Business
Progress Announces Third Quarter 2020 Financial Results
Revenue Above Top End of Guidance Range Pending Acquisition of Chef Supports Long-Term Growth Strategy BEDFORD, Mass., Sept. 29, 2020 (GLOBE NEWSWIRE) --
About this update from Progress Software Corporation
[{"type":"text","content":"Revenue Above Top End of Guidance Range Pending Acquisition of Chef Supports Long-Term Growth Strategy\n BEDFORD, Mass., Sept. 29, 2020 (GLOBE NEWSWIRE) -- Progress (NASDAQ: PRGS), the leading provider of application development and digital experience technologies, today announced financial results for its fiscal third quarter ended August 31, 2020, which are consistent with the preliminary results it announced on September 8, 2020. Third Quarter 2020 Highlights: Revenue of $109.7 million increased 3% year-over-year on an actual and constant currency basis.Non-GAAP revenue of $110.9 million decreased 4% on an actual and constant currency basis.Operating margin was 30% and Non-GAAP operating margin was 42%.Diluted earnings per share was $0.53 compared to $0.30 in the same quarter last year, an increase of 77%. Non-GAAP diluted earnings per share was $0.78 compared to $0.75 in the same quarter last year, an increase of 4%.On September 8, 2020, we announced a definitive agreement to acquire Chef Software, a global leader in the growing Dev Ops and DevSecOps markets. “I am very pleased with our financial and operating results in the third quarter,” said Yogesh Gupta, CEO at Progress. “We delivered results that were above the top end of our guidance range and raised our 2020 outlook for revenue and Non-GAAP earnings per share. Our success in Q3 was driven by the incredible work and dedication of our employees under the challenging circumstances created by the continuing COVID-19 crisis. In addition, we are excited about our pending acquisition of Chef, which demonstrates continued execution of our growth strategy, and our closing and integration plans are moving forward as planned.” Additional financial highlights included: Three Months Ended GAAP Non-GAAP(In thousands, except percentages and per share amounts)August 31, 2020 August 31, 2019 % Change August 31, 2020 August 31, 2019 % ChangeRevenue$109,699 $106,716 3% $110,882 $115,521 (4)%Income from operations$33,193 $15,960 108% $47,117 $45,835 3 %Operating margin30% 15% 100% 42% 40% 5 %Net income$23,977 $13,557 77% $35,605 $33,849 5 %Diluted earnings per share$0.53 $0.30 77% $0.78 $0.75 4 %Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP)$31,112 $26,766 16% $30,101 $27,394 10 % Other fiscal third quarter 2020 metrics and recent results included: Cash, cash equivalent...