Agilysys Announces Fiscal 2024 Fourth Quarter Record Revenue of $62.2M and Full Year Record Revenue of $237.5M
Agilysys reported record revenues for fiscal 2024, with Q4 revenue at $62.2M, up 17.6% YoY, and annual revenue at $237.5M, up 19.9% YoY. Recurring revenue was $138.1M, with subscription revenue growing by 29.6%. Adjusted EBITDA for the year was $37.1M, and free cash flow was $40.1M. Net income for Q4 was $3.0M or $0.11 per share, down from $3.6M in the prior year, while full-year net income was $85.0M or $3.17 per share, up from $12.7M. Gross margin for Q4 was 61.5%. The company anticipates fiscal 2025 revenue of $275M-$280M, with adjusted EBITDA at 16% of revenue.
- Q4 revenue increased by 17.6% to $62.2M.
- Annual revenue grew by 19.9% to $237.5M.
- Recurring revenue reached $138.1M, a record high.
- Subscription revenue grew by 29.6% year-over-year.
- Q4 adjusted EBITDA rose to $11.0M from $8.1M.
- Full-year adjusted EBITDA was a record $37.1M.
- Free cash flow for the year was $40.1M, up from $27.2M.
- Q4 free cash flow increased to $29.3M from $13.2M.
- Ending cash balance was $144.9M, up from $112.8M last year.
- Full-year net income rose significantly to $85.0M from $12.7M.
- Q4 net income decreased to $3.0M from $3.6M year-over-year.
- Gross margin slightly decreased to 60.7% from 61.0% over the previous year.
Insights
The financial results for Agilysys demonstrate robust growth across key metrics. The company reported a 17.6% increase in quarterly revenue to
Importantly, the significant growth in subscription revenue at 29.6% year-over-year indicates a successful shift towards a recurring revenue model, which is often valued higher for its predictability and stability. The forecast for fiscal 2025, with expected revenue growth to
However, a slight decrease in net income from $3.6 million to $3.0 million in the fourth quarter, despite higher revenues, might raise concerns about cost management or unexpected expenses. Overall, the financials present a strong growth narrative, although investors should monitor profitability metrics closely.
Agilysys's results highlight a successful alignment with market demand for cloud-native, end-to-end technology solutions in the hospitality industry. The company's strategic investments in modernizing its product offerings, particularly in the POS, PMS and Inventory-Procurement segments, appear to have paid off, positioning it strongly against competitors.
The impressive 31.6% increase in subscription revenue quarter-over-quarter and 29.6% yearly growth underscores the growing adoption of subscription-based models in the industry. This transition is important as it provides a more predictable revenue stream and indicates customer retention and satisfaction with the solutions provided.
Looking ahead, the company's guidance for fiscal 2025 suggests it anticipates continued strong demand, with revenue projections of
Annual Revenue Includes Recurring Revenue of
Annual Record Adjusted EBITDA of
Annual Revenue Expected To Grow To
Summary of Fiscal 2024 Fourth Quarter Financial Results
-
Total net revenue increased
17.6% to a record$62.2 million $52.9 million -
Recurring revenue (comprised of subscription and maintenance charges) was a record
$36.6 million 58.8% of total net revenue, compared to$31.4 million 59.3% of total net revenue for the same period in fiscal 2023. Subscription revenue increased31.6% year over year and was57.0% of total recurring revenue compared to50.6% of total recurring revenue in the fourth quarter of fiscal 2023. -
Gross margin was
61.5% in the fiscal 2024 fourth quarter compared to60.8% in the comparable prior-year period. -
Net income attributable to common shareholders in the fiscal 2024 fourth quarter was
$3.0 million $0.11 $3.6 million $0.14 -
Adjusted EBITDA (non-GAAP) was
$11.0 million $8.1 million -
Adjusted diluted EPS (non-GAAP) was
$0.32 $0.26 -
Free cash flow (non-GAAP) in the fiscal 2024 fourth quarter was
$29.3 million $13.2 million $144.9 million $112.8 million
Summary of Full Fiscal Year 2024 Financial Results
-
Total net revenue increased
19.9% to a record$237.5 million $198.1 million -
Recurring revenue (comprised of subscription and maintenance charges) was a record
$138.1 million 58.1% of total net revenue, compared to$118.3 million 59.7% of total net revenue, for fiscal year 2023. Subscription revenue increased29.6% year over year and was54.7% of total recurring revenue compared to49.2% of total recurring revenue in fiscal year 2023. -
Gross margin was
60.7% in fiscal year 2024 compared to61.0% in the comparable prior-year period. -
Net income attributable to common shareholders in fiscal year 2024 was
$85.0 million $3.17 $12.7 million $0.49 -
Adjusted EBITDA (non-GAAP) was a record
$37.1 million $30.3 million -
Adjusted diluted EPS (non-GAAP) was
$1.10 $0.97 -
Free cash flow (non-GAAP) in fiscal year 2024 was
$40.1 million $27.2 million
Ramesh Srinivasan, President and CEO of Agilysys, commented, “We are pleased to report our ninth consecutive record revenue quarter and another record fiscal year with respect to overall revenue and profitability. The final fiscal year results were significantly better than our expectations at the beginning of the year and at the high end of revised increased expectations during the year.
