AGILYSYS INC

For the period ended Dec 31, 2024. Filed Jan 21, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2024 · Filed Jan 21, 2025

AGYS$124.15+0.2%Stored close · as of Nov 10, 2026

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Contents

Item 1. CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)	December 31, 2024 (Unaudited)	March 31,2024
ASSETS
Current assets:
Cash and cash equivalents	$60,761	$144,891
Accounts receivable, net of allowance for expected credit losses of $937 and $974, respectively	49,275	29,441
Contract assets	4,016	2,287
Inventories	6,360	4,587
Prepaid expenses and other current assets	10,798	7,731
Total current assets	131,210	188,937
Property and equipment, net	16,872	17,930
Operating lease right-of-use assets	17,017	18,384
Goodwill	128,544	32,791
Intangible assets, net	73,539	16,952
Deferred income taxes, non-current	68,041	67,373
Other non-current assets	8,638	8,063
Total assets	$443,861	$350,430
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$11,684	$9,422
Contract liabilities	80,338	56,148
Accrued liabilities	17,497	19,522
Operating lease liabilities, current	5,431	4,279
Total current liabilities	114,950	89,371
Deferred income taxes, non-current	11,540	554
Operating lease liabilities, non-current	17,469	19,613
Debt, non-current	38,000	—
Other non-current liabilities	5,111	4,415
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 27,961,890 and 27,376,862 shares outstanding at December 31, 2024 and March 31, 2024, respectively	10,003	10,003
Treasury shares, 5,380,398 and 5,965,426 at December 31, 2024 and March 31, 2024, respectively	(1,616)	(1,791)
Capital in excess of stated value	105,017	94,680
Retained earnings	157,055	137,755
Accumulated other comprehensive loss	(13,668)	(4,170)
Total shareholders' equity	256,791	236,477
Total liabilities and shareholders' equity	$443,861	$350,430

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months EndedDecember 31,		Nine Months EndedDecember 31,
(In thousands, except per share data)	2024	2023	2024	2023
Net revenue:
Products	$10,677	$12,678	$31,077	$38,100
Subscription and maintenance	44,379	35,107	123,853	101,481
Professional services	14,505	12,781	46,422	35,662
Total net revenue	69,561	60,566	201,352	175,243
Cost of goods sold:
Products	5,550	6,707	15,982	20,023
Subscription and maintenance	9,531	7,371	26,466	22,812
Professional services	10,625	8,664	31,967	26,428
Total cost of goods sold	25,706	22,742	74,415	69,263
Gross profit	43,855	37,824	126,937	105,980
Gross profit margin	63.0%	62.5%	63.0%	60.5%
Operating expenses:
Product development	14,971	14,551	45,863	42,455
Sales and marketing	9,013	6,137	24,822	19,838
General and administrative	9,536	9,057	30,181	27,207
Depreciation of fixed assets	985	909	2,738	3,042
Amortization of internal-use software and intangibles	1,622	343	2,777	1,120
Other (gains) charges, net	(12)	(924)	2,576	45
Legal settlements	330	—	699	—
Total operating expense	36,445	30,073	109,656	93,707
Operating income	7,410	7,751	17,281	12,273
Other income (expense):
Interest income	416	1,252	3,293	3,580
Interest expense	(657)	—	(1,116)	—
Other income (expense), net	574	95	804	(15)
Income before taxes	7,743	9,098	20,262	15,838
Income tax provision (benefit)	3,913	(68,043)	962	(67,396)
Net income	$3,830	$77,141	$19,300	$83,234
Series A convertible preferred stock dividends	—	(286)	—	(1,204)
Net income attributable to common shareholders	$3,830	$76,855	$19,300	$82,030
Weighted average shares outstanding - basic	27,667	25,808	27,446	25,256
Net income per share - basic:	$0.14	$2.98	$0.70	$3.25
Weighted average shares outstanding - diluted	28,314	26,979	28,248	26,463
Net income per share - diluted:	$0.14	$2.85	$0.68	$3.10

CONDENSED CONSOLIDATED STATE MENTS OF COMPREHENSIVE INCOME

	Three Months EndedDecember 31,		Nine Months EndedDecember 31,
(In thousands)	2024	2023	2024	2023
Net income	3,830	$77,141	19,300	$83,234
Other comprehensive loss:
Unrealized foreign currency translation adjustments	(10,049)	187	(9,498)	131
Total comprehensive (loss) income	$(6,219)	$77,328	$9,802	$83,365

