Business
Agilysys Fiscal 2020 Third Quarter Revenue Rises 16.6% to Record $42.0 Million
Seventh Consecutive Quarter of Record Revenue Includes Record Recurring Revenue of $21.0 Million, Inclusive of 28% Growth in Subscription Revenue Raises
About this update from Agilysys, Inc.
[{"type":"text","content":"\nSeventh Consecutive Quarter of Record Revenue Includes Record Recurring Revenue of $21.0 Million, Inclusive of 28% Growth in Subscription Revenue\n\n\nRaises Fiscal 2020 Revenue Guidance to an Expectation of Approximately 16% 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 third quarter ended December 31, 2019.\n\n\nSummary of Fiscal 2020 Third Quarter Financial Results\n\n\n\nTotal net revenue increased 16.6% to a record $42.0 million, compared to total net revenue of $36.0 million in the comparable prior-year period.\n\n\nRecurring revenues (which are comprised of support, maintenance and subscription services) were a record $21.0 million, or 49.9% of total net revenue, compared to $19.3 million, or 53.7% of total net revenue, for the same period in fiscal 2019. Subscription revenues increased 28% year-over-year and comprised 37.7% of total recurring revenues, compared to 32.0% of total recurring revenues in the third quarter of fiscal 2019.\n\n\nGross margin was 50.2% in the fiscal 2020 third quarter, compared to 51.8% in the comparable prior-year period.\n\n\nNet loss in the fiscal 2020 third quarter was $(2.6) million, or $(0.11) per diluted share, compared to a net loss of $(4.0) million, or $(0.18) per diluted share, in the comparable prior-year period.\n\n\nAdjusted EBITDA (non-GAAP) was $3.2 million, compared to $2.1 million in the comparable prior-year period (see reconciliation below).\n\n\nFree cash flow (non-GAAP) in the fiscal 2020 third quarter was $3.0 million, compared to free cash flow of $4.2 million in the fiscal 2019 third quarter (see reconciliation below).\n\n\n\nRamesh Srinivasan, President and CEO of Agilysys, commented, “We are pleased to announce yet another solid revenue growth and profitability improvement quarter. Quarterly revenue of $42.0 million represents our sixth consecutive quarter of double-digit year-over- year quarterly revenue growth and the seventh consecutive record revenue quarter. Recurring revenue for the quarter reached a record $21.0 million, including a 28% year-over-year increase in subscription revenue.\n\n\n“This was also one of our best quarters in terms of selling success. The last five quarters ...