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Progress Software (PRGS) Q3 Earnings & Revenues Top Estimates

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Progress Software PRGS reported third-quarter fiscal 2021 non-GAAP earnings of $1.18 per share that beat the Zacks Consensus Estimate by 42.2% and surged 51.3% year over year. Non-GAAP revenues of $152.6 million surpassed the consensus mark by 16.9% and soared 37.6% year over year, driven by solid uptake of the company’s core products, namely, DataDirect, OpenEdge, DevTools, Ipswitch and Chef. The top line also benefited from early closure of two contracts worth $10 million in the reported quarter, which were supposed to close in the fourth quarter. On a constant-currency basis, annualized recurring revenues (ARR) came in at $444 million, up 25% year over year. Net dollar retention rate surpassed 100% in fiscal third quarter.

Progress Software Corporation price-consensus-eps-surprise-chart | Progress Software Corporation Quote

Software license GAAP revenues were $51.9 million, up 88.7% year over year. Maintenance and service GAAP revenues were $95.5 million, up 16.2% year over year. GAAP sales and marketing expenses, as a percentage of revenues, contracted 10 basis points (bps) from the........

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