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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.11 | -1.09% | 10.02 | 9.65 | 10.33 | 10.22 | 10.01 | 10.13 | 105,359 | 21:25:01 |
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Georgia
|
|
58-1098795
|
(State or other jurisdiction of
incorporation or organization)
|
|
(IRS Employer
Identification Number)
|
|
||
470 East Paces Ferry Road, N.E., Atlanta, Georgia
|
|
30305
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
|
☐
|
|
Accelerated filer
|
|
☒
|
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|
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|
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Non-accelerated filer
|
|
☐
|
|
Smaller reporting company
|
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☐
|
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|
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|
|
|
|
|
|
Emerging growth company
|
|
☐
|
Classes
|
|
Outstanding at March 5, 2019
|
Class A Common Stock, $.10 par value
|
|
29,303,235 Shares
|
Class B Common Stock, $.10 par value
|
|
1,821,587 Shares
|
|
Page No
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
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Item 1.
|
Financial Statements
|
|
January 31,
2019 |
|
April 30,
2018 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
55,058
|
|
|
$
|
52,794
|
|
Investments
|
28,106
|
|
|
26,121
|
|
||
Trade accounts receivable, less allowance for doubtful accounts of $132 at January 31, 2019 and $159 at April 30, 2018:
|
|
|
|
||||
Billed
|
20,298
|
|
|
18,643
|
|
||
Unbilled
|
2,992
|
|
|
3,375
|
|
||
Prepaid expenses and other current assets
|
6,184
|
|
|
6,592
|
|
||
Total current assets
|
112,638
|
|
|
107,525
|
|
||
Investments—noncurrent
|
998
|
|
|
8,893
|
|
||
Property and equipment, net of accumulated depreciation of $29,130 at January 31, 2019 and $28,644 at April 30, 2018
|
3,562
|
|
|
3,034
|
|
||
Capitalized software, net of accumulated amortization of $27,506 at January 31, 2019 and $24,113 at April 30, 2018
|
10,497
|
|
|
9,728
|
|
||
Goodwill
|
25,888
|
|
|
25,888
|
|
||
Other intangibles, net of accumulated amortization of $10,047 at January 31, 2019 and $8,255 at April 30, 2018
|
3,328
|
|
|
5,120
|
|
||
Other assets
|
3,910
|
|
|
2,777
|
|
||
Total assets
|
$
|
160,821
|
|
|
$
|
162,965
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
1,789
|
|
|
$
|
1,974
|
|
Accrued compensation and related costs
|
2,909
|
|
|
6,310
|
|
||
Dividends payable
|
3,417
|
|
|
3,367
|
|
||
Other current liabilities
|
1,279
|
|
|
1,246
|
|
||
Deferred revenue
|
32,947
|
|
|
33,226
|
|
||
Total current liabilities
|
42,341
|
|
|
46,123
|
|
||
Deferred income taxes
|
3,027
|
|
|
2,615
|
|
||
Long-term deferred revenue
|
—
|
|
|
147
|
|
||
Other long-term liabilities
|
1,097
|
|
|
1,496
|
|
||
Total liabilities
|
46,465
|
|
|
50,381
|
|
||
Shareholders’ equity:
|
|
|
|
||||
Common stock:
|
|
|
|
||||
Class A, $.10 par value. Authorized 50,000,000 shares: 33,833,676 and 29,245,044 shares issued and outstanding respectively at January 31, 2019 and 33,141,760 and 28,553,128 shares issued and outstanding respectively at April 30, 2018
|
3,383
|
|
|
3,314
|
|
||
Class B, $.10 par value. Authorized 10,000,000 shares: 1,821,587 shares issued and outstanding at January 31, 2019 and 2,057,390 shares issued and outstanding at April 30, 2018; convertible into Class A Common Shares on a one-for-one basis
|
182
|
|
|
205
|
|
||
Additional paid-in capital
|
136,522
|
|
|
131,258
|
|
||
Retained (deficit) earnings
|
(172
|
)
|
|
3,366
|
|
||
Class A treasury stock, 4,588,632 shares at January 31, 2019 and April 30, 2018, at cost
|
(25,559
|
)
|
|
(25,559
|
)
|
||
Total shareholders’ equity
|
114,356
|
|
|
112,584
|
|
||
Commitments and contingencies
|
|
|
|
||||
Total liabilities and shareholders’ equity
|
$
|
160,821
|
|
|
$
|
162,965
|
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
License
|
$
|
1,718
|
|
|
$
|
5,955
|
|
|
$
|
5,432
|
|
|
$
|
12,420
|
|
Subscription Fees
|
3,687
|
|
|
2,584
|
|
|
10,196
|
|
|
6,244
|
|
||||
Professional Services and other
|
10,176
|
|
|
10,342
|
|
|
32,240
|
|
|
31,773
|
|
||||
Maintenance
|
11,422
|
|
|
11,236
|
|
|
34,567
|
|
|
32,903
|
|
||||
Total revenues
|
27,003
|
|
|
30,117
|
|
|
82,435
|
|
|
83,340
|
|
||||
Cost of revenues:
|
|
|
|
|
|
|
|
||||||||
License
|
1,831
|
|
|
1,727
|
|
|
5,305
|
|
|
4,692
|
|
||||
Subscription Fees
|
1,389
|
|
|
1,028
|
|
|
3,746
|
|
|
2,779
|
|
||||
Professional Services and other
|
7,714
|
|
|
7,912
|
|
|
24,484
|
|
|
22,673
|
|
||||
Maintenance
|
2,030
|
|
|
2,404
|
|
|
6,442
|
|
|
6,919
|
|
||||
Total cost of revenues
|
12,964
|
|
|
13,071
|
|
|
39,977
|
|
|
37,063
|
|
||||
Gross margin
|
14,039
|
|
|
17,046
|
|
|
42,458
|
|
|
46,277
|
|
||||
Research and development
|
2,811
|
|
|
3,099
|
|
|
9,818
|
|
|
8,250
|
|
||||
Sales and marketing
|
4,699
|
|
|
5,385
|
|
|
15,183
|
|
|
15,055
|
|
||||
General and administrative
|
4,302
|
|
|
4,263
|
|
|
12,903
|
|
|
11,418
|
|
||||
Amortization of acquisition-related intangibles
|
97
|
|
|
95
|
|
|
291
|
|
|
486
|
|
||||
Total operating expenses
|
11,909
|
|
|
12,842
|
|
|
38,195
|
|
|
35,209
|
|
||||
Operating income
|
2,130
|
|
|
4,204
|
|
|
4,263
|
|
|
11,068
|
|
||||
Other (expense)/income:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
523
|
|
|
403
|
|
|
1,551
|
|
|
1,120
|
|
||||
Other, net
|
4
|
|
|
1,171
|
|
|
(461
|
)
|
|
1,729
|
|
||||
Earnings before income taxes
|
2,657
|
|
|
5,778
|
|
|
5,353
|
|
|
13,917
|
|
||||
Income tax expense
|
356
|
|
|
198
|
|
|
424
|
|
|
3,132
|
|
||||
Net earnings
|
$
|
2,301
|
|
|
$
|
5,580
|
|
|
$
|
4,929
|
|
|
$
|
10,785
|
|
Earnings per common share
(a)
:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.07
|
|
|
$
|
0.18
|
|
|
$
|
0.16
|
|
|
$
|
0.36
|
|
Diluted
|
$
|
0.07
|
|
|
$
|
0.18
|
|
|
$
|
0.16
|
|
|
$
|
0.36
|
|
Cash dividends declared per common share
|
$
|
0.11
|
|
|
$
|
0.11
|
|
|
$
|
0.33
|
|
|
$
|
0.33
|
|
Shares used in the calculation of earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
31,010
|
|
|
30,244
|
|
|
30,887
|
|
|
29,940
|
|
||||
Diluted
|
31,183
|
|
|
30,701
|
|
|
31,351
|
|
|
30,299
|
|
(a)
|
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 earnings per share for Class B shares under the two-class method are $0.07 and $0.18 for the three months ended January 31, 2019 and 2018, and $0.16 and $0.36 for the nine months ended January 31, 2019 and 2018, respectively. See Note D to the Condensed Consolidated Financial Statements.
