[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","h1e4xcq9276xdquac9vbsvz7l","revision",2,"title","Agilysys公布2027财年第二季度及上半年业绩：季度净收入同比增长17.7%，上半年增长16.1%","originalTitle","AGILYSYS INC (0000078749) (Filer)","summary","Agilysys披露，截至2026年9月30日的第二财季净收入为9,336万美元，同比增长17.7%；净利润为1,317.7万美元，摊薄每股收益0.46美元。2027财年上半年净收入为1.81038亿美元，同比增长16.1%，净利润为2,216.9万美元，摊薄每股收益0.78美元。","reason","这份未经审计的中期披露涵盖收入、利润、现金流及收购等事项，可用于了解Agilysys截至2026年9月30日的经营表现与财务状况。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-26T20:11:32.000Z","discoveredAt","2026-10-27T01:48:36.789Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",61,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fJnwTdYAsSa4",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","36385257-83fe-4b00-8e78-3e42d9dbc237","Agilysys公布FY2027第二财季业绩并上调全年指引",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

（勾选一项）

\n \n \n \n \n \n \n

\n	\n
☒	根据《1934年证券交易法》第13或15(d)条提交的季度报告

截至季度期间 2026年9月30日

或

\n \n \n \n \n \n \n

\n	\n
☐	根据《1934年证券交易法》第13或15(d)条提交的过渡报告

过渡期自 _____ 至 _____

委员会档案编号： 000-5734

AGILYSYS, INC.

（注册人章程中指定的确切名称）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
特拉华州	34-0907152
（州或其他司法管辖区注册成立或组建地）	（美国国税局雇主识别号）
3655 Brookside Parkway, Suite 300 Alpharetta, Georgia	30022
（主要行政办公地址）	（邮政编码）

注册人电话号码（含区号）： (770) 810-7800

根据该法第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

各类别名称

交易

代码

上市交易所名称

普通股，无面值

AGYS

纳斯达克全球精选市场

请勾选，以说明注册人是否 (1) 已在此前12个月内（或注册人须提交此类报告的较短期间内）提交《1934年证券交易法》第13或15(d)条要求提交的所有报告，以及 (2) 在过去90天内一直须遵守此类提交要求。是 ☒ 否 ☐

请勾选，以说明注册人在此前12个月内（或注册人须提交此类文件的较短期间内）是否已通过电子方式提交根据S-T条例第405条（本章§232.405）要求提交的所有交互式数据文件。是 ☒ 否 ☐

请勾选，以说明注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小型报告公司还是新兴成长型公司。请参阅《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小型报告公司”和“新兴成长型公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
大型加速申报公司		☒		加速申报公司		☐
非加速申报公司		☐		较小型报告公司		☐
新兴成长型公司		☐

若为新兴成长型公司，请勾选注册人是否选择不采用《交易法》第13(a)条规定的、遵守任何新订或修订财务会计准则的延长过渡期。 ☐

请勾选说明注册人是否为壳公司（定义见《交易法》规则12b-2）。\t是 ☐ 否 ☒

截至2026年10月16日，注册人有 28,215,805 股普通股已发行在外。

AGILYSYS, INC.

\n	\n	\n	\n

第一部分：财务信息

	第1项	财务报表（未经审计）	3

		简明合并资产负债表——2026年9月30日（未经审计）和2026年3月31日	3

		简明合并经营报表（未经审计）——截至2026年9月30日和2025年9月30日的三个月和六个月	4

		简明合并综合收益表（未经审计）——截至2026年9月30日和2025年9月30日的三个月和六个月	5

		简明合并现金流量表（未经审计）——截至2026年9月30日和2025年9月30日的六个月	6

		简明合并股东权益表（未经审计）——截至2026年9月30日和2025年9月30日的三个月和六个月	7

		简明合并财务报表附注（未经审计）	8

	第2项	管理层对财务状况和经营成果的讨论与分析	20

	第3项	关于市场风险的定量和定性披露	29

	第4项	控制和程序	29

第二部分：其他信息

	第1项	法律诉讼	31

	第1A项	风险因素	31

	第2项	未注册的股权证券销售及所得款项用途	31

	第3项	优先证券违约	31

	第4项	矿山安全披露	31

	第5项	其他信息	31

	第6项	附件	32

签名			33

AGILYSYS, INC.

简明合并资产负债表

\n	\n	\n	\n	\n	\n	\n	\n	\n
（单位：千，股份数据除外）		2026年9月30日（未经审计）			2026年3月31日
资产
流动资产：
现金及现金等价物		$	137,558			$	116,894
应收账款，扣除预期信用损失准备分别为$859 和$1,105			41,108				43,069
合同资产			5,969				4,438
存货			10,445				7,529
预付费用及其他流动资产			12,417				12,201
流动资产总额			207,497				184,131
固定资产及设备，净额			13,048				13,950
经营租赁使用权资产			12,381				13,823
商誉			132,372				133,908
无形资产，净额			63,379				66,359
递延所得税，非流动			54,787				58,069
其他非流动资产			12,014				11,288
资产总额		$	495,478			$	481,528
负债和股东权益
流动负债：
应付账款		$	15,331			$	12,445
合同负债			69,639				83,009
应计负债			18,333				24,333
经营租赁负债，流动			5,099				5,323
流动负债总额			108,402				125,110
递延所得税，非流动			10,189				10,144
非流动经营租赁负债			12,120				13,721
其他非流动负债			7,034				5,762
承诺和或有事项
股东权益：
普通股，无面值，标示价值为$0.30 ； 80,000,000 股授权；已发行 33,342,288 股；且截至2026年9月30日和2026年3月31日，分别有 28,215,472 和 28,166,478 股流通			10,003				10,003
库存股，5,126,816 股和 5,175,810 股，截至2026年9月30日和2026年3月31日，分别			(1,539	)			(1,554	)
超过标示价值的资本			143,883				131,632
留存收益			221,940				199,771
累计其他综合损失			(16,554	)			(13,061	)
股东权益总额			357,733				326,791
负债和股东权益总额		$	495,478			$	481,528

参见未经审计的简明合并财务报表附注。

AGILYSYS, INC.

简明合并经营报表

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的六个月
（单位：千，股份数据除外）		2026			2025			2026			2025
净收入：
订阅和维护		$	62,160			$	50,955			$	119,902			$	99,579
专业服务			19,210				18,249				38,803				36,347
产品			11,990				10,095				22,333				20,050
净收入总额			93,360				79,299				181,038				155,976
销售成本：
订阅和维护			12,614				10,850				25,340				20,833
专业服务			13,267				13,445				25,928				26,645
产品			7,172				6,037				13,805				12,236
销售成本总额			33,053				30,332				65,073				59,714
毛利			60,307				48,967				115,965				96,262
毛利率			64.6	%			61.7	%			64.1	%			61.7	%
运营费用：
产品开发			19,846				17,825				40,091				35,280
销售和营销			11,479				9,781				23,675				21,574
一般和行政			11,294				10,164				22,404				20,920
固定资产折旧			849				964				1,675				1,908
内部使用软件和无形资产摊销			1,421				1,432				2,848				2,890
其他（收益）费用，净额			170				(5,456	)			287				(5,203	)
法律和解，净额			—				110				—				225
运营费用总额			45,059				34,820				90,980				77,594
营业收入			15,248				14,147				24,985				18,668
其他收入（费用）：
利息收入			1,066				346				2,056				793
利息支出			(73	)			(56	)			(142	)			(273	)
其他收入（费用），净额			501				1,274				654				1,372
税前收入			16,742				15,711				27,553				20,560
所得税费用			3,565				4,001				5,384				3,960
净收入		$	13,177			$	11,710			$	22,169			$	16,600

加权平均流通股数—基本			28,142				27,882				28,122				27,838

每股净收入—基本：		$	0.47			$	0.42			$	0.79			$	0.60

加权平均流通股数—稀释			28,577				28,397				28,500				28,348

每股净收入—稀释：		$	0.46			$	0.41			$	0.78			$	0.59

参见未经审计的简明合并财务报表附注。

AGILYSYS, INC.

简明合并综合收益表

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至六个月
		9月30日，			9月30日，
（单位：千）		2026			2025			2026			2025
净收入		$	13,177			$	11,710			$	22,169			$	16,600
其他综合（损失）收益：
未实现外币折算调整			(66	)			(4,042	)			(3,493	)			3,185
综合收益总额		$	13,111			$	7,668			$	18,676			$	19,785

参见未经审计的简明合并财务报表附注。

AGILYSYS, INC.

