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VIQ Solutions (VQS)

Participants
Laura Kiernan Investor Relations
Sebastien Paré Chief Executive Officer
Alexie Edwards Chief Financial Officer
Susan Sumner President and Chief Operating Officer
Brian Kinstlinger Alliance Global Partners
Scott Buck H. C. Wainwright
Daniel Rosenberg Paradigm Capital
Call transcript
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Operator

Good morning, ladies and gentlemen. My name is Chantal, and I'll be your conference operator. Today, we'll be hosting a conference call to discuss the fourth quarter and full-year 2021 financial results for VIQ Solutions Inc. At this time, all participants are in a listen-only mode. [Operator Instructions] We will have a question-and-answer session at the end of the call [Operator Instructions]. one chance questions may to queue. to may that reenter yourself a have ask limit or so two others the Please questions, you

host Head Laura VIQ. Your go is Relations Please Investor for Kiernan, ahead. today for of Ms.

Laura Kiernan

and and fourth Solutions' full-year conference everyone and to call. VIQ Thank you, morning welcome Chantal, results good XXXX quarter

Before statements to call factors. today's information subject made known and I unknown contain like uncertainties point to would begin, on we out certain risks, and that forward-looking other

risks the you of at uncertainties facing MD&A discussion other refer complete a sec.gov. filings, SEDAR, and VIQ, we available to and For sedar.com and on company's the which continuous disclosure are

Alexie dollar will over with available and Susan Edwards, As all amounts I a of And in Sumner, our otherwise us to President, U.S. reminder, now all to to be the have Sebastien dollars will like prepared COO of we whom the remarks. stated. CEO; our unless today, call begin. VIQ, for turn CFO; are Paré, Paré following questions Sebastien

Sebastien Paré

to Welcome, call. Thank you, earnings XXXX our full-year Laura. everyone,

welcome order and is of today and the Sumner of to business Pan congratulate Directors. first Board Shing The to Susan

operational executing of Larry to he the of next to plan. enterprise. announce matching extensive industry, and contribute will transcription Each They the including has seasoned globally two in our further build And ability years, are that and excited our our the scale to advancing growth acumen, Board successful achieve Board. goals. strategies appointment plan an experience executives that accomplishment and companies. our professionals adds management our appointments experience strategic to these perspective for our Taylor of These last Susan's needs global for our operational in global established highly record growing Chairman, step accomplished the to Shing's expand meaningful of VIQ to and the growth strategic stated these Board, experience technology was leadership Our for and the substantially in to

our was to clients, that results, personally. many record, our well Now, as society acquisitions of company, one on commitments able for finish our capital will business into by only scale and, VIQ past been our markets, challenging XXXX report strong regulator have XX lift but pleased most us, that to not the has months for during XXXX. our throughout cloud persevere the to of areas security, of to significantly cyber our allow completing journey of the financials in infrastructures, environments I and am us and remarkable a many products, as

XXXX performance. operational in the level. While geographies, was operating of recovery We're to extensive fluctuations next strides ready now in our a we strategy scale the challenging profitably given have growth to year, advanced COVID made and our overall

innovations revenue covers shortages rethinking, we client our The last ARR reported documentation strategic Also million this expect from structurally, Australia, was is to revenue enhanced lessen Transcription margin with, our have increase in acquisitions, recurring. label known by late regions. slightly without by impact $XX.X to revenue $XX.X last global unique XXXX. those our technology future two operating We platform. of accuracy XX% our XXXX obtained to working the productivity for expansion. court and court enforcement million in the productivity in beyond. In The labor the expanded $XX.XX compromising offerings, with which year, impact we're of of for our are further we in Agency, U.K. by achieve XX% recurring capacity A for The demonstrated XXXX was law intelligent the in a analysis This regions. capture workflow and some recent is property With and The year gross still and content. baseline acquiring note was to globally, XX% Please artificial insurance that our We global total assets, revenue forma new solutions period not in growth because XX while in forecasted for relationship below comparative our did our is intellectual XXXX. XXXX, the and as and improvements revenue is two asset speed sustainability key during aspect end-to-end will to in an patent pro our the the $XX.X foundation key that of patent our of we million million Auscript, annual increase represent TTA, from a of of acquisitions otherwise including vertical, COVID XXXX, of this utilize most on secure our last and aiAssist our providing automated how which segment year. capitalized our increased

courts most as two expect will these migrate lot course acquisitions, aiAssist courts to well XXXX. into NetScribe by gained the which existing powered further productivity those topics of We from gross when get as of and The shift into enable towards ones clients, a margin most and higher expected the is recent over is of platform, she legal speaks. will media expansion. our Susan

following revenue Australia, with derived XX% completion We approximately towards the also in versus acquisition, from the year. of last expect XXXX XX% the of shift Auscript Australia

for to come it of our results. and to Then closing into he's hand remarks. for provide finished, overview Alexie will insight financial open for goals will and Susan we'll our I who your will lines Alexie? up provide back operating you questions, additional Now, XXXX. I'll high-level results When the over answering a

