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spk03: Good morning, ladies and gentlemen, and welcome to the Voxter Analytics earnings 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, July 26, 2023. I would now like to turn the conference over to Mr. Jordan Ross. Please go ahead, sir.
spk02: Good morning, everyone. Thank you for joining us for the Boxster fourth quarter and year-ended 2022 and first quarter 2023 earnings call, where we will discuss our financial results and business highlights. Please note that our Q4 and year-ended 2022 results were released July 17, 2023, and our Q1 2023 results were released July 24, 2023. and can be accessed on CDAR and our website at voxter.com. Joining me today are CEO Gary Yeoman and CFO Robin Dyson. We will begin with prepared remarks and then move into a Q&A. If we are unable to get to your questions, you're always welcome to contact me directly at george.voxter.com. Robin will begin by reviewing... After that, Gary Yeoman has to hear progress through various organic and inorganic growth initiatives, as well as some of the 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 valuations. 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 releases distributed on July 18, 2023 and July 24, 2023, as well as our management discussion and analysis, both of which are available at on CDAR and on our website at voxtr.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 to Canadian dollars unless otherwise stated. I'll now turn the call over to our CFO, Robin Dyson.
spk04: Thank you, Jordan. Good morning, everyone, and thank you for joining us today. As I am sure each of you are aware, in March of this year, the company's auditors at that time, Markham LLP, resigned from the Voxter annual audit engagement, providing no reason for such resignation. This left the company in a very difficult position with respect to onboarding a new audit firm and starting the audit process over entirely. We have worked extremely diligently with M&P, the company's new auditors, to file our audited annual financial statements. This was completed July 17th. Our 2023 Q1 financial statements were filed July 24th. As a result of the late filing of the Q1 material, our shares were halted from trading. A revocation of this halt has now been issued by the OSC, and we have filed an application with the TSX-V to resume the trading of our shares. We expect trading will resume in the very near term, and we will keep investors updated on this status. Before discussing financial results, I will first address market conditions and Boxer's response. U.S. prime interest rate increases over the course of 2022 were unprecedented. From the beginning of 2022 to the end of the first quarter of 2023, rates increased from 3.25% to 8%. This rapid increase in interest rates had a detrimental impact on the revenue of various Boxer lines of business, particularly appraisal services, capital markets, and titles. In response to our lower than expected revenue, the company has focused on cost reductions and adjustments to the company's strategy, which Gary Yeoman, our CEO, will speak to further later in this call. I will now address material changes in the company's balance sheet. In 2022, the company acquired Bluewater. To finance the cash component of the purchase price of this acquisition, the company expanded its credit facility with the Bank of Montreal by $30 million USD thus increasing long-term debt recorded. As at March 31st, 2023, the company was not in compliance with one of its financial covenants with respect to its credit facilities. As the company does not have a waiver of its covenant for at least one year beyond the recording date, in accordance with IFRS, the company has re-classified the full outstanding balance as current as opposed to long-term in the 2023 Q1 financial statements. With respect to the year end of December 31st, 2022, the company completed goodwill and intangible asset impairment testing and determined that an impairment loss of approximately $185 million was required to be recorded, thus reducing goodwill and intangible assets by this amount. This impairment loss is not reflective of what the company believes the related future value of the acquired businesses will be, but rather what can be fully supported without making future growth assumptions beyond a very modest amount. Boxster is not alone in recording impairment losses in 2022. Other comparative companies have recorded proportionately greater losses. Shifting to our discussion of revenue. Revenue increased to $151 million for fiscal 2022 as compared to $96 million for fiscal 2021. This increase is primarily attributable to an increase in U.S.-based revenue resulting from business acquisitions which closed between September 2021 and September 2022. In the first quarter of 2023, revenue decreased to $28.7 million as compared to $40.8 million for the same period in the prior year. This decrease was primarily attributable to, one, the negative impact of significantly increased interest rates in 2023 on our appraisal services line of business, and two, the negative impact on revenue of amendments made to a services agreement with the related parties. which took effect January 1, 2023. While the amendments resulted in decreased top line revenue, it allowed the company to shift responsibility for a significant amount of the associated direct costs to the related parties. I will now address gross profit. Gross profit increased to $55 million for 2022 as compared to $37 million for 2021. This increase is primarily attributable to the increase in revenue that we have discussed and the composition of revenue due to business acquisitions completed in the latter half of 2021 and 2022. Despite the decrease in revenue in the first quarter of 2023 compared to the first quarter of 2022, gross profit was relatively flat, decreasing from $13.9 million to $13.5 million. This primarily relates to the composition of revenue and cost improvements. We are committed to growing revenue. However, our primary focus is attaining profitability. I will now turn the call over to Gary Yeoman, our CEO, to provide a business and strategy update.
