Q4 2020 Telenav Inc Earnings Call
Hello, and welcome everyone to the call.
Fiscal 2020 was up very strong year Palatine that.
Revenue grew at 22% over fiscal 2019, we don't adjust EBITDA to more than $12 million.
And improvement of nearly $27 million year over year.
Any sense only grew 2% from the year before.
So in the strong operating leverage in the model.
We also improved cash and equity investment.
From 100 million to wander 44 million at end of fiscal 2000.
We achieved this despite the low loss through the year.
It's the GM labor strike other pandemic towards end of the fiscal year.
Next slide that.
So the pandemic.
Give you the fast previously.
Okay, let's face.
So the kinetic didn't cost method impact our business primarily in the fourth quarter on top line rate reflects.
Reduced automotive our point of our customers as manufacturing cost for a number of weeks.
We view the fourth quarter and the low point of the current phase of the collapse.
And were seeing automotive production you continue to ramp up three dealer inventories to meet the marketing.
In fact on Jan's recent earning call earnings call. This full size truck and food that exceeded plan. We're at three ships.
And we're seeking higher additional employees to increase output.
For the also comment is that the broad production up efficiently after being idled and specifically North America was operating at 95% of critical that levels by the end of the color.
The beginnings of this recovery will be reflected in the guidance Adeel will provide in a moment.
In response to the pandemic.
Go back to that clearly efficiently, we implemented a cost reduction plan.
In the fourth quarter, we expect to achieve a full year opex saving in the mid to high single digit percentage in fiscal two unwind.
We optimize around delivery of our current annual net products, including a continued development of our software with automotive grade quality and consistent with our long term rate growth engines strategy, a long term growth.
I want to thank our employees and partners for their dedication during a challenging period, we recognize that the pandemic caused a level of uncertainty, but our employees rallies and creative and exceptional cohesiveness, while working remotely to complete production schedules and drive a strong fiscal.
2020, and laid a foundation for continued growth in 2021 and beyond NEXAFED. Please.
So we believe we're in the beginning of the connected car era, presenting an opportunity for Colorado with an addressable market opera casually $100 billion today, we continue to focus on three goals engines of our connected car.
Strategy to build up momentum of flywheel to capture those opportunities.
As a reminder, the three growth engines are first.
In car software and services second in ecommerce and communications the third low intelligence I would like to take a moment to provide an update on each of the growth engines.
Thats right.
Well for our first growth engine in core software services, we reached an important milestone in our relationship with applaud the launch of C. Four which features cut in half navigation.
And for say in the our press release, we have expanded our collaboration to provide advanced features including supplying hybrid navigation software and services that continue to work seamlessly you end users nature of the network coverage the hybrid navigation solution, which is sort of mass and continues now.
Going if advisors take drivers on wholesale college.
Also incorporates features for Offloading and for trailer talent.
Fourth announced I think for under as 2021 F 150 launch in June.
And also on their blockbuster Bronco launch in July.
The F 150.
As in the best selling vehicles in the us and the Broncos with reservation level, so past more than 150000 units.
Some of that is proud to be feature on volte.
The fourth quarter completes a strong year for our current relationship with general Motors and the revenue ramp continued increasing longer 7% from at White 19 to ask why 20 from $40 million in making to 80 almost $3 million in 20.
During the year, we launched on several models, including there are new vessel the lineup the Cadillac escalate TMC orbcomm and the chandeliers Powell, adding to their full size truck lineup that we launched in earlier.
Also in navigation weight executing on our plan to expand our geographic footprint and way additional Oems.
In the quarter, we want to deals.
Two new deals with Chinese OEM to deploy telling avnet physician solutions in vehicles exporting to oversee markets, including Europe and southeast Asia.
The first deal is with FDIC China's largest OEM.
And the other is with a cellphone motors, the teflaro trap and easy manufacturer.
Chinese Oems tend to launch at a faster pace than North American and European Oems and generally Chinese exports are growing as a part of our overall strategy will yield China as significant opportunity and we believe we are well positioned to be a leading navigation provider for Chinese.
Manufactured exports because we have a strong presence in track yet and are very strong global footprint.
Beyond navigation will continue to develop our visit our platform our food infotainment solution, including voice assistance navigation music video and communications as we announced last quarter, well advising our partnership with Alpine electronics to grade our visit our.
The market solution for the European market.