“Fiscal 2024 fourth quarter revenue was a record
Srinivasan continued, “Significant growth in subscription and services revenue and improvements in services margins are good indicators of our continuing progress as a world-class cloud-native end-to-end technology provider fulfilling the growing need for such high-grade software solutions in the hospitality industry. With the completion of virtually all the product re-engineering and modernization projects across POS, PMS, and Inventory-Procurement on which we had been focused for the past several years, we now have a heightened competitive advantage that positions us well for continued sales success and revenue growth. We have made several significant sales breakthroughs during the past few months.
“We expect fiscal year 2025 to mark the beginning of a great new era with full year revenue in the
Fiscal 2025 Outlook
The Company expects full year fiscal 2025 revenue to be
Dave Wood, Chief Financial Officer, commented, “We are pleased with the results for the 2024 fiscal year. Our disciplined approach throughout the year enabled us to execute well on our fiscal 2024 financial plan while positioning us for continued success and growth into fiscal year 2025. Strong subscription revenue growth is an indication of our expanding competitive product strength and results of the increasing investments in sales and marketing efforts. We continue to see growth opportunities in front of us and remain focused on executing disciplined profitable growth.”
2024 Fourth Quarter Conference Call and Webcast
Agilysys is hosting a conference call and webcast today, May 13, 2024, at 4:30 p.m. ET. Both the call and the webcast are open to the public. Interested parties can register for the call at https://register.vevent.com/register/BI5c740825742e4b699d9ea8b050cd4a0b. After registration, an email confirmation with a personalized PIN will be provided along with further access details. Please plan to register fifteen minutes prior to the presentation to receive confirmation and further instruction in a timely manner.
Interested parties can also access the conference call live on the Events and Presentations page of Agilysys.com. Approximately two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.
Forward-Looking Language
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the impact macroeconomic factors may have on the overall business environment, our ability to achieve our fiscal 2025 guidance, future revenue growth, the company's ability to convert the backlog into revenue, and the risks described in the Company’s filings with the Securities and Exchange Commission, including the Company’s reports on Form 10-K and Form 10-Q. Additionally, references to "record" financial and business levels in this document refer only to the time period after Agilysys made the transformation to an entirely hospitality focused software solutions company in FY2014.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement that may be made from time to time, whether written or oral, whether as a result of new information, future developments or otherwise.
Use of Non-GAAP Financial Information
To supplement the unaudited consolidated financial statements presented in accordance with
The Company has included the following non-GAAP financial measures in this press release: adjusted net income, adjusted basic earnings per share and adjusted diluted earnings per share. The Company believes these non-GAAP financial measures provide valuable insight into the Company’s overall profitability from core operations before certain non-cash and non-recurring charges. The Company defines adjusted net income as net income before amortization expense (including amortization of developed technology), share-based compensation, convertible preferred stock issuance costs, and one-time charges including severance and other charges, impairments and legal settlements, less the related income tax effect of these adjustments, as applicable, and defines adjusted earnings per share as adjusted net income divided by basic and diluted weighted average shares outstanding.
See the accompanying tables below for the definitions and reconciliation of these non-GAAP measures to the most closely related GAAP measures.
