Technology
WELL Health Achieves $1 Billion Annualized Revenue Run-Rate Ahead of Plan with Best Ever Quarterly EBITDA and Free Cashflow Results for Q3-2024 and Raises Annual Revenue Guidance
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WELL surpassed $1 billion annualized revenue run-rate with record revenue of $251.7 million in Q3-2024, marking a 27%(1) increase compared to Q3-2023, mainly driven by organic growth of 23%.WELL achieved record Adjusted EBITDA(2) of $32.7 million in Q3-2024, an increase of 16% as compared to Q3-2023.WELL achieved a record total of 1.5 million total patient visits in Q3-2024 an increase of 41% compared to Q3-2023 and representing 5.9 million total patient visits on an annualized run-rate basis.WELL increases its 2024 annual guidance range for revenue of $985 million to $995 million, while maintaining Adjusted EBITDA guidance to be in the upper half of $125 million to $130 million.
VANCOUVER, BC, Nov. 7, 2024 /CNW/ – WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (the “Company” or “WELL”), a digital healthcare company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce its interim consolidated financial results for the quarter ended September 30, 2024.
Hamed Shahbazi, Founder and CEO of WELL, commented, “Third quarter of 2024 was one of the best quarters in the Company’s history by just about every objective and important metric. WELL delivered record quarterly performances for revenue, Adj EBITDA, free cashflow, patient visits and organic growth in the third quarter. We are also pleased to report that we surpassed $1 billion in annualized revenue run-rate, one quarter ahead of our previously stated plan. Record results were driven by our Canadian Patient Services business which delivered robust revenue growth of 35% YoY. Our current pipeline of acquisitions, which includes 17 signed LOIs and definitive agreements pending close, is the strongest we’ve had representing over $100 million in revenues with a heavy emphasis on our Canadian lines of business. As of the end of Q3-2024, WELL proudly supports a network of over 4,000 providers and clinicians delivering care through our physical and virtual clinics. We also continue to evolve and innovate our clinical offerings and are pleased to announce that this past week we launched a new weight care and GLP-1 offering in Canada on our Tia Health virtual care platform. This is just the beginning as we are excited about innovating and delivering superior patient outcomes for Canadians in this category. I am proud to raise our 2024 annual revenue guidance to $985 to $995 million, not including any un-announced acquisitions. As we close out 2024, our focus remains on enhancing profitability as we are projecting a healthy year-over-year increase in free cash flow to shareholders this year. We are a very healthy and growing Company and getting stronger as we are on track to deliver record revenue, Adjusted EBITDA, and Adjusted Net Income for 2024, while boosting cash flow, reducing debt, minimizing net share issuances to the lowest yearly rate ever, and reflecting significant reductions in earnout payments.”
Mr. Shahbazi further added, “Both of WELL’s US based virtual care platforms, Wisp and Circle Medical continue to outperform with Wisp experiencing 35% revenue growth in Q3-2024 versus Q3-2023 and recently successfully launching their weight care and GLP-1 offering in 20 states. Also, Circle Medical achieved 61% year-over-year quarterly revenue growth while maintaining profitability. The strategic review process, including potential sale of these two assets, is continuing, and making progress.”
Eva Fong, WELL’s Chief Financial Officer, added, “Earlier this year we implemented a comprehensive cost-cutting program to support our 2024 operating plan, which is contributing to our record Adjusted EBITDA results this quarter and on a YTD basis. In Q3-2024, we generated $16.2 million in Adjusted Free Cashflow(2) available to shareholders or 6.5 cents per share and our aim is to improve on this next year. Along with these savings and strong cash flows, we are on track to reduce annual share dilution to its lowest level this fiscal year, driven in part by shifting much of our earnout payment obligations to cash and transitioning some of our employee incentive programs to be more cash-based rather than relying on share-based compensation. Additionally, we plan to sustain our share buyback program as we haven’t issued any new shares since beginning this program and continue to favour cash vs shares, as our Board of Directors believes the current share price does not fully reflect the underlying value of the Company. I am pleased to report that WELL is in a strong financial position and is able to continue funding organic growth and future acquisitions through cash flows from operations.”
