One Stop Systems (OSS) 12 Nov 202020 Q3 Earnings call transcript

Ladies and gentlemen, good afternoon and thank you for joining us today to discuss One Stop Systems' Financial Results for the Third Quarter Ended September 30th, 2020. With us today are the Company's President and Chief Executive Officer, David Raun; and Chief Financial Officer, John Morrison. Also joining today is the Company's Chief Sales and Marketing Officer, Jim Ison.

Following their remarks we will open the call to your questions.

Before we conclude today's call, I will provide some important cautions regarding the forward-looking statements made by management during this call. release to will that replay be instructions today's like be call via also section in and Investors recorded made press would remind Company's today's everyone will the of I the the website. in available for

to like over call David the and to turn President CEO, I'd Now OSS, Raun.

afternoon, and grateful trust Abby. that families your Thank virtually you, us staying joined Good are you healthy, you everyone. We're safe, productive. I today and

third progress addressing to would quarter, be solid safety the and of made Before to team's the response employees top health our The I operating to effective we’ve our the pandemic. acknowledge and like the priority. a continues during financial continued COVID

disruption. and has the our of CDC guidelines Pandemic our suppliers implementation impacted without recommended kept key quarters. top two several over limiting of growth healthy line revenue and our customers team Our has past products shipped have

They revenues, expenses, great short lower team bottom ago. lost our and better results COVID As More from million Despite $X.X strides revenue the the more shortfall importantly media Systems' and dedicated term customer in quarter of strengthen year a to future. produced our for to attributed cut space. delayed One plan was largest and to we've in improve QX, related half annual of a or versus compared entertainment than identified the matters. efficiency line internal Stop our made in the for

efforts of at for million million in we expenses reducing remain outline layered margin guidance quarter, in same on cost the operating coming the how exceeded new by will executed in but reductions April shortly, also earnings margin, provided in the net to annual $X XX%. the target gross committed proud and to producing $XX implemented period. our our over during basis. quarter reduction this our million minimum our on last in John As $XX.X I'm that over call operating strong We and plan an date $X.X $X.X we These customers expense all to and year. year track third resulted EBITDA, income our last improved employees of

Before like I John call the will the turn to our our of the the through outlook for for and remainder Morrison, I'd to provide the year, additional who us over quarter. financial details take color CFO,

Chief Following our Sales who customer and discuss on Officer John? share exciting John some will will Jim new products be Marketing our information and Ison, activity.

our issued glad afternoon, of and press onestopsystems.com. release David in The relations I'm with the is you, available September third website our quarter nine XX, us and a good can results Thank release today XXXX. section the join investor Earlier you ended for we everyone, at today. months

statement quarter our half. million million XX% The for operations the year. lower sales third compared in quarter of $XX.X last revenue was the XX%, expected and sequential improvement by shows in previous the of in $XX the increased to previous as quarter into as second due military, QX, from to was Our up quarter the that to third our compared in XX.X million,

was million, in of entertainment decrease same Express and compared in the be report, XX, nine XXXX well months $XX business, of a impacted earnings million, X%, as pandemic. as year to compared key $XX.X COVID to business COVID As ended million decrease to vehicles primarily equipment $X.X million. approximately industry September reductions from into staff, to Revenue media we and $X.X as as $X.X and expected the -- in as --business customers. MRI, the XX revenue highlighted a XXXX. offset of to the of million of a PCI customers, being total in our that reduction our was the in growth The million, contractors impact COVID of ago quarter is test by autonomous QX well down much $X.X to new media decrease customers ago reduction a a reductions other and impacted a attributable mentioned the by from These period. to year This due result the mentioned was entertainment revenue, due revenue for GenX year-over-year before military were supplier due move

in ago revenue contributed the In operating our compared period. $X core $X.X business terms same of our between OSS breakdown to million, QX year units as in the million

million year This subsidiary $X.X pandemic, several Bressner by $X they're customers, to the the being with European the compares period. quarter. same ago also affected Our in third in the contributed million

