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 | $0.16 | |
*See Management Discussion and Analysis for definition and adjustments applied to Adjusted EBITDA, and the definition of Backlog
Other Financial Highlights |
|
Revenue Analysis | | | | | |
| Three Months Ended March 31, 2023 | Three Months Ended Dec 31, 2022 | % QoQ Change | Three Months Ended March 31, 2022 | % YoY Change |
Cloud Subscriptions ($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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