May 08, 2018 • 04:30 pm ET



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Ladies and gentlemen, thank you for standing by. Welcome to the VASCO Data Security First Quarter 2018 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode afterwards we will conduct the question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded, Tuesday, May 8, 2018.

I would now turn the conference over to Joe Maxa. Please go ahead, sir.

Joe Maxa

Thank you, operator. Hello, everyone, and thank you for joining the VASCO Data Security first quarter 2018 earnings conference call. My name is Joe Maxa, and I'm the Director of Investor Relations. This call is being broadcast over the Internet and can be accessed on the Investor Relations section of VASCO's website at With me on the call today and speaking first will be Scott Clements, VASCO's Chief Executive Officer. Also on the call is Mark Hoyt, our Chief Financial Officer. This afternoon, after market close, VASCO issued a press release announcing results for our first quarter 2018. To access a copy of the press release and other investor information, please visit our website. Following our prepared comments today, we will open the call for questions.

Please note that statements made during this conference call that relate to future plans, events or performance, including the guidance for full year 2018, are forward-looking statements. We have tried to identify these statements by using words such as beliefs, anticipates, plans, expects, projects and similar words, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. I direct your attention to today's press release and the Company's filings with the US Securities and Exchange Commission for discussion of such risks and uncertainties in this regard.

Please note that certain financial measures that may be discussed on this call are expressed on a non-GAAP basis and have been adjusted from a related GAAP financial measure. We have provided an explanation and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the earnings press release that can be found on the Investor Relations section of our website. In addition, please note that the date of this conference call is May 8, and any forward-looking statements and related assumptions are made as of this date. Except as expressly required by the federal securities laws, we undertake no obligation to update these statements as a result of new information or future events or for any other reason.

At this time, I will turn the call over to Scott.

Scott M. Clements

Joe, thanks very much, and thank you for joining on the call everyone. I want to start by noting that we're on the eve of the most significant product introduction since VASCO's original authentication solution. Later this month, we will announce the details of our initial Trusted Identity Platform offerings and how they deliver a much needed and profoundly innovative approach to address the tens of billions of dollars that