Earnings call transcript Q2 2023

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Operator

Thank you and welcome to the Boxlight Second Quarter 2023 Earnings Conference Call. By now, everyone should have access to the press release issued this afternoon. This call is being webcast and is available for replay. The remarks today will include statements that are considered forward-looking within the meanings of securities laws, including forward-looking statements about future results of operations, business strategies and plans, customer relationships, market trends and potential growth opportunities.

In addition, management may make additional forward-looking statements in response to your questions.

results on are knowledge and subject may the based of expectation uncertainties are from cause and materially today to actual statements management’s statements. and current as and the Forward-looking forward-looking differ to certain risks such Form A XX-K, are contained recent and SEC. other reports and in detailed risks uncertainties company’s the discussion most the of XX-Q Form filed with to no company obligation update any statements. undertakes The forward-looking

results to in provide will management to measures the combination refer press understand with posted will website used company’s financial has GAAP directly boxlight.com. release, analytical On The this call, of be earnings company’s at GAAP on the additional that non-GAAP in to the tools company when Investor the the comparable section which measures operations. provided most reconciliations Relations

will Chairman And Pope. over the hand Executive Chief with Officer, call that, and Michael to I Boxlight’s

Michael Pope

for and Chief my also you will thank everyone call. and earnings Wiggins, Hello, Mark President After you our remarks, Officer. our Greg from joining hear QX Starkey, Financial our

For in XXXX. gross revenue, XX% softer revenues QX the by across in million the $XX $XX EBITDA. demand adjusted declined million delivered and $X.X in industry, profit, over million our quarter, we second With

EBITDA However, improved improved and by our gross X% by profit adjusted X%.

a strong record result was Our profitability gross largely our of profit margin.

quarter, gross second margin, points XXXX. an we in the reported XX% basis For QX increase of over XXX

improved quarter. also the sheet during balance Our

cash million XX, June $XX in $XX of we in As and including inventory. in reported million capital, million $XX working

approximately a current down Our million in additional debt balance an debt to of facility $X million. Subsequent quarter end, balance quarter our $XX we paid $XX at end was resulting million. debt by

the quarter half the revenue and guidance XXXX deliver expect $XXX half for in We are revenue third million $XX of now second of the million our the year. to for second for and revising

to in revenue lower expect half with we second be XXXX. line the of the EBITDA guidance, adjusted for XXXX Despite

our solutions, MyBot introduced easy a large a low-voltage, Recruit have bundled app will EDLA expand format product development to and We lines MyFrontRow robot LED PowerLine, Services and including and new in panels Partner power continue to displays, with several division and display, with install, panels. recently Cloud our innovate interactive our for bundling Advantage Education EDLA training support. Google Google interactive interactive Partner EOS Google our be training Specialization with earned professional Google Education the and supply,

with education to both are We components. and integrated markets verticals and service comprehensive both most serve complete committed with hardware, and enterprise solution suite the software available

solutions. a in recognition substantial are market We increase industry leading seeing innovation for and

best quarter, solution CleverLive, intercom bells, across recognized the our cloud significant alerting With Breakthrough providing the communication campus-wide, our area student of can management of in and communication FrontRow paging, entire Attention!, video our emergency. the event platform messaging and value. comprehensive an including platform an Attention! Annual Awards an a solution conductor our is as Attention! During that broadcast system. for add with second in safety. audio combines campus, emergency and simultaneous FrontRow integrated where audio one an administrators visual safety we concern can and EdTech the technology Student schools solution is

