All right, let's get going. Morning. My name is Gregory Burns. I am an analyst here at Sidoti, hosting the NetSol Technologies presentation. This is day 2 of the Sidoti August Micro-Cap Virtual Conference. We are really happy to have Roger Almond, the company's Chief Accounting Officer, and Erik Wagner, the company's Chief Marketing Officer, to run through a presentation here. Then we will get to some question-and-answer at the end. If you do have a question, please enter it through the functionality in Zoom, and we will get to as many of those as we can at the end. With that, I will hand it over to Roger and Erik. Awesome. Thank you everyone. Excited to be here. Excited to present. Just going to scan through our presentation, dive in here really quickly. Safe harbor statements. I am sure you guys have seen a few of those. I will start first with who we are. NetSol is a provider of AI-enabled solutions and services powering OEMs, dealerships, and financial institutions to sell, finance, and lease assets. We talk about assets, and that term is a little bit vague. It can mean a whole lot of things. I will put it in kind of simpler terms. Those are generally automotive assets, so cars, vehicles, that is one example. The other kind of side of the business is the equipment side. The equipment category is massive, far larger than the automotive industry. It includes everything from commercial trucks, tractors, construction equipment, medical lab equipment, any equipment that may be needed, yachts, boats, planes. There is a very broad range of assets that are leased and financed, and our technology helps to support that. A bit about who NetSol is. The business has been around since 1997, founded by three brothers. We IPO'd in 1999, via acquisition. We acquired a couple of companies in the early 2000s in the Americas, a couple in Europe. We can now say today that we have been in business in the Americas via those acquisitions for over 40 years, in Europe for over 30 years, and APAC, where the business was originally founded for well, since 1997. We work with a lot of major Fortune 500s. We will get to the logo slide here in a little bit. In the industries that we work within, the global mobility and asset finance industries, these are massive trillion-US dollar+ markets. They are huge. Our enterprise customer base has very low churn. Some of our customers have been with us for almost the entirety of our existence. We have some that we acquired via the acquisitions that we made that I alluded to, that have been with us for nearly 40 years. Very sticky. The asset finance solutions, when someone purchases one of those are generational purchases. They run the entire operations of a bank, of an asset financer, lender. It is very difficult for them to move away from that software after it has been implemented. We are going through a transition from being more of a services and license-based business to being more of a stable, recurring revenue, SaaS model of business, and we will talk a little bit more about that in a bit. That is another reason why we are excited to be here today. We are investing heavily in AI to help improve our margins as well as improve speed to market, improve our products, and so on. Then finally, I have got a note here just about our fundamentals. We are going to be talking today, unfortunately, only through Q3 of fiscal year 2026. Our Q4 earnings will be next month, and so please stay tuned. There will be more news on the way. Some of the highlights from Q3 of fiscal year 2026 was we hit a record number for our revenue, quarterly revenue, $19.8 million in Q3. That was up 13% year-over-year. Our recurring revenue was up double digits as well. Gross margins was up, as well as EBITDA. A little bit about our market and our products. I will start on kind of the left-hand side of this diagram here. This is our Transcend platform, and this represents everything that we offer to our customer base. On the left-hand side here, you will see something called Transcend Retail. This is one of the two kind of primary products that we offer within the platform. Transcend Retail is a digital retail solution. To put this in simple terms, say you were shopping for a vehicle. You were going to purchase a BMW, and you go to your local dealership's website. You may be interacting with our software already at that point once you hit their website. That smart asset discovery, selecting which vehicle that you want that is on their lot, then applying for pre-approval. Submitting your credit scores, so on and so forth. Submitting that deal to a dealer who then receives the lead in their screen. That dealer sales manager might see that lead and say, "Okay. I see Michael has a credit score of 800. He is applying for a lease of this M3. Here is all the terms, the conditions, how many miles that he is planning on driving." Then the discussion around F&I, any add-ons that you might need to protect your paint, for instance, or what have you. That gets negotiated. That deal could happen completely online. You could go end-to-end, meaning you could purchase the vehicle completely online using our software, or like many of us, like myself, I probably want to go in and actually test drive the car, see it in person, see if I like it. You might go to the dealership, and at that point, the dealer will meet you at the door, already have all of your information. You can complete that transaction in person as well. We call it omnichannel retail. That is the simple term there as to what we are helping to provide. That is only the first part of the journey. The second part of the journey is what happens to that loan or lease, okay? That is the financing component of that. Once the deal has been structured, it gets sent to what we have here is our Transcend Finance solution that is being utilized by a bank or maybe a captive finance company like BMW Financial Services, for instance. They could be utilizing that platform to help with credit decisioning and underwriting of the loan, contract booking and activation, service and billing, making sure that the payments are being made, they are being made on time, making sure that taxes are being structured correctly and being paid on time, right? If there is an issue with payments not being made or missed, what happens