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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.17 | -1.66% | 10.07 | 9.65 | 10.60 | 10.415 | 10.03 | 10.21 | 131,228 | 01:00:00 |
Subscription Fee Growth of 8% and Adjusted EBITDA Margin was 16% of revenue from Continuing Operations in Q2
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the second quarter of fiscal year 2024. During the quarter we divested our information technology consulting firm, The Proven Method and its results are included in discontinuing operations.
Key Second Quarter Financial Highlights from Continuing Operations:
Key Fiscal 2024 Year to Date Financial Highlights from Continuing Operations:
Key Second 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 $83.9 million. During the second quarter of fiscal year 2024, the Company paid shareholder dividends of approximately $3.8 million.
“Our company transformation continued in the second quarter with several key events such as the acquisition of AI-native demand forecasting pioneer Garvis, the divestitures of two non-core businesses, information technology consulting firm, The Proven Method and Transportation Rating Solutions and implemented a stock buyback program,” said Allan Dow, CEO and President of American Software. “Supply chain planning is entering a significant transformation with advancements in technology, generational shifts of the workforce, and the significant speed of market charges and disruptions. We have positioned the company to concentrate on delivering modern, breakthrough technology to the supply chain industry. Our guidance for fiscal 2024 has been updated to reflect these transactions.”
Fiscal Year 2024 Financial Outlook from Continuing Operations:
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 (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 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,
2023
2022
Pct Chg.
2023
2022
Pct Chg.
Revenues from continuing operations: Subscription fees$
13,358
$
12,326
8
%
$
27,122
$
24,388
11
%
License fees
229
688
(67
%)
518
1,008
(49
%)
Professional services & other
4,003
5,435
(26
%)
7,689
10,929
(30
%)
Maintenance
8,100
8,830
(8
%)
16,263
17,735
(8
%)
Total Revenues
25,690
27,279
(6
%)
51,592
54,060
(5
%)
Cost of Revenues from continuing operations: Subscription services
4,607
4,059
14
%
8,824
7,677
15
%
License fees
93
94
(1
%)
165
183
(10
%)
Professional services & other
2,856
3,490
(18
%)
5,915
7,184
(18
%)
Maintenance
1,733
1,577
10
%
3,428
3,150
9
%
Total Cost of Revenues
9,289
9,220
1
%
18,332
18,194
1
%
Gross Margin
16,401
18,059
(9
%)
33,260
35,866
(7
%)
Operating expenses from continuing operations: Research and development
4,269
4,364
(2
%)
8,518
8,818
(3
%)
Sales and marketing
5,313
5,229
2
%
11,046
10,630
4
%
General and administrative
5,461
5,884
(7
%)
10,921
11,469
(5
%)
Amortization of acquisition-related intangibles
129
32
303
%
154
56
175
%
Total Operating Expenses
15,172
15,509
(2
%)
30,639
30,973
(1
%)
Operating Earnings from continuing operations
1,229
2,550
(52
%)
2,621
4,893
(46
%)
Interest (Loss) Income & Other, Net
(577
)
(145
)
298
%
1,310
(26
)
nm Earnings from continuing operations Before Income Taxes
652
2,405
(73
%)
3,931
4,867
(19
%)
Income Tax Expense
31
489
(94
%)
696
975
(29
%)
Net Earnings from continuing operations$
621
$
1,916
(68
%)
$
3,235
$
3,892
(17
%)
Earnings from discontinuing operations, Net of Income Taxes (1)$
1,742
$
189
822
%
$
1,876
$
278
575
%
Net Earnings$
2,363
$
2,105
12
%
$
5,111
#$
4,170
23
%
Earnings per common share from continuing operations: (2) Basic$
0.02
$
0.06
(67
%)
$
0.09
$
0.12
(25
%)
Diluted$
0.02
$
0.06
(67
%)
$
0.09
$
0.11
(18
%)
Earnings per common share from discontinuing operations: (2) Basic$
0.05
$
-
0
%
$
0.05
$
0.01
400
%
Diluted$
0.05
$
-
0
%
$
0.05
$
0.01
400
%
Earnings per common share: (2) Basic$
0.07
$
0.06
17
%
$
0.14
$
0.13
8
%
Diluted$
0.07
$
0.06
17
%
$
0.14
$
0.12
17
%
Weighted average number of common shares outstanding: Basic
34,071
33,720
34,113
33,688
Diluted
34,094
34,072
34,127
34,040
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,
2023
2022
Pct Chg.
