[February 23, 2017] |
|
American Software Reports Preliminary Third Quarter of Fiscal Year 2017 Results
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary
financial results for the third quarter of fiscal 2017.
Key third quarter financial highlights:
-
Cloud Services Annual Contract Value (ACV) increased approximately 47%
to $4.9 million as of the quarter ended January 31, 2017 compared to
$3.3 million as of the same period of the prior year. The ACV is
comprised of software-as-a-service (SaaS) ACV of $2.6 million a 63%
increase when compared to approximately $1.6 million as of the same
period last year and other cloud services ACV of $2.3 million a 35%
increase when compared to $1.7 million as of the same period last year.
-
Total revenues for the quarter ended January 31, 2017 were $26.4
million, a decrease of 2% over the comparable period last year.
-
Software license revenues for the quarter ended January 31, 2017 were
$4.0 million, a decrease of 22% compared to the same period last year.
-
Services and other revenues for the quarter ended January 31, 2017
were $11.8 million compared to $11.8 million for the same period last
year.
-
Maintenance revenues for the quarter ended January 31, 2017 increased
4% to $10.7 million compared to $10.2 million for the same period last
year.
-
Operating earnings for the quarter ended January 31, 2017 were $2.5
million compared to $2.5 million the same period last year.
-
GAAP net earnings for the quarter ended January 31, 2017 increased 6%
to $2.2 million or $0.08 per fully diluted share compared to $2.1
million or $0.07 per fully diluted share for the same period last year.
-
Adjusted net earnings for the quarter ended January 31, 2017, which
excludes non-cash stock-based compensation expense and amortization of
acquisition-related intangibles were $2.7 million or $0.09 per fully
diluted share compared to $1.8 million or $0.06 per fully diluted
share for the same period last year, which excluded non-cash
stock-based compensation expense, amortization of acquisition-related
intangibles and discrete tax adjustments.
-
EBITDA increased by 14% to $4.5 million for the quarter ended January
31, 2017 compared to $3.9 million for the quarter ended January 31,
2016.
-
Adjusted EBITDA increased 11% to $4.8 million for the quarter ended
January 31, 2017 compared to $4.3 million for the quarter ended
January 31, 2016. Adjusted EBITDA represents GAAP net earnings
adjusted for amortization of intangibles, depreciation, interest
income & other, net, income tax expense and non-cash stock-based
compensation expense.
Key fiscal 2017 year to date financial highlights:
-
Total revenues for the nine months ended January 31, 2017 decreased 6%
to $80.0 million compared to $85.0 million the same period last year.
-
Software license fees for the nine months ended January 31, 2017
decreased 24% to $11.7 million compared to $15.5 million the same
period last year.
-
Services and other revenues for the nine months ended January 31, 2017
decreased 7% to $36.4 million compared to $39.1 million the same
period last year.
-
Maintenance revenues for the nine months ended January 31, 2017 were
$31.9 million, a 5% increase compared to $30.4 million the same period
last year.
-
For the nine months ended January 31, 2017, the Company reported
operating earnings of approximately $4.8 million compared to $9.7
million for the same period last year, a 50% decrease over the same
period last year.
-
GAAP net earnings were approximately $4.3 million or $0.15 per fully
diluted share for the nine months ended January 31, 2017, a 38%
decrease compared to $6.8 million or $0.24 per fully diluted share for
the same period last year.
-
Adjusted net earnings for the nine months ended January 31, 2017,
which excludes stock-based compensation expense and amortization of
acquisition-related intangibles decreased 22% to $5.6 million or $0.19
per fully diluted share, compared to $7.2 million or $0.25 per fully
diluted share for the same period last year, which also excluded
stock-based compensation expenses, acquisition-related amortization of
intangibles and discrete tax adjustments.
