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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2023
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _____ to _____
Commission File Number: 000-5734
AGILYSYS, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
34-0907152 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
3655 Brookside Parkway, Suite 300 Alpharetta, Georgia |
30022 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (770) 810-7800
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s) |
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Name of each exchange on which registered
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Common Stock, without par value |
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AGYS |
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NASDAQ Global Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated filer |
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☒ |
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Accelerated filer |
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☐ |
Non-Accelerated filer |
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☐ |
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Smaller reporting company |
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☐ |
Emerging growth company |
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☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of January 19, 2024, the registrant had 27,356,496 shares of common stock outstanding.
1
AGILYSYS, INC.
Table of Contents
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Part I. Financial Information |
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Item 1 |
Financial Statements (Unaudited) |
3 |
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Condensed Consolidated Balance Sheets – December 31, 2023 (Unaudited) and March 31, 2023 |
3 |
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Condensed Consolidated Statements of Operations (Unaudited) – Three and Nine Months Ended December 31, 2023 and December 31, 2022 |
4 |
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) – Three and Nine Months Ended December 31, 2023 and December 31, 2022 |
5 |
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Condensed Consolidated Statements of Cash Flows (Unaudited) – Three and Nine Months Ended December 31, 2023 and December 31, 2022 |
6 |
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Condensed Consolidated Statements of Shareholders' Equity (Unaudited) – Three and Nine Months Ended December 31, 2023 and December 31, 2022 |
7 |
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Notes to Condensed Consolidated Financial Statements (Unaudited) |
8 |
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Item 2 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
17 |
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Item 3 |
Quantitative and Qualitative Disclosures About Market Risk |
26 |
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Item 4 |
Controls and Procedures |
26 |
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Part II. Other Information |
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Item 1 |
Legal Proceedings |
27 |
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Item 1A |
Risk Factors |
27 |
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Item 2 |
Unregistered Sales of Equity Securities and Use of Proceeds |
27 |
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Item 3 |
Defaults Upon Senior Securities |
27 |
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Item 4 |
Mine Safety Disclosures |
27 |
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Item 5 |
Other Information |
27 |
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Item 6 |
Exhibits |
28 |
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Signatures |
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29 |
2
AGILYSYS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
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(In thousands, except share data) |
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December 31, 2023 (Unaudited) |
|
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March 31, 2023 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
116,200 |
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$ |
112,842 |
|
Accounts receivable, net of allowance for expected credit losses of $763 and $610, respectively |
|
|
49,366 |
|
|
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22,378 |
|
Contract assets |
|
|
1,971 |
|
|
|
2,242 |
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Inventories |
|
|
6,772 |
|
|
|
9,774 |
|
Prepaid expenses and other current assets |
|
|
9,385 |
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|
7,422 |
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Total current assets |
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183,694 |
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154,658 |
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Property and equipment, net |
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18,074 |
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14,576 |
|
Operating lease right-of-use assets |
|
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18,734 |
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12,708 |
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Goodwill |
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33,082 |
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32,638 |
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Intangible assets, net |
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17,223 |
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|
|
18,140 |
|
Deferred income taxes, non-current |
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|
67,999 |
|
|
|
2,790 |
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Other non-current assets |
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|
7,852 |
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|
|
7,526 |
|
Total assets |
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$ |
346,658 |
|
|
$ |
243,036 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
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|
Current liabilities: |
|
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Accounts payable |
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$ |
9,012 |
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$ |
9,418 |
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Contract liabilities |
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62,938 |
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|
52,124 |
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Accrued liabilities |
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15,310 |
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13,708 |
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Operating lease liabilities, current |
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3,947 |
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3,263 |
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Finance lease obligations, current |
|
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— |
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|
2 |
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Total current liabilities |
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91,207 |
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|
|
78,515 |
|
Deferred income taxes, non-current |
|
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1,035 |
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|
2,257 |
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Operating lease liabilities, non-current |
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20,200 |
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13,477 |
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Other non-current liabilities |
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3,943 |
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4,018 |
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Commitments and contingencies |
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Series A convertible preferred stock, no par value |
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— |
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35,459 |
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Shareholders' equity: |
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Common shares, without par value, at $0.30 stated value; 80,000,000 shares authorized; 33,342,288 shares issued; and 27,349,322 and 25,326,626 shares outstanding at December 31, 2023 and March 31, 2023, respectively |
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10,003 |
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|
|
9,482 |
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Treasury shares, 5,992,966 and 6,280,205 at December 31, 2023 and March 31, 2023, respectively |
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(1,798 |
) |
|
|
(1,884 |
) |
Capital in excess of stated value |
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91,173 |
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52,978 |
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Retained earnings |
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134,794 |
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52,764 |
|
Accumulated other comprehensive loss |
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(3,899 |
) |
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(4,030 |
) |
Total shareholders' equity |
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230,273 |
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|
109,310 |
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Total liabilities and shareholders' equity |
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$ |
346,658 |
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$ |
243,036 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
3
AGILYSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Three months ended December 31, |
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Nine months ended December 31, |
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(In thousands, except per share data) |
|
2023 |
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2022 |
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2023 |
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2022 |
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Net revenue: |
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Products |
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$ |
12,678 |
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$ |
10,697 |
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$ |
38,100 |
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$ |
32,291 |
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Subscription and maintenance |
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35,107 |
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30,154 |
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101,481 |
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86,917 |
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Professional services |
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12,781 |
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9,069 |
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35,662 |
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25,960 |
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Total net revenue |
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60,566 |
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49,920 |
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175,243 |
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145,168 |
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Cost of goods sold: |
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Products |
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6,707 |
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5,368 |
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|
|
20,023 |
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|
|
16,682 |
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Subscription and maintenance |
|
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7,371 |
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|
6,767 |
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22,812 |
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|
|
19,223 |
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Professional services |
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8,664 |
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|
|
7,009 |
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|
26,428 |
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|
20,627 |
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Total cost of goods sold |
|
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22,742 |
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19,144 |
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69,263 |
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|
56,532 |
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Gross profit |
|
|
37,824 |
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|
30,776 |
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|
105,980 |
|
|
|
88,636 |
|
Gross profit margin |
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|
62.5 |
% |
|
|
61.7 |
% |
|
|
60.5 |
% |
|
|
61.1 |
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
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Product development |
|
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14,551 |
|
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|
12,416 |
|
|
|
42,455 |
|
|
|
36,550 |
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Sales and marketing |
|
|
6,137 |
|
|
|
5,886 |
|
|
|
19,838 |
|
|
|
16,619 |
|
General and administrative |
|
|
9,057 |
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|
|
7,928 |
|
|
|
27,207 |
|
|
|
22,850 |
|
Depreciation of fixed assets |
|
|
909 |
|
|
|
437 |
|
|
|
3,042 |
|
|
|
1,371 |
|
Amortization of internal-use software and intangibles |
|
|
343 |
|
|
|
430 |
|
|
|
1,120 |
|
|
|
1,326 |
|
Other (gains) and charges, net |
|
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(924 |
) |
|
|
93 |
|
|
|
45 |
|
|
|
374 |
|
Legal settlements |
|
|
— |
|
|
|
104 |
|
|
|
— |
|
|
|
104 |
|
Total operating expense |
|
|
30,073 |
|
|
|
27,294 |
|
|
|
93,707 |
|
|
|
79,194 |
|
Operating income |
|
|
7,751 |
|
|
|
3,482 |
|
|
|
12,273 |
|
|
|
9,442 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,252 |
|
|
|
704 |
|
|
|
3,580 |
|
|
|
1,186 |
|
Other income (expense), net |
|
|
95 |
|
|
|
384 |
|
|
|
(15 |
) |
|
|
799 |
|
Income before taxes |
|
|
9,098 |
|
|
|
4,570 |
|
|
|
15,838 |
|
|
|
11,427 |
|
Income tax (benefit) provision |
|
|
(68,043 |
) |
|
|
678 |
|
|
|
(67,396 |
) |
|
|
920 |
|
Net income |
|
$ |
77,141 |
|
|
$ |
3,892 |
|
|
$ |
83,234 |
|
|
$ |
10,507 |
|
Series A convertible preferred stock dividends |
|
|
(286 |
) |
|
|
(459 |
) |
|
|
(1,204 |
) |
|
|
(1,377 |
) |
Net income attributable to common shareholders |
|
$ |
76,855 |
|
|
$ |
3,433 |
|
|
$ |
82,030 |
|
|
$ |
9,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
25,808 |
|
|
|
24,703 |
|
|
|
25,256 |
|
|
|
24,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share - basic: |
|
$ |
2.98 |
|
|
$ |
0.14 |
|
|
$ |
3.25 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - diluted |
|
|
26,979 |
|
|
|
26,070 |
|
|
|
26,463 |
|
|
|
25,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share - diluted: |
|
$ |
2.85 |
|
|
$ |
0.13 |
|
|
$ |
3.10 |
|
|
$ |
0.35 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
4
AGILYSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Nine months ended December 31, |
|
(In thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income |
|
|
77,141 |
|
|
$ |
3,892 |
|
|
|
83,234 |
|
|
$ |
10,507 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized foreign currency translation adjustments |
|
|
187 |
|
|
|
(248 |
) |
|
|
131 |
|
|
|
(902 |
) |
Total comprehensive income |
|
$ |
77,328 |
|
|
$ |
3,644 |
|
|
$ |
83,365 |
|
|
$ |
9,605 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
5
AGILYSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
December 31, |
|
(In thousands) |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
Net income |
|
$ |
83,234 |
|
|
$ |
10,507 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
Gain on asset disposals |
|
|
(1,145 |
) |
|
|
— |
|
Depreciation of fixed assets |
|
|
3,042 |
|
|
|
1,371 |
|
Amortization of internal-use software and intangibles |
|
|
1,120 |
|
|
|
1,326 |
|
Deferred income taxes |
|
|
(66,506 |
) |
|
|
(378 |
) |
Share-based compensation |
|
|
9,489 |
|
|
|
9,410 |
|
Changes in operating assets and liabilities |
|
|
(10,855 |
) |
|
|
(4,556 |
) |
Net cash provided by operating activities |
|
|
18,379 |
|
|
|
17,680 |
|
Investing activities |
|
|
|
|
|
|
Capital expenditures |
|
|
(7,658 |
) |
|
|
(3,616 |
) |
Additional investments in corporate-owned life insurance policies |
|
|
(2 |
) |
|
|
(27 |
) |
Net cash used in investing activities |
|
|
(7,660 |
) |
|
|
(3,643 |
) |
Financing activities |
|
|
|
|
|
|
Payment of preferred stock dividends |
|
|
(1,663 |
) |
|
|
(1,836 |
) |
Repurchase of common shares to satisfy employee tax withholding |
|
|
(5,734 |
) |
|
|
(2,924 |
) |
Principal payments under long-term obligations |
|
|
(2 |
) |
|
|
(3 |
) |
Net cash used in financing activities |
|
|
(7,399 |
) |
|
|
(4,763 |
) |
Effect of exchange rate changes on cash |
|
|
38 |
|
|
|
(427 |
) |
Net increase in cash and cash equivalents |
|
|
3,358 |
|
|
|
8,847 |
|
Cash and cash equivalents at beginning of period |
|
|
112,842 |
|
|
|
96,971 |
|
Cash and cash equivalents at end of period |
|
$ |
116,200 |
|
|
$ |
105,818 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
6
AGILYSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2023 |
|
|
|
Common Shares |
|
|
Capital in |
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
Issued |
|
|
In Treasury |
|
|
excess of |
|
|
|
|
|
other |
|
|
|
|
(In thousands, except share data) |
|
Shares |
|
|
Stated value |
|
|
Shares |
|
|
Stated value |
|
|
Stated value |
|
|
Retained earnings |
|
|
comprehensive income (loss) |
|
|
Total |
|
Balance at September 30, 2023 |
|
|
31,607 |
|
|
$ |
9,482 |
|
|
|
(6,236 |
) |
|
$ |
(1,871 |
) |
|
$ |
55,154 |
|
|
$ |
57,939 |
|
|
$ |
(4,086 |
) |
|
$ |
116,618 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,488 |
|
|
|
— |
|
|
|
— |
|
|
|
3,488 |
|
Restricted shares issued, net |
|
|
— |
|
|
|
— |
|
|
|
173 |
|
|
|
52 |
|
|
|
(52 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares issued upon exercise of SSARs |
|
|
— |
|
|
|
— |
|
|
|
93 |
|
|
|
28 |
|
|
|
(28 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares |
|
|
— |
|
|
|
— |
|
|
|
(22 |
) |
|
|
(7 |
) |
|
|
(1,868 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,875 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
77,141 |
|
|
|
— |
|
|
|
77,141 |
|
Conversion of Series A preferred stock |
|
|
1,735 |
|
|
|
521 |
|
|
|
— |
|
|
|
— |
|
|
|
34,479 |
|
|
|
— |
|
|
|
— |
|
|
|
35,000 |
|
Series A convertible preferred stock dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(286 |
) |
|
|
— |
|
|
|
(286 |
) |
Unrealized translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
187 |
|
|
|
187 |
|
Balance at December 31, 2023 |
|
|
33,342 |
|
|
$ |
10,003 |
|
|
|
(5,992 |
) |
|
$ |
(1,798 |
) |
|
$ |
91,173 |
|
|
$ |
134,794 |
|
|
$ |
(3,899 |
) |
|
$ |
230,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2022 |
|
|
|
Common Shares |
|
|
Capital in |
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
Issued |
|
|
In Treasury |
|
|
excess of |
|
|
|
|
|
other |
|
|
|
|
(In thousands, except share data) |
|
Shares |
|
|
Stated value |
|
|
Shares |
|
|
Stated value |
|
|
Stated value |
|
|
Retained earnings |
|
|
comprehensive income (loss) |
|
|
Total |
|
Balance at September 30, 2022 |
|
|
31,607 |
|
|
$ |
9,482 |
|
|
|
(6,550 |
) |
|
$ |
(1,965 |
) |
|
$ |
54,072 |
|
|
$ |
45,715 |
|
|
$ |
(710 |
) |
|
$ |
106,594 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,323 |
|
|
|
— |
|
|
|
— |
|
|
|
3,323 |
|
Restricted shares issued, net |
|
|
— |
|
|
|
— |
|
|
|
86 |
|
|
|
26 |
|
|
|
(26 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares issued upon exercise of SSARs |
|
|
— |
|
|
|
— |
|
|
|
58 |
|
|
|
18 |
|
|
|
(18 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares |
|
|
— |
|
|
|
— |
|
|
|
(16 |
) |
|
|
(5 |
) |
|
|
(1,185 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,190 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,892 |
|
|
|
— |
|
|
|
3,892 |
|
Series A convertible preferred stock dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(459 |
) |
|
|
— |
|
|
|
(459 |
) |
Unrealized translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(248 |
) |
|
|
(248 |
) |
Balance at December, 2022 |
|
|
31,607 |
|
|
$ |
9,482 |
|
|
|
(6,422 |
) |
|
$ |
(1,926 |
) |
|
$ |
56,166 |
|
|
$ |
49,148 |
|
|
$ |
(958 |
) |
|
$ |
111,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 31, 2023 |
|
|
|
Common Shares |
|
|
Capital in |
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
Issued |
|
|
In Treasury |
|
|
excess of |
|
|
|
|
|
other |
|
|
|
|
(In thousands, except share data) |
|
Shares |
|
|
Stated value |
|
|
Shares |
|
|
Stated value |
|
|
Stated value |
|
|
Retained earnings |
|
|
comprehensive income (loss) |
|
|
Total |
|
Balance at March 31, 2023 |
|
|
31,607 |
|
|
$ |
9,482 |
|
|
|
(6,280 |
) |
|
$ |
(1,884 |
) |
|
$ |
52,978 |
|
|
$ |
52,764 |
|
|
$ |
(4,030 |
) |
|
$ |
109,310 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,399 |
|
|
|
— |
|
|
|
— |
|
|
|
9,399 |
|
Restricted shares issued, net |
|
|
— |
|
|
|
— |
|
|
|
177 |
|
|
|
53 |
|
|
|
(53 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares issued upon exercise of SSARs |
|
|
— |
|
|
|
— |
|
|
|
183 |
|
|
|
55 |
|
|
|
(55 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares |
|
|
— |
|
|
|
— |
|
|
|
(72 |
) |
|
|
(22 |
) |
|
|
(5,575 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,597 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
83,234 |
|
|
|
— |
|
|
|
83,234 |
|
Conversion of Series A preferred stock |
|
|
1,735 |
|
|
|
521 |
|
|
|
— |
|
|
|
— |
|
|
|
34,479 |
|
|
|
— |
|
|
|
— |
|
|
|
35,000 |
|
Series A convertible preferred stock dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,204 |
) |
|
|
— |
|
|
|
(1,204 |
) |
Unrealized translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
131 |
|
|
|
131 |
|
Balance at December 31, 2023 |
|
|
33,342 |
|
|
$ |
10,003 |
|
|
|
(5,992 |
) |
|
$ |
(1,798 |
) |
|
$ |
91,173 |
|
|
$ |
134,794 |
|
|
$ |
(3,899 |
) |
|
$ |
230,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 31, 2022 |
|
|
|
Common Shares |
|
|
Capital in |
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
Issued |
|
|
In Treasury |
|
|
excess of |
|
|
|
|
|
other |
|
|
|
|
(In thousands, except share data) |
|
Shares |
|
|
Stated value |
|
|
Shares |
|
|
Stated value |
|
|
Stated value |
|
|
Retained earnings |
|
|
comprehensive income (loss) |
|
|
Total |
|
Balance at March 31, 2022 |
|
|
31,607 |
|
|
$ |
9,482 |
|
|
|
(6,879 |
) |
|
$ |
(2,063 |
) |
|
$ |
49,963 |
|
|
$ |
40,018 |
|
|
$ |
(56 |
) |
|
$ |
97,344 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,342 |
|
|
|
— |
|
|
|
— |
|
|
|
9,342 |
|
Restricted shares issued, net |
|
|
— |
|
|
|
— |
|
|
|
331 |
|
|
|
99 |
|
|
|
(99 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares issued upon exercise of SSARs |
|
|
— |
|
|
|
— |
|
|
|
181 |
|
|
|
55 |
|
|
|
(55 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares |
|
|
— |
|
|
|
— |
|
|
|
(55 |
) |
|
|
(17 |
) |
|
|
(2,985 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,002 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,507 |
|
|
|
— |
|
|
|
10,507 |
|
Series A convertible preferred stock dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,377 |
) |
|
|
— |
|
|
|
(1,377 |
) |
Unrealized translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(902 |
) |
|
|
(902 |
) |
Balance at December, 2022 |
|
|
31,607 |
|
|
$ |
9,482 |
|
|
|
(6,422 |
) |
|
$ |
(1,926 |
) |
|
$ |
56,166 |
|
|
$ |
49,148 |
|
|
$ |
(958 |
) |
|
$ |
111,912 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
7
AGILYSYS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Nature of Operations and Financial Statement Presentation
Nature of Operations
Agilysys has been a leader in hospitality software for more than 40 years, delivering innovative cloud-native SaaS and on-premise solutions for hotels, resorts and cruise lines, casinos, corporate foodservice management, restaurants, universities, stadiums, and healthcare. The Company’s software solutions include point-of-sale (POS), property management (PMS), inventory and procurement, payments, and related applications that manage and enhance the entire guest journey. Agilysys also is known for its world-class customer-centric service. Many of the top hospitality companies around the world use Agilysys solutions to 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 in Alpharetta, GA.