About Agilysys
Agilysys exclusively delivers state-of-the-art software solutions and services that help organizations achieve High Return Hospitality™ by maximizing Return on Experience (ROE) through interactions that make ‘personal’ profitable. Customers around the world use Agilysys Property Management Systems (PMS), Point-of-Sale (POS) solutions and Food & Beverage Inventory and Procurement (I&P) systems to consistently delight guests, retain staff and grow margins. Agilysys’
- Financial tables follow -
AGILYSYS, INC. |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(UNAUDITED) |
||||||||||||||||
|
|
Three months ended
|
|
Year Ended
|
||||||||||||
|
|
|
|
|
|
|
||||||||||
(In thousands, except per share data) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Products |
|
$ |
10,983 |
|
|
$ |
11,347 |
|
|
$ |
49,083 |
|
|
$ |
43,638 |
|
Subscription and maintenance |
|
|
36,588 |
|
|
|
31,368 |
|
|
|
138,069 |
|
|
|
118,285 |
|
Professional services |
|
|
14,650 |
|
|
|
10,182 |
|
|
|
50,312 |
|
|
|
36,142 |
|
Total net revenue |
|
|
62,221 |
|
|
|
52,897 |
|
|
|
237,464 |
|
|
|
198,065 |
|
Cost of goods sold: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Products |
|
|
6,294 |
|
|
|
6,312 |
|
|
|
26,318 |
|
|
|
22,994 |
|
Subscription and maintenance |
|
|
8,059 |
|
|
|
7,039 |
|
|
|
30,870 |
|
|
|
26,262 |
|
Professional services |
|
|
9,592 |
|
|
|
7,363 |
|
|
|
36,020 |
|
|
|
27,990 |
|
Total cost of goods sold |
|
|
23,945 |
|
|
|
20,714 |
|
|
|
93,208 |
|
|
|
77,246 |
|
Gross profit |
|
|
38,276 |
|
|
|
32,183 |
|
|
|
144,256 |
|
|
|
120,819 |
|
Gross profit margin |
|
|
61.5 |
% |
|
|
60.8 |
% |
|
|
60.7 |
% |
|
|
61.0 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product development |
|
|
14,284 |
|
|
|
13,710 |
|
|
|
56,739 |
|
|
|
50,260 |
|
Sales and marketing |
|
|
8,601 |
|
|
|
6,097 |
|
|
|
28,439 |
|
|
|
22,716 |
|
General and administrative |
|
|
9,073 |
|
|
|
7,819 |
|
|
|
36,279 |
|
|
|
30,669 |
|
Depreciation of fixed assets |
|
|
854 |
|
|
|
398 |
|
|
|
3,896 |
|
|
|
1,769 |
|
Amortization of internal-use software and intangibles |
|
|
246 |
|
|
|
417 |
|
|
|
1,366 |
|
|
|
1,743 |
|
Other charges, net |
|
|
1,711 |
|
|
|
61 |
|
|
|
1,756 |
|
|
|
435 |
|
Legal settlements |
|
|
28 |
|
|
|
248 |
|
|
|
28 |
|
|
|
352 |
|
Total operating expense |
|
|
34,797 |
|
|
|
28,750 |
|
|
|
128,503 |
|
|
|
107,944 |
|
Operating income |
|
|
3,479 |
|
|
|
3,433 |
|
|
|
15,753 |
|
|
|
12,875 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
1,503 |
|
|
|
1,006 |
|
|
|
5,083 |
|
|
|
2,192 |
|
Other (expense) income, net |
|
|
(136 |
) |
|
|
(102 |
) |
|
|
(152 |
) |
|
|
697 |
|
Income before taxes |
|
|
4,846 |
|
|
|
4,337 |
|
|
|
20,684 |
|
|
|
15,764 |
|
Income tax provision (benefit) |
|
|
1,885 |
|
|
|
262 |
|
|
|
(65,511 |
) |
|
|
1,182 |
|
Net income |
|
$ |
2,961 |
|
|
$ |
4,075 |
|
|
$ |
86,195 |
|
|
$ |
14,582 |
|
Series A convertible preferred stock dividends |
|
|
— |
|
|
|
(459 |
) |
|
|
(1,204 |
) |
|
|
(1,836 |
) |
Net income attributable to common shareholders |
|
$ |
2,961 |
|
|
$ |
3,616 |
|
|
$ |
84,991 |
|
|
$ |
12,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding - basic |
|
|
26,913 |
|
|
|
24,825 |
|
|
|
25,668 |
|
|
|
24,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income per share - basic: |
|
$ |
0.11 |
|
|
$ |
0.15 |
|
|
$ |
3.31 |
|
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding - diluted |
