Q3 2025 NetSol Technologies Inc Earnings Call

Good morning, and welcome to Nets, all technologies fiscal third quarter 2025 earnings conference call.

Unknown Executive: Good morning and welcome to NetSol Technologies fiscal third quarter 2025 earnings conference On the call today are Najeeb Ghauri, Founder, Chairman and Chief Executive Officer, Roger Almond, Chief Financial Officer, and Patti McGlasson, General Counsel, who I would like to turn the call over to in order to provide the necessary cautions regarding the forward-looking statements made by management during this call. Please go ahead, Patti.

Speaker Change: On the call today are not cheap gory founder chairman and Chief Executive Officer.

Roger Almond Chief Financial Officer.

Speaker Change: Patti Mcglasson General Counsel, who I would like to turn the call over to in order to provide the necessary cautions regarding forward looking statements made by management during this call.

Patti McGlasson: Go ahead Patty.

Patti McGlasson: Good morning, everyone, and thank you for joining us. Following our review of the company's business highlights and financial results, we will open the call for questions.

Good morning, everyone and thank you for joining us.

Patti McGlasson: Following a review of the company's business highlights and financial results. We will open the call for questions. Before we begin I will now provide the necessary cautions regarding the forward looking statements made by management during this call.

Patti McGlasson: Before we begin, I will now provide the necessary cautions regarding the forward-looking statements made by management during this call. Please note that all the information discussed on today's call is covered under the safe harbor provisions of the Private Securities Litigation Reform Act. The company's discussion may include forward-looking statements reflecting management's current forecast of certain aspects of the company's future and our actual results could differ materially from those stated or implied. These forward-looking statements are qualified by the cautionary statements contained in NetSol's press release and SEC filings, including our annual report on Form 10-K and quarterly reports on Form 10-Q.

Patti McGlasson: Please note that all of the information discussed on today's call is covered under the Safe Harbor provisions of the private Securities Litigation Reform Act.

Patti McGlasson: The company's discussion may include forward looking statements, reflecting management's current forecast of certain aspects of the company's future and our actual results could differ materially from those stated or implied by these forward looking statements are qualified by the cautionary statements contained in <unk> press release, and SEC filings, including our annual report on Form 10-K and quarterly.

Patti McGlasson: <unk> Form 10-Q.

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

Patti McGlasson: And I'd also like to point out that we will be discussing certain non-GAAP measures.

Speaker Change: Yes, released issued earlier today contains a reconciliation of these non-GAAP financial results to their most comparable GAAP measures. Finally, I would like to remind everyone that this call will be recorded and event made available for replay at www Dot and that's all tech dot com and via a link available in today's press release now I'll turn the call over to Nick keep going.

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

Najeeb Ghauri: Now I'll turn the call over to Najeeb Ghori, our founder, chairman, and CEO. Thank you, Perry, and good morning, everyone. Today I'm happy to be dialing in from my Encino office in California. We delivered solid performance in the third quarter of fiscal year 2025 with strong growth in our services revenue and continued momentum in our subscription business. Our results reflect the growing demand for our digital solutions for the global finance and leasing industry under our unified transcend platform alongside the strength of our global delivery model. As we continue transitioning towards revenue generated from the recurring revenue model, we remain focused on driving innovation, operational efficiency, and long-term value for our customers and shareholders.

Speaker Change: Our founder Chairman and CEO the Jeep.

Nick: Thank you Betty and good morning, everyone.

Nick: Today I'm happy to be dialing in from my seat and you know if in California.

Nick: We delivered solid performance in the third quarter of fiscal year 'twenty 'twenty five.

Nick: Strong growth in our services revenue and.

Nick: Continued momentum in our subscription business.

Nick: Our results reflect the growing demand for our digital solutions for the global finance and leasing industry under our unified <unk> platform.

Nick: Long side the strength.

Nick: Global delivery model.

