PI - Earnings call transcript Q3 2021

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Operator

Welcome to the Impinj Third Quarter 2021 Earnings Conference Call and Webcast. All participants will be a listen-only mode. [Operator Instructions] I would now like to turn the conference over to Mr. Andy Cobb, Vice President, Strategic Finance. Please go ahead.

Andy Cobb

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

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

on find Company’s the remarks, financial Investor website. section prepared plus You management’s data, can the Relations of trended

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

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

and of those call Tech to results over We the on Technology the virtually connecting Conference our December XXXX will turn forward Xth. November note events. participate XXth with Investors in Raymond James Before now we XXth and that at Chris. many outlook, the to Conference turning you I Annual will look on Roth to

Chris Diorio

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

supply-chain visibility, our disruptions with the difficulty COVID-related was by digitization. process needs environmental Demand shortfalls, fulfillment, At were also and and product revenue accentuating exceeding sustainability profitability same demand results compounded revenue. our enterprise shipping third-quarter for ongoing strong, driven constraining our strong, and third-quarter omnichannel Our that and time, our guidance. meeting manufacturing

us that Impinj a Third also supply have or large by September, us, mid-XXXX. should IC exceed that to us to the RAIN recognize our through the supply global us increases, quarter increased. shortfall they upside and IC importance driven began absorb. down exceeding supply quarter, periodically Inopportunely, in more XX%. to those doubled are revenue means in from our with us increases partners the assembly, that of those post-processing passing Despite than COVID-XX, brought wafers. cost Endpoint will Like XXXX All supply year gave we running pass-throughs exceeded more post-processing by allow our told, fourth critically the packaging quarter costs we further partner. outlook we Regardless wafer quarter the XXXmm endpoint and prioritized cause, wafer, IC fourth commitments levels buoyed our low too quarter. for and demand third-quarter or quarter. for Like turn insufficient October foundry and greatly shipments increase to wafer endpoint those cost entered rather of shutdowns wafer foundry XX% and chain, is We now regional due we shipping By increases plan component, quickly strong, our wafers sequentially, demand XXXmm our hand-to-mouth, XXXmm demand, limited, XXXX than they shipment first-half our limited to last for by with receive inventory. lines supply. customers disappoint fourth-quarter continues still albeit with to our in end, any able our In partner that be mission-critical our grew fourth-quarter in customers. equal accelerating product MXXX wafer capacity to inlay sales. factory continue Despite

our increases onto began our inlay demand partners, layer we those would additional to if wafers. bookings that could remains as they Even strong order so we more passing cost backlog, procure

partially revenue exceeded even declined quarterly systems and revenue reader IC expectations, production. our again strong reader further, Third-quarter with reader channel loss-prevention constraining Reader set shortfalls the a inventory component engine decline in with shipments record offsetting shipments. as

we significant the quantities late in reader first Although in first too earliest. expect we to modest backlog at our quarter. we with improvement those quarter quarter We ship entering fourth expect in expect had have backlog quarter, of supply to and some also the build entering come quarter, reader fourth to readers in again normalizing

quarter Third from shortfall. recovering first-half supply continued our XXXX IC reader revenue

expect those grow expect XX up design ICs to significant date, we as partners. adoption. to We RAIN Like booked to to demand than wins brought ICs, first-quarter With we systems Also building Excitingly, our partner catch our strong increases. remains Demand for endpoint we in the even increases our ICs, like quarter new driver finally reader XXXX. supply for third we ICs. be key for products. orders endpoint products with significant passing began systems a those with for increases of those more reader cost those ICs, to base

helps say operations, sustainability, I’d I a driver to like we expected Europe-based chain and their waste. deployment reader consecutive drove revenue of meaningful On North front, be deployment. their second quarter Each strong phase began supply American their see RAIN to always which the their the retailer of Asia-based which logistics words a loss-prevention real-time improve adoption, are enterprises further to customer operational the reduce The rollout. And now RAIN few seeing. can the continue self-checkout environmental about we fourth operational data the transitioning ahead. global global and and progressed deployments. virtualize now efficiencies that project retailer advanced from to and for nicely, digitize from opportunities project providing

