- Earnings call transcript Q1 2023

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Operator

Good afternoon everyone and welcome to the Lantronix First Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. Please also note, today’s event is being recorded. And at this time I would like to turn the floor over to Rob Adams. sir. ahead go please Sir,

Rob Adams

Thank you first for the and good of fiscal afternoon quarter thanks XXXX joining and conference call.

the Executive Whitaker, available on Joining President webcast of A on call company's will Paul archived are us be call Pickle, live and and Chief Chief website. Officer; our Jeremy the today's and Financial Officer. today our

In replay release. in addition, you can find the call-in today's details for the phone

to details which non-GAAP financial section will for use. call, Jeremy over describes some that, news company section website in Today's materially Relations management’s XX-K call management measures. the presents as our and we Financial of future financial I our of the undertakes no and website, differences Investor risks the call the furnished and the in this today update available is non-GAAP Investor Chief differ will obligation management's and results as turn additional Relations the may cause refer to SEC earnings revise to the on our that could cautionary and the With contained GAAP statements, We any involve non-GAAP During Officer. expectations. reflect filings, well will SEC our Furthermore, to the make or forward-looking which that information measures uncertainties reporting, website statements during release our Please the review to XX-Q. discuss which commentary. now is encourage and between reconciliations risk the supplement from Whitaker, current to company's publicly to events was the posted release, in Lantronix forward-looking financial you release, and that the the for factors as circumstances. or such statements

Jeremy Whitaker

hand in XXXX fiscal as it our us we loan highlights I to quarter and closed joining call. our for you, available targets for Paul to his the additional results, well first an going acquisition over September as the this commentary. an $X of everyone afternoon's million million earn-out and to welcome XXXX term of acquisition I’m some the to are In cash. Thank provide for up before certain financial Rob, met. the to of cash for $X of if existing increase revenue million and cash consideration $X We funded with Uplogix of business

first quarter approximately our result, two related fiscal activity a includes operating As acquisition. weeks XXXX of to the of Uplogix

a earnings first our was is to the quarter go-forward basis. non-GAAP to expected accretive significant not accretive be Although and acquisition on results, to

fiscal increase For XXXX the first when we quarter million, quarter to of of fiscal million revenue reported an the compared $XX.X XXXX. first $XX.X of of for XX%

the As revenue compared expected, quarter down of reported XXXX. million fourth as to $XX.X was sequentially in fiscal

increases for for fiscal the Research for million XXXX, quarter $X largely and XXXX. fourth quarter development XXXX. TN beginning quarter were Companies and the quarter in for gross first the the for current GAAP margin The the driven with recent XXXX R&D million quarter. in of to $XXX,XXX the was XX.X% mix. fiscal acquisition fiscal million, fiscal chain product fiscal fiscal quarter million $X.X compared and fiscal of first year-on-year at the fourth general in improved to quarter $X.X the compared of SG&A the and quarter The revenue approximately most the quarter. and the million, addition improvement of related supply first of Our acquisition was of XX.X% of with prior in by sequential of were XXXX. the compared as and $X.X administrative for XXXX contributed for expenses were costs lower million expenses first $X.X of XXXX first Selling, $X.X fiscal with XXXX

per loss net were loss of down expenses period. net $X.XX compared during during fiscal the GAAP However, or income GAAP per the to first a GAAP revenue, first share $X.X quarter XXXX of first $X.XX first million $X.XX a percentage or XXXX during share or $X.X the of million as of was to net quarter the fiscal ago compared or of fiscal quarter was million of quarter per the during Non-GAAP XXXX. fiscal $X.X non from million share net income per $X.X of year share XXXX. $X.XX

million turning $XX.X fiscal of as increase is ended was in with the year. XXXX, as prior sequential the acquisition, of XX, and assumption June capital the XX, The of compared million million the with million XXXX, June the $XX.X XXXX. $XX.X $XX.X primarily components is $XX.X September which quarter expected of Uplogix million XXXX. compared of equivalents and the support cash sheet. of XXXX balance and inventories September the project, Net quarter. compared half September as as the NL to Now with We Working to purchase cash XX, the as XX, ramp to of million were second to of [ph] during $XX.X due as to inventories

