Phunware, Inc. (NASDAQ:PHUN) Q1 2024 Earnings Conference Call May 9, 2024 4:30 PM ET
Company Participants
Mike Snavely - CEO
Troy Reisner - CFO
Conference Call Participants
Dylan Dupuis - Roth Capital Partners
Scott Buck - H.C. Wainwright & Co.
Howard Halpern - Taglich Brothers
Edward Woo - Ascendiant Capital Markets
Operator
Good afternoon, ladies and gentlemen. Welcome to Phunware's first-quarter 2024 investor conference call. Currently, all participants are in 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 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 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 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
Fellow shareholders, welcome. I'm happy to tell you that we're off to a strong start in 2024, and that our plan to focus on the fundamentals of our SaaS businesses work. The first quarter of 2024 is the first evidence of sales traction for quite a while.
New logos and bookings are up. Our solutions continue to gain traction with customers across the hospitality and healthcare sectors by delivering strong ROI.
As a result, we continue to both renew and extend our existing customer relationships, and win new business in competitive situations in hospitality and healthcare. In fact, in the first quarter, we've seen more than 60% of the total bookings we did in all of 2023.
Costs are down. We previously announced expense cuts that took full effect in the first quarter. Our gross margin has dramatically improved as a result, and Troy will brief you on those details. On the patent monetization front, we have executed a term sheet to engage a partner to work on our behalf in monetizing additional patent families.