Progress Software Corp (NASDAQ:PRGS) stock fell 3.64% (As on January 18, 11:29:09 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 22. During the year, the company has successfully completed the integration of Kemp, held the first in-person customer and sales event in over two years, consistently beat consensus estimates and guidance, and the company got 2023 off to a great start by signing a definitive agreement to acquire MarkLogic, which the company expects will scale Progress to well above $700M in annualized sales. Annualized Recurring Revenue (“ARR”) of $497 million increased 3.5% year-over-year on a constant currency basis. The company posted the Non-GAAP operating margin was 39%. Cash and cash equivalents were $251.8 million at the end of the quarter. Days sales outstanding was 62 days compared to 60 days in the fiscal fourth quarter of 2021, and 48 days in the fiscal third quarter of 2022.

PRGS in the fourth quarter of FY 22 has reported the adjusted earnings per share of $1.12, beating the analysts’ estimates for the adjusted earnings per share of $1.09, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 12 percent to $157.13 billion in the fourth quarter of FY 22, missing the analysts’ estimates for revenue of $161.59 million.

Additionally, the company has declared a quarterly dividend of $0.175 per share of common stock that will be paid on March 15, 2023 to shareholders of record as of the close of business on March 1, 2023, and increased the share repurchase authorization by $150 million to $228 million.

Progress Software Corporation expects Q1 2023 EPS to be in the range of $1.04-$1.08, versus the consensus of $1.05. Progress Software Corporation expects Q1 2023 revenue expects of $156-160 million, versus the consensus of $152 million.

Progress Software Corporation expects FY2023 EPS to be in the range of $4.09-$4.17, versus the consensus of $4.35. Progress Software Corporation expects FY2023 revenue expects of $671-681 million, versus the consensus of $630.1 million.

Meanwhile, the company has entered into a definitive agreement to acquire MarkLogic, a leader in managing complex data and metadata and a Vector Capital portfolio company. Upon closing of the planned transaction, MarkLogic is expected to enhance Progress’ commitment of delivering the best products to develop, deploy and manage high-impact applications by providing a unified enterprise-grade semantic data platform that empowers customers to derive value from complex data.