Symbotic Inc.

Thank you for standing by and welcome to the Symbiotics First Quarter 2023 Financial Results Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentations, there'll be a question and answer session. To ask a question at that time, please press star 11 on your touchtone telephone. As a reminder, this conference call is being recorded. I will now turn our conference over to your host, Mr. Jeff Evanson, Vice President of Investor Relations. Please go ahead.

Thank you, Valerie. Good afternoon, everyone. Welcome to Symbiotics first quarter 2023 results webcast. As Valerie mentioned, I'm Jeff Evanson, Symbiotics VP of Investor Relations. Our press release 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 factors described in the Cautionary Statements and Risk Factors in Symbiotics Financial Reliefs 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, we will discuss certain financial measures that are not recognized under U.S. generally accepted accounting 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 reporting GAAP measures are included in our financial press release, which is available in the investor relations section of our website and is on file with the SEC. These non-GAAP measures may not be comparable to measures used by other issuers. to be able to provide guidance for the second quarter, including revenue and adjusted EBITDA. We are 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 or cannot be reasonably predicted such as the provision for stock-based compensation. On today's call, we're joined by Rick Cohen, Symbiotics founder, chairman, and chief executive officer, and Tom Ernst, Symbiotics chief financial officer. These executives will discuss our first quarter 2023 results, our outlook, and then we'll follow up with Q&A. So with that, Valerie, oh, I'm sorry, Rick, go ahead.

Yeah, thanks, Jeff. 2023 is off to a great start, and we are excited about our outlook. Again, our results reflect strong execution of our growth opportunity. In our first quarter, the Symbiotic team delivered triple-digit revenue growth and improved both gross profit and adjusted operating margins. I thank our entire team for their hard work and excellent execution. Last quarter, we highlighted our plans to build on our existing base of outsourcing partners. During this quarter, we added additional Tier 1 suppliers to build capacity to meet our growing demand as well as to ensure supply chain and redundancy. These outsourcing partners now span our full deployment process from manufacturing of bots, cells, and lifts to construction and installation. We're excited about our partners' growing contributions as they help us accelerate delivery of systems while maintaining our extraordinary rate of growth. These partnerships will also help us to reduce system costs and streamline deployments. And reduced deployment time creates the capacity to satisfy the high demand of our solutions. In summary, our supply chain continues to improve, costs are moderating, and we continue to attract top talent. Demand for our solutions continues to grow, and our contracted backlog now stands at $12 billion. Now, Tom will discuss our financial performance and outlook. Tom? Thank you, Rick.