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spk01: Welcome to PowerFleet's fourth quarter and full year 2020 conference call. Joining us for today's presentation is the company's CEO, Chris Wolf, and CFO, Ned Mavromadis. 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 the call. During the call, there will be forward-looking statements made regarding future events, including PowerFleet's future financial performance. All statements other than present and historical facts, which include any statements regarding the company's plans for future operations, anticipated future financial position, anticipated results of operation, business strategy, competitive position, company's expectations regarding opportunities for growth, Demand for the company's product offering and other industry trends are considered forward-looking statements. Such statements include but are not limited to the company's financial expectations for 2021 and beyond. All such forward-looking statements imply the presence of risks, uncertainties, and contingencies, many of which are beyond the company's control. The company's actual results, performance, or achievements may differ materially from those projected or assumed in any forward-looking statement. Factors that could cause actual results to differ materially could include, amongst others, SEC filings, overall economic and business conditions, demand for the company's products and services, competitive factors, emergence of new technologies, and the company's cash position. The company does not intend to undertake any duty to update any forward-looking statements to reflect future events or circumstances. Finally, I would like to remind everyone that this call will be made available for replay in the investor relations section of the company's website at www.powerfleet.com. Now, I would like to turn the call over to PowerFleet CEO, Mr. Chris Wolf. Sir, please proceed.
spk06: Hey, thank you, Alice. Good morning, everyone, and thank you for joining our call. I hope everyone is staying healthy and doing well during these very unprecedented times. As you saw from our earnings release, the fourth quarter was a solid finish to a very unpredictable and challenging year for companies globally. PowerFleets' focus on driving profitable growth along with continued execution against our strategic initiatives enable us to deliver 7% sequential increase in our top line revenues, a 4% sequential increase in high margin recurring services revenue, and a meaningful improvement to our bottom line. These improving financial metrics demonstrate the leverage of our business model and the ongoing benefits from our cost optimization measures, which together help produce robust gross margins and $8.8 million in operating cash generation for 2020. From a sales perspective, we finished the year strong with several new customer wins, and we entered 2021 with a solid backlog of installations and a robust prospect pipeline. During Q4, more recently, we secured and announced a number of notable wins, including Panhandle Transportation Group, Nucor Tubular, and McGuire Transportation. These wins contributed to our base of monthly subscription units, which totaled a record 590,000 at the end of Q4. Before I dive into our business segments and outlook, I'll turn the call over to our CFO, Ned Mavramadis, to discuss our results for the fourth quarter and full year of 2020. Ned?
spk04: Thank you, Chris, and good morning, everyone. Turning to our results for Q4 and the full year of 2020. Revenue for the fourth quarter of 2020 increased to $29.4 million from $27.6 million in the prior quarter, but decreased from $35.1 million in Q4 of last year. The year-over-year decrease in revenue was related to the reduction in product revenue from our last major shipment to Avis in Q4 of 2019 and the impact from COVID-19. Revenue for the full year 2020 increased to $113.6 million from $81.9 million in 2019. High margin recurring and services revenue for the fourth quarter was $17.3 million or 59% of total revenue. This compares to $16.7 million or 60% of total revenue in the prior quarter and $18.7 million or 53% of total revenue in Q4 of last year. For the full year 2020, services revenue was 67.9 million or 60% of total revenue compared to 36.5 million or 45% of total revenue in 2019. Product revenue, which drives future service revenue, was 12.1 million or 41% of total revenue. This compares to 10.9 million or 40% of total revenue in the prior quarter and 16.5 million or 47% of total revenue in Q4 of last year. For the fall year of 2020, product revenue was 45.7 million or 40% of total revenue compared to 45.4 million or 55% of total revenue in 2019. Gross profit increased to 15.2 million or 52% of total revenue from 14.9 million or 54% of total revenue in the prior quarter and 16.6 million or 47% of total revenue in Q4 of last year. For the full year 2020, gross profit increased to 59 million or 52% of total revenue from 38.4 million or 47% of total revenue in 2019. Now turning to our expenses, total operating expenses for the fourth quarter of 2020 were 15.3 million up from 14.2 million in the prior quarter. The 15.3 million in Q4 was up 7% from the prior quarter, but was down 23% from Q4 of 2019. For the full year, operating expenses were 62.5 million compared to 48.5 million in 2019. Turning to our profitability