American Software, Inc. today reported preliminary financial results for the fourth quarter and fiscal 2015. The Company increased Cloud Service Annual Contract Value (ACV) by approximately 226% and increased total revenues by six percent driving a 26% increase in EBITDA for the fourth quarter.
Key fourth quarter financial metrics:
- Total revenues for the quarter ended April 30, 2015 were $27.6 million, an increase of 6% over the comparable period last year.
- Software license fee revenues for the quarter ended April 30, 2015 were $5.0 million, a decrease of 10% compared to the same period last year.
- Services and other revenues for the quarter ended April 30, 2015 increased 13% to $12.8 million compared to $11.3 million for the same period last year.
- Maintenance revenues for the quarter ended April 30, 2015 were $9.8 million compared to $9.0 million, an increase of 9% over the same period last year.
- Operating earnings for the quarter ended April 30, 2015 were $3.4 million, an increase of 7% compared to the same period last year.
- GAAP net earnings for the quarter ended April 30, 2015 were $2.6 million or $0.09 per fully diluted share compared to $2.6 million or $0.09 per fully diluted share in the same period last year.
- Adjusted net earnings for the quarter ended April 30, 2015, which excludes stock-based compensation expense and amortization of acquisition-related intangibles, were $2.9 million or
- $0.10 per fully diluted share compared to $2.9 million or $0.10 per fully diluted share for the same period last year, which excluded stock-based compensation expense and amortization of acquisition-related intangibles.
- EBITDA increased 26% to $4.9 million for the quarter ended April 30, 2015 compared to $3.9 million for the quarter ended April 30, 2014.
- Adjusted EBITDA increased 22% to $5.3 million for the quarter ended April 30, 2015 compared to $4.3 million for the quarter ended April 30, 2014. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense, stock-based compensation, and other significant non-routine operating and non-operating income and expense items, if applicable.
- Cloud Services Annual Contract Value (ACV) increased approximately 226% to $2.8 million compared to $0.9 million in the same period of the prior year. The ACV is comprised of software- as-a-service (SaaS) ACV of $1.5 million compared to approximately $210,000 during the same period last year and other cloud services ACV of $1.3 million compared to $652,000 during the same period last year. Additionally, the Company had an 118% increase to $2.4 million in deferred ratable license fee revenue compared to $1.1 million for the same period last year.
Key fiscal 2015 year to date financial highlights:
- Total revenues for the twelve months ended April 30, 2015 were $102.9 million, a 2% increase over the comparable period last year.
- Software license fees for the twelve-month period were $16.7 million, a 16% decrease compared to the same period last year.
- Services and other revenues increased 6% to $47.2 million compared to $44.4 million the same period last year.
- Maintenance revenues were $38.9 million, a 7% increase over the comparable period last year.
- For the twelve months ended April 30, 2015, the Company reported operating earnings of approximately $9.3 million, a 36% decrease over the same period last year.
- GAAP net earnings were approximately $8.1 million or $0.28 per fully diluted share for the twelve months ended April 30, 2015, a 24% decrease compared to $10.3 million or $0.37 per fully diluted share for the same period last year.
- Adjusted net earnings for the twelve months ended April 30, 2015, which excludes stock-based compensation expense, amortization of acquisition-related intangibles and discrete tax adjustments, were $8.2 million or $0.29 per fully diluted share, compared to $11.6 million or
- $0.41 per fully diluted share for the same period last year, which also excluded stock-based compensation expenses and acquisition-related amortization of intangibles.
- EBITDA was $15.2 million for the twelve months ended April 30, 2015 compared to $17.1 million for the twelve months ended April 30, 2014.
- Adjusted EBITDA was $16.7 million for the twelve months ended April 30, 2015 compared to
- $18.6 million for the twelve months ended April 30, 2014. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net income tax expense, stock-based compensation, and other significant non-routine operating and non-operating income and expense items, if applicable.
