HCHC - Earnings call transcript Q3 2020

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Operator

Greetings and welcome to the HC2 Holdings, Inc.

Third Quarter 2020 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Garrett Edson. Thank you, Garrett.

begin. may You

Garrett Edson

CEO good being for and XXXX would to HCX.com This Investor Barr, like results. HCX’s the Mike Thank Financial in on Chief us afternoon. our to you Officer. Interim Wayne are joining me call quarter section. HCX review thank and With Sena, is you afternoon’s today We of webcast HCX’s Relations earnings at third website

HCX’s which you invite with follow again can section. be IR to on presentation, also We our accessed along website the in webcast

Securities Before I among historical potential pandemic XXXX, Litigation would Reform this that forward-looking and Safe turn results forward-looking cause the coronavirus, the the responses assumptions to factors risk to filings to that SEC. the not more Wayne, being the in will Act COVID-XX facts, certain call HCX certain such our concerning are These of to HCX’s others, with operations, statements expected whether or of forward-looking involve related like I Private statements differences including, financial and could from the over fully are business, to these and are impact the of earnings risk assumptions government forward-looking could the are condition, cause statements. these differ factors actual on The pursuant and everyone to or related assumptions COVID-XX, materially and any that novel which otherwise subject risks, discussed uncertainties. Harbor be call, remind provisions made and the statements of of statements and pandemic in results our

revise in the as forward-looking call as statements, any as and of call required the or HCX update forward-looking addition, expressly except statements In reports. SEC this conference or law. in to this obligation date our by intent disclaims these are made only of included stated

limited information to to, will and adjusted SEC call, operating adjusted most a available such adjusted that about recent not reconciliations income provide income. disclosed non-GAAP will as these the EBITDA, on under is insurance certain And prior rules, the be without website. required taped consent. non-GAAP Certain as, be this finally, financial the which measures company’s otherwise but cannot earnings insurance measures, information management pretax During our call constitute also duplicated with GAAP the including reminder, in available measures, press most or comparable release, the operating is

Now I Barr. call turn to would like Wayne to the HCX’s CEO, over Interim Wayne?

Wayne Barr

I Thanks, and refinancing, On for successful Thank well. hope afternoon, Garrett. discuss all through and success. launching some our position I third highlights quarter for us. us doing today’s and you will joining call, everyone. strengthen our the Good balance long-term progress sheet families completing walk are you your will toward recent which and

on third we’ll more will Our provide CFO, our end performance, Mike then taking Sena, and details some by questions. then quarter

While the also rebounds. third of our we generate resiliency solid to as gradually to continue see our quarter pandemic, and showed some ability businesses impact economy results, their the from the

potential future We better segments believe and have opportunities. businesses we to renamed their also where our they of reflect some

is Board progress solidifying the businesses our significant path Additionally, the assessing made and close has of each in forward. to

efforts at with segments, I our the medium Our evidence to contribute which further to which situated market our best threefold: to and we determining of operational our refinance poised take strength has are portfolio, to simplifying businesses advantage in are overall various now review. value of we which focus businesses believe trends is been secured of is performance, identifying the to notes. were the inherent which our and the the shorter-term pleased will long-term, senior platform Overall,

commercial and market in economic as $XXX Sciences improve. DBM’s Glacial formerly potential to new pre-launch a adjusted the nearly performance XXXX. launch the expecting the next substantial and $XX year. We environment. the a seeing forward positions the well RX million, are further Meanwhile, of formal the $XXX backlog improve strong. million the million, and launch of on and in consumables, economy the capitalize to to a by of proof system is $XX It which which products, of win trends and in adjusted known also for segment, lightening of FDA-approved further quarter to in challenging QX segment, also Initial device maintains rebound construction, its continues million Life EBITDA awards, and backlog in preorders continues its First, solid full skin it look to to Rx quarter generated our infrastructure as include the withstand commenced ability our early brightening

