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Feb 28, 2022
Progress Software Q1 2022 Earnings Report
Progress Software's first quarter results for 2022 were announced, exceeding guidance and increasing full-year guidance.
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
Revenue by Segment
Software Licenses Revenue
CapyFin.comMaintenance & Services Revenue
CapyFin.com 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