WTT - Earnings call transcript Q3 2018 | Wireless Telecom Group, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, ladies and gentlemen and welcome to the Wireless Telecom Group Q3 Earnings Call. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation. It is now my pleasure to introduce your host, Mike Kandell, Chief Financial Officer. Sir, the floor is yours.

Mike Kandell

Thank you, Kate. thank earnings joining call. and third for everyone XXXX quarter morning, you us for our Good

the could within Before they remind Securities can call today be everyone expectations statements begin, to Litigation business regarding do current on forward-looking forward-looking events, we I XXXX. future the on the that would or the Reform Act identified strictly our performance, and These and company's results. the company's historical by future are not meaning of and the like of management's to economy include current relate Private The facts. statements based circumstances conditions statements and assumptions of and remarks other that fact forecast

press to our today turn I furnished with release forth the provides the measures. and point views uncertainties factors filed the results of non-GAAP risks include involve a information out Forward-looking factors meaningful now in company's any are forward-looking company's cause management Form set in from non-GAAP presenting not Detailed SEC. earlier Chief information believe with statements number those reconciliations and are We call to this that want that reflect reconciliation results. or revise and adjusted forward-looking additional or X-K forth certain Important materially a otherwise. in it's performance in and The measures which over addition to unanticipated Officer. Whelan, XX-K update that of undertake to affect that any Also, actual could measures to differ set reflect does occurrence GAAP non-GAAP GAAP SEC. materially our the morning actual the statements not Annual to business. provide assumptions, guarantees information changes information, to we company measures in to events future relating risk table with obligation filed will could of those the Executive how Tim these to of investors on the the we will or Form Report issued

Tim Whelan

Good are Thank Q&A. joining we pleased which review morning million, for our is start, of we you consolidated the for some the the the After you, prepared thank guidance last Mike XX% Mike. some everyone, revenues will of financials, line then To year. will remarks and QX open growth our reflects with very compared and $XX same high-end above organic quarter with us.

host of also processing were revenues of in higher EVA an reflect we both, Our by solutions increases, and venue income non-GAAP densification, months are of results $X.X Mike companies initiatives pleased resulting of Network share operating in the with last pricing. implementation numbers $X.XX pleased execution improved said Solutions the objectives. providers QX consistent we a on our deployment but are and into quarter. and of continued large long-term we of and financial XG and power of and believe pleased par year-over-year higher We're the the $X.XX earnings see we which In for quarter, quarters and given operating gross spectrum on $XXX,XXX resulting lean of unpredictability the by sequential strategy, million consolidated we and also profit to as XX with quarter metrics, XXXX. $X.X on the I will segments, report hardware driven some the cards. greater consolidated for neutral new EBITDA non-GAAP the approximately profitability go-to-market results to We performance these results million, signal in focus at income our of organic buildout, adjusted improvements carrier successful related per and acquisition year prior our spend multi-carrier progress continued detail delivered Across have with improved of of flow our $XXX,XXX In our for reflect growth initiatives, the of generation. segment, revenue higher higher last another solid enabled realized results first and in deployments. demand X dive carriers, drove cash

These are typically Within small favorable accordingly the larger our these segment, sale enables sized on quality large involve and innovate with price venues unique customers orders. solutions we combination designs, total continuing of with to ownership conditioning deployments for which point-of-interface exceptional and designing our points. consultations and purchase RF cost spectrum

of is long-term flow, uncertainty design funnel funnel opportunities We sales are win and as and of opportunities order and pleased of working rate as are [ph] The well like there approval, coding, funding opportunities, timing. the we rates the large on. require with current typically most

As increases types project of lead decreases these a a and and awards to periodic and in can result, bookings contribute flow fluctuation to completion, in backlog. order to

XG in address pleased Going to public XXXX. and the & expansion of in XG. growth product the forward segment, in capability very investments Network our year-to-date our X% are to emerging standards. compared period our we In to same with expect we safety readiness, Solutions, Test continue Measurement the

the We our stages base which Noisecom our the benefit government Test and segment. demand and in solutions in Measurement increasing believe early are of a seeing spend environment should military higher are we & in customer

announced requirements noise other to the we devices. noted recently of address air we As sources in XG millimeter over this and testing we in wave invest and emerging test product quarter, higher frequencies to our designs and new enhancements for segment, continue last XG

