Revenue Up 32%, Growth Accelerates, Dividend Declared
Calgary, Alberta--(Newsfile Corp. - February 9, 2022) - Sylogist Ltd. (TSX: SYZ) ("Sylogist" or the "Company"), a leading public sector SaaS company, is pleased to announce its unaudited financial results for the first quarter of the 2022 fiscal year, ended December 31, 2021.
"We are pleased that our investments in organic growth and scalability are gaining traction," commented Bill Wood, President and CEO of Sylogist. "Although somewhat impeded by the COVID-19 Omicron variant surge, we began deployments on the new awards we announced in November 2021 and revenue from these projects will largely be recognized in subsequent quarters of this fiscal year as we anticipated. Expenses were in line with plan and we continue to be successful in attracting key talent to increase capacity. Our M&A execution also continues to create value, with the integration of our recent Pavliks and Mission CRM acquisitions proceeding ahead of schedule. With lead activity building and a strong pipeline, we are just beginning to realize the upside on our growth investments."
Q1 2022 Summary
Revenues of approximately $12.6 million, compared to approximately $9.5 million in the first quarter of fiscal 2021, an increase of 32%;
Recurring revenues from subscriptions and maintenance grew by 25% to $8.8 million, compared to $7.0 million for the first quarter of 2021;
Gross Profit of $8.1 million, compared to $7.0 million in the same period last fiscal year, an increase of 16%;
Gross Profit Margin of 65%, compared to 73% in first quarter of 2021;
Profit before income tax of $0.1 million, compared to $2.8 million in the first quarter last year, due largely to $2.5 million in non-cash amortization charges related to recent acquisitions;
Adjusted EBITDA of $3.7 million, compared to $4.9 million for the same period last year;
Adjusted EBITDA Margin of 30%, compared to 52% in Q1 2021;
Adjusted EBITDA per share of $0.16 per share, compared to $0.21 per share in the first quarter of 2021;
The Company's Board of Directors has approved a quarterly dividend of $0.125 per common share for shareholders of record as at February 28, 2022 to be paid on March 16, 2022, which is treated as an eligible dividend under the Income Tax Act (Canada).
About Sylogist
Sylogist is a public sector SaaS company that provides comprehensive enterprise resource planning (ERP), constituent relationship management (CRM), fundraising, education administration, and payments solutions that allow its customers to carry out their missions. It serves over 1,950 customers globally, including all levels of government, non-profit and non-governmental organizations, educational institutions, and public compliance-driven and funded companies. The Company has industry-leading profitability, an exceptionally strong balance sheet, a track record of successful acquisitions, and a portfolio of mission-critical SaaS solutions. Full financial statements together with Management's Discussion and Analysis are available on SEDAR at www.sedar.com. The Company's stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist can be found at www.sylogist.com.
Forward-Looking Statements
Non-GAAP Financial Measures
For further information contact:
Rudy Shirra, Manager, Corporate Development and Investor Relations
Sylogist Ltd.
(403) 266-4808
