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QADA - QAD reports earnings beat provides guidance for subscription and maintenance revenue
QAD Inc.
QAD (NASDAQ:QADA) reports fiscal Q2 results that beat top and bottom line estimates.
Q2 highlights: Revenue fell 3% y/y to $74.1M.
Revenue breakdown: Subscription, $31.1M (+20% Y/Y); License, $3.04M (-13.5%); Professional services, $13.5M (-22.4%); Maintenance and other, $26.5M (-10.5).
Subscription gross margin of 65% vs. 62% year-ago; Professional services gross margin improved to 3% from negative 4%.
QAD's cash and equivalents balance at July 31, 2020 was $140.7M, versus $136.7M at January 31, 2020.
“Steady increases in cloud gross margin combined with our continued focus on prudent cost management have yielded solid improvement to our bottom line financial results.” says Anton Chilton, CEO.
For Q321, QADA expects subscription revenue of $32.5M and maintenance revenue of $26M.