Tangoe, Inc. (TNGO)

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Tangoe (TNGO)

Presentation at Raymond James 34th Annual Institutional Investors Conference

March 6, 2013 12:45 p.m. ET


Al Subbloie - President and CEO

Gary Martino - CFO




Unidentified Presenter

Good afternoon. We have truly saved the best for last. I think is the very last presentation. That’s an honor. We’ve got Tangoe here. Very pleased to introduce Tangoe. This is a company I have been following for a long time as a private company, and then obviously when they went public. I’m really pleased to have, from Tangoe, Al Subbloie, who is the chief executive officer, and Gary Martino, who’s the chief financial officer.

They’re going to spend probably 15 to 20 minutes going through a business overview and talk about the model, and we’ll definitely have some time for Q&A as well. So thanks for being here. I’m going to turn it over to Al.

Al Subbloie

Thanks, [Terry]. Appreciate that. I think we’re probably standing in the way of people leaving after a great conference, and I know there’s weather issues up in the Northeast, but I’m going to spend about 15 or 20 minutes and give a general background. I think we have a mixed group here. We probably have some existing shareholders who understand the business.

I apologize ahead of time if I’m a little bit repetitive on some of the topics, but I probably have also some folks that don’t know our story as well, so I’ll do my best to at least get through some of these items.

I’ll also do my best where I see any insights in the market that may have changed in the last six months to give a little bit of color to those existing investors that we may have, if we see any trend changes, etc. in the market.

By way of introduction, very quickly, Terry introduced me. I’m Al Subbloie. I did found the company back in the year 2000. It’s been about 12.5 years altogether. We’ve seen some interesting times through those years economically.

One of the things you’re going to hear about today about Tangoe is we save companies quite a bit of money, and that’s served us incredibly well in frankly good times and in bad times, one of the big advantages of our market. So we sort of [unintelligible], through all the issues of the last decade.

Very quickly, we provide technology enabled solutions for mostly large companies. We target typically companies that are greater than about $700 million in annual revenue that have spend sizes on a low end of about $5 million and upwards of $500 million altogether.

Again, I founded the company in the year 2000. We have 15 offices throughout the globe at this point. We presently have just under $24 billion in annual communications spend, fixed and mobile, running on our platform. We very consistently quarterly have increased that spend under management. We do actually disclose that to the Street. We’ve done that for quite a while.

That spend under management grows in a very consistent manner to our revenue. It’s not exact. There are times we sell product into existing spend and get more revenue with no additional spend, but overall that trend has been very consistent. We’ve never missed a year of exciting revenue growth from the day I founded the company back in the year 2000.

A couple of terms, CLM, communication lifecycle management. In the world we live in today, you all carry smart devices, some of you carry tablets. More and more will be doing that. We also handle, on the fixed side, typical voice and data expenses. We handle the entire lifecycle of those assets and the expenses.

There’s also a lot of heat around the market mobile device management. We acquired a company a couple of years ago. We are the bundled offering we believe that MDM should be in a total CLM solution, maybe different from some of the point solution providers that are in the marketplace today. We believe most markets move in that direction historically. That’s been our vision, and we continue to invest in our technology along those lines.

A couple of key investment highlights. We’re in a great market. I’m going to cover the stats with you in a couple of minutes. There’s a huge greenfield opportunity, about 80%, of the addressable market in our space. It is an opportunity for Tangoe.

We are the leading COM global provider. When we went public, we mentioned that we were about more than 3 times larger than our next nearest competitor. Today, we’re more than 7-8, even 9 times larger. We’ve distanced ourselves pretty dramatically from the competitive playing field.

We also offer a very strong return on investment. It can be anywhere from 3-10x the amount they spend on us on an annual basis, 300-1000% ROI. That’s one of the reasons why we have done well when the economy was bad. We do well in good times or bad.

We have 13 patents. We have more in the queue. We’re very patent-heavy. We believe in patenting our advantages. We have that on our fixed and our mobile and our MDM solutions across the board.

We’ve got a great customer base. I think one takeaway, it’s a blue chip customer base. We are about 30% penetrated within our customer, so we have a big upsell opportunity within our customer base itself. We are a cross-industry offering, and we don’t have any major dependencies within our customer base.

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