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Agilysys Announces Fiscal 2024 Fourth Quarter Record Revenue of $62.2M and Full Year Record Revenue of $237.5M

Annual Revenue Includes Recurring Revenue of $138.1M and Subscription Revenue Growth of 29.6%

Annual Record Adjusted EBITDA of $37.1M and Free Cash Flow of $40.1M

Annual Revenue Expected To Grow To $275M to $280M In Fiscal 2025 With Full Year Adjusted EBITDA of 16%

Agilysys, Inc. (NASDAQ: AGYS), a leading global provider of hospitality software solutions that deliver High Return Hospitality, today reported results for its fiscal 2024 fourth quarter and full year ending March 31, 2024.

Summary of Fiscal 2024 Fourth Quarter Financial Results

  • Total net revenue increased 17.6% to a record $62.2 million compared to total net revenue of $52.9 million in the comparable prior-year period.
  • Recurring revenue (comprised of subscription and maintenance charges) was a record $36.6 million, or 58.8% of total net revenue, compared to $31.4 million, or 59.3% of total net revenue for the same period in fiscal 2023. Subscription revenue increased 31.6% year over year and was 57.0% of total recurring revenue compared to 50.6% of total recurring revenue in the fourth quarter of fiscal 2023.
  • Gross margin was 61.5% in the fiscal 2024 fourth quarter compared to 60.8% in the comparable prior-year period.
  • Net income attributable to common shareholders in the fiscal 2024 fourth quarter was $3.0 million, or $0.11 per diluted share, compared to $3.6 million, or $0.14 per diluted share, in the comparable prior-year period.
  • Adjusted EBITDA (non-GAAP) was $11.0 million compared to $8.1 million in the comparable prior-year period (reconciliation included in financial tables).
  • Adjusted diluted EPS (non-GAAP) was $0.32 per share in the fiscal 2024 fourth quarter compared to $0.26 per share in the comparable prior-year period (reconciliation included in financial tables).
  • Free cash flow (non-GAAP) in the fiscal 2024 fourth quarter was $29.3 million compared to free cash flow of $13.2 million in the fiscal 2023 fourth quarter (reconciliation included in financial tables). Ending cash balance was $144.9 million compared to ending cash balance of $112.8 million as of fiscal 2023 year-end.

Summary of Full Fiscal Year 2024 Financial Results

  • Total net revenue increased 19.9% to a record $237.5 million compared to total net revenue of $198.1 million in the comparable prior-year period.
  • Recurring revenue (comprised of subscription and maintenance charges) was a record $138.1 million, or 58.1% of total net revenue, compared to $118.3 million, or 59.7% of total net revenue, for fiscal year 2023. Subscription revenue increased 29.6% year over year and was 54.7% of total recurring revenue compared to 49.2% of total recurring revenue in fiscal year 2023.
  • Gross margin was 60.7% in fiscal year 2024 compared to 61.0% in the comparable prior-year period.
  • Net income attributable to common shareholders in fiscal year 2024 was $85.0 million, or $3.17 per diluted share, compared to $12.7 million, or $0.49 per diluted share, in the comparable prior-year period.
  • Adjusted EBITDA (non-GAAP) was a record $37.1 million compared to $30.3 million in the comparable prior-year period (reconciliation included in financial tables).
  • Adjusted diluted EPS (non-GAAP) was $1.10 per share in fiscal year 2024 compared to $0.97 per share in the comparable prior-year period (reconciliation included in financial tables).
  • Free cash flow (non-GAAP) in fiscal year 2024 was $40.1 million compared to free cash flow of $27.2 million in fiscal year 2023 (reconciliation included in financial tables).

Ramesh Srinivasan, President and CEO of Agilysys, commented, “We are pleased to report our ninth consecutive record revenue quarter and another record fiscal year with respect to overall revenue and profitability. The final fiscal year results were significantly better than our expectations at the beginning of the year and at the high end of revised increased expectations during the year.

