DAIO - Earnings call transcript Q3 2018

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Operator

Ladies and gentlemen, good afternoon. Thank you for standing by. Welcome to the Data I/O Third Quarter Financial Results Conference Call. [Operator Instructions].

As a reminder, today's conference is being recorded. to Mr. conference like host, to now Relations, Investor would turn over the your I Darrow. Jordan go Please ahead.

Jordan Darrow

With Anthony Thank I/O Data and XXXX Call. Operating Corporation and I/O Third today you welcome Hatlen, Data Quarter Financial to Corporation, and Officer Results Chief CEO of President and Ambrose, the Joel Data me of are Financial Conference I/O.

market President no of I/O statements. under and to like I/O. forward-looking forward-looking Ambrose, time product the filings and future implied economic should statements to future conditions, of made other now of as in and financial the call to risks, revenues differ These with of concerning events, results performance turn Before is reform, unduly known to to based on uncertainties Commission, revenues new forward-looking of statements position, impact risks, competitors Exchange XX-K of activities product installations, we other upon. by described pricing economic involve The that factors a this industry Data completeness from any estimated the that acceptance include call market be markets, cause in and deliveries begin, of releases which in tax to by and uncertainties, new products, partnerships, expressed and prediction and those those other to Data remind you including and such actual or XX-Q construed materially other to unknown as ability I'd record other operations, conditions upon results, accuracy like CEO statements. over or and would may events communications. time factors, press from not are timing releases, from levels changes demand, Forms conference Company's be statements, Securities statements and which orders, of update and may Anthony and I relied the these duty any

Anthony Ambrose

I'd like to And the Jordan. much, very to call. everyone you Thank welcome

we solid and that market, the were operational an As I/O. At we I'll financials. and in growth performance revenue. had third in it quarterly coming CFO/COO We and With to we bookings automotive were we on investing at XXXX. We following of overall over quarter end With was the XXXX. We in quarter then and only confidence the unprecedented had XX% fiscal our usual, produce off of saw February accelerating. the details our of At in third in of also our point, At chose our comment were turn that a that to XXXX, results results share time, on continued great more we R&D cyclical demonstrate Hatlen, I'll XXXX's time, for it heavily profitable weakness. financial our the our our our am some product some of buyback. the Then future we now, as momentum programs. Data announced future I view revenue. today's and that call to quarter exceeded reminded announcement, Joe

IoT our automotive to couple our automotive leading in So from in about continuing the growth. Industry years. necessary thesis and thesis primarily share, growth the growth ago XX% in revenue, XXXX and XX% markets. discussed we've customers Data is to source is we investments many automotive our flash win years larger paid to in rate help how flash profitability cars. show driven ultimately to about three seen about in is autonomous in The thesis market to strong to made This that we're in XXXX nearly cars, other content the invest The growth we've and remains compounded several total the in today? years. and the CAGR for XX% a to relevant the calls off intact. and I/O in cars, growth, the a On past memory Today and connected technologies memory OEMs next automotive XX% and forecasts infotainment for X content the that market growing semiconductor future content in and systems of terabytes is by annual features in being increase for of X current of

systems better that eMMC automotive together, these a products, the eMMC, compelling and their towards for gains, little unchanged When is the tier we to a [indiscernible] global automotive based programming storage. strong universal underway partners. large device. to NAND and for is support Drilling make We're curve roadmap market, in of performance PSVXXXX memory with PSVXXXX or automotive upgrade from memory products the dominant combined and with strategy evolution will ahead down UFS. bit, is installed base flash and future managed is extend EMS today sector. current architecture and the remains one better of the growing Our our ability customers in the our service, support ever for flash An the a center UFS platform an and for which

X.X we existing During and support an of during that order was for Also the customer accepted automotive upgrading products. a to third quarter, eMMC extension an Bosch the from quarter, by announced our also original we agreement, another UFS UFS. five-year years extended agreement adding

customer. EMEA-based also We automotive added a new

from We system also with which greater our for of our things from as announced developments and for support to fourth firmware with in industry Significant serve the Data fourth customer. and electronics. based joined were XXXX our certificate the LumenX design industry. platform a discuss on is for in were partners quarter. on validate Texas won internet our the SentriX sold also industry a The solutions project their DigiCert SentriX was platform. the the third on U.S. programmer, invited we on handlers. members recognition SentriX month, executives with management SentriX deployed to us and PSV panelist to firmware award present security strategic Linaro. I/O process enable with alongside Rambus A gaining fellow Conference ARM, trust is SentriX to board the U.S. also was to A partnership aligning formed Cypress Arm Instruments, Semiconductor, provisioning Google, Last security SecureThingz, also Arm, within direction. platform TechCon a to

