NTWK - Earnings call transcript Q3 2020 | NetSol Technologies, Inc.

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Operator

Good morning and welcome to the NetSol Technologies fiscal third quarter 2020 earnings conference call.

On the call today are Najeeb Ghauri, Chairman and Chief Executive Officer; Roger Almond, Chief Financial Officer; Asad Ghauri, Head of Global Sales and Group Managing Director of NetSol Europe; and Patti McGlasson, General Counsel.

I’d now like to turn the call over to Patti McGlasson, who will provide the necessary cautions regarding the forward-looking statements made by management during this call. Please proceed.

Patti McGlasson

Good morning everyone and thank you for joining us.

the the highlights call of we financial review open will for a company’s and business results, Following questions.

the Safe orders Please the discussed and to subject note contain distancing certain operations the provisions forward-looking and the effect development to call are of and future company’s on information Litigation statements of and Harbor that of today’s as stay-at-home the global COVID-XX on company call the by statements results, cause economy regarding Act. that impacts is that materially differ covered may projected. our all social from to This Private and uncertainties, imposed Securities the risks products the resultant could such its services results Reform those relating actual under financials including and

results, recovery the economic that performance acceptance, actual the and timing affects well does words within company, market Litigation The forward-looking Act but identify such the anticipates, Private delay services of and These including products prolonged [indiscernible] future statement progress Securities the of of and as a statements our the absence customers, not variations as mean expects, similar development XXXX, guarantees Reform or are words expressions and of is not and and not the of the that of in forward-looking. cost of and our downturn the meaning world statements their economy.

is any expressly events, statements expectations change or company company’s changes disclaims or in to forward-looking any or any upon contained regards which conditions subject The reflect any obligation in thereto statement circumstances with or to based. undertaking update any herein revise the

non-GAAP results be press point we their will measures. financial most issued reconciliation GAAP non-GAAP today of like out earlier to also discussing to would a contains The comparable measures. I these release that certain

link call available website today for www.netsoltech.com and that recorded replay to a Finally, will everyone via at press today’s this would release. I our on like be available remind in and made

would over Now turn the Najeeb? I call to like to Najeeb.

Najeeb Ghauri

morning I’m from and To you now. Lahore of good you is today. in everyone, thank to in here joining today and feeling it honest, right weird be us bit for Thank a be Patti, a our offices Pakistan. in calling

Our usually life it right is so is NetSol Technologies activity, campus and of empty. and full largely now

for These are, deepest unprecedented by nearly to safe event times. no to affect have through pandemic global is work meaningful a thanks out the directly condolences My to or I members the frontlines our question, a to continue of most unique those those keeping It who times extend occurrence truly these us. go in all affected such way. community indirectly us trying my and healthy and one

directly organization, the our many impacting communities, witnessed our As around NetSol the employees, and spread COVID-XX families, it operations the as quickly of through influence economy an international of global world, course. of

period we uncertainty, this have clarity acted increased with judgment. of During and

come people Our first.

who indefinitely are work employees of reports foremost. to are symptoms potential to As attention ensure encouraged acted health mandatory policy. virus we onset safety displaying in earlier year, experiencing highly the flu-like instituting first medical restricting in their initial the a a present, At home and all and travel non-essential from circulated of being seek and swiftly or any sickness

CDC, as Organization, and authorities. regulatory At from channels, including evolving the are latest the available same the time, updates monitoring the information well the as Health all World through reports we situation closely news other

calendar the challenging of for start time a been The has year many.

automotive sectors. impacted global meaningfully finance fiscal third quarter the the the leasing, the occurring greater many in by in slowdown we serve, operations of verticals were Our including and

foreseeable an in remain to pushing this new environment. this operate ongoing expect future, headwind are the normal we efficiently continuing for we ahead While to impact and

that ensure in put have plan to deliveries remain implementations all As a we schedule. response, first a and place on continuity business

Our environment. operate work to a uninterrupted team since remote transitioning capably trial responded to able throughout this been we’ve and has

and operating full been support Additionally, international our staff on maintenance have a schedule all for customers.