|
|
28,019 |
|
|
|
26,262 |
|
|
|
26,842 |
|
|
|
25,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income per share - diluted: |
|
$ |
0.11 |
|
|
$ |
0.14 |
|
|
$ |
3.17 |
|
|
$ |
0.49 |
|
AGILYSYS, INC. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
March 31, |
|
March 31, |
||||
(In thousands, except share data) |
|
2024 (Unaudited) |
|
2023 |
||||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
144,891 |
|
|
$ |
112,842 |
|
Accounts receivable, net of allowance for expected credit losses
|
|
|
29,441 |
|
|
|
22,378 |
|
Contract assets |
|
|
2,287 |
|
|
|
2,242 |
|
Inventories |
|
|
4,587 |
|
|
|
9,774 |
|
Prepaid expenses and other current assets |
|
|
7,731 |
|
|
|
7,422 |
|
Total current assets |
|
|
188,937 |
|
|
|
154,658 |
|
Property and equipment, net |
|
|
17,930 |
|
|
|
14,576 |
|
Operating lease right-of-use assets |
|
|
18,384 |
|
|
|
12,708 |
|
Goodwill |
|
|
32,791 |
|
|
|
32,638 |
|
Intangible assets, net |
|
|
16,952 |
|
|
|
18,140 |
|
Deferred income taxes, non-current |
|
|
67,373 |
|
|
|
2,790 |
|
Other non-current assets |
|
|
8,063 |
|
|
|
7,526 |
|
Total assets |
|
$ |
350,430 |
|
|
$ |
243,036 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
9,422 |
|
|
$ |
9,418 |
|
Contract liabilities |
|
|
56,148 |
|
|
|
52,124 |
|
Accrued liabilities |
|
|
19,522 |
|
|
|
13,708 |
|
Operating lease liabilities, current |
|
|
4,279 |
|
|
|
3,263 |
|
Finance lease obligations, current |
|
|
— |
|
|
|
2 |
|
Total current liabilities |
|
|
89,371 |
|
|
|
78,515 |
|
Deferred income taxes, non-current |
|
|
554 |
|
|
|
2,257 |
|
Operating lease liabilities, non-current |
|
|
19,613 |
|
|
|
13,477 |
|
Other non-current liabilities |
|
|
4,415 |
|
|
|
4,018 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Series A convertible preferred stock, no par value |
|
|
— |
|
|
|
35,459 |
|
Shareholders' equity: |
|
|
|
|
|
|
||
Common shares, without par value, at |
|
|
10,003 |
|
|
|
9,482 |
|
Treasury shares, 5,965,426 and 6,280,205 at March 31, 2024
|
|
|
(1,791 |
) |
|
|
(1,884 |
) |
Capital in excess of stated value |
|
|
94,680 |
|
|
|
52,978 |
|
Retained earnings |
|
|
137,755 |
|
|
|
52,764 |
|
Accumulated other comprehensive loss |
|
|
(4,170 |
) |
|
|
(4,030 |
) |
Total shareholders' equity |
|
|
236,477 |
|
|
|
109,310 |
|
Total liabilities and shareholders' equity |
|
$ |
350,430 |
|
|
$ |
243,036 |
|
AGILYSYS, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(UNAUDITED) |
||||||||
|
|
Year Ended |
||||||
|
|
March 31, |
||||||
(In thousands) |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
||
Operating activities |
|
|
|
|
|
|
||
Net income |
|
$ |
86,195 |
|
|
$ |
14,582 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
(Gain) loss on asset disposals |
|
|
(1,145 |
) |
|
|
66 |
|
Depreciation of fixed assets |
|
|
3,896 |
|
|
|
1,769 |
|
Amortization of internal-use software and intangibles |
|
|
1,366 |
|
|
|
1,743 |
|
Deferred income taxes |
|
|
(66,353 |
) |
|
|
(181 |
) |
Share-based compensation |
|
|
14,111 |
|
|
|
12,958 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(6,996 |
) |
|
|
2,537 |
|
Contract assets |
|
|
(36 |
) |
|
|
(590 |
) |
Inventory |
|
|
5,189 |
|
|
|
(2,897 |
) |
Prepaids and other current assets |
|
|
(291 |
) |
|
|
(2,084 |
) |
Accounts payable |
|
|
973 |
|
|
|
(1,582 |
) |
Contract liabilities |
|
|
3,965 |
|
|
|
6,383 |
|
