Company Quick10K Filing
Agilysys
Price25.47 EPS-1
Shares24 P/E-50
MCap603 P/FCF89
Net Debt-39 EBIT-12
TEV564 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

AGYS 10Q Quarterly Report

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

Agilysys Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
205164123824102012201420172020
Assets, Equity
705438226-102012201420172020
Rev, G Profit, Net Income
3525155-5-152012201420172020
Ops, Inv, Fin

agys-10q_20201231.htm
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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2020

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 0-5734

 

AGILYSYS, INC.

(Exact name of registrant as specified in its charter)

 

 

Ohio

 

34-0907152

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

1000 Windward Concourse, Suite 250, Alpharetta, Georgia

 

30005

(Address of principal executive offices)

 

(ZIP Code)

 

(770) 810-7800

(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

Common Shares, without par value

AGYS

NASDAQ

 

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. Yes No

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). Yes No

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

 

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 No

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 23,637,552.

 

 

 


Table of Contents

 

AGILYSYS, INC.

Index

 

 

 

 

 

Part I. Financial Information

 

 

Item 1

Financial Statements (Unaudited)

3

 

 

 

 

 

 

Condensed Consolidated Balance Sheets – December 31, 2020 (Unaudited) and March 31, 2020

3

 

 

 

 

 

 

Condensed Consolidated Statements of Operations (Unaudited) - Three and Nine Months Ended December 31, 2020 and December 31, 2019

4

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - Three and Nine Months Ended December 31, 2020 and December 31, 2019

5

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited) – Nine Months Ended December 31, 2020 and December 31, 2019

6

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - Three and Nine Months Ended December 31, 2020 and December 31, 2019

7

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

 

 

 

 

 

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

19

 

 

 

 

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

28

 

 

 

 

 

Item 4

Controls and Procedures

28

 

 

 

 

Part II. Other Information

 

 

 

 

 

 

Item 1

Legal Proceedings

29

 

 

 

 

 

Item 1A

Risk Factors

29

 

 

 

 

 

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

29

 

 

 

 

 

Item 3

Defaults Upon Senior Securities

29

 

 

 

 

 

Item 4

Mine Safety Disclosures

29

 

 

 

 

 

Item 5

Other Information

29

 

 

 

 

 

Item 6

Exhibits

30

 

 

 

 

Signatures

 

 

31

 

2


Table of Contents

AGILYSYS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(In thousands, except share data)

 

December 31, 2020 Unaudited

 

 

March 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

92,608

 

 

$

46,653

 

Accounts receivable, net of allowance for expected credit losses

   of $1,334 and for doubtful accounts of $1,634, respectively

 

 

30,940

 

 

 

35,869

 

Contract assets

 

 

2,744

 

 

 

2,125

 

Inventories

 

 

1,322

 

 

 

3,887

 

Prepaid expenses and other current assets

 

 

4,338

 

 

 

4,874

 

Total current assets

 

 

131,952

 

 

 

93,408

 

Property and equipment, net

 

 

9,519

 

 

 

12,230

 

Operating lease right-of-use assets

 

 

12,600

 

 

 

13,829

 

Goodwill

 

 

19,622

 

 

 

19,622

 

Intangible assets, net

 

 

8,400

 

 

 

8,400

 

Deferred income taxes, non-current

 

 

1,234

 

 

 

764

 

Other non-current assets

 

 

5,874

 

 

 

6,309

 

Total assets

 

$

189,201

 

 

$

154,562

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,435

 

 

$

13,403

 

Contract liabilities

 

 

39,360

 

 

 

42,244

 

Accrued liabilities

 

 

8,853

 

 

 

9,033

 

Operating lease liabilities, current

 

 

4,755

 

 

 

4,719

 

Finance lease obligations, current

 

 

22

 

 

 

24

 

Total current liabilities

 

 

58,425

 

 

 

69,423

 

Deferred income taxes, non-current

 

 

894

 

 

 

880

 

Operating lease liabilities, non-current

 

 

9,353

 

 

 

10,617

 

Finance lease obligations, non-current

 

 

10

 

 

 

25

 

Other non-current liabilities

 

 

3,740

 

 

 

1,860

 