customer consolidated And are backlog. fluctuate occasionally We are about & fluctuations large and quarterly longer thinking contribute the and next-generation however, Test and Measurement will and to encouraged our to previous excited a we flow six our will which bookings order power sources power XXXXC announced flow, months new testing, for over term, have sensors products name unit, our multiple connected noise we with peak order over Noisecom including we few. air to excited the see XG

to this segment. of for new spend cause coupled Our launches our us optimistic with view product environment be a higher

base processing the global and forward XG Solutions can to our by growth we of Measurement, signal our view aligned Test million we this cells which plus to won activities, dollar has cards Boonton with emerging and embedded contribute earlier solutions. different multiple The stations the and contracts Embedded and readiness. Solutions and is autonomous hardware needs fluctuations demand demonstrate Solutions been-on demand to and systems, base of delivered quarter. [ph] overall expect in our realized testing Noisecom and & and network replicate in orders continued and I in addressed multiple communications, software segment demand continue evaluating for backlog. mentioned expertise. cards in be Embedded build higher ability the successfully densification satellite Embedded XG of to technologies. driver quarterly Going And systems have orders also was large our pursuit access network and for enterprises segment; and win performance key finally, network private and bookings can term for to our hardware and continued testing to vehicles users, design and in The require increased These test significant complex network large large enable longer which which due

designs unit of we our We which CommAgility involved differentiated continue and areas very funnel we includes to in perform business some expertise. excited exceptionally in are currently the of pleased bidding and be and opportunities large the of by with are our the opportunities

GAAP technology, we out, also Embedded segments, digital Going Netting the our and we improving results consider of in to expect products it forward income natural signal well to non-GAAP rhythm, networks the for and customers. diversification increases embedded decreases continued this and across long-term software order and Solutions, to QX and our in as EBITDA. form our growth, our best The the releases quarter of fundamental well demonstrate are are we quarterly the on projects processing LTE continue focused of results and as revenue as growth. drivers periodic private invest and customization strength as software business. operating backlog to about avenue reflect excited appointments, adjusted We potential

a and to markets, three products our business scale as new merger and have in improvements accomplish quarters. we objective investments of that intend base, this profitability address the are several last process, to on agile expand to and operate through we segments business growth discipline go-to-market strengthening acquisition proving to and next connectivity. we our seeking realized revenue aggressive the metrics with continuous to just XX lean our customer continuing execute our in in As the our over we years We and and grow leverage. and sales strategies Collectively, wireless strategy, investing the meaningfully demands over both, note to expect operating the drive and release,

lifecycle increased opportunities densification, benefiting are core XG through long-term our Mike industrial investment the of deployment high deploying the expertise developing, IoT. in over highly customized, long-term walk going military and to network investment of trends are network the to performance from us communication deployment, private financials. to to I'm and and trends segments With spending, in larger market growth continued These solutions. aligned turn that, wireless the across testing call in Our

Mike Kandell

Tim. morning you, Good again, Thank everyone.

expectations. network QX higher Consolidated our million above of our or segment of were The where mentioned, digital the processing Embedded the growth $XX for pleased our increases million XX.X% represented are Tim in we revenues used which Solutions quarter from results for in were the As with signal driven systems. test $X.X ago period. primarily hardware year by realized the we quarter demand

projects. $XXX,XXX driven lower revenue by $XXX,XXX, some define for quarter in our at to a XXXX XX% $X.X higher of of dollars of digital the our slightly Canada, driven first revenues a higher our $X.X ending projects of Americas and while the same half and million September compared which Solutions increased gross declined realized revenue of for is large & profit the for a revenue cost Solutions lower absorption product last year, signal our gross by decreased by South & higher quarter and Embedded decreased comparable the segment majority fixed consolidated the the volumes we which of or reflects compared Consolidated at last $X.X profit by in was Measurement for timing XXXX. overhead. the driven account segment, at for Measurement Network year. segment XXXX profit Solutions, the quarter primarily by XX% same million period Test Our as also America, U.S. Embedded On And timing the XX, of Solutions to to or bookings margin On slightly lower revenue. mix basis, due which gross consolidated Network as demand revenue segment large resulting in we processing with level to continues the as hardware. regional volumes Test on our

for accounted the same revenues For XX%, X% year, The the APAC respectively. APAC approximately quarter in UK. decline of ending growth well, performing EMEA and XX, our Americas, In hardware Americas continuing XXXX, Americas, revenue from revenues and businesses revenue revenues Across North quarter of and the respectively. we X% more XX%, are on higher increase consolidated reflect the channels XX% in accounted September EMEA for last consolidated America. and and and of regions all XX% to our we outside in focused drive Embedded EMEA the and see sales regions Solutions