Accrued liabilities |
|
|
5,659 |
|
|
|
2,711 |
|
Income taxes payable, net |
|
|
(1,177 |
) |
|
|
290 |
|
Other changes, net |
|
|
2,830 |
|
|
|
(1,242 |
) |
Net cash provided by operating activities |
|
|
48,186 |
|
|
|
34,463 |
|
Investing activities |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(8,127 |
) |
|
|
(7,238 |
) |
Proceeds from sale of assets |
|
|
552 |
|
|
|
— |
|
Cash (paid for) business combinations, net of cash acquired |
|
|
— |
|
|
|
395 |
|
Additional investments in corporate-owned life insurance policies |
|
|
(27 |
) |
|
|
(27 |
) |
Net cash used in investing activities |
|
|
(7,602 |
) |
|
|
(6,870 |
) |
Financing activities |
|
|
|
|
|
|
||
Payment of preferred stock dividends |
|
|
(1,663 |
) |
|
|
(1,836 |
) |
Repurchase of common shares to satisfy employee tax withholding |
|
|
(6,893 |
) |
|
|
(9,254 |
) |
Principal payments under long-term obligations |
|
|
(2 |
) |
|
|
(4 |
) |
Net cash used in financing activities |
|
|
(8,558 |
) |
|
|
(11,094 |
) |
Effect of exchange rate changes on cash |
|
|
23 |
|
|
|
(628 |
) |
Net increase in cash and cash equivalents |
|
|
32,049 |
|
|
|
15,871 |
|
Cash and cash equivalents at beginning of period |
|
|
112,842 |
|
|
|
96,971 |
|
Cash and cash equivalents at end of period |
|
$ |
144,891 |
|
|
$ |
112,842 |
|
AGILYSYS, INC. |
||||||||||||||||
RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA |
||||||||||||||||
(UNAUDITED) |
||||||||||||||||
|
|
Three months ended |
|
Twelve months ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
(In thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income |
|
$ |
2,961 |
|
|
$ |
4,075 |
|
|
$ |
86,195 |
|
|
$ |
14,582 |
|
Income tax provision (benefit) |
|
|
1,885 |
|
|
|
262 |
|
|
|
(65,511 |
) |
|
|
1,182 |
|
Income before taxes |
|
|
4,846 |
|
|
|
4,337 |
|
|
|
20,684 |
|
|
|
15,764 |
|
Depreciation of fixed assets |
|
|
854 |
|
|
|
398 |
|
|
|
3,896 |
|
|
|
1,769 |
|
Amortization of internal-use software and intangibles |
|
|
246 |
|
|
|
417 |
|
|
|
1,366 |
|
|
|
1,743 |
|
Amortization of developed technology acquired |
|
|
40 |
|
|
|
39 |
|
|
|
159 |
|
|
|
159 |
|
Interest income, net |
|
|
(1,503 |
) |
|
|
(1,006 |
) |
|
|
(5,083 |
) |
|
|
(2,192 |
) |
EBITDA (a) |
|
|
4,483 |
|
|
|
4,185 |
|
|
|
21,022 |
|
|
|
17,243 |
|
Share-based compensation |
|
|
4,622 |
|
|
|
3,548 |
|
|
|
14,111 |
|
|
|
12,958 |
|
Other charges, net |
|
|
1,711 |
|
|
|
61 |
|
|
|
1,756 |
|
|
|
435 |
|
Other non-operating expense (income) |
|
|
136 |
|
|
|
102 |
|
|
|
152 |
|
|
|
(697 |
) |
Legal settlements |
|
|
28 |
|
|
|
248 |
|
|
|
28 |
|
|
|
352 |
|
Adjusted EBITDA (b) |
|
$ |
10,980 |
|
|
$ |
8,144 |
|
|
$ |
37,069 |
|
|
$ |
30,291 |
|
(a) EBITDA, a non-GAAP financial measure, is defined as net income before income taxes, interest income (net of interest expense), depreciation and amortization (including amortization of developed technology)
(b) Adjusted EBITDA, a non-GAAP financial measure, is defined as net income before income taxes, interest income (net of interest expense), depreciation and amortization (including amortization of developed technology), and excluding charges relating to i) share-based compensation, ii) other (gains) and charges, net, iii) other non-operating expense (income), and iv) legal settlements
AGILYSYS, INC. |
||||||||||||||||
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME FOR ADJUSTED EARNINGS PER SHARE |
