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Technology

American Software Reports Second Quarter of Fiscal Year 2021 Results | Business

ATLANTA–(BUSINESS WIRE)–Nov 19, 2020–

American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the second quarter of fiscal year 2021.

Key Second Quarter Financial Highlights:

  • Subscription fees were $7.0 million for the quarter ended October 31, 2020, a 27% increase compared to $5.5 million for the same period last year, while Software license revenues were $0.5 million, a 57% decrease compared to $1.0 million for the same period last year, reflecting our continued transition to the Software as a Service (SaaS) engagement model.
  • Cloud Services Annual Contract Value (ACV) increased approximately 32% to $29.6 million as of the quarter ended October 31, 2020 compared to $22.4 million as of the same period of the prior year.
  • Total revenues for the quarter ended October 31, 2020 decreased 1% to $27.9 million, compared to $28.2 million for the same period of the prior year.
  • Recurring revenue streams for Maintenance and Cloud Services were 62% of total revenues in the quarter ended October 31, 2020 compared to 58% in the same period of the prior year.
  • Maintenance revenues for the quarter ended October 31, 2020 decreased 6% to $10.2 million compared to $10.8 million for the same period last year.
  • Professional services and other revenues for the quarter ended October 31, 2020 decreased 5% to $10.2 million compared to $10.8 million for the same period last year.
  • Operating earnings for the quarter ended October 31, 2020 decreased 25% to $0.6 million compared to $0.8 million for the same period last year.
  • GAAP net earnings for the quarter ended October 31, 2020 decreased 61% to $0.7 million or $0.02 per fully diluted share compared to $1.8 million or $0.05 per fully diluted share for the same period last year.
  • Adjusted net earnings for the quarter ended October 31, 2020, which excludes non-cash stock-based compensation expense and amortization of acquisition-related intangibles, decreased 39% to $1.5 million or $0.05 per fully diluted share compared to $2.5 million or $0.08 per fully diluted share for the same period last year.
  • EBITDA decreased by 29% to $2.1 million for the quarter ended October 31, 2020 compared to $3.0 million for the same period last year.
  • Adjusted EBITDA decreased by 21% to $2.8 million for the quarter ended October 31, 2020 compared to $3.5 million for the same period last year. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest (expense)/income & other, net, income tax (benefit)/expense and non-cash stock-based compensation expense.

Key Fiscal 2021 Year To Date Financial Highlights:

  • Subscription fees were $13.3 million for the six months ended October 31, 2020, a 34% increase compared to $10.0 million for the same period last year, while Software license revenues were $1.2 million, a 56% decrease compared to $2.8 million for the same period last year, reflecting our continued transition to the SaaS engagement model.
  • Total revenues for the six months ended October 31, 2020 decreased 1% to $55.2 million compared to $55.6 million for the same period last year.
  • Recurring revenue streams for Maintenance and Cloud Services were 61% of total revenues for the six-month period ended October 31, 2020 compared to 57% in the same period of the prior year.
  • Maintenance revenues for the six months ended October 31, 2020 were $20.5 million, a 6% decrease compared to $21.9 million for the same period last year.
  • Professional services and other revenues for the six months ended October 31, 2020 decreased 4% to $20.1 million compared to $21.0 million for the same period last year.
  • For the six months ended October 31, 2020, the Company reported operating earnings of approximately $1.5 million compared to $1.6 million for the same period last year, an 8% decrease.
  • GAAP net earnings were approximately $2.7 million or $0.08 per fully diluted share for the six months ended October 31, 2020, a 6% decrease compared to $2.9 million or $0.09 per fully diluted share for the same period last year.
  • Adjusted net earnings for the six months ended October 31, 2020, which exclude stock-based compensation expense and amortization of acquisition-related intangibles, decreased 5% to $4.3 million or $0.13 per fully diluted share, compared to $4.5 million or $0.14 per fully diluted share for the same period last year.
  • EBITDA decreased by 22% to $4.7 million for the six months ended October 31, 2020 compared to $6.1 million for the same period last year.
  • Adjusted EBITDA decreased 16% to $5.9 million for the six months ended October 31, 2020 compared to $7.0 million for the six months ended October 31, 2019. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax (benefit)/expense and non-cash stock-based compensation.

