PI - Earnings call transcript Q4 2019

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Operator

Good day and welcome to the Impinj Fourth Quarter 2019 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Ellen Hayes-Roth, Investor Relations. Please go ahead.

Ellen Hayes-Roth

Operator. you, Thank thank Impinj’s and for us joining Good and you year-end discuss fourth-quarter XXXX to afternoon all results. performance. our On today’s provide opportunity of will and Co-Founder and market call, Chris a Diorio, brief Impinj’s CEO, overview of Cary Baker, Impinj’s first-quarter and will follow and XXXX results outlook. our detailed financial with year-end XXXX fourth-quarter a CFO, review

on will We will CEO, for the Sales Jeff are Company’s Chris website. Impinj’s Dossett, call relations Marketing, and investor session. in President and Breard, the of section and financial on available Linda along Management’s then questions. open the are Cary and prepared of the also data, Executive join with the Impinj’s Consultant call Vice Q&A to trended remarks,

are this our are they of those call call. from statements, facts, Private including Act Before we of meaning Reform our objectives such only the Litigation represent such plans, historical that will within we start, please Securities during this that not conference forward-looking regarding note statements expected date make of we outlook extent performance. Any and To the XXXX. statements the forward-looking make the certain as

law. current materially we reasonable, information our as differ obligation events, required for the in these We undertake, applicable a risks. additional make future reports believe new file we statements SEC quarterly risks we about because or forward-looking of information, except update uncertainties. subject or are are to any the any any with alter as statements, expressly based could result results the disclaim, by do While not risk-factors otherwise our and whether sections to actual forward-looking on and expectations see statements Please annual and

are revenue, we financial a are discuss, on except state or metrics GAAP Balance-sheet measures. During today’s otherwise, numbers and basis. we cash-flow call, where all non-GAAP financial explicitly for

hope Xth Company Conference our and and the San Francisco I’d Technology, the will you Telecom March & Before on Point like in Annual on see in ROTH to that Conference turning to XXth. many Media outlook, attend Dana to the of We Stanley XXnd note results Morgan March there.

call turn the now Impinj’s will co-founder I CEO. Chris to Chris. and Diorio,

Chris Diorio

Thank Ellen. call. the you, you for Thank all joining

results fourth-quarter setting straight quarterly consecutive third the revenue second were exceeding Our strong, and $XX a for record. quarter million with

revenue full year, ICs strength driven we by the For delivered and XX.X% both growth, endpoint in systems.

was record We to Fourth-quarter endpoint with comparison were accelerated. revenue our a endpoint IC with a quarter, as faced set IC endpoint growth driver. growth revenue seasonal and apparel we with Compared XXXX especially performance growth and fourth-quarter annual IC healthy. pleased headwinds. an year-over-year year-over-year results footwear difficult last growth fourth-quarter Full-year key

for growth including room the We only roughly expect of IC XXXX. so to retail lead there XX% volume XXXX believe is endpoint retail apparel plenty apparel overall, market in segment, in performance was the penetrated We growth.

opportunities family MXXX patented expect the also IC with enables about the automated loss and seamless excited introduces We that self-checkout retailers product Impinj key the a a It Mode, also to new MXXX it inlays prevention exceptional performing, Protected innovation, smallest, for be driver highest with readability. inventory Impinj and fast enabling worldwide-tuned returns. of new growth, because with

systems year-over-year with growth gateways. and strength Fourth-quarter in both was readers revenue healthy,

through store items point-of-sale transitions retail, in at continued tracking verifying We exits, chain, doors. and at dock shipments moving in to supply win back-store to and the front-store and

reader partially rate IC growth, revenue. gateway in the revenue and with revenue offset five in systems Full-year delivered growth double-digit by reader a decline triple-digit past years, the strongest

strong underlying very While comparisons difficult to IC the dynamics our in investing healthy important XXXX, and market remain business. continue faced reader we a this business

RXXX, our continue next-generation linking XXXX. February, silicon In designed applications. systems end-customer our the RAIN we XXXX, announced for am pleased in our investing enterprise-grade In to we I Impinj business and Overall, traction platform, in will with deployments. adoption the fixed delivered reader,

our processing best edge algorithms the connectivity, intelligent wireless of on fastest that powerful on-reader sensitivity, heritage RXXX Building network with the and performance innovation, industry-leading simplify delivers rich solutions development.

