PowerFleet (AIOT) 6 Mar 192018 Q4 Earnings call transcript

Good afternoon. Welcome to I.D. Systems Fourth Quarter and Full-Year 2018 Conference Call. My name is Mark, and I will be your operator for today’s call.

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

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

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

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

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

turn over Systems’ the would to please proceed. CEO, Now, Wolfe. Chris call Sir, to I.D. I like Mr.

press market the A in today. full-year our results release, copy team our ago, Systems. thank the objectives five is closed, afternoon, quarter I.D. a primary financial for Good website. for a After Mark. of joining for and you, which the and our year we of Thank and us section fourth issued set Investors XXXX available

an proud $XX.X First, through company’s more; or truck and execution all achievement our XXXX. to industrial asset to successful break-even; second, by XX,XXX XXXX. to achieve our and transportation go-to-market our product on car financial in Avis; report to team milestones top extremely integrate resulted line high-quality grow on update this, gross EBITDA for break-even end fronts new objectives goal of record $XX in the initiatives management This included the XX% continued fourth, fifth reinvent cash in our XXXX. our than third, to and revenue connected on specifically, quarter of million. I’m being was and several financial with devices to record million, three provide Afterwards, our our full-year. the more and turn I’ll $XX.X revenue record sheet. the helped fourth call on for $XX.X these Ned our to and to you initiatives achieve walk the details I’ll million On us profit over our businesses top balance efficiency of the business. deploy that to More business; Ned? million, recurring basically non-GAAP of adjusted year

everyone. Thank and good you, Chris, afternoon,

year-ago in the December Revenue for ended same fourth results Turning and financial the $XX.X million for from quarter $XX.X increased to fourth XX, million our the period. full-year quarter to XXXX.

QX Visibility $XXX,XXX in revenue was in ITM by QX in Vehicle The XXXX. Connected $X.X decrease and was ITM source increase million by Management, revenue was QX LVS first our to in XXXX. total Vehicle Breaking XXXX. of due quarter, annual compared full-year, to in to of driven million revenue. $X.X $X.X the And $X.X to For revenue totaled a to period. the million, Industrial in higher compared Avis revenue million, Solutions, Solutions the Vehicle Solutions down or revenue to Connected compared delivery in or the a fourth XX% XX% XXXX. $XX the was increase, record $XX.X same year-ago million revenue in increased quarter QX $XXX,XXX, XX,XXX Solutions units Logistics from million revenue for The lastly, XXXX finalizing Connected third the Truck

successful a and the to will XXXX of last XXXX, XXXX new secured up for which $X.X beyond. December fourth year. XX% deployment, of order revenue quarter we from of million, Avis million in from Recurring in continued Following in increased that ensure revenue in growth $X QX

increased recurring same million full-year unit revenue expected the comes contract. we XXXX, The in $XX.X recurring to $XX.X revenue revenue to million in ago. period long-term high-margin is continue growth from a recurring a For sell year grow, every to as with the

increased of same million from the XXXX QX $X.X period. million in gross year-ago for $X.X Our to profit

year-ago increase gross of recurring As a XX% increase year percentage percentage in profit general for Selling, revenue. the and from revenue, period. the fourth profit gross due prior improved was quarter in The in high-margin costs, to were for the administrative SG&A acquisition-related expenses XX% $X.X the to expenses settlement million total to to fourth due to a primarily in amounted the quarter to which related $X.X litigation period. and costs million, million The of increase XXXX in compared aggregate. was same $X.X the in

and the administrative The internal Visibility as of our development to XXXX Avis those quarter for Research flat. the in million to XXXX cost increase program non-recurring for $X.X for product reallocation essentially were services of due million, well $X.X Budget was for year-ago development expenses QX to general in R&D of investment continued expenses of Group, resources same the products. XXXX were in fourth and primarily selling, quarter. costs, million, compared development as $X.X Excluding expenses in Logistics

$XXX,XXX, to interest, non-GAAP per and basic per or the share period. share, which and and compares to define million, compares Turning profitability On of for XXXX This measures. year-ago or year. last the of diluted loss in loss XXXX. $X.XX $X.XX our quarter depreciation, which basic diluted earnings GAAP a which stock-based adjusted of in totaled basis, non-recurring loss fourth net QX net quarter $X.X fourth of in as taxes, a amortization, before EBITDA items define $XXX,XXX of to was $XXX,XXX loss the adjusted compensation EBITDA, – of we GAAP

our an year-ago full-year, the $XX,XXX, same EBITDA For sheet. looking totaled in balance adjusted the loss of And EBITDA from $XXX,XXX improvement at period. finally, adjusted

sheet prepared concludes remarks. million and equivalents cash, marketable balance Chris? with no and continues strong remain Our That my in to $XX debt. cash securities

