ShiftPixy, Inc. (NASDAQ:PIXY) Q1 2019 Earnings Conference Call - Final Transcript

Jan 11, 2019 • 08:30 am ET


ShiftPixy, Inc. (NASDAQ:PIXY) Q1 2019 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the ShiftPixy Fiscal First Quarter 2019 Financial Results Conference Call. All participants will be in listen-only mode.

I'll now turn the call over to Vance Edelson with ICR.

Vance Edelson

Thank you very much and welcome everyone to this morning's call. I'm here with ShiftPixy's CEO, Scott Absher; and CFO, Patrice Launay.

Before we begin, I want to remind everyone that today's call will contain several forward-looking statements, all of which are subject to risks and uncertainties and the Company assumes no obligation to update or revise any forward-looking statements. These risks and uncertainties some of which are described in today's press release and in the Company's SEC filings could cause actual results to differ materially from those in the forward-looking statements.

On today's call, management will be referring to the certain non-GAAP financial measures. These non-GAAP measures allow investors to analyze operating trends and compare results of operations in the current period to prior results based on the Company's fundamental performance. Also, any comparisons made today to prior-period results are based on the comparison to the same period in the prior year unless otherwise stated.

Within the past hour, ShiftPixy released its financial results for the fiscal first quarter of 2019 ended November 30, 2018. If you do not have a copy of the press release, please visit the Investor Relations section of the Company's website.

With that, it is my pleasure to turn the call over to Chief Executive Officer, Scott Absher.

Scott Absher

Good morning, everyone. Thank you for joining the call at this exciting time for ShiftPixy, and I'm delighted you could be with us. It's been only 6 weeks since we last hosted a conference call, so we'll keep our comment brief. I'll begin with a quick background on our Company for newer investors, before I share the highlights of our first quarter performance. I'll then turn it over to Patrice, who will walk us through our financial results in more detail. As always, we'll close with a Q&A session.

ShiftPixy is a staffing enterprise focused on both businesses and workers in the new Gig Economy. The restaurant and hospitality industries account for roughly half of the workers in the fast-growing US part-time labor market and that's where we've elected to focus in these early days for our Company.

Our goal is to bring a proprietary, sophisticated and compliance-oriented technology platform to the Gig Economy aimed at helping businesses with numerous often burdensome requirements, such as those related to workers' compensation, paid time-off accruals, payroll taxes, benefit plans, unemployment taxes and claims and more.

ShiftPixy is assuming a significant part of the employer status in the relationship to the workers and managing the compliance aspects as well. We're also endeavoring to enable workers to secure additional shifts. As a result of this approach, our clients can gain ready access to a flexible employee base with the confidence the compliance requirements are satisfied. Meanwhile, the workers on our platform, or shifters as we call them, can gain