Boxlight Corporation (NASDAQ:BOXL) Q1 2022 Earnings Conference Call May 12, 2022 4:30 PM ET

Company Participants

Michael Pope – Chairman and Chief Executive Officer

Patrick Noel Foley – Chief Financial Officer

Mark Richard Starkey – President

Conference Call Participants

Brian Kinstlinger – Alliance Global Partners

Jack Vander Aarde – Maxim Group

Operator

Thank you, and welcome to the Boxlight First Quarter 2022 Earnings Conference Call. This call is being webcast and is available for replay. The remarks today will include statements that are considered forward-looking within the meaning of Securities Laws including forward-looking statements about future results of operations, business strategies and plans, customer relationships, market trends, and potential growth opportunities. In addition, management may make additional forward-looking statements in response to your questions. Forward-looking statements are based on management's current knowledge and expectations as of today and are subject to certain risks and uncertainties and may cause the actual results to differ materially from the forward-looking statements.

The detailed discussion of such risks and uncertainties are contained in the company's most recent Form 10-K, Form 10-Q, and other reports filed with the SEC. The company undertakes no obligation to update any forward-looking statements. On this call, management will refer to non-GAAP measures that when used in combination with GAAP results provide additional analytical tools to understand the company's operations. The company has provided reconciliations to the most directly comparable GAAP financial measures in the earnings press release which will be posted on the Investor Relations section of the company's website at investors.boxlight.com. And with that, I'll handover the call to Boxlight's Chairman and Chief Executive Officer, Michael Pope.

Michael Pope

Hello, everyone. And thank you for joining the call today. And we will be publishing a press release with our Q1 results shortly, which will be available in the next few minutes. We made substantial progress during the first quarter across several key company initiatives and delivered another strong financial performance with $64 million in customer orders, $51 million in revenue, and $1.2 million in adjusted EBITDA. We are experiencing growing demand for our solutions globally, as evidenced by our organic growth of 23% and customer orders and 34% and revenue over the first quarter last year.

We also concluded Q1 with $43 million in back orders, a 66% organic increase over Q1 last year and a healthy balance sheet with $11 million in cash, $49 million in inventory, $50 million in working capital, and $47 million in net assets. Despite continued supply chain, logistics and other challenges, we're operating at a very high level. And for the second quarter, we expect to deliver $54 million in revenue and greater than $2 million in adjusted EBITDA. There were a substantial number of orders which would have shipped in Q2 that will now ship in early Q3 as a result of product delays.