tkc, so I went and listened to the thing,
one can go where they want with statements, but in describing the company and the business he referred to Wave as having had some large customers (named 'em) and an oem (named dell), went on to say they had lost dell, "but the good news is they had made up for the loss of the oem by bringing in new oems" plural and believes that will provide more stability/less dependency going forward.
I did not interpret that as a 'the Dell revenue has been replaced' statement. . I was (as a listener) in customer/partnership description mode, not cash-flow mode. IMO, expect to be disappointed if expecting $3-4m in OEM revs that one might argue constitutes replacement based on that mention, BICBW (nah).
The above content is my opinion.