PRGS - Earnings call transcript Q1 2022 | Progress Software Corporation

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Operator

Welcome to the Progress Software Corporation Q1 202 Earnings Call. My name is Darryl and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] I will now turn the call over to Michael Micciche. begin. may you Mike,

Michael Micciche

President Darryl. Progress everyone XXXX Software's With Financial Yogesh conference you, Anthony Officer, joining our Folger, financial thanks us call. Chief Gupta, is today for first us Chief Good Thank Executive and and afternoon, Officer. for results and Okay. quarter fiscal

impact pandemic forward-looking product to of Software's Before COVID-XX of our operating and forward-looking. guidance future like information that plans, initiatives, this acquisition remind of to business strategies, that our might other the subject as on and information cost get risks our be the only we and today is considered I'd call, outlook This during Kemp, financial and performance, Progress you started, we uncertainties. represents discuss corporate will and

factors most affect section or the Progress Form results, whether developments filings, For otherwise. our refer recent in this new our of the Software a in no forward-looking to to particular, call, result a in recent description that of Factors may update our the SEC obligation statements XX-K. included assumes Risk risk captioned please

on call, Additionally, figures unless otherwise the we indicated. this financial non-GAAP are discuss all measures,

you measures You which the numbers of reconciliation find for non-GAAP the today is and press for these close GAAP market can also directly it most results was quarter details fiscal comparable the available in we financial results a reference financial financial after our to release, on our our first issued recommend website. XXXX This full document contains specific of the of details. and

replay of Today's its the will website website. earnings results, financial on XXXX our contains recorded in via have presentation Investor for will prepared first data then metrics. release providing conference Investor in call be section quarter Relations are this our and investors.progress.com. available section also of presentation available highlights that additional Relations entirety the and supplemental We a and Both be at the our

to Yogesh, you. it that, will now I over turn so, And with

Yogesh Gupta

you, us. discuss thank and be all you joining XXXX today Good Thank first to earnings. Mike. Progress' fiscal to for pleased you I'm quarter afternoon, everyone with

We our continue total which results, are demonstrate power strategy. of creating extremely happy the with value our growth to

an help applications had digital FY of best assembled experienced continuing off from the product year fiscal develop, our transformation high to outstanding organizations. execution for products across and all our the have impressive the deploy, we portfolio robust impact We accelerate We manage was board, efforts and XXXX, We started to and regions. ever. strong demand XXXX, across which momentum

our fiscal momentum increased expect to from continue positive year you will we guidance, see the from last in As XXXX.

In fact, is increase More details excluding than revenue of the guidance our from Russia his greater the the and remarks. in our in first headwinds, beat in impact the quarter. embargo Anthony FX

Kemp, continues and integration the we months We the are which the be We acquisition now expect track, is four and on achieve, of performing resulting create. this business will shareholder confident very synergies the to value about well. into to remain

Ukraine. the Before important a to the I moment about it's get details in take to the talk of situation into I quarter, think

truly no the horrified we by harms Thankfully, crisis employees invasion. Russian caused have are the We in humanitarian the way region. in by

government couldn't more people pledged in for Republic. Progress to of the world our Health to the are doing the or are employees crisis Russia of end sanctions. in Our of material Progress our $XXX,XXX peaceful for of of Belarus hope term in business helping I around outlook. and friends families the Many the has and those And refugee impact Organization team quick generosity company, a ways. be best and a in employees, we appeal From results hearts World stopped particularly the the overall U.S. emergency as our is to longer and Ukraine. proud of members speed perspective, a And business with our many response. Bulgaria with our And Ukraine. and recently the and for Czech suffering wishes not accordance their directly the the we with

to quarter first results. Turning our back

to up As quarter from improved million COINS you the release, first at products our Transfer, our Corticon, we contributed in retention quarter year-over-year geographies, XX% of rates large deals in partner $XXX ARR EMEA $X.XX. several longtime the of from economy partner to saw three, beat while the world our recurring and the DataDirect, probably transformation mainstay Revenue saw across the QAD of million. expectations. once of revenue particular paradigms. retention And $XXX more, and to and $X.XX impact and as OpenEdge Earnings post-COVID budgets. IT in strength net bottom of trends already rate sustained the driven digital per the itself we again Revolution revenue and guidance to fully net funded share $XXX million. guidance our from Kemp. business, have to products dollar product and XXX%. demand press products a was again of ISV outperformance. The versus strong over seen adapt equally DevTools we exhibited as companies And Asia-Pacific. again from in Two, one, all line new strong the $XXX.X of top exceeded first North File once was $X.XX Annual proved in Flowmon, In revenues, around our our our million and OpenEdge, with America, the virtually over towards by full workers ongoing were

