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.”
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: 800-343-4849International 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: 844-512-2921International replay
number: 412-317-6671Replay ID: 11155702
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 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 StatementsThis 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 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
SubsidiariesSchedule 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
SubsidiariesSchedule 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
SubsidiariesSchedule 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
SubsidiariesSchedule 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
NetSol Technologies (NASDAQ:NTWK)
過去 株価チャート
から 5 2024 まで 6 2024
NetSol Technologies (NASDAQ:NTWK)
過去 株価チャート
から 6 2023 まで 6 2024
