Progress Software Corporation (PRGS) Tops Q1 EPS by 20c, Revenues Beat; Offers FY21 EPS/Revenue Guidance Above Consensus, 2Q EPS/Revenues Views Below Consensus

March 25, 2021 4:18 PM EDT

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Progress Software Corporation (NASDAQ: PRGS) reported Q1 EPS of $0.95, $0.20 better than the analyst estimate of $0.75. Revenue for the quarter came in at $131.8 million versus the consensus estimate of $121.39 million.

First Quarter 2021 Highlights:

  • Revenue of $121.3 million increased 11% year-over-year on an actual currency basis, and 9% on a constant currency basis.
  • Non-GAAP revenue of $131.8 million increased 16% on an actual currency basis, and 14% on a constant currency basis.
  • Annualized Recurring Revenue (ARR) of $432 million increased 22% year-over-year on a constant currency basis with growth primarily driven by the acquisition of Chef Software.
  • Operating margin was 23% and Non-GAAP operating margin was 43%.
  • Diluted earnings per share was $0.42 compared to $0.46 in the same quarter last year, a decrease of 9%.
  • Non-GAAP diluted earnings per share was $0.95 compared to $0.76 in the same quarter last year, an increase of 25%.

“The first quarter marked an excellent start to 2021 highlighted by better-than-expected growth on both the top and bottom line,” said Yogesh Gupta, CEO at Progress. “Our performance was stronger than expected across virtually all product lines and all of our key metrics. I am especially proud of the continued hard work and dedication of our entire organization and our first quarter results position us well as we continue to execute our total growth strategy.”

GUIDANCE:

Progress Software Corporation sees Q2 2021 EPS of $0.72-$0.74, versus the consensus of $0.78. Progress Software Corporation sees Q2 2021 revenue of $119-123 million, versus the consensus of $124 million.

Progress Software Corporation sees FY2021 EPS of $3.38-$3.42, versus the consensus of $3.25. Progress Software Corporation sees FY2021 revenue of $519-527 million, versus the consensus of $517.6 million.

For earnings history and earnings-related data on Progress Software Corporation (PRGS) click here.



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