Inseego Corp (INSG) 2023 Q4 法說會逐字稿

Hello, and welcome to Inseego Corporation's Fourth Quarter 2023 financial results conference call. Please note that today's event is being recorded and all participants will be in a listen only mode. Should you need any assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity for analysts to ask questions.

您好，歡迎您參加 Inseego Corporation 2023 年第四季財務業績電話會議。請注意，今天的活動正在錄製中，所有參與者都將處於僅聽模式。如果您需要任何協助，請按星號鍵和零向會議專家發出訊號。今天的演講結束後，分析師將有機會提問。

To ask a question, you may press star and one on your telephone keypad. And to withdraw your question, please press star then two on the call today are Phil Brace, Executive Chairman of Inseego Board of Directors, and Steven Gatoff, the Company's Chief Financial Officer.

要提問，您可以按下電話鍵盤上的星號和一。要撤回您的問題，請按明星提問，今天參加電話會議的兩位是 Inseego 董事會執行主席 Phil Brace 和公司首席財務官 Steven Gatoff。

During this call, certain non-GAAP financial measures will be discussed a reconciliation to the most directly comparable GAAP financial measures is included in the earnings release, which is available on the Investors section of the company's website. An audio replay of this call will also be archived there. Please also be advised that today's discussion will contain forward looking statements. These forward looking statements are not historical facts, but are rather based on the Company's current expectations and beliefs for a discussion on factors that could cause actual results to differ materially from expectations. Please refer to the risk factors described in the Company's Form 10-K, 10-Q and other SEC filings, which are available on the company's website. Please also refer to the cautionary note regarding forward-looking statements section contained in today's press release.

在本次電話會議期間，將討論某些非公認會計準則財務指標，並在收益發布中包含與最直接可比較的公認會計準則財務指標的調節，該收益發布可在公司網站的投資者部分查看。這次通話的音訊重播也將存檔在那裡。另請注意，今天的討論將包含前瞻性陳述。這些前瞻性陳述並非歷史事實，而是基於公司當前的預期和信念，對可能導致實際結果與預期存在重大差異的因素進行了討論。請參閱公司 10-K、10-Q 表格和其他 SEC 文件中所述的風險因素，這些文件可在公司網站上找到。另請參閱今天新聞稿中包含的有關前瞻性陳述部分的警告說明。

And with that, I would now like to turn the call over to Phil Brace, Executive Chairman of Inseego. Please go ahead, sir.

現在，我想將電話轉給 Inseego 執行主席 Phil Brace。請繼續，先生。

Thank you. Good afternoon, everyone. It's a pleasure to be with you today. My prepared remarks will cover three topics. First, I'd like to start by sharing a brief perspective on why I joined the Board of Directors in Inseego some six months ago. Second, I'd like to share some thoughts on the leadership change that was announced today, my focus going forward. And third, I'll provide some high-level overview of the current quarter. I'll then turn the call over to Steve and we'll wrap up with some Q&A.

謝謝。大家下午好。今天很高興和大家在一起。我準備的發言將涵蓋三個主題。首先，我想先簡單介紹一下我在大約六個月前加入 Inseego 董事會的原因。其次，我想分享一些關於今天宣布的領導層變動的想法，以及我未來的重點。第三，我將提供當前季度的一些高級概述。然後我會將電話轉給史蒂夫，最後我們將進行一些問答。

Let me first address while I joined the board First off, I'm very optimistic on the wireless industry. 5g technology is still in the relatively early stages of deployment. And I see that technology as having potential to change the way people and machines work.

讓我在加入董事會時先發言 首先，我對無線產業非常樂觀。 5G技術仍處於相對早期的部署階段。我認為這項技術有潛力改變人類和機器的工作方式。

Second, from my time at Sierra Wireless, I was familiar with Inseego and its great products. I was bullish on the opportunity for Inseego to offer leading 5G mobile and fixed wireless access solutions, strong market relationships that existed and the investments in FWA to drive future growth.

其次，從我在 Sierra Wireless 工作起，我就熟悉 Inseego 及其出色的產品。我看好 Inseego 有機會提供領先的 5G 行動和固定無線存取解決方案、現有的強大市場關係以及對 FWA 的投資以推動未來成長。

All of these things remain true today by now, you've seen the news of the change in leadership. We just announced the Board felt that the time was right to make a change to ensure we had the right leadership going forward.

所有這些事情在今天仍然是正確的，你已經看到了領導層變動的消息。我們剛剛宣布，董事會認為是時候進行變革了，以確保我們擁有正確的領導層。

With that, I took on the newly created Executive Chairman role to help lead the Company through this critical time. While we search for a new CEO, we have already engaged a top-tier recruiting firm and I will be actively involved in the search process. I will also be spending time reviewing and addressing some of the changes that need to be made in our business, our capital structure and our portfolio of investments. It is important to note that I'm not doing this alone, we have a very strong and engaged Board of Directors, and we're glad to have added some key leadership in finance and sales to the Company recently to complement the strong skills of the Inseego engineering and product team that's on the frontline of developing all of our products and technology.

就這樣，我擔任了新設立的執行董事長一職，幫助領導公司度過這段關鍵時期。在我們尋找新執行長的同時，我們已經聘請了一家頂級招聘公司，我將積極參與尋找過程。我還將花時間審查和解決我們的業務、資本結構和投資組合中需要做出的一些改變。值得注意的是，我並不是一個人在做這件事，我們有一個非常強大和敬業的董事會，我們很高興最近在公司增加了一些財務和銷售方面的關鍵領導層，以補充公司的強大技能. Inseego 工程和產品團隊處於開發我們所有產品和技術的第一線。

Finally, let me offer some high-level summary of the quarter. We just completed, both the revenue and adjusted EBITDA came in slightly better than we expected. Revenue for Q4 2023 was $42.8 million. Full year 2023 revenue was $195.7 million. Adjusted EBITDA for Q4 2023 was $4.1 million. Full year 2023 adjusted EBITDA was $16.7 million. From a reporting perspective, you will notice a change in our financial reporting to clearly breakout revenues in our business of mobile and fixed wireless access solutions Steve will review these changes momentarily going forward throughout 2024, we are going to be focused on keeping the momentum on the revenue side, while increasing our full year adjusted EBITDA before taking questions. I'll now turn the call over to Stephen, who will review the financials in detail.

最後，讓我對本季進行一些概要總結。我們剛剛完成，收入和調整後的 EBITDA 都略好於我們的預期。2023 年第四季的營收為 4,280 萬美元。2023 年全年營收為 1.957 億美元。2023 年第四季調整後 EBITDA 為 410 萬美元。2023 年全年調整後 EBITDA 為 1,670 萬美元。從報告的角度來看，您會注意到我們的財務報告發生了變化，我們的行動和固定無線接取解決方案業務的收入明顯突破。史蒂夫將在整個2024 年暫時審查這些變化，我們將專注於保持這一勢頭收入方面，同時在回答問題之前增加了我們全年調整後的 EBITDA。我現在將把電話轉給史蒂芬，他將詳細審查財務狀況。

Thanks, Bill. Good afternoon, everyone. I look forward to covering three things today first, I'll share some color on changes that we made, as Phil mentioned in our reporting of the business in order to drive greater transparency and better align with what we believe is important for creating stockholder value.

