Mobivity Holdings Corp. (OTCQB:MFON) Q2 2023 Earnings Call Transcript August 14, 2023 5:00 PM ET
Company Participants
Tom Akin – Chairman
Dennis Becker – CEO
Kim Carlson – COO
Operator
Good afternoon, everyone, and welcome to the Mobivity Second Quarter 2023 Earnings Results Call. Hosting the call today are, Tom Akin, Chairman of the Board; Kim Carlson, Chief Operating Officer; and Dennis Becker, Chief Executive Officer.
Before I turn the call over to management, I’d like to call everyone’s attention to the company’s safe harbor policy. Please note that certain statements made on this call will be forward-looking statements, which are subject to considerable risks and uncertainties. We caution you that such statements reflect the management’s best judgement based on factors currently known and that the actual results or events could differ materially. Please refer to the documents filed by the company from time to time with the SEC, and in particular, its most recently filed annual report on Form 10-K. These documents contain and identify important risk factors and other information that may cause actual results to differ from those contained in the forward-looking statements. Any forward-looking statements made during this call are being made as of today. If the call is replayed or reviewed after today, the information presented during this call may not contain current or accurate information. Except as required by law, the company assumes no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if the new information becomes available in the future.
Today’s call may include non-GAAP financial measures, which require a reconciliation to the most directly comparable financial measures, which are calculated and presented in accordance with GAAP that can be found in today’s press release, along with our recent corporate presentation, which is also available at mobivity.com.
With that said, I’d like to turn the call over to Tom Akin. Tom, the floor is yours.
Tom Akin
Thank you, operator. And, hello, everyone, and thank you for joining us today for Mobivity’s Q2 2023 earnings call. Over the last 18 months, under the leadership of Dennis Becker, Mobivity has undertaken the mission of transforming its business to focus on Connected Rewards, a platform that connects game and app publishers with brands to drive customer acquisition and retention. I want to thank Dennis for his efforts and his leadership in that effort.
The response to Connected Rewards has been overwhelmingly positive from both the brands and publishers. Demand is robust, and our pipeline and addressable market continues to grow. With Connected Rewards, game publishers are experiencing positive returns on their ad spend and game install volume has grown in an exciting way. Dennis played a critical role in crystallizing the opportunity, identifying key hires to establish the platform and bringing us to where we are today.
It is because we are so confident in the value of Connected Rewards that we, along with Dennis, have chosen to find a new leader who can shape the path into this new and exciting market. A formal CEO search is underway for an industry leader to lead the company through the next phase of our evolution, and an interim leader will be named in the near term.
I’ll now hand the call over to Dennis for a few comments, followed by Kim Carlson, our new COO, who will discuss details of our continued business transformation. Dennis?
Dennis Becker
Thank you, Tom, for your kind words and recognition. It’s been an incredible journey over the last 18 months with the dedicated Mobivity team. From the moment we envisioned Connected Rewards, I knew we were on to something game-changing. The fusion of game and app publishers with powerful brand partnerships not only holds the promise to redefine customer acquisition and retention, but also transforms the way consumers interact and engage with their favorite brands.
As I transition from my role, my belief in Mobivity’s potential and the impact of Connected Rewards has never been stronger. The company has an incredible new management team leading all key areas of the business and new leadership at the CEO position will bring the necessary domain expertise and fresh perspective to take Mobivity to the next level. I’m so very grateful to our team, partners and shareholders who have steadfastly supported the transformation of our business over the past 1.5 years.
I’ll now hand the call over to Kim for a more detailed update on our progress.
Kim Carlson
Thank you, Dennis. During the second quarter, we accelerated the transformation of our business by hiring key leaders across the company in engineering, product, brand, restaurant strategy and finance that will drive the momentum we are currently experiencing. Each of these executives has their industry expertise and experience to address the markets we serve and advance Connected Rewards to the next stage.
With the right people, we are laying the groundwork to accelerate the adoption of Connected Rewards and advance our strategy. We remain committed to further developing Connected Rewards to ignite growth and double our revenue run rate. This platform is shaping our future, and we are increasingly optimistic about the prospects for broader adoption. The addressable market for the Connected Rewards product is massive, and we’ve made significant advancements in product and technology to position ourselves for success.
To-date, we’ve launched Connected Rewards for user acquisition, offering real rewards for downloading and playing a game. Connected Rewards for in-game achievements, where games offer real-world rewards for winning enough games or achieving a certain level and on-premises Connected Rewards where real-world rewards are offered at the brick-and-mortar location for downloading a game or interacting with content.
Each of these business lines is many times more profitable than our legacy text messaging business, and we expect to see significant growth from these applications and others that will launch through the second half of the year. Moreover, as we scale, we are building a rich database of contact and mobile game preferences that will provide valuable analytics to improve future campaigns and increase the value we provide to our customers.
I’ll now turn the call back to Tom for closing remarks.
Tom Akin
Thanks, Kim. We’ve chosen not to discuss the financials in detail. Instead, I’ll direct you to our press release and the 10-Q. We believe the company is well positioned to capitalize on the advances we’ve made in the first two quarters of this year. We are increasingly optimistic about the prospects for our business, given the enormous opportunities to connect brands with great — with game developers and advertisers through Connected Rewards. I am confident that we now have the right people in the right roles as we roll out new capabilities with the platform. We will gain traction and achieve rapid, scalable and sustained growth. Thanks.
I’ll turn the call back over to the operator for Q&A, please.
Question-and-Answer Session
Q –
Operator
Thank you. [Operator Instructions] Well, this concludes our question-and-answer session. I’d like to turn the conference back over to the management team for any closing remarks.
Tom Akin
Well, I want to thank everyone for joining us on today’s call, and I look forward to updating everyone on our Q3 progress. Thank you much.
Operator
Thank you. This concludes today’s conference call. We thank you all for attending today’s presentation. You may now disconnect your lines, and have a wonderful day.
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