Ned. Thanks, Okay.

reflected drive by pointed performance Vehicle Solutions those revenue margin line only Connected but first line is so as systems, in the driven to in which out, higher-margin related record top of started our these in Not our Avis. fourth revenue we Our strong to and top of expanded growth as QX in QX, for more deployment XXXX, delivered benefits gross business to in the successfully the Ned systems our systems realize the recurring year, by we was the XX,XXX quarter.

the and importantly, total XX,XXX Our follow-on more well success secure benefits units with recurring a operational new to XXX,XXX order bring total Avis the the number helped revenue an first XXX,XXX. will will company for able over our This deployment and major of achieve in perhaps be with deployed December. to units additional was units that order for the to Avis

enables transformation technology test full and to agreement order Europe our also achieve will Avis new of Zipcar Avis provides the years with that a functionality. variation to in continues goals. and innovative to our technology business many goals working with and implement build their This connected Additionally, fleet Avis provide new also their of conceptualize,

we signing Our anticipate been management our into the the the R&D revenue Avis future we will next product Avis. to to opportunities continued order. quarter potential to up geographies. related the exploring began the on deliverables for order expand in are This depend have To with also the in uptake, Since the for agreement, OEM a of developments QX, new generalized an while QX is other Avis working Simultaneous, market and R&D product, of from our Avis, earn specific fleet to taking increase that Avis our Zipcar adoption, XXXX. Avis end, ramping ongoing by expenses solution. the Avis in we for saw licensee we reason first QX. our We deliverables production growth the on use start in in emerging we in

QX. negotiations collaborating as more We with products. expect deal distributor will worldwide. inflection early an engaging for to our in following Jungheinrich shipping late intent and volume of to for European is in quarter. significantly, We point system, our one grow sophisticated most our equipment, than which QX. the of focused last or remarks, be the forward a in series in the worldwide January this XX% of and in units partnering opportunity we put To products to Management successful in white was the result to very ITM quarter our business, world’s companies. Most a begin the vehicles They prospects label a year, of company. intra-logistics I as Jungheinrich of with Jungheinrich. represents sell Jungheinrich large and customers next-generation Logistics Jungheinrich, launch telemetry will business with them with well letter the Shipments increase QX. the were The notable We also out second Truck ITM during multi-year handling consummated U.S. as material opening Visibility my Also, business. telemetry revenue Industrial Hamburg-based fourth create agreement annually. accelerated perspective, primarily set in supplying our equipment, reinvent deal We full are look LV business will mentioned in in to XXX,XXX start thrilled outside with

significant was are Duty our in visibility prospects had Trucking these XXXX. on the has the selected magazine new for that field top products also us and LV This Of note, recognition recently in is helping our seeing we positive engagements already as industry, new within are segments of platform XX We visibility market. several trials and currently impact contact new by underway. results meaningful Heavy

year, of during the acquisition the fourth due CarrierWeb quarter. QX the U.S.-based assets of of announced diligence in While CarrierWeb this completed was the we

For are Logistics integrated Atlanta-based tracking. for PowerFleet and also familiar of logistics. currently ELD, control those real-time and command assets Visibility communications provider refrigerated trailer not our communications logging we’ve is which devices, into business, technology, as rebranded and commercially CarrierWeb CarrierWeb the with being quickly group, The mobile technology, electronic in-cab

solutions new and equivalent million X,XXX the in net monthly subscribers. or than As part revenue gained transaction, the X,XXX tracking we customers their and revenue, CarrierWeb is is trailers immediately us more revenue. to additive unit adding and Because adding $X XX,XXX in recurring of XX $X.X over units. The subscribers asset proposition businesses of higher value new with recurring million

a about have our telemetry ownership greatly with not they solutions Visibility LV now now and grocery wheelhouse. telematics with salespeople monthly also strong and improve in-cab, cargo market our shop monitoring advanced cargo demand, stake private Our build, the offering This for now bumper-to-bumper offer monitoring haul. in but companies are which business. our containers. goods our worry business. we to gives that only in customers driver have higher we being about sell been The launch, integrated and and are segments our series focused We they able to their Combined dry-van fully distribution. These us complete address fully an can drivers, assets and trailers, foothold acquisition also revenues asset allows on on were one-stop will ecstatic food us This capable market not filling previously and new this prospects covering fleets, Logistics complete refrigerated a in asking expand and solutions.

