Contextlogic Inc (LOGC) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to the ContextLogic's First Quarter 2024 Earnings Conference Call. (Operator Instructions) And now I'd like to introduce your host for today's program, Ralph Fong, Director of Investor Relations.

感謝您的耐心等待，歡迎您參加 ContextLogic 2024 年第一季財報電話會議。（操作員說明） 現在我想介紹一下今天節目的主持人，投資者關係總監 Ralph Fong。

Thanks, Jonathan. Good afternoon, everyone, and welcome to ContextLogic's First Quarter 2024 Update Conference Call. I'm Ralph Fong, Director of Investor Relations, and provide remarks on the call today are in Chairperson and CEO; Rishi Bajaj; and our CFO, Brett Just.

謝謝，喬納森。大家下午好，歡迎參加 ContextLogic 2024 年第一季更新電話會議。我是投資者關係總監 Ralph Fong，在今天的電話會議上發表講話，主席兼首席執行官；里希·巴賈傑；和我們的財務長布雷特·賈斯特。

The remarks made today may include forward-looking statements, including with respect to the recent asset sale to Qoo10 and related matters. Our actual results may differ materially from the results implied by these forward-looking statements and certain risks materialize or assumptions prove incorrect. Forward-looking statements are based on our current expectations and assumptions and involve risks and uncertainties that could cause actual results or events to be materially different from those anticipated.

今天發表的言論可能包含前瞻性陳述，包括有關最近向 Qoo10 出售資產及相關事宜的陳述。我們的實際結果可能與這些前瞻性陳述所暗示的結果有重大差異，並且某些風險會成為現實或假設被證明是不正確的。前瞻性陳述是基於我們目前的預期和假設，涉及可能導致實際結果或事件與預期有重大差異的風險和不確定性。

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements are and will be contained from time to time in our SEC filings, including on Forms 10-Q, 10-K and 8-K. Any forward-looking statements that we make today are only as of today's date, and we undertake no obligation to update or revise any such statements as a result of new information, future events or otherwise.

有關可能導致實際結果與前瞻性陳述中的結果有重大差異的因素的更多資​​訊現在和將來都會包含在我們向 SEC 提交的文件中，包括表格 10-Q、10-K 和 8-K。我們今天所做的任何前瞻性陳述僅適用於今天的情況，我們不承擔因新資訊、未來事件或其他原因而更新或修改任何此類陳述的義務。

Also, please keep in mind that included in the financial statements and management's prepared remarks during the call of both GAAP and non-GAAP financial numbers and metrics. A reconciliation of non-GAAP to GAAP results is included in today's earnings release, which you can find on our Investor Relations website and which is also filed with the SEC.

另外，請記住，財務報表和管理層在電話會議期間準備的言論中包含了 GAAP 和非 GAAP 財務數據和指標。今天的收益報告中包含了非 GAAP 與 GAAP 業績的對賬，您可以在我們的投資者關係網站上找到該報告，該報告也已向 SEC 備案。

A replay of this call will be posted to our Investor Relations website. With that, let me now turn the call over to our CFO, Brett Just, to provide a financial overview. Brett?

本次電話會議的重播將發佈到我們的投資者關係網站上。現在，讓我將電話轉給我們的財務長 Brett Just，以提供財務概覽。布雷特？

Thank you, Ralph. For this quarter, our financial presentation will be a little different. Our earnings press release describes our earnings for the first quarter. If you want additional details, I encourage you to [review] that release. However, all of the revenues and earnings disclosed in that release were generated by assets that we no longer own. Qoo10 now owns those assets. Significantly, Qoo10 also has assumed substantially all of the liabilities associated with those assets. So instead of discussing historical results, about it would be more helpful to talk about our financial picture today.

