Earnings call transcript Q1 2023

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Operator

Good day and welcome to the Progress Software's Q1 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker, Mr. of President Vice Micciche, Investor Relations. Michael ahead. go Please

Michael Micciche

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

we started, let's statement. get go Harbor Before over our Safe

of cost operating will and integration During outlook and Software's Progress strategies, our only uncertainties. is that and we information forward-looking be MarkLogic, of to guidance as financial discuss forward-looking. performance, this initiatives, risks product might plans, call, future for corporate and outlook Such and subject today our represents other considered information

refer XX-K. Risk recent included to our most For forward-looking Software update Progress in the may description a the please factors Factors Form of no this call. statements that the obligation assumes in to results, affect our

the results measures reconciliation recommend contains full and of we specific of comparable press this figures discuss our on financial GAAP these numbers non-GAAP non-GAAP of can call, you the financial measures in market are financial after most Additionally, to issued indicated first directly all our find fiscal for details. you otherwise I the reference results the it XXXX, financial details This today. and unless release, quarter was close which document the a for

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

of the turn Yogesh. to out it that me let over way, with So,

Yogesh Gupta

first you've delighted XXXX. today of discussion and of you, results our We're Mike everyone. afternoon quarter joined the Thank that us good fiscal our for

performance strong Board our exceeded in with release, field. of the the press and guidance, in our continuation in saw a and expectations quarter indication the across likely you As first demand healthy

traction continue business accelerate remain The gaining we see balance flow, leverage, the you our we is in rate. manageable ARR changing drive and cash our despite climate, from about as net trends well-capitalized increased integration sheet, positive a retention of remain will forward. MarkLogic to going sturdy continue with forward We and and strong optimistic guidance. And business to

thoughts overview will on see the update performing on has I MarkLogic given how acquisition, some of which business an February, time seen we business we the closed since the market, climate will in the all discuss after quarter which we have will happened last then our provide and the M&A in start I spoke. environment. this by early and I an sharing current in what that

last this us show of at global and as we discussed help unfolded difficult distress, economy that that characteristics time and signs attributes our Recall business events the of conditions. year, began economic weather to the

products of large to that heavily our depend technology particularly scalability, on of depend keep the our and because customers our users for in decades, trust partners buying to achieve End not business Our cost and their in turmoil, portfolio. businesses. And our run effectiveness reliability, the times all products Progress' vast paying does targets. often projects of require on them and for new budget they

our outstanding and remarkably rates. customer retention efforts, offerings product to to continue support Because customer relevant current to invest with important when most, they our This, high business and and partners' customers' and innovate line, need across relationship applications. combined our be we continues especially our us our most the drive

interest is over with historic the pressures, even increasing global and last what demand upward have the inflationary This challenges, quarters, seen stability of we several rates.

has changed couple much we We world, even remain months since our of business just systemic economy reported factor as ago, in confident and results. new even in with QX a a the the though when uncertainty about our

X-K, Let we that no Bank. me XXth, address Silicon have Bank exposure material that last to Signature Valley point an we moment. or On for indicating a March issued

witness While we financial concern this kind instability, of our do the our of not our primary well-being for investors, and like is to our Progress, customers, partners.

themselves, I down that very, make deals ability accretive well-funded continue obtain will credit remain strong. debt, facility opportunities free pay Anthony am and say few provide and glad more to minutes. flow, if is cash a in on our to our stable generate financing, the and present detail this to

The all geographies. results. our across lines QX evident nearly again Sharing all details product some outperformance was once virtually on in

Our from MarkLogic. ARR part contribution retention net the rate, and chief increased in both by aided benchmarks, significantly,

ARR first a And forma was $XXX up XXX% rates of million million to constant ago. pro improved X.X% basis currency in the year a year XXXX our XXX% ago. retention to quarter $XXX from on net from a

high ended or represents $XXX of earnings which of end and at end was back quarter and range above came high January million, the of growth in year-over-year on at a the Revenues guidance, million, the $XXX guidance in XX% $X.XX $X.XX ahead basis.

