Agilysys Inc. (NASDAQ:AGYS), a provider of hospitality software solutions, announced the results of its annual stockholders meeting held on September 12, 2024. Shareholders voted on several key issues, including the election of directors, approval of a new equity incentive plan, an advisory vote on executive compensation, and the ratification of the company's independent auditor for the upcoming fiscal year.
In the election of directors, all nominated members were successfully elected to serve until the next annual meeting in 2025. The detailed voting outcomes revealed that Donald Colvin received 21,412,973 votes for and 1,447,992 withheld, with 2,178,640 broker non-votes. Dana Jones garnered 21,741,338 votes for, 1,119,627 withheld, alongside the same number of broker non-votes. Jerry Jones, Michael Kaufman, Melvin Keating, John Mutch, and Ramesh Srinivasan also secured their positions with varying numbers of for and withheld votes.
The second proposal, concerning the approval of the Agilysys, Inc. 2024 Equity Incentive Plan, passed with 21,699,170 votes for, 1,152,512 against, and 9,282 abstaining. The broker non-votes tallied at 2,178,640.
Proposal three, an advisory vote on executive compensation, also passed with a substantial majority of 22,448,021 votes for, 403,316 against, and 9,628 abstentions, along with 2,178,640 broker non-votes.
Lastly, the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2025, was ratified with 24,864,140 votes for, 163,048 against, and 12,416 abstentions.
In other recent news, Agilysys, Inc. has been making significant strides. The hospitality software solutions provider recently acquired Book4Time, Inc., a leading spa management software company, for approximately $150 million. The all-cash transaction is expected to expand Agilysys's global presence and create additional subscription revenue opportunities.
In other management changes, Agilysys appointed Joe Youssef as Senior Vice President, Sales, Americas and EMEA, and Chief Commercial Officer, replacing the retiring Don DeMarinis. Youssef, a former executive at Amadeus, is anticipated to contribute to Agilysys' growth and innovation in hospitality technology.
In terms of financial performance, Agilysys reported record-breaking Q1 fiscal 2025 revenue of $63.5 million, a 13% year-over-year increase. The company's Property Management System (PMS) and related modules, particularly in the Americas hotels and resorts sector, significantly contributed to this growth. Recurring revenue also saw an increase, reaching $38 million, with subscription revenue growing by 32%.
Despite lower-than-expected one-time product revenue, Agilysys remains optimistic about its full-year guidance, backed by a promising outlook on its Point of Sale (POS) system sales and a robust sales pipeline. These are the recent developments shaping the trajectory of Agilysys.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.