Cover Page
Cover Page - shares | 9 Months Ended | |
Jan. 31, 2024 | Feb. 28, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-12456 | |
Entity Registrant Name | AMERICAN SOFTWARE, INC. | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-1098795 | |
Entity Address, Address Line One | 470 East Paces Ferry Road, N.E. | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30305 | |
City Area Code | 404 | |
Local Phone Number | 261-4381 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AMSWA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000713425 | |
Current Fiscal Year End Date | --04-30 | |
Class A Common Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 31,398,542 | |
Class B Common Shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,821,587 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 55,854 | $ 90,059 |
Investments | 22,454 | 23,451 |
Trade accounts receivable, net | ||
Billed | 22,796 | 23,476 |
Unbilled | 1,343 | 1,569 |
Prepaid expenses and other current assets | 6,973 | 7,831 |
Current assets of discontinued operations | 0 | 3,603 |
Total current assets | 109,420 | 149,989 |
Investments—noncurrent | 0 | 486 |
Property and equipment, net of accumulated depreciation of $32,454 at January 31, 2024 and $32,371 at April 30, 2023 | 5,897 | 6,444 |
Capitalized software, net of accumulated amortization of $43,534 at January 31, 2024 and $43,202 at April 30, 2023 | 59 | 391 |
Goodwill | 46,393 | 29,558 |
Other intangibles, net of accumulated amortization of $16,258 at January 31, 2024 and $14,062 at April 30, 2023 | 10,948 | 2,143 |
Other assets | 6,311 | 6,609 |
Total assets | 179,028 | 195,620 |
Current liabilities: | ||
Accounts payable | 1,086 | 2,131 |
Accrued compensation and related costs | 2,516 | 4,077 |
Dividends payable | 3,654 | 3,756 |
Other current liabilities | 3,275 | 3,638 |
Deferred revenue | 37,154 | 43,124 |
Current liabilities of discontinued operations | 0 | 318 |
Total current liabilities | 47,685 | 57,044 |
Other long-term liabilities | 249 | 288 |
Total liabilities | 47,934 | 57,332 |
Shareholders’ equity: | ||
Additional paid-in capital | 187,731 | 182,722 |
Retained deficit | (24,718) | (22,748) |
Class A treasury stock, 5,534,953 shares at January 31, 2024 and 4,588,632 shares at April 30, 2023, at cost | (35,794) | (25,559) |
Total shareholders’ equity | 131,094 | 138,288 |
Commitments and contingencies | ||
Total liabilities and shareholders’ equity | 179,028 | 195,620 |
Class A Common Shares | ||
Shareholders’ equity: | ||
Common stock value | 3,693 | 3,691 |
Class B Common Shares | ||
Shareholders’ equity: | ||
Common stock value | $ 182 | $ 182 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 31, 2024 USD ($) $ / shares shares | Apr. 30, 2023 USD ($) $ / shares shares | |
Allowance for doubtful accounts receivable | $ | $ 220 | $ 418 |
Property and equipment, accumulated depreciation | $ | 32,454 | 32,371 |
Capitalized software, accumulated amortization | $ | 43,534 | 43,202 |
Other intangibles, accumulated amortization | $ | $ 16,258 | $ 14,062 |
Share conversion ratio | 1 | 1 |
Class A Common Shares | ||
Common stock, par value (in usd per share) | $ / shares | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 36,933,495 | 36,907,242 |
Common stock, shares outstanding (in shares) | 31,398,542 | 32,318,610 |
Class A treasury stock shares (in shares) | 5,534,953 | 4,588,632 |
Class B Common Shares | ||
Common stock, par value (in usd per share) | $ / shares | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 1,821,587 | 1,821,587 |
Common stock, shares outstanding (in shares) | 1,821,587 | 1,821,587 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | ||
Revenues: | |||||
Revenues | $ 25,536 | $ 27,427 | $ 77,127 | $ 81,487 | |
Cost of revenues: | |||||
Cost of revenues | 9,090 | 9,468 | 27,423 | 27,662 | |
Gross margin | 16,446 | 17,959 | 49,704 | 53,825 | |
Research and development | 4,546 | 4,402 | 13,064 | 13,220 | |
Sales and marketing | 5,039 | 4,904 | 16,083 | 15,537 | |
General and administrative | 5,853 | 5,883 | 16,775 | 17,350 | |
Amortization of acquisition-related intangibles | 193 | 25 | 346 | 81 | |
Total operating expenses | 15,631 | 15,214 | 46,268 | 46,188 | |
Operating income | 815 | 2,745 | 3,436 | 7,637 | |
Other income: | |||||
Interest income | 777 | 701 | 2,938 | 1,274 | |
Other, net | 3,640 | 633 | 2,788 | 34 | |
Earnings before income taxes | 5,232 | 4,079 | 9,162 | 8,945 | |
Income tax expense | 1,080 | 907 | 1,775 | 1,882 | |
Net earnings from continuing operations | 4,152 | 3,172 | 7,387 | 7,063 | |
Discontinued operations (Note F) | |||||
Earnings from operations of discontinued operations | 0 | 88 | 255 | 475 | |
Gain on disposal of discontinued operations | 0 | 0 | 2,124 | 0 | |
Income tax expense | 64 | 43 | 567 | 152 | |
Earnings (loss) from discontinued operations, net of income taxes | (64) | 45 | 1,812 | 323 | |
Net earnings | $ 4,088 | $ 3,217 | $ 9,199 | $ 7,386 | |
Earnings per common share from continuing operations (a): | |||||
Basic (in usd per share) | [1] | $ 0.12 | $ 0.09 | $ 0.22 | $ 0.21 |
Diluted (in usd per share) | [1] | 0.12 | 0.09 | 0.22 | 0.21 |
Earnings per common share from discontinued operations (a): | |||||
Basic (in usd per share) | [1] | 0 | 0 | 0.05 | 0.01 |
Diluted (in usd per share) | [1] | 0 | 0 | 0.05 | 0.01 |
Earnings per common share: (a) | |||||
Basic (in usd per share) | [1] | 0.12 | 0.09 | 0.27 | 0.22 |
Diluted (in usd per share) | [1] | 0.12 | 0.09 | 0.27 | 0.22 |
Cash dividends declared per common share (in usd per share) | $ 0.11 | $ 0.11 | $ 0.33 | $ 0.33 | |
Shares used in the calculation of earnings per common share: | |||||
Basic (in shares) | 33,292 | 33,759 | 33,842 | 33,711 | |
Diluted (in shares) | 33,337 | 33,965 | 33,866 | 34,006 | |
Subscription fees | |||||
Revenues: | |||||
Revenues | $ 14,114 | $ 13,003 | $ 41,235 | $ 37,391 | |
Cost of revenues: | |||||
Cost of revenues | 4,944 | 4,005 | 13,768 | 11,682 | |
License | |||||
Revenues: | |||||
Revenues | 277 | 1,017 | 795 | 2,025 | |
Cost of revenues: | |||||
Cost of revenues | 3 | 358 | 168 | 541 | |
Professional services and other | |||||
Revenues: | |||||
Revenues | 3,418 | 4,758 | 11,107 | 15,687 | |
Cost of revenues: | |||||
Cost of revenues | 2,694 | 3,498 | 8,610 | 10,682 | |
Maintenance | |||||
Revenues: | |||||
Revenues | 7,727 | 8,649 | 23,990 | 26,384 | |
Cost of revenues: | |||||
Cost of revenues | $ 1,449 | $ 1,607 | $ 4,877 | $ 4,757 | |
[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 earnings per share for Class B shares under the two-class method are $0.12 and $0.09 for the three months ended January 31, 2024 and 2023, and $0.27 and $0.22 for the nine months ended January 31, 2024 and 2023. See Note D to the condensed consolidated financial statements. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | ||
Diluted (in usd per share) | [1] | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 |
Class B Common Shares | |||||
Diluted (in usd per share) | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 | |
[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 earnings per share for Class B shares under the two-class method are $0.12 and $0.09 for the three months ended January 31, 2024 and 2023, and $0.27 and $0.22 for the nine months ended January 31, 2024 and 2023. See Note D to the condensed consolidated financial statements. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Class A Common Shares | Class B Common Shares | Common stock Class A Common Shares | Common stock Class B Common Shares | Additional paid-in capital | Retained deficit | Treasury stock | ||
Beginning balance (in shares) at Apr. 30, 2022 | 36,405,695 | 1,821,587 | ||||||||
Beginning balance at Apr. 30, 2022 | $ 132,041 | $ 3,641 | $ 182 | $ 171,948 | $ (18,171) | $ (25,559) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Proceeds from stock options exercised (in shares) | 140,800 | 140,800 | [1] | |||||||
Proceeds from stock options exercised | [1] | $ 1,654 | $ 14 | 1,640 | ||||||
Stock-based compensation | 3,944 | 3,944 | ||||||||
Net earnings | 7,386 | 7,386 | ||||||||
Dividends declared | [1] | (11,132) | (11,132) | |||||||
Ending balance (in shares) at Jan. 31, 2023 | 36,546,495 | 1,821,587 | ||||||||
Ending balance at Jan. 31, 2023 | 133,893 | $ 3,655 | $ 182 | 177,532 | (21,917) | (25,559) | ||||
Beginning balance (in shares) at Oct. 31, 2022 | 36,503,495 | 1,821,587 | ||||||||
Beginning balance at Oct. 31, 2022 | 132,588 | $ 3,650 | $ 182 | 175,733 | (21,418) | (25,559) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Proceeds from stock options exercised (in shares) | 43,000 | |||||||||
Proceeds from stock options exercised | 510 | $ 5 | 505 | |||||||
Stock-based compensation | 1,294 | 1,294 | ||||||||
Net earnings | 3,217 | 3,217 | ||||||||
Dividends declared | [1] | (3,716) | (3,716) | |||||||
Ending balance (in shares) at Jan. 31, 2023 | 36,546,495 | 1,821,587 | ||||||||
Ending balance at Jan. 31, 2023 | 133,893 | $ 3,655 | $ 182 | 177,532 | (21,917) | (25,559) | ||||
Beginning balance (in shares) at Apr. 30, 2023 | 32,318,610 | 1,821,587 | 36,907,242 | 1,821,587 | ||||||
Beginning balance at Apr. 30, 2023 | $ 138,288 | $ 3,691 | $ 182 | 182,722 | (22,748) | (25,559) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Proceeds from stock options exercised (in shares) | 26,253 | 26,253 | [1] | |||||||
Proceeds from stock options exercised | [1] | $ 291 | $ 2 | 289 | ||||||
Stock-based compensation | 4,720 | 4,720 | ||||||||
Purchases of common stock | (10,235) | $ (35,800) | (10,235) | |||||||
Net earnings | 9,199 | 9,199 | ||||||||
Dividends declared | [1] | (11,169) | (11,169) | |||||||
Ending balance (in shares) at Jan. 31, 2024 | 31,398,542 | 1,821,587 | 36,933,495 | 1,821,587 | ||||||
Ending balance at Jan. 31, 2024 | 131,094 | $ 3,693 | $ 182 | 187,731 | (24,718) | (35,794) | ||||
Beginning balance (in shares) at Oct. 31, 2023 | 36,929,495 | 1,821,587 | ||||||||
Beginning balance at Oct. 31, 2023 | 134,450 | $ 3,693 | $ 182 | 186,100 | (25,152) | (30,373) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Proceeds from stock options exercised (in shares) | [1] | 4,000 | ||||||||
Proceeds from stock options exercised | [1] | 45 | 45 | |||||||
Stock-based compensation | 1,586 | 1,586 | ||||||||
Purchases of common stock | (5,421) | (5,421) | ||||||||
Net earnings | 4,088 | 4,088 | ||||||||
Dividends declared | (3,654) | (3,654) | ||||||||
Ending balance (in shares) at Jan. 31, 2024 | 31,398,542 | 1,821,587 | 36,933,495 | 1,821,587 | ||||||
Ending balance at Jan. 31, 2024 | $ 131,094 | $ 3,693 | $ 182 | $ 187,731 | $ (24,718) | $ (35,794) | ||||
[1]Amounts adjusted for rounding |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Cash flows from operating activities: | ||
Net earnings | $ 9,199 | $ 7,386 |
Earnings from discontinued operations, net of tax | (1,812) | (323) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 3,641 | 2,389 |
Stock-based compensation expense | 4,720 | 3,919 |
Net gain on investments | (1,331) | (92) |
Deferred income taxes | 282 | (3,377) |
Gain on sale of business | (1,438) | 0 |
Gain on sale of discontinued operations | (2,124) | 0 |
Changes in operating assets and liabilities: | ||
Purchases of trading securities | (3,958) | (8,284) |
Proceeds from maturities and sales of trading securities | 6,772 | 870 |
Accounts receivable, net | 4,267 | (11,816) |
Prepaid expenses and other assets | (1,150) | 579 |
Accounts payable and other liabilities | (3,854) | (1,578) |
Deferred revenue | (5,298) | (1,247) |
Net cash provided by (used in) operating activities of continuing operations | 7,916 | (11,574) |
Net cash provided by operating activities of discontinued operations | 1,554 | 1,108 |
Net cash provided by (used in) operating activities | 9,470 | (10,466) |
Cash flows from investing activities: | ||
Purchases of property and equipment, net of disposals | (539) | (3,655) |
Purchase of business, net of cash acquired | (25,041) | (6,500) |
