Wed, May 22, 10:16 AM (152 days ago)
Agilysys, Inc. has reported strong financial performance for the fiscal year ended March 31, 2024. The company saw a 19.9% increase in total net revenue to $237.5 million, driven by growth in products, subscription and maintenance, and professional services. Products revenue rose by 12.5% to $49.1 million, while subscription and maintenance revenue grew by 16.7% to $138.1 million. Professional services revenue saw a significant increase of 39.2% to $50.3 million. The gross profit increased by 19.4% to $144.3 million, maintaining a gross profit margin of 60.7%. Operating expenses also rose by 18.3% to $128.5 million, mainly due to increased investments in product development, sales and marketing, and general administrative expenses. Despite higher operating costs, the company achieved a 22.4% increase in operating income to $15.8 million. Agilysys recorded a net income of $86.2 million, significantly higher than the previous year's $14.6 million, largely due to a favorable income tax benefit. The company’s financial condition remains robust with $144.9 million in cash and cash equivalents. Looking ahead, Agilysys aims to continue its growth trajectory by focusing on product innovation, expanding its customer base, and increasing operational efficiencies. The company is well-positioned in the hospitality software market, with a comprehensive suite of solutions and a strong emphasis on customer-centric service.