PHUN - Earnings call transcript Q3 2024

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Operator

Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to the Phunware Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Participants on this call are advised that the audio of this conference call will be broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately 1 hour after the end of the call through November 7, 2025.

I would now like to turn the call over to Brooks Hamilton of MZ Group, the company's Investor Relations firm. sir. ahead, go Please

Brooks Hamilton

XXXX. earnings Good at call. thank company Earlier for on September financial operator. release that in be by can released also for investors.phunware.com corporate further encourage today's results I current found XX, ended Investors quarter the conference this company's to not the copy afternoon, SEC you, recently selecting of access page. filings you under but press information About shareholders website and released the participating its home A tab www.phunware.com Phunware. press Thank only presentation, afternoon, the investor letter the to the and from visit release on the under you additional to

are Chief Interim Troy me Officer; and Officer. Executive Financial Stephen Chen, Joining earnings management today's on Reisner, Chief call from team Phunware's

During be this including results. address onwards forward-looking or for statements that statements, operational call, future performance will expectations making management

involve materially actual factors risks that Forward-looking statements. other cause those from may and statements differ to results

For cautionary please most more refer Phunware's that described call, and recently Form SEC filed on with by information Phunware's the it. the subsequent accompanies factors risk XX-K Phunware release report about particularly and in reports to statements filed annual the in press these periodic this risks,

may circumstances revise after any call information X, call. this November is The content matters that of that to being in Reconciliation provided today, of the as to release. press information or information or non-GAAP GAAP non-GAAP time-sensitive by accurate this reflect of this Additionally, financial discussed include Phunware as Except today any events earnings occur to measures. financial contains forth is the obligation set only call required law, publicly update XXXX. disclaims on

call to CEO, It turn Phunware's Stephen? over now Interim is pleasure to my Chen. Stephen the

Stephen Chen

Stephen I leader becoming and in rooted mobile progress. in you, as and plus everyone, AI excited earnings commitment our you update to Phunware's a solutions in our joining pioneer mobile Chen, am technology We're to on space. call. I'm legacy for today's Thank a the

to with leverage AI-driven that us and their we recent As AI converge. engagement effectively in mobile positions as era for for our allows in and communicated devices engagement connect where an mobile Phunware's mission mobile history businesses more uniquely to customers, partners a is Phunware's employees. foundation shareholder technology letter, personalized

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we AI, AI, all era offer tailored for unique As insights step generative experiences of enterprise strength the AI each in to are user's as dynamic our highly tools mobile turning we and mobile to committed needs. into we devices into with future engagements. mobile plus customized the merging By context-aware standard see that

businesses them employees. AI with combining remain to and one engagement, AI, transforming connecting customers create highly most of devices universal our the real-time making Mobile enabling for new ideal technologies for tools By meaningful globally, devices we're solutions. and accessible for mobile adaptable, opportunities entirely platform into the

both employee tools. and consumer-facing productivity spans vision applications Our internal

experiences context-aware we're that For service consumers, building personalized, satisfaction. engagement, and elevate

harness engagement customer This workflows, we're tools to boost improve AI use, enhance to while decision-making streamline that efficiency. AI-enhanced enterprises dual approach productivity internal productivity. optimizing empowers internal For and designing operational

allowing user app This next-generation platform creation all high-quality launch solutions by businesses Our development, the quickly mid-XXXX design companies to create, mobile platform deploy and directly apps in giving affordably. mobile of them designed flexibility to modern scalable app fast, democratize need anticipated to that apps that the AI-driven build both sizes AI understanding to mobile to complexity reduce is cost preferences. that SaaS our of in custom respond is and rooted and

a us what a solutions given can working rapidly XXX has companies create understanding wide robust deployable This Fortune industry of allows to expertise to extensive it that with modular technology range adapt takes Phunware's needs. AI experiences us of at to scale. deploy

retail advocacy large-scale for AI or where need For quick enterprise are allow to we're integration, to our applications, a to built use we and and customers AI mobile health care cases cross-departmental plus us a and scale. comprehensive be deployment and for specific

while advantage our to seamlessly. to unique infrastructure gives the our This adopt incrementally operations scale leveraging customers a AI

transform in exploring advanced some about both us actively for engagement, next-generation talk and LLMs. specifics. MyCanvass, deliver mobile applications expertise solutions to leveraging AI capabilities localized This local the to civic Phunware's combines federal with and of enables a AI. and our platform AI-powered mobile powered Through we engagement tailored are Let's that relationship by with partnership

communities. hyper with precise allows real-time deliver data context-specific that of traditional public This Our more local and with them help and tools civic optimized can nuanced, and nonprofits data-informed vision go is outreach, and to in standard agencies civic engagement. us to have insights set participation governments to outreach a range support beyond We new we allow activities. to hope a diverse have messaging. for advocacy organizations groups, is wide provide approach connect We a community border equipping strategies effectively engagement. and tools to And based on broader

has to for infrastructure market demand strong in capture the investment positioned in Phunware's solutions. AI-driven us

