Business
Sylogist Releases Q4 2022 Financials, Provides Business Update, Declares New Dividend
Calgary, Alberta--(Newsfile Corp. - November 14, 2022) - Sylogist Ltd. (TSX: SYZ) ("Sylogist...
About this update from Sylogist Ltd.
[{"type":"text","content":"Sylogist Releases Q4 2022 Financials, Provides Business Update, Declares New DividendCalgary, Alberta--(Newsfile Corp. - November 14, 2022) - Sylogist Ltd. (TSX: SYZ) (\"Sylogist\" or the \"Company\"), a leading public sector SaaS company, is pleased to announce its unaudited financial results for Q4 2022 (ended September 30), as well as to provide updates on growth investments and a revised capital allocation strategy. Audited five-quarter financials will follow the Company's new December 31 year end.Executive SummaryQ4 2022 Financial Highlights: Growth momentum continued with revenue of $14.2 million, up 4% from Q3. New bookings are notable, with the Company achieving $12.1 million in bookings during the quarter.Expanding Investment in Primary Growth Initiatives: Sylogist is making compelling investments to further create value across its core government, education, and nonprofit verticals, and rolling out a new brand strategy to emphasize its offerings and areas of focus.Capital Allocation Strategy: The Board has decided to materialize the Company's self-funding capabilities. Sylogist will continue investing in its primary platforms and go-to-market capabilities to expand its footprint while steadily amassing readily deployable capital. Given Sylogist's investments in its platform and M&A pipeline, the Company is confident in its ability to attractively redeploy capital for a foreseeable period. Sylogist has therefore declared a new quarterly dividend of $0.01 per share. Sylogist also intends to make a Normal Course Issuer Bid, subject to TSX approval.Q4 2022 Financial Highlights (all comparisons are to Q4 of Fiscal 2021, unless otherwise noted)IFRS MeasuresQ4 2022Q4 2021YoY ChangeRevenue ($M)$14.2$10.832%Recurring Subscription & Maintenance Rev ($M)$9.2$8.84%Gross Profit ($M)$8.9$8.011%Gross Profit Margin62%74%Profit Before Income Tax ($M)1$0.6$1.9(68%) (1) Profit before income tax decrease due primarily to non-cash depreciation charges related to acquisitions, and increased go-to-market spendNon-IFRS Measures2Q4 2022Q4 2021YoY ChangeRevenue Backlog ($M)$30.6$26.018%Adjusted EBITDA ($M)$4.1$4.8(14%)Adjusted EBITDA Margin29%44%Adjusted EBITDA per Share$0.17$0.20(15%) Other Financial HighlightsNew bookings of $12.1 million, including SaaS subscription contracts with a total value of $5.9 million, and $6.2 mil...