-
Adjusted EBITDA decreased 27% to $11.0 million for the nine months
ended January 31, 2017 compared to $15.1 million for the nine months
ended January 31, 2016. Adjusted EBITDA represents GAAP net earnings
adjusted for amortization of intangibles, depreciation, interest
income & other, net, income tax expense and non-cash stock-based
compensation.
The Company is including ACV, EBITDA, adjusted EBITDA, adjusted net
earnings and adjusted net earnings per share in the summary financial
information provided with this press release as supplemental information
relating to its operating results. This financial information is not in
accordance with, or an alternative for, GAAP-compliant financial
information and may be different from the non-GAAP financial information
used by other companies. The Company believes that this presentation of
ACV, EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net
earnings per share provides useful information to investors regarding
certain additional financial and business trends relating to its
financial condition and results of operations. ACV is a forward-looking
operating measure used by management to better understand cloud services
(SaaS and other related cloud services) revenue trends within the
Company's business as it reflects the Company's current estimate of
revenue to be generated under the existing client contracts in the
forward 12-month period. A reconciliation of these non-GAAP financial
measures to their nearest U.S. GAAP measure appears in the accompanying
financial tables.
The overall financial condition of the Company remains strong, with cash
and investments of approximately $79.3 million and no debt as of January
31, 2017. During the third quarter, the Company paid approximately $3.2
million in shareholder dividends.
Subsequent to the end of the third quarter, the Company divested excess
real estate, amounting to approximately 40% of our land holdings, for
approximately $13.4 million. The after-tax gain of approximately $7.9
million will be recorded in the fourth quarter of fiscal 2017.
"As a result of more customers leveraging our SaaS and Cloud Services
offerings, we are pleased to report a significant 47% increase in Cloud
Services ACV when compared to the same quarter in the prior year. While
this transition to SaaS is important, we continue to offer our customers
the choice of both subscription and perpetual license options to support
their strategic goals. Based on each customer's choice, our license fee
revenue recognition will continue to fluctuate quarter-to-quarter, but
we anticipate that deployment preferences over the long-term will be
dominated by SaaS subscriptions which will provide the Company with a
more predictable revenue flow," stated Mike Edenfield, president and CEO
of American Software. "We remain optimistic about our fourth quarter and
overall fiscal year 2017 performance despite the continued global
macro-economic sluggishness which has impacted fiscal year 2017 and may
introduce additional uncertainty into future revenue streams."
Additional highlights for the third quarter of fiscal 2017 include:
Customers & Channels
-
Notable new and existing customers placing orders with the Company in
the third quarter include: A. Schulman, Bob's Discount Furniture,
CooperVision, DynoNobel, The Gem Group, Impact Confections, Sandvik,
Sopal S.A., Stallergens Greer, and Taylor Farms.
-
During the quarter, software license agreements were signed with
customers located in the following eight countries: Australia, Canada,
Finland, Mexico, Sweden, Tunisia, the United Kingdom and the United
States.
-
Logility Inc., a wholly-owned subsidiary of the Company, announced Sensient
Colors, the global leader in food and beverage color, achieved
significant benefits since deploying Logility Voyager Solutions™,
including improved visibility across the organization, a double-digit
increase in forecast accuracy, and improved service levels through
closer collaboration with its customers.
-
Logility announced Nebraska Furniture Mart, a complete one-stop
retailer of furniture, appliances, electronics and flooring, achieved
significant benefits with Logility Voyager Solutions. Through the use
of Logility's integrated supply chain platform, Nebraska Furniture
Mart improved forecast accuracy and customer service while optimizing
the company's freight operations and fostering increased collaboration
with partners and vendors.
-
Logility and APICS hosted a webcast, Vista Outdoor Zooms in on
S&OP, which featured Angie Taylor, Vista Outdoor, and Karin
Bursa, Logility. This event discussed how Vista Outdoor established a
robust and repeatable Sales and Operations Planning (S&OP) process to
support their growing global portfolio of outdoor sports and
recreation products.
