Progress beats Q2 estimates; raises FY2023 guidance on strong 20% revenue growth

PROGRESS SOFTWARE CORP /MA

2023-Q2 EPS reported $0.81 revenue$342,477,000

Q2 GAAP revenue $178.3M (+20% YoY); Non-GAAP EPS $1.06 (+2%), GAAP EPS $0.27 (-59%).
ARR $569M, +19% constant currency; net retention rate 101% indicating strong renewals.
Raised FY2023 guidance: GAAP revenue $686-694M, Non-GAAP EPS $4.16-4.24 (prior $4.09-4.17).
Q3 guidance: GAAP revenue $171-175M, Non-GAAP EPS $0.98-1.02; expects $0.01 FX tailwind.
Board declared $0.175/share dividend, payable Sep 15, 2023 to holders Sep 1, 2023.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PROGRESS SOFTWARE CORP /MA reported fiscal second quarter ended May 31, 2023 results: revenue $178,251, net income $12,090, EPS $0.27. Guidance raised.

Period: fiscal second quarter ended May 31, 2023
Revenue: $178,251
Net income: $12,090
EPS: $0.27
Guidance: raised
Result: reported results

Exact text from the filing

Three Months Ended GAAP Non-GAAP 1 (In thousands, except percentages and per share amounts) May 31, 2023 May 31, 2022 % Change May 31, 2023 May 31, 2022 % Change Revenue $ 178,251 $ 148,747 20 % $ 179,233 $ 150,879 19 % Income from operations $ 23,027 $ 40,235 (43) % $ 67,300 $ 61,298 10 % Operating margin 13 % 27 % (1400) bps 38 % 41 % (300) bps Net income

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Source: SEC EDGAR

accession 0000876167-23-000116

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