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Progress Software Shares Slip After Q2 Results, Guides Q3 Below Consensus

Progress Software Shares Slip After Q2 Results, Guides Q3 Below Consensus

进步软件股价在第二季度业绩公布后下滑，第三季度指引低于共识
Benzinga Real-time News ·  2022/06/28 17:04
  • Progress Software Corp (NYSE:PRGS) reported second-quarter revenue growth of 21% year-over-year to $148.7 million, +24% on a constant currency basis. Adjusted revenue was $150.9 million (+17% Y/Y) and +19% Y/Y on a constant currency basis, beating the consensus of $146.93 million.
  • Adjusted EPS was $1.04, much higher than the consensus of $0.95.
  • Annualized Recurring Revenue (ARR) increased 13% Y/Y to $486 million.
  • The gross margin declined by 35 bps to 83.9%. Adjusted operating income increased 23% Y/Y to $61.3 million, and margin expanded by 300 bps to 41%.
  • PRGS generated cash from operating activities year-to-date of $112.35 million, compared to $99.38 million a year ago. Adjusted free cash flow totaled $112.72 million (+11% Y/Y).
  • The company held cash, cash equivalents, and short-term investments of $225.9 million at the end of the quarter.
  • Dividend: The company declared a quarterly dividend of $0.175 per share of common stock that will be paid on September 15, 2022, to shareholders of record as of the close of business on September 1, 2022.
  • 3Q22 Outlook: Progress Software expects GAAP revenue of $145 million - $148 million and Non-GAAP of $147 million - $150 million vs. a consensus of $160.23 million.
  • It expects EPS of $0.46 - $0.48 and Adjusted EPS of $0.96 - $0.98, vs. a consensus of $1.11.
  • FY22 Outlook: The company expects GAAP revenue of $601 million - $609 million and Non-GAAP revenue of $609 million - $617 million, vs. a consensus of $614.76 million.
  • PRGS sees EPS of $2.11 - $2.21 and adjusted EPS of $4.05 - $4.11, vs. consensus of $4.06. Operating margin of 22% - 23% and adjusted operating margin of 39% - 40%.
  • It expects an Adjusted free cash flow of $185 million - $190 million.
  • Price Action: PRGS shares are trading lower by 1.64% at $48 during the post-market session on Tuesday.
  • 进步软件公司(纽约证券交易所股票代码：PRGS)公布第二季度营收同比增长21%，达到1.487亿美元，按不变货币计算增长24%。调整后的收入为1.509亿美元(同比增长17%)，按不变货币计算同比增长19%，超出了1.4693亿美元的共识。
  • 调整后每股收益为1.04美元，远高于市场普遍预期的0.95美元。
  • 年化经常性收入(ARR)同比增长13%，达到4.86亿美元。
  • 毛利率下降35个基点，至83.9%。调整后的营业收入同比增长23%，达到6130万美元，利润率增长300个基点，达到41%。
  • 今年到目前为止，PRGS从经营活动中产生的现金为1.1235亿美元，而一年前为9938万美元。调整后的自由现金流总额为1.1272亿美元(同比增长11%)。
  • 截至季度末，该公司持有现金、现金等价物和短期投资2.259亿美元。
  • 分红：该公司宣布季度股息为每股普通股0.175美元，将于2022年9月15日支付给截至2022年9月1日收盘登记在册的股东。
  • 3Q22展望：Progress Software预计GAAP收入为1.45亿至1.48亿美元，非GAAP收入为1.47亿至1.5亿美元，而市场普遍预期为1.6023亿美元。
  • 该公司预计每股收益为0.46-0.48美元，调整后每股收益为0.96-0.98美元，而市场普遍预期为1.11美元。
  • 2012财年展望：该公司预计GAAP收入为6.01亿至6.09亿美元，非GAAP收入为6.09亿至6.17亿美元，而市场普遍预期为6.1476亿美元。
  • PRGS预计每股收益为2.11-2.21美元，调整后每股收益为4.05-4.11美元，而市场普遍预期为4.06美元。营业利润率为22%-23%，调整后的营业利润率为39%-40%。
  • 该公司预计调整后的自由现金流为1.85亿至1.9亿美元。
  • 价格行动：在周二的盘后交易中，PRGS的股价下跌了1.64%，至48美元。
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