Q1 2020 Earnings Call
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Ladies and gentlemen, thank you for standing by welcome to each are on first quarter 2020 results conference call.
All participants are at present in listen only mode. Following managements formal presentation instructions holding given for the question and answer session for operator assistance during the conference. Please press Star zero.
That's a reminder, this conference is being recorded.
All right do you find out of the company's press release.
I've not received it please contact Itrons Investor relations team at GK Investor and public relations at 164668835 Fivenine are viewed in the news section of the company's website www dot each run that field that I Oh.
I'll now hand, the call over to Mr. Ehud Helft of GK Investor Relations Mr. helped would you like to begin.
Thank you operator, where they sort of you're welcome to Waytronx conference call to discuss the first quarter.
I don't want to resolve.
Thank you Dr. management for hosting this call.
On the caught Army say I'm sure you you said one thing is lucky that this year and if you find huh.
Let me come a beautiful.
He overview is somewhere in the quarter results followed by anyone to summer when it's an auction well then open the call talking to question answer session.
Just to remind everyone safe harbor in depressing also cover the content from these conference calls.
And now I would you like to begin.
Well I like to welcome all of your thank you for joining us.
I hope.
And your feminist stay healthy you sound person at times and I wish all doesn't work being impacted by the virus BT recalled.
As you all know 29.
And then a tough year 40 to one where we overcome multiple challenges Twentytwenty was also start.
We had strong expectations before the global effective condemning began to materialize in late February I believe.
One of the major impact depending on the wall is behind US we will return to the positive trend. That's already started at the beginning of this year.
During this period, our top priorities in ensuring the house and safety.
All our employees as we continue.
To serve our customers around the globe and cut costs as a result, the sands degrees.
Got you that we eliminated all international travel.
Steps to implement social distancing.
Our first.
For many employer you, we provided a infrastructure and implemented Whirlpool Hall limiting the office to only told workers was physical presence was absolutely essential.
Face to face meetings have been minimized and we are utilizing videoconferencing, where possible, including for business development and sales meetings.
We continue to fall sorties right.
Developed and adjusting as needed.
Despite the logistical working charters as well the corporate banking condemning has created for everyone Goading us I want to point out that our business is highly resigning.
We have almost 1.8, we don't globally distributed subscribers, whereby the majority of them updating us on an ongoing basis amongst 60 hours stopping point each mossy is already on the vehicle.
As you can see this enabled us to remain pocket Tibet and cash flow positive. During this on presented or mobile crisis, obviously, the lack of new car sales. During this period improves our ability to recruit new customers and grow our business.
I am business as well as the aftermarket business.
And this is why we've taken steps to reduce our expense footprint and conserve cash, which I will discuss.
Oh, we spend the next few minutes diving into the details of both the growing but from the aftermarket business as well as the OEM business.
In the aftermarket business, we added 17000, new subscribers inline with our typical range 15 to 20000 per quarter.
Awesome on Georgia, This new sops joined in the first loss on the quarter. So you can see from the right. We would it be not least on the high end because subscriber growth expectations.
Drilling down into the performance in our main market, Israel and Brazil.
Aftermarket business in his ran remained stable during the first quarter.
In March when Corona stopping to shut down the company and brought new cross sales to house.
Hey, you started well in January and February Newco says and use right away or about 7%.
Dosing same period last year. However, much was down about 35%. This stuff you and everyone was down 90% essentially reflecting the skyline off the shutdown which was from March.
Even though during upgrading and process may our subscriber ads in Israel, where minima.
I also want to point out at our churn rate also dropped substantially as nobody was selling their old cost.
This has led to the situation that we expect to see initial struggles in the second quarter, but this should be a meaning that.
As the country's self opening up again.
Which is now has begun to happen with shops and schools reopening while implementing social distancing I can do you expect the new car sales to slowly start recovering over the coming forth goes.
In the long term I am optimistic the aftermarket business in Israel, we returned to growth.
Furthermore, Toronto date as many other started useful penetrating additional segments.
As I discussed last quarter wildfire growth drivers in Israel is our you'll be offering usage based insurance.
And I expect this to become more significant to our subscriber growth in the future.
Definitely insurance policy is built around you draw solution for taking into account at drivers accumulated mileage and behavior as it related to use and safety.
So I was insurance premiums to be directly related to usage.
Which is fair for the driver and better for the insurance company in terms of managing the risk.
