Agilysys(AGYS)2023-07-26 16:00Revenue Growth - Total net revenue increased by 1.7 million, or 15.7%, driven by higher sales and deliveries to new customers and expansion with existing customers[84] - Subscription and maintenance revenue rose by 2.4 million, or 27.7%, due to higher sales and service activity from new and existing customers[84] Profitability and Expenses - Total gross profit increased by 6.1 million, or 24.1%, during the first quarter of fiscal 2024 compared to the first quarter of fiscal 2023[86] - Product development expenses rose by 1.9 million, or 34.9%, driven by higher marketing activity and commission expenses[87] - General and administrative expenses increased by 1.1 million from 107.1 million, with 92% located in the United States[96][97] - Cash flow from operating activities for the three months ended June 30, 2023, was 101 thousand in the same period of 2022[98] - Cash-based earnings were 1.5 million and non-cash expenses of (3,067) thousand, primarily for property and equipment purchases[100] - Cash flow used in financing activities was 1.8 million for share repurchases and $0.9 million in preferred stock dividends[100] Financial Position and Risks - There were no significant changes to contractual obligations as of June 30, 2023, except for new operating leases[101] - The company has not entered into any off-balance sheet arrangements that could affect its financial condition[102] - There have been no material changes in significant accounting policies since March 31, 2023[103] - Forward-looking statements indicate management's expectations but involve risks and uncertainties that could lead to different outcomes[104] - There have been no material changes in market risk exposures since March 31, 2023[105]