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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.06 | -0.59% | 10.05 | 9.92 | 11.85 | 10.24 | 10.04 | 10.11 | 111,090 | 01:00:00 |
Adjusted EBITDA Margin of 16% on Subscription Fee Growth of 19%
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the second quarter of fiscal year 2023.
Key Second Quarter Financial Highlights:
Key Fiscal 2023 Year to Date Financial Highlights:
Key Second Quarter of Fiscal Year 2023 highlights:
Clients & Channels
Company & Technology
The overall financial condition of the Company remains strong, with cash and investments of approximately $106.8 million. During the second quarter of fiscal year 2023, the Company paid shareholder dividends of approximately $3.7 million.
“We were pleased to see our adjusted EBITDA margin expand sequentially and year-over-year to nearly 16% despite delayed project starts that impacted our revenue in Q2,” said Allan Dow, CEO and President of American Software. “Although we are adjusting our revenue guidance lower to account for these delays, we are increasing our adjusted EBITDA expectations to reflect the strong performance to date and a more measured pace of investment amid the current global economic environment.”
Fiscal Year 2023 Financial Outlook
About American Software, Inc.
Atlanta-based American Software, Inc. (NASDAQ: AMSWA), through its operating entity Logility delivers an innovative technical 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 (ESG) and Network Optimization aligned with Integrated Business Planning.
Serving clients such as Big Lots, Carter’s, Destination XL, Hostess, Husqvarna Group, Jockey International, Johnson Controls, Parker Hannifin, Red Wing Shoe Company, Spanx, Trident Seafoods Corporation, and WEG; 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. (NASDAQ: AMSWA). 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
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 (loss)/income & other, net, and income tax expense. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest (loss)/income & other, net, income tax expense/(benefit) 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,
2022
2021
Pct Chg.
2022
2021
Pct Chg.
Revenues: Subscription fees$
12,326
$
10,361
19
%
$
24,388
$
20,149
21
%
License fees
688
805
(15
%)
1,008
1,297
(22
%)
Professional services & other
9,594
10,779
(11
%)
19,603
20,308
(3
%)
Maintenance
8,830
9,266
(5
%)
17,735
18,728
(5
%)
Total Revenues
31,438
31,211
1
%
62,734
60,482
4
%
Cost of Revenues: Subscription services
4,059
3,404
19
%
7,677
6,628
16
%
License fees
94
198
(53
%)
183
357
(49
%)
Professional services & other
6,847
7,477
(8
%)
14,151
14,487
(2
%)
Maintenance
1,577
1,746
(10
%)
3,150
3,720
(15
%)
Total Cost of Revenues
12,577
12,825
(2
%)
25,161
25,192
0
%
Gross Margin
18,861
18,386
3
%
37,573
35,290
6
%
Operating expenses: Research and development
4,364
4,278
2
%
8,818
8,702
1
%
Sales and marketing
5,697
5,892
(3
%)
11,609
12,012
(3
%)
General and administrative
6,001
5,476
10
%
11,766
10,010
18
%
Amortization of acquisition-related intangibles
32
53
(40
%)
56
106
(47
%)
Total Operating Expenses
16,094
15,699
3
%
32,249
30,830
5
%
Operating Earnings
2,767
2,687
3
%
5,324
4,460
19
%
Interest (Loss)/Income & Other, Net
(145
)
930
nm
(26
)
1,367
nm Earnings Before Income Taxes
2,622
3,617
(28
%)
5,298
5,827
(9
%)
Income Tax Expense/(Benefit)
541
303
79
%
1,084
(434
)
nm Net Earnings$
2,081
$
3,314
(37
%)
$
4,214
$
6,261
(33
%)
Earnings per common share: (1) Basic$
0.06
$
0.10
(40
%)
$
0.12
$
0.19
(37
%)
Diluted$
0.06
$
0.10
(40
%)
$
0.12
$
0.18
(33
%)
Weighted average number of common shares outstanding: Basic
33,720
33,336
33,688
33,195
Diluted
34,072
34,684
34,040
34,448
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,
2022
2021
Pct Chg.
2022
2021
Pct Chg.
NON-GAAP Operating Earnings: Operating Earnings (GAAP Basis)$
2,767
$
2,687
3
%
$
5,324
$
4,460
19
%
Amortization of acquisition-related intangibles
270
53
409
%
369
106
248
%
Stock-based compensation
1,343
1,042
29
%
2,649
1,817
46
%
NON-GAAP Operating Earnings:
4,380
3,782
16
%
8,342
6,383
31
%
Non-GAAP Operating Earnings, as a % of revenue
14
%
12
%
13
%
11
%
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2022
2021
Pct Chg.
2022
2021
Pct Chg.
NON-GAAP EBITDA: Net Earnings (GAAP Basis)$
2,081
$
3,314
(37
%)
$
4,214
$
6,261
(33
%)
Income Tax Expense/(Benefit)
541
303
79
%
1,084
(434
)
nm Interest (Loss)/Income & Other, Net
145
(930
)
nm
26
(1,367
)
nm Amortization of intangibles
532
860
(38
%)
1,088
1,816
(40
%)
Depreciation
301
179
68
%
513
353
45
%
EBITDA (earnings before interest, taxes, depreciation and amortization)
3,600
3,726
(3
%)
6,925
6,629
4
%
Stock-based compensation
1,343
1,042
29
%
2,649
1,817
46
%
Adjusted EBITDA$
4,943
$
4,768
4
%
$
9,574
$
8,446
13
%
EBITDA, as a percentage of revenues
11
%
12
%
11
%
11
%
Adjusted EBITDA, as a percentage of revenues
16
%
15
%
15
%
14
%
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2022
2021
Pct Chg.
