What changed in this filing

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Item 1. Business

2021-05-21 compared with 2020-05-22 · 74 added, 52 removed, 197 unchanged (39% of the section changed)

Agilysys has been a leader in hospitality software for more than 40 years, delivering innovative guest-centric technology solutions for casinos, hotels, resorts, cruise ships, managed foodservice providers, sports and entertainment, and healthcare.

Agilysys has been a leader in hospitality software for more than 40 years, delivering innovative guest-centric cloud-native and on-premises technology solutions for casinos, hotels, resorts, cruise ships, managed foodservice providers, sports and entertainment, and healthcare.

Agilysys offers the most comprehensive solutions in the industry, including point-of-sale (POS), property management (PMS), inventory and procurement, payment solutions, and related hospitality applications, to manage the entire guest journey.

Agilysys is known for its leadership in hospitality, its broad product offerings and its customer-centric service.

Some of the largest hospitality companies around the world use Agilysys solutions to help improve guest loyalty, drive revenue growth, increase operational efficiencies and support social distancing.

Some of the largest hospitality companies around the world use Agilysys solutions to help improve guest loyalty, drive revenue growth and increase operational efficiencies.

The Company has just one reportable segment serving the global hospitality industry.

Agilysys operates across North America, Europe, Asia-Pacific, and India with headquarters located in Alpharetta, GA.

Our principal executive offices and corporate services are located at 1000 Windward Concourse, Suite 250, Alpharetta, Georgia, 30005.

Our principal executive offices are located at 1000 Windward Concourse, Suite 250, Alpharetta, Georgia, 30005.

Reference herein to any particular year or quarter refers to periods within our fiscal year ended March 31.

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This is accomplished by developing and deploying innovative solutions that increase data speed and accuracy, integrate with other enterprise systems and create a common infrastructure for managing guest data thereby enabling more effective management, intelligent upselling, reduced shrinkage, improved brand recognition and better control of the guest relationship.

Our strategy is to increase the proportion of revenue we derive from ongoing support and maintenance agreements, subscription services, cloud applications and professional services.

Our strategy is to increase the proportion of revenue we derive from subscription services, cloud applications, ongoing support and maintenance agreements, and professional services.

Products, Support and Professional Services

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Technical software support, software maintenance and software subscription services are a significant portion of our consolidated revenue and typically generate higher profit margins than products revenue.

Growth has been driven by a strategic focus on developing and promoting these offerings while market demand for maintenance services and updates that enhance reliability, as well as the desire for flexibility in purchasing options, continue to reinforce this trend.

Growth has been driven by a strategic focus on developing and promoting end to end solutions while market demand for innovative new products addressing specific hospitality needs continues to reinforce this trend.

Our commitment to exceptional service has enabled us to become a trusted partner with customers who wish to optimize the level of service they provide to their guests and maximize commerce opportunities both on premise and in the cloud.

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Our integrated yet modular products allow hospitality operators to recruit and retain customers into their facilities, increase their wallet share from each guest and improve the overall experience throughout the entire guest journey – from the initial customer touch point through post-visit interactions.

With our o mni- c hannel suite of software products, we are uniquely positioned to offer solutions that allow our customers to adhere to social distancing guidelines and offer contactless solutions at every point of the guest journey for our hospitality operators while maximizing operational efficiency.

With our o mni- c hannel suite of software products, we are uniquely positioned to offer solutions that allow customers to adhere to social distancing guidelines , offer contactless solutions at every point of the guest journey , and maximize operational efficiency all while providing an improved guest experience.

Point of Sale (POS) Solutions:

Agilysys POS solution suite allows our customers to provide their guests with an omni-channel experience within their property.

Agilysys POS solution suite allows customers to provide their guests with an omni-channel experience within their property.

Guests are empowered to create their own experiences through ordering from a mobile device or walking up to a self-service kiosk, but also providing for a more traditional experience with staff by interacting with a cashier or bar, or having a server come to them.