ratio With QX X.XX compares our XXXX. to were year QX for in period. book-to-bill revenue, approximately approximately which million $XX.X bookings in $XX the $XX.X million XXXX Our prior million is

period. million with We in of $XX.X quarter third a orders of are backlog ago to exiting million $X.X the year the compared

we As some timing some customers. driven of what quarter, by is large orders placing lumpiness highest the our for seeing we typically the by exit in of biggest backlog our revenue projects are

the and customer be our with to the respect design continue encouraged with on interaction We to base, funnel activity projects. of consultation or quote by large specifically opportunities

were Our ago. consolidated the $X.X year expenses same in QX in compared period XXXX $X.X operating million a to million

we taxes in This to QX EBITDA which expenses have Some commission-related XG was share regard Netting driven EPS the same longer were to of was delivered operating slightly accounts EBITDA, in the $XXX,XXX $XX,XXX optimistic resulting non-GAAP was in September EBITDA the compared R&D it the income income than improvement which to by for flow, expenses. segment. on highlights decreased With a foreign XXXX X.X% largely cash prior of local growth to XXXX. for $X.X lower caused the non-GAAP on in inventory of terms sales reflects adjustments ability timing $XXX,XXX. ended impact cash income to revenue to in or of due to XXXX. generated critical third in is to one increases million is revenue the about investments, quarter last diluted our approximately cash year operations driven to a $X This of from per particularly funnel the XX, Solutions in out, X the our the period and lower $X.X adjusted net purchase capital during which in higher And taxes In on quarter operating period. ended of year's XXXX marketing same Embedded million expense Sales receivable by compared period third adjusted timely the and X expenses: and we larger look GAAP accounting driven quarter higher expenses net year approximately higher of quarter in GAAP delivery paid X.X% due our in in operating flow or of higher represents from rates. income generate of of to XXXX the our $XXX,XXX $XXX,XXX $X.XX realized million in all intangible ago. XXXX. payment remain We is slightly cash compared valuations. related our September for flow by XXXX. customers of which quarter XX, for period at jurisdictions. G&A taking slightly the revenue increased amortization and with non-GAAP working our prior opportunities for with which same $XXX,XXX consistent win adjusted $X.X by basic month operations We year million includes bookings we months

a this cash is At our to tax it result turn Tim low some rate expire closing over I'd NOLs which like federal in time, wells state of XXXX. to remarks. for and Our back

Tim Whelan

to on-track of continue Thank a you, growth strong profitability. and we expect year Mike. summary, remain and In topline

the consistent year to finish to lower and quarter XX% of As see is the we ending million the second with the noted December year the third over expect revenue acquisition. with prior seasonally which fourth release, representing year-over-year revenue XX, CommAgility revenue including of With in compared to double-digit our expect that, growth quarter growth sequential $XX year. XXXX revenue a we

XXXX. income Telecom September of communication. we RF profitability $XX non-GAAP GAAP EBITDA just Just have including for summary, the and to improvements realized $X.X net for and level of operating million months positive ending has In X important, adjusted income a GAAP as of XX, wireless the Wireless Group million in months of X deep expertise

names have known long with a brand We well base we of history and have tenured installed and recognized large products and customers.

trusted and agencies. with and carriers, approved an are vendor We the military, government

advantage X in deployment across development, wireless questions take please in technology. Group focused diversified to our anticipated could customer the lines wireless enabling same centered Thank growth also if Together, diversified expect open investment while lifecycle testing across sets, long-term you. And We addressability. a lifecycle, the across of solution an we and three continued unified Telecom technology mission diversified and across of time and and are Kate, areas the and communication, the of the the stages segments Wireless you wireless company represent trends segment the wireless for now. of collectively evolution on growth communication, and communications a at

Operator

question And is Brace Instructions] our [ph]. [Operator coming Thomas first today from

Unidentified Analyst

your opinion? XG There what a of of the you're lot recently, of seeing help rollout has cycle are the you been we in in where discussion in understand and us could XG

Tim Whelan

believed earlier product couple XG picture. is us points many very used XXXX power of that translates densification companies believe purchased over XG expected what ahead smaller finally sized to what the of the are in investment; solutions. we demands that air fully will Test private their a and approximately expected XG of handsets for on designs lower market which Embedded defined millimeter There standards XXXX is solutions deployed think follow mentioned on the hit And which projects I pick Overall, that as and leading seeing of monetization specifically, points a deployment, demand Solutions; the around will we're which It and fairly I XG in to the until we're over and is be XG. the Solutions, on the XG that that are, the XG will very have points applications the compete and I think Network the we're so testing big is years so volumes R&D not largely & currently to pages I More Within most until expectation that emerge as is of which cell couple few on we're XG growth seeing and so unique defined for technology. well we're this to stages and cases large testing spectrum standards of segments. have previously to won't Measurement, XG focus for according driven of small XXX,XXX is are Within as what cycle, wave in of devices early requirements smaller and early stage applications in by still seeing the network to spots The guess then PP. be customization. to a the here.

