Business
Agilysys Fiscal 2020 Second Quarter Revenue Rises 19.1% to Record $40.7 Million
Sixth Consecutive Quarter of Record Revenue Includes Record Recurring Revenue of $20.3 Million Raises Fiscal 2020 Revenue Guidance to an Expectation of
About this update from Agilysys, Inc.
[{"type":"text","content":"\nSixth Consecutive Quarter of Record Revenue Includes Record Recurring Revenue of $20.3 Million\n\n\nRaises Fiscal 2020 Revenue Guidance to an Expectation of Approximately 14% Year-Over-Year Growth\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 second quarter ended September 30, 2019.\n\n\nSummary of Fiscal 2020 Second Quarter Financial Results\n\n\n• Total net revenue increased 19.1% to a record $40.7 million, compared to total net revenue of $34.2 million in the comparable prior-year period.\n\n\n• Recurring revenues (which are comprised of support, maintenance and subscription services) were a record $20.3 million, or 49.9% of total net revenue, compared to $18.9 million, or 55.1% of total net revenue, for the same period in fiscal 2019. Subscription revenues increased 16% year over year and comprised 36.1% of total recurring revenues, compared to 33.6% of total recurring revenues in the second quarter of fiscal 2019.\n\n\n• Gross margin was 49.6% in the fiscal 2020 second quarter, compared to 51.9% in the comparable prior-year period.\n\n\n• Net loss in the fiscal 2020 second quarter was $(2.9) million, or $(0.13) per diluted share, compared to a net loss of $(3.8) million, or $(0.16) per diluted share, in the comparable prior-year period.\n\n\n• Adjusted EBITDA (non-GAAP) was $3.0 million, compared to $2.6 million in the comparable prior-year period.\n\n\n• Free cash flow (non-GAAP) in the fiscal 2020 second quarter was $1.8 million, compared to free cash flow of $(2.0) million in the fiscal 2019 second quarter (see reconciliation below).\n\n\nRamesh Srinivasan, President and CEO of Agilysys, commented, “Our visibility for consistent revenue growth continues to improve as, excluding one outlying quarter in fiscal 2016, the fiscal 2020 second quarter was our strongest quarter of selling success and deal closing since we transformed Agilysys to a pure-play hospitality software solutions company in fiscal 2014. In fact, our most recent four quarters represent four of our five best-ever quarters for selling success. This momentum is also reflected in our operating results as in the fiscal 2020 second quarter we generated record quarterly revenue of $40.7 million, represe...