NETSOL Technologies, Inc.
(Nasdaq: NTWK),
a global business services and enterprise application solutions
provider, reported results for the fiscal third quarter ended March
31, 2023.
Fiscal Third Quarter 2023 and Recent Operational
Highlights
- Signed multi-million-dollar agreement with leading Japanese
equipment finance company based in Australia for the deployment of
premier NETSOL technology platform NFS Ascent Retail.
- Went live with the Company’s API-first and cloud-based
calculation engine, Flex, for Haydock Finance, a business finance
provider in the United Kingdom.
- Otoz, the Company’s fully digital, white label platform for
lease, finance, and cash transactions, is live with 53 dealers
across 24 U.S. states.
- Entered into teaming agreement with Digital Intelligence
Systems (DISYS) to leverage large resource pool of over 5,000
U.S.-based engineers to augment and complement NETSOL’s growing
U.S. presence and jointly undertake large enterprise-grade programs
for existing and new U.S. clients.
- Extended partnership with Amazon Web Services (AWS) and became
an API Gateway Delivery Partner, positioning NETSOL to expand
capabilities and better serve clients across a variety of
industries.
- Generated approximately $1.0 million through successful
implementation of change requests from customers across multiple
regions.
Fiscal Third Quarter 2023 Financial
Results
Total net revenues for the third quarter of fiscal 2023 were
$13.5 million, compared with $14.8 million in the prior year
period. The decrease in total net revenues was primarily due to a
decrease of $1.8 million in services revenue and offset by an
increase in license fees of $362,000. On a constant currency basis,
net revenues were $14.1 million. The decrease in revenues on a
constant currency basis was driven by a decrease in services
revenue of $1.5 million compared to the prior year period.
- Total license fees were $2.0 million
compared with $1.6 million in the prior year period. The increase
is primarily due to the recognition of $1.9 million in licensing
fees in the third quarter of 2023 related to a new agreement with a
leading Japanese equipment finance company based in Australia.
Total license fees on a constant currency basis were $2.1
million.
- Total subscription (SaaS and Cloud)
and support revenues were $6.7 million compared with $6.6 million
in the prior year period. Total subscription and support revenues
on a constant currency basis were $6.8 million.
- Total services revenues were $4.9 million compared with $6.6
million in the prior year period. The decrease in services revenues
is related to an overall decrease in services provided for ongoing
implementations and additional change requests. Total services
revenues on a constant currency basis were $5.2 million.
Gross profit for the third quarter of fiscal 2023 decreased to
$4.7 million (or 34.8% of net revenues), compared to $5.8 million
(or 39.4% of net revenues) in the third quarter of fiscal 2022. On
a constant currency basis, gross profit for the third quarter of
fiscal 2023 decreased to $2.4 million (or 17.1% of net revenues as
measured on a constant currency basis). The decrease in gross
profit on a constant currency basis was primarily due to an
increase in salaries and consultant costs of $1.7 million and an
increase in travel costs of $700,000, reflecting an increase in
travel as countries lifted travel restrictions.
Operating expenses for the third quarter of fiscal 2023 were
$5.6 million (or 41.7% of sales) compared to $6.4 million (or 43.0%
of sales) for the third quarter of fiscal 2022. On a constant
currency basis, operating expenses for the third quarter of fiscal
2023 increased to $6.9 million (or 48.7% of sales on a constant
currency basis). The decrease in operating expenses was primarily
due to decreases in selling and administrative expenses and offset
by an increase in research and development costs.
Total other income for the third quarter of fiscal 2023
increased to $5.4 million compared to $679,000 in the prior year
period. On a constant currency basis, total other income for the
third quarter of fiscal 2023 increased to $7.9 million. The
increase in total other income is primarily due to foreign currency
exchange transactions. As most contracts with NETSOL Pakistan are
either in U.S. dollars or Euros, currency fluctuations will yield
foreign currency exchange gains or losses depending on the value of
the Pakistan Rupee compared to the U.S. dollar and the Euro. During
the three months ended March 31, 2023, the value of the U.S. dollar
increased 25.3% and the value of the Euro increased 27.3%,
respectively.