platform, and helping goals. process the consumption, fuel visibility and emissions package reduce identify improving Post that partner Post’s upgraded will Norway one example, Systems Norway As our improvements meet infrastructure sustainability COX real-time their Lyngsoe RAIN cut using Impinj

few a line, and ERP new home I’d grace to herculean words do months, what a To products product pandemic like a pressure, migrated transitioned accomplished. the With to ramped with Impinj to Impinj disruptions. have call team. say supply-chain close, justice to effort launched across thanks an to XX global they system every during doesn’t under unprecedented past I and Before the largely they, new and all over incredible their effort work-from- unparalleled of environment,

end side-by-side post-processing we third they we IC continue supply- and of like strong, production, whenever may team will I then, pipes working upside accelerated to other transformation. and the widened revenue we wafers, COVID-XX. Until stronger So, to from Impinj sufficiently the to that you. exceeded will heartfelt profitability well my over on our turn partners we will primed MXXX come. guidance, so quarter today’s to unprecedented and long-term demand Cary. challenges we every be Cary our they I’d By navigate ecosystem emerge side with for both call our challenges, straightened and chain have endpoint member, navigated thank our give digital In each and closing, enterprise year see now

Cary Baker

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

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

guidance, sequentially in up third-quarter that was million up embedded $XX.X endpoint our compared and million expectations in COVID-related with revenue have $XX higher. Third-quarter second-quarter million, XX.X% shutdowns revenue with quarter XXXX. XXXX, IC could X.X% exceeded endpoint been Absent compared year-over-year in $XX.X third- factory IC

revenue increase from IC Looking XXXX sequentially, our pass-throughs to upside initial forward, we both wafers. fourth-quarter the driven and by endpoint expect incremental cost impact

year-over-year, sequentially systems down $X.X Third-quarter XXX.X% XXXX. in million year-over-year and reader compared year-over-year. third- IC $XX.X Both $XX.X revenue sequentially reader sequentially revenue and XXXX, up million increased with gateway while second-quarter was declined in XX.X% revenue and quarter million, compared and with

gateway difficult the faced comparison Our to engine million shipments. loss-prevention quarter, included second which for revenue $X a

supply-related decline systems fourth-quarter continuing revenue revenue in strength to more in than reader sequentially, XXXX as ICs. a decline expect reader We offsets

partially in sales increase XXXX by XX.X% mix fully XX.X% margins. inventory, and of was indirect reserved product product compared underlying inventory. margin decline product driven by in fully mix, and driven by of year-over-year gross third-quarter second-quarter was costs reserved offset and The XXXX. Third-quarter XX.X%, was quarter-over-quarter The with sales

The margin benefit gross- third points. selling quarter from basis that inventory was XXX reserved

expense development provided tailwind third MXXX was and expense volume mix. third-quarter General MXXX compared design marketing gross-margin sequential IC looking second- increased Research including expect for $XX.X quarter that XXXX. percentage due in general Sales Total XXXX cost and million. the and endpoint a spot, and administrative expense. we $XX.X $X $X.X third-quarter continue quarter of operating partial expense bright quarter million. our to million, increase expense expense, The with to million. administrative million in $XX.X was and, was RF primarily team, of and a our forward, engineering grows in million Another new and as trend $XX.X as was was

We expect to operating fourth-quarter sequentially. expense increase

gain of $X.X million in EBITDA second-quarter of with $X.X compared a a adjusted of a Third-quarter XXXX. and was loss third-quarter loss million XXXX $XXX,XXX in

was loss net GAAP Third-quarter million. $XX.X

count Third-quarter non-GAAP million net loss shares. share, of using $X.XX weighted-average diluted XX.X a per was share $XXX,XXX, or

building partially offset by primarily capital balance visibility expansion. from we XXXX sequential compared was IC in short-term on and XXXX. Inventory inventory sequentially. million, the current of and The cash, and component we our our exercises, $XXX second-quarter proceeds post-processing and not investments million ended supply, anticipate Based down expenditure quarter sheet, reduced from million $XXX.X fourth-quarter option totaled wafer million to $X.X stock Turning increase million, XXXX. third equivalents in cash endpoint the to $XX.X do in due inventory $XXX.X with third-quarter with cash to

