Bill Wood
Aug 11, 2022
Source: NewsFileCorp.com
Sylogist, a leading public sector SaaS company, is pleased to announce its unaudited financial results for the third quarter of the 2022 fiscal year, ended June 30, 2022.
Q3 2022 Highlights (all comparisons are to Q3 of Fiscal 2021, unless otherwise noted):
Record revenues of $13.7 million were achieved, compared to $9.5 million, an increase of 44%;
Organic growth reached 7%, up from neutral in Q2 2022;
Recurring revenues from subscriptions and maintenance were $9.0 million, compared to $7.9 million, an increase of 13%;
Gross Profit increased 26% to $8.5 million, up from $6.7 million in the comparative period;
Gross Profit Margin was 62%;
Profit before income tax in the quarter was $1.1 million, compared to a loss before income tax of $0.2 million;
Adjusted EBITDA increased to $4.3 million, up 43% from $3.0 million in the prior year;
Adjusted EBITDA Margin was 31%;
Adjusted EBITDA per share rose 50% to $0.18, from $0.12 per share; and
The Company's Board of Directors has approved a quarterly dividend of $0.125 per common share for shareholders of record as at August 31, 2022 to be paid on September 14, 2022, which is treated as an eligible dividend under the Income Tax Act (Canada).
"Q3 2022 marked a significant milestone for Sylogist relative to the strategy and growth goals we outlined in prior quarters," commented Bill Wood, President and CEO.
"Due to the strategic investments we've made and the disciplined execution of our plan, the Company's organic growth jumped to 7% in the quarter - even more impressively, organic growth was effectively 10%, when adjusted for the previously announced strategic discounts we extended to select legacy customers. Growth occurred, and continues to be seen, across the business as we drive new bookings, expand customer wallet share and increase net revenue retention in each of our core verticals. This organic growth was achieved while maintaining a strong EBITDA margin of over 31% in the quarter and over 30% YTD; proof that our growth strategy is taking hold, we're executing to plan, and hitting our marks."
The Company hosted a conference call at 1:00 PM Eastern Time on August 11, 2022. Bill Wood, Sylogist's President and Chief Executive Officer, and Xavier Shorter, Sylogist's Chief Financial Officer, will present the Company's recent financial results and discuss the business' performance. Sylogist's management will also address questions as time allows.
Investors were invited to join the call at 1-800-319-4610 (Canada/USA Toll Free) or 1-416-915-3239. Callers are asked to join 5-10 minutes prior to the scheduled start time. The call recording and transcript can be found at sylogist.com/investors.
Download the most recent investor presentation.
For further information contact:
Bill Wood, President and CEO
or
Rudy Shirra, Manager, Corporate Development and Investor Relations
Sylogist Ltd.
(403) 266-4808
ir@sylogist.com