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Progress Software Corp Ma (PRGS) SEC Filing 10-Q Quarterly report for the period ending Wednesday, February 28, 2018

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Progress Software Corp Ma

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CIK: 876167 Ticker: PRGS
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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Inside Progress Software Corp Ma's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (parenthetical)
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (parenthetical)
Condensed Consolidated Statements Of Operations
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (details)
Accumulated Other Comprehensive Loss (tables)
Basis Of Presentation
Basis Of Presentation (details)
Basis Of Presentation (policies)
Business Combinations
Business Combinations (assets Acquired And Liabilities Assumed) (details)
Business Combinations (narrative) (details)
Business Combinations (tables)
Business Segments And International Operations
Business Segments And International Operations (income From Continuing Operations By Segment) (details)
Business Segments And International Operations (narrative) (details)
Business Segments And International Operations (revenue From External Customers By Product) (details)
Business Segments And International Operations (revenue From External Customers From Different Geographical Areas) (details)
Business Segments And International Operations (tables)
Cash, Cash Equivalents And Investments
Cash, Cash Equivalents And Investments (fair Value Of Debt Securities By Contractual Maturity) (details)
Cash, Cash Equivalents And Investments (summary Of Cash, Cash Equivalents And Trading And Available-for-sale Investments By Balance Sheet Classification) (details)
Cash, Cash Equivalents And Investments (summary Of Cash, Cash Equivalents And Trading And Available-for-sale Investments) (details)
Cash, Cash Equivalents And Investments (tables)
Common Stock Repurchases
Common Stock Repurchases (details)
Derivative Instruments
Derivative Instruments (narrative) (details)
Derivative Instruments (outstanding Foreign Currency Forward Contracts) (details)
Derivative Instruments (tables)
Earnings (loss) Per Share
Earnings (loss) Per Share (calculation Of Basic And Diluted Earnings Per Share) (details)
Earnings (loss) Per Share (narrative) (details)
Earnings (loss) Per Share (tables)
Fair Value Measurements
Fair Value Measurements (fair Value Measurements Within The Fair Value Hierarchy Of The Financial Assets) (details)
Fair Value Measurements (tables)
Income Taxes
Income Taxes (details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (narrative) (details)
Intangible Assets And Goodwill (schedule Of Future Amortization Expense From Intangible Assets Held) (details)
Intangible Assets And Goodwill (schedule Of Goodwill) (details)
Intangible Assets And Goodwill (schedule Of Intangible Assets) (details)
Intangible Assets And Goodwill (tables)
Restructuring Charges
Restructuring Charges (narrative) (details)
Restructuring Charges (summary Of Restructuring Activity) (details)
Restructuring Charges (tables)
Stock-based Compensation
Stock-based Compensation (classification Of Stock-based Compensation) (details)
Stock-based Compensation (narrative) (details)
Stock-based Compensation (tables)
Term Loan And Line Of Credit
Term Loan And Line Of Credit (future Maturities) (details)
Term Loan And Line Of Credit (narrative) (details)
Term Loan And Line Of Credit (tables)

Material Contracts, Statements, Certifications & more

Progress Software Corp Ma provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: PRGS
CIK: 876167
Form Type: 10-Q Quarterly Report
Accession Number: 0000876167-18-000027
Submitted to the SEC: Fri Apr 06 2018 12:33:58 PM EST
Accepted by the SEC: Fri Apr 06 2018
Period: Wednesday, February 28, 2018
Industry: Prepackaged Software

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