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Sylogist Reports Strong Q3 Fiscal 2022 Results with Solid Organic Growth, Dividend Declared

Source: NewsFileCorp.com


Sylogist, a leading public sector SaaS company, is pleased to announce its unaudited financial results for the third quarter of the 2022 fiscal year, ended June 30, 2022.


Q3 2022 Highlights (all comparisons are to Q3 of Fiscal 2021, unless otherwise noted):


  • Record revenues of $13.7 million were achieved, compared to $9.5 million, an increase of 44%;

  • Organic growth reached 7%, up from neutral in Q2 2022;

  • Recurring revenues from subscriptions and maintenance were $9.0 million, compared to $7.9 million, an increase of 13%;

  • Gross Profit increased 26% to $8.5 million, up from $6.7 million in the comparative period;

  • Gross Profit Margin was 62%;

  • Profit before income tax in the quarter was $1.1 million, compared to a loss before income tax of $0.2 million;

  • Adjusted EBITDA increased to $4.3 million, up 43% from $3.0 million in the prior year;

  • Adjusted EBITDA Margin was 31%;

  • Adjusted EBITDA per share rose 50% to $0.18, from $0.12 per share; and

  • The Company's Board of Directors has approved a quarterly dividend of $0.125 per common share for shareholders of record as at August 31, 2022 to be paid on September 14, 2022, which is treated as an eligible dividend under the Income Tax Act (Canada).


"Q3 2022 marked a significant milestone for Sylogist relative to the strategy and growth goals we outlined in prior quarters," commented Bill Wood, President and CEO.


"Due to the strategic investments we've made and the disciplined execution of our plan, the Company's organic growth jumped to 7% in the quarter - even more impressively, organic growth was effectively 10%, when adjusted for the previously announced strategic discounts we extended to select legacy customers. Growth occurred, and continues to be seen, across the business as we drive new bookings, expand customer wallet share and increase net revenue retention in each of our core verticals. This organic growth was achieved while maintaining a strong EBITDA margin of over 31% in the quarter and over 30% YTD; proof that our growth strategy is taking hold, we're executing to plan, and hitting our marks."


The Company hosted a conference call at 1:00 PM Eastern Time on August 11, 2022. Bill Wood, Sylogist's President and Chief Executive Officer, and Xavier Shorter, Sylogist's Chief Financial Officer, will present the Company's recent financial results and discuss the business' performance. Sylogist's management will also address questions as time allows.


Investors were invited to join the call at 1-800-319-4610 (Canada/USA Toll Free) or 1-416-915-3239. Callers are asked to join 5-10 minutes prior to the scheduled start time. The call recording and transcript can be found at sylogist.com/investors.


Download the most recent investor presentation.

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 nearly 2,000 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 best in class 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:


Bill Wood, President and CEO or Rudy Shirra, Manager, Corporate Development and Investor Relations


Sylogist Ltd. (403) 266-4808 ir@sylogist.com