Business Wire | Oct 26, 2021 04:06PM EDT

Agilysys Reports Fiscal 2022 Second Quarter Revenue of $37.9M

Oct. 26, 2021

ALPHARETTA, Ga.--(BUSINESS WIRE)--Oct. 26, 2021--Agilysys, Inc. (Nasdaq: AGYS), a leading global provider of next-generation SaaS and on-premise hospitality software solutions and services, today reported operating results for its fiscal 2022 second quarter ended September 30, 2021.

Summary of Fiscal 2022 Second Quarter Financial Results

* Total net revenue was $37.9 million, compared to net revenue of $34.4 million and $40.7 million in the second quarters of fiscal 2021 and 2020, respectively. * Recurring revenues (which are comprised of support, maintenance and subscription services) for the fiscal second quarter were $24.0 million or 63.4% of total net revenue compared to $22.3 million or 64.9% of total net revenue and $20.3 million or 49.9% of total net revenue for the second quarters of fiscal 2021 and 2020, respectively. Subscription revenues increased 21.7% over fiscal 2021 second quarter compared to an increase of 23.9% fiscal 2021 over fiscal 2020 second quarter. Subscription revenues comprised 46.0% of total recurring revenues compared to 40.7% and 36.1% for the second quarters of fiscal 2021 and 2020, respectively. * Gross margin was 64.0% compared to 67.4% and 49.6% in the second quarters of fiscal 2021 and 2020, respectively. * Net income attributable to common shareholders in the fiscal 2022 second quarter was $0.5 million, or $0.02 per diluted share compared to $5.3 million or $0.22 per diluted share and a net loss of $(2.9) million or $(0.13) per diluted share for the second quarters of fiscal 2021 and 2020, respectively. * Adjusted diluted EPS (non-GAAP) was $0.18 compared to $0.29 and $0.04 per share in the second quarters of fiscal 2021 and 2020 respectively (see reconciliation below). * Adjusted EBITDA (non-GAAP) was $6.3 million, compared to $8.6 million and $3.0 million in the second quarters of fiscal 2021 and 2020 respectively (see reconciliation below). * Free cash flow (non-GAAP) in the fiscal 2022 second quarter was $3.2 million compared to $11.3 million and $1.8 million in the fiscal second quarters of 2021 and 2020 respectively (see reconciliation below). Ending cash balance was $106.4 million, compared to ending cash balance of $99.2 million as of fiscal 2021 year-end.

Ramesh Srinivasan, President and CEO of Agilysys, commented, "The second quarter of fiscal 2022 (July to September) was our best sales quarter measured in Annual Contract Value (ACV) since the pandemic started. Subscription sales have increased significantly over three consecutive quarters. With modern technology cloud-native subscription-license-based software applications, which can also be implemented on-premise based on customer preference, now available for virtually every need across the hospitality software solutions spectrum, Q2 fiscal 2022 was our highest ever subscription sales quarter and our highest new customer win sales quarter in five years. Our total backlog across product, services and recurring revenue remains at record levels."

"One-time revenue during Q2 of fiscal 2022 was at the low end of the guidance range. Some of the sales verticals including managed food services and international regions remain challenged by lingering effects of the pandemic. In addition, POS terminals and payment device deliveries were affected by global supply chain challenges causing delays in hardware and associated software product revenue. We continue to work closely with hardware partners to achieve appropriate inventory levels as quickly as possible. Services revenue levels continue to be challenged by project delays. Amidst all this, recurring revenue continues to move forward at record levels, with quarterly subscription revenue surpassing $11.0M for the first time in our history. Progress with our products, especially with respect to the entirely software-based PMS solutions, continues to remain on target. Our transition to being a fully modern technology cloud-native software applications provider is, for all practical purposes, now complete."

