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Agilysys Announces Fiscal 2023 Fourth Quarter Record Revenue of $52.9M and Full Year Record Revenue of $198.1M

Annual Revenue Includes Recurring Revenue of $118.3M and Subscription Revenue Growth of 27.5%

Annual Record Adjusted EBITDA of $30.3M, Free Cash Flow of $27.2M and GAAP EPS of $0.49

Fiscal 2024 Annual Revenue Expected To Grow To $230M to $235M With Full Year Adjusted EBITDA of 13%

Agilysys, Inc. (NASDAQ: AGYS), a leading global provider of hospitality software solutions that deliver High Return Hospitality, today reported operating results for its fiscal 2023 fourth quarter and full year ending March 31, 2023.

Summary of Fiscal 2023 Fourth Quarter Financial Results

  • Total net revenue increased 13.6% to a record $52.9 million, compared to total net revenue of $46.6 million in the comparable prior-year period.
  • Recurring revenue (comprised of subscription and maintenance charges) was a record $31.4 million, or 59.3% of total net revenue compared to $26.6 million, or 57.1% of total net revenue for the same period in fiscal 2022. Subscription revenue increased 23.9% year over year and was 50.6% of total recurring revenue compared to 48.1% of total recurring revenue in the fourth quarter of fiscal 2022.
  • Gross margin was 60.8% in the fiscal 2023 fourth quarter compared to 59.5% in the comparable prior-year period.
  • Net income attributable to common shareholders in the fiscal 2023 fourth quarter was $3.6 million, or $0.14 per diluted share compared to $1.5 million, or $0.06 per diluted share in the comparable prior-year period.
  • Adjusted EBITDA (non-GAAP) was $8.1 million compared to $7.5 million in the comparable prior-year period (reconciliation included in financial tables).
  • Adjusted diluted EPS (non-GAAP) was $0.26 per share in the fiscal 2023 fourth quarter compared to $0.24 per share in the comparable prior-year period (reconciliation included in financial tables).
  • Free cash flow (non-GAAP) in the fiscal 2023 fourth quarter was $13.2 million compared to free cash flow of $6.5 million in the fiscal 2022 fourth quarter (reconciliation included in financial tables). Ending cash balance was $112.8 million, compared to ending cash balance of $97.0 million as of fiscal 2022 year-end.

Summary of Full Fiscal Year 2023 Financial Results

  • Total net revenue increased 21.8% to a record $198.1 million, compared to total net revenue of $162.6 million in the comparable prior-year period.
  • Recurring revenue (comprised of subscription and maintenance charges) was a record $118.3 million, or 59.7% of total net revenue compared to $99.0 million, or 60.8% of total net revenue for fiscal year 2022. Subscription revenue increased 27.5% year over year and was 49.2% of total recurring revenue compared to 46.1% of total recurring revenue in fiscal year 2022.
  • Gross margin was 61.0% in fiscal year 2023 compared to 62.4% in the comparable prior-year period.
  • Net income attributable to common shareholders in fiscal year 2023 was $12.7 million, or $0.49 per diluted share compared to $4.6 million, or $0.18 per diluted share in the comparable prior-year period.
  • Adjusted EBITDA (non-GAAP) was a record $30.3 million compared to $27.3 million in the comparable prior-year period (reconciliation included in financial tables).
  • Adjusted diluted EPS (non-GAAP) was $0.97 per share in fiscal year 2023 compared to $0.82 per share in the comparable prior-year period (reconciliation included in financial tables).
  • Free cash flow (non-GAAP) in fiscal year 2023 was $27.2 million compared to free cash flow of $27.3 million in fiscal year 2022 (reconciliation included in financial tables).

Ramesh Srinivasan, President and CEO of Agilysys, commented, “Despite macroeconomic volatility, we are pleased to have exceeded $50M in revenue during a quarter for the first time in our history thanks to the growing strength and competitive advantages of our products and services.

Subscription revenue grew 23.9% year-over-year during the fourth quarter, while one-time revenue, consisting of product and services revenue, was 7.8% higher. Adjusted EBITDA was 15.3% of revenue for the full fiscal year.

Demand for our state-of-the-art cloud native products has remained strong during each of the past three quarters. Full year fiscal 2023 was our best sales year and the January through March fourth quarter was our best sales quarter, both by a fair distance, measured in annual contract value terms. This selling success has driven backlog across all three revenue lines - recurring revenue, product and services - to record levels. We are well positioned to achieve a revenue level of $230 to $235 million during fiscal year 2024. Increased investments across multiple business areas to drive future revenue growth beyond fiscal 2024 are resulting in reduced profitability expectations for this year with Adjusted EBITDA expected to be 13% of revenue for the full fiscal year, with profitability levels increasing throughout.”

