Boardwalktech Software Corp.

Good afternoon, ladies and gentlemen, and welcome to the Boardwalk Tech Software Corporation Fiscal Second Quarter 2025 Quarterly Call Conference. 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, November 27, 2024. I would now like to turn the conference over to Ryan Fremantle from Sofic Capital. Please go ahead.

Good afternoon, and thank you for joining us for BoardWalk Tech Software Corporation's conference call to discuss its financial results for the second quarter of 2025 and the September 30th, 2024. I'm Ryan from Sofic Capital, and we handle BoardWalk Tech's investor relations. On the call today, we have BoardWalk Tech's Chief Executive Officer and Chairman of the Board, Andrew Duncan, and Chief Financial Officer, Charlie Glavin. During the call, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. We have some questions that have already come in via email, and encourage you to ask your questions at the end of the call by dialing star 1, and management will answer them following their prepared remarks. Before management discusses the results, I'd like to remind everyone that certain statements in this call may be forward-looking in nature. These include statements involving known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. For caveats about forward-looking statements and risk factors, please see BoardWalk Tech's MD&A for the quarter ended September 30th, 2024, which can be found on the company's profile at CDAR+, and in the investor relations section of our website, www.boardwalktech.com. Unless otherwise specified, All dollar amounts are in U.S. dollars. I will now pass the call over to BoardWalk Tech CEO, Andy Duncan. Andy?

Thank you, Ryan, and thank you to everyone who has joined us here today as we discuss BoardWalk Tech's quarterly financial results for the second quarter of fiscal year 2025. Today, as we review the quarterly results, I will provide highlights along with a business update. Then I will turn the call over to Charlie Glavin to discuss our recent financial performance. We'll wrap up the prepared remarks by discussing our outlook, and we will leave some time at the end for Q&A. During our second quarter of fiscal 2025, BoardWalk has continued to strengthen its sales and distribution strategy, specifically our land and expand strategy to create further value and embed ourselves further in our customers' operations. Customers that include many Fortune 500 companies who trust BoardWalk Tech to manage their information every day. This is a strategy that secures high margin recurring revenue from SaaS licenses, a strategy that has seen our recurring revenue grow at a 44% trigger over the past three years. Another big part of our strategy is our partner teaming model to drive sales, hasten sales cycles, and reduce overhead costs. Over the past year, we have signed team agreements with several large global IT services firms, including Tata Consulting Services, the largest in the world, to deliver their established customer relationships, delivery teams, and larger support staff. As a result of rationalizing our direct sales team, and let me be clear, we still do have a direct sales team. However, we are transitioning to a higher percentage of our sales model to partner teaming, which we believe will not only save on customer acquisition costs, but will also increase sales by having these partners focus on high value deals where they have an established relationship and want to do the professional services and delivery. During the quarter, we announced an extension of our partnership with HCL Tech to further expand into our financial services sector. We also announced a new partner this past quarter, Skadia, where we are already engaged in several new opportunities. Banks and insurers of all sizes are facing mounting regulatory pressure to mitigate the risk associated with end-user computing applications, or EUCs. Until recently, progress with mitigating EUC risk and improving manual processes within financial institutions has been hampered by the extensive scale of the problem and the pervasive reliance on embedded manual solutions, including Microsoft Excel. Considering the evolving regulatory environment regarding EUCs, the risk management implications impeding both revenue opportunity and control, and the imposition of fines by regulatory bodies, financial institutions have come to realize the utmost importance of prioritizing the transformation of these EUCs into a secure, compliant, and improved environment with proper controls. The BoardWalk Velocity solution for financial services addresses these problems and provides a rapid path for mitigation of EUC risk and improvement of EUC controls across any financial institution. And our partner, HCL Tech, along with TCS, are currently engaged with one of the top five banks in the U.S. helping to implement the Boardwalk Velocity product. We anticipate more good news within this sector going forward. Earlier I mentioned that our Land and Expand strategy has resulted in a 44% CAGR over the past three years for our recurring revenue. The good news is that based upon the later stage visibility that we have in our sales pipeline, we anticipate even higher growth rates and similar margins. We have several new tier one banks in discussions for deployment of our Velocity product, as well as other Fortune 1000 companies engaged in discussions to use both our digital ledger and Unity Central products. The strategy is working, and we are convinced that in the coming quarters you will see growth we have all been waiting for. In fact, the company is still focused on achieving cash break even, adjusted EBITDA, based on modest revenue, growth assumptions, and less reliance on large pipeline conversions that we saw in previous projections. We also anticipate seeing cost savings measures, or we also anticipate that you will start to see further result of the cost saving measures that we announced in January of 2024. I will now pass the call over to Charlie, who will walk you through details of the financial results for the quarter. And I look forward to taking your questions at the end of the call. Charlie, please go ahead.