Good afternoon. Thank you for attending today's BBTV Holdings Inc provides 2023 Q1 financial results. My name is Hannah, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one. I would now like to pass the conference over to our host, Nancy Glaister, BBTV's Chief Legal Officer and General Counsel. You may go ahead. Welcome to BBTV's First Quarter 2023 Conference Call. I'm Nancy Glaister, Chief Legal Officer for BBTV. During the course of this conference call, we may provide forward-looking information and make forward-looking statements within the meaning of applicable securities laws. These are statements regarding the company's current expectations, goals, and beliefs about future events relating to or which may impact the company, its business, and results. These may include forward-looking statements regarding our expected or anticipated financial position, growth, diversification, expansion, operations, plans, and objectives. Forward-looking statements are statements about the future and are inherently uncertain. Any financial or other goals discussed are goals only and are not meant to be taken as future-oriented financial information or guarantees of future results or performance. Certain financial outlooks, in particular, are provided to aid in understanding management's goals and expectations regarding future financial matters and may not be achieved. Such financial outlooks may not be appropriate for other purposes. All of our forward-looking statements are necessarily based on a number of assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. These include the risk their assumptions may not be accurate, as well as the risk factors contained in our press release and MD&A issued today, as well as in our latest Annual Information Form filed on SEDAR.com. We undertake no obligation to update these forward-looking statements except as required by law. You can read more about these assumptions, risks, and uncertainties in our press release and MD&A issued today, as well as in our AIS, dated March 31, 2023, and our prospectus dated October 22, 2020, filed with Canadian Securities Regulators at SEDAR.com. Also, our commentary today will include adjusted financial measures and ratios, which are non-GAAP measures. Although the company believes these non-GAAP financial measures and ratios are useful in evaluating the company, these should be considered as a supplement to and not as a substitute for financial information prepared and presented in accordance with IFRS. Reconciliations between the two can be found in our earnings press release and our MD&A on our website and on SEDAR.com. Lastly, we also report on certain metrics such as views and RPMs. A further description of these metrics, which are also non-GAAP measures, can be found in our earnings press release and our MD&A. I now turn the call over to BBTV's Chief Executive Officer, Shahrzad Rafati. Hello, everyone, and thank you for joining me and our CFO, KB, on this conference call to discuss our Q1 2023 financial results. For the first few minutes, I will review our operations and current market conditions. After that, KB will review our financial results, and then I will close with our outlook before we take analyst questions. BBTV is the largest professional creator network worldwide. From individual to global media companies, professional content creators rely on BBTV to generate meaningful revenue for them while they focus on their core competency, creating content. Our roster of creators continues to grow, and over 600 million viewers interact with our content monthly. In Q1, YouTube Shorts views represented 45% or approximately 52 billion views of the total of 113 billion views for the quarter. In total, views were up 12% compared to last year and 8% compared to Q4. This is the first year-over-year increase in views since Q1 of 2021. Although monetization began on February 1 for YouTube Shorts, it is at early stages, which means the revenue per thousand views, which we call RPMs, is a fraction of the value for regular length content. Over time, Google has publicly stated that Shorts monetization should have similar RPMs as regular content, and RPMs are trending in that direction. In the meantime, at least for 2023, Shorts monetization should depress overall RPMs during the Shorts RPM ramp-up stage. Google predicts that Shorts viewership is likely to peak at about half of total views, and it's also to creators and YouTube's best interest to have the healthy balance between short form and regular form content. We are pretty close to peak short form viewership now. With RPMs increasing for Shorts and with YouTube Shorts viewership plateauing at around 50%, we believe that Q1 is an RPM trough. We agree with Alphabet that monetization rates on views should mature at similar RPMs compared to long-form video content over time, which is worth over $90 million to our future top line. According to our internal forecast, the performance of the first