Free was negative totaled cash cash was provided by activities $X.X Third-quarter million. and operating equipment Property million. purchases flow $X.X $XXX,XXX. net

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

we increased all the past to across In customers. began costs those costs, product passing First, increased year. our product October, markedly lines, over

we as increases, those today, into see factored guidance. have We fourth-quarter our them

ICs margin-rich quarter, revenue. and Second, a mix in driving we endpoint of anticipate fourth specialty favorable industrial

endpoint gross an a increasing to margins. We coupled our drive that favorable IC mix, expect in with percentage fourth-quarter increase volumes revenue, MXXX as of

expect current we CapEx spending as our endpoint decline expansion. capacity we Third, quarter complete fourth post-processing to IC in

similar continue investing in our we spending CapEx as be we XXXX to business. forward, Looking to XXXX expect

at with the Turning we range our of $XX revenue expect to million midpoint the year-over-year and XXXX. compared XX% increase between in $XX.X million, outlook, fourth-quarter million a $XX fourth-quarter

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

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

Operator

the question now the We Instructions] from Piper Our go session. will Please question-and-answer today first Harsh ahead. Sandler. with Kumar begin [Operator comes

Harsh Kumar

First of the all but right just in you all, me on guys you and There's let tremendous some a doing execution. supply I lot execution. of think of are headwind, things terms guys congratulate

a jumped the question up. huge big guys. congrats. supply I know the concern revenues My was, IC endpoint revenues, pretty So, chip for a you was

you You secure, come? were still wafers around to supposedly set in coming the I guess already later quarter some that expecting frame. is or additional -- Is were time that that November wafer wafers the the on on of able

Cary Baker

Thanks the it's good one. Harsh, this Cary. is question, for and a

IC it, of to the but received fourth IC quarter, had drive IC increase endpoint increases that layer we us will by typical all that supply. said seasonality. would quarter. volume volume, factors and last that are demand, that to we were and previously, limited volumes beats quarter endpoint typically satisfy typical because on to those talked QX of revenue. we've And than endpoint in The more it's demand two QX that then better-than-seasonal X% in price that even in last accelerating unit not Certainly incremental top we thought hold in with of decline decline XX% in as the QX, demand. we've our able now The wafers allowing sequential we more So deliver of that

Harsh Kumar

is through Understood. exceeding -- first you, commitments for situation where was wafer demand clarification. I Then could Cary, that you in hoping you a talked Thank guys we're half. sitting because far supply. about increased

of wafer curious this elaborate what wafer and you back So was on you guys finish, kind I if And something commitments you in I'll very size have get is line as And of after could what this. good. commitments secured?

Chris Diorio

Harsh. Yes, Thank you.

to possibility shipments us there's that XXXX. is able to to the half will to in the That do this first the visibility year our wafer So equal allows visibility We upsides. Obviously, Chris. first fourth half now quarter of for next be first we say have year. further half of

Harsh Kumar

Appreciate it. guys. Congrats

Operator

question comes Derek Soderberg next Securities. Our with Colliers from

Derek Soderberg

higher, to want with the start consistent demand on commentary with quarter. last sort I being XX% of

supply are supply? that the with given XX% getting, to Or sort that for expect you you of improving beyond that continue to commitments start that's the expect going to Just allocation, a guys even XX%? Do eat you wafer is the above demand that into the ability demand would guys industry that's wafer bit. that to

Chris Diorio

at supply the is just the given this advanced this a for question. quarter Derek, time. We're some Chris. time, visibility guide getting Thanks at wafer point We one in shortfalls.