spk06: Thank you, Rob. And good morning, everyone. And thank you for joining us. And thank you for being Boxster shareholders. I want to express my sincere appreciation for our shareholders that have remained loyal during this difficult moment in time for Boxster due to the unexpected change in our auditors, which was the sole reason for the delay in releasing our financial results. Before I get into the business updates, I'd like to start by acknowledging that from a financial results perspective, this is certainly not where any of us thought we would be. However, I am extremely proud of our team, what we have accomplished in the face of current market conditions. With unprecedented macroeconomic conditions and historically high rates, it has forced us to reevaluate the priorities and product roadmaps. I want our shareholders to know that while we remain focused on strategic growth, we have instituted a financial plan that specifically focuses on near-term revenue opportunities and high-margin products so that each of our business lines are profitable on their own. From a corporate perspective, we have had to make some very difficult decisions by reducing our headcount by approximately 40% over the last year. which is translated into reduction of our compensation expenses by approximately 35%. It is imperative that we align ourselves with our shareholders and the market that prioritizes profitability over growth at all costs. Now I'll discuss some of the highlights in our roadmap for getting to profitability. I'll start with Bluewater, which provides solutions for mortgage asset valuation and pricing, mortgage asset trading and distribution, and mortgage advisory and hedging and has since launched an insured due diligence process for the mortgage assets being traded. This is a real differentiator in the marketplace. Boxer acquired the Bluewater business to diversify its revenue streams from the primary mortgage market and create opportunity for new revenue streams for Boxer's core products and data assets. Furthermore, Bluewater has recently launched its correspondence as a service platform that connects mortgage originators with mortgage investors. The launch of this product gives Boxter exposure to hundreds of mortgage originators to cross-sell its products in the primary market. Our valuation business has gone live with two new products to future-proof its business in light of the new valuation methods being accepted by GSEs. Our automated report writer product, ReportsNow, gives appraisal professionals a quicker way to get to valuation without sacrificing quality. Our walkthrough application allows industry professionals to collect property information as a result of the GSE's new appraisal waivers. We are also working diligently to integrate our industry-leading APEX sketch application, which we believe is a differentiator in the market. The title business has switched to a variable cost model that we've believe will allow us to get this business back to profitability, which is a requirement for all our businesses, as previously mentioned. Our property tax business has made some great gains, both from a product and client perspective. More specifically, they recently launched their cloud-based sketch database that allows professionals to create or update a floor plan in real time while in the field. This allows for the build-out of our national sketch database, creating new revenue opportunities. I want to re-emphasize that our focus continues to be on leveraging our data assets through our various software platforms as a foundation for reducing costs and inefficiencies in real estate transactions, ultimately making homeownership more affordable. We are proud of the advances we have made thus far, but we still have a long way to go. Lastly, Boxster's original thesis and position of acquiring other businesses over the course of the last few years has provided us with a solid roadmap and distribution model for our technology solutions. Acquiring these businesses has put us front and center to the top 100 mortgage lenders, top 40 mortgage service providers, 190,000 real estate professionals, 1,700 title agents and countless industry supporters. We are all working very hard to integrate our acquisitions with Boxster Technologies to create innovative solutions, add new clients, and expand wallet share with existing clients and leverage cost synergies. Finally, I want to reemphasize what I have communicated to our employees and management team. We will ultimately be judged on our performance and not our potential. As a result, we will remain focused on profits. Thank you all for joining us on the call today. We appreciate your time and interest. We'd be happy to answer any questions you may have at this time. I'll hand it over now to the operator to start the Q&A.
