Good afternoon. Welcome to the NETSOL Technologies Fiscal First Quarter 2022 Earnings Conference Call. On the call today are Najeeb Ghauri, Chairman and Chief Executive Officer; Naeem Ghauri, President and OTOZ CEO; Roger Almond, Chief Financial Officer; 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 afternoon, 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 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. Additionally the company had posted a presentation to accompany the remarks we plan to make on today’s call in the Investor Section of our corporate website. Finally, I would like to remind everyone that this call will be recorded and made available for replay at www.netsoltech.com and via link available in today's press release. Now, I would like to turn the call over to Najeeb. Najeeb?

Thank you, Patti. And good afternoon everyone. In the first quarter, we capitalized on the strong momentum built over the course of the past year and are firmly positioned to achieve our goals, growth goals for fiscal 2022. Within our core business, the pipeline and mix of opportunities remain robust, particularly in our European and North American growth markets, giving us confidence in our ability to drive additional content signings over the coming months. Within our more venture-based operations, the rollout of the auto digital platform in partnership with MINI Anywhere has been a resounding early success. With 10 dealerships subscribed and additional states going online in the near future, we are encouraged by the initial response and total opportunity. Across the company, we have begun a deliberate process to conservatively begin returning our employees to our global offices. In the coming months, we are expecting to have 40% to 50% of our employees back in our Lahore campus or technology campus, which is home to the majority of our workforce and is at the heart of what technology and operations. Moreover, since the start of the fiscal year, we have increased our headcount by over 30 employees, mostly stationed in Lahore to support additional implementation work and innovation initiatives. We've also made several strategic hires across our global operations to support our increased sales efforts. We intend to make this year a return to meaningful growth. And we are confident that the investments we'll be making in our leadership, workforce, technology and expanded sales efforts will lead to outsized returns in the coming quarters. With that overview completed, I'll now hand the call over to our CFO, Roger Almond, who will walk us through the financial results of the quarter. Roger?

Thanks, Najeeb. Turning to our fiscal first quarter 2022 results for the period ended September 30, our total net revenues for the first quarter 2022 were $13.4 million compared with $12.6 million in the prior-year period. The increase in total net revenues was primarily driven by an increase in subscription and support revenues of $1.1 million, slightly offset by decrease in total services revenue of $292,000. Total subscription and support revenues in Q1 were $6.2 million compared to $5.2 million in the prior-year period. The increase in total subscription and support revenues for the quarter was a result of several customers who went live with our product in fiscal 2021. We anticipate subscription and support revenue to gradually increase as we implement both our NFS legacy product and NFS Ascent. Total services revenue for the quarter was $7.2 million compared to $7.5 million in the prior year period. The decrease in services revenue for the quarter was a result of services being decreased for completed implementations, which was offset by an increase in service revenue for an ongoing customer implementation in China. Services revenue is derived from services provided to both current customers as well as services provided to new customers as part of the implementation process. Total cost of revenues was $8 million for the first quarter, an increase of $1.7 million from $6.3 million for the first quarter 2021. The increase in cost of sales for the quarter were primarily due to increases in salaries and consultancies of $1.1 million, travel costs of $110,000, depreciation of $58,000 and other costs of $407,000. Gross profit for the first quarter of fiscal 2022 was $5.4 million or 40.6% of net revenues compared to $6.4 million or 50.5% in net revenues in the first quarter fiscal 2021. The decrease in gross…

Thank you, Roger. I will now provide updates within the major components of our growth strategy. Our strong financial performance during the regular quarter, this quarter was highlighted by an increase in recurring revenues of 10% sequentially and 20% over the prior year respectively. At an annualized rate, this quarter's performance equates to a nearly $25 million annualized run rate, which we expect to improve throughout the balance of the year. As we conservatively began the process of welcoming employees back to work across our global footprint, we expect a return to sales growth [indiscernible] to support our increased business activity. Our cash division remains strong, providing additional resources to support our core business as well as strategic investment in high-return long-term opportunities, including our work in the OTOZ Innovation Lab. With these factors in consideration, as Roger just noted, we are reiterating our full-year revenue outlook of 10% top-end growth and 20% subscription growth revenue throughout the balance of the year. Moving on to the second component of our strategy. We are innovating in new areas and looking to create partnerships with technology and personnel, which can be a major benefit to our other organization as well as our own. To this end, I'd like to take some time to provide a brief update on our progress within the OTOZ Innovation Lab. The most visible project within OTOZ in recent months has undoubtedly been our partnership with MINI Anywhere. As a reminder, OTOZ has been working with BMW Group Financial Services through its key brand MINI Anywhere to provide MINI USA customers with a fully digital shopping experience, empowering their marketing strategies and creating a new automated sales channel for dealerships and lenders. The OTOZ digital retail platform for MINI Anywhere has recently been featured across major publications, including…

I'd now like to turn the call back over to Mr. Ghauri for his closing remarks.

Thank you for joining us today. I especially want to thank you, our investors, for the continued support, our loyal customers and our dedicated employees for their ongoing contribution. We look forward to appraising you on our next call. Thank you.

Thank you for joining us today for NETSOL's fiscal first quarter 2022 earnings call. You may now disconnect.