The overall financial condition of the Company remains strong, with cash and investments of approximately $94.6 million and no debt as of October 31, 2020. During the second quarter of fiscal 2021, the Company paid shareholder dividends of approximately $3.6 million.

“Second quarter fiscal 2021 saw continued adoption of our cloud services offerings with a 27% growth in Subscription Fees and 32% increase in Annual Contract Value with strong customer retention rates,” said Allan Dow, CEO and president of American Software. “Our pipeline has grown considerably as companies turn to our cloud-based supply chain solutions to support their digital transformation initiatives and drive resilience across the enterprise. We are confident that this will translate into further business momentum in the latter half of fiscal 2021 and beyond.”

“During the quarter we hosted Disruption RX, a virtual supply chain summit, which showcased thought-provoking and transformative supply chain strategies that helped some of the world’s most iconic brands turn recent challenges brought on by the pandemic into opportunities for growth and differentiation,” Dow continued. “Nearly 500 supply chain professionals from 50 countries attended the two-day summit where we celebrated the rise of women in the supply chain, hosted panels on building the resilient enterprise and explored how the right digital platform can drive success in the midst of unforeseen risks.”

Additional highlights for the second quarter of fiscal 2021 include:

  • Notable new and existing customers placing orders with the Company in the second quarter include: Border Bros, Bellamy’s Organic, Dole Fresh Vegetables, FAM Brands, Hitachi Rail STS USA, Inc., Husqvarna, Lacoste, New Chapter, Inc., Otter Products, LLC, Reynolds Consumer Products, LLC, Sport Obermeyer, Strategic Partners, Tetrosyl Group Limited UK and The Legends Brands.
  • During the quarter, SaaS subscription and/or software license agreements were signed with customers located in the following 9 countries: Australia, Canada, France, Ireland, Mexico, New Zealand, Sweden, United Kingdom and United States.
  • Logility, Inc., a wholly owned subsidiary of the Company, congratulated Greg Dahlstrom, vice president, operations and supply chain, Bodybuilding.com, and Pravin Rangachari, senior vice president, planning and analytics, Haggar Clothing Company, for their recognition as Consumer Goods Technology 2020 Visionaries. Industry publication Consumer Goods Technology’s annual Visionaries report profiles a select group of inspirational executives in the consumer goods sector who are driving change within their organizations.
  • Logility, Demand Management, Inc., a wholly owned subsidiary of Logility, and New Generation Computing, Inc. (NGC), a wholly-owned subsidiary of the Company, each congratulated its customers who were selected by the editors of Supply & Demand Chain Executive as recipients of the first annual Women in Supply Chain award. Logility recognized Karen Smith, vice president, global supply chain operations, Kontoor Brands. Demand Management recognized Joanna George, director, global demand planning & processes, Siemens Healthineers, and Andrea Gauntlett, director of supply chain at T-Y Groupe – Linen Holdings, LLC. NGC recognized Jenny Sim, vice president, global sourcing, Foot Locker. The Women in Supply Chain award honors female supply chain leaders and executives whose accomplishments, mentorship and examples set a foundation for women at all levels of a company’s supply chain network.
  • Logility invited attendees of the CSCMP EDGE 2020 Live! Virtual Conference to join two sessions featuring its customers. Chris Hooker, The Kraft Heinz Company, led the session “Pushing the Efficient Inventory Frontier at The Kraft Heinz Company” and Tom Parr and Steve Bilinski, Dixon, hosted the session “Dixon Transforms Their Supply Chain to Weather Supply Chain Disruptions.”
  • NGC announced Weissman, a premier designer of dancewear and costumes, is implementing its supply chain management, product lifecycle management, vendor compliance and quality control solutions. NGC will provide the foundation for Weissman’s strategic digital supply chain transformation to help drive future growth and success.
  • In the quarter, Logility was recognized as a leader in the G2 Summer 2020 Grid ® Report for Supply Chain Planning. G2 Crowd rates products and vendors based on reviews gathered from its user community, as well as data aggregated from online sources and social networks.
  • Demand Management announced that Supply & Demand Chain Executive selected the company to receive the SDCE 100 Award for 2020. The SDCE 100 spotlights successful and innovative projects that deliver bottom-line value to small, medium and large enterprises across the range of supply chain functions.
  • Logility announced Anna Palmer, director of global customer success, was named by the editors of Supply & Demand Chain Executive as a recipient of the inaugural 2020 Women in Supply Chain Award. Anna was recognized for her achievements in helping drive supply chain success at Logility’s customers.
  • During the quarter, Logility and Demand Management were recognized as Great Supply Chain Partners by SupplyChainBrain. This is the fifteenth year Logility was recognized and Demand Management’s twelfth year. Each year SupplyChainBrain surveys hundreds of supply chain professionals, asking them to nominate software providers who have delivered innovative solutions to help them optimally manage and even transform their supply chains for more profitable performance.
  • Logility hosted the session, “Using Machine Learning to Optimize Inventory Levels and Extract New Insights” at the CSCMP Edge 2020 Live! Virtual Conference. The virtual session, led by Mike Curtin, senior vice president, and Jonathan Doller, business consultant, explored how innovations in machine learning help drive new insights across the supply chain.