then? Our platform actually helps solve that issue for that bank, for that lender. Then finally, lifecycle intelligence. You are coming off your lease. It has been 3 years, 5 years, right? What happens to that asset then? Does it get brought back to the dealership fleet? Does it get sold to the person who has been utilizing it for the last few years? That is what our platform helps to support, right? So it is this kind of a circular infinity shape here representing that life cycle. On the right-hand side, you will see some stats about the metrics for the markets that we are in. I think the big point here is these are massive growing industries. You can imagine all the investment in things like infrastructure globally. We are helping to play a major role in that, as well as the automotive industries are growing quickly as well, both in the U.S. and abroad. So a bit about our global presence. Again, this is unfortunately as of fiscal 2025, so last fiscal year. So this is June 30th, 2025. This is a breakdown of our revenue over the course of that year. Stay tuned, like I said, for September. We will have our fiscal 2026 earnings call, and we will go through our K then, and all of the results there. I will start on the left-hand side with the APAC market. I think I mentioned it earlier. The business was originally founded in the APAC market in Asia. So we were really early to the market, right? Because of that, we were able to really build a very strong foundation in Asia. We have continued to grow that market share. So I would say significant market presence is probably an understatement in that market. We are one of the dominant players across Asia. We have contracts with multiple Tier 1 automotive OEMs and captives. One of the interesting stories that we have here, we were one of the first companies into China. We got in there very early on. I think it was through Mercedes. I am not 100%, so do not quote me on that one. But, I think it was through Mercedes. We got there very early on. They were one of our first customers that were helping to establish operations in China. So these European manufacturers and captives really starting to build a banking division in China, okay? We were early there. The Chinese government actually locked down the number of providers who could operate within that APAC market. So today, we are actually one of a few companies that actually does support the Chinese market. We have about a 75% market share. That sounds kind of daunting when you say, "Well, how do you grow in that market?" We have all these new OEMs that are building operations now outside of China, and they are taking us with them. Think about all of the Chinese EV companies. They have built a massive presence in China. Now they are looking at Europe, they are looking at North America, South America, Latin America. They are looking at other parts of Asia as well. We are helping to support operations as they move outside of the Chinese market, outside of the domestic Chinese market, and set up operations elsewhere. Europe, interesting story here as well. We had some acquisitions there. Like I said, I think earlier, we have been there for over 30 years. This market operates slightly differently than I would say some of the other markets, very heavily reliant on brokers. That is a major component of our go-to-market. We now offer a broker portal that helps those brokers integrate directly with the lenders. We also have a lender portal, right, to help facilitate those transactions. Saw decent revenue growth last year, 22.4% year-over-year. We are pretty happy with that. North America on the far right-hand side. This is the largest asset finance market. It is also the most competitive by far. It is also the most heavily invested and the most probably risk-averse market, too. That has been, I would say, a little bit of a challenge for us in the long term. I do feel like we are getting close to turning the page on that. I think that there will be. We are really excited about North America and the growth potential there. We saw 102% revenue growth year-over-year in fiscal 2025. We had a 29.1% annual CAGR over 14 quarters. Via acquisition, we have got over 40 years of experience in that market. Some of those customers have been with us via that acquisition for nearly that entire time, which is pretty incredible. They are utilizing some legacy software. One of our big strategies that we have been open about is migrating some of those customers off of that legacy software onto the new Transcend Finance tech. That has been one of our major strategies in North America, also within Europe. North America, for sure, has been a big focus area for us. Hard to hire devs to support 40-year-old software. This is just a little bit more detail about what we offer. I am not going to go through this in too much detail, but I do want to focus a bit on the AI Labs component on the right-hand side here. We built this team out, so it has been about five years that we have had an AI division. The AI Labs became kind of a more of a major component within our business. About two years ago, we started to really heavily invest in AI. I am sure you have probably heard this with many other tech companies. Yeah, about two years ago, we stood up a really sizable team and have been starting to invest pretty heavily. This team is focused quite a bit on some of the internal optimizations, helping us improve gross margins, right, looking at ways that we can go to market faster and be more efficient, looking at ways that we can build products faster and more efficiently, right? And then also providing governance and assurance around how we're utilizing data, how we're utilizing AI, so that we're in compliance with all the local and federal laws and regulations across the globe. In addition to that, just a bit more on the AI story, we've also rolled out a couple of new-ish, now some of these are a little bit over a year, but some new AI capabilities within the Transcend Finance platform. We have an AI credit decisioning engine that helps to speed the origination process, helps to speed the credit decisioning process, helps to inform the credit decisioning capability, and keep that moving along. And then intelligent document processing, that is also AI-powered for us now. As you can imagine, if