Agilysys (AGYS) 10-Q 28 Oct 21 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	AGILYSYS, INC.
Entity Central Index Key	0000078749
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		24,611,233
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Trading Symbol	AGYS
Title of 12(b) Security	Common Shares, without par value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity File Number	0-5734
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-0907152
Entity Address, Address Line One	1000 Windward Concourse
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Alpharetta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30005
City Area Code	770
Local Phone Number	810-7800

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 106,389	$ 99,180
Accounts receivable, net of allowance for expected credit losses of $666 and $1,220, respectively	19,269	25,732
Contract assets	1,846	2,364
Inventories	1,881	1,177
Prepaid expenses and other current assets	4,838	4,797
Total current assets	134,223	133,250
Property and equipment, net	7,372	8,789
Operating lease right-of-use assets	10,495	12,210
Goodwill	19,622	19,622
Intangible assets, net	8,400	8,400
Deferred income taxes, non-current	2,090	1,802
Other non-current assets	5,898	5,800
Total assets	188,100	189,873
Current liabilities:
Accounts payable	9,009	6,346
Contract liabilities	30,640	38,394
Accrued liabilities	8,215	11,233
Operating lease liabilities, current	4,325	5,009
Finance lease obligations, current	10	19
Total current liabilities	52,199	61,001
Deferred income taxes, non-current	933	923
Operating lease liabilities, non-current	7,331	8,597
Finance lease obligations, non-current	4	6
Other non-current liabilities	4,456	4,011
Commitments and contingencies (see Note 7)
Shareholders' equity:
Common shares, without par value, at $0.30 stated value; 80,000,000 shares authorized; 31,606,831 shares issued; and 24,607,173 and 24,010,727 shares outstanding at September 30, 2021 and March 31, 2021, respectively	9,482	9,482
Treasury shares, 6,999,658 and 7,596,104 at September 30, 2021 and March 31, 2021, respectively	(2,100)	(2,278)
Capital in excess of stated value	42,867	37,257
Retained earnings	37,412	35,376
Accumulated other comprehensive income	57	39
Total shareholders' equity	87,718	79,876
Total liabilities and shareholders' equity	188,100	189,873
Series A Convertible Preferred Stock [Member]
Liabilities Noncurrent:
Series A convertible preferred stock, no par value	$ 35,459	$ 35,459

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Allowance for expected credit losses	$ 666	$ 1,220
Common stock, stated value	$ 0.30	$ 0.30
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	31,606,831	31,606,831
Common stock, shares outstanding	24,607,173	24,010,727
Treasury shares	6,999,658	7,596,104
Series A Convertible Preferred Stock [Member]
Preferred Stock, No Par Value

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net revenue:
Total net revenue	$ 37,892	$ 34,360	$ 76,617	$ 64,166
Cost of goods sold:
Total cost of goods sold	13,637	11,206	27,494	22,463
Gross profit	$ 24,255	$ 23,154	$ 49,123	$ 41,703
Gross profit margin	64.00%	67.40%	64.10%	65.00%
Operating expenses:
Product development	$ 11,379	$ 8,257	$ 22,864	$ 16,524
Sales and marketing	3,423	2,350	6,475	4,951
General and administrative	6,523	5,217	13,526	10,936
Depreciation of fixed assets	548	715	1,114	1,438
Amortization of internal-use software	345	508	810	968
Severance and other charges	580	7	805	1,210
Legal settlements, net	337	50	367	50
Total operating expense	23,135	17,104	45,961	36,077
Operating income	1,120	6,050	3,162	5,626
Other (income) expense:
Interest income	(14)	(28)	(35)	(49)
Interest expense	1	2	2	3
Other expense, net	103	88		194
Income before taxes	1,030	5,988	3,195	5,478
Income tax expense	48	121	241	128
Net income	982	5,867	2,954	5,350
Series A convertible preferred stock issuance costs		(94)		(1,031)
Series A convertible preferred stock dividends	(459)	(459)	(918)	(658)
Net income attributable to common shareholders	$ 523	$ 5,314	$ 2,036	$ 3,661
Weighted average shares outstanding - basic	24,451	23,424	24,233	23,415
Net income per share - basic:	$ 0.02	$ 0.23	$ 0.08	$ 0.16
Weighted average shares outstanding - diluted	25,409	23,866	25,296	23,849
Net income per share - diluted:	$ 0.02	$ 0.22	$ 0.08	$ 0.15
Products [Member]
Net revenue:
Total net revenue	$ 7,299	$ 6,559	$ 16,143	$ 11,798
Cost of goods sold:
Total cost of goods sold	3,660	2,950	8,020	5,965
Support, maintenance and subscription services [Member]
Net revenue:
Total net revenue	24,027	22,304	47,234	42,801
Cost of goods sold:
Total cost of goods sold	5,019	4,555	9,763	8,860
Professional services [Member]
Net revenue:
Total net revenue	6,566	5,497	13,240	9,567
Cost of goods sold:
Total cost of goods sold	$ 4,958	$ 3,701	$ 9,711	$ 7,638

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 982	$ 5,867	$ 2,954	$ 5,350
Other comprehensive income (loss), net of tax:
Unrealized foreign currency translation adjustments	20	(124)	18	(149)
Total comprehensive income	$ 1,002	$ 5,743	$ 2,972	$ 5,201