are and very presentations, virtual negotiations. teams and demos, conducting still Our busy

the ourselves, new understandable been find flagship there unpredictable have Otoz. from potential Ascent for decision in making both environment we customers in However, and NFS currently and our delays

decisively in nearly take we our management near team our company-wide, moved in elected and areas NetSol including number XX% and Employees average our in Second, of also have swiftly costs the subsidiaries a taken have and an in term. salary reducing reductions non-core of of and reduction to senior board directors. of have salary

operate Otoz to on programs lab our a and as budget. innovation new Strategic allocation initiatives reduced continue and such

postponed Additionally, approximately and realize of $X basis. budgets efforts, substantially annualized an million these we combined Through travel reduced. for to been savings on cost other marketing, operational have activities expect

very proud employees report measures also proactive allowed efforts other all this to response and that us time. retain have I’m these at to

up good have going us built strong cash years, forward. a We the also additional support which position over gives

storm weathering of what we end to as the are can. day, plan At the things other we on the the much emerge we controlling company. All stronger and side considered, a

suited and and world-class we team ready to standing workforce to digital are the transformation continue onward we proud of our sacrifice. technology-enabled collective current for of respond their happening the I’m a are well to a adversity. in As organization, dedication face right now,

outlook through come updates but as before year, our the back will I’m for Roger over who from do, remainder us walk Roger, minute, going provide to results online operational the for call of to QX CFO, the some hand Almond, to our as the our please? I well quarter. a In I’m

Roger Almond

Najeeb. Thanks

net a in XX, total million to was of the million in quarter to by were period and $XX.X services fiscal an which in million decrease Turning $XX.X March our increase net million, license was results fees million. total decrease $X.X the fees in primarily decrease revenues $X.X of revenue due period. of total third maintenance in $X.X The a to prior year offset our third compared financial quarter the XXXX total revenues for for ended

million year in license compared XX-country, fees million the more the were contract license fees contributions in year had a prior $XXX contribution The quarter meaningful decrease the for which absence the period. to $XXX,XXX primarily Total prior due QX in from in was period. to $X.X pronounced our of

Total part multi-country $X.X maintenance both were and million maintenance maintenance fees year we The the was the million prior legacy to with begin additional total of period. a NFS as has fees to QX once for anticipate the our product. increase We as live mentioned. with going due to in fees implement products contract quarter just our gradually NFS in Maintenance Ascent. gone in compared Ascent increase $X.X markets fees customer live

requests. the the derive Services compared in customers decrease from for million two services due implementation services part as both as provided quarter period. in services decrease as the revenue The services in current implementations million and revenues to prior Total year major provided process. to revenue new $XX.X for $X.X customers services was change of with to a were associated well revenues contracts new to

Total fully a cost and of amortization a in quarter was depreciation million revenues expenses decrease the decrease became was a of certain amortized. the travel revenues of result $X.X in and cost of quarter, by for fiscal in $X.X a in million of expense as predominantly products third third decrease from COVID-XX XXXX. as driven million $X.X The decrease

decrease in from were third of The and revenues. was of revenues, related travel, decreases The percentage other in gross or in of than depreciation greater $X.X expenses, by net in profit fiscal by cost driven revenues due an XXXX. or gross slight third profit predominantly and in was amortization the salaries fiscal the decreases profit amount the in cost XX% of which of Gross for decrease XXXX million by $X and as million to quarter offset revenues revenue quarter down costs. a in XX.X% net a of that primarily were of revenues consultants was increase and decreases

and net to the Operating revenues expenses last XX.X% revenues X% and net costs operating decreased administrative marketing expenses, or sales by and third for decreases from and the expenses. offset an million of due decrease were research million increase in period in and in was expenses $X.X amortization, or year. general in of primarily The depreciation $X.X quarter slight to which development same XX.X%

the our net to from year. income gain of from $X or $XXX,XXX last net the the quarter transactions $X.X $X.X a significant year third increase of million million a in to compared was which net This XXXX, of the net million prior to the currency for share. totaled per in the of diluted included million of or in $X.X NetSol year. attributable GAAP with period. exchange share third gain net $X.XX fiscal our QX with fiscal decrease foreign last attributable on income in for quarter GAAP $XX,XXX a $X.XX quarter, GAAP income operations profitability per metrics, from NetSol Turning loss XXXX third diluted of third income was operations quarter compares

