Where Food Comes From, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Where Food Comes From (WFCF) - Q2 2022 Earnings Summary

  • Revenue: Q2 revenue increased 4% year-over-year to $5.3 million (from $5.1 million in Q2 2021).
  • Service Breakdown (Q2 2022 vs. Q2 2021):
    • Verification & Certification Services: $4.0 million, up 7% from $3.7 million.
    • Tag Sales: $0.9 million, down 9% from $1.0 million due to drought-related cattle herd reductions.
    • Software & Consulting: $0.5 million, flat year-over-year.
  • Year-to-Date Revenue (Six months ended June 30, 2022):
    • Total revenue: $11.5 million, up 20% from $9.6 million in the same period last year.
    • Verification & Certification: $7.7 million, up 11% from $7.0 million.
    • Tag Sales: $1.9 million, up 12% from $1.7 million.
    • Software & Consulting: $1.9 million, nearly doubled from $1.0 million due to a major $850,000 Japanese seafood promotion project by subsidiary Postelsia.
  • New Offerings: Launch of FishCARE, a sustainability verification program for aquaculture, with Reverence Provisions as first approved producer.

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Operator: Greetings. Welcome to Where Food Comes From's Second Quarter Earnings Call. At this time, all participants will be in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note this conference is being recorded. At this time, I'll turn the call over to Jay Pfeiffer, Investor Relations. Jay, you may now begin. Jay Pfeiffer: Good morning, and welcome to the Where Food Comes From 2022 second quarter earnings call. Joining me on the call today are CEO, John Saunders; President, Leann Saunders; and Chief Financial Officer, Dannette Henning. During this call, we'll make forward-looking statements based on current expectations, estimates and projections that are subject to risk. Statements about current and future financial performance, growth strategy, customers, business opportunities, market acceptance of our products and services, and potential acquisitions are forward-looking statements. Listeners should not place undue reliance on these statements, as there are many factors that could cause actual results to differ materially from our forward-looking statements. We encourage you to review our publicly filed documents, as well as our news releases and website for more information. Today, we'll also discuss adjusted EBITDA, a non-GAAP financial measure provided as a complement to GAAP results. Please refer to today's earnings release for important disclosures regarding non-GAAP measures. I'll now turn the c

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