Good morning. Welcome to NetSol Technologies Fourth Quarter and Year-End 2023 Earnings Conference Call On the call today are Najeeb Ghauri, Chairman and Chief Executive Officer; Roger Almond, Chief Financial Officer; Naeem Ghauri, Chairman and President; 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. Patti, 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 including any accompanying slides may include forward-looking statements reflecting management's current forecast of certain aspects of the company's future, and our actual results could may 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 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, Patti, and good morning, everyone. From a financial perspective, the fourth quarter came in below our expectations. That said, I'm proud of the progress we made in the year and specifically the fourth quarter on the three core drivers of our growth plan. Number one, transition to SaaS or Software as a Service model and developing products that enhance the strategy. Two, our cost reduction across our company. And the third, expansion into the North American market in the U.S. specially. Now let's drill down on each of these. Beginning nearly two years ago, NetSol embarked on a journey to transition our license income to recurring subscription or SaaS-based revenue for all enterprise resource planning and other solutions within the automotive asset and mobility markets. We are seeing positive sequential on over year-over-year growth in our subscription and support revenues. I'm especially pleased to report that our full year subscription and support revenues exceeded our stated targets of $25 million. Currently a large portion of our revenue is recurring. Now mobility solutions are now 100% SaaS or cloud-based. We continue to seek interest from existing clients in converting SaaS pricing and with new clients buying SaaS and cloud-based solutions. Mainly our flagship NFS Ascent product, our recurring subscription and support revenues are positioned for continued growth. Ascent is our flagship SaaS-based enterprise solution designed for end-to-end management of the entire contract lifecycle. Our customers deploy the solution to efficiently manage what are often numerous, complex, and differing leasing contracts. Augmenting our Ascent solution is our AppexNow marketplace of API-first applications that provide essential customizability. Applications like Flex are API-based calculation engine and Hubex which allows for efficient and streamlined integration of API applications with a developer-friendly plug-and-play system. In the fourth quarter, we implemented Flex with a major…

Thanks, Najeeb. Our total net revenues for the fourth quarter of fiscal 2023 were $13.8 million compared with $13.5 million in the prior year period. On a constant currency basis, net revenues were $14 million. For the full year 2023, total net revenues were $52.4 million compared to $57.3 million in the full year 2022. On a constant currency basis, total net revenues were $54.7 million. License fees were approximately $21,000 compared with $952,000 in the prior year period and the same on a constant currency basis. For the full year 2023, license fees were $2.3 million compared with $4.5 million in the full year 2022. On a constant currency basis, license fees were $2.4 million. The decrease in license fees is primarily related to a decrease in licensing contracts compared with the prior year period. Recurring revenue or subscription and support revenues for the fourth quarter were $6.8 million compared with $6.1 million in the prior year period. On a constant currency basis, recurring revenues were $6.9 million. For the full year 2023, recurring revenues were $26 million compared to $28.3 million in the full year 2022. Full year 2023 recurring revenue on a constant currency basis was $26.7 million. The decrease in the full year recurring revenue is related to a onetime catch-up in support revenue of approximately $3.5 million in fiscal year 2022. As Najeeb mentioned, we anticipate these fees to gradually increase as we implement both our NFS legacy products and NFS Ascent. Total services revenue for the fourth quarter were $7 million compared with $6.5 million in the prior year period. On a constant currency basis, total services revenue were $7.1 million. For the full year 2023, total services revenues were $24.1 million compared with $24.4 million in the prior year period. On a constant…

Thank you, Roger. As I said before, we are not satisfied with our current results, and we believe that we have a plan and the pieces and place to change that for a long term, our transition to SaaS-based revenues continues to be underway. And as more and more customers either transition to SaaS-based pricing or enter into the new SaaS-based pricing contracts, we will begin to see the impact of consistent recurring revenues on our financial results. Moreover, our comprehensive and highly customizable product portfolio allows us to meet the needs of virtually any customer. With established market presences in Asia and Europe, and with exciting new opportunities in North America, we believe that we are positioned for long-term sustainable growth and positive results. With the pieces coming into place, we are now focusing our time energy and patience on the execution of this strategy. With that, I would now like to open the call for questions. Operator?

Thank you. [Operator Instructions] Our first question is from the line of [Karan Lewis] with [DLA Piper Capital]. Please proceed with your question.

Hi, guys. Thanks for taking the question. You spoke about the AppexNow marketplace and specifically the Flex and Hubex applications. I was wondering if you could elaborate on the marketplace and how these applications tie into your other product offerings, such as NFS Ascent?

One moment please we're experiencing difficulties, we will resume momentarily. Please proceed with your question.

Hi, guys. So just wondering about the AppexNow marketplace. You specifically mentioned the Flex and Hubex applications. Could you elaborate on that marketplace and how these applications tied to your other product offerings, such as NFS Ascent?

Let me jump in. I'll answer that. Are your questions whether our Appex marketplace - AppexNow marketplace can also interface into other products other than Ascent?

Yes, partially just some general color on the marketplace around those applications as well.

Yes. So okay. So the marketplace is able to take other products which are not NetSol products because it's become part of an ecosystem. And because it's all API first, they're all compatible. I think, in fact, if there's a client who wants to buy a product from the marketplace which is not ours, we can actually make that happen, but we take a piece of the revenue from whoever owns the products. So it becomes a little bit like an app store.

Got it. Got it. Thank you. That's all from me.

Thank you. [Operator Instructions] At this time, I will now turn the call back to Roger Almond for closing remarks.

Thank you 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 contributions. We look forward to updating you on our next call. Thank you.

Thank you. Thank you for joining us for today's NetSol fourth quarter and year-end 2023 earnings call. You may now disconnect at this time.