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American Software Reports Preliminary Second Quarter of Fiscal Year 2020 Results

ATLANTA--(BUSINESS WIRE)--

Subscription Fees Increase 64% for the Quarter and Cloud Services Annual Contract Value Increases 55%

American Software, Inc. (AMSWA) today reported preliminary financial results for the second quarter for fiscal year 2020.

Key Second quarter financial highlights:

  • Subscription fees were $5.5 million for the quarter ended October 31, 2019, a 64% increase compared to $3.3 million for the same period last year, while Software license revenues were $1.0 million, a 48% decrease compared to $2.0 million for the same period last year, reflecting our continued transition to the SaaS engagement model.
  • Cloud Services Annual Contract Value (ACV) increased approximately 55% to $22.4 million as of the quarter ended October 31, 2019 compared to $14.5 million as of the same period of the prior year.
  • Total revenues for the quarter ended October 31, 2019 were $28.2 million, an increase of 1% over the comparable period last year.
  • Recurring revenue streams for Maintenance and Cloud Services were 58% of total revenues in the quarter ended October 31, 2019 compared to 53% in the same period of the prior year.
  • Maintenance revenues for the quarter ended October 31, 2019 decreased 7% to $10.8 million compared to $11.6 million for the same period last year.
  • Professional services and other revenues for the quarter ended October 31, 2019 decreased 2% to $10.8 million compared to $11.1 million for the same period last year.
  • Operating earnings for the quarter ended October 31, 2019 decreased 45% to $0.8 million compared to $1.5 million for the same period last year.
  • GAAP net earnings for the quarter ended October 31, 2019 increased 42% to $1.8 million or $0.05 per fully diluted share compared to $1.2 million or $0.04 per fully diluted share for the same period last year.
  • Adjusted net earnings for the quarter ended October 31, 2019, which excludes non-cash stock-based compensation expense and amortization of acquisition-related intangibles, were $2.5 million or $0.08 per fully diluted share compared to $2.2 million or $0.07 per fully diluted share for the same period last year.
  • EBITDA decreased by 12% to $3.0 million for the quarter ended October 31, 2019 compared to $3.4 million for the same period last year.
  • Adjusted EBITDA decreased by 9% to $3.5 million for the quarter ended October 31, 2019 compared to $3.9 million for the quarter ended October 31, 2018. 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 2020 year to date financial highlights:

  • Subscription fees were $9.9 million for the six months ended October 31, 2019, a 53% increase compared to $6.5 million for the same period last year, while software license revenues were $2.8 million, a 24% decrease compared to $3.7 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, 2019 were $55.6 million compared to $55.4 million for the same period last year.
  • Recurring revenue streams of Maintenance and Cloud Services were 57% of total revenues for the six-month period ended October 31, 2019 compared to 53% in the same period of the prior year.
  • Maintenance revenues for the six months ended October 31, 2019 were $21.9 million, a 6% decrease compared to $23.1 million for the same period last year.
  • Professional services and other revenues for the six months ended October 31, 2019 decreased 5% to $20.9 million compared to $22.1 million for the same period last year.
  • For the six months ended October 31, 2019, the Company reported operating earnings of approximately $1.6 million compared to $2.1 million for the same period last year, a 23% decrease.
  • GAAP net earnings were approximately $2.9 million or $0.09 per fully diluted share for the six months ended October 31, 2019, an 11% increase compared to $2.6 million or $0.08 per fully diluted share for the same period last year.
  • Adjusted net earnings for the six months ended October 31, 2019, which exclude stock-based compensation expense and amortization of acquisition-related intangibles, decreased 2% to $4.5 million or $0.14 per fully diluted share, compared to $4.6 million or $0.15 per fully diluted share for the same period last year.
  • EBITDA increased by 4% to $6.1 million for the six months ended October 31, 2019 compared to $5.8 million for the same period last year.
  • Adjusted EBITDA increased 5% to $7.0 million for the six months ended October 31, 2019 compared to $6.7 million for the six months ended October 31, 2018. 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 $94.7 million and no debt as of October 31, 2019, an increase of over $12 million when compared to October 31, 2018. During the second quarter of fiscal 2020, the Company paid shareholder dividends of approximately $3.5 million.

