[March 28, 2018] |
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Progress Reports Better Than Expected 2018 Fiscal First Quarter Results
Progress (NASDAQ: PRGS), the leading provider of application development
and deployment technologies, today announced results for its fiscal
first quarter ended February 28, 2018.
Revenue was $94.0 million during the quarter compared to $91.0 million
in the same quarter last year, a year-over-year increase of 3% on an
actual currency basis, and flat on a constant currency basis. On a
non-GAAP basis, revenue was $94.2 million during the quarter compared to
$91.2 million in the same quarter last year, an increase of 3% on an
actual currency basis, and flat on a constant currency basis.
On a GAAP basis, diluted earnings per share was $0.27 compared to a
diluted loss per share of $0.01 in the same quarter last year. On a
non-GAAP basis, diluted earnings per share was $0.54 compared to $0.34
in the same quarter last year, growth of 59%.
"We are very pleased with our strong start to 2018," said Yogesh Gupta,
CEO at Progress. "We exceeded both our revenue and earnings per share
expectations in the first quarter, and the strength of our business has
enabled us to increase our full year guidance for both operating margin
and earnings per share. Our business is strong and stable, and we remain
confident in our future prospects."
Additional financial highlights included:
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Three Months Ended
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GAAP
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Non-GAAP
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(In thousands, except percentages and per share amounts)
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February 28, 2018
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February 28, 2017
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% Change
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February 28, 2018
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February 28, 2017
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% Change
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Revenue
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$
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94,047
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|
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$
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90,970
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3
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%
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|
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$
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94,194
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$
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91,203
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3
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%
|
Income from operations
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17,768
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1,222
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*
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34,744
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27,130
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28
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%
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Operating margin
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19
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%
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1
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%
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*
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37
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%
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30
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%
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23
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%
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Net income (loss)
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12,912
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(525
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)
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*
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25,519
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16,847
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51
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%
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Diluted earnings (loss) per share
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0.27
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(0.01
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)
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*
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0.54
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0.34
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59
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%
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Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP)
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$
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31,595
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$
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37,300
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(15
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)%
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$
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32,948
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$
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42,981
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(23
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)%
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*Not meaningful
Paul Jalbert, CFO, said: "Our strong Q1 operating margins reflect our
ongoing commitment to running our business efficiently. We continue to
generate strong cash flows, and maintained our disciplined approach to
capital allocation by returning over $50 million to our shareholders
during the quarter."
Other fiscal first quarter 2018 metrics and recent results included:
-
Cash, cash equivalents and short-term investments were $167.5 million
at the end of the quarter;
-
DSO was 51 days compared to 48 days in the fiscal first quarter of
2017 and 47 days in the fiscal fourth quarter of 2017;
-
Pursuant to the $250 million share authorization of the Board of
Directors, Progress repurchased 1.1 million shares for $45.0 million
during the fiscal first quarter of 2018. As of February 28, 2018,
there was $175.0 million remaining under this authorization; and
-
On March 27, 2018, our Board of Directors declared a quarterly
dividend of $0.14 per share of common stock that will be paid on June
15, 2018 to shareholders of record as of the close of business on June
1, 2018.
2018 Business Outlook
Progress provides the following guidance for the fiscal year ending
November 30, 2018 and the second fiscal quarter ending May 31, 2018:
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(In millions, except percentages and per share amounts)
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FY 2018 GAAP
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FY 2018 Non-GAAP
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Q2 2018 GAAP
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Q2 2018 Non-GAAP
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Revenue
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$398 - $404
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$399 - $404
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$93 - $96
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$93 - $96
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Diluted earnings per share
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$1.24 - $1.32
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$2.36 - $2.41
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$0.24 - $0.26
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$0.51 - $0.53
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Operating margin
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21% - 22%
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36% - 37%
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*
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*
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Cash from operations (GAAP) /
Adjusted free cash flow (Non-GAAP)
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$115 - $121
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$115 - $120
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*
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*
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Effective tax rate
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26%
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22%
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*
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*
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* We do not provide guidance for this financial measure.
Based on current exchange rates, the expected positive currency
translation impact on Progress' fiscal year 2018 business outlook
compared to 2017 exchange rates is approximately $8 million on GAAP and
non-GAAP revenue, and $0.04 on GAAP and non-GAAP diluted earnings per
share. The expected positive currency translation impact on Progress'
fiscal Q2 2018 business outlook compared to 2017 exchange rates is
approximately $3 million on GAAP and non-GAAP revenue, and $0.01 on GAAP
and non-GAAP diluted earnings per share. To the extent that there are
changes in exchange rates versus the current environment, this may have
an impact on Progress' business outlook.
Conference Call
The Progress quarterly investor conference call to review its fiscal
first quarter of 2018 will be broadcast live at 5:00 p.m. ET on
Wednesday, March 28, 2018 and can be accessed on the investor relations
section of the company's website, located at www.progress.com.
Additionally, you can listen to the call by telephone by dialing
1-888-710-4011, pass code 9975518. The conference call will include
comments followed by questions and answers. An archived version of the
conference call and supporting materials will be available on the
Progress website within the investor relations section after the live
conference call.
Non-GAAP Financial Information
Progress provides non-GAAP supplemental information to its financial
results.
