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Dye & Durham Reports Second Quarter Fiscal 2024 Financial Results

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Revenue up 17% to $110 million, taking into consideration the TM Group divestiture Annual Contracted Revenue of $203 million1, or 49% of total revenue as of December 31, 2023ARR was $112 million, or 27% of total revenue1,2 nearly doubling from the prior year

TORONTO, Feb. 13, 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 and six months ended December 31, 2023.

“We continued to build momentum this quarter, with double-digit revenue growth supported by our strong and growing base of Annual Contracted Revenue,” said Dye & Durham CEO, Matthew Proud. “We have made significant progress on our business performance plan and further enhanced our capital structure. As a result of our exciting new product launches, the success of our refreshed go-to-market strategy and our disciplined approach to managing cost, we are strongly positioned to grow organic revenue while continuing to reduce our leverage ratio to less than four times total net debt to Adjusted EBITDA.”

Contracted Revenue

The Company has two sources of contracted revenue:

Annual Recurring Revenue (ARR) which includes revenues from subscriptions and revenue from minimum spend contracts. ARR was $112 million of total revenue1,2 which was 27% of total revenue as of December 31, 2023. This is nearly doubling the 16% at the same point in the prior year.Other Contracted Revenue includes revenue from contracted overages and other service agreements. As of December 31, 2023, this amounted to $93 million.

In total, the Company’s Annual Contracted Revenue was $203 million1, or 49% of total revenue as of December 31, 2023.

Second Quarter Fiscal 2024 Highlights 

Revenue of $110.2 million, up 17% from the same period in the prior year taking into consideration the divestiture of TM Group (“TMG”) on August 3, 2023. The comparative period revenue in fiscal 2023 included an additional $12.5 million of revenue from TMG. Revenue grew 3%, including the impact of TMG in the comparative period.Net loss for the current quarter was $34.8 million, remaining relatively stable compared to the equivalent period in the prior year.Adjusted EBITDA3 of $60.0 million, an increase of $2.4 million, or 4%, from the same period in the prior year, despite the loss of contributed Adjusted EBITDA from the TM Group in the prior year.

Quarterly Dividend

On February 13, 2024, the Board of Directors declared a quarterly dividend of $0.01875 per share to shareholders of record on February 21, 2024, payable on or about February 28, 2024.

Conference Call Notification 

The Company will hold a conference call to discuss its business later today, Tuesday, February 13, 2024, at 8:00 a.m. ET hosted by senior management. A question-and-answer session will follow the corporate update.

DATE: Tuesday, February 13, 2024
TIME: 8:00 a.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/3tUWLSF   

TRADITIONAL DIAL-IN NUMBER: (416) 764-8659 or (888) 664-6392
REFERENCE NUMBER: 57043673
TAPED REPLAY: (416) 764-8677 or (888) 390-0541
REPLAY CODE: 043673#

This call is being webcast and can be accessed by going to: https://app.webinar.net/J9qlmkZWoXP

As of December 31, 2023 on a run rate basis.Excluding TMG revenues.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 and Adjusted EBITDA, 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 Adjusted EBITDA to its most directly comparable IFRS measure, which information is incorporated by reference herein.

About Dye & Durham

Dye & Durham Limited provides premier practice management solutions empowering legal professionals every day, delivers vital data insights to support critical corporate 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”, and “Adjusted EBITDA”, (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 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 disposal of 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.

