Issuer Direct Corporation (NYSE MKT:ISDR) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 04:30 pm ET


Issuer Direct Corporation (NYSE MKT:ISDR) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Issuer Direct Corporation Second Quarter 2020 Earnings Conference Call. Today's call will be conducted by the company's Founder and Chief Executive Officer, Brian Balbirnie; and its Chief Financial Officer, Steve Knerr.

Before I turn the call over to Mr. Brian Balbirnie, I'd like to read you the company's abbreviated safe harbor statement. I'd like to remind you that statements made in this conference call concerning future revenues, results from operations, financial position, markets, economic conditions, product releases, partnerships and any other statements that may be construed as a prediction of future performance or events are forward-looking statements, which may involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements. Non-GAAP results will also be discussed on the call.

The company believes the presentation of non-GAAP information provides useful supplementary data concerning the company's ongoing operation and is provided for informational purposes only.

With that said, Mr. Balbirnie?

Brian R. Balbirnie

Thank you, operator. Welcome, everyone, and thank you for joining us this afternoon to discuss the company's second quarter results. At the market close, we issued a press release announcing our results for the quarter. During today's call, we will be referencing these results as well as talking about the second half of the year. For your convenience, a copy of the press release is now available in our Investor Relations section of our website, and also in our ACCESSWIRE newsroom for your reference during today's call. We are thrilled with the second quarter results in so many ways: record revenues, which were up 18% year-over-year; operating income; EBITDA and cash flows from operations were also historical records.

Thankfully, we have a great story to tell. This story resonates well within the markets that we're serving and in that regard, customers continue to expand to also record levels this quarter, which allowed us to produce these P&L records across the board.

I'll now turn the call to Steve for a review of the second quarter in detail. After his remarks, I will discuss some key metrics we're tracking for the first half of the year and into the remaining part of the year. Steve?

Steve Knerr

Thank you, Brian, and good afternoon, everyone. As Brian mentioned, Issuer Direct had a record quarter in terms of revenue, operating income, cash flow from operations, EBITDA and customer count. However, this is not a time for us to rest on our laurels. But instead to build on this momentum into the second half of the year and beyond. While the COVID-19 pandemic has been challenging for us, starting to work remotely, canceling schedules and in person conferences and slowing down overall market transactions and activity, it has also allowed us to pivot some of our products and caused some of our customers to lean more on virtual technology, which helped drive some of our increase in revenue during the quarter, something I