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Dye & Durham Reports First Quarter Fiscal 2025 Financial Results

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Revenue up 5% to $120 million in Q1 FY2025, taking into consideration the TM Group divestiture ARR1,2 up 43% to $156 million, representing 32% of total revenue Leveraged Free Cash Flow1 of $28 million and net cash by operating activities of $48 million in Q1 FY2025

TORONTO, Nov. 7, 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 months ended September 30, 2024.

“Our business is performing well and remains on track,” said Matthew Proud, CEO of Dye & Durham. “We have demonstrated another quarter of organic revenue growth, strong growth in ARR, low churn and a year-over-year improvement in leveraged free cash flow of $35 million. Even more exciting than what we’ve accomplished, is our current trajectory. As macroeconomic conditions improve, we are seeing early signs of accelerated growth into Q2 FY2025. We remain focused on expanding our platform to support organic growth and market leadership.”

First Quarter Fiscal 2025 Highlights
(Comparison periods in each case are to the three months ended September 30, 2023)

Revenue was up 5% to $119.9 million, taking into consideration the TM Group divestitureOrganic Revenue Growth Rate1, 4 of 5.3% taking into consideration the impact of revenue adjustments; excluding this, the growth rate was 1.0%Annual Recurring Revenue2 was up 43% to $156.0 million, representing 32% of total revenue3Net loss of $9.3 million compared to a net loss of $13.5 in the equivalent period in the prior fiscal yearAdjusted EBITDA1 of $65.9 millionLeveraged Free Cash Flow1 of $28.2 million, an increase of $34.5 million compared to equivalent period in the prior fiscal yearNet cash provided by operating activities of $47.7 million, an increase of $5.1 million compared to equivalent period in the prior fiscal year

The Company continues to work towards reducing its net debt1 to Adjusted EBITDA1 ratio to below 4x. As a result of strong cash flows in Q1 FY2025, the Company made a voluntary prepayment of $20 million towards its term loan facility, an amount that exceeds its mandatory annual prepayment requirements by approximately four times.

Quarterly Dividend
On November 7, 2024, the Board of Directors approved a dividend for the three months ending September 30, 2024, in the amount of $0.01875 per common share, to be paid on or about November 21, 2024, to holders of common shares of record as of the close of business on November 14, 2024.

Conference Call Notification 
The Company will hold a conference call to discuss its business later today, Thursday, November 7, 2024, at 5:00 p.m. ET hosted by senior management. A question-and-answer session will follow the corporate update.

DATE: Thursday, November 7, 2024
TIME: 5:00 p.m. ET
RAPIDCONNECT: 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/4eR3QW2

TRADITIONAL DIAL-IN NUMBER: (416) 945-7677 or (888) 699-1199
TAPED REPLAY: (289) 819-1450 or (888) 660-6345
REPLAY CODE: 41112#

This call is being webcast and can be accessed by going to: https://app.webinar.net/bjagWZ4e56P.

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 their 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 September 30, 2024.

3)    Excluding TM Group financial results.

4)    Organic Revenue Growth Rate is calculated by the total revenue in the current quarter period (excluding the pre-acquisition quarterly revenue of those acquisitions executed in the last twelve month period from September 30, 2024 and discontinued businesses) divided by the total revenue in the prior quarter period (excluding discontinued businesses). Below is a reconciliation of Organic Revenue to Revenue. The revenue adjustment was primarily related to the recognition impacts of entering into new three-year contracts following acquisitions made in the preceding 12 month period.

Organic Revenue Reconciliation

Q1 FY2025

Q1 FY2024

Revenue

119.9

120.1

TM Group Pre-Divestiture

6.0

Pre-Acquisition Reporting Results5

4.9

Organic Revenue1

115.1

114.1

Net Revenue Adjustment

1.2

6.3

Organic Revenue Net of the Impact of Revenue
Adjustments1

113.8

107.9

Organic Revenue Growth Rate4

1 %

Organic Revenue Growth Rate Net of the Impact of
Revenue Adjustments4

5 %

5)    Pre-acquisition quarterly revenue of those acquisitions executed in the last twelve months period and discontinued businesses.

Adjusted EBITDA Reconciliation

Q1 FY2025

Q1 FY2024

Loss for the Period

(9.3)

(13.5)

Amortization, Depreciation and Impairment

40.0

39.6

Finance Costs

20.7

35.1

Income Tax Recovery

0.6

(2.6)

EBITDA1

52.0

58.6

Loss on Assets Held for Sale

0.2

Stock-Based Compensation6

5.2

3.5

Acquisition, restructuring and other costs7

7.9

6.1

Salaries Synergies8

0.8

0.3

Adjusted EBITDA1

65.9

68.7

6)    Stock-based compensation represents expenditures recognized in connection with stock options issued to employees and directors and cash settled share appreciation rights issued to directors and other related costs.