Many people wanting Israeli hardly use their costs for the past two months, yes, I'm fairly steep bank for insurance daus.
Our server she is gaining more interesting than you know model of today's world as we spoke about in past quarters Weve already signed on to insurance companies for our usage based insurance servicing easily, Iran and Shlomo insurance.
And so good initial success I am happy to say now that we have recently signed our usage based services. We did an additional three insurance companies in Israel.
Gee.
Hi, insurance and be talking issue, which means direct insurance and use the largest Scott reinsurance company in Israel.
These are solid step stalwart my goal of becoming than you're going to stand up in reinsurance market.
Now that we have proven to success in our all market to be as well.
We recently signed a usually I agreements in Argentina, and renegotiating potentially you'll be at projects in Brazil.
This is the initial froze our strategy to expand our you'll be I offering by your own is well into the other geographies.
I'll now operating.
Looking at our after market in Brazil. The market. There has also been very weak seems to south of the funding.
Our results in Brazil have been compounded by the significant weakness in the real in their currency vessels to dollar which has lost sales value in the past.
In Brazil, the new car sales in January and February already started they use slightly below those of last year, reflecting Cornell me weakness in the country, which existed.
Even before the pandemic started however, much new car sales were down 22% in Brazil to a 14 year low and equity to settle down 77%.
Well as many of the common and pictures have moved to online car sales expectations are that new car sales will remain at these low levels over the next few months.
The pandemic situation sub sea lice there is list.
In Mexico, we continue building, our new into of course Eagle bulk lump using our long term success in Brazil.
And adjusting it for the Mexican market.
She is an example of the synergies we Rx blogging from road truck, we hope to lounge and stop selling the product toward the end of the year once the impact.
Let me see submissions older.
And now to our OEM business in Brazil, and Argentina.
Because of the weak economic situation in Brazil, and Argentina already starting last year, our major OEM customer reduce this subsidize fleet tried period from six months to three months, and then down to a months, which impacted our OEM results significantly in the second half of the.
In addition.
To reducing significantly to hold versus no because of the impact of the Corona virus. The lack of new car sales is impacting our OEM customers and we had a net loss of 4000 subscribers on the Oems side in the first quarter.
In the second quarter, we expect these effects to be even more significant.
In light of the core on up on dimming and its impact Tony to run.
We implemented changes to preserve our profitability.
This includes an across the board reduction employee salaries of up to 30%, which includes a reduction in headcount.
Looking to take further measures to cut costs.
Efficiencies.
We have down these full corporation for employees around the world, which have shown solidarity with our efforts in a great to this reduction and for that I want to send them now.
Our quick actions to reduce costs has enabled us to maintain profitability. During this period and we expect we continue to preserve our profitability and positive cash flow in the coming quarters.
And the global situation improves and we can back to normal course of business. Furthermore, the both decided to suspend our dividend payment for the time being in order to preserve and with our cash position Foster this will provide us a bit discussion in which.
To weather disputed, while also providing us risk appetite to take advantage any opportunities.
In summary was 29 team was a tough to your 0.1.
We felt that Twentytwenty would be you continued sequential improvement throughout the EU and we did start on the right.
First quarter revenues were ahead of those over the fourth quarter and we are indeed pleased with our performance, especially given the core Olympic looks.
As the impact of Corona became clear we've taken steps to ensure we maintained profitability and preserve cash into second quarter, we expect to see the most of the impact from core on always EBITDA lower than debt of that previous quarter by 10% to 20%.
However, while making sure we are fully prepared widow to store.
I am optimistic on the long term potential for we belong.
One is a company with various xylem business model, whereby 1.8 million subscribers already provide us with a monthly and ongoing significant revenue base, we prove that even doing such unusual times and the most severe global crisis in 100 years, we're able to.
Remain profitable and generate cash.
Beyond that many of the challenges with last year forced us to make improvements and as we met from the core run up and I.
I believe we are well positions to resume schools weekly.
In addition, we continue to see.
Growth engines for example, as I mentioned, the USPI business in Israel and as we will also continue to expand our existing services and companion season with the new countries in which we now operate.
Im confident that you do one when the mix is viewed as a stronger and more efficient.
I will now end the call over too early for the financial reasons Andy.
Thank you Adam.
Why in the past here, we have also been looking non-GAAP to resolve the difference between GAAP and non-GAAP is now minimal so we have now Steve.
