ATLANTA--(BUSINESS WIRE)--American Software, Inc. (NASDAQ: AMSWA) today reported preliminary financial results for the fourth quarter and fiscal year 2023.
Key Fourth Quarter Financial Highlights:
- Subscription fees were $13.0 million for the quarter ended April 30, 2023, an 18% increase compared to $11.1 million for the same period last year.
- Total revenues for the quarter ended April 30, 2023 decreased 14% to $29.9 million, compared to $34.6 million for the same period of the prior year, principally due to a decline in services and license fee revenue.
- Recurring revenue streams for Maintenance and Cloud Subscriptions were $21.2 million or 71% of total revenues in the quarter ended April 30, 2023 compared to $19.8 million or 57% of total revenues in the same period of the prior year.
- Maintenance revenues for the quarter ended April 30, 2023 decreased 7% to $8.2 million compared to $8.8 million for the same period last year reflecting the shift to cloud revenue as a client preference.
- Professional services and other revenues for the quarter ended April 30, 2023 decreased 32% to $8.0 million compared to $11.7 million for the same period last year. The decline was primarily driven by a 43% decrease in non-core project revenue in our IT Consulting business unit. For the Supply Chain business, professional services revenues for the quarter ended April 30, 2023 decreased by 23% to $4.6 million when compared to $6.0 million in the same period last year due to lower project work and outsourcing of some services to partners.
- Software license revenues were $0.7 million for the quarter ended April 30, 2023 compared to $3.1 million in the same period last year.
- Operating earnings for the quarter ended April 30, 2023 were $2.3 million compared to $5.5 million for the same period last year.
- GAAP net earnings for the quarter ended April 30, 2023 were $2.9 million or $0.08 per fully diluted share compared to $3.6 million or $0.10 per fully diluted share for the same period last year.
- Adjusted net earnings for the quarter ended April 30, 2023, which excludes non-cash stock-based compensation expense and amortization of acquisition-related intangibles, were $4.1 million or $0.12 per fully diluted share compared to $4.4 million or $0.13 per fully diluted share for the same period last year.
- EBITDA was $3.0 million for the quarter ended April 30, 2023 compared to $6.4 million for the same period last year.
- Adjusted EBITDA was $4.3 million for the quarter ended April 30, 2023 compared to $7.5 million for the same period last year. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense and non-cash stock-based compensation expense.
Key Fourth Quarter of Fiscal Year 2023 highlights:
Clients & Channels
- Notable new and existing customers placing orders with the Company in the fourth quarter include: Annex Products Pty Ltd., CertainTeed LLC., DecoPac, Inc, Farmlands Cooperative Society Ltd., Heidelberg Materials US Inc., ICL, Inc., Libbey Glass LLC, Tilly's Inc. and Yazaki, Inc.
- During the quarter, SaaS subscription and software license agreements were signed with customers located in the following eight countries: Australia, Belgium, Mexico, New Zealand, Norway, Sweden, the United Kingdom and the United States.
Company & Technology
- Announced in February, Allan Dow, president of Logility, Inc., and Elaine Videau, director of planning for Tillamook County Creamery Association, a farmer-owned co-op, were two winners of this year's Food Logistics' Rock Stars of the Supply Chain award. This annual award program recognizes influential individuals in the industry whose achievements, hard work and vision have shaped the global cold food supply chain.
- In March, Allan Dow, president of Logility, Inc. and Marti Kirsch, EVP marketing for Logility, Inc. were announced as winners of the 2023 Pros to Know award by Supply and Demand Chain Executive. This annual award recognizes outstanding executives whose accomplishments offer a roadmap for other leaders looking to leverage their supply chain for competitive advantage.
- In August, Logility was recognized with the Gartner Peer Insights "Voice of the Customer" award for Supply Chain Planning Solutions. This Gartner research document synthesizes Gartner Peer Insights' customer feedback on supply chain planning solutions for a specific 18-month period to offer peer perspective.
Key Fiscal 2023 Year to Date Financial Highlights:
- Subscription fees were $50.4 million for the twelve months ended April 30, 2023, a 20% increase compared to $42.1 million for the same period last year.