spk03: Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number one on your touchstone phone. Again, that's star followed by the number one on your touchstone phone. If you would like to withdraw your request, please press star followed by the number two. Please stand by when we compile the Q&A roster. Your first question comes from the line of Christian Sagro from Aid Capital. Please go ahead.
spk09: Hi, good morning. My first question will continue on your commentary on profitability through the year. How much of the recent restrictions are worked into You know, the current operating profile, how much more benefits do you see from that? And do you think of a target internally of achieving cash flow profitability? Could you just walk us through any timelines there?
spk06: Well, definitely our goal is cash flow positive, even a positive. And, you know, it's inevitable it will happen, but I can't give you the exact time to this purpose. Obviously, I've got to be very careful on future guidance. But, you know, as I said in the outset, Christian, you know, profitability is non-negotiable. And we believe that with, you know, the austerity measures that we've put in place and, you know, a lot of the new contracts that are being invoked right now, that it certainly is a possibility this year. But again, I'm not going to be held to it, but that is our goal.
spk09: Perfect. I'll ask one follow-on on the blue water business. Just any commentary you could provide around how Bluewater performed in Q1 and how it's trending into Q2 and the rest of the year?
spk06: So Bluewater in Q1, again, they were affected. Their business was affected because of the interest rates increasing. And it's kind of a double-edged sword. By virtue of the rates increasing, our clients basically had a pause in some cases by saying, okay, where are these interest rates? When is it going to stop? What impact is that going to be on the MSAs? How is that going to impact pricing? And how is that influencing our quota that we can have in investments in this field? So in a lot of cases, because the price has increased from $4 to $6 in some cases, Their overall impact and valuation of investment in that precludes them from making even more investments, so there was a bit of a lull. But what we have found during the second quarter and what we believe will be beyond is back to business again with the business in general. It's certainly also been augmented by the opportunities that we have just entered into. We signed an agreement with the Mortgage Collaborative. They have over 250 correspondents, and it's a great opportunity for Al to sell our due diligence products that are digitized due diligence products that certainly will be front and center. As most realize right now, there's a lot of issues with buybacks that Fannie and Freddie et cetera are asking people to consider. Historically, there has been a lot of due diligence. A lot of companies today look at 5% of the sampling and use that as an indicator of what's happening going forward. We're able to provide a digitized review on 100% of the platforms. at a fraction of the cost of what it currently is on the fibers. And so for us being able to do it from a digitization standpoint significantly reduces the risk. And what we found now is that there's pre-production closing and post-production closing, but with the pre, we're finding a lot of the vendors are wanting us to review their portfolio up front and find out where there are anomalies. where there are loans that, you know, essentially may be forced to buy back because it's missing, you know, parts of, you know, whether it's on the mortgage documents or certain information with respect to tax title evaluation. And so what we're able to do is cleanse, for the most part, up to, you know, 92%, you know, of that review. The one thing that we can't record warrant, obviously, is fraudulent activities or misrepresentation. But, you know, it's certainly, we do believe that we can cover 92% of most of the deficiencies that are out there right now. So, you know, we're really, really buoyant, you know, with Blue Water and then the new offerings that they have. So we expect the third quarter, the fourth quarter to be very productive for them.
spk09: That's all helpful, Colin. Thanks for taking my questions this morning. Thank you, Christian.
spk03: Thank you. Ladies and gentlemen, just a reminder, should you have a question, please press star followed by the number one on your touch-down phone. Your next question comes from the line of Colin Fisher from Garrison Creek. Please go ahead.
spk07: Good morning. Good morning, Colin. So I do know this is incredibly hard, and I am actually impressed with how quickly you turned around the financial reporting given the roadblocks on that. You know, if you look across the marketplace, revenue declines have been fairly catastrophic for some companies, as much as 70%, others more in line with 40 to 50%. So in the macro environment, you're not looking too bad. One of the colors, one of the mentions in your...
spk01: You're breaking up, Colin. I'm losing you. Operator, I'm not hearing Colin.
