January 10, 2018
Progress Reports 2017 Fiscal Fourth Quarter and Year End Results Exceeds Expectations for Revenue, Earnings Per Share, Operating Margin and Cash Flow
BEDFORD, Mass.--(BUSINESS WIRE)-- Progress (NASDAQ: PRGS) today announced results for its fiscal fourth quarter and fiscal year ended November 30, 2017.
Revenue was $116.1 million during the quarter compared to $117.7 million in the same quarter last year, a year-over-year decrease of 1% on an actual currency basis and 3% on a constant currency basis. On a non-GAAP basis, revenue was $116.3 million during the quarter compared to $118.0 million in the same quarter last year, a decrease of 1% on an actual currency basis and 3% on a constant currency basis.
On a GAAP basis, diluted earnings per share was $0.34 compared to a diluted loss per share of $1.52 in the same quarter last year. On a non-GAAP basis, diluted earnings per share was $0.67 compared to $0.62 in the same quarter last year.
Yogesh Gupta, CEO at Progress, said: Our strong Q4 performance allowed us to achieve better-than-expected revenue, earnings per share, operating margins and cash flow for 2017. We have strengthened our core operations, and now offer the best platform for building next-generation, mission-critical, cognitive-first business applications as well. We look forward to continued momentum in 2018, as we execute on a strategic plan that will drive sustainable, long-term value for all shareholders.
Additional financial highlights included:
On a GAAP basis in the fiscal fourth quarter of 2017:
Revenue was $116.1 million compared to $117.7 million in the same quarter in fiscal year 2016;
Income from operations was $28.8 million compared to a loss from operations of $62.4 million in the same quarter last year;
Net income was $16.4 million compared to a net loss of $73.8 million in the same quarter last year;
Diluted earnings per share was $0.34 compared to a diluted loss per share of $1.52 in the same quarter last year; and
Cash from operations was $32.5 million compared to $33.9 million in the same quarter last year.
On a non-GAAP basis in the fiscal fourth quarter of 2017:
Revenue was $116.3 million compared to $118.0 million in the same quarter last year;
Income from operations was $49.1 million compared to $42.6 million in the same quarter last year;
Operating margin was 42% compared to 36% in the same quarter last year;
Net income was $32.1 million compared to $30.5 million in the same quarter last year;
Diluted earnings per share was $0.67 compared to $0.62 in the same quarter last year; and
Adjusted free cash flow was $32.4 million compared to $32.4 million in the same quarter last year.
Paul Jalbert, CFO, said: We are pleased with our financial performance for Q4 and for the full year. We delivered on our commitment to operate our business efficiently, exceeding our cost-savings targets by reducing our total expenses by over $30 million. We are confident in our ability to generate continued strong operating margins and cash flows, and are well-positioned to achieve our financial goals in 2018.
Other fiscal fourth quarter and 2017 metrics and recent results included:
Cash, cash equivalents and short-term investments were $183.6 million at the end of the quarter;
DSO was 47 days, compared to 48 days in the fiscal third quarter of 2017 and 50 days in the fiscal fourth quarter of 2016;
Pursuant to the $250 million share authorization of the Board of Directors, Progress repurchased 0.8 million shares for $30.0 million during the fiscal fourth quarter of 2017. For the full fiscal year, Progress repurchased 2.2 million shares for $73.9 million; and
On January 5, 2018, our Board of Directors declared a quarterly dividend of $0.14 per share of common stock that will be paid on March 15, 2018 to shareholders of record as of the close of business on March 1, 2018.
Full Year Results
On a GAAP basis in the fiscal year 2017:
Revenue was $397.6 million compared to $405.3 million in fiscal year 2016, a year-over-year decrease of 2% on both an actual and constant currency basis;
Income from operations was $70.6 million compared to a loss from operations of $29.7 million in the prior fiscal year;
Net income was $37.4 million compared to a net loss of $55.7 million in the prior fiscal year;
Diluted earnings per share was $0.77 compared to a diluted loss per share of $1.13 in the prior fiscal year; and
Cash from operations was $105.7 million compared to $102.8 million in the prior fiscal year.
On a non-GAAP basis in the fiscal year 2017:
Revenue was $398.6 million compared to $407.4 million in fiscal year 2016, a year-over-year decrease of 2% on both an actual and constant currency basis;
Income from operations was $144.5 million compared to $123.1 million in the prior fiscal year;
Operating margin was 36% compared to 30% in the prior fiscal year;
Net income was $92.5 million compared to $82.3 million in the prior fiscal year;
Diluted earnings per share was $1.91 compared to $1.65 in the prior fiscal year; and
Adjusted free cash flow was $121.5 million compared to $100.6 million in the prior fiscal year.
2018 Business Outlook
Progress provides the following guidance for the fiscal year ending November 30, 2018 and the first fiscal quarter ending February 28, 2018:
(In millions, except percentages and per share amounts) FY 2018 GAAP
FY 2018 Non-GAAP
Q1 2018 GAAP
Q1 2018 Non-GAAP
Revenue $398 - $404 $399 - $404 $90 - $93 $90 - $93
Diluted earnings per share $1.14 - $1.21 $2.29 - $2.35 $0.15 - $0.19 $0.46 - $0.48
Operating margin 19% - 20% 35% - 36% * *
Adjusted free cash flow $115 - $121 $115 - $120 * *
Effective tax rate 26% 22% * *
*We do not provide guidance for this financial measure.
P
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
01/04/2026
January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION
Douyin Users Can Now Create And Share Videos With Stun...