Nick: As we continue transitioning towards revenue generated from our recurring revenue model, we remain focused on driving innovation operational efficiency and long term value for our customers.

Nick: And shareholders.

Najeeb Ghauri: This quarter, we successfully completed a major deployment of our Transcend finance platform for a financial institution in Australia, an existing customer of NetSol, further deepening our partnership and expanding the use of our technology for their operations. Following this successful implementation, Kubota, a leading Japanese powerhouse that provides products and technologies in various fields, including tractors and other agricultural machinery. is now using our solution for their financial operations in both Australia and New Zealand. In addition, we signed two new multi-million dollar contracts with financial services providers in both country of Oman and Indonesia. We signed an agreement with Sinbad Management SBC in Oman for the implementation of Transcend Finance.

Nick: This quarter, we successfully completed a major deployment of hard trunk, our transcend finance platform, but if financial institution in Australia and existing customer of met so further deepening our partnership and expanding the use of our technology for their <unk>.

Nick: <unk>.

Speaker Change: Following the successful implementation to Buddha, and leading Japanese powerhouse that provides products and technologies in various fields, including tractors and other agricultural machines machinery.

Speaker Change: It is now is using our solution for their financial operations in both Australia and New Zealand.

In addition, we signed two new multimillion dollar contracts.

Speaker Change: Financial services providers and boats country of Oman and Indonesia.

Speaker Change: We signed an agreement with Sinbad management SBC in Oman with the implementation of transcend finance the customer is a major must good which is the capital of Oman.

Najeeb Ghauri: The customer is a major musket which is the capital of Oman, Oman-based company which provides big ticket asset financing and leasing covering various asset types such as marine vessels, aircrafts, machinery and other equipment alongside vehicles in Oman and other countries. The successful implementation of this project will serve as a model for future collaborations in the Middle East, reinforcing our commitment to expanding our footprint and delivering world-class technology solutions to a region that is ripe for growth and innovation. The second multi-million dollar agreement signed during this quarter was with a Chinese leasing company known as Yulong which is acquired by BYD, a Chinese giant, for the implementation of Transcend Finance in Indonesia.

Speaker Change: Among based company, which provides big ticket asset financing and leasing covering various asset types, such as marine vessels aircrafts machinery and other equipment.

Speaker Change: Loan side, when he goes in Oman and other countries.

Speaker Change: The successful implementation of this project will serve as the model for future collaboration and the middle East reinforcing our commitment to expanding our footprint and delivering world class technology solutions due to a region that is ripe for growth.

Speaker Change: Innovation.

Speaker Change: The second multimillion dollar agreements signed during this quarter was with a Chinese leasing company known as you long, which is acquired by BYD a Chinese giant.

Speaker Change: For the implementation of transcend financing in Indonesia.

Najeeb Ghauri: This marks the customer's expansion into the Indonesian market. The company offers a diverse range of leasing solutions across various industries with a focus in leasing, asset financing, and commercial leasing. Our powerful technology platform combined with tailored regional customization makes us the ideal partner to support their success in the Indonesian market. These wins are a clear signal of the growing confidence our clients place in us to drive their digital transformation agendas. At a time when institutions are under pressure to modernize and differentiate, our ability to consistently deliver mission critical solutions at scale sets us apart and cements our position as a preferred technology partner for financial institutions worldwide.

Speaker Change: This marks the customer expansion into the Indonesian market.

Speaker Change: The company offers a diverse range of leasing solutions across various industries with a strong focus on equipment leasing.

Speaker Change: The financing and commercial leasing.

Speaker Change: Our powerful technology platform combined with tailored these no customization makes us the ideal partner to support them.

Speaker Change: It says in the Indonesian market.

Speaker Change: These wins are a clear signal that the growing confidence of our clients place in us to drive their digital transformation agenda.

Speaker Change: At a time when institutions are under pressure to modernize and differentiate our ability to consistently deliver mission critical solution at scale sets us apart and cement our position as the preferred technology partner for National.

