Revenue and Earnings Per Share Exceed Guidance Ranges
Full Year Guidance Increased for Revenue and Earnings Per Share
BEDFORD, Mass., March 29, 2022 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced financial results for its fiscal first quarter ended February 28, 2022.
First Quarter 2022 Highlights:
Revenue of $144.9 million increased 19% year-over-year on an actual currency basis, and 21% on a constant currency basis.
Non-GAAP revenue of $147.5 million increased 12% on an actual currency basis, and 14% on a constant currency basis.
Annualized Recurring Revenue (ARR) of $479 million increased 12% year-over-year on a constant currency basis.
Operating margin was 20% and Non-GAAP operating margin was 40%.
Diluted earnings per share was $0.46 compared to $0.42 in the same quarter last year, an increase of 10%.
Non-GAAP diluted earnings per share was $0.97 compared to $0.95 in the same quarter last year, an increase of 2%.
We are extremely pleased with our strong first quarter results which built on the momentum from last year, said Yogesh Gupta, CEO at Progress. Customer demand and our execution remained solid, the integration of Kemp is on track and going very well, and the M&A deal pipeline remains robust. Although our financial exposure to Russia and Belarus is immaterial, we are nonetheless horrified by the geopolitical events and saddened by the humanitarian tragedy in Ukraine. Our hearts are with all of those in the region.
Additional financial highlights included(1):
Three Months Ended
GAAP Non-GAAP
(In thousands, except percentages and per share amounts) February 28,
2022 February 28,
2021 %
Change February 28,
2022 February 28,
2021 %
Change
Revenue $ 144,922 $ 121,280 19 % $ 147,505 $ 131,784 12 %
Income from operations $ 29,432 $ 27,416 7 % $ 58,732 $ 56,657 4 %
Operating margin 20 % 23 % (300) bps 40 % 43 % (300) bps
Net income $ 20,454 $ 18,961 8 % $ 43,560 $ 42,504 2 %
Diluted earnings per share $ 0.46 $ 0.42 10 % $ 0.97 $ 0.95 2 %
Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP) $ 44,093 $ 44,688 (1 )% $ 44,681 $ 46,515 (4 )%
(1)See Legal Notice Regarding Non-GAAP Financial Information
Other fiscal first quarter 2022 metrics and recent results included:
Cash, cash equivalents and short-term investments were $173.3 million at the end of the quarter.
DSO was 52 days compared to 53 days in the fiscal first quarter of 2021 and 60 days in the fiscal fourth quarter of 2021.
On March 23, 2022, our Board of Directors declared a quarterly dividend of $0.175 per share of common stock that will be paid on June 15, 2022 to shareholders of record as of the close of business on June 1, 2022.
Anthony Folger, CFO, said: We delivered strong financial results across the board in the first quarter, a continuation of the trend that we saw for much of fiscal year 2021. The integration of Kemp is tracking to plan and Kemp's first full quarter with Progress contributed in line with our expectations and helped sustain the momentum of our total growth strategy.
2022 Business Outlook
Progress provides the following guidance for the fiscal year ending November 30, 2022 and the fiscal second quarter ending May 31, 2022:
Updated FY 2022 Guidance
(March 29, 2022) Prior FY 2022 Guidance
(January 18, 2022)
(In millions, except percentages and per share amounts) GAAP Non-GAAP GAAP Non-GAAP
Revenue $601 - $609 $609 - $617 $597 - $607 $605 - $615
Diluted earnings per share $2.16 - $2.23 $4.01 - $4.09 $1.93 - $2.03 $3.95 - $4.05
Operating margin 23% 39% - 40% 21% 39%
Cash from operations (GAAP) /
Adjusted free cash flow (Non-GAAP) $188 - $193 $185 - $190 $188 - $193 $185 - $190
Effective tax rate 21% 20% - 21% 20% - 21% 20% - 21%
Q2 2022 Guidance
(In millions, except per share amounts) GAAP Non-GAAP
Revenue $143 - $146 $145 - $148
Diluted earnings per share $0.62 - $0.64 $0.94 - $0.96
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 $9.2 million on GAAP and non-GAAP revenue, and approximately $0.03 on GAAP and non-GAAP diluted earnings per share. The expected negative currency translation impact on Progress fiscal Q2 2022 business outlook compared to 2021 exchange rates on GAAP and non-GAAP revenue is approximately $2.8 million. The expected negative impact on GAAP and non-GAAP diluted Q2 2022 earnings per share is $0.01. 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 first quarter of 2022 at 5:00 p.m. ET on Tuesday, March 29, 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 800-773-2954 or +1 847-413-3731, passcode 50242106. 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 non-GAAP
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Revenue and Earnings Per Share Exceed Guidance Ranges
