Q1 2020 Earnings Call
I'd like to turn the call over to Mr. Mike.
Standby, we're about to begin.
Go ahead Sir.
Good day and welcome to they Telenav first quarter fiscal year 2020 financial results Conference call.
Our fiscal 2020.
Got it.
Sure.
<unk> earnings conference call to discuss the financial.
Mike.
The overall business performance during the.
Sure.
Joining me today, our H.B. Gen President and CEO .
Investor Relations for China.
Sure and Hassan Wahla.
You too are.
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Our 2021st quarter.
Today's call will be.
Sure.
Putting remarks from HP and the deal.
This.
The by opening the call up to your question.
Joining me today, our HP Gen President and CEO .
Telenet issued a press release and publish supplemental earnings materials.
The Investor Relations section of its website.
Today's call will be.
During the course of today's presentation, our executives will make forward looking statements.
To your.
Statements regarding among others, the company's expected financial performance for.
The press release and publish supplemental earnings materials.
The sources and mixes of revenue.
That's.
Profitability product and business strategies and strategic.
This will make forward looking.
Thank you that's such statements are just predictions based on management's current expectations or beliefs.
And second quarter fiscal.
Cool events and.
Great and sources and mixes of revenue expected profitability.
Two documents, we file with the Securities Exchange Commission.
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Including our annual report on Form 10-K for the fiscal year ended June Thirtyth.
Okay and insurance current.
Yes.
Next patients or.
Periodic.
Sexual events and.
For.
Certain risk factors that.
We refer you.
Actual results.
We filed with the Securities and Exchange Commission.
I'll change in our forward looking.
The board on form 10.
The beach.
We ended June 30.
At 19.
Essential forecast for the quarter.
Filings.
Her or any other forward looking information on this call as a result of new developments or otherwise.
Sales to differ materially.
Hey, we will be discussing our results on the gap as well as non-GAAP basis.
We assume no duty to confirm.
That's all non-GAAP measures.
Yeah.
Sleeve they provide useful operating information in addition to.
For any other forward looking information on this call as a result of new.
The use of billings versus revenue.
We will be discussing our results on the gap as well as non-GAAP .
Patients by providing.
He is additional non-GAAP measure.
Regarding GAAP revenue and evaluating.
As mentioned in addition to.
<unk> revenue.
In accordance with gap.
There are a number of limitations related to the use of.
Clean to satisfy the criteria.
Delayed in accordance with.
That's revenue to convert deferred revenue into revenue.
Wrapping.
And the cost that we will incur overtime to.
It does.
I gather with revenue.
Late in accordance with gap.
A reconciliation of GAAP to non-GAAP financial.
By the criteria.
In our press release.
Recognize.
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Revenue into revenue.
With that I'll now turn the call over to HP.
And to provide.
Thanks, Mike.
The.
Welcome everyone to the call.
Looking at Telenet.
Okay.
Hopefully we see encouraging.
Well in our press release.
Based on our Investor Relations web.
Andy in the near term.
I'll now turn the call over to HP.
Prospects.
Thanks, Mike.
Our solid Q1 financial performance.
Looking at.
Strength.
We.
See encouraging.
Actually.
2% growth.
Revenue.
Certainty in the mid.
What percentage increase in billing.
Compared with Q1 of last.
Q1 financial.
Our guidance.
Demonstrates the strength of.
We increased our cash balance.
Akshay.
Absolutely.
39% growth.
<unk> million dollars.
Okay, and 44% increase in billing.
In the fourth quarter.
Q1 of last.
Now I'd.
Higher than our guidance.
If you are likely aware.
We increased our cash balance.
Our plan to use Google automotive services.
In dollars.
Starting in March.
$99 million in the fourth quarter.
As we've discussed earlier.
Our team.
We don't anticipate any near term financial impact.
Yeah.
Result.
Yes.
The GM Google announced.
Mortgage services.
We continue to believe that.
2022.
Sure the GM through multi year.
Scott.
Seldom 21.
First we.
To.
