Agilysys, a US-based software solution provider for the hospitality industry, has recorded a net income of $4.54m in the second quarter (Q2) of fiscal year 2024 (FY24), marking an increase of close to 28% from $3.57m in the same period a year ago.

The net income attributable to common shareholders for the latest quarter ending September 30, 2023, was $4.08m, as against $3.11m in the corresponding period of the prior year.

The company’s total revenue touched $58.61m in Q2 FY24, a year-over-year (YoY) increase of 22.8%.

The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) (non-GAAP) was $8.05m, as against $7.39m a year earlier.

Total operating expenses stood at $31.53m this quarter, compared to $26.44m in the same period of the previous year.

The adjusted diluted earnings per share (non-GAAP) was $0.25 compared with $0.24 in the comparable year-ago period.

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By GlobalData

Agilysys CEO and president Ramesh Srinivasan said: “We are pleased with the strong FY24 second quarter July-September results highlighted by YoY 22.8% quarter revenue and 29.1% subscription revenue growth, driving both to record high levels.

“Adjusted EBITDA was 13.7% of revenue, higher than previous expectations going into the fiscal year.”

For the full year of FY24, the company anticipates its revenue to be in the range of $235m to $238m.

Additionally, it expects its revenue growth to achieve a 28% YoY increase and its adjusted EBITDA to be 14% of total revenue.