as We limited shipping we our execute deployments are for RXXX quantities production currently North ramp. American readers in

support third-quarter We regional XXXX. anticipate by worldwide

While the Speedway RXXX the offering selling excited execute delivers, to advancements enabling our are the we we continue a by RXXX with will tiered strategy. us readers,

For applications and the transition a customers advancements, that backward-compatible Speedway the we APIs require RXXX’s offer environments. to via from programming smooth our RXXX

end-user we demands reliability revenue product the RXXX, security, the performance, meet to we expectations XXXX for modest and for longevity. Although have expect RXXX enterprise-grade increasing

The absolute and our we research will commitment RXXX focusing Expanding XXXX our platform and spend linkages innovation in growing to engineering driving innovating team, our across our our on product growth. exemplifies accelerating in dollars, development theme, our advancements, increase platform. on our that strengthening

growing the We win and focusing IC company ROI-driven and on investments in and and front focused operations endpoint will operations, that increase in us. shorten of on investments also diversity. R&D to our geographic our partner gigantic inventory capital flow to post-processing operations wafer improve scaling are invest broaden our opportunity These turns, responsiveness

to City. was New show from Turning front-store exhibited key tradeshow market, transitions, and view, A has away now self-checkout monitoring from include retail take which retailers RAIN extending exits. driven the we inventory January NRF the apparel how in deployments Federation to are best consumer back-store my handheld their this the counting, store York tagging, to ever. In Retail National year’s in at was our

and These partners Impinj highlighted and shipping of that using tracking featured endpoint power xArray our printer both with encoded consumer. applications printed a the partners build bottle from our products the Impinj in to label. showed in demonstration, Grape-to-Glass XX platform. cases can vineyard gateway Monza RX in their booths. the labels Cisco that Lexmark return IC our use a an their wine embedded Also, showed

returns, MXXX seamless second showed on seeing fraudulent inhibit frictionless we demonstrations, -- on two our focused is Protected Mode third suggested booth, the the we with first not a retailer, which prevention our prevention Mode returns. use use In Protected case anticipated. self-checkout A had with product using loss to a and cases, loss

which as mainstream customer was envision by technology using and become interaction pace RAIN delivering, has breadth essential solutions own that and imagination. surpassing struck times retail I and platform, oft our of conversations, partner depth cases Impinj the retailers are the on the use scope that a at our partners and the other of as rapid Reflecting well

we side, that recently organizational COO, to for commitment our my I the Eric tireless into past in and Impinj. for would extend sincerest, to you our his the all stronger for Impinj Brodersen, a with have on organization On thank leadership Eric, Xth. done talented over announced the helped that team down Eric capable you Eric years. far March most five president step grow heartfelt gratitude and like will history.

of during CFO, excited brings our in that to joined him We a new who strategic financial for and February Impinj also shows. eye, on announced Baker, serve will us well a industries I meet Cary we conferences you wealth XXth. acumen road keen and as am our grow scale. multiple experience Cary upcoming and strong

partners, extended to which Turning customer of modest impact adjusting availability and coronavirus, that impacted the for safety compensate on The trends us suppliers holidays our macro and to-date, with customers to well-being our priority. and have product top and workflows. our virus’s team, and remains furloughs business include operations our is has been

prioritize than ramp multiple month contributing The Regardless, to new-product production quarter. volume impact producing production in begin as products we has in from with partners, to more still production, our MXXX ramp. second delay a larger, orders coronavirus on existing a the partners, transitioning and fulfilling anticipate ramp our from production been volume late over to understandably, inlay inlay the

in to the expect impact MXXX still XXXX. business positively also our We

the coronavirus anticipate we will systems China sales, forward, Looking of and may impact and endpoint in our ICs at other perhaps as in latter worldwide least impact countries our sales well.

our monitor sheet, with speedy turning position and confident whom wish to our the to to impacted to who the as adapt continue it world thoughts and and balance recovery. we unfolds, a those We are situation and across market in hearts

bold position year as XXXX. opportunities string the for record year In steady driving vision. energized closing, was record efforts would and remain quarters behind to production our the marked I this like us and past With of always, ahead. deliver and, delivered execution, as revenue team a products volumes in groundwork industry-leading new, year our a XXXX their market confident in by in entire I by laid a the of to thank Impinj Impinj fantastic

for turn I over financial detailed call Cary. now will Cary review to our and the fourth-quarter outlook.

