Subscription Fees Increase 64% for the
Quarter and Cloud Services Annual Contract Value Increases
55%
American Software, Inc. (NASDAQ: AMSWA) today reported
preliminary financial results for the second quarter for fiscal
year 2020.
Key Second quarter financial highlights:
- Subscription fees were $5.5 million for the quarter ended
October 31, 2019, a 64% increase compared to $3.3 million for the
same period last year, while Software license revenues were $1.0
million, a 48% decrease compared to $2.0 million for the same
period last year, reflecting our continued transition to the SaaS
engagement model.
- Cloud Services Annual Contract Value (ACV) increased
approximately 55% to $22.4 million as of the quarter ended October
31, 2019 compared to $14.5 million as of the same period of the
prior year.
- Total revenues for the quarter ended October 31, 2019 were
$28.2 million, an increase of 1% over the comparable period last
year.
- Recurring revenue streams for Maintenance and Cloud Services
were 58% of total revenues in the quarter ended October 31, 2019
compared to 53% in the same period of the prior year.
- Maintenance revenues for the quarter ended October 31, 2019
decreased 7% to $10.8 million compared to $11.6 million for the
same period last year.
- Professional services and other revenues for the quarter ended
October 31, 2019 decreased 2% to $10.8 million compared to $11.1
million for the same period last year.
- Operating earnings for the quarter ended October 31, 2019
decreased 45% to $0.8 million compared to $1.5 million for the same
period last year.
- GAAP net earnings for the quarter ended October 31, 2019
increased 42% to $1.8 million or $0.05 per fully diluted share
compared to $1.2 million or $0.04 per fully diluted share for the
same period last year.
- Adjusted net earnings for the quarter ended October 31, 2019,
which excludes non-cash stock-based compensation expense and
amortization of acquisition-related intangibles, were $2.5 million
or $0.08 per fully diluted share compared to $2.2 million or $0.07
per fully diluted share for the same period last year.
- EBITDA decreased by 12% to $3.0 million for the quarter ended
October 31, 2019 compared to $3.4 million for the same period last
year.
- Adjusted EBITDA decreased by 9% to $3.5 million for the quarter
ended October 31, 2019 compared to $3.9 million for the quarter
ended October 31, 2018. Adjusted EBITDA represents GAAP net
earnings adjusted for amortization of intangibles, depreciation,
interest (expense)/income & other, net, income tax
(benefit)/expense and non-cash stock-based compensation
expense.
Key fiscal 2020 year to date financial highlights:
- Subscription fees were $9.9 million for the six months ended
October 31, 2019, a 53% increase compared to $6.5 million for the
same period last year, while software license revenues were $2.8
million, a 24% decrease compared to $3.7 million for the same
period last year, reflecting our continued transition to the SaaS
engagement model.
- Total revenues for the six months ended October 31, 2019 were
$55.6 million compared to $55.4 million for the same period last
year.
- Recurring revenue streams of Maintenance and Cloud Services
were 57% of total revenues for the six-month period ended October
31, 2019 compared to 53% in the same period of the prior year.
- Maintenance revenues for the six months ended October 31, 2019
were $21.9 million, a 6% decrease compared to $23.1 million for the
same period last year.
- Professional services and other revenues for the six months
ended October 31, 2019 decreased 5% to $20.9 million compared to
$22.1 million for the same period last year.
- For the six months ended October 31, 2019, the Company reported
operating earnings of approximately $1.6 million compared to $2.1
million for the same period last year, a 23% decrease.
- GAAP net earnings were approximately $2.9 million or $0.09 per
fully diluted share for the six months ended October 31, 2019, an
11% increase compared to $2.6 million or $0.08 per fully diluted
share for the same period last year.
- Adjusted net earnings for the six months ended October 31,
2019, which exclude stock-based compensation expense and
amortization of acquisition-related intangibles, decreased 2% to
$4.5 million or $0.14 per fully diluted share, compared to $4.6
million or $0.15 per fully diluted share for the same period last
year.
