PI - Earnings call transcript Q2 2021

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Operator

Good day, and welcome to the Impinj Second Quarter 2021 Earnings Conference Call and Webcast. [Operator Instructions]. I would now like to turn the conference over to Mr. Andy Cobb, Vice President, Strategic Finance. Please go ahead.

Andy Cobb

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

us then Jeff Dossett, will join questions. the Impinj's session. for in call open Q&A We will the CRO

data on prepared the management's can financial section plus You Investor remarks of the trended company's find Relations website.

performance about Securities We Private are will this as statements in our make such of the under Litigation on statements Reform future are call expectations today. forward-looking Any Act and financial of based outlook that XXXX.

comparable basis actual our we statements, and uncertainties these risks or SEC. undertake metrics, alter update and reasonable or we our basis. for as While risks in financial expressly statements, for and subject making results do file sheet these not we law. metrics. of annual with differ non-GAAP statements by any we uncertainties. metrics any our non-GAAP. believe to make because obligation refer are on and GAAP and cash most Please disclaim where our the metrics materially to forward-looking are have state describe could We reports Balance except explicitly otherwise revenue we for We to reconciliation all a quarterly the call, flow forward-looking a On today's GAAP to release applicable are except financial required a the earnings

XXst Needham Technology the Technologies these in Jefferies I Conference Growth that Annual Infrastructure to over many Conference Investor X August look Conference the Semiconductor We the note Internet Oppenheimer on Colliers the turn Global and forward Communications August Canaccord you Conference and on on now Before Conference XXth the August turning our September results X, XX, Genuity connecting we Hardware and the events. will IT at Piper will XX, Summit to participate September call on on Communications Sandler XX. and on Annual Technology with XX, XXth the Chris. August virtually XXXX to Industrial of Annual outlook,

Chris Diorio

Andy, all call. for you and you, Thank thank the joining

the bookings our XX%. underlying Our hand-to-mouth, component RAIN with partners strength second and a are shipments XXX-millimeter in than To along efforts, were all And revenue setting that exceeded results and half support and and in our demand, demand to completed is driving with demand, second our highlight guidance. aviation fully food, became automotive, XXX-millimeter our third help strong demand, constrain stronger wafer to IC expansion second our record running Of still quarter had so quarterly XXXX, reader much endpoint we exceeding strong week our pushing the adoption every Despite Those down quarter little those post still shipments, drove see total inlay strength, we the other and Growing XXXX maximizing lines end demand profitability shipped partners and on wafer our strong record planned first to plan supply, a of that vertical our our today's strong consuming that revenue users, many wafer factors yet engender XXX-millimeter our for retail, the record quarter. To have. not or product logistics, ship partners and they the shortfalls record process, best ability even full post-processing business. Growing virtualize volumes. in inlay capitalize adjusted and we of that XXXX, by in operations our on unit Counterbalancing markets we EBITDA, inventory top. consecutive inventory near tight bookings. periodically enterprise demand. quarter digitize what for need at expectations. Already more our above short-term of focusing bookings lines. despite remaining meet demand inventory

Looking at IC XXX-millimeter and our the endpoint third demand fourth exceeds supply. wafer quarters, and XXX-millimeter

we XXX-millimeter, For essentially all the shipped now have we in wafers XXXX. prebuilt

XXX-millimeter see, year-end, very we, For low in XXX-millimeter, today, remain wafer XXX-millimeter neither veterans absent exit post increased across that fourth industry inventory third partner, the our predict they from will third be some limited wafer shipments cusp by it but volume like will deliveries supply yet our on levels quarter we just doubling which capacity. nor runner, is and will us which capacity quarter which processing is by availability our becoming with With foundry tripling of XXXX constrained by ecosystem. quarter

We will capacity upside any turn supply year able the processing post wafer significant and also both diameter. XXX-millimeter exit with quickly to at XXX-millimeter either at

