Research Solutions, Inc

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Research Solutions Financial and Operating Results for its second fiscal 2021 quarter ended December 31st, 2020. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Stephen Hooser, Investor Relations Representative.

Thank you, Operator, and good afternoon, everyone. Thank you for joining us today for Research Solutions' second quarter fiscal 2021 earnings call. On the call today are Peter Derich, President and Chief Executive Officer, and Alan Urban, Chief Financial Officer. After the market closed this afternoon, the company issued a press release announcing its results for the second quarter of fiscal 2021. The release is available on the company's website at researchsolutions.com. Before Peter and Alan begin their prepared remarks, I would like to remind you that some of the statements made today will be forward-looking and are made under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected or implied due to a variety of factors. We refer you to Research Solutions' recent filings with the SEC for a more detailed discussion of the risks that could impact the company's future operating results and financial conditions. Also, on today's call, management will reference certain non-GAAP financial measures, which we believe provide useful information for investors. A reconciliation of those measures to GAAP measures is included in the earnings press release issued this afternoon. Finally, I would like to remind everyone that this call will be recorded and made available for replay via a link on the company's website. With that, I'd now like to turn the call over to Peter Derich, Research Solutions President and CEO. Peter?

Thank you, Stephen, and thanks to everyone joining us for our second quarter fiscal 2021 results. We hope all of you remain healthy and safe as the COVID-19 pandemic continues to impact us all. Our second quarter results reflect the continued progress occurring across our company. the strategic shift to our platform offering remains at the forefront of our business model and planning. We are excited to see increased adoption as we continue to add, improve, and enhance our product offering. I am pleased that we added 29 net new deployments in the second quarter, and even more pleased that now we have surpassed the 5 million mark for annual recurring revenue, up from 4.7 million at the end of the first quarter of fiscal 2021, and a 35% increase from the same quarter a year ago. We managed this despite the lower year-over-year sales and marketing spend. We are clearly becoming more efficient as we maintain our sales and marketing discipline and continue to focus on the quality rather than the quantity of our spend.