简明合并现金流量表

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至六个月
		9月30日，
（单位：千）		2026			2025

经营活动
净收入		$	22,169			$	16,600
将净利润调节为经营活动提供的净现金：
资产处置损失			—				2
固定资产折旧			1,675				1,908
内部使用软件及无形资产摊销			2,848				2,890
收购的开发技术摊销			330				333
递延所得税			3,222				3,188
股份支付薪酬			12,281				10,029
经营性资产和负债变动			(19,519	)			(24,083	)
经营活动提供的净现金			23,006				10,867
投资活动
企业合并支付的现金，扣除取得的现金			(884	)			—
资本支出			(876	)			(850	)
投资活动使用的净现金			(1,760	)			(850	)
融资活动
偿还债务			—				(24,000	)
员工股票购买计划购买所得			716				777
回购普通股以满足员工预扣税款			(1,197	)			(742	)
融资活动使用的净现金			(481	)			(23,965	)
汇率变动对现金的影响			(101	)			243
现金及现金等价物净增加（减少）额			20,664				(13,705	)
期初现金及现金等价物			116,894				73,041
期末现金及现金等价物		$	137,558			$	59,336

请参阅未经审计的简明合并财务报表附注。

AGILYSYS, INC.

股东权益简明合并报表（续）

（未经审计）

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\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日的三个月
		普通股
		已发行			库存股			资本公积超出						累计其他
（单位：千，股份数据除外）		股份数			列示价值			股份数			列示价值			列示价值			留存收益			综合收益（亏损）			总计
截至2026年6月30日的余额			33,342			$	10,003				(5,147	)		$	(1,545	)		$	137,594			$	208,763			$	(16,488	)		$	338,327
股份支付薪酬			—				—				—				—				6,189				—				—				6,189
行使SSAR时发行的股份			—				—				19				6				(6	)			—				—				—
行使SSAR或其他授予归属时预扣税款的股份			—				—				(6	)			(2	)			(608	)			—				—				(610	)
其他普通股发行，净额			—				—				7				2				714				—				—				716
净利润			—				—				—				—				—				13,177				—				13,177
未实现的折算调整			—				—				—				—				—				—				(66	)			(66	)
截至2026年9月30日的余额			33,342			$	10,003				(5,127	)		$	(1,539	)		$	143,883			$	221,940			$	(16,554	)		$	357,733

		截至2025年9月30日的三个月
		普通股
		已发行			库存股			资本公积超出						累计其他
（单位：千，股份数据除外）		股份数			列示价值			股份数			列示价值			列示价值			留存收益			综合收益（亏损）			总计
截至2025年6月30日的余额			33,342			$	10,003				(5,307	)		$	(1,595	)		$	114,996			$	165,870			$	(6,055	)		$	283,219
股份支付薪酬			—				—				—				—				4,848				—				—				4,848
行使SSAR时发行的股份			—				—				1				0				—				—				—				—
行使SSAR或其他授予归属时预扣税款的股份			—				—				(1	)			—				235				—				—				235
其他普通股发行，净额			—				—				7				2				775				—				—				777
净利润			—				—				—				—				—				11,710				—				11,710
未实现的折算调整			—				—				—				—				—				—				(4,042	)			(4,042	)
截至2025年9月30日的余额			33,342			$	10,003				(5,300	)		$	(1,593	)		$	120,854			$	177,580			$	(10,097	)		$	296,747

		截至2026年9月30日的六个月
		普通股
		已发行			库存股			资本公积超出						累计其他
（单位：千，股份数据除外）		股份数			列示价值			股份数			列示价值			列示价值			留存收益			综合收益（亏损）			总计
截至2026年3月31日的余额			33,342			$	10,003				(5,176	)		$	(1,554	)		$	131,632			$	199,771			$	(13,061	)		$	326,791
基于股份的薪酬															12,585										12,585
行使 SSAR 时发行的股份									38				12				(12	)									—
因行使 SSAR 或其他奖励归属而预扣税款的股份									(11	)			(3	)			(1,032	)									(1,035	)
其他普通股发行，净额									22				6				710										716
净利润																		22,169							22,169
未实现的折算调整																					(3,493	)			(3,493	)
截至2026年9月30日的余额			33,342			$	10,003				(5,127	)		$	(1,539	)		$	143,883			$	221,940			$	(16,554	)		$	357,733

		截至2025年9月30日的六个月
		普通股
		已发行			库存股			超过面值的资本						累计其他
（千元，股份数据除外）		股份			面值			股份			面值			面值			留存收益			综合收益（亏损）			总计
截至2025年3月31日的余额			33,342			$	10,003				(5,327	)		$	(1,600	)		$	109,785			$	160,980			$	(13,282	)		$	265,886
基于股份的薪酬			—				—				—				—				10,224				—				—				10,224
行使 SSAR 时发行的股份			—				—				19				5				(5	)			—				—				—
因行使 SSAR 或其他奖励归属而预扣税款的股份			—				—				(2	)			(1	)			76				—				—				75
其他普通股发行，净额			—				—				10				3				774				—				—				777
净利润			—				—				—				—				—				16,600				—				16,600
未实现的折算调整			—				—				—				—				—				—				3,185				3,185
截至2025年9月30日的余额			33,342			$	10,003				(5,300	)		$	(1,593	)		$	120,854			$	177,580			$	(10,097	)		$	296,747

请参阅未经审计简明合并财务报表附注。

AGILYSYS, INC.

简明合并财务报表附注

（未经审计）

1. 经营性质和财务报表列报

经营性质

Agilysys 已在酒店业软件领域领先逾45年，提供创新的云原生 SaaS 和本地部署解决方案，服务对象包括酒店、多设施度假村、邮轮公司、赌场、企业餐饮管理机构、餐厅、大学、体育场馆和医疗机构。公司的软件解决方案包括销售点（POS）、物业管理（PMS）、库存与采购、支付及相关应用，用于管理和提升整个宾客旅程。Agilysys 也以一流的以客户为中心的服务而闻名。全球许多顶级酒店企业都在使用 Agilysys 解决方案，以提高宾客忠诚度、推动收入增长并提升运营效率。Agilysys 业务遍及美洲、欧洲、中东、非洲、亚太地区和印度，总部位于佐治亚州阿尔法利塔。

公司有一个可报告分部，为全球酒店业提供服务。

列报基础

随附的未经审计简明合并财务报表包括本公司与全资子公司的合并账目。所有重大公司间账户和交易均已在合并时抵销。本公司的财年于3月31日结束。提及某一年度时，指该年3月结束的财年。例如，2027财年指截至2027年3月31日的财年。

我们的未经审计中期财务报表根据美国公认会计原则（GAAP）中期财务信息相关规定、《1934年证券交易法》（经修订，以下简称《交易法》）下10-Q表季度报告（以下简称“季度报告”）的编制说明，以及《交易法》下S-X条例第10-01条编制。根据有关中期财务报表的此类规则和条例，通常纳入按照GAAP编制的年度财务报表中的某些信息和脚注披露已予以精简或省略。

截至2026年9月30日的简明合并资产负债表，以及截至2026年和2025年9月30日止三个月和六个月的简明合并经营报表、简明合并综合收益表和简明合并股东权益表，以及截至2026年和2025年9月30日止六个月的简明合并现金流量表，均未经审计。不过，这些财务报表的编制基础与经审计的年度财务报表相同。管理层认为，已作出所有必要的经常性调整，以公允列报经营业绩、财务状况和现金流量。

本未经审计中期财务报表应与我们截至2026年3月31日止年度的10-K表年度报告中所载合并财务报表及相关附注一并阅读。该年度报告已于2026年5月21日提交给美国证券交易委员会（SEC）。

估计的使用

按照GAAP编制财务报表要求管理层作出估计和假设，这些估计和假设可能影响财务报表日所列资产和负债金额，以及报告期间所列收入和费用金额。实际结果可能与这些估计不同。

2. 重要会计政策摘要

我们重要会计政策的详细说明载于截至2026年3月31日止财政年度的经审计财务报表，该报表包含在我们的10-K表年度报告中。我们重要会计政策与该报告所披露的政策相比没有重大变化。

近期采用和发布的会计公告

2025年12月，财务会计准则委员会（“FASB”）发布了第2025-11号会计准则更新（“ASU”），中期报告（主题270）：范围有限的改进（“ASU 2025-11”），旨在澄清现行中期披露要求，并制定美国GAAP规定的中期披露综合清单。该ASU还纳入了一项披露原则，要求披露自上一年末以来发生的重大事件或变化。ASU 2025-11适用于2027年12月15日之后开始的年度报告期间内的中期报告期间，即我们的2029财年；允许提前采用。我们目前正在评估其对简明合并财务报表的影响。

2025年9月，FASB发布了ASU第2025-06号《无形资产——商誉及其他——内部使用软件》（子主题350-40）：内部使用软件会计处理的针对性改进（“ASU 2025-06”），该准则删除了所有关于软件开发阶段的表述，并明确了实体开始将成本资本化所适用的门槛。ASU 2025-06适用于2027年12月15日之后开始的年度期间，即我们的2029财年，以及这些年度报告期间内的中期报告期间。该准则可采用未来适用法、追溯法或经修订的过渡方法，且允许提前采用。我们目前正在评估采用该准则后可能对合并财务报表产生的影响。

2024年11月，FASB发布了ASU第2024-03号《损益表——综合收益报告——费用分类披露》（“ASU 2024-03”），以扩展费用披露要求，要求对某些损益表费用项目进行分类披露，包括包含存货采购、员工薪酬、折旧和摊销的项目。ASU 2024-03适用于2026年12月15日之后开始的财年，即我们的2028财年，以及后续中期期间，并允许提前采用。修订内容应采用未来适用法，但允许追溯应用。采用该准则后可能需要增加披露。