Second a quarterly systems exceeded setting quarter revenue record. expectations,

faster anticipated, of that part improved revenue outperformance. than Our reader delivering supply IC

an Reader inventory second suppliers decommitting again before our ongoing days us challenge revenue lingering a declined improving to third reader packaging quarter. quarter out in constrained strong IC channel a with that was delivery. quarter, We reader challenges Reader builds. component the despite shortfalls both on bright and continue demand constraints. Those shifted supply component capitalizing that consequent shortfalls spot, near with and expect first driven of by also scheduled in revenue are opportunities some

total Our all where for significantly on endpoint gateways, as team ICs, volumes. the ICs, has definitely and not And we reader they challenges, ICs. readers can. are systems remain endpoint like products, as focused albeit on navigated maximizing constrained unit upside for Nevertheless, we delivering

revenue. forward, delivered the reader for all endpoint recognizing retailer, revenue $X operations supply to loss we transformation revenue key a grow in retailer visionary And to remaining the demand, the expect was from systems execution essentially with Like demand. third chain factor a ICs, rate leading based run We prepayment. for RAIN-based Looking modest and generated again by driving engine North the continues of digital self-checkout entire consecutive third combined meaningful quarter. enterprise deployment who million customer global our units the European we Asia We quarter deploying. strong from second logistics delivered prevention American

latter, For energized of this self-checkout. endpoint retail at opportunity am but increasing opportunities only this the expansion XXX% the terrific industry, success retailer, not and from potential, I required consumer IC entire by early across our the by tagging with

with the ICs the On overwhelming. reader all our features new EXXX first years launched in and we in been performance. new EXXX, side, product The July, EXXX and reception X Impinj has and reader ICs groundbreaking XX

enterprises identify, reading. to of RAIN our devices, a new and CMOS, battery-powered these years More Our showed I they to authenticate guidance will reader partners, believe already vision are bring from especially die handhelds, many and Unlike ICs feel website locate these prior and I printers. new power reducing and our in so consumption. items classes IoT large X ICs, fixed the smart readers, turning when making size of modules, of come use wearables standard boundless a transport time sell. they in to see than Impinj manufacture, reader and XX small, at dramatically ushering and partner edge ubiquitous life. coming with world a to and ICs

intact alignment endpoint velocity. demand bookings close welcome. quarter, strengthened In strong constraints an guidance a another delivered and products, will our On empathy from EBITDA. we I adjusted and greatly transformation. we organizational with superb our groundbreaking record we require hired design who by for our wish new difficult foundry us We upside the closing, delivered increase digital second for ICs, To in warm and our exceeded supply design from our introduced also members, profitability we partner. partners, execution long-term RF enterprise that IC record and our July, faced But side, new half team, our team team believe you see

in I to and Impinj whatever have upside turn over have it pipes call XXX-millimeter and and confidence Cary. for are straightened them. XXX-millimeter challenge primed team's to We Cary? I widened the the will utmost tackle And our whenever comes. ability now the post-processing the successfully that is,

Cary Baker

and outlook. good financial everyone. third Thank afternoon, call, quarter and review will On quarter you, today's results financial our Chris, second I

up sequentially quarter $XX.X in was compared $XX.X and revenue first compared $XX.X million, million quarter in quarter Second with with XXXX XXXX. X.X% up year-over-year XX.X% million second

was million sequentially more second year-over-year quarter with as XXXX first we XXXX. IC in previously in quarter million exceeded Endpoint than IC and shipped XX% quarter XX.X% Second compared $XX.X revenue down million, with inventory endpoint $XX.X planned. expectations compared up $XX.X revenue

we third forward, Looking IC despite to base. quarter increase sequentially expect quarter revenue second XXXX the endpoint higher-than-expected

first XXX.X% packaging in Reader Gateway was with Second million XXX% with up increased year-over-year in constraints. increased $X.X and sequentially and year-over-year, sequentially quarter to revenue XXXX. the and quarter million latter quarter $X.X systems declined both million, but due sequentially IC XXXX revenue $XX.X revenue year-over-year. second up ongoing Reader compared compared

face we as sequentially decline engine million which second shipments. to revenue systems difficult XXXX prevention quarter the third included to expect $X We comparison loss a quarter,

in Second The against year-over-year obsolescence quarter driven and XX.X% XX.X% increase underlying XX.X% compared with was less leverage gross second inventory. The by and and was of reserved margin offset less quarter product charges product XXXX was first benefit mix by XXXX. quarter-over-quarter driven sales from margins, indirect fully in by excess and increase quarter costs.