spk06: Are you hearing him on your end?
spk03: No, sir. Mr. Fisher, are you still on the line?
spk06: I think we'll move to the next question. Call in after.
spk03: Sure, sir. Absolutely. We'll proceed to the next question. Your next question comes from the line of Rick Sherman. Please go ahead.
spk05: Yes, good morning. Could you refresh my memory as to when you bought Blue Water, what were the revenues at that time when you bought it? And then what did you, again, what was the cost of the acquisition?
spk06: I'll turn this over to Jordan. I know that we were... reviewing that last night, Jordan.
spk02: Hi, Rick. Just by way of background, we announced the acquisition in late September of 2022 for a purchase price of $101 million. The composition of that purchase price was a $30 million cash and then issuance of 170 million shares to be distributed over the course quarterly for four years. I'll stop there at the moment. Do you see or have any other info?
spk05: Yeah, well, over the four years, regardless of any performance metrics of the company that you acquired, are you still required to issue those shares? And if you issue those shares, it's regardless of what price the shares are at, or is it has to meet some dollar amount standard? And then the second part of the question was that when you acquired them for $100 million, let's say, what were the revenues at the time, much less if they were profitable or not profitable, but what were at least they doing revenue-wise when you acquired them? And how does that compare to what kind of revenue they're doing now?
spk02: Yeah, so to answer, you know, without getting into the exact details of the definitive agreement, there are certain indemnities, reps, and warrants, but those shares have been accounted for and on a distribution schedule that isn't necessarily contention on the financial performance of Bluewater and or the share price of the company. Hopefully that answers that question. Okay.
spk05: Okay. On that point then, just so if I understand it correctly, whether the price of the stock is, you know, 15 cents or a dollar, it's not going to make a difference in terms of the obligation of the shares that are going to be issued.
spk02: That's correct.
spk05: Okay. And as to the revenue point, are you able to disclose that?
spk02: We didn't disclose that and the press release, so I'd prefer not to at this time. I don't know how else to answer that. I'd prefer not to give guidance and also maintain what we disclosed at the time of the acquisition.
spk05: Okay. In future quarters or whatever, is there going to be any
spk02: break out of revenues and maybe profitability on a per business yet yeah absolutely to be fully transparent we were working and hoping to issue new revenue reporting and segmentation unfortunately with the disruption and the unexpected resignation of the auditors burden, we focused on getting the financials out and in compliance ASAP. And so that's unfortunately pushed out that initiative. But absolutely, we look to and hope to report revenues in a new way as the business has evolved over the years to give our shareholders more clarity, both on the revenue streams, the profitability of each of those businesses, and hopefully the ability to model in your own growth assumptions. as well. So absolutely, that is a corporate initiative amongst the management team to provide updated reporting.
spk05: Yeah, I would strongly recommend that. It makes it a lot easier to figure out whether, you know, direction the company's going and where the growth drivers could be. I think it'd be very useful. Last question is just, have you When you're doing your modeling, you basically can take either, for lack of a better word, a very conservative... A lot of people have a different opinion as to ultimately when the interest rate hikes are going to stop, much less trying to predict that. That's probably easier to predict at some point than... if and when they're ever going to come back down or, you know, the Fed's going to cut anything versus just staying higher for longer. On the assumption that you've got what is currently in the public sphere, let's say we're going to have an increase today and then potentially one more, but assuming that, you know, the rates stay elevated without any real cuts, much less a recession, for the next year or two, I mean, are you modeling in that kind of negative scenario as you're going forward and trying to address a combination of your balance sheet and also the profitability of the business?
