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Agilysys Reports Fiscal 2021 Fourth Quarter Revenue Of $36.3M

Reports Record Recurring Revenue of $22.9M and Adjusted EBITDA of $7.1M and

Quarterly Free Cash Flow of $13.0M and Cash Balance Increase of $6.6M to $99.2M

Announces Fiscal 2022 Revenue Guidance of $160M to $170M with Adjusted EBITDA of 15%

Agilysys, Inc. (Nasdaq: AGYS), a leading global provider of next-generation cloud-native SaaS and on-premise hospitality software solutions and services, today reported operating results for its fiscal 2021 fourth quarter and fiscal year ended March 31, 2021.

Summary of Fiscal 2021 Fourth Quarter Financial Results

  • Total net revenue was $36.3 million, compared to total net revenue of $39.7 million in the comparable prior-year period for an 8% decrease in revenue.
  • Recurring revenues (which are comprised of support, maintenance and subscription services) were $22.9 million, or 63.1% of total net revenue, compared to $22.3 million, or 56.2% of total net revenue, for the same period in fiscal 2020. Subscription revenues increased 11.6% year over year and comprised 42.0% of total recurring revenues, compared to 38.7% of total recurring revenues in the fourth quarter of fiscal 2020.
  • Gross margin was 64.6% in the fiscal 2021 fourth quarter, compared to 49.6% in the comparable prior-year period.
  • Net loss attributable to common shareholders in the fiscal 2021 fourth quarter was $(24.7) million, or $(1.05) per diluted share compared to a net loss of $(27.0) million, or $(1.16) per diluted share, in the comparable prior-year period.
  • Adjusted diluted EPS (non-GAAP) was $0.21 per share compared to $0.05 per share in the comparable prior-year period (see reconciliation below).
  • Adjusted EBITDA (non-GAAP) was $7.1 million, compared to $3.6 million in the comparable prior-year period (see reconciliation below).
  • Free cash flow (non-GAAP) in the fiscal 2021 fourth quarter was $13.0 million, compared to free cash flow of $4.9 million in the fiscal 2020 fourth quarter (see reconciliation below). Ending cash balance was $99.2 million, compared to ending cash balance of $46.7 million as of fiscal 2020 year-end.

Ramesh Srinivasan, President and CEO of Agilysys, commented, “Q4 fiscal 2021 (January – March 2021) revenue levels were slightly less than our original expectations due to continued pandemic related tough business environment challenges which were prevalent till around the last week of February.”

“We are encouraged by the significant consistent pick up in technology purchasing decisions by hospitality customers since February-end. The past 12-week period has been one of our best periods of selling success. In annual contract value terms, global sales during the past 12 weeks increased to about 85% of the best 12-week period during the past 5 years. That selling success momentum, currently concentrated mainly in the gaming and resort segments of the U.S. domestic market, and the remaining backlog of already sold software implementations and product shipments not yet converted to revenue, give us solid confidence going into the new fiscal year. We expect fiscal 2022 annual revenue to range between $160 and $170 million and be a record revenue year, with an adjusted EBITDA level of slightly better than 15% of revenue. We expect the pent-up demand for superior guest centric hospitality technology solutions to grow throughout the current fiscal year, making the second half of the fiscal year better than the first.”

“Our continued unwavering focus on product innovation manifested by our decision to significantly increase R&D strength even during the most challenging days of the pandemic, has placed us at a distinct competitive advantage. Despite all the pandemic related challenges faced throughout, fiscal 2021 was a record year with respect to subscription software sales, led by the POS and PMS add-on software modules, many of which were created during the past couple of years. Overall, we like our current competitive position. We currently go into every product sale discussion with a high degree of confidence. We look forward to entering a new era of progressively increasing sales and marketing investments during this fiscal year.”

