Information Services Corporation

Welcome to the ISC Q1 2023 earnings conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a Q&A session. To ask a question, during this session, you will need to press star 1-1 on your telephone. Then you will hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jonathan Hacksaw, Director of Investor Relations in Capital Markets. Please go ahead.

Thank you, Antoine, and good morning to everyone joining us today. Welcome to ISC's conference call for the first quarter ended March 31, 2023. On the call today with me are Sean Peters, President, CEO, and Bob Antichow, Chief Financial Officer. This morning, Sean will take you through some of the highlights of the quarter. Bob will then provide some financial and operating as well as speak to some refinements to certain metrics. Before passing the call back over to Sean for some closing remarks. Before we begin, we would like to remind everyone that we will only be summarizing results today. The company's financial statements and MD&A have been filed on CDAR and are available on our website. We encourage you to review those reports in their entirety. I would also like to remind you that any statement made today that are not historical facts are considered statements within the meaning of applicable securities laws. The statements may involve a number of risks and uncertainties that are described in detail in the company's CDAR filings. Those risks and uncertainties may cause actual facts to differ materially from those stated. Today's comments are made as of today's date and will not be updated except as required under applicable securities laws. Today's conference call is being broadcast live over the internet and will be archived for replay shortly after the call on the investor section of our website. I would now like to turn the call over to Sean.

Thank you, Jonathan. And good morning to everyone joining us for today's call. Our start to the year has been positive and in line with our expectations. The acquisitions we completed in 2022 have made a positive contribution to our performance, more than offsetting the expected contraction in the Saskatchewan market. Our services business is well diversified and continues to grow organically, even in the face of changing Ontario business registry dynamics. For our technology solutions business, as we've described in our previous conference calls, we've seen a return to procurement activities by clients and jurisdictions. As a result of our success in those activities, I'm pleased that during the quarter, we were active on two new exciting contracts. The first is an implementation of an integrated registry process. and the second is the next phase of an online register of charities and non-profit organizations for the states of Guernsey. We also noted that we completed the development of corporate registry technology for Bonaire, St. Anastasia, and South Africa as a service offering. The Cypress project was deployed to a complex and significant government department of registrar of companies and intellectual property, and is expected to revolutionize registry operations for the government of South Africa, bringing significant productivity increases, regulatory compliance, and streamlined user experiences for individuals and companies who interact with these registries. Total value of the contract to ISV over the life of the project is 5.7 million euros, or approximately 8.4 million Canadian. On the Guernsey project, in late 2022, the States of Guernsey launched the first phase of the online register of charities and non-profit organizations to the public, operating on the RegSys solution and transforming the way charities interact with the States of Guernsey. That first phase of the project is an important milestone for Guernsey, as RegSys will be used by Guernsey to demonstrate the Complement Money Valley valuation, which is an examination of measures taken in the financial regulatory and criminal justice sectors to combat money laundering and terrorist financing in the European Union. The second phase of the project began in the first quarter of 2023, bringing the corporate, beneficial ownership and intellectual property registers onto the new Registris platform to provide an integrated solution for the states of Guernsey. The total value of the two-phase project, including implementation and support and maintenance, is expected to be 7.7 million pounds, or approximately 12 point million Canadian. The revenue for these projects will be recognized in 2023 or begin to be recognized in 2023 as we deliver services against the contract. And as we've indicated previously, we're excited about the opportunity for our technology solutions business. As the market continues to return to normal, we continue to see this increase in procurement activity. As an organization, we continue to focus on the delivery of our services and customer satisfaction while ensuring . As always, we look for growth that's complimentary or adds additional or new competencies to our existing business, diversifying our revenue streams. The results for this quarter and the impact of our acquisitions in 2022 are a demonstration of the success of this strategy. I'll now turn the call over to Bob to discuss some financial highlights before providing some closing thoughts.