Ituran Location and Control Ltd. (NASDAQ:ITRN) Q2 2022 Earnings Conference Call August 29, 2022 9:00 AM ET

Company Participants

Eyal Sheratzky - Chief Executive Officer

Eli Kamer - Executive Vice President, Chief Financial Officer

Ehud Helft - GK Global Investor Relations

Conference Call Participants

Chris Reimer - Barclays

Gavin Kennedy - Jefferies

Boris Schneider - More Mutual Funds.

Abba Horwitz - OSP

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Ituran second quarter 2022 results conference call.

All participants are at present in listen-only mode. Following management’s formal presentation, instructions will be given for the question and answer session. For Operator assistance during the conference, please press star, zero. As a reminder, this conference is being recorded.

You should have all received by now the company’s press release. If you have not received it, please contact Ituran’s Investor Relations team at EK Global Investor Relations at 1-212-378-8040, or view it in the News section of the Company’s website, www.ituran.co.il.

I would now like to hand the call over to Mr. Ehud Helft of GK Global Investor Relations. Mr. Helft, would you like to begin?

Ehud Helft

Thank you Operator. Good day to all of you and welcome to Ituran’s conference call to discuss the second quarter 2022 results. I would like to thank Ituran management for hosting this conference call.

With me today on the call are Mr. Eyal Sheratzky, the CEO, Mr. Udi Mizrahi, Deputy CEO and VP, Finance, and Mr. Eli Kamer, CFO of Ituran. Eyal will begin with a summary of the quarter’s results, followed by Eli with a summary of the financials. We will then open the call for the question and answer session.

I’d like to remind everyone that the Safe Harbor in the press release also covers the content of this conference call.

Now Eyal, would you like to begin please?

Eyal Sheratzky

Thank you Ehud. I’d like to welcome all of you and thank you for joining us today.

We are very pleased with the results of the second quarter, especially at a time when company supply chains remains tight and new car sales remain constrained. In particular, the above average growth in our aftermarket subscriber base has continued for the second quarter this year, and we have so far added 91,000 subscribers in 2022. We are on target to reach the top end or even exceed our expected range of between 140,000 to 160,000 for the year. This is also reflected in the current quarter subscription revenues which surpassed $52 million, growing at 11% year-over-year and 4% sequentially.