Business
Progress Announces Second Quarter 2022 Financial Results
Revenue and EPS Exceed Prior Guidance BURLINGTON, Mass., June 28, 2022 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure
About this update from Progress Software Corporation
[{"type":"text","content":"Revenue and EPS Exceed Prior Guidance BURLINGTON, Mass., June 28, 2022 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced financial results for its fiscal second quarter ended May 31, 2022. Second Quarter 2022 Highlights: Revenue of $148.7 million increased 21% year-over-year on an actual currency basis, and 24% on a constant currency basis.Non-GAAP revenue of $150.9 million increased 17% on an actual currency basis, and 19% on a constant currency basis.Annualized Recurring Revenue (ARR) of $486 million increased 13% year-over-year on a constant currency basis.Operating margin was 27% and Non-GAAP operating margin was 41%.Diluted earnings per share was $0.66 compared to $0.30 in the same quarter last year, an increase of 120%. Non-GAAP diluted earnings per share was $1.04 compared to $0.82 in the same quarter last year, an increase of 27%. “Once again, we are very pleased to report excellent quarterly results, especially during so much market turmoil and global uncertainty,” said Yogesh Gupta, CEO at Progress. “Progress again performed exceptionally well across the board, exceeding revenue and EPS guidance, which was driven by a Total Growth Strategy that layers accretive M&A over a highly profitable and predictable business with strong recurring revenue and very high retention rates. Despite a tumultuous market and an economy with increasing risks, Progress remains well positioned to continue our steady execution for the remainder of 2022 and beyond.” Additional financial highlights included(1): Three Months Ended GAAP Non-GAAP(In thousands, except percentages and per share amounts)May 31, 2022 May 31, 2021 % Change May 31, 2022 May 31, 2021 % ChangeRevenue$148,747 $122,488 21% $150,879 $129,198 17%Income from operations$40,235 $22,282 81% $61,298 $49,712 23%Operating margin 27% 18% 900bps 41% 38% 300bpsNet income$29,110 $13,557 115% $45,886 $36,513 26%Diluted earnings per share$0.66 $0.30 120% $1.04 $0.82 27%Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP)$68,260 $54,690 25% $68,038 $55,411 23% (1)See Legal Notice Regarding Non-GAAP Financial Information Other fiscal second quarter 2022 metrics and recent results included: Cash, cash equivalents and short-term investments were $225.9 million at the end of the quarter.DSO was 39 days compared to 44 days i...