[June 21, 2018] |
|
American Software Reports Preliminary Fourth Quarter and Fiscal Year 2018 Results
American Software, Inc. (NASDAQ: AMSWA) today reported preliminary
financial results for the fourth quarter and for fiscal year 2018.
Key fourth quarter financial highlights:
-
Cloud Services Annual Contract Value (ACV) increased approximately
108% to $12.7 million as of the quarter ended April 30, 2018 compared
to $6.1 million as of the same period of the prior year. ACV consists
of Software-as-a-Service (SaaS) of $9.8 million, a 158% increase when
compared to approximately $3.8 million for the same period last year,
and other cloud services of $2.9 million, a 26% increase when compared
to $2.3 million for the same period last year.
-
Total revenues for the quarter ended April 30, 2018 were $29.4
million, an increase of 12% over the comparable period last year.
-
Recurring revenue streams of Maintenance and Cloud Services were 46%
of total revenues in the quarter ended April 30, 2018 compared to 44%
in the same period of the prior year.
-
Maintenance revenues for the quarter ended April 30, 2018 increased 4%
to $10.9 million compared to $10.5 million for the same period last
year.
-
Services and other revenues for the quarter ended April 30, 2018
increased 30% to $15.5 million compared to $11.9 million for the same
period last year.
-
Software license revenues for the quarter ended April 30, 2018 were
$2.9 million, a 24% decrease compared to $3.9 million for the same
period last year, reflecting our continued transition to the SaaS
model.
-
Operating earnings for the quarter ended April 30, 2018 were $2.5
million compared to $3.0 million for the same period last year.
-
GAAP net earnings for the quarter ended April 30, 2018 were $1.3
million or $0.04 per fully diluted share compared to $10.3 million or
$0.34 per fully diluted share for the same period last year.
-
Adjusted net earnings for the quarter ended April 30, 2018, which
excludes non-cash stock-based compensation expense and amortization of
acquisition-related intangibles, were $2.0 million or $0.06 per fully
diluted share compared to $2.8 million or $0.09 per fully diluted
share for the same period last year, 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.
-
EBITDA decreased by 8% to $4.2 million for the quarter ended April 30,
2018 compared to $4.6 million for the same period last year.
-
Adjusted EBITDA decreased 7% to $4.5 million for the quarter ended
April 30, 2018 compared to $4.9 million for the quarter ended April
30, 2017. 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 twelve months ended April 30, 2018 increased by
6% to $112.7 million compared to $106.3 million for the same period
last year.
-
Recurring revenue streams of Maintenance and Cloud Services were 47%
of total revenues for the twelve month period ended April 30, 2018
compared to 44% in the prior year.
-
Maintenance revenues for the twelve months ended April 30, 2018 were
$43.8 million, a 3% increase compared to $42.4 million for the same
period last year.
-
Services and other revenues for the twelve months ended April 30, 2018
increased 11% to $53.5 million compared to $48.3 million in the prior
year.
-
Software license revenues for the twelve month period ended April 30,
2018 decreased by 2% to $15.3 million compared to $15.6 million in the
prior year.
-
For the twelve months ended April 30, 2018, the Company reported
operating earnings of approximately $13.5 million compared to $7.8
million for the same period last year, a 74% increase over the prior
year.
-
GAAP net earnings were approximately $12.1 million or $0.40 per fully
diluted share for the twelve months ended April 30, 2018, an 18%
decrease compared to $14.6 million or $0.49 per fully diluted share
for the prior year.
-
Adjusted net earnings for the twelve months ended April 30, 2018,
which excludes a discrete tax benefit adjustment related to the Tax
Cuts and Jobs Act of 2017, stock-based compensation expense and
amortization of acquisition-related intangibles increased 60% to $13.5
million or $0.44 per fully diluted share, compared to $8.5 million or
$0.29 per fully diluted share for the same period last year, which
excludes stock-based compensation expense, amortization of
acquisition-related intangibles, a discrete tax adjustment and the
proceeds from the sale of real estate.
