XpresSpa Group, Inc. (XSPA) Q1 2022 Earnings Conference Call May 16, 2022 4:30 PM ET

Company Participants

James Berry - Chief Financial Officer

Scott Milford - Chief Executive Officer

Raphael Gross - Investor Relations

Conference Call Participants

Operator

Greetings, and welcome to XpresSpa Group's First Quarter 2022 Earnings Conference Call. During the presentation, all participants will be in listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded Monday, May 16, 2022.

I would now like to turn the conference over to James Berry, Chief Financial Officer. Please go ahead.

James Berry

Good afternoon. Thank you for joining us today and for your interest in XpresSpa Group. Before our CEO, Scott Milford, offers his prepared remarks and I review first quarter 2022 financial results, I need to advise you of the following.

Comments made on today's call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current assumptions and opinions that involve a variety of known and unknown risks and uncertainties. Actual results may differ materially from those contained in or suggested by such forward-looking statements.

Important factors that might cause such differences include those set forth from time to time in our SEC filings, including our report on Form 10-K for the year ended December 31, 2021, as well as other current and periodic reports that we filed with the SEC.

I would now like to turn the call over to Scott.

Scott Milford

Thank you, James, and hello, everyone. We appreciate you all joining us this afternoon. Since taking over as CEO in late January, my team and I have been laying the foundation for our future by developing a set of strategic imperatives to accelerate our company's evolution so that we can become a leading health and wellness provider for people on the go.

Today, my intention is to walk you through our first quarter performance and the progress we have made on the four business transformation strategies I laid out on our last earnings call. As we execute these strategies, we're thankful to have available capital to enable us to adjust the pace of our work in light of changing market conditions for our business, even as we continue repurchasing our undervalued stock through our buyback program.

Of course, it's important for everyone to be aware that as a public company, we can repurchase our stock during certain limited open window periods. During the first quarter, we repurchased 7.1 million shares during the available open window period, and will continue to repurchase shares as the opportunity arises.