Third Quarter 2024 Financial Highlights:
WELL achieved record quarterly revenue of $251.7 million in Q3-2024, an increase of 23% as compared to revenue of $204.5 million generated in Q3-2023 (or 27%(1) with reference to continuing operations). This growth was primarily driven by organic growth of 23%. Growth from acquisitions of 4% was offset by the impact from divestitures.Canadian Patient Services revenue was $78.0 million in Q3-2024, an increase of 35% as compared to $57.8 million in Q3-2023.U.S. Patient Services revenue was $158.2 million in Q3-2024, an increase of 21% as compared to $130.7 million in Q3-2023.SaaS and Technology Services revenue from continuing businesses was $15.6 million in Q3-2024, an increase of 19% as compared to $13.1 million in Q3-2023.Adjusted Gross Profit(2) was $112.3 million in Q3-2024, an increase of 19% as compared to Adjusted Gross Profit(2) of $94.2 million in Q3-2023.Adjusted Gross Margin(2) percentage was 44.6% during Q3-2024 compared to Adjusted Gross Margin(2) percentage of 46.1% in Q3-2023. The decrease in Adjusted Gross Margin(2) percentage was primarily driven by the addition of recruiting revenue from the acquisition of CarePlus, which has lower margins compared to other Patient Services and SaaS and Technology Services revenue.Adjusted EBITDA(2) was $32.7 million in Q3-2024, an increase of 16% as compared to Adjusted EBITDA(2) of $28.2 million in Q3-2023.Adjusted EBITDA to WELL shareholders(2) was $25.1 million in Q3-2024, an increase of 10% as compared to Adjusted EBITDA to WELL shareholders(2) of $22.9 million in Q3-2023.Adjusted Net Income(2) was $13.0 million, or $0.05 per share in Q3-2024, as compared to Adjusted Net Income(2) of $12.9 million, or $0.05 per share in Q3-2023.
Third Quarter 2024 Patient Visit Metrics:
WELL achieved a record 1.5 million total patient visits in Q3-2024, an increase of 41% compared to Q3-2023 and representing 5.9 million total patient visits on an annualized run-rate basis. Total patient visits were comprised of 798,000 patient visits in Canada and 682,000 patient visits in the US. Canadian patient visits increased 46% while US patient visits increased 35%, on a year-over-year basis. Growth in total patient visits over the past year was primary driven by organic growth, including the clinic absorption program as well as acquisitions.
Total Care Interactions were 2.2 million in Q3-2024, a year-over-year increase of 41% compared to Q3-2023 and representing 9.0 million Total Care Interactions on an annualized run-rate basis.
Q3-24
Q2-24
Q3-23
Q/Q
Growth
Y/Y
Growth
Y/Y Organic
Growth
Canada Patient Visits
798,000
766,000
548,000
4 %
46 %
26 %
US Patient Visits
682,000
640,000
505,000
7 %
35 %
35 %
Total Visits
1,480,000
1,406,000
1,053,000
5 %
41 %
31 %
Technology Interactions
675,000
622,000
458,000
9 %
47 %
47 %
Billed Provider Hours
88,000
84,000
81,000
5 %
10 %
10 %
Total Care Interactions(3)
2,243,000
2,112,000
1,591,000
6 %
41 %
35 %
Third Quarter 2024 Business Highlights:
On July 10, 2024, the Company announced the approval of a historic $44 million project, Health Compass II, the largest DIGITAL project ever awarded to advance AI-powered tech enablement for care providers. This initiative, led by WELL and its consortium partners, aims to enhance AI and interoperability in Canadian healthcare. As the lead commercialization partner and first customer, WELL will provide expertise and interoperability, enabling the development of new AI tools to support healthcare providers and improve patient outcomes.
On July 17, 2024, the Company announced the launch of its AI-powered co-pilot for cardiologists, powered by HEALWELL AI, to improve the detection of cardiovascular disease (CVD). This co-pilot, an extension of the WELL AI Decision Support (WAIDS) product offering, will be deployed in WELL Diagnostic Centers, Canada’s largest cardiology and medical diagnostic group, across over 40 locations in Ontario. This initiative aims to assist cardiologists in identifying high-risk patients, enhancing early detection and management of CVD.
On August 13, 2024, the Company announced that its majority-owned subsidiary, Circle Medical, surpassed a $100 million USD revenue run rate, reporting $8.87 million in revenue for July 2024, reflecting 65% year-over-year growth. Circle Medical has been profitable on an Adjusted EBITDA basis for over 2.5 years and maintains a gross margin of approximately 55%.