Alexie Edwards

the good versus X% prior a Sebastien, last morning, like our published content XXXX. would We revenue rehash and total which our year, of release, to press on XXXX, results and goals from year. reaffirm I key reported good everyone. million the in evening for make and good afternoon, Rather to remarks you, $XX highlights Thank our than few in decreased

trends year However, pandemic, saw XXXX, when comParéd the meaningful revenue. or last to we in before the

only The XXXX in revenue U.S. XXXX, including in $XX.X versus was million difficult driven declined XXXX increased our $XX.X was in decline factors, million million and to XXXX, U.S. some but in by comparisons. example, several to $XX For XXXX.

media lower U.S. significantly revenue Our year-over-year skewed comparisons. due was to

media impacted financial an earnings completed delayed archive relating growth and major XXX by partially $X.X claims Combined the in which additional large in was factors project traffic various was 'XX and days billing of U.K. and transcription through Australia, in corporate, impact the year, and communities. statements, resulted and revenues in million XXXX XXXX for estimated Auscript of and impacted the COVID-XX hampered work. went a in what COVID-XX growth close lockdowns the the QX election revenue in the cycle volumes in on contributed with has two $X to of clearance was XXXX. one our states accident of the recovery the negatively traditional repeated also had one-time XXXX, QX, a significant competitive our activities were subsequently U.S. Please note, year, attributed of $XXX,XXX XXXX, included was revenues to weren't During FirstDraft In insurance revenue ramp offset reported lower bureau, government acquisition-related in government that about and been deferred to in during the and result from tied enforcement about by a addition $X were insurance car insurance, negatively on XXXX. Lower local And broadcast and versus results. decreased otherwise clients, vertical planned about Australian XXXX. due that and These million and the new from throughout the a volumes million our these as not reduced recorded that media, adoption local largest to was in impact from conferencing in XXXX. mandated business people are December law $X.X technology. Australia, XXXX, slowed million police in Australia late by movement claims of revenue having and In lockdowns policing U.S. segments. interviews, in up to lockdowns by client in repeated

We U.S., to the in and including normalize U.K. expect Australia, acquisitions. that revenues 'XX,

gross same XX% revenue primarily XX% pandemic. Now was gross of profit to The with subsidies the in decrease on reduction of resulting of profit our due $XX.X the XXXX. the versus gross margin, in COVID-XX our from and to revenue for period million was delayed

law rates bonus first labor. stabilization across of predictable the have services, to enforcement COVID-XX, the draft COVID-XX in courts full-year wage the further labor subsidies paid VIQ Fifthly, requirements of migration XX% U.S. or with efficiency year. for global believe continue the force impact be for impact, points presentation. the to recurring, to gross represented next a margin, drafts. this XXXX, gross gains particularly leverage payments for approximately on expects NetScribe we the Three, migration COVID-XX Driving access And the contract excluding a will the insurance the higher per XXX driver Excluding finally, incentivize two company increase and margins in production the we of is the better of percentage the enabled referenced force full-year in adopted would and margin Please planned trend factors. and excluding shift for four aiAssist the that the revenue certain the about labor unit implementation to subsidies, labor margin clients margin Fourthly, improvements in the to note higher following reduction legal post segments. reducing the increase be to proven a gross towards XX% basis technology points. for subsidies Technologies labor utilize as an machine from of One, force past of verticals, year of were entities. the towards of comParéd the more to

have for our XXXX. goals We reaffirmed

include XX%. generating between million margin $XX be at XX% to revenue, gross to financial Our expected expectations while in least

investment growth organic acquisitions, including following as deleveraging. such growth, technology, and additional allocating the recovery acquisition The centered additional to organic the company's generating especially restrictions and sheet subside. include As in towards organic forma We capital This close real in revenue expect court almost acquired and at with best no and balance pursue investment meaning is approximately $XX upon the means really the COVID-XX highest growth million, on organic last major economy year in recurring Sebastien that and for million Auscript million, was the approximately effectively a December million, the which at revenue Auscript achievable, the of and revenue mentioned, $XX of acquisition. our of year $XX about you rate the XXXX least of is and end revenue, mergers sales use in and contracts TTA capital as technologies, annual marketing of base of $X light drivers do We're when annualized growth. XXXX, this of in began recurring development. allocation full-year infrastructure pro