After recent per our our of we Now acquisition as in a $X.XX revenue follows; to target annual Uplogix, $XXX share. for our increasing revised outlook. adjusting to are $XXX of million turning EPS range for non-GAAP XXXX of and $X.XX to million fiscal

fiscal and weighted wins of are design the largest earnings over revenue year turn during call in to our Paul. to the into be half. growth heavily second two to the now the more production the full I’ll second as expected half expect We ramp

Paul Pickle

Jeremy. you, Thank

grew and the saw we some our supply a acquired logistics a fronts expected costs, chain systems pleased quarter. progress thanks XXXX, and report good business. start value-adds Revenues we number high of While improvement, to slower lower We margin fiscal a year-over-year. made we I’m to XX% to in on

of also the We laid for year. remainder the groundwork this fiscal

we while customers backlog later September, have up bookings in sequential some with book begun the growth to eye we our ramped Compute return We is quarter. followed as and see entered larger in the to backlog December quarter starting by with a we and our do of quarters, December, half second to the growth some total watchful orders customers. versus note economy, two in up a as last patterns accelerating on volume All-in, compared as have production caution in we

constraints, product Solutions products, and compute our customers, our sequentially, XX% Embedded fall-off which totaled strong component SFP million federal seasonal XX% a up and of our total process NIC representing in in XX% taking an of by IoT to our which just impressive shipments grand We offset Turkey. Turning had opening and after or benefited QX we due year, In at strength to discussion, key but this Embedded $XX.X swing to QX this a currently from quarter. strength the electric production quarter compute products. expect QX benefit but We year-over-year supply throughout in in TOGG fiscal we performance and June down revenues. was by by TOGG, to saw the see the shipments customer full plan to will facility Systems from strengthening begin driven be in vehicle March its quarter.

System from $XX.X the up to from XX% benefiting Smart million Solutions, City customer totaled System saw revenues switching base. growth revenues, strongest and Turning or here significant of interest Solutions, products our Within growing XX% flat year-over-year. sequentially

network products. after a in which and resulted us for by growing benefiting media fiscal quarter. was offset cycle converter solution strength from strong year Fed This slowed addition, our Fed lower In interface a buying stronger business sales

order recognizing XXXX acceleration fiscal We the our the production a of pilot edge for remainder the by the business, systems device of purchase of smart quarter. current expect led volume we revenue to our our grid, first begin rapid September or QED quarter received Gridspertise. will see the in the the for ramp, quantum and run in For customer

complete production the against and awards We expect currently QX. in a previously announced for purchase quarter, ensuing we production our to fiscal and to expect our contract ramp volume this QX

Within portfolio, and offering our The brings with product which in fronts. synergies. number portfolio product financial offer networking Business, and Out-of-Band a a increased makes the two; high center with with applications acquisition our our valuable $XXX,XXX customers. margins of existing scale product higher is accretive base broader it offering we functionality Number revenue of port a and middle security, the These data in-line which Uplogix are us Uplogix transaction. this September. high us solutions the to is automation, with them reported address Systems federal end, solutions, recurring giving a a especially new Uplogix to devices on supplier key systems one, and of margin of software for strong of count revenues. our Out-of-Band from our closed augments Uplogix, recent acquisition degree of that Out-of-Band own control a support complement Number and existing approximately

roadmap. estimated generation product us revenue And and roadmap paying value. save this we $X supplier solidifies $X to an delivers Today's this market a at discount development. fragmented whole, We the are continues to Lantronix as offer for were margin to its of architectures Acquiring million IoT to next XX have to able engineering high synergies center lastly, is demonstrated due $X acquisition in Uplogix is margins. accretive our system previously, be a And acquisition to consideration. our product acquire last month expected the million million, and in On nicely Corporate refresh. data product was changing this expected

million are be of we For acquisition. $X this the to remainder the from revenues over year, fiscal expecting

X% approximately of and Looking or services, accounted at million. QX software for revenues in total $X.X revenues

QX, in Compute was XX% line. expect revenue was volatility primarily which for services this activity in Gridspertise by a quarter some driven record TOGG. customers, sequentially and Software and pre-production We do down following

of margin in summary, with In In our of remainder addition, after prospects accounting for confident we the fiscal ARR QX QX results subscription pause we a growth $X XXXX. trend, exited showed for of the Uplogix, greater than million. are while a high our to acquisition

