Business
Agilysys Reports Fiscal 2021 Fourth Quarter Revenue Of $36.3M
Reports Record Recurring Revenue of $22.9M and Adjusted EBITDA of $7.1M and Quarterly Free Cash Flow of $13.0M and Cash Balance Increase of $6.6M to $99.2M
About this update from Agilysys, Inc.
[{"type":"text","content":"\nReports Record Recurring Revenue of $22.9M and Adjusted EBITDA of $7.1M and \n\nQuarterly Free Cash Flow of $13.0M and Cash Balance Increase of $6.6M to $99.2M\n\nAnnounces Fiscal 2022 Revenue Guidance of $160M to $170M with Adjusted EBITDA of 15%\n\n ALPHARETTA, Ga.--(BUSINESS WIRE)--\nAgilysys, Inc. (Nasdaq: AGYS), a leading global provider of next-generation cloud-native SaaS and on-premise hospitality software solutions and services, today reported operating results for its fiscal 2021 fourth quarter and fiscal year ended March 31, 2021.\n\nSummary of Fiscal 2021 Fourth Quarter Financial Results\n\n\nTotal net revenue was $36.3 million, compared to total net revenue of $39.7 million in the comparable prior-year period for an 8% decrease in revenue.\n\n\nRecurring revenues (which are comprised of support, maintenance and subscription services) were $22.9 million, or 63.1% of total net revenue, compared to $22.3 million, or 56.2% of total net revenue, for the same period in fiscal 2020. Subscription revenues increased 11.6% year over year and comprised 42.0% of total recurring revenues, compared to 38.7% of total recurring revenues in the fourth quarter of fiscal 2020.\n\n\nGross margin was 64.6% in the fiscal 2021 fourth quarter, compared to 49.6% in the comparable prior-year period.\n\n\nNet loss attributable to common shareholders in the fiscal 2021 fourth quarter was $(24.7) million, or $(1.05) per diluted share compared to a net loss of $(27.0) million, or $(1.16) per diluted share, in the comparable prior-year period.\n\n\nAdjusted diluted EPS (non-GAAP) was $0.21 per share compared to $0.05 per share in the comparable prior-year period (see reconciliation below).\n\n\nAdjusted EBITDA (non-GAAP) was $7.1 million, compared to $3.6 million in the comparable prior-year period (see reconciliation below).\n\n\nFree cash flow (non-GAAP) in the fiscal 2021 fourth quarter was $13.0 million, compared to free cash flow of $4.9 million in the fiscal 2020 fourth quarter (see reconciliation below). Ending cash balance was $99.2 million, compared to ending cash balance of $46.7 million as of fiscal 2020 year-end.\n\n\nRamesh Srinivasan, President and CEO of Agilysys, commented, “Q4 fiscal 2021 (January – March 2021) revenue levels were slightly less than our original expectations due to continued pandemic related tough business envi...