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 business performance plan. 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, debt reduction strategy and business performance plan 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 will continue as expected, (ii) the Company will continue to effectively execute against its key strategic growth priorities, (iii) the Company will continue to retain and grow its existing customer base and market share, (iv) the Company will be able to take advantage of future prospects and opportunities, and realize on synergies, including with respect of acquisitions, (v) there will be no changes in legislative or regulatory matters that negatively impact the Company’s business, (vi) current tax laws will remain in effect and will not be materially changed, (vii) economic conditions will remain relatively stable throughout the period, (vii) the industries Dye & Durham operates in will continue to grow consistent with past experience, (ix) the seasonal trends in real estate transaction volume will continue as expected, * the Company’s expectations its debt reduction strategy will be met and (xi)  those assumptions described under the heading “Caution Regarding Forward-Looking Information” in the Company’s Management’s Discussion and Analysis for the second quarter ended December 31, 2023. 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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Pathlock Receives SAP® LAC Partner Excellence Award 2024 for Solution Extensions

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Award presented at Customer Success Kickoff 2024

DALLAS, March 1, 2024 /PRNewswire/ — Pathlock, the leading provider of identity and application access governance, announced it received an SAP® LAC Award for Partner Excellence 2024 for Solution Extensions. Awards were presented by SAP to the top-performing SAP partners in the Latin America Caribbean (LAC) region that have made outstanding contributions to driving digital transformation for businesses that use SAP solutions. Recipients – in partnership with SAP – help customers adopt innovation, gain results rapidly, grow sustainably, and run more simply with SAP solutions.

“Pathlock and SAP share a common vision of empowering our customers to achieve their business goals with security and compliance,” said Susan Stapleton, Vice President, Customer Advisory, Pathlock. “Our partnership enables us to deliver integrated solutions that leverage the power of SAP applications and the flexibility of Pathlock’s access governance platform. With Pathlock, customers can automate, monitor, and manage their SAP and non-SAP systems from a single pane of glass, reducing access risk and complexity. We look forward to our continued collaboration with SAP to provide our customers and partners with the best security and access control solutions on the market.”

Selected from SAP’s large and diverse partner base, nominations for the SAP Partner Excellence Awards are based on internal SAP sales data. A committee composed of regional and global SAP representatives determine winning partners in each category according to criteria such as sales achievement and performance. Awards are presented in a variety of categories, including overall sales, innovation, technology, services, and solution-specific areas.

“SAP Partner Excellence Awards distinguish our top regional partners, who are tightly aligned with our vision to bring out the best in every business, helping our customers through their value journey, while innovating with new technologies and providing solutions that address real-world business challenges,” said Leandro Estanga, Chief Partner Officer for Latin America, SAP. “With an outstanding performance these partners are driving our accelerated growth in the region. I am excited to recognize and congratulate Pathlock as the recipient of the SAP LAC Partner Excellence 2024 for Solution Extensions.”

Pathlock and SAP have a long-standing and strategic partnership that dates back to 2010, when Pathlock (then known as Greenlight Technologies) became the only solution endorsed by SAP that extends SAP Access Control to cloud and non-SAP systems. Since then, Pathlock and SAP have collaborated to deliver innovative and integrated solutions that help customers secure and optimize their business applications across the enterprise. Pathlock and SAP will continue to collaborate to provide customers with the best-in-class capabilities to automate, monitor, and manage their SAP and non-SAP systems from a single pane of glass.

Pathlock received its award during the Customer Success Kickoff 2024, a gathering of SAP executives, SAP field employees, and partners. This is SAP’s largest yearly sales meeting, focused on exchanging information on SAP’s strategy, sales methodology, growth opportunities, and product innovations, as well as ways to drive success during the year.

About Pathlock

Pathlock is the leader in identity and application access governance. When traditional identity governance and administration is not enough, Pathlock enables enterprises to manage all aspects of application access governance, continuous controls monitoring, and cybersecurity via a single platform, across applications, including fine-grained user provisioning, User Access Reviews, segregation of duties, control testing, and audit preparation. Today, many of the world’s most respected global 2000 companies rely on Pathlock to protect their critical digital assets from financial, regulatory, and security threats, ensure corporate compliance and improve performance. As a result, our customers have saved millions in employee productivity, labor costs, audit fees, and data loss prevention.   

