BGSF, Inc.

Good morning, ladies and gentlemen. Thank you for attending today's BGSF Inc. Second Quarter Fiscal 2022 Financial Results Conference Call. My name is Jaquita. I will be your moderator for today's call. All lines will be muted on the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star followed by one on your telephone keypad. I would now like to pass the conference over to your host, Sandy Martin, third-party advisors. Sandy, please go ahead.

Thank you. Good morning and welcome to the BGSF second quarter 2022 earnings conference call. With me on the call today are Beth Garvey, chair, 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 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 actual results may differ materially from those indicated by the forward-looking statement. Management statements are made as of today, August 4, 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 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. Reconciliations of GAAP to non-GAAP measures are provided in today's earnings release posted on the company's website. I'll now turn the call over to Beth Garvey. Beth? Thank you, Sandy.

Hello, everyone, and thank you for joining us. I'll begin today's call with a few operational highlights for the second quarter. Then I'll turn the call over to Dan to provide more details around our Q2 financial results, followed by an update to the company bonds of our enterprise-wide technology upgrade and discuss our pipeline, strategic needs, and M&A. We are delighted to again report very strong results, which continues to give us confidence regarding the U.S. labor market and client demand. The real estate segment led the way with an overall stronger demand environment. The professional segment, which includes IT and finance and accounting, reported strong double-digit growth over last year. We remain laser-focused on solving business challenges for our clients while growing market share with our well-aligned team. I also would like to provide a recent update on Momentum Solutions acquisitions. We cycled past the one-year anniversary in February, and we are happy to report that we have more than doubled revenues in Q2 versus the second quarter of last year. Regarding new markets this year for real estate segments, we successfully opened four of the six markets targeted for 2022, and we'll add the final two by the end of third quarter. A market is fully staffed. Our goal is to be cash flow positive within four to five months. So we are forecasting the new markets to be profitable in early 2023. According to a recent study released by the National Apartment Association and the National Multifamily Housing Council, there is a current deficit of 600,000 apartment homes in the U.S. due to underbuildings. The study also states that the U.S. faces a pressing need to build 4.3 million new apartments by 2035 to address demographic shifts and lingering pandemic impacts on the population and the broader economy. If significant investments are made in new construction for multifamily units over the next several years, this will support additional tailwinds for our real estate segment for years to come. With that said, I'll now turn the call over to Dan to discuss the company's financial results in more detail. Sam?