We use this non-GAAP information to evaluate our period-over-period
operating performance because our management believes the information
helps illustrate underlying trends in our business and provides us with
a more comparable measure of our continuing business, as well as a
greater understanding of the results from the primary operations of our
business, by excluding the effects of certain items that do not reflect
the ordinary earnings of our operations. Management also uses this
non-GAAP financial information to establish budgets and operational
goals, which are communicated internally and externally, evaluate
performance, and allocate resources. In addition, compensation of our
executives and non-executive employees is based in part on the
performance of our business evaluated using this same non-GAAP
information.
However, this non-GAAP information is not in accordance with, or an
alternative to, generally accepted accounting principles in the United
States (GAAP) and should be considered in conjunction with our GAAP
results as the items excluded from the non-GAAP information often have a
material impact on Progress' financial results. A reconciliation of
non-GAAP adjustments to Progress' GAAP financial results is included in
the tables below and is available on the Progress website at www.progress.com
within the investor relations section.
As described in more detail below, non-GAAP revenue, non-GAAP costs of
sales and operating expenses, non-GAAP income from operations and
operating margin, non-GAAP net income, and non-GAAP diluted earnings per
share exclude the effect of purchase accounting on the fair value of
acquired deferred revenue, amortization of acquired intangible assets,
stock-based compensation expense, fees related to shareholder activist,
restructuring charges, acquisition-related expenses, certain identified
non-operating gains and losses, and the related tax effects of the
preceding items. We also provide guidance on adjusted free cash flow,
which is equal to cash flows from operating activities less purchases of
property and equipment, plus restructuring payments.
In the noted fiscal periods, we adjusted for the following items from
our GAAP financial results to arrive at our non-GAAP financial measures:
-
Acquisition-related revenue - In all periods presented, we
include acquisition-related revenue, which constitutes revenue
reflected as pre-acquisition deferred revenue that would otherwise
have been recognized but for the purchase accounting treatment of
acquisitions. The acquisition-related revenue relates to Telerik,
which we acquired on December 2, 2014, and Kinvey, which we acquired
on June 1, 2017. Since GAAP accounting requires the elimination of
this revenue, GAAP results alone do not fully capture all of our
economic activities. We believe these adjustments are useful to
management and investors as a measure of the ongoing performance of
the business because, although we cannot be certain that customers
will renew their contracts, we have historically experienced high
renewal rates on maintenance and support agreements and other customer
contracts. Additionally, although acquisition-related revenue
adjustments are non-recurring with respect to past acquisitions, we
expect to incur these adjustments in connection with any future
acquisitions.
-
Amortization of acquired intangibles - In all periods
presented, we exclude amortization of acquired intangibles because
those expenses are unrelated to our core operating performance and the
intangible assets acquired vary significantly based on the timing and
magnitude of our acquisition transactions and the maturities of the
businesses acquired.
-
Stock-based compensation - In all periods presented, we exclude
stock-based compensation to be consistent with the way management and
the financial community evaluates our performance and the methods used
by analysts to calculate consensus estimates. The expense related to
stock-based awards is generally not controllable in the short-term and
can vary significantly based on the timing, size and nature of awards
granted. As such, we do not include these charges in operating plans.
Stock-based compensation will continue in future periods.
-
Fees related to shareholder activist - In September 2017,
Praesidium Investment Management publicly announced in a Schedule 13D
filed with the Securities and Exchange Commission its disagreement
with our strategy and stated that it was seeking changes in the
composition of our Board of Directors. We have incurred professional
and other fees relating to Praesidium's actions. We exclude these fees
because they distort trends and are not part of our core operating
results. We do not expect to incur additional professional and other
fees related to this matter.
-
Restructuring expenses - In all periods presented, we exclude
restructuring expenses incurred because those expenses distort trends
and are not part of our core operating results.
-
Acquisition-related and transition expenses - In all periods
presented, we exclude acquisition-related expenses because those
expenses distort trends and are not part of our core operating
results. In recent years, we have completed a number of acquisitions,
which result in our incurring operating expenses which would not
otherwise have been incurred. By excluding certain transition,
integration and other acquisition-related expense items in connection
with acquisitions, this provides more meaningful comparisons of the
financial results to our historical operations and forward-looking
guidance and the financial results of less acquisitive peer companies.
We consider these types of costs and adjustments, to a great extent,
to be unpredictable and dependent on a significant number of factors
that are outside of our control. Furthermore, we do not consider these
acquisition-related costs and adjustments to be related to the organic
continuing operations of the acquired businesses and are generally not
relevant to assessing or estimating the long-term performance of the
acquired assets. In addition, the size, complexity and/or volume of
past acquisitions, which often drives the magnitude of
acquisition-related costs, may not be indicative of the size,
complexity and/or volume of future acquisitions.
-
Income tax adjustment - In all periods presented, we
adjust our income tax provision by excluding the tax impact of the
non-GAAP adjustments discussed above.
Constant Currency
Revenue from our international operations has historically represented a
substantial portion of our total revenue. As a result, our revenue
results have been impacted, and we expect will continue to be impacted,
by fluctuations in foreign currency exchange rates. For example, if the
local currencies of our foreign subsidiaries strengthen, our
consolidated results stated in U.S. dollars are positively impacted.
As exchange rates are an important factor in understanding period to
period comparisons, we present revenue growth rates on a constant
currency basis, which helps improve the understanding of our revenue
results and our performance in comparison to prior periods. The constant
currency information presented is calculated by translating current
period results using prior period weighted average foreign currency
exchange rates. These results should be considered in addition to, not
as a substitute for, results reported in accordance with GAAP.