3. 收入确认

我们的惯常业务做法是与客户签订具有法律约束力的书面合同。我们的大多数合同均受我们与客户之间的主服务协议或通用协议约束，该协议规定双方任何单项合同的一般条款和条件，随后再通过客户订单补充，明确不同的商品和服务、相关价格以及单项合同的任何附加条款。每项单项合同的具体履约义务均在各订单条款中界定。每项履约义务均根据将转让给客户的商品和服务予以识别，这些商品和服务既能够单独区分，也在合同背景下可单独区分。交易价格根据我们因向客户转让商品或服务而有权获得并预期收取的对价确定。通常，我们的合同不会赋予客户任何退货或退款权；我们不对合同价格作出限制，因为退货或退款导致重大收入转回的可能性不大。

通常，我们的客户合同包含以下一项或多项构成履约义务的商品或服务。

我们的订阅服务收入由以下费用构成：客户为获得在订阅期内访问我们软件的权利而签订合同所支付的费用。根据这些合同，我们不会赋予客户在订阅期之外任何时间许可该软件的合同权利。我们的订阅服务收入主要按地点计费，包括按销售点和客房计费。某些订阅服务收入按交易计费。客户只有在获得软件访问权后，才能从软件及软件维护服务中受益。因此，在合同背景下，软件访问权、维护服务、任何托管服务以及任何基于交易的服务均不被视为可明确区分的履约义务，而应合并为一项履约义务，在合同期内确认。公司根据客户协议条款，按照通常的服务、开票和续约周期按月确认订阅收入。

我们的维护服务收入来自为专有软件提供未指定的更新、升级、错误修复和技术支持服务。这些服务构成一项随时待命的义务，各项服务同时交付且向客户转移的模式相同；我们将这些维护服务作为一项单一履约义务进行核算。维护收入还包括为转售软件提供的相同第三方服务。我们在维护协议期内确认几乎全部维护收入。我们还根据第三方通过访问我们软件处理的支付交易量，确认某些维护服务收入。

专业服务收入主要包括咨询、实施、安装、集成和培训费用；通常随着客户在服务提供过程中同时获得并消耗专业服务的利益，按一段时间确认收入。某些专业开发服务在向客户交付所开发的解决方案时确认收入。每个报告期末，我们会就预计将为已交付开发服务开票的合同保留款，确认最可能金额的可变对价。专业服务可由内部或外部提供方提供，不会显著影响客户访问或使用其他已提供商品或服务的能力，并且能提供超出合同中其他承诺商品或服务的额外利益。因此，专业服务在合同背景下被视为可明确区分，并构成一项单独的履约义务。按工时和材料计费的专业服务，在服务提供过程中按一段时间确认收入。对于按固定价格计费的合同，收入按一段时间确认，采用投入法，根据截至当日已投入的工时相对于预计满足相关履约义务所需总工时的比例进行计量。

我们的专有软件许可证通常赋予客户永久使用软件的权利。通常，我们的合同不包含大量集成和定制服务，且客户无需直接向我们购买安装服务。相关服务尚未提供前，软件已交付；即使没有专业服务、更新和技术支持，软件也能正常运行。我们认定软件许可证是一项可明确区分的履约义务，因为客户能够单独从软件中获益。软件收入通常在软件交付给客户或可供客户下载时确认。

当产品运送给客户，且影响客户最终验收安排的义务均已履行时，我们确认硬件销售收入。硬件从供应商处采购，并通过供应商直运或从库存发给终端客户。我们负责与供应商和客户协商价格、向供应商付款、与客户确定付款条款和产品退货事宜；若客户未付款，我们承担信用风险。作为客户的主要联系人，我们在发货时，或收到供应商已发货的通知时，确认收入和销售成本。在某些有限情况下，根据运输条款，收入在货物送达目的地或在客户现场安装后确认。

我们采用市场法确定单独售价（“SSP”），尽可能利用可观察的数据点（即近期签订的客户合同），以确定客户愿意为所转让的商品和服务支付的价格。向客户收取的运输和装卸费用确认为收入，相关成本计入销售成本。收入按扣除向政府机构收取并上缴的任何适用税款后的金额入账。

收入细分

我们的收入来自订阅和维护服务、专业服务以及产品（专有软件许可证、第三方硬件和操作系统）的销售。按时间确认的订阅和维护服务收入以及绝大部分专业服务收入，在截至2026年和2025年9月30日的三个月和六个月内分别为 $81.4 million 和 $69.2 million，以及 $158.7 million 和 $135.9 million。在某一时点确认的产品收入，在截至2026年和2025年9月30日的三个月和六个月内分别为 $12.0 million 和 $10.1 million，以及 $22.3 million 和 $20.1 million。

合同余额

合同资产是指我们已向客户转让商品或服务后，有权收取对价，但该权利取决于时间流逝以外因素的权利。我们的合同资产大部分是与产品和专业服务相关的未开票金额。我们预计在未来十二个月内对合同资产开票并收款。我们根据合同约定的开票计划向客户收款；当收取对价的权利变为无条件时，便确认应收账款。合同负债是指根据合同条款，在向客户转让商品或服务之前已收到的对价，或客户无条件应付的对价。

期初合同负债所含金额中确认的收入为 $22.8 million 和 $19.8 million，以及 $60.6 million 和 $52.9 million，分别对应截至2026年和2025年9月30日的三个月和六个月。由于收取对价的权利变为无条件，我们将期初合同资产中的 $0.2 million 和 $0.5 million，以及 $4.1 million 和 $4.4 million 转入应收账款，分别对应截至2026年和2025年9月30日的三个月和六个月。

剩余履约义务

剩余履约义务是指尚未交付产品或尚未提供服务的合同交易价格。截至2026年9月30日，期限超过一年的合同中分配至剩余履约义务的交易价格总额约为 $164.0 million。公司预计在 12、24 和 36 个月内分别确认分配至剩余履约义务的交易价格的 43%、30% 和 18%，上述期间自 2026年9月30日起算；其余部分将在此后于我们的合并经营报表中确认。我们的专业服务大部分预计将在未来 12 个月内确认，但这取决于多种因素，包括客户需求和时间安排。对于可变对价直接按使用量分配的合同，或原预计期限为一年或以下的合同，我们不计入剩余履约义务。

确认的合同取得成本资产

若非客户合同不会发生的销售佣金费用，属于获取合同的增量成本。当获取合同的增量成本的预期受益期和摊销期为一年或更短时，我们在发生时将其费用化。对于按协议期限逐月续订的订阅合同，我们将佣金费用资本化，并在履行相关履约义务时摊销，通常依据合同期限和预期续约情况。

截至 $9.0 百万美元和 $8.1 百万美元的资本化销售激励成本分别计入 2026年9月30日和2026年3月31日。上述余额列入我们简明合并资产负债表中的其他非流动资产。在截至2026年9月30日的三个月和六个月内，我们分别将 $1.6 百万美元和 $3.0 百万美元的销售佣金费用化，其中分别包括资本化金额摊销 $0.7 百万美元和 $1.4 百万美元。在截至2025年9月30日的可比期间，我们分别将 $1.3 百万美元和 $2.5 百万美元的销售佣金费用化，其中分别包括资本化金额摊销 $0.6 百万美元和 $1.1 百万美元。这些费用计入我们简明合并经营报表中的销售和营销运营费用。所有其他获取合同的成本均不属于增量成本，因此在发生时费用化。

4. 资产负债表补充信息

简明合并资产负债表的相关补充信息如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n
（千美元）		2026年9月30日			2026年3月31日
预付费用和其他流动资产：
预付费用		$	12,251			$	9,064
应收员工留任抵免款（见附注6，所得税）			—				3,020
其他			166				117
合计		$	12,417			$	12,201

应计负债：
薪金、工资、员工福利和工资税		$	14,642			$	21,014
应付所得税和间接税			3,031				2,059
其他			660				1,260
合计		$	18,333			$	24,333

5. 现金流量信息补充披露

简明合并现金流量表的相关补充信息如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的六个月
（千美元）			2026				2025
利息现金收入		$	1,870			$	732
利息现金支出			86				274
所得税现金支出净额			1,073				1,244
经营租赁现金支出			3,303				3,406
应计资本支出			293				125

6. 所得税

下表比较了我们截至2026年和2025年9月30日的三个月和六个月的所得税费用及有效税率：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月，			截至9月30日的六个月，
（千美元）		2026			2025			2026			2025
所得税费用		$	3,565			$	4,001			$	5,384			$	3,960
有效税率			21.3	%			25.5	%			19.5	%			19.3	%

截至2026年和2025年9月30日止六个月，所得税拨备和有效税率主要受基于股份的薪酬及净受控外国公司测试收入（NCTI）的税务影响驱动。

截至2026年和2025年9月30日止三个月，所得税拨备和有效税率分别主要受基于股份的薪酬相关离散超额税收优惠及NCTI的影响驱动。

我们的印度子公司在“经济特区（SEZ）”运营。经济特区相关的一项优惠是，印度子公司在运营的前五年（包括2018至2022财年）无需缴纳印度常规所得税。印度子公司在运营的第二个五年（包括2023至2027财年）需缴纳50%的印度常规所得税。