-
Logility sponsored the Innovation Enterprise: S&OP Innovation Summit
and invited attendees to the Brightstar session, Planning for
Multiple Supply Chains. The summit was located at the Planet
Hollywood Resort & Casino in Las Vegas, January 25 - 26, 2017.
-
NGC Software, a wholly-owned subsidiary of the Company, announced
that Strategic Partners, a leading designer, manufacturer and
distributor of high-quality uniforms, footwear and accessories,
implemented NGC's Fashion PLM and Supply Chain Management software,
including NGC solutions such as Testing and Compliance and Advanced
Quality Module.
Company & Technology
-
NGC Software announced the availability of its Advanced Quality
Module. The new tablet-based software and application allows quality
control managers to easily conduct quality audits at the manufacturing
facility. As a result, retailers and brands can identify problems
sooner, fix them at the factory before products ship, and reduce the
risk of cancellations or chargebacks by improving product quality.
-
Logility announced Connections, its global customer conference, will
be held at the Omni Atlanta Hotel at CNN Center, March 13 - 15, 2017.
-
Logility sponsored BRP's 2016 Merchandise Planning Survey. The annual
research highlighted key trends and developments in merchandise
planning and allocation to help retailers compare their current
processes, capabilities and future plans with retail industry peers.
Additionally, the research outlined best practices that help generate
a competitive advantage in today's changing marketplace.
-
Logility announced the company was named a retail Top 20 Software
Vendor in the 16th annual RIS News Software LeaderBoard. Determined by
a customer satisfaction survey and analysis of other publicly
available information, The LeaderBoard highlighted Logility's
leadership in several categories including Customer Satisfaction for
Broad Suite Vendors, Customer Satisfaction for Apparel Vendors, Ease
of Installation and Integration, Ease of Administration, Quality of
Support, Quality of Service, and Leaders in Recommendation.
-
Logility and Demand Management, a wholly-owned subsidiary of Logility,
were each selected as a Food Logistics FL100 Top Software and
Technology Provider. This marks the 13th consecutive year
Logility was named a FL100 recipient and the eighth year for Demand
Management. The recognition highlights each company's ability to
deliver the solutions and services food and beverage companies require
to drive efficient operations.
-
Manufacturing Tech Insights named Demand Management a 2016 Top 10 Shop
Floor Management Solution Provider and a 2017 Top 10 SCM Solution
Provider. These annual lists recognize solution providers who are at
the forefront of tackling the challenges today's organizations face as
they implement forward-thinking processes.
About American Software, Inc.
Atlanta-based American Software, Inc. (NASDAQ: AMSWA) provides
demand-driven supply chain management and enterprise software solutions,
backed by more than 40 years of industry experience, that drive value
for companies regardless of market conditions. Logility, Inc., a
wholly-owned subsidiary of American Software, is a leading provider of
collaborative supply chain optimization and advanced retail planning
solutions that help medium, large, and Fortune 500 companies realize
substantial bottom-line results in record time. Logility Voyager
Solutions™ is a complete supply chain and retail optimization solution
suite that features an advanced analytics architecture and provides
supply chain visibility; demand, inventory and replenishment planning;
Sales and Operations Planning (S&OP); Integrated Business Planning
(IBP), supply and inventory optimization; manufacturing planning and
scheduling; retail merchandise and assortment planning and allocation;
and transportation planning and management. Logility customers include
Abercrombie & Fitch, Big Lots, Parker Hannifin, Verizon Wireless, and VF
Corporation. Demand Management, Inc., a wholly-owned subsidiary
of Logility, delivers affordable, easy-to-use software-as-a-service
(SaaS) supply chain solutions for manufacturers and distributors
designed to increase forecast accuracy, improve customer service levels,
and reduce overall inventory to maximize profits and lower costs. Demand
Solutions DSX offers demand planning, collaborative forecasting,
inventory planning, production planning and scheduling, S&OP and IBP.