period first nine months, months contributed contributed our the as core million $XX.X same the $XX.X last For million in $XX.X period. year, the they same in to the revenue revenue, nine as nine of of business revenue the year. of -- Bressner, first compared revenue months of of of to the in for $XX.X the million OSS compared

business reporting standalone no a unit. longer are as We CDI,

completed CDI reduction and we our core operations, of As we our earlier cost implemented part the XXXX, as X into that July of was of integration OSS program reorganization this year. this

year gross the $X.X margins have strong reduced we to quarter, during of profit, XX.X% gross revenues a as smaller of to the in gross compared turning third profit, on smaller million. prior -- Now,

in sales. ago decreased on to compared $X.X as OSF period year same gross business core attributable a year reduced our XX.X% on combined by was business. IN This margin compared ago decrease with quarter. year quarter quarter. XX.X% gross to sales, margins of improvement to points in was of in million military profit XX.X% the media quarter, XX% to gross margin, same from Our same margin to percentage the third third lower Bressner's ago the the X.X in Gross increase entertainment the the million $X higher margin and XX.X%

for compared period. or of gross in core million year million the compares margin in margin to months revenue. compared year. in XXXX, of XXXX was gross year revenue ago last months nine first XX.X% Gross months in $XX.X same totaled the our months, Bressner’s nine profit the first the the This same in business XX.X% to to period. the OSS XX.X% first For XX.X% $XX.X nine decreased to as of of or the XX.X% ago nine XX.X%

operating primarily annual to decrease cost Overall, Our XX% of XXXX. to XX.X% $X.X well quarter, The the new from the program. as cost implemented. operating in $X.X due workforces quarter a lower $X.X expenses in expense was realize does quarter reduction in expenses we our initiative expect to from year level revenue reflect to were we third XX.X% million improve improved decreased April in This to our reduced $X million percentage the and overall the of compared in third million expense to began ago containment efforts same reduction the slightly revenue. that savings million

program, decrease period non-reoccurring For XX.X% year's and $X.X goodwill executed the $X.X XX, versus expense percentage our success operating reduction million, year prior goodwill in million last the On operating the lower is same basis, decrease the the charge the primarily expenses as The million the XXXX expense ago charge to XXXX, improved our in team, by period was to months XX% in September the revenue, improvement year period. ended a nine decreased expenses, quarter. program in $XX.X to an $XX.X a to nine or year This total $XX.X income year. and to impairment along of our to to of a efficiencies. operations of X.X% the $X.X $XXX,XXX with ago. expenses Operating same compared million as prior again, million change, year. nine million from Despite of impairment reorganization improves reflects attributable for first compared the $XXX,XXX months months forma XX.X% as after pro the reduction the of last adjusting for compared of revenue

prior $X.X months in first operations prior $XXX,XXX in our first year's nine loss compared year. quarter for the loss was months XXX,XXX forma in the a nine prior the the For XXXX loss XXXX, year. goodwill to $XXX,XXX pro of impairment After on -- adjusting to is first operating million compared charge basis, as the from

per or per This totaled to ago on period. share basis QX GAAP $X.XX year income in income in same Our an $XXX,XXX or share net compared of $XXX,XXX $X.XX XXXX. the

year goodwill per year, $X.XX the in charge even on relatively in income year prior totaled diluted share net non-GAAP On as $XXX,XXX net for period. months of million or same or compared on share the or to in prior income a of to For the a revenues. nine On first basis, $X XXXX ago lower QX giving loss $XXX,XXX loss in per improved a for was impairment year. first loss diluted nine per effect compared million forma or $X.XX pro a the of after to basis last GAAP in $X.XX months, a an share $X.X flat per $X.XX share basis, adjustment GAAP the

to to months same or net non-GAAP nine million the $X.XX was or $X.X of up non-GAAP quarter. totaled the million as income per XXXX. $X.XX share XXXX, another of the Adjusted $X to of compared nine For our EBITDA net in diluted $XXX,XXX share months is which non-GAAP per year metric $X income million in QX compared ago

compared to ago in EBITDA the nine period. the months $XXX,XXX year same XXXX, was For of adjusted $XXX,XXX