Fiscal 2024 Outlook

We are expecting full year fiscal 2024 revenue to be $230 to $235 million, inclusive of 25% year-over-year subscription revenue growth. Adjusted EBITDA is expected to be 13% of revenue for the full fiscal year.

Dave Wood, Chief Financial Officer, commented, “We continue to show strong results across all aspects of our business. The record sales and revenue quarter and full fiscal year are further validation of the investments made during the past few years in our new cloud native solutions and the success of recent, increased investments in sales and marketing. Subscription revenue continues to grow faster than total revenue and now makes up more than 50% of total recurring revenue. Record backlog levels have us well positioned to achieve our fiscal 2024 plan. We will remain dedicated to executing on disciplined profitable growth while increasing investments in various areas to drive the next growth phase of our business.”

2023 Fourth Quarter Conference Call and Webcast

Agilysys is hosting a conference call and webcast today, May 16, 2023, at 4:30 p.m. ET. Both the call and the webcast are open to the public. Interested parties can register for the call at https://register.vevent.com/register/BI888ad98921bd4d3eb0c57a910cde707f. After registration, an email confirmation with a personalized PIN will be provided along with further access details. Please plan to register fifteen minutes prior to the presentation to receive confirmation and further instruction in a timely manner.

Interested parties can also access the conference call live on the Events and Presentations page of Agilysys.com. Approximately two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.

Forward-Looking Language

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, our revenue, subscription revenue and Adjusted EBITDA guidance for the 2024 fiscal year and statements we make regarding future revenue growth and profitability levels increasing throughout the year.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the impact macroeconomic factors may have on the overall business environment, our ability to achieve our fiscal 2024 guidance, future revenue growth, the company's ability to convert the backlog into revenue, and the risks described in the Company’s filings with the Securities and Exchange Commission, including the Company’s reports on Form 10-K and Form 10-Q. Additionally, references to "record" financial and business levels in this document refer only to the time period after Agilysys made the transformation to an entirely hospitality focused software solutions company in FY2014.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement that may be made from time to time, whether written or oral, whether as a result of new information, future developments or otherwise.

Use of Non-GAAP Financial Information

To supplement the unaudited consolidated financial statements presented in accordance with U.S. GAAP in this press release, certain non-GAAP financial measures as defined by the SEC rules are used. These non-GAAP financial measures include EBITDA, Adjusted EBITDA, adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share and free cash flow. Management believes that such information can enhance investors’ understanding of the Company’s ongoing operations.

The Company has included the following non-GAAP financial measures in this press release: adjusted net income, adjusted basic earnings per share and adjusted diluted earnings per share. The Company believes these non-GAAP financial measures provide valuable insight into the Company’s overall profitability from core operations before certain non-cash and non-recurring charges. The Company defines adjusted net income as net income before amortization expense (including amortization of developed technology), share-based compensation, convertible preferred stock issuance costs, and one-time charges including severance and other charges, impairments and legal settlements, less the related income tax effect of these adjustments, as applicable, and defines adjusted earnings per share as adjusted net income divided by basic and diluted weighted average shares outstanding.

See the accompanying tables below for the definitions and reconciliation of these non-GAAP measures to the most closely related GAAP measures.

About Agilysys

Agilysys is well known for its long heritage of hospitality-focused technology innovation. The Company delivers modular and integrated software solutions and expertise to businesses seeking to maximize Return on Experience (ROE) through hospitality encounters that are both personal and profitable. Over time, customers achieve High Return Hospitality by consistently delighting guests, retaining staff and growing margins. Customers around the world include: branded and independent hotels; multi-amenity resort properties; casinos; property, hotel and resort management companies; cruise lines; corporate dining providers; higher education campus dining providers; food service management companies; hospitals; lifestyle communities; senior living facilities; stadiums; and theme parks. The Agilysys Hospitality Cloud™ combines core operational systems for property management (PMS), point-of-sale (POS) and Inventory and Procurement (I&P) with Experience Enhancers™ that meaningfully improve interactions for guests and for employees across dimensions such as digital access, mobile convenience, self-service control, personal choice, payment options, service coverage and real-time insights to improve decisions. Core solutions and Experience Enhancers are selectively combined in Hospitality Solution Studios™ tailored to specific hospitality settings and business needs. Agilysys operates across the Americas, Europe, the Middle East, Africa, Asia-Pacific, and India with headquarters located in Alpharetta, GA. For more information visit Agilysys.com.