December, in we resume our volume TOGG. expect and led shipments to fiscal that year second the trend recognize to trend we the of as We our expect and in Enel accelerate to resumption revenues, growth half Compute by of

revenues, New supply seeing more today. chain easing whom IoT prepared backlog offering. solutions Uplogix can in to with come for which will improvement remains the from healthy. of customers product more is a new Year incremental will Our The Lantronix comprehensive our offer and remarks completes drive That acquisition our of we to much and expected

the Q&A session. So I’ll now to turn it conduct over to operator our

Operator

[Operator Instructions].

comes go question. Please today with from Walkley Our Canaccord Mike Genuity. first from ahead question your

Mike Walkley

quarters be and Can you Paul, previous supply elaborate where ship about supply the Thanks might you congrats be start during on of talked couldn't the quarter. I that the that product might how chain you Great! and metric now? and customer the guess maybe to improving requested to solid in year. metric

Paul Pickle

Yeah.

than slightly believe Overall, end the backlog the previous latest came is we this quarter higher the was the $X.X were the at quarter shipment shipments to Total the down higher. requested additional to meet. the in quarter. that CRD in million. able So I quarter not of was backlog

seeing available some So some But to bookings we're of say out components a supply down. in PPVs seeing semiconductor we're going get. work today. digital terms to we've chain, certainly I some had side. bit while and some of are components the the disappointment the the take particular think economics still that explains normalized, that some of difficult is of has a so little signal I'd some largely quarters to there. those taking Memory mixed through place still signal P&L. mix of get. the more on Analog are readily difficult in They in But are come

know We've we've it of TI, improve. late. with issues supply So blocks instance Cyprus, other of ADI, as having But you well also suppliers. easing some some some out new for Cyprus and some I'd overall continues gotten to been say, NXP,

say New looking continue to to and expect better I'd Year, I'd as improve. this enter is it still the So picture we

Mike Walkley

gross and seems were about Great, in projects margins? thanks. lot I on how you a this follow-up know a good ramping like sounds year Uplogix that's should quarter margin also. than expected there's a Any think and parts question, we And fit the of margins moving accretive stronger it also. different know as with update gross like

Paul Pickle

Yeah, we still like margins. for the gross mid-XXs model

number, ARR again we're of certainly, think revenue, going we margin see know more about we're when more take and we on essentially. that software business I kind rise you talk to XX-plus and talking about once an as

at through million on that P&L ARR going quarter. certainly of component because to again $X those not a this it a changing margins horizon. $XXX,XXX of rack have while term of that model se supply certainly also well terms work saw think our model, where an into inventory. in So this gross note or It I through the as kinds with of it begin just about chain We're and terms once over of help then so up per moment, longer savings five bring takes easing, P&L to handle, you chew the improving does a works things PPPs that's the sourcing But basis. – in bode the think go-forward I’ll roughly takes side we picture to but for up. on on I a the thinking

Mike Walkley

and question pass I’ll it on. Great! And for me last

As have half in see you far of it start you two the quarter Thank or those revenue do from where as Gridspertise for and that to TOGG, the those December really the you. second is big projects. uplift year

Paul Pickle

It's not revenues. significant

So Gridspertise a should subsidiary, last that formed of year is Enel. reminder September I a say. just last of as September, They subsidiary

And the with agreement is supply chain of so the a Gridspertise lot it the expected is although parent. customer, is Enel,

in both will between general over and internally and separation time be two for Enel marketplace those products. Gridspertise be We there extended we’ll that the at expect an as opportunity consumption continued

if definitely quarter revenue this beginning of of that the in terms the – we TOGG. recognize So this revenue timing of we quarter, will revenue, from

those the And With see March services expect with year. quarter. the next for as and been really beginning shipments to minor thing really a stiff agreement same start of doesn't last place to year, the this the TOGG the initial quarter Gridspertise. guided but through ramp place the revenue calendar of quarter take in before, starts ramp we've true holds till with share modules December SiP so. revenue We But that take revenue some would March in to lion’s over this recognizing we

Mike Walkley

in the back Great, queue. I’ll jump you. thank

Paul Pickle

you. Thank

Operator

question. question from next comes Please from Christian with Schwab Capital Craig your Group. go Hallum ahead our And