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InfoGenesis POS is available as a cloud-based or on-premise solution.

Agilysys InfoGenesis Flex is a mobility solution that offers full point of sale functionality on a Windows tablet in 6, 8, or 10" form factors.

Agilysys IG Flex is a mobility solution that offers full point of sale functionality on a Windows tablet in 6, 8, or 10” form factors.

It provides a sleek, modern alternative to traditional point of sale installations and can be used as a slim fixed terminal or as a convertible mobile POS simply by removing the tablet from its base.

Agilysys InfoGenesis KDS is a digital kitchen management solution that integrates with InfoGenesis, rGuest Buy® Kiosk and rGuest Buy OnDemand to deliver staff and customer originated orders to the kitchen for preparation.

Agilysys IG KDS is a digital kitchen management solution that integrates with InfoGenesis, rGuest Buy® Kiosk and rGuest Buy OnDemand to deliver staff and customer originated orders to the kitchen for preparation.

Custom attributes such as guest phone number, name, guest location or packaging instructions can be provided on each incoming order so the order can be fulfilled promptly to guests.

Guests can optionally be notified of order completion via an order status monitor (OSM) or via text message.

rGuest Buy Kiosk is an enterprise-class self-service, customer-facing point of sale solution for the hospitality industry.

Agilysys IG Buy is an enterprise-class self-service, customer-facing kiosk point of sale solution for the hospitality industry.

It is ideal for food & beverage venues such as buffets, grab ‘n go, corporate cafeterias and food courts.

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law firm, one of the nation’s largest technology manufacturers, and at a national financial services firm.

rGuest Buy Kiosk’s intuitive guest-facing order and pay experiences transfer the control and convenience to the end user.

Agilysys IG Buy’s intuitive guest-facing order and pay experiences transfer the control and convenience to the end user.

The self-service components reduce on-site labor needed to manage venue operations, while improving guest throughput, check size, order accuracy, guest experience and satisfaction.

The platform-driven and cloud-based solution allows for easy deployments and management at scale resulting in a lowered overall cost of ownership.

rGuest Buy OnDemand provides a visual, interactive food and beverage ordering experience to any mobile device - phone, tablet, laptop - with a browser-based self-service experience.

Agilysys IG OnDemand provides a visual, interactive food and beverage ordering experience to any mobile device – phone, tablet, laptop – with a browser-based self-service experience.

Using a simple, intuitive interface, guests can easily order and reorder from anywhere across the property, driving order velocity and volume.

rGuest Buy OnDemand allows our customers to immediately offer an online ordering platform that is natively integrated with their physical location operations.

Agilysys IG OnDemand allows our customers to immediately offer an online ordering platform that is natively integrated with their physical location operations.

Menus and price updates can be done in one place and automatically updated across all channels – online web store, digital menus and app ordering as well as POS terminals.

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Orders placed from all channels are automatically available on the POS terminal at the physical location.

Agilysys IG OnDemand Full Service ia a complete contactless self-service F&B ordering solution that offers an intuitive guest-facing order and pay experience.

IG OnDemand allows guests to place and pay for orders using their own device - phone, tablet, laptop – for pick-up or delivery orders, as well as for a tableside order and pay experience.

It supports ordering for multiple guests at a table over the course of a meal using their own devices making the ordering process touchless while freeing up staff to spend more time with guests.

The result is dramatically increased revenue opportunities and more chances to enhance guest service.

Agilysys IG Quick Pay allows guests to use their own mobile device, scan a QR code on the InfoGenesis check, review a digital copy of the check, add a tip & initiate payment, maintaining a fully touchless guest payment experience.

The product can be sold as a standalone payment solution or can be bundled with IG OnDemand for a complete order and pay experience.

Agilysys IG Smart Menu provides a touchless menu display on a guest’s own mobile device - phone, tablet, laptop.

Simply scan a QR code to access a venue menu that is linked directly to the actual items available in the IG OnDemand system, not a pdf or a website link.

