Phunware, Inc. (NASDAQ:PHUN) Q4 2023 Earnings Conference Call March 12, 2024 4:30 PM ET
Company Participants
Mike Snavely - Chief Executive Officer
Troy Reisner - Chief Financial Officer
Conference Call Participants
Darren Aftahi - ROTH MKM
Scott Buck - H.C. Wainwright
Ed Woo - Ascendiant Capital
Howard Halpern - Taglich Brothers
Operator
Good afternoon, ladies and gentlemen, and welcome to Phunware's Fourth Quarter and Full Year 2023 Investor Conference Call. Currently, all participants 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 on them.
Additionally, the matters being discussed today may include non-GAAP financial measures. Reconciliation of GAAP to non-GAAP 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'd like to turn things over to Phunware's CEO, Mike Snavely. Please proceed.
Mike Snavely
Thank you, and we welcome our fellow shareholders to our fourth quarter and full year 2023 investor call. We're glad you've joined.
Last time I spoke with you was a couple of weeks after the Board asked me to step into the role of CEO. In the 90 days or so since that earnings release, we've reshaped nearly every aspect of the company with an eye toward delivering predictable, sustainable and profitable growth for our shareholders. Troy will run through the details of those actions here shortly.
When I took over this role, there was a fair bit of cleanup that needed to be done. Our balance sheet was burdened with debt obligations, we had litigation exposure in various places, and we were burning too much cash both in the core software business and in the ancillary Lyte business. Most importantly, we lack strategic focus. Most of these problems are solved and all are well understood as we speak to you today.