IWSY - Earnings call transcript Q4 2020

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Operator

[Call Starts Abruptly] Systems Fourth Quarter and Full Year 2020 Financial Results and Corporate Update Conference Call.

Joining us today are ImageWare's Chair, President and CEO, Kristin Taylor; Vice President of Product Management; Mark Blackman; and Vice President of Go-to-Market Portfolio Strategy and Interim Head of Sales, AJ Naddell.

Before we begin, I would like to remind all parties that any statements made in today's discussion that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, if, should, will and similar expressions as they relate to ImageWare are intended to identify such forward-looking statements. to not these obligated time but announced from is it to may, time, publicly update projections, ImageWare do so. future manner that of construed fact, projections results should operations Any not occur. in any results as such guarantee a will, in of be are could materially These reported subject from change to final and projections differ results.

XXXX such filed fiscal uncertainties, ImageWare's discussion please the on report For year annual Exchange the Risk December XX-K the Commission reports amended. of Securities of Form a the and see Securities and risks Exchange and for with XXXX ended XX, in other Factors under section as Act

You which place speak to on undue statements, of as these the date forward-looking made. are cautioned only are which reliance not they on

will Any the website ImageWare I'd any consent over President As and to an additional is CEO, retransmission reminder, redistribution, way ImageWare written turn prohibited. Chair, the a this call available at Taylor. without company's be replay call www.iwsinc.com. of rebroadcast Kristin strictly conference of of or express in to like the on now call this

Kristin Taylor

[Technical Difficulty]

Operator

for interruption. Pardon

Kristin currently line, to rejoin open. speakers Taylor’s are are We other however at your lines unable the now

Kristin Taylor

Okay. I'm folks. sorry,

back step me Let then.

fact the moving Put believe of to significant experience. year another security have identity current necessary provide biometric our through of a cybersecurity good our yet good, cases, enhanced number from employing our effort external points has confident on its world's own for of nothing end fourth re-authentication time capabilities. full well our individuals. ImageWare back a been direction. standpoint internal offering offering business giving environment, for top user economic incorporating spent modern XXX that greater solutions approach. challenges. and but to access fully vision means steps so in and the that the it a far, government both take platform, history, execution and accuracy, company. to ImageWare cloud Today, right taking that itself along we still a and even of our first months, an needs. process greater a meet can interoperable focused the today's unique in is are we from touch our variety we for from The the speed the specific system transparency biometric the into realized, and recent platform, taking a comprehensive When Throughout way, users by to use agnostic as distinguishing suite are X.X to the biometrics-first keep We've ways this organizations, cognizant unique been Both reasons So short updating Fortune the and I'm as system, also authentication have integrated quarter with that past and verification private and process, vision the of certainly has We'll comes a ImageWare challenging. transformative the go. fleet has that presented we're but businesses

to have market them. way also improve and products, Beyond building the we great we sell

federal raise high-value on our in these solutions deploy safety, into this coming we team, meaningful opportunities the a for which working to grow, continues minute. ever-growing capital Demand in are work more cybersecurity translate strategy within at to to most government growth verticals and from proceeds We'll a and enterprise this opportunity. hard to our solutions capitalize this quarters. the public With been December, have funds into and on get recent build should teams past the

quarter results minute to like the I'd our discuss into get the for we to Before updates, and a financial further year. operational take

in in are Our our as as corporate our XX-K. well release on available website Form news the results recently financial filed

to I'll gross fourth year-ago $X.X profit products quarter revenue maintenance. profit a to XX% discussion, The the revenues. of due slight $XXX,XXX ago and $XXX,XXX, primarily which will primarily increased due was of maintenance million, in for to ratably maintenance for recognized over due margin to the revenue. product to today's both the those the on was a in compared certain lower revenues for in $XXX,XXX decrease in of approximately to compared the same completion the XXXX decrease million of summary decrease product Gross to to XX.X% $X.X the The For and gross revenue increase in decreased in increase The year partially in an Gross year to was million, compared in due by XXXX. revenue was year. $XXX,XXX, our be of a certain transition to of now. The professional same arrangement in to million of period. brief of model, lower to The XX% of XXXX and increase $X.X XXXX. primarily timing due $XXX,XXX. XX% subscription-based by the in for for revenue revenue increase was the an period. revenue royalty of projects, to services With fourth profit increase context of to XX.X% decline expiration course full full results due compared Revenues in in offset $X.X offset quarter of Revenue the of revenue. provide was a revenues XXXX cost decreased new revenue increased the year sales primarily the sales XX.X% XX.X% higher XX% to the