Revenue.
Term financial.
Correct.
As a.
To the GM Google.
Okay.
We continue to believe that.
The mid to long term.
With the GM.
Some uncertainty.
2020.
And.
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Our up.
Our contract.
For example.
Multi year.
I guess solution.
Fine.
Only supports enjoy with high and hardware.
To long term.
[noise] clinics AG.
But Andy.
Now represents the vast majority of the market.
Oh Jeez fall are.
Yes.
For example.
Oh, yes.
Google guess solution.
Yes.
Only support.
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It seems to always with a high and hardware.
Good.
We're not QNX.
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AG.
And your.
Now.
Our good.
It's dark.
Affairs to succeed.
Plus.
And so well.
The auto Oems.
The industry.
And.
Forward to having.
And data product.
And service market alone.
Central market.
Nothing call Mark.
Enough.
Yes.
The goal.
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Yes.
<unk> $500 billion.
The needs of Oems.
It is.
And and.
Last evolving.
After and data.
Great opportunities.
Aftermarket alone.
The company.
Nothing car.
Yes.
It is expected to reach over.
The chapter of this large market opportunity.
But.
[laughter].
To do.
On the three peeler connected call platform strategy.
Since denting great opportunities.
Oh.
Innovative companies.
Yeah.
Like talent.
And I would like to share some of the progresses.
Capture this large market opportunity we have to.
Our first pillar.
Pillar.
Okay.
Our connected call.
Sure and services.
Want to drive.
We are.
Yes.
In our product portfolio beyond.
To share some of the progresses.
We continue to.
Yes.
Progresses, we funded.
Reaches all our software platform.
With that type of navigation.
Easter and service.
Just two assistance.
Where we are.
Payment.
So our product portfolio.
Since it all up expense.
We are collaborating with.
Street, leading companies.
Got it.
Doctors, Amazon and Microsoft.
Okay.
Butte out.
On the navigation.
Ecosystem.
Digital.
For a strong are kinda give.
That was strengthened our.
Oh, yes.
End.
They are collaborating with industry leading companies.
Long term interest.
Long and Microsoft.
The goal for this pillar.
Complete ecosystem.
Our market share.
Full screen.
Just to offer.
Nothing.
Circuit.
Oems and end users.
Our second pillar is.
Much more aligned long term Inc.
Okay.
The goal for this pillar.
Sorry.
I used to.
For our market share of the full.
The big data generated by cars and drivers.
Hi operating costs.
Our second pillar.
Pinpoint today for Oems.
Okay and.
Connecting stuff, it's just too and.
So far this pillar is to.
You can show that.
Yes.
We find ways to solve that painful OEM.
Drivers.
And even better.
Hi, operating.
No upstate.
Pinpoint today for Oems.
Well strategy.
Connected services to.
Spring the latest innovations to our customers.
So that we find ways to solve that pain for.
Assessment.
The better.
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Our generate additional upside revenue.
You have made good progress on this.
Before this pillar.
We're pleased with our equity investment.
James to our.
Yeah.
Through strategic.
Oh annual growth rate up more than 30.
If companies.
We also invested in motion out.
On this.
Okay and innovative location.
Companies our equity investment.
This is a model.
Pricing based on driving behavior.
Annual growth rate.
Automobile.
Offered at present.
Great data.
We also invested in motion out.
<unk> arrival.
So from the.
Insurance company.
Offering from motion idle.
With the pricing based on driving behavior usage and automobile.
Our third pillar is wrote intelligence.
Our future goal is to introduce.
Pillar.
So.
Our.
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Motion auto.
So data.
Our Vicki.
In summary.
Good.
Across multiple industries.
Our.
Don.
His wrote.
Yes.
The goal for this pillar.
No.
Our leverage.
So on track.
Yeah.
Okay.
The derive useful insights.
With.
Censored data.
Well, yes.
So customer.
In ride hailing.
Please beyond.
First phase of this transaction billing.
As we previously announced we're on track.
We are now supporting.
Transaction.
