PRGS - Earnings call transcript Q1 2019 | Progress Software Corporation

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Operator

Good day, and welcome to the Progress Software Corporation Q1 2019 Investor Relations Conference Call. At this time, I'd like to turn the conference over to Mr. Brian Flanagan, please go ahead, sir.

Brian Flanagan

Thank you, Michael. Good afternoon, everyone, and thanks for joining us for Progress Software's fiscal first quarter 2019 earnings call. Yogesh our and Chief is and Executive today Jalbert, Paul Financial me Gupta, Chief President Officer; With Officer.

for will Before to we plans, be our cost we that other strategies, considered remind like and outlook discuss might you that initiatives performance, get during this product started, corporate future financial I'd forward-looking. information operating and call,

to the today's and Investor which We risks statements call this regarding and information represents regarding forward-looking Ipswitch Inc. as will This Relations today press review Please Ipswitch included also progress.com. or discuss a uncertainties. in release our whether the this of result Software's of update in at and website our guidance outlook as our just no forward-looking is release section assumes statement as announced subject is acquisition press of Harbour only Progress otherwise. in as new Progress Safe and developments available of Software well to obligation information,

this call, flow amounts Additionally, cash diluted a are refer to share will non-GAAP free the on per margin, on adjusted we and revenue, operating basis. earnings

You it recorded Yogesh. entirety I Relations on I'll directly GAAP reference our contains in its can financial earnings our these for over turn conference it be of of Investor for we in our Today, issued on and will specific via the the our with release you section. XXXX, recommend our Today's comparable quarter to that, will website. in release details today. website be replay This now first financial call And and available fiscal details. numbers full the to press find published reconciliation results the measures a most non-GAAP document financial

Yogesh Gupta

conference good to afternoon you, call. everyone. quarter Welcome Thank Brian, first our and

most results As you've spend press acquisition, what about which first afternoon’s is this we well I quarter releases, will my today. seen of time an solid as as exciting talking announced in

and product, important more that. major I'll XX, about flagship release We of our announced an OpenEdge also also recently talk

of we financial me topics, those highlights however, QX our turn few a to results. let Before two first address

for and with of revenue to off both our a above good start high We’re well the end guidance ranges. the year EPS

EPS and better was well direct a from the again quarter. rate to ISV key OpenEdge sales QX, expected our both enterprises and of had stability business. OpenEdge, than achieved and license maintenance which of partners during revenue in Our due over overachievement the primarily indicator ongoing strength also that XX% renewal

strive QX approach last Our efficiencies. operational overall disciplined flat to for our reflecting expenses were year continue we of essentially to management as

accretive execute to for excited saying going the is I'm detail performance of strategy, part more our been to scale flows. also QX quarter Paul increased been an $XX now cash target year in deliver We've to acquisition today. is important exactly our to of to and that will dividends. earlier our M&A targeting acquisition type a turn in now allocation we we'll than continue capital to returning continue the strategy. announced and order forward we've review the million Ipswitch in his through more on buybacks We shareholders share during and remarks.

and million accretive must businesses successful cash small meets easy products transfer Progress’ been acquisitions recurring has are consistent network use product As of as cost audiences difficult Like business our management Progress, our Their mission-critical file all possible and after challenges. a least and making $XX also be and with flow around rate. are philosophy for and they levels must will revenues tasks enterprises, standpoint, annual solid disciplined From XX% criteria. those has enabling Ipswitch’s Progress. them business recurring to growth first to and stated, that be to and maintenance growth bolster providing with professionals. profile similar and of similar with to profiles. to both and revenue software of products, It financial it acquisition are of be easy high at acquisition a solve margins data both powerful, complementary This as our IT immediately renewal mid-sized synergies. of revenue solutions accretive EPS non-GAAP in and developers to Ipswitch with

