- Strong Revenue Performance and Continued Execution on
Capital Allocation Strategy
TORONTO, Sept. 26,
2022 /CNW/ - Dye & Durham Limited ("Dye &
Durham" or the "Company") (TSX: DND), a leading provider
of cloud-based, efficient workflow software for legal and business
professionals, today announced its audited financial results for
the three months and twelve months ended June 30, 2022.
"Our capital allocation strategy is clearly working as
demonstrated by our significant revenue and Adjusted
EBITDA1 growth. In just two years, we have scaled the
business approximately eightfold. We've deployed a total of
$1.7 billion in capital with an
average purchase price of 16.2 times Adjusted
EBITDA1 that we have quickly compressed to 6.7
times with realized synergies," said Matt
Proud, CEO of Dye & Durham. "We continue to see new
opportunities which would extend our reach into the ecosystem
around our core business and diversify into other professional and
legal workflow markets."
Fourth Quarter Fiscal 2022 Highlights
- Revenue of $129.7 million, an
increase of $45.3 million, or 54%,
from the same period in the prior year.
- Net income of $(3.3) million, a
decrease of $9.6 million, from the
same period in the prior year.
- Adjusted EBITDA1 of $75.2
million, an increase of $26.0
million, or 53%, from the same period in the prior
year.
Fiscal 2022 Highlights
- Revenue of $474.8 million, an
increase of $265.9 million, or 127%,
from the same period in the prior year.
- Net income of $7.8 million, an
increase of $48.7 million, from the
same period in the prior year.
- Adjusted EBITDA1 of $266.9
million, an increase of $150.6
million, or 129%, from the same period in the prior
year.
Quarterly Dividend
On September 26, 2022, the
Board of Directors declared a quarterly dividend of $0.01875 per share to shareholders of record on
October 3, 2022, payable on or about
October 10, 2022.
Conference Call Notification
The Company will hold a conference call to discuss its business
later today, Monday, September 26,
2022, at 5:00 p.m. ET hosted
by senior management. A question-and-answer session will follow the
corporate update.
DATE: Monday, September 26,
2022
TIME: 5:00 p.m. ET
DIAL-IN NUMBER: (416) 764-8659 or (888) 664-6392
REFERENCE NUMBER: 44744867
TAPED REPLAY: (416) 764-8677 or (888) 390-0541
REPLAY CODE: 744867#
This call is being webcast and can be accessed by going to:
https://app.webinar.net/kaxXzyl5Odw
- Represents a non-IFRS measure. 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. For the
relevant definition, see the "Non-IFRS Financial Measures" section
of this press release. Management believes non-IFRS measures,
including Adjusted EBITDA, provide supplementary information to
IFRS measures used in assessing the performance of the business.
Please see "Cautionary Note Regarding Non-IFRS Measures" and
"Select Information and Reconciliation of Non-IFRS Measures" in the
Company's most recent Management's Discussion and Analysis, which
is available on the Company's profile on SEDAR at www.sedar.com,
for further details on certain non-IFRS measures, including
relevant reconciliation of Adjusted EBITDA to its most directly
comparable IFRS measure, which information is incorporated by
reference herein.
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.
The Company's definitions of non-IFRS measures may not be the same
as the definitions for such measures used by other companies in
their reporting. Non-IFRS measures have limitations as analytical
tools. 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" (both
as defined below), to provide investors with supplemental measures
of its operating performance and to eliminate items that have less
bearing on operating performance or operating conditions and thus
highlight trends in its core business that may not otherwise be
apparent when relying solely on IFRS financial measures. The
Company believes that securities analysts, investors, and other
interested parties frequently use non-IFRS financial measures in
the evaluation of issues.
Please see "Cautionary Note Regarding Non-IFRS Measures" and
"Select Information and Reconciliation of Non-IFRS Measures" in the
Company's most recent Management's Discussion and Analysis, which
is available on the Company's profile on SEDAR at www.sedar.com,
for further details on certain non-IFRS measures, including
relevant reconciliations of each Non-IFRS measure to its most
directly comparable IFRS measure, which information is incorporated
by reference herein.
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 may contain forward-looking information and
forward-looking statements within the meaning of applicable
securities laws, which reflects the Company's current expectations
regarding future events, including with respect to the Company's
financial outlook and business strategy. In some cases, but not
necessarily in all cases, forward-looking statements can be
identified by the use of forward looking terminology such as
"plans", "targets", "expects" or "does not expect", "is expected",
"an opportunity exists", "is positioned", "estimates", "intends",
"assumes", "anticipates" or "does not anticipate" or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might", "will" or "will
be taken", "occur" or "be achieved". In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances contain forward-looking
statements. Forward-looking statements are not historical facts,
nor guarantees or assurances of future performance but instead
represent management's current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Specifically, statements regarding Dye & Durham's
expectations of future results, performance, prospects, the markets
in which we operate, or about the any future intention with regard
to its business and acquisition strategies is forward-looking
information. The forward-looking information is based on
management's 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 and Analysis for the fourth quarter and
year ended June 30, 2022. While these
opinions, estimates and assumptions are considered by Dye &
Durham to be appropriate and reasonable as of the date of this
press release, they are subject to known and unknown risks,
uncertainties, assumptions and other factors that may cause the
actual results, levels of activity, performance, or achievements to
be materially different from those expressed or implied by such
forward-looking information.
The forward looking information is subject to significant risks
including, without limitation: that the Company will be unable to
effectively execute against its key strategic growth priorities;
the Company will be unable to continue to retain and grow its
existing customer base and market share; risks related to the
Company's business and financial position; that Dye & Durham
may not be able to accurately predict its rate of growth and
profitability; risks related to economic and political uncertainty;
income tax related risks; and those risk factors discussed in
greater detail under the "Risk Factors" section of the Company's
most recent annual information form, which is available under Dye
& Durham's profile on SEDAR at www.sedar.com. Many of
these risks are beyond the Company's control.
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. Although the Company has attempted to identify
important risk factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other risk factors not presently known to the Company
or that the Company presently believes are not material that could
also cause actual results or future events to differ materially
from those expressed in such forward-looking information. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. No forward-looking statement is a
guarantee of future results. Accordingly, you should not place
undue reliance on forward-looking information, which speaks only as
of the date made. The forward-looking information contained in this
press release represents Dye & Durham's expectations as of the
date specified herein, and are subject to change after such date.
However, 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.
All of the forward-looking information contained in this press
release is expressly qualified by the foregoing cautionary
statements.
SOURCE Dye & Durham Limited