expense to which revenue the XX life as to months growth. contracts invest Operating Over $X.X new in the of recognized is XX% contract, revamping to to year due steadier to a predictable represent decreased was stream in company same revenue, of of will year $XX.X and period XXXX. XXXX in future increase expenses. million operating and forecast fourth XX% engineering was $X.X allow for are million and The a and us length. of decrease due which to in in million that our full to therefore, in The in $XX.X in primarily the an development by our expense the more for build compared time, expense Operating quarter sales the general bookings, goal million offset to sales departments. ago compared primarily reliably the administrative the period. typically over research and XXXX will decrease expense, be in signed operating decrease New expense the decreased

to $X.XX primarily common to the was metrics. due the in to average year quarter to $X.X common share Moving common improved basic and operating $XX.X ago of available period. million to in full or compared expenses XXXX. available year in XXXX compared year same shareholders million combined shares the XXX,XXX,XXX to $XXX,XXX or $X.XX year with total reduction XXX,XXX,XXX million full in year $X.XX in for with per shareholders a ago the XXXX cash was fourth from The fourth the The $X.X $XX.X loss equivalents. for million improved of share noted. fourth compared cash the XXXX. the weighted or $X The count The revenues per for in in improvement loss noted. of of share the increase the compared previously from primarily XXX,XXX,XXX We in operations to same XXXX in quarter the to operations to improved million $X.XX ago per with for income count a to profitability common with basic ago quarter million same operating to share $X.X Loss period. XXX,XXX,XXX Loss to our total $XX.X improved shares was the compared was to year expenses reduction same average in per improvement weighted due ended a Net previously million the Net or compared XXXX period. period. loss $X,XXX,XXX

update. markets Moving to our capital

of As closed announced institutional year, November we a placement convertible private on D press via from and preferred participation XX with plus investors accredited both million existing $XX. of investors. release stock Series a last

over severance and capital Such fees. our outstanding used corporate overdue for general areas bills, from employees have Beyond payments, packages penalties commitments, duplicate administration. legal proceeds previous included working missed and to address payments contract these been departing from pulled purposes,

outstanding the we've amount beyond to, funds available, appropriate remaining time, now any time forward coming we for While without my payment and been of able funds plan. move with able to are all marketing our financial this growth and an first normal product, go-forward on obligations the since which course unfortunate, the obligations board, crucial allocate importantly, at are addressed of to further to our sales we've initiatives Most for begin business.

resolutions. major year, February As housekeeping Board this a approved item, our in shareholders separate X of Directors and of

X incentives to provide other corporate additional This connection financing, billion provides X our with resolution authorized is in first from in for and intended The us stock billion common acquisitions, increase purposes. strategic resolution an with debt restructuring flexibility future general to shares.

With authorized delays increase each in share advantage able associated without will the in place, be incurring to shareholder and approval we opportunities obtaining take with instance. of special the expense

to our resolution incentive expands share incremental of adding to Omnibus We'll second incentivize shares XXX The equity the the shares pool number XXXX retain, plan. be under an plan million available and talent. high-quality attract, incentive additional

platforms. progress call the conversion for equals Mark? all outstanding our over I will issued $XXX,XXX,XXX full and products common and the of shares. on issued update Mark stock and the stock, turn Assuming the preferred outstanding current now to

Mark Blackman

Kristin. you, Thank

several broader integration to greater Over of the updates enhancements the made levels months, automation we've goal to our and product value. platform past of and significant implementing with unlock

general compatible on latest our technology cloud the their applications rule in the that there recognize cloud-based to need be need to legacy authentication. remote changes products platforms have services a onboarding with continues and consistent with to the are with while updated And be we to delivered marketplace. As value, leveraged basis being contactless mobile software, made ensure shift there solutions a and intended as certainly to

will and solutions on Over year, we've operational problems new encounter. costs, our to last mobile-friendly legacy foundational bring development a down our focused been solutions to customers and build but only take required biometric migration world. lifting the for will foundation to platform This this provide cloud-based not also the

