Business
Sylogist Reports Strong Q2 Fiscal 2022 Results Growth Accelerates with Record Revenue and Continued Profitability, Dividend Declared
Calgary, Alberta--(Newsfile Corp. - May 12, 2022) - Sylogist Ltd. (TSX: SYZ) ("Sylogist" or ...
About this update from Sylogist Ltd.
[{"type":"text","content":"Sylogist Reports Strong Q2 Fiscal 2022 Results Growth Accelerates with Record Revenue and Continued Profitability, Dividend DeclaredCalgary, Alberta--(Newsfile Corp. - May 12, 2022) - Sylogist Ltd. (TSX: SYZ) (\"Sylogist\" or the \"Company\"), a leading public sector SaaS company, is pleased to announce its unaudited financial results for the second quarter of the 2022 fiscal year, ended March 31, 2022.Q2 2022 Highlights (all comparisons are to Q2 of Fiscal 2021, unless otherwise noted)Revenues of $13.1 million, compared to $8.9 million, an increase of 48%;Recurring revenues from subscriptions and maintenance reached $8.7 million, compared to $7.0 million, an increase of 24%;Gross Profit of $8.4 million, compared to $6.3 million, an increase of 35%;Gross Profit Margin of 64%, compared to 71%;Profit before income tax of $1.0 million, compared to $1.7 million; Adjusted EBITDA of $3.9 million, compared to $4.4 million;Adjusted EBITDA Margin of 30%, compared to 50%;Adjusted EBITDA per share of $0.16 per share, compared to $0.18 per share;The Company's Board of Directors has approved a quarterly dividend of $0.125 per common share for shareholders of record as at May 31, 2022 to be paid on June 15, 2022, which is treated as an eligible dividend under the Income Tax Act (Canada). \"We are very pleased with our results this quarter,\" commented Bill Wood, President and CEO of Sylogist. \"After a year plus of headwinds from COVID-19, and again from the Omicron variant surge in Q1 and early Q2, we turned a corner in the back half of the 2nd quarter and drove material organic growth. Notably, our organic revenue growth rate rose significantly in Q2, reaching neutral after a number of negative quarters, as projects ramped up and nearly $3 million in additional bookings were signed. We maintained strong profitability, with a 30% EBITDA margin in the quarter, all pointing to our results tracking to plan.\"Based on the positive activity we're seeing, including within our three recent acquisitions, strategic initiatives taking hold, a sizeable and growing backlog, and an aligned, expanded and motivated team in place, we see acceleration continuing and a sight line to organic growth in the high single digits through fiscal 2022, while maintaining the Rule of 40 posture, as we expected.\"The Company will host a conference call at 1:00 PM Eastern...