Agilysys announces its financial report

Thursday, May 18, 2023

Agilysys, Inc. has reported its financial results for the fourth quarter and full fiscal year ending March 31, 2023.

In the fourth quarter, the company achieved a record total net revenue of $52.9 million, representing a 13.6% increase compared to the same period in the previous year. Recurring revenue, including subscription and maintenance charges, reached a record $31.4 million, accounting for 59.3% of total net revenue. Gross margin for the quarter was 60.8%, and net income attributable to common shareholders was $3.6 million. Adjusted EBITDA was $8.1 million, and adjusted diluted earnings per share were $0.26. Free cash flow for the quarter was $13.2 million.

For the full fiscal year 2023, Agilysys achieved a record total net revenue of $198.1 million, a 21.8% increase compared to the previous year. Recurring revenue reached a record $118.3 million, accounting for 59.7% of total net revenue. Gross margin for the year was 61.0%, and net income attributable to common shareholders was $12.7 million. Adjusted EBITDA for the year was a record $30.3 million, and adjusted diluted earnings per share were $0.97. Free cash flow for the year was $27.2 million.

Looking ahead to fiscal year 2024, Agilysys expects revenue to be in the range of $230 to $235 million, with 25% year-over-year subscription revenue growth. Adjusted EBITDA is projected to be 13% of revenue for the full year.

The company attributes its strong performance to the growing strength and competitive advantages of its products and services, particularly its cloud-native solutions. Agilysys also highlighted its record backlog levels, which position the company well for future growth. However, increased investments in various areas may lead to reduced profitability expectations for the current year, with profitability levels expected to increase throughout the year.

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