We sales. engagements modular can a giving sustainable industries partners have that We bookings and for with fuel a growth. platforms, a myriad customer in our frameworks high-value foundation scalable focus of momentum support across on and existing integrate both

Phunware remains debt-free.

investment to support engineering. resources in AI, We have sales and continued our adequate

while that ensuring stability value us stockholders. also a deliver allows long-term to judiciously to pursue strategy growth we financial have We

fiscal use Our of in align commitment investment is capital in efficient areas vision. responsibility our in balanced our with demonstrated our and to that strategic

us growth. challenges and have a have will and and level allowing to allow flexibility robust stability liquidity to to operational while to us and allow effectively support opportunities of respond We emerging us sustained and resilience address

foundational Phunware's to integration rapidly work provides looking as adaptable vision, enterprises AI. exceptionally market. the and now propelling scalable, and customers, leading is generative personalized mobile mobile operational is technology roles into that AI long-term with see We marketplace. and generative us positioned solutions driving engine in Phunware how the AI a in $XXX expanding By the Phunware's billion our their governments growth, to engage efficiency employees to engagement, era. businesses citizens platforms well we redefine with believe AI enhance AI

with part a underscores this the leadership alignment This team a all mobile strategic levels, we and engagement mobile journey We're new us with seeking changes, pioneer an our with can to our AI aligning achieving plus including advancing in initiatives. strengthen Phunware's from this And search recent our provide to evolution. our foundation for exciting perspectives direction. guide CFO, mobile a to fully represents commitment ensuring actively our of adjustment while is leverage who effort leader fresh across broader vision can precision a AI-driven agility. in towards and our individuals

I'll you. And over performance. Thank our call the to now turn Troy discuss to financial

Troy Reisner

and Stephen, to afternoon, of joining XXXX I'd our for you, you everyone. for review us like thank Phunware's today Thank good quarter financial performance. third

unless move GAAP through financial measures, otherwise our noted. As specifically results, be I'll discussing we

non-GAAP a release, press financial website X-K provide reconciliation Our results. GAAP to all of and

reflected financial take continuing a operations. is on said, numbers. operation with As Lyte is in reminder, I'm at let's with Technologies, The as solely about a And that accordance information previous our our look share a in GAAP. business, our the financials to discontinued focused

Net bookings, increase. the million $X.X were and nearly benefiting subscriptions X fee. which XXXX, approximately September of to software September with the breakage XX compared compared X million and revenues in were the as $X.X $X.X nearly from approximately net quarter XXXX executed XXXX $XXX,XXX revenue, months months Year-to-date compared approximately $XXX,XXX XXXX. approximately Net in XXX% XXXX, third million a in XXXX a represent XX third to in $X.X for in contracts the quarter of for approximately as $XXX,XXX service totaled ended contract ended future revenues million to XXXX revenue for

Gross months in XX% compared margin approximately was the XXXX XX% September to XXXX. for ended in as X XX approximately

gross noncash the approximately margin in compensation, was to period for XXXX compared XXXX. XX% Excluding in comparable approximately XX% stock-based as

third XXXX. of goodwill for approximately million for XXXX was million approximately QX $X.X $X expense excludes which versus Total of operating XXXX, million $X.X the expense impairment in QX quarter

costs XXXX a comparison, decreased operating the goodwill approximately year-to-date XX% excluding goodwill our impairment, Excluding operating as expenses compared On decreased in XXXX. to XXXX the XX% approximately period-over-period. impairment, our

of XXXX, of or Non-GAAP of was share Net million Year-to-date, XXXX. net for $X.XX loss reflects adjusted third compared to EBITDA operations to million of XX% loss approximately for a comparable the quarter million loss XXXX loss share the million for from XXXX $XX.X operations approximately continuing a of loss was $X.X from the XXXX. $XX for of versus approximately per $X.X was adjusted period third approximately million quarter a compared or third $X.X EBITDA continuing the $X.XX million approximately per quarter improvement. $X.X which quarter in third our approximately in the non-GAAP

average earnings The XX.X effectuated in weighted used quarter per XXXX. shares to third approximately which million the million X.X stock does share split XXXX, in the versus was February of calculate reverse reflect approximately