GAAP net income attributable to NETSOL for the third quarter of
fiscal 2023 totaled $2.5 million or $0.23 per diluted share,
compared with GAAP net loss of $(278,000) or $(0.02) per diluted
share in the third quarter of fiscal 2022. On a constant currency
basis, GAAP net income attributable to NETSOL for the third quarter
of fiscal 2023 totaled $1.2 million or $0.11 per diluted share.
Non-GAAP adjusted EBITDA for the third quarter of fiscal 2023
was $3.3 million or $0.29 per diluted share, compared with non-GAAP
adjusted EBITDA of $359,000 or $0.03 per diluted share in the third
quarter of fiscal 2022 (see note regarding “Use of Non-GAAP
Financial Measures,” below for further discussion of this non-GAAP
measure).
At March 31, 2023, cash and cash equivalents were $15.3 million,
a decrease from $24.0 million at June 30, 2022. Total NETSOL
stockholders’ equity at March 31, 2023 was $41.0 million, or $3.63
per share.
Management Commentary
NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb
Ghauri stated, “Our third quarter results demonstrated customer
growth and our continued execution of strategic initiatives and
projects. During the quarter, we signed and began recognizing
revenue from a multi-million-dollar agreement with Kubota, a
leading Japanese equipment company in Australia, for our NFS Ascent
product. Additionally, we went live with Flex – our cloud-based
calculation engine – for Haydock Finance, a business finance
provider based in the United Kingdom. We also recognized
considerable gain on foreign currency exchange transactions, which
can have a meaningful impact on our results, depending on how the
U.S. dollar and Euro fluctuate in a given quarter.”
“While we’re thrilled to see demand for NETSOL products in our
established markets, perhaps what we’re most excited about is our
opportunity in North America,” Mr. Ghauri continued. “Last quarter,
we announced our plans to significantly expand our presence in this
largely untapped region, beginning with the establishment of a
sales and support facility in Austin, Texas. This facility will
support our growing customer base in the United States as our Otoz
offering has now gone live with 53 MiniAnywhere dealers across the
United States, and our products like NFS Ascent gain traction in
this market. We believe North America represents a tremendous
opportunity for us, especially as it pertains to our SaaS and
cloud-based offerings that generate valuable recurring revenue for
our business.”
Mr. Ghauri concluded, “We are focused on driving enhanced
profitability across our entire business. The reality is that as
the Company evolves toward a SaaS model, we can provide the
superior customer service we are known for with far fewer people.
Last quarter, we announced cost reduction initiatives which we
estimated would generate significant savings for our business. Our
goal is to reduce our total headcount by 25% which we believe will
have a materially positive impact on revenue per employee, net
profit and EBITDA, and will enable us to allocate resources to new
product development and our growing market share in North America.
We look forward to sharing the results with you as we continue to
make progress.”
Conference Call
NETSOL Technologies management will hold a conference call today
(May 11, 2023) at 9:00 a.m. Eastern time (6:00 a.m. Pacific time)
to discuss these financial results. A question-and-answer session
will follow management's presentation.
U.S. dial-in: 877-300-8521International dial-in:
412-317-6026
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Investor Relations at
818-222-9195.
The conference call will be broadcasted live and available for
replay here and via the Investor Relations section of NETSOL’s
website.
A telephone replay of the conference call will be available
approximately three hours after the call concludes through
Thursday, May 25, 2023.
Toll-free replay number: 844-512-2921International replay
number: 412-317-6671Replay ID: 10178599
About NETSOL TechnologiesNETSOL Technologies,
Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise
software solutions primarily serving the global leasing and finance
industry. The Company’s suite of applications is backed by 40 years
of domain expertise and supported by a committed team in eight
strategically located support and delivery centers throughout the
world. NFS, LeasePak, LeaseSoft or NFS Ascent® – help companies
transform their Finance and Leasing operations, providing a fully
automated asset-based finance solution covering the complete
finance and leasing lifecycle.
Forward-Looking StatementsThis press release
may contain forward-looking statements relating to the development
of the Company's products and services and future operating
results, including statements regarding the Company that are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those projected. The words
“expects,” “anticipates,” variations of such words, and similar
expressions, identify forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, but their
absence does not mean that the statement is not forward-looking.