monitor dollar U.S. rates, is of our of other geographical also generally compared deploying our it Because denominated in increasing the it dollar. accordingly operate we gains business in areas resources the economic the by our Similarly our expenditures dollar. the strength U.S. the to dollar dollar. increases to in U.S. other plan conducted of to reduces revenues currencies other than regions, it markets. reduce to in while We effect denominated our foreign our significant exchange overall several our currency has to exchange uncertainties the but currencies of foreign continuing relative but our as target U.S. also currencies than rates decrease a revenues the value expansion in expenses business A U.S. than the tends currency given portion expenses of additional

in million per for in our diluted EBITDA million see release fiscal per the adjusted reconciliation fiscal to quarter or $X.X totaled Please non-GAAP contained share, today’s quarter with our quarter revised of Moving of compared XX, diluted third XXXX. EBITDA calculations EBITDA last share adjusted year. $X.XX adjusted $X.X schedules of ended the $X.XX XXXX non-GAAP non-GAAP metrics, the March our of the or for for third

Turning was share at common of approximately and from $X.XX sheet, end to or $X.XX our equivalents the quarter. $XX.X prior year down $XX which from diluted or cash diluted approximately per had we million million quarter approximately common per cash balance share,

work, I and humbled of see the our team remarks, want the say I globe. and to conclude dedication my As the how am I hard sacrifice touched around NetSol to

still the not NetSol amazing management while making sacrifices I’m and part their to To difficult innovation maintaining team for our dedication be remain these shown organization. only Although striving of this see through ethic. but to a for work and I believe also be continuously and provide us management’s are will keep afloat times, relentless qualities honored will it employees which resilient families, imagination, financial help future. these themselves has

Najeeb. call turn I’ll the now over With back that, to Najeeb?

Najeeb Ghauri

highlights operational Thank we always the as by my you period. remarks, Roger. major recapping I’ll some the from begin do, of

Pacific Starting we implementation region, More XX-country, manufacturing specifically, previously Asia in multi-year, map. last just with to week Malaysia. we million announced considerable achieved a progress German auto along make contract giant, $XXX multi-country with our in go-live continue successful a our road

which we current environment management contract As and point-of-sale on go-live, a is wholesale part real in full achievement of our system, and by system Delivering wholesale Ascent implemented time suite team. the our includes finance the face all of our Omni NFS platform. the modules the retail our platform, separately of

months. implementation our is coming It attempted. stages through executing multi-country confident represents the remote of rollout, in this latest deployment increasingly continue Based that we we latter successful are to on noting this go-live have worth the ever in this the ability first

to Thailand. Moving forward, next will and be the events go-live term in near come Singapore

and more partially where operational, in schedule. and but We to on go-live made also the for be scheduled we we events proceed horizon have we budget subsequent to under are these calendar on territories we additional expect further areas are beyond years. new all, In for deployments announcements currently those have continuing

permit to finance are projects, March equipment Australia forward Because auto complications in but looking Ascent resuming other of as Japanese notable as to date company soon paused, and has platform related to been delivered Switching we a ongoing those we temporarily of go-live Zealand. New in manufacturer to conditions regional COVID-XX, countries. in operations event captive the the

an also we finance the as bank captive our quarter, company a allowing lead Indonesia, channel of system call center Japanese This workforce for act in generation. contact leading their to implemented prospects i-operations for additional notable and

outlook Global our Managing I’d strategy operation Sales NetSol. introduce for is of of At give an European the update. Director this [indiscernible]. who He’ll you Asad is point, He like and to Group our our and Ghauri, Head

Asad?

Asad Ghauri

Thank guys. to this everyone. presenting you for first time and Excited call morning Najeeb. the to Good on be you

I’ll the start European off by operations. covering

we stable, the One that quite now we services the focused I’m and on. on previous that you development have, strong old generation expect and happy required As product is report might the on product which pushing COVID-XX offerings. two is know, by and Ascent are that the side, customer the other client. operations engagement our on one an European are with the are and based and based we product, uptick generation situation to tasks is

