Bioceres Crop Solutions Corp. (NASDAQ:BIOX) Q1 2023 Earnings Conference Call November 10, 2022 8:30 AM ET

Company Participants

Paula Savanti - Head of Investor Relations

Federico Trucco - Chief Executive Officer

Enrique Lopez Lecube - Chief Financial Officer

Conference Call Participants

Bobby Burleson - Canaccord Genuity LLC

Benjamin Klieve - Lake Street Capital Markets, LLC

Brian Wright - Roth Capital Partners

Brian Dolliver - Brookline Capital Markets, LLC

Steven Ralston - Zacks SCR

Operator

Good morning, good afternoon, and welcome to the Bioceres Crop Solutions Fiscal First Quarter 2023 Financial Results Conference Call. My name is Adam, and I'll be your operator today. [Operator Instructions]

I would now hand the floor over to Paula Savanti, Head of Investor Relations to begin. So Paula, please go ahead when you are ready.

Paula Savanti

Thank you, and good morning to everybody. Thank you for joining. Presenting today during the call will be Federico Trucco, our Chief Executive Officer; and Enrique Lopez Lecube, our Chief Financial Officer. Both will be available for the Q&A session. Before we proceed, I would like to make the following Safe Harbor statements.

Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of today's earnings release and presentation as well as the recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed circumstances. This conference call is being webcast. The webcast link is available at the Bioceres Crop Solutions Investor Relations website.

At this time, I will turn the call over to our CEO, Federico Trucco. Thank you.

Federico Trucco

Thank you, Paula, and thanks, everyone, for joining us today. Good morning. Please turn to Slide 3, so we can start our earnings call. The first quarter of fiscal 2023 has been a fantastic quarter in multiple ways. We have grown revenues by 71% and this is after including Pro Farm historical revenues in the year-over-year comparisons. And this revenue growth has trickled down to profitability with our adjusted EBITDA almost doubling for the quarter and reaching $24.5 million.

A record quarterly number that is even more impressive if you consider that we are now fully accounting for Pro Farm, which is initially a negative EBITDA contributor, which we intend to quickly turn around in a positive contributor. On this last point, and as we discussed in our September call, we have finalized the Pro Farm merger on July 1 and we have started the integration process during the reported quarter. This transaction figure has changed to U.S. dollars as a function of guarantee in our main subsidiary in Argentina, which we believe will help us better reflect the reality of this business in our consolidated financials. Enrique will expand on this in his part of the presentation.