Symbotic Inc.

Good day, and thank you for standing by. Welcome to the Symbiotic Third Quarter 2022 earnings call. At this time, all participants are in listener-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you'll need to press star-1-1 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jeff Evanson. Please go ahead.

Good afternoon, everyone. Thank you for joining Symbotic's third quarter fiscal 22 financial update. I'm Jeff Evanson, Vice President of Investor Relations and Corporate Development at Symbotic. Our press release presentation and discussion today will include forward-looking statements based on assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements, including as a result of the factors described in cautionary statements and risk factors in Symbiotics financial release and regulatory filings with the SEC, by which any forward-looking statements made during this call are qualified in their entirety. In addition, during this call, certain financial measures may be discussed that are not recognized under U.S. generally accepted counting principles. which the SEC refers to as non-GAAP measures. We believe these non-GAAP measures assist management in planning, forecasting, and evaluating our business and financial performance, including allocating resources. Reconciliations of these non-GAAP measures to their most comparable reported GAAP measures are included in our financial press release which has been furnished to the SEC and is available in the investor relations section of our website and in our filings with the SEC. These non-GAAP measures may not be comparable to measures used by other issuers. Today, we'll provide guidance on our fiscal year-end 2022, including revenue and adjusted EBITDA. We're not providing guidance for net loss today, which is the most comparable GAAP financial measure to adjusted EBITDA. We're not able to provide reconciliations of adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of our control and cannot be reasonably predicted, such as provision for stock-based compensation. On today's call, we'll be joined by Rick Cohen, Symbiotics founder and chairman of Michael Leparco, Symbiotics Chief Executive Officer, and Tom Ernst, Symbiotics Chief Financial Officer. These executives will discuss our third quarter financial 22 results and followed by Q&A. With that, I'll turn it over to Rick. Rick?

Thank you, Jeff. Becoming a publicly traded company is a tremendous validation of Symbiotics value. And since becoming publicly listed, the market and our investors have shown they believe in our potential for growth and future success. Our public listing has been 15 years in the making, and achieving this feat was not possible without every Symbiotic employee working hard to help us develop the best solutions and be invaluable partners to our customers. One of the biggest reasons I wanted to take us public was to give our employees the opportunity to be owners of Symbotic and reward our team members who have worked so hard to help us succeed. Now, we are all invested together in our future success. In addition, public company validation and liquid equity help us to attract the best talent among potential employees and supply chain partners. Hiring Michael Leparco as our CEO is one example of our improved ability to recruit top talent. Michael is an accomplished executive, and his leadership is already helping transform Symbiotic from a supply chain innovator into a company that can do many things really well, all in parallel. While the innovation will continue, we are also evolving into a company that can rapidly scale system deployments in a mass production oriented environment. Michael's deep experience at Jabil in developing a wide range of technology partnerships, along with his expertise in manufacturing and supply chain management, are rapidly helping us build our infrastructure to execute successfully at scale. The entire team helped us achieve success with Walmart. And today we have an expanded commercial agreement to implement Symbotic's robotics and software automation platform in all 42 of Walmart's U.S. regional distribution centers over the coming years. The critical deal helps Symbotic to accelerate our becoming public. Now we are just at the starting line of the marathon. In our relentless pursuit to innovate and lead, we know we can keep making transformational changes to the supply chain industry and further prove to our investors and customers that we will be successful in the long term. This is just the beginning of our journey. Michael, can you share some thoughts now as to how we're transforming Symbiotics so we can more rapidly scale system deployments and deliver against our $11.3 billion backlog?