Progress(PRGS) - 2023 Q4 - Earnings Call Presentation

Financial Performance Highlights - Revenues reached $178 million, a 10% increase year-over-year in constant currency, exceeding the prior guidance of $171 million - $177 million[8] - Annual Recurring Revenue (ARR) stood at $574 million, up 17% year-over-year in constant currency, or 1% pro-forma, with a Net Retention Rate (NRR) of 100%[8] - Operating margins were strong at 35%[8] - Earnings per share (EPS) reached $1.02, surpassing the prior guidance of $0.87 - $0.93[8] Future Outlook - The company anticipates revenue between $722 million and $732 million for FY24, with an EPS of $4.58 - $4.68[8] - For 1Q'24, revenue is projected to be $180 million - $184 million, and EPS is expected to be $1.12 - $1.16[8] Strategic Initiatives - MarkLogic integration was substantially completed in 4Q23[8] - MarkLogic contributes approximately $80 million to ARR[10, 40] Capital Allocation - The company paid down $30 million of debt with excess Free Cash Flow (FCF) in Q4, maintaining a modest net leverage[8] - The company will continue to prioritize accretive Mergers and Acquisitions (M&A) opportunities and repurchase shares to offset dilution from equity programs[27]