Q4 2020 PowerFleet Inc Earnings Call
Good morning, welcome to the powerfully fourth quarter and full year 2020 conference call joining us for today's presentation is the company's CEO, Chris well and CFO Ned Mavrommatis. Following their remarks, we will open the call for questions.
Before we begin the call I would like to provide power for each safe Harbor statement that includes cautions regarding forward looking statements made during the call.
During the call there will be forward looking statements made regarding future events, including powered for each future financial performance on.
All statements other than the present and historical facts, which include any statements regarding the company's plans for future operations anticipated future financial position anticipated results of operation business strategy competitive position company's expectations regarding opportunities for growth demand for of the company's product offering and the other.
The trends are considered forward looking statements such statements include but are not limited to the company's financial expectations for 'twenty 'twenty, one and beyond.
All such forward looking statements imply the presence of risks uncertainties and contingencies, many of which are beyond the company's control. The company's actual results performance or achievements may differ materially from those projected or assumed in any forward looking statements.
Factors that could cause actual results to differ materially could include amongst others S. P.
SEC filings overall economic and business conditions, the manner of the company's products and services competitive factors emergence of new technologies and the company's cash position. The company does not intend to undertake any duty to update any forward looking statements to reflect future events or circumstances.
Finally, I'd like to remind everyone that this call will be made available for replay in the Investor Relations section of the company's website at Www Dot powerfully dot com now I would like to turn the call over to powerfully CEO, Mr. Chris Wolfe Sir. Please proceed.
Hey, Thank you Alison good morning, everyone and thank you for joining our call I hope everyone is staying healthy and doing well during these very unprecedented times as you saw from our earnings release for the fourth quarter was a solid finish to a very unpredictable and challenging year for companies globally.
Power fleets focus on driving profitable growth along with continued execution against our strategic initiatives enabled us to deliver 7% sequential increase in our topline revenues of 4% sequential increase from high margin recurring services revenue and a meaningful improvement to our bottom line.
Improving financial metrics demonstrate the leverage of our business model and the ongoing benefits from our cost optimization.
Operating optimization measures, which together helped produce robust gross margins of eight 8 million in operating cash generation for 2020.
From a sales perspective, we finished the year strong with several new customer wins, and we entered 'twenty 'twenty, one where the solid backlog of installations and a robust prospect pipeline.
During Q4 and more recently, we secured an announced the number of notable wins, including Panhandle Transportation group Nucor tubular and Mcguire transportation. These wins contributed to our base of monthly subscription units, which totaled a record 590000 at the end of Q4.
Before I dive into our business segments on outlook I'll turn the call over to our CFO Ned Mavrommatis to discuss our results for the fourth quarter and full year of 2020 net.
Thank you, Chris and good morning, everyone.
Turning to our results for Q4 on the full year of 2020.
Revenue for the fourth quarter of 2020 increased to $29 4 million from $27 6 million in the prior quarter, but decreased from $35 1 million in Q4 of last year.
The year over year decrease from revenue was related to the reduction of product revenue from our last major shipment to Avis in Q4 of 2019 and the impacts from COVID-19.
Revenue for the full year 'twenty 'twenty increased through a hunter on $13 6 million from 81.9 billion in 2019.
High margin recurring and services revenue for the fourth quarter was $17 3 million or 59 per cent of total revenue. This compares to $16 7 million or 60 per cent of the total revenue in the prior quarter and $18 7 million or 53 per cent of the total revenue in Q4 of last year.
For the full year 'twenty 'twenty services revenue was 67.9 billion for 60% of the total revenue compared to $36 5 million or <unk> 45 per cent of total revenue in 2019 prop.
Product revenue, which drives future service revenue was $12 1 million or 41% of total revenue.
This compares to $10 9 million or <unk> 40 per cent of the total revenue of the prior quarter.
The point 5 million or <unk> 47 per cent of sort of revenue in Q4 of last year.
For the full year of 2020 product revenue was $45 7 million or <unk> 40 per cent of total revenue compared to $45 4 million or 55% of sort of revenue in 2019.
Gross profit increased to $15 2 million or 52 per cent of the total revenue from 14 point of 9 million or 54 per cent of total revenue in the prior quarter.
16, 6 million of 47 per cent of sort of revenue in Q4 of last year.
For the full year 2020, gross profit increased to 59 million or 52% of sort of revenue from $38 4 million or <unk> 47 per cent of the total revenue in 2019.