It is.
Yeah that's in.
Ben.
Spot unparalleled.
Platform.
Capture the.
On that in.
Transaction billing.
Hi.
Revenue in the.
In early stage.
We are now supporting.
Okay learning.
Dave.
It should provide.
In.
Right.
Data.
Chiropractic.
Used in the insurance automotive industry.
In.
And other vertical.
Hi.
And early stage startup using AI and machine learning.
Both.
To provide low.
I think.
Which can be used.
Well connected car platform.
Automotive.
No.
Okay and other vertical.
Good thing I'll hop back under control and maximizing the return on.
Leverages both.
Important to note.
Click.
We continue to work.
Until our connected car platform for long term sustainable growth.
And the demonstrating.
They are.
[laughter].
Excellent.
Just to continue the revenue.
Our investment.
Over the past few years.
An important to note.
What im.
Back to currently continued to work with a many Oems.
[laughter].
Replying to.
Well that is aligned with all customers long term interest.
To continue the revenue ramp.
All.
Every geography.
Two years.
Including the.
Market, China, which is.
You have a comprehensive.
Unit per year.
The car platform that is aligned with our customers long term interest.
Bulk quick overview of stuff financial.
All.
Thank you.
For a geography.
Thank you very much.
The largest.
Although I'd be making leaf comments about the numbers.
26 million unit per year.
Second Presley's what did you just financial.
I'll turn the call over to our deal.
Turning to the side.
We upped our financial results.
It's a better highlight I promise in the basket.
Pretty much HP, although I will be making leaf comments about the numbers.
Our financial reporting is on a single segment basis.
Sees for the detailed financial.
The transferred off the Thinknear.
I think to the.
Just.
So our earnings presentation to better highlighted.
Before.
In the past quarter.
I would like to talk about key highlights for the quarter.
Starting in Q1, our financial reporting is on a single segment basis.
We delivered another solid quarter.
The transfer off the Thinknear.
Our value for our shareholders over the longer don't.
Starting with slide number four.
What Tony we had a record revenue.
Sure.
<unk> adjusted EBITDA positive water.
Points.
Five years.
Our first.
Delivered solid financial results.
Quarter and remain focused on creating.
Nine.
Got it.
While expanding our GAAP gross margin by 2.4.
Tony.
Last year over year.
We had a record revenue and the first.
Okay.
Adjusted EBITDA positive quarter.
Her with record high cash position.
Another $20 million.
Okay.
In cash.
Do revenue by.
Hello.
Nine.
I just talked them.
Expanding our GAAP gross margin by 2.4.
Super sense over half of our market GAAP.
Second we exited the quarter.
We continue to execute.
Yeah.
Not connected car platform strategy.
Bears.
Yeah, Doug we believe.
Yes.
I wouldn't build momentum for sustainable future.
Yes.
At HB touched on the progress we have made thus far.
So far market.
There.
In his opening remarks.
We continue to execute.
Looking at slide number six.
From strategy.
In Q1.
Please.
Revenue increased 39% year over year.
To grow.
64.5 million.
A copy touched on the progress we have made thus far within.
Primarily driven by strength in the core businesses.
Hi.
And the graph transaction.
Looking at slide number six.
You mentioned in his opening remarks.
We are making progress with the GAAP.
Where year.
And we have recognized 4 million of license revenue from brick job.
Im really in a year ago.
He ultimately.
Primarily driven by strength in the core businesses.
[laughter].
As the graph.
Throughout fiscal 2020.
And as HP mentioned in his opening remarks.
Yes, we are making progress.
The increase year over year.
Yes.
Compared with 53.1 million in the fourth quarter offices.
No.
First quarter of 22.
It's probably going to be by 12.5 million up license billing.
The first quarter of fiscal 2020.
Yeah.
Okay or 70.
Robin GM.
A 44% increase year over year.
Important.
Compared with 53.1 million in the first quarter of fiscal 2019.
I just want a border office the 2020.
Hi.
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Essence billing.
2.4.
Subcontract with.
