Business
Agilysys Reports Fiscal 2021 Second Quarter Revenue of $34.4M
Reports First Positive GAAP EPS and Highest Adjusted EPS Quarter Since Fiscal Year 2014 Reports Positive Adjusted EBITDA of $8.6M and Quarterly Cash Balance
About this update from Agilysys, Inc.
[{"type":"text","content":"\nReports First Positive GAAP EPS and Highest Adjusted EPS Quarter Since Fiscal Year 2014\n\nReports Positive Adjusted EBITDA of $8.6M and Quarterly Cash Balance Increase of $11.1 Million\n\nRecurring Revenue Returns to Pre-COVID Record Levels of $22.3 Million Inclusive of Subscription Revenue Growth of 24%\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 second quarter and period ended September 30, 2020.\n\nSummary of Fiscal 2021 Second Quarter Financial Results\n\n\nTotal net revenue was $34.4 million, compared to total net revenue of $40.7 million in the comparable prior-year period for a 15.6% decrease in revenue.\n\n\n\nRecurring revenues (which are comprised of support, maintenance and subscription services) were $22.3 million, or 64.9% of total net revenue, compared to $20.3 million, or 49.9% of total net revenue, for the same period in fiscal 2020. Subscription revenues increased 23.9% year over year and comprised 40.7% of total recurring revenues, compared to 36.1% of total recurring revenues in the second quarter of fiscal 2020.\n\n\n\nGross margin was 67.4% in the fiscal 2021 second quarter, compared to 49.6% in the comparable prior-year period.\n\n\n\nNet income attributable to common shareholders in the fiscal 2021 second quarter was $5.3 million, or $0.22 per diluted share compared to a net loss of $(2.9) million, or $(0.13) per diluted share, in the comparable prior-year period.\n\n\n\nAdjusted EBITDA (non-GAAP) was a record $8.6 million, compared to $3.0 million in the comparable prior-year period (see reconciliation below).\n\n\n\nAdjusted diluted EPS (non-GAAP) was $0.29 per share compared to $0.04 per share in the comparable prior-year period.\n\n\n\nFree cash flow (non-GAAP) in the fiscal 2021 second quarter was $11.3 million, compared to free cash flow of $1.8 million in the fiscal 2020 second quarter (see reconciliation below). Ending cash balance was $85.7 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, “The hospitality industry business conditions continue to be challenging. Product and services revenue this quarter were affected more than previous...