notable We MOVEit, our as DataDirect, in as OpenEdge, Sitefinity, well and Flowmon Loadmaster, strength saw products. a

the We of cloud particularly be with continue our Sitefinity to and pleased momentum products. MOVEit

in two give Flowmon, Kemper also acquisition. our we a with wins the offerings We're cloud happy consume products to meaningful customer through market. acquired very advantage us the easier with and Loadmaster These competitive

in channel, We're the regions world. with more geographies. seeing as for And engage in Loadmaster, grow improving these we traction continues our to around them partner with Dell two broader products

strong our all work who thank OpenEdge, We saw Chef. to around continue and existing our also want I employees our the success. use of drive to globe products our customers who tirelessly their DataDirect, from demand to core expand

companywide our survey of participation XX%. a record of all just periodic of completed employees, employees a we with our Speaking over rate

companies Apple. the our as is new Our tech of Score And Net such well-known better employee XX% Google, companies. of is than many average and of XX, Promoter top or matches the engagement tech score employee Microsoft, quartile eNPS which

Now, let moment. me for a turn to MarkLogic

expect the a when than not the deal quarter did MarkLogic As XXXX we was more contribute that weeks to we and few the first to case. closed, explained

improvements the which manageable MarkLogic's year. and months, we increasingly revenues have will Do remember November. we and in will the in revenue that our months integration year kick and remain ongoing line, for see coming the fiscal picks throughout December in in January, already to expect ends biggest guided expense up As and the are momentum

and So, we in XXXX the year still impact year results. expect our first in impact topline full full positive QX year next to to see biggest revenue the of of the FY

as family them the York, Virginia In meantime, integrating attended sessions quickly as possible. met in person in California, New well we're UK, into and the meet-and-greet many Poland. Progress of the and We've employees at MarkLogic with

The moving from as well sales already as are together and and operational engineering teams working forward. sides and marketing both

very are our and to new We very warm on teammates them excited Board wish welcome. have a

on strong technology can could strategy Let's our targets software revenue, we the customer potential products of portfolio, over we we ago, four existing total with of is with now talk degrees landscape margins synergies recurring bases, sticky infrastructure that that growth and market. and about the significantly years said populated the achieve. embarked high our complement the When to potential changing ramp have M&A that thousands by

as last the factors and move favor. changed year, we our continue to affecting market for M&A have macroeconomic haven't in numbers vast commented Those regularly the

communities and are repercussions collapse More software. the causing throughout further private companies equity and recently, privately SVB funded the VC and dramatic events the surrounding of

reality likely is in the of plays of for the The exit for accelerate which liquidity to that need companies, economic failure sense offence. and SVB's it more strategies urgency and events is many

discriminating and we disciplined, patient, as acquisitions. remain As always, we through potential sift

we as the We the evaluating will ourselves acquirer management, be the choice selective we target. and continue when to opportunities of comes investors, employees position of it as customers, to for companies

Social Report, week draw which and on fourth we Annual to is Corporate our to website. want Responsibility which last published I attention Lastly, available our your just

our We helped help a are make at all what have which Progressers are community, in our and Progress of difference to ways world. and share in proud continue planet people, happy here do -- to global and Progress to the which the in we very our

aspects and execution our be continues across another all Demand wrap-up, to very quarter. good Progress supported. has business remains So marked of steady to

Our the MarkLogic. forward outlook is the look for of to we integration of positive fiscal and XXXX rest ongoing

to their and professionalism. applaud continue entire efforts I their and to As grateful for the I always, Progress team teamwork be

his me With to Anthony? it let turn over for remarks. prepared Anthony that,

Anthony Folger

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

with than to performed in the the date results, again anticipated. QX we're our high our our exceeded guidance which days the Yogesh line of with being also largely later earnings closing As of despite very a very acquisition revenue on per few share. which pleased and MarkLogic have closed quarter, end expectations the mentioned, range in We're pleased

believe Turning performance. view topline to with the into our provides ARR, the we numbers, best underlying start we'll which the on

businesses periods ARR constant to is of the a calculation current and all in include pro in rates. periods our presented of at As results exchange on a our all with form reminder, budgeted acquired year presented basis a currency

several I prior is in changed and growth we've to point, in trend the filed our supplemental the net quarters. rates that we've periods ARR The past release. has ARR result, the was XXXX reported we've a or this that illustrate as with should And alter presentation included immaterial mention been budgeted updated in the and consistent slide our with ARR using the practice, reporting that over slightly. rates past change press retention a doesn't