existing successful a the refrigerated from received orders already pilots We several ago. with in and meeting objectives in-cab have year platforms. set We customers were have our product commenced and new over

tightly significant call please while instructions. profitability. and Operator, the achieve to with to for our to operating expense GAAP R&D appropriate questions. open and adjusted managing XXXX, our to are the that, the your EBITDA And drive For plans transition revenue provide ready growth, we’re

Schmidt of come [Operator first Street will line Capital. question Jaeson Lake Instructions] the from of Our

open. now is line Your

thanks guys, taking Hey, questions. for my

should the Just starting per the first I expect contract, guys you for Is week. know, targeted with sort on about we X,XXX of contract? that early delivering figure second the Avis, units had ballpark

our with That’s obligation contractual Avis.

However, it production to is, a X,XXX increased week. capacity our we’ve

any that can we basically Avis surge way, meet has. demand that So

number – So good a to is X,XXX use. a but week

for that Okay, actually the CarrierWeb know accelerate you we about do growth business, the that should assets And with rate smaller your how a it’s you then growth? perfect. at looking relatedly, think base. can And now think I business? in potential these hands, off

AOBRD acquisition space. our area, – CarrierWeb. my in the you of That’s migration. background this the in-cab the for device, look same what’s and actually to providers actually logging what have from, opportunity that also there’s where a have to look move we have They private – ELD, XG by December I of great product. an When question. to mean, and That’s facing that behind also looking a huge year. at LTE actually you they products they are call, again, time, to And at move is if the they’re today in fleet electronic

So a BLE-enabled suite technology, just full to it’s to opportunity a us a come package prime with a full suite LTE, for of them. out

phenomenal, the excitement. But they’re an small right, very off you’re is So pretty that right now, base. coming seeing of a traction we’re

the queue. helpful. And one that’s the I’ll for in Okay, me back and jump last

any in of launched LVS products seeing you major With potential these the last could contracts changes you secure? fall, size are the new you

now thousands of field in and of Multiple absolutely. tens size Oh, several trials are units potential. right

So, again, well stated that’s mean, the top in the was – private call, truckload, as we to after that objective fleets. I our fleets, the as for-hire both actually the XXX what go

that’s several those have speak. of actually So on today. we We as calling we’re what engaged

a lot, guys. Okay. Thanks

Yes. Thanks, Jaeson.

line next the FBR. Riley Josh question with B. our from of Nichols comes And

Your line open. is now

to Jungheinrich for thanks just clarify, taking that deal Industrial is Truck want business I Yes. did grow alone? Hi, say based my going just question. the Management off XXXX, in XX% to you

Yes.

Yep.

of the also Yes. that other be other foreseeing? seeing larger kind game kind you – Management Are Industrial like you you Truck changers, business opportunities And are what could win? if there in of are

say, Well, We slight, dev I’d biz interesting. on a sales it’s and there. effort had our reengineering actually site activities

time. in manufacturing phenomenal Toyota, X,XXX the those fleets had Motors, as We’ve General et we’re lot Our long area than in now several A right pipeline again is the stronger quite are been it’s that to of right the talking in cetera. success range. with now

distribution. you So us, for as manufacturers, other as can sweet spot kind well that’s see of a

We’re also less we because than after it, facilities – ITM, seeing this and the platforms, private got all LVS with and is kind equipment. docks cross fleets, with of material have between go or LVS – which of you our new traction handling truckload interesting can the

two So and now, activities. right like very it’s the sales synergistic our between

So – a which is thing good for us. actually very

has more growth And historically sizable pursuing in But evolve, LVS it some I outlook a been you great the hear then know – the for Are like a little Management. bit that you’re these to opportunities. Industrial Truck healthy maybe business flattish. businesses double-digit that is expecting of perhaps growth, or wait-and-see?

would double-digit the I think we’re – acquisition, personally I that I’m with in CarrierWeb growth say, targeting business.

