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PWFL PowerFleet

Participants
Chris Wolfe Chief Executive Officer
Ned Mavrommatis Chief Financial Officer
Mike Walkley Canaccord Genuity
Jaeson Schmidt Lake Street
Gary Prestopino Barrington Research
Glenn Mattson Ladenburg
Call transcript
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Operator

Good morning. Welcome to PowerFleet’s Third Quarter 2020 Conference Call.

Joining us today for today’s presentation is the company’s CEO, Chris Wolfe; and CFO, Ned Mavrommatis.

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

Before we begin the call, I would like to provide PowerFleet’s Safe Harbor statement that includes cautions regarding forward-looking statements made during this call.

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

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

Now, Wolfe Chris Sir, I over proceed. the turn please -- Wolfe. CEO, PowerFleet’s would to to like Mr. call

Chris Wolfe

our and during safe Good call Shimoli. for is challenging Thank you, today. everyone thank times. and you hope morning, these everyone, I well joining staying doing

business team global we while forward, follow the are of health countries, drive measures. Our employees and to and and partners healthy continuing state local are

of and services, increase driving business a and profitable necessity in resiliency metrics We gross of our our growth. sequential in headwinds present adjusted These a ongoing all in of the continues the the focus momentum but pandemic the not QX. total a various EBITDA. our in increase increase X% again demonstrate saw results also solid products key QX. challenging from improvements we to our we realized on X% pick-up have delivered challenges, geographies, our and XX% lows While only business in in during we the financial seen revenue, profit Despite

our strategic continue time costs lines, vertical We while throughout across integration judiciously to our same the make our efficiencies realizing increasing of organization. good our and initiative against progress product managing very at

these together, I to improvements XX% Ned a our Afterwards, quarter will our sales to Ned? decrease now bottomline. in and drove discuss sequential X% gross outlook. strong in which at operational another up questions. any we detail. will margin OpEx, call progress and measures to QX results over call will turn open Taken more our financial Then the produced and significant for discuss I the

Ned Mavrommatis

morning, Thank you, and Chris, good everyone.

numbers, I both you include for Systems mind a results on dive it’s October XXXX for that results I.D. our I.D. Before includes period year ago results standalone the comparable into Keep only Telocation, which Inc. consolidated from we remind that acquired Pointer important X, Systems, XXXX. and QX in to financial

total in XX% of of year. total $XX XX% or million million compares million revenue total XX% to of to This of in Now $XX.X prior with and XX% $X.X million from quarter revenue the year. $XX.X revenue $XX.X third High or from of Revenue and million XXXX and $X.X XX% the and those in or drives quarter of year. last revenue total QX $XX.X from qualifications million of let’s of services was revenue. or of of million revenue. improvement in was Product look or which total QX XX% revenue $XX.X in last or quarter total QX million of the prior revenue $X.X $XX.X services XX% an from total total XX% revenue prior of or $XX.X or million to $XX.X for million at from QX and was million from increased recurring revenue revenue the margin total of revenue in in future year. last This profit Gross quarter or increased last XX% million numbers. the

Total for our quarter XX% The turning from quarter QX in was prior operating XXXX QX $XX.X of expenses million from expenses. prior the million to down XXXX. down were third in the X% quarter. Now from and the $XX.X $XX.X down of million,

We our levers the expenses to have with cost situation to the pull the further additional in reduce should worsen. pandemic

third XXXX net $X.X share. our totaled and QX to an Turning million financial This year. GAAP from quarter quarter of $X.XX was of or for GAAP of loss measures, highest $XXX,XXX leverage per an EBITDA net level diluted QX loss profitability $X.X of of prior model. Pointer $X.X $X.X year in last XXXX basic million EBITDA the of improvement The EBITDA of in adjusted year. in per $X.XX share or quarter improvement a or the the our share adjusted diluted and loss and million $X.X from of for and basic GAAP per revenue. reflecting and and basic the $X.XX EBITDA QX metric in million last was the Adjusted adjusted marked prior this acquisition of in in million the $X.X in or EBITDA QX since million adjusted diluted total net a XX% of of non-GAAP totaled This

position position liquidity remains equivalents of $XX.X the cash $XX.X Our million and at cash working strong in with million. end, quarter and capital

successfully uncertain high remarks. Chris? period we and predictable approach navigate help revenue our in and will in believe working an the XXXX base, cash report from XXXX. used of months generated collections. That summary, of Our that customer to this capital million prepared ensure am which focus cash times. from my on we operations to management improvement of cash million I same $X.X diversified continues prudent $X.X nine margin concludes for to recurring operations, In the be encouraged us management is we

