Business
Agilysys Reports Fiscal 2021 First Quarter Revenue Of $29.8m
Reports Positive Adjusted EBITDA of $3.4M Expects Sequential Revenue and Adjusted EBITDA Increase of 15% and 25% Respectively in Q2 Compared to Q1 Fiscal
About this update from Agilysys, Inc.
[{"type":"text","content":"\nReports Positive Adjusted EBITDA of $3.4M\n\n\nExpects Sequential Revenue and Adjusted EBITDA Increase of 15% and 25% Respectively in Q2 Compared to Q1 Fiscal 2021\n\n\nCash Balance Remains Strong at $74.6 Million as of June 30, 2020\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 2021 first quarter and period ended June 30, 2020.\n\n\nSummary of Fiscal 2021 First Quarter Financial Results\n\n\n\nTotal net revenue was $29.8 million, compared to total net revenue of $38.4 million in the comparable prior-year period for a 22.4% decrease in revenue.\n\n\nRecurring revenues (which are comprised of support, maintenance and subscription services) were $20.5 million, or 68.8% of total net revenue, compared to $20.1 million, or 52.3% of total net revenue, for the same period in fiscal 2020. Subscription revenues increased 8.6% year over year and comprised 37.2% of total recurring revenues, compared to 34.9% of total recurring revenues in the first quarter of fiscal 2020.\n\n\nGross margin was 62.2% in the fiscal 2021 first quarter, compared to 52.1% in the comparable prior-year period.\n\n\nNet loss available to common shareholders in the fiscal 2021 first quarter was $(1.7) million, or $(0.07) per diluted share compared to a net loss of $(1.6) million, or $(0.07) per diluted share, in the comparable prior-year period.\n\n\nAdjusted EBITDA (non-GAAP) was $3.4 million, compared to $3.2 million in the comparable prior-year period (see reconciliation below).\n\n\nAdjusted diluted EPS (non-GAAP) was $0.08 per share compared to $0.08 per share in the comparable prior-year period.\n\n\nFree cash flow (non-GAAP) in the fiscal 2021 first quarter was $(5.2) million, compared to free cash flow of $(2.5) million in the fiscal 2020 first quarter (see reconciliation below). Ending cash balance was $74.6 million, compared to ending cash balance of $37.2 million in the comparable prior-year period.\n\n\n\nRamesh Srinivasan, President and CEO of Agilysys, commented, “This was likely the toughest quarter ever for the hospitality industry and our business. Given the extremely difficult circumstances, we are pleased with our top and bottom-line results. What is notable about the EBITDA level achieved is...