-
EBITDA increased by 36% to $19.6 million for the twelve months ended
April 30, 2018 compared to $14.4 million for the same period last year.
-
Adjusted EBITDA increased 33% to $21.0 million for the twelve months
ended April 30, 2018 compared to $15.8 million for the twelve months
ended April 30, 2017. 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 $87.8 million and no debt as of April
30, 2018. During the fourth quarter and fiscal 2018, the Company paid
approximately $3.4 million and $13.3 million in shareholder dividends,
respectively.
"We are pleased with our fourth quarter fiscal year 2018 results which
reflect our investments in the innovative software and services needed
to power the digital supply chain and help our customers reach new
levels of productivity. Digitization drives a new wave of supply chain
productivity which is more intelligent, responsive, scalable and
collaborative," said Allan Dow, president of American Software. "Our
momentum continues towards SaaS subscriptions as the preferred customer
engagement method which is highlighted by our 108% increase in Cloud
Services Annual Contract Value (ACV)."
"We welcomed 58 new customers during fiscal year 2018 and completed SaaS
subscription or license agreements with customers in 21 countries.
Additionally, we are quickly gaining momentum with Halo as our platform
for advanced analytics to expand the visibility, accuracy and agility
necessary to thrive in today's dynamic global economy," continued Dow.
"With the additional Machine Learning, algorithmic planning, advanced
supply chain analytics and artificial intelligence capabilities from
Halo embedded in our supply chain and retail planning solutions, we are
helping our customers improve their operating performance and overcome
supply chain talent shortages that may be hampering their profitable
growth, new product introductions and general supply chain efficiencies."
"For the 2018 fiscal year, our recurring revenue streams of Maintenance
and Cloud Services represented 47% of total revenues and were fueled by
continued growth in SaaS subscriptions with more than 60% of new
customers choosing SaaS as their preferred engagement method," stated
Dow. "We believe the continued execution of this long-term strategy will
result in our becoming one of the faster growing SaaS companies."
Additional highlights for the fourth quarter and fiscal 2018 include:
Customers & Channels
-
Notable new and existing customers placing orders with the Company in
the fourth quarter include: AMCOR Rigid Plastics USA, Avnet,
ClearGage, Follett Corporation, Griffith Foods, Johnson Controls,
Joseph Ribkoff, Kale Havacilik Sanayai AS, Mega Labs, Smithfield
Foods, Taylor Fresh Foods, Trident Seafoods Corporation, Twin Disc,
and West Chester Protective Gear.
-
During the quarter, software license and/or SaaS subscription
agreements were signed with customers located in the following 14
countries: Australia, Belgium, Brazil, Canada, China, Finland, Mexico,
New Zealand, Panama, Sweden, Turkey, United Kingdom, United States,
and Uruguay.
-
Logility, a wholly-owned subsidiary of the Company, congratulated Mike
Reibsamen of Berry Global, a Logility customer, on his selection to
the 2018 Supply & Demand Chain Executive Pros to Know. The annual
award highlights exceptional executives who are leading innovative
supply chain transformation initiatives.
-
Demand Management, a wholly-owned subsidiary of Logility, announced
that Ficosota, a provider of household and personal care products
headquartered in Sofia, Bulgaria, selected Demand Solutions DSX SaaS
as its new supply chain planning platform to support the company's
operations worldwide. With Demand Solutions DSX, Ficosota will be able
to streamline its product portfolio, balance inventory and increase
service levels.
-
NGC Software, a
wholly-owned subsidiary of the Company, announced that C&A Mexico,
part of an international Dutch chain of fashion retail clothing
stores, is migrating from NGCs PLM solution implemented in 2016 to
NGC's Andromeda Cloud Platform™. The NGC Andromeda Cloud Platform
allows C&A Mexico to gain the supply chain transparency necessary for
agile decision making and faster speed-to-market that is critical for
its operations.