About American Software, Inc.

Atlanta-based American Software, Inc. ( NASDAQ: AMSWA ), through its operating entities delivers an innovative technical platform with AI-powered capabilities for supply chain management and advanced retail planning that is accelerating digital supply chain optimization from product concept to customer availability. Logility, Inc. is helping large enterprise companies transform their supply chain operations to gain a competitive advantage. Recognized for its high-touch approach to customer service, rapid implementations and industry-leading return on investment (ROI), Logility customers include Big Lots, Husqvarna Group, Parker Hannifin, Sonoco Products and Red Wing Shoe Company. Demand Management, Inc. delivers affordable, easy-to-use supply chain planning solutions designed to increase forecast accuracy, improve customer service and reduce inventory to maximize profits and lower costs. Demand Management serves customers such as Siemens Healthcare, AutomationDirect.com and Newfoundland Labrador Liquor Corporation. New Generation Computing, Inc. powers the digital supply chain to enable apparel brand owners and retailers to maximize revenue and profit by accelerating lead times, streamlining product development, and optimizing sourcing and distribution. NGC customers include Brooks Brothers, Carter’s, Destination XL, Fanatics, Foot Locker, Jockey International, Lacoste and Spanx. The comprehensive American Software supply chain and retail planning portfolio delivered in the cloud includes advanced analytics, supply chain visibility, demand, inventory and replenishment planning, Sales and Operations Planning (S&OP), Integrated Business Planning (IBP), supply and inventory optimization, manufacturing planning and scheduling, retail merchandise and assortment planning and allocation, product lifecycle management (PLM), sourcing management, vendor quality and compliance, and product traceability. For more information about American Software, please visit www.amsoftware.com, call (404) 364-7615 or email kliu@amsoftware.com.

Operating and Non-GAAP Financial Measures

The Company includes operating measures (ACV) and other non-GAAP financial measures (EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share) in the summary financial information provided with this press release as supplemental information relating to its operating results. This financial information is not in accordance with, or an alternative for, GAAP-compliant financial information and may be different from the operating or non-GAAP financial information used by other companies. The Company believes that this presentation of ACV, EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial condition and results of operations. ACV is a forward-looking operating measure used by management to better understand cloud services (SaaS and other related cloud services) revenue trends within the Company’s business, as it reflects the Company’s current estimate of revenue to be generated under existing customer contracts in the forward 12-month period. EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, and income tax expense. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense and non-cash stock-based compensation expense.