June Now, XXXX, as totaled $X.X sheet. let's and balance take as million XX, Cash to our look to compared on of equivalents over -- September a turn XXXX. cash $X.X let's million XX,

available $X.X quarter, approximately funds believe This now for our us of our the turn with would to as our review to sufficient financial position call position months cash nine first year. million. completes meet provides for months and of Jim. Our for cash I like nine cash the to and over -- the is liquidity We current operations. requirements today the

and efforts to the good and to see continue our In pipeline has results continued quarter third positive we from our diversify opportunity of John, you, our Thank everyone. grow. base XXXX, to customer afternoon,

to and year, total quarter, closed brings opportunities, year. time which Edge at programs military the two we computing, this XX major During additional XX so medical, despite this comparison program wins the last had far new industrial, we of a including By in pandemic. four

we these four revenue more years. program program for in our new $XX yield expected expected in wins importance more XXXX. those as to To As million or defined a revenue million wins are to than wins, XXXX of reminder, the contribute of quantify $X within

GPU AI the edge customer and Army milestone data military product the the storage. introduced our GPU shipments XU for we in Pro, center through factory threat performance the XU automation, the codenamed acceleration interests for instrumentation, of and new high Pro NVMe time line. one QX enables Initial The being edge environment military customers. Monarch, Pro of leaders other performance include performance computing high composable what aircraft. to the X and our our XU QX deployment. of the U.S. expanding largest in include Sky market. product first measurement, high front includes our first a server On of by harsh industry detection automotive, Gen we delivered shipment An is computer exciting enables which accelerated real This world's

Assuming success, may to this product widespread innovative application. military new lead

we to datacenter unique form performance the in will OSS. On AI We our front, events previous sales times Gen to These factors. remain the focusing by systems incorporate deliver on and by the continue have marketing Express demonstrations driving focus events this compared Sky three our on and Despite up systems astonishing drive for marketing NVIDIA's PCI created including an AXXX challenges we future high-quality of opportunity XX efforts. global our the Fly growth that and we focused X These hosted in the expansion improving virtual solution. GPUs the maintaining believe on generation. pandemic, to

with to turn to the back Dave. over that, like I'd Now call

the John, percentage to component of into Jim. large margin compared you, the and past higher stronger quarter Thank a to quarters. this the military was vertical sales two as A

DSU. customer of Although storage user a the about, on proposition and servers, expand expect been year multi highest and talents data based of strong to our portion continued a include team. internal roadmap on leveraging market, plan the well future working greatest have we analyzing offer of vertical years storage as be over to to enhance value been strong an OSS has vision to the will we and we employees, value, as or our Tiger products, the create programs the also coming formed as product we strategic military We've and Adoption group the good best growth margins. space. key such this work poll the in accelerators including engagement The in talked sales product units the empowered

concepts started our weeks, to NDA. is new we've channel with create objective efforts, enhance strength several for to partners leverage verticals. products past several and current From target them over higher customers the Our under preliminary to share product value these specific in

our initial in helping strategy. redefine We are pleased with valuable is us which the feedback, constructive

our and will to to potential engage plan. solidify target We with customers continue current

many promising the computing and in is space While edge cooling These OSS environment. verticals the opportunities there we're challenging opportunities the growing and the applications. resolving challenges. fast different on demand delivered most types for currently various in military and are space, while focused the environments in in of harsh The most smallest highest performance transportable power

performance to is I to time. underway, look market next proposition leadership We're sharing is we forward products committed and am value compromise. without verticals a can create this Our pleased more for bringing I and to maintain specific over generation position. where

quarter of million. forward of generate approximately the $XX to look we're revenue we final As to XXXX, target on

that our with made includes diversifying performance areas a While customers and the and for us and quarter to significant This of product challenging balance -- we've progress our base customers, operating many greater then and development, continue efficiency, multiple to expenses, lower past healthier positioned customer profitability, strengthen improved in ahead. our sheet. be OSS,

