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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 9% and Adjusted EBITDA Margin was 16% of revenue from Continuing Operations in Q3
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the third quarter of 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.
Key Third Quarter Financial Highlights from Continuing Operations:
Key Fiscal 2024 Year to Date Financial Highlights from Continuing Operations:
Key Third 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 $78.3 million. During the third quarter of fiscal year 2024, the Company paid shareholder dividends of approximately $3.8 million and purchased approximately 516k American Software Class A shares for $5.4mm under the authorized stock buyback program which we completed this quarter for a total of approximately 946k shares for $10.2 million or an average price of $10.83 per share.
“We delivered solid third quarter results and remain on track to achieve our guidance for fiscal 2024, which is unchanged from the prior quarter,” said Allan Dow, CEO and President of American Software. “Since the start of the new calendar year, we have seen an increase in activity with both existing and prospective customers progressing initiatives to adopt our AI-first supply chain planning solutions. The strength of our pipeline and greater customer engagement leaves us poised for a strong finish to our fiscal 2024.”
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 optimized demand, inventory, manufacturing, and supply planning tools – helping to provide executives the confidence and control to increase margins and service levels, while delivering sustainable supply chains.
Serving clients such as Big Lots, Carter’s, Destination XL, Hostess, Husqvarna Group, Jockey International, Johnson Controls, Parker Hannifin, Red Wing Shoe Company, Spanx, Dole Fresh Vegetables, Inc., and Fender Musical Instrument Co, our solutions are marketed and sold through a direct sales team as well as an independent global value-added reseller distribution network.
Logility’s planning platform leverages Generative AI, advanced AI-driven algorithms, and machine learning. Our engineered approach drives team alignment for over 650 clients in 80 countries with prioritized, value-focused outcomes. For more information about Logility, please visit www.logility.com. Logility is a wholly-owned subsidiary and operating entity of American Software, Inc. (NASDAQ: AMSWA). You can learn more about American Software at www.amsoftware.com or by calling (404) 364-7615 or email kliu@amsoftware.ocom.
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)
Third Quarter Ended
Nine Months Ended
January 31,
January 31,
2024
2023
Pct Chg.
2024
2023
Pct Chg.
Revenues from continuing operations: Subscription fees$
14,114
$
13,003
9
%
$
41,235
$
37,391
10
%
License fees
277
1,017
(73
%)
795
2,025
(61
%)
Professional services & other
3,418
4,758
(28
%)
11,107
15,687
(29
%)
Maintenance
7,727
8,649
(11
%)
23,990
26,384
(9
%)
Total Revenues
25,536
27,427
(7
%)
77,127
81,487
(5
%)
Cost of Revenues from continuing operations: Subscription services
4,944
4,005
23
%
13,768
11,682
18
%
License fees
3
358
(99
%)
168
541
(69
%)
Professional services & other
2,694
3,498
(23
%)
8,610
10,682
(19
%)
Maintenance
1,449
1,607
(10
%)
4,877
4,757
3
%
Total Cost of Revenues
9,090
9,468
(4
%)
27,423
27,662
(1
%)
Gross Margin
16,446
17,959
(8
%)
49,704
53,825
(8
%)
Operating expenses from continuing operations: Research and development
4,546
4,402
3
%
13,064
13,220
(1
%)
Sales and marketing
5,039
4,904
3
%
16,083
15,537
4
%
General and administrative
5,853
5,883
(1
%)
16,775
17,350
(3
%)
Amortization of acquisition-related intangibles
193
25
672
%
346
81
327
%
Total Operating Expenses
15,631
15,214
3
%
46,268
46,188
0
%
Operating Earnings from continuing operations
815
2,745
(70
%)
3,436
7,637
(55
%)
Interest Income & Other, Net
4,417
1,334
231
%
5,726
1,308
338
%
Earnings from continuing operations Before Income Taxes
5,232
4,079
28
%
9,162
8,945
2
%
Income Tax Expense
1,080
907
19
%
1,775
1,882
(6
%)
Net Earnings from continuing operations$
4,152
$
3,172
31
%
$
7,387
$
7,063
5
%
(Loss)/Earnings from discontinuing operations, Net of Income Taxes (1)$
(64
)
$
45
nm$
1,812
$
323
461
%
Net Earnings$
4,088
$
3,217
27
%
$
9,199
#$
7,386
25
%
Earnings per common share from continuing operations: (2) Basic$
0.12
$
0.09
33
%
$
0.22
$
0.21
5
%
Diluted$
0.12
$
0.09
33
%
$
0.22
$
0.21
5
%
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$
0.12
$
0.09
33
%
$
0.27
$
0.22
23
%
Diluted$
0.12
$
0.09
33
%
$
0.27
$
0.22
23
%
Weighted average number of common shares outstanding: Basic
33,292
33,759
33,842
33,711
Diluted
33,337
33,965
33,866
34,006
nm- not meaningfulAMERICAN SOFTWARE, INC.
