[November 30, 2017] |
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American Software Reports Preliminary Second Quarter of Fiscal Year 2018 Results
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary
financial results for the second quarter of fiscal year 2018.
Key Second quarter financial highlights:
-
Cloud Services Annual Contract Value (ACV) increased approximately
123% to $9.9 million as of the quarter ended October 31, 2017 compared
to $4.4 million as of the same period of the prior year. ACV consists
of software-as-a-service (SaaS) of $7.2 million, a 210% increase when
compared to approximately $2.3 million for the same period last year,
and other cloud services of $2.7 million, a 29% increase when compared
to $2.1 million for the same period last year.
-
Total revenues for the quarter ended October 31, 2017 were $26.3
million, an increase of 1% over the comparable period last year.
-
Recurring revenue streams of Maintenance and Cloud Services were 49%
of total revenues in the quarter ended October 31, 2017 compared to
45% in the same period of the prior year.
-
Maintenance revenues for the quarter ended October 31, 2017 increased
2% to $10.8 million compared to $10.7 million for the same period last
year.
-
Software license revenues for the quarter ended October 31, 2017 were
$2.4 million, a decrease of 22% compared to the same period last year.
-
Services and other revenues for the quarter ended October 31, 2017
increased 6% to $13.0 million compared to $12.3 million for the same
period last year.
-
Operating earnings for the quarter ended October 31, 2017 increased
358% to $3.2 million compared to $0.7 million the same period last
year.
-
GAAP net earnings for the quarter ended October 31, 2017 increased
502% to $2.5 million or $0.08 per fully diluted share compared to $0.4
million or $0.01 per fully diluted share for the same period last year.
-
Adjusted net earnings for the quarter ended October 31, 2017, which
excludes non-cash stock-based compensation expense and amortization of
acquisition-related intangibles, were $3.0 million or $0.10 per fully
diluted share compared to $0.9 million or $0.03 per fully diluted
share for the same period last year, which excluded non-cash
stock-based compensation expense and amortization of
acquisition-related intangibles.
-
EBITDA increased by 95% to $4.6 million for the quarter ended October
31, 2017 compared to $2.3 million for the quarter ended October 31,
2016.
-
Adjusted EBITDA increased 85% to $5.0 million for the quarter ended
October 31, 2017 compared to $2.7 million for the quarter ended
October 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 2018 year to date financial highlights:
-
Total revenues for the six months ended October 31, 2017 decreased by
1% to $53.2 million compared to $53.6 million the same period last
year.
-
Recurring revenue streams of Maintenance and Cloud Services were 48%
of total revenues for the six month period ended October 31, 2017
compared to 43% in the same period of the prior year.
-
Maintenance revenues for the six months ended October 31, 2017 were
$21.7 million, a 2% increase compared to $21.2 million the same period
last year.
-
Software license fees for the six month period ended October 31, 2017
decreased by 17% to $6.5 million compared to $7.8 million the same
period last year.
-
Services and other revenues for the six months ended October 31, 2017
increased 2% to $25.1 million compared to $24.6 million the same
period last year.
-
For the six months ended October 31, 2017, the Company reported
operating earnings of approximately $6.9 million compared to $2.4
million for the same period last year, a 191% increase over the same
period last year.
-
GAAP net earnings were approximately $5.2 million or $0.17 per fully
diluted share for the six months ended October 31, 2017, a 148%
increase compared to $2.1 million or $0.07 per fully diluted share for
the same period last year.
-
EBITDA increased by 77% to $9.6 million for the six months ended
October 31, 2017 compared to $5.4 million for the same period last
year.
-
Adjusted net earnings for the six months ended October 31, 2017, which
excludes stock-based compensation expense and amortization of
acquisition-related intangibles increased 112% to $6.2 million or
$0.20 per fully diluted share, compared to $2.9 million or $0.10 per
fully diluted share for the same period last year, which also excluded
stock-based compensation expenses and acquisition-related amortization
of intangibles.