Now, up I'd like to call Abby? the your questions. to open

Thank Benchmark. with [Operator from Instructions] take Ruben we our And will first Roy you. question

and wanted David. to near-term term the question. the Hi, I longer you. ask with then Thank start question

think, situation the of half for more had Jim, media, new it’s initial we pandemic revenue half David, that with and portion I in mentioned coming or thoughts cancelled customers, which, than for but our from guess improve? largest some of you, back most is there a see delayed what million to is loss on I delayed perhaps you was of about which whenever terms of, versus portion might $X.X not

we showed want significant together, looking of year. million all, to for that I put is at $X.X growth first so Yeah, some clarify annual which the up our plan

largest we -- Or as going so half a showing was did wanted fourth us? it else basically the because of what over on, you we expected, off it that, already was quarter the most for is at that, you impact after the related our something said, And million, And COVID what calculate part better, to that's up is then what you saw really $X.X look customer. understand really to we we and part. is military and in as really delay,

and the news, delays haven't they business in we moving is on flight. basically the military seen of a have we've So the the basically portion the biggest just their programs. component lost hard that time the on which what really Then of good get is together where for aircraft it million forward $X.X next commercial segment, anything CDI year, logistical with part, a

care activity on we the If entertainment a to point although what see networking What go To vaccine hasn't have opportunities thing part, aren't these most the think turns customers we we're back the the assuming to these the of for come so get of and military. new coming or that they've we're and to slowed what that measures safety you on down on involved accounts plane, get and back, how a think is and been benefit need we about is, feel that disappeared. to high impacted. airline in industry continued once for plus the away and most optimistic degree the that it your these front which The speed us aircraft. systems, around of time has expansion is forward today gone with, takes

Right.

David you your very David. helpful. That's mentioned, Jim, base. Thanks, working And on for then as are customer diversifying Okay. guys

I guys us understood those he year revenue production. know market to these design you're major of off et give on some a outlook about, terms military million that the industrial just try how line. figure try that, out to number Is types a of maybe ramp compare if revenue actual cetera one applications I ramp to to been slower of on medical revenue? closed and maybe am the are talked quarter, that a into involved these in faster based So moving some part, designs you true? wins But as in I I program newer to terms to little kind that four military, bit has is that relates end that cases. of win during think in did -- Or in of

Scott, sales six it’s be tends when commercial market good production. program, those to it’s cases. months XX we the time government, a cycles time XX the in to XX from we get a a to the we months, Similarly because question, long-term to with have shipping the orders initial the start

from announced time significant win So the XX we the XX to is to the revenue, range. produces it months a time

I I up year, that that for want of showed that XX wouldn't $XX out to is, on. the in XX commented -- had what If is And revenue we I which adding last want XXXX of think to million. in to mind already wins them them, so, point Jim or I about

And part some of all and talk calls this helped on periods really we he the win. then, in already about XXXX. a that is of time, new together XXXX that these is conservative of the wins fact revenue of XXXX, pretty Part in the what Jim's long

So basically, paid it's it's meaning a and it's already orders the we've initial custom commercial it, production seen a the on commitment, hand. program them when customer, they've if financial a have if than and more or it's to [indiscernible], as behind product those

a of pretty conservative it's So definition NIM.

sort expense one some could you strategy that your okay. thing? trying what and of Maybe and the for when to around Thanks how some going customer can on markets better John that. actually, in to commentary just you one to you're one, about out engagements of operating trying customers just and operational on up perspective? and have on, some Right, overall been from comment your understand product with these other new take do them? address evolving to this David, marry of just means spend discuss that a guys roadmap with talking lower relation of of customers of sort that type reductions if and I an is working the of How successfully with

Yeah.