On August 21, 2024, the Company announced that its majority-owned subsidiary, Wisp, surpassed one million patients served and achieved a revenue run rate of over CAD$100 million, based on July 2024 results. Wisp recorded USD$6.5 million in revenue for July, reflecting 30% year-over-year growth. Wisp also launched over ten new products in 2024, expanding its offerings in fertility, menopause, and at-home testing, while preparing for additional product launches.
On September 10, 2024, the Company announced the acquisition of three primary care clinics in British Columbia and definitive agreements to acquire four diagnostic imaging clinics in Alberta. WELL also reported a Pre-Tax Unlevered ROIC of 14% for its Canadian clinics business. The Company’s acquisition pipeline includes 5 signed LOIs representing $11.8 million in revenue.
Events Subsequent to September 30, 2024:
On October 17, 2024, the Company announced the launch of a comprehensive weight care vertical by its majority-owned subsidiary, Wisp. This new service provides personalized online consultations and access to four weight care solutions, including GLP-1 medications, to support women with hormonal imbalances such as perimenopause, menopause, PCOS, and endometriosis. Wisp also introduced its first over-the-counter weight-loss supplement designed to promote women’s metabolic health, further expanding its menopause care offerings. Wisp now serves over 1.2 million patients as it continues to enhance its women’s healthcare services.
On November 4, 2024, the Company announced the acquisition of Canadian clinical assets from Jack Nathan Medical Corp. including a network of 16 owned and operated clinics, which generated revenue of over $10 million in the past 12 months. The portfolio of owned and operated clinics is expected to operate profitably on an adjusted EBITDA basis in 2025, following immediate synergies with WELL’s shared services program and application of WELL’s clinic transformation program. WELL will also acquire 62 licensee clinics that generate approximately $2.2 million annually in high margin revenue and will become the model for WELL’s new ‘Affiliate Clinic’ business stream. On closing, WELL will acquire Jack Nathan’s rights to operate medical clinics in Walmart Canada stores, creating a platform to expand its network within Walmart Canada’s footprint of over 400 Canadian locations.
Outlook:
WELL anticipates maintaining its strong performance through the remainder of 2024, with a strategic focus on enhancing operations for organic growth and profitability. The company continues to pursue capital-efficient growth opportunities while effectively managing costs to deliver robust growth and sustained cash flow to shareholders. Management is pleased to update its guidance, which includes only announced acquisitions:
Annual revenue for 2024 is projected to be in the range of $985 million to $995 million.Adjusted EBITDA(2) for 2024 is projected to be in the upper half of $125 million to $130 million.Adjusted Free Cashflow(2) available to shareholders is expected to be approximately $55 million, before the potential impact of increases in capital expenditures in Q4 and timing of tax payments. Management believes these capital expenditures to be a prudent use of cash given WELL’s strong cash flow generation.
WELL plans to advance its U.S. and Canadian Patient Services businesses through both organic and strategic growth, prioritizing capital efficiency. This approach will enable the company to optimize per share financial performance. In Canada, WELL aims to strengthen its market leadership as the nation’s premier pan-Canadian clinical network, offering a highly integrated, tech-enabled outpatient healthcare system. WELL is also committed to growing its WELL Provider Solutions or WPS business both organically and inorganically and demonstrating clear leadership in the Canadian healthcare IT landscape.
Leveraging its deep technological expertise and strategic relationship with HEALWELL AI, WELL is prioritizing investments in AI technologies, with plans to continue to develop and launch innovative products and enhancements across its provider and clinic network.
To boost operational efficiency and profitability, earlier this year WELL has implemented a cost optimization program, including staff restructuring and other cost-saving measures. The company’s strong organic growth and healthy cash flow position it well to continue executing its growth strategies while progressively reducing debt.
Conference Call:
WELL will hold a conference call to discuss its 2024 Third Quarter financial results on Thursday, November 7, 2024, at 1:00 pm ET (10:00 am PT). Please use the following dial-in numbers: 416-764-8650 (Toronto local), 778-383-7413 (Vancouver local), 1-888-664-6383 (Toll-Free) or +1-416-764-8650 (International).