-
NGC Software announced that Color Image Apparel, Inc. is migrating to
NGC's Andromeda™ PLM to increase scalability and better support Color
Image Apparel's growth. The cloud-based Andromeda solution provides a
common platform for all PLM-related elements including planning,
merchandising, design, costing, sampling, quality and sourcing. Color
Image Apparel designs and manufactures apparel for men and women,
including brands Bella+Canvas and Alo Yoga.
-
Attendees of the 2018 Supply Chain Leadership Forum in Warsaw, Poland
were invited to attend the session "Globalizing Supply Chain
Planning - Premier Farnell's Journey." Premier Farnell, a Logility
customer who serves more than two million customers across 150 global
industries, discussed its transformation from a regional-centric
planning structure to a centralized global approach that has helped
drive increased visibility across its operations.
Company and Technology
-
Logility announced during the quarter the opening of Logility
University, an education program designed to deliver robust
product-specific curriculum to customers and partners. This program
extends Logility's training series to provide in person training at
one of Logility's education centers in India, New Zealand, United
Kingdom or United States as well as online through an on-demand course
program.
-
Logility and Demand Management announced each company was a recipient
of the 2018 Consumer Goods Technology Readers' Choice Award. Logility,
named a Leader in Customer Satisfaction, was recognized for the 18th
consecutive year by Consumer Goods Technology's readers.
-
During the quarter, Logility invited supply chain executives to attend
the live webcast entitled Accelerate Supply Chain Performance Using
Advanced Analytics. The event, produced in partnership with APICS,
presented best practices on how to quickly analyze the massive amounts
of structured and unstructured data and transform it into actionable
insights to accelerate supply chain and retail planning initiatives.
-
Logility announced it sponsored the annual report from BRP, "2017
Merchandise Planning Survey" and has made it available for download on
its website. The report highlights the need for retailers to break
away from the continued dominance of spreadsheets as the primary
planning tool and adopt more innovative approaches to merchandise
planning that remove silos and drive visibility across operations.
-
Logility, Demand Management and NGC key executives were named by
industry publication Supply & Demand Chain Executive as
2018 Provider Pros to Know. From Logility, Allan Dow, president, Karin
Bursa, executive vice president, and Ed Thompson, executive vice
president of customer success, were recognized. Demand Management
president Bill Harrison was named for the 10th consecutive
year and NGC president Mark Burstein was recognized as the industry's
2018 Pro to Know.
-
Logility announced the editors of Inbound Logistics named the
company a 2018 Inbound Logistics Top 100 Logistics IT provider for the
21st consecutive year. The 2018 winners were selected from
a pool of more than 400 entries and highlight solution providers that
demonstrate the ability to help organizations integrate and transform
their business processes, reduce costs, increase supply chain
visibility and boost customer service.
-
Demand Management announced that Food Logistics named its
president Bill Harrison to the 2018 Food Logistics Champions: Rock
Stars of the Supply Chain award. The award recognizes influential
individuals whose achievements, hard work and vision have shaped and
attained milestones in safety, efficiency, productivity and innovation
throughout the global food supply chain.
About American Software, Inc.
Atlanta-based American Software, Inc. (NASDAQ: AMSWA), named one of the
100 Most Trustworthy Companies in America by Forbes Magazine, delivers
innovative demand-driven supply chain management and advanced retail
planning platforms backed by more than 45 years of industry expertise. 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
transform their supply chain operations to gain a competitive advantage.