Note Regarding Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Progress has identified some of these forward-looking
statements with words like "believe," "may," "could," "would," "might,"
"should," "expect," "intend," "plan," "target," "anticipate" and
"continue," the negative of these words, other terms of similar meaning
or the use of future dates.
Forward-looking statements in this press release include, but are not
limited to, statements regarding Progress' business outlook and
financial guidance. There are a number of factors that could cause
actual results or future events to differ materially from those
anticipated by the forward-looking statements, including, without
limitation:
(1) Economic, geopolitical and market conditions can adversely affect
our business, results of operations and financial condition, including
our revenue growth and profitability, which in turn could adversely
affect our stock price. (2) We may fail to achieve our financial
forecasts due to such factors as delays or size reductions in
transactions, fewer large transactions in a particular quarter,
fluctuations in currency exchange rates, or a decline in our renewal
rates for contracts. (3) Our ability to successfully manage transitions
to new business models and markets, including an increased emphasis on a
cloud and subscription strategy, may not be successful. (4) If we are
unable to develop new or sufficiently differentiated products and
services, or to enhance and improve our existing products and services
in a timely manner to meet market demand, partners and customers may not
purchase new software licenses or subscriptions or purchase or renew
support contracts. (5) We depend upon our extensive partner channel and
we may not be successful in retaining or expanding our relationships
with channel partners. (6) Our international sales and operations
subject us to additional risks that can adversely affect our operating
results, including risks relating to foreign currency gains and losses.
(7) If the security measures for our software, services or other
offerings are compromised or subject to a successful cyber-attack, or if
such offerings contain significant coding or configuration errors, we
may experience reputational harm, legal claims and financial exposure.
(8) We have made acquisitions, and may make acquisitions in the future,
and those acquisitions may not be successful, may involve unanticipated
costs or other integration issues or may disrupt our existing
operations. For further information regarding risks and uncertainties
associated with Progress' business, please refer to Progress' filings
with the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the fiscal year ended November 30, 2017. Progress
undertakes no obligation to update any forward-looking statements, which
speak only as of the date of this press release.
About Progress
Progress (NASDAQ:
PRGS) offers the leading platform for developing and deploying
mission-critical business applications. Progress empowers enterprises
and ISVs to build and deliver cognitive-first applications that harness
big data to derive business insights and competitive advantage. Progress
offers leading technologies for easily building powerful user interfaces
across any type of device, a reliable, scalable and secure backend
platform to deploy modern applications, leading data connectivity to all
sources, and award-winning predictive analytics that brings the power of
machine learning to any organization. Over 1,700 independent software
vendors, 100,000 enterprise customers, and 2 million developers rely on
Progress to power their applications. Learn about Progress at www.progress.com
or +1-800-477-6473.
Progress and Progress Software are trademarks or registered trademarks
of Progress Software Corporation and/or its subsidiaries or affiliates
in the U.S. and other countries. Any other names contained herein may be
trademarks of their respective owners.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
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Three Months Ended
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(In thousands, except per share data)
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|
February 28, 2018
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February 28, 2017
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% Change
|
Revenue:
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|
|
|
|
|
|
|
|
|
Software licenses
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|
