Local Bounti Corporation

Good morning and welcome to the Local Bounties Second Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please also note today's event is being recorded. At this time, I'd like to turn the conference call over to Jeff Sonick, Investor Relations at ICR. Please go ahead.

Thank you and good morning. Today's presentation will be hosted by Local Bounties co-CEOs, Craig Hurlburt and Travis Joyner, President Brian Cook, and Chief Financial Officer Kathleen Balasek. The comments made during today's call contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are considered forward-looking statements. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results discussed in the forward-looking statements. Some of these risks and uncertainties are identified and discussed in the company's filings with the SEC. We'll also refer to certain non-GAAP financial measures today. Please refer to the press release, which can be found on the Investor Relations website, investors.localbounty.com. for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures. With that, I'd now like to turn the call over to Craig Hurlburt, Co-CEO.

Thank you, Jeff, and good morning, everyone. We made important progress on our commercial facility expansion during the second quarter and demonstrated solid sequential improvement in our financial performance, which has us on track to meet our goals for 2022. The integration of Pete's is progressing extremely well. We had great engagement across the organization, and I have been very impressed by our team, our expanded capabilities, and our growing depth of technical knowledge. We recently completed a leadership offsite with 22 local bounty leaders from all four corners of our business. Our goal was to get everybody on the same page and to build out our tactical plan for the next 24 months. The event was a huge success, and to a person, our team is more committed to the future today than ever before. We continue to bring fresh thinking and solutions to the industry and are implementing new elements in real time that accelerate our build-out schedules and drive higher crop turns, the combination of which support our unwavering focus on on capital efficiency. All of this leads to Local Bounty providing much needed financial leadership in our industry. Capital efficiency continues to be at the forefront of our strategy, directing capital towards revenue generating activities. This was a foundational element of our strategy in acquiring PEATS, which brought three facilities into our production network, cemented our presence in the West Coast market with its two California locations and added improved bi-coastal service to customers via the new Georgia facility that just commenced operations last month. We expect strategic acquisitions to play an important complementary role in our long-term facility expansion strategy as we balance visibility of demand from existing retailers against construction timelines. Our ability to utilize existing assets and integrate stack and flow is a significant advantage in our efforts towards rapid scale-up and achieving greater market penetration. However, we will also continue to pursue greenfield build-outs where appropriate, and we are excited to announce the location of our next facility, which will be in eastern Texas. This location is will augment our ongoing Georgia build-out and cement our presence across the southern United States as we fortify our relationships with key retailers. We have also made great advancements in our technology, both in terms of its performance as measured by yield, as well as expanding the addressable market for those technologies. Our co-CEO, Travis Joyner, will speak to some of these developments in his remarks. And on the product innovation front, our president, Brian Cook, will provide commentary around some tests in adjacent product categories that we are really excited about and provide an update on our various construction projects before Kathy concludes with her financial review. With that, I'll pass it over to Travis.