July 1, 2015
Progress Software Reports 2015 Fiscal Second Quarter Results 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 second quarter ended May 31, 2015.
Revenue in the quarter was $88.8 million compared to $80.8 million in the same quarter last year, a year over year increase of 10% on an actual currency basis and 19% on a constant currency basis. On a non-GAAP basis, revenue was $100.9 million compared to $80.8 million in the same quarter last year.
Additional financial highlights included:
On a GAAP basis in the fiscal second quarter of 2015:
Revenue was $88.8 million compared to $80.8 million in the same quarter in fiscal year 2014;
Loss from operations was $2.7 million compared to income from operations of $20.3 million in the same quarter last year;
Net income was $5.8 million compared to $12.8 million in the same quarter last year; and
Diluted earnings per share was $0.11 compared to $0.25 in the same quarter last year.
On a non-GAAP basis in the fiscal second quarter of 2015:
Revenue was $100.9 million compared to $80.8 million in the same quarter last year;
Income from operations was $27.8 million compared to $28.4 million in the same quarter last year;
Operating margin was 28% compared to 35% in the same quarter last year;
Net income was $18.1 million compared to $19.2 million in the same quarter last year;
Diluted earnings per share was $0.35 compared to $0.37 in the same quarter last year; and
Free cash flow was $17.6 million compared to $15.6 million in the same quarter last year.
Our FY15 momentum continues with a strong performance in Q2 as we continue to execute on our strategy, said Phil Pead, President and CEO of Progress Software. All business units contributed solid results with some key technology releases during the quarter.
Other fiscal second quarter 2015 metrics and recent results included:
Cash, cash equivalents and short-term investments were $199.1 million;
Cash flows from operations were $20.8 million compared to $17.1 million in the same quarter in fiscal year 2014;
DSO was 50 days, compared to 56 days in the fiscal first quarter of 2015; and
Under the previously announced authorization by the Board of Directors to repurchase up to $100 million of shares of common stock, Progress repurchased 1.0 million shares for $25.0 million during the fiscal second quarter of 2015, with $14.5 million remaining under the current authorization.
Business Outlook
Progress Softwares fiscal 2015 financial guidance includes the impact of the significant strengthening of the US dollar that began in late 2014 and is based on current exchange rates. The negative currency translation impact on Progress Softwares 2015 business outlook compared to 2014 exchange rates is $25 - $26 million on non-GAAP revenue and $0.13 - $0.14 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 (unchanged);
Non-GAAP earnings per share is expected to be between $1.45 and $1.52 (previously $1.35 and $1.45);
Non-GAAP operating margin is expected to be approximately 28% (previously approximately 27%);
Free cash flow is expected to be between $92 million and $95 million (previously $90 million and $93 million); and
Non-GAAP effective tax rate is expected to be approximately 33% (previously between 33% and 34%).
Progress Software provides the following guidance for the fiscal third quarter ending August 31, 2015:
Non-GAAP revenue is expected to be between $101 million and $104 million; and
Non-GAAP earnings per share is expected to be between $0.35 and $0.38.
Conference Call
The Progress Software quarterly investor conference call to review its fiscal second quarter of 2015 will be broadcast live at 5:00 p.m. ET on Wednesday, July 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 1-888-427-9411, pass code 6889835. 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 the companys GAAP financial results is included in the tables below. Additional information regarding the companys non-GAAP financial information is contained in the companys Current Report on Form 8-K furnished to the Securities and Exchange Commission in connection with this press release, which is available on the Progress website at www.progress.com within the investor relations section.
Note Rega
Most recent headlines
11/12/2025
Dalet, a leading provider of cloud-native, end-to-end media workflow solutions, ...
06/12/2025
In a live broadcast from the Reagan National Defense Forum, L3Harris Chair and CEO Christopher Kubasik joined Morgan Brennan on CNBCs Closing Bell: Overtime. Ku...
06/12/2025
FORT LAUDERDALE, Fla. A new survey from Pixitmedia by Datacore revealed a major shift in the Media & Entertainment industry in media archiving, with 85% of resp...
06/12/2025
HACKENSACK, N.J. LiveU has announced that the national public broadcaster Czech Television has completed one of the largest LiveU live production deployments fo...
06/12/2025
NEW YORK The National Academy of Television Arts and Sciences (NATAS) presented the Excellence in Production Technology Emmy Award to NASA+ and Dr. Tom Leight...
05/12/2025
2025 Sports Broadcasting Hall of Fame: Curt Gowdy Jr. - Master Storyteller, Nati...
05/12/2025
SVG Sit-Down: Veritone's Sean King on the Power of Mining Video, Audio DataThe company's Data Refinery offers users total control and governance over da...
05/12/2025
Platinum White Paper: Inside the Nashville Predators' Unified, Flexible, Sca...
05/12/2025
Netflix Reaches Agreement To Acquire Warner Bros. Following Planned WBD SplitThe deal does not include WBDs sports assets like TNT Sports (US, UK, LatAm), Euros...
05/12/2025
FOX Sports Returns to Indianapolis for Primetime Broadcast of Big Ten Championsh...
05/12/2025
SVG Summit 2025 Preview: Digital Engagement & Monetization Workshop Tackles the ...
05/12/2025
Atlanta United Lights Up New Emory Healthcare Studio With First Live Broadcast f...
05/12/2025
As Messi Takes the Pitch, MLS, Apple, NEP Roll Out Largest MLS Cup Production Ev...