Proceeds from sale of business | 660 | 0 |
Net cash used in investing activities of continuing operations | (24,920) | (10,155) |
Net cash provided by investing activities of discontinued operations | 1,825 | 0 |
Net cash used in investing activities | (23,095) | (10,155) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 290 | 1,654 |
Purchases of common stock | (10,235) | 0 |
Dividends paid | (11,272) | (11,117) |
Net cash used in financing activities of continuing operations | (21,217) | (9,463) |
Net change in cash and cash equivalents | (34,842) | (30,084) |
Cash and cash equivalents at beginning of period | 90,696 | 110,690 |
Cash and cash equivalents at end of period | 55,854 | 80,606 |
Supplemental disclosure of cash flow information: | ||
Income taxes, net of refunds | 4,345 | 5,441 |
Supplemental disclosures of noncash operating, investing and financing activities: | ||
Accrual of dividends payable | $ 3,654 | $ 3,716 |
Presentation and Summary of Sig
Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2024 | |
Accounting Policies [Abstract] | |
Presentation and Summary of Significant Accounting Policies | Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements ("condensed consolidated financial statements") have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete consolidated financial statements. In the opinion of our management, these condensed consolidated financial statements contain all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position at January 31, 2024, results of operations for the three and nine months ended January 31, 2024 and 2023, consolidated statements of shareholders’ equity for the three and nine months ended January 31, 2024 and 2023, and cash flows for the nine months ended January 31, 2024 and 2023. The Company’s results for the three months ended January 31, 2024 are not necessarily indicative of the results expected for the full year. You should read these statements in conjunction with our audited consolidated financial statements and management’s discussion and analysis and results of operations included in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended April 30, 2023. The terms “fiscal 2024” and “fiscal 2023” refer to our fiscal years ending April 30, 2024 and 2023, respectively. The preparation of these condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Note 1 in the Notes to Consolidated Financial Statements contained in the Annual Report describes the significant accounting policies that we have used in preparing our consolidated financial statements. On an ongoing basis, we evaluate our estimates, including, but not limited to, those related to revenue reserves and allowances. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results could differ materially from these estimates under different assumptions or conditions. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of American Software, Inc. (“American Software”) and its wholly-owned subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. In September 2023, we disposed of our 100% equity interest in our information technology staffing firm, The Proven Method ("TPM") for approximately $2.1 million in cash. For further information regarding the transaction, see Note F to the accompanying condensed consolidated financial statements. Recent Accounting Pronouncements Accounting Standards Update ("ASU") 2021-08 — In October 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ." Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("Topic 606"), at fair value on the acquisition date. ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts, which should generally result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. This update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company adopted this update prospectively on May 1, 2023 and it did not have a material impact to our condensed consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Jan. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition In accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), we recognize revenue when we transfer control of the promised goods or services to our clients, in an amount that reflects the consideration we expect to receive, in exchange for those goods or services. We derive our revenue from software licenses, maintenance services, consulting, implementation and training services, and Software-as-a-Service (“SaaS”), which includes a subscription to our software, as well as support, hosting and managed services. The Company recognizes revenue in accordance with the following steps: Step 1 - Identification of the Contract with the Client Step 2 - Identification of Promised Goods and Services and Evaluation of Whether the Promised Goods and Services are Distinct Performance Obligations Step 3 - Determination of the Transaction Price Step 4 - Allocation of the Transaction Price to Distinct Performance Obligations Step 5 - Attribution of Revenue for Each Distinct Performance Obligation Nature of Products and Services Subscription. Subscription fees include SaaS revenue for the right to use the software for a limited period of time in an environment hosted by the Company or by a third-party. The client accesses and uses the software on an as-needed basis over the Internet or via a dedicated line; however, the client has no right to take delivery of the software. The underlying arrangements typically include a single fee for the service that is billed monthly, quarterly or annually. The Company’s SaaS solutions represent a series of distinct services that are substantially the same and have the same pattern of transfer to the client. Revenue from a SaaS solution is generally recognized ratably over the term of the arrangement. License. Our perpetual software licenses provide the client with a right to use the software as it exists at the time of purchase. We recognize revenue for distinct software licenses once the license period has begun and we have made the software available to the client. Our perpetual software licenses are sold with maintenance under which we provide clients with telephone consulting, product updates on a when available basis, and releases of new versions of products previously purchased by the client, as well as error reporting and correction services. Professional Services and Other. Our services revenue consists of fees generated from consulting, implementation and training services, including reimbursements of out-pocket expenses in connection with our services. Services are typically optional to our clients, and are distinct from our software. Fees for our services are separately priced and are generally billed on an hourly basis, and revenue is recognized over time as the services are performed. We believe the output method of hours worked provides the best depiction of the transfer of our services since the client is receiving the benefit from our services as the work is performed. The total amount of expense reimbursement included in professional services and other revenue was immaterial for the three and nine months ended January 31, 2024 and 2023. Maintenance. Revenue is derived from maintenance under which we provide clients with telephone consulting, product updates and releases of new versions of products previously purchased by the client on a when and-if-available basis, as well as error reporting and correction services. Maintenance for perpetual licenses is renewable, generally on an annual basis, at the option of the client. Maintenance terms typically range from one Indirect Channel Revenue. We record revenue from sales made through the indirect sales channels on a gross basis, because we control the goods or services and act as the principal in the transaction. In reaching this determination, we evaluated sales through our indirect channel on a case-by-case basis and considered a number of factors including indicators of control such as the party having the primary responsibility to provide specified goods or services and the party having discretion in establishing prices. Sales Taxes. We account for sales taxes collected from clients on a net basis. Contract Balances. Timing of invoicing to clients may differ from timing of revenue recognition and these timing differences result in unbilled accounts receivables or contract liabilities (deferred revenue) on the Company’s Condensed Consolidated Balance Sheets. Fees for our software licenses are generally due within 30 days of contract execution. We have an established history of collecting under the terms of our software license contracts without providing refunds or concessions to our clients. SaaS solutions and maintenance are typically billed in advance on a monthly, quarterly, or annual basis. Services are typically billed as performed. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined that our contracts generally do not include significant financing component. The primary purpose of our invoicing terms is to provide clients with predictable ways to purchase our software and services, not to provide or receive financing. Additionally, we are applying the practical expedient to exclude any financing component from consideration for any contracts with payment terms of one year or less since we rarely offer terms extending beyond one year. The consideration in our client contracts is fixed. We have an unconditional right to consideration for all goods and services transferred to our clients. That unconditional right to consideration is reflected in billed and unbilled accounts receivable in the accompanying Condensed Consolidated Balance Sheets in accordance with Topic 606. Deferred revenue consists of amounts collected prior to having completed the performance of maintenance, SaaS, hosting, and managed services. We typically invoice clients for cloud subscription and support fees in advance on a monthly, quarterly or annual basis, with payment due at the start of the cloud subscription or support term. During the nine months ended January 31, 2024, we recognized $38.1 million of revenue that was included in the deferred revenue balance as of April 30, 2023. January 31, April 30, (in thousands) Deferred revenue $ 37,154 $ 43,124 Remaining Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the client and is the unit of account under Topic 606. The transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied by transferring the promised good or service to the client. The Company identifies and tracks the performance obligations at contract inception so that the Company can monitor and account for the performance obligations over the life of the contract. Remaining performance obligations represent the transaction price of orders for which products have not been delivered or services have not been performed. As of January 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $119.5 million. The Company expects to recognize revenue on approximately 51% of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter. Disaggregated Revenue. The Company disaggregates revenue from contracts with clients by geography, as it believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company’s revenue by geography is as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) Revenues: Domestic $ 20,040 $ 21,078 $ 60,646 $ 63,633 International 5,496 6,349 16,481 17,854 $ 25,536 $ 27,427 $ 77,127 $ 81,487 Contract Costs. The Company capitalizes the incremental costs of obtaining a contract with a client if the Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to obtain a contract with a client that it would not have incurred if the contract had not been obtained (for example, a sales commission). The Company capitalizes the costs incurred to fulfill a contract only if those costs meet all of the following criteria: • The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify. • The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. • The costs are expected to be recovered. Certain sales commissions incurred by the Company were determined to be incremental costs to obtain the related contracts, which are deferred and amortized ratably over the economic benefit period. These deferred commission costs are classified as current or non-current based on the timing of when the Company expects to recognize the expense. The current and non-current portions of deferred commissions are included in prepaid expenses and other current assets and other assets, respectively, in the Company’s Condensed Consolidated Balance Sheets. Total deferred commissions at January 31, 2024 and April 30, 2023 were $2.6 million and $3.0 million, respectively. Amortization of sales commissions was $0.4 million and $1.2 million for the three and nine months ended January 31, 2024 and $0.4 million and $1.2 million for the three and nine months ended January 31, 2023, which is included in "Sales and marketing" expense in the accompanying Condensed Consolidated Statements of Operations. No impairment losses were recognized during the periods. |
