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  • Writer's pictureBill Wood

Sylogist Reports 21% Y/Y Organic Growth and 26% Adjusted EBITDA Margin for Q2 2023

CALGARY, Alberta, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Sylogist Ltd. (TSX: SYZ) today announced its Q2 2023 financial results for the three months ending June 30, 2023.


Sylogist Q2 2023 Financial Highlights

Total Revenues (in millions)

Recurring Revenues (in millions)

SaaS Revenues (in millions)

Reported

Constant Currency

Reported

Constant Currency

Reported

Constant Currency

$16.7

$16.2

$9.7

$9.4

$6.3

$6.0

21%

18%

8%

5%

9%

5%

  • Record revenue of $16.7 million, up 21% Y/Y

  • Recurring revenue up 8%; SaaS revenues up 9% Y/Y

  • Gross margin at 61%

  • Adjusted EBITDA of $4.3 million or 26% Adjusted EBITDA margin

  • Bookings of $6.1 million

  • Backlog of $28.9 million

“The strong results we delivered in Q2 are further evidence of the successful transformation of our business over the last two years,” commented Bill Wood, CEO of Sylogist. “For investors, the strategic investments we’ve made and our focus on customer satisfaction, combined with the execution of our go-to-market strategy, drove another strong quarter. To that end, we expect demand for our SylogistMission, SylogistEd and SylogistGov platforms to continue throughout the second half of the year.”

Sylogist’s Board of Directors approved a dividend of $0.01 per share for shareholders of record on August 31 (ex-dividend August 30, 2023) to be paid on September 13, 2023. Such dividend is treated as an “eligible dividend” under the Income Tax Act (Canada).


The Company will host a conference call at 10:30 AM Eastern Time on August 10,2023. 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 the remainder of 2023 and beyond. Interested parties are invited to join the call at 1-800-806-5484 (Canada/USA Toll Free) or 416-340-2217.The participant passcode is 9270740#. A question-and-answer session will follow, and a replay will be archived in the investor section of the Company’s website.


Sylogist logo color

About Sylogist

Forward-looking Statements

Non-IFRS Financial Measures


For further information about Sylogist's Q2 2023 results contact:


Sujeet Kini, Chief Financial Officer

Sylogist Ltd.

(403) 266-4808

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