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And by continued ramp in.
Sorry in the fourth quarter office between 19.
Entered our billings year over year.
<unk> increased to 47.6 million.
Gross margin for the quarter.
Good morning.
Good morning 20.
47.5% increase compared with 18.7 million into first quarter fiscal 2019.
8.5% in the first quarter fiscal 2019.
He was primarily driven by the GAAP revenue and favorable.
Please.
Nice quarter.
For fiscal 2020.
47.5% increase compared with 18.7 million in the first quarter fiscal 2019.
There were 29.9.
Gross margin.
Compared with.
The driven by the grab revenue.
This quarter up is certainly.
This quarter.
Down nine points year over year as a percent of revenue, but up 17% year over year in absolute dollars.
Sequentially were 29.9.
I'm seeing a patients.
Compared.
For fiscal 2020.
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Some team.
Compared with 6.1 million into first quarter fiscal 2019.
And the revenue but.
What are your degrees in loss from continuing operation.
Upsells.
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Loss from continuing.
Right.
For the first quarter fiscal 2020 was 2.1 million.
For the first quarter for certainly 20.
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Hi, good with 7.6 million for the first quarter up is certainly.
In addition was primarily due to.
He was primarily due to.
Gross profit.
These revenue and gross profits in the first quarter, partially offset by the restructuring charges.
Good morning.
With the Thinknear.
Compared with 7.6 million for the first quarter fiscal 2019.
non-GAAP measure.
Getaway year improvement.
Primarily due to.
Certainly going.
Revenue and gross profits in the first quarter.
2.9 million for the first quarter fiscal 2019.
Our wholesale with the Thinknear.
In the first quarter benefited from wrap.
Adjusted EBITDA, a non-GAAP layer.
Focus for us.
$2000 for the first quarter fiscal 2020.
non-GAAP free cash flow of 21.7 million.
<unk> million for the first quarter fiscal 2019.
Well they should improve significantly.
In the first quarter benefited from.
The $22 million.
As of September Thirtyth 20.
For us.
Entries up 22.4 million.
Great of non-GAAP free cash flow of 21.7 million over.
Overall, our cash and.
Position improved significantly.
In addition to cash from radius transactions in the past four.
Great.
As of September Thirtyth 2019.
Okay and maintain.
Okay and increase our 42.4 million.
Seven quarters.
Glenn on June Thirtyth.
I think strategically in radius opportunity.
As cash from large.
You save revenue growth in the longer term.
In addition to cash from various transactions in the past.
I'm playing in the opening remarks.
Yes, we plan to Milton maintain.
We continue to expand our footprint up connected cars.
Quarters, while also investing strategically.
<unk> increased to 16 million.
We continue to drive revenue.
The longer term.
Yes, 1.4 million connected cars within the.
In the opening.
This quarter our own installed base.
Yes, we can you expand our footprint up electric.
29%.
Our total Patrick our installed base increased to 16 million.
I'm looking at slide number seven.
Per year.
We saw encouraging momentum in bought.
Patrick.
This is revenue in the fourth quarter.
In the last quarter, our overall installed.
47%, respectively year over year.
29%.
Hi, this is.
We are you.
[laughter] presented at 15.4% our total revenue.
Seven.
Forces 30.7.
In both.
On Friday here.
Services revenue in the first quarter.
So in the Bicuar.
Our 8% and 47%.
Okay.
And actively year over year.
Points year over year.
This business represented 14.4% of our total revenue.
[laughter].
Next versus 13.7% in the prior year.
So Michael industry.
So in the prior.
External environment in Q1.
Our revenue grew 70 basis.
Right.
Last year over year.
Six weeks.
In our current.
Slide number 10.
To see some up.
Good thing at the second.
And the rest of the good morning.
Yes, some micro industry.
He is.
Mix impact demand environment in Q2.
Yes.
The strike at GM ended up along six weeks.
Thank you Tony.
Hey.
We.
Todd we will see some.
Coming into 57 million.
And the rest of the beauty Bonnie.
