Phunware, Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Phunware Q4 and Full Year 2022 Earnings Summary

  • Total Revenue: $21.8M for full year 2022, a 105% increase from $10.6M in FY 2021.
  • Revenue Breakdown:
    • Platform Revenue: $6.5M (30% of revenue; slightly improved platform margin from 46.8% to 53.8%).
    • Hardware Revenue (Lyte): $15.3M (70% of revenue; up significantly YoY).
  • Gross Margin: 23.3% in FY 2022 vs. 33.9% in FY 2021. Non-GAAP gross margin declined to 24.3% from 43.9%.
  • Operating Expenses: GAAP OpEx grew to $34.6M (from $20.5M in 2021) due to full-year inclusion of Lyte. Adjusted OpEx: $29M (vs. $16.3M in 2021).
  • Adjusted EBITDA: Loss of $23.5M vs. loss of $11.7M in FY 2021.
  • Net Loss: $50.9M or $0.51/share vs. $53.5M or $0.71/share in FY 2021.
  • Platform Growth Highlights: Successful full-scale deployment with Marriott's Gaylord Hotels; Atlantis Bahamas app drove $1.2M in revenue via app in less than a year.
  • Product Strategy:
    • No-code/low-code deployments like Marriott improve scalability and margin potential.
    • Launch of Experience Optimizer enables multiple app experiences under a single app instance using dynamic configuration.

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Operator: Good afternoon, ladies and gentlemen. And welcome to Phunware’s Fourth Quarter and Full Year 2022 Investor Conference Call. Currently, all participants are in a listen-only mode. Joining me today are Russell Buyse, Chief Executive Officer; Randall Crowder, Chief Operating Officer; and Matt Aune, Chief Financial Officer. The format today will include prepared remarks by Russell, 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 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 Phunware’s website @investors.phunware.com. I 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, Russell Buyse. Sir, please proceed. Russell Buyse: Thank you very much. And welcome to our fourth quarter and full year 2022 investor c

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