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spk_0: and welcome to the earnings call for paul talk fourth quarter and full year and good december thirty one twenty twenty three at this time or participants have been placed on a listen only mode it is now my pleasure to turn the floor over to your house jason cats chief executive officer of powerful and courage any chief financial officer of pulled pork porous the floor is yours
spk_1: hello everyone and welcome to the palpable operating in financial results conference call for the fourth quarter and full year ended december thirty first twenty twenty two by now everyone should have access to the earning result pachulia with with issued earlier today after the market closed at four pm eastern time it's called being webcast and will be available for reply and our mark today we will include statements that are considered forward looking within the meaning of the private securities litigation reformat nineteen ninety five including forward looking statements about future results of operations business strategies and plan a relationship with our customers evolved market and potential growth opportunities in it listen man is that may make additional forward looking statements in response to your question forward looking statements are based on management current knowledge and expectation of today and are subject to certain risks uncertainties an assumption related the fact is that may cause actual results to differ materially and those anticipated than the forward looking state me we offer no assurance that these expectations and believe will proved to be correct a detailed discussion of such risks and uncertainties are contained in a file and with the fcc including our most recent annual report on the formed ten pay for the year ended december thirty first twenty twenty two you should refer and considered these factors when relying on such forward looking information the company does not undertake and expressly disclaim any obligation to update or author of forward looking statements weather as results of new information future of them or otherwise except as required by applicable law on the call will refer to adjust that he the dup a non gap measure that when used in combination with gap result provide us and our investors with additional analytical pools the understand or operation for just the the the dog with provided reconciliation to the most directly comparable gap financial measure in our earning sexually which will be posted on the invest film release and section of our website and power of dot com and with that i would like to introduce pathak chief executive officer teeth and cat
spk_2: beg your camera and good afternoon everyone we greatly appreciate you taking the time to join our from today's call we will discuss our operating highlights and financial results for the fourth quarter and four year ended december thirty first twenty twenty two additionally we will provide an update on our business and highlight areas we are focused on as be target a return to growth after my opening statement or three a o a journey will get summary of our financial results for the fourth quarter in full year ended december thirty one twenty twenty two following are prepared remarks will move into the culinary portion and i am for any questions that were priest admitted prior to this call with that i would now like to walk you through the reason highlights we are encouraged by a sequential quarterly growth as our revenue reported for the fourth quarter twenty twenty two with seven percent greater than what we reported for the third quarter of twenty twenty two our customers are adapting to medicare cam and enjoying their experience with it as the feedback we have received has been positive as we approach the one year anniversary of the addition of the many damn product to are offering we anticipate that subscription revenue related to manage them will increase and future quarter's as deferred revenue generated from know subscriptions is recognized we believe our efforts to wrap twenty twenty two to streamline expenses to better align with overall macro economic conditions and invest in a measured way that ensured responsible cash management of started the pay up as a result the revenue increased in our losses decreased from the third quarter of dwyane wade to to the fourth quarter of twenty twenty two
spk_3: are operating expenses that percentage of revenue declined to one hundred and twenty nine percent for the fourth quarter of twenty twenty two vs a hundred and forty percent for the third quarter of twenty twenty two demonstrating or improved operating efficiencies were also continuing to work with our investment bank drew from the next point strategic opportunities
spk_2: including but not limited to potential mergers and acquisitions of other assets greg to these are synergistic to our business which we believe will increase shareholder value i team remains focused on user retention and monetization which collectively aren't and increase user engagement and revenue opportunities additional technology enhancement to features that and games such as our gaming lobby are all intended to increase would tend to use it in avenue i would also like to take this time to update every one on our cotton infringement lawsuit against webex communications and cisco webex llc and cisco systems inc us district court for the western district of texas as we have previously disclosed a markman hearing took place on february twenty fourth twenty twenty two on september seventh twenty twenty two the united states patent office issued a reexamination of us at number six six eight three eight five eight and on january nineteen twenty twenty three d examiner issued an ex parte de reexamination certificate ending the reexamination and confirming