Chris Wolfe

Thanks, Ned. Hey.

our global continued teams momentum. Our and execution performance financial reflects sales improving building operational

deployment including Kautex several third our the XXX OEMs. installing the Kautex, notable our in During on solution at business, their additional After to of centers. generation solution two a sites. leveraging wins at assets North quarter top initially American expanded enterprise improve and automotive facility our across efficacy supplier manufacturing they its PowerFleet we Industrial safety all is global global next secured Detroit

discussions now deploying at expectations in We other we exceeded solution and locations. regarding have European all are our their seven

of QX Logistics, continue within Logistics enterprise Ryder end win implement three on for North they American forklifts to during and chain its leader Our selected Ryder a PowerFleet their a is material QX. equipment solution in as notable, operations. sites outsource handling other supply with

of with for that the familiar less functions Ryder transportation those customers make customers, fleet, products use which and chain every For our than manages critical industry, more many XX,XXX day. supply

next at enterprise months to XX pieces XX more across our than will deploying on be North America. than the solution Over sites of X,XXX months XX handling equipment more Ryder material

two Logistics are system their who XXXX. at additional their plans install In we North contracts several QX, heavy-duty truck They fleets. successful we also retailer segment, had our implementing business currently with installing a to other we America. manufacturer to master of locations Ryder, with Daimler U.S. implementations chassis QX, with Portland Internet In QX the their addition throughout of container agreement expanding In largest on its five are at the two sites during customers want other including sites. purchasing signed and our Trucks in in and headquarters with North leading it America, existing

The contracting a QX, to their first decision LV-XXX units was representing who strategic approximately during be in rental one purchased with chassis X,XXX Milestone business.

note rental Lease It’s low win LV-XXXs both to purchased side to typical of driven. represent XXX of as their who assets business The in the cost business. usually investment other rental strategic important Compass new purchases track that model in not with was Logistics previously the a it’s

assets and using powerfully platforms both see improvements companies high during process internal for our visibility value of the enhanced However, and leasing. analytics demand software including

companies contract. visibility clients their both of extended offer now the assets providing rental Additionally, to the by during their the term can rental value same

in effects and also has for refrigerated without for drivers. drivers, to the and increased both capacity, in which profit and as of options intermodal seeing trailers, this container van the is an increased demand tractors for stimulated intermodal move have demand essential help tractors goods We turn, driven demand dry

orders, about begin LV-XXX on this shipping is will with win camera more container to-date. release that This receive want excited QX. we LV-XXX system press we -- recently in our will a a the unit largest win. leverage great details a we utilizing and freight LV-XXX we purchase especially the that recent Once are issue our that solar learning X,XXX fleet will We

customers in and food chain essential cold space products. move pharma an they as Additionally, business, have the our their reported increase in

We are and of command currently approximately XX% with control. XX field in refrigerated with trials those tracking, associated

these these While represent a additional units field unit trials potential. an in near-term XX,XXX XXX,XXX represent opportunity, customers

based detect lineup and weight mounted dismounted success sensors. we features, In final great had networks. on boundaries existing customers what unloaded continue to entered have we into we dry loaded our stages provide will call push of product van weight and satellite platforms footprints the we top price their traditional beta use additional on the These require cellular area points. estimated refrigerated the LV-XXX, of market of our cases and our tests entered that with trials of customers functionality and mode only for progressing recently new and add communications LV-XXX this, that cellular container states products, QX, have with and and as This wide our solutions communications. both well. LV-XXX On new solutions field innovative and Logistics versions also beyond not dual opportunities with utilizing up but the While a required we open to

the improve our and Israel to offerings. our as In security Internationally safety QX across IoT capability Pointer fleet our of innovations had car connected we well historical well. the product continuously both a phenomenal Industrial growing Logistics, and as new their Logistics the as business, management line ups addition in operations