for I sorry, said, able last question, guide demand to our this don't answer than demand your XX% exceeded remain -- as by strong. supply does quarter, quarter ICs. would we of as out or endpoint And for more but So as be far

we to So on when will supply that layer of meet additional we get if wafers, additional some upside that and demand.

our the demand, earnings to of see visibility terms or guidance demand terms in strength continuing on further call. next -- be of we further across will industry. we In And give our strong

Derek Soderberg

big it. pretty I volumes desire MXXX sort it and how market to you industry drive my such a like maximize margin as of that share to to Got understand wants the piece tag a opportunity cost is for MXXX gross then tag and the pricing could wondering volumes me, Impinj And structure haircut a expand a To gross generations. prior versus on with Got take great stronger substantial the forward, seems of and follow-up, really ASP to balancing that margin. you guys that. it. the generate still you're I'm is of

the you So guys could be what And are for trade-offs? margin, that'd of great. MXXX are share thinking targeting sort gross how about you then those if you

Cary Baker

market. wide or made the sense in And model, increases we to From cost those we for are pass take costs of the cost seen when a our Derek, cost, all customers. To on maintaining across price our on we've this We Thanks this extent sensitive. pricing array is constrained, RAIN the has But elasticity pricing so let we've the question. first we in are really very the of we to those a maintaining Cary. with increases. me perspective, it maybe margin look in the focused believe on in start lines. our supply as environment product of margins

Operator

next Co. comes Needham from Our question Chris with Grenga &

Chris Grenga

on Chris This is Chris larger seeing mentioned Grenga underlying opportunities from in stages deployments? from earlier for Jim Ricchiuti. been large Congrats on area Could some of the who have the great ahead systems had in whether project customers demand the about more you in and quarter. side. projects or for you're project the talk customers strong pipeline

Jeff Dossett

for is Thanks This your Chris. question, Jeff.

well. projects in sectors, ongoing the to a diversification particular the overall, progress But geographies, pipeline we've and opportunity In logistics multiple supply large continuing calls, think those I multiple that seeing in of projects across with I on of overall, say would strength remains chain discussed and strength prior retail. earnings each are strong. we're

Chris Grenga

revising whether Got slowing light RFID it. of are in the retailers observed And IC deployment shortages? for schedules have you or RAIN

Jeff Dossett

I'm not of any to it retail. slowdowns in aware as deployments relates

In fulfillment, increasing retail seeing -- the omnichannel the self-checkout. for continuing for deployments, strength servicing in desire fact, in strength we're

Impinj. for opportunity remains a growth So strong retail

Chris Diorio

newer in that to strong short retail, I'll verticals. the add -- move and just RAIN projects enterprise to projects to supply other -- with that logistics obviously It from forward propensity supply, many drive interest there's very it's and side of is digitization strong see chain very demand, it drive end to coin will the delayed the in that customers right digitization. be those as that market from is now, could But I a right say now of enterprise we actually other bit.

Chris Grenga

Great. Very helpful.

Operator

question comes from Harsh next Our Kumar Sandler. Piper with

Harsh Kumar

multi-part had I think though thing. me. accommodating it's again the Thanks question, I same

of ask X scope. believe So together, in the terms is or and X I'll just the questions similar I answer

times, several greater Chris, supply. demand So than mentioned is you much

So and demand. XQ, -- catch increased supply that up you in you're demand, mentioned my you to expect also question getting is to and

that XQ, any demand shouldn't supply. you're you is got in So if are getting And inference there -- expect and we seasonality be increased seeing you've demand. was that there should because now

me think seasonality that you should that a whatsoever, So the And should we worry right? correct to to up lend about should basically way to got think? that for that not Is I've the be small follow-up. me then

Chris Diorio

terms then to Harsh, hand of answer demand supply, of thanks I'll first part So up it for in and your I'll to off Cary. question. catching the

So sorry, fixed other demand. catching were catching meant ICs. was catching talking the I when to to relative Supply demand, and supply When us around. it up the in up supply. not was catching I the up said that we ICs reader readers. about up mentioned It on endpoint it to demand way -- we I'm to

