Voxtur Analytics Corp.

Good morning, ladies and gentlemen, and welcome to the VoxTor Q4 and year-end 2023 earnings call. At this time, all lines are in a listen-only mode. Following the presentation, we'll conduct a question-and-answer session. If at any time during this call, you require immediate assistance, express star 0 for the operator. This call is being recorded on Tuesday, April 30, 2024. I would now like to turn the conference over to Jordan Ross, COO. Please go ahead.

Good morning, everyone. Thank you for joining us for the Boxster 2023 fourth quarter and year-end earnings call, where we will discuss our financial results and business highlights. Please note that our annual results were released April 29, 2024, and can be accessed on CDAR Plus and on our website at boxster.com. Joining me today are CEO Gary Ullman and CFO Robin Dyson. 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.boxter.com. Rob and Dyson will begin by reviewing our financial results. After that, Gary Yeoman will provide updates as to how we are progressing towards our objectives through capital market activities, organic growth initiatives, 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 IFRFs. To see the reconciliation of these non-GAAP measures, please refer to our press release distributed Monday, April 29, 2024, and our management's discussion and analysis, both of which are available on CDAR+. A replay of today's call will also be posted on our website. Finally, please note that all references to amounts or currencies during today's call are to Canadian dollars unless otherwise stated. I will now turn the call over to our CFO, Robin Dyson.

Thank you, Jorgen. Good morning, everyone, and thank you for joining us today. As noted on our Q3 earnings call, on November 1, 2023, the company completed the sale of its appraisal management business. In accordance with IFRS, this line of business has been accounted for as a discontinued operation. As such, all P&L activity related to this business for the current and prior periods has been carved out of the individual revenue and expense line items in the financial statements and has been reflected as a single line item in the presentation of each of net income loss and comprehensive income loss. Net income from discontinued operations for fiscal 2023 was approximately $12.2 million. Of this, approximately $8.5 million was represents the gain on disposal of the discontinued operation. The annual MD&A presents key financial metrics for both continuing and discontinued operations. The metrics to be discussed on today's call will be based on continuing operations, unless otherwise noted. Moving to our discussion of revenue. Revenue decreased from $20.3 million to $9.9 million for the three months ended December 31, 2023 and 2022, respectively, and decreased from $60.2 million to $48.9 million for the years ended December 31, 2023 and 2022, respectively. These decreases were primarily attributable to the negative impact of significantly increasing interest rates on certain lines of business, and the negative impact on revenue of the amendments made to the services agreement with a previously related party effective January 1st, 2023, which meant amendments also resulted in a significant decrease in direct and indirect operating expense that was required to support this revenue stream. As noted on the previous earnings call, the related party reference with respect to the service agreement is no longer a related party as of April 2023. Gross profit decreased from 9.9 million to 6.1 million for the three months ended December 31st, 2023, and 2022, respectively, and increased to 31.5 million from 27.9 million for the years ended December 31st, 2023, and 2022, respectively. The changes in gross profit are attributable to changes in the composition of revenue streams and the underlying cost to support those revenue streams. Gross profit margin increased to 61% from 49% for the three months ended December 31st, 2023 and 2022, respectively, and increased to 64% from 46% for the years ended December 31st, 2023 and 2022, respectively. Some other highlights. Utilizing proceeds from the sale of the appraisal management business, the company paid down approximately 23 million on principle of its credit facilities. From an ongoing cash flow perspective, this debt reduction will provide annual principal and interest savings of approximately $8.2 million. As discussed on previous earnings calls, in response to market conditions, the company continues to focus on cost reduction, cash management, and the reduction of term debt. Recently, amendments to the company's credit agreement were executed. which amendments waive breaches of covenants that existed prior to the date of the amendment and establish revised covenants. I will now turn the call over to our CEO, Gary Yeoman, to provide business updates.