offerings do Our a customers observability deliver of Flowmon accounts, customers high within cloud that quality and a our remain do deploy DevTools our deployment and so. as their organizations. DevOps stack with customers rates among and the they Kemp, industry-leading sizes, LoadMaster DevSecOps present help deal well these as most to after Gold from products increasing Chef application to and management our strong retention and WhatsUp set average continue high be infrastructures. continues And broadly more additions priority products automate increasing the products choice customer on-prem experience. and sought to recent the business full

the are very these to goals continue of to way we the strong to operating capabilities end quarter. good and Thanks margins added products be effect dampening deploy, our to control, manage our business at very trusted again temporary robust the offerings in to pleased best and timely as travel the Kemp. first We provider develop, We products of and and integration the the and with office on furthered seamless of the achieved the Omicron of year, expense applications. return have

expenses recruitment all select the face-to-face far not manageable raise sustain and seeing the companies we are favorable artificially date, other years, is home, start employee and coming months, impact We prepared last the and manageable. as seeing two Closer inflationary customers, coming And so the are retention The products. new, to geographies. saw more again while over biggest all levels our we the challenges. especially to months. prices on expect potential budgets will challenge adapt, To includes in we anticipate across in has employees to been seeing recent that our which but pressures partners, the inflationary present travel we some

our be hallmarks. We of expect strong to margins one continue to

the strategy our pullback capital in spike total our inflation now markets the in is M&A. growth for Turning Progress, another is and M&A an outlook area recent for advantage. and to where

seeing to past a in We're heavily interest market higher a in cheaper players when market could environment. mentioned more companies public likely cautious. are a funding more interest becoming less that environment. of was alternatives same position rising have strategies. exits formerly time, for in aggressive as to more the much software more Other seek potential competitive were put use private or promising We in M&A some the rates target Progress deals. zone, At competitors the money in who are Infrastructure leverage signs our

the disciplined approach result, bear As to future. in a our we more fruit expect

scope with to ample remains predictable to possible well due strong many candidates. targets, Progress doted and working vet radar a remains to number ability quality capitalized transactions. daily flows, sturdy our possible we increasing an balance cash sheet, are acquisition finance of an and Our

As we current our fixed over at is of facilities we favorable debt way, existing a with refinanced announced credit X%. very in January, half at our

buying We the best be of and us has right at served so deploy the the multiple value. proven price the to believe of kinds that far. doing to model capital to discipline has shareholder Our companies way smart well right right our acquisitions accretive create

much a strict matter So, to other, for how criteria. the or M&A no we from way changes no one have the deviate market plans deals

about our our for our watch performance. market see as All-in-all, did even we proud also the we an I'm as outstanding very again to in the global first results fiscal very buyback whole stock, pullbacks We remain and positive grateful another We team to once opportunity quarter. of carefully Progress outlook, as events.

thank our thank whole Progress continued Anthony and guidance. provide will customers Anthony? loyalty. on now for want And we to I detail for investors results I to to over their the always, efforts. their and it and As our more commitment turn team personally

Anthony Folger

for Good thanks everyone afternoon, Thanks and Yogesh. call. our joining

our pleased with We're mentioned, first in pleased results, QX with per quarter expectations on progress which Yogesh the of exceeded full delivered high-end closed. the share. our the earnings with our results since Kemp, line range As we're very also acquisition our and revenue again, integrating which in guidance

numbers. Turning to the

the be on we January of a of the pro quarter XX% Consistent range and in to above revenue, periods. the Our with X.X% To both in growth high-end by provided than basis, we a $XXX in pro results $XXX.X clear, basis. growth including Corticon, products, year-over-year in the first forma quarter driven a well growth million our OpenEdge, represents saw with and year-over-year XX% growth ARR close growth revenue was ARR the in The for was basis. performance year-over-year forma quarter expected to million better multiple on also in back Kemp on DataDirect. include guidance the represent

growth, retention quarter, continued our In should our rates shrink first addition once the strong exceeding net to again, XXX%. in ARR

that rates. constant year, highlight to currency all ARR Before like rates I'd we take in And apply exchange we current moving fact presented. using our moment a those report to to periods on, the updating

updating rates As have exchange to was rates, a reported result ARR after periods XXXX our budgeted the slightly. of changed

in or changes the our reporting However, include filed several the the in we've the the net we press ARR repentance [technical point, slide this with been alter trend growth release. quarters. presentation illustrate supplemental To that in over difficulty] past the

