AGILYSYS INC
For the period ended Sep 30, 2024. Filed Oct 28, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 28, 2024
AGYS$124.15+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. CONDENSED CONSOLIDATED BALANCE SHEETS
| (In thousands, except share data) | September 30, 2024 (Unaudited) | March 31,2024 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $54,888 | $144,891 |
| Accounts receivable, net of allowance for expected credit losses of $755 and $974, respectively | 31,614 | 29,441 |
| Contract assets | 4,537 | 2,287 |
| Inventories | 6,446 | 4,587 |
| Prepaid expenses and other current assets | 11,216 | 7,731 |
| Total current assets | 108,701 | 188,937 |
| Property and equipment, net | 17,538 | 17,930 |
| Operating lease right-of-use assets | 18,120 | 18,384 |
| Goodwill | 135,426 | 32,791 |
| Intangible assets, net | 79,018 | 16,952 |
| Deferred income taxes, non-current | 74,898 | 67,373 |
| Other non-current assets | 8,309 | 8,063 |
| Total assets | $442,010 | $350,430 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $12,746 | $9,422 |
| Contract liabilities | 55,355 | 56,148 |
| Accrued liabilities | 22,315 | 19,522 |
| Operating lease liabilities, current | 5,473 | 4,279 |
| Total current liabilities | 95,889 | 89,371 |
| Deferred income taxes, non-current | 12,269 | 554 |
| Operating lease liabilities, non-current | 18,662 | 19,613 |
| Debt, non-current | 50,000 | — |
| Other non-current liabilities | 4,928 | 4,415 |
| Commitments and contingencies | ||
| Shareholders' equity: | ||
| Common shares, without par value, at $0.30 stated value; 80,000,000 shares authorized; 33,342,288 shares issued; and 27,940,004 and 27,376,862 shares outstanding at September 30, 2024 and March 31, 2024, respectively | 10,003 | 10,003 |
| Treasury shares, 5,402,284 and 5,965,426 at September 30, 2024 and March 31, 2024, respectively | (1,622) | (1,791) |
| Capital in excess of stated value | 102,275 | 94,680 |
| Retained earnings | 153,225 | 137,755 |
| Accumulated other comprehensive loss | (3,619) | (4,170) |
| Total shareholders' equity | 260,262 | 236,477 |
| Total liabilities and shareholders' equity | $442,010 | $350,430 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months EndedSeptember 30, | Six Months EndedSeptember 30, | |||
|---|---|---|---|---|
| (In thousands, except per share data) | 2024 | 2023 | 2024 | 2023 |
| Net revenue: | ||||
| Products | $10,525 | $12,640 | $20,400 | $25,422 |
| Subscription and maintenance | 41,432 | 34,248 | 79,474 | 66,373 |
| Professional services | 16,322 | 11,728 | 31,917 | 22,881 |
| Total net revenue | 68,279 | 58,616 | 131,791 | 114,676 |
| Cost of goods sold: | ||||
| Products | 5,206 | 6,751 | 10,432 | 13,317 |
| Subscription and maintenance | 8,827 | 7,804 | 16,935 | 15,441 |
| Professional services | 11,032 | 8,965 | 21,342 | 17,764 |
| Total cost of goods sold | 25,065 | 23,520 | 48,709 | 46,522 |
| Gross profit | 43,214 | 35,096 | 83,082 | 68,154 |
| Gross profit margin | 63.3% | 59.9% | 63.0% | 59.4% |
| Operating expenses: | ||||
| Product development | 16,172 | 14,583 | 30,892 | 27,904 |
| Sales and marketing | 8,794 | 6,400 | 15,808 | 13,701 |
| General and administrative | 10,162 | 8,785 | 20,645 | 18,150 |
| Depreciation of fixed assets | 915 | 1,209 | 1,752 | 2,133 |
| Amortization of internal-use software and intangibles | 904 | 347 | 1,155 | 776 |
| Other charges, net | 2,037 | 210 | 2,587 | 969 |
| Legal settlements | 104 | — | 369 | — |
| Total operating expense | 39,088 | 31,534 | 73,208 | 63,633 |