“We are pleased with our 64% growth in Subscription Fees and 55% increase in Cloud Services ACV as these key performance indicators continue to underscore our successful transition to a cloud-first company,” said Allan Dow, president of American Software. “Our cloud-based solutions enable customers to gain additional value as they leverage our expertise in managing the solution platform and staying current with the latest innovative planning capabilities available. Additionally, our recurring revenue streams of Maintenance and Subscription Cloud Services represented 58% of second quarter total revenues, giving our business and shareholders increased visibility with respect to future revenue performance.”

“Our cloud-based solutions provide customers with the increased visibility and accuracy necessary to become a connected enterprise, automate critical planning functions and make better decisions across operational, tactical and strategic horizons, all on a single platform,” continued Dow. “We believe customers that take advantage of our advancements in artificial intelligence (AI), machine learning (ML) and advanced supply chain analytics to improve their operating performance from product concept to customer availability, will be better positioned to overcome the growing supply chain talent shortage that may hamper their profitable growth and ability to respond to rapidly changing market conditions.”

Additional highlights for the second quarter of fiscal 2020 include:

Customers & Channels

  • Notable new and existing customers placing orders with the Company in the second quarter include: Aurora Cannabis, Central Garden & Pet Company, David Yurman Enterprises, Freedom Foods Group Operations Pty., Hunter Boot Ltd., Irish Breeze Unlimited, Mazoon Dairy Company, Ready Pac Foods, Smithfield Foods, Strategic Partners, TechStyle Fashion Group, Thermos and Topson Downs of California.
  • During the quarter, SaaS subscription and/or software license agreements were signed with customers located in the following 12 countries: Australia, Canada, France, Germany, Ireland, Mexico, New Zealand, Sultanate of Oman, Trinidad, United Kingdom, United States, and Uruguay.
  • New Generation Computing, Inc. (NGC), a wholly-owned subsidiary of the Company, announced that Joseph Ribkoff, one of Canada’s most respected fashion designers, will implement NGC’s Andromeda PLM® and Andromeda SCM®. Joseph Ribkoff selected NGC’s Andromeda Cloud Platform® to support its digital transformation initiative including Product Lifecycle Management (PLM) data and processes to efficiently manage line plans and timelines, and proactively anticipate and respond to market trends.
  • NGC announced that several customers, including Carter’s, Foot Locker, Jockey, Jump Design, PVH Corp and Sport Obermeyer, spoke on topics ranging from digital transformation to offshoring at the 2019 PI Apparel Supply Chain Forum held September 17-18, 2019.
  • Logility, Inc., a wholly-owned subsidiary of the Company, invited supply chain leaders to attend the webcast, “Tillamook Succeeds in New Markets with Strategic Supply Chain Planning,” featuring Elaine Videau of Tillamook County Creamery Association and Karin Bursa of Logility. The live webcast event on August 21, 2019 explored how Tillamook transformed its supply chain to provide greater visibility and drive operational success with a single, flexible digital supply chain platform.
  • Logility invited attendees of the IBF 2019 Leadership Conference and Business Planning, Forecasting & S&OP: Best Practices Conference to attend the sessions “Faster IBP/S&OP to Accelerate Decision Making at Citizen Watch,” and “Profitability in Your Sights: Aligning Financial Budgets or Goals with Supply Chain Forecasting & Planning,” featuring Leupold & Stevens, Inc.
  • Logility invited attendees of the CSCMP Edge 2019 Conference to join the customer sessions “Boost Supply Chain Performance in an Evolving Landscape Through Multi-Variate Segmentation,” featuring Sensient Colors, and “How We Moved the Cheese Using Advanced Supply Chain Strategies,” featuring Tillamook County Creamery.
  • Demand Management, Inc. (DMI), a wholly-owned subsidiary of Logility, announced that ITALCAR, a Tunisian dealer of cars and trucks, deployed Demand Solutions® to increase sales, reduce stock and navigate a challenging financial environment. A subsidiary of the IDM Group, ITALCAR exclusively represents Fiat, Alfa Romeo, Jeep, Lancia, and Petronas oils and also provides after-sales spare parts and accessories. Implementing Demand Solutions, ITALCAR has achieved tangible results including reducing financial risk by cutting stock levels by at least one-third while simultaneously increasing sales.
  • Halo, a division of Logility, Inc., announced that Mix Limited, a leading skincare and cosmetic manufacturer in New Zealand, selected Halo as its preferred provider for self-service analytics and reporting. Using Halo’s proven cloud-based, user-friendly analytics platform, the Mix team will gain faster access to critical sales and financial data to support business growth.

