- STRONG FINANCIAL PERFORMANCE, DESPITE CHALLENGING REAL
ESTATE MARKET
- ADJUSTED EBITDA GROWTH OF 78% TO $66.8 MILLION AND REVENUE GROWTH OF 78% TO
$122.9 MILLION
TORONTO, May 12, 2022
/CNW/ - Dye & Durham Limited ("Dye & Durham" or the
"Company") (TSX: DND), a leading provider of cloud-based
software and technology solutions designed to improve efficiency
and increase productivity for legal and business professionals,
today announced its financial results for the three months ended
March 31, 2022.
"We had a very strong quarter, despite challenging real estate
market conditions," said Matt Proud,
CEO of Dye & Durham. "We're investing significantly in our
technology platform to continue to provide enhanced value to our
customers."
Highlights
- Revenue of $122.9 million, an
increase of $54.0 million, or 78%,
from the same period in the prior year, primarily due to increased
revenue from the acquisitions that closed in the previous twelve
months and the realization of revenue synergies.
- Net income of $(7.0) million, an
increase of $3.6 million from the
same period in the prior year. The increase was primarily due to
increased operational income as a result of an increase in
revenue.
- Adjusted EBITDA1 of $66.8
million, an increase of $29.2
million or 78% from the same period in the prior year,
primarily due to the realization of revenue synergies from the
acquisitions.
Acquisition Update
This week the Australian courts approved the convening of the
Link Group shareholders meeting (Scheme Meeting) to vote on the
proposed acquisition of Link Group by Dye & Durham by way of
scheme of arrangement. Link Group also dispatched to its
shareholders this week the explanatory booklet for the Scheme
Meeting. The Scheme Meeting is currently scheduled to be held in
mid July with closing of the transaction targeted for mid August
this year.
Quarterly Dividend
On May 12, 2022, the Board of
Directors declared a quarterly dividend of $0.01875 per share to shareholders of record on
June 10, 2022, payable on
June 17,2022.
Conference Call Notification
The Company will hold a conference call to discuss its business
later today, Thursday, May 12, 2022,
at 5:00 p.m. ET hosted by senior
management. A question-and-answer session will follow the corporate
update.
CONFERENCE CALL
DETAILS
|
DATE:
|
Thursday, May 12,
2022
|
TIME:
|
5:00 p.m. ET
|
DIAL-IN
NUMBER:
|
(416) 764-8659 or (888)
664-6392
|
REFERENCE NUMBER:
|
90670854
|
TAPED
REPLAY:
|
(416) 764-8677 or (888)
390-0541
|
REPLAY
CODE:
|
670854#
|
This call is being webcast and can be accessed by going to:
https://produceredition.webcasts.com/starthere.jsp?ei=1545990&tp_key=d938d75235
1 Represents a non-IFRS measure. For the relevant
definitions, see "Non-IFRS Financial Measures" section of this
press release. Management believes non-IFRS measures, including
EBITDA and Adjusted EBITDA provide supplementary information to
IFRS measures used in assessing the performance of the
business.
Please see the Company's most recent Management's Discussion and
Analysis, which is available on the Company's profile at
www.sedar.com, for a reconciliation of these measures to their
nearest IFRS measure, which information is incorporated by
reference herein. Management believes non-IFRS measures, including
EBITDA and Adjusted EBITDA, provide supplementary information to
IFRS measures used in assessing the performance of the
business.
About Dye & Durham
Dye & Durham Limited is a leading provider of cloud-based
software and technology solutions designed to improve efficiency
and increase productivity for legal and business professionals. Dye
& Durham provides critical information services and workflows,
which clients use to manage their process, information and
regulatory requirements. The Company has operations in Canada, the United
Kingdom, Ireland and
Australia and has a strong
blue-chip customer base that includes law firms, financial service
institutions, and government organizations.
Additional information can be found at www.dyedurham.com.
Non-IFRS Measures
This press 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 are therefore
unlikely to be comparable to similar measures presented by other
companies.
Rather, these measures are provided as additional information to
complement those IFRS measures by providing further understanding
of the Company's results of operations from management's
perspective and to discuss Dye & Durham's financial outlook.
Accordingly, these measures should not be considered in isolation
nor as a substitute for analysis of Dye & Durham's financial
information reported under IFRS. The Company uses non-IFRS measures
including: "EBITDA" and "Adjusted EBITDA".
EBITDA
EBITDA means net income (loss) before amortization and
depreciation expenses, finance and interest costs, and provision
for income taxes.
Adjusted EBITDA
Adjusted EBITDA adjusts EBITDA for stock-based compensation
expense, asset impairment charges, loss on settlement of loans and
borrowings, gains or losses from changes in fair value of
derivative financial instruments and contingent consideration
liabilities measured at fair value through profit or loss, specific
transaction related expenses related to acquisitions, IPO and
capital structure reorganization, operational restructuring costs,
restructuring costs includes impact to the full year of cost
synergies related to the reduction of employees in relation to
acquisitions.
Forward-Looking Statements
This press release contains forward–looking information and
forward-looking statements (collectively, "forward-looking
information") within the meaning of applicable securities
legislation, which reflect the Company's current expectations
regarding future events. Particularly, information regarding the
Company's expectations of future results, performance, prospects or
the markets in which we operate is forward-looking information. In
some cases, forward-looking information can be identified by the
use of forward-looking terminology such as "forecast", "target",
"goal", "may", "might", "will", "expect", "anticipate", "estimate",
"intend", "plan", "indicate", "seek", "believe", "predict", or
"likely", or the negative of these terms, or other similar
expressions intended to identify forward-looking statements. In
addition, any statements that refer to expectations, intentions,
projections or other characterizations of future events or
circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates and
projections regarding future events or circumstances. Such
forward-looking information is necessarily based on a number of
opinions, estimates and assumptions, including but not limited to
those assumptions described under the heading "Caution Regarding
Forward-Looking Information" in the Company's Management's
Discussion & Analysis for the quarter ended March 31, 2022 (the "MD&A"). Forward-looking
information is subject to and entirely qualified by known and
unknown risks, uncertainties, assumptions and other factors that
may cause the actual results or performance to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to factors discussed under
the heading "Risk Factors" in the Company's Annual Information Form
dated September 28, 2021 and under
the heading "Risks and Uncertainties" in the MD&A, which are
available on the Company's profile on SEDAR at www.sedar.com. If
any of these risks or uncertainties materialize, or if the
opinions, estimates or assumptions underlying the forward-looking
information prove incorrect, actual results or future events might
vary materially from those anticipated in the forward-looking
information. Accordingly, investors should not place undue reliance
on forward-looking information, which speaks only as of the date
made. The forward-looking information contained in this news
release represents the Company's expectations as of the date of
this news release, and are subject to change after such date and
the Company disclaims any intention or obligation or undertaking to
update or revise any forward-looking information whether as a
result of new information, future events or otherwise, except as
required under applicable securities laws.
SOURCE Dye & Durham Limited