EdTech Breakthrough XXXX, of In Overall EdTech as the Year. Boxlight Company also recognized the

presentation Technology, digital signage Show X Pro interactive Clevertouch CleverLive XXXX X CleverHub our system, and our excellence live MimioWall, at and was DS three of received UX awards for that Show and displays. recognizing LYNX Mimio Our non-interactive Digital DS, of innovation Learning Lux, Tech awards journals, and Whiteboard. the SD with of Learning, Box, different Mimio Clevertouch and brands and from also Infocomm IMPACT for solutions displays, X CleverLive Mimio by honored Tech Best AV platform, Best wireless Signage,

by end data Although seeing are growth pipeline market will our in year. and suggests now we quarters, of sales rebound recent has customer demand the slowed in industry

are to that we return optimistic XXXX. revenue We in growth meaningful will

today and We suite, a ever with our are expanded sales global before employees. solution company talented than positioned better channel as

from several capturing deliver next share through the competitors. quarters, Over we will our demand increases growth industry market meaningful as and

I over Mark President, time to will our now turn that, With the Starkey.

Mark Starkey

Michael evening good from Thank here and you, Europe. in

on mentioned restored. world I our earnings call, As seeing last with normality are supply we to return chains the

As a inventory and to result, we in see normalize slower end intake order as partners their continue users revenues levels.

third lagging that with intake particularly The believe with good our quarter our business substantially a Our likely a and will the quarter growth much regard by is higher will complete. or in we here the order and stronger QX have with during our process we news with development And interactive expectation mode return rebalancing audio margins integration revenue see into to this panels. to two. is the solutions pandemic profit healthier significant in we exited portfolio, product that of

order share in was increasing being In market U.S XX% from line X.X% to we continue across from share Asia-Pac. intake that despite market with terms order of from The million, consistent modest our market and is derived despite marginally QX, X.X% and during period. from from HX intake revenues EMEA, with XX%, gains bottom market to down intake X.X% from in Futuresource. displays according X.X% remained for the the being significant share order our to EMEA U.S., to data increasing drop XX% relatively year-on-year, our Interestingly, $XX.X down X% and the share interactive XX% make

Some from from our $X.X million and from in Interactive Data from Texas, IDMS some of and Australia, $XXX,XXX Finland, have in name $X.X our key from in Range $X.X partner, million a partner million few. excellent in Avion the Digital million from Mundi, U.S. UK, based million Puerto to we in the in Camera Technologies. our $XXX,XXX distribution Rico, orders, million including $X.X Projections GDI, $X.X orders ASI from included Overseas, Bluum, U.S. from $X.X

have of On expectations. exceeded accredited orders generation screens and this shipping start quarter new Google will already

including deployments screens the XX to over Lux This Google one had In have the certified first scale Welsh Europe. Clevertouch have where UK, Clevertouch X,XXX tender, approximately Clevertouch in DPS of We great is be for with IDMS screen screens, wins deployed cars. months. some [indiscernible] new awarded won the of the officially next for XXXX the Germany, in been large

In our more working audio Texas than booked the audio featuring partner fantastic room in solution, our partner, of with school deals Washington closely we have Piranha Consulting. $X.X million winners. fantastic In U.S., easy had district State alone, some with ACT. our [indiscernible] we We a

early certified from Digital We from for DS our also Data various Google partners, VAT. various new panels received our took Signage for and displays, Projections series orders the including including partners, orders EDLA

be in to particularly huge Student U.S. issue, safety the continues a

Clevertouch integrates changer and integration. game solution our the is and this solution, Our teachers a of level Attention! first which interactive interactive with panels Attention! quarterly on our campus alerts enables FrontRow based the is audio The give unit in solution of It Mimio instantaneously alerts solution to next visual some and campus. non-touch significant is gaining the traction wins audio announce across to and panels call. hope for and both we capable

In summary, QX our continues of were and adjusted to percentage order But in improve. profit intake revenues EBITDA down. profitability gross and terms

education Our remain in QX expectation growth as we technology. and is growth available that funds QX in will return there revenue to invest establishments for during order significant to in intake

our will that, the CFO, I call to With Greg over now turn Wiggins.

