Progress Software Reports Strong 2013 Fiscal Second Quarter Results

  Progress Software Reports Strong 2013 Fiscal Second Quarter Results

Business Wire

BEDFORD, Mass. -- June 26, 2013

Progress Software Corporation (NASDAQ: PRGS), a global software company that
simplifies and enables the development, deployment and management of business
applications, today announced strong results for its fiscal second quarter
ended May31, 2013.

As previously announced on June 13, 2013, the company entered into a
definitive purchase and sale agreement to divest the Apama product line. The
sale is expected to close in July. As a result, the Apama product line results
are reported in discontinued operations for all periods presented.

Revenue from continuing operations was $81.7 million compared to $74.1
million, a year over year increase of 12% on a constant currency basis, or an
increase of 10% using actual exchange rates.

Additional financial highlights included:

On a GAAP basis in the fiscal second quarter of 2013:

  *Income from operations was $14.4 million compared to $12.8 million in the
    same quarter last year;
  *Income from continuing operations was $8.1 million compared to $8.9
    million in the same quarter last year;
  *Net income was $3.9 million compared to $(1.9) million in the same quarter
    last year; and
  *Diluted earnings per share from continuing operations was $0.15 compared
    to $0.14 in the same quarter last year.

On a non-GAAP basis in the fiscal second quarter of 2013:

  *Income from operations was $23.7 million compared to $25.2 million in the
    same quarter last year;
  *Operating margin was 29% compared to 34% in the same quarter last year;
  *Income from continuing operations was $15.0 million compared to $17.3
    million in the same quarter last year; and
  *Diluted earnings per share from continuing operations was $0.27 compared
    to $0.27 in the same quarter last year.

Phil Pead, President and Chief Executive Officer of Progress Software,
said,“Our focus this year has been on improving the operating performance of
the company and building a foundation for future revenue growth. We are
pleased that we remain on track to achieve efficiencies previously outlined
and that revenue growth is beginning to take hold. The second fiscal quarter
results reflect our efforts to energize our customer and partner base through
improved product functionality and targeted marketing activities. In addition,
we benefited from closing a number of opportunities sooner than expected.”

Pead added, “We are now singularly focused on becoming a leader in the
application platform as a service market and while our strong second quarter
results demonstrate good progress, our opportunities for continued revenue
growth in the future will be driven by increasing the investment in our
business."

Other fiscal second quarter 2013 metrics and recent results included:

  *Completion in May 2013 of the previously announced and implemented 10b5-1
    plan to repurchase $250.0 million of common stock by June 30, 2013;
  *Cash, cash equivalents and short-term investments were $255.8 million;
  *Cash flows from operations were $13.6 million, a decrease from $15.2
    million in the same quarter in fiscal year 2012; and
  *DSO from continuing operations was 56 days, compared to 65 days in the
    fiscal first quarter of 2013.

Earlier this month, Progress launched its new Progress Pacific platform. As
part of this, Progress acquired Saratoga, CA-based Rollbase, Inc., a privately
held platform-as-a-service vendor which provides innovative technology that
enables powerful applications to be built using point-and-click, drag-and-drop
tools in a standard browser. Also in June, Progress announced OpenEdge 11.3,
the latest version of its flagship application development platform. The new
version brings together leading business process management (BPM) and business
rules management system (BRMS) capabilities to dramatically streamline
business processes and accelerate developer productivity.

Supplemental Quarterly Information

In the financial tables at the end of this release, we have provided quarterly
Condensed Consolidated Statements of Income adjusted for the classification of
the Apama product line to discontinued operations for the three months ended
February 29, 2012, August 31, 2012, November 30, 2012 and February 28, 2013,
respectively. We have also provided Reconciliations of GAAP to Non-GAAP
Financial Measures for the same time periods, also adjusted for the
classification of the Apama product line to discontinued operations.

Business Outlook

Progress Software provides the following guidance for the fiscal third quarter
ending August 31, 2013:

  *On a constant currency basis, revenue is expected to be between 2% and 4%
    growth compared to the fiscal third quarter of 2012; and
  *Non-GAAP operating margin is expected to be in the range of 24% to 26%.