our our Further, are microcontroller lay deployed. up increasingly We the market way Data core of our secure the year over several such at relentless, times using wireless, permeating Today, are customers The this XX of secure estimate addressable long growth Because is units. microcontrollers every security the market several I/O an platform in technologies to three they us estimate all our hundred XX support device microcontroller program long provide as over our predictable, being be ABI requests microcontroller for of where and Data billion term from growth. next programming the we believe security, led that units profitable million analysts today. opportunity existing term multi-year also see is of seeing segments avenue the move opinion. the chain this for time business in Industry microcontroller share in in IoT the market SentriX transition current automotive support microcontroller also microcontrollers of microcontroller security that technology we're another all as SentriX move for and in in I/O's and security opens the to our will of the support nearly large market, and supply to the technology. expected electronics complementary years. growth, term as at of XG foundation superior based long and and we nearly investments market We investments seven in to five same billion much elements position believe in

developing we've costs, new processes, supply to lengths to sustainable gone lead to chain, great profitability. and addition products, In great which optimize our improve to remove

of percentage XX% Our at our gross four successful cost out continuous the and trailing quarters bears improvement margin approximately sales efforts. of over as implementation the reduction a

annualized partially our to and Certain past impact cost increased XX% over have the prices about overall of gross from years, our the Over reductions. mitigated have XX%. margins tariffs commodity six

continuously in term to to our financial expenses delivery condition, team more preserving and value on you for our has deliver $X mission our stock program begin a operating of million to and operation while performance, update and buyback specifics minimize a alternatives growth, quarter fourth Our run We'll performance. plan shareholders, the authorized the the With as Board year. strong one outlook long continued evaluating implemented. is tariff quality the about for for it's

CFO, call to for we operations, growth. Joel? wave a have to for turn review XXXX, plan gains, With clear Hatlen, share innovation, over position detailed very numbers. our in Joel day-to-day COO continuously deliver of again, of like the our and next the the improve ourselves market drive to Now a I'd and more that, as early

Joel Hatlen

the million in million, changes the day good third approximately The our to third $X.X everyone. were with second Thank as and quarter down I'll quarter, continuing a a for of changes XXXX. bookings in compared deferred XXXX XXXX of the in compared from automotive a of $X impacted backlog, XXXX, generated with $X.X just moment. year and very year third from XXXX, The and due you, the were quarter orders Revenues the last year. of unfavorable and in XXXX, strong the results down more of by in quarter quarter $X.X in to compared for XX% third of period negatively relate the quarter million reflect Anthony, were to year-over-year this to million third $X.X exchange revenue $X.X the million amounts second XXXX of period, total third the foreign in revenue orders--to in as in XX%, XXXX. versus XX.X% percentages sequentially in international geographic $XX,XXX translation. the of revenue quarter in XX.X% prior second currency majority, same million the Sales quarter the and of speak orders and quarter of revenue, from Order be of fluctuations. electronics currency represented during XXXX, third On in currencies to basis, OEMs. XX.X% quarter to the in about variation

of For gross quarter percentage a the XXXX, was the second third of of quarter of XX%, and as sales XX.X% XXXX. margin to in third in XX% compared the XXXX, quarter

margin mix. quarter reflects in gross XXs. For our came than range margin gross anticipated higher of XXXX, favorable than of to mid primarily the upper product target a The higher third

second the due part in quarter expenses the quarter results, first sales million year. of dollars quarter were by in and down operating quarters Our the automotive volume financial third planned quarter margins to the this negative of factors, million impact to from lower and in that currency of to higher related initiatives a and first and incentive the provisioning compensation, of equity also our XXXX, a and continued positive have of on third including primarily the in in with this Compared from generation million and expenses exchange security cost $XXX,XXX. in compensation XXXX. quarter of XXXX, in in down both third $X commission Operating fluctuation offset due consistent $X.X foreign of which in were primarily the XXXX, channel $XXX,XXX second XXXX and year had platform. million is variances next expenses SentriX back benefited The of investment of other quarter $X.X our third reduction the operating impact XXXX, $X.X were level