Moving of closed approximately to the balance XXXX and million cash in with quarter no We sheet. the $XX.X debt.

of common approximately stock, having the our of remaining utilize $X XX.X quarter program, Phunware at-the-market of as fees. shares selling which have approximately existing end before a raised equity sold of we $XX.X million gross XXXX, $XX shares approximately utilizing million continued of During the proceeds quarter, Subsequent increased ATM has approximately the million, which commissions gross of X.X November our program, program. result under third our and million cash ATM additional approximately of periodically proceeds third equity X, XXXX. through million of raised to the to capacity

X, our of program $XXX of cash cash equity on November balance boosted and The approximately of result hand. that, Phunware's utilization significantly equivalents reserves all and cash a our fortified of sheet. have as As has million ATM we

to that can With session. ahead, so operator. to question-and-answer back Please the that, turn we'd over the operator begin go call like the we

Operator

ROTH [Operator from Capital. Instructions] first is question coming Darren with Aftahi Our

Unknown Analyst

[ is ] This on Darren. Dylan for

get of to to at today that? get such you you're the you staff how your where or to some talk of there year. First, are at your as have of platform you that mid you looking around Can like Or need And do with then of regarding sort resources about some when you're that you from next envision in plans set that the that? some launch that order goals launching in technology? you're to investing

Stephen Chen

Steve Apple to for call. question. the have customers for as what not around space. we've a call. this of years the XX matter in already. the hours. historically Thanks Chen. store. a for happy would shift is as a of what that that actually reagent in we've I'm much now And up is it further. is actually Phunware take that done app, mobile a Thanks when Typically, process been that days, spin the is even like has to It Yes, of can store, mobile done sometimes we matter Google accelerated We've limiting traditionally

engineers the the platform back you the process the so been the we're front very end, together a app. to to can our end. On you of have of different put doing everything historically, desired create. pulling is field end to create adding the now And like in we're with our in on All that back automating act modules it currently

your answer best are we yes, in To class. question,

U.S. it -- for on the of the biggest in We have the XXX. among Fortune companies done some

have tools and to currently do to of Thank be of We're more looking being that at actually also effective dollars. And So that you. mindful can opposite. focused we're understand We that. the we kind on shareholder have burn. absolutely the cost be it's we -- we ways do

Unknown Analyst

be of the working on things And and how as follow-up, growth then sheet the you sort what about think a of is acquisition, balance organically now, for? of what would -- of you companies also it if you're And through inorganically? some sort with do with sort looking

Stephen Chen

judicious be at that in looking we're to way want the we Yes, this.

us out that that to SaaS allow looking organic opportunities still revenues it growth think an point, kind most reach will these I to we're platforms. from testing price we're would the take volumes or scale for with that looking lot of the We're of at but a the us process, platform SaaS for.

focused we're sales what a while So automating we'll that automation approach, process be on building and that's pursuing.

them helping approach And a as are a that engaging auditor sheet, strong desire team, and our think have we of. meaningful take Above as apply both beyond with and we many as professional very approach, enterprises that public we with very that, can company now a on history, a LLMs lean financial well a balance with to towards powerful there's highly governments out specifically and tools. AI there very federal within aware folks

with we easy have to easy solution things the tie could input. line audit to that both back contracts, code. we one to secure, when every awry, be back as data to However, enterprise well to need as is localized where is exact would governmental should to need that go tie And of able a

to enterprise scale, that contracts. of build and we use well I because were is use have enterprise example, building can engage world, we'd balance have help the we federal a Fox have sheet these some because with it the and and history we where streaming XXst that we on tool content old to out think solicit that of some historical legacy teams we that and that the dollars type to focus us Century now around as go that like have history apps, all as long of built for

in to [indiscernible] of What that stronger us. a terms at diligence based is with assessment, as understand. strong detail, a margin does without it metric-based -- a of at on and as our terms stability. X, sort a I'll from M&A a market financial position scale look enterprise? looking give to is, team revenue help be about for they -- highlights important contracting much is us We're of From help to an we you or you'll we've in which you federal X approach, internally. are of well have position for to growth going talks find -- Does into how what the Profitability check is AI too analysis. in come highly terms highly done In [indiscernible],

