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Aug 31, 2023
Progress Software Q3 2023 Earnings Report
Delivered a strong quarter with ARR up 18% and raised full year outlook.
Key Takeaways
Progress announced strong financial results for the third quarter of 2023, with revenue of $175.0 million, a 16% year-over-year increase. The company's ARR increased by 18% year-over-year to $577 million. Diluted earnings per share was $0.42, while non-GAAP diluted earnings per share was $1.08.
Revenue of $175.0 million increased 16% year-over-year.
ARR of $577 million increased 18% year-over-year.
Operating margin was 17% and non-GAAP operating margin was 39%.
Non-GAAP diluted earnings per share was $1.08, an increase of 8%.
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, 2023 and the fiscal fourth quarter ending November 30, 2023.
Positive Outlook
- FY 2023 Revenue: $688 - $694 million (GAAP)
- FY 2023 Revenue: $692 - $698 million (Non-GAAP)
- FY 2023 Diluted earnings per share: $1.36 - $1.42 (GAAP)
- FY 2023 Diluted earnings per share: $4.20 - $4.26 (Non-GAAP)
- FY 2023 Operating margin: 15% (GAAP)
- FY 2023 Operating margin: 38% - 39% (Non-GAAP)
- FY 2023 Cash from operations / Adjusted free cash flow: $175 - $181 million (GAAP)
- FY 2023 Adjusted free cash flow: $177 - $183 million (Non-GAAP)
- Q4 2023 Revenue: $171 - $177 million (GAAP & Non-GAAP)
- Q4 2023 Diluted earnings per share: $0.13 - $0.19 (GAAP)
- Q4 2023 Diluted earnings per share: $0.87 - $0.93 (Non-GAAP)
Revenue & Expenses
Visualization of income flow from segment revenue to net income