Demand Management serves customers such as Siemens Healthcare,
AutomationDirect.com, and Newfoundland Labrador Liquor Corporation. New
Generation Computing® (NGC®), a wholly-owned subsidiary of American
Software, is a leading provider of PLM, supply chain management, ERP,
and shop floor control software and services for brand owners, retailers
and consumer products companies. NGC customers include A|X Armani
Exchange, Billabong, Carter's, Destination XL, Hugo Boss, Jos. A. Bank,
Marchon Eyewear, Spanx, Swatfame and many others. For more information
about American Software, named one of the 100 Most Trustworthy Companies
in America by Forbes Magazine, please visit www.amsoftware.com,
call (800) 726-2946 or email: [email protected].
Forward-Looking Statements
This press release contains forward-looking statements that are subject
to substantial risks and uncertainties. There are a number of factors
that could cause actual results to differ materially from those
anticipated by statements made herein. These factors include, but are
not limited to, changes in general economic conditions, technology and
the market for the Company's products and services, including economic
conditions within the e-commerce markets; the timely availability and
market acceptance of these products and services; the Company's ability
to satisfy in a timely manner all SEC required filings and the
requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the
rules and regulations adopted under that Section; the challenges and
risks associated with integration of acquired product lines and
companies; the effect of competitive products and pricing; the
uncertainty of the viability and effectiveness of strategic alliances;
and the irregular pattern of the Company's revenues. For further
information about risks the Company could experience as well as other
information, please refer to the Company's current Form 10-K and other
reports and documents subsequently filed with the Securities and
Exchange Commission. For more information, contact: Vincent C. Klinges,
Chief Financial Officer, American Software, Inc., (404) 264-5477 or fax:
(404) 237-8868.
Logility is a registered trademark and Logility Voyager Solutions is
a trademark of Logility, Inc.; Demand Solutions is a registered
trademark of Demand Management, Inc.; and NGC and New Generation
Computing are registered trademarks of New Generation Computing, Inc.
Other products mentioned in this document are registered, trademarked or
service marked by their respective owners.
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AMERICAN SOFTWARE, INC.
|
Consolidated Statements of Operations Information
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Third Quarter Ended
|
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Nine Months Ended
|
|
|
|
|
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January 31,
|
|
January 31,
|
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
|
Pct Chg.
|
|
|
2017
|
|
|
|
2016
|
|
|
Pct Chg.
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
$
|
3,959
|
|
|
$
|
5,048
|
|
|
(22
|
%)
|
|
$
|
11,726
|
|
|
$
|
15,487
|
|
|
(24
|
%)
|
|
Services & other
|
|
|
|
11,815
|
|
|
|
11,801
|
|
|
0
|
%
|
|
|
36,385
|
|
|
|
39,109
|
|
|
(7
|
%)
