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 % Change
Revenue $ 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 % 300bps
Net 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 in the fiscal second quarter of 2021 and 52 days in the fiscal first quarter of 2022.
On June 21, 2022, our Board of Directors declared a quarterly dividend of $0.175 per share of common stock that will be paid on September 15, 2022 to shareholders of record as of the close of business on September 1, 2022.
Anthony Folger, CFO, said: Despite the recent challenges in the global economy, our business continues to perform well across virtually all product lines. Our integration of Kemp is on track, our balance sheet continues to strengthen, and the recurring nature of our revenues and our strong retention rates will continue to serve us well in this environment.
2022 Business Outlook
Progress provides the following guidance for the fiscal year ending November 30, 2022 and the fiscal third quarter ending August 31, 2022:
Updated FY 2022 Guidance
(June 28, 2022) Prior FY 2022 Guidance
(March 29, 2022)
(In millions, except percentages and per share amounts) GAAP Non-GAAP GAAP Non-GAAP
Revenue $601 - $609 $609 - $617 $601 - $609 $609 - $617
Diluted earnings per share $2.11 - $2.21 $4.05 - $4.11 $2.16 - $2.23 $4.01 - $4.09
Operating margin 22% - 23% 39% - 40% 23 % 39% - 40%
Cash from operations (GAAP) /
Adjusted free cash flow (Non-GAAP) $188 - $193 $185 - $190 $188 - $193 $185 - $190
Effective tax rate 21 % 20% - 21% 21 % 20% - 21%
Q3 2022 Guidance
(In millions, except per share amounts) GAAP Non-GAAP
Revenue $145 - $148 $147 - $150
Diluted earnings per share $0.46 - $0.48 $0.96 - $0.98
Based on current exchange rates, the expected negative currency translation impact on Progress fiscal year 2022 business outlook compared to 2021 exchange rates is approximately $11.7 million on GAAP and non-GAAP revenue, and approximately $0.04 on GAAP and non-GAAP diluted earnings per share. The expected negative currency translation impact on Progress fiscal Q3 2022 business outlook compared to 2021 exchange rates on GAAP and non-GAAP revenue is approximately $3.6 million. The expected negative impact on GAAP and non-GAAP diluted Q3 2022 earnings per share is $0.02. To the extent that there are changes in exchange rates versus the current environment, this may have an impact on Progress business outlook.
Conference Call
Progress will hold a conference call to review its financial results for the fiscal second quarter of 2022 at 5:00 p.m. ET on Tuesday, June 28, 2022. The call can be accessed on the investor relations section of the company's website, located at www.progress.com. Additionally, you can listen to the call by telephone by dialing 866-374-5140 or +1 404-400-0571, passcode 186-83-835#. The conference call will include comments followed by questions and answers. An archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live conference call.
Legal Notice Regarding Non-GAAP Financial Information
Progress provides non-GAAP financial information as additional information for investors. These
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
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...
18/05/2026
Despite a bumpy start to the year, the provider of event-production support and ...
18/05/2026
Daktronics has partnered with the University of North Carolina to manufacture and install 11 LED displays totaling more than 10,000 square feet and more than 14...
18/05/2026
CBS LA has announced a multi-year partnership with the Los Angeles Rams, covering exclusive local broadcasts of Rams preseason games, weekly year-round programm...
18/05/2026
Skyline Communications has announced an integration between its DataMiner xOps p...
18/05/2026
eCLUTCH, the hybrid esports platform powered by iKOMG, has announced an expansion of its distribution across Europe, MENA, Africa, and Asia, along with new cont...
18/05/2026
Behind The Mic provides a roundup of recent news regarding on-air talent, includ...
18/05/2026
With 22 games this season, the production team looks forward to tweaking and enhancing the coverage
After 8,660 days off the air, the WNBA returned to NBC yest...
18/05/2026
(L-R) Midori Francis and Natalie Erika James attend the Saccharine premiere during the 2026 Sundance Film Festival at The Ray Theatre on January 22, 2026, in ...
18/05/2026
Last night, the Spotify Podcast Awards in Mexico returned to the country's capital. Now in its second year, the evening honors creators whose voices are hel...
18/05/2026
ZEN-Core synth goes mobile
Roland's powerful ZEN-Core software synthesizer has just been introduced to the iPad, offering a convenient entry point into ...
