Agilysys Fiscal 2020 Third Quarter Revenue Rises 16.6% to Record $42.0 Million

Seventh Consecutive Quarter of Record Revenue Includes Record Recurring Revenue of $21.0 Million, Inclusive of 28% Growth in Subscription Revenue

Raises Fiscal 2020 Revenue Guidance to an Expectation of Approximately 16% Year-Over-Year Growth

Agilysys, Inc. (Nasdaq: AGYS), a global provider of next-generation hospitality software solutions and services, today reported operating results for its fiscal 2020 third quarter ended December 31, 2019.

Summary of Fiscal 2020 Third Quarter Financial Results

  • Total net revenue increased 16.6% to a record $42.0 million, compared to total net revenue of $36.0 million in the comparable prior-year period.
  • Recurring revenues (which are comprised of support, maintenance and subscription services) were a record $21.0 million, or 49.9% of total net revenue, compared to $19.3 million, or 53.7% of total net revenue, for the same period in fiscal 2019. Subscription revenues increased 28% year-over-year and comprised 37.7% of total recurring revenues, compared to 32.0% of total recurring revenues in the third quarter of fiscal 2019.
  • Gross margin was 50.2% in the fiscal 2020 third quarter, compared to 51.8% in the comparable prior-year period.
  • Net loss in the fiscal 2020 third quarter was $(2.6) million, or $(0.11) per diluted share, compared to a net loss of $(4.0) million, or $(0.18) per diluted share, in the comparable prior-year period.
  • Adjusted EBITDA (non-GAAP) was $3.2 million, compared to $2.1 million in the comparable prior-year period (see reconciliation below).
  • Free cash flow (non-GAAP) in the fiscal 2020 third quarter was $3.0 million, compared to free cash flow of $4.2 million in the fiscal 2019 third quarter (see reconciliation below).

Ramesh Srinivasan, President and CEO of Agilysys, commented, "We are pleased to announce yet another solid revenue growth and profitability improvement quarter. Quarterly revenue of $42.0 million represents our sixth consecutive quarter of double-digit year-over- year quarterly revenue growth and the seventh consecutive record revenue quarter. Recurring revenue for the quarter reached a record $21.0 million, including a 28% year-over-year increase in subscription revenue.

"This was also one of our best quarters in terms of selling success. The last five quarters have been five of our six most successful selling quarters. The fact this was our best services revenue quarter is a good indication of how busy we were and continue to be with software implementations all over the world. Our continuing good selling momentum coupled with the shifting customer preference for subscription-based arrangements drove our significant year-over-year growth in subscription revenue.

"Our R&D resource strength continues to grow in a cost-effective manner. We continue to execute well and innovate at an increasing pace across all our product sets allowing us to stay ahead of ever-changing customer demands. Our customer centric work culture and passionate focus on the hospitality software solutions space continue to evolve well. All things considered, we like our current business momentum and strengthening competitive advantage. We are well poised to continue growing shareholder value."

Raises Fiscal 2020 Revenue Outlook

Agilysys today raised its forecast for fiscal 2020 full year revenue growth as the Company now expects an approximate 16% year-over-year increase compared to fiscal 2019 revenue of approximately $141 million. The Company’s prior expectation was for an approximate 14% year-over-year increase. The Company reiterated its forecast for an approximate 25% improvement in Adjusted EBITDA (non-GAAP measure) in fiscal 2020, compared to fiscal 2019 Adjusted EBITDA of approximately $10 million. Agilysys also continues to expect fiscal 2020 free cash flow will be significantly more than the $1.7 million of free cash flow generated in fiscal 2019.