you're originating loans and leases for businesses or for consumers, there are thousands of documents that need to be analyzed and understood. Having an AI capability really does help speed that up to better understand what is the risk profile of an individual or of a company. All right. This kind of ties it all together here. You can see some of our key clients. This is just a few that are highlighted on here. This bottom quadrant here, dealership groups and OEMs, this is our digital retail platform, Transcend Retail. These are some of our customers that we have on the platform. That is a much newer product, just to be fully transparent. That product has been around for three, four, maybe five years in different kind of forms. Over the last few years, we've seen some really significant success a bit on that strategy. We have kind of a top-down and a bottom-up approach. From a bottom-up approach, we will approach dealership groups and sell directly to them. Some of these are small to mid-size dealership groups that you see on here, like Steve Hahn, Jim Ellis, right? I think they're around 10 rooftops- 15 rooftops, give or take. And then we see one here, like Sonic Automotive, that is more of an enterprise caliber approach, where they're a Fortune 500 dealership group. They're coming to us saying, "Hey, we want to build a new digital retail solution that is going to set the standard for digital retail in the automotive industry, and we want it to be Sonic branded." Right? And so that's what we're helping them with. On the kind of top-down approach, if you look over here to the OEMs, you'll see BMW and Mini. We're working with them at the OEM level to develop out a digital retail solution that will be implemented at their dealership level, okay? That has actually already been built and announced with Mini and BMW. It's now rolling out within multiple different BMW dealerships across North America. I think they have 354 dealerships, give or take, that will be utilizing the platform. Everything else in this ecosystem here in terms of these logos, these are all Transcend Finance. That has been kind of the bread and butter of our organization over the last 30 years, 40 years here. And I'm sure you've seen multiple of these names. You're probably quite familiar with many of them. You'll notice there are some numbers next to some of these captives. This is the number of markets or countries that we have implemented the Transcend Finance solution, that we are helping to support their operations within. For instance, Mercedes-Benz in the top left, 12 different countries that we have implemented that solution. I am going to hand it off over to Roger. All right. Thank you, Erik. Let us take a look at what that does for the company based on all of that information that Erik has provided to us. If you look at our revenue, we have broken it down here between our revenue and recurring revenue. We really look at recurring revenue as a good metric because that is what is going to be recurring every single year, and we do not have to go out and get new deals or whatnot. That is just going to be recurring, and it is nice to see the growth in that year-over-year. If you look at our revenue stream, we have three types of revenue streams. One would be our license revenue, then we have our subscription and support, which would be that recurring, and then we have our services, which most of the time is our implementation. When we get a new customer, if they do a perpetual license, we would give them the license. We would recognize that revenue upfront for the value of the license. Then over the next 12 months, 18 months, we would recognize the implementation, and then once they go live, they would pay a maintenance fee or a support fee in there. If you look at the subscription support, that is what we want to see continually growing. One reason is because it gives us an insight as to what our revenues will be in the next year. That also means our customers are growing as that number is increasing also. You can see that has grown from $26 million, $28 million, $32 million, and in the third quarter it is at $26.9 million, but we anticipate that being $35 million by the end of the year. We have seen some nice growth year-over-year in that recurring number. Meanwhile, our revenues are continuing to increase as you look from 2023, from $52 million up through $66 million in 2025, and we have reaffirmed our full-year revenue guidance of $73 million. Over the last few years we have seen some nice growth, by getting new customers and increasing the value thereof. All right, Erik, go to the next one. With that, we continue to have a strong balance sheet. You can see the increase year-over-year to where at March 31st, we have $14.7 million in cash. A little down from $17.4 million, but that is more of a timing issue. By the time the year-end rolls around, that cash should be back up to where it was, if not higher by June 30, 2026. As you can see in our note there, it is a cash decline due to temporary working capital, just more of a timing issue. Our working capital at March 31st continued to be high at $25.3 million, which we continue to see that get stronger and stronger quarter-over-quarter. We do not have much debt. We have $8.5 million as of March 31st, 2026, which is sitting in our Pakistan entity, as they use that for working capital needs. All right, Erik. This slide just shows our kind of revenue and gross margins. We have a strong workforce in Pakistan, so we look at utilizing them in our implementations, development, et cetera. We have to maintain an over 50% margin is what we need to shoot for. You can see in the quarters in which we have low revenue quarters because we have that workforce. I guess I refer to them as a fixed cost over a relative range that within a certain volume of revenue, we need to have a certain workforce. You will see as we get up to our Q3 of 2026, we hit the $19.8 million in revenue, hit a 55.6% margin in our gross margin. As we continue to grow the revenues quarter-over-quarter, we will continue to strengthen that gross margin, which will then drop down to our bottom line. All right, Erik. This slide just basically goes back to the previous one, but shows our 12.5% annual CAGR over the 15 quarters of our recurring revenue. As