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May 31, 2024
Progress Software Q2 2024 Earnings Report
Second quarter revenues and earnings per share were ahead of guidance, and the full year revenue and earnings per share outlook was raised.
Key Takeaways
Progress announced strong financial results for the second quarter of fiscal year 2024, with revenues and EPS exceeding forecasts and ARR up by 1%. The company is focused on M&A, sales execution, customer success, innovation, and margins.
Revenue and non-GAAP revenue reached $175 million, a 2% year-over-year decrease on both actual and constant currency basis.
Annualized Recurring Revenue (ARR) was $579 million, reflecting a 1% year-over-year increase on a constant currency basis.
Operating margin was 16%, while non-GAAP operating margin was 38%.
Diluted earnings per share increased by 37% to $0.37, compared to $0.27 in the same quarter last year, and non-GAAP diluted earnings per share increased by 3% to $1.09, compared to $1.06 last year.
Revenue by Segment
Forward Guidance
Progress provides the following guidance for the fiscal year ending November 30, 2024 and the fiscal third quarter ending August 31, 2024:
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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