do in $XX products $X and internally. at the million. interested ticket like we're evaluate between smaller, SaaS move interested the And interesting, practices. of scale, we'd metric-driven don't to really ability using we're to We doing lot fit, not processes burn what becomes any we're more things accelerating KPI-driven, in million speed the it bought external look an us. We the and simply are as fit velocity now, standardizing cash focused to Any of products scalability. as for can't can easily are that of capacity. We're that to. operational it We're on a is Everything traditional in the we dollars in somewhere revenue to very with If part unattractive well our like best already. of the have quite size we

app infrastructure the From into a the integrations how looking within whatever stack, technology at tech we fit evaluation, and If use what building can are we're they're is. doesn't we're ourselves what our existing because it spent it'd matter is, modular it hard our it. becomes just more ecosystem, to decades it make probably internally. sense we building how powerful build for X it very No

of for enterprise they're scaling that if to business, us. synergy assessment, said, consultancy, to a to focused of book together. That terms solutions it's reticent around see, of I'm the aligning which anything. in example, markets, largely based, and done. how transaction we our in we've that the you'll of sort very I have it grow a philosophy Nucleus overpaying they're they're companies currently and a think if interesting their cross-selling we they're very much opportunities, contracts, we're campaign are selling federal if ABL In for background rapidly much That's together up success I and selling on very profitable cloud stock currently credit shares becomes and -- collaboratively,

but will about based measuring And as the would kind we we I externally be belief of cultural that lot all folks to care those on and and ownership, that And we sense and on nimble fit compliance, to we'd my way metric and a the culture a Do is curiosity integrity, against innovation of needed sense they align culture of at engaging this sense urgency, in want well a space. team of think then culture, lastly, build the be be folks we corporate the that really for it of we're that rigorously about. tie, the of of measured a characteristics, that I look us, a regulatory as it's tick can our with build? be with think because course, something that

of without There's only the sense But standards, space, we no if Internally, be the tools of organization innovation a that and that and and floating dollars with. the around lot dust. ownership have of if would this. a of have well personal sense a so advancing in would of without do a we'd ethical customers, within work be opportunities. integrity with sense AI we as high curiosity, one of be we quickly that have the will And lot a way sense a our there's we left infused the engagement throughout of could sense as are urgency to only

hospitals affiliations, given political working other with work working the of history we're sort clients with of to and hospitality with So of our of partners. and sort eager

So there hard of move motivated taking for for to with partner for love ownership, that we'd please you. And are reach partners. that capital highly highly folks that to have and and integrity, something and that us out a options, high our lots can Thank to great, those -- work because look urgency well-positioned, out use reach with are a really a you. that we're at currently looking build out organizations products

Operator

Buck Scott Wainright. from with coming is question next Our H.C.

Scott Buck

business about Stephen, very MyCanvass nice Is a revenue-generating people there? what with is more Or meet exactly Nucleus? you're getting help you. understand and tech? there Can and Campaign it you to us real

Stephen Chen

MyCanvass, we're and around With what how and I'll disclose, new to answer Campaign this? answer we've to -- to extent it I a the local the processes way to approval largely The absolutely, still federal, all are working way disclose put level, are. -- this the out mature. to The part just certain on the so worked those a the and and Those because and forth. up to it developed largely that this is that that -- happy tools when I'm hyper remains fragmented I way. is couch Yes, extent it's Put do partnership, segmented of can. hyper are our from to have largely national state, canvassing. the sort is how local so that

the this and transaction. was different I And kid officials. ran was the high process did same school as When elected for still That's around canvasing I that process a largely I is today. cash

Your And a data messy manual person process. right? comes XX it's they what pay assembly people process, They not and effective local -- get process. They for it a find to XX carve -- It's people. people there and office, send it out. XX a map. is wants there, assembly a and person It's the They into they take back.

leave some door might knockers. You

get might away. -- you get You your rejected might

In and/or we imagine constituency matters is we the content figure civic for that real for how that to interested And can and have or plan and government engagement individuals tremendous. way time on a level your and tremendous communities, we're out to of a and of to is matter highly of power rich understand it, parties, having better on to value the better to these democratization And data rules otherwise, regulations and platform. your policies track it that able lots voice relevant heard. that

