BGSF, Inc. (NYSE:BGSF) Q4 2022 Results Conference Call March 9, 2023 9:00 AM ET

Company Participants

Sandy Martin - Three Part Advisors

Beth Garvey - Chair, President & CEO

Dan Hollenbach - CFO

Conference Call Participants

Howard Halpern - Taglich Brothers

Jeff Martin - ROTH Capital

Michael Taglich - Taglich Brothers

Operator

Good morning, everyone, and welcome to BGSF Inc. Fiscal 2022 Fourth Quarter and Full Year Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn you over to Sandy Martin, Three Part Advisors. Please go ahead.

Sandy Martin

Thank you. Good morning and welcome to the BGSF 2022 fourth quarter and full year earnings conference call. With me on the call today are Beth Garvey, Chair, President and Chief Executive Officer; and Dan Hollenbach, Chief Financial Officer. After our prepared remarks, there will be a Q&A session. As noted, today's call is being webcast live. A replay will be available later today and also archived on the company's Investor Relations page.

Today's discussion will include forward-looking statements, which are based on certain assumptions made by BGSF under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by the forward-looking statements because of various risks and uncertainties, including those listed in the company's filings with the securities and exchange commission. Management's statements are made as of today, March 9, 2023, and the company assumes no obligation to update these statements publicly, even if new information becomes available in the future.

During the call, management will also reference certain non-GAAP financial measures, which can be useful in evaluating the company's operations related to the financial condition and results. These non-GAAP measures are intended to supplement GAAP financial information and should not be considered a substitute. Reconciliations of GAAP to non-GAAP measures are provided in today's earnings press release.

I'll now turn the call over to Beth Garvey. Beth?

Beth Garvey

Thank you, Sandy, and thank you all for joining us today for our year-end 2022 earnings discussion.

I am very pleased to report record revenues in 2022 of 298 million, a strong 24.8% increase over 2021 and full year adjusted EBITDA and adjusted EPS were at 45% and 47% respectively, over the prior year period.

As a reminder, we divested our light industrial segment during the first quarter of 2022. We believe this more fully aligned with our core strategy of building higher margin work and consulting managed service and Workforce Solutions. Also, during 2022, we successfully launched the company's integrated IP technology platform, which we know is foundational to our plans to create significant long-term value for our business. I will speak more about this in a few moments.