$PRGS (Progress Software Corporation)

$PRGS {{ '2016-06-29T21:26:45+0000' | timeago}} • Webcast

$PRGS said its OpenEdge segment revenue was $68MM, down 6% for 2Q16 compared to last year. While revenue from the company's ISV partners showed steady growth, sales to OpenEdge direct enterprise customers were significantly lower YoverY, but in line with expectations set during 1Q16. SaaS-related revenue for OpenEdge was approx. $5MM for 2Q16.

$PRGS {{ '2017-06-28T22:03:32+0000' | timeago}} • Webcast

$PRGS wants to invest prudently to grow its business. The company believes it can keep its margins north of 30% while continuing to stabilize and grow revenues. $PRGS is comfortable with its operating margin guidance of 33-34% for FY17.

$PRGS {{ '2017-06-28T21:37:18+0000' | timeago}} • Webcast

During 2Q17, $PRGS’ revenue in North America was $52MM, down 4% from 2Q16. On a constant currency basis, EMEA revenue was $32MM, up 2% versus last year. Latin America revenue was $5MM, up 17% while Asia-Pacific revenue was $5MM, down 19% from last year.

$PRGS {{ '2017-06-28T21:33:14+0000' | timeago}} • Webcast

$PRGS' License revenue was $26MM in 2Q17, down 11% versus 2Q16. The decrease was primarily due to lower license revenue from the DCI segment due to the timing of certain OEM renewal agreements. Maintenance and Service revenue was $68MM, flat to last year.

$PRGS {{ '2017-06-28T21:27:26+0000' | timeago}} • Webcast

$PRGS stated that while the market for Kinvey’s BaaS offering is mature, the company does not expect a meaningful revenue contribution from this for FY17. $PRGS believes that the Kinvey acquisition combined with its advanced machine learning capabilities and data connectivity products results in a best-of-breed product portfolio.

$PRGS {{ '2017-06-28T20:53:35+0000' | timeago}} • Announcement

$PRGS' BoD declared a quarterly dividend of $0.125 per share of common stock payable on September 15, 2017 to shareholders of record as of September 1, 2017.

$PRGS {{ '2017-06-28T20:51:58+0000' | timeago}} • Announcement

For FY17, $PRGS expects revenue to be $390-395MM and GAAP diluted EPS to be $0.66-0.73. Adjusted revenue is expected to be $391-396MM and adjusted diluted EPS is expected to be $1.73-1.78 in FY17. For 3Q17, $PRGS expects revenues to be $93-96MM and GAAP diluted EPS to be $0.17-0.19. Adjusted diluted EPS is expected to be $0.41-0.43 in 3Q17.

$PRGS {{ '2017-06-28T20:44:41+0000' | timeago}} • Announcement

$PRGS reported an increase in 2Q17 earnings. Net income was $10.3MM or $0.21 per share compared to $7.3MM or $0.14 per share in 2Q16. Adjusted net income was $20.5MM or $0.42 per share in 2Q17. Revenue was $93.2MM, down 3% YoY on an actual currency basis and 2% on a constant currency basis.

$PRGS {{ '2017-06-28T20:30:19+0000' | timeago}} • Webcast

$PRGS purchased Kinvey, a privately-held company based in Boston and leader in Backend as a Service (BaaS) technology, for $49MM in cash. This acquisition is a key part of the Progress strategy to provide the best platform to build and deliver modern cognitive-first applications.

$PRGS {{ '2017-04-25T21:54:06+0000' | timeago}} • Announcement

$PRGS appointed Dmitri Tcherevik to the role of Chief Technology Officer. In his role, Dmitri will lead Progress' technology vision, strategy and evolution across the entire portfolio of Progress products. Dmitri is a serial entrepreneur, having founded and run two successful technology start-ups.

$PRGS {{ '2017-03-30T12:16:48+0000' | timeago}} • Announcement

$PRGS named chief accounting officer Paul Jalbert as the new CFO, effective immediately. Mr. Jalbert replaces CFO Kurt Abkemeier, who is leaving the company.

$PRGS {{ '2017-03-30T12:09:36+0000' | timeago}} • Announcement

$PRGS completed the acquisition of DataRPM, for a purchase price of $30MM, with $28.3MM paid in cash, and $1.7MM payable to DataRPM's founders in the form of restricted stock.

$PRGS {{ '2017-03-29T21:42:32+0000' | timeago}} • Webcast

$PRGS Application Development and Deployment segment total bookings were $18MM for 1Q17, down 4% YoY, impacted by slightly lower bookings from certain Telerik products. However, renewals of the company's development tool products were strong and in line with expectations.

$PRGS {{ '2017-03-29T21:30:06+0000' | timeago}} • Webcast

By geography, $PRGS' North America revenue in 1Q17 was $51MM, up 2% YoY, helped by license revenue increases in open edge and DCI. On a constant currency basis, EMEA revenue was $31MM, flat to last year. Latin America revenue was $4MM, up 20% due to higher open edge maintenance renewals, while APJ revenue was up 3% at $6MM.

$PRGS {{ '2017-03-29T21:15:27+0000' | timeago}} • Webcast

$PRGS announced the appointment of its new CFO Paul Jalbert. In 1Q17, the company's core segments grew by low-to-mid single digit YoY. However, the company's expectation is still for flattish revenue from its businesses over time.

$PRGS {{ '2017-03-29T20:44:15+0000' | timeago}} • Announcement

$PRGS said that under the previously announced authorization by the BoD to repurchase up to $200MM of shares of common stock, the company repurchased 0.6MM shares for $18.1MM during 1Q17. As of Feb. 28, 2017, there was $117.3MM remaining under this authorization.

$PRGS {{ '2017-03-29T20:40:18+0000' | timeago}} • Announcement

For FY17, $PRGS expects GAAP revenue in the range of $387-395MM and diluted EPS in the range of $0.64-0.70. Non-GAAP revenue is expected to be in the range of $388-396MM, while non-GAAP diluted EPS is expected in the range of $1.64-1.69. For 2Q17, $PRGS expects GAAP revenue of $89-92MM and diluted EPS in the range of $0.13-0.15.

$PRGS {{ '2017-03-29T20:38:12+0000' | timeago}} • Announcement

Software company $PRGS reported a loss in 1Q17, hurt by lower income from operations. Net loss for the quarter was $0.525MM or $0.01 loss per share compared to a net income of $3.22MM or $0.06 per share a year ago. Revenue rose 1.66% on an actual currency basis to $90.97MM, while rose 3% on a constant currency basis.

$PRGS {{ '2017-01-17T18:49:11+0000' | timeago}} • Webcast

$PRGS had an goodwill impairment charge of $92MM in 4Q16 related to Telerik acquisition. The company expects to incur restructuring charges of approx. $20MM during 2017 with the bulk of the charges being incurred during 1Q17 and significantly lesser amounts in subsequent quarters.

$PRGS {{ '2017-01-17T18:30:07+0000' | timeago}} • Webcast

For FY17, $PRGS expects revenue to be slightly lower than FY16. The company will focus primarily on the existing customers and partners to drive retention. In 1Q17, $PRGS plans to reduce its headcount significantly in large part due to the discontinuation of the Digital Factory offering, a cloud-based digital transformation solution.

$PRGS {{ '2017-01-17T18:23:42+0000' | timeago}} • Webcast

$PRGS to discontinue its investment in Digital Factory, a cloud-based digital transformation solution. The company plans to re-align the resources consistent with its core operating approach. $PRGS plans to build or acquire other pieces of technology and it will make those decisions and the investments in the coming months.

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