Our from exciting the our development and business Dubai development pre-COVID that the UAE unit peace in recent with Israel deals Pointer following activities levels. business Israel. exceeded began revenues as One and recent is Pointer profits well

Israel. vehicle Arab that potential vehicle and currently more fleet deploying represent partners assess working deals in markets than are in with We rental unit signed peace and our security spaces have several the to a potential. XXX,XXX The with consumer, solutions countries

in with as core services strong Our Mexico run rate products three Also markets Insurance. COVID levels in Cellocator XX% our significant continue our in are QX. demand we totaling million a to Petrobras, value. at impacts Kovack and pre-COVID AXA grew In $X operations over This These recovery can work Business, and our and we get contracts in saw tells is year-to-date, of Brazil, continue the and global uptake Endocon. customers near Raizen to which QX sells nature. outside contract deals from us

been our recovering business, turn let’s folded rental Vehicles here QX, saw United in and Now has business In pre-COVID billing our we levels. into we States. to which call are we currently at what car monthly for the PowerFleet Avis

on largest XXXX. company We trial a continued large product our rental also scale in doing discussions the field car with world’s of

high financial a we only our us $XX our our recurring subscription This ahead, adjusted and expanding foundation not flow good our margin generation Looking XXX,XXX us subscriber growth visibility visibility base this, provides also diversified and enter execute million consistent as in but stable services with strong now XXXX. by top with plan on and On cash. with revenues, supported to strategy. EBITDA cash provide of

questions. closures one of IoT the confident While remain, we companies we appropriate strategy COVID fleet execute our to for ability our With headwinds our sporadic provide the focused world’s and the in leading on in remain solutions. various and as and chain extend have instructions. continued countries, see supply position unique ready Operator, we to your that, IoT management open asset visibility, call please

Operator

Canaccord your with [Operator Walkley Instructions] with our question proceed Please Thank is And you. Genuity. Mike question. first from

Mike Walkley

Thanks. congratulations double-digit I on see and call well. the Great on are Chris Great. families to EBITDA and Ned them to margins. strong levels. everybody safe hope return the

sub just the shock of customers to the grow still some seeing macro up finally, seeing on economic have it the just expect side, are And absent just where other downsizing that’s Just think adds on sequentially. any us tough number, I do then, maybe you any pandemic XX,XXX kind you color in and from also concerns? you this subs, Can the continue you XXX,XXX to given environment, based Thanks. strongest on the worsening? give

Chris Wolfe

Thanks, Hey. Mike.

side, wanted That’s the kind win it As Again, the in lot why growth, new you Brazil, I shipped across really in know of total in are we the today. Well mind, XXX,XXX over units in that don’t we sub Board. to of investors lifespan not of probably win XXX,XXX, have that. half like focus far really the Mexico. Industrial keep of on think, those the our recurring a to have was on well the as story,

refresh all we recurring. again, So, on to go as get customers those to

of massive So just deal one that that in which I think subscribers. a broad see recovery, lot it’s to is a brought a and based wasn’t out great shine really so

Mike Walkley

Great. PowerFleet? color wins. out provide opportunity they Why what who customer you Thanks. you deal? mentioned to win for you be chose just and And Chris PowerFleet on, for more you the beat those Logistics, potential two maybe can that Can

Chris Wolfe

mentioned, for bid, running existing them. a customers, And business we this new Yeah. just with or those typically customers, The knows, two put well, out everyone those company. so actually it but company leasing are Logistics just anybody are is

into can’t us but definitely You compete through business. always put again out against but we business for helped who that entrenched your go competing have paces. had being an obviously the provider put they bid. think new for I And I we to us,

have is to for I and what chassis. opportunity before, containers. with the think trailers, a if as a have mentioned demand you is seeing, Well, you I there have demand them uptake you have uptake container for

actually of to leasing Matter that to excess for is That’s demand. equipment I new the fleet will that more That an that a demand This new mentioned of is fleet. fleet more brand And we this I fact hitting that obviously to brand customers. in a the opportunity for are so container that’s mean to it with that’s X,XXX grow. the us The going not just leasing a grow container there put context. care fleet us. monster the take our LV-XXXs. existing And companies road. be win is