Turning now to expenses.

million, the operating our And in compared margin million expected increase $XX.X the an compensation XX% rest quarter in Operating XX% business. year compared to the was costs of a income to quarter. prior our for operating Our of with was $X up across was line first the to driven XXXX. prior year extent, lesser acquisition right $XX.X and and year-over-year increase The expectations. up in were our quarter of total million, the cost And the expenses Kemp. XX% to by compared

On bottom over guidance of including is $X.XX relative the line, right our per $X.XX the of on with the of earnings management line represents range. quarter for above performance where line business, cost and top to the This our plan. share is bottom coupled good year-over-year, our our growth was strong across performance, running Kemp, expectations driven by $X.XX integration high-end

Our fiscal expect this of outlook all to and for end recognize we changed, synergies the integration Kemp year. is by the

facility Moving a to the flow quarter compared will untapped debt XXXX $XX for mature of net like liquidity, strategy. few cash of amended fourth revolving capital, DSO lower of on or term compared million. attributable The new mention million that one of $XXX and first first quarter, in to than line prior approximately of of facility of credit. total certain to with sheet flexibility made metrics. quarter senior improvement a quarter when execute amended and to of credit balance our of the facility We quarter. This prior January when and XXXX aggregate secured the the provide payments improvement of decrease quarter. credit to that XXXX we equivalents to was bonus higher ended made XX loans to grow This our cash bonus days first compared Adjusted was decrease free of payments subject an expand day to amount and $XXX during provides quarter, we and $XXX and growth position employees year on cash $XXX XXXX. in million an was our commission in facility the $X in cash including I'd our an million short-term an and cash, as a flow the investments costs flow replaces the $XXX to were XXXX $XX million conditions. XXth, commission debt and million now the in to quarter greater quarter million $XXX and million year free the eight for days, million

first end of the had we During will quarter, And interest net standard million cost GAAP reported interest our have at million. the quarter, have cash of net first the of total balance less from share Progress standard new of income impact or method. repurchase authorization. $XX in by operations. any current the In sheet, presentation be costs. that the carrying our we will to the mention principle new adopted non-GAAP our shares expense, the issuance standard expense, net convertible statement, income remaining but XXX,XXX convertible no under repurchased modified simplifies debt new stock a value $XXX our at effect on increasing quarter the I'd accounting the also we our notes to On our of reducing the flow ASU like retrospective unamortized value their XXXX-XX, using to debt equal the

for program of like that sell and Massachusetts, mix space office Finally, recently initiative an sheet. classification consolidated environment remote in classified consolidate a out balance to our is in-office point land and provide and active office reflects flexible corporate to more a Bedford, This which work. building I'd space supporting a of we our employees totaling held-for-sale million assets to part by as broader in $XX.X assets, work

the net on We carrying of assets offices half and complete to our of our exceed of proceeds held-for-sale first XXXX, to balance the in expect the corporate value sheet. sale expect be the

Okay.

to I'd outlook year the XXXX. our to and full Now, like QX turn for

the and the of we per that for to our expect revenue When earnings For $XXX $X.XX. solutions. between year, outlook to second we quarter our and for important $X.XX considering strengthen million, environment continue full the of $XXX XXXX, and see million between share demand it's

that's that metric full $X outlook almost of the million, our midpoint As and from million prior on a increasing of result, which fact million. Russia, and business foreign together an $X we in to the million we guidance. this $XXX of year guidance the increase like revenue the highlight exchange and previously includes $XXX in are expect $X totaled every impact to forecasted rates and between million our activity negative our of movements increase I'd revenue removal approximately

with midpoint XX prior between $XXX $X.XX XX% operating of XX%, free and increase $XXX from basis our consistent cash earnings points per between our Adjusted an and our an guidance. prior expect and from of an between of million prior We margin the guidance. increase share of guidance; flow million, and $X.XX, $X.XX

of Our strong of annual estimate getting million and we to the share million we're shares XX%, $XX tax to deliver of XXXX. saw very XX.X end open of a not trend remainder the financial of impact to The tracking we're million, like that's are With purchases I'd the the results closing, Kemp well-positioned the $XX And for much from results by believe EPS Q&A. outstanding, plan, In continuation XXXX. strong contemplates we total XXXX. $XX of across approximately quarter, the in the a the an of rate of a million. excited truly we is incremental complete that, for and board deliver call first of that to integration