measures, gap net loss attributable to common stockholders for the fourth quarter of 2019 totaled 3.5 million or 12 cents per basic and diluted share. This compares to a gap net loss of 1.7 million or 6 cents per basic and diluted share in the prior quarter and gap net loss of 5.2 million or 18 cents per basic and diluted share in Q4 of last year. Net loss in the fourth quarter of 2020 included $2 million in non-cash expense related to foreign currency translation of debt outstanding in local currency at our company's Israeli subsidiary. For the full year 2020, GAAP net loss was $13.6 million or $0.46 for basic and diluted share compared to GAAP net loss of $12 million or $0.59 for basic and diluted share in 2019. Net loss for 2020 includes $2.1 million in non-cash expense related to foreign currency translation of debt outstanding in local currency at the company's Israeli subsidiary. Due to this non-cash expense, as well as additional gains and losses that may not be indicative of our core operating results, we introduced non-GAAP net income to supplement our GAAP results. Non-GAAP net income attributable to stockholders for Q4 of 2020 totaled $2 million, or 7 cents per basic, and $0.05 per diluted share. This was an improvement compared to non-GAAP net loss attributable to common stockholders of $606,000 or $0.02 per basic and diluted share in Q4 of last year. For the full year 2020, non-GAAP net income attributable to common stockholders totaled $3.7 million or $0.12 per basic and $0.10 per diluted share which was a significant improvement compared to non-GAAP net loss attributable to common stockholders of $4.7 million or 23 cents per basic and diluted share in 2019. Adjusted EBITDA for Q4 2020 totaled $3.2 million or 11% of total revenue compared to adjusted EBITDA of $3.6 million in the prior quarter and adjusted EBITDA of $2.1 million in Q4 of last year. For the full year of 2020, adjusted EBITDA totaled $9.1 million compared to adjusted EBITDA of $3.2 million in 2019. Our liquidity position remained strong at quarter end with $18.1 million in cash and cash equivalents and working capital of $28.9 million. On February 21st, we closed an under in public offering that generated net proceeds of approximately $27 million. As of today, our cash position exceeds $45 million, giving us ample resources and runway to execute a growth strategy. I'm encouraged to report that for the full year of 2020, we generated $8.8 million in cash from operations, which is a significant improvement from $7.3 million used in operation in the same period in 2019. In summary, we believe our diversified customer base Predictable high-margin recurring and services revenue and prudent approach to cash management will help us ensure that we successfully navigate this uncertain times. That concludes my prepared remarks. Chris?
spk06: Hey, thanks, Ned. Our improving financial performance reflects our global team's continued operational execution and building sales momentum. In our industrial segment, which includes forklifts and material handling equipment, we continue to see improving sales traction across our strategic direct sales team and our indirect channels, which include our OEM white label product and our expanding U.S. partner network. Along that line, our U.S. partner channels continue to see increased activity in sales over Q3 levels, including volume unit orders from our strategic OEM partner, Young Heinrich, the third largest forklift manufacturer in the world. Our partnership with Toyota Motor Manufacturing continues to gain traction. During the quarter, they expanded by installing a plant in Mississippi. And on top of this, working with our partner, Attach Solutions, we also secured a new Toyota plant in Mexico. Also in Q4, we signed and deployed our first e-commerce distribution center for the world's largest brick and mortar retailer. We also had several other notable wins and deployments in the period, including Mazda Toyota Motors, Coca-Cola Minute Maid, Daimler, and Aldi. In terms of priorities and initiatives in our industrial segment in 2021, after our successful upgrade with Walgreens, we have been aggressively working with our longstanding customers to transition them from our older legacy platforms to our next generation solutions and to a reoccurring revenue model. We expect to see several of these major customers commence their transition in the second half of this year. It is worth noting that these major migrations require both a telemetry unit refresh, and a migration to our software-as-a-service cloud-based platform. This legacy customer base represents over 30,000 units in high-value product sales potential, and nearly all these customers pay little or no reoccurring SAS fees today. It was an equally busy quarter in our logistics segment, and as I mentioned in my opening remarks, we secured a great win with Panhandle Transportation Group, a 525-unit refrigerated fleet We'll begin shipping our LV400 reefer telemetry platform during Q1. We also started delivery of the previously announced 6,000 unit solar and super cap LV500 container telemetry platform, which also included our LV710 freight camera system. Additionally, and not previously announced, a major supermarket chain in the southeast placed an order for 1,200 trailer and reefer platforms in Q4, and we've already started shipping