Tony Pritchett, Chief Financial Officer, commented, "We are pleased with our continued business momentum, including the strong financial results in the third fiscal quarter of 2020. Our customers continue to place a lot of trust in our ability to deliver reliable and innovative products as evidenced by another record revenue quarter. All three of our reported revenue categories were a record in the third quarter and on a year to date basis, demonstrating the consistency of our revenue growth. We remain committed to our customers and to delivering profitable revenue growth which continues to reflect in our results, including strong Adjusted EBITDA and free cash flows for the quarter and year to date periods. We provided for a slight upward revision to our forecast for full year revenue growth, which we now expect to further improve to 16%. We continue to push the Company forward and are confident about our future."

2020 Third Quarter Conference Call and Webcast

Agilysys is hosting a conference call and webcast today, January 28, 2020, at 4:30 p.m. ET. Both the call and the webcast are open to the public. The conference call number is 224-357-2393 (domestic or international); and the conference ID number is 9998734. Please call five minutes prior to the presentation to ensure that you are connected.

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

Forward-Looking Language

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, our guidance relating to revenue, Adjusted EBITDA and free cash flow, and statements we make regarding recurring revenue and subscription revenue growth, continuing business momentum and improvements in financial results and shareholder value.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, our ability to achieve operational efficiencies and meet customer demand for products and services and the risks described in the Company’s filings with the Securities and Exchange Commission, including the Company’s reports on Form 10-K and Form 10-Q.

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

Use of Non-GAAP Financial Information

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

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

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

About Agilysys

Agilysys has been a leader in hospitality software for more than 40 years, delivering innovative guest-centric technology solutions for casinos, hotels, resorts, cruise ships, managed foodservice providers, stadiums and arenas. Agilysys offers the most comprehensive software solutions in the industry, including point-of-sale (POS), property management (PMS), inventory and procurement, payment solutions, and related hospitality applications, to manage the entire guest journey. Agilysys is known for its leadership in hospitality, its broad product offerings and its customer-centric service. Some of the largest hospitality companies around the world use Agilysys solutions to help improve guest loyalty, generate more revenue and increase operational efficiencies. Agilysys operates across North America, Europe, Asia-Pacific, and India with headquarters located in Alpharetta, GA. For more information visit Agilysys.com.

- Financial tables follow -

 

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

(In thousands, except per share data)

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

12,126

 

 

$

10,232

 

 

$

34,868

 

 

$

28,081

 

Support, maintenance and subscription services

 

 

20,965

 

 

 

19,345

 

 

 

61,377

 

 

 

56,130

 

Professional services

 

 

8,896

 

 

 

6,437

 

 

 

24,854

 

 

 

20,013

 

Total net revenue

 

 

41,987

 

 

 

36,014

 

 

 

121,099

 

 

 

104,224

 

Cost of goods sold:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products (inclusive of developed technology amortization)

 

 

9,639

 

 

 

8,371

 

 

 

28,056

 

 

 

23,204

 

Support, maintenance and subscription services

 

 

4,841

 

 

 

3,909

 

 

 

13,676

 

 

 

11,960

 

Professional services

 

 

6,443

 

 

 

5,087

 

 

 

18,071

 

 

 

14,775

 

Total cost of goods sold

 

 

20,923

 

 

 

17,367

 

 

 

59,803

 

 

 

49,939

 

Gross profit

 

 

21,064

 

 

 

18,647

 

 

 

61,296

 

 

 

54,285

 

Gross profit margin

 

 

50.2

%

 

 

51.8

%

 

 

50.6

%

 

 

52.1

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

 

11,285

 

 

 

10,059

 

 

 

32,127

 

 

 

27,299

 

Sales and marketing

 

 

4,918

 

 

 

5,217

 

 

 

14,307

 

 

 

14,363

 

General and administrative

 

 

6,084

 

 

 

5,865

 

 

 

17,998

 

 

 

17,047

 

Depreciation of fixed assets

 

 

854

 

 

 

651

 

 

 

1,774

 

 

 

1,933

 

Amortization of intangibles

 

 

608

 

 

 

675

 

 

 

1,900

 

 

 

1,892

 

Restructuring, severance and other charges

 

