American Software, Inc. (NASDAQ:AMSWA) Q1 2024 Earnings Call Transcript August 24, 2023 5:00 PM ET

Company Participants

Vince Klinges - CFO

Allan Dow - President and CEO

Conference Call Participants

Zach Cummins - B. Riley Securities

Anja Soderstrom - Sidoti

Matthew Galinko - Maxim Group

Operator

Good day, everyone, and welcome to today's First Quarter Fiscal Year 2024 Preliminary Earnings Results Call. At this time, all participants are in a listen only-mode. Later, you'll have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note, this call may be recorded. [Operator Instructions]

It is now my pleasure to turn the conference over to Vince Klinges, CFO of American Software. Please go ahead, sir.

Vince Klinges

Thank you, Travis, and good afternoon, everyone. Welcome to American Software's First Quarter of Fiscal 2024 Earnings Call. On the call with me is Allan Dow, President and CEO of American Software. Allan will provide some opening remarks, and then I will review the numbers. But first, our safe harbor statement.

This conference call may contain forward-looking statements, including statements regarding, among other things, our business strategy and growth strategy. Any such forward-looking statements speak only as of this date. These forward-looking statements are based largely on our expectations and are subject to a number of risks and uncertainties, some of which cannot be predicted or quantified, and are beyond our control.

Future developments and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. There are a number of factors that could cause actual results to differ materially from those anticipated by statements made on this call. Such factors include, but are not limited to, changes and uncertainty in general economic conditions, the growth rate of the market for our products and services, the timely availability and market acceptance of these products and services, the effect of competitive products and pricing and other competitive pressures and the irregular and unpredictable pattern of revenues. In light of these risks and uncertainties, there can be no assurance that the forward-looking information will prove to be accurate.

At this time, I'll turn the call over to Allan for opening remarks.

Allan Dow

Thank you, Vince. Good afternoon, everyone, and thank you for joining us today. I'd like to begin by reviewing our first quarter results, providing an update on the current business environment and highlighting several initiatives we're undertaking to create value for our shareholders. Our first quarter results were mostly in line with our expectations with the exception of our professional services revenue, which was down both sequentially and a year-over-year basis due to us winding down projects coming into the summer, and experiencing our usual seasonal well before a number of projects started up after the holiday period.