Wireless Telecom Group, Inc. (NYSEMKT:WTT) Q3 2018 Antithesis Appointment Alarm November 8, 2018 8:30 AM ET

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Executives

Tim Whelan – CEO

Mike Kandell – CFO

Analysts

Operator

Good morning, ladies and gentlemen and acceptable to the Wireless Telecom Group Q3 Antithesis Call. At this time, all participants accept been placed on a listen-only access and we will accessible the attic for your questions and comments afterwards the presentation.

It is now my amusement to acquaint your host, Mike Kandell, Chief Banking Officer. Sir, the attic is yours.

Mike Kandell

Thank you, Kate. Acceptable morning, anybody and acknowledge you for abutting us for our third analysis 2018 antithesis call.

Before we begin, I would like to admonish anybody on the alarm that our animadversion today could accommodate avant-garde statements aural the acceptation of the Clandestine Securities Litigation Reform Act of 1995. These statements can be articular by the actuality that they do not chronicle anxiously to absolute or accepted facts. The company’s avant-garde statements are based on management’s accepted expectations and assumptions apropos the company’s business and performance, the abridgement and added approaching altitude and anticipation of approaching events, affairs and results. Avant-garde statements are not guarantees of approaching achievement and absorb a cardinal of risks and uncertainties that could materially affect absolute results. Important factors that could annual the company’s absolute after-effects to alter materially from those in it’s avant-garde statements accommodate those accident factors set alternating in the company’s Annual Abode on Anatomy 10-K filed with the SEC. The aggregation does not undertake any obligation to amend or alter any avant-garde advice to reflect changes and assumptions, the accident of hasty contest or otherwise.

Also, we appetite to point out that in accession to GAAP information, we will accommodate advice apropos to assertive non-GAAP measures. We accept that presenting these non-GAAP or adapted measures provides added allusive advice to investors which reflect how administration angle the business. Detailed reconciliations of non-GAAP measures to GAAP measures are set alternating in a adaptation table in our columnist absolution issued beforehand today and furnished with the Anatomy 8-K filed this morning with the SEC.

I will now about-face the alarm over to Tim Whelan, our Chief Executive Officer.

Tim Whelan

Thank you, Mike. Acceptable morning everyone, and acknowledge you for abutting us. Afterwards some able animadversion Mike will analysis the financials, afresh we will accessible the band for some Q&A.

To start, we are actual admiring with our Q3 revenues of $14 million, which is aloft the high-end of our advice and reflects 12% circumscribed amoebic advance compared with the aforementioned analysis aftermost year. Our banking after-effects reflect addition analysis of both, afterwards and year-over-year circumscribed acquirement increases, and were apprenticed by college appeal for our arresting processing accouterments cards. We’re additionally admiring to abode the college revenues collection college gross accumulation at $6.5 million, college operating assets of $919,000 and assets of $558,000 constant in an antithesis per allotment of $0.03 for the quarter.

In Q3 we additionally delivered $1.08 of non-GAAP EBITDA constant in a circumscribed non-GAAP adapted EVA of about $4.4 actor for the aboriginal 9 months of 2018. Mike will dive into the numbers in greater detail but we accept the aftermost 10 abode of after-effects reflect the acknowledged beheading of amoebic and accretion accompanying advance initiatives and improvements to our go-to-market strategy, accomplishing of angular initiatives, bigger advantage metrics, and bigger operating banknote breeze generation. Above our segments, we are admiring with the affiliated solid after-effects and advance on our abiding objectives. In our Arrangement Solutions segment, we accept accomplished achievement on par with the above-mentioned year and as I said aftermost quarter, we are admiring with these constant after-effects accustomed some alternation of carrier absorb in pricing.

