DLC Releases Annual 2024 Results; Achieves Annual Funded Volumes of $67.4 Billion (19% Increase over Prior Year)
VANCOUVER, British Columbia, March 27, 2025 (GLOBE NEWSWIRE) -- Dominion Lending Centres Inc. (TSX:DLCG) ("DLCG" or the "Corporation") is pleased to report its financial results for the three months ("Q4-2024") and year ended December 31, 2024 ("annual"). For complete information, readers should refer to the annual audited consolidated financial statements and management discussion and analysis which are dated March 27, 2025 and are available on SEDAR+ at www.sedarplus.ca and on the Corporation's website at www.dlcg.ca. All amounts are presented in Canadian dollars unless otherwise stated.
DLCG includes the Corporation and its three main subsidiaries: MCC Mortgage Centres Canada Inc. ("MCC"), MA Mortgage Architects Inc. ("MA"), and Newton Connectivity Systems Inc. ("Newton"). The Corporation's acquisition of all of the series I, class "B" preferred shares (the "Preferred Shares") completed on December 17, 2024 is referred to herein as the "Preferred Share Acquisition".
Gary Mauris, Executive Chairman and CEO, commented, "We are pleased to report annual funded volume growth of 19% over the prior year which helped drive a 23% increase in revenues and a 47% increase in adjusted EBITDA. We are proud of our strong network of franchisees and mortgage professionals and would like to thank them for their continued hard work in 2024. The adoption of our technology connectivity platform ‘Velocity' was a significant contributor to our success, as was our "Gold Rush" campaign which made it easier for brokers to stay connected with their clients. Looking ahead, we believe we are well-positioned to take advantage of favourable market conditions should interest rates further decline and as a significant number of mortgage renewals are on the horizon."
Q4-2024 and Annual Summary:
Q4-2024 funded volumes of $19.6 billion and annual funded volume of $67.4, representing a 38% and 19% increase as compared to 2023, respectively;
Q4-2024 revenue of $22.3 million and annual revenue of $76.8 million, representing a 41% and 23% increase compared to 2023, respectively;
Q4-2024 adjusted EBITDA of $10.2 million and annual adjusted EBITDA of $36.0 million as compared to $6.5 million in Q4-2023 and $24.4 million in annual 2023.
The Corporation's Q4-2024 net loss of $138.8 million and annual net loss of $126.8 million was primarily due to non-cash finance expense on the Preferred Share liability. The difference between the fair value of consideration granted for the Preferred Share Acquisition and the book value of the Preferred Shares (which were accounted for on an amortized cost basis) was recognized as a loss on acquisition within finance expense on the Preferred Share liability (refer to the Preferred Shares section of the accompanying MD&A); and
The Corporation declared a quarterly dividend of $0.03 per class A common share ("Common Share"), resulting in a dividend payment of $1.4 million in Q4-2024.
Selected Consolidated Financial Summary:Below is a summary of our financial results for the three months and year ended December 31, 2024 and for the comparable periods in December 31, 2023.
(in thousands, except per share and KPIs)
Three months ended Dec. 31,
Year ended Dec. 31,
2024
2023
Change
2024
2023
Change
Revenues
$
22,256
$
15,758
41
%
$
76,753
$
62,517
23
%
Income from operations
8,453
3,914
116
%
29,516
18,311
61
%
Adjusted EBITDA(1)
10,248
6,507
57
%
35,994
24,420
47
%
Adjusted EBITDA margin
46
%
41
%
5
%
47
%
39
%
8
%
Free cash flow attributable to common shareholders(1)
4,354
2,035
114
%
14,884
7,459
100
%
Net (loss) income(2)
(138,755
)
(2,003
)
NMF
(5)
(126,768
)
64
NMF
(5)
Adjusted net income(1)
3,021
1,775
70
%
10,813
6,748
60
%
Diluted loss per Common Share(2)
(2.63
)
(0.04
)
NMF
(5)
(2.58
)
-
NMF
(5)
Adjusted diluted earnings per Common Share(1)
0.05
0.04
25
%
0.21
0.14
50
%
Dividends declared per share
$
0.03
$
0.03
-
$
0.12
$
0.12
-
Funded mortgage volumes(3)
19.6
14.2
38
%
67.4
56.5
19
%
Number of franchises(4)
514