- Total revenues for the twelve months ended April 30, 2023 were $123.7 million compared to $127.6 million for the same period last year. Excluding our non-core IT Consulting business unit, total revenues from our Supply Chain Management segment increased 2% compared to the same period last year.
- Recurring revenue streams for Maintenance and Cloud Services were $85.0 million and $78.7 million or 69% and 62% of total revenues for the twelve-month periods ended April 30, 2023 and 2022, respectively.
- Maintenance revenues for the twelve months ended April 30, 2023 were $34.6 million, a 6% decrease compared to $36.6 million for the same period last year.
- Professional services and other revenues for the twelve months ended April 30, 2023 decreased 17% to $35.9 million compared to $43.5 million for the same period last year.
- Software license revenues were $2.8 million compared to $5.4 million for the same period last year.
- For the twelve months ended April 30, 2023, the Company reported operating earnings of approximately $10.5 million compared to $13.2 million for the same period last year.
- GAAP net earnings were approximately $10.4 million or $0.31 per fully diluted share for the twelve months ended April 30, 2023 compared to $12.8 million or $0.37 per fully diluted share for the same period last year.
- Adjusted net earnings for the twelve months ended April 30, 2023, which exclude stock-based compensation expense and amortization of acquisition-related intangibles were $15.2 million or $0.45 per fully diluted share, compared to $16.0 million or $0.47 per fully diluted share for the same period last year.
- EBITDA was $13.7 million for the twelve months ended April 30, 2023 compared to $17.3 million for the same period last year.
- Adjusted EBITDA was $18.9 million for the twelve months ended April 30, 2023 compared to $21.3 million for the twelve months ended April 30, 2022. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense and non-cash stock-based compensation.
The overall financial condition of the Company remains strong, with cash and investments of approximately $115.5 million. During the fourth quarter of fiscal year 2023, the Company paid shareholder dividends of approximately $3.7 million.
"We endured a number of macroeconomic headwinds throughout the past year and were pleased to deliver adjusted EBITDA above our original guidance entering FY '23," said Allan Dow, CEO and President of American Software. "While we have seen signs that the economic challenges facing our customers are beginning to abate, our initial outlook for FY '24 reflects some conservatism as we manage through the current uncertainty. However, we remain confident in the long-term growth prospects of our business given the secular tailwinds from digital supply chain transformation and our platform expansion."
Fiscal Year 2024 Financial Outlook
- Total revenues of $120.0 million to $126.0 million, including total recurring revenues of $88.0 million to $92.0 million.
- Adjusted EBITDA of $19.0 million to $21.0 million.
About American Software, Inc.
Atlanta-based American Software, Inc. (NASDAQ: AMSWA), through its operating entity Logility delivers an innovative AI-powered platform that enables enterprises to accelerate their digital supply chain transformation from product concept to client availability via the Logility® Digital Supply Chain Platform, a single platform spanning Product, Demand, Inventory, Supply, Sourcing, Deploy, Corporate Responsibility Environment, Social and Governance (ESG) and Network Optimization aligned with Integrated Business Planning.
Serving clients such as Big Lots, Bunzl Australasia, Carter's, Destination XL, Glen Raven, Hostess, Husqvarna Group, Jockey International, Johnson Controls, Parker Hannifin, Red Wing Shoe Company, Spanx and Taylor Farms; our solutions are marketed and sold through a direct sales team as well as an indirect global value-added reseller ("VAR") distribution network.
Fueled by supply chain master data, allowing for the automation of critical business processes through the application of artificial intelligence and machine learning algorithms to a variety of internal and external data streams, the comprehensive Logility portfolio delivered in the cloud 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, network design and optimization (NDO), retail merchandise and assortment planning and allocation, product lifecycle management (PLM), sourcing management, vendor quality and compliance, and product traceability. For more information about Logility, please visit www.logility.com. Logility is a wholly-owned subsidiary and operating entity for American Software, Inc. (NASDAQ: AMSWA). You can learn more about American Software at www.amsoftware.com, or by calling (404) 364-7615 or emailing kliu@amsoftware.com.