Cary Baker

Thank you, Chris.

excited cloud to an First, am opportunity I be value incredibly how the I silicon can I believe to Impinj’s say is deliver by we to is game-changing. want Impinjer. massive and linking the

truly platform, market Impinj strong positioned are a what and importantly, culture. companies position that also separates I We Perhaps people. innovative is our see from most a other with comprehensive uniquely

joined am a such I to superb have team. thrilled

say to spend massive from shareholder have scaling on Second, the after my customers, and topic value. deliver I latter members. end focus opportunity team and time Company this partners, will more is and win this suppliers learning our growing I to

the was up revenue and a XX.X% difficult slightly in accelerated and $XX.X up Turning to X.X% year. quarter-over-quarter endpoint XXXX. $XX.X prior $XX.X Fourth-quarter year-over-year, to sequentially our growth-rate million, fourth-quarter results, growth with third-quarter and declining million XXXX XX.X% the compared revenue million strong growing comparison IC million, was in $XX.X fourth-quarter year-over-year. Year-over-year revenue result -- given

million, gateway basis, systems $XX.X revenue. fourth-quarter with as led driven XXXX, reader revenue a by partially year-over-year revenue by compared revenue. as and in project XXXX, reader by X.X% large IC declines partially by systems in revenue American in third-quarter well reader $XX.X Fourth-quarter strength IC in revenue, a increased growing with offset XX.X% compared offset again $XX.X strong North million in reader was On million decline by the systems

with revenue XX.X% year-over-year, retail our grew XXXX and IC grew compared project by XXXX revenue XXXX. offset revenue. $XXX.X channel-inventory by represented Endpoint driven correction. and primarily XX% The year-over-year, systems total growing XX.X% in including by revenue. in in XXXX the revenue of in strength strength reader declines performance partially footwear, reader XXXX apparel our $XXX.X and year-over-year million with segment, North was revenue gateway American million, IC XX.X%

was was margin North in XX.X% including with a gross primarily compared XXXX. into mix, in were year margins. gateway XX.X% compared improvements last gross XXXX Full-year XX.X%, The product Fourth-quarter XX.X%, project, the XX.X% due to margin and American sales margin quarter with ago. underlying gross and

was expense $XX.X Total million development expense was expense fourth-quarter $X.X administrative million, Sales expense was million. fourth-quarter XXXX. million marketing and General operating million. in and and Research and $XX.X with $XX.X third-quarter in $X.X compared million. $X.X was XXXX

operating spend. compared slight The expense with in in legal $XX.X million, sequential million XXXX XXXX. primarily due $XX.X to totaled was operating expense increase a increase increased

the already Chris increase to in leadership and market we noted, strengthen our As business to intend investments product position. our

$X.X XXXX XXXX loss EBITDA adjusted the EBITDA was marking and with XXXX. compared a quarter million another a with fourth-quarter Adjusted of solid million, in was $X.X $X.X loss $X.X execution. $XX.X million, XXXX, fourth million in of for third-quarter million quarter of in compared

million. $X.X the fourth per net for million or was XX.X share, quarter fourth $X.XX was shares. net Non-GAAP XX.X share of thousand, the income for Non-GAAP income share, a loss GAAP per $XXX count shares. million. thousand, $X.XX loss XXXX $XX.X count $XXX or was net XXXX weighted-average GAAP using quarter using of a for was for share weighted-average diluted net million diluted

Turning quarter, fourth gross and $XX.X debt after XXXX. generating million notes million purchasing our fourth proceeds $XX.X to we with equivalents sheet, of and call. the compared the capped cash in retiring $XX.X coupon short-term million proceeds $XX.XX with in a convertible issued the million, unsecured rate, fourth-quarter cash, the quarter paying in quarter we with balance fees, in In $XXX.X the ended investments million prior and net X% and