spk06: Yes, Greg, it's Gary back on the line. Of course, you know, we're aware of that, and we're certainly cognizant of and probably in agreement with that. But back to, you know, our business strategy, which is even more important, You know, using data technology and the distribution that we have right now, we're offering products that don't exist in the marketplace. They're, you know, obviously more affordable, more efficient, more accurate. And because of that, our market penetration to the existing businesses and all factors of our business are readily apparent. And as a result, even if there is some sense of reduction in, let's say, originations in the marketplace, our penetration is going to be, you know, people, there's no question about that. The days of, you know, relying on old relationships and basically relying on, you know, manual work to be done is just not going to work. And so, you know, as I said, you know, being more efficient by using proper technology by having an abundance of data. And more importantly, because of the businesses that we're in, the distribution is extremely important. So obviously everyone would like a little bit lower interest rates because the market will be more bountiful for all. But quite frankly, we use this opportunity now as an opportunity for gain because it's the people that can do things quicker, cheaper, more efficiently. more accurate, are the people that are going to, you know, penetrate the business line. So our market penetration is going to increase, and we don't think that there'll be any material, you know, negativity, because I think we've bared the brunt of most of that, and our new products right now, we're going to see us kind of rise to the top, and extremely confident of that.
spk05: Yeah, I think you have to... run the business based on the way the market is now, and obviously if rates fall substantially without that being caused by a massive recession and the housing and mortgage market increase, that would just give you a tailwind behind you, but you probably shouldn't run the business based on hoping – uh, hope should not be the strategy, I guess.
spk06: So, uh, yeah, I think the other thing too, is that we've pivoted, you know, from a refinance to a, you know, a new purchase, uh, money market. Right. And so, um, that the ability to be able to pet pivot relatively easily, I mean, obviously rebuys are, you know, down significantly. and we did have a good portion of our business dealing with that and we've been able to pivot in the new purchase. That is evident with some of our title offerings right now. We're joint venturing with a number of real estate brokers and agencies and having the ability to have a few hundred thousand real estate agents out there working in tandem with our new service offerings like attorney opinion letters, our title starter kits that we're being able to offer title companies at half the prices costing them to do today. Most of the work that we're doing right now, certainly on title and valuation, is our ability to be able to pivot and move to the new purchase market.
spk05: Okay, my last is more of a suggestion than anything else, is if you get, you know, when the business becomes more stabilized and starts growing again, I think it would be useful, if this is even possible, that you sort of make it easy to generally model that if, let's say, your overall profit margins across the various businesses as an average let's say assume, I'm just throwing this out hypothetically, let's just say 50%. If you would be able to state publicly at some future date that, okay, if we have revenues of $150 million a year or make it to whatever number that number might be at these profit margins, this assures us of not only positive cash flow but profitability. So that somebody can ultimately model, you know, what's the base case for turning profitable, and then model from that point pretty much how much drops to the bottom line with each increase of a dollar of revenue. That's all for the future, but that's something I think would be very helpful for investors down the road.
spk06: Yeah, that's a good point, Rick. I mean, you know, the A caveat there is obviously we're changing the model of our business right now. And so that's abundantly clear that that's something that we can do in the future. But I think a good testament, which has not been discussed yet today, is that when we kind of started this box a couple years ago, our gross margins were at 28%. Today, even though our revenues fell, our actual gross margin as a percentage increased to 47%. So we've seen almost like 75% increase in our gross profit margins since inception. That is as a result of the implementation of our austerity measures. So cutting out costs, cutting, for example, acquisition bonuses are gone now. a number of different things that we've done. And just using technology, obviously, along with our exposure to all the distribution entities that we deal with. Everything is kind of culminated in what will be our new accretive profit margins going forward. So we'll certainly take that in mind. And I think the more that we can provide all of that information to the investors, the more it gives us an opportunity to enlarge our shareholder database because I think that we've got some terrific, you know, people here, some extremely brilliant, you know, mathematicians and coders and, you know, people that understand the business substantively, both as practitioners and, like I say, from, you know, a a digitization process. So I think we've got a really good, solid base with what we're working with, and all of the things you've said have relevancy and will definitely, you know, take heed to what you've requested.
spk01: Thank you very much. Good luck.
spk03: Thank you. Your next question comes from the line of Peterson Williams. Please go ahead.
spk10: Thank you. How intense is the pressure from your banks with respect to the covenant issues, and what are your plans to cure them so that we can actually start to look forward to some of the exciting things you've been doing, being able to thrive?
