0001493152-22-004532.txt : 20220214 0001493152-22-004532.hdr.sgml : 20220214 20220214170828 ACCESSION NUMBER: 0001493152-22-004532 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220214 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20220214 DATE AS OF CHANGE: 20220214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NETSOL TECHNOLOGIES INC CENTRAL INDEX KEY: 0001039280 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 954627685 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22773 FILM NUMBER: 22634536 BUSINESS ADDRESS: STREET 1: 23975 PARK SORRENTO STREET 2: SUITE 250 CITY: CALABASAS STATE: CA ZIP: 91302 BUSINESS PHONE: 8182229195 MAIL ADDRESS: STREET 1: 23975 PARK SORRENTO STREET 2: SUITE 250 CITY: CALABASAS STATE: CA ZIP: 91302 FORMER COMPANY: FORMER CONFORMED NAME: NETSOL INTERNATIONAL INC DATE OF NAME CHANGE: 19990819 FORMER COMPANY: FORMER CONFORMED NAME: MIRAGE HOLDINGS INC DATE OF NAME CHANGE: 19970519 8-K 1 form8-k.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

 

Date of Report (Date of earliest event reported): February 14, 2022

 

Commission file number: 0-22773

 

NETSOL TECHNOLOGIES, INC.

(Exact name of small business issuer as specified in its charter)

 

nevada   95-4627685

(State or other Jurisdiction

   (I.R.S. Employer NO.)
of Incorporation or Organization)    

 

23975 Park Sorrento, Suite 250

Calabasas, CA 91302

(Address of principal executive offices) (Zip Code)

 

(818) 222-9195 / (818) 222-9197

(Issuer’s telephone/facsimile numbers, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $.01 par value per share   NTWK   NASDAQ

 

 

 

 
 

 

Item 2.02 Results of Operations and Financial Condition.

 

On February 14, 2022, NetSol Technologies, Inc. issued a press release announcing results of operations and financial conditions for the quarter ended December 31, 2021. The press release is furnished as Exhibit 99.1 to this Form 8-K.

 

The information in this report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document field under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Exhibits

 

99.1News Release dated February 14, 2022
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

Page 2
 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    NETSOL TECHNOLOGIES, INC.
     
Date: February 14, 2022 /s/ Najeeb Ghauri
     
    NAJEEB GHAURI
    Chief Executive Officer
     
Date: February 14, 2022 /s/ Roger Almond
   
    ROGER ALMOND
    Chief Financial Officer

 

Page 3

 

 EX-99.1 2 ex99-1.htm

 

Exhibit 99.1

 

NETSOL Technologies (@NETSOLTech) | Twitter

 

NETSOL Technologies Reports Fiscal Second Quarter 2022 Financial Results

 

Total net revenues up 17.9% to $15.5 million in Q2 FY 2022

 

Q2 FY 2022 GAAP net income increased to $1.4 million or $0.13 per diluted share

 

Annual recurring revenue (SaaS and Support) increased to $25.0 million run rate

 

CALABASAS, Calif., Feb. 14, 2022 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions provider, reported results for the fiscal second quarter ended December 31, 2021.

 

Fiscal Second Quarter 2022 and Recent Operational Highlights

 

  ● Subscription (SaaS and Cloud) and support quarterly revenues increased 64% to $9.4 million.
  ● Expanded strategic partnership with leading IT and business consulting services firm CGI in Europe; partnership offers NETSOL’s premier, next-generation NFS Ascent® platform to the global finance and leasing industry, supported by CGI’s local business consulting, IT integration, and managed service solutions.
  ● NETSOL’s U.S. based mobility startup Otoz expanded its digital automotive retail platform MINI Anywhere® for BMW® Group Financial Services in the U.S. for its key brand MINI®. MINI Anywhere is now live with 12 MINI dealerships as of December – 11 in California and one in Texas; Otoz is also scheduled to onboard additional California- and Texas-based dealers before an expansion into Florida. Long term, the solution has the potential to be rolled out to over 100 MINI dealerships across all 50 states.
  ● Attained “Five-Star Premier Business Partner” of the American Financial Services Association (AFSA), supporting the Company’s efforts to gain a deeper and more consistent engagement with both the AFSA team and its member organizations as an industry thought leader.
  ● Achieved SOC 2 Type 1 compliance, attesting to NETSOL’s ability to protect client data; SOC 2 Type 1 compliance reinforces NETSOL’s commitment to ensuring the security of its clients’ (and their customers’) data and confirms that all system requirements were designed based on the trust services criteria relevant to the security standards set by the American Institute of Certified Public Accountants.