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income	$ 982	$ 5,867	$ 2,954	$ 5,350
Adjustments to reconcile net income to net cash provided by operating activities
Loss on disposal of property & equipment			123
Depreciation	548	715	1,114	1,438
Amortization of internal-use software	345	508	810	968
Deferred income taxes			(303)	(269)
Share-based compensation	3,342	1,256	6,963	2,682
Changes in operating assets and liabilities			12	(3,527)
Net cash provided by operating activities			11,673	6,642
Investing activities
Capital expenditures			(786)	(471)
Additional investments in corporate-owned life insurance policies			(2)	(2)
Net cash used in investing activities			(788)	(473)
Financing activities
Repurchase of common shares to satisfy employee tax withholding			(2,709)	(959)
Series A convertible preferred stock issuance proceeds, net of issuance costs				33,969
Payment of preferred stock dividends			(918)	(199)
Principal payments under long-term obligations			(11)	(12)
Net cash (used in) provided by financing activities			(3,638)	32,799
Effect of exchange rate changes on cash			(38)	85
Net increase in cash and cash equivalents			7,209	39,053
Cash and cash equivalents at beginning of period			99,180	46,653
Cash and cash equivalents at end of period	$ 106,389	$ 85,706	$ 106,389	$ 85,706

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common stock [Member]	Treasury stock [Member]	Capital in excess of stated value [Member]	Retained Earnings [Member]	Accumulated other comprehensive income (loss) [Member]
Beginning balance at Mar. 31, 2020	$ 71,757	$ 9,482	$ (2,401)	$ 5,491	$ 58,984	$ 201
Beginning balance (in shares) at Mar. 31, 2020		31,607	(7,997)
Share-based compensation	2,835			2,835
Restricted shares issued, net			$ (12)	12
Restricted shares issued, net (in shares)			(41)
Shares issued upon exercise of SSARs			$ 9	(9)
Shares issued upon exercise of SSARs (in shares)			28
Shares withheld for taxes upon exercise of stock options, SSARs or vesting of restricted shares	(180)		$ (2)	(178)
Shares withheld for taxes upon exercise of stock options, SSARs or vesting of restricted shares (in shares)			(9)
Net income	5,350				5,350
Series A convertible preferred stock issuance costs	(1,031)				(1,031)
Series A convertible preferred stock dividends	(658)				(658)
Unrealized translation adjustments	(149)					(149)
Ending balance at Sep. 30, 2020	77,924	$ 9,482	$ (2,406)	8,151	62,645	52
Ending balance (in shares) at Sep. 30, 2020		31,607	(8,019)
Beginning balance at Jun. 30, 2020	71,350	$ 9,482	$ (2,399)	6,760	57,331	176
Beginning balance (in shares) at Jun. 30, 2020		31,607	(7,994)
Share-based compensation	1,409			1,409
Restricted shares issued, net			$ (8)	8
Restricted shares issued, net (in shares)			(27)
Shares issued upon exercise of SSARs			$ 1	(1)
Shares issued upon exercise of SSARs (in shares)			3
Shares withheld for taxes upon exercise of stock options, SSARs or vesting of restricted shares	(25)			(25)
Shares withheld for taxes upon exercise of stock options, SSARs or vesting of restricted shares (in shares)			(1)
Net income	5,867				5,867
Series A convertible preferred stock issuance costs	(94)				(94)
Series A convertible preferred stock dividends	(459)				(459)
Unrealized translation adjustments	(124)					(124)
Ending balance at Sep. 30, 2020	77,924	$ 9,482	$ (2,406)	8,151	62,645	52
Ending balance (in shares) at Sep. 30, 2020		31,607	(8,019)
Beginning balance at Mar. 31, 2021	79,876	$ 9,482	$ (2,278)	37,257	35,376	39
Beginning balance (in shares) at Mar. 31, 2021		31,607	(7,596)
Share-based compensation	7,053			7,053
Restricted shares issued, net			$ 3	(3)
Restricted shares issued, net (in shares)			11
Shares issued upon exercise of SSARs			$ 182	(182)
Shares issued upon exercise of SSARs (in shares)			609
Shares withheld for taxes upon exercise of stock options, SSARs or vesting of restricted shares	(1,265)		$ (7)	(1,258)
Shares withheld for taxes upon exercise of stock options, SSARs or vesting of restricted shares (in shares)			(24)
Net income	2,954				2,954
Series A convertible preferred stock dividends	(918)				(918)
Unrealized translation adjustments	18					18
Ending balance at Sep. 30, 2021	87,718	$ 9,482	$ (2,100)	42,867	37,412	57
Ending balance (in shares) at Sep. 30, 2021		31,607	(7,000)
Beginning balance at Jun. 30, 2021	84,487	$ 9,482	$ (2,111)	40,190	36,889	37
Beginning balance (in shares) at Jun. 30, 2021		31,607	(7,038)
Share-based compensation	3,327			3,327
Restricted shares issued, net (in shares)			1
Shares issued upon exercise of SSARs			$ 15	(15)
Shares issued upon exercise of SSARs (in shares)			51
Shares withheld for taxes upon exercise of stock options, SSARs or vesting of restricted shares	(639)		$ (4)	(635)
Shares withheld for taxes upon exercise of stock options, SSARs or vesting of restricted shares (in shares)			(14)
Net income	982				982
Series A convertible preferred stock dividends	(459)				(459)
Unrealized translation adjustments	20					20
Ending balance at Sep. 30, 2021	$ 87,718	$ 9,482	$ (2,100)	$ 42,867	$ 37,412	$ 57
Ending balance (in shares) at Sep. 30, 2021		31,607	(7,000)