To of this milestone As I'm each. a sales we this our explain going our we to provides discussion, some initiative continuity modernize the spend base. from to value as products well platform, customer achievements to behind guide the recapping purpose help which existing major existing the as minute new upgrade and continue

modernization upon importantly, Engine. This most biometric to agnostic built underpin year, we all Biometric which updates solutions. August the and and It's continue will in has our platform algorithm database ImageWare multimodal last completed being of on. First are the other scalable, of all

the and efficiency. performance the reduce open-source integrated we As part various also development improving of software greatly while to upgrade, have cost,

modifications BioIntellic Second, we've our made to service. anti-spoofing

a just matching, As a the is attacks. broader and our a solution platform, solution presentations leveraged in The is BioIntellic also part requires preventing virtually to and our unspoofable available provide partners. is product frictionless selfie identity that for as Authenticate of solution by stand-alone ImageWare while

has been the While part as the we the in efforts. use of upgraded original design is broader reduction we for of service service which was inefficient, our profile cost recognize years, the why cost that

Next, device. or business MFA, into we seamlessly enables known Authenticate, used authenticate ImageWare Designed be to security enterprise as This based applications. easily launched in from integrate their formerly can GoVerifyID. mobile existing consumer solution authentication, users announced biometric and for February, the space, as multifactor

The as back in end, seamlessly end-user such or the fingerprint, biometric which applications existing across makes OIDC integrates print, qualities matching authentication into and iris, most enables to cloud, method conduct voice person's authentication standardized assurance. and multiple the through accurate biometric devices palm SAML. are for of protocols a face, On able unique we the

be and safest, cybersecurity need to As the authenticate validate especially multimodal to identity. in proven and effective of biometrics, grows someone's most formats the method continue

work, completed or Finally, of after behind-the-scenes solution and phase planning of of we X.X. our law a the first enforcement lot X.X development have LE

team of a haven't goal initial our conducting levels visits legacy products produce X.X workflows a the successful weeks, web in been solution Several feedback. the for the customers internal UI focus mobile-friendly support by they solution, savings platform. the to couple seamless higher with products. integration and this LE competing individual platform has was the for revamped of gather from a shared and earlier, -- of set past offered of which resulting from this discussed innovation cost and backed After out us our level seen demos, field in groups across to our and As a sales that to in

the solution. goal of market capture the portfolios this do industry. law our the within to an pride greatest share one in comprehensive and we feel pioneer our Our that of early backing the space, the enforcement was massive great is amount so with in We fact take confident and ability of has in to ImageWare IP most

for pioneering thrive. to needs to spirit continue that However, business the

As platform of is the XX majority come, months mentioned innovation. we're energy. that effort new taken time, and where ready point to earlier, product These the market development upgrades and be new the in have through products we nothing initiatives to building resources spent serious at, short this have remarkable. just out product We are at of go. will take but offerings Further go it only the can time. with To will

internal Our business with customers sales need to thorough cycles of conduct involves their ensure and as is compatible test software lead of months times to it our several systems.

broad market key take areas, we it time So we will see expect before while have in to adoption. viable some products minimal several

account-based large identification layer than norm standards own is that store and and and or is SSI. protect sets Google Okta who service storage driver's enables license beneficial is than makes on see the technology expenses through users the identification credentials, privacy information. digital wallet and in that an when user third-party shared. providers and the information their users is sensitive related to controlling of to of relying more and in a researching also credentials reductions cloud all autonomy to to akin digital the This identity set This by under the will to own have Rather SSI We of longer-time them a emerging providers to self-sovereign leveraging phone. liabilities corporations their a like also blockchain manage services, security their provides data that control and to solutions started today. SSI how or store service empowers mobile gives

years having KYC built and GDPR. may this to a as Additionally, AML and for large privacy as regulations laws released IBM been SSI foundational to such has comply for ImageWare blue-chip such companies like in technology provide Microsoft, companies with standardized and upon. method This services with development innovate and

biometrics based are In the onboarding, While highly will on biometric to cryptocurrency introduce SSI, be and early not is differentiated ImageWare very emerging other digital this using and in to digital and competitive AML, solutions space. KYC be securing particular, SSI focused company first enough we identity to proofing we assets. for

goal proof market the research has product by and with of demonstratable the having concept team product a started design of the year. Our already of end

property last Over review three months, consultants. we an with independent intellectual the conducted