“Fiscal 2024 fourth quarter revenue was a record $62.2 million, 17.6% higher than the comparable prior year quarter and included subscription revenue growth of 31.6% and services revenue growth of 43.9% year-over-year. Full year fiscal 2024 revenue was a record $237.5 million, 19.9% higher than the previous fiscal year, and included subscription revenue growth of 29.6% and services revenue growth of 39.2%.

Srinivasan continued, “Significant growth in subscription and services revenue and improvements in services margins are good indicators of our continuing progress as a world-class cloud-native end-to-end technology provider fulfilling the growing need for such high-grade software solutions in the hospitality industry. With the completion of virtually all the product re-engineering and modernization projects across POS, PMS, and Inventory-Procurement on which we had been focused for the past several years, we now have a heightened competitive advantage that positions us well for continued sales success and revenue growth. We have made several significant sales breakthroughs during the past few months.

“We expect fiscal year 2025 to mark the beginning of a great new era with full year revenue in the $275 million to $280 million range inclusive of at least 27% subscription revenue growth and Adjusted EBITDA at 16% of revenue,” Srinivasan concluded.

Fiscal 2025 Outlook

The Company expects full year fiscal 2025 revenue to be $275 million to $280 million, including higher than 27% year-over-year subscription revenue growth. Adjusted EBITDA is expected to be 16% of revenue for the full fiscal year.

Dave Wood, Chief Financial Officer, commented, “We are pleased with the results for the 2024 fiscal year. Our disciplined approach throughout the year enabled us to execute well on our fiscal 2024 financial plan while positioning us for continued success and growth into fiscal year 2025. Strong subscription revenue growth is an indication of our expanding competitive product strength and results of the increasing investments in sales and marketing efforts. We continue to see growth opportunities in front of us and remain focused on executing disciplined profitable growth.”

2024 Fourth Quarter Conference Call and Webcast

Agilysys is hosting a conference call and webcast today, May 13, 2024, at 4:30 p.m. ET. Both the call and the webcast are open to the public. Interested parties can register for the call at https://register.vevent.com/register/BI5c740825742e4b699d9ea8b050cd4a0b. After registration, an email confirmation with a personalized PIN will be provided along with further access details. Please plan to register fifteen minutes prior to the presentation to receive confirmation and further instruction in a timely manner.

Interested parties can also access the conference call live on the Events and Presentations page of Agilysys.com. Approximately two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.

Forward-Looking Language

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, our revenue, subscription revenue and Adjusted EBITDA guidance for the 2025 fiscal year.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the impact macroeconomic factors may have on the overall business environment, our ability to achieve our fiscal 2025 guidance, future revenue growth, the company's ability to convert the backlog into revenue, and the risks described in the Company’s filings with the Securities and Exchange Commission, including the Company’s reports on Form 10-K and Form 10-Q. Additionally, references to "record" financial and business levels in this document refer only to the time period after Agilysys made the transformation to an entirely hospitality focused software solutions company in FY2014.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement that may be made from time to time, whether written or oral, whether as a result of new information, future developments or otherwise.

Use of Non-GAAP Financial Information

To supplement the unaudited consolidated financial statements presented in accordance with U.S. GAAP in this press release, certain non-GAAP financial measures as defined by the SEC rules are used. These non-GAAP financial measures include EBITDA, Adjusted EBITDA, adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share and free cash flow. Management believes that such information can enhance investors’ understanding of the Company’s ongoing operations.

The Company has included the following non-GAAP financial measures in this press release: adjusted net income, adjusted basic earnings per share and adjusted diluted earnings per share. The Company believes these non-GAAP financial measures provide valuable insight into the Company’s overall profitability from core operations before certain non-cash and non-recurring charges. The Company defines adjusted net income as net income before amortization expense (including amortization of developed technology), share-based compensation, convertible preferred stock issuance costs, and one-time charges including severance and other charges, impairments and legal settlements, less the related income tax effect of these adjustments, as applicable, and defines adjusted earnings per share as adjusted net income divided by basic and diluted weighted average shares outstanding.