Operating and Non-GAAP Financial Measures
The Company includes 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 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. EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, and income tax expense. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense and non-cash stock-based compensation expense.
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 or performance to differ materially from what is anticipated by statements made herein. These factors include, but are not limited to, continuing U.S. and global economic uncertainty and the timing and degree of business recovery; the irregular pattern of the Company's revenues; dependence on particular market segments or customers; competitive pressures; market acceptance of the Company's products and services; technological complexity; undetected software errors; potential product liability or warranty claims; risks associated with new product development; the challenges and risks associated with integration of acquired product lines, companies and services; uncertainty about the viability and effectiveness of strategic alliances; the Company's ability to satisfy in a timely manner all Securities and Exchange Commission (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; as well as a number of other risk factors that could affect the Company's future performance. 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 SEC. For more information, contact: Kevin Liu, American Software, Inc., (626) 657-0013 or email kliu@amsoftware.com.
Logility® is a registered trademark of Logility, Inc. Other products mentioned in this document are registered, trademarked or service marked by their respective owners.
| AMERICAN SOFTWARE, INC. | ||||||||||||||||||||
| Consolidated Statements of Operations Information | ||||||||||||||||||||
| (In thousands, except per share data, unaudited) | ||||||||||||||||||||
| Fourth Quarter Ended | Twelve Months Ended | |||||||||||||||||||
| April 30, | April 30, | |||||||||||||||||||
2023 | 2022 | Pct Chg. | 2023 | 2022 | Pct Chg. | |||||||||||||||
| Revenues: | ||||||||||||||||||||
| Subscription fees | $ | 13,021 | $ | 11,061 | 18 | % | $ | 50,412 | $ | 42,066 | 20 | % | ||||||||
| License fees | 727 | 3,101 | (77 | %) | 2,752 | 5,390 | (49 | %) | ||||||||||||
| Professional services & other | 7,993 | 11,725 | (32 | %) | 35,938 | 43,476 | (17 | %) | ||||||||||||
| Maintenance | 8,173 | 8,762 | (7 | %) | 34,557 | 36,621 | (6 | %) | ||||||||||||
| Total Revenues | 29,914 | 34,649 | (14 | %) | 123,659 | 127,553 | (3 | %) | ||||||||||||
| Cost of Revenues: | ||||||||||||||||||||
| Subscription services | 4,149 | 3,324 | 25 | % | 15,831 | 13,383 | 18 | % | ||||||||||||
| License fees | 164 | 507 | (68 | %) | 705 | 1,104 | (36 | %) | ||||||||||||
| Professional services & other | 5,969 | 7,807 | (24 | %) | 26,423 | 30,306 | (13 | %) | ||||||||||||
| Maintenance | 1,652 | 1,456 | 13 | % | 6,409 | 6,965 | (8 | %) | ||||||||||||
| Total Cost of Revenues | 11,934 | 13,094 | (9 | %) | 49,368 | 51,758 | (5 | %) | ||||||||||||
| Gross Margin | 17,980 | 21,555 | (17 | %) | 74,291 | 75,795 | (2 | %) | ||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development | 4,547 | 4,296 | 6 | % | 17,767 | 17,600 | 1 | % | ||||||||||||
