Business
Dye & Durham Reports Fourth Quarter and Year End Fiscal 2023 Financial Results
Dye & Durham Reports Fourth Quarter and Year End Fiscal 2023 Financial Results Dye ...
About this update from Dye & Durham Ltd.
[{"type":"text","content":"\n \n \n \n Dye & Durham Reports Fourth Quarter and Year End Fiscal 2023 Financial Results\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n Dye & Durham Reports Fourth Quarter and Year End Fiscal 2023 Financial Results\n \n \n Canada NewsWire\n \n \n \n \n -\n \n Company surpassed its Q4 FY23 revenue guidance target established in Q3 FY23\n \n \n \n -\n \n ARR increased by 117% to 104 million\n \n 1\n \n since the start of FY23 and continues to represent a larger portion of total revenue\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Sept. 13, 2023\n \n \n /CNW/ - Dye & Durham Limited (\"\n \n Dye & Durham\n \n \" or the \"\n \n Company\n \n \") (TSX: DND), one of the world's largest providers of cloud-based legal practice management software, today announced its financial results for the three months and twelve months ended\n \n June 30, 2023\n \n .\n \n \n \"Our business performed with strength and resilience in the fourth quarter as we delivered on the guidance provided. We continue to grow and enhance our practice management solutions for small and medium sized law firms globally\", said\n \n Matt Proud\n \n , CEO of Dye & Durham. \"At the same time, the improvements we have made to our go to market strategy have rapidly accelerated the amount of ARR in our business. We remain focused on expanding our wallet share across the large and growing legal market we serve today, while diversifying our business mix.\"\n \n \n The company continues to grow its Annual Recurring Revenue (\"\n \n ARR\n \n \") contracted. ARR was\n \n $83 million\n \n of total revenue\n \n 2\n \n as of Q4 2023 and has grown to\n \n $104 million\n \n as of\n \n August 31, 2023\n \n . ARR was 19% of total revenue as of\n \n June 30, 2023\n \n , nearly double the 10% at the same point in the prior year.\n \n \n \n Fourth Quarter Fiscal 2023 Highlights\n \n \n \n \n Revenue of\n \n $120.2 million\n \n , a decrease of\n \n $9.5 million\n \n , or 7%, from the same period in the prior year.\n \n \n Net income of\n \n $(89.2) million\n \n , a decrease of\n \n $85.9 million\n \n , f...