HCHC - Earnings call transcript Q4 2020

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Operator

Good afternoon. And welcome to the HCT -- HC2 Holdings’ Fourth Quarter and Year End ‘20 Earnings Conference Call. All participants will be in a listen-only more. After the prepared remarks and presentation, there will be a question-and-answer session. Please note this event is being recorded. to IR. conference like Chesler to now FNK of would turn over the Matt I ahead. go Please

Matt Chesler

Good afternoon. earnings Officer. for Chairman HCX; quarter we Thank and you joined of and HCX’s to are HCX’s Jr., full fourth HCX; review Mike Wayne year CEO Avie Sena, XXXX by results. Barr afternoon, being This Glazer, with of us Financial Chief

on posted As release presentation at earnings have slide our our usual hcX.com. we our and website

followed call will We Q&A prepared our with by will be also and a This to simulcast website. our be is call begin session. remarks on being archived

forward During the and will this and may materially with detailed be Private cause to could SEC. are HCX’s that our Act these of Securities further statements Safe cautionary such made certain these fact, and which discussed subject certain looking assumptions the and being cause Litigation looking assumptions are that Reform more Form assumptions a call, factors The statement risks, management and Any statements involve to fully differences XX-K included and presentation, in slide actual differ risk forward earnings pursuant uncertainties, is XXXX. our historical of are filings in forward could are the and provisions factors from not and looking risk to make in that other results release statements. the Harbor

law. performance. update will measures any these our call or our non-GAAP this measures adjusted management in statements, insurance substitute HCX useful only the or of to call adjusted GAAP measures reports. the in financial a In for as forward-looking required review as operational provide financial as of expressly forward-looking conference are and income SEC included these addition revise supplemental intent allow income. operating EBITDA, refer transparency for by except and insurance in statements We that data not the The and disclaims obligation as believe also this certain date while made to stated pre-tax adjusted operating such greater of

the for of first my respectively, period. quarter sold Energy for over segments today’s and point, At to analysis the the Glazer. things of results XXXX, Finally, Clean this are comparable pleasure to fourth telecommunications excluded XXXX discussion quarter performance and from and of in turn Avie it’s

Avie Glazer

you. Thank today. [ph]. Alex for us Good everyone joining afternoon, Thank

and the old in Chairman, became HCX a a including had to businesses, year, than tremendous collection less focus I economy. involved best-in-class a sharpened are unrelated has Before assets services that new laser myriad as been energy. HCX long of distance, targeted of In marine its today’s

as in the and forward is First, even more result we’ve going steel United increase and an infrastructure in relevant represented in likely change This infrastructure by erection fabrication spending outstanding companies control of asset the largest the DBM and the with of Congress. States. a

the with is for RX devices same and Second, commercializing system $XX $X by billion develops by record FDA. CoolSculpting and by and proven granted besides XXXX potential technology technologies led in billion with our a is management public took is company HCX be developing a for Zeltiq’s successfully other potential for kidney creation The of revolutionizing its that for kidney. of then is breakthrough excess device a kind the market. medical which the MediBeacon. which RX aesthetic and the non-medical that kidney monitoring the allows real-time dermatology team medicine value and designation current track function. investments RX Life novel The used help value. for been greatest Pansend, Pansend MediBeacon Sciences portfolio MediBeacon creating the aesthetic has in in the of and to technology billion. in of later sold can in the employed areas market XXXX Allergan with the MediBeacon $X.X first

aware, HCX in world, group I’m represented the only imagination. you we U.S. the And potential is inherent Third, are nationwide the Broadcasting, have as opportunities station one’s sure value by HCX broadcast largest today’s broadcast provides, including in limited spectrum assets the collection by a asset Spectrum in

if company We have exciting organic The value. and are growth assets, of believe committed around top unlock when to the business notch approaches portfolio their in are Wayne value detail us. the success chosen for to on substantial provide opportunity would like three to in call we We and businesses is by that front supporting exist this of to I and and is looking Talent world-class. over focus our turn there assets appropriate and inorganic the CEO to our HCX. areas. fueling ambitions creation are To right alternative today. more These Barr,

Wayne Barr

Thank you, an time exciting for This HCX. is Avie.

