American Software, Inc. (NASDAQ: AMSWA) announced financial results for the fourth quarter and fiscal year 2020. Subscription fees amounted to USD 6.3 Million for the quarter. Cloud services annual contract value increased 53% to USD 26.4 Million compared to USD 17.3 Million last year. Revenue streams from Maintenance and Cloud Services reached 57% total revenues in the quarter compared to 56% the prior year. Profession services and other revenues for the quarter increased 16% to USD 11.5 Million compared to USD 9.9 Million for the same period last year.
“Logility is known for having a proven implementation methodology, deep domain expertise, outstanding solution usability, and a continuous innovation process that enables customers to solve new challenges as it grows.”
“We are pleased with our fourth quarter and overall fiscal 2020 performance. In the midst of the economic slowdown resulting from the pandemic and a rapid shift to a virtual work environment, we continued to perform with a strong contract close rate driving 64% growth in Subscription Fees and 16% growth in our professional services revenue. These key performance indicators continue to underscore our successful transition to a cloud-first company,” said Allan Dow, CEO and president of American Software. “Recurring revenue represented 57% and 56% of fourth quarter and fiscal year total revenues, which is a reflection of the longer-term commitment of our customers to our platform and services. With our cloud-first strategy firmly in place, we expect the percentage of recurring revenue to continue to trend higher in the future.”
“Our cloud-based digital platform provides customers with decision support capabilities to achieve an agile, resilient and higher velocity supply chain,” stated Dow. “We believe customers that take advantage of our advancements in artificial intelligence (AI), machine learning (ML) and advanced analytics to improve their supply chain performance will be better positioned to sense and respond to unforeseen challenges and opportunities that may impact their profitable growth.”