Now turning to our expenses total operating expenses for the fourth quarter of 2020 were $15 3 million up from $14 2 million in the prior quarter. The $15 3 million in Q4 was up 7% from the prior quarter, but was down 23% from Q4 of 2019.
For the full year operating expenses were $62 5 million compared to $48 5 million in 2019.
Turning to our profitability measures GAAP net loss attributable to common stockholders for the fourth quarter of 2019 totaled $3 5 million or 12 cents per basic and diluted share. This compares to a GAAP net loss of $1 7 million or six cents per basic and diluted share in the prior quarter and GAAP.
Net loss of $5 2 million or 18 cents per basic and diluted share in Q4 of last year.
Net loss in the fourth quarter of 'twenty 'twenty included 2 million in $2 million of noncash expense related to foreign currency translation of debt outstanding in local currency of our company's Israeli subsidiary.
For the full year 2020, GAAP net loss was $13 6 million or force of 46 cents per basic and diluted share compared to GAAP net loss of $12 million or 59 cents per basic and diluted share in 2019 net loss for 2020 includes $2 1 million in noncash expense related.
Two of foreign currency translation of the debt outstanding in local currency of the company's Israeli subsidiary.
This noncash expense as well as additional gains or losses that may not be indicative of our core op at on operating results. We introduced non-GAAP net income to supplement our GAAP results non-GAAP net income attributable to stockholders for Q4 of 2020 total $2 million for seven.
For basic and five cents per diluted share. This was an improvement compared to non-GAAP net loss attributable to common stockholders of 606000 or two cents per basic and diluted share in Q4 of last year for the full year 2020, non-GAAP net income attributable to common stock.
Stockholders totaled $3 $7 million or 12 cents per basic and 10 cents per diluted share, which was the significant improvement compared to a non-GAAP net loss attributable to common stock holders for $7 million or 23 cents per <unk>.
Basic and diluted share in 2019 adjust.
Adjusted EBITDA for Q4, 'twenty 'twenty totaled $3.2 million for 11% of total revenue compared to adjusted EBITDA of $3 $6 million in the prior quarter and adjusted EBITDA of two point of $1 million of Q4 of last year for.
For the full year of 2020, adjusted EBITDA totaled $9 $1 million compared to adjusted EBITDA of $3.2 million in 2019.
Our liquidity position remained strong at quarter end with 18 point of $1 million in cash and cash equivalents and working capital of $28 9 million on February.
February 21st we closed an underwritten public offering that generated net proceeds of approximately $27 million.
As of today, our cash cash position exceeds $45 million, giving us ample resources and runway to execute our growth strategy I'm encouraged to report the for the full year of 2020, we generated $8 $8 million in cash from operations, which was the significant improvement from seven.
$3 million used in operation in the.
Saint Pierre on in 2019 in summary, we believe our diversified customer base for it.
Kick the ball high margin recurring and services revenue and prudent approach the cash manager of men, who will help us ensure that we successfully navigate this uncertain times that concludes my prepared remarks, Chris.
Hey, Thanks Ned.
The improving financial performance reflects our global teams continued operational execution and building sales momentum in our industrial segment, which includes forklifts and material handling equipment, we continue to see improving sales traction across our strategic direct sales team on our indirect channels, which include our OEM white label product in our expanding U S partner.
The network along that line of our U S partner channels, we continue to see increased activity in sales over Q3 levels, including volume unit orders from our strategic OEM partner Young Heinrich the third largest forklift manufacturer in the world.
Our partnership with Toyota Motor manufacturing continues to gain traction during the quarter. They expanded by installing a plant in Mississippi and on top of this working with our partner attach solutions. We also secured a new Toyota plant in Mexico.
Also in Q4, we signed the deployed our first E Commerce distribution center for the world's largest brick and mortar retailer. We also had several other notable wins and deployments from the period, including Monster, The Toyota Motors, Coca Cola minute maid, Daimler and Audi.
In terms of the priorities and initiatives on our industrial segment in 2021. After our successful upgrade with Walgreens, we have been aggressively working with our long standing customers to transition them from our older legacy platforms to our next generation solutions and two of reoccurring revenue model, we expect to see several of these major customers that sort of transition.
In the second half of this year. It is worth noting that these major migrations require both of the Colombian telemetry unit refresh and the migration to our software as the service cloud based platform.
This legacy customer base represents over 30000 units in high value product sales potential and nearly all of these customers pay little or no recurring SaaS fees today.