$
|
25,343
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|
|
|
$
|
24,322
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|
|
|
4
|
%
|
Maintenance and services
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68,704
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|
66,648
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|
3
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%
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Total revenue
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|
94,047
|
|
|
|
90,970
|
|
|
|
3
|
%
|
Costs of revenue:
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|
|
|
|
|
|
|
|
|
Cost of software licenses
|
|
|
1,261
|
|
|
|
1,588
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|
|
|
(21
|
)%
|
Cost of maintenance and services
|
|
|
9,824
|
|
|
|
10,492
|
|
|
|
(6
|
)%
|
Amortization of acquired intangibles
|
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|
5,818
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|
|
|
3,678
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|
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|
58
|
%
|
Total costs of revenue
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|
16,903
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|
|
|
15,758
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|
|
|
7
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%
|
Gross profit
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|
77,144
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|
|
|
75,212
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|
|
|
3
|
%
|
Operating expenses:
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|
|
|
|
|
|
|
|
|
Sales and marketing
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|
21,428
|
|
|
|
25,721
|
|
|
|
(17
|
)%
|
Product development
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|
20,245
|
|
|
|
17,334
|
|
|
|
17
|
%
|
General and administrative
|
|
|
11,262
|
|
|
|
10,568
|
|
|
|
7
|
%
|
Amortization of acquired intangibles
|
|
|
3,319
|
|
|
|
3,179
|
|
|
|
4
|
%
|
Fees related to shareholder activist
|
|
|
1,258
|
|
|
|
-
|
|
|
|
|
*
|
Restructuring expenses
|
|
|
1,821
|
|
|
|
17,139
|
|
|
|
(89
|
)%
|
Acquisition-related expenses
|
|
|
43
|
|
|
|
49
|
|
|
|
(12
|
)%
|
Total operating expenses
|
|
|
59,376
|
|
|
|
73,990
|
|
|
|
(20
|
)%
|
Income from operations
|
|
|
17,768
|
|
|
|
1,222
|
|
|
|
|
*
|
Other (expense) income, net
|
|
|
(1,585
|
)
|
|
|
(1,347
|
)
|
|
|
(18
|
)%
|
Income (loss) before income taxes
|
|
|
16,183
|
|
|
|
(125
|
)
|
|
|
|
*
|
Provision for income taxes
|
|
|
3,271
|
|
|
|
400
|
|
|
|
|
*
|
Net income (loss)
|
|
|
$
|
12,912
|
|
|
|
$
|
(525
|
)
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.28
|
|
|
|
$
|
(0.01
|
)
|
|
|
|
*
|
Diluted
|
|
|
$
|
0.27
|
|
|
|
$
|
(0.01
|
)
|
|
|
|
*
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
46,529
|
|
|
|
48,733
|
|
|
|
(5
|
)%
|
Diluted
|
|
|
47,476
|
|
|
|
48,733
|
|
|
|
(3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share
|
|
|
$
|
0.140
|
|
|
|
$
|
0.125
|
|
|
|
12
|
%
|
Stock-based compensation is included in the condensed consolidated
statements of operations, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
$
|
246
|
|
|
|
$
|
256
|
|
|
|
(4
|
)%
|
Sales and marketing
|
|
|
370
|
|
|
|
363
|
|
|
|
2
|
%
|
Product development
|
|
|
2,046
|
|
|
|
(104
|
)
|
|
|
|
*
|
General and administrative
|
|
|
1,908
|
|
|
|
1,115
|
|
|
|
71
|
%
|
Total
|
|
|
$
|
4,570
|
|
|
|
$
|
1,630
|
|
|
|
180
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Not meaningful
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
February 28, 2018
|
|
|
November 30, 2017
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash, cash equivalents and short-term investments
|
|
|
$
|
167,497
|
|
|
|
$
|
183,609
|
Accounts receivable, net
|
|
|
53,843
|
|
|
|
61,210
|
Other current assets
|
|
|
16,312
|
|
|
|
18,588
|
Total current assets
|
|
|
237,652
|
|
|
|
263,407
|
Property and equipment, net
|
|
|
41,761
|
|
|
|
42,261
|
Goodwill and intangible assets, net
|
|
|
400,863
|
|
|
|
409,935
|
Other assets
|
|
|
2,864
|
|
|
|
3,115
|
Total assets
|
|
|
$
|
683,140
|
|
|
|
$
|
718,718
|
Liabilities and shareholders' equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable and other current liabilities
|
|
|
$
|
52,640
|
|
|
|
$
|
69,661
|
Current portion of long-term debt
|
|
|
5,819
|
|
|
|
5,819
|
Short-term deferred revenue
|
|
|
144,573
|
|
|
|
132,538
|
Total current liabilities
|
|
