# EDGAR Filing Document

**Accession Number:** 0000078749
**File Stem:** 0000950170-25-097225
**Filing Date:** 2025-7
**Character Count:** 26703
**Document Hash:** 51f119764788f6f8a85113d7cd00f2bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-097225.hdr.sgml**: 20250721

**ACCESSION NUMBER**: 0000950170-25-097225

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250721

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250721

**DATE AS OF CHANGE**: 20250721

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AGILYSYS INC
- **CENTRAL INDEX KEY:** 0000078749
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 340907152
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-05734
- **FILM NUMBER:** 251137317

**BUSINESS ADDRESS:**
- **STREET 1:** 3655 BROOKSIDE PARKWAY
- **STREET 2:** SUITE 300
- **CITY:** ALPHARETTA
- **STATE:** GA
- **ZIP:** 30022
- **BUSINESS PHONE:** 7708107800

**MAIL ADDRESS:**
- **STREET 1:** 3655 BROOKSIDE PARKWAY
- **STREET 2:** SUITE 300
- **CITY:** ALPHARETTA
- **STATE:** GA
- **ZIP:** 30022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIONEER STANDARD ELECTRONICS INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

------

**FORM** 8-K

------

**CURRENT REPORT** 

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported):** July 21, 2025

------

AGILYSYS, INC.

**(Exact name of Registrant as Specified in Its Charter)** 

------

---

| | | |
|:---|:---|:---|
| Delaware | 000-5734 | 34-0907152 |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |
| 3655 Brookside Parkway**,** Suite 300<br>Alpharetta**,** Georgia |  | 30022 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: (**770**)** 810-7800

Not Applicable

**(Former Name or Former Address, if Changed Since Last Report)** 

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, without par value | AGYS | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On July 21, 2025, Agilysys, Inc. issued a press release announcing its results for fiscal 2026 first quarter. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The information contained in this report as well as in Exhibit 99.1 is furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and such information shall not be deemed to be incorporated by reference in any of the Company's filings under the Securities Act of 1933, as amended, or the Exchange Act.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Exhibits</u>. The following item is furnished as an exhibit to this current report on Form 8-K:

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | [<u>Press release issued by Agilysys, Inc. dated July 21, 2025, announcing its results for the first quarter and period ended June 30, 2025.</u>](agys-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Company Name | Company Name |
| Date: July 21, 2025 | By: | /s/ William David Wood III |
|  |  | **William David Wood III** |
|  |  | **Chief Financial Officer** |
|  |  | **(Principal Financial Officer)** |

---

------

## Exhibit 99.1

**Exhibit 99.1**

![img128410533_0.jpg](img128410533_0.jpg)

**AGILYSYS ANNOUNCES RECORD REVENUE OF $76.7M IN FISCAL 2026 FIRST QUARTER** 

**Includes Subscription Revenue Growth of 44%**

**Quarter Adjusted EBITDA of $12.5M and Adjusted EPS of $0.33**

**Raises Full Year Subscription Revenue Growth Guidance to 27%**

**ALPHARETTA, GA – July 21, 2025 -** Agilysys, Inc. (NASDAQ: AGYS), a leading global provider of hospitality software solutions and services, today reported results for its fiscal 2026 first quarter ending June 30, 2025.

**Summary of Fiscal 2026 First Quarter Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total net revenue increased 20.7% to a record $76.7 million compared to total net revenue of $63.5 million in the comparable prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recurring revenue (comprising subscription and maintenance charges) was a record $48.6 million, or 63.4% of total net revenue, compared to $38.0 million, or 59.9% of total net revenue for the same period in fiscal 2025. Subscription revenue increased 44.3% year-over-year and was 65.6% of total recurring revenue compared to 58.1% of total recurring revenue in the first quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross margin was 61.7% in the fiscal 2026 first quarter compared to 62.8% in the comparable prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income in the fiscal 2026 first quarter was $4.9 million, or $0.17 per diluted share, compared to $14.1 million, or $0.50 per diluted share, in the comparable prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA (non-GAAP) was $12.5 million compared to $12.1 million in the comparable prior-year period (reconciliation included in financial tables).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted diluted EPS (non-GAAP) was $0.33 per share in the fiscal 2026 first quarter compared to $0.30 per share in the comparable prior-year period (reconciliation included in financial tables).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Free cash flow (non-GAAP) in the fiscal 2026 first quarter was $(5.0) million compared to free cash flow of $0.2 million in the fiscal 2025 first quarter (reconciliation included in financial tables). Ending cash balance was $55.6 million compared to ending cash balance of $73.0 million as of fiscal 2025 year-end.