-
Adjusted EBITDA increased 68% to $10.4 million for the six months
ended October 31, 2017 compared to $6.2 million for the six months
ended October 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 overall financial condition of the Company remains strong, with cash
and investments of approximately $91.0 million and no debt as of October
31, 2017. We increased cash and investments by $18.7 million from the
same period last year. During the second quarter, the Company paid
approximately $3.3 million in shareholder dividends.
"We are pleased with our second quarter fiscal year 2018 results which
reflect our continued progress on our strategic plan to transition from
a perpetual licensing to a software-as-a-service (SaaS) engagement model
for our Logility Voyager Solutions, Demand Solutions and NGC Andromeda
platforms," said Allan Dow, president of American Software. "Consistent
with the previous two quarters, the trend towards SaaS subscriptions as
a preferred engagement method for new customers is accelerating and is
positively highlighted by our 210% growth in SaaS subscription revenue.
This transition to SaaS is a positive trend for our customers maximizing
the value from our solutions and increases the predictability of revenue
and EBITDA for our future financial performance."
"Earlier this week, we announced Logility's acquisition of Halo Business
Intelligence to accelerate and extend our rollout of advanced analytics,
machine learning and artificial intelligence as a part of our entire
solution portfolio," continued Dow. "We will leverage the data science
and analytics expertise from Halo to allow customers to quickly identify
and visualize new insights and the need to take action which can reduce
costs, improve customer service and drive more profitable growth for
their businesses."
Additional highlights for the second quarter of fiscal 2018 include:
Customers & Channels
-
Notable new and existing customers placing orders with the Company in
the second quarter include: Bericap Holding, Canada Goose, Crown Bolt,
Delta Apparel, Ficosota Ltd., Gardner-White Furniture, Haggar Clothing
Co., New Era Cap Co., Randa, and Scott Specialties.
-
During the quarter, software license and/or SaaS subscription
agreements were signed with customers located in the following 14
countries: Australia, Belgium, Bulgaria, Canada, Finland, Germany,
Ireland, Mexico, Netherlands, South Africa, Sweden, United Kingdom,
United States, and Uruguay.
-
Logility, a wholly-owned subsidiary of the Company, announced
Hunkemöller, a ladies fashion retailer with more than 800 stores in 23
countries, selected Logility Voyager Solutions™ to support its
growing omni-channel operations. Logility will help the retailer
improve full price sell-through, increase net margin performance, and
automate its allocation and replenishment process.
-
Demand Management, Inc., a wholly-owned subsidiary of Logility,
announced that Handi-Craft Company, the manufacturer and distributor
of Dr. Brown's Natural Flow baby bottles, chose Demand Solutions DSX
SaaS to support its supply chain planning transformation. The addition
of Demand Solutions DSX SaaS will help Handi-Craft manage their rapid
growth and better prepare for both planned and unplanned events across
its operations.
-
Demand Management announced Manufacture de Panneaux Bois du Sud
(MPBS), a leading paper and forest products company, is live on the
Demand Solutions DSX supply chain planning platform. To support its
growth, MPBS turned to Demand Management to minimize its manual,
spreadsheet-based processes and enable employees to focus on more
strategic activities aligned with corporate goals.
-
Demand Management announced that Joanna George, senior manager of
global demand planning and processes at Siemens Healthineers, was
honored with the 2016 Ventana Research Business Technology Leadership
Award in Service and Supply Chain Excellence. The award was in
recognition of Siemens Healthineers' successful implementation of
Demand Management's supply chain planning solution to improve forecast
accuracy, lower inventory and improve cash flow.
-
NGC Software, a wholly-owned subsidiary of the Company, announced
that Byer California, the creators of on-trend, affordable clothes for
young women, implemented NGC's PLM. Byer California has improved
workflow and standardized product development with NGC's solution,
providing complete visibility and control from concept to delivery.
-
Logility invited attendees of the IBF Business Planning, Forecasting &
S&OP Conference to attend the session, Walking on a
Planning Journey: LaCrosse Footwear's Road to Forecasting Maturity. The
conference took place October 24 - 27, 2017 in Orlando, FL.
