We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Software Inc | NASDAQ:AMSWA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.21 | 2.09% | 10.24 | 9.89 | 11.93 | 10.35 | 9.97 | 9.99 | 169,546 | 23:08:12 |
Subscription Fee Growth of 14% and Adjusted EBITDA Margin of 13% in Q1
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the first quarter of fiscal year 2024.
Key first Quarter Financial Highlights:
Key First Quarter of Fiscal Year 2024 highlights:
Clients & Channels
Company & Technology
The overall financial condition of the Company remains strong, with cash and investments of approximately $115.3 million. During the first quarter of fiscal year 2024, the Company paid shareholder dividends of approximately $3.7 million.
“Amid ongoing economic uncertainty, we delivered results consistent with our expectations and remain on track to achieve our initial outlook for FY ‘24,” said Allan Dow, CEO and President of American Software. “As we believe our stock is significantly undervalued, we plan to opportunistically repurchase shares against our existing buyback authorization. We are also undertaking several strategic actions that we believe will create significant value for our shareholders.”
Fiscal Year 2024 Financial Outlook
About American Software, Inc.
Atlanta-based American Software, Inc. (NASDAQ: AMSWA), through its operating entity Logility delivers an innovative AI-powered platform that enables enterprises to accelerate their digital supply chain transformation from product concept to client availability via the Logility® Digital Supply Chain Platform, a single platform spanning Product, Demand, Inventory, Supply, Sourcing, Deploy, Corporate Responsibility Environment, Social and Governance (ESG) and Network Optimization aligned with Integrated Business Planning.
Serving clients such as Big Lots, Bunzl Australasia, Carter’s, Destination XL, Glen Raven, Hostess, Husqvarna Group, Jockey International, Johnson Controls, Parker Hannifin, Red Wing Shoe Company, Spanx and Taylor Farms; our solutions are marketed and sold through a direct sales team as well as an indirect global value-added reseller (“VAR”) distribution network.
Fueled by supply chain master data, allowing for the automation of critical business processes through the application of artificial intelligence and machine learning algorithms to a variety of internal and external data streams, the comprehensive Logility portfolio delivered in the cloud includes advanced analytics , supply chain visibility, demand, inventory and replenishment planning, Sales and Operations Planning (S&OP), Integrated Business Planning (IBP), supply and inventory optimization, manufacturing planning and scheduling, network design and optimization (NDO), retail merchandise and assortment planning and allocation, product lifecycle management (PLM), sourcing management, vendor quality and compliance, and product traceability. For more information about Logility, please visit www.logility.com. Logility is a wholly-owned subsidiary and operating entity for American Software, Inc.. You can learn more about American Software at www.amsoftware.com, or by calling (404) 364-7615 or emailing kliu@amsoftware.com.
Operating and Non-GAAP Financial Measures
American Software, Inc. (“the Company”) includes non-GAAP financial measures (EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share) in the summary financial information provided with this press release as supplemental information relating to its operating results. This financial information is not in accordance with, or an alternative for, GAAP-compliant financial information and may be different from the operating or non-GAAP financial information used by other companies. The Company believes that this presentation of EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial condition and results of operations. EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, and income tax expense. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense and non-cash stock-based compensation expense.
Forward Looking Statements
This press release contains forward-looking statements that are subject to substantial risks and uncertainties. There are a number of factors that could cause actual results or performance to differ materially from what is anticipated by statements made herein. These factors include, but are not limited to, continuing U.S. and global economic uncertainty and the timing and degree of business recovery; the irregular pattern of the Company’s revenues; dependence on particular market segments or customers; competitive pressures; market acceptance of the Company’s products and services; technological complexity; undetected software errors; potential product liability or warranty claims; risks associated with new product development; the challenges and risks associated with integration of acquired product lines, companies and services; uncertainty about the viability and effectiveness of strategic alliances; the Company’s ability to satisfy in a timely manner all Securities and Exchange Commission (SEC) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; as well as a number of other risk factors that could affect the Company’s future performance. For further information about risks the Company could experience as well as other information, please refer to the Company’s current Form 10-K and other reports and documents subsequently filed with the SEC. For more information, contact: Kevin Liu, American Software, Inc., (626) 657-0013 or email kliu@amsoftware.com.
Logility® is a registered trademark of Logility, Inc. Other products mentioned in this document are registered, trademarked or service marked by their respective owners.
AMERICAN SOFTWARE, INC. Consolidated Statements of Operations Information (In thousands, except per share data, unaudited)First Quarter Ended
July 31,
2023
2022
Pct Chg.
Revenues: Subscription fees$
13,764
$
12,062
14
%
License fees
289
320
(10
%)
Professional services & other
6,952
10,009
(31
%)
Maintenance
8,163
8,905
(8
%)
Total Revenues
29,168
31,296
(7
%)
Cost of Revenues: Subscription services
4,217
3,618
17
%
License fees
72
89
(19
%)
Professional services & other
5,608
7,304
(23
%)
Maintenance
1,695
1,573
8
%
Total Cost of Revenues
11,592
12,584
(8
%)
Gross Margin
17,576
18,712
(6
%)
Operating expenses: Research and development
4,249
4,454
(5
%)
Sales and marketing
6,148
5,912
4
%
General and administrative
5,587
5,765
(3
%)
Amortization of acquisition-related intangibles
25
24
4
%
Total Operating Expenses
16,009
16,155
(1
%)
Operating Earnings
1,567
2,557
(39
%)
Interest Income & Other, Net
1,887
119
1486
%
Earnings Before Income Taxes
3,454
2,676
29
%
Income Tax Expense
706
543
30
%
Net Earnings$
2,748
$
2,133
29
%
Earnings per common share: (1) Basic$
0.08
$
0.06
33
%
Diluted$
0.08
$
0.06
33
%
Weighted average number of common shares outstanding: Basic
34,155
33,656
Diluted
34,160
34,007
nm- not meaningful AMERICAN SOFTWARE, INC. NON-GAAP MEASURES OF PERFORMANCE (In thousands, except per share data, unaudited)First Quarter Ended
July 31,
2023
2022
Pct Chg.