quarter was in line with our expectations. This is the backdrop to some of the initiatives that we undertook in the quarter to improve our margins and to accelerate performance to persistent positive Adjusted EBITDA. Subsequent to cost optimizations executed in the second half of 2022, in the first quarter of 2023, we concentrated on aligning our operations to focus on high margin opportunities and to further automate our lower margin Base Solutions business. We concentrated on two efforts in Q1. First, we canceled some low-performing contracts that generated near zero margins on the base revenue. This helped to contribute to the decline in regular content views during the quarter, but will help to improve margins for base business in upcoming quarters. In addition, we made further cash cost optimization during the quarter in base business by 47% compared to Q1 2022. KB will go into more details momentarily. In comparison to Q1 last year, our overall expenses have decreased by 22%. Although actual performance is lining up with our forecast, we are positioned for further cost optimization if market conditions soften compared to our expectations. We will continue to align our operations to capture more Plus Solutions opportunities. As we mentioned in our Q4 call, we began deploying a major Content Management contract with a global brand in Q1, and the pipeline remains strong for new business. Although we saw a softness in Q1 Plus Solutions revenue compared to the previous year, any softness on an individual account basis will be overcome by the conversion of this pipeline. As a result, we are comfortable that Plus Solutions revenue will, like last year, grow by at least 30% again for the full year. Content Management revenue is tracking as our strongest Plus Solution with solid visibility on pipeline conversion. Overall, Plus Solutions revenue contribution was 15% this quarter, and gross profit contribution was 37% compared to 13% of revenue and 35% of totals in Q1, 2022 respectively. During the quarter, we announced a term loan for approximately CAD 21.5 million. Part of the loan was used to pay off a $15 million revolver. Overall, our goal was to improve our liquidity, and we believe that this transaction helps to accomplish our objective. As mentioned in our Q4 conference call, BBTV signed a major new Content Management client in Q1 that has the potential to be the largest ever. We're nearly finished deployment, and the contract should contribute to our overall Plus Solutions revenue growth in subsequent quarters. We also renewed our partnership with Steve Harvey, Sanrio, and Univision. Integration of our most recent acquisition of Outloud Media in October of last year is nearly complete, and this unit will become an important element of our multi-platform strategy to extend our creators reach to new platforms, starting with Meta. We remain confident that the Outloud unit will contribute to higher Base Solutions margins. Now I would like to hand the call over to BBTV CFO, KB Brinkley. Thank you, Shahrzad, and good afternoon, everyone. Overall, I would classify the Q1 results as a soft quarter that was impacted by the broad industry trends, including the continued growth of YouTube Shorts views, which only commenced monetization in February, as well as the recessionary slowdown in ad spending that has affected results industry-wide. As we work through these macro headwinds, we remain focused on taking as many operating costs as possible out of the system and growing our higher-margin Plus Solutions in order to get to our goal of achieving sustainable profitability at the Adjusted EBITDA line. The total revenue for the quarter of $71.8 million was down 27% from the same period last year, primarily due to the impact that the shift in consumption towards short-form content had on our Base Solutions revenue. While monetization has now begun for Shorts, it is still at a much lower rate than regular content. We chose not to renew some low-margin creator contracts in Q1, which helped to contribute to the decline in regular format content viewership. As Shahrzad mentioned in her remarks, we are focused on our path to profitability in the coming quarters, and we believe that this is a good step in that process. Our viewership growth trend continued in Q1 with total views of 113 billion, which is a 12% sequential improvement from Q4 and an 8% increase from the first quarter last year. This is due in large part to the growing popularity of short-form content. In the first quarter this year, 46% of our viewership was from Shorts, compared to just 20% in the first quarter last year. Our natural viewership retention rate also remained very strong at 92% for the quarter. The impact of the higher proportion of Shorts, however, was reflected in our RPMs for Q1, which were down 35% compared to a year earlier. While there is typically a seasonal decrease from Q4 to Q1 as advertisers scale back their spending after the holiday