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  • Writer's pictureRudy Shirra

Sylogist Continues Acceleration with 21% Organic Growth and Record Quarterly Revenue

CALGARY, May 11, 2023 /Global Newswire - Sylogist Ltd. (TSX: SYZ) is pleased to announce its unaudited financial results for the three-month period ended on March 31, 2023.

“Momentum is continuing, with our team delivering an exceptionally strong performance again in Q1, posting record quarterly revenue of $15.9M, including 21% organic growth and strong bookings,” commented Bill Wood, CEO. “We closed $7.7 million in bookings this quarter, reflecting accelerating strength in demand for our solutions from new logos and customer cross-sells alike; achieved by our platform vs. products strategy. We are also pleased with the 6% quarter-over-quarter increase in revenue per employee we saw, indicating increased utilization and delivery efficacy amongst our project services team. The traction we have seen over the last 6 months gives us confidence that our profitable growth playbook is working and that we are executing as planned.”

As announced previously, Sylogist will host a conference call at 9:00 AM Eastern Time (today, May 11) to discuss the Company’s financial results. Interested parties are invited to join the call at 800.319.4610 (Canada/USA Toll Free) or 416.915.3239. A recording of the conference call will be available on the Company’s website afterwards.


Sylogist’s Board of Directors has also declared a dividend of $0.01 per share on Sylogist's common shares to shareholders of record on May 31 (ex-dividend May 30, 2023) payable on June 14, 2023.

All dividends paid by Sylogist to holders of common shares in the capital of the Company will be treated as eligible dividends pursuant to the Income Tax Act (Canada).


Financial Highlights for the Quarter Ended March 31, 2023


IFRS Measures

Three Months Ended March 31, 2023

Three Months Ended March 31, 2022

% YoY Change

Revenue ($M)

$15.9

$13.1

21%

Cloud Subscriptions ($M)

$6.2

$5.4

14%

Maintenance & Support ($M)

$3.6

$3.2

10%

Gross Profit ($M)

$9.5

$8.4

13%

Gross Profit Margin

60%

64%

Profit Before Income Tax ($M)

$0.3

$1.0


Non-IFRS Measures*


Three Months Ended March 31, 2023

Three Months Ended March 31, 2022

% YoY Change

Backlog ($M)

$28.1

$24.0

17%

Adjusted EBITDA ($M)

$3.8

$3.9

-2%

Adjusted EBITDA Margin

24%

30%

Adjusted EBITDA per Share

$0.16

$0.16

*See Management Discussion and Analysis for definition and adjustments applied to Adjusted EBITDA, and the definition of Backlog


Other Financial Highlights

  • 17% constant currency organic revenue growth

  • $7.7 million in new bookings

  • Negative impact to Q1 Adjusted EBITDA per Share due to specific non-recurring expenses was $0.02


Revenue Analysis

Three Months Ended March 31, 2023

Three Months Ended Dec 31, 2022

% QoQ Change

Three Months Ended March 31, 2022

% YoY Change

Cloud Subscriptions ($M)

$6.2

$6.0

3%

$5.4

14%

Maintenance & Support ($M)

$3.6

$3.7

-3%

$3.2

10%

Project Services Revenue ($M)

$5.9

$4.9

20%

$3.9

53%

Other Revenue ($M)

$0.2

$0.7

-71%

$0.6

-80%

Total Revenue ($M)

$15.9

$15.3

4%

$13.1

21%

About Sylogist

Forward-Looking Statements

Non-IFRS Financial Measures

For further information contact:


Sujeet Kini, Chief Financial Officer

or

Rudy Shirra, Director of Business Development and Operations Strategy


Sylogist Ltd.

(403) 266-4808

ir@sylogist.com


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