謝謝你，拉爾夫。本季度，我們的財務報告將略有不同。我們的收益新聞稿描述了我們第一季的收益。如果您需要更多詳細信息，我鼓勵您[查看]該版本。然而，該新聞稿中披露的所有收入和收益都是由我們不再擁有的資產產生的。Qoo10 現在擁有這些資產。值得注意的是，Qoo10 還承擔了與這些資產相關的幾乎所有負債。因此，與其討論歷史結果，不如討論我們今天的財務狀況會更有幫助。

After the asset sale to Qoo10 closed on April 19, ContextLogic had approximately $2.7 billion of NOL carryforwards and approximately $161 million in cash, cash equivalents and marketable securities, which consist of government securities. Combined, this represents the net proceeds from the sale. We have no debt. We have gone from nearly 500 employees worldwide at December 31 to 12 full-time and part-time employees, including some temporary or contract employees. We are no longer liable for any of our old leases, including our former corporate headquarters in San Francisco. We have moved across the [bank] and are now leasing a small space in Oakland with our workforce totally remote. So, we are starting our next chapter on strong financial footing, which is intended to give us flexibility to pursue strategic transactions that will utilize our assets.

4 月 19 日完成向 Qoo10 的資產出售後，ContextLogic 擁有約 27 億美元的 NOL 結轉和約 1.61 億美元的現金、現金等價物和有價證券（其中包括政府證券）。合計起來，這代表了銷售的淨收益。我們沒有債務。截至 12 月 31 日，我們在全球的員工人數已從近 500 名減少到 12 名全職和兼職員工，其中包括一些臨時或合約員工。我們不再對任何舊租約負責，包括我們位於舊金山的前公司總部。我們已經搬到了[銀行]對面，現在在奧克蘭租了一個小空間，我們的員工完全處於遠端狀態。因此，我們正在開啟堅實的財務基礎的新篇章，旨在使我們能夠靈活地開展利用我們資產的策略交易。

For additional information on that important topic, I will now turn the call over to ContextLogic's Chairperson and CEO, Rishi Bajaj.

有關該重要主題的更多信息，我現在將把電話轉給 ContextLogic 的董事長兼首席執行官 Rishi Bajaj。

Thank you, Brett. I would like to thank everyone for joining our first quarter 2024 update call.

謝謝你，布雷特。我要感謝大家參加我們的 2024 年第一季更新電話會議。

First and foremost, we are pleased to have completed the previously announced sale of the Wish e-commerce platform to Qoo10. On behalf of the entire ContextLogic team, I would like to thank our stockholders for their support of this value maximizing transaction. I would also like to thank our employees for their hard work and dedication. With the transaction now behind us, we are excited to start this new chapter. We have begun reviewing strategic opportunities for the use of our post-closing cash.

首先，我們很高興完成先前宣布的將 Wish 電子商務平台出售給 Qoo10 的交易。我謹代表整個 ContextLogic 團隊感謝股東對此價值最大化交易的支持。我還要感謝我們的員工的辛勤工作和奉獻精神。隨著交易的結束，我們很高興能夠開啟新的篇章。我們已開始檢視使用交割後現金的策略機會。

Looking ahead, our reconstituted Board, along with our management team will develop a process and procedure for evaluating alternatives for the use of our post-closing cash and reviewing, identifying and executing strategic opportunities for the benefit of ContextLogic and its stockholders.

展望未來，我們重組後的董事會以及我們的管理團隊將制定一套流程和程序，用於評估交割後現金的使用替代方案，並審查、識別和執行戰略機會，以造福 ContextLogic 及其股東。

Furthermore, as Brett noted, our overhead is very small. Simply put, we expect ContextLogic to have low operating expenses and significant opportunities for value creation. I'm energized by the opportunities ahead of us. We have the right strategy in place and an outstanding new leadership team to implement it. In sum, we have turned the page to begin a new chapter in the life of the company. We're excited about our future, and we look forward to updating you on our progress in a few months. Again, thank you very much for joining us today, and goodbye.

此外，正如布雷特所指出的，我們的開銷非常小。簡而言之，我們期望 ContextLogic 擁有較低的營運費用和巨大的價值創造機會。我對我們面前的機會感到充滿活力。我們制定了正確的策略，並擁有出色的新領導團隊來實施該策略。總而言之，我們已經翻開了新的一頁，開始了公司生命的新篇章。我們對未來感到興奮，並期待在幾個月內向您通報我們的最新進展。再次非常感謝您今天加入我們，再見。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。