It was an equally busy quarter in our logistics segment and as I mentioned in my opening remarks, we secured a great win with Panhandle of transportation group of 500, and twenty-five unit refrigerated fleet will begin shipping our L. P 400, reefer telemetry platform during Q1.
We also started delivery of the previously announced 6000 unit solar and Super Cat Lv 500 container telemetry platform, which also included all of our L. E 710 for a camera system.
This really isn't that previously announced a major supermarket chain in the south east, placing the order for 1200 trailer and re for platforms in Q4, and we've already started shipping these units.
On the R&D front powerfully as defined of family of products to help our customers with the critical activity of weight sensing to maximize revenue ensure safety optimize asset utilization and comply with regulatory requirements of.
Our Lv 300, Ws Ws standing for weight sensing telemetry platform is the single device that not only provides asset telemetry data, but also focuses on wake detection, which provides accurate detection of events, such as mounted and dismounted containers on and off chassis.
R. L E 750 weight on axle sensor when paired up with the Lv 300 W. S goes a step further and focuses on weight measurement to include not only the information on the mounted of dismounted containers, but also can tell the container is loaded or not.
Given the container of bottlenecks were experiencing at the port of Los Angeles. These new capabilities are aimed squarely at fixing of major industry pain point.
We recently completed a major milestone in our weight sensing initiative with the American Intermodal management. Our work has led to the inter American intermodal management of placing an initial order for 1000, Lv 300, Ws platforms and matching L. V. Some 50 weight on axle sensors, which are currently being installed a new chassis is being built in Mexico This quarter.
In the first half of 'twenty 'twenty, one we plan to release, two new multimode telemetry platforms, where we recently started field trials for a major customer these products will broaden our portfolio increase our overall market potential.
Additionally, we will continue our R&D efforts and pushed to see if we can achieve legal weight on axle, which if successful and at the right price point can be an industry game changer.
Internationally sales of our point of sales for a point of Israel operations exceeded 2019 levels, which is a very impressive fleet a feat given the closing of the economy struggle times in 2020 due to COVID-19.
Israeli vaccinations are nearing 50 per cent of the population of much of our work forces had their first vaccination.
For her Israel increased its share of the premium car market with wins at Volvo Honda privacy as well as increased market share in the rental car market with Windsor budget per car rental and Eldon car rental.
Also consider our installations of wireless defibrillators throughout the country with Baghdad, David adopt M. D. A motto model is the state of Israel's National E. M. S organization responsible for emergency pre hospital medical care and blood services moderate as playing a critical central role in Israel for sponsor of the Covid crisis, including testing.
Sampling scheduling and managing vaccinations and.
In addition to the motto point of Israel, one of major tender was Maccabi health and our temperature on Iot projects are gaining momentum in pharma food cannabis grocery and honey production.
In terms of our other international geographies are point of Argentina operations sign Eden Red in Mexico targeting an initial plagued with 2000 units starting in Q1 was the possible upside potential of 45000 units or point of our Mexico operation continue to rollout of Kovach, which is the carve out of Mexico and actually ensure.
That's what car back having the potential for 10000 units annually and acts of having the potential for an additional 2400 units.
This is just very cool our India team working on their cell locators. Just work has been working with Tata consulting services. We've been selected to provide mobility platforms for a 6000 unit of Iot project in Northern Europe.
In our vehicle segment, we are launching newer cat M. One and cat M platforms, and we're seeing significant interest in the construction equipment segment. This growing interest and traction was confirmed by a reseller agreement. We recently signed with a major construction equipment company for a minimum 2500 units annually, which started shipping in Q1.
In addition to the when we are currently in field trials with three large construction equipment prospects.
Powerfully continues to enhance our solution for vehicle class one to five customers. That's smaller vehicles used ins service fleets and delivery and commercial fleets with the focus on car sharing and rental self service. These offerings within rental fleets have seen an increase.
Due to Covid.
For the demand for touchless interactions as well as midterm car rental and fractional ownership.
As an alternative to the public transportation and personal car ownership.
As we look ahead, the 2021.
The other market demand for our dry van container of cold chain mobility platforms of steadily improving North America and globally.
Now of the very strong balance sheet that gives us the capability to move diligently and quickly on potential acquisitions that can bolster our position.
Graphically core of our business segments, as we expand our product software and analytics offering.
As the global economy recovers and countries reopen powerfully is well positioned the leverage our enhanced scale strong balance sheet and expansive international footprint to effectively compete and win global tenders. We believe these factors will never powerfully to capture an increasing share of the growing multibillion dollar global industrial Iot market.
