NETSOL Technologies Inc.

Good morning, and welcome to Netsol Technologies' fiscal fourth quarter and full year 2022 earnings conference call. On the call today are Najeeb Ghori, Chairman and Chief Executive Officer, Roger Allman, Chief Financial Officer, and Patty McGlasson, General Counsel. I would now like to turn the call over to Patty 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. 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.netfaultech.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, Carrie, and good morning, everyone. Today I'm calling in from the Nassau Technology Campus in Lahore, Pakistan. I'm very pleased to state that the operations have returned to a normalcy in the current post-pandemic era, including a broader return to work and increased opportunities to meet face-to-face with current and prospective clients. Undoubtedly, during the past two and a half fiscal years, from the Later half of 2020 through fiscal 2022, Nassau faced the same micro and macroeconomic challenges as the rest of the world. Nassau was not immune to the adverse impact of this game-changing experience with our 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 to 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 with 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 requirement that all visitors quarantine for at least seven days has impacted our ability to meet face-to-face with the C-level executives and key decision-makers of potential new and existing Chinese customers. Nonetheless, our local Chinese team has continued to build new relationships and remain connected with customers in our largest revenue market, while our global sales, delivery, and senior executive teams continue to use alternate meeting tools to engage virtually. This is all to achieve best outcomes. Analyzing revenue growth, we have seen modest mostly steady growth in the first few months of the new fiscal year, while the last half of fiscal year 2022 fell short of our expectation, full-year revenue growth. This was due to delays in expected new revenue in the second half of fiscal year 2022 that was pushed back to this current fiscal year 2023. However, a big positive is that annual recurring revenue Our ARR increased to almost 28% from a 20% expectation a while, while our top line grew by 4.2%. One of the key dynamics facing businesses worldwide was a run-up of overall operating expenses during and following the strictest time of the pandemic era. High inflation is not only the U.S., but globally has increased. costs on everything from salaries, travel, utilities, and general operating expenses. Our salaries and G&A increased mostly due to the hiring of over 330 employees in Pakistan, China, the UK, and US, and the impact of cost of living increases for most employees except senior management. Generally speaking, hiring more employees is the position that's sold for aggressive growth in North America, China, and Europe. Additional resources are required to support new verticals, investing in our new AWS professional services, and bidding for high-value contracts for our flagship Ascend offerings in the U.S. and Canada. All supporting the growth we see in the leasing and finance sector, mobility, and other new areas just mentioned. I'll now turn the call over to Roger Almond for an overview of the financials. Roger?