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Progress Reports Strong Start to Fiscal Year 2024 With Q1 Financial Results Exceeding Estimates
March 26, 2024, BURLINGTON, Mass. — Progress (Nasdaq: PRGS), a globally recognized provider of infrastructure software, has kicked off the fiscal year 2024 with financial figures that not only underscore the company's robust growth trajectory but also exceed prior estimates. The first quarter of the fiscal year, ending February 29, 2024, saw notable increases in revenue and operational efficiencies, positioning Progress well for the forthcoming quarters.
First Quarter Fiscal 2024: A Snapshot of Financial Achievements
In a period marked by strategic financial planning and operational excellence, Progress reported a 12% increase in revenue, reaching $185 million compared to the previous year. This growth was reflected equally on an actual and constant currency basis, with Non-GAAP revenue also seeing a similar uptick. Despite a flat annualized recurring revenue (ARR) on a constant currency basis, the company showcased impressive operating margins, highlighting its ability to balance growth with profitability.
Earnings per share (EPS) saw a slight decrease from the previous year, with GAAP EPS at $0.51 compared to $0.53. However, on a Non-GAAP basis, EPS increased by 5%, from $1.19 to $1.25, indicating solid financial health and operational efficiency.
Operational Highlights and Strategic Financial Moves
Yogesh Gupta, CEO of Progress, expressed satisfaction with the quarter's results, attributing the success to stable demand, strong renewal rates, and the strategic bolstering of the company's balance sheet through new financial arrangements. This quarter also saw Progress significantly enhance its financial agility with the introduction of a new revolving credit facility and a convertible notes offering, providing the company with substantial capital for future mergers and acquisitions.
The quarter was also noteworthy for its operational metrics, including a steady cash and cash equivalents standing at $133.2 million and effective management of days sales outstanding. Additionally, Progress' commitment to shareholder returns was evident through the declaration of a quarterly dividend of $0.175 per share, to be paid in June 2024.
Looking Ahead: 2024 Business Outlook
With a solid start to the fiscal year, Progress has updated its guidance for FY 2024, maintaining its revenue projections at $722 to $732 million and adjusting its non-GAAP diluted EPS guidance slightly upwards. The company anticipates an operating margin of 19% to 20% and aims for an effective tax rate of 20%. For the fiscal second quarter of 2024, revenue is expected to be between $166 and $170 million, with diluted EPS projected to be between $0.22 and $0.26 on a GAAP basis, and between $0.93 and $0.97 on a Non-GAAP basis.
As Progress navigates the fiscal year 2024, its strategic financial management, coupled with a focus on product innovation and customer satisfaction, positions the company for sustained growth and profitability. The company's leadership remains optimistic about leveraging the opportunities ahead to further cement Progress's status as a trusted provider of infrastructure software worldwide.
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