For media inquiries:  
Caroline Dobyns
410-353-5340
caroline@luminapr.com 

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SOURCE Pathlock

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Interlink Electronics Announces 50% Common Stock Dividend

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IRVINE, Calif., March 1, 2024 /PRNewswire/ — Interlink Electronics, Inc. (Nasdaq: LINK) (the “Company”), a world-leading provider of sensors and printed electronic solutions that support a wide range of applications, including Human-Machine Interface (“HMI”) devices and IoT solutions, today announced that it will issue a 50% common stock dividend on March 22, 2024 to its stockholders of record as of March 11, 2024 (the “Stock Dividend”).

The Stock Dividend will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the Stock Dividend results in a stockholder owning a fractional share. No fractional shares will be issued in connection with the Stock Dividend. Rather, stockholders who would otherwise be entitled to receive a fractional share instead will become entitled to receive one (1) share in lieu thereof.

All convertible and exercisable securities of the Company outstanding immediately prior to the Stock Dividend will be appropriately adjusted by multiplying the number of shares of common stock into which the convertible or exercisable securities are convertible or exercisable by 1.5 and dividing the conversion or exercise price thereof by 1.5.

Upon completion of the dividend, the outstanding shares of Interlink’s common stock will increase to approximately 9,860,355, based on the number of shares outstanding as of March 11, 2024.

Stockholders with shares in brokerage accounts should direct any questions concerning the Stock Dividend to their broker; all other stockholders may direct questions to the Company’s transfer agent, Computershare, at (800) 962-4284.

About Interlink Electronics, Inc.

Interlink Electronics is a world-leading provider of sensors and printed electronic solutions that support a wide range of applications, including Human-Machine Interface (“HMI”) devices and IoT solutions, utilizing our expertise in materials science, manufacturing, firmware and software to produce in-house system solutions for custom specifications. We have a proven track record of supplying mission-critical technological solutions in diverse markets including medical devices, automotive, gas detection and environmental quality monitoring, oil and gas and general industrial, and consumer electronics, providing standard and custom-designed sensors that provide the flexibility and functionality needed for today’s sophisticated applications.

The Company’s products and solutions currently focus on three main fields:

For nearly 40 years, the Company has led the printed electronics industry in commercializing its patented Force Sensing Resistor® technology, which offers pressure and position sensing and rugged capabilities in a very wide range of temperatures. Our piezoelectric film sensors offer strain, bend and vibration sensing and can be used on curved surfaces, while our advanced matrix sensor solutions offer multiple touch capabilities. We supply some of the world’s top electronics manufacturers with intuitive sensor and interface technologies for use in advanced applications such as medical robotics and vehicle collision detection.Our Gas and Environmental Sensors division has over 25 years of experience in cutting-edge design and manufacture of electrochemical gas-sensing technology for industry, community, health and home. We provide advanced sensor solutions, precision sensing instruments, and custom engineering services for detecting gases such as carbon monoxide, ozone, hydrogen, NOX gases and ammonia, for transdermal alcohol detection and for air quality monitoring. Our innovative printed sensor design enables high-sensitivity, low-power and cost-effective solutions for broad adoption in the rapidly growing IOT market.Our Calman Technology subsidiary brings over 25 years of experience in the design and manufacture of membrane keypads, graphic overlays and industrial label products. We offer IP-rated digital and hybrid printed devices featuring integrated backlighting and shielding and printed electronics with advanced materials ink printing. Calman has customers in fields such as medical devices and defense technologies and gives the Company a base in Europe.

We serve our international customer base from our corporate headquarters in Irvine, California; our Global Product Development and Materials Science Center and distribution and logistics center in Camarillo, California; our advanced printed-electronics manufacturing facilities in Shenzhen, China, and Irvine, Scotland; and our proprietary gas-sensor production and product development facility in Newark, California.