to anticipated respectively. MediBeacon are our and for Both are we excited and continued track begin China. pleased royalties payment commitment advance which of will as of funding will on MediBeacon treated allow progress from value MediBeacon to Additionally, the and of sales the the be The its $XX in hospital non-dilutive million Huadong next additional segment, is China, commercialization indicators Life X study an their an I XXXX. quarter for that see years to pivotal Class were we Chinese in to clear the RX over received status pursue Sciences the system. third to FDA toward at immediately enter approval, see in in device inherent

for As completed activities, that noted that stages end we the capital extending Broadcasting Since the to call cutting accelerates. are extension We our well fully debt. HCX were a platform non-core advantage time, last at opportunities successfully We further investment lenders maximize network market agreed believe cord from remain nearly burden to of part in delevering at maturity us of as upon for do of August on DMAs. positioned we debt, at the position of that a final take the started and ongoing have X-year and the value as with we XX better anticipate in debt we this a in RX further of the need and funded on stations our debt of assets reminder, MediBeacon We HCX. a extending currently reducing as both not and the result, the to will begin our selling Broadcasting. XXX as holdco,

As you segment with our operating billion spectrum controls than the and the VHF pops X.X broadcast Spectrum U.S., UHF of megahertz may more most in know, spectrum.

during aided the We demand continues compared with its with BeyondX the Tax Alternative towards as our are pandemic, fueling. for pleased the adjusted perform Clean we gradual lenders. relationship Credit Energy EBITDA very Fuels and increased reducing and approximately have debt At by to prior-year period, well growing progress path strong segment, continued as the well XX% the to our

into a Hyliion, that electronic of entered Class recently BeyondX exclusive CNG an drivetrain use addition, onboard with partnership In an generator. maker trucks X

all CNG we refinancing, interest positive Continental We sale leader divestiture and the a difference investment a Services, team appreciate for and As subsidiary, as an while platform, purchaser the we very with renewable stakeholders. Meanwhile, receiving this solution efforts of toward of in and announced BeyondX well benefit capital we of environment. admissions on quarter million, trends being utilize and of and is improving have fuel was success of telecom exploring Last past EV PTGi. amount sectors in energy with do of closed a a our ended FCC to advantage during a Craig working $XXX a his adjusted proceeds making and and step world our and wish the positioned the has carbon The made Drew these our team is strategic real related total business the fueling. simplifying our BeyondX past the industries. reducing purposes. Insurance to his and strong vast in and the overall in in works still grow taking alternatives to RNG PTGi X long-term, There alternative net the tremendous Carrier of continued become in actively expect approval, the capital are week. years advance month, towards of transaction after for the job

holding near-term repeatedly, have reducing our our are overhead. top capital structure improving priorities noted at the company we As and

on will long-term in and value reduce goal first XX.X% and us the continue near debt for overhead, term for position our to While to success refinancing take notes we generating our reducing major stockholders. steps our service executing well our corporate of

to of chairman available and the stockholders frequently belief offering, our which from in rights with common in strengthen spoken of help net Avi steps, all that quarter one fact which of corporate refinancing general for as backstopped past the $XX involve authorized to on the service determined look displays to available partially and We the believe ownership. his capital offering took subject address chairman, our After of expire a The provide and best the purposes, balance the month. multiple this the comprehensive of we debt approval position increase the to will continued the Lancer partial offering Board, their will will other have current to of We million alignment offering this headed XX slated the of number HCX, and is Glazer. rights of in from sheet of the Capital, in the our by about needs, capital. the is and with maintain be successful review by our with support our several most rights is was advance order to success and percentage We prudent acknowledge November by welcome the full in offering an firm launch stockholders. our our that, as well refinancing, of rights and which capital opportunity led proceeds to backstop company conclusion our major rights offering the of stockholder of including ensure forward the to stockholders, way rights of shares working stock, later a means raise us we a Avi

rights are is Our current we on and outcome a to been various here, focused efforts are key piece. There believe the pieces refinancing. have a offering the successful and

the We pieces are other at on work and on them more will detail due course. hard in provide

for about of we a think great longer-term have set we strategy believe, HCX, in we general, As the assets.