The Company has just one reportable segment serving the global hospitality industry.
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements include our accounts consolidated with our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Our fiscal year ends on March 31st. References to a particular year refer to the fiscal year ending in March of that year. For example, fiscal 2024 refers to the fiscal year ending March 31, 2024.
Our unaudited interim financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information, the instructions to the Quarterly Report on Form 10-Q (Quarterly Report) under the Securities Exchange Act of 1934, as amended (the Exchange Act), and Rule 10-01 of Regulation S-X under the Exchange Act. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations relating to interim financial statements.
The Condensed Consolidated Balance Sheet as of December 31, 2023, as well as the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, and Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended December 31, 2023 and 2022, and the Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2023 and 2022, are unaudited. However, these financial statements have been prepared on the same basis as those in the audited annual financial statements. In the opinion of management, all adjustments of a recurring nature necessary to fairly state the results of operations, financial position, and cash flows have been made.
These unaudited interim financial statements should be read together with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended March 31, 2023, filed with the Securities and Exchange Commission (SEC) on May 19, 2023.
Use of estimates
Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from those estimates due to uncertainties.
2. Summary of Significant Accounting Policies
A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended March 31, 2023, included in our Annual Report on Form 10-K. There have been no material changes to our significant accounting policies from those disclosed therein.
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to update income tax disclosure requirements
8
primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, or our fiscal 2026. The amendments may be applied prospectively or retrospectively with early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures.
In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to expand reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. ASU 2023-07 applies to entities with a single reportable segment. Annual disclosures are required for fiscal years beginning after December 15, 2023 or our fiscal 2025. Interim disclosures are required for periods within fiscal years beginning after December 15, 2024, or our fiscal 2026. Retrospective application is required for all prior periods presented with early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures.
3. Revenue Recognition
Our customary business practice is to enter into legally enforceable written contracts with our customers. The majority of our contracts are governed by a master service agreement between us and the customer, which sets forth the general terms and conditions of any individual contract between the parties, which is then supplemented by a customer order to specify the different goods and services, the associated prices, and any additional terms for an individual contract. Performance obligations specific to each individual contract are defined within the terms of each order. Each performance obligation is identified based on the goods and services that will be transferred to our customer that are both capable of being distinct and are distinct within the context of the contract. The transaction price is determined based on the consideration to which we will be entitled and expect to receive in exchange for transferring goods or services to the customer. Typically, our contracts do not provide our customer with any right of return or refund; we do not constrain the contract price as it is probable that there will not be a significant revenue reversal due to a return or refund.
Typically, our customer contracts contain one or more of the following goods or services which constitute performance obligations.
Our proprietary software licenses typically provide for a perpetual right to use our software. Generally, our contracts do not provide significant services of integration and customization and installation services are not required to be purchased directly from us. The software is delivered before related services are provided and is functional without professional services, updates and technical support. We have concluded that the software license is distinct as the customer can benefit from the software on its own. Software revenue is typically recognized when the software is delivered or made available for download to the customer.
We recognize revenue for hardware sales when the product is shipped to the customer and when obligations that affect the customer’s final acceptance of the arrangement have been fulfilled. Hardware is purchased from suppliers and provided to the end-user customers via drop-ship or from inventory. We are responsible for negotiating price both with the supplier and the customer, payment to the supplier, establishing payment terms and product returns with the customer, and we bear the credit risk if the customer does not pay for the goods. As the principal contact with the customer, we recognize revenue and cost of goods sold when we ship or are notified by the supplier that the product has been shipped. In certain limited instances, as shipping terms dictate, revenue is recognized upon receipt at the point of destination or upon installation at the customer site.
Our subscription service revenue is comprised of fees for contracts that provide customers a right to access our software for a subscribed period. We do not provide the customer the contractual right to license the software at any time outside of the subscription period under these contracts. Our subscription service revenue is primarily based on rates per location, including rates per points of sale and per room. We recognize certain subscription service revenue on a per-transaction basis. The customer can only benefit from the software and software maintenance when provided the right to access the software. Accordingly, each of the rights to access the software, the maintenance services, any hosting services, and any transaction-based services is not considered a distinct performance obligation in the context of the contract and should be combined into a single performance obligation to be recognized over the contract period. The Company recognizes subscription revenue over a one-month period based on the typical monthly invoicing and renewal cycle in accordance with our customer agreement terms.
We derive maintenance service revenue from providing unspecified updates, upgrades, bug fixes, and technical support services for our proprietary software. These services represent a stand-ready obligation that is concurrently delivered and has the same pattern of transfer to the customer; we account for these maintenance services as a single performance obligation. Maintenance revenue includes the same services provided by third-parties for remarketed software. We recognize substantially all maintenance revenue over the contract period of the maintenance agreement. We also recognize certain maintenance service revenue based on the volume of payment transactions processed by third parties through access to our software.
9
Professional services revenues primarily consist of fees for consulting, implementation, installation, integration and training and are generally recognized over time as the customer simultaneously receives and consumes the benefits of the professional services as the services are being performed. Professional services can be provided by internal or external providers, do not significantly affect the customer’s ability to access or use other provided goods or services, and provide a measure of benefit beyond that of other promised goods or services in the contract. As a result, professional services are considered distinct in the context of the contract and represent a separate performance obligation. Professional services that are billed on a time and materials basis are recognized over time as the services are performed. For contracts billed on a fixed price basis, revenue is recognized over time using an input method based on labor hours expended to date relative to the total labor hours expected to be required to satisfy the related performance obligation.
We use the market approach to derive standalone selling price (“SSP”) by maximizing observable data points (in the form of recently executed customer contracts) to determine the price customers are willing to pay for the goods and services transferred. If the contract contains a single performance obligation, the entire transaction price is allocated to that performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative SSP basis.
Shipping and handling fees billed to customers are recognized as revenue and the related costs are recognized in cost of goods sold. Revenue is recorded net of any applicable taxes collected and remitted to governmental agencies.
Disaggregation of Revenue
We derive and report our revenue from the sale of products (proprietary software licenses, third party hardware and operating systems), subscription and maintenance, and professional services. Products revenue recognized at a point in time totaled $12.7 million and $10.7 million, and $38.1 million and $32.3 million for the three and nine months ended December 31, 2023 and 2022, respectively. Subscription and maintenance, and professional services revenue recognized substantially over time totaled $47.9 million and $39.2 million, and $137.1 million and $112.9 million for the three and nine months ended December 31, 2023 and 2022, respectively.
Contract Balances
Contract assets are rights to consideration in exchange for goods or services that we have transferred to a customer when that right is conditional on something other than the passage of time. The majority of our contract assets represent unbilled amounts related to products and professional services. We expect billing and collection of our contract assets to occur within the next twelve months. We receive payments from customers based upon contractual billing schedules and accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities represent consideration received or consideration which is unconditionally due from customers prior to transferring goods or services to the customer under the terms of the contract.
Revenue recognized from amounts included in contract liabilities at the beginning of the period was $12.0 million and $9.4 million for the three months ended December 31, 2023 and 2022, respectively, and $48.9 million and $44.2 million for the nine months ended December 31, 2023 and 2022, respectively. Because the right to the transaction became unconditional, we transferred to accounts receivable from contract assets at the beginning of the period, $0.2 million and $0.1 million for the three months ended December 31, 2023 and 2022, respectively, and $2.1 million and $1.7 million for the nine months ended December 31, 2023 and 2022, respectively.
Our arrangements are for a period of one year or less. As a result, unsatisfied performance obligations as of December 31, 2023 are expected to be satisfied and the allocated transaction price recognized in revenue within a period of 12 months or less.
Assets Recognized from Costs to Obtain a Contract
Sales commission expenses that would not have occurred absent the customer contracts are considered incremental costs to obtain a contract. We expense the incremental costs to obtain a contract as incurred when the expected benefit and amortization period is one year or less. For subscription contracts that are renewed monthly based on an agreement term, we capitalize commission expenses and amortize as we satisfy the underlying performance obligations, generally based on the contract terms and anticipated renewals. Other sales commission expenses have a period of benefit of one year or less and are therefore expensed as incurred in line with the practical expedient elected.
We had $4.3 million and $3.7 million of capitalized sales incentive costs as of December 31, 2023 and 2022, respectively. These balances are included in other non-current assets on our condensed consolidated balance sheets. During the three and nine months ended December 31, 2023, we expensed $1.0 million and $2.9 million, respectively, of sales commissions, which included amortization of capitalized amounts of $0.4 million and $1.2 million, respectively. During the comparable periods ending December 31, 2022, we expensed $1.1 million and $2.6 million, respectively, of sales commissions, which included amortization of capitalized amounts of $0.3 million and $0.9 million, respectively. These expenses are included in operating expenses – sales and
10
marketing in our condensed consolidated statement of operations. All other costs to obtain a contract are not considered incremental and therefore are expensed as incurred.
4. Additional Balance Sheet Information
Additional information related to the condensed consolidated balance sheets is as follows:
|
|
|
|
|
|
|
|
|
(In thousands) |
|
December 31, 2023 |
|
|
March 31, 2023 |
|
Accrued liabilities: |
|
|
|
|
|
|
Salaries, wages, and related benefits |
|
$ |
12,705 |
|
|
$ |
11,170 |
|
Other taxes payable |
|
|
1,867 |
|
|
|
2,127 |
|
Professional fees |
|
|
269 |
|
|
|
95 |
|
Other |
|
|
469 |
|
|
|
316 |
|
Total |
|
$ |
15,310 |
|
|
$ |
13,708 |
|
Other non-current liabilities: |
|
|
|
|
|
|
Uncertain tax positions |
|
$ |
— |
|
|
$ |
1,178 |
|
Employee benefit obligations |
|
|
3,840 |
|
|
|
2,742 |
|
Other |
|
|
103 |
|
|
|
98 |
|
Total |
|
$ |
3,943 |
|
|
$ |
4,018 |
|
5. Supplemental Disclosures of Cash Flow Information
Additional information related to the condensed consolidated statements of cash flows is as follows:
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
(In thousands) |
|
|
2023 |
|
|
|
2022 |
|
Cash receipts for interest, net |
|
$ |
3,191 |
|
|
$ |
1,046 |
|
Cash payments for income tax, net |
|
|
1,246 |
|
|
|
912 |
|
Cash payments for operating leases |
|
|
3,684 |
|
|
|
4,207 |
|
Cash payments for finance leases |
|
|
4 |
|
|
|
4 |
|
Accrued capital expenditures |
|
|
114 |
|
|
|
332 |
|
During October 2023, we terminated certain agreements of leased office space before the expiration of their lease terms resulting in the removal of $3.8 million in lease liabilities and $3.2 million in associated right-of-use assets with a gain of $0.6 million. We also sold certain related property and equipment for a gain of $0.5 million resulting in a total gain on asset disposals of $1.1 million reported as operating activities in the condensed consolidated statement of cash flows for the nine months ended December 31, 2023.
During November 2023, in a noncash financing transaction, we converted $35 million of Series A convertible preferred stock, no par value, to common stock as further described in Note 10, Preferred Stock.
6. Income Taxes
The following table compares our income tax provision and effective tax rates for the three and nine months ended December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Nine months ended December 31, |
|
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Income tax (benefit) provision |
|
$ |
(68,043 |
) |
|
$ |
678 |
|
|
$ |
(67,396 |
) |
|
$ |
920 |
|
Effective tax rate |
|
nm |
|
|
|
14.8 |
% |
|
nm |
|
|
|
8.1 |
% |
nm - not meaningful
11
Since the end of fiscal 2009, we have recorded valuation allowances offsetting substantially all the Company’s deferred income tax assets due to the uncertainty of the ultimate realization of the future benefits from those assets. During the third quarter of fiscal 2024, we determined that it was more likely than not that the Company would be able to realize the benefit of substantially all of its deferred tax assets in the United States. In reaching this determination, we considered our growing trend of profitability over recent years, our expectations regarding the generation of future taxable income as well as the overall improvement in the Company’s business. As a result, during the three months ended December 31, 2023, the Company recognized a discrete tax benefit related to the release of approximately $65.1 million in valuation allowance against its deferred tax assets in the United States and Canada that are expected to be realized in future years, which caused our effective tax rate to differ from the statutory rate. At December 31, 2023, the Company continued to provide a valuation allowance of $2.8 million primarily against certain state and foreign net operating losses (“NOLs”).
For the three and nine months ended December 31, 2023, the Company recorded an income tax benefit of $68.0 million and $67.4 million, respectively. Excluding the release of $65.1 million in valuation allowance and the release of $1.0 million in uncertain tax positions and related accrued interest due to expiration of various US state statutes of limitations, the Company recorded income tax benefit of $5.6 million for tax windfalls from stock compensation, income tax benefit of $2.4 million for R&D credits and, for the three and nine months ended December 31, 2023, deferred income tax expense of $6.1 million and $6.7 million, respectively.
For the three and nine months ended December 31, 2022, the Company recorded income tax provision of $0.7 million and $0.9 million, respectively, primarily related to income tax in states where NOL usage is statutorily limited.
For the three and nine months ended December 31, 2022, the effective tax rate was different than the statutory rate due primarily to adjustments to deferred tax assets and to valuation allowances that reduce deferred tax assets and to the recording of net operating losses in several foreign jurisdictions offset by current year expense in other foreign jurisdictions. Our India subsidiary operates in a “Special Economic Zone (“SEZ”)”. One of the benefits associated with the SEZ is that the India subsidiary is not subject to regular India income taxes during its first five years of operations, which included fiscal 2018 through fiscal 2022. The India subsidiary is subject to 50% of regular India income taxes during its second five years of operations, which includes fiscal 2023 through fiscal 2027.
For federal income tax purposes, as of March 31, 2023, the Company had net operating loss carryforwards of approximately $132 million, which will expire from fiscal 2032 through fiscal 2038, and net operating loss carryforwards of $43.8 million that are not subject to expiration. For state purposes, at the end of fiscal 2023, the Company had $10.1 million of net operating losses that are available to offset future taxable income, the majority of which will expire from fiscal 2032 through fiscal 2043.
7. Commitments and Contingencies
Agilysys is the subject of various threatened or pending legal actions and contingencies in the normal course of conducting its business. We provide for costs related to these matters when a loss is probable, and the amount can be reasonably estimated. The effect of the outcome of these matters on our future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount or timing of the resolution of such matters. While it is not possible to predict with certainty, management believes that the ultimate resolution of such individual or aggregated matters will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows.
On April 6, 2012, Ameranth, Inc. filed a complaint against us in the U.S. District Court of Southern District of California alleging that certain of our products infringe patents owned by Ameranth directed to configuring and transmitting hospitality menus (e.g., restaurant menus) for display on electronic devices and synchronizing the menu content between the devices. Although Agilysys has not yet been dismissed from the case, all of the patents asserted against us by Ameranth were determined by the Court to be invalid, and all of Ameranth’s appeals have been exhausted.
12
8. Earnings per Share
The following data shows the amounts used in computing earnings per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Nine months ended December 31, |
|
(In thousands, except per share data) |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
77,141 |
|
|
$ |
3,892 |
|
|
$ |
83,234 |
|
|
$ |
10,507 |
|
Series A convertible preferred stock dividends |
|
(286 |
) |
|
|
(459 |
) |
|
|
(1,204 |
) |
|
|
(1,377 |
) |
Net income attributable to common shareholders |
$ |
76,855 |
|
|
$ |
3,433 |
|
|
$ |
82,030 |
|
|
$ |
9,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
25,808 |
|
|
|
24,703 |
|
|
|
25,256 |
|
|
|
24,651 |
|
Dilutive SSARs |
|
920 |
|
|
|
1,149 |
|
|
|
951 |
|
|
|
996 |
|
Dilutive unvested restricted shares |
|
223 |
|
|
|
218 |
|
|
|
239 |
|
|
|
133 |
|
Dilutive unvested restricted stock units |
|
28 |
|
|
|
— |
|
|
|
17 |
|
|
|
— |
|
Weighted average shares outstanding - diluted |
|
26,979 |
|
|
|
26,070 |
|
|
|
26,463 |
|
|
|
25,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share - basic: |
$ |
2.98 |
|
|
$ |
0.14 |
|
|
$ |
3.25 |
|
|
$ |
0.37 |
|
Income per share - diluted: |
$ |
2.85 |
|
|
$ |
0.13 |
|
|
$ |
3.10 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Anti-dilutive SSARs, restricted shares, performance shares and preferred shares |
|
89 |
|
|
|
1,736 |
|
|
|
30 |
|
|
|
1,751 |
|
Basic income per share is computed as net income attributable to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 454,336 and 459,306 of restricted shares at December 31, 2023 and 2022, respectively, as these shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income per share at the balance sheet dates.
Diluted income per share includes the impact of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights (SSARs), restricted shares, restricted stock units, and preferred shares that are potentially dilutive securities.
