Dye & Durham Announces Impressive Q4 and Fiscal Year Results
Dye & Durham Reports Outstanding Financial Results for 2024
Dye & Durham Limited (TSX: DND) has delivered impressive financial results for its fourth quarter and the full fiscal year, reflecting substantial growth and momentum in its operations. The company reported a remarkable 15% increase in revenue for Q4, reaching $120 million. For the entire fiscal year 2024, revenue grew by 14%, totaling $452 million, even when accounting for the impact of the TM Group divestiture.
Financial Highlights of Q4 FY2024
During the fourth quarter, Dye & Durham achieved its strongest leveraged free cash flow to date, amounting to $32 million. The company also noted a 5% increase in adjusted EBITDA, which reached $69 million during the quarter, while full-year adjusted EBITDA was up 6%, totaling $258 million. These figures indicate a solid performance amid ongoing efforts to enhance core functionalities for customers.
Executive Insights and Growth Strategies
Dye & Durham's CEO, Matthew Proud, mentioned the ongoing strong business momentum characterized by notable annual recurring revenue (ARR) growth and robust free cash flow. He emphasized the company's commitment to enhancing its platform, which reinforces its leading position in the market.
Frank Di Liso Dye, the CFO, commented on the strategic focus towards streamlining workflows through centralized dashboards while fostering strong software interoperability. The significant investments made over the last two fiscal years in product enhancements have started to yield positive results, evident from the recent financial performance.
Key Metrics from the Fourth Quarter
- Revenue rose 15% to $120.1 million.
- Organic revenue growth was recorded at 8%.
- Annual Recurring Revenue increased by an impressive 74% to $136.7 million, representing 29% of the total revenue.
- Net loss of $105.2 million reduced by $16 million compared to the previous quarter.
- Adjusted EBITDA was up 5% to $69.0 million.
- Leveraged Free Cash Flow stood at $31.7 million.
Fiscal Year 2024 Highlights
- Overall revenue for FY2024 up 14% to $451.7 million.
- Organic revenue growth rate for the year was reported at 3%.
- Net loss for the fiscal year was $174.3 million, showing a decline of $3.7 million from the previous year.
- Adjusted EBITDA increased by $13.7 million, amounting to $257.5 million.
Shareholder Returns and Upcoming Initiatives
The Board of Directors declared a quarterly dividend of $0.01875 per common share, set to be paid to shareholders later this month. This reflects the company’s commitment to providing value to its investors while striving for further growth.
Additionally, a conference call is scheduled for today to discuss the business trajectory and financial outlook, providing an opportunity for stakeholders to engage with the management team.
Conclusion
Dye & Durham continues to make strides in the legal practice management sector, leveraging its innovative software solutions to fulfill the evolving needs of its customers. The company remains well-positioned for future growth, especially as it expands its reach across multiple markets globally.
Frequently Asked Questions
What are Dye & Durham's recent revenue figures?
The company reported Q4 revenue of $120 million, a 15% increase from the prior year.
How has Dye & Durham's cash flow performed recently?
Leveraged free cash flow reached $32 million in Q4, marking a record performance for the company.
What is Dye & Durham's approach to product development?
The company focuses on enhancing platform functionalities to ensure streamlined workflows and improved customer experiences.
What are the highlights from Dye & Durham's FY 2024?
For FY2024, Dye & Durham reported a 14% revenue increase, totaling $451.7 million, along with a strong adjusted EBITDA performance.
Will there be any dividends for shareholders?
Yes, a dividend of $0.01875 per common share has been approved for payment this month.
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