Nature of Operations and Financ

Nature of Operations and Financial Statement Presentation	6 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations and Financial Statement Presentation	1. Nature of Operations and Financial Statement Presentation Nature of Operations Agilysys has been a leader in hospitality software for more than 40 years, delivering innovative next generation SaaS and on-premise guest-centric technology solutions for gaming, hotels, resorts and cruise, corporate foodservice management, restaurants, universities, stadia and healthcare. Agilysys offers the most comprehensive software solutions in the industry, including point-of-sale (POS), property management (PMS), inventory and procurement, payments, and related applications, to manage the entire guest journey. The Company has just one reportable segment serving the global hospitality industry. Agilysys operates across North America, Europe, the Middle East, Asia-Pacific and India with headquarters located in Alpharetta, GA. COVID-19 Pandemic The World Health Organization declared COVID-19 a pandemic on March 11, 2020. COVID-19 has had a significant impact on our business since that time. The extent to which COVID-19 will continue impacting our financial condition and results of operations remains uncertain and depends on various factors, including the ongoing or recurring impact on our customers, partners, and vendors and on the operation of the global markets in general. Because an increasing portion of our business is based on a subscription model, the effect of COVID-19 on our results of operations may also not be fully reflected for some time. See Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview— Recent Developments” of this report for more discussion of the impact of COVID-19 on our business. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include our accounts consolidated with our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Our fiscal year ends on March 31st. References to a particular year refer to the fiscal year ending in March of that year. For example, fiscal 2022 refers to the fiscal year ending March 31, 2022. Our unaudited interim financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information, the instructions to the Quarterly Report on Form 10-Q (Quarterly Report) under the Securities Exchange Act of 1934, as amended (the Exchange Act), and Rule 10-01 of Regulation S-X under the Exchange Act. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations relating to interim financial statements. The Condensed Consolidated Balance Sheet as of September 30, 2021, as well as the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Statements of Shareholders’ Equity for the three and six months ended September 30, 2021 and 2020, and the Condensed Consolidated Statements of Cash Flows for the six months ended September 30, 2021 and 2020 are unaudited. However, these financial statements have been prepared on the same basis as those in the audited annual financial statements, except for the recently adopted accounting pronouncements described below. In the opinion of management, all adjustments of a recurring nature necessary to fairly state the results of operations, financial position, and cash flows have been made. These unaudited interim financial statements should be read together with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended March 31, 2021, filed with the Securities and Exchange Commission (SEC) on May 21, 2021. Use of estimates Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. Considering the currently unknown extent and duration of the COVID-19 pandemic, we face a greater degree of uncertainty than normal in making the judgments and estimates needed to apply to certain of our significant accounting policies. We assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to us and the unknown future impacts COVID-19 as of September 3 0 , 202 1 and through the date of this report. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended March 31, 2021, included in our Annual Report on Form 10-K. There have been no other material changes to our significant accounting policies from those disclosed therein. Adopted and Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by eliminating the requirement to separate embedded conversion features from the host contract when the conversion features are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital. By removing the separation model, a convertible debt instrument will be reported as a single liability instrument with no separate accounting for embedded conversion features. This new standard also removes certain settlement conditions that are required for contracts to qualify for equity classification and simplifies the diluted earnings per share calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings per share calculations. The new standard will be effective December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. We adopted ASU 2020-06 as of April 1, 2021 with no impact on our condensed consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The new standard will be effective December 15, 2020, including interim periods within those fiscal years