| Operating income | 4,126 | 3,562 | 9,874 | 4,521 |
| Other income (expense): | ||||
| Interest income | 1,095 | 1,227 | 2,877 | 2,328 |
| Interest expense | (458) | — | (458) | — |
| Other income (expense), net | 383 | 51 | 226 | (109) |
| Income before taxes | 5,146 | 4,840 | 12,519 | 6,740 |
| Income tax (benefit) provision | 3,782 | 295 | (2,951) | 647 |
| Net income | $1,364 | $4,545 | $15,470 | $6,093 |
| Series A convertible preferred stock dividends | — | (459) | — | (918) |
| Net income attributable to common shareholders | $1,364 | $4,086 | $15,470 | $5,175 |
| Weighted average shares outstanding - basic | 27,533 | 25,022 | 27,335 | 24,979 |
| Net income per share - basic: | $0.05 | $0.16 | $0.57 | $0.21 |
| Weighted average shares outstanding - diluted | 28,257 | 26,117 | 28,202 | 26,148 |
| Net income per share - diluted: | $0.05 | $0.16 | $0.55 | $0.20 |
CONDENSED CONSOLIDATED STATE MENTS OF COMPREHENSIVE INCOME
| Three Months EndedSeptember 30, | Six Months EndedSeptember 30, | |||
|---|---|---|---|---|
| (In thousands) | 2024 | 2023 | 2024 | 2023 |
| Net income | 1,364 | $4,545 | 15,470 | $6,093 |
| Other comprehensive income (loss): | ||||
| Unrealized foreign currency translation adjustments | 709 | (579) | 551 | (56) |
| Total comprehensive income | $2,073 | $3,966 | $16,021 | $6,037 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six Months Ended | ||
|---|---|---|
| September 30, | ||
| (In thousands) | 2024 | 2023 |
| Operating activities | ||
| Net income | $15,470 | $6,093 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Loss on asset disposals | 21 | — |
| Depreciation of fixed assets | 1,752 | 2,133 |
| Amortization of internal-use software and intangibles | 1,155 | 776 |
| Deferred income taxes | (7,634) | (389) |
| Share-based compensation | 8,438 | 5,851 |
| Changes in operating assets and liabilities | (11,514) | (8,994) |
| Net cash provided by operating activities | 7,688 | 5,470 |
| Investing activities | ||
| Cash paid for business combination, net of cash acquired | (144,945) | — |
| Capital expenditures | (1,520) | (6,002) |
| Additional investments in corporate-owned life insurance policies | — | (2) |
| Net cash used in investing activities | (146,465) | (6,004) |
| Financing activities | ||
| Payment of preferred stock dividends | — | (918) |
| Debt proceeds, net of issuance costs | 49,655 | — |
| Proceeds from Employee Stock Purchase Plan purchases | 453 | — |
| Repurchase of common shares to satisfy employee tax withholding | (1,428) | (3,868) |
| Principal payments under long-term obligations | — | (2) |
| Net cash provided by (used in) financing activities | 48,680 | (4,788) |
| Effect of exchange rate changes on cash | 94 | (107) |
| Net decrease in cash and cash equivalents | (90,003) | (5,429) |
| Cash and cash equivalents at beginning of period | 144,891 | 112,842 |
| Cash and cash equivalents at end of period | $54,888 | $107,413 |
CONDENSED CONSOLIDATED STATEM ENTS OF SHAREHOLDERS' EQUITY
| Common Shares | ||||||||
|---|---|---|---|---|---|---|---|---|
| Issued · In Treasury · Capital inexcess of · Accumulatedother | ||||||||
| (In thousands, except share data) | Shares | Statedvalue | Shares | Statedvalue | Statedvalue | Retainedearnings | comprehensiveincome (loss) | Total |
| Balance at June 30, 2024 | 33,342 | $10,003 | (5,470) | $(1,642) | $98,277 | $151,861 | $(4,328) | $254,171 |
| Share-based compensation | — | — | — | — | 3,877 | — | — | 3,877 |
| Shares issued upon exercise of SSARs | — | — | 47 | 14 | (14) | — | — | — |