By post weighted in above Importantly, generate shareholders returns Ipswitch’s have XX% synergies the $XX while infrastructure cost Ipswitch model target can will we could of and capital. to of our Ultimately, longstanding identified we acquisition capital annualized margins achieve contribute beyond well doing months, what business where we cost operating operating synergies areas uses of leverage achieve expect renewal XX% maintaining XX approximately we our of average healthy to within and excess this our our rate. with over so, for margin we’ve and established. other million

the review $XXX a incremental It's $XXX with funded transaction existing of combination and Let's all cash financial the debt. million of deal. terms a million cash term of

approximately be close transaction capacity pro part forma Progress in our May, our products, required to as will transaction some EBITDA very the given well within the flows. manageable consistent and late on begin of Ipswitch’s cash and April and approvals, Ipswitch strong following times operations. with expect leverage people we now X.X in Pending for background Our regulatory operations

transfer of is five management. in just coming similar based and network the become to you excited I'd I if Bedford part Burlington, welcome in on all, you forward we you weeks. of and listening of Progress. file two very meeting are headquarters employees Massachusetts, call, like to have and tell Ipswitch and core the of companies two cultures has from are all our data believe Ipswitch miles to our how First you the we look products:

and MOVEit than including revenue, mentioned Ipswitch’s Gold, the overall access. total secure real critical remainder MOVEit represent expenses and very in to Using from customers the our of business transfer it perpetual In America. of continuously and resellers, the and verticals vast of sum, We're flows confident WhatsUp Asia dollars they opportunity add generate healthcare, flagship for primary the product forward. direct million and indirect including this to us we their Pacific and objectives integration acquisition finance and securely little to products Gold, of management infrastructure of file completed impact fluctuations their and Ipswitch will over enabling revenue. our in of revenue. the more their stronger as applications, Ipswitch going manage and high earlier, enterprises, through represents users, revenue cash make shareholders. customers combined financial WhatsUp business Ipswitch’s of from to our built as through primarily create sell value their Ultimately, and I decreasing transfer a will a data its XX% across government Outside of XX% employees allows FX enable license many for revenue coming between U.S. retail, from the XX% the countries U.S., availability. and monitor results keeping healthy. levels with a product, has profile Their XXX customers globe biotech. most channels. high around that criteria approximately and network has Latin banking, easy products recurring, they our locations half information acquisition impressive have over customers efforts Ipswitch’s customers, U.S., achieve to of with As our channels. company revenue in maintenance They U.S. EMEA, while have performance from international and their network and and indirect of have are their coming excited majority Like us, when IT an distributors model. in insurance, assuring partners all XX% In can and $XX the XX,XXX our business across own. customers us well with they

with want the product While at pleased the product acquisition, I'm I'm about major also company. of the XX, of our very that to our excited is release and backbone highlight momentum progress latest the Ipswitch continuous OpenEdge

also We've from it's and impressive. on OpenEdge and take in features performance version the widespread version One to it critical strength performing, rapid upgrade our from this partners customers requires continuous on development. customers. productivity our Feedback for have highest is These importantly, it of of Most all adoption overwhelmingly and and made OpenEdge innovative availability feedback something enhancements version the our our partners looking and cost highest OpenEdge ever features the developer this to add features, and to since technology security so partners And database productive has using partners better would of than improvement for for, where always facilitating Having making with XX% to upgrade they total XX is an quality, easier versions changes XX ever the ownership health were increases capabilities be ongoing advantage strengthens prior XX. and known lower providing new new and and been even OpenEdge were will based an strength is applications customers XX that application and for been OpenEdge. for. unheard-of has in of ISV positive a direct of of easy we reasons new the forward released. of to increase made focus in continued most retention, to looking business. we're our even customers, considered latest something further ongoing and written we've an collaborative OpenEdge adoption version a new no packed and secure OpenEdge improvement efficiency by our performance and as up of area The the customers. OpenEdge strengthen

initiatives, seen with in wins continue quarters. steady platform. the past pipeline continue productivity now in saw what we new consistent to our with to progress customer Kinvey new QX few Turning We high our we've growth over make marketing

continue application earn and the a named in recognition for addition, performer development Wave to local we’re platforms. Forrester we strong development platforms industry our modern recently In for

AI our we mobile web business suited a app and area forward more highlighted to dev and Forrester that application Providing our modern element they and a apps user platform our also providing platform strategy high-productivity tool. user data meaningful. and well and strong look experience is of of is for for metrics integration this experiences important particularly development become an noted as

to summary, a good So, is in business our off XXXX. start in

generating value will to in to over and will and Paul XX our scale business more review in for and I'm to our detail and now financial our QX strong investment and profitability OpenEdge QX Ipswitch things keep our turn the outline shareholders. a Paul? acquisition to Our for performance going expectations increase stable help XXXX.