And with that we're ready to open the call up for your questions.
Operator, please provide the appropriate instructions.
Okay.
At this time well be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad.
Confirmation tone will indicate your line is from the question queue. You May press star two if he would like to remove your question from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star of our first question comes from Mike Walkley with Canaccord Genuity. Please proceed.
Great. Thank you Christian had I hope the Ewing everyone's families on the color are staying healthy and well.
[noise] on its Mike.
Just the yeah. Congrats again on the another double digit adjusted EBIT margin day in the year, Chris just just on the solid backlog entering 2021 can you discuss.
Areas of strength and any updates on some of those large opportunities you were chasing it and and maybe how you see you know the business.
Moving throughout 'twenty 'twenty, one if the.
The economies continue to reopen.
Yeah. Thanks, Mike.
Actually saying you've seen the traction with new sales, but even coming into 2021.
Previously, we announced the writer of logistics of when I think it was like June of last year.
We only installed six locations of brighter Ah in 2020, and Theres 24 to go so just on the scale you can see it's almost of the forex or more.
Just with one customer alone and we also the Nucor tubular you know there's upside there in context, which we announced last year on the industrial side.
On the industrial side was probably the hardest hit in 2020, and the fact that we're seeing that come back and come back fairly strong is the phenomenon of encouraging on the very large.
Prospects that we're still pushing those we do have some progress going on.
Not quite yet because we're going on for Q4, right now don't want to get over my skis.
But again, that's kind of some of those wins that I mentioned of migrating old customers like the United States Postal service Ford Motor Company.
When you start seeing this deploy those locations this year, which we hope would have start happening before the second half, but we're definitely in the second half of.
That's when you'll start seeing those kind of break free.
On the industrial side on the Legit I those of those field trials, we have are still going on and we expect the culmination of here in Q1 and in the Q2.
Alright, that's helpful. And then just on the on the quarter you know another strong net add of 20000 to get to a $5 90.
Maybe you can just talk about where you're seeing.
On the strength and you are you still having any customers turning things off just due to impacted industries or is that behind you now and you should see steady growth barring any of virus getting worse.
Yeah, barring any virus getting worse, we are seeing it stabilize really in Q3, you know thank goodness and then we're just seeing the stabilization we're not seeing any major customer issues at this time as far as you know.
People on that kind of financial Straits that they need the turn op units in mass.
And by the way, we're actually getting to the 20000 net add its just the across the board you know, which is actually good for US I think if anybody who followed our story early on it was always contingent on one or two customers, making or breaking of the quarter and now I think the just the the breadth of our company helps us.
Just whether those kinds of situations much better. So we're not really you know beholding to one one particular customer in quarter.
But again, it's really been across the board.
Great last question for me and I'll pass it on net product sales were a bit higher than expected. Most of those then turned out on a converted to subs or is that give you some of visibility into some sub growth already into the.
March quarter, and then the 35% gross margin I know the Knicks can fluctuate quarter to quarter based on hardware, but it's sort of kind of a good gross margin for 2021 on hardware as you look at kind of your backlog for 2021.
Yeah. The first part of your question is absolutely I agree.
The hardware that we sell comes with the long term service contracts. So it's.
The higher product revenue today, it gives us more visibility to growing service revenue.
On the product margins is primarily mix all of it we have products that are.
Generally 20% gross margin and then we of products that generate <unk> 45 per cent. So it's really the makes I think between 30 and 35 on the product side, we feel very comfortable going forward.
Great. Thanks, taking my questions and best wishes for a successful 21.
Okay. Thanks, Mike.
Our next question comes from Jason Smith with Lake Street. Please proceed.
Hey, guys. Thanks for taking my questions. Just curious if you could comment on what you've seen from an order pattern standpoint here in January and February of some of the momentum you saw late last year has continued here of the first two months of the quarter.
Yeah I mean.
Again, we're not done in the typically a lot of our sales like a lot of companies. They come in at the last month of the quarter of but again, we haven't seen it slow down matter of fact, if anything we've seen the business activity picking up and which is good especially on our indirect channels you know because they have more touch points in the overall global economy.
Especially like in the U S economy, which is the biggest markets that we're in so again the activity level has been high I had myself attended almost every sales pipeline call. It.
And of its probably you know probably the strongest calls I've I've been in probably in the last two years, even pre COVID-19.
Okay. That's helpful.
Then could you just give us an update on where you're at with the other.
The rental car company.
Oh, the conversations continue in the matter of fact, there was of third party. That's just recently started in the RFP in that area. So another rental car company. That's also a major.
