Revenue up 15% to $120 million in Q4 FY2024 and up 14% to $452 million for FY2024, taking into consideration the TM Group divestiture
Leveraged free cash flow1 of $32 million in Q4 FY2024
Adjusted EBITDA1 up 5% to $69 million in Q4 FY2024 and up 6% to $258 million in FY2024
TORONTO, Sept. 4, 2024 /CNW/ - Dye & Durham Limited ("Dye & Durham" or the "Company") (TSX:DND), one of the world's largest providers of cloud-based legal practice management software, today announced its financial results for the three and twelve months ended June 30, 2024.
"We continue to see strong business momentum, with notable ARR growth and solid free cash flow," said Dye & Durham CEO Matthew Proud. "Our focus on enhancing platform functionality for our customers is reinforcing our market leadership position, and we're pleased with the robust organic growth we're achieving, while reducing our leverage ratio."
"The Company is well-positioned to grow across its tens of thousands of customers who are looking for streamlined workflows delivered through centralized dashboards with single-sign-on and software interoperability," said Frank Di Liso Dye & Durham's CFO. "Over the last two fiscal years we have made significant investments in organic product enhancements focused on delivering on the above mentioned strategy. The results of this quarter and fiscal year 2024 validate that our investment is now paying off."
For the three months ended June 30, 2024 the Company's leveraged free cash flow was the strongest quarter on record. Furthermore, the Company has achieved its strongest quarterly revenue performance to date and its second strongest adjusted EBITDA performance to date, taking into consideration the TM Group divestiture.
Fourth Quarter Fiscal 2024 Highlights(Comparison periods in each case are the three months ended June 30, 2023)
Revenue was up 15% to $120.1 million taking into consideration the TM Group divestiture
Organic revenue growth rate1,4 of 8%
Annual Recurring Revenue2 was up 74% to $136.7 million, representing 29% of total revenue3
Net loss was $105.2 million, down $16 million
Adjusted EBITDA3 was up 5% to $69.0 million
Leveraged Free Cash Flow of $31.7 million
Fiscal 2024 Highlights(Comparison periods in each case are the twelve months ended June 30, 2023)
Revenue was up 14% to $451.7 million taking into consideration the TM Group divestiture
Organic revenue growth rate1,4 of 3%
Net loss was $174.3 million, down $3.7 million
Adjusted EBITDA3 was up $13.7 to $257.5 million
The Company continues to work towards reducing its net debt to adjusted EBITDA ratio to below 4x.
Quarterly DividendOn September 4, 2024, the Board of Directors approved a dividend for the three months ending June 30, 2024, in the amount of $0.01875 per common share, to be paid on or about September 19, 2024, to holders of common shares of record as of the close of business on September 12, 2024.
Conference Call Notification The Company will hold a conference call to discuss its business later today, Wednesday, September 4, 2024, at 5:30 p.m. ET hosted by senior management. A question-and-answer session will follow the corporate update.
DATE: Wednesday, September 4, 2024TIME: 5:30 p.m. ETRAPIDCONNECT: To instantly join the conference call by phone, please use the following URL to easily register and be connected into the conference call automatically: https://emportal.ink/3Av2n8Z
TRADITIONAL DIAL-IN NUMBER: (437) 900-0527 or (888) 510-2154TAPED REPLAY: (289) 819-1450 or (888) 660-6345REPLAY CODE: 70070#
This call is being webcast and can be accessed by going to: https://app.webinar.net/263Zz9nNaWq
1) 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 EBITDA, Adjusted EBITDA, Leveraged free cash flow and organic revenue growth rate, provide supplementary information to IFRS measures used in assessing the performance of the business by providing further understanding of the Company's results of operations from management's perspective. 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.sedarplus.ca, for further details on certain non-IFRS measures, including the relevant reconciliations of each of Adjusted EBITDA and Leveraged free cash flow to its most directly comparable IFRS measure, which information is incorporated by reference herein. Please see the "Non-IFRS Financial Measures" section of this press release for a reconciliation of Organic Revenue to Revenue.
2) As of June 30, 2024.
3) Excluding TM Group financial results.
4) Organic Revenue Growth Rate ...