The product can be sold as a standalone menu solution or can be bundled with IG OnDemand for a complete menu, order and pay experience.

Agilysys IG Digital Menu Board provides large screen menu and image display on commercial television monitors.

It will display a venue menu that is linked directly to the actual items available in the IG OnDemand system, not a pdf or a website link, so it can easily reflect the latest items and pricing.

Property Management Systems (PMS):

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Our PMS suite of applications consists of the core property management system, a commission free booking engine, self-service check in and check out solutions, spa, golf, retail, accounting, sales and catering, service request optimization and condo management applications.

Agilysys Lodging Management System® (LMS™) is an on-premise or hosted, web and mobile-enabled, PMS solution targeting the operator with large, complex operations.

Agilysys LMS™ is an on-premise or hosted, web and mobile-enabled, PMS solution targeting the operator with large, complex operations.

It runs 24/7 to automate every aspect of hotel operations in properties from 100 to over 7,000 rooms, and has interfaces to a wide array of industry applications including but not limited to all core casino management systems and leading global distribution systems.

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Visual One provides an integrated solution with interfaces to leading global distribution systems, casino management systems, hospitality automation and our other products.

rGuest® Stay PMS is the company’s cloud-based property management system that optimizes operational efficiency, increases revenue and enhances guest service.

rGuest Stay is currently generally available for select-service hotels and chains, as well as for limited-service casino hotels.

The guest-centric PMS leverages the rGuest standards-based platform on an open architecture with public APIs to enable richly integrated applications delivered from Agilysys, its partners and customers.

rGuest Stay offers powerful capabilities for multi-property operations, allowing managers to view guest profiles, history and reservations, as well as room availability and operational reports, seamlessly across multiple properties.

Focused on improving revenue and streamlining operations, rGuest Stay is designed to enable hotels to gather and analyze guest information across properties that can be used to create loyalty-generating offers and increase guest wallet share.

Agilysys Stay PMS is the company’s cloud-native SaaS property management system that optimizes operational efficiency, increases revenue and enhances guest service.

Agilysys Stay is currently generally available for all hotels and chains, as well as for select service casino hotels.

The guest-centric PMS leverages an open architecture with restful APIs to enable richly integrated applications delivered from Agilysys, its partners and customers.

Agilysys Stay offers powerful capabilities for multi-property operations, allowing managers to view guest profiles, history and reservations, as well as room availability and operational reports, seamlessly across multiple properties.

Focused on improving revenue and streamlining operations, Agilysys Stay is designed to enable hotels to gather and analyze guest information across properties that can be used to create loyalty-generating offers and increase guest wallet share.

In addition, running natively in a browser on both desktop and tablet devices, it delivers real-time operating metrics so that hotels can more accurately forecast demand and scale guest services accordingly.

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However, we lead with our core POS and PMS solutions discussed above and focus on selling these complimentary ecosystem solutions into our customer base.

rGuest® Pay payment processing solution is our innovative payment gateway.

rGuest Pay protects guests’ financial data and reduces risk by leveraging point-to-point encryption (P2PE) and tokenization with every credit card transaction.

rGuest Pay Gateway leverages one of the first payment gateways in the world to receive official PCI-P2PE validation, allowing us to offer PCI cost and scope reduction that other providers cannot.

Agilysys Pay payment processing solution is our innovative payment gateway.

Agilysys Pay protects guests’ financial data and reduces risk by leveraging point-to-point encryption (P2PE) and tokenization with every credit card transaction.

Agilysys Pay Complete leverages one of the first payment gateways in the world to receive official PCI-P2PE validation, allowing us to offer PCI cost and scope reduction that other providers cannot.

These security benefits are built on top of a full-featured, enterprise-grade gateway that offers broad support for U.S., Canadian, European and certain Asian countries’ credit card processors and a wide variety of payment device options for every use-case, including countertop, pay-at-table, EMV, mobile tablet, and signature capture scenarios.

rGuest Pay offers contactless payment options on all markets as well as supporting various wallet payment options like Apple Pay®, Google Pay®, AliPay®, and WeChat®.

rGuest Spa software covers all aspects of running a spa, from scheduling guests for services to managing staff schedules.

