newprogresslogoa02.jpg
 
Exhibit 99.1


P R E S S A N N O U N C E M E N T
Investor Contact:
 
Press Contact:
Brian Flanagan
 
Erica Burns
Progress Software
 
Progress Software
+1 781 280 4817
 
+1 888 365 2779 (x3135)
flanagan@progress.com
 
erica.burns@progress.com

Progress Reports Better Than Expected 2018 Fiscal First Quarter Results

Raises Guidance for FY18 Earnings Per Share and Operating Margin


BEDFORD, MA, March 28, 2018 (BUSINESSWIRE) — Progress (NASDAQ: PRGS), the leading provider of application development and deployment technologies, today announced results for its fiscal first quarter ended February 28, 2018.

Revenue was $94.0 million during the quarter compared to $91.0 million in the same quarter last year, a year-over-year increase of 3% on an actual currency basis, and flat on a constant currency basis. On a non-GAAP basis, revenue was $94.2 million during the quarter compared to $91.2 million in the same quarter last year, an increase of 3% on an actual currency basis, and flat on a constant currency basis.

On a GAAP basis, diluted earnings per share was $0.27 compared to a diluted loss per share of $0.01 in the same quarter last year.  On a non-GAAP basis, diluted earnings per share was $0.54 compared to $0.34 in the same quarter last year, growth of 59%.

“We are very pleased with our strong start to 2018,” said Yogesh Gupta, CEO at Progress. “We exceeded both our revenue and earnings per share expectations in the first quarter, and the strength of our business has enabled us to increase our full year guidance for both operating margin and earnings per share. Our business is strong and stable, and we remain confident in our future prospects.”

Additional financial highlights included:

 
Three Months Ended
 
GAAP
 
Non-GAAP
(In thousands, except percentages and per share amounts)
February 28, 2018
 
February 28, 2017
 
% Change
 
February 28, 2018
 
February 28, 2017
 
% Change
Revenue
$
94,047

 
$
90,970

 
3
 %
 
$
94,194

 
$
91,203

 
3
 %
Income from operations
17,768

 
1,222

 
*

 
34,744

 
27,130

 
28
 %
Operating margin
19
%
 
1
%
 
*

 
37
%
 
30
%
 
23
 %
Net income (loss)
12,912

 
(525
)
 
*

 
25,519

 
16,847

 
51
 %
Diluted earnings (loss) per share
0.27

 
(0.01
)
 
*

 
0.54

 
0.34

 
59
 %
Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP)
$
31,595

 
$
37,300

 
(15
)%
 
$
32,948

 
$
42,981

 
(23
)%
*Not meaningful

Paul Jalbert, CFO, said: “Our strong Q1 operating margins reflect our ongoing commitment to running our business efficiently. We continue to generate strong cash flows, and maintained our disciplined approach to capital allocation by returning over $50 million to our shareholders during the quarter.”


1

The following information was filed by Progress Software Corp Ma (PRGS) on Wednesday, March 28, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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