ICs, our continues I exceed demand to supply endpoint very And supply that's by third XX%. than quarter, mean, For supply exceeded said more in -- significantly. continues the we exceed where to sorry, demand

anything in said we about continue. not from have and fortuitously, battery the be we commitments And on got endpoint that catching our partners such shortfalls up ICs, So we the demand the half the at at part able second will can wafer the to XXXX, ICs much Cary, is deliver but levels quarter question than endpoint of higher seasonality? first on take least fourth that. you through fact, of

Cary Baker

Yes.

vantage So to -- for going predict and to And today's on systems we point, supply little is are wafer will components. It's we be year. Harsh, seasonality thanks question. still the how continuing anticipate play next out to and early both a constrained too from

middle we've XXXX. into that through The volumes I XXXX. meet year the IC, Chris's quickly to capacity, I any in remains point. this at our QX existing last turn gives us that incremental several exceed post-processing or wafer that Chris below QX significant wafer millimeter XXX levels well about over the endpoint that as supply I'll positions capacity, mentioned, well confidence continues us just, that can plus in made supply supply As add we received we the investment weeks least I'll think of And think to millimeter our receive that we've And period. XXX And upside demand.

we side, new the did year. see systems enter as improving situation the modestly On we the

catch in QX coming -- As And Chris up IC IC in will supply with is up reader supply IC QX. reader late in catch should online benefit should said, supply and QX. reader

Chris Diorio

Harsh, we this want just strong said, end just if so And you relative to to a backlog layer even just additional partners, we to the partners, more right jump procure is I we script is Chris. sentence point that wafers. inlay going passing to ICs. I'm in we the as here. at to that particular those inlay delivered, our onto in endpoint began increases they, our our could remains demand order cost would bookings which

Harsh Kumar

Sure.

you like the there are of a shortages? the Okay. helpful, very just everybody seeing Is is sort possible solutions And company? sort about Great. And constraints reader second the are what and into guys guys. of cause that supply in supply nicely chatter is question, Very with that blend which general work you could general as it of that the what was shortages? to on that my the IC

Chris Diorio

Chris again. Yes, Harsh. is This

and ability the is endpoint of ICs; reader For to the not -- reader ICs packaging -- particularly done. we're just our in get significantly packaging the terms limited packaging ICs, procure the this

to up to in quarter up demand, catch expect some because we so have the of for to caught packaging. able to first we up, be supply on And that catch

was our supply not the much for particular ability package and products, issue it to those wafer is ICs. packaging So as factory so

Operator

Capital. next Street Troy Our comes from with Lake question Jensen

Troy Jensen

nice congrats Gentlemen, on results.

Chris, you. maybe So for

in in one's which briefly faster, in bigger Europe one's on guys touched for to which You moving application prevention loss the checkout Thoughts you going a cashier-less and be XXXX? Korea. on

Chris Diorio

about loss going Europe, driver the Asia. for actually where loss say in do for although the that the tends and want the that without prevention got prevention both is self-checkout, self-checkout can't you for driver Thanks a to we functional have question. regions higher deployment is bit self-checkout. system. if to loss What in to a self-checkout. And little There's that talk prevention I'm then deployments Because you self-checkout is you be

If with remove prevention example, tag for you hard can't the hard they that think self-checkout a can then. work pin give tag because you remove through just the tag to hard a technologies, detacher goes for to garment, the customer doesn't the because any that existing to loss

the the the the So item have leaving in store and being to basically need gate tag or the item is tag deactivate the register work, not the make self-checkout point-of-sale, order you item recognize on recognize that's to same sold is that that exit sold. at or being then

parts both need still driving in is of the opportunity. self-checkout So although there's not as In Asia, much loss that it's instances, prevention, there. it's for

some Asian of And for those come so we to in expect even play future. into opportunities loss in the prevention