Agilysys Pay offers contactless payment options on all markets as well as supporting various wallet payment options like Apple Pay®, Google Pay®, AliPay®, and WeChat®.

Agilysys Spa software covers all aspects of running a spa, from scheduling guests for services to managing staff schedules.

With this guest-centric technology, spas have more time to focus on creating personalized experiences in places of quiet tranquility.

rGuest Spa is a single solution that connects effortlessly to our other software solutions.

Agilysys Spa is a single solution that connects effortlessly to our other software solutions.

The solution includes real-time integration, simplifies the appointment booking process, enhances the guest experience, and maximizes the value of the spa as a revenue center.

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Apart from providing the functionality for managing back of house operations like house-keeping, engineering and maintenance, the rGuest service platform proactively tracks events and exceptions that take place in the hotel or resort and drive targeted action to ensure high level of guest satisfaction at all times.

Agilysys authorize provides support for fully-automated and secure online payments for any room deposits, 3rd party guarantees and folio charges - while eliminating the need for manual credit card authorization forms.

Payment is seamlessly authorized and posted appropriately in real-time.

Agilysys’ Eatec® solution provides core purchasing, inventory, recipe, forecasting, production and sales analysis functions and is unique in offering catering, restaurant, buffet management and nutrition modules in a single web-enabled solution.

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DataMagine provides robust indexing and archiving features to allows easy contextual based document retrieval.

rGuest® Seat solution is a guest-centric reservation and wait list management solution that helps operators to book any location.

Agilysys Seat solution is a guest-centric reservation and wait list management solution that helps operators to book any location.

The solution allows operators to manage restaurant, cabana and auditorium reservations.

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Using the built-in guest management system, operators can build guest profiles and provide a superior experience while driving repeat guests.

rGuest Analyze is a cloud-based data analytic platform focused on the needs of the hospitality industry.

Agilysys Analyze is a cloud-based data analytic platform focused on the needs of the hospitality industry.

It is a full business intelligence solution that collects data from Agilysys point of sale and property management solutions and helps food & beverage and property operators gain critical insight into business operations and performance.

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7 Cedars Casino

Pinnacle Entertainment

AVI Foodsystems, Inc.

Dickies Arena

Pinehurst Resort

AVI Foodsystems, Inc.

Prairie Band Casino & Resort

Banner Health

Rosewood Castiglion Del Bosco

Boyd Gaming Corporation

Ellis Island Hotel, Casino and Brewery

Resorts World Bimini

Caesars Entertainment

Boyd Gaming Corporation

Golden Nugget Lake Charles

Rosen Hotels & Resorts

Cal Dining at UC Berkeley

Caesars Entertainment

Grand Central Hotel in Belfast

Royal Caribbean International

Camelback Lodge & Waterpark

Rosewood Castiglion Del Bosco

Cal Dining at UC Berkeley

Grand Sierra Resort and Casino

Royal Lahaina Resort

Royal Caribbean Group

Camelback Lodge & Waterpark

Seaport District – NYC

Cartoon Network Hotel

Hilton Worldwide

Spooky Nook Sports

Casino del Sol Resort

Cartoon Network Hotel

Intercontinental Hotel Group

Stations Casino

Catholic Charities

Casino del Sol Resort

The Venetian Resort Hotel Casino

Chukchansi Gold Resort & Casino

Catholic Charities

Kimpton Hotels

The Kessler Collection

Compass Group North America

Chukchansi Gold Resort & Casino

Longwood University

Treehouse – London

Comanche Nation of Oklahoma

Compass Group North America

Maryland Live!

Copper Mountain

Comanche Nation of Oklahoma

Valley View Casino & Hotel

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Crystal Springs Resort

Pinehurst Resort

Yale University

Industry and Markets

We are a technology software solutions company exclusively focused on the hospitality industry for more than 4 decades.