that patentability of claims one through ten of us bad number six six eight three eight by eight the trial is now scheduled for early third quarter of twenty twenty three our cash position as of december thirty one twenty twenty two remain strong at forty point seven million dollars which we believe puts us in a good position as we seek a return to profitability we plan to continue to develop our consumer application platform to defend our intellectual property and of which we will continue to provide updates when publicly available pursuant to our stock repurchase plan that authorizes us to repurchase up to one point seven five million dollars of the companies common stock we we purchase six hundred and four thousand eight hundred made shares of the comics back during the year ended december thirty one twenty twenty two and an average price per share of day dollars sixty five or an aggregate amount of approximately nine hundred ninety eight thousand dollars i trust this give you some insight into the company initiatives we have implemented in order to conserve cash as we look to increase our subscribers these are engagement and returned to positive cash flow and pop ability to build stockholder value now i'd like to pass it to care of for financial flummery of our fourth quarter and four year ended december thirty one twenty twenty two
spk_4: thank you taste and
spk_1: our results of operations for the three months ended december thirty first twenty twenty two was followed revenue for the three months ended december thirty first twenty twenty two decreased the two point eight million compared to three point one million for the three months ended december thirty first twenty twenty one of no a quarterly revenue at two point eight million reply i did in the fourth quarter of twenty twenty two increase sequentially and two point six million appointed in the third quarter of twenty twenty two lot from operations to the three months ended december thirty first twenty twenty two increased by approximately eight hundred thousand to a lot of eight hundred thousand compared to income from operation a ten thousand for the three months ended december thirty first twenty twenty one net loss to the three months ended december thirty first twenty twenty two increased by approximately half a million dollars to a loss of approximately half a million dollars compared to a net loss of five thousand dollars for the three months ended december thirty first twenty twenty one and adjusted a the death of the three months ended december thirty first twenty twenty two decreased by i personally point three million to an adjusted ebitda law of point five million compared to adjusted ebitda lot of point two million for the three months ended december thirty first twenty twenty one and now turning to our results of operations for the full year ended december thirty first twenty twenty kale revenue for the year ended december thirty first twenty twenty two decrease to eleven million dollars compared to thirteen point three million for the year ended december thirty first twenty twenty one is decrease was mainly driven by a decrease in subscription revenue and advertising revenue in addition there was no technology services avenue reported for the year ended december thirty first twenty twenty two as a result the determination of our partnership with open props and formerly known as you now lost her operations for the year ended december thirty first twenty twenty two increased by four point two million to a lot of three point seven million compared to income from operation of half a million for the year ended december thirty first twenty twenty one net loss for the year ended december thirty first two twenty twenty two increased by four point seven million to a lot of three point four million compared to net income of one point three million for the year ended december thirty first twenty twenty one adjusted ebitda for the year ended december thirty first twenty twenty two decreased by three point nine into an adjusted ebitda law a few point six million compared to positive adjusted ebitda of one point three million for the year ended december thirty first twenty twenty one casting cats equivalent totaled four point seven million dollars at december thirty first twenty twenty two a decrease of five point nine mils and compared to twenty one point six million at december thirty first twenty twenty one and currently the company has no long term that on it's balance sheet we will now moved onto the questions that were previously submitted the first question nice to see the sequential increase and quarterly revenue any color on the driving factor
spk_2: as i mentioned as we approach the one year anniversary of the many game product to are offering we anticipated subscription revenue related the many game will increase in future quarters as deferred revenue generated from most subscriptions was recognized
spk_1: our second question with fourteen point seven million and pass fill will you renew or found your share buyback program
spk_2: our current share buyback plan actually expires march twenty ninth and at that time the board we'll reevaluate the by back
spk_1: ethan back to you to close out the presentation
spk_2: thanks everyone for your support and for joining us today we're very grateful for your interest in our business we look forward to updating the market and are stockholders with our progress from our business initiative pending pat medication against go where back for and potential strategic agreed of acquisitions which we continue to identifying analyze have a great day
spk_0: thank you everybody this stuff country today's conference call you may disconnect your phone lines at the time and have a wonderful day thank you for your participation
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