Greg Wiggins

as while results. a for our Americas will months second total look the volumes decrease across or revenues, from of Mark compared in X or markets. revenues at to XX, $XX.X for XX% all breakout ended of a review our resulting totaled Thanks revenues, million X% closer due totaled $XX.X quarter year, markets revenues. June of million and months sales good XX% $XX.X X $X.X the our for afternoon and now to the revenues Revenues total Taking our everyone. or EMEA $XX.X XXXX, was total other lower revenues XX, June our XXXX ended I million sales totaled million XX.X% million were

our XX% single are top of the customers XX% total software, services proportion largest are solutions device at flat the balance revenues U.S., which total sales approximately Our accessories. European audio total of and to and XX% sales, covered of top with countries. comprised solutions. customer displays and of the related of number Hardware panel the with and a by balance XX% are professional the markets, XX XX%, our approximately across comprised approximately The Approximately, STEM classroom namely of related XX customers. at largest to other of revenues, UK based approximately represented total

XXXX XXXX XXXX over of adjusted XXX the profit months XX, ended Gross to Gross as for the was June which XXXX million quarter. manufacturing the XX, net an in the compared period. X over margin XXXX. prior for to is XX, XX.X% of $XX.X margin million purchase for effect as primarily is gross the ended months costs compared margin XXXX. in the Gross points and Jun profit for to in increase was acquisition QX ended XX.X%, accounting basis continued $XX.X lower XX.X% year profit compared was months costs X prior freight X related improvement comparable profit QX reductions due The June quarter adjusted to year for the as

to expense as operating of ended prior slightly compared $X.X to XX, from of X other $XX.X in gains XXXX, net value months increase in decreased $XXX,XXX $X.X year XX, quarter, coupled quarter-over-quarter. an into of million June compared to increase in million the interest The QX expense $XX.X recognized XXXX. in liabilities change the net to gains to the QX derivative X a was QX Total the due million million for primarily fair expense for expenses XXXX XXXX. $X.X compared of million expense XXXX in of million, Other months $X.X of approximately for in was expense with June

million million of effect consolidation, net loss of After million XX, million XXXX. net the Total months respectively. $X.X ended the of fixed months X The million deducting reflecting the $XX,XXX shareholders approximately the the XXXX the X in $X.X XXXX months compared of XXXX. currency and compared ended June X ended $X.X was to attributable respectively. of and for to translation both for preferred loss the XXXX, X net quarter $X.X to Net XX, loss for XXXX shareholders $X.X XXXX XXXX as ended B ended XXXX comprehensive income Series have with XX June million common a $XXX,XXX in gain June months XX, adjustments company XXXX and for months foreign $XXX,XXX reported dividends X and effect and to $X.X comprehensive loss approximately income QX on June total for XX, the for was June

XXXX. per $X.XX million losses compared XXXX, XX, ended adjustments acquisitions. for $X.X the and of share QX compared the effects for EBITDA based X stock the to $X.X million for of X compensation to the include compared for settlement million for XXXX, certain QX $X.X and months June expense, the million purchase QX for $X.XX June XXXX. liabilities, $X.X was compared QX recognized EBITDA of losses EBITDA was $X.X debt as X basic EBITDA XXXX. to June was EPS with as $X.X million XXXX to for diluted million XX, the ended was quarter June loss months as and XX, Adjusted the quarter XXXX gains into recent million XX, derivative instruments, EBITDA XX, was XX, June EBITDA XXXX. upon the connection ended Adjustments months June $X.X XXXX ended for months gains accounting million $X.X remeasurement in the to for into as for Adjusted from XXXX. X

