Boardwalktech Software Corp.

Good afternoon, ladies and gentlemen, and welcome to the BoardWalk Tech Software Corp conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, February 22, 2023. I would now like to turn the conference over to Graham Farrell. Please go ahead.

Thank you, Operator. Good afternoon and welcome everyone to BoardWalk Tech's quarterly conference call. This call will cover BoardWalk Tech's financial and operating results for the third quarter fiscal 2023, period ended December 31st, 2022. Following our prepared remarks, we will open the conference call to a question and answer session. Our call today will be led by BoardWalk Tech's President and Chief Executive Officer, Andy Duncan, along with the company's Chief Financial Officer, Charlie Glavin. Before we begin with formal remarks, I would like to remind everyone that some of the statements on this conference call may be forward-looking statements. Forward-looking statements may include, but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties. The company's actual results may differ significantly from those projected or suggested, any forward-looking statements due to a variety of factors which are discussed in detail in our regulatory filings. Today, we issued our third quarter fiscal 2023 financial results, a copy of which is available in the investor relations section of our website, www.boardwalktech.com, and posted on CDAR. I'd like to remind everyone that today's call is being recorded on Wednesday, February 22nd, 2023. I will now turn the call over to President, Chief Executive Officer, Andy Duncan. Please go ahead, Andy.

Thank you, Graham. I would like to welcome everyone to BoardWalk Tech's quarterly earnings call to discuss the company's financial results for the third quarter of fiscal 2023, which ended December 31st, 2022. Before I begin, please make note that all dollar figures reported on today's call are U.S. dollars unless otherwise noted. We are pleased to report that the business continues to expand at a pace that is consistent with the growth that we expected this fiscal year, driven by both our land and expand strategy, as well as securing new Fortune 500 logos to our client roster. Year-over-year financial highlights for the company include SAS revenue growth at 129%, a 90% jump in annual recurring revenue, and a 52% improvement on EBITDA, bringing our EBITDA loss to a record low since going public in 2018 as we continue to progress toward profitability. Additionally, we have maintained our strong margin profile as gross margins for the quarter hit a record 91.5%. Lastly, revenues continue to outpace operational expenses on both an annual and sequential basis, and this trend should continue into future periods. Charlie will take a deeper dive into the numbers after my prepared remarks. Last June, Charlie and I told you during our inaugural earnings call that we would let our numbers do the talking. We are pleased that we are presenting the results of our third quarter today, and I can assure you that we are neither done nor satisfied with our progress. Yesterday, we were honored by being recognized by the TMX Exchange as a top 50 TSX-V stock for 2022. And our mission is to make such recognition an annual standard for our investors through operational execution and prudent growth. We believe we are just at the beginning of a material inflection point in our business and market itself, whether it be supply chain, ESG, tax, or financial services market compliance. Last year, Forrester Research issued a report that stated the number one goal and concern of over 300 leading supply chain experts and logistics officers is traceability and serialization. something that directly matches the unique capabilities within BoardWalk Tech's core patented technologies and is exactly what customers are now engaging us to help them address as mission-critical challenges. Our land and expand strategy continues to bear fruit as we announce three successful contracts in fiscal Q3 with large organizations. The first was announced in October when we added SI Times, a Silicon Valley fabless semiconductor company, as a new licensed customer to streamline SI Times supply and demand planning at the unit level. At the same time, we announced we had expanded our relationship with HCL Technologies again, a multi-billion dollar global New York Stock Exchange listed information technology services company, with over 210,000 employees. HCL is not only a customer of BoardWalk, but a team partner as well for financial services. The third announcement we made was a material expansion with a California-based Fortune 50 technology company that will be using our technology for supply chain visibility and data management. We expect our relationship with this company to further expand soon as new project work has already begun. These three new deals are great examples of continued success with our land and expand strategy and demonstrates that once BoardWalk Tech gets integrated into an organization, the use of our technology platform naturally expands with tangible benefits. We continue to prove that when BoardWalk Tech becomes part of the tech stack within these companies, joining the likes of Oracle, SAP, and Salesforce.com, that we become an essential technology piece to the overall business for helping them manage both structured and unstructured data, which delivers outstanding results and a substantial ROI across the business. Looking forward into our next fiscal year, which starts in April, we remain excited about the prospects of two $100 million revenue market opportunities for BoardWalk Tech, These two markets lie in enterprise data management and the financial services channel. When I say enterprise data management solutions, I am specifically talking about the opportunities that lie within CPG, supply chain, tax, and manufacturing markets for the boardwalk digital ledger to provide high ROI, quick time-to-market solutions for structured and unstructured data management. Our products and solutions continue to generate interest amongst existing clients and new customers as well, which we will demonstrate with further announcements this year. For example, we have seen the importance of supply chain visibility dramatically increase due to the challenges still being faced by the global supply chain. Our BoardWalk digital ledger and time-based data management system not only provides an immutable trail when changes are made during business operations, but our new radius control tower can show why and how that operational data has changed and thus improve supply chain planning and execution and ultimately results. As a result of this, BoardWalk customers now have the ability to be alerted to and answer the question, why something has gone wrong immediately versus waiting for a report five days after the event. Improved results include higher sales conversions, improved customer satisfaction, order fulfillment, avoidance of stock outs, deduction in buffer inventory, and many more. The BoardWalk Digital Ledger platform is not just a unique technology, it enhances productivity and ROI. With our digital ledger base and the addition of our radius control tower, BoardWalk's platform solutions can help companies extract, correlate, and visually analyze data that can be tracked and audited while still enabling dynamic changes to improve supply chain visibility and knowledge management, as well as automating and improving data management and supplier management in ESG. With respect to the financial services and banking sector, we continue to focus heavily on our velocity product and building our channel partners through teaming agreements and ongoing training sessions. We recently signed several new teaming partners, and we are already actively engaged with multiple new banks as the channel partners and banks are beginning to understand the power of our platform, with some of them currently performing pilot tests with our teams. It is also interesting to note that we are getting inbound calls from partners that focus on the financial services industry asking if they can partner with us as they are starting to understand the uniqueness and ROI of our technology for their financial services and banking clients. We announced our first and second banks over the past 12 months and we continue to demonstrate the valuable role we will play in digitally transforming the manual processes these banks currently rely upon, as well as move these processes into a compliant environment which allows them to meet continued and expanding regulatory scrutiny. From start to finish, our first bank deal took approximately 14 months to close. though the extra time did enable the size of the deal to grow five to six times of what was originally proposed. There were a few reasons for this, but mainly it was due to the fact that, first, this was a completely new and unique market opportunity that we did not chase but was brought to BoardWalk Tech so we did not have precedence from previous deals. It was also new for our team partner and even the bank, who had tried numerous other solutions but failed. and thus was a bit jaded when they first engaged with BoardWalk. And second, given the bank's prior experiences, our engagement started as one specific solution within one department of the bank, but after several POCs, the scale of the engagement turned into an enterprise-wide partnership with involvement from the CTO and the chief compliance officer, all of the diligence that comes with that. Based on this experience, I feel we can confidently say that the sales cycle with new banks will be shorter than our inaugural transaction, and we anticipate more banks closing this year. Additionally, with the increase of new and highly motivated channel partners in the financial services sector, we not only see an acceleration of the sales cycle, but further growth of the business development pipeline. In summary, The state of our company is strong. The opportunity we have in front of us is big, and we will continue to execute and focus on profitability and building shareholder value. I will now pass it over to Charlie Glavin, who will walk you through the numbers. Charlie, over to you.