"While the current short-term challenges to one-time revenue are yet to be fully resolved, we remain bullish about our medium and long-term prospects due to the breadth of cloud native applications we now have available, our continued momentum in the marketplace, current record backlog levels and our expectation that the remaining pandemic challenged portions of the hospitality industry will turn the corner soon. We remain cautiously optimistic and are maintaining the range of fiscal 2022 revenue and profitability guidance levels provided earlier, but the speed at which we overcome the aforementioned short-term one-time revenue challenges will determine where we come out therein."

Fiscal 2022 Outlook

Agilysys continues to monitor the impact of COVID-19 on the hospitality industry with our primary focus being the safety of our employees and customers as we manage through these unprecedented times. We are re-iterating our previously released guidance of full year fiscal 2022 revenue of $160 to $170 million and Adjusted EBITDA of slightly better than 15% of revenue.

Dave Wood, Chief Financial Officer, commented, "The recovery in our markets continued through the fiscal second quarter translating into record subscription sales for the second consecutive quarter. We are also pleased to see ARR sales of PMS solutions contributing with an increase of 115% compared to pre-pandemic levels in Q2 fiscal 2020 two years ago. With the addition of new add-on software modules and the strengthening of our existing solutions, we remain confident in our ability for long term sustained growth. We believe our profitability and business fundamentals have us well positioned for continuing to manage through the current environment and short-term challenges around the supply chain and labor shortages at customer sites."

2022 Second Quarter Conference Call and Webcast

Agilysys is hosting a conference call and webcast today, October 26, 2021, at 4:30 p.m. ET. Both the call and the webcast are open to the public. The conference call number is 224-357-2393 (domestic or international); and the conference ID number is 2596363. Please call five minutes prior to the presentation to ensure that you are connected.

Interested parties may also access the conference call live on the Internet at Agilysys Events & Presentations. Approximately two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.

Forward-Looking Language

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, our revenue and adjusted EBITDA guidance for the 2022 fiscal year, statements we make regarding recovery from the COVID-19 pandemic, changes to the hospitality market and our ability to manage through short-term challenges around the supply chain and labor shortages at customer sites.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the effect of the COVID-19 pandemic on our business and the success of any measures we have taken or may take in the future in response thereto; and the risks described in the Company's filings with the Securities and Exchange Commission, including the Company's reports on Form 10-K and Form 10-Q.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement that may be made from time to time, whether written or oral, whether as a result of new information, future developments or otherwise.

Use of Non-GAAP Financial Information

To supplement the unaudited consolidated financial statements presented in accordance with U.S. GAAP in this press release, certain non-GAAP financial measures as defined by the SEC rules are used. These non-GAAP financial measures include EBITDA, adjusted EBITDA, adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share and free cash flow. Management believes that such information can enhance investors' understanding of the Company's ongoing operations.

The Company has included the following non-GAAP financial measures in this press release: adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share, and free cash flow. The Company believes these non-GAAP financial measures provide valuable insight into the Company's overall profitability from core operations before certain non-cash and non-recurring charges. The Company defines adjusted net income as net income before amortization expense (including amortization of developed technology), share-based compensation, convertible preferred stock issuance costs, and one-time charges including severance and other charges, impairments and legal settlements, less the related income tax effect of these adjustments, as applicable, and defines adjusted earnings per share as adjusted net income divided by basic and diluted weighted average shares outstanding. Free cash flow is defined as net cash provided by (used in) operating activities, less capital expenditures.

See the accompanying tables below for the definitions and reconciliation of these non-GAAP measures to the most closely related GAAP measures.

About Agilysys

Agilysys has been a leader in hospitality software for more than 40 years, delivering innovative cloud-native SaaS and on-premise guest-centric technology solutions for gaming, hotels, resorts and cruise, corporate foodservice management, restaurants, universities, stadia and healthcare. Agilysys offers the most comprehensive software solutions in the hospitality industry, including point-of-sale (POS), property management (PMS), inventory and procurement, payments, and related applications, to manage the entire guest journey. Agilysys is also known for its world class customer-centric service. During recent years, Agilysys has made major investments in R&D and has successfully modernized virtually all its longstanding trusted software solutions. Some of the largest hospitality companies around the world use Agilysys solutions to help improve guest loyalty, drive revenue growth and increase operational efficiencies. Agilysys operates across North America, Europe, the Middle East, Asia-Pacific and India with headquarters located in Alpharetta, GA. For more information visit Agilysys.com.