9. Share-based Compensation
We may grant incentive stock options, non-qualified stock options, SSARs, restricted shares, restricted stock units, and performance shares under our shareholder-approved 2020 Stock Incentive Plan (the 2020 Plan) for up to 2.25 million common shares, plus 868,864 common shares, the number of shares that were remaining for grant under the 2016 Stock Incentive Plan (the 2016 Plan) as of the effective date of the 2020 Plan, plus the number of shares remaining for grant under the 2016 Plan that are forfeited, settled in cash, canceled or expired. The maximum aggregate number of restricted shares or restricted stock units that may be granted under the 2020 Plan is 3.1 million.
We may distribute authorized but unissued shares or treasury shares to satisfy share option and SSAR exercises or grants of restricted shares, restricted stock units or performance shares.
For SSARs, the exercise price must be set at least equal to the closing market price of our common shares on the date of grant. The maximum term of SSARs is seven years from the date of grant. The Compensation Committee of the Board of Directors establishes the period over which SSARs subject to a service condition vest and the vesting criteria for SSARs subject to a market condition.
Restricted shares and restricted stock units, whether time-vested or performance-based, may be issued at no cost or at a purchase price that may be below their fair market value, but are subject to forfeiture and restrictions on their sale or other transfer. Performance-based grants may be conditioned upon the attainment of specified performance objectives and other conditions, restrictions, and contingencies. Restricted shares have the right to receive dividends, if any, upon vesting, subject to the same forfeiture provisions that apply to the underlying grants.
13
We record compensation expense related to SSARs, restricted shares, restricted stock units, and performance shares granted to certain employees and non-employee directors based on the fair value of the awards on the grant date. The fair value of restricted stock unit and restricted share grants subject only to a service condition is based on the closing price of our common shares on the grant date. For stock option and SSAR grants subject only to a service condition, we estimate the fair value on the grant date using the Black-Scholes-Merton option pricing model with inputs including the closing market price at grant date, exercise price and assumptions regarding the risk-free interest rate, expected volatility of our common shares based on historical volatility, and expected term. For restricted stock unit, restricted share, and SSAR grants subject to a market condition, we estimate the fair value on the grant date through a lattice option pricing model that utilizes a Monte Carlo analysis with inputs including the closing market price at grant date, share price threshold, performance period term and assumptions regarding the risk-free interest rate and expected volatility of our common shares based on historical volatility. Inputs for SSAR grants subject to a market condition also include exercise price, remaining contractual term, and suboptimal exercise factor.
We record compensation expense for restricted stock units, restricted shares, and SSAR grants subject to a service condition using the graded vesting method. The fair value of performance shares is based on the closing price of our common shares on the settlement date of the performance award, for which we record compensation expense over the service period consistent with our annual bonus incentive plan as approved by the Compensation Committee of the Board of Directors.
The following table summarizes the share-based compensation expense for restricted and performance grants included in the condensed consolidated statements of operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Nine months ended December 31, |
|
(In thousands) |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Product development |
|
1,878 |
|
|
|
2,108 |
|
|
|
4,743 |
|
|
|
5,770 |
|
Sales and marketing |
|
228 |
|
|
|
257 |
|
|
|
487 |
|
|
|
822 |
|
General and administrative |
|
1,532 |
|
|
|
1,101 |
|
|
|
4,259 |
|
|
|
2,818 |
|
Total share-based compensation expense |
|
3,638 |
|
|
|
3,466 |
|
|
|
9,489 |
|
|
|
9,410 |
|
Stock-Settled Appreciation Rights
SSARs are rights granted to an employee to receive value equal to the difference between the price of our common shares on the date of exercise and the exercise price. The value is settled in common shares of Agilysys, Inc.
The following table summarizes the activity during the nine months ended December 31, 2023 for SSARs awarded under the 2020 and 2016 Plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share and per share data) |
|
Number of Rights |
|
|
Weighted-Average Exercise Price |
|
|
Remaining Contractual Term |
|
|
Aggregate Intrinsic Value |
|
|
|
|
|
|
(per right) |
|
|
(in years) |
|
|
|
|
Outstanding at April 1, 2023 |
|
|
1,572,460 |
|
|
$ |
26.04 |
|
|
|
|
|
|
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Exercised |
|
|
(238,098 |
) |
|
|
18.27 |
|
|
|
|
|
|
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Expired |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
1,334,362 |
|
|
$ |
27.42 |
|
|
|
2.3 |
|
|
$ |
76,591 |
|
Exercisable at December 31, 2023 |
|
|
1,334,362 |
|
|
$ |
27.42 |
|
|
|
2.3 |
|
|
$ |
76,591 |
|
Vested and expected to vest at December 31, 2023 |
|
|
1,334,362 |
|
|
$ |
27.42 |
|
|
|
2.3 |
|
|
$ |
76,591 |
|
As of December 31, 2023, there was no unrecognized share-based compensation expense related to SSARs.
Restricted Shares
We granted shares to certain of our Directors, executives and key employees, the vesting of which is service-based. Certain restricted shares are also subject to a market condition. The following table summarizes the activity during the nine months ended December 31, 2023 for restricted shares awarded under the 2020 and 2016 Plans:
14
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Weighted-Average Grant-Date Fair Value |
|
|
|
|
|
|
(per share) |
|
Outstanding at April 1, 2023 |
|
|
407,324 |
|
|
$ |
47.53 |
|
Granted |
|
|
198,969 |
|
|
|
88.36 |
|
Vested |
|
|
(129,937 |
) |
|
|
48.51 |
|
Forfeited |
|
|
(22,020 |
) |
|
|
46.76 |
|
Outstanding at December 31, 2023 |
|
|
454,336 |
|
|
$ |
65.19 |
|
The weighted-average grant date fair value of the restricted shares includes grants subject only to a service condition and certain grants subject to both a service condition and a market condition. As of December 31, 2023, total unrecognized share-based compensation expense related to unvested restricted shares was $20.1 million, which is expected to be recognized over a weighted-average vesting period of 2.5 years.
Restricted Stock Units
We granted restricted stock units to our Chief Executive Officer, the vesting of which is service-based. Certain restricted stock units are also subject to a market condition. The following table summarizes the activity during nine months ended December 31, 2023 for restricted stock units awarded under the 2020 Plan:
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Weighted-Average Grant-Date Fair Value |
|
|
|
|
|
|
(per share) |
|
Outstanding at April 1, 2023 |
|
|
67,856 |
|
|
$ |
71.62 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Outstanding at December 31, 2023 |
|
|
67,856 |
|
|
$ |
71.62 |
|
As of December 31, 2023, total unrecognized share-based compensation expense related to non-vested restricted stock units was $2.9 million, which is expected to be recognized over the weighted-average vesting period of 2.3 years.
Performance Shares
Upon approval of the Compensation Committee of our Board of Directors, after achieving the performance conditions associated with our annual bonus plan, we granted 5,168 common shares to our Chief Executive Officer in May 2023 that vested immediately for a total value of $0.4 million.
10. Preferred Stock
Series A Convertible Preferred Stock
On May 22, 2020, we completed the sale of 1,735,457 shares of our preferred stock, without par value, designated as “Series A Convertible Preferred Stock” (the “Convertible Preferred Stock”) to MAK Capital Fund L.P. and MAK Capital Distressed Debt Fund I, LP (the “Holders”) each, in its capacity as a designee of MAK Capital One LLC (the “Purchaser”), pursuant to the terms of the Investment Agreement, dated as of May 11, 2020, between the Company and the Purchaser, for an aggregate purchase price of $35 million. We incurred issuance costs of $1.0 million. We added all issuance costs that were netted against the proceeds upon issuance of the Convertible Preferred Stock to its redemption value. As disclosed in our Annual Report for the fiscal year ended March 31, 2021, Michael Kaufman, the Chairman of the Company’s Board of Directors, is the Chief Executive Officer of MAK Capital One LLC.
Conversion
On November 24, 2023, at our option, we required conversion of all the outstanding shares of Convertible Preferred Stock to common stock. On November 27, 2023, we filed a Certificate of Elimination with the Secretary of State of the State of Delaware with respect to the Convertible Preferred Stock pursuant to which the Convertible Preferred Stock was eliminated and returned to the status of
15
authorized and unissued preferred shares of the Company. Following the mandatory conversion of the outstanding shares of the Convertible Preferred Stock on November 24, 2023, there were no outstanding shares of the Convertible Preferred Stock. Accordingly, we removed the Series A convertible preferred stock, no par value from temporary equity on our condensed consolidated balance sheet and recorded the associated increase of common shares at $0.30 stated value and capital in excess of stated value further reflected in our condensed consolidated statement of shareholders' equity.
Dividends
Prior to the conversion on November 24, 2023, the Holders were entitled to dividends on the Liquidation Preference at the rate of 5.25% per annum, payable semi-annually either (i) 50% in cash and 50% in kind as an increase in the then-current Liquidation Preference or (ii) 100% in cash, at the option of the Company. We paid dividends in the same period as declared by the Company’s Board of Directors.
16
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
In “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“MD&A”), management explains the general financial condition and results of operations for Agilysys and subsidiaries including:
— what factors affect our business;
— what our earnings and costs were;
— why those earnings and costs were different from the year before;
— where the earnings came from;
— how our financial condition was affected; and
— where the cash will come from to fund future operations.
The MD&A analyzes changes in specific line items in the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows and provides information that management believes is important to assessing and understanding our consolidated financial condition and results of operations. This Quarterly Report on Form 10-Q updates information included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed with the Securities and Exchange Commission (SEC). This discussion should be read in conjunction with the Condensed Consolidated Financial Statements and related Notes that appear in Item 1 of this Quarterly Report as well as our Annual Report for the year ended March 31, 2023. Information provided in the MD&A may include forward-looking statements that involve risks and uncertainties. Many factors could cause actual results to be materially different from those contained in the forward-looking statements. See “Forward-Looking Information” on page 26 of this Quarterly Report, Item 1A "Risk Factors" in Part II of this Quarterly Report, and Item 1A “Risk Factors” in Part I of our Annual Report for the fiscal year ended March 31, 2023 for additional information concerning these items. Management believes that this information, discussion, and disclosure is important in making decisions about investing in Agilysys.
Overview
Recent Developments
Macroeconomic Conditions
During the three and nine months ended December 31, 2023, global macroeconomic conditions were, and continue to be, impacted by a number of circumstances, including, but not limited to, the Israel-Hamas and Russia-Ukraine wars, labor shortages, supply chain inconsistencies, inflation, and the volatility of foreign currency exchange rates against the U.S. dollar. We believe such conditions continue to influence customer spending and provider pricing decisions resulting in decreased demand, increased costs, and reduced margins particularly in areas outside of the United States.
Our Business
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) and F&B Inventory and Procurement (I&P) solutions 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.
The Company has just one reportable segment serving the global hospitality industry. Agilysys operates across North America, Europe, the Middle East, Asia-Pacific and India with headquarters located in Alpharetta, Georgia.
Our top priority is increasing shareholder value by improving operating and financial performance and profitably growing the business through superior products and services. To that end, we will continue enhancing existing software products while developing and marketing new software products and expanding our customer breadth, both vertically and geographically.
17
Our strategic plan specifically focuses on:
•Putting the customer first
•Focusing on product innovation and development
•Increasing organizational efficiency and teamwork
•Developing our employees and leaders
•Growing revenue by improving the breadth and depth of our product set across both point-of-sale and property management applications
•Growing revenue through international expansion
The primary objective of our ongoing strategic planning process is to create shareholder value by capitalizing on growth opportunities, increasing profitability and strengthening our competitive position within the specific technology solutions and end markets we serve. Profitability and industry leading growth will be achieved through tighter management of operating expenses and sharpening the focus of our investments to concentrate on growth opportunities that offer the highest returns.
Revenue - Defined
As required by the SEC, we separately present revenue earned as products revenue, subscription and maintenance revenue or professional services revenue in our condensed consolidated statements of operations. In addition to the SEC requirements, we may, at times, also refer to revenue as defined below. The terminology, definitions, and applications of terms we use to describe our revenue may be different from those used by other companies and caution should be used when comparing these financial measures to those of other companies. We use the following terms to describe revenue:
•Revenue – We present revenue net of sales returns and allowances.
•Products revenue – Revenue earned from the sales of software licenses, third party hardware and operating systems.
•Subscription and maintenance revenue – Revenue earned from the ongoing delivery of software updates, upgrades, bug fixes, technical support, and transaction-based fees over the period covered by subscription or maintenance agreements with our customers for both proprietary and remarketed solutions.
•Professional services revenue – Revenue earned from the delivery of implementation, integration and installation services for proprietary and remarketed products.
18
Results of Operations
Third Fiscal Quarter 2024 Compared to Third Fiscal Quarter 2023
Net Revenue and Operating Income
The following table presents our consolidated revenue and operating results for the three months ended December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Increase (decrease) |
|
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
|
Net revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
$ |
12,678 |
|
|
$ |
10,697 |
|
|
$ |
1,981 |
|
|
|
18.5 |
% |
Subscription and maintenance |
|
|
35,107 |
|
|
|
30,154 |
|
|
|
4,953 |
|
|
|
16.4 |
% |
Professional services |
|
|
12,781 |
|
|
|
9,069 |
|
|
|
3,712 |
|
|
|
40.9 |
% |
Total net revenue |
|
|
60,566 |
|
|
|
49,920 |
|
|
|
10,646 |
|
|
|
21.3 |
% |
Cost of goods sold: |
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
|
6,707 |
|
|
|
5,368 |
|
|
|
1,339 |
|
|
|
24.9 |
% |
Subscription and maintenance |
|
|
7,371 |
|
|
|
6,767 |
|
|
|
604 |
|
|
|
8.9 |
% |
Professional services |
|
|
8,664 |
|
|
|
7,009 |
|
|
|
1,655 |
|
|
|
23.6 |
% |
Total cost of goods sold |
|
|
22,742 |
|
|
|
19,144 |
|
|
|
3,598 |
|
|
|
18.8 |
% |
Gross profit |
|
$ |
37,824 |
|
|
$ |
30,776 |
|
|
$ |
7,048 |
|
|
|
22.9 |
% |
Gross profit margin |
|
|
62.5 |
% |
|
|
61.7 |
% |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Product development |
|
$ |
14,551 |
|
|
$ |
12,416 |
|
|
$ |
2,135 |
|
|
|
17.2 |
% |
Sales and marketing |
|
|
6,137 |
|
|
|
5,886 |
|
|
|
251 |
|
|
|
4.3 |
% |
General and administrative |
|
|
9,057 |
|
|
|
7,928 |
|
|
|
1,129 |
|
|
|
14.2 |
% |
Depreciation of fixed assets |
|
|
909 |
|
|
|
437 |
|
|
|
472 |
|
|
nm |
|
Amortization of internal-use software and intangibles |
|
|
343 |
|
|
|
430 |
|
|
|
(87 |
) |
|
|
(20.2 |
)% |
Other (gains) and charges, net |
|
|
(924 |
) |
|
|
93 |
|
|
|
(1,017 |
) |
|
nm |
|
Legal settlements |
|
|
— |
|
|
|
104 |
|
|
|
(104 |
) |
|
nm |
|
Operating income |
|
$ |
7,751 |
|
|
$ |
3,482 |
|
|
$ |
4,269 |
|
|
|
122.6 |
% |
Operating income percentage |
|
|
12.8 |
% |
|
|
7.0 |
% |
|
|
|
|
|
|
nm - not meaningful
19
The following table presents the percentage relationship of our condensed consolidated statement of operations line items to our consolidated net revenues for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
Net revenue: |
|
|
|
|
|
|
Products |
|
|
20.9 |
% |
|
|
21.4 |
% |
Subscription and maintenance |
|
|
58.0 |
|
|
|
60.4 |
|
Professional services |
|
|
21.1 |
|
|
|
18.2 |
|
Total net revenue |
|
|
100.0 |
% |
|
|
100.0 |
% |
Cost of goods sold: |
|
|
|
|
|
|
Products |
|
|
11.0 |
% |
|
|
10.7 |
% |
Subscription and maintenance |
|
|
12.2 |
|
|
|
13.6 |
|
Professional services |
|
|
14.3 |
|
|
|
14.0 |
|
Total net cost of goods sold |
|
|
37.5 |
% |
|
|
38.3 |
% |
Gross profit |
|
|
62.5 |
% |
|
|
61.7 |
% |
Operating expenses: |
|
|
|
|
|
|
Product development |
|
|
24.0 |
% |
|
|
24.8 |
% |
Sales and marketing |
|
|
10.1 |
|
|
|
11.8 |
|
General and administrative |
|
|
15.0 |
|
|
|
15.9 |
|
Depreciation of fixed assets |
|
|
1.5 |
|
|
|
0.9 |
|
Amortization of internal-use software and intangibles |
|
|
0.6 |
|
|
|
0.9 |
|
Other (gains) and charges, net |
|
|
(1.5 |
) |
|
|
0.2 |
|
Legal settlements |
|
|
— |
|
|
|
0.2 |
|
Operating income |
|
|
12.8 |
% |
|
|
7.0 |
% |
Net revenue. Total net revenue increased $10.6 million, or 21.3%, during the third quarter of fiscal 2024 compared to the third quarter of fiscal 2023. Products revenue increased $2.0 million, or 18.5%, due to higher sales and deliveries to new customers and expansion with existing customers. Subscription and maintenance revenue increased $5.0 million, or 16.4%, compared to the third quarter of fiscal 2023 driven by continued growth in subscription-based service revenue, which increased 29.9% during the third quarter of fiscal 2024 compared to the third quarter of fiscal 2023. Professional services revenue increased $3.7 million, or 40.9%, due to higher sales and service activity as our new and existing customers continue implementing technology to improve their operations.
Gross profit and gross profit margin. Our total gross profit increased $7.0 million, or 22.9%, during the third quarter of fiscal 2024 and total gross profit margin increased from 61.7% to 62.5% compared to the third quarter of fiscal 2023 driven by changes in the composition of revenue by category. Products gross profit increased $0.6 million, or 12.0%, and products gross profit margin decreased from 49.8% to 47.1% due to the composition of hardware products delivered. Subscription and maintenance gross profit increased $4.3 million, or 18.6%, and gross profit margin increased from 77.6% to 79.0% as revenue increases outpaced variable costs as a result of certain cost control initiatives. Professional services gross profit increased $2.1 million, or 99.9%, and gross profit margin increased from 22.7% to 32.2% reflecting improved utilization rates from efficiency gains on multi-solution implementations.
