Agilysys(AGYS)2023-01-25 16:00Revenue Growth - Total net revenue increased by 29.1 million, or 25.1%, during the first nine months of fiscal 2023 compared to the same period in fiscal 2022[95] - Products revenue rose by 8.0 million, or 33.2%, driven by higher sales and deliveries to new and existing customers[95] - Subscription and maintenance revenue grew by 14.5 million, or 20.1%, with subscription-based service revenue growing by 28.9%[95] - Professional services revenue increased by 6.1 million, or 24.5%, while gross profit margin decreased from 62.6% to 61.7%[83] - Gross profit increased by 3.5 million, representing an increase of 116.0% compared to the previous year[81] - Operating income increased by 9.4 million, with an operating income percentage of 6.5%[95] Expenses - Operating expenses, excluding other charges and legal settlements, increased by 11.2 million, or 16.6%[98] - Sales and marketing expenses surged by 17.7 million, attributed to cash-based earnings of 105.8 million, with 92% located in the United States[109] - Interest income increased significantly to (45,000), reflecting changes in cash equivalents[102] Taxation - The effective tax rate for the three months ended December 31, 2022, was 14.8%, compared to 1.5% in the previous year[91] - The effective tax rate for the nine months ended December 31, 2022, was 8.1%, up from 5.6% in the prior year[105] Strategic Initiatives - The company plans to invest a portion of its cash on hand to enhance existing software products and develop new ones[76] Market Risk - There have been no material changes in market risk exposures since March 31, 2022[116]