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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.045 | 0.45% | 10.065 | 10.06 | 10.07 | 10.10 | 9.91 | 9.98 | 36,091 | 16:51:22 |
Return to Double-Digit Revenue Growth Driven by Continued Strong Growth in Subscription Fees
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the second quarter of fiscal year 2022.
Key Second Quarter Financial Highlights:
Key Fiscal 2022 Year to Date Financial Highlights:
The overall financial condition of the Company remains strong, with cash and investments of approximately $111.3 million, an increase of approximately $16.7 million when compared to October 31, 2020, and no debt as of October 31, 2021. During the second quarter of fiscal year 2022, the Company paid shareholder dividends of approximately $3.7 million.
“Our second quarter of fiscal year 2022 is off to a solid start with two consecutive quarters of double-digit growth in our Supply Chain Management segment and a 44% increase in Cloud Services ACV when compared to the same period last year,” said Allan Dow, CEO and president of American Software. “Our backlog as measured by our Remaining Performance Obligations (RPO) increased 58% to $123 million in the second quarter when compared to last year, reflecting a new record for the company. As we head into our seasonally stronger second half, we expect to build upon our momentum as we execute against our growing pipeline and as enterprises increasingly adopt cloud-based supply chain transformation solutions.”
“This past quarter also emphasized that sustainability initiatives are becoming increasingly influential to consumers and, consequently, businesses. Many companies are evaluating their social and environmental initiatives and are finding that a majority of their impact can be traced back to their supply chain practices,” continued Dow. “This is driving companies of all sizes to lean on technology to measure their emissions and identify opportunities for improvement. We believe the future of supply chain sustainability is rooted in transparency, traceability and automation.”
Key Second quarter of fiscal year 2022 highlights:
Customers & Channels
Company and Technology
About American Software, Inc.
Atlanta-based American Software, Inc. (NASDAQ: AMSWA), through its operating entities, delivers an innovative technical platform with AI-powered capabilities for supply chain management and advanced retail planning that is accelerating digital supply chain optimization from product concept to customer availability. Logility, Inc. is helping large enterprise 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 and Red Wing Shoe Company. Demand Management, Inc. delivers affordable, easy-to-use 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. Customers of New Generation Computing, Inc. which are now serviced by Logility and Demand Management, include Brooks Brothers, Carter’s, Destination XL, Foot Locker, Jockey International, Lacoste and Spanx. The comprehensive American Software supply chain and retail planning 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, retail merchandise and assortment planning and allocation, product lifecycle management (PLM), sourcing management, vendor quality and compliance, and product traceability. For more information about American Software, please visit www.amsoftware.com, call (626) 657-0013 or email kliu@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/(expense) & other, net, and income tax (benefit)/expense. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax (benefit)/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)
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2021
2020
Pct Chg.
2021
2020
Pct Chg.
