- Revenue up 17% to
$110 million , taking into consideration theTM Group divestiture - Annual Contracted Revenue of
$203 million 1, or 49% of total revenue as ofDecember 31, 2023 - ARR was
$112 million , or 27% of total revenue1,2 nearly doubling from the prior year
"We continued to build momentum this quarter, with double-digit revenue growth supported by our strong and growing base of Annual Contracted Revenue," said
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 ofDecember 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
- Revenue of
$110.2 million , up 17% from the same period in the prior year taking into consideration the divestiture ofTM Group ("TMG") onAugust 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 theTM Group in the prior year.
On
The Company will hold a conference call to discuss its business later today,
DATE:
TIME:
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.
Additional information can be found at www.dyedurham.com.
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
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 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 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.
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
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
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
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
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