Progress Software announced strong financial results for its fiscal fourth quarter and full year ended November 30, 2024. For Q4 2024, revenue reached $215 million, a 21% increase year-over-year, and non-GAAP diluted earnings per share were $1.33, up 30% from the prior year. Annualized Recurring Revenue (ARR) grew 46% year-over-year on a constant currency basis to $842 million.
For the full fiscal year 2024, Progress reported revenue of $753.409 million, an 8% increase year-over-year, and non-GAAP diluted earnings per share of $4.93, up 13%. The company maintained a non-GAAP operating margin of 40% for the full year and reported $211.494 million in GAAP cash from operations.
The Net Retention Rate (NRR) closed the year above 100%, indicating strong customer loyalty and expanded spending. The integration of the ShareFile acquisition, completed on October 31, 2024, is underway and is expected to contribute meaningfully to the company's top and bottom lines in fiscal year 2025.
Progress provided its business outlook for fiscal year 2025, projecting revenue between $958 million and $970 million and non-GAAP diluted earnings per share between $5.00 and $5.12. The company also expects adjusted free cash flow between $225 million and $237 million, and plans to repay $160 million on its revolving credit facility during FY25, following the suspension of its quarterly dividend.
The company's Q1 2025 guidance anticipates revenue between $232 million and $238 million, with non-GAAP diluted earnings per share projected between $1.02 and $1.08. Progress continues to incur legal and professional services expenses related to the MOVEit vulnerability, which are excluded from non-GAAP adjustments.
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