NETSOL Technologies Inc.

Stand by. Your program is about to begin. Good morning. Welcome to NetSol Technologies' third quarter 2024 earnings conference call. On the call today are Najeeb Ghori, Chairman and Chief Executive Officer, Roger Almond, Chief Financial Officer, Patty McGlasson, General Counsel, and Naeem Ghori, President and Founder. I would now like to turn the call over to Patti McClellan, 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 the 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 may differ materially from those stated or implied. These forward-looking statements are qualified by the cautionary statements contained in NetSelf's press releases and SEC filings, including our annual report on Form 10-K, and our 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 those 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.nessaltech.com and via a link available in today's press release. Now, I'd like to turn the call over to Najeeb. Najeeb?

Thank you, Perry, and good morning, everyone. The third quarter of 2024 was another very strong quarter for our business, highlighted by revenue growth and our third consecutive quarter of profitability. In this quarter, we demonstrated NetSol's ability to deliver profitable results without the recognition of material license fees. We reported strong services revenues and consistent subscription and support revenues which contributed to us achieving earnings per share of $0.03 for the quarter. Our ability to achieve profitability without significant license fees showcases the enhanced strength and reliability of our model as we continue to win new customers on a global scale. And these past several quarters in particular are an excellent example of our hybrid license and SaaS model at work. In the first and second quarters of fiscal 24, we recognized substantial license fees, which translated to consecutively profitable quarters to start the year. As we continue to build our customer base, these new contracts are now generating services revenues for our business. with services revenues in the third quarter of fiscal 2024 increasing approximately 60% compared to the third quarter of fiscal 2023. This is an encouraging development, as we have traditionally needed to recognize licensees in a given quarter to achieve profitability. We have a healthy sales pipeline of both license and SaaS deals in our established markets, and we are intently focused on building similar pipelines in our more nascent markets, specifically the United States. We are also very excited by the progress we are making advancing our initiatives in the U.S. market. We are noticing strong interest from the US-based customers, specifically in the professional services segment of our AWS cloud services, data analytics, and AI-based products. We anticipate to leverage professional service talent in North America and create additional revenue stream. We believe that there is tremendous potential for growth in this market, and we are strategically allocating capital to make sure they are ideally positioned to capture our SaaS offerings in particular and gaining some strong early traction in this region. With our auto's digital retail and mobility platform currently live in 58 mini USA dealerships across the US and with AutoNation powering the back end of their recently launched micro lease marketplace, our successful journey With Mini Anywhere and AutoNation Mobility has opened new opportunities in the retail and mobility sector in the US. The US market is home to thousands of major auto franchise dealerships across the country looking to adopt omni-channel digital retail solutions and modernize their vehicle sales and purchase processes. This interest has resulted in strong pipeline activity with OEMs and dealer groups of various sizes demonstrating interest in our Autos products. With our visibility today, we believe that we will be able to achieve at least $28 million in subscription and support revenues for the full fiscal year 2024. We are intently focused on the continuous innovation and improvement of our products and offerings to meet the diverse demands of our customers. To that end, we have begun leveraging deep learning AI algorithms into our business processes and have launched a company-wide AI initiative to both reduce internal costs and enhance external quality improvements. As a longstanding global business services and asset finance solution providers, We have nearly 27 years of internal program management data, which we intend to use to train our AI use cases and further enhance efficiencies for both us and our customers. We are also in the process of creating industry-leading AI use cases for our clients to help improve their business metrics with an anticipated launch of several new AI-based offerings in the calendar year, which is something that we are very excited about and will keep you apprised as you continue to progress this initiative. Overall, we are very pleased with our results in both the third quarter and the fiscal year-to-date. We are beginning to realize the strengths of our business model, exemplify by consistent revenue improvement and three straight quarters of profitability. Given our results, we remain confident in our expectations of double-digit organic revenue growth and improved margins, and we are on pace to reach our target revenue range of between $60 to $61 million for the full fiscal year of 2024. I now turn the call over to Raj Amand, our CFO. to go over our financials from this quarter. Roger?