Over of our we’ve restoring strength. and our the past the reshaped year financial with the company focus goal strategic sharpening

the of across We’re transactions doing through newly a stakeholders this group with Board and the of and initiatives of broad support constituted organization. and Directors the

Board hard committed company align tremendous period a time a As day with to We’ve your Thank to better. determination than who and wider, The work. to HCX show accomplished a in colleagues amount deeper, more and with couldn’t shareholders. have is action team taken short be HCX X,XXX it’s management, of appreciative across are in transparency new not more and It stronger a and drive our up focused. we environment. challenging ourselves for of you make the every more

Energy number and primary in exiting of course months, we’ve telecommunications the our refinance the We’ve also several to full positioned marine reduced bonds transactions this television winter January. four, power to non-core better us seven successfully selected sold business the past segments outstanding winter spring, of February. the from in stations. last broadcast and These the fall operating Clean Over in

approximately reduce focus, to and addition the to $XXX these generated In of which debt strengthen million company transactions sharpening in to financial use our net position. aggregate, and our proceeds holding we broadcasting strategic

the of evaluate indication business our non-binding continues interest that to in for received of Directors Additionally, our we Board December. Insurance

designs, governance fabrication collaborative portfolio one in of is country. steel Global a a by companies the and four largest an efficient terrific Sciences is DBM innovative efficient customer and through well-positioned with steel healthy and to from are Roach Life to DBM is Partnering segment, by solutions companies the better opportunities of construction at patiently Rustin market, cross healthcare providing necessary, that stakes team, development shepherd highly benefit teams, attractive Pansend, the then continue negotiating creating company’s developing technologies full companies each especially DBM life of our Led and in while additional a secure sector erection and infrastructure commercial and and currently public superior construction increase spending. integrated expected and market in of multiples. to strategy value exits suite maintaining is a realize and asset to professional grow rounds segment incubate Infrastructure Our management services. construction owns solutions. cycle, great financing to when in

Pansend near-term with the the FDA potential for currently, with MediBeacon. there scheduled device to CryoAesthetic of which dermatological for value commercial RX mentioned, aestheticians ahead market very approved is enthusiastic for device, and is our commercializing is first As represents Glacial which currently Preorders RX’s this launch the investments process greatest have Rx its demand in technology creation innovation month. are and of utilizing in the U.S. RX Technologies well this been going the

China this portfolio launch commercially brand in Glacial Our the second expected Spa, year. in to is is in quarter product RX second of the

a million generation Technologies launch third Huadong’s RX used revenue RX you have result the agreement established at investment Medicine in an China to kidney for U.S. As also towards post-money are well monitoring Series into exciting for ecosystem in made real begin additional over-the-air selected the health status China, These that MediBeacon, Company continues some this time next expected is recall, their the cable content, the of with Glacial will tranche the with as additional may is $XX closed received commitments These exclusive X digital growing to for RX’s June half of expected Glacial the of on who immediately an also HCX. the represents in TV are over turning in and first RX $XXX predetermined valuation or investment a platform RX function, proceeds to and time immediate final for Spa, further for from commitment APAC in development. million trend final which which play Class Rx being cutting B cord the pursue kidney distribution non-dilutive received in second viewers no Chinese be in to and advancements $XX revolutionizing kind to entered a of Huadong capital growing XXXX. and $XX MediBeacon to as recently the fund creating funding the of launches which system. TV. device markets. study, previously technology Meanwhile, hospital the instead million. by of allows antennas of that enter from rapidly are products XXXX pivotal an Huadong, equity in to which all of Spectrum allow its million rights in funding just its years of Huadong commercial two year