spk06: Yeah. Obviously, we talk to the banks daily. I mean, I've had a 25-year relationship with a bank in Montreal. Going back when I took all this public back in 2005, it's been a terrific time. relationship. They've worked with us in a very extremely fair way. I mean, they are cognizant of the impact of the economy on interest rates and they've been willing to work with us. But at the same time, we certainly have to be mindful of what our obligations are. So as a result, we issued a press release saying that we are raising some money right now to improve our liquidity. and ease any concerns that they have with respect to a cohort of ability to run the business. We're also analyzing right now as we speak an ability to look at some non-strategic assets. And if we have the ability to enact on those opportunities, we'll significantly reduce the bank debt. This is all in the not too distant future. So we're certainly cognizant of them being the partners they have been, and certainly in no way, shape, or form do we want to ignore what our obligations are. So we do have a path going forward. We're implementing that as we speak, and we're very confident that we're not that far away from, I mean, our ultimate goal is to have minimal debt, being cash flow positive and EBITDA positive, and having some money in the bank And, you know, it's really, really nice. I mean, you know, we can't and wouldn't be here today without the Bank of Montreal. They've given us the opportunity to put these strategic acquisitions together. I know for a fact that, you know, you don't measure acquisitions over the course of a month or a year. I mean, it wasn't that long ago when, you know, when I bought Argus, when I was with Altus. I paid $100 million for it. Um, and so, you know, there is critics, you know, three, four months later today, that business is probably worth $3 billion. And so it takes time to integrate. It takes time to, uh, provide the synergistic opportunities. Um, it takes time to, you know, uh, evaluate the marketplace of what we can do to enhance, to make it more creative. And so listen, the bank have been terrific. We do talk to them every day. We are moving in the direction to make sure that we have liquidity. We will be reducing our debt load. And I think that with God's blessing, we'll have a long relationship with them and all other banks that wish to participate with us. We're certainly not going to abuse the opportunities that were presented to us.
spk10: Terrific. Thank you. Look forward to it.
spk06: Thank you.
spk03: Thank you. Your next question comes from the line of Frederic Blondeau from Laurentian. Please go ahead.
spk08: Thank you and good morning. My question was actually on the non-core dispositions. I was wondering if you could either provide some timing and or somewhat quantify potential dispositions at this stage. Thank you.
spk06: Yeah, I think that dispositions, you know, is, is probably, you know, basically what we're looking at is monetization. So it can be, it could be in a form of a disposition. It could be in the form of a partnership. It could be in the form of a multiple areas spread. So we're certainly analyzing all the opportunities before us. And we're certainly aware that, you know, what is not negotiable is we need to mitigate the debt that we have right now. Now, Listen, if we're sitting here and we're making $50 million in U.S. a year and we only have $43 million of debt, then that becomes a secondary concern. But where we are today, we need the bank to be more comfortable in the environment that we're in. And we will work with them and do whatever is necessary to deal with that. So, again, it could be dispositions. It could be JVs. You know, it could be various partnerships. And, you know, I think I can just leave it at that. But just be mindful that we will be doing something to mitigate the debt that we have.
spk08: Well, that's totally fair. And can you provide us somewhat of a timeline or is it too early for you?
spk06: I'm sorry, Fred, to say that again? yeah i was just wondering if you could provide us with some some kind of a timeline from here or or it's a bit still a bit too early for you well i think fred that you know we um you know we're aware of what we have to do um you know where we're aware of what um the guidelines that have been given and so therefore it's front and center and so we'll do things um not hastily and make mistakes but we'll do things with much contemplation but certainly acknowledge the fact that it has to be done sooner rather than later.
spk08: Okay, that's fair. Thank you. Thank you.
spk03: Thank you. Ladies and gentlemen, just a reminder, should you have a question, please press star followed by the number one on your touchstone phone. There are no further questions at this time. I'd now like to turn the call back over to Mr. Gary Yeoman for any closing remarks.
spk06: Well, thank you very much. Thank you, everyone, for your patience. But only know that when we get off the phone right now, we're back to business, back to growing the business, back to implementing new platforms, back to expanding our client base and being the company that you originally signed us up to be. So thank you very much. Only know that we're really, really dedicated and committed to making this a great company. So thanks for taking the call today.
spk03: Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day.
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