- EBITDA increased by 4% to $6.1 million for the six months ended
October 31, 2019 compared to $5.8 million for the same period last
year.
- Adjusted EBITDA increased 5% to $7.0 million for the six months
ended October 31, 2019 compared to $6.7 million for the six months
ended October 31, 2018. Adjusted EBITDA represents GAAP net
earnings adjusted for amortization of intangibles, depreciation,
interest income & other, net, income tax (benefit)/expense and
non-cash stock-based compensation.
The overall financial condition of the Company remains strong,
with cash and investments of approximately $94.7 million and no
debt as of October 31, 2019, an increase of over $12 million when
compared to October 31, 2018. During the second quarter of fiscal
2020, the Company paid shareholder dividends of approximately $3.5
million.
“We are pleased with our 64% growth in Subscription Fees and 55%
increase in Cloud Services ACV as these key performance indicators
continue to underscore our successful transition to a cloud-first
company,” said Allan Dow, president of American Software. “Our
cloud-based solutions enable customers to gain additional value as
they leverage our expertise in managing the solution platform and
staying current with the latest innovative planning capabilities
available. Additionally, our recurring revenue streams of
Maintenance and Subscription Cloud Services represented 58% of
second quarter total revenues, giving our business and shareholders
increased visibility with respect to future revenue
performance.”
“Our cloud-based solutions provide customers with the increased
visibility and accuracy necessary to become a connected enterprise,
automate critical planning functions and make better decisions
across operational, tactical and strategic horizons, all on a
single platform,” continued Dow. “We believe customers that take
advantage of our advancements in artificial intelligence (AI),
machine learning (ML) and advanced supply chain analytics to
improve their operating performance from product concept to
customer availability, will be better positioned to overcome the
growing supply chain talent shortage that may hamper their
profitable growth and ability to respond to rapidly changing market
conditions.”
Additional highlights for the second quarter of fiscal 2020
include:
Customers & Channels
- Notable new and existing customers placing orders with the
Company in the second quarter include: Aurora Cannabis, Central
Garden & Pet Company, David Yurman Enterprises, Freedom Foods
Group Operations Pty., Hunter Boot Ltd., Irish Breeze Unlimited,
Mazoon Dairy Company, Ready Pac Foods, Smithfield Foods, Strategic
Partners, TechStyle Fashion Group, Thermos and Topson Downs of
California.
- During the quarter, SaaS subscription and/or software license
agreements were signed with customers located in the following 12
countries: Australia, Canada, France, Germany, Ireland, Mexico, New
Zealand, Sultanate of Oman, Trinidad, United Kingdom, United
States, and Uruguay.
- New Generation Computing, Inc. (NGC), a wholly-owned subsidiary
of the Company, announced that Joseph Ribkoff, one of Canada’s most
respected fashion designers, will implement NGC’s Andromeda PLM®
and Andromeda SCM®. Joseph Ribkoff selected NGC’s Andromeda Cloud
Platform® to support its digital transformation initiative
including Product Lifecycle Management (PLM) data and processes to
efficiently manage line plans and timelines, and proactively
anticipate and respond to market trends.
- NGC announced that several customers, including Carter’s, Foot
Locker, Jockey, Jump Design, PVH Corp and Sport Obermeyer, spoke on
topics ranging from digital transformation to offshoring at the
2019 PI Apparel Supply Chain Forum held September 17-18, 2019.
- Logility, Inc., a wholly-owned subsidiary of the Company,
invited supply chain leaders to attend the webcast, “Tillamook
Succeeds in New Markets with Strategic Supply Chain Planning,”
featuring Elaine Videau of Tillamook County Creamery Association
and Karin Bursa of Logility. The live webcast event on August 21,
2019 explored how Tillamook transformed its supply chain to provide
greater visibility and drive operational success with a single,
flexible digital supply chain platform.
- Logility invited attendees of the IBF 2019 Leadership
Conference and Business Planning, Forecasting & S&OP: Best
Practices Conference to attend the sessions “Faster IBP/S&OP to
Accelerate Decision Making at Citizen Watch,” and “Profitability in
Your Sights: Aligning Financial Budgets or Goals with Supply Chain
Forecasting & Planning,” featuring Leupold & Stevens,
Inc.
