Mr. Matthew Proud reports
DYE & DURHAM REPORTS SECOND QUARTER FISCAL 2024 FINANCIAL RESULTS
Dye & Durham Ltd. has released its financial results for the three and six months ended Dec. 31, 2023.
"We continued to build momentum this quarter, with double-digit revenue growth supported by our strong and growing base of annual contracted revenue," said Dye & Durham chief executive officer Matthew Proud. "We have made significant progress on our business performance plan and further enhanced our capital structure. As a result of our exciting new product launches, the success of our refreshed go-to-market strategy and our disciplined approach to managing cost, we are strongly positioned to grow organic revenue while continuing to reduce our leverage ratio to less than four times total net debt to adjusted EBITDA."
Contracted revenue
The company has two sources of contracted revenue:
- Annual recurring revenue (ARR), which includes revenues from subscriptions and revenue from minimum spend contracts. ARR was $112-million of total revenue, which was 27 per cent of total revenue as of Dec. 31, 2023. This is nearly doubling the 16 per cent at the same point in the prior year.
-
Other contracted revenue includes revenue from contracted overages and other service agreements. As of Dec. 31, 2023, this amounted to $93-million.
In total, the company's annual contracted revenue was $203-million, or 49 per cent of total revenue as of Dec. 31, 2023.
Second quarter fiscal 2024 highlights:
-
Revenue of $110.2-million, up 17 per cent from the same period in the prior year, taking into consideration the divestiture of TM Group (TMG) on Aug. 3, 2023. The comparative period revenue in fiscal 2023 included an additional $12.5-million of revenue from TMG. Revenue grew 3 per cent, including the impact of TMG in the comparative period.
- Net loss for the current quarter was $34.8-million, remaining relatively stable compared with the equivalent period in the prior year.
-
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $60-million, an increase of $2.4-million, or 4 per cent, from the same period in the prior year, despite the loss of contributed adjusted EBITDA from the TM Group in the prior year.
Quarterly dividend
On Feb. 13, 2024, the board of directors declared a quarterly dividend of 1.875 cents per share to shareholders of record on Feb. 21, 2024, payable on or about Feb. 28, 2024.
Conference call notification
The company will hold a conference call to discuss its business later today, Tuesday, Feb. 13, 2024, at 8 a.m. ET, hosted by senior management. A question-and-answer session will follow the corporate update.
Date: Tuesday, Feb. 13, 2024
Time: 8 a.m. ET
Traditional dial-in number: 416-764-8659 or 888-664-6392
Reference No.: 57043673
Taped replay: 416-764-8677 or 888-390-0541
Replay code: 043673 followed by pound key
This call is being webcast and can be accessed on-line.
About Dye & Durham
Ltd.
Dye & Durham provides premier practice management solutions empowering legal professionals every day, delivers vital data insights to support critical corporate transactions, and enables the essential payments infrastructure trusted by government and financial institutions. The company has operations in Canada, the United Kingdom, Ireland, Australia and South Africa.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.