April 1, 2015
Progress Software Reports 2015 Fiscal First Quarter Results Achieves Revenue and Exceeds EPS Guidance
BEDFORD, Mass.--(BUSINESS WIRE)-- Progress Software Corporation (NASDAQ: PRGS), a global software company that simplifies and enables the development, deployment and management of business applications, today announced results for its fiscal first quarter ended February 28, 2015.
Revenue was $81.4 million compared to $74.5 million in the same quarter last year, a year over year increase of 9% on an actual currency basis and 15% on a constant currency basis. On a non-GAAP basis, revenue was $95.5 million compared to $74.5 million in the same quarter last year.
Additional financial highlights included:
On a GAAP basis in the fiscal first quarter of 2015:
Revenue was $81.4 million compared to $74.5 million in the same quarter last year;
Loss from operations was $11.2 million compared to income from operations of $14.0 million in the same quarter in fiscal year 2014;
Net loss was $1.0 million compared to net income of $11.1 million in the same quarter last year; and
Loss per share was $0.02 compared to diluted earnings per share of $0.21 in the same quarter last year.
On a non-GAAP basis in the fiscal first quarter of 2015:
Revenue was $95.5 million compared to $74.5 million in the same quarter last year;
Income from operations was $20.4 million compared to $21.4 million in the same quarter last year;
Operating margin was 21% compared to 29% in the same quarter last year;
Net income was $15.1 million compared to $14.6 million in the same quarter last year;
Diluted earnings per share was $0.29 compared to $0.28 in the same quarter last year; and
Free cash flow was $34.5 million compared to $18.9 million in the same quarter last year.
Our strong first quarter results demonstrate the positive momentum we have across our business units, said Phil Pead, President and CEO of Progress Software. With the acquisitions of Telerik and BravePoint together with the significant investments we have made in R&D, we are now able to offer one of the most comprehensive platform, mobile and cloud portfolios in the industry. Throughout 2015, we will continue building on our commitments to the developer community to enable every developer to create amazing experiences.
Other fiscal first quarter 2015 metrics and recent results included:
Cash, cash equivalents and short-term investments were $211.2 million;
Cash flows from operations were $37.1 million compared to $25.4 million in the same quarter in fiscal year 2014;
DSO was 56 days, compared to 71 days in the fiscal first quarter of 2014; and
Under the previously announced authorization by the Board of Directors to repurchase up to $100 million of shares of common stock, Progress repurchased 0.3 million shares for $7.8 million during the fiscal first quarter of 2015.
Business Outlook
Progress Softwares fiscal 2015 financial guidance includes the impact of the recent significant strengthening of the US dollar and is based on current exchange rates. Because the US dollar has continued to strengthen since the guidance provided on January 13, 2015, the negative currency translation impact on Progress Softwares 2015 business outlook compared to 2014 exchange rates is $27 - $28 million on non-GAAP revenues and $0.14 - $0.15 on non-GAAP earnings per share (previously $17 - $18 million on non-GAAP revenues and $0.10 - $0.11 on non-GAAP earnings per share). To the extent that there are further changes in exchange rates versus the current environment, this may have an additional impact on Progress Softwares business outlook.
Progress Software provides the following revised guidance for the fiscal year ending November 30, 2015:
Non-GAAP revenue is expected to be between $415 million and $425 million (previously $425 million and $435 million);
Non-GAAP earnings per share is expected to be between $1.35 and $1.45 (previously $1.37 and $1.47);
Non-GAAP operating margin is expected to be approximately 27% (unchanged);
Free cash flow is expected to be between $90 million and $93 million (unchanged); and
Non-GAAP effective tax rate is expected to be between 33% and 34% (unchanged).
Progress Software provides the following guidance for the second fiscal quarter ending May 31, 2015:
Non-GAAP revenue is expected to be between $97 million and $100 million; and
Non-GAAP earnings per share is expected to be between $0.29 and $0.32.
Conference Call
The Progress Software quarterly investor conference call to review its fiscal first quarter of 2015 will be broadcast live at 5:00 p.m. ET on Wednesday, April 1, 2015 and can be accessed on the investor relations section of the companys website, located at www.progress.com. Additionally, you can listen to the call by telephone by dialing 1-888-455-2260, pass code 3502971. The conference call will include brief comments followed by questions and answers. An archived version of the conference call and supporting materials will be available on the Progress Software website within the investor relations section after the live conference call.
Legal Notice Regarding Non-GAAP Financial Information
Progress Software provides non-GAAP financial information as additional information for investors. These non-GAAP measures are not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). Progress Software believes that the non-GAAP results described in this release are useful for an understanding of its ongoing operations and provide additional detail and an alternative method of assessing its operating results. Management uses these non-GAAP results to compare the companys performance to that of prior periods for analysis of trends and for budget and planning purposes. A reconciliation of non-GAAP adjustments to
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April 1, 2015