AGILYSYS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended Six Months Ended

September 30, September 30,

(In thousands, except share 2021 2020 2021 2020 data)

Net revenue:

Products $ 7,299 $ 6,559 $ 16,143 $ 11,798

Support, maintenance and 24,027 22,304 47,234 42,801 subscription services

Professional services 6,566 5,497 13,240 9,567

Total net revenue 37,892 34,360 76,617 64,166

Cost of goods sold:

Products 3,660 2,950 8,020 5,965

Support, maintenance and 5,019 4,555 9,763 8,860 subscription services

Professional services 4,958 3,701 9,711 7,638

Total cost of goods sold 13,637 11,206 27,494 22,463

Gross profit 24,255 23,154 49,123 41,703

Gross profit margin 64.0 % 67.4 % 64.1 % 65.0 %

Operating expenses:

Product development 11,379 8,257 22,864 16,524

Sales and marketing 3,423 2,350 6,475 4,951

General and administrative 6,523 5,217 13,526 10,936

Depreciation of fixed 548 715 1,114 1,438 assets

Amortization of 345 508 810 968 internal-use software

Severance and other charges 580 7 805 1,210

Legal settlements, net 337 50 367 50

Total operating expense 23,135 17,104 45,961 36,077

Operating income 1,120 6,050 3,162 5,626

Other (income) expense:

Interest income (14 ) (28 ) (35 ) (49 )

Interest expense 1 2 2 3

Other (income) expense, net 103 88 - 194

Income before taxes 1,030 5,988 3,195 5,478

Income tax expense 48 121 241 128

Net income $ 982 $ 5,867 $ 2,954 $ 5,350

Series A convertiblepreferred stock issuance - (94 ) - (1,031 )costs

Series A convertible (459 ) (459 ) (918 ) (658 )preferred stock dividends

Net income attributable to $ 523 $ 5,314 $ 2,036 $ 3,661 common shareholders



Weighted average shares 24,451 23,424 24,233 23,415 outstanding - basic



Net income per share - $ 0.02 $ 0.23 $ 0.08 $ 0.16 basic:



Weighted average shares 25,409 23,866 25,296 23,849 outstanding - diluted



Net income per share - $ 0.02 $ 0.22 $ 0.08 $ 0.15 diluted:

AGILYSYS, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

September 30, 2021

March 31,

(In thousands, except share data)

(Unaudited)

2021

ASSETS

Current assets:

Cash and cash equivalents

$

106,389

$

99,180

Accounts receivable, net of allowance for expected credit losses of $666 and $1,220, respectively

19,269

25,732

Contract assets

1,846

2,364

Inventories

1,881

1,177

Prepaid expenses and other current assets

4,838

4,797

Total current assets

134,223

133,250

Property and equipment, net

7,372

8,789

Operating lease right-of-use assets

10,495

12,210

Goodwill

19,622

19,622

Intangible assets, net

8,400

8,400

Deferred income taxes, non-current

2,090

1,802

Other non-current assets

5,898

5,800

Total assets

$

188,100

$

189,873

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

9,009

$

6,346

Contract liabilities

30,640

38,394

Accrued liabilities

8,215

11,233

Operating lease liabilities, current

4,325

5,009

Finance lease obligations, current

10

19

Total current liabilities

52,199

61,001

Deferred income taxes, non-current

933

923

Operating lease liabilities, non-current

7,331

8,597

Finance lease obligations, non-current

4

6

Other non-current liabilities

4,456

4,011

Commitments and contingencies

Series A convertible preferred stock, no par value

35,459

35,459

Shareholders' equity:

Common shares, without par value, at $0.30 stated value; 80,000,000 shares authorized; 31,606,831 shares issued; and 24,607,173 and 24,010,727 shares outstanding at September 30, 2021 and March 31, 2021, respectively

9,482

9,482

Treasury shares, 6,999,658 and 7,596,104 at September 30, 2021 and March 31, 2021, respectively

(2,100

)

(2,278

)

Capital in excess of stated value

42,867

37,257

Retained earnings

37,412

35,376

Accumulated other comprehensive income

57

39

Total shareholders' equity

87,718

79,876

Total liabilities and shareholders' equity

$

188,100

$

189,873

AGILYSYS, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

September March 31, 30, 2021

(In thousands, except share data) (Unaudited) 2021

ASSETS

Current assets:

Cash and cash equivalents $ 106,389 $ 99,180

Accounts receivable, net of allowance forexpected credit losses of $666 and $1,220, 19,269 25,732 respectively

Contract assets 1,846 2,364

Inventories 1,881 1,177

Prepaid expenses and other current assets 4,838 4,797

Total current assets 134,223 133,250

Property and equipment, net 7,372 8,789

Operating lease right-of-use assets 10,495 12,210

Goodwill 19,622 19,622

Intangible assets, net 8,400 8,400

Deferred income taxes, non-current 2,090 1,802

Other non-current assets 5,898 5,800

Total assets $ 188,100 $ 189,873

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable $ 9,009 $ 6,346

Contract liabilities 30,640 38,394

Accrued liabilities 8,215 11,233

Operating lease liabilities, current 4,325 5,009

Finance lease obligations, current 10 19

Total current liabilities 52,199 61,001

Deferred income taxes, non-current 933 923

Operating lease liabilities, non-current 7,331 8,597

Finance lease obligations, non-current 4 6

Other non-current liabilities 4,456 4,011

Commitments and contingencies

Series A convertible preferred stock, no par 35,459 35,459 value

Shareholders' equity:

Common shares, without par value, at $0.30 statedvalue; 80,000,000 shares authorized; 31,606,831shares issued; and 24,607,173 and 24,010,727 9,482 9,482 shares outstanding at September 30, 2021 andMarch 31, 2021, respectively

Treasury shares, 6,999,658 and 7,596,104 atSeptember 30, 2021 and March 31, 2021, (2,100 ) (2,278 )respectively

Capital in excess of stated value 42,867 37,257

Retained earnings 37,412 35,376

Accumulated other comprehensive income 57 39

Total shareholders' equity 87,718 79,876

Total liabilities and shareholders' equity $ 188,100 $ 189,873

AGILYSYS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Six Months Ended

September 30,

(In thousands)

2021

2020

Operating activities

Net income

$

2,954

$

5,350

Adjustments to reconcile net income to net cash provided by operating activities

Loss on disposal of property & equipment

123

-

Depreciation

1,114

1,438

Amortization of internal-use software

810

968

Deferred income taxes

(303

)

(269

)

Share-based compensation

6,963

2,682

Changes in operating assets and liabilities

12

(3,527

)

Net cash provided by operating activities

11,673

6,642

Investing activities

Capital expenditures

(786

)

(471

)

Additional investments in corporate-owned life insurance policies

(2

)

(2

)

Net cash used in investing activities

(788

)

(473

)

Financing activities

Repurchase of common shares to satisfy employee tax withholding

(2,709

)

(959

)

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

-

33,969

Payment of preferred stock dividends

(918

)

(199

)

Principal payments under long-term obligations

(11

)

(12

)

Net cash (used in) provided by financing activities

(3,638

)

32,799

Effect of exchange rate changes on cash

(38

)

85

Net increase in cash and cash equivalents

7,209

39,053

Cash and cash equivalents at beginning of period

99,180

46,653

Cash and cash equivalents at end of period

$

106,389

$

85,706

AGILYSYS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Six Months Ended

September 30,

(In thousands) 2021 2020

Operating activities

Net income $ 2,954 $ 5,350

Adjustments to reconcile net income to net cash provided by operating activities

Loss on disposal of property & equipment 123 -

Depreciation 1,114 1,438

Amortization of internal-use software 810 968

Deferred income taxes (303 ) (269 )