Paul Jalbert

Thank and good you, afternoon Yogesh everyone.

be a XXX the we which reminder, results adopted have non-GAAP in to basis. a remarks been using XXXX XXXX financial please reflect December all I'll effective note Also, my ASC retrospective referring amounts all that are to As on method. adjusted full X,

$X.X million our guidance by the primarily million, better $XX.X Our driven segment. OpenEdge first was above high-end expected quarter overachievement was our total license revenue than range. The of within sales

of Our the earnings share above due high-end revenue. per higher $X.XX the was for quarter, range to guidance our $X.XX the

Looking impact QX due the and rates million million first currency to X% on on rates consistent of of $XX.X at million segment revenue basis. XX% a exchange on as expectations. to X% recognition consolidated revenue to this a at with constant licenses and lower our renewed year revenue currency basis. was million year and number our for decrease of XXXX basis. QX a due $X.X a rates total decrease at exchange our last ASC negative term currency XXX $XX.X from constant compared X% a at revenue rates from was year-over-year timing to of of services multiyear was primarily year-over-year higher revenue the actual The The under constant X% the of of DCI quarter expected exchange exchange actual in decreased Maintenance was $XX.X and revenue lower ago on actual by a compared XX% quarter quarter. that as License

enterprise also delivered closing revenue QX a to the solid currency our from partner comparisons of now revenue reporting was sales from X% partners earlier represents in strong our due lower revenue, million on over ISVs direct a had year and expected. ISV enterprises for year growth had expected now quarter this first and year-over-year was versus including a with lower partners some currency we basis. Despite difficult to transactions rates last once XXXX. XXXX License particularly again increase. ISV timing than to we results in OpenEdge part of year-over-year well better for maintenance than quarter renewal million and continues we comparison strong constant a in to SaaS trends X% our the our revenue to Turning segment slightly our growth channel QX of to a with due of the $XX.X at reported the compared recent down a is from which all quarter, XX% We by the customers. billings up constant related when both our OpenEdge be $X.X direct for XX% also achieved

As XX% for of expected, $X a million DCI was last quarter, year. of the revenue QX to compared decrease

With full for has on the our the tract view changed. performance in QX was not that year

QX OEM our is and the During for of provide license the of value call, or clarity metric the to conference the underlying contract maintenance contracts this new DCI annual the we on introduced ACD metric contracts. DCI segment. economics term This

steady value very of going be and $XX we to DCI $XX expect to XXXX, do fluctuate with million contracts expect the not XXXX. predictable, OEM consistent for million continue is Since ACV our materially forward. We to to ACV

Turning segment, due down of we quarter, partially million bookings bookings so half $XX.X for are million license to to of of new second were revenue Total down license momentum decrease by QX bookings the DevTools. in We for were in lower due XX% was X% had The DevTools the offset year. The versus slight was decrease by QX $XX.X to last increase AD&D primarily maintenance. the quarter, for lower QX our results encouraged sales, compared to our for XXXX. year last maintenance created bookings disappointing. was and a the

QX down AD&D result, into Total margins license international $XX.X EMEA level $X.X the anticipated to versus watching QX so was lower being as was X%. the already constant exchange expectations than as impact rates, spending partially and year $X.X and for Latin expansion was operating our on That at our driven quarter. cost down $X.XX. by for last million, of was ASC of up XXX of basis the also quarter EPS expectations. a up income protect decline Pacific a contribution million lower revenue was offset the points slightly are decrease full of were from I've geography The North QX we and last X% was million, a the and essentially year's regions margins of by result shares. Total tax XX% of the movements and first lower were for as not well. year, expenses year lower were revenue and and due profitability. XXXX operating have we coming last quarter, preserve margin The XXX QX DCI said, mentioned. operating at America last $XX.X year million, QX flat expect revenue by with is a year-over-year XX%, our new rate XXXX. we our segment, EPS currency: with and weighted $X.XX for to as the improve nearly margins adoption year, of full an year. consistent from $X.XX moderated with rate primarily XX%. unfavorable we opportunities higher Our the or are timing year-over-year our contribution was of $XX.X to exchange revenue than first sales our America Asia revenue revenue impact million, which And

a with cash, of metrics, the investments few balance Moving a to million. and flow and quarter short-term strong company ended the equivalents cash with sheet sheet cash on balance $XXX

five the and sequentially $XXX to end million. XXXX QX $X first CapEx. collections, million QX million offset part of of of Adjusted collections. cash primarily the principal timing of due for of $XX days increase is the debt revenue last an Deferred million in decrease was OpenEdge due XX $XX and Our up quarter, in quarter year was from for was deferred to end maintenance. the up due of QX lower billings the and versus million the XXXX in of billings to was QX year. at to balance The last by days, $XXX free at days flow primarily up nine DSO timing QX compared