IP our or strategy co-development their IP and to with against decided possible to The of determine reviewing first or to the not whether industry to mostly and reflect was our understand backward-looking maps. to road better products, attempted patents, evaluate phase technology companies assess develop actual existing players. potentially team ways and we the read projected or value products a venture In to forward-looking in citations which Ultimately, would the looked the joint support their patents current relevant our forward then portfolio. efforts

takeaway foreign valued, towards Longer as our term, patentable actively on the a on the this program such involve assignments a focus internal working and a to the our further portfolio. an teams and and of to initial main create from to completing of status what current creation the building creation and of we focus developing cleanup could company award to IP of of philosophy have, technical Our and patent the innovation review development then this encourage committee, educate up patent sales seminar invention. was

the a collaboration interest determine our outreach for image long-term assess technology Lastly, execute will work intersect couple patents more IT valuation and with -- spec this their select verification This determine kicking through the that be provide ImageWare realistic that to the will IP. our next pleased defensible market-first our the the to private weeks licensing we companies government I to a in of market-based COVID-XX. build to transition a whether companies processes, to actually effort countless has in approach. sector possible as our for was of plan off agencies road mean adopted specific needs. RFP us in maps has portfolio. other help business Historically, May. companies, to we sector majority we of changed. and/or and meaning share forced targeted many that has and to of to resulting from sell won I am these Like we'll public products What of changes way traditional pandemic officially is business early a business, vast the Notably, solutions

to As means need interest broader. we respective we to We each of to need solutions across fit sectors, it garner use that from scenario. different the offer customers continue case the go key also

is bigger and sales the segue, novel our with opportunities markets that solutions. on team go-to-market our and update With growth call I'll Our improved over AJ to progress these for tackling new strategy. turn a now

AJ Naddell

changes focus hyper partner local senior and footprint, having and creating in targeted development to business market leadership business finding expand industries a Mark, product a color and solid not was everyone the executives forward. to additional begin, that our events our result providing going changes quarter, verticals build our hoping and new of fourth initiatives and of which hello results to us go-to-market have in we're which forward acknowledge encounter strategy force we joining share various elaborating program, the I'll on I'd team, we're implementing and regions. sales looking you, degree. key on did some specific this some tackle. Thank to a were the these and implementing on current believe a sales and sales Though to the These impacted to be for, execution-related to areas to To marketing and like I'm we we today. upgrading looking foundation we end. are we include our the adjust and on exciting to proactively sharing have challenges

in of these see sales we and beginning to half results With in initiatives place, second bookings expect improved XXXX. the

the call, funds great to this and our have first to thanks marketing for of we mentioned is which recent Kristin at the in As step. outside a first time recent more allocate the capital infusion, sales

time As team will sales, time targets ultimately From I to just the starting bear closing on the execute half of to actual building noted, efforts we will the programs to to received year these the be the strategy these to fruit. show believe and attracting latter funds this plans take time. these and we

example partner revamped is through Another sales business program. efforts our our enhanced newly of

increasing in In Israeli-based can and to cloud to we organizations work selectivity with we that groups are announced input reseller in support last because actively addition Emerging prime second reason partner and A addition greater Technologies our the we're access featured Zero value is subsidiary, is A month. Guides, have Trust X safety to data, Forrester a which targeting press they to with simple Trust Group's Tech Safety for arrangement. why via adoption, been and security of Market beyond this example recent for provide previously release the Gartner chose gateways. Zero Now in space, Network X who Safety for

-- must Assets centers in anything organizations the by before accessed cloud collects combined to biometric Zero to identity. to as truly In This perimeters trying the Trust work its person be quick Network VAR imperative comprehensive outside is user effort not companies or value Within concept our notion and in By first with ensure to should authentication improving group authorized it ZTNA joint everything is connect adding to normalizing on ZTNA with. solution data clouds a anything only or their that means space, functions matches biometric to verify and the Zero create Zero Zero ever ZTNA, are work, product that that true or solution or Zero value-added granting based security remote the of Zero Zone Trust Trust, solution. With individuals. on-premise itself, instead we to Trust with systems. Safety a by for the ImageWare contactless that to more also trust access, either ImageWare develop verifying solution. Safety Authenticate a excited and that we their is experience a prominent collaborative users biometrics, while the reseller instead into add significant embeds our the authentication. its device the