|
|
Nine Months Ended January 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
4,929
|
|
|
$
|
10,785
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
5,671
|
|
|
4,305
|
|
||
Stock-based compensation expense
|
1,308
|
|
|
1,108
|
|
||
Net loss (gain) on investments
|
393
|
|
|
(1,378
|
)
|
||
Deferred income taxes
|
(166
|
)
|
|
208
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Purchases of trading securities
|
(7,427
|
)
|
|
(20,010
|
)
|
||
Proceeds from maturities and sales of trading securities
|
12,944
|
|
|
11,656
|
|
||
Accounts receivable, net
|
(831
|
)
|
|
(2,926
|
)
|
||
Prepaid expenses and other assets
|
724
|
|
|
(1,494
|
)
|
||
Accounts payable and other liabilities
|
(4,031
|
)
|
|
(999
|
)
|
||
Deferred revenue
|
94
|
|
|
4,096
|
|
||
Net cash provided by operating activities
|
13,608
|
|
|
5,351
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capitalized computer software development costs
|
(4,162
|
)
|
|
(3,652
|
)
|
||
Purchases of property and equipment, net of disposals
|
(1,014
|
)
|
|
(413
|
)
|
||
Purchases of business, net of cash acquired
|
—
|
|
|
(9,253
|
)
|
||
Net cash used in investing activities
|
(5,176
|
)
|
|
(13,318
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from exercise of stock options
|
4,004
|
|
|
6,719
|
|
||
Dividends paid
|
(10,172
|
)
|
|
(9,841
|
)
|
||
Net cash used in financing activities
|
(6,168
|
)
|
|
(3,122
|
)
|
||
Net change in cash and cash equivalents
|
2,264
|
|
|
(11,089
|
)
|
||
Cash and cash equivalents at beginning of period
|
52,794
|
|
|
66,001
|
|
||
Cash and cash equivalents at end of period
|
$
|
55,058
|
|
|
$
|
54,912
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Income taxes, net of refunds
|
$
|
505
|
|
|
$
|
6,764
|
|
|
As reported
under Topic 606
|
|
Adjustments
|
|
Balances under
Prior GAAP
|
||||||
(in thousands, except per share amounts)
|
|||||||||||
Revenues:
|
|
|
|
|
|
||||||
License
|
$
|
1,718
|
|
|
$
|
368
|
|
|
$
|
2,086
|
|
Subscription Fees
|
3,687
|
|
|
2
|
|
|
3,689
|
|
|||
Professional Services and other
|
10,176
|
|
|
31
|
|
|
10,207
|
|
|||
Maintenance
|
11,422
|
|
|
—
|
|
|
11,422
|
|
|||
Total revenues
|
27,003
|
|
|
401
|
|
|
27,404
|
|
|||
Cost of revenues:
|
|
|
|
|
|
||||||
License
|
1,831
|
|
|
—
|
|
|
1,831
|
|
|||
Subscription Fees
|
1,389
|
|
|
—
|
|
|
1,389
|
|
|||
Professional Services and other
|
7,714
|
|
|
—
|
|
|
7,714
|
|
|||
Maintenance
|
2,030
|
|
|
—
|
|
|
2,030
|
|
|||
Total cost of revenues
|
12,964
|
|
|
—
|
|
|
12,964
|
|
|||
Gross margin
|
14,039
|
|
|
401
|
|
|
14,440
|
|
|||
Research and development
|
2,811
|
|
|
—
|
|
|
2,811
|
|
|||
Sales and marketing
|
4,699
|
|
|
41
|
|
|
4,740
|
|
|||
General and administrative
|
4,302
|
|
|
—
|
|
|
4,302
|
|
|||
Amortization of acquisition-related intangibles
|
97
|
|
|
—
|
|
|
97
|
|
|||
Total operating expenses
|
11,909
|
|
|
41
|
|
|
11,950
|
|
|||
Operating income
|
2,130
|
|
|
360
|
|
|
2,490
|
|
|||
Other income:
|
|
|
|
|
|
||||||
Interest income
|
523
|
|
|
—
|
|
|
523
|
|
|||
Other, net
|
4
|
|
|
—
|
|
|
4
|
|
|||
Earnings before income taxes
|
2,657
|
|
|
360
|
|
|
3,017
|
|
|||
Income tax expense
|
356
|
|
|
49
|
|
|
405
|
|
|||
Net earnings
|
$
|
2,301
|
|
|
$
|
311
|
|
|
$
|
2,612
|
|
Earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.07
