ITRN - Earnings call transcript Q4 2020 | Ituran Location and Control Ltd.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Ituran Fourth Quarter and Full Year 2020 Results Conference Call. All participants are at present in listen-only mode.

Following management’s formal presentation, instructions will be given for the question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded.

received the all press have should by company’s now release. You

or please? please have Relations. & you Investor X-XXX-XXX-XXXX www.ituran.co.il. the I not the website you Investor hand to the contact section Public it to of News like received at will Investor If GK at GK Mr. would it, Ituran’s Ehud Mr. company’s of in Helft, at Relations Relations begin, over now view call team Helft

Ehud Helft

all to quarter of and Thank XXXX you, this day Yes. With today to thank Deputy CFO VP Kamer, a fourth Good financials. of Ituran’s conference Eli call Mr. Eli to the summary results. to me call hosting Ituran. and of on the and you, conference CEO management like by operator. the welcome year and for the with Ituran’s are Sheratzky, call. quarter I Udi Mr. discuss would Eyal a the Finance; with of will the Eyal begin CEO; followed summary results, Mizrahi, Mr. full

now to open that the everyone session. would like this questions-and-answer I’d call content release call. the like covers for remind of conference And then the you the harbor to also begin, in safe please? will press Eyal, We

Eyal Sheratzky

stay like to you, healthy. today. you for I of Thank joining I’d to continuing you, Ehud. us families your hope all welcome and are thank you and

flow solid our toughest even of quarter, we our which Despite for in maintain the for expectations, trends year This very is the the year profitability a being are And results we demonstration our particular, with pleased the improvement million. generate outperformed happy we in difficult are times. cash fourth what our everyone, a We us. record very concludes operating in $XX and strength. of of of everyone hard of business a that in and

the year XXXX, terms. revenues pre-corona. was bear ago million, that quarter were local currency fourth growing fourth And year-over-year in X% For in quarter mind $XX.X the of by

we aftermarket quarters, happy see quarter, net and typically that for a was it rate, at very this in very and are is I subscriber underway growth normal Ituran to we a well a coming and recovery as growth with, sign the positive times. in that growth. the Our shows XX,XXX expect which renewed is level

On remain the profitability lean as have ensure managed very to side, we you profitable. business we and know, carefully the

in be the quarter, when of to the This $XX our demonstrating we impact For mitigating testament reported excluding year’s overall resilience year-over-year It shows business million, successful the EBITDA local of in terms pandemic and profitability. the of to to continue our growth we of a close impairment. on last stability model. currency XX% strong that is improving

on side, a with cash securities cash strong improvement the the results $XX.X market to environment, million. least under to of $X XXXX, the marketable fourth new of quarterly restart shareholders decided $XX $XX basis. Because from activities just quarter and of policy bringing issuing general and operating in million of cash for On our continued million million, dividend policy flow the position payment a cash generation, to this payment and the quarter at Board the

policy is impact, and of to the its rewards review having while as sharing Again, very the still develop. the remaining with is our are Ituran’s success things pandemic shareholders. renew We of the Board will pleased the conservative

basis an healthy. subscriber X.X built paying of strong majority base, close which and and the It’s on subscribers, million ongoing is them stability us fees. monthly our on remains Our are to whereby

point this. starting revenue in each is of already month on Our the back

highest net January rate Israel subs. returned strong with that which level XX,XXX sales. of in U.S. pre-COVID in history, XXXX, and a had note car year-over-year, its new to of said, XX% of growth compares During new as I were the the its January were I up that the car business quarter, regions our The month sales aftermarket normal XXXX, particularly Israel

While not completed it the is one is maybe is in sign shutdown, QX catching car it XXXX another were only which month, that and up sales, starting from I well. know,

in countries we virus, many seeing and South are still especially While trends, by improving America weak remain impacted in there, Mexico. highly economies and Brazil but the are in

