Hello, everyone. Welcome to the Second Half and Full Year of Fiscal 2022 Earnings Conference Call for CLPS Incorporation. Please note that today's conference is being recorded. At this time, I'd like to turn the call over to Mr. Rhon Galicha from CLPS Investor Relations for opening remarks and introductions. Please go ahead.

Thank you, operator. Hello, everyone, and welcome to CLPS Incorporation second half and full year of fiscal 2022 earnings conference call. CLPS Incorporation announced its second half and full year of fiscal 2022 financial results earlier this morning. The earnings release is now available on the company's IR website at ir.clpsglobal.com and across the finance website. Before we continue, please note that our discussions today may include forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks and uncertainties. As such, our results may be materially different from the views expressed today. Further information regarding these risks, uncertainties, assumptions and other factors that could affect our financial results is included in our Form 20-F filed with the U.S. Securities and Exchange Commission and other documents filed with the U.S. SEC. In that respect, I would like to read the following disclaimer applicable to such statements. Certain of the statements made in this discussion are forward-looking statements within the meaning and protections of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Forward-looking statements include statements with respect to the company's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the company's control and which may cause the actual results, performance, capital, ownership or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All such statements attributable to other expressly qualified in their entirety by this cautionary notice, including without limitation, those risks and uncertainties related to the company's financial and operational performance in…

Thank you, Rhon. Thank you, operator. I would like to welcome and thank you all for participating in the call on behalf of our CEO, Mr. Raymond Lin. Overall, our business continues to grow as we achieved yet another record-setting revenue. Later on, our CFO, Ms. Rita Yang, will discuss our financial results in more details. In fiscal year 2022, we continue to achieve good results primarily driven by the success of our dual-engine strategy. We are pleased with the underlying strength of our core competency in IT consulting services, which enable our clients to grow their business, for example, through facilitating their digital transformation initiatives. Going forward, we will boost our IT consulting services, including the expansion of our offshore development center to offer our clients across global with professional services as well as provide flexibility to meet their specific needs. In our previous financial report, we highlighted our plan to strengthen the customized IT solutions services to boost our financial performance. As a result of product innovations and the business development advancement, the revenue for our customized IT solutions services increased by 115.2% year-on-year to $6.7 million. Our commitment to investing in advanced IT products and solutions will continue throughout the new fiscal year. These include, first, we are proud to announce that we have officially launched the commercial edition of our new generation credit card system product, CAKU, which means KU Card. It's a proprietary product that surpass independently developed based on our extensive experience in the financial industry as well as deep understanding in the current banking business demand and the industry development trends. Our initial target market are the small and medium-sized financial institutions in Southeast Asia. We have also conducted several rounds of communication and demonstration with potential clients. Second, the new generation of…

Thank you, Henry. I will now provide an update on our financial performance for the second half and full year of fiscal 2022. Please note that our numbers provided are in U.S. dollar terms and that our comparisons are made on a year-over-year basis. In the second half of fiscal 2022, our revenues increased 12.3% to $76.1 million from $67.7 million. This increase in revenues was mainly due to an increase in revenues from IT consulting and customized IT solution services. In particular, revenue from IT consulting services increased 10.6% to $72.1 million from $65.2 million. The increase was due to the increased demand from existing and new clients and our improved capability of service delivery. Revenue from customized IT solutions services increased 67.9% to $3.5 million from $2.1 million. The increase was primarily due to the increased demand from existing and new clients. Revenue from other services increased 11.9% to $508.9 thousand from $454.9 thousand. The increase was primarily due to the increased demand for other services including non-IT consulting services. Gross profit decreased 13.9% to $18.7 million from $21.7 million. The decrease was primarily due to the lockdown in cities when our operations were impacted, such as Shanghai, following the resurgence of COVID-19 cases and the increased provision costs associated with it. As for operating expenses, selling and marketing expenses decreased 7.2% to $1.8 million from $2 million. As a percentage of total revenues, selling and marketing expenses decreased to 2.4% compared to 2.9% in the prior year period. The decrease was primarily due to a reduced in business activities in the cities affected by lockdown in Mainland China. Research and development expenses decreased 47.1% to $3.8 million from $7.2 million. As a percentage of total revenue, research and development expenses decreased to 5% compared to 10.6% in…

Thank you. I will now take our first question from Thomas Fernandez, Private Investor. Please go ahead.

Yes. Had a question on any updates on the electrical vehicle customer you had announced in the past, any further progress on that?

Yes. Okay. Let me take your question. We have always put our automotive area as one of our four big revenue sources in fiscal year 2022. Revenue from automotive area increased by 22.7% to $10.4 million or 6.8% of the total revenues. Looking forward, we are committed to doing more business development with existing clients as well as attractive new clients on this areas and capture the growing business opportunities in electronic vehicle market. Thank you for your question.

Thank you.

This does conclude today’s Q&A session. I would now like to hand the call back to management for closing remarks.

Hi, Henry. Please go on with the closing remarks.

Sorry, .

Please proceed with the closing remarks now.

Okay. Thank you again for joining us on today’s call and we appreciate your ongoing support. We look forward to updating you on our progress in the weeks and the months ahead. Have a good day.

This concludes today’s call. Thank you for your participation. You may now disconnect.