products excited and thank guidance exceeded as high you results we fiscal everyone, discuss the virtually guidance the remain Good and Progress' margins confident headwinds, Mike. you, fiscal report Despite for EPS of performance end cash we we strong full revenue another We're strong flow operating recorded us again rest free for and afternoon, our geographies. the about revenues, and all Thank to joining that 'XX. for our quarter the across raising year. revenue of and our are the We EPS our and third of year 'XX. FX guidance maintaining
predictable accretive our Total with Our results a M&A continue rates. retention combines highly revenues which Growth very profitable strong be driven recurring by Strategy, to and and business high with
predictability over of our mission-critical past its several our good of Our stability. demand of that aspect providing continues steady to from business business performance the types very foundation This software in high-visibility is and to products meaningful in returns nature forms the disciplined demand protection deliver to this customers. execution strategy steady of our consistent a of leading times, our years important businesses. may shareholders. A impact times The results and our and a and model degree uncertainties challenging from other business of a in
things on million approximately recurring of very coming a at end impact flow $X. the compare. XXX%, in speak And us in the over giving was basis of results of tough last high prior to XXX.X%. end our again XX% $X to was a this Annual to in at quarter note, rate very retention $XXX.X quarter third was Free to length. million, pro the guidance EPS as $XXX on beat our was a above revenues over also balance forma huge impressive continues at year-over-year X% of for cash continued quarter that has and this third alone. Revenue closed and had large course, the negative a quarter sheet strong grow Our our several Two quarter, dollar year, and to as-reported up deals an year-over-year FX million, recall basis. of strengthen. Net
quarter So in managing show results are more renewal as in our that is challenging even light, setting. and well to Progress be Demand strong for our our that third impressive a continues macro rates. products
details Chef, meet super details the numbers, including to remains the this commentary and DataDirect about in will FX. this in our provide share demand let quarter Sitefinity. before But OpenEdge, execution of on environment. macro with some impact business more strength noteworthy on Anthony and that, me Our our
are: through criteria. before, and our investing focus innovation disciplined and customer organic pillars And discussed successfully shareholder flow. have three; profitable success drive cash our accretive strengthen we fit and the number world-class that of on core three retention operational growth. and maximize to execute excellence in Number to product Strategy number As one, acquisitions by Total capital two, run Growth ARR integrate preferably and margins efficiently to our produce acquisitions highest deliver the returns, businesses deploy
repurchases. them doing recurring identifying of capital that our steadfast $XX Expanding policy the a value capital. are means we to been return exceeds back rates we as only deals bit opportunistically operating well as bought both have the our commitment expected capital retention invested through such that strict renewal acquisition as on our Progress if our our third on the million. cost once rapidly right businesses high strong our quarter, we stock, criteria. back can that We and enterprise we It revenue with our better integrate model, returned confident also and durable, shares offered In meet a applying strategy, allocation share also shareholders We a price, returns. of shares to for means in within buy worth software meaningfully model. calculated element That
As did passed criteria. number a not standards, have meet deals retention our of stringent or revenue a result rate of recurring we that
respect must that are still at believe But favor reengage the long because to business over macro working to with asking And haul. they tried we are should factors private deliver significantly valuation lower we returns disciplined remain valuations have multiples, not company are we'll sellers while deteriorating in where strong Some be. sustainable price. buy our any
than their While ago, out valuation markets. line a remain public expectations year of with lower
will overpay and not assets acquire. for the we be patient we So
We businesses be our the realign doing be our products. ability to shared continue integrate to our also develop, support uniformity increased our and some looking in an sell our go-to-market teams. seek that and customers, buyer among order for choice teams to realign contender greater will a operating we're better some will companies In extremely collaboration lead market improve to working M&A of efficiently enhance product serve work and to acquired teams and active of we're to to sell. services, centralize and operational to This systems efficiency. the The
growth have. the operational new All protect same and are focusing inflation. in our conditions excellence. employee time, that much can the topic done Elevated the order can Switching more to employee is employees this our which on great managing hiring our hard to We've largest of we expenses employee-related we've at training margins. this competitively; The turnover business retaining costs engagement. and is expensive in our increase by worked employees expenses. across talent business because pay element important to we of than significantly expense also the total strategy, of business And ensure supports an macroeconomic while in drivers our
to continue fulfilling, where authentic. We the employees kind to work and find of work environment Progress make hard the inclusive place the
the to proud And be diligently quartile company manage that we're this, the to of place great employee we other in a Our that continue our sustain our thank tech margins their period. to this the the the engagement in of work. I and industry. such On for unprecedented costs scores progress want to success significantly top ongoing below average. remains employees continue top we can our for making employee turnover to inflationary during commitment industry all to ensure
For example, reduced costs our year, headquarters this and significantly. sold we fixed earlier our building
some close marketing to pandemic reductions continue also the benefits and eye keep on of maintaining era expenses. in of travel We a
to move operations towards employee help streamline position continually our at as time, focus us forward same will retain engagement Our the us well talent, our we on efforts while XXXX. and
customer from global a highlights wrap up recent me with Let few our event.
demonstrations a of XXX last in well team from in around as product IT developers, and Project and we members other three education, from weeks Progress the and partners Boston, hosted and strategy the years. executives our training ago, ops largest days practitioners for of event CIOs Just discussions, Sec-ops collaboration. our as couple customers two joined globe, and
ever about Most love use and it was wonderful make people with business the face-to-face me, a us. products in impact a who reaffirmation our importantly, products enthusiastic personally, that to and are, as it as was our with customers technologists positive For to world. our working connect
with will finish having these now we wrap far. 'XX to excellent the year And is guidance confident I'll turn with so pleased outstanding So for Anthony. results quarter. reflects. third over an note up, it Progress strong that, And I'm a to as I'm our on FY