| Sales and marketing | 5,250 | 5,633 | (7 | %) | 22,184 | 22,867 | (3 | %) | ||||||||||||
| General and administrative | 5,888 | 6,116 | (4 | %) | 23,684 | 21,960 | 8 | % | ||||||||||||
| Amortization of acquisition-related intangibles | 25 | 53 | (53 | %) | 106 | 212 | (50 | %) | ||||||||||||
| Total Operating Expenses | 15,710 | 16,098 | (2 | %) | 63,741 | 62,639 | 2 | % | ||||||||||||
| Operating Earnings | 2,270 | 5,457 | (58 | %) | 10,550 | 13,156 | (20 | %) | ||||||||||||
| Interest Income & Other, Net | 1,028 | (778 | ) | nm | 2,336 | 681 | 243 | % | ||||||||||||
| Earnings Before Income Taxes | 3,298 | 4,679 | (30 | %) | 12,886 | 13,837 | (7 | %) | ||||||||||||
| Income Tax Expense | 431 | 1,098 | (61 | %) | 2,465 | 1,055 | 134 | % | ||||||||||||
| Net Earnings | $ | 2,867 | $ | 3,581 | (20 | %) | $ | 10,421 | $ | 12,782 | (18 | %) | ||||||||
| Earnings per common share: (1) | ||||||||||||||||||||
| Basic | $ | 0.08 | $ | 0.11 | (27 | %) | $ | 0.31 | $ | 0.38 | (18 | %) | ||||||||
| Diluted | $ | 0.08 | $ | 0.10 | (20 | %) | $ | 0.31 | $ | 0.37 | (16 | %) | ||||||||
| Weighted average number of common shares outstanding: | ||||||||||||||||||||
| Basic | 33,916 | 33,587 | 33,761 | 33,365 | ||||||||||||||||
| Diluted | 33,993 | 34,266 | 33,992 | 34,305 | ||||||||||||||||
| nm- not meaningful | ||||||||||||||||||||
| AMERICAN SOFTWARE, INC. | |||||||||||||||||||||||
| NON-GAAP MEASURES OF PERFORMANCE | |||||||||||||||||||||||
| (In thousands, except per share data, unaudited) | |||||||||||||||||||||||
| Fourth Quarter Ended | Twelve Months Ended | ||||||||||||||||||||||
| April 30, | April 30, | ||||||||||||||||||||||
2023 | 2022 | Pct Chg. | 2023 | 2022 | Pct Chg. | ||||||||||||||||||
| NON-GAAP Operating Earnings: | |||||||||||||||||||||||
| Operating Earnings (GAAP Basis) | $ | 2,270 | $ | 5,457 | (58 | %) | $ | 10,550 | $ | 13,156 | (20 | %) | |||||||||||
| Amortization of acquisition-related intangibles | 233 | 53 | 340 | % | 834 | 212 | 293 | % | |||||||||||||||
| Stock-based compensation | 1,240 | 1,045 | 19 | % | 5,184 | 3,955 | 31 | % | |||||||||||||||
| NON-GAAP Operating Earnings: | 3,743 | 6,555 | (43 | %) | 16,568 | 17,323 | (4 | %) | |||||||||||||||
| Non-GAAP Operating Earnings, as a % of revenue | 13 | % | 19 | % | 13 | % | 14 | % | |||||||||||||||
| Fourth Quarter Ended | Twelve Months Ended | ||||||||||||||||||||||
| April 30, | April 30, | ||||||||||||||||||||||
2023 | 2022 | Pct Chg. | 2023 | 2022 | Pct Chg. | ||||||||||||||||||
| NON-GAAP EBITDA: | |||||||||||||||||||||||
| Net Earnings (GAAP Basis) | $ | 2,867 | $ | 3,581 | (20 | %) | $ | 10,421 | $ | 12,782 | (18 | %) | |||||||||||
| Income Tax Expense | 431 | 1,098 | (61 | %) | 2,465 | 1,055 | 134 | % | |||||||||||||||
| Interest Income & Other, Net | (1,028 | ) | 778 | nm | (2,336 | ) | (681 | ) | 243 | % | |||||||||||||
| Amortization of intangibles | 447 | 768 | (42 | %) | 2,030 | 3,394 | (40 | %) | |||||||||||||||
| Depreciation | 324 | 201 | 61 | % | 1,129 | 745 | 52 | % | |||||||||||||||
| EBITDA (earnings before interest, taxes, depreciation and amortization) | 3,041 | 6,426 | (53 | %) | 13,709 | 17,295 | (21 | %) | |||||||||||||||
