Oblong (OBLG) 10 Nov 222022 Q3 Earnings call transcript

Hosting the call today are Oblong's President and CEO, Peter Holst; and CFO, David Clark. Please be aware, some of the comments made during today's call may contain forward-looking statements within the meanings of the federal securities laws. Statements about our beliefs and expectations containing words such as may, could, would, will, should, believe, expect, anticipate and similar expressions constitute forward-looking statements.

These statements involve risks and uncertainties regarding our operations and our future results could cause actual results to differ materially from management's current expectations.

In addition, today's call includes non-GAAP financial measures. measures issued measures today. such the contained of release press reconciliation to is GAAP in A those earnings differ with We that risk harbor our and factors results company's other statement actual you most may and and materially encourage to forward-looking on events statements. described that or risk also contained review recent annual periodic in in cause Form without reports SEC, the factors including, the the from report safe release to limitation, filings XX-K the specific identify

would the Copies XX-K company is like call is of release in or XX. obtained A and company's on everyone that I to oblong.com. forward-looking available the company's replay replay call. website call also the The available call the most after or oblong.com; on not does recent remind on also or and of through reports Form this update for date to the the website, sec.gov. provided any publicly link November be company's be of website, XX-Q will website, undertake earnings SEC may revise this the the statements to

now turn Oblong, Holst. over to the the Pete CEO of call will I

joining afternoon, buying behavior. by continue Thanks, thank Dave. impacts quarter, IT and complex specifically workplaces challenging us everyone, today. macro third you and to Good our for a In impacted and we be environment that

Day, a in work, best of a of use the of in how continually space office amount has post definitely going substantial collaboration some office spaces and, the workforce Labor target to commercial assessing While hybrid forward. optimize very to market returned our of state much particular, remains environments

continuing remains or the recent most the areas. X our sale business combinations the on stated potential evaluate key call, company. focused of team to on outright we As We're

quarters, the will to inorganic evaluate paths few continue growth. past and has to team the During

reset in expand to last XX more will has us believe interesting the over actively our While we've say XX market revisit conditions capital recent seen for also the in quarters actually opportunities I do we're and while we markets may ahead. current months since the those. deferred allowing pursuing late coming tempered summer, days appetite the in deal valuations the as volatility some to M&A otherwise opportunities flow

is for partners product second our our The our customers. mix channel optimizing and both end

in used spaces. As and collaboration by and our visionaries in we to to engagement purchased mentioned amplify prior tend early be adopters calls, to looking medium- products large-sized

workforce of space, moving the is Our discussions commercial across quarters suggest office with distribution gradually throughout across growth many users partners prospective end reconstruction but efforts many customers our with with few discipline months accelerated optimization redesign customers. larger renewed respect particularly last a in focus and within effort there have has in a on And recent to of weeks our current slowed. target recent and has operational layoffs segment, and delayed lastly, as size and our

traditional liquidity and of both market and to improve. customers continued half ensure current have the inorganic take their we when models, paths the steps business our As conditions first can we to to our extend 'XX reset prospective through to growth pursue

I'll now to David turn the to results summarize call in QX. our over

Thanks, Pete.

COVID-XX of work employees to they traditional the $X.X of existing continue evaluate target the attributable $X.X and of primarily pandemic choose behavioral from in The customers and compared for was to when changes quarter our is Our last revenue million third the revenue on environments. as in third for how million to decrease office quarter effects XXXX the to year.

loss assets million for for of noncash year the the of a other included million. intangible impairment for XXXX. loss quarter of third quarter XXXX third to on quarter charges was Net and of loss the net this $X.X Net million compared third of $X.X $X.X

a million This quarter $X.X of driven same improvement was of last $X.X loss for compared by the first reduction last quarters XXXX, year. loss an the expenses in we $X.X third X as the the XXXX as of period year. adjusted was reduced used by million to million Our for an adjusted operating operations between compared EBITDA to Also, in our in same cash these period EBITDA periods.

believe our million. to debt XXXX. cash of XXXX, the quarter end liquidity our first Based balance Turning million, had half we capital on At the X third sheet. of through projections, $X working total $X.X current we and of the we of have of

turn now will back call the to over I Pete.

calls who partners these of in more employees thank through so Thanks, make the Dave. do worked I our as trying a particular, a of mostly pretty all of us In thank every to relates near teammates during effort our to Oblong future. last and want and sort have times. the big who for customers collaboration it over are period I recently, year continue we'll Oblong. concerted with and future work and day for update us of who closing, wanted transition to frame some We've done to calls helping as the these to

in And to Thanks additional forward much, months appreciate in providing and who's we everyone. everyone updates really the very weeks the ahead. continuing them to participate and look

today's concludes This call.

also the earnings to company's the of stated, the and replay website previously on in the release is As provided a available oblong.com. website, link call