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spk01: Good morning and welcome to the Farmers Edge live audio webcast for its fourth quarter in annual 2021 results and business highlights. Please be advised that reproduction of this audio webcast in whole or in part is not permitted without written authorization from the company. All lines have been placed on mute to prevent any background noise and after the speaker's remarks there will be a question and answer session. If you would like to ask a question during this time, please press star and then the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. Individuals will be limited to two questions per person before being put back into the queue. At this time, I would like to turn the call over to Cindy Yan, the Chief Executive Officer of Farmer's Edge. Please go ahead.
spk00: Thank you, Commissioner, and good morning, everyone. Before we start, we would like to remind you that all amounts disclosed on the call are denominated in Canadian dollars, unless otherwise indicated. Please note that the prepared remarks contain forward-looking information, and additional forward-looking statements may be made in response to your questions during the QA portion of the call. These statements reflect company current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties. many of which are beyond company control or could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Listeners are urged to consider assumptions, risks, and uncertainties associated with such forward-looking information, including by referring to the assumptions, risks, and uncertainties discussed in the Pharmacy Agency's findings with the Canadian Securities Administrators. These statements do not guarantee future performance and therefore undue reliance should not be placed upon them. We will also refer you to our most recent annual information form and a filing for our annual financial statement for 2021 and the related MD&A from last week. The company does not undertake any obligation to update the forward-looking information provided during this audio webcast, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. Finally, we would like to remind listeners that the company may refer to certain non-GAAP measures and key performance indicators, or KPIs, during the audio webcast. For further details on non-GAAP measures and KPIs, including relevant definitions and certain recommendations, see Pharmacology Filings with Canadian Security Administrators. I will now turn the call over to our Chairman, Bill McFarland, for opening remarks.
spk05: Thank you, Cindy, and good morning. I'll provide a brief overview and then pass it over to Wade. As you know, it was a disappointing Q4 in 2021 year, and our goal as we move forward is to improve our financial and business performance and communications with investors. We understand it is results that matter, and our results were below the market, the boards, and management's expectations. Our results were significantly impacted by the weaker elite 2020 conversions which reduced digital agronomy revenue by about $3 million in Q4. Strong acre sales of PGP and other acres in Q4 and throughout 2021 also did not result in any significant revenue uptick given the one-year free period under the PGP program. Acre churn also impacted our results. Wade and Cindy will speak more to these items in their comments. A key priority for the board over the past several months has been to work with management and bring new talent into the organization to support stronger execution and delivery capability. We've made progress with three important executive level hires. Cindy, as our new CFO in December, whose priority is to transform the finance function. And two other senior individuals who will start over the next couple of weeks, including an experienced corporate development leader in Rob, Meyer, who has worked with large multinationals in building strategic B2B relationships and in the sustainability space. He will support the company's strategic planning processes and build relationships with key customers. We've also hired a new operations leader, Matt Hess, with extensive experience in digital agriculture and the crop input sector, including with retailers. Wade is also stepping down as CEO of and the external search for a new CEO is active. I would like to thank Wade as the founder of Farmer's Edge. His heart and energies have been focused on growing the business, disrupting the ag industry, and creating great careers for our employees. Wade will stay on the board of directors and assist in an orderly transition. Another key recent development is the new Fairfax financing, which is subject to TSX approval. It provides $75 million and along with our cash on hand, gives Farmer's Edge adequate runway to get the positive cash flow in the medium term. This financing is at very favorable rates and terms and demonstrates Fairfax's long-term commitment to the Farmer's Edge business. I will now pass it over to Wade to discuss our business progress.