28/01/2026
Top L-R: The Liars, Jazz Infernal, Living with a Visionary
Second Row L-R: Paper Trail, The Baddest Speechwriter of All, Crisis Actor
Third Row: The Boys and ...
28/01/2026
Music discovery should feel intuitive and personal. That's why we're continuing to give you more control, so you can ask for what you want, shape what y...
28/01/2026
Today, Charlie Hellman, Spotify's Head of Music, shared the following note on the Spotify for Artists blog that the company paid out more than $11 billion t...
28/01/2026
The National Film and Video Foundation (NFVF), in partnership with the Oudtshoorn Municipality, invites aspiring and emerging filmmakers to apply for the Sediba...
28/01/2026
As demand for more complex live sports coverage grows, Balkan broadcast specialist MVP has upgraded its flagship HD1 progressive OB truck with the installation ...
28/01/2026
Airlines, cruise and tour operators double down on ad spend as Australians' prioritise travel
Sydney January 28, 2026 - New Nielsen Ad Intel data shows a...
28/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
28/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
28/01/2026
Marshall Electronics launches the CV420-27X, its next-generation ultra-high-definition (UHD) IP camera, at ISE 2026 (Stand 4N900). Engineered for modern IP-base...
28/01/2026
Grass Valley has announced that Television Mobiles Ltd. (TVM), one of Europe's leading independent outside broadcast providers, has carried out a major refu...
28/01/2026
AI, graphics and virtual software power new production capabilities
FOR-A is bringing remarkable new technologies to FOMEX, the Future of Media Exhibition (ex...
28/01/2026
Continuing a longstanding collaboration, Riedel Communications and Nordic media technology company Media Tailor have once again joined forces to deliver a state...
28/01/2026
Pebble has appointed Paul Nagle-Smith as vice president for customer fulfilment, strengthening its senior leadership focus on customer delivery and operational ...
28/01/2026
Cloud playout solutions provider, Veset has announced that leading Mexican broadcaster, TV Azteca is using Veset Nimbus on AWS as a disaster recovery (DR) playo...
28/01/2026
Ensuring it can keep pace with a rapidly evolving live sports market, Balkan broadcast facility provider MVP Most Valuable Production has upgraded its flags...
28/01/2026
Akamai Technologies, Inc. (NASDAQ: AKAM), the cloud solutions provider that powers and protects life online, and Yospace, the leader in dynamic ad insertion tec...
28/01/2026
The renowned Reykjavik City Theatre (RCT) recently underwent a major intercom system upgrade using Clear-Com solutions. This milestone project utilizes Clear-C...
28/01/2026
Luxembourg, January 26, 2026 - SES S.A. ( SES or the Company ), a leading space solutions company, acknowledges the credit rating action announced by Fitch to...
28/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
28/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
28/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Bluesky
Email...
28/01/2026
28 01 2026 - Media release Screen Australia refreshes Market & Audience approach...
28/01/2026
Boston Conservatory Orchestra Premieres a New Piano Concerto by Peter and Leonar...
28/01/2026
28 Jan 2026
VEON Notes Kyivstar Group Publication of Selected Full Year 2025 Fi...
28/01/2026
Rohde & Schwarz to host 2026 edition of its online event Demystifying EMC Rohde & Schwarz invites the global EMC community to join a crucial discussion on pre...
28/01/2026
Back to All News
The Wait Is Over: Teaser Trailer Drops for Jo Nesbo's Dete...
28/01/2026
Back to All News
Netflix Announces a Fictional Miniseries Inspired by the Marta del Castillo Case
Entertainment
28 January 2026
GlobalSpain
Link copied to ...
28/01/2026
Back to All News
Netflix Announces Santiago Mitres New Film Starring Ver nica L...
28/01/2026
Back to All News
Netflix Unveils the Teaser Trailer for Berlin and the Lady wit...
28/01/2026
Stadtwerke Wolfhagen Modernize Customer Management with AEP.energysuite from Arv...
27/01/2026
Click for Japanese version
Tokyo, Japan - January 27, 2026 - Akamai Technolo...
27/01/2026
L-R: Jonathan Cuchacovich, Sonia Kennebeck, Alan Fischer, Daeil Kim, Andrew Sta...
27/01/2026
Today, Spotify is proud to support our partner Backline, an industry-leading men...
27/01/2026
With nearly 29 million monthly listeners and clear momentum on Spotify, Net n Ve...
27/01/2026
January 14, 2026
We are proud to share that 25 Ontario, First Gulf's commercial project located just two minutes from our head office, has been recognized ...
27/01/2026
January 22, 2026
First Gulf is excited to share that a full-building lease has been secured at 625 Bronte Rd in Oakville, part of Bronte Station Business Park,...
27/01/2026
January 23, 2026
First Gulf continues to demonstrate its commitment to high-performance, sustainable real estate with 351 King Street East achieving BOMA BEST ...
27/01/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
27/01/2026
Nielsen will continue to drive growth and provide local audience measurement
in...
27/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Pinterest
Bluesky
Email...
27/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Pinterest
Bluesky
Email...
27/01/2026
Share Share by:
Copy link
Facebook
X
Linkedin
Pinterest
Bluesky
Email...
27/01/2026
Amagi Media Labs Limited, the only cloud-native SaaS provider offering end-to-end solutions across live production, content preparation, distribution, and monet...
27/01/2026
Miri Technologies Inc. today unveiled its V410 live 4K video encoder/decoder for streaming, IP-based production workflows and AV-over-IP distribution. Designed ...
27/01/2026
The Paul E. Tsongas Center at UMass Lowell in Massachusetts has chosen Ikegami cameras for incorporation into its broadcast-quality television production facili...
January 10, 2018
