ASX 200 stock Technology One Ltd (ASX: TNE) is pushing higher on Tuesday after the company released its FY24 results.

Shares are up nearly 8% at the time of writing, fetching $28.66 apiece as investors digest the company's annual numbers.

Zooming out, it has lifted more than 74% this year to date. Let's see what the company posted.

ASX 200 stock up on record-breaking results

Here are the key highlights from Technology One's FY24 results:

• Profit before tax climbed 18% to $152.9 million, exceeding guidance of 12%-16%
• Total Annual Recurring Revenue (ARR) reached $470.2 million, up 20%, with a target to surpass $500 million by H1 FY25
• UK ARR surged 31% to $34.7 million
• Total revenue increased 17% to $515.4 million, while revenue from SaaS and recurring business rose 19%
• Full-year dividend increased 16% to 22.45 cents per share, representing a 62% payout ratio

What else happened in FY24?

It wasn't just a good year on the chart for the ASX 200 stock. Technology One, the business, had a good year, with pre-tax profits up 30% over the prior corresponding period. This was underscored by $128 million in R&D for the year into its SaaS platform.

This approach looks to have resonated with clients, with management reporting a 117% net revenue retention rate. This is above the ASX 200 stock's long-term target of 115%.

As a result, average ARR from customers hit $400,000, up from around $100,000 back in 2012.

The company also grew its UK business, achieving a 70% increase in UK sales ARR.

Major wins included partnerships with universities such as Chester and Buckingham, increasing Technology One's competitive position in the higher education sector.

What did management say?

CEO Ed Chung attributed the results to Technology One's strategic vision and innovation:

Our ability to deliver these results is due to TechnologyOne's clear vision, strategy, culture and our significant investment in R&D, which has been validated in March 2023 as we entered the ASX 100 index.

A year ago, we established our visionary SaaS+ offering, becoming the world's first SaaS+ ERP company, by combining our mission-critical global SaaS ERP solution and implementation in one single fee, removing the need for traditional, complex, long, risky and expensive consulting implementations to provide faster go-lives and therefore unlocking value for our customers more quickly.

What's next for Technology One?

Looking ahead, Technology One has set a long-term target of $1 billion in ARR by FY30, supported by investments in new products and international expansion.

The ASX 200 stock has revised this number higher two times in the past now, and ARR now makes up 90% of its total revenue. Per the release:

The revenue quality from our latest generation global SaaS ERP solution is exceptionally high, given its recurring contractual nature, combined with our long-term, industry-leading low churn rate of ~1%.

Its balance sheet also carries no debt and has cash reserves of $278.7 million. Management expects continued margin improvements and remains focused on scaling its SaaS+ model.

ASX 200 stock snapshot

The Technology One share price has soared in 2024, and investors are bidding up shares today, following the company's FY24 results.

The ASX 200 stock is up more than 63% in the past year.