these units. On the R&D front, PowerSuite has designed a family of products to help our customers with the critical activity of weight sensing to maximize revenue, ensure safety, optimize asset utilization, and comply with regulatory requirements. Our LV300WS telemetry platform is a single device that not only provides asset telemetry data, but also focuses on weight detection, which provides accurate detection of events such as mounted and dismounted containers on and off chassis. Our LV750 weight on axle sensor, when paired up with the LV300WS, goes a step further and focuses on weight measurement to include not only the information on mounted and dismounted containers, but also can tell if the container is loaded or not. Given the container bottlenecks we're experiencing at the Port of Los Angeles, These new capabilities are aimed squarely at fixing a major industry pain point. We recently completed a major milestone in our weight sensing initiative with American Intermodal Management. Our work has led to American Intermodal Management placing an initial order for 1,000 LV300WS platforms and matching LV750 weight on axle sensors, which are currently being installed on new chassis being built in Mexico this quarter. In the first half of 2021, we plan to release two new multi-mode telemetry platforms where we recently started field trials for a major customer. These products will broaden our portfolio, increase our overall market potential. Additionally, we will continue our R&D efforts and push to see if we can achieve legal weight on Axle, which, if successful and at the right price point, can be an industry game changer. Internationally, sales of our pointer Sales for our Poynter Israel operations exceeded 2019 levels, which is a very impressive feat given the closing of the economy several times in 2020 due to COVID. Israeli vaccinations are nearing 50% of the population, and much of our workforce has had their first vaccination. Poynter Israel increased its share of the premium car market with wins at Volvo Honda Privacy, as well as increased market share in the rental car market with wins at Budget, Perry Car Rental, and Eldon Car Rentals. We also continue our installations of wireless defibrillators throughout the country with Magda David Adam, MDA, MADA. MADA is the state of Israel's national EMS organization responsible for emergency pre-hospital medical care and blood services. MADA is playing a critical central role in Israel's response to the COVID crisis, including testing, sampling, scheduling, and managing vaccinations. In addition to MADA, Pointer Israel won a major tender with Maccabi Health, And our temperature and IoT projects are gaining momentum in pharma, food, cannabis, grocery, and honey production. In terms of our other international geographies, our Poynter Argentina operations signed Eden Red in Mexico, targeting an initial deployment of 2,000 units starting in Q1 with a possible upside potential of 45,000 units. Our Poynter Mexico operation continued to roll out at CAVAC, which is the Carvana of Mexico, and AXA Insurance, with Carvac having the potential for 10,000 units annually and AXA having the potential for an additional 2,400 units. This is just very cool. Our India team, working under Cellocator, has been working with Tata Consulting Services, and we've been selected to provide mobility platforms for a 6,000-unit IoT project in Northern Europe. In our vehicle segment, we are launching newer CAT M1 and CAT M platforms, and we are seeing significant interest in the construction equipment segment, This growing interest in traction was confirmed by a reseller agreement we recently signed with a major construction equipment company for a minimum 2,500 units annually, which started shipping in Q1. In addition to this win, we are currently in field trials with three large construction equipment prospects. PowerFleet continues to enhance our solution for vehicle Class 1 to 5 customers, that's smaller vehicles used in service fleets and delivery and commercial fleets. with a focus on car sharing and rental self-service. These offerings within rental fleets have seen an increase due to COVID to the demand for touchless interaction as well as mid-term car rental and fractional ownership as an alternative to public transportation and personal car ownership. As we look ahead to 2021, the unmarket demand for our dry van, container, and cold chain mobility platforms is steadily improving North America and globally. We now have a very strong balance sheet that gives us the capability to move diligently and quickly on potential acquisitions that can bolster our business geographically, grow our business segments as we expand our product, software, and analytics offering. As the global economy recovers and countries reopen, PowerFleet is well positioned to leverage our enhanced scale, strong balance sheet, and expansive international footprint to effectively compete and win global tenders. We believe these factors will enable PowerPlate to capture an increasing share of the growing multi-billion dollar global industrial IoT market. And with that, we are ready to open the call up for your questions. Operator, please provide the appropriate instructions.
spk01: At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question comes from Mike Walkley with Canaccord Genuine. Please proceed.
