Good afternoon. And welcome to Zedge’s First Quarter 2020 Earnings Conference Call. During management’s prepared remarks, all participants will be in a listen-only mode [Operator Instructions]. After today's presentation by Zedge's management, there will be an opportunity to ask questions [Operator Instructions]. In today's presentation, Elliot Gibber, Zedge's Interim Chief Executive Officer and Jonathan Reich, Zedge's Chief Financial Officer and Chief Operating Officer, will discuss Zedge's financial and operational results for the three-month period that ended on October 31, 2019. Any forward-looking statements made during this conference call, either in the prepared remarks or in the question-and-answer session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties disclosed in the reports that Zedge files periodically with the U.S. Securities and Exchange Commission. Zedge assumes no obligation, either to update any forward-looking statements that they have made or may make, or to update the factors that may cause actual results to differ materially from those that they forecast. Please note that Zedge's earnings release is available on the Investor Relations page of the Zedge Web site. The earnings release has also been filed on Form 8-K with the SEC. I would now like to turn the conference over to Mr. Elliot Gibber. Sir, the floor is yours.

Thank you, operator. And thank you all for joining us today. I am Elliot Gibber, interim-CEO of Zedge. Welcome to Zedge’s first quarter fiscal 2020 earnings conference call, recapping the three months ended October 31, 2019. Joining me today is Jonathan Reich, our Chief Financial and Chief Operating Officer, who will provide additional insight into the numbers that we reported earlier this afternoon. Although I’m early on in my new position as interim CEO, I benefit from a long-term relationship with the company, having served as a board member from January 2018 until I resigned from that position last month to take on my current role. My history with Zedge has given me the opportunity to learn the business and work closely with executive management. I’d like to take this opportunity to update you about some of the progress we’ve made in our goal to become cash flow positive in fiscal 2020 while continuing to invest in new and innovative products that extend our value proposition beyond mobile phone personalization. I’ll start by focusing on revenue. We continue to experience formidable growth in paid subscriptions. As of the end of November, we had approximately 225 thousand paid subscribers starting from a base of zero at the beginning of calendar 2019. This has generated approximately $1 million of gross revenue through November 30, 2019. The team initiated a project to unlock more value from users in emerging markets that has contributed in excess of $25 thousand in revenue per month with additional improvements expected. We have some additional opportunities with the same goal that we are exploring and expect to start seeing benefits in early calendar 2020. I think it’s important to note that revenue increased on a sequential quarter basis even with the temporary suspension from Google and decline in…

Thank you, Elliot. My remarks today will focus on our key operational and financial results for the first quarter of our fiscal year 2020 – the three months ended October 31, 2019. For a comprehensive and detailed discussion of our results, please read our earnings release issued earlier today and our Form 10-Q, which we expect to file with the SEC next week. Following my comments, we will open the call to any questions you may have. Monthly active users, or MAU, that is, the number of unique users that opened our app during the last thirty days of the quarter, decreased 14.2% to 29.7 million during October 2019 from 34.6 million in the corresponding period a year ago and by 12.2% on a sequential quarter basis. As you recall, in late September, Google temporarily removed our app from the Google Play store as a result of buggy code in a standard technology integration with one of our third-party advertising partners. Upon learning about the problem, we promptly mitigated it by removing the problematic code. However, during the three-day suspension, Google sent a notification to all users that had the problematic version of the app on their phone recommending that they uninstall it. This accounts for much of the drop of 28.4% and 4.6% in MAU in well-developed and emerging markets respectively, from Q1 of fiscal 2019. On a sequential quarter basis, the declines were 15.1% and10.7%. We haven’t been able to assess what type of users, highly valuable or less valuable, uninstalled the app resulting in the decline in MAU, but as Elliot said, mitigating the damage from the suspension is one of our key focuses. Total revenue in the first quarter declined 14.6% compared to the year-ago quarter and increased by 4.3% from the previous quarter to $2.0…