- Logility invited attendees of the CSCMP Edge 2019 Conference to
join the customer sessions “Boost Supply Chain Performance in an
Evolving Landscape Through Multi-Variate Segmentation,” featuring
Sensient Colors, and “How We Moved the Cheese Using Advanced Supply
Chain Strategies,” featuring Tillamook County Creamery.
- Demand Management, Inc. (DMI), a wholly-owned subsidiary of
Logility, announced that ITALCAR, a Tunisian dealer of cars and
trucks, deployed Demand Solutions® to increase sales, reduce stock
and navigate a challenging financial environment. A subsidiary of
the IDM Group, ITALCAR exclusively represents Fiat, Alfa Romeo,
Jeep, Lancia, and Petronas oils and also provides after-sales spare
parts and accessories. Implementing Demand Solutions, ITALCAR has
achieved tangible results including reducing financial risk by
cutting stock levels by at least one-third while simultaneously
increasing sales.
- Halo, a division of Logility, Inc., announced that Mix Limited,
a leading skincare and cosmetic manufacturer in New Zealand,
selected Halo as its preferred provider for self-service analytics
and reporting. Using Halo’s proven cloud-based, user-friendly
analytics platform, the Mix team will gain faster access to
critical sales and financial data to support business growth.
Company and Technology
- Logility was selected for the fourteenth year as a Great Supply
Chain Partner by the readers of SupplyChainBrain. The award is
based on a survey of supply chain professionals who were asked to
select a solution or service provider that made a noteworthy impact
on their company’s efficiency, profitability and overall supply
chain performance.
- During the quarter, Logility announced that International Data
Corporation (IDC) positioned Logility as a Leader in the IDC
MarketScape: Worldwide Supply Chain Demand Planning 2019 Vendor
Assessment. This IDC MarketScape is based on a comprehensive
framework and set of parameters expected to be most conducive to
both short- and long-term demand planning success.
- Logility announced its participation in the Gartner Supply
Chain Planning Summit in Denver, CO. The company invited attendees
to visit its booth to learn how the latest innovations and advances
in artificial intelligence (AI) and machine learning (ML) can help
transform their supply chain performance.
- Logility announced the availability of the executive report,
“Leveraging Inventory for Profitable Growth.” The research,
conducted by Elastic Solutions and sponsored by Logility,
identified the top business pressures driving inventory
optimization initiatives, the solutions implemented to support
inventory optimization, and how executives believe their businesses
compare with industry peers. The report is now available on
Logility’s website.
About American Software, Inc.
Atlanta-based American Software, Inc. (NASDAQ: AMSWA),
delivers innovative demand-driven supply chain management and
advanced retail planning platforms backed by more than 45 years of
industry expertise. Logility, Inc., a wholly-owned subsidiary of
American Software, is a leading provider of collaborative supply
chain optimization and advanced retail planning solutions that help
medium, large and Fortune 500 companies transform their supply
chain operations to gain a competitive advantage. Recognized for
its high-touch approach to customer service, rapid implementations
and industry-leading return on investment (ROI), Logility customers
include Big Lots, Husqvarna Group, Parker Hannifin, Sonoco
Products, Red Wing Shoe Company, Verizon Wireless and VF
Corporation. Demand Management, Inc., a wholly-owned subsidiary of
Logility, delivers affordable, easy-to-use Software-as-a-Service
(SaaS) supply chain planning solutions designed to increase
forecast accuracy, improve customer service and reduce inventory to
maximize profits and lower costs. DMI serves customers such as
Siemens Healthcare, AutomationDirect.com and Newfoundland Labrador
Liquor Corporation. Halo, a division of Logility, is an advanced
analytics software provider leveraging an innovative blend of
artificial intelligence and machine learning technology to drive
greater supply chain performance. Halo customers include Aaron’s
and Leatherman Tool Group. New Generation Computing, Inc., a
wholly-owned subsidiary of American Software, powers the digital
supply chain with the Andromeda Cloud Platform®, enabling brand
owners and retailers to maximize revenue and profit by accelerating
lead times, streamlining product development and supply chain
management, and optimizing distribution. NGC customers include
Brooks Brothers, Carter’s, Destination XL, Fanatics, Foot Locker,
Jockey International, Lacoste and Spanx. The comprehensive American
Software supply chain and retail planning portfolio 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, retail
merchandise and assortment planning and allocation, product
lifecycle management (PLM), sourcing management ,and vendor quality
and compliance. For more information about American Software,
please visit www.amsoftware.com, call (800) 726-2946 or email:
ask@amsoftware.com.