Revenues:
Subscription fees
$
10,361
$
6,966
49
%
$
20,149
$
13,329
51
%
License fees
805
450
79
%
1,297
1,237
5
%
Professional services & other
10,779
10,242
5
%
20,308
20,056
1
%
Maintenance
9,266
10,223
(9
%)
18,728
20,537
(9
%)
Total Revenues
31,211
27,881
12
%
60,482
55,159
10
%
Cost of Revenues:
Subscription services
3,404
2,946
16
%
6,628
5,705
16
%
License fees
198
553
(64
%)
357
1,228
(71
%)
Professional services & other
7,477
7,624
(2
%)
14,487
15,454
(6
%)
Maintenance
1,746
1,941
(10
%)
3,720
3,714
0
%
Total Cost of Revenues
12,825
13,064
(2
%)
25,192
26,101
(3
%)
Gross Margin
18,386
14,817
24
%
35,290
29,058
21
%
Operating expenses:
Research and development
4,278
4,463
(4
%)
8,702
8,803
(1
%)
Less: capitalized development
-
(126
)
(100
%)
-
(371
)
(100
%)
Sales and marketing
5,892
5,429
9
%
12,012
10,173
18
%
General and administrative
5,476
4,367
25
%
10,010
8,831
13
%
Amortization of acquisition-related intangibles
53
53
0
%
106
106
0
%
Total Operating Expenses
15,699
14,186
11
%
30,830
27,542
12
%
Operating Earnings
2,687
631
326
%
4,460
1,516
194
%
Interest Income/(Expense) & Other, Net
930
(42
)
nm
1,367
1,290
6
%
Earnings Before Income Taxes
3,617
589
514
%
5,827
2,806
108
%
Income Tax Expense/(Benefit)
303
(103
)
nm
(434
)
80
nm
Net Earnings
$
3,314
$
692
379
%
$
6,261
$
2,726
130
%
Earnings per common share: (1)
Basic
$
0.10
$
0.02
400
%
$
0.19
$
0.08
138
%
Diluted
$
0.10
$
0.02
400
%
$
0.18
$
0.08
125
%
Weighted average number of common shares outstanding:
Basic
33,336
32,489
33,195
32,414
Diluted
34,684
32,896
34,448
32,919
nm- not meaningful
AMERICAN SOFTWARE, INC.
NON-GAAP MEASURES OF PERFORMANCE
(In thousands, except per share data, unaudited)
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2021
2020
Pct Chg.
2021
2020
Pct Chg.
NON-GAAP Operating Earnings:
Operating Earnings (GAAP Basis)
$
2,687
$
631
326
%
$
4,460
$
1,516
194
%
Amortization of acquisition-related intangibles
53
311
(83
%)
106
622
(83
%)
Stock-based compensation
1,042
652
60
%
1,817
1,198
52
%
NON-GAAP Operating Earnings:
3,782
1,594
137
%
6,383
3,336
91
%
Non-GAAP Operating Earnings, as a % of revenue
12
%
6
%
11
%
6
%
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2021
2020
Pct Chg.
2021
2020
Pct Chg.
NON-GAAP EBITDA:
Net Earnings (GAAP Basis)
$
3,314
$
692
379
%
$
6,261
$
2,726
130
%
Income Tax Expense/(Benefit)
303
(103
)
nm
(434
)
80
nm
Interest Income/(Expense) & Other, Net
(930
)
42
nm
(1,367
)
(1,290
)
6
%
Amortization of intangibles
860
1,353
(36
%)
1,816
2,883
(37
%)
Depreciation
179
161
11
%
353
311
14
%
EBITDA (earnings before interest, taxes, depreciation and amortization)
3,726
2,145
74
%
6,629
4,710
41
%
Stock-based compensation
1,042
652
60
%
1,817
1,198
52
%
Adjusted EBITDA
$
4,768
$
2,797
70
%
$
8,446
$
5,908
43
%
EBITDA, as a percentage of revenues
12
%
8
%
11
%
9
%
Adjusted EBITDA, as a percentage of revenues
15
%
10
%
14
%
11
%
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2021
2020
Pct Chg.
2021
2020
Pct Chg.
NON-GAAP EARNINGS PER SHARE:
Net Earnings (GAAP Basis)
$
3,314
$
692
379
%
$
6,261
$
2,726
130
%
Amortization of acquisition-related intangibles (2)
43
272
(84
%)
85
545
(84
%)
Stock-based compensation (2)
836
570
47
%
1,456
1,048
39
%
Adjusted Net Earnings
$
4,193
$
1,534
173
%
$
7,802
$
4,319
81
%
Adjusted non-GAAP diluted earnings per share
$
0.12
$
0.05
140
%
$
0.23
$
0.13
77
%
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2021
2020
Pct Chg.
2021
2020
Pct Chg.
