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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

進步軟件股價在第二季度業績公佈後下滑，第三季度指引低於共識
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.
  • 進步軟件公司(紐約證券交易所股票代碼：PRGS)公佈第二季度營收同比增長21%，達到1.487億美元，按不變貨幣計算增長24%。調整後的收入為1.509億美元(同比增長17%)，按不變貨幣計算同比增長19%，超出了1.4693億美元的共識。
  • 調整後每股收益為1.04美元，遠高於市場普遍預期的0.95美元。
  • 年化經常性收入(ARR)同比增長13%，達到4.86億美元。
  • 毛利率下降35個基點，至83.9%。調整後的營業收入同比增長23%，達到6130萬美元，利潤率增長300個基點，達到41%。
  • 今年到目前為止，PRGS從經營活動中產生的現金為1.1235億美元，而一年前為9938萬美元。調整後的自由現金流總額為1.1272億美元(同比增長11%)。
  • 截至季度末，該公司持有現金、現金等價物和短期投資2.259億美元。
  • 分紅：該公司宣佈季度股息為每股普通股0.175美元，將於2022年9月15日支付給截至2022年9月1日收盤登記在冊的股東。
  • 3Q22展望：Progress Software預計GAAP收入為1.45億至1.48億美元，非GAAP收入為1.47億至1.5億美元，而市場普遍預期為1.6023億美元。
  • 該公司預計每股收益為0.46-0.48美元，調整後每股收益為0.96-0.98美元，而市場普遍預期為1.11美元。
  • 2012財年展望：該公司預計GAAP收入為6.01億至6.09億美元，非GAAP收入為6.09億至6.17億美元，而市場普遍預期為6.1476億美元。
  • PRGS預計每股收益為2.11-2.21美元，調整後每股收益為4.05-4.11美元，而市場普遍預期為4.06美元。營業利潤率為22%-23%，調整後的營業利潤率為39%-40%。
  • 該公司預計調整後的自由現金流為1.85億至1.9億美元。
  • 價格行動：在週二的盤後交易中，PRGS的股價下跌了1.64%，至48美元。
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