spk04: Thanks, Bill. Our 2020 Elite Grower Program came in under the 60% conversion rate that we had targeted, which is disappointing and coupled with our inability to get our insurance program stood up in time in North America were the main drivers for our missing revenue this year. We continue to focus on purging low revenue bearing acres and we've reduced approximately 6 million acres in 2021, which only had revenue of $700,000. Two million of these acres were related to the closure of our Ukrainian and Russian operations in Q4. The company will renew its focus on North America, Brazil, and Australia, with our attention on higher-value services and upsells, which unlocks the opportunities for insurance, e-commerce, and carbon and sustainability. We have now fully perched all low-value acres out of our systems. Some of the main reasons for the weak conversion can be attributed to poor customer selection, specifically connected to our program with CNH. The structure that we had in place between sales and customer success, the customer success group needed to be more closely integrated. We restructured those teams in October into one cohesive group. This group is now focused not only on progressive grower sales, but ensuring that the customer is converted to a paid-for service. The new account management team is solely responsible for the customer journey and ensuring not only a conversion, but also an upsell. We believe the customer transition from sales to our customer services team caused confusion with farm clients and channel partners, and most importantly, did not allow us to align all the teams with the company's goals. We continue to strengthen our operations group to ensure that we are ready to scale when the customer comes onto our platform and converts to a paid for product. We did have some bright spots, such as sales growth, which we added over 8 million new acres in 2021, with 5.5 million acres connected to our North American progressive grower offer. With the changes we've made in the fall by merging the sales group and the customer success management group together, we believe we will see positive results in our 22 conversions. Now, to summarize our view going forward, we want better customer selection, no handing off of customers between teams, and the focus to convert that client remains in the hands of the account manager who sold the grower. Three, the account manager also upsells the customer to insurance, carbon, and commodity ag. We are seeing early traction on some of these changes. We've had a 63% conversion rate on progressive grower contracts that were due April 1. A significant portion of these conversions have been upsold to fertility and attached to a carbon agreement. If you compared where we were at last year at this time, we were only at 19% conversion. We believe this is a positive trend that will remain for the rest of the year. We continue to have strong revenue retention on our mature business at 90%. We believe with the changes we've made with our account management team and our renewed focus on high value services with our strategy of upselling customers to new product offerings like insurance, carbon and commodity, we will strengthen our revenue retention number in the future. We continue to focus on growth and we are targeting to exceed our 2021 sales level in new digital agronomy acres. Now, this is coming off our best year as a company for new acre growth. The growth in 2021 can be attributed to the new channel diversification strategy and working with these new partners to effectively deliver high quality acres. The new channel partners have exposed us not only to a strong acre pipeline, but a much higher quality customer. and have been very helpful in the customer selection process. We continue with our progressive grower strategy in North America, but we are focused on having stronger conversions on our fall fertility program connected to carbon contracts. We continue to focus on channel partner development and engagement with US retailers. We are utilizing the Farm Command Pro product, which is developed specifically for retail, and leveraging our Commodag e-commerce platform to develop these new partnerships. In Brazil, we focused on new business and channel partner development in 2021. In many different sectors, such as crop protection manufacturers, grain companies, insurance providers, telecommunications and crop input retailers, and cooperatives. This work is starting to pay off as the Brazil sales was the highest in the first quarter in the company's history. We've been very focused in the carbon market this past year. We had a very successful launch of our smart carbon program back in July with 3.2 million acres contracted by the end of 2021. In Canada, we registered two new protocols in the Canadian Standards Project Registry, a modified conservation tillage and a nitrous oxide reduction protocol. We can create offsets for farms who have implemented these management changes historically from 2019 moving forward. Depending on the climatic region where the farmer operates in, and if he qualifies for both protocols, They can generate anywhere from 0.08 metric tons of carbon to as high as 0.25 metric tons of carbon per acre per year. Farmer's Edge is involved in the entire process from the initial signing of the agreement to the data collection, to the data