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2024 Business Outlook
Progress provides the following guidance for the fiscal year ending November 30, 2024 and the fiscal third quarter ending August 31, 2024:
Updated FY 2024 Guidance (June 25, 2024) | Prior FY 2024 Guidance (March 26, 2024) | ||||
(In millions, except percentages and per share amounts) | GAAP | Non-GAAP1 | GAAP | Non-GAAP1 | |
Revenue | $725 - $735 | $725 - $735 | $722 - $732 | $722 - $732 | |
Diluted earnings per share | $1.98 - $2.10 | $4.70 - $4.80 | $1.94 - $2.06 | $4.65 - $4.75 | |
Operating margin | 19% | 39% - 40% | 19% - 20% | 39% - 40% | |
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) | $205 - $215 | $205 - $215 | $205 - $215 | $205 - $215 | |
Effective tax rate | 20% | 20% | 20% | 20% |
Q3 2024 Guidance | ||
(In millions, except per share amounts) | GAAP | Non-GAAP1 |
Revenue | $174 - $178 | $174 - $178 |
Diluted earnings per share | $0.48 - $0.52 | $1.11 - $1.15 |
Based on current exchange rates, the expected positive currency translation impact on Progress' fiscal year 2024 business outlook compared to 2023 exchange rates on GAAP and non-GAAP revenue is approximately $0.7 million, and approximately $0.02 on GAAP and non-GAAP diluted earnings per share. The expected negative currency translation impact on Progress' fiscal Q3 2024 business outlook compared to 2023 exchange rates on GAAP and non-GAAP revenue is approximately $0.5 million. The expected impact on GAAP and non-GAAP diluted Q3 2024 earnings per share is not expected to be material from an accounting perspective. Fluctuations in exchange rates can impact our future performance.
Posted In: PRGS