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Progress Software Corp. (PRGS)
NASDAQ:PRGS
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Earnings Data
Report Date
Jan 21, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
1.22Last Year’s EPS
1.02Same Quarter Last Year
Moderate Buy
Based on 4 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Jan 17, 2019
|% Change Since: 10.13%
|Next Earnings Date:Sep 27, 2018
Earnings Call Sentiment|Positive
Progress Software's Q3 2024 earnings call presented a largely positive outlook with strong financial performance and strategic acquisition plans. While the suspension of dividends and initial negative cash flow impact from the ShareFile acquisition are concerns, the overall sentiment is positive given the company's growth prospects and regulatory clearance on past issues.Company Guidance
During the Q3 2024 earnings call, Progress Software Corporation provided strong guidance, exceeding expectations on several key metrics. Revenue for the quarter grew by 2% year-over-year to $179 million, with an EPS increase of 17% year-over-year, showcasing effective expense management. The company reported ending the quarter with $582 million in Annual Recurring Revenue (ARR), a sequential growth of 1%, alongside a stable net retention rate of 99%. They also highlighted a robust balance sheet with $230 million in cash and excellent cash flow generation, evidenced by Days Sales Outstanding (DSO) at 45 days. Progress also announced plans to acquire ShareFile for $875 million, expecting it to add over $240 million in annual revenue and ARR, pushing the company's total annual revenue close to $1 billion and ARR to over $800 million. This acquisition is projected to achieve a 40% operating margin post-integration, contributing positively to the company's growth strategy.Exceeding Financial Guidance
Progress Software exceeded the high end of its guidance on both top and bottom lines for Q3 2024, with revenue growing by 2% year-over-year to $179 million and EPS growing 17% year-over-year.
Strong Cash Flow and Financial Health
The company generated excellent cash flows with DSOs at 45 days and ended the quarter with over $230 million in cash. Adjusted free cash flow was $58 million for the quarter, an increase of 21% from the year-ago quarter.
ShareFile Acquisition
Progress announced an all-cash purchase of ShareFile for $875 million, expected to close before the end of fiscal 2024. ShareFile will add over $240 million in both annual revenue and ARR, with a net retention rate of over 100%.
Positive Regulatory Developments
The SEC concluded its investigation into the MOVEit vulnerability with no enforcement action recommended. This follows similar decisions by data privacy regulators in the U.K., Australia, and Spain.
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PRGS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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PRGS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Sep 24, 2024 | $57.15 | $63.92 | +11.85% |
| Jun 25, 2024 | $48.55 | $54.77 | +12.81% |
| Mar 26, 2024 | $52.31 | $52.29 | -0.04% |
| Jan 16, 2024 | $53.09 | $56.00 | +5.48% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Progress Software Corp. (PRGS) report earnings?
Progress Software Corp. (PRGS) is schdueled to report earning on Jan 21, 2025, TBA Not Confirmed.
What is Progress Software Corp. (PRGS) earnings time?
Progress Software Corp. (PRGS) earnings time is at Jan 21, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PRGS EPS forecast?
PRGS EPS forecast for the fiscal quarter 2024 (Q4) is 1.22.
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