third revert gross more expect typical levels. quarter to margin We to

will development due expense compared was primarily as IC in endpoint quarter quarter sequential to in $XX MXXX operating million, XXXX general Total with was be the million marketing as expense The was was million sales mix. $XX.X it a $XX.X positive and $X.X increased $XX.X gross engineering expense tailwind margin and second million. $X.X quarter Research million a our percentage administrative forward, expense of and Looking second was first and million, expense. XXXX. increase increases

due quarter, third cost increasing design that hit our will expectations, quarter newly normalize. Second expense. team hired RF in timing will to below part third the in Also expense further was structure, timing. operating operating our In our quarter,

Second quarter million $XXX,XXX compared $X.X million first second of a adjusted of in quarter XXXX $X.X and EBITDA a profit record with profit XXXX. of in loss was quarter a

Second quarter million. $X.X was GAAP loss net

$X.X $X.XX share using million quarter share net per a diluted non-GAAP count average profit XX.X or Second of shares. million weighted was

by cash first sequential of short-term in $XXX quarter revenue half. $XX.X cash ongoing second expansion, with partially the to million, million $X to balance capital prevention equivalents sheet. totaled and decline was investments sequentially. expenditure due quarter and inventory XXXX Inventory in primarily from a second cash, decline million $XXX.X loss project million our in XXXX. inventory. anticipate the compared Turning $XXX.X down ended and the reduced second IC The quarter endpoint We deferred We offset further with million from post-processing

net equipment $X.X Free operating totaled purchases million. $X.X and was activities million. cash $X.X negative Second Property in cash was flow quarter used million.

Before to few highlight items on want quarter third a our an a of initiatives. update our few I and unique to strategic guidance, turn I give

shipments quarter production had second expense quarter improvements keep Absent though the in endpoint their come wafer supply. to fourth running, the supply, we our First, at near-term help quarter than shipped planned. ICs second lines more partners we originally in of

even Second, supply, XXXX. historical endpoint believe of orders IC as our backlog ahead customers demand could With placing a well we continue there now additional is far more result, our norms. into extends we service. And

Third, in third IC structure endpoint just continue post-processing. partially hit engineering quarter and fourth hired team will investing quarter. cost we we in in The our and design fully

expect temporarily endpoint impacted some in with quarter spending the third reducing expansion. capacity. quarter capacity the of facilities, We Fourth, to of post associated our post-processing CapEx has recent increase resurgence IC our our third processing COVID-XX

We quarter see we into have factored as our it guidance. impact that today third

third our outlook. Turning quarter to

XX% expect $XX.X $XX million the midpoint the million, a $XX and in million We of with at increase compared the revenue quarter third range between XXXX. year-over-year

$X.X a loss million. between of $X EBITDA adjusted and million expect We

On suppliers turn our our million our line, diluted non-GAAP loss XX.X on open the Impinj and team, thank your our shares. XX.X support. we the million want loss session. per and customers, call reflecting the the In a investors, million, operator $X.X and will between question-and-answer count $X.XX million closing, now between a a ongoing and to for average I $X.XX I share share between bottom to expect non-GAAP weighted to $X.X you,

Operator

Instructions]. [Operator

Kumar will Sandler. Our from Harsh Piper first question come with

Harsh Kumar

running constraints. great demand things First blew angle quarter? the congratulations. to fourth this Christian, first and look revenue angles, chew inventory and ask of of supply help Things try on But - you quarter. sounds question happening of Since it running the the how understand possibly all, Cary. almost that for from comments, [Technical growth of up, the Difficulty] some orders growth and of you play bring that out of like the to like the let Cary, I But there's a view lot us do point fourth you you're me in does from as mentioned, in And from a third customers way. your How out risk to a you. they're lot

So I'm around that. just trying to get my arms

Cary Baker

Yes, Harsh.

start So first, the quarter. with let me third

the quarter. let with actually, second yes, So start me

quarter. our in endpoint we you the heard planned higher than we correctly, yes, second IC shipments So exceeded

