[June 22, 2017] |
|
American Software Reports Preliminary Fourth Quarter and Fiscal Year 2017 Results
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary
financial results for the fourth quarter and fiscal 2017.
Key fourth quarter financial highlights:
-
Cloud Services Annual Contract Value (ACV) increased approximately 59%
to $6.1 million as of the quarter ended April 30, 2017 compared to
$3.8 million as of the same period of the prior year. The ACV is
comprised of software-as-a-service (SaaS) ACV of $3.8 million, a 100%
increase when compared to approximately $1.9 million as of the same
period last year, and other cloud services ACV of $2.3 million, a 21%
increase when compared to $1.9 million as of the same period last year.
-
Total revenues for the quarter ended April 30, 2017 were $26.3
million, a decrease of 9% over the comparable period last year.
-
Software license revenues for the quarter ended April 30, 2017 were
$3.9 million, a decrease of 41% compared to the same period last year.
-
Services and other revenues for the quarter ended April 30, 2017 were
$11.9 million compared to $12.0 million for the same period last year.
-
Maintenance revenues for the quarter ended April 30, 2017 increased 2%
to $10.5 million compared to $10.3 million for the same period last
year.
-
Operating earnings for the quarter ended April 30, 2017 decreased 23%
to $3.0 million compared to $3.9 million the same period last year.
-
GAAP net earnings for the quarter ended April 30, 2017 increased to
$10.3 million or $0.34 per fully diluted share compared to $3.4
million or $0.12 per fully diluted share for the same period last year.
-
Adjusted net earnings for the quarter ended April 30, 2017, which
excludes non-cash stock-based compensation expense, amortization of
acquisition-related intangibles, a discrete tax adjustment and the
proceeds from the sale of real estate were $2.7 million or $0.09 per
fully diluted share compared to $3.3 million or $0.11 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 decreased by 13% to $4.6 million for the quarter ended April
30, 2017 compared to $5.3 million for the quarter ended April 30, 2016.
-
Adjusted EBITDA decreased 14% to $4.9 million for the quarter ended
April 30, 2017 compared to $5.7 million for the quarter ended April
30, 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 financial highlights:
-
Total revenues for the twelve months ended April 30, 2017 decreased 7%
to $106.3 million compared to $113.9 million the same period last year.
-
Software license fees for the twelve months ended April 30, 2017
decreased 29% to $15.6 million compared to $22.0 million the same
period last year.
-
Services and other revenues for the twelve months ended April 30, 2017
decreased 5% to $48.3 million compared to $51.1 million the same
period last year.
-
Maintenance revenues for the twelve months ended April 30, 2017
increased 4% to $42.4 million compared to $40.7 million the same
period last year.
-
For the twelve months ended April 30, 2017, the Company reported
operating earnings of approximately $7.8 million compared to $13.5
million for the same period last year, a 43% decrease over the same
period last year.
-
GAAP net earnings were approximately $14.6 million or $0.49 per fully
diluted share for the twelve months ended April 30, 2017, a 43%
increase compared to $10.2 million or $0.35 per fully diluted share
for the same period last year.
-
Adjusted net earnings for the twelve months ended April 30, 2017,
which excludes stock-based compensation expense, amortization of
acquisition-related intangibles, a discrete tax adjustment and the
proceeds from the sale of real estate decreased 23% to $8.0 million or
$0.27 per fully diluted share, compared to $10.5 million or $0.36 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 24% to $15.8 million for the twelve months
ended April 30, 2017 compared to $20.7 million for the twelve months
ended April 30, 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 $89.8 million and no debt as of April
30, 2017. During fiscal year 2017, the overall cash and investments
balance increased by $11.9 million when compared to April 30, 2016 and
the Company paid approximately $12.5 million in shareholder dividends.
In the fourth quarter, the Company divested excess real estate,
amounting to approximately 40% of our land holdings, for approximately
$13.4 million and recorded an after-tax gain of approximately $7.9
million.