Recognized for its high-touch approach to customer service, rapid
implementations and industry-leading return on investment (ROI),
Logility customers include Big Lots, Parker Hannifin, Sonoco Products,
Red Wing Shoe Company, 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
planning solutions designed to increase forecast accuracy, improve
customer service and reduce inventory to maximize profits and lower
costs. Demand Solutions serves customers such as Siemens Healthcare,
AutomationDirect.com and Newfoundland Labrador Liquor Corporation. Halo
Business Intelligence, a division of Logility, is an advanced
analytics software provider leveraging an innovative blend of artificial
intelligence and machine learning technology to drive greater supply
chain performance. Halo customers include Aaron's, Leatherman Tool Group
and SweetWater Brewing. New Generation Computing® (NGC®), a
wholly-owned subsidiary of American Software, is a leading provider of
cloud-based supply chain and product lifecycle management solutions for
brands, 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. The
comprehensive American Software supply chain and retail planning
portfolio includes advanced analytics, 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, product lifecycle management
(PLM); and vendor quality and compliance. For more information about
American Software, 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) 264-5298.
Logility is a registered trademark and Logility Voyager Solutions is
a trademark of Logility; Demand Solutions is a registered trademark of
Demand Management; and NGC and New Generation Computing are registered
trademarks and Andromeda is a trademark 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,
|
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Pct Chg.
|
|
|
2018
|
|
2017
|
|
|
Pct Chg.
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
$
|
2,924
|
|
|
|
$
|
3,858
|
|
|
|
(24
|
%)
|
|
|
$
|
15,344
|
|
|
|
$
|
15,584
|
|
|
|
(2
|
%)
|
|
Services & other
|
|
|
|
|
15,501
|
|
|
|
|
11,928
|
|
|
|
30
|
%
|
|
|
|
53,518
|
|
|
|
|
48,313
|
|
|
|
11
|
%
|
|
Maintenance
|
|
|
|
|
10,938
|
|
|
|
|
10,480
|
|
|
|
4
|
%
|
|
|
|
43,841
|
|
|
|
|
42,389
|
|
|
|
3
|
%
|
|
|
Total Revenues
|
|
|
|
|
29,363
|
|
|
|
|
26,266
|
|
|
|
12
|
%
|
|
|
|
112,703
|
|
|
|
|
106,286
|
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
|
1,782
|
|
|
|
|
2,053
|
|
|
|
(13
|
%)
|
|
|
|
7,077
|
|
|
|
|
7,563
|
|
|
|
(6
|
%)
|
|
Services & other
|
|
|
|
|
8,748
|
|
|
|
|
7,655
|
|
|
|
14
|