Speaker Change: Situations worldwide.

Najeeb Ghauri: The go live for Kubota in Australia during this period, plus these two major multi-million dollar signings reinforce our reputation as a trusted strategic technology partner to the global asset finance and leasing industry. These developments serve as a powerful endorsement of the products, innovation, and service excellence we deliver in an increasingly competitive marketplace. At the core of our transition to becoming an AI-first organization is our commitment to redefining how technology can drive smarter, faster, and more secure decision-making across the financial services ecosystem. In Q3, we announced the launch of Transcence AI Labs, our dedicated innovation hub focused on developing cutting-edge AI solutions tailored primarily for the asset retail, finance, and leasing sectors.

The go life, a kubota in Australia, you wouldn't be doing this period plus these two major multimillion dollar signing reinforce our reputation as a trusted strategic technology partner to the global asset finance and leasing industry.

Speaker Change: These developments serve as a powerful endorsement of the product innovation and service excellence, we deliver in an increasingly competitive marketplace.

Speaker Change: At the core of our transition to becoming an AI first organization is our commitment to redefining how technology can drive smarter faster and more secure decision, making across the financial services ecosystem.

Speaker Change: In Q3, we announced the launch of Langston AI labs, our dedicated innovation hub focused on developing cutting edge <unk>.

Speaker Change: Solution tailored primarily for the asset retail finance and leasing sectors.

Najeeb Ghauri: Transcense AI Labs brings together our deep domain expertise with advanced machine learning and generative AI capabilities, enabling us to create next-generation solutions for our clients that unlock the real business value, whether through intelligent automation, hyper-personalized experiences, or predictive analytics that empower risk decisions and overall operations. As part of our ongoing AI initiatives, we appointed Dario Morelli as our new Vice President of Artificial Intelligence in this quarter. Dario is a proven business leader and AI strategist with over 15 years of experience spanning data analytics and AI. His vision and leadership will be instrumental in scaling our AI capabilities and embedding intelligence across every layer of our product portfolio.

Speaker Change: Johnson, Eli labs brings together, our deep domain expertise with advanced machine learning and generally do you know like capabilities, enabling us to create next generation solution for our clients that unlock the real business value.

Speaker Change: Whether through intelligent automation hyper personalized personalized experiences our predictive analytics analytics that empower this decision and overall operations.

Speaker Change: As part of our ongoing initiatives.

Speaker Change: We appointed Dario Marelli, as our new Vice President of artificial intelligence in this quarter.

Speaker Change: Dorian is a proven business leader and he always strategist with them or which are over 15 years of experience spanning the entire analytics and AI.

Speaker Change: Asian near the ship will be instrumental in scaling our AI capability and embedding intelligence across every layer of our product portfolio.

Najeeb Ghauri: with Dario at the helm and the launch of Transcend AI Labs, we are well positioned to lead our industry into the AI future, power future. Further a quick update, our BMW USA retail platform rollout in 350 dealership in the US is on track. Looking at our business through a long-term lens, I'm pleased with the progress we have achieved this quarter, and I'm optimistic about the momentum carrying into the final quarter of fiscal 2025 and beyond.

Speaker Change: But are you at the him and the launch of transcend and AI labs, we are well positioned to lead our industry into the future.

Future.

Our future.

Speaker Change: Further a quick update our BMW USA retail platform rollout in cliffs dealership in the U S is on track.

Speaker Change: Looking at our business through a long term lens I'm pleased with the progress we have achieved this quarter and I'm optimistic about the momentum carrying into the final quarter of fiscal 2025 and beyond I'm confident that our strategic investments.

Najeeb Ghauri: I'm confident that our strategic investments, especially in AI, and the ongoing evolution of our revenue mix will drive stronger profitability and deliver lasting value for our shareholders.

Speaker Change: Especially in the eye.

