Price | 25.47 | EPS | -1 | |
Shares | 24 | P/E | -50 | |
MCap | 603 | P/FCF | 89 | |
Net Debt | -39 | EBIT | -12 | |
TEV | 564 | TEV/EBIT | -48 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-12-31 | Filed 2021-01-27 |
10-Q | 2020-09-30 | Filed 2020-10-28 |
10-Q | 2020-06-30 | Filed 2020-07-31 |
10-K | 2020-03-31 | Filed 2020-05-22 |
10-Q | 2019-12-31 | Filed 2020-01-29 |
10-Q | 2019-09-30 | Filed 2019-10-30 |
10-Q | 2019-06-30 | Filed 2019-07-29 |
10-K | 2019-03-31 | Filed 2019-05-24 |
10-Q | 2018-12-31 | Filed 2019-01-30 |
10-Q | 2018-09-30 | Filed 2018-10-26 |
10-Q | 2018-06-30 | Filed 2018-08-02 |
10-K | 2018-03-31 | Filed 2018-05-25 |
10-Q | 2017-12-31 | Filed 2018-01-26 |
10-Q | 2017-09-30 | Filed 2017-11-02 |
10-Q | 2017-06-30 | Filed 2017-08-04 |
10-K | 2017-03-31 | Filed 2017-06-02 |
10-Q | 2016-12-31 | Filed 2017-02-09 |
10-Q | 2016-09-30 | Filed 2016-11-09 |
10-Q | 2016-06-30 | Filed 2016-08-04 |
10-K | 2016-03-31 | Filed 2016-06-10 |
10-Q | 2015-09-30 | Filed 2015-11-05 |
10-Q | 2015-06-30 | Filed 2015-08-06 |
10-K | 2015-03-31 | Filed 2015-06-05 |
10-Q | 2014-12-31 | Filed 2015-02-05 |
10-Q | 2014-09-30 | Filed 2014-11-06 |
10-Q | 2014-06-30 | Filed 2014-08-07 |
10-K | 2014-03-31 | Filed 2014-06-04 |
10-Q | 2013-12-31 | Filed 2014-02-07 |
10-Q | 2013-09-30 | Filed 2013-11-07 |
10-Q | 2013-06-30 | Filed 2013-08-02 |
10-K | 2013-03-31 | Filed 2013-06-14 |
10-Q | 2012-12-31 | Filed 2013-02-04 |
10-Q | 2012-09-30 | Filed 2012-11-07 |
10-Q | 2012-06-30 | Filed 2012-08-09 |
10-K | 2012-03-31 | Filed 2012-06-12 |
10-Q | 2011-12-31 | Filed 2012-02-09 |
10-Q | 2011-09-30 | Filed 2011-11-09 |
10-Q | 2011-06-30 | Filed 2011-08-09 |
10-K | 2011-03-31 | Filed 2011-06-14 |
10-Q | 2010-12-31 | Filed 2011-02-08 |
10-Q | 2010-09-30 | Filed 2010-11-05 |
10-Q | 2010-06-30 | Filed 2010-08-09 |
10-K | 2010-03-31 | Filed 2010-06-11 |
10-Q | 2009-12-31 | Filed 2010-02-08 |
8-K | 2021-01-26 | Earnings, Exhibits |
8-K | 2021-01-14 | Regulation FD, Exhibits |
8-K | 2020-11-19 | |
8-K | 2020-10-27 | |
8-K | 2020-10-09 | |
8-K | 2020-09-17 | |
8-K | 2020-07-27 | |
8-K | 2020-07-23 | |
8-K | 2020-07-02 | |
8-K | 2020-06-30 | |
8-K | 2020-05-26 | |
8-K | 2020-05-24 | |
8-K | 2020-05-22 | |
8-K | 2020-05-21 | |
8-K | 2020-05-11 | |
8-K | 2020-05-11 | |
8-K | 2020-04-08 | |
8-K | 2020-02-10 | |
8-K | 2020-01-28 | |
8-K | 2019-12-05 | |
8-K | 2019-09-30 | |
8-K | 2019-08-09 | |
8-K | 2019-08-07 | |
8-K | 2019-07-25 | |
8-K | 2019-06-24 | |
8-K | 2019-05-30 | |
8-K | 2019-05-16 | |
8-K | 2019-04-08 | |
8-K | 2019-02-21 | |
8-K | 2019-01-24 | |
8-K | 2019-01-16 | |
8-K | 2018-11-07 | |
8-K | 2018-10-25 | |
8-K | 2018-09-12 | |
8-K | 2018-08-09 | |
8-K | 2018-08-01 | |
8-K | 2018-05-24 | |
8-K | 2018-03-20 | |
8-K | 2018-03-13 | |
8-K | 2018-01-25 | |
8-K | 2018-01-25 |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
Item 4. Controls and Procedures |
Part II. Other Information |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-10.1 | agys-ex101_18.htm |
EX-10.2 | agys-ex102_17.htm |
EX-10.3 | agys-ex103_16.htm |
EX-10.4 | agys-ex104_15.htm |
EX-10.5 | agys-ex105_14.htm |
EX-10.6 | agys-ex106_13.htm |
EX-31.1 | agys-ex311_6.htm |
EX-31.2 | agys-ex312_7.htm |
EX-31.3 | agys-ex313_8.htm |
EX-32 | agys-ex32_10.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
or
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________.
Commission file number
(Exact name of registrant as specified in its charter)
|
| |
(State or other jurisdiction of incorporation or organization) |
| (I.R.S. Employer Identification No.) |
|
|
|
|
| |
(Address of principal executive offices) |
| (ZIP Code) |
(
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ |
| | ☒ |
|
|
|
|
|
Non-accelerated filer | ☐ |
| Smaller reporting company | |
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate by check mark whether the registrant has filed all documents and reports required to be filed be sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐
The number of Common Shares of the registrant outstanding as of January 22, 2021 was
AGILYSYS, INC.
Index
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| Item 1 | 3 | |
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| Condensed Consolidated Balance Sheets – December 31, 2020 (Unaudited) and March 31, 2020 | 3 |
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| 4 | |
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| 5 | |
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| 6 | |
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| 7 | |
