NETSOL Technologies Inc.

Good morning. Welcome to NetSolve Technologies second quarter 2023 earnings conference call. On the call today are Najeeb Ghori, Chairman and Chief Executive Officer, Roger Allman, Chief Financial Officer, and Paddy McLesson, General Counsel. Please note, this call is being recorded. I would now like to turn the call over to Patty McGlason, who will provide the necessary cautions regarding the forward-looking statements made by the 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 State's Harper 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 NEDSOL'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 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.nedsaltech.com and via link available in today's press release. Now, I'd like to turn the call over to Najeeb. Najeeb?

Thank you, Patty, and good morning, everyone. We made a lot of strategic progress this quarter, which I look forward to sharing with you. That said, our second quarter financial results were not where we wanted them to be. There were various reasons for this, some within our control and some outside of our control. First, it is important to understand that in the second quarter last year, we had $3.5 million in one-time revenue due to one-time cumulative catch-up on a large contract which impacted our comparisons. Second, approximately $2 million in revenue that we expected to realize in the quarter was delayed and we expect to realize it in the third fiscal quarter. With this lower revenue, our margin and profitability were below our expectations. As such, we have reexamined our cost structure to not only better align it with today's revenue, but also re-prioritize our capital allocation to the most attractive parts of our business with the greatest opportunity to drive sustained growth in revenue and profitability. We expect to at least $4 million in cost cut of the business by the end of the fiscal year. In short, we will be a more focused company, better positioned to achieve a return to positive cash flow for our shareholders. Before we get into the details of the quarter, let's keep a few things in mind. Number one, we have a hard fought market leading position in Asia, a growing market share in Europe, and a unique opportunity to grow in the US. Number two, the higher margin recurring revenue portion of our business is doing well, and there's opportunity for it to do better. And three, we are at the front end of some of the most innovative technology for our clients. For example, we were ahead of the curve on integrating AI and machine learning into our customer products and are laser focused on delivering this to our customers. And four, our balance sheet is rock solid with a competitive advantage of a strong cash position built from good old-fashioned cash generation. We have every intention to get back to positive cash generation and have a clear plan to get there. We are focused on expanding our presence in the North American market, particularly in the U.S., which is our most vibrant market. We are very excited about the opportunities we are seeing for our products and services in this region. For example, autos are mobile, AI and machine learning-based solution has emerged as a very attractive product in this market, and we continue to develop and evolve our product range to specifically target North American customers. We're also growing our partnership with consultants, system integrators, and tech partners, including Amazon Web Services and a Tier 1 automotive company through autos that will further help to scale our North American operations. During this quarter, we went live with our 37th dealer, and we now have dealers in 16 states. Our sales pipeline remains strong and increased to $250 million in the second quarter. The sales cycles can be very long in our business, particularly for some of the larger deals. But we are enhancing our positioning to compete for some of these larger deals and quite optimistic about many of the opportunities we are pursuing. Before I provide a more in-depth overview of our business, I first like to turn the call over to Roger Almond, our CFO, who will walk you through our financials for the quarter. Go ahead, Roger.