Fri, Jul 26, 8:08 PM (43 days ago)
Agilysys, Inc. reported a 13.3% increase in total net revenue for the quarter ending June 30, 2024, amounting to $63.5 million, driven by a significant rise in subscription and maintenance revenue (up 18.4%) and professional services revenue (up 39.8%). However, products revenue declined by 22.7%, reflecting a shift towards subscription-based services. Gross profit improved by 20.6%, with a gross profit margin of 62.8%, up from 59.0% the previous year. Operating income surged to $5.7 million from $0.96 million, attributed to higher revenue and improved cost efficiencies. Net income jumped to $14.1 million from $1.5 million, largely due to a favorable income tax benefit. Cash flow from operations was positive at $1.1 million, despite a slight decrease in cash and cash equivalents to $144.1 million. The company remains focused on enhancing product innovation, expanding market reach, and maintaining strong liquidity.