Sylogist, Ltd.
Mar 14
Calgary – March 14, 2024 (GLOBE NEWSWIRE) - Sylogist Ltd. (TSX: SYZ) ("Sylogist" or the "Company"), a leading public sector SaaS company, today announced its financial results for the fourth quarter and full year ended December 31, 2023.
Q4 2023 Financial Highlights
· Total revenue of $16.2 million, up 5.4% Y/Y;
Recurring revenue of $10.5 million, up 8.5% Y/Y;
SaaS subscription revenue of $7.0 million, up 15.7% Y/Y;
Total ARR of $42.2 million up 11% Y/Y;
SaaS ARR at $27.6 million up 13% Y/Y;
SaaS revenue as percentage of total recurring revenue at 67%;
SaaS NRR of 104%;
Gross profit margin of 60%;
Adjusted EBITDA of $4.8 million and Adjusted EBITDA Margin of 29.4%;
Bookings of $7.6 million;
RPO of $31.0 million;
Repurchase of 101,500 shares at a total cost of $0.7 million
Full Year 2023
Total revenue of $65.5 million, up 16.1% Y/Y;
Recurring revenue of $40.2 million, up 10.2% Y/Y;
SaaS subscription revenue of $26.1 million, up 14.1% Y/Y;
SaaS revenue as percentage of total recurring revenue at 65%;
Gross profit margin of 60%;
Adjusted EBITDA of $17.3 million or margin of 26.3%;
$4.0 million repayment on revolving credit facility;
Repurchase of 343,600 shares at a total cost of $2.1 million
*Y/Y denotes comparison to the twelve-month period ended December 31, 2022
Commentary
“Our team delivered continuing strong results in Q4 and throughout 2023, pushing forward our plans to make Sylogist into a SaaS leader in the public sector,” said Bill Wood, CEO of Sylogist. “Our success metrics to watch, including annual recurring growth, margins, net revenue retention, and customer net promoter score, all trended to new highs for the Company in Q4. We anticipate this momentum to continue in 2024.”
“Throughout 2024, particularly in the latter half of the year, we foresee SaaS acceleration driven by expanding traction in the Sylogist Mission sector, new contributions from our Sylogist Ed and Gov sectors, and our growing partner community. Our focus remains on profitable organic growth while being prepared to seize strategic opportunities for scale or innovation, as seen with our recent Time Clock Now tuck-in acquisition.”
Conference Call Details
The Company will host a conference call at 8:30 AM Eastern Time on March 14, 2024. Bill Wood, President and Chief Executive Officer, and Sujeet Kini, Chief Financial Officer, will present the Company's financial results, discuss performance as well as outlook for 2024 and beyond. Q & A will follow, as time allows, and a replay of the call will be archived in the investor section of the Company’s website.
Date: Thursday, March 14, 2024Time: 8:30 a.m. EDTParticipant Toll-Free Dial-In Number: + 1-800-319-4610 Participant Dial-In Number: +1-416-915-3239
Webcast link: https://services.choruscall.ca/links/sylogist2023q4.html
Please dial-in before the start of the conference to secure a line and avoid delays.
About Sylogist
Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, nonprofit, and education verticals. The Company's stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management’s Discussion and Analysis, can be found at www.sylogist.com.
For further information contact:
Sujeet Kini, Chief Financial Officer
Sylogist Ltd.
Jennifer Smith, Investor Relations
LodeRock Advisors
(416) 491-8004