In the fourth quarter, we start as beta testing, our baby aftermarket head unit in China any less market. We created this heavily to be able to demonstrate the latest platform capabilities to potential OEM customers with what we believe will be a compelling use experience with a seamless integration of key functions.
Of our connect our asphalt.
We believe our income software experience will establish talent as strong position in the Connectcar space within OEM friendly approach.
In July we completed an investment in way lands and aftermarket video platform and a service company aimed at the fleet management industry.
Our plan through this investment is to leverage our relationship to bring the acknowledged to Oems the bull market solutions.
Experts.
In our second growth engine in car Commerce and communication. The goal is to monetize the fourth swing and big data generated by cars and drivers.
We are initially focusing on enabling commerce functionality, while driving including purchasing our coffee ethylene parking and food with advanced ordering and quick pickup from restaurants.
In the fourth quarter, we continue to drive development toward implementing our service on vehicles pursuant to a deal with the Japanese OEM for our ecommerce solution.
We expect to launch it in second half our fiscal year 2021.
We continued to see many more opportunities for E commerce and are confident about our ability to secure additional deals.
We increased our investment in motion auto and Intelligrated usage based only three provider that we plan to integrate with our ability in car commerce platform.
Motion auto is one of the largest one of the fastest growing usage based insurance companies in the us.
Recently motion auto has made significant progress, including completing at an agreement with a larger insurance company to offer this target auto insurance in 48 States later this year.
Our advertising partner in market media continues to grow at a double digit percentage despite the combined.
Net business.
In the third engine off load intelligence, we continue to explore opportunities to drive value from lower intelligence for our platform and for our partners. As you recall, we completed a deal with graph several quarters ago and now.
We have entered a new phase, where we are exploring potential opportunities to enhance office weakness platform in southeast Asia to support over key programs for Chinese Oems.
We continue to explore other opportunities for our often terra nuts as a service in geographies, such as China and Europe.
The goal for this third engine is to leverage our eight supplies to derive useful insights from cartons or data and self customers across multiple industries. We plan to use this AI can enhance the first and second growth engines of the platform.
To support our growth and lower our content costs to support our innovative business models.
Next slide please.
Looking forward fiscal 2021 will first focus on further driving momentum through our fly will offer connected car platform organically and inorganically.
Organically talent and focusing on navigation and for.
Visit platform to deliver excellent due to experience for our OEM customers.
In organically, we're focusing on strategic investment with investment opportunities in both established as well as hyper growth connected vehicle technology companies in order to enhanced ability.
To scale, our core business faster and also bring innovative new build models to our core offerings to yes.
We see significant potential in this space and we intend to leverage our assets to drive more aggressive growth.
The second focus loss in 2021.
He is to continue to strive for operations excellence.
Continue to optimize our organization and our process to off to allow us to further achieve higher operation operational leverage for growth.
The third focus is to continue to build a strong your life contract with a strong focus on delighting, our OEM customers and end user with a great deal the strengths and innovative win win this models.
Ill now turn the call over to a view for quick overview of the financial results.
Thank you.
Thank you are not Chesapeake, although I will be making brief comments about the numbers. Please refer to our earnings deck and press release for the detailed financial statements.
I would like to start by saying that I'm extremely pleased with the company's performance in fiscal going.
We faced a major challenges during the year, including customer manufacturing plant closures Unico Rick.
Telenav employees being forced to work from home and strike at GM earlier in the fiscal year.
Despite all the challenges we maintained our went away and delivered an outstanding for cyclical.
And our some of the key highlights for the quarter. The main points. Our first as just mentioned we saw significant impact what fourth quarter revenue due to temporary closure of customer manufacturing plants.
Fourth quarter revenue of 35 million was down 32% year on year and Q4, adjusted EBITDA was a loss of 6.4 million.
Our near to our continued cost management efforts EBITDA in Q4, 20 improved by about a million dollar from a fourth quarter of the circling 19.
For the year at HP said revenue was up 22%.
240 million and adjusted EBITDA was almost a 1 million a significant improvement of 27 million year over year.
Second we exited the quarter.
I was strong cash position current 11 million in cash cash equivalents and short term investments.
Current cash balance and ended the quarter plus the value of the equity investments now represent approximately 55% up that announced market as of June thirtyth.
Third we continue to make progress on our strategy evident from some of the major weights and milestones we ended up heading in the past quarter, namely we were awarded two contracts by Chinese Oems.
Primarily for the business outside of China.
The first is FDIC the largest Chinese waco manufacture.
The second is shopping orders, a leading electric vehicle OEM that just filed for an IPO on the New York Stock Exchange also.