Our a military, high few. be satcom, focus in to the name transportation, emergency communications on applications performance just will and

overall still believe very in stages. early we're So we again,

Operator

question coming next Robert [ph]. from Our is today Marson

Unidentified Analyst

double-digit products to if sort know to division you third it's new I by I own. on which fire producing year a numbers; And I so a consecutive revenue this the generate would formerly flat taking you the challenging do telecom Congratulations question team asset, of your of in [ph]. early XXXX be Robert on down I over think [ph] companies equipment growth congratulations to assume repeat have for is double-digit same you in Marson, there. another key-up Penn gentlemen as you Thank know the do quarter. this ask follow it's feat? so Capital enough but good that? lead But to organic lined have what irons skill of going space that XXXX, so, up you. it's the revenue management revenue under-managed that's are exceptional we to a market, many of to the growth?

Tim Whelan

within announced very that, investments very our the to quarter optimistic emerge placed Yes, us 'XX we years. big or define spots favorable with where that are drivers year in our large of the two in Obviously, will that; to invested points those think we've another that; within fourth overall our or pursuits we looks the preparing a as even the products, I'm growth is the last venues. customer specifically of terms orders large still as I some for generate think to help but some to in the and at that in we've we've we've new to which for of say quarter growth we've announced some segments and find the it's put we've partnerships, early and some the invested the -- have sorry, success I another very think some year and we're announced working of it this pursuits picture markets, will hard of of well markets of we're what over we're like. that received, year number have growth, any some time We trends, on hard

the we more think about to next pattern continued aggressive expansion, strategic continue base to greater strategy will a and customer ourselves. as that year; into a we as look a be diversify deals, So more

across precision to reach And product we're would diversified key underscore year so at customer as segments but hard multiple give you with fairly offerings is, optimistic a made one for anything greater -- next time. geographical and yes, we're this greater point us it's you with about multiple I

Unidentified Analyst

transactions in only you with I X the many that and because of succeeded you well. have more taking you're want year On and topic, hope risk planning Next about debt the in It's obviously don't as you've pose sheet, share the cycle economic to your weeks; in bolt-on guys I the with stages on another last then statement to boat a shareholders clearly us. than starts income very a acquisition? so willing would think balance what late load

the sheet So without these inability deals in position, with for balance balance my looks where sheet? stand hardly do use the the the at from to opinion, and with we accretive low ability to where today jeopardizing valuations; equity and them find the cash pay

Tim Whelan

use growth that significant a our a and committed a of We've to as team publicly of we very of remained acquisitions through spend as stated strategic in fashion. time and strategy and options that mergers We those times. disciplined at part and looking multiple committed amount the we do remain management

not is succession are company, seek relates targets short planning. companies We at the a of sized some private they it form there there need change where smaller out as generational of to and to

that, disciplined Our ability growth have right we team management as as approach to and amount in the are price ingredients significant spend remain a to find again, path. a as of points purchase key time as disciplined but companies a committed manner, well to that to a a

they're balance our capital sense then of And there is think and that debt, structure that position the which see is we about and that the the sheet. sellers that we available have debt I mechanisms, we carefully with business at upon those balance the CommAgility of very the well have the as use I cash out dilution effect, there quite results a us. generation, there structures net responsibility market cash financing on callback of so as of kind As the the carefully the about continue we're which pleased an capability in putting agree that to would at help equity, is now, deal the earn we we're of but that us use a the the the very -- the use our are pleased generate the flow We're pleased all think is borrowings to on great without equity, also quite not and about use M&A free the look financing go mechanisms; the to a places with evidence sheet. ultimately forth looking the remain with we of into think payment of structure, deferred quite to architecture debt mechanisms, with

So understand fashion, you're I this do to I of we're and to think the executing making, going a growth transaction. the way in that committed responsible the we it's did to continued and in path point we're -- CommAgility going terms on