Our generate the started annual earning increase cash. reinvest the reports, shareholders a capital flow free five allocation demonstrate with to company post-pandemic business and key revenue. debt. that In our QX and we to to gross have the more goal increases We pay to to plan with is the power of using of down flywheel in last margin throughout cash in incremental priority the 'XX, being demonstrated cash

lumpy the may direction. due very to appear is two moving progression over incremental in While that disruptions the the years in from last societal a time pandemic results solid

hand to Susan. I'd it like over Now, to

Susan Sumner

VIQ I introduced much high of the VIQ. on more Sebastien committed would been I in expansion. leadership I'm has KPIs. board, level like trends, know our and this support segmentation is also skill granular and covered team, for like operational I'd improvements, directors newly and Directors with both to to the and to have actual in Alexie approach and diversity the and but across of saying appointed we Since thinking challenge strategies continuing thank all diversity I you, Shing, migration get financial global Board to Alexie. that representation journey our along like honored and and diversity to to committed inclusion speak little the to are The and technology, the board. the Alexie of board a the to of Thank of M&A

XXXX, to the there and as incremental many. achievements XXXX resources North we our of world. committed added the America to organizations it's partnerships distribution me now Let expanded sales were and in In operational and and around We expanding the pivot U.K. sales have. distribution and certainly we

market suite And the the key partnerships awarded that will highlights, Florida, to XXXX without RFPs. those world This established integrated court here organic Electronic through expertise of have in meet exceed partner value Florida to which the new digital see us two innovative us we to in court a We of digital key the technology a XXXX. technologies, for solutions our and capture that Supreme help integrator is in drive that will VIQ ability [Ph] XXXX. needs few and so Court global in of gives individual solutions client reporting are new the a growth our recording the systems were accurate provide of areas. validates service secure full based partnership became base. Systems of and value award to and [D'Agostino] it's in U.S. VIQ VIQ

We court are of world. the and utilize now Pennsylvania the of on audio to to for and contract future the implement the solutions put their consult, in design suite of expertise help VIQ state around as video as the us able well rooms costar's

with and Services trial LegalCraft courtroom. recognized the Order industry that solutions pace to a amount [Ph] optimizes an an is being plays solution analysis, brings partnership real-time in platform, in Solutions technology VIQ to case technological to and assist and legal solutions successful And create evidence support shared. courtroom increasing preparation keep Client The court integrated transcription the client professionals to Law professional produced significant transformations we organization which the vast agreement partnership personnel As transformation of [Lexo] with court and a together to need the strategic innovation, globally. using legal of knowledge, workflow, signed finally, role

Lexo's was firms history focus, collaborative public management partnership the of defenders base. strategic our extension district Given a platform the States. the attorney our to first case court offer United and robust, natural current client with LegalCraft in law VIQ and our are

of by bolster by of court -- successful Much in selling the the and XX us margins of in technology our our to we of game to revenue this of we positioning tied these services, frameworks end-to-end our XXXX. subsidies, in deployment TTA, and is committed to improvement. of of the presented and improvements. a port Alexie now a the as our is media maturity acquisitions basis partnerships delivered sector. We our XX% gained on And revenue result XXX ability have and This the to All improving Notice consistently those expand reach in from that gross which solution resulting Auscript, point or this of legal scale earlier, is pivots lead driven to our protocol. technology.

enforcement imports, of During given the impact a will there biggest was insurance gross U.S., segments revenue. but XXXX when the now our is nearly the two-thirds and in to focus margin on on overall the XXXX, be migration to XXXX expected to media ready and represent which law of in technology is take

work project where flexibility the business. documents. to done shift the was advantage of the of productivity games the combination requirements the While technology work, our Regardless models of nuances our a and level that available We and for and contributing our provide We customization of organization see to with the the of This work the we to new associated from in of clients. will platform the and transcription platform manage R&D in the space both Australia our to in labor continue address our workforce language and secure XXXX, the our can complexity will grow layered into the these due our closures availability U.S. our in expect cross of aspect required efforts administrative benefit opportunities AI. is expanding by significant. was required and be incremental core where platform, full the The to to labor. challenges advantage of share to global management language utilize on the to Also global train our we Titan, XXXX, took the labor maintaining and adapt with call labor of the velocity and while requirement XXXX. we to that geographies the still expand maintain Over the a to of to our client. port this security will footprint really is to of see workflow gains is

