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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.04 | -0.39% | 10.09 | 10.08 | 10.10 | 10.22 | 10.0327 | 10.13 | 40,737 | 19:03:23 |
Subscription Fees Increased 43%, Cloud Services Annual Contract Value Increased 36% and Operating Earnings Increased 11% for the Quarter
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the first quarter of fiscal year 2021.
Key First Quarter Financial Highlights:
The overall financial condition of the Company remains strong, with cash and investments of approximately $93.0 million, an increase of over $5.0 million when compared to July 31, 2019, and no debt as of July 31, 2020. During the first quarter of fiscal 2021, the Company paid shareholder dividends of approximately $3.5 million.
“Overall we are pleased with our 43% growth in Subscription Fees and 36% increase in Annual Contract Value during the first quarter fiscal 2021 as we continue to navigate through these uncertain times.,” said Allan Dow, CEO and president of American Software. “The turbulent global economy due to the ongoing pandemic has put heightened attention on supply chain effectiveness and as a result we see strong momentum for our solutions and services. Strong customer retention and satisfaction along with increasing momentum in cloud-based deployments delivered recurring revenue that represents 61% of the first quarter revenue.”
“Companies today must focus on creating a resilient enterprise that is agile and responsive to minimize the impact of disruptions and be able to seize new opportunities. Our innovative, cloud-based digital platform helps companies accelerate decision making to stay ahead of market changes,” Dow continued. “Our efforts and advancements in artificial intelligence (AI) and machine learning (ML) help leading businesses around the world automate routine processes and augment their employee’s capabilities to provide focus and to make better decisions faster.”
Additional highlights for the first quarter of fiscal 2021 include:
Customers & Channels
Company and Technology
About American Software, Inc.
Atlanta-based American Software, Inc. (NASDAQ: AMSWA), delivers innovative AI-powered supply chain management and advanced retail planning platforms. Logility, Inc., a wholly-owned subsidiary of American Software, is accelerating digital supply chain optimization and advanced retail planning from product concept to customer availability and companies transform their supply chain operations to gain a competitive advantage. Recognized for its high-touch approach to customer service, rapid implementations and industry-leading return on investment (ROI), Logility customers include Big Lots, Husqvarna Group, Parker Hannifin, Sonoco Products, Red Wing Shoe Company and VF Corporation. Demand Management, Inc., a wholly-owned subsidiary of Logility, delivers affordable, easy-to-use Software-as-a-Service (SaaS) supply chain planning solutions designed to increase forecast accuracy, improve customer service and reduce inventory to maximize profits and lower costs. Demand Management serves customers such as Siemens Healthcare, AutomationDirect.com and Newfoundland Labrador Liquor Corporation. New Generation Computing, Inc., a wholly-owned subsidiary of American Software, powers the digital supply chain to enable brand owners and retailers to maximize revenue and profit by accelerating lead times, streamlining product development, and optimizing sourcing and distribution. NGC customers include Brooks Brothers, Carter’s, Destination XL, Fanatics, Foot Locker, Jockey International, Lacoste and Spanx. The comprehensive American Software supply chain and retail planning portfolio 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, retail merchandise and assortment planning and allocation, product lifecycle management (PLM), sourcing management, and vendor quality and compliance. For more information about American Software, please visit www.amsoftware.com, call (800) 726-2946 or email: ask@amsoftware.com.
Operating and Non-GAAP Financial Measures
The Company includes operating measures (ACV) and other 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 ACV, 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. ACV is a forward-looking operating measure used by management to better understand cloud services (SaaS and other related cloud services) revenue trends within the Company’s business, as it reflects the Company’s current estimate of revenue to be generated under existing customer contracts in the forward 12-month period. 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 to differ materially from those anticipated by statements made herein. These factors include, but are not limited to, changes in general economic conditions, technology and the market for the Company's products and services, including economic conditions within the e-commerce markets; the timely availability and market acceptance of these products and services; 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; the challenges and risks associated with integration of acquired product lines and companies; the effect of competitive products and pricing; the uncertainty of the viability and effectiveness of strategic alliances; and the irregular pattern of the Company's revenues. 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: Vincent C. Klinges, Chief Financial Officer, American Software, Inc., (404) 264-5477 or fax: (404) 264-5298.
