Progress Announces Unaudited Consolidated Financial Results for the Fiscal Fourth Quarter and Fiscal Year Ended November 30, 2017; Provides Earnings Guidance for the Fiscal Year Ending November 30, 2018 and the First Fiscal Quarter Ending February 28, 2018
January 10, 2018 at 09:15 pm
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Progress announced unaudited consolidated financial results for the fiscal fourth quarter and fiscal year ended November 30, 2017. On a GAAP basis in the fiscal fourth quarter of 2017: revenue was $116.1 million compared to $117.7 million in the same quarter in fiscal year 2016. Income from operations was $28.8 million compared to a loss from operations of $62.4 million in the same quarter last year. Net income was $16.4 million compared to a net loss of $73.8 million in the same quarter last year. Diluted earnings per share were $0.34 compared to a diluted loss per share of $1.52 in the same quarter last year. Cash from operations was $32.5 million compared to $33.9 million in the same quarter last year. On a non-GAAP basis in the fiscal fourth quarter of 2017: revenue was $116.3 million compared to $118.0 million in the same quarter last year; income from operations was $49.1 million compared to $42.6 million in the same quarter last year; net income was $32.1 million compared to $30.5 million in the same quarter last year; diluted earnings per share was $0.67 compared to $0.62 in the same quarter last year; and adjusted free cash flow was $32.4 million compared to $32.4 million in the same quarter last year. Income before income taxes was $28,081,000 against loss of $63,461,000 for the same period of last year. Capital expenditures were $2,512,000 against $2,042,000 for the same period of last year.
On a GAAP basis in the fiscal year 2017: was $397.6 million compared to $405.3 million in fiscal year 2016, a year-over-year decrease of 2% on both an actual and constant currency basis; Income from operations was $70.6 million compared to a loss from operations of $29.7 million in the prior fiscal year; Net income was $37.4 million compared to a net loss of $55.7 million in the prior fiscal year; Diluted earnings per share was $0.77 compared to a diluted loss per share of $1.13 in the prior fiscal year. Cash from operations was $105.7 million compared to $102.8 million in the prior fiscal year. On a non-GAAP basis in the fiscal year 2017: was $398.6 million compared to $407.4 million in fiscal year 2016, a year-over-year decrease of 2% on both an actual and constant currency basis; Income from operations was $144.5 million compared to $123.1 million in the prior fiscal year; net income was $92.5 million compared to $82.3 million in the prior fiscal year; diluted earnings per share was $1.91 compared to $1.65 in the prior fiscal year; and adjusted free cash flow was $121.5 million compared to $100.6 million in the prior fiscal year. Income before income taxes was $65,587,000 against loss of $35,280,000 for the same period of last year. Capital expenditures were $3,377,000 against $5,786,000 for the same period of last year.
The company provided financial guidance for the fiscal year ending November 30, 2018 and the first fiscal quarter ending February 28, 2018. For the quarter, the company expects revenue to be in the range of $90 to $93 million; and diluted loss per share to be in the range of $0.15 to $0.19. On Non-GAAP basis, revenue to be in the range of $90 to $93 million; and diluted earnings per share to be in the range of $0.46 to $0.48.
For the year, the company expects, revenue to be in the range of $398 to $404 million; diluted earnings per share to be in the range of $1.14 to $1.21; operating margin to be in the range of 19% to 20%; and adjusted free cash flow to be in the range of $115 to $121 million; Effective tax rate to be in the range of 26%. On Non-GAAP basis, revenue to be in the range of $399 to $404 million; diluted earnings per share to be in the range of $1.14 to $1.21; operating margin to be in the range of 19% to 20%; and adjusted free cash flow to be in the range of $115 to $121 million. Effective tax rate to be in the range of 26%.
Progress Software Corporation is a provider of infrastructure software. The Company provides software that enables organizations to develop and deploy their applications, as well as manage their data platforms, cloud and information technology infrastructure. Its global professional services organization delivers business solutions for customers through a combination of products, consulting and education. The Company's consulting organization offers project management, implementation services, custom software development, programming and other services. Its services include application modernization, infrastructure automation, development operations, data management and managed database services, performance enhancements and tuning, and analytics/business intelligence. Its products include OpenEdge, Chef, Developer Tools, Kemp LoadMaster, MOVEit, DataDirect, WhatsUp Gold, Sitefinity, Flowmon, Corticon, MarkLogic and Semaphore. Semaphore is a semantic artificial intelligence platform.
Progress Announces Unaudited Consolidated Financial Results for the Fiscal Fourth Quarter and Fiscal Year Ended November 30, 2017; Provides Earnings Guidance for the Fiscal Year Ending November 30, 2018 and the First Fiscal Quarter Ending February 28, 2018