QAD subscription revenues up 24 percent

QAD, a provider of cloud-based enterprise software and services for global manufacturing companies, has reported its financial results for fiscal 2021 Q4 and the fiscal full year ended 31 January 2021.

Total revenue for 2021 Q4 was $83m, compared with $78.6m for 2020 Q4, as a result of an increase in subscription revenue partially offset by anticipated reductions in license, professional services and maintenance revenue.

QAD’s 2021 Q4 subscription revenue grew 24 percent compared with the same quarter last year and accounted for 43 percent of total revenue.

Total revenue for fiscal 2021 was $307.9m, compared with $310.8m for fiscal 2020, and overall subscription revenue grew 22 percent to $131.1m for fiscal 2021, compared with $107.2m for fiscal 2020.

Anton Chilton, QAD chief executive officer, said: “We were pleased to finish the year with solid financial results, capping fiscal 2021 with strong fourth quarter growth in subscription revenue, margins and profitability. With our cloud funnel at a record high, the manufacturing economy improving, and our easy-to-deploy, adaptive, cloud-based ERP suite, we are optimistic about fiscal 2022, and remain positioned for sustainable, long-term growth.”

QAD’s guidance for the fiscal 2022 year is a subscription revenue of $160m and maintenance revenue of $102m.