Revenue Recognition

Revenue Recognition	6 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	3. Revenue Recognition Our customary business practice is to enter into legally enforceable written contracts with our customers. The majority of our contracts are governed by a master agreement between us and the customer, which sets forth the general terms and conditions of any individual contract between the parties, which is then supplemented by a customer purchase order to specify the different goods and services, the associated prices, and any additional terms for an individual contract. Performance obligations specific to each individual contract are defined within the terms of each purchase order. Each performance obligation is identified based on the goods and services that will be transferred to our customer that are both capable of being distinct and are distinct within the context of the contract. The transaction price is determined based on the consideration to which we will be entitled and expect to receive in exchange for transferring goods or services to the customer. Typically, our contracts do not provide our customer with any right of return or refund; we do not constrain the contract price as it is probable that there will not be a significant revenue reversal due to a return or refund. Typically, our customer contracts contain one or more of the following goods or services which constitute performance obligations. Our software licenses typically provide for a perpetual right to use our software. Generally, our contracts do not provide significant services of integration, and customization and installation services are not required to be purchased directly from us. The software is delivered before related services are provided and is functional without professional services, updates and technical support. We have concluded that the software license is distinct as the customer can benefit from the software on its own. Software revenue is typically recognized when the software is delivered or made available for download to the customer. Revenue for hardware sales is recognized when the product is shipped to the customer and when obligations that affect the customer's final acceptance of the arrangement have been fulfilled. Hardware is purchased from suppliers and provided to the end-user customers via drop-ship or from inventory. We are responsible for negotiating price both with the supplier and the customer, payment to the supplier, establishing payment terms and product returns with the customer, and we bear the credit risk if the customer does not pay for the goods. As the principal contact with the customer, we recognize revenue and cost of goods sold when we are notified by the supplier that the product has been shipped. In certain limited instances, as shipping terms dictate, revenue is recognized upon receipt at the point of destination or upon installation at the customer site. Support and maintenance revenue is derived from providing telephone and on-line technical support services, bug fixes, and unspecified software updates and upgrades to customers on a when-and-if-available basis. These services represent a stand-ready obligation that is concurrently delivered and has the same pattern of transfer to the customer; we account for these support and maintenance services as a single performance obligation recognized over the term of the maintenance agreement. Our subscription service revenue is comprised of fees for contracts that provide customers a right to access our software for a subscribed period. We do not provide the customer the contractual right to license the software at any time outside of the subscription period under these contracts. The customer can only benefit from the software and software maintenance when provided the right to access the software. Accordingly, each of the rights to access the software, the maintenance services, and any hosting services is not considered a distinct performance obligation in the context of the contract and should be combined into a single performance obligation to be recognized over the contract period. The Company recognizes subscription revenue over a one-month period based on the typical monthly invoicing and renewal cycle in accordance with our customer agreement terms. Professional services revenues primarily consist of fees for consulting, installation, integration and training and are generally recognized over time as the customer simultaneously receives and consumes the benefits of the professional services as the services are being performed. Professional services can be provided by internal or external providers, do not significantly affect the customer's ability to access or use other provided goods or services, and provide a measure of benefit beyond that of other promised goods or services in the contract. As a result, professional services are considered distinct in the context of the contract and represent a separate performance obligation. Professional services that are billed on a time and materials basis are recognized over time as the services are performed. For contracts billed on a fixed price basis, revenue is recognized over time using an input method based on labor hours expended to date relative to the total labor hours expected to be required to satisfy the related performance obligation. We use the market approach to drive standalone selling price ("SSP") by maximizing observable data points (in the form of recently executed customer contracts) to determine the price customers are willing to pay for the goods and services transferred. If the contract contains a single performance obligation, the entire transaction price is allocated to that performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative SSP basis. Shipping and handling fees billed to customers are recognized as revenue and the related costs are recognized in cost of goods sold. Revenue is recorded net of any applicable taxes collected and remitted to governmental agencies. Disaggregation of Revenue We derive and report our revenue from the sale of products (software licenses, third party hardware and operating systems), support, maintenance and subscription services and professional services. Revenue recognized at a point in time (products) totaled $7.3 million and $16.1 million, and $6.6 million and $11.8 million for the first three and six months ended September 30, 2021 and 2020. Revenue recognized over time (support, maintenance and subscription services and professional services) totaled $30.6 million and $60.5 million, and $27.8 million and $52.4 million for the three and six months ended September 30, 2021 and 2020, respectively. Contract Balances Contract assets are rights to consideration in exchange for goods or services that we have transferred to a customer when that right is conditional on something other than the passage of time. The majority of our contract assets represent unbilled amounts related to professional services. We expect billing and collection of our contract assets to occur within the next twelve months. We receive payments from customers based upon contractual billing schedules and accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities represent consideration received or consideration which is unconditionally due from customers prior to transferring goods or services to the customer under the terms of the contract. Revenue recognized from amounts included in contract liabilities at the beginning of the period was $12.2 million and $12.1 million for the three months ended September 30, 2021 and 2020, respectively and $29.6 million and $30.5 million for the six months ended September 30, 2021 and 2020, respectively. Because the right to the transaction became unconditional, we transferred to accounts receivable from contract assets at the beginning of the period, $0.1 million and $0.2 million for the three months ended September 30, 2021 and 2020, respectively, and $2.3 million and $1.7 million for the six months ended September 30, 2021 and 2020, respectively. Our arrangements are for a period of one year or less. As a result, unsatisfied performance obligations as of September 30, 2021 are expected to be satisfied and the allocated transaction price recognized in revenue within a period of 12 months or less. Assets Recognized from Costs to Obtain a Contract Sales commission expenses that would not have occurred absent the customer contracts are considered incremental costs to obtain a contract. We have elected to take the practical expedient available to expense the incremental costs to obtain a contract as incurred when the expected benefit and amortization period is one year or less. For subscription contracts that are renewed monthly based on an agreement term, we capitalize commission expenses and amortize as we satisfy the underlying performance obligations, generally based on the contract terms and anticipated renewals. Other sales commission expenses have a period of benefit of one year or less and are therefore expensed as incurred in line with the practical expedient elected. We had $ 3.1 million and $ 3.1 million of capitalized sales incentive costs as of September 30, 2021 and 2020 , respectively. These balances are included in other non-current assets on our condensed consolidated balance sheets. During the three and six months ended September 30, 2021 , we expensed $ 0.5 million and $ 1.2 million, respectively, of sales commissions, which included amortization of capitalized amounts of $ 0.3 million and $ 0.6 million, respectively. During the comparable periods ending September 30, 2020 , we expensed $ 0.7 million and $ 1.3 million, respectively, of sales commissions, which included amortization of capitalized amounts of $ 0.4 million and $ 0.7 million, respectively. These expenses are included in operating expenses – sales and marketing in our condensed consolidated statement of operations. All other costs to obtain a contract are not considered incremental and therefore are expensed as incurred .

Additional Balance Sheet Inform

Additional Balance Sheet Information	6 Months Ended
	Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	4. Additional Balance Sheet Information Additional information related to the condensed consolidated balance sheets is as follows: (In thousands) September 30, 2021 March 31, 2021 Accrued liabilities: Salaries, wages, and related benefits $ 6,207 $ 8,454 Other taxes payable 1,510 1,796 Accrued legal settlements — 200 Severance liabilities 63 79 Professional fees 81 97 Other 354 607 Total $ 8,215 $ 11,233 Other non-current liabilities: Uncertain tax positions $ 1,141 $ 1,129 Asset retirement obligations 170 170 Employee benefit obligations 3,072 2,639 Other 73 73 Total $ 4,456 $ 4,011

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	6 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	5. Supplemental Disclosures of Cash Flow Information Additional information related to the condensed consolidated statements of cash flows is as follows: Six Months Ended September 30, (In thousands) 2021 2020 Cash (receipts) for interest, net $ (13 ) $ (46 ) Cash payments for income taxes, net 439 167 Cash payments for operating leases 2,308 3,002 Cash payments for finance leases 10 14 Accrued capital expenditures 45 12