of M&A this in the because to is scale provided where VIQ secured the This it capture putting in the the purchase with continuing We largest aggressive pursuits the XXXX to also parliament. technology, declared us houses for TTA we we geographies, client. footprint with strategic infrastructure to our of build we services coincided In around of acquisition, NetScribe the the our our began committed borders the rapidly Shortly in deploy of launch completed October, grow. allow to and within U.K. infrastructure. to after share U.K. award

shutdown. not unexpected. time the have regulatory the in solutions. our of of with the Auscript made deployed VIQ overstate vertical of the court we key VIQ, trials better of This the -- contract late innovate undertaking in The aiAssist and and workflow, also our Australia. and vertical, was to exciting. in enterprise. the our very court's is we touched and other the conclude legal customer not with October, success to was summarized partners acquisition addition The trial significantly which acquisition holiday like segments. that has this beginning to in It XXXX gave judicial occurred is only available approval than core Auscript push the enforcements of as at that documentation of migrations, was certainly major acquisition critical in commencement have the requirements optimum and a complex only are expected on to I Important also is marriage the users. the of to the also We Auscript seen In to become from The which cannot better scale, to of size, that to local required content neither and TTA timing content announced so vertical, now technology. gains nor than but the it efficiency the us in the brings result as a AI's

So, [Ph] month customer our revenue. the first placed highest [service] acquisitions drive

Now and levels, our focus technologies the is pre-COVID holidays COVID now over this us, and and firmly will year. back to migration the organization on the later behind

Our pivot us also our around in our investments the goals XXXX, to technology only world. in will to advantage take accelerate but gross allow the key court segment of not will it margin

court As with enable commercial capture technologies. we the enable competitive XXXX, our our getting and the first end-to-end draft, accelerates that look delivering of technology to clients gains solution those value recognition in the customization NetScribe our at most and our launch advantage in speech workflow particularly from

We advantage also media. portfolio overall plan transcript include This it time change live. This new will will to creation fast and capture to competitive to both the courts traditional expand editing technology enabling real-time to for and creating services turn our a VIQ. of new level, hybrid and in and a edit delivery, and capture concept access take NetScribe on turnaround

IT Some their of focus media speech to of others from allow cloud them vary speech throughput the the our particularly infrastructure ensure Whether some competitors a strategy that the capture the live our petition our We the resources, improving or we VIQ edit we governmental allow and or on NetScribe in and own court them requirements chooses also value focus court the their they prepare NetScribe believe costs, while detects that use outlet that their running XXXX, within enhancements architecture. and improve to of the invested that that to with while also via U.S., to while that an editing with need impacting any the security In resourcing comply believe agencies requirements. wrong. to a integration technology or to or And we usability will create. the existing security core their on we capture of reducing for installed. integrated labor all workflow, to but element is with shortage across in for globe, governmental and now infrastructure of content

baseline within certified of to for tracking globally committed to establishing ISO standard our KPIs our provide In we provide measurable the be media and operating in have operations, to XXXX, our We XXXX. tracking and methodology, XXXXX to preserved consistent later U.K. expect performance. also

with will in along MD&A, our list both We of detail, outline not metrics them specifically definitions I in so today. will

why first company. health QX are progress few months. QX our the those of of provide release of XXXX however earnings in will to I the the QX they the XXXX comparables evaluating few a will metrics in important the We and next highlight in and

recurring the client First, annual critical organic in evaluating the and base our metric the ARR, revenue, churn. impact the and ongoing growth a is of of this stability

between will the organic required baseline year run rate While our in growth the churn trend the recurring to we distinguish reporting, revenue certainly will of versus through year. to evolve organic our provide progress growth track ability the of

XXXX our $XX million. run discussed, previously was As year-end rate forma pro approximately

to the minute produce reductions Another to a important tied is to influenced our it technology the into but improvement metric gains metric margin with aligned visibility and efficiencies the not the and is transcription. of platform. as performance, cost be in an from cost in efficiency the scale, the average more of This is variable important conjunction by cost and the gained provides much our used with This gross related labor. pricing,

that could in significant allowed for the XXXX. one achievements have were the impacted no us that measurable with our our associated regulatory prepare to look forward XXXX, future. results to extended COVID and there impacts delays While anticipated We

in ongoing our that We we excited the serve. innovation are of the continuing to the to deliver execution about industries strategy

Now, operator session. like over the the would I for to Q&A hand it to

Operator

from Global with Kinstlinger Brian comes question first Our Instructions] [Operator Partners. Alliance

Your line open. is

Brian Kinstlinger

Hi, taking my guys. morning, good Thanks for questions.