Speaker Change: And the ongoing evolution of our revenue mix will drive stronger profitability and deliver lasting value for our shareholders.

Roger Almond: I now like to turn the call over to our CFO, Roger Almond, who will go through the financial Q3 of fiscal year 2025. Over to you, Roger. Thanks, Najeeb. Good morning, everyone, and thank you for joining us to review NetSol's financial results for the third quarter fiscal year 2025. I'll take you through our key financial metrics and provide some context on our performance drivers. We delivered top solid top line growth in the third quarter driven by continued strength in our services business and stable subscription revenue performance. Total net revenues for Q3 fiscal year 2025 increased 13% to $17.5 million, compared to $15.5 million in the third quarter of fiscal 2024.

Speaker Change: I'd now like to turn the call over to our CFO, Roger Almond, who will go through the financials for Q3 of fiscal year 'twenty five.

Speaker Change: Where do you Roger.

Roger Almond: Thanks, Jim Good morning, everyone and thank you for joining us to review <unk> financial results for the third quarter of fiscal year 2025.

Speaker Change: I'll take you through our key financial metrics and provide some context on our performance drivers we delivered solid top line growth in the third quarter driven by continued strength in our services business and stable subscription revenue performance.

Speaker Change: Total net revenues for Q3 fiscal year, 2025 increased 13% to $17 5 million compared to $15 5 million in the third quarter of fiscal 2024.

Roger Almond: This increase was primarily fueled by significant growth in services revenue. Services revenue increased 24% to $9.7 million compared to $7.8 million in Q3 of last year. The increase was primarily driven by a cumulative catch-up of approximately $2.3 million related to a contract amendment for an ongoing implementation project. Total subscription, SaaS and cloud and support revenues increased 10% to $7.9 million compared to $7.1 million in the prior year period. Gross profit for the quarter was $8.7 million or 50% of total revenue. compared with 7.5 million or 48% in Q3 of fiscal year 2024. Operating expenses for the quarter totaled 7.2 million or 41% of sales compared to 6.2 million or 40% of sales in Q3 of fiscal year 2024.

Speaker Change: This increase was primarily fueled by significant growth in services revenue.

Speaker Change: Services revenue increased 24% to $9 7 million compared to $7 8 million in Q3 of last year the.

Speaker Change: The increase was primarily driven by cumulative catch up of approximately $2 3 million related to a contract amendment for an ongoing implementation project.

Speaker Change: Total subscription SaaS and cloud and support revenues increased 10% to $7 9 million compared to $7 1 million in the prior year period.

Speaker Change: Gross profit for the quarter was $8 7 million or 50% of total revenues.

Speaker Change: Paired with seven 5 million or 48% in Q3 of fiscal year 2024.

Speaker Change: Operating expenses for the quarter totaled $7 2 million or 41% of sales compared to $6 2 million or 40% of sales in Q3 of fiscal year 2024.

Roger Almond: This increase aligns with our ongoing investment in growth areas, including customer delivery, marketing, R&D, and employee development. Gap net income attributed well to NetSol was $1.4 million or $0.12 per diluted share compared to $328,000 or $0.03 per diluted share in Q3 of fiscal year 2024. Included in our gap net income in the quarter was a foreign currency exchange gain of $322,000 compared to a foreign currency exchange loss of $964,000 in the prior year period. Because we operate in several geographical regions, a significant portion of our business is conducted in currencies other than the U.S. dollar.

Speaker Change: This increase aligns with our ongoing investment in growth areas, including customer delivery marketing R&D and employee development.

Speaker Change: GAAP net income attributable to net so it was $151 4 million or 12 cents per diluted share.

Speaker Change: Compared to 328000 or three cents per diluted share in Q3 of fiscal year 2024.

Speaker Change: Included in our GAAP net income in the quarter was a foreign currency exchange gain of 322000 compared to a foreign currency exchange loss of six at 964000 in the prior year period.