謝謝，比爾。大家下午好。我期待著今天首先討論三件事，我將分享我們所做的一些改變，正如菲爾在我們的業務報告中提到的那樣，以提高透明度並更好地與我們認為對創造股東價值很重要的事情保持一致。

So now I'll take you through our Q4 and 2023 financial results. And third, I'll provide some color on the business as we move into 2024 and our financial guidance for Q1. And as Phil noted, we'll of course, wrap up by opening the call to your questions.

現在我將帶您了解我們的第四季和 2023 年財務表現。第三，我將在進入 2024 年時提供一些有關業務的資訊以及我們對第一季的財務指導。正如菲爾指出的那樣，我們當然會開始回答您的問題來結束通話。

Diving right into things as you saw in our earnings press release today. And as you'll see in our 2023 10-K that we're filing tonight, we've changed the reporting categories for the Company's revenue streams where we used to bucket revenue into two categories of IoT & Mobile and Enterprise SaaS. We're providing more visibility to our offerings and are now reporting revenue categories that align with what we're fundamentally delivering to customers, our growth drivers and the investments that we're making, we're now showing revenue in the two categories of product revenue and services and other revenue for further breaking out product revenue into the two core product offerings of mobile hotspot revenue and fixed wireless access for FWA revenue. The center point for our growth strategy in this regard we believe that you'll be able to clearly see the results of our initiatives and success and focusing on driving FWA revenue growth, the overall profitability profile of our product business and the contribution from our SaaS offering in making the change. It was important to us to make sure that you had the needed history and comparative numbers. So we've provided the historical quarterly results for the previous eight quarters under the new reporting construct so that you have the apples to apples info on gauging performance. As you'll see in the data, the hotspot product has sequentially declined in revenue, as we've expected and communicated primarily as a result of the anticipated runoff of 4G technology products in the market. Our FWA business has shown overall growth in terms of both aggregate dollars and growth rate over the past two years, it has grown from essentially nothing three years ago to be a $55 million business in 2023, that grew approximately 26% year over year. And looking at the metrics in the supplemental tables, you'll also see that our product gross margin percentage, which is the total product gross margin number that includes both SWA and mobile, has continued to increase over the past two years as our higher margin FWA products gain traction and became a larger portion of total product revenue.

正如您在今天的收益新聞稿中看到的那樣，直接深入研究事情。正如您將在我們今晚提交的 2023 年 10-K 中看到的那樣，我們更改了公司收入流的報告類別，我們過去將收入分為物聯網和行動和企業 SaaS 兩類。我們正在為我們的產品提供更多的可見性，並且現在報告的收入類別與我們從根本上向客戶提供的服務、我們的成長動力和我們正在進行的投資相一致，我們現在顯示以下兩個類別的收入：產品收入和服務等其他收入進一步將產品收入分解為行動熱點收入和固定無線接入FWA收入兩大核心產品。我們在這方面的成長策略的中心點，我們相信您將能夠清楚地看到我們的舉措和成功的結果，並專注於推動 FWA 收入增長、我們產品業務的整體盈利狀況以及我們 SaaS 的貢獻做出改變。對我們來說，確保您擁有所需的歷史記錄和比較數據非常重要。因此，我們根據新的報告結構提供了前八個季度的歷史季度業績，以便您獲得有關衡量績效的全面資訊。正如您將在數據中看到的那樣，正如我們所預期和溝通的那樣，熱點產品的收入連續下降，這主要是由於市場上 4G 技術產品的預期流失所致。過去兩年，我們的 FWA 業務在總金額和成長率方面都呈現出整體成長趨勢，從三年前幾乎為零發展到 2023 年業務規模達到 5,500 萬美元，年成長約 26%。查看補充表格中的指標，您還會發現我們的產品毛利率百分比（包括 SWA 和行動產品的總產品毛利率數字）在過去兩年中持續增長，因為我們的利潤率較高FWA 產品受到關注並成為產品總收入的較大部分。

And looking at our services and other revenue, this new category combines our noncore telematics and DMS subscriber management SaaS offerings. These revenue streams operate fairly independently and you'll see a pretty consistent aggregate revenue results and a consistent contribution to gross margin, both on a dollar and a percentage basis.

看看我們的服務和其他收入，這個新類別結合了我們的非核心遠端資訊處理和 DMS 使用者管理 SaaS 產品。這些收入流的運作相當獨立，您將看到相當一致的總收入結果以及對毛利率的一致貢獻，無論是按美元還是按百分比計算。

Final change. We wanted to flag for you is that we reclassified all depreciation and amortization expense that has historically been recorded in the OpEx line items of R&D, sales and marketing and G&A expenses into one separate line labeled depreciation and amortization. We believe this provides helpful transparency to the fundamental operating expense amounts, our cash spend and the trends in the business. All prior periods have been reclassified to conform to this presentation.

最後的改變。我們想向您指出的是，我們將歷史上記錄在研發、銷售和行銷以及 G&A 費用的營運支出行項目中的所有折舊和攤銷費用重新分類為標記為折舊和攤提的單獨行。我們相信，這為基本營運費用金額、現金支出和業務趨勢提供了有益的透明度。所有先前期間均已重新分類以符合本簡報。

With that, I'd like to turn to the second topic and go through our Q4 2023 results. Overall, for the quarter, Q4 total revenue came in modestly above guidance, as Phil noted, at $42.8 million and adjusted EBITDA came in at $4.1 million as cost savings initiatives, a favorable product mix and some one-time benefits resulted in a higher adjusted EBITDA than anticipated.

說到這裡，我想轉向第二個主題並回顧我們 2023 年第四季的結果。總體而言，正如Phil 指出的那樣，本季第四季的總收入略高於預期，為4,280 萬美元，調整後的EBITDA 為410 萬美元，這是因為成本節約舉措、有利的產品組合和一些一次性收益導致了更高的調整後利潤。EBITDA 超出預期。

Looking at the revenue dynamics, as we talked about on the previous call in November, Q4 was expected to be a down quarter with nearly all of the revenue decline coming in hotspot product revenues. This was due to the anticipated runoff of legacy 4G base product revenue from the announced end-of-life of a 4G hotspot product line at a large carrier customer.

從收入動態來看，正如我們在 11 月的上一次電話會議中談到的那樣，第四季度預計將出現下滑，幾乎所有收入下降都來自熱點產品收入。這是由於一家大型營運商客戶的 4G 熱點產品線宣布停產，預計傳統 4G 基礎產品收入將減少。

On the SWA side, as I noted a moment ago, FWA revenue grew on a sequential basis and now constitutes 29% of total revenue.