《冠状病毒援助、救济和经济安全法案》（CARES Act）是一项旨在应对COVID-19疫情经济影响的刺激法案。CARES Act提供了员工留任抵免，这是一项可抵扣某些就业税的可退还税收抵免。我们于2024年1月根据CARES Act提交了员工留任抵免申请。根据ASU 2025-10（我们获准提前采用，自2025年4月1日起生效），在考虑所有事实和情况（包括是否适用任何诉讼时效）后，对于很可能收回的抵免，我们予以确认。我们认为，在收到美国国税局已处理抵免申请的确认，并知悉抵免金额及任何相关利息退款金额后，收回款项很可能实现。截至2026年9月30日止六个月，我们收到员工留任抵免现金$3.0百万。截至2025年9月30日止六个月，我们将$6.1百万员工留任抵免（包括已收到或预计将以现金收到的相关利息）计入简明合并经营报表中的其他（收益）费用净额。

我们已计提并持续维持估值备抵，以抵销公司在美国某些州及外国司法管辖区的递延所得税资产。递延所得税资产最终能否实现取决于多种因素，包括在相关暂时性差异可抵扣期间产生未来应税收入的情况。在有充分证据支持全部或部分转回备抵之前，我们会持续为递延所得税资产计提估值备抵。

2025年7月4日，《宏大而美丽法案》（OBBBA）签署成为法律。该法案对联邦税法作出多项调整，通常允许自公司2026财年起更有利地扣除某些业务费用，包括恢复国内研发支出的即时费用化、恢复固定资产加速折旧，以及调整国际税收框架。OBBBA还修订并将CARES Act下员工留任抵免的诉讼时效延长至2030日历年，适用于截至2021年9月30日止三个月产生的某些就业税。

7. 承诺和或有事项

我们在日常业务过程中涉及法律诉讼。管理层认为，任何当前待决诉讼的解决都不会对我们的财务状况或经营业绩产生重大不利影响。

截至2026年9月30日，我们另有一项尚未开始的经营租赁，金额约为$1百万。该租赁预计于2027财年开始，初始租赁期限约为2年。

8. 每股收益

以下数据列示了用于计算每股收益的金额，以及稀释性潜在普通股对收益和加权平均股数的影响。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	截至9月30日止三个月			截至9月30日止六个月
（单位：千，除每股数据外）	2026			2025			2026			2025
分子：
净利润	$	13,177			$	11,710			$	22,169			$	16,600

分母：
加权平均流通股数——基本		28,142				27,882				28,122				27,838
稀释性 SSAR		225				305				229				304
稀释性未归属限制性股票单位		150				87				90				61
稀释性未归属限制性股份		60				123				59				145
加权平均流通股数——稀释后		28,577				28,397				28,500				28,348

基本每股收益：	$	0.47			$	0.42			$	0.79			$	0.60
稀释后每股收益：	$	0.46			$	0.41			$	0.78			$	0.59

反稀释性限制性股份、限制性股票单位及业绩股份		—				—				2				1

基本每股收益按归属于普通股股东的净利润除以加权平均基本流通股数计算。用于计算加权平均基本流通股数的流通股不包括64,851股和156,781股限制性股份，分别截至2026年和2025年9月30日；这些股份已发行但尚未归属，因此在资产负债表日计算基本每股收益时不视为流通股。

稀释后每股净收益包括所有可能稀释证券对每股收益的影响。我们拥有股票结算增值权（SSAR）、未归属限制性股份、限制性股票单位、员工股票购买计划（ESPP）股份和业绩股份，这些均为可能稀释证券。

9. 股份支付薪酬

我们可根据经股东批准的经修订及重述的2024年股权激励计划（2024年计划）授予激励性股票期权、非限定股票期权、SSAR、限制性股份、限制性股票单位和业绩股份。我们根据2024年计划以及先前的2020年股权激励计划（经修订及重述）（2020年计划；与2024年计划合称“股权激励计划”）拥有尚未结算的股权奖励。股权激励计划项下可发行的普通股总数上限为3.2百万股。我们也可根据经股东批准的员工股票购买计划（ESPP）授予股份，最多涉及0.5百万股普通股。

我们可分配已授权但未发行的股份或库存股，以满足股票期权和SSAR的行权，或用于授予限制性股份、限制性股票单位、业绩股份或ESPP股份。

对于 SSAR，行权价必须至少等于授予日我们普通股的收盘市价。SSAR 的最长期限为自授予日起七年。董事会薪酬委员会

负责确定附有服务条件的 SSAR 的归属期限，以及附有市场条件的 SSAR 的归属标准。

限制性股票和限制性股票单位，无论是按时间归属还是基于业绩，均可免费发行，也可按低于其公允市场价值的购买价发行，但须承担没收风险，且其出售或以其他方式转让受到限制。基于业绩的授予可附有达到特定业绩目标以及满足其他条件、限制和或有事项的要求。限制性股票有权在归属时获得股息（如有），但须遵守适用于相关授予的相同没收条款。

对于授予某些员工和非雇员董事的 SSAR、限制性股票、限制性股票单位、业绩股票和 ESPP 股票，我们根据奖励在授予日的公允价值确认相关薪酬费用。仅附有服务条件的限制性股票单位和限制性股票授予，其公允价值依据授予日我们普通股的收盘价确定。对于仅附有服务条件的股票期权和 SSAR 授予，我们在授予日使用 Black-Scholes-Merton 期权定价模型估算公允价值，模型输入包括授予日收盘市价、行权价，以及关于无风险利率、基于历史波动率的我们普通股预期波动率和使用简化方法估算的预期期限的假设。对于 SSAR 授予，我们采用简化方法，因为我们认为历史行权数据无法为估算预期期限提供合理依据。对于附有市场条件的限制性股票单位、限制性股票和 SSAR 授予，我们在授予日通过采用蒙特卡洛分析的格点期权定价模型估算公允价值，模型输入包括授予日收盘市价、股价门槛、业绩期，以及关于无风险利率和基于历史波动率的我们普通股预期波动率的假设。附有市场条件的 SSAR 授予的输入还包括行权价、剩余合同期限和次优行权因子。

对于附有服务条件的限制性股票单位、限制性股票和 SSAR 授予，我们采用分级归属法确认薪酬费用。对于 ESPP 股票，我们在适用的发行期内按直线法确认薪酬费用。对于仅附有市场条件的 SSAR 授予，我们在推导服务期内确认薪酬费用，该服务期是格点期权定价模型的输出结果。

下表汇总了计入合并经营报表的授予所产生的股份薪酬费用：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 9 月 30 日的三个月			截至 9 月 30 日的六个月
（千元）		2026			2025			2026			2025
产品开发		$	3,531			$	2,933			$	7,292			$	6,007
销售和营销			581				478				1,159				977
一般及行政			2,181				1,589				3,830				3,045
股份支付薪酬总费用		$	6,293			$	5,000			$	12,281			$	10,029

股票结算增值权

SSAR 是授予员工的一种权利，员工可获得相当于行权日公司普通股价格与行权价之间差额的价值。该价值以 Agilysys, Inc. 的普通股结算。

截至 2026 年和 2025 年 9 月 30 日的六个月内，均未授予 SSAR。

下表汇总了截至 2026 年 9 月 30 日的六个月内，根据我们的股权激励计划授予的 SSAR 活动情况：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
（单位：千，股份数和每股数据除外）		权利数量			加权平均行权价			剩余合同期限			总计内在价值
					（每项权利）			（年）
2026 年 4 月 1 日未行权			315,983			$	20.02
已授予			—				—
已行权			(47,419	)			20.02
已没收			—				—
已到期			—				—
2026 年 9 月 30 日未行权			268,564			$	20.02				0.7			$	20,696
2026 年 9 月 30 日可行权			268,564			$	20.02				0.7			$	20,696
截至 2026 年 9 月 30 日已归属			268,564			$	20.02				0.7			$	20,696

截至 2026 年 9 月 30 日，与 SSAR 相关的未确认股份支付薪酬费用为无。

限制性股票

我们向部分董事、高管和关键员工授予了股票，其归属取决于服务条件。下表汇总了截至 2026 年 9 月 30 日的六个月内，根据我们的股权激励计划授予的限制性股票活动情况：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		股份数量			授予日公允价值加权平均值
					（每股）
2026 年 4 月 1 日未归属			74,792			$	94.58
已授予			7,570				79.25
已归属			(16,254	)			86.71
已没收			(1,257	)			90.85
预计将于 2026 年 9 月 30 日归属			64,851			$	94.85