Declaration of Dividend Payable
Declaration of Dividend Payable | 9 Months Ended |
Jan. 31, 2024 | |
Dividends [Abstract] | |
Declaration of Dividend Payable | Declaration of Dividend Payable On November 20, 2023, our Board of Directors declared a quarterly cash dividend of $0.11 per share of our Class A and Class B common stock. The cash dividend was payable on February 16, 2024 to Class A and Class B shareholders of record at the close of business on February 2, 2024. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Jan. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The Company has two classes of common stock. Class B common shares are convertible into Class A common shares at any time, on a one-for-one basis. Under the Company’s Articles of Incorporation, if dividends are declared, holders of Class A common shares shall receive a $0.05 dividend per share prior to the Class B common shares receiving any dividend and holders of Class A common shares shall receive a dividend at least equal to Class B common shares dividends on a per share basis. As a result, the Company has computed the earnings per share in compliance with the Earnings Per Share Topic of the FASB ASC 260, Earnings Per Share , which requires companies that have multiple classes of equity securities to use the “two-class” method in computing earnings per share. For the Company’s basic earnings per share calculation, the Company uses the “two-class” method. Basic earnings per share are calculated by dividing net earnings attributable to each class of common stock by the weighted average number of shares outstanding. All undistributed earnings are allocated evenly between Class A and B common shares in the earnings per share calculation to the extent that earnings equal or exceed $0.05 per share. If Class B shares convert to Class A shares during the period, the distributed net earnings for Class B shares is calculated using the weighted average common shares outstanding during the period. Diluted earnings per share is calculated similarly to basic earnings per share, except that the calculation is adjusted to give effect to dilutive elements including stock options and restricted stock units ("RSUs") issuable under the Company's stock incentive plans, to the extent these are dilutive. For the Company’s diluted earnings per share calculation for Class A shares, the Company uses the “if-converted” method. This calculation assumes that all Class B common shares are converted into Class A common shares and, as a result, assumes there are no holders of Class B common shares to participate in undistributed earnings. For the Company’s diluted earnings per share calculation for Class B shares, the Company uses the “two-class” method. This calculation does not assume that all Class B common shares are converted into Class A common shares. In addition, this method assumes the dilutive effect of Class A stock options and RSUs were converted to Class A shares and the undistributed earnings are allocated evenly to both Class A and B shares including Class A shares issued pursuant to those converted stock options. This allocation is based on management’s judgment after considering the dividend rights of the two-classes of common stock, the control of the Class B shareholders and the convertibility rights of the Class B shares into Class A shares. The following tables set forth the computation of basic earnings per common share and diluted earnings per common share (in thousands except for per share amounts): Basic earnings per common share: Three Months Ended January 31, 2024 Nine Months Ended January 31, 2024 Class A Class B Class A Class B Distributed earnings $ 0.11 $ 0.11 $ 0.33 $ 0.33 Undistributed losses 0.01 0.01 (0.06) (0.06) Total from continuing operations $ 0.12 $ 0.12 $ 0.22 $ 0.27 Total from discontinued operations — — 0.05 — Total $ 0.12 $ 0.12 $ 0.27 $ 0.27 Distributed earnings $ 3,454 $ 200 $ 10,568 $ 601 Undistributed losses 410 24 (1,864) (106) Total from continuing operations $ 3,864 $ 224 $ 6,892 $ 495 Total from discontinued operations — — 1,812 — Total $ 3,864 $ 224 $ 8,704 $ 495 Basic weighted average common shares outstanding 31,470 1,822 32,020 1,822 Three Months Ended January 31, 2023 Nine Months Ended January 31, 2023 Class A Class B Class A Class B Distributed earnings $ 0.11 $ 0.11 $ 0.33 $ 0.33 Undistributed losses* (0.02) (0.02) (0.11) (0.11) Total from continuing operations $ 0.09 $ 0.09 $ 0.21 $ 0.22 Total from discontinued operations $ — $ — $ 0.01 $ — Total $ 0.09 $ 0.09 $ 0.22 $ 0.22 Distributed earnings $ 3,515 $ 201 $ 10,532 $ 601 Undistributed losses (472) (27) (3,545) (202) Total from continuing operations $ 2,998 $ 174 $ 6,664 $ 399 Total from discontinued operations 45 — 323 — Total $ 3,043 $ 174 $ 6,987 $ 399 Basic weighted average common shares outstanding 31,937 1,822 31,890 1,822 ` Diluted EPS for Class A Common Shares Using the If-Converted Method Three Months Ended January 31, 2024 Undistributed Class A EPS* Per Basic $ 3,864 31,470 $ 0.12 Common Stock Equivalents — 44 — 3,864 31,514 0.12 Class B Common Share Conversion* 224 1,822 — Diluted EPS for Class A Common Shares $ 4,088 33,336 $ 0.12 Nine Months Ended January 31, 2024 Undistributed Class A EPS* Per Basic $ 8,704 32,020 $ 0.27 Common Stock Equivalents — 24 — 8,704 32,044 0.27 Class B Common Share Conversion* 495 1,822 — Diluted EPS for Class A Common Shares $ 9,199 33,866 $ 0.27 Three Months Ended January 31, 2023 Undistributed Class A EPS* Per Basic $ 3,043 31,937 $ 0.09 Common Stock Equivalents — 206 — 3,043 32,143 0.09 Class B Common Share Conversion 174 1,822 — Diluted EPS for Class A Common Shares $ 3,217 33,965 $ 0.09 Nine Months Ended January 31, 2023 Undistributed Class A EPS* Per Basic $ 6,987 31,890 $ 0.22 Common Stock Equivalents — 294 — 6,987 32,184 0.22 Class B Common Share Conversion* 399 1,822 — Diluted EPS for Class A Common Shares $ 7,386 34,006 $ 0.22 Diluted EPS for Class B Common Shares Using the Two-Class Method Three Months Ended January 31, 2024 Undistributed Class B EPS* Per Basic $ 224 1,822 $ 0.12 Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares — — — Diluted EPS for Class B Common Shares $ 224 1,822 $ 0.12 Nine Months Ended January 31, 2024 Undistributed Class B EPS* Per Basic $ 495 1,822 $ 0.27 Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares — — — Diluted EPS for Class B Common Shares $ 495 1,822 $ 0.27 Three Months Ended January 31, 2023 Undistributed Class B EPS* Per Basic $ 174 1,822 $ 0.09 Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares 1 — — Diluted EPS for Class B Common Shares $ 175 1,822 $ 0.09 Nine Months Ended January 31, 2023 Undistributed Class B EPS* Per Basic $ 399 1,822 $ 0.22 Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares 2 — — Diluted EPS for Class B Common Shares $ 401 1,822 $ 0.22 ____________ *Amounts adjusted for rounding For the three and nine months ended January 31, 2024 we excluded options to purcha se 6,481,015 and 6,184,717 Class A Common Shares, respectively, and for the three and nine months ended January 31, 2023 we excluded options to purchase 4,445,248 and 3,718,454 Class A Common Shares, respectively. We excluded these option share amounts because the exercise prices of those options were greater than the average market price of the Class A Common Shares during the applicable period. As of January 31, 2024, we had a total of 6,522,415 options outstanding and as of January 31, 2023, we had a total of 5,677,804 options outstanding. |
Acquisitions
Acquisitions | 9 Months Ended |
Jan. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions We account for business combinations using the acquisition method of accounting and, accordingly, the identifiable assets acquired and liabilities assumed are recorded based upon management’s estimates of current fair values as of the acquisition date. The estimation process includes analyses based on income and market approaches. Goodwill represents the excess purchase price over the fair value of net assets, including the amount assigned to identifiable intangible assets. The goodwill generated is due in part to the synergies that are not included in the fair value of identifiable intangible assets. Goodwill recorded in an acquisition is assigned to applicable reporting units based on expected revenues. Identifiable intangible assets with finite lives are amortized over their useful lives. Amortization of current technology is recorded in cost of revenue-subscription fees and amortization of all other intangible assets is recorded in amortization of acquisition-related intangibles. Acquisition-related costs, including advisory, legal, accounting, valuation and other costs, are expensed in general and administrative expenses in the periods in which such costs are incurred. The results of operations of acquired businesses are included in the condensed consolidated financial statements from the acquisition date. Effective September 5, 2023, the Company entered into a Stock Purchase Agreement (“Garvis Purchase Agreement”) with privately-held Garvis AI Limited, a private limited company organized and registered under the laws of England and Wales (“Garvis”). Pursuant to the Garvis Purchase Agreement, the Company acquired 100% of the total issued and outstanding shares of capital stock of Garvis, a visionary SaaS startup that can combine a large language model-based AI interface (e.g. ChatGPT) with AI-native demand forecasting. Garvis designed from the ground up an AI-first forecasting solution now called DemandAI+. When combined with Generative AI, DemandAI+ creates a modern, more inclusive, and intuitive planning paradigm that quickly digitizes supply chain relationships and exposes that data to any stakeholder across the organization. By simply asking questions planners, executives, and non-planners alike get answers to unanticipated queries in real-time, providing transparency for more informed decisions that saves precious planning time. Demand AI+, built for the cloud, will be embedded into the Logility Digital Supply Chain Platform. The combined solutions will enable a new supply chain planning paradigm with DemandAI+ that moves beyond conventional methods to plan demand and inventory at the speed of the market. Under the terms of the Garvis Purchase Agreement, the Company acquired the capital stock for cash consideration paid net of cash acquired of approximately $25.0 million, subject to certain post-closing adjustments. The Company incurred acquisition costs of approximately $167,000 and $504,000 during the three and nine months ended January 31, 2024. The operating results of Garvis are not material for proforma disclosure. The Company preliminarily allocated $16.8 million of the total purchase price to goodwill, which has been assigned to the Supply Chain Management segment and is not deductible for income tax purposes. The