all almost believe, structure our will our of on various progress focus the be long short- come, and of in HCX helping extract Some the we have over employees medium-term to sum with term our value us to for to few value our in Once be have at to To and over work and place are others months. to building dedication want them, capital thank our their potential. make subsidiaries up, fixed and past hard steps and more positioned the assets. immediately, we I able remaining steady medium with

best strengthen need in our on positioned executing for outcome the near-term in are all long Sena, turn our be we for We over highlights. the in aligned to successful the refinancing, and firmly respect of with to beyond. near goal term in same will call to CFO, our value a long-term By Mike the our and direction we achieve to potential maximize value. to who of pulling what the With term our businesses that, will generating stockholder and order financial full now balance sheet of some create discuss will I the

Mike Sena

Thank you, Wayne.

which or Consolidated compared by as Net from lower revenues platform, period. the XXXX, our of for lower to third utilizing million to participating our share third Energy corporate review to contributions in for by and expenses. increase $XXX.X Clean of the reduced segment. million, Let’s losses third and due and from Rx $X.XX of an the the from net and from its prior-year an well technology. as compared million, $XX.X XXXX development process RX, in the Infrastructure, quarter segment, $XXX.X quarter Those which system offset for to was offset eliminations, the the losses performance. per share were comparable total increased were sciences, net common million third quarter We telecom of Insurance generated Spectrum, EBITDA, the the proprietary saw in was $X.XX loss revenue and were preorder telecommunications, with or Clean $X.X and of in net life segment, a stockholders its attributable $XX.X at adjusted period, to commence from prior-year excludes million was XXXX preferred per the in loss period Spectrum revenue Glacial partially segments, continued reduced improvements which increase Infrastructure in as Insurance product primarily the quarter period. prior-year spending Total Energy, non-operating comparable

in bit third At a take just segments. Let’s of go on Infrastructure, few of minutes of the XXXX recorded a $XX.X couple a into million to more period. quarter EBITDA compared adjusted $XX.X of prior-year we million, for our to detail the

quarter experience third prior industrial, project results to contribution The COVID. quarter, from and with were and these to to $X.X maintenance, have of segment primarily from and, comply during work, million protocols periods, XXXX measures As execution continued the project work timing impacted of commercial due repair in related prior COVID additional excluded by we EBITDA. our lower to the adjusted the quarter certain costs costs consistent with under

As million yet projects, into was of reported of which significant up backlog, was backlog with consideration September awarded signed visibility. contracts, XX, Adjusted the million, but second $XXX to million, consisting mainly $XXX takes XXXX, end smaller Infrastructure the not at from $XXX medium-sized of which provides quarter.

to reduced backlog have we adjusted and on a of entering outstanding basis, more the a While number proposals market. continue quarterly healthy see opportunities

market. quarter recorded to in the are the opportunities beginning We Tax to projects foreseeable have had the the been future. late expect of period. the Clean or in the the see Energy, At Credit, compared and the small third benefit quarter market million, The to an adjusted the for continue renewal nature, EBITDA projects to $X.X $X.X timing EBITDA of million impact Alternative of backlog prior-year approved which from AFTC, pandemic yet not of do larger medium-sized continued Fuels have been adjusted entering our to of third we XXXX. of the we to While segment in on in

lower the quarter totals, EBITDA of believe a the As be XXXX. of quarter XXXX led revenue tax quarter Meanwhile, driven growth by compared our retroactive in We continued million million, the of quarter of timing in favorable Clean income reserve for to to and $XX.X period. quarter to tailwinds renewal an Energy increase X in result income of developments of net of quarter Insurance, and expect operating fourth credit additional XXXX. XXXX. investment recognized primarily partially revenue a assets portfolio lower renewal claims full a the yield to as reminder, further on in Clean The reinvestment. of offset beginning below adjusted the the EBITDA for generated provide interest third current adjusted as activity credits outsized was will and This will the years fourth segment. we by due decline was the Energy one-time of rates investment at fourth the the fourth pretax we AFTC We prior-year year, of the fourth the in adjusted XXXX well XXXX in in the and for $XX.X