18/05/2026
Versatile new limiter plug-in announced
Based in Sheffield, UK, fedDSP offer a range of plug-ins that span the music production, live sound and high-end med...
18/05/2026
A new use for convolution?
Viiri Audio's debut plug-in aims to do something a little different with convolution processing, allowing users to adjust all...
18/05/2026
Delta Goodrem shines for SBS as more than 3.27 million Australians tune in for E...
18/05/2026
The Australian Defence Force uses L3Harris T4 and T7 robots for explosive ordnan...
18/05/2026
Continued investment across Europe and Germany is expanding local teams and improving access to stock, regional expertise, and specialist broadcast support.
CV...
18/05/2026
18 May 2026
Dubai and New York, May 18, 2026 - VEON Ltd. (NASDAQ: VEON), a glob...
18/05/2026
Monday 18 May 2026
Sky News offers ad-free podcasts and bonus episodes for just...
18/05/2026
Comscore March 2026 Consumer AI Chatbot Usage Rankings Show Claude Gaining Share OpenAI's ChatGPT maintains lead while Anthropic's Claude continues to c...
17/05/2026
Delta Goodrem's Eurovision Eclipse marks end of a stellar run
17 May, 2026
Media releases
Bulgaria wins Eurovision 2026
Relive every spellbinding mome...
17/05/2026
Back to All News
Oasis Premieres on Netflix June 19
Entertainment
17 May 2026
GlobalSpain
Link copied to clipboard
Summer, sunshine, the beach, parties. T...
16/05/2026
Helps to deliver a clean, balanced midrange
Developed alongside Newfangled Audio, the latest plug-in in Eventide's software collection has been designed...
16/05/2026
Brings onboard stem rendering to RANE System One
Engine DJ have just released Engine DJ 5.0, a free update for their Engine DJ OS embedded hardware and Engi...
16/05/2026
Boris FX Continuum Pairs AI Precision and Advanced Creative Controls
Jessie Electa Petrov May 16, 2026
0 Comments
The 2026.5 release adds automatic de...
16/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/05/2026
Seattle Sounders FC and Seattle Reign FC, in partnership with RAVE Foundation an...
15/05/2026
Dan Brumm has served as sound designer on Bluey, the Australian children's t...
15/05/2026
The Professional Audio Manufacturers Alliance (PAMA) and Shure Incorporated are accepting applications for the 6th annual Mark Brunner Professional Audio Schola...
15/05/2026
Netflix has announced an expanded NFL schedule for 2026 and beyond under a four-year partnership extension with the NFL through the 2029-30 season. Each season,...
15/05/2026
Ateme is supporting TVRI (Televisi Republik Indonesia) with a contribution and d...
15/05/2026
Concacaf has announced the launch of a new website and mobile app built on Deltatre's FORGE platform. Concacaf.com and the mobile app, available on iOS and ...
15/05/2026
Eutelsat has announced the launch of QBC Business Economic Channel by Qatar Media Corporation, broadcasting in 4K/UHD via Eutelsat's 7/8 West video neighbo...
15/05/2026
Major League Soccer has announced four original content series timed to the 2026...
15/05/2026
The Alliance for IP Media Solutions (AIMS) has announced it will exhibit and present at InfoComm 2026, taking place June 13-19 at the Las Vegas Convention Cente...
15/05/2026
InfoComm 2026 will take place June 13-19 (exhibits June 17-19) at the Las Vegas Convention Center. The show will include sessions and exhibits covering broadcas...
15/05/2026
Tracy McGrady's Ones Basketball League (OBL) and FuboTV Inc. have announced ...
15/05/2026
Disguise has partnered with Creative Technology (CT) to deliver visual playback ...
15/05/2026
Sony Electronics has announced two new products for professional imaging: the Alpha 7R VI full-frame mirrorless camera and the FE 100-400mm F4.5 GM OSS super-te...
15/05/2026
In-venue and creative video staffers at the professional and collegiate level ha...
15/05/2026
Ratings Roundup is a rundown of recent rating news and is derived from press rel...
15/05/2026
For sports organizations, the most valuable assets are often the most sensitive:...
15/05/2026
The NFL's broadcast partners released their 2026 regular season schedules ye...
15/05/2026
Besides drawing on experience with boxing, the production integrates specialty c...
Revenue and EPS Exceed Prior Guidance