American Software® is a registered trademark of American Software, Inc.; Logility® is a registered trademark of Logility, Inc.; and Demand Solutions® is a registered trademark of Demand Management, Inc. Other products mentioned in this document are registered marks, trademarks or service marks of their respective owners.
AMERICAN SOFTWARE, INC.
Consolidated Statements of Operations Information
(In thousands, except per share data, unaudited)
First Quarter Ended
July 31,
2020
2019
Pct Chg.
Revenues:
Subscription fees
$ 6,363
$ 4,458
43%
License fees
787
1,778
(56%)
Professional services & other
9,814
10,137
(3%)
Maintenance
10,314
11,010
(6%)
Total Revenues
27,278
27,383
0%
Cost of Revenues:
Subscription services
2,759
2,125
30%
License fees
675
1,380
(51%)
Professional services & other
7,830
7,405
6%
Maintenance
1,773
1,851
(4%)
Total Cost of Revenues
13,037
12,761
2%
Gross Margin
14,241
14,622
(3%)
Operating expenses:
Research and development
4,340
4,613
(6%)
Less: capitalized development
(245)
(1,285)
(81%)
Sales and marketing
4,744
5,579
(15%)
General and administrative
4,464
4,788
(7%)
Provision for doubtful accounts
-
33
-
Amortization of acquisition-related intangibles
53
97
(45%)
Total Operating Expenses
13,356
13,825
(3%)
Operating Earnings
885
797
11%
Interest Income & Other, Net
1,332
525
154%
Earnings Before Income Taxes
2,217
1,322
68%
Income Tax Expense
183
170
8%
Net Earnings
$ 2,034
$ 1,152
77%
Earnings per common share: (1)
Basic
$ 0.06
$ 0.04
50%
Diluted
$ 0.06
$ 0.04
50%
Weighted average number of common shares outstanding:
Basic
32,339
31,270
Diluted
32,932
31,951
nm- not meaningful
AMERICAN SOFTWARE, INC.
NON-GAAP MEASURES OF PERFORMANCE
(In thousands, except per share data, unaudited)
First Quarter Ended
July 31,
2020
2019
Pct Chg.
NON-GAAP Operating Earnings:
Operating Income (GAAP Basis)
$ 885
$ 797
11%
Amortization of acquisition-related intangibles
312
598
(48%)
Stock-based compensation
546
443
23%
NON-GAAP Operating Earnings:
1,743
1,838
(5%)
Non-GAAP Operating Earnings, as a % of revenue
6%
7%
First Quarter Ended
July 31,
2020
2019
Pct Chg.
NON-GAAP EBITDA:
Net Earnings (GAAP Basis)
$ 2,034
$ 1,152
77%
Income Tax Expense
183
170
8%
Interest Income & Other, Net
(1,332)
(525)
154%
Amortization of intangibles
1,530
2,085
(27%)
Depreciation
150
160
(6%)
EBITDA (earnings before interest, taxes, depreciation and amortization)
2,565
3,042
(16%)
Stock-based compensation
546
443
23%
Adjusted EBITDA
$ 3,111
$ 3,485
(11%)
EBITDA, as a percentage of revenues
9%
11%
Adjusted EBITDA, as a percentage of revenues
11%
13%
First Quarter Ended
July 31,
2020
2019
Pct Chg.
NON-GAAP EARNINGS PER SHARE:
Net Earnings (GAAP Basis)
$ 2,034
$ 1,152
77%
Amortization of acquisition-related intangibles (2)
286
520
(45%)
Stock-based compensation (2)
501
385
30%
Adjusted Net Earnings
$ 2,821
$ 2,057
37%
Adjusted non-GAAP diluted earnings per share
$ 0.09
$ 0.06
50%
First Quarter Ended
July 31,
2020
2019
Pct Chg.