A file, current cash, should include share our our premium outlines $XX.XX website, investor-relations through on proportional non-GAAP notes to purposes of the the notes plan capped-call price. the to you both from modeling our Looking moved convertible value once the shares trended stock settle forward, and table non-GAAP fourth-quarter conversion for for additional in XXXX in is principal has GAAP so the dilution count. our the

the quarter, property was cash operating $X.X net provided million by totaled and $X.X activities fourth million. equipment purchases and In

our provided expectations, For $XX.X from purchases $X.X quarter $X.X million, and wafer-delivery operating prior totaled totaled the million by and full-year, driven net down and primarily activities cash timing. Inventory by property the equipment million. was below million $X.X

want Before first-quarter to turn highlight few a guidance, I I to items.

revenue First, and payroll the tax expenses of pricing increased to healthcare seasonally we trends a and sales to operating in margin. due negotiations lower. over prior our increase first the quarter. endpoint Systems IC tend tend costs. typically resets quarter typically to reminder Also, seasonality gross see Annual impact be

that and mask any trends timing these factors project-based mix revenue where typical, Although impact systems are number can of seasonality quarterly our can results. size, including

end the headwind transition beginning customer additional project operations project XXXX. Second, will not Their in XXXX the meaningful revenue from North engenders the first-quarter at transition systems revenue. for That contribute XXXX our American systems with a and contributed meaningful the of fourth-quarter second-quarter to gateways deployment XXXX. second-quarter purchasing quarter, will meaningful first business

for supporting important customer growth will We future with this continue we look opportunities end as them.

the We as at large also of remain we confident continue pursuing our underlying other multiple business in systems end opportunities strength customers.

Third, situation. as we range XXXX consequence the a first-quarter outlook widened our have coronavirus of

outlook, at our we to an the midpoint range. first-quarter and $XX.X the year-over-year improvement XX% between to Turning $XX.X revenue be expect million, of

adjusted a loss gain $X.X EBITDA between a and to be expect thousand. We of of $XXX million

share On the bottom a on $X.XX a per-share profit between reflecting earnings line, non-GAAP thousand, million and expect net a diluted of $X.X a $XXX earnings of and of count of loss weighted-average profit non-GAAP we of loss net XX.X shares. between million a of $X.XX

this warm and To team I weeks the fourth-quarter forward look full-year for Impinj strong and to I support you customers, investors, our closing, all many and for you in your suppliers In of coming up the to to contributions call. months. and Thank a want their to leading thank welcome meeting XXXX.

now question-and-answer will session. the the operator the open call I to turn to

Operator

begin [Operator Mike from is will of Please ahead. now our first Walkley the question Genuity. question-and-answer Instructions] go We And Canaccord session.

Michael Walkley

comps the So, what behind business, any the the system about trying mean it? to versus tougher starting us help by you quantify numbers, systems headwinds, North grow systems is from just QX business? XXXX Just put Would for project. XXXX the customer this without the and first think of can in you meaningful the headwind maybe in you us strong on this American question type you headwinds think any Can way help the large still business to given pipeline? the

Jeff Dossett

Mike, this is Jeff Dossett.

an answer. Let at me cut take a first

can and all, on systems throughout and comment we I opportunities healthy business I bookings. have say First pipeline the of bookings think, and broad-based

variety pipeline. industry And for and a broad-based sectors, systems of cases around globe. business have the a and healthy all see use We opportunity we across the

we associated into transition account, account taken script, the American in the do headwind call large headwind of that out that say significant for 'XX. North further have would said Having this with that guidance the I setting in XQ we

think the should opportunity. in I and to that helpful the impact be trying size So

Michael Walkley

was In on another of just following quarter guess did QX, that. I you strong up contribution 'XX that. it from indicate,

that, to just we're rate a from in So QX. expect how downtick supposed read this run

again? a clarity around get little to meaningful trying Just headwind

Jeff Dossett

Yes.

that's Mike, approach. think fair I a

Michael Walkley

that line those expectations chain. it's I pushed And of out annual a your how think little year. And just bit because to coronavirus and kind on start some the year, interruptions back should price to just then But about the color the negotiations then gets the know if are later in any track? done this supply now with ramp everything MXXX? we on