We see affiliated focus by the carriers, adeptness companies and aloof host providers on solutions which enabled 4G densification, ample area buildout, deployment of new spectrum and multi-carrier deployments. Aural the segment, we are continuing to innovate with our barter on altered RF conditioning designs, and our point-of-interface solutions which enables spectrum aggregate for baby auction deployments with aberrant affection and favorable absolute bulk of buying bulk points. These designing consultations about absorb these ample venues and appropriately above sized acquirement orders. We are admiring with the accepted bulk of adjustment flow, as able-bodied as the carry of sales opportunities we are alive on. The ample opportunities about crave abiding architectonics and coding, and like best carry [ph] opportunities, there is ambiguity of allotment approval, win ante and timing. As a result, these types of awards can advance to a aberration in adjustment breeze and action completion, and accord to alternate increases and decreases to bookings in backlog.

Going avant-garde in Arrangement Solutions, we apprehend to abide our investments in the amplification of our artefact adequacy to abode 5G readiness, accessible assurance and arising 5G. standards.

In our Analysis & Altitude segment, we are actual admiring with the 7% year-to-date advance compared to the aforementioned aeon in 2017. We are seeing accretion appeal in our Noisecom solutions and accept we are in the aboriginal stages of a college absorb ambiance in the government and advancing chump abject which should annual our Analysis & Altitude segment. As we acclaimed aftermost quarter, we abide to advance in added artefact enhancements to abode arising analysis requirements and college frequencies and 5G designs in this segment, and we afresh appear our new millimeter beachcomber babble sources for over the air testing of 5G devices. We are encouraged and aflame about our Analysis & Altitude adjustment flow, however, we will occasionally see ample chump adjustment breeze alter which will accord to circumscribed annual fluctuations to bookings and backlog.

And cerebration best term, we are aflame with our assorted new articles we accept appear over the antecedent six months including our Noisecom babble sources for 5G and over the air testing, next-generation 4500C aiguille adeptness unit, and affiliated adeptness sensors to name a few. Our new artefact launches accompanying with our appearance of a college absorb ambiance annual us to be optimistic for this segment. Action avant-garde in Analysis & Measurement, we apprehend to abide evaluating arising needs and accessory communications, chargeless cartage and anchored systems which can be addressed by our Boonton and Noisecom solutions.

And finally, in our Anchored Solutions segment; we accept accomplished added appeal for our arresting processing arrangement cards which I mentioned beforehand was the key disciplinarian to advance in this articulation in the quarter. The Anchored Solutions accouterments cards accredit the testing of abject stations and analysis systems, and carbon circuitous arrangement achievement of assorted users, assorted beef and altered admission technologies. The college appeal is accumbent to our appearance of affiliated all-embracing appeal for arrangement testing due to affiliated 4G abject body and densification and 5G readiness. Anchored Solutions has auspiciously won and delivered ample actor dollar added orders which authenticate our adeptness to been-on [ph] and win cogent affairs with ample all-around enterprises for clandestine arrangement software and accouterments expertise. These ample orders additionally crave best appellation following and architectonics activities, and can accord to fluctuations in annual bookings and backlog.

We abide to be awfully admiring with the achieve of our CommAgility business assemblage and we are actual aflame by the carry of opportunities and the designs and behest we are currently complex in which includes some ample opportunities in areas of our differentiated expertise. Action avant-garde in Anchored Solutions, we apprehend to abide to advance in our LTE software releases and software customization projects for clandestine networks appointments, as able-bodied as agenda arresting processing anchored technology, and we are aflame about this access of abeyant growth.

Netting it out, our Q3 after-effects authenticate affiliated acquirement growth, as able-bodied as our best analysis of GAAP operating assets and non-GAAP adapted EBITDA. The after-effects additionally reflect the backbone of our about-face above segments, articles and customers. We accede the alternate increases and decreases to adjustment anatomy excess and accustomed annual rhythm, and we are focused on convalescent the axiological abiding drivers to the business. As we agenda in our release, we apprehend to achieve the business with cold gluttonous to advisedly abound the business over the abutting several years and proving both, our acquirement calibration and advantage metrics aloof as we accept accomplished over the aftermost 10 quarters.

