Where Food Comes From, Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights
  • Full Year 2022 Revenue: $24.8 million, up 13% from $21.9 million in 2021.
  • Revenue Breakdown (YoY):
    • Verification and Certification Services: $17.6 million, up 10% from $16.1 million.
    • Product Revenue: $4.4 million, up 14% from $3.8 million.
    • Software & Consulting: $2.9 million, up 40% from $2 million, driven by a large Japanese government project.
  • Net Income: $2 million or $0.33 per diluted share, down from $3 million or $0.48 per diluted share in 2021. Prior year included ~$1 million in PPP loan forgiveness.
  • Adjusted EBITDA: Increased slightly to $3.8 million from $3.7 million.
  • Operating Cash Flow: $2.7 million, compared to $3 million in 2021.
  • Cash and Equivalents: $4.4 million, down from $5.4 million due to share repurchase activity.
Q4 2022 Highlights (vs. Q4 2021)
  • Revenue: $6.1 million, up 5% from $5.8 million.
  • Verification and Certification Services: $4.7M (+7%)
  • Product Revenue: $0.9M (+17%)
  • Software & Consulting: $0.5M (-22%)
  • SG&A Expenses: Flat at $2.1 million

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Operator: Greetings and welcome to the Where Food Comes From Fourth Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jay Pfeiffer with Investor Relations. Thank you, Mr. Pfeiffer. You may begin. Jay Pfeiffer: Thank you. Good morning and welcome to the Where Food Comes From 2022 fourth quarter and year end earnings call. During the call today, we will 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 will 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 will now turn the call over to John Saunders. John? John Saunders: Good morning, and thanks for joining the call today. This morning, we announced results for our fourth quarter and full year ended Decembe

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