Farmers Edge Inc.

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.

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.

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.