"We saw improving market conditions for supply chain and planning
investments during the fourth quarter of fiscal year 2017 which included
an increase in customers selecting SaaS subscriptions as a preferred
engagement model. As a result of more customers leveraging our SaaS and
Cloud Services offerings, we are pleased to report a significant 59%
increase in Cloud Services Annual Contract Value (ACV) when compared to
the same quarter in the prior year," said Allan Dow, president of
American Software.
"As we continue our thoughtful and measured transition from a perpetual
licensing to a SaaS subscription engagement model, we continue to offer
customers the choice to select the option that aligns with their
strategic goals. The SaaS approach delivers our portfolio of
cloud-architected solutions with a subscription agreement that includes
access, platform management and ongoing maintenance services," continued
Dow. "During this transition, we expect our perpetual license fee
revenue recognition will continue to fluctuate quarter-to-quarter.
However, as SaaS subscriptions become the platform of choice, the
Company will gain better visibility of future revenue flow and continued
growth in ACV."
"During fiscal year 2017, we welcomed 34 new customers, signed
agreements with customers in 18 countries, continued our aggressive
investment in research and development, and expanded our global
presence," stated Dow. "Fiscal year 2018 is off to a great start and we
remain optimistic about our growth plans despite the continued global
macro-economic sluggishness which impacted fiscal year 2017 and may
introduce additional uncertainty into future revenue streams."
Additional highlights for the fourth quarter of fiscal 2017 include:
Customers & Channels
-
Notable new and existing customers placing orders with the Company in
the fourth quarter include: Aden + Anais, Ashley Furniture, Assa
Abloy, Blommer Chocolate Company, Berry Global, Bloomers, Briggs &
Stratton, Cycles Lambert, Capral, e.l.f. Cosmetics, Intertape Polymer
Group, It Works! Marketing, Jockey International, Kolmar Laboratories,
Mega Labs S.A., Royce Too, Shiseido Americas, and Steinhoff Asia
Pacific Limited.
-
During the quarter, software license and/or SaaS subscription
agreements were signed with customers located in the following 13
countries: Australia, Belgium, Canada, Denmark, Finland, Ireland,
Mexico, Norway, Sweden, Switzerland, the United Kingdom, the United
States and Uruguay.
-
Logility Inc., a wholly-owned subsidiary of the Company, announced
The ALDO Group, a global creator and operator of footwear and
accessory brands, deployed Logility Voyager Solutions™ as the
foundation for the company's sales and operations planning (S&OP) and
supply chain transformation initiative to better serve its customers
across multiple channels.
-
Logility announced Infineum International Limited, a world leader in
the formulation, manufacture and marketing of additives for the fuel
and lubricant industry, selected Logility Voyager Solutions to
optimize the inventory and shipment aspects of its supply chain to
increase operational efficiencies and improve customer service.
-
Logility announced that Vista Outdoor received the "2017 Sailing to
New Heights with Logility" award. Presented at the Logility
Connections 2017 conference, the award highlighted Vista Outdoor for
its supply chain transformation and implementation of a robust S&OP
process.
-
Logility announced the recipients of the Logility "2017 SAILS
Leadership Award. ChemPoint, Glen Raven Custom Fabrics, LaCrosse
Footwear and Sensient Colors were recognized for driving supply chain
excellence through the use of Logility Voyager Solutions.
Company & Technology
-
NGC Software, a wholly-owned subsidiary of the Company, announced
the release and general availability of its next-generation Andromeda
cloud platform for fashion retailers and brand owners. Andromeda
powers the Connected Enterprise by bringing together all departments -
Merchandising, Product Development, Sourcing, Compliance, Purchasing,
Production, Quality, Logistics, Marketing and Sales - in a single
cloud-based solution that connects vendors, suppliers and other
providers.
-
NGC Software announced the release and general availability of
its Andromeda Vendor Compliance cloud solution for fashion retailers
and brand owners. With the use of Andromeda Vendor Compliance,
retailers and brand owners can ensure Corporate Social Responsibility
(CSR) compliance by streamlining vendor management.