See the accompanying tables below for the definitions and reconciliation of these non-GAAP measures to the most closely related GAAP measures.

About Agilysys

Agilysys exclusively delivers state-of-the-art software solutions and services that help organizations achieve High Return Hospitality™ by maximizing Return on Experience (ROE) through interactions that make ‘personal’ profitable. Customers around the world use Agilysys Property Management Systems (PMS), Point-of-Sale (POS) solutions and Food & Beverage Inventory and Procurement (I&P) systems to consistently delight guests, retain staff and grow margins. Agilysys’ 100% hospitality customer base includes branded and independent hotels; multi-amenity resorts; casinos; property, hotel and resort management companies; cruise lines; corporate dining providers; higher education campus dining providers; food service management companies; hospitals; lifestyle communities; senior living facilities; stadiums; and theme parks. Agilysys operates across the Americas, Europe, the Middle East, Africa, Asia-Pacific, and India with headquarters located in Alpharetta, GA. For more information visit Agilysys.com.

- Financial tables follow -

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

Three months ended

March 31,

 

Year Ended

March 31,

 

 

 

 

 

 

 

(In thousands, except per share data)

 

2024

 

2023

 

2024

 

2023

Net revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

10,983

 

 

$

11,347

 

 

$

49,083

 

 

$

43,638

 

Subscription and maintenance

 

 

36,588

 

 

 

31,368

 

 

 

138,069

 

 

 

118,285

 

Professional services

 

 

14,650

 

 

 

10,182

 

 

 

50,312

 

 

 

36,142

 

Total net revenue

 

 

62,221

 

 

 

52,897

 

 

 

237,464

 

 

 

198,065

 

Cost of goods sold:

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

6,294

 

 

 

6,312

 

 

 

26,318

 

 

 

22,994

 

Subscription and maintenance

 

 

8,059

 

 

 

7,039

 

 

 

30,870

 

 

 

26,262

 

Professional services

 

 

9,592

 

 

 

7,363

 

 

 

36,020

 

 

 

27,990

 

Total cost of goods sold

 

 

23,945

 

 

 

20,714

 

 

 

93,208

 

 

 

77,246

 

Gross profit

 

 

38,276

 

 

 

32,183

 

 

 

144,256

 

 

 

120,819

 

Gross profit margin

 

 

61.5

%

 

 

60.8

%

 

 

60.7

%

 

 

61.0

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

 

14,284

 

 

 

13,710

 

 

 

56,739

 

 

 

50,260

 

Sales and marketing

 

 

8,601

 

 

 

6,097

 

 

 

28,439

 

 

 

22,716

 

General and administrative

 

 

9,073

 

 

 

7,819

 

 

 

36,279

 

 

 

30,669

 

Depreciation of fixed assets

 

 

854

 

 

 

398

 

 

 

3,896

 

 

 

1,769

 

Amortization of internal-use software and intangibles

 

 

246

 

 

 

417

 

 

 

1,366

 

 

 

1,743

 

Other charges, net

 

 

1,711

 

 

 

61

 

 

 

1,756

 

 

 

435

 

Legal settlements

 

 

28

 

 

 

248

 

 

 

28

 

 

 

352

 

Total operating expense

 

 

34,797

 

 

 

28,750

 

 

 

128,503

 

 

 

107,944

 

Operating income

 

 

3,479

 

 

 

3,433

 

 

 

15,753

 

 

 

12,875

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,503

 

 

 

1,006

 

 

 

5,083

 

 

 

2,192

 

Other (expense) income, net

 

 

(136

)

 

 

(102

)

 

 

(152

)

 

 

697

 

Income before taxes

 

 

4,846

 

 

 

4,337

 

 

 

20,684

 

 

 

15,764

 

Income tax provision (benefit)

