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Feb 29, 2024
Progress Software Q1 2024 Earnings Report
Progress revenues and earnings per share exceeded estimates.
Key Takeaways
Progress announced strong financial results for the first quarter ended February 29, 2024, with revenue of $185 million, a 12% increase year-over-year. Diluted earnings per share was $0.51, while non-GAAP diluted earnings per share was $1.25, a 5% increase.
Revenue of $185 million increased 12% year-over-year on both an actual and a constant currency basis.
Annualized Recurring Revenue (“ARR”) of $571 million remained consistent year-over-year on a constant currency basis.
Operating margin was 19% and non-GAAP operating margin was 42%.
Non-GAAP diluted earnings per share was $1.25 compared to $1.19 in the same quarter last year, an increase of 5%.
Progress Software
Progress Software
Progress Software Revenue by Segment
Revenue by Segment
Software Licenses Revenue
CapyFin.comMaintenance & Services Revenue
CapyFin.com Forward Guidance
Progress provides the following guidance for the fiscal year ending November 30, 2024 and the fiscal first quarter ending February 29, 2024:
Revenue & Expenses
Visualization of income flow from segment revenue to net income