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| Notes to Condensed Consolidated Financial Statements (Unaudited) | 8 |
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| Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 19 |
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| Item 3 | 28 | |
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| Item 4 | 28 | |
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| Item 1 | 29 | |
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| Item 1A | 29 | |
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| Item 2 | 29 | |
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| Item 3 | 29 | |
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| Item 4 | 29 | |
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| Item 5 | 29 | |
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| Item 6 | 30 | |
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| 31 |
2
AGILYSYS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data) |
| December 31, 2020 Unaudited |
|
| March 31, 2020 |
| ||
ASSETS |
|
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Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ | |
|
| $ | |
|
Accounts receivable, net of allowance for expected credit losses of $ |
|
| |
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| |
|
Contract assets |
|
| |
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| |
|
Inventories |
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| |
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| |
|
Prepaid expenses and other current assets |
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| |
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| |
|
Total current assets |
|
| |
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| |
|
Property and equipment, net |
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| |
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| |
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Operating lease right-of-use assets |
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| |
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Goodwill |
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| |
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| |
|
Intangible assets, net |
|
| |
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| |
|
Deferred income taxes, non-current |
|
| |
|
|
| |
|
Other non-current assets |
|
| |
|
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| |
|
Total assets |
| $ | |
|
| $ | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
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Current liabilities: |
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Accounts payable |
| $ | |
|
| $ | |
|
Contract liabilities |
|
| |
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| |
|
Accrued liabilities |
|
| |
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| |
|
Operating lease liabilities, current |
|
| |
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| |
|
Finance lease obligations, current |
|
| |
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| |
|
Total current liabilities |
|
| |
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| |
|
Deferred income taxes, non-current |
|
| |
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| |
|
Operating lease liabilities, non-current |
|
| |
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|
| |
|
Finance lease obligations, non-current |
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| |
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| |
|
Other non-current liabilities |
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| |
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| |
|
Commitments and contingencies (see Note 8) |
|
| |
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|
| |
|
Series A convertible preferred stock, par value |
|
| |
|
|
| — |
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
Common shares, without par value, at $ shares authorized; and and March 31, 2020, respectively |
|
| |
|
|
| |
|
Treasury shares, and March 31, 2020, respectively |
|
| ( | ) |
|
| ( | ) |
Capital in excess of stated value |
|
| |
|
|
| |
|
Retained earnings |
|
| |
|
|
| |
|
Accumulated other comprehensive (loss) income |
|
| ( | ) |
|
| |
|
Total shareholders' equity |
|
| |
|
|
| |
|
Total liabilities and shareholders' equity |
| $ | |
|
| $ | |
|
See accompanying notes to unaudited condensed consolidated financial statements.