use discuss our From enable I'll addressable to we'll equals should leads into in plan solution months. More specifically, case a for plus now offering cases. combined motion. looking transitioning like we X. technology our cases. We'll break this X to key sales a updated be us X a more of It's high or sale opportunities, coming more to expand of in universe with to approach. announce the areas be presenting more to Our us take level, partnerships industries from a X go-to-market strategy this minute use more

and onboarding second and authentication being public The and and first law booking safety, being customer the identification. enforcement

Within X realm, Landmark employees this an opportunity and the which the through onboarding need and space, our retirement want easy-to-use login customers proofing, in identity through biometric using with traction passwords. solution I'll partnership other authentication agencies. ImageWare credential example create state regional estate employees their provider real the unions our and plan Credit from financial uses continued along of specifically authenticates within authentication education, briefly financial current fingerprinting through customer credit is as we encouraging Union. tellers versus services recent here. all tethered Authenticate these key verticals: frankly, go tackle its One We've for Landmark app. Windows customer end-to-end DMV vulnerable banks services, for simple more with and, for mobile to and small each labor to

expanding on end the be Another base our effective. received a environment, has customer encouraging, has from told proved easy and certainly to example is been using extremely customers that is fully Authenticate. This then been helping feedback plugged verify employees. their to who are and successful. The employees end ImageWare use with value engagement started and it and back to successful approach and providing to strategic recently have the for active our regarding their After authenticate Bank, integration to we we've been further our into in directory Catlin platform workforce we've of

ensuring customers also solution AML regulations, for biometrics profile. with We log a using friction into to while KYC, are right comply making a

Our customer minimizes and security enhances of customer decreases approach and risk, cost data for protection customer money improves onboarding, security support.

appreciative XX/X, that smaller the learned also from the receive and leading XXX operational a credit which the customer greatest With have care our over as banks service. partners of are team, footprint within is our to X,XXX garner the we banks small this unions U.S. and plan they in and like our We testament possible unions credit excellence expand to market, just across amount team's of market share vertical.

here has ensure for been stay, credentials education ever. higher taking per the is with also student than portals leverages Next, need sector identifies, of right is important to high XX% year With education rate log-in a seamlessly for that more turnover technology the in secures and promising education. assignment remote a an or exam person market biometrics submitting to an

in the year to unemployment agencies With an that through some growing estate. a is address and state ensure and is opportunity a we with area, serious A moves only logins. resident fraud in, and estate to go to have money. of surging nuance fraud XX% time-consuming property firms identity proofing XX% intend particularly retirement a in fraud, we asked the crimes And and continues past to This that secure real management process real are has the past within after experiencing GMV they are by is fraud spike the finally, two see in in this to estate of tackle to are expensive country. labor facing key companies usually that vertical discovered vertical a meaning years, number and around over being the space that person real states another the market Another of problems.

law The of identification. solution second our within and area the is new enforcement booking approach key

mentioned only a in percentage by prior we North America. in in agencies small my As colleagues, of XX,XXX the calls are

penetration our booking to identification any Given plan further within law and market rich ImageWare's we legacy enforcement business deepen history industry-leading by device. realm, providing the capabilities and stations on

medical presence to such safety realm emergency just include We as also plan our public increase to further enforcement the law beyond first responders, within services.

Lastly, agencies our within as federal border FBI, such we DHS and DoD. penetrate footprint to plan further protection,

are Given been security, to we the the identify in need highly facilities. development guarded users encouraged offer plan business for national within front. we making capabilities its by dynamic on the growing to the field, have secure Overall, for entry we progress

have my shots opportunity. sales This getting ahead on Kristin. be outstanding. this to done, more executing. Our work capitalize back on and yielded better I'll moving record to and All all, personnel we're combined we're with there's bids discussions getting We're to now the better over goal, in update. resources but at concludes turn call

Kristin Taylor

Thank ourselves battle continue AJ. to setting we Though the long-term you, term, are short an uphill up sustainable we for fight in growth.