The conference call will also be simultaneously webcast and can be accessed at the following audience URL: https://well.company/events.
Selected Unaudited Financial Highlights:
Please see SEDAR for complete copies of the Company’s condensed interim consolidated financial statements and interim MD&A for the quarter ended September 30, 2024.
Quarter ended
Nine months ended
September 30,
2024
June 30,
2024
September
30,
2023
September
30,
2024
September
30,
2023
$’000
$’000
$’000
$’000
$’000
Revenue
251,739
243,147
204,461
726,448
544,808
Cost of sales (excluding depreciation and amortization)
(139,487)
(135,766)
(110,225)
(404,595)
(273,580)
Adjusted Gross Profit(2)
112,252
107,381
94,236
321,853
271,228
Adjusted Gross Margin(2)
44.6 %
44.2 %
46.1 %
44.3 %
49.8 %
Adjusted EBITDA(2)
32,738
30,880
28,172
91,932
82,644
Net income (loss)
(75,752)
116,976
(4,482)
60,824
(17,125)
Adjusted Net Income (2)
12,996
12,107
12,862
46,406
41,536
Earnings (loss) per share, basic (in $)
(0.33)
0.45
(0.03)
0.19
(0.12)
Earnings (loss) per share, diluted (in $)
(0.33)
0.43
(0.03)
0.19
(0.12)
Adjusted Net Income per share, basic (in $) (2)
0.05
0.05
0.05
0.19
0.18
Adjusted Net income per share, diluted (in $)(2)
0.05
0.05
0.05
0.18
0.18
Reconciliation of net income (loss) to Adjusted EBITDA(2):
Net income (loss) for the period
(75,752)
116,976
(4,482)
60,824
(17,125)
Depreciation and amortization
17,476
17,307
15,449
51,343
44,012
Income tax expense (recovery)
1,087
(1,959)
(25)
(1,050)
2,056
Interest income
(255)
(279)
(114)
(772)
(429)
Interest expense
9,103
9,689
8,966
28,333
24,568
Rent expense on finance leases
(4,675)
(4,129)
(2,672)
(12,918)
(7,743)
Stock-based compensation
2,141
4,765
7,043
12,383
19,776
Foreign exchange gain
62
(72)
(539)
(42)
(888)
Time-based earnout expense
1,829
15
1,589
3,956
13,919
Change in fair value of investments
77,092
(116,327)
–
(53,192)
–
Gain on disposal of assets and investments
(33)
–
(7)
(11,317)
(1,524)
Share of net (income) loss of associates
1,832
(177)
102
2,719
290
Other items
–
753
–
753
1,798
Transaction, restructuring and integration costs expensed
2,831
4,318
2,862
10,912
3,934
Adjusted EBITDA(2)
32,738
30,880
28,172
91,932
82,644
Attributable to WELL shareholders
25,104
23,019
22,912
69,494
65,831
Attributable to Non-controlling interests
7,634
7,861
5,260
22,438
16,813
Adjusted EBITDA(2)
WELL Corporate
(5,368)
(5,320)
(4,933)
(15,455)
(13,914)
Canada and others
14,036
13,032
12,110
41,542
34,857
US operations
24,070
23,168
20,995
65,845
61,701
Adjusted EBITDA(2) attributable to WELL shareholders
WELL Corporate
(5,368)
(5,320)
(4,933)
(15,455)
(13,914)
Canada and others
13,743
12,645
12,044
40,635
34,352
US operations
16,729
15,694
15,801
44,314
45,393
Adjusted EBITDA(2) attributable to Non-controlling interests
Canada and others
293
387
66
907
505
US operations
7,341
7,474
5,194
21,531
16,308
Reconciliation of net income (loss) to Adjusted Net income(2):
Net income (loss) for the period
(75,752)
116,976
(4,482)
60,824
(17,125)
Amortization of acquired intangible assets
11,294
11,361
11,734
34,175
33,484
Time-based earnout expense
1,829
15
1,589
3,956
13,919
Stock-based compensation
2,141
4,765
7,043
12,383
19,776
Change in fair value of investments
77,092
(116,327)
–
(53,192)
–
Share of net (income) loss of associates
1,832
(177)
102
2,719
290
Other items
–
753
–
753
1,798
Non-controlling interest included in net income (loss)
(5,440)
(5,259)
(3,124)
(15,212)
(10,606)
Adjusted Net Income (2)
12,996
12,107
12,862
46,406
41,536
Footnotes:
Relates to revenue from continuing operations excluding the revenue impact from businesses divested in the prior periods.Non-GAAP Financial Measures
In addition to results reported in accordance with IFRS, the Company uses certain non-GAAP financial measures as supplemental indicators of its financial and operating performance. These non-GAAP financial measures include Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted EBITDA attributable to WELL Shareholders/Non-controlling interests, Adjusted Net Income, and Adjusted Net Income Per Share (basic and diluted). The Company believes these supplementary financial measures reflect the Company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
Adjusted Gross Profit and Adjusted Gross Margin
The Company defines Adjusted Gross Profit as revenue less cost of sales (excluding depreciation and amortization) and Adjusted Gross Margin as adjusted gross profit as a percentage of revenue. Adjusted gross profit and adjusted gross margin should not be construed as an alternative for revenue or net income (loss) determined in accordance with IFRS. The Company does not present gross profit in its consolidated financial statements as it is a non-GAAP financial measure. The Company believes that adjusted gross profit and adjusted gross margin are meaningful metrics that are often used by readers to measure the Company’s efficiency of selling its products and services.