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The following table compares our income tax expense and effective tax rates for the three and six months ended September 30, 2021 and 2020: Three Months Ended September 30, Six Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Income tax expense $ 48 $ 121 $ 241 $ 128 Effective tax rate 4.7 % 2.0 % 7.5 % 2.3 % For the three and six months ended September 30, 2021, the effective tax rate was different than the statutory rate due primarily to the recognition of net operating losses as deferred tax assets in the U.S. and certain foreign jurisdictions, which were offset by increases in the valuation allowance, certain foreign and state tax effects and other U.S. permanent book to tax differences. For the three and six months ended September 30, 2020, the effective tax rate was different than the statutory tax rate due primarily to the utilization of net operating losses that were offset by decreases in the valuation allowances in the U.S, certain foreign and state tax effects and other U.S. permanent book to tax differences. Because of our losses in prior periods, we have recorded and maintain a valuation allowance offsetting substantially all of our deferred tax assets in the U.S. and certain foreign jurisdictions, as management believes that it is more likely than not that we will not realize the benefits of these deductible differences. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences are deductible. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act provides, among other provisions, for the deferral of the employer-paid portion of social security taxes through the end of 2020, with 50% of the deferred amount due December 31, 2021 and the remaining 50% due December 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Agilysys is the subject of various threatened or pending legal actions and contingencies in the normal course of conducting its business. We provide for costs related to these matters when a loss is probable, and the amount can be reasonably estimated. The effect of the outcome of these matters on our future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount or timing of the resolution of such matters. While it is not possible to predict with certainty, management believes that the ultimate resolution of such individual or aggregated matters will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. On April 6, 2012, Ameranth, Inc. filed a complaint against us in the U.S. District Court of Southern District of California alleging that certain of our products infringe patents owned by Ameranth directed to configuring and transmitting hospitality menus (e.g., restaurant menus) for display on electronic devices and synchronizing the menu content between the devices. The case against us was consolidated with similar cases brought by Ameranth against more than 30 other defendants. All but one of the patents at issue in the case were invalidated by the U.S. Court of Appeals for the Federal Circuit in 2016. In September 2018, the District Court found the one surviving Ameranth patent invalid and granted summary judgment in favor of the movant co-defendants. In November 2019, the U.S. Court of Appeals for the Federal Circuit affirmed the lower court’s summary judgement with respect to all claims except for two, which were not asserted against Agilysys. Ameranth’s writ of certiorari to the United States Supreme Court was denied in October 2020. Subsequently, Ameranth filed further pleading amendments and discovery requests with the District Court, which were opposed by the defendants. We were not a party to the appeal, and it is currently unclear what impact the summary judgement ruling may have on our case. Ameranth seeks monetary damages, injunctive relief, costs and attorneys' fees from us. At this time, we are not able to predict the outcome of this lawsuit. However, we dispute the allegations of wrongdoing and are vigorously defending ourselves in this matter. As of September 30, 2021, we have additional operating leases that have not yet commenced of approximately $11.8 million. These operating leases will commence between fiscal year 2022 and fiscal year 2023 with lease terms of three years to eleven years.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	8. Earnings per Share The following data shows the amounts used in computing earnings per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares. Three Months Ended September 30, Six Months Ended September 30, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income $ 982 $ 5,867 $ 2,954 $ 5,350 Series A convertible preferred stock issuance costs — (94 ) — (1,031 ) Series A convertible preferred stock dividends (459 ) (459 ) (918 ) (658 ) Net income attributable to common shareholders $ 523 $ 5,314 $ 2,036 $ 3,661 Denominator: Weighted average shares outstanding - basic 24,451 23,424 24,233 23,415 Dilutive SSARs 892 342 1,005 329 Dilutive unvested restricted shares 66 100 58 105 Weighted average shares outstanding - diluted 25,409 23,866 25,296 23,849 Income per share - basic: $ 0.02 $ 0.23 $ 0.08 $ 0.16 Income per share - diluted: $ 0.02 $ 0.22 $ 0.08 $ 0.15 Anti-dilutive SSARs, restricted shares and preferred shares 1,735 2,415 1,735 2,418 Basic income per share is computed as net income attributable to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 139,332 and 161,042 of restricted shares at September 30, 2021 and 2020, respectively, as these shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic income per share at the balance sheet dates. Diluted income per share includes the effect of all potentially dilutive securities on earnings per share. We have stock-settled appreciation rights ("SSARs"), unvested restricted shares, and preferred shares that are potentially dilutive securities. When a loss is reported, the denominator of diluted earnings per share cannot be adjusted for the dilutive impact of share-based compensation grants because doing so would be anti-dilutive.

