Phunware Inc (PHUN) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Phunware's second quarter 2023 investor conference call. (Operator Instructions) Joining me today are Russ Buyse, Chief Executive Officer, and Troy Reisner, Chief Financial Officer.

女士們、先生們，下午好，歡迎參加 Phunware 2023 年第二季度投資者電話會議。 （操作員說明）今天與我一起的有首席執行官 Russ Buyse 和首席財務官 Troy Reisner。

The format today will include prepared remarks by Russ 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.

今天的形式將包括拉斯和特洛伊準備好的發言，然後是問答環節。提醒一下，今天的討論將包括前瞻性陳述。這些前瞻性陳述反映了截至目前的當前觀點，並基於各種假設，這些假設受到我們向美國證券交易委員會提交的風險因素部分中披露的風險和不確定性的影響。實際結果可能存在重大差異，不應過分依賴它們。

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 the current investor presentation, SEC filings, and additional collateral on Phunware.

此外，今天討論的事項可能包括非公認會計準則財務指標。盈利新聞稿中闡述了 GAAP 與非 GAAP 財務信息的調節，該新聞稿可在 Phunware 網站 Investors.phunware.com 的投資者關係部分獲取。我進一步鼓勵您訪問 Investors.phunware.com，不僅可以訪問收益新聞稿，還可以訪問當前的投資者介紹、SEC 文件以及 Phunware 的其他抵押品。

At this time I would like to turn things over to Phunware's CEO, Russ Buyse. Sir, please proceed.

這次我想把事情交給 Phunware 的首席執行官 Russ Buyse。先生，請繼續。

Thank you very much, and welcome to our second quarter 2023 investor conference call. We made several significant moves this quarter that will position our company for success, including bringing in a new CFO and implementing strong cost reductions. In addition, we also shifted our lead generation to an account-based approach and welcomed a new category of customer to the Phunware fold.

非常感謝，歡迎參加我們的 2023 年第二季度投資者電話會議。本季度我們採取了幾項重大舉措，這些舉措將使我們的公司取得成功，包括任命新的首席財務官和實施大幅成本削減。此外，我們還將潛在客戶開發轉變為基於客戶的方法，並歡迎新類別的客戶加入 Phunware。

One of the main wins I am most proud of is having Thumper Pond resort as a new Phunware customer, an oasis of relaxation and recreation located in the heart of Minnesota. With its championship golf course, luxurious spa, world-class dining and an invigorating indoor waterpark surrounded by over 200 acres of verdant woodland, the resort offers a captivating escape for its guests. This resort is representative of an entire segment of mid-market hospitality brands that can affordably and effectively use our location-based platform to offer their guests the best possible experience.

我最引以為豪的主要勝利之一是 Thumper Pond 度假村成為 Phunware 的新客戶，這是位於明尼蘇達州中心地帶的放鬆和娛樂綠洲。該度假村擁有錦標賽高爾夫球場、豪華水療中心、世界一流的餐飲場所和一個充滿活力的室內水上樂園，周圍環繞著 200 多英畝的翠綠林地，為客人提供了一個迷人的度假勝地。該度假村代表了整個中端市場酒店品牌，這些品牌能夠以經濟實惠且有效的方式利用我們基於位置的平台為客人提供最佳的體驗。

This segment is one slice of the $146 billion US market. As part of our revamped sales and marketing initiative, Phunware was also proud to exhibit for the first time at the Hospitality Financial and Technology Professionals' annual hospitality industry technology exposition and conference show in Toronto, Canada in June, where the world's leading hospitality brands connect with technology partners. 6,000 attendees visited the Toronto Convention to meet with 325 technology companies generating for us more than 50 direct leads from hotels, casinos, and resorts who are primarily interested in our wayfinding and guest messaging solutions.

該細分市場占美國 1,460 億美元市場的一小部分。作為我們改進的銷售和營銷計劃的一部分，Phunware 還很榮幸首次參加 6 月在加拿大多倫多舉行的酒店金融和技術專業人士年度酒店行業技術博覽會和會議展覽，世界領先的酒店品牌在此匯聚一堂與技術合作夥伴。 6,000 名與會者參觀了多倫多會議，與 325 家技術公司會面，為我們帶來了 50 多個來自酒店、賭場和度假村的直接潛在客戶，他們主要對我們的尋路和賓客消息解決方案感興趣。

Phunware stood out as the clear leader in guest wayfinding technology among the other vendors. Despite this being our first HITEC show, there was a steady stream of interest at our booth as we showcased our partnership with Atlantis Bahamas and their comprehensive Guest Experience app. The Phunware story that resonated with customers was that though we were a relatively new entrant to hospitality, our experience deploying reliable mobile apps with accurate wayfinding and contextual engagement that enables new revenue generation was a natural for them. We met with stakeholders from hotels, casinos and resorts who were primarily interested in our wayfinding and guest messaging solutions.

