Our second quarter financial results reflect the continuing momentum of our cloud subscription product focus, said Adam Elster, Majescos CEO. The number of cloud customers continue to increase with accelerating project go-lives, as our customers are benefitting from dramatically reduced project implementation timelines. These trends clearly demonstrate Majescos 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 of our long-term growth as we acquire, adopt and expand customers.
Key Revenue Drivers
h -Revenue from cloud-based customers was $13.1 million (38.5% of total revenue) for the quarter ended September 30, 2019.
h -Total number of cloud customers is now 61, up 5% over the past three months, 13% year to date and 49% year-over-year.
h -Total recurring revenue was 37.7% of total revenue for the quarter ended September 30, 2019.
h -Majescos 12-month order backlog as of September 30, 2019 was $100.4 million.
h - Added 3 new cloud customers organically for the quarter ended September 30, 2019.
Second Quarter 2020 Financial Results
h - Revenue was $34.1 million, compared to $34.3 million for the same period last fiscal year.
h - Gross profit was $15.7 million (46.1% of revenue), compared to $17.3 million for the same period last fiscal year.
h -Research and development (R&D) expenses were $4.5 million (13.1% of revenue), compared to $4.7 million for the same period last fiscal year.
h - Selling, general and administrative (SG&A) expenses were $9.9 million (29.0% of revenue), compared to $9.9 million for the same period last fiscal year.
h - Adjusted EBITDA was $3.1 million (9.2% of revenue), compared to $4.3 million for the same period last fiscal year.
h - Net income was $0.9 million, or $0.02 per basic and diluted share.
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