 

 

1,885

 

 

 

262

 

 

 

(65,511

)

 

 

1,182

 

Net income

 

$

2,961

 

 

$

4,075

 

 

$

86,195

 

 

$

14,582

 

Series A convertible preferred stock dividends

 

 

 

 

 

(459

)

 

 

(1,204

)

 

 

(1,836

)

Net income attributable to common shareholders

 

$

2,961

 

 

$

3,616

 

 

$

84,991

 

 

$

12,746

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

26,913

 

 

 

24,825

 

 

 

25,668

 

 

 

24,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - basic:

 

$

0.11

 

 

$

0.15

 

 

$

3.31

 

 

$

0.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - diluted

 

 

28,019

 

 

 

26,262

 

 

 

26,842

 

 

 

25,929

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - diluted:

 

$

0.11

 

 

$

0.14

 

 

$

3.17

 

 

$

0.49

 

AGILYSYS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

March 31,

 

March 31,

(In thousands, except share data)

 

2024 (Unaudited)

 

2023

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

144,891

 

 

$

112,842

 

Accounts receivable, net of allowance for expected credit losses

of $974 and $610, respectively

 

 

29,441

 

 

 

22,378

 

Contract assets

 

 

2,287

 

 

 

2,242

 

Inventories

 

 

4,587

 

 

 

9,774

 

Prepaid expenses and other current assets

 

 

7,731

 

 

 

7,422

 

Total current assets

 

 

188,937

 

 

 

154,658

 

Property and equipment, net

 

 

17,930

 

 

 

14,576

 

Operating lease right-of-use assets

 

 

18,384

 

 

 

12,708

 

Goodwill

 

 

32,791

 

 

 

32,638

 

Intangible assets, net

 

 

16,952

 

 

 

18,140

 

Deferred income taxes, non-current

 

 

67,373

 

 

 

2,790

 

Other non-current assets

 

 

8,063

 

 

 

7,526

 

Total assets

 

$

350,430

 

 

$

243,036

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

9,422

 

 

$

9,418

 

Contract liabilities

 

 

56,148

 

 

 

52,124

 

Accrued liabilities

 

 

19,522

 

 

 

13,708

 

Operating lease liabilities, current

 

 

4,279

 

 

 

3,263

 

Finance lease obligations, current

 

 

 

 

 

2

 

Total current liabilities

 

 

89,371

 

 

 

78,515

 

Deferred income taxes, non-current

 

 

554

 

 

 

2,257

 

Operating lease liabilities, non-current

 

 

19,613

 

 

 

13,477

 

Other non-current liabilities

 

 

4,415

 

 

 

4,018

 

Commitments and contingencies

 

 

 

 

 

 

Series A convertible preferred stock, no par value

 

 

 

 

 

35,459

 

Shareholders' equity:

 

 

 

 

 

 

Common shares, without par value, at $0.30 stated value; 80,000,000

shares authorized; 33,342,288 shares issued; and 27,376,862

and 25,326,626 shares outstanding at March 31, 2024

and March 31, 2023, respectively

 

 

10,003

 

 

 

9,482

 

Treasury shares, 5,965,426 and 6,280,205 at March 31, 2024

and March 31, 2023, respectively

 

 

(1,791

)

 

 

(1,884

)

Capital in excess of stated value

 

 

94,680

 

 

 

52,978

 

Retained earnings

 

 

137,755

 

 

 

52,764

 

Accumulated other comprehensive loss

 

 

(4,170

)

 

 

(4,030

)

Total shareholders' equity

 

 

236,477

 

 

 

109,310

 

Total liabilities and shareholders' equity

 

$

350,430

 

 

$

243,036

 

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Year Ended

 

 

March 31,

(In thousands)

 

2024

 

2023

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

Net income

 

$

86,195

 

 

$

14,582

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

(Gain) loss on asset disposals

 

 

(1,145

)

 

 

66

 

