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NETSOL Technologies Reports 14% Revenue Growth and EPS of $0.03 in Fiscal Third Quarter 2024

NETSOL Technologies Inc.
NETSOL Technologies Inc.
  • 14% increase in Total Revenues to $15.5 million in 3Q ‘24

  • 60% increase in 3Q ‘24 Services Revenues to $7.8 million compared to 3Q ‘23

  • 3Q ‘24 Gross Margins of 48% increased from 35% in 3Q ’23

  • Third consecutive quarter of profitability

  • On pace to meet target revenue range of $60 - $61 million for FY ‘24

  • Targeting FY ’24 Subscription and Support Revenue of $28 million

  • Establish AI integration as major company wide initiative

ENCINO, Calif., May 20, 2024 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and asset finance solutions provider, reported results for the third quarter and nine months of fiscal 2024 ended March 31, 2024.

Najeeb Ghauri, Co-Founder and Chief Executive Officer of NETSOL Technologies, commented, “The third quarter of 2024 was another very strong quarter for our business highlighted by revenue growth and our third straight quarter of profitability. We demonstrated NETSOL’s ability to deliver profitable results without the recognition of significant license fees, showcasing the enhanced strength and reliability of our model as we continue to win new customers on a global scale.”

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Nasdaq - Infographic
Nasdaq - Infographic

Fiscal Third Quarter 2024 Financial Results

Total net revenues for the third quarter of fiscal 2024 increased 14% to $15.5 million, compared with $13.5 million in the prior year period. On a constant currency basis, total net revenues were $15.6 million.

  • License fees were $558,000 compared with $2.0 million in the prior year period. License fees on a constant currency basis were $577,000.

  • Total subscription (SaaS and Cloud) and support revenues were $7.1 million compared with $6.7 million in the prior year period. Total subscription and support revenues on a constant currency basis were $7.2 million.

  • Total services revenues were $7.8 million, compared with $4.9 million in the prior year period. Total services revenues on a constant currency basis were $7.8 million.

Gross profit for the third quarter of fiscal 2024 was $7.5 million or 48% of net revenues, compared to $4.7 million or 35% of net revenues in the third quarter of fiscal 2023. On a constant currency basis, gross profit for the third quarter of fiscal 2024 was $7.2 million or 46% of net revenues as measured on a constant currency basis.

Operating expenses for the third quarter of fiscal 2024 were $6.2 million or 40% of sales compared to $5.6 million or 42% of sales for the third quarter of fiscal 2023. On a constant currency basis, operating expenses for the third quarter of fiscal 2024 increased to $6.3 million or 41% of sales on a constant currency basis.

GAAP net income attributable to NETSOL for the third quarter of fiscal 2024 totaled $328,000 or $0.03 per diluted share, compared with a GAAP net income of $2.5 million or $0.23 per diluted share in the third quarter of fiscal 2023. Included in GAAP net income attributable to NETSOL was a loss of $(964,000) on foreign currency exchange transactions in the third quarter of fiscal 2024, compared to a gain of $5.4 million in the prior year period. As most contracts are either in U.S. dollars or Euros, currency fluctuations will yield foreign currency exchange gains or losses depending on the value of other currencies compared to the U.S. dollar and the Euro. On a constant currency basis, GAAP net loss attributable to NETSOL for the third quarter of fiscal 2024 totaled $(35,000) or $(0.003) per diluted share.

Non-GAAP adjusted EBITDA for the third quarter of fiscal 2024 was $810,000 or $0.07 per diluted share, compared with non-GAAP adjusted EBITDA of $3.3 million or $0.29 per diluted share in the third quarter of fiscal 2023 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

Nine Months Ended March 31, 2024 Financial Results

Total net revenues for the nine months ended March 31, 2024, were $44.9 million, compared to $38.6 million in the prior year period. On a constant currency basis, total net revenues were $45.2 million.

  • License fees were $4.8 million compared with $2.2 million in the prior year period. License fees on a constant currency basis were $4.9 million.

  • Total subscription (SaaS and Cloud) and support revenues for the nine months ended March 31, 2024, were $20.5 million compared with $19.2 million in the prior year period. Total subscription and support revenues on a constant currency basis were $20.5 million.

