Business
Agilysys Announces Record $56.1M Revenue During Fiscal 2024 First Quarter
Including Subscription Revenue Growth of 27.4% Quarter Adjusted EBITDA of $6.3M and GAAP EPS of $0.04 ALPHARETTA, Ga.--(BUSINESS WIRE)-- Agilysys, Inc.
About this update from Agilysys, Inc.
[{"type":"text","content":"\nIncluding Subscription Revenue Growth of 27.4%\n\n\nQuarter Adjusted EBITDA of $6.3M and GAAP EPS of $0.04\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 2024 first quarter ending June 30, 2023.\n\n\nSummary of Fiscal 2024 First Quarter Financial Results\n\n\n\nTotal net revenue increased 18.0% to a record $56.1 million, compared to total net revenue of $47.5 million in the comparable prior-year period.\n\n\n\nRecurring revenue (comprised of subscription and maintenance charges) was a record $32.1 million, or 57.3% of total net revenue compared to $27.7 million, or 58.4% of total net revenue for the same period in fiscal 2022. Subscription revenue increased 27.4% year-over-year and was 52.2% of total recurring revenue compared to 47.4% of total recurring revenue in the first quarter of fiscal 2023.\n\n\n\nGross margin was 59.0% compared to 60.0% in the comparable prior-year period.\n\n\n\nNet income attributable to common shareholders was $1.1 million, or $0.04 per diluted share compared to $2.6 million, or $0.10 per diluted share in the comparable prior-year period.\n\n\n\nAdjusted EBITDA (non-GAAP) was $6.3 million compared to $6.7 million in the comparable prior-year period (reconciliation included in financial tables).\n\n\n\nAdjusted diluted EPS (non-GAAP) was $0.18 per share compared to $0.21 per share in the comparable prior-year period (reconciliation included in financial tables).\n\n\n\nFree cash flow (non-GAAP) in the fiscal 2024 first quarter was $(3.0) million compared to free cash flow of $0.0 million in the fiscal 2023 first quarter (reconciliation included in financial tables). Ending cash balance was $107.1 million, compared to ending cash balance of $112.8 million as of fiscal 2023 year-end.\n\n\n\nRamesh Srinivasan, President and CEO of Agilysys, commented, “We are pleased to report our sixth consecutive record revenue quarter at $56.1M, an 18% increase over the comparable prior year quarter. April-June Q1 of fiscal 2024 was our highest ever quarter across four major revenue categories - subscription revenue, overall recurring revenue, product and services revenue. Subscription revenue grew 27.4% year-over-year, while one-time revenue cons...