we have moved, primarily before, we had an all-perpetual license model. Now we have implemented a subscription or a SaaS model that someone can enter into, and so that way you would not see the lumpiness in the license revenue being recorded in one quarter, then no license revenue in a subsequent quarter. Under our SaaS or subscription model, you will see that more of a smoothing of our revenues throughout the quarter. You will see that that is continuing to increase, and we would see that in our third quarter and in our fourth quarter as we complete June 30, 2026. I think that is it for mine. Right, Erik? Yep. Just a bit of a summary here about our strategic priorities. We are still looking for more growth within the Transcend platform. That is going to be mostly organic growth in key markets and customer segments. We are getting very aggressive around sales targets and our go-to-market, investing heavily in that. We are extending our leadership position by targeting Tier 2 and T ier 3 customers within existing markets as well. So we are looking down market, not just at the Tier 1 customer base, which is just those enterprise caliber customers that have very long sales cycles. So looking a little bit further down market and smaller organizations there. We are continuing to invest in innovation, integrating AI into NetSol's products and processes to improve our margins and deliver superior customer outcomes. Yeah, just a bit about what we are expecting this to unlock, higher quality revenue mix, more SaaS recurring revenue, right? Improved margins, and then sustained global share of gains supported by our enterprise track record and multi-market delivery model. All right. Well, thanks for that. Absolutely. We got some time for some questions. Can you just talk about maybe your growth expectations by geography, or maybe product finance versus retail. Where do you see the most growth coming from, and maybe particularly in North America? I know that's a competitive market, but how do you gain more market share in that market? What differentiates NetSol, and how do you acquire more share there? Yeah, it's a good question. I'll take part of it, and then, Roger, if you want to chime in with any thoughts on your end. The Transcend Retail product is today only being marketed and sold within North America, and that is a major contributor to the growth story in North America. So it's not just the Transcend Finance story or product. We're investing very heavily into those relationships, and I think as those relationships and those dealerships start to go live, there is a bit of a network effect that will occur. I do believe that will be a big contributor to our growth here in the short term. In terms of Transcend Finance, I think because this is such a risk-averse customer base, they really want to know who have you done this with. One of our major focuses has been let's get our legacy customer base to move over to Transcend Finance so that we can tell that story. Once that story can then be told, we do expect that will unlock some further growth in North America as more companies are adopting our newest tech and utilizing it. I don't know if that answers your question fully. I don't know if I can give guidance in terms of market growth at this stage, just due to timing with- Yeah. Maybe just to follow up a little bit on what you said there. Is there a timing on maybe when some of these retail implementations are going to go live and the timeframe on when you convert that legacy install base onto Transcend? Just thinking about when there might be a catalyst for revenue growth or the timing of when we might see an inflection. It's all in motion. I think there will be some additional announcements made in the coming couple quarters probably. Okay. Then you talked about there's some fixed costs, but generally, the gross margins have been trending higher over time. Do you have a target model out there on where you think you could get margins or from maybe a top-line growth perspective, what you're targeting on an annualized basis? Yeah. Roger, I'll let you take that one. Yeah. Regarding margins, I think we need to be above the 50%. You saw that quarter's at 55%. We'd like to hit that margin at that level. That means that we're doing things well. That means we're increasing our revenues, but being able to maintain or keep the cost. If you look at the company, our cost of goods sold are the people. So it basically becomes a process of managing the people, managing the costs associated with them as we increase our customer base and increase the revenues for them. It's also going back and looking at old maintenance deals we may have and going back and renegotiating those for higher fees. There's a combination both of getting revenue that is going to produce at a good margin and then making sure that we are on top of the workforce capital and making sure that we manage that appropriately. Okay. With the Chinese OEMs, are you currently in markets outside of China with them? What does the roadmap look like there? Because I think, like you said, they're aggressively trying to expand globally, a lot of those brands, which I assume could be a nice tailwind for you. But where are you currently outside of China with them, and what's the roadmap look like in terms of maybe their geographic expansion and your following them? Yep. We had a press release that was released, I don't know, probably six months ago or so, about maybe eight months, I don't know, about one that we were helping support move into Indonesia. So that was one that I alluded to. Yeah, those conversations are ongoing. We've got quite a few in our pipeline right now, and some that are a little bit further along that will be announced in the future. Okay, great. All right, well, we are at the end of our allotted time. I'll let you give a closing comment if you'd like, and then we can wrap it up. Yeah. Just really appreciate everyone's time today, and if you have any questions or concerns or thoughts, feel free to reach out to me. It's just erik.wagner@netsoltech.com, or you can email investors@netsoltech.com for any questions related to finance, accounting, investors@netsoltech.com. Thank you so much. All right, great. Great. Thanks, Roger, thanks, Erik, and thanks everyone else for listening in.