在 SWA 方面，正如我剛才指出的，FWA 收入環比增長，目前佔總收入的 29%。

Looking at our services and other revenue, the telematics business reported modestly lower revenue in Q4 on a booked adjustment that related to the elimination of prior period inter-company revenue. Q4 DMS revenue came in about 2% sequentially lower, reflecting the runoff of prior year COVID driven lead subscriber increases at our carrier customer. Insofar as gross margin Q4 gross margin percentage came in at 39.7% on a non-GAAP basis or about 650 basis points higher than the prior quarter. This favorable performance was the result of three primary factors. First, there was a favorable product mix shift where our higher margin FWA offerings made up a greater proportion of revenue in Q4. Second, there was a benefit from some onetime adjustments in the telematics business that I just mentioned. And third, FWA margins returned to the mid-20s in Q4.

看看我們的服務和其他收入，遠端資訊處理業務第四季度的收入略有下降，原因是與前期公司間收入的消除相關的預訂調整。第四季 DMS 營收季減約 2%，反映出上一年新冠疫情驅動的營運商客戶主要訂戶成長的減少。就毛利率而言，以非公認會計準則計算，第四季毛利率百分比為 39.7%，比上一季高出約 650 個基點。這種良好的表現是三個主要因素的結果。首先，產品組合發生了有利的轉變，我們利潤率較高的 FWA 產品在第四季度的收入中所佔比例更大。其次，我剛才提到的遠端資訊處理業務的一些一次性調整也帶來了好處。第三，FWA 利潤率在第四季度回到了 20 多歲左右。

Spending a moment on GAAP gross margin. We recorded a reserve of $3.4 million in Q4 as a result of our continued rigor and scrubbing of sales forecasts and demand estimates on some of the older finished goods and raw materials and inventory and that are contract manufacturers. These charges are excluded from the calculation of adjusted EBITDA.

花點時間討論 GAAP 毛利率。由於我們對一些較舊的成品、原材料和庫存以及合約製造商的銷售預測和需求預測進行了持續嚴格的嚴格和修訂，我們在第四季度記錄了 340 萬美元的儲備金。這些費用不包括在調整後 EBITDA 的計算中。

As I mentioned on my first earnings call at Inseego in November. As we manage the revenue dynamics of the business and the evolution of our product portfolio, we're taking a very disciplined approach to managing our spend across the organization the outcome of this focus was that Q4 adjusted EBITDA came in at $4.1 million higher than anticipated and at a margin of nearly 10%. Even considering that some of the positive performance was due to one-time items. The outcome was still that we generated $17 million in positive adjusted EBITDA for 2023. That was versus a loss of $10 million of adjusted EBITDA in 2022.

正如我在 11 月在 Inseego 舉行的第一次財報電話會議上提到的那樣。當我們管理業務的收入動態和產品組合的演變時，我們正在採取非常嚴格的方法來管理整個組織的支出，這一重點的結果是第四季度調整後的 EBITDA 比預期高出 410 萬美元並且利潤率接近10%。即使考慮到一些積極的表現是由於一次性項目。結果仍然是，我們在 2023 年實現了 1700 萬美元的正向調整 EBITDA。相較之下，2022 年調整後 EBITDA 損失為 1,000 萬美元。

Let me turn to the GAAP accounts for a moment. As there were a few additional charges in the quarter that are excluded in the definition and calculation of adjusted EBITDA that we wanted to give you visibility to. In Q4, we recorded a charge of approximately $1.5 million for the correction of a functional currency designation in the telematics business. The charge was recorded in other income with an offset to other comprehensive income on the balance sheet. It was non-cash and did not impact any of our key metrics such as revenue, gross margin, adjusted EBITDA for cash and Q4. We also booked a reserve associated with our telematics business of approximately $4.1 million against the capitalized software development costs from the past several years and building on what was originally designed to be a next gen platform for the telematics offering. We came to the conclusion that it made sense to reserve against this historical spend. After conducting an intensive review of our telematics business in the past several months. This included evaluating the product and service needs of our customers and an assessment of the likelihood that the development would be included in future product releases.

讓我談談 GAAP 帳戶。由於本季有一些額外費用被排除在調整後 EBITDA 的定義和計算中，我們想讓您了解這些費用。在第四季度，我們記錄了約 150 萬美元的費用，用於更正遠端資訊處理業務中的功能貨幣指定。該費用記錄在其他收入中，並抵消資產負債表上的其他綜合收入。它是非現金的，不會影響我們的任何關鍵指標，例如收入、毛利率、現金調整後 EBITDA 和第四季。我們還根據過去幾年的資本化軟體開發成本和最初設計用於遠端資訊處理產品的下一代平台的基礎上，預訂了與遠端資訊處理業務相關的約 410 萬美元的儲備金。我們得出的結論是，針對這項歷史支出進行儲備是有意義的。在過去幾個月對我們的遠端資訊處理業務進行了深入審查之後。這包括評估客戶的產品和服務需求，以及評估開發將包含在未來產品版本中的可能性。

Wrapping up our Q4 results with the balance sheet cash was fairly consistent year over year, coming in at $7.5 billion. And we had a modest amount drawn on our credit facility of $4.1 million at year end, and I'll talk more about capital structure in a moment.

以資產負債表現金總結我們的第四季業績，與去年同期相當一致，為 75 億美元。年底我們從信貸額度中提取了 410 萬美元的小額資金，稍後我將更多地討論資本結構。

Let's turn to the third topic. Insofar as our trajectory into 2024 that we're focused on and what we think Q1 looks like, as Phil highlighted, we've begun a strategic assessment and evaluation of our product portfolio and focus going forward, how that translates to growth in our core FWA business and how that drives continued increases in profitability.

我們來談談第三個話題。正如Phil 所強調的那樣，就我們重點關注的2024 年發展軌跡以及我們認為第一季的情況而言，我們已經開始對我們的產品組合和未來重點進行策略評估和評價，這將如何轉化為我們核心業務的成長FWA 業務及其如何推動獲利能力持續成長。

Another important focus for us now as we head into 2024, is rightsizing our capital structure. As I mentioned on the last call, and we've spoke about we have a small group of bond holders of our convertible notes. We're engaged with the right parties, and we anticipate that it can take several months to work this through and develop an optimal capital structure solution. In the near term, we've been improving our short term borrowing dynamics. As you may have seen in today's filings, we amended our ABL facility to ease the covenants and improve our liquidity and borrowing capacity all done by our lender at no cost to the Company and based upon the improving execution and relationship that we've had with them over the past few months. Similar to our bondholder discussions, we're engaged with them in the various ways that they might be helpful in our overall capital structure solution.

進入 2024 年，我們現在的另一個重要重點是調整我們的資本結構。正如我在上次電話會議中提到的，我們已經談到我們有一小群可轉換票據的債券持有人。我們正在與合適的各方合作，預計可能需要幾個月的時間來解決這個問題並制定最佳的資本結構解決方案。短期內，我們一直在改善短期借款動態。正如您在今天的文件中所看到的，我們修改了我們的ABL 設施，以放寬契約並提高我們的流動性和借貸能力，所有這些都是由我們的貸方在公司不承擔任何費用的情況下完成的，並且基於我們與我們之間的執行和關係的改善他們在過去的幾個月。與我們與債券持有人的討論類似，我們以各種方式與他們接觸，他們可能對我們的整體資本結構解決方案有所幫助。

Moving on to provide some color on Q1 2024. We expect total product revenue to be roughly flat with Q4 2023, with anticipated growth in FWA, offset by a decline in mobile hotspots for services and other revenue. We expect reasonably consistent revenue contribution for Q1 over Q4.

