Smith Micro Software, Inc.

To ask a question, you may press star then one on your touch tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Charles Messman, Vice President of Investor Relations and Corporate Development. Please go ahead.

Thank you, operator, and good afternoon, everybody. We appreciate you joining us today to discuss Smith Micro's financial results for our first quarter ended March 31st, 2023. By now, you should have received a copy of our press release with the financial results. If you do not have a copy and would like one, please visit the investor relations section of our website at www.smithmicro.com. On today's call, we have Bill Smith, our Chairman of the Board, President and Chief Executive Officer, and Jim Kempton, our Chief Financial Officer. Please note that some of the information you will hear during today's discussion consists of forward-looking statements, including without limitations, those regarding the company's future revenue and profitability, our plans and expectations, new product development, new and expanded market opportunities, future product deployments, migrations, and our growth by new and existing customers, operating expenses, and the company's cash reserves. Forward-looking statements involve risk and uncertainty, which could cause actual results or trends to differ materially from those expressed or implied by forward-looking statements. For more information, please refer to the risk factors included on our most recently filed Form 10-K and in subsequent filings on Form 10-Q. Ms. Miker assumes no obligation to update any forward-looking statements, which speak to our management's beliefs and assumptions only as of date they are made. I want to point out that in our forthcoming prepared remarks, we will refer to non-specific financial measures. Please refer to our press release disseminated earlier today for reconciliation of these non-GAAP financial measures. That said, I'll now turn the call over to Bill. Bill?

Thanks, Charlie. Good afternoon, and thank you for joining us today for our 2023 first quarter conference call. As I look at the first quarter, I am quite pleased with the overall progress we made on some of the initiatives that we outlined and discussed during our fourth quarter conference call. First off, on our last earnings call, we reported that we had set a goal to reduce our expenses by $4 million per quarter during 2023 as compared to fourth quarter 2022. We intended to achieve those savings on an expedited basis. We took decisive measures across the entire organization in March to help us reach this goal, taking actions that will result in the elimination of approximately 26% of our global workforce, as well as taking certain other measures that we anticipate will result in achieving our cost reduction goal in the second quarter. This will bring our aggregate non-GAAP expenses to approximately $11 million compared to $14.3 million that we reported in the first quarter. Implementing our plan with such swift action was a challenging task And I am pleased that this alignment of the cost structure will position the company for a return to profitability. Another key initiative was the migration of the AT&T secure family application to the SafePath platform. I am happy to report that we expect to deliver the new build later this month to AT&T for their testing process. which we believe aligns well for a public launch during the third quarter. This is a significant milestone for the company, and we're looking forward to a successful launch. Lastly, I am very encouraged by the increase of new sales activities that I will talk about later in the call. We overhauled our sales organization over the last year under the leadership of Vaughn Cameron, our Chief Revenue Officer, and we are starting to see the benefits of these changes. Before Jim covers the financial results for the quarter, I want to cover a few highlights. The first quarter results came in line with our expectations with revenue for the first quarter of 10.9 million down from 11.4 million we reported in the fourth quarter. We did see our non-GAAP gross margin tick up to 72% this quarter, an upward trend we anticipate continuing in the second quarter. In addition, we continue to drive down our operating expenses with our quarterly non-GAAP operating expense down by about 2.5 million compared to second quarter of 2022 when we started our initial cost reduction campaign. This resulted in a non-GAAP net loss for the quarter of 3.5 million or a loss of six cents per share. Let's now turn the call over to Jim. for a more detailed analysis of our financial results. Jim?