Business
Progress Reports 2020 Fiscal Fourth Quarter and Year End Results
Solid Execution Drove Growth and Operating LeverageAcquisition of Chef Bolsters Position in DevOps Market and Drives Fiscal 2021 Revenue Growth BEDFORD,
About this update from Progress Software Corporation
[{"type":"text","content":"Solid Execution Drove Growth and Operating LeverageAcquisition of Chef Bolsters Position in DevOps Market and Drives Fiscal 2021 Revenue Growth BEDFORD, Mass., Jan. 14, 2021 (GLOBE NEWSWIRE) -- Progress (NASDAQ: PRGS), the leading provider of products to develop, deploy and manage high-impact business applications, today announced results for its fiscal fourth quarter and fiscal year ended November 30, 2020. Fourth Quarter 2020 Highlights: Revenue of $122.4 million increased 5% year-over-year on an actual currency basis, and 4% on a constant currency basis.Non-GAAP revenue of $129.1 million increased 5% on an actual currency basis, and 4% constant currency basis.Operating margin was 15% and Non-GAAP operating margin was 37%.Diluted earnings per share was $0.39 compared to diluted loss per share of $0.11 in the same quarter last year.Non-GAAP diluted earnings per share was $0.91 compared to $0.79 in the same quarter last year, an increase of 15%.On October 5, 2020, the company completed the acquisition of Chef Software, a global leader in the growing DevOps and DevSecOps markets. “I am thrilled with our results both for the fourth quarter and the full year 2020 and believe they reflect the durability of our business and our success in executing our total growth strategy,” said Yogesh Gupta, CEO at Progress. “Chef extends our long-standing leadership position in the developer ecosystem, we are very pleased with the customer response and the rapid pace of the integration. The investments we’ve made to bolster our M&A capabilities, combined with the large, fragmented and growing DevOps market opportunity, position us well to execute on our total growth strategy for years to come, enabling us to deliver sustained shareholder value.” Additional financial highlights included: Three Months Ended GAAP Non-GAAP(In thousands, except percentages and per share amounts)November 30,2020 November 30, 2019 Change November 30,2020 November 30,2019 ChangeRevenue$122,385 $117,038 5% $129,063 $123,416 5%Income (loss) from operations$18,514 $(6,026) * $48,081 $47,285 2%Operating margin15% (5)% * 37% 38% (100) bpsNet income (loss)$17,661 $(4,740) * $41,118 $35,720 15%Diluted earnings (loss) per share$0.39 $(0.11) * $0.91 $0.79 15%Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP)$42,762 $36,601 17% $40,656 $36,705 11% *Not meaningful Othe...