spk03: Great. Thank you, Kristen. I hope you and everyone's families on the call are staying healthy and well. Just to, you know, congrats again on another double-digit adjusted EBITDA margin to end the year. Chris, just on the solid backlog entering 2021, can you discuss areas of strength and any updates in some of those large opportunities you are chasing and maybe how you see the business improving throughout 2021 if economies continue to reopen?
spk06: Yeah, thanks, Mike. We're actually seeing the traction with new sales, but even coming into 2021, I think Previously, we announced the Rider Logistics win, I think it was like June of last year. We only installed six locations at Rider in 2020, and there's 24 to go. So just on a scale, you can see it's almost a 4X or more, just with one customer alone. And we also, Nucor Tubular, there's Upside There and Cortex, which we announced last year on the industrial side. And the industrial side was probably the hardest hit. in 2020, and the fact that we're seeing that come back and come back fairly strong is phenomenally encouraging. On the very large, you know, prospects, we're still pushing those. We do have some progress going on. I'm not quite, you know, because we're going over 2.4 right now. I don't want to get over my skis. But again, that's kind of some of those wins that I mentioned of migrating old customers like the United States Postal Service, Ford Motor Company, I think when you start seeing this deploy those locations this year, which we hope would start happening before the second half, but we're definitely in the second half, that's when you'll start seeing those kind of break free on the industrial side. On the logistic side, those field trials we have are still going on, and we expect the culmination here in Q1 and into Q2.
spk03: Great. That's helpful. And then just on the quarter, you know, another strong net out of 20,000 to get to 590. Maybe you can just talk about where you're seeing some strength and you're still having any customers turning things off just due to impacted industries or that behind you now and you should see steady growth, you know, barring any virus getting worse.
spk06: Yeah, barring any virus getting worse, we are seeing it stabilize really in Q3, you know, thank goodness. And then, you know, we're just seeing that stabilization. We're not seeing any major customer issues at this time as far as, you know, people in that kind of financial straits that they need to turn off units en masse. And by the way, we're actually getting to the 20,000 net add. It's just across the board, you know, which is actually good for us. I think if anybody who followed our story early on, it was always continued on one or two customers making or breaking the quarter. And now I think just the breadth of our company helps us, you know, just weather those kind of situations much better. So we're not really, you know, beholden to one particular customer in a quarter. But again, it's really been across the board.
spk03: Great. Last question for me and I'll pass it on. Yeah, Ned, product sales were a bit higher than expected. Have most of those been turned down or converted to subs, or does that give you some visibility into some sub-growths already into the March quarter? And then the 35% gross margin, I know NICs can fluctuate quarter to quarter based on hardware, but is that kind of a good gross margin for 2021 on hardware as you look at kind of your backlog for 2021?
spk04: Yeah, the first part of your question is absolutely. Every piece of hardware that we sell comes with the long-term service contract, so the higher product revenue today gives us more visibility into growing service revenue. On the product margins, it's primarily mixed. We have products that generate 20% gross margin, and then we have products that generate... 45%. So it's really a mix. I think between 30 and 35 on the product side, we feel very comfortable going forward.
spk03: Great. Thanks for my questions and best wishes for a successful 21. Thanks, Mike. Thanks, Mike.
spk01: Our next question comes from Jason Smith with Lake Street. Please proceed.
spk02: hey guys thanks for taking my questions just curious if you could comment on what you've seen from an order pattern standpoint here in January and February of some of the momentum you saw late last year has continued here the first two months of the quarter.
spk06: yeah I mean again we're not done and typically a lot of our sales like a lot of companies they come in at the last month of the quarter. Uh, but again, we haven't seen it slow down matter of fact, if anything, we've seen business activity picking up and, uh, which is good, especially in our indirect channels, you know, because that they have more touch points in the overall global economy, especially like in the U S economy, which is the biggest markets that we're in. Uh, so again, the activity level has been high. Uh, I, I myself, uh, attend almost every sales pipeline call. And it's probably, you know, probably the strongest calls I've been in probably in the last two years, even pre-COVID.
spk02: Okay, that's helpful. And then could you just give us an update on where you're at with the other rental car company?
spk06: Conversations continue. And matter of fact, there is a third party that's just recently started an RFP in that area. So another rental car company that's also major. Uh, so again, we're participating in that RFP as well. So conversations continue there. Uh, again, I think it's going to be slow going with that major rental car company, but I, you know, the interest level is still there and we just keep them updated on what we're doing. And it's just really up to them when they want to and when they can do a program, right. Cause they need to do a, what we call a large scale field trial. And, uh, we have a proposal in front of them right now, uh, to do that.