Phunware 在其他供應商中脫穎而出，成為訪客尋路技術領域的明顯領導者。儘管這是我們的首屆 HITEC 展會，但當我們展示與巴哈馬亞特蘭蒂斯酒店的合作夥伴關係及其綜合賓客體驗應用程序時，我們的展位吸引了源源不斷的興趣。 Phunware 的故事引起了客戶的共鳴，儘管我們是酒店業的新進入者，但我們在部署可靠的移動應用程序、準確的尋路和上下文參與方面的經驗對他們來說是很自然的。我們會見了來自酒店、賭場和度假村的利益相關者，他們主要對我們的尋路和賓客消息傳遞解決方案感興趣。

At HITEC, there were many vendors who offered mobile guest experiences independently or as part of the broader platform, but none focused on combining wayfinding with personalized messaging. Phunware's patented blue-dot accuracy, combined with our AI assisted, curated, and targeted marketing campaigns clearly make us superior in both dimensions compared to the rest of the pack. The landscape for property management system, point of sale, and other hospitality essential software is incredibly fragmented and every vendor of HITEC flaunted their integrations.

在 HITEC，有許多供應商獨立提供移動客戶體驗或作為更廣泛平台的一部分提供移動客戶體驗，但沒有一家專注於將尋路與個性化消息傳遞相結合。 Phunware 獲得專利的藍點精度，再加上我們的人工智能輔助、策劃和有針對性的營銷活動，顯然使我們在這兩個方面都優於其他公司。物業管理系統、銷售點和其他酒店必備軟件的前景極其分散，HITEC 的每個供應商都在炫耀他們的集成。

But it was unclear how many were actively deploying them. Going forward, Phunware will continue to separate ourselves from the competition by focusing on prospects with a distinct need for wayfinding and contextual engagement, while we simultaneously identify the most critical integrations and use cases needed to deliver our uniquely positioned guest-facing solution to our clients.

但尚不清楚有多少人在積極部署它們。展望未來，Phunware 將繼續關注對尋路和情境參與有獨特需求的潛在客戶，從而在競爭中脫穎而出，同時我們同時確定向客戶提供獨特定位的面向客戶的解決方案所需的最關鍵的集成和用例。

On the product side, Phunware made steady progress on our mapping and engagement modules, extending our lead as the go-to, best-in-class for wayfinding, navigation, and customer engagement. We've also improved our locate tool, allowing our deployment teams to configure facilities faster and for less cost. These combined moves from marketing events to lead generation to sales engagement and continued product innovation position us squarely where we want to be to bring contextual engagement to hospitality, healthcare and beyond.

在產品方面，Phunware 在地圖和互動模塊方面取得了穩步進展，擴大了我們在尋路、導航和客戶互動方面的領先優勢。我們還改進了定位工具，使我們的部署團隊能夠更快、成本更低地配置設施。從營銷活動到潛在客戶開發，再到銷售參與和持續的產品創新，這些綜合舉措使我們完全處於我們想要的位置，為酒店、醫療保健等領域帶來情境參與。

Our Lyte unit offering high end PCs for gamers introduced its first workstations late in this quarter. While we have high hopes for this higher margin product line, we expect growth to be gradual as we roll out promotion of these offerings through influencers and social channels. We continue to optimize Lyte's performance to drive toward profitability while evaluating strategic options for this business unit over the medium and long term.

我們為遊戲玩家提供高端 PC 的 Lyte 部門在本季度末推出了第一批工作站。雖然我們對這條利潤率較高的產品線寄予厚望，但我們預計，隨著我們通過影響者和社交渠道推廣這些產品，增長將是漸進的。我們將繼續優化 Lyte 的業績以實現盈利，同時評估該業務部門的中長期戰略選擇。

We also welcomed Troy Reisner as Phunware's new CFO. Troy has already made a substantial impact at Phunware, bringing fiscal discipline to help us reduce our cash burn and accelerate us down the path toward growth and profitability. He has been instrumental in restructuring our debt and negotiating terms with prospective investors.

我們還歡迎 Troy Reisner 擔任 Phunware 的新任首席財務官。 Troy 已經對 Phunware 產生了重大影響，帶來了財政紀律，幫助我們減少現金消耗並加速我們實現增長和盈利。他在我們的債務重組以及與潛在投資者談判條款方面發揮了重要作用。

And with that, I will turn it over to Troy to talk about our financial performance.

接下來，我將把它交給特洛伊來談談我們的財務業績。

Thanks, Russ, and good afternoon, everyone. I'd like to thank you all for joining us today for a review of our second quarter 2023 financial performance and progress on key strategic initiatives.

謝謝拉斯，大家下午好。我要感謝大家今天加入我們，回顧我們 2023 年第二季度的財務業績和關鍵戰略舉措的進展。

On a personal note, I joined Phunware as its CFO about two months ago. And it's a privilege to become part of the talented Phunware team.