Sebastien Paré

Brian. morning, Good

Susan Sumner

Morning.

Brian Kinstlinger

Susan. disclosures, Sebastien. business this I mean got development. you've recurring million Hi, annual hand. in your $XX.X revenue start I with Hi, on from wanted too, you said to

ago, contract numbers? maybe which know which already near-term you're and in most number value get growth the seeing to the a Queensland your it Can of total talk year how terms in of of the said in or procurements, to you also in we million. $XX pre-COVID even going take pipeline a about you contract to it's opportunity, So, to you lot not is of comParés verticals excluding course,

Sebastien Paré

start, I'll maybe good on just that's I'll -- side. question our a So,

out And what it people is the for come overall, we to rate think want So, run important two years of COVID new I was that of conservatively. about. to appreciate

So, pipeline, We last backlog year. what is lot a about of now talk we've done was there the delays. the

we now But to actually side of going conservative that this wanted our of towards purposely it. rate. run quite quarter-over-quarter, visibility you guidance being on activated. little we for will bit is to the this now All progression with and be growth in towards be focusing are And organic our the we on we're in then more provide And a doing terms Susan? of forward-looking that. well year,

Susan Sumner

Yes, extensions renewals a way changing and building are the that's transcription a which phase, in-house way, as they space thanks, also at courtroom to mentioned didn't comprehend the adjusting, it are pipeline the to labor they had new they also execute shutdown sleeping way a to the allow and their and in closures, own globally, is in actually and would I they're And just of efficiency. kind because, they their on in Brian. evaluation my well I The statements, had do resources. the in for during awake from backlog court One, that innovative reasons. couple RFPs have that now around giants, way look both -- of be they they impacting hard active by shortages the them to business as firmly say, what have significant

the solution where in more the us over much my talked about market, growth interesting all which is comments. but I that pipeline is there particular U.S. the in demand growing are for globe, really we that to end-to-end So,

It's certainly we're growth it from So, the in than XXXX, higher very seeing accelerated there. pipeline and XXXX is robust. was or

[multiple maybe your all else -- I was think Brian, of answered there questions, something speakers]…

Brian Kinstlinger

did. You

job, You great did a thanks.

Sebastien Paré

Brian. you, Thank

Susan Sumner

Thanks.

Brian Kinstlinger

mentioned trial if said a figure quickly, you you wasn't with that meaningful. wouldn't but of kind it customer, a key that say then And judicial I

look to of to the or business state rate you volumes as question, is or queue, there opportunity I'll experiencing you the now? then portfolio trial expect the steady the to And I'm -- is understand in lower get to your year? my business you headwinds next contracts, all run the give to them able are are restrictions we're last? of if first-half any any is then So, in how at the in more back at to your right to of COVID trying guess I still of headwinds just there size or at still

Susan Sumner

that? Seb, to do you take want me

Sebastien Paré

ahead. go Yes,

Susan Sumner

of earlier, because have a courtrooms. because accelerated So, have -- in operationally. are the them spring feeling courts, interesting. segments, are out to well, that we this they volume what talk courts with challenge reverse. courts, to you it's there COVID. the fog they going start kind fully is which hard headwinds call, fixed talked in I'm the number past Are that I'll the The about I'll will of are we kind COVID lost of the, incremental but I is to and answer of first -- that I we're would of have each with them and for the They up make

this speaks is but can't would Brian. So, technology new the if world. doing only not in it because U.K., stages the in we're early successful of help in the in trial and offering bring trial. them capture the around also this with of working the our the material judicial size we But with to effectively particular are collaboratively be client, to them also to what I That we're ways. all

terms of the been In interesting. space, has the space insurance insurance

couple may seen were You have there challenges. of a

just months quickly. work clients the in heavily either One prior The do we're and on relate six business we impacted back is space, was and we that nature steady nine of climbing accident. the to climbing back, GEICO our the of to contract statements good insurance largest seeing rest the look XXXX the XXXX, of was the that at insurance done that recorded that to and they're recovery is account. When

with a they're you're going to conflict get to if to they're actually if probably going in going determining to take to your to point insurance have company, it's litigate. car where So, you're the accident six nine months

the steady see in of per terms in but month-over-month. talk are average recovery at space. some going revenue that which looking we the of of improvements in business stage, lumpiness one you're insurance is the to the we're absolute way the the So, seeing that climb seeing we're But metrics about, us we're in still day, more

steady think law back than insurance to closer headwind, the and wouldn't a -- volume and will to average the stuff I aggressively. in midyear state of I from to steady healthy adapting call seeing us daily a legacy we're XXXX. say would the that and probably So, growing I get very with enforcement, it's it that this improvement we're some year,

Brian Kinstlinger

I'll get few in questions. back thanks. queue, a Great, the more

Sebastien Paré

Thanks.

