Filing Flows › Progress Software (PRGS) › Q4 FY24
Progress Software (PRGS) Q4 FY24 earnings results (fourth quarter fiscal 2024)
10-K filed Jan 21, 2025
Progress Software (PRGS) reported revenue of $215M for the fourth quarter fiscal 2024 (Q4 FY24), +21% from a year earlier and +20% from the quarter before. Operating margin was 10.0%, net earnings $1.1M (0.5% of revenue).
Progress Software, Q4 FY24: revenue $215M (+22% year over year), operating margin 10.0%, net earnings $1.1M, operating cash flow $19.7M. The chart follows the revenue to costs, profit and cash.
| Q4 FY24 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $215M | +20% | +21% |
| Gross profit | $178M | +19% | +25% |
| Operating profit | $21.5M | -47% | -5% |
| Net earnings | $1.1M | -96% | -93% |
| Operating cash flow | $19.7M | -66% | -41% |
| Free cash flow | $16.8M | -70% | -45% |
What changed
Revenue was $215.0M in Q4 FY24, up 21% year over year and up 20% from the previous quarter. Maintenance and services was the largest line at 66% of revenue.
Gross margin was 83.0%, up 2.0 points from a year earlier. Operating profit was $21.5M, a 10.0% margin (down 2.7 points year over year). Operating profit fell $1.0M even though revenue rose $38.0M versus a year earlier, so costs grew faster than sales. Operating expenses grew 30% against revenue growth of 21%. The fastest-growing cost line was Other operating costs (+47%). Net earnings were $1.1M, down 93% year over year. The effective tax rate was 90.6%.
Operating cash flow was $19.7M (down 41% year over year), 1713% of net earnings. Non-cash charges added back $27.0M of depreciation and amortization and $11.7M of share-based compensation. Working capital and other items used $20.3M. Capital expenditures of $2.9M left free cash flow of $16.8M.
Questions
What was Progress Software's revenue in the fourth quarter fiscal 2024?
Progress Software (PRGS) reported revenue of $215M for the fourth quarter fiscal 2024 (Q4 FY24), +21% from a year earlier and +20% from the quarter before.
Was Progress Software profitable in the fourth quarter fiscal 2024?
Operating profit was $21.5M (10.0% of revenue) and net earnings $1.1M.
Source: Progress Software 10-K on SEC EDGAR.