Operating and Non-GAAP Financial Measures
The Company includes operating measures (ACV) and other 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 ACV,
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. ACV is a
forward-looking operating measure used by management to better
understand cloud services (SaaS and other related cloud services)
revenue trends within the Company’s business, as it reflects the
Company’s current estimate of revenue to be generated under the
existing client contracts in the forward 12-month period. EBITDA
represents GAAP net earnings adjusted for amortization of
intangibles, depreciation, interest (expense)/income & other,
net, and income tax (benefit)/expense. Adjusted EBITDA represents
GAAP net earnings adjusted for amortization of intangibles,
depreciation, interest (expense)/income & other, net, income
tax (benefit)/expense and non-cash stock-based compensation
expense. A reconciliation of these non-GAAP financial measures to
their nearest U.S. GAAP measures appears in the accompanying
financial tables.
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 to differ materially
from those anticipated by statements made herein. These factors
include, but are not limited to, changes in general economic
conditions, technology and the market for the Company's products
and services, including economic conditions within the e-commerce
markets; the timely availability and market acceptance of these
products and services; the Company’s ability to satisfy in a timely
manner all 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; the challenges and risks associated
with integration of acquired product lines and companies; the
effect of competitive products and pricing; the uncertainty of the
viability and effectiveness of strategic alliances; and the
irregular pattern of the Company's revenues. 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
Securities and Exchange Commission. For more information, contact:
Vincent C. Klinges, Chief Financial Officer, American Software,
Inc., (404) 264-5477 or fax: (404) 264-5298.
American Software® is a registered trademark of American
Software, Inc.; Logility® is a registered trademark of Logility,
Inc.; Demand Solutions® is a registered trademark of Demand
Management, Inc.; and New Generation Computing®, Andromeda Cloud
Platform®, Andromeda PLM® and Andromeda SCM® are registered
trademarks of New Generation Computing, Inc. Other products
mentioned in this document are registered marks, trademarks or
service marks of their respective owners.
AMERICAN SOFTWARE,
INC.
Consolidated Statements of
Operations Information
(In thousands, except per
share data, unaudited)
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2019
2018
Pct Chg.
2019
2018
Pct Chg.
