TSS, Inc. (PNK:TSSI) Q3 2023 Earnings Call Transcript November 18, 2023
Operator: Good afternoon, everyone. My name is Briana, and I will be your conference operator today. At this time, I would like to welcome you to the TSS Third Quarter 2023 Earnings Call. Please note that this call is being recorded. All lines are now in listen-only mode. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] I will now turn the call over to John Penver, Chief Financial Officer. Please go ahead, sir.
John Penver: Thank you, Briana. Good afternoon, everybody. Thank you for joining us on TSS’ conference call to discuss our third quarter 2023 financial results. I’m John Penver, the Chief Financial Officer of TSS. And joining me today on the call is Darryll Dewan, the President and Chief Executive Officer of TSS. As we begin the call, I would like to remind everybody to take note of the cautionary language regarding forward-looking statements contained in the press release that we issued today. That same language applies to comments and statements made on today’s conference call. This call will contain time-sensitive information as well as forward-looking statements, which are only accurate as of today, November 13, 2023. TSS expressly disclaims any obligations to update, amend, supplement or otherwise review any information or forward-looking statements made on this conference call or replay to reflect events or circumstances that may arise after the date indicated, except as otherwise required by applicable law.
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For a list of the risks and uncertainties which may affect future performance, please refer to the company’s periodic filings with the Securities and Exchange Commission. In addition, we will be referring to non-GAAP financial measures. A reconciliation of the differences between those measures with the most directly comparable financial measures calculated in accordance with GAAP is also included in today’s press release. Darryll will kick off today’s call with an overview, and then, I’ll provide a review of our third quarter results and then turn the call back to Darryll to discuss our strategy and direction. Thank you, Darryll.
Darryll Dewan: Thanks, John. Earlier today, we released a press release announcing our financial results for the third quarter of 2023. A copy of that release will be made available on our website at www.tssiusa.com. Overall, we achieved very good financial results in Q3. We’re balancing, maintaining, sustaining profitable operations while simultaneously making strategic investments in our future, so we can propel TSS to greater levels of revenue and profitability. We have diligently explored a variety of options to expand our business, both internally with our group of global OEM partners and externally into new markets with additional capabilities. We are confident that we are — that there are substantial growth prospects to be realized with both our current and prospective customers.
However, achieving our ambitious goals necessitates a fresh perspective within TSS and a more extensive sales organization. To this end, we’ve appointed Jim Olivier as the Chief Revenue Officer to lead our sales and spearhead strategic business development initiatives. As part of Jim’s initial efforts, we have made significant investments in new sales personnel to drive — to take advantage of the growth potential in our primary businesses and introduce new service capabilities to the market by 2024. Since we last spoke, we have been working on several initiatives that I’ll summarize now and elaborate a little bit more later in the call, including the following. We have been making investments in marketing, sales positioning and enablement.
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