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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.4332 | 5.08% | 8.9532 | 8.95 | 9.00 | 9.24 | 8.51 | 8.56 | 446,131 | 15:32:47 |
Transformative Actions Taken in Fiscal 2024
Subscription Fee Growth of 8% and 10% in Q4 and Fiscal 2024
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the fourth quarter and fiscal year 2024. During the second quarter of fiscal year 2024, we divested our non-core information technology staffing firm, The Proven Method and its results are included in discontinuing operations.
“Fiscal 2024 was a pivotal year for our company, as we divested several non-core assets, introduced next-generation AI-first supply chain planning solutions, and reached a definitive agreement to eliminate our dual class structure,” said Allan Dow, CEO and President of American Software. “As we enter fiscal 2025, our pipeline has expanded meaningfully, thanks in part to increasing client interest in cloud conversions to realize the benefits of our new AI capabilities. Although we expect the rising demand for our solutions to accelerate subscription fee growth, our fiscal 2025 guidance assumes that ongoing macroeconomic headwinds will continue to weigh on customer spending decisions in the near-term.”
Fiscal Year 2025 Financial Outlook from Continuing Operations:
Key Fourth Quarter Financial Highlights from Continuing Operations:
Key Fiscal 2024 Financial Highlights from Continuing Operations:
The overall financial condition of the Company remains strong, with cash and investments of approximately $83.8 million. During the fourth quarter of fiscal year 2024, the Company paid shareholder dividends of approximately $3.7 million.
Key Fourth Quarter and Fiscal Year 2024 highlights:
Clients & Channels
Company & Technology
Earlier in FY2024, Logility released significant solution advancements including:
About American Software, Inc.
Atlanta-based American Software, Inc. (NASDAQ: AMSWA), through its operating entity Logility, delivers optimized demand, inventory, manufacturing, and supply planning tools – helping give executives the confidence and control to increase margins and service levels, while delivering sustainable supply chains.
Logility is a market-leading provider of AI-first supply chain management solutions engineered to help organizations build sustainable digital supply chains that improve people’s lives and the world we live in. The company’s approach is designed to reimagine supply chain planning by shifting away from traditional “what happened” processes to an AI-driven strategy that combines the power of humans and machines to predict and be ready for what’s coming. Logility’s fully integrated, end-to-end platform helps clients know faster, turn uncertainty into opportunity, and transform the supply chain from a cost center to an engine for growth.
With over 650 clients in 80 countries, Logility is proud to partner with some of the world’s leading brands, such as Reynolds Consumer Products, Denso, Sandvik, and Ansell. The company is headquartered in Atlanta, GA. Logility is a wholly-owned subsidiary of American Software, Inc. (NASDAQ: AMSWA). Learn more at www.logility.com. You can learn more about American Software at www.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)Fourth Quarter Ended
Twelve Months Ended
April 30,
April 30,
2024
2023
Pct
Chg.
2024
2023
Pct
Chg.
Revenues from continuing operations: Subscription fees$
14,059
$
13,021
8
%
$
55,294
$
50,412
10
%
License fees
160
727
(78
%)
955
2,752
(65
%)
Professional services & other
3,741
4,844
(23
%)
14,848
20,531
(28
%)
Maintenance
7,428
8,173
(9
%)
31,418
34,557
(9
%)
Total Revenues
25,388
26,765
(5
%)
102,515
108,252
(5
%)
Cost of Revenues from continuing operations: Subscription services
4,440
4,149
7
%
18,208
15,831
15
%
License fees
51
164
(69
%)
219
705
(69
%)
Professional services & other