  • Total services revenues were $19.6 million compared with $17.2 million in the prior year period. Total services revenues on a constant currency basis were $19.8 million.

Gross profit for the nine months ended March 31, 2024, was $20.8 million or 46% of net revenues, compared with $12.1 million or 31% of net revenues in the prior year period. On a constant currency basis, gross profit for the nine months ended March 31, 2024, was $17.8 million or 39% of net revenues as measured on a constant currency basis.

Operating expenses for the nine months ended March 31, 2024, were $18.1 million or 40% of sales compared with $18.0 million or 47% of sales in the prior year period. On a constant currency basis, operating expenses for the nine months ended March 31, 2024, were $19.5 million or 43% of sales on a constant currency basis.

GAAP net income attributable to NETSOL for the nine months ended March 31, 2024, totaled $767,000 or $0.07 per diluted share, compared with a GAAP net loss of $(169,000) or $(0.01) per diluted share in the prior year period. Included in GAAP net income attributable to NETSOL was a loss of $(1.1 million) on foreign currency exchange transactions for the nine months ended March 31, 2024, compared to a gain of $7.4 million in the prior year period. On a constant currency basis, GAAP net loss attributable to NETSOL for the first nine months of fiscal 2024 totaled $(2.4 million) or $(0.21) per diluted share.

Non-GAAP adjusted EBITDA for the nine months ended March 31, 2024, was $2.0 million or $0.18 per diluted share, compared with non-GAAP adjusted EBITDA of $1.9 million or $0.17 per diluted share in the prior year period (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

At March 31, 2024, cash and cash equivalents were $12.3 million. Total NETSOL stockholders’ equity at March 31, 2024, was $35.3 million, or $3.10 per share.

Management Commentary

“These past several quarters have showcased our hybrid license and SaaS model at work,” Mr. Ghauri stated. “We recognized substantial license fees in the first half of fiscal 2024, and these contracts are now generating services revenues for our business with services revenues in the third quarter of fiscal 2024 increasing approximately 60% compared to the third quarter of fiscal 2023. We have a strong sales pipeline of licensing and SaaS opportunities in our established markets and are working diligently to expand our pipeline in the United States. As we continue to win new contracts, we expect to realize both license fees and services revenues on a more consistent basis which, based on our recent performance, we believe will drive enhanced profitability for our business.

“We continue to make progress advancing our initiatives in the U.S. market,” Mr. Ghauri continued. “We’re expanding our pipeline of opportunities in this region and remain committed to hiring the best talent available. We’re intently focused on the continuous innovation and improvement of our offerings to meet the diverse demands of our customers, and we’re integrating leading technology including deep learning AI algorithms.

“To that end, we have launched a company wide AI initiative to reduce internal costs and enhance external quality improvements. We have nearly three decades of internal program management data, which we intend to use to train our AI use cases. We are also in the process of creating industry leading AI use cases for our clients to help improve their business metrics with an anticipated launch of several new AI-based offerings in the calendar year.

“We’re very pleased with our performance in both the third quarter and the fiscal year to date and are beginning to realize the strength of our business model as we drive revenue growth and consistent profitability. Looking ahead, we’re encouraged by our pipeline of license and SaaS deals in our established markets, and we’re committed to allocating capital to our many growth opportunities, specifically the United States. Given our results, we remain confident in our expectation of double-digit organic revenue growth and improved margins and are on pace to reach our target revenue range of between $60 million and $61 million for the full year of 2024,” Mr. Ghauri concluded.

Conference Call

NETSOL Technologies management will hold a conference call today (May 20, 2024) 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: 800-343-4849
International dial-in: 203-518-9848

Please call the conference telephone number 5-10 minutes prior to the start time and provide the operator with the conference ID: NETSOL. The 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 also be broadcast live and available for replay here, along with additional replay access being provided through the company information section of NETSOL’s website.

A telephone replay of the conference call will be available approximately three hours after the call concludes through Monday, June 3, 2024.

Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 11155702

About NETSOL Technologies
NETSOL 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 of professionals placed in ten strategically located support and delivery centers throughout the world. NETSOL’s products help companies transform their finance and leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation 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. 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 Measures
The 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 Relations
netsol@imsinvestorrelations.com
+1 203-972-9200


NETSOL Technologies, Inc. and Subsidiaries
Schedule 1: Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

As of

 

As of

 

ASSETS

March 31, 2024

 

June 30, 2023

Current assets:

 

 

 

 

Cash and cash equivalents

$

12,338,642

 

 

$

15,533,254

 

 

Accounts receivable, net of allowance of $414,745 and $420,354

 

15,826,210

 

 

 

11,714,422

 

 

Revenues in excess of billings, net of allowance of $116,023 and $1,380,141

 

15,659,806

 

 

 

12,377,677

 

 

Other current assets

 

2,398,403

 

 

 

1,978,514

 

 

 

Total current assets

 

46,223,061

 

 

 

41,603,867

 

Revenues in excess of billings, net - long term

 

752,582

 

 

 

-

 

Property and equipment, net

 

5,505,609

 

 

 

6,161,186

 

Right of use assets - operating leases

 

1,490,669

 

 

 

1,151,575

 

Other assets

 

32,341

 

 

 

32,327

 

Intangible assets, net

 

-

 

 

 

127,931

 

Goodwill

 

9,302,524

 

 

 

9,302,524

 

 

 

Total assets

$

63,306,786

 

 

$

58,379,410

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and accrued expenses

$

6,707,937

 

 

$

6,552,181

 

 

Current portion of loans and obligations under finance leases

 

6,047,511

 

 

 

5,779,510

 

 

Current portion of operating lease obligations

 

635,168

 

 

 

505,237

 

 

Unearned revenue

 

9,503,548

 

 

 

7,932,306

 

 

 

Total current liabilities

 

22,894,164

 

 

 

20,769,234

 

Loans and obligations under finance leases; less current maturities

 

130,381

 

 

 

176,229

 

Operating lease obligations; less current maturities

 

837,756

 

 

 

652,194

 

 

 

Total liabilities

 

23,862,301

 

 

 

21,597,657

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

Preferred stock, $.01 par value; 500,000 shares authorized;

 

-

 

 

 

-

 

 

Common stock, $.01 par value; 14,500,000 shares authorized;

 

 

 

 

 

12,344,271 shares issued and 11,405,240 outstanding as of March 31, 2024,

 

 

 

 

 

12,284,887 shares issued and 11,345,856 outstanding as of June 30, 2023

 

123,445

 

 

 

122,850

 

 

Additional paid-in-capital

 

128,736,328

 

 

 

128,476,048

 

 

Treasury stock (at cost, 939,031 shares as of March 31, 2024 and June 30, 2023)

 

(3,920,856

)

 

 

(3,920,856

)

 

Accumulated deficit

 

(44,129,431

)

 

 

(44,896,186

)

 

Other comprehensive loss

 

(45,505,920

)

 

 

(45,975,156

)

 

 

Total NetSol stockholders' equity

 

35,303,566

 

 

 

33,806,700

 

 

Non-controlling interest

 

4,140,919

 

 

 

2,975,053

 

 

 

Total stockholders' equity

 

39,444,485

 

 

 

36,781,753

 

 

 

Total liabilities and stockholders' equity

$

63,306,786

 

 

$

58,379,410

 


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,

 

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net Revenues:

 

 

 

 

 

 

 

 

License fees

$

558,340

 

 

$

1,982,985

 

 

$

4,829,242

 

 

$

2,248,829

 

 

Subscription and support

 

7,140,358

 

 

 

6,656,082

 

 

 

20,480,382

 

 

 

19,175,585

 

 

Services

 

7,765,818

 

 

 

4,867,322

 

 

 

19,635,014

 

 

 

17,178,452

 

 

 

Total net revenues

 

15,464,516

 

 

 

13,506,389

 

 

 

44,944,638

 

 

 

38,602,866

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

7,989,696

 

 

 

8,801,360

 

 

 

24,132,064

 

 

 

26,503,377

 

Gross profit

 

7,474,820

 

 

 

4,705,029

 

 

 

20,812,574

 

 

 

12,099,489

 

Operating expenses:

 

 

 

 

 

 

 

 

Selling, general and administrative

 

5,811,335

 

 

 

5,333,202

 

 

 

17,051,798

 

 

 

16,727,836

 

 

Research and development cost

 

345,582

 

 

 

302,262

 

 

 

1,065,412

 

 

 

1,244,793

 

 

 

Total operating expenses

 

6,156,917

 

 

 

5,635,464

 

 

 

18,117,210

 

 

 

17,972,629

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

1,317,903

 

 

 

(930,435

)

 

 

2,695,364

 

 

 

(5,873,140

)

Other income and (expenses)

 

 

 

 

 

 

 

 

Interest expense

 

(289,677

)

 

 

(188,137

)

 

 

(856,016

)

 

 

(512,110

)

 

Interest income

 

376,466

 

 

 

263,794

 

 

 

1,259,464

 

 

 

1,005,557

 

 

Gain (loss) on foreign currency exchange transactions

 

(963,887

)

 

 

5,385,591

 

 

 

(1,112,757

)

 

 

7,358,519

 

 

Share of net loss from equity investment

 

-

 

 

 

2,377

 

 

 

-

 

 

 

7,510

 

 

Other income (expense)

 

21,634

 

 

 

(62,941

)

 

 

22,210

 

 

 

57,383

 

 

 

Total other income (expenses)

 

(855,464

)

 

 

5,400,684

 

 

 

(687,099

)

 

 

7,916,859

 

 

 

 

 

 

 

 

 

 

 

Net income before income taxes

 

462,439

 

 

 

4,470,249

 

 

 

2,008,265

 

 

 

2,043,719

 

Income tax provision

 

(146,569

)

 

 

(227,718

)

 

 

(418,517

)

 

 

(641,122

)

Net income

 

315,870

 

 

 

4,242,531

 

 

 

1,589,748

 

 

 

1,402,597

 

 

Non-controlling interest

 

11,679

 

 

 

(1,697,908

)

 

 

(822,993

)

 

 

(1,571,629

)

Net income (loss) attributable to NetSol

$

327,549

 

 

$

2,544,623

 

 

$

766,755

 

 

$

(169,032

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

Basic

$

0.03

 

 

$

0.23

 

 

$

0.07

 

 

$

(0.01

)

 

 

Diluted

$

0.03

 

 

$

0.23

 

 

$

0.07

 

 

$

(0.01

)

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding

 

 

 

 

 

 

 

 

Basic

 

11,390,888

 

 

 

11,283,954

 

 

 

11,369,778

 

 

 

11,270,466

 

 

Diluted

 

11,430,493

 

 

 

11,283,954

 

 

 

11,409,383

 

 

 

11,270,466

 


NETSOL Technologies, Inc. and Subsidiaries
Schedule 3: Consolidated Statement of Cash Flows

 

 

 

 

 

 

 

 

 

For the Nine Months

 

 

 

 

Ended March 31,

 

 

 

 

 

2024

 

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

Net income

$

1,589,748

 

 

$

1,402,597

 

 

Adjustments to reconcile net income to net cash

 

 

 

 

 

provided by (used in) operating activities:

 

 

 

 

Depreciation and amortization

 

1,351,239

 

 

 

2,519,469

 

 

Provision for bad debts

 

9,739

 

 

 

7,648

 

 

Share of net (gain) loss from investment under equity method

 

-

 

 

 

(7,510

)

 

(Gain) loss on sale of assets

 

(1,154

)

 

 

56,494

 

 

Stock based compensation

 

260,875

 

 

 

198,559

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

(3,922,773

)

 

 

(1,855,899

)

 

 

Revenues in excess of billing

 

(3,904,609

)

 

 

240,324

 

 

 

Other current assets

 

(1,525

)

 

 

(621,731

)

 

 

Accounts payable and accrued expenses

 

77,541

 

 

 

1,321,289

 

 

 

Unearned revenue

 

938,242

 

 

 

(696,621

)

 

Net cash provided by (used in) operating activities

 

(3,602,677

)

 

 

2,564,619

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment

 

(948,337

)

 

 

(1,575,059

)

 

Sales of property and equipment

 