|
|
|
$
|
0.01
|
|
|
$
|
0.08
|
|
Diluted
|
$
|
0.07
|
|
|
$
|
0.01
|
|
|
$
|
0.08
|
|
|
As reported
under Topic 606
|
|
Adjustments
|
|
Balances under
Prior GAAP
|
||||||
(in thousands, except
per share amounts)
|
|||||||||||
Revenues:
|
|
|
|
|
|
||||||
License
|
$
|
5,432
|
|
|
$
|
313
|
|
|
$
|
5,745
|
|
Subscription Fees
|
10,196
|
|
|
6
|
|
|
10,202
|
|
|||
Professional Services and other
|
32,240
|
|
|
137
|
|
|
32,377
|
|
|||
Maintenance
|
34,567
|
|
|
—
|
|
|
34,567
|
|
|||
Total revenues
|
82,435
|
|
|
456
|
|
|
82,891
|
|
|||
Cost of revenues:
|
|
|
|
|
|
||||||
License
|
5,305
|
|
|
—
|
|
|
5,305
|
|
|||
Subscription Fees
|
3,746
|
|
|
—
|
|
|
3,746
|
|
|||
Professional Services and other
|
24,484
|
|
|
—
|
|
|
24,484
|
|
|||
Maintenance
|
6,442
|
|
|
—
|
|
|
6,442
|
|
|||
Total cost of revenues
|
39,977
|
|
|
—
|
|
|
39,977
|
|
|||
Gross margin
|
42,458
|
|
|
456
|
|
|
42,914
|
|
|||
Research and development
|
9,818
|
|
|
—
|
|
|
9,818
|
|
|||
Sales and marketing
|
15,183
|
|
|
134
|
|
|
15,317
|
|
|||
General and administrative
|
12,903
|
|
|
—
|
|
|
12,903
|
|
|||
Amortization of acquisition-related intangibles
|
291
|
|
|
—
|
|
|
291
|
|
|||
Total operating expenses
|
38,195
|
|
|
134
|
|
|
38,329
|
|
|||
Operating income
|
4,263
|
|
|
322
|
|
|
4,585
|
|
|||
Other income:
|
|
|
|
|
|
||||||
Interest income
|
1,551
|
|
|
—
|
|
|
1,551
|
|
|||
Other, net
|
(461
|
)
|
|
—
|
|
|
(461
|
)
|
|||
Earnings before income taxes
|
5,353
|
|
|
322
|
|
|
5,675
|
|
|||
Income tax expense
|
424
|
|
|
44
|
|
|
468
|
|
|||
Net earnings
|
$
|
4,929
|
|
|
$
|
278
|
|
|
$
|
5,207
|
|
Earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.16
|
|
|
$
|
0.01
|
|
|
$
|
0.17
|
|
Diluted
|
$
|
0.16
|
|
|
$
|
0.01
|
|
|
$
|
0.17
|
|
|
As reported
under Topic 606
|
|
Adjustments
|
|
Balances under
Prior GAAP
|
||||||
|
|
(in thousands)
|
|
|
|||||||
Net earnings
|
$
|
4,929
|
|
|
$
|
278
|
|
|
$
|
5,207
|
|
Deferred income taxes
|
$
|
(166
|
)
|
|
$
|
44
|
|
|
$
|
(122
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable, net
|
$
|
(831
|
)
|
|
$
|
(101
|
)
|
|
$
|
(932
|
)
|
Prepaid expenses and other assets
|
$
|
724
|
|
|
$
|
32
|
|
|
$
|
756
|
|
Accounts payable and other liabilities
|
$
|
(4,031
|
)
|
|
$
|
—
|
|
|
$
|
(4,031
|
)
|
Deferred revenue
|
$
|
94
|
|
|
$
|
(253
|
)
|
|
$
|
(159
|
)
|
|
January 31,
2019 |
|
May 1,
2018
|
||||
Contract Balances:
|
|
|
|
||||
Contract assets, current
|
$
|
2,992
|
|
|
$
|
3,815
|
|
Contract assets, long-term
|
1,051
|
|
|
332
|
|
||
Total contract assets
|
$
|
4,043
|
|
|
$
|
4,147
|
|
Deferred revenue, current
|
$
|
32,947
|
|
|
$
|
32,705
|
|
Deferred revenue, long-term
|
—
|
|
|
147
|
|
||
Total deferred revenue
|
$
|
32,947
|
|
|
$
|
32,852
|
|
|
Three Months Ended
January 31, |
|
Nine Months Ended
January 31, |
||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Domestic
|
$
|
22,368
|
|
|
$
|
24,003
|
|
|
$
|
66,825
|
|
|
$
|
66,546
|
|
International
|
4,635
|
|
|
6,114
|
|
|
15,610
|
|
|
16,794
|
|
||||
|
$
|
27,003
|
|
|
$
|
30,117
|
|
|
$
|
82,435
|
|
|
$
|
83,340
|
|
a.
|
The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify.
|
b.
|
The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future.
|
c.
|
The costs are expected to be recovered.