“Words are not enough to express our admiration and gratitude for our global teams across the U.S., United Kingdom, Asia and the India Development Center for the exceptional courage, determination, fortitude and absolute doggedness with which they have helped us navigate through an extraordinary fiscal year, keeping their steadfast focus on product innovation and world class customer service no matter how tough the odds were stacked against them and how much sadness there was all around. Our 950-person strong India Development Center continues to perform at a high level despite all the pandemic related challenges. The productivity levels and quality of execution of our global workforce has been an inspiration for all of us. Ensuring the happiness and good health of all our Agilysys teammates and customer and partner personnel remains our top priority.”

Fiscal 2022 Outlook

Agilysys continues to monitor the impact of COVID-19 on the hospitality industry with our primary focus being the safety of our employees and customers as we manage through these unprecedented times. We are expecting full year fiscal 2022 revenue to be $160 to $170 million, a 16-24% growth over fiscal 2021 results. Fiscal 2022 adjusted EBITDA is expected to be slightly better than 15% of revenue.

Dave Wood, Chief Financial Officer, commented, “The hospitality industry is entering the beginning phases of reopening and recovery. We believe we have positioned the company to cultivate growth during this phase and beyond, while maintaining profitability and executing on our long-term strategic plan.”

2021 Fourth Quarter Conference Call and Webcast

Agilysys is hosting a conference call and webcast today, May 18, 2021, at 4:30 p.m. ET. Both the call and the webcast are open to the public. The conference call number is 224-357-2393 (domestic or international); and the conference ID number is 9163587. Please call five minutes prior to the presentation to ensure that you are connected.

Interested parties may also access the conference call live on the Internet at Agilysys Events & Presentations. 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 and adjusted EBITDA guidance for the 2022 fiscal year, and statements we make regarding our expectation that the growing pent-up demand for hospitality technology solutions will continue throughout the current fiscal year and our ability to grow while maintaining profitability and executing on our long-term strategic plan.

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 effect of the COVID-19 pandemic on our business and the success of any measures we have taken or may take in the future in response thereto; 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.

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 has been a leader in hospitality software for more than 40 years, delivering innovative cloud-native SaaS and on-premise guest-centric technology solutions for gaming, hotels, resorts and cruise, corporate foodservice management, restaurants, universities, stadia and healthcare. Agilysys offers the most comprehensive software solutions in the industry, including point-of-sale (POS), property management (PMS), inventory and procurement, payments, and related applications, to manage the entire guest journey. Agilysys is known for its leadership in hospitality, its broad product offerings and its customer-centric service. Some of the largest hospitality companies around the world use Agilysys solutions to help improve guest loyalty, drive revenue growth and increase operational efficiencies. Agilysys operates across North America, Europe, the Middle East, Asia-Pacific, and India with headquarters located in Alpharetta, GA. For more information visit Agilysys.com.

- Financial tables follow -

 

AGILYSYS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

(In thousands, except per share data)

 

Three Months Ended

 

 

Year Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

7,318

 

 

$

9,362

 

 

$

26,714

 

 

$

44,230

 

Support, maintenance and subscription services

 

 

22,918

 

 

 

22,303

 

 

 

88,565

 

 

 

83,680

 

Professional services

 

 

6,100

 

 

 

7,994

 

 

 

21,897

 

 

 

32,847

 

Total net revenue

 

 

36,336

 

 

 

39,659

 

 

 

137,176

 

 

 

160,757

 

Cost of goods sold:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products (inclusive of developed technology amortization)

 

 

3,881

 

 

 

8,371

 

 

 

13,506

 

 

 

36,427

 

Support, maintenance and subscription services

 

 

4,470

 

 

 

5,572

 

 

 

17,985

 

 

 

19,248

 

Professional services

 

 

4,505

 

 

 

6,059

 

 

 

16,309

 

 

 

24,130

 

Total cost of goods sold

 

 

12,856

 

 

 

20,002

 

 

 

47,800

 

 

 

79,805

 

Gross profit

 

 

23,480

 

 

 

19,657

 

 

 

89,376

 

 

 

80,952

 

Gross profit margin

 

 

64.6

%

 

