kneat.com, inc.

Good day and thank you for standing by. Welcome to the NEET Third Quarter 2024 Earnings Call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today.

Thank you, operator, and welcome everyone to NEET's earnings conference call for the third quarter of 2024. Today's call will be hosted by Eddie Ryan, NEET CEO, and Hugh Cavanaugh, NEET CFO. Please note the safe harbor statement on slide two and the forward-looking statements disclosure at the end of the earnings release, informing you that some comments made on today's call contain forward-looking information. This information by its nature is subject to risks and uncertainties, so actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult the company's relevant filings, which can be found on CDAR and on the company's website at neat.com forward slash investors. Also, during the call, we may refer to certain supplementary financial measures as key performance indicators. Management uses both IFRS measures and supplementary financial measures as key performance indicators in planning, monitoring, and evaluating the company's performance. Management believes that these non-IFRS measures provide additional insight into the company's financial results. And certain investors may use this information to evaluate the company's performance from period to period. For your reference, we have filed our consolidated financial statements and MD&A on CDAR, and they're also available on our website. I now pass the call to Eddie Ryan, CEO of NEAT.

Thank you, Katie. Good morning, everyone, and thank you for joining the call today. After running through the highlights of the past few months, Hugh and I will open up the call for your questions. We made great strides this past quarter with both revenue and gross profit growth accelerating for the second quarter in a row. Annual recurring revenue grew 59% year over year to $49.9 million. Revenue grew 52% year over year to $12.8 million. Gross profit grew 78% year over year to $9.8 million, while operating expense grew 15% over the same period. Deal flow in the quarter included the purchase of hundreds of new licenses for use across the Americas, Europe, and Asia. The expansion of licenses within existing customers drove our growth, as it typically does. The take-up in services revenue in quarter three reflects timing of milestones achieved in the quarter. As we grow our partner community, they are increasingly able to provide services such as training, pilots, and process mapping. We welcome two new partners in quarter three to the growing network of businesses eager to take the lead, building out and building on needs platform across the ecosystem. The success we are seeing with our partner program is just one example of the progress we have made this year against our four strategic goals, which are to expand within our current customers, gain market share, develop and strengthen the NeatGX platform, and keep getting closer to profitability. I confess that expanding within our current customers is the easiest of the four. Since getting validation activities to a high standard of reliability is why customers come to us in the first place. The rollout to get all validation process on a single platform is a natural follow through. Expansion within existing customers contributes to our second objective, which is to gain share of the market for e-validation software in the life sciences. But bringing brand new customers into the fold is more important to this goal. given the vast array of highly regulated companies that can benefit from digitizing their validation activities. It's worth noting that our $2 billion US TAM includes thousands of companies, and we ended 2023 with 85 of these. Each new customer adds to our already solid foundation for longer-term growth. We brought on several strategic new customers in the past month, and we expect each one of them to expand their use of NEIS well beyond their initial implementation. Our third strategic objective to develop and strengthen the NEIS platform is also a vector for growth. Improvements that come with each new release have immediate utility, and they also serve as stepping stones to our longer-term product aspirations, which stretch beyond validation into other areas of quality management. We took a step forward in October with the availability of NEET GX 9.3, which among other features, enables customers to more easily bring data from legacy systems into NEET. Finally, and just as important as the longevity of NEET is our progress towards profitability. Growth in operating expenses slowed in quarter three, while growth in revenues and gross profit dollars increased, which points us in the right direction. Given our progress here over the past few quarters, the equity raise we completed last month was an option rather than an obligation and grants us greater flexibility going forward. All in, we're making great headway across the board. None of this, of course, happens without the focus and dedication of the lead team, day in and day out. Sustaining success takes perseverance, and we're grateful to have a company full of people with this characteristic. Whether it's solving hard problems developing the software or doing demos and workshops to a potential customer who wants to be absolutely sure this is the right fit for their business. With this, I will pass you over to Hugh to go over the financial results.