There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation: (i) economic, geopolitical and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price; (ii) our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses; (iii) we may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, or a decline in our renewal rates for contracts; (iv) if the security measures for our software, services, other offerings or our internal information technology infrastructure are compromised or subject to a successful cyber-attack, or if our software offerings contain significant coding or configuration errors or zero-day vulnerabilities, we may experience reputational harm, legal claims and financial exposure; (v) the results of inquiries, investigations and legal claims regarding the MOVEit Vulnerability remain uncertain and the ultimate resolution of these matters could result in losses that may be material to our financial results for a particular period; and (vi) Progress’ ability to close the proposed acquisition of ShareFile, the expected time of closing or the expected benefits therefore; uncertainties as to the effects of disruption from the proposed acquisition of ShareFile making it more difficult to maintain relationships with employees, licensees, other business partners or governmental entities; transaction costs; actual or contingent liabilities; uncertainties as to whether anticipated synergies will be realized; and uncertainties as to whether ShareFile’s business will be successfully integrated with Progress' business.
We expect the deal to close before the end of our fiscal year, and we are eager to begin the work of integrating ShareFile’s people and products into the Progress team.” Additional financial highlights included: Three Months Ended GAAP Non-GAAP1(In thousands, except percentages and per share amounts)August 31,2024 August 31,2023 %Change August 31,2024 August 31,2023 %ChangeRevenue$178,686 $174,992 2% $178,686 $175,783 2%Income from operations$40,349 $29,371 37% $74,123 $68,390 8%Operating margin 23% 17% 600bps 41% 39% 200bpsNet income$28,464 $19,098 49% $55,216 $48,749 13%Diluted earnings per share$0.65 $0.42 55% $1.26 $1.08 17%Cash from operations (GAAP) /Adjusted free cash flow (non-GAAP)$57,658 $46,041 25% $57,525 $47,649 21% Other fiscal third quarter 2024 metrics and recent results included: Cash and cash equivalents were $232.7 million at the end of the quarter.
In the noted fiscal periods, we adjusted for the following items from our GAAP financial results to arrive at our non-GAAP financial measures: Acquisition-related revenue - We include acquisition-related revenue, which constitutes revenue reflected as pre-acquisition deferred revenue that would have been recognized prior to our adoption of Accounting Standards Update No.2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08”) during the fourth quarter of fiscal year 2021.
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