Jeff Dossett

with answer the the Jeff. it regarding simple is question pricing the the annual in clear and I'll this and answer Mike, part first I think negotiations, expectations. is of that line was our

Chris Diorio

some we associated I a And script Mike, MXXX. full there do on the question ramp production, not inlay call, partners, said see with the MXXX ramp the from production to on was and relative to we transition as to -- impact understandably. production the our if in said as But the sure I'm to the

Focusing we MXXX the priority production the in delivering we've second Regardless, anticipate product. the first still steps and get still, can to on the we delays, to into pushing production compensate quarter. is hard for we full those taken

Michael Walkley

maybe line. forward? mix from stronger revenue, strong congrats the It is so the to trends higher of Was margins positive pass I'll what just gross speak I margins or margins. leverage than expected, and me for kind or going there question more the Last the Thanks. and Okay. was a it gross a on

Cary Baker

quarter margin IC Baker. is as margins revenue Gross Seasonally which little were Good typically price you. a impacted annual are systems ICs the positively the endpoint in higher fourth the our into lower Mike, negotiation. Yes. a carries this than by gross going we're to meet Cary endpoint bit business.

primary the the really So of revenue mix was business. factor the underlying

Operator

Please go of Ricchiuti & from Needham Our comes next Jim Company. question ahead.

Jim Ricchiuti

putting the about left wondering endpoint in you're little coronavirus -- a a QX? of for can bit systems an about that Just and the a I'm MXXX the slippage on underlying in quarter. the seeing impact in the kind given of got month IC, business we've what talk impact QX, second, you aside we're IC

Chris Diorio

this Chris. Jim, So, is

all upstream mean, supply downstream as the use As label there has you first chains, in retail everything as to impact the I RAIN said think modest, forward is and materials the I really automotive, freight logistics, we quarter the and aviation to in labor. is diverse to related but key in sourcing and and script, in piece impacts been to demand look industrial cases. of a multiple complex

and evolving you much complexity in that is second projections situation daily, quarter. the make for given the because So can't way coronavirus of literally

I to with quarter, transition impact modest previously, to the we have MXXX to cited of think the full as what outside we you're the I just production first is from stick going of production. which being see ramp said impact for

Jim Ricchiuti

And if other not just the as that get and but pursue I'm sense some to specifics asking American these for opportunities. that could large there some trying shorten, customer, sales customer, What you customers? customer we a to with given maybe sales for this just you to North of moment turn other on kind And larger could of is these what potential some see projects? on I'm cycle presumably the demonstrated you've of the do cycle

Chris Diorio

industry in if Success, say going success success would customer get -- sector in well I bodes more cycles positively sales that and forward. any will. for you any more generally influences we

project deployment operations including extend an transitioned globe. deployment around new has and learning any So is from the opportunity, utilize to to into successfully this project to the that opportunities

Jim Ricchiuti

is have I'm and comps just the given in headwinds about business, is me and reader moving from pieces at there looking in XXXX? but you that business, of how systems the IC from just think some business easier wondering, just coronavirus, the question IC might we should the portion And the Okay. reader there, business last the

Chris Diorio

underlying confident that very the strength going IC into about foundational XXXX. business feel We the reader

Jim Ricchiuti

And you up the any what -- should be of see portion assume could business given we that in XXXX? that

Chris Diorio

reader guide variety at for Well, a serving pipeline signal I industry many in multiple good we use or one a quarter to the and continue into embedded the about time. wide But our solutions feel the opportunities bookings, of cases. would we integrated that and sectors ICs

the reader foundational good feel of about strength we So business. the IC sound

Cary Baker

genesis of in the that's future. Jim, for see continue And comment we as strength the it business investing because we this my that

Operator

Our Morgan Craig go comes from next question Hettenbach Please of Stanley. ahead.