就我個人而言，大約兩個月前，我加入 Phunware 擔任首席財務官。能夠成為才華橫溢的 Phunware 團隊的一員是我的榮幸。

As we move through our second quarter results, I'll be discussing GAAP financial measures unless otherwise specifically noted. Our press release, 8-K, and website provide a reconciliation of our GAAP to non-GAAP financial results.

在我們公佈第二季度業績時，除非另有特別說明，否則我將討論公認會計準則財務指標。我們的新聞稿、8-K 和網站提供了 GAAP 與非 GAAP 財務業績的調節表。

With that said, let's take a look at the numbers. Net revenues for the second quarter of 2023 totaled approximately $3.5 million uplift, of which our platform revenue represented 37% or $1.3 million, and our hardware revenue represented 63% or $2.2 million. Gross margin was 13.1% compared to 27.7% last year.

話雖如此，讓我們看一下數字。 2023 年第二季度的淨收入總計約增加 350 萬美元，其中我們的平台收入佔 37%，即 130 萬美元，硬件收入佔 63%，即 220 萬美元。毛利率為 13.1%，去年為 27.7%。

On a non-GAAP adjusted basis, gross margin was 16.3% compared to 28.6% last year. Our platform gross margin was 41.4% compared to 64.9% last year. Hardware gross margin was negative 3.6% compared to 12% last year. A significant contributor to the drop in hardware gross margin stem from an increase during the quarter of our inventory reserve of approximately $300,000.

按非公認會計原則調整後，毛利率為 16.3%，而去年為 28.6%。我們的平台毛利率為 41.4%，而去年為 64.9%。硬件毛利率為負 3.6%，而去年為 12%。硬件毛利率下降的一個重要原因是本季度我們的庫存儲備增加了約 300,000 美元。

We have already begun efforts to sell any excess inventory to free up working capital. And in addition, with the improvement in Lyte supply chain, we are focused on managing our inventory on-hand, much more efficiently to increase inventory turnover, decreased working capital needed, all while continuing to meet customer demand.

我們已經開始努力出售多餘的庫存以釋放營運資金。此外，隨著 Lyte 供應鏈的改善，我們專注於管理現有庫存，更有效地提高庫存周轉率，減少所需的營運資金，同時繼續滿足客戶需求。

Total operating expense was approximately $8.7 million inclusive of a $1.2 million goodwill impairment, which is down from approximately $9.1 million last year. Other non-cash operating expense items for the quarter were stock-based compensation and amortization of intangibles making up a combined $1.5 million this year compared to $800,000 in the prior year. By excluding these non-cash charges, the adjusted operating expense was approximately $5.9 million compared to approximately $8.2 million last year.

總運營費用約為 870 萬美元，其中包括 120 萬美元的商譽減值，低於去年的約 910 萬美元。本季度的其他非現金運營支出項目包括基於股票的薪酬和無形資產攤銷，今年總計為 150 萬美元，而上一年為 80 萬美元。排除這些非現金費用後，調整後的運營費用約為 590 萬美元，而去年約為 820 萬美元。

We are pleased to see that our non-GAAP operating expense decreased quarter over quarter for the fourth consecutive quarter. Non-GAAP adjusted EBITDA loss was $5.2 million compared to $6.6 million last year. Adjusted EBITDA loss was narrowed for the third consecutive quarter as we continue executing our plan to breakeven. We still have ways to go, but we are committed to continuing the necessary discipline to not only achieve our goal but move beyond it.

我們很高興看到我們的非公認會計準則運營費用連續第四個季度環比下降。非 GAAP 調整後 EBITDA 虧損為 520 萬美元，而去年為 660 萬美元。隨著我們繼續執行盈虧平衡計劃，調整後 EBITDA 虧損連續第三個季度收窄。我們還有很長的路要走，但我們致力於繼續遵守必要的紀律，不僅實現我們的目標，而且超越它。

Net loss was approximately $6.5 million, or $0.06 per share compared to a net loss of approximately $17.2 million or $0.17 per share last year. The weighted average shares used to calculate earnings per share was approximately $105.1 million versus approximately $97.7 million last year. Our backlog and deferred revenue at the end of the quarter totaled $5.2 million and was the same for last year.

淨虧損約為 650 萬美元，即每股 0.06 美元，而去年的淨虧損約為 1720 萬美元，即每股 0.17 美元。用於計算每股收益的加權平均股票約為 1.051 億美元，而去年約為 9770 萬美元。截至本季度末，我們的積壓訂單和遞延收入總計 520 萬美元，與去年持平。

Moving to the balance sheet. We closed the quarter with approximately $1.1 million in cash. During the quarter, we liquidated substantially all of our remaining digital assets to fund operations.