half there TV households, audiences. an The of were the users million OTA just new or XXXX of in are roughly of as time, these million XXXX. and calls a August up homes Nielsen, OTA in of growing to of antenna $XX number in all According three the looking growing OTA growth U.S. in over OTA buying from as research there’s antenna At last reach television to XX rapidly own Our with first years. existence the XX% that same million story. the platform number XXXX in homes $XX is to alternative their diginets

years built business. markets covering should revenue the positioned uniquely of XX spectrum is and and the XX we Puerto United including creating past largely for OTA ATSC and couple of now top HCX that expand broadcasting The out the by operating the capitalize exploring. and stations are are to the past use transformed already further over nation’s the this we implementation the of largest and leverage has acquisitions couple additional the of X.X network of trend now XX have with actively years Rico the over of in States the is on HCX stations, complete, XXX capability network build which opportunities We footprint DMAs.

and which look phase, through turns build networks carriage attention is the next to lease share arrangements model costs its the significant currently generating in providers as to of fixed now commercial our into built revenue digital already nature. content both Spectrum air take in agreements advantage with on leverage growth broadcasting XX and Our we that the given the upon platform approximately to operating

this and well these year of in Spectrum All different past businesses Life ways. executed Infrastructure, Sciences

of maturity goals XXXX lowered holding company’s respective $XXX including offering very in they a as demand successfully senior refinancing facility company businesses and During their almost flexibility uncertain a distinct additional on by was our haven’t level in we capital and points, capital credit also enhance the the weather reduced to no indebtedness structure extended at We million, additional the Today and top progress able November make each and overhead. of HCX burden, the really a like. and in position on XXX and to five lower company capitalize notes by interest holding of the drivers. took in my period aggregate February maturities manage challenges several debt their lower company since steps rights toward material as XXXX. We’ve company approximately by this cost the company years and less cash corporate in that holding seven member. near-term debt, holding would liquidity been company joining basis a Board years has the XXXX that ever holding the built in

our not We’re like with done work where. I but

Mike stronger We’re it strategically shorter. value and turn capital financially our structure. a With is horizon financials time more to review that, to of for and focused, creation I’ll meaningful the over

Mike Sena

about individual financial I’d like our businesses year improving strength. overall to We performance Wayne’s stronger performance financial and echo financial finished our with and commentary company. for challenging and a

we the opportunities and significantly result improved a we and at growth strategic businesses, Infrastructure, with Spectrum value of company a focus This a steps, taken Sciences. to our Life and liquidity generating us serve have operating As seeking as of will capital. HCX the we’re our in resilience position a lower stronger cost well the and creation narrow of holding

loss and year the excludes last of we a $XX fourth fourth million, structure the so our our goodwill financial loss and will walk of bridge XXXX. in adjusted the efforts I $X.XX significant quarter increase costs me fourth and is partially review $X.X contributions key million to from Spectrum, have Total prior from that to at year, per as or recorded million changes per by place Life $XX operations not early period. from and losses more period, compared lower in let preferred than Sciences. and or non-cash adjusted from that $XX.X then eliminations. down $XX Consolidated through prior by $XXX.X increased improvement Net fourth the the the This our segment of was First, common the XXXX. X.X%, compared an net in XXXX to recognized to Insurance offset $XXX.X its segment at transactions our of was capital of infrastructure the Insurance was XXXX did far prior which you managed key offset which quarter EBITDA net share for participating to quarter quarter quarter of Insurance of in positive Spectrum, performance revenue improve revenue total million share, stockholders of reduce million the XXXX year reflecting $X.XX have period. million charge Infrastructure impairment We and higher first in EBITDA, help we million in to revenue saw for In to the recur. taken was year quarter attributable the decreased

to prior increased timing onto three EBITDA in to the million, Revenue the for Now businesses. for commercial was X% period. year. from of fourth down favorable some the quarter each XXXX due compared projects color At focused adjusted as of $XX.X the $XX.X million last Infrastructure, year of

to optimization being and work being downward are continue keeping of strategies. impacted results in released on made point-of-sale execution overall by So be Margin lack new turn pressure improvements through margins.

