SYLOGIST Reports Second Quarter 2024 Results

112% Bookings increase and 17% SaaS Revenue growth further validate strong value creation upside

Q2 2024 Financial Highlights

			Revenue (in $ millions)
SaaS Subscription			Recurring			Total
Reported		Y/Y growth	Reported		Y/Y growth	Reported		Y/Y growth
$7.3		16.6%	$10.8		11.5%	$17.4		4.5%

• SaaS ARR up 17% Y/Y to $29.4 million;
• Total ARR up 11% Y/Y to $43.6 million;
• SaaS NRR of 109%;
• Bookings up 112% Y/Y and 42% Q/Q to $12.9 million;
• Adjusted EBITDA margin of 26.0% or $4.5 million;
• Gross profit margin of 60%;
• RPO of $27.8 million;
• Revenue per Employee up 7% Y/Y to $338k;
• Repurchase of 85,700 shares for $0.78 million, at an average price of $9.13.
  

CALGARY, Alberta, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Sylogist Ltd. (TSX: SYZ) ("Sylogist" or the "Company"), a leading public sector SaaS company, today announced its results for the second quarter of fiscal 2024, ended June 30, 2024.

“I am very pleased with our Q2 performance which continued to be in line with our 2024 acceleration plan,” said Bill Wood, CEO of Sylogist. “In particular, upper teens SaaS ARR growth, record bookings from new logos and cross-sells, increasing contribution from our SylogistGov and SylogistEd segments, record SaaS NRR, effective competitor displacement, and material partner involvement; all tell tales of things to come. We saw increasing momentum across the business driven by strong customer advocacy and our investments over the last 24 months to position Sylogist as a leader in the markets we serve.”

Sylogist’s Board of Directors approved a dividend of $0.01 per share for shareholders of record on August 30, 2024, to be paid on September 11, 2024. Such dividend is treated as an “eligible dividend” under the Income Tax Act (Canada).

Conference Call Details

The Company will host a conference call at 8:30 AM Eastern Time on August 8, 2024. A replay of the call will be archived in the investor section of the Company’s website.

Date: Thursday, August 8, 2024
Time: 8:30 a.m. EDT
Participant Toll-Free Dial-In Number: + 1-844-763-8274

Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=ZCvzfxK ...