 

Fiscal Second Quarter 2022 Financial Results

 

Total net revenues for the second quarter of fiscal 2022 were $15.5 million, compared with $13.1 million in the prior year period. The increase in total net revenues was primarily driven by an increase in subscription and support revenues of $3.7 million, slightly offset by a decrease in license fees of $631,000 and total services revenues of $667,000.

 

  ● Total license fees were $1.96 million, compared with $2.59 million in the prior year period.

 

 
 

  

  ● Total subscription (SaaS and Cloud) and support revenues were $9.4 million, compared with $5.7 million in the prior year period.
     
  ● Total services revenues were $4.1 million, compared with $4.8 million in the prior year period.

 

Gross profit for the second quarter of fiscal 2022 increased 26.5% to $7.6 million (or 49.4% of net revenues), compared to $6.0 million (or 46% of net revenues) in the second quarter of fiscal 2021. The increase in gross profit was primarily due to an increase in revenue of $2.4 million, offset by a $751,000 increase in cost of revenues. The increases in cost of sales were primarily due to increases in salaries and consulting costs of $367,000, travel costs of $124,000, depreciation of $15,000, and other costs of $245,000.

 

Operating expenses for the second quarter of fiscal 2022 were $5.99 million (or 38.7% of sales), compared to $5.96 million (or 45.4% of sales) for the second quarter of fiscal 2021. The increase in operating expenses was primarily due to increases in selling expenses and research and development costs, offset by a decrease in general and administrative expenses.

 

GAAP net income attributable to NETSOL for the second quarter of fiscal 2022 totaled $1.4 million or $0.13 per diluted share, compared with GAAP net loss of $242,000 or $0.02 per diluted share in the second quarter of fiscal 2021. GAAP net income attributable to NETSOL included a $901,000 gain on foreign currency exchange transactions in the second quarter of fiscal 2022, which was an increase from a gain of $14,000 in the prior year period.

 

Non-GAAP adjusted EBITDA for the second quarter of fiscal 2022 totaled $2.1 million or $0.19 per diluted share, compared with non-GAAP adjusted EBITDA of $617,000 or $0.05 per diluted share in the second quarter of fiscal 2021 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

 

At December 31, 2021, cash and cash equivalents were $25.6 million, a decrease from $33.7 million at June 30, 2021.

 

Management Commentary

 

“Our strong momentum continued in the second quarter, and we remain well on track to achieve our growth targets for fiscal 2022,” said NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri. “Within our core business, the pipeline and mix of opportunities remains robust, particularly in our European and North American growth markets, giving us confidence in our ability to drive additional contract signings over the coming months. Our Otoz Digital Retail Platform, one of our more venture-focused operations, continued to expand through its MINI Anywhere partnership and is now employed by more than 65% of all MINI dealerships in California, with live operations beginning in a second state, Texas, in December; we remain encouraged by the initial response and total opportunity. We are committed to our vision of pushing the boundaries for new ownership and payment models, supporting our customers where they are today and where they want to go in the future, and creating new shareholder value in the process.”

 

 
 

 

Company CFO Roger Almond added: “Growth in recurring revenues from our subscription and support segment were a key driver of our strong financial performance during the quarter. Importantly, with a larger share of higher margin revenue contributions, our second quarter gross margin increased to nearly 50% of net revenues. We continued to welcome our workforce back across our global footprint during the second quarter, and we expect a return to sales growth with a related increase in expenses to support our increased business activity moving forward. Our cash position remains near record levels, providing the resources to support our core business growth as well as strategic investments in high-return, long-term opportunities, such as the promising work of the Otoz Innovation Lab. With these factors in consideration, we are reiterating our full year revenue outlook of 10% topline growth and 20% subscription revenue growth throughout the balance of the year.”

