Second Quarter Fiscal 2022 Financial Results TORONTO, Feb. 1, 2022 /CNW/ - Dye & Durham Limited ("Dye & Durham" or the "Company") (TSX: DND), a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals, today announced its financial results for the three months ended December 31, 2021.
"We continue to deliver record growth in revenue and Adjusted EBITDA from our digital-infrastructure like assets," said Matt Proud, CEO of Dye & Durham. "We also continued to execute our "Build to a Billion" growth strategy during the quarter, acquiring high-quality EBITDA in businesses that share the essential nature of our existing technology while building scale and diversity within our business. The acquisition of Telus Financial Solutions strengthens our real estate business in Canada and adds new technology solutions that are essential to financial institutions in Canada. The agreement we entered to acquire Link Administration Holdings ("Link"), of Australia, adds significant scale and diversifies our revenue with more than 50% expected recurring revenue on a proforma basis."
Second Quarter Fiscal 2022 Highlights
- Revenue of $109.6 million, an increase of $75.9 million, or 225%, from the same period in the prior year, primarily due to increased revenue from the recent acquisitions that closed in the previous twelve months, and the realization of revenue synergies.
- Net income of $(4.0) million, an increase of $17.5 million from the same period in the prior year. The increase was primarily due to increased operational income as a result of increase in revenue.
- Adjusted EBITDA1 of $62.6 million, an increase of $45.5 million or 267% from the same period in the prior year, primarily due to the realization of revenue synergies from the acquisitions.
- On December 21, 2021, the Company entered into an agreement to acquire all issued and outstanding shares of Link for cash consideration of approximately $3,200 million or AUD$5.50 per Link common share. The closing of the transaction is subject to customary conditions, including shareholder approval, antitrust and foreign investment approval and other regulatory approvals. The acquisition is expected to close in the third quarter of calendar year 2022.
- On December 6, 2021, the Company acquired TELUS' Financial Solutions Business ("TFSB") for total cash consideration of $500 million. TFSB provides leading digital infrastructure and technology solutions to the financial community across Canada.