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Majesco Reports Revenue, EBITDA and Sales Growth for First Quarter Fiscal 2020 Financial Results

Majesco, a global provider of cloud insurance platform software, today announced solid financial results for the fiscal 2020 first quarter that ended June 30, 2019.

“Our first quarter financial results reflect the ongoing momentum of our product focus and cloud strategy”, said Adam Elster, Majesco’s CEO.  “The number of cloud customers continues to grow, and our customers are benefitting from dramatically reduced project implementation timelines. These trends clearly demonstrate Majesco’s ability to rapidly deliver time-to-value to our customers while providing a modern platform for insurers to innovate new products and business models. This is the foundation for our long-term growth as we acquire, adopt and expand customers.”
 
Key Revenue Drivers

  • Revenue from cloud-based customers was $13.9 million (37.4% of total revenue) for the quarter ended June 30, 2019.
  • Total number of cloud customers is now 58.
  • Total recurring revenue was 32.5% of total revenue for the quarter ended June 30, 2019.
  • Majesco’s 12-month order backlog as of June 30, 2019 was $98.7 million.
  • We added 4 new cloud customers organically for the quarter ended June 30, 2019. 

First Quarter 2020 Financial Results

  • Revenue was $37.3 million, compared to $34.0 million for the same period last fiscal year.
  • Gross profit was $19.9 million (53.3% of revenue), compared to $15.9 million for the same period last fiscal year.
  • Research and development (R&D) expenses were $5.5 million (14.7% of revenue), compared to $4.8 million for the same period last fiscal year.
  • Selling, general and administrative (SG&A) expenses were $11.8 million (31.7% of revenue), compared to $9.3 million for the same period last fiscal year.
  • Adjusted EBITDA was $4.7 million (12.7% of revenue), compared to $3.5 million for the same period last fiscal year.
  • Net income was $1.3 million, or $0.03 per diluted share.
  • EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included in the financial section of this press release

Other Highlights

  • Majesco launched new brand, website and vision for the future of insurance
  • Majesco broke attendance records at Convergence 2019, the company’s annual customer conference
  • Majesco announced the release of P&C Core Suite v11
  • Majesco announced the release of L&A and Group Core Suite v11
  • Majesco and DataRobot announce a partnership to bring AI and machine learning to insurance
  • Majesco appointed Finance and Operations expert Wayne Locke as new CFO
  • Majesco hosted its annual Investor/Analyst Day at the brand-new Nasdaq MarketSite in New York highlighting the company’s growth strategy, product roadmaps and market opportunity
  • Majesco and Capgemini became Alliance Partners
  • Majesco CEO Adam Elster presented at Needham & Company’s Emerging Technology Conference and B. Riley’s Annual Investor Conference


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