X in sheet. and balance in shares XX, and A million in On June XXXX in Class $XX.X Class million total working of our million issuance shares reduced April $XX.X completed common shares split, million outstanding inventory stock debt Boxlight us million with $X reverse equity. cost common we to $X.X by million million minimum to share XXXX authorized $XX.X NASDAQ. net requirement million in to compliance XX, maintain of our $XX.X the in X.X stockholders million debt, the $XX.X approximately assets, Turning capital to per A XX.XX which allowing cash $XXX.X had At June

had Boxlight preferred issued XXXX, and shares million common $X.X and XX, June X.X outstanding. outstanding million and At shares issued

financing. to share attractive debt, down to strategically believe not more additional debt structure need ongoing financing and use our on cash operations but review our our program, without free the from equity operations arrangements to including our continue and that flow finding repurchase current limited continue to We of executing or replace paying facilities. will support for capital We cash,

With up that, the for we call questions. open will

Operator

is first with Kinstlinger you. Our Partners. from Instructions] Alliance question Thank Global Brian [Operator coming

Your is line live.

Brian Kinstlinger

in that and resulted X are questions minus. is evening, My guys. and takes plus What and taking good solid margin after Hi, Thanks or my the EBITDA. for the puts generated EBITDA months, during have roughly solid results the gross you in million time, $X question first timeframe on having see what curious can $XX of million the X-month just that inventory, I conversions when cash – that we results? same of And almost the $X and that am less about cash? to more million greater expect over

Greg Wiggins

Yes, so this question. the Thank Greg. for is you

I what of the So is some months in X related. you of timing year first think see the

from amount greater net So busier the years, timeframe. perspective, a of typically, call QX, cash company cash QX past second half the our the year in get of we a rolling the sees of months

summer for ramping months So the of second – lower seasonally early year, related of half coming course, in as lot lower from for months. sales Early typically the typically the cash but our inflow in up busier sales late a year. also call comes is those year, off the in see to it timeframe cash cash in QX, quarters QX a are the of we inventory as the those the perspective, more

by that come where you the cash typically is see and in. lot of So a large fluctuations

chain in with as inventory, the year that’s but inventory had following Now the really inventory to progressed, couple immediate our with the levels were that maintaining really than consistent that supply of levels, levels were due our sales to in optimizing pandemic. the seeing a you in respect kind see lower issues following were which the decrease specifically optimal One, a were end, little year it’s that we and inventory even prior the aftermath they also our year, from factors. levels significantly, did

have past meet as chain, was inventory supply were seeing normalizing that there the a current of mirror in we’ve and kind generated. sales inventory want demand a our demands. So, again, kind That’s lot it’s decrease the were as inventory you’re seen in how to our of subside, the increase more delays appropriate of reflecting then that as levels to But and there of to to they sales

Michael Pope

looking million. at Hey, and you’ll Brian, right, would I $XX see add at at looking end cash, thing, improved, capital one quarter working really, you’re but you’re capital quick working was inventory,

So to was a accounts AP have rest December look it was assets, XXXX, for June you million, current of look one XX the and you example, inventory, picking right? because payable whole If item, cash, versus have $XX think working liabilities, $XX to look, cash interrelated looking better rather at look cherry you’re you all in inventory, off for example, from current all that at XX, if quarter bucket, if it’s I than AP interrelated. of you kind just at at AR, capital million

Brian Kinstlinger

second priority better. your now So is companies, caps high debt, or generating assuming, of year that in with flow lots paying down clearly Is you the valuation any of micro meaningful that cash debt to there a comments Are aren’t from any for something half you? is equity? right restrictions

Michael Pope

I quick Brian. Absolutely, to just a was make going comment.

So So we $X end, we right? post debt. $X paid quarter paid our of million over down million down

facility, per year. it current direction. our moving Currently, X% amortize we’re right so And the in down

amortization, minimum, of year. So actually out going to is But But that at. something but per just that debt in point we’re the X% thing additional addition a we’re going I profitability down, regular amortization our paying would looking debt one up. that’s at

we dramatically. X.X were a couple you that ratio – important. And pretty increases. we debt-to-EBITDA is debt if look if that ratio as so goes improve just about almost improving And profitability also the but we been versus at as And go debt end, that’s were down leverage, quarter quarters. think EBITDA our At back will X you quite of our