|
|
Three Months Ended
January 31, 2019 |
|
Nine Months Ended
January 31, 2019 |
||||||||||||
Class A
Common
Shares
|
|
Class B
Common
Shares
|
|
Class A
Common
Shares
|
|
Class B
Common
Shares
|
|||||||||
Distributed earnings
|
$
|
0.11
|
|
|
$
|
0.11
|
|
|
$
|
0.33
|
|
|
$
|
0.33
|
|
Undistributed losses
|
(0.04
|
)
|
|
(0.04
|
)
|
|
(0.17
|
)
|
|
(0.17
|
)
|
||||
Total
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
Distributed earnings
|
$
|
3,213
|
|
|
$
|
204
|
|
|
$
|
9,609
|
|
|
$
|
613
|
|
Undistributed losses
|
(1,047
|
)
|
|
(69
|
)
|
|
(4,974
|
)
|
|
(319
|
)
|
||||
Total
|
$
|
2,166
|
|
|
$
|
135
|
|
|
$
|
4,635
|
|
|
$
|
294
|
|
Basic weighted average common shares outstanding
|
29,188
|
|
|
1,822
|
|
|
29,036
|
|
|
1,851
|
|
|
Three Months Ended
January 31, 2018 |
|
Nine Months Ended
January 31, 2018 |
||||||||||||
Class A
Common
Shares
|
|
Class B
Common
Shares
|
|
Class A
Common
Shares
|
|
Class B
Common
Shares
|
|||||||||
Distributed earnings
|
$
|
0.11
|
|
|
$
|
0.11
|
|
|
$
|
0.33
|
|
|
$
|
0.33
|
|
Undistributed earnings
|
0.07
|
|
|
0.07
|
|
|
0.03
|
|
|
0.03
|
|
||||
Total
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.36
|
|
|
$
|
0.36
|
|
Distributed earnings
|
$
|
3,102
|
|
|
$
|
242
|
|
|
$
|
9,180
|
|
|
$
|
747
|
|
Undistributed earnings
|
2,069
|
|
|
167
|
|
|
799
|
|
|
59
|
|
||||
Total
|
$
|
5,171
|
|
|
$
|
409
|
|
|
$
|
9,979
|
|
|
$
|
806
|
|
Basic weighted average common shares outstanding
|
27,992
|
|
|
2,252
|
|
|
27,630
|
|
|
2,310
|
|
|
Undistributed
& Distributed
Earnings to
Class A
Common
Shares
|
|
Class A
Common
Shares
|
|
EPS*
|
|||||
Per Basic
|
$
|
2,166
|
|
|
29,188
|
|
|
$
|
0.07
|
|
Common Stock Equivalents
|
—
|
|
|
173
|
|
|
—
|
|
||
|
2,166
|
|
|
29,361
|
|
|
0.07
|
|
||
Class B Common Share Conversion
|
135
|
|
|
1,822
|
|
|
—
|
|
||
Diluted EPS for Class A Common Shares
|
$
|
2,301
|
|
|
31,183
|
|
|
$
|
0.07
|
|
|
Undistributed
& Distributed
Earnings to
Class A
Common
Shares
|
|
Class A
Common
Shares
|
|
EPS*
|
|||||
Per Basic
|
$
|
4,635
|
|
|
29,036
|
|
|
$
|
0.16
|
|
Common Stock Equivalents
|
—
|
|
|
464
|
|
|
—
|
|
||
|
4,635
|
|
|
29,500
|
|
|
0.16
|
|
||
Class B Common Share Conversion
|
294
|
|
|
1,851
|
|
|
—
|
|
||
Diluted EPS for Class A Common Shares
|
$
|
4,929
|
|
|
31,351
|
|
|
$
|
0.16
|
|
|
Undistributed
& Distributed
Earnings to
Class A
Common
Shares
|
|
Class A
Common
Shares
|
|
EPS*
|
|||||
Per Basic
|
$
|
5,171
|
|
|
27,992
|
|
|
$
|
0.18
|
|
Common Stock Equivalents
|
—
|
|
|
457
|
|
|
—
|
|
||
|
5,171
|
|
|
28,449
|
|
|
0.18
|
|
||
Class B Common Share Conversion
|
409
|
|
|
2,252
|
|
|
—
|
|
||
Diluted EPS for Class A Common Shares
|
$
|
5,580
|
|
|
30,701
|
|
|
$
|
0.18
|
|
|
Undistributed
& Distributed
Earnings to
Class A
Common
Shares
|
|
Class A
Common
Shares
|
|
EPS*
|
|||||
Per Basic
|
$
|
9,979
|
|
|
27,630
|
|
|
$
|
0.36
|
|
Common Stock Equivalents
|
—
|
|
|
359
|
|
|
—
|
|
||
|
9,979
|
|
|
27,989
|
|
|
0.36
|
|
||
Class B Common Share Conversion
|
806
|
|
|
2,310
|
|
|
—
|
|
||
Diluted EPS for Class A Common Shares
|
$
|
10,785
|
|
|
30,299
|
|
|
$
|
0.36
|
|
|
Undistributed
& Distributed
Earnings to
Class B
Common
Shares
|
|
Class B
Common
Shares
|
|
EPS*
|
|||||
Per Basic
|
$
|
135
|
|
|
1,822
|
|
|
$
|
0.07
|
|
Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares
|
1
|
|
|
—
|
|
|
—
|
|
||
Diluted EPS for Class B Common Shares
|
$
|
136
|
|
|
1,822
|
|
|
$
|
0.07
|
|
|
Undistributed
& Distributed
Earnings to
Class B
Common
Shares
|
|
Class B
Common
Shares
|
|
EPS*
|
|||||
Per Basic
|
$
|
294
|
|
|
1,851
|
|
|
$
|
0.16
|
|
Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares
|
1
|
|
|
—
|
|
|
—
|
|
||
Diluted EPS for Class B Common Shares
|
$
|
295
|
|
|
1,851
|
|
|
$
|
0.16
|
|
|
Undistributed
& Distributed
Earnings to
Class B
Common Shares
|
|
Class B
Common
Shares
|
|
EPS*
|
|||||
Per Basic
|
$
|
409
|
|
|
2,252
|
|
|
$
|
0.18
|
|
Reallocation of undistributed losses from Class A Common Shares to Class B Common Shares
|
(2
|
)
|
|
—
|
|
|
—
|
|
||
Diluted EPS for Class B Common Shares
|
$
|
407
|
|
|
2,252
|
|
|
$
|
0.18
|
|
|
Undistributed
& Distributed
Earnings to
Class B
Common Shares
|
|
Class B
Common
Shares
|
|
EPS*
|
|||||
Per Basic
|
$
|
806
|
|
|
2,310
|
|
|
$
|
0.36
|
|
Reallocation of undistributed losses from Class A Common Shares to Class B Common Shares
|
(1
|
)
|
|
—
|
|
|
—
|
|
||
Diluted EPS for Class B Common Shares
|
$
|
805
|
|
|
2,310
|
|
|
$
|
0.36
|
|
*
|
Amounts adjusted for rounding
|
•
|
Level 1—Quoted prices for identical instruments in active markets.