2023
2022
Pct Chg.
NON-GAAP Operating Earnings: Operating Earnings from continuing operations (GAAP Basis)$
1,229
$
2,550
(52
%)
$
2,621
$
4,893
(46
%)
Amortization of acquisition-related intangibles
795
270
194
%
1,027
369
178
%
Stock-based compensation
1,580
1,335
18
%
3,125
2,633
19
%
NON-GAAP Operating Earnings from continuing operations:
3,604
4,155
(13
%)
6,773
7,895
(14
%)
Non-GAAP Operating Earnings from continuing operations, as a % of revenue
14
%
15
%
13
%
15
%
Second Quarter Ended Six Months Ended October 31, October 31,
2023
2022
Pct Chg.
2023
2022
Pct Chg. NON-GAAP EBITDA: Net Earnings from continuing operations (GAAP Basis)
$
621
$
1,916
(68
%)
$
3,235
$
3,892
(17
%)
Income Tax Expense
31
489
(94
%)
696
975
(29
%)
Interest (Loss) Income & Other, Net
577
145
298
%
(1,310
)
26
nm Amortization of intangibles
899
532
69
%
1,270
1,088
17
%
Depreciation
378
301
26
%
738
513
44
%
EBITDA from continuing operations (earnings before interest, taxes, depreciation and amortization)
2,506
3,383
(26
%)
4,629
6,494
(29
%)
Stock-based compensation
1,580
1,335
18
%
3,125
2,633
19
%
Adjusted EBITDA from continuing operations$
4,086
$
4,718
(13
%)
$
7,754
$
9,127
(15
%)
EBITDA from continuing operations, as a percentage of revenues
10
%
12
%
9
%
12
%
Adjusted EBITDA, from continuing operations, as a percentage of revenues
16
%
17
%
15
%
17
%
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2023
2022
Pct Chg.
2023
2022
Pct Chg.
NON-GAAP EARNINGS PER SHARE: Net Earnings from continuing operations (GAAP Basis)$
621
$
1,916
(68
%)
$
3,235
$
3,892
(17
%)
Amortization of acquisition-related intangibles (3)
757
213
255
%
846
293
189
%
Stock-based compensation (3)
1,505
1,053
43
%
2,572
2,079
24
%
Adjusted Net Earnings from continuing operations$
2,883
$
3,182
(9
%)
$
6,653
$
6,264
6
%
Adjusted non-GAAP diluted earnings per share from continuing operations$
0.08
$
0.09
(11
%)
$
0.19
$
0.18
6
%
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2023
2022
Pct Chg.
2023
2022
Pct Chg.
NON-GAAP Earnings Per Share Net Earnings (GAAP Basis) from continuing operations$
0.02
$
0.06
(67
%)
$
0.09
$
0.11
(18
%)
Amortization of acquisition-related intangibles (3)
0.02
-
-
$
0.02
0.01
100
%
Stock-based compensation (3)$
0.04
0.03
33
%
$
0.08
0.06
33
%
Adjusted Net Earnings from continuing operations$
0.08
$
0.09
(11
%)
$
0.19
$
0.18
6
%
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2023
2022
Pct Chg.
2023
2022
Pct Chg.
