Business
Agilysys Reports Fiscal 2022 Second Quarter Revenue of $37.9M
Reports Record Recurring Revenue of $24.0M Inclusive of Record Subscription Revenue of $11.1M Reports Adjusted EBITDA of $6.3M and Positive GAAP EPS of $0.02
About this update from Agilysys, Inc.
[{"type":"text","content":"\nReports Record Recurring Revenue of $24.0M Inclusive of Record Subscription Revenue of $11.1M\n\nReports Adjusted EBITDA of $6.3M and Positive GAAP EPS of $0.02 With Quarterly Free Cash Flow of $3.2M and Cash Balance Increase of $2.5M to $106.4M\n\n ALPHARETTA, Ga.--(BUSINESS WIRE)--\nAgilysys, Inc. (Nasdaq: AGYS), a leading global provider of next-generation SaaS and on-premise hospitality software solutions and services, today reported operating results for its fiscal 2022 second quarter ended September 30, 2021.\n\nSummary of Fiscal 2022 Second Quarter Financial Results\n\n\nTotal net revenue was $37.9 million, compared to net revenue of $34.4 million and $40.7 million in the second quarters of fiscal 2021 and 2020, respectively.\n\n\nRecurring revenues (which are comprised of support, maintenance and subscription services) for the fiscal second quarter were $24.0 million or 63.4% of total net revenue compared to $22.3 million or 64.9% of total net revenue and $20.3 million or 49.9% of total net revenue for the second quarters of fiscal 2021 and 2020, respectively. Subscription revenues increased 21.7% over fiscal 2021 second quarter compared to an increase of 23.9% fiscal 2021 over fiscal 2020 second quarter. Subscription revenues comprised 46.0% of total recurring revenues compared to 40.7% and 36.1% for the second quarters of fiscal 2021 and 2020, respectively.\n\n\nGross margin was 64.0% compared to 67.4% and 49.6% in the second quarters of fiscal 2021 and 2020, respectively.\n\n\nNet income attributable to common shareholders in the fiscal 2022 second quarter was $0.5 million, or $0.02 per diluted share compared to $5.3 million or $0.22 per diluted share and a net loss of $(2.9) million or $(0.13) per diluted share for the second quarters of fiscal 2021 and 2020, respectively.\n\n\nAdjusted diluted EPS (non-GAAP) was $0.18 compared to $0.29 and $0.04 per share in the second quarters of fiscal 2021 and 2020 respectively (see reconciliation below).\n\n\nAdjusted EBITDA (non-GAAP) was $6.3 million, compared to $8.6 million and $3.0 million in the second quarters of fiscal 2021 and 2020 respectively (see reconciliation below).\n\n\nFree cash flow (non-GAAP) in the fiscal 2022 second quarter was $3.2 million compared to $11.3 million and $1.8 million in the fiscal second quarters of 2021 and 2020 respectively (see reconcili...