轉向資產負債表。本季度結束時，我們擁有大約 110 萬美元的現金。在本季度，我們清算了幾乎所有剩餘的數字資產，為運營提供資金。

In addition, we have strategically utilized our at-the-market offering or ATM to raise additional cash to give us a launching pad for the remainder of the year. A significant priority for us has been to simplify our debt stack by allowing approximately $2.8 million outstanding warrants to expire in July, which were remaining from our 2020 convertible notes. In addition, we expect to finalize the restructuring of our short-term debt in the near future while we continue to evaluate several other financing opportunities.

此外，我們還戰略性地利用我們的市場產品或 ATM 來籌集額外現金，為我們今年剩餘時間提供啟動平台。我們的一個重要優先事項是簡化我們的債務堆棧，允許大約 280 萬美元的未償還認股權證在 7 月份到期，這些認股權證是我們 2020 年可轉換票據中剩餘的。此外，我們預計將在不久的將來完成短期債務重組，同時繼續評估其他幾個融資機會。

Now that we've gone through the financials, I wanted to address a couple of topics before heading the mic back to Russ. First, with the management transition completed, we are focusing our teams to unveil the full potential of Phunware as our world progresses, further down the path of a digital-first environment. As part of that, we are committed to reducing our cash burn.

現在我們已經了解了財務狀況，在將麥克風傳回拉斯之前，我想先討論幾個話題。首先，隨著管理層過渡的完成，我們的團隊將集中精力，隨著世界的進步，充分發揮 Phunware 的潛力，進一步沿著數字優先環境的道路前進。作為其中的一部分，我們致力於減少現金消耗。

A significant first step was to right-size our organization. In July, we reduced our workforce by approximately 33% across all departments and implemented other cost savings that we expect to provide annual run rate cost savings of up to $5 million. We do not expect these cost-saving reductions to have any significant impact on serving our current customers who are achieving significant growth.

重要的第一步是調整我們的組織規模。 7 月份，我們所有部門的員工人數減少了約 33%，並實施了其他成本節約措施，預計每年可節省高達 500 萬美元的運行成本。我們預計這些成本節約不會對服務正在實現顯著增長的現有客戶產生任何重大影響。

Complementary to that initiative is our focus on sales and marketing. Since our location-based platform as an industry leader, we are laser focused on ensuring or maximizing our potential in the marketplace. As Russ noted, we are expanding our marketing partnerships and at the right time may consider further investments in our internal sales and marketing teams.

對這一舉措的補充是我們對銷售和營銷的關注。由於我們的基於位置的平台是行業領導者，因此我們專注於確保或最大限度地發揮我們在市場中的潛力。正如拉斯指出的那樣，我們正在擴大我們的營銷合作夥伴關係，並在適當的時候可能會考慮對我們的內部銷售和營銷團隊進行進一步投資。

Yes, I have received many questions about Phunware's identity in terms of our business model. Are we a software or hardware company? While Russ and I inherited our hardware business like technology, we want to be clear that the core of Phunware as a software-as-a-service and a location-based services company in the mobile application realm, as Russ mentioned, we are currently focused on the hospitality and healthcare sectors where we do well.

是的，我收到了很多關於 Phunware 在我們的商業模式方面的身份的問題。我們是軟件公司還是硬件公司？雖然 Russ 和我繼承了我們的硬件業務（如技術），但我們想要明確的是，Phunware 的核心是移動應用領域的軟件即服務和基於位置的服務公司，正如 Russ 提到的，我們目前正在專注於我們擅長的酒店和醫療保健行業。

SaaS and LBS is where we expect to invest to fuel our growth along with seeking complementary inorganic opportunities. That said, while we continue to diligently operate and optimize Lyte technology, we are taking the next several months to evaluate and weigh strategic alternatives for Lyte. We will remain active with both financial conferences and investor meetings and our efforts to tell our story and further strengthen our corporate profile in the capital markets.

我們希望投資 SaaS 和 LBS，以推動我們的增長，同時尋求互補的無機機會。也就是說，在我們繼續努力運營和優化 Lyte 技術的同時，我們將在接下來的幾個月內評估和權衡 Lyte 的戰略替代方案。我們將繼續積極參加財務會議和投資者會議，努力講述我們的故事並進一步增強我們在資本市場的企業形象。

Upcoming major financial conferences we plan to attend are: the HC Wainwright 25th Annual Global Investment Conference in New York on September 11th through the 13th and the ROTH MKM's 12th Annual New York Conference on November 15. We look forward to many one-on-one conversations and meetings with institutional investors at that event and other financial conferences as opportunities present themselves.

我們計劃參加的主要金融會議包括：9 月11 日至13 日在紐約舉行的HC Wainwright 第25 屆年度全球投資會議和11 月15 日在紐約舉行的ROTH MKM 第12 屆年度紐約會議。我們期待許多一對一的會議在那次活動和其他金融會議上與機構投資者的對話和會議作為機會出現。

With that, I'd like to turn the call back over to Russ for closing remarks.