NON-GAAP Earnings Per Share
Net Earnings (GAAP Basis)
$
0.10
$
0.02
400
%
$
0.18
$
0.08
125
%
Amortization of acquisition-related intangibles (2)
-
0.01
(100
%)
-
0.02
(100
%)
Stock-based compensation (2)
0.02
0.02
0
%
0.05
0.03
67
%
Adjusted Net Earnings
0.12
$
0.05
140
%
0.23
$
0.13
77
%
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2021
2020
Pct Chg.
2021
2020
Pct Chg.
Amortization of acquisition-related intangibles
Cost of license
$
-
$
258
(100
%)
$
-
$
516
(100
%)
Operating expenses
53
53
0
%
106
106
0
%
Total amortization of acquisition-related intangibles
$
53
$
311
(83
%)
$
106
$
622
(83
%)
Stock-based compensation
Cost of revenues
$
68
$
23
196
%
$
129
$
66
95
%
Research and development
99
49
102
%
167
74
126
%
Sales and marketing
174
87
100
%
317
153
107
%
General and administrative
701
493
42
%
1,204
905
33
%
Total stock-based compensation
$
1,042
$
652
60
%
$
1,817
$
1,198
52
%
(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 $0.10 and $0.19 for the three and six months ended October 31, 2021, respectively. Diluted per share for Class B shares under the two-class method are $0.02 and $0.09 for the three and six months ended October 31, 2020, respectively.
(2) - Tax affected using the effective tax rate excluding a discrete item related to excess tax benefit for stock options for the three and six month periods ended October 31, 2021 of 19.8% and 12.5% for the three and six month periods ended October 31, 2020, respectively.
nm- not meaningfulAMERICAN SOFTWARE, INC.
Consolidated Balance Sheet Information
(In thousands)
(Unaudited)
October 31,
April 30,
2021
2021
Cash and Cash Equivalents
$
94,201
$
88,658
Short-term Investments
17,163
16,006
Accounts Receivable:
Billed
19,662
24,438
Unbilled
2,475
2,201
Total Accounts Receivable, net
22,137
26,639
Prepaids & Other
7,375
5,320
Current Assets
140,876
136,623
PP&E, net
3,689
3,428
Capitalized Software, net
3,057
4,767
Goodwill
25,888
25,888
Other Intangibles, net
254
360
Deferred Sales Commissions - Non-current
2,256
2,474
Lease Right of Use Assets
1,249
1,454
Other Non-current Assets
2,339
2,163
Total Assets
$
179,608
$
177,157
Accounts Payable
$
1,994
$
1,732
Accrued Compensation and Related costs
4,281
6,129
Dividend Payable
3,676
3,615
Operating Lease Obligation - Current
665
739
Other Current Liabilities
611
1,307
Deferred Revenues - Current
35,968
37,142
Current Liabilities
47,195
50,664
Operating Lease Obligation - Non-current
669
821
Deferred Tax Liability - Non-current
2,527
2,627
Other Long-term Liabilities
370
654
Long-term Liabilities
3,566
4,102
Total Liabilities
50,761
54,766
Shareholders' Equity
128,847
122,391
Total Liabilities & Shareholders' Equity
$
179,608
$
177,157
AMERICAN SOFTWARE, INC.
Condensed Consolidated Cashflow Information
(In thousands)
(Unaudited)
Second Quarter Ended
October 31,
2021
2020
Net cash provided by operating activities
$
7,712
$
6,771
Capitalized computer software development costs
-
(371
)
Purchases of property and equipment, net of disposals
(615
)
(163
)
Net cash used in investing activities
(615
)
(534
)
Dividends paid
(7,268
)
(7,118
)
Proceeds from exercise of stock options
5,714
2,853
Net cash used in financing activities
(1,554
)
(4,265
)
Net change in cash and cash equivalents
5,543
1,972
Cash and cash equivalents at beginning of period
88,658
79,814
Cash and cash equivalents at end of period
$
94,201
$
81,786
View source version on businesswire.com: https://www.businesswire.com/news/home/20211118006228/en/
Vincent C. Klinges Chief Financial Officer American Software, Inc. (404) 264-5477
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