| Stock-based compensation | 1,240 | 1,045 | 19 | % | 5,184 | 3,955 | 31 | % | |||||||||||||||
| Adjusted EBITDA | $ | 4,281 | $ | 7,471 | (43 | %) | $ | 18,893 | $ | 21,250 | (11 | %) | |||||||||||
| EBITDA, as a percentage of revenues | 10 | % | 19 | % | 11 | % | 14 | % | |||||||||||||||
| Adjusted EBITDA, as a percentage of revenues | 14 | % | 22 | % | 15 | % | 17 | % | |||||||||||||||
| Fourth Quarter Ended | Twelve Months Ended | ||||||||||||||||||||||
| April 30, | April 30, | ||||||||||||||||||||||
2023 | 2022 | Pct Chg. | 2023 | 2022 | Pct Chg. | ||||||||||||||||||
| NON-GAAP EARNINGS PER SHARE: | |||||||||||||||||||||||
| Net Earnings (GAAP Basis) | $ | 2,867 | $ | 3,581 | (20 | %) | $ | 10,421 | $ | 12,782 | (18 | %) | |||||||||||
| Amortization of acquisition-related intangibles (2) | 199 | 39 | 410 | % | 667 | 164 | 307 | % | |||||||||||||||
| Stock-based compensation (2) | 1,057 | 765 | 38 | % | 4,141 | 3,053 | 36 | % | |||||||||||||||
| Adjusted Net Earnings | $ | 4,123 | $ | 4,385 | (6 | %) | $ | 15,229 | $ | 15,999 | (5 | %) | |||||||||||
| Adjusted non-GAAP diluted earnings per share | $ | 0.12 | $ | 0.13 | (8 | %) | $ | 0.45 | $ | 0.47 | (4 | %) | |||||||||||
| Fourth Quarter Ended | Twelve Months Ended | ||||||||||||||||||||||
| April 30, | April 30, | ||||||||||||||||||||||
2023 | 2022 | Pct Chg. | 2023 | 2022 | Pct Chg. | ||||||||||||||||||
| NON-GAAP Earnings Per Share | |||||||||||||||||||||||
| Net Earnings (GAAP Basis) | $ | 0.08 | $ | 0.10 | (20 | %) | $ | 0.31 | $ | 0.37 | (16 | %) | |||||||||||
| Amortization of acquisition-related intangibles (2) | 0.01 | - | - | $ | 0.02 | 0.01 | 100 | % | |||||||||||||||
| Stock-based compensation (2) | $ | 0.03 | 0.03 | 0 | % | $ | 0.12 | 0.09 | 33 | % | |||||||||||||
| Adjusted Net Earnings | $ | 0.12 | $ | 0.13 | (8 | %) | $ | 0.45 | $ | 0.47 | (4 | %) | |||||||||||
| Fourth Quarter Ended | Twelve Months Ended | ||||||||||||||||||||||
| April 30, | April 30, | ||||||||||||||||||||||
2023 | 2022 | Pct Chg. | 2023 | 2022 | Pct Chg. | ||||||||||||||||||
| Amortization of acquisition-related intangibles | |||||||||||||||||||||||
| Cost of Subscription Services | $ | 208 | $ | - | - | $ | 729 | $ | - | - | |||||||||||||
| Operating expenses | 25 | 53 | (53 | %) | 106 | 212 | (50 | %) | |||||||||||||||
| Total amortization of acquisition-related intangibles | $ | 233 | $ | 53 | 340 | % | $ | 835 | $ | 212 | 294 | % | |||||||||||
| Stock-based compensation | |||||||||||||||||||||||
| Cost of revenues | $ | 66 | $ | 58 | 14 | % | $ | 244 | $ | 246 | (1 | %) | |||||||||||
| Research and development | 139 | 107 | 30 | % | 576 | 380 | 52 | % | |||||||||||||||
| Sales and marketing | 143 | 145 | (1 | %) | 711 | 607 | 17 | % | |||||||||||||||
| General and administrative | 892 | 735 | 21 | % | 3,653 | 2,722 | 34 | % | |||||||||||||||
| Total stock-based compensation | $ | 1,240 | $ | 1,045 | 19 | % | $ | 5,184 | $ | 3,955 | 31 | % | |||||||||||
| (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 $0.08 and $0.31 for the three and twelve months ended April 30, 2023, respectively. Diluted per share for Class B shares under the two-class method are $0.11 and $0.38 for the three and twelve months ended April 30, 2022, 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 twelve month periods ended April 30, 2023 of 14.8% and 20.1% and 26.8% and 22.8% for the three and twelve month periods ended April 30, 2022, respectively. | |||||||||||||||||||||||