We intend to achieve this through alive investments in new articles and markets, advancing go-to-market and sales strategies that aggrandize our chump base, a conduct alliance and accretion process, and connected angular improvements to drive operating leverage. Collectively, we are continuing to assassinate on our strategy, advance in and deepening our three segments to abode the demands and advance of wireless connectivity. Our segments are benefiting from abiding trends of affiliated advance in arrangement densification, added advancing spending, advance in clandestine arrangement deployment, 5G deployment and the advance of automated IoT. These abiding trends and above bazaar opportunities are accumbent to our bulk adeptness above the lifecycle in developing, testing and deploying awful customized, aerial achievement wireless advice solutions.

With that, I’m action to about-face the alarm over to Mike to airing us through the financials.

Mike Kandell

Thank you, Tim. Acceptable morning again, everyone. As Tim mentioned, we are admiring with our Q3 after-effects which were aloft our expectations.

Consolidated revenues for the analysis of $14 actor represented advance of $1.5 actor or 11.6% from the year ago period. The increases in the analysis were primarily apprenticed by the Anchored Solutions articulation area we accomplished college appeal for our agenda arresting processing accouterments acclimated in arrangement analysis systems. Our circumscribed gross accumulation for the analysis was $6.5 or 46% of acquirement which is commensurable to $6.1 actor or 49% of acquirement for the aforementioned aeon aftermost year. Circumscribed gross accumulation dollars added on college volumes at the Anchored Solutions articulation while our circumscribed gross accumulation allowance beneath due to artefact mix at our Analysis & Altitude segment, and lower volumes at our Arrangement Solutions articulation constant in lower assimilation of anchored bulk and overhead.

On a articulation akin for the analysis catastrophe September 30, 2018 as compared with the aforementioned analysis aftermost year, Arrangement Solutions revenues decreased hardly by $394,000 apprenticed by lower aboriginal bisected bookings apprenticed primarily by the timing of ample projects. Analysis & Altitude acquirement hardly decreased by $218,000, additionally apprenticed by the timing of some ample projects in 2018 as compared to 2017. And in Anchored Solutions, we accomplished $2.2 actor of college acquirement which reflects a college appeal for our agenda arresting processing hardware.

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On a bounded basis, the Americas which we ascertain as Canada, the U.S. and South America, continues to annual for the majority of our revenue. For the analysis catastrophe September 30, 2018, Americas, EMEA and APAC revenues accounted for about 64%, 30% and 6% of circumscribed revenues respectively. In the aforementioned analysis aftermost year, Americas, EMEA and APAC accounted for 80%, 16% and 4% of circumscribed revenues respectively. The access in EMEA acquirement and abatement in the Americas acquirement reflect the college Anchored Solutions accouterments sales in the UK.

Across all our regions we see our businesses and channels assuming well, and we are focused on continuing to drive added advance from regions alfresco of North America. Our Q3 2018 bookings were about $11.3 actor which compares to $15.4 actor in the above-mentioned year period. With $14 actor in revenue, our book-to-bill arrangement is about 0.81 for Q3 2018. We are departure the third analysis with a excess of orders of $6.1 actor compared to $10.2 actor in the year ago period. As we avenue what is about our accomplished acquirement quarter, we are seeing some lumpiness in the excess apprenticed by the timing of agreement orders for ample projects by some of our better customers. We abide to be encouraged by the carry of opportunities or adduce action and the alternation with our chump base, accurately with account to architectonics appointment on ample projects.

Our circumscribed operating costs were $5.5 actor in Q3 2018 compared to $5.3 actor in the aforementioned aeon a year ago. Some highlights on the operating expenses: R&D costs were hardly college on 5G investments, decidedly in our Anchored Solutions segment. Sales and business bulk decreased due to timing of bookings and constant appulse on commission-related expenses. And G&A costs added hardly due to lower abstract acquittal in aftermost year’s analysis acquired by adjustments accompanying to acquirement accounting valuations.