With is as organization. that, which where an I Ascent, we’re onto move focused

in is further As know, the so to their momentum It’s based were able operations. interfacing it because a that they opportunities clients in be a engagement been U.K. were in with business which are as is is due SaaS to along. recently to We of well, a had with can prebuilt of have see not months have whole and in structure the it industry projects tracking long This to these allow our where we tracking that the we well offer leading own and the us project probably with you we we Ascent so we model we for really able frameworks win our other and Usually with of. might that has six provided accomplished way a implement disclosed and news delivered they and before. move customers, other been us as contract cloud to timelines, engaging with bank. and a we quickly see configurations preset market that regulatory on the sign This it us. platform aware their made prospects start great on this

as know, of up something SaaS other on side you and other seen the engagements made Europe. on SaaS, we’ve aware everyone we’ve pick is in

an frame. company in which U.K. owned the took the normal independent on Finally time business is side, short op, lease the also finance in just live, we a

us, onto and be that’s people short, our and get I the quick models. focus is think for to efficient, SaaS

global European our American operations cover to North from like perspective also I’d here. a sales

SaaS We U.S. live which in go in and on customer We Again, based the next have our completely new our had positioning. is which well has done in is first to SCI, America, great traction not signed as this the platform remotely, North weeks. we with customers. in. two been we something how operate done really just and but how It the in people we deliver, and space industry not the offering it’s which the our is our we Ascent, shows and extend allowing under of product to capability how price, us engage expected

I’ll may know strategic approach, all three-pronged approach. onto a you now which our move is as

tracking a the First, are it and the at available, fast-tracking the is months we what the current looking situation, to activity or a to inquiries digital continue where of high. actually of well. understands due to growth connected market than situation, see focus it’s channels on platforms and platforms are ago. our It’s easily better and organic which that us are because of about digital lot that XX to of open, engagement full business, customers was We which is lot tracking

packaging are the this it’s optimistic the get the well. to cautiously coming and SaaS great quarter we us allowing success traction and modeling quarters, offering, around in the and as the potentially With of product with

focused we’re on Secondly, our areas. innovation

our partnerships personnel for create to be major well we’re make own. can opportunities it looking also organizations and a exploring our where differentiator sense inorganic strategic to as where growth We’re us. Currently as technology

these over go around I’d more some like strategies. detail to in

his and opened really a pause the see think purchasing up environment, of in remarks, to forward. lot I a previously. closed customers because offered, situation opening and the because a move were pause situation, is not of but were had mentioned As have but address mentioned to though on we previously the which impact have of we Najeeb Even there platform possibilities the flipside looking because was the from uncertainty it’s what which more decisions as we the we delayed what

engagements. captives We’re Europe, a Tier be will experiencing with quite which and America comes as X high engagement news these we advanced, and it North with hopefully sharing in are

to and a positive virtual, as these is tools. where world everything we’ve organization is communication and All an Nothing of stopping, very of through that’s what’s are seamlessly come. engagements sign done virtual a adapted into

coming it for it situation sluggish entails, up technology on relies remains APAC we but just see us, opening to of on, how because platform and same are is the Moving us flexibility significantly the with that again Ascent activity allows a we it what provide customers. client, back point, also to seeing edge, cutting which and lot that this being so of encouraging to of the our Asia-Pac a because

situations on over based revenue quarters, they and streams Existing based million situation. because to revenue the we’re additional next $X in that, the customers, just on we’re the generating additional million face, $X of generating

grow can and situation, side it work very out that has stopped, remotely, virtually, come done side we things keeps the customers’ our on so possibly on no think it’s high, is depending but adaptation all I moving. when of the and

the we’re place plan address business term, allow the client stable a services will the benefit and in. offer current can to from help our looking are them to from environment, us business we continue longer they’re and more definitely grow but In to a we we in that to that the confident address that have situation perspective the situation in

message. a innovation know, strategy to to which growth about partnerships, NIT months. website We last as align focus marketing grown officially Moving engineers, few launched you Otoz the XX our better on Otoz rebranded quite has busy [Indiscernible] our Blockchain now is or second the with over area, been Mobility on applications. newly to each and AIML with

across on We mobility. number projects a are of working

machine dynamic and models, We car engines, bots. have seen great traction recommendation with spectrum, our multi-lingual learning chat technology pricing,

allow and new an existing added current the to which mobility We to to them from customers Otoz the potential to smart alike. as in expand offerings, see addressable product growing option market. their a gives interest as total their products traditional both expand Mobility continue us platform on-demand reach and