 

49.6

%

 

 

65.2

%

 

 

50.4

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

 

26,445

 

 

 

9,332

 

 

 

55,345

 

 

 

41,463

 

Sales and marketing

 

 

5,918

 

 

 

5,555

 

 

 

14,196

 

 

 

19,864

 

General and administrative

 

 

14,831

 

 

 

6,376

 

 

 

33,273

 

 

 

24,374

 

Depreciation of fixed assets

 

 

672

 

 

 

801

 

 

 

2,832

 

 

 

2,574

 

Amortization of intangibles

 

 

470

 

 

 

641

 

 

 

1,959

 

 

 

2,541

 

Impairments

 

 

 

 

 

23,740

 

 

 

 

 

 

23,740

 

Severance and other charges, net

 

 

(233

)

 

 

150

 

 

 

2,529

 

 

 

582

 

Legal settlements, net

 

 

150

 

 

 

-

 

 

 

200

 

 

 

(125

)

Total operating expense

 

 

48,253

 

 

 

46,595

 

 

 

110,334

 

 

 

115,013

 

Operating loss

 

 

(24,773

)

 

 

(26,938

)

 

 

(20,958

)

 

 

(34,061

)

Other (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(31

)

 

 

(93

)

 

 

(107

)

 

 

(380

)

Interest expense

 

 

7

 

 

 

5

 

 

 

20

 

 

 

9

 

Other expense, net

 

 

50

 

 

 

102

 

 

 

338

 

 

 

176

 

Loss before taxes

 

 

(24,799

)

 

 

(26,952

)

 

 

(21,209

)

 

 

(33,866

)

Income tax expense (benefit)

 

 

(518

)

 

 

40

 

 

 

(208

)

 

 

201

 

Net loss

 

$

(24,281

)

 

$

(26,992

)

 

$

(21,001

)

 

$

(34,067

)

Series A convertible preferred stock issuance costs

 

 

-

 

 

 

-

 

 

 

(1,031

)

 

 

-

 

Series A convertible preferred stock dividends

 

 

(459

)

 

 

-

 

 

 

(1,576

)

 

 

-

 

Net loss attributable to common shareholders

 

$

(24,740

)

 

$

(26,992

)

 

$

(23,608

)

 

$

(34,067

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic and diluted

 

 

23,574

 

 

 

23,241

 

 

 

23,458

 

 

 

23,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic and diluted:

 

$

(1.05

)

 

$

(1.16

)

 

$

(1.01

)

 

$

(1.47

)

 

AGILYSYS, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

(In thousands, except share data)

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

99,180

 

 

$

46,653

 

Accounts receivable, net of allowance for expected credit losses of $1,220

and for doubtful accounts of $1,634, respectively

 

 

25,732

 

 

 

35,869

 

Contract assets

 

 

2,364

 

 

 

2,125

 

Inventories

 

 

1,177

 

 

 

3,887

 

Prepaid expenses and other current assets

 

 

4,797

 

 

 

4,874

 

Total current assets

 

 

133,250

 

 

 

93,408

 

Property and equipment, net

 

 

8,789

 

 

 

12,230

 

Operating lease right-of-use assets

 

 

12,210

 

 

 

13,829

 

Goodwill

 

 

19,622

 

 

 

19,622

 

Intangible assets, net

 

 

8,400

 

 

 

8,400

 

Deferred income taxes, non-current

 

 

1,802

 

 

 

764

 

Other non-current assets

 

 

5,800

 

 

 

6,309

 

Total assets

 

$

189,873

 

 

$

154,562

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

6,346

 

 

$

13,403

 

Contract liabilities

 

 

38,394

 

 

 

42,244

 

Accrued liabilities

 

 

11,233

 

 

 

9,033

 

Operating lease liabilities, current

 

 

5,009

 

 

 

4,719

 

Finance lease obligations, current

 

 

19

 

 

 

24

 

Total current liabilities

 

 

61,001

 

 

 