processing, to the serialization of the offset, and most importantly, to the final sales. We are utilizing existing protocols in the U.S. and working on adding to these protocols with a focus on nitrogen management. We are getting strong interest from growers on this new nitrogen protocol. We are also working on developing a smart carbon program in Australia as this market moves to a regulated carbon program. The Farm Command platform and the field-centric data set that we collect provides Farmer's Edge with a strong competitive advantage in this developing market. There is a strong interest in nature-based, high-quality agricultural offsets. Farmer's Edge offsets are considered of the highest quality, and we are attracting buyers looking for quality and are willing to pay premium. We believe the market for high-quality offsets will continue to strengthen, and Farmer's Edge is in a very strong position position to take advantage of that demand. We also see a trend developing regarding food companies and renewable companies around scope three emissions. Companies will have to track and report all their emissions generated in their supply chain, and we know that 30 to 40% of their emissions are connected to the grain that they buy at the farm. Companies will soon compensate growers for making management changes that reduce their emissions and lowering the carbon intensity of the grain, and will be compensated with premiums as part of what is called insetting. It will take a similar process for Farmer's Edge to create an inset as it does for us to create an offset, and we will look to share in the value that is created. The Farm Command platform will start calculating what the carbon intensity scores are for our customers' grain after harvest. We believe that this is an emerging trend and we will be well positioned to take advantage of this and create value for all parties, including our farm clients. We had significant progress on our insurance platform from last year. We launched our MGA called DigiAg early in 2022. In collaboration with our partner Munich Reef, we are providing quotes, to current customers on our canola heat blast and yield protection products. We are working on other products as well, and we'll roll out these as pilots this year. I'm not able to say much about that due to competitive reasons. Our goal is to develop the infrastructure in 2022 for future accelerated growth. In the US, we continue to work with our strategic partners, Hudson and ProAg Insurance. We have created a unique tool that enables farms to directly push their cropping information from Farm Command to their insurance provider. We are working with key agencies of our strategic partners to collaborate on multi-parallel crop insurance sales, and we continue to work on private products. In Brazil, we continue to develop tools to aid in claims management, with one of the most important components is crop identification and yield prediction from remote sensing. We have had strong success in 2021 with Fairfax, Brazil on insurance initiatives, and we plan to build on that in 2022. We have also piloted this platform with several other major crop insurance providers and will be rolling out programs with those providers at the start of the main soybean growing season towards the end of August. The sales of crop protection through CommodAg continues to grow. The revenue does not make a major impact on our bottom line as it is a lower margin business. We expect a negative cash flow drain in 22 of less than $1 million. We believe that the trend of farmers looking to purchase crop inputs online will only continue to grow. We believe the FarmCommand platform can help farmers make key agronomic decisions and those farmers will utilize CommodAg to purchase the products that they require. We are taking a very strategic and measured approach in this space, and we will not take on any significant commodity risk. We believe we can be the conduit for online buying between farmers, manufacturers, and retail. The ability for Farmer's Edge to partner with manufacturers to get access to products and with retails for their logistics and distribution infrastructure is unique in the market. It has been an exciting but also turbulent year for the company and with mixed emotions I'm stepping down as the CEO of Farmer's Edge. The company has come a long way from what we started in the basement of my house. I poured my passion, my energy, my soul into Farmer's Edge for the past 17 years. I know that there's a lot to be proud of, and Farmer's Edge will continue to make disruptive change in agriculture. With that said, as a public company, management is paid to deliver, and we've had four week orders in a row, and our share price is not where it needs to be. In our organization, I preach accountability, and that accountability must go to the top. and I must and will hold myself to the same standards. I believe this change is the right thing for the long-term future of the company, the employees, our customers, and our investors. I've committed to stay on as long as required to ensure a smooth, successful transition. I will focus my efforts to help the company as a board member moving forward. I will continue as a large shareholder and a customer and the company's biggest fan. With that, Cindy, I'll turn it over to you for the financial results. Thank you.