on with in ARR a million, clear, includes which basis of pro and forma closed on growth X.X% forma XX% we quarter With the growth year-over-year basis. both that, periods. a represents growth the pro $XXX To be year-over-year first MarkLogic

mentioned, QX including across DataDirect, XXX%. fuel and MarkLogic, the a trend with products again was by Sitefinity, is rates net our strong growth Yogesh OpenEdge, product retention ARR growth to broadly continues driven that at As products, portfolio DevTools our in multiple ARR our MOVEit,

in represents In $XXX.X well addition million growth range we of and quarter was the of the strong growth, the ARR year-over-year provided end a our basis. January high revenue back above to on guidance XX% for

was the OpenEdge, products, in MOVEit factors; the was two primary stronger The better-than-expected multiple representing majority from demand driven and expected and by our quarter of performance, than Loadmaster. including DataDirect, over first, performance

but and of over full second contributed expected year QX a to net quarter. I a highlighted QX in not shift This already it quarter came product that an QX. in because million the was in Beyond impact not strong factor to deliberate level revenue does results, additional we was recognize was performance, recognized the to early in revenue also timing and sum few our dollars

to now expenses. Turning

million, compared cost to the generally and total quarter X% operating and our expectations. with line up year expenses in prior were for Our $XX.X the dollars

by quarters. in increase rest which year-over-year increase discussed MarkLogic we've business, of to compensation driven costs our was The the expected an a previous in and lesser extent, of across acquisition the

$XX was in our and to the was quarter up prior year quarter margin income the compared XX% operating to compared million, of Operating first $XX million XX% XXXX.

of $X.XX the guidance growth of driven the share per is solid performance high over of and earnings end year-over-year for the $X.XX with mentioned bottom-line, business, above management expectation to was This quarter, performance the relative On topline. on cost coupled across represents the $X.XX our by over our previously range.

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

few and for debt of on cash metrics. ended Moving and sheet position million. cash cash, We of debt with equivalents, flow $XXX and a million now net to million short-term quarter a investments of balance $XXX the $XXX

$XXX quarter, fund times we to represents line drops I pro we mention leverage debt MarkLogic the should consider XXXX from leverage partially also down to EBITDA that X.X net roughly and first further. adjusted of using credit net This our if of drew fiscal our our EBITDA synergies, revolving MarkLogic. even acquisition during of forecasted million the forma

the first when quarter to days last an compared when of Our days improvement and XX the was quarter XX XX improvement an for quarter of XXXX. DSO compared to days, of

for our Adjusted to flow largely to $XX to increase million stronger performance year was in the was $X This free increase prior cash the free compared operating year. an of the cash prior flow million compared quarter, quarter. attributable

and share remaining repurchased During current repurchase quarter, million Progress million the under the had at first authorization. quarter, we end of we $XXX $XX our the stock of

Okay.

QX, in When considering I'd our and recognize to like fact XXXX. made outlook for for full was our that revenue it's some point and earlier to the second the our to in I turn important first. the the performance to reiterate instead QX outlook quarter the Now, QX recognized we year about expected

million second they the million quarterly we issues and expect results, for timing full $XXX revenue don't and impact of those the $X.XX year. XXXX, between per affect share $X.XX. that, While again, between With quarter of $XXX earnings and can

may the macro the environment For year, we're continue strength become full our we the that solutions for demand see also aware in challenging. to more and environment

expect we prior $X of revenue the our the guidance. for an $XXX such from between million of million, year, increase As full and midpoint $XXX million

adjusted consistent our $X.XX, earnings of prior flow our margin with and prior consistent an $X.XX and million prior XX% consistent guidance. between guidance; million, We and expect our cash share operating guidance; $XXX again with XX%, $XXX between generally and between per with free

