- 300% revenue growth in the third quarter vs. the same period
last year
- 267% Adjusted EBITDA in the third quarter vs. the same period
last year
TORONTO, May 12, 2021 /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 and nine months
ended March 31, 2021.
"The Company's strong financial performance and growth in the
third quarter demonstrate our ability to successfully execute on
our acquisition strategy", said Matt Proud, CEO of Dye &
Durham. "During the quarter we made significant progress on
integration and realizing synergies from recent acquisitions, which
we expect will continue to drive even stronger financial results in
the current quarter".
Third Quarter Fiscal 2021 Highlights
- The Company generated third quarter fiscal 2021 revenue of
$68.9 million, representing an
increase of 300% compared to the same period in fiscal 2020.
- The Company recorded a net loss of $10.6 million in
the third quarter of fiscal 2021, compared to a net loss
of $1.3 million for the same period in fiscal 2020. The
increase in net loss is primarily attributable to the financing
costs associated with recent financings.
- Adjusted EBITDA was $37.6 million in the third
quarter of fiscal 2021, representing a 267% increase compared
to $10.3 million in its third quarter of fiscal
2020.
- Completed the third quarter in a strong financial position with
access to over $1.0 billion in
capital to execute on its acquisition growth strategy.
- On February 5, 2021, the Company
signed a definitive agreement to acquire all issued and outstanding
shares of GlobalX Pty Ltd for total consideration of approximately
$166.0 million. The transaction is
expected to close toward the end of the fourth quarter of the
current fiscal year.
- On January 8, 2021, the Company
completed the acquisition of SAI Global's Property Division in
Australia for total cash
consideration of $89.0 million. This
acquisition creates a significant footprint into the Australian
market for Dye & Durham and provides a platform to build a
larger Australian business through future acquisitions.
Quarterly Dividend
On May 11, 2021, the Board of Directors declared a
quarterly dividend of $0.01875 per share to shareholders of
record on June 11, 2021.
Conference Call Notification
The Company will hold a conference call to discuss its business
on Wednesday, May 12, 2021, at 8:30 a.m. ET hosted
by senior management. A question-and-answer session will follow the
corporate update.
CONFERENCE CALL
DETAILS
|
DATE:
|
Wednesday, May 12,
2021
|
TIME:
|
8:30 a.m.
ET
|
DIAL-IN
NUMBER:
|
(416) 764-8659 or
(888) 664-6392
|
TAPED
REPLAY:
|
(416) 764-8677 or
(888) 390-0541
|
REFERENCE
NUMBER:
|
58610233 (Live call);
610233# (Taped replay)
|
This call is being webcast and can be accessed by going to:
https://produceredition.webcasts.com/starthere.jsp?ei=1460023&tp_key=ba4a14de40
An archived replay of the webcast will be available for two
weeks by clicking the link above.
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:
Adjusted EBITDA
Adjusted EBITDA adjusts EBITDA (net income (loss) before
amortization and depreciation expenses, finance and interest costs,
and provision for income taxes 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, 2021 (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
for the year ended June 30, 2020 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