Our solutions are mission critical to core hospitality operations.

We are a technology software solutions company exclusively focused on the hospitality industry.

Our products have been enabling mission-critical core hospitality operations for more than four decades.

Our software solutions are required to run the operations of the hospitality business and designed to drive substantial customer benefits through increased revenue, improved operational efficiency, enhanced guest experience and improved employee morale.

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The sectors we serve are going through unprecedented and uncertain times with the COVID-19 pandemic.

While the near-term outlook is hard to predict with closures and travel restrictions, these market sectors will recover.

The long-term outlook remains strong and we expect the momentum from the last three years to eventually pick back up with a focus on social distancing and mobile applications.

As more people receive vaccinations and pandemic-related restrictions begin to ease, we are seeing the initial signs of recovery and re-opening in the markets we serve.

Therefore, the long-term outlook remains strong and we expect the momentum from the three years preceding the pandemic to eventually pick back up with a focus on social distancing and mobile applications.

Prior to COVID-19, we estimated our total addressable market to be approximately $4.8 billion in annual recurring revenue opportunity.

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Our customer base is highly fragmented.

Human Capital

As of March 31, 2021, we employed approximately 1,350 employees, with approximately 68%, 28%, 3%, and 1% of our employees located in India, the United States, APAC, and EMEA, respectively.

We consider our relationship with our employees to be good and a critical factor in our success.

Our senior management team is responsible for developing and executing our human capital strategy.

We seek employees who share a passion for technology and its ability to improve our customers’ businesses in hospitality.

We believe we offer fair, competitive compensation and benefits that support our employees’ overall well-being and foster their growth and development.

We offer our employees pay and benefits packages that we believe are competitive with others throughout our industry, as well as within the local markets in which we operate, and align individual performance with our success.

We encourage our employees to embrace different ideas, strengths, interests and cultural backgrounds.

We are committed to providing our employees with an environment free of discrimination, harassment and workplace violence.

We make all benefit and employment-related decisions in compliance with established equal employment opportunity statutes and without regard to religion, national origin, age, gender, race, color, ancestry, sexual orientation, disability, marital status, citizenship, pregnancy, medical condition or any other protected class status, as defined by local, state or federal laws.

All employees, directors, independent contractors, and other parties who work with Agilysys are expected to create a working environment where everyone is respected, regardless of individual differences.

Valuing each person’s character, virtues, and individual experiences will leverage our ability to attract and retain quality employees, customers, and suppliers.

In response to the COVID-19 pandemic, we implemented significant changes that we determined were in the best interest of our employees as well as the communities in which we operate.

These changes include having most of our employees work from home until the pandemic eases while implementing additional safety measures for employees continuing critical on-site work at our customers’ locations.

We have taken, and will continue to take, actions in accordance with the applicable local guidance, such as the guidance provided by the Centers for Disease Control and Prevention in the United States, to protect our employees so they can more safely and effectively perform their work.

Occasionally, the timing of large one-time orders, such as those associated with significant remarketed product sales around large customer refresh cycles or significant volume rollouts, creates variability in our quarterly results.

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We compete with other full-service providers that sell and service bundled POS and PMS solutions comprised of hardware, software, support and services.

These companies, some of which are much larger than we are, include Oracle Corp., NCR, Constellation Software, Inc., Amadeus IT Group and Infor.

These companies, some of which are much larger than we are, include Oracle Corp., Shiji, Amadeus IT Group and Infor.

We also compete with smaller software companies like POSitouch, Northwind and Appetize Technologies.

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Presently, we do not anticipate that such compliance will have a material effect on capital expenditures, earnings or competitive position with respect to any of our operations.

As of March 31, 2020, we had 1,275 employees.

We are not a party to any collective bargaining agreements, have had no strikes or work stoppages and consider our employee relations to be good.

Access to Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business