Speaker Change: Because we operate in several geographical regions a significant portion of our business is conducted in currencies other than the U S. Dollar.

Roger Almond: A decrease in the value of the U.S. dollar compared to foreign currency exchange rates generally has the effect of increasing our revenues, but it also increases our expenses denominated in currencies other than the U.S. dollar. Similarly, as the U.S. dollar gains strength relative to foreign currency exchange rates, it tends to reduce our revenues, but it also reduces our expenses denominated in currencies other than the U.S. dollar. Moving to our non-GAAP metrics, non-GAAP EBITDA for the third quarter fiscal 2025 was $2.2 million or $0.19 per diluted share compared with non-GAAP EBITDA of $767,000 or $0.07 per diluted share in the prior year period.

Speaker Change: A decrease in the value of the U S dollar compared to foreign currency exchange rates generally has the effect of increasing our revenues, but it also increases our expenses denominated in currencies other than U S. Dollar.

Speaker Change: Similarly, as the U S dollar gained strength relative to foreign currency exchange rates it tends to reduce our revenues, but it also reduces our expenses denominated in currencies other than the U S dollar.

Moving to our non-GAAP metrics non-GAAP EBITDA for the third quarter of fiscal 2025 was $2 2 million or <unk> 19 per diluted share compared with non-GAAP EBITDA of 767000 or seven cents per diluted share in the prior year period.

Roger Almond: Non-GAAP-adjusted EBITDA for the third quarter of fiscal 2025 was $1.8 million, or $0.15 per diluted share, compared with a non-GAAP-adjusted EBITDA of $810,000, or $0.07 per diluted share in the third quarter of the previous fiscal year. Please see the reconciliation schedules contained in our earnings release for our revised calculations of adjusted EBITDA for the quarters ended March 31, 2025 and 2024. Turning to our balance sheet, as of March 31, 2025, we held $18.8 million in cash and cash equivalents compared to $19.1 million at June 30, 2024. Our working capital is $23.7 million as of March 31, 2025, compared to $23.6 million at June 30, 2024.

Speaker Change: non-GAAP adjusted EBITDA for the third quarter of fiscal 2025 was $1 8 million or 15 cents per diluted share compared with a non-GAAP adjusted EBITDA of 810000 or seven cents per diluted share in the third quarter of the previous fiscal year.

Speaker Change: Please see the reconciliation schedules contained in our earnings release for our revised calculations of adjusted EBITDA for the quarters ended March 31, 2025 and 2024.

Speaker Change: Turning to our balance sheet as of March 31, 2025, we held $18 8 million in cash and cash equivalents compared to $19 1 billion at June 32024.

Speaker Change: Our working capital was $23 7 million as of March 31, 2025, compared with $23 6 million at June 32024.

Roger Almond: In summary, Q3 of fiscal year 2025 was a strong quarter across the board comprising of double-digit revenue growth, increased gross margins, and a significantly improved net income. These results reinforce the strength of our operating model. As we continue to execute our strategy, we remain committed to sustainable growth, product innovation and delivering long term value to our shareholders.

Speaker Change: In summary, Q3 of fiscal year 2025 was a strong quarter across the board comprising of double digit revenue growth increased gross margins and a significantly improved net income these.

Speaker Change: These results reinforce the strength of our operating model as we continue to execute our strategy.

Speaker Change: We remain committed to sustainable growth product innovation, and delivering long term value to our shareholders back to you nadeem.

Najeeb Ghauri: Back to you, Najeeb. Thank you, Roger. Much appreciated.

Nadeem: Thank you Roger much appreciated before I hand, the call over for questions. Let me take this opportunity to remind our shareholders that our annual meeting is scheduled for June 24, 2025, we encourage all shareholders to please vote at this meeting.

Najeeb Ghauri: Before I hand the call over for questions, let me take this opportunity to remind our shareholders that our annual meeting is scheduled for June 24, 2025. We encourage all shareholders to please vote at this meeting and ask that you vote yes for each of the proposals approved by the Board of Directors.

