Phunware, Inc. (NASDAQ:PHUN) Q3 2023 Earnings Call November 9, 2023 4:30 PM ET

Company Participants

Mike Snavely - Chief Executive Officer

Troy Reisner - Chief Financial Officer

Conference Call Participants

Scott Buck - H.C. Wainwright

Howard Halpern - Taglich Brothers

Ed Woo - Ascendiant Capital Markets

Operator

Good afternoon, ladies and gentlemen, welcome to Phunware’s Third Quarter 2023 Investor Conference Call. Currently, all parties are in a listen-only mode. Joining me today are Mike Snavely, Chief Executive Officer; and Troy Reisner, Chief Financial Officer.

The format today will include prepared remarks by Mike and Troy, followed by a question-and-answer session. As a reminder, today's discussion will include forward-looking statements. These forward-looking statements reflect current views as of today and are based on various assumptions that are subject to risks and uncertainties disclosed in the Risk Factors section of our SEC filings. Actual results may differ materially and undue reliance should not be placed upon them. Additionally, the matters being discussed today may include non-GAAP financial measurements. Reconciliation of GAAP to non-GAAP financial information is set forth in the earnings press release, which is available on the Investor Relations section of Phunware’s website at investors.phunware.com. I further encourage you to visit investors.phunware.com to access not only the earnings press release, but also the current investor presentation, SEC filings, and additional collateral on Phunware.

At this time, I would like to turn things over to Phunware’s CEO, Mike Snavely. Please proceed.

Mike Snavely

Thank you very much, and welcome to our third quarter 2023 investor conference call. In my short time back at Phunware, I've learned a lot and I'll highlight a few accomplishments in the past quarter to illustrate where we are.

I'll talk about our immediate term plans to continue to create a healthier more sustainable business, and I'll shed some light on the Company's strategy moving ahead. Some of you may know that I served as EVP of Software for Phunware in the 2015 - 2016 timeframe. We built that business to about $25 million in annual most of which were recurring. So, when I was approached to return as the Company's CRO, I embraced this opportunity to get the Company back on track and to finish the mission.

Upon my return, I found that the technology was sound as ever, the customers we have were happy renewing and buying more, and that the basic issue was a failure of sales execution and a need to think more deeply about how we can monetize our technology advancements. The Board concluded that what the Company needs now is sales oriented DNA and CEO, and accordingly, they asked me to take on that role. So I've had the opportunity to say no, twice, to Phunware, and here I am because I believe our best days are ahead of us. Why do I believe that?