spk02: Okay. And the last one for me, and I'll jump back into Q. Ned, how should we think about OPEX ramping here in 2021?
spk04: We are going to slightly start investing a little bit more in sales and marketing. As Chris mentioned, we're beginning to see a significant increase in the activity and people doing business. So we are going to start investing a bit, but again, very conscious. Our goal is to have profitable growth.
spk02: Okay. Thanks a lot, guys.
spk06: Thanks, Jason.
spk01: As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. Our next question comes from Scott Searle with Roth Capital. Please proceed.
spk05: Hey, good morning. Thanks for taking my questions. Just to follow up on the gross margin front, Ned, I know that there is volatility quarter to quarter depending on mix, but we've seen a lot of component issues throughout the industry and the supply chains with other vendors. Are you seeing any issues on that front? How is that impacting not only your gross margins but your ability to ship and service, or are you seeing any push-outs on that front?
spk04: I'll just talk a little bit about the gross margin, and then Chris can talk a little bit about the supply chains. When you look at our service, gross margins are very consistent at 65% and growing. In Q4, the product gross margins were not impacted at all by the supply chain issues. It was just primarily mixed. And as I mentioned before, we feel comfortable looking at the going forward, the product gross margins being anywhere from 30% to 35%. As we look forward, the supply chain is an issue, not only for us, but the whole industry. So, Chris, maybe you want to take that.
spk06: Yeah, to be very specific, there's a couple of components, actually module shortages that have been going on that have not necessarily impacted us as of yet, and we're in the middle of making sure they don't. So by pulling in orders, you'll probably see some of our inventory go up just to make sure that we have ample supply for, and also for surge, getting back to the other question about large field trials that come to culmination. For modules and super caps, the long lead times, so that's what we're trying to do right now is just remediate any risk and make sure that we can take advantage of upside by pulling in subcomponents and modules early We don't have to build out the full product, but we can pull in the parts so that we have ample supply. But it is concerning, and some of the long leak times are getting into like six months.
spk05: So you have to plan ahead. Gotcha. And just to follow up on some earlier comments for clarification, with the United States Postal Service, it sounds like now that is moving ahead. It's just a timing issue. And to follow up on your comment on budget, is budget now just specifically – through Poynter in Israel, or is that expanding out to budget globally?
spk06: Yeah, Avis Budget Group, I mean, by the way, budget is part of Avis. So in the U.S., some of the 120,000 units they took could be in the budget portfolio. This is a licensee of Avis Budget Group. So again, every... our contract with Avis actually allows us to sell to the licensees, which, you know, there's quite a few, like in most of the international countries. So we've had, you know, been approached by other countries as well, like Mexico, et cetera. And so whether or not they go with our Avis product directly, or they go with a different product that we get, you know, got from the pointer acquisition, you know, we're, we're approaching them with like our portfolio products. And that was a win using one of the pointer products. But it's still a great win for a licensee.
spk05: And U.S. Postal Service?
spk06: Yeah, I think you're, you know, I don't want to get too far ahead yet, but there's great conversations going on there and great planning going on. So we, you know, once you start seeing, we'll basically put out an announcement when we can, when we start deploying, you know, at facilities. And we hope that'll be in a couple of months.
spk05: Great. And lastly, if I could, just, you know, given the mix of business and where you're shifting, you're moving to more value, I'm kind of wondering how you're thinking about recurring revenue from an R-proof standpoint as you start to win some of these higher value opportunities, including weight on axle and other weight sensor-driven initiatives. And also, as you're kind of moving into some different directions, cold chain keeps coming up a lot. I'm wondering if the competitive list of vendors or the short list you're fighting against is changing at all. Thanks.