Mike Walkley

the in you. we then That very expect or kind potentially to pipeline, line to those you anything for gross you Thank Ned continue? just there giving And the sounds one trends will the And I question Ned special while quarter. services in great. pass mix guidance of in would both last hardware Was based have know on and margins these should the strong not here. expect grow businesses sequentially? I

Ned Mavrommatis

Yeah.

levels quarter. of our we we grow forward remain look in starting and very gross mix. the and acquisition benefit product have they to if the and strong the our really good see gross quarter. the margin and service Cellocator vertically going going product margins. the The we as that revenue. is of to are going to margins, a proud did this we integrated That’s have margins during reason at hit this points Pointer to product gross continue on be percentage Mike, the mix We have control So tend to fluctuate did to you service product those at improve Also performance of couple based why margins have you have

Mike Walkley

or then of Okay. for And growth the next quarter, kind comment just any no now? guidance

Ned Mavrommatis

we our But obviously, of concerned point, shut what have again. any the the giving remarks, But good are some this in the seeing guidance. At globally COVID business. we positive. we very have feel to activity with about we is or pipeline down very mentioned not have Obviously, so beginning Chris far as in economies prepared the sales

Mike Walkley

again the Congrats line. Right. pass I on and the execution will

Chris Wolfe

Thanks Mike.

Ned Mavrommatis

Mike. Thanks

Operator

proceed your Lake is with And Schmidt question. from question Please Street. with our next Jaeson

Jaeson Schmidt

my Hey guys. Thanks questions. for taking

order additional here in on you from you QX curious of and have could provide you on in color in and you comment of saw Just October the seeing sort linearity any patterns November? momentum order could here if what

Chris Wolfe

is It’s kind recovering. rate to that as even subscriber kind you to of of honest to before, tells run Board. that’s the mentioned with business interesting growth, because great the And with I that, you our across see, be it’s

the Heinrich in That’s If you dealer business United have products in our Europe. know you our call XXX like look here our we do at States, our -- sell dealers network that the channel -- of actually we what Young states. that channel we here with in many

-- at QX, during business which that We levels awesome. pre-COVID actually that’s have that recovered sold

companies some have when -- we huge won in directly most we which deal say side, where starting still recover. see strategic we and to deals, strategic large that it the we strategics, we was That’s On impacted QX that with. that’s

So a capital in their put of COVID. them of off lot because expenditures QX

that put business put in million on hold. was basically We it of And have to recover. kind that to context over $XX well starting that see in

Now starting have to back. that that come being we see said

the I holiday QX. three but goodness during was was during true. think of could Israel -- their right it -- is they I Like time. it happenstance, it at what Thank Ned weeks think end for shutdown said was like

So Heinrich us impacted. Germany has impacted impact. seeing also with really have is being and That the it’s down minimal Young shutting as yet you not But of U.K. again.

could the starting QX So I seeing into only thing what Board, just come lot think that say is, like as and happen, year. the uncertainty see the next and in, better I the pick strategic up is deal it’s we that, about across long have would as to we feel momentum the going a we but

Jaeson Schmidt

helpful. in about driven expect know expansion that’s a at throughout your the large the looking That’s we trajectory should further potential think your really U.S., here by rollout. partnership. here then Okay. customer how And online we further really QX of in XXXX? retailer But I and Would a

Chris Wolfe

their to or see choices pick they the that to us telemetry retailers is, selective in I think we they large unit starting very so have now they We be that down pick But think narrow winning continuing. online retailer next for We bodes visibility well forklifts again, liberty said some even different hearing have on we That last that telemetry. looking or at the down pick depending being the to mean, or I mist the the to what to we that COVID go know into over details. see momentum think am have and with going have partner XXXX. at in I of our is, in there not into of I that. and actually have a very actually we year continue seen sites. year. Right you up

Jaeson Schmidt

in in think OpEx how QX? is be me to levers going you mentioned the one pulled and into OpEx back there depending should the I remain to flat? I relatively about queue. Okay. on And needed here but macro Ned, know will situation, jump is if for last additional we

Ned Mavrommatis

Yes.

is obviously, the level, revenue a Our you right to lot grows at really bottomline? to that goes goal of maintain and this see as expenses flat the the

Jaeson Schmidt

lot Perfect. Thanks guys. a Okay.

