$AGYS
AGILYSYS INC

2023 Q3 Form 10-Q Financial Statement

#000095017023035110 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $58.62M $56.06M
YoY Change 22.78% 18.0%
Cost Of Revenue $23.52M $23.00M
YoY Change 27.99% 20.99%
Gross Profit $35.10M $33.06M
YoY Change 19.52% 16.01%
Gross Profit Margin 59.87% 58.97%
Selling, General & Admin $31.53M $16.67M
YoY Change 144.64% -34.55%
% of Gross Profit 89.85% 50.42%
Research & Development $14.58M $13.32M
YoY Change 15.95% 15.27%
% of Gross Profit 41.55% 40.3%
Depreciation & Amortization $1.209M $1.353M
YoY Change 33.74% 186.05%
% of Gross Profit 3.44% 4.09%
Operating Expenses $46.12M $31.34M
YoY Change 74.88% -15.34%
Operating Profit $3.562M $1.717M
YoY Change 18.97% -43.39%
Interest Expense $0.00 $1.101M
YoY Change -100.0% 110000.0%
% of Operating Profit 0.0% 64.12%
Other Income/Expense, Net $210.0K -$159.0K
YoY Change 87.5% -174.3%
Pretax Income $4.840M $1.900M
YoY Change 41.6% -44.72%
Income Tax $295.0K $352.0K
% Of Pretax Income 6.1% 18.53%
Net Earnings $4.545M $1.089M
YoY Change 27.1% -64.17%
Net Earnings / Revenue 7.75% 1.94%
Basic Earnings Per Share $0.16 $0.04
Diluted Earnings Per Share $0.16 $0.04
COMMON SHARES
Basic Shares Outstanding 25.35M 25.34M
Diluted Shares Outstanding 26.12M 26.18M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.4M $107.1M
YoY Change 11.65% 12.85%
Cash & Equivalents $107.4M $107.1M
Short-Term Investments
Other Short-Term Assets $7.500M $6.029M
YoY Change 28.64% 35.94%
Inventory $7.485M $8.452M
Prepaid Expenses
Receivables $27.76M $27.86M
Other Receivables $0.00 $0.00
Total Short-Term Assets $153.4M $149.4M
YoY Change 12.45% 13.09%
LONG-TERM ASSETS
Property, Plant & Equipment $17.48M $40.03M
YoY Change -20.57% 578.85%
Goodwill $32.76M $33.08M
YoY Change -0.01% 0.97%
Intangibles $17.51M $17.89M
YoY Change -10.19% -9.8%
Long-Term Investments
YoY Change
Other Assets $7.816M $10.92M
YoY Change -22.5% 76.71%
Total Long-Term Assets $101.8M $101.9M
YoY Change 20.71% 33.01%
TOTAL ASSETS
Total Short-Term Assets $153.4M $149.4M
Total Long-Term Assets $101.8M $101.9M
Total Assets $255.2M $251.3M
YoY Change 15.6% 20.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.07M $10.54M
YoY Change -3.44% 28.82%
Accrued Expenses $13.76M $16.06M
YoY Change -2.13% 104.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.000K
YoY Change -100.0% -75.0%
Total Short-Term Liabilities $72.71M $73.89M
YoY Change 17.17% 17.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $4.858M $28.47M
YoY Change -69.08% 650.66%
Total Long-Term Liabilities $4.858M $28.47M
YoY Change -69.08% 650.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.71M $73.89M
Total Long-Term Liabilities $4.858M $28.47M
Total Liabilities $77.57M $104.7M
YoY Change -1.46% 57.22%
SHAREHOLDERS EQUITY
Retained Earnings $57.94M $53.85M
YoY Change 26.74% 26.42%
Common Stock $9.482M $9.482M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.871M $1.877M
YoY Change -4.78% -4.91%
Treasury Stock Shares
Shareholders Equity $116.6M $146.7M
YoY Change
Total Liabilities & Shareholders Equity $255.2M $251.3M
YoY Change 15.6% 20.4%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $4.545M $1.089M
YoY Change 27.1% -64.17%
Depreciation, Depletion And Amortization $1.209M $1.353M
YoY Change 33.74% 186.05%
Cash From Operating Activities $5.500M $22.00K
YoY Change 82.36% -78.22%
INVESTING ACTIVITIES
Capital Expenditures $2.900M $3.065M
YoY Change -514.88% -3227.55%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$2.000K
YoY Change -100.0% -71.43%
Cash From Investing Activities -$2.900M -$3.067M
YoY Change 317.87% 2820.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.000K
YoY Change 0.0%
Cash From Financing Activities -2.100M -2.702M
YoY Change 230.19% 55.38%
NET CHANGE
Cash From Operating Activities 5.500M 22.00K
Cash From Investing Activities -2.900M -3.067M
Cash From Financing Activities -2.100M -2.702M
Net Change In Cash 500.0K -5.747M
YoY Change -70.34% 177.1%
FREE CASH FLOW
Cash From Operating Activities $5.500M $22.00K
Capital Expenditures $2.900M $3.065M
Free Cash Flow $2.600M -$3.043M
YoY Change -30.01% -1629.15%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
94897000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
109310000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3377000
CY2023Q2 agys Repurchases Of Shares To Satisfy Employee Tax Withholding
RepurchasesOfSharesToSatisfyEmployeeTaxWithholding
-2613000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
1548000
CY2023Q2 agys Accretion Of Convertible Preferred Stock Dividends
AccretionOfConvertiblePreferredStockDividends
-459000
CY2023Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
523000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
111686000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
97344000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2623000
CY2022Q2 agys Repurchases Of Shares To Satisfy Employee Tax Withholding
RepurchasesOfSharesToSatisfyEmployeeTaxWithholding
-873000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
3039000
CY2022Q2 agys Accretion Of Convertible Preferred Stock Dividends
AccretionOfConvertiblePreferredStockDividends
-459000
CY2022Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-398000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
101276000
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
22100000
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
20900000
CY2023Q2 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
1600000