spk00: Thank you, Wade. And hello, everyone. Let me start with a review for quarter four and the full year 2021 results, and then look at our 2022 outlook. In 2021, annual recurring revenue, ARR, grew to $16.4 million, an increase of $10.8 million, or 22%, since the end of 2020. primarily driven by growth in estimated recurring carbon offset sales, new acre growth, and contract upsells to fertility products. These were offset in part by acre discontinued and including the 2020 elite grower acre that were not converted, as discussed by Wade. Our ARR growth in 2022 is dependent on new acre addition of 2022 and achieving strong PGP21 conversions and upselling to fertility programs. The recurrent revenue retention on our paid acre was maintained in 90% range in North America over the past 12 months, which demonstrated our success in upgrading grower to fertility programs. Revenue in the quarter fall was $13.3 million, an increase of $6.5 million from quarter three, due to stronger fertility revenue of $6.4 million and $1 million e-commerce sales from commodity eggs. Total revenue for quarter fall declined $5.8 million compared to the same period last year, primarily due to no commercial contract revenue and lower subsidies. In Q4, digital agronomy and fertility solution revenue grew $1.6 million, or 18%. It was below our guidance of 33%, mainly due to weaker conversion of the elite 2020 grower program, which amount to about $3 million. Revenue in 2021 was $36.2 million, declined $9.7 million from the prior year because of no commercial contract revenue and a lower subsidy in 2021. The digital economy and the fertility solution revenue in 2021 was $27.1 million, a decrease of $1.3 million on a year-over-year basis. included $1.2 million unfavorable foreign exchange impact, given the strengthening of the Canadian dollar in 2021. Businesses analyzed the solution revenue in quarter four with $1 million and remained consistent year over year. On a year-to-date basis, revenue grew 32% to $3.4 million, mainly driven by the carbon oxide sales growth in the Alberta regulatory market and voluntary market. Cost of renewal increased by $1.7 million in Q4 because of the cost put forward for commodity ag and carbon offset, as well as increase in seasonal people costs to service the fall fertility season. On a year-to-date basis, cost of renewal increased by $3.5 million, largely for similar reasons. Data and infrastructure expenses was lower in both Q4 and on a year-to-date basis compared to the prior year. The expense reduction were mainly due to lower negotiated satellite image costs and cloud hosting costs. For the year-to-day results, it includes a $8.2 million settlement gain in Q2. Selling and marketing expenses increased by $3.8 million this quarter and on year-to-day basis, including an increase in third-party commissions as the acre converted to paid contracts and increased the cost in advertising and marketing to facilitate accelerated acre growth, including the promotion of a commodity act. General admin expenses increased by $1.5 million in Q4 on a year-over-year basis, at a $6.2 million on a year-to-date basis. This increase was mainly due to higher public company costs in 21, non-cash share-based compensation spent for $3 million related to the long-term incentive plan granted in the first quarter of 21, and an increase in bad debts partially associated with the settlement of the disputed claims in Q4. Management is reviewing all costs in an effort to reduce the fixed-cost portion of business and expects 2022 costs to be lower to Q4 level. The adjusted EBITDA loss for Q4 and the full year was primarily due to no commercial contract revenue, lower subsidy revenue, and higher expenses. Free cash flow deficit was $13.3 million higher in Q4 and $2.9 million higher for the full year. Largely, our reflection for lower adjusted EBITDA and a reduction in government assistance for $1.3 million in Q4 and $9.3 million for the full year. which were offset by lower financing costs in 2021 following the IPO. With regard to 2022, some of the key drivers that will impact revenue are the following. Converted acreage and fertility upsells from elite 2020 grower program and PPP will drive digital agronomy revenue growth. The success of our smart carbon program is expected to generate $13 million in revenue, primarily in the back half of 2022. We are also launching new insurance products this spring, and commodity-like e-commerce sales expect to continue to grow. The growth will be uneven due to the business seasonality and the timing for getting new products into the market. In Q1 2022, we expect low subsidy revenue and a lower fertility revenue for about half a million dollars due to the high completion rate in quarter for 2020. At the same time, we expect e-commerce sale addition will largely offset this revenue headwind. Therefore, we expect Q1 revenue to be similar on a year-over-year basis. Revenue will increase in Q2 and beyond. We also expect the Firefox facility will also provide us with adequate financing to reach positive cash flow in the medium term. With that, we now open the line for questions. I will also let you know that with us today is Anita Wasserman, the company president I will now turn the call back to the operator to read your question.
spk01: Thank you. We will now begin the question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then 2. Our first question comes from Steve Hansen of Raymond James. Please go ahead.
spk03: Yeah, good morning, guys. A couple questions for me, if I may. Just firstly on the conversion side, that's obviously a critical performance factor to watch going forward. I think you had mentioned a 63% conversion thus far as of April, I believe. Just trying to get a sense for how sustainable that number is and what you're attributing some of these improvements to relative to last year. I think you described working with some better channel partners, et cetera, but I'm just really trying to drill down to understand that. how sustainable that number is and sort of what the target would be for this year on conversion.