7)    Acquisition, restructuring, and other costs relates to professional fees and integration costs incurred in connection with acquisition, divesture, listing and reorganization related expenses. Restructuring expenses mainly represent employee exit costs as a result of synergies created due to business combinations and organizational changes and are expected to be paid within the fiscal year.

8)    Salaries synergies relates to the impact of the full period of cost synergies related to the actual or planned reduction of employees in relation to acquisitions.

Leveraged Free Cash Flow Reconciliation

Q1 FY2025

Q1 FY2024

Net Cash Provided by Operating Activities

47.7

42.6

Additions to Intangible Assets

(4.1)

(11.1)

Purchases of Property and Equipment

(1.7)

(0.5)

Net Interest Paid

(11.9)

(36.1)

Payments for Lease Obligations

(1.7)

(1.2)

Leveraged Free Cash Flow1

28.2

(6.3)

About Dye & Durham

Dye & Durham Limited provides premier practice management solutions empowering legal professionals every day, delivers vital data insights to support critical corporate and property 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.

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”, “Adjusted EBITDA”, “Leveraged Free Cash Flow” and “Organic Revenue Growth Rate” (each 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’s management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period. 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.sedarplus.ca, 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 including change in fair value of the Company’s convertible debentures, loss on settlement of loans and borrowings, realized loss on derivatives, gains or losses from re-financing transactions and provision for income taxes. 

Adjusted EBITDA

“Adjusted EBITDA” adjusts EBITDA for stock-based compensation expense, loss on contingent receivables and assets held for sale, specific transaction-related expenses related to acquisition, listing and reorganization related expenses, integration and operational restructuring costs. Operational restructuring costs are incurred as a direct or indirect result of acquisition activities. Operational restructuring costs include the full period impact of cost synergies related to the reduction of employees for acquisitions.

Leveraged Free Cash Flow

“Leveraged Free Cash Flow” means net cash provided by operating activities less additions to intangible assets and property (including capitalized software) less net interest paid and payments under lease arrangements.

Organic Revenue Growth Rate

“Organic Revenue Growth Rate” means total revenue in the current quarter or year-to-date period (excluding the pre-acquisition quarterly or year-to-date revenue of those acquisitions executed in the last twelve months period and discontinued businesses) (“Organic Revenue”) divided by the total revenue in the prior quarter or year-to-date period (excluding TM Group, pre-acquisition quarterly or year-to-date revenue and discontinued businesses).

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, including its debt reduction strategy and products and services. 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 any future intention with regard to its business, acquisition strategies and debt reduction strategy are forward-looking information. The foregoing demonstrates Dye & Durham’s objectives, which are not forecasts or estimates of its financial position, but are based on the implementation of its strategic goals, growth prospectus, and growth initiatives. The forward-looking information is based on management’s opinions, estimates and assumptions, including, but not limited to: (i) Dye & Durham’s results of operations continuing as expected, (ii) the Company continuing to effectively execute against its key strategic growth priorities, (iii) the Company continuing to retain and grow its existing customer base and market share, (iv) the Company being able to take advantage of future prospects and opportunities, and realize on synergies, including with respect of acquisitions, (v) there being no changes in legislative or regulatory matters that negatively impact the Company’s business, (vi) current tax laws remaining in effect and not being materially changed, (vii) economic conditions remaining relatively stable throughout the period, (viii) the industries Dye & Durham operates in continuing to grow consistent with past experience, (ix) the seasonal trends in real estate transaction volume continuing as expected, * the Company’s expectations regarding its debt reduction strategy being met, (xi) the Company being able to effectively cross-sell, and (xiii) those assumptions described under the heading “Caution Regarding Forward-Looking Information” in the Company’s Management’s Discussion and Analysis for the period ended September 30, 2024. While these opinions, estimates and assumptions are considered by Dye & Durham to be appropriate and reasonable in the circumstances 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, including in respect of acquisitions; 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 and under the heading “Risks and Uncertainties” in the Company’s most recent Management’s Discussion and Analysis, which are available under Dye & Durham’s profile on SEDAR+ at www.sedarplus.ca. 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.

Although the Company bases these forward-looking statements on assumptions that it believes are reasonable when made, the Company cautions investors that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which it operates are consistent with the forward-looking statements contained in this press release, those results of developments may not be indicative of results or developments in subsequent periods.

