- Consistent Revenue Performance in the Face of Challenging Real Estate Markets
- Disciplined Capital Allocation as Evidenced by Substantial Issuer Bid and Focused M&A Strategy
"Our business continued to perform well during the first quarter, despite an extremely challenging real estate market in
First Quarter Fiscal 2023 Highlights
- Revenue of
$120.2 million , an increase of$7.5 million , or 7%, from the same period in the prior year. - 68% of revenue has exposure to real estate transactions in
Canada , theUK andIreland , andAustralia . - 43% of revenue has exposure to real estate transactions in
Canada . - Net loss of
$(11.5) million , a decrease of$33.6 million , from the same period in the prior year. - Adjusted EBITDA1 of
$64.4 million , an increase of$2.1 million , or 3%, from the same period in the prior year.
On
Given the macro-economic environment remains exceptionally challenging and continues to deteriorate, the Company has decided it needs to act more aggressively and decisively to protect its business and financial position. As such, the Company will be implementing cost reduction initiatives to reduce its current operational costs by at least 10% commencing in the second quarter of fiscal 2023.
The Company is withdrawing the FY 2023 Adjusted EBITDA1 target for the twelve-month period ended
The Offer is expected to proceed by way of a modified Dutch auction, which will allow shareholders who choose to participate in the Offer to select the price, within a price range to tender their Common Shares. Upon expiry of the Offer, the Company will determine the lowest purchase price within the range that will allow the Company to purchase the maximum number of Common Shares properly tendered to the Offer, having an aggregate purchase price not exceeding
The Offer will not be conditional upon any minimum number of Common Shares being tendered. The Offer will, however, be subject to other conditions and the Company will reserve the right, subject to applicable laws, to withdraw or amend the Offer, if, at any time prior to the payment of deposited Common Shares, certain events occur.
The Company has engaged
The formal offer to purchase and issuer bid circular, letter of transmittal and notice of guaranteed delivery (collectively, the "Offer Documents") containing the terms and conditions of the Offer and instructions for tendering Common Shares will be filed with the applicable securities regulators and mailed to registered shareholders. The Offer Documents will be available under the Company's SEDAR profile at www.sedar.com.
Neither the Company nor its board of directors makes any recommendation to shareholders as to whether to tender or refrain from tendering any or all of their Common Shares to the Offer. This press release is neither an offer to purchase nor a solicitation of an offer to sell any Common Shares. The solicitation and the offer to purchase Common Shares by the Company is being made only pursuant to the Offer Documents. Shareholders of the Company are urged to read the Offer Documents carefully and to consult with their own financial, tax and legal advisors prior to making any decision with respect to the Offer.
The Company was authorized by the TSX to acquire up to a maximum of 3,457,508 Common Shares pursuant to a normal course issuer bid ("NCIB") that commenced on
The Company will hold a conference call to discuss its business later today,
DATE:
TIME:
DIAL-IN NUMBER: (416) 764-8659 or (888) 664-6392
REFERENCE NUMBER: 07368462
TAPED REPLAY: (416) 764-8677 or (888) 390-0541
REPLAY CODE: 368462#
This call is being webcast and can be accessed by going to:
https://app.webinar.net/nyNvgQzOQMz
- 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 Adjusted EBITDA, provide supplementary information to IFRS measures used in assessing the performance of the business. 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.sedar.com, for further details on certain non-IFRS measures, including relevant reconciliation 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.sedar.com, 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, and provision for income taxes.
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.
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. 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
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. 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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