---
schema_version: "secwatch.filing_event.v1"
accession: "0000876167-23-000070"
form_type: "8-K"
ticker: "PRGS"
cik: "0000876167"
company_name: "PROGRESS SOFTWARE CORP /MA"
filed_at: "2023-03-28T23:59:59+00:00"
generated_at: "2026-06-17T14:09:00.298026+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Progress Q1 revenue $164.2M (+13% YoY), EPS $0.53; ARR $569M; raises FY revenue guidance

## Summary
- GAAP revenue $164.2M (+13% YoY); Non-GAAP revenue $165.6M (+12% YoY).
- GAAP diluted EPS $0.53 vs $0.46; Non-GAAP diluted EPS $1.19 vs $0.97 (+23% YoY).
- ARR of $569M, up 20% on constant currency; net retention rate 102%.
- FY2023 GAAP revenue guidance raised to $676-684M; Non-GAAP EPS unchanged at $4.09-4.17.
- Quarterly dividend $0.175/share declared, payable June 15 to holders of record June 1.

## SEC filing metadata
- accession: 0000876167-23-000070
- form_type: 8-K
- ticker: PRGS
- cik: 0000876167
- company_name: PROGRESS SOFTWARE CORP /MA
- filed_at: 2023-03-28T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/876167/000087616723000070/0000876167-23-000070-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/876167/000087616723000070/prgs-20230328.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000876167-23-000070
- JSON: https://secwatch.observer/filing/0000876167-23-000070.json
- Plain text: https://secwatch.observer/filing/0000876167-23-000070.txt

## Key facts
- Earnings Releases
  PROGRESS SOFTWARE CORP /MA reported the fiscal year ending November 30, 2023 results: revenue $676 - $684, EPS $1.32 - $1.40.
  - Period: the fiscal year ending November 30, 2023
  - Revenue: $676 - $684
  - EPS: $1.32 - $1.40
  - Result: guidance update
  source text: Updated FY 2023 Guidance (March 28, 2023) Prior FY 2023 Guidance (January 17, 2023) (In millions, except percentages and per share amounts) GAAP Non-GAAP 1 GAAP Non-GAAP 1 Revenue $676 - $684 $680 - $688 $671 - $681 $675 - $685 Diluted earnings per share $1.32 - $1.40 $4.09 - $4.17 $1.38 - $1.46 $4.09 - $4.17
  evidence_url: https://www.sec.gov/Archives/edgar/data/876167/000087616723000070/0000876167-23-000070-index.htm
- Earnings Releases
  PROGRESS SOFTWARE CORP /MA reported the fiscal second quarter ending May 31, 2023 results: revenue $167 - $171, EPS $0.12 - $0.16. Guidance initiated.
  - Period: the fiscal second quarter ending May 31, 2023
  - Revenue: $167 - $171
  - EPS: $0.12 - $0.16
  - Guidance: initiated
  - Result: guidance update
  source text: Q2 2023 Guidance (In millions, except per share amounts) GAAP Non-GAAP 1 Revenue $167 - $171 $168 - 172 Diluted earnings per share $0.12 - $0.16 $0.88 - $0.92
  evidence_url: https://www.sec.gov/Archives/edgar/data/876167/000087616723000070/0000876167-23-000070-index.htm
- Earnings Releases
  PROGRESS SOFTWARE CORP /MA reported the fiscal first quarter ended February 28, 2023 results: revenue $164.2 million, net income $23,674, EPS $0.53.
  - Period: the fiscal first quarter ended February 28, 2023
  - Revenue: $164.2 million
  - Net income: $23,674
  - EPS: $0.53
  - Result: reported results
  source text: provider of infrastructure software, today announced financial results for its fiscal first quarter ended February 28, 2023. First Quarter 2023 Highlights 1 : • Revenue of $164.2 million increased 13% year-over-year on an actual currency basis, and 15% on a constant currency basis. • Non-GAAP revenue of $165.6 million increased 12% year-over-year on an actual
  evidence_url: https://www.sec.gov/Archives/edgar/data/876167/000087616723000070/0000876167-23-000070-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.