$X.X However comply meaningful. protocols complex excluded costs related to with these we’ve EBITDA. experience smaller quarter the to them are with our from measures million Segment not with continued of during less projects to periods, and as consistent certain additional adjusted prior COVID improvements

the We course XXXX expect down over off first of pre-pandemic as to backdrop. remaining to continue half trend this burn the we

us. not $XXX visibility, of As backlog awarded was entering basis, we from at with quarterly reported fact year million, third takes Mainly to in of backlog to December the consideration medium better sized seeing the to more DBM provides consisting $XXX reduced There but adjusted XXXX with XX, yet be into are market proposals pandemic while poised projects which number including quarter. $XXX is smaller down signs end signed are the a with XXXX Global. million. continue for backlog significant a that Adjusted on we larger which million Infrastructure opportunities worst of is projects. the behind contracts healthy and outstanding see

an operations increase participate dermatology its launches scaling quarter. million increase of the our offset positive by experienced lower as of continued revenues We driven as to are and actively to political bill, adjusted by of primarily higher to that Results and Rx that by which pandemic led to we revenue infrastructure commercial COVID-XX compared fueled capital the that the than the optimistic development first from be Spectrum Glacial But in delivered EBITDA operation in will $XX quarter, product revenue we EBITDA. provide decreased public network, $X that number which from sector market fourth of driven the Sciences, as which operations of more from launch adjusted XXXX. tailwind see substantial reduction local in a was was X.X% efforts the from cost our RX in to aesthetic well in Rx improve OTA quarter and At adjusted the Spa Spectrum prior Life would the Net in EBITDA spending than in to upcoming of the losses of million incremental may Glacial higher of to products, the that group in few expect in spending revenues more adjusted reductions, performance. commercial ahead platform. stations advertising technologies generation Spa, spend. year $X.X an a by station due offset the EBITDA significant loss reflect million

was pre-tax non-corporate four quarter, in in the proceeds with stations stations gross due has driven million, a from generated reserve reductions Meanwhile, August in non-core fourth we for year income low XXXX. refinancing the releases adjusted of to increase along $XX.X compared Insurance, period. XX%, power in contingent translator operating reduced lower sold debt The $XX.X these full resulted the for we expense television aggregate selection to XQ and $XX.X million. claims The million During television XXXX the sale at Broadcasting. quarter of by and HCX up power primarily benefit prior and at

had total billion total quarter of XXXX $X.X Recurring $X.X the XXXX, XXXX, items to invested December $XXX of some of GAAP of million up million billion, $X.X As were year. cash the fourth capital. due XX, an Insurance estimated favorable of slightly from of fourth last and assets quarter and expenses assets adjusted for corporate

a However, reduction XXXX. further on on full a basis, expense rate $XX.X positioned XX% recurring us million for corporate in represented and incremental a year basis run savings

which based with program cash, quarter, fourth a end consolidated the reduced HCX’s significantly includes expense of metrics. have particularly and associated based overall due headquarters and to cash due to NAV compensation investments of a had one in one our to areas overhead and equivalents occupancy from an We billion, performance segment. executive consolidation to floors Insurance three At of HCX on cash investments the the of the $X.X shift our from

level sale to compared reflects $X.X The shares consolidated of the November cash net from at company million other interest B rights of million in at the which the million, $XX.X was $XX.X Insurance, and balance XXth. offset company level, by working and Series among September holding Excluding cash of the million holding at preferred capital payments proceeds year-end cash, offering items. $XX.X inclusive was