至此，我想將電話轉回給 Russ，讓其作結束語。

Thanks, Troy. I am very happy to see us add a new category of customer to our portfolio on Thumper Pond. And I'm optimistic about our ability to reach and serve the mid-market hospitality segment with solutions previously thought only affordable by the big brands. I'm also delighted at the response we received at HITEC, underscoring the value and impact that our LBS platform offers to the hospitality industry.

謝謝，特洛伊。我很高興看到我們在 Thumper Pond 的產品組合中添加了新的客戶類別。我對我們利用以前被認為只有大品牌才能負擔得起的解決方案接觸和服務中端市場酒店市場的能力感到樂觀。我也很高興我們在 HITEC 收到的回應，強調了我們的 LBS 平台為酒店業提供的價值和影響。

We made the tough decision to lean out our workforce and reduce our other expenses wherever we can to put us in the best possible position for the journey ahead. At the same time, we've made rapid progress on our product road map and are working on additional innovations that will extend the reach and depth of our solutions.

我們做出了艱難的決定，精簡我們的員工隊伍，並儘可能減少其他開支，以使我們在未來的旅程中處於最佳位置。與此同時，我們在產品路線圖上取得了快速進展，並正在致力於其他創新，以擴大我們解決方案的範圍和深度。

I would like to open up the call now for questions through the operator. Operator, please go ahead.

我現在想通過接線員撥打電話詢問問題。接線員，請繼續。

(Operator Instructions) Darren Aftahi, Roth MKM.

（操作員說明）Darren Aftahi，Roth MKM。

Hi, guys. Thanks for taking my questions. A few, if I may. Russ, just your commentary about the hospitality space in some of the wins you've seen, I guess I sensed a level of excitement there. Is there a way that you can go to the market in sort of a broader kind of approach, meaning are there larger entities that could get you into multiple properties faster?

嗨，大家好。感謝您回答我的問題。如果可以的話，有幾個。拉斯，只是你對你所看到的一些勝利中的接待空間的評論，我想我在那裡感受到了一定程度的興奮。有沒有一種方法可以讓您以更廣泛的方式進入市場，這意味著是否有更大的實體可以讓您更快地進入多個房產？

Or do you feel like you need to go kind of location by location? And then I guess as it pertains to the healthcare verticals, didn't hear too much about that. Just what are you seeing in terms of like from now to the end of the year, in a line of sight, in terms of what could actually add to backlog or actually end up being revenue generation for you in the LBS space?

或者您是否覺得需要一個接一個地去？然後我想因為它涉及醫療保健垂直領域，所以沒有聽到太多相關內容。從現在到今年年底，您認為什麼可以真正增加積壓或最終為您在 LBS 領域創造收入？

Hey, Darren, good to hear your voice and glad you're still sticking with those multipart questions. They are always refreshing. So to answer your first question, which is about kind of approach to the market. You know, is it single pin? Is there a greater way to increase the surface area? There absolutely is. So we have some channel partners who are actually walking us into some of these accounts where they had existing relationships.

嘿，達倫，很高興聽到你的聲音，也很高興你仍然堅持這些多部分的問題。他們總是令人耳目一新。因此，回答你的第一個問題，這是關於進入市場的方式。你知道嗎，是單針嗎？有沒有更好的方法來增加表面積？絕對有。因此，我們有一些渠道合作夥伴實際上正在引導我們進入其中一些他們擁有現有關係的帳戶。

We also have referral relationships. And of course, we have our direct sales force, which is using a new, more direct kind of approach to prospects. But we do have kind of multiple ways to get these brands.

我們也有推薦關係。當然，我們有我們的直銷隊伍，他們正在使用一種新的、更直接的方法來接觸潛在客戶。但我們確實有多種方式來獲得這些品牌。

So it's not just one at a time and it's not one channel at a time either. And this is very helpful because what we find is there are natural partnerships, natural complementary offerings between the companies who have relationships with the brands we're trying to reach and ourselves because they don't have an offering like ours. So that's how we're doing that.

因此，它不僅僅是一次一個，也不是一次一個頻道。這非常有幫助，因為我們發現與我們試圖接觸的品牌有關係的公司和我們自己之間存在天然的合作夥伴關係和天然的互補產品，因為他們沒有像我們這樣的產品。我們就是這麼做的。

You asked about healthcare. We didn't rack up like a notable win in healthcare. We did it like a minor extension with one of our current customers. But I would say our pipeline is rich with both healthcare and hospitality.

你問的是醫療保健。我們在醫療保健方面並沒有取得顯著的勝利。我們對現有客戶之一進行了一次小規模的擴展。但我想說，我們的產品線在醫療保健和酒店業方面都很豐富。

Here's a few other verticals under too like smart workplace. But we expect to see and announce later in the second half of this year, even potentially this quarter, some significant business in the healthcare space was main brands there. So I hope we have addressed your four questions.