Craig Hettenbach

Yes. you. Thank

Cary understanding First out in question you started curious of terms of growth kind the are in your that as for balancing business but investments thoughts I not be of with formal just at you kind and which just how might kind of then and with look margins? and in initial targets,

Cary Baker

Yes. I'm Craig thanks two so, for the into weeks it. question.

on speed assume am can you but I think a to getting So learn of to lot that business, quickly, the I course. there up is

look as up drive into I'm the So the I that, that necessary trajectory profile, and coming we at still with future. to the at look should growth the how revenue investments

not at on. ready something offer I'm working list that it of So to the top point. know is this anything of a specific, but that I'm

Craig Hettenbach

that move of trajectory on as watching expectations for of through the or kind kind work any And the ecosystem and a be of year? then kind thoughts you on kind through things of just just you follow-up MXXX, as we and partners should milestones

Chris Diorio

to it market speaking So given, really Impinj is game the continue the Craig, our how in that I you view expect about future. on Chris. as changer is given given the this MXXX important a should it us opportunity. how we to and -- And am

information make MXXX to impact statements in and new we As the available. still positively the XXXX becomes said, business as expected about Impinj we'll we

Operator

Troy question Piper next Jensen of comes Jaffray. Our from

Troy Jensen

Avery and want customer So XX% have you SmartTrack. are for could to it, just XX% could getting two to talk about implications you revenues? call you're to that given or companies one but are your guys of Dennison be not the acquired Those PI going whatever merging, what

Chris Diorio

closed and market to And them a companies. Avery there Jeff to grow forward, say Denison the after SmartTrack a add, working mutually I'll bit build with market. Chris. to I morning. to out and little and Troy. plan serve Historically maybe Obviously, got we if you make that on few enjoyed into strong the to this opportunities start drive is comments. partnership he's keep add with we've like mutual going the will going, beneficial anything foundation if both This just deal a

Troy Jensen

thoughts? was would I about to about love say concerns just inventory rationalization any your or get to

Jeff Dossett

No, and Developed forward at and with and very any have we've many particular Dennison work Chris SmartTrack sort the of as we opportunities in deep this of industry partnership, we to I both working globe. variety Avery and closely for Avery sectors SmartTrack the serve Dennison said, deep combined a for closely is companies each within grow seek worked look industry to don't relationships years. of concerns, entity time, a together now as around that much and and emerge to RAIN

we and working forward look with So closely this them. to optimistically view

Troy Jensen

industry Then update the and just would airline give [indiscernible]? my on can last question the us you be, an

Chris Diorio

Yes.

this to Troy going several opportunity Chris. That is is years. So, span aviation

we're member airports. so, and member early expanding airlines We continue in to also in within and airlines see non-IATA airports, still And space, on highlighted progress days. and the do IATA by deployments the

growth think we're good as forward. of expect There I can seeing inbound are opportunities. terms questions growth trajectory and a us consistent measured say multi-year market a as we whole, airline I in at in So, industry to coming of the is with is from guess to moving lot and the a that starting see what we I what is

Jeff Dossett

one This will think Jeff this like industry is I would that thing progress basis. add, that most project that. I on a is

readers will quarter-to-quarter, relates we're optimistic based endpoint and as it our readers long-term solution and systems So Speedway the how well like IC. well both well of as ICs we're both business, opportunity fixed reader growing to in upon the quite as to that the project vary in as opportunity new as and RXXX but positioned the size, mix participate the timing elements of that of sort

Operator

our of & from Dougherty ahead. question Anderson will And Instructions] go Company. Please next Charlie come [Operator

Charles Anderson

maybe picture had was RAIN brands from for with So I start major XXXX to wanted of great you, just sort of lot wise, really a Chris big deploy. RFID, we

of You maybe sounds seeing But you're of for you expand circumstances XXXX. mentioned who on what in and apparel to to going can And if sort promising could terms other terms are in that set be XXXX? of you, in pipeline of may footwear, wonder have the there similar well end I performance deploy. any make apparel, you comments particularly And as I if that's like in as on markets it looks sort any up. a of follow if that