2,783
3,392
(18
%)
11,393
14,074
(19
%)
Maintenance
1,396
1,652
(15
%)
6,273
6,409
(2
%)
Total Cost of Revenues
8,670
9,357
(7
%)
36,093
37,019
(3
%)
Gross Margin
16,718
17,408
(4
%)
66,422
71,233
(7
%)
Operating expenses from continuing operations: Research and development
4,592
4,547
1
%
17,656
17,767
(1
%)
Sales and marketing
5,360
4,805
12
%
21,443
20,339
5
%
General and administrative
5,897
5,782
2
%
22,672
23,134
(2
%)
Amortization of acquisition-related intangibles
197
25
688
%
543
106
412
%
Total Operating Expenses
16,046
15,159
6
%
62,314
61,346
2
%
Operating Earnings from continuing operations
672
2,249
(70
%)
4,108
9,887
(58
%)
Interest Income & Other, Net
1,749
1,028
70
%
7,475
2,336
220
%
Earnings from continuing operations Before Income Taxes
2,421
3,277
(26
%)
11,583
12,223
(5
%)
Income Tax Expense
114
356
(68
%)
1,889
2,238
(16
%)
Net Earnings from continuing operations$
2,307
$
2,921
(21
%)
$
9,694
$
9,985
(3
%)
(Loss)/Earnings from discontinuing operations, Net of Income Taxes (1)$
(133
)
$
4
nm$
1,679
$
327
413
%
Net Earnings$
2,174
$
2,925
(26
%)
$
11,373
#$
10,312
10
%
Earnings per common share from continuing operations: (2) Basic$
0.07
$
0.09
(22
%)
$
0.29
$
0.29
0
%
Diluted$
0.07
$
0.09
(22
%)
$
0.29
$
0.29
0
%
Earnings per common share from discontinuing operations: (2) Basic$
-
$
-
-
$
0.05
$
0.01
400
%
Diluted$
-
$
-
-
$
0.05
$
0.01
400
%
Earnings per common share: (2) Basic$
0.07
$
0.09
(22
%)
$
0.34
$
0.30
13
%
Diluted$
0.07
$
0.09
(22
%)
$
0.34
$
0.30
13
%
Weighted average number of common shares outstanding: Basic
33,220
33,916
33,689
33,761
Diluted
33,292
33,993
33,725
33,992
nm- not meaningful AMERICAN SOFTWARE, INC. NON-GAAP MEASURES OF PERFORMANCE (In thousands, except per share data, unaudited)Fourth Quarter Ended
Twelve Months Ended
April 30,
April 30,
2024
2023
Pct
Chg.
2024
2023
Pct
Chg.
NON-GAAP Operating Earnings: Operating Earnings from continuing operations (GAAP Basis)$
672
$
2,249
(70
%)
$
4,108
$
9,887
(58
%)
Amortization of acquisition-related intangibles
381
233
64
%
2,577
835
209
%
Stock-based compensation
1,600
1,232
30
%
6,320
5,151
23
%
NON-GAAP Operating Earnings from continuing operations:
2,653
3,714
(29
%)
13,005
15,873
(18
%)
Non-GAAP Operating Earnings from continuing operations, as a % of revenue
10
%
14
%
13
%
15
%
Fourth Quarter Ended
Twelve Months Ended
April 30,
April 30,
2024
2023
Pct
Chg.
2024
2023
Pct
Chg.
NON-GAAP EBITDA: Net Earnings from continuing operations (GAAP Basis)$
2,307
$
2,921
(21
%)
$
9,694
$
9,985
(3
%)
Income Tax Expense
114
356
(68
%)
1,889
2,238
(16
%)
Interest Income & Other, Net
(1,749
)
(1,028
)
70
%
(7,475
)
(2,336
)
220
%
Amortization of intangibles
428
447
(4
%)
2,954
2,032
45
%
Depreciation
370
324
14
%
1,485
1,129
32
%
EBITDA from continuing operations (earnings before interest, taxes, depreciation and amortization)
1,470
3,020
(51
%)
8,547
13,048
(34
%)
Stock-based compensation
1,600
1,232
30
%
6,320
5,151
23
%
Adjusted EBITDA from continuing operations$
3,070
$
4,252
(28
%)
$
14,867
$
18,199
(18
%)
EBITDA from continuing operations, as a percentage of revenues
6
%
11
%
8
%
12
%
Adjusted EBITDA, from continuing operations, as a percentage of revenues
12
%
16
%
15
%
17
%
Fourth Quarter Ended
Twelve Months Ended
April 30,
April 30,
2024
2023
Pct
Chg.
2024
2023
Pct
Chg.
NON-GAAP Earnings Per Share Net Earnings from continuing operations (GAAP Basis)$
2,307
$
2,921
(21
%)
$
9,694
$
9,985
(3
%)
Amortization of acquisition-related intangibles (3)
333
204
63
%
2,130
675
216
%
Stock-based compensation (3)
1,400
1,081
30
%
5,224
4,162
26
%
Adjusted Net Earnings from continuing operations$
4,040
$
4,206
(4
%)
$
17,048
$
14,822
15
%
Adjusted non-GAAP diluted earnings per share from continuing operations$
0.12
$
0.12
0
%
$
0.51
$
0.44
16
%
Fourth Quarter Ended
Twelve Months Ended
April 30,
April 30,
2024
2023
Pct
Chg.
2024
2023
Pct
Chg.