Commitments and contingencies (see Note 8)

 

 

 

 

 

 

 

 

Series A convertible preferred stock, no par value

 

 

35,000

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common shares, without par value, at $0.30 stated value; 80,000,000

   shares authorized; 31,606,831 shares issued; and 23,637,552

   and 23,609,398 shares outstanding at December 31, 2020

   and March 31, 2020, respectively

 

 

9,482

 

 

 

9,482

 

Treasury shares, 7,969,279 and 7,997,433 at December 31, 2020

   and March 31, 2020, respectively

 

 

(2,391

)

 

 

(2,401

)

Capital in excess of stated value

 

 

14,584

 

 

 

5,491

 

Retained earnings

 

 

60,116

 

 

 

58,984

 

Accumulated other comprehensive (loss) income

 

 

(12

)

 

 

201

 

Total shareholders' equity

 

 

81,779

 

 

 

71,757

 

Total liabilities and shareholders' equity

 

$

189,201

 

 

$

154,562

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

3


Table of Contents

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

 

Nine Months Ended

December 31,

 

(In thousands, except share data)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

7,599

 

 

$

12,126

 

 

$

19,396

 

 

$

34,868

 

Support, maintenance and subscription services

 

 

22,846

 

 

 

20,965

 

 

 

65,647

 

 

 

61,377

 

Professional services

 

 

6,230

 

 

 

8,896

 

 

 

15,797

 

 

 

24,854

 

Total net revenue

 

 

36,675

 

 

 

41,987

 

 

 

100,840

 

 

 

121,099

 

Cost of goods sold:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products (inclusive of developed technology amortization)

 

 

3,660

 

 

 

9,639

 

 

 

9,625

 

 

 

28,056

 

Support, maintenance and subscription services

 

 

4,655

 

 

 

4,841

 

 

 

13,515

 

 

 

13,676

 

Professional services

 

 

4,164

 

 

 

6,443

 

 

 

11,802

 

 

 

18,071

 

Total cost of goods sold

 

 

12,479

 

 

 

20,923

 

 

 

34,942

 

 

 

59,803

 

Gross profit

 

 

24,196

 

 

 

21,064

 

 

 

65,898

 

 

 

61,296

 

Gross profit margin

 

 

66.0

%

 

 

50.2

%

 

 

65.3

%

 

 

50.6

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

 

12,376

 

 

 

11,285

 

 

 

28,900

 

 

 

32,127

 

Sales and marketing

 

 

3,327

 

 

 

4,918

 

 

 

8,278

 

 

 

14,307

 

General and administrative

 

 

7,509

 

 

 

6,084

 

 

 

18,446

 

 

 

17,998

 

Depreciation of fixed assets

 

 

722

 

 

 

854

 

 

 

2,160

 

 

 

1,774

 

Amortization of intangibles

 

 

521

 

 

 

608

 

 

 

1,490

 

 

 

1,900

 

Severance and other charges

 

 

1,552

 

 

 

11

 

 

 

2,762

 

 

 

438

 

Legal settlements, net

 

 

-

 

 

 

-

 

 

 

50

 

 

 

(125

)

Total operating expense

 

 

26,007

 

 

 

23,760

 

 

 

62,086

 

 

 

68,419

 

Operating (loss) income

 

 

(1,811

)

 

 

(2,696

)

 

 

3,812

 

 

 

(7,123

)

Other (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(27

)

 

 

(92

)

 

 

(76

)

 

 

(287

)

Interest expense

 

 

9

 

 

 

25

 

 

 

13

 

 

 

28

 

Other expense (income), net

 

 

95

 

 

 

(142

)

 

 

284

 

 

 

50

 

(Loss) income before taxes

 

 

(1,888

)

 

 

(2,487

)

 

 

3,591

 

 

 

(6,914

)

Income tax expense

 

 

182

 

 

 

95

 

 

 

311

 

 

 

161

 

Net (loss) income

 

$

(2,070

)

 

$

(2,582

)

 

$

3,280

 

 

$

(7,075

)

Series A convertible preferred stock issuance costs

 

 

-

 

 

 

-

 

 

 

(1,031

)

 

 

-

 

Series A convertible preferred stock dividends

 

 

(459

)

