Recruiter.com Group, Inc.

Earnings Conference Call. As a reminder, this call is being recorded and all participants are in a listen-only mode. We will open the call for questions and answers following the presentation. On the call today are Recruiter.com's Chairman and CEO Evan Sohn, CFO Judy Crandall, and President and COO Myles Jennings. The company would like to remind everyone that various remarks about future expectations, plans, and prospects made on today's call constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Critter.com cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated, including risks described in the company's filings of the SEC. Any forward-looking statements made on this conference call speak only as of today's date, Monday, November 14, 2022. Recruiter.com does not intend to update any of these forward-looking statements to reflect events or circumstances that occur after today. A replay of today's conference call will be available through the Investor Relations section of Recruiter.com's website at investors.recruiter.com. With that, I'd like to turn the call over to Recruiter.com's Chairman and CEO, Evan Sohn, for opening comments. Please go ahead.

Thank you, Kieran, and welcome to everyone on the call today. I will start the call today with a brief introduction and then hand it off to Judy to review the financials. Miles will then go into some more detail on our core business operations and strategic plan. After that, we will open it up to questions from the audience. For those of you new to the company, a brief overview of our company. Recruiter.com provides on-demand recruiting solutions for employers looking to hire talent. We offer a new alternative to traditional headhunters and recruiting and staffing providers. Our on-demand recruiting solutions are more flexible than most traditional services, offering employers the ability to ramp up and down at will. We are focused on offering recruiters on an on-demand basis. talent acquisition professionals ready to help employers hire and augment their existing recruiting teams. Our recruiters have been trusted by companies like Zoom, Pfizer, ADP, Cerner, Dentsu, and many others. In the third quarter, we delivered 11% year-over-year revenue growth and showed a modest 2% sequential decline. We continue to execute against our 2022 objectives and plans, and further prioritize the management of our operating expenses to optimize for profitability. With our recently announced strategy being implemented, we are now focused on our segments with the strongest operating margins and client demand. We executed certain cost reductions aimed to accelerate profitability and are concentrating our efforts on our strongest growth drivers. In a more volatile business environment, we are focused on driving efficiencies and communicating the ROI of our solution to the market. We are focused on delivering great results for our clients in the most efficient way possible. While we improve our business, we also continue to explore strategic opportunities for the company, and we expect to have additional updates in the near future. I will now turn the call over to Judy, our CFO, to discuss our financial results. Judy?

Thanks, Evan. Revenue for the third quarter of 2022 totaled $6.97 million, an 11% increase over the third quarter of 2021. This growth was primarily driven by increased demand for our recruiters on demand service line. Growth profit for the third quarter of 2022 was $2.2 million, a 4.9% decrease compared to the comparable period of 2021. This reflects the company's shift away from permanent placement to focus resources on our on-demand business. Growth margin percentage fell to 31.45% versus 36.82% in the third quarter of 2021. Growth margin was again affected by the reduction in permanent placement and a pickup in lower margin on-demand talent revenue. Total operating expenses for the third quarter were $7.6 million, a 14% decrease compared to the operating expenses of 8.9 million in the third quarter of 2021, due primarily to the ongoing efficiencies gained from the integration of staff and assets from our 2021 acquisition. Net loss for the third quarter was 5.6 million, a 26% improvement compared to a net loss of 7.7 million in the third quarter of 2021. In Q2, we began to capitalize our product development expenses in accordance with GAAP policies, and we plan to continue this as a best practice going forward. During the third quarter, we again invested and capitalized our product development. Overall, we incurred an adjusted EBITDA loss of approximately $1.5 million. With that, I will turn it over to Myles to discuss our business operations. Myles?