the and in starting them. products of get it, we've in QX we're forward just the the type timeframe, timeframe, from to or kind move that that. And customer of that to of the about, So, the hands XXXX-XXXX at see we revenue time them current the we that takes that forward, with looked like and of them, going talking develop, assuming revision ones move with we're to products all

watching saving not more to we're we're get together our way team. needed and very way engineers did And as but changes together when hired reduction, a we and far we We a understanding what We on on to As to the that And to growth us we hoping me got couple closely. as strategic to we've would and do year get market, we hires expense said, we would of resources, do. But return we're example, on on return saving strategic. couple highest some lot the our what's the additional some said, have. them don't to get significantly. have to that hires, skills something, the made let already profitability, we group very up ramp we need And based that And make every highest because produce next our the we're a not a leverage it's some going in that, just could process. after engineers. comment did we an help we

a Excellent. team That's David, helpful. environment. Thank in good work very you. to Thanks, and the tough

Thank you.

with from take Instructions] next we Capital. And will Gomes [Operator question Operator: NOBLE Joe our

wanted I on Good afternoon. touch here bit times client. some a and your challenging largest here. little Nice quarter just to

be could that mentioned XXXX. this into somewhere You pushed out you think

is that? Obviously, see a we had timeframe there. you paid to what there, rebound the also. big stretching Before We're this receivable the and getting out doing real back

any detail about additional or appreciated? seeing all, any us improvement would sequential – have type provide anything Sky’s on you know, can You color be Sky the of more at is

question. great Yeah,

we side. worked at closely that my VP engagements let's – that's about continue although the the very meeting right they So to AR, that minimize and paying we CFO there's customer. down the bought That's jump zero their risk John, Jim gone have million working and In one first, on our their X our million, Media with time. debt, under that haven’t the and closely risk, X.X which obligations they've first of X.XX been to down by of result to is the Operations, with CEO, – one were

past line the of side always On that's we two really see you that's we have this see as is talk some, still but is big going the reflected one in and mentioned. impacted would no quarter. about, significance, product second to to we an just fourth the to no us. quarter and to product not one there down similar move quarter Definitely the before, in One expect, the activity definitely number And it's lines.

large So gathering those events. are

vaccine on case, our together. bad. You mid-year, frankly, later and come worst is really assumption next the And things the know, based before large gatherings assumption if really assumption, our with get this work, our is it back could that it's doesn't year, be

The is it do the I a help that that's in it's something they're more of very for them, don't this interest, But starting us XXXX. the lot product engagement to shipped will the you they the and we kind size – that a attractive, how business we of – And about product. looks first We second the a front. line. products it a well that that line up just yet. But enjoy, half bit we same of we don't before, could on of year. the know know, of that don't number to talked anything that And ship It's customers. product significantly drives of to getting not lot little virtual we're part

the if military government big any revenue that on potential gears track produce bringing monkey typical federal the any operating the military? Great, And two, you that. impact, number for sales the up again military and having a wrenches side. for switch obviously, they there quarter client do. under they thanks to fourth down that won to resolution, that in normally the guys And continuing Was

the Our fourth military revenue strong. is quarter in

the result, What part margin. a kind talked to that. strong of DSU, the customer like about is we'll that organization. – on storage of alluded the really to We've is I used about have proliferated the I that within we customer As which talking talk particular about And fact always the the that's script. unit, in that

So kicking multiple have in And start see quantities solid starting in and it the of to a that we programs wins XXXX see we're now. you'll to prototype number of programs. those

year, hard. So we're with They're them. this fine doing hitting not us

I little flat space nicely. approximately And or think the year, a opportunity up overall year. grow the have military next for we're to we an in at

last me may. Okay. if I And for one one

in shows bit of how a You virtual with just to, trying Do working when think talked impact more you are get we we about like term? those model again, this near on that of customers. new seeing? forward coronavirus this are rid your is color the the to in and as coronavirus provide the even kind some business hopefully What going or webinars here the they changes the that say little healed

Yeah.

virtual companies partners of with been them also Marvell, NVIDIA with to shows big to show together products the mixture We've have been in bring virtual are webinars. a that So we and we that our webinars. this, power trade And that person used in up events the market. some the and doing

they same applications work type now edge they the didn't center and For products hardware but of type example, we with NVIDIA that before, that lot do. data a don't of read does

like us So to take occurred they these for the at product very that ruggedized wins. design much edge

it's of work a From have working the more they that NVIDIA created a opportunities large we've event, but challenge, everybody's to virtual continuing remotely. with So with. the along front, pool sales been a been

everybody's Now including our customers. to getting working remotely, used

pipeline a of been just especially team to level was develop interaction, has year last the good the you're the the a similar to been from job it So standpoint very and doing quarter to keep slower what I maybe military, when normal, that. design couple about but things has talking than even alive a think, with wins months