Our complete approximately the are annual XXXX. XX% EPS by to the XX.X million share million impact repurchases of estimate contemplates $XX and of a targeting to XX% shares rate we outstanding of of end tax

closed results excited deliver the beyond. and quarter Board, financial well-positioned we're another the strong We're trend saw strong much and across of of acquisition we're to deliver closing, of that MarkLogic believe the thrilled In a of continuation of we XXXX results to that we've remainder the from we XXXX. for very

like I'd the that, to call With for Q&A. open

Operator

you. Thank [Operator Instructions]

of the from come our Fatima Boolani question And with Citi. will first line

open. line Your is

Fatima Boolani

I for your Yogesh, consistency questions. level on taking of respect curious developer adoption. go you to wanted around my with you. multiproduct products cater to technical some the I'm that Thank afternoon. you more, comments of specifically call to the I'll execution back community? some and with to it, start Good saw of the

the been there encroaching has reductions headcount are of lot large category into for Now, companies. a in headcount sweeping technical we've all seen that

your So, have for headcount please. And monetization very of curious solutions follow-up, perspective your impacting very objectively how been prospects just I'm some the trends developer-oriented those it's get where Anthony, weak? to not then of is and new that or renewal a actually maybe kind on

Yogesh Gupta

question. Sounds Thank you for good the Fatima.

overall interesting make business, that our are nuances the honest, ecosystem'. more a a sort there of little to be than of there 'developer couple resilient So,

Let what that. by me mean share I

say, changes developer used there. by of though are large when small therefore, have of all, and they So, let's first that that that our we organizations of products back, are the -- using people vast It end developer sort of isn't majority meaningful relatively have, what really -- we cut teams. more thousands product as see

are in strength So, -- not so business, priced products a are saw OpenEdge, really teams actually products seeing They're The and are we they small transactions good like past number how and more the and tools on strength this on. of good developers. priced our database not on development developer are quarter. the capacity

of we 'developer-centric' many So, our therefore, which for on the applications run both charge products and those.

very, to And directly are all, to secondly, seats small contribution that sort the number -- is products of modest. So, very their of, honest we're Progress pure the of impact an those actual, developer first to exposed organizations that there teams are to-date. is not and small and be really seeing relatively and so therefore,

we Now, we fairly and cycles something that cycles. that a carefully. is of part where continue is to portfolio -- watch is short portfolio that It have sales really that our renewal short very

quite far quickly good. but so so And get visibility looks into we it that, all

Fatima Boolani

targets lot the the had on year curious about cadence on around EPS quarter. should free well. as suspect this Got year? the how course flow full to a the it. I this very, just just we And flow Anthony, reiteration think you has strong with over do of for license You a free very the side, of cash But

talked of through. you the pulls see not deal as why quarter, free but some forward cash apparent dynamics This here, follow it's flow to terribly better wouldn't about

it potentially could any cash how respect give me. from you seasonality for And with of us So, flow? there you. be to that OpEx maybe here free into help and kind can Thank dovetailing that's

Anthony Folger

a I better and a better and a performance. think was, speaking, probably basis, would Generally cash reflected year-over-year bit is that strong on Yes. operating for quarter QX reasonably the us little say, flow I

and payments quarter Section there conservative, with we last areas two of we're that it's say, about year, around of the rates, if some at macro also interest around look uncertainty we to factors. talked uncertainty tax those certainly somewhat due the where I rising I XXX increased would right? probably it's When those and some is full think being are

operating feel say relates would around be we an I balance XXX keeping performance as full of and where it the and factors the eye about sheet, uncertainty around upbeat performance think pretty, we're about the two DSOs pretty would our QX felt taxes Section rates good and the on. year. interest around strengthen But I to sort and that was

Fatima Boolani

Makes Thank sense. you.

Operator

the with Thank Ray from of that come you. McDonough will line And Guggenheim.

is Your line open.

Ray McDonough

leverage Obviously, you're the you capacity standpoint financial Yogesh do the of position taking start. integrate only in about to been a for your to acquisition, over you as next from changes a Thanks an can like Great. questions. you quarters? be to standpoint, as there's feel a standpoint, not talk a MarkLogic for operational Maybe you you lot opportunistic maybe your but of mentioned do perhaps private and markets in in another the couple script. even from

Yogesh Gupta

Ray, that's So, I think good question. really a

we are specific have infrastructure So, portfolio and and the is software way -- product our portfolio, front-end submarkets experience tools organized and around target the that. digital the the product that deliver and under support three we development we environment of the sort our way platforms to that we space. products One within that

around side and of is application MarkLogic, data OpenEdge, platform there. DataDirect things, fit the Another in

And deploy Loadmaster, Chef DevSecOps et what's management environment the Flowmon, product, and the manage the cetera, goal is and where other third around fit. and the network and whole DevOps,

and have have do So, products groups sort teams that of full of and teams. the as individual these that all around running three actually we we work go-to-market business

the in business, the business. of and currently, platform application MarkLogic the side platform is application platform course, so, data And product, and data