|
•
|
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
|
•
|
Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
|
|
January 31, 2019
|
||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Balance
|
||||||||
Cash equivalents
|
$
|
49,190
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
49,190
|
|
Marketable securities
|
9,810
|
|
|
19,294
|
|
|
—
|
|
|
29,104
|
|
||||
Total
|
$
|
59,000
|
|
|
$
|
19,294
|
|
|
$
|
—
|
|
|
$
|
78,294
|
|
|
April 30, 2018
|
||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Balance
|
||||||||
Cash equivalents
|
$
|
46,972
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46,972
|
|
Marketable securities
|
11,125
|
|
|
23,889
|
|
|
—
|
|
|
35,014
|
|
||||
Total
|
$
|
58,097
|
|
|
$
|
23,889
|
|
|
$
|
—
|
|
|
$
|
81,986
|
|
|
Three Months Ended
January 31, |
|
Nine Months Ended
January 31, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Supply Chain Management
|
$
|
21,494
|
|
|
$
|
24,902
|
|
|
$
|
65,066
|
|
|
$
|
67,965
|
|
IT Consulting
|
4,938
|
|
|
4,557
|
|
|
15,517
|
|
|
13,522
|
|
||||
Other
|
571
|
|
|
658
|
|
|
1,852
|
|
|
1,853
|
|
||||
|
$
|
27,003
|
|
|
$
|
30,117
|
|
|
$
|
82,435
|
|
|
$
|
83,340
|
|
Operating income (loss) before intersegment eliminations:
|
|
|
|
|
|
|
|
||||||||
Supply Chain Management
|
$
|
4,981
|
|
|
$
|
5,969
|
|
|
$
|
12,021
|
|
|
$
|
15,551
|
|
IT Consulting
|
244
|
|
|
185
|
|
|
999
|
|
|
775
|
|
||||
Other
|
(3,095
|
)
|
|
(1,950
|
)
|
|
(8,757
|
)
|
|
(5,258
|
)
|
||||
|
$
|
2,130
|
|
|
$
|
4,204
|
|
|
$
|
4,263
|
|
|
$
|
11,068
|
|
Intersegment eliminations*:
|
|
|
|
|
|
|
|
||||||||
Supply Chain Management
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
IT Consulting
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Operating income (loss) after intersegment eliminations:
|
|
|
|
|
|
|
|
||||||||
Supply Chain Management
|
$
|
4,981
|
|
|
$
|
5,969
|
|
|
$
|
12,021
|
|
|
$
|
15,551
|
|
IT Consulting
|
244
|
|
|
185
|
|
|
999
|
|
|
775
|
|
||||
Other
|
(3,095
|
)
|
|
(1,950
|
)
|
|
(8,757
|
)
|
|
(5,258
|
)
|
||||
|
$
|
2,130
|
|
|
$
|
4,204
|
|
|
$
|
4,263
|
|
|
$
|
11,068
|
|
Capital expenditures:
|
|
|
|
|
|
|
|
||||||||
Supply Chain Management
|
$
|
21
|
|
|
$
|
79
|
|
|
$
|
145
|
|
|
$
|
160
|
|
IT Consulting
|
—
|
|
|
2
|
|
|
1
|
|
|
8
|
|
||||
Other
|
99
|
|
|
120
|
|
|
868
|
|
|
245
|
|
||||
|
$
|
120
|
|
|
$
|
201
|
|
|
$
|
1,014
|
|
|
$
|
413
|
|
Capitalized software:
|
|
|
|
|
|
|
|
||||||||
Supply Chain Management
|
$
|
2,073
|
|
|
$
|
1,035
|
|
|
$
|
4,162
|
|
|
$
|
3,652
|
|
IT Consulting
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
2,073
|
|
|
$
|
1,035
|
|
|
$
|
4,162
|
|
|
$
|
3,652
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
Supply Chain Management
|
$
|
1,862
|
|
|
$
|
1,551
|
|
|
$
|
5,416
|
|
|
$
|
4,157
|
|
IT Consulting
|
2
|
|
|
2
|
|
|
6
|
|
|
6
|
|
||||
Other
|
96
|
|
|
46
|
|
|
249
|
|
|
142
|
|
||||
|
$
|
1,960
|
|
|
$
|
1,599
|
|
|
$
|
5,671
|
|
|
$
|
4,305
|
|
Earnings (loss) before income taxes:
|
|
|
|
|
|
|
|
||||||||
Supply Chain Management
|
$
|
5,190
|
|
|
$
|
6,099
|
|
|
$
|
12,248
|
|
|
$
|
15,892
|
|
IT Consulting
|
244
|
|
|
185
|
|
|
999
|
|
|
775
|
|
||||
Other
|
(2,777
|
)
|
|
(506
|
)
|
|
(7,894
|
)
|
|
(2,750
|
)
|
||||
|
$
|
2,657
|
|
|
$
|
5,778
|
|
|
$
|
5,353
|
|
|
$
|
13,917
|
|
*
|
Fiscal 2018 recast to adjust for corporate overhead and other common expenses, which were no longer allocated starting in fiscal 2019.
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
results of operations;
|
•
|
liquidity, cash flow and capital expenditures;
|
•
|
demand for and pricing of our products and services;
|
•
|
annual contract value (“ACV”);
|
•
|
viability and effectiveness of strategic alliances;
|
•
|
industry conditions and market conditions;
|
•
|
acquisition activities and the effect of completed acquisitions; and
|
•
|
general economic conditions.
|
•
|
Dependence on Capital Spending Patterns.
There is risk associated with our dependence on the capital spending patterns of U.S. and international businesses, which in turn are functions of economic trends and conditions over which we have no control.
|
•
|
Acquisition Opportunities.
There are opportunities for selective acquisitions or investments to expand our sales distribution channels and/or broaden our product offering by providing additional solutions for our target markets.
|
•
|
Acquisition Risks.
There are risks associated with acquisitions of complementary companies, products and technologies, including the risks that we will not achieve the financial and strategic goals that we contemplate at the time of the transaction. More specifically, in any acquisition we will face risks and challenges associated with the uncertain value of the acquired business or assets, the difficulty of assimilating operations and personnel, integrating acquired technologies and products and maintaining the loyalty of the customers of the acquired business.
|
•
|
Competitive Technologies.
There is a risk that our competitors may develop technologies that are substantially equivalent or superior to our technology.
|
•
|
Competition in General.