-
Logility announced its participation in four thought leadership
sessions at the CSCMP 2017 EDGE Conference & Exhibition. Highlights of
the sessions include Sensient Technologies discussing the importance
of visibility as well as Vitalize presenting on the supply chain
challenges of being a pure-play online retailer. The four-day global
event took place in Atlanta, GA, September 24 - 27, 2017.
Company & Technology
-
Logility announced the company was named a leader in Gartner's 2017
Magic Quadrant for Retail Assortment Management Applications. Logility
Voyager Solutions' advanced retail planning and optimization platform
helps retailers deliver a unified retail commerce experience by
breaking down silos to automate merchandise, assortment, allocation,
and replenishment.
-
Logility and Demand Management were both selected as a SupplyChainBrain 100
Great Supply Chain Partner. This marked the 12th selection
for Logility. The award is based on a poll in which supply chain
professionals were asked to identify software solution and service
providers that made a significant impact on their company's
efficiency, customer service and overall supply chain performance.
-
Logility hosted the webcast, How
to Drive Value and Optimize Inventory Investments, which
featured Sean Willems, Ph.D., chief scientist, Logility and Haslam
Chair in Supply Chain Analytics, University of Tennessee, and Karin
Bursa, executive vice president, Logility. The event, sponsored by
Logility and CSCMP Supply Chain Quarterly, took place Wednesday,
September 13, 2017 at 11:00 a.m. ET and is available on demand from
the Logility website library.
-
Supply & Demand Chain Executive Magazine named Logility,
Demand Management, and NGC Software to its 2017 listing of the Supply
& Demand Chain Executive 100. The 2017 Supply & Demand Chain Executive
100 spotlights the industry's most successful and transformational
projects that deliver value to enterprises across a range of supply
chain functions. These supply chain projects offer a forward-looking
perspective for the industry on new opportunities designed to drive
operational success.
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,
quality, and compliance 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].
Operating and Non-GAAP Financial Measures
The Company includes operating measures (ACV) and other non-GAAP
financial measures (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 operating or 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. EBITDA represents GAAP net earnings adjusted
for amortization of intangibles, depreciation, interest income & other,
net, and income tax expense. 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. A reconciliation of these non-GAAP
financial measures to their nearest U.S. GAAP measure appears in the
accompanying financial tables.
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.
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Consolidated Statements of Operations Information
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(In thousands, except per share data, unaudited)
|
|
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Second Quarter Ended
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Six Months Ended
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|
|
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October 31,
|
|
|
October 31,
|
|
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Pct Chg.
|
|
|