Unidentified Analyst

be It would at of this convert working and to at bolt-on opinion the nice that transactions cash cash or of some see smaller put in our shareholders. capital work the the point of the cycle the

Tim Whelan

very that. we're and focused on Agreed

Operator

[Operator question Jen next coming is [ph]. Our Instructions] today from

Unidentified Analyst

[indiscernible]. the the good clearly that portion of a about question segment; just of regarding it Hi, I'm should morning. composition? And think sales It's I in had forward Solutions in wondering or we going a it's growing terms how Embedded -- quarter. was revenue it's

Tim Whelan

about view and terrific quarter in guidance of a a and but don't terms conservative we and also Embedded we was take planning this we're Solutions. this for continues success Clearly, give expenses think We on that. segments hopeful the how

how we're very a three much So customer future. as think terms think see we term, composition see the to good we regard natural composition fluctuations what to in have revenue backlog. of about all had revenue with is probably the results With closely the to working some bookings the a you'll five you that's six quarter-to-quarter consistent with of quarters fairly which see past a we conservatively if think look segments for our you would longer at think rhythm business segments; segments I Over the would forward. of to going be the we or composition about revenue the and way the expect and planning

Unidentified Analyst

and follow-on can and term a the little the the a looking composition color to on you just give orders, that; is pipeline what then And little what longer the around is? custom just regarding pipeline like

Tim Whelan

very customers. metrics are with old network just We finding the emergence in a well on very today seeing of and fluidity trend small continued that can we we we're build the this uncertainty deployments collaboration so segment as design host that terms and the about more as given of On and now large neutral we're on of of cell the spend importantly, venue guidance space; for capture. with providers quotes happy funnel, but encourage flow dollars and basis, our that of that enterprise new don't potentially is Sure. provide outs, excited

by what a seeing [ph] and funnel have more the military. are we know research And by told the the approach. RF demand Measurement, the primarily the applications, less active in we We not parts defense being think funnel more DRAND actually we're sources CRAND defense that the we're final the in in weapons also for and optical which are solutions and military. solutions this favor is the and color In Lab of solution seeing And now driven is for and I Micro as spend debt solutions noise deliberate understand sales Test the always space the higher in it, and is understandably, of but we it & solutions on is driven brand. which

budgets. customers color that those the pipeline the we of in proofing have these Solutions, on with XG think -- funds projects standards. XG which evaluation more that Embedded be long-term confident within which Now is I include place, the contacts then has the increased with are future the significantly advancement will increased these place to And and both along budget are defense in last

LTE they where want XG, a -- XG. the front XG end want of stage that's at future but the we so just they see we're of and to in we're proof And the

terms chip for it's so not for the smaller would pursue; And find tip volume customization market, about larger so additional color acquire sized software this these we at is and an solutions it's think the fleets for which -- our millions; solutions term also but emerging sync a than -- this loyalty aircrafts, the hundreds communication be and is for will and super to common opportunities hardware units market so customization dozens pipeline, of the trains, of is niche the these are LTE of high excited solution our to as This we opportunity industrial companies about ships, industrial park. very in units we're industrial in of and are unique longer and are nature. of measured this the on vehicles rather where which think and there XG a and platform; in customization

Operator

today Fernando question Canto [ph]. next is from coming Our

Unidentified Analyst

$X.X that [indiscernible]? I three conservative you quarters for guidance indicate of about XXX,XXX, seen your rabbit guidance Embedded last you're that tend that are you to or the have getting guys that some the to very during on revenue would by guidance million

Tim Whelan

I the -- don't think quarter. during for have you. a I it's measurement

in We are how terms of our we compile careful metrics.

reorganizing the has last a how management in of reenergizing years and that job the and the wonderful predict of of the be larger terms delivery. of a of both to business. translates timing and capture will KPI deals, uncertainty into size always timing two timing database approach There the and forecast company done an of Over we

that so third careful of of quarter a would the And that kind about that be but also rate up as month we're of like modeling there to well. business and we every the uncertainty shows portion is carefully run in

it's other, I it's entirely a think don't I balance. So of one the little think bit of

Unidentified Analyst

your always is quarter weakest fourth quarter, The right?

Tim Whelan

much third very you seasonally and decline is It Well, quarter. and again. the typically from congratulations yes, thank

Operator

your next John is please post your coming from announce question Sturgis [ph], Our today then filiation questions.

Unidentified Analyst

you for Oppenheimer what capacity so on I'm the curious curious about enough [ph] could that acquisitions, John some expected decisions need allocation Sturgis capital -- have provide you I'm versus capital execution. Nice one capacity from do color allocating just question? then some versus Yes, too greater general & Company.