So maybe 9 million license revenue in the quarter.
Due to overtime and production catch.
You see those when the graph.
Billings, a non-GAAP measure are expected to be between 60 million.
Perfect.
62 million.
355 million to 57 million.
Margin.
Assuming approximately 9 million license revenue in the quarter from the Opendata transaction, we previously.
Specs to be between 29 million.
Yes.
The 31 million.
So here are expected to be between 60 million.
And expected to be between 4.5 million to.
GAAP gross margin is expected to be within 43% to 45%.
Your.
As expected to be within negative 1.5 million.
I mean.
Next 15.5 million.
31 million.
With that I will open up the call to your questions.
And is expected to be between 4.5 million to.
Schedule, if he'd like to ask a question over the phone lines. Please signal by pursuing.
Six months.
Fun.
It is expected to be within negative 1.5 million.
The phone please make sure your mute function is turned off.
To allow your signal to reach our equipment again that star one to ask a question.
So I can ask a question over the phone lines.
Suppressing.
Riley FBR.
And your telephone keypad, if you're using a speaker phone. Please make sure your mute function is turned off.
Total your signal to reach our equipment.
You mean positive EBITDA this quarter I.
The company has mentioned that.
Chen from Josh Nichols.
Steve Riley FPR.
Full fiscal year is it still part of guidance and if so something.
I did want to ask.
Good to see the company on achieving positive EBITDA.
Yeah I'll take that.
I know.
Question.
As mentioned.
They expect to.
EBITDA for this fall.
Good old valuation for the shareholders remain our primary focus and aside number one goal.
And internally the management.
This is a deal maybe I'll take that.
Focus for the management.
But we're not.
All I would say is.
You know and beyond one quarter at times. So we are guiding for Q2, which is already you know just.
As an aside number one goal.
In two which would be.
Yeah.
The negative.
Finally, the management.
3.5 million.
As having EBITDA that is a focus for the management.
And.
But we are not.
Did you.
Hi, guys.
I've into little bit a big billings beat for the quarter, but it looks.
Yes.
What's really driving that really a there's now a detailed provide there but does look like.
Like deferred costs might have actually decrease quarter over quarter like what's the breakdown.
I have into little bit a big billings beat for the quarter, but it looks.
Really driving that really there's now a detailed provide there but does look like.
Mike deferred costs.
We had in Q1.
First quarter over quarter.
On the GM wrong.
The breakdown of.
Yeah.
Bill.
I'm also part of it it's mainly you know the combination of job and GM.
And is primarily due to grab which we talked about visible $12.5 million worth of.
Right to the.
Billings that we had in Q1.
It is a lot of that Jim ramp is what you're saying.
On GM continues to them that's also.
The guidance that it is 72 right and you came in at 77.
Okay and GM.
So.
Okay, but I mean, the grab was already factored in.
Right.
Right.
And so there's a lot of that.
I I did just want to ask a little bit clear on this like.
It does your guidance on revenues of 72, right and you came in at 77.
In Q2 now that the strike has been resolved.
Gee MGM reference is the main driver using a graduate.
You are saying is the GM, we are assuming some recovery.
A little bit clear on this like you said that you're expecting.
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GM.
Once he or.
In Q2 now that the strike has been resolved.
It's fun.
Mhm.
Well, we are saying is the GM, we are assuming some recovery.
And then you're getting from open tear that's assumed didn't like the revenue and billings number for Q2.
Yes.
Is that going to be.
It's too our.
The Karim or is that a onetime item how should we be thinking about that from a for modeling perspective.
And then is that.
Yeah, that's just to be paid on the billings.
Then from opened tear that's assumed in like the revenue and billings number for Q2.
Some revenue in Q1, which we said $4 million.
So the onetime item how should we.
You too.
But that from a for modeling.
And.
It's it's it's basically.
Stayed on the billings.
With that I would think about it as we think of it out.
In Q1.
So on an ongoing run rate kind of business.
And when you in Q1, which we said $4 million.