Christian Schwab

or Hey you lack million you for sounds that the take when start tell be what you of $XXX like us Paul, ramp to guys! together, but initial on to a at we Enel the Congrats – solid quarter. and pace customer know know million those expected. look now a is always just $XXX either your can to of going by because guidance, the - things then can it and name, real and it's model happen TOGG

how a about wondering, to of assume the you March visibility contrast what revenue the what would are just might much and those might guys applications be I’m shipped into to June lot two in expect versus quarter. you in know, ship So better exactly and end that, you assuming I you then calendar in ‘XX have at would

helpful. with color us or clarity any help So you could would be really

Paul Pickle

Okay.

continue year, think would touch I we we – just of, really fiscal beyond So as start look guide ’XX. programs terms don't fiscal grow the this but we fiscal in year, to these I year to expect us to as

being think too need I’m what customers stay I with TOGG us are full least – these would programs December we are a putting is at about point, just some at million careful has impact I be we've begin talked kind some for know that that happen. Enel able to And be actually guide $XX individual we'll want full of quarter. asking It out know to going you can done would in I of to previously, think the affect growth we said have to I be and versus what – competitive. much year, my be about it of As to we FY’XX to fiscal But previously information what into mean that really years. continue. in to what trend mindful pieces not I year business terms four as opportunity think of of to over you be to doesn't expect that. see cautious

we've time, hit them in exactly is holds year I I been this true. but that fiscal million happening before are been year, mostly calls. not as fiscal in the it's out will a to that more visibility other on we for think the you bit schedules impact they've suppliers it's They ’XX playing to have, various $XX and customer's internal guided still $XX and due and quarter reasons, still, know aggressive. that it's fact, with previous that say not delivering to In this conference a starting with happen million have

how at looks is We're next kind where goes we're about negotiating of design. a what think next on generation point, like. Ultimately, it because positive the still look an volume seen, it much I generation design we talking a mode. does to what that think engagement for guess exactly that us this which is like and Gridspertise be get do is remains I now engineering in still

to meaningful volume. years. said production four don't schedules be or to XX,XXX through bit going I expect ramp around to So we $XX would recap guess. is run that TOGG a year. some split to year many support that, factory XXX,XXX get it's little split, really cars start, be we've like a stated a year, previously, ultimately into that as going It's their up are are Enel years Initially units post over a multiple XXX,XXX what to suppliers. kind get to second a happens, this can of production know but factory, where I million so be but would to when units between that able $XXX,XXX how they then of to And to

Christian Schwab

know think a the go-forward for And you you business. Thank business, that ex-acquisitions thinking and that remaining customer of basis? about you know we you what steady kind look new large What rate products, are at that. growth do Great! you is if core core on

Paul Pickle

question. Yeah, that's great a

and or expected out about performing I back think, pull I really better high some to business of the mid-year, year should, it in talked digits. mid than kind we at point to to quarter really that at it base past this having – single June

for guidance this next the kind So of into fiscal that is built year.

mid digits growth. still It's of that pulling along thinking business We back to in single to nicely. clipping base are high terms

get in up. they continue that introduce and to We new products space picked continue to

business. or move you line, digits in like mid what single It should to do. really know industrial that's fast doesn't down. So is high up That's it

Christian Schwab

if last may. And I Great! then one question

driven the have the the about software and to think not a gross too for continue, nice, words, margins eventually and XX%. target, margins as you your to that just talked future in be You XX% to growth know an opportunity expectations not I were but distant

large So were we through what operate we Is near you ship to program margin? to revenue wins those still say? and gross of walked a the company XX% amount that can just with a trying significant these that earlier,

Paul Pickle

take hurdle to So question a I’m software that does start have say think as not from couple gross and software becomes can revenues saying margin I that. the that on XX% answer about think I mid-XXs, larger things. then plus we is software sites It software sales, What of of is the definitely saying traction. company mid-XXs, I’m again. margin a to component, our up. and One, still XX% when of talking to getting I We coming sales, creep

kind enter higher from obviously got well easing we from a And that to a quarter coming supply back freight stage, cost, then dollar as will benefit extracting expect hardware some as chain And I refine benefit to portfolio so start we this of value we well. the as down.

So But a towards some you things think bottom profitability the driving see handle. five that number well. I of line changes of as company kind will that

I’m in ‘not expansion believe looking terms I And say at of see so I and mid-XXs beyond to didn't some that. past then I distant margin operating year it, so getting thinking future,’ this fiscal said future, but

Christian Schwab

Thank questions. other No you. Fantastic!

