Welcome to the TSS Third Quarter 2021 Earnings Call. My name is Hilda and I'll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to John Penver. Sir, you may begin.

Thank you, Hilda. Good afternoon everyone. Thank you for joining us on TSS' conference call to discuss our third quarter 2021 financial results. I'm John Penver, Chief Financial Officer for TSS. Joining me today on the call is Anthony Angelini, the President and Chief Executive Officer of TSS. As we begin the call, I would like to remind everyone 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 15th, 2021. TSS expressly disclaims any obligation 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. 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 difference between those measures with the most directly comparable financial measures calculated in accordance with GAAP is included in today's press release. So, I'll begin the call with a review of our third quarter 2021 results and then I will turn the call over to Anthony for some comments on the business and changes we see coming. Earlier today, we released a press release announcing our financial results for the third quarter of 2021. A copy of that release will be made available on our website at www.tssiusa.com. I am pleased to say that our third quarter showed improved results compared to the first two…

Thank you, John. Our third quarter produced good results, but not as much as we anticipated based on the order book we have. Obviously, a large impact is timing and delivery of components to complete these orders. As John mentioned, our backlog of orders are very strong. The timing of getting the last items from multiple vendors is challenging, as a single part can hold up the entire order. We do believe that things are easing somewhat and will improve throughout 2022. The good news is demand is very high and while monthly or quarterly timing may be off slightly, we are also able to manage our costs very well and believe we'll see increasing improvement as supply chain constraints ease. We have several large initiatives underway with unique capabilities to integrate the solutions. These capabilities require significant capital investment to our facility, which our partner has agreed to pay for. This will further our overall capabilities for next generation system integration and pave the way for further volume well into the future. While we feel are very good about our positioning and backlog, the timing over the next several months may be difficult to time specifically. We still believe we will end the year with revenue in the mid to high $20 million range. Our mix will make it difficult to hit the million dollars of adjusted EBITDA for the year as some of the higher margin projects have shifted into early 2022 due to the supply chain issues we previously mentioned. Strategically, we're making good progress on a number of very exciting opportunities and are hopeful we can bring them to fruition very soon. All-in-all, we feel very good about the company and where we are positioned and the opportunities in front of us. With that, I'll open it to questions.

Thank you. We will now begin the question-and-answer session. [Operator Instructions] We have a question from Maj [indiscernible]. Please go ahead.

Hi Anthony.

Hey Maj.

Quick question and I'll go back in the queue. I know in an essence environment to be navigating and maybe not a great kind of -- provisions. But assuming competitors [technical difficulty] environment and was wondering if you see an opportunity there which you may capitalize on?

Maj, it was pretty hard to hear you. Could you try that again?

I'll try it. Is that any better?

Yes, it's way better.

Yes. So, basically, I just want to ask about, I know previously, you had some acquisition plans potentially to start pursuing, but the environments changed to make that a little harder. But on the on the same side token, I'm sure your competitors are also having issues too. And I'm wondering if there's a way you can make an acquisition work may be in this environment at a better pricing than you would have in the past?

Like I said in my comment, we're making some good progress, a number of exciting opportunities and we think some of them can be -- we can bring them to fruition very soon. I think we're closer than we've been in the past and obviously, until something gets done, it's not done. But yes, there's some exciting stuff that we're looking at and feel very good about.

Are you seeing some of your competitors having issues? I mean, maybe you're taking business away from them? Are you having any better success sourcing than they might be? You're getting like -- are you getting any market share or anything because of this?

Yes. Again, part of our strategy is to continue to evolve the company forward and move to the next level of -- as we call it, where the pucks going. And so the opportunities we're generally looking at, help us tie together a lot of what we do, but also help us bring lifecycle management and address a lot of the trends that are taking place in the IT market towards more lifecycle management.

Thanks Anthony.

Okay, thanks Maj.

Thank you. [Operator Instructions] At this moment, we show no further questions. I would like to hand the call over to Mr. Angelini.

Okay, well, thank you all for attending. It's been an exciting year. Obviously, there's some near-term timing issues in regard to some of the supply chain challenges, but it hasn't affected our order book. So, we feel very strong, we have the largest backlog that we've had in a very, very long time and as components get released and delivered, we feel very good finishing the fourth quarter and going into the first half of 2022. So, I thank you all for attending and appreciate your support of the company.

Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.