Hello, everyone. And welcome to the Fourth Quarter and Fiscal Year 2018 Earnings Conference Call for CLPS Incorporation. Today's conference is being recorded. At this time, I would like to turn the call over to Ms. Rose Zu from ICR for opening remarks and introductions. Please go ahead.

Thank you, operator. Hello, everyone. And thank you for joining us on today's call. CLPS Incorporation announced its fourth quarter and fiscal year 2018 financial results yesterday after New York market closed. An earnings release is now available on the company's IR website at ir.clpsglobal.com. Today, we will hear from CLPS' CEO Mr. Raymond Lin, who will start off the call with a review of recent company developments and operating results, followed by the company’s CFO, Ms. Tian van Acken, who will address financial results in more detail. Following management's prepared remarks, we will conduct a Q&A session. Please remember that discussions today may include forward-looking statements that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those forward-looking statements. In that respect, I would like to read the following disclaimer applicable to such statements. Please note that the discussion today contains forward-looking statements within the meaning of the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Among other things statements that are not historical facts, including statements about CLPS’ belief and expectations, the business outlook, implication by management in those announcements as well as CLPS’ strategic and operational plan, are all considered forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement including but not limited to the following: The company's ability to complete and successfully integrate various acquisitions into its business and operations, to decrease costs, to improve margins and increase profits, and to leverage…

Okay. Thank you, Rose. Hello, everyone. And welcome to the CLPS fourth quarter and fiscal year 2018 earning call. We're pleased to conclude our fiscal year 2018 with solid results. Revenue from our IT consulting services helped drive our fourth quarter and fiscal year revenue growth by over 50% as compared to the respective period in the prior year, following our growth plan to increase revenues from existing clients and to bring new clients. We enjoyed a sizeable increase in our fiscal year 2018 revenue due to our close relationship with existing clients and addition of over 20 global corporate clients located domestically and overseas to our client list. This pace of the growth was in line with our expectation of strong market demand for highly skilled professionals, business IT solution and cost effective operations on a global scale. In recent year, the economic change in China has encouraged a quicker level of activity across the financial service sector. Liquid and high stake transition requires a higher level of technical support to conduct day-to-day operation. Given rising staff costs and the difficulties of hiring and training professional [activities], an increasing number of banking, finance and insurance companies, either based in China or operational in China, are turning to professional services provider like CLPS for customized IT solution and consulting services. According to an ITC report, the market size of China’s banking IT solution industry in 2017 grew by 22.5% to an estimated value of over 5 billion compared with 2015. To capitalize on this trend, we’ve concentrated on horizontal expansion. Our activity to provide a scalable IT solution and our employees’ rich technical knowledge help us secure additional target with existing clients and bring new clients. We strengthened our core potential in IT staffing by successfully completing the acquisition and…

Thank you. Thank you, Raymond. And hello, everyone. I will briefly review our fourth quarter 2018 results first, followed by our full year results and our balance sheet. Please note that unless stated otherwise, all numbers are presented in the US dollar term. Revenue in the fourth quarter of 2018 increased by $4.7 million, or 51.1% to $13.9 million from $9.2 million in the same quarter of 2017. This increase was primarily attributable to the increase of revenue in IT consulting services. Revenue from IT consulting services increased by $4.7 million or 54.3% to $13.3 million or 96.1% of total revenue from $8.6 million or 94.1% of total revenue for the same quarter of 2017. This increase was primarily due to the increasing demand for IT consulting services from banks and other financial institutions. For the three months ended June 30, 2018 and 2017, 46.9% and 52.6% of IT consulting service revenue were from international banks, respectively. Revenue from customized IT solution services decreased by $0.04 million or 6.9%, $2.06 million from $0.5 million in the fourth quarter of 2017. The year-over-year decrease in IT solution services was primarily due to the fact that some of our projects were and remain in progress and have not been completed as of yet. And therefore, we have not recognized the revenue from such projects. During the fourth quarter of 2018, revenue from other services increased by $0.03 million to $0.07 million over the fourth quarter of 2017. The year-over-year increase in other services was mainly due to the increasing demand from our customers in the fourth quarter of 2018. Cost of revenue was $9 million compared with $5.2 million for the same quarter of 2017. Gross profit was $4.8 million, an increase of 22.7% from $3.9 million for the same period of…

Thank you. [Operator Instructions]. We will now take a question from Gregg Hammerman from Larky. Please go ahead.

Hi, good morning. Thank you for taking this question. I'm curious if you could talk a little bit more about plans for expansion into North America and other regions of the world?

Sure. In 2018 -- August 2018, we were able to successfully acquire InfoGain in Singapore. Now this will enable us to be able to set a foot in Southeast Asia and continue to be able to expand in neighborhood countries, for example in Thailand, Malaysia, Indonesia and so on and so forth. Now, we are opening an office in America, in the U.S. We plan to hire a General Manager by the end of this year. The reason for this expansion -- for U.S. expansion is that we do have a client thoroughly set in the West Coast. eBay, PayPal and Facebook are our current existing clients. So we are planning to service these existing clients at the same time and be able to expand in North America. I hope this answers your question.

It does. Thank you very much.

Sure. Thank you.

[Operator Instructions]. There are currently no more questions queued. I will now turn the call back to Mr. Raymond Lin for closing remarks.

Alright. This concludes our fourth quarter and fiscal year 2018 earnings call. Thank you for your participation. We look forward to updating you on the progress of our business in the next six months. Thank you and have a good day for those who are based in U.S. and have a good night for those who are based in Mainland China and Hong Kong. Thank you.

Thank you

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