Progress Q3 revenue rises 2% to $179 million and raises FY 2024 revenue guidance
Progress reported fiscal third-quarter 2024 revenue of $179 million, up 2% year over year, and GAAP diluted earnings per share of $0.65, up from $0.42. It raised its fiscal 2024 GAAP revenue guidance but lowered its GAAP diluted EPS guidance, and its board approved suspending the quarterly dividend once the $875 million ShareFile acquisition closes.
- Q3 revenue $179 million, up 2% year over year; GAAP diluted EPS $0.65 vs. $0.42; non-GAAP diluted EPS $1.26 vs. $1.08.
- Annualized Recurring Revenue of $582 million, relatively flat year over year on a constant currency basis.
- FY 2024 GAAP revenue guidance raised to $745 million-$755 million from $725 million-$735 million; GAAP diluted EPS guidance lowered to $1.69-$1.81 from $1.98-$2.10.
- Board approved suspending the quarterly dividend as of the closing of the $875 million ShareFile acquisition, with capital redirected to debt repayment, M&A and share repurchases.