-
Logility invited retail planning and supply chain professionals to the
webcast, Delivering the Omni-Channel Promise. This event
discussed the results of a recent Merchandise Planning market research
study, including practical ideas and opportunities for retailers to
achieve a holistic omni-channel strategy.
-
Logility held its customer conference, Connections 2017:
Playmakers at the Omni Atlanta Hotel at CNN Center, 13 - 15 March
2017. The all-star lineup of speakers featured a keynote presentation
from Gartner, as well as several Logility customers including
AdvancePierre, ALDO, Ashley Furniture, Brightstar, Chempoint, Daltile,
Ferguson, Hostess Brands, Kelly-Moore Paints, Lacrosse Footwear,
L'Oreal, Niagara, Sensient, SPANX, Vitalize and Vista Outdoor.
-
Logility announced Food Logistics magazine selected
Logility for the 13th consecutive year for inclusion in its
annual FL100, a recognition of the top 100 technology providers for
the food and beverage industry. Logility was recognized for its proven
track record of helping companies reduce their supply chain costs,
drive enhanced visibility and boost their supply chain efficiency.
-
Logility announced the company was named the leader in customer
satisfaction for supply chain planning by the readers of Consumer
Goods Technology magazine. This honor is part of Logility's
recognition for the 17th consecutive year as a recipient of the Consumer
Goods Technology Readers' Choice Award.
-
Logility announced three of its executive leadership team were named Supply
& Demand Chain Executive 2017 Provider Pros to Know.
Allan Dow, president, Don Thomas, executive vice president of customer
service, and Mark Balte, executive vice president of research and
development. Additionally, Demand Management, Inc., a wholly-owned
subsidiary of Logility, announced Bill Harrison, president, was named
a 2017 Provider Pros to Know. All were recognized for their
contributions towards helping businesses turn their complex supply
chain challenges into opportunities that drive tangible results.
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.
|
AMERICAN SOFTWARE, INC.
|
Consolidated Statements of Operations Information
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
Twelve Months Ended
|
|
|
|
April 30,
|
|
|
April 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
Pct Chg.
|
|
|
2017
|
|
|
2016
|
|
|
Pct Chg.
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
$
|
3,858
|
|
|
|
$
|
6,556
|
|
|
|
(41
|
%)
|
|
|
$
|
15,584
|
|
|
|
$
|
22,043
|
|
|
|
(29
|
%)
|
Services & other
|
|
|
|
11,928
|
|
|
|
|
11,990
|
|
|
|
(1
|
%)
|
|
|
|
48,313
|
|
|
|
|
51,099
|
|
|
|
(5
|
%)
|
Maintenance
|
|
|
|
10,480
|
|
|
|
|
10,320
|
|
|
|
2
|
%
|
|
|
|
42,389
|
|
|
|
|
40,747
|
|
|
|
4
|
%
|
Total Revenues
|
|
|
|
26,266
|
|
|
|
|
28,866
|
|
|
|
(9
|
%)
|
|
|
|
106,286
|
|
|
|
|
113,889
|
|
|
|
(7