following preliminary allocation of the total purchase price reflects the fair value of the assets acquired and liabilities assumed as of September 5, 2023 (in thousands): Useful Life Cash 67 Accounts receivable, net 457 Current assets 47 Property and equipment, net 27 Goodwill 16,835 Non-compete 2,000 3 years Current technology 9,000 3 years Total assets acquired 28,433 Current liabilities (617) Long-term liabilities (2,708) Total liabilities assumed $ (3,325) Net assets acquired $ 25,108 Current technology and non-compete agreements are being amortized on a straight-line basis over the remaining estimated economic life of the assets, including the period being reported. Effective June 28, 2022, the Company acquired certain assets of privately-held Starboard Solutions Corp., a Michigan based innovator of supply chain network design software (“Starboard”), pursuant to the terms of an asset purchase agreement, dated as of June 28, 2022 (the “Starboard Purchase Agreement”). Starboard creates an interactive supply chain digital twin of the physical supply chain network and uses gaming technology to provide an intuitive user experience where users can easily explore answers to various "what if" questions. Starboard offers a unique supply chain visualization solution that can optimize for unknown locations, meaning users do not have to map their plans to a physical location. Applying Starboard’s rich set of reference costs with Logility’s lane rates and time data structures, users have the ability to quickly analyze options in regions for which they have no prior data and assess better locations for future plants, warehouses or third-party logistic locations. The intuitive design and ease of configuration makes the Starboard network design solution stand out. The Starboard software is built for recurring use, eliminating the need for a consulting project to model potential resolutions to unexpected supply chain disruptions. The integration of Starboard’s capabilities into the Logility Digital Supply Chain Platform will offer supply chain leaders enhanced integrated business planning outcomes. Users will be able to model a response to disruptions and update their operating plan within the Logility Digital Supply Chain Platform in minutes to enact the new operating paradigm. Under the terms of the Starboard Purchase Agreement, the Company acquired the assets in exchange for a purchase price of approximately $6.5 million in cash, subject to certain post-closing adjustments, plus up to a maximum aggregate amount of $6.0 million (the "Aggregate Maximum Earnout Payment") of contingent earnout payments upon satisfaction of certain subscription revenue targets over a three year earnout period (the "Earnout Period"). For each year of the Earnout Period (each, a "Calculation Period"), the Company will pay, as additional consideration, $2.0 million once subscription revenue (i.e., revenue contracted for and recorded as revenue in accordance with GAAP) for the applicable Calculation Period equals $1.5 million, plus one dollar of additional consideration for each dollar of subscription revenue in excess of $1.5 million, subject to the Aggregate Maximum Earnout Payment. If the subscription revenue for each Calculation Period is less than $1.5 million, no additional payment shall be due for such Calculation Period. The contingent earnout payments are subject to the recipient's continued service with the Company; therefore, any additional consideration will be accounted for as post-combination services and will be expensed in the period(s) payments are accruable. The cumulative earnout paid as of January 31, 2024 was $0. The Company incurred acquisition costs of approximately $0, $0, $50,000 and $186,000 during the three and nine months ended January 31, 2024 and 2023, respectively. The operating results of Starboard are not material for proforma disclosure. We allocated $3.7 million of the total purchase price to goodwill, which has been assigned to the Supply Chain Management segment and is deductible for income tax purposes. The following allocation of the total purchase price reflects the fair value of the assets acquired and liabilities assumed as of June 28, 2022 (in thousands): Useful Life Other assets 90 Goodwill 3,670 Non-compete agreements 170 5 years Current technology 2,500 3 years Customer relationships 160 6 years Total assets acquired 6,590 Long-term liabilities (90) Net assets acquired $ 6,500 |
Divestitures
Divestitures | 9 Months Ended |
Jan. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures Discontinued Operations On September 18, 2023, the Company disposed of its 100% equity interest in its information technology staffing firm, TPM to Marathon TS, Inc., an IT professional services firm for approximately $2.1 million in cash, of which $300,000 is held in escrow. The amounts held in escrow are limited to claims arising out of or relating to any pre-closing taxes. Any escrow amounts that are not subject to then outstanding indemnification claims shall be released to the Company in equal $100,000 increments on the 12, 24 and 36 month anniversary of the transaction closing date and are included in prepaid expenses and other current assets and other assets in the Condensed Consolidated Balance Sheet as of January 31, 2024. There have not been any submitted, or expected, indemnification claims against these escrowed funds. This transaction enables us to focus on our core supply chain planning business allowing Logility to continue to expand its AI-first supply chain management platform. In accordance with applicable accounting guidance for the disposal of long-lived assets, the results of TPM are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results in the accompanying Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Cash Flows and in the Notes to Condensed Consolidated Financial Statements. TPM was previously reported in the former IT Consulting segment. During the second quarter of fiscal 2024, the Company identified an error, originating in 2017, resulting in an understatement of professional services and other cost of revenue and other current liabilities. The error was determined to be immaterial to all impacted periods and has been corrected in the previously issued condensed consolidated financial statements presented herein. Subsequent to presenting the results of TPM as discontinued operations, the amounts related to the error resulted in an adjustment to decrease earnings from operations of discontinued operations by $123,000 and $168,000 in the three and nine months ended January 31, 2023, respectively. The error resulted in an increase to retained deficit and an increase to other current liabilities of approximately $1.0 million in prior periods presented. The following is selected financial information included in Earnings from discontinued operations for TPM: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue $ — $ 3,584 $ 4,932 $ 12,258 Cost of revenue — 2,926 3,959 9,942 Total operating expenses $ — $ 570 $ 718 $ 1,841 Gain on disposal of discontinued operations $ — $ — $ 2,124 $ — Earnings before income taxes $ — $ 88 $ 2,379 $ 475 Income tax expense 64 43 567 152 Earnings (loss) from discontinued operations, net of taxes $ (64) $ 45 $ 1,812 $ 323 The following is selected financial information included in current assets and current liabilities from discontinued operations for TPM: January 31, April 30, 2024 2023 Cash and cash equivalents $ — $ 637 Trade accounts receivable, less allowance for doubtful accounts — 2,964 Prepaid expenses and other current assets — 2 Current assets of discontinued operations $ — $ 3,603 Current liabilities of discontinued operations $ — $ 318 Other Divestitures On November 15 2023, we signed an asset purchase agreement for the sale of our Transportation Rating Solutions ("TRS") business which consists of on-premise freight shipping solutions for LTL, truckload and rail shipments within North America to FOG Software Group ("FOG") a division of Vela Software for approximately $1.1 million in cash, of which, $440,000 is subject to various holdback provisions, which will expire 120 days following the date of the agreement. The divestiture of TRS will allow us to focus on our core supply chain planning business allowing Logility to continue to expand its AI-first supply chain management platform. The purchase price is subject to a working capital adjustment. We recognized a pre-tax gain of approximately $1.4 million which is recorded within Other Income in the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended January 31, 2024. Earnings from the business were not material and the results of the business through the date of sale were reflected in continuing operations within the SCM segment. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Jan. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation In the first quarter of fiscal 2024, the Compensation Committee of our Board of Directors awarded RSUs to independent directors not employed by the Company that will vest, and shares of Class A common stock will be issued, on the first anniversary of the date of the grant. The RSU awards replace option grants for Class A common stock previously awarded to independent directors. In addition, stock option grants for employees and contractors for Class A common shares were issued, as follows: Nine Months Ended January 31, 2024 2023 Awards granted: Options 1,485,000 1,519,000 RSUs 95,411 — Total awards granted 1,580,411 1,519,000 The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model and the fair value of each RSU award is estimated on the date of grant using the fair value method. The forfeiture rates are estimated using historical data. We recorded total compensation cost related to stock options and RSUs of approximately $1.6 million and $1.3 million of which, $0 and $8,000 was included in discontinued operations, and income tax expense of approximately $69,000 from option expirations and income tax benefits of approximately $4,000 from option exercises during the three months ended January 31, 2024 and 2023, respectively. We recorded total compensation cost related to stock options and RSUs of approximately $4.7 million and $3.9 million, of which $0 and $16,000 was included in discontinued operations, and income tax expense of approximately $69,000 from option expirations and income tax benefits of approximately $67,000 from option exercises during the nine months ended January 31, 2024 and 2023, respectively. We record stock-based compensation expense on a straight-line basis over the vesting period directly to additional paid-in capital. During the nine months ended January 31, 2024 and 2023, we issued 26,253 and 140,800 shares of Class A common stock, respectively, resulting from the exercise of stock options. The total intrinsic value of options exercised during the nine months ended January 31, 2024 and 2023 based on market value at the exercise dates was approximately $40,000 and $589,000, respectively. As of January 31, 2024, unrecognized compensation cost related to unvested stock option and RSU awards approximated $14.6 million, respectively, which we expect to recognize over a weighted average period of 1.71 years. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Jan. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We measure our investments based on a fair value hierarchy disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets and liabilities at fair value. A number of factors affect market price observability, including the type of asset or liability and its characteristics. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1—Quoted prices for identical instruments in active markets. • Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The following is a general description of the valuation methodologies we use for financial assets and liabilities measured at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy. Cash Equivalents —Cash equivalents include investments in government obligation based money-market funds, other money market instruments and interest-bearing deposits with initial terms of three months or less. The fair value of cash equivalents approximates its carrying value due to the short-term nature of these instruments. Marketable Securities —Marketable securities utilizing Level 1 inputs include active exchange-traded equity securities and equity index funds, and most U.S. government debt securities, as these securities all have quoted prices in active markets. Marketable securities utilizing Level 2 inputs include municipal bonds. We value these securities using market-corroborated pricing or other models that use observable inputs such as yield curves. The following tables present our assets and liabilities that we measured at fair value on a recurring basis as of January 31, 2024 and April 30, 2023, and indicate the fair value hierarchy of the valuation techniques we used to determine such fair value (in thousands): January 31, 2024 Quoted Prices Significant Significant Balance Cash equivalents $ 51,464 $ — $ — $ 51,464 U.S. Treasury securities 4,625 — — 4,625 Marketable securities 17,829 — — 17,829 Total $ 73,918 $ — $ — $ 73,918 April 30, 2023 Quoted Prices Significant Significant Balance Cash equivalents $ 81,352 $ — $ — $ 81,352 U.S. Treasury securities 7,305 — — 7,305 Marketable securities 16,632 — — 16,632 Total $ 105,289 $ — $ — $ 105,289 |
