Qumu Corporation

My name is Kurt Wright. I will be your operator this afternoon. Joining us are Kumu's President and CEO Rose Bentley, CFO Tom Krueger, and Matt Glover from Gateway Investor Relations. At this time, all participant lines are in listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone, and that will enter you into the queue. I would now like to turn the call over to Matt Glover. Sir, you may begin.

Thanks, Kurt, and good afternoon, everyone. After the market closed today, Kumu issued a press release announcing its financial results for the third quarter ended September 30, 2022, a copy of which is available in the investor relations section of the company's website. During today's call, management will make certain statements with respect to the company's expected financial results, company's go-to-market strategy, and efforts designed to increase the company's traction and penetration with customers. These statements are forward-looking and involve a number of risks and uncertainties that could cause actual results to differ materially. Please note these forward-looking statements reflect management's opinions only as of the date of this call, and the company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except as required by law. Please refer to CUMU's SEC filings, specifically its Form 10-K and 10-Q, and financial results press release for a more detailed description of risk factors that may affect the company's results. During the call today, management will discuss adjusted EBITDA, a non-GAAP financial measure. In the company's press release and filings with the SEC, both of which are posted on the company's website, you will find additional disclosures regarding this non-GAAP measure, including a reconciliation of this measure with its comparable GAAP measure. Non-GAAP financial measures are not intended to be considered in isolation from a substitute for or superior to GAAP results. The company encourages you to consider all measures when analyzing its performance. I'd like to remind everyone that this call is being recorded and will be made available free play via link available in the investor relations section of Kumu's website. Now I'd like to turn the call over to Kumu's president and CEO, Rose Bentley.

Thank you, Matt, and good afternoon, everyone. And thank you for joining us today. To start off, early in our third quarter, I completed the proverbial first 100 days as Kumu's CEO. As the well-known saying goes, time flies when you're having fun. I am certainly enjoying collaborating with our team, driving meaningful business value for our partners and our customers alike. My first 100 days focus on continuing to execute on Kumu's staff transformation strategy, delivering a best-in-class customer experience, and doubling down on our partner-led go-to-market motion. The strategic investments we made in our customers and our partners' ecosystem over the last 18 months continue to yield strong returns. Additionally, retention and renewals were especially strong during the quarter with renewals coming from Unicredit, Birmingham County Football Club, and Pediatric Oncology Center, Princess Maximum Centrum. From a financial standpoint, during Q3, we built on the momentum we established in the first half of 2022 and delivered solid growth across our key SAS metrics, including SAS revenue, SAS reoccurring revenue, and SAS revenue as a percentage of our top line. Most notably, we generated a 6% increase in SAS revenue and a 7% increase in SAS annual reoccurring revenue, or ARR. As well as, we expanded our SAS revenue as a percentage of reoccurring revenue to 62%. And we were able to deliver these growth results while dramatically reducing our OPEX and cash usage. Overall, Kumu's improving financial results and strong SaaS KPIs reflect the increasing success momentum of our partner-led sales strategy and our current customers growing their investment with Kumu as their trusted provider of live and asynchronous video content. I'll now turn the call over to Tom to provide more details on our Q3 financial performance and key SaaS metrics. Tom?