Tim Whelan

our that note, On question expenditures last think financials the the capacity; first you look at XX to we increased if over months. XX I you'll capital have the

initiatives, what you lean and level in us and certifications; the audit announced spoke and we're quality automation are to particular, of create two and so improve ROI. allowed and robotics have of our those that have the and capacity will that I investments ISO able number different to that allow firm terms terms have standards, into We for is were direction and designed so headed, accomplish in in to about don't announced leverage. capacity in we improve of and the is system and those the expected certifications the we not a also also to but that operating the at time just metrics but us that improves those been have increase built

balance in we and the for of mechanisms debt, accretive situation. at seller target we period The at the availability financing equity, time. And acquisitions, not earn financing the is businesses that cash terms acquisition of the the as using have, we and that are targets, balance available to of look strategy turnaround look requiring capital generation to that that allow of a we well cash, a credit our a intended and out think of terms facility sheet at as and of over In cash look acquisitions allocations ones borrowing base. generation; cash expected us about generation

very careful, opportunity don't we're but due is we allocated than we we're measurements for and any about the committed. make to think company. conduct again, sure much hard there find target good we're finite other M&A, So careful have also we diligence, some right for the working have more -- how very we very We

Unidentified Analyst

covering territory you for me. Understood. for Thank that

Operator

Our [ph]. next from a Robert follow-up Marson question today is

Unidentified Analyst

Are with with new you you guys some it end and happy product new of revamped don't productivity your efforts, know I you the really day people R&D? new with some and the announcements. this

should the it guys on get. the spend we be would XX% if happy and to business, in the of shareholders wondering revenue R&D productivity out I'm you like getting with we're of that whether So us

Tim Whelan

the I we quickly, which advanced February, on pleased question, functionality. am nine cards LTE announcements the [ph] platform We very just with CommAgility through new productivity. announced your In ending. is Obed's supporting our answer To and months had

power we April. solution for the products new in and which peak announced the call. Boonton networks; safety of in August, In XXXX Following named that this measurement we point we about new public spoke September, interface modular I new in announced

product as out replicate needs are can worked to we we you these with full is we the And with so and of imagine that of the customer customers the the the we that new year necessarily embedded beyond market as bring that we customer's well statements, the capture that others appropriate feel are if born collaboration, but type announcement just can -- in in is -- this that dose there current but design, that products are collaboration four on typically not success financial traction can alone, unannounced, and that just of the the unique design.

we're towards as measure we're we've with but success very in yes, so product, case we success So on drive works. business of in XXX% announced new them, very we and on XXXX productivity, look at far, every every have what on we each with and not add what pleased returns pleased we will every as well guarantee the I product, do one the a products can't

Unidentified Analyst

how on to levels you -- product basis year measure time products there the try some and number introductions period. every the launched that would versus sure that a at of new that rolling be sales try guys since to to Do the making is are contributing you years measure in rising? Do measure percentage few period all from revenue historical effects companies of new few the

Mike Kandell

Yes.

internally, -- have measuring publicly, it we it measuring we're announced but that are So, are we not we internally. not

that's to space. points, One of are that was have products -- that they modification introduction; different measurement elements think versus measure a so and two much of reason different in one RF and a we of ensuring that design and connection flow continued product I than product of the kind and space conditioning and ago, necessary power the done the the what successful be different very have for the different years there that are we is passive today that spectrum, new in is just

say a if was So a but would years new because small captured what changes -- happening the we not flow it's is order that not to we product different in a it building had design ago. necessarily very two not current some product much made, we would have is much cell than

how things how invest we're so quickly had the well set relevance to of as And densification. bring in our new as in importance product to with the how XG are, continue to so of modification market; product we change and dynamic pleased we and agile introduction, we we terms this and both the product new

Unidentified Analyst

to days, only is Telecom of sort keep through way have to these the get cheap need paid always innovation and the costumers so been; innovation. we are up

Tim Whelan

typically in and improved innovation there an margin. and is custom And That's design, designs, right.

Operator

Thank you.

have queue. further in no the We questions

Tim Whelan

Thank for day. everyone Okay. year-end after Have with to great again. you joining you us today. forward We're looking a speaking

Operator

Thank today's ladies This and you, does conference gentlemen. call. conclude

You at participation. time have your for day. lines wonderful you your a this phone may Thank and disconnect

Wireless Telecom (WTT) 11 Nov 182018 Q3 Earnings call transcript