Operating Expenses
Operating expenses, excluding other (gains) and charges, net and legal settlements, increased $3.9 million, or 14.4%, during the third quarter of fiscal 2024 compared with the third quarter of fiscal 2023.
Product development. Product development increased $2.1 million, or 17.2%, in the third quarter of fiscal 2024 compared with the third quarter of fiscal 2023 due to hiring and increased salary, incentive and employee benefits rates across our development teams, and higher rent.
Sales and marketing. Sales and marketing increased $0.3 million, or 4.3%, in the third quarter of fiscal 2024 compared with the third quarter of fiscal 2023 due to hiring and increased salary, incentive and employee benefits rates across our sales and marketing teams, and continued expansion of marketing event and trade show activity.
General and administrative. General and administrative increased $1.1 million, or 14.2%, in the third quarter of fiscal 2024 compared with the third quarter of fiscal 2023 due to hiring and increased compensation rates across our administrative teams.
20
Other (gains) and charges, net. Other (gains) and charges, net consist of (gains) losses on asset disposals, severance costs, infrequent settlements of customer disputes and acquisition costs related to business combinations.
Legal settlements. Legal settlements consist of settlements of employment and other business-related matters.
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Favorable (unfavorable) |
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
1,252 |
|
|
$ |
704 |
|
|
$ |
548 |
|
|
nm |
Other income (expense), net |
|
|
95 |
|
|
|
384 |
|
|
|
(289 |
) |
|
nm |
Total other income (expense), net |
|
$ |
1,347 |
|
|
$ |
1,088 |
|
|
$ |
259 |
|
|
nm |
nm - not meaningful
Interest income. Interest income consists of interest earned on cash equivalents including short-term investments in commercial paper, treasury bills and money market funds.
Other income (expense), net. Other income (expense), net mainly consists of movement of foreign currencies against the US dollar.
Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Favorable (unfavorable) |
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
Income tax (benefit) provision |
|
$ |
(68,043 |
) |
|
$ |
678 |
|
|
$ |
68,721 |
|
|
nm |
Effective tax rate |
|
nm |
|
|
|
14.8 |
% |
|
|
|
|
|
nm - not meaningful
Since the end of fiscal 2009, we have recorded valuation allowances offsetting substantially all the Company’s deferred income tax assets due to the uncertainty of the ultimate realization of the future benefits from those assets. During the third quarter of fiscal 2024, we determined that it was more likely than not that the Company would be able to realize the benefit of substantially all of its deferred tax assets in the United States. In reaching this determination, we considered our growing trend of profitability over recent years, our expectations regarding the generation of future taxable income as well as the overall improvement in the Company’s business and its current market position. As a result, during the three months ended December 31, 2023, the Company recognized a discrete tax benefit related to the release of approximately $65.1 million in valuation allowance against its deferred tax assets in the United States and Canada that are expected to be realized in future years, which caused our effective tax rate to differ from the statutory rate. At December 31, 2023, the Company continued to provide a valuation allowance of $2.8 million primarily against certain state and foreign net operating losses (“NOLs”).
For the three months ended December 31, 2023, the Company recorded an income tax benefit of $68.0 million. Excluding the release of $65.1 million in valuation allowance and the release of $1.0 million in uncertain tax positions and related accrued interest due to expiration of various US state statutes of limitations, the Company recorded excess tax benefits of $5.6 million related to share-based compensation, income tax benefit of $2.4 million for R&D credits and deferred income tax expense of $6.1 million.
For the three months ended December 31, 2022, the Company recorded income tax provision of $0.7 million, primarily related to income tax in states where NOL usage is statutorily limited.
For the three months ended December 31, 2022, the effective tax rate was different than the statutory rate due primarily to adjustments to deferred tax assets and to valuation allowances that reduce deferred tax assets and to the recording of net operating losses in several foreign jurisdictions offset by current year expense in other foreign jurisdictions. Our India subsidiary operates in a “Special Economic Zone (“SEZ”)”. One of the benefits associated with the SEZ is that the India subsidiary is not subject to regular India income taxes during its first five years of operations, which included fiscal 2018 through fiscal 2022. The India subsidiary is subject to 50% of regular India income taxes during its second five years of operations, which includes fiscal 2023 through fiscal 2027.
21
Results of Operations
First Nine Months of Fiscal 2024 Compared to First Nine Months of Fiscal 2023
Net Revenue and Operating Income
The following table presents our consolidated revenue and operating results for the nine months ended December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
|
Increase (decrease) |
|
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
|
Net revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
$ |
38,100 |
|
|
$ |
32,291 |
|
|
$ |
5,809 |
|
|
|
18.0 |
% |
Subscription and maintenance |
|
|
101,481 |
|
|
|
86,917 |
|
|
|
14,564 |
|
|
|
16.8 |
% |
Professional services |
|
|
35,662 |
|
|
|
25,960 |
|
|
|
9,702 |
|
|
|
37.4 |
% |
Total net revenue |
|
|
175,243 |
|
|
|
145,168 |
|
|
|
30,075 |
|
|
|
20.7 |
% |
Cost of goods sold: |
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
|
20,023 |
|
|
|
16,682 |
|
|
|
3,341 |
|
|
|
20.0 |
% |
Subscription and maintenance |
|
|
22,812 |
|
|
|
19,223 |
|
|
|
3,589 |
|
|
|
18.7 |
% |
Professional services |
|
|
26,428 |
|
|
|
20,627 |
|
|
|
5,801 |
|
|
|
28.1 |
% |
Total cost of goods sold |
|
|
69,263 |
|
|
|
56,532 |
|
|
|
12,731 |
|
|
|
22.5 |
% |
Gross profit |
|
$ |
105,980 |
|
|
$ |
88,636 |
|
|
$ |
17,344 |
|
|
|
19.6 |
% |
Gross profit margin |
|
|
60.5 |
% |
|
|
61.1 |
% |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Product development |
|
$ |
42,455 |
|
|
$ |
36,550 |
|
|
$ |
5,905 |
|
|
|
16.2 |
% |
Sales and marketing |
|
|
19,838 |
|
|
|
16,619 |
|
|
|
3,219 |
|
|
|
19.4 |
% |
General and administrative |
|
|
27,207 |
|
|
|
22,850 |
|
|
|
4,357 |
|
|
|
19.1 |
% |
Depreciation of fixed assets |
|
|
3,042 |
|
|
|
1,371 |
|
|
|
1,671 |
|
|
|
121.9 |
% |
Amortization of internal-use software and intangibles |
|
|
1,120 |
|
|
|
1,326 |
|
|
|
(206 |
) |
|
|
(15.5 |
)% |
Other (gains) and charges, net |
|
|
45 |
|
|
|
374 |
|
|
|
(329 |
) |
|
|
(88.0 |
)% |
Legal settlements |
|
|
— |
|
|
|
104 |
|
|
|
(104 |
) |
|
|
(100.0 |
)% |
Operating income |
|
$ |
12,273 |
|
|
$ |
9,442 |
|
|
$ |
2,831 |
|
|
|
30.0 |
% |
Operating income percentage |
|
|
7.0 |
% |
|
|
6.5 |
% |
|
|
|
|
|
|
nm - not meaningful
22
The following table presents the percentage relationship of our condensed consolidated statement of operations line items to our consolidated net revenues for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
Net revenue: |
|
|
|
|
|
|
Products |
|
|
21.7 |
% |
|
|
22.2 |
% |
Subscription and maintenance |
|
|
57.9 |
|
|
|
59.9 |
|
Professional services |
|
|
20.4 |
|
|
|
17.9 |
|
Total net revenue |
|
|
100.0 |
% |
|
|
100.0 |
% |
Cost of goods sold: |
|
|
|
|
|
|
Products |
|
|
11.4 |
% |
|
|
11.5 |
% |
Subscription and maintenance |
|
|
13.0 |
|
|
|
13.2 |
|
Professional services |
|
|
15.1 |
|
|
|
14.2 |
|
Total net cost of goods sold |
|
|
39.5 |
% |
|
|
38.9 |
% |
Gross profit |
|
|
60.5 |
% |
|
|
61.1 |
% |
Operating expenses: |
|
|
|
|
|
|
Product development |
|
|
24.4 |
% |
|
|
25.2 |
% |
Sales and marketing |
|
|
11.3 |
|
|
|
11.5 |
|
General and administrative |
|
|
15.5 |
|
|
|
15.7 |
|
Depreciation of fixed assets |
|
|
1.7 |
|
|
|
0.9 |
|
Amortization of internal-use software and intangibles |
|
|
0.6 |
|
|
|
0.9 |
|
Other (gains) and charges, net |
|
|
— |
|
|
|
0.3 |
|
Legal settlements |
|
|
— |
|
|
|
0.1 |
|
Operating income |
|
|
7.0 |
% |
|
|
6.5 |
% |
Net revenue. Total net revenue increased $30.1 million, or 20.7%, during the first nine months of fiscal 2024 compared to the first nine months of fiscal 2023. Products revenue increased $5.8 million, or 18.0%, due to higher sales and deliveries to new customers and expansion with existing customers. Subscription and maintenance revenue increased $14.6 million, or 16.8%, compared to the first nine months of fiscal 2023 driven by continued growth in subscription-based service revenue, which increased 28.9% during the first nine months of fiscal 2024 compared to the first nine months of fiscal 2023. Professional services revenue increased $9.7 million, or 37.4%, due to higher sales and service activity as our new and existing customers continue implementing technology to improve their operations.
Gross profit and gross profit margin. Our total gross profit increased $17.3 million, or 19.6%, during the first nine months of fiscal 2024 and total gross profit margin decreased from 61.1% to 60.5% compared to the first nine months of fiscal 2023 driven by changes in the composition of revenue by category. Products gross profit increased $2.5 million, or 15.8%, and products gross profit margin decreased from 48.3% to 47.4% due to the composition of hardware products delivered. Subscription and maintenance gross profit increased $11.0 million, or 16.2%, and gross profit margin decreased from 77.9% to 77.5% as certain variable cost increases remained ahead of related revenue growth during the comparable nine months. Professional services gross profit margin increased from 20.5% to 25.9% reflecting improved utilization rates from efficiency gains on multi-solution implementations.
Operating expenses
Operating expenses, excluding other (gains) and charges, net and legal settlements increased $14.9 million, or 19.0%, during the first nine months of fiscal 2024 compared with the first nine months of fiscal 2023.
Product development. Product development increased $5.9 million, or 16.2%, in the first nine months of fiscal 2024 compared with the first nine months of fiscal 2023 due to hiring and increased compensation rates across our development teams, and higher rent.
Sales and marketing. Sales and marketing increased $3.2 million, or 19.4%, in the first nine months of fiscal 2024 compared with the first nine months of fiscal 2023 due to hiring and increased salary, incentive and employee benefits rates across our sales and marketing teams, and continued expansion of marketing event and trade show activity.
General and administrative. General and administrative increased $4.4 million, or 19.1%, in the first nine months of fiscal 2024 compared with the first nine months of fiscal 2023 due to investments in our information security infrastructure along with hiring and increased compensation rates across our administrative teams, and higher subscription charges for cloud computing arrangements.
23
Other (gains) and charges, net. Other (gains) and charges, net consist of (gains) losses on asset disposals, severance costs, infrequent settlements of customer disputes and acquisition costs related to business combinations.
Legal settlements. Legal settlements consist of settlements of employment and other business-related matters.
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
|
Favorable (unfavorable) |
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
3,580 |
|
|
$ |
1,186 |
|
|
$ |
2,394 |
|
|
nm |
Other income (expense), net |
|
|
(15 |
) |
|
|
799 |
|
|
|
(814 |
) |
|
nm |
Total other income (expense), net |
|
$ |
3,565 |
|
|
$ |
1,985 |
|
|
$ |
1,580 |
|
|
nm |
nm - not meaningful
Interest income. Interest income consists of interest earned on cash equivalents including short-term investments in commercial paper, treasury bills and money market funds.
Other income (expense), net. Other income (expense), net mainly consists of movement of foreign currencies against the US dollar.
Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
|
Favorable (unfavorable) |
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
$ |
|
|
% |
Income tax (benefit) provision |
|
$ |
(67,396 |
) |
|
$ |
920 |
|
|
$ |
68,316 |
|
|
nm |
Effective tax rate |
|
nm |
|
|
|
8.1 |
% |
|
|
|
|
|
nm - not meaningful
Since the end of fiscal 2009, we have recorded valuation allowances offsetting substantially all the Company’s deferred income tax assets due to the uncertainty of the ultimate realization of the future benefits from those assets. During the third quarter of fiscal 2024, we determined that it was more likely than not that the Company would be able to realize the benefit of substantially all of its deferred tax assets in the United States. In reaching this determination, we considered our growing trend of profitability over recent years, our expectations regarding the generation of future taxable income as well as the overall improvement in the Company’s business and its current market position. As a result, during the nine months ended December 31, 2023, the Company recognized a discrete tax benefit related to the release of approximately $65.1 million in valuation allowance against its deferred tax assets in the United States and Canada that are expected to be realized in future years, which caused our effective tax rate to differ from the statutory rate. At December 31, 2023, the Company continued to provide a valuation allowance of $2.8 million primarily against certain state and foreign net operating losses (“NOLs”).
For the nine months ended December 31, 2023, the Company recorded an income tax benefit of $67.4 million. Excluding the release of $65.1 million in valuation allowance and the release of $1.0 million in uncertain tax positions and related accrued interest due to expiration of various US state statutes of limitations, the Company recorded excess tax benefits of $5.6 million related to share-based compensation, income tax benefit of $2.4 million for R&D credits and deferred income tax expense of $6.7 million.
For the nine months ended December 31, 2022, the Company recorded income tax provision of $0.9 million, primarily related to income tax in states where NOL usage is statutorily limited.
For the nine months ended December 31, 2022, the effective tax rate was different than the statutory rate due primarily to adjustments to deferred tax assets and to valuation allowances that reduce deferred tax assets and to the recording of net operating losses in several foreign jurisdictions offset by current year expense in other foreign jurisdictions. Our India subsidiary operates in a “Special Economic Zone (“SEZ”)”. One of the benefits associated with the SEZ is that the India subsidiary is not subject to regular India income taxes during its first five years of operations, which included fiscal 2018 through fiscal 2022. The India subsidiary is subject to 50% of regular India income taxes during its second five years of operations, which includes fiscal 2023 through fiscal 2027.
24
Liquidity and Capital Resources
Overview
Our cash requirements consist primarily of working capital needs, capital expenditures, and payments of contractual obligations. Our contractual obligations consist primarily of operating leases for office space.
At December 31, 2023, 100% of our cash and cash equivalents, of which 94% were located in the United States, were deposited in bank accounts or invested in highly liquid investments including commercial paper and treasury bills with original maturity from the date of acquisition of three months or less and money market funds. We determine the fair value of commercial paper using significant other observable inputs based on pricing from independent sources that use quoted prices in active markets for identical assets or other observable inputs including benchmark yields and interest rates. We believe credit risk is limited with respect to our cash and cash equivalents.
We believe that cash flow from operating activities, cash on hand of $116.2 million as of December 31, 2023, and access to capital markets will provide adequate funds to meet our short- and long-term liquidity requirements.
Cash Flow
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
(In thousands) |
|
|
2023 |
|
|
|
2022 |
|
Net cash provided by (used in): |
|
|
|
|
|
|
Operating activities |
|
$ |
18,379 |
|
|
$ |
17,680 |
|
Investing activities |
|
|
(7,660 |
) |
|
|
(3,643 |
) |
Financing activities |
|
|
(7,399 |
) |
|
|
(4,763 |
) |
Effect of exchange rate changes on cash |
|
|
38 |
|
|
|
(427 |
) |
Increase in cash |
|
$ |
3,358 |
|
|
$ |
8,847 |
|
Cash flow provided by operating activities. Cash flow provided by operating activities was $18.4 million in the first nine months of fiscal 2024. The provision of cash was due to cash-based earnings of $29.2 million and a decrease of $10.8 million due to changes in net operating assets and liabilities. Cash-based earnings is net income of $83.2 million less $54 million of non-cash adjustments.
Cash flow used in investing activities. Consists primarily of property and equipment purchases, which increased during the nine months ended December 31, 2023 compared to the nine months ended December 31, 2022 due to leasehold improvements and equipment purchases for our new office lease at our development center in Chennai, India.
Cash flow used in financing activities. During the first nine months of fiscal 2024, the $7.4 million used in financing activities consisted of $5.7 million related to the repurchase of shares to satisfy employee tax withholding on share-based compensation and $1.7 million in preferred stock dividends.
Contractual Obligations
As of December 31, 2023, there were no significant changes to our contractual obligations as presented in our Annual Report for the year ended March 31, 2023.
Off-Balance Sheet Arrangements
We have not entered into any off-balance sheet arrangements that have had or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.
Critical Accounting Policies
A detailed description of our significant accounting policies is included in our Annual Report for the year ended March 31, 2023. There have been no material changes in our significant accounting policies and estimates since March 31, 2023.
25
Forward-Looking Information
This Quarterly Report and other publicly available documents, including the documents incorporated herein and therein by reference, contain, and our officers and representatives may from time to time make, "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. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. These statements are based on management’s current expectations, intentions, or beliefs and are subject to a number of factors, assumptions, and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause or contribute to such differences or that might otherwise impact the business include the risk factors set forth in Item 1A in Part II of this Quarterly Report and Item IA of our Annual Report for the fiscal year ended March 31, 2023. We undertake no obligation to update any such factor or to publicly announce the results of any revisions to any forward-looking statements contained herein whether as a result of new information, future events, or otherwise.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
For quantitative and qualitative disclosures about market risk affecting us, see Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” contained in our Annual Report for the fiscal year ended March 31, 2023. There have been no material changes in our market risk exposures since March 31, 2023.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision of and with the participation of our Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”) and Corporate Controller and Treasurer, as Principal Accounting Officer (“PAO”), management evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this Quarterly Report. Based on that evaluation, the CEO, CFO and PAO concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were effective.