 

11

 

 

 

58

 

 

 

438

 

 

 

948

 

Legal settlements, net

 

 

-

 

 

 

-

 

 

 

(125

)

 

 

126

 

Total operating expense

 

 

23,760

 

 

 

22,525

 

 

 

68,419

 

 

 

63,608

 

Operating loss

 

 

(2,696

)

 

 

(3,878

)

 

 

(7,123

)

 

 

(9,323

)

Other (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(92

)

 

 

(83

)

 

 

(287

)

 

 

(235

)

Interest expense

 

 

25

 

 

 

3

 

 

 

28

 

 

 

8

 

Other (income) expense, net

 

 

(142

)

 

 

68

 

 

 

50

 

 

 

293

 

Loss before taxes

 

 

(2,487

)

 

 

(3,866

)

 

 

(6,914

)

 

 

(9,389

)

Income tax expense

 

 

95

 

 

 

182

 

 

 

161

 

 

 

186

 

Net loss

 

$

(2,582

)

 

$

(4,048

)

 

$

(7,075

)

 

$

(9,575

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

23,240

 

 

 

23,048

 

 

 

23,230

 

 

 

23,030

 

Loss per share - basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share

 

$

(0.11

)

 

$

(0.18

)

 

$

(0.30

)

 

$

(0.42

)

 
 

AGILYSYS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

(In thousands, except share data)

 

December 31,

 

 

March 31,

 

 

 

2019

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

41,905

 

 

$

40,771

 

Accounts receivable, net of allowance for doubtful accounts of $593 and $788, respectively

 

 

29,794

 

 

 

27,000

 

Contract assets

 

 

3,962

 

 

 

2,921

 

Inventories

 

 

1,856

 

 

 

2,044

 

Prepaid expenses and other current assets

 

 

6,796

 

 

 

6,272

 

Total current assets

 

 

84,313

 

 

 

79,008

 

Property and equipment, net

 

 

14,849

 

 

 

15,838

 

Operating lease right-of-use assets

 

 

12,044

 

 

 

 

Goodwill

 

 

19,622

 

 

 

19,622

 

Intangible assets, net

 

 

8,404

 

 

 

8,438

 

Software development costs, net

 

 

25,135

 

 

 

34,567

 

Deferred income taxes, non-current

 

 

753

 

 

 

443

 

Other non-current assets

 

 

6,708

 

 

 

5,675

 

Total assets

 

$

171,828

 

 

$

163,591

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

10,454

 

 

$

4,718

 

Contract liabilities

 

 

35,374

 

 

 

38,669

 

Accrued liabilities

 

 

12,482

 

 

 

14,718

 

Operating lease liabilities, current

 

 

4,235

 

 

 

 

Finance lease obligations, current

 

 

24

 

 

 

22

 

Total current liabilities

 

 

62,569

 

 

 

58,127

 

Deferred income taxes, non-current

 

 

875

 

 

 

861

 

Operating lease liabilities, non-current

 

 

9,800

 

 

 

 

Finance lease obligations, non-current

 

 

31

 

 

 

35

 

Other non-current liabilities

 

 

1,617

 

 

 

3,946

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common shares, without par value, at $0.30 stated value; 80,000,000 shares authorized; 31,606,831 shares issued; and 23,656,891 and 23,501,450 shares outstanding at December 31, 2019 and March 31, 2019, respectively

 

 

9,482

 

 

 

9,482

 

Treasury shares, 7,949,940 and 8,105,381 at December 31, 2019 and March 31, 2019, respectively

 

 

(2,387

)

 

 

(2,433

)

Capital in excess of stated value

 

 

4,094

 

 

 

781

 

Retained earnings

 

 

85,976

 

 

 

93,051

 

Accumulated other comprehensive loss

 

 

(229

)

 

 

(259

)

Total shareholders' equity

 

 

96,936

 

 

 

100,622

 