這裡還有一些其他垂直領域，比如智能工作場所。但我們預計將在今年下半年甚至本季度看到並宣布，醫療保健領域的一些重要業務是那裡的主要品牌。所以我希望我們已經解決了你的四個問題。

Okay, and then maybe a multipart for Troy since he is new. And then welcome Troy. There are two things -- not putting words in your mouth, but inferring, it sounds like you're evaluating options for Lyte and maybe that's not strategically part of the plan for Phunware long term, I guess. Any truth to that?

好吧，然後可能是特洛伊的多部分，因為他是新人。然後歡迎特洛伊。有兩件事——不是把話放在嘴裡，而是推斷，聽起來你正在評估 Lyte 的選擇，也許這不是 Phunware 長期計劃的戰略部分，我猜。這有道理嗎？

And then second point, that workforce reduction, the $5 million in annualized savings. Please can you give us a sense for when that starts to kind of benefit the P&L? Is that on a quarterly basis, you know, I guess $1.25 million. Is that fully going to be baked into the third quarter given where you did the cuts or is that further on down the road of the year and we start to see the full benefit of those workforce reductions?

第二點是勞動力減少，年化節省 500 萬美元。請您告訴我們什麼時候開始對損益表有利？是按季度計算嗎，我猜是 125 萬美元。鑑於您進行了裁員，這是否會完全體現在第三季度，或者是在今年的未來，我們開始看到這些裁員的全部好處？

Well add, Darrin, thanks for the question. And I liked the two-parter as well. So first, Lyte technology, our hardware business, as I said, but Russ and I came into this and it's not part of our core business model but we have it and it's an asset and we want to utilize that the best we can. So we're working hard and with Lyte and the team to make that a profitable venture.

好吧，達林，謝謝你的提問。我也喜歡兩人合作。首先，Lyte 技術，我們的硬件業務，正如我所說，但Russ 和我進入了這個領域，它不是我們核心業務模式的一部分，但我們擁有它，它是一項資產，我們希望盡我們所能地利用它。因此，我們正在與 Lyte 和團隊一起努力工作，以使其成為一項有利可圖的業務。

But we're also looking at how do we -- what are other options in the future? I think we're going to take the next balance for the year. And we're going to look at those options, weigh them and then make a longer-term decision, hopefully by the beginning of the year around Lyte.

但我們也在考慮如何——未來還有哪些其他選擇？我認為我們將在今年取得下一個平衡。我們將研究這些選擇，權衡它們，然後做出長期決定，希望在今年年初 Lyte 左右。

And then with respect to the cost reductions, you know, the reduction in workforce took place in mid-July. So we won't see the full effect of that in Q3, but we will see it in Q4. And we'll see a fair bit of it hit yet. And in Q2 and Q3.

然後關於成本削減，你知道，勞動力的減少發生在七月中旬。因此，我們不會在第三季度看到其全部影響，但我們會在第四季度看到它。我們將會看到其中相當一部分受到影響。在第二季度和第三季度。

Great. Thank you.

偉大的。謝謝。

Scott Buck, HC Wainwright.

斯科特·巴克，HC 溫賴特。

Hey, good afternoon, guys. I'm curious, you have some nice wins in the hospitality sector. I'm thinking Atlantis, Gaylord, when does this kind of location-based services, when does it become mandatory to play in this kind of upscale resort space? I mean, when did the dominoes really start to fall in the industry?

嘿，下午好，伙計們。我很好奇，你們在酒店業取得了一些不錯的成就。我在想亞特蘭蒂斯，蓋洛德，這種基於位置的服務什麼時候開始強制在這種高檔度假村空間裡玩？我的意思是，這個行業的多米諾骨牌什麼時候真正開始倒下？

Yeah, that is the question of the hour, isn't it? Right. So in early stage markets, it's all about trying to establish just one foot in front of the other, one win followed by the next. And then you get this, you start to see the exponential growth kick in and then in a year or two after that then everybody thinks that they've got to have it because it's just part of table stakes to be in the business that they're in.

是的，這就是當前的問題，不是嗎？正確的。因此，在早期市場，一切都是為了讓一隻腳領先於另一隻腳，一場胜利接著下一場。然後你就會明白，你開始看到指數級增長，然後在一兩年後，每個人都認為他們必須擁有它，因為這只是他們從事該業務的賭注的一部分。重新加入。

So my guess is as good as yours, perhaps maybe a little bit better. But I think that what we'll see is wins get stock up a little bit more in numbers and then also in bookings and then like by the middle of next year, I expect to see like a noticeable climb. And I don't mean flat until then. I just mean we'll start to see like the strong evidence of that climbing. (multiple speakers) I'm sorry.

所以我的猜測和你的一樣好，也許更好一點。但我認為我們會看到勝利會在數量上增加一點，然後在預訂方面也會增加一點，然後到明年年中，我預計會看到明顯的攀升。我並不是指在那之前持平。我只是說我們將開始看到這種攀登的有力證據。 （多個發言者）對不起。

(inaudible - microphone inaccessible)

（聽不清 - 麥克風無法訪問）

Sorry, someone is talking there in the background.