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

Three months ended

March 31,

 

 

Year Ended

March 31,

 

 

 

 

 

 

 

 

(In thousands, except per share data)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

11,347

 

 

$

11,712

 

 

$

43,638

 

 

$

35,956

 

Subscription and maintenance

 

 

31,368

 

 

 

26,588

 

 

 

118,285

 

 

 

98,958

 

Professional services

 

 

10,182

 

 

 

8,259

 

 

 

36,142

 

 

 

27,722

 

Total net revenue

 

 

52,897

 

 

 

46,559

 

 

 

198,065

 

 

 

162,636

 

Cost of goods sold:

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

6,312

 

 

 

6,830

 

 

 

22,994

 

 

 

19,251

 

Subscription and maintenance

 

 

7,039

 

 

 

5,957

 

 

 

26,262

 

 

 

21,141

 

Professional services

 

 

7,363

 

 

 

6,078

 

 

 

27,990

 

 

 

20,712

 

Total cost of goods sold

 

 

20,714

 

 

 

18,865

 

 

 

77,246

 

 

 

61,104

 

Gross profit

 

 

32,183

 

 

 

27,694

 

 

 

120,819

 

 

 

101,532

 

Gross profit margin

 

 

60.8

%

 

 

59.5

%

 

 

61.0

%

 

 

62.4

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

 

13,710

 

 

 

12,258

 

 

 

50,260

 

 

 

46,332

 

Sales and marketing

 

 

6,097

 

 

 

4,312

 

 

 

22,716

 

 

 

14,730

 

General and administrative

 

 

7,819

 

 

 

7,404

 

 

 

30,669

 

 

 

27,734

 

Depreciation of fixed assets

 

 

398

 

 

 

602

 

 

 

1,769

 

 

 

2,210

 

Amortization of internal-use software and intangibles

 

 

417

 

 

 

577

 

 

 

1,743

 

 

 

1,654

 

Other charges

 

 

61

 

 

 

398

 

 

 

435

 

 

 

1,584

 

Legal settlements

 

 

248

 

 

 

598

 

 

 

352

 

 

 

969

 

Total operating expense

 

 

28,750

 

 

 

26,149

 

 

 

107,944

 

 

 

95,213

 

Operating income

 

 

3,433

 

 

 

1,545

 

 

 

12,875

 

 

 

6,319

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,006

 

 

 

14

 

 

 

2,192

 

 

 

59

 

Interest expense

 

 

 

 

 

(6

)

 

 

 

 

 

(12

)

Other (expense) income, net

 

 

(102

)

 

 

197

 

 

 

697

 

 

 

145

 

Income before taxes

 

 

4,337

 

 

 

1,750

 

 

 

15,764

 

 

 

6,511

 

Income tax expense (benefit)

 

 

262

 

 

 

(232

)

 

 

1,182

 

 

 

33

 

Net income

 

$

4,075

 

 

$

1,982

 

 

$

14,582

 

 

$

6,478

 

Series A convertible preferred stock dividends

 

 

(459

)

 

 

(459

)

 

 

(1,836

)

 

 

(1,836

)

Net income attributable to common shareholders

 

$

3,616

 

 

$

1,523

 

 

$

12,746

 

 

$

4,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

24,825

 

 

 

24,484

 

 

 

24,694

 

 

 

24,357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - basic:

 

$

0.15

 

 

$

0.06

 

 

$

0.52

 

 

$

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - diluted

 

 

26,262

 

 

 

25,317

 

 

 

25,929

 

 

 

25,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - diluted:

 

$

0.14

 

 

$

0.06

 

 

$

0.49

 

 

$

0.18

 

AGILYSYS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

As of March 31,

 

(In thousands, except share data)

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

112,842

 

 

$

96,971

 

Accounts receivable, net of allowance for expected credit losses of $610 and $318, respectively

 

 

22,378

 

 

 

25,175

 

Contract assets

 

 

2,242

 

 

 

1,669

 

Inventories

 

 

9,774

 

 

 

6,940

 

Prepaid expenses and other current assets

 

 

7,422

 

 

 

5,418

 

Total current assets

 

 

154,658

 

 

 

136,173

 

Property and equipment, net

 

 

14,576

 

 

 

6,345

 

Operating lease right-of-use assets

 

 

12,708

 

 

 

9,889

 

Goodwill

 

 

32,638

 

 

 

32,759

 

Intangible assets, net

 

 

18,140

 

 

 

20,178

 

Deferred income taxes, non-current

 

 

2,790

 

 

 

2,664

 

Other non-current assets

 

 

7,526

 

 

 

6,154

 

Total assets

 

$

243,036

 

 

$

214,162

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

9,418

 

 

$

9,766

 