3
AGILYSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
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| Three Months Ended December 31, |
|
| Nine Months Ended December 31, |
| ||||||||||
(In thousands, except share data) |
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||
Net revenue: |
|
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|
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Products |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
Support, maintenance and subscription services |
|
| |
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| |
|
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| |
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| |
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Professional services |
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| |
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| |
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| |
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Total net revenue |
|
| |
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| |
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Cost of goods sold: |
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Products (inclusive of developed technology amortization) |
|
| |
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| |
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| |
|
|
| |
|
Support, maintenance and subscription services |
|
| |
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| |
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| |
|
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| |
|
Professional services |
|
| |
|
|
| |
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| |
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|
Total cost of goods sold |
|
| |
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Gross profit |
|
| |
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| |
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Gross profit margin |
|
| | % |
|
| | % |
|
| | % |
|
| | % |
Operating expenses: |
|
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Product development |
|
| |
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| |
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| |
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| |
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Sales and marketing |
|
| |
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| |
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| |
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General and administrative |
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| |
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| |
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Depreciation of fixed assets |
|
| |
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Amortization of intangibles |
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Severance and other charges |
|
| |
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| |
|
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| |
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| |
|
Legal settlements, net |
|
| - |
|
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| - |
|
|
| |
|
|
| ( | ) |
Total operating expense |
|
| |
|
|
| |
|
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| |
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| |
|
Operating (loss) income |
|
| ( | ) |
|
| ( | ) |
|
| |
|
|
| ( | ) |
Other (income) expense: |
|
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|
Interest income |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
Interest expense |
|
| |
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| |
|
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| |
|
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| |
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Other expense (income), net |
|
| |
|
|
| ( | ) |
|
| |
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|
| |
|
(Loss) income before taxes |
|
| ( | ) |
|
| ( | ) |
|
| |
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| ( | ) |
Income tax expense |
|
| |
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| |
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| |
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| |
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Net (loss) income |
| $ | ( | ) |
| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
Series A convertible preferred stock issuance costs |
|
| - |
|
|
| - |
|
|
| ( | ) |
|
| - |
|
Series A convertible preferred stock dividends |
|
| ( | ) |
|
| - |
|
|
| ( | ) |
|
| - |
|
Net (loss) income attributable to common shareholders |
| $ | ( | ) |
| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
|
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Weighted average shares outstanding - basic |
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| |
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Net (loss) income per share - basic: |
| $ | ( | ) |
| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
|
|
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Weighted average shares outstanding - diluted |
|
| |
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Net (loss) income per share - diluted: |
| $ | ( | ) |
| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
See accompanying notes to unaudited condensed consolidated financial statements.
4
AGILYSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
|
| Three Months Ended December 31, |
|
| Nine Months Ended December 31, |
| ||||||||||
(In thousands) |
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||
Net (loss) income |
| $ | ( | ) |
| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
Other comprehensive (loss) income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized foreign currency translation adjustments |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
|
| |
|
Total comprehensive (loss) income |
| $ | ( | ) |
| $ | ( | ) |
| $ | |
|
| $ | ( | ) |
See accompanying notes to unaudited condensed consolidated financial statements.