Stock Repurchases
Stock Repurchases | 9 Months Ended |
Jan. 31, 2024 | |
Equity [Abstract] | |
Stock Repurchases | Stock Repurchases On August 19, 2002, our Board of Directors authorized the repurchase of up to an additional 2.0 million shares of our Class A common stock. We have made and will make these repurchases through open market purchases at prevailing market prices. The timing of any repurchase will depend upon market conditions, the market price of our Class A common stock and management’s assessment of our liquidity and cash flow needs. Under this repurchase plan, we have repurchased 2,000,000 shares of Class A common stock at a cost of approximately $16.4 million, which had a $10.2 million impact on fiscal 2024. As of January 31, 2024, under all repurchase plans previously authorized, including this most recent plan, we have repurchased a total of 5,534,953 shares of common stock at a cost of approximately $35.8 million. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Jan. 31, 2024 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income | Comprehensive Income We have not included Condensed Consolidated Statements of Comprehensive Income in the accompanying unaudited condensed consolidated financial statements since comprehensive income and net earnings presented in the accompanying Condensed Consolidated Statements of Operations would be substantially the same. |
Industry Segments
Industry Segments | 9 Months Ended |
Jan. 31, 2024 | |
Segment Reporting [Abstract] | |
Industry Segments | Industry Segments FASB ASC 280, Segment Reporting , establishes standards for reporting information about operating segments. Operating segments are defined as components of a public entity about which separate financial information is available that is evaluated regularly by the chief operating decision makers (“CODMs”), or decision making group, in deciding how to allocate resources and in assessing performance. Our CODMs are our Chief Executive Officer and President and our Chief Financial Officer. While our CODMs are apprised of a variety of financial metrics and information, we manage our business primarily on a segment basis, with the CODMs evaluating performance based upon segment operating profit or loss that includes an allocation of common expenses, but excludes certain unallocated corporate expenses, which are included in the Other segment. Our CODMs review the operating results of our two segments, assess performance and allocate resources in a manner that is consistent with the changing market dynamics that we have experienced. The two operating segments are: (1) Supply Chain Management (“SCM”) and (2) Other. The SCM segment leverages a single platform spanning seven supply chain process areas, including product, demand, inventory, supply, deploy, integrated business planning and supply chain data management. The Other segment consists of (i) American Software enterprise resource planning ("ERP"), which provides purchasing and materials management, client order processing, financial, e-commerce and traditional manufacturing solutions, and (ii) unallocated corporate overhead expenses. All of our revenue is derived from external clients. We do not have any inter-segment revenue. Our income taxes and dividends are paid at a consolidated level. Consequently, it is not practical to show these items by operating segment. In the following table, we have broken down the intersegment transactions applicable to the three and nine months ended January 31, 2024 and 2023 (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2024 2023 2024 2023 Revenue: Supply Chain Management $ 25,009 $ 26,952 $ 75,558 $ 79,886 Other 527 475 1,569 1,601 $ 25,536 $ 27,427 $ 77,127 $ 81,487 Operating income\(loss): Supply Chain Management $ 6,119 $ 7,763 $ 18,396 $ 22,587 Other (5,304) (5,018) (14,960) (14,950) $ 815 $ 2,745 $ 3,436 $ 7,637 Capital expenditures: Supply Chain Management $ 21 $ 14 $ 434 $ 1,604 Other 47 935 155 2,051 $ 68 $ 949 $ 589 $ 3,655 Depreciation and amortization: Supply Chain Management $ 1,462 $ 675 $ 3,115 $ 2,042 Other 172 113 526 347 $ 1,634 $ 788 $ 3,641 $ 2,389 Earnings\(loss) before income taxes: Supply Chain Management $ 7,810 $ 8,094 $ 20,353 $ 22,695 Other (2,578) (4,015) (11,191) (13,750) $ 5,232 $ 4,079 $ 9,162 $ 8,945 |
Major Clients
Major Clients | 9 Months Ended |
Jan. 31, 2024 | |
Segment Reporting [Abstract] | |
Major Clients | Major Clients No single client accounted for more than 10% of total revenue for the three and nine months ended January 31, 2024 and 2023. |
Contingencies
Contingencies | 9 Months Ended |
Jan. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company more often than not indemnifies its clients against damages and costs resulting from third-party claims of intellectual property infringement associated with use of the Company’s products. The Company historically has not been required to make any payments under such indemnification obligations. However, the Company continues to monitor the circumstances that are subject to indemnification to identify whether it is probable that a loss has occurred, and would recognize any such losses under such indemnification obligations when they are estimable. In addition, the Company warrants to clients that the Company’s products operate substantially in accordance with the software product’s specifications. Historically, no costs have been incurred related to software product warranties and none are expected in the future, and as such no accruals for software product warranty costs have been made. Additionally, the Company is involved in various claims arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the financial position or results of operations of the Company. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Jan. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On February 21, 2024, our Board of Directors declared a quarterly cash dividend of $0.11 per share of our Class A and Class B common stock. The cash dividend is payable on May 17, 2024 to Class A and Class B shareholders of record at the close of business on May 3, 2024. |
Presentation and Summary of S_2
Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements ("condensed consolidated financial statements") have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete consolidated financial statements. In the opinion of our management, these condensed consolidated financial statements contain all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position at January 31, 2024, results of operations for the three and nine months ended January 31, 2024 and 2023, consolidated statements of shareholders’ equity for the three and nine months ended January 31, 2024 and 2023, and cash flows for the nine months ended January 31, 2024 and 2023. The Company’s results for the three months ended January 31, 2024 are not necessarily indicative of the results expected for the full year. You should read these statements in conjunction with our audited consolidated financial statements and management’s discussion and analysis and results of operations included in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended April 30, 2023. The terms “fiscal 2024” and “fiscal 2023” refer to our fiscal years ending April 30, 2024 and 2023, respectively. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of American Software, Inc. (“American Software”) and its wholly-owned subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. In September 2023, we disposed of our 100% equity interest in our information technology staffing firm, The Proven Method ("TPM") for approximately $2.1 million in cash. For further information regarding the transaction, see Note F to the accompanying condensed consolidated financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Update ("ASU") 2021-08 — In October 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ." Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("Topic 606"), at fair value on the acquisition date. ASU 2021-08 requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts, which should generally result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. This update also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company adopted this update prospectively on May 1, 2023 and it did not have a material impact to our condensed consolidated financial statements. |
Revenue Recognition | Revenue Recognition In accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606), we recognize revenue when we transfer control of the promised goods or services to our clients, in an amount that reflects the consideration we expect to receive, in exchange for those goods or services. We derive our revenue from software licenses, maintenance services, consulting, implementation and training services, and Software-as-a-Service (“SaaS”), which includes a subscription to our software, as well as support, hosting and managed services. The Company recognizes revenue in accordance with the following steps: Step 1 - Identification of the Contract with the Client Step 2 - Identification of Promised Goods and Services and Evaluation of Whether the Promised Goods and Services are Distinct Performance Obligations Step 3 - Determination of the Transaction Price Step 4 - Allocation of the Transaction Price to Distinct Performance Obligations Step 5 - Attribution of Revenue for Each Distinct Performance Obligation Nature of Products and Services Subscription. Subscription fees include SaaS revenue for the right to use the software for a limited period of time in an environment hosted by the Company or by a third-party. The client accesses and uses the software on an as-needed basis over the Internet or via a dedicated line; however, the client has no right to take delivery of the software. The underlying arrangements typically include a single fee for the service that is billed monthly, quarterly or annually. The Company’s SaaS solutions represent a series of distinct services that are substantially the same and have the same pattern of transfer to the client. Revenue from a SaaS solution is generally recognized ratably over the term of the arrangement. License. Our perpetual software licenses provide the client with a right to use the software as it exists at the time of purchase. We recognize revenue for distinct software licenses once the license period has begun and we have made the software available to the client. Our perpetual software