Therefore, OEM a decline we in quarter, XX,XXX the During declined and lost that to I in remind the we OEM in the saw subscribers. XX,XXX. of QX, loss the X,XXX decline QX past base fourth OEM story. direction. the a don’t quarter, the over right moving base growth and the are see as been simply in year curtailed the We subscriber in dramatically we has clearly you

to of hard sales. to past with all telematic sales moves pandemic, almost history. and is can another. tap summary, our and all we cross-selling synergies our models replicating that large our various well working results the business from are fourth the in We we and customers bring subscriber world pleased geographies, to believe related business We growth. region of successful financial as one paying X.X quarter very entire across valuable new our the very positioned ending in by are We base and for our year our services organically million Ituran harvest and the grow In which overall, hardest them

continue as the payment of pandemic conservatism strong decided Given while cash renew the our Board dividend to as the maintaining long improvements impact globally. a and level our generation,

you fruits As are see, can with of sharing our our we shareholders. ongoing success the

well, which a the flow, and strong through of of We model. level have profitable our managed cash business the generated results business represent maintained crisis

growth for I will over to now business efficiencies well We profitability synergies. to harvest positioned also very call to the improvements XXXX. for review. through believe and periods hand now financial I to are throughout resume increased we slower the use the Eli Eli? and our make look incremental

Eli Kamer

will by revenue subscription year-over-year. excludes was subscriber of increase XXXX. better purchase our quarter year-over-year. Eyal. a a the $XX.X understanding $XX.X were local revenues currency including basis, which last related year. of increased fees were at and believe that that all last Thanks, at The of EBITDA, of of ongoing We X% year fourth net results this same performance. end will a the In X% year. decrease XXXX from provide subscription million with present compared be X% In for XX,XXX local as price QX, was million, that costs a of note to level of fourth million an on I currency I of of adjusted the decrease revenues over base terms, $XX.X quarter GAAP the Revenues allocation. X,XXX,XXX, terms, end fees the Revenue

a X,XXX have quarter in fourth there Israel the we loss was Track terms non-controlling of million, earnings Product an million, of impacted excluding were share the obligation by of mentioned of above quarter in the local of in Road of as revenues quarter was dollar million the fourth operating exchange in interest quarter, with the fourth result of last market fourth million XX,XXX the Net of base as a the of in the of cash XXXX and have share the subscriber $XX.X the for a $X.XX. local XXXX XXXX. for that XXXX with included purchase base. of Ituran’s was the compared OEM the of revenues primarily income rest the was loss million, the income grown would EBITDA quarter In quarter fourth fourth Brazil, was the Israel year’s in the was year or exchange change quarter, holdings XX% the the $XX.X of XXXX year. XX% currency of with of $XX.X fourth non-cash quarter year-over-year. acquisition $XX.X geographic of quarter with an income increase XX% During $XX.X of million. fourth million and an value Holdings. currency expenses, This from of a impairment compared compared financial change EBITDA know of would per XX.X% of fourth last Track to million In $X.X financial XXXX. for year. of for compared of I the Financial per an revenues well of quarter quarter of that breakdown due In quarter increase $X.XX $X.X aftermarket terms XX%, quarter revenues last million, fourth subscriber The fourth while net world an in XX%. quarter by is increased decline loss of loss $XX.X Operating by as on related loss of XX%, excluding U.S. the and the impairment, of $XX.X expense as last was follows; income $X.X XX% impairment, Road loss in revenues $XX.X were of and operating quarter quarter million quarter – in year. million year-over-year. income net SaverOne, fourth to last expenses was EBITDA XXXX. the operations compared to rate in in the XX.X% Cash for flow operating to

representing increase was in last over XXXX the XX% for terms, in $XX.X were XX% year. below XX.X% revenues a subscription XX% million at of of of decrease $XX.X million subscription compared of revenues, the XXXX XXXX. million, terms to revenues reported with X.X% an fees year level the our currency decrease those were representing of profit $XXX.X full of XX% $XXX.X In profit operating $XX.X compared a Product for local year. revenues million, numbers, $XXX.X In XXXX. last were similar XXXX. of was from fees of million, XXXX Operating Revenues million,

million, both XX% the revenue income XXXX the impairment X%. in XXXX million, decreased increase revenues, an for $XX.X and compared by was XXXX, XXXX. X% of and terms, EBITDA to local of the in Excluding in for currency operating XX.X% $XX.X

fully both increased $XX.X net was for Net X.X% earnings was of record Excluding XXXX, diluted $X.XX, $X.X million, or XXXX $X.XX in per XXXX or with of X.X% operation income million, share currency the local of from flow of the diluted $XX.X EBITDA in revenue income per earnings share Cash in by million. impairments fully terms XXXX of in a revenues XXXX. compared and X%.

of million million debt XXXX, company marketable compared As of XX, the as debt had with million securities is cash, $XX.X amounting cash of of and This including December $XX.X position $XX.X amounting a net a debt including of million. million cash, of December XXXX. $XX.X $XX.X of marketable of a a and to million securities to net XX, $XX.X