Chris Diorio

Yes. if name a a impact to about large on cases. have things their not advanced was Sure, RFID starting inventory by that statements court, positive to number see is the visibility, use say have retailers name, fairly the making about and specific that on publicly of in RAIN Charlie. having talk more I'm so to going but would can that because end you customers those there done, wanted

self-checkout is RFID expansion move use pay newer opportunity fixed which and of walk terminal, items more I say more personally automated sub self-checkout terminals, sub It for -- base, a in places inventory from from automated where to the the inventory to handheld will visibility, I literally I been And has can based the can see checkout and Asia. I loss have those the RAIN just I checkout the and visibility go to buy and that self-checkout cases. of attraction now done using RAIN Europe systems driven and prevention in terminals used store. see out

of segment, to ago. trucking as top chain to and expect across our so And of last we hope items verticals and the spoke space, use see see growth a that through we the doors transitioning market. seeing was good lots as in retail apparel about facilities. the and in minute mentioned, case, I we in we On believe call, the out just brush, lead of but are and broad it opportunities continuing Supply in adopting on large see course, opportunities continues aviation the dock to logistics retail also multiple growing, I we grow in in opportunities excitement and automotive

Charles Anderson

now refreshed can talk I'm the you great. so Okay, concerned that's can product, roadmap reader the obviously and much. as to IC product curious any the improvement endpoint about stand that with where you've on if IC here RXXX. there then you've Thanks you And reader maybe make refreshed product. the far product, as things

Chris Diorio

should Well line. as leader, show. to something have We you going announcements product innovator we're advancing markets our us make be expect continually to and don't that we the advance before

and introduce will We new the is time they right. as become products available when

Operator

question comes ahead. RBC Steves go Markets. Capital of Please from next Our Mitch

Mitch Steves

of I My and vertical factor in half the so, of go-to-market. safe retail, there. Thanks for vertical second on ago are talking be kind you in the growth in some guys. in XXXX? to Hey planned are fact reader just clarify, year again in the one of guess, any change question. growing I assume would taking your about fastest verticals, a then the there having the of is I to terms XXXX? my sales first where that kind a the you strategy, pursue if be want in IC just And given mean change management for originally guys about secondly, expectation guys And what would it Q

Jeff Dossett

Mitch, this with is Dossett. Jeff first take sales strategy. regard I'll to question the

designing important use solutions, wide needs and specialized deploying cases. would anticipate of crafting in play and partners like based range may and role past sales call RAIN I in organization out know have sectors for responsibility we to you very the continuing XXXX What is that the addressing I'd and and the of under industry way in assume say, strategy As today. we as XQ the I the sales

at been and it a and partners going will the major to in very so have sales forward. go-to-market and of years strategy And focus foundation continue for XXXX be our

Impinj's as head remain of phase the strategy consistent growth into So forward. going overall aspirations and we sales this

Chris Diorio

hours. And Mitch, it try second a about for later Chris. big that we a this take and your talk I'll is stab at could really Obviously, question it's question.

the Retail the base. retail percentage coming in opportunity base the sheer it given As biggest the basis. I -- apparels in But represents you it's ICs, has largest on that the fastest volumes of market, for the terms growth not script. growth a endpoint that in interest base. off said in think would is is market coming the I about biggest in coming of XXXX as off say off the

percentage we opportunities. the we are newer talk opportunities supply those a about and about automotive and for and logistics, about basis, faster On each talk chain opportunities aviation of we growing and talk

have You to at endpoint ICs systems. look the mix and between

the lighter heavy them on a be on clip. growing on a early the and versa. at probably trend endpoint of very all basis percentage vice They're ICs systems faster and to much or Some little

billion market for And excited think it's of past what the important delivered penetrating over think terms as but industry the and opportunities, is is you and to about to those ICs us that we've future talked very multiple I and said industry endpoint which others the the behind about fact very heavily the about representing four XX.X them should into in growth segments. customers in other XXXX, future just healthcare as overall, is with RAIN XXXX. But opportunities XXXX, overall Alliance, verticals. well are think them, that overall as RAIN over brings growth we which significant of

Operator

question-and-answer over our any back would closing to concludes Diorio This like session. conference remarks. for Chris I the turn to

Chris Diorio

to for years. over incredible to past the today. And his for to Thank these thank Eric I'd solid for execution much. Impinj you like special team support very joining Eric, a give again very quarter all thank you the the call five and thanks past this

Operator

presentation. has now Thank today's conference concluded. for you The attending

may now You disconnect.

Impinj (PI) 2 Mar 202019 Q4 Earnings call transcript