Business
Agilysys Fiscal 2020 Fourth Quarter Revenue Rises 8% Despite Impact From COVID-19
Record Recurring Revenue, Inclusive of 30% Year Over Year Subscription Revenue Growth Fiscal 2020 Net Revenue Increases 14% to Record $160.8 Million,
About this update from Agilysys, Inc.
[{"type":"text","content":"\nRecord Recurring Revenue, Inclusive of 30% Year Over Year Subscription Revenue Growth\n\n\nFiscal 2020 Net Revenue Increases 14% to Record $160.8 Million, Adjusted EBITDA Rises 27% to $13.0 Million \n\n\nCash Balance Increases to $46.7 Million at March 31, 2020\n\n ALPHARETTA, Ga.--(BUSINESS WIRE)--\nAgilysys, Inc. (Nasdaq: AGYS), a global provider of next-generation hospitality software solutions and services, today reported operating results for its fiscal 2020 fourth quarter and full year ended March 31, 2020.\n\n\nSummary of Fiscal 2020 Fourth Quarter Financial Results\n\n\n\nTotal net revenue was $39.7 million, compared to total net revenue of $36.6 million in the comparable prior-year period.\n\n\nRecurring revenues (which are comprised of support, maintenance and subscription services) were a record $22.3 million, or 56% of total net revenue, compared to $19.4 million, or 53% of total net revenue, for the same period in fiscal 2020. Subscription revenues increased 30% year over year and comprised 39% of total recurring revenues, compared to 34% of total recurring revenues in the fourth quarter of fiscal 2019.\n\n\nGross margin was 49.6% in the fiscal 2020 fourth quarter, compared to 53.5% in the comparable prior-year period.\n\n\nNet loss in the fiscal 2020 fourth quarter was $(27.0) million, or $(1.16) per diluted share, inclusive of one-time capitalized software related impairment charges, compared to a net loss of $(3.6) million, or $(0.16) per diluted share, in the comparable prior-year period.\n\n\nAdjusted EBITDA (non-GAAP) was $3.6 million, compared to $2.4 million in the comparable prior-year period (see reconciliation below).\n\n\nAdjusted diluted EPS (non-GAAP) was $0.05 per share compared to $0.03 per share in the comparable prior-year period.\n\n\nFree cash flow (non-GAAP) in the fiscal 2020 fourth quarter was $4.9 million, compared to free cash flow of $3.9 million in the fiscal 2019 fourth quarter (see reconciliation below). Ending cash balance was $46.7 million, compared to ending cash balance of $40.8 million in the comparable prior-year period.\n\n\n\nRamesh Srinivasan, President and CEO of Agilysys, commented, “In spite of the significant pandemic related business challenges during the month of March, fiscal year 2020 was a major positive business momentum shift year for us. Beginning with three consec...