2017
|
|
|
2016
|
|
|
Pct Chg.
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
$
|
2,449
|
|
|
|
$
|
3,140
|
|
|
|
(22
|
%)
|
|
|
$
|
6,464
|
|
|
|
$
|
7,767
|
|
|
|
(17
|
%)
|
|
Services & other
|
|
|
|
|
13,049
|
|
|
|
|
12,349
|
|
|
|
6
|
%
|
|
|
|
25,091
|
|
|
|
|
24,570
|
|
|
|
2
|
%
|
|
Maintenance
|
|
|
|
|
10,839
|
|
|
|
|
10,657
|
|
|
|
2
|
%
|
|
|
|
21,667
|
|
|
|
|
21,242
|
|
|
|
2
|
%
|
|
|
Total Revenues
|
|
|
|
|
26,337
|
|
|
|
|
26,146
|
|
|
|
1
|
%
|
|
|
|
53,222
|
|
|
|
|
53,579
|
|
|
|
(1
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
|
1,848
|
|
|
|
|
1,606
|
|
|
|
15
|
%
|
|
|
|
3,355
|
|
|
|
|
3,429
|
|
|
|
(2
|
%)
|
|
Services & other
|
|
|
|
|
8,195
|
|
|
|
|
9,044
|
|
|
|
(9
|
%)
|
|
|
|
16,122
|
|
|
|
|
18,097
|
|
|
|
(11
|
%)
|
|
Maintenance
|
|
|
|
|
2,288
|
|
|
|
|
2,478
|
|
|
|
(8
|
%)
|
|
|
|
4,515
|
|
|
|
|
5,239
|
|
|
|
(14
|
%)
|
|
|
Total Cost of Revenues
|
|
|
|
|
12,331
|
|
|
|
|
13,128
|
|
|
|
(6
|
%)
|
|
|
|
23,992
|
|
|
|
|
26,765
|
|
|
|
(10
|
%)
|
Gross Margin
|
|
|
|
|
14,006
|
|
|
|
|
13,018
|
|
|
|
8
|
%
|
|
|
|
29,230
|
|
|
|
|
26,814
|
|
|
|
9
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
|
3,976
|
|
|
|
|
4,138
|
|
|
|
(4
|
%)
|
|
|
|
7,768
|
|
|
|
|
7,874
|
|
|
|
(1
|
%)
|
|
Less: capitalized development
|
|
|
|
|
(1,333
|
)
|
|
|
|
(969
|
)
|
|
|
38
|
%
|
|
|
|
(2,617
|
)
|
|
|
|
(1,605
|
)
|
|
|
63
|
%
|
|
Sales and marketing
|
|
|
|
|
4,437
|
|
|
|
|
5,202
|
|
|
|
(15
|
%)
|
|
|
|
9,670
|
|
|
|
|
10,672
|
|
|
|
(9
|
%)
|
|
General and administrative
|
|
|
|
|
3,616
|
|
|
|
|
3,671
|
|
|
|
(1
|
%)
|
|
|
|
7,131
|
|
|
|
|
7,182
|
|
|
|
(1
|
%)
|
|
Provision for doubtful accounts
|
|
|
|
|
-
|
|
|
|
|
19
|
|
|
|
(100
|
%)
|
|
|
|
24
|
|
|
|
|
19
|
|
|
|
26
|
%
|
|
Amortization of acquisition-related intangibles
|
|
|
|
|
68
|
|
|
|
|
249
|
|
|
|
(73
|
%)
|
|
|
|
391
|
|
|
|
|
317
|
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
|
|
10,764
|
|
|
|
|
12,310
|
|
|
|
(13
|
%)
|
|
|
|
22,367
|
|
|
|
|
24,459
|
|
|
|
(9
|
%)
|
Operating Earnings
|
|
|
|
|
3,242
|
|
|
|
|
708
|
|
|
|
358
|
%
|
|
|
|
6,863
|
|
|
|
|
2,355
|
|
|
|
191
|
%
|
|
Interest Income & Other, Net
|
|
|
|
|
676
|
|
|
|
|
(167
|
)
|
|
|
nm
|
|
|
|
|
1,275
|
|
|
|
|
493
|
|
|
|
159
|
%
|
Earnings Before Income Taxes
|
|
|
|
|
3,918
|
|
|
|
|
541
|
|
|
|
624
|
%
|
|
|
|
8,138
|
|
|
|
|
2,848
|
|
|
|
186
|
%
|
Income Tax Expense
|
|
|
|
|
1,438
|
|
|
|
|
129
|
|
|
|
1015
|
%
|
|
|
|
2,933
|
|
|
|
|
748
|
|
|
|
292
|
%
|
Net Earnings
|
|
|
|
$
|
2,480
|
|
|
|
$
|
412
|
|
|
|
502
|
%
|
|
|
$
|
5,205
|
|
|
|
$
|
2,100
|
|
|
|
148
|
%
|
Earnings per common share: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.08
|
|
|
|
$
|
0.01
|
|
|
|
700
|
%
|
|
|
$
|
0.17
|
|
|
|
$
|
0.07
|
|
|
|
143
|
%
|
|
Diluted
|
|
|
|
$
|
0.08
|
|
|
|
$
|
0.01
|
|
|
|
700
|
%
|
|
|
$
|
0.17
|
|
|
|
$
|
0.07
|
|
|
|
143
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
29,906
|
|
|
|
|
29,135
|
|
|
|
|
|
|
|
|
29,788
|
|
|
|
|
29,037
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
30,229
|
|
|
|
|
29,548
|
|
|
|
|
|
|
|
|
30,110
|
|
|
|
|
29,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm- not meaningful
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
NON-GAAP MEASURES OF PERFORMANCE
|
(In thousands, except per share data, unaudited)
|
|
|
|
|
|
|
|
Second Quarter Ended
|
|
Six Months Ended
|
|
|
|
|
|
October 31,
|
|
October 31,
|
|
|
|
|
|
2017
|
|
2016
|
|
Pct Chg.
