Phunware, Inc. Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Phunware Full Year 2020 Earnings Summary

  • Total Revenue: $10 million for FY 2020, primarily driven by platform subscriptions and services ($9.1 million or 91%). This is a decline from prior periods due to COVID-19 disruptions.
  • Gross Margin: 66.4% (GAAP), improved from 52.9% in 2019. On a non-GAAP basis, 69.4% vs. 53.8% YoY — a >1,500 basis point increase, driven by shift to SaaS and higher-margin deals.
  • Operating Expenses: $24.1M (GAAP), which includes a $4.5M one-time legal settlement. Adjusted operating expense improved 26% YoY to $15.3M vs. $20.6M in 2019.
  • Net Loss: $22.2M ($0.50/share) vs. $12.9M ($0.35/share) in 2019. Includes $0.10/share related to legal settlement.
  • Adjusted EBITDA: Loss of $8.4M, improved from $10.2M loss in 2019.
  • Cash Position: $3.9M at year-end. During Q1 2021, Phunware raised an additional $29.8M.
  • Backlog and Deferred Revenue: $9.1M as of year end, marking the first growth in this area since going public — a positive sign of future revenue acceleration.

Key Strategic Highlights

  • Transitioned fully to a SaaS-based revenue model, de-emphasizing legacy transactional application business.

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Operator: Good afternoon, ladies and gentlemen, and welcome to Phunware's 2020 Investor Conference Call. [Operator Instructions]. 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, Matt and Randall, followed by a question-and-answer session. As a reminder, today's discussion will include forward-looking statements. These forward-looking statements, including any such statements referring to the potential effects or impact of the 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 being discussed today may include non-GAAP financial measures. 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 the 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, Alan Knitowski. Sir, please proceed. Alan Knitowski:

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