Revenues:
License fees
$
1,046
$
2,012
(48
%)
$
2,824
$
3,714
(24
%)
Subscription fees
5,492
3,341
64
%
9,950
6,509
53
%
Professional services & other
10,826
11,056
(2
%)
20,963
22,064
(5
%)
Maintenance
10,846
11,624
(7
%)
21,856
23,145
(6
%)
Total Revenues
28,210
28,033
1
%
55,593
55,432
0
%
Cost of Revenues:
License fees
1,007
1,760
(43
%)
2,387
3,474
(31
%)
Subscription services
2,610
1,289
102
%
4,735
2,356
101
%
Professional services & other
7,543
8,103
(7
%)
14,948
16,771
(11
%)
Maintenance
1,864
2,214
(16
%)
3,715
4,412
(16
%)
Total Cost of Revenues
13,024
13,366
(3
%)
25,785
27,013
(5
%)
Gross Margin
15,186
14,667
4
%
29,808
28,419
5
%
Operating expenses:
Research and development
4,814
4,536
6
%
9,427
9,095
4
%
Less: capitalized development
(605
)
(1,204
)
(50
%)
(1,890
)
(2,088
)
(9
%)
Sales and marketing
5,148
5,304
(3
%)
10,727
10,484
2
%
General and administrative
4,908
4,408
11
%
9,696
8,601
13
%
Provision for doubtful accounts
-
-
-
33
-
nm
Amortization of acquisition-related
intangibles
78
97
(20
%)
175
194
(10
%)
Total Operating Expenses
14,343
13,141
9
%
28,168
26,286
7
%
Operating Earnings
843
1,526
(45
%)
1,640
2,133
(23
%)
Interest Income /(Expense) & Other,
Net
712
(190
)
nm
1,237
563
120
%
Earnings Before Income Taxes
1,555
1,336
16
%
2,877
2,696
7
%
Income Tax (Benefit)/Expense
(204
)
93
nm
(34
)
68
nm
Net Earnings
$
1,759
$
1,243
42
%
$
2,911
$
2,628
11
%
Earnings per common share: (1)
Basic
$
0.06
$
0.04
50
%
$
0.09
$
0.09
0
%
Diluted
$
0.05
$
0.04
25
%
$
0.09
$
0.08
13
%
Weighted average number of common
shares outstanding:
Basic
31,609
30,926
31,440
30,825
Diluted
32,310
31,477
32,065
31,412
nm- not meaningful
AMERICAN SOFTWARE,
INC.
NON-GAAP MEASURES OF
PERFORMANCE
(In thousands, except per
share data, unaudited)
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2019
2018
Pct Chg.
2019
2018
Pct Chg.
NON-GAAP Operating Earnings:
Operating Income (GAAP Basis)
$
843
$
1,526
(45
%)
$
1,640
$
2,133
(23
%)
Amortization of acquisition-related
intangibles
377
597
(37
%)
974
1,194
(18
%)
Stock-based compensation
503
443
14
%
946
841
12
%
NON-GAAP Operating Earnings:
1,723
2,566
(33
%)
3,560
4,168
(15
%)
Non-GAAP Operating Earnings, as a % of
revenue
6
%
9
%
6
%
8
%
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2019
2018
Pct Chg.
2019
2018
Pct Chg.
NON-GAAP EBITDA:
Net Earnings (GAAP Basis)
$
1,759
$
1,243
42
%
$
2,911
$
2,628
11
%
Income Tax (Benefit)/Expense
(204
)
93
nm
(34
)
68
nm
Interest Income /(Expense) & Other,
Net
(712
)
190
nm
(1,237
)
(563
)
120
%
Amortization of intangibles
2,026
1,742
16
%
4,111
3,392
21
%
Depreciation
157
171
(8
%)
318
319
0
%
EBITDA (earnings before interest,
taxes, depreciation and amortization)
3,026
3,439
(12
%)
6,069
5,844
4
%
Stock-based compensation
503
443
14
%
946
841
12
%
Adjusted EBITDA
$
3,529
$
3,882
(9
%)
$
7,015
$
6,685
5
%
EBITDA, as a percentage of
revenues
11
%
12
%
11
%
11
%
Adjusted EBITDA, as a percentage of
revenues
13
%
14
%
13
%
12
%
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2019
2018
Pct Chg.
2019
2018
Pct Chg.
NON-GAAP EARNINGS PER SHARE:
Net Earnings (GAAP Basis)
$
1,759
$
1,243
42
%
$
2,911
$
2,628
11
%
Amortization of acquisition-related
intangibles (2)
326
555
(41
%)
825
1,164
(29
%)
Stock-based compensation (2)
436
411
6
%
802
819
(2
%)
Adjusted Net Earnings
$
2,521
$
2,209
14
%
$
4,538
$
4,611
(2
%)
Adjusted non-GAAP diluted earnings per
share
$
0.08
$
0.07
14
%
$
0.14
$
0.15
(7
%)
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2019
2018
Pct Chg.
2019
2018
Pct Chg.