|
|
2017
|
|
2016
|
|
Pct Chg.
|
NON-GAAP EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
2,480
|
|
|
$
|
412
|
|
|
502
|
%
|
|
$
|
5,205
|
|
|
$
|
2,100
|
|
|
148
|
%
|
|
Income Tax Expense
|
|
|
|
1,438
|
|
|
|
129
|
|
|
1015
|
%
|
|
|
2,933
|
|
|
|
748
|
|
|
292
|
%
|
|
Interest Income & Other, Net
|
|
|
|
(676
|
)
|
|
|
167
|
|
|
nm
|
|
|
|
(1,275
|
)
|
|
|
(493
|
)
|
|
159
|
%
|
|
Amortization of intangibles
|
|
|
|
1,201
|
|
|
|
1,393
|
|
|
(14
|
%)
|
|
|
2,466
|
|
|
|
2,605
|
|
|
(5
|
%)
|
|
Depreciation
|
|
|
|
120
|
|
|
|
244
|
|
|
(51
|
%)
|
|
|
239
|
|
|
|
438
|
|
|
(45
|
%)
|
EBITDA (earnings before interest, taxes, depreciation and
amortization)
|
|
|
|
4,563
|
|
|
|
2,345
|
|
|
95
|
%
|
|
|
9,568
|
|
|
|
5,398
|
|
|
77
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
477
|
|
|
|
381
|
|
|
25
|
%
|
|
|
793
|
|
|
|
778
|
|
|
2
|
%
|
Adjusted EBITDA
|
|
|
$
|
5,040
|
|
|
$
|
2,726
|
|
|
85
|
%
|
|
$
|
10,361
|
|
|
$
|
6,176
|
|
|
68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA, as a percentage of revenues
|
|
|
|
17
|
%
|
|
|
9
|
%
|
|
|
|
|
|
18
|
%
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA, as a percentage of revenues
|
|
|
|
19
|
%
|
|
|
10
|
%
|
|
|
|
|
|
19
|
%
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter Ended
|
|
Six Months Ended
|
|
|
|
|
|
October 31,
|
|
October 31,
|
|
|
|
|
|
2017
|
|
2016
|
|
Pct Chg.
|
|
2017
|
|
2016
|
|
Pct Chg.
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
2,480
|
|
|
$
|
412
|
|
|
502
|
%
|
|
$
|
5,205
|
|
|
$
|
2,100
|
|
|
148
|
%
|
|
Amortization of acquisition-related intangibles (2)
|
|
|
|
196
|
|
|
|
190
|
|
|
3
|
%
|
|
|
450
|
|
|
|
234
|
|
|
92
|
%
|
|
Stock-based compensation (2)
|
|
|
|
302
|
|
|
|
290
|
|
|
4
|
%
|
|
|
508
|
|
|
|
574
|
|
|
(11
|
%)
|
Adjusted Net Earnings
|
|
|
$
|
2,978
|
|
|
$
|
892
|
|
|
234
|
%
|
|
$
|
6,163
|
|
|
$
|
2,908
|
|
|
112
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP diluted earnings per share
|
|
|
$
|
0.10
|
|
|
$
|
0.03
|
|
|
233
|
%
|
|
$
|
0.20
|
|
|
$
|
0.10
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $0.17 for the three and six months ended
October 31, 2017, respectively. Diluted per share for Class B shares
under the two-class method are $0.01 and $0.07 for the three and six
months ended October 31, 2016, respectively.