Chris Wolfe

Thanks Jason.

Operator

is question from Gary Barrington next our Please your with And question. Research. Prestopino with proceed

Gary Prestopino

morning and Good Ned Hey. Chris.

Chris Wolfe

Gary. Hi,

Gary Prestopino

but services you I any been have XXX,XXX units I correct? on are that you say, revenue reflecting that Chris, the shipped, not kind heard side, is of thought have

Chris Wolfe

Yeah.

sure that’s me make Let clear. very

is in So, historically, back we only mean, this talking dark vehicles, Systems used Industrial I.D. ages. have to I sell right? the

Gary Prestopino

Right.

Chris Wolfe

shipped Well, was prior not have ago, years Service. Walmart customers unit -- every on and -- was did I there’s… centers, have mean, recurring four there I that not distribution to Ford, we States mean like, their Postal the United the talking dock, was on

Gary Prestopino

Right.

Chris Wolfe

all preponderance customers, as some units of units what or of we half I roughly the a about want not recurring. those us is of pay didn’t pay shipped, it’s to. lot …a do about But fee, so -- maintenance don’t do those XX,XXX

refresh cycle of in upgrade. they Now It’s because product and now getting to that have -- of talked obviously and before, we where -- technology about cycles. upgrade but those it’s to are end have on that life

it’s on ARPU usually that’s month. the about $XX a And about so units that XX,XXX

Gary Prestopino

But revenue? and a paying the move you to to that’s that that services have recurring Okay. start side not -- the I into going that’s am they trying understand lock over

Chris Wolfe

I it’s -- the just many have -- -- think It’s But in No. not lock. will again, product… XX% they move. or like it’s mean, whatever our they I so range the a I

Gary Prestopino

Okay.

Chris Wolfe

it. …they Yeah. value of get out

Gary Prestopino

so And quickly. apologize you right. through went for All then Great. this I this,

the would to bit again just just business some here? awards quarter go the new little much ask a through -- of that it terms slower is to be Industrial, in too Logistics of and it in In

Chris Wolfe

the… with again, Well,

Gary Prestopino

key some the obviously. ones, With one, the key some of of Chris,

Chris Wolfe

Okay.

Okay.

were I -- signed of that’s not all that clear. with So shipped. hope initially deals again, those

So…

Gary Prestopino

Right.

Chris Wolfe

North have, and and sites, two implementing now Kautex started American we We right? we … Detroit there’s… implementing implemented

Gary Prestopino

Right.

Chris Wolfe

… Europe. about will total. total installations seven We their be sites very have -- or I across On sites day start in XX almost next and sites it’s Logistics, Ryder year rollout six actually because we more again think, six every seven, fluid.

close. products in go close, Logistics in to that just we and price X,XXX about have $X,XXX. three as are on mind units sites one not of the X,XXX that side, the extensions in and XX the was two and retail to the is major keep of right? which just just recently touched -- prior range, have like those there unit currently needs about then fleets in it’s deals, then the the have order, right unit we $X,XXX we Yeah, literally X,XXX everyone And barely were we but about a So got that of we tracking quarter $XXX and total that notified quarter as it, the

Gary Prestopino

got say a you unit. sorry, X,XXX you a X,XXX So order? would I unit

Chris Wolfe

end which Yeah. cam, our … of freight X,XXX order our is LV-XXX high in

Gary Prestopino

Okay.

Chris Wolfe

… product, right?

Gary Prestopino

Great.

really with that fair So, I momentum lot it there in guess you to since company me lot a overall. of market. see that have seems Pointer a the starting the And a has perception statement? acquisition Is to the just of the changed

Chris Wolfe

Yeah.

I think it’s a fair statement.

I for think more COVID, is, it trial these trial… right, a think than I again it’s field -- six-month field if wasn’t it that impact, about --

Gary Prestopino

Right.

