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Exhibit 99.1

P R E S S A N N O U N C E M E N T

Progress Announces Third Quarter 2020 Financial Results

Revenue Above Top End of Guidance Range
Pending Acquisition of Chef Supports Long-Term Growth Strategy

BEDFORD, MA, September 29, 2020 (GlobeNewswire) — 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
GAAPNon-GAAP
(In thousands, except percentages and per share amounts)August 31, 2020August 31, 2019% ChangeAugust 31, 2020August 31, 2019% Change
Revenue$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 equivalents and short-term investments were $230.1 million at the end of the quarter;
DSO was 49 days compared to 53 days in the fiscal third quarter of 2019 and 47 days in the fiscal second quarter of 2020; and
On September 22, 2020, our Board of Directors declared a quarterly dividend of $0.175 per share of common stock that will be paid on December 15, 2020 to shareholders of record as of the close of business on December 1, 2020. This represents an increase of 6% to the Company's quarterly dividend.

Anthony Folger, CFO, said: “Our strong financial results for the third quarter were delivered against the backdrop of a major global pandemic, demonstrating the durability of our business model and disciplined approach to investing in our operations.
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With more than $230 million in cash at the end of the quarter and a net leverage ratio of 0.3X, we are well positioned to continue to execute our strategy, support our core business and increase our quarterly dividend for the third straight year.”

2020 Business Outlook

Progress provides the following updated guidance for the fiscal year ending November 30, 2020 and the fiscal fourth quarter ending November 30, 2020, which, in the case of the guidance for the fiscal year ending November 30, 2020, is consistent with the preliminary guidance it provided on September 8, 2020:
Prior FY 2020 Guidance
(June 25, 2020)
Updated FY 2020 Guidance
(September 29, 2020)
(In millions, except percentages and per share amounts)
GAAP

Non-GAAP

GAAP

Non-GAAP
Revenue$425 - $435$433 - $443$438 - $442$452 - $456
Diluted earnings per share$1.81 - $1.85$2.82 - $2.86$1.63 - $1.66$2.94 - $2.97
Operating margin27%40%24%40%
Cash from operations (GAAP) /
Adjusted free cash flow (Non-GAAP)
$129 - $139$125 - $135$138 - $143$135 - $140
Effective tax rate22 %21 %21 %20 %
Q4 2020 Guidance
(In millions, except per share amounts)
GAAP

Non-GAAP
Revenue$119 - $123$125 - $129
Diluted earnings per share$0.26 - $0.29$0.76 - $0.79

The expected economic impact of the COVID-19 crisis on our current 2020 business outlook is a reduction of approximately $8 to $11 million on GAAP and non-GAAP revenue, and an increase of approximately $0.03 to $0.05 on GAAP and non-GAAP earnings per share.

The expected contribution resulting from the acquisition of Chef on our current 2020 business outlook is approximately $5 to $7 million of GAAP revenue and $10 to $12 million of non-GAAP revenue, and a negative impact of $0.27 to $0.31 to GAAP earnings per share and $0.00 to $0.04 to non-GAAP earnings per share.

Based on current exchange rates, the expected negative currency translation impact on Progress' fiscal year 2020 business outlook compared to 2019 exchange rates is approximately $1.3 million on GAAP and non-GAAP revenue, and approximately $0.02 on GAAP and non-GAAP diluted earnings per share. The expected positive currency translation impact on Progress' fiscal Q4 2020 business outlook compared to 2019 exchange rates on GAAP and non-GAAP revenue is approximately $1.0 million. The expected impact on Q4 2020 earnings per share is not meaningful. To the extent that there are changes in exchange rates versus the current environment, this may have an impact on Progress' business outlook.

Conference Call

Progress will hold a conference call to review its financial results for the fiscal third quarter of 2020 at 5:00 p.m. ET on Tuesday, September 29, 2020. The call can be accessed 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 888-204-4368 or 323-994-2093, passcode 7969757. The conference call will include comments followed by questions and answers. An archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live conference call.