 

Conference Call

 

NETSOL Technologies management will hold a conference call today (February 14, 2022) at 4:15 p.m. Eastern time (1:15 p.m. Pacific time) to discuss these financial results. A question-and-answer session will follow management’s presentation.

 

U.S. Dial-In: 877-407-0789

International Dial-In: 201-689-8562

 

Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization.

 

The conference call will be webcast live and available for replay here and via the Investor Relations section of NETSOL’s website.

 

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until February 28, 2022 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13727026.

 

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 more than 1300 professionals placed 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.

 

About Otoz

 

Otoz, a division of NETSOL Technologies Inc. (Nasdaq: NTWK), provides business-to-business, white-label technology solutions for new mobility. The Otoz suite of agile and customizable mobility solutions ranges from car sharing and subscription products to AI-enabled chatbots, allowing businesses to engage consumers and facilitate the complete transaction lifecycle intelligently and digitally. Otoz technologies empower automotive companies and start-ups to launch digital retailing and new mobility models quickly and efficiently. The technology Otoz has developed is cloud-native and supported by artificial intelligence (AI), machine learning (ML), internet of things (IoT) and blockchain. Otoz technology drives utilization, while supporting robust and efficient operations.

 

 
 

 

Forward-Looking Statements

 

This 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 such as the effect of disparate stay at home orders and social distancing requirements imposed internationally by COVID-19 and its resultant impact on our financials and the world economy 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 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:

 

Dave Gentry

RedChip Companies

407-491-4498

investors@netsoltech.com

 

 
 

 

NETSOL Technologies, Inc. and Subsidiaries

Schedule 1: Consolidated Balance Sheets

 

   As of   As of 
  December 31, 2021   June 30, 2021 
ASSETS          
Current assets:          
Cash and cash equivalents  $25,587,515   $33,705,154 
Accounts receivable, net of allowance of $173,589 and $166,231   7,190,759    4,184,096 
Accounts receivable - related party, net of allowance of $1,373,099 and $1,373,099   -    - 
Revenues in excess of billings, net of allowance of $82,042 and $136,976   18,730,022    14,680,131 
Revenues in excess of billings - related party, net of allowance of $8,163 and $8,163   -    - 
Other current assets, net of allowance of $1,243,633 and $1,243,633   2,581,401    3,009,393 
Total current assets   54,089,697    55,578,774 
Revenues in excess of billings, net - long term   985,772    957,603 
Convertible note receivable - related party, net of allowance of $4,250,000 and $4,250,000   -    - 
Property and equipment, net   10,265,385    12,091,812 
Right of use of assets - operating leases   1,029,294    1,345,869 
Long term investment   2,921,667    3,155,852 
Other assets   33,204    55,127 
Intangible assets, net   2,657,204    3,904,656 
Goodwill   9,516,568    9,516,568 
Total assets  $81,498,791   $86,606,261 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable and accrued expenses  $6,394,780   $6,696,035 
Current portion of loans and obligations under finance leases   10,147,993    11,366,171 
Current portion of operating lease obligations   770,559    857,729 
Unearned revenue   3,719,348    4,556,626 
Total current liabilities   21,032,680    23,476,561 
Loans and obligations under finance leases; less current maturities   120,277    699,841 
Operating lease obligations; less current maturities   319,613    564,257 
Total liabilities   21,472,570    24,740,659 
Commitments and contingencies          
Stockholders’ equity:          
Preferred stock, $.01 par value; 500,000 shares authorized;   -    - 
Common stock, $.01 par value; 14,500,000 shares authorized; 12,186,070 shares issued and 11,247,039 outstanding as of December 31, 2021 and 12,181,585 shares issued and 11,265,064 outstanding as of June 30, 2021   121,861    121,816 
Additional paid-in-capital   129,042,021    129,018,826 
Treasury stock (at cost, 939,031 shares and 916,521 shares as of December 31, 2021 and June 30, 2021, respectively)   (3,920,856)   (3,820,750)
Accumulated deficit   (37,206,528)   (38,801,282)
Other comprehensive loss   (34,935,629)   (31,868,481)
Total NetSol stockholders’ equity   53,100,869    54,650,129 
Non-controlling interest   6,925,352    7,215,473 
Total stockholders’ equity   60,026,221    61,865,602 
Total liabilities and stockholders’ equity  $81,498,791   $86,606,261 