investments cash cash $X.X assets make and As quarter, end GAAP we the one headquarters expense consolidated billion, the our cash $X.X our floors of capital. invested September expenses period, XXXX overall of consolidation and HCX from total cash, had Insurance, investments the and XX, At HCX’s reducing continue assets billion, overhead, of XXXX, our including third billion, of Including equivalents, million. $X.X from consolidated an Insurance million was adjusted $X million of to $XXX decrease with which had corporate estimated forward. total the third prior-year includes segment. associated Insurance two were $X.X of cash as of quarter in onto floor, strides of significantly Recurring moving lease million, $XX for the reducing and a

We in at face the continue reducing particularly the to the of overhead significantly on holdco and focus pandemic. responsibly level,

XX.X% our reduction of notes, principal where beginning million. aggregate remains principal with decrease of interest As stood The $XXX us from at the it outstanding savings a outstanding of of on provides annualized there XX, in million September XX% $XX XXXX.

provide reduce needs feel and month, initiatives now portfolio. our the months. of over on liquidity our I’d various near-term comfortable value debt the the our Operator? holding if term position, to liquidity within immediate the is we overall our refinancing. for which subsidiaries keenly We on to our internal next and in in we hope to Based strategic later ability like expense Besides liquidity measures, our HCX corporate-level focused company rights million. questions. call the pursuing have successfully in plans, up meet to needed, from XX offering, in liquidity further focus this $XX and and open we excess primary the remain to on these complete Our factors unlock reductions,

Operator

from Instructions] question. with comes first Thank Sherbetchyan question from Our you. proceed you Financial. B. Please Sarkis [Operator Riley

Sarkis Sherbetchyan

my here. and Hey, thanks good afternoon for question taking

Wayne Barr

Hey, are Sarkis. How you?

Sarkis Sherbetchyan

you, I am alright. Thank Wayne.

evaluating the Wayne, portfolio the management plenty refinancing the and one – the question, the offering statement this like scenarios imagination, know here. board the lever are So, and debt to monetization we million considering right? leaves is room pathways for So, rights are likely right? reduce of $XXX is And what

Wayne Barr

is mind those is stated. year have the X. taken then as of #X current amount of I for that various the approximately and definitely It both a this We’ve have the It notes top appreciate of but us. and on indeed, we asset it’s we XX% through money priority, sales, Mike out coming December

of structure, more on to the focused of We’re bonds. rather a just XX.X% overall refinancing easy than an capital improvement

the extremely you offering rights step. noted, an is important As

strengthens it balance sheet. our think I

think Avi as of refinancing. well to their on as And we’re major stockholders, demonstrates, belief different I continuing ways equity it look variety a company. of the at the in behalf Glazer of this take achieve to other a

will respect refinancing. with and We down we come but any the as the soon of forward you we as you yet, know move all how it definitive going to path, letting as are be haven’t consensus to made and in well a to Board, we’re front Sarkis, decisions with

Sarkis Sherbetchyan

what us one? if the explicit balance requirements of help that holding you are for the the cash with year, And company-level can

Mike Sena

is this Sarkis, Mike. Yes,

overheads. the have debt, course, then revolver, preferred the we the payments our the and Of and convert, the corporate on interest normal stock,

Sarkis Sherbetchyan

dollar total to value a put to Care Mike? that,

Mike Sena

Sure. Yes.

about to we’ve $X.X our running the left $XX looking costs, at million interest million for quarter, SG&A. million a $X of and been at X – months about have quarter then in corporate we We’re and

Sarkis Sherbetchyan

Thanks rate a a Okay. consolidation just And improvement $X that to you $X.X described, that. expect you bit that is the after fort quarter just number? on mentioned, little that run headquarter on million we expense, corporate should million or of

