Q2 2023 Financial Highlights
- Record revenue of
$16.7 million , up 21% Y/Y - Recurring revenue up 8%; SaaS revenues up 9% Y/Y
- Gross margin at 61%
- Adjusted EBITDA of
$4.3 million or 26% Adjusted EBITDA margin - Bookings of
$6.1 million - Backlog of
$28.9 million
“The strong results we delivered in Q2 are further evidence of the successful transformation of our business over the last two years,” commented
Sylogist’s Board of Directors approved a dividend of
The Company will host a conference call at
About
Forward-looking Statements
Certain statements in this news release may be forward-looking statements within the meaning of applicable securities laws and regulations. These statements typically use words such as expect, believe, estimate, project, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. Forward-looking information in this news release includes statements made, if any, with respect to Sylogist’s confidence in future quarters or future fiscal years. By their very nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties, both general and specific in nature. It is therefore possible that the beliefs and plans and other forward-looking expectations expressed herein will not be achieved or will prove inaccurate. Although
Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Sylogist’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
Non-IFRS Financial Measures
This news release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. These measures are provided as additional information to complement measures under IFRS by providing further understanding of the Company’s expected results of operations from management’s perspective. Accordingly, such measures should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS.
Backlog, Bookings, Adjusted EBITDA, Adjusted EBITDA Margin and Constant Currency revenue growth are non-IFRS financial measures. Backlog refers to the value of contracted revenue that is not yet recognized and includes unrecognized contracted revenues, from SaaS subscription contracts and maintenance and support contracts as well as project services revenues that have not been recognized or have not been invoiced to date but will be in future periods. Bookings are the total value of customer contracts, entered into during the reporting period, that are new, committed and incremental to our existing contracts and are inclusive of new, committed and incremental project services engagements. Adjusted EBITDA is defined as: profit for the period before stock-based compensation expense, share-based payments, foreign exchange gains or losses, interest expense, bargain purchase price on acquisitions, income taxes, acquisition-related costs, change in purchase consideration fair value, and depreciation and amortization. Adjusted EBITDA Margin refers to Adjusted EBITDA as a percentage of revenue. Constant Currency revenue growth is defined as the growth in revenue exclusive of the impact of foreign exchange rate changes.
Backlog, Bookings, Adjusted EBITDA, Adjusted EBITDA Margin, and Constant Currency revenue growth are provided to investors as alternative methods for assessing the Company’s operating results in a manner that is focused on the Company’s ongoing operations and to provide a more consistent basis for comparison between periods. These measures should not be construed as alternatives to profit or cash flow from operating activities determined in accordance with IFRS as an indicator of the Company’s performance. For further information regarding non-IFRS measures used by the Company, please refer to the Management’s Discussion and Analysis of the Company, copies of which are available on
For further information contact:
(403) 266-4808
ir@sylogist.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ba45b092-d839-4639-aa81-65e18006c36b
![](https://ml.globenewswire.com/media/OTNkZTQzMjItZWRiMy00Nzg0LWJjODUtYjRjYjdiYzhiZWE1LTExMDExMzI=/tiny/Sylogist-Ltd-.png)
Q2 2023 Financial Highlights
![](https://ml.globenewswire.com/media/ba45b092-d839-4639-aa81-65e18006c36b/medium/q2-2023-financial-highlights.jpg)
Sylogist Ltd.
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