XX, principal beginning had XX% reduction outstanding from XXXX. total where stayed it of As December HCX indebtedness of the of at million, a $XXX

on for our refinancing aggregate the through holding company Energy the by outstanding adjustments million and transactions. refinance price, $XXX in our further now debt, saw million We $XXX million in In credit repay walk forma basis notes proceeds the revolving under a the in HCX, fees. I XX% was Subsequent closing million transaction $XX a $XX we of less our of our will of debt, of due offering due existing these diluted gross XX.X% which XXXX have BeyondX and to senior Clean February. notes for reflecting segment XX.X% economic senior XXXX, to and indebtedness we retire customary year-end, you million $XX share reduced generated transaction secured sale fully February, notes net completed pro secured The X.X% outstanding to used January agreement. senior

in debt into September forma a $X.X the facility, the subsidiaries also current its optionality the of significantly from our and holding conclusion, company the taken to balance X.X% with outstanding the by We old Insurance million approximately February an no $XXX commitment due cash entered of credit sale amended reduced under for revolving million the senior notes from XXX sheet refinance $XX corporate to optimal structure. have XXXX total the million the XXXX. on we XXXX, basis extending HCX $XX.X agreements increased the an Pro holders assets, agreement $XX the maturity exchange borrowing strive we to of credit points. liquidity, rate date certain actions indebtedness establish borrowings and in maturity converts XXXX, convertible maximum outstanding our Separately, In as August BeyondX, certain the line. flexibility of million $XX to and this remains increasing lowering capital principal and monetize expenses to and excluding current refinancings million. and on million We’ve had extending

we to focus three growth questions. Operator, and would for their the term like the support in now business segments on to open unlock With focus primary Our up to value. immediate that, call is

Operator

Richter from with with Instructions] Please first question is Our proceed question. Jefferies. Yeske [Operator your

Richter Yeske

hoping can processes was been with that on XXXX we effect with economy projects or you as into DBM, little that well? XXXX color of reopening as get on the quarter at delayed see the first work XXXX -- were thoughts projects might a that in Hey, for catch either the give up guys. I and kind or and was any backlog delayed on work have delayed bid we

Mike Sena

Hi, This Sure. is Rick. Mike.

see seeing in a of were I on We side in as -- activity projects XXXX, were in far until delayed the lot market, think the are beginning mean, industrial we’re we the continue some that to delayed of as XXXX still XXXX.

we side in the activity. of business, necessarily a those and of but of come to back haven’t the far any We do expect come And seen them lot as as we’re in, seeing erection XXXX. fab

We’re see projects some starting come in. bigger to

what look Rustin’s so like. will And pipeline what XXXX and the about and optimistic pretty --

Richter Yeske

going the EBITDA turning guide be And and positive us Spectrum, expect to to a bit of can you we positive you what to bridge should this a it forward? give quarter

Mike Sena

Yeah. around been break I hovering mean even. that we’ve right

seen we’ve on become finally save We’ve million costs. cost $XXX,XXX quarters few more We side lot house a and of the things think $X efficient the I the to of to crossed loss. done threshold. a

and out capacity. fill the we’re we are the looking in place now network to We there have -- still

the And continue couple from operating capacity stations the will. years. see fill you past having costs, so what we’ve you to been as should building if we start stations getting that fixed when for And is, you turn, leverage to

the utilities filled you sites. working So we’re so you what that’s one, one turn day to revenue broadband, and and are you on the you kind or of day on those when all do. are your you have don’t necessarily rents, the and costs tower build station lights But have the maintenance on your

we’ve positive had. to we’ll the continue so momentum And push with forward that

to losses over kind You four trend past a the push or down territory. quarters of quarters fourth pushing and quarter fortunately the positive it can the five the see in into

Richter Yeske

liquidity dynamic and allow cash company at not very were that up growth you OpCos. the initiatives having guys previously? does that to at And you not the you are different pursue in OpCos from to What the to a pull that holding now able

