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Nov 30, 2024
Progress Software Q4 2024 Earnings Report
Progress reported strong Q4 2024 and full-year results, with significant ARR growth and the acquisition of ShareFile.
Key Takeaways
Progress reported a 21% year-over-year increase in both revenue and non-GAAP revenue, reaching $215 million. Annualized Recurring Revenue (ARR) grew by 46% year-over-year to $842 million. The company's operating margin was 10%, while the non-GAAP operating margin was 37%. Diluted earnings per share decreased by 91% to $0.03, but non-GAAP diluted earnings per share increased by 30% to $1.33.
Revenue and non-GAAP revenue increased by 21% year-over-year.
ARR grew by 46% year-over-year.
Non-GAAP diluted earnings per share increased by 30% year-over-year.
Completed the acquisition of ShareFile.
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, 2025 and the fiscal first quarter ending February 28, 2025, together with actual results for the same periods in the fiscal year ending November 30, 2024.
Positive Outlook
- FY 2025 Revenue: $958 - $970 million (GAAP and Non-GAAP)
- FY 2025 Diluted earnings per share: $1.08 - $1.23 (GAAP)
- FY 2025 Diluted earnings per share: $5.00 - $5.12 (Non-GAAP)
- FY 2025 Operating margin: 14% - 15% (GAAP)
- FY 2025 Operating margin: 37% - 38% (Non-GAAP)
Challenges Ahead
- Expected negative currency translation impact on fiscal year 2025 business outlook compared to 2024 exchange rates is approximately $5.6 million on revenue.
- GAAP and non-GAAP diluted earnings per share for fiscal year 2025 is approximately $0.03.
- Expected negative currency translation impact on fiscal Q1 2025 business outlook compared to 2024 exchange rates is approximately $1.8 million on revenue.
- GAAP and non-GAAP diluted (loss) earnings per share for fiscal Q1 2025 is approximately $0.01.
- The ultimate resolution of inquiries, investigations and legal claims regarding the MOVEit Vulnerability remains uncertain, while the ultimate resolution of these matters could result in losses that may be material to our financial results for a particular period
Revenue & Expenses
Visualization of income flow from segment revenue to net income