|
203,032
|
|
|
|
208,018
|
Long-term deferred revenue
|
|
|
9,655
|
|
|
|
9,750
|
Long-term debt
|
|
|
114,635
|
|
|
|
116,090
|
Other long-term liabilities
|
|
|
8,166
|
|
|
|
8,776
|
Shareholders' equity:
|
|
|
|
|
|
|
Common stock and additional paid-in capital
|
|
|
255,047
|
|
|
|
249,836
|
Retained earnings
|
|
|
92,605
|
|
|
|
126,248
|
Total shareholders' equity
|
|
|
347,652
|
|
|
|
376,084
|
Total liabilities and shareholders' equity
|
|
|
$
|
683,140
|
|
|
|
$
|
718,718
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
(In thousands)
|
|
|
February 28, 2018
|
|
|
February 28, 2017
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
12,912
|
|
|
|
$
|
(525
|
)
|
Depreciation and amortization
|
|
|
11,302
|
|
|
|
9,360
|
|
Stock-based compensation
|
|
|
4,570
|
|
|
|
1,630
|
|
Other non-cash adjustments
|
|
|
(134
|
)
|
|
|
4,125
|
|
Changes in operating assets and liabilities
|
|
|
2,945
|
|
|
|
22,710
|
|
Net cash flows from operating activities
|
|
|
31,595
|
|
|
|
37,300
|
|
Capital expenditures
|
|
|
(1,386
|
)
|
|
|
(383
|
)
|
Repurchases of common stock, net of issuances
|
|
|
(42,531
|
)
|
|
|
(12,420
|
)
|
Dividend payments to shareholders
|
|
|
(6,619
|
)
|
|
|
(6,072
|
)
|
Payments of principal on long-term debt
|
|
|
(1,547
|
)
|
|
|
(3,750
|
)
|
Other
|
|
|
4,376
|
|
|
|
(237
|
)
|
Net change in cash, cash equivalents and short-term investments
|
|
|
(16,112
|
)
|
|
|
14,438
|
|
Cash, cash equivalents and short-term investments, beginning of
period
|
|
|
183,609
|
|
|
|
249,754
|
|
Cash, cash equivalents and short-term investments, end of period
|
|
|
$
|
167,497
|
|
|
|
$
|
264,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESULTS OF OPERATIONS BY SEGMENT (Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
(In thousands)
|
|
|
February 28, 2018
|
|
|
February 28, 2017
|
|
|
% Change
|
Segment revenue:
|
|
|
|
|
|
|
|
|
|
|
OpenEdge
|
|
|
$
|
66,408
|
|
|
|
$
|
64,508
|
|
|
|
3
|
%
|
Data Connectivity and Integration
|
|
|
7,604
|
|
|
|
6,828
|
|
|
|
11
|
%
|
Application Development and Deployment
|
|
|
20,035
|
|
|
|
19,634
|
|
|
|
2
|
%
|
Total revenue
|
|
|
94,047
|
|
|
|
90,970
|
|
|
|
3
|
%
|
Segment costs of revenue and operating expenses:
|
|
|
|
|
|
|
|
|
|
|
OpenEdge
|
|
|
15,762
|
|
|
|
17,877
|
|
|
|
(12
|
)%
|
Data Connectivity and Integration
|
|
|
1,629
|
|
|
|
2,262
|
|
|
|
(28
|
)%
|
Application Development and Deployment
|
|
|
6,798
|
|
|
|
7,536
|
|
|
|
(10
|
)%
|
Total costs of revenue and operating expenses
|
|
|
24,189
|
|
|
|
27,675
|
|
|
|
(13
|
)%
|
Segment contribution:
|
|
|
|
|
|
|
|
|
|
|
OpenEdge
|
|
|
50,646
|
|
|
|
46,631
|
|
|
|
9
|
%
|
Data Connectivity and Integration
|
|
|
5,975
|
|
|
|
4,566
|
|
|
|
31
|
%
|
Application Development and Deployment
|
|
|
13,237
|
|
|
|
12,098
|
|
|
|
9
|
%
|
Total contribution
|
|
|
69,858
|
|
|
|
63,295
|
|
|
|
10
|
%
|
Other unallocated expenses (1)
|
|
|
52,090
|
|
|
|
62,073
|
|
|
|
(16
|
)%
|
Income from operations
|
|
|
17,768
|
|
|
|
1,222
|
|
|
|
|
*
|
Other (expense) income, net
|
|
|
(1,585
|
)
|
|
|
(1,347
|
)
|
|
|
(18
|
)%
|
Income (loss) before provision for income taxes
|
|
|
$
|
16,183
|
|
|
|
$
|
(125
|
)
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
(1) The following expenses are not allocated to our segments as we
manage and report our business in these functional areas on a
consolidated basis only: certain product development and corporate sales
and marketing expenses, customer support, administration, amortization
of acquired intangibles, stock-based compensation, fees related to
shareholder activist, restructuring, and acquisition-related expenses.
*Not meaningful
|
SUPPLEMENTAL INFORMATION (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
Q1 2017
|
|
|
Q2 2017
|
|
|
Q3 2017
|
|
|
Q4 2017
|
|
|
Q1 2018
|
License
|
|
|
$
|
24,322
|
|
|
|
$
|
25,592
|
|
|
|
$
|
28,529
|
|
|
|
$
|
45,963
|
|
|
|
$
|
25,343
|
Maintenance
|
|
|
59,138
|
|
|
|
59,898
|
|
|
|
60,536
|
|
|
|
61,826
|
|
|
|
61,479
|
Services
|
|
|
7,510
|
|
|
|
7,723
|
|
|
|
8,245
|
|
|
|
8,290
|
|
|
|
7,225
|
Total revenue
|
|
|
$
|
90,970
|
|
|
|
$
|
93,213
|
|
|
|
$
|
97,310
|
|
|
|
$
|
116,079
|
|
|
|
$
|
94,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Region
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
Q1 2017
|
|
|
Q2 2017
|
|
|
Q3 2017
|
|
|
Q4 2017
|
|
|
Q1 2018
|
North America
|
|
|
$
|
50,305
|
|
|
|
$
|
51,430
|
|
|
|
$
|
55,703
|
|
|
|
$
|
66,504
|
|
|
|
$
|
51,641
|
EMEA
|
|
|
29,844
|
|
|
|
30,646
|
|
|
|
31,830
|
|
|
|
38,039