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Legal Notice Regarding Non-GAAP Financial Information

Progress 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 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.  A reconciliation of non-GAAP adjustments to the company's GAAP financial results is included in the tables below and is available on the Progress website at www.progress.com within the investor relations section. Additional information regarding the company's non-GAAP financial information is contained in the company's Current Report on Form 8-K furnished to the Securities and Exchange Commission in connection with this press release, which is also available on the Progress website 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' business outlook and financial guidance. 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) Economic, geopolitical and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price. (2) We may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, or a decline in our renewal rates for contracts. (3) Our ability to successfully manage transitions to new business models and markets, including an increased emphasis on a cloud and subscription strategy, may not be successful. (4) If we are unable to develop new or sufficiently differentiated products and services, or to enhance and improve our existing products and services in a timely manner to meet market demand, partners and customers may not purchase new software licenses or subscriptions or purchase or renew support contracts. (5) We depend upon our extensive partner channel and we may not be successful in retaining or expanding our relationships with channel partners. (6) Our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses. (7) If the security measures for our software, services or other offerings are compromised or subject to a successful cyber-attack, or if such offerings contain significant coding or configuration errors, we may experience reputational harm, legal claims and financial exposure. (8) We have made acquisitions, and may make acquisitions in the future, including our pending acquisition of Chef, and those acquisitions may not be successful, may involve unanticipated costs or other integration issues or may disrupt our existing operations. (9) Delay or failure to consummate the proposed acquisition of Chef or to realize the expected synergies and benefits of the acquisition could negatively impact our future results of operations and financial condition; (10) The coronavirus disease (COVID-19) outbreak and the impact it could have on our employees, customers, partners, and the global financial markets could adversely affect our business, results of operations and financial condition. For further information regarding risks and uncertainties associated with Progress' business, please refer to Progress' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended November 30, 2019. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.
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About Progress

Progress (NASDAQ: PRGS) offers the leading platform for developing and deploying strategic business applications. We enable customers and partners to deliver modern, high-impact digital experiences with a fraction of the effort, time and cost. Progress offers powerful tools for easily building adaptive user experiences across any type of device or touchpoint, the flexibility of a cloud-native app dev platform to deliver modern apps, leading data connectivity technology, web content management, business rules, secure file transfer, network monitoring, plus award-winning machine learning that enables cognitive capabilities to be a part of any application. Over 1,700 independent software vendors, 100,000 enterprise customers, and two million developers rely on Progress to power their applications. Learn about Progress at www.progress.com or +1-800-477-6473.

Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.
Investor Contact:Press Contact:
Garo ToomajanianErica McShane
Progress SoftwareProgress Software
+1 781 280 4817+1 781 280 4000
Investor-Relations@progress.comPR@progress.com