We us already. pipeline, and are of pay a to willing I have folks robust already able guess, that

the just for Zip in effectively for we elections, motion to It's just The a This but is break national for a very From basis not to discourse, elections. of able It's not on elections. even sentiment much. is perspective, type being local a been time. analysis, technology need presidential civic ready. product mile-by-mile tremendous. by code And it's long same, is any for we're on work a that very tools not

issue you finding of in and class we As a know, have that. way being best in long

core really what that democracy of better is have And time. gets true now civic contextual of willing the is, right? real-time citizens on are into fashion it, with there's to polarize are information and country have. And the is fellow ambassadors care a we meaningful you It's necessarily just with how given way. heart it's engagement these one combined a things combined can tremendous not power is, meaningful And way that conversations transform your beliefs in about insights amount only hyper the really with regenerative with they share canvassers where -- information our at their this of power folks to share localized our a These hand in AI, to peers. all

So I hope that answers some of questions. your

Scott Buck

my of And that. just second appreciate can visibility. in I is one Yes. terms

looks us XX for are Speaking kind months challenge at this to now. we to business revenue But it's which pipeline a X. if I of know from point are give on color there months how myself, in today, from kind now here. this things from any kind XX you like about envision the of of or a what lot how of is could basically where think develops

Stephen Chen

one of blow I really appreciate sort smoke. not that. to I'm

Your us. with We it's with assessment this to we as like why our shareholder generative why build It's harsh an integrity. is we around things it that accurate. a and really folks not an us desire more -- actually And care And that's opportunity we're value because are part of started capital. we're ourselves to with that's with capital. is And understand us is starting localized word the opportunity for the X, harsh that's we I and truly ourselves what Because as AI. AI with. about afforded into scale reason entrusted delve have what something and

we we building are that's debt. where are market at this would very face, and individuals say, that trends, look won't laptop look, hits AI legacy we space. is in That able hyper this way, approach work passionate technology can of was meaningful have those pocket. right? and just inside devices And And leaders becomes no What or you we be How when computing access the hey, the at of it off If merge whether a X the we -- untapped and guy with we look otherwise, his help everyone we be never generative be incredibly that most look, there being then way, have and power a we about sheet government no powerful will the to something. in as culturally thing secure have your increasingly the a balance we be for said, And you now, case, obvious in robust have hey, macro you pocket. that the most the powerful. aligned a a

Admittedly, because we've done -- work. take it building from is we're up, a is some we've is time done the what postmortem-type and And will we've ground what we've built done approach. out what

So at mess scenario the runway of scenario. to even completely But table without we very we now decades. and conservative. long effort a X doing a look, went wrong? and we on being X can have looking Where mortem, everything post that? that to decade, a to what in we're hey, particularly the tune stretch and least then saying, years value, deliver We it not that up And do at We're on put this do avoid top to shareholder plan we no time and completely focus out.

engaging we some it different that wins and way different in market, to the does great. it's And that conferences the a and is hospitality, at require a it talking require within to Rolodex. does And require does the federal are approach different partners. look biggest enterprise government. And It of

work And interested to and of is engagements, that how that want in partners enterprise working are type ] customers in deliver and our that insight, federal with we more think value can add it. world. already with just it's unique that engaging urgency, our are stability, government pie. have our I with way the can value, channel broadens much we [ we in [indiscernible] Cloud Gov dedication a our working our how But that those and that, already things are different we the for a our doing

have deepening longer dismal real long, things and constellation those slightly affiliated our looking for. on million we the building advisers strong anyway. MyCanvass, type a frankly, report, what coming we've as a historically for of focus to had $X that leverage delivering But only has a bogeys, $XX continuing problems. like million to sales That's out relationships now products sales increasingly and are have It's are We're been individuals and cycle. those we're with those building looking into integrity real renewed and solving our with high sense a cycle

Scott Buck

that, appreciate I Well, guys.

