Agilysys reports record 47 5m in net revenue for Q1 FY23

Hospitality solutions provider Agilysys has published its financial results for Q1 of fiscal year 2023, reporting a company record of $47

Hospitality solutions provider Agilysys has published its financial results for Q1 of financial yr 2023, reporting a accompany enter of $47.5m inward sack revenue.

The canton saw Agilysys receive double-digit ontogenesis crossways multiple metrics, led by a top-line increase of almost 23%.

Recurring revenue, which is comprised of subscription and maintenance charges, likewise climbed to track record levels. For Q1, this amounted to $27.7m, upwards from $23.2m lastly yr though pile as a per centum of tote up meshwork revenue.

In addition, network income attributable to unwashed shareholders rosebush from $1.5m to $2.6m, but familiarized EBITDA was down, falling from $6.9m to $6.7m year-on-year.

Ramesh Srinivasan, Agilysys President and CEO, attributed the discharge inwards EBITDA – especially as a proportion of revenue – to increased drop inward sales, marketing and professional services, alongside other additional costs.

The company’s disengage hard currency flowing was also pile year-on-year, tumbling to zip from $7.7m, a wane Srinivasan credited to “short-term working chapiter fluctuations.”

“The minify in discharge hard cash flux this canton was primarily due to short-term workings working capital fluctuations including additional payments for previously reported increased stocktaking levels which were required to commit us operating cushion against possible future render string challenges,” he said.

Looking ahead, Srinivasan believes Agilysys is good positioned for sustained growth. He concluded: “Continued sales progress, a intelligent backlog and an manufacture hungry for improved engineering options have positioned us considerably to accomplish our 2023 targets and uphold on a profitable maturation itinerary thereafter.”

To this end, Agilysys upgraded its financial year 2023 revenue counselling from $190m to $195m.

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