Amortization of acquisition-related intangibles Cost of Subscription Services$
666
$
238
180
%
$
874
$
313
179
%
Operating expenses
129
32
303
%
154
56
175
%
Total amortization of acquisition-related intangibles$
795
$
270
194
%
$
1,028
$
369
179
%
Stock-based compensation Cost of revenues$
83
$
67
24
%
$
161
$
108
49
%
Research and development
166
143
16
%
339
292
16
%
Sales and marketing
381
198
92
%
728
416
75
%
General and administrative
950
927
2
%
1,897
1,817
4
%
Total stock-based compensation$
1,580
$
1,335
18
%
$
3,125
$
2,633
19
%
(1) For more information, please see note related to discontinuing operations in the Company’s unaudited condensed consolidated financial statements to be filed on or about December 1, 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 $0.02 and $0.09 for the three and six months ended October 31, 2023, respectively. Continuing diluted per share for Class B shares under the two-class method are $0.06 and $0.11 for the three and six months ended October 31, 2022, respectively. (3) - Continuing and discontinuing operations are tax affected using the effective tax rate excluding a discrete item related to excess tax benefit for stock options in the following table.Three Months Ended
October 31, 2023
Six Months Ended
October 31, 2023
Three Months Ended
October 31, 2022
Six Months Ended
October 31, 2022
Continuing Operations
4.7
%
17.7
%
20.3
%
20.0
%
Discontinuing Operations
21.0
%
21.1
%
21.6
%
28.2
%
Total
17.2
%
19.0
%
20.4
%
20.6
%
nm- not meaningfulAMERICAN SOFTWARE, INC.
Consolidated Balance Sheet Information
(In thousands)
(Unaudited)
October 31,
April 30,
2023
2023
Cash and Cash Equivalents$
62,971
$
90,059
Short-term Investments
20,917
23,451
Accounts Receivable: Billed
20,630
23,476
Unbilled
929
1,569
Total Accounts Receivable, net
21,559
25,045
Prepaids & Other
7,785
7,831
Current Assets from discontinuing operations
-
3,603
Total Current Assets
113,232
149,989
Investments - Non-current
-
486
PP&E, net
6,228
6,444
Capitalized Software, net
149
391
Goodwill
46,417
29,558
Other Intangibles, net
11,915
2,143
Other Non-current Assets
5,740
6,609
Total Assets$
183,681
$
195,620
Accounts Payable$
1,080
$
2,131
Accrued Compensation and Related costs
2,845
4,077
Dividend Payable
3,757
3,756
Other Current Liabilities
2,984
3,638
Deferred Revenues - Current
38,310
43,124
Current liabilities of discontinued operations
-
318
Current Liabilities
48,976
57,044
Other Long-term Liabilities
255
288
Total Liabilities
49,231
57,332
Shareholders' Equity
134,450
138,288
Total Liabilities & Shareholders' Equity$
183,681
$
195,620
AMERICAN SOFTWARE, INC.
Condensed Consolidated Cashflow Information
(In thousands)
(Unaudited)
Six Months Ended
October 31,
2023
2022
Net cash provided by (used in) operating activities of continuing operations
$
6,406
$
(11,822
)
Cash provided by operating activities of discontinued operations
1,618
561
Net cash used in operating activities
8,024
(11,261
)
Purchases of property and equipment, net of disposals
(386
)
(2,706
)
Purchase of business, net of cash acquired
(25,108
)
(6,500
)
Net cash used in investing activities of continuing operations
(25,494
)
(9,206
)
Net cash provided by investing activities of discontinued operations
1,826
-
Net cash used in investing activities
(23,668
)
(9,206
)
Dividends paid
(7,514
)
(7,406
)
Purchases of common stock
(4,813
)
-
Proceeds from exercise of stock options
246
1,145
Net cash used in financing activities of continuing operations
(12,081
)
(6,261
)
Net Cash used in financing activities of discontinued operations
-
-
Net cash used in financing activities
(12,081
)
(6,261
)
Net change in cash and cash equivalents
(27,725
)
(26,728
)
Cash and cash equivalents at beginning of period
90,696
110,690
Cash and cash equivalents at end of period
$
62,971
$
83,962
View source version on businesswire.com: https://www.businesswire.com/news/home/20231116829665/en/
Financial Information Press Contact:
Vincent C. Klinges Chief Financial Officer American Software, Inc. (404) 264-5477
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