Operator

comes Instructions] Oppenheimer. question. [Operator your Kidron question first from from Go with ahead And Ittai our

Ittai Kidron

if kind this this guys -- are Kemp customers. though on kind much of wondering about of margin your progress. Kemp you Thanks. the the customers squeeze any You've top Kemp on into or kind to how driven from on It's Kemp more I it's in progress you've guys. to if you talk there's point Kemp. or far more see bottom so -- here at XX% moving you nice can that Nice wanted and first target, line line. cross-selling just of of synergies And existing point solutions to top Can kind guess, elaborate you of I line? of more made quarter so, your reached up-selling perhaps from track. than touch Orders existing maybe into you've

Yogesh Gupta

including looked the contemplates any not value when our into that we've Ittai, share we does right? thanks. So, acquisition acquisition shareholder at way, let the take did model acquisition, account potential cross-sell of me sort And opportunities. Kemp creation

conservative are that. We about intentionally

synergies we're we when about on talking so, primarily about synergies talk or And plan, expenses.

had the to of taken take so noticed acquisition, we when the as you think, So, we only expense in care was month from had synergies We that of one -- amount did our I right? XX before the well QX, of said, year acquisition months only baked time we expect fully Kemp if to actually and realize exited one synergies. the it we end of a That significant the those are month.

quarter, the took -- the So, something? to a were miss did which in I us, it get significant during continuing synergies. Anthony, we expense we first period

Anthony Folger

No, no.

I think that's right, Yogesh.

-- synergies. on progress we're sort standpoint. track. and think, I I mentioned, as very do systems from on process But good There's a of more and work think we've to always you the made integration we're capturing

feel we we certainly completed month think previously. get to I mentioned timeframe within this our XX had ability

Ittai Kidron

a Maybe other of it you about kind a of can for? macroeconomic and Okay. part whole, follow-up. talk revenue data But good there that percent activity already And as are in not does to your show what starting you've and about material Russia Yogesh, points talked move it's maybe a account in countries. significant of Germany, as adjacent is deceleration into to Europe business, that's hear. how

Europe? in a pipeline, are signs what rate in have that any region? change behavior that specifically So, in I you the question Are guess, in of there a is, customers based renewal from seen from

Yogesh Gupta

performances now, Ittai, right Europe. the we about So, feel way in good

We the others. I speak might We in what European Literally the and -- to percentage the exact rest of performed really in business. see maybe, business don't know different. applicable we don't impact know the else. whether we potential know saying the our well our be continue business -- you the of Anthony, well. of as are I year can't upper everybody but that know our Ittai, performance. percentage -- that's folks solid and for maybe confident I Europe are others Europe business, in not XXs, are seeing about is is leaders what somewhat I We to it's do QX, Europe seeing.

Anthony Folger

right. that's think Yeah. Yogesh, I

full with -- a that You're -- the but is I is -- bit or about at in EMEA. a as me, we're the of than based terms majority yeah, think XX%, bear third Yogesh, say we percentage look a of in of little year a third XXXX, so And maintenance. your point, to more

So, as from maintenance well. subscription region in lot there. There's over there's base of that big a coming renewals

And so, reasonable to some a folks. dependence tend I net think of maybe there, a acquisition, stability compared maybe less see new to on we customer other

Ittai Kidron

me. for And it. last one Got maybe

You a timing products your that, regions? making intention includes in And talked sure, can specific Any color or you guide nothing raise specific to portfolio about is little across just and magnitude. it the more Anthony, bit the specific or on but just that. prices, that be on

Yogesh Gupta

So, I go Anthony can and start -- then ahead.

Anthony Folger

contracts is out install and we renewal, may are There and whether for some to simple of where product increase that broad by up and increases X% way board And would contemplates routes region, they're not perhaps No, I we've think, our business press But and in Ittai, say, I to opportunities. to perhaps such there I or we for going baked warranted. a parts was we're increase characterize approach the channel to on different opportunities. by figure drive our outlook cases channel and prices. the those where leverage, There got that base. across can way We're that in button by market our point achieve Yeah. where what's evaluating it's nothing first is an reduce maintenance we've some increased subscription there's product, just think and price discounting, be best into portfolio is product region other perspective appropriate. of our the even are to because those price sort entire this in got I a look the evaluating price instances

I do to we'll -- think product to to selective. look we're think increases And we'll have We'll going channel price as type. going -- be be at I thoughtful where and to appropriate. be we're it's to region, have

Ittai Kidron

good. Thanks. it. Very Appreciate

Operator

Bora Go ahead. And JP our question from from next Pinjalim Morgan.