Ramesh Srinivasan, President and CEO of Agilysys, commented, "We are pleased to report our 14th consecutive record revenue quarter representing an approximate 21% year-over-year top line growth driven by 44% growth in subscription revenue including Book4Time and 16% growth in professional services revenue.

Fiscal 2026 first quarter, April to June, was our second highest selling success quarter, 24% higher than the comparable prior year period, measured in annual contract value terms. We continue to enjoy excellent selling momentum with consistent, robust demand for the modernized state-of-the-art cloud-native ecosystem of hospitality focused software solutions. Strong sales drove the recurring and services revenue backlog to record levels, despite strong implementation success and record services revenue.

Given the current sales and project implementation velocity, we expect full fiscal year 2026 subscription revenue to grow 27% year-over-year, higher than the original guidance of 25%. The remaining components of our guidance remain unchanged. As previously stated, all these guidance numbers exclude any significant subscription revenue contribution from the major PMS project that we continue to make good progress on" Srinivasan concluded.

**Fiscal 2026 Outlook**

The Company is raising full year subscription revenue growth guidance to 27% year-over-year while maintaining full year fiscal 2026 total revenue to be $308 million to $312 million. Adjusted EBITDA expectations remain at 20% of revenue for the full fiscal year. Subscription revenue growth expectations exclude any material revenue from the large scale PMS project currently in progress.

Dave Wood, Chief Financial Officer, commented, "We are very pleased with the continued business momentum during Q1, especially with increasing sales and faster deployment of subscription revenue projects causing us to raise expectations to 27% growth over the prior fiscal year. Sales remained strong throughout the quarter, including with respect to point of sale

------

products compared to the prior year. We are continuing to execute at the elevated levels we saw as we exited fiscal year 2025 and are well positioned to achieve our 2026 fiscal year financial plan."

**2026 First Quarter Conference Call and Webcast**

Agilysys is hosting a conference call and webcast today, July 21, 2025, at 4:30 p.m. ET. Both the call and the webcast are open to the public. Interested parties can register for the call at https://register-conf.media-server.com/register/BI5fd78d369536434fa424efe4f0122f4a. After registration, an email confirmation with a personalized PIN will be provided along with further access details. Please plan to register 15 minutes prior to the presentation to receive confirmation and further instruction in a timely manner.

Interested parties can also access the conference call live through the Events and Presentations section of the Investor Relations page of Agilysys.com. Approximately two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location.

**Forward-Looking Language**

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "outlook," "forecast," "preliminary," "estimate," "expect," "strategy," "future," "likely," "may," "would," "could," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, our revenue, subscription revenue and Adjusted EBITDA guidance for the 2026 fiscal year.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated herein and in other filings and statements include, among others, the impact macroeconomic factors may have on the overall business environment, our ability to achieve our fiscal 2026 guidance, maintaining sales momentum, the company's ability to convert the backlog into revenue, and the Risk Factors described in the Company's filings with the Securities and Exchange Commission, including the Company's reports on Form 10-K and Form 10-Q. Additionally, references to "record" financial and business levels in this document refer only to the time period after Agilysys made the transformation to an entirely hospitality focused software solutions company in FY2014.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement that may be made from time to time, whether written or oral, whether as a result of new information, future developments or otherwise.

**Use of Non-GAAP Financial Information**

To supplement the unaudited consolidated financial statements presented in accordance with U.S. GAAP in this press release, certain non-GAAP financial measures as defined by the SEC rules are used. These non-GAAP financial measures include EBITDA, Adjusted EBITDA, adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share and free cash flow. Management believes that such information can enhance investors' understanding of the Company's ongoing operations.

The Company has included the following non-GAAP financial measures in this press release: adjusted net income, adjusted basic earnings per share and adjusted diluted earnings per share. The Company believes these non-GAAP financial measures provide valuable insight into the Company's overall profitability from core operations before certain non-cash and non-recurring charges. The Company defines adjusted net income as net income before amortization expense (including amortization of developed technology), share-based compensation, other (gains) and charges, net, and legal settlements, less the related income tax effect of these adjustments, as applicable, at the Company's current combined federal and state income statutory tax rate and tax events as defined in the accompanying tables and defines adjusted earnings per share as adjusted net income divided by basic and diluted weighted average shares outstanding.