<unk>.
Is getting recognized in Q.
You too.
Kind of frame, a little bit and wrap my head around.
The.
The right way to think about it as we think of it.
To be like a decrease.
Ongoing in run rate kind of business.
In the run rate that you guys are going to be achieving for for billions. Once you back out.
And a frame a little bit and wrap my head around.
Yeah.
Okay.
What's causing it looks like to be like a decrease right in the.
And then thinking about Q3 and the trend right.
Achieving for.
For billions once you back out.
Decelerating.
Okay.
Once you back out.
The graph revenue it once that's goes away, particularly.
You know.
Are you looking at Q1 or Q2.
Oh.
I'm looking at like Q2, and then thinking about Q3 and the trend right.
Hi goes away.
So it looks like.
That's what you're thinking or the right way.
Growth is decelerating.
What's causing that though Jim is accelerating right there still ramping.
Really.
What's really causing sequential declines in billions, if you're increasing.
Sequentially on the cost goes away.
Clear on that.
Thats of that you're thinking were the right way.
So since a couple of things. So that's just thoughts on T. one race in Q1 you.
If there is still ramping.
What's really causing sequential declines in billions, if you're increasing.
In Q1.
And not.
And if you think about you do you have the benefit dog billings from Q1, but you don't have new building some job in Q2.
Rob.
Similarly, the map out there.
And then.
In Q1, you don't have them in Q2, but certainly you have.
Those are.
For the benefit.
Q1.
Board ramp up and the GM ramp.
And you have the benefit of billings from Q1, but you don't have new building some job in Q2.
Forward, then you were C.G.M.
We did in Q1, you don't have them in Q2, but certainly you have.
Automap objects in.
Some forward ramp up and the GM ramp.
Thank you.
But thats Q2, then if you think about Q3 for going forward.
I know that's.
CGM.
She pad to queue for questions and we'll take our next question from Steve Dyer with Craig Hallum.
Okay.
Hey, guys. This is Matt on for Steve.
Thank.
For taking my questions I'm, just a quick follow up on the one Josh just mentioned how much were the map.
You bet.
Yes.
And on your telephone keypad to key for questions and we'll take our next question from Steve Dyer with Craig Hallum.
You don't really break it out.
This is Matt on.
During the first off we do you know it.
For some.
It's Bob there's typically in the first off of the year.
I was just mentioned how much were the math.
Yeah.
Ill.
The map.
How would the Q1 performance.
Got it okay.
We break it out.
But.
You know didn't see a breakout.
But.
<unk>.
It's our best are typically in the first off of the year.
Billings.
They are.
I think is a lumpy but.
A couple to provide that in the quarter and obviously maybe.
Excellent.
Its impacted by the strike, but just trying to kind of get a sense for the.
Okay.
And then obviously didn't see a breakout on Jim.
Yeah, we can we can give you a directional color.
On a.
Because people to provide that in the quarter and obviously maybe.
Okay.
It's impacted by the strike.
For the on the body up the other than the kind of.
Up there.
But directionally you know the mix is still the same that has been the fast. So I can give you know overall fiscal 19.
Excellent color.
Okay.
On a.
It was roughly.
So we have specialty.
As Jim.
Just a dollar amount or the or the value of the.
Of that account level.
And then.
The mix.
Pretty much the same.
This has been the.
Plus minus.
So I can give you overall fiscal 19.
The mix was roughly.
To sum sounds good.
GM.
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And 65% was.
He was going to impact Q.
Okay and.
You know maybe that mix.
First the same.
It's minus.
But do you expect that to.
For down.
You know.
Where do you think that percentage can go too in the next.
And then.
For four quarters.
Going forward, obviously, the strike is going to impact.
<unk> kind of tangentially to that.
Well maybe that mix.
We're no Jim Awards, and I haven't seen a few.
The.
And seen any maybe a few quarters.
Where do you think that percentage can go too.
Is there no.
Yeah.
Awards due to model your changeovers are kind of what's.
Any color on.