截至 2026 年 9 月 30 日，与未归属限制性股票相关的未确认股份支付薪酬费用总额为 $0.6 百万美元，预计将在加权平均归属期 0.7 年内确认。

限制性股票单位

我们向部分董事、高管和关键员工授予了限制性股票单位，其归属取决于服务条件。某些限制性股票单位还受市场条件约束。下表汇总了截至 2026 年 9 月 30 日的六个月内，根据我们的股权激励计划授予的限制性股票单位活动情况：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		股份数量			授予日公允价值加权平均值
					（每股）
2026 年 4 月 1 日未归属			290,955			$	128.87
已授予			89,440				77.56
已归属			(7,099	)			103.37
已没收			(7,400	)			129.22
预计将于 2026 年 9 月 30 日归属			365,896			$	116.82

我们使用格点期权定价模型估算受市场条件约束的限制性股票单位的公允价值。2026 财年未授予受市场条件约束的限制性股票单位。下表汇总了用于估算 2027 财年授予的受市场条件约束的限制性股票单位公允价值的主要估值假设及所得公允价值：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
		2026
合同期限内的无风险利率			4.2	%
预期波动率			49.0	%
加权平均授予日公允价值		$60.33 - $73.76

截至2026年9月30日，与未归属限制性股票单位相关的未确认股份薪酬费用总额为$19.2 million，预计将在加权平均归属期 2.1 years内确认。

绩效股

经董事会薪酬委员会批准，并在达到年度奖金计划相关绩效条件后，我们于2026年5月向首席执行官授予了 7,570 股普通股，这些股份立即归属，总价值为$0.6 million。

员工股票购买计划股份

ESPP允许参与者通过定期工资扣款购买普通股，扣款金额最高不超过其符合条件薪酬的规定比例。ESPP属于补偿性计划，因为除其他条款外，目前允许参与者以低于ESP P发行期首个或最后一个交易日普通股收盘价中较低者 15% 的价格购买股票。我们根据发行期开始时ESPP授予的公允价值计量ESPP的股份薪酬费用。公允价值包括折扣价值，以及利用发行期内普通股价格波动的看涨期权和看跌期权的价值。我们使用Black-Scholes-Merton期权定价模型估算看涨期权和看跌期权的价值，输入参数包括发行期首日普通股收盘市价，以及关于无风险利率、预期期限和普通股预期波动率的假设；预期波动率基于历史波动率。我们采用以下输入参数，其中包括合并财务报表所反映的以下发行期的主要假设：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		发行期结束日期			发行期结束日期			发行期结束日期			发行期结束日期
		2026年12月31日			2026年6月30日			2025年12月31日			2025年6月30日
授予日公允价值		$	108.89			$	118.84			$	115.19			$	131.71
合同期限内的无风险利率			4.02	%			3.62	%			4.30	%			4.31	%
预期期限（年）			0.50				0.49				0.50				0.49
预期波动率			59.77	%			45.17	%			60.10	%			42.40	%

无风险利率基于到期日与ESPP股份预期期限大致相当的美国零息国债收益率。预期期限为发行期，通常为六个月。

我们将每个发行期内从参与者处扣留的金额记入合并资产负债表中的应计薪资、工资及相关福利，直至购买股份。对于截至2026年12月31日的发行期，截至2026年9月30日从参与者处扣留的金额合计为 $0.3 million。

截至2026年9月30日，与截至2026年12月31日的发行期相关的未确认股份薪酬费用为 $0.1 million。

10. 分部信息

经营分部是指实体的首席运营决策者（“CODM”）能够获得离散财务信息的组成部分。我们的首席执行官是我们的 CODM。

我们作为一个单一经营分部运营，为全球酒店业提供软件解决方案；我们的 CODM 会审阅按合并口径列报的财务信息，以分配资源、评估财务业绩并作出经营决策。在预算和预测过程中，我们的 CODM 会分配包括员工、设备和财务资源在内的资源。我们的 CODM 会定期考量预测与实际结果之间的差异，以评估财务业绩，并就产品开发、定价、员工薪酬、信息安全和技术基础设施投资以及市场开发作出经营决策。本公司的分部损益计量指标为合并经营报表所列的净利润。

我们的 CODM 会审阅分部资产（按合并资产负债表列报的总资产）和资本支出（按合并现金流量表列报）。

除我们在附注 2重要会计政策摘要中所述的政策外，分部会计政策与其相同；但我们为按照美国公认会计原则在合并经营报表中列报销售成本而进行的某些费用分摊（主要涉及员工薪酬），未用于下表所列的收入成本。

向 CODM 提供的截至 2026 年和 2025 年 9 月 30 日止三个月和六个月的重大费用类别及合并净利润如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 9 月 30 日止三个月			截至 9 月 30 日止六个月
（千元）		2026			2025			2026			2025
净收入：
订阅和维护		$	62,160			$	50,955			$	119,902			$	99,579
专业服务			19,210				18,249				38,803				36,347
产品			11,990				10,095				22,333				20,050
净收入总额			93,360				79,299				181,038				155,976
收入成本 (1)			16,130				12,893				31,243				25,396
产品开发费用 (1)			17,166				16,636				34,651				32,940
销售和营销费用 (1)			11,132				9,555				22,923				21,012
专业服务费用 (1)			11,565				11,306				22,930				22,067
客户支持费用 (1)			4,068				3,941				8,282				7,775
一般和行政费用 (1)			9,247				8,706				18,838				18,158
股份支付薪酬			6,293				5,000				12,281				10,029
其他分部项目 (2)			4,582				(448	)			7,721				1,999
净利润		$	13,177			$	11,710			$	22,169			$	16,600

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
(1)		不包括单独列示的股份支付薪酬
(2)		其他分部项目包括折旧、内部使用软件和无形资产摊销、法律和解、利息收入和费用、其他非经营性收入和费用、所得税准备以及其他（收益）费用净额

归属于美国的外部客户收入占总收入的89%和86%，以及88%和86%，分别对应截至2026年和2025年9月30日的三个月和六个月。归属于任何单一外国国家的外部客户收入均不重大。我们根据客户的收货地点归属外部客户收入。我们的客户群高度分散。

下表列出了截至2026年9月30日和2026年3月31日按地理区域划分的长期资产，包括固定资产及设备净额和经营租赁使用权资产：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
（单位：千）		9月30日， 2026年			3月31日， 2026年
美国		$	14,353			$	15,327
印度			10,382				11,727
世界其他地区 (1)			694				719
长期资产总额		$	25,429			$	27,773

\n \n \n \n \n \n \n \n

\n	\n	\n
(1)		在列示的任何期间内，除美国和印度外，没有任何单一国家的长期资产超过长期资产总额的10%

11. 债务

Revolving Credit Facility

On August 16, 2024 (the “Credit Agreement Closing Date”), we entered into a credit agreement (the “Credit Agreement”) with the lenders party thereto and Bank of America, N.A., as lender and administrative agent (in such capacity, the “Agent”). The Credit Agreement provides for a revolving credit facility in the initial maximum aggregate principal amount of $75.0 million (the “Revolving Facility”). The Revolving Facility includes the ability for the Company to request an increase to the commitments under the Revolving Facility by an additional aggregate principal amount of up to $25.0 million. There is no principal balance outstanding as of September 30, 2026.

The Revolving Facility matures on August 16, 2027, the three-year anniversary of the Credit Agreement Closing Date, at which time any and all outstanding principal balance will be due and payable. The Company may voluntarily repay outstanding loans and terminate commitments under the Revolving Facility at any time without premium or penalty. There are no repayments required before August 16, 2027. Debt issuance costs relating to the Revolving Facility of $0.3 million amortize into interest expense over the three-year life of the Credit Agreement.

Our obligations under the Revolving Facility are guaranteed by certain of the Company’s subsidiaries (the “Subsidiary Guarantors”), subject to certain customary exceptions and limitations. Pursuant to a security and pledge agreement, dated as of the Credit Agreement Closing Date, among the Company, the Subsidiary Guarantors and the Agent, the Revolving Facility is secured by a first-priority lien on substantially all of the Company’s and the Subsidiary Guarantors’ present and future personal assets and intangible assets and the outstanding capital stock of the Company’s subsidiaries owned by the Company or any Subsidiary Guarantor, in each case, subject to certain customary exceptions and limitations.

The initial amounts drawn on the Revolving Facility bore interest at the SOFR Daily Floating Rate (as defined in the Credit Agreement), plus an initial margin of 1.625%, which was subject to adjustment as of each fiscal quarter end within the ranges set forth in the Credit Agreement. We are to pay a commitment fee under the Revolving Facility in respect of any unutilized commitments thereunder, which is determined on a leverage-based sliding scale ranging from 0.225% to 0.325% per annum. We record the commitment fee as a component of interest expense. Interest and commitment fees are payable quarterly as applicable.

The Credit Agreement contains certain restrictive covenants, including financial covenants that require the Company to maintain a consolidated interest coverage ratio and a consolidated leverage ratio determined at the end of each fiscal quarter as defined in the Credit Agreement. We were in compliance with all financial covenants of the Credit Agreement as of September 30, 2026.

12. Business Combination

On September 1, 2026 (the \"Acquisition Date\"), we acquired all the issued and outstanding shares of Gaming Hospitality Solutions, Inc. (“GHS”), a hospitality software company based in Denver, Colorado. GHS is now a wholly-owned subsidiary of Agilysys, Inc. The condensed consolidated financial statements include the results of GHS’s operations since the Acquisition Date. The acquisition expands the opportunity to increase our solutions-per-customer.

