ProntoForms Corporation

Good morning, ladies and gentlemen, and welcome to the Pronto Forms Corporation fourth quarter 2020 results conference call. At this time, all lines are in lesson 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, March 11th, 2021. I would now like to turn the conference over to David Pedram, Head of Investor Relations. Please go ahead.

Thanks very much. Good morning, everyone. Before we begin, I will read our cautionary note regarding forward-looking information. Certain information to be discussed during this call contains forward-looking statements within the meaning of applicable security laws, including among others, statements concerning the company's 2021 objectives, the company's strategy to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions. and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management and is subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Also, our commentary today will include adjusted financial measures, which are non-GAAP measures. These should be considered as a supplement to and not as a substitute for GAAP financial measures. Reconciliations between the two can be found in our management discussion and analysis, which is available on CDAR.com and our website. And finally, note that because we report in U.S. dollars, all amounts discussed today are in U.S. dollars, unless otherwise indicated. With that, I will hand over the call to our CEO, Mr. Alvaro Pombo, to go over our operational highlights for the quarter.

Thank you, Babak, and thank you, Anis. Good morning, everyone, and welcome to our company's conference call. Before I hand the call over to our CFO, Dave Croucher, to discuss the quarter's financials, I would like to take some time to discuss the platform's business. 2020 was a challenging year for everyone. yet an interesting one for our company. Overall, we saw resilience in our customers, adapting and continuing to provide high-quality, safe service delivery in the field. In 2020, almost everyone was talking about first-line or front-line workers. I believe there is a new and profound appreciation in the world for these people who ensured food, goods, healthcare, and crucial services kept rolling uninterrupted. Today, there is an even greater appreciation of the importance of equipping these workers with state-of-the-art tools to bolster their productivity and their safety. We are proud to say that we play a key role in this initiative with ProntoForms. While we saw steady growth in annualized recurrent revenue, ARR, base coming into 2020, our first quarter of 2020 showed roughly flat sequential growth, due to increased churn, mainly SMBs, in the early stages of the pandemic. We saw improved growth in the second quarter and third quarters as enterprise bookings improved. We then saw continued improvement in bookings in the fourth quarter, but this was offset by a decrease in our base of approximately 6% caused by a mutually agreed discontinuation of our AT&T reseller agreement. This isolated churn event meant our ARR base only increased by 1% in the fourth quarter, but left us with a much stronger base of direct customers with term contracts that we can continue to grow. We thank AT&T for their value partnership. We look forward to 2021, and we do so with clarity on our business strategy. We made great progress on our go-to-market framework by empowering frontline workers with powerful mobile solutions, focusing on key verticals where Pronto Forms demonstrates rapid adoption and tightening execution on new logo acquisition and existing customer expansions, including sales with our strong partners. So as we prepare for the next level of growth, we do so with a strengthened balance sheet, a proven resilience, a tighter go-to-market, and a stronger-than-ever base to grow upon. Now, let's focus on our customers. A few notable enterprises, new and expansion examples include a global business consulting firm that expanded its front-end users by 22,000 to help frontline workers collect rich data of over half a million energy audits inspections designed to improve energy efficiency and meet government environmental impact targets. Another example, two medical device manufacturers, multi-billion global mobile device manufacturers and global medical radiation device company deployed Prontoforms to 850 and 400 field engineers respectively with deep integrations to their backend systems. A couple of global heavy manufacturer brands increased their deployments. So these are just a few examples that I wanted to highlight. as they reinforce our progress in the go-to-market strategy, which is based on these target verticals. As thought leaders in the space, we have been finding our groove of communicating to our target markets. Together with the Service Council, we hosted digital transformation Zoom events for field service leaders, featuring field operation executives from mobile devices and medical device manufacturers, and heavy manufacturing organizations. These and other events are becoming a great mechanism to share our vision, connect with the prospects, and enable compelling conversations with our existing customers. Now, let's talk about our product. The innovation continues. We announced last quarter the introduction of a powerful feature named Teamwork, which increases collaboration between field technicians. This feature has generated significant interest has enabled great conversations that have resulted already in subscriber expansions and new sales. We have a terrific product. We are recognized as a leader of a segment. Because our product adapts so well to multiple business processes, we have witnessed significant expansion with large enterprises. So as CEO, I'm very proud to say our customers appreciate our product. They show it by expanding it more and more in field use cases, We have a good team with the conviction and the focus, and we have the financial resources to scale our growth. I will now defer today to discuss our financial results for the quarter. Dave.