Forward Looking Statements

This press release contains forward-looking statements that are subject to substantial risks and uncertainties. There are a number of factors that could cause actual results to differ materially from those anticipated by statements made herein. These factors include, but are not limited to, changes in general economic conditions, technology and the market for the Company’s products and services, including economic conditions within the e-commerce markets; the timely availability and market acceptance of these products and services; the Company’s ability to satisfy in a timely manner all Securities and Exchange Commission (SEC) required filings and the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the rules and regulations adopted under that Section; the challenges and risks associated with integration of acquired product lines and companies; the effect of competitive products and pricing; the uncertainty of the viability and effectiveness of strategic alliances; and the irregular pattern of the Company’s revenues. For further information about risks the Company could experience as well as other information, please refer to the Company’s current Form 10-K and other reports and documents subsequently filed with the SEC. For more information, contact: Vincent C. Klinges, Chief Financial Officer, American Software, Inc., (404) 264-5477 or fax: (404) 264-5298.

 

AMERICAN SOFTWARE, INC.

Consolidated Statements of Operations Information

(In thousands, except per share data, unaudited)

 
 

Second Quarter Ended

 

Six Months Ended

 

October 31,

 

October 31,

 

2020

 

2019

 

Pct Chg.

 

2020

 

2019

 

Pct Chg.

Revenues:

           

Subscription fees

 

$

6,966

 

 

$

5,492

 

 

27

%

 

$

13,329

 

 

$

9,950

 

 

34

%

License fees

 

 

450

 

 

 

1,046

 

 

(57

%)

 

 

1,237

 

 

 

2,824

 

 

(56

%)

Professional services & other

 

 

10,242

 

 

 

10,826

 

 

(5

%)

 

 

20,056

 

 

 

20,963

 

 

(4

%)

Maintenance

 

 

10,223

 

 

 

10,846

 

 

(6

%)

 

 

20,537

 

 

 

21,856

 

 

(6

%)

Total Revenues

 

 

27,881

 

 

 

28,210

 

 

(1

%)

 

 

55,159

 

 

 

55,593

 

 

(1

%)

             

Cost of Revenues:

           

Subscription services

 

 

2,946

 

 

 

2,610

 

 

13

%

 

 

5,705

 

 

 

4,735

 

 

20

%

License fees

 

 

553

 

 

 

1,007

 

 

(45

%)

 

 

1,228

 

 

 

2,387

 

 

(49

%)

Professional services & other

 

 

7,624

 

 

 

7,543

 

 

1

%

 

 

15,454

 

 

 

14,948

 

 

3

%

Maintenance

 

 

1,941

 

 

 

1,864

 

 

4

%

 

 

3,714

 

 

 

3,715

 

 

0

%

Total Cost of Revenues

 

 

13,064

 

 

 

13,024

 

 

0

%

 

 

26,101

 

 

 

25,785

 

 

1

%

Gross Margin

 

 

14,817

 

 

 

15,186

 

 

(2

%)

 

 

29,058

 

 

 

29,808

 

 

(3

%)

Operating expenses:

           

Research and development

 

 

4,463

 

 

 

4,814

 

 

(7

%)

 

 

8,803

 

 

 

9,427

 

 

(7

%)

Less: capitalized development

 

 

(126

)

 

 

(605

)

 

(79

%)

 

 

(371

)

 

 

(1,890

)

 

(80

%)

Sales and marketing

 

 

5,429

 

 

 

5,148

 

 

5

%

 

 

10,173

 

 

 

10,727

 

 

(5

%)

General and administrative

 

 

4,367

 

 

 

4,908

 

 

(11

%)

 

 

8,831

 

 

 

9,696

 

 

(9

%)

Provision for doubtful accounts

 

 

 

 

 

 

 

 

 

 

 

 

 

33

 

 

 

Amortization of acquisition-related intangibles

 

 

53

 

 

 

78

 

 

(32

%)

 

 

106

 

 

 

175

 

 

(39

%)

             

Total Operating Expenses

 

 

14,186

 

 

 

14,343

 

 

(1

%)

 

 

27,542

 

 

 

28,168

 

 

(2

%)

Operating Earnings

 

 

631

 

 