In its China Otoz car program into of launch with sharing a in leading company in entered a captive pilot German a finance manufacturer March, contact auto to auto country. the

application of rentals As through options will use Blockchain smart sharing enable car conducted part program, subscription-based peer-to-peer mobility as car provide internal products, be innovations will that will other flexible car platform, their based learning underlying being for flexible as to The which sharing broad be and machine the all auto of deployed on and programs. able Otoz well will are thousands captive the use technology IoT and will of and case trials driving to these many coverage ecosystems. be employees of and and Otoz

endorsement In to great strong partnership with technology further of a to the validate us. the real ultimate so becoming world for providing and another addition in enables the point of goal also our scalable solution a environment market beyond, it’s solutions, Chinese in Otoz a reference

different We exhibit we’ve world. for see platform and great and customers for to MOVE was a back or had we lot an also and our our ability February, working perspective a offering Otoz a pieces. the been we demonstrate to traction technologies present MOVE had a is the add-on us international forward. positivity an [indiscernible] as conference of a standalone major at from We and what on which as XXXX in Otoz around innovation move when

I can’t call, currently can align offerings. areas specific are While in with for on effort an details strategically the mobility existing to is we [indiscernible] customers share large what working our we that of share some in today’s

that growth sense we area. make business. being For our and this updates no areas, complementary the in time, from as continuing are have highly further opportunities to to client our accretive marketplace specific At this current we evaluate

some of covering outlook. be the I’ll now

need huge seen situation I As in engagements. the great Ascent that open seeing on optimistic. offers, realizing remain we’re engagements we and cautiously so customers platforms which We’ve based earlier, said a they uptick

in the situation see COVID been with If a signs of that Chinese significant predominant get a they be market degree operations. and been the is XX%. how a with certain have in it’s China, just They’ve to our move I is to not to terms start of and it’s recovery in uptick dealt with XX come uptick, our platforms we requiring shows gradual sales, have minds quite forward. started area, car least That by back at as normal, will things robust quickly they and back which to the

results to again, optimistic see it’s will in but that world, best, very there will we too. coming still rest opaque we and engagements based lot that of with we out. not engagements - we That The be engagements, but a how mean clear we see the see line are on doesn’t news positive these of our is at decision-making see

of long-term global customers to these all the that monitoring the usual safety continuously depend To business our and as workforce of and monitoring we able initiatives. aspects global and on are of balancing engagements us, be support operations. while We’re all our our continuously health growth

to projects evaluating manage structure As also organization, a all of cost flexible implementation the our digital-first we are markets. and innovative without in delivery ways impacting

there this be, believe companies time adapt. pack. Hard of and of for that have those uncertainty innovate we there their it new the driven are In as to upheaval, out to resolve opportunities may the ahead

want to more the remains the to it. in space, our vision Our for company us we the leading - is models transform advantage technologies take is know power same we innovators of to as which the space, than have of ownership finance future. that the well disruptive No be equipped asset NetSol

I’ll hand Najeeb over now. to

Najeeb Ghauri

new add Asad we and efficiency. the Naeem team many other the the under I Asad. revenues, people on sales my Ghauri, hard working focused on cost are in to to you bring very while all want side Thank leadership management and closing control our are close world in remarks, over very Ghauri of

and side closely operating those strong and the are gross EBITDA to stay lean We income. time margin We metrics the on sales are for more like following on believe numbers stay at nimble. same and key the very us important and

take publicly and difficult support partners, customers, through of very this other for our their key continued like employees, thank investors, to time especially. this I’d NetSol global period stakeholders to employees,

families remain this For everyone safe listening your and and today, during you challenging hope time. I healthy

for the Q&A. open I’ll ask time, At Operator, the up operator to please? this

Operator

instructions] [Operator

Sidoti. Anja the comes Please question of first Our line your with with proceed Soderstrom question. from

Anja Soderstrom

question. It like you my all gentlemen, challenging you’re thank for the environment, Hi moving hope along nicely despite I safe. seems you’re and taking staying

color Can pipeline, on you and in opportunities? versus SaaS the the me trending more give that how especially licensing some is just

Najeeb Ghauri

Asad will the is Anja, master that. pipelines. He Ghauri of handle

Asad Ghauri

Anja. Hi

converted our got as we’ve under nine X looking in product Europe that launched So different package we a about $XXX talk we’ve refer it core you little that But space, way to customers the deal big SaaS all often, and the breadth SCI, we’re the Tier a million model business is that of like if said, if SaaS, deals for example. about specifically see and traction strong. with In the great you eight employing. the is you and competency offering, ago. which to understand our know, depth so bit is We to quite our that you months we it

going in validation traditional is got on move up though the in and terms We’ve start for multiple preference the a coming conversion that a U.S. the so SaaS three significantly tracking last we Now, as bullish so Europe of us our from very well. very, and really was of really, months, platform, forward. picked their engagements model, even bank over utilizing have having which is come in

at but dozens that can in say are you can’t the to and currently I give specific stages. I the names, engagements advanced you