Total liabilities and shareholders' equity

 

$

171,828

 

 

$

163,591

 

 

 

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Nine Months Ended

 

(In thousands)

 

December 31,

 

 

 

2019

 

 

2018

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(7,075

)

 

$

(9,575

)

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

 

 

 

 

 

 

 

 

Net restructuring, severance and other charges

 

 

40

 

 

 

(268

)

Net legal settlements

 

 

(15

)

 

 

-

 

Loss on disposal of property & equipment

 

 

(5

)

 

 

-

 

Depreciation

 

 

1,774

 

 

 

1,933

 

Amortization of intangibles

 

 

1,900

 

 

 

1,892

 

Amortization of developed technology

 

 

9,432

 

 

 

9,357

 

Deferred income taxes

 

 

(313

)

 

 

44

 

Share-based compensation

 

 

3,156

 

 

 

2,956

 

Change in cash surrender value of company owned life insurance policies

 

 

11

 

 

 

12

 

Changes in operating assets and liabilities

 

 

(3,632

)

 

 

(4,632

)

Net cash provided by operating activities

 

 

5,273

 

 

 

1,719

 

Investing activities

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(3,009

)

 

 

(1,610

)

Capitalized software development costs

 

 

 

 

 

(2,189

)

Investments in corporate-owned life insurance policies

 

 

(26

)

 

 

(27

)

Net cash used in investing activities

 

 

(3,035

)

 

 

(3,826

)

Financing activities

 

 

 

 

 

 

 

 

Repurchase of common shares to satisfy employee tax withholding

 

 

(1,053

)

 

 

(612

)

Principal payments under long-term obligations

 

 

(18

)

 

 

(90

)

Net cash used in financing activities

 

 

(1,071

)

 

 

(702

)

Effect of exchange rate changes on cash

 

 

(33

)

 

 

(139

)

Net increase (decrease) in cash and cash equivalents

 

 

1,134

 

 

 

(2,948

)

Cash and cash equivalents at beginning of period

 

 

40,771

 

 

 

39,943

 

Cash and cash equivalents at end of period

 

$

41,905

 

 

$

36,995

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

$

48

 

 

$

31

 

 

AGILYSYS, INC.

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED EARNINGS FROM OPERATIONS

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(2,582

)

 

$

(4,048

)

 

$

(7,075

)

 

$

(9,575

)

Income tax expense

 

 

95

 

 

 

182

 

 

 

161

 

 

 

186

 

Loss before taxes

 

 

(2,487

)

 

 

(3,866

)

 

 

(6,914

)

 

 

(9,389

)

Depreciation of fixed assets

 

 

854

 

 

 

651

 

 

 

1,774

 

 

 

1,933

 

Amortization of intangibles

 

 

608

 

 

 

675

 

 

 

1,900

 

 

 

1,892

 

Amortization of developed technology

 

 

3,129

 

 

 

3,347

 

 

 

9,432

 

 

 

9,357

 

Interest (income), net

 

 

(67

)

 

 

(80

)

 

 

(259

)

 

 

(227

)

EBITDA (a)

 

 

2,037

 

 

 

727

 

 

 

5,933

 

 

 

3,566

 

Share-based compensation

 

 

1,329

 

 

 

1,282

 

 

 

3,156

 

 

 

2,956

 

Restructuring, severance and other charges

 

 

11

 

 

 

58

 

 

 

438

 

 

 

948

 

Other non-operating (income) expense

 

 

(142

)

 

 

68

 

 

 

50

 

 

 

293

 

Legal settlements, net

 

 

 

 

 

 

 

 

(125

)

 

 

126

 

Adjusted EBITDA (b)

 

 

3,235

 

 

 

2,135

 

 

 

9,452

 

 

 

7,889

 

Capitalized software development costs

 

 

 

 

 

 

 

 

 

 

 

(2,189

)

Adjusted EBITDA less capitalized software development costs (c)