licenses are sold with maintenance under which we provide clients with telephone consulting, product updates on a when available basis, and releases of new versions of products previously purchased by the client, as well as error reporting and correction services. Professional Services and Other. Our services revenue consists of fees generated from consulting, implementation and training services, including reimbursements of out-pocket expenses in connection with our services. Services are typically optional to our clients, and are distinct from our software. Fees for our services are separately priced and are generally billed on an hourly basis, and revenue is recognized over time as the services are performed. We believe the output method of hours worked provides the best depiction of the transfer of our services since the client is receiving the benefit from our services as the work is performed. The total amount of expense reimbursement included in professional services and other revenue was immaterial for the three and nine months ended January 31, 2024 and 2023. Maintenance. Revenue is derived from maintenance under which we provide clients with telephone consulting, product updates and releases of new versions of products previously purchased by the client on a when and-if-available basis, as well as error reporting and correction services. Maintenance for perpetual licenses is renewable, generally on an annual basis, at the option of the client. Maintenance terms typically range from one Indirect Channel Revenue. We record revenue from sales made through the indirect sales channels on a gross basis, because we control the goods or services and act as the principal in the transaction. In reaching this determination, we evaluated sales through our indirect channel on a case-by-case basis and considered a number of factors including indicators of control such as the party having the primary responsibility to provide specified goods or services and the party having discretion in establishing prices. Sales Taxes. We account for sales taxes collected from clients on a net basis. Contract Balances. Timing of invoicing to clients may differ from timing of revenue recognition and these timing differences result in unbilled accounts receivables or contract liabilities (deferred revenue) on the Company’s Condensed Consolidated Balance Sheets. Fees for our software licenses are generally due within 30 days of contract execution. We have an established history of collecting under the terms of our software license contracts without providing refunds or concessions to our clients. SaaS solutions and maintenance are typically billed in advance on a monthly, quarterly, or annual basis. Services are typically billed as performed. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined that our contracts generally do not include significant financing component. The primary purpose of our invoicing terms is to provide clients with predictable ways to purchase our software and services, not to provide or receive financing. Additionally, we are applying the practical expedient to exclude any financing component from consideration for any contracts with payment terms of one year or less since we rarely offer terms extending beyond one year. The consideration in our client contracts is fixed. We have an unconditional right to consideration for all goods and services transferred to our clients. That unconditional right to consideration is reflected in billed and unbilled accounts receivable in the accompanying Condensed Consolidated Balance Sheets in accordance with Topic 606. Deferred revenue consists of amounts collected prior to having completed the performance of maintenance, SaaS, hosting, and managed services. We typically invoice clients for cloud subscription and support fees in advance on a monthly, quarterly or annual basis, with payment due at the start of the cloud subscription or support term. During the nine months ended January 31, 2024, we recognized $38.1 million of revenue that was included in the deferred revenue balance as of April 30, 2023. January 31, April 30, (in thousands) Deferred revenue $ 37,154 $ 43,124 Remaining Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the client and is the unit of account under Topic 606. The transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied by transferring the promised good or service to the client. The Company identifies and tracks the performance obligations at contract inception so that the Company can monitor and account for the performance obligations over the life of the contract. Remaining performance obligations represent the transaction price of orders for which products have not been delivered or services have not been performed. As of January 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $119.5 million. The Company expects to recognize revenue on approximately 51% of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter. Disaggregated Revenue. The Company disaggregates revenue from contracts with clients by geography, as it believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company’s revenue by geography is as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) Revenues: Domestic $ 20,040 $ 21,078 $ 60,646 $ 63,633 International 5,496 6,349 16,481 17,854 $ 25,536 $ 27,427 $ 77,127 $ 81,487 Contract Costs. The Company capitalizes the incremental costs of obtaining a contract with a client if the Company expects to recover those costs. The incremental costs of obtaining a contract are those that the Company incurs to obtain a contract with a client that it would not have incurred if the contract had not been obtained (for example, a sales commission). The Company capitalizes the costs incurred to fulfill a contract only if those costs meet all of the following criteria: • The costs relate directly to a contract or to an anticipated contract that the Company can specifically identify. • The costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future. • The costs are expected to be recovered. Certain sales commissions incurred by the Company were determined to be incremental costs to obtain the related contracts, which are deferred and amortized ratably over the economic benefit period. These deferred commission costs are classified as current or non-current based on the timing of when the Company expects to recognize the expense. The current and non-current portions of deferred commissions are included in prepaid expenses and other current assets and other assets, respectively, in the Company’s Condensed Consolidated Balance Sheets. Total deferred commissions at January 31, 2024 and April 30, 2023 were $2.6 million and $3.0 million, respectively. Amortization of sales commissions was $0.4 million and $1.2 million for the three and nine months ended January 31, 2024 and $0.4 million and $1.2 million for the three and nine months ended January 31, 2023, which is included in "Sales and marketing" expense in the accompanying Condensed Consolidated Statements of Operations. No impairment losses were recognized during the periods. |
Acquisitions | We account for business combinations using the acquisition method of accounting and, accordingly, the identifiable assets acquired and liabilities assumed are recorded based upon management’s estimates of current fair values as of the acquisition date. The estimation process includes analyses based on income and market approaches. Goodwill represents the excess purchase price over the fair value of net assets, including the amount assigned to identifiable intangible assets. The goodwill generated is due in part to the synergies that are not included in the fair value of identifiable intangible assets. Goodwill recorded in an acquisition is assigned to applicable reporting units based on expected revenues. Identifiable intangible assets with finite lives are amortized over their useful lives. Amortization of current technology is recorded in cost of revenue-subscription fees and amortization of all other intangible assets is recorded in amortization of acquisition-related intangibles. Acquisition-related costs, including advisory, legal, accounting, valuation and other costs, are expensed in general and administrative expenses in the periods in which such costs are incurred. The results of operations of acquired businesses are included in the condensed consolidated financial statements from the acquisition date. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Contract Balances | January 31, April 30, (in thousands) Deferred revenue $ 37,154 $ 43,124 |
Schedule of Revenue by Geography | The Company’s revenue by geography is as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) (in thousands) Revenues: Domestic $ 20,040 $ 21,078 $ 60,646 $ 63,633 International 5,496 6,349 16,481 17,854 $ 25,536 $ 27,427 $ 77,127 $ 81,487 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic Earnings Per Common Share | The following tables set forth the computation of basic earnings per common share and diluted earnings per common share (in thousands except for per share amounts): Basic earnings per common share: Three Months Ended January 31, 2024 Nine Months Ended January 31, 2024 Class A Class B Class A Class B Distributed earnings $ 0.11 $ 0.11 $ 0.33 $ 0.33 Undistributed losses 0.01 0.01 (0.06) (0.06) Total from continuing operations $ 0.12 $ 0.12 $ 0.22 $ 0.27 Total from discontinued operations — — 0.05 — Total $ 0.12 $ 0.12 $ 0.27 $ 0.27 Distributed earnings $ 3,454 $ 200 $ 10,568 $ 601 Undistributed losses 410 24 (1,864) (106) Total from continuing operations $ 3,864 $ 224 $ 6,892 $ 495 Total from discontinued operations — — 1,812 — Total $ 3,864 $ 224 $ 8,704 $ 495 Basic weighted average common shares outstanding 31,470 1,822 32,020 1,822 Three Months Ended January 31, 2023 Nine Months Ended January 31, 2023 Class A Class B Class A Class B Distributed earnings $ 0.11 $ 0.11 $ 0.33 $ 0.33 Undistributed losses* (0.02) (0.02) (0.11) (0.11) Total from continuing operations $ 0.09 $ 0.09 $ 0.21 $ 0.22 Total from discontinued operations $ — $ — $ 0.01 $ — Total $ 0.09 $ 0.09 $ 0.22 $ 0.22 Distributed earnings $ 3,515 $ 201 $ 10,532 $ 601 Undistributed losses (472) (27) (3,545) (202) Total from continuing operations $ 2,998 $ 174 $ 6,664 $ 399 Total from discontinued operations 45 — 323 — Total $ 3,043 $ 174 $ 6,987 $ 399 Basic weighted average common shares outstanding 31,937 1,822 31,890 1,822 ` |
Schedule of Diluted Earnings Per Share for Class A Common Shares Using If-Converted Method | Diluted EPS for Class A Common Shares Using the If-Converted Method Three Months Ended January 31, 2024 Undistributed Class A EPS* Per Basic $ 3,864 31,470 $ 0.12 Common Stock Equivalents — 44 — 3,864 31,514 0.12 Class B Common Share Conversion* 224 1,822 — Diluted EPS for Class A Common Shares $ 4,088 33,336 $ 0.12 Nine Months Ended January 31, 2024 Undistributed Class A EPS* Per Basic $ 8,704 32,020 $ 0.27 Common Stock Equivalents — 24 — 8,704 32,044 0.27 Class B Common Share Conversion* 495 1,822 — Diluted EPS for Class A Common Shares $ 9,199 33,866 $ 0.27 Three Months Ended January 31, 2023 Undistributed Class A EPS* Per Basic $ 3,043 31,937 $ 0.09 Common Stock Equivalents — 206 — 3,043 32,143 0.09 Class B Common Share Conversion 174 1,822 — Diluted EPS for Class A Common Shares $ 3,217 33,965 $ 0.09 Nine Months Ended January 31, 2023 Undistributed Class A EPS* Per Basic $ 6,987 31,890 $ 0.22 Common Stock Equivalents — 294 — 6,987 32,184 0.22 Class B Common Share Conversion* 399 1,822 — Diluted EPS for Class A Common Shares $ 7,386 34,006 $ 0.22 |