spk06: Okay. So when it gets back to like weight on axle and some of like, and again, I mentioned our freight camera as well. You know, those are, you know, very high value type of products that we offer. Our freight camera, you know, people don't know. We actually do machine learning on the imaging. We can tell how trailers are loaded. You know, if there's been a shift in transit, we can actually help you tell you how to unload a trailer now for the first time versus just loaded and empty. That tied to weight on axle. You can tell we have, more visibility, which can help our customers increase their velocity. And that's actually the whole issue with the industry in general is there's certain choke points that we're trying to address specifically, like at the point of the port of Los Angeles and the chassis container issue out there, or it's the getting trucks in and out of yards faster by knowing where trailers are in the proper location or chassis or containers. So, you know, with that, our, our price point is more of a solution sale now. So what we do is we go in and sell a solution to solve a problem. And that does typically include, you know, a hardware sale just because there's a hardware component to it and edge computing, but it's also includes our analytics and our software. So getting back to the ARPU kind of depends on the vertical you're in and the actual solution. But yes, the ARPU is typically going to be higher than our standard would be for. Like a chassis tracking product right now is typically $4 to $5 a month. And then this could be five or six added on for the extra weight data. And the same with our freight camera. You get an extra dollar. At the same time, by the way, as we move to 5G, we get the added benefit of the lower data rates. So we can actually send more sensor data through the pipeline. And lastly, on the cold chain question, that's a great question. We are now competing on projects with systems integrators. So by the way, we're also partnering with systems integrators. I mentioned Tata Consulting Services. They're the largest in the world, I believe, today. If not the largest, the second. So for us to actually partner up with Tata is just a phenomenal opportunity for the company. So we can either do it ourselves, which we've done, like with American Intermodal Management, which we did with Avis, like we did with the United States Postal Service years ago. or we can partner up with a stronger partner and go after IoT wins that way. But, again, I think our capability is to be nimble, and I think being an innovatively nimble technology provider in the IoT space is our differentiator. So we can actually go in, listen to what the problem is, fix the problem, and for that, you know, get remunerated for it. Great. Thank you. Okay. Thanks. Thanks.
spk01: Our final question is from Gary Prestapino with Barrington Research. Please proceed.
spk06: Hey, good morning, everyone. I just want to clarify, you have 590,000 on-air subscriber units at the end of the year? Yes. Okay. And then, Chris, could you maybe give us an idea of directionally, I mean, relative to the end of last year, what has been the growth in your backlog overall? I mentioned earlier, I think it's been more broader across the board, like in Israel with our, you know, right now, I mean, two years ago, there was not any IoT programs going on in Israel, in our Israel operation. It was all vehicle sales, you know, through OEMs and doing SVR. Now, 10% of the revenue out of Israel is all IoT projects. So, I mean, that's an phenomenal two years. So, we actually see that trend continuing, and it's a focused initiative. And at the same time, in our logistics segment, which we invested heavily in, you know, the Panhandle Group, the 6,000-unit container fleet ad, the McGuire, we're seeing very good traction uptake. And by the way, we don't even announce, like, when current customers refresh in that necessarily. But again, you're seeing a nice steady progression of sales on the logistics side. And the industrial side, has always been the lumpiest part of the business because their capex is a cost center. The warehouse and the shipping facility is usually a cost center. So when the economy goes down, you're not going to add cost to a cost center typically. That's going to be the first thing hit. And so that's what hit us last year. But we're seeing that nice Again, because of that business activity picking up, more things being built, so our manufacturing segment in the industrial side is starting to recover. Like I mentioned, Toyota manufacturing, everything was put on hold at Toyota all right at the end. So now we're starting to see that come back to life, which is awesome. Okay, great. And then lastly, Ned, can you provide us with the components of non-GAAP net income plans? for all of the quarters for 2019 and 2020 for modeling purposes?
spk04: Sure. Obviously, it's in the press release. There's a table, Gary, that has the gap to non-gap, so I don't want to read it over the course.
spk06: I'm looking at the press release, and I'm seeing it for December and for the year, all right, the quarter and the year. Maybe I don't have the full press release. um uh popped up here but i'm there is a a breakdown by q1 q2 q3 for 2019 and 2020 of all the uh individual components yes and uh i'll point it out to you after the course okay i'm sorry you know i'm i'm looking at this on on two separate screens here so all right i'll take a look at it thank you okay thanks thanks gary
spk01: We have reached the end of the question and answer session, and I will now turn the call over to Chris Wolf for closing remarks.
spk06: Thank you for joining us today. I'd like to thank our employees for their diligent efforts and great results, and our customers for putting their trust in our products and services, and our investors for their support of our vision. Please stay healthy, and we look forward to speaking with you again soon. Thank you.
spk01: Thank you for joining us for our today presentation. You may now disconnect.
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