Nadeem: And as that you vote, yes for each of the proposal approved by the board of directors.

Najeeb Ghauri: Finally, as mentioned earlier, I'm very pleased with the progress we achieved in the third quarter of fiscal 2025. We continue to focus on innovation and are actively investing in our products and services under our Transcend platform. We are also encouraged by the growing number of opportunities we are seeing across the diverse markets we operate in. As always, we remain committed to a long term strategic approach and we believe we are well positioned for continued growth in the final quarter of fiscal 2025 and into the future.

Nadeem: Finally, as I mentioned earlier I'm very pleased with the progress we achieved in the third quarter of fiscal 2025.

Nadeem: We continue to focus on innovation.

Nadeem: Actively investing in our products and services under our transcend platform. We're also encouraged by the growing number of opportunities we're seeing across the diverse markets we operate in.

Nadeem: Always we remain committed to a long term strategic approach and we believe we are well positioned for continued growth continued growth in the final quarter of fiscal 'twenty 'twenty five and into the future, but that I now turn the call over to Alberto for questions operator.

Unknown Executive: With that, I now turn the call over to operator for questions. Operator. Thank you.

Speaker Change: Thank you.

Unknown Executive: We will now be conducting the question and answer segment. If you would like to ask a question, please press star 1 on your telephone keypad. Once again, a reminder to all the participants that you may press star and 1 to ask a question. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions.

Speaker Change: We will now be conducting the question and answer segment.

Speaker Change: If you would like to ask a question. Please press star one on your telephone keypad.

Speaker Change: Once again, a reminder to all the participants that you May press star one to ask a question.

Speaker Change: A confirmation tone will indicate your line is in the question queue.

Speaker Change: You May press Star two if you would like to remove your question from the queue.

Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys, one moment, please while we poll for questions.

Unknown Executive: Thank you.

Speaker Change: Thank you. Our first question comes from the line of Todd <unk> with Sterne ex wealth management. Please proceed with your question.

Todd Felte: Our first question comes from the line of Todd Felte with StoneX Wealth Management. Please proceed with your question. Hey guys, thank you for taking my questions.

Speaker Change: Hey, guys. Thank you for taking my questions. Congratulations on an outstanding quarter, it's nice to see the subscription and support revenue grow to $7 9 million.

Najeeb Ghauri: Congratulations on an outstanding quarter. It's nice to see the subscription and support revenue grow to $7.9 million. The Quarter. Do you expect that to be at least a baseline that continues to grow moving forward? Thank you for your comments, Todd. Yes, I think we do because our sales revenue is on a very positively growing side and there's numerous things happening in the retail front. So I believe this trend will continue.

For the quarter do you expect that to be a at least a baseline that continues to grow moving forward.

Speaker Change: Thank you for your comments Todd, Yes, I think we would do on because our SaaS revenue isn't a very possibly grow inside and then there's.

Speaker Change: There's the numerous things happening in the retail fund so I believe this trend will continue.

Najeeb Ghauri: Okay, and now that we're moving more towards a stable profitability, I hope you anticipate for the next fiscal year possibly giving out a revenue and earnings guide. I think we will do that, absolutely, as we close the year in the next couple of months. But we are pretty optimistic, Todd, because one thing I want to address here, or say, company initiated a few months back, and I was driving this whole exercise in the company to look at all the areas of productivity and efficiency improvement, and at the same time, look at the headcount. So I think we made good progress, and I am enjoying the results, and this is, to me, just a start, and we will maintain the same.

Speaker Change: Okay, and now that we're moving more towards a stable profitability I hope do you anticipate for.

Speaker Change: For the next fiscal year, possibly giving out of revenue and earnings guidance.

Speaker Change: I think we will do that absolutely.

Closed the year and next couple of months, so, but we are pretty optimistic Todd because the one thing I want to address here or stay at the company initiated a few months back.

