Farmers Edge Inc.

Good morning and welcome to the Farmers Edge live audio webcast for its first quarter 2022 financial 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, simply press star and 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 Yuan, Chief Financial Officer of Farmers Edge. Please go ahead, Ms. Yuan.

Cindy Yuan Thank you all, Peter, and good morning, everyone. Before we start, we would like to remind you that all amounts disclosed on this call are denominated in Canadian dollars, unless otherwise indicated. Please note that prepared remarks contain forward-looking information, and additional forward-looking statements may be made in response to your questions during the Q&A portion of the call. This statement reflects companies' 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. Visionaries 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 pharmaceuticals with Canadian securities administrators. These statements do not guarantee future performance, and therefore undue reliance should not be placed upon them. The company does not undertake any obligation to update forward-looking information provided during these audio webcasts, whether as a result of new information, future events, Otherwise, these setbacks may be required under applicable security flaws. 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 reconciliations. See Farmer's Edge findings with Canadian security administrators. We would also refer you to our Q1 MDAA and financial statement filed last week. I now turn the call over to our chairman, Bill McFarland, for opening remarks.

Thanks, Cindy. Q1 2022 had, as expected, a small year-over-year revenue increase after adjusting channel partner subsidies in Q1 2021. We felt the impact of several items, a lower conversion rate on the Elite 2020 program, the 2021 strategic acre discontinuance initiatives and mature acre retention, along with lower fertility revenue in Q1 2022 of about a million dollars compared to Q1 2021. This was expected as a greater percentage of the fertility seasonal work was completed in Q4 2021. The adjusted pre-cash flow deficiency was consistent with prior quarters and steps have been initiated to reduce the cash burn which the team will speak to. The impact of these actions will start to be realized in the back portion of the year. The Fairfax loan commitment for $75 million also recently closed and will provide the necessary time to make progress. A key goal over the past couple of months has been to hire a new CEO. The board was pleased to announce earlier today that Vivor Aurora, will become the new CEO and will start June 6th. He is a seasoned executive from Amazon that is looking forward to the opportunity at Farmer's Edge and has strong leadership, operational, strategic, and project management experience, and was responsible for building the robotic fulfillment organization in Canada for Amazon. Bibor will be available to respond to various market participants following his June 6th start date. I'll now pass things over to Wade for some more details on the Q1 results.