Adjusted EBITDA
The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization less (i) net rent expense on premise leases considered to be finance leases under IFRS and before (ii) transaction, restructuring, and integration costs, time-based earn-out expense, change in fair value of investments, share of income (loss) of associates, foreign exchange gain/loss, and stock-based compensation expense, and (iii) gains/losses that are not reflective of ongoing operating performance. The Company considers Adjusted EBITDA to be a financial metric that measures cash flow that the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. Adjusted EBITDA should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance defined under IFRS.
Adjusted EBITDA Attributable to WELL Shareholders/Non-Controlling Interests
The Company defines Adjusted EBITDA attributable to WELL Shareholders (or Shareholder EBITDA) and Adjusted EBITDA attributable to Non-controlling interests as the sum of the Adjusted EBITDA for each relevant legal entity multiplied by WELL’s or the non-controlling interests’ equity ownership, respectively.
Adjusted Net Income and Adjusted Net Income Per Share, Basic and Diluted
The Company defines Adjusted Net Income as net income (loss), after excluding the effects of stock-based compensation expense, amortization of acquired intangible assets, time-based earnout expense, change in fair value of investments, share of income (loss) of associates, and non-controlling interests. The Company revised its definition of Adjusted Net Income for the three and nine months ended September 30, 2024 to exclude share of income (loss) of associates. Comparative figures have been adjusted to conform to the current period definition. Adjusted Net Income Per Share is Adjusted Net Income divided by weighted average number of shares outstanding. The Company believes that these non-GAAP financial measures provide useful information to analyze our results, enhance a reader’s understanding of past financial performance and allow for greater understanding with respect to key metrics used by management in decision making. More specifically, the Company believes Adjusted Net Income is a financial metric that tracks the earning power of the business that is available to WELL shareholders.
Adjusted Free Cashflow
The Company defines Adjusted Free Cashflow as Adjusted EBITDA Attributable to Shareholders, less cash interest, less cash taxes and less capital expenditures.
Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, Adjusted EBITDA attributable to WELL Shareholders/Non-controlling interests, Adjusted Net Income, and Adjusted Net Income per Share (basic and diluted), and Adjusted Free Cashflow are not recognized measures for financial statement presentation under IFRS and do not have standardized meanings. As such, these measures may not be comparable to similar measures presented by other companies and should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with IFRS.
Total Care Interactions are defined as Total Patient Visits plus Technology Interactions plus Billed Provider Hours.
WELL HEALTH TECHNOLOGIES CORP.
Per: “Hamed Shahbazi”
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL’s mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL’s comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL’s solutions enable more than 38,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with 185 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL’s solutions are focused on specialized markets such as the gastrointestinal market, women’s health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL” and on the OTC Exchange under the symbol “WHTCF”. To learn more about WELL, please visit: www.well.company.