Schedule of Diluted Earnings Per Share for Class B Common Shares Using Two-Class Method | Diluted EPS for Class B Common Shares Using the Two-Class Method Three Months Ended January 31, 2024 Undistributed Class B EPS* Per Basic $ 224 1,822 $ 0.12 Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares — — — Diluted EPS for Class B Common Shares $ 224 1,822 $ 0.12 Nine Months Ended January 31, 2024 Undistributed Class B EPS* Per Basic $ 495 1,822 $ 0.27 Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares — — — Diluted EPS for Class B Common Shares $ 495 1,822 $ 0.27 Three Months Ended January 31, 2023 Undistributed Class B EPS* Per Basic $ 174 1,822 $ 0.09 Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares 1 — — Diluted EPS for Class B Common Shares $ 175 1,822 $ 0.09 Nine Months Ended January 31, 2023 Undistributed Class B EPS* Per Basic $ 399 1,822 $ 0.22 Reallocation of undistributed earnings from Class A Common Shares to Class B Common Shares 2 — — Diluted EPS for Class B Common Shares $ 401 1,822 $ 0.22 ____________ *Amounts adjusted for rounding |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following preliminary allocation of the total purchase price reflects the fair value of the assets acquired and liabilities assumed as of September 5, 2023 (in thousands): Useful Life Cash 67 Accounts receivable, net 457 Current assets 47 Property and equipment, net 27 Goodwill 16,835 Non-compete 2,000 3 years Current technology 9,000 3 years Total assets acquired 28,433 Current liabilities (617) Long-term liabilities (2,708) Total liabilities assumed $ (3,325) Net assets acquired $ 25,108 The following allocation of the total purchase price reflects the fair value of the assets acquired and liabilities assumed as of June 28, 2022 (in thousands): Useful Life Other assets 90 Goodwill 3,670 Non-compete agreements 170 5 years Current technology 2,500 3 years Customer relationships 160 6 years Total assets acquired 6,590 Long-term liabilities (90) Net assets acquired $ 6,500 |
Divestitures (Tables)
Divestitures (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following is selected financial information included in Earnings from discontinued operations for TPM: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue $ — $ 3,584 $ 4,932 $ 12,258 Cost of revenue — 2,926 3,959 9,942 Total operating expenses $ — $ 570 $ 718 $ 1,841 Gain on disposal of discontinued operations $ — $ — $ 2,124 $ — Earnings before income taxes $ — $ 88 $ 2,379 $ 475 Income tax expense 64 43 567 152 Earnings (loss) from discontinued operations, net of taxes $ (64) $ 45 $ 1,812 $ 323 The following is selected financial information included in current assets and current liabilities from discontinued operations for TPM: January 31, April 30, 2024 2023 Cash and cash equivalents $ — $ 637 Trade accounts receivable, less allowance for doubtful accounts — 2,964 Prepaid expenses and other current assets — 2 Current assets of discontinued operations $ — $ 3,603 Current liabilities of discontinued operations $ — $ 318 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Payment Arrangement, Nonemployee Director Award Plan, Activity | In addition, stock option grants for employees and contractors for Class A common shares were issued, as follows: Nine Months Ended January 31, 2024 2023 Awards granted: Options 1,485,000 1,519,000 RSUs 95,411 — Total awards granted 1,580,411 1,519,000 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities that we measured at fair value on a recurring basis as of January 31, 2024 and April 30, 2023, and indicate the fair value hierarchy of the valuation techniques we used to determine such fair value (in thousands): January 31, 2024 Quoted Prices Significant Significant Balance Cash equivalents $ 51,464 $ — $ — $ 51,464 U.S. Treasury securities 4,625 — — 4,625 Marketable securities 17,829 — — 17,829 Total $ 73,918 $ — $ — $ 73,918 April 30, 2023 Quoted Prices Significant Significant Balance Cash equivalents $ 81,352 $ — $ — $ 81,352 U.S. Treasury securities 7,305 — — 7,305 Marketable securities 16,632 — — 16,632 Total $ 105,289 $ — $ — $ 105,289 |
Industry Segments (Tables)
Industry Segments (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Operating Profit or Loss | In the following table, we have broken down the intersegment transactions applicable to the three and nine months ended January 31, 2024 and 2023 (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2024 2023 2024 2023 Revenue: Supply Chain Management $ 25,009 $ 26,952 $ 75,558 $ 79,886 Other 527 475 1,569 1,601 $ 25,536 $ 27,427 $ 77,127 $ 81,487 Operating income\(loss): Supply Chain Management $ 6,119 $ 7,763 $ 18,396 $ 22,587 Other (5,304) (5,018) (14,960) (14,950) $ 815 $ 2,745 $ 3,436 $ 7,637 Capital expenditures: Supply Chain Management $ 21 $ 14 $ 434 $ 1,604 Other 47 935 155 2,051 $ 68 $ 949 $ 589 $ 3,655 Depreciation and amortization: Supply Chain Management $ 1,462 $ 675 $ 3,115 $ 2,042 Other 172 113 526 347 $ 1,634 $ 788 $ 3,641 $ 2,389 Earnings\(loss) before income taxes: Supply Chain Management $ 7,810 $ 8,094 $ 20,353 $ 22,695 Other (2,578) (4,015) (11,191) (13,750) $ 5,232 $ 4,079 $ 9,162 $ 8,945 |
Presentation and Summary of S_3
Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - Discontinued Operations, Disposed of by Sale - TPM $ in Millions | 1 Months Ended | |
Sep. 18, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Equity interest (in percent) | 1 | 1 |
Proceeds from sale of equity method investments | $ 2.1 | $ 2.1 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Apr. 30, 2023 | |
Revenue Recognition [Line Items] | |||||
Deferred revenue recognized | $ 38.1 | ||||
Deferred commissions | $ 2.6 | 2.6 | $ 3 | ||
Amortization of sales commissions | 0.4 | $ 0.4 | 1.2 | $ 1.2 | |
Impairment loss | $ 0 | $ 0 | $ 0 | $ 0 | |
Minimum | |||||
Revenue Recognition [Line Items] | |||||
Contractual period of maintenance contract | 1 year | ||||
Maximum | |||||
Revenue Recognition [Line Items] | |||||
Contractual period of maintenance contract | 3 years |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Contract Balances (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
Contract Balances: | ||
Deferred revenue | $ 37,154 | $ 43,124 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligation (Details) $ in Millions | Jan. 31, 2024 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Transaction price allocated to remaining performance obligations | $ 119.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining revenue to be recognized | 51% |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-02-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Revenues: | ||||
Revenues | $ 25,536 | $ 27,427 | $ 77,127 | $ 81,487 |
Domestic | ||||
Revenues: | ||||
Revenues | 20,040 | 21,078 | 60,646 | 63,633 |
International | ||||
Revenues: | ||||
Revenues | $ 5,496 | $ 6,349 | $ 16,481 | $ 17,854 |
Declaration of Dividend Payab_2
Declaration of Dividend Payable (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Nov. 20, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Class of Stock [Line Items] | |||||
Cash dividends declared per common share (in usd per share) | $ 0.11 | $ 0.11 | $ 0.33 | $ 0.33 | |
Class A and Class B | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared per common share (in usd per share) | $ 0.11 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2024 shares | Jan. 31, 2023 shares | Jan. 31, 2024 $ / shares shares | Jan. 31, 2023 shares | Apr. 30, 2023 | |
Earnings Per Share [Line Items] | |||||
Share conversion ratio | 1 | 1 | |||
Options to purchase excluded (in shares) | 6,481,015 | 4,445,248 | 6,184,717 | 3,718,454 | |
Options to purchase outstanding (in shares) | 6,522,415 | 5,677,804 | 6,522,415 | 5,677,804 | |
Class A Common Shares | |||||
Earnings Per Share [Line Items] | |||||
Dividends preference (in usd per share) | $ / shares | $ 0.05 |
Earnings Per Common Share - Bas
Earnings Per Common Share - Basic Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Basic (in usd per share) | [1] | $ 0.12 | $ 0.09 | $ 0.22 | $ 0.21 |
Total from discontinued operations (in usd per share) | [1] | 0 | 0 | 0.05 | 0.01 |
Total (in usd per share) | [1] | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 |
Basic weighted average common shares outstanding (in shares) | 33,292 | 33,759 | 33,842 | 33,711 | |
Class A Common Shares | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Distributed earnings (in usd per share) | $ 0.11 | $ 0.11 | $ 0.33 | $ 0.33 | |
Undistributed losses (in usd per share) | 0.01 | (0.02) | (0.06) | (0.11) | |
Basic (in usd per share) | 0.12 | 0.09 | 0.22 | 0.21 | |
Total from discontinued operations (in usd per share) | 0 | 0 | 0.05 | 0.01 | |
Total (in usd per share) | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 | |
Distributed earnings | $ 3,454 | $ 3,515 | $ 10,568 | $ 10,532 | |
Undistributed losses | 410 | (472) | (1,864) | (3,545) | |
Total from continuing operations | 3,864 | 2,998 | 6,892 | 6,664 | |
Total from discontinued operations | 0 | 45 | 1,812 | 323 | |
Total | $ 3,864 | $ 3,043 | $ 8,704 | $ 6,987 | |
Basic weighted average common shares outstanding (in shares) | 31,470 | 31,937 | 32,020 | 31,890 | |
Class B Common Shares | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Distributed earnings (in usd per share) | $ 0.11 | $ 0.11 | $ 0.33 | $ 0.33 | |
Undistributed losses (in usd per share) | 0.01 | (0.02) | (0.06) | (0.11) | |
Basic (in usd per share) | 0.12 | 0.09 | 0.27 | 0.22 | |
Total from discontinued operations (in usd per share) | 0 | 0 | 0 | 0 | |
Total (in usd per share) | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 | |
Distributed earnings | $ 200 | $ 201 | $ 601 | $ 601 | |
Undistributed losses | 24 | (27) | (106) | (202) | |
Total from continuing operations | 224 | 174 | 495 | 399 | |
Total from discontinued operations | 0 | 0 | 0 | 0 | |
Total | $ 224 | $ 174 | $ 495 | $ 399 | |
Basic weighted average common shares outstanding (in shares) | 1,822 | 1,822 | 1,822 | 1,822 | |
[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 earnings per share for Class B shares under the two-class method are $0.12 and $0.09 for the three months ended January 31, 2024 and 2023, and $0.27 and $0.22 for the nine months ended January 31, 2024 and 2023. See Note D to the condensed consolidated financial statements. |
Earnings Per Common Share - Dil
Earnings Per Common Share - Diluted Earnings per Share for Class A Common Shares Using If-Converted Method (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Basic weighted average common shares outstanding (in shares) | 33,292 | 33,759 | 33,842 | 33,711 | |
Class A common shares diluted (in shares) | 33,337 | 33,965 | 33,866 | 34,006 | |
Basic EPS (in usd per share) | [1] | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 |
Diluted EPS (in usd per share) | [1] | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 |
Class A Common Shares | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Undistributed and distributed earnings | $ 3,864 | $ 3,043 | $ 8,704 | $ 6,987 | |
Undistributed and distributed earnings, class B conversion | 224 | 174 | 495 | 399 | |
Diluted EPS, Net earnings | $ 4,088 | $ 3,217 | $ 9,199 | $ 7,386 | |
Basic weighted average common shares outstanding (in shares) | 31,470 | 31,937 | 32,020 | 31,890 | |
Common stock equivalents (in shares) | 44 | 206 | 24 | 294 | |
Weighted average shares including common stock equivalents, diluted (in shares) | 31,514 | 32,143 | 32,044 | 32,184 | |
Class B common share conversion (in shares) | 1,822 | 1,822 | 1,822 | 1,822 | |
Class A common shares diluted (in shares) | 33,336 | 33,965 | 33,866 | 34,006 | |
Basic EPS (in usd per share) | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 | |
Diluted EPS (in usd per share) | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 | |
[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 earnings per share for Class B shares under the two-class method are $0.12 and $0.09 for the three months ended January 31, 2024 and 2023, and $0.27 and $0.22 for the nine months ended January 31, 2024 and 2023. See Note D to the condensed consolidated financial statements. |
Earnings Per Common Share - D_2