2022
2021
Pct Chg.
NON-GAAP EARNINGS PER SHARE: Net Earnings (GAAP Basis)$
2,081
$
3,314
(37
%)
$
4,214
$
6,261
(33
%)
Amortization of acquisition-related intangibles (2)
209
43
386
%
288
85
239
%
Stock-based compensation (2)
1,041
836
25
%
2,066
1,456
42
%
Adjusted Net Earnings$
3,331
$
4,193
(21
%)
$
6,568
$
7,802
(16
%)
Adjusted non-GAAP diluted earnings per share$
0.10
$
0.12
(17
%)
$
0.19
$
0.23
(17
%)
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2022
2021
Pct Chg.
2022
2021
Pct Chg.
NON-GAAP Earnings Per Share Net Earnings (GAAP Basis)$
0.06
$
0.10
(40
%)
$
0.12
$
0.18
(33
%)
Amortization of acquisition-related intangibles (2)
0.01
-
-
0.01
-
-
Stock-based compensation (2)
0.03
0.02
50
%
0.06
0.05
20
%
Adjusted Net Earnings
0.10
$
0.12
(17
%)
0.19
$
0.23
(17
%)
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2022
2021
Pct Chg.
2022
2021
Pct Chg.
Amortization of acquisition-related intangibles Cost of Subscription Services$
238
$
-
-
$
313
$
-
-
Operating expenses
32
53
(40
%)
56
106
(47
%)
Total amortization of acquisition-related intangibles$
270
$
53
409
%
$
369
$
106
248
%
Stock-based compensation Cost of revenues$
67
$
68
(1
%)
$
108
$
129
(16
%)
Research and development
143
99
44
%
292
167
75
%
Sales and marketing
198
174
14
%
416
317
31
%
General and administrative
935
701
33
%
1,833
1,204
52
%
Total stock-based compensation$
1,343
$
1,042
29
%
$
2,649
$
1,817
46
%
(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 $0.12 for the three and six months ended October 31, 2022, respectively. Diluted per share for Class B shares under the two-class method are $0.10 and $0.19 for the three and six months ended October 31, 2021, respectively. (2) - Tax affected using the effective tax rate excluding a discrete item related to excess tax benefit for stock options for the three and six month periods ended October 31, 2022 of 22.5% and 22.0% and 19.8% for the three and six month periods ended October 31, 2021, respectively. nm- not meaningful AMERICAN SOFTWARE, INC. Consolidated Balance Sheet Information (In thousands) (Unaudited)October 31,
April 30,
2022
2022
Cash and Cash Equivalents$
83,962
$
110,690
Short-term Investments
22,805
16,826
Accounts Receivable: Billed
24,127
20,619
Unbilled
2,690
2,989
Total Accounts Receivable, net
26,817
23,608
Prepaids & Other
5,384
5,067
Current Assets
138,968
156,191
PP&E, net
5,847
3,654
Capitalized Software, net
867
1,586
Goodwill
29,558
25,888
Other Intangibles, net
2,609
147
Deferred Sales Commissions - Non-current
1,702
2,050
Lease Right of Use Assets
646
935
Other Non-current Assets
2,815
2,384
Total Assets$
183,012
$
192,835
Accounts Payable$
2,485
$
2,506
Accrued Compensation and Related costs
3,723
6,918
Dividend Payable
3,711
3,700
Operating Lease Obligation - Current
441
541
Other Current Liabilities
2,361
1,871
Deferred Revenues - Current
36,008
41,953
Current Liabilities
48,729
57,489
Operating Lease Obligation - Non-current
250
461
Deferred Tax Liability - Non-current
-
1,772
Other Long-term Liabilities
465
137
Long-term Liabilities
715
2,370
Total Liabilities
49,444
59,859
Shareholders' Equity
133,568
132,976
Total Liabilities & Shareholders' Equity$
183,012
$
192,835
AMERICAN SOFTWARE, INC. Condensed Consolidated Cashflow Information (In thousands) (Unaudited)Six Months Ended
October 31,
2022
2021
Net cash provided by operating activities$
(11,261
)
$
7,712
Purchases of property and equipment, net of disposals
(2,706
)
(615
)
Purchase of business, net of cash acquired
(6,500
)
-
Net cash used in investing activities
(9,206
)
(615
)
Dividends paid
(7,406
)
(7,268
)
Proceeds from exercise of stock options
1,145
5,714
Net cash used in financing activities
(6,261
)
(1,554
)
Net change in cash and cash equivalents
(26,728
)
5,543
Cash and cash equivalents at beginning of period
110,690
88,658
Cash and cash equivalents at end of period
$
83,962
$
94,201
View source version on businesswire.com: https://www.businesswire.com/news/home/20221117006058/en/
Financial Information Press Contact:
Vincent C. Klinges Chief Financial Officer American Software, Inc. (404) 264-5477
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