Netsol Technologies Inc (NASDAQ:NTWK) Q1 2020 Earnings Conference Call - Final Transcript

Nov 12, 2019 • 09:00 am ET


Netsol Technologies Inc (NASDAQ:NTWK) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning, welcome to NETSOL Technologies' First Quarter 2020 Earnings Conference Call. On the call today are Najeeb Ghauri, Chairman and Chief Executive Officer; Roger Almond, Chief Financial Officer; Naeem Ghauri, President of Global Sales and CEO, OTOZ; 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. Please proceed.

Patti L. W. McGlasson

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. 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 forecasts 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 contained 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 on our website at and via a link available in today's press release.

Now, I would like to turn the call over to Najeeb. Najeeb?

Najeeb Ghauri

Thank you, Patti, and good morning everyone. I'm so delighted to be calling you from the NETSOL Beijing office, our biggest market in China. And I'm fortunate enough to be here today because NETSOL senior management has been invited to meet with one of our largest clients, BMW Financials. We are celebrating the first go-live event within our larger Ascent agreement as well as exploring additional opportunities for collaboration going forward.

On a broader level, I'd like to say how proud I am of our team in China and our other markets for their tireless efforts in making NETSOL a leading company in our sector and for making this huge project a success so far. We began the fiscal year, where we left off at the end in the middle of a decisive transition as we work to build our business for its next phase of growth. The fiscal first quarter has historically been affected by a degree of seasonality. And in Q1 2020, this was the rule, not the exception. While our results reflected effects of this transition phase as well as the typical seasonality we experienced during this period, we are very encouraged with the initial progress we have made to date as well as the line of sight we have within our current pipeline and through our overall Company roadmap.

I have mentioned it many times before, but I believe the message warrants repeating. At