We next we’re actually. And you achieve if I those, better that pretty aggressive than goals think see will to have year. some for able

you OEMs and Europe? total obviously is And the that globally what the regarding then last some U.S. think I just question Avis is But Avis me deployment. of in you know working with penetrate fleet the do percentage able or to might for whatnot. be Avis

with shared was and still you Avis is range. that us with the XX% number the Well, we’ve shared

at right we XXX,XXX-ish earn say, there have where somewhere have another you to again, – we’re But between more. or obviously, and we we’d that. So now,

We have to deliver XX,XXX. the

development on we’re deliver to on now to so the working here. have to getting which right speak over the and in we’re ready QX We keys, hand deliverables,

So of again, good. I December think, exclusivity year. expires I in mean, this it’s Avis, with looking

follow-on next order in we’ll about so, before be with talking the contact them And that.

you. Thank Great.

Thanks.

Glenn Instructions] Mattson question of the Ladenburg Our next comes line [Operator from of Thalmann.

Your open. line now is

and as that do you maybe deal gives allocate kind about some far – over background as this they But it works. compete priority like and of versus question. you in can source second wondering for vis-à-vis kind of resources things they’re announced? how takes deploying Can explain of off the Thanks Josh’s you when supplier attention building how my some maybe apologies travelling. Hi. of Chris, just and there’s other if taking I the of for a the you the how supplier and they’ve Like being the Avis that? question, noise management

the be in-fleeting already that attention in going of to this. have for year the what go were initially up a carpet-bombing what fleet. year. it’s seen on window. were question. we call, cars basically install more This year, part. Literally, implementation a were now, we we last vehicle We this is not going would gearing we where year we It’s and target, Last say, Right installing any, installation to everyone Good to on lack out approach, versus possibly I on. on different not be every Avis’ go trying can that of

now, we’ll going installation available right you’re help – nationwide help and with think assistance to see We we’re to a I team. So get Avis always looking with is to – them as significant to is again, that well. part fleet get think going a today and of and so. their But I going going we’re whole be forward, to forward goal outfitted, them their

there’s might regional that then more like one is – nothing it or And and U.S. one anything that, Right. be the in focused or in about kind Europe more is based of or just? supplier

Yes.

more of on true. we’re It’s It’s actually make XX different Some is that like – and years. operate we model and certified models make based. in

And to ultimately. the dictate what that other they be also certified, percentage so of providers the get and fleet have will

not talking Okay, right? I maybe a just talking beyond in That’s little other telematics, helpful, can rental beyond talked in about bit thanks. the – another you great. the Avis, think, you about car expand about then customers but And you’re you’re market, markets.

to can in it yes? to until that space wait or – kind to exclusivity you deals wit sign so you for have of And expire,

Yes.

it’s details. think a management, already fleet into into for you capabilities. We a car a exclusivity. precluded competitive want said, Okay, being us – if don’t the under of from space. us it, question. because That of there very crowded take is go space, the not which can’t way but product, to again, sharing to into rental the play that a good about the there’s asking going all variant in like And our had people go to I lot they we’ve we’re a

look the, that’s vehicles there’s XXXX, you’re million people those. about managements, to devices let’s X telemetry if are penetration, expected be roughly By you these at fleet the million XX are of it, States, thinking XX% like X X are So United in there. roughly that they call Class out to

think, as to runway need more head-to-head necessarily I mean, there we So I them play now. fleet – complement we’re good in a I – that’s go We it’s management existing to And be there. it’s don’t providers. doing that can development think there’s And work with there’ll our right business the space. basically on a that.

jump I’ll Thanks the Thanks. back the great. for Okay, in Chris. queue. color,

Okay.

And our Management. of comes question Dan next line from from Westcap Weston the

line Your is now open.

good afternoon, questions. for taking the everybody. Hi, Thanks Yes.