These statements are not guarantees of future performance and are
subject to certain risks, uncertainties, and assumptions that are
difficult to predict. Factors that could affect the Company's
actual results include the progress and costs of the development of
products and services and the timing of the market acceptance, as
well as the delay in recovery or a prolonged economic downturn that
effects our Company, our customers and the world economy. The
subject Companies expressly disclaim any obligation or undertaking
to update or revise any forward looking statement contained herein
to reflect any change in the company's expectations with regard
thereto or any change in events, conditions or circumstances upon
which any statement is based.
Use of Non-GAAP Financial MeasuresThe
reconciliation of Adjusted EBITDA to net income, the most
comparable financial measure based upon GAAP, as well as a further
explanation of adjusted EBITDA, is included in the financial tables
in Schedule 4 of this press release.
Investor Relations Contact:
IMS Investor
Relationsnetsol@imsinvestorrelations.com+1 203-972-9200
NETSOL Technologies, Inc. and Subsidiaries |
Schedule 1: Consolidated Balance Sheets |
|
|
|
As of |
|
As of |
|
ASSETS |
March 31, 2023 |
|
June 30, 2022 |
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
15,259,497 |
|
|
$ |
23,963,797 |
|
|
Accounts receivable, net of allowance of $232,004and $166,231 |
|
9,223,484 |
|
|
|
8,669,202 |
|
|
Revenues in excess of billings, net of allowance of $43,334and
$136,976 |
|
13,741,884 |
|
|
|
14,571,776 |
|
|
Other current assets |
|
2,599,532 |
|
|
|
2,223,361 |
|
|
|
Total current assets |
|
40,824,397 |
|
|
|
49,428,136 |
|
Revenues in excess of billings, net - long term |
|
- |
|
|
|
853,601 |
|
Property and equipment, net |
|
6,871,036 |
|
|
|
9,382,624 |
|
Right of use of assets - operating leases |
|
1,102,729 |
|
|
|
969,163 |
|
Long term investment |
|
1,066,878 |
|
|
|
1,059,368 |
|
Other assets |
|
425 |
|
|
|
25,546 |
|
Intangible assets, net |
|
381,878 |
|
|
|
1,587,670 |
|
Goodwill |
|
9,302,524 |
|
|
|
9,302,524 |
|
|
|
Total assets |
$ |
59,549,867 |
|
|
$ |
72,608,632 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current liabilities: |
|
|
|
|
Accounts payable and accrued expenses |
$ |
7,098,206 |
|
|
$ |
6,813,541 |
|
|
Current portion of loans and obligations under finance leases |
|
5,969,044 |
|
|
|
8,567,145 |
|
|
Current portion of operating lease obligations |
|
421,223 |
|
|
|
548,678 |
|
|
Unearned revenue |
|
4,167,655 |
|
|
|
4,901,562 |
|
|
|
Total current liabilities |
|
17,656,128 |
|
|
|
20,830,926 |
|
Loans and obligations under finance leases; less current
maturities |
|
215,243 |
|
|
|
476,223 |
|
Operating lease obligations; less current maturities |
|
651,443 |
|
|
|
447,260 |
|
|
|
Total liabilities |
|
18,522,814 |
|
|
|
21,754,409 |
|
Commitments and contingencies |
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock, $.01 par value; 500,000 shares authorized; |
|
- |
|
|
|
- |
|
|
Common stock, $.01 par value; 14,500,000 shares authorized; |
|
|
|
|
|
12,238,042 shares issued and 11,299,011 outstanding as of March 31,
2023 |
|
|
|
|
|
12,196,570 shares issued and 11,257,539 outstanding as of June 30,
2022 |
|
122,382 |
|
|
|
121,966 |
|
|
Additional paid-in-capital |
|
128,536,955 |
|
|
|
128,218,247 |
|
|
Treasury stock (at cost, 939,031 shares as of March 31, 2023 and
June 30, 2022) |
|
(3,920,856 |
) |
|
|
(3,920,856 |
) |
|
Accumulated deficit |
|
(39,821,470 |
) |
|
|
(39,652,438 |
) |
|
Other comprehensive loss |
|
(47,192,994 |
) |
|
|
(39,363,085 |
) |
|
|
Total NetSol stockholders' equity |
|
37,724,017 |
|
|
|
45,403,834 |
|
|
Non-controlling interest |
|
3,303,036 |
|
|
|
5,450,389 |
|
|
|
Total stockholders' equity |
|
41,027,053 |
|
|
|
50,854,223 |
|
|
|
Total liabilities and stockholders' equity |
$ |
59,549,867 |
|
|
$ |
72,608,632 |
|
NETSOL Technologies, Inc. and Subsidiaries |
Schedule 2: Consolidated Statement of
Operations |
|
|
|
For the Three Months |
|
For the Nine Months |
|
|
|
Ended March 31, |
|
Ended March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net Revenues: |
|
|
|
|
|
|
|
|
License fees |
$ |
1,982,985 |
|
|
$ |
1,620,827 |
|
|
$ |
2,248,829 |
|
|
$ |
3,586,874 |
|
|
Subscription and support |
|
6,656,082 |
|
|
|
6,554,540 |
|
|
|
19,175,585 |
|
|
|
22,159,798 |
|
|
Services |
|
4,867,322 |
|
|
|
6,634,459 |
|
|
|
17,178,452 |
|
|
|
17,956,877 |
|
|
|
Total net revenues |
|
13,506,389 |
|
|
|
14,809,826 |
|
|
|
38,602,866 |
|
|
|
43,703,549 |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues: |
|
|
|
|
|
|
|
|
Salaries and consultants |
|
6,453,814 |
|
|
|
6,756,898 |
|
|
|
19,482,720 |
|
|
|
18,081,225 |
|
|
Travel |
|
724,431 |
|
|
|
256,730 |
|
|
|
1,752,074 |
|
|
|
753,698 |
|
|
Depreciation and amortization |
|
602,829 |
|
|
|
741,587 |
|
|
|
1,950,156 |
|
|
|
2,236,190 |
|
|
Other |
|
1,020,286 |
|
|
|
1,220,041 |
|
|
|
3,318,427 |
|
|
|
3,712,256 |
|
|
|
Total cost of revenues |
|
8,801,360 |
|
|
|
8,975,256 |
|
|
|
26,503,377 |
|
|
|
24,783,369 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
4,705,029 |
|
|
|
5,834,570 |
|
|
|
12,099,489 |
|
|
|
18,920,180 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling and marketing |
|
1,643,853 |
|
|
|
2,074,873 |
|
|
|
5,413,492 |
|
|
|
5,502,028 |
|
|
Depreciation and amortization |
|
180,137 |
|
|
|
206,346 |
|
|
|
569,313 |
|
|
|
633,481 |
|
|
General and administrative |
|
3,509,212 |
|
|
|
3,841,655 |
|
|
|
10,745,031 |
|
|
|
11,548,097 |
|
|
Research and development cost |
|
302,262 |
|
|
|
251,001 |
|
|
|
1,244,793 |
|
|
|
761,621 |
|
|
|
Total operating expenses |
|
5,635,464 |
|
|
|
6,373,875 |
|
|
|
17,972,629 |
|
|
|
18,445,227 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
(930,435 |
) |
|
|
(539,305 |
) |
|
|
(5,873,140 |
) |
|
|
474,953 |
|
|
|
|
|
|
|
|
|
|
|
Other income and (expenses) |
|
|
|
|
|
|
|
|
Gain (loss) on sale of assets |
|
(84,838 |
) |
|
|
8,770 |
|
|
|
(56,494 |
) |
|
|
(181,955 |
) |
|
Interest expense |
|
(188,137 |
) |
|
|
(85,916 |
) |
|
|
(512,110 |
) |
|
|
(277,737 |
) |
|
Interest income |
|
263,794 |
|
|
|
364,161 |
|
|
|
1,005,557 |
|
|
|
1,123,547 |
|
|