Operator

Your Buck question H. C. Wainwright. Scott from comes with next

open. Your is line

Scott Buck

morning, guys. taking good questions. Thank you for Hi, my

First, reconcile million a could some in that? million know still XQ unaccounted was that, kind us $X.X being the the closing to for. $X.X $X of was pushed full-year Could of of $X that so $XX embedded you about color I was million Auscript hoping I revenue but million that's million kind help around or you the guidance. give of with it's

Sebastien Paré

One we schedule, mean, to two in delay of Yes, the almost up that ended we closing because reasons there's months, I discussed. the bridge, really is the obviously components behind Scott. so closing, two

that's back. So, $X and a million

negatively that to also were and there us XXX COVID So, that that $XX about will taken days that with things. year billing last have was million, impacted and

was worth that audited on that work million, based all the we've and done. So, about $X.X

million. to bridge $XX the the that's So,

basically basically have if year. met two targets our So, will as have of unfolded things will we plan, last those

Scott Buck

from But Could can be guide expectations like about we That's four gross up margin little or bit targets. move All looks talk could for a the longer-term years we It or nice XXXX. And then, sequential right. midpoint the push where now? XX%? we in three a there's Sebastien. helpful,

Sebastien Paré

think And And accelerated I look to our 'XX seeing shown been you we've migrated technology that in and is of been at differently direction enforcement. And so got some we're town revenue back global if law that, the obviously our live with bulk now could 'XX acknowledged really productivity but gross courts margin has yet. look of a revenue on courts we've took all the on and of there to then that above we've related been of significant. to early this now able what expectations. alluding commercially, really that, hiccups terms customers, all Yes, year, actually none is very of in some migrating fully trials at implications, the we're you really we what it Susan insurance XX% we've of the forward, I And was really, were based the on deployment our moving to, went the working migration that our early really and represents that's taking. gains early early It's mean, then, we the that XXXX.

talked gross confidence, mind And productivity So, have want is i.e. gains, courts we that and P&L, do to what remember last the about. to courts listen, the now say that margins started lifting financials. bridge flow subject the that never revenue, we in with met just year's the none to we will have to of our

close to Auscript ever So, saw it's on we last really on determined TTA implication of that AI now because that's the revenue. within were more we than the back why year, court the the the of And and that. of

towards for maturity, that of closer means getting very that aiming be across What a what is to verticals, we're now to obviously we all basically process, models piece significant think in up will it's our by you the it onwards, we do as we're going far corporately, what revenue we're last that gaining AI year now the XX XX.X%. the saw XXXX the XXXX about and that to being to that's things able Susan I almost all language now it, for is release, and XX, we our really is process, and AI to comment press behind scene what is want because aiAssist made as XX want do to the So, is and technology significant. remember be with different

of going So, volume go is get starting really to and the the revenue this we're media AI to to the true, year. bulk the the volume

And that modeling I on feel in it. really that it an incremental to growth. side financials that So, onwards, actually that talking about significant that be will it's XX%. really be comfortable that of if be the of XXXX XX%, going we're against on back you start the XX%, that, But will the

Scott Buck

growth you at inorganic for there part organic there's And as color, that. about M&A me, from you opportunities moment? in That's Sebastien. out really taking call great nothing goals, growth. one then, in Are but a last the XXXX Thank we for pause of the

Sebastien Paré

of really, -- but conservatively. we're of this direction to what organic migrate year we're wanting is into gross QX. the adjust was of lifting we now hands the if everybody's us what but year is That's you remember right we revenue approaching be NetScribe, XX taking week. should to all historically, margin, moving we're overall accelerate impact math, it months is on we aiAssist of heavy to is it will that be active, historically, months. on prove we're to do is did the will between court took during we're we And In running the forward, nine in so the to still seeing look, revenue TTA, organically the a anywhere basically because Yes, deck court next everybody right said able growth and as the obviously nut, big This the if migration we an our pipeline a in now that Scott, four very answer case asset. the up and regardless, that the growth be and significant it TTA

we're that's much So, now our gaining how and methodology. much gain how productivity

and that's aspect to quarters, our want in, basically gross what but restoring in to we're XXXX, so assets, where that focus really the integration, us is I our quickly, it's restoring revenue. on moving the of we after set a the we're the market right obviously going we right of because you're how in and hear still next of several profitability, for terms three do and of directions lot on now we that's because and globally, entertaining to Auscript, get deck in we're up of very it. is the courts the think that to obviously our now profitability back forward lift the growth accelerating margin, all significant biggest hands So, That's important going for that a very different

Scott Buck

That's you taking helpful. guys. for my Thank very questions,

Operator

comes Capital. Daniel Paradigm Rosenberg question with next from Our

open. is Rosenberg, line your line is Daniel Your open.

