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SYLOGIST Reports Record Fourth Quarter and Full Year 2023 Results

Calgary – March 14, 2024 (GLOBE NEWSWIRE) - Sylogist Ltd. (TSX: SYZ) ("Sylogist" or the "Company"), a leading public sector SaaS company, today announced its financial results for the fourth quarter and full year ended December 31, 2023.


Q4 2023 Financial Highlights

 

Total Revenue

Recurring Revenue

SaaS Subscription Revenue

(in millions)

Reported

CC

Reported

CC

Reported

CC

$16.2

$16.1

$10.5

$10.5

$7.0

$7.0

+5.4%

+5.2%

+8.5%

+8.3%

+15.7%

+15.5%

 

·        Total revenue of $16.2 million, up 5.4% Y/Y;

  • Recurring revenue of $10.5 million, up 8.5% Y/Y;

  • SaaS subscription revenue of $7.0 million, up 15.7% Y/Y;

  • Total ARR of $42.2 million up 11% Y/Y;

  • SaaS ARR at $27.6 million up 13% Y/Y;

  • SaaS revenue as percentage of total recurring revenue at 67%;

  • SaaS NRR of 104%;

  • Gross profit margin of 60%;

  • Adjusted EBITDA of $4.8 million and Adjusted EBITDA Margin of 29.4%;

  • Bookings of $7.6 million;

  • RPO of $31.0 million;

  • Repurchase of 101,500 shares at a total cost of $0.7 million

 

Full Year 2023

 

Total Revenue

Recurring Revenue

SaaS Subscription Revenue

(in millions)

Reported

CC

Reported

CC

Reported

CC

$65.5

$64.1

$40.2

$39.2

$26.1

$25.4

+16.1%

+13.5%

+10.2%

+7.4%

+14.1%

+11.1%

 

  • Total revenue of $65.5 million, up 16.1% Y/Y;

  • Recurring revenue of $40.2 million, up 10.2% Y/Y; 

  • SaaS subscription revenue of $26.1 million, up 14.1% Y/Y;

  • SaaS revenue as percentage of total recurring revenue at 65%;

  • Gross profit margin of 60%;

  • Adjusted EBITDA of $17.3 million or margin of 26.3%;

  • $4.0 million repayment on revolving credit facility;

  • Repurchase of 343,600 shares at a total cost of $2.1 million


*Y/Y denotes comparison to the twelve-month period ended December 31, 2022


Commentary


“Our team delivered continuing strong results in Q4 and throughout 2023, pushing forward our plans to make Sylogist into a SaaS leader in the public sector,” said Bill Wood, CEO of Sylogist. “Our success metrics to watch, including annual recurring growth, margins, net revenue retention, and customer net promoter score, all trended to new highs for the Company in Q4.  We anticipate this momentum to continue in 2024.”


Throughout 2024, particularly in the latter half of the year, we foresee SaaS acceleration driven by expanding traction in the Sylogist Mission sector, new contributions from our Sylogist Ed and Gov sectors, and our growing partner community. Our focus remains on profitable organic growth while being prepared to seize strategic opportunities for scale or innovation, as seen with our recent Time Clock Now tuck-in acquisition.”


Conference Call Details


The Company will host a conference call at 8:30 AM Eastern Time on March 14, 2024. 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 2024 and beyond. Q & A will follow, as time allows, and a replay of the call will be archived in the investor section of the Company’s website.


Date: Thursday, March 14, 2024Time: 8:30 a.m. EDTParticipant Toll-Free Dial-In Number: + 1-800-319-4610 Participant Dial-In Number: +1-416-915-3239

 

Please dial-in before the start of the conference to secure a line and avoid delays.


About Sylogist

Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, nonprofit, and education verticals. The Company's stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management’s Discussion and Analysis, can be found at www.sylogist.com.


Forward-looking Statements

Certain statements in this news release may be forward-looking statements within the meaning of applicable securities laws and regulations. These statements typically use words such as expect, foresee, believe, estimate, project, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. Forward-looking information in this news release includes statements made, if any, with respect to Sylogist’s confidence in future quarters or future fiscal years. By their very nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties, both general and specific in nature. It is therefore possible that the beliefs and plans and other forward-looking expectations expressed herein will not be achieved or will prove inaccurate. Although Sylogist believes that the expectations reflected in these forward-looking statements are reasonable, it provides no assurance that these expectations will prove to have been correct. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including its inability to attract key employees or enlist customer support, its inability to develop innovative technology, its inability to find opportunities to deploy free cash flow, impacts of public health crises, and economic turmoil. Additional information regarding some of these risks, uncertainties and other factors may be found in the Company’s Annual Information Form for the fiscal period ended December 31, 2022, and in the Management’s Discussion and Analysis for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023 for the year ended December 31, 2023 and other documents available on the Company’s profile at www.sedarplus.ca. Material assumptions and factors that could cause actual results to differ materially from such forward-looking information include Sylogist’s ability to attract and retain employees and customers and to realize on its investments, the ability to expand technology partner and customer relationships and the acceleration of organic and inorganic growth. Although Sylogist believes that the material assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur. Sylogist disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.


Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Sylogist’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

 

Non-IFRS Financial Measures


For further information contact:

Sujeet Kini, Chief Financial Officer

Sylogist Ltd.

Jennifer Smith, Investor Relations

LodeRock Advisors

(416) 491-8004

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