Changes in Internal Control over Financial Reporting
No changes in our internal control over financial reporting occurred during the nine months ended December 31, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including our CEO, CFO and PAO, does not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system will be achieved. Further, the design of a control system must reflect the impact of resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the possibility that judgments in decision-making can be faulty, and that breakdowns can occur because of simple errors. Additionally, controls can be circumvented by individual acts, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all possible future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
26
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 1A. Risk Factors
There have been no material changes in the risk factors included in our Annual Report for the fiscal year ended March 31, 2023 that may materially affect our business, results of operations, or financial condition.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended December 31, 2023, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
On January 25, 2024, Ramesh Srinivasan, President and Chief Executive Officer of the Company, adopted a Rule 10b5-1 trading plan (the “Plan”) for the sale of up to 300,000 shares of common stock that he expects to acquire upon exercise of Stock-Settled Appreciation Rights. After the applicable cooling-off period under Rule 10b5-1, transactions under the Plan may begin in May 2024. The Plan will terminate on September 30, 2024, unless terminated earlier in accordance with its terms.
27
Item 6. Exhibits
28
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned thereunto duly authorized.
AGILYSYS, INC.
|
|
|
Date: |
January 25, 2024 |
/s/ William David Wood III |
|
|
William David Wood III |
|
|
Chief Financial Officer |
|
|
(Principal Financial Officer and Duly Authorized Officer) |
29
Exhibit 10.1
AMENDMENT TO AGILYSYS, INC. EMPLOYEE STOCK PURCHASE PLAN
This AMENDMENT to the AGILYSYS, INC. EMPLOYEE STOCK PURCHASE
PLAN is made by AGILYSYS, INC., a Delaware corporation (the “Company”), and is effective as of December 14, 2023.
WHEREAS, the Company originally established the Agilysys, Inc. Employee Stock Purchase Plan (the “Plan”);
WHEREAS, pursuant to Section 19.9 of the Plan, the Compensation Committee of the Board of Directors of the Company (the “Committee”), has the right to amend the Plan;
WHEREAS, the Committee wishes to amend the Plan to reflect that the Company is Delaware corporation;
WHEREAS, the Committee wishes to amend the Plan to exclude bonuses from the definition of compensation;
WHEREAS, the Committee wishes to amend the Plan to remove certain restrictions on eligibility;
WHEREAS, the Committee wishes to amend the Plan to not allow for the increase of payroll reductions during an offering period;
WHEREAS, the Committee wishes to amend the Plan to remove the 1,250 limit on the number of the Company’s common shares (“Common Shares”) that can be purchased in one offering period;
WHEREAS, the Committee wishes to amend the Plan to provide for minimum purchase of one (1) Common Share during an offering period;
WHEREAS, the Committee wishes to amend Plan to allow for the purchase of fractional Common Shares;
WHEREAS, the Committee wishes to amend the Plan to provide the Committee with the discretion to restrict the sale of Common Shares acquired under the Plan for a specified period of time; and
WHEREAS, the Committee wishes to amend the Plan to provide that if a participant terminates employment with the Company or a subsidiary or is no longer a member of a class of eligible employees prior to or as of the purchase date of an offering period, the participant’s accumulated payroll deductions will be refunded to the participant.
NOW, THEREFORE, the Plan is hereby amended, effective December 14, 2023, as follows:
1.The definition of “Company” included in Section 2 of the Plan is hereby amended
by replacing “Ohio” with “Delaware”.
2.The definition of “Compensation” included in Section 2 of the Plan is hereby amended and restated in its entirety to read as follows:
“Compensation” means base salary and wages paid to an Eligible Employee by the Company or a Participating Subsidiary as compensation for services to the Company or Participating Subsidiary, before deduction for any salary deferral contributions made by the Eligible Employee to any tax-qualified or nonqualified deferred compensation plan, including overtime, vacation pay, holiday pay, jury duty pay and funeral leave pay, but excluding education or tuition reimbursements, imputed income arising under any group insurance or benefit program, travel expenses, business and relocation expenses, and income received in connection with stock options or other equity-based awards. Compensation does not include bonuses or commissions paid to an Eligible Employee by the Company or a Participating Subsidiary.”
3.The definition of “Eligible Employee” included in Section 2 of the Plan is hereby amended and restated in its entirety to read as follows:
“Eligible Employee” means an Employee who (i) has been employed by the Company or a Participating Subsidiary for at least two (2) years, or such other shorter period of time designated by the Committee from time to time, and (ii) is customarily employed for at least twenty (20) hours per week. Notwithstanding the foregoing, the Committee may exclude from participation in the Plan or any Offering Employees who are "highly compensated employees" of the Company or a Participating Subsidiary (within the meaning of Section 414(q) of the Code) or a sub-set of such highly compensated employees.”
4.Section 6.2 of the Plan is hereby amended and restated in its entirety to read as follows:
“6.2 Election Changes. During an Offering Period, a Participant may decrease his or her rate of payroll deductions applicable to such Offering Period only once. To make such a change, the Participant must submit a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen days before the Purchase Date. During an Offering Period, a Participant may not increase his or her rate of payroll deductions. A Participant may increase or decrease his or her rate of payroll deductions for future Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least fifteen days before the start of the next Offering Period.”
5.Section 7 of the Plan is hereby amended and restated in its entirety to read as follows:
“7. Grant of Option. On each Offering Date, each Participant in the applicable Offering Period shall be granted an option to purchase, on the Purchase Date, a number of
Common Shares determined by dividing the Participant's accumulated payroll deductions
by the applicable Purchase Price (subject to adjustment in accordance with Section 18 and the limitations set forth in Section 13 of the Plan).”
6.Section 8 of the Plan is hereby amended and restated in its entirety to read as follows:
“8. Exercise of Option/Purchase of Shares. A Participant’s option to purchase Common Shares will be exercised automatically on the Purchase Date of each Offering Period. The Participant’s accumulated payroll deductions will be used to purchase the maximum number of shares (including fractional shares) that can be purchased with the amounts in the Participant’s notional account. The minimum number of Common Shares that must be purchased on a Purchase Date is one (1). In the event the Participant’s accumulated payroll deductions used to purchase shares on the Purchase Date is less than the amount required to purchase one (1) whole Common Share, the accumulated payroll deductions will be paid to the Participant promptly following the Purchase Date.”
7.Section 9 of the Plan is hereby amended and restated in its entirety to read as follows:
“9. Transfer of Shares. As soon as reasonably practicable after each Purchase Date, the Company will arrange for the delivery to each Participant of the Common Shares purchased upon exercise of his or her option. The Committee may permit or require that the shares be deposited directly into an ESPP Share Account established in the name of the Participant with a Designated Broker and may require that the Common Shares be retained with such Designated Broker for a specified period of time or subject to a limitation on sale for a specified period of time. Participants will not have any voting, dividend or other rights of a shareholder with respect to the Common Shares subject to any option granted hereunder until such shares have been delivered pursuant to this Section 9.”
8.Section 11 of the Plan is hereby amended and restated in its entirety to read as follows:
“11. Termination of Employment; Change in Employment Status. Upon termination of a Participant's employment for any reason, including death, disability or retirement, or a change in the Participant's employment status following which the Participant is no longer an Eligible Employee, which in either case occurs on or prior to the Purchase Date, the Participant will be deemed to have withdrawn from the Plan and the payroll deductions in the Participant's notional account (that have not been used to purchase Common Shares) shall be returned to the Participant, or in the case of the Participant's death, to the person(s) entitled to such amounts under Section 17, and the Participant's option shall be automatically terminated.”
9.Section 17 of the Plan is hereby amended by removing “and cash in respect to any fractional Common Shares, if any,” from the first sentence of Section 17.
10.Section 19.10 of the Plan is amended by replacing “Ohio” with “Delaware.”
11.Except as provided in this Amendment, no other changes or amendments shall be
made to the Plan as previously stated (including all prior amendments) and the remainder thereof shall remain in full force and effect.
IN WITNESS WHEREOF, the Committee has executed this Amendment on this 14th day of December, 2023.
COMMITTEE
By: /s/ Dana Jones
Dana Jones, Chair
Exhibit 31.1
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
I, Ramesh Srinivasan, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Agilysys, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: January 25, 2024
|
|
By: |
/s/ Ramesh Srinivasan |
|
Ramesh Srinivasan |
|
President and Chief Executive Officer |
|
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
I, William David Wood III, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Agilysys, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: January 25, 2024
|
|
By: |
/s/ William David Wood III |
|
William David Wood III |
|
Chief Financial Officer |
|
(Principal Financial Officer) |
Exhibit 31.3
CERTIFICATION OF THE CORPORATE CONTROLLER AND TREASURER
I, Chris J. Robertson, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Agilysys, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: January 25, 2024
|
|
By: |
/s/ Chris J. Robertson |
|
Chris J. Robertson |
|
Corporate Controller and Treasurer |
|
(Principal Accounting Officer) |
Exhibit 32
CERTIFICATION
Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Ramesh Srinivasan, the Chief Executive Officer, William David Wood III, the Chief Financial Officer, and Chris J. Robertson, the Corporate Controller and Treasurer, of Agilysys, Inc. (the “Company”), hereby certify, that, to their knowledge:
1. The Quarterly Report on Form 10-Q of the Company for the period ended December 31, 2023 (the “ Report ”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: January 25, 2024
|
|
By: |
/s/ Ramesh Srinivasan |
|
Ramesh Srinivasan |
|
President and Chief Executive Officer |
|
(Principal Executive Officer) |
|
|
|
/s/ William David Wood III |
|
William David Wood III |
|
Chief Financial Officer |
|
(Principal Financial Officer) |
|
|
|
/s/ Chris J. Robertson |
|
Chris J. Robertson |
|
Corporate Controller and Treasurer |
|
(Principal Accounting Officer) |
v3.23.4
Document and Entity Information - shares
|
9 Months Ended |
|
Dec. 31, 2023 |
Jan. 19, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Period End Date |
Dec. 31, 2023
|
|
Document Fiscal Year Focus |
2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Entity Registrant Name |
AGILYSYS, INC.
|
|
Entity Central Index Key |
0000078749
|
|
Entity Current Reporting Status |
Yes
|
|
Current Fiscal Year End Date |
--03-31
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Common Stock, Shares Outstanding |
|
27,356,496
|
Entity Shell Company |
false
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Trading Symbol |
AGYS
|
|
Title of 12(b) Security |
Common Stock, without par value
|
|
Security Exchange Name |
NASDAQ
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Entity Interactive Data Current |
Yes
|
|
Entity File Number |
000-5734
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
34-0907152
|
|
Entity Address, Address Line One |
3655 Brookside Parkway
|
|
Entity Address, Address Line Two |
Suite 300
|
|
Entity Address, City or Town |
Alpharetta
|
|
Entity Address, State or Province |
GA
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Entity Address, Postal Zip Code |
30022
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City Area Code |
770
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810-7800
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v3.23.4
Condensed Consolidated Balance Sheets - USD ($)
|
Dec. 31, 2023 |
Mar. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 116,200,000
|
$ 112,842,000
|
Accounts receivable, net of allowance for expected credit lossesof $763 and $610, respectively |
49,366,000
|
22,378,000
|
Contract assets |
1,971,000
|
2,242,000
|
Inventories |
6,772,000
|
9,774,000
|
Prepaid expenses and other current assets |
9,385,000
|
7,422,000
|
Total current assets |
183,694,000
|
154,658,000
|
Property and equipment, net |
18,074,000
|
14,576,000
|
Operating lease right-of-use assets |
18,734,000
|
12,708,000
|
Goodwill |
33,082,000
|
32,638,000
|
Intangible assets, net |
17,223,000
|
18,140,000
|
Deferred income taxes, non-current |
67,999,000
|
2,790,000
|
Other non-current assets |
7,852,000
|
7,526,000
|
Total assets |
346,658,000
|
243,036,000
|
Accrued liabilities: |
|
|
Accounts payable |
9,012,000
|
9,418,000
|
Contract liabilities |
62,938,000
|
52,124,000
|
Accrued liabilities |
15,310,000
|
13,708,000
|
Operating lease liabilities, current |
3,947,000
|
3,263,000
|
Finance lease obligations, current |
0
|
2,000
|
Total current liabilities |
91,207,000
|
78,515,000
|
Deferred income taxes, non-current |
1,035,000
|
2,257,000
|
Operating lease liabilities, non-current |
20,200,000
|
13,477,000
|
Other non-current liabilities |
3,943,000
|
4,018,000
|
Commitments and contingencies |
|
|
Shareholders' equity: |
|
|
Common shares, without par value, at $0.30 stated value; 80,000,000 shares authorized; 33,342,288 shares issued; and 27,349,322 and 25,326,626 shares outstanding at December 31, 2023 and March 31,2023, respectively |
10,003,000
|
9,482,000
|
Treasury shares, 5,992,966 and 6,280,205 at December 31, 2023 and March 31, 2023, respectively |
(1,798,000)
|
(1,884,000)
|
Capital in excess of stated value |
91,173,000
|
52,978,000
|
Retained earnings |
134,794,000
|
52,764,000
|
Accumulated other comprehensive loss |
(3,899,000)
|
(4,030,000)
|
Total shareholders' equity |
230,273,000
|
109,310,000
|
Total liabilities and shareholders' equity |
346,658,000
|
243,036,000
|
Series A Convertible Preferred Stock [Member] |
|
|
Other non-current liabilities: |
|
|
Series A convertible preferred stock, no par value |
$ 0
|
$ 35,459,000
|
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v3.23.4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Mar. 31, 2023 |
Allowance for expected credit losses |
$ 763
|
$ 610
|
Common stock, stated value |
$ 0.3
|
$ 0.3
|
Common stock, shares authorized |
80,000,000
|
80,000,000
|
Common stock, shares issued |
33,342,288
|
33,342,288
|
Common stock, shares outstanding |
27,349,322
|
25,326,626
|
Treasury shares |
5,992,966
|
6,280,205
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
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v3.23.4
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Net revenue: |
|
|
|
|
Total net revenue |
$ 60,566
|
$ 49,920
|
$ 175,243
|
$ 145,168
|
Cost of goods sold: |
|
|
|
|
Total cost of goods sold |
22,742
|
19,144
|
69,263
|
56,532
|
Gross profit |
$ 37,824
|
$ 30,776
|
$ 105,980
|
$ 88,636
|
Gross profit margin |
62.50%
|
61.70%
|
60.50%
|
61.10%
|
Operating expenses: |
|
|
|
|
Product development |
$ 14,551
|
$ 12,416
|
$ 42,455
|
$ 36,550
|
Sales and marketing |
6,137
|
5,886
|
19,838
|
16,619
|
General and administrative |
9,057
|
7,928
|
27,207
|
22,850
|
Depreciation of fixed assets |
909
|
437
|
3,042
|
1,371
|
Amortization of internal-use software and intangibles |
343
|
430
|
1,120
|
1,326
|
Other (gains) and charges, net |
(924)
|
93
|
45
|
374
|
Legal settlements |
0
|
104
|
0
|
104
|
Total operating expense |
30,073
|
27,294
|
93,707
|
79,194
|
Operating income |
7,751
|
3,482
|
12,273
|
9,442
|
Other income (expense): |
|
|
|
|
Interest income |
1,252
|
704
|
3,580
|
1,186
|
Other income (expense), net |
95
|
384
|
(15)
|
799
|
Income before taxes |
9,098
|
4,570
|
15,838
|
11,427
|
Income tax (benefit) provision |
(68,043)
|
678
|
(67,396)
|
920
|
Net income |
77,141
|
3,892
|
83,234
|
10,507
|
Series A convertible preferred stock dividends |
(286)
|
(459)
|
(1,204)
|
(1,377)
|
Net income attributable to common shareholders |
$ 76,855
|
$ 3,433
|
$ 82,030
|
$ 9,130
|
Weighted average shares outstanding - basic |
25,808
|
24,703
|
25,256
|
24,651
|
Net income per share - basic: |
$ 2.98
|
$ 0.14
|
$ 3.25
|
$ 0.37
|
Weighted average shares outstanding - diluted |
26,979
|
26,070
|
26,463
|
25,780
|
Net income per share - diluted: |
$ 2.85
|
$ 0.13
|
$ 3.1
|
$ 0.35
|
Products [Member] |
|
|
|
|
Net revenue: |
|
|
|
|
Total net revenue |
$ 12,678
|
$ 10,697
|
$ 38,100
|
$ 32,291
|
Cost of goods sold: |
|
|
|
|
Total cost of goods sold |
6,707
|
5,368
|
20,023
|
16,682
|
Subscription and maintenance [Member] |
|
|
|
|
Net revenue: |
|
|
|
|
Total net revenue |
35,107
|
30,154
|
101,481
|
86,917
|
Cost of goods sold: |
|
|
|
|
Total cost of goods sold |
7,371
|
6,767
|
22,812
|
19,223
|
Professional services [Member] |
|
|
|
|
Net revenue: |
|
|
|
|
Total net revenue |
12,781
|
9,069
|
35,662
|
25,960
|
Cost of goods sold: |
|
|
|
|
Total cost of goods sold |
$ 8,664
|
$ 7,009
|
$ 26,428
|
$ 20,627
|
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v3.23.4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 77,141
|
$ 3,892
|
$ 83,234
|
$ 10,507
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
Unrealized foreign currency translation adjustments |
187
|
(248)
|
131
|
(902)
|
Total comprehensive income |
$ 77,328
|
$ 3,644
|
$ 83,365
|
$ 9,605
|
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v3.23.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Operating activities |
|
|
|
|
Net Income (Loss) |
$ 77,141
|
$ 3,892
|
$ 83,234
|
$ 10,507
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
Gain on asset disposals |
|
|
(1,145)
|
0
|
Depreciation of fixed assets |
909
|
437
|
3,042
|
1,371
|
Amortization of internal-use software and intangibles |
343
|
430
|
1,120
|
1,326
|
Deferred income taxes |
65,100
|
|
(66,506)
|
(378)
|
Share-based compensation |
3,638
|
3,466
|
9,489
|
9,410
|
Changes in operating assets and liabilities |
|
|
(10,855)
|
(4,556)
|
Net cash provided by operating activities |
|
|
18,379
|
17,680
|
Investing activities |
|
|
|
|
Capital expenditures |
|
|
(7,658)
|
(3,616)
|
Additional investments in corporate-owned life insurance policies |
|
|
(2)
|
(27)
|
Net cash used in investing activities |
|
|
(7,660)
|
(3,643)
|
Financing activities |
|
|
|
|
Payment of preferred stock dividends |
|
|
(1,663)
|
(1,836)
|
Repurchase of common shares to satisfy employee tax withholding |
|
|
(5,734)
|
(2,924)
|
Principal payments under long-term obligations |
|
|
(2)
|
(3)
|
Net cash used in financing activities |
|
|
(7,399)
|
(4,763)
|
Effect of exchange rate changes on cash |
|
|
38
|
(427)
|
Net increase in cash and cash equivalents |
|
|
3,358
|
8,847
|
Cash and cash equivalents at beginning of period |
|
|
112,842
|
96,971
|
Cash and cash equivalents at end of period |
$ 116,200
|
$ 105,818
|
$ 116,200
|
$ 105,818
|
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v3.23.4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common stock [Member] |
Treasury stock [Member] |
Capital in excess of Stated value [Member] |
Retained earnings [Member] |
Accumulated other comprehensive income (loss) [Member] |
Beginning balance at Mar. 31, 2022 |
$ 97,344
|
$ 9,482
|
$ (2,063)
|
$ 49,963
|
$ 40,018
|
$ (56)
|
Beginning balance (in shares) at Mar. 31, 2022 |
|
31,607
|
