Presto Automation, Inc. (NASDAQ:PRST) Q1 2023 Earnings Conference Call November 15, 2022 4:30 PM ET

Company Participants

Chris Whitcomb - VP, IR

Rajat Suri - CEO and Founder

Ashish Gupta - CFO

Conference Call Participants

Samad Samana - Jefferies & Co.

Stephen Sheldon - William Blair

Operator

Greetings, and welcome to Presto First Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation [Operator Instructions]. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Chris Whitcomb, Vice President of Investor Relations. Thank you. You may begin.

Chris Whitcomb

Thank you. Good afternoon, everyone, and thanks for joining us today. My name is Chris Whitcomb, and I'm Vice President of Investor Relations here at Presto.

I'm pleased to be joined on today's call by Presto's Founder and CEO, Raj Suri, and CFO, Ashish Gupta. By now everyone should have access to the Company's first quarter 2023 earnings release issued this afternoon, which is also available on the Investor Relations section of our website.

Please note that on today's call management will refer to adjusted EBITDA, which is a GAAP financial measure. While the company believes this non-GAAP financial measure provides useful information for investors, the presentation of this information is not intended to be considered in isolation, or as a substitute for the financial information presented in accordance with GAAP. You're directed to our press release for a reconciliation of such measures to GAAP.

Before we begin, please note that some of the remarks on this call will be forward-looking. Therefore please refer to the cautionary statement in today's press release for additional details about these remarks. Also note that these forward-looking statements made during this conference call speak only as of today. Finally, please refer to today's press release and our filings with the SEC for a discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

Now I will turn the call over to Raj Suri, Founder and CEO of Presto. Raj?

Rajat Suri

Thank you, Chris, and thank you, everyone, for joining us on the first ever earnings call for Presto Automation. We are delighted to share our business momentum and technology progress here with the financial community.

Presto today is benefiting from macroeconomic conditions resulting in strong interest in our labor automation solutions across the restaurant industry. Labor cost and availability continue to be a major issue in the U.S., and physical industries like restaurants suffer the most, because they need labor physically present. They can't just hire a remote worker to get the job done. The problem is acute, and the long-term trends suggest it will only get worse. This positions Presto ahead of a very large opportunity as one of the market leaders in labor automation for the massive restaurant industry.