Netting it all out, we accept accomplished GAAP operating assets of $919,000 or 6.6% of acquirement for the third analysis compared to operating assets of $804,000 or 6.4% of acquirement in the aforementioned analysis in 2017. GAAP net assets for the analysis was $558,000 which is hardly lower than the above-mentioned year net assets of $653,000. EPS for the third analysis was $0.03 per basal and adulterated allotment which is constant with the above-mentioned year period. In demography a attending at our non-GAAP adapted EBITDA, we delivered $1.8 actor in Q3 2018 compared to non-GAAP adapted EBITDA of $1.5 actor in the aforementioned aeon a year ago. This advance to non-GAAP adapted EBITDA was abundantly apprenticed by the acquirement advance in 2018.

With attention to banknote flow, we generated $1.4 actor of banknote breeze from operations for the 9 months concluded September 30, 2018 compared $452,000 in the aforementioned aeon in 2017. This includes alive basic increases of about $2 actor which reflects college accounts receivable apprenticed by college sales to our above barter with best acquittal agreement and college account apprenticed by our carry of opportunities for which adapted commitment is analytical to win rates. We abide optimistic about our adeptness to achieve banknote breeze from operations during 2018. We paid about $33,000 in banknote taxes in the 9 ages aeon concluded September 30, 2018 which represents bounded taxes in one of our adopted jurisdictions. Our low banknote tax bulk is a aftereffect of our federal and accompaniment NOLs wells which expire in 2029.

At this time, I’d like to about-face it over aback to Tim for some closing remarks.

Tim Whelan

Thank you, Mike. In summary, we abide to abide on-track and apprehend a able year of topline advance and profitability. As acclaimed in our release, we apprehend the fourth analysis catastrophe December 31, 2018 to see seasonally lower afterwards acquirement compared to the third analysis which is constant with the above-mentioned year. With that, we apprehend to accomplishment the year with over $52 actor of acquirement apery 13% acquirement advance year-over-year and a added year of double-digit acquirement advance including the CommAgility acquisition. Aloof as important, we accept accomplished improvements to advantage including $15 actor of GAAP operating assets and absolute GAAP net assets for the 9 months catastrophe September 30, and $4.4 actor of non-GAAP adapted EBITDA for aloof the 9 months of 2018.

In summary, Wireless Telecom Group has a abysmal akin of adeptness in RF wireless communication. We accept accepted and able-bodied accustomed cast names with connected tenured history and we accept a ample installed abject of articles and customers. We are an accustomed and trusted bell-ringer with carriers, the military, and government agencies. We apprehend to booty advantage of the advancing abiding advance trends in wireless communication, while at the aforementioned time we are additionally adapted above band-aid sets, adapted above the stages of the wireless technology lifecycle, and adapted above chump articulation addressability.

Together, Wireless Telecom Group and our 3 segments represent an advance in the affiliated advance and change of wireless communication, and a aggregation collectively centered and focused on a unified mission above three lifecycle areas enabling the development, testing and deployment of wireless communications technology. Acknowledge you.

And Kate, if you could amuse accessible the curve for questions now.

Question-and-Answer Session

Operator

[Operator Instructions] And our aboriginal catechism today is advancing from Brace Thomas [ph].

Unidentified Analyst

There has been a lot of altercation of 5G recently, could you advice us accept what you’re seeing in the rollout of 5G and area we are in the aeon in your opinion?

Tim Whelan

Overall, we accept we’re in the actual aboriginal stages of 5G cycle, and a brace of credibility here. The 5G standards are not accepted to be absolutely authentic until 2020 according to 3G PP. It is abundantly believed the 5G handsets won’t hit the bazaar until 2019 and what will chase are the monetization acclimated cases for 5G that will appear over abounding years as will that investment; so that I anticipate is the big picture. Added specifically, a few credibility on the segments. Aural Arrangement Solutions, what we’re seeing is 4G densification of avant-garde purchased spectrum and this is arch to a advance in baby corpuscle projects which translates to artefact applications for us in the lower adeptness and abate sized solutions. Aural Analysis & Measurement, I anticipate I mentioned beforehand we’re seeing that focus on millimeter beachcomber testing avant-garde of the 5G deployment, as able-bodied as the over the air testing demands which is apprenticed by that apprehension of ample volumes of abate accessories accepted to be deployed on 5G.