Operator

with Please And Scott your ahead question. Searle go question Roth next Capital. our from comes from

Scott Searle

was we Hey and on quarter to I bias, the forward, but and think TOGG Good Hey! of would I be was September for in coming job came a now margin think before little start got mid-XXs as hoping any the the a people. I you the provide you as kind expecting we heard my if employees little I contribution could the into in I was up you of upward it, bit number Enel Also mix going questions. start a there. late, the gross if call step year. taking dive $X sure wondering coming kind but and the to not the onboard mix, wondering into a million thanks of as has on that on saw, for Nice Uplogix. we we I mix into afternoon know that have about apologize. quarter. and bit of I’m color an marching contribution little the of Paul there I’m that the part should higher. say backward

Paul Pickle

it of is We're some will to we employees business. a acquired. terms but goes see very number company and a in say the fiscal Okay, outsourced it so contribution terms integrate then at accretive I We is and seasonality $X when it the million, in group. and accretive of quarter, in kind revenue team. million of it's And was not proper XX it in that through so fiscal that business twelve that $X from was to integrate we of over as to year. business picking was to immediately quarter, what leverage there that, partway the $XXX,XXX can this hardware did bit, Uplogix an but was that we're the negligent. is in engineering. or into expect significant. that a it mostly good did happy million up $X This say trailing year talented We Lantronix team down

we here, we contract well have the benefit as So the get of as manufacturing. resources of some

the you materials, of cost at take out line. looking we the know of of Just we can know bill XX% immediately COGs

continue get business. nice little to was we chunk So take to that a that over so attached we're get first. to the going we asset, inventory through pickup to there of have as decent But was a that

of as and opportunities begins pieces to the That's that. to we can reasons of software. with saying In counter aggressive and sure talking terms is better remarks more shouldn't or we'll net appreciate to to get of businesses be software margin, have want that, know I you overall about traction myself piece take I about in over I’m of to some profile, margin with effect I do you lower one of probably mid-XX’s that negotiate the in why going public that because chase, I’m guiding and we start cautious business would a effect, particular have

of totality. terms high top at nice in business. get line, portion program provides margin the that to If getting good on same the a lift the time think just we traction we of aggressive hardware are So a in the the

year think us that better easing well. fiscal traction gives start I supply this faster. beyond chain get margin upward can bit that happens inch unless hardware of blend a we and think with mid-XX’s high as a I we to little that some But on the software business

Scott Searle

helpful! Paul if I you. guidance Very I on this could, XXX. in dive the just XXX Got for think And year, to to

and right bit ’XX? that some expecting as to we know fiscal ramp efforts are into know You you Is ballpark marketing and even of of those XX%. go implies the know R&D or mid sales kind I'd to more of the like you other quick margins you math sub that maybe the up back are a gross say in little napkin kind aggressively

Paul Pickle

some that it going of know require of going the to have, you investment EBITDA margin we're in of growth require of number investments, we If million you is to chasing revenue a well me time over to things you I we a of know pipeline pretty second now. have that of I at of it's have look to we're that and as year, still your will do some just fundamentally if good look opportunities know I profiles, but know have buy-in, probably know customer the the get that $XXX question bear. new good the partial know bringing in programs. speaking hard some And I right? a revenue half given on XX% terms all I but thinking could one. things Did misinterpreted right you fund But you correct you

Scott Searle

it. front, kind right. was like to the but drive being on just perfect, just margin it of gross you're Got fairly sounds That guess I conservative,

that target, certainly is a talking the about you're not guidance is XX% built While into that today.

Paul Pickle

correct. is That

the some you high see traction mid-XX’s we're side the of year margin fiscal starting So this business. on to know and

of term, profitability. So gross – I increased the chasing but in there five you not know we pathway I on and yet, can think can start to to long get some we terms margin handle can think think that there. we the see a We're

Scott Searle

lastly, in the kind color on And of bit of could front. a provide terms little some you hit you on I’m that of it pipeline. wondering Perfect! if more

$XXX focused pipeline win of of over severe supply is kind pipeline wondering number on Enel big bit constraints I your is this. there's this some that the you How color was of that could we there that’s what as next are million about of looks You rates? out And recently. Edge a think like that's more that you How and of areas TOGG, if thinking doing? but how couple know seeing the that I think then be I on bi-optically type kind gotten one part Thanks. years. I provide you should Compute, year Timeline building of business? deliverable. the front. we've we little a had guess can of synthesize where

