Business
Agilysys Grows Third Quarter Revenue 21% to Record $60.6M
Includes Subscription Revenue Growth of 29.9% Quarter Adjusted EBITDA of $11.8M and Adjusted EPS of $0.35 Increases Full Fiscal Year Adjusted EBITDA Guidance
About this update from Agilysys, Inc.
[{"type":"text","content":"\nIncludes Subscription Revenue Growth of 29.9%\n\n\nQuarter Adjusted EBITDA of $11.8M and Adjusted EPS of $0.35\n\n\nIncreases Full Fiscal Year Adjusted EBITDA Guidance to 15% of Revenue\n\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 2024 third quarter ending December 31, 2023.\n\n\nSummary of Fiscal 2024 Third Quarter Financial Results\n\n\n\nTotal net revenue increased 21.3% to a record $60.6 million, compared to total net revenue of $49.9 million in the comparable prior-year period.\n\n\n\nRecurring revenue (comprising subscription and maintenance charges) was a record $35.1 million, or 58.0% of total net revenue, compared to $30.2 million, or 60.4% of total net revenue, for the same period in fiscal 2023. Subscription revenue increased 29.9% year-over-year and was 55.6% of total recurring revenue compared to 49.8% of total recurring revenue in the third quarter of fiscal 2023.\n\n\n\nGross margin was 62.5% compared to 61.7% in the comparable prior-year period.\n\n\n\nNet income attributable to common shareholders was $76.9 million, or $2.85 per diluted share, compared to $3.4 million, or $0.13 per diluted share, in the comparable prior-year period. Net income for the quarter included discrete tax events including a $65.1 million release of valuation allowances against certain deferred tax assets.\n\n\n\nAdjusted EBITDA (non-GAAP) was $11.8 million compared to $8.1 million in the comparable prior-year period (reconciliation included in financial tables).\n\n\n\nAdjusted diluted EPS (non-GAAP) was $0.35 per share compared to $0.26 per share in the comparable prior-year period (reconciliation included in financial tables).\n\n\n\nFree cash flow (non-GAAP) in the fiscal 2024 third quarter was $11.3 million compared to free cash flow of $11.7 million in the fiscal 2023 third quarter (reconciliation included in financial tables). Ending cash balance was $116.2 million, compared to ending cash balance of $112.8 million as of fiscal 2023 year-end.\n\n\n\nRamesh Srinivasan, President and CEO of Agilysys, commented, “We are pleased with our continuing good business momentum, highlighted by the eighth consecutive record revenue quarter, 21.3% year-over-year revenue ...