抱歉，有人在後台說話。

Yep, I didn't catch that question either, Russ.

是的，我也沒聽清這個問題，拉斯。

Yeah, I was still in middle of answering a question about growth rates, did everyone here me up to that point?

是的，我還在回答有關增長率的問題，這裡的每個人都到了這一點了嗎？

Sorry guys. That's it from me. Thank you.

對不起大家。這就是我說的。謝謝。

Okay. So we are expecting to see momentum start to build in the later part of the year. The last bit of information I'll give there is among the new prospects that we see entering the pipeline, we're finding that a higher proportion of them already have the awareness.

好的。因此，我們預計今年下半年勢頭將開始增強。我要提供的最後一點信息是，在我們看到進入渠道的新潛在客戶中，我們發現他們中更高比例的人已經有了這種意識。

They're tending to the problem of the guest experience, of the patient experience, of the get lost problem, of the lost staff time in trying to give directions and the frustration that causes their visitors and guests and so we're seeing a more informed set of customers that are coming into our pipeline.

他們正在解決客人體驗、患者體驗、迷路問題、工作人員在試圖指路時浪費時間以及導致訪客和客人感到沮喪的問題，因此我們看到了更多正在進入我們渠道的知情客戶。

Lucas Ward, Ascendiant.

盧卡斯·沃德，上升者。

Okay thanks. Hi, guys. Yeah, this is Lucas Ward in for Ed Woo. Good afternoon. Hello? Yeah, so I was wondering if you could give an update on the PhunCoin and PhunToken platform. I'm just curious whether that's -- if there's still sort of a development path for that that helps grow the company's business?

好的謝謝。嗨，大家好。是的，這是盧卡斯·沃德（Lucas Ward）飾演艾德·吳（Ed Woo）。下午好。你好？是的，所以我想知道您是否可以提供有關 PhunCoin 和 PhunToken 平台的最新信息。我只是好奇這是否仍然存在有助於發展公司業務的發展路徑？

Yeah. Thanks for asking about that. That is definitely a part of our plan. Obviously, we are doing a little bit of a reset this quarter and kind of adjusting our pace of progress. We are still planning to issue PhunCoin this summer per our last quarter statement and you should be hearing more from us about this like in the coming weeks. But it is still part of the strategy and part of the product road map.

是的。感謝您詢問此事。這絕對是我們計劃的一部分。顯然，我們在本季度進行了一些調整，並調整了我們的進展速度。我們仍計劃根據上一季度的聲明在今年夏天發行 PhunCoin，您應該會在未來幾週內從我們那裡聽到更多有關此事的信息。但它仍然是戰略的一部分，也是產品路線圖的一部分。

Okay, great. Thanks. And just one follow-up question. Back to the Thumper Pond win, I was curious just to have a little more color about how that came about, like which channel generated that?

好的，太好了。謝謝。還有一個後續問題。回到 Thumper Pond 的勝利，我很好奇只是想了解一下這是如何發生的，比如哪個通道產生了這個？

That actually came from our direct sales force and I don't know the exact genesis, but it was one of our folks who joined us in the spring. So relatively new to the company and he got hold of the owner-operator there at Thumper Pond and talked about kind of the advantages and the benefits that we could offer for a property like theirs. So this is -- I am excited about this.

這實際上來自我們的直銷團隊，我不知道確切的起源，但它是我們的一位員工在春天加入我們的。由於對公司來說相對較新，他聯繫了 Thumper Pond 的業主兼經營者，談論了我們可以為他們這樣的房產提供的優勢和好處。所以這就是——我對此感到興奮。

One of the nerdy things I didn't mention is this is a customer that's not requiring like a full beacon install to take advantage of our platform. So they're going to be using both the wayfinding and the messaging to get closer to their customers, without us having even to send a team there to set it up. So this is really exciting for us.

我沒有提到的一件令人討厭的事情是，這個客戶不需要安裝完整的信標來利用我們的平台。因此，他們將使用尋路和消息傳遞來拉近與客戶的距離，而我們甚至不需要派一個團隊去那裡進行設置。所以這對我們來說真的很令人興奮。

Cool, sounds good. Okay, that's it from me. Thank you very much.

酷，聽起來不錯。好吧，這就是我的。非常感謝。

(Operator Instructions) Howard Halpern, Taglich Brothers.

（操作員說明）Howard Halpern，Taglich Brothers。

Hey, good afternoon, guys. Wonder if you could also talk a little bit about the recent win with the new luxury high rise in Houston and you consider that sort of a different type of vertical that has great potential across the US?

嘿，下午好，伙計們。想知道您是否也可以談談最近在休斯頓新建的豪華高層建築的勝利，您認為這種不同類型的垂直建築在美國具有巨大的潛力？

Yeah, I'm happy to talk about that. That is absolutely the case. So we can serve multiple verticals, but as you've heard me say ad nauseam, we focus on our outreach with hospitality and healthcare, but we do have some channel partners also in other markets like smart buildings and this Houston opportunity is exactly that.