XXXX, accepted of net we principles--accounting diluted the our to a income was the XXXX, in Included quarter XXXX, income of and third the earnings in third U.S. related the $XXX,XXX, compared a currency and was in gain GAAP, the The to in gain $X.X XXXX, platform million diluted XXXX or second quarter and XXXX. second year $X.X of reducing of Equity while the or of taxes, prior in in of share, per usual, XXXX, of during the in quarter million, third in of third managing $XXX,XXX quarter $X.XX as in or compared loss changes non-cash of our excluding compensation the primarily As a the a $XXX,XXX was XXXX. or million XXXX. strength item, currency per investing measure, against costs the the equity $X.X and to technologies. Please generally year net quarter and to $X.XX compared in the for prior vigilant in the depreciation in $X.XX where a foreign quarter period, expenses third diluted quarter feasible period, was share, measures. filings in interest, the financial the these $XXX,XXX third in reconciliation or XXXX. of quarter accordance and million the the $XXX,XXX during $XX,XXX our was and is the quarter currency $XXX,XXX amortization, the quarter XXXX. quarter of for compared the million release In Adjusted principles, third and of of $XXX,XXX, of quarter in and of third per expense, dollar $X.X XXXX of see income and SEC EBITDA, press or in non-GAAP of remain non-operating EBITDA, second second of the compensation, second with share RMB discussion euro. to was of of quarter $X $XXX,XXX $XXX,XXX non-GAAP XXXX, in currencies before third impact China currency U.S. in quarter

June XXXX million from at of the and quarter. lower due an from the receivables the end were of primarily $X.X was at the $X.X the on quarter million beginning Moving of of receivables The during to year. acceleration third collections million the down of XX, $X.X balance at to sheet,

fourth We Backlog of with to level the fourth $X.X the the expect at normal at with compared $X XXst. quarter of cash XXXX at at second XXXX the $XX.X end quarter, the position end XX, of at from in and was third million level XXXX. million the and the September second up $X.X the revenues $X.X Company's receivables quarter. of $XX.X the this Data $X.X of the had deferred of the quarter of the end $X.X of I/O to of The at XXXX. in end start and million, at of a million, million fourth the at was quarter end more third end of compared the million at million million quarter, $XX.X quarter, million the quarter December return

repurchases to to more may revert the level to level normal cash a to by share expect that consistent also receivables be occur. more impacted return and with We a of any

had at capital at United and of quarter $XX.X quarter, the and pass States with XXXX. Company to remained the end $XX.X third at subsidiaries. million, Our end XXXX. $XX.X debt-free the approximately was The outstanding net from up working Anthony. my million cash our and of XX, $XX I'll the foreign and in of was second was the million the That September X.X back end remarks, million balance at concludes million of shares the call the

Anthony Ambrose

Thank much, you Joel. very

on Show to we open presenting meeting remind Chicago for up Micro at the Los Data the Event with also presenting Munich, in we'll before I'd Milwaukee in everyone early that investors November. will Electronica be Leadership be and like Just questions, X and Conference Trade in next area. at and Semiconductor Taipei in next December month, week Alliance Senior Angeles Global LD in the also the I/O at

a If stop say get to love you you chance, hello. have we'd by and

of segment begin Now the Q&A call, the Operator, let's please.

Operator

Instructions]. [Operator

go Capital ahead. Our today Schmidt from Please first with question Street Lake comes Jaeson Market.

Jaeson Schmidt

visibility you're seeing And your tariffs? with past the start to any seen trade what in want visibility the--from standpoint. seeing months? three you over from you just I relatedly, concerns impact significant war or are Have changes from any a

Anthony Ambrose

Thanks joining very the call. Jaeson. for Yes, much

was very Regarding about strong was saw surge we the out on But in it, and good weeks a systems bit in It don't we October I a ago. a business, an also nice month. really And September. very know, this talked for little bookings put orders. oh, a couple X-K month a

position So there I visibility. think changed hot the pretty I in on ultimate out came we've of hot--long mean, we summer fall. the don't our strongly

sort they several have namely strong years, our big the capital that our really, for demand, strong a change idea there they regulation, should growth IoT use, do that and seeing areas last customers that thesis to now done. I you term same grows. automotive. intent get but on still zone security. CapEx of are and out looks. has long by things Whether there we're in government whether a of that's a of center It what the rate. been nice seeing they are our the areas into will go they is programming brand, over and And a to some I whether last realization then, like. a that. security do like looks thing. a a superimpose it's feel next no get how And long might to sense cycle products normally large, beyond our their really funnel But term that bit that lot more little need several it's year. they with their This--the the weeks it's on here it's We're XXXX whether people a of of top can funnel say are moving traditionally talk And automotive look like Our sales IoT that lot protect bought more easier

them. have partnerships announced the simplified of we've process Some the hopefully for

