Progress Software Q1 2022 Earnings Report
Key Takeaways
Progress Software reported a strong first quarter in 2022, with revenue of $144.9 million, a 19% increase year-over-year. Diluted earnings per share were $0.46, a 10% increase compared to the same quarter last year. The company's annualized recurring revenue (ARR) reached $479 million, a 12% increase year-over-year.
Revenue increased by 19% year-over-year to $144.9 million.
Non-GAAP revenue increased by 12% year-over-year to $147.5 million.
Annualized Recurring Revenue (ARR) increased by 12% year-over-year to $479 million.
Diluted earnings per share increased by 10% year-over-year to $0.46.
Progress Software
Progress Software
Progress Software Revenue by Segment
Forward Guidance
Progress provides the following guidance for the fiscal year ending November 30, 2022 and the fiscal second quarter ending May 31, 2022:
Positive Outlook
- FY 2022 Revenue: $601 - $609 million (GAAP)
- FY 2022 Revenue: $609 - $617 million (Non-GAAP)
- FY 2022 Diluted earnings per share: $2.16 - $2.23 (GAAP)
- FY 2022 Diluted earnings per share: $4.01 - $4.09 (Non-GAAP)
- Q2 2022 Diluted earnings per share: $0.62 - $0.64 (GAAP)
Challenges Ahead
- Expected negative currency translation impact on fiscal year 2022 GAAP and non-GAAP revenue of approximately $9.2 million.
- Expected negative currency translation impact on fiscal year 2022 GAAP and non-GAAP diluted earnings per share of approximately $0.03.
- Q2 2022 Revenue: $143 - $146 million (GAAP)
- Q2 2022 Revenue: $145 - $148 million (Non-GAAP)
- Q2 2022 Diluted earnings per share: $0.94 - $0.96 (Non-GAAP)
Revenue & Expenses
Visualization of income flow from segment revenue to net income