In July.
We completed an initial investment in more short motion auto our usage based insurance provider and another in balance a video platform as service provider or feeds.
For our finally, Gord 19, adamant tackle that enough in the fourth quarter or we also saw fairly strong rebound in automobile production later in the quarter as plants or come back to up near capacity.
Our employees have been limited and kept the company moving board meeting customer commitments and production schedules.
Moving on to slide 13 looks like these.
Key metrics for Q4 going.
Total non-GAAP billings in the fourth quarter of fiscal 2020, or 31 million down 63% year over year versus the fourth quarter of fiscal 2019.
Primarily driven by loss of approximately six weeks of production in the June quarter.
Finally, the especially in the fourth quarter of 2019 benefited from a large bookings where the tier one supplier.
In Q4, 0.8, our revenue decreased 32% year over year to 35 million from 52 million a year ago again, the temporary closure of customer manufacturing glance at a significant impact on the revenue or the or.
GAAP gross margin as a percent of your revenue for the fourth quarter fiscal 2000, Tony was 42% compared with 43 in the fourth quarter fiscal 2019 gross.
Gross profit was 15 million in the fourth quarter fiscal 2020.
Paired with 22.5 million in the fourth quarter fiscal 2019.
The degrees and gross profit is attributable to overall decline in revenue.
Moving onto operating expenses total operating expenses in the fourth quarter fiscal 2020, or 25 million or 71% of revenue a decrease of approximately 7 million or 22% compared with 32 million in the fourth quarter fiscal 2019.
Adjusted EBITDA, a non-GAAP measure.
For the loss of 6.4 million for the fourth quarter of the certainly Tony compared with a loss of 7.2 million for the fourth quarter fiscal 2019.
Free cash flow.
For the fourth quarter was negative 14 million, which is down 18 million.
From the 4 million in the fourth quarter 2019.
Overall, our cash and cash equivalents position remains strong at an 11 million as of June Thirtyth 2020, a drop of 13 million horses to 124 million ordered in the third quarter fiscal clinically and increase of 11 million from 99 million on June Thirtyth 2019.
We continue to expand our footprint footprint of connected cars are those going after new units increased approximately 20 million up 33%.
Our overall installed base increased approximately $29 million up 22% year over year.
Loss from continuing continuing operations on fourth quarter of historically, Tony was 9 million compared with a loss of 10 million in the fourth quarter fiscal 2019.
Net loss in the fourth quarter fiscal 2000, 29 million compared with a net loss of 13 million or the fourth quarter fiscal 2019, the year over year improvement was primarily due to lower operating expenses divestiture up advertising business, partially offset by lower revenue driven by covered.
Got it level make mix is trending as we expected.
We.
And in the quarter GM Wars.
About 52% of revenue and forward was about 32% of revenue.
Next slide please.
Key metrics for full year accordingly.
Building a non-GAAP measure.
But certainly Tony or 244 million, a decrease of 5% compared with 257 million for fiscal 2019.
The degrees and billing is mainly attributable to pandemic and the GM automakers strike earlier in the fiscal year.
Again, the fourth quarter fiscal 2019 benefited from a large tier one supplier billing.
Total revenue for fiscal 2020 was $240 million an increase of 22%.
Compared with 197 million in fiscal 2019, the improvement was driven primarily by the continued ramp at general Motors and the grab transaction, partially offset by over 19 and strike at GM.
Gross margin for for certainly was 47% compared with 42% fiscal 2019.
The improvement was driven by the higher margin grab transaction.
Our gross profit for fiscal 2020, 140, or 114 million and freedom increase of 36% compared with 83 million in fiscal 2019.
Operating expenses in fiscal 2008, 413 million compared with 111 million in fiscal 2019.
We achieved an important goal in fiscal Tony adjusted EBITDA, a non-GAAP measure for fiscal 2020 was 12 million dollar an improvement of more than 47 million compared with the loss of 15 million for fiscal 2019.
Free cash flow for the year was 26 million an improvement of 17 million compared with 9 million in fiscal 2019.
Operating profit in fiscal Tony.
At this point 5 million compared with a loss of 27 million in fiscal 2019 and improvement of over 27 million year over year in operating profit.
GAAP net loss for the fiscal year, 2020 was 1 million compared with the loss of 32 million or the historical fiscal year 2019 improvement was driven by continued ramp at GM and grab transactions.
Moving on to slide 15.
Performance overview breakdown.