Anja Soderstrom

goes, to your how a relevant. the-- you bit case, that is as on current your the helping of that--it of Would sounded it call Is helping or environment is the time sort that companies sort stay a of longer because technology say it taking more little is the

Najeeb Ghauri

You know, want I to--sorry, go on? don’t

Asad Ghauri

a for to want be don’t to opportunities it of opened but I insensitive situation, Yes, lot the us. up has

to can to allows which location forward, customers can processes they because traction. apps of platform and of of was said more it positioning which put terms other lot wasn’t gain open our a and in expose be it’s systems, we’ve digital allowed the others, take with our us and a just how allows application, through that operate. business obviously built us to flexible I previously, to be they As lot integrating They how them so

made they need to companies Obviously this react the situation how has about think environment. to

we soon, to much that is to allowing very we’re don’t to change change, will bullish. Things That but anytime life being want provide go I back normal, platform so has that easily. as As happening to us go see is the why on.

Anja Soderstrom

edge? and Okay, competition you do of terms competitive What’s in to your how your that? compare, then,

Asad Ghauri

If honest, with so through competition customer engagements, in think Europe. I over validation but wins of concepts. of competition couple strong offers, we’ve on some come ahead, is the being we’ve big the had our This from competitors our months there out struggles the price, on last our I’m that We’ve validated for that’s had us.

Najeeb Ghauri

because only Can working I who that and in their productivity just who the fail--actually, to who me so and our home NetSol name naming has and here, working. as are employees up our complemented vendor sitting a the customer, more gone they’re add of is CEO was point Anja? as a one Without to very big without boost large had delivering working environment, this

Anja Soderstrom

There’s nothing right? else do, to

Najeeb Ghauri

[indiscernible]. families Their

Anja Soderstrom

services revenue Yes, generating, that that’s Then you’re the the SaaS fees yes. line, in right? included

Asad Ghauri

hit and heard that on us came used the to to in. payment see SaaS can Roger used explain taken monthly converting customers we’ve explained, you model a that comes and earlier, Roger is the which the is make as a they automatically side, side, that if us, more; for a but in, because reflect of on lumpy they Roger as as is you soon If make payment fee monthly SaaS than rather licensing a that they

Anja Soderstrom

do of how Then contract, left you. implement? there the to have countries Okay, many XX-country terms in thank you

Asad Ghauri

got we Australia, months, which like going got starting four new two where markets, which two countries the live that’s you the obviously, ones, recently. should live and ongoing next ones so of are one be four Malaysia have in then of left, We’ve ones, already We smaller the ongoing. so you’ve smaller We’ve remotely we’ve other the news of ones. Japan done the left, of major the being that went and bigger two projects work four other with hearing is done reality,

We will successfully. have--we’ve crossed the halfway mark

some and of the and then the China smaller did taking what be Now we ones live we be in following bigger will others. will imminently ones

Anja Soderstrom

you, Thank that me. was all you. thank Okay, from

Najeeb Ghauri

Thank you.

Operator

gentlemen, this and We’ll like question one Ladies you. more you’d at star, time. queue, Thank please join press pause as reminder, questions. to if moment a to the allow for a

session. At you. your Investor was session, at our XXX-XXX-XXXX. addressed time, at and this Q&A calling or during question please them NetSol’s not the team by concludes by answer Relations investorse@netsoltech.com, question contact Thank IF them emailing this

like to closing call the his back over I’d for Ghauri Now turn remarks. to Mr.

Najeeb Ghauri

continuous loyal employees you. I today. for Thank call. on and you you well wish joining support, ongoing for especially our investors updating I to customers, for you. their our of safety us and next you to for forward want thank our look We all their our dedicated Thank contributions.

Operator

you. Thank Thank concludes fiscal third for joining quarter earnings call. you NetSol’s today’s This XXXX call.

disconnect may lines. now You your

NetSol (NTWK) 13 May 202020 Q3 Earnings call transcript