See the accompanying tables below for the definitions and reconciliation of these non-GAAP measures to the most closely related GAAP measures.

**About Agilysys**

Agilysys exclusively delivers state-of-the-art software solutions and services that help organizations achieve High Return Hospitality™ by maximizing Return on Experience (ROE) through interactions that make 'personal' profitable. Customers around the world use Agilysys Property Management Systems (PMS), Point-of-Sale (POS) solutions and Food & Beverage Inventory and Procurement (I&P) systems to consistently delight guests, retain staff and grow margins. Agilysys' 100%

------

hospitality customer base includes branded and independent hotels; multi-amenity resorts; casinos; property, hotel and resort management companies; cruise lines; corporate dining providers; higher education campus dining providers; food service management companies; hospitals; lifestyle communities; senior living facilities; stadiums; and theme parks. Agilysys operates across the Americas, Europe, the Middle East, Africa, Asia-Pacific, and India with headquarters located in Alpharetta, GA. For more information visit <u>Agilysys.com</u>.

\# \# \#

**Investor Contact:**

Jessica Hennessy

Senior Director Corporate Strategy & Investor Relations

Agilysys, Inc.

770-810-6116 or <u>investorrelations@agilysys.com</u>

- Financial tables follow -

------

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** |
| **(In thousands, except per share data)** | **2025** | **2024** |
| **Net revenue:** |  |  |
| Products | $**9954** | $9874 |
| Subscription and maintenance | **48623** | 38043 |
| Professional services | **18098** | 15595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenue | **76675** | 63512 |
| **Cost of goods sold:** |  |  |
| Products | **6199** | 5226 |
| Subscription and maintenance | **9983** | 8108 |
| Professional services | **13199** | 10310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of goods sold | **29381** | 23644 |
| **Gross profit** | **47294** | 39868 |
| Gross profit margin | **61.7%** | 62.8% |
| **Operating expenses:** |  |  |
| Product development | **17454** | 14720 |
| Sales and marketing | **11793** | 7014 |
| General and administrative | **10755** | 10483 |
| Depreciation of fixed assets | **944** | 838 |
| Amortization of internal-use software and intangibles | **1457** | 251 |
| Other charges, net | **256** | 550 |
| Legal settlements | **114** | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expense | **42773** | 34121 |
| **Operating income** | **4521** | 5747 |
| **Other income (expense):** |  |  |
| Interest income | **447** | 1782 |
| Interest expense | **(217)** |  |
| Other income (expense), net | **98** | (157) |
| **Income before taxes** | **4849** | 7372 |
| Income tax benefit | **(41)** | (6734) |
| **Net income** | $**4890** | $14106 |
| **Weighted average shares outstanding - basic** | **27794** | 27134 |
| **Net income per share - basic:** | $**0.18** | $0.52 |
| **Weighted average shares outstanding - diluted** | **28289** | 28127 |
| **Net income per share - diluted:** | $**0.17** | $0.50 |

---

------

AGILYSYS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
| **(In thousands, except share data)** | **June 30,<br>2025 (Unaudited)** | **March 31,<br>2025** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**55564** | $73041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for expected credit losses<br> of $925 and $627, respectively | **35057** | 31529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | **3814** | 4523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | **6623** | 5174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | **7469** | 9260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | **108527** | 123527 |
| Property and equipment, net | **16200** | 16718 |
| Operating lease right-of-use assets | **16154** | 17114 |
| Goodwill | **136103** | 130640 |
| Intangible assets, net | **71993** | 70802 |
| Deferred income taxes, non-current | **67099** | 66520 |
| Other non-current assets | **9970** | 9049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**426046** | $434370 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $**14279** | $12388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | **65389** | 70654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | **12284** | 22324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | **5602** | 5658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **97554** | 111024 |
| Deferred income taxes, non-current | **11526** | 10986 |
| Operating lease liabilities, non-current | **16306** | 17304 |
| Debt, non-current | **12000** | 24000 |
| Other non-current liabilities | **5441** | 5170 |
| Commitments and contingencies |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares, without par value, at $0.30 stated value; 80,000,000<br> shares authorized; 33,342,288 shares issued; and 28,035,462<br> and 28,015,775 shares outstanding at June 30, 2025<br> and March 31, 2025, respectively | **10003** | 10003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares, 5,306,826 and 5,326,513 at June 30, 2025<br> and March 31, 2025, respectively | **(1595)** | (1600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of stated value | **114996** | 109785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **165870** | 160980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(6055)** | (13282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | **283219** | 265886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $**426046** | $434370 |