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
2,053
|
|
|
|
|
1,914
|
|
|
|
7
|
%
|
|
|
|
7,563
|
|
|
|
|
7,688
|
|
|
|
(2
|
%)
|
Services & other
|
|
|
|
7,655
|
|
|
|
|
8,545
|
|
|
|
(10
|
%)
|
|
|
|
33,814
|
|
|
|
|
37,100
|
|
|
|
(9
|
%)
|
Maintenance
|
|
|
|
2,218
|
|
|
|
|
2,568
|
|
|
|
(14
|
%)
|
|
|
|
9,707
|
|
|
|
|
9,441
|
|
|
|
3
|
%
|
Total Cost of Revenues
|
|
|
|
11,926
|
|
|
|
|
13,027
|
|
|
|
(8
|
%)
|
|
|
|
51,084
|
|
|
|
|
54,229
|
|
|
|
(6
|
%)
|
Gross Margin
|
|
|
|
14,340
|
|
|
|
|
15,839
|
|
|
|
(9
|
%)
|
|
|
|
55,202
|
|
|
|
|
59,660
|
|
|
|
(7
|
%)
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
3,800
|
|
|
|
|
3,636
|
|
|
|
5
|
%
|
|
|
|
15,613
|
|
|
|
|
14,494
|
|
|
|
8
|
%
|
Less: capitalized development
|
|
|
|
(1,253
|
)
|
|
|
|
(564
|
)
|
|
|
122
|
%
|
|
|
|
(3,724
|
)
|
|
|
|
(3,246
|
)
|
|
|
15
|
%
|
Sales and marketing
|
|
|
|
4,980
|
|
|
|
|
6,197
|
|
|
|
(20
|
%)
|
|
|
|
20,287
|
|
|
|
|
22,164
|
|
|
|
(8
|
%)
|
General and administrative
|
|
|
|
3,498
|
|
|
|
|
2,642
|
|
|
|
32
|
%
|
|
|
|
14,180
|
|
|
|
|
12,449
|
|
|
|
14
|
%
|
Provision for doubtful accounts
|
|
|
|
20
|
|
|
|
|
-
|
|
|
|
0
|
%
|
|
|
|
39
|
|
|
|
|
-
|
|
|
|
0
|
%
|
Amortization of acquisition-related intangibles
|
|
|
|
339
|
|
|
|
|
68
|
|
|
|
399
|
%
|
|
|
|
1,041
|
|
|
|
|
272
|
|
|
|
283
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
|
11,384
|
|
|
|
|
11,979
|
|
|
|
(5
|
%)
|
|
|
|
47,436
|
|
|
|
|
46,133
|
|
|
|
3
|
%
|
Operating Earnings
|
|
|
|
2,956
|
|
|
|
|
3,860
|
|
|
|
(23
|
%)
|
|
|
|
7,766
|
|
|
|
|
13,527
|
|
|
|
(43
|
%)
|
Interest Income & Other, Net
|
|
|
|
12,331
|
|
|
|
|
932
|
|
|
|
1223
|
%
|
|
|
|
13,849
|
|
|
|
|
1,173
|
|
|
|
1081
|
%
|
Earnings Before Income Taxes
|
|
|
|
15,287
|
|
|
|
|
4,792
|
|
|
|
219
|
%
|
|
|
|
21,615
|
|
|
|
|
14,700
|
|
|
|
47
|
%
|
Income Tax Expense
|
|
|
|
5,009
|
|
|
|
|
1,386
|
|
|
|
261
|
%
|
|
|
|
6,994
|
|
|
|
|
4,458
|
|
|
|
57
|
%
|
Net Earnings
|
|
|
$
|
10,278
|
|
|
|
$
|
3,406
|
|
|
|
202
|
%
|
|
|
$
|
14,621
|
|
|
|
$
|
10,242
|
|
|
|
43
|
%
|
Earnings per common share: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.35
|
|
|
|
$
|
0.12
|
|
|
|
192
|
%
|
|
|
$
|
0.50
|
|
|
|
$
|
0.36
|
|
|
|
39
|
%
|
Diluted
|
|
|
$
|
0.34
|
|
|
|
$
|
0.12
|
|
|
|
183
|
%
|
|
|
$
|
0.49
|
|
|
|
$
|
0.35
|
|
|
|
40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
29,533
|
|
|
|
|
28,858
|
|
|
|
|
|
|
|
29,232
|
|
|
|
|
28,727
|
|
|
|
|
Diluted
|
|
|
|
29,845
|
|
|
|
|
29,063
|
|
|
|
|
|
|
|
29,567
|
|
|
|
|
29,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm - not meaningful
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
NON-GAAP MEASURES OF PERFORMANCE
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
Twelve Months Ended
|
|
|
|
April 30,
|
|
|
April 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
Pct Chg.
|
|
|
2017
|
|
|
2016
|
|
|
Pct Chg.