Our non-GAAP reporting. Furthermore, we feel that the in this current environment.
Verizon.
Through the result on the previous quarter, either better benchmark for into Africa.
So in some cases I will also repair.
Change versus previous quarter.
Also it's fair to the press release and at least today.
Yes.
Revenues for the first quarter, 2020, where 68.4 million goals.
<unk> decreased 7% compared with revenues of $73.6 million.
In the first quarter 2019.
Compared with that of the previous quarter revenues grew by 4% and excluding the currency effect and increase of 7%.
Revenues from subscription fees were $49 million.
Represents a decrease of 8% over first quarter 2019 revenue and 1% decrease over this quarter's revenue.
Excluding the currency effects revenues would have shown and increased 2% versus the fear.
The subscriber base amounted to 1.794 million at March 30, Spring 2000 plans.
During the quarter.
17000, after monsters market subscribers, while the OEM subscriber base declined by 4000.
Robert revenues were 19.4 million dollar these represent an increase of 5% bed with that first quarter 2019, and an increase of 22% over that of the previous quarter.
The improvement over that of the June quarter was mainly due to that due to you to dismiss car sale.
The geographic breakdown, both revenue and the first quarter was this fall Israel, 46%, Brazil, 27% and rest of the were 27%.
Operating income for that wasn't was $10.1 million.
Or 14.7% offering.
This is a decrease of 25% compared with $13.5 million.
Or 18.3% revenues in the first was terrible off last year. This is an increase of 3% beds.
In $9.8 million, 50% of revenue that we reported in the B, which exclude the permanent chart in the quarter.
Excluding the currency impact versus the previous quarter operating income would have grown by 6%.
As mentioned in water that may year over year decline was due to the OEM business as a result, selling less hardware and reducing the risk trials period, new subscriber.
Net income for the first quarter 2020 was $6.4 million 9.3, percentof revenue or fully.
Earnings per share or 31 cents. This.
This is a decrease of 21% compared with $8.1 million.
Standpoint, 90% revenue or fully diluted earnings per share all 38 cents in the first quarter last year.
This is also an increase of 29% compared with net income of 4.9 million or fully that is as well 24 cents, which excludes the impairment.
$80.2 million in that period water.
Excluding the exchange rate impact this growth would have been.
Thats higher at 34%.
EBITDA for the quarter was 15.3 million, 22.4% revenue.
Similar to that.
Rick water at $15.5 million.
3.7, Percentof revenue and a decrease of 21% best with $19.3 million in the first quarter last year.
Cash flow from operation.
For the first quarter 2000 28.7 million dollar.
As of March 30 for 2020, the company had cash, including marketable securities all $50.1 million and a debt all $63.5 million amounting to a net debt of 13.4 million dollar.
This is compared with cash, including marketable securities or 40, 54.3 billion dollar and it debt up $67.9 million amounting to a net debt of 13.6 million dollar as of December business for 2019.
And those that cash balance was impacted.
Walter due.
To that 5 million payments over the past quarter dividend.
And 4 million cash outflow from Capex as well as the in local currency gas math says when translated to use all of reporting.
With regard to the buyback as of March 31st 2028 story last had repurchased a total 227828 chair amounting to approximately $6 million and with that I'd like to open the call for questions.
Assets session operator.
Thank you ladies and gentlemen at this time, we will begin the question and answer session.
You have a question please press star one.
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The first question is from Tavy Rosner of Barclays. Please go ahead.
Good morning this Peter.
Hobby.
As for it.
Ask about.
Geographic contribution.
Could you give us some color on how you expect to recovery to proceed in Israel versus Brazil, because it sounded like it sounded like.
Israel should should recover more smoothly compared.
Compared to the other regions.
Let's say.
The Israel contribution to sales is up about 10% from firms from last year's first quarter.
And I'm wondering if you would expect.
Continue to grow versus.
Okay.
Hi.
First of all we should consider that.
Israel is actually advance or about two to three weeks compared to Latin America, and specifically to was news.
And if we see now that Israelis.
Already.
Overcome the peak.
Endemics situation and the countries.
Start to be released and to be more specifically when we are.
Looking.
Mainly for the car dealers in the car importers and the cultural rooms.
It's just less than a week ago. It's.
Opened again.
Of course its gradually.
Become a.
Normal situation so.
We believe that Israel of course would be ahead of Brazil.
In DC duration.
And.
Basically because of that.
Time differences between the.
