Marchex, Inc.

Good afternoon. Thank you for attending today's March X Q1 2023 earnings call. My name is Cole and I'll be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you'd like to ask a question, please press star one on your telephone keypad. I'd now like to pass the conference over to our host, Trevor Caldwell, Senior Vice President of Investor Relations and Strategic Initiatives. Please go ahead.

Thanks, Cole. Good afternoon, everyone, and welcome to MarchX's business update and first quarter 2023 conference call. Joining us today are Edwin Miller, our CEO, and Michael Renz, our vice chairman. Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements, including references to our financial and operational performance, and actual results may differ materially from those contemplated by these forward-looking statements. Risks and uncertainties that could cause these results to differ materially are set forth in today's earnings press release and in our most recent annual and quarterly report filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements for subsequent events. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. and earnings specialist lease is available on the investor relations section of our website. At this time, I'd like to turn the call over to Edwin.

Thank you, Trevor. Good afternoon, everyone, and thank you for joining us today. I'd like to start by giving an update on my experience over the last couple of months. When I joined Marchex in February, my first priority was getting to know the team and meeting as many customers as possible across the country. From that mission, I learned two important things. First, MarchX has world-class talent with deep industry expertise. Second, our customers love and trust MarchX to meet the urgent challenges facing their businesses. Time and again, I heard how much they lean on us to navigate big and increasingly complicated problems. I've been in the technology world for most of my career, so seeing these two proof points firsthand makes me certain that we are an important and valuable market. March X is at an interesting inflection point. Right now, several industries which are core to our business are struggling with significant industry shifts, along with innovation disruptors that are redesigning their purchase funnels. In the auto vertical, for instance, the entire industry is transforming because of the rise of electrical vehicles. New and more nimble competitors have put tremendous pressure on the legacy leaders to evolve. In auto, it's Tesla. In home services, it's new CRM systems and massive consolidation driving disruption. And that's just the starting point. Other dominant players and multi-billion dollar verticals are experiencing similar disruptions due to the changing consumer expectations and the arrival of AI. Here's where it gets exciting. Every one of these companies needs conversational intelligence to unlock the insight needed to inform what is required to successfully transform their businesses. This is what will open the door to their future growth. Right now, we have a real opportunity to build out a significantly larger business. The intelligence we will provide in time will help scale each of our customers' businesses from closing the loop between marketing dollars to salesperson conversations to developing real-time customer sentiment analytics across retail networks and communication channels. MarchX understands how to help large enterprise customers solve complex business ecosystems and service in order to grow. That is our bread and butter and is deeply needed in today's rapidly evolving technology landscape. Our customers have entrusted us with their futures, and we are growing existing relationships with some of the biggest brands in multi-billion dollar verticals. Additionally, we're winning new relationships with OEMs and brands that represent significant new opportunities for our business. In the last few months alone, we have seen numerous multi-year extensions with existing large customers in addition to winning new relationships. Our expanding product suite is essential to this progress. We recently announced the release of Spotlight for the auto vertical, which will be vital to increasing revenue for our customers. Spotlight is the next step in innovation for enterprises with distributed retail footprints. It will help them easily identify sell business to consumer conversations and instruct them specifically on how to course correct, intelligent on how retail locations can solve complex business problems, and the sales and marketing funnel and corporate requirements are now achievable with our products. The future will be built on that intelligence to help businesses increase sales and marketing outcomes. We recently signed a multi-year extension with a major automotive brand customer, as well as a multi-year engagement with a new brand. Furthermore, our newest product, Spotlight, now includes access to eight automotive brands and more than 8,500 dealers, representing more than 50% of the franchise dealerships in the United States. Our automotive vertical is setting up well for accelerating growth. We are excited by this progress, and in the coming months, we'll be focused on optimizing specific areas of our business to accelerate our growth in auto and other verticals, as well as extend leadership into our core verticals. We will also be moving aggressively to evaluate every cost in the company so we can deliver a path to increased efficiency, growth, and profitability as soon as possible. In order to achieve those goals, we are also augmenting our executive team to help accelerate our business. We recently hired a new CRO, Chief Revenue Officer, Troy Hartless, who has world-class experience in aligning revenue organizations to win. I'm excited about what Troy can contribute and expect to share more on this in the coming period. Looking forward, we're committed to accelerating growth in key verticals, and building a much bigger business in the conversational intelligence market. Our customers are signing up for record commitments, and we have a lot of potential to unlock. Thank you for joining the call today, and I look forward to updating you on our progress in the quarters ahead. With that, I'll turn it over to Mike.