Wayne Barr

Hi, Wayne. Rick. It’s

of liquidity think, really focus segments it have kind the us managed at put allows of refinancing and the that operating that are asset some that So we the some with sitting the growth we sales, together of each I enhanced on to to through there. opportunities

advantage are of We the at opportunities take infrastructure makes group that any position of discussions three the a looking increased variety operating us might that just segments. Mike we good want along of to from essentially stronger could allows that more done all coming kind have position advantage of enter potential to the the said, group us as country. And road. those in at were I of think come to across some attract that the different wants liquidity Obviously, take to and we’re be station holding it providers these and spending partner I having we a down building the -- able of company opportunities out more, and I station largest for the into content a think think

Richter Yeske

seeing one of again rates the is all last sales in we’re things how and your for of light the liquidity interest assets equity in valuations me, of asset the markets in changing impacting you’re volatility about then cadence then you’re that or is any for position, at thinking all? And at pursuing the

Wayne Barr

No.

deliberative and of some we’ve you where undertaken. I has if that a done, that things can real question, the So, think, AMG was including sale Board the of being think I where as a it to shown in was take part look your there process first a the opportunistic at of interest the

nice we’re think to there I tailwinds able of took a very some advantage and we produce result.

going of kind there regardless the the out to more continue economic of think I and challenging. that’s to environment that’s it’s extent

in the up I approach deviating management the I think from very but is of the see Board that regard. don’t a Board thoughtful kind challenge, to and deliberative

Richter Yeske

All right. That’s for it me.

Wayne Barr

Thank Very good. you.

Operator

Our question. next proceed Capital. Booker with your Smith from is Please with Imperial question

Booker Smith

question. Thanks the Hi for taking guys.

guys at it holdco into are level expenses the of the costs lowered looking and any scope XXXX XXXX can that corporate by cadence are what starting you holdco Think So there XX%. happen and the base throughout those? was additional

Wayne Barr

I advantage take be going continuation to reduce advantage said, to I that can There’s of vigilant a the to wanting of, the XXXX this and are it opportunities additional took of is some good So, we some We very have like corporate opportunities respect overhead. to cognizant with that think, did we past of probably overhead. year we reduce being overhead.

position kind good strive come to where trying liquidity of get vigilance Our the is to at corporate overhead of the to we But keep at a and our We down. from and for down level. you to continued drive doesn’t that know the right reduce that to did to look expense and are. cost going occupancy by three floors we to ways we’ve one other continue

Booker Smith

the how from that to a perspective on one? switching Thank guys describe guess a deal get I potential and Insurance, timing final if impact of you process could that sale Cool. then the a did to you And you. Cool. can guys regulatory

Wayne Barr

Sure. Yeah.

is Insurance of from our pointed segment Texas home the you’ve out, would as So any of which the Insurance, regulators Department principally regulator. the require sale approval

which taking detect just to seen what application on Our be the of approval the the in of days review That’s we’ve the change marketplace. be made is the A, anywhere days reviewed. of that would or to to based understanding kind Form XXX is from control that is XX

market going the going typically very can’t, of do we’ve I but because TDI. latter the the we’re we really than be no seen it’s really up indication point We different that the for to given with A get and predict can’t any where the whether have them part is Form of event in ranges. those to or that part frequently. good is we a somebody earlier with talked a continental to any submitting fall we within They’ve the what pretty them relationship to

Booker Smith

all That’s had. Thanks. I Great.

Wayne Barr

Thank you.

Operator

Our Instructions] Please Bill next [Operator with proceed is Guscher Cortland question. from your question Capital [ph]. with

Unidentified Analyst

Congrats Wayne, the to unusual let’s these, times during nice very Mike. Hey, quarter, a pandemic. progress on say,

Wayne Barr

you. Thank

Unidentified Analyst

a dragging Spa, lead Life forward that clearly at think about contribution a of with positive for the rollout a Glacial obviously going think team we As some could with with EBITDA, negative or early RX the such rollout year XXXX? do to and Sciences you contribution think you strong EBITDA that been segment, end say on overall let’s the it’s point do

Wayne Barr

wouldn’t to We we product. revenues. products -- do still the it launching business. We additional though I generate are do that we’re RX expect expect within developing even