The non-GAAP operating margin guidance excludes the items we traditionally
exclude from our non-GAAP reporting metrics: amortization of intangible assets
of $0.8 million, stock-based compensation of $4.5 million to $5.0 million, and
$0.7 million of acquisition related costs, for a GAAP operating margin in the
range of 16% to 18%.

Conference Call

The Progress Software quarterly investor conference call to review its fiscal
second quarter of 2013 will be broadcast live at 5:00 p.m. ET on Wednesday,
June26, 2013 on the investor relations section of the company’s website,
located at www.progress.com. Additionally, you can listen to the call by
telephone by dialing 1-888-438-5519, pass code 9239124. The conference call
will include only brief comments followed by questions and answers. An
archived version of the conference call and supporting materials will be
available on the Progress Software website within the investor relations
section after the live conference call.

Legal Notice Regarding Non-GAAP Financial Information

Progress Software provides non-GAAP financial information as additional
information for investors. These non-GAAP measures are not in accordance with,
or an alternative to, generally accepted accounting principles in the United
States (GAAP). Progress Software believes that the non-GAAP results described
in this release are useful for an understanding of its ongoing operations and
provide additional detail and an alternative method of assessing its operating
results.Management uses these non-GAAP results to compare the company's
performance to that of prior periods for analysis of trends and for budget and
planning purposes. A reconciliation of non-GAAP adjustments to the company's
GAAP financial results is included in the tables below. Additional information
regarding the company's non-GAAP financial information is contained in the
company's Current Report on Form 8-K filed with the Securities and Exchange
Commission in connection with this press release, which is available on the
Progress website at www.progress.com within the investor relations section.

Note Regarding Forward-Looking Statements

This press release contains statements that are “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. Progress
has identified some of these forward-looking statements with words like
“believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,”
“plan,” “target,” “anticipate” and “continue,” the negative of these words,
other terms of similar meaning or the use of future dates. Forward-looking
statements in this press release include, but are not limited to, statements
regarding Progress's strategic plan and its planned product divestiture and
return of capital to shareholders; acquisitions; future revenue growth,
operating margin and cost savings; product development, strategic partnering
and marketing initiatives; the growth rates of certain markets; and other
statements regarding the future operation, direction and success of Progress's
business. There are a number of factors that could cause actual results or
future events to differ materially from those anticipated by the
forward-looking statements, including, without limitation:

(1) Market acceptance of Progress's strategic plan and product development
initiatives; (2) disruption caused by implementation of the strategic plan on
relationships with employees, customers, ISVs, other channel partners, vendors
and other business partners; (3) pricing pressures and the competitive
environment in the software industry and Platform-as-a-Service market; (4)
Progress' ability to complete the proposed divestiture of its Apama product
line on a timely basis, if at all; (5) Progress's ability to make technology
acquisitions and to realize the expected benefits and anticipated synergies
from such acquisitions; (6) the continuing uncertainty in the U.S. and
international economies, which could result in fewer sales of Progress's
products and may otherwise harm Progress's business; (7) business and consumer
use of the Internet and the continuing adoption of Cloud technologies; (8) the
receipt and shipment of new orders; (9) Progress's ability to expand its
relationships with channel partners and to manage the interaction of channel
partners with its direct sales force; (10) the timely release of enhancements
to Progress's products and customer acceptance of new products; (11) the
positioning of Progress's products in its existing and new markets; (12)
variations in the demand for professional services and technical support; (13)
Progress's ability to penetrate international markets and manage its
international operations; and (14) changes in exchange rates. For further
information regarding risks and uncertainties associated with Progress's
business, please refer to Progress's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the fiscal year ended
November 30, 2012 and its Quarterly Report on Form 10-Q for the fiscal quarter
ended February 28, 2013. Progress undertakes no obligation to update any
forward-looking statements, which speak only as of the date of this press
release.

Progress Software Corporation

Progress Software Corporation(NASDAQ: PRGS) is a global software company that
simplifies the development, deployment and management of business applications
on-premise or in the cloud, on any platform or device,to any data
source,with enhanced performance, minimal IT complexity and low total cost of
ownership. Progress Software can be reached atwww.progress.comor
1-781-280-4000.

