Airgain, Inc. (NASDAQ:AIRG) Q2 2019 Earnings Conference Call - Final Transcript

Aug 08, 2019 • 04:30 pm ET

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Airgain, Inc. (NASDAQ:AIRG) Q2 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon. Welcome to Airgain's Second Quarter 2019 Earnings Conference Call. My name is Christina, and I'll be your coordinator for today's call. Joining us for today's call are Airgain's outgoing CEO and current Chairman of the Board, Jim Sims; newly appointed CEO, Jacob Suen; SVP of Engineering, Kevin Thill; and CFO, Anil Doradla.

I would now like to turn the call over to Mr. Doradla who will provide the necessary cautions regarding the forward-looking statements made by management during today's call.

Executive
Anil Doradla

Thank you and good afternoon, everyone. Please note that certain information discussed on the call today is covered under the safe harbor provisions of the Private Securities Litigation Reform Act. I caution listeners that during this call, Airgain management will be making forward-looking statements about future events and Airgain's business strategy and future financial and operating performance, including performance for the third quarter 2019. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the Company's business. These forward-looking statements should be considered in conjunction with, and are qualified by, the cautionary statements contained in Airgain's earning release and SEC filings, including its Form 10-Q, which will be filed today August 8, 2019.

This conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, August 8, 2019. Airgain undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call. This conference call may include a discussion of non-GAAP financial measures, including non-GAAP net income, non-GAAP Diluted EPS and adjusted EBITDA. Please see today's earnings release, which is posted on Airgain's website for further details, including a reconciliation of GAAP to non-GAAP results. Any discussion of non-GAAP measures is not intended to detract from the importance of comparable GAAP measures.

Finally, I would like to remind everyone this call will be recorded and made available for replay via a link available in the Investor Relation section of the Company's website at www.airgain.com. Following management's prepared remarks, we will open up the call for questions from Airgain's publishing sell-side analysts.

Now with that, I would like to turn the call over to the Chairman of the Board, Jim Sims. Jim?

Executive
James K. Sims

Thank you, Anil. Welcome, everyone, and thank you for joining us today. After the market closed, we issued a press release announcing our results for the second quarter ended June 30, 2019, along with the appointment of Jacob Suen, as the Chief Executive Officer of the Company, which is available in the Investor Relations section on our website.

I am very pleased with our second quarter 2019 results with sales of $14.5 million, down 3% on a year-over-year basis and above our guidance range of $14.2 million to $14.4 million. Key highlights in the second quarter results included the strong sequential improvement in a company-wide gross margin of 130 basis points to 46%, largely driven by the efforts that we put in