The purchase price consisted of $0.9 million of cash consideration paid at closing, funded with cash on hand, and $0.2 million in contingent consideration liabilities representing the fair value of estimated amounts payable to the seller. We allocated the purchase price for GHS to the intangible and certain tangible assets acquired and certain liabilities assumed based on their estimated fair values on the Acquisition Date, with the remaining unallocated purchase price recorded as goodwill.

We determined the fair value assigned to the identifiable intangible asset acquired, customer relationships, by using the income approach, which discounts the expected future cash flows to present value using estimates and assumptions determined by management.

We assigned the acquired customer relationships an estimated useful life of 10 years. The identifiable intangible asset acquired amortizes on a straight-line basis, which we believe approximates the pattern in which the asset is utilized, over its estimated useful life.

The goodwill recognized in the GHS purchase price allocation is attributable to synergies in products and technologies to serve a broader customer base. The total goodwill recognized in the acquisition amounted to $0.4 million, which is not deductible for income tax purposes.

We have prepared the GHS purchase price allocation on a preliminary basis. Changes to the allocation may occur as additional information becomes available during the measurement period (up to one year from the Acquisition Date). The primary areas that remain preliminary include, but are not limited to, the intangible asset including the initial assumptions used in the estimate of fair value and the respective estimated useful life, income taxes, and residual goodwill.

Revenue and Net Income attributable to GHS included in our condensed consolidated statement of operations was not material.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

In “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“MD&A”), management explains the general financial condition and results of operations for Agilysys and subsidiaries including:

— what factors affect our business;

— what our earnings and costs were;

— why those earnings and costs were different from the year before;

— where the earnings came from;

— how our financial condition was affected; and

— where the cash will come from to fund future operations.

The MD&A analyzes changes in specific line items in the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows and provides information that management believes is important to assessing and understanding our consolidated financial condition and results of operations. This Quarterly Report on Form 10-Q updates information included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026, filed with the Securities and Exchange Commission (SEC). This discussion should be read in conjunction with the Condensed Consolidated Financial Statements and related Notes that appear in Item 1 of this Quarterly Report as well as our Annual Report for the year ended March 31, 2026. Information provided in the MD&A may include forward-looking statements that involve risks and uncertainties. Many factors could cause actual results to be materially different from those contained in the forward-looking statements. See “Forward-Looking Information” on page 29 of this Quarterly Report, Item 1A \"Risk Factors\" in Part II of this Quarterly Report, and Item 1A “Risk Factors” in Part I of our Annual Report for the fiscal year ended March 31, 2026 for additional information concerning these items. Management believes that this information, discussion, and disclosure is important in making decisions about investing in Agilysys.

Overview

Recent Developments

Macroeconomic Conditions

During the three and six months ended September 30, 2026, global macroeconomic and geopolitical conditions were, and continue to be, shaped by a number of factors, including, but not limited to, changes in global trade policies, new and existing domestic and foreign laws and regulations, armed conflicts, foreign currency fluctuations, labor shortages and natural disasters. We believe such factors are negatively influencing customer spending and provider pricing decisions resulting in decreased demand, increased costs, and reduced margins with varying impact across our markets.

Our Business

Agilysys has been a leader in hospitality software for more than 45 years, delivering innovative cloud-native SaaS and on-premise solutions for hotels, multi-amenity resorts, cruise lines, casinos, corporate foodservice management, restaurants, universities, stadiums, and healthcare facilities. The Company’s software solutions include point-of-sale (POS), property management (PMS), inventory and procurement, payments, and related applications that manage and enhance the entire guest journey. Agilysys is also known for its world-class customer-centric service. Many of the top hospitality companies around the world use Agilysys solutions to improve guest loyalty, drive revenue growth, and increase operational efficiencies.

The Company has one reportable segment serving the global hospitality industry. Agilysys operates across the Americas, Europe, the Middle East, Africa, Asia-Pacific, and India with headquarters located in Alpharetta, GA.

Our top priority is increasing shareholder value by improving operating and financial performance and profitably growing the business through superior products and services. To that end, we expect to invest a certain portion of our cash on hand to fund enhancements to existing software products, to develop and market new software products, and to expand our customer breadth, both vertically and geographically.

Our strategic plan specifically focuses on:

•

Putting the customer first

•

Focusing on product innovation and development

•

Improving our liquidity

•

Increasing organizational efficiency and teamwork

•

Developing our employees and leaders

•

Growing revenue by improving the breadth and depth of our product set across both point-of-sale and property management applications

•

Growing revenue through international expansion

The primary objective of our ongoing strategic planning process is to create shareholder value by capitalizing on growth opportunities, increasing profitability and strengthening our competitive position within the specific technology solutions and end markets we serve. Profitability and industry-leading growth will be achieved through tighter management of operating expenses and sharpening the focus of our investments to concentrate on growth opportunities that offer the highest returns.

Revenue - Defined

As required by the SEC, we separately present revenue earned as subscription and maintenance revenue, professional services revenue or products revenue in our condensed consolidated statements of operations. In addition to the SEC requirements, we may, at times, also refer to revenue as defined below. The terminology, definitions, and applications of terms we use to describe our revenue may be different from those used by other companies and caution should be used when comparing these financial measures to those of other companies. We use the following terms to describe revenue:

•

Revenue – We present revenue net of sales returns and allowances.

•

Subscription and maintenance revenue – Revenue earned from the ongoing delivery of software updates, upgrades, bug fixes, technical support, and transaction-based fees over the period covered by subscription or maintenance agreements with our customers for both proprietary and remarketed solutions.

•

Professional services revenue – Revenue earned from the delivery of implementation, integration, development and installation services for proprietary and remarketed products.

•

Products revenue – Revenue earned from the sales of software licenses, third party hardware and operating systems.

Results of Operations

Second Fiscal Quarter 2027 Compared to Second Fiscal Quarter 2026

Net Revenue and Operating Income

The following table presents our consolidated revenue and operating results for the three months ended September 30, 2026 and 2025:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Increase (decrease)
(In thousands)		2026			2025			$			%
Net revenue:
Subscription and maintenance		$	62,160			$	50,955			$	11,205				22.0	%
Professional services			19,210				18,249				961				5.3	%
Products			11,990				10,095				1,895				18.8	%
Total net revenue			93,360				79,299				14,061				17.7	%
Cost of goods sold:
Subscription and maintenance			12,614				10,850				1,764				16.3	%
Professional services			13,267				13,445				(178	)			(1.3	)%
Products			7,172				6,037				1,135				18.8	%
Total cost of goods sold			33,053				30,332				2,721				9.0	%
Gross profit		$	60,307			$	48,967			$	11,340				23.2	%
Gross profit margin			64.6	%			61.7	%
Operating expenses:
Product development		$	19,846			$	17,825			$	2,021				11.3	%
Sales and marketing			11,479				9,781				1,698				17.4	%
General and administrative			11,294				10,164				1,130				11.1	%
Depreciation of fixed assets			849				964				(115	)			(11.9	)%
Amortization of internal-use software and intangibles			1,421				1,432				(11	)			(0.8	)%
Other (gains) charges, net			170				(5,456	)			5,626				(103.1	)%
Legal settlements, net			—				110				(110	)			(100.0	)%
Operating income		$	15,248			$	14,147			$	1,101				7.8	%
Operating income percentage			16.3	%			17.8	%

nm - not meaningful

The following table presents the percentage relationship of our condensed consolidated statement of operations line items to our consolidated net revenues for the periods presented:

\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,
		2026			2025
Net revenue:
Subscription and maintenance			66.6	%			64.3	%
Professional services			20.6				23.0
Products			12.8				12.7
Total net revenue			100.0	%			100.0	%
Cost of goods sold:
Subscription and maintenance			13.5	%			13.7	%
Professional services			14.2				17.0
Products			7.7				7.6
Total cost of goods sold			35.4	%			38.3	%
Gross profit			64.6	%			61.7	%
Operating expenses:
Product development			21.3	%			22.5	%
Sales and marketing			12.3				12.3
General and administrative			12.1				12.8
Depreciation of fixed assets			0.9				1.2
Amortization of internal-use software and intangibles			1.5				1.8
Other (gains) charges, net			0.2				(6.8	)
Legal settlements, net			—				0.1
Operating income			16.3	%			17.8	%

Net revenue. Total net revenue increased $14.1 million, or 17.7%, during the second quarter of fiscal 2027 compared to the second quarter of fiscal 2026. Subscription and maintenance revenue increased $11.2 million, or 22.0%, compared to the first quarter of fiscal 2026 driven by continued growth in subscription-based service revenue. Total subscription revenue increased 32.6% during the second quarter of fiscal 2027 compared to the second quarter of fiscal 2026. Professional services revenue increased $1.0 million, or 5.3%, due to higher service activity as our new and existing customers continue implementing technology to improve their operations. Products revenue increased $1.9 million, or 18.8%, due primarily to the fulfillment of hardware compared to the prior year quarter.