Progress is a trademark or registered trademarks of Progress Software
Corporation or one of its subsidiaries or affiliates in the U.S. and other
countries.Any other trademarks contained herein are the property of their
respective owners.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                       Three Months Ended                       Six Months Ended
(In thousands,            May 31,        May 31,        %             May 31,        May 31,        %
except per share          2013         2012         Change        2013         2012         Change
data)
Revenue:
Software licenses         $ 29,347       $ 20,506       43   %        $ 59,254       $ 50,179       18   %
Maintenance and           52,358        53,622        (2   )%       106,184       106,420       —    %
services
Total revenue             81,705        74,128        10   %        165,438       156,599       6    %
Costs of revenue:
Cost of software          1,356          1,357          —    %        3,446          2,743          26   %
licenses
Cost of maintenance       6,990          7,114          (2   )%       14,640         14,039         4    %
and services
Amortization of
acquired                  143           139           3    %        282           383           (26  )%
intangibles
Total costs of            8,489         8,610         (1   )%       18,368        17,165        7    %
revenue
Gross profit              73,216        65,518        12   %        147,070       139,434       5    %
Operating expenses:
Sales and marketing       25,890         19,373         34   %        54,532         42,115         29   %
Product development       14,671         10,387         41   %        28,293         20,699         37   %
General and               14,064         18,014         (22  )%       28,730         33,414         (14  )%
administrative
Amortization of
acquired                  167            208            (20  )%       338            415            (19  )%
intangibles
Restructuring             2,766          4,736          (42  )%       3,726          4,736          (21  )%
expenses
Acquisition-related       1,272         —             100  %        1,272         215           492  %
expenses
Total operating           58,830        52,718        12   %        116,891       101,594       15   %
expenses
Income from               14,386        12,800        12   %        30,179        37,840        (20  )%
operations
Other (expense)           (292     )     249           (217 )%       (840     )     519           (262 )%
income, net
Income from
continuing                14,094        13,049        8    %        29,339        38,359        (24  )%
operations before
income taxes
Provision for             5,952         4,194         42   %        11,384        13,644        (17  )%
income taxes
Income from
continuing                8,142         8,855         (8   )%       17,955        24,715        (27  )%
operations
Income (loss) from
discontinued              (4,232   )     (10,763  )     61   %        17,073        (19,134  )     189  %
operations, net
Net income                $ 3,910       $ (1,908 )     305  %        $ 35,028      $ 5,581       528  %
                                                                                                    
Earnings per share:
Basic:
Continuing                $ 0.15         $ 0.14         7    %        $ 0.32         $ 0.39         (18  )%
operations
Discontinued              (0.08    )     (0.17    )     53   %        0.30          (0.31    )     197  %
operations
Net income per            $ 0.07        $ (0.03  )     333  %        0.62          $ 0.09        589  %
share
Diluted:
Continuing                $ 0.15         $ 0.14         7    %        $ 0.31         $ 0.39         (21  )%
operations
Discontinued              (0.08    )     (0.17    )     53   %        0.30          (0.30    )     200  %
operations
Net income per            $ 0.07        $ (0.03  )     333  %        $ 0.61        $ 0.09        578  %
share
Weighted average
shares outstanding:
Basic                     54,919         63,051         (13  )%       56,410         62,598         (10  )%
Diluted                   55,736         63,051         (12  )%       57,244         63,641         (10  )%
                                                                                                         
                                                                                                         

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)                                 May 31,       November 30,
                                                  2013            2012
Assets
Current assets:
Cash, cash equivalents and short-term             $ 255,804       $   355,217
investments
Accounts receivable, net                          50,772          70,793
Other current assets                              40,036          32,779
Assets held for sale                              11,236         68,029
Total current assets                              357,848        526,818
Property and equipment, net                       59,352          63,071
Goodwill and intangible assets, net               235,870         231,229
Other assets                                      58,023         63,859
Total assets                                      $ 711,093      $   884,977
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and other current                $ 59,281        $   110,944
liabilities
Short-term deferred revenue                       102,094         103,925
Liabilities held for sale                         4,012          25,285
Total current liabilities                         165,387        240,154
Long-term deferred revenue                        1,293           2,817
Other long-term liabilities                       2,175           3,607
Shareholders’ equity:
Common stock and additional paid-in capital       232,838         300,333
Retained earnings                                 309,400        338,066
Total shareholders’ equity                        542,238        638,399
Total liabilities and shareholders’ equity        $ 711,093      $   884,977
                                                                      