I the have the think to capacity an operational therefore, do and we integrate. other acquisition areas so two And easily can

Obviously, deal, doesn't overnight. the Ray, happen just doing

deal the time were So, be by closed. a would deal, we to actually do the ready if we

it. So, good we about actually feel really

continuing are to look. We

proud ability years, increased three to chew same have the at may to walk integrate that time done over opportunity of into sense or the be to arise another. which acquire is the One of of the our while one last able I'm business truly the in we things gum four

notice, months MarkLogic, that if so we integration you complete and end If the months which Anthony of XX by to actually synergies pointed than reduce is fiscal be year, to it. you the continually out of XX and synergies look used XX will the complete be at It less that.

operationally, answer yes. think, the short I yes, is absolutely So,

we and leverage capital the that mentioned cash are on already we answer generate themselves. quite side, fact accretive size The the debt acquisitions are that they I and side with shape especially think in and actually the flow on they good Anthony the do,

I do significant cash think actually not they to increases which our do on only can but do capacity own, we generate their it, more. flow

So, we feel Ray. fronts good it about both on

Ray McDonough

margin a in Great. That's Fatima's -- Anthony, model, your some want versus in conservative And for mechanics could I conservatism should guidance, maybe understanding I say, question. might get on what an your the helpful. be follow-up if of side. in I to for to especially the the guide

revenue helped you the also Obviously, in outperformance but controls. cost called quarter, out

the should upside wondering part operating of controls margin levers potentially upside could at we for guidance cost about come think it were So, how prior of from side? least the like the seems this the And reiteration as where quarter? on in

Anthony Folger

sure, Yes, Ray.

think at operating line. the it bits, then comes EPS two up right? when would the There's it line margin I I break and guess I -- to into at

may forward perspective, we aware felt relates the to look as run And I we operating of costs. uncertainty the costs and so macro from what as in it certainly our our good to. about an inflation to ability control think We're margin

we felt QX, there little like was a -- real so in like bit of And upside. upside performance good

on macro operating conservative line And we're little at the is. a so based the perhaps where margin

there. expense think our When to is of more outside line, there's the something you control EPS and I that's get down interest uncertainty certainly

even strong guide. so of QX, I a sort think our the that holding QX after with And earnings drives

and at where So, that we I in both say feel think it we sort up strength chunked would topline. were of we good lines. And about those looked the factors two really

topline and side, both a be want a lot margin EPS. out to the There's so on comfortable the a little operating up uncertainty bit of little conservative there bit and taking

Ray McDonough

guys. sense. Makes Thanks

Operator

JPMorgan. that Thank you. the Bora And of with line from Pinjalim will come

open. line Your is

Pinjalim Bora

I guys. like it and subscription in seems for the was a gross congrats taking price quarter. really play to was margins increases Hey quarter? number, looking I the extent questions well. the a on what performance through role in Thanks did the the wondering

and realignment And second had does kind done in has QX. that that layering you MarkLogic? of Yogesh, go-to-market are how Talk of a part, organization, in you kind settle about

Yogesh Gupta

Yes.

just want a questions that sure the I clearly make challenge of to Pinjalim, a we heard you. bit So, little had I hearing

were part did what product you related second think of price have I asking an realignment your how and And part, to might around I had is of the was kind first they on believe? increases question right? the portfolios impact topline, going, we the three whether about So, the operational that and that

Pinjalim Bora

of Correct. that And kind how MarkLogic fits into realignment?

Yogesh Gupta

Perfect. okay. How MarkLogic,

have answer one often the not are know, or first, where our you based their let on -- for large either multi-year Pinjalim, And of vast or revenue products, muted. are price they or forward. of me rather relationships straight by possible on. contracts. majority on the our so it's contracts, and certain So, ISV first as percentage we OEM pretty These and especially are contracts are limited increases

price don't really those things So, -- to increases. conducive really aren't

on products. That said, some our have we increased of some prices

but our not a -- the lot it's not base meaningful our amount and in product revenue. those a resistance on We are of overall enough a areas, impact not on from really huge have customer seeing to

for I for every right? come up portfolio, the expansion year of that think -- that the whole every a it's renewal much quarter up number as is come contracts -- or for not renewal as

cycle, would So, it's three-year to to it's have through. one-year we go a close actually that more two cycle to than

advantage it. of we to So, a the little period. from fairly over beginning spread is a large But see are bit

again, Anthony that one? on Anthony, Anything it. clarify further else, But let I'll