Pinjalim Bora

guys. it and on Great. for in us questions, congrats performer OpenEdge. to you Hey, Could was the I wanted Thank the out about the update what quarter. talk you like taking the like? maybe quarter. seems on ISV some mix is Are in you variables what's maintenance, renewals seeing seems OpenEdge partners of time this point -- the and at the well, outperformance, ticking secondary driving doing your higher? It is of just

Yogesh Gupta

Yeah.

you. business with top it piece for they and business ISV is of enabled They of lion folks share So, So, QAD have ISV are They -- where platform. on business, well. and we offerings the their partners models their business The like our been offer always them, revenue their OpenEdge over thank has of OpenEdge to Pinjalim, actually the products share get do. cloud and biggest that right? cloud and driver applications time, our have these the have modernized have a continued we do

of their business better, a well. get we that piece And performs as so, business as

of of these we are seeing et prepared all seeing QAD, market, remarks, at some that, interesting opportunities examples cetera, well. are are from the look And you as them. in in when royalties So, COINS, increasing a I my businesses result their increasing gave the doing folks Revolution,

the that's Pinjalim. driver within So, primary the OpenEdge business,

Pinjalim Bora

it. Got

Anthony Folger

… just And

Pinjalim Bora

understand mix? the …

Anthony Folger

Yeah. going to just that, was to I Yogesh. add

percentage a has it's the nonetheless of we've -- there, business the And come really growth might you but bunch, has mix business as for several Pinjalim, it's the year the the about lines. past is a seen bit of but we've down down a XX%. think, of little expect, XXXX, our thinking years as around product over OpenEdge is then that, right full business. around very in I acquired whole, XX% other stable, total And come the as

Pinjalim Bora

you question highlighted Very it. Yogesh, motion. think Kemp helpful. had go-to-market kind of for leveraging last acquisition, And the aspect I during Kemp's an me. Got

I tier they six, were other of you motion, kind and had learned rolling expand It's parts of other of towards seven the parts you of business sales said think had portfolio. that to What out looking yet? some kind so that started to months, far? have you Progress' a two been have you

Yogesh Gupta

So, got on Pinjalim, synergies few in the sure we business making the spent the our first Kemp we making things that itself months on. track cost with sure were primarily that business in and place and so

we We early, channel. to have to tier what see two begun are the But to products place think through I it point. can speak this we Pinjalim, actually at

that So, would about is us There point but not we for this products. anything other point. I meaningful area that at not definitely at significant have channel made in conclude this opportunity, progress that leveraging

Pinjalim Bora

back Understood. get I'll queue. you. in Thank the

Anthony Folger

Pinjalim. Thanks

Operator

question from Tyler. next Tyler from Our Go comes ahead, Citi. Radke

Tyler Radke

the you're environment? this make? itself just macro customer to Thanks that Yeah. help that through you. seeing on little manifesting on the Or side. or for bit. expand a comments is wanted of headwinds, some inflation challenges or to on taking the I Thank on either costs you're on general Is Just of clarify that kind your payments the observation question. in negotiations just certain having the specific

Yogesh Gupta

Yes.

so, the there and nothing. start absolutely -- I'll The it no -- Anthony, to from perspective, a So, please well. customer main Tyler, are -- add as

in customers, on. cases of because us potentially timing certain In fact, as inflationary raise to some the prices on depending even with renewals environment I there of contract we for and said, certain opportunities so be think might

be that's combination of see for So, we impact for huge of retention thing right from challenge to us. or where now would any software arises the is employees. companies not the The companies a The size, honest. large,

is I about any be something think challenge is watching primary think that is this I, good We, around unmanageable. we we're are. continue vigilant carefully. I feel the and form are far, that And way, pressures, don't so, very to in it. fact, and wage where in observing we going that we on it, And think, today, however, handle so shape we And have or that a to good be

wanted we we an So you to something closely. is -- but we that to Anthony, that that that want did is area watching understood something? this add sure are make