| nm- not meaningful | |||||||||||||||||||||||
| AMERICAN SOFTWARE, INC. | |||||||||||
| Consolidated Balance Sheet Information | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
| April 30, | April 30, | ||||||||||
2023 | 2022 | ||||||||||
| Cash and Cash Equivalents | $ | 91,600 | $ | 110,690 | |||||||
| Short-term Investments | 23,451 | 16,826 | |||||||||
| Accounts Receivable: | |||||||||||
| Billed | 25,405 | 20,619 | |||||||||
| Unbilled | 2,604 | 2,989 | |||||||||
| Total Accounts Receivable, net | 28,009 | 23,608 | |||||||||
| Prepaids & Other | 7,081 | 5,067 | |||||||||
| Current Assets | 150,141 | 156,191 | |||||||||
| Investments - Non-current | 486 | - | |||||||||
| PP&E, net | 6,444 | 3,654 | |||||||||
| Capitalized Software, net | 391 | 1,586 | |||||||||
| Goodwill | 29,558 | 25,888 | |||||||||
| Other Intangibles, net | 2,143 | 147 | |||||||||
| Deferred Sales Commissions - Non-current | 1,659 | 2,050 | |||||||||
| Lease Right of Use Assets | 442 | 935 | |||||||||
| Other Non-current Assets | 4,685 | 2,384 | |||||||||
| Total Assets | $ | 195,949 | $ | 192,835 | |||||||
| Accounts Payable | $ | 2,427 | $ | 2,506 | |||||||
| Accrued Compensation and Related costs | 4,281 | 6,918 | |||||||||
| Dividend Payable | 3,756 | 3,700 | |||||||||
| Operating Lease Obligation - Current | 411 | 541 | |||||||||
| Other Current Liabilities | 2,328 | 1,871 | |||||||||
| Deferred Revenues - Current | 43,124 | 41,953 | |||||||||
| Current Liabilities | 56,327 | 57,489 | |||||||||
| Operating Lease Obligation - Non-current | 65 | 461 | |||||||||
| Deferred Tax Liability - Non-current | - | 1,772 | |||||||||
| Other Long-term Liabilities | 223 | 137 | |||||||||
| Long-term Liabilities | 288 | 2,370 | |||||||||
| Total Liabilities | 56,615 | 59,859 | |||||||||
| Shareholders' Equity | 139,334 | 132,976 | |||||||||
| Total Liabilities & Shareholders' Equity | $ | 195,949 | $ | 192,835 | |||||||
| AMERICAN SOFTWARE, INC. | |||||||||||
| Condensed Consolidated Cashflow Information | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
| Twelve Months Ended | |||||||||||
| April 30, | |||||||||||
2023 | 2022 | ||||||||||
| Net cash provided by operating activities | $ | 524 | $ | 29,020 | |||||||
| Purchases of property and equipment, net of disposals | (3,922 | ) | (934 | ) | |||||||
| Purchase of business, net of cash acquired | (6,500 | ) | - | ||||||||
| Net cash used in investing activities | (10,422 | ) | (934 | ) | |||||||
| Dividends paid | (14,833 | ) | (14,632 | ) | |||||||
| Proceeds from exercise of stock options | 5,641 | 8,578 | |||||||||
| Net cash used in financing activities | (9,192 | ) | (6,054 | ) | |||||||
| Net change in cash and cash equivalents | (19,090 | ) | 22,032 | ||||||||
| Cash and cash equivalents at beginning of period | 110,690 | 88,658 | |||||||||
| Cash and cash equivalents at end of period | $ | 91,600 | $ | 110,690 | |||||||
Contacts
Vincent C. Klinges
Chief Financial Officer
American Software, Inc.
(404) 264-5477