NON-GAAP MEASURES OF PERFORMANCE
(In thousands, except per share data, unaudited)
Third Quarter Ended
Nine Months Ended
January 31,
January 31,
2024
2023
Pct Chg.
2024
2023
Pct Chg.
NON-GAAP Operating Earnings: Operating Earnings from continuing operations (GAAP Basis)$
815
$
2,745
(70
%)
$
3,436
$
7,637
(55
%)
Amortization of acquisition-related intangibles
1,168
233
401
%
2,195
602
265
%
Stock-based compensation
1,586
1,294
23
%
4,720
3,935
20
%
NON-GAAP Operating Earnings from continuing operations:
3,569
4,272
(16
%)
10,351
12,174
(15
%)
Non-GAAP Operating Earnings from continuing operations, as a % of revenue
14
%
16
%
13
%
15
%
Third Quarter Ended
Nine Months Ended
January 31,
January 31,
2024
2023
Pct Chg.
2024
2023
Pct Chg.
NON-GAAP EBITDA: Net Earnings from continuing operations (GAAP Basis)$
4,152
$
3,172
31
%
$
7,387
$
7,063
5
%
Income Tax Expense
1,080
907
19
%
1,775
1,882
(6
%)
Interest Income & Other, Net
(4,417
)
(1,334
)
231
%
(5,726
)
(1,308
)
338
%
Amortization of intangibles
1,257
495
154
%
2,527
1,583
60
%
Depreciation
377
292
29
%
1,114
805
38
%
EBITDA from continuing operations (earnings before interest, taxes, depreciation and amortization)
2,449
3,532
(31
%)
7,077
10,025
(29
%)
Stock-based compensation
1,586
1,294
23
%
4,720
3,935
20
%
Adjusted EBITDA from continuing operations$
4,035
$
4,826
(16
%)
$
11,797
$
13,960
(15
%)
EBITDA from continuing operations, as a percentage of revenues
10
%
13
%
9
%
12
%
Adjusted EBITDA, from continuing operations, as a percentage of revenues
16
%
18
%
15
%
17
%
Third Quarter Ended
Nine Months Ended
January 31,
January 31,
2024
2023
Pct Chg.
2024
2023
Pct Chg.
NON-GAAP Earnings Per Share Net Earnings from continuing operations (GAAP Basis)$
4,152
$
3,172
31
%
$
7,387
$
7,063
5
%
Amortization of acquisition-related intangibles (3)
927
181
412
%
1,870
473
295
%
Stock-based compensation (3)
1,259
1,006
25
%
4,002
3,107
29
%
Adjusted Net Earnings from continuing operations$
6,338
$
4,359
45
%
$
13,259
$
10,643
25
%
Adjusted non-GAAP diluted earnings per share from continuing operations$
0.19
$
0.13
46
%
$
0.39
$
0.31
26
%
Third Quarter Ended
Nine Months Ended
January 31,
January 31,
2024
2023
Pct Chg.
2024
2023
Pct Chg.
NON-GAAP Earnings Per Share Net Earnings from continuing operations (GAAP Basis)$
0.12
$
0.09
33
%
$
0.22
$
0.21
5
%
Amortization of acquisition-related intangibles (3)
0.03
0.01
-
$
0.05
0.01
400
%
Stock-based compensation (3)$
0.04
0.03
33
%
$
0.12
0.09
33
%
Adjusted Net Earnings from continuing operations$
0.19
$
0.13
46
%
$
0.39
$
0.31
26
%
Third Quarter Ended
Nine Months Ended
January 31,
January 31,
2024
2023
Pct Chg.