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months EndedNine Months Ended
(In thousands, except per share data)August 31, 2020August 31, 2019% ChangeAugust 31, 2020August 31, 2019% Change
Revenue:
Software licenses$27,514 $30,686 (10)%$77,806 $83,216 (7)%
Maintenance and services82,185 76,030 8 %241,959 213,044 14 %
Total revenue109,699 106,716 3 %319,765 296,260 8 %
Costs of revenue:
Cost of software licenses1,103 1,204 (8)%3,302 3,296  %
Cost of maintenance and services11,971 12,163 (2)%35,607 32,182 11 %
Amortization of acquired intangibles1,664 7,458 (78)%4,974 18,997 (74)%
Total costs of revenue14,738 20,825 (29)%43,883 54,475 (19)%
Gross profit94,961 85,891 11 %275,882 241,785 14 %
Operating expenses:
Sales and marketing22,186 25,177 (12)%68,100 72,332 (6)%
Product development20,676 23,126 (11)%64,117 64,704 (1)%
General and administrative13,514 13,506  %38,702 38,445 1 %
Amortization of acquired intangibles4,176 7,068 (41)%12,484 14,841 (16)%
Restructuring expenses91 801 (89)%1,826 3,993 (54)%
Acquisition-related expenses1,125 253 345 %1,439 1,360 6 %
Total operating expenses61,768 69,931 (12)%186,668 195,675 (5)%
Income from operations33,193 15,960 108 %89,214 46,110 93 %
Other expense, net(2,962)(3,718)20 %(9,206)(8,038)(15)%
Income before income taxes30,231 12,242 147 %80,008 38,072 110 %
Provision for income taxes6,254 (1,315)(576)%17,947 6,932 159 %
Net income$23,977 $13,557 77 %$62,061 $31,140 99 %
Earnings per share:
Basic$0.53 $0.30 77 %$1.38 $0.70 97 %
Diluted$0.53 $0.30 77 %$1.37 $0.69 99 %
Weighted average shares outstanding:
Basic45,036 44,716 1 %44,941 44,761  %
Diluted45,364 45,303  %45,382 45,292  %
Cash dividends declared per common share$0.165 $0.155 6 %$0.495 $0.465 6 %
*Not meaningful
Stock-based compensation is included in the condensed consolidated statements of operations, as follows:
Cost of revenue$322 $317 2 %$979 $811 21 %
Sales and marketing1,035 968 7 %3,195 3,205  %
Product development1,693 1,529 11 %5,518 5,393 2 %
General and administrative2,635 2,676 (2)%7,667 8,002 (4)%
Total$5,685 $5,490 4 %$17,359 $17,411  %

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CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
(In thousands)August 31,
2020
November 30,
2019
Assets
Current assets:
Cash, cash equivalents and short-term investments$230,119 $173,685 
Accounts receivable, net60,463 72,820 
Unbilled receivables and contract assets13,967 10,880 
Other current assets15,657 27,280 
Total current assets320,206 284,665 
Long-term unbilled receivables and contract assets8,740 12,492 
Property and equipment, net28,111 29,765 
Goodwill and intangible assets, net513,798 532,216 
Right-of-use lease assets24,011  
Other assets24,602 22,133 
Total assets$919,468 $881,271 
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and other current liabilities$53,554 $72,674 
Current portion of long-term debt, net16,361 10,717 
Short-term lease liability6,271  
Short-term deferred revenue151,505 157,494 
Total current liabilities227,691 240,885 
Long-term debt, net271,261 284,002 
Long-term lease liability19,442  
Long-term deferred revenue19,851 19,752 
Other long-term liabilities13,057 6,350 
Shareholders’ equity:
Common stock and additional paid-in capital311,342 295,953 
Retained earnings56,824 34,329 
Total shareholders’ equity368,166 330,282 
Total liabilities and shareholders’ equity$919,468 $881,271 


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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)  
 Three Months EndedNine Months Ended
(In thousands)August 31,
2020
August 31,
2019
August 31,
2020
August 31,
2019
Cash flows from operating activities:
Net income$23,977 $13,557 $62,061 $31,140 
Depreciation and amortization7,480 16,822 22,721 40,160 
Stock-based compensation5,685 5,490 17,359 17,411 
Other non-cash adjustments655 743 8,311 (5,695)
Changes in operating assets and liabilities(6,685)(9,846)(8,367)8,867 
Net cash flows from operating activities31,112 26,766 102,085 91,883 
Capital expenditures(1,662)(750)(3,419)(1,830)
Issuances of common stock, net of repurchases1,719 2,044 (10,973)(18,653)
Dividend payments to shareholders(7,452)(6,933)(22,358)(20,819)
Payments for acquisitions, net of cash acquired   (225,298)
Proceeds from the issuance of debt, net of payment of issuance costs   183,373 
Proceeds from sale of property, plant and equipment, net   6,146 
Payments of principal on long-term debt(3,763)(1,880)(7,525)(3,427)
Other6,520 (2,403)(1,376)(5,491)
Net change in cash, cash equivalents and short-term investments26,474 16,844 56,434 5,884 
Cash, cash equivalents and short-term investments, beginning of period203,645 128,553 173,685 139,513 
Cash, cash equivalents and short-term investments, end of period$230,119 $145,397 $230,119 $145,397 





