Local Bounti Corporation (NYSE:LOCL) Q1 2022 Earnings Conference Call May 9, 2022 5:00 PM ET

Company Participants

Craig M. Hurlbert – Co-Chief Executive Officer and Chairman of the Board

Jeff Sonnek – Managing Director, ICR

Brian Cook – President

Travis Joyner – Co-Chief Executive Officer and Director

Kathleen Valiasek – Chief Financial Officer

Conference Call Participants

Kristen Owen – Oppenheimer Holdings

Chris Barnes – Deutsche Bank Securities

Ben Klieve – Lake Street Capital Markets

Brian Wright – ROTH Capital Partners

Operator

Good afternoon and welcome to the Local Bounti's First Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask a question. Please also note today's event is being recorded. At this time, I'd like to turn the conference over to Jeff Sonnek, Investor Relations for ICR. Please go ahead.

Jeff Sonnek

Thank you, and good afternoon. Today's presentation will be hosted by Local Bounti's Co - CEOs, Craig M. Hurlbert and Travis Joyner. President Brian Cook, and Chief Financial Officer, Kathleen Valiasek. The comments made during today's call contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are considered forward-looking statements. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results discussed in the forward-looking statements. Some of these risks and uncertainties are identified and discussed in the company's filings with the SEC. We'll refer to certain non-GAAP financial measures today, please refer to the press release which can be found on the Investor Relations website, investors.localBounti.com for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures. With that, I'd now like to turn the call over to Craig M. Hurlbert, co-CEO.

Craig M. Hurlbert

Thank you, Jeff and good afternoon, everyone. Since we last spoke with you in mid-March, we closed our acquisition of Pete's and have been busy integrating the team into our business. And as a reminder, for those new to the Local Bounti story, we acquired Pete's in early April. This was a very important transformational and accretive transaction for us in many, many respects, from a distribution perspective, Pete's springs a national footprint and existing relationships with retailers covering some 10,000 doors. The opportunity that this creates for our entire business can't be overstated. The relationships with customers and the demand that they are generating is informing our build-out strategy, and we expect it to accelerate Local Bounti's brand-building and market access on a national level. In terms of operations, the transaction enhanced our set of capabilities and de -risked our near-term execution.