QAD Inc. (QADB) Reports Q1 EPS of $0.09, Revenues Beat

QAD Inc. (NASDAQ: QADB) reported Q1 EPS of $0.09, versus ($0.02) reported last year. Revenue for the quarter came in at $82.97 million versus the consensus estimate of $73.69 million.

Additional fiscal 2022 first quarter financial results, compared with the same period last year, include:

• Subscription revenue of $36.7 million, up from $30.8 million. Currency had a $967,000 positive impact.
• Subscription gross margin of 67 percent, versus 66 percent.
• License revenue of $3.1 million, compared with $1.2 million. Currency had an $89,000 positive impact.
• Professional services revenue of $16.6 million, compared with $15.7 million. Currency had a $644,000 positive impact.
• Professional services gross margin of 10 percent, versus 5 percent.
• Maintenance revenue of $26.6 million, compared with $26.4 million. Currency had a $1.1 million positive impact.
• Operating income of $761,000, including stock compensation expense of $3.6 million, versus an operating loss of $933,000, including stock compensation expense of $2.4 million.
• GAAP pre-tax income of $456,000, versus $585,000.
• Non-GAAP pre-tax income of $4.6 million, compared with $3.3 million.
• GAAP net income of $1.8 million, or $0.09 per diluted Class A and $0.07 per diluted Class B share, versus a GAAP net loss of $410,000, or $0.02 per Class A and Class B share.

“Continued improvement in performance drove growth in each of our revenue lines, expanded margins and improved profitability over the prior year. Results for the quarter demonstrated that we are on track toward achieving our long-term objectives,” said Anton Chilton, QAD’s Chief Executive Officer. “New customers continue to be attracted to our solutions, which help them manage complexities in the supply chain as the manufacturing economy returns to growth. With global PMIs at a 10-year high, our outlook is increasingly positive.”

Business Outlook:

For the fiscal 2022 second quarter, QAD is providing guidance as follows:

• Subscription revenue of $38.5 million.
• Maintenance revenue of $26 million.
• Operating income of $1 million; including stock compensation expense of $5 million.

For the fiscal 2022 year, QAD is maintaining guidance as follows:

• Subscription revenue of $160 million.
• Maintenance revenue of $102 million.
• Operating income of $12 million; including stock compensation expense of $17 million.

Calculation of Earnings per Share (EPS)

For earnings history and earnings-related data on QAD Inc. (QADB) click here.

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