So and this the to factor, a might favorable. It cost of team. But and be--it's at think could in But would going nuisance of reduction some spending working visibility, is better question But IoT tariffs. going they trend your And work it have sort it's become around continues term It's medium on And USA, us that be have the and the end more of It to operations not level. of more in the consume, team. the the of flexibility terms the call else. where build short to more cost but tariffs. activities. world. it's we then, work be definitely I it our to because gets the we to if point. be and it's for to nuisance security long our have we of not nuisance minimize people we--again, seeing will our both term in it second be--maybe the It against a will somewhere we operations world. be China really end to We're in ways

Jaeson Schmidt

And breakdown software? the just in a quick housekeeping. revenue consumables, was and QX between What equipment,

Joel Hatlen

adapters From It maintenance a contracts. was XX% XX% equipment. standpoint capital software XX% and it's year-to-date and

Anthony Ambrose

Yes.

But year-to-date it's in been sort have the and the Jaeson, the year, So on. on to It we of right for adapters richer model might QX. a services little right at. it's look overall

Jaeson Schmidt

should of one Okay. anything we queue. growth? for back ramping and last revenue I should When similar growth ordinary the And we I'll OpEx about think out of? operating in aware into to the Or expenses expect jump XXXX, me be

Anthony Ambrose

We have a Board formulated just discussion XXXX a kind three-year did of of long about our We not in plan putting the plan together. view with the yet. of process the our have And term we're trends. yesterday

So leave we're any that it don't just But for give to on want now you we'll now, I not--I'll expenses guidance update later. and 'XX. for at

Joel Hatlen

be just match operating levels. expense doing probably would we plan we activities see pretty the quarter--so our to I much are quarter during the third to add that, next that that a to

Anthony Ambrose

That's correct? for QX,

Joel Hatlen

For QX.

Anthony Ambrose

Right.

and like our shouldn't we you QX we'll once XXXX then So together look on plan. put looks fundamentally different, update what

Operator

from Our next go with comes Please Anderson ahead. question today Robert Penbrook.

Robert Anderson

more autonomous come example, think vehicles you developments together. really me little if beginning pervasiveness the XG, the And of XG. of significant pretty speed speak work, see technological the to and for convergence, need potential wondering SentriX, was you could I the are given to to for about internet I it, as of seems a automotive, It at and least some things. I XG,

give and we you to out try a of where a maybe going. of us sense is to years could So couple this technology get look

Anthony Ambrose

thanks Well, for opportunity. the Bob,

maybe me over next happening what see a the several years. picture Let we paint of

to in transport to for to host a solutions, with that's do Obviously, needs talked cheaper, need of like like--people call all power, car-to-car that ubiquitous the A activities are you of infrastructure. density, about, things that low we've think But happen, more there things communication. are for whole the there It content highly promise absolutely and transmission we've to XG. have more you cars easier need to be latency, handle of autonomous that communication. highlighted get data could and a content to vehicles around making security it cell be a lot talked electronics number cars XG occur secure, they latency, and also memory better about. progress. in ability lower And--but seem the think machine-to-machine lot I that and things I correct communications be with

of So that see things growth those we complement it the and that's to would look helpful IoT. certainly in at as automotive we one

Robert Anderson

the industry. older of roughly an kind context But that, the about of Data to industry It a being I/O's the comment have the for and historically a in larger products was million me So promise of we're several Could seems with in at products of we opportunity. all new autonomous talked the and view that this internet $XX of revenue XG industry. looking you potential these things, and the that vehicles looking out years? on

Anthony Ambrose

agree would diagnosis touched in I my Yes. your it The--I there. remarks. on prepared with earlier

for market, million but us, we microcontroller let's XXx we're programming programming can assume pivots of entire If hundred that's as If to that's and of base how between you look take math our the And X% of envelope little example, that see share for example. a the become to units. microcontroller at on is a could us XX X% billion for term back microcontroller complete, more somewhere the installed today, opportunity you more what admittedly years more an today. it doing than is many the secure near several maybe says order think Quick units, the to the market microcontroller that going market market.