|
|
|
|
33,014
|
Latin America
|
|
|
5,023
|
|
|
|
5,637
|
|
|
|
5,009
|
|
|
|
5,489
|
|
|
|
4,461
|
Asia Pacific
|
|
|
5,798
|
|
|
|
5,500
|
|
|
|
4,768
|
|
|
|
6,047
|
|
|
|
4,931
|
Total revenue
|
|
|
$
|
90,970
|
|
|
|
$
|
93,213
|
|
|
|
$
|
97,310
|
|
|
|
$
|
116,079
|
|
|
|
$
|
94,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
Q1 2017
|
|
|
Q2 2017
|
|
|
Q3 2017
|
|
|
Q4 2017
|
|
|
Q1 2018
|
OpenEdge
|
|
|
$
|
64,508
|
|
|
|
$
|
65,890
|
|
|
|
$
|
68,135
|
|
|
|
$
|
77,639
|
|
|
|
$
|
66,408
|
Data Connectivity and Integration
|
|
|
6,828
|
|
|
|
7,096
|
|
|
|
8,987
|
|
|
|
18,044
|
|
|
|
7,604
|
Application Development and Deployment
|
|
|
19,634
|
|
|
|
20,227
|
|
|
|
20,188
|
|
|
|
20,396
|
|
|
|
20,035
|
Total revenue
|
|
|
$
|
90,970
|
|
|
|
$
|
93,213
|
|
|
|
$
|
97,310
|
|
|
|
$
|
116,079
|
|
|
|
$
|
94,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
% Change
|
(In thousands, except per share data)
|
|
|
February 28, 2018
|
|
|
February 28, 2017
|
|
|
Non-GAAP
|
Adjusted revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP revenue
|
|
|
$
|
94,047
|
|
|
|
|
|
|
$
|
90,970
|
|
|
|
|
|
|
|
Acquisition-related revenue (1)
|
|
|
147
|
|
|
|
|
|
|
233
|
|
|
|
|
|
|
|
Non-GAAP revenue
|
|
|
$
|
94,194
|
|
|
|
100
|
%
|
|
|
$
|
91,203
|
|
|
|
100
|
%
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin
|
|
|
$
|
77,144
|
|
|
|
82
|
%
|
|
|
$
|
75,212
|
|
|
|
83
|
%
|
|
|
|
Amortization of acquired intangibles
|
|
|
5,818
|
|
|
|
6
|
%
|
|
|
3,678
|
|
|
|
4
|
%
|
|
|
|
Stock-based compensation
|
|
|
246
|
|
|
|
-
|
%
|
|
|
256
|
|
|
|
-
|
%
|
|
|
|
Acquisition-related revenue (1)
|
|
|
147
|
|
|
|
-
|
%
|
|
|
233
|
|
|
|
-
|
%
|
|
|
|
Non-GAAP gross margin
|
|
|
$
|
83,355
|
|
|
|
88
|
%
|
|
|
$
|
79,379
|
|
|
|
87
|
%
|
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses
|
|
|
$
|
59,376
|
|
|
|
63
|
%
|
|
|
$
|
73,990
|
|
|
|
81
|
%
|
|
|
|
Amortization of acquired intangibles
|
|
|
(3,319
|
)
|
|
|
(4
|
)%
|
|
|
(3,179
|
)
|
|
|
(3
|
)%
|
|
|
|
Fees related to shareholder activist
|
|
|
(1,258
|
)
|
|
|
(1
|
)%
|
|
|
-
|
|
|
|
-
|
%
|
|
|
|
Restructuring expenses
|
|
|
(1,821
|
)
|
|
|
(2
|
)%
|
|
|
(17,139
|
)
|
|
|
(19
|
)%
|
|
|
|
Acquisition-related expenses
|
|
|
(43
|
)
|
|
|
-
|
%
|
|
|
(49
|
)
|
|
|
-
|
%
|
|
|
|
Stock-based compensation
|
|
|
(4,324
|
)
|
|
|
(4
|
)%
|
|
|
(1,374
|
)
|
|
|
(2
|
)%
|
|
|
|
Non-GAAP operating expenses
|
|
|
$
|
48,611
|
|
|
|
52
|
%
|
|
|
$
|
52,249
|
|
|
|
57
|
%
|
|
|
(7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from operations
|
|
|
$
|
17,768
|
|
|
|
19
|
%
|
|
|
$
|
1,222
|
|
|
|
1
|
%
|
|
|
|
Amortization of acquired intangibles
|
|
|
9,137
|
|
|
|
10
|
%
|
|
|
6,857
|
|
|
|
8
|
%
|
|
|
|
Fees related to shareholder activist
|
|
|
1,258
|
|
|
|
1
|
%
|
|
|
-
|
|
|
|
-
|
%
|
|
|
|
Restructuring expenses
|
|
|
1,821
|
|
|
|
2
|
%
|
|
|
17,139
|
|
|
|
19
|
%
|
|
|
|
Stock-based compensation
|
|
|
4,570
|
|
|
|
5
|
%
|
|
|
1,630
|
|
|
|
2
|
%
|
|
|
|
Acquisition-related
|
|
|
190
|
|
|
|
-
|
%
|
|
|
282
|
|
|
|
-
|
%
|
|
|
|
Non-GAAP income from operations
|
|
|
$
|
34,744
|
|
|
|
37
|
%
|
|
|
$
|
27,130
|
|
|
|
30
|
%
|
|
|
28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted earnings (loss) per share
|
|
|
$
|
0.27
|
|
|
|
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
Amortization of acquired intangibles
|
|
|
0.19
|
|
|
|
|
|
|
0.14
|
|
|
|
|
|
|
|
Fees related to shareholder activist
|
|
|
0.03
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
Restructuring expenses
|
|
|
0.04
|
|
|
|
|
|
|
0.35
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
0.10
|
|
|
|
|
|
|
0.03
|
|
|
|
|
|
|
|
Acquisition-related
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
(0.09
|
)
|
|
|
|
|
|
(0.17
|
)
|
|
|
|
|
|
|
Non-GAAP diluted earnings per share
|
|
|
$
|
0.54
|
|
|
|
|
|
|
$
|
0.34
|
|
|
|
|
|
|
59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted avg shares outstanding - diluted
|
|
|
47,476
|
|
|
|
|
|
|
49,034
|
|
|
|
|
|
|
(3
|
)%
|
|
(1) Acquisition-related revenue constitutes revenue reflected as
pre-acquisition deferred revenue that would otherwise have been
recognized but for the purchase accounting treatment of acquisitions.
Since GAAP accounting requires the elimination of this revenue, GAAP
results alone do not fully capture all of our economic activities. Note
that acquisition-related revenue adjustments relate to Progress'
OpenEdge and Application Development and Deployment business segments
for Kinvey and Telerik, respectively.