125,886

 

 

 

153,402

 

 

Net cash used in investing activities

 

(822,451

)

 

 

(1,421,657

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Proceeds from bank loans

 

340,847

 

 

 

270,292

 

 

Payments on finance lease obligations and loans - net

 

(307,235

)

 

 

(787,641

)

 

Net cash provided by (used in) financing activities

 

33,612

 

 

 

(517,349

)

Effect of exchange rate changes

 

1,196,904

 

 

 

(9,329,913

)

Net decrease in cash and cash equivalents

 

(3,194,612

)

 

 

(8,704,300

)

Cash and cash equivalents at beginning of the period

 

15,533,254

 

 

 

23,963,797

 

Cash and cash equivalents at end of period

$

12,338,642

 

 

$

15,259,497

 


NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP

 

For the Three Months

 

For the Nine Months

 

Ended March 31,

 

Ended March 31,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Net Income (loss) attributable to NetSol

$

327,549

 

 

$

2,544,623

 

 

$

766,755

 

 

$

(169,032

)

Non-controlling interest

 

(11,679

)

 

 

1,697,908

 

 

 

822,993

 

 

 

1,571,629

 

Income taxes

 

146,569

 

 

 

227,718

 

 

 

418,517

 

 

 

641,122

 

Depreciation and amortization

 

391,290

 

 

 

782,966

 

 

 

1,351,239

 

 

 

2,519,469

 

Interest expense

 

289,677

 

 

 

188,137

 

 

 

856,016

 

 

 

512,110

 

Interest (income)

 

(376,466

)

 

 

(263,794

)

 

 

(1,259,464

)

 

 

(1,005,557

)

EBITDA

$

766,940

 

 

$

5,177,558

 

 

$

2,956,056

 

 

$

4,069,741

 

Add back:

 

 

 

 

 

 

 

Non-cash stock-based compensation

 

149,088

 

 

 

52,392

 

 

 

260,875

 

 

 

198,559

 

Adjusted EBITDA, gross

$

916,028

 

 

$

5,229,950

 

 

$

3,216,931

 

 

$

4,268,300

 

Less non-controlling interest (a)

 

(106,463

)

 

 

(1,971,602

)

 

 

(1,216,040

)

 

 

(2,363,774

)

Adjusted EBITDA, net

$

809,565

 

 

$

3,258,348

 

 

$

2,000,891

 

 

$

1,904,526

 

 

 

 

 

 

 

 

 

Weighted Average number of shares outstanding

 

 

 

 

 

 

 

Basic

 

11,390,888

 

 

 

11,283,954

 

 

 

11,369,778

 

 

 

11,270,466

 

Diluted

 

11,430,493

 

 

 

11,283,954

 

 

 

11,409,383

 

 

 

11,270,466

 

 

 

 

 

 

 

 

 

Basic adjusted EBITDA

$

0.07

 

 

$

0.29

 

 

$

0.18

 

 

$

0.17

 

Diluted adjusted EBITDA

$

0.07

 

 

$

0.29

 

 

$

0.18

 

 

$

0.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

$

(11,679

)

 

$

1,697,908

 

 

$

822,993

 

 

$

1,571,629

 

Income Taxes

 

43,852

 

 

 

70,033

 

 

 

155,636

 

 

 

198,349

 

Depreciation and amortization

 

97,010

 

 

 

219,759

 

 

 

348,092

 

 

 

713,676

 

Interest expense

 

89,738

 

 

 

57,797

 

 

 

266,922

 

 

 

157,929

 

Interest (income)

 

(115,021

)

 

 

(77,988

)

 

 

(387,690

)

 

 

(303,489

)

EBITDA

$

103,900

 

 

$

1,967,509

 

 

$

1,205,953

 

 

$

2,338,094

 

Add back:

 

 

 

 

 

 

 

Non-cash stock-based compensation

 

2,563

 

 

 

4,093

 

 

 

10,087

 

 

 

25,680

 

Adjusted EBITDA of non-controlling interest

$

106,463

 

 

$

1,971,602

 

 

$

1,216,040

 

 

$

2,363,774

 

 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c489814a-b61e-41e3-a892-4156277383c3