There are risks inherent in the market for business application software and related services, which has been and continues to be intensely competitive; for example, some of our competitors may become more aggressive with their prices and/or payment terms, which may adversely affect our profit margins.
|
|
Three Months Ended January 31,
|
|||||||
|
Percentage of Total
Revenues
|
|
Pct. Change in
Dollars
|
|||||
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|||
Revenues:
|
|
|
|
|
|
|||
License
|
6
|
%
|
|
20
|
%
|
|
(71
|
)%
|
Subscription Fees
|
14
|
%
|
|
9
|
%
|
|
43
|
%
|
Professional Services and other
|
38
|
%
|
|
34
|
%
|
|
(2
|
)%
|
Maintenance
|
42
|
%
|
|
37
|
%
|
|
2
|
%
|
Total revenues
|
100
|
%
|
|
100
|
%
|
|
(10
|
)%
|
Cost of revenues:
|
|
|
|
|
|
|||
License
|
7
|
%
|
|
6
|
%
|
|
(6
|
)%
|
Subscription Fees
|
5
|
%
|
|
3
|
%
|
|
35
|
%
|
Professional Services and other
|
29
|
%
|
|
26
|
%
|
|
(3
|
)%
|
Maintenance
|
8
|
%
|
|
8
|
%
|
|
(16
|
)%
|
Total cost of revenues
|
49
|
%
|
|
43
|
%
|
|
(1
|
)%
|
Gross margin
|
51
|
%
|
|
57
|
%
|
|
(18
|
)%
|
Research and development
|
10
|
%
|
|
10
|
%
|
|
(9
|
)%
|
Sales and marketing
|
17
|
%
|
|
18
|
%
|
|
(13
|
)%
|
General and administrative
|
16
|
%
|
|
14
|
%
|
|
1
|
%
|
Amortization of acquisition-related intangibles
|
—
|
%
|
|
—
|
%
|
|
2
|
%
|
Total operating expenses
|
43
|
%
|
|
42
|
%
|
|
(7
|
)%
|
Operating income
|
8
|
%
|
|
15
|
%
|
|
(49
|
)%
|
Other income:
|
|
|
|
|
|
|||
Interest income
|
2
|
%
|
|
1
|
%
|
|
30
|
%
|
Other, net
|
—
|
%
|
|
4
|
%
|
|
(100
|
)%
|
Earnings before income taxes
|
10
|
%
|
|
20
|
%
|
|
(54
|
)%
|
Income tax expense
|
1
|
%
|
|
1
|
%
|
|
80
|
%
|
Net earnings
|
9
|
%
|
|
19
|
%
|
|
(59
|
)%
|
|
Nine Months Ended January 31,
|
|||||||
|
Percentage of Total
Revenues
|
|
Pct. Change in
Dollars
|
|||||
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|||
Revenues:
|
|
|
|
|
|
|||
License
|
7
|
%
|
|
15
|
%
|
|
(56
|
)%
|
Subscription Fees
|
12
|
%
|
|
7
|
%
|
|
63
|
%
|
Professional Services and other
|
39
|
%
|
|
38
|
%
|
|
1
|
%
|
Maintenance
|
42
|
%
|
|
40
|
%
|
|
5
|
%
|
Total revenues
|
100
|
%
|
|
100
|
%
|
|
(1
|
)%
|
Cost of revenues:
|
|
|
|
|
|
|||
License
|
6
|
%
|
|
6
|
%
|
|
13
|
%
|
Subscription Fees
|
5
|
%
|
|
3
|
%
|
|
35
|
%
|
Professional Services and other
|
30
|
%
|
|
27
|
%
|
|
8
|
%
|
Maintenance
|
8
|
%
|
|
8
|
%
|
|
(7
|
)%
|
Total cost of revenues
|
49
|
%
|
|
44
|
%
|
|
8
|
%
|
Gross margin
|
51
|
%
|
|
56
|
%
|
|
(8
|
)%
|
Research and development
|
12
|
%
|
|
10
|
%
|
|
19
|
%
|
Sales and marketing
|
18
|
%
|
|
18
|
%
|
|
1
|
%
|
General and administrative
|
16
|
%
|
|
14
|
%
|
|
13
|
%
|
Amortization of acquisition-related intangibles
|
—
|
%
|
|
1
|
%
|
|
(40
|
)%
|
Total operating expenses
|
46
|
%
|
|
43
|
%
|
|
8
|
%
|
Operating income
|
5
|
%
|
|
13
|
%
|
|
(61
|
)%
|
Other income:
|
|
|
|
|
|
|||
Interest income
|
2
|
%
|
|
1
|
%
|
|
38
|
%
|
Other, net
|
(1
|
)%
|
|
2
|
%
|
|
(127
|
)%
|
Earnings before income taxes
|
6
|
%
|
|
16
|
%
|
|
(62
|
)%
|
Income tax expense
|
1
|
%
|
|
4
|
%
|
|
(86
|
)%
|
Net earnings
|
5
|
%
|
|
12
|
%
|
|
(54
|
)%
|
|
Three Months Ended January 31,
|
|||||||||||||||
|
|
|
|
|
|
|
% of Total Revenue
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|||||||
|
(in thousands)
|
|
|
|
|
|
|
|||||||||
License
|
$
|
1,718
|
|
|
$
|
5,955
|
|
|
(71
|
)%
|
|
6
|
%
|
|
20
|
%
|
Subscription Fees
|
3,687
|
|
|
2,584
|
|
|
43
|
%
|
|
14
|
%
|
|
9
|
%
|
||
Professional Services and other
|
10,176
|
|
|
10,342
|
|
|
(2
|
)%
|
|
38
|
%
|
|
34
|
%
|
||
Maintenance
|
11,422
|
|
|
11,236
|
|
|
2
|
%
|
|
42
|
%
|
|
37
|
%
|
||
Total revenues
|
$
|
27,003
|
|
|
$
|
30,117
|
|
|
(10
|
)%
|
|
100
|
%
|
|
100
|
%
|
|
Nine Months Ended January 31,
|
|||||||||||||||
|
|
|
|
|
|
|
% of Total Revenue
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|||||||
|
(in thousands)
|
|
|
|
|
|
|
|||||||||
License
|
$
|
5,432
|
|
|
$
|
12,420
|
|
|
(56
|
)%
|
|
7
|
%
|
|
15
|
%
|
Subscription Fees
|
10,196
|
|
|
6,244
|
|
|
63
|
%
|
|
12
|
%
|
|
7
|
%
|
||
Professional Services and other
|
32,240
|
|
|
31,773
|
|
|
1
|
%
|
|
39
|
%
|
|
38
|
%
|
||
Maintenance
|
34,567
|
|
|
32,903
|
|
|
5
|
%
|
|
42
|
%
|
|
40
|
%
|
||
Total revenues
|
$
|
82,435
|
|
|
$
|
83,340
|
|
|
(1
|
)%
|
|
100
|
%
|
|
100
|
%
|
|
Three Months Ended January 31,
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|||||
|
(in thousands)
|
|
|
|||||||
Supply Chain Management
|
$
|
1,683
|
|
|
$
|
5,875
|
|
|
(71
|
)%
|
Other
|
35
|
|
|
80
|
|
|
(56
|
)%
|
||
Total license revenues
|
$
|
1,718
|
|
|
$
|
5,955
|
|
|
(71
|
)%
|
|
Nine Months Ended January 31,