|
|
Maintenance
|
|
|
|
10,667
|
|
|
|
10,246
|
|
|
4
|
%
|
|
|
31,909
|
|
|
|
30,427
|
|
|
5
|
%
|
|
|
Total Revenues
|
|
|
|
26,441
|
|
|
|
27,095
|
|
|
(2
|
%)
|
|
|
80,020
|
|
|
|
85,023
|
|
|
(6
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
2,081
|
|
|
|
1,846
|
|
|
13
|
%
|
|
|
5,510
|
|
|
|
5,775
|
|
|
(5
|
%)
|
|
Services & other
|
|
|
|
8,061
|
|
|
|
9,181
|
|
|
(12
|
%)
|
|
|
26,159
|
|
|
|
28,555
|
|
|
(8
|
%)
|
|
Maintenance
|
|
|
|
2,250
|
|
|
|
2,461
|
|
|
(9
|
%)
|
|
|
7,489
|
|
|
|
6,872
|
|
|
9
|
%
|
|
|
Total Cost of Revenues
|
|
|
|
12,392
|
|
|
|
13,488
|
|
|
(8
|
%)
|
|
|
39,158
|
|
|
|
41,202
|
|
|
(5
|
%)
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Gross Margin
|
|
|
|
14,049
|
|
|
|
13,607
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|
|
3
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%
|
|
|
40,862
|
|
|
|
43,821
|
|
|
(7
|
%)
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
3,939
|
|
|
|
3,704
|
|
|
6
|
%
|
|
|
11,813
|
|
|
|
10,859
|
|
|
9
|
%
|
|
Less: capitalized development
|
|
|
|
(865
|
)
|
|
|
(692
|
)
|
|
25
|
%
|
|
|
(2,470
|
)
|
|
|
(2,682
|
)
|
|
(8
|
%)
|
|
Sales and marketing
|
|
|
|
4,635
|
|
|
|
5,269
|
|
|
(12
|
%)
|
|
|
15,307
|
|
|
|
15,967
|
|
|
(4
|
%)
|
|
General and administrative
|
|
|
|
3,500
|
|
|
|
2,740
|
|
|
28
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%
|
|
|
10,682
|
|
|
|
9,807
|
|
|
9
|
%
|
|
Provision for doubtful accounts
|
|
|
|
-
|
|
|
|
-
|
|
|
0
|
%
|
|
|
19
|
|
|
|
-
|
|
|
0
|
%
|
|
Amortization of acquisition-related intangibles
|
|
|
|
385
|
|
|
|
68
|
|
|
466
|
%
|
|
|
702
|
|
|
|
204
|
|
|
244
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
|
11,594
|
|
|
|
11,089
|
|
|
5
|
%
|
|
|
36,053
|
|
|
|
34,155
|
|
|
6
|
%
|
Operating Earnings
|
|
|
|
2,455
|
|
|
|
2,518
|
|
|
(3
|
%)
|
|
|
4,809
|
|
|
|
9,666
|
|
|
(50
|
%)
|
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Interest Income (Expense) & Other, Net
|
|
|
|
1,025
|
|
|
|
(194
|
)
|
|
nm
|
|
|
1,519
|
|
|
|
242
|
|
|
528
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%
|
Earnings Before Income Taxes
|
|
|
|
3,480
|
|
|
|
2,324
|
|
|
50
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%
|
|
|
6,328
|
|
|
|
9,908
|
|
|
(36
|
%)
|
Income Tax Expense
|
|
|
|
1,237
|
|
|
|
213
|
|
|
481
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%
|
|
|
1,985
|
|
|
|
3,072
|
|
|
(35
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%)
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Net Earnings
|
|
|
$
|
2,243
|
|
|
$
|
2,111
|
|
|
6
|
%
|
|
$
|
4,343
|
|
|
$
|
6,836
|
|
|
(36
|
%)
|
Earnings per common share: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.08
|
|
|
$
|
0.07
|
|
|
14
|
%
|
|
$
|
0.15
|
|
|
$
|
0.24
|
|
|
(38
|
%)
|
|
Diluted
|
|
|
$
|
0.08
|
|
|
$
|
0.07
|
|
|
14
|
%
|
|
$
|
0.15
|
|
|
$
|
0.24
|
|
|
(38
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
29,333
|
|
|
|
28,778
|
|
|
|
|
|
29,136
|
|
|
|
28,684
|
|
|
|
|
|
Diluted
|
|
|
|
29,630
|
|
|
|
29,107
|
|
|
|
|
|
29,447
|
|
|
|
28,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm- not meaningful
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
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AMERICAN SOFTWARE, INC.