接下來為 2024 年第一季提供一些資訊。我們預計產品總收入將與 2023 年第四季大致持平，FWA 預計將成長，但服務和其他收入的行動熱點下降將抵消這一成長。我們預計第一季的營收貢獻與第四季相當一致。

On Q1 gross margin, you saw that there were some one-time items that resulted in the relatively higher non-GAAP gross margin percentage in Q4 2023. For Q1 2024, we expect non-GAAP total gross margin percentage to be in the mid-30 percent area. And so considering all this, we'd like to provide the following financial guidance for the first quarter of 2024 total revenue in a range of $40 million to $42 million and adjusted EBITDA in a range of $2.5 million, just $3 million.

在第一季毛利率方面，您看到有一些一次性項目導致 2023 年第四季的非 GAAP 毛利率百分比相對較高。對於 2024 年第一季度，我們預計非 GAAP 總毛利率百分比將在 30% 左右。因此，考慮到所有這些，我們希望為 2024 年第一季的總收入在 4,000 萬美元至 4,200 萬美元範圍內提供以下財務指導，調整後 EBITDA 在 250 萬美元至 300 萬美元範圍內。

In closing, we're thrilled that Phil had taken on the Executive Chairman role, and we're already benefiting from his involvement, deep product knowledge and focus on addressing our go-to-market execution and performance quickly and effectively as we move into 2024 with that, we appreciate your time and support, and we're glad to open the call for any questions.

最後，我們很高興菲爾擔任執行主席一職，我們已經從他的參與、深厚的產品知識以及在我們進入市場時專注於快速有效地解決我們的上市執行和績效問題中受益。2024 年，我們感謝您的時間和支持，我們很高興可以透過電話詢問您的任何問題。

Operator, we will now begin the question and answer session to ask a question you may press star then one on your telephone keypad. And if you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question. You may press star then two.

接線生，我們現在將開始問答環節，您可以按電話鍵盤上的星號，然後按一個。如果您使用免持電話，請在按鍵之前拿起聽筒。撤回你的問題。您可以按星號然後按兩顆。

At this time, we will take our first question, which will come from Lance Vitanza with Cowen. Please go ahead.

現在，我們將提出第一個問題，該問題將由 Lance Vitanza 和 Cowen 提出。請繼續。

Thanks, guys, and congratulations on the nice quarter. Phil before I get into the details of the quarter, you had mentioned that you were impressed with the products, I think back when you were at Sierra. And I'm just wondering if you could maybe elaborate on that a little bit more, whether it was what you saw then or maybe more importantly, where you see the opportunities today? What are the offerings that you find most exciting today?

謝謝大家，恭喜這個美好的季度。Phil 在我詳細介紹本季的細節之前，您曾提到您對這些產品印象深刻，我回想起您在 Sierra 時的情況。我只是想知道您是否可以詳細說明一下，無論是您當時看到的，還是更重要的是，您今天在哪裡看到的機會？您認為今天最令人興奮的產品是什麼？

Yes, it's a good question. Look, we're not one of the things is just different. If you look at where Inseego products are today, they really cover a different segment of the market than what's here. It is right there and their channels are different. They have very good, good relationships with some of the big carriers and they're really kind of at the more we call them value end of the spectrum. And I think that there's opportunities at Inseego to really start adding some more software content to broadening out the distribution channels. And I just think they're I mean, I have one that I that I use quite frequently actually there for their great little product. And I think particularly as some of the carriers and some of the technology providers tried it and really start ramping up their fixed wireless access solutions, which really enable things like broadband to remote places where there aren't any cables down remote offices, branch offices, schools, mobile solutions, right? I just think that 5G really opens up a range of solutions in that space. And I think he goes pretty good position and where it is and how to expand that from here. So that's what I think about that.

是的，這是一個好問題。瞧，我們不是一回事，只是不同而已。如果你看看 Inseego 產品現在的情況，你會發現它們確實涵蓋了與這裡不同的市場領域。就在那裡，他們的管道不同。他們與一些大型業者有著非常非常好的關係，我們稱之為價值端。我認為 Inseego 有機會真正開始添加更多軟體內容以拓寬分銷管道。我只是認為他們是我的意思是，我有一個我經常使用的產品，實際上是他們很棒的小產品。我認為特別是當一些運營商和一些技術提供商嘗試過並真正開始加強他們的固定無線接入解決方案時，這確實使寬頻等服務能夠到達遠端辦公室、分支機構等沒有任何電纜的偏遠地區、學校、行動解決方案，對吧？我只是認為 5G 確實在該領域開闢了一系列解決方案。我認為他的位置非常好，位置在哪裡，以及如何從這裡擴展。這就是我的想法。

Okay, thanks.

好的謝謝。

And maybe just in terms of the revenue beat as nice beat in the quarter as we think about the first quarter. I'm just wondering if perhaps given that the guide was sort of flat, maybe down a little bit, I think, really. But was there perhaps some revenue from the first quarter that maybe was pulled into the fourth quarter? Does that sort of both explain a little bit of the B and also maybe that the guidance in the first quarter?

也許就收入而言，本季的表現與我們對第一季的看法一樣好。我只是想知道，也許考慮到該指南有點平坦，我想，也許真的下降了一點。但第一季的一些收入是否可能被拉到第四季？這是否既解釋了 B 的一些內容，也可能解釋了第一季的指導？

Yes, definitely a question and Emblem has already sort of tag team with Bill toward a not meaningfully We had a solid close to the quarter. There are always some deals that get pulled forward, but there was no there was no meaningful large contracts or contracts and mass that got pulled into the quarter.

是的，這絕對是一個問題，而且 Emblem 已經和 Bill 組成了雙打隊伍，朝著一個沒有意義的方向前進。我們在本季末取得了不錯的成績。總是有一些交易被提前推進，但沒有任何有意義的大型合約或合約和大量合約被拉入本季度。

Okay.

好的。

I didn't see any mention of software revenue in the release. I think that was about 30% of revenue in the third quarter. I'm wondering how it looked in the fourth quarter and maybe if you could talk about the trend going forward.

我在新聞稿中沒有看到任何提及軟體收入的內容。我認為這大約佔第三季收入的 30%。我想知道第四季度的情況如何，也許您可以談論未來的趨勢。

Yes. The again, we'll happily take payment on this. So there's really two parts to that, if you will, there's the bucket that we now provide the category of services and other that have telematics and DMS business as well as some NRE product in there, but that's really the SaaS revenue, and that's where we have a growing software business.

是的。同樣，我們很樂意為此付款。因此，實際上有兩個部分，如果你願意的話，我們現在提供的服務類別和其他擁有遠端資訊處理和 DMS 業務以及一些 NRE 產品的部分，但這實際上是 SaaS 收入，這就是我們的軟體業務不斷增長。

Also SaaS around Inseego Connect that is currently included up in the product revenue, but it's not material candidly, to break out into its own category or that or have down below it and not in services bucket. But as it does, we will we will I'll break that out, but it's been on a kind of consistent trajectory. And so there's continued growth in that piece, albeit small, small dollar numbers.