Share-based Compensation

Share-based Compensation	6 Months Ended
	Sep. 30, 2021
Share Based Compensation [Abstract]
Share-based Compensation	9. Share-based Compensation We may grant incentive stock options, non-qualified stock options, SSARs, restricted shares, and performance shares under our shareholder-approved 2020 Equity Incentive Plan ("2020 Plan") for up to 2.25 million common shares, plus 868,864 common shares, the number of shares that were remaining for grant under the 2016 Stock Incentive Plan ("2016 Plan") as of the effective date of the 2020 Plan, plus the number of shares remaining for grant under the 2016 Plan that are forfeited, settled in cash, canceled or expired. The aggregate number of shares that may be granted under the 2020 Plan is 3.1 million. We may distribute authorized but unissued shares or treasury shares to satisfy share option and SSAR exercises or restricted share and performance share grants. The fair value of restricted share and performance share grants is based on the closing price of our common shares on the grant date. For stock option and SSAR grants subject to a service condition, we estimate the fair value on the grant date using the Black-Scholes-Merton option pricing model with inputs including the closing market price at grant date, exercise price and assumptions regarding the risk-free interest rate, expected volatility of our common shares based on historical volatility, and expected term as estimated using the simplified method. We record compensation expense for restricted shares and SSAR grants subject to a service condition utilizing the graded vesting method. For SSAR grants subject to a market condition, we estimate the fair value on the grant date through a lattice option pricing model that utilizes a Monte Carlo analysis with inputs including the closing market price at grant date, exercise price, share price threshold, remaining contractual term and assumptions regarding the risk-free interest rate, suboptimal exercise factor, and expected volatility of our common shares based on historical volatility. We record compensation expense for SSAR grants subject to a market condition over the derived service period, which is an output of the lattice option pricing model. The following table summarizes the share-based compensation expense for SSARs, restricted and performance grants included in the condensed consolidated statements of operations: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2021 2020 2021 2020 Product development $ 1,751 $ 239 $ 3,816 $ 411 Sales and marketing 335 34 666 70 General and administrative 1,256 983 2,481 2,201 Total share-based compensation expense $ 3,342 $ 1,256 $ 6,963 $ 2,682 Stock-Settled Appreciation Rights SSARs are rights granted to an employee to receive value equal to the difference between the price of our common shares on the date of exercise and the exercise price. The value is settled in common shares of Agilysys, Inc. The following table summarizes the activity during the six months ended September 30, 2021 for SSARs awarded under the 2020 and 2016 Plans: Number of Rights Weighted-Average Exercise Price Remaining Contractual Term Aggregate Intrinsic Value (per right) (in years) (in thousands) Outstanding at April 1, 2021 3,068,253 $ 20.90 Exercised (791,549 ) 12.47 Forfeited (44,736 ) 20.02 Expired (246 ) 14.22 Outstanding at September 30, 2021 2,231,722 $ 23.90 5.2 $ 63,509 Exercisable at September 30, 2021 1,234,892 $ 22.85 4.9 $ 36,448 Vested and expected to vest at September 30, 2021 2,231,722 $ 23.90 5.2 $ 63,509 As of September 30, 2021, total unrecognized share-based compensation expense related to non-vested service condition SSARs was $8.9 million, which is expected to be recognized over a weighted-average vesting period of 1.5 years. As of September 30, 2021, there was no unrecognized share-based compensation expense related to non-vested market condition SSARs. Restricted Shares We granted shares to certain of our Directors, executives and key employees, the vesting of which is service-based. The following table summarizes the activity during the six months ended September 30, 2021 for restricted shares awarded under the 2020 and 2016 Plans: Number of Shares Weighted-Average Grant-Date Fair Value (per share) Outstanding at April 1, 2021 132,198 $ 37.67 Granted 11,249 52.77 Vested (216 ) 53.32 Forfeited (3,899 ) 27.25 Outstanding at September 30, 2021 139,332 $ 39.14 The weighted-average grant date fair value of the restricted shares is determined based upon the closing price of our common shares on the grant date. As of September 30, 2021, total unrecognized share-based compensation expense related to Subsequent to September 30, 2021, we granted approximately 29,000 shares with a grant date fair value of $1.6 million, the vesting of which is service-based, and approximately 45,000 shares with a grant date fair value of $1.8 million, the vesting of which is service-based with a market condition. Performance Shares Upon approval of the Compensation Committee of our Board of Directors, after achieving the performance conditions associated with our annual bonus plan, we granted 3,403 common shares to our Chief Executive Officer in May 2021 that vested immediately for a total value of $0.2 million.

Preferred Stock

Preferred Stock	6 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Preferred Stock	10. Preferred Stock On May 22, 2020, we completed the sale of 1,735,457 shares of our preferred stock, without par value, designated as “Series A Convertible Preferred Stock” (the “Convertible Preferred Stock”) to MAK Capital Fund L.P. and MAK Capital Distressed Debt Fund I, LP (the “Holders”) each, in its capacity as a designee of MAK Capital One LLC (the “Purchaser”), pursuant to the terms of the Investment Agreement, dated as of May 11, 2020, between the Company and the Purchaser, for an aggregate purchase price of $35 million. We incurred issuance costs of $1.0 million. We added all issuance costs that were netted against the proceeds upon issuance of the Convertible Preferred Stock to its redemption value. As disclosed in our Annual Report for the fiscal year ended March 31, 2021, Michael Kaufman, the Chairman of the Company’s Board of Directors, is the Chief Executive Officer of MAK Capital One LLC. The Holders are entitled to dividends on the Liquidation Preference at the rate of 5.25% per annum, payable semi-annually either (i) 50% in cash and 50% in kind as an increase in the then-current Liquidation Preference or (ii) 100% in cash, at the option of the Company. We pay dividends in the same period as declared by the Company’s Board of Directors.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Adopted and Recently Issued Accounting Pronouncements	Adopted and Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by eliminating the requirement to separate embedded conversion features from the host contract when the conversion features are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital. By removing the separation model, a convertible debt instrument will be reported as a single liability instrument with no separate accounting for embedded conversion features. This new standard also removes certain settlement conditions that are required for contracts to qualify for equity classification and simplifies the diluted earnings per share calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings per share calculations. The new standard will be effective December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. We adopted ASU 2020-06 as of April 1, 2021 with no impact on our condensed consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The new standard will be effective December 15, 2020, including interim periods within those fiscal years

Additional Balance Sheet Info_2

Additional Balance Sheet Information (Tables)	6 Months Ended
	Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Schedule of Additional information related to the Condensed Consolidated Balance Sheets	Additional information related to the condensed consolidated balance sheets is as follows: (In thousands) September 30, 2021 March 31, 2021 Accrued liabilities: Salaries, wages, and related benefits $ 6,207 $ 8,454 Other taxes payable 1,510 1,796 Accrued legal settlements — 200 Severance liabilities 63 79 Professional fees 81 97 Other 354 607 Total $ 8,215 $ 11,233 Other non-current liabilities: Uncertain tax positions $ 1,141 $ 1,129 Asset retirement obligations 170 170 Employee benefit obligations 3,072 2,639 Other 73 73 Total $ 4,456 $ 4,011

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	6 Months Ended
	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental cash flow information	Additional information related to the condensed consolidated statements of cash flows is as follows: Six Months Ended September 30, (In thousands) 2021 2020 Cash (receipts) for interest, net $ (13 ) $ (46 ) Cash payments for income taxes, net 439 167 Cash payments for operating leases 2,308 3,002 Cash payments for finance leases 10 14 Accrued capital expenditures 45 12