CY2022Q2 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
1500000
CY2023Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
4000000
CY2022Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
3300000
CY2023Q2 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
900000
CY2022Q2 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
700000
CY2023Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
400000
CY2022Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
300000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7946000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
11170000
CY2023Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
2602000
CY2023Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
2127000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
105000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
95000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
604000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
316000
CY2023Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
11257000
CY2023Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
13708000
CY2023Q2 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
1184000
CY2023Q1 us-gaap Accrued Income Taxes Noncurrent
AccruedIncomeTaxesNoncurrent
1178000
CY2023Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
3041000
CY2023Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
2742000
CY2023Q2 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
101000
CY2023Q1 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
98000
CY2023Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4326000
CY2023Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4018000
CY2023Q2 agys Number Of Operating Leases
NumberOfOperatingLeases
2
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
12400000
CY2023Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y4M24D
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
1548000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
3039000
CY2023Q2 agys Accretion Of Convertible Preferred Stock Dividends
AccretionOfConvertiblePreferredStockDividends
-459000
CY2022Q2 agys Accretion Of Convertible Preferred Stock Dividends
AccretionOfConvertiblePreferredStockDividends
-459000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1089000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2580000
CY2023Q2 agys Interest Paid Receipts
InterestPaidReceipts
893000
CY2022Q2 agys Interest Paid Receipts
InterestPaidReceipts
100000
CY2023Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
376000
CY2022Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
332000
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1425000
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1468000
CY2023Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2000
CY2022Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2000
CY2023Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
320000
CY2022Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
158000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
352000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
398000
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.185
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.116
CY2023Q2 agys Regular Corporate Income Tax Rate India
RegularCorporateIncomeTaxRateIndia
0.50
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24936000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24598000
CY2023Q2 agys Dilutive Ssa Rs
DilutiveSSARs
1008000
CY2022Q2 agys Dilutive Ssa Rs
DilutiveSSARs
728000
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
231000
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
44000
CY2023Q2 agys Dilutive Unvested Restricted Stock Units
DilutiveUnvestedRestrictedStockUnits
2000
CY2022Q2 agys Dilutive Unvested Restricted Stock Units
DilutiveUnvestedRestrictedStockUnits
0
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26177000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25370000
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.1
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.1
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1735000
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1797000
CY2023Q2 agys Incremental Common Shares Attributable To Restricted Shares
IncrementalCommonSharesAttributableToRestrictedShares
339956000
CY2022Q2 agys Incremental Common Shares Attributable To Restricted Shares
IncrementalCommonSharesAttributableToRestrictedShares
390361000
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3167000
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2488000
CY2023Q2 us-gaap Debt Instrument Convertible Earliest Date1
DebtInstrumentConvertibleEarliestDate1
2023-11-22
CY2023Q2 us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
1.50
CY2023Q2 us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
20
us-gaap Debt Instrument Convertible Threshold Consecutive Trading Days1
DebtInstrumentConvertibleThresholdConsecutiveTradingDays1
30
CY2023Q2 us-gaap Dividend Payment Restrictions Schedule Description
DividendPaymentRestrictionsScheduleDescription
The Holders are entitled to dividends on the Liquidation Preference at the rate of 5.25% per annum, payable semi-annually either (i) 50% in cash and 50% in kind as an increase in the then-current Liquidation Preference or (ii) 100% in cash, at the option of the Company.
CY2023Q2 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.0525

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