Enjoy Technology, Inc.

Hello. Thank you for joining us for the Enjoy Technology third quarter of 2021 financial results conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. I will now turn the call over to Scott Anderson, Vice President of Investor Relations at Enjoy. Thank you. Please go ahead.

Thank you, operator, and good afternoon, everyone. Today's call will include remarks by ENJOY's Chief Executive Officer, Ron Johnson, and ENJOY's Chief Financial Officer, Fareed Khan. In addition, Melissa Bates, ENJOY's Chief Growth Officer, will join the question and answer session. Ahead of this call, ENJOY issued its third quarter 2021 earnings press release. You can access our earnings release on our investor relations section of our website, During the call, we will use non-GAAP financial measures and performance metrics. You should refer to the information contained in the company's third quarter 2021 earnings press release for definitional information and reconciliation of historical non-GAAP measures to the comparable GAAP financial measures. We will also make forward-looking statements, including projections and estimates of future events, business or industry trends, or business or financial results which are subject to risks and uncertainties. Actual events or results could differ materially from those projected in our forward-looking statements. Please refer to our filings with the Securities and Exchange Commission, which contain important factors that could cause actual results to differ materially from the forward-looking statements. These documents can be found on our website at investors.enjoy.com. We do not undertake any duty to update any forward-looking statements. Due to the Veterans Day holiday, our Form 8K will be filed before market open on Friday, November 12th. And now I'd like to turn the call over to Ron Johnson, CEO of Enjoy Technology. Ron?

