“We enjoyed a strong finish to the year in terms of cloud sales,” CEO Anton Chilton, said during a recent earnings webcast. There were 99 new cloud deals during the year, split roughly between new deals and conversions and 35 deals in the fourth quarter with 17 conversions and 18 new customers Overall, the company reported $310.8 million for the most recently ended year, down 6.7 percent from $333 million for fiscal 2019. Subscription revenue of $28.6 million was up 19.2 percent from $24 million. Not surprisingly QAD's license revenue fell 41.8 percent from $5.3 million, compared with $9.1 million in last year’s corresponding period. Maintenance revenue of $28.7 million, was off 5.9 percent from $30.5 million. All regions had bookings growth with North America performing strongly. President Pam Lopker said QAD’s life science business “had an spectacular year” with a 120-percent increase in bookings. Chilton noted the coronavirus pandemic will likely have a short-term impact. But the company said the level of subscription revenue will help keep the company working well. “We have short-term cost control measures which should help us through the next few months,” he said. Those could be increased if warranted by conditions. Those steps included postponing hirings for all but essential jobs. But as far as sales, "We have not had any projects cancelled out right," Childton said.Last modified on Monday, 23 March 2020
QAD SUBS UP, OTHER SOURCES DOWN Featured
QAD lost nearly $16 million for the year ended January 31, compared to net income of net income from $10.4 million for the prior year. That stemmed from a sharp rise in cloud revenue while license, professional services and maintenance revenue dropped.