| Shares withheld for taxes upon exercise of SSARs or vesting of other grants | — | — | (2) | (1) | (311) | — | — | (312) |
| Other common stock issuances, net | — | — | 23 | 7 | 446 | — | — | 453 |
| Net income | — | — | — | — | — | 1,364 | — | 1,364 |
| Unrealized translation adjustments | — | — | — | — | — | — | 709 | 709 |
| Balance at September 30, 2024 | 33,342 | $10,003 | (5,402) | $(1,622) | $102,275 | $153,225 | $(3,619) | $260,262 |
| Common Shares | ||||||||
| Issued · In Treasury · Capital inexcess of · Accumulatedother | ||||||||
| (In thousands, except share data) | Shares | Statedvalue | Shares | Statedvalue | Statedvalue | Retainedearnings | comprehensiveincome (loss) | Total |
| Balance at June 30, 2023 | 31,607 | $9,482 | (6,255) | $(1,877) | $53,735 | $53,853 | $(3,507) | $111,686 |
| Share-based compensation | — | — | — | — | 2,534 | — | — | 2,534 |
| Shares issued upon exercise of SSARs | — | — | 40 | 12 | (12) | — | — | — |
| Shares withheld for taxes upon exercise of SSARs or vesting of other grants | — | — | (13) | (4) | (1,105) | — | — | (1,109) |
| Other common stock issuances, net | — | — | (8) | (2) | 2 | — | — | — |
| Net income | — | — | — | — | — | 4,545 | — | 4,545 |
| Series A convertible preferred stock dividends | — | — | — | — | — | (459) | — | (459) |
| Unrealized translation adjustments | — | — | — | — | — | — | (579) | (579) |
| Balance at September 30, 2023 | 31,607 | $9,482 | (6,236) | $(1,871) | $55,154 | $57,939 | $(4,086) | $116,618 |
| Common Shares | ||||||||
| Issued · In Treasury · Capital inexcess of · Accumulatedother | ||||||||
| (In thousands, except share data) | Shares | Statedvalue | Shares | Statedvalue | Statedvalue | Retainedearnings | comprehensiveincome (loss) | Total |
| Balance at March 31, 2024 | 33,342 | $10,003 | (5,965) | $(1,791) | $94,680 | $137,755 | $(4,170) | $236,477 |
| Share-based compensation | — | — | — | — | 8,727 | — | — | 8,727 |
| Shares issued upon exercise of SSARs | — | — | 545 | 164 | (164) | — | — | — |
| Shares withheld for taxes upon exercise of SSARs or vesting of other grants | — | — | (16) | (5) | (1,411) | — | — | (1,416) |
| Other common stock issuances, net | — | — | 34 | 10 | 443 | — | — | 453 |
| Net income | — | — | — | — | — | 15,470 | — | 15,470 |
| Unrealized translation adjustments | — | — | — | — | — | — | 551 | 551 |
| Balance at September 30, 2024 | 33,342 | $10,003 | (5,402) | $(1,622) | $102,275 | $153,225 | $(3,619) | $260,262 |
| Common Shares | ||||||||
| Issued · In Treasury · Capital inexcess of · Accumulatedother | ||||||||
| (In thousands, except share data) | Shares | Statedvalue | Shares | Statedvalue | Statedvalue | Retainedearnings | comprehensiveincome (loss) | Total |
| Balance at March 31, 2023 | 31,607 | $9,482 | (6,280) | $(1,884) | $52,978 | $52,764 | $(4,030) | $109,310 |
| Share-based compensation | — | — | — | — | 5,911 | — | — | 5,911 |
| Shares issued upon exercise of SSARs | — | — | 90 | 27 | (27) | — | — | — |
| Shares withheld for taxes upon exercise of SSARs or vesting of other grants | — | — | (50) | (15) | (3,707) | — | — | (3,722) |
| Other common stock issuances, net | — | — | 4 | 1 | (1) | — | — | — |
| Net income | — | — | — | — | — | 6,093 | — | 6,093 |
| Series A convertible preferred stock dividends | — | — | — | — | — | (918) | — | (918) |
| Unrealized translation adjustments | — | — | — | — | — | — | (56) | (56) |
| Balance at September 30, 2023 | 31,607 | $9,482 | (6,236) | $(1,871) | $55,154 | $57,939 | $(4,086) | $116,618 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.