|
NON-GAAP EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
10,278
|
|
|
|
$
|
3,406
|
|
|
|
202
|
%
|
|
|
$
|
14,621
|
|
|
|
$
|
10,242
|
|
|
|
43
|
%
|
Income Tax Expense
|
|
|
|
5,009
|
|
|
|
|
1,386
|
|
|
|
261
|
%
|
|
|
|
6,994
|
|
|
|
|
4,458
|
|
|
|
57
|
%
|
Interest (Income) Expense & Other, Net
|
|
|
|
(12,331
|
)
|
|
|
|
(932
|
)
|
|
|
nm
|
|
|
|
|
(13,849
|
)
|
|
|
|
(1,173
|
)
|
|
|
1081
|
%
|
Amortization of intangibles
|
|
|
|
1,456
|
|
|
|
|
1,207
|
|
|
|
21
|
%
|
|
|
|
5,909
|
|
|
|
|
4,811
|
|
|
|
23
|
%
|
Depreciation
|
|
|
|
140
|
|
|
|
|
193
|
|
|
|
(27
|
%)
|
|
|
|
731
|
|
|
|
|
807
|
|
|
|
(9
|
%)
|
EBITDA (earnings before interest, taxes, depreciation and
amortization)
|
|
|
|
4,552
|
|
|
|
|
5,260
|
|
|
|
(13
|
%)
|
|
|
|
14,406
|
|
|
|
|
19,145
|
|
|
|
(25
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
317
|
|
|
|
|
404
|
|
|
|
(22
|
%)
|
|
|
|
1,428
|
|
|
|
|
1,593
|
|
|
|
(10
|
%)
|
Adjusted EBITDA
|
|
|
$
|
4,869
|
|
|
|
$
|
5,664
|
|
|
|
(14
|
%)
|
|
|
$
|
15,834
|
|
|
|
$
|
20,738
|
|
|
|
(24
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA , as a percentage of revenues
|
|
|
|
17
|
%
|
|
|
|
18
|
%
|
|
|
|
|
|
|
|
14
|
%
|
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA , as a percentage of revenues
|
|
|
|
19
|
%
|
|
|
|
20
|
%
|
|
|
|
|
|
|
|
15
|
%
|
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
|
Twelve Months Ended
|
|
|
|
April 30,
|
|
|
April 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
Pct Chg.
|
|
|
2017
|
|
|
2016
|
|
|
Pct Chg.
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
10,278
|
|
|
|
$
|
3,406
|
|
|
|
202
|
%
|
|
|
$
|
14,621
|
|
|
|
$
|
10,242
|
|
|
|
43
|
%
|
Discrete Tax Adjustments
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
nm
|
|
|
|
|
-
|
|
|
|
|
(182
|
)
|
|
|
nm
|
|
GA R&D Tax Credit (2)(3)
|
|
|
|
(89
|
)
|
|
|
|
(436
|
)
|
|
|
(80
|
%)
|
|
|
|
(294
|
)
|
|
|
|
(871
|
)
|
|
|
(66
|
%)
|
Gain from Sale of Building(2)
|
|
|
|
(7,918
|
)
|
|
|
|
-
|
|
|
|
nm
|
|
|
|
|
(7,961
|
)
|
|
|
|
-
|
|
|
|
nm
|
|
Amortization of acquisition-related intangibles (2)
|
|
|
|
228
|
|
|
|
|
48
|
|
|
|
375
|
%
|
|
|
|
704
|
|
|
|
|
190
|
|
|
|
271
|
%
|
Stock-based compensation (2)
|
|
|
|
213
|
|
|
|
|
271
|
|
|
|
(21
|
%)
|
|
|
|
965
|
|
|
|
|
1,110
|
|
|
|
(13
|
%)
|
Adjusted Net Earnings
|
|
|
$
|
2,712
|
|
|
|
$
|
3,289
|
|
|
|
(18
|
%)
|
|
|
$
|
8,035
|
|
|
|
$
|
10,489
|
|
|
|
(23
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP diluted earnings per share
|
|
|
$
|
0.09
|
|
|
|
$
|
0.11
|
|
|
|
(18
|
%)
|
|
|
$
|
0.27
|
|
|
|
$
|
0.36
|
|
|
|
(25
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $0.34 and $0.49 for the three and twelve months ended
April 30, 2017, respectively. Diluted per share for Class B shares
under the two-class method are $0.12 and $0.36 for the three and
twelve months ended April 30, 2016, respectively.