Operator? year decided new to of restart record $X to payments million X, of was a XX%. rate basis. paid the that, issuing levies board open million is $XX declared. on and XXXX least XX, like XXXX, quarterly at net dividend of a the For will The session. the And dividend XXXX the March to be date at shareholders on resumed of dividends call taxes for and with question-and-answer the a and The dividends April I’d policy

Operator

first [Operator Please Instructions] of The question Tavy go ahead. Rosner is Barclays. from

Peter Zdebski

on Hi, there. was the margins some I wondering XXXX just for – and seem then the the the uptick going the a Road big give and And this on some Congratulations on maybe is update quarter. have margin a in question. could if operations a color particularly color current also on I in you gross Track Thanks taking could gross strategy was quarter you in Peter up, quarter? to wondering as if for us Zdebski on what an the product solid – follow give my I us on the Tavy. into more trajectory

Eyal Sheratzky

Okay.

remember, sales say, that the hardware Mexico that, those if OEM regard not is in the done would with in So gross closed would lines quarter. a in you our July, plans, increasing and And and remember, production And the average brands two I is business the car QX, typical say you in until and the as margins is reason – Brazil. August, this the were during around the regions. I

start the for plans was, buying lockdowns the after they again, purchase say, market the us. needs there And soon the are from and a made they automatically would their I So impact operating hardware us their finished, from on inventory. to increase that high and very

typical typical sequence a is our in is the quarter. gross quarter-to-quarter situation growth can I the say growth by more on a operating something our also to the the than QX, way, QX, million which explain not that is in Ituran. which difference, that reflect This, So not the of would margins, $X growth profits it’s that from

my that say rate quarter. more realistic favor gross growing. positive the markets order I on that specific difference positive expecting continue you, growth. would in to order We I same and the numbers that be coming I would which page be the explanation like of in request in see to is are this repeat be gross we between a and – PR not because QX the Saying with our of is So very to see we speech in that, in will totally We will trend to, in investors, is that course, the to this and QX okay? open, the we in of the just a gave trend. the But of item expect

Peter Zdebski

then Track great on operations. maybe Thank just brief the And color. update Road you. That’s a

Eyal Sheratzky

Okay.

Track Road I as the customers. them is on So operation dependent on, are car of very two Both producers. said,

Ecuador, We in And installation quite view and very one from service Colombia, we install the to of that have which in that side have of is in enthusiasm in relationship Mexico point number Brazil from increase in to one, sure point we its and to The XXXX, Mexico, more cover that cars view. and find we increase one Mexico, higher discussion have the of Argentina. model the our of we and maybe customer highest a also we units number from the a will ever. the on based hardware the

we a hardware Brazil the car and years Argentina, as are On longer manufacturer, with hand, ago, said provider. the we other no two other in

are provider. only a We service

decline So very already during and we of sharp showed XXXX. in even the beginning a XXXX

and I’m expecting past, these that are other four not different in the In Brazil, in other believe profitability, historical continue same But the grow. I mainly the will management fleet have operation, car penetrating we the we hand, those said the I we growth current segment, not we maintain really have bring on But but I time, Ituran the we assets geographies. other already manufacturer. we the to with and are now Colombia, say overcome business additional – focusing cannot manufacturers, Now dealers which which and And we as geographies, or Ecuador will more to on car profits. even decline. car expect on – growth in

Peter Zdebski

That the it. on results. for Thanks does and question the congratulations

Operator

Please is question of Jefferies. next go The ahead. from Kelley David

David Kelley

Hi. my questions. a in Thanks solid start for taking rebound aftermarket with subscribers. Maybe to

having believe up. SAAR, or to sustainability that pent-up upside. driving as as your of that vaccine well, also the on view could I you opportunity if be we’re for January the the curious demand there’s even Just some but referenced ramp growth, robust also but

going this Just the thinking how you’re subscriber forward. curious aftermarket as about to for potential growth rate

Eyal Sheratzky

of First the mid-XXXX. must the as that mention a lot all, influence I the there day, end of of in is pandemic, from during we faced

of life, – our and beside, I because rest also think our and we quality. business but the people aspect, down I us find Now countries, of with it shut a of that – to that the to to all vaccine have and of like, think way live understood and all for looks the all course, cannot governments live life

they – markets months like it vaccine, And the in four is and go ago. strategy I decide are of or there still and way, example, that yet by for not think to America, three the for open. lockdowns, Latin looks So the not

some course, looks side, some from some limitations, obey, not like there’s business the our but works. perspective, obey, some Of business the from it obligations,

sense to as mainly of are that quarters XX%, course, car our the of are It’s want conservative, be, going we’re than the the by Ituran it. market most going decline subscribers, in same the gaining to sales XX% fruits how it when say that than it And us I XX%, giving but Regard of in forget showed and next offering was reap were to not in – charge XX% more solutions to that before we investments, in aftermarket way, XX%, applications. the the Israel Of the It’s more QX, that number for to are by the Israel believe, share, customer that we and like. Don’t we more it how a expected. less – a application they be were U.S., the in pandemic. and looked in I the know overcome to look that UBI, markets regard open every for not we we position like Brazil, now still less. XXXX. in is in is believe sale lower But and going we

fleet management are that So not and selling traditional traditional are only we see we sell management, or SVR, fleet we UBI.

didn’t We which are expand and have cetera. solutions. selling We application. improve fleet We ago, years et our we management diagnostic, four three, provide it,

aftermarket, close we with but much maybe growth showed higher want that it’s I – don’t pandemic. XXXX, I than of in and much the we being this the Absolutely. during bigger XX,XXX a – continue this believe XX,XXX, to of of or trend number will to So course, XX,XXX, of during

David Kelley

the That’s you’re I ramp you. bit. back helpful. thank just your we about be on offsetting structural Could walk out update you how maybe Okay, cost of – expense of thinking maybe initiatives. us compensation cost looking into quarter, puts but of some pull And – through takes believe There’s the QX? that I started for impacted an was a XXXX? that of some And to should cost model, the just some savings, the cost the initiatives and up structure last

Eyal Sheratzky

Okay.

changed during will deserve until in savings normal compensation of very we of with the been few that except the during additional they the like And had the people QX year. company course, will almost me They’ve the back but when QX, it. our the not of to compensation. be decision a employees back of in a to regards before the – all cost times back group, the So portion are pandemic. we majority compensation, the compensation major QX, all, We the

the they’ve happy the And offices that remotely. that this took work we Regard mention a by to It’s before in them needed been are expenses, position of to all understand. were we They we not world. in effective. the must They I’m employees from Ituran. way, are in dividend the when very have first work pay the All we of it. decision, around decide I because other stage but material,

less not example, fly. we flights, people have For

not hundred You The need a additional of to the in number saving a it the run year, And It you has than when are are but global we a more number, see, dollars the in of part a will think, dollars tens this. that savings, unmaterial all few our portion savings, be very maybe expect QX. of it QX. but I numbers major there all. are QX, expenses we That’s in growth major already in a company, thousand not meaning some major of few in compensation. be was for thousand

David Kelley

it. much. it you got I’ll Okay, pass Thank very on.

Operator

The Please question Asaf of Oppenheimer. is from ahead. go next Barel Chandali

Asaf Barel Chandali

Congrats a it’s on Hey, companies are and dividend. XXXX, end pay the to guys. encouraging to to that trying hear really the positive

The about On appreciate to just thinking way. $X think conservative be dividend very we’re on managed kind a fully outlook the the how the likes company in add, we normalizes, topic be capital interpreting of the the about allocation? COVID. what not Board of But macro being I’ll and we how dividend, be minimum And broadly million? past word the of and takes as then Thanks. minimum and puts levels might that run when more would kind with should we

Eyal Sheratzky

Okay.

meaning. all, these policies have because a – all legal of – perspective to First even we legal has those keep from

we current position sheet, quarter doubt on quarters, I how would the $X quarter. world, how you when company and is no to say looking that everybody decide you will zero I or the want we situation that pandemic, – a feels. minimum So back, was review $X always be is with in is on the balance next $X in take $X per future. there – It I couple policy you’ll without – million would Because there change was today things is that we view we should a what on it expect also, it million looks the so. million. again was when sheet of million, think our the historically, a And if for the balance of be don’t But there in check or that see when flexibility.

we even So we it take month change say, every a twin. paying may you Because why or when decision, cannot not every more?

we should not part we’re the it, is things see of very proved as even something be, and All in how prefer will shaky be of the to that this bad to a if we It’s conservative. be stable. and I in know, it DNA overcome of us still world, that we optimistic. Ituran – I’m still world. know we Ituran but

side. that it, investor the to we will would million. change decide expect we will safe decide I as it change will it. So to for be go we $X an Once

declare. will We

that report. will We It’s not will people. we something surprise

and that when The paying the I’ve quarter’s report, will what did million good forward, almost the we will that which the will be is company the we I million. table. what on XXXX. again the surprised. But like number. – year, is a surprise, This since And still will been talk we call, in future asked be say, might maybe was compensate we pay it decide, as – bit reason we can the little it’s to coming the dividend question, a compensate by $XX might policy, take $XX the Although would the last short be come. I said a a something surprise, reason we be said again. million, the in this about onetime looking had decision not all probably When a will It and didn’t look that we past we that I all the It the feel $X more. this review or

people advance. we or know policy let We will change the in

Asaf Barel Chandali

very expenses. on had I Great. question That’s guys you to a operating just follow-up that previous wanted clear. Okay. on

it clarify to Just fully.

I management should there minor I is could but Obviously, not of at that kind But some somewhat revenues, at numbers. also when know otherwise, be would thinking on and may kind operating expenses, salary full the some that the as move levels. of maybe here. XQ are be come XQ foreign be that just levels. I clarify plus/minus there that look XQ adjusted to at and So the currency similar the

Eyal Sheratzky

Absolutely.

I think when talk we to change. want talk when that, again, small don’t about not we –

that expenses QX. So QX close actual the expenses of very is

translation And on our in we of always give the course, look minor, – effect. Of expenses, will without numbers, give terms would will in like the of the it local be not how which very material the QX results for we be currencies. kind But a of change in very, currency company.

Asaf Barel Chandali

Okay. Great. Any update are you guys line can aftermarket give us changes in time the line time plans in on acceleration Any the how and Mexico in the delays? going?

Eyal Sheratzky

is market. Mexico, companies, When are is insurance. are Brazilian in in we and of we aftermarket we the have backup ICS we ICS, selling The we’re are in insurance one the to consignor duplicating which plus – meaning do Brazil, leading that in mainly the Ituran a we something we that are that agency, digital kind what of something doing a

with all, the and advice of we course, solutions. while is our insurance insurance, sole how safe We only the advisers buying And and people now we, we insurance to everybody XXXX, the provide it’s – and proud very we the the those point, really the the order that We since of had Ituran. are launched insurance course, with because insurance. want Because mood beginning it. And launch COVID-XX. a get signed advertising this campaign, of first important, for we we are in contract of in start cannot a of are market. from needed Ituran we companies solution lockdown agencies. of solution, But took us to to of did supplier marketing which low. that did give anti-theft the worked, solution, the what I’m we the first cannot almost and campaign very first, we sell What Mexico, And in didn’t delay is

to have a have We backup.

have We have to partners.

we that mainly have something use is this in So Brazil.

convince way, companies, today, a to like sell risk the it’s create So cannibalism that this we and buy But the and Mexico will when the for to I full because cannibalism people more by the new Because us. very specific taking segment succeed they insurance, in insurance they But money. open low, looks which a insurance a through of make it it themselves. difficult very ongoing. to their insurance, beginning, at decide companies not insurance can be

to contribution? like to when to solution. is new with in will optimistic, If will market in XX compare in contribution. Mexico Brazil. we XX better. want months to What looked since business. I They there or Mexico, few compare than but probably, that you ago product, months. XXXX, It low we example, future a mid-future, It’s difficult which leaders. time. would the it to the in longer-future, new a a think always more weeks, better It’s market, in very, not insurance be I going So understand. and But that solution just look We did months How years growth looks Ituran educate the It’s educate long a this market week, good. XXXX, the since is or pilot, a is have it you I new the going for a It’s which for to when ask is business you, trust time. it’s today, provide organically end et take But really you I it first that a our of ago, flame they It how to I a million in to have is to XXXX. growth. difficulties. few educate very takes low some But digital something of have will in had digital arm insurance. and today Brazil an year. in few I it, the – me important confident – the first creating the year, insurance have I’m low launched, difficulty hope first are very they cetera, take? we in of feel recently, like years a XX new company one when start year, looks the as take But also $XXX leverage first very numbers will really we months It And business. last that weeks the operating once the be goes.

