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Feb 28, 2023
Progress Software Q1 2023 Earnings Report
Revenue and earnings per share exceeded guidance, and ARR surged following MarkLogic integration.
Key Takeaways
Progress announced strong first-quarter results for fiscal year 2023, with revenue and earnings per share exceeding guidance. ARR surged to $569 million, driven by strong demand and execution across products and geographies.
Revenue increased by 13% year-over-year to $164.2 million.
ARR reached $569 million, a 20% increase year-over-year on a constant currency basis.
Operating margin was 22%, while non-GAAP operating margin was 44%.
Diluted earnings per share increased by 15% to $0.53, and non-GAAP diluted earnings per share increased by 23% to $1.19.
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 revenue guidance for the fiscal year ending November 30, 2023 of between $676 million and $684 million (GAAP) and between $680 million and $688 million (Non-GAAP). Diluted earnings per share is expected to be between $1.32 and $1.40 (GAAP) and between $4.09 and $4.17 (Non-GAAP).
Positive Outlook
- Revenue between $676 million and $684 million (GAAP)
- Revenue between $680 million and $688 million (Non-GAAP)
- Diluted earnings per share between $1.32 and $1.40 (GAAP)
- Diluted earnings per share between $4.09 and $4.17 (Non-GAAP)
- Adjusted free cash flow between $175 million and $185 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income