Progress beats Q3 estimates; ARR up 18%; raises FY2023 guidance

PROGRESS SOFTWARE CORP /MA

2023-Q3 EPS reported $1.23 revenue$517,469,000

Q3 revenue $175M (+16% YoY); GAAP EPS $0.42; non-GAAP EPS $1.08 (+8% YoY), ahead of guidance.
Annualized Recurring Revenue (ARR) $577M, up 18% YoY constant currency; net retention 100.6%.
FY2023 revenue guidance raised to $688-694M GAAP; non-GAAP EPS $4.20-4.26, up from prior $4.16-4.24.
Dividend $0.175/share declared, payable Dec 15, 2023 to holders of record Dec 1.
Cash from operations $46M; adjusted free cash flow $47.6M; balance sheet strong.

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