Share-based compensation 6,963 2,682

Changes in operating assets and liabilities 12 (3,527 )

Net cash provided by operating activities 11,673 6,642

Investing activities

Capital expenditures (786 ) (471 )

Additional investments in corporate-owned life (2 ) (2 )insurance policies

Net cash used in investing activities (788 ) (473 )

Financing activities

Repurchase of common shares to satisfy employee tax (2,709 ) (959 )withholding

Series A convertible preferred stock issuance - 33,969 proceeds, net of issuance costs

Payment of preferred stock dividends (918 ) (199 )

Principal payments under long-term obligations (11 ) (12 )

Net cash (used in) provided by financing activities (3,638 ) 32,799

Effect of exchange rate changes on cash (38 ) 85

Net increase in cash and cash equivalents 7,209 39,053

Cash and cash equivalents at beginning of period 99,180 46,653

Cash and cash equivalents at end of period $ 106,389 $ 85,706

AGILYSYS, INC.

RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA

(UNAUDITED)

Three months ended

Six months ended

(In thousands)

September 30,

September 30,

2021

2020

2021

2020

Net income

$

982

$

5,867

$

2,954

$

5,350

Income tax expense

48

121

241

128

Income before taxes

1,030

5,988

3,195

5,478

Depreciation of fixed assets

548

715

1,114

1,438

Amortization of internal-use software

345

508

810

968

Interest (income), net

(13

)

(26

)

(33

)

(46

)

EBITDA (a)

1,910

7,185

5,086

7,838

Share-based compensation

3,342

1,256

6,963

2,682

Severance and other charges

580

7

805

1,210

Other non-operating expense

103

88

-

194

Legal settlements, net

337

50

367

50

Adjusted EBITDA (b)

$

6,272

$

8,586

$

13,221

$

11,974

(a) EBITDA, a non-GAAP financial measure, is defined as net income before income taxes, interest expense (net of interest income), depreciation and amortization

(b) Adjusted EBITDA, a non-GAAP financial measure, is defined as net income before income taxes, interest expense (net of interest income), depreciation and amortization, and excluding charges relating to i) legal settlements, ii) severance and other charges, iii) share-based compensation, and iv) other non-operating (income) expense

AGILYSYS, INC.

RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA

(UNAUDITED)

Three months ended Six months ended

(In thousands) September 30, September 30,

2021 2020 2021 2020

Net income $ 982 $ 5,867 $ 2,954 $ 5,350

Income tax expense 48 121 241 128

Income before taxes 1,030 5,988 3,195 5,478

Depreciation of fixed assets 548 715 1,114 1,438

Amortization of internal-use 345 508 810 968 software

Interest (income), net (13 ) (26 ) (33 ) (46 )

EBITDA (a) 1,910 7,185 5,086 7,838

Share-based compensation 3,342 1,256 6,963 2,682

Severance and other charges 580 7 805 1,210

Other non-operating expense 103 88 - 194

Legal settlements, net 337 50 367 50

Adjusted EBITDA (b) $ 6,272 $ 8,586 $ 13,221 $ 11,974

(a) EBITDA, a non-GAAP financial measure, is defined as net income beforeincome taxes, interest expense (net of interest income), depreciation andamortization

(b) Adjusted EBITDA, a non-GAAP financial measure, is defined as net incomebefore income taxes, interest expense (net of interest income), depreciationand amortization, and excluding charges relating to i) legal settlements, ii)severance and other charges, iii) share-based compensation, and iv) othernon-operating (income) expense

AGILYSYS, INC.

