Global Finance News
22 Jan 2025, 20:18
Progress Software (Nasdaq: PRGS) reported strong financial results for Q4 and the full fiscal year 2024, highlighting a 21% year-over-year revenue growth in Q4 to $215 million and an impressive 46% increase in Annualized Recurring Revenue (ARR) to $842 million. Non-GAAP diluted earnings per share for Q4 grew 30% to $1.33. However, GAAP diluted earnings per share dropped 91% to $0.03, primarily due to acquisition and restructuring-related expenses.
For the full year 2024, revenue reached $753 million, an 8% increase, while non-GAAP diluted EPS rose 13% to $4.93. Cash flow from operations grew 22% year-over-year to $212 million.
The company completed its acquisition of ShareFile, an AI-powered SaaS content collaboration platform, in Q4. This acquisition contributed to Progress' strategy of expanding its portfolio and is expected to enhance both top-line and bottom-line performance in 2025.
Progress issued fiscal year 2025 guidance, forecasting revenue between $958 million and $970 million and non-GAAP EPS between $5.00 and $5.12. The company also expects significant free cash flow generation, targeting $225 million to $237 million in adjusted free cash flow.
CEO Yogesh Gupta emphasized Progress' commitment to innovation and acquisitions to drive growth, while CFO Anthony Folger highlighted strong operating margins and the expected synergies from the ShareFile integration. The company’s strategic focus remains on customer success, operational excellence, and enhancing shareholder value.
For the full year 2024, revenue reached $753 million, an 8% increase, while non-GAAP diluted EPS rose 13% to $4.93. Cash flow from operations grew 22% year-over-year to $212 million.
The company completed its acquisition of ShareFile, an AI-powered SaaS content collaboration platform, in Q4. This acquisition contributed to Progress' strategy of expanding its portfolio and is expected to enhance both top-line and bottom-line performance in 2025.
Progress issued fiscal year 2025 guidance, forecasting revenue between $958 million and $970 million and non-GAAP EPS between $5.00 and $5.12. The company also expects significant free cash flow generation, targeting $225 million to $237 million in adjusted free cash flow.
CEO Yogesh Gupta emphasized Progress' commitment to innovation and acquisitions to drive growth, while CFO Anthony Folger highlighted strong operating margins and the expected synergies from the ShareFile integration. The company’s strategic focus remains on customer success, operational excellence, and enhancing shareholder value.