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended
	December 31,
(In thousands)	2024	2023
Operating activities
Net income	$19,300	$83,234
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) on asset disposals	24	(1,145)
Depreciation of fixed assets	2,738	3,042
Amortization of internal-use software and intangibles	2,777	1,120
Deferred income taxes	(980)	(66,506)
Share-based compensation	12,656	9,489
Changes in operating assets and liabilities	(8,539)	(10,855)
Net cash provided by operating activities	27,976	18,379
Investing activities
Cash paid for business combination, net of cash acquired	(144,945)	—
Capital expenditures	(2,082)	(7,658)
Additional investments in corporate-owned life insurance policies	(27)	(2)
Net cash used in investing activities	(147,054)	(7,660)
Financing activities
Payment of preferred stock dividends	—	(1,663)
Debt proceeds, net of issuance costs	49,646	—
Debt repayments	(12,000)	—
Proceeds from Employee Stock Purchase Plan purchases	453	—
Repurchase of common shares to satisfy employee tax withholding	(2,848)	(5,734)
Principal payments under long-term obligations	—	(2)
Net cash provided by (used in) financing activities	35,251	(7,399)
Effect of exchange rate changes on cash	(303)	38
Net (decrease) increase in cash and cash equivalents	(84,130)	3,358
Cash and cash equivalents at beginning of period	144,891	112,842
Cash and cash equivalents at end of period	$60,761	$116,200

CONDENSED CONSOLIDATED STATEM ENTS OF SHAREHOLDERS' EQUITY

	Common Shares
Issued · In Treasury · Capital inexcess of · Accumulatedother
(In thousands, except share data)	Shares	Statedvalue	Shares	Statedvalue	Statedvalue	Retainedearnings	comprehensiveincome (loss)	Total
Balance at September 30, 2024	33,342	$10,003	(5,402)	$(1,622)	$102,275	$153,225	$(3,619)	$260,262
Share-based compensation	—	—	—	—	4,173	—	—	4,173
Shares issued upon exercise of SSARs	—	—	36	11	(11)	—	—	—
Shares withheld for taxes upon exercise of SSARs or vesting of other grants	—	—	(12)	(4)	(1,421)	—	—	(1,425)
Other common stock issuances, net	—	—	(2)	(1)	1	—	—	—
Net income	—	—	—	—	—	3,830	—	3,830
Unrealized translation adjustments	—	—	—	—	—	—	(10,049)	(10,049)
Balance at December 31, 2024	33,342	$10,003	(5,380)	$(1,616)	$105,017	$157,055	$(13,668)	$256,791
	Common Shares
Issued · In Treasury · Capital inexcess of · Accumulatedother
(In thousands, except share data)	Shares	Statedvalue	Shares	Statedvalue	Statedvalue	Retainedearnings	comprehensiveincome (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
Shares issued upon exercise of SSARs	—	—	93	28	(28)	—	—	—
Shares withheld for taxes upon exercise of SSARs or vesting of other grants	—	—	(22)	(7)	(1,868)	—	—	(1,875)
Other common stock issuances, net	—	—	173	52	(52)	—	—	—
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
	Common Shares
Issued · In Treasury · Capital inexcess of · Accumulatedother
(In thousands, except share data)	Shares	Statedvalue	Shares	Statedvalue	Statedvalue	Retainedearnings	comprehensiveincome (loss)	Total
Balance at March 31, 2024	33,342	$10,003	(5,965)	$(1,791)	$94,680	$137,755	$(4,170)	$236,477
Share-based compensation	—	—	—	—	12,900	—	—	12,900
Shares issued upon exercise of SSARs	—	—	581	175	(175)	—	—	—
Shares withheld for taxes upon exercise of SSARs or vesting of other grants	—	—	(28)	(9)	(2,832)	—	—	(2,841)
Other common stock issuances, net	—	—	32	9	444	—	—	453
Net income	—	—	—	—	—	19,300	—	19,300
Unrealized translation adjustments	—	—	—	—	—	—	(9,498)	(9,498)
Balance at December 31, 2024	33,342	$10,003	(5,380)	$(1,616)	$105,017	$157,055	$(13,668)	$256,791
	Common Shares
Issued · In Treasury · Capital inexcess of · Accumulatedother
(In thousands, except share data)	Shares	Statedvalue	Shares	Statedvalue	Statedvalue	Retainedearnings	comprehensiveincome (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
Shares issued upon exercise of SSARs	—	—	183	55	(55)	—	—	—
Shares withheld for taxes upon exercise of SSARs or vesting of other grants	—	—	(72)	(22)	(5,575)	—	—	(5,597)
Other common stock issuances, net	—	—	177	53	(53)	—	—	—
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

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.