Brian Kinstlinger

about be firm. year-over-year more up you And that last smaller profit half then in second talked you year. if And pressures the of would confidence there budget year-end Absolutely. orders gave the quarter put even will I were

give how to played second July trend the less the understand seeing and help the you during it growth, revenue maybe Just second order in will maybe in out orders August? quarter have begun you half things in and then us slightly and year, confidence can how of recover

Greg Wiggins

start to on will in. I jump want And Michael? you then Do that

Michael Pope

jump of will me let more Maybe Yes. start, Yes, couple Yes. I in you say color. things. and can

with than a expected second quite more order half So starting we clearly lagged last of year. first off, bit intake the

of orders revenue, lower second QX, we’re the so optimistic also half in rolling the make but a couple into resulted QX, reason QX. And year that QX, last future, of there’s lagging us the things for say in But both optimistic.

orders. we’re will first The But the what our in we’re internal course, doesn’t in as more we’re starting more call. And and we is that order of that now, shared until we’re up optimism, seeing beginning intake order seeing that, receive see QX, pipeline a once get based Mark of on improves ramp, that believe his now your we grow. also, the seeing we part right, the seeing earnings And the but to orders. growth intake, we’re show later, of revenue

seeing intake external that year. will think think So, in are talking we end industry growth that data order that data, which leading of to that’s into to there large year, they then QX, next the data. growth, at is next And going internal get we they back, metrics result we many than looking are which much of beyond also just industry expect we us see which we increase resellers, a – showing includes our our But is are, in which from year. bounce same also larger are But QX, in this into thing. included are and we also

seeing potentially supply supply same We our the in and they seeing pipeline are order are who they growth, And space, thing. the others are growth. – intake us seeing large manufacturers

are and that we and seeing right about that also are to what start hearing now. are think support I So, of beginnings we are going internally does internally, see the we across board, the to we seeing externally

Brian Kinstlinger

will queue. And more I questions. you back Thank in get two the

First, see you the environment, Is a the on forward-looking speak it you clear versus over demand the over six next Which driving do that U.S. other? to months? can one growth order winner Europe? cut

Michael Pope

a That’s hard good very Brian, call. it’s say. to very Actually,

But are in Europe, Germany typically good and have seen Eastern some there think in of Europe. in in U.S. some there historically next in particularly parts Spain, tenders months we the well really I six the growth and big out as

It’s all So, I cut. or coming clear it’s think U.S. it’s from EMEA. the don’t coming from all

on. a specific EMEA. in I won We think working recently U.S., large it depends actually large are and the deal [indiscernible] deal very just the on we in very

each of kind balancing out. other that’s So,

So, a overall, I say it’s would mix. good

Brian Kinstlinger

question Last gross been margin, have covering a The Great. for time. I me. long you for

a Can have You where great is job about quarter, pressures months to last getting it eats long-term. XX pricing feasible? these in, sustainability before next Can you near-term the several talked versus expectations, competitive you doubt. done quarters think you help with of next or long-term? you no what say, And do that months for XX is pressure think you not sustain pricing

Michael Pope

Yes.

I going it’s definitely to to erosion think see margin far. XX say some I to of gross months. months, hard are profit months that looking XX XX XX I months think that do mean we over to out

have And down for on their to come tenders win larger are a price some large steady. tenders especially quarters a more win competitive. and couple pricing. the win those us couple us we if may larger points, to we of a tenders. those go have tenders, in think Generally, for I see of holding these quantities, down lot it it relatively We we to

large of the in successful some So, in margins. tenders, erode if U.S. the both will internationally, we that and these are

percentage out think we erode back do were we core you XX lose But our than longer couple a have going to a I around expected. think on points. is further are if of to down term are that solutions, we we going would we of may think much out I couple what points quarters, So, forecasting that