 

 

3,235

 

 

 

2,135

 

 

 

9,452

 

 

 

5,700

 

Capital expenditures

 

 

(1,069

)

 

 

(277

)

 

 

(3,009

)

 

 

(1,610

)

Adjusted Earnings from Operations (d)

 

$

2,166

 

 

$

1,858

 

 

$

6,443

 

 

$

4,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development (operating expenses)

 

$

11,285

 

 

$

10,059

 

 

$

32,127

 

 

$

27,299

 

Capitalized software development costs

 

 

 

 

 

 

 

 

 

 

 

2,189

 

Product development plus capitalized software development costs (e)

 

$

11,285

 

 

$

10,059

 

 

$

32,127

 

 

$

29,488

 

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

 

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

 

(c) Adjusted EBITDA less capitalized software development costs, a non-GAAP financial measure, is defined as Adjusted EBITDA, less capitalized software development costs

 

(d) Adjusted Earnings from Operations, a non-GAAP financial measure, is defined as Adjusted EBITDA less capitalized software development costs, less capital expenditures

 

(e) Product development plus capitalized software development costs, a non-GAAP financial measure, is defined as total product development costs plus capitalized software development costs 

 

 

 

AGILYSYS, INC.

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

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands, except per share data)

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(2,582

)

 

$

(4,048

)

 

$

(7,075

)

 

$

(9,575

)

Amortization of intangibles

 

 

608

 

 

 

675

 

 

 

1,900

 

 

 

1,892

 

Amortization of developed technology

 

 

3,129

 

 

 

3,347

 

 

 

9,432

 

 

 

9,357

 

Share-based compensation

 

 

1,329

 

 

 

1,282

 

 

 

3,156

 

 

 

2,956

 

Restructuring, severance and other charges

 

 

11

 

 

 

58

 

 

 

438

 

 

 

948

 

Legal settlements, net

 

 

-

 

 

 

-

 

 

 

(125

)

 

 

126

 

Income tax adjustments

 

 

(1,226

)

 

 

(1,294

)

 

 

(3,573

)

 

 

(3,688

)

Adjusted net income (a)

 

$

1,269

 

 

$

20

 

 

$

4,153

 

 

$

2,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

23,240

 

 

 

23,048

 

 

 

23,230

 

 

 

23,030

 

Diluted weighted average shares outstanding

 

 

23,910

 

 

 

23,508

 

 

 

23,834

 

 

 

23,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted basic earnings per share (b)

 

$

0.05

 

 

$

0.00

 

 

$

0.18

 

 

$

0.09

 

Adjusted diluted earnings per share (b)

 

$

0.05

 

 

$

0.00

 

 

$

0.17

 

 

$

0.09

 

(a) Adjusted net income, a non-GAAP financial measure, is defined as net income before amortization expense (including amortization of developed technology), share-based compensation, restructuring, severance and other charges, and legal settlements, less the related income tax effect of these adjustments as a 24.14% tax rate, the Company’s current combined federal and state income statutory tax rate.

 

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

 
 

AGILYSYS, INC.

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

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net cash provided by operating activities

 

$

4,039

 

 

$

4,467

 

 

$

5,273

 

 

$

1,719

 

Capital expenditures

 

 

(1,069

)

 

 

(277

)

 

 

(3,009

)

 

 

(1,610

)

Capitalized software development costs

 

 

 

 

 

 

 

 

 

 

 

(2,189

)

Free cash flow (a)

 

$

2,970

 

 

$

4,190

 

 

$

2,264

 

 

$

(2,080

)

(a) Free cash flow, a non-GAAP financial measure, is defined as net cash provided by (used in) operating activities, less capital expenditures, less capitalized software development costs

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200128005780/en/

Contacts

Dave Wood
VP, Corporate Strategy and Investor Relations
Agilysys, Inc.
770-810-7920 or investorrelations@agilysys.com