Voxtur Analytics Corp.

Good morning and welcome to the Box Tour Earnings Conference. My name is Brandon and I'll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, during which you may dial 01 if you have a question. Please note it is 01, not star 1. As a reminder, this conference is being recorded. I will now turn the call over to Jordan Ross, Chief Investment Officer. You may begin, sir.

Good morning, everyone. Thank you for joining us for the Voxter first quarter earnings call where we will discuss our financial results for the period ended March 31st, 2022. Please note that our results were released yesterday, May 30th, after the market closed and can be accessed on SADAR or on our website at voxter.com. Joining me today are Executive Chairman Gary Yeoman, CEO Jim Albertelli, and CFO Angela Little. We will begin with prepared remarks and then move into Q&A. If we are unable to get to your question, you are always welcome to contact me directly at jordan.voxter.com. Angela Little will start by going over the financial results. Gary Yeoman will then present our strategic vision and initiatives for 2022 and their updates. Finally... Jim Albertelli will provide an update on how we are achieving our goals through organic growth opportunities and operational efficiencies. Before we get started, please be advised that some of the information that we will share on this call may contain forward-looking statements. We caution you not to place undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events, or changes in our expectations. Further, on today's call, we will report using both IFRS and non-GAAP financial measures. We use these non-GAAP financial measures internally for financial and operational decision-making purposes, as we believe that they provide a meaningful measurement of financial performance and valuation. These non-GAAP financial measures are presented in addition to and not as a substitute for financial measures calculated in accordance with IFRS. To see the reconciliation of these non-GAAP measures, please refer to our press release distributed yesterday, May 30th, and our management's discussion and analysis, both of which are available at sadar.com and on our website at voxter.com. A replay of today's call will also be posted on our website. Finally, please note that all references to amounts or currency during today's call are in Canadian dollars unless otherwise stated. I'll now turn the call over to our CFO, Angela Little.

Thank you, Jordan. Good morning and thank you everyone for joining us. 2022 is off to a great start for our company. We continue to reinvest in the company as well as execute against our strategic growth initiative and are pleased to report that revenue and gross profit have continued to increase quarter over quarter and year over year. Q1 2022 revenue was $40.8 million, which represents 182% increase over Q1 2021 and a 5% increase over Q4 2021. Q1 2022 gross profit was $13.9 million, representing a 93% increase over Q1 2021 and an 11% increase over Q4 2021. Q1 2022 revenue and gross profit increased over Q4 despite the normal seasonality in the title and valuation market, as well as interest rate increases illustrating the company as rate agnostic as those impacts were offset by increases in default title and valuation, as well as increases in HELOC activity. We expect to continue to see increases in these areas, particularly in Q3 and Q4 of 2022. Revenue from U.S. operations represented approximately 96% of total revenue for Q1 2022. up from approximately 87% for Q1 2021 and 94% for Q4 2021. This is a result of our continued expansion into U.S. markets following the Apex, Docter, ANOW, Zoom, and Finitech acquisitions. Turning to the balance sheet, we ended the quarter with cash and cash equivalents of $32 million, leaving the company well-positioned to continue executing on its strategic growth plans. For 2022, our focus continues to be on revenue growth. As I already noted, we can expect continued growth from default title and valuation and HELOC activity. We also expect increases from Benutech and our other SAS offerings, as well as new product offerings, including the attorney opinion letter, real property tax analytics enhancements, and Boxster wealth. These increases will primarily be in the third and fourth quarter of 2022. As a result of the increases in revenue combined with efficiencies and synergies gained from the investments made over the last year, we anticipate positive EBITDA during the latter part of 2022. With regard to the 2022 guidance, we are confident both the revenue range of $170 to $190 million and the gross profit range of $87 to $97 million are appropriate based on our Q1 results and anticipated projections for the remainder of 2022. I will now turn the call over to our Executive Chairman, Gary Yeoman, to provide additional guidance as to the company's strategic focus for the remainder of 2022.