Good morning and welcome to NetSol Technologies Fiscal Third Quarter 2021 Earnings Conference Call. On the call today are; Najeeb Ghauri, Chairman and Chief Executive Officer; Naeem Ghauri, President of NetSol Technologies, Inc. and Otoz' Chief Executive Officer; Roger Almond, Chief Financial Officer; and Patti McGlasson, General Counsel. I would now like to turn the call over to Patti McGlasson, who will provide the necessary cautions regarding the forward-looking statements made by management during this call. Please proceed.

Good morning, everyone. And thank you for joining us. Following a review of the company's business highlights and financial results, we will open the call for questions. I'll now provide the necessary cautions regarding the forward-looking statements made by management during this call. Please note that all the information discussed on today's call is covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act. The company's discussion may include forward-looking statements reflecting management's current forecast of certain aspects of the company's future, and our actual results could differ materially from those stated or implied. These forward-looking statements are qualified by the cautionary statements contained in NetSol's press releases and SEC filings, including our annual report on Form 10-K and quarterly reports on Form 10-Q. I would also like to point out that we will be discussing certain non-GAAP measures. The press release issued earlier today contains a reconciliation of these non-GAAP financial results to their most comparable GAAP measures. Finally, I would like to remind everyone that this call will be recorded and made available for replay on our website at www.netsoltech.com and via link available in today's press release. Now, I'd like to turn the call over to Najeeb. Najeeb?

Thank you, Patty and good morning, everyone. I have the pleasure of addressing you all today from our NetSol US office in Calabasas, California, where the statewide vaccine rollout is operating at full steam. We are fortunate to have begun a phased return to the office in NetSol US, China and European offices. Although we're still working at a reduced capacity, we are well on the way to reenergizing NetSol's collaborative culture. And I'm looking forward to seeing many of our valued team members whom I've missed over the last year plus period. I would be remiss if I neglected to comment on the state of our Pakistan office, which as you know houses our implementation and development teams. Out of an abundance of caution and to mitigate transition from our neighboring countries, law has entered into a temporary lockdown. Thankfully, our remote work architecture, which has supported our engineers throughout the pandemic is still in place and has left productivity unchanged on the back end. Getting to our results for the fiscal third quarter from the financial perspective, we recorded a sequential revenue increase for the third straight quarter, which was driven in large part by a meaningful year-over-year increase in SaaS and Cloud revenues. We also generated over $1 million during the period by successfully implementing change requests from various customers across multiple regions. These changes requests, why less predictable, underscore our ability to handle remote implementations, as well as our industry's overall shift to more complex bespoke next generation tools and technologies. During the period, we generated most of our new revenues from implementations and contract renewals within our APAC region. But we've also seen a significant increase in our pipeline of opportunities within the North America and European markets, which have collectively passed our APAC pipeline…

Thanks, Najeeb. Turning to our fiscal third quarter 2021 financial results for the period ended March 31st, our total net revenues for the third quarter were $13.8 million, compared to $13.5 million in the prior year period. The increase in total net revenues was primarily driven by an increase in total license fees of $2 million and an increase in total subscription and support revenues of $521,000, which offset the decrease in total services revenues of $2.3 million. Total license fees in Q3 were $2.1 million compared to $93,000 in the prior year period. The increase in license fees is primarily driven by approximately $2.1 million related to a license agreement with an existing tier-one finance company in Thailand for our CAP and CMS solutions. As a reminder, subscription and support revenues are now included as a separate revenue line item in place of what was formerly referred to as maintenance revenues. In addition to traditional maintenance revenues from post-contract customer support, this metric also includes subscription revenues from our software-as-a-service or SaaS offerings, including the cloud-based version of our flagship NFS Ascent platform. Subscription and support fees are recurring in nature and we anticipate these fees to gradually increase as we implement both our NFS legacy products and NFS Ascent. As we continue to grow recurring revenue over time, we believe this new category will become a more impactful portion of our business as well as a better way to judge our overall performance. Results for the prior year period have been adjusted to make performance comparable on a year-over-year basis. Total subscription and support fees in Q3 were $5.7 million, compared to $5.2 million in the prior year period. The increase in subscription and support revenues was due to the start of new agreements from customers who went…

Thank you, Roger. Good morning. I'm looking forward to providing you with an update on a few key initiatives underway at NetSol as well as Otoz. From a high level, I'd like to outline the fundamental components of our growth strategy. First, we have a continued focus on organic growth within the core business. With the addition of key staff like James Freto in April, and Peter Minshall in last August, we are fulfilling our key senior leadership solutions in regions where we see unpenetrated market potential. We recorded encouraging early traction in North America, with several key wins for our subscription offering. Most recently, this quarter, we went live with the leasing division of a mid-sized regional bank in the US with our SaaS LeasePak solution. In APAC and elsewhere, we're continuing to secure implementation and renewal contract with new and existing customers. Most notably, in April, we signed a five-year single-digit multimillion dollar renewal of an existing agreement with a Japanese tier-one automotive customer in Thailand. As part of their agreement, will continue to license key components of our NFS Ascent retail platform, including the platform's Credit Application Processing system, and the Contract Management System. Our core business and the underlying technology assets that drive it have not changed. What has changed, though, are the underlying industry dynamics. We're finding new ways to future proof our business and adapt to a next generation digital strategy. And one of those is by accelerating our transition to the cloud. A moment ago, Roger reminded you that we have reclassified our revenues so that we can support subscription and support revenues as a proxy for total recurring revenues. As we layer on maintenance fees through larger traditional enterprise contracts, an increase of SaaS-based footprint, we expect to build this base over…

Thank you. At this time, we'll be conducting a question-and-answer session. [Operator Instructions]

So, Tom. What do you think? Shall we continue to wait?

Just one more prompt here. [Operator Instructions]

Okay. [Technical difficulty] Is there any question coming?

No. This concludes our Q&A session. If your question was not addressed during the Q&A session, please contact NetSol Investor Relations team by emailing them investors@netsoltech.com or by calling them at 949-574-3860. I'd now like to turn the call back over to Najeeb Ghauri for his closing remarks.

Thank you, everyone for joining us today. I especially want to thank our investors for their continued support, our loyal customers and our dedicated employees for their ongoing operations. We look forward to updating you on our next call for the year end fiscal 2021. Thank you, operator.

Thank you for joining us today for NetSol's fiscal third quarter 2021 earnings call. you may disconnect.

Thank you and have a good day, guys. Good work. Thank you.