||||||||||||||||
(UNAUDITED) |
||||||||||||||||
|
|
Three months ended |
|
Twelve months ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
(In thousands, except per share data) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income attributable to common shareholders |
|
$ |
2,961 |
|
|
$ |
3,616 |
|
|
$ |
84,991 |
|
|
$ |
12,746 |
|
Amortization of developed technology acquired |
|
|
40 |
|
|
|
39 |
|
|
|
159 |
|
|
|
159 |
|
Amortization of internal-use software and intangibles |
|
|
246 |
|
|
|
417 |
|
|
|
1,366 |
|
|
|
1,743 |
|
Share-based compensation |
|
|
4,622 |
|
|
|
3,548 |
|
|
|
14,111 |
|
|
|
12,958 |
|
Other charges, net |
|
|
1,711 |
|
|
|
61 |
|
|
|
1,756 |
|
|
|
435 |
|
Legal settlements |
|
|
28 |
|
|
|
248 |
|
|
|
28 |
|
|
|
352 |
|
Tax events (a) |
|
|
577 |
|
|
|
— |
|
|
|
(69,067 |
) |
|
|
— |
|
Income tax adjustments |
|
|
(1,194 |
) |
|
|
(994 |
) |
|
|
(3,805 |
) |
|
|
(3,274 |
) |
Adjusted net income (b) |
|
$ |
8,991 |
|
|
$ |
6,935 |
|
|
$ |
29,539 |
|
|
$ |
25,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic weighted average shares outstanding |
|
|
26,913 |
|
|
|
24,825 |
|
|
|
25,668 |
|
|
|
24,694 |
|
Diluted weighted average shares outstanding |
|
|
28,019 |
|
|
|
26,262 |
|
|
|
26,842 |
|
|
|
25,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted basic earnings per share (c) |
|
$ |
0.33 |
|
|
$ |
0.28 |
|
|
$ |
1.15 |
|
|
$ |
1.02 |
|
Adjusted diluted earnings per share (c) |
|
$ |
0.32 |
|
|
$ |
0.26 |
|
|
$ |
1.10 |
|
|
$ |
0.97 |
|
(a) Tax events include excess tax benefits or expense related to share-based compensation, release of valuation allowances against deferred income taxes, and changes in uncertain tax positions
(b) Adjusted net income, a non-GAAP financial measure, is defined as net income attributable to common shareholders before amortization expense (including amortization of developed technology), share-based compensation, other (gains) and charges, net, and legal settlements, less the related income tax effect of these adjustments, as applicable, at the Company’s current combined federal and state income statutory tax rate and, as defined under (a) above, tax events
(c) Adjusted earnings per share, a non-GAAP financial measure, is defined as adjusted net income divided by basic and diluted weighted average shares outstanding
AGILYSYS, INC. |
||||||||||||||||
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW |
||||||||||||||||
(UNAUDITED) |
||||||||||||||||
|
|
Three months ended |
|
Twelve months ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
(In thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net cash provided by operating activities |
|
$ |
29,807 |
|
|
$ |
16,783 |
|
|
$ |
48,186 |
|
|
$ |
34,463 |
|
Capital expenditures |
|
|
(469 |
) |
|
|
(3,622 |
) |
|
|
(8,127 |
) |
|
|
(7,238 |
) |
Free cash flow (a) |
|
$ |
29,338 |
|
|
$ |
13,161 |
|
|
$ |
40,059 |
|
|
$ |
27,225 |
|
(a) Free cash flow, a non-GAAP financial measure, is defined as net cash provided by operating activities, less capital expenditures
View source version on businesswire.com: https://www.businesswire.com/news/home/20240513531700/en/
Investor Contact:
Jessica Hennessy
Senior Director Corporate Strategy & Investor Relations
Agilysys, Inc.
770-810-6116 or investorrelations@agilysys.com
Source: Agilysys, Inc.
FAQ
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