high that would If we and that closer X But gross of past, of back that smaller thought working profit of a is they in on a makeup run sell today. we improve margin core our that you a products, products to have about But make think as went can – other we the we software factors. selling. talked think we that and to will STEM margin solutions. I are from saw percentage few and high the be different benefited And a couple today have long-term, some are that margin, talk points today. are rate are continue we But including we and it’s pushing, total with which quarters, around our think we we we business we about margin, accessories those professional are that out years, lot solutions it of high services, some

sensitive, we do see with to creep we solutions, is thing less those that about, are But is start better price future, than is to As the could today, market it talk business And we other then to the less small about margin enterprise we higher talked be which have substantial. the a And the going of we it’s think The continue vertical. up. potentially and X%. our enterprise more piece margin. will in much

and that’s and margin. to improve have We been able enterprise profit the vertical, to gross then that allow to us be going investing

So, we so we at quarters, year a then over maybe if on a next more. or couple improve are looking we again, think we are years, today. will bit of looking maybe down And multiple the But then come I a to probably you where out in think see. short, little going I can points, erode couple are of

Brian Kinstlinger

so much. you Thank

Michael Pope

Thanks Brian.

Operator

you. Thank

Group. Our next from coming with is question Aarde Maxim Jack Vander

Your live. line is

Jack Vander Aarde

the half EBITDA? and revenue second that it, guide results just second and to reiterate guidance, half guys million. margin $XXX mention because third A revenue Great. just questions, gross solid ‘XX and maybe I Did update quarter heard Thanks and of you for sure. couple Okay. the $XX adjusted $XX missed of million. And for EBITDA million of EBITDA the in I

Michael Pope

adjusted come profit We in second will probably guide not then the think only year-over-year EBITDA on could gross you revenue we be think assuming we the higher guided But QX. I I margin. QX half to at we up just given EBITDA. adjusted extrapolate – roughly did what

Jack Vander Aarde

one , more was I the did? just of about percent it for think reiterate increase then thing Did U.S. share year what that And market it I And you market heard share to EMEA or the what U.S. said to because the and just I missed the your increased again missed gains – Great. I in Okay. X.X%. half to first

Michael Pope

the at look X.X% for it so will the numbers we X.X% numbers across half looked both the in at went at half, U.S.? We HX, look for across and half, EMEA we to U.S., the from the year the will

Jack Vander Aarde

Okay. Fantastic. Great.

Michael Pope

Jack, up Note that is about of on our interactive displays, XX% make right, which business.

So, we of really are segment data on market only product that our providing line.

Jack Vander Aarde

But the and slowdown. work revenue I And the Understood. I if back appreciate of terms then good Yes. just clarity good there. overall to circle nonetheless, momentum there. maybe in

provide, sales and was to You markets, can just your [indiscernible] maybe versus pace else point whether whatever of slower education? that more in mentioned specific there really or expecting, versus geo you FrontRow just or general any a businesses than subsidiary by caused new growing are of Any also lower across be order just that slower overall – you the but all just it can mean factors orders? I corporate volume line previously top were you maybe would a volume indeed intake

Michael Pope

users, let that And of okay, view at buying with had like, it’s know, sure in were it’s make on genuinely much order this we last and overall there partners, the supply was COVID. year. it chains – plenty. hangover we much, And the were is problems kind let’s year, now. that I so customers, environment of chain, you so time that, that I so started impacted worked were a started my normalized started will supply do end Jack, hangover the we see from QX the the fact this in many from through, more it a there issues definitely on kind a QX – have And think last is

– yet been decrease it’s slightly, board. our it’s big share definitely the of intake, in market it’s So, because and kind is across increasing order

Jack Vander Aarde

Yes. Understood.

the emphasize revenue probably you third order to most return in to And maybe the One I you expect, to do a the the your does helpful. role drivers of that, funds? mean in that’s return meaningful help important then confidence XXXX in XXXX. XXXX, quarter you that’s of fourth to want they status that rebound drive in the funding government or point, to that? growth question just the expect government play growth factor expect a what’s is how then that programs? How those growth to intake in growth Is I in the and the and Okay, to quarter, do to that