Troy Jensen

can All lot thoughts model one too Gross been to but term? targets, some I you about a right. forward Cary. it's makes XXXX sense. Maybe margins have there's on point expansion and business there. we on But to? gross or talk margins a early bounced longer thoughts just can margin That target for know around any us in items get one-time going

Cary Baker

have QX, nuanced. Yes. be been margins question. Yes, Good continue nuanced it will throughout the gross year. to

without which our benefit have in we will of are strong MXXX. mix industrial of even margin, sales specialty had QX. of margin anticipate SKUs, increasing We Both those in and an and that have factors, higher of will I QX, we E&O the mix gross the increasing

not XXXX, that do of I SKU we'll into mix. think As look industrial level maintain same specialty I

but that benefit lose benefit, increase mix. the we'll increasing coming likely MXXX an and from So we'll maintain

Troy Jensen

work. guys. right, the good Awesome. Keep up All

Operator

Capital. Instructions] next question from Searle [Operator with Scott Our comes ROTH

Scott Searle

noise. But background get of a environment, questions Nice for I job just in in. a quick and apologize difficult to guys, couple the

reported step one-time that as endpoint quarter. XX% that favorable quarter, gross fourth that as you then looks less number about sequentially go the MXXX, it margin, to fourth clarify relates you give I'm that up margins, what on you're mix now mix I the like as to us that like wondering starting of idea you going to to into could on if Cary, constrained quarter, is follow got that Looking an And question front. become a up gross want Troy's into also looks of Does Wondering into if we typically this pricing the reserves one-time the happen fourth impact reserves. your reversing thinking And an of increases number, of you've reflecting any adjusted the that passing off in get the opposed down. you're quarter. also a because just year negotiation takes not to that first gone that customers? through through kind to price

Chris Diorio

Thanks don't off for you. Cary, which the the Scott. MXXX, the first I'll Thanks, question. then about why is I part, take and to hand

Cary Baker

Okay.

Sounds good.

Chris Diorio

for Thanks, Scott, the question.

MXXX For forward. on wafers. the ICs, XXX we We're We're endpoint are on wafers. millimeter constrained constrained constrained Impinj millimeter on XXX going

So back runner primary the forward. the We there. volume product MXXX quarter. crossover between will our the And that our products, still or this where and -- Cary, we're XXX supplying the to millimeter going it crossover millimeter ICs, for XXX you. to the be is is constraints are happening endpoint

Cary Baker

Thanks.

sales. made and So for I Scott, was on QX's to unadjusted nuanced, margin, gross that, the E&O yes, for relative is reinforcing QX, XX.X% commentary it

the inventory. reserved up. increases Fully offset E&O being benefit margins So from two more offset I specialty than to lost E&O, as mix, of sales inventory gain QX, increasing gain QX, me. those I think industrial and -- obsolescence driving E&O gross QX was MXXX And SKU will inventory. the and fully mix. Excuse than the the and reserved in We benefit we benefit thinking of factors and the that benefit of I excess look sequentially. of more lose we benefit

Scott Searle

the first that year? usual And Cary, price the concessions, quarter, look happen this as does decreases, we into historic price

Jeff Dossett

refer supply is I In as typical for question. environment, environment. it this Thanks I supply-demand would your Scott, a this Jeff. think to

are in quarterly opening working our with regard to Chris partners in supply We view we And have our as to daily, of been remarks, weekly, his demand. monthly, a conversation pass-throughs. closely very mentioned their with cost to optimize

we've And previous same this with respect that years wouldn't so ASP. is atypical the seasonal an so seasonality I to I in anticipate scenario, experienced think

Operator

and question-and-answer to Co-Founder our for Ladies remarks. Diorio, conference CEO, to any I'd gentlemen, will conclude turn session. like over this closing back the Chris and

Chris Diorio

joining Thank ones again. you Bye, your thank you and you, today. hope and Grant. all remain safe and to you well. I'd I for like loved bye. the call Thank are

Operator

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

may You disconnect. now

Impinj (PI) 28 Oct 212021 Q3 Earnings call transcript