Business
Agilysys Announces Fiscal 2023 Fourth Quarter Record Revenue of $52.9M and Full Year Record Revenue of $198.1M
Annual Revenue Includes Recurring Revenue of $118.3M and Subscription Revenue Growth of 27.5% Annual Record Adjusted EBITDA of $30.3M, Free Cash Flow of
About this update from Agilysys, Inc.
[{"type":"text","content":"\nAnnual Revenue Includes Recurring Revenue of $118.3M and Subscription Revenue Growth of 27.5%\n\n\nAnnual Record Adjusted EBITDA of $30.3M, Free Cash Flow of $27.2M and GAAP EPS of $0.49\n\n\nFiscal 2024 Annual Revenue Expected To Grow To $230M to $235M With Full Year Adjusted EBITDA of 13%\n\n\n ALPHARETTA, Ga.--(BUSINESS WIRE)--\nAgilysys, Inc. (NASDAQ: AGYS), a leading global provider of hospitality software solutions that deliver High Return Hospitality, today reported operating results for its fiscal 2023 fourth quarter and full year ending March 31, 2023.\n\n\nSummary of Fiscal 2023 Fourth Quarter Financial Results\n\n\n\nTotal net revenue increased 13.6% to a record $52.9 million, compared to total net revenue of $46.6 million in the comparable prior-year period.\n\n\n\nRecurring revenue (comprised of subscription and maintenance charges) was a record $31.4 million, or 59.3% of total net revenue compared to $26.6 million, or 57.1% of total net revenue for the same period in fiscal 2022. Subscription revenue increased 23.9% year over year and was 50.6% of total recurring revenue compared to 48.1% of total recurring revenue in the fourth quarter of fiscal 2022.\n\n\n\nGross margin was 60.8% in the fiscal 2023 fourth quarter compared to 59.5% in the comparable prior-year period.\n\n\n\nNet income attributable to common shareholders in the fiscal 2023 fourth quarter was $3.6 million, or $0.14 per diluted share compared to $1.5 million, or $0.06 per diluted share in the comparable prior-year period.\n\n\n\nAdjusted EBITDA (non-GAAP) was $8.1 million compared to $7.5 million in the comparable prior-year period (reconciliation included in financial tables).\n\n\n\nAdjusted diluted EPS (non-GAAP) was $0.26 per share in the fiscal 2023 fourth quarter compared to $0.24 per share in the comparable prior-year period (reconciliation included in financial tables).\n\n\n\nFree cash flow (non-GAAP) in the fiscal 2023 fourth quarter was $13.2 million compared to free cash flow of $6.5 million in the fiscal 2022 fourth quarter (reconciliation included in financial tables). Ending cash balance was $112.8 million, compared to ending cash balance of $97.0 million as of fiscal 2022 year-end.\n\n\n\nSummary of Full Fiscal Year 2023 Financial Results\n\n\n\nTotal net revenue increased 21.8% to a record $198.1 million, compared to total net rev...