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME FOR ADJUSTED EARNINGS PER SHARE

(UNAUDITED)

Three months ended

Six months ended

(In thousands, except per share data)

September 30,

September 30,

2021

2020

2021

2020

Net income attributable to common shareholders

$

523

$

5,314

$

2,036

$

3,661

Amortization of internal-use software

345

508

810

968

Share-based compensation

3,342

1,256

6,963

2,682

Series A convertible preferred stock issuance costs

-

94

-

1,031

Severance and other charges, net

580

7

805

1,210

Legal settlements, net

337

50

367

50

Income tax adjustments

(555

)

(426

)

(1,211

)

(881

)

Adjusted net income (a)

$

4,572

$

6,803

$

9,770

$

8,721

Basic weighted average shares outstanding

24,451

23,424

24,233

23,415

Diluted weighted average shares outstanding

25,409

23,866

25,296

23,849

Adjusted basic earnings per share (b)

$

0.19

$

0.29

$

0.40

$

0.37

Adjusted diluted earnings per share (b)

$

0.18

$

0.29

$

0.39

$

0.37

(a) Adjusted net income, a non-GAAP financial measure, is defined as net income attributable to common shareholders before amortization expense, share-based compensation, and one-time charges including severance and other charges and legal settlements, less the related income tax effect of these adjustments, as applicable, at the Company's current combined federal and state income statutory tax rate. No income tax effect applies to one-time charges when a valuation allowance offsets their related deferred tax assets.

(b) Adjusted earnings per share, a non-GAAP financial measure, is defined as adjusted net income divided by basic and diluted weighted average shares outstanding

AGILYSYS, INC.

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME FOR ADJUSTED EARNINGS PERSHARE

(UNAUDITED)

Three months ended Six months ended

(In thousands, except per September 30, September 30, share data)

2021 2020 2021 2020

Net income attributable to $ 523 $ 5,314 $ 2,036 $ 3,661 common shareholders

Amortization of internal-use 345 508 810 968 software

Share-based compensation 3,342 1,256 6,963 2,682

Series A convertiblepreferred stock issuance - 94 - 1,031 costs

Severance and other charges, 580 7 805 1,210 net

Legal settlements, net 337 50 367 50

Income tax adjustments (555 ) (426 ) (1,211 ) (881 )

Adjusted net income (a) $ 4,572 $ 6,803 $ 9,770 $ 8,721



Basic weighted average shares 24,451 23,424 24,233 23,415 outstanding

Diluted weighted average 25,409 23,866 25,296 23,849 shares outstanding



Adjusted basic earnings per $ 0.19 $ 0.29 $ 0.40 $ 0.37 share (b)

Adjusted diluted earnings per $ 0.18 $ 0.29 $ 0.39 $ 0.37 share (b)

(a) Adjusted net income, a non-GAAP financial measure, is defined as net incomeattributable to common shareholders before amortization expense, share-basedcompensation, and one-time charges including severance and other charges andlegal settlements, less the related income tax effect of these adjustments, asapplicable, at the Company's current combined federal and state incomestatutory tax rate. No income tax effect applies to one-time charges when avaluation allowance offsets their related deferred tax assets.

(b) Adjusted earnings per share, a non-GAAP financial measure, is defined asadjusted net income divided by basic and diluted weighted average sharesoutstanding

AGILYSYS, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(UNAUDITED)

Three months ended

Six months ended

(In thousands)

September 30,

September 30,

2021

2020

2021

2020

Net cash provided by operating activities

$

3,678

$

11,571

$

11,673

$

6,642

Capital expenditures

(512

)

(228

)

(786

)

(471

)

Free cash flow (a)

$

3,166

$

11,343

$

10,887

$

6,171

(a) Free cash flow, a non-GAAP financial measure, is defined as net cash provided by operating activities, less capital expenditures

View source version on businesswire.com: https://www.businesswire.com/news/home/20211026006243/en/

CONTACT: Investor Contact: Jessica Hennessy Director Corporate Strategy & Investor Relations Agilysys, Inc. 770-810-6116 or investorrelations@agilysys.com