For more information, please visit InterlinkElectronics.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be generally identified by phrases such as “thinks,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” and similar words. Forward-looking statements in this press release include statements about our products, operations and the markets we serve. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statement. These statements are based upon, among other things, assumptions made by, and information currently available to, management, including management’s own knowledge and assessment of the company’s industry, R&D initiatives, competition and capital requirements. Other factors and uncertainties that could affect the company’s forward-looking statements include, among other things, the following: our success in predicting new markets and the acceptance of our new products; efficient management of our infrastructure; the pace of technological developments and industry standards evolution and their effect on our target product and market choices; the effect of outsourcing technology development; changes in the ordering patterns of our customers; a decrease in the quality and/or reliability of our products; protection of our proprietary intellectual property; competition by alternative sophisticated as well as generic products; continued availability of raw materials for our products at competitive prices; disruptions in our manufacturing facilities; risks of international sales and operations including fluctuations in exchange rates; compliance with regulatory requirements applicable to our manufacturing operations; and customer concentrations. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report (Form 10-K) or Quarterly Report (Form 10-Q) filed with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Interlink Electronics, Inc.
IR@iefsr.com
Steven N. Bronson, CEO
805-623-4184

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SOURCE Interlink Electronics

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Docupace Wins in Onboarding Product Category at WealthBriefing WealthTech Americas Awards 2024

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HOLMDEL, N.J., March 1, 2024 /PRNewswire/ — Docupace, the leader in cloud-based fintech digital operations software for the wealth management industry, won the WealthBriefing WealthTech Americas Award for Onboarding Product, presented to a wealth-management focused provider operating in the U.S. market that offers onboarding solutions. PreciseFP, Docupace’s digital data gathering and client onboarding platform, offers a streamlined, paperless process that brings financial advice to the digital age.

“With PreciseFP financial advisors can simplify the client onboarding process by eliminating the need for clients to print, sign, scan and return documents,” said Ryan George, Docupace’s Chief Marketing Officer. “The feature not only saves time for advisors but also enhances the overall client experience. This award honors us all, and on behalf of our team, I express my deep gratitude to WealthBriefing and the panel of judges.”

PreciseFP’s impact on financial advisors’ work stands alone. In 2023, financial advisors used the PreciseFP platform to gather more than 10.7 million data elements that did not have to be manually captured or rekeyed; moved datasets among integrated platforms more than 67,000 times; facilitated the creation of more than 200,000 client accounts and saved more than 33,000+ hours doing so. By PreciseFP calculations, this means the total amount of money we saved financial advisors in 2023 was greater than $5 million.

The prestigious recognition comes as Docupace moves full speed ahead with offering advisors across wealth management a comprehensive solution to improve a relatively manual client engagement process. By reducing the “leg work” associated with collecting financial data, PreciseFP also is allowing advisors to allocate more time to essential activities such as client meetings, creating financial plans, and growing their business.

PreciseFP offers real-time assistance through chat, allowing users to share screenshots and valuable information for immediate issue resolution. The platform’s customer support includes live chat support, personalized 1:1 coaching sessions, and a multifaceted support system, going beyond industry norms to ensure users are proficient.

Another key pillar of PreciseFP’s solution is the integration with technology tools already in use by registered investment advisors (RIAs) and wealth management firms. The company’s success at the WealthBriefing WealthTech Americas Awards 2024 is a testament to its steadfast commitment to excellence and its ongoing dedication to elevating wealth management.

For a complete list of winners, please visit: https://clearviewpublishing.com/events/the-third-annual-wealthbriefing-wealthtech-americas-awards-2024/

About Docupace

Docupace is a solutions provider focused on digitizing and automating operations in the financial advice and investment industry. Financial services firms use the Docupace Platform (a cloud-based, integrated software suite) to reduce back-office expenses, improve efficiency, strengthen recruiting, and enhance the experience of advisors and investors. With headquarters in Holmdel, New Jersey, Docupace is proud to serve some of the largest independent broker-dealers and registered investment advisers (RIAs) in the financial services industry.

For more information, please visit www.docupace.com.

Docupace Media Contacts:

Ryan George
Chief Marketing Officer
ryan_george@docupace.com

Joseph Kuo / Donald Cutler
Haven Tower Group
jkuo@haventower.com / dcutler@haventower.com

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SOURCE Docupace Technologies, Inc.

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