BM Technologies, Inc.

Good morning, everyone, and welcome to the BM Technologies first quarter and 2024 earnings call. Please note that this event is being recorded. Following management's prepared remarks, we will hold a question and answer session. For those joining us on the webcast, you can submit your questions online where the management team can see them. At this time, I'd like to turn the conference call over to Brian Preneville, Investor Relations for BM Technologies. Please go ahead.

Thank you, Operator, and good morning, everyone. Thank you for joining us for BM Technologies' first quarter earnings call. Before we begin, we would like to remind you that some of the statements we make today may be considered forward-looking. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance results to differ materially from what is currently anticipated. Please note that these forward-looking statements speak only as of the date of this presentation and we undertake no obligation to update these forward-looking statements in light of new information or future events, except to the extent required by applicable securities laws. Please refer to our SEC filings, including our Form 10-K and 10-Qs, for a more detailed description of the risk factors that may affect our results. Copies may be obtained from the SEC or by visiting the Investor Relations section of our website. At this time, I will turn the call over to Lavleen Sidhu, VM Technologies CEO. Lavleen?

Thanks, Brian, and good morning, everyone. Joining me on today's call is A.J. Asija, our CFO, and Jamie Donahue, our President and Chief Technology Officer. Together, we are excited to share with you our financials for the first quarter of 2024 and reiterate our strategy going forward with an emphasis on our technology transformation and growth initiative. We are very pleased that the foundational steps our team took over the last 18 months have begun to show through the financial results. Revenue increased 21% compared to the first quarter last year, and we delivered $1.4 million of positive core EBITDA. This represents a $3.2 million improvement compared to the first quarter of last year. Similarly, first quarter net income of $748,000 was a $5.6 $5.7 million increase compared to the first quarter of last year. AJ will provide further details about the significant financial improvement. However, at a high level, the transfer of deposits to our new Durban exempt partner bank coupled with variable rate deposit pricing in a stabilized interest rate environment contributed to our increased revenue. Additionally, the profit enhancement plan introduced last year is showing year-over-year benefits as we have meaningfully lowered our cost structure. These initiatives delivered improvements throughout the P&L as evidenced by higher revenue, expanding margins, and solid profitability. The first quarter of 2024 represents the fifth consecutive quarter of sequentially improved core EBITDA performance. We're happy about the first quarter results and our progress, and we will continue to pursue the strategies we've discussed over the past year, doubling down on our higher education business and executing on our customer for life strategy. Jamie will provide further updates on our technology modernization efforts that are the precursor to delivering on this plan that positions our company for an exciting future of growth and innovation. The market opportunity remains ripe for growth, The statistics of our core customer market remain the same as what we've discussed in recent quarters, with ample opportunity to deepen customer relationships, increase customer lifetime value, and unlock new revenue streams. This is a unique opportunity only available to BMTX due to our distinctive customer acquisition model and longstanding contractual relationships with colleges and universities across the country. The first quarter marks a return to profitability, but we are not done. We aim to continue enhancing our technology stack to improve the overall user experience with technology and capabilities that appeal to student banking customers and customers beyond their student years. We believe that by executing on our long-term growth strategy, we will be able to build upon a foundation of excellent financial results and continue to drive growth and profitability. I will now hand it over to AJ to review our financial performance in the first quarter in more detail and to provide more context.