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sylogist August 12 , 2021 Sylogist Q3 Fiscal 2021 Results : Sylogist Invests For Growth , Delivers Core Financial Performance , Dividend Declared CALGARY , August 12 , 2021 / Marketwired / - Sylogist Ltd. ( TSX : SYZ ) ( " Sylogist " or the " Company " ) , a provider of enterprise information management solutions , is pleased to announce its unaudited financial results for the third quarter of the 2021 fiscal year , ended June 30 , 2021 . Bill Wood , President and CEO of Sylogist commented , " we are very pleased with our progress this quarter . We continued to make strategic investments to accelerate the Company's growth and build capacity to enable top - line expansion . Much of this is focused on go - to - market , earning customer advocacy , and innovation . We have strategically added talent companywide , reorganized the Company to align behind shared goals and value creation , and broken down divisional silos that have existed for some time . We also have now fully transitioned to an Agile product development methodology in which we release desired features and innovation on a faster , approximately monthly , cadence . These changes will help support accelerated growth in the coming quarters , strengthen customer connections , bolster our competitive position and improve operational excellence to support both organic and inorganic expansion going forward . More specifically , we are investing in sales , marketing , and account management , with a view to enlisting and activating customer advocacy , driving high quality leads and expanding our thought leadership in the markets we serve . Happy customers and increased market awareness will drive word - of - mouth referrals and new bookings opportunities . We're beginning to see these investments translate into new wins , which is expected to drive top - line growth through the balance of this calendar year , and beyond . Critical to these efforts is attracting , motivating , and retaining top talent in an increasingly competitive market . For that reason , the Board of Directors and its Compensation Committee have approved a new employee performance management framework . This includes individual and collective goal - setting , regular feedback , individualized professional development and a companywide performance bonus plan in which employees are eligible for bonuses depending on their individual performance and that of Sylogist as a whole ; all aligned with value creation . The plan's recent approval has required us to book a retroactive , estimated $ 1.2 million bonus accrual in Q3 covering the first nine months of FY2021 . This accrual results in a one - time , outsized impact to Adjusted EBITDA in Q3 . We expect this commitment to our most valuable asset , our people , will further motivate and reward our already exceptionally strong team , while continuing to attract the best and brightest to Sylogist . As I've said on prior calls , quite simply , strategic investment in the business and our people was overdue ; and , will be our power source to take Sylogist to new heights going forward . We also maintained strong financial performance in Q3 . Although the above - mentioned investments compressed Adjusted EBITDA margins , core recurring revenue rose substantially in the wake of the MAS acquisition . This occurred despite material currency headwinds , to which we are heavily exposed , due to the vast majority of our revenue coming from the US . To illustrate the impact of FX on our Q3 numbers , total revenue would have been 9 % higher under the same USD / CAD rates as Q3 2020. In total , year to date FY2021 revenue would have been $ 1.3 million higher , representing a 5 % increase , on a YOY constant currency basis . COVID - 19 also continued to adversely affect bookings and professional services revenue , with many nonprofits delaying decisions and implementations . However , we are seeing this begin to shift , delayed deals are matriculating and we expect bookings and related project services to recover in the coming months . 1