rich and for is we

the they new lot value of out get more platform. data and So software-as-a-service

Matthew Galinko

Any about qualifiable that what comments quantifiable movement thinking is hosted platform? them get cycle over the the or on just to

Chris Wolfe

been of a like with have probably account for a we've underway, Walgreens a year literally but typically these Asia, it's probably on right? in So working just strategy a the been year. already its Yes, lot

is right. you place put when XX to So are fruition, starting see months in which see, great the we ago, about to again,


Thank you.

call to question-and-answer Mr. remarks. the this back over for his like now Wolfe to At Okay. session. our this turn time, closing I'd Chris concludes

Chris Wolfe

And have for our to Thank ahead. support. you. I And much. lot our just I'd I support very this that, great of employees, we suppliers of and a thank our a to quarter also forward XXXX continued you And very the and customers just say I with look want QX done like to And been exciting people couldn't ongoing it's with thank mentioned. a and


Thank you for for us presentation. joining today our

disconnect. now may You