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NON-GAAP MEASURES OF PERFORMANCE
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended
|
|
Nine Months Ended
|
|
|
|
|
|
January 31,
|
|
January 31,
|
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
Pct Chg.
|
|
|
2017
|
|
|
|
2016
|
|
|
Pct Chg.
|
NON-GAAP EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
2,243
|
|
|
|
$
|
2,111
|
|
|
6
|
%
|
|
$
|
4,343
|
|
|
$
|
6,836
|
|
|
(36
|
%)
|
|
Income Tax Expense
|
|
|
|
1,237
|
|
|
|
|
213
|
|
|
481
|
%
|
|
|
1,985
|
|
|
|
3,072
|
|
|
(35
|
%)
|
|
Interest (Income) Expense & Other, Net
|
|
|
|
(1,025
|
)
|
|
|
|
194
|
|
|
nm
|
|
|
(1,519
|
)
|
|
|
(242
|
)
|
|
528
|
%
|
|
Amortization of intangibles
|
|
|
|
1,848
|
|
|
|
|
1,207
|
|
|
53
|
%
|
|
|
4,453
|
|
|
|
3,603
|
|
|
24
|
%
|
|
Depreciation
|
|
|
|
153
|
|
|
|
|
193
|
|
|
(21
|
%)
|
|
|
592
|
|
|
|
614
|
|
|
(4
|
%)
|
EBITDA (earnings before interest, taxes, depreciation and
amortization)
|
|
|
|
4,456
|
|
|
|
|
3,918
|
|
|
14
|
%
|
|
|
9,854
|
|
|
|
13,883
|
|
|
(29
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
333
|
|
|
|
|
404
|
|
|
(18
|
%)
|
|
|
1,111
|
|
|
|
1,212
|
|
|
(8
|
%)
|
Adjusted EBITDA
|
|
|
$
|
4,789
|
|
|
|
$
|
4,322
|
|
|
11
|
%
|
|
$
|
10,965
|
|
|
$
|
15,095
|
|
|
(27
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA , as a percentage of revenues
|
|
|
|
17
|
%
|
|
|
|
14
|
%
|
|
|
|
|
12
|
%
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA , as a percentage of revenues
|
|
|
|
18
|
%
|
|
|
|
16
|
%
|
|
|
|
|
14
|
%
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended
|
|
Nine Months Ended
|
|
|
|
|
|
January 31,
|
|
January 31,
|
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
Pct Chg.
|
|
|
2017
|
|
|
|
2016
|
|
|
Pct Chg.
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
2,243
|
|
|
|
$
|
2,111
|
|
|
6
|
%
|
|
$
|
4,343
|
|
|
$
|
6,836
|
|
|
(36
|
%)
|
|
Discrete Tax Adjustments
|
|
|
|
-
|
|
|
|
|
(182
|
)
|
|
nm
|
|
|
-
|
|
|
|
(182
|
)
|
|
nm
|
|
GA R&D Tax Credit (2)(3)
|
|
|
|
-
|
|
|
|
|
(529
|
)
|
|
nm
|
|
|
-
|
|
|
|
(440
|
)
|
|
nm
|
|
Amortization of acquisition-related intangibles (2)
|
|
|
|
248
|
|
|
|
|
56
|
|
|
343
|
%
|
|
|
482
|
|
|
|
141
|
|
|
242
|
%
|
|
Stock-based compensation (2)
|
|
|
|
215
|
|
|
|
|
335
|
|
|
(36
|
%)
|
|
|
762
|
|
|
|
836
|
|
|
(9
|
%)
|
Adjusted Net Earnings
|
|
|
$
|
2,706
|
|
|
|
$
|
1,791
|
|
|
51
|
%
|
|
$
|
5,587
|
|
|
$
|
7,191
|
|
|
(22
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP diluted earnings per share
|
|
|
$
|
0.09
|
|
|
|
$
|
0.06
|
|
|
50
|
%
|
|
$
|
0.19
|
|
|
$
|
0.25
|
|
|
(24
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Basic per share amounts are the same for Class A and Class B
shares. Diluted per share amounts for Class A shares are shown
above. Diluted per share for Class B shares under the two-class
method are $0.08 and $0.15 for the three and nine months ended
January 31, 2017, respectively. Diluted per share for Class B shares
under the two-class method are $0.07 and $0.24 for the three and
nine months ended January 31, 2016, respectively.
