March 29, 2017
Progress Reports 2017 Fiscal First Quarter Results BEDFORD, Mass.--(BUSINESS WIRE)-- Progress (NASDAQ: PRGS), today announced results for its fiscal first quarter ended February 28, 2017.
Revenue was $91.0 million during the quarter compared to $89.5 million in the same quarter last year, a year-over-year increase of 2% on an actual currency basis and 3% on a constant currency basis. On a non-GAAP basis, revenue was $91.2 million compared to $90.2 million in the same quarter last year, an increase of 1% on an actual currency basis and 2% on a constant currency basis.
Additional financial highlights included:
On a GAAP basis in the fiscal first quarter of 2017:
Revenue was $91.0 million compared to $89.5 million in the same quarter in fiscal year 2016;
Income from operations was $1.2 million (including a restructuring charge of $17.1 million) compared to $6.7 million in the same quarter last year;
Net loss was $0.5 million compared to net income of $3.2 million in the same quarter last year;
Diluted loss per share was $0.01 compared to diluted earnings per share of $0.06 in the same quarter last year; and
Cash from operations was $37.3 million compared to $22.5 million in the same quarter last year.
On a non-GAAP basis in the fiscal first quarter of 2017:
Revenue was $91.2 million compared to $90.2 million in the same quarter last year;
Income from operations was $27.1 million compared to $21.5 million in the same quarter last year;
Operating margin was 30% compared to 24% in the same quarter last year;
Net income was $16.8 million compared to $13.8 million in the same quarter last year;
Diluted earnings per share was $0.34 compared to $0.27 in the same quarter last year; and
Adjusted free cash flow was $43.0 million compared to $22.7 million in the same quarter last year.
Yogesh Gupta, CEO at Progress, said: I am pleased with our Q1 performance. Our revenue and earnings per share were above our expectations, and we announced several important releases of our core technology during the quarter. I am also excited about our recent acquisition of DataRPM, which will enable us to accelerate the development of our next-generation Cognitive Applications platform, the driver for our future growth.
Paul Jalbert, newly appointed CFO at Progress, said: We achieved strong free cash flow during the quarter, driven largely by collections that resulted in an excellent DSO performance, a testament to the quality of our products and services. Our quarterly dividend and continued share repurchases underscore our confidence in our financial strength and ongoing cash flow generation.
Other fiscal first quarter 2017 metrics and recent results included:
Cash, cash equivalents and short-term investments were $264.2 million;
DSO was 48 days compared to 59 days in the fiscal first quarter of 2016 and 50 days in the fiscal fourth quarter of 2016;
Under the previously announced authorization by the Board of Directors to repurchase up to $200 million of shares of common stock, Progress repurchased 0.6 million shares for $18.1 million during the fiscal first quarter of 2017. As of February 28, 2017, there was $117.3 million remaining under this authorization; and
On March 24, 2017, our Board of Directors declared a quarterly dividend of $0.125 per share of common stock that will be paid on June 15, 2017 to shareholders of record as of the close of business on June 1, 2017.
Business Outlook
Progress provides the following guidance for the fiscal year ending November 30, 2017 and the second fiscal quarter ending May 31, 2017:
(In millions, except percentages and per share amounts) FY 2017
GAAP
FY 2017
Non-GAAP
(unchanged)
Q2 2017
GAAP
Q2 2017
Non-GAAP
Revenue $387 - $395 $388 - $396 $89 - $92 $89 - $92
Diluted earnings per share $0.64 - $0.70 $1.64 - $1.69 $0.13 - $0.15 $0.35 - $0.37
Operating margin 15% - 17% 32% - 33% * *
Adjusted free cash flow $85 - $93 $95 - $100 * *
Effective tax rate
43% 33% * *
* We do not provide guidance for this financial measure.
Progress fiscal 2017 financial guidance is based on current exchange rates. The negative currency translation impact on Progress fiscal year 2017 business outlook compared to 2016 exchange rates is approximately $5.0 million on GAAP and non-GAAP revenue. The negative currency translation impact on Progress fiscal Q2 2017 business outlook compared to 2016 exchange rates is approximately $2.0 million on GAAP and non-GAAP revenue. To the extent that there are further changes in exchange rates versus the current environment, this may have an additional impact on Progress business outlook.
Conference Call
The Progress quarterly investor conference call to review its fiscal first quarter of 2017 will be broadcast live at 5:00 p.m. ET on Wednesday, March 29, 2017 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 1-877-857-6173, pass code 9231513. 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 website within the investor relations section after the live conference call.
Non-GAAP Financial Information
Progress provides non-GAAP supplemental information to its financial results.
We use this non-GAAP information to evaluate our period-over-period operating performance because our management believes the information helps illustrate underlying trends in our business and provides us with a more comparable measure of our continuing business, as well as a greater understanding of the results from the primary operations of our business, by excluding the ef
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March 29, 2017