Company and Technology

  • Logility was selected for the fourteenth year as a Great Supply Chain Partner by the readers of SupplyChainBrain. The award is based on a survey of supply chain professionals who were asked to select a solution or service provider that made a noteworthy impact on their company’s efficiency, profitability and overall supply chain performance.
  • During the quarter, Logility announced that International Data Corporation (IDC) positioned Logility as a Leader in the IDC MarketScape: Worldwide Supply Chain Demand Planning 2019 Vendor Assessment. This IDC MarketScape is based on a comprehensive framework and set of parameters expected to be most conducive to both short- and long-term demand planning success.
  • Logility announced its participation in the Gartner Supply Chain Planning Summit in Denver, CO. The company invited attendees to visit its booth to learn how the latest innovations and advances in artificial intelligence (AI) and machine learning (ML) can help transform their supply chain performance.
  • Logility announced the availability of the executive report, “Leveraging Inventory for Profitable Growth.” The research, conducted by Elastic Solutions and sponsored by Logility, identified the top business pressures driving inventory optimization initiatives, the solutions implemented to support inventory optimization, and how executives believe their businesses compare with industry peers. The report is now available on Logility’s website.

About American Software, Inc.

Atlanta-based American Software, Inc. (AMSWA), delivers innovative demand-driven supply chain management and advanced retail planning platforms backed by more than 45 years of industry expertise. Logility, Inc., a wholly-owned subsidiary of American Software, is a leading provider of collaborative supply chain optimization and advanced retail planning solutions that help medium, large and Fortune 500 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, Red Wing Shoe Company, Verizon Wireless and VF Corporation. Demand Management, Inc., a wholly-owned subsidiary of Logility, delivers affordable, easy-to-use Software-as-a-Service (SaaS) supply chain planning solutions designed to increase forecast accuracy, improve customer service and reduce inventory to maximize profits and lower costs. DMI serves customers such as Siemens Healthcare, AutomationDirect.com and Newfoundland Labrador Liquor Corporation. Halo, a division of Logility, is an advanced analytics software provider leveraging an innovative blend of artificial intelligence and machine learning technology to drive greater supply chain performance. Halo customers include Aaron’s and Leatherman Tool Group. New Generation Computing, Inc., a wholly-owned subsidiary of American Software, powers the digital supply chain with the Andromeda Cloud Platform®, enabling brand owners and retailers to maximize revenue and profit by accelerating lead times, streamlining product development and supply chain management, and optimizing 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 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 ,and vendor quality and compliance. For more information about American Software, please visit www.amsoftware.com, call (800) 726-2946 or email: ask@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 the existing client contracts in the forward 12-month period. EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest (expense)/income & other, net, and income tax (benefit)/expense. 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. A reconciliation of these non-GAAP financial measures to their nearest U.S. GAAP measures appears in the accompanying financial tables.

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 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 Securities and Exchange Commission. For more information, contact: Vincent C. Klinges, Chief Financial Officer, American Software, Inc., (404) 264-5477 or fax: (404) 264-5298.