So there we it will to incur up, expect. continue the ramps as it would losses

there couple businesses In addition, pre-revenue in other they’re still there, you a remember, there are phase.

as those their So are products. still develop losses generating they also

Unidentified Analyst

for you’re of mean a and a or directly I that whether was guess, is a how do the that think I that it’s kind where Spa, market -- period very more customer innovative and it but of clearly there new can Glacial definable obviously about, large there’s guess is product? same of involves, that here, essentially a and bit going type because share the there’s that you or there’s of with it kind educational see you a after -- of CoolSculpting go after a more direct Rx that right I TAM, there competitors TAM is one -- smaller And is there you an

Wayne Barr

to focused a RX, the Bill. kind a it brought focused think developed that RX. we very is for my from by that analogy was focused I that of as CoolSculpting, treatment think use actually -- Zeltiq market I it -- result. But perspective and and a a broader an little team it’s had developed because same which

is just about but Zeltiq a only it one not I that variety had. RX I exciting beyond use think dermatological of has think aesthetic technology things that it that has extend of uses that kind one of the use the

of So just it’s the or result more single of I obtained. from that market of Zeltiq than ranging more single kind use perspective wide an addressable think

perspective, I So more that opportunity there had. Zeltiq a is from think, that than

Unidentified Analyst

Right. Keep I here. as look good world reopens think Well, Thanks to much. Thanks. and that’s I have. very some the at all hopefully work up the seeing point forward result

Wayne Barr

Bill. Thanks, Great.

Operator

your next Please with Richard our is Cetris with question from question. [ph]. proceed Phil And

Unidentified Analyst

Can the question your signs you build chain this see in given Technology, any over and on RX you see To excited Hello. on supply of were what or the there horizon? control on the the about talk warning China Technology you speaker’s supply to roll it and last the out chain, RX do units you do has the month the have U.S. we month after, covered

Wayne Barr

Yeah.

I it’s delivery. little results actually actual from device see early a too think to

delayed. a fairly the all which chain supply that is know pandemic very David received. was of whether on is There keeping or am you and well But prelaunch new. having an eye As was I any period the launches just pretty confident ensuring don’t delivery the the, have and impacted the devices of that the the on kind caused anything be generally, things any thinking examples other being of of specific here. like chain is impact pandemic supply to I than thought actual

Unidentified Analyst

do not, can’t nine how At you and from they hey some can to can’t they guys love want the some point, to the up people to seem manufacturer that. I color a be. units We about of We’ve growing. I sit, orders talk months, produce or where reliable with months wait it. now yourself have now some saying last around they it just love backlog would such got the and every unit from team The thing six

Wayne Barr

Yeah.

Unidentified Analyst

You now. may have them not

Wayne Barr

Right.

color to is the Zeltiq rolled was mean, this device. respect goes a and that commercialized saying out has team I know similar can’t you I I provide that very back and kind with of So, aesthetic it you, what

holds RX, team whether and and very have or I in that Having it’s a you. management and kind really so what information at in did to that’s over it of at place track they it’s that Zeltiq. detail with this think very this Cherien and that And true management we talk it’s done about David synonymous proven record while available the already I instance, team don’t

not that be to am kind was without this by I rollout particular commercial upon group in of confident very crossing going so Is embarked those a Ts. those And dotting and

Unidentified Analyst

Perfect. Thank you.

Wayne Barr

Yeah. Thank you.

Operator

we reached now session. the closing question-and-answer Avie remarks. end turn Glazer And call to over of for have the the I’ll

Avie Glazer

I for hope We’d to our share Bye-bye. excited about enthusiasm entire being the much. very you very today. thank call Thanks. going the Thanks future and The team like is forward. everyone on company’s HCX

Operator

this This time. disconnect for lines concludes participation. your you today’s conference Thank and your you at may

INNOVATE (VATE) 11 Mar 212020 Q4 Earnings call transcript