Agilysys, a global provider of hospitality software solutions and services, reported operating results for its fiscal 2022 fourth quarter, a three-month period ending March 31.
The company said its total net revenue for the recently completed quarter was $46.6m, compared to $36.3m and $39.7m in the fourth quarters of fiscal 2021 and 2020, respectively.
Recurring revenue, comprised of support, maintenance and subscription services, was $26.6m, or 57.1% of total net revenue, compared to $22.9m, or 63.1% of total net revenue, and $22.3m, or 56.2% of total net revenue. for the fourth quarters of fiscal 2021 and 2020, respectively.
Gross margin was 59.5%, compared to 64.6% and 49.6% in the fourth quarters of fiscal 2021 and 2020, respectively.
Net income attributable to common shareholders in FYQ4 was $1.5m, or $0.06 per diluted share, compared to a net loss of $24.7m, or $1.05 per diluted share, and a net loss of $27.0m, or $1.16 per diluted share, for the fourth quarters of fiscal 2021 and 2020, respectively.
Adjusted EBITDA was $7.5m, compared to $7.1m and $3.6m in the fourth quarters of fiscal 2021 and 2020, respectively.
Ending cash balance was $97.0m, compared to ending cash balance of $99.2m as of fiscal 2021 year-end.
“Despite lingering pandemic related and other business environment challenges in the hospitality industry across Asia, Europe, and managed food services, we are pleased to report our best ever revenue quarter, beating the previous best mark by 11%,” Ramesh Srinivasan, President and CEO of Agilysys, said in a statement. “Our increasing competitive advantage, driven by broad-based effective product innovation over the past few years and strong business health of the gaming casino and multi-amenity resort market verticals, are contributing to improving financial performance. The increased availability and market acceptance of our end-to-end cloud native software solutions also helped drive a 33% year over year increase in subscription revenue.”
The company said it expects full year fiscal 2023 revenue to be $190m to $195m, which would represent 17%-20% growth over fiscal 2022 results and include approximately 30% subscription revenue growth year over year. Adjusted EBITDA is expected to remain greater than 15% of revenue.