So the trend toward services continued in the fiscal year broader revenue accounted for 80% of the core revenue for the year, while services was 20%.
We are trending toward increasing proportion of services, which we expect to continue as we gain access to additional capabilities through investments in partnerships like.
Our user base usage based insurance, we emotion auto or video platform as a service will be available.
Total services revenue for fiscal 2000, Tony was 49 million entries or 75%.
Compared with 28 million in fiscal 2019, the increase in terms of revenues primarily attributable to GM ramp.
The broader revenue for fiscal 2020 was 91 million.
And increased 13% compared 169 million in fiscal 2019, again, driven by Jim ramp and route.
Moving on to slide 16.
Short to medium term opportunities.
Despite the obvious pandemic influence on our topline in the fourth quarter I'm pleased with our overall execution in the past quarter and we see the following opportunities in the short to medium term.
Number one when new Oems across the Globe, we reported two new wins in Q4, 20, and we need to maintain our momentum to scale. The topline in the longer we will continue to look for opportunities both organic and inorganic expand beyond up beyond our current OEM customer base.
Increase our share of wallet.
Within our existing customer engagements.
Number three vivid as an embedded platform with Oems applying them the flexibility to customized entertain customer data relationship.
Number four in car commerce, it's a huge opportunity and we are just getting started with our first customer win with a Japanese OEM and we need to maintain focus on building the ecosystem.
Last but not the least number five is aftermarket with our all in one member solution to cater the untapped millions of cars in the aftermarket channel.
Next slide please.
Our operational discipline.
During the quarter, we took actions to improve efficiency and reduce our expense structure, including a single digit percentage workforce reduction we expect our operating expenses for fiscal 2001 to reduce in the mid to high single digit as a percentage from fiscal going.
We will continue to work towards additional efficiencies, including reducing contractor spent implementing label location strategy.
And tightly controlling discretionary spending.
As we commented last quarter, we're making progress towards implementing important likely to set to gain efficiencies and R&D finance and HR.
Next slide please.
Looking forward to physically one, especially to Q1 21.
Yes, we would we will be remiss to provide an outlook without few guiding principles and a framework given the global pandemic falling guidance assumes no meaningful change to the current economic environment.
Continued steady improvement and stability at OEM production output.
No further significant labor over later disruptions to production.
Given that for the first quarter, we expect.
Total revenue to be 57 million to 59 million.
GAAP gross margin to be within 43 and 45%.
GAAP operating expenses to be between 27 million 29 million.
GAAP net loss to be between 3 million to 1 million.
Adjusted EBITDA, a non-GAAP measures to be within a range our breakeven to positive 2 million.
Furthermore, we expect.
To be adjusted EBITDA and free cash positive.
For the full year 2021 with that I'll open up the goal for your questions.
Okay. Thanks a deal.
Now we'll go to the acuity.
The today's session our first question.
From Josh Nichols of your Riley Josh.
Yeah.
Hi, Thanks for taking my question congratulations on the two Chinese OEM wins could you provide a little bit more detail on.
When you might start seem some revenue from those companies and if they could be a significant contributor either this coming fiscal year essentially in fiscal 2002.
I was only one thing that hi is certainly so Josh I think beer and one thing where the Chinese Oems is that they do move much more at a much faster pace than north American or European or Japanese Oems. So we are expecting both of them to be launching in this fiscal year and we'll start to see some revenue this year and.
And Oh, no becoming more substantial next year.
Great and then as a follow up clearly cobot 19, with the auto shutdowns was a significant near term headwinds, but it looks like there's pretty good recovery guest on the guidance for this coming quarter could you talk a little bit about what you're seeing from light vehicle production for your customers both in North America and in Europe and.
How long you think until you get back to that like 65 million dollar type run rate on revenue side.
Our son, Uva Digger production, and then I'll chime in on the run rate.
Yep, certainly so based on the idea that we're seeing right now we are seeing things slowly coming back to two normal.
And again as far as Uh huh.
Turning some of the items that Bill mentioned.
As long as the overall.
Coordinated department stays as is there is right now some pent up demand as well.
I think on the production side, the Oems are running multiple shifts in order to catch up to the pent up demand, but the longer term outlook is really depends on some of the macro factors that could you mentioned earlier.
So I think Josh everything from our run rate point of view. If you look at Q4 backward looking we lost more than half. The corporation. The fact is were shut down for six weeks. Then back is opening up on May 18, and then you know they started ramping up so we still see a recovery and some stability coming back, but they haven't really ramp back up to full capacity.