Anthony Folger

No. would that we've impact in say, our heavy just numbers don't I too -- we've think I seen QX from an Yogesh, inflation.

incremental into though year. it's But an the problem of eye on. that, right a now. Yogesh's baked impact keeping we certainly, with rest have to one We manageable feel as point, we're even the And

Tyler Radke

Great. the you And maybe your a philosophically, in expectations, And on I and quarter just follow-up that. looked of the one pressure the margin guess, areas of that there just guide to obviously, if Is tracks ahead the other I the strategy. I strong. wage offsetting had of budget? M&A to mean, kind pretty with -- performance follow-up are cuts then,

Anthony Folger

hallmark for to and maintaining operating margins really Yeah. a do yes. the us, Yogesh Short answer that earlier going continue we're is I mean, -- we're look to is mentioned that. in to remarks his best-in-class

our we a competitive for perspective. pretty trying do will about the across things think retain the our business right thoughtful be I sure we're can market employees expenses so make that that manage from and we to employees,

our in absolutely sure. is sights, that So for

Tyler Radke

you whether Would what take pace of are and improved you're maybe be -- How down, the coming of the advantage the accelerate pursuing environment? Okay. your that the volume? the assume to talked it these to about environment, on opportunistic making the valuations I near-term the it's the should terms M&A you just in of M&A M&A that of Great. about strategy, in and And we pace more result favorable. deals the look think

Yogesh Gupta

sure come along Again, we've The answer that. I deals. deals Tyler. making yes, and the opportunities the longer have short But And happening and got then we along. when to -- is answer do come that ability the to do get they think is, course, of yes the we

ability I the But we have course, to think integrate once We absorb we always at and and run an looked actual do have I've transaction. what me, financial as perspective. the operational of operationally And, from the ability well perspective. a we well from can this

of pace we And so, given are -- to the M&A, market I is. accelerate absolutely where the looking

Tyler Radke

Thanks.

Yogesh Gupta

Tyler. Thanks

Operator

Our from next Anja from ahead. Soderstrom question Go Sidoti. comes

Anja Soderstrom

like have Thank a my and seems questions. my you that for see lot in has play already. A that the been answered in out just do this taking coming How see? expect organic of picked to up that quarters? questions growth Hi. to It you little And the in a you quarters. bit you you the bit speak did asked how can But quarter? past

Yogesh Gupta

you. do and it picked It to continues thank Anja, So, has up well.

really outperformance vast in of quarter, the As outperformance organic was was really primary majority the can -- this the on the side. side see you the on organic

So, really happening good our we feel organic business. is what about with

is months. X.X% ARR XX apples-to-apples Our year-over-year or in up

that you in for a is So going on business. feel the gives what

So, XX% good that to and row a done margin last the X.X% this. a really that that couple We on the has ARR is of have really we've we good with steadily in like that up growth looking picked business, side about operating an over feel organic years. twice we feel now

good in continue business and the demand we So, we to have feel market. a strong with we think confident solid

Anja Soderstrom

offset your the history just And you wanted ask also price might said to -- inflationary pressures of with you you. I Thank you price What's increases? increases.

Yogesh Gupta

and products When that there's a really put partner. unless right, can change question right? is I there I that a that ISV prices, well. royalty of So, percentage royalty an to into change because it's at as their really interestingly was businesses, more same revenue, part based was doesn't that particular business for is that we look Anja, based no opportunity earlier enough, mentioning answering of So, the you our

about perspective else, we everybody with not time. but quite -- been some We've raised good the of prices that customers. actually in historically, have from our So

opportunities on usual. if products more some we in don't the think right that pushed to would meaningful raise way get find think back and prices, any right I I the were So, we than

So, we we'll pointed that. geographies are as and channels. have looking of as well selective, And as at terms Anthony opportunities, in out, and products to both be

broad So, raise percent. this is board, the X let's prices by across not a brush

Anja Soderstrom

me. Thank all Okay. That was you. for

Yogesh Gupta

Anja. you, Thank

Operator

more Yogesh it no questions at closing have to turn comments. We I'll back this time. for

Yogesh Gupta

forward everyone you thank look call, we to Thank speaking of Well, with for joining you. you and again. all our

Operator

participation. your conference. concludes and gentlemen. today's ladies And for thank you you This Thank

all disconnect. may You

Progress Software (PRGS) 29 Mar 222022 Q1 Earnings call transcript