Depreciation of fixed assets

 

 

3,896

 

 

 

1,769

 

Amortization of internal-use software and intangibles

 

 

1,366

 

 

 

1,743

 

Deferred income taxes

 

 

(66,353

)

 

 

(181

)

Share-based compensation

 

 

14,111

 

 

 

12,958

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(6,996

)

 

 

2,537

 

Contract assets

 

 

(36

)

 

 

(590

)

Inventory

 

 

5,189

 

 

 

(2,897

)

Prepaids and other current assets

 

 

(291

)

 

 

(2,084

)

Accounts payable

 

 

973

 

 

 

(1,582

)

Contract liabilities

 

 

3,965

 

 

 

6,383

 

Accrued liabilities

 

 

5,659

 

 

 

2,711

 

Income taxes payable, net

 

 

(1,177

)

 

 

290

 

Other changes, net

 

 

2,830

 

 

 

(1,242

)

Net cash provided by operating activities

 

 

48,186

 

 

 

34,463

 

Investing activities

 

 

 

 

 

 

Capital expenditures

 

 

(8,127

)

 

 

(7,238

)

Proceeds from sale of assets

 

 

552

 

 

 

 

Cash (paid for) business combinations, net of cash acquired

 

 

 

 

 

395

 

Additional investments in corporate-owned life insurance policies

 

 

(27

)

 

 

(27

)

Net cash used in investing activities

 

 

(7,602

)

 

 

(6,870

)

Financing activities

 

 

 

 

 

 

Payment of preferred stock dividends

 

 

(1,663

)

 

 

(1,836

)

Repurchase of common shares to satisfy employee tax withholding

 

 

(6,893

)

 

 

(9,254

)

Principal payments under long-term obligations

 

 

(2

)

 

 

(4

)

Net cash used in financing activities

 

 

(8,558

)

 

 

(11,094

)

Effect of exchange rate changes on cash

 

 

23

 

 

 

(628

)

Net increase in cash and cash equivalents

 

 

32,049

 

 

 

15,871

 

Cash and cash equivalents at beginning of period

 

 

112,842

 

 

 

96,971

 

Cash and cash equivalents at end of period

 

$

144,891

 

 

$

112,842

 

AGILYSYS, INC.

RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA

(UNAUDITED)

 

 

 

Three months ended

 

Twelve months ended

 

 

March 31,

 

March 31,

(In thousands)

 

2024

 

2023

 

2024

 

2023

Net income

 

$

2,961

 

 

$

4,075

 

 

$

86,195

 

 

$

14,582

 

Income tax provision (benefit)

 

 

1,885

 

 

 

262

 

 

 

(65,511

)

 

 

1,182

 

Income before taxes

 

 

4,846

 

 

 

4,337

 

 

 

20,684

 

 

 

15,764

 

Depreciation of fixed assets

 

 

854

 

 

 

398

 

 

 

3,896

 

 

 

1,769

 

Amortization of internal-use software and intangibles

 

 

246

 

 

 

417

 

 

 

1,366

 

 

 

1,743

 

Amortization of developed technology acquired

 

 

40

 

 

 

39

 

 

 

159

 

 

 

159

 

Interest income, net

 

 

(1,503

)

 

 

(1,006

)

 

 

(5,083

)

 

 

(2,192

)

EBITDA (a)

 

 

4,483

 

 

 

4,185

 

 

 

21,022

 

 

 

17,243

 

Share-based compensation

 

 

4,622

 

 

 

3,548

 

 

 

14,111

 

 

 

12,958

 

Other charges, net

 

 

1,711

 

 

 

61

 

 

 

1,756

 

 

 

435

 

Other non-operating expense (income)

 

 

136

 

 

 

102

 

 

 

152

 

 

 

(697

)

Legal settlements

 

 

28

 

 

 

248

 

 

 

28

 

 

 

352

 

Adjusted EBITDA (b)

 

$

10,980

 

 

$

8,144

 

 

$

37,069

 

 

$

30,291

 

(a) EBITDA, a non-GAAP financial measure, is defined as net income before income taxes, interest income (net of interest expense), depreciation and amortization (including amortization of developed technology)

(b) Adjusted EBITDA, a non-GAAP financial measure, is defined as net income before income taxes, interest income (net of interest expense), depreciation and amortization (including amortization of developed technology), and excluding charges relating to i) share-based compensation, ii) other (gains) and charges, net, iii) other non-operating expense (income), and iv) legal settlements

AGILYSYS, INC.