|
|
(2) - Tax affected using the effective tax rate for the three and
nine months period ended January 31, 2017 and 2016.
|
(3) - The GA R&D tax credit is recorded to General & Administration
expense.
|
|
nm- not meaningful
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Consolidated Balance Sheet Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
January 31,
|
|
April 30,
|
|
|
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
$
|
55,752
|
|
|
$
|
49,004
|
Short-term Investments
|
|
|
|
20,804
|
|
|
|
20,957
|
Accounts Receivable:
|
|
|
|
|
|
|
|
Billed
|
|
|
|
14,980
|
|
|
|
17,104
|
|
Unbilled
|
|
|
|
2,415
|
|
|
|
3,444
|
Total Accounts Receivable, net
|
|
|
|
17,395
|
|
|
|
20,548
|
Prepaids & Other
|
|
|
|
4,394
|
|
|
|
3,586
|
Current Assets
|
|
|
|
98,345
|
|
|
|
94,095
|
|
|
|
|
|
|
|
|
|
Investments - Non-current
|
|
|
|
2,715
|
|
|
|
7,924
|
|
|
|
|
|
|
|
|
|
PP&E, net
|
|
|
|
3,321
|
|
|
|
3,396
|
Capitalized Software, net
|
|
|
|
8,324
|
|
|
|
9,140
|
Goodwill
|
|
|
|
19,549
|
|
|
|
18,749
|
Other Intangibles, net
|
|
|
|
3,893
|
|
|
|
1,858
|
Other Non-current Assets
|
|
|
|
826
|
|
|
|
1,562
|
Total Assets
|
|
|
$
|
136,973
|
|
|
$
|
136,724
|
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
$
|
1,263
|
|
|
$
|
1,280
|
Accrued Compensation and Related costs
|
|
|
|
2,600
|
|
|
|
4,349
|
Dividend Payable
|
|
|
|
3,261
|
|
|
|
2,887
|
Other Current Liabilities
|
|
|
|
4,948
|
|
|
|
2,779
|
Deferred Revenues - Current
|
|
|
|
28,406
|
|
|
|
27,999
|
Current Liabilities
|
|
|
|
40,478
|
|
|
|
39,294
|
|
|
|
|
|
|
|
|
|
Deferred Revenues - Non-current
|
|
|
|
313
|
|
|
|
612
|
Deferred Tax Liability - Non-current
|
|
|
|
1,039
|
|
|
|
1,319
|
Other Long-term Liabilities
|
|
|
|
70
|
|
|
|
605
|
Long-term Liabilities
|
|
|
|
1,422
|
|
|
|
2,536
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
|
41,900
|
|
|
|
41,830
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
95,073
|
|
|
|
94,894
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
|
|
$
|
136,973
|
|
|
$
|
136,724
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Condensed Consolidated Cashflow Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
January 31,
|
|
|
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
19,262
|
|
|
|
$
|
8,465
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized computer software development costs
|
|
|
|
(2,471
|
)
|
|
|
|
(2,681
|
)
|
|
|
Purchases of property and equipment, net of disposals
|
|
|
|
(500
|
)
|
|
|
|
(481
|
)
|
|
|
Purchase of business, net of cash acquired
|
|
|
|
(4,441
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(7,412
|
)
|
|
|
|
(3,162
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
|
(9,299
|
)
|
|
|
|
(8,593
|
)
|
|
|
Payment for accrued acquisition consideration
|
|
|
|
(200
|
)
|
|
|
|
(200
|
)
|
|
|
Repurchase of common stock
|
|
|
|
-
|
|
|
|
|
(70
|
)
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
|
-
|
|
|
|
|
231
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
4,397
|
|
|
|
|
1,636
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
|
(5,102
|
)
|
|
|
|
(6,996
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
6,748
|
|
|
|
|
(1,693
|
)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
49,004
|
|
|
|
|
44,655
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
55,752
|
|
|
|
$
|
42,962
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170223006487/en/
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