Wayne Barr

space consolidate did, – continue savings. But could additional to that push some down. course, we’re be We trying trying and of on, quarter, continually the of to in push there the course, be working We’re would there to move down. middle of that so the

Sarkis Sherbetchyan

I relabeled Energy now Got believe, recently. more And is Spectrum Energy, is here, Infrastructure, segments the are is, Clean so it. Broadcasting Construction and

So I of describing further to areas, versus these are some from of non-core? Should this with core in moving guess just what’s away relabeled your or messaging move? investments expect we investors we assets kind as

Wayne Barr

Yes, lie I think and is think the opportunities an really relabeling kind excitement in us. of the indication of front of just we that the

We across broader those segment assets some before. I that take it I broader have really a the here And X advantage I reflects could names that we that segments. of the expansive than segments. each think good relabeling X little the the of think operating prior in we opportunities is all And think used of

Sarkis Sherbetchyan

I’ll it. in Got queue. the hop me, for One back and more

about the talked backlog the Infrastructure, is $XXX number was. now million, think, at You I what

to So, to composition of projects you relation types backlog, just environment? of concentration can the or or maybe the if the of talk geography current there customers maybe if is in

Wayne Barr

I think the little think, the a Yes, nature good because changed I has backlog, bit. a that’s question of

are these Mike, though any it’s think projects Rustin are to up as you they of kind more of characteristics have to than some team on the the confident well? a they I testament feel little that, types of that. bit, and even thoughts of very a changing that the did kind meet task to of that

Mike Sena

quarter they this means, – was moving mean, positive reported up million of see we’ve burned to everything $XXX trend out million went million, backlog quarter. backlog. $XXX this $XX That I means $XXX from quarter. revenue million, they a obviously, sold continued of course, It’s plus Yes. last to from into

positive. that’s So

lot I talking the of DBM think still a to market. in in the team, see they opportunities

market lot to is moving over backlog out talked They it of see the small so that’s – They a We quarters, to are market, medium-sized see – we’ve so or in opportunities think have where that about RFPs to jobs. starting larger too. larger a the come I positive there. the are some into to jobs few past sort are of starting sign,

Sarkis Sherbetchyan

real just or customer undertaken And of to in in either backlog? levels of concentration be no Okay. you’ve projects this clear, types

Mike Sena

$XX I – good a in, commercial out. that in can although, market. any wouldn’t for the see – again, pretty concentrations it’s of been a still million million and pop we’ve they’re backlog in it has tell say about some of like what while, composition really signed what space, and to a there talking lot kind It’s the them, in spread starting portion range that’s looks you the today there $XX of of I is but been they to larger again, opportunities into projects

Sarkis Sherbetchyan

in to queue. hop back Thanks. I am going the

Wayne Barr

Thanks, Great. Sarkis.

Mike Sena

Thank you.

Operator

you. Thank

with with Our next question question. comes from Capital. Concise proceed Please [indiscernible] your

Unidentified Analyst

have fourth for year in with revenues, outlook of anything terms to comfortable in it quarter in can the you’re snippets segments, have could You don’t Energies, you’re be specific backlog. what gave be maybe as of five I in but Clean measures? Infrastructure, EBITDA, for the But ‘XX will below last of but be year. the Like just terms of traditional construed well quarter and In guidance, you heard overall? snippets. quarter giving the do more fourth fourth expecting terms you calendar

Mike Sena

give think. some on view we We don’t guidance. mean, I give Sure. what try you and we

being see in it DBM, expect, for for expect about last to is full – we see last still lower we’ve September, you it year, So that lower We year and that it results XXXX. to case. do healthy year, talked backlog. we through for And be than that, was than be instance, the the can

that is have do around projects XXXX. primarily invest things of business seeing some our backlog maintenance call we we in GrayWolf and the in some said business, We the acquired, delayed is what – Industrials reduction the the that which CapEx we that and come we’re expect in of to and back

Unidentified Analyst

Infrastructure division? it does burn the backlog you take long at how the to So off

Mike Sena

a run These to months. few smaller the anywhere from XX months can projects, projects

projects, have backlog. medium-sized a I those probably backlog, so look more in we XX smaller what projects our you think when within at to have months lot in of they’re We

that. maintenance of do of on months of months. runoff business disclose to months But backlog the in related – the of couple to XX a the business Q&K Fabrication the Erection than carry second the few your footnote. and contracts Some – longer are to kind Industrial first sort in the in our of We

Unidentified Analyst

Okay.

