newprogresslogoa23.jpg
 
Exhibit 99.1


P R E S S A N N O U N C E M E N T
Investor Contact:
 
Press Contact:
Brian Flanagan
 
Erica McShane
Progress Software
 
Progress Software
+1 781 280 4817
 
+1 888 365 2779 (x3135)
flanagan@progress.com
 
erica.mcshane@progress.com

Progress Reports 2019 Fiscal Fourth Quarter and Year End Results

Exceeds Annual Guidance for Revenue, Achieves Record Cash Flows

Board of Directors Increases Share Repurchase Authorization to $250 Million


BEDFORD, MA, January 16, 2020 (GlobeNewswire) — Progress (NASDAQ: PRGS), the leading provider of application development and digital experience technologies, today announced results for its fiscal fourth quarter and fiscal year ended November 30, 2019.

On a GAAP basis, revenue was $117.0 million during the quarter compared to $98.1 million in the same quarter last year, a year-over-year increase of 19% on an actual currency basis and 21% on a constant currency basis. On a non-GAAP basis, revenue was $123.4 million during the quarter compared to $98.3 million in the same quarter last year, an increase of 26% on an actual currency basis and 27% on a constant currency basis.

On a GAAP basis, diluted loss per share during the quarter was $0.11 compared to diluted earnings per share of $0.19 in the same quarter last year, a decrease of 158%. On a non-GAAP basis, diluted earnings per share during the quarter was $0.79 compared to $0.54 in the same quarter last year, an increase of 46%.

“Our fourth quarter performance was very strong, allowing us to exceed both our revenue and EPS guidance for fiscal 2019," said Yogesh Gupta, CEO at Progress. "Once again, in Q4 we had a better-than-expected contribution from Ipswitch, our recent acquisition, further validating our focus on accretive M&A as our go-forward strategy. We look forward to continued momentum in 2020, as we execute on a strategic plan that will drive sustainable, long-term value for all shareholders.”

Additional financial highlights included(1):

 
Three Months Ended
 
GAAP
 
Non-GAAP
(In thousands, except percentages and per share amounts)
November 30, 2019
 
November 30, 2018
 
% Change
 
November 30, 2019
 
November 30, 2018
 
% Change
Revenue
$
117,038

 
$
98,103

 
19
 %
 
$
123,416

 
$
98,257

 
26
%
(Loss) income from operations
$
(6,026
)
 
$
11,029

 
(155
)%
 
$
47,285

 
$
30,975

 
53
%
Operating margin
(5
)%
 
11
%
 
(145
)%
 
38
%
 
32
%
 
19
%
Net (loss) income
$
(4,740
)
 
$
8,643

 
(155
)%
 
$
35,720

 
$
24,440

 
46
%
Diluted (loss) earnings per share
$
(0.11
)
 
$
0.19

 
(158
)%
 
$
0.79

 
$
0.54

 
46
%
Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP)
$
36,601

 
$
24,327

 
50
 %
 
$
36,705

 
$
23,232

 
58
%
(1)The Company adopted the new accounting standard related to revenue recognition ("ASC 606") effective December 1, 2018, using the full retrospective method. Prior period results have been adjusted to reflect the adoption of this standard.


1

The following information was filed by Progress Software Corp Ma (PRGS) on Thursday, January 16, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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