Daniel Rosenberg

COVID Sebastien, Hi, just I and to on the impact. Susan Alexie. good afternoon, want follow-up

You numbers mentioned last affecting year.

were number impacted, days I was got of, most wondering So, the quarters what days. QX terms XXX impacted of of of was the just kind which that in impact and may be

Sebastien Paré

Yes, was challenge were interesting prepared the Australia area, went as we into been so an year. that while of mentioned out Daniel one full then in we because COVID back in statements, really throughout And the it's number, really lockdown.

XXX was were managing a number we but year days things, overall, last XXX against So, of Australia. of that billing impact in days

Australia terms implications year. that year, the to you there that, just and all a in in exited that we alone, reconciliation last were the basically impact seen gives do Australia the is we've what million So, on significant X.X were sense over veiling able as in financially, of was and we last

very billing XXX days we're that's year period last And, XXX impacted. how is but out. Australia, us. So, of that pleased were time Alexie. in came behind that of negatively it

Alexie Edwards

add, Dan to so just your for Yes, thanks question.

comment. Sebastien want Just to

the We haven't XXX days, quantified quarter-by-quarter. it,

we the for year. do the now, that we approximately based but full million negatively have amount days So, our that available on know impacted X.X XXX were don't calculation, information right

Daniel Rosenberg

Okay.

Susan Sumner

didn't from closing Daniel, XXth full across opening the the Australia, of geographies until all were just look color there we levels closure, of a August November. varying to within of add a up have that the about but they

so were expected kind will see were a opening some kind November remember of saying to some large the think of bars last and regain velocity you November, for the and think on so October in rather me weighted. I XXth statements we you of and certainly heavily quantify that they Alexie you. need -- quarter I But to my impact that again, So,

Daniel Rosenberg

Okay, that. thanks for

guidance, Second, XX% around take there? I turning Are initiatives off has the been I commentary that? any XX% running. didn't might investing a table, thoughts target know you comments that Have see new is EBITDA; the your as to any that to adjusted around just change in

Sebastien Paré

to we've so really Yes, in out way we very those two we be that wanted of what -- we forward. conservative again, coming done is years move what the

on. Omicron far as we line we're way, to phases not going an We very, we a conservative could implication, approach that's and to we've any or in going we got basically also we wanted is lockdown revenue there wanted took QX to and focus know why like sight to that the very that that whether approach, be on a good of some courts during be take as impacted by to proactive there's be Australia any

the incrementally adjusted be other you and disclose growth will are tracking we'll we against We show quarter-over-quarter EBITDA. on basically to forward, the implications number then moving our organic side, able two, for as the what

very we to out lot and callers providing to be QX. provide using from So, it from think good right line. operationally, from the carefully out and there start look came significant very QX, clear. as was we time conservative, go COVID if one the you expenses see report we're we the Right of QX. one-time to you that last bottom can with planning monitoring our amount think that now, at more a emerge that you really it's as to expenses you And to actual just into But results of year, we perspective, we lot in a want we And bigger emerge are a very hit a as we context, profitability, I were of it. with were I added shape made actually obviously that guidance we there's relatively of as QX returning

of all this So, is behind us.

got once And month at to Daniel, about kind in. that the QX we the results COVID But behind the are the got we've of restrictions to EBITDA talk make ability least sure you, of adjusted All QX are of then, to to the kind we've bag. us. of first guidance, wanted in

of post one-time expenses. a know So, exactly those trending, lot where we're we

a to So, this be more incrementally it little just your will bit be coming done going way, year.