69,423

 

Deferred income taxes, non-current

 

 

923

 

 

 

880

 

Operating lease liabilities, non-current

 

 

8,597

 

 

 

10,617

 

Finance lease obligations, non-current

 

 

6

 

 

 

25

 

Other non-current liabilities

 

 

4,011

 

 

 

1,860

 

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; 31,606,831 shares issued; and 24,010,727

and 23,609,398 shares outstanding at March 31, 2021

and March 31, 2020, respectively

 

 

9,482

 

 

 

9,482

 

Treasury shares, 7,596,104 and 7,997,433 at March 31, 2021

and March 31, 2020, respectively

 

 

(2,278

)

 

 

(2,401

)

Capital in excess of stated value

 

 

37,257

 

 

 

5,491

 

Retained earnings

 

 

35,376

 

 

 

58,984

 

Accumulated other comprehensive income

 

 

39

 

 

 

201

 

Total shareholders' equity

 

 

79,876

 

 

 

71,757

 

Total liabilities and shareholders' equity

 

$

189,873

 

 

$

154,562

 

 

AGILYSYS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Year Ended

 

(In thousands)

 

March 31,

 

 

 

2021

 

 

2020

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(21,001

)

 

$

(34,067

)

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

 

 

 

 

 

 

 

 

Impairments

 

 

 

 

 

23,740

 

Loss (gain) on disposal of property & equipment

 

 

44

 

 

 

(5

)

Depreciation

 

 

2,832

 

 

 

2,574

 

Amortization of intangibles

 

 

1,959

 

 

 

2,541

 

Amortization of developed technology

 

 

 

 

 

12,561

 

Deferred income taxes

 

 

(959

)

 

 

(356

)

Share-based compensation

 

 

40,093

 

 

 

5,205

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

10,363

 

 

 

(8,974

)

Contract assets

 

 

(228

)

 

 

794

 

Inventory

 

 

2,746

 

 

 

(1,830

)

Prepaids and other current assets

 

 

(201

)

 

 

1,545

 

Accounts payable

 

 

(7,016

)

 

 

8,585

 

Contract liabilities

 

 

(3,971

)

 

 

3,563

 

Accrued liabilities

 

 

1,187

 

 

 

(4,227

)

Income taxes payable

 

 

340

 

 

 

(153

)

Other changes, net

 

 

2,219

 

 

 

(921

)

Net cash provided by operating activities

 

 

28,407

 

 

 

10,575

 

Investing activities

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(1,389

)

 

 

(3,420

)

Additional investments in corporate-owned life insurance policies

 

 

(2

)

 

 

(27

)

Net cash used in investing activities

 

 

(1,391

)

 

 

(3,447

)

Financing activities

 

 

 

 

 

 

 

 

Preferred stock issuance proceeds, net of issuance costs

 

 

33,969

 

 

 

 

Payment of preferred dividends

 

 

(1,117

)

 

 

 

Repurchase of common shares to satisfy employee tax withholding

 

 

(7,512

)

 

 

(1,092

)

Principal payments under long-term obligations

 

 

(24

)

 

 

(24

)

Net cash provided by (used in) financing activities

 

 

25,316

 

 

 

(1,116

)

Effect of exchange rate changes on cash

 

 

195

 

 

 

(130

)

Net increase in cash and cash equivalents

 

 

52,527

 

 

 

5,882

 

Cash and cash equivalents at beginning of period

 

 

46,653

 

 

 

40,771

 

Cash and cash equivalents at end of period

 

$

99,180

 

 

$

46,653

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

103

 

 

 

187

 

 

AGILYSYS, INC.

RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Year Ended

 

(In thousands)

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(24,281

)

 

$

(26,992

)

 

$

(21,001

)

 

$

(34,067

)

Income tax (benefit) expense

 

 

(518

)

 

 

40

 

 

 

(208

)

 

 

201

 

Loss before taxes

 

 

(24,799

)

 

 

(26,952

)

 

 

(21,209

)

 

 

(33,866

)

Depreciation of fixed assets

 

 

672

 

 

 

801

 

 

 

2,832

 

 

 

2,574

 

Amortization of intangibles

 

 

470

 

 

 

641

 

 

 

1,959

 

 

 

2,541

 

Amortization of developed technology

 

 

 

 

 

3,129

 

 

 

 

 

 

12,561

 

Interest (income), net

 

 

(24

)

 

 

(88

)

 

 

(87

)

 

 

(371

)

EBITDA (a)

 

 

(23,681

)

 

 

(22,469

)

 

 

(16,505

)

 

 

(16,561

)

Share-based compensation

 

 

30,781

 

 

 

2,049

 

 

 

40,093

 

 

 

5,205

 

Severance and other charges, net

 

 

(233

)

 

 

150

 

 

 

2,529

 

 

 

582

 

Impairments

 

 

 

 

 

23,740

 

 

 

 

 

 

23,740

 

Other non-operating expense

 

 

50

 

 

 

102

 

 

 

338

 

 

 

176

 

Legal settlements, net

 

 

150

 

 

 

 

 

 

200

 

 

 

(125

)

Adjusted EBITDA (b)

 

$

7,067

 

 

$

3,572

 

 

$

26,655

 

 

$

13,017

 

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

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

 

AGILYSYS, INC.

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

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Year Ended

 

(In thousands, except per share data)

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss attributable to common shareholders

 

$

(24,740

)

 

$

(26,992

)

 

$

(23,608

)

 

$

(34,067

)

Amortization of intangibles

 

 

470

 

 

 

641

 

 

 

1,959

 

 

 

2,541

 

Amortization of developed technology

 

 

 

 

 

3,129

 

 

 

 

 

 

12,561

 

Share-based compensation

 

 

30,781

 

 

 

2,049

 

 

 

40,093

 

 

 

5,205

 

Series A convertible preferred stock issuance costs

 

 

 

 

 

 

 

 

1,031

 

 

 

 

Severance and other charges, net

 

 

(233

)

 

 

150

 

 

 

2,529

 

 

 

582

 

Impairments

 

 

 

 

 

23,740

 

 

 

 

 

 

23,740

 

Legal settlements, net

 

 

150

 

 

 

 

 

 

200

 

 

 

(125

)

Income tax adjustments

 

 

(1,190

)

 

 

(1,405

)

 

 

(2,710

)

 

 

(4,904

)

Adjusted net income (a)

 

$

5,238

 

 

$

1,312

 

 

$

19,494

 

 

$

5,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

23,574

 

 

 

23,241

 

 

 

23,458

 

 

 

23,233

 

Diluted weighted average shares outstanding

 

 

24,806

 

 

 

23,927

 

 

 

24,016

 

 

 

23,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted basic earnings per share (b)

 

$

0.22

 

 

$

0.06

 

 

$

0.83

 

 

$

0.24

 

Adjusted diluted earnings per share (b)

 

$

0.21

 

 

$

0.05

 

 

$

0.81

 

 

$

0.23

 

(a) Adjusted net income, a non-GAAP financial measure, is defined as net income (loss) attributable to common shareholders before amortization expense (including amortization of developed technology), share-based compensation, and one-time charges including severance and other charges, impairments 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. No income tax effect applies to one-time charges when a valuation allowance offsets their related deferred tax assets.

(b) Adjusted earnings per share, a non-GAAP financial measure, is defined as adjusted net income (loss) 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

 

 

Year Ended

 

(In thousands)

 

March 31,

 

 

March 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net cash provided by operating activities

 

$

13,323

 

 

$

5,302

 

 

$

28,407

 

 

$

10,575

 

Capital expenditures

 

 

(313

)

 

 

(411

)

 

 

(1,389

)

 

 

(3,420

)

Free cash flow (a)

 

$

13,010

 

 

$

4,891

 

 

$

27,018

 

 

$

7,155

 

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

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