Dye & Durham Reports Second Quarter Fiscal 2025 Financial Results
- Revenue up 10% to $121 million in Q2 FY2025 in line with guidance
- Annual Recurring Revenue (“ARR”)1,2 up 36% as compared to prior period, representing 34% of total revenue
Dye & Durham Limited (“Dye & Durham” or the “Company”), one of the world’s largest providers of cloud-based legal practice management software, today announced its financial results for the three months and six months ended December 31, 2024.
“As I have stepped into my role, it is evident that we have a capable and experienced team, focused on our continuing mission to provide our customers with productivity boosting software solutions and due diligence search services” said Hans Gieskes, Chair and Interim CEO of Dye & Durham. “Our focus is shifting away from acquisitions to organic growth through market-leading product innovation and improved customer support. As we continue our initial business review and work toward securing a permanent CEO, we remain laser focused on investing in our product suite and enhancing our market position. I am confident that we have a solid foundation from which to drive sustainable growth, improve customer satisfaction, and enhance our financial performance, positioning the Company to create long-term shareholder value.”
“The business remains on a strong trajectory, supported by robust market dynamics, as reflected in our 6% Organic Revenue Growth Rate1 and continued growth in ARR1,” said Frank Di Liso, CFO of Dye & Durham. “With new leadership and the 2024 shareholder meeting behind us, we have moved beyond the specific impacts of the shareholder engagement and related costs incurred in the latest quarter. While these, along with higher interest payments, affected our Leveraged Free Cash Flow1 during the period, we are confident that our team will focus on accelerating organic growth.”
Second Quarter Fiscal 2025 Highlights
(Comparison periods in each case are to the three months ended December 31, 2023)
- Revenue was up 10% to $120.7 million
- Organic Revenue Growth Rate1 of 6.3%
- Annual Recurring Revenue1, 2 was up 36% to $152.4 million, representing 34% of total revenue
- Adjusted EBITDA1 of $66.5 million, up $6.5 million or 11%
- Net loss of $17.6 million, compared to a net loss of $34.8 million
Quarterly Dividend
On February 13, 2025, the Board of Directors approved a dividend for the three months ending December 31, 2024, in the amount of $0.01875 per common share, to be paid on or about February 27, 2025, to holders of common shares of record as of the close of business on February 20, 2025.
Conference Call Notification
The Company will hold a conference call to discuss its business later today, Thursday, February 13, 2025, at 5:00 p.m. ET hosted by senior management. A question-and-answer session will follow the corporate update.
DATE: Thursday, February 13, 2025
TIME: 5:00 p.m. ET