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|||||
|
(in thousands)
|
|
|
|||||||
Supply Chain Management
|
$
|
5,298
|
|
|
$
|
12,316
|
|
|
(57
|
)%
|
Other
|
134
|
|
|
104
|
|
|
29
|
%
|
||
Total license revenues
|
$
|
5,432
|
|
|
$
|
12,420
|
|
|
(56
|
)%
|
|
Three Months Ended January 31,
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|||||
|
(in thousands)
|
|
|
|||||||
Supply Chain Management
|
$
|
3,687
|
|
|
$
|
2,584
|
|
|
43
|
%
|
Total Subscription Fees revenues
|
$
|
3,687
|
|
|
$
|
2,584
|
|
|
43
|
%
|
|
Nine Months Ended January 31,
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|||||
|
(in thousands)
|
|
|
|||||||
Supply Chain Management
|
$
|
10,196
|
|
|
$
|
6,244
|
|
|
63
|
%
|
Total Subscription Fees revenues
|
$
|
10,196
|
|
|
$
|
6,244
|
|
|
63
|
%
|
|
Three Months Ended January 31,
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|||||
|
(in thousands)
|
|
|
|||||||
Supply Chain Management
|
$
|
5,009
|
|
|
$
|
5,567
|
|
|
(10
|
)%
|
IT Consulting
|
4,938
|
|
|
4,557
|
|
|
8
|
%
|
||
Other
|
229
|
|
|
218
|
|
|
5
|
%
|
||
Total Professional Services and other revenues
|
$
|
10,176
|
|
|
$
|
10,342
|
|
|
(2
|
)%
|
|
Nine Months Ended January 31,
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|||||
|
(in thousands)
|
|
|
|||||||
Supply Chain Management
|
$
|
16,007
|
|
|
$
|
17,634
|
|
|
(9
|
)%
|
IT Consulting
|
15,517
|
|
|
13,522
|
|
|
15
|
%
|
||
Other
|
716
|
|
|
617
|
|
|
16
|
%
|
||
Total Professional Services and other revenues
|
$
|
32,240
|
|
|
$
|
31,773
|
|
|
1
|
%
|
|
Three Months Ended January 31,
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|||||
|
(in thousands)
|
|
|
|||||||
Supply Chain Management
|
$
|
11,115
|
|
|
$
|
10,876
|
|
|
2
|
%
|
Other
|
307
|
|
|
360
|
|
|
(15
|
)%
|
||
Total maintenance revenues
|
$
|
11,422
|
|
|
$
|
11,236
|
|
|
2
|
%
|
|
Nine Months Ended January 31,
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|||||
|
(in thousands)
|
|
|
|||||||
Supply Chain Management
|
$
|
33,565
|
|
|
$
|
31,769
|
|
|
6
|
%
|
Other
|
1,002
|
|
|
1,134
|
|
|
(12
|
)%
|
||
Total maintenance revenues
|
$
|
34,567
|
|
|
$
|
32,903
|
|
|
5
|
%
|
|
Three months ended January 31,
|
|
Nine months ended January 31,
|
||||||||||||||||||||||||
|
2019
|
|
|
|
|
2018
|
|
|
|
|
2019
|
|
|
|
|
2018
|
|
|
|||||||||
Gross margin on license fees
|
$
|
(113
|
)
|
|
(7
|
)%
|
|
$
|
4,228
|
|
|
71
|
%
|
|
$
|
127
|
|
|
2
|
%
|
|
$
|
7,728
|
|
|
62
|
%
|
Gross margin on subscription fees
|
2,298
|
|
|
62
|
%
|
|
1,556
|
|
|
60
|
%
|
|
6,450
|
|
|
63
|
%
|
|
3,465
|
|
|
56
|
%
|
||||
Gross margin on professional services and other
|
2,462
|
|
|
24
|
%
|
|
2,430
|
|
|
24
|
%
|
|
7,757
|
|
|
24
|
%
|
|
9,100
|
|
|
29
|
%
|
||||
Gross margin on maintenance
|
9,392
|
|
|
82
|
%
|
|
8,832
|
|
|
79
|
%
|
|
28,124
|
|
|
81
|
%
|
|
25,984
|
|
|
79
|
%
|
||||
Total gross margin
|
$
|
14,039
|
|
|
51
|
%
|
|
$
|
17,046
|
|
|
57
|
%
|
|
$
|
42,458
|
|
|
51
|
%
|
|
$
|
46,277
|
|
|
56
|
%
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
% of Revenues
|
|
2019
|
|
2018
|
|
% of Revenues
|
||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||
|
(in thousands)
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
||||||||||||||||
Research and development
|
$
|
2,811
|
|
|
$
|
3,099
|
|
|
10
|
%
|
|
10
|
%
|
|
$
|
9,818
|
|
|
$
|
8,250
|
|
|
12
|
%
|
|
10
|
%
|
Sales and marketing
|
$
|
4,699
|
|
|
$
|
5,385
|
|
|
17
|
%
|
|
18
|
%
|
|
$
|
15,183
|
|
|
$
|
15,055
|
|
|
18
|
%
|
|
18
|
%
|
General and administrative
|
$
|
4,302
|
|
|
$
|
4,263
|
|
|
16
|
%
|
|
14
|
%
|
|
$
|
12,903
|
|
|
$
|
11,418
|
|
|
16
|
%
|
|
14
|
%
|
Amortization of acquisition-related intangible assets
|
$
|
97
|
|
|
$
|
95
|
|
|
—
|
%
|
|
—
|
%
|
|
$
|
291
|
|
|
$
|
486
|
|
|
—
|
%
|
|
1
|
%
|
Other income, net
|
$
|
527
|
|
|
$
|
1,574
|
|
|
2
|
%
|
|
5
|
%
|
|
$
|
1,090
|
|
|
$
|
2,849
|
|
|
1
|
%
|
|
3
|
%
|
Income tax expense
|
$
|
356
|
|
|
$
|
198
|
|
|
1
|
%
|
|
1
|
%
|
|
$
|
424
|
|
|
$
|
3,132
|
|
|
1
|
%
|
|
4
|
%
|
|
Three Months Ended January 31,
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|||||
|
(in thousands)
|
|
|
|
|
|||||
Total capitalized computer software development costs
|
$
|
2,073
|
|
|
$
|
1,035
|
|
|
100
|
%
|
Percentage of gross product research and development costs
|
42
|
%
|
|
25
|
%
|
|
|
|||
Total research and development expense
|
$
|
2,811
|
|
|
$
|
3,099
|
|
|
(9
|
)%
|
Percentage of total revenues
|
10
|
%
|
|
10
|
%
|
|
|
|||
Total gross research and development expense and capitalized computer software development costs
|
$
|
4,884
|
|
|
$
|
4,134
|
|
|
18
|
%
|
Percentage of total revenues
|
18
|
%
|
|
14