Some more apologize. answered. you I If acquisition? can Chris, any were a bit little And have CarrierWeb? of or there products or specifically, been that, this which missed talk behind driver the really one two that But was about I

Oh, at no, not all.

the in rules trailers, ELDs, tractor but X mandated. Those have They what’s vehicles, mentioned this vehicles, trailers the them big hauling technology. X and are. of which that’s right? whatever. an called, players based them bigger and are of or electronic also Class to Class pumps December. cetera. the logging like have, a an what’s space, other lot So, Class FMCSA have A device ELD by to the So XX-foot the telemetry et have just are were or cab, the in the classes to truck has are old X road typically on drivers lot X And is the XX-foot you I where down have The

here. a up going it’s So there’s – be cycle coming to refresh

with units basically connects or he’s an to power And tablet again, – ruggedized not. also CAN onboard when integrates track back that’s system. in TMS So, of that’s the on the cab, keeps driving, OBD, bus. the It the he’s Android-based into bus data the when the

sticky. So is phenomenally proposition the value

getting He getting paid, system. orders take You work – into back out into the – send feeds done from back tracks the his it and the driver. and workloads basically it feeds work billing

one. sticky So solution, integrated totally phenomenally that’s it’s

is, they two-way one second control what and call, command for The refrigerated.

road capability. the just have the right, and to which down point one are you go a refrigerated they unit, and a set can to out another goods had find There’s and wrong, monitor monitoring, CarrierWeb do turn to overheating. see that’s a thing product able cooler, down you basically, have if thing you so not because it And be two-way, the inside that that it’s

we tracking did as a we because of in, last of like in I on did analysis point XX $X considered a refrigerated not the refrigerated business months, And have tracking Just was worth it in, had team weren’t do my an were have million we note that that, a not not deals unit. of considered we that because unit.

So, now…

you $X by that you say, glad was if year? guys really I Did those brought having you’ve it in lost had that ask you going million past I’m products. was the deals Yes, not last up. just about you from to identified

Yes.

CarrierWeb already incredible. That’s the customers then legacy you’re since acquisition orders did And that the you new from from on IGSI mention also receiving products? existing

Absolutely, yes.

terrific. Okay,

Okay.

Next, way a white on Is understand with deal type label the guys This couple similar back? is back the that signed white the label to of you it. Toyota deals Jungheinrich. one years a I a

different is The different. really model it’s similar. Jungheinrich business very Yes, – though. it’s

year network. of out very dealers, Matter actually Toyota. us. great So actually have a their a a they year their had owns more, it’s over strong dealer fact, through Jungheinrich say, of right? relationship have – last the they with We for product lot pushing

be think with lot we it’ll again, So, a faster ramp up actually Jungheinrich.

the in that. then That’s I’m do discussions label particular you of have or attach internal white you think be the with what you rate you customer glad really terms could at for program? share And important. they said think any did

it’s about business high-end at units at the product, we And X,XXX. know look you of a ITM about X,XXX if ship we year. the order on Well, that

revenue it’s lower growth Jungheinrich a lower consider it’s also again, channel, XX% So at but it because through unit, rate a cost. with per a it’s

a it’s teams. both So good deal for it’s economically, – very

give the you in us the Could XX% quarter, fast. please? real customers Ned, good. Very

behind that at was XX% Sure, during was the was it over customer right the Toyota Dan. quarter. X%. only Walmart

on online retailer Okay. you Any And just updates that then Chris, large on update particular that more. couple any Europe? in a of the landed customer?

the into – distribution ones RDCs, the of that They I’m Jungheinrich that’s continue at deploy great. fact, story. account. throughout that’s that Europe centers. keep brought a actually They’re They success glad matter – That’s us to

Nothing announce to think I – up? the originally beyond you three formally was it had that signed

no, Oh, sites more since probably time. implemented actually we’ve in four that Europe

about Wow, that’s the over terrific. any U.S.? And back talk coming in here

discussions, too There but has on on to been talk premature I think ongoing it. it’s talk, get into details

Ned, are And that, revenue Very work then expecting statement some good. of And hear I lastly, in of on you then QX see any revenue two right kind in majority QX? did Avis one-time Avis for in revenue, in – expecting any the deployment, you addition then are in potential of start-up and QX? you’ll hardware of number shipping saying you also out the to the volume development unit out

The Avis. start-up We of the and to for in QX revenue going related recognizing order. in is will beyond, QX product revenue be in to to QX the Avis we development have are majority QX, but going shipped start

revenue of the there unit to sales? part recognition or development that any be Is and will hardware specific it,

related The that majority to the development. will of be

in there to are hardware Avis majority but that be are scheduled delivers might We delivered be will be if working minimal. hardware, some with The any QX. that

it. Got

Okay. at development that revenue And can quantify QX? you’re you all expecting then what in finally,

$X to over million – from would $X.X It million. range anywhere could

much guys. All congratulations, very and right. you the good. questions for all Thank taking Very

Thank All you. right.

