The following is a summary of the Dye & Durham (DYNDF) Q3 2024 Earnings Call Transcript:
Financial Performance:
Dye & Durham reported Q3 fiscal 2024 revenue of CAD107 million, marking a 16% increase YoY.
Annual Recurring Revenue (ARR) was CAD126 million, indicating an 85% YoY growth.
The company reported adjusted EBITDA of CAD60 million in Q3 2024, increasing 11% YoY.A 26% YoY increase in cash from operations was reported alongside a 36% rise in adjusted EPS.
The company refinanced transactions worth CAD1.2 billion to decrease annual cash interest expenditure by around CAD20 million.
Q3 cash flow from operations was up 24% YoY.
Net finance costs decreased to CAD30.1 million in Q3 2024, compared to CAD40.3 million the previous year.
Business Progress:
Evolution into a leading global player in legal technology software focusing on small and medium-sized law firms, transitioning to a modern SaaS-based, platform-based solution.
Diversification of the revenue base has increased annual recurring revenue and decreased reliance on real estate transactions.
Target of achieving 50% of revenue from ARR in just over 24 months.
Completed CAD185 million substantial issuer bid to retire 2026 convertible debentures.
The business improvement plan has generated more than the targeted CAD70 million in annualized free cash flow improvements.
The company is on a positive trajectory to reduce costs, with most of the remaining synergies expected to be executed by the end of 2024.
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