 

843

 

 

(25

%)

 

 

1,516

 

 

 

1,640

 

 

(8

%)

Interest (Expense)/Income & Other, Net

 

 

(42

)

 

 

712

 

 

 

nm

 

 

1,290

 

 

 

1,237

 

 

4

%

Earnings Before Income Taxes

 

 

589

 

 

 

1,555

 

 

(62

%)

 

 

2,806

 

 

 

2,877

 

 

(2

%)

Income Tax (Benefit)/Expense

 

 

(103

)

 

 

(204

)

 

(50

%)

 

 

80

 

 

 

(34

)

 

 

nm

Net Earnings

 

$

692

 

 

$

1,759

 

 

(61

%)

 

$

2,726

 

 

$

2,911

 

 

(6

%)

Earnings per common share: (1)

           

Basic

 

$

0.02

 

 

$

0.06

 

 

(67

%)

 

$

0.08

 

 

$

0.09

 

 

(11

%)

Diluted

 

$

0.02

 

 

$

0.05

 

 

(60

%)

 

$

0.08

 

 

$

0.09

 

 

(11

%)

             

Weighted average number of common shares outstanding:

           

Basic

 

 

32,489

 

 

 

31,609

 

   

 

32,414

 

 

 

31,440

 

 

Diluted

 

 

32,896

 

 

 

32,310

 

   

 

32,919

 

 

 

32,066

 

 
             

nm- not meaningful

           
 

AMERICAN SOFTWARE, INC.

NON-GAAP MEASURES OF PERFORMANCE

(In thousands, except per share data, unaudited)

   
 

Second Quarter Ended

 

Six Months Ended

 

October 31,

 

October 31,

 

2020

 

2019

 

Pct Chg.

 

2020

 

2019

 

Pct Chg.

NON-GAAP Operating Earnings:

           

Operating Income (GAAP Basis)

 

$

631

 

 

$

843

 

 

(25

%)

 

$

1,516

 

 

$

1,640

 

 

(8

%)

Amortization of acquisition-related intangibles

 

 

311

 

 

 

377

 

 

(18

%)

 

 

622

 

 

 

974

 

 

(36

%)

Stock-based compensation

 

 

652

 

 

 

503

 

 

30

%

 

 

1,198

 

 

 

946

 

 

27

%

NON-GAAP Operating Earnings:

 

 

1,594

 

 

 

1,723

 

 

(7

%)

 

 

3,336

 

 

 

3,560

 

 

(6

%)

             

Non-GAAP Operating Earnings, as a % of revenue

 

 

6

%

 

 

6

%

   

 

6

%

 

 

6

%

 
             
             
 

Second Quarter Ended

 

Six Months Ended

 

October 31,

 

October 31,

 

2020

 

2019

 

Pct Chg.

 

2020

 

2019

 

Pct Chg.

NON-GAAP EBITDA:

           

Net Earnings (GAAP Basis)

 

$

692

 

 

$

1,759

 

 

(61

%)

 

$

2,726

 

 

$

2,911

 

 

(6

%)

Income Tax (Benefit)/Expense

 

 

(103

)

 

 

(204

)

 

(50

%)

 

 

80

 

 

 

(34

)

 

nm

Interest (Expense)/Income & Other, Net

 

 

42

 

 

 

(712

)

 

(106

%)

 

 

(1,290

)

 

 

(1,237

)

 

4

%

Amortization of intangibles

 

 

1,353

 

 

 

2,026

 

 

(33

%)

 

 

2,883

 

 

 

4,111

 

 

(30

%)

Depreciation

 

 

161

 

 

 

157

 

 

3

%

 

 

311

 

 

 

318

 

 

(2

%)

EBITDA (earnings before interest, taxes, depreciation and amortization)

 

 

2,145

 

 

 

3,026

 

 

(29

%)

 

 

4,710

 

 

 

6,069

 

 

(22

%)

             

Stock-based compensation

 

 

652

 

 

 

503

 

 

30

%

 

 

1,198

 

 

 

946

 

 

27

%

Adjusted EBITDA

 

$

2,797

 

 

$

3,529

 

 

(21

%)

 

$

5,908

 

 

$

7,015

 

 

(16

%)

             

EBITDA, as a percentage of revenues

 

 

8

%

 

 

11

%

   

 

9

%

 

 

11

%

 
             

Adjusted EBITDA, as a percentage of revenues

 

 

10

%

 

 

13

%

   

 

11

%

 

 

13

%

 
             
             
 

Second Quarter Ended

 

Six Months Ended

 

October 31,

 

October 31,

 

2020

 

2019

 

Pct Chg.