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 or to publicly announce the results of any revisions to any of those statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

SOURCE Dye & Durham Limited

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First season of NWSL on ION: 50 matches, 53 studio shows, 130+ hours of content, 20.5 million unique viewers

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CINCINNATI, Nov. 7, 2024 /PRNewswire/ — The first season of National Women’s Soccer League on ION broadcasts – matches and studio shows – reached more than 20.5 million total unique viewers, including 13.5 viewers unique to ION.

Scripps Sports televised Saturday night doubleheaders on ION throughout the season, a total of 50 matches – more than any other network – and 53 studio shows. ION was among the networks involved in a landmark multi-year distribution agreement announced in November 2023 that included CBS Sports, ESPN and Prime Video.

ION, the only network to have a weekly studio show with documentary-style features on players and coaches, delivered more than 130 hours of NWSL content during the season. ION is a national sports and entertainment broadcast network that reaches every U.S. TV household over-the-air and on all major pay TV and connected TV services. ION is owned by The E.W. Scripps Company (Nasdaq: SSP).

Highlights of NWSL on ION Season 1*:

ION delivered the largest female percentage audience of any network (57% of the P25-54 audience, 55% of the P2+ audience).50% of all NWSL viewers watched matches on ION, the highest percentage of all linear broadcast partners.Matches drew an average audience of 145,000 P2+ per game with a high of 234,000 on July 6 for the OrlandoKansas City match.NWSL matches on ION delivered more than 3.6 million hours of viewing across free ad-supported television (FAST) channels, including Roku, Samsung TV, LG, Vizio, Xumo, Plex, Amazon Fire TV Channels, Pluto, CW and Tablo.Scripps Sports formed more than two dozen advertising partnerships, including Capital One as presenting sponsor of NWSL on ION Saturday Night soccer.

“NWSL fans consistently showed up to watch ION every week,” Scripps Sports President Brian Lawlor said. “It was an incredible first year. We expect to continue growing the audience and helping the league grow its fan base.”

“Our matches on ION brought incredible NWSL content to fans everywhere,” said Brian Gordon, NWSL senior vice president of broadcast. “Beyond the matches, the ability to go in depth with our athletes and give them a platform to amplify their own stories helped our fans grow an even deeper affinity for the players, clubs and league. We are very proud of our collaboration with Scripps Sports and look forward to continuing our work together next season.”

*Sources for data: Nielsen L+SD national panel one-minute qualifier for reach. Data for NWSL+, Prime Video and Paramount+ is not available.

Scripps media contact: Michael Perry, (513) 259-4718, michael.perry@scripps.com
NWSL contact: Jennifer Levine, (917) 921-7806, jlevine@nwslsoccer.com

Scripps Sports serves professional and college sports leagues, conferences and teams with local market depth and national broadcast reach. Scripps Sports currently has partnerships with the Women’s National Basketball Association (WNBA), the National Women’s Soccer League (NWSL), the National Hockey League’s (NHL) 2024 Stanley Cup champion Florida Panthers, the 2023 Stanley Cup champion Vegas Golden Knights, the new Utah Hockey Club and the NCAA’s Big Sky Conference. Scripps Sports is a division of The E.W. Scripps Company (NASDAQ: SSP), a Fortune 1000 American media company. 

View original content to download multimedia:https://www.prnewswire.com/news-releases/first-season-of-nwsl-on-ion-50-matches-53-studio-shows-130-hours-of-content-20-5-million-unique-viewers-302298952.html

SOURCE The E.W. Scripps Company

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Jaime L. Cook Appointed Vice President of Operations and Market Development at Linear Integrated Systems, Inc.

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FREMONT, Calif., Nov. 7, 2024 /PRNewswire/ — Linear Integrated Systems, Inc. is pleased to announce the appointment of Jaime L. Cook as Vice President of Operations and Market Development. In this pivotal role, Ms. Cook will oversee all operational functions and spearhead market development initiatives.

Jaime Cook has been a valued member of the Linear Systems team since 2009. Before assuming her new role, Ms. Cook served as Sales Manager, Director of Sales, and VP of Operations, gaining extensive experience across multiple facets of the company. Ms. Cook brings a wealth of knowledge and expertise to her position as VP of Operations & Market Development. She holds bachelor’s degrees in Real Estate and Land Use, as well as Strategic Management. Her education, certifications, and work experience have honed her skills in strategic planning, negotiation, and relationship building—qualities that significantly contribute to her expanded responsibilities at Linear Systems.

“I’m incredibly proud to have built my career at Linear Systems and to be part of a team of exceptional individuals committed to producing the industry’s best specialty linear semiconductors while consistently meeting the highest standards of performance and reliability,” said Cook. “I am excited to expand my responsibilities, drive operational excellence, and lead efforts to explore new market opportunities.”