|
|
|
|
|
|
OTHER NON-GAAP FINANCIAL MEASURES (Unaudited)
|
|
|
|
|
|
|
Revenue by Type
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Q1 2018
|
|
Non-GAAP Adjustment (1)
|
|
Non-GAAP Revenue
|
License
|
$
|
25,343
|
|
|
$
|
19
|
|
|
$
|
25,362
|
|
Maintenance
|
61,479
|
|
|
46
|
|
|
61,525
|
|
Services
|
7,225
|
|
|
82
|
|
|
7,307
|
|
Total revenue
|
$
|
94,047
|
|
|
$
|
147
|
|
|
$
|
94,194
|
|
|
|
|
|
|
|
Revenue by Region
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Q1 2018
|
|
Non-GAAP Adjustment (1)
|
|
Non-GAAP Revenue
|
North America
|
$
|
51,641
|
|
|
$
|
147
|
|
|
$
|
51,788
|
|
EMEA
|
33,014
|
|
|
-
|
|
|
33,014
|
|
Latin America
|
4,461
|
|
|
-
|
|
|
4,461
|
|
Asia Pacific
|
4,931
|
|
|
-
|
|
|
4,931
|
|
Total revenue
|
$
|
94,047
|
|
|
$
|
147
|
|
|
$
|
94,194
|
|
|
|
|
|
|
|
Revenue by Segment
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Q1 2018
|
|
Non-GAAP Adjustment (1)
|
|
Non-GAAP Revenue
|
OpenEdge
|
$
|
66,408
|
|
|
$
|
82
|
|
|
$
|
66,490
|
|
Data Connectivity and Integration
|
7,604
|
|
|
-
|
|
|
7,604
|
|
Application Development and Deployment
|
20,035
|
|
|
65
|
|
|
20,100
|
|
Total revenue
|
$
|
94,047
|
|
|
$
|
147
|
|
|
$
|
94,194
|
|
|
|
|
|
|
|
(1) Acquisition-related revenue constitutes revenue reflected as
pre-acquisition deferred revenue that would otherwise have been
recognized but for the purchase accounting treatment of
acquisitions. Since GAAP accounting requires the elimination of this
revenue, GAAP results alone do not fully capture all of our economic
activities. Note that acquisition-related revenue adjustments relate
to Progress' OpenEdge and Application Development and Deployment
business segments for Kinvey and Telerik, respectively.
|
|
|
|
|
|
|
Adjusted Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Q1 2018
|
|
Q1 2017
|
|
% Change
|
Cash flows from operations
|
$
|
31,595
|
|
|
$
|
37,300
|
|
|
(15
|
)%
|
Purchases of property and equipment
|
(1,386
|
)
|
|
(383
|
)
|
|
262
|
%
|
Free cash flow
|
30,209
|
|
|
36,917
|
|
|
(18
|
)%
|
Add back: restructuring payments
|
2,739
|
|
|
6,064
|
|
|
(55
|
)%
|
Adjusted free cash flow
|
$
|
32,948
|
|
|
$
|
42,981
|
|
|
(23
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Bookings from Application Development and Deployment
Segment (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
Q1 2017
|
|
|
Q2 2017
|
|
|
Q3 2017
|
|
|
Q4 2017
|
|
|
FY 2017
|
|
|
Q1 2018
|
GAAP revenue
|
|
|
$
|
19,634
|
|
|
|
$
|
20,227
|
|
|
|
$
|
20,188
|
|
|
|
$
|
20,396
|
|
|
|
$
|
80,445
|
|
|
|
$
|
20,035
|
|
Add: change in deferred revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
|
52,971
|
|
|
|
51,298
|
|
|
|
52,400
|
|
|
|
52,615
|
|
|
|
52,971
|
|
|
|
53,794
|
|
Ending balance
|
|
|
51,298
|
|
|
|
52,400
|
|
|
|
52,615
|
|
|
|
53,794
|
|
|
|
53,794
|
|
|
|
52,927
|
|
Change in deferred revenue
|
|
|
(1,673
|
)
|
|
|
1,102
|
|
|
|
215
|
|
|
|
1,179
|
|
|
|
823
|
|
|
|
(867
|
)
|
Non-GAAP bookings
|
|
|
$
|
17,961
|
|
|
|
$
|
21,329
|
|
|
|
$
|
20,403
|
|
|
|
$
|
21,575
|
|
|
|
$
|
81,268
|
|
|
|
$
|
19,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR
FISCAL YEAR 2018 GUIDANCE (Unaudited)
|
|
Fiscal Year 2018 Revenue Guidance
|
|
|
|
Fiscal Year Ended
|
|
|
Fiscal Year Ending
|
|
|
|
November 30, 2017
|
|
|
November 30, 2018
|
(In millions)
|
|
|
|
|
|
Low
|
|
|
% Change
|
|
|
High
|
|
|
% Change
|
GAAP revenue
|
|
|
$
|
397.6
|
|
|
|
$
|
398.3
|
|
|
|
-
|
%
|
|
|
$
|
403.7
|
|
|
|
2
|
%
|
Acquisition-related adjustments - revenue (1)
|
|
|
1.0
|
|
|
|
0.3
|
|
|
|
(70
|
)%
|
|
|
0.3
|
|
|
|
(70
|
)%
|
Non-GAAP revenue
|
|
|
$
|
398.6
|
|
|
|
$
|
398.6
|
|
|
|
-
|
%
|
|
|
$
|
404.0
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Acquisition-related revenue constitutes revenue reflected as
pre-acquisition deferred revenue that would otherwise have been
recognized but for the purchase accounting treatment of acquisitions.
