11/8/2022

speaker
Conference Call Operator
Moderator

Good morning, ladies and gentlemen, and welcome to the EasyFill Holdings third quarter 2022 earnings call. At this time, all participants have been placed in a listen-only mode, and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, John McNamara. Sir, the floor is yours.

speaker
John McNamara
Host

Thank you. Good morning, everyone, and welcome to today's conference call to discuss EZFIL's 2022 third quarter financial results. With us today for management are Mike McConnell, Chief Executive Officer and Arthur Levine, Chief Financial Officer. Before we begin, as usual, we would remind everyone that certain matters discussed during today's call or answers that may be provided to questions may constitute forward-looking statements as defined under federal securities laws. Words such as may, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates, and variations of such words and similar expressions are intended to identify forward-looking statements. These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the risk factors section of the company's annual report on Form 10-K filed with the SEC. Copies of these documents are available on the SEC's website as well as on the company's website. Actual results may differ materially from those expressed or implied by such forward-looking statements. The company undertakes no obligation to update these after the date of this call, except as required by law. With that, I'd like to turn the call over to Mike McConnell. Go ahead, Mike.

speaker
Mike McConnell
Chief Executive Officer

Thanks, John. Good morning, everyone. Thank you for joining us today to review our third quarter 2022 results. A little more than one year ago, we became a public company. When we reported our third quarter results for the 2021 fiscal year, we reported revenue of $1.9 million and $5.2 5.2 million for the first nine months of the year. 60% of that revenue came from a single customer. We had 13 trucks, and all of our customers were in the South Florida region. Today, we're essentially the same company, but we have significantly grown to meet the demand of what we see as enormous market potential. Our results for the third quarter of 2022 bear that out. We reported revenues of 4.1 million, a 120% increase from the 1.9 million, we reported a year ago for our first quarter reporting as a public company. On a nine month basis, revenues grew to 10.2 million from 5.2 million and 95% increase. While we don't control the price of fuel, and as you all know, the price has been very volatile this year, we've improved our margin per gallon by six cents or 16% since we became public. No one customer accounts for more than 30% of Q3 revenue, a significant improvement from where we were when we first became a public company. In fact, we've added more than 75 new fleet customers in 2022, with over 25 new fleet customers in the third quarter alone. We've also expanded to new locations with some of our existing customers. We've grown our fleet of trucks from the 13 we began with when we completed our IPO to 38 today. We've expanded our operations from a small footprint in South Florida to today, in West Palm Beach, Tampa, Orlando, and most recently Jacksonville. As we said in our September announcement, Jacksonville is one of the largest cities by area in the U.S. You see tremendous opportunities for further expansion throughout Florida while at the same time we'll be looking to grow to other states. We continue to focus primarily on growing our commercial business which currently makes up over 80% of our revenue. The opportunity to expand our on-demand consumer and specialty markets including marine, It's still part of our strategy and we'll be opportunistic about these as they present themselves. We're also planning to partner with other companies to introduce other products and services in the coming quarters to leverage our technology and improve our overall margin. As everyone knows, Hurricane Ian barreled into Florida into October and Florida residents are still assessing the damage. Easy Field was there at the forefront of our efforts to provide assistance where needed. We had our trucks on site delivering fuel to firefighters and first responder vehicles, as well as delivering fuel to residents in affected areas. We're very proud to have been recognized by the governor's office as one of the private sector companies providing needed emergency efforts. We've come a long way since our IPO in September of last year. We're proud of what we've accomplished in terms of growing the business in a challenging market. We're looking forward to continue to exit our business plan and expand the company's footprint and breadth of products and services. in a manner that is consistent with the ultimate goal of consistently generating shareholder value. With that, I'll turn the call over to Arthur, who will walk you through the financial results. Go ahead, Arthur.

Disclaimer

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