Where Food Comes From, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue Growth: Q3 2022 revenue increased 11% year-over-year (YoY) to $7.3 million from $6.5 million in Q3 2021.
  • Segment Highlights:
    • Verification and Certification Services: Up 10% YoY to $5.2 million from $4.7 million.
    • Product Revenue (Tag Sales): Up 15% YoY to $1.6 million from $1.4 million.
    • Software & Consulting: Slight increase to $508,000 from $461,000.
  • Profitability:
    • Net Income: Decreased 9% YoY to $785,000 ($0.13/share) from $867,000 ($0.14/share).
    • Adjusted EBITDA: Decreased 13% YoY to $1.3 million from $1.5 million.
    • SG&A Expense: Increased to $2.1 million from $1.8 million, due to labor cost pressures.
  • 9-Month Performance:
    • Total Revenue: Up 16% to $18.8 million from $16.1 million YoY.
    • Net Income: Down to $1.5 million ($0.25/share) from $2.2 million ($0.36/share) — prior period included $1M in PPP loan forgiveness.
    • Adjusted EBITDA: Up 16% to $2.8 million from $2.4 million YoY.
  • Cash & Shareholder Activity:
    • Cash from operations flat YoY at $3 million.
    • Cash Balance: Up 11% to $6 million from $5.4 million at end of 2021.

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Operator: Greetings, and welcome to the Where Food Comes From Third Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jay Pfeiffer, Investor Relations for Where Food Comes From. You may begin. Jay Pfeiffer: Good morning, and welcome to the Where Food Comes From 2022 Third Quarter Earnings Call. Joining me on the call today are CEO, John 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 opportunities, 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 news release for important disclosures regarding non-GAAP measures. I'll now turn the call over to John Saunders. John Saunders: Well, good morning, and thanks for joining the call to

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