spk04: Good. Thanks for this question, Steve. It's a combination of a bunch of different things. One, I think the change that we made around sales and the customer success group has made a huge difference. The ability for the person that sells the grower and then brings the grower through to conversion has made a huge difference. That's one. I think the diversification of our channel strategy, specifically in the U.S. market, where we have a lot of different channel partners compared to what we would have had in 2020, where we really were only working with CNH. These channel partners, I think, have brought a different quality of grower to us, and they've been more helpful in the selection of those customers to make sure that we have a really good chance of getting them converted at the back end. I think the other real driving force is around the carbon program. It's enabled us, one, not to have to discount in order to get the customer converted, and two, there's a real value proposition to the grower because it's very difficult for them to access this nitrogen carbon offsets without our data platform. That's been a real driving factor as well. The sustainability of it, I mean, we feel real positive that what we've seen in this first quarter will continue on. If I look back to where we were last year, you know, at 19% conversion, that tells us that the ingredients that we put in place for this year is working. And, you know, we'll continue because the real big push generally comes from now to the fall. and the interest and the value around our fertility product goes up. And once a grower is on fertility, that carbon contract really enables us to create more value for them.
spk05: Wade, maybe I can add one comment for a data point for people. We had 1.6 million acres of that had a conversion date of April 1. So we've got approximately a little bit over a million of those acres that already have signed on to convert. So it's a significant portion of the 5.3 million of PGP acres from last year. So that just gives people context. The most significant portion or most of the rest of the acres have an October 1 conversion date with some that are early in 2023. So that just maybe gives a little more context.
spk03: That's actually quite helpful. And just if I may on the customer selection, is there an area of focus for you on the type of customer, the size of customer that you're finding more success with today versus before? perhaps the less focused selection process that you had in the past? Where is it that you're finding you're having the most success and what that target answer should look like?
spk04: I would say that the medium-sized farmer is where we have the most success. I would say the smaller growers that are probably under 750 acres generally don't have the technology on the farm in order to utilize our platform. I would say the big mega farms generally are more difficult and more cost sensitive. So I would say that range from call it 1,000 acres to 10,000 acres is really our sweet spot.
spk01: Once again, if you have a question, please press star, then 1. Our next question comes from Richard C. of National Bank Financial. Please go ahead.
spk02: Yes, thank you. So you've made obviously a lot of operational changes which appear to be resonating somewhat. In light of that, can you maybe help us sort of model out the remainder of this year because those changes obviously are going to have an impact? Just trying to understand how the profile in terms of the progression of revenue is going to look going into the next few quarters here.
spk00: Good morning, Richard. This is Cindy here. Thank you for the question. We are expecting quarter two revenue to move up due to carbon sales to the third party, insurance product launch in Canada, and a higher digital ground level revenue due to the 2020 EV and the PGP21 conversion uptake. And we will expect the revenue continue move up another level in Q3 as more of the carbon sale will come in. And as you know, historical quarter four is our best quarter. This year we expect the best quarter continue to be quarter four. So in a nutshell, quarter one, as I described in my remarks, we were looking at a similar level of revenue on a year-over-year basis. But we will see the growth starting quarter two continue on quarter three and reach the highest level in quarter four.
spk04: Rich, I might add to that. If we look back to last year, we didn't get our insurance products stood up and we had expected more insurance revenue in quarter two and it didn't come. This year, we're a lot further ahead and so we're assuming that we're going to have a decent amount of revenue come out of our insurance program in Canada. And the other, I think, part to think about is that, and if you can remember, I think being on the second quarter call, we struggled with getting conversions, and we wanted to connect those conversions to our carbon program, so we extended that program. And so a lot of our conversions came late in the season, which you can see with the changes we've made, we're getting a significant amount of conversions earlier in the season. And so we're going to be able to clock more revenue throughout the whole season. And I think that's a real important change and it'll drive revenue going forward.
spk05: Okay. One comment I might add to that, Richard, that might be helpful is that the 2020 elite grower program revenue increase for 2022, which obviously takes place throughout the course of the year, but certainly we'll have a focus from Q2 onward is about $5 million. And as Cindy said, we're expecting that our digital agronomy revenue, which was $30 million in the current year, would increase by, you know, in the 40% range.
