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Sylogist Announces 22% Organic Growth and 32% EBITDA Margin for the Quarter, Releases Year-End Audited Financials
Calgary, Alberta--(Newsfile Corp. - March 23, 2023) - Sylogist Ltd. (TSX: SYZ) ("Sylogist" or t...
About this update from Sylogist Ltd.
[{"type":"text","content":"Sylogist Announces 22% Organic Growth and 32% EBITDA Margin for the Quarter, Releases Year-End Audited FinancialsCalgary, 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 MeasuresThree Months Ended Dec 31, 2022Three Months Ended Dec 31, 2021% YoY ChangeRevenue ($M)$15.3$12.622%Cloud Subscriptions ($M)$6.0$5.314%Maintenance & Support ($M)$3.7$3.56%Gross Profit ($M)$9.7$8.119%Gross Profit Margin63%65%Profit Before Income Tax ($M)$0.2$0.2- Non-IFRS Measures1Three Months Ended Dec 31, 2022Three Months Ended Dec 31, 2021% YoY ChangeRevenue Backlog ($M)$30.3$26.017%Adjusted EBITDA ($M)$4.9$3.731%Adjusted EBITDA Margin32%30%Adjusted EBITDA per Share$0.20$0.1625% (1) See Management's Discussion and Analysis for definition and adjustments applied to Adjusted EBITDA, and the definition of Backlog.Other Financial H...