Good afternoon. Welcome to the NETSOL Technologies Fiscal Second Quarter 2022 Earnings Conference Call. On the call today are Najeeb Ghauri, Chairman and Chief Executive Officer; Roger Almond, Chief Financial Officer; Patti McGlasson, General Counsel and Senior Vice President, Legal and Corporate Affairs. 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 the most comparable GAAP measures. Finally, I would like to remind everyone that this call will be recorded and made available for replay at www.netsoltech.com and via the link available in today's press release. Now I'd like to turn the call over to Najeeb. Najeeb?

Thank you, Patti, and good afternoon, everyone. In the second quarter, we continue to capitalize on the strong momentum built in fiscal 2021. And we remain firmly positioned to achieve our growth goal 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 contract signings over the coming months. Within our more venture-based operations, rollout of the OTOZ digital platform, in partnership with MINI Anywhere, has been a resounding early success. We ended the December quarter with 12 dealerships subscribed, 11 in California and 1 in Texas with additional states like Florida, Pennsylvania to follow soon. We are very encouraged by the initial response and total opportunity. Our employees continue to return to our global offices. We ended the quarter with nearly 50% of our employees back in our Lahore technology campus, which is home to the majority of our workforce and the heart of our technology operations. Additionally, since the start of the fiscal year, we have increased our headcount by nearly 70 employees, mostly stationed in Lahore to support additional implementation work and innovation initiatives. As we stated previously, we intend to make this year a return to meaningful growth. And we are confident with the investments we will be making in our leadership, workforce, technology and expanded sales efforts will lead to outsized returns in the coming quarters. With this overview completed, I will 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 second quarter 2022 results for the period ended December 31. Our total net revenues for the second quarter 2022 were $15.5 million compared with $13.1 million in the prior year period. The 18% increase in total net revenues was primarily driven by an increase in subscription and support revenues of $3.6 million offset by decreases in license revenue of $631,000 and total services revenue of $667,000. Total subscription and support revenues in Q2 were $9.4 million compared to $5.7 million in the prior year period. The increase in total subscription and support revenues for the quarter was primarily due to the recording of approximately $3.5 million as a onetime, cumulative catch-up due to our amendment to our 10-year contract with Daimler Financial Services. Although this was a onetime adjustment, the amendment will also increase future subscription and support revenue by approximately $2 million annually beginning January 1, 2022. Moving forward, we anticipate subscription and support revenue to gradually increase as we implement both our NFS Legacy and NFS Ascent products. Total services revenue for the quarter was $4.1 million compared to $4.8 million in the prior year period. The decrease is primarily due to a decrease in implementation services as certain implementations are nearing completion or have gone live. 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 $7.8 million for the second quarter, an increase of $751,000 from $7.1 million for the second quarter 2021. The increase in cost of sales for the quarter was primarily due to increases in salaries and consultancies of $367,000, travel cost of $124,000 and other costs of $260,000. Gross profit for the second quarter of fiscal…

Thank you, Roger. I'll now provide updates within the major components of our growth strategy. Our strong financial performance during the second quarter was highlighted by an increase in SaaS and support or recurring revenues of 50% sequentially and 64% over the prior year. At an annualized rate, the quarter's performance equates to a nearly $25 million annualized run rate SaaS and support revenue, after accounting for impact for the DFS or Daimler Financial Services contract changes that Roger just mentioned earlier. With employees returning to on-site work across our global footprint, we expect growth trends to strengthen moving forward. Our cash position remains strong providing additional resources to support our core business as well as strategic investments in high-return, long-term opportunities, including our work in the Otoz Innovation Lab. With these factors in consideration, as Roger has just noted, we are reiterating our full year revenue guidance of 10% top line or $61 million with 20% plus growth in subscription revenue. Moving on to the second component of our strategy. We are innovating in new areas and looking to create technology and partnerships, which can be a major benefit to our customers as well as our own organization. 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 have 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 many U.S.A. 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 from MINI Anywhere has been featured across major publications, including Newsweek, Automotive News…

Thank you very much for attending the call today. And we'll see you in the next Q3 quarter. Thank you. And have a good day.

Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time. Thank you all for your participation.