Earnings Per Common Share - Diluted Earnings per Share for Class B Common Shares Using Two-Class Method (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Basic weighted average common shares outstanding (in shares) | 33,292 | 33,759 | 33,842 | 33,711 | |
Diluted EPS for class B common shares (in shares) | 33,337 | 33,965 | 33,866 | 34,006 | |
Basic EPS (in usd per share) | [1] | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 |
Diluted EPS (in usd per share) | [1] | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 |
Class B Common Shares | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Undistributed and distributed earnings | $ 224 | $ 174 | $ 495 | $ 399 | |
Reallocation of undistributed earnings/losses from Class A Common Shares to Class B Common Shares | 0 | 1 | 0 | 2 | |
Diluted EPS, Net earnings | $ 224 | $ 175 | $ 495 | $ 401 | |
Basic weighted average common shares outstanding (in shares) | 1,822 | 1,822 | 1,822 | 1,822 | |
Diluted EPS for class B common shares (in shares) | 1,822 | 1,822 | 1,822 | 1,822 | |
Basic EPS (in usd per share) | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 | |
Diluted EPS (in usd per share) | $ 0.12 | $ 0.09 | $ 0.27 | $ 0.22 | |
[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 earnings per share for Class B shares under the two-class method are $0.12 and $0.09 for the three months ended January 31, 2024 and 2023, and $0.27 and $0.22 for the nine months ended January 31, 2024 and 2023. See Note D to the condensed consolidated financial statements. |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 05, 2023 | Jun. 28, 2022 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Apr. 30, 2023 | |
Business Acquisition [Line Items] | |||||||
Purchase of business, net of cash acquired | $ 25,041,000 | $ 6,500,000 | |||||
Goodwill | $ 46,393,000 | 46,393,000 | $ 29,558,000 | ||||
Garvis | |||||||
Business Acquisition [Line Items] | |||||||
Issued and outstanding shares acquired (in percent) | 100% | ||||||
Purchase of business, net of cash acquired | $ 25,000,000 | ||||||
Business acquisition costs incurred | 167,000 | 504,000 | |||||
Goodwill | $ 16,835,000 | 16,800,000 | 16,800,000 | ||||
Starboard | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition costs incurred | 0 | $ 50,000 | 0 | $ 186,000 | |||
Goodwill | $ 3,670,000 | ||||||
Cash consideration paid | 6,500,000 | ||||||
Maximum contingent consideration | $ 6,000,000 | ||||||
Business combination, earnout period | 3 years | ||||||
Additional consideration | $ 2,000,000 | ||||||
Additional consideration, revenue threshold | 1,500,000 | ||||||
Additional consideration per dollar of subscription revenue | $ 1 | ||||||
Cumulative earnout paid | $ 0 | $ 0 |
Acquisitions - Allocation of To
Acquisitions - Allocation of Total Purchase Price (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Sep. 05, 2023 | Apr. 30, 2023 | Jun. 28, 2022 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 46,393 | $ 29,558 | ||
Garvis | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 67 | |||
Accounts receivable, net | 457 | |||
Current assets | 47 | |||
Property and equipment, net | 27 | |||
Goodwill | $ 16,800 | 16,835 | ||
Total assets acquired | 28,433 | |||
Current liabilities | (617) | |||
Long-term liabilities | (2,708) | |||
Total liabilities assumed | (3,325) | |||
Net assets acquired | 25,108 | |||
Garvis | Non-compete agreements | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 2,000 | |||
Useful Life | 3 years | |||
Garvis | Current technology | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 9,000 | |||
Useful Life | 3 years | |||
Starboard | ||||
Business Acquisition [Line Items] | ||||
Other assets | $ 90 | |||
Goodwill | 3,670 | |||
Total assets acquired | 6,590 | |||
Long-term liabilities | (90) | |||
Net assets acquired | 6,500 | |||
Starboard | Non-compete agreements | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 170 | |||
Useful Life | 5 years | |||
Starboard | Current technology | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 2,500 | |||
Useful Life | 3 years | |||
Starboard | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 160 | |||
Useful Life | 6 years |
Divestitures - Additional Infor
Divestitures - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Nov. 15, 2023 USD ($) | Sep. 18, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jan. 31, 2024 USD ($) | Jan. 31, 2023 USD ($) | Jan. 31, 2024 USD ($) | Jan. 31, 2023 USD ($) | May 01, 2023 USD ($) | Apr. 30, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Decrease in earnings from operations of discontinued operations | $ 0 | $ (88) | $ (255) | $ (475) | |||||
Retained deficit | 24,718 | 24,718 | $ 22,748 | ||||||
Other current liabilities | 3,275 | 3,275 | $ 3,638 | ||||||
Disposal group, not discontinued operation, gain on disposal | 1,438 | 0 | |||||||
Revision of Prior Period, Error Correction, Adjustment | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Decrease in earnings from operations of discontinued operations | $ 123 | $ 168 | |||||||
Retained deficit | $ 1,000 | ||||||||
Other current liabilities | $ 1,000 | ||||||||
Discontinued Operations, Disposed of by Sale | TPM | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Equity interest (in percent) | 1 | 1 | |||||||
Proceeds from sale of equity method investments | $ 2,100 | $ 2,100 | |||||||
Escrow deposit | 300 | 300 | |||||||
Equal increments for release of escrow deposit not subject to then outstanding indemnification claims | 100 | 100 | |||||||
Discontinued Operations | TRS | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cash consideration | $ 1,100 | ||||||||
Consideration subject to holdback provisions | $ 440 | ||||||||
Consideration subject to holdback provisions period | 120 days | ||||||||
Disposal group, not discontinued operation, gain on disposal | $ 1,400 | $ 1,400 |
Divestitures - Earning from Dis
Divestitures - Earning from Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax expense | $ 64 | $ 43 | $ 567 | $ 152 |
Earnings (loss) from discontinued operations, net of income taxes | (64) | 45 | 1,812 | 323 |
Discontinued Operations, Disposed of by Sale | TPM | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | 0 | 3,584 | 4,932 | 12,258 |
Cost of revenue | 0 | 2,926 | 3,959 | 9,942 |
Total operating expenses | 0 | 570 | 718 | 1,841 |
Gain on disposal of discontinued operations | 0 | 0 | 2,124 | 0 |
Earnings from operations of discontinued operations | 0 | 88 | 2,379 | 475 |
Income tax expense | 64 | 43 | 567 | 152 |
Earnings (loss) from discontinued operations, net of income taxes | $ (64) | $ 45 | $ 1,812 | $ 323 |
Divestitures - Current Assets a
Divestitures - Current Assets and Current Liabilities from Discontinued Operations (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Current assets of discontinued operations | $ 0 | $ 3,603 |
Current liabilities of discontinued operations | 0 | 318 |
Discontinued Operations, Disposed of by Sale | TPM | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 0 | 637 |
Trade accounts receivable, less allowance for doubtful accounts | 0 | 2,964 |
Prepaid expenses and other current assets | 0 | 2 |
Current assets of discontinued operations | 0 | 3,603 |
Current liabilities of discontinued operations | $ 0 | $ 318 |
Stock-Based Compensation- Share
Stock-Based Compensation- Share-Based Payment Arrangement, Nonemployee Director Award Plan, Activity (Details) - shares | 9 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Share-Based Goods and Nonemployee Services Transaction [Line Items] | ||
Total awards granted (in shares) | 1,580,411 | 1,519,000 |
Options | ||
Share-Based Goods and Nonemployee Services Transaction [Line Items] | ||
Total awards granted (in shares) | 1,485,000 | 1,519,000 |
RSUs | ||
Share-Based Goods and Nonemployee Services Transaction [Line Items] | ||
Total awards granted (in shares) | 95,411 | 0 |
Stock-Based Compensation- Narra
Stock-Based Compensation- Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,600 | $ 1,300 | $ 4,720 | $ 3,919 |
Income tax benefit (expense) | (69) | 4 | $ (69) | $ 67 |
Stock options exercised (in shares) | 26,253 | 140,800 | ||
Total intrinsic value of options exercised | $ 40 | $ 589 | ||
Unrecognized compensation cost related to unvested stock option | 14,600 | 14,600 | ||
Unrecognized compensation cost related to RSU awards | 14,600 | $ 14,600 | ||
Weighted average period for unrecognized compensation cost | 1 year 8 months 15 days | |||
Discontinued Operations, Disposed of by Sale | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0 | $ 8 | $ 0 | $ 16 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 51,464 | $ 81,352 |
Marketable securities | 17,829 | 16,632 |
Total | 73,918 | 105,289 |
US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
U.S. Treasury securities | 4,625 | 7,305 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 51,464 | 81,352 |
Marketable securities | 17,829 | 16,632 |
Total | 73,918 | 105,289 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
U.S. Treasury securities | 4,625 | 7,305 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) | US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
U.S. Treasury securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
U.S. Treasury securities | $ 0 | $ 0 |
Stock Repurchases (Details)
Stock Repurchases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 257 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2024 | Jan. 31, 2024 | Aug. 19, 2002 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Cost of common stock repurchased | $ 5,421 | $ 10,235 | ||
Class A Common Shares | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Cost of common stock repurchased | $ 35,800 | |||
Common stock shares repurchased (in shares) | 5,534,953 | |||
Shares Stock Repurchase Plan, August 19, 2002 | Class A Common Shares | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Approved number of shares to be repurchased (in shares) | 2,000,000 | |||
Cost of common stock repurchased | $ 10,200 | $ 16,400 | ||
Common stock shares repurchased (in shares) | 2,000,000 |
Industry Segments - Additional
Industry Segments - Additional Information (Details) | 9 Months Ended |
Jan. 31, 2024 segment supplyChain | |
Segment Reporting [Abstract] | |
Number of major operating segments | segment | 2 |
Number of supply chain process areas | supplyChain | 7 |
Industry Segments - Segment Inf
Industry Segments - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 25,536 | $ 27,427 | $ 77,127 | $ 81,487 |
Operating income\(loss) | 815 | 2,745 | 3,436 | 7,637 |
Capital expenditures | 68 | 949 | 589 | 3,655 |
Depreciation and amortization | 1,634 | 788 | 3,641 | 2,389 |
Earnings\(loss) before income taxes | 5,232 | 4,079 | 9,162 | 8,945 |
Supply Chain Management | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 25,009 | 26,952 | 75,558 | 79,886 |
Operating income\(loss) | 6,119 | 7,763 | 18,396 | 22,587 |
Capital expenditures | 21 | 14 | 434 | 1,604 |
Depreciation and amortization | 1,462 | 675 | 3,115 | 2,042 |
Earnings\(loss) before income taxes | 7,810 | 8,094 | 20,353 | 22,695 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 527 | 475 | 1,569 | 1,601 |
Operating income\(loss) | (5,304) | (5,018) | (14,960) | (14,950) |
Capital expenditures | 47 | 935 | 155 | 2,051 |
Depreciation and amortization | 172 | 113 | 526 | 347 |
Earnings\(loss) before income taxes | $ (2,578) | $ (4,015) | $ (11,191) | $ (13,750) |
Subsequent Event (Details)
Subsequent Event (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Feb. 21, 2024 | Nov. 20, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Subsequent Event [Line Items] | ||||||
Cash dividends declared per common share (in usd per share) | $ 0.11 | $ 0.11 | $ 0.33 | $ 0.33 | ||
Class A and Class B | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividends declared per common share (in usd per share) | $ 0.11 | |||||
Class A and Class B | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividends declared per common share (in usd per share) | $ 0.11 |