Speaker Change: And I was driving this whole episode in the company to look at all the areas of productivity and efficiency improvement and at the same time looking at the head count. So I think we made good progress and I am enjoying the results and this is to me just the start and we will maintain.

Speaker Change: The same.

Najeeb Ghauri: The way we have managed this company in this last nine months, so I think the future is quite bright for the company, both from the revenue and from the bottom line.

Speaker Change: The way we have managed to come in this nice nine months. So I think the future is quite bright for the company both from the revenue and from a bottom line.

Najeeb Ghauri: Sure, and a final question, you know, the results today are outstanding and it seems like the future looks very promising, do you plan on, you know, kind of letting the investor community know, or are you planning on engaging any, another IR company or getting an analyst covered? Well, I think let us deliver the year end first, and we'll weigh in carefully. One of the advantages we've seen by using in-house is that they have a lot more knowledge, understanding of the business in the technical terms. So for now, I'm enjoying the in-house service, but we'll see how we plan in the next fiscal year budget if we can bring back an eye from, but we'll decide at the time.

Speaker Change: Sure and a final question you know with the <unk>.

Speaker Change: Results today are outstanding and it seems like the future looks very promising do you plan on you know kind of letting the investor community know or are you planning on engaging any another IR company or getting analyst coverage.

Speaker Change: Well I think.

Speaker Change: That has delivered the year N first and will wane carefully.

One of the advantage we have seen by using our in house is that there are a lot more knowledge and understanding of the business technique and the technical terms. So for now I'm enjoying oh, sorry, but we'll see.

Speaker Change: How we plan in the next fiscal year budget, if he can.

Speaker Change: And bring back that I have from but we'll decided the time right now I'm happy with what they're doing but we'll see we'll definitely weigh in and pay attention to your suggestion.

Todd Felte: Right now, I'm happy with what they're doing, but we'll definitely weigh in and pay attention to your suggestions. Okay, thank you for taking my questions and congratulations. Thank you, Todd. As a reminder, if you would like to ask a question, press star one on your telephone keypad. One moment, please, while we repoll for any additional questions. Thank you.

Speaker Change: Okay. Thank you for taking my questions and congratulations again.

Speaker Change: Thank you Dawn again.

Speaker Change: As a reminder, if you would like to ask a question press star one on your telephone keypad.

Speaker Change: One moment, please while the repo for any additional questions.

Speaker Change: Thank you. This concludes our question and answer segment.

Unknown Executive: This concludes our question and answer segment.

Unknown Executive: If your question was not addressed during the Q&A session, please contact NetSol's Investor Relations team by emailing them at investors at netsoltech.com or by calling them at 818-222-9195.

Speaker Change: If your question was not addressed during the Q&A session. Please contact <unk> Investor relations team by E mailing them at investors at Nets, all tech dot com or by calling them at 8182 to 290 195.

Najeeb Ghauri: I would now like to turn the call back over to Mr. Ghauri for closing comments. Thank you, operator. And thank you for joining us today for our fiscal third quarter 2025 earnings call. We appreciate the time you have taken to join us today and look forward to providing further updates on our next earnings call. Until then, we wish you a pleasant day. Thank you all.

Barry: I would now like to turn the call back over to Mr. Barry for closing for closing comments.

Barry: Thank you Alberto and thank you for joining us today for our fiscal third quarter at 325 earnings call.

Barry: We appreciate the time, you've taken to join US today and look forward to providing further updates on our next earnings call until then we wish you a pleasant day.

Barry: Thank you all.

Unknown Executive: Thank you for joining us today for NetSol's fiscal third quarter 2025 earnings conference call. You may now disconnect. Thank you, everyone.

Barry: Thank you for joining us today for <unk> fiscal third quarter 2025 earnings Conference call you may now disconnect.

Barry: Thank you everyone.

Barry: Okay.