Netsol Technologies Inc (NASDAQ:NTWK) Q4 2020 Earnings Conference Call - Final Transcript

Good morning. Welcome to NetSol Technologies' Fiscal Fourth Quarter and Full Year 2020 Earnings Conference Call. On the call today are Najeeb Ghauri, Chairman and Chief Executive Officer; Roger Almond, Chief Financial Officer; Patti McGlasson, General Counsel; Naeem Ghauri, CEO of OTOZ; and Asad Ghauri, Global Head of Sales.

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.

Good morning, everyone, and thank you for joining us. Following the review of the Company's business highlights and financial results, we will open up the call for questions.

Before we begin, I would like to address the temporary delay in our filing and reporting, which was originally scheduled for Thursday, September 24, 2020. As stated in the press release issued last week, the delay was a result of additional time being needed by our auditors. Fiscal year ended June 30, 2020, was the first annual auditing period reviewed by our new firm, BF Borgers. Through this process, additional and first-time reviews were conducted, which ultimately necessitated an extension beyond the period allocated. Said that, we're pleased to report that after a comprehensive audit process, our financial statements were found to be satisfactory and no material changes were required.

Patti?

I will now -- yes, I'm sorry. I'll now provide the necessary cautions regarding the forward-looking statements made by management during the 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 release 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.

Finally, I would like to remind everyone that this call will be recorded and made available for replay on our website at www.netsoltech.com and via link available in today's press release.

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

Thank you, Patti, and good morning, everyone. As you can see from the press release this morning, we're continuing to work our way through the COVID impacted environment. While we are still facing a number of industry and macroeconomic headwinds, during the fiscal fourth quarter, we recorded meaningful sales milestones, drove incrementally improved results and were able to generate another year of profitability. Most notably, our revenue, gross profit, operating income and EPS, all improved sequentially over Q3, which were driven by a mildly improved sales environment as well as cost control structures we implemented in response to