NON-GAAP Earnings Per Share Net Earnings from continuing operations (GAAP Basis)$
0.07
$
0.09
(22
%)
$
0.29
$
0.29
0
%
Amortization of acquisition-related intangibles (3)
0.01
-
nm
$
0.06
0.02
200
%
Stock-based compensation (3)
0.04
0.03
33
%
$
0.16
0.13
23
%
Adjusted Net Earnings from continuing operations$
0.12
$
0.12
0
%
$
0.51
$
0.44
16
%
Fourth Quarter Ended
Twelve Months Ended
April 30,
April 30,
2024
2023
Pct
Chg.
2024
2023
Pct
Chg.
Amortization of acquisition-related intangibles Cost of Subscription Services$
184
$
208
(12
%)
$
2,033
$
729
179
%
Operating expenses
197
25
688
%
544
106
413
%
Total amortization of acquisition-related intangibles$
381
$
233
64
%
$
2,577
$
835
209
%
Stock-based compensation Cost of revenues$
85
$
66
29
%
$
336
$
244
38
%
Research and development
172
139
24
%
685
576
19
%
Sales and marketing
362
143
153
%
1,402
711
97
%
General and administrative
981
884
11
%
3,897
3,620
8
%
Total stock-based compensation$
1,600
$
1,232
30
%
$
6,320
$
5,151
23
%
(1) For more information, please see note F related to discontinuing operations in the Company’s unaudited condensed consolidated financial statements filed on December 11, 2023. (2) - Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Continuing operations diluted per share for Class B shares under the two-class method are $0.07 and $0.29 for the three and twelve months ended April 30, 2024, respectively. Continuing diluted per share for Class B shares under the two-class method are $0.09 and $0.29 for the three and twelve months ended April 30, 2023, respectively. (3) -Continuing and discontinuing operations are tax affected using the effective tax rate excluding discrete items in the following table.Three Months
Ended
April 30, 2024
Three Months
Ended
April 30, 2023
Twelve Months
Ended
April 30, 2024
Twelve Months
Ended
April 30, 2023
Continuing Operations12.5
%
12.3
%
17.3
%
19.2
%
Discontinuing Operationsnm
94.9
%
29.4
%
41.0
%
Consolidated Operations18.0
%
12.8
%
19.4
%
20.2
%
nm- not meaningful AMERICAN SOFTWARE, INC. Consolidated Balance Sheet Information (In thousands) (Unaudited)April 30,
April 30,
2024
2023
Cash and Cash Equivalents$
59,512
$
90,696
Short-term Investments
24,261
23,451
Accounts Receivable: Billed
28,043
24,653
Unbilled
296
2,604
Total Accounts Receivable, net
28,339
27,257
Prepaid expenses and other current assets
6,584
7,833
Total Current Assets
118,696
149,237
Investments - Non-current
-
486
PP&E, net
5,554
6,444
Capitalized Software, net
11
391
Goodwill
45,782
29,558
Other Intangibles, net
10,567
2,143
Other Non-current Assets
11,834
6,609
Total Assets$
192,444
$
194,868
Accounts Payable$
1,248
$
2,142
Accrued Compensation and Related costs
2,805
4,268
Dividend Payable
3,657
3,756
Other Current Liabilities
5,012
3,733
Deferred Revenues
47,621
43,124
Current Liabilities
60,343
57,023
Other Long-term Liabilities
1,620
288
Total Liabilities
61,963
57,311
Shareholders' Equity
130,481
137,557
Total Liabilities & Shareholders' Equity$
192,444
$
194,868
AMERICAN SOFTWARE, INC. Condensed Consolidated Cashflow Information (In thousands) (Unaudited)Twelve Months Ended
April 30,
2024
2023
Net cash provided by (used in) operating activities of continuing operations
$
15,132
$
(739
)
Cash provided by operating activities of discontinued operations
1,679
359
Net cash provided by operating activities
16,811
(380
)
Purchases of property and equipment, net of disposals
(567
)
(3,922
)
Purchase of business, net of cash acquired
(25,041
)
(6,500
)
Proceeds from sale of business
660
-
Net cash used in investing activities of continuing operations
(24,948
)
(10,422
)
Net cash provided by investing activities of discontinued operations
1,825
-
Net cash used in investing activities
(23,123
)
(10,422
)
Dividends paid
(14,927
)
(14,833
)
Purchases of common stock
(10,235
)
-
Proceeds from exercise of stock options
290
5,641
Net cash used in financing activities of continuing operations
(24,872
)
(9,192
)
Net Cash used in financing activities of discontinued operations
-
-
Net cash used in financing activities
(24,872
)
(9,192
)
Net change in cash and cash equivalents
(31,184
)
(19,994
)
Cash and cash equivalents at beginning of period
90,696
110,690
Cash and cash equivalents at end of period
$
59,512
$
90,696
View source version on businesswire.com: https://www.businesswire.com/news/home/20240606888079/en/
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