Michael Pope

the that’s Absolutely, of part driver.

lows back I growth after in it we will again. steady in normality There low back to growth just to once our expect the then to And low we think been steady were spending, is once post-XXXX. for biggest return in the Mark behind reason we point, there keep cycles. buying, was and EdTech seen has Mark’s as the buying you growth And go that that. about can post-XXXX And returned, be and this and regular buying that talked are have the past. in mind, us,

education, I have talk but U.S. that across were budgets before just education about the in generally rate, board, into so which funding special And of lot came a declined special including run there the not and money,

went look you have budgets either. values of Federal generally public substantially property If up half the at property decreased they of from about balance the And school in post-COVID. fact not in quite those and that right budget State Property And are taxes. from the funds. still comes just robust, taxes, comes U.S., funding

spend. still funding that allocation are They declining. is not technology that funding. have to schools allocating So, And

Western is and countries Europe money as the absolutely most So, there. other And about that’s you if talk well. true of

about the the $XXX funds that funding. And beyond spent, allocated those been large talked special lot of to still Now, have is has chunk not hasn’t XXXX. been expire there education. We U.S., There that, billion funds nearly going to spent. which that of been of are a a was in that extra end

that good And as substantial also so we U.S. they drive. I is where are Federal another budgets so. substantial that’s But example is is say of countries other There drive the little think to there. a is to or digital pack. spending I something be a of do on But a a and go basis forward both But jump others monies, there is disaster regular going help bit spending. back allocated other with going spending normality technology a have government going growth well. allocate to spending think in barring yes, in they and else monies, would their to bigger there Germany of that, the thing happens,

Jack Vander Aarde

question, maybe of Can more cash update price, there? relative have and you Got share just repurchase cash And the on the balance. an that thoughts have one is it. That’s update you you color. given hand Share the there I price and mean can do at you your kind any liquidity? program, share where to on provide? then any helpful provide

Michael Pope

Yes.

really, and in shareholder So as last something place are to going we a We the look we it’s And of cash quarter, quarter going something we at on last the mentioned of to program, how plan we be that looking we over evaluate it’s we and are function repurchase year, we cash definitely are absolutely utilizing drive the second was what so cash valuing really flow do same going that months. were from generate operations, to more half we we stock the utilize after next we can value. are at. few

the in will that at will growth business. of we Some look be

We Kinstlinger repurchase at as then we reducing program. Brian our share that But at also, look will will look up. brought potentially, debt,

for operations will was You slightly QX positive. cash notice that from

the we know the And are the I operations was go will so it second half. starting we from direction. But that in that half of from going are that also, in cash million of that be year right heavier second believe same year. is typical cash which will operations $X to we to half year, in see in the generated last The thing this you second

that see on stock repurchase of We Board be management a questions coming QX. time the of comes Board are be, and the flood And one of program the the of are cash in as is best we cash do in, time utilize we going to program. And how drive course, those funds going repurchase that evaluate as to QX, or Directors every the will of value. utilize will it’s larger team, that to it a to

Jack Vander Aarde

appreciate horizon. return growth Great. the color guys. momentum on to Thanks the building and see the guys. Okay. I to the Great

Michael Pope

Yes. Appreciate it.

Operator

currently Thank further at no We you. this time. questions have

back I closing for hand any So, it will to you may Mr. have. Pope comments

Michael Pope

for We to Well, today report us in speaking again QX and everyone on our to conference we you your support second joining look November thank quarter you XXXX call. forward XXXX results. when our for

Operator

This you. conference. Thank today’s concludes

this time. at for participation. may your we thank You And your lines you disconnect

Boxlight (BOXL) 9 Aug 232023 Q2 Earnings call transcript