Agilysys, Inc. AGYS shares are trading lower in Monday's after-hours session following the release of the company's third-quarter earnings results.
What To Know: Agilysys reported quarterly earnings of 35 cents per share, topping analyst consensus estimate of 26 cents.
The company reported quarterly sales of $60.60 million which beat analyst expectations of $60.07 million, a 21.39% increase over sales of $49.92 million from the same period last year.
Agilysys reached a record total net revenue of $60.6 million in the quarter, representing growth of 21.3% compared to total net revenue of $49.9 million in the same period last year.
Gross margin of 62.5% also marked an increase from the prior-year period of 61.7%. Additionally, free cash flow was $11.3 million compared to free cash flow of $11.7 million in the same quarter in 2023.
The company reiterated full-year 2024 revenue guidance of between $235 million and $238 million and raised its adjusted EBITDA outlook to 15% of revenue.
"We are pleased with our continuing good business momentum, highlighted by the eighth consecutive record revenue quarter, 21.3% year-over-year revenue growth that includes subscription revenue growth of 29.9% and Adjusted EBITDA of 19.4%," said Ramesh Srinivasan, president and CEO of Agilysys.
"Improving implementation services efficiency, as our recently re-engineered and newly created state-of-the-art technology-based software solutions continue to establish themselves well across many hospitality corporations and their properties, was the other salient highlight of the quarter. Record high services revenue and significantly improved services margins helped drive increases in gross margin and net income profitability levels."
AGYS Price Action: Shares of Agilysys were down 3.10% at $84.02 in the after-hours Monday session at the time of publication, according to Benzinga Pro.
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