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Dye & Durham Reports Third Quarter Fiscal 2022 Financial Results
[May 12, 2022]

Dye & Durham Reports Third Quarter Fiscal 2022 Financial Results


TORONTO, May 12, 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 March 31, 2022.

"We had a very strong quarter, despite challenging real estate market conditions," said Matt Proud, CEO of Dye & Durham. "We're investing significantly in our technology platform to continue to provide enhanced value to our customers."   


  • Revenue of $122.9 million, an increase of $54.0 million, or 78%, from the same period in the prior year, primarily due to increased revenue from the acquisitions that closed in the previous twelve months and the realization of revenue synergies.
  • Net income of $(7.0) million, an increase of $3.6 million from the same period in the prior year. The increase was primarily due to increased operational income as a result of an increase in revenue.
  • Adjusted EBITDA1 of $66.8 million, an increase of $29.2 million or 78% from the same period in the prior year, primarily due to the realization of revenue synergies from the acquisitions.

Acquisition Update

This week the Australian courts approved the convening of the Link Group shareholders meeting (Scheme Meeting) to vote on the proposed acquisition of Link Group by Dye & Durham by way of scheme of arrangement. Link Group also dispatched to its shareholders this week the explanatory booklet for the Scheme Meeting. The Scheme Meeting is currently scheduled to be held in mid July with closing of the transaction targeted for mid August this year.

Quarterly Dividend

On May 12, 2022, the Board of Directors declared a quarterly dividend of $0.01875 per share to shareholders of record on June 10, 2022, payable on June 17,2022.

Conference Call Notification 

The Company will hold a conference call to discuss its business later today, Thursday, May 12, 2022, at 5:00 p.m. ET hosted by senior management. A question-and-answer session will follow the corporate update.



Thursday, May 12, 2022


5:00 p.m. ET


(416) 764-8659 or (888) 664-6392




(416) 764-8677 or (888) 390-0541




This call is being webcast and can be accessed by going to:

1 Represents a non-IFRS measure. For the relevant definitions, see "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.

Please see the Company's most recent Management's Discussion and Analysis, which is available on the Company's profile at, for a reconciliation of these measures to their nearest IFRS measure, which information is incorporated by reference herein. Management believes non-IFRS measures, including EBITDA and Adjusted EBITDA, provide supplementary information to IFRS measures used in assessing the performance of the business.

About Dye & Durham

Dye & Durham Limited is a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals. Dye & Durham provides critical information services and workflows, which clients use to manage their process, information and regulatory requirements. The Company has operations in Canada, the United Kingdom, Ireland and Australia and has a strong blue-chip customer base that includes law firms, financial service institutions, and government organizations.

Additional information can be found at

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. 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". 


EBITDA means net income (loss) before amortization and depreciation expenses, finance and interest costs, and provision for income taxes. 

Adjusted EBITDA

Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, asset impairment charges, loss on settlement of loans and borrowings, gains or losses from changes in fair value of derivative financial instruments and contingent consideration liabilities measured at fair value through profit or loss, specific transaction related expenses related to acquisitions, IPO and capital structure reorganization, operational restructuring costs, restructuring costs includes impact to the full year of cost synergies related to the reduction of employees in relation to acquisitions.

Forward-Looking Statements

This press release contains forward–looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities legislation, which reflect the Company's current expectations regarding future events. Particularly, information regarding the Company's expectations of future results, performance, prospects or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "forecast", "target", "goal", "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "predict", or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Such forward-looking information is necessarily based on a number of opinions, estimates and assumptions, including but not limited to those assumptions described under the heading "Caution Regarding Forward-Looking Information" in the Company's Management's Discussion & Analysis for the quarter ended March 31, 2022 (the "MD&A"). Forward-looking information is subject to and entirely qualified by known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results or performance to be materially different from those expressed or implied by such forward-looking information, including but not limited to factors discussed under the heading "Risk Factors" in the Company's Annual Information Form dated September 28, 2021 and under the heading "Risks and Uncertainties" in the MD&A, which are available on the Company's profile on SEDAR at 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. Accordingly, investors should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the Company's expectations as of the date of this news release, and are subject to change after such date and the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

SOURCE Dye & Durham Limited

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