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rates from continuing operations	The following table compares our income tax expense and effective tax rates for the three and six months ended September 30, 2021 and 2020: Three Months Ended September 30, Six Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Income tax expense $ 48 $ 121 $ 241 $ 128 Effective tax rate 4.7 % 2.0 % 7.5 % 2.3 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of amounts used in computing earnings per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares	The following data shows the amounts used in computing earnings per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares. Three Months Ended September 30, Six Months Ended September 30, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income $ 982 $ 5,867 $ 2,954 $ 5,350 Series A convertible preferred stock issuance costs — (94 ) — (1,031 ) Series A convertible preferred stock dividends (459 ) (459 ) (918 ) (658 ) Net income attributable to common shareholders $ 523 $ 5,314 $ 2,036 $ 3,661 Denominator: Weighted average shares outstanding - basic 24,451 23,424 24,233 23,415 Dilutive SSARs 892 342 1,005 329 Dilutive unvested restricted shares 66 100 58 105 Weighted average shares outstanding - diluted 25,409 23,866 25,296 23,849 Income per share - basic: $ 0.02 $ 0.23 $ 0.08 $ 0.16 Income per share - diluted: $ 0.02 $ 0.22 $ 0.08 $ 0.15 Anti-dilutive SSARs, restricted shares and preferred shares 1,735 2,415 1,735 2,418

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Sep. 30, 2021
Share Based Compensation [Abstract]
Summary of share-based compensation expense for options	The following table summarizes the share-based compensation expense for SSARs, restricted and performance grants included in the condensed consolidated statements of operations: Three Months Ended September 30, Six Months Ended September 30, (In thousands) 2021 2020 2021 2020 Product development $ 1,751 $ 239 $ 3,816 $ 411 Sales and marketing 335 34 666 70 General and administrative 1,256 983 2,481 2,201 Total share-based compensation expense $ 3,342 $ 1,256 $ 6,963 $ 2,682
Activity related SSARs award	The following table summarizes the activity during the six months ended September 30, 2021 for SSARs awarded under the 2020 and 2016 Plans: Number of Rights Weighted-Average Exercise Price Remaining Contractual Term Aggregate Intrinsic Value (per right) (in years) (in thousands) Outstanding at April 1, 2021 3,068,253 $ 20.90 Exercised (791,549 ) 12.47 Forfeited (44,736 ) 20.02 Expired (246 ) 14.22 Outstanding at September 30, 2021 2,231,722 $ 23.90 5.2 $ 63,509 Exercisable at September 30, 2021 1,234,892 $ 22.85 4.9 $ 36,448 Vested and expected to vest at September 30, 2021 2,231,722 $ 23.90 5.2 $ 63,509
Activity related to restricted shares awarded by the Company	The following table summarizes the activity during the six months ended September 30, 2021 for restricted shares awarded under the 2020 and 2016 Plans: Number of Shares Weighted-Average Grant-Date Fair Value (per share) Outstanding at April 1, 2021 132,198 $ 37.67 Granted 11,249 52.77 Vested (216 ) 53.32 Forfeited (3,899 ) 27.25 Outstanding at September 30, 2021 139,332 $ 39.14

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total net revenue	$ 37,892	$ 34,360	$ 76,617	$ 64,166
Revenue recognized	12,200	12,100	29,600	30,500
Transfers to accounts receivable	100	200	2,300	1,700
Capitalized contract cost, net	3,100	3,100	3,100	3,100
Sales commissions and fees	500	700	1,200	1,300
Capitalized contract cost, amortization	300	400	600	700
Products [Member]
Disaggregation of Revenue [Line Items]
Total net revenue	7,299	6,559	16,143	11,798
Support, Maintenance, Subscription Services, And Professional Services [Member]
Disaggregation of Revenue [Line Items]
Total net revenue	$ 30,600	$ 27,800	$ 60,500	$ 52,400

Additional Balance Sheet Info_3

Additional Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Mar. 31, 2021
Current liabilities:
Salaries, wages, and related benefits	$ 6,207	$ 8,454
Other taxes payable	1,510	1,796
Accrued legal settlements		200
Severance liabilities	63	79
Professional fees	81	97
Other	354	607
Total	8,215	11,233
Liabilities Noncurrent:
Uncertain tax positions	1,141	1,129
Asset retirement obligations	170	170
Employee benefit obligations	3,072	2,639
Other	73	73
Total	$ 4,456	$ 4,011

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Cash (receipts) for interest, net	$ (13)	$ (46)
Cash payments for income taxes, net	439	167
Cash payments for operating leases	2,308	3,002
Cash payments for finance leases	10	14
Accrued capital expenditures	$ 45	$ 12

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 48	$ 121	$ 241	$ 128
Effective tax rate	4.70%	2.00%	7.50%	2.30%

Income Taxes (Details Textual)

Income Taxes (Details Textual) - CARES Act [Member]	Mar. 27, 2020
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, description	The CARES Act provides, among other provisions, for the deferral of the employer-paid portion of social security taxes through the end of 2020, with 50% of the deferred amount due December 31, 2021 and the remaining 50% due December 31, 2022
Percentage of deferral of the employer-paid portion of social security taxes due in December 31, 2021	50.00%
Percentage of deferral of the employer-paid portion of social security taxes due in December 31, 2022	50.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2021USD ($)
Operating lease not yet commenced	$ 11.8
Minimum [Member]
Operating Lease, term of contract	3 years
Maximum [Member]
Operating Lease, term of contract	11 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income	$ 982	$ 5,867	$ 2,954	$ 5,350
Series A convertible preferred stock issuance costs		(94)		(1,031)
Series A convertible preferred stock dividends	(459)	(459)	(918)	(658)
Net income attributable to common shareholders	$ 523	$ 5,314	$ 2,036	$ 3,661
Denominator:
Weighted average shares outstanding - basic	24,451	23,424	24,233	23,415
Dilutive SSARs	892	342	1,005	329
Dilutive unvested restricted shares	66	100	58	105
Weighted average shares outstanding - diluted	25,409	23,866	25,296	23,849
Net income per share - basic:	$ 0.02	$ 0.23	$ 0.08	$ 0.16
Net income per share - diluted:	$ 0.02	$ 0.22	$ 0.08	$ 0.15
Earnings Per Share, Diluted [Abstract]
Anti-dilutive SSARs, restricted shares and preferred shares	1,735	2,415	1,735	2,418