Daniel Rosenberg

Okay, of you number established. mentioned had a you thanks. Then your remarks, Susan, partnerships prepared that in

in terms differences those? from I ones pricing, you? So, accrued the partnerships, through those And of that to is of the most which to was exciting are sell if curious one there you in economics you any were then

Susan Sumner

our structured directly. services each in one as Florida don't, in [Lexo] in bundle Pennsylvania, with I is differently selling a example, And they're partnership because [Ph] their technologies in very one. very, we're and question case, selling actually the good framework in the our Second we're in an

little So, alignment with both, partnerships, of of it's certainly paying distribution. in in them a lieu we're

whether gain we're it a selling. So, it's their product our differs, they're shared model. product that there or that selling But is

work it We are the in the the begin to chance most really gives United excited court framework because about, because other partnerships say not the but I us in Florida a extraordinary, accelerate aren't would to States.

the the capitalize capture As to major end-to-end staffing. NetScribe talk and sold to customer, internal were resistant solution are it the as using going about trial portfolio. to We to the a they be support we an the on into losses in is right they but the that only Midwest you courts, current and with be technology in it of where first now courts, draft is States example the the to are the the But will now where to have technology me able this. using as really to relates we're as historically, relates capture you around United expand very -- on know, that have heard guys technologies, seeing demand

position. So, in our us competitive evangelize and to accelerate what to certainly Florida this opportunity growth is believe strategy an a to important we gives framework very relative

they're go the think really opportunities impact short-term and the gets in making directly which happy. get I different technologies think makes sector, most investments the augmenting to of ways. terms me I the it's me that to close But to I we're in They're So, that in way, I the customers, exciting. excited exciting and all to talk accelerate court think by

Daniel Rosenberg

right, thanks pass for I'll my taking on. All questions.

Operator

Brian Alliance Partners. Global with comes from question next Our Instructions] [Operator Kinstlinger

open. Your line is

Brian Kinstlinger

first. wanted I Great, more, thanks. margin follow-up to few gross the A on

quarters mentioned it, the margin year. of you than fourth think quarter what but the three missed, drove I much so lower the be other I to

almost that you're second-half and end, then be of range, lower you'll margin then the and the the to first-half at time, more we if transition highlight even in transition of the one first, then this the this year to of the upper-half schedule? in on year and should range, possibly low guidance with So, gross the the expect at than moving the based TTA, complete on Auscript,

Sebastien Paré

go to Susan, you ahead? want

Susan Sumner

couldn't Well, where that with really and in timing certainly all as We I been the inferred discussion, took really sat no And on I the QX. Auscript of worse. will was the say half cost have my December, in acquisition also, the of of costs of there affected activity. the fixed close second seasonality court

So, business, the as that and not it fact And business the January. the in that, of court affects driver major seasonality does than most our Brian, affect December I would the say U.K. that's is only in other the affects profoundly Australia. month well. business certainly That

on a cut. we be if training through that resources So, of excited TTA, new And we to a not them. gotten be make and were that's a caution We're could around look margin. will to certainly what little velocity the some that kind editor do of it's United predicting when to resources training trained the at the offset In trend, bit long stick. are go historical in up new we editors better we going a gaining to will of world it's Brian, are from at migration. think in supplementing it's behind a States is migration pretty right, order transcriptionists we and we you resources margin, But to what hockey and went about, migrations, to as of we gross we've to We've full we The on back of we I industry that that that today to first are QX. downward how preserve in migration productivity the than that going new have that their predicted get at seen the good a not bring that I take sure new in are productivity. is slower trends QX, are that news, that to very Australia, prior effects flash

have migration. we that, measured a with So,

a to start or full decelerate it It that approach set, we're quarter. be certainly, measured we we up as this will get So, will will we editors the that accelerate productivity. toward how

Brian Kinstlinger

follow-up talked Great then is seasonality. about my and you

us to was Can through any and What's year, is that of on is margin seasonality? or June then, away where revenue to discussion part expectation, you you are from us weakest. and on quarter You weakest obviously this my revenue And next be based December, helpful said the some day tell hand? first one strongest it given be on in So, Maybe would the the the the what quarter details going question. quarter? the quarter the done. being expect give

Sebastien Paré

go? to want you do Alexie,

Alexie Edwards

so to described courts of revenue, for for is Australia. lowest what your the question, Brian, impact terms Susan QX usually in Sure, seasonality, answer earlier, because in our the of

up in expect in terms QX a below then And QX to lowest it so, and and be trend, we in QX QX. and then to of pick

impacted of and migration expect gross terms increasing in margin, we as gross of we year margin lower progress the QX by In be to the through customers. the

So, the that's probably and in Australia customers. courts

Brian Kinstlinger

much. so you thank Okay,

Alexie Edwards

Okay, thank you.

Operator

no are Sebastien to questions to I closing time. turn further Paré conference There for like remarks. the over this would at back

Sebastien Paré

you, thank Chantal. Well,

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Operator

This concludes today's conference call.

may now disconnect. You