此外，圍繞 Inseego Connect 的 SaaS 目前已包含在產品收入中，但坦白說，它並不重要，無法劃分為​​自己的類別或低於該類別，而不屬於服務類別。但事實上，我們會的，我們會的，我會打破這一點，但它一直處於一致的軌道上。因此，這方面的業務仍在持續成長，儘管金額很小。

Okay.

好的。

And then just last one for me on gross margin, and I appreciate the color that you provided in the prepared remarks. I'm just wondering, and I think you kind of touched on this with respect to fixed wireless access kind of reverting, right. If we were to look more closely sort of on a product by product or our service by service basis at gross margin, what would we see there sort of is that the price cost relationship is that been sort of flat sequentially and I'm really thinking more sequentially than I am you kind of year on year on year, but is there is there any upside here? Are you getting any ability to sort of catch up to some of the cost increases that you may have seen through the inflationary period? And how would you describe that dynamic?

最後一個是關於毛利率的，我很欣賞你在準備好的評論中提供的顏色。我只是想知道，我認為您談到了有關固定無線接入類型恢復的問題，對吧。如果我們要更仔細地觀察每種產品或每種服務的毛利率，我們會看到價格成本關係連續持平，我真的在想比我年復一年地連續，但是這裡有什麼好處嗎？您是否有能力趕上通貨膨脹時期可能出現的一些成本增加？您會如何描述這種動態？

Yes, sure. There's probably two vectors to look at that in our view. One is, as you said, within product, there's the FWA versus mobile hotspot that have a fairly different economic profile A. And then B, the other vector would be the traditional carrier slotted market versus the channel market.

是的，當然。在我們看來，可能有兩個向量來看待這個問題。一是，如您所說，在產品中，FWA 與行動熱點的經濟狀況相當不同 A。然後 B，另一個向量是傳統營運商分時段市場與通路市場。

So let me just take those two, our whole focus on growth and profitability, as you heard from us ad nauseam and kind of with a lot of vigor is that the FWA product is just a higher margin, higher price, greater contribution to value creation. And so when you go back in time and you'll see this are the numbers we provided in the supplemental data you'll see as FWA becomes a greater part of the profile, you see revenue lift good, but you see gross margin tick up. And so FWA business, obviously dependent upon the proliferation of 5G, the more of the 5G becomes greater proliferated and suburban and rural markets, the more adoption as FWA as a primary connection as device, you see more rollout of that you see greater marginal contribution to profit. And so that's something that we will continue to focus on and which is one of the reasons why we wanted to break out FWA so you see that you see the revenue contribution to growth has one dynamic that you're the more you scale that others have a step function in cost. So you're able to extract higher marginal revenues from SWAG. and added overtime and use that you're seeing that just starting to work its way through the financials.

因此，讓我僅舉這兩點，我們整個重點放在成長和盈利能力上，正如您從我們那裡聽到的那樣，FWA 產品只是更高的利潤、更高的價格、對價值創造的更大貢獻。因此，當您回到過去時，您會看到這些是我們在補充資料中提供的數字，隨著 FWA 成為配置文件的重要組成部分，您會看到收入增長良好，但毛利率有所上升。因此，FWA 業務顯然依賴5G 的普及，5G 越普及，郊區和農村市場越多，FWA 作為主要連接設備的採用就越多，你會看到更多的推出，你會看到更大的邊際貢獻來獲利。因此，這是我們將繼續關注的事情，這也是我們想要突破FWA 的原因之一，這樣你就會發現收入對成長的貢獻有一個動力，即你的規模越大，你的規模就越大。成本的階躍函數。因此，您可以從 SWAG 中獲得更高的邊際收入。並增加了加班費和使用費，您看到財務狀況剛開始發揮作用。

The second dynamic is our go-to market. And our route-to-market and so far is our legacy history around being a slotted carrier company that's worked out fine in the past. The one part of the business model and route to market that has been less successful was around our channel, both our execution and presence in the channel and how we have grown that revenue. And so Steve Hartman joining right when I did essentially, he's already made phenomenal progress in bringing over there. The team that he's worked with in the past, Phil, is we're a grid and running channel running sales operations. And so our presence in that channel is meaningfully improving, getting better. And B is exactly what you asked about, which is a source of driving higher marginal revenue going forward, so you'd see drive greater margin contribution.

第二個動力是我們的市場定位。到目前為止，我們的市場路線是我們作為一家在過去表現良好的定期承運公司的傳統歷史。商業模式和市場路線中不太成功的部分是我們的管道，包括我們在管道中的執行和存在，以及我們如何增加收入。因此，史蒂夫·哈特曼（Steve Hartman）在我加入的時候就加入了，他已經在引進方面取得了顯著的進展。菲爾，他過去合作過的團隊是一個網格和運行銷售業務的管道。因此，我們在該管道的存在正在顯著改善，變得更好。B 正是您所問的問題，它是未來推動更高邊際收入的來源，因此您將看到推動更大的邊際貢獻。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

And our next question will come from Tore Svanberg with Stifel. Please go ahead.

我們的下一個問題將來自 Tore Svanberg 和 Stifel。請繼續。

Yes, good afternoon, this is Jeremy calling for Tory from. I guess maybe the first question on in terms of your liquidity, it looks like you have $7.5 million in cash, $4.1 million drawn on your revolver. How much of that how much whenever you having a revolver? And now can you talk about cash burn in terms of free cash flow and adjusted EBITDA?

是的，下午好，我是傑瑞米打給托里的電話。我想第一個問題可能是關於您的流動性，看起來您有 750 萬美元現金，其中 410 萬美元是從您的左輪手槍中提取的。當你有左輪手槍時，多少錢？現在您能談談自由現金流和調整後 EBITDA 方面的現金消耗嗎？

Yes. So we feel good and better and better about where we are with our liquidity, both from a standpoint of having a small amount of really falling off 4.1 outstanding, the reduction also, Jeremy, you saw the fine print where our lender have worked with us and offered up a reduction in covenants that freed up another $2 million of liability, sorry, of revolver. And so being EBITDA positive this quarter, we guided obviously for positive. We yes, we're looking at continuing to grow EBITDA with a quarter over each quarter. And so we're looking to be in a cash generation mode going forward. And so and I think the past where you've seen cash burn, that's something that is behind us and we continue to look forward to generating modest amounts of cash decreasing going forward now with more liquidity available on the revolver. Having said that, our draws on the revolver are pretty low. And so we're drawing out $2 million to $3 million at a time and paying that down. That's kind of a working capital management between carrier payments, events and payroll and other expenses, but that becomes less and less significant for us as we move through the year.