Contract liabilities

 

 

52,124

 

 

 

46,095

 

Accrued liabilities

 

 

13,708

 

 

 

10,552

 

Operating lease liabilities, current

 

 

3,263

 

 

 

5,049

 

Finance lease obligations, current

 

 

2

 

 

 

4

 

Total current liabilities

 

 

78,515

 

 

 

71,466

 

Deferred income taxes, non-current

 

 

2,257

 

 

 

938

 

Operating lease liabilities, non-current

 

 

13,477

 

 

 

5,649

 

Finance lease obligations, non-current

 

 

 

 

 

2

 

Other non-current liabilities

 

 

4,018

 

 

 

3,304

 

Commitments and contingencies

 

 

 

 

 

 

Series A convertible preferred stock, no par value

 

 

35,459

 

 

 

35,459

 

Shareholders' equity:

 

 

 

 

 

 

Common shares, without par value, at $0.30 stated value; 80,000,000 shares authorized; 31,606,831 shares issued; and 25,326,626 and 24,728,532 shares outstanding at March 31, 2023 and March 31, 2022, respectively

 

 

9,482

 

 

 

9,482

 

Treasury shares, 6,280,205 and 6,878,299 at March 31, 2023 and March 31, 2022, respectively

 

 

(1,884

)

 

 

(2,063

)

Capital in excess of stated value

 

 

52,978

 

 

 

49,963

 

Retained earnings

 

 

52,764

 

 

 

40,018

 

Accumulated other comprehensive (loss)

 

 

(4,030

)

 

 

(56

)

Total shareholders' equity

 

 

109,310

 

 

 

97,344

 

Total liabilities and shareholders' equity

 

$

243,036

 

 

$

214,162

 

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Year Ended

 

 

 

March 31,

 

(In thousands)

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

Net income

 

$

14,582

 

 

$

6,478

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

Loss on disposal of property & equipment

 

 

66

 

 

 

195

 

Depreciation of fixed assets

 

 

1,769

 

 

 

2,210

 

Amortization of internal-use software and intangibles

 

 

1,743

 

 

 

1,654

 

Deferred income taxes

 

 

(181

)

 

 

(925

)

Share-based compensation

 

 

12,958

 

 

 

14,549

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

2,537

 

 

 

2,551

 

Contract assets

 

 

(590

)

 

 

684

 

Inventories

 

 

(2,897

)

 

 

(5,764

)

Prepaid expense and other current assets

 

 

(2,084

)

 

 

(484

)

Accounts payable

 

 

(1,582

)

 

 

3,417

 

Contract liabilities

 

 

6,383

 

 

 

4,902

 

Accrued liabilities

 

 

2,711

 

 

 

146

 

Income taxes payable

 

 

290

 

 

 

50

 

Other changes, net

 

 

(1,242

)

 

 

(1,188

)

Net cash provided by operating activities

 

 

34,463

 

 

 

28,475

 

Investing activities

 

 

 

 

 

 

Capital expenditures

 

 

(7,238

)

 

 

(1,197

)

Cash (paid for) business combinations, net of cash acquired

 

 

395

 

 

 

(24,455

)

Additional investments in corporate-owned life insurance policies

 

 

(27

)

 

 

(27

)

Net cash used in investing activities

 

 

(6,870

)

 

 

(25,679

)

Financing activities

 

 

 

 

 

 

Payment of preferred stock dividends

 

 

(1,836

)

 

 

(1,836

)

Repurchase of common shares to satisfy employee tax withholding

 

 

(9,254

)

 

 

(3,046

)

Principal payments under long-term obligations

 

 

(4

)

 

 

(19

)

Net cash used in financing activities

 

 

(11,094

)

 

 

(4,901

)

Effect of exchange rate changes on cash

 

 

(628

)

 

 

(104

)

Net increase (decrease) in cash and cash equivalents

 

 

15,871

 

 

 

(2,209

)

Cash and cash equivalents at beginning of period

 

 

96,971

 

 

 

99,180

 

Cash and cash equivalents at end of period

 

$

112,842

 

 

$

96,971

 

AGILYSYS, INC.

RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA

(UNAUDITED)

 

 

 

Three months ended

 

 

Twelve months ended

 

(In thousands)

 

March 31,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

4,075

 

 

$

1,982

 

 

$

14,582

 

 

$

6,478

 

Income tax expense (benefit)

 

 

262

 

 

 

(232

)

 

 

1,182

 

 

 

33

 

Income before taxes

 

 

4,337

 

 

 

1,750

 

 

 

15,764

 

 

 

6,511

 

Depreciation of fixed assets

 

 

398

 

 

 

602

 

 

 

1,769

 

 

 

2,210

 

Amortization of internal-use software and intangibles

 

 

417

 

 

 

577

 

 

 

1,743

 

 

 

1,654

 

Amortization of developed technology acquired

 

 

39

 

 

 

42

 

 

 

159

 

 

 

42

 

Interest income, net

 

 

(1,006

)

 

 

(8

)

 

 

(2,192

)

 

 

(47

)

EBITDA (a)

 

 

4,185

 

 

 

2,963

 

 

 

17,243

 

 

 

10,370

 

Share-based compensation

 

 

3,548

 

 

 

3,747

 

 

 

12,958

 

 

 

14,549

 

Other charges

 

 

61

 

 

 

398

 

 

 

435

 

 

 

1,584

 

Other non-operating expense (income)

 

 

102

 

 

 

(197

)

 

 

(697

)

 

 

(145

)

Legal settlements

 

 

248

 

 

 

598

 

 

 

352

 

 

 

969

 

Adjusted EBITDA (b)

 

$

8,144

 

 

$

7,509

 

 

$

30,291

 

 

$

27,327

 

 

(a) EBITDA, a non-GAAP financial measure, is defined as net income before income taxes, interest income (net of interest expense), depreciation and amortization (including amortization of developed technology)

 

(b) Adjusted EBITDA, a non-GAAP financial measure, is defined as net income before income taxes, interest income (net of interest expense), depreciation and amortization (including amortization of developed technology), and excluding charges relating to i) legal settlements, ii) other charges, iii) share-based compensation, and iv) other non-operating (income) expense

AGILYSYS, INC.

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME FOR ADJUSTED EARNINGS PER SHARE

(UNAUDITED)

 

 

 

Three months ended

 

 

Twelve months ended

 

(In thousands, except per share data)

 

March 31,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income attributable to common shareholders

 

$

3,616

 

 

$

1,523

 

 

$

12,746

 

 

$

4,642

 

Amortization of developed technology acquired

 

 

39

 

 

 

42

 

 

 

159

 

 

 

42

 

Amortization of internal-use software and intangibles

 

 

417

 

 

 

577

 

 

 

1,743

 

 

 

1,654

 

Share-based compensation

 

 

3,548

 

 

 

3,747

 

 

 

12,958

 

 

 

14,549

 

Other charges

 

 

61

 

 

 

398

 

 

 

435

 

 

 

1,584

 

Legal settlements

 

 

248

 

 

 

598

 

 

 

352

 

 

 

969

 

Income tax adjustments

 

 

(994

)

 

 

(727

)

 

 

(3,274

)

 

 

(2,594

)

Adjusted net income (a)

 

$

6,935

 

 

$

6,158

 

 

$

25,119

 

 

$

20,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

24,825

 

 

 

24,484

 

 

 

24,694

 

 

 

24,357

 

Diluted weighted average shares outstanding

 

 

26,262

 

 

 

25,317

 

 

 

25,929

 

 

 

25,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted basic earnings per share (b)

 

$

0.28

 

 

$

0.25

 

 

$

1.02

 

 

$

0.86

 

Adjusted diluted earnings per share (b)

 

$

0.26

 

 

$

0.24

 

 

$

0.97

 

 

$

0.82

 

 

(a) Adjusted net income, a non-GAAP financial measure, is defined as net income attributable to common shareholders before amortization expense (including amortization of developed technology), share-based compensation, and one-time charges including other charges and legal settlements, less the related income tax effect of these adjustments, as applicable, at the Company’s current combined federal and state income statutory tax rate. No income tax effect applies to one-time charges when a valuation allowance offsets their related deferred tax assets

 

(b) Adjusted earnings per share, a non-GAAP financial measure, is defined as adjusted net income divided by basic and diluted weighted average shares outstanding

AGILYSYS, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(UNAUDITED)

 

 

 

Three months ended

 

 

Twelve months ended

 

(In thousands)

 

March 31,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net cash provided by operating activities

 

$

16,783

 

 

$

6,660

 

 

$

34,463

 

 

$

28,475

 

Capital expenditures

 

 

(3,622

)

 

 

(119

)

 

 

(7,238

)

 

 

(1,197

)

Free cash flow (a)

 

$

13,161

 

 

$

6,541

 

 

$

27,225

 

 

$

27,278

 

 

(a) Free cash flow, a non-GAAP financial measure, is defined as net cash provided by operating activities, less capital expenditures

 

Contacts

Investor Contact:

Jessica Hennessy

Senior Director Corporate Strategy & Investor Relations

Agilysys, Inc.

770-810-6116 or investorrelations@agilysys.com

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