|
|
|
(2) - Tax affected using the effective tax rate for the three and
six months period ended October 31, 2017 and 2016.
|
|
|
nm- not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Consolidated Balance Sheet Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
October 31,
|
|
|
April 30,
|
|
|
|
|
|
|
2017
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
|
$
|
61,242
|
|
|
$
|
66,001
|
Short-term Investments
|
|
|
|
|
19,221
|
|
|
|
19,332
|
Accounts Receivable:
|
|
|
|
|
|
|
|
|
Billed
|
|
|
|
|
14,126
|
|
|
|
17,060
|
|
Unbilled
|
|
|
|
|
2,502
|
|
|
|
2,811
|
Total Accounts Receivable, net
|
|
|
|
|
16,628
|
|
|
|
19,871
|
Prepaids & Other
|
|
|
|
|
5,708
|
|
|
|
4,322
|
Current Assets
|
|
|
|
|
102,799
|
|
|
|
109,526
|
|
|
|
|
|
|
|
|
|
|
Investments - Non-current
|
|
|
|
|
10,552
|
|
|
|
4,455
|
|
|
|
|
|
|
|
|
|
|
PP&E, net
|
|
|
|
|
2,027
|
|
|
|
2,055
|
Capitalized Software, net
|
|
|
|
|
9,469
|
|
|
|
8,614
|
Goodwill
|
|
|
|
|
19,549
|
|
|
|
19,549
|
Other Intangibles, net
|
|
|
|
|
2,695
|
|
|
|
3,399
|
Other Non-current Assets
|
|
|
|
|
1,547
|
|
|
|
1,176
|
Total Assets
|
|
|
|
$
|
148,638
|
|
|
$
|
148,774
|
|
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
|
$
|
1,326
|
|
|
$
|
1,541
|
Accrued Compensation and Related costs
|
|
|
|
|
3,706
|
|
|
|
3,329
|
Dividend Payable
|
|
|
|
|
3,313
|
|
|
|
3,259
|
Other Current Liabilities
|
|
|
|
|
2,277
|
|
|
|
5,171
|
Deferred Revenues - Current
|
|
|
|
|
27,291
|
|
|
|
29,437
|
Current Liabilities
|
|
|
|
|
37,913
|
|
|
|
42,737
|
|
|
|
|
|
|
|
|
|
|
Deferred Revenues - Non-current
|
|
|
|
|
651
|
|
|
|
214
|
Deferred Tax Liability - Non-current
|
|
|
|
|
2,755
|
|
|
|
1,994
|
Other Long-term Liabilities
|
|
|
|
|
74
|
|
|
|
79
|
Long-term Liabilities
|
|
|
|
|
3,480
|
|
|
|
2,287
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
|
|
41,393
|
|
|
|
45,024
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
107,245
|
|
|
|
103,750
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
|
|
|
$
|
148,638
|
|
|
$
|
148,774
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Condensed Consolidated Cashflow Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
October 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
$
|
520
|
|
|
|
$
|
9,635
|
|
|
|
|
|
|
|
|
|
Capitalized computer software development costs
|
|
|
|
|
(2,617
|
)
|
|
|
|
(1,606
|
)
|
Purchases of property and equipment, net of disposals
|
|
|
|
|
(212
|
)
|
|
|
|
(329
|
)
|
Purchase of business, net of cash acquired
|
|
|
|
|
-
|
|
|
|
|
(4,441
|
)
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
|
(2,829
|
)
|
|
|
|
(6,376
|
)
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
|
|
(6,529
|
)
|
|
|
|
(6,097
|
)
|
Payment for accrued acquisition consideration
|
|
|
|
|
-
|
|
|
|
|
(200
|
)
|
Proceeds from exercise of stock options
|
|
|
|
|
4,079
|
|
|
|
|
2,203
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
|
|
(2,450
|
)
|
|
|
|
(4,094
|
)
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
|
(4,759
|
)
|
|
|
|
(835
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
66,001
|
|
|
|
|
49,004
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
61,242
|
|
|
|
$
|
48,169
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171130006001/en/
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