September 27, 2017
Progress Reports 2017 Fiscal Third Quarter Results and Increases Annual Guidance Board of Directors Increases Share Repurchase Authorization to $250 Million
BEDFORD, Mass.--(BUSINESS WIRE)-- Progress (NASDAQ: PRGS) today announced results for its fiscal third quarter ended August 31, 2017, which are consistent with the preliminary results it announced on September 12, 2017.
Revenue was $97.3 million during the quarter compared to $102.0 million in the same quarter last year, a year-over-year decrease of 5% on an actual currency basis and a constant currency basis. On a non-GAAP basis, revenue was $97.6 million during the quarter compared to $102.4 million in the same quarter last year, a decrease of 5% on an actual currency basis and a constant currency basis.
Additional financial highlights included:
On a GAAP basis in the fiscal third quarter of 2017:
Revenue was $97.3 million compared to $102.0 million in the same quarter in fiscal year 2016;
Income from operations was $20.3 million compared to $13.6 million in the same quarter last year;
Net income was $11.2 million compared to $7.6 million in the same quarter last year;
Diluted earnings per share was $0.23 compared to $0.15 in the same quarter last year; and
Cash from operations was $13.4 million compared to $19.7 million in the same quarter last year.
On a non-GAAP basis in the fiscal third quarter of 2017:
Revenue was $97.6 million compared to $102.4 million in the same quarter last year;
Income from operations was $35.7 million compared to $32.0 million in the same quarter last year;
Operating margin was 37% compared to 31% in the same quarter last year;
Net income was $23.0 million compared to $21.6 million in the same quarter last year;
Diluted earnings per share was $0.48 compared to $0.44 in the same quarter last year; and
Adjusted free cash flow was $18.3 million compared to $19.1 million in the same quarter last year.
Yogesh Gupta, CEO at Progress, said: We are pleased with our better-than-expected revenue and earnings per share for the third quarter. Our strong financial performance can be traced directly to our continuing commitment to customer retention and to managing our business efficiently and profitably. Over the past nine months, our new management team has made excellent strides in executing on our business strategy, which we believe will create even greater value for all shareholders.
Paul Jalbert, CFO at Progress, said: Our Q3 and year-to-date results have enabled us to again increase our full-year estimates for revenue, operating margin, earnings per share and adjusted free cash flow. Going forward, we will continue to manage our business efficiently, strengthening and optimizing our core business. Through our recently increased dividend and share repurchase authorization, we have also enhanced our capital allocation strategy to return more operating cash flow to shareholders.
Other fiscal third quarter 2017 metrics and recent results included:
Cash, cash equivalents and short-term investments were $191.3 million at the end of the quarter;
DSO was 48 days, compared to 49 days in the fiscal third quarter of 2016 and 42 days in the fiscal second quarter of 2017;
Progress repurchased 0.6 million shares for $19.0 million during the fiscal third quarter of 2017; and
On September 6, 2017, our Board of Directors declared a quarterly dividend of $0.14 per share of common stock that will be paid on December 15, 2017 to shareholders of record as of the close of business on December 1, 2017. This represents an increase of 12% to our quarterly dividend.
Share Repurchase Program
Progress also announced today that its Board of Directors has increased the total share repurchase authorization from the $91 million remaining on the previous authorization to $250 million. Progress intent is to utilize $150 million of this authorization by the end of fiscal year 2018, and the total amount by the end of fiscal year 2019.
Business Outlook
Progress provides the following updated guidance for the fiscal year ending November 30, 2017 and the fourth fiscal quarter ending November 30, 2017:
(In millions, except percentages and per share amounts) FY 2017
GAAP
FY 2017
Non-GAAP
Q4 2017
GAAP
Q4 2017
Non-GAAP
Revenue $393 - $396 $394 - $397 $112 - $115 $112 - $115
Diluted earnings per share $0.74 - $0.78 $1.82 - $1.85 $0.33 - $0.36 $0.58 - $0.61
Operating margin 18% 35% * *
Operating cash flows / adjusted free cash flow $89 - $94 $105 - $110 * *
Effective tax rate 44% 33% - 34% * *
*We do not provide guidance for this financial measure.
Progress fiscal 2017 financial guidance is based on current exchange rates. The positive currency translation impact on Progress fiscal year 2017 business outlook compared to 2016 exchange rates is approximately $1.0 million on non-GAAP revenue. The currency translation impact on the fiscal 2017 non-GAAP earnings per share guidance is not meaningful. The positive currency translation impact on Progress fiscal Q4 2017 business outlook compared to 2016 exchange rates on non-GAAP revenue and non-GAAP earnings per share is approximately $2.0 million to $3.0 million and $0.01, respectively. 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 third quarter of 2017 will be broadcast live at 5:00 p.m. ET on Wednesday, September 27, 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 1-877-741-4248, pass code 3051139. The conferenc
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