05/12/2025
ESPN Enters College Football's Most Intense Month With Elevated Workflows fo...
05/12/2025
It's about that time! Awards season is in full swing, and the Film Independe...
05/12/2025
Every year, Spotify Wrapped offers a personalized look back at the audio that defined your year. It's a snapshot of your listening habits, designed to tell ...
05/12/2025
In 2025, Spotify's EQUAL, GLOW, and RADAR programs celebrated women, LGBTQIA , and emerging artists who turned moments into milestones. From breaking record...
05/12/2025
In our latest blog, we explain how Wi-Fi 7 rollouts can drive consumer loyalty with value-add services such as consumer cybersecurity. We also explore how this ...
05/12/2025
LOS ANGELES Netflix announced it has entered into an agreement to acquire the assets of Warner Bros. for $82.7 billion....
05/12/2025
NEW YORK Nielsens Gracenote has launched Gracenote Content Connect, a new ad platform that provides agencies, brands, supply-side platforms (SSPs) and demand-si...
05/12/2025
NEW YORK In an most important update to the workings of deal-based programmatic advertising, IAB Tech Lab has released version 1.0 of its Deals API for public c...
05/12/2025
NEW YORK Pass the turkey. Pass the stuffing. Pass the cranberry sauce. All are common requests of Americans celebrating Thanksgiving Day with family and f...
05/12/2025
NEW YORK Iris, the new cloud-connected camera control platform, has officially launched with features that turn virtually any PTZ camera into a software-connect...
05/12/2025
HOLLYWOOD, Calif. Netflix announced today that it has entered into an agreement to acquire the assets of Warner Bros. for $82.7 billion....
05/12/2025
NEW YORK Iris, the new cloud-connected camera control platform, has officially launched with features that turn virtually any PTZ camera into a software-connect...
05/12/2025
WASHINGTON The Federal Communications Commission has approved AT&T's $1.02 billion acquisition of spectrum from UScellular in a decision that was issued sho...
05/12/2025
The Best Coldplay Songs: 21 Tracks That Shoot for the Stars From Yellow to Viva La Vida, Fix You to Paradise, this playlist goes back to the start.
December ...
05/12/2025
Zafris Lecture Series Brings Nabil Ayers to Berklee The 32nd annual James G. Zafris Distinguished Lecture series was held on Thursday, November 13, with guest...
05/12/2025
Back to All News
Netflix Unveils the First Look for Land of Sin' - Premier...
05/12/2025
Introducing New Perks to Help You Get Even More from LinkedIn Premium Published on Dec 5, 2025 Categories: Company News, Product News
LinkedIn Corporate Co...
05/12/2025
Friday 5 December 2025
A new Game of Thrones Tale: Official trailer for Sky Exc...
05/12/2025
Back to All News
Don Lee, Lee Jin-uk, and Lalisa Manobal to Star in Netflix Act...
05/12/2025
Tis the season of giving once again and this year we've taken our Give Back Fridays' concept and turned it on its head.
In the autumn we were approach...
05/12/2025
Brayden Gogis doesn't remember a time when he wasn't completely fixated on games in all forms. In preschool, when they asked us to dress up as what we ...
05/12/2025
The Grinch steals the spotlight as the theme for The Late Late Toy Show 2025
Tune in tonight at 9:35pm on RT One and worldwide on RT Player
#LateLateToyShow...
05/12/2025
RT Announces New Presenters of Flagship News Programmes
New RT Six One News co-presenter Tommy Meskill
Sarah McInerney & Justin McCarthy join Morning Ir...
04/12/2025
ToolsOnAir Blackmagic Design HyperDeck Event Presets for just:in mac pro 2025 & ...
04/12/2025
ToolsOnAir AJA Ki Pro Event Presets for just:in mac pro 2025 & just:in linux
More Details:Starting with version 5.5, both just:in mac pro and just:in linux sol...
04/12/2025
Wangu Kanuri from Kenya and Godwin Asediba from Ghana are two of this years finalists for Thomsons Young Journalist of the Year Award. The pair are runners-up i...
04/12/2025
SVG Sit-Down: ProximaVision's Claudio Lisman on Why Tethered Drones Could Be...
04/12/2025
SVG Campus Shot Callers: Imry Halevi, Senior Associate Director of Athletics, Co...
04/12/2025
Platinum White Paper: LiveU Lightweight Sports Production: A Step Change in Spor...
04/12/2025
London to Riyadh: DAZN brings the boxing glamour to new production levels for Be...
04/12/2025
Analysis: Paramount bets on the battering ram' with Champions League play By Callum McCarthy, Editor-at-Large
Tuesday, December 2, 2025 - 10:12
Print ...
04/12/2025
Space City Home Network Launches SCHN DTC App for Astros and RocketsThe Rockets and Astros were previously the lone NBA and MLB teams without a DTC appBy Jason...
04/12/2025
SVG Summit 2025 Preview: Content Workflows Workshop Spotlights Evolution of Spor...
04/12/2025
New Sponsor Spotlight: Geotech's Patrick Wambold On the Unreal Engine Revolu...
04/12/2025
Curt Gowdy Jr. - Master Storyteller, Nationally and RegionallyBy Jason Dachman, Editorial Director, U.S.
Thursday, December 4, 2025 - 1:52 pm
Print This Sto...
04/12/2025
(L-R) Rebecca Lichtenfeld, Mohammadreza Eyni, Sara Khaki, and Judith Helfand att...
July 1, 2015