And afresh I assumption brace of credibility assuredly on Anchored Solutions; we’re seeing the appeal for the designs about clandestine arrangement solutions which accept adequately altered requirements and customization. There is currently about 300,000 pages which authentic what 5G standards are, and so best companies accept to aces their spots to attempt and so we’re still in that actual aboriginal R&D date of applications and technology. Our focus will be on the aerial achievement applications in transportation, military, emergency communications and satcom, aloof to name a few. So again, all-embracing we accept we’re still in actual aboriginal stages.

Operator

Our abutting catechism today is advancing from Robert Marson [ph].

Unidentified Analyst

Robert Marson, Penn Basic [ph]. Congratulations gentlemen on addition acceptable quarter. I apperceive it’s action to be aboriginal to ask this catechism but as you key-up [ph] 2019, do you anticipate you accept abundant band in the blaze to achieve a third afterwards year of double-digit amoebic acquirement growth? And if so, which articles array of by analysis would advance you to that? I apperceive it’s a arduous telecom accessories market, abounding of the companies that I chase in this amplitude are bearing collapsed to bottomward acquirement numbers; so your double-digit acquirement advance is aberrant on it’s own. I accept that’s the accomplishment of the new administration aggregation demography over a aforetime under-managed asset, so congratulations there. But what do we accept lined up for 2019 to echo the aforementioned feat? Acknowledge you.

Tim Whelan

Yes, it is aboriginal to credibility accurately to any of the advance drivers or advance aural the segments for ’19 and we’re still advancing for that, and I anticipate the fourth analysis some of the pursuits that will appear in our success and those pursuits will advice us ascertain what that year looks like. Obviously, we’re alive adamantine to achieve addition analysis — I’m sorry, addition year of growth, it’s adamantine to say or put a cardinal on that at this time but we’re actual optimistic with area we’ve placed our investments over the aftermost year and alike two years. We anticipate the markets are actual favorable in agreement of the all-embracing big account trends, we accept to accretion our spots aural some actual ample markets, we’ve invested in products, we’ve appear some of that; we’ve invested in some partnerships, I anticipate we’ve appear some of that; we’ve appear some of the ample chump orders which we accept received, as able-bodied as the new venues.

So that will be a affiliated arrangement as we attending into abutting year; added cardinal deals, a greater expansion, and a added advancing action as we anticipate about the chump abject to abide to alter ourselves. And so — yes, I would accentuate one key point you fabricated is, as we’re adapted above assorted chump segments with assorted artefact offerings and a greater bounded adeptness we’re adequately optimistic about abutting year but it’s adamantine for us to accord you annihilation with greater attention at this time.

Unidentified Analyst

Next year abandoned starts in 7 weeks; so I achievement you guys accept added in the planning stages than you’re accommodating to allotment with us. On addition topic, what about bolt-on affairs you’ve acutely succeeded with your aftermost acquisition? It’s actual backward in the bread-and-butter aeon and I don’t anticipate abounding shareholders appetite you demography on a baiter bulk of debt because that would affectation a accident to the antithesis sheet, and afresh acutely the assets account as well. So with area the antithesis area looks today from the banknote position, and in my opinion, the disability to use disinterestedness at these hardly low valuations; area do we angle with the adeptness to accretion accretive deals and pay for them afterwards jeopardizing the antithesis sheet?

Tim Whelan

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We’ve remained committed to advance through the use of mergers and acquisitions as allotment of our action and we declared that about assorted times. We abide committed as a administration aggregation and absorb a cogent bulk of time attractive at those cardinal options and we do that in a actual acclimatized fashion. We are not abbreviate of targets out there as it relates to abate sized clandestine companies area there is a generational change at the company, and they charge to seek some anatomy of assumption planning. Our adeptness to accretion the adapted companies in a acclimatized manner, as able-bodied as accept a acclimatized access to acquirement bulk credibility are key accommodation to that, but again, we absorb a cogent bulk of time as a administration aggregation and abide committed to that as a advance path.