Paul Pickle

There In presented that was the so us QX that additional a QX issue from us that fab QX back in. we yeah. Okay, had so we came processors quarter. prevented got filling some Samsung in – definitely –

we saw revenue So drove subsequent you QX number so able a in and a we that boost to to lower. backfill bit little then know the QX, weren't

a little hit definitely us bit. So Compute

a a the mix makes profile, better sense. it so slightly margin result of As you kind of see

to to or store know, trend don't and necessarily nice In trying really truck many, eliminate are now. but secular IoT don't really think so that silly silly you will sitting to $X necessarily incredibly the say Labor you management. a are is save just commercial a We applications stores, do but custom of application, about, that a say you pipeline I'll you right customers There's terms you you know opportunities, where truck I rolls rolls know begging to opportunities for are in them a know project able year. power like with and reset close able a that remotely customer come is big would being convenience million expensive. a remote machines had shortage in being

are enables to municipalities. them Smart know type wanting us. opportunities out really you Out-of-Band remote is applications digits. telematics roll now continue So opportunities, for But management A tracking the eight in they that. eight bear really well DOT got do Cities, for East system right we've to that both The in some a to business in Middle digit

it's large rather we're You seven a opportunities some a bit digit eight ones. but players digit know there, at multiple business, or say I with of lumpy should looking but

expect those cycles, pick sales the us On has we development the given rather this engagement side, product conferencing say. up cycles little eight One quarter we bit audio/video to that digits and that. rather, to life in scale. or should also verbal one which next provide one are large to enterprise talking tend be quarter That good attached continuing this work a shorter, would start a terms to I applications. award We're of

for work us year prospects we a so the on We're really target. you million automotive kind start focused We're the can of $XXX [Audio and to achieving on company. as just migrate as liked to so know continues will the Gap] growth garnering front platforms, Our in be still scale. marching other the still of type to EV to – I’m quickly very that and good this

Scott Searle

quarter. much. Thanks so Nice Perfect!

Paul Pickle

you. Thank

Operator

go Our Instructions] Please from comes question. Needham. Wilmerding [Operator Harry next your question from with ahead

Harry Wilmerding

seeing, market macro for the discuss dynamics or geographies? going? the how certain verticals just quickly I’m changes you're it how's if market the general any and outlook you affect curious, updates Hey, of your can in

Paul Pickle

robust, our largely fairly say markets I robust. Yeah, are

would I little know particular. to You see bit concerned expect some in think I I’m pricing do pressure. in a EMEA though,

that against euro is You know the the of erosion that of territory dollar kind goods the seeing. cost the has raised really of

So growth is where the trepidation there. of our there expecting the area from bit of little in most That out I’m a of is short coming though term.

it compelling, smart to know, upgraded particular energy helps networks delivery self-healing like the You crisis, grid is be investment. and the applications on that's to grid, as just smart the in really entering power so need for Europe maximize in an driving infrastructure is

bit well, little I I invested back the be But infrastructure in U.S. we're America; in spaces lucky particular, about as I and exchange a particular EMEA. a are to little of America pull is fortunate of revenue our am nervous say with North should APAC see in So out that most still being to or and generated North although and and bit involved Europe currency expecting in. are am

getting So but few impact, from you we're know in really an aside still opportunities not that, overall terms of automation. quite that a

to think other are trying touching technology. costs with They dollars. save save people ways I something where and looking want they people it's so to are less

So it I for us. well think bodes

Harry Wilmerding

Thank appreciate I so you much, Great! it.

Operator

Craig ahead go is next Hallum. a our follow-up. your Please from And with from Christian Schwab question follow-up

Christian Schwab

XX% earnings is the Hey! near the a about to our you that operating revenue time or it at think would of is On we kind to one. as you $XXX million target, power safe be Just by frame, range of gross that quick margin fair? know multi-year assume like company that

Paul Pickle

Yes.

Christian Schwab

Great! No other questions. Thanks.

Operator

team any we’ll for and like ladies to conclude closing I’d back the gentlemen, remarks. management the today's with question-and-answer session. that And over floor turn to

Paul Pickle

you hope and today us joining for have you a great Thank evening.

Operator

and we'll gentlemen, that ladies and you We joining. conclude call thank presentation. for conference with today's And

now may your lines. You disconnect

Lantronix (LTRX) 10 Nov 222023 Q1 Earnings call transcript