Skillz Inc. (NYSE:SKLZ) Q1 2024 Earnings Call Transcript

Skillz Inc. (NYSE:SKLZ) Q1 2024 Earnings Call Transcript May 10, 2024

Skillz Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good afternoon, all. I would like to welcome you all to Skillz Incorporated 2024 First Quarter Results Call. My name is Elliot, and I'll be your moderator for today's call. [Operator Instructions]. I'd now like to pass the conference over to your host, Jim Leahy from JCIR to begin. So Jim, please go ahead.

Jim Leahy: Good afternoon and welcome to the Skillz 2024 first quarter earnings conference call. On the call today are Andrew Paradise, Skillz' Co-Founder and CEO; Casey Chafkin, Co-Founder and CSO; and Gaetano Franceschi, CFO. This afternoon, Skillz issued its earnings release reporting the preliminary unaudited first quarter results, which is available on the company's Investor Relations website. The company is in the process of completing its unaudited interim financial statements and other disclosures for the fiscal quarter ended March 31, 2024. Accordingly, we are announcing preliminary results for the first quarter, which are based on currently available information and are subject to revision as management completes its internal review.

Our independent registered public accounting firm has not finalized its review of these preliminary financial results. In the event, the Company determined it will not file its quarterly report on Form 10-Q by the prescribed deadline that we'll file an extension on Form 12b-25 with the Securities and Exchange Commission. In addition the Company is still in the process of completing its financial statements and other disclosures for the fiscal year ended December 31, 2023. We were not able to file our Form 10-K during a requisite extension period. As a result, we previously announced we received the notice from the NYSE that the Company was not in compliance with NYSE listing standards. The Company is working diligently to complete the necessary work to file the Form 10-K as soon as practicable and currently expects to file the Form 10-K within the six month period granted by the NYSE notice and intends to take all necessary steps to achieve compliance with applicable NYSE listing standards as soon as because our results for the quarter and last year are preliminary and still subject to review and audit by our independent registered public accounting firm.

Actual results may differ from these preliminary financial results and other financial information due to the completion of our internal procedures, final adjustments and other developments that may arise between now and the time the results are finalized. Before I turn the call over to Andrew, please note that some of management's comments today will include forward-looking statements within the meaning of federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, expect, should or other similar phrases are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them.

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We refer you to the company's SEC filings for a more detailed discussion of the risks that could impact future operating results and financial condition. During the call, management will discuss non-GAAP measures, which it believes can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for the Company’s financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in the Company's first quarter 2024 earnings release. With that, I'll turn the call over to Andrew for some opening remarks, followed by Gaetano for a discussion of the Company’s financial performance, before we open the call for questions.

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