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Incremental common shares attributable to restricted shares (in shares)	139,332	161,042

Share-based Compensation (Detai

Share-based Compensation (Details Textual) - USD ($) $ in Millions	Oct. 01, 2021	Sep. 30, 2021
Performance Share [Member] | Chief Executive Officer [Member]
Stock Based Compensation (Textual) [Abstract]
Shares available for grant		3,403
Share-based compensation, grant date fair value		$ 0.2
Restricted Stock [Member]
Stock Based Compensation (Textual) [Abstract]
Weighted-average vesting period		1 year 4 months 24 days
Unrecognized stock based compensation expense related to unvested restricted stock		$ 2.8
Number of Shares, Granted		11,249
Two Thousand and Twenty Equity Incentive Plan [Member] | Performance Share [Member]
Stock Based Compensation (Textual) [Abstract]
Shares authorized under 2020 Equity incentive plan		2,250,000
Two Thousand and Sixteen Stock Incentive Plan [Member]
Stock Based Compensation (Textual) [Abstract]
Shares available for grant		3.1
Two Thousand and Sixteen Stock Incentive Plan [Member] | Performance Share [Member]
Stock Based Compensation (Textual) [Abstract]
Shares available for grant		868,864
Service Condition | Stock Settled Stock Appreciation Rights (SSARS) [Member]
Stock Based Compensation (Textual) [Abstract]
Unrecognized stock based compensation expense related to unvested SSARs		$ 8.9
Weighted-average vesting period		1 year 6 months
Service Condition | Restricted Stock [Member] | Subsequent Event [Member]
Stock Based Compensation (Textual) [Abstract]
Number of Shares, Granted	29,000
Share-based compensation, grant date fair value	$ 1.6
Market Condition | Stock Settled Stock Appreciation Rights (SSARS) [Member]
Stock Based Compensation (Textual) [Abstract]
Unrecognized stock based compensation expense related to unvested SSARs		$ 0
Market Condition | Restricted Stock [Member] | Subsequent Event [Member]
Stock Based Compensation (Textual) [Abstract]
Number of Shares, Granted	45,000
Share-based compensation, grant date fair value	$ 1.8

Share-based Compensation (Det_2

Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Noncash Expense	$ 3,342	$ 1,256	$ 6,963	$ 2,682
Product development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Summary of share-based compensation expense for options	1,751	239	3,816	411
Selling and marketing [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Summary of share-based compensation expense for options	335	34	666	70
General and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Summary of share-based compensation expense for options	$ 1,256	$ 983	$ 2,481	$ 2,201

Share-based Compensation (Det_3

Share-based Compensation (Details 2) - Stock Settled Stock Appreciation Rights (SSARS) [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Rights, Outstanding at Beginning of Period | shares	3,068,253
Number of Rights, Exercised | shares	(791,549)
Number of Rights, Forfeited | shares	(44,736)
Number of Rights, Expired | shares	(246)
Number of Rights, Outstanding at End of Period | shares	2,231,722
Number of Rights, Exercisable at End of Period | shares	1,234,892
Number of Rights, Vested and expected to vest at June 30, 2020 | shares	2,231,722
Weighted Average Exercise Price, Outstanding at Beginning of Period | $ / shares	$ 20.90
Weighted Average Exercise Price, Exercised | $ / shares	12.47
Weighted Average Exercise Price, Forfeited | $ / shares	20.02
Weighted Average Exercise Price, Expired | $ / shares	14.22
Weighted Average Exercise Price, Outstanding at End of Period | $ / shares	23.90
Weighted Average Exercise Price, Exercisable at End of Period | $ / shares	22.85
Weighted Average Exercise Price, Exercisable at End of Period | $ / shares	$ 23.90
Remaining Contractual Term, Outstanding at End of Period	5 years 2 months 12 days
Remaining Contractual Term, Exercisable at End of Period	4 years 10 months 24 days
Share Based Compensation Arrangement By Share Based Payment Award Vested And Expected To Vest Outstanding Remaining Contractual Term	5 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding at End of Period | $	$ 63,509
Aggregate Intrinsic Value, Exercisable at End of Period | $	36,448
Aggregate Intrinsic Value, Exercisable at End of Period, Vested and expected | $	$ 63,509

Share-based Compensation - Rest

Share-based Compensation - Restricted Shares Rollforward (Details) - Restricted Stock [Member]	6 Months Ended
	Sep. 30, 2021$ / sharesshares
Activity Related to Restricted Shares Awarded by the Company
Number of Shares, Outstanding at beginning of period | shares	132,198
Number of Shares, Granted | shares	11,249
Number of Shares, Vested | shares	(216)
Number of Shares, Forfeited | shares	(3,899)
Number of Shares, Outstanding at end of period | shares	139,332
Weighted Average Grant-Date Fair Value, Outstanding at beginning of period | $ / shares	$ 37.67
Weighted Average Grant Date Fair Value, Granted | $ / shares	52.77
Weighted Average Grant Date Fair Value, Vested | $ / shares	53.32
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	27.25
Weighted Average Grant-Date Fair Value, Outstanding at end of period | $ / shares	$ 39.14

Preferred Stock - (Details Text

Preferred Stock - (Details Textual) - USD ($) $ in Millions	May 22, 2020	Sep. 30, 2021
Class Of Stock [Line Items]
Preferred Stock Dividend Rate Percentage		5.25%
Dividends declaration and payment terms		The Holders are entitled to dividends on the Liquidation Preference at the rate of 5.25% per annum, payable semi-annually either (i) 50% in cash and 50% in kind as an increase in the then-current Liquidation Preference or (ii) 100% in cash, at the option of the Company. We pay dividends in the same period as declared by the Company’s Board of Directors.
MAK Capital One, LLC [Member] | Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock issued	1,735,457
Preferred stock issued, value	$ 35
Payments of stock issuance costs	$ 1