The following is a summary of the Sylogist Ltd. (SYZLF) Q2 2024 Earnings Call Transcript:
Financial Performance:
Sylogist Ltd. reported Q2 total revenue of $17.4 million, led by a 17% growth in SaaS subscription revenue.
Gross profit margin for Q2 2024 remained relatively stable at 60%.
Adjusted EBITDA for Q2 2024 increased slightly to $4.5 million, with an Adjusted EBITDA margin of 26.0%.
A significant growth in SaaS ARR, increasing by 17% year-over-year to almost $30 million.
Business Progress:
Achieved a record bookings of $12.9 million in the quarter, growing 112% year-over-year.
Reported increased momentum in strategic markets: SylogistMission, Ed, and Gov.
Partner-attached bookings made up 21% of total bookings in the quarter, exceeding expectations.
Highlighted growth in revenue per employee, which grew 7% year-over-year to $338,000.
Opportunities:
Continued focus on expanding the highly scalable SaaS ARR and targeting increasing contribution from all strategic markets, which include SylogistMission, Ed, and Gov segments.
Risks:
Transition to a partner-led delivery model leading to changes in project services revenue, which are decreasing in anticipation of an increase in higher margin SaaS ARR.
More details: SYLOGIST LTD IR
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