Phunware, Inc. Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue: $3.1 million, up 40% from $2.2 million in Q2 2020. Year-over-year comparison not specified but noted as revenue transformation from non-recurring to recurring revenue.
  • Platform Subscriptions and Services Revenue: $2.9 million, accounting for over 90% of total revenue. Indicates a strong shift to recurring revenue streams.
  • Gross Margin: 71.3%, up from 65% in Q2 2020 and 57.1% in Q3 2019. Non-GAAP adjusted gross margin came in at 74.8%, representing a year-over-year improvement of over 1,600 basis points from 58.4% in Q3 2019.
  • Adjusted EBITDA Loss: $1.3 million, an improvement from $1.8 million in Q2 2020 and $1.5 million in Q3 2019.
  • Total Operating Expenses: $5.2 million, down from $5.5 million in Q3 2019. Non-GAAP adjusted operating expenses were $3.7 million, a 26% YoY improvement.
  • Legal Settlement: One-time $4.5 million expense taken in Q3. Payments spread over the next 12 months beginning December.
  • Net Loss: $8.6 million or $0.19 per share. Includes $0.10 per share due to the legal settlement.
  • Cash Balance: $1.1 million at quarter end, with $1.8 million used in operations. Highest quarter-end cash position for 2020 and lowest quarterly cash burn year-to-date.

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Operator: Good afternoon, ladies and gentlemen, and welcome to the Phunware’s Third Quarter 2020 Investor Conference Call. Currently, all participants are in a listen-only mode. Joining me today are Alan Knitowski, President, Chief Executive Officer and Co-Founder; Randall Crowder, Chief Operating Officer; and Matt Aune, Chief Financial Officer. The format today will include prepared remarks by Alan, Randall and Matt, followed by question-and-answer session. As a reminder, today’s discussion will include forward-looking statements. These forward-looking statements include – including such statements referring to the potential effects or impact of COVID-19 pandemic, reflect current views as of today, and are based on various assumptions that are subject to risks and uncertainties disclosed in the Risk Factors section of our SEC filings. Actual results may differ materially, and undue reliance should not be placed on them. Additionally, the matters we will be discussing today may include non-GAAP financial measures. Reconciliation of GAAP to non-GAAP financial information is set forth in our earnings press release, which is available on the investor relations section of our Phunware's website at investors.phunware.com. I further encourage you to visit investors.phunware.com to access not only our earnings press release, but also the current investor presentation, SEC filings, and additional collateral on Phunware. At this time, I would like to turn things over to Alan Knitowski

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