spk02: Okay. That's helpful. Thank you. You know, in terms of finding a sort of new successor CEO, maybe you can give us a bit of color. where you may be in the process, what the potential landscape looks like for finding someone in the market, what skill sets you're looking for. Just some general thoughts on that would be helpful. Thank you.
spk05: I'll give the comments on that, as obviously the CEO selection is being handled from a board level. There's certainly a lot of interest, is the way I'm going to put it, and we're in the process of talking to a number of people. We're looking for, you know, individuals that have done it before, I guess is the way that I would put it, from the perspective of driving growth and having strong technology background. And I'm quite hopeful that we're going to be in a position to bring somebody in probably realistically by the end of Q2. and hopefully we'll have something to announce sometime over the next month or so. Okay. Thank you, Bill.
spk01: Our next question is a follow-up from Steve Hansen of Raymond James. Please go ahead.
spk03: Yeah, guys, thanks. Just a follow-up on the carbon program. You described, I think, $13 million back-end-loaded. We're just curious about how important the new protocols are for the U.S. side of the business as you sort of contemplate that number for this year. Are you assuming that you get some of those protocols in place or stood up for success into the U.S. or just showing you a sense for domestic versus U.S. opportunity this year and in the next and how critical those protocols are? Thanks.
spk04: Yeah, so there's an existing protocol already that – that we'll be utilizing that has the components already of a fertility element inside of it. What we're doing is just an additive on top of that protocol, so we feel really strongly that that will be in place here by fall. It's not just Farmer's Edge that's pursuing this. I would say that the entire industry is moving towards that. I think that we feel really strongly that that will be in place, and when it does, it essentially doubles the carbon yield for us. So it's not that we, if for whatever reason that the new protocol is not layered in, there will be carbon revenue, but with the new one, it will double it.
spk03: Okay, that's helpful. And just to follow up on the cash burn side, any sort of rough sense in terms of the improvement in the cash burn that you're expecting to go with the revenue? Is it sort of commensurate with the top line changes, or how should we think about that relative to expenses in standing of insurance and some of these other programs?
spk00: Thank you for the question, Steve. We are, the quarter one revenue is expected to be similar to the Q1 level last year. We certainly see the continue on the expense level to be relevant lower compared to the Q4 level. So we expect the Q1, we are relevant, similar to the Q4 finish, the cash position, cash burn position. But as we are running an increase in Q2, Q3, Q4, the cash position will continue to improve. The cash burn rate will be gradually reduced. As we said, we are expecting, based on current projections, we're expecting to reach the cash flow break-even in 2025.
spk04: And I think, Steve, that we're also going to see some... burn reductions based on densification that we get specifically in the U.S. market. As we add in more acres and we focus on density, it creates a significant amount of efficiency on our operations group. We're going to be really focused too on ensuring that our cost structure doesn't escalate through the season even as our revenues go up. We believe we can hold that cost structure going forward, and we're going to be really focused on that.
spk01: Our next question is a follow-up from Richard C. of National Bank Financial. Please go ahead.
spk02: Yes, thank you. Just a broader kind of high-level question, you know, with the cost of sort of raw inputs like fertilizer spiking and, you know, with the farmers arguably sort of sensitive to those costs, How does that impact, let's say, the appetite to bring on such technology solutions? Granted, there's obviously value to be had from it, but I understand certainly from some of our diligence in the past that the farmers can be quite sensitive to those input costs in terms of their thinking.
spk04: Well, great question, Richard. I can tell you right now that when the cost of fertilizer goes up, the focus for growers around fertilizer efficiency has never been higher. So you have sort of two interesting situations. You have inputs going way up and the commodity prices going up. So the growers are very reluctant to reduce their input costs because they want top yields. So the introduction and technology on that is just critical. And we've seen that specifically in the northern plains in the Canadian market where we had a wheat crop due to drought conditions. And what a lot of our farmers have seen is that by utilizing our services, they can still target high yield and reduce the amount of fertilizer. So this is actually a positive thing for us. Now, our product is a cost to the grower, and we have to do a good job of explaining the value proposition to them. but we're optimistic that growers will never see more value in our services than this year.
spk02: Okay, great. Thanks, Wade.
spk01: This concludes the question and answer session as well as today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.
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