So again, we're participating in that RFP as well so conversations continue there.
Again, I think it's going to be slow going with the major rental car company, but you know the interest level is still there and we just keep them update on on what we're doing and that's just really up to them when they want to and when they can do a program right because they need to do all of what we call of large scale field trial.
We have a proposal in front of them right now to do that.
Okay and the last one for me and I'll jump back into queue net how should we think about opex ramping here in 2021.
We are going to slightly start investing a little bit more in sales and marketing as Chris mentioned.
We're beginning to see.
Increasing the activity and people doing business.
So we are going to start investing a bit but again very conscious of our goal is to profitable growth.
Okay. Thanks, a lot guys.
Thanks, Jason.
As a reminder, if you'd like to ask the question. Please press star one on your telephone keypad. Our next question comes from Scott Searle with Roth Capital. Please proceed.
Good morning, Thanks for taking my questions here just to the follow up on the gross margin front net I know that there are there's volatility quarter to quarter, depending on mix, but we've.
We've seen a lot of component issues throughout the industry and the supply chains with other vendors are you seeing any issues on that front how is that impacting.
And not only your gross margins, but your ability to ship and service or are you seeing any push outs on that front.
Sure I'll, just talk a little bit about the gross margin and then Chris can talk on the road the supply chain. When you look on our service gross margins are very consistent at 65 per cent and growing.
In Q4 the prior.
The gross margins will not impact debt.
At all by the supply chain issues or.
It was just primarily mix and as I mentioned before we feel comfortable looking out there going forward the product growth.
Martin as being anywhere from 30 to 35 per cent.
As you look forward the supply chain is an issue not only for us for the whole industry. So Chris maybe you want to take the.
Yeah, there's <unk> to.
To be very specific there's a couple of components actually module shortages that had been going on of.
That have not necessarily impacted us as of yet and we're in the middle of the like making sure. They don't so by pulling in orders, you'll probably see some of our inventory go up just to make sure that we have ample supply for and for also for surge getting back to the other question about large field trials that come the culmination.
For modules from Super caps, the long lead times are you know sort.
So that's what we're trying to do right now is just really remediate any risk and make sure that we can take advantage of upside by the.
Pulling in a sub components and modules early.
We don't have to do the deal the.
Build out the full product, but we can pull on the parts. So that we have ample supply, but it is concerning and some of the long lead times are getting into it like six months right. So you have to plan ahead.
Gotcha, and just to follow up on some earlier comments for clarification.
With the United States Postal service it sounds like now that is moving ahead. It's just the timing issue and the follow up on your comment on budget. Its budget now just specifically through pointer in Israel or is that extending out to our budget globally.
Yeah, Avis budget group I mean by the way budgets as part of the Avis. So in the U S. Some of the 120000 units. They took our you know it could be in the budget.
The portfolio.
This is a licensee of Avis budget group so again.
Our contract with Avis actually allows us to sell to the licensees, which you know there's quite a few like in most of the international countries. So.
We've had been approached by other countries as well like Mexico, et cetera, and so whether or not they go with our Adas product directly or they go with the different products that we get you know got from the point of acquisition.
You know, we're approaching them with like our portfolio of products and that was of when using <unk>.
One of the point of products, but it's still a great win for our licensees.
Got you and and U S Postal service.
Oh, Yeah, I think you're you know I don't want to get too far ahead, yet, but theres, great conversations going on there and great planning going on.
So we hope you know once you start seeing.
Basically put out on the announcement when we can when.
When we start deploying that at facilities and we hope that will be in a couple of months.
Great and lastly, if I could just.
Given the mix of business and where you're shifting your moving to more value I'm kind of wondering how you're thinking about the recurring revenue from the <unk> standpoint, as you start to win some of these higher value opportunities, including weight on axle and other weight sensor driven initiatives and also as you're kind of moving into some different directions are cold chain keeps coming up a lot I'm wondering if the competitive.
The vendors of the shortlist of you're fighting against this changing at all thanks.
Okay. So when it gets back to like weight on axle and some of them like and again I mentioned, our freight camera as well you know those are very high value type of products that we offer our free cameras. The people don't know, we actually do machine learning on the imaging. We can tell how traders are loaded with theres been a shift in transit we can actually help you.
Tell you how the unloaded trailer now for the first time versus just loaded in the empty.
That tied to weight on axle.
You can tell we have more visibility, which can help our customers increase their velocity and that's actually the whole issue with the industry in general.
