Calgary, Alberta--(Newsfile Corp. - March 23, 2023) - Sylogist Ltd. (TSX: SYZ) ("Sylogist" or the "Company"), a leading public sector SaaS company, is pleased to announce its audited financial results for the three and 15-month period ended on December 31, 2022. In November 2022, Sylogist announced a change in its fiscal year end from September 30 to December 31, and is now releasing financial results for a transitional 15-month fiscal year.
"Sylogist produced record organic growth while maintaining strong EBITDA margins," commented Bill Wood, President and CEO. "Deliberate strategic investments and a focus on execution have driven total organic growth to 22% in the quarter, or 17% on an FX-adjusted basis. Revenue expansion in the quarter was driven by growth within our two most recent acquisitions, increased SylogistMission ERP installs and upgrades, and broad-based gains across the business. In doing so, Sylogist has continued to drive profitability, maintaining a 32% EBITDA margin this quarter. We are focused on continuing to execute on our organic growth initiatives, driving momentum, and creating long-term shareholder value."
As announced previously, Sylogist will host a conference call at 9:00 AM Eastern Time (today, March 23) to discuss the Company's financial results and the progress on its strategy. Interested parties are invited to join the call at 1-800-319-4610 (Canada/USA Toll Free) or 1-416-915-3239. A recording of the conference call will be available on the Company's website afterwards.
Financial Highlights for the Quarter Ended December 31, 2022
IFRS Measures | | | |
| Three Months Ended December 31, 2022 | Three Months Ended December 31, 2021 | % YOY Change |
Revenue ($M) | $15.3 | $12.6 | 22% |
Cloud Subscriptions | $6.0 | $5.3 | 14% |
Maintenance & Support )($M) | $3.7 | $3.5 | 6% |
Gross Profit ($M) | $9.7 | $8.1 | 19% |
Gross Profit Margin | 63% | 65% | |
Profit Before Income Tax ($M) | $0.2 | $0.2 | |
Non-IFRS Measures* | | | |
| Three Months Ended December 31, 2022 | Three Months Ended December 31, 2021 | %YoY Change |
Revenue Backlog ($M) | $30.3 | $26.0 | 17% |
Adjusted EBITDA ($M) | $4.9 | $3.7 | 31% |
Adjusted EBITDA Margin | 32% | 30% | |
Adjusted EBITDA per Share | $0.20 | $0.16 | 25% |
*See Management's Discussion and Analysis for definition and adjustments applied to Adjusted EBITDA, and the definition of Backlog.
Other Financial Highlights |
|
Revenue Analysis | | | | | |
| Three Months Ended December 31, 2022 | Three Months Ended September 30, 2022 | % QoQ Change | Three Months Ended December 31, 2021 | % YoY Change |
Cloud Subscriptions | $6.0 | $5.7 | 5% | $5.3 | 14% |
Maintenance & Support ($M) | $3.7 | $3.4 | 9% | $3.5 | 6% |
Professional Services Revenue | $4.9 | $4.4 | 11% | $2.9 | 69% |
Other Revenue ($M) | $0.7 | $0.7 | - | $0.9 | (22%) |
Total Revenue ($M) | $15.3 | $14.2 | 8% | $12.6 | 21% |
Financial Highlights for the 12 Months Ended December 31, 2022
The below supplementary information has been prepared by management and is provided to facilitate comparisons of results for Calendar Year 2022 with those of Calendar Year 2021, due to the Company's change of its fiscal year end.
IFRS Measures | | | |
| 12 Months Ended December 31, 2022 | 12 Months Ended December 31, 2021 | %YoY Change |
Revenue ($M) | $56.4 | $41.7 | 35% |
Cloud Subscriptions ($M) | $22.9 | $17.9 | 28% |
Maintenance & Support ($M) | $13.6 | $14.6 | (7%) |
Gross Profit ($M) | $35.5 | $29.1 | 22% |
Gross Profit Margin | 63% | 70% | |
Profit Before Income Tax | $2.9 | $3.5 | (17%) |
Non-IFRS Measures* | | | |
| 12 Months Ended December 31, 2022 | 12 Months Ended December 31, 2021 | %YoY Change |
Adjusted EBITDA ($M) | $17.2 | $16.0 | 8% |
Adjusted EBITDA Margin | 30% | 38% | |
Adjusted EBITDA per Share | $0.72 | $0.66 | 8% |
*See Management's Discussion and Analysis for definition and adjustments applied to Adjusted EBITDA.
Audited Financial Highlights for Fiscal 2022 (15 Months) and Fiscal 2021 (12 Months)
Comparison of 15-month and 12-month fiscal years is provided as required pursuant to Section 4.8 of National Instrument 51-102 - Continuous Disclosure Obligations.
IFRS Measures | | | |
| 15 Months Ended December 31, 2022 | 12 Months Ended September 30, 2021 | %YoY Change |
Revenue ($M) | $69.0 | $38.7 | 78% |
Cloud Subscriptions ($M) | $28.2 | $15.1 | 86% |
Maintenance & Support ($M) | $17.1 | $15.6 | 9% |
Gross Profit ($M) | $43.6 | $28.0 | 56% |
Gross Profit Margin | 63% | 72% | |
Profit Before Income Tax ($M) | $2.9 | $6.3 | (53%) |
Non-IFRS Measures* | | | |
| 15 Months Ended December 31, 2022 | 12 Months Ended September 30, 2021 | %YoY Change |
Adjusted EBITDA ($M) | $20.9 | $17.2 | 22% |
Adjusted EBITDA Margin | 30% | 44% | |
Adjusted EBITDA per Share | $0.88 | $0.71 | 24% |
*See Management's Discussion and Analysis for definition and adjustments applied to Adjusted EBITDA.
About Sylogist
Forward-Looking Statements
Non-IFRS Financial Measures
For further information contact:
Bill Wood, President and CEO or Rudy Shirra, Director of Business Development and Operations Strategy
Sylogist Ltd. (403) 266-4808 ir@sylogist.com