Anthony Folger

at to think point, I we're seeing the come. don't more this it but I numbers pull-through in think right. that's Yogesh, No, really

Yogesh Gupta

Yes.

went the On the realignment realignment, well. really

been into moved mentioned, these realigned ourselves into MarkLogic data product I product business. the and have groups As we three has platform and application the

well as right? sense, OpenEdge, in DataDirect as is it which business as the So, makes same

platform, a for think application an If that in that. language product, specifically around business and built database applications both development a specifically database about are is that OpenEdge that you is

actually complex an in own is OpenEdge database application, can you has processing from like SQL, languages its an MarkLogic to OpenEdge data and and access that data MarkLogic actually right -- have and using data. even a access databases so

potentially that is market be something interested can maybe that potentially that see the in. we So,

you As know, sure we when our we make cross-sell, really we is want in that Pinjalim, don't place. acquisitions, not But That's intent. the time, do it the right? right on still at same to count

We also see significant of opportunities to leverage both the DataDirect technology hub data to support and capabilities expand MarkLogic.

being So, those made all two of a that's so where that is. and of products lot together, it sense

rather It's is since early. It weeks closed been acquisition. six we the

So, things well. in are so early are, things integration phase and going we're far the

Pinjalim Bora

very you Thank it. Got much.

Yogesh Gupta

You're welcome.

Operator

our And from with question Jefferies. Brent line Thill of you. Thank the comes next

Your line is open.

Bo Yin

headcount for maybe Yin the color maybe And you've for for growth, been the organizations? your focusing with for breaks operational development and This you, marketing Brent Bo side, sales question. and primarily? how Thill. guys. is Thanks your plans investments considering any I maybe where within Hey, Yogesh, you that guess, on on product provide taking on in can us down

Yogesh Gupta

interesting our think. in I that was most companies saw changing. of was what's relatively a we It terms that the ago of is the unlike world year software almost So, headcount, obvious,

get dramatically, unlike we we did. ahead changed we sure so And did that made who many of right? others skis not our our hiring And

continued actually have we've well-managed So, teams. to really really,

the in and products the to level three we continue them. made customers that innovated, folks sure under units And business that could supported, internally, be could had to R&D we then sure of when basically we stay make these that together could to brought relevant be right the products that we

well had to same in at to some the do, enough need we that the side is part do do and that both retain that zero. new expand go-to-market as isn't the of And people of It business deals we time, the as right?

significant feel in we integrating us see don't good the balance this at MarkLogic the we headcount well about have forward We're I to various making any business. point. as the people business part into and moving of across to forward. functions really changes So, our looking

Bo Yin

performance? Okay, if there? the more different great. I over And follow-up across you did a of the portfolio, products look perform great? I in sort guys be it's know sort of would international looking verticals just color don't regional but at any maybe different how on at terms regions, it or different of in if your there you mean

Anthony Folger

sure. Yes,

we and probably saw Americas in regional Europe. the the most strength that think I from a perspective,

think all EMEA was Asia of conflict still But across our in Europe with I was it's sort with the we're I activity us the continent Europe, on. for think going certainly with an expectations. But on across line the across performance something in eye keeping of ongoing, region strong.

It So, think the any I was pretty performance. or particular in don't gains there was think really distribution outsized that strong terms outsized I geographically, that of geo drove across Board.

Bo Yin

Okay. Thank you.

Yogesh Gupta

Thank you.

Operator

call Yogesh remarks. would this any I'm to And you. at Mr. to Gupta time. closing Thank queue now the over showing like no back further the turn in questions I for

Yogesh Gupta

three you Bye, bye. with call. a and evening. you, for appreciate you speaking forward wonderful to sooner. thank I look in thank you really support not your our Thank joining and have and if months, Well, everyone earnings on operator QX again

Operator

Thank you program. today's for This concludes participating.

disconnect. may You now

Progress Software (PRGS) 28 Mar 232023 Q1 Earnings call transcript