11/13/2023

speaker
Operator
Conference Call Operator

Good day, ladies and gentlemen. Today we are hosting a conference call to discuss the 2023 third quarter financial results for VIQ Solutions Incorporated. Currently, all participants are in a listen-only mode. For those that dialed in, should you require any assistance during the call, please press star then zero on your touchtone phone. We will have a question and answer session at the end of the call, at which time all participants wishing to ask a question will be instructed to press star 1 and identify themselves before asking a question. Your host for today is Audrey Liu, Corporate Finance Controller for VIQ. Please go ahead.

speaker
Audrey Liu
Corporate Finance Controller

Thank you. Good morning, everyone, and welcome to VIQ Solutions' 2023 Third Quarter Results Conference Call. Before we begin, I would like to point out that certain statements made on today's call contain forward-looking information subject to known and unknown risks, uncertainties, and other factors. For a complete discussion of the risks and uncertainties facing VIQ, we refer you to the company's MD&A and other continuous disclosure filings, which are available on CDAR at cdar.com and on sec.gov. As a reminder, all dollar amounts are in US dollars unless otherwise stated. With us today, we have Sebastian Paré, CEO, Susan Sumner, President and COO, and Alexi Edwards, CFO at VIQ. I will now turn the call over to Sebastian Paré to begin. Sebastian?

speaker
Sebastian Paré
Chief Executive Officer

Thank you, Audrey. Welcome, everyone, to our third quarter of 2023 earnings call. In Q3, we continue to adapt to industry and market conditions that continue to evolve, including foreign exchange rates and labor shortages, particularly in Australia. These challenges are largely in the mirror view now, but they did create significant impact in the quarter for both the acceleration of the revenue and the abatements that have impacted our bottom line. The implementation of NETSCRI, powered by AI Assist, is critical to mitigate the labor risk in the coming years. Amid such industry challenges, the urgent need to digitize has never been so clear and pressing. The pressure on customers and many resellers to bring in new technology workflow and proven AI to increase productivity to meet growing volume is reflected in VIQ recent solid bookings for NetScribe AI Assist and the sales pipeline for AI solutions in Q3 with trends getting stronger and stronger. Demand continues to be high for AI-enabled transcription and translation technologies. This is evident in our healthy backlog that represents approximately 45 days of law enforcement work in Australia alone. While certain challenges have limited our ability to fully recognize this backlog, our bookings remain really strong, and proof of recovery underscores the resilience in the industry and of the IQ. The third quarter represents the last comparable quarter against the prior Queensland Courts Department of Justice and Attorney General, known as DJAG, contracts, which created challenges in comparative metrics throughout the whole 2023. Excluding the DJAG contract and the negative impact of foreign exchange, the VIQ will have reported positive year-to-year, year-to-date revenue growth of 1.2% over the comparative period in 2022. I will now pass the call over to Susan to discuss our operating results and great details. Susan.

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