%
|
|
|
|
33,597
|
|
|
|
|
33,814
|
|
|
|
(1
|
%)
|
|
Maintenance
|
|
|
|
|
2,407
|
|
|
|
|
2,218
|
|
|
|
9
|
%
|
|
|
|
9,326
|
|
|
|
|
9,707
|
|
|
|
(4
|
%)
|
|
|
Total Cost of Revenues
|
|
|
|
|
12,937
|
|
|
|
|
11,926
|
|
|
|
8
|
%
|
|
|
|
50,000
|
|
|
|
|
51,084
|
|
|
|
(2
|
%)
|
Gross Margin
|
|
|
|
|
16,426
|
|
|
|
|
14,340
|
|
|
|
15
|
%
|
|
|
|
62,703
|
|
|
|
|
55,202
|
|
|
|
14
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
|
4,779
|
|
|
|
|
3,800
|
|
|
|
26
|
%
|
|
|
|
16,681
|
|
|
|
|
15,613
|
|
|
|
7
|
%
|
|
Less: capitalized development
|
|
|
|
|
(1,152
|
)
|
|
|
|
(1,253
|
)
|
|
|
(8
|
%)
|
|
|
|
(4,804
|
)
|
|
|
|
(3,724
|
)
|
|
|
29
|
%
|
|
Sales and marketing
|
|
|
|
|
5,603
|
|
|
|
|
4,980
|
|
|
|
13
|
%
|
|
|
|
20,658
|
|
|
|
|
20,287
|
|
|
|
2
|
%
|
|
General and administrative
|
|
|
|
|
4,639
|
|
|
|
|
3,498
|
|
|
|
33
|
%
|
|
|
|
16,033
|
|
|
|
|
14,180
|
|
|
|
13
|
%
|
|
Provision for doubtful accounts
|
|
|
|
|
-
|
|
|
|
|
20
|
|
|
|
nm
|
|
|
|
|
24
|
|
|
|
|
39
|
|
|
|
(38
|
%)
|
|
Amortization of acquisition-related intangibles
|
|
|
|
|
94
|
|
|
|
|
339
|
|
|
|
(72
|
%)
|
|
|
|
580
|
|
|
|
|
1,041
|
|
|
|
(44
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
|
|
|
13,963
|
|
|
|
|
11,384
|
|
|
|
23
|
%
|
|
|
|
49,172
|
|
|
|
|
47,436
|
|
|
|
4
|
%
|
Operating Earnings
|
|
|
|
|
2,463
|
|
|
|
|
2,956
|
|
|
|
(17
|
%)
|
|
|
|
13,531
|
|
|
|
|
7,766
|
|
|
|
74
|
%
|
|
Interest Income & Other, Net
|
|
|
|
|
(665
|
)
|
|
|
|
12,331
|
|
|
|
nm
|
|
|
|
|
2,184
|
|
|
|
|
13,849
|
|
|
|
(84
|
%)
|
Earnings Before Income Taxes
|
|
|
|
|
1,798
|
|
|
|
|
15,287
|
|
|
|
(88
|
%)
|
|
|
|
15,715
|
|
|
|
|
21,615
|
|
|
|
(27
|
%)
|
Income Tax Expense
|
|
|
|
|
530
|
|
|
|
|
5,009
|
|
|
|
(89
|
%)
|
|
|
|
3,662
|
|
|
|
|
6,994
|
|
|
|
(48
|
%)
|
Net Earnings
|
|
|
|
$
|
1,268
|
|
|
|
$
|
10,278
|
|
|
|
(88
|
%)
|
|
|
$
|
12,053
|
|
|
|
$
|
14,621
|
|
|
|
(18
|
%)
|
Earnings per common share: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.04
|
|
|
|
$
|
0.35
|
|
|
|
(89
|
%)
|
|
|
$
|
0.40
|
|
|
|
$
|
0.50
|
|
|
|
(20
|
%)
|
|
Diluted
|
|
|
|
$
|
0.04
|
|
|
|
$
|
0.34
|
|
|
|
(88
|
%)
|
|
|
$
|
0.40
|
|
|
|
$
|
0.49
|
|
|
|
(18
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
30,514
|
|
|
|
|
29,533
|
|
|
|
|
|
|
|
|
30,080
|
|
|
|
|
29,232
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
30,989
|
|
|
|
|
29,845
|
|
|
|
|
|
|
|
|
30,472
|
|
|
|
|
29,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
2018
|
|
2017
|
|
Pct Chg.
|
|
2018
|
|
2017
|
|
Pct Chg.