|
%
|
|
|
|||
Total amortization of capitalized computer software development costs *
|
$
|
1,195
|
|
|
$
|
965
|
|
|
24
|
%
|
|
Nine Months Ended January 31,
|
|||||||||
|
2019
|
|
2018
|
|
% Change
|
|||||
|
(in thousands)
|
|
|
|
|
|||||
Total capitalized computer software development costs
|
$
|
4,162
|
|
|
$
|
3,652
|
|
|
14
|
%
|
Percentage of gross product research and development costs
|
30
|
%
|
|
31
|
%
|
|
|
|||
Total research and development expense
|
$
|
9,818
|
|
|
$
|
8,250
|
|
|
19
|
%
|
Percentage of total revenues
|
12
|
%
|
|
10
|
%
|
|
|
|||
Total gross research and development expense and capitalized computer software development costs
|
$
|
13,980
|
|
|
$
|
11,902
|
|
|
17
|
%
|
Percentage of total revenues
|
17
|
%
|
|
14
|
%
|
|
|
|||
Total amortization of capitalized computer software development costs *
|
$
|
3,393
|
|
|
$
|
2,727
|
|
|
24
|
%
|
*
|
Included in cost of license fees and subscription fees.
|
|
Three Months Ended January 31,
|
|
Nine Months Ended January 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
(in thousands)
|
|
|
|
(in thousands)
|
|
|
||||||||||||||
Supply Chain Management
|
$
|
4,981
|
|
|
$
|
5,969
|
|
|
(17
|
)%
|
|
$
|
12,021
|
|
|
$
|
15,551
|
|
|
(23
|
)%
|
IT Consulting
|
244
|
|
|
185
|
|
|
32
|
%
|
|
999
|
|
|
775
|
|
|
29
|
%
|
||||
Other*
|
(3,095
|
)
|
|
(1,950
|
)
|
|
59
|
%
|
|
(8,757
|
)
|
|
(5,258
|
)
|
|
67
|
%
|
||||
Total Operating Income
|
$
|
2,130
|
|
|
$
|
4,204
|
|
|
(49
|
)%
|
|
$
|
4,263
|
|
|
$
|
11,068
|
|
|
(61
|
)%
|
*
|
Includes all corporate overhead and other common expenses in fiscal 2019.
|
|
Nine Months Ended
January 31,
(in thousands)
|
||||||
|
2019
|
|
2018
|
||||
Net cash provided by operating activities
|
$
|
13,608
|
|
|
$
|
5,351
|
|
Net cash used in investing activities
|
(5,176
|
)
|
|
(13,318
|
)
|
||
Net cash used in financing activities
|
(6,168
|
)
|
|
(3,122
|
)
|
||
Net change in cash and cash equivalents
|
$
|
2,264
|
|
|
$
|
(11,089
|
)
|
|
As of January 31,
(in thousands)
|
||||||
|
2019
|
|
2018
|
||||
Cash and cash equivalents
|
$
|
55,058
|
|
|
$
|
54,912
|
|
Short and long-term investments
|
29,105
|
|
|
33,519
|
|
||
Total cash and short and long-term investments
|
$
|
84,163
|
|
|
$
|
88,431
|
|
Net (decrease) in total cash and investments (nine months ended January 31)
|
$
|
(5,863
|
)
|
|
$
|
(1,357
|
)
|
Item 3
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
•
|
updates to our policies and procedures for revenue recognition, including assessment of SSP and documentation processes related to meeting the new criteria for revenue recognition;
|
•
|
changes to our contract review controls to take into account the new criteria for recognizing revenue, with specific focus on assessing whether the allocation objective is met;
|
•
|
the addition of controls for reviewing recoverability of contract assets and reevaluation of our significant contract judgments and estimates on a periodic basis; and
|
•
|
the addition of controls to address related required disclosures, including processes to evaluate changes in contract assets and liabilities and disaggregation of revenue.
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Exhibit 3.1
|
|
Amended and Restated Articles of Incorporation, and amendments thereto. (1) (P)
|
|
||
Exhibit 3.2
|
|
|
|
||
Exhibits 31.1-31.2.
|
|
|
|
||
Exhibit 32.1.
|
|
|
|
||
Exhibit 101.INS
|
|
XBRL Instance Document.
|
|
||
Exhibit 101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
||
Exhibit 101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
||
Exhibit 101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
||
Exhibit 101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
||
Exhibit 101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
(1)
|
Incorporated by reference herein. Filed by the Company as an exhibit to its Quarterly Report filed on Form 10-Q for the quarter ended October 31, 1990. (P) Filed in paper format.
|
(2)
|
Incorporated by reference herein. Filed by the Company as Exhibit 3.1 to its Quarterly Report filed on Form 10-Q for the quarter ended January 31, 2010.
|
|
AMERICAN SOFTWARE, INC.
|
|
|
||
Date: March 7, 2019
|
By:
|
/s/ James C. Edenfield
|
James C. Edenfield
Executive Chairman, Treasurer and Director
(Principal Executive Officer)
|
||
|
||
Date: March 7, 2019
|
By:
|
/s/ Vincent C. Klinges
|
Vincent C. Klinges
Chief Financial Officer
(Principal Financial Officer)
|
||
|
||
Date: March 7, 2019
|
By:
|
/s/ Bryan L. Sell
|
Bryan L. Sell
Controller and Principal Accounting Officer
|
1 Year American Software Chart |
1 Month American Software Chart |
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