Gain on foreign currency exchange transactions |
|
5,385,591 |
|
|
|
499,516 |
|
|
|
7,358,519 |
|
|
|
2,684,680 |
|
|
Share of net loss from equity investment |
|
2,377 |
|
|
|
(76,798 |
) |
|
|
7,510 |
|
|
|
(317,581 |
) |
|
Other income (expense) |
|
21,897 |
|
|
|
(30,296 |
) |
|
|
113,877 |
|
|
|
(7,599 |
) |
|
|
Total other income (expenses) |
|
5,400,684 |
|
|
|
679,437 |
|
|
|
7,916,859 |
|
|
|
3,023,355 |
|
|
|
|
|
|
|
|
|
|
|
Net income before income taxes |
|
4,470,249 |
|
|
|
140,132 |
|
|
|
2,043,719 |
|
|
|
3,498,308 |
|
Income tax provision |
|
(227,718 |
) |
|
|
(157,604 |
) |
|
|
(641,122 |
) |
|
|
(526,737 |
) |
Net income (loss) |
|
4,242,531 |
|
|
|
(17,472 |
) |
|
|
1,402,597 |
|
|
|
2,971,571 |
|
|
Non-controlling interest |
|
(1,697,908 |
) |
|
|
(260,998 |
) |
|
|
(1,571,629 |
) |
|
|
(1,655,287 |
) |
Net income (loss) attributable to NetSol |
$ |
2,544,623 |
|
|
$ |
(278,470 |
) |
- |
$ |
(169,032 |
) |
|
$ |
1,316,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share: |
|
|
|
|
|
|
|
|
Net income (loss) per common share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.23 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.12 |
|
|
|
Diluted |
$ |
0.23 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
11,283,954 |
|
|
|
11,249,606 |
|
|
|
11,270,466 |
|
|
|
11,249,449 |
|
|
Diluted |
|
11,283,954 |
|
|
|
11,249,606 |
|
|
|
11,270,466 |
|
|
|
11,249,449 |
|
NETSOL Technologies, Inc. and Subsidiaries |
Schedule 3: Consolidated Statement of Cash
Flows |
|
|
|
|
For the Nine Months |
|
|
|
|
Ended March 31, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
Net income |
$ |
1,402,597 |
|
|
$ |
2,971,571 |
|
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
2,519,469 |
|
|
|
2,869,671 |
|
|
Provision for bad debts |
|
7,648 |
|
|
|
6,897 |
|
|
Share of net (gain) loss from investment under equity method |
|
(7,510 |
) |
|
|
317,581 |
|
|
(Gain) loss on sale of assets |
|
56,494 |
|
|
|
181,955 |
|
|
Stock based compensation |
|
198,559 |
|
|
|
78,225 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
(1,855,899 |
) |
|
|
(3,404,247 |
) |
|
|
Revenues in excess of billing |
|
240,324 |
|
|
|
(385,971 |
) |
|
|
Other current assets |
|
(621,731 |
) |
|
|
53,173 |
|
|
|
Accounts payable and accrued expenses |
|
1,321,289 |
|
|
|
14,918 |
|
|
|
Unearned revenue |
|
(696,621 |
) |
|
|
2,822,178 |
|
|
Net cash provided by operating activities |
|
2,564,619 |
|
|
|
5,525,951 |
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
Purchases of property and equipment |
|
(1,575,059 |
) |
|
|
(1,680,856 |
) |
|
Sales of property and equipment |
|
153,402 |
|
|
|
321,251 |
|
|
Net cash used in investing activities |
|
(1,421,657 |
) |
|
|
(1,359,605 |
) |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
Purchase of treasury stock |
|
- |
|
|
|
(100,106 |
) |
|
Proceeds from bank loans |
|
270,292 |
|
|
|
312,467 |
|
|
Payments on finance lease obligations and loans - net |
|
(787,641 |
) |
|
|
(1,045,464 |
) |
|
Net cash used in financing activities |
|
(517,349 |
) |
|
|
(833,103 |
) |
Effect of exchange rate changes |
|
