BGSF, Inc.

Good morning everyone and welcome to the BGSF Inc first quarter fiscal 2022 financial results conference call. As a reminder this conference call is being recorded. Now I will turn the call over to Sandy Martin Investor Relations to provide instructions and read the safe harbour statement. Sandy please go ahead.

Thank you. Good morning and welcome to the BGSF first quarter fiscal 2022 earnings conference call. With me today are Beth Garvey, President and Chief Executive Officer, and Dan Hollenbeck, Chief Financial Officer. After the speaker's opening remarks, there will be a Q&A session. As noted, today's call is being webcast live. A replay will be available later today and archived for 90 days on the company's investor relations page. I now want to take a moment to remind you that today's discussion will include forward-looking statements which are based on certain assumptions made by BGSF made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company's actual results may differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in the company's filings and reports with the Securities and Exchange Commission. All risks and uncertainties are beyond the ability of the company to control and the company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. These forward-looking statements are made as of today April 28, 2022, and the company assumes no obligation to update these statements publicly, even if new information becomes available in the future. During the call, management will also reference certain non-GAAP financial measures, which management believes can be useful in evaluating the company's operating activities and business trends related to the financial condition and results of operations. These non-GAAP measures are intended to supplement GAAP financial information and should not be considered as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are provided in today's earnings release posted on the company's website. I'll now turn the call over to President and CEO Beth Garvey. Beth?

Thank you, Sandy, and thank you to everyone for joining us on today's call. I'll begin today's call with a few comments regarding the recent sale of our light industrial segment announced March 1st, 2022, and review operational highlights for our first quarter results. Then I will turn the call over to Dan to provide more detail about our Q1 results and the company's financial position. Finally, I will come back to discuss our 2022 strategic initiatives including an update of the company's enterprise-wide CRM, HR, payroll, and workforce management software platform upgrade. On March 21st, we closed on the sale of our light industrial segment for $32.3 million, which equates to a valuation of 7.5 times buyer-adjusted EBITDA. As I mentioned last quarter, this divestiture fully aligns with management's long-term strategic goals of expanding our higher margin businesses and growing into new revenue streams within our professional and real estate segments. The completion of this transaction allows our teams to concentrate on professional IT consulting, build on momentum we have with our project-based opportunities and managed services, and make progress on further development of our real estate segments. Despite continued macroeconomic pressures in 2022, we are confident of our ability to grow market share and expand these businesses in a significant way over the next several years. Turning to the quarter's results, we experienced growing momentum that improved sequentially throughout the quarter, and the first quarter revenues exceeded our expectations in both segments, expanding by 37.8% over a year ago. The important realignments that we made in both segments during the pandemic are continuing to produce the desired results. Also, we are very impressed with Momentum Solutions' business, and although this was a small acquisition, the growth trajectory is excellent. We are optimistic and confident about the future opportunities in the real estate segment, and we will continue to carefully monitor labor shortages as well as inflation. With a total addressable market for the U.S. staffing projected to grow to over $163 billion in 2022, we believe the company is well positioned to continue to gain market share and meet or exceed our full year goals in both the professional and real estate segments. In professional, our business pipeline is active and we are securing deals in the IT consulting and managed services for this segment. We expect this continued benefit from cross-selling and intentional broadening of our geographic reach. Given the strong performance in fourth quarter from pent-up demand showing up with budget spending at the end of the year, we are pleased with the continued strength in 2022. Turning to the real estate segment, our teams continue to execute well on our strategic partner programs, as well as moving forward on new market expansion. recruiting, and direct hire placements were areas of strength that we believe will continue to experience tailwinds in the current year. With that, I would now like to turn the call over to Dan to discuss the company's financial results in more detail. Dan?