2024
2023
Pct Chg.
Amortization of acquisition-related intangibles Cost of Subscription Services$
975
$
208
369
%
$
1,849
$
521
255
%
Operating expenses
193
25
672
%
347
81
328
%
Total amortization of acquisition-related intangibles$
1,168
$
233
401
%
$
2,196
$
602
265
%
Stock-based compensation Cost of revenues$
90
$
70
29
%
$
251
$
178
41
%
Research and development
174
145
20
%
513
437
17
%
Sales and marketing
312
152
105
%
1,040
568
83
%
General and administrative
1,010
927
9
%
2,916
2,752
6
%
Total stock-based compensation$
1,586
$
1,294
23
%
$
4,720
$
3,935
20
%
(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 $0.12 and $0.22 for the three and nine months ended Janaury 31, 2024, respectively. Continuing diluted per share for Class B shares under the two-class method are $0.09 and $0.21 for the three and nine months ended Janaury 31, 2023, 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
Janaury 31, 2024
Three Months
Ended
Janaury 31, 2023
Nine Months
Ended
January 31, 2023
Nine Months
Ended
January 31, 2024
Continuing Operations20.6
%
22.2
%
21.0
%
19.4
%
Discontinuing Operationsnm
0.0
%
0.0
%
23.9
%
Consolidated Operations21.9
%
22.1
%
21.2
%
20.3
%
nm- not meaningfulAMERICAN SOFTWARE, INC.
Consolidated Balance Sheet Information
(In thousands)
(Unaudited)
January 31,
April 30,
2024
2023
Cash and Cash Equivalents
$
55,854
$
90,059
Short-term Investments
22,454
23,451
Accounts Receivable:
Billed
22,796
23,476
Unbilled
1,343
1,569
Total Accounts Receivable, net
24,139
25,045
Prepaid expenses and other current assets
6,973
7,831
Current Assets from discontinuing operations
-
3,603
Total Current Assets
109,420
149,989
PP&E, net
5,897
6,444
Capitalized Software, net
59
391
Goodwill
46,393
29,558
Other Intangibles, net
10,948
2,143
Other Non-current Assets
6,311
6,609
Total Assets
$
179,028
$
195,620
Accounts Payable
$
1,086
$
2,131
Accrued Compensation and Related costs
2,516
4,077
Dividend Payable
3,654
3,756
Other Current Liabilities
3,275
3,638
Current liabilities of discontinued operations
-
318
Current Liabilities
47,685
57,044
Other Long-term Liabilities
249
288
Total Liabilities
47,934
57,332
Shareholders' Equity
131,094
138,288
Total Liabilities & Shareholders' Equity
$
179,028
$
195,620
AMERICAN SOFTWARE, INC. Condensed Consolidated Cashflow Information (In thousands) (Unaudited)
Nine Months Ended
January 31,
2024
2023
Net cash provided by (used in) operating activities of continuing operations
$
7,837
$
(11,574
)
Cash provided by operating activities of discontinued operations
1,554
1,108
Net cash provided by/(used in) operating activities
9,391
(10,466
)
Purchases of property and equipment, net of disposals
(460
)
(3,655
)
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
(24,841
)
(10,155
)
Net cash provided by investing activities of discontinued operations
1,825
-
Net cash used in investing activities
(23,016
)
(10,155
)
Dividends paid
(11,272
)
(11,117
)
Purchases of common stock
(10,235
)
-
Proceeds from exercise of stock options
290
1,654
Net cash used in financing activities of continuing operations
(21,217
)
(9,463
)
Net Cash used in financing activities of discontinued operations
-
-
Net cash used in financing activities
(21,217
)
(9,463
)
Net change in cash and cash equivalents
(34,842
)
(30,084
)
Cash and cash equivalents at beginning of period
90,696
110,690
Cash and cash equivalents at end of period
$
55,854
$
80,606
View source version on businesswire.com: https://www.businesswire.com/news/home/20240222872067/en/
Vincent C. Klinges Chief Financial Officer American Software, Inc. (404) 264-5477
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