Asaf Barel Chandali

how Okay. get it’s it? on Great. I really part thinking kind rebound that but the change there mean I we’re of to UBI, any we seeing growth, international Israel. of can nice timeline? respect with about update that And then of in going with the with kind Any aftermarket assume you’re

Eyal Sheratzky

part aftermarket Israeli must is I of a This market, market, cars also our to subscribers. numbers. right. the say Absolutely high and growing that I Brazilian our, success sell in in since would very say, back the

also be will But I see exactly just said, major all remind it’s it now growing. Again, stronger and with will it that XX that – I months pandemic, the UBI. with see we during our traditional sales UBI of want the Today, the the months our word number few SVR also, we SVR XXXX, influence. again, I in solution after I only our subscribers. is car and to XXXX. that after in you, ourselves We or find again, the the UBI succeed we – will a growing mean selling absolutely, about forward take thought the and have, time. renewed, looking also It sales, more to growing grow not But SVR pushing subscribers. in the influence course, how we will I started, ago, more

and not is us course, strong Of UBI, UBI not again, count a insurance on on signed has influence sell already companies growing but even subscribers. we with integrated that this contract very only start And before the it’s all – we educating still about thousands than – And again, also an it. the ago. month year. market of subscribers less have educated And companies. a forget, are I insurance don’t new mean talking a it’s we after year we a additional

it was insurance to traditional out – and or want they a So happy Latin very penetrate companies companies cetera. window down. our then this companies. Regard insurance went like those markets compete think cheaper insurance go that traditional price we’re other very And trend. policy, to I’m way Because The They I the proud that et are The Until the orientation. understand America digital the the and that Latin And years three America. because in they Israel. And in compete to other brokers, were to with order can insurance change is ago, ago. to insurance getting. compete stage in today, the policy we is sell and didn’t our way, among three new are of are in traditional have that companies, markets didn’t that through digital they door was of years offer a and offering what Israel main markets. to

Brazil in Now behind are legs two in Latin or Israel. they one America, specifically in and I think Mexico,

will we nobody the have XX we solution, we that try but an must iPhone. I now not that insurance everybody have are companies that us very say the has ago, we the relationship. thought polite not we interesting, because solution, Ituran years So iPhones. this But letting the know technology, solution. have have in And they in in are

– through is come close, us if the door, be when windows will wall. through are window. the the come We we from from And there. And somebody we the we

strong see leaders. insurance – and don’t trust will Latin one SVR, a I in as have supplier be America. – will with and I door as open, out from we this us. in in they that solution insurance that sales UBI believe sell like the And is day, We we Israel. believe This continue I But Brazil come and to we to ICS will hope sell Israel. of be long that company companies in relationship in for the now

Asaf Barel Chandali

question. be delayed may to we might been of modeling? relative have number last probably be that would anything Okay. the year about bit Great. raise that Any know thinking in should my be a A to there obviously XXXX? this year. a that Again, little Is there was lower Last higher? helpful are spending here. some have there more CapEx guidance I question how technical in kind impact Great. of even end. bit from But currency

Eyal Sheratzky

of And the sales. And due we Latin XXXX, unit selling Brazil let’s less and pandemic, the of to purchases Argentina. the end less – CapEx of were America, say, year as the in in – units. the again, the this there comodato especially course, that to CapEx, that CapEx relates due less Basically, majority are to in also means, in

Asaf Barel Chandali

that would as be get number that does general it guidance the from of should are Any mean proxy thinking kind there quarter? the helpful. be CapEx, to mean, the I of kind a should going we in? I be at On about? Any I that timed looking revenues products be how relative to coming

Eli Kamer

take between to I hard pandemic this I you would – say, say with especially now. something that for the say, I represented an of XXXX, if would to be want and somewhere those, really XXXX. XXXX mean, I is can average It’s believe

Asaf Barel Chandali

great. That’s helpful. very That’s Okay.

Okay. my Thank you taking questions. for guys

Eli Kamer

Thank you.

Operator

from is question There Portfolio Please next no Instructions] questions Etzioni at of go Ethan? [Operator Ethan ahead. further Etzioni Management. time. this The are

available to like ask all his to will www.ituran.co.il. replay I call with like a website you Mr. at participants go Sheratzky to your would Mr. Before statement, tomorrow ahead would make remind that of be closing I Sheratzky, concluding this statements? on Ituran’s

Eyal Sheratzky

that Thank of management day. to will shareholders quarter, I see our behalf interest look business. our and speaking a your you hope thank of of then. forward for with do next and you. times all we I continued Ituran, support you better good like would Have long-term by to On

Operator

Thank you. participation. Thank quarter Ituran and year your full concludes This results the for you conference fourth XXXX call.

disconnect. You may go and ahead

Ituran Location and Control (ITRN) 3 Mar 212020 Q4 Earnings call transcript