Forward-Looking Statements
This news release may contain “Forward-Looking Information” within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company’s goals, strategies and growth plans; expectations regarding continued revenue and EBITDA growth; the expected benefits and synergies of completed acquisitions; capital allocation plans in the form of more acquisitions or share repurchases; the expected financial performance as well as information in the “Outlook” section herein. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-Looking Information generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-Looking Information involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the Forward-Looking Information and the Forward-Looking Information are not guarantees of future performance. WELL’s comments expressed or implied by such Forward-Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL ‘s control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: direct and indirect material adverse effects from the COVID-19 pandemic; adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at www.sedar.com, including its most recent Annual Information Form. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.
This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about estimated annual run-rate revenue and Adjusted EBIDTA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL’s anticipated future business operations on an annual basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.
Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE WELL Health Technologies Corp.
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SOURCE Kia America
Technology
Dye & Durham Reports First Quarter Fiscal 2025 Financial Results
Published
7 mins agoon
November 7, 2024By
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
Technology
Bishop-Wisecarver® Unveils New 8th Axis RTU-V: Enhancing Robotic Capabilities and Efficiency in Large-Scale Applications
Published
7 mins agoon
November 7, 2024By
Bishop-Wisecarver introduces the 8th axis Vertical Robot Transfer Unit (RTU-V), designed to enhance the vertical reach and efficiency of small robots and cobots, significantly expanding their operational capabilities.
PITTSBURG, Calif., Nov. 7, 2024 /PRNewswire-PRWeb/ –Bishop-Wisecarver, a leader in innovative automation solutions, proudly announces the launch of its latest breakthrough product, the 8th axis Vertical Robot Transfer Unit (RTU-V). Engineered to extend the capabilities of small robots and cobots, the RTU-V allows for unprecedented vertical movement, significantly expanding the operational reach and efficiency of robotic systems.
Designed to optimize industrial processes across various sectors, the RTU-V features a vertical travel length of up to 4 meters, enabling a single robot to cover large areas traditionally requiring multiple robots. This innovation not only boosts productivity but also offers considerable cost savings, making it an ideal solution for industries such as logistics, manufacturing, agriculture, packaging, and more.
Key Features of the RTU-V:
Extended Reach: The RTU-V enhances the working envelope of robots, allowing them to perform tasks on oversized workpieces, such as rocket tubes, boat hulls, and aerospace structures, with ease.Versatile Applications: Ideal for operations like painting, sandblasting, and pressure washing large surfaces, the RTU-V is a game-changer for industries requiring large-scale robotic applications.Seamless Integration: Compatible with Bishop-Wisecarver’s LoPro® components and the DualVee® RTU-H, the RTU-V can be mounted for both vertical and 2-dimensional motion, offering unparalleled flexibility.Robust, Reliable Design: Featuring a structural mounting bracket, the RTU-V can be securely fixed to the factory floor or mounted on the DualVee® RTU-H for enhanced stability and precision.
“Bishop-Wisecarver’s 8th axis Vertical Robot Transfer Unit (RTU-V) is a significant advancement in robotic automation, offering our customers the ability to achieve greater efficiency and versatility in their operations,” said Jonathon Smithson, Senior Sales Manager at Bishop-Wisecarver. “By enabling vertical movement, we are empowering industries to do more with less, ultimately driving productivity and reducing costs.”
The RTU-V is an extension of the LoPro® RTU-L and RTU-M product offerings, specifically designed for robust industrial applications. Whether in logistics, entertainment, or industrial equipment manufacturing, the RTU-V delivers a reliable and flexible solution for enhancing robotic operations.
For more information about the 8th axis Vertical Robot Transfer Unit (RTU-V) and how it can transform your operations, please visit www.bwc.com or contact Bishop-Wisecarver at (925) 439-8272.
About Bishop-Wisecarver:
Bishop-Wisecarver has been a trusted provider of automation solutions for over 70 years, specializing in linear and rotary motion products, systems, and services. Our commitment to innovation and quality drives us to develop products that enhance the efficiency and reliability of our customers’ operations.
Media Contact
Maggie Cibils, Bishop-Wisecarver, 1 925-439-8272, mcibils@bwc.com, https://www.bwc.com/
View original content to download multimedia:https://www.prweb.com/releases/bishop-wisecarver-unveils-new-8th-axis-rtu-v-enhancing-robotic-capabilities-and-efficiency-in-large-scale-applications-302296230.html
SOURCE Bishop-Wisecarver
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