$XX at current we repurchased million we cost shares end the $XX quarter, first XXX,XXX under At remaining the the quarter, a During our had of authorization. of million. repurchase

our guidance which the impact the and segment. OpenEdge acquisition, returns the business to XXXX outlook and turning This reported before review financial of our we our like QX, shareholders. to will will for that within acquisition meets Now and Ipswitch I'd criteria, be for strong are excited strict generate it

current covenants is this In expected credit $XXX debt. our also times to debt total approximately and of incremental this the $XXX facility, it's remarks, facility As interest our the of with an $XX be current prepared million conjunction similar new ratio of transaction to years. $XXX and cash of funded existing remaining term principal balance as will transaction price in Yogesh is X.X on loan, five transaction, term five-year purchase mentioned million have be repaid his will EBITDA. with substantially be refinance following to million, This $XXX million all-cash million we resulting terms, leverage over and our rates in

higher the expected effective return approximately Post-synergies, contribution higher repurchasing planning a annualized within connection shares expect on taxed rate. not light are than on this over is realize this next identified million share tax will we with in rate cost Progress' XX% operating and than of additional at we contribute $XX margins the repurchases, current synergies to returns, have XXXX. and substantially marginal We The in acquisition months. during on Ipswitch acquisition XX the of with

late in the contribute of XXXX partial approximately April, at of resume level $XX for million seven year. operations fiscal with capital closing expected is our our months to approximately revenue during publicly Based part policy. of and stated in XXXX be Ipswitch repurchases share allocation expect consistent date We our to targeted a on will

a of EPS, $X.XX, and weighted For we contribution which reflects higher shares. net operating the Ipswitch higher tax marginal from increased Ipswitch, interest expect net rate expected of the expense, contribution

both an an Now to turning of $X.XX be $XXX to and our are increase year, $X.XX expected EPS range. addition increasing We XXXX expectations revenue reflect million guidance. our prior of XXXX now we Ipswitch. of $XX XXXX our of million, low guidance, starting and the revenue guidance with be to is end to $X.XX, to from the million now increase the the high to end EPS full $XXX expect to

our While core and somewhat will the between have revenue not mix segments overall from be of expectations primarily changed, revenue our to our different, businesses AD&D. OpenEdge

lower offset segment our expect OpenEdge We our segment, revenue the AD&D from which is Ipswitch. not from revenue incremental slightly by revenue from higher including

the XX% Our expectations Ipswitch, reported. following we will the DCI but changed, revenue of revenue DCI revenue approximately total X% for versus addition have not of our represent previously

increase expect total our we approximately year to tax of $XXX unchanged $X.XX guidance exchange margins $XX on million full prior of million, currency only the approximately contributing translation flow XX%, approximately from impact current XXXX. for unchanged of on the cash our from of our EPS revenue from and in the on Ipswitch rates, to million, now with free is $XXX,XXX Based rate $XXX expected XXXX We XX% provided impact expected operating is guidance. negative million guidance. a to prior is $X.X increase of Adjusted both an rates The remainder exchange January. negative our

QX our to guidance Turning for XXXX.

from $XX ago. $XX a only the includes year be million compared of one date. on of million and closing to during $XX Ipswitch, to based between $X a million, targeted This quarter reflecting revenue month revenue revenue expect We million approximately

QX expected The represent impact $X.X revenue. from the to in of QX to translation is expected In DCI, will due QX currency Ipswitch million. XX% contribution, year-over-year to total which the revenue negative addition approximately on be is our revenue QX to step-up our

and result able to for year, closing, EPS net We Ipswitch marginal Ipswitch, flow is last expect compared expected the from on QX, to we impact to an rates, in of expense, our revenue, plans, Based pleased increased to negative of be had flat earnings $X.XX solid an acquisition. share the for higher expectations execute expected to EPS translation increase performance of higher of contribution expected a and in are the current per XXXX on as again increase a This financial rate second tax quarter, our interest cash on be QX to $X.XX. approximately of includes weighted our to $X.XX $X.XX exchange Ipswitch EPS $X.XX shares. of QX a continue we currency and In we X%.