Our hasn't supply. in QX really supply situation at expense increase the that of QX for shipments changed, the year so comes

is Now our QX QX Asia that's it's systems take navigating to when at going - endpoint that saw, hired And with we we into factored tighter impacts endpoint nice due QX shipments and the going is it's point, because see rate from also that sequentially. - loss I guidance. completed. no quarters. revenue are the But timing locations. QX signaled impact level, and and the sequentially. than we shutdowns is not look the higher as $X just an be RF only in the and predict lift into to the Perhaps today's at QX, constraints perspective, we IC QX, revenue it situation The were be From look IC QX the related of in of out prevention down, few again, our to we million increase look down reason team because going we've in If perspective, systems We've that at that to that, I'll supply in couple coming grow OpEx have vantage systems business, seasonal is and different too run had we If will of to that Southeast navigating our described that quite to I design we'll QX, post-processing in be COVID-XX because really and we will a keep a the phase we QX. our now down looking - to From are we early to increase wafer QX. over you of get had CapEx QX in now. expect a last of there. higher. QX it's engine From some right adjustment at

of closely a So for continues right bit spent a MXXX. those and The processing beyond the ramping to that impacts for COVID dealing that be the to and capacity for to and the are we've key But of preparations adding ramp matter. over situations with QX to quarters in success ability types little now. wildcard monitor. our we'll been year have last several post QX a We

able to post it. at of receive So I any we least can we'll able trust to And and that year. wafer if we'll to we able be it if navigate upside, turn it are get kind in process QX, by be mid-quarter,

systems at we're the that with development than recent the component now the QX, On shortages shortages of side, supply. are wafer a or again, looking more dealing the

QX. done has they're really QX. path team a And their attention now turning us good navigating in job, to Our a for

us but a so forward. their for determine to passage So weeks us or take QX, ability I'm a going path the confident in to and to few a team to month find it's help that

Chris Diorio

- to to know stops a received all We're plus IC wafer wanted we really say I piece any volumes. team our team upside. think words. one lot committed Impinj first, bit Well, can. IC good upside as do pulling information out want I gave have a from total tiny just your of to wafer if detail modest maximize the supply. date, But Cary allocation for as you partner, some kind I say the other can well our wafer I it, layer just To And foundry both more I to just wanted endpoint there. the then on thank additional of Sorry.

Harsh Kumar

your in demand question you the think like you've Cary, and Curious when XX-inch that that that's Cary and venture. you've I got arm ability not of and get brought some to you help to mentioned [indiscernible]. if similar have just hits a sounds on spike how up next Chris, times You It an topic. My starting issue. that able a granularity previous Understood. of it? post the wafer your around as sort is processing guys like got when is got - And as us of that? COVID the mentioned the you've variables, with around well. to process couple be kind

Chris Diorio

Chris. this Harsh, is

out we for you question. just so sure say Could just we can little the again first You a cut your make first part of the part properly? it bit that answer

Harsh Kumar

I Yes. able the be with this guys Yes. headsets hit variable? Actually, really process But post in put the the XX-inch for for hit does - the it capacity your terms was, capacity XX-inch want what to given and off of when take them timing you is to to COVID guys? ability these And away. you question

Chris Diorio

Okay.

point or endpoint XXX millimeters XXX-millimeter primarily wafers endpoint crossover quarter. versus this driving ICs ICs XXX-millimeter shipping primarily the shipping is from to So a wafers driving

our as capacity. we're ramping as post XXX-millimeter volumes So processing well rapidly

a we've in that it the back-end capacity. We to have, triple and will fourth know, in second, as to and compared third you couple invested for the will post the quarter talked It about compared in the double processing of second. quarter quarters,

So with and capacity to see cover the processing year we that we the expect then wafers and very will post some. significant exit sufficient to

margin we've to I prepared on the way. as comes in post-processing our primed the quickly any upside post remarks, wafer we're that got side, said process So

Operator

will Our with Mike next Walkley Canaccord come question from Genuity.

Daniel Park

an if that there's on you're for update on trending? Mike. anything on Daniel Could is It's provide airline seeing that you new opportunity how front? with us the And

Chris Diorio

- not to to as airline airline said, going That we opportunity best of aviation is supply still has So The all thanks opportunity We forward the better understand. for do visibility We pace still slowed through do course, in see baggage Daniel, is IATA expectations. of that back. initiatives aviation the and a see us. the forward. airlines, our And pulled track there compared for now. chains. going joining need in as The original airline very going right IATA-driven difficult time the has adoption

And further anything aviation at how pace terms hit don't the think Jeff, industry you has the been has of Just given we which prediction the pace add? COVID-XX, in to I happen. slowed. will can make adoption by want any

Jeffrey Dossett

have Daniel, operational plan deployments. reduction I'll a in improvements to just by add driven passenger that for opportunity the taken RAIN some airlines loads during

business improve focus continue So and we continues anticipate by to with that to continued initiate encouraged improve. as deployments, we airlines and will they of RAIN their are the operations deployments