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RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES - THIRD QUARTER
(Unaudited)
 Three Months Ended% Change
(In thousands, except per share data)August 31, 2020August 31, 2019Non-GAAP
Adjusted revenue:
GAAP revenue$109,699 $106,716 
Acquisition-related revenue(1)
1,183 8,805 
Non-GAAP revenue$110,882 100 %$115,521 100 %(4)%
Adjusted income from operations:
GAAP income from operations$33,193 30 %$15,960 15 %
Amortization of acquired intangibles5,840 5 %14,526 13 %
Restructuring expenses and other91  %801 1 %
Stock-based compensation5,685 5 %5,490 4 %
Acquisition-related revenue(1) and expenses
2,308 2 %9,058 7 %
Non-GAAP income from operations$47,117 42 %$45,835 40 %3 %
Adjusted net income:
GAAP net income$23,977 22 %$13,557 13 %
Amortization of acquired intangibles5,840 5 %14,526 13 %
Restructuring expenses and other91  %801 1 %
Stock-based compensation5,685 5 %5,490 4 %
Acquisition-related revenue(1) and expenses
2,308 2 %9,058 7 %
Provision for income taxes(2,296)(2)%(9,583)(9)%
Non-GAAP net income$35,605 32 %$33,849 29 %5 %
Adjusted diluted earnings per share:
GAAP diluted earnings per share$0.53 $0.30 
Amortization of acquired intangibles0.12 0.32 
Restructuring expenses and other 0.02 
Stock-based compensation0.13 0.12 
Acquisition-related revenue(1) and expenses
0.05 0.20 
Provision for income taxes(0.05)(0.21)
Non-GAAP diluted earnings per share$0.78 $0.75 4 %
Non-GAAP weighted avg shares outstanding - diluted45,364 45,303  %
(1)Acquisition-related revenue constitutes revenue reflected as pre-acquisition deferred revenue that would otherwise have been recognized but for the purchase accounting treatment of acquisitions. Since GAAP accounting requires the elimination of this revenue, GAAP results alone do not fully capture all of our economic activities. Acquisition-related revenue adjustments relate to Progress' OpenEdge business segment for Ipswitch.
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RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES - YEAR TO DATE
(Unaudited)
 Nine Months Ended% Change
(In thousands, except per share data)August 31, 2020August 31, 2019Non-GAAP
Adjusted revenue:
GAAP revenue$319,765 $296,260 
Acquisition-related revenue(1)
7,384 12,285 
Non-GAAP revenue$327,149 100 %$308,545 100 %6 %
Adjusted income from operations:
GAAP income from operations$89,214 28 %$46,110 16 %
Amortization of acquired intangibles17,458 5 %33,838 11 %
Restructuring expenses and other1,826  %3,969 1 %
Stock-based compensation17,359 5 %17,411 5 %
Acquisition-related revenue(1) and expenses
8,823 3 %13,645 4 %
Non-GAAP income from operations$134,680 41 %$114,973 37 %17 %
Adjusted net income:
GAAP net income$62,061 19 %$31,140 11 %
Amortization of acquired intangibles17,458 5 %33,838 11 %
Restructuring expenses and other1,826  %3,969 1 %
Stock-based compensation17,359 5 %17,411 5 %
Acquisition-related revenue(1) and expenses
8,823 3 %13,645 4 %
Provision for income taxes(8,563)(2)%(13,978)(4)%
Non-GAAP net income$98,964 30 %$86,025 28 %15 %
Adjusted diluted earnings per share:
GAAP diluted earnings per share$1.37 $0.69 
Amortization of acquired intangibles0.38 0.75 
Restructuring expenses and other0.04 0.09 
Stock-based compensation0.39 0.38 
Acquisition-related revenue(1) and expenses
0.19 0.30 
Provision for income taxes(0.19)(0.31)
Non-GAAP diluted earnings per share$2.18 $1.90 15 %
Non-GAAP weighted avg shares outstanding - diluted45,382 45,292  %
(1)Acquisition-related revenue constitutes revenue reflected as pre-acquisition deferred revenue that would otherwise have been recognized but for the purchase accounting treatment of acquisitions. Since GAAP accounting requires the elimination of this revenue, GAAP results alone do not fully capture all of our economic activities. Acquisition-related revenue adjustments relate to Progress' OpenEdge business segment for Ipswitch.
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OTHER NON-GAAP FINANCIAL MEASURES
(Unaudited)
Quarter to Date Adjusted Free Cash Flow
(In thousands)Q3 2020Q3 2019% Change
Cash flows from operations$31,112 $26,766 16 %
Purchases of property and equipment(1,662)(750)122 %
Free cash flow29,450 26,016 13 %
Add back: restructuring payments651 1,378 (53)%
Adjusted free cash flow$30,101 $27,394 10 %
Year to Date Adjusted Free Cash Flow
(In thousands)YTD 2020YTD Q3 2019% Change
Cash flows from operations$102,085 $91,883 11 %
Purchases of property and equipment(3,419)(1,830)87 %
Free cash flow98,666 90,053 10 %
Add back: restructuring payments3,131 2,135 47 %
Adjusted free cash flow$101,797 $92,188 10 %
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RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2020 GUIDANCE
(Unaudited)
Fiscal Year 2020 Updated Revenue Guidance
Fiscal Year EndedFiscal Year Ending
November 30, 2019November 30, 2020
(In millions)Low% ChangeHigh% Change
GAAP revenue$413.3 $438.3 6 %$442.3 7 %
Acquisition-related adjustments - revenue(1)
18.7 13.7 (27)%13.7 (27)%
Non-GAAP revenue$432.0 $452.0 5 %$456.0 6 %
(1)Acquisition-related revenue constitutes revenue reflected as pre-acquisition deferred revenue that would otherwise have been recognized but for the purchase accounting treatment of acquisitions. Since GAAP accounting requires the elimination of this revenue, GAAP results alone do not fully capture all of our economic activities. Acquisition-related revenue adjustments relate to Progress' OpenEdge business segment for Ipswitch and Progress’ Application Development and Deployment segment for Chef.                                