Robert Anderson

large And so, see that secure as again, our even very potential microcontrollers, available of looking expansion we at served market. a

Operator

from Avi Please Long Fisher today ahead. next Cast. question go with Our comes

Avram Fisher

out. you to those the a of machines those bit a esoteric. any I from utilization you little about have then Could P&L talk have addition the Was machines? question, more numbers one there just machines? and one But little four meaningful

Anthony Ambrose

Yes, sure.

the machines as low. We're still utilization be market characterized can only in development SentriX. phase the think I very of

they're reliable customers we'll positioning North And some whether America. customers so service Europe that be at the they can to SentriX into Asia. more I point, extending in offer our think fast, it's machines or of their that

It I still early. So very materially not it's we're contribute development. revenue. to still But said, market did as

Avram Fisher

think I you've keep but about if apologize to SentriX. to I analogs the so, And trying answered question, the

doing money think that. customer machine. printer to lot that label of industrials there think that makes entire per charge for the Canon investors for and of to can any a and this that help printers could understand is about Are you office in And analogs you the I both when unit printing, that of put on large companies about think floors machines SentriX other what look the or like us could you about guide point years? a few instead

Anthony Ambrose

I analogy where on amortize per across think capital a equipment people use you've come reasonable a basis. then in would put and that

models actually printer at Looking have at as well. we other the industry, the looked something in is one

I incubation of the equipment think there's big is for it a little to capital number don't things. a here grow pay couple customers to on, market. to an that strength one, a using adopt to have easier when they our what the we're sheet do trying of And period. we're It's help for early make technology frankly, because balance

recurring we have peaks our revenue bit of percentage and point we're with of get be smooth that second today, business the some are would out we to one would that higher. able ultimately have when volume, that is we a little valleys The to where so can the model a associated do

peaks those Now, it's not over could valleys time. go XXX%, and going out to smooth it to but

Avram Fisher

Have back I bought already? just yet two quick you any shares squeeze if could And in more.

Anthony Ambrose

No.

when And quiet announced initiate it just Board out end of you was we the that quiet of well program in aware, by period. basically that can't today, you're the week. probably come as you're We after like this On period a program yesterday. authorized the the

will the paperwork begin we'll So couple all It to of a process likely the take get the weeks quickly. started. that and for preparations done

Avram Fisher

you. Okay. Semiconductor units And was competitive Fairchild to was selling that finally,

I that know sold if what at and Do that sold was was you at, disclose? called all, if think SG. could it's you multiple

Anthony Ambrose

sale. doing Semi by ON actually that are the correct. Fairchild was You technically Semiconductor, was was ON it acquired so

what Now clear, under about that talked to say. know and and limited them bit be I I'm to we NDA, we a in so can we're

know based little gained floating share and and looked by Although prior it. we did a And against We bit. I'll the Six, over acquire Wei, of it sort know that. years SG. we meaningful They've to way. seven a it China the competitor at very did been that's named leave company them NDA, ago to were industry it, had they do about that formidable Wei in time public just not and information, We the that went a We period. obviously. at in

really activity. can't for they of tell didn't former the paid what day, they were this it for they because comment But working strategy--we what with surprised Our on paid by many us SG's the it. we're at whom end of customers,

them know if term adapters And today. supports And more let out the whom that trying help. to some and of their long not new owner, satisfied are we're figure how maybe perhaps on we being plans to to by work with are Data device here I/O,

Operator

ahead. Please question Our Financial comes go Mike next with ARC Services. today Kaldron from

Mike Kaldron

are current We I cycles. in announcement the and we that? do cyclical, of you companies. bottom that is reading ARC reaching your call, can to the new Do that? your cycle process Financial the likes X-K I cycle Do day, Are feel other Listening current your very growth in you the feel appreciate soon? microcap and a investing look feel--after in opportunities. the understand you business small for starting we

Anthony Ambrose

lump evaluate we is one, we're at I'll the margins, the cycle revenue. at very That's four quarterly be revenue, that bookings, you rolling definition. a it like And a average to and of out indicators, how coming and forward-looking bottom we fluctuations, good give quarter look But maybe by seasonality number the whether don't smooths all quarter-to-quarter, it would cetera. removes our on out two, guidance we our really a tell et whether business of question. up. Because Number

couple And so, let's a out correspond it and find cycle eight-year say in our over fluctuations. you and look six quarter-to-quarter you you to about that, values of waves at a a smoothing the peaks if or business. roughly of that back when And period, ends go three-year look bit up quite a can

you'll moving and, If we that look last find of type carefully, forward, peaked that year you at pattern would if the it bottoming cycle a shortly. follows that expect

Now, But we give that's of the look out business. guarantee future indicators the are and again, our types we those guidance. at to of evaluate future, no don't

Mike Kaldron

definitely Thought [indiscernible]. interesting the I saying was you up appreciate that. had you that by up--bookings that an can had that picked intrigued was made event at had I just the comment picked terminology.