---

------

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **June 30,** | **June 30,** |
| **(In thousands)** | **2025** | **2024** |
| **Operating activities** |  |  |
| Net income | $**4890** | $14106 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of fixed assets | **944** | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of internal-use software and intangibles | **1457** | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of developed technology acquired | **166** | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | **(556)** | (8861) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | **5029** | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | **(16276)** | (9665) |
| Net cash (used in) provided by operating activities | **(4346)** | 1098 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | **(633)** | (869) |
| Net cash used in investing activities | **(633)** | (869) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt repayments | **(12000)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares to satisfy employee tax withholding | **(924)** | (925) |
| Net cash used in financing activities | **(12924)** | (925) |
| **Effect of exchange rate changes on cash** | **426** | (84) |
| Net decrease in cash and cash equivalents | **(17477)** | (780) |
| Cash and cash equivalents at beginning of period | **73041** | 144891 |
| **Cash and cash equivalents at end of period** | $**55564** | $144111 |

---

------

AGILYSYS, INC.

RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **June 30,** | **June 30,** |
| **(In thousands)** | **2025** | **2024** |
| **Net income** | $**4890** | $14106 |
| Income tax benefit | **(41)** | (6734) |
| **Income before taxes** | **4849** | 7372 |
| Depreciation of fixed assets | **944** | 838 |
| Amortization of internal-use software and intangibles | **1457** | 251 |
| Amortization of developed technology acquired | **166** | 38 |
| Interest expense (income), net | **(230)** | (1782) |
| **EBITDA (a)** | **7186** | 6717 |
| Share-based compensation | **5029** | 4429 |
| Other charges, net | **256** | 550 |
| Other non-operating (income) expense, net | **(98)** | 157 |
| Legal settlements | **114** | 265 |
| **Adjusted EBITDA (b)** | $**12487** | $12118 |

---

*(a) EBITDA, a non-GAAP financial measure, is defined as net income before income taxes, interest income (net of interest expense), depreciation and amortization (including amortization of developed technology)*

*(b) Adjusted EBITDA, a non-GAAP financial measure, is defined as net income before income taxes, interest income (net of interest expense), depreciation and amortization (including amortization of developed technology), and excluding charges relating to i) share-based compensation, ii) other (gains) and charges, net, iii) other non-operating expense (income), and iv) legal settlements*

------

AGILYSYS, INC.

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME FOR ADJUSTED EARNINGS PER SHARE

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **June 30,** | **June 30,** |
| **(In thousands, except per share data)** | **2025** | **2024** |
| **Net income** | $**4890** | $14106 |
| Amortization of developed technology acquired | **166** | 38 |
| Amortization of internal-use software and intangibles | **1457** | 251 |
| Share-based compensation | **5029** | 4429 |
| Other charges, net | **256** | 550 |
| Legal settlements | **114** | 265 |
| Tax events (a) | **(1025)** | (10180) |
| Income tax adjustments | **(1602)** | (1148) |
| **Adjusted net income (b)** | $**9285** | $8311 |
| Basic weighted average shares outstanding | **27794** | 27134 |
| Diluted weighted average shares outstanding | **28289** | 28127 |
| **Adjusted basic earnings per share (c)** | $**0.33** | $0.31 |
| **Adjusted diluted earnings per share (c)** | $**0.33** | $0.30 |

---

*(a) Tax events include excess tax benefits or expense related to share-based compensation, release of valuation allowances against deferred income taxes, and changes in uncertain tax positions*

*(b) Adjusted net income, a non-GAAP financial measure, is defined as net income before amortization expense (including amortization of developed technology), share-based compensation, other (gains) and charges, net, and legal settlements, less the related income tax effect of these adjustments, as applicable, at the Company's current combined federal and state income statutory tax rate and, as defined under (a) above, tax events*

*(c) Adjusted earnings per share, a non-GAAP financial measure, is defined as adjusted net income divided by basic and diluted weighted average shares outstanding*

------

AGILYSYS, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **June 30,** | **June 30,** |
| **(In thousands)** | **2025** | **2024** |
| **Net cash (used in) provided by operating activities** | $**(4346)** | $1098 |
| Capital expenditures | **(633)** | (869) |
| **Free cash flow (a)** | $**(4979)** | $229 |

---

*(a) Free cash flow, a non-GAAP financial measure, is defined as net cash provided by operating activities, less capital expenditures*

------