As we anticipate about our basic structure, we actual anxiously attending at the use of debt, the use of equity, the use of banknote — the chargeless banknote breeze generation, and afresh ultimately a anatomy which additionally places a abundant albatross aloft the sellers to abide with the business and achieve the affectionate of after-effects that they’re putting alternating to us. And I anticipate the architectonics of the CommAgility accord is affirmation of that in the faculty that there is a callback mechanisms, there is access out mechanisms, there is deferred acquittal mechanisms; so those are all structures which advice us anticipate about the costs but I would accede that we’re not about to go into an M&A bazaar afterwards attractive actual anxiously at the use of equity, the concoction effect, as able-bodied as the debt on the antithesis sheet. We’re absolutely admiring with the net debt position we accept now, we’re absolutely admiring with the accessible borrowings that we accept and absolutely admiring with the costs adequacy that we abide to see on our antithesis sheet.

So it’s — we’re committed to that advance aisle and I accept the point you’re making, and I anticipate we’re action to action to do this in a affiliated amenable fashion, the way we did in agreement of alive on the CommAgility transaction.

Unidentified Analyst

It would be nice to see some of that alive basic catechumen at the banknote or the banknote put the assignment in bolt-on abate affairs at this point of the aeon and our assessment of the shareholders.

Tim Whelan

Agreed and we’re actual focused on that.

Operator

[Operator Instructions] Our abutting catechism today is advancing from Jen [ph].

Unidentified Analyst

Hi, acceptable morning. It’s [indiscernible]. I had a catechism apropos the Anchored Solutions segment; it’s acutely — it’s a growing allocation of sales or it was in the quarter. And I’m aloof apprehensive how we should anticipate about that action avant-garde in agreement of acquirement composition?

Tim Whelan

Clearly, this was a agitating analysis for Anchored Solutions. We don’t accord advice on the segments and we’re hopeful this success continues but we additionally booty a bourgeois appearance in agreement of planning and costs and how we anticipate about that. So we’re alive anxiously with the chump and planning conservatively for the future. With attention to the acquirement agreement of all three segments; I anticipate you’ll see the segments after-effects accept had some fluctuations quarter-to-quarter which we see is actual abundant a accustomed accent to our bookings and backlog. Over a best term, we would apprehend the acquirement agreement to be adequately constant with what you would see if you attending at the accomplished bristles or six abode as we anticipate that’s apparently a acceptable way to anticipate about the business in agreement of how we anticipate about the acquirement agreement of segments action forward.

Unidentified Analyst

And afresh aloof to a little follow-on on that; apropos the activity and the custom orders, can you accord a little blush aloof about what the best appellation activity is attractive like and what the agreement is?

Tim Whelan

Sure. We don’t accommodate the metrics on old advice on funnel, aloof accustomed that alteration and ambiguity but we are today actual blessed with the breeze of quotes and added importantly, that architectonics accord we’re award with our customers. On a articulation basis, arrangement is seeing this affiliated trend of baby corpuscle deployments and ample area body outs, as able-bodied as the actualization now of aloof host providers for the action space; so we’re actual aflame and animate about that in agreement of potentially new dollars of absorb that we can capture. We are seeing beneath alive debt [ph] solutions in the carry and added CRAND and DRAND solutions which absolutely favor the genitalia of RF solutions we accept in the Micro Lab brand.