American Software® is a registered trademark of American Software, Inc.; Logility® is a registered trademark of Logility, Inc.; Demand Solutions® is a registered trademark of Demand Management, Inc.; and New Generation Computing®, Andromeda Cloud Platform®, Andromeda PLM® and Andromeda SCM® are registered trademarks of New Generation Computing, Inc. Other products mentioned in this document are registered marks, trademarks or service marks of their respective owners.

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,

2019

 

2018

 

Pct
Chg.

 

2019

 

2018

 

Pct
Chg.

Revenues:

License fees

$

1,046

 

$

2,012

 

(48

%)

$

2,824

 

$

3,714

 

(24

%)

Subscription fees

 

5,492

 

 

3,341

 

64

%

 

9,950

 

 

6,509

 

53

%

Professional services & other

 

10,826

 

 

11,056

 

(2

%)

 

20,963

 

 

22,064

 

(5

%)

Maintenance

 

10,846

 

 

11,624

 

(7

%)

 

21,856

 

 

23,145

 

(6

%)

Total Revenues

 

28,210

 

 

28,033

 

1

%

 

55,593

 

 

55,432

 

0

%

 

Cost of Revenues:

License fees

 

1,007

 

 

1,760

 

(43

%)

 

2,387

 

 

3,474

 

(31

%)

Subscription services

 

2,610

 

 

1,289

 

102

%

 

4,735

 

 

2,356

 

101

%

Professional services & other

 

7,543

 

 

8,103

 

(7

%)

 

14,948

 

 

16,771

 

(11

%)

Maintenance

 

1,864

 

 

2,214

 

(16

%)

 

3,715

 

 

4,412

 

(16

%)

Total Cost of Revenues

 

13,024

 

 

13,366

 

(3

%)

 

25,785

 

 

27,013

 

(5

%)

Gross Margin

 

15,186

 

 

14,667

 

4

%

 

29,808

 

 

28,419

 

5

%

Operating expenses:

Research and development

 

4,814

 

 

4,536

 

6

%

 

9,427

 

 

9,095

 

4

%

Less: capitalized development

 

(605

)

 

(1,204

)

(50

%)

 

(1,890

)

 

(2,088

)

(9

%)

Sales and marketing

 

5,148

 

 

5,304

 

(3

%)

 

10,727

 

 

10,484

 

2

%

General and administrative

 

4,908

 

 

4,408

 

11

%

 

9,696

 

 

8,601

 

13

%

Provision for doubtful accounts

 

-

 

 

-

 

-

 

 

33

 

 

-

 

nm

Amortization of acquisition-related intangibles

 

78

 

 

97

 

(20

%)

 

175

 

 

194

 

(10

%)

 

Total Operating Expenses

 

14,343

 

 

13,141

 

9

%

 

28,168

 

 

26,286

 

7

%

Operating Earnings

 

843

 

 

1,526

 

(45

%)

 

1,640

 

 

2,133

 

(23

%)

Interest Income /(Expense) & Other, Net

 

712

 

 

(190

)

nm

 

1,237

 

 

563

 

120

%

Earnings Before Income Taxes

 

1,555

 

 

1,336

 

16

%

 

2,877

 

 

2,696

 

7

%

Income Tax (Benefit)/Expense

 

(204

)

 

93

 

nm

 

(34

)

 

68

 

nm

Net Earnings

$

1,759

 

$

1,243

 

42

%

$

2,911

 

$

2,628

 

11

%

Earnings per common share: (1)

Basic

$

0.06

 

$

0.04

 

50

%

$

0.09

 

$

0.09

 

0

%

Diluted

$

0.05

 

$

0.04

 

25

%

$

0.09

 

$

0.08

 

13

%

 

Weighted average number of common shares outstanding:

Basic

 

31,609

 

 

30,926

 

 

31,440

 

 

30,825

 

Diluted

 

32,310

 

 

31,477

 

 

32,065

 

 

31,412

 

 

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,

2019

2018

Pct
Chg.

2019

2018

Pct
Chg.