Mike Sena

It at what’s least of gives what in to you we’re the sense XX going that. and a next months beyond burn

Unidentified Analyst

Alright. color rights And can the you avoided stock rights you it, is how any this price offering can on of offering? kind give you is – going? really what the the level status of at for And

Wayne Barr

So at we to time. discount offering type at come not at offering rights which market, commenced rights $X.XX the of market. any out was the did The

So, on was was it at the stock launched, and the approved date that $X.XX.

the until we is have advantage sheet balance of consummate is most putting point. we some will we But the it November offering, we an the here. XX, will, rights and believe cash democratic take announcement what way We at hopeful when that of that will open on are everybody

and All stockholders achieve an are us very opportunity opportunity refinancing. have of take important the our participate, hopeful that and will step this towards that we very they help to

Mike Sena

will at is to allocable to of our two rights $XX is million, I have that their of also backstopped that to which indicated share, going they up just participate the add shareholders amounts and that additional roughly partially XX% it large also are offering.

Unidentified Analyst

price the is? price $X.XX that is the So of stone, what is

Wayne Barr

Yes.

Unidentified Analyst

below the XX? if November by falls stock happens that What

Wayne Barr

for that would to I rights would be instance. inclined subscribe in less the people assume

Unidentified Analyst

had not wondered if it will, you plan if that just happen, a I that B Okay. but… wouldn’t

Mike Sena

million still $XX It’s for backstopped regardless.

Wayne Barr

Yes.

Unidentified Analyst

Okay. Well very thank much. you

Mike Sena

Thank you.

Operator

from next R.W. Brian Please with Charles Our proceed comes your question Pressrich. question. with

Brian Charles

got for questions. ones. couple quick I Thanks afternoon. the taking good of Hi a

$XX value from at your such? make unlocking subsidiary subsidiaries want give that is of cash the at million understand the did the that level, sale that maybe harvesting some more guidance Is level or through First, the about Broadcasting I I cash or about subsidiary of stations you to to currently maybe is company. holding or sure that. maybe

Wayne Barr

our cash we that ability be have. would subsidiaries that pull to they from No, have

Brian Charles

you have bit the more so level little or access have about that’s plus. think at now, million or right I a Okay, you a – – $XX $XX million, you to subsidiary estimate $XX

Okay.

sales, have sale realize the kind stations of what any note station as might to that Broadcasting might what there the do you color sale? be to value guidance you kind targeting of On for you of from be any and or able

Wayne Barr

Yes.

some So to assets. non-core a decision sell was made

stations, We of LPTV across A pretty A variety network full rounding of and have to exhaustive LPTV have is from stations. everything out we to emphasis power the Class a a list the country. The really that Class on

the you stronger And – selling that we’re that, and idea of move at from here operating a non-core if network. out the kind assets were of to to deleverage segment in so, look put in full-power interested build Broadcasting position full-power and certain as is the particular stations. The we to forward continue to

Brian Charles

you’re could to pull a look targeting? go and and don’t Okay, have dollar ballpark apart. things back that on I at figure but that try you

Wayne Barr

at and we variety sense. on we obviously makes we are we will are evaluating Yes, the one when that we think looking these receiving, offers of case-by-case that decisions basis, a make see

Brian Charles

the Okay, question. great. finally, And last

large XX% of additional on rights top be the had the a committed for I understanding signed offering of $X.X mentioned would offering that of XX% another rights it the Lancer? million rights shareholders million million, of represent might correctly? that an Am to $X so offering. up from couple $XX You Is the million, that $XX

Mike Sena

Exactly.