 

 
 

 

NETSOL Technologies, Inc. and Subsidiaries

Schedule 2: Consolidated Statement of Operations

 

   For the Three Months   For the Six Months 
   Ended December 31,   Ended December 31, 
   2021   2020   2021   2020 
Net Revenues:                    
License fees  $1,955,331   $2,586,504   $1,966,047   $2,589,979 
Subscription and support   9,374,869    5,724,802    15,605,258    10,896,665 
Services   4,142,762    4,810,154    11,322,418    12,282,194 
Total net revenues   15,472,962    13,121,460    28,893,723    25,768,838 
                     
Cost of revenues:                    
Salaries and consultants   5,661,917    5,294,662    11,324,327    9,821,311 
Travel   282,836    159,174    496,968    262,926 
Depreciation and amortization   728,868    713,749    1,494,603    1,420,998 
Other   1,156,754    911,566    2,492,215    1,839,719 
Total cost of revenues   7,830,375    7,079,151    15,808,113    13,344,954 
                     
Gross profit   7,642,587    6,042,309    13,085,610    12,423,884 
                     
Operating expenses:                    
Selling and marketing   1,807,162    1,558,027    3,427,155    3,167,631 
Depreciation and amortization   212,864    221,572    427,135    443,362 
General and administrative   3,733,303    4,065,788    7,706,442    7,493,424 
Research and development cost   235,390    110,419    510,620    196,408 
Total operating expenses   5,988,719    5,955,806    12,071,352    11,300,825 
                     
Income from operations   1,653,868    86,503    1,014,258    1,123,059 
                     
Other income and (expenses)                    
Gain (loss) on sale of assets   (80,125)   (52,531)   (190,725)   (74,273)
Interest expense   (90,808)   (94,241)   (191,821)   (197,568)
Interest income   316,253    210,854    759,386    411,675 
Gain (loss) on foreign currency exchange transactions   901,016    13,981    2,185,164    310,022 
Share of net loss from equity investment   (79,818)   (43,685)   (240,783)   (151,535)
Other income   19,668    45,365    22,697    132,637 
Total other income (expenses)   986,186    79,743    2,343,918    430,958 
                     
Net income before income taxes   2,640,054    166,246    3,358,176    1,554,017 
Income tax provision   (201,506)   (245,434)   (369,133)   (509,728)
Net income (loss)   2,438,548    (79,188)   2,989,043    1,044,289 
Non-controlling interest   (1,031,763)   (162,916)   (1,394,289)   (568,839)
Net income (loss) attributable to NetSol  $1,406,785   $(242,104)  $1,594,754   $475,450 
                     
Net income (loss) per share:                    
Net income (loss) per common share                    
Basic  $0.13   $(0.02)  $0.14   $0.04 
Diluted  $0.13   $(0.02)  $0.14   $0.04 
                     
Weighted average number of shares outstanding                    
Basic   11,244,539    11,580,030    11,249,372    11,683,631 
Diluted   11,244,539    11,580,030    11,249,372    11,683,631 

 

 
 

 

NETSOL Technologies, Inc. and Subsidiaries

Schedule 3: Consolidated Statement of Cash Flows

 

   For the Six Months 
   Ended December 31, 
   2021   2020 
Cash flows from operating activities:          
Net income  $2,989,043   $1,044,289 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Depreciation and amortization   1,921,738    1,864,360 
Provision for bad debts   (33,815)   (175,575)
Share of net loss from investment under equity method   240,783    151,535 
Loss on sale of assets   190,725    74,273 
Stock based compensation   28,292    165,164 
Changes in operating assets and liabilities:          
Accounts receivable   (3,243,348)   5,479,516 
Revenues in excess of billing   (4,741,806)   4,540,271 
Other current assets   304,464    (252,781)
Accounts payable and accrued expenses   56,539    313,869 
Unearned revenue   (749,249)   (554,077)
Net cash provided by (used in) operating activities   (3,036,634)   12,650,844 
          
