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
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...
20/01/2026
SVG Sit-Down: BitFire's Jim Akimchuk on the Future of Cloud, Remote, Softwar...
20/01/2026
From architecture to reality: What CBC's Milano Cortina 2026 workflows tell ...
20/01/2026
Milano Cortina 2026: Making the Winter Olympics and Paralympics workflow work fo...
20/01/2026
Countdown to Milano Cortina 2026: SVG Launches SportsTechLive Blog in Lead-up to...
20/01/2026
Grand finale: Rally Saudi Arabia pushes WRC to make the most of cameras and dron...
20/01/2026
State of Change: What's Happening in the Remote-Production Business?NEP Group, Game Creek Video, Dome Productions, Mobile TV Group, Program Productions exec...
20/01/2026
CFP National Championship 2026: A Look Back at SVG's Complete CoverageGo behind the scenes with ESPN, Game Creek Video, Van Wagner, and the champion Indiana...
20/01/2026
The Gotham, Film Independent, and Creators Coalition on AI Join Alliance
by Michelle Satter, Founding Senior Director, Sundance Institute's Artist Programs...
20/01/2026
The National Film and Video Foundation (NFVF), an agency of the Department of Sp...
20/01/2026
December, the first month of winter and the holiday season, has traditionally encouraged families to spend time together in front of the television. During this...
20/01/2026
During December, streaming's share of TV viewing in Mexico settled at 24.3%, an increase of 0.1 share points from the previous month.
Disclaimer: YUMI TV,...
20/01/2026
Christmas Day is Most-Streamed Day Ever with 55 Billion Viewing Minutes, led by...
20/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
20/01/2026
Disguise and ASB GlassFloor today announced a strategic partnership that turns the arena floor into a fully customizable interactive digital surface. This will ...
20/01/2026
Last summer, ITV celebrated the tenth anniversary of its popular reality dating show, Love Island. To ramp up the excitement of series 12 (launched in the UK on...
20/01/2026
Berklee's Mark Ethier Named One of SPIN's Most Influential People in Mus...
20/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
20/01/2026
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
20/01/2026
Emergent, a provider of AI-powered media production solutions, today announced its presence at ISE 2026 in Barcelona, taking place February 3 6, where it will u...
20/01/2026
Back to All News
Netflix and Warner Bros. Discovery Amend Agreement to All-Cash Transaction
Business
20 January 2026
Global
Link copied to clipboard
All-C...
20/01/2026
Back to All News
Now You Can Play a Role in Our Live Events With Real-Time Voting
Elmar Nubbemeyer
VP, Member Product
Product
20 January 2026
Global
Link...
19/01/2026
CFP National Championship 2026: Indiana Football's Digital Crew Generate Hyp...
19/01/2026
CFP National Championship 2026: Van Wagner Relies on Experience for Indiana-Miam...
19/01/2026
CFP National Championship 2026: Game Creek Video Fields Premiere IP Compound for...
19/01/2026
CFP National Championship 2026: For a Slew of Studio Shows, ESPN Turns Hard Rock...
19/01/2026
CFP National Championship 2026: ESPN's Sweeping Live Game Production Leverag...
19/01/2026
The new L3Harris NOVA binocular system is the every-soldier goggle' - and the beginning of a new era for night-vison capability....
19/01/2026
The Majority of Those Surveyed Prefer to Buy Brands Who Advertise in Content Tha...
19/01/2026
Back to All News
Straight to Hell' Sets April 27 Premiere: Teaser Trailer,...
19/01/2026
New Workflow Enhancements for All Broadcast Pix Systems, Plus 4-Channel ISO Recording for Hybrid and Roadie Tyngsboro, Mass. - January 2025 - Broadcast Pix ann...
19/01/2026
Monday 19 January 2026
Sky News reinvents News at Ten for the modern audience with The Wrap
Sky News today announces The Wrap, a bold evolution of its 10pm ou...
19/01/2026
Back to All News
Netflix Announces the Series Nights & Days, Directed by Kamila...
19/01/2026
DPA Microphones is striking a new chord in piano miking with the debut of its DPK2015 Piano Stereo Kit, an out-of-the-box, plug-and-play miking solution that ta...
19/01/2026
DPA Microphones will present its 4099 CORE Instrument Microphone and redesigned...
19/01/2026
Trianel relies on Arvato Systems for future-proof data center operations
Moving to the cloud: Arvato Systems implements extensive IT migration project
Migrat...
19/01/2026
Celebrating 21 Years of the RT Choice Music Prize
RT Choice Music Prize
In association with IMRO and IRMA
Irish Album of the Year 2025 - Shortlist Announce...
18/01/2026
January 18 2026, 21:30 (PST) Dolby Cinema Arrives in Bengaluru: Dolby Laborator...
17/01/2026
Lightware, an industry leader in signal management, is helping to elevate the Google Meet experience with the introduction of an integration with Taurus UCX. Th...
17/01/2026
Clear-Com announced a strategic partnership with NETGEAR AV to offer four high-performance networking switches as original equipment manufacturer (OEM) solutio...
17/01/2026
QuickLink, a leading provider of award-winning video production and remote guest contribution solutions, today announced a new U.S. distribution partnership wit...
17/01/2026
NUGEN Audio announces the latest evolution of MasterCheck, its industry-trusted optimization plug-in for cross-platform mastering and loudness verification. Des...
17/01/2026
BHV has announced that it will highlight its new SportsBox remote vision mixer and picture processor at ISE in Booth #4H900 marking its official introduction in...
17/01/2026
Clear-Com will return to ISE 2026 to demonstrate its latest intercom solutions for broadcast, live production, and AV professionals. Exhibiting at Stand #4P700...
17/01/2026
Grass Valley, a leading provider in live production solutions, will exhibit at ISE 2026 in Barcelona from February 3 6, presenting its vision for how modern Bro...
17/01/2026
Utelogy Corporation, the global leader in connected workplace management, monitoring, control, automation and analytics closes out a record-breaking 2025. The c...
July 1, 2015