NON-GAAP Operating Earnings:

Operating Income (GAAP Basis)

$

843

 

$

1,526

 

(45

%)

$

1,640

 

$

2,133

 

(23

%)

Amortization of acquisition-related intangibles

 

377

 

 

597

 

(37

%)

 

974

 

 

1,194

 

(18

%)

Stock-based compensation

 

503

 

 

443

 

14

%

 

946

 

 

841

 

12

%

NON-GAAP Operating Earnings:

 

1,723

 

 

2,566

 

(33

%)

 

3,560

 

 

4,168

 

(15

%)

 

Non-GAAP Operating Earnings, as a % of revenue

 

6

%

 

9

%

 

6

%

 

8

%

 
 

Second Quarter Ended

Six Months Ended

October 31,

October 31,

2019

2018

Pct
Chg.

2019

2018

Pct
Chg.

NON-GAAP EBITDA:

Net Earnings (GAAP Basis)

$

1,759

 

$

1,243

 

42

%

$

2,911

 

$

2,628

 

11

%

Income Tax (Benefit)/Expense

 

(204

)

 

93

 

nm

 

 

(34

)

 

68

 

nm

 

Interest Income /(Expense) & Other, Net

 

(712

)

 

190

 

nm

 

 

(1,237

)

 

(563

)

120

%

Amortization of intangibles

 

2,026

 

 

1,742

 

16

%

 

4,111

 

 

3,392

 

21

%

Depreciation

 

157

 

 

171

 

(8

%)

 

318

 

 

319

 

0

%

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

 

3,026

 

 

3,439

 

(12

%)

 

6,069

 

 

5,844

 

4

%

 

Stock-based compensation

 

503

 

 

443

 

14

%

 

946

 

 

841

 

12

%

Adjusted EBITDA

$

3,529

 

$

3,882

 

(9

%)

$

7,015

 

$

6,685

 

5

%

 

EBITDA, as a percentage of revenues

 

11

%

 

12

%

 

11

%

 

11

%

 

Adjusted EBITDA, as a percentage of revenues

 

13

%

 

14

%

 

13

%

 

12

%

 
 

Second Quarter Ended

Six Months Ended

October 31,

October 31,

2019

2018

Pct
Chg.

2019

2018

Pct
Chg.

NON-GAAP EARNINGS PER SHARE:

Net Earnings (GAAP Basis)

$

1,759

 

$

1,243

 

42

%

$

2,911

 

$

2,628

 

11

%

Amortization of acquisition-related intangibles (2)

 

326

 

 

555

 

(41

%)

 

825

 

 

1,164

 

(29

%)

Stock-based compensation (2)

 

436

 

 

411

 

6

%

 

802

 

 

819

 

(2

%)

Adjusted Net Earnings

$

2,521

 

$

2,209

 

14

%

$

4,538

 

$

4,611

 

(2

%)

 

Adjusted non-GAAP diluted earnings per share

$

0.08

 

$

0.07

 

14

%

$

0.14

 

$

0.15

 

(7

%)

 
 

Second Quarter Ended

Six Months Ended

October 31,

October 31,

2019

2018

Pct
Chg.

2019

2018

Pct
Chg.

NON-GAAP Earnings Per Share

Net Earnings (GAAP Basis)

$

0.05

 

$

0.04

 

25

%

$

0.09

 

$

0.08

 

13

%

Amortization of acquisition-related intangibles (2)

 

0.02

 

 

0.02

 

0

%

 

0.03

 

 

0.05

 

(40

%)

Stock-based compensation (2)

 

0.01

 

 

0.01

 

0

%

 

0.02

 

 

0.02

 

0

%

Adjusted Net Earnings

$

0.08

 

$

0.07

 

14

%

$

0.14

 

$

0.15

 

(7

%)

 
 

Second Quarter Ended

Six Months Ended

October 31,

October 31,

2019

2018

Pct
Chg.

2019

2018

Pct
Chg.

