Boardwalktech Software Corp.

Good afternoon, ladies and gentlemen, and welcome to the BoardWalkTax Software Corp Fiscal Full Year 2024 Earnings Call. At this time, all lines are in 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 Thursday, June 27, 2024. And I would now like to turn the conference over to Mr. Graham Farrell. Thank you. 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 full year and fourth quarter of fiscal 2024, period ended March 31st, 2024. 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 our formal remarks, I would like to remind everyone that some of these 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 in any forward-looking statements due to a variety of factors which are discussed in detail in our regulatory filings. Today, the company issued its fourth quarter and full-year fiscal 2024 financial results, a copy of which is available in the investor relations section of our website, boardwalktech.com, and posted on CDAR+. I would like to remind everyone that today's call is being recorded on Thursday, June 27th, 2024. I will now turn the call over to President and Chief Executive Officer of BoardWalk Tech, 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 fourth quarter and full fiscal year 2024. Fiscal 2024 was a pivotal and demanding year for BoardWalk Tech and certainly wasn't without its challenges. The year was a period of refinement and prioritization for BoardWalk Tech. Our existing base business with our roster of Fortune 50 clients remains strong and will act as a foundation for growth as we move forward into fiscal 2025. Before I speak about how we see fiscal 2025 unfolding, I would like to briefly touch on an important part of our refinement and prioritization that occurred in fiscal 2024, which involves some difficult but necessary decisions around the realignment and upgrade to our sales and marketing strategy. Up until late last year, the company had a traditional direct sales model driven solely by an enterprise sales team. However, with our target market comprised of large global enterprises with long sales cycles, our size and scale were proving to be an impediment to rapidly driving new business. Therefore, we saw a rationalization of our sales and marketing departments, and although we are maintaining a direct sales team currently, our focus has shifted to improving the sales flow and associated time to close deals by leveraging teaming agreements with large global IT services and consulting companies. Those IT partners have both large scale and existing relationship with desired customers, which means more opportunities and lower hiring needs for BoardWalk, that will include improved conversion rates. Throughout 2024, we announced several of these teaming agreements that have given the company access to an increased amount of new deal flow. It is a win-win scenario as BoardWalk Tech gains access to new prospects and customers who have a deep and long relationship with the IT services companies who are sponsoring us while these new partners are incentivized to help drive new business as they will reap the benefits of additional professional services revenue and realize success for their customers while BoardWalk maintains and gets the direct license revenue. That sponsorship should also streamline the vetting and or due diligence process with these customers, thus decreasing the sales cycle. Let me be clear, investors should view these recent announcements as a positive sign or as a leading indicator because these IT partners would not waste time nor their reputations unless they believe there was near-term revenue and success to be realized. We are very encouraged by this approach as we already are seeing momentum pick up over the last three months. We are in discussions with several new large global institutions delivered through this partner channel, and we are seeing an acceleration of uptake within existing clients using our software. A key reason for this over the last six months is that results conducted by one of our partner IT services companies at a mutual client showed a 10x ROI improvement when using our Velocity product to resolve compliance and process improvement issues in financial institutions versus alternative software solutions. Thus, I am confident that our new approach to sales by partnering with these IT services companies will yield new and meaningful business in fiscal 2025 and beyond while decreasing sales cycles. Lastly, before I pass the call over to our CFO, Charlie Glavin, I would like to briefly mention a couple of other items. First, the work that we have started with TCS, a current teaming agreement partner with Boardwalk Tech, who as a reminder is part of the Tata Group, the largest IT services company in the world with over 600,000 employees. We're working on a large existing mutual banking customer and the work is going very well. There are currently over 35 TSC, sorry, TCS team members with more coming, now certified on the Velocity platform and working with BoardWalk personnel on the delivery and implementation of our Velocity product, expanding our footprint daily. at this bank, which is a huge validation for this customer and other business units within this customer who are tracking our joint progress and who will at some point start to deploy Velocity in other business units. A nice bonus is that our work with TCS has made Boardwalk and Velocity even more desirable in the eyes of other competing IT services and consulting companies who are now reaching out to partner with BoardWalk Tech and engaging with us in other opportunities, especially in the financial services space. Recent new teaming partners announced include Hexaware, LTI Mindtree, and UST Group, and several other new partners are teed up. so look for announcements on additional progress in this area. Also, I would like to mention the addition of our new Chief Marketing Officer, Elizabeth Bonofro, as well as the addition of Jay Cherry as a consultant and new addition to BoardWalk Tech's Advisory Board. Having Jay join the BoardWalk Tech family is a major coup for the company. Jay has spent the better part of two decades working with banks and other large financial institutions, helping them implement large-scale digital transformations across their enterprise. Most recently, Jay was with a major competitor to BoardWalk Tech where he was global industry lead for financial services. Working now with BoardWalk Tech and leveraging his relationships within the financial services industry, will provide another boost to the company's sales efforts. With that, I will now pass the call over to Charlie to discuss the company's financial performance. Charlie, please go ahead.