Is there a certain choke points that we're trying to address specifically like get the point of the port of Los Angeles, and the chassis container issue out there.
Or it's the getting trucks in and out of yards faster by knowing where our trailers are on the proper location of chassis or containers. So you know with that or our price point is more of the solution sales now so what we do as we go into the sell a solution to solve the problem and that does typically include you know of hardware.
Sales, just because there's a hardware component to it and edge computing, but it's also includes our analytics and our software so getting back to the ARP, who kind of depends on the vertical you're in and the actual solution, but yes. The ARPA is typically going to be higher than our standard would be for like a chassis tracking product right. Now is typically four to $5 a month.
On this could be you know five or six added on for the extra weight data on the same with our freight camera you get an extra dollar at the same time by the way as we moved the five G. Yeah, we get the added benefit of the lower data rates. So we can actually send more data more sensor data through the pipeline.
And lastly on the Cold chain question that's of Great question.
We are now competing on projects with systems integrators, so that by the way. We're also partnering with systems integrators I meant that I had mentioned Tata consulting services are the largest in the world I believe today, if not the largest the second so for us to actually partner up with the TADA as a just a phenomenal opportunity for the company. So.
Well, we can either do it ourselves, which we've done like with the American intermodal management, which we did with Avis like we did with the United States Postal service years ago, or we can partner up with a stronger partner and go after Iot wins that way, but again I think our our capabilities to be nimble and I think the being innovative with NIM.
<unk> technology provider in the Iot space is our differentiator.
So we can actually go in and listened to what the problem is fixed the problem and for that you'll get remunerated for it.
Great. Thank you.
Okay. Thanks. Thanks.
Our final question is from Gary price, the Pinot with Barrington Research. Please proceed.
Hey, good morning, everyone. I just wanted to clarify you had 590000 on air subscriber units at the end of the year.
Yes.
Okay.
And then.
Chris Watt.
Could you maybe give us an idea of Directionally I mean.
Relative to the end of last year, what what has been the growth in your backlog overall.
I mentioned earlier I think it's been more a broader across the board like in Israel with our you know right now I mean, two years ago, there was not any Iot programs going on in Israel.
Israel Operation that was all the vehicle sales you know through Oems doing S. We are now.
Now 10 per cent of the revenue out of Israel is all Iot projects. So I mean, that's the average.
Two years, so we actually see that trend continuing and it's a focused initiative.
And at the same time on our logistics segment, which we invested heavily in you.
You know the Panhandle group, the 6000 of container for.
Fleet at the Mcguire.
We're seeing very good traction and uptake and we by the way we don't even announce like when the current customers refresh in that necessarily but again, that's you're seeing a nice steady progression of our sales.
Sales in the logistics side and.
In the industrial side has always been the lumpy as part of the business because of it.
They're they their capex as all of the you know it's a cost center right you know the warehouse and the shipping facility is usually a cost center. So when the economy goes down you're not going to add cost to a call center activity.
That's going to be the first thing hit and so that's what hit us last year, but we're seeing that nice again because of that business activity picking up.
More things being built so our manufacturing segment in the in the industrial side is starting to recover like I mentioned Toyota manufacturing everything was put on hold at Toyota all of that will read it yet and so now we're starting to see that come back to life, which is which is awesome.
Okay, Great and then lastly.
Ned can you provide us with the.
The components of non-GAAP net income.
For all of the quarters for 2019 and 2020 for modeling purposes.
Sure. It does obviously, it's in the press release, there's a table on Gary the has the Oh the GAAP.
GAAP to non-GAAP, so I don't want to read it over the over the.
Oh, I'm sorry I'm.
I'm looking at the press release and I'm seeing it for for December and for the year right.
Quarter end the year, maybe I don't have the full press release popped up here, but.
There is the.
A breakdown by Q1 Q2, Q3 for 2019 and 2020 of all of the individual components.
Yes, and I pointed out to you after the call.
I'm, sorry, I, you know I'm on.
I'm looking at this on two separate screens here. So all right I'll take a look at the thank you okay. Thanks.
Yeah.
Thanks, Gary.
We have reached the end of the question and answer session and I will now turn the call over to Chris Welch for closing remarks.
Thank you for joining us today I'd like to thank our employees for their diligent efforts and great results on our customers for putting their trust from our products and services and our investors for their support of our vision.
Stay healthy and we look forward to speaking with you again soon.
Thank you.
Thank you for joining us for our K presentation, you may now disconnect.
Okay.
Yeah.
Okay.