Business
Agilysys Fiscal 2023 First Quarter Revenue Rises 22.7% to Record $47.5M
Includes Recurring Revenue of $27.7M and Subscription Revenue Growth of 29.5% Quarter Positive Adjusted EBITDA of $6.7M and GAAP EPS of $0.10 Per Share
About this update from Agilysys, Inc.
[{"type":"text","content":"\nIncludes Recurring Revenue of $27.7M and Subscription Revenue Growth of 29.5%\n\nQuarter Positive Adjusted EBITDA of $6.7M and GAAP EPS of $0.10 Per Share\n\nFiscal 2023 Annual Guidance Reiterated at $190M to $195M Revenue and Greater Than 15% Adjusted EBITDA\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 2023 first quarter and period ended June 30, 2022.\n\nSummary of Fiscal 2023 First Quarter Financial Results\n\n\nTotal net revenue increased 22.7% to a record $47.5 million, compared to total net revenue of $38.7 million in the comparable prior-year period.\n\n\nRecurring revenue (which comprised of subscription and maintenance charges) were a record $27.7 million, or 58.4% of total net revenue compared to $23.2 million, or 59.9% of total net revenue for the same period in fiscal 2022. Subscription revenue increased 29.5% year over year and comprised 47.4% of total recurring revenues compared to 43.7% of total recurring revenues in the first quarter of fiscal 2022.\n\n\nGross margin was 60.0% in the fiscal 2023 first quarter compared to 64.2% in the comparable prior-year period.\n\n\nNet income attributable to common shareholders in the fiscal 2023 first quarter was $2.6 million, or $0.10 per diluted share compared to $1.5 million, or $0.06 per diluted share in the comparable prior-year period.\n\n\nAdjusted EBITDA (non-GAAP) was $6.7 million compared to $6.9 million in the comparable prior-year period (please see reconciliation below.\n\n\nAdjusted diluted EPS (non-GAAP) was $0.21 per share in the fiscal 2023 first quarter compared to $0.21 per share in the comparable prior-year period. (please see reconciliation below).\n\n\nFree cash flow (non-GAAP) in the fiscal 2023 first quarter was $0.0 million compared to free cash flow of $7.7 million in the fiscal 2022 first quarter (please see reconciliation below). Ending cash balance was $94.9 million, compared to ending cash balance of $97.0 million as of fiscal 2022 year-end.\n\n\nRamesh Srinivasan, President and CEO of Agilysys, commented, “We are pleased to report a second consecutive record revenue quarter, despite lingering pandemic related industry challenges in international regions and managed food services. Overall re...