Business
Agilysys Fiscal 2023 Third Quarter Revenue Rises 26.5% to Record $49.9M
Includes Recurring Revenue of $30.2M and Subscription Revenue Growth of 28.8% Quarter Positive Adjusted EBITDA of $8.1M and GAAP EPS of $0.13 Per Share
About this update from Agilysys, Inc.
[{"type":"text","content":"\nIncludes Recurring Revenue of $30.2M and Subscription Revenue Growth of 28.8%\n\nQuarter Positive Adjusted EBITDA of $8.1M and GAAP EPS of $0.13 Per Share\n\nRaises Fiscal 2023 Annual Revenue Guidance to $195M to $198M; Reiterates Greater Than 15% Adjusted EBITDA\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 2023 third quarter and period ended December 31, 2022.\n\nSummary of Fiscal 2023 Third Quarter Financial Results\n\n\nTotal net revenue increased 26.5% to a record $49.9 million, compared to total net revenue of $39.5 million in the comparable prior-year period.\n\n\nRecurring revenue (comprised of subscription and maintenance charges) was a record $30.2 million, or 60.4% of total net revenue compared to $25.1 million, or 63.7% of total net revenue for the same period in fiscal 2022. Subscription revenue increased 28.8% year over year and was 49.8% of total recurring revenue compared to 46.4% of total recurring revenue in the third quarter of fiscal 2022.\n\n\nGross margin was 61.7% in the fiscal 2023 third quarter compared to 62.6% in the comparable prior-year period.\n\n\nNet income attributable to common shareholders in the fiscal 2023 third quarter was $3.4 million, or $0.13 per diluted share compared to $1.1 million, or $0.04 per diluted share in the comparable prior-year period.\n\n\nAdjusted EBITDA (non-GAAP) was $8.1 million compared to $6.6 million in the comparable prior-year period (reconciliation included in financial tables).\n\n\nAdjusted diluted EPS (non-GAAP) was $0.26 per share in the fiscal 2023 third quarter compared to $0.19 per share in the comparable prior-year period (reconciliation included in financial tables).\n\n\nFree cash flow (non-GAAP) in the fiscal 2023 third quarter was $11.7 million compared to free cash flow of $9.9 million in the fiscal 2022 third quarter (reconciliation included in financial tables). Ending cash balance was $105.8 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 announce another record revenue quarter. The positive momentum in our selling success, which started around August of cale...