(6,879)
|
|
|
|
Share-based compensation |
9,342
|
|
|
9,342
|
|
|
Restricted shares issued, net |
|
|
$ 99
|
(99)
|
|
|
Restricted shares issued, net (in shares) |
|
|
331
|
|
|
|
Shares issued upon exercise of SSARs |
|
|
$ 55
|
(55)
|
|
|
Shares issued upon exercise of SSARs ( in shares) |
|
|
181
|
|
|
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares |
(3,002)
|
|
$ (17)
|
(2,985)
|
|
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares (in shares) |
|
|
(55)
|
|
|
|
Net Income (Loss) |
10,507
|
|
|
|
10,507
|
|
Series A convertible preferred stock dividends |
(1,377)
|
|
|
|
(1,377)
|
|
Unrealized translation adjustments |
(902)
|
|
|
|
|
(902)
|
Ending balance at Dec. 31, 2022 |
111,912
|
$ 9,482
|
$ (1,926)
|
56,166
|
49,148
|
(958)
|
Ending balance (in shares) at Dec. 31, 2022 |
|
31,607
|
(6,422)
|
|
|
|
Beginning balance at Sep. 30, 2022 |
106,594
|
$ 9,482
|
$ (1,965)
|
54,072
|
45,715
|
(710)
|
Beginning balance (in shares) at Sep. 30, 2022 |
|
31,607
|
(6,550)
|
|
|
|
Share-based compensation |
3,323
|
|
|
3,323
|
|
|
Restricted shares issued, net |
|
|
$ 26
|
(26)
|
|
|
Restricted shares issued, net (in shares) |
|
|
86
|
|
|
|
Shares issued upon exercise of SSARs |
|
|
$ 18
|
(18)
|
|
|
Shares issued upon exercise of SSARs ( in shares) |
|
|
58
|
|
|
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares |
(1,190)
|
|
$ (5)
|
(1,185)
|
|
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares (in shares) |
|
|
(16)
|
|
|
|
Net Income (Loss) |
3,892
|
|
|
|
3,892
|
|
Series A convertible preferred stock dividends |
(459)
|
|
|
|
(459)
|
|
Unrealized translation adjustments |
(248)
|
|
|
|
|
(248)
|
Ending balance at Dec. 31, 2022 |
111,912
|
$ 9,482
|
$ (1,926)
|
56,166
|
49,148
|
(958)
|
Ending balance (in shares) at Dec. 31, 2022 |
|
31,607
|
(6,422)
|
|
|
|
Beginning balance at Mar. 31, 2023 |
109,310
|
$ 9,482
|
$ (1,884)
|
52,978
|
52,764
|
(4,030)
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
31,607
|
(6,280)
|
|
|
|
Share-based compensation |
9,399
|
|
|
9,399
|
|
|
Restricted shares issued, net |
|
|
$ 53
|
(53)
|
|
|
Restricted shares issued, net (in shares) |
|
|
177
|
|
|
|
Shares issued upon exercise of SSARs |
|
|
$ 55
|
(55)
|
|
|
Shares issued upon exercise of SSARs ( in shares) |
|
|
183
|
|
|
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares |
(5,597)
|
|
$ (22)
|
(5,575)
|
|
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares (in shares) |
|
|
(72)
|
|
|
|
Net Income (Loss) |
83,234
|
|
|
|
83,234
|
|
Conversion of preferred stock |
35,000
|
$ 521
|
|
34,479
|
|
|
Conversion of Series A preferred stock (in shares) |
|
1,735
|
|
|
|
|
Series A convertible preferred stock dividends |
(1,204)
|
|
|
|
(1,204)
|
|
Unrealized translation adjustments |
131
|
|
|
|
|
131
|
Ending balance at Dec. 31, 2023 |
230,273
|
$ 10,003
|
$ (1,798)
|
91,173
|
134,794
|
(3,899)
|
Ending balance (in shares) at Dec. 31, 2023 |
|
33,342
|
(5,992)
|
|
|
|
Beginning balance at Sep. 30, 2023 |
116,618
|
$ 9,482
|
$ (1,871)
|
55,154
|
57,939
|
(4,086)
|
Beginning balance (in shares) at Sep. 30, 2023 |
|
31,607
|
(6,236)
|
|
|
|
Share-based compensation |
3,488
|
|
|
3,488
|
|
|
Restricted shares issued, net |
|
|
$ 52
|
(52)
|
|
|
Restricted shares issued, net (in shares) |
|
|
173
|
|
|
|
Shares issued upon exercise of SSARs |
|
|
$ 28
|
(28)
|
|
|
Shares issued upon exercise of SSARs ( in shares) |
|
|
93
|
|
|
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares |
(1,875)
|
|
$ (7)
|
(1,868)
|
|
|
Shares withheld for taxes upon exercise of SSARs or vesting of restricted shares (in shares) |
|
|
(22)
|
|
|
|
Net Income (Loss) |
77,141
|
|
|
|
77,141
|
|
Conversion of preferred stock |
35,000
|
$ 521
|
|
34,479
|
|
|
Conversion of Series A preferred stock (in shares) |
|
1,735
|
|
|
|
|
Series A convertible preferred stock dividends |
(286)
|
|
|
|
(286)
|
|
Unrealized translation adjustments |
187
|
|
|
|
|
187
|
Ending balance at Dec. 31, 2023 |
$ 230,273
|
$ 10,003
|
$ (1,798)
|
$ 91,173
|
$ 134,794
|
$ (3,899)
|
Ending balance (in shares) at Dec. 31, 2023 |
|
33,342
|
(5,992)
|
|
|
|
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Insider Trading Arrangements shares in Thousands |
3 Months Ended |
Dec. 31, 2023
shares
|
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|
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Item 5. Other Information Rule 10b5-1 Trading Plans During the fiscal quarter ended December 31, 2023, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.” On January 25, 2024, Ramesh Srinivasan, President and Chief Executive Officer of the Company, adopted a Rule 10b5-1 trading plan (the “Plan”) for the sale of up to 300,000 shares of common stock that he expects to acquire upon exercise of Stock-Settled Appreciation Rights. After the applicable cooling-off period under Rule 10b5-1, transactions under the Plan may begin in May 2024. The Plan will terminate on September 30, 2024, unless terminated earlier in accordance with its terms.
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|
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President and Chief Executive Officer
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|
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|
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v3.23.4
Nature of Operations and Financial Statement Presentation
|
9 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations and Financial Statement Presentation |
1. Nature of Operations and Financial Statement Presentation Nature of Operations Agilysys has been a leader in hospitality software for more than 40 years, delivering innovative cloud-native SaaS and on-premise solutions for hotels, resorts and cruise lines, casinos, corporate foodservice management, restaurants, universities, stadiums, and healthcare. The Company’s software solutions include point-of-sale (POS), property management (PMS), inventory and procurement, payments, and related applications that manage and enhance the entire guest journey. Agilysys also is known for its world-class customer-centric service. Many of the top hospitality companies around the world use Agilysys solutions to 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 in Alpharetta, GA. The Company has just one reportable segment serving the global hospitality industry. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include our accounts consolidated with our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Our fiscal year ends on March 31st. References to a particular year refer to the fiscal year ending in March of that year. For example, fiscal 2024 refers to the fiscal year ending March 31, 2024. Our unaudited interim financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information, the instructions to the Quarterly Report on Form 10-Q (Quarterly Report) under the Securities Exchange Act of 1934, as amended (the Exchange Act), and Rule 10-01 of Regulation S-X under the Exchange Act. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations relating to interim financial statements. The Condensed Consolidated Balance Sheet as of December 31, 2023, as well as the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, and Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended December 31, 2023 and 2022, and the Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2023 and 2022, are unaudited. However, these financial statements have been prepared on the same basis as those in the audited annual financial statements. In the opinion of management, all adjustments of a recurring nature necessary to fairly state the results of operations, financial position, and cash flows have been made. These unaudited interim financial statements should be read together with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended March 31, 2023, filed with the Securities and Exchange Commission (SEC) on May 19, 2023. Use of estimates Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Actual results could differ from those estimates due to uncertainties.
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v3.23.4
Summary of Significant Accounting Policies
|
9 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
2. Summary of Significant Accounting Policies A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended March 31, 2023, included in our Annual Report on Form 10-K. There have been no material changes to our significant accounting policies from those disclosed therein. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to update income tax disclosure requirements primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, or our fiscal 2026. The amendments may be applied prospectively or retrospectively with early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to expand reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. ASU 2023-07 applies to entities with a single reportable segment. Annual disclosures are required for fiscal years beginning after December 15, 2023 or our fiscal 2025. Interim disclosures are required for periods within fiscal years beginning after December 15, 2024, or our fiscal 2026. Retrospective application is required for all prior periods presented with early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures.
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v3.23.4
Revenue Recognition
|
9 Months Ended |
Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
3. Revenue Recognition Our customary business practice is to enter into legally enforceable written contracts with our customers. The majority of our contracts are governed by a master service agreement between us and the customer, which sets forth the general terms and conditions of any individual contract between the parties, which is then supplemented by a customer order to specify the different goods and services, the associated prices, and any additional terms for an individual contract. Performance obligations specific to each individual contract are defined within the terms of each order. Each performance obligation is identified based on the goods and services that will be transferred to our customer that are both capable of being distinct and are distinct within the context of the contract. The transaction price is determined based on the consideration to which we will be entitled and expect to receive in exchange for transferring goods or services to the customer. Typically, our contracts do not provide our customer with any right of return or refund; we do not constrain the contract price as it is probable that there will not be a significant revenue reversal due to a return or refund. Typically, our customer contracts contain one or more of the following goods or services which constitute performance obligations. Our proprietary software licenses typically provide for a perpetual right to use our software. Generally, our contracts do not provide significant services of integration and customization and installation services are not required to be purchased directly from us. The software is delivered before related services are provided and is functional without professional services, updates and technical support. We have concluded that the software license is distinct as the customer can benefit from the software on its own. Software revenue is typically recognized when the software is delivered or made available for download to the customer. We recognize revenue for hardware sales when the product is shipped to the customer and when obligations that affect the customer’s final acceptance of the arrangement have been fulfilled. Hardware is purchased from suppliers and provided to the end-user customers via drop-ship or from inventory. We are responsible for negotiating price both with the supplier and the customer, payment to the supplier, establishing payment terms and product returns with the customer, and we bear the credit risk if the customer does not pay for the goods. As the principal contact with the customer, we recognize revenue and cost of goods sold when we ship or are notified by the supplier that the product has been shipped. In certain limited instances, as shipping terms dictate, revenue is recognized upon receipt at the point of destination or upon installation at the customer site. Our subscription service revenue is comprised of fees for contracts that provide customers a right to access our software for a subscribed period. We do not provide the customer the contractual right to license the software at any time outside of the subscription period under these contracts. Our subscription service revenue is primarily based on rates per location, including rates per points of sale and per room. We recognize certain subscription service revenue on a per-transaction basis. The customer can only benefit from the software and software maintenance when provided the right to access the software. Accordingly, each of the rights to access the software, the maintenance services, any hosting services, and any transaction-based services is not considered a distinct performance obligation in the context of the contract and should be combined into a single performance obligation to be recognized over the contract period. The Company recognizes subscription revenue over a one-month period based on the typical monthly invoicing and renewal cycle in accordance with our customer agreement terms. We derive maintenance service revenue from providing unspecified updates, upgrades, bug fixes, and technical support services for our proprietary software. These services represent a stand-ready obligation that is concurrently delivered and has the same pattern of transfer to the customer; we account for these maintenance services as a single performance obligation. Maintenance revenue includes the same services provided by third-parties for remarketed software. We recognize substantially all maintenance revenue over the contract period of the maintenance agreement. We also recognize certain maintenance service revenue based on the volume of payment transactions processed by third parties through access to our software. Professional services revenues primarily consist of fees for consulting, implementation, installation, integration and training and are generally recognized over time as the customer simultaneously receives and consumes the benefits of the professional services as the services are being performed. Professional services can be provided by internal or external providers, do not significantly affect the customer’s ability to access or use other provided goods or services, and provide a measure of benefit beyond that of other promised goods or services in the contract. As a result, professional services are considered distinct in the context of the contract and represent a separate performance obligation. Professional services that are billed on a time and materials basis are recognized over time as the services are performed. For contracts billed on a fixed price basis, revenue is recognized over time using an input method based on labor hours expended to date relative to the total labor hours expected to be required to satisfy the related performance obligation. We use the market approach to derive standalone selling price (“SSP”) by maximizing observable data points (in the form of recently executed customer contracts) to determine the price customers are willing to pay for the goods and services transferred. If the contract contains a single performance obligation, the entire transaction price is allocated to that performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative SSP basis. Shipping and handling fees billed to customers are recognized as revenue and the related costs are recognized in cost of goods sold. Revenue is recorded net of any applicable taxes collected and remitted to governmental agencies. Disaggregation of Revenue We derive and report our revenue from the sale of products (proprietary software licenses, third party hardware and operating systems), subscription and maintenance, and professional services. Products revenue recognized at a point in time totaled $12.7 million and $10.7 million, and $38.1 million and $32.3 million for the three and nine months ended December 31, 2023 and 2022, respectively. Subscription and maintenance, and professional services revenue recognized substantially over time totaled $47.9 million and $39.2 million, and $137.1 million and $112.9 million for the three and nine months ended December 31, 2023 and 2022, respectively. Contract Balances Contract assets are rights to consideration in exchange for goods or services that we have transferred to a customer when that right is conditional on something other than the passage of time. The majority of our contract assets represent unbilled amounts related to products and professional services. We expect billing and collection of our contract assets to occur within the next twelve months. We receive payments from customers based upon contractual billing schedules and accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities represent consideration received or consideration which is unconditionally due from customers prior to transferring goods or services to the customer under the terms of the contract. Revenue recognized from amounts included in contract liabilities at the beginning of the period was $12.0 million and $9.4 million for the three months ended December 31, 2023 and 2022, respectively, and $48.9 million and $44.2 million for the nine months ended December 31, 2023 and 2022, respectively. Because the right to the transaction became unconditional, we transferred to accounts receivable from contract assets at the beginning of the period, $0.2 million and $0.1 million for the three months ended December 31, 2023 and 2022, respectively, and $2.1 million and $1.7 million for the nine months ended December 31, 2023 and 2022, respectively. Our arrangements are for a period of one year or less. As a result, unsatisfied performance obligations as of December 31, 2023 are expected to be satisfied and the allocated transaction price recognized in revenue within a period of 12 months or less. Assets Recognized from Costs to Obtain a Contract Sales commission expenses that would not have occurred absent the customer contracts are considered incremental costs to obtain a contract. We expense the incremental costs to obtain a contract as incurred when the expected benefit and amortization period is one year or less. For subscription contracts that are renewed monthly based on an agreement term, we capitalize commission expenses and amortize as we satisfy the underlying performance obligations, generally based on the contract terms and anticipated renewals. Other sales commission expenses have a period of benefit of one year or less and are therefore expensed as incurred in line with the practical expedient elected. We had $4.3 million and $3.7 million of capitalized sales incentive costs as of December 31, 2023 and 2022, respectively. These balances are included in other non-current assets on our condensed consolidated balance sheets. During the three and nine months ended December 31, 2023, we expensed $1.0 million and $2.9 million, respectively, of sales commissions, which included amortization of capitalized amounts of $0.4 million and $1.2 million, respectively. During the comparable periods ending December 31, 2022, we expensed $1.1 million and $2.6 million, respectively, of sales commissions, which included amortization of capitalized amounts of $0.3 million and $0.9 million, respectively. These expenses are included in operating expenses – sales and marketing in our condensed consolidated statement of operations. All other costs to obtain a contract are not considered incremental and therefore are expensed as incurred.
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v3.23.4
Additional Balance Sheet Information
|
9 Months Ended |
Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] |
|
Additional Balance Sheet Information |
4. Additional Balance Sheet Information Additional information related to the condensed consolidated balance sheets is as follows:
|
|
|
|
|
|
|
|
|
(In thousands) |
|
December 31, 2023 |
|
|
March 31, 2023 |
|
Accrued liabilities: |
|
|
|
|
|
|
Salaries, wages, and related benefits |
|
$ |
12,705 |
|
|
$ |
11,170 |
|
Other taxes payable |
|
|
1,867 |
|
|
|
2,127 |
|
Professional fees |
|
|
269 |
|
|
|
95 |
|
Other |
|
|
469 |
|
|
|
316 |
|
Total |
|
$ |
15,310 |
|
|
$ |
13,708 |
|
Other non-current liabilities: |
|
|
|
|
|
|
Uncertain tax positions |
|
$ |
— |
|
|
$ |
1,178 |
|
Employee benefit obligations |
|
|
3,840 |
|
|
|
2,742 |
|
Other |
|
|
103 |
|
|
|
98 |
|
Total |
|
$ |
3,943 |
|
|
$ |
4,018 |
|
|
X |
- DefinitionThe entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity.