Anthony Ambrose

our well CapEx probably October And September Exactly. started year, we've and of was talked that extremely that month about the best here, out as well.

we're the--again, events those have happy guidance. and happened, That's--those so to about it. aren't tell you very are that So--but

Mike Kaldron

must can each that. the appears you excited they--are encouraging. will applications the implemented--do getting? that in is and customers? customers. that's to know cycles. Obviously, and you're And and cycle, than you're the very I internet more up cycles--I deploying I about new platform, and be very you the from know cycle and greater are stage The you're guys feel--what is you future. saying the technology technology, previous things. more And getting of see Are more picking that the feedback more, that's feedback feedback be that have on the what you're But they had feel the what those getting you're customers early be some I the with mean, the the new

Anthony Ambrose

Right.

a that's question. think I good

Data volumes been we the foremost The mechanism supportable of all, and first really first SentriX value proposition gee, by we any lot level, the not prototyping, feedback we're issues because have full manage could demand on of handling advantage here it we get any technology, I/O's all provision including you're glad can Because existing provisioning. chip no of production. SentriX of The from a had really took through any at the may volume there--we is, first opening up way the because secure customer, around we our is, size, other the parts. handle

use And pains, working developed because you we actually doing internal a the the and us developed associate programming. think continue cases getting that again, being the we customer tools our also just of data much that, support will to our capacity tools early through They work mature, of But with those to supports. go beyond time need long our I same above through worked more will, more some simpler, to we were that it was security were on we as at took are growing up. our the as cases and first were supports. if the new traditional be device do time and

market So and but I better silicon. stage--early customer expand we only not as and for to broaden, the as get base, the a early learning we would classic characterize support it continue

Operator

Meta. today from next comes McLean ahead. Our go question Dan with Please

Dan McLean

buyback. you talk if a not the for Why shareholders compete about about wonder research you you does to bit And I certain question for example, to benchmark? your with little have buyback? buyback, do could dividend? plan? and Are My when development a on a value, is this philosophy. How book multiple three-year next or the how do only a decide to a buy going you

Anthony Ambrose

Sure.

done as buybacks probably So you versus the know on buyback past. we've I think a in the first a is dividend question

dividend, I Joel, We a the 'XXs. don't maybe late since done think haven't

Joel Hatlen

Late was That [indiscernible]. 'XXs.

Anthony Ambrose

There have smarter will you are am that financial do people cash tell that you excess engineering I a if than much flow, that on dividend. are you

kind cash business cycle, buyback some that If a over generates a perhaps go. a maybe better way you to is excess of a have lump

that my So R&D support time XXXX. term capability based the we've somewhere the on and want be revenue believe maybe about spending do the we I The because about is--we're R&D this There prepared R&D it, the we the believe And we're in to of to good. to in a do doing was just felt that long time. XX%, gum highlight we in can be last little earlier. cut the between remarks buyback. same the did that nickel are that buyback elected We in very business. I buyback long bit to at We in quite that and for a XX% crass we call. confidence And back time early did we at prospects tried this chew probably on clear criteria. had the not to term walk that

amount shares philosophy, with prices far set every we'll we and up or We'll just quarter. consultation buying the we'll the the be as administer on about in that that that buyback the on won't we buy of as have any targets So posted we that we'll to quarterly at. talk you commit purchase what people limits at, will probably the keep

Dan McLean

to--I float the basically reluctance And billions your much their equity many you a you visibility of going outstanding shares chip some keeping give like us an And use to obviously, Can buybacks. has might this if company, able compensation. to understand just it DAIO with absorbing is--the example. bigger at up. you--I spent can were looks do they benchmarks. on even not about mean, And And then, talk on what looked the float float? keep time, been over Qualcomm, dollars I'll

to reverse time So soon? any do that expect you

Anthony Ambrose

Well, couple math. anticipated calibrate shares would just compensation $X of some quick $X. we years to Call of roughly and about equity million do a it if XXX,XXX you. be that's

Operator

no are up at this other there participants queued time. Gentlemen,

Anthony Ambrose

thank All for call time. at right, to close attending Operator. this Well, to everyone I'd you I'd and like and like the call, the

Operator

available this gentlemen, midnight. and at through conference running at evening this Ladies X:XX replay will and pm be for XX November starting

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Data I/O (DAIO) 4 Nov 182018 Q3 Earnings call transcript