Thanks.

line of Silver Financial question of Jeff the comes our from next Group. And Corrado

Your line is now open.

congratulations. Ned, and Chris Hi, Yes.

Jeff. Hi,

A thinking been questions number But I about if to just of have see answered. this my I’m wanted correctly.

ramp million an XX,XXX I had little $X imagine which on if order, in million revenues. million, that to Jungheinrich of $X $XX.X currently around dollars, CarrierWeb I could of a north million basis. the annualized got thinking maybe terms – layer seems again, way? that Heath, would though numbers you gets be recurring this on. me put recurring we that you so, just And that a will general million on revenues I to And that XXX $X that, revenues. just unit items about announced see could think, also in significant XXXX, contract You has in they’ve layered is the I I’ve in that, several from performance. got yesterday another revenues which revenues as identified. that like recurring great which, percentage mentioned some then recurring that just recurring the from well real since I about I it mean, about believe Avis as got few imagine am would looks right cabs, mean I you I

revenue at contributed You the Jeff. are, And for you look XXXX, if quarter. only absolutely Avis in recurring primarily fourth

well. So for XXXX, XX,XXX of as with we’re full-year going to recurring the initial the for Avis revenue deliveries that obviously, remaining have a And units.

a fact significant iCAN in the new to And hand, you a Visibility of to in already as So which Avis related and see the [ph] of total from because additional business well products. increase thinking order revenue not only in expect well. recurring absolutely XXXX, compared as as some revenue because business standpoint, are the that about way, right as Logistics CarrierWeb the we have business, performing the well we are XXXX, we the feel we’re but a great position we

call That’s great. or visibility I I XX good know it, like guidance provide exciting quite And see? increase for XX pretty is nature of that’s a time, so months you But as recurring mean, to there’s revenues. obviously, on of period put XX% reasonably seems to investors that in recurring that in this multiple or though a wouldn’t anything would revenues short substantial, it that. the more certainly

obviously around and X,XXX them, unit are average roughly so about is Heath, the revenue have current And all order say thank those fleet, right? $XX is, a just and the higher on just they unit. the you. carry that outfitting the way, we’re have their XXX refrigerated, actually in-cab And Yes, they Robert By potential actually a which trailers. trailers tractors, per for

Got it. time think be…? of do Over they’ll period what you

But usually – to Those right – that the is length well, we depending units Robert usually terms negotiate. three years to the contract so. Heath, contracts on with three now deploying five that we’re are

it. again, Thanks Terrific. Thanks. lot I a and congratulations. appreciate

Thanks, Jeff.

question next comes of from Tennant the David Our Wealth Cannon Instructions] [Operator Management. line of [ph]

is Your line open. now

guys, And for from answered, question the last Weston. Can tell them you is that? to already the of the Budget, a one Avis the been Most forward? impact on then for going financial from questions. dollar that me is the however, follow-on the margin based Hi, is recurring my that is XXXX, is of revenue? the you have I to thanks caller What contribution which But revenue pronounce of remaining or in Jungheinrich, taking incremental recurring Jungheinrich revenue you recurring have, what component. it, next especially baked business astute the very Dan the – of can speak

David. Thanks, Sure.

at If this was revenue $X you recurring quarter million. look only the

For annual, $XX. approximately was it the

I before, XX,XXX include – does not As that Avis the one includes quarter it from only said units.

for So approximately next – in revenue from the recurring expect Avis. $X XX,XXX additional an year, million from units we

on the about cost the million revenue, $XX those which revenues. approximately to think recurring that no additional sell well you reason million CarrierWeb, new revenue service really we really we the more $XX if number units can’t that, of majority annual XX%, recurring as top If the obviously, grow units, that $X.X gross layer year there’s end revenue, margin units from the that for revenue. Avis. with additional And the Jungheinrich will as base recurring you in to million and no it, as required There’s of

lot of going bottom that’s right the a So line. to

all guys. luck. Good have for that’s you, Okay, I

you, thank David. Hey,

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

forward We XXXX. thank us Thank and for successful you continued to joining call, to employees, Mark. our look their look updating to partners we Thanks, support. forward for on today. a and Thank like customers, next you our shareholders you. I’d

joining for for you Thank presentation. our us today

You may day. Everyone, now a disconnect. wonderful have