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v3.23.4
Supplemental Disclosures of Cash Flow Information
|
9 Months Ended |
Dec. 31, 2023 |
Supplemental Cash Flow Elements [Abstract] |
|
Supplemental Disclosures of Cash Flow Information |
5. Supplemental Disclosures of Cash Flow Information Additional information related to the condensed consolidated statements of cash flows is as follows:
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
(In thousands) |
|
|
2023 |
|
|
|
2022 |
|
Cash receipts for interest, net |
|
$ |
3,191 |
|
|
$ |
1,046 |
|
Cash payments for income tax, net |
|
|
1,246 |
|
|
|
912 |
|
Cash payments for operating leases |
|
|
3,684 |
|
|
|
4,207 |
|
Cash payments for finance leases |
|
|
4 |
|
|
|
4 |
|
Accrued capital expenditures |
|
|
114 |
|
|
|
332 |
|
During October 2023, we terminated certain agreements of leased office space before the expiration of their lease terms resulting in the removal of $3.8 million in lease liabilities and $3.2 million in associated right-of-use assets with a gain of $0.6 million. We also sold certain related property and equipment for a gain of $0.5 million resulting in a total gain on asset disposals of $1.1 million reported as operating activities in the condensed consolidated statement of cash flows for the nine months ended December 31, 2023. During November 2023, in a noncash financing transaction, we converted $35 million of Series A convertible preferred stock, no par value, to common stock as further described in Note 10, Preferred Stock.
|
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v3.23.4
Income Taxes
|
9 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
6. Income Taxes The following table compares our income tax provision and effective tax rates for the three and nine months ended December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Nine months ended December 31, |
|
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Income tax (benefit) provision |
|
$ |
(68,043 |
) |
|
$ |
678 |
|
|
$ |
(67,396 |
) |
|
$ |
920 |
|
Effective tax rate |
|
nm |
|
|
|
14.8 |
% |
|
nm |
|
|
|
8.1 |
% |
nm - not meaningful Since the end of fiscal 2009, we have recorded valuation allowances offsetting substantially all the Company’s deferred income tax assets due to the uncertainty of the ultimate realization of the future benefits from those assets. During the third quarter of fiscal 2024, we determined that it was more likely than not that the Company would be able to realize the benefit of substantially all of its deferred tax assets in the United States. In reaching this determination, we considered our growing trend of profitability over recent years, our expectations regarding the generation of future taxable income as well as the overall improvement in the Company’s business. As a result, during the three months ended December 31, 2023, the Company recognized a discrete tax benefit related to the release of approximately $65.1 million in valuation allowance against its deferred tax assets in the United States and Canada that are expected to be realized in future years, which caused our effective tax rate to differ from the statutory rate. At December 31, 2023, the Company continued to provide a valuation allowance of $2.8 million primarily against certain state and foreign net operating losses (“NOLs”). For the three and nine months ended December 31, 2023, the Company recorded an income tax benefit of $68.0 million and $67.4 million, respectively. Excluding the release of $65.1 million in valuation allowance and the release of $1.0 million in uncertain tax positions and related accrued interest due to expiration of various US state statutes of limitations, the Company recorded income tax benefit of $5.6 million for tax windfalls from stock compensation, income tax benefit of $2.4 million for R&D credits and, for the three and nine months ended December 31, 2023, deferred income tax expense of $6.1 million and $6.7 million, respectively. For the three and nine months ended December 31, 2022, the Company recorded income tax provision of $0.7 million and $0.9 million, respectively, primarily related to income tax in states where NOL usage is statutorily limited. For the three and nine months ended December 31, 2022, the effective tax rate was different than the statutory rate due primarily to adjustments to deferred tax assets and to valuation allowances that reduce deferred tax assets and to the recording of net operating losses in several foreign jurisdictions offset by current year expense in other foreign jurisdictions. Our India subsidiary operates in a “Special Economic Zone (“SEZ”)”. One of the benefits associated with the SEZ is that the India subsidiary is not subject to regular India income taxes during its first five years of operations, which included fiscal 2018 through fiscal 2022. The India subsidiary is subject to 50% of regular India income taxes during its second five years of operations, which includes fiscal 2023 through fiscal 2027. For federal income tax purposes, as of March 31, 2023, the Company had net operating loss carryforwards of approximately $132 million, which will expire from fiscal 2032 through fiscal 2038, and net operating loss carryforwards of $43.8 million that are not subject to expiration. For state purposes, at the end of fiscal 2023, the Company had $10.1 million of net operating losses that are available to offset future taxable income, the majority of which will expire from fiscal 2032 through fiscal 2043.
|
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v3.23.4
Commitments and Contingencies
|
9 Months Ended |
Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
7. Commitments and Contingencies Agilysys is the subject of various threatened or pending legal actions and contingencies in the normal course of conducting its business. We provide for costs related to these matters when a loss is probable, and the amount can be reasonably estimated. The effect of the outcome of these matters on our future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount or timing of the resolution of such matters. While it is not possible to predict with certainty, management believes that the ultimate resolution of such individual or aggregated matters will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. On April 6, 2012, Ameranth, Inc. filed a complaint against us in the U.S. District Court of Southern District of California alleging that certain of our products infringe patents owned by Ameranth directed to configuring and transmitting hospitality menus (e.g., restaurant menus) for display on electronic devices and synchronizing the menu content between the devices. Although Agilysys has not yet been dismissed from the case, all of the patents asserted against us by Ameranth were determined by the Court to be invalid, and all of Ameranth’s appeals have been exhausted.
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v3.23.4
Earnings Per Share
|
9 Months Ended |
Dec. 31, 2023 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
8. Earnings per Share The following data shows the amounts used in computing earnings per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Nine months ended December 31, |
|
(In thousands, except per share data) |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
77,141 |
|
|
$ |
3,892 |
|
|
$ |
83,234 |
|
|
$ |
10,507 |
|
Series A convertible preferred stock dividends |
|
(286 |
) |
|
|
(459 |
) |
|
|
(1,204 |
) |
|
|
(1,377 |
) |
Net income attributable to common shareholders |
$ |
76,855 |
|
|
$ |
3,433 |
|
|
$ |
82,030 |
|
|
$ |
9,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
25,808 |
|
|
|
24,703 |
|
|
|
25,256 |
|
|
|
24,651 |
|
Dilutive SSARs |
|
920 |
|
|
|
1,149 |
|
|
|
951 |
|
|
|
996 |
|
Dilutive unvested restricted shares |
|
223 |
|
|
|
218 |
|
|
|
239 |
|
|
|
133 |
|
Dilutive unvested restricted stock units |
|
28 |
|
|
|
— |
|
|
|
17 |
|
|
|
— |
|
Weighted average shares outstanding - diluted |
|
26,979 |
|
|
|
26,070 |
|
|
|
26,463 |
|
|
|
25,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share - basic: |
$ |
2.98 |
|
|
$ |
0.14 |
|
|
$ |
3.25 |
|
|
$ |
0.37 |
|
Income per share - diluted: |
$ |
2.85 |
|
|
$ |
0.13 |
|
|
$ |
3.10 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Anti-dilutive SSARs, restricted shares, performance shares and preferred shares |
|
89 |
|
|
|
1,736 |
|
|
|
30 |
|
|
|
1,751 |
|
Basic income per share is computed as net income attributable to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 454,336 and 459,306 of restricted shares at December 31, 2023 and 2022, respectively, as these shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income per share at the balance sheet dates. Diluted income per share includes the impact of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights (SSARs), restricted shares, restricted stock units, and preferred shares that are potentially dilutive securities.
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v3.23.4
Share-based Compensation
|
9 Months Ended |
Dec. 31, 2023 |
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
|
Share-based Compensation |
9. Share-based Compensation We may grant incentive stock options, non-qualified stock options, SSARs, restricted shares, restricted stock units, and performance shares under our shareholder-approved 2020 Stock Incentive Plan (the 2020 Plan) for up to 2.25 million common shares, plus 868,864 common shares, the number of shares that were remaining for grant under the 2016 Stock Incentive Plan (the 2016 Plan) as of the effective date of the 2020 Plan, plus the number of shares remaining for grant under the 2016 Plan that are forfeited, settled in cash, canceled or expired. The maximum aggregate number of restricted shares or restricted stock units that may be granted under the 2020 Plan is 3.1 million. We may distribute authorized but unissued shares or treasury shares to satisfy share option and SSAR exercises or grants of restricted shares, restricted stock units or performance shares. For SSARs, the exercise price must be set at least equal to the closing market price of our common shares on the date of grant. The maximum term of SSARs is seven years from the date of grant. The Compensation Committee of the Board of Directors establishes the period over which SSARs subject to a service condition vest and the vesting criteria for SSARs subject to a market condition. Restricted shares and restricted stock units, whether time-vested or performance-based, may be issued at no cost or at a purchase price that may be below their fair market value, but are subject to forfeiture and restrictions on their sale or other transfer. Performance-based grants may be conditioned upon the attainment of specified performance objectives and other conditions, restrictions, and contingencies. Restricted shares have the right to receive dividends, if any, upon vesting, subject to the same forfeiture provisions that apply to the underlying grants. We record compensation expense related to SSARs, restricted shares, restricted stock units, and performance shares granted to certain employees and non-employee directors based on the fair value of the awards on the grant date. The fair value of restricted stock unit and restricted share grants subject only to a service condition is based on the closing price of our common shares on the grant date. For stock option and SSAR grants subject only to a service condition, we estimate the fair value on the grant date using the Black-Scholes-Merton option pricing model with inputs including the closing market price at grant date, exercise price and assumptions regarding the risk-free interest rate, expected volatility of our common shares based on historical volatility, and expected term. For restricted stock unit, restricted share, and SSAR grants subject to a market condition, we estimate the fair value on the grant date through a lattice option pricing model that utilizes a Monte Carlo analysis with inputs including the closing market price at grant date, share price threshold, performance period term and assumptions regarding the risk-free interest rate and expected volatility of our common shares based on historical volatility. Inputs for SSAR grants subject to a market condition also include exercise price, remaining contractual term, and suboptimal exercise factor. We record compensation expense for restricted stock units, restricted shares, and SSAR grants subject to a service condition using the graded vesting method. The fair value of performance shares is based on the closing price of our common shares on the settlement date of the performance award, for which we record compensation expense over the service period consistent with our annual bonus incentive plan as approved by the Compensation Committee of the Board of Directors. The following table summarizes the share-based compensation expense for restricted and performance grants included in the condensed consolidated statements of operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Nine months ended December 31, |
|
(In thousands) |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Product development |
|
1,878 |
|
|
|
2,108 |
|
|
|
4,743 |
|
|
|
5,770 |
|
Sales and marketing |
|
228 |
|
|
|
257 |
|
|
|
487 |
|
|
|
822 |
|
General and administrative |
|
1,532 |
|
|
|
1,101 |
|
|
|
4,259 |
|
|
|
2,818 |
|
Total share-based compensation expense |
|
3,638 |
|
|
|
3,466 |
|
|
|
9,489 |
|
|
|
9,410 |
|
Stock-Settled Appreciation Rights SSARs are rights granted to an employee to receive value equal to the difference between the price of our common shares on the date of exercise and the exercise price. The value is settled in common shares of Agilysys, Inc. The following table summarizes the activity during the nine months ended December 31, 2023 for SSARs awarded under the 2020 and 2016 Plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share and per share data) |
|
Number of Rights |
|
|
Weighted-Average Exercise Price |
|
|
Remaining Contractual Term |
|
|
Aggregate Intrinsic Value |
|
|
|
|
|
|
(per right) |
|
|
(in years) |
|
|
|
|
Outstanding at April 1, 2023 |
|
|
1,572,460 |
|
|
$ |
26.04 |
|
|
|
|
|
|
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Exercised |
|
|
(238,098 |
) |
|
|
18.27 |
|
|
|
|
|
|
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Expired |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
1,334,362 |
|
|
$ |
27.42 |
|
|
|
2.3 |
|
|
$ |
76,591 |
|
Exercisable at December 31, 2023 |
|
|
1,334,362 |
|
|
$ |
27.42 |
|
|
|
2.3 |
|
|
$ |
76,591 |
|
Vested and expected to vest at December 31, 2023 |
|
|
1,334,362 |
|
|
$ |
27.42 |
|
|
|
2.3 |
|
|
$ |
76,591 |
|
As of December 31, 2023, there was no unrecognized share-based compensation expense related to SSARs. Restricted Shares We granted shares to certain of our Directors, executives and key employees, the vesting of which is service-based. Certain restricted shares are also subject to a market condition. The following table summarizes the activity during the nine months ended December 31, 2023 for restricted shares awarded under the 2020 and 2016 Plans:
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Weighted-Average Grant-Date Fair Value |
|
|
|
|
|
|
(per share) |
|
Outstanding at April 1, 2023 |
|
|
407,324 |
|
|
$ |
47.53 |
|
Granted |
|
|
198,969 |
|
|
|
88.36 |
|
Vested |
|
|
(129,937 |
) |
|
|
48.51 |
|
Forfeited |
|
|
(22,020 |
) |
|
|
46.76 |
|
Outstanding at December 31, 2023 |
|
|
454,336 |
|
|
$ |
65.19 |
|
The weighted-average grant date fair value of the restricted shares includes grants subject only to a service condition and certain grants subject to both a service condition and a market condition. As of December 31, 2023, total unrecognized share-based compensation expense related to unvested restricted shares was $20.1 million, which is expected to be recognized over a weighted-average vesting period of 2.5 years. Restricted Stock Units We granted restricted stock units to our Chief Executive Officer, the vesting of which is service-based. Certain restricted stock units are also subject to a market condition. The following table summarizes the activity during nine months ended December 31, 2023 for restricted stock units awarded under the 2020 Plan:
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Weighted-Average Grant-Date Fair Value |
|
|
|
|
|
|
(per share) |
|
Outstanding at April 1, 2023 |
|
|
67,856 |
|
|
$ |
71.62 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Outstanding at December 31, 2023 |
|
|
67,856 |
|
|
$ |
71.62 |
|
As of December 31, 2023, total unrecognized share-based compensation expense related to non-vested restricted stock units was $2.9 million, which is expected to be recognized over the weighted-average vesting period of 2.3 years. Performance Shares Upon approval of the Compensation Committee of our Board of Directors, after achieving the performance conditions associated with our annual bonus plan, we granted 5,168 common shares to our Chief Executive Officer in May 2023 that vested immediately for a total value of $0.4 million.
|
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v3.23.4
Preferred Stock
|
9 Months Ended |
Dec. 31, 2023 |
Equity [Abstract] |
|
Preferred Stock |
10. Preferred Stock Series A Convertible Preferred Stock On May 22, 2020, we completed the sale of 1,735,457 shares of our preferred stock, without par value, designated as “Series A Convertible Preferred Stock” (the “Convertible Preferred Stock”) to MAK Capital Fund L.P. and MAK Capital Distressed Debt Fund I, LP (the “Holders”) each, in its capacity as a designee of MAK Capital One LLC (the “Purchaser”), pursuant to the terms of the Investment Agreement, dated as of May 11, 2020, between the Company and the Purchaser, for an aggregate purchase price of $35 million. We incurred issuance costs of $1.0 million. We added all issuance costs that were netted against the proceeds upon issuance of the Convertible Preferred Stock to its redemption value. As disclosed in our Annual Report for the fiscal year ended March 31, 2021, Michael Kaufman, the Chairman of the Company’s Board of Directors, is the Chief Executive Officer of MAK Capital One LLC. Conversion On November 24, 2023, at our option, we required conversion of all the outstanding shares of Convertible Preferred Stock to common stock. On November 27, 2023, we filed a Certificate of Elimination with the Secretary of State of the State of Delaware with respect to the Convertible Preferred Stock pursuant to which the Convertible Preferred Stock was eliminated and returned to the status of authorized and unissued preferred shares of the Company. Following the mandatory conversion of the outstanding shares of the Convertible Preferred Stock on November 24, 2023, there were no outstanding shares of the Convertible Preferred Stock. Accordingly, we removed the Series A convertible preferred stock, no par value from temporary equity on our condensed consolidated balance sheet and recorded the associated increase of common shares at $0.30 stated value and capital in excess of stated value further reflected in our condensed consolidated statement of shareholders' equity. Dividends Prior to the conversion on November 24, 2023, the Holders were entitled to dividends on the Liquidation Preference at the rate of 5.25% per annum, payable semi-annually either (i) 50% in cash and 50% in kind as an increase in the then-current Liquidation Preference or (ii) 100% in cash, at the option of the Company. We paid dividends in the same period as declared by the Company’s Board of Directors.
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v3.23.4
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
Recently Issued Accounting Pronouncements |
Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to update income tax disclosure requirements primarily by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, or our fiscal 2026. The amendments may be applied prospectively or retrospectively with early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures. In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to expand reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. ASU 2023-07 applies to entities with a single reportable segment. Annual disclosures are required for fiscal years beginning after December 15, 2023 or our fiscal 2025. Interim disclosures are required for periods within fiscal years beginning after December 15, 2024, or our fiscal 2026. Retrospective application is required for all prior periods presented with early adoption is permitted. We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures.
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v3.23.4
Additional Balance Sheet Information (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] |
|
Schedule of Additional Information Related to the Condensed Consolidated Balance Sheets |
Additional information related to the condensed consolidated balance sheets is as follows:
|
|
|
|
|
|
|
|
|
(In thousands) |
|
December 31, 2023 |
|
|
March 31, 2023 |
|
Accrued liabilities: |
|
|
|
|
|
|
Salaries, wages, and related benefits |
|
$ |
12,705 |
|
|
$ |
11,170 |
|
Other taxes payable |
|
|
1,867 |
|
|
|
2,127 |
|
Professional fees |
|
|
269 |
|
|
|
95 |
|
Other |
|
|
469 |
|
|
|
316 |
|
Total |
|
$ |
15,310 |
|
|
$ |
13,708 |
|
Other non-current liabilities: |
|
|
|
|
|
|
Uncertain tax positions |
|
$ |
— |
|
|
$ |
1,178 |
|
Employee benefit obligations |
|
|
3,840 |
|
|
|
2,742 |
|
Other |
|
|
103 |
|
|
|
98 |
|
Total |
|
$ |
3,943 |
|
|
$ |
4,018 |
|
|
X |
- DefinitionTabular disclosure of the components of accrued liabilities.