NON-GAAP Operating Earnings: Operating Earnings (GAAP Basis)$
1,567
$
2,557
(39
%)
Amortization of acquisition-related intangibles
233
99
135
%
Stock-based compensation
1,553
1,306
19
%
NON-GAAP Operating Earnings:
3,353
3,962
(15
%)
Non-GAAP Operating Earnings, as a % of revenue
11
%
13
%
First Quarter Ended
July 31,
2023
2022
Pct Chg.
NON-GAAP EBITDA: Net Earnings (GAAP Basis)$
2,748
$
2,133
29
%
Income Tax Expense
706
543
30
%
Interest Income & Other, Net
(1,887
)
(119
)
1486
%
Amortization of intangibles
371
556
(33
%)
Depreciation
360
212
70
%
EBITDA (earnings before interest, taxes, depreciation and amortization)
2,298
3,325
(31
%)
Stock-based compensation
1,553
1,306
19
%
Adjusted EBITDA$
3,851
$
4,631
(17
%)
EBITDA, as a percentage of revenues
8
%
11
%
Adjusted EBITDA, as a percentage of revenues
13
%
15
%
First Quarter Ended
July 31,
2023
2022
Pct Chg.
NON-GAAP EARNINGS PER SHARE: Net Earnings (GAAP Basis)$
2,748
$
2,133
29
%
Amortization of acquisition-related intangibles (2)
185
79
134
%
Stock-based compensation (2)
1,236
1,041
19
%
Adjusted Net Earnings$
4,169
$
3,253
28
%
Adjusted non-GAAP diluted earnings per share$
0.12
$
0.10
20
%
First Quarter Ended
July 31,
2023
2022
Pct Chg.
NON-GAAP Earnings Per Share Net Earnings (GAAP Basis)$
0.08
$
0.06
33
%
Amortization of acquisition-related intangibles (2)
-
-
-
Stock-based compensation (2)
$
0.04
0.04
0
%
Adjusted Net Earnings$
0.12
$
0.10
20
%
First Quarter Ended
July 31,
2023
2022
Pct Chg.
Amortization of acquisition-related intangibles Cost of Subscription Services$
208
$
75
-
Operating expenses
25
24
4
%
Total amortization of acquisition-related intangibles$
233
$
99
135
%
Stock-based compensation Cost of revenues$
78
$
41
90
%
Research and development
173
149
16
%
Sales and marketing
347
218
59
%
General and administrative
955
898
6
%
Total stock-based compensation$
1,553
$
1,306
19
%
(1) - Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A and Class B shares under the two-class method are $0.08 and $0.06 for the three months ended July 31, 2023 and 2022, respectively. (2) - Tax affected using the effective tax rate excluding a discrete item related to excess tax benefit for stock options for the three month period ended July 31, 2023 of 20.4%. Tax affected using the effective tax rate excluding a discrete item related to excess tax benefit for stock options for the three month period ended July 31, 2022 of 20.3%. nm- not meaningful AMERICAN SOFTWARE, INC. Consolidated Balance Sheet Information (In thousands) (Unaudited)July 31,
April 30,
2023
2023
Cash and Cash Equivalents$
93,887
$
90,696
Short-term Investments
20,957
23,451
Accounts Receivable: Billed
21,220
25,405
Unbilled
2,817
2,604
Total Accounts Receivable, net
24,037
28,009
Prepaids & Other
5,825
7,833
Current Assets
144,706
149,989
Investments - Non-current
485
486
PP&E, net
6,551
6,444
Capitalized Software, net
253
391
Goodwill
29,558
29,558
Other Intangibles, net
1,910
2,143
Other Non-current Assets
7,120
6,609
Total Assets$
190,583
$
195,620
Accounts Payable$
1,532
$
2,142
Accrued Compensation and Related costs
2,461
4,268
Dividend Payable
3,758
3,756
Other Current Liabilities
2,639
2,708
Deferred Revenues - Current
39,797
43,124
Current Liabilities
50,187
55,998
Other Long-term Liabilities
271
288
Total Liabilities
50,458
56,286
Shareholders' Equity
140,125
139,334
Total Liabilities & Shareholders' Equity$
190,583
$
195,620
AMERICAN SOFTWARE, INC.
Condensed Consolidated Cashflow Information (In thousands) (Unaudited)Three Months Ended
July 31,
2023
2022
Net cash provided by operating activities
$
7,168
$
(1,518
)
Purchases of property and equipment, net of disposals
(467
)
(1,572
)
Purchase of business, net of cash acquired
-
(6,500
)
Net cash used in investing activities
(467
)
(8,072
)
Dividends paid
(3,756
)
(3,693
)
Proceeds from exercise of stock options
246
471
Net cash used in financing activities
(3,510
)
(3,222
)
Net change in cash and cash equivalents
3,191
(12,812
)
Cash and cash equivalents at beginning of period
90,696
110,690
Cash and cash equivalents at end of period
$
93,887
$
97,878
View source version on businesswire.com: https://www.businesswire.com/news/home/20230824576813/en/
Financial Information Press Contact: Vincent C. Klinges Chief Financial Officer American Software, Inc. (404) 264-5477
1 Year American Software Chart |
1 Month American Software Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions