TransAct Technologies Incorporated (NASDAQ:TACT) Q1 2022 Earnings Conference Call May 10, 2022 4:30 PM ET
Company Participants
Ryan Gardella - Investor Relations
Bart Shuldman - Chief Executive Officer
Steve DeMartino - President and Chief Financial Officer
Conference Call Participants
Chris Howe - Barrington Research
Jeff Martin - ROTH Capital Partners
Chris Sakai - Singular Research
Operator
Good day and welcome to the TransAct Technologies First Quarter 2022 Earnings Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Ryan Gardella, Investor Relations. Please go ahead, sir.
Ryan Gardella
Thank you. Good afternoon and welcome to the TransAct Technologies first quarter 2022 earnings call. Today, we will be discussing the results announced in our press release issued after market close.
Joining us from the company is CEO, Bart Shuldman; and President and CFO, Steve DeMartino. Today’s call will include a discussion of the company’s key operating strategies, progress on these initiatives and details on our first quarter financial results. We will then open the call to participants for questions.
As a reminder, this conference call contains statements about future events and expectations, which are forward-looking in nature. Statements on this call maybe deemed as forward-looking and actual results may differ materially. For a full list of risks inherent to the business and the company, please refer to the company’s SEC filings, including its reports on Forms 10-K and 10-Q. TransAct undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances that occur after the call.
Today’s call and webcast will include non-GAAP financial measures within the meaning of SEC Regulation G. When required, a reconciliation of all non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found in today’s press release, as well as on the company’s website.
And with that, I will now turn the call over to Bart.
Bart Shuldman
Thank you, Ryan and thank you to everyone joining us on the call today. While we are disappointed with our results in the first quarter of 2022, we believe there are highlights that give us confidence in our ability to deliver better results in the remainder of the year. I will speak about the current situation with our business and let Steve speak to the financial performance.
There is no doubt the first quarter of 2022 was a quarter of have and have-nots. In certain markets, we were totally sold out of product that [indiscernible] our revenue in the quarter. We could have sold many more casino gaming and point-of-sale printers, and our current backlog across our entire business of over $13 million reflects our customers’ willingness to wait for our product.