iLearningEngines, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to iLearning Engine's second quarter 2024 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to Kevin Hunt, Investor Relations. Please go ahead.

Thank you. Good morning and welcome to iLearning Engine's second quarter 2024 financial results and corporate update conference call. Earlier today, ILE issued a press release announcing financial results for the second quarter ended June 30th, 2024. A copy of this press release is available on the company's website and through our SEC filings. With me today are Harish Shidambaran, our Chairman and Chief Executive Officer, Bala Krishnan, our President and Chief Business Officer, and Farhan Naqvi, our Chief Financial Officer. Before we begin, please note that on today's conference call, we will be making forward-looking statements, including statements relating to guidance, projections, forecasts, revenue growth in EBITDA, adjusted EBITDA, expected operating results, integration of our platform with our clients' existing systems, the diversification of the sources of our revenue, our expectations regarding the size and approximate growth rate of the AI market, our expectations regarding growth opportunities for the company, and the role of the company in the AI industry. Forward-looking statements are neither historical facts nor assurances of future performance, and they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. For a list and description of the risks and uncertainties that we face, please see the reports that we filed with the SEC, including our quarterly report on Form 10-Q for the quarter ended June 30th, 2024. This conference call contains time-sensitive information that is based only on information currently available to us as of the date of this live broadcast, August 13, 2024. The company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of the conference call, except as may be required by applicable securities laws. During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules, such as EBITDA and adjusted EBITDA. Reconciliations of these non-GAAP financial measures to GAAP measures and certain additional information are also included in today's earnings released in related supplemental slides, which are available in the investor relations section of our company website at www.ilearningsengines.com. I will now hand over the call to Harish.

Thanks, Gavin, and thank you to everyone for joining us today for our first earnings call as a public company. It was a quarter of significant achievements and milestones for iLearning Engines. In April, we became a publicly traded company after completing our business combination with Arrowroot Acquisition Corporation. In June, we were added to the Russell 3000 and related indices, a significant milestone for a newly public company, and we also secured $20 million in additional debt funding that will help fund our growth plans. Today, we're pleased to report our second quarter results. We generated revenue of $136 million in the quarter, a 33.9% year-over-year increase as compared to the same period in 2023, and produced $4 million of adjusted EBITDA. We added over 100 new end customers and 176,000 end users. Our CFO, Farhan Naqui, will provide details on the financials in a few minutes. But for those of you who are not familiar with iLearning Engines, I wanted to start today's call with a high-level overview of the company. iLearning Engines, or ILE, is a leading applied AI platform for learning and work automation. ILE enables enterprises to rapidly productize and deploy a wide range of AI applications and use cases, what we call AI engines, at scale. The platform is powered by proprietary, vertical-specific AI models and a no-code AI canvas to drive rapid, out-of-the-box deployment while offering low latency and high levels of data security and compliance. In sum, iLearning Engines is a pure-play AI company. Our applied AI platform is solving real customer problems today. We were an AI platform at scale and solving real customer problems and use cases even before the Gen AI craze. We have been delivering AI solutions for learning and work automation at scale for over five years now. We built our proprietary AI technology and vertical specific small language models for dozens of use cases across 12 vertical markets, including healthcare, education, insurance, retail, energy, manufacturing, and public sector. Our platform allows enterprises to connect to all the different systems within the enterprise, collect the content and data that is there, and put that all into an AI knowledge cloud. That AI knowledge cloud and our no code AI canvas then powers various use cases and hyper automation apps or AI engines to solve high impact customer problems within the enterprise. These AI engines can be deployed quickly in weeks to months versus a year or longer with potentially millions invested for many internally developed corporate AI projects. And we are doing this at scale. We generated 421 million in revenue in 2023, and we have generated positive adjusted EBITDA every year since 2020. We have a diversified customer list of over 1,000 end customers and 4.9 million end users that are benefiting from our AI platform today. Let me turn it over to Bala, our President and Chief Business Officer, to walk you through a few case studies that will provide a better understanding of how companies are using iLearning Engine's technology to solve their problems.