|
NON-GAAP EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
1,268
|
|
|
$
|
10,278
|
|
|
(88
|
%)
|
|
$
|
12,053
|
|
|
$
|
14,621
|
|
|
(18
|
%)
|
|
Income Tax Expense
|
|
|
|
530
|
|
|
|
5,009
|
|
|
(89
|
%)
|
|
|
3,662
|
|
|
|
6,994
|
|
|
(48
|
%)
|
|
Interest Income & Other, Net
|
|
|
|
665
|
|
|
|
(12,331
|
)
|
|
nm
|
|
|
|
(2,184
|
)
|
|
|
(13,849
|
)
|
|
(84
|
%)
|
|
Amortization of intangibles
|
|
|
|
1,594
|
|
|
|
1,456
|
|
|
9
|
%
|
|
|
5,539
|
|
|
|
5,909
|
|
|
(6
|
%)
|
|
Depreciation
|
|
|
|
132
|
|
|
|
140
|
|
|
(6
|
%)
|
|
|
492
|
|
|
|
731
|
|
|
(33
|
%)
|
EBITDA (earnings before interest, taxes, depreciation and
amortization)
|
|
|
|
4,189
|
|
|
|
4,552
|
|
|
(8
|
%)
|
|
|
19,562
|
|
|
|
14,406
|
|
|
36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
358
|
|
|
|
317
|
|
|
13
|
%
|
|
|
1,466
|
|
|
|
1,428
|
|
|
3
|
%
|
Adjusted EBITDA
|
|
|
$
|
4,547
|
|
|
$
|
4,869
|
|
|
(7
|
%)
|
|
$
|
21,028
|
|
|
$
|
15,834
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA , as a percentage of revenues
|
|
|
|
14
|
%
|
|
|
17
|
%
|
|
|
|
|
|
17
|
%
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA , as a percentage of revenues
|
|
|
|
15
|
%
|
|
|
19
|
%
|
|
|
|
|
|
19
|
%
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Twelve Months Ended
|
|
|
|
|
|
April 30,
|
|
April 30,
|
|
|
|
|
|
2018
|
|
2017
|
|
Pct Chg.
|
|
2018
|
|
2017
|
|
Pct Chg.
|
NON-GAAP EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings (GAAP Basis)
|
|
|
$
|
1,268
|
|
|
$
|
10,278
|
|
|
(88
|
%)
|
|
$
|
12,053
|
|
|
$
|
14,621
|
|
|
(18
|
%)
|
|
Tax Cuts and Jobs Act of 2017 Adjustment (3)
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
(1,112
|
)
|
|
|
-
|
|
|
nm
|
|
|
GA R&D Tax Credit (2)(4)
|
|
|
|
-
|
|
|
|
(89
|
)
|
|
nm
|
|
|
|
-
|
|
|
|
(294
|
)
|
|
nm
|
|
|
Gain from Sale of Building(2)
|
|
|
|
-
|
|
|
|
(7,918
|
)
|
|
nm
|
|
|
|
|
|
(7,961
|
)
|
|
nm
|
|
|
Amortization of acquisition-related intangibles (2)
|
|
|
|
445
|
|
|
|
332
|
|
|
34
|
%
|
|
|
1,418
|
|
|
|
1,122
|
|
|
26
|
%
|
|
Stock-based compensation (2)
|
|
|
|
253
|
|
|
|
213
|
|
|
19
|
%
|
|
|
1,124
|
|
|
|
965
|
|
|
16
|
%
|
Adjusted Net Earnings
|
|
|
$
|
1,966
|
|
|
$
|
2,816
|
|
|
(30
|
%)
|
|
$
|
13,483
|
|
|
$
|
8,453
|
|
|
60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-GAAP diluted earnings per share
|
|
|
$
|
0.06
|
|
|
$
|
0.09
|
|
|
(33
|
%)
|
|
$
|
0.44
|
|
|
$
|
0.29
|
|
|
52
|
%
|
|
(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 $0.04 and $0.39 for the three and twelve months ended
April 30, 2018, respectively. 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.
|
(2) - Tax affected using the effective tax rate for the three and
twelve months period ended April 30, 2018 and 2017.
|
(3) - Adjustment primarily due to the rate difference on our
Deferred Tax Liabilities from the Tax Cuts and Jobs Act of 2017.