Cindy L. Johnson, CEO of Linear Systems, stated, “Jaime’s leadership in operations and market development is pivotal as we aim to expand our product reach and strengthen customer relationships. Her strategic vision is vital to our mission of delivering ultra-reliable JFETs and other components that enable our clients to achieve outstanding performance in their designs.”

Founded 37 years ago by John M. Hall, Cindy L. Johnson, and John H. Hall, Linear Integrated Systems, Inc. is a privately held designer and manufacturer of small-signal discrete semiconductors based in Fremont, CA. John H. Hall, a co-founder of Intersil and the founder of Micro Power Systems, brought significant expertise and innovation to the company.

Linear Systems offers a diverse product line, including Dual JFET Amplifiers, Single JFET Amplifiers, JFET Switches, DMOS High Speed Switches, Low Leakage Diodes, Current Regulating Diodes, Bipolar Transistors, MOSFETs, Voltage Controlled Resistors and BIFET Amplifiers. Visit www.linearsystems.com to download our 2024 Data Book, Cross Reference Guide, datasheets, SPICE models, application notes, and more.

Stay connected and join our growing LinkedIn community for updates and insights. You can also follow us on YouTube, Facebook, Instagram and X.

Contact:
Laura Madonna

laura@linearsystems.com
Phone: (510) 490-9160
Website: www.linearsystems.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/jaime-l-cook-appointed-vice-president-of-operations-and-market-development-at-linear-integrated-systems-inc-302298015.html

SOURCE Linear Integrated Systems

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Mammotome Introduces the First Ever, Single Insertion, Spring-Loaded Core Biopsy System

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CINCINNATI, Nov. 7, 2024 /PRNewswire/ — Mammotome is excited to unveil the Mammotome AutoCore™ Single Insertion Core Biopsy System, the first automated spring-loaded core needle device on the market.1 This innovative launch highlights the company’s unwavering dedication to pioneering breast biopsy technology and improving patient care.

The Mammotome AutoCore™ system offers significant advantages over traditional core needle devices, saving valuable time for physicians and improving the patient experience.2 Developed with efficiency and ergonomics in mind, the single insertion design simplifies ultrasound-guided biopsies by reducing procedural steps.3,4

The system features single-button functionality with automated arming, allowing the user to perform all sampling steps with one button. This eliminates manual arming and enables easy one-handed operation. Designed for touchless tissue transfer, samples are automatically collected in a clear, illuminated cup positioned in front of the user’s hand. A wiper arm moves each sample from the aperture to the cup, eliminating the need to remove and reinsert the needle between samples. Once all samples are obtained, the tissue collection cup can be removed and placed directly into formalin. This innovation reduces procedural steps and time while allowing physicians to maintain visual focus on the lesion, ensuring precise sampling.2,3,4

“Mammotome is dedicated to providing innovative solutions that improve the biopsy experience for both patients and physicians,” said Karen Isaacs, Vice President of Engineering and R&D at Mammotome. “The Mammotome AutoCore™ system is the first core needle device of its kind, bringing in a new era of efficiency for ultrasound core needle breast biopsies. The launch of this device is a testament to our ongoing dedication to innovation and excellence in breast care.”

The Mammotome AutoCore™ system is now FDA cleared in the United States and will be available to clinicians domestically in early 2025, with plans to expand to other select countries across the globe.

To learn more about the Mammotome AutoCore™ system, click here.

About Mammotome
At Mammotome, our expertise and compassion for breast care makes us the indispensable partner to physicians, clinicians and patients. Our drive for innovation is rivaled only by our compassion for the people we serve, from the clinicians and surgeons who demand consistently precise solutions, to the patients and families seeking peace of mind. We boast a comprehensive range of products that create better outcomes in breast care and provide physicians and patients with educational resources that guide their journey. Headquartered in Cincinnati, Ohio, Mammotome is proud to be a part of Danaher. Danaher is a global science and technology leader. Together we combine our capabilities to accelerate the real-life impact of tomorrow’s science and technology to improve human health. The Mammotome brand of products is sold in over 65 different countries throughout the world.

Automated means automatic arming and tissue collection at the press of a button.As compared to market leading, spring-loaded core needle or multiple insertion devices. Based on IFU analysis in ultrasound-guided breast biopsy procedures. Total procedure steps savings based on biopsy procedure taking five tissue samples including setup and post-procedure steps. On average, based on internal study using varied customer tissue handling techniques. Tissue handling techniques determined by user interviews. 

View original content to download multimedia:https://www.prnewswire.com/news-releases/mammotome-introduces-the-first-ever-single-insertion-spring-loaded-core-biopsy-system-302298945.html

SOURCE MAMMOTOME

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