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Feb 28, 2021
Progress Software Q1 2021 Earnings Report
Progress Software's first quarter of 2021 marked by revenue and EPS exceeding guidance, and full year guidance increased.
Key Takeaways
Progress announced strong financial results for the first quarter ended February 28, 2021, with revenue increasing 11% year-over-year to $121.3 million and non-GAAP diluted earnings per share increasing 25% to $0.95. The company's performance exceeded expectations across product lines and key metrics, driven by the acquisition of Chef Software. As a result, Progress increased its full year guidance for revenue, earnings per share, and free cash flow.
Revenue increased 11% year-over-year to $121.3 million.
Non-GAAP revenue increased 16% year-over-year to $131.8 million.
ARR increased 22% year-over-year to $432 million.
Non-GAAP diluted earnings per share increased 25% to $0.95.
Revenue by Segment
Forward Guidance
Progress provides the following guidance for the fiscal year ending November 30, 2021 and the fiscal second quarter ending May 31, 2021:
Positive Outlook
- FY 2021 Revenue: $493 - $501 million (GAAP) and $519 - $527 million (Non-GAAP)
- FY 2021 Diluted EPS: $1.56 - $1.60 (GAAP) and $3.38 - $3.42 (Non-GAAP)
- FY 2021 Cash from operations / Adjusted free cash flow: $157 - $162 million (GAAP) and $155 - $160 million (Non-GAAP)
- Q2 2021 Revenue: $112 - $116 million (GAAP) and $119 - $123 million (Non-GAAP)
- Q2 2021 Diluted EPS: $0.25 - $0.27 (GAAP) and $0.72 - $0.74 (Non-GAAP)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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