Stephen Chen

with having conversations Absolutely. ourselves. These are we're

So always thinking. happy -- share to we're what but

Operator

question is coming Woo with Ascendiant. from Our Ed next

Edward Woo

It's very My is, opportunities? still U.S.? you you. predominantly on question international will nice to thought about meet Or focus you the have

Stephen Chen

those channel be and plan target clienteles, establish sign we look that of deepen spent from years the We come I a partnerships said, a is look we we That as partnerships, of to at answer last at and government niche the specialization. rollout The the roll-up current markets compliant robust now few based hope emerging is that relationships And core contracts I highly overseas. background. and We we up. look absolutely. at cost effectiveness, and on we very domestic. are I've domestically affiliations much moat create realize and and look on Roledex. a at much our differentiation, plan our relationships have here identify are

From we our and case do international outreach more studies yes, I'll and that, programs pilot and more leverage which success events call it and Phase and targeted campaigns. larger capabilities we can our on X market X, will demonstrate attend at stories launching And plan start years success. looking out, digital

and paid the look face got But want demonstrate someone's before today, problems walk more and in they We say, we'll to value. ourselves U.S. until the adequately we in We Our but want and problem partners sell doing and also that have and built-out run. solve robust we we to to problem, real are we engage hey, solving to can a real We looking for larger profitably fully and business. be want that a we'll much principally. conversation. for then solve --

Operator

is from question next Our Howard Halpern [indiscernible]. with coming

Howard Halpern

on transformation. this big Congratulations

there? we And part digital the So to is federal about know might revenue take of to and channel bring technologies? quicker the that going time. this through in part government AI to using advertising out or What partners and the opportunities enterprises going going

Stephen Chen

question. such for great you well the And wishes. That's a thank

our on transformation, is and in that not focused straight the cuts are We to core. transformation It deep.

colleagues movements, You've seen heart. wish cultural take direction. and and truly mindset that former and our of we're And real different in just will one a the and lot transformation but very it we a true a moving well, in dedication to and is its focus recent shift management a also dramatically

the things. a And and sense former that's not that of the where care. I can colleagues, Phunware are sounding cultural history mean, a true but change it doesn't the with I component to taken from have now the pivoting transformation really really why that a is I in -- transformation, want dollars. my And that's people because mindset being nonindependent The that a day-to-day care you ourselves we the same has role transition on about Chair, care, support But I of into number because are of protecting about shareholder and anything. departure different become emphasize people the and launch the who a

$X.X million and Your we you question great. and from look If revenues, $X.X advertising. from it came million. and came got $X at hotels the is hospitals hospitality at million

how and lead [ our comes we've to standard revenue and automation consultant largely operating and scalability the done on and ] that with an and that external burn latter. again What the from sales and scale SaaS understanding attribution focusing documentation, we've comes is Our former procedures out. sales engaged from Foton procedural

excited attention and we're and this. to it with bring a breaking the while very small, board who So of on. team That team is down absolutely, what is it's maintaining cost, We're that the and now, team value chopping reduce support couple attribution, the profitable. we and variable excited And focused is we shipping focused is fixed ensuring the over love are relatively cost and which to right paying we to give that cost of the demand to where our revenues. rubric new we're individuals shift on answer that on

right? it, this if to metrics a put we've comes the in, So is And salary. guy

of is acquisition what expect in is you of revenues of X X double is expect. we While same we you and what proceed months, expect -- as days integrity XX right? core that days sure XX now And days I the CFO out making the is way. we a many of thing I'm what that dollars, is of set being on plan mindful there from same believe there. to stewardship day we terms XX shareholder The and equate with within with and capital. very the personally

the accelerate do all How we things quickly of were reducing things? our this, and is more we so on more with automate how dollars bring of half we burn. of If because can more then can less we've and code. are what we internally, we not the can being mindful what with capital you're things added tools productivity of tool we course, quickly automation folks some doing? how metric can a resources Even to now And if as of using internally out there these

Howard Halpern

Right.

going you're so own be internally generative advance... And developed and your help productivity using to AI to

Stephen Chen

for day single doing have been we We every that wouldn't that X do months. last the --

adopters. seeing We are particularly

And We And goes is that curious clearly right? are imply to seeing technology. This we it, about only we're it not are non-adopters. it. metric same if that back not most using transformative the I curiosity, could of the

single that much tool every very are we yes, using So day.

Operator

you. Thank

we to As will Chen the queue remarks. at questions call in back his no closing this time, I have turn Mr. further over for

Stephen Chen

We're future the well about phase all to for we joining positioned our growth. for we're expect today. us excited I next think of and -- you Thank

you to reengaging execution. forward financial strong have disciplined and stewardship We we look shortly. And

Operator

thank concludes and today's participation. disconnect your your ladies This And you, call, for at gentlemen. we may you lines time. Thank you this and

Phunware (PHUN) 7 Nov 242024 Q3 Earnings call transcript