|
|
|
|
(2) - Tax affected using the effective tax rate for the three and
twelve months period ended April 30, 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)
|
|
|
|
|
April 30,
|
|
|
April 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
$
|
66,001
|
|
|
$
|
49,004
|
Short-term Investments
|
|
|
|
19,332
|
|
|
|
20,957
|
Accounts Receivable:
|
|
|
|
|
|
|
Billed
|
|
|
|
17,060
|
|
|
|
17,104
|
Unbilled
|
|
|
|
2,811
|
|
|
|
3,444
|
Total Accounts Receivable, net
|
|
|
|
19,871
|
|
|
|
20,548
|
Prepaids & Other
|
|
|
|
4,322
|
|
|
|
3,586
|
Current Assets
|
|
|
|
109,526
|
|
|
|
94,095
|
|
|
|
|
|
|
|
Investments - Non-current
|
|
|
|
4,455
|
|
|
|
7,924
|
|
|
|
|
|
|
|
PP&E, net
|
|
|
|
2,055
|
|
|
|
3,396
|
Capitalized Software, net
|
|
|
|
8,614
|
|
|
|
9,140
|
Goodwill
|
|
|
|
19,549
|
|
|
|
18,749
|
Other Intangibles, net
|
|
|
|
3,399
|
|
|
|
1,858
|
Other Non-current Assets
|
|
|
|
1,176
|
|
|
|
1,562
|
Total Assets
|
|
|
$
|
148,774
|
|
|
$
|
136,724
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
$
|
1,541
|
|
|
$
|
1,280
|
Accrued Compensation and Related costs
|
|
|
|
3,329
|
|
|
|
4,349
|
Dividend Payable
|
|
|
|
3,259
|
|
|
|
2,887
|
Other Current Liabilities
|
|
|
|
5,171
|
|
|
|
2,779
|
Deferred Revenues - Current
|
|
|
|
29,437
|
|
|
|
27,999
|
Current Liabilities
|
|
|
|
42,737
|
|
|
|
39,294
|
|
|
|
|
|
|
|
Deferred Revenues - Non-current
|
|
|
|
214
|
|
|
|
612
|
Deferred Tax Liability - Non-current
|
|
|
|
1,994
|
|
|
|
1,319
|
Other Long-term Liabilities
|
|
|
|
79
|
|
|
|
605
|
Long-term Liabilities
|
|
|
|
2,287
|
|
|
|
2,536
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
|
45,024
|
|
|
|
41,830
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
103,750
|
|
|
|
94,894
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
|
|
$
|
148,774
|
|
|
$
|
136,724
|
|
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Condensed Consolidated Cashflow Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
April 30,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
19,780
|
|
|
|
$
|
18,291
|
|
|
|
|
|
|
|
|
Capitalized computer software development costs
|
|
|
|
(3,724
|
)
|
|
|
|
(3,246
|
)
|
Purchases of property and equipment, net of disposals
|
|
|
|
(731
|
)
|
|
|
|
(655
|
)
|
Purchase of business, net of cash acquired
|
|
|
|
(4,441
|
)
|
|
|
|
-
|
|
Proceeds from disposal of fixed assets
|
|
|
|
13,134
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
|
4,238
|
|
|
|
|
(3,901
|
)
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
|
(12,539
|
)
|
|
|
|
(11,478
|
)
|
Payment for accrued acquisition consideration
|
|
|
|
(200
|
)
|
|
|
|
(200
|
)
|
Repurchase of common stock
|
|
|
|
-
|
|
|
|
|
(181
|
)
|
Proceeds from exercise of stock options
|
|
|
|
5,718
|
|
|
|
|
1,818
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
|
(7,021
|
)
|
|
|
|
(10,041
|
)
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
16,997
|
|
|
|
|
4,349
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
49,004
|
|
|
|
|
44,655
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
66,001
|
|
|
|
$
|
49,004
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170622005909/en/
[ Back To TMCnet.com's Homepage ]
|