Cash flows from investing activities:          
Purchases of property and equipment   (773,953)   (1,249,895)
Sales of property and equipment   201,773    123,194 
Investment in associates   -    (93,000)
Net cash used in investing activities   (572,180)   (1,219,701)
          
Cash flows from financing activities:          
Purchase of treasury stock   (100,106)   (1,392,671)
Proceeds from bank loans   188,272    705,338 
Payments on finance lease obligations and loans - net   (715,121)   (175,352)
Net cash used in financing activities   (626,955)   (862,685)
Effect of exchange rate changes   (3,881,870)   1,268,359 
Net increase (decrease) in cash and cash equivalents   (8,117,639)   11,836,817 
Cash and cash equivalents at beginning of the period   33,705,154    20,166,830 
Cash and cash equivalents at end of period  $25,587,515   $32,003,647 

 

 
 

 

NETSOL Technologies, Inc. and Subsidiaries

Schedule 4: Reconciliation to GAAP

 

   For the Three Months Ended   For the Three Months Ended   For the Six months Ended   For the Six months Ended 
   December 31, 2021   December 31, 2020   December 31, 2021   December 31, 2020 
                 
Net Income (loss) attributable to NetSol  $1,406,785   $(242,104)  $1,594,754   $475,450 
Non-controlling interest   1,031,763    162,916    1,394,289    568,839 
Income taxes   201,506    245,434    369,133    509,728 
Depreciation and amortization   941,732    935,321    1,921,738    1,864,360 
Interest expense   90,808    94,241    191,821    197,568 
Interest (income)   (316,253)   (210,854)   (759,386)   (411,675)
EBITDA  $3,356,341   $984,954   $4,712,349   $3,204,270 
Add back:                    
Non-cash stock-based compensation   25,289    74,169#   28,292    165,164 
Adjusted EBITDA, gross  $3,381,630   $1,059,123   $4,740,641   $3,369,434 
Less non-controlling interest (a)   (1,293,037)   (441,853)   (1,881,916)   (1,140,697)
Adjusted EBITDA, net  $2,088,593   $617,270   $2,858,725   $2,228,737 
                     
Weighted Average number of shares outstanding                    
Basic   11,244,539    11,580,030    11,249,372    11,683,631 
Diluted   11,244,539    11,580,030    11,249,372    11,683,631 
                     
Basic adjusted EBITDA  $0.19   $0.05   $0.25   $0.19 
Diluted adjusted EBITDA  $0.19   $0.05   $0.25   $0.19 
                     
(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  $1,031,763   $162,916   $1,394,289   $568,839 
Income Taxes   61,761    44,233    114,427    92,882 
Depreciation and amortization   273,822    264,535    561,453    529,100 
Interest expense   26,682    28,824    56,082    60,344 
Interest (income)   (101,385)   (67,207)   (244,729)   (133,164)
EBITDA  $1,292,643   $433,301   $1,881,522   $1,118,001 
Add back:                    
Non-cash stock-based compensation   394    8,552    394    22,696 
Adjusted EBITDA of non-controlling interest  $1,293,037   $441,853   $1,881,916   $1,140,697 

 

 

 

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Cover
Feb. 14, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 14, 2022
Entity File Number 0-22773
Entity Registrant Name NETSOL TECHNOLOGIES, INC.
Entity Central Index Key 0001039280
Entity Tax Identification Number 95-4627685
Entity Incorporation, State or Country Code NV
Entity Address, Address Line One 23975 Park Sorrento
Entity Address, Address Line Two Suite 250
Entity Address, City or Town Calabasas
Entity Address, State or Province CA
Entity Address, Postal Zip Code 91302
City Area Code (818)
Local Phone Number 222-9195 / (818) 222-9197
Title of 12(b) Security Common Stock, $.01 par value per share
Trading Symbol NTWK
Security Exchange Name NASDAQ
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