Since GAAP accounting requires the elimination of this revenue, GAAP
results alone do not fully capture all of our economic activities. Note
that acquisition-related revenue adjustments relate to Progress'
OpenEdge and Application Development and Deployment business segments
for Kinvey and Telerik, respectively.
|
Fiscal Year 2018 Non-GAAP Operating Margin Guidance
|
|
|
|
Fiscal Year Ending November 30, 2018
|
(In millions)
|
|
|
Low
|
|
|
High
|
GAAP income from operations
|
|
|
$
|
83.3
|
|
|
|
$
|
88.4
|
|
GAAP operating margins
|
|
|
21
|
%
|
|
|
22
|
%
|
Acquisition-related revenue
|
|
|
0.3
|
|
|
|
0.3
|
|
Acquisition-related expense
|
|
|
0.2
|
|
|
|
0.2
|
|
Restructuring expense
|
|
|
3.0
|
|
|
|
2.0
|
|
Stock-based compensation
|
|
|
21.1
|
|
|
|
21.1
|
|
Amortization of intangibles
|
|
|
36.2
|
|
|
|
36.2
|
|
Fees related to shareholder activist
|
|
|
1.3
|
|
|
|
1.3
|
|
Total adjustments
|
|
|
62.1
|
|
|
|
61.1
|
|
Non-GAAP income from operations
|
|
|
$
|
145.4
|
|
|
|
$
|
149.5
|
|
Non-GAAP operating margin
|
|
|
36
|
%
|
|
|
37
|
%
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year 2018 Non-GAAP Earnings per Share and Effective Tax
Rate Guidance
|
|
|
|
Fiscal Year Ending November 30, 2018
|
(In millions, except per share data)
|
|
|
Low
|
|
|
High
|
GAAP net income
|
|
|
$
|
57.5
|
|
|
|
$
|
61.3
|
|
Adjustments (from previous table)
|
|
|
62.1
|
|
|
|
61.1
|
|
Income tax adjustment (2)
|
|
|
(10.6
|
)
|
|
|
(10.1
|
)
|
Non-GAAP net income
|
|
|
$
|
109.0
|
|
|
|
$
|
112.3
|
|
|
|
|
|
|
|
|
GAAP diluted earnings per share
|
|
|
$
|
1.24
|
|
|
|
$
|
1.32
|
|
Non-GAAP diluted earnings per share
|
|
|
$
|
2.36
|
|
|
|
$
|
2.41
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding
|
|
|
46.3
|
|
|
|
46.5
|
|
|
|
|
|
|
|
|
(2) Tax adjustment is based on a non-GAAP effective tax rate of
approximately 22% for Low and High, calculated as follows:
|
Non-GAAP income from operations
|
|
|
$
|
145.4
|
|
|
|
$
|
149.5
|
|
Other (expense) income
|
|
|
(5.6
|
)
|
|
|
(5.6
|
)
|
Non-GAAP income from continuing operations before income taxes
|
|
|
139.8
|
|
|
|
143.9
|
|
Non-GAAP net income
|
|
|
109.0
|
|
|
|
112.3
|
|
Tax provision
|
|
|
$
|
30.8
|
|
|
|
$
|
31.6
|
|
Non-GAAP tax rate
|
|
|
22
|
%
|
|
|
22
|
%
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR
FISCAL YEAR 2018 GUIDANCE (Unaudited)
|
|
Fiscal Year 2018 Adjusted Free Cash Flow Guidance
|
|
|
|
Fiscal Year Ending November 30, 2018
|
(In millions)
|
|
|
Low
|
|
|
High
|
Cash flows from operations (GAAP)
|
|
|
$
|
115
|
|
|
|
$
|
121
|
|
Purchases of property and equipment
|
|
|
(7
|
)
|
|
|
(7
|
)
|
Add back: restructuring payments
|
|
|
7
|
|
|
|
6
|
|
Adjusted free cash flow (non-GAAP)
|
|
|
$
|
115
|
|
|
|
$
|
120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q2
2018 GUIDANCE (Unaudited)
|
|
Q2 2018 Revenue Guidance
|
|
|
|
Three Months Ended
|
|
|
Three Months Ending
|
|
|
|
May 31, 2017
|
|
|
May 31, 2018
|
(In millions)
|
|
|
|
|
|
Low
|
|
|
% Change
|
|
|
High
|
|
|
% Change
|
GAAP revenue
|
|
|
$
|
93.2
|
|
|
|
$
|
92.9
|
|
|
|
-
|
%
|
|
|
$
|
95.9
|
|
|
|
3
|
%
|
Acquisition-related adjustments - revenue (1)
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
(50
|
)%
|
|
|
0.1
|
|
|
|
(50
|
)%
|
Non-GAAP revenue
|
|
|
$
|
93.4
|
|
|
|
$
|
93.0
|
|
|
|
-
|
%
|
|
|
$
|
96.0
|
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Acquisition-related revenue constitutes revenue reflected as
pre-acquisition deferred revenue that would otherwise have been
recognized but for the purchase accounting treatment of acquisitions.
Since GAAP accounting requires the elimination of this revenue, GAAP
results alone do not fully capture all of our economic activities. Note
that acquisition-related revenue adjustments relate to Progress'
OpenEdge and Application Development and Deployment business segments
for Kinvey and Telerik, respectively.
|
Q2 2018 Non-GAAP Earnings per Share Guidance
|
|
|
|
Three Months Ending May 31, 2018
|
|
|
|
Low
|
|
|
High
|
GAAP diluted earnings per share
|
|
|
$
|
0.24
|
|
|
|
$
|
0.26
|
|
Restructuring expense
|
|
|
0.01
|
|
|
|
0.01
|
|
Stock-based compensation
|
|
|
0.12
|
|
|
|
0.12
|
|
Amortization of intangibles
|
|
|
0.20
|
|
|
|
0.20
|
|
Total adjustments
|
|
|
0.33
|
|
|
|
0.33
|
|
Income tax adjustment
|
|
|
(0.06
|
)
|
|
|
(0.06
|
)
|
Non-GAAP diluted earnings per share
|
|
|
$
|
0.51
|
|
|
|
$
|
0.53
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180328005959/en/
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