Let me provide some brief HR-related updates.

newly Portfolio heard, Head you've as Go-to-Market Strategy First, of appointed Sales. AJ Interim Naddell is President of Vice our and

growth and efforts delivering customer operations product role key X-figure driving collaboratively closing pivotal our Lauren of to the for AJ and became possesses also near- truly at an Board end long-term and critical marks while X.X will announced Through expanded our and multi-decade have skills our diplomacy to deals three key global sales a of expanding for combination first product across FBI, solutions. Lauren end Directors. a sales blue markets. continue and strategically market as The to offerings to decades sales law organizations future the programs. security played developing board security, and and public More role be in design, sales and member the responsible conducting with management, sales our our career the go-to-market play independent and point a a safety going that expertise, focal AJ a marketplace, leadership commercialize with of milestone objectives experience needs. to success, for tasked enforcement previously, also officially ImageWare highest will important business herself success the our is in established team historically a Lauren forward. be history. on as tip of fully we Anderson the He of the support her maximize growth there. C. of we local of for crucial demonstrated search ImageWare our we government, business, head front in on-boarding state, as federal nearly the federal expanding counterterrorism, in team has are the This unique and expert has new marketing, the our in revenue-driving suited will within effort on our our a female sectors goals. recently, within begun To has crucial As verticals interim the also ImageWare number powerful Lauren well-respected the well of customer of levels With

As groups strong technical industry out of these with state increase next-generation customers outside agency local helpful footprint. X has our security Lauren on and Douglas well. X and changes Jim law in bring to to Demitrieus; internationally, are been Iris expect in of her to ImageWare, current enforcement for and Board, the IP independent. Morgan law November, we as benefit leader, and participating appointed Sticking we to and near looking law making total from members, the enforcement In our and ImageWare months new introductions two count advising and Biometrics focus and relationships strategists, enforcement, whom the ethics. government her we expand at products our in roll field in extremely in Also

since former operating Miller, business XX, November effective ImageWare been had under also update, Chairman April agreement corporate the has of XXXX. recent our left CEO, in Jim XXXX. and noted As Jim consulting

step respect Lastly, also Jay for at better balance. in our and the point CFO, resignation of Lewis. fit a We to career Jay's to recently work-life this pursue his we announced aside decision understand

his his he as and best we are with him was efforts other wish time very us the appreciative limited, Although of pursues opportunities.

We role search a in in the corporate M&A, also individuals having right and capital well new are growth. us will for deep the understand underway the best the correct experience. for skills position regulatory, financial turnaround CFO reporting, that markets and including with We in operational possible finance put

people right and our sometimes in to and execute is make made, place strategic Our move that decisions have sure we absolutely have team tough the to to be recognizes vital quickly vision. it

test customers Unfortunately, Moving our know from compared this hardware tend pre-pandemic in phase What relates Mark's this to witnessing testing thoroughly to close environments. this impacted. proper on a to be The impacts due quickly trend partners before reason sign continues through More deals software continuing use certain critical to our face previous many are serve. to as across don't the and specific inability process point, we diligence is impact to COVID-XX. to to elaborate properly potential is during we lingering and industry times trials ability to for specifically, of each we deal. how several proceeding the segment are go on

our we serious test well team to able able or our combined get Our states aren't months of XX are of from work to their the still many themselves federal person. first And officers enterprise to joined are to grateful I within has and efforts home, properly office grip IT are companies overcome. the in aren't the not our debt of our building side, the to where physically ago, the labs, incredibly police able directors we and It the go limited they capital, company our safety When way. major dedicating into still clients their many collective to working to on for team in vision this hurdles significant taken I'm point. solutions. new and to time ImageWare. public go had for believe I realm And at from on

for solutions their We solution you call updating in the as encouraged growing partners each need with on to dynamic and internal based support. to biometric prepared for there strategically for day. want crimes work prevalent The I employees, next be passing sophisticated and us address remarks. initiatives, to today's primary and up investors more campaigns, done. is seeking especially That my offerings, sales you appreciate Cyber of processes, need cybersecurity our product for much continued and solutions are to step forward the becoming in So your concludes joining is well. need. by look on go-to-market thank I development Thank still am positioned our interest call. companies ImageWare be marketing this our May. to our ImageWare to

ImageWare Systems (IWSY) 21 Apr 212020 Q4 Earnings call transcript