ContextLogic (LOGC) 8 May 242024 Q1 Earnings call transcript

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.

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. may asset statements, related sale today to with matters. made recent the to remarks include including forward-looking respect The QooXX and

by incorrect. Our the certain differ may materialize these implied risks prove actual and forward-looking assumptions materially or statements results results from

based be current expectations are those materially risks different and and results actual our could that from uncertainties cause on or statements assumptions involve Forward-looking and events to anticipated.

statements A those SEC. Just, to are remarks could results financial GAAP cause will actual as and me to find provide Investor be A in website. today of concerning With and to or the time included CFO, we to Brett statements information only non-GAAP you which and now management's release, today's reconciliation to from in forward-looking over on our revise filed with that, of keep obligation turn which our a Investor is and Also, Relations Forms from also a our that overview. of today's new the factors this during will the let to statements that call contained X-K. replay please XX-Q, Additional financial earnings our numbers non-GAAP posted that or can in of included metrics. Relations are the information, in GAAP is on future both XX-K SEC and call website Brett? statements prepared call including financial differ result be results time undertake we otherwise. in of and materially events no to forward-looking the date, and mind Any update make such as filings, any

Ralph. you, Thank

presentation little will quarter, be this a For our different. financial

our Our earnings first release earnings describes for quarter. press the

[ that you ] want encourage details, review release. you to additional I If

substantially that all QooXX by now all of assumed were that associated liabilities with also assets. owns of those Significantly, and longer assets the earnings revenues QooXX in no has those we assets. generated disclosed release However, the own.

helpful ContextLogic to After sale cash, billion had instead results, So of government $XXX XX, discussing sale. approximately Combined, in our and today. the from cash historical to and consist of about proceeds asset on marketable equivalents talk would be securities, carryforwards this QooXX April million closed approximately $X.X securities. financial more NOL of the picture about which represents it net the

We no have debt.

We some employees gone including employees. worldwide to December full-time contract temporary XXX from nearly at XX XX part-time and or have employees,

liable of San including old longer no headquarters are any in Francisco. our for leases, We former corporate our

bank in leasing We and moved our across workforce small now [ ] a are space remote. the have Oakland with totally

starting to are give footing, chapter will we to utilize pursue our financial transactions intended on is So, which strategic strong that flexibility us next assets. our

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

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

this thank First pleased like to stockholders of value the foremost, I for entire like I the maximizing to are QooXX. platform their behalf sale team, our to ContextLogic of dedication. we of previously their and for the also and e-commerce announced would would employees our hard Wish thank On transaction. work have to support completed

are to start new now we excited transaction behind this the chapter. With us,

and use have of the team management of reconstituted cash.Looking I'm for of overhead for develop Brett opportunities strategic alternatives value operating use small. noted, put, our the stockholders. for begun by strategic we expenses its cash us. ContextLogic for is our will Furthermore, the post-closing identifying opportunities reviewing, executing and for and as benefit energized and expect ahead of low opportunities opportunities reviewing the procedure Board, to our with our We process creation. along very Simply our ahead, ContextLogic evaluating have significant and post-closing a

outstanding an in and place In in strategy life about the look begin you us the updating right new we few to team of turned new to joining our we today, leadership a much page sum, chapter and company. the for it. implement the have have very We're a goodbye. future, Again, forward our and excited months. to thank progress you in on We

and your This Thank participation conference. in program. you, the today's does ladies gentlemen, for conclude

You disconnect. may Good now day.