(9,329,913 |
) |
|
|
(6,465,085 |
) |
Net decrease in cash and cash equivalents |
|
(8,704,300 |
) |
|
|
(3,131,842 |
) |
Cash and cash equivalents at beginning of the period |
|
23,963,797 |
|
|
|
33,705,154 |
|
Cash and cash equivalents at end of period |
$ |
15,259,497 |
|
|
$ |
30,573,312 |
|
NETSOL Technologies, Inc. and Subsidiaries |
Schedule 4: Reconciliation to GAAP |
|
For the Three Months |
|
For the Nine Months |
|
Ended March 31, |
|
Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net Income (loss) attributable to NetSol |
$ |
2,544,623 |
|
|
$ |
(278,470 |
) |
|
$ |
(169,032 |
) |
|
$ |
1,316,284 |
|
Non-controlling interest |
|
1,697,908 |
|
|
|
260,998 |
|
|
|
1,571,629 |
|
|
|
1,655,287 |
|
Income taxes |
|
227,718 |
|
|
|
157,604 |
|
|
|
641,122 |
|
|
|
526,737 |
|
Depreciation and amortization |
|
782,966 |
|
|
|
947,933 |
|
|
|
2,519,469 |
|
|
|
2,869,671 |
|
Interest expense |
|
188,137 |
|
|
|
85,916 |
|
|
|
512,110 |
|
|
|
277,737 |
|
Interest (income) |
|
(263,794 |
) |
|
|
(364,161 |
) |
|
|
(1,005,557 |
) |
|
|
(1,123,547 |
) |
EBITDA |
$ |
5,177,558 |
|
|
$ |
809,820 |
|
|
$ |
4,069,741 |
|
|
$ |
5,522,169 |
|
Add back: |
|
|
|
|
|
|
|
Non-cash stock-based compensation |
|
52,392 |
|
|
|
49,933 |
|
- |
|
198,559 |
|
|
|
78,225 |
|
Adjusted EBITDA, gross |
$ |
5,229,950 |
|
|
$ |
859,753 |
|
|
$ |
4,268,300 |
|
|
$ |
5,600,394 |
|
Less non-controlling interest (a) |
|
(1,971,516 |
) |
|
|
(500,805 |
) |
|
|
(2,363,688 |
) |
|
|
(2,382,721 |
) |
Adjusted EBITDA, net |
$ |
3,258,434 |
|
|
$ |
358,948 |
|
|
$ |
1,904,612 |
|
|
$ |
3,217,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average number of shares outstanding |
|
|
|
|
|
|
|
Basic |
|
11,283,954 |
|
|
|
11,249,606 |
|
|
|
11,270,466 |
|
|
|
11,249,449 |
|
Diluted |
|
11,283,954 |
|
|
|
11,249,606 |
|
|
|
11,270,466 |
|
|
|
11,249,449 |
|
|
|
|
|
|
|
|
|
Basic adjusted EBITDA |
$ |
0.29 |
|
|
$ |
0.03 |
|
|
$ |
0.17 |
|
|
$ |
0.29 |
|
Diluted adjusted EBITDA |
$ |
0.29 |
|
|
$ |
0.03 |
|
|
$ |
0.17 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)The reconciliation of adjusted EBITDA of non-controlling
interest |
|
|
|
|
|
|
|
to net income attributable to non-controlling interest is as
follows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) attributable to non-controlling interest |
$ |
1,697,908 |
|
|
$ |
260,998 |
|
|
$ |
1,571,629 |
|
|
$ |
1,655,287 |
|
Income Taxes |
|
69,947 |
|
|
|
45,427 |
|
|
|
198,263 |
|
|
|
159,854 |
|
Depreciation and amortization |
|
219,759 |
|
|
|
279,055 |
|
|
|
713,676 |
|
|
|
840,508 |
|
Interest expense |
|
57,797 |
|
|
|
25,764 |
|
|
|
157,929 |
|
|
|
81,846 |
|
Interest (income) |
|
(77,988 |
) |
|
|
(117,417 |
) |
|
|
(303,489 |
) |
|
|
(362,146 |
) |
EBITDA |
$ |
1,967,423 |
|
|
$ |
493,827 |
|
|
$ |
2,338,008 |
|
|
$ |
2,375,349 |
|
Add back: |
|
|
|
|
|
|
|
Non-cash stock-based compensation |
|
4,093 |
|
|
|
6,978 |
|
|
|
25,680 |
|
|
|
7,372 |
|
Adjusted EBITDA of non-controlling interest |
$ |
1,971,516 |
|
|
$ |
500,805 |
|
|
$ |
2,363,688 |
|
|
$ |
2,382,721 |
|
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