                                                                      

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                           Three Months Ended             Six Months Ended
(In thousands)                May 31,       May 31,           May 31,       May 31,
                              2013            2012              2013            2012
Cash flows from
operating activities:
Net income                    $ 3,910         $ (1,908  )       $ 35,028        $ 5,581
Depreciation and              4,076           8,417             7,477           16,979
amortization
Stock-based                   5,881           6,669             10,787          13,760
compensation
Net gains on sales of         —               —                 (35,106   )     —
dispositions
Other non-cash                726             644               (2,201    )     1,003
adjustments
Changes in operating          (952      )     1,338            (27,403   )     16,366    
assets and liabilities
Net cash flows from           13,641         15,160           (11,418   )     53,689    
operating activities
Capital expenditures          (1,488    )     (2,199    )       (2,386    )     (6,141    )
Redemptions and sales
of                            —               —                 25              225
auction-rate-securities
Issuances of common
stock, net of                 (64,025   )     6,514             (144,094  )     20,487
repurchases
Payments for
acquisitions, net of          (9,450    )     —                 (9,450    )     —
cash acquired
Proceeds from                 —               —                 73,381          —
divestitures, net
Other                         (4,249    )     (6,391    )       (5,471    )     (1,428    )
Net change in cash,
cash equivalents and          (65,571   )     13,084           (99,413   )     66,832    
short-term investments
Cash, cash equivalents
and short-term                321,375        315,164          355,217        261,416   
investments, beginning
of period
Cash, cash equivalents
and short-term                $ 255,804      $ 328,248        $ 255,804      $ 328,248 
investments, end of
period
                                                                                          
                                                                                          

SUPPLEMENTAL INFORMATION

Revenue from continuing operations by Type
                                                                                                           
(In                Q1 2012        Q2 2012        Q3 2012        Q4 2012        Q1 2013        Q2 2013        YTD 2013        YTD 2012
thousands)
License            $ 29,673       $ 20,506       $ 22,637       $ 33,810       $ 29,907       $ 29,347       $ 59,254        $ 50,179
Maintenance        50,165         51,350         50,285         50,891         51,456         50,419         101,875         101,515
Professional       2,633         2,272         1,449         1,941         2,370         1,939         4,309          4,905
services
Total              $ 82,471      $ 74,128      $ 74,371      $ 86,642      $ 83,733      $ 81,705      $ 165,438      $ 156,599
revenue
                                                                                                                             
Revenue from continuing operations by Region
                                                                                                                             
(In                Q1 2012        Q2 2012        Q3 2012        Q4 2012        Q1 2013        Q2 2013        YTD 2013        YTD 2012
thousands)
North              $ 36,742       $ 32,190       $ 34,548       $ 39,179       $ 39,309       $ 37,540       $ 76,849        $ 68,932
America
EMEA               33,508         30,689         28,155         33,214         32,548         33,481         66,029          64,197
Latin              7,386          6,660          6,905          7,384          6,822          6,526          13,348          14,046
America
Asia Pacific       4,835         4,589         4,763         6,865         5,054         4,158         9,212          9,424
Total              $ 82,471      $ 74,128      $ 74,371      $ 86,642      $ 83,733      $ 81,705      $ 165,438      $ 156,599
revenue
                                                                                                                               
                                                                                                                               

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
                                                   
                          Three Months Ended              Six Months Ended
(In thousands,            May 31,        May 31,          May 31,        May 31,
except per share          2013         2012             2013         2012
data)
GAAP income from          $ 14,386       $ 12,800         $ 30,179       $ 37,840
operations
GAAP operating            18       %     17       %       18       %     24       %
margin
Amortization of
acquired                  310            347              620            798
intangibles
Stock-based               4,981          4,581            9,470          9,299
compensation ^(1)
Restructuring             2,766          4,736            3,726          4,736
expenses
Acquisition-related       1,272          —                1,272          215
expenses
Litigation                —              —                —              900
settlement
Proxy
contest-related           —             2,766           —             3,238    
costs
Total operating           9,329         12,430          15,088        19,186   
adjustments
Non-GAAP income           $ 23,715      $ 25,230        $ 45,267      $ 57,026 
from operations
Non-GAAP operating        29       %     34       %       27       %     36       %
margin
                                                                         
