Good morning and welcome to NETSOL Technologies Fiscal Fourth Quarter and Full Year 2022 Earnings Conference Call. On the call today are Najeeb Ghauri, Chairman and 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 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. Additionally, the company has 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 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 morning, everyone. Today I'm calling in from NETSOL's campus, [indiscernible] campus in Lahore, Pakistan. I'm very pleased to state that the operations have returned to normalcy in the current post pandemic era, including the broader return to work and increased opportunities to meet face-to-face with current and prospective clients. Undoubtedly during the past two and half fiscal years, from the later half of 2020 through fiscal 2022, NETSOL faced the same micro and macroeconomic challenges as the rest of the world. NETSOL was not immune to the adverse impact of this game changing experience without global employees, our customers and our shareholders. Happily, we are seeing a sea change as business moves back to normal. Following the removal of localized restrictions, we were able to implement a back office working environment in every global location, including our technology delivery center in Lahore, Pakistan. The return to the office has been positively received by our global employees. While we choose to emphasize our pleasure, that this return to normalcy we should note that our ability and capability to support our deliveries to our customers was never impacted by remote work. The return to normalcy has allowed key sales and delivery teams to travel to North America, Europe and the majority of the Asia Pacific region. This travel has enabled our teams to connect with current and potential customers, increasing the ability to meaningfully compete for new global opportunities. While most of the Asia Pacific has resumed full opening, China continues to enforce stringent quarantine rules. The Chinese requiring that all visitors quarantined for at least seven days that impacted our ability to meet face-to-face, the field level executives and key decision makers of potential new and existing Chinese customers. Nonetheless, our local Chinese team has continued…

Thanks, Najeeb. Turning to our fiscal fourth quarter and full year 2022 financial results for the period ended June 30. Our total net revenues for the fourth quarter of fiscal 2022 were 13.5 million, compared to 15.4 million in the prior year period. The decrease in total net revenues was primarily driven by a decrease in total license fees of 587,000, a decrease in services of 1.8 million offset by an increase in subscription and support revenue of 523,000. For all of fiscal 2022, total net revenues were 57.3 million, compared to 54.9 million in fiscal 2021. The increase in total net revenues was primarily due to an increase in subscription and support revenues at 6.1 million offset by a decrease in license revenues of 1.7 million and a decrease in services revenue of 2.1 million. Total license fees in Q4 were 952,000 compared to 1.5 million in the prior year period. For the full year total license fees were 4.5 million compared to 6.2 million in fiscal 2021. The decrease in license fees for both the quarter and year was primarily due to the decrease in revenue being recognized from contracts to implement our NFS Ascent retail platform. Total subscription and support revenues in Q4 were 6.1 million, compared to 5.6 million in the prior year period. For the year, total subscription and support revenues were 28.3 million compared to 22.2 million in the prior fiscal year. The increase in total subscription and support revenues for the year was primarily due to the recording of approximately 3.5 million as a one-time cumulative catch up due to an amendment to our 10-year contract with Daimler Financial Services, and other customers going live with our product. Moving forward, we anticipate subscription and support revenue to gradually increase as we implement both…

Thank you, Roger. From a high level, I like to outline the fundamental components of our growth strategy. First, after two years of top-line decline, we grew by 4.2% in fiscal year 2022 as compared with fiscal year 2021. Second, we have continued to focus on organic growth within the core business, subscription and support revenue reached $28.3 million of fiscal 2022 nearly 28% increase over the prior year, due in large part to a one-time catch up of $3.5 million on Daimler contract, with a $24 million plus run rate of recurring subscription and support revenue projected over the coming 12 months. With each new customer, we finally add to our recurring revenue which drives both the top and the bottom-line. As we layer on post contract support through larger traditional enterprise contracts, and increase our SaaS based footprint, we expect to build this base over time, which provides more predictable revenues with a more attractive margin profile. Finally, we have cautiously optimistic about fiscal 2023 revenues as we have several high value new opportunities for our flagship Ascent solution in discussion stages with a few North American based Tier-1 captive finance companies. Let me provide a little more information on our geographic regions. Starting with the U.S. and Canada, we're establishing a few new verticals such as AWS, certified partners, and professional services. These are building new growth area for us, hopefully, resulting in a new revenue flow in the U.S. We have hired a few U.S. and Canada based sales executives to build this segment. We remain optimistic about Ascent in North America after encouraging progress with multiple new major auto captive finance companies. Also our many anywhere adoption have grown to over 24 mini dealerships in the U.S. as of June 30, 2022, plus 76 more…

Thank you. At this time, we'll be conducting a question-and-answer session. [Operator Instructions]. We'll pause a moment to pull for questions. [Operator Instructions]

I think we have given enough time, Patti. I think we can just end the call, right.

Thank you. At this time, this concludes our question-and-answer session. If you have any other questions that were not addressed, please contact NETSOL investor relations team by emailing them at investors at netsoltech.com or by calling them at 88-818-222-9195. I'll now turn the floor back to Mr. Ghauri for any closing comments.

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

Thank you. Thank you for joining us today for NETSOL's fiscal fourth quarter and full year 2022 earnings call. You may now disconnect your lines.