Operator

from come will question next & Our Ricchiuti Company. Needham Jim with

James Ricchiuti

a I'm the wondering ramp systems that adjust question in contract we in still IC, would if your the loss up system new QX. had million business business. on you engine Would that your reader $X To be QX? sequentially Just shipment for large prevention down anticipate

Cary Baker

No. was in But signal to we loss QX you tough $X Jim. grow No, to run rate that the is compare as sequentially that. verticals the being trying QX prevention. into if else systems recovery our business, think going to with from for seeing - million normalize have And QX. no, sequentially broad-based a I that will demand, driving so due really, everything we're multiple nice of that, across

James Ricchiuti

Thanks Okay. Cary. clarifying for that,

on of projects? from seeing whether that potentially seeing customers? more ending of new level provide this Or tag you're that so your side, any existing is could terms customers in demand the color are the it to Just you're you as there is from

Chris Diorio

Chris. going saying hand I'm this then Jeff. Jim, just over yes, start to and to is by I'll

Jeffrey Dossett

question. an for thanks much, And important It's question, your Jim. Thanks very Chris.

are broad-based. the we're invest are that we're their those is think and the deployments journey. additional expand organizations, at RAIN is That layering for continuing RAIN beginning RAIN I of those RAIN have deployments of deployed to and that strength who seeing those on seeing enterprises

across broad-based lose we both. Jim? there's So demand Did you,

Cary Baker

a follow-up? you have do Jim,

James Ricchiuti

Yes, do. I

shot your source partner. inventory to we out you being foundry looking mean, levels the in seeing to talked look XX well product I extend a - be it the these to better looks a be early I gives where into down, able demand about team question, better Just to more in position able is be customer But constraints at your you're with going at out what because guess, come 'XX, respect from just as 'XX. as you confidence these got that able like to we're you're - a meeting you least

Chris Diorio

Jim. Yes,

We bit just fact than is this XXXX opportunity wafer demand we need than So compounded It's business more early more with least, we overall - in at Chris. we growing there's availability XXXX. overall a the and is still because can of us for the to very XXXX that RAIN received and service wafers the in definitely visibility. the project

every We no way able can And to we're have do but our multiple There's irons darndest guarantees the it, we there's it team upside, I be Impinj we're any to going previously, that in pull the to fire. said do get We're can. it that can. like significant to going out. working if team

Cary Baker

early year. foundry thing until for be Yes. one maybe And take That typically later our to It's with wafer us Jim, I'd add doesn't in this. to discussing partner. allocation still the place XXXX

Operator

Our from come question Derek Security. will next Soderberg with Colliers

Derek Soderberg

guys the to to sort you I unique Just guys milestones those MXXX on some you equipment. hit use bringing major qualifying up guess production production. before you are still is estimates? curious My certifying what everything Are I'm need process, machines? the curious, guys that transition of or your to manufacturing understanding new the a

Chris Diorio

Chris. Thanks, This is Derek. Okay.

transition back years starting ago. processing actually We year. is endpoint So started anticipated in significant couple the we capacity ICs question answer of to a to last that post a XXX-millimeter your earnest building

capacity and up running We have now.

are significant already. significant volumes ran half. the in We We running first volumes

the the for and said in capacity. second time you in up triple quarter. a those quarter, in every course, adding processing And to double there's additional we what - equipments As additional is already we're We'll prior it third calls, of just up we're equipment additions doing. the post bring it bring

fourth exit fourth post of end will at by will the constrained - the post-processing of by capacity year we and be end that with confidence very not the processing XXX-millimeter significant the good have quarter. we So the

Derek Soderberg

Okay. it. Got

just next earlier before of So question. that of the my answers question I'm me. sort kind out building

wafer your be bottleneck would QX, year, QX it current like would post-processing sounds it not in be supply? of So the environment still supply the persists, next the if

Chris Diorio

in quarter fourth say - fourth quarter, still doing the we're But will is answer to we the basically the quarter. in latter yes. limited your the wafer question we're year, QX and the heading strictly because fourth But first end just be tripling of next quarter part into supply. that Let's adding by by of in