是的，我很高興談論這個。絕對是這樣。因此，我們可以為多個垂直領域提供服務，但正如您聽到我說的令人作嘔的那樣，我們專注於酒店和醫療保健領域的外展，但我們在智能建築等其他市場也確實有一些渠道合作夥伴，而休斯頓的機會正是如此。

So we have a partner involved in that transaction and they're basically setting up a smart residential building with all of the integrations for that a tenant could want, access to the building, parking, door locks, the whole thing, and so our solution was just a natural fit and slid right in there.

因此，我們有一個合作夥伴參與了該交易，他們基本上正在建立一座智能住宅樓，其中包含租戶可能想要的所有集成，包括進入建築物、停車場、門鎖等所有內容，等等，我們的解決方案很自然地就滑進去了。

We think we can do a lot more of those. The pace of smart building has been a little bit slower just with higher interest rates. But we think that we've got like a killer solution here and we've got experience with integrations galore that make us pretty close to an out-of-the-box solution.

我們認為我們可以做更多這樣的事情。只是隨著利率的上升，智能建築的步伐有點慢了。但我們認為我們已經有了一個殺手級解決方案，並且我們擁有豐富的集成經驗，這使我們非常接近開箱即用的解決方案。

Okay and could you talk a little bit about your strategy in expanding within? Like Atlantis and Gaylord throughout their properties across, the country need and --?

好的，您能談談您內部擴張的策略嗎？就像亞特蘭蒂斯酒店和蓋洛德酒店遍布各地一樣，這個國家需要——？

Sure. So one of the things we've done is try to refine our sales pitch. So we're focusing on kind of the core mapping and wayfinding capabilities. And then from there like the next leg up for a lot of them is using our mobile engagement which lets them have that closer relationship with the customers, send them messages, whether it's property wide or when they say enter the parking lot or enter the hotel or let them know if they're passing a point of interest like say an attraction that they might want to go visit.

當然。因此，我們所做的事情之一就是嘗試完善我們的銷售宣傳。因此，我們專注於核心地圖繪製和尋路功能。然後，對於他們中的許多人來說，下一步就是使用我們的移動參與，這讓他們與客戶建立更密切的關係，向他們發送消息，無論是在酒店範圍內，還是當他們說進入停車場或進入酒店時或者讓他們知道他們是否經過某個興趣點，例如他們可能想去參觀的景點。

And so that's kind of how this kind of rolls out. And of course, if you're in hospitality space, we are working on basically a door access capability. Our first version was out on iOS this past quarter and that will allow us to kind of plug in, in these facilities where they have smart door locks for the guests there to just use their smartphone through the branded app to get into their rooms and then it expands from there. So there are lot of other channels and more things we want to do with them.

這就是這種方式的推出方式。當然，如果您在酒店領域，我們基本上正在開發門禁功能。我們的第一個版本於上個季度在 iOS 上推出，這將允許我們在這些設施中插入，他們有智能門鎖，客人只需使用智能手機通過品牌應用程序進入他們的房間，然後它從那裡擴展。所以還有很多其他渠道，我們想用它們做更多的事情。

Okay, okay guys, thank you.

好吧，好吧，伙計們，謝謝你們。

Thank you. And there are no further questions in queue at this time. I would now like to turn the floor back to Phunware's Chief Executive Officer, Russ Buyse for closing comments.

謝謝。目前隊列中沒有其他問題。現在我想請 Phunware 首席執行官 Russ Buyse 發表總結評論。

Well, thank you all for continuing to follow Phunware. As you can see we're still very much a work in progress, but we've got a solid product. We are establishing the sales momentum. I've seen both improvement in quantity and in quality in our sales pipeline.

好吧，感謝大家繼續關注 Phunware。正如您所看到的，我們的工作仍在進行中，但我們已經有了可靠的產品。我們正在建立銷售勢頭。我看到我們的銷售渠道在數量和質量上都有所提高。

We're enlisting more channel partners and we're reaching out through those partners to the markets that we can't reach directly and also in accordance or in concordance with those in the markets that we already natively serve. So I'm very optimistic about where the second half is with the cost reductions that we've done and the efficiency gains that we have, we think we can make Lyte a more economically performing. We also think we can continue the sales momentum with some significant logos the second half of this year. So thank you again for your time and attention.

我們正在招募更多的渠道合作夥伴，並通過這些合作夥伴接觸到我們無法直接接觸的市場，並且與我們已經本地服務的市場中的市場保持一致。因此，我對下半年的情況非常樂觀，因為我們已經降低了成本，提高了效率，我們認為我們可以使 Lyte 的表現更加經濟。我們還認為，今年下半年我們可以通過一些重要的標誌來延續銷售勢頭。再次感謝您的時間和關注。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開電話線並度過美好的一天。感謝您的參與。