NON-GAAP Earnings Per Share
Net Earnings (GAAP Basis)
$
0.05
$
0.04
25
%
$
0.09
$
0.08
13
%
Amortization of acquisition-related
intangibles (2)
0.02
0.02
0
%
0.03
0.05
(40
%)
Stock-based compensation (2)
0.01
0.01
0
%
0.02
0.02
0
%
Adjusted Net Earnings
$
0.08
$
0.07
14
%
$
0.14
$
0.15
(7
%)
Second Quarter Ended
Six Months Ended
October 31,
October 31,
2019
2018
Pct Chg.
2019
2018
Pct Chg.
Amortization of acquisition-related
intangibles
Cost of license
$
299
$
500
(40
%)
$
799
$
1,000
(20
%)
Operating expenses
78
97
(20
%)
175
194
(10
%)
Total amortization of
acquisition-related intangibles
$
377
$
597
(37
%)
$
974
$
1,194
(18
%)
Stock-based compensation
Cost of revenues
$
21
$
33
(36
%)
$
51
$
61
(16
%)
Research and development
40
33
21
%
73
63
16
%
Sales and marketing
82
66
24
%
158
118
34
%
General and administrative
360
311
16
%
664
599
11
%
Total stock-based compensation
$
503
$
443
14
%
$
946
$
841
12
%
(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 $0.06 and $0.09 for the three and
six months ended October 31, 2019, respectively. Diluted per share
for Class B shares under the two-class method are $0.04 and $0.09
for the three and six months ended October 31, 2018,
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 six month periods ended October 31,
2019 and 2018.
nm- not meaningful
AMERICAN SOFTWARE, INC.
Consolidated Balance Sheet
Information
(In thousands)
(Unaudited)
October 31,
April 30,
2019
2019
Cash and Cash Equivalents
$
62,684
$
61,288
Short-term Investments
31,493
24,710
Accounts Receivable:
Billed
15,432
18,819
Unbilled
2,682
1,475
Total Accounts Receivable, net
18,114
20,294
Prepaids & Other
6,812
6,210
Current Assets
119,103
112,502
Investments - Non-current
494
2,484
PP&E, net
3,505
3,585
Capitalized Software, net
9,816
11,063
Goodwill
25,888
25,888
Other Intangibles, net
1,759
2,732
Deferred Sales Commissions -
Non-current
1,881
1,546
Lease Right of Use Assets
2,401
-
Other Non-current Assets
1,731
1,510
Total Assets
$
166,578
$
161,310
Accounts Payable
$
1,846
$
2,448
Accrued Compensation and Related costs
4,097
2,561
Dividend Payable
3,505
3,434
Operating Lease Obligation - Current
775
-
Other Current Liabilities
688
1,375
Deferred Revenues - Current
32,563
33,283
Current Liabilities
43,474
43,101
Operating Lease Obligation -
Non-current
1,769
-
Deferred Tax Liability - Non-current
3,382
3,514
Other Long-term Liabilities
87
88
Long-term Liabilities
5,238
3,602
Total Liabilities
48,712
46,703
Shareholders' Equity
117,866
114,607
Total Liabilities & Shareholders'
Equity
$
166,578
$
161,310
AMERICAN SOFTWARE, INC.
Condensed Consolidated
Cashflow Information
(In thousands)
(Unaudited)
Six Months Ended
October 31,
2019
2018
Net cash provided by operating
activities
$
4,050
$
4,802
Capitalized computer software development
costs
(1,890
)
(2,088
)
Purchases of property and equipment, net
of disposals
(238
)
(894
)
Net cash used in investing
activities
(2,128
)
(2,982
)
Dividends paid
(6,884
)
(6,767
)
Proceeds from exercise of stock
options
6,358
3,086
Net cash used in financing
activities
(526
)
(3,681
)
Net change in cash and cash
equivalents
1,396
(1,861
)
Cash and cash equivalents at beginning of
period
61,288
52,794
Cash and cash equivalents at end of
period
$
62,684
$
50,933
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191121005854/en/
Vincent C. Klinges Chief Financial Officer American Software,
Inc. (404) 264-5477
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