Progress(US:PRGS)2024-03-27 01:26Financial Performance - Q1 2024 - Revenue reached $185 million, an 11% increase year-over-year in constant currency, exceeding the high end of guidance[6] - Non-GAAP earnings per share (Diluted) stood at $1.25[6] - Adjusted Free Cash Flow (non-GAAP) amounted to $72 million[6] - Non-GAAP Operating Margin was strong at 42%[6, 27] Annual Recurring Revenue (ARR) - ARR reached $571 million, a 0.2% increase year-over-year in constant currency[21] - Net Retention Rate (NRR) was 99%[21] - Q1 2023 ARR includes an adjustment to eliminate approximately $4 million of ARR associated with contracts booked by MarkLogic prior to the acquisition[34, 67] Guidance - FY24 revenue is projected to be between $722 million and $732 million[33] - FY24 EPS is expected to be between $4.65 and $4.75, an increase from the previous guidance of $4.58 to $4.68[33] - Q2 2024 revenue is guided to be between $166 million and $170 million[33] - Q2 2024 EPS is guided to be between $0.93 and $0.97[33] Capital Allocation - The company focuses on accretive M&A opportunities that meet disciplined criteria to create strong returns[4, 41, 42] - The company has $171 million remaining under its share repurchase authorization[41] - The company continues to return capital to shareholders in the form of dividends[41] Revenue Breakdown by Type (Q1 2024) - License revenue was $64.1 million[11] - Maintenance revenue was $102.025 million[11] - Services revenue was $18.560 million[11] Revenue Breakdown by Region (Q1 2024) - North America revenue was $107.282 million[11] - EMEA revenue was $63.087 million[11] - Latin America revenue was $4.668 million[11] - Asia Pacific revenue was $9.648 million[11] Growth - Revenue Compound Annual Growth Rate (CAGR) from 2019 to 2024(F) is 11%[37, 38] - Unlevered Adjusted Free Cash Flow CAGR from 2019 to 2024(F) is 11%[52]