Progress Q1 beats estimates; raises FY2024 non-GAAP EPS guidance to $4.65-4.75

PROGRESS SOFTWARE CORP /MA

2024-Q1 EPS reported $0.51 revenue$184,685,000

Revenue $184.7M (+12% YoY); GAAP EPS $0.51 vs $0.53; non-GAAP EPS $1.25 vs $1.19, above guidance.
Raises FY2024 non-GAAP EPS guidance to $4.65-4.75 from $4.58-4.68; revenue unchanged $722-732M.
Closed $450M convertible notes and new $900M credit facility; used proceeds to repay all prior bank debt.
ARR $571M flat YoY constant currency; operating margin 19% GAAP and 42% non-GAAP.
Declares Q2 dividend $0.175/share payable June 17, 2024 to holders of record June 3.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PROGRESS SOFTWARE CORP /MA reported Fiscal first quarter ended February 29, 2024 results: revenue $185 million, EPS $0.51 diluted earnings per share.

Period: Fiscal first quarter ended February 29, 2024
Revenue: $185 million
EPS: $0.51 diluted earnings per share
Result: reported results

Exact text from the filing

provider of infrastructure software, today announced financial results for its fiscal first quarter ended February 29, 2024. First Quarter 2024 Highlights 1 : • Revenue of $185 million increased 12% year-over-year on both an actual and a constant currency basis. • Non-GAAP revenue of $185 million increased 12% year-over-year on an actual currency basis and 11%

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Source: SEC EDGAR

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