Operator

will with Scott Searle from ROTH come question Capital. next Our

Scott Searle

of you the clean you're and what's up grow could a details on maybe to going into on like sales, something into you to I forward. that pilots, couple wondering, of or your questions. how look a quarter as million. sequentially, provide a sounds loss engagements, in more earlier color little in Just It terms pipeline bit number systems or of et see quantify the little at we the $XX-plus so third that you more going prevention growing of was net look pipeline, on provide bit cetera, if

Jeffrey Dossett

speak Scott, is pipeline strong. is Jeff. first And I'll the the and to question. this very remains

that pandemic during broad-based of partners strong. were It's a of us as well remain that lot industry of the impacted reason quite to believe increased the proof-of-concept Our reactivation the to projects are sales sectors. growth that is going depths geographies, activity reporting the level across deployments as give across new an of

the And is strong. very so overall, pipeline

Scott Searle

are to that thinking starting the the where the big where double become get are post calibrate here. you a at we it doesn't by mix of just percentage couple a of on percentage follow-up But we this going and constraining it factor and that the a the we just to in that Chris, processing the is MXXX but we where capacity. quarter, times, you've Cary, time a terms could today? of fourth today? about and as the mix? is maybe And as XXX-millimeter mentioned start when Great. You're today triple How of

Chris Diorio

Yes.

in crossover ICs the IC terms terms Scott, endpoint of endpoint of wafers in not quarter. So is this

So derived right millimeter. end sendoffs this we'll shipping ICs derived then time, be XXX-millimeter that's from point - that's around from wafer we more will XXX

Scott Searle

could, I demand the if off sounds the lastly, And like Great. it's charts.

a you mentioned more if about that. on at provide color plus. you think I seeing the start Perhaps demand an it wonder this when to you can ordering? exceeding engaged looking mentioned else allocation to engage not you to You've that that to maintain when impacted least But end could as out we're get the start do into really process? supply already necessarily that make of now Are XX% to bit XXXX? get yet. right double But that point, I or not in sure doing middle we at XXXX, back you you're little be equilibrium matter. ahead balance your possibly do as to year you're doesn't this XXXX? of wafer this into we of to expect be as for to start you being get What come by into of

Chris Diorio

Yes.

So the I'll Chris. question, I'll layer give to this an Jeff and then start is opportunity with in. and Cary

is to pretty is ordering So in double team a customer. distribution course, our have. of always X-step risk have But visibility seasoned. direct the we end a model like We don't

they visibility as mouth. and orders our running into noncancelable, partners' remarks, to and are levels frequently lines down. hand said are lean purchase I in my are, inventory our prepared Our very shows They

we just digital We RAIN significantly carefully. enterprise significant market past believe So it's overall XX% and don't and it's the by that by out CAGR double we the driven enterprise industry, driven in don't the transformation. averaged unit volume see see decade. inventory And builds the in demand, between which by real, over channel. The the ordering. fairly is has XX% We're in tracking evidence the of

of coming to out that there's the going poised consequence looks volume a unit as COVID. nothing If companies other - to decline. indicate of anything, it's CAGR to it is So side to accelerate poised that,

We are bullish demand... the about

Scott Searle

and an Chris, endpoint that IC a And number. just [Technical total Difficulty] systems, endpoint number IC endpoint that's not number, is

Chris Diorio

see we referring extend Yes, handheld-driven or, but was from what IC as say, to as side the transition, industries systems retail transition endpoint to, number say, won't reading. I I is fixed on growth inventory the let's well

just systems just and doors, in We supply endpoint demand whole a fixed opportunities. retail our logistics, still reading, handhelds a Jeff course, conveyors, lot for see in CAGRs chain volume ICs but of unit both we're would are you there Cary, and asset for So And retail, of demand, add. of opportunities. anything dock visibility, and tracking, bunch seeing in inventory

Cary Baker

No.

that one good the the point that this, a we would maybe really think does add and demand that checking of I get. also I about the the against team is order job other double orders end customer with matching

the a final to ensure. process in that's So step

As is such say distribution we here. a in the ordering no that that but X-step Chris to going in demand confident it's model impossible there are, - we're noted, pretty on like double as

Operator

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

Chris Diorio

for you and joining very much. are you, and your all safe remain thank I you the hope and Thank Bye-bye. call Thank you operator, ones and well. loved today.

Operator

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

You disconnect. now may

Impinj (PI) 29 Jul 212021 Q2 Earnings call transcript