Amortization of acquisition-related intangibles

Cost of license

$

299

 

$

500

 

(40

%)

$

799

 

$

1,000

 

(20

%)

Operating expenses

 

78

 

 

97

 

(20

%)

 

175

 

 

194

 

(10

%)

Total amortization of acquisition-related intangibles

$

377

 

$

597

 

(37

%)

$

974

 

$

1,194

 

(18

%)

 

Stock-based compensation

Cost of revenues

$

21

 

$

33

 

(36

%)

$

51

 

$

61

 

(16

%)

Research and development

 

40

 

 

33

 

21

%

 

73

 

 

63

 

16

%

Sales and marketing

 

82

 

 

66

 

24

%

 

158

 

 

118

 

34

%

General and administrative

 

360

 

 

311

 

16

%

 

664

 

 

599

 

11

%

Total stock-based compensation

$

503

 

$

443

 

14

%

$

946

 

$

841

 

12

%

 
 

(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 $0.06 and $0.09 for the three and six months ended October 31, 2019, respectively. Diluted per share for Class B shares under the two-class method are $0.04 and $0.09 for the three and six months ended October 31, 2018, 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, 2019 and 2018.

 

nm- not meaningful

 

 

 

 

 
AMERICAN SOFTWARE, INC.

Consolidated Balance Sheet Information

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

October 31,

 

April 30,

 

 

2019

 

2019

 

Cash and Cash Equivalents

$

62,684

$

61,288

Short-term Investments

 

31,493

 

24,710

Accounts Receivable:

Billed

 

15,432

 

18,819

Unbilled

 

2,682

 

1,475

Total Accounts Receivable, net

 

18,114

 

20,294

Prepaids & Other

 

6,812

 

6,210

Current Assets

 

119,103

 

112,502

 

Investments - Non-current

 

494

 

2,484

 

PP&E, net

 

3,505

 

3,585

Capitalized Software, net

 

9,816

 

11,063

Goodwill

 

25,888

 

25,888

Other Intangibles, net

 

1,759

 

2,732

Deferred Sales Commissions - Non-current

 

1,881

 

1,546

Lease Right of Use Assets

 

2,401

 

-

Other Non-current Assets

 

1,731

 

1,510

Total Assets

$

166,578

$

161,310

 

Accounts Payable

$

1,846

$

2,448

Accrued Compensation and Related costs

 

4,097

 

2,561

Dividend Payable

 

3,505

 

3,434

Operating Lease Obligation - Current

 

775

 

-

Other Current Liabilities

 

688

 

1,375

Deferred Revenues - Current

 

32,563

 

33,283

Current Liabilities

 

43,474

 

43,101

 

Operating Lease Obligation - Non-current

 

1,769

 

-

Deferred Tax Liability - Non-current

 

3,382

 

3,514

Other Long-term Liabilities

 

87

 

88

Long-term Liabilities

 

5,238

 

3,602

 
Total Liabilities

 

48,712

 

46,703

 

Shareholders' Equity

 

117,866

 

114,607

 

 

Total Liabilities & Shareholders' Equity

$

166,578

$

161,310

 
 
AMERICAN SOFTWARE, INC.

Condensed Consolidated Cashflow Information

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

Six Months Ended

 

 

October 31,

 

 

2019

 

2018

 

Net cash provided by operating activities

$

4,050

 

$

4,802

 

 

Capitalized computer software development costs

 

(1,890

)

 

(2,088

)

Purchases of property and equipment, net of disposals

 

(238

)

 

(894

)

 

Net cash used in investing activities

 

(2,128

)

 

(2,982

)

 

Dividends paid

 

(6,884

)

 

(6,767

)

Proceeds from exercise of stock options

 

6,358

 

 

3,086

 

 

Net cash used in financing activities

 

(526

)

 

(3,681

)

 

Net change in cash and cash equivalents

 

1,396

 

 

(1,861

)

Cash and cash equivalents at beginning of period

 

61,288

 

 

52,794

 

 

Cash and cash equivalents at end of period

$

62,684

 

$

50,933

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20191121005854/en/