Fiscal Year 2020 Updated Non-GAAP Operating Margin Guidance
Fiscal Year Ending November 30, 2020
(In millions)LowHigh
GAAP income from operations$105.8 $107.4 
GAAP operating margins24 %24 %
Acquisition-related revenue13.7 13.7 
Acquisition-related expense1.9 1.9 
Restructuring expense7.5 7.5 
Stock-based compensation23.4 23.4 
Amortization of acquired intangibles26.6 26.6 
Total adjustments(2)
73.1 73.1 
Non-GAAP income from operations$178.9 $180.5 
Non-GAAP operating margin40 %40 %
(2)Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from Chef and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Fiscal Year 2020 Updated Non-GAAP Earnings per Share and Effective Tax Rate Guidance
Fiscal Year Ending November 30, 2020
(In millions, except per share data)LowHigh
GAAP net income$74.2 $75.4 
Adjustments (from previous table)73.1 73.1 
Income tax adjustment(3)
(13.7)(13.7)
Non-GAAP net income$133.6 $134.8 
GAAP diluted earnings per share$1.63 $1.66 
Non-GAAP diluted earnings per share$2.94 $2.97 
Diluted weighted average shares outstanding45.4 45.4 
(3)Tax adjustment is based on a non-GAAP effective tax rate of approximately 20% for Low and High, calculated as follows:
Non-GAAP income from operations$178.9 $180.5 