Tangentially to that I notice that.
I think you may be good segue.
Boards and I have.
Well get a couple of cut it on the overall GM, how should we think about GM.
So I referring to.
Is there no.
Model.
All your changeovers are kind of what's.
Okay.
Any color on.
For our solutions.
Correct.
Good segue HP, if you want to get couple of color on the overall GM how should we think about GM are you.
Yep.
I referring to.
As we assumed in the past you know, we do have still vehicles less.
But we have not launched on.
Right no the largest CBS .
There.
The Chevy Tahu and the GMC Yukon.
Yes.
As well as the catalog escalates.
This is in the past, we do have still vehicles.
It is not available right now.
Launched on.
Right now the largest Cvs.
Do you have visibility into when those kind of get launched or are you just saying that.
As well as the catalog escalates.
Determined.
Well, Steve main vehicles.
No we have we have visibility into when when these launches are corrected for.
But do you have do you have visibility into when those kind of get launched or are you just saying.
There's a little bit just over to the.
Microsoft's announcement.
You just kind of.
We have we have visibility into.
What's your expectations are for that.
As.
Is it kind of a lead into additional.
Navigation opportunities with Oems or do kind of see that as more.
With the.
Our products outside of.
Uh-huh.
Solutions outside of.
I guess, maybe briefly elaborate on.
What's your expectations are for that.
He picked it.
As kind of a lead into additional.
Yes, certainly as.
As soon as Oems.
If you kind of see that as more.
Basically this is a.
Our other solutions outside of.
For the technical collaboration they have a platform.
Hi, there you know connected car.
Should we take it on this one.
And with a different offerings.
Yes, certainly as we do concert.
One or two or many of the October .
Yes.
Mall.
So there's a potential too.
Our collaboration they have a.
For leveraging both.
At the car.
These sales team to promote joint.
And we try to be.
One or two or many of the October .
I saw that kind of.
And so there's a potential to.
Platform already had a few Oems on.
Leveraging both company.
At the sense of maybe.
These sales team.
To.
Outside of fits into those Oems navigation and.
Okay.
Other.
I saw that.
Yeah.
And of.
Yeah.
The Microsoft platform already had a few Oems on.
The Microsoft Texas vehicle platform. It is mostly a cloud based platform.
Which helps OEM analyze the analytics data coming from the vehicles.
So by Telenav integrating into the platform.
Yes, I guess I can.
C or for the Oems the already work with.
Vehicle platform. It is mostly a cloud based platform.
Horse there are.
Other Oems that are looking at.
Goals.
Microsoft.
Ah ha services as well.
Its form.
So really the integration here for us for.
So the already work with.
That makes it easier for us both to target the existing Oems that are working with Microsoft.
Other Oems that are looking at.
As for jointly sell into.
Tom Cloud services as well.
But really the integration here for us for our.
Great That's Oh I got things.
That easier for us both to target the existing Oems that are working with Microsoft.
Uh huh.
As well as jointly sell into.
Let me clear so I gave you the stocks for fiscal 19, runrate stops or average mix, but for acute do you want 20, which is the boss.
Hi, Thanks, guys.
Sure.
Yeah.
Orders mix as opposed to be about around the door revenue was about 56%.
The mix.
It was about 26%.
So for Q1 20, just to be clear. So I gave you the starts for fiscal 19 Runrate stuff.
Forever.
She.
[noise].
So for Q to Q1, 20, which is the past.
Final reminder, that star one on your telephone keypad to signal for.
Okay.
Well pause for just a moment to last one an opportunity to signal in.
Okay, Great that's helpful.
Okay.
Thank you and as a final reminder, that star one on your telephone keypad to signal for.
Mike Bishop.
Similar to a lot on an opportunity to signal in.
Thank you I would like to thank everyone for bridges for participating until now its first quarter 2020 financial results Conference call. We appreciate your continued support.
I show no further questions gentlemen, I'll turn it back over to Mr., Mike Bishop for closing comments.
Thank you I would like to thank everyone for bridges for.