NON-GAAP Earnings Per Share
Net Earnings (GAAP Basis)
$ 0.06
$ 0.04
50%
Amortization of acquisition-related intangibles (2)
0.01
0.01
0%
Stock-based compensation (2)
0.02
0.01
100%
Adjusted Net Earnings
0.09
$ 0.06
50%
First Quarter Ended
July 31,
2020
2019
Pct Chg.
Amortization of acquisition-related intangibles
Cost of license
$ 258
$ 501
(49%)
Operating expenses
54
97
(44%)
Total amortization of acquisition-related intangibles
$ 312
$ 598
(48%)
Stock-based compensation
Cost of revenues
$ 43
$ 30
43%
Research and development
25
33
(24%)
Sales and marketing
66
76
(13%)
General and administrative
412
304
36%
Total stock-based compensation
$ 546
$ 443
23%
(1) - 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. Diluted per share for Class B shares under the two-class method are $0.06 and $0.04 for the three months ended July 31, 2020 and 2019, respectively.
(2) - Tax affected using the effective tax rate for the three month periods ended July 31, 2020 and 2019.
nm- not meaningful
AMERICAN SOFTWARE, INC.
Consolidated Balance Sheet Information
(In thousands)
(Unaudited)
July 31,
April 30,
2020
2020
Cash and Cash Equivalents
$ 79,766
$ 79,814
Short-term Investments
12,727
14,161
Accounts Receivable:
Billed
24,443
22,582
Unbilled
2,018
2,425
Total Accounts Receivable, net
26,461
25,007
Prepaids & Other
6,293
6,684
Current Assets
125,247
125,666
Investments - Non-current
526
701
PP&E, net
3,340
3,373
Capitalized Software, net
7,389
8,362
Goodwill
25,888
25,888
Other Intangibles, net
821
1,132
Deferred Sales Commissions - Non-current
1,980
2,177
Lease Right of Use Assets
1,920
2,053
Other Non-current Assets
2,009
1,941
Total Assets
$ 169,120
$ 171,293
Accounts Payable
$ 2,005
$ 1,643
Accrued Compensation and Related costs
4,126
6,636
Dividend Payable
3,571
3,547
Operating Lease Obligation - Current
782
763
Other Current Liabilities
1,002
643
Deferred Revenues - Current
32,488
34,227
Current Liabilities
43,974
47,458
Operating Lease Obligation - Non-current
1,265
1,424
Deferred Tax Liability - Non-current
2,958
2,897
Other Long-term Liabilities
109
92
Long-term Liabilities
4,332
4,413
Total Liabilities
48,306
51,871
Shareholders' Equity
120,814
119,422
Total Liabilities & Shareholders' Equity
$ 169,120
$ 171,293
AMERICAN SOFTWARE, INC.
Condensed Consolidated Cashflow Information
(In thousands)
(Unaudited)
First Quarter Ended
July 31,
2020
2019
Net cash provided by operating activities
$ 1,479
$ 4,811
Capitalized computer software development costs
(245)
(1,285)
Purchases of property and equipment, net of disposals
(118)
(110)
Net cash used in investing activities
(363)
(1,395)
Dividends paid
(3,547)
(3,434)
Proceeds from exercise of stock options
2,383
1,452
Net cash used in financing activities
(1,164)
(1,982)
Net change in cash and cash equivalents
(48)
1,434
Cash and cash equivalents at beginning of period
79,814
61,288
Cash and cash equivalents at end of period
$ 79,766
$ 62,722
View source version on businesswire.com: https://www.businesswire.com/news/home/20200826005664/en/
Vincent C. Klinges Chief Financial Officer American Software, Inc. (404) 264-5477
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