Speeding up the core on a virus.
Based on any other fundamentals I don't know whether there is big differences. So maybe two miles from now we will see hopefully that.
Everything is back to dance and then each market will have to.
To work with.
Hi crawl situations.
And.
Generally speaking also Israel in Brazil has.
Subscriber fees model, which includes a very diverse diversified recurring revenues, which we continue to get it right that we are not in a position to grow because our car says is very low.
And there was a days when it.
When it was zero, but on the other end the.
In.
Additional sources of revenues for me to run which is the current customer base.
Showed a very strong.
In situation because in the told this when I made my speech.
The generate the Chen numbers also declined because the major reasons for people in Israel and in Brazil.
Two.
Sharon is usually when they sell their car and they buy the new one.
So.
The situation.
A hip and knee is net.
Of course people are not buying new cars so people as.
Much less selling their own costs. So we will not grow the subscriber base, but as we show in Q1.
And we hope that in Q2, the decline will be very very low numbers, which allow us to continue generis most.
Most of our revenues and most of our cash.
Okay. So so your your longer term strategy in Brazil is unchanged.
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Yeah.
We didn't change.
Okay, and just a quick follow ups have you did you say that.
That you didn't yet headcount reductions.
Cost savings or was it only the salary.
Cut.
Okay I will explain is very important for me.
Scenes.
Our DNA.
Is.
To look forward.
Has and the wessel follower employees.
We did our best not to fired anyone.
So most almost all of our reduction came by Uh huh.
Reducing salaries across the board, including Us to top management that meet management and of course until the last until you have to business almost 3000 Bucks.
In Israel.
Was and the ability.
Because of course due to service needs into sales needs where declined dramatically.
So we could release for a year.
Months.
Which now is over and we.
Broader back almost 90% of the people that we.
Let them go to.
Application, which paid by the let's call it kind of implication paid by the government.
In Israel.
Usually people know these as a collapse.
Unpaid.
Unpaid locations.
And now we bring them back.
Because of two reasons. One reason is because really the market is open again and second because they finished there are the time that they.
Deserve do saw program and we want to keep them and we want to allow them.
Next to work.
And the second place, which we also.
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Took out.
About 200 employees.
It was installed installers, which working as.
As a subcontractors and wasn't on the payroll and they have a direct.
That kind of a direct cost their installation seems distillation decline.
So a very low number so we released them.
And this is the only two situation when people.
Let.
Out of the company as I said part of them already back and the rest of the cost was done by reduction of salaries and reduction cost for our suppliers.
Great, Thanks might away, which by the way we will keep it.
We will keep it until that moment that we felt that really not a pandemic only behind us about their economic situation and our business life you need to us will allow us to back to the historical salaries.
Thank you good luck in the quarter unstable.
Thank you.
The next question is from David Kelley of Jefferies. Please go ahead.
Hi, good afternoon, Thanks for taking my questions and I hope everyone staying safe on on your end I guess, starting with a follow up on the cost savings discussion can you provide some color quantitatively on how we should think about the magnitude the savings in the second quarter and.
Ultimately, we're just trying to get a sense of the margin offset given the expected topline disruption related to the virus in Q2.
Uh huh.
I would say device versus my answer is that the reason that we did all these cost reductions because we assume that we will not have new sales and you'll and new additional revenues and we also considered some decline.
We've come from churn off our customer base.
At the beginning by the way we took in much more dramatic.
Decline because no there was a lot more question marks and we know today, how the market well react in Israel. After two months AWS more than five months. These that seems to pandemic starting in China and also we now have experience or how to local now we're lucky enough.
Free cash subscribers behaviors at this time so.
Basically the actions that we took was a very material, we will keep beat and seamless I'm not going to give a specific number for the cost reductions I already said that we expect that although we have no new says and although we are facing churn we will.
Uh huh.
Sure we hope we believe.
We expect to have our results in Q2, which by the way all acute to hurt by the pandemic, which is their largest prices I think ever for the people that on this call now so all the change from Q1, which was quite fair will be between 10 to 20 pre.
Sense and I believe that time conservative in order not you know two to create higher expectations and of course. There is some question marks about the situation, but this is mainly thanks to a making this our cost efficiency in their cutting those costs.
Okay, great. Thank you appreciate the color and and I guess, you kind of switching gears that the macro for auto manufacturers really deteriorated in the back half of March and you referenced a likely steeper Oems subscription decline in Q2 due to the virus disruption.
I guess is that largely a function of the auto sales declines or do you expect any incremental OEM pressures, whether it be trial lengths or pricing as well.
So.
It say I think as you ask you are asking is that it's really more I would say complicated as noise more.
Reasons, so first of all.
For our OEM business in Brazil, Argentina.
As a you know historically seen slate 2018, since our customer suffered from a more economic problems and sales problems. So we always downgrades, okay. The contract and the end to end the site.
Hi, guys and the scale of the business within so our major ads was in 2019. So of course, it's not going to be improved but most of the reduction is behind us and we are expecting that it will continue but the number now audit contribution to our total BNS.
Become much less a material so the interest will not be dramatic on the total numbers, but of course. This started before the Corona and of course, the core all nine the macro situation in Brazil, and Argentina will not make it better it probably will make it was what im saying again these specific market.
On the Oems sites is not material to our total result snow.
The other business that we having OEM, which is mainly in Mexico.
No in Colombia.
Which is a key unit in Ecuador, and Colombia, it's a different model defend OEM molding I mean, we are more.
Let's say, we are a providing more interest and net positive back cash to discuss manufactures that they need us more than we need them. So even if there will be decline in car sales one there was stopped selling again.
We will continue to sell at very high pre centers, all our unique to discount manufacturers there will be decline all that to back to the numbers before the Corona virus. It will take more time, but this will happen and in Mexico, which is a totally different car call Brent.
I must tell your debt.
Our situation and that will remain that we remind you that team.
2019.
From a bulk March to September we had almost zero says to this common effect, you're not because of any commercial reason its was because of a technical.
Unexpected changed all far there's still a network to Threeg is we offer a comic in September we pick to track to device to the numbers.
And the commercial like with this customer become a.
Good again and now we have to pandemic bust.
It seems that we are now see when we're talking was discussed.
Is that although you think it will sell less car or it will take time.
To us says the same numbers as before Steve they intense.
And they already put some peos purchase orders.
For much more.
Units and this and and services from us for the future, although I can't say that he's committed I can't say that.
But it showed us that the end they told us they they keep is a very important a feature in order to market or two back to the market with their new cars. So I believe that looking ahead to twentytwenty no doubt that the OEM.
And subscribers you need to run customer base will decline we continue to decline.
Also the damages to our results will come from this sector, which is the OEM, but looking a little bit further that pandemic any further to the current situation.
We believe that during 2021.
A OEM.
Uh huh.
We continue.
Two we continued to grow again and as I said, mainly in Mexico, mainly in Mexico in Mexico, I see very positive signals that we should expect.
In the future not last that we get used to in the past, causing the and it's a very it's a 100% correlation to their car sales. So do something that we depend on them.
This is regard the Oems to us.
Alright, great I appreciate the color I'll I'll pass it along okay.
The next question is from assumption Donnelly of Oppenheimer. Please go ahead.
Hey, guys. Thanks for taking my question lets them, a very solid quarter.
Just on currencies, given the weakness of the reality, maybe to us and extend to shekel and once you 20 versus 119, we expected a more significant FX impact only seeing about 300 basis points year over year was there any offsetting I'm kind of factor here or maybe just walk us through that thanks.
The major as you mentioned you had the effect is around half a million dollars, the meaning the quarter compared to the previous years Q1.
But I think if you compare when do we are analyzing and translating a into the U.S dollar we are using the average rate for the quarter. So when you use the average rate of the quarter, including all the currency and the mix between the non shekel. For example, the reality is getting a was weaker by me.
The 30, 40%, but if you look on the other currencies like the Israeli shekel, it's more or less the thing. So this is this is more led the effect that we had.
Okay, Okay and then.
Maybe on just the use of capital, including the dividend moving forward you mentioned in the press release that you might take advantage of any opportunity you guys are seeing in markets any bit of color on use of capital city dividends. Thanks.
Yes first of all it's our EPS came from a.
Defensive situation.
Since there is a lot of question looks about the fine.
Date for all this crisis and although we did all the things we need to be dot still nobody knows what the future will look like.
Don't forget that we have some low.
We have to payback of course, our positive cash flow and our expectation for all the positive cash flow, even if it will decline as we will not have a problem and our credit lines.
Our away by only to but still we are conservative we always been conservative. So first of all we want to secure our cash position.
In the company.
And then.
While we will see that we'd be too conservative oversee the seems out start to release and we can continue tool to to be more aggressive in using the cash flow marketing for sales and also for opportunities. So we believe and that's what I see now we sell apart a competitor.
Those are imminent in a very bad situation. So we believe that even if the markets when shrink we can get more market share in the markets that we operate and it should be very dramatically because even if the market will go 20%, but we will increase our market share.
40%. So we can grow based on our competitors and then this situation. We can also think about using the proceeds to a making some our partnerships or M&A im not saying that we have something concrete, but these days nothing is corncrib, so I think that in order.
To be ready.
To that.
Deciding between Shine I want to be there is the right swimming suits.
Okay understood I really appreciate the color I'll I'll pass it on.
The next question is from Sasha Karim of Ipi. Please go ahead.
Hi, guys I'm just interested in.
Hey, look uncertainty, but in a scenario where economies January reopen somewhat.
In this quarter, let's say at the beginning of this quarter.
Would you therefore expect services revenue to increase of the Twoq base.
So.
Yes, the could that be rising churn, we stops that from happening.
First of all at once again to remind them to extend our models. The good thing in the model that you saw.
Crisis situation, we had a very diversified and and strong cash flow and income for all in revenues from duals current subscriber base once the market will open.
So of course, we believe that this would be the time that we can grow our subscribers, but can you have to understand.
Yes for two to illustrate if with 1.8, just general number 1.8 million and we grow even 20000 in Q3 compared to Q2.
The additional revenues from this 20000 when you compare it if it's 1.8 point 2 million or 1.8 million. The defense is very it's not material.
But.
As a company looking forward. So you mean that if we will succeed or if the market will allow us and will be open. So we will grow our new subscribers.
Q3, and then hopefully Q4, and then every quarter. So one day, we should be.
When it become more materialize dollars.
This is very important so the first thing we want to do grow our subscribers always going subscribers glorious revenues and growing your profits, but I must.
Make a note here, even if we grow it in Q3 compared to Q2 the influence on the P. OLED is very low to two to see it's a on the specific quarters. This is the idea of this business moment.
Got it sounds like.
You're not ruling out subscriber numbers could increase that coolset will be a small amount.
Yes.
Yes, yes.
Thank you.
If there any additional questions. Please press star one if you wish to cancel your request please press star too.
Please standby, while we pull from more question.
There are no further questions at this time.
There is a follow up question from assumption Valley of Oppenheimer. Please go ahead.
Just like gross margins and.
The cost cutting measures you guys are taking you expect it to me no more on Opex.
How should we be thinking about gross margins for both the services business and the product is moving forward. Thanks.
First of all our just again one through to make it clear.
Most of our expenses is human resources and the human resources is also spread between a typical opex and the cost of our services because the cost of services. There's nothing is not like cost of goods. These cost is.
Mainly.
Cost of employees, so maybe different than typical and company that not dividing between like SaaS between servicing hardware or service on the software.
And.
So generally speaking we did our cost reduction that cross.
Across the board it should it appears in our gross cost of services and also in that regard our opex misuse.
Sales and marketing Gionee and.
R&D.
Look we centers, it's very difficult for me now to give you.
I see nation of the rate, but it should be should be stable like now.
And.
Yeah.
Okay. Okay.
Yes.
Thanks.
There are no further questions at this time before I ask Mr. Sharansky to go ahead with his closing statement I would like to remind participants that a replay of this call will be available tomorrow on the trends website www dot each around that C. O that I am Mr. Sheratzky would you like.
Thank you concluding statements.
Yes.
On behalf of management to fit to run I would like to thank you our shareholders for your continued interest in long term support for a business and we'd also like to thank our employees for their understanding and efforts in these difficult times.
While I feel we have taken the correct steps and we have.
Reacted quickly to the current situation in order to preserve our profitability I'm also optimistic and we are preparing the company for return to the normal course of business as soon as things start to open up again.
As we are currently not traveling we will be holding virtual meeting with investors.
I will be presenting at the Needham growth conference on May 19 at 830 am your oil invited to listen and also to request one on one meeting with US. We also opened speaking with investors that are interested until the end of the quarter.
Please be in touch with our Investor Relations team.
I do like look forward to speaking with you next quarter and hope that we all see better times by then and a good day.
Thank you. This concludes the eater on first quarter 2020 results conference call. Thank you for your participation you May go ahead and disconnect.
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Yes.