 

2020

 

2019

 

Pct Chg.

NON-GAAP EARNINGS PER SHARE:

           

Net Earnings (GAAP Basis)

 

$

692

 

 

$

1,759

 

 

(61

%)

 

$

2,726

 

 

$

2,911

 

 

(6

%)

Amortization of acquisition-related intangibles (2)

 

 

272

 

 

 

326

 

 

(17

%)

 

 

545

 

 

 

825

 

 

(34

%)

Stock-based compensation (2)

 

 

570

 

 

 

436

 

 

31

%

 

 

1,048

 

 

 

802

 

 

31

%

Adjusted Net Earnings

 

$

1,534

 

 

$

2,521

 

 

(39

%)

 

$

4,319

 

 

$

4,538

 

 

(5

%)

             

Adjusted non-GAAP diluted earnings per share

 

$

0.05

 

 

$

0.08

 

 

(38

%)

 

$

0.13

 

 

$

0.14

 

 

(7

%)

             
     
 

Second Quarter Ended

 

Six Months Ended

 

October 31,

 

October 31,

 

2020

 

2019

 

Pct Chg.

 

2020

 

2019

 

Pct Chg.

NON-GAAP Earnings Per Share

           

Net Earnings (GAAP Basis)

 

$

0.02

 

 

$

0.05

 

 

(60

%)

 

$

0.08

 

 

$

0.09

 

 

(11

%)

Amortization of acquisition-related intangibles (2)

 

 

0.01

 

 

 

0.01

 

 

0

%

 

 

0.02

 

 

 

0.03

 

 

(33

%)

Stock-based compensation (2)

 

 

0.02

 

 

 

0.01

 

 

100

%

 

 

0.03

 

 

 

0.02

 

 

50

%

Adjusted Net Earnings

 

 

0.05

 

 

$

0.07

 

 

(29

%)

 

 

0.13

 

 

$

0.14

 

 

(7

%)

             
             
 

Second Quarter Ended

 

Six Months Ended

 

October 31,

 

October 31,

 

2020

 

2019

 

Pct Chg.

 

2020

 

2019

 

Pct Chg.

Amortization of acquisition-related intangibles

           

Cost of license

 

$

258

 

 

$

299

 

 

(14

%)

 

$

516

 

 

$

799

 

 

(35

%)

Operating expenses

 

 

53

 

 

 

78

 

 

(32

%)

 

 

106

 

 

 

175

 

 

(39

%)

Total amortization of acquisition-related intangibles

 

$

311

 

 

$

377

 

 

(18

%)

 

$

622

 

 

$

974

 

 

(36

%)

             

Stock-based compensation

           

Cost of revenues

 

$

23

 

 

$

21

 

 

10

%

 

$

66

 

 

$

51

 

 

29

%

Research and development

 

 

49

 

 

 

40

 

 

23

%

 

 

74

 

 

 

73

 

 

1

%

Sales and marketing

 

 

87

 

 

 

82

 

 

6

%

 

 

153

 

 

 

158

 

 

(3

%)

General and administrative

 

 

493

 

 

 

360

 

 

37

%

 

 

905

 

 

 

664

 

 

36

%

Total stock-based compensation

 

$

652

 

 

$

503

 

 

30

%

 

$

1,198

 

 

$

946

 

 

27

%

             
             

(1) – Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Diluted per share for Class B shares under the two-class method are $0.02 and $0.09 for the three and six months ended October 31, 2020, respectively. Diluted per share for Class B shares under the two-class method are $0.06 and $0.09 for the three and six months ended October 31, 2019, respectively.