move will Brian focused realizing be identified. Q&A. people their on integrating financial it products, to of we've we With benefits for on We forward back that, turn successfully and like and I'd acquisition as to the operations

Brian Flanagan

you, Paul. for remarks concludes Thank formal today. That our

keep So Q&A I'd the follow-up. ask open now over I to primary I your the and conduct call question operator now remarks like to up questions. session. your to your to you that will to one hand the

Operator

we’ll go Thank you. [Wedbush]. first Steve Instructions] And our [Operator Koenig ahead. from question Please take

Steve Koenig

thank very Great, you much.

any was of QX? was outperformance set renewals, back acquisition, any from one know of then integration So come or the that slip On business got congrats the of of the QX ask on I some due customers? into Did I you different those OpenEdge and to on and it accretive. like a it the acquisition. in core QX to want to the you terms that play come there, completing of looks deals some work just be outperformance in question the had will but ahead about those

Yogesh Gupta

last Steve, set this that were explained different The Thank is renewing, cetera. Yogesh. year, from people some of happen of outperformance time The that came customers. we a last those you. et didn't not deals

were them some in early these of in came expected. came bit larger than of a So They – a some different and them bit deals.

Steve Koenig

Got Yogesh. Great. it, you, okay. Thank

more substantial I want then make acquisition, may, housekeeping So then question, on the to one I sure. if just and

doesn't by renew? rate accounting as at a for revenue be contracts its like followed or – in write-down, there's the there it on a just will run accounting, normal that you write-down sound revenue Now more you'll be coming

Paul Jalbert

Steve. It’s Paul. Yes,

non-GAAP right, all on I as a beginning So comments, my results basis. the the financial at of mentioned

be XX% have revenue right. we there of there So because maintenance, on price deferred a, be But would total revenue haircut allocation, the would that. purchase is preliminary

non-GAAP be deferred So we the basis, revenue haircut. a will add-back have will which on reporting of the

Steve Koenig

for then Got on I like in It that. which may do order follow-up the the XX%, on like if if there seems would pre-acquisition of of operating one head, And – sounds that’s maybe the be it, Thanks I margin the of – my math kind stable mature okay. acquisition. was target opportunities a when business. my

And $XX with synergies, are – million or So the you cost synergies? those cost you do in finding predominantly are just more anticipate portfolio where there play? any revenue synergies a of

Yogesh Gupta

at So Steve, think right, cost are looking you from on perspective. synergies the I you're way it a

we finding and aspects expect other so on other functions find of healthiness we as opportunities We said, are continue and business. are operations, and opportunities on. – make retain that product the our intention of marketing sales the stable that to That retain sure as the are the and customers functions to including is infrastructure kept to so basically well the the and can

product coming functions and are synergies our roadmaps. that So those impact from directly don't customers

Steve Koenig

opportunities revenue it synergy any And like addition your as an think about portfolio? it. or to Got for more should we

Yogesh Gupta

and our Progress. core ours should clear, of at be an revenue from our get none from of obviously OpenEdge able said, portfolio. and revenues. I possibility this as as that Ipswitch we to point the for modeling, be customers I core it of be do are candidates very customers There to additional products always to There's we But the about might think the expectation some can some think none addition want are the prospects customers the can for that well potentially synergies. products as based any on our be cross-sell Ipswitch

Steve Koenig

very Great. the you fantastic. much good answers luck. and thank it, for Well, Got

Yogesh Gupta

Steve. Thanks you. Thank

Operator

Benchmark. We'll next question take Mark with our Schappel from

Mark Schappel

And job on nice Hi, quarter Ipswitch question. on and the thank deal. you the congrats for taking a my

Yogesh Gupta

Mark. you, Thank

Paul Jalbert

Mark. Thanks

Mark Schappel

think Let little with you I me your and just activities go-to-market could ramping start this about the Yogesh, in with discuss bit the areas. quarter ramp the DataRPM in were that, you quarter? activities those Kinvey a up before existing business. just And

color? us give if just more Just you could wondering little

Yogesh Gupta

Yes.

to What – and we our ramped up, up new ramp seen to that are in with as we quarters. growth we and ramped we’ve the marketing see pipeline QX. you So continuing in sales we wins and steady continue efforts, customer and said, past few consistent

So we bookings we’re I’ve meaningful which new year. they disclose for when previously, this as said to our business become hoping be will later