GAAP income from
continuing                $ 8,142        $ 8,855          $ 17,955       $ 24,715
operations
Operating
adjustments (from         9,329          12,430           15,088         19,186
above)
Income tax                (2,464   )     (3,959   )       (4,169   )     (4,770   )
adjustment
Total income from
continuing                6,865         8,471           10,919        14,416   
operations
adjustments
Non-GAAP income
from continuing           $ 15,007      $ 17,326        $ 28,874      $ 39,131 
operations
                                                                         
GAAP diluted
earnings per share        $ 0.15         $ 0.14           $ 0.31         $ 0.39
from continuing
operations
Income from
continuing
operations                0.12          0.13            0.19          0.23     
adjustments (from
above)
Non-GAAP diluted
earnings per share        $ 0.27        $ 0.27          $ 0.50        $ 0.61   
from continuing
operations
                                                                         
Diluted weighted
average shares            55,736         63,051           57,244         63,641
outstanding
                                                                         
                                                                         
(1) Stock-based compensation is included in the GAAP statements of income, as
follows:
                                                                         
Cost of revenue           $ 158          $ 204            $ 367          $ 432
Sales and marketing       881            892              1,920          2,147
Product development       1,225          703              2,688          1,514
General and               2,717         2,782           4,495         5,206    
administrative
Stock-based
compensation from         $ 4,981       $ 4,581         $ 9,470       $ 9,299  
continuing
operations
                                                                                  
                                                                                  

                     Three Months Ended          Six Months Ended
(In thousands,          May 31,        May 31,        May 31,         May 31,
except per share        2013         2012           2013          2012
data)
GAAP costs of           $ 8,489        $ 8,610        $ 18,368        $ 17,165
revenue
GAAP operating          58,830        52,718        116,891        101,594
expenses
GAAP expenses           67,319        61,328        135,259        118,759
Operating
adjustments (from       9,329         12,430        15,088         19,186
above)
Non-GAAP expenses       $ 57,990      $ 48,898      $ 120,171      $ 99,573
                                                                        
                                                                        

SUPPLEMENTAL QUARTERLY INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME( (2))
                      
                          Three Months Ended
(In thousands,            February       August 31,     November       February
except per share          29,          2012         30,          28,
data)                     2012                          2012           2013
Revenue:
Software licenses         $ 29,673       $ 22,637       $ 33,810       $ 29,907
Maintenance and           52,798        51,734        52,832        53,826   
services
Total revenue             82,471        74,371        86,642        83,733   
Costs of revenue:
Cost of software          1,385          1,375          1,659          2,090
licenses
Cost of maintenance       6,925          7,974          7,865          7,650
and services
Amortization of
acquired                  244           139           138           139      
intangibles
Total costs of            8,554         9,488         9,662         9,879    
revenue
Gross profit              73,917        64,883        76,980        73,854   
Operating expenses:
Sales and marketing       22,742         24,970         31,753         28,642
Product development       10,312         12,631         11,113         13,622
General and               15,400         14,375         14,200         14,666
administrative
Amortization of
acquired                  207            207            198            171
intangibles
Restructuring             —              1,411          1,057          960
expenses
Acquisition-related       215           —             —             —        
expenses
Total operating           48,876        53,594        58,321        58,061   
expenses
Income from               25,041        11,289        18,659        15,793   
operations
Other (expense)           270           357           (680     )     (548     )
income, net
Income from
continuing                25,311        11,646        17,979        15,245   
operations before
income taxes
Provision for             9,450         3,902         5,485         5,432    
income taxes
Income from
continuing                15,861        7,744         12,494        9,813    
operations
Income (loss) from
discontinued              (8,372   )     (1,906   )     23,531        21,305   
operations, net
Net income                $ 7,489       $ 5,838       $ 36,025      $ 31,118 
                                                                       