They're getting close to full capacity. So I think you know our recovery back to full normalized run rate is predicated on production getting back to normal and also the demand environment stabilizing rights of August and often.
And then last question for me the company has been making a number pretty interesting investments as you kind of look to tackle. This 500 billion dollar a multiyear opportunity on the horizon connected vehicles up one when do you think that you're going to move and start to monetize some of those investments and what does do you think is.
The biggest near term opportunity if I'm thinking about later on this fiscal year or potentially next year. When you guys look at your pipeline of opportunities.
So let me take US right. So the as you notice on our investment real alone. This rate growth engines are to drive the flywheel is that in terms of in out of the in the first pillar, we have a whalen with video.
As a service platform for fleet.
Management.
Services and then of course in the second one we have motion auto disease examples not off.
And they're all generally revenue today are so our idea is introduced them into the no aftermarket solutions and whenever partnership on the revenue share nothing can happen within I think within a 12 month timeframe are generally in some our results operate related materials will be.
For the out, but we'll see how it goes right now he's no.
We haven't started yet in terms of monetizing or that we like to monetize it aftermarket our first.
And then go to decline.
Thanks, guys I'll hop back in the Q.
Alright, Thanks, Josh.
Our next question comes from Ryan signal of Craig Hallum airline.
Hey, guys, thanks for taking and questions.
Just wanted to start with the couple of New awards that yet in the quarter. So first on the asset I see.
Is that embedded connected navigation or what services is that for and then secondly is that across all of their platforms, including the joint ventures with VW NGL.
Yeah, So Ryan I can take that so it is embedded connected solution and this is for their export vehicles.
So I see I see it does have joint ventures, including SGN and we already worked with as Jim for Chinese domestic market and for that we have a contract with SGN, but this award is directly from the parent company FDIC for their export vehicles.
And other entire production you know I can look it up but they did about 6 million coil, but all in all of those how much of the export.
I'm not sure how much it their total expert marketing budget, but I think as its premature earlier, we are looking to support their exports in in Europe, as well as southeast Asia.
It's not that this just not milind units level and it is growing and forgive us.
Good lenders switching over to guidance. So for Q1, it implies idle revenue down year over year, even though I think you said North America auto production back up to 95%, a pretty cobot GM significantly greater penetration there so I guess.
Can you help as the puts and takes there on the guidance.
So the year over year, if you think about Ryan it's it's not really everything we said the 95% levels, but it's getting close to you know.
All capacity, but it's still ramping up so it's not quite there yet, but if you look at year over year. So if we guided we got to 57 to 59 midpoint is 58, and if you do a year over year compare it's it's down.
How about $8 million urea.
Roughly speaking rough math. So if you look at that it's basically you know there's four map updates that we had in loss last year. So it's made a drop year over year is the timing of the board map updates that we had format published last year, we don't have Ford map updates as Youd in Q1, I'm still possible is good half.
And in Q1, but excursions current projection is it's not going to be in Q1. The difference between really is really the board map updates and that's really partially offset by GM Ram. So those are the two main drivers if you normalize for that and it's really growing year over year.
And then just on the head count reduction can you bucket that kind of between.
Different areas DNA versus R&D versus versus other.
So it's a it's.
The headcount reduction, it's I would say predominantly in the engineering, but it was not limited to one function is scattered across multiple functions, a which you just DNA R&D in sales and marketing so its scattered across the board.
Last one for me and then I'll I'll turn it over to someone else but.
You guys have $111 million of cash on the balance sheet, Besides corporate quarter, I mean, you're generating cash pretty consistently here with GM ramping.
You filed a 100 million dollar shut off last week.
Any comments you can make a hell of help us think about what out wanting and pensions are there.
I'll take that Ryan and Thats a good question. So I think if you. If you look at you know the strategy that we have laid out and we have been kind of repeating and giving you updates for the loss.
Almost a year so we have about established.
Our strategy in a framework. So there are clearly you know platforms are pillars that we want to even though we're focusing on and each of them. That's when we have made it he around those 333 pillars and as HP also said in the beginning we need to build momentum right and that momentum will come from organic initiatives being delivered eight hours.
And other things, we're doing organically or RCC and got commerce, but at the same time, we're looking at opportunities staggered further enhance our speed up our momentum.
With an inorganic initiative. So inorganic initiatives are also in the play so raising 100 million dollar Onboarding shout out there. It's just been being proactive devalued nomoline opportunistic right. These are interesting times.