是的。因此，我們對我們的流動性狀況感覺越來越好，無論是從4.1 未償還金額實際下降的角度來看，還是減少，傑里米，您看到了我們的貸方與我們合作的細則並提出減少契約，從而免除另外 200 萬美元的責任，對不起，左輪手槍。因此，本季 EBITDA 為正值，我們的指引顯然是正面的。是的，我們希望 EBITDA 繼續以每季成長四分之一的速度成長。因此，我們希望未來能夠進入現金生成模式。因此，我認為過去你看到的現金消耗，這已經成為我們身後的事情，我們繼續期待隨著左輪手槍上可用的流動性增加，未來產生的現金數量會逐漸減少。話雖如此，我們對左輪手槍的抽獎相當低。因此，我們一次提取 200 萬至 300 萬美元，然後付清。這是一種運營商付款、活動、工資和其他費用之間的營運資金管理，但隨著時間的推移，這對我們來說變得越來越不重要。

Great. That's good. And I guess maybe if we look at the US moving throughout the year. Can you talk about what kind of without I know you don't guide more than one quarter out, but is there anything that can give you some confidence in terms of business potentially bottoming or second half potentially being stronger than the first half? And are there any trends you can point to move in terms of bookings or reduce cancellations, things of that nature, that be great.

偉大的。那挺好的。我想也許如果我們看看美國全年的變化。你能談談什麼樣的情況嗎？我知道你的指導不會超過一個季度，但是有什麼可以讓你對業務可能觸底或下半年可能比上半年更強的信心嗎？您是否可以指出任何在預訂方面有所改變或減少取消的趨勢，這種性質的事情，那就太好了。

Sure. And Phil, obviously feel free to chime in on any or all of it. We feel like there's a pronounced effort without Germany or appreciated caveat of not giving guidance for the for the year for the each quarter out both. But we are looking to meaningfully grow the business and the biggest driver of our growth is our WA. product and the business. And so that's something that we're investing in Harman and team meaningfully around channel, but then also optimizing our carrier slots and relationships and adding new carriers and other routes to market by large folks in the telecom space, if you will, kind of generally speaking. And so as we manage the business and particularly now that would be probably much more premature to say this, but and with full join and all of the work that we have starting to look at products and how we go to market with our slotted product and what our chipset designs are and how we look at everything.

當然。菲爾，顯然可以隨意參與任何或全部內容。我們認為，在沒有德國的情況下，我們做出了明顯的努力，也沒有對每季的年度指引予以讚賞。但我們正在尋求有意義的業務成長，而我們成長的最大驅動力是我們的西澳。產品和業務。因此，我們圍繞著通路對哈曼和團隊進行了有意義的投資，但同時也優化了我們的運營商位置和關係，並由電信領域的大公司添加新的運營商和其他進入市場的路線，如果你願意的話，一般來說請講。因此，當我們管理業務時，特別是現在，這樣說可能還為時過早，但是隨著我們的全面參與和所有工作，我們開始關注產品以及我們如何將我們的產品推向市場，我們的晶片組設計是什麼以及我們如何看待一切。

As far as our go to market and our product, we're all pretty bullish on this. So coming short of offering guidance where we're looking favorably at the year.

就我們的市場和產品而言，我們都非常看好這一點。因此，我們未能提供今年我們所看好的指導。

Great.

偉大的。

And if I could just squeeze one more question in on the gross margin side, can you help us maybe just characterize the differences between the three segments? And also, I guess within that fixed wireless, is there a difference between the channel margins and the carrier margin?

如果我能再問一個關於毛利率方面的問題，您能否幫助我們描述這三個細分市場之間的差異？而且，我想在固定無線網路中，頻道利潤和營運商利潤之間是否存在差異？

Yes.

是的。

So the last question, yes, definitely that channel margins are think of as a higher full-stop uptake of those. It really adds enterprise mid-market. But enterprise sales where the carriers are selling through bars and other third parties to enterprises. And so there's a generally larger, higher dollar and sales that have higher margin contribution as well, whereas the stocked carrier business tends to be more competitive or price pressured different base-level functionality that customers that carriers buy and sell to their customers. So yes, there's definitely a different margin profile. So that such expansion of channel has a higher marginal contribution to gross margin.

所以最後一個問題，是的，通路利潤肯定被認為是對這些利潤的更高的完全吸收。它確實增加了企業中端市場。但企業銷售是業者透過酒吧和其他第三方向企業銷售。因此，通常規模更大、更高的美元和銷售額也具有更高的利潤貢獻，而庫存運營商業務往往更具競爭力或價格壓力，運營商向其客戶購買和銷售的客戶的不同基本級別功能。所以，是的，肯定存在不同的利潤狀況。因此這種通路擴張對毛利率有較高的邊際貢獻。

And then I think on your first question, you were a little garbled, I apologize, but I think you were asking about what was the dynamic of the impact of the gross margin change? Was that for Q4?

然後我想，關於你的第一個問題，你有點亂碼，我很抱歉，但我認為你問的是毛利率變化影響的動態是什麼？是第四季的嗎？

For your asking? Tore?

為了你的要求？托雷？

I'm meaning the relative contribution from each segment I guess, fixed wireless as a whole versus can you just ballpark it for us versus the mobile versus the software, I guess, services?

我的意思是我猜想每個細分市場的相對貢獻，固定無線作為一個整體與您能否為我們進行比較，與移動與軟體（我猜是服務）相比？

Yes. So you can't I'm happy to say that is all in the supplemental information data and as well on the face of the statement because what we've done is we've broken out gross margin now you can count it's calculated for you by those delineation. So you can see product gross margin and you'll see services other. So you can understand the contribution of those two because the gross margin is meaningfully different between the product side of the business and also on a GAAP and non-GAAP basis.

是的。所以你不能，我很高興地說，這全部都在補充資訊數據中，也體現在聲明的表面上，因為我們所做的是，我們現在已經細分了毛利率，你可以算一下，它是為你計算的通過那些劃定。所以你可以看到產品的毛利率，你會看到其他的服務。因此，您可以了解這兩者的貢獻，因為業務產品的毛利率在 GAAP 和非 GAAP 基礎上有顯著差異。

Right then on those services and other services and others is a very high non-core but high gross margin business.

那時，這些服務和其他服務以及其他服務是非常高的非核心但毛利率很高的業務。

I'm sorry. And then the on the margin differences of the three drivers of the margin for the current quarter, I think partially some of it was one-time benefits and some of it was on that fixed wireless access returning to mid 2020s. Is there a way to kind of maybe just rank order those?

對不起。然後，本季利潤率的三個驅動因素的利潤率差異，我認為部分是一次性收益，部分是 2020 年代中期固定無線存取的回歸。有沒有一種方法可以對這些進行排序？

Yes, sure. So one of the larger kind of quarter over quarter, one of the largest changes, almost 200 basis points of change was the telematics business that I mentioned was a and an adjustment for a prior period inter-company revenue that needs to be eliminated. And so that was probably the largest, almost 290 basis points. Are they back up and then the next biggest bucket was around the fixed wireless, but you just said lack of fixed wireless margins kind of quote returning to the mid-20s. They were lower in Q3 because in Q3 there was an adjustment for prior periods that was taken of over $1 million. So that depressed that WA margins in Q3, which is why you saw a rise in Q4. So that was the number two item. And then the third driver of level, which is up there also of around 170 basis points was a product mix and just having less mobile solutions in the mix.

