NASDAQ$PRGS
Progress Software Corporation · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Progress reported strong Q4 2023 results, with revenue and EPS exceeding estimates and ARR growth of 17% year-over-year.
Progress reported a strong finish to fiscal 2023, with Q4 revenues increasing by 13% year-over-year to $177.0 million and non-GAAP EPS at $1.02. The company generated $175 million in adjusted free cash flow for the year and substantially integrated MarkLogic ahead of schedule. Progress paid down another $30 million of debt in the fourth quarter and is well-positioned for future acquisitions.
- Revenue of $177.0 million increased 13% year-over-year.
- ARR of $574 million increased 17% year-over-year.
- Operating margin was 13% and non-GAAP operating margin was 35%.
- Diluted earnings per share was $0.34, and non-GAAP diluted earnings per share was $1.02.
Headline financials
Revenue & EPS history
Progress Software · Revenue · Quarterly
$178M
Revenue by segment
Progress Software · $175M total across 2 segments · Q3 2023
- Maintenance$124M+20.1%71.1%
- Software Licenses$50.5M+6.1%28.9%
Forward guidance
Progress provides the following guidance for the fiscal year ending November 30, 2024 and the fiscal first quarter ending February 29, 2024, together with actual results for the same periods in the fiscal year ending November 30, 2023.
Tailwinds
- FY 2024 Revenue: $722 - $732 million
- FY 2024 Diluted earnings per share: $1.94 - $2.06
- FY 2024 Non-GAAP Diluted earnings per share: $4.58 - $4.68
- FY 2024 Operating margin: 19% - 20%
- FY 2024 Non-GAAP Operating margin: 39% - 40%
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q4 2023
+1.8%
Avg return
Earnings day
+1.8%
Avg return
5 days after
+3.1%
Avg return
30 days after
59%
40 / 68 earnings
Positive
+19.8%
Q1 2019
Best reaction
-15.5%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | -9.3% | -4.0% | — | |
| Q4 2025 | +10.7% | +11.1% | +4.5% | |
| Q3 2025 | +3.2% | +8.4% | -1.8% | |
| Q2 2025 | +1.8% | +0.3% | -4.0% | |
| Q1 2025 | +12.1% | +9.0% | +16.7% | |
| Q4 2024 | -9.0% | -15.8% | -10.1% | |
| Q3 2024 | +12.4% | +16.6% | +14.5% | |
| Q2 2024 | +12.2% | +10.8% | +17.3% | |
| Q1 2024 | -0.2% | +1.0% | -3.9% | |
| Q4 2023 | +4.7% | +7.2% | +4.4% | |
| Q3 2023 | -6.2% | -6.4% | -9.9% | |
| Q2 2023 | +8.4% | +10.0% | +9.0% | |
| Q1 2023 | -5.2% | -2.4% | -6.6% | |
| Q4 2022 | -3.7% | -3.4% | +8.0% | |
| Q3 2022 | +2.5% | +3.0% | +20.1% | |
| Q2 2022 | -9.2% | -11.4% | -8.2% | |
| Q1 2022 | +3.3% | +5.3% | +8.3% | |
| Q4 2021 | -6.2% | -3.1% | -2.0% | |
| Q3 2021 | +17.5% | +8.3% | +13.1% | |
| Q2 2021 | +2.2% | +2.7% | +1.6% | |
| Q1 2021 | +5.9% | +4.5% | +11.5% | |
| Q4 2020 | -7.0% | -10.2% | -8.6% | |
| Q3 2020 | -1.6% | +1.3% | -3.0% | |
| Q2 2020 | +2.5% | +5.6% | -5.8% | |
| Q1 2020 | -0.7% | -3.7% | +13.4% | |
| Q4 2019 | +8.4% | +4.2% | -0.5% | |
| Q3 2019 | -3.8% | -6.2% | -2.2% | |
| Q2 2019 | +9.4% | +1.7% | +9.5% | |
| Q1 2019 | +19.8% | +20.6% | +22.8% | |
| Q4 2018 | -4.7% | -4.1% | +3.0% | |
| Q3 2018 | -15.5% | -17.5% | -25.4% | |
| Q2 2018 | +14.4% | +8.3% | +6.8% | |
| Q1 2018 | -0.4% | -3.6% | -4.1% | |
| Q4 2017 | +15.6% | +15.9% | +6.2% | |
| Q3 2017 | +0.5% | +3.4% | +13.4% | |
| Q2 2017 | +1.9% | +2.7% | +6.8% | |
| Q1 2017 | +3.7% | +3.0% | +5.0% | |
| Q4 2016 | -14.3% | -12.6% | -10.5% | |
| Q3 2016 | -2.6% | -1.5% | -4.5% | |
| Q2 2016 | +10.9% | +12.2% | +17.4% | |
| Q1 2016 | -4.7% | — | — | |
| Q4 2015 | -0.7% | — | — | |
| Q3 2015 | -11.0% | — | — | |
| Q2 2015 | +8.7% | — | — | |
| Q1 2015 | -5.6% | — | — | |
| Q4 2014 | -4.3% | — | — | |
| Q3 2014 | +4.3% | — | — | |
| Q2 2014 | +8.4% | — | — | |
| Q1 2014 | -3.2% | — | — | |
| Q4 2013 | -5.2% | — | — | |
| Q3 2013 | +4.4% | — | — | |
| Q2 2013 | +7.3% | — | — | |
| Q1 2013 | +1.4% | — | — | |
| Q4 2012 | +2.2% | — | — | |
| Q3 2012 | +7.9% | — | — | |
| Q2 2012 | -0.9% | — | — | |
| Q1 2012 | +1.1% | — | — | |
| Q4 2008 | +4.3% | — | — | |
| Q4 2011 | +4.3% | — | — | |
| Q3 2011 | +2.6% | — | — | |
| Q2 2011 | -1.4% | — | — | |
| Q1 2010 | -2.3% | — | — | |
| Q1 2011 | -4.7% | — | — | |
| Q4 2010 | +5.8% | — | — | |
| Q2 2010 | +5.8% | — | — | |
| Q4 2009 | +5.4% | — | — | |
| Q3 2009 | +5.4% | — | — | |
| Q3 2010 | +5.4% | — | — |
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