ACCESS Newswire Inc.

Good afternoon. Thank you for standing by. And welcome to the Issuer Direct Corporation fourth quarter and year-end 2021 earnings conference call. Today's call will be conducted by the company's founder and chief executive officer, Brian Balburnie, its chief financial officer, Tim Pitoniak, and its VP of finance and controller, Steve Nehr. Before I turn the call over to Mr. Brian Balburnie, I'd like to read you the company's abbreviated safe harbor statement. I'd like to remind you that statements made in this conference call concerning future revenues, results from operations, financial position, markets, economic conditions, product releases, partnerships, and any other statements that may be construed as a prediction of future performance or events are forward-looking statements which may involve known and unknown risks. uncertainties, and other factors which may cause actual results to differ materially from those expressed or implied by such statements. Non-GAAP results will also be discussed on the call. The company believes that the presentation of non-GAAP information provides useful supplementary data concerning the company's ongoing operations and is provided for informational purposes only. With that said, Mr. Balbirnie.

Thank you, operator. Good afternoon, everyone. And thank you for joining us today to discuss the company's fourth quarter and year end 2021 results. Just a few minutes ago, we issued a press release announcing our results for the quarter and full year, a copy of which is available in our newsroom for reference during today's call. I'm very pleased with our fourth quarter results, which capped off an incredible year for issue direct. Specifically, fourth quarter revenues were up 21% year over year, which also drove increases in gross margins, net income, and EBITDA. As a result, we were able to deliver a record year in revenues of $21,883,000, up 18% from $18,526,000 last year. We also ended the quarter with a total customer count of 3,667, up 14% from 3,226 last year. And we were virtually spot on to our goals of 500 platform ID subscriptions, ending the year with 497, delivering 99 new subscriptions in the quarter, which also was a record number for us. And lastly, AccessWire was up 40% over the prior year quarter in revenues. Before we turn the call over to Steve for his prepared remarks on the quarter, I want to introduce you to Tim Petaniak, our new Chief Financial Officer. I also want to thank Steve for his passion, dedication, and hard work over the years. Steve, we look forward to your continued service as the new VP of Finance and Controller for Azure Direct. With that, Tim.

Thank you, Brian, and good afternoon, everyone. I'm excited to join the Issue Direct team, and I look forward to working with Brian, Steve, and the rest of the organization to drive key initiatives over the coming years. Before I turn the call over to Steve to walk through the details, I wanted to point out some highlights for the fourth quarter and year ending 2021. As stated in the earnings released today, we achieved record revenues, EBITDA, and cash flows from operations throughout 2021. Revenue for the fourth quarter of 2021 increased $974,000, or 21% compared to Q4 of 2020. For the full year ending 2021, revenue increased $3.4 million, or 18% compared to 2020. Looking at some non-GAAP metrics, EBITDA for the fourth quarter of 2021 was $987,000 or 17% of revenue compared to $745,000 or 16% of revenue during Q4 of 2020. For the full year of 2021, EBITDA was $5,252,000 or 24% of revenue compared to $4,122,000 or 22% of revenue during 2020. Non-GAAP net income was $894,000, or $0.23 per diluted share for Q4 2021, compared to $682,000, or $0.18 per diluted share during Q4 2020. For the full year of 2021, non-GAAP net income was $3,671,000, or $0.96 per diluted share, compared to just over $3 million, or $0.80 per diluted share during 2020. From a cash flow perspective, we continue to generate positive cash flow from operations as we generated over $1.4 million during the quarter compared to $986,000 in the prior year. This brings our total cash flow from operations to $4.7 million for 2021 compared to $4.4 million during the prior year. I will now turn the call over to Steve to walk through the details for the fourth quarter and full year ending December 31, 2021.