是的，當然。因此，季度環比中較大的變化之一，最大的變化之一，幾乎 200 個基點的變化是我提到的遠端資訊處理業務，這是對需要消除的前期公司間收入的調整。所以這可能是最大的，幾乎 290 個基點。他們是否會回來，然後下一個最大的桶子是圍繞固定無線，但你剛才說缺乏固定無線利潤有點回到20年代中期的報價。第三季的利潤較低，因為第三季對前期的調整金額超過 100 萬美元。因此，西澳第三季的利潤率受到抑制，這就是為什麼第四季利潤率上升。這是第二項。第三個驅動因素是產品組合，其中行動解決方案較少，也提高了約 170 個基點。

Perfect.

完美的。

Thank you very much.

非常感謝。

Yes, sure. Happy to.

是的，當然。高興。

And our next question will come from Scott Searle with Roth I'm Kim. Please go ahead.

我們的下一個問題將由斯科特·塞爾和羅斯提出，我是金。請繼續。

Very good afternoon. Thanks for taking my questions and nice to see stability in the business. Still very exciting to see you onboard and more deeply integrating day-to-day operations with the company. So congratulations and Steve, really appreciate the new financial categories, (multiple speakers)

午安.感謝您提出我的問題，很高興看到業務穩定。看到您加入並更深入地將日常營運與公司整合仍然非常令人興奮。恭喜史蒂夫，非常欣賞新的金融類別，（多個發言者）

And maybe just a follow-up on a couple of other questions from a gross margin standpoint on Steve, just wondering if there were any one-time benefits that you saw from previously written off inventory of anything of that nature? And then Phil, on fixed wireless access seems like it's becoming more of a centerpiece going forward. Just kind of wondering how you're thinking that in different channels go to market where that expansion occurs is that within the existing carrier relationships? Is that just some other channels? Are you starting to think about more expansion beyond North America?

也許只是從毛利率的角度對史蒂夫提出的其他幾個問題進行跟進，只是想知道您是否從之前註銷的此類性質的庫存中看到了任何一次性好處？然後菲爾，固定無線存取似乎越來越成為未來的核心。只是想知道您如何看待在現有的運營商關係範圍內進入發生擴張的不同管道的市場？這只是其他管道嗎？您是否開始考慮在北美以外進行更多擴張？

Yes, good question, Scott. I think that I think our initial focus and I think we have lots of opportunity primarily in North America to start with. So I would look to us to continue to train, build and expand our strong carrier relationships, but then frankly, glad to do a little bit more as he was talking about enterprise like sales via a more robust channel that has, I guess, higher-end solutions focuses on small businesses, medium enterprises, those kinds of things. So I would say expansion within our existing our carrier distribution channel, I guess, if you will, and then an expansion into more of the OEM channel side?

是的，好問題，史考特。我認為我們最初的重點是，我認為我們主要在北美有很多機會。因此，我希望我們能夠繼續培訓、建立和擴大我們強大的運營商關係，但坦白說，我很高興能做更多的事情，因為他正在談論透過更強大的管道進行企業級銷售，我想，終端解決方案專注於小型企業、中型企業等。所以我想說，如果您願意的話，我想在我們現有的運營商分銷渠道內進行擴張，然後擴展到更多的 OEM 渠道方面？

I think I would look at it that way, and I expect I expect we're going to get things go our way we're going to get the double growth rate because we'll have overall growth in the fixed wireless access market plus we'll kind of continue to work to expand our channels. So that's kind of how we're looking at it.

我想我會這樣看待它，我希望我們能夠讓事情按照我們的方式發展，我們將獲得雙倍的增長率，因為我們將在固定無線接入市場上實現整體增長，而且我們我們將繼續努力擴大我們的管道。這就是我們的看法。

Josh and Steve, any was there any benefit from previously written off inventory or we clean at this point in time?

喬許和史蒂夫，之前註銷的庫存或我們此時清理有什麼好處嗎？

Yes, the question there was no benefit from the previous reserves. The large one, obviously we took last quarter, there are some older inventory that we would look to sell or if we can. But obviously, we think the value is zero and so there's no benefit.

是的，問題是之前的儲備沒有帶來任何好處。很明顯，我們在上個季度購買了大的庫存，如果可以的話，我們會考慮出售一些較舊的庫存。但顯然，我們認為價值為零，因此沒有任何好處。

Josh.

喬許。

And Steve, I just want to clarify some of what I heard positive cash flow generation in the first quarter, and it sounds like you're expecting that for calendar '24 as well as we start to hit the bottom and get even with getting a little bit into growth mode, you're expecting to be cash flow positive.

史蒂夫，我只是想澄清一些我所聽到的第一季正現金流產生的情況，聽起來你預計 24 日曆年會出現這種情況，而且我們開始觸底並與獲得進入增長模式一點點，您預計現金流為正。

Is that correct?

那是對的嗎？

That's right.

這是正確的。

Okay.

好的。

And Phil, I know this is probably unfair, but since you are a wireless veteran, I'm wondering as you look at the business today, and you've talked about some of the things that you found exciting about the company, but there are a lot of dynamics that are ongoing. Mobile Hotspots have been basically in a sequential decline for an extended period of time. And I guess if you remove the pandemic, it's been over a decade where there's been headwinds related to mobile hotspots. Does that go away in terms of the business as you start to think about things strategically over the next two to three years. And as you look out over that time period, what is Inseego is you have two, three years from now is Inseego 70% of its sales from a recurring nature. You converting a lot of that fixed wireless access more to a recurring kind of Cradlepoint model, how you're kind of at a high level thinking about it with the understanding? I know it's day one, so my apologies.

菲爾，我知道這可能不公平，但由於您是無線行業的資深人士，我想知道您今天對公司的看法，並且您談到了一些您認為公司令人興奮的事情，但有有很多正在進行中的動態。移動熱點在很長一段時間內基本上呈現連續下降趨勢。我想，如果排除大流行，十多年來一直存在與移動熱點相關的不利因素。當你開始策略性地思考未來兩到三年的事情時，這種情況會在業務方面消失嗎？當你觀察那段時期時，你會發現 Inseego 的銷售額從現在起兩三年後，Inseego 70% 的銷售額來自經常性。您將大量固定無線存取更多轉換為重複出現的 Cradlepoint 模型，您是如何在高層次上思考它的？我知道這是第一天，所以我很抱歉。

So yes, I guess I'm going to caveat my answer by saying that I reserve the right to change my answer. But I guess the way I think about it, Scott, is like when I kind of zoom out. And when I think about Inseego, I think at providing 5G wireless connectivity solutions for both mobile and fixed capabilities, certainly the fixed wireless access is the area of growth now because as you pointed out, the mobile or mobile hotspot, I would say it's going away. I'm not sure or at least declining. I'm not sure the way that we've thought about mobile hotspot before is I mean, maybe if you open your to a little bit and think about mobile solutions, I'm not entirely sure it's going to go to zero I do think, and I'm not sure we wanted to either because I think there is a market for connectivity for this nature that moves around, I think mobile workforce and things like that, but I'm not sure it's going to go to zero, but I do think the focus of the Company is going to be on fixed wireless access. I think it's just it's a higher-end solution that's more targeted enterprise. There's more opportunities to add some value there. And I think the other thing that we've frankly just barely started on is the idea to actually drive some software monetization and some software solutions above where we are now, whether it's just simple like device management and management are not a lot of the things you need to do to manage and operate the devices. And so we are definitely going to be moving in that direction. It's hard to say what that will look like in the outer years. But I mean, you're on the right track in that area.