Gross profit and gross profit margin. Our total gross profit increased $11.3 million, or 23.2%, during the second quarter of fiscal 2027 and total gross profit margin increased from 61.7% to 64.6% compared to the second quarter of fiscal 2026 driven by changes in the composition of revenue by category. Subscription and maintenance gross profit increased $9.4 million, or 23.5%, and gross profit margin increased from 78.7% to 79.7% as subscription revenue increased ahead of certain related variable costs. Professional services gross profit increased $1.1 million, or 23.7%, and gross profit margin increased from 26.3% to 30.9% reflecting improved utilization rates from efficiency gains on multi-solution implementations and reduction of costs associated with a large development service contract. Products gross profit increased $0.8 million, or 18.7%, and gross profit margin remained at 40.2% due to the composition of hardware and third party operating systems delivered.

Operating Expenses

Operating expenses, excluding other (gains) charges, net, and legal settlements, net, increased $4.7 million, or 11.8%, during the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026.

Product development. Product development increased $2.0 million, or 11.3%, in the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026 due to hiring and increased salary, incentive and employee benefits rates across our development teams.

Sales and marketing. Sales and marketing increased $1.7 million, or 17.4%, in the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026 due to hiring and increased compensation rates across our sales teams and on timing and extent of marketing event and trade show activity.

General and administrative. General and administrative increased $1.1 million, or 11.1%, in the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026 due to increased compensation rates across our administrative teams and ongoing investments in our information technology infrastructure.

Depreciation of fixed assets. Depreciation of fixed assets decreased $0.1 million, or 11.9%, in the second quarter of fiscal 2027 compared with the second quarter of fiscal 2026 due to the timing of assets reaching their useful life.

Amortization of internal-use software and intangibles. Amortization of internal-use software and intangibles remained consistent with the second quarter of fiscal 2026.

Other (gains) charges, net. Other (gains) charges, net, consist of losses on asset disposals, severance costs, charitable contributions, employee retention credits, and acquisition costs related to business combinations.

Legal settlements, net. Legal settlements, net, consist of certain customer and employment settlements and other business-related matters net of any recoveries.

Other income (expense), net

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Favorable (unfavorable)
(In thousands)		2026			2025			$			%
Other income (expense):
Interest income		$	1,066			$	346			$	720				208.1	%
Interest expense			(73	)			(56	)			(17	)			30.4	%
Other income (expense), net			501				1,274				(773	)			(60.7	)%
Total other income, net		$	1,494			$	1,564			$	(70	)			(4.5	)%

Interest income. Interest income consists of interest earned on cash equivalents including short-term investments in commercial paper, treasury bills and money market funds.

Interest expense. Interest expense consists of interest charges under our Credit Agreement and amortization of related debt issuance costs.

Other income (expense), net. Other income (expense), net, mainly consists of movement of foreign currencies against the U.S. dollar.

Income Taxes

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Favorable
(In thousands)		2026			2025			$			%
Income tax provision		$	3,565			$	4,001			$	(436	)			(10.9	)%
Effective tax rate			21.3	%			25.5	%

For the three months ended September 30, 2026 and 2025, income tax provision and the effective tax rate were primarily driven by the impact of discrete excess tax benefits associated with share-based compensation and NCTI, respectively.

We are consistently subject to tax audits. Due to the nature of examinations in multiple jurisdictions, changes could occur in the amount of gross unrecognized tax benefits during the next 12 months that we cannot anticipate.

We have recorded and maintain valuation allowances offsetting the Company’s deferred tax assets in certain U.S. States and foreign jurisdictions. The ultimate realization of deferred tax assets depends on various factors including the generation of future taxable income in the periods in which the underlying temporary differences are deductible. We maintain valuation allowances for deferred tax assets until we have sufficient evidence to support the reversal of all or some portion of the allowances.

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a stimulus bill which was in response to economic consequences of the COVID-19 pandemic. The CARES Act provided an employee retention credit, which is a refundable tax credit against certain employment taxes. We filed our employee retention credit claims under the CARES Act during January 2024. In accordance with ASU 2025-10, which we adopted early effective as of April 1, 2025 as permitted, we record any credits for which collection is probable after considering all facts and circumstances including whether any statutes of limitations apply. We consider collection probable once we receive confirmation that the Internal Revenue Service has processed our claim for the credit, and we know the amount of the credit plus any associated interest to be refunded. During the three months ended September 30, 2026, we received in cash $3.0 million of employee retention credits. During the three months ended September 30, 2025, we recorded $5.9 million of employee retention credits under the CARES Act including associated interest received or expected to be received in cash as other (gains) charges, net, in the condensed consolidated statements of operations.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in the Company’s fiscal 2026, including the restoration of immediate expensing of domestic research and development expenditures, reinstatement of accelerated fixed asset depreciation and modifications to the international tax framework. OBBBA also amended and extended to calendar year 2030 the statute of limitations for employee retention credits under the CARES Act for certain employment taxes incurred during the three months ended September 30, 2021.

Results of Operations

First Half Fiscal 2027 Compared to First Half Fiscal 2026

Net Revenue and Operating Income

The following table presents our consolidated revenue and operating results for the six months ended September 30, 2026 and 2025:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Six Months Ended September 30,			Increase (decrease)
(In thousands)		2026			2025			$			%
Net revenue:
Subscription and maintenance		$	119,902			$	99,579			$	20,323				20.4	%
Professional services			38,803				36,347				2,456				6.8	%
Products			22,333				20,050				2,283				11.4	%
Total net revenue			181,038				155,976				25,062				16.1	%
Cost of goods sold:
Subscription and maintenance			25,340				20,833				4,507				21.6	%
Professional services			25,928				26,645				(717	)			(2.7	)%
Products			13,805				12,236				1,569				12.8	%
Total cost of goods sold			65,073				59,714				5,359				9.0	%
Gross profit		$	115,965			$	96,262			$	19,703				20.5	%
Gross profit margin			64.1	%			61.7	%
Operating expenses:
Product development		$	40,091			$	35,280			$	4,811				13.6	%
Sales and marketing			23,675				21,574				2,101				9.7	%
General and administrative			22,404				20,920				1,484				7.1	%
Depreciation of fixed assets			1,675				1,908				(233	)			(12.2	)%
Amortization of internal-use software and intangibles			2,848				2,890				(42	)			(1.5	)%
Other (gains) charges, net			287				(5,203	)			5,490			nm
Legal settlements, net			—				225				(225	)			(100.0	)%
Operating income		$	24,985			$	18,668			$	6,317				33.8	%
Operating income percentage			13.8	%			12.0	%

nm - not meaningful

The following table presents the percentage relationship of our condensed consolidated statement of operations line items to our consolidated net revenues for the periods presented:

\n	\n	\n	\n	\n	\n	\n	\n	\n
		Six Months Ended September 30,
		2026			2025
Net revenue:
Subscription and maintenance			66.2	%			63.8	%
Professional services			21.5				23.3
Products			12.3				12.9
Total net revenue			100.0	%			100.0	%
Cost of goods sold:
Subscription and maintenance			14.0	%			13.4	%
Professional services			14.3				17.1
Products			7.6				7.8
Total cost of goods sold			35.9	%			38.3	%
Gross profit			64.1	%			61.7	%
Operating expenses:
Product development			22.1	%			22.6	%
Sales and marketing			13.1				13.8
General and administrative			12.4				13.4
Depreciation of fixed assets			0.9				1.2
Amortization of internal-use software and intangibles			1.6				1.9
Other (gains) charges, net			0.2				(3.3	)
Legal settlements, net			—				0.1
Operating income			13.8	%			12.0	%

Net revenue. Total net revenue increased $25.1 million, or 16.1%, during the first half of fiscal 2027 compared to the first half of fiscal 2026. Subscription and maintenance revenue increased $20.3 million, or 20.4%, compared to the first half of fiscal 2026 driven by continued growth in subscription-based service revenue. Total subscription revenue increased 29.4% during the first half of fiscal 2027 compared to the first half of fiscal 2026. Professional services revenue increased $2.5 million, or 6.8%, due to higher service activity as our new and existing customers continue implementing technology to improve their operations. Products revenue increased $2.3 million, or 11.4%, due to the larger fulfillment of hardware compared to the first half of fiscal 2026.

Gross profit and gross profit margin. Our total gross profit increased $19.7 million, or 20.5%, during the first half of fiscal 2027 and total gross profit margin increased from 61.7% to 64.1% compared to the first half of fiscal 2026 driven by changes in the composition of revenue by category. Subscription and maintenance gross profit increased $15.8 million, or 20.1%, and gross profit margin decreased from 79.1% to 78.9% as certain variable costs increased ahead of related subscription revenue during the six months ended September 30, 2026 compared to the six months ended September 30, 2025. Professional services gross profit increased $3.2 million, or 32.7%, and gross profit margin increased from 26.7% to 33.2% reflecting improved utilization rates from efficiency gains on multi-solution implementations and reduction of costs associated with a large development service contract. Products gross profit increased $0.7 million, or 9.1%, and products gross profit margin decreased from 39.0% to 38.2% due to the composition of hardware and proprietary software products delivered.