In Analysis & Measurement, I anticipate the blush on the sales carry is that college appeal for the babble sources in solutions which are apprenticed primarily by the aegis and the military. And as we accept it, this is for optical analysis and weapons applications, and understandably, in the amplitude we’re not consistently told what the final band-aid is but we apperceive it is actuality apprenticed by aegis and military. And we’re additionally seeing now added of a advised absorb approach. Now that we accept aegis account in place, which has added decidedly the contacts and barter are added assured that those funds will be in abode with these added budgets. And afresh aftermost aural Anchored Solutions, I anticipate the blush on the activity is the — are these abiding projects which accommodate both 5G advance forth with the appraisal of approaching proofing to 5G standards. And so that’s area we see we’re in the — we’re aloof at the avant-garde end of the date of 5G, and they appetite 4G LTE but they appetite a approaching affidavit to 5G.

And so this tip we access added customization of the LTE for software and it’s additionally accouterments for — it’s not for the cool aerial aggregate solutions which a above dent companies will pursue; these are for abate sized customization so as we anticipate about the market, our pipeline, our blush this bazaar befalling would be to accretion is — and accompany at the agreement of fleets of ships, trains, aircrafts, automated cartage and automated park. This is area the units and customization is abstinent in dozens and hundreds of units rather than in millions; and anticipate of solutions which are altered to an automated adherence band-aid on a accepted 5G advice platform; so we’re actual aflame about this alcove and the opportunities arising there but these are best appellation in nature.

Operator

Our abutting catechism today is advancing from Fernando Canto [ph].

Unidentified Analyst

I accept apparent that for the aftermost three abode you Anchored the aerial advice by about $0.5 actor to 750,000, would that tend to advertise that you guys are actual bourgeois on some of your advice or that you’re accepting advice acquirement during [indiscernible]?

Tim Whelan

I anticipate it’s — during the quarter. I don’t accept a altitude for you. We are accurate in agreement of how we abridge our metrics. Over the aftermost two years the aggregation has done a admirable job of reorganizing and reenergizing a database access to KPI administration and that translates into how we adumbrate and anticipation the business. There will consistently be an ambiguity of the timing of the above admeasurement deals, both in agreement of timing of abduction and timing of delivery. And so that affectionate of ambiguity we would like to be accurate about but there is additionally a run bulk allocation of the business that shows up in the third ages of every analysis and we’re clay that anxiously as well. So I don’t anticipate it’s absolutely one of the other, I anticipate it’s a little bit of balance.

Unidentified Analyst

The fourth analysis is consistently your weakest quarter, right?

Tim Whelan

It is about and seasonally yes, abatement from the third quarter. Well, acknowledge you actual abundant and congratulations again.

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Operator

Our abutting catechism today is advancing from John Sturgis [ph], amuse advertise your affiliation afresh column your questions.

Unidentified Analyst

Yes, John Sturgis [ph] from Oppenheimer & Company. Nice execution. I’m analytical about basic allocation decisions one against the charge for greater accommodation so I’m some analytical what do you accept abundant afresh too accepted accommodation against allocating basic acquisitions, could you — aloof accommodate some accepted blush on that question?

Tim Whelan

On the aboriginal catechism capacity; I anticipate you’ll note, if you attending at the financials that we accept added our basic expenditures over the aftermost 18 to 24 months. We additionally appear and batten about angular initiatives, and so those two in particular, were advised to advance the akin of automation and robotics in the close that will access and advance not aloof our accommodation but improves the affection metrics and standards, and accustomed us to achieve the altered ISO certifications that we additionally accept appear in agreement of those analysis and certifications; so we accept congenital accommodation into the arrangement to actualize operating leverage. I don’t accept a cardinal for you at that time but that is the administration we’re headed, and that is what those investments are accepted and accept been able to acquiesce us in agreement of ROI.

In agreement of basic allocations for acquisitions, we attending at the antithesis area in agreement of availability of the acclaim ability we have, the accessible borrowing base. The banknote bearing and accepted banknote generation; we attending at the banknote bearing of the targets, and that our accretion action is advised to ambition accretive businesses and not ones that are acute a turnaround situation. And we attending at acquisitions application a antithesis of cash, debt, agent costs and equity, as able-bodied as access out mechanisms that acquiesce us to anticipate about that costs over a aeon of time. So we don’t accept any added bound abstracts about how abundant we accept allocated for M&A, added than — again, we’re actual committed. We anticipate there is some acceptable befalling but we’re additionally actual careful, we conduct actual accurate due diligence, and we’re alive adamantine to accomplish abiding we accretion the adapted ambition for the company.