所以是的，我想我會透過說我保留更改答案的權利來警告我的答案。但史考特，我想我的思考方式就像我縮小視野一樣。當我想到Inseego 時，我認為為行動和固定功能提供5G 無線連接解決方案，當然固定無線存取是現在的成長領域，因為正如您所指出的，行動或行動熱點，我想說它正在發展離開。我不確定或至少拒絕。我不確定我們之前對移動熱點的看法，我的意思是，也許如果你稍微開放一下並考慮移動解決方案，我不完全確定它會變成零，我確實認為，我不確定我們是否想要這樣做，因為我認為這種移動性質的連接有一個市場，我認為移動勞動力和類似的東西，但我不確定它會變成零，但是我確實認為公司的重點將是固定無線接入。我認為這只是一個更高階的解決方案，更有針對性的企業。那裡有更多增加價值的機會。我認為坦率地說，我們剛開始的另一件事是實際推動一些軟體貨幣化和一些軟體解決方案高於我們現在的水平的想法，無論它是否只是簡單的設備管理和管理都不是很多事情您需要管理和操作設備。所以我們肯定會朝著這個方向前進。很難說未來幾年會是什麼樣子。但我的意思是，你在那個領域走在正確的軌道上。

Got it. Very helpful. And if I could just quickly follow up on the recapitalization and sounds like you're in multiple dialogues on. I'm not sure if you could provide any additional color. It sounds like the timeline and the process here is going to take a bit. I think the convert doesn't go current until May, but it sounds like you guys are trying to get out ahead of it. Is there anything else you can kind of provide in terms of what you think is the optimal capital structure otherwise kind of going forward?

知道了。很有幫助。如果我能快速跟進資本重組，聽起來你們正在進行多次對話。我不確定你是否可以提供任何額外的顏色。聽起來這個時間表和過程需要一些時間。我認為轉換要到五月才會流行，但聽起來你們正試圖提前擺脫它。就您認為的最佳資本結構而言，您還有什麼可以提供的嗎？

It's obviously a big impediment that's kind of hanging over the company. But once you were able to deal with that? It seems like there's a lot of opportunity for investors. You could come back and revisit the name. Just kind of wondering if there's any additional thoughts that you could provide on that front.

這顯然是困擾公司的一大障礙。但是一旦你能夠處理這個問題呢？看來投資者有很多機會。你可以回來重新審視這個名字。只是想知道您是否可以在這方面提供任何其他想法。

And I think that's a great question. And it is a obviously a huge focus for all of us. But we are, as you said, you, Scott you hit all the right dates and kind of the highlights of what we're looking at and looking to figure out what the right construct is because we're obviously bullish on the enterprise value and then how that filters through on a go-forward basis, looking at recapitalizing the debt, how much debt rate book. But we look forward, we'll have some amount of debt if you think about conceptually would have the absolute amount of debt that you would presume would convert to equity some amount of debt that would continue on?

我認為這是一個很好的問題。這顯然是我們所有人關注的焦點。但正如你所說，你，斯科特，你擊中了所有正確的日期和我們正在研究的重點，並試圖找出正確的結構是什麼，因為我們顯然看好企業價值，並且然後如何在未來的基礎上進行過濾，考慮債務資本重組，債務利率是多少。但我們期待，如果您從概念上考慮，我們將擁有一定數量的債務，您認為將有一定數量的債務，您認為會轉換為股權，並且一定數量的債務將繼續存在？

So when we look at our EBITDA profile, what cash and liquidity we have available to us to pay down certain amounts of debt. And so that would be the combination that we're talking with folks about now and figure out what that looks like and what are the trade-offs and how much of that enterprise value obviously accrues down to the equity holders, which is obviously an important focus of ours.

因此，當我們查看 EBITDA 概況時，我們有哪些現金和流動性可用於償還一定金額的債務。因此，這就是我們現在正在與人們討論的組合，並弄清楚它是什麼樣子的，權衡是什麼，以及企業價值中有多少明顯會歸於股東，這顯然是一個重要的因素。我們的焦點。

Okay, great. Thanks so much for taking the questions. Congrats on the quarter and Phil, congrats on coming onboard. Nice, guys.

好的，太好了。非常感謝您提出問題。恭喜這個季度和菲爾，恭喜你加入。好人。

Thank you.

謝謝。

Thanks, Scott.

謝謝，斯科特。

And it looks like.

看起來像。

We have a follow-up question from Tore Svanberg with Stifel. Please go ahead with the follow-up.

我們有來自 Tore Svanberg 和 Stifel 的後續問題。請繼續跟進。

Yes. On the third question on in terms of the OpEx on the Q4 run rate that $18.7 million, that's what we can expect going forward on.

是的。關於第三個問題，第四季的營運支出為 1870 萬美元，這是我們對未來的預期。

And just thinking about your investments that you may need to make going after the channel market and then maybe how much you're reinvesting in terms of R & D on the mobile side, just balancing all that together. Can you give us some high-level view of OpEx?

只需考慮一下您可能需要在通路市場上進行的投資，然後考慮一下您在行動端的研發方面再投資多少，然後將所有這些放在一起。您能給我們一些關於營運支出的高層看法嗎？

Yes, good. That's a good question, Jeremy. Thanks somewhat to go through them.

對很好。這是個好問題，傑瑞米。感謝您經歷了這些。

All right. So in the short answer is yes, that's probably not an unreasonable. Our benchmark to use, certainly for Q1 and so far is figuring out what the run rate could should would might be for the short term in the longer term?

好的。所以簡短的回答是肯定的，這可能不是不合理的。我們使用的基準，當然是第一季度，到目前為止，我們正在弄清楚短期和長期的運行率應該是多少？

Yes, for the kind of as we move through the year. It's a combination of increases in spend, but with a higher marginal contribution. So we expect to increase spend less than we generate revenue. So dollars might go up but at an increasing contribution. But for the near term, that is probably a good spend level and to use model.

是的，對於我們這一年的經歷來說。這是支出增加的組合，但邊際貢獻較高。因此，我們預計增加的支出將少於我們產生的收入。因此，美元可能會上漲，但貢獻會增加。但從短期來看，這可能是一個很好的支出水平和使用模型。

Great.

偉大的。

Thank you very much.

非常感謝。

Yes, likewise, thanks.

是的，同樣，謝謝。

And this concludes our question and answer session, and we'll also conclude today's call. Thank you very much for attending the presentation today, and you may now disconnect your lines.

我們的問答環節到此結束，我們今天的電話會議也將結束。非常感謝您參加今天的演示，現在您可以斷開線路了。