CalAmp Corp. (NASDAQ:CAMP) Q3 2024 Earnings Call Transcript January 9, 2024 5:00 PM ET

Company Participants

Jikun Kim - CFO

Jason Cohenour - Interim President & CEO

Conference Call Participants

Adam Beavis - Goldman Sachs

Operator

Good day and thank you for standing by. Welcome to the CalAmp Corp. FY ‘24 Q3 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Jikun Kim, Chief Financial Officer.

Jikun Kim

Good afternoon and welcome to CalAmp’s Q3 FY ‘24 financial results earnings call. My name is Jikun Kim. I am the Chief Financial Officer at CalAmp. Also with us today is CalAmp’s Interim President and Chief Executive Officer, Jason Cohenour.

During today's call, we will make certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions, and as such are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from forward-looking statements in this communication. Investors should listen to today's call with the understanding that our actual results may be materially different from the plans, intentions, and expectations disclosed in the forward-looking statements that we are about to make. For more information about these risk factors that may cause actual results to differ materially from forward-looking statements, please refer to the earnings press release that we issued today as well as the company's filings within the Securities and Exchanges Commission. Investors are cautioned not to put undue reliance on these forward-looking statements. The company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call.

Jason will begin today's call with the review of the company's recent operational highlights, and then I will provide a more detailed review of the financial results, followed by a question-and-answer session. With that, it is my great pleasure to turn the call over to CalAmp’s Interim President and Chief Executive Officer, Jason Cohenour. Jason, go ahead, please.

Jason Cohenour

Thank you, Jikun, and thanks to all of you for joining us on the call today. In the third quarter, CalAmp continued to see strength in certain areas of the business, while also experiencing demand softness in others. Specifically, our industrial and international connected car segments continued to perform well, whereas soft demand from TSP customers led to lower than expected consolidated revenue. Our view is that continued softness with TSPs is mainly related to the post-COVID supply chain correction and subsequent inventory rebalancing, as well as an intensified competitive environment in the overall telematics solution ecosystem.