Phunware, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Overview
  • Date: Q3 2023 Earnings Call
  • Executives on Call: Mike Snavely (CEO), Troy Reisner (CFO)
  • Key Theme: Leadership transition, cost restructuring, and a strategic pivot towards core software and digital assets.
Financial Performance (Compared to Q3 2022)
  • Revenue: $2.8M (vs. $3.5M est. based on Y/Y expectations)
    • Platform revenue: $1.3M (45%)
    • Hardware revenue: $1.5M (55%)
  • Gross Margin:
    • GAAP: 7% (↓ from 16.7%)
    • Non-GAAP: 9.8% (↓ from 17.9%)
    • Adjusted (excluding $500K Lyte inventory write-down): GAAP 24.9%, Non-GAAP 27.8%
  • Platform Gross Margin: Increased to 50.4% (↑ from 46.5%)
  • Hardware Gross Margin: Decreased to -28.3% (↓ from +6%)
  • Operating Expenses: $18.7M incl. $13.2M goodwill impairment
  • Adjusted Operating Expense: $4.6M (↓ from $7.7M)
  • Net Loss: $19M ($0.16/share) (↑ from $8M or $0.08/share)
  • Adjusted EBITDA Loss: $4.3M (↓ from $6.7M)
  • Cash on Hand: $2.9M (↓ from $3.5M in Q2 2023)

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Operator: Good afternoon, ladies and gentlemen, welcome to Phunware’s Third Quarter 2023 Investor Conference Call. Currently, all parties are in a listen-only mode. Joining me today are Mike Snavely, Chief Executive Officer; and Troy Reisner, Chief Financial Officer. The format today will include prepared remarks by Mike and Troy, followed by a question-and-answer session. As a reminder, today's discussion will include forward-looking statements. These forward-looking statements 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 upon them. Additionally, the matters being discussed today may include non-GAAP financial measurements. Reconciliation of GAAP to non-GAAP financial information is set forth in the earnings press release, which is available on the Investor Relations section of Phunware’s website at investors.phunware.com. I further encourage you to visit investors.phunware.com to access not only the 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 Phunware’s CEO, Mike Snavely. Please proceed. Mike Snavely: Thank you very much, and welcome to our third quarter 2023 investor conference call. In my short time back at Phunware, I've learned a lot and I'll hi

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