Operating Expenses

Operating expenses, excluding other (gains) charges, net, and legal settlements, net, increased $8.1 million, or 9.8%, during the first half of fiscal 2027 compared with the first half of fiscal 2026.

Product development. Product development increased $4.8 million, or 13.6%, in the first half of fiscal 2027 compared with the first half of fiscal 2026 due to hiring and increased salary, incentive and employee benefits rates across our development teams.

Sales and marketing. Sales and marketing increased $2.1 million, or 9.7%, in the first half of fiscal 2027 compared with the first half of fiscal 2026 due to hiring and increased compensation rates across our sales teams and on timing and extent of marketing event and trade show activity.

General and administrative. General and administrative increased $1.5 million, or 7.1%, in the first half of fiscal 2027 compared with the first half of fiscal 2026 due to increased compensation rates across our administrative teams and ongoing investments in our information technology infrastructure.

Depreciation of fixed assets. Depreciation of fixed assets decreased $0.2 million, or 12.2%, in the first half of fiscal 2027 compared with the first half of fiscal 2026 due to the timing of assets reaching their useful life.

Amortization of internal-use software and intangibles. Amortization of internal-use software and intangibles remained consistent with the first half of fiscal 2026.

Legal settlements, net. Legal settlements, net, consist of certain customer and employment settlements and other business-related matters net of any recoveries.

Other income (expense), net

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Six Months Ended September 30,			Favorable (unfavorable)
(In thousands)		2026			2025			$			%
Other income (expense):
Interest income		$	2,056			$	793			$	1,263				159.3	%
Interest expense			(142	)			(273	)			131				(48.0	)%
Other income (expense), net			654				1,372				(718	)			(52.3	)%
Total other income, net		$	2,568			$	1,892			$	676				35.7	%

nm - not meaningful

Interest income. Interest income consists of interest earned on cash equivalents including short-term investments in commercial paper, treasury bills and money market funds.

Interest expense. Interest expense consists of interest charges under our Credit Agreement and amortization of related debt issuance costs.

Other income (expense), net. Other income (expense), net, mainly consists of movement of foreign currencies against the U.S. dollar.

Income Taxes

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Six Months Ended September 30,			Unfavorable
(In thousands)		2026			2025			$			%
Income tax provision		$	5,384			$	3,960			$	1,424				36.0	%
Effective tax rate			19.5	%			19.3	%

nm - not meaningful

For the six months ended September 30, 2026 and 2025, income tax provision and the effective tax rate were primarily driven by the impact of discrete excess tax benefits associated with share-based compensation and NCTI.

Liquidity and Capital Resources

Overview

Our primary recurring source of cash is the collection of proceeds from the sale of products and services to our customers, including cash periodically collected in advance of delivery or performance.

Our cash requirements consist primarily of working capital needs, capital expenditures, and payments of contractual obligations. Our contractual obligations consist primarily of operating leases for office space and a credit agreement (the “Credit Agreement”) we entered into on August 16, 2024, with the lenders party thereto and Bank of America, N.A., as lender and administrative agent, as further described in Note 11, Debt, to our condensed consolidated financial statements included under Part I, Item 1 of this quarterly report.

The Credit Agreement provides for a revolving credit facility in the initial maximum aggregate principal amount of $75 million (the “Revolving Facility”). The Revolving Facility includes the ability for the Company to request an increase to the commitments under the Revolving Facility by an additional aggregate principal amount of up to $25 million. There is no principal balance outstanding as of September 30, 2026.

We have expanded our business in part by investing in strategic growth through business acquisitions. We have used cash as consideration in our business acquisitions partially funded by our Revolving Facility. On September 1, 2026, we acquired all the issued and outstanding shares of Gaming Hospitality Solutions, Inc. (“GHS”), a hospitality software company based in Denver, Colorado, as further described in Note 12, Business Combination, to our condensed consolidated financial statements included under Part I, Item 1 of this quarterly report. The cash consideration for the acquisition totaled $0.9 million funded with cash on hand. We completed no business combinations during the six months ended September 30, 2025.

At September 30, 2026, 100% of our cash and cash equivalents, of which 87% were located in the United States, were deposited in bank accounts or invested in highly liquid investments including commercial paper and treasury bills with original maturity from the date of acquisition of three months or less and money market funds. We determine the fair value of commercial paper using significant other observable inputs based on pricing from independent sources that use quoted prices in active markets for identical assets or other observable inputs including benchmark yields and interest rates. We believe credit risk is limited with respect to our cash and cash equivalents.

We believe that cash flow from operating activities, cash on hand of $137.6 million as of September 30, 2026, and access to capital markets will provide adequate funds to meet our short- and long-term liquidity requirements.

Cash Flow

\n	\n	\n	\n	\n	\n	\n	\n	\n
		Six Months Ended September 30,
(In thousands)			2026				2025
Net cash provided by (used in):
Operating activities		$	23,006			$	10,867
Investing activities			(1,760	)			(850	)
Financing activities			(481	)			(23,965	)
Effect of exchange rate changes on cash			(101	)			243
Increase (decrease) in cash		$	20,664			$	(13,705	)

Cash flow provided by operating activities. Due to cash-based earnings of $42.5 million and a decrease of $19.5 million due to changes in net operating assets and liabilities. Cash-based earnings is net income of $22.2 million and $20.3 million of non-cash adjustments.

Cash flow used in investing activities. Consists of $0.9 million in cash paid for business combination and property and equipment purchases.

Cash flow used in financing activities. Consists of proceeds from Employee Stock Purchase Plan purchases, the repurchase of shares to satisfy employee tax withholding on share-based compensation, and, for the six months ended September 30, 2025, $24.0 million in debt repayments.

Contractual Obligations

As of September 30, 2026, there were no significant changes to our contractual obligations as presented in our Annual Report for the year ended March 31, 2026.

Off-Balance Sheet Arrangements

We have not entered into any off-balance sheet arrangements that have had or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Critical Accounting Policies

A detailed description of our significant accounting policies is included in our Annual Report for the year ended March 31, 2026. There have been no material changes in our significant accounting policies and estimates since March 31, 2026.

Forward-Looking Information

This Quarterly Report and other publicly available documents, including the documents incorporated herein and therein by reference, contain, and our officers and representatives may from time to time make, \"forward-looking statements\" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: \"anticipate,\" \"intend,\" \"plan,\" \"goal,\" \"seek,\" \"believe,\" \"project,\" “outlook,” “forecast,” “preliminary,” \"estimate,\" \"expect,\" \"strategy,\" \"future,\" \"likely,\" \"may,\" “would,” “could,” \"should,\" \"will\" and similar references to future periods. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. These statements are based on management’s current expectations, intentions, or beliefs and are subject to a number of factors, assumptions, and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause or contribute to such differences or that might otherwise impact the business include the risk factors set forth in Item 1A in Part II of this Quarterly Report and Item 1A of our Annual Report for the fiscal year ended March 31, 2026. We undertake no obligation to update any such factor or to publicly announce the results of any revisions to any forward-looking statements contained herein whether as a result of new information, future events, or otherwise.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For quantitative and qualitative disclosures about market risk affecting us, see Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” contained in our Annual Report for the fiscal year ended March 31, 2026. There have been no material changes in our market risk exposures since March 31, 2026.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision of and with the participation of our Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”) and Corporate Controller and Treasurer, as Principal Accounting Officer (“PAO”), management evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this Quarterly Report. Based on that evaluation, the CEO, CFO and PAO concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

No changes in our internal control over financial reporting occurred during the six months ended September 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Our management, including our CEO, CFO and PAO, does not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system will be achieved. Further, the design of a control system must reflect the impact of resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the possibility that judgments in decision-making can be faulty, and that breakdowns can occur because of simple errors. Additionally, controls can be circumvented by individual acts, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all possible future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes in the risk factors included in our Annual Report for the fiscal year ended March 31, 2026 that may materially affect our business, results of operations, or financial condition.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

On July 29, 2026, Ramesh Srinivasan, our President and Chief Executive Officer, terminated a written trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) previously adopted on August 28, 2025. Prior to termination, the trading arrangement was scheduled to expire on August 27, 2026, and covered the potential sale of up to 133,447 shares of the Company's common stock.

Except as set forth above, during the fiscal quarter ended September 30, 2026, no director or officer (as defined in Rule 16a-1(f)) adopted or terminated (including any modification of) a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement.

Item 6. Exhibits

\n	\n	\n
31.1		Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.

31.2		Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.

31.3		Rule 13a-14(a)/15d-14(a) Certification of Corporate Controller and Treasurer.

32		Certification of Chief Executive Officer, Chief Financial Officer and Corporate Controller and Treasurer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002.

101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

*		Denotes a management contract or compensatory plan or arrangement.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned thereunto duly authorized.

AGILYSYS, INC.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
Date:	October 26, 2026	/s/ William David Wood III
		William David Wood III
		Chief Financial Officer
		(Principal Financial Officer and Duly Authorized Officer)

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