Wireless Telecom Group Inc. (NYSE MKT:WTT) Q3 2019 Earnings Conference Call - Final Transcript
Nov 14, 2019 • 08:30 am ET
Good morning, ladies and gentlemen, and welcome to the Q3 earnings conference call. At this time, all participants have been placed on listen-only mode and we'll open the floor for your questions and comments after the presentation.
It is now my pleasure to turn the floor over to your host, Mike Kandell. Sir, the floor is yours.
Thank you. Good morning, everyone, and thank you for joining us for our third quarter 2019 earnings call. Before we begin, I would like to remind everyone on the call that our remarks today could include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. The company's forward-looking statements are based on management's current expectations and assumptions regarding the company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results.
Important factors that could cause the company's actual results to differ materially from those in its forward-looking statements, include those risk factors set forth in the company's annual report on Form 10-K filed with the SEC. The company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of anticipated events, or otherwise.
Also, we want to point out that in addition to GAAP information, we will provide information relating to certain non-GAAP measures. We believe that presenting these non-GAAP or adjusted measures provides additional meaningful information to investors, which reflect how management views the business. Detailed reconciliations of non-GAAP measures to GAAP measures are set forth in a reconciliation table in our press release issued earlier this morning and furnished with the Form 8-K filed this morning with the SEC.
I will now turn the call over to Tim Whelan, our Chief Executive Officer.
Thank you, Mike. Good morning, everyone, and thank you for joining us. Our Q3 2019 results were lower than expectations reflecting both project timing pushes on expected large opportunities as well as unexpected hardware decreases. With these adjustments in mind and given there are only 6 weeks remaining in the year we are revising our guidance, and Mike will expand more here in just a few minutes.
Our lower revenues in the second half of the year also do not reflect some of the terrific progress we have made positioning the company for the longer-term future. We maintain our conviction in accomplishing our goals of $100 million of revenues in 2023. On a strategic and operational level, we remain exceptionally pleased with our accomplishments throughout the year, which will be drivers to future longer-term growth opportunities. Our increases in R&D spend in 2019 reflect our confidence and conviction in the roadmaps, and last quarter, we called out these investments in our software stack and 5G solutions.