And if we find an opportunity that could enhance our fuel our growth, but with a strategic we want to be ready for it.
But having said all of that one thing I could I could say a line is whatever we decide if it is a key decision, making criteria will really be the strategic fit to our strategy and HP has laid out and that's that's that's that's number one.
Second is really you know the value creation for shareholders. So we will create value for shareholders. So those are the two key decision making varieties.
So I'll turn it over.
All right. Thanks, Ryan and next up is Mike Latimore from Northland Securities Mike.
Hi, guys are going to clear.
So there is a services revenues were really nicely.
I think Consigning mentioned, the that was largely tied to general Motors I guess just wanted to make sure that was correct and that's navigation services and then I go and Ford and GM. So the main driver and services.
Oh, yes, Mike so.
For General Motors, all are for all of the vehicles are connected so we do have a larger portion of the revenue from GM, a service revenue versus others and as long as we continue to deliver connected services that are part of our our litigation them.
Trend will continue.
And is there much later like professional services now liners and mostly kinda recurrent.
So the or perhaps you could comment on that but I do believe the services revenue is for professional services. It's not so so I'll break it apart from I guess I'll give you more of the current state and then I'll talk about more of the strategic reducing that we've been going right. So I think because this is an important question and we.
Try to talk about services and we had been touching on services for the last couple of quarters.
So first off services up an 80 of strategic importance for us and one of the reason we are we did okay. In Q Q4. Despite you know we lost six weeks of production.
And the ramp up so basically we end up using more than six weeks side, because they were still ramping up.
It's because I was just because we have we want to have the steady stream of revenue that ensures a stable in the revenue streams, which is not dependent on the new units and the production. So that's really our strategic orientation now the things that HP talked about for example, you know motion auto which is a usage based insurance company that will be built service play and be more.
But you know subscription model medium that Darren lead into services revenue now similarly, valence near the the video platform as Servicelink. So thats a pure SaaS offering. So if we do something like that that will also further enhance our our service offerings. So that's what our strategic for David as we were going also organically.
You know as we are looking at new our fees. Our views. We are also thinking about you know how can we innovate event and come up with new business models.
When we tried to enhance our services mix. So that's really the strategic orientation now shutdown.
I'm certainly you know what you see today, it's not really you know.
Or say you know fewer professional services led this is more of connected services play.
Where life searches and you know over the air Canada stuff that you can provide to your Oems.
That's really the services offering we have it it's not the true SaaS model or the two professional services model, but we aspire to be there and that's a strategic priority for us.
Okay.
That helps them.
Yeah, and then I think I missed the exact numbers, the what was Ford and GM in the quarter.
Center revenue as a percent of revenues. So so Q4, Mike I think we'll be Len.
You don't want to back to Q4, because you know coupon was an unusual quarter right. So I think is better if you. If you think about where it was a quarter ago. So.
So a quarter ago sub Q4, I'll give you the coupon I'm sorry for the Q4 GM was 52% and order was about 30 do.
But that isn't unusual quarter, because as I said, you know GM has or hasn't said GM has higher mix of services that more stable steady state revenue stream compared to four therefore, the drop in GM was not as much as for now if you go quarter ago quarter. A goal was hold was close to 50 per.
San and GM wasn't the high Thirtys.
So we expect the mix to shift over time as GM ramps up but Q4 should not be or your modeling purposes hold back to what you see in Q4.
And then just last one erode intelligent deal. He said you're looking at other ones. There are you looking at deals with a similar structure to when you did with grab or is there other ways that small birds on bill I assume youre, saying that Oh, yeah. Yeah, certainly so it's a case of grab it was a transaction where we transferred some four.
P. as well and now grab is running our full stack in their environment I think moving forward. We're looking at more service oriented so it will intelligence as a service. So it's easier for us to up to look at service up and going in a shorter timeframe and were able to spend this across multiple customer.
There's without really having.
Having to do the type of integration that we did with Graham.
And still focused internationally or something in the Americas Tim.
Our focus is global so we're focused on ride hailing as well as any other areas where growth intelligence information as needed.
Okay. Thanks.
Okay.
Alright, Thanks, Mike.
You might do.
Yeah.
At this point there are no further questions.
And so I want to thank everybody for participating in the call today and we look forward to updating you again next quarter. Thanks for your continued support and this concludes the town that fourth quarter and fiscal year end 2020 conference call.
Thank you.
Thank you.