(2) – Tax affected using the effective tax rate excluding a discrete item related to excess tax benefit for stock options for the three and six month periods ended October 31, 2020 of 12.5% and 13.2% and 15.20% three and six month periods ended October 31, 2019, respectively.

nm- not meaningful

           

 

 

AMERICAN SOFTWARE, INC.

Consolidated Balance Sheet Information

(In thousands)

(Unaudited)

 

October 31,

 

April 30,

 

2020

 

2020

 

 

 

Cash and Cash Equivalents

 

$

81,786

 

$

79,814

Short-term Investments

 

 

12,357

 

 

14,161

Accounts Receivable:

   

Billed

 

 

18,499

 

 

22,582

Unbilled

 

 

2,499

 

 

2,425

Total Accounts Receivable, net

 

 

20,998

 

 

25,007

Prepaids & Other

 

 

6,673

 

 

6,684

Current Assets

 

 

121,814

 

 

125,666

   

Investments – Non-current

 

 

472

 

 

701

   

PP&E, net

 

 

3,225

 

 

3,373

Capitalized Software, net

 

 

6,473

 

 

8,362

Goodwill

 

 

25,888

 

 

25,888

Other Intangibles, net

 

 

509

 

 

1,132

Deferred Sales Commissions – Non-current

 

 

1,909

 

 

2,177

Lease Right of Use Assets

 

 

1,813

 

 

2,053

Other Non-current Assets

 

 

1,899

 

 

1,941

Total Assets

 

$

164,002

 

$

171,293

   

Accounts Payable

 

$

1,640

 

$

1,643

Accrued Compensation and Related costs

 

 

3,139

 

 

6,635

Dividend Payable

 

 

3,576

 

 

3,547

Operating Lease Obligation – Current

 

 

797

 

 

763

Other Current Liabilities

 

 

790

 

 

643

Deferred Revenues – Current

 

 

31,206

 

 

34,227

Current Liabilities

 

 

41,148

 

 

47,458

   

Operating Lease Obligation – Non-current

 

 

1,137

 

 

1,424

Deferred Tax Liability – Non-current

 

 

2,553

 

 

2,897

Other Long-term Liabilities

 

 

111

 

 

92

Long-term Liabilities

 

 

3,801

 

 

4,413

   

Total Liabilities

 

 

44,949

 

 

51,871

   

Shareholders’ Equity

 

 

119,053

 

 

119,422

 

 

 

 

Total Liabilities & Shareholders’ Equity

 

$

164,002

 

$

171,293

 
 

 

 

 

AMERICAN SOFTWARE, INC.

Condensed Consolidated Cashflow Information

(In thousands)

(Unaudited)

   
 

Six Months Ended

 

October 31,

 

2020

 

2019

   

Net cash provided by operating activities

 

$

6,771

 

 

$

4,050

 

   

Capitalized computer software development costs

 

 

(371

)

 

 

(1,890

)

Purchases of property and equipment, net of disposals

 

 

(163

)

 

 

(238

)

   

Net cash used in investing activities

 

 

(534

)

 

 

(2,128

)

   

Dividends paid

 

 

(7,118

)

 

 

(6,884

)

Proceeds from exercise of stock options

 

 

2,853

 

 

 

6,358

 

   

Net cash used in financing activities

 

 

(4,265

)

 

 

(526

)

   

Net change in cash and cash equivalents

 

 

1,972

 

 

 

1,396

 

Cash and cash equivalents at beginning of period

 

 

79,814

 

 

 

61,288

 

   

Cash and cash equivalents at end of period

 

$

81,786

 

 

$

62,684

CONTACT: Vincent C. Klinges

KEYWORD: GEORGIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE

SOURCE: American Software, Inc.

Copyright Business Wire 2020.

PUB: 11/19/2020 04:05 PM/DISC: 11/19/2020 04:05 PM

Copyright Business Wire 2020.

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