Wayne Barr

Yes.

Brian Charles

That’s perfect. you, That’s have all got. Okay. gentlemen. Thank I

Mike Sena

you, Thank Brian.

Operator

you. Thank

with question. Please comes with Financial. Sarkis next Riley proceed B. Our from Sherbetchyan question your

Sarkis Sherbetchyan

this dividends doing are the I holding the circle to or were quarter? the just that still follow-up company to forward? here. for wondering, for going I just expectations to up, back management taken know the taking thanks fees, wanted Insurance it’s under from segment. Hey strategic any but And Insurance what alternatives,

Mike Sena

what to we with quarter of now. right Yes, $X expectation fees, I that’s million are pulling a like management consistent our mean, $X.X so million is

Sarkis Sherbetchyan

preorders now to you initial frame or Life means? strong what us go want strong opportunity I can mentioned what you device. the maybe to just help I Sciences the quick, And real can understand Okay. are quantitatively preorders guess, is, the if RX for

Wayne Barr

give Quantitatively, into which I we’re to think it’s guidance, reluctant little a here.

really of now Pansend regulatorily think FDA best took what Pansend. process. the the at takeaway It RX at commercialization is this through this from the well. all It’s to approved does us is that got it It I demonstrates stage, which new technology.

be Sarkis, there the just a with schedule, it. any soft different as the And bit what even early their transacted of the in doing, RX is on device think, a before You thought here. projections to respect that we skill to would based of was flavor of they I remember, launch commercialization period. of it’s kind set BeneVir ahead

So to refine the they’re and I the continuing process. think marketing launch

launch, I think that the a answering dermatological the far, as question products very everybody number doing is apparently, well, with For results pandemic. we’d as your here. very the and to pleased despite Curiously, are so kind expect of what to without full-blown dermatology and quantitative

it Pansend, calls, we kind activity. hopefully, on technology. Zoom take see some of that folks just value great think paired I And David attribute of et to they’re Pansend cetera, behind this. The [indiscernible] proven they brought it to before I not a uptick can overall to dermatologist. market the team, of and a up is really team the in over so to demonstrates having with portfolio. the of it the contributes at and Zeltiq think sculpting kind It’s that heading liking to what And, advantage continue when

Sarkis Sherbetchyan

during the your our time? And any brain Janssen, acquirers, using payments they there’s of right? it. kind the it see to are at are HCX the potential just BeneVir, the if pick of want developments to updates on any if At to milestones least Got regarding if from the speaking outlined or friend, I from sale there good tried,

Wayne Barr

indications from our updates are All positive. to Yes. They the get from develop them continue we it. internal

FDA the product. we’ll for when think we I be to submitted start see get applications closer,

so We of haven’t seen have much that continuing expectations. other But yet, update and they a in don’t line we status that. develop the are their product to with than

Sarkis Sherbetchyan

for Got it. Thanks. That’s all me.

Wayne Barr

Thank Okay, Sarkis. you.

Operator

no floor Barr to the you. I further back Thank over questions this are would at There Wayne closing for turn like to time. comments.

Wayne Barr

you. Thank

last set to make to appreciate soon our We achieve stockholder for for It’s over continue as we very forward refinance changes to the exciting we debt So certainly everybody Thank plan offering, least the HCX. many months, not the we definitely continued together successful here of you. to to the executed rights value on to as is to been I the goals which I the we’ve a thank to here. all debt. finalized are showing participating and afternoon. working that everybody of to of the course of for and support conclusion variety ourselves, us drive at this as time refinance like you the six continue and look you is be have back will that and a really would well

Operator

This concludes today’s conference.

disconnect may You time. and you participation, your your great this Thank lines at day. a have for

INNOVATE (VATE) 11 Nov 202020 Q3 Earnings call transcript