Chris Wolfe

seeing are mean a people that people signed think doesn’t summer, they I installed, this once Dan who and Ross the are. who name, know value. that’s … huge I

get lot And you started getting kind inquiries once so more those we wins. of inbound a

Gary Prestopino

businesses you so be great. good. environment Thank to mean All is this in right. especially much. That’s winning I you new

Chris Wolfe

Thanks Okay. Gary.

Operator

from with question. your next is Mattson Glenn question Instructions] Please Our [Operator with proceed Ladenburg.

Glenn Mattson

down Ned to on or Hi. debt of cash the Great flow, the taking have quick, quarter. use -- Thanks forward. priorities quickly look it question. Is to me going what’s for pay just the going remind the cash? you

Ned Mavrommatis

correct, Glenn. That’s

debt. to goal the to continue Our really is pay down

and operations If at capital in There’s will cash, million capital $X.X down debt. one we have paying prior working working the strong from versus improved the quarter we thing… cash and you million we also continue have $XX flow our generated look in

Glenn Mattson

Great. Thanks.

Ned Mavrommatis

rate thing about a I a debt. out the We about to debt sorry point want want out debt, the …I has point on interest to environment then better. ago on debt, close lot year the the gone one since

in the interest that it would and on positive which to we next very where which opportunities will at couple looking the quarters be should have -- it get done. the we when we reduce of hopefully have we done announce thing debt, a able So get

Glenn Mattson

the how And some sequentially. seasonally is down deferred the -- But there about It dynamic drives that. little does do or lower that? is maybe that. works there should But revenue we a the there just there then on you -- obviously that how think business booking or something Great. was is in How difference bit like strong.

Ned Mavrommatis

The deferred the them invoice model, revenue if you real monthly. look shouldn’t for any get we our paid have usually business we at collect impact, and the hardware services upfront and

cases, in So have we customers that certain certain prepay.

the to up go So it future have be not indicator going it -- should and you not might revenue see businesses. of an deferred down. But should have

Glenn Mattson

out, stepping you months that? Maybe then, pandemic or kind expectations acquisition And for or you time of now. over of signed been the you. year have hit minute at, the doing like, exceeded taking is mark look think this a point the looking has initial been integrated point. six there’s your costs to you them on and the we the next where for seems whatever this a taken Thank between period a at well. in improvement deal of like really business how an or Great. where or It could have, assessment. just about so you like still will room out there’s lot Pointer Chris, The when just back It’s

Chris Wolfe

a great question. It’s Yeah. Okay.

that’s aspects helped phenomenal. on across cetera, our that’s done various tenants, By been have IT the efficiently more et in what IT on consolidating we of actually -- integration work the our us globe. So way

And we financial operations obviously, around enabled So has to, hats to working team. they have also consolidation, on which off we have that call globe. us the been what

just books. That of we its the us significant operations, driven. being volume savings helping like it’s there. have and efficient more and So chain lot A closing all supply said, be seen

they even that as So more great. been has which will be savings up, go volumes

been I phenomenally well. there’s So think just doing team our

We have already a our and have of analytics beta integrated we platform.

part time. which the with it consolidation, takes platform more of So is

our we our another as so platforms There’s currently that get year. we will in is will additional $X platform consolidate software million there, as we through once get we analyst the so some done platforms then in about next be cost beta, it see savings consolidated. savings, And other

they Now want we and even customer might when that, consolidating I can I not even the end the as platforms, have customer it to back-end, and get and integrate might say people data from how front-end Because secure long care know it’s you needs an as they and right? is you realize perspective what just as the see, delivered actually not to there the the stable.

to the cost savings is same year customers the the goal the and out get transparent to it the our So time at next over make of consolidation.

Glenn Mattson

Great. color. Thanks. Good me. quarter. the That’s it on Congrats for

Ned Mavrommatis

Thanks, Glenn.

Operator

Chris now have end reached the over call closing the will of for question-and-answer we And CEO, session. the the I to Wolfe turn remarks.

Chris Wolfe

diligent for efforts like you Thank Yeah. their and for great results. joining us today. I’d to thank employees our

their products and forward look we to soon. investors of putting you stay in to services were and customers vision. for and our again support our Please our their Our healthy Operator? trust speaking

Operator

Thank our for you today for presentation. us joining

disconnect. now may You