Thank you, Scott, and thanks to each of you for joining us for our first earnings call. We are thrilled that on October 15th, 2021, Our combination with Marquee Rain Acquisition Corp. was successfully completed, raising more than $250 million in gross capital to help accelerate our strategy of reinventing commerce at home and fuel continued expansion with key partners. Since this is our first call, and many of you may be new to our story, I'm going to briefly introduce you to Enjoy. Then I'll discuss recent initiatives, provide context around the current business environment, and share where we're headed from a strategic perspective. Fareed will then review our financial results for the quarter and 2021 revenue outlook before opening up the call for Q&A. And Joy started with a simple question. What if the best of the store could come to you? Over the last seven years, we have worked tirelessly to answer that question, inventing our mobile stores, a new channel that pairs the convenience of shopping online with the best of a retail experience brought together in the comfort of a home. When we began this journey, I was confident that we could create a great customer experience. But what I didn't imagine is that we would simultaneously create a game-changing, disruptive logistics network as well. We all know the world is filled with tired stores. This is also true with the logistics networks that power online shopping. The vast majority of online orders are filled from regional distribution centers where inventory is stored, which third parties then transport to customers' doorsteps in a matter of days. Our partners forward deploy consigned inventory to our local warehouses, which we further deploy into our mobile stores to deliver a product with an experience in a matter of hours. In the years ahead, we believe this will become minutes as our network of mobile stores utilized on proprietary technology platform will deliver retail on demand. Quick commerce is the leading category in disruptive retail right now. And it depends on inventory being located within minutes of the customer. Well, our doors is located within minutes of the customer as well, and can be deployed on demand for our partners. Every mobile store is a warehouse on wheels operated by a full-time employee trained to deliver a product or an experience at the home while turning delivery into a profit center for our partners. We believe the best way to complete an online purchase for a premium product is to bring the full store experience through the door. Once in the home, we can do everything a store can do, but better. Our highly trained experts deliver, set up and activate devices, and can take trade-ins providing value on the spot. But we don't stop there. Ready with merchandise, our experts offer hardware, software, and subscription services on the spot, saving customers a trip to the store. Importantly, our experts provide the deep engagements our partners desire. Our lifetime net promoter score of 88 validates the value of the experience to shoppers. Enjoy's partners are some of the world's largest companies, including AT&T and Apple in the United States, Rogers in Canada, and BT and EEN in the UK. Each of these partnerships is deep and enduring. We have been working with our longest-serving partner, AT&T, for nearly seven years, and our newest partner, Apple, for two years, to bring enjoy to life in the United States. UK-based partners BT&EE and Canada-based Rogers not only are great business partners, but have invested in enjoy as well. Our partners drive customers to enjoy at near zero cost from their online platforms, call centers, and physical stores. Our mobile stores then bring products, services, and subscriptions to customers. Our monetization strategy provides win-win-win dynamics where the revenue and joy generated during our visits is earned predominantly from the incremental solutions we sell to partner customers. And wow, do customers love shopping at home, as evidenced by the fact that our NPS goes up as more solutions are purchased. Today we operate in locations serving over 50% of the population of the United States, United Kingdom, and Canada combined, representing over 200 million addressable consumers. Our proprietary technology platform enables deep integration with our partners, smart systems use real-time data to optimize productivity, and sophisticated inventory management tools deliver on-demand retail experiences with the precise inventory a customer needs. After years of serving our partners, we have earned the right to expand the number of customers we serve with our Smart Last Mile. Our partners recognize the value of our disruptive logistics network and are expanding their engagement with us. Beginning this quarter, we are serving online customers who pick an experience and those who pick a simple delivery. Our partners recognize how our advanced logistics platform can improve speed and reliability while offering experiences to as many customers as possible. Our long-term ambition is to serve as many of our partners' customers as we can as we provide a differentiated, profit-generating last mile for the world's leading companies. While most logistics networks are tired, ours is inspired. And our partners know they can gain a sustainable competitive advantage by going deep with our company in Joy Technology. Today we measure our partnerships in years. In the future, decades. With that overview, here are our third quarter results. We've had a busy quarter accomplishing several important strategic initiatives that will drive our growth for years to come. As I referenced earlier, we announced Enjoy's Smart Last Mile solution and are on track to expand to all U.S. markets in time for the holiday season. This is a game-changing opportunity for Enjoy as we will provide both in-home retail experiences and to-the-door deliveries, gaining access to a much larger share of our partner's customer base. This expands demand, increases inventory, significantly deepens the partnerships we have, and accelerates our scale. Importantly, we believe this will enable us to operate our mobile stores at optimal capacity throughout the year. We also expanded our strategic partnership with Apple to a total of 14 markets. More than tripling enjoys coverage with Apple to reach 67 million addressable consumers. I'm thrilled with how our relationship with the world's most admired company is scaling. We have expanded our mobile stores for Apple while continuing to deliver engaging customer experiences, paving the way for even more growth in the quarters ahead. We also launched cross-partner selling of Apple services across all U.S. markets, providing a new revenue source for Apple and Enjoy. Cross-partner selling is off to a great start. Customers love the opportunity to learn and explore the full potential that subscription services can bring to their lives. And the NPS and visits that include solutions for multiple partners are the highest of any visits we perform. During the quarter, at the request of our North American partners, we also announced plans to expand to approximately 100 markets in North America by the end of 2022. Once completed, this will expand Enjoy's global population coverage from 200 million to about 235 million addressable consumers. We've expanded Live Catalog to an additional North American partner following the success of this technology earlier in the year. Live Catalog enhances the commerce at home retail experience as this smart merchandising tool enables people to shop at home as they would in a store. And finally, we have successfully hired many new experts in a difficult labor market and expanded our mobile store capacity significantly. We are thrilled with how these initiatives position us for future growth. Q3 was a strong quarter for us on everything within our control. We have excelled at attracting talent. We have delivered visits with record duration, all-time high solutions per visit attach rates, excellent on-time performance, and earn continued industry-leading customer service scores. A higher business challenge has been industry-wide supply constraints. We rely on a steady stream of inventory from our partners. While late in the third quarter we have lower inventory levels than expected, these inventory issues are customary as manufacturers wind down inventory in preparation for a new product launch. We believe that the Q4 launch would likely have better supplies than normal. Unfortunately, the supply of key smartphones has been significantly lower than planned during the fourth quarter and will negatively impact our fourth quarter financial results. COVID-related component issues and a worldwide chip shortage are having an industry-wide impact. We believe we are being treated fairly by our partners and are in discussions about these issues and building solutions to mitigate inventory constraints in the future. The cornerstone is our smart last mile. We are also now developing the capability to take orders prior to the possession of inventory. I couldn't be more excited about 2022 and the long-term prospects we're enjoying, and we continue to invest in our mobile stores to support our partners in 2022 and beyond. The future of commerce is moving to the home, and we believe we are well-positioned to capitalize on this opportunity. With that, I'll turn it over to Fareed to discuss our financial performance.