5
AGILYSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
| Nine Months Ended December 31, |
| |||||
(In thousands) |
| 2020 |
|
| 2019 |
| ||
Operating activities |
|
|
|
|
|
|
|
|
Net income (loss) |
| $ | |
|
| $ | ( | ) |
Adjustments to reconcile income (loss) from operations to net cash provided by operating activities |
|
|
|
|
|
|
|
|
Depreciation |
|
| |
|
|
| |
|
Amortization of intangibles |
|
| |
|
|
| |
|
Amortization of developed technology |
|
| — |
|
|
| |
|
Deferred income taxes |
|
| ( | ) |
|
| ( | ) |
Share-based compensation |
|
| |
|
|
| |
|
Changes in operating assets and liabilities |
|
| ( | ) |
|
| ( | ) |
Net cash provided by operating activities |
|
| |
|
|
| |
|
Investing activities |
|
|
|
|
|
|
|
|
Capital expenditures |
|
| ( | ) |
|
| ( | ) |
Additional investments in corporate-owned life insurance policies |
|
| ( | ) |
|
| ( | ) |
Net cash used in investing activities |
|
| ( | ) |
|
| ( | ) |
Financing activities |
|
|
|
|
|
|
|
|
Repurchase of common shares to satisfy employee tax withholding |
|
| ( | ) |
|
| ( | ) |
Series A convertible preferred stock issuance proceeds, net of issuance costs |
|
| |
|
|
| — |
|
Payment of preferred stock dividends |
|
| ( | ) |
|
| — |
|
Principal payments under long-term obligations |
|
| ( | ) |
|
| ( | ) |
Net cash provided by (used in) financing activities |
|
| |
|
|
| ( | ) |
Effect of exchange rate changes on cash |
|
| |
|
|
| ( | ) |
Net increase in cash and cash equivalents |
|
| |
|
|
| |
|
Cash and cash equivalents at beginning of period |
|
| |
|
|
| |
|
Cash and cash equivalents at end of period |
| $ | |
|
| $ | |
|
See accompanying notes to unaudited condensed consolidated financial statements.
6
AGILYSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
|
| Three Months Ended December 31, 2020 |
| |||||||||||||||||||||||||||||
|
| Common Shares |
|
| Capital in |
|
|
|
|
|
| Accumulated |
|
|
|
|
| |||||||||||||||
|
| Issued |
|
| In Treasury |
|
| excess of |
|
|
|
|
|
| other |
|
|
|
|
| ||||||||||||
(In thousands) |
| Shares |
|
| Stated value |
|
| Shares |
|
| Stated value |
|
| stated value |
|
| Retained earnings |
|
| comprehensive income (loss) |
|
| Total |
| ||||||||
Balance at September 30, 2020 |
|
| |
|
| $ | |
|
|
| ( | ) |
| $ | ( | ) |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
Share-based compensation |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| |
|
|
| — |
|
|
| — |
|
|
| |
|
Restricted shares issued, net |
|
| — |
|
|
| — |
|
|
| |
|
|
| |
|
|
| ( | ) |
|
| — |
|
|
| — |
|
|
| — |
|
Shares issued upon exercise of SSARs |
|
| — |
|
|
| — |
|
|
| |
|
|
| |
|
|
| ( | ) |
|
| — |
|
|
| — |
|
|
| — |
|
Shares withheld for taxes upon exercise of stock options, SSARs or vesting of restricted shares |
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| — |
|
|
| — |
|
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
|
| — |
|
|
| — |
|
|
| ( | ) |
Net loss |
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| — |
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| — |
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|
| — |
|
|
| — |
|
|
| — |
|
|
| ( | ) |
|
| — |
|
|
| ( | ) |
Series A convertible preferred stock dividends |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| ( | ) |
|
| — |
|
|
| ( | ) |
Unrealized translation adjustments |
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| — |
|
|
| — |
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|
| — |
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|
| — |
|
|
| — |
|
|
| — |
|
|
| ( | ) |
|
| ( | ) |
Balance at December 31, 2020 |
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| |
|
| $ | |
|
|
| ( | ) |
| $ | ( | ) |
| $ | <