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME FOR ADJUSTED EARNINGS PER SHARE

(UNAUDITED)

 

 

 

Three months ended

 

Twelve months ended

 

 

March 31,

 

March 31,

(In thousands, except per share data)

 

2024

 

2023

 

2024

 

2023

Net income attributable to common shareholders

 

$

2,961

 

 

$

3,616

 

 

$

84,991

 

 

$

12,746

 

Amortization of developed technology acquired

 

 

40

 

 

 

39

 

 

 

159

 

 

 

159

 

Amortization of internal-use software and intangibles

 

 

246

 

 

 

417

 

 

 

1,366

 

 

 

1,743

 

Share-based compensation

 

 

4,622

 

 

 

3,548

 

 

 

14,111

 

 

 

12,958

 

Other charges, net

 

 

1,711

 

 

 

61

 

 

 

1,756

 

 

 

435

 

Legal settlements

 

 

28

 

 

 

248

 

 

 

28

 

 

 

352

 

Tax events (a)

 

 

577

 

 

 

 

 

 

(69,067

)

 

 

 

Income tax adjustments

 

 

(1,194

)

 

 

(994

)

 

 

(3,805

)

 

 

(3,274

)

Adjusted net income (b)

 

$

8,991

 

 

$

6,935

 

 

$

29,539

 

 

$

25,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

26,913

 

 

 

24,825

 

 

 

25,668

 

 

 

24,694

 

Diluted weighted average shares outstanding

 

 

28,019

 

 

 

26,262

 

 

 

26,842

 

 

 

25,929

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted basic earnings per share (c)

 

$

0.33

 

 

$

0.28

 

 

$

1.15

 

 

$

1.02

 

Adjusted diluted earnings per share (c)

 

$

0.32

 

 

$

0.26

 

 

$

1.10

 

 

$

0.97

 

(a) Tax events include excess tax benefits or expense related to share-based compensation, release of valuation allowances against deferred income taxes, and changes in uncertain tax positions

(b) Adjusted net income, a non-GAAP financial measure, is defined as net income attributable to common shareholders before amortization expense (including amortization of developed technology), share-based compensation, other (gains) and charges, net, and legal settlements, less the related income tax effect of these adjustments, as applicable, at the Company’s current combined federal and state income statutory tax rate and, as defined under (a) above, tax events

(c) Adjusted earnings per share, a non-GAAP financial measure, is defined as adjusted net income divided by basic and diluted weighted average shares outstanding

AGILYSYS, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(UNAUDITED)

 

 

 

Three months ended

 

Twelve months ended

 

 

March 31,

 

March 31,

(In thousands)

 

2024

 

2023

 

2024

 

2023

Net cash provided by operating activities

 

$

29,807

 

 

$

16,783

 

 

$

48,186

 

 

$

34,463

 

Capital expenditures

 

 

(469

)

 

 

(3,622

)

 

 

(8,127

)

 

 

(7,238

)

Free cash flow (a)

 

$

29,338

 

 

$

13,161

 

 

$

40,059

 

 

$

27,225

 

(a) Free cash flow, a non-GAAP financial measure, is defined as net cash provided by operating activities, less capital expenditures

Contacts

Investor Contact:

Jessica Hennessy

Senior Director Corporate Strategy & Investor Relations

Agilysys, Inc.

770-810-6116 or investorrelations@agilysys.com

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