Progress Software Q4 2023 Earnings Report
Key Takeaways
Progress reported a strong finish to fiscal 2023, with Q4 revenues increasing by 13% year-over-year to $177.0 million and non-GAAP EPS at $1.02. The company generated $175 million in adjusted free cash flow for the year and substantially integrated MarkLogic ahead of schedule. Progress paid down another $30 million of debt in the fourth quarter and is well-positioned for future acquisitions.
Revenue of $177.0 million increased 13% year-over-year.
ARR of $574 million increased 17% year-over-year.
Operating margin was 13% and non-GAAP operating margin was 35%.
Diluted earnings per share was $0.34, and non-GAAP diluted earnings per share was $1.02.
Progress Software
Progress Software
Progress Software Revenue by Segment
Forward Guidance
Progress provides the following guidance for the fiscal year ending November 30, 2024 and the fiscal first quarter ending February 29, 2024, together with actual results for the same periods in the fiscal year ending November 30, 2023.
Positive Outlook
- FY 2024 Revenue: $722 - $732 million
- FY 2024 Diluted earnings per share: $1.94 - $2.06
- FY 2024 Non-GAAP Diluted earnings per share: $4.58 - $4.68
- FY 2024 Operating margin: 19% - 20%
- FY 2024 Non-GAAP Operating margin: 39% - 40%
Revenue & Expenses
Visualization of income flow from segment revenue to net income