Mark Schappel

closer metrics great. to around And metrics new DataRPM, with your for and view any you Kinvey to then in those introducing businesses? Thanks. Okay, are getting respect new potential

Yogesh Gupta

Yes.

said, I the customer meaningful, will become see them. provide And pipeline activity as continue So to and we bookings we growth. once

I metric So the is provide to first. bookings think we expect that

Mark Schappel

great. I have questions I Okay, margins? was margin asked then Steve to take called it’ll the the get do on call, had, of to you how you. Thank moving long With out Ipswitch on target deal, most that but think do And to to one. respect the XX% the those gross

Yogesh Gupta

Yes.

close. within So now – from our expectations are from XX there one we get when year, XX months, to so we months expect

Mark Schappel

Okay, all have. I you. Thanks. great. That’s Thank

Yogesh Gupta

You’re welcome.

Operator

comes question from next Matthew Securities. National our And Galinko,

Matthew Galinko

when Thanks acceleration and moment. Maybe was the start some in dead Hey, but quick goal to for in seeing a quarter, questions. horse think good here And pipeline back just taking last hate the Kinvey just, to to we talked for my the I afternoon QX. guys. uptake beat I

you still little guess, color? you bit trying pipeline to like there in just Are that or seeing it features the of sounds But what rollout Are the a I if you guess, to was And a getting that you find build are delays you that just just in exponential expecting? are build, there around little build. the foot traction want wondering bit – say, elaborate so need of it I’m and in your more the terms to, on more I pipeline. maybe let’s more kind a can sort linear of you’re

Yogesh Gupta

pipeline quarters. Matt, consistent we’ve continue And, right. in new QX customer several seen the growth, So over we past with we’re see steady wins what to very the

we they disclose become meaningful. as for previously, said our I business this will as So bookings

hoping We’re later be that year. this that, will

there this at is So no more additional share. point to

Matthew Galinko

turned their – Okay. seeing a it’s work that this additional to you for terms capacity point? motivation Ipswich, little converting that, business. does bit one? sounds to – you. little a to of follow-on tide deals guess or M&A I this to you your what a bit to on you the What’s pipeline why then guess, And as probably flattish capacity additional have transactions. in and it a maybe – are And of at integrate And, like on Ipswich selling Thank as I close work do more to mature

Yogesh Gupta

Yes.

a I sell founder-owned is founder-led Matt, mature the and at Ipswitch that a It folks It a business. by answered wanted better think them. So why probably is to question business. is

at point it’s people think been I awhile some to so and maybe else. do ought go, And something I know, you

think, that on. people to of and I and to is why that. internally, do we it was this us opportunities lots this So What to were were local bringing to that us lot with able integration people do different interesting makes a and is and able we better and of company things are reasons I deal there much the think us, for in a so of board on terms source

that of this acquisitions of integration done, XXXX on so and you course, also get will be goals know, sizable identified. is focus until we realization financial acquisition for the as early the successful future on, the for of the of terms us. a pipeline and remainder of XXXX Ipswitch In and And integration and the we’ve

I in of XXXX. XXXX that accretive Ipswitch element us. of another acquisitions do we ahead key we’ll so integration a have are the So continue one like to pursue that corporate given But expect strategy, we will our them don’t Ipswitch in of

Matthew Galinko

Thank right. All you. it. Got

Operator

to Question-and-Answer you, Flanagan. This turn I’ll session. concludes conference Mr. our back the

Brian Flanagan

Thank joining all today. you the call for

of reference, of the the Ipswitch we our website have a section slide Investor transaction. an also in For your presentation posted provides that Relations overview

results releasing our for close XXXX on the the And Thursday of fiscal financial plan call the at markets and conference X:XX closing holding his turn we XXXX at second after on Yogesh reminder, financial a Time. June now quarter remarks. XXth, same to As p.m. the for day I’ll over Eastern call

Yogesh Gupta

for OpenEdge QX Ipswitch and and And us, XXXX important flow shareholders. scale solid adding The led to you, for cash off our step start strong Thank generating real Brian. is results in an with a we’re our value segment. acquisition by

on for focus on Thank bookings for us call pipeline strong you. support again to platform. we As high our our you your and for business growth running and Thank keeping and efficiently we’ll continue our it integrate today. continued productivity and Ipswitch, our joining

Operator

today’s Thank concludes participation. for This you conference. your

may disconnect. You now

Progress Software (PRGS) 28 Mar 192019 Q1 Earnings call transcript