TORONTO, Sept. 16,
2022 /CNW/ - Dye & Durham Limited (TSX: DND)
("Dye & Durham" or the "Company"), a leading provider of
cloud-based, efficient workflow software for legal and business
professionals, today announced its preliminary unaudited financial
results1 for the three-month ("Q4 FY 2022") and
twelve-month ("FY 2022") periods ended June
30, 2022.
- For Q4 FY 2022, management expects revenue to be approximately
$129 million, up 53% compared to the
same period in fiscal 2021, and Adjusted EBITDA2 (as
defined below) to be approximately $75
million, up 53%3, compared to the same period in
fiscal 2021.
- For FY 2022, management expects revenue to be approximately
$475 million, up 127% compared to the
same period in fiscal 2021, and Adjusted EBITDA2 (as
defined below) to be approximately $267
million, up 129%3, compared to the same period in
fiscal 2021.
Dye & Durham will hold a conference call to discuss its Q4
FY 2022 audited results on Monday, September
26, 2022, at 5:00 p.m. ET. The
call will be hosted by Matt Proud,
Chief Executive Officer, and Frank Di
Liso, Chief Financial Officer, followed by a
question-and-answer period. Dye & Durham will report its
financial results after markets close and prior to the call that
same day.
CONFERENCE CALL DETAILS
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
An archived replay of the webcast will be available for 90 days
by clicking the link above.
1)
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These figures are
preliminary and are inherently uncertain due to a number of
factors, and remain subject to the Company's management's and Audit
Committee's reviews and the completion of regular financial closing
and review procedures and audit procedures for Q4 FY 2022 and FY
2022. These figures should not be viewed as a substitute for
audited financial statements prepared in accordance with generally
accepted accounting principles. Additional adjustments to the
preliminary figures presented above may be identified, and final
results for the relevant fiscal periods may differ materially from
these preliminary figures and will not be finalized until after the
Company completes its normal year-end accounting procedures,
including execution of internal controls over financial
reporting. These preliminary figures are intended to provide
information about management's current expectations regarding
certain aspects of Dye & Durham's financial performance.
Reliance on the information presented herein may not be appropriate
for other purposes.
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2)
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Represents a non-IFRS
measure. 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.
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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, which information is incorporated by
reference herein.
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3)
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The increases in
Adjusted EBITDA during Q4 FY 2022 and FY 2022 are primarily due to
increased revenue from price adjustment synergies and acquisitions
completed in the previous twelve months.
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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,
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
preliminary estimates for revenue and Adjusted EBITDA for Q4 FY
2022 and FY 2022 are considered forward-looking information. The
foregoing are provided for the purpose of presenting information
about management's current expectations and plans relating to the
future and allowing investors and others to get a better
understanding of the Company's anticipated financial position,
results of operations, and operating environment.
This forward-looking information is based on management's
opinions, estimates and assumptions that, while considered by Dye
& Durham to be appropriate and reasonable as of the date of
this press release, 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. Management's estimates of revenue and
Adjusted EBITDA for Q4 FY 2022 and FY 2022 as set out above are
subject to significant risks including, without limitation: risks
related to the Company's business and financial position; risks
related to changes and adjustments to these preliminary estimates
resulting from the Company's management's and Audit Committee's
reviews and/or regular financial closing and review procedures and
audit procedures; 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 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