season, the step-down was more pronounced this year due to the combined effects of a more significant drop in ad spend with the recessionary concerns, which we expect to be short-term in nature, plus the increasing number of views from Shorts, which did not start monetizing until February 1st. If we exclude Shorts viewership, our RPMs would only be down 5% year-over-year, which is pretty stable considering the overall market conditions and aligned with some previous quarters, and we attribute to the recessionary market environment. This helps to highlight that the majority of the decline in RPMs was primarily attributable to the lower monetization rate on YouTube Shorts, with the pullback in overall advertising spend being a minor contributing factor. The monetization rate on Shorts is improving, and Google has stated that it's a top priority for them to narrow the monetization gap between Shorts and regular, so we expect this to be a catalyst for RPM growth over the coming quarters. Our Plus Solutions revenue also declined in the quarter, down 15% year-over-year to $10.9 million, mainly due to lower Content Management revenue as a result of a shift in fans uploading more Shorts content at a much lower RPM. As Shahrzad mentioned, our Content Management pipeline is strong, so we remain confident in our growth expectations for our Plus Solutions, and we are still expecting to exceed an annual growth rate of 30% in Plus Solutions for full year 2023. Our overall revenue mix also continues to shift in a positive direction as the higher margin Plus Solutions were up to 15% of total revenue for Q1 compared to 13% a year ago. The adjusted gross profit for Q1 of $6.7 million, excluding PPA amortization, represents a gross margin of 9.3%, which is consistent with the same quarter a year ago. Our Plus Solutions continue to expand and become a larger proportion of our total revenue mix, we are expecting our gross profit margin to improve year-over-year on an annual basis in moving into double digits. As we continue to focus on cost optimization, our operating expenses were $12.1 million, a 7% decrease compared to Q4 and a 22% decrease year-over-year. We have been very focused on improving our cost base since the beginning of the second half of fiscal 2022, and we will remain vigilant with regards to our expenses. If we see the market soften, we will take more action as required to maintain a cost base that we can lever towards profitability. In Q1, most of our expense reduction came from the Base Solutions business because we are focused on making it as automated as possible. Operationally, we will continue to focus on converting our high-margin Plus Solutions opportunities in the pipeline. We currently have the largest pipeline of opportunity in the company's history. Our objective is to move segmented costs to be below 60% for Plus Solutions gross profit and for Base Solutions to be below 85% for Base Solutions gross profit. We are constantly making adjustments to meet those objectives. We reduced Base Solutions OpEx by 47% in Q1 2023 and will continue to optimize our costs. Overall, despite the lower revenue in the first quarter due to cost optimization execution, Adjusted EBITDA loss improved by $800,000 or 23% from the same period last year as we continue to progress towards profitability. We ended the quarter with $18.8 million cash. We fully repaid our bank overdraft facility with the proceeds from the CAD 21.5 million secured term loan that we received in February from an arm's length investment capital firm. Our long-term debt balance was $69.5 million as of March 31st, with maturities substantially in 2026 and 2027. Based on our current trends and forecasts, access to resources and Adjusted EBITDA breakeven timelines, we are comfortable that BBTV has adequate liquidity for the foreseeable future. I will now turn it back to Sharzad. Thanks, KB. We're executing our strategy to improve our margins, become EBITDA positive, and to generate cash flow. Despite a 27% decline in revenue, our Q1 EBITDA loss were less in comparison to our losses in Q1 of last year. This is due to prudent cost optimization and the resilience of our diversified revenue streams in a tough global market for content monetization. Based on our recent bookings and building pipeline, we believe that momentum in Content Management revenue growth should continue with similar momentum as in fiscal 2022. As a reminder, Content Management has been our fastest growing solution for several quarters, which has helped to drive growth in Plus Solutions. Plus Solutions now represents about 15% of our total revenue eontribution and 37% of our gross profit contribution in Q1. YouTube Shorts monetization was modest for Q1, it is in line with our estimates. Uptake on YouTube Shorts has been strong, although it should plateau at around half of total viewership. Over time, we expect monetization to improve. We agree with Alphabet that monetization rates on views should mature at similar RPMs compared to regular content over time. We believe that the long-term incremental revenue associated with YouTube Shorts could be worth over $90 million of revenue for the business as the format's monetization matures. We can now open it up for questions. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, press star one. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question. We will pause here briefly as questions are registered. The first question is from the line of Suthan Sukumar with Eight Capital. You may proceed. Hey, guys, good afternoon. Thanks for taking my question. Just maybe on Plus Solutions, good to see the guidance kind of reiterated there for 30% annual growth. Can you give me a sense of where that confidence has kind of come from? Is it due to the Content Management pipeline, or is there some, you know, direct sales in there that could also do that? Yeah, for sure. Suthan, thanks so much for your question. You know, when it comes to Plus, you know, as we mentioned, really the pipeline is very strong, and we are converting it. If you look at the dip in Q1, it was very much related to some shift in viewership between regular content and short content, which was really across very few select accounts. As I said, the pipeline of new enterprise clients will overwhelm the actual relatively minor decline in our per client monetization because of Shorts. There's also, Suthan, a potential for performance multipliers as Shorts monetization, obviously, as, you know, we actually see short form getting monetized, as, you know, short form monetization would actually be as it starts being at higher rates into the future. I think it's also important to highlight what is actually driving our pipeline for specifically Plus is our C2C solutions for... If you look at it for enterprise clients, this is an essential product that helps them, you know, make their content more valuable. Our solutions, what they do is really create monetization multipliers, you know, from fan uploaded content also through, you know, the base content, the new base content, and of course, as well as the library of the content that they have. Because, you know, really, if you look at it, Suthan, BBTV is the only monetization platform that does this for enterprise clients. We are very much so comfortable with the 30% guidance that we have. Okay. That's great. Just maybe on the platform strategy, you guys bought, like, you acquired Outloud Media, you know, call it later during the year last year. How long until we kind of see some material contribution from the platform strategy? I know you had mentioned maybe towards the end of 2024. Is that still the plan, or could you kind of see that being accelerated by a little bit? Yeah, we are very happy with the integration so far out here as far as really integrating the team, you know, with BBTV. The integration is complete. Now it's about the really rollout of content creators at BBTV in terms of leveraging Outloud's solutions and really integrating that with obviously the other aspects of the business. Our guidance remains the same, and we are very excited about obviously Outloud and, you know, the multi-platform solutions that we're offering to our content creators. It's definitely one of the key elements of what we offer when it comes to really expanding the reach and viewership for creators outside YouTube. Excellent. Maybe one for KB Brinkley. When you guys cut costs by 22% year-over-year, 47% in Base Solutions, can you kind of double click on what you would kind of need to see to potentially accelerate or, sorry, continue to optimize that base? Are you guys effectively done in your base? Yeah, absolutely. Thanks for the question, Eric Martinuzzi. As we have communicated, we are very focused and vigilant on our cost optimization initiatives. We are comfortable that we have at a leverage over cost baseline for both Base Solutions and Plus Solutions. Our cost base for Base Solutions is about 85% of gross margin now. As short revenue continues to grow, that would all drop down to the bottom line. Similarly for Plus Solutions, we are at 69% of gross margin right now. This gives us some leeway for performance variations as well as to invest in higher and more profitable revenue growth as we see strategic opportunities in the future. With the pipeline converting at the rates that we are seeing at current levels, we believe we have leverage. Then with respect to the future cost optimization, this is an ongoing exercise, and we see that coming out of Base Solutions as well as shared services. Excellent. That's everything for me, guys. Thank you very much. Thank you. Thank you, Eric Martinuzzi. Thank you, Mr. Sukumar. There are no additional questions waiting at this time. With that, I will conclude today's call. Thank you for attending today's BBTV Holdings Inc. provides 2023 Q1 financial results. Thank you for your participation. You may now disconnect your lines.