NetSol Technologies, Inc. (NASDAQ:NTWK) Q1 2024 Earnings Call Transcript

Najeeb Ghauri: Okay. Very good question. Look, NTI, the parent company, this company owns 67% of NetSol Pakistan. So minority interest is about 33%, of which I think mostly fund institutions, some are family ownership, which is not that much. We have more ownership than the parent company, NTI. Secondly, I think, yes, it was a good quarter. Continuously, we are investing in Lahore because what happens is, as you know, AI is a new revolution, and our AWS and some other mobility platform, these are three very important new areas that we’ve been investing. We’ve hired some MIT, PhD and AI specialists. They’re helping us develop some solutions. We have built up some more scale in the AI side in the US and in Lahore, Pakistan because we want to provide proactively some part of the AI tools to our customers, because every customer eventually will embrace and adopt AI tools and technology.

So we are — as small company as we are, we’re still ahead of the curve because we don’t want to be left behind. So we are investing in those areas. And then, of course, we continue to invest in the younger, new generation because some are being retired. We’re bringing new fresh blood in programming, new tools, equipment, all the digital mobility platform. So there’s lots going on. This company is not only a technology company, but also it has a vision for the innovation. And the last thing we want to be is left behind in the curve. This company is always ahead of the curve, making the investment in the right place. And that takes cash and investment. And — but we are streamlining our headcount completely all over the globe, not just in Pakistan.

So all in all, I feel very comfortable about our strategy. We will execute what we promised this year and we’ll get stronger and stronger in coming years.

Todd Felte: All right. Thank you for taking my questions. I’ll hop back in the queue. Thank you.

Najeeb Ghauri: Sure. You’re welcome. Thank you.

Operator: Thank you. There are no further questions at this time. I’d like to hand the floor back over to Najeeb Ghauri for any closing comments.

Najeeb Ghauri: Thank you for joining us today. I especially want to thank our investors for their continued support, our loyal customers and our most dedicated employees worldwide for their ongoing contributions. We will look forward to updating our call — our earnings call next call. Thank you very much.

Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.