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v3.23.4
Supplemental Disclosures of Cash Flow Information (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Supplemental Cash Flow Elements [Abstract] |
|
Schedule of supplemental cash flow information |
Additional information related to the condensed consolidated statements of cash flows is as follows:
|
|
|
|
|
|
|
|
|
|
|
Nine months ended December 31, |
|
(In thousands) |
|
|
2023 |
|
|
|
2022 |
|
Cash receipts for interest, net |
|
$ |
3,191 |
|
|
$ |
1,046 |
|
Cash payments for income tax, net |
|
|
1,246 |
|
|
|
912 |
|
Cash payments for operating leases |
|
|
3,684 |
|
|
|
4,207 |
|
Cash payments for finance leases |
|
|
4 |
|
|
|
4 |
|
Accrued capital expenditures |
|
|
114 |
|
|
|
332 |
|
|
X |
- DefinitionTabular disclosure of supplemental cash flow information for the periods presented.
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v3.23.4
Income Taxes (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
Effective tax rates from continuing operations |
The following table compares our income tax provision and effective tax rates for the three and nine months ended December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Nine months ended December 31, |
|
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Income tax (benefit) provision |
|
$ |
(68,043 |
) |
|
$ |
678 |
|
|
$ |
(67,396 |
) |
|
$ |
920 |
|
Effective tax rate |
|
nm |
|
|
|
14.8 |
% |
|
nm |
|
|
|
8.1 |
% |
nm - not meaningful
|
X |
- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.
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v3.23.4
Earnings Per Share (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of amounts used in computing earnings per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares |
The following data shows the amounts used in computing earnings per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Nine months ended December 31, |
|
(In thousands, except per share data) |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
77,141 |
|
|
$ |
3,892 |
|
|
$ |
83,234 |
|
|
$ |
10,507 |
|
Series A convertible preferred stock dividends |
|
(286 |
) |
|
|
(459 |
) |
|
|
(1,204 |
) |
|
|
(1,377 |
) |
Net income attributable to common shareholders |
$ |
76,855 |
|
|
$ |
3,433 |
|
|
$ |
82,030 |
|
|
$ |
9,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
25,808 |
|
|
|
24,703 |
|
|
|
25,256 |
|
|
|
24,651 |
|
Dilutive SSARs |
|
920 |
|
|
|
1,149 |
|
|
|
951 |
|
|
|
996 |
|
Dilutive unvested restricted shares |
|
223 |
|
|
|
218 |
|
|
|
239 |
|
|
|
133 |
|
Dilutive unvested restricted stock units |
|
28 |
|
|
|
— |
|
|
|
17 |
|
|
|
— |
|
Weighted average shares outstanding - diluted |
|
26,979 |
|
|
|
26,070 |
|
|
|
26,463 |
|
|
|
25,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share - basic: |
$ |
2.98 |
|
|
$ |
0.14 |
|
|
$ |
3.25 |
|
|
$ |
0.37 |
|
Income per share - diluted: |
$ |
2.85 |
|
|
$ |
0.13 |
|
|
$ |
3.10 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Anti-dilutive SSARs, restricted shares, performance shares and preferred shares |
|
89 |
|
|
|
1,736 |
|
|
|
30 |
|
|
|
1,751 |
|
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v3.23.4
Share-based Compensation (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Summary of share-based compensation expense |
The following table summarizes the share-based compensation expense for restricted and performance grants included in the condensed consolidated statements of operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
|
Nine months ended December 31, |
|
(In thousands) |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Product development |
|
1,878 |
|
|
|
2,108 |
|
|
|
4,743 |
|
|
|
5,770 |
|
Sales and marketing |
|
228 |
|
|
|
257 |
|
|
|
487 |
|
|
|
822 |
|
General and administrative |
|
1,532 |
|
|
|
1,101 |
|
|
|
4,259 |
|
|
|
2,818 |
|
Total share-based compensation expense |
|
3,638 |
|
|
|
3,466 |
|
|
|
9,489 |
|
|
|
9,410 |
|
|
Activity related SSARs award |
The following table summarizes the activity during the nine months ended December 31, 2023 for SSARs awarded under the 2020 and 2016 Plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share and per share data) |
|
Number of Rights |
|
|
Weighted-Average Exercise Price |
|
|
Remaining Contractual Term |
|
|
Aggregate Intrinsic Value |
|
|
|
|
|
|
(per right) |
|
|
(in years) |
|
|
|
|
Outstanding at April 1, 2023 |
|
|
1,572,460 |
|
|
$ |
26.04 |
|
|
|
|
|
|
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Exercised |
|
|
(238,098 |
) |
|
|
18.27 |
|
|
|
|
|
|
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Expired |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
1,334,362 |
|
|
$ |
27.42 |
|
|
|
2.3 |
|
|
$ |
76,591 |
|
Exercisable at December 31, 2023 |
|
|
1,334,362 |
|
|
$ |
27.42 |
|
|
|
2.3 |
|
|
$ |
76,591 |
|
Vested and expected to vest at December 31, 2023 |
|
|
1,334,362 |
|
|
$ |
27.42 |
|
|
|
2.3 |
|
|
$ |
76,591 |
|
|
Restricted Stock [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Activity related to restricted shares awarded by the Company |
The following table summarizes the activity during the nine months ended December 31, 2023 for restricted shares awarded under the 2020 and 2016 Plans:
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Weighted-Average Grant-Date Fair Value |
|
|
|
|
|
|
(per share) |
|
Outstanding at April 1, 2023 |
|
|
407,324 |
|
|
$ |
47.53 |
|
Granted |
|
|
198,969 |
|
|
|
88.36 |
|
Vested |
|
|
(129,937 |
) |
|
|
48.51 |
|
Forfeited |
|
|
(22,020 |
) |
|
|
46.76 |
|
Outstanding at December 31, 2023 |
|
|
454,336 |
|
|
$ |
65.19 |
|
|
Restricted Stock Units (RSUs) [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Activity related to restricted shares awarded by the Company |
The following table summarizes the activity during nine months ended December 31, 2023 for restricted stock units awarded under the 2020 Plan:
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Weighted-Average Grant-Date Fair Value |
|
|
|
|
|
|
(per share) |
|
Outstanding at April 1, 2023 |
|
|
67,856 |
|
|
$ |
71.62 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Outstanding at December 31, 2023 |
|
|
67,856 |
|
|
$ |
71.62 |
|
|
X |
- DefinitionTabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.
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v3.23.4
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total net revenue |
$ 60,566
|
$ 49,920
|
$ 175,243
|
$ 145,168
|
Revenue recognized |
12,000
|
9,400
|
48,900
|
44,200
|
Transfers to accounts receivable |
200
|
100
|
2,100
|
1,700
|
Capitalized contract cost, net |
4,300
|
3,700
|
4,300
|
3,700
|
Sales commissions and fees |
1,000
|
1,100
|
2,900
|
2,600
|
Capitalized contract cost, amortization |
400
|
300
|
1,200
|
900
|
Products [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total net revenue |
12,678
|
10,697
|
38,100
|
32,291
|
Support, Maintenance, Subscription Services, And Professional Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total net revenue |
$ 47,900
|
$ 39,200
|
$ 137,100
|
$ 112,900
|
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v3.23.4
Additional Balance Sheet Information - Schedule of Additional Information Related to the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Mar. 31, 2023 |
Accrued liabilities: |
|
|
Salaries, wages, and related benefits |
$ 12,705
|
$ 11,170
|
Other taxes payable |
1,867
|
2,127
|
Professional fees |
269
|
95
|
Other |
469
|
316
|
Total |
15,310
|
13,708
|
Other non-current liabilities: |
|
|
Uncertain tax positions |
0
|
1,178
|
Employee benefit obligations |
3,840
|
2,742
|
Other |
103
|
98
|
Total |
$ 3,943
|
$ 4,018
|
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v3.23.4
Supplemental Disclosures of Cash Flow Information (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Nov. 30, 2023 |
Oct. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2023 |
Other Significant Noncash Transactions [Line Items] |
|
|
|
|
|
|
Operating lease liability |
|
$ 3,800
|
|
|
|
|
Operating lease right-of-use assets |
|
3,200
|
$ 18,734
|
$ 18,734
|
|
$ 12,708
|
Operating lease Income |
|
600
|
|
|
|
|
Total gain on asset disposals |
|
|
|
1,145
|
$ 0
|
|
Conversion of preferred stock |
|
|
$ 35,000
|
$ 35,000
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
Other Significant Noncash Transactions [Line Items] |
|
|
|
|
|
|
Conversion of preferred stock |
$ 35,000
|
|
|
|
|
|
Preferred stock, par value |
$ 0
|
|
$ 0
|
$ 0
|
|
|
Property and Equipment [Member] |
|
|
|
|
|
|
Other Significant Noncash Transactions [Line Items] |
|
|
|
|
|
|
Operating lease Income |
|
$ 500
|
|
|
|
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v3.23.4
v3.23.4
Income Taxes (Details Textual) - USD ($) $ in Thousands |
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
|
Valuation allowance |
|
|
$ 65,100
|
|
$ 65,100
|
|
Uncertain tax positions |
|
|
1,000
|
|
1,000
|
|
Operating Loss Carryforwards, Valuation Allowance |
|
|
2,800
|
|
2,800
|
|
Income tax (benefit) provision |
|
|
(68,043)
|
$ 678
|
(67,396)
|
$ 920
|
Deferred income tax expense |
|
|
65,100
|
|
$ (66,506)
|
$ (378)
|
Regular corporate income tax rate in India |
|
|
|
|
50.00%
|
|
State and Local Jurisdiction [Member] | Forcast [Member] |
|
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
|
Net operating loss carryforwards |
$ 10,100
|
|
|
|
|
|
Internal Revenue Service (IRS) [Member] |
|
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
|
Net operating loss carryforwards not subject to expiration |
|
$ 43,800
|
|
|
|
|
Net operating loss carryforwards |
|
$ 132,000
|
|
|
|
|
US State Statutes of Limitations [Member] |
|
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
|
Tax benefit related to tax windfalls from stock compensation |
|
|
|
|
$ 5,600
|
|
Income tax benefit for research and development |
|
|
|
|
2,400
|
|
Deferred income tax expense |
|
|
$ 6,100
|
|
$ 6,700
|
|
Maximum [Member] | State and Local Jurisdiction [Member] | Forcast [Member] |
|
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
|
Net operating loss carryforwards expiration year |
2043
|
|
|
|
|
|
Maximum [Member] | Internal Revenue Service (IRS) [Member] |
|
|
|
|
|
|
Operating Loss Carryforwards [Line Items] |
|
|
|
|
|
|
Net operating loss carryforwards expiration year |
|
2038
|
|
|
|
|
Minimum [Member] | State and Local Jurisdiction [Member] | Forcast [Member] |
|
|
|
|
|
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|
|
|
|
|
|
Net operating loss carryforwards expiration year |
2032
|
|
|
|
|
|
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|
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|
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2032
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v3.23.4
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Numerator: |
|
|
|
|
Net Income (Loss) |
$ 77,141
|
$ 3,892
|
$ 83,234
|
$ 10,507
|
Series A convertible preferred stock dividends |
(286)
|
(459)
|
(1,204)
|
(1,377)
|
Net income attributable to common shareholders |
$ 76,855
|
$ 3,433
|
$ 82,030
|
$ 9,130
|
Denominator: |
|
|
|
|
Weighted average shares outstanding - basic |
25,808
|
24,703
|
25,256
|
24,651
|
Dilutive SSARs |
920
|
1,149
|
951
|
996
|
Dilutive unvested restricted shares |
223
|
218
|
239
|
133
|
Dilutive unvested restricted stock units |
28
|
0
|
17
|
0
|
Weighted average shares outstanding - diluted |
26,979
|
26,070
|
26,463
|
25,780
|
Income per share - basic: |
$ 2.98
|
$ 0.14
|
$ 3.25
|
$ 0.37
|
Income per share - diluted: |
$ 2.85
|
$ 0.13
|
$ 3.1
|
$ 0.35
|
Earnings Per Share, Diluted [Abstract] |
|
|
|
|
Anti-dilutive SSARs, restricted shares, performance shares and preferred shares |
89
|
1,736
|
30
|
1,751
|
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Share-based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] |
|
|
|
|
Share-based Payment Arrangement, Noncash Expense |
$ 3,638
|
$ 3,466
|
$ 9,489
|
$ 9,410
|
Product development [Member] |
|
|
|
|
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|
|
|
|
Summary of share-based compensation expense |
1,878
|
2,108
|
4,743
|
5,770
|
Selling and marketing [Member] |
|
|
|
|
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|
|
|
|
Summary of share-based compensation expense |
228
|
257
|
487
|
822
|
General and administrative [Member] |
|
|
|
|
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|
|
|
|
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$ 1,532
|
$ 1,101
|
$ 4,259
|
$ 2,818
|
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Share-based Compensation (Details 2) - Stock Appreciation Rights (SARs) $ / shares in Units, $ in Thousands |
9 Months Ended |
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
Number of Rights, Outstanding at Beginning of Period | shares |
1,572,460
|
Number of Rights Granted | shares |
0
|
Number of Rights, Exercised | shares |
(238,098)
|
Number of Rights, Forfeited | shares |
0
|
Number of Rights, Expired | shares |
0
|
Number of Rights, Outstanding at End of Period | shares |
1,334,362
|
Number of Rights, Exercisable at End of Period | shares |
1,334,362
|
Number of Rights, Vested and expected to vest at September 30, 2023 | shares |
1,334,362
|
Weighted Average Exercise Price, Outstanding at Beginning of Period | $ / shares |
$ 26.04
|
Weighted Average Exercise Price, Granted | $ / shares |
0
|
Weighted Average Exercise Price, Exercised | $ / shares |
18.27
|
Weighted Average Exercise Price, Forfeited | $ / shares |
0
|
Weighted Average Exercise Price, Expired | $ / shares |
0
|
Weighted Average Exercise Price, Outstanding at End of Period | $ / shares |
27.42
|
Weighted Average Exercise Price, Exercisable at End of Period | $ / shares |
27.42
|
Weighted Average Exercise Price, Vested and expected to vest at End of Period | $ / shares |
$ 27.42
|
Remaining Contractual Term, Outstanding at End of Period |
2 years 3 months 18 days
|
Remaining Contractual Term, Exercisable at End of Period |
2 years 3 months 18 days
|
Share Based Compensation Arrangement By Share Based Payment Award Vested And Expected To Vest Outstanding Remaining Contractual Term |
2 years 3 months 18 days
|
Aggregate Intrinsic Value, Outstanding at End of Period | $ |
$ 76,591
|
Aggregate Intrinsic Value, Exercisable at End of Period | $ |
76,591
|
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$ 76,591
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v3.23.4
Share-based Compensation - Restricted Shares Rollforward (Details)
|
9 Months Ended |
Dec. 31, 2023
$ / shares
shares
|
Restricted Stock [Member] |
|
Activity Related to Restricted Shares Awarded by the Company |
|
Number of Shares, Outstanding at beginning of period | shares |
407,324
|
Number of Shares, Granted | shares |
198,969
|
Number of Shares, Vested | shares |
(129,937)
|
Number of Shares, Forfeited | shares |
(22,020)
|
Number of Shares, Outstanding at end of period | shares |
454,336
|
Weighted Average Grant-Date Fair Value, Outstanding at beginning of period | $ / shares |
$ 47.53
|
Weighted Average Grant Date Fair Value, Granted | $ / shares |
88.36
|
Weighted Average Grant Date Fair Value, Vested | $ / shares |
48.51
|
Weighted Average Grant Date Fair Value, Forfeited | $ / shares |
46.76
|
Weighted Average Grant-Date Fair Value, Outstanding at end of period | $ / shares |
$ 65.19
|
Restricted Stock Units |
|
Activity Related to Restricted Shares Awarded by the Company |
|
Number of Shares, Outstanding at beginning of period | shares |
67,856
|
Number of Shares, Granted | shares |
0
|
Number of Shares, Vested | shares |
0
|
Number of Shares, Forfeited | shares |
0
|
Number of Shares, Outstanding at end of period | shares |
67,856
|
Weighted Average Grant-Date Fair Value, Outstanding at beginning of period | $ / shares |
$ 71.62
|
Weighted Average Grant Date Fair Value, Granted | $ / shares |
0
|
Weighted Average Grant Date Fair Value, Vested | $ / shares |
0
|
Weighted Average Grant Date Fair Value, Forfeited | $ / shares |
0
|
Weighted Average Grant-Date Fair Value, Outstanding at end of period | $ / shares |
$ 71.62
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v3.23.4
Preferred Stock - (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
May 22, 2020 |
Nov. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Class Of Stock [Line Items] |
|
|
|
|
|
Preferred stock issued, value |
|
|
$ 35,000
|
$ 35,000
|
|
Common stock, stated value |
|
|
$ 0.3
|
$ 0.3
|
$ 0.3
|
Preferred Stock Dividend Rate Percentage |
|
|
|
5.25%
|
|
Dividends declaration and payment terms |
|
|
|
the Holders were entitled to dividends on the Liquidation Preference at the rate of 5.25% per annum, payable semi-annually either (i) 50% in cash and 50% in kind as an increase in the then-current Liquidation Preference or (ii) 100% in cash, at the option of the Company.
|
|
Common stock [Member] |
|
|
|
|
|
Class Of Stock [Line Items] |
|
|
|
|
|
Preferred stock issued |
|
|
1,735
|
1,735
|
|
Preferred stock issued, value |
|
|
$ 521
|
$ 521
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
Class Of Stock [Line Items] |
|
|
|
|
|
Preferred stock issued, value |
|
$ 35,000
|
|
|
|
Preferred stock, par value |
|
$ 0
|
$ 0
|
$ 0
|
|
MAK Capital One, LLC [Member] | Convertible Preferred Stock [Member] |
|
|
|
|
|
Class Of Stock [Line Items] |
|
|
|
|
|
Preferred stock issued |
1,735,457
|
|
|
|
|
Preferred stock issued, value |
$ 35,000
|
|
|
|
|
Payments of stock issuance costs |
$ 1,000
|
|
|
|
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Agilysys (NASDAQ:AGYS)
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