Unidentified Analyst

Understood. Acknowledge you for accoutrement that area for me.

Operator

Our abutting catechism today is a aftereffect from Robert Marson [ph].

Unidentified Analyst

Are you guys blessed with the abundance of your R&D? I apperceive you revamped it with some new bodies and some new efforts, and you don’t absolutely end the day this with new artefact announcements. So I’m apprehensive if the shareholders should be blessed with 10% of acquirement we absorb on R&D in the business, and whether we’re accepting the abundance out of it that you guys would like us to get.

Tim Whelan

To acknowledgment your question, quickly, I am actual admiring with the productivity. We had announcements aloof through the nine months ending. In February, we appear our new belvedere cards on CommAgility which is acknowledging Obed’s [ph] and LTE avant-garde functionality. Following that we called the new 4500 Boonton aiguille adeptness altitude in April. In August, we appear new articles for accessible assurance networks; and in September, we appear this new modular point of interface band-aid which I batten about in the call. And so aloof dosage four alone, as able-bodied as there are others that are unannounced, but you can brainstorm the advertisement — the abounding absorption of the new artefact is not necessarily anchored in the accepted year banking statements, but this is the blazon of collaboration, these articles are about built-in out of the accord with barter and customer’s altered needs that we feel that we can — if we abduction that in the adapted design, we can accompany to bazaar and carbon that success above aloof the chump that we formed with on that design.

So yes, we’re actual admiring with productivity, we admeasurement allotment on anniversary new product, we will not add 1000 on every product, I can’t agreement 100% success in every business case but we do attending at the articles and drive appear a success on every one of them, and we’re actual admiring with what we’ve appear so far, as able-bodied as what we accept in the works.

Unidentified Analyst

Do you try to admeasurement the — some companies admeasurement allotment of sales from new articles on a rolling abject back every few years there would be the time aeon launched in that few year period. Do you guys try to admeasurement at all how the furnishings of the new artefact introductions are accidental to acquirement against absolute levels and authoritative abiding that that cardinal is rising?

Mike Kandell

Yes. So, we’re barometer that internally, we are not — we accept not appear it publicly, but we are barometer it internally. One of the — I anticipate one of the elements of altitude is ensuring that we admeasurement a artefact modification against a new artefact introduction; and so the articles that we accept today in the acquiescent RF conditioning amplitude are actual abundant altered than what was done two years ago, and the acumen for that is that there are altered adeptness and altered spectrum, and they accept altered affiliation points, and that’s aloof affiliated affectionate of architectonics breeze all-important to be acknowledged in that space. So some would say it’s not necessarily a new artefact but it is actual abundant changes to a artefact that we — if we had not made, we would not accept captured the accepted adjustment breeze because a baby corpuscle architectonics is abundant altered than what was accident in architecture two years ago. And so we had to change how we advance in agreement of how alive we are, and how bound we accompany things to market; so we’re admiring with both the new artefact introduction, as able-bodied as the artefact modification to abide the accent and appliance of our artefact set and this new activating in 4G densification.

Unidentified Analyst

Telecom costumers are array of bargain these days, consistently accept been; so the abandoned way to get paid is through addition and we charge to accumulate up the innovation.

Tim Whelan

That’s right. And in addition and design, and custom designs, there is about an bigger margin.

Operator

Thank you. We accept no added questions in the queue.

Tim Whelan

Okay. Acknowledge you anybody for abutting us today. We’re attractive avant-garde to speaking with you afterwards anniversary again. Accept a abundant day.

Operator

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Thank you, ladies and gentlemen. This does achieve today’s appointment call. You may abstract your buzz curve at this time and accept a admirable day. Acknowledge you for your participation.

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