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Feb 29, 2020
Progress Software Q1 2020 Earnings Report
Progress Software's first quarter of 2020 exceeded expectations.
Key Takeaways
Progress Software's Q1 2020 results exceeded guidance with a 22% increase in GAAP revenue and a 119% increase in GAAP diluted earnings per share compared to the same quarter last year. The company is confident in delivering solid results despite the current level of macro-economic uncertainty.
GAAP revenue was $109.7 million, a 22% year-over-year increase.
GAAP diluted earnings per share was $0.46, a 119% increase year-over-year.
Non-GAAP revenue was $113.8 million, a 27% year-over-year increase.
Non-GAAP diluted earnings per share was $0.76, a 52% increase year-over-year.
Progress Software
Progress Software
Forward Guidance
Progress provided updated guidance for the fiscal year ending November 30, 2020 and the fiscal second quarter ending May 31, 2020, which reflects the expected impact of COVID-19 and changes in currency translation.