MICT, Inc.

Ladies and gentlemen, thank you for standing by. Good morning and welcome to the MICT third quarter 2021 financial results and corporate update conference call. At this time, all participants are in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call through February 15, 2022. I would now like to turn the call over to Scott Gordon, president of CoreIR, the company's investor relations firm. Please go ahead, sir.

Thank you, Tom. Good morning, everyone, and thank you for joining us for the MICT Third Quarter 2021 Financial Results and Corporate Update Conference Call. Joining us today from MICT are Darren Mercer, Chief Executive Officer of MICT, and Moran Amran, Controller. During this call, management will be making forward-looking statements, including statements that address MICT's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in MICP's most recently filed annual reports on Form 10-K, quarterly report on Form 10-Q, Form 8-K filed with the FCC today, and MICP's press release that accompanies this call, particularly the cautionary statements in it. The content of this call contains time-sensitive information that is accurate only as of today, November 15, 2021. Except as required by law, MICT disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn the call over to Darren Mercer, Chief Executive Officer. Darren, please go ahead.

Thank you, Scott, and thank you all for joining us on the call and the webcast today. We continue to deliver strong growth, with third quarter revenue up more than 50% over the second quarter of 2021. We're extremely pleased with the success of our insurance business, where our revenues for this third quarter were nearly equivalent to those of the entire first half of 2021. Our third quarter revenues equate to a run rate of $75 million per annum, which is primarily from our B2B insurance business. To put our growth into context, our insurance vertical has generated revenue of $18.5 million, representing growth of more than 50% over Q2, which in turn was more than 50% up on Q1. We are particularly excited by this performance as we are still in the very early stages of the insurance business's developments. There is a huge potential for continued strong growth, underpinned by the nationwide licence for China that we acquired in February. and enhanced by our recent acquisition of licenses for 130 major cities and provinces covering most of developed China. This valuable portfolio of licenses allows us to process insurance business on a nearly nationwide basis, and as such, we are well positioned to develop relationships into B2B2C partnerships, which will be followed by expansion into direct B2C sales channels. thus enabling us to cross-sell a wide range of products with the aim of driving growth and generating higher margins. In addition, we are in ongoing discussions with a number of nationwide organisations that, if successful, will enable us to launch several more speciality insurance products to be offered on a nationwide basis. Whilst we expect recent pressures on commission levels in the automotive insurance sector to impact on our short-term rates of growth, this should largely be offset by the strong underlying performance of our platform and our revenue growth from other insurance products. The combination of a rapidly expanding insuree database, which is currently estimated to be more than half a million, together with a strong portfolio of licenses with nationwide coverage, and a growing range of insurance products places us in an exceptionally strong position and allows us to benefit from the considerable strategic advantages that we have gained. This, as well as our migration towards higher margin products sold through significantly higher margin channels, gives the Board considerable confidence as we move towards year end and into 2022. Moving on to our stock trading platform. On September 15th, we successfully launched our mobile stock trading app on our proprietary Magpie securities platform, which was the culmination of nearly a year of intensive technological development. We have managed our rollout plan carefully, with an initial focus on a test and learn marketing strategy, allowing us to obtain valuable data and customer feedback so that we could make appropriate improvements and refinements. Notwithstanding the narrow scope of our initial marketing plan, the number of new client registrations and app downloads to date has been extremely promising. Furthermore, the technological performance and functionality of the Magpie app has been enhanced considerably since launch, as we work towards our aim of delivering a superior market-leading product. Having observed the mark's progress achieved to date, we believe it is now the right time for a significant marketing push as we look to gain a sizeable market share. In dealing with the market speculation surrounding the introduction of new regulation with regard to onboarding clients resident in mainland China, it is important to note that Magpie has always been fully compliant with all applicable rules and regulations, and as such, we believe these latest changes are not of concern. That said, our app's upcoming ability to onboard overseas clients with effects from end of November fits with our strategy to target Chinese diaspora initially in Southeast Asia and before then expanding into other territories. To that end, we have been exploring opportunities to acquire the necessary licenses to operate in relevant jurisdictions, and we will keep the market appraised as and when there are meaningful developments. With regards to our commodities platform, which, as we have previously disclosed, has been ready to launch since early September, we had signed a tripartite agreement to launch in partnership with one of China's leading commodity exchanges. As a result of the exceptional volatility in oil and gas prices since September, together with the Chinese government's introduction of a new regulation which is in progress, our partner, to whom we are reliant, wishes to seek clarification around this regulation. In this regard, both we and our partners are currently monitoring the situation awaiting the finalisation of the regulatory framework and improvements in market conditions prior to proceeding with the launch. It is important to note, however, that none of our published financial forecasts include revenue from our commodity business, and therefore any elongation of timelines does not adversely impact either the revenues or earnings figures contained in such projections. Moving on, I am pleased to say that we continue to have a strong balance sheet with around $105 million of cash as of the end of Q3, which provides the resources needed to grow our different verticals and execute on our business plan. Our strong balance sheet will also assist us in making strategic acquisitions as and when we identify suitable value accretive opportunities. And finally, we recently filed a preliminary proxy statement that included a proposal to amend our charter to expand our authorised share count from 250 million shares to 425 million shares. I would like to take this opportunity to urge our shareholders to approve this measure, as it is key and a key component to our growth strategy. While we have, as I mentioned, a very strong cash position, a strong share count is equally as essential to a company's growth to conduct acquisitions more easily, many of which necessarily include some components of the transaction and stock. Rather than viewing this increased share count as a potential dilution, I believe it best to be viewed as a mechanism by which we can better provide our current shareholders with increased value as it enables us to more easily grow as we seek new acquisition opportunities to strategically expand our FinTech offerings. It is for this reason that I recommend you approve this motion in the proxy, and I thank you for your ongoing support of our company's growth. I would now like to turn the call over to Maran Amran for a financial review of the quarter. Thank you.