 

 

-

 

 

 

(1,117

)

 

 

-

 

Net (loss) income attributable to common shareholders

 

$

(2,529

)

 

$

(2,582

)

 

$

1,132

 

 

$

(7,075

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

23,429

 

 

 

23,240

 

 

 

23,419

 

 

 

23,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share - basic:

 

$

(0.11

)

 

$

(0.11

)

 

$

0.05

 

 

$

(0.30

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - diluted

 

 

23,429

 

 

 

23,240

 

 

 

23,903

 

 

 

23,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share - diluted:

 

$

(0.11

)

 

$

(0.11

)

 

$

0.05

 

 

$

(0.30

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

4


Table of Contents

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

 

$

(2,070

)

 

$

(2,582

)

 

$

3,280

 

 

$

(7,075

)

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized foreign currency translation adjustments

 

 

(64

)

 

 

(31

)

 

 

(213

)

 

 

30

 

Total comprehensive (loss) income

 

$

(2,134

)

 

$

(2,613

)

 

$

3,067

 

 

$

(7,045

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

5


Table of Contents

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Nine Months Ended

December 31,

 

(In thousands)

 

2020

 

 

2019

 

Operating activities

 

 

 

 

 

 

 

 

Net income (loss)

 

$

3,280

 

 

$

(7,075

)

Adjustments to reconcile income (loss) from operations to net cash provided by operating activities

 

 

 

 

 

 

 

 

Depreciation

 

 

2,160

 

 

 

1,774

 

Amortization of intangibles

 

 

1,490

 

 

 

1,900

 

Amortization of developed technology

 

 

 

 

 

9,432

 

Deferred income taxes

 

 

(499

)

 

 

(313

)

Share-based compensation

 

 

9,312

 

 

 

3,156

 

Changes in operating assets and liabilities

 

 

(659

)

 

 

(3,601

)

Net cash provided by operating activities

 

 

15,084

 

 

 

5,273

 

Investing activities

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(1,076

)

 

 

(3,009

)

Additional investments in corporate-owned life insurance policies

 

 

(2

)

 

 

(26

)

Net cash used in investing activities

 

 

(1,078

)

 

 

(3,035

)

Financing activities

 

 

 

 

 

 

 

 

Repurchase of common shares to satisfy employee tax withholding

 

 

(1,069

)

 

 

(1,053

)

Series A convertible preferred stock issuance proceeds, net of issuance costs

 

 

33,969

 

 

 

 

Payment of preferred stock dividends

 

 

(1,117

)

 

 

 

Principal payments under long-term obligations

 

 

(18

)

 

 

(18

)

Net cash provided by (used in) financing activities

 

 

31,765

 

 

 

(1,071

)

Effect of exchange rate changes on cash

 

 

184

 

 

 

(33

)

Net increase in cash and cash equivalents

 

 

45,955

 

 

 

1,134

 

Cash and cash equivalents at beginning of period

 

 

46,653

 

 

 

40,771

 

Cash and cash equivalents at end of period

 

$

92,608

 

 

$

41,905

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

6


Table of Contents

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

 

 

31,607

 

 

$

9,482

 

 

 

(8,019

)

 

$

(2,406

)

 

$

8,151

 

 

$

62,645

 

 

$

52

 

 

$

77,924

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,558

 

 

 

 

 

 

 

 

 

6,558

 

Restricted shares issued, net

 

 

 

 

 

 

 

 

43

 

 

 

13

 

 

 

(13

)

 

 

 

 

 

 

 

 

 

Shares issued upon exercise of SSARs

 

 

 

 

 

 

 

 

10

 

 

 

3

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

Shares withheld for taxes upon exercise of stock options, SSARs or vesting of restricted shares

 

 

 

 

 

 

 

 

(3

)

 

 

(1

)

 

 

(109

)

 

 

 

 

 

 

 

 

(110

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,070

)

 

 

 

 

 

(2,070

)

Series A convertible preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(459

)

 

 

 

 

 

(459

)

Unrealized translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(64

)

 

 

(64

)

Balance at December 31, 2020

 

 

31,607

 

 

$

9,482

 

 

 

(7,969

)

 

$

(2,391

)

 

$