Earnings per share:
Basic:
Continuing                $ 0.26         $ 0.12         $ 0.20         $ 0.17
operations
Discontinued              (0.13    )     (0.03    )     0.37          0.37     
operations
Net income per            $ 0.12        $ 0.09        0.57          $ 0.54   
share
Diluted:
Continuing                $ 0.25         $ 0.12         $ 0.20         $ 0.17
operations
Discontinued              (0.13    )     (0.03    )     0.37          0.36     
operations
Net income per            $ 0.12        $ 0.09        $ 0.57        $ 0.53   
share
Weighted average
shares outstanding:
Basic                     62,145         63,469         62,859         57,901
Diluted                   63,130         64,105         63,576         58,752
                                                                       
(2) As adjusted to reflect the classification of the Apama product line as
discontinued operations.



SUPPLEMENTAL QUARTERLY INFORMATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES( (2))
                      
                          Three Months Ended
(In thousands,            February       August 31,     November       February
except per share          29,          2012         30,          28,
data)                     2012                          2012           2013
GAAP income from          $ 25,041       $ 11,289       $ 18,659       $ 15,793
operations
GAAP operating            30       %     15       %     22       %     19       %
margin
Amortization of
acquired                  451            346            336            310
intangibles
Stock-based               4,718          4,759          4,103          4,489
compensation ^(3)
Restructuring             —              1,411          1,057          960
expenses
Acquisition-related       215            —              —              —
expenses
Litigation                900            —              —              —
settlement
Proxy
contest-related           472           21            —             —        
costs
Total operating           6,756         6,537         5,496         5,759    
adjustments
Non-GAAP income           $ 31,797      $ 17,826      $ 24,155      $ 21,552 
from operations
Non-GAAP operating        39       %     24       %     28       %     26       %
margin
                                                                       
GAAP income from
continuing                $ 15,861       $ 7,744        $ 12,494       $ 9,813
operations
Operating
adjustments (from         6,756          6,537          5,496          5,759
above)
Income tax                (811     )     (1,916   )     (2,027   )     (1,705   )
adjustment
Total income from
continuing                5,945         4,621         3,469         4,054    
operations
adjustments
Non-GAAP income
from continuing           $ 21,806      $ 12,365      $ 15,963      $ 13,867 
operations
                                                                       
GAAP diluted
earnings per share        $ 0.25         $ 0.12         $ 0.20         $ 0.17
from continuing
operations
Income from
continuing
operations                0.09          0.07          0.05          0.07     
adjustments (from
above)
Non-GAAP diluted
earnings per share        $ 0.35        $ 0.19        $ 0.25        $ 0.24   
from continuing
operations
                                                                       
Diluted weighted
average shares            63,130         64,105         63,576         58,752
outstanding
                                                                       
                                                                       
(3) Stock-based compensation is included in the GAAP statements of income, as
follows:
                                                                       
Cost of revenue           $ 228          $ 157          $ 145          $ 209
Sales and marketing       1,255          701            426            1,039
Product development       811            861            795            1,463
General and               2,424         3,040         2,737         1,778    
administrative
Stock-based
compensation from         $ 4,718       $ 4,759       $ 4,103       $ 4,489  
continuing
operations

                Three Months Ended
(In
thousands,         February 29,    August 31,      November     February
except per         2012              2012              30, 2012       28, 2013
share data)
GAAP costs         $  8,554          $  9,488          $ 9,662        $ 9,879
of revenue
GAAP
operating          48,876           53,594           58,321        58,061
expenses
GAAP               57,430           63,082           67,983        67,940
expenses
Operating
adjustments        6,756            6,537            5,496         5,759
(from above)
Non-GAAP           $  50,674        $  56,545        $ 62,487      $ 62,181
expenses
                                                                      
(2) As adjusted to reflect the classification of the Apama product line as
discontinued operations.

Contact:

Progress Software
Investor Contact:
Tom Barth, +1 781-280-4135
tobarth@progress.com
or
Press Contact:
Rick Lacroix, +1-781-280-4604
rlacroix@progress.com
 
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