CEO Rone Baldwin Provides Business Update
You may recall from my letter in July that One Call generated second quarter 2019 revenue which was in line sequentially with the first quarter of 2019, while Adjusted EBITDA (our key profitability metric) showed slight improvement versus the prior-year period and significant improvement compared to the first quarter of 2019. We officially closed the books on the second quarter and the report in mid-August was consistent with our preliminary report. Notably that One Call is in full compliance with all debt covenants.
To ensure that One Call is best positioned for the long term, we continue to focus on improving the company’s financial performance and strengthening our capital structure and liquidity position. As we explore ways to achieve these goals, our customers, providers, the injured workers we serve, and our employees will remain our priority.
On the operations front, migration to our customer-facing model and development of our proprietary technology platform, Polaris®, has matured significantly. To date, we have migrated 74% of our top 50 customers and are on target to migrate 94% by this December. Customer satisfaction for adjusters submitting referrals processed through Polaris® remains at 4.8 out of 5 stars. We continue to improve our solution based on feedback received.
With heavy IT development efforts beginning to wind down, yielding increased operational efficiencies, we are understandably reducing our IT and back office support workforce. This reduction, which equates to approximately 2% of our employee base, does not involve customer-facing roles. We will continue to invest in appropriate areas based on the needs of our customers and evolving market and business dynamics.
In closing, I want to once again thank you for your continued partnership and the trust you place in One Call every day. I hope you find these updates helpful and informative. As always, please reach out to your One Call representative if you have any questions.