They better doing all we things. best be They're job day, in would to hopefully, people other right? They’re space. it's around doing other looked would But and I jumped things. way say, soon. can. on everybody day, going with historic customer, our we're very his They’re to just travel not And needs it the it I we're that. you it these which things decide, pleased best no solution of the whatever. at this I I expand companies think so kind hoping where with without end to And did really what team and somebody on I that a shows somebody, on of is the how I'm demos. doing trade the like than jumped on right at talk part. world looking the how up and our this they over we're and on effective. okay, this think So There's and And come the creative that, doing different can see so what And in from Jim they're doing new companies the person quickly. at is of then think we're it. more away. it's

you the Thank Great. question. guys taking for

appreciate Thank you, it. Joe. We

we And next who take Instructions] [Operator [ph], Flowers will from Private our question is Dave Investor. a

a Hi could comparison. are QX if eye you cetera, Notice my and some the good on something XX%, inventory net I was seemed really both news et the good inventory stuff. the lower fellows The that down gone up the going impact shed and that's business caught and Nice expenses, and that all net, of job. But light about XX%; lower wonder that? margins, while to Good have COVID. with lot relations the understandable are down revenues entertainment of media deposits, the revenues

having the It just extension the quarter in the there has an associated those there, fourth that are we end inventory the associated earlier quarter of happens military as with have to are in to bring for supply bringing in chain be COVID. quarter fourth sales been we lead-times ensure result; with inventories our and to we

issue timing there. So, it's of matter a just a

quarter be will end by December military through of fourth by sales out that We these XX. inventory we the the that ship when ex

-- the thing year it result our to also I would is other of The Dave situations inventory part like to the to that as just throughout largest higher I'd add add Dave been that, a a that. carrying We've what of customer.

degree, burning were AR, they a the we're and fell just but to -- we large but some -- worked off it the it went through map very they number, choo-choo. and and down basically, Fortunately, doing

at working that had But to we're that it. remember, we it a in with time. down. risk just hard pipeline coming huge see down bring don't we If you and It's been

Good.

So, the obsolescence moving you've and this slow analysis--. done

I very it. do pay every attention We close analysis make that. detailed a with that comfortable to sure we're quarter single to

there So, I is think everything sellable.

Great. the I term. longer gross question is are targets XXXX? that about one for Thanks What more margin your have answer. for

want say We a you yet. haven’t number What provided that, do to on John?

with relatively models that to having consistent model, Yeah, entire last -- we you with extending we the margins are the our effect modeling showing and are of basically one year are current the current in year. tell out our next showing will XXXX that that and we year, I will about COVID July to be

revenue that of as is our amount mix. much consistency well product the attributable and of Okay. as to And a

saw So, COVID see are as seeing probably -- we we consistent year. margins we'll and persist this

David activity a lot that's company other say be huge to that something year-after-year. up the of of need to really able focus really to the it's I organization. drive focus can't But a up. point We just place there's mean, taking that on than in that. to drive will intention to is I

up Keep work, guys. the Great. good

Appreciate it. Thank you.

no we question. And have more

Raun the So, on closing for conference additional I would turn to like Dave or remarks. to back any

us look forward talking in future Meanwhile, for reach to the Abby. feel our or Abby, wrap you, and John, and the please you everyone free reporting Jim We progress. joining to to And you thank today. me Thank up go to ahead anytime. call. out

you. Thank

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today's remind ir.onestopsystems.com. you through and replay this that everyone available for I today's to you for November and press instructions XX. would end today. to evening our refer a joining now like we may concludes conference, conference dial-in us website disconnect. call this will Company's This Thank Before replay at starting the Please release for be later available via