Research Solutions, Inc

Good afternoon, everyone, and thank you for participating in today's conference call to discuss research solutions, financial and operating results for its fiscal fourth quarter and full year ended June 30th, 2021. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, John Basler, Investor Relations. Please go ahead, sir.

Thank you, Carl. Good afternoon, everyone. Thank you for joining us today for Research Solutions' fourth quarter and full year fiscal 2021 earnings call. With us today, we have Roy W. Olivier, the Financial Officer. After the market closed this afternoon, the company issued a press release announcing its results for the fourth quarter and full year fiscal 2021. That release is available on the company's website, researchsolutions.com. Before Roy and Alan begin their prepared remarks, I would like to remind you that some of the statements made today will be forward-looking and made under the private securities litigation reform act of 1995. Actual results may differ materially from those expressed or implied due to a variety of factors. We refer you to the research solutions filings with the SEC for a more detailed discussion of the risks that could impact the call, could impact the company's future operating results in financial financial conditions. Also on today's call, management will reference certain non-GAAP financial measures, which we believe will provide useful information for investors. Reconciliation of those measures to GAAP measures is included in the earnings press release issued this afternoon. Finally, I would like to remind everyone this call will be recorded and made available for replay via a link on the company's website. I would now like to turn the call over to Roy W. Olivier.

Roy? Thank you, John. And thanks to everyone for joining us and for our fourth quarter and fiscal 2021 results. Our fourth quarter results reflect the continued momentum in our business. Overall, we met or exceeded our targets for the quarter and the year regarding new customer platform deployments, platform upsells from existing transaction customers, and upsells of existing platform contract renewals, as well as churns. Over the past two years, we have added more than 250 net new platform deployments, including 152 in fiscal 2021. Net new deployments for the quarter were the second highest ever, trailing only the prior quarter. And deployments from customers completely new to Research Solutions was the highest in the company's history. I'd like to start by taking a few minutes to provide an update on the key priorities that were part of my first 100-day review when I became interim CEO. I described those items during several investor calls and at two separate conferences earlier in the year. Those items were, first, complete strategic planning exercise focused on how to accelerate growth. This was the most expansive priority in terms of the review. It included addressing questions around accelerating growth, addressing transaction churn, looking at new markets, expanding our product value proposition, and developing a strategic acquisition strategy. We have completed the review in each of those areas, and in the short term, much of our efforts to accelerate growth organically will be targeted at adding additional sales and development resources, to improve sales results and accelerate product development. While we have taken steps to address transaction churn, we expect this to continue to be a headwind on overall results. There are many reasons for this, one of which is that the platform works very well and our customers see a material decline in their transaction costs year over year. Our primary focus will be on growing recurring revenues from where they are today to over 20 million in three years and keeping transaction revenues relatively flat. From a market's perspective, our historic focus with platforms has been in the corporate segment. We will continue to focus in this area and we'll be expanding the number of vertical markets we serve in this segment, which drives much of our growth currently. In mid fiscal 2022, we will be launching a new product focused on the academic space. That product is in soft launch now, and we are getting good traction with it. From a product perspective, we are also expanding our offering in two ways. As a reminder, we consider the high-level research process to be discover, acquire, manage, and create. So first, we are moving to a good, better, best offering with our ArticleGalaxy platform. And second, we are expanding from a primary focus on document delivery or acquire to offering tools at various points in the research cycle. Those include improving our value in the discovery and manage phase in fiscal 2022, followed by functionality to help create intellectual property in fiscal 2023. Regarding acquisitions, we have made good progress and have had several productive conversations with exciting opportunities that would fit well into our business and product strategy. I'll report more on that later in the call. Second, we reviewed the current business with an eye toward growth, operational efficiency, and to position the company to integrate acquisitions quickly. We have completed this review and are in the process of implementing several initiatives intended to eliminate silos and improve productivity across the business. Those include updating our accounting system, rolling out Office 365, improving our CRM systems, and developing improved internal reporting around platform usage and analytics. The platform usage and analytics reporting will also be a feature available to customers in a future release. Third, I indicated we wanted to review and update the vision, mission, and company values in order to attract and retain the talent we need to accelerate growth. We have completed that work and we are starting to release the updated vision, mission, and we'll complete the work on updated company values shortly. You will start to see some of those changes reflected on our company website and other external marketing materials in the coming weeks. And lastly, we indicated that we wanted to review and update our IR plan with a focus on expanding our shareholder base and working to garner additional analyst coverage. We have completed our initial review and have two firms providing analyst coverage at this time. and we will continue to focus on executing a proactive IR strategy going forward. Overall, I consider fiscal 2021 to be a successful year for Research Solutions, with many pieces in place that will set up the company well for fiscal 2022. I will give additional detail on the various initiatives we are implementing in a moment, but first, I'd like to pass it over to Alan to walk you through our fiscal fourth quarter and 2021 year-end financial results in detail. Alan?