|
(4) - 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,
|
|
|
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
|
|
|
|
$
|
52,794
|
|
|
$
|
66,001
|
Short-term Investments
|
|
|
|
|
|
|
26,121
|
|
|
|
19,332
|
Accounts Receivable:
|
|
|
|
|
|
|
|
|
|
|
Billed
|
|
|
|
|
|
|
18,643
|
|
|
|
17,060
|
|
Unbilled
|
|
|
|
|
|
|
3,375
|
|
|
|
2,811
|
Total Accounts Receivable, net
|
|
|
|
|
|
|
22,018
|
|
|
|
19,871
|
Prepaids & Other
|
|
|
|
|
|
|
6,592
|
|
|
|
4,322
|
Current Assets
|
|
|
|
|
|
|
107,525
|
|
|
|
109,526
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments - Non-current
|
|
|
|
|
|
|
8,893
|
|
|
|
4,455
|
|
|
|
|
|
|
|
|
|
|
|
|
PP&E, net
|
|
|
|
|
|
|
3,034
|
|
|
|
2,055
|
Capitalized Software, net
|
|
|
|
|
|
|
9,728
|
|
|
|
8,614
|
Goodwill
|
|
|
|
|
|
|
25,888
|
|
|
|
19,549
|
Other Intangibles, net
|
|
|
|
|
|
|
5,120
|
|
|
|
3,399
|
Other Non-current Assets
|
|
|
|
|
|
|
2,777
|
|
|
|
1,176
|
Total Assets
|
|
|
|
|
|
$
|
162,965
|
|
|
$
|
148,774
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
|
|
|
|
$
|
1,974
|
|
|
$
|
1,541
|
Accrued Compensation and Related costs
|
|
|
|
|
|
|
6,310
|
|
|
|
3,329
|
Dividend Payable
|
|
|
|
|
|
|
3,367
|
|
|
|
3,259
|
Other Current Liabilities
|
|
|
|
|
|
|
1,246
|
|
|
|
5,171
|
Deferred Revenues - Current
|
|
|
|
|
|
|
33,226
|
|
|
|
29,437
|
Current Liabilities
|
|
|
|
|
|
|
46,123
|
|
|
|
42,737
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Revenues - Non-current
|
|
|
|
|
|
|
147
|
|
|
|
214
|
Deferred Tax Liability - Non-current
|
|
|
|
|
|
|
2,615
|
|
|
|
1,994
|
Other Long-term Liabilities
|
|
|
|
|
|
|
1,496
|
|
|
|
79
|
Long-term Liabilities
|
|
|
|
|
|
|
4,258
|
|
|
|
2,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
|
|
|
|
50,381
|
|
|
|
45,024
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
|
|
112,584
|
|
|
|
103,750
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity
|
|
|
|
|
|
$
|
162,965
|
|
|
$
|
148,774
|
|
|
|
|
AMERICAN SOFTWARE, INC.
|
Condensed Consolidated Cashflow Information
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
April 30,
|
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
|
$
|
6,838
|
|
|
|
$
|
19,780
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized computer software development costs
|
|
|
|
|
|
(4,804
|
)
|
|
|
|
(3,724
|
)
|
|
Purchases of property and equipment, net of disposals
|
|
|
|
|
|
(1,428
|
)
|
|
|
|
(731
|
)
|
|
Purchase of business, net of cash acquired
|
|
|
|
|
|
(9,150
|
)
|
|
|
|
(4,441
|
)
|
|
Proceeds from disposel of fixed assets
|
|
|
|
|
|
-
|
|
|
|
|
13,134
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
|
|
(15,382
|
)
|
|
|
|
4,238
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
|
|
|
(13,272
|
)
|
|
|
|
(12,538
|
)
|
|
Payment for accrued acquisition consideration
|
|
|
|
|
|
-
|
|
|
|
|
(200
|
)
|
|
Proceeds from exercise of stock options
|
|
|
|
|
|
8,609
|
|
|
|
|
5,717
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
|
|
|
(4,663
|
)
|
|
|
|
(7,021
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
|
|
(13,207
|
)
|
|
|
|
16,997
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
66,001
|
|
|
|
|
49,004
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
|
$
|
52,794
|
|
|
|
$
|
66,001
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180621006046/en/
[ Back To TMCnet.com's Homepage ]
|