Business
Progress Announces First Quarter 2023 Financial Results
Revenue and Earnings Per Share Exceed Guidance ARR surges to $569M; MarkLogic Integration Underway BURLINGTON, Mass., March 28, 2023 (GLOBE NEWSWIRE) --
About this update from Progress Software Corporation
[{"type":"text","content":"Revenue and Earnings Per Share Exceed Guidance ARR surges to $569M; MarkLogic Integration Underway BURLINGTON, Mass., March 28, 2023 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced financial results for its fiscal first quarter ended February 28, 2023. First Quarter 2023 Highlights1: Revenue of $164.2 million increased 13% year-over-year on an actual currency basis, and 15% on a constant currency basis.Non-GAAP revenue of $165.6 million increased 12% year-over-year on an actual currency basis, and increased 14% on a constant currency basis.Annualized Recurring Revenue (“ARR”) of $569 million increased 20% year-over-year on a constant currency basis.Operating margin was 22% and Non-GAAP operating margin was 44%.Diluted earnings per share was $0.53 compared to $0.46 in the same quarter last year, an increase of 15%. Non-GAAP diluted earnings per share was $1.19 compared to $0.97 in the same quarter last year, an increase of 23%. “Our fiscal 2023 started off very strong, with excellent results across virtually all products and geographies and a continuation of the strong demand and superb execution we saw in 2022,” said Yogesh Gupta, CEO at Progress. “Our customers continue to depend heavily on Progress products for reliable, cost-effective, highly functional solutions that help them develop, deploy and manage their high-impact business applications in difficult macroeconomic conditions. Importantly, our integration of MarkLogic, which closed just a couple of weeks before quarter-end, is gaining steam. We are thrilled to welcome our new team-members and look forward to their continued contributions through the year.” Additional financial highlights included: Three Months Ended GAAP Non-GAAP1(In thousands, except percentages and per share amounts)February 28, 2023 February 28, 2022 % Change February 28, 2023 February 28, 2022 % ChangeRevenue$164,226 $144,922 13% $165,611 $147,505 12%Income from operations$35,588 $29,432 21% $72,432 $58,732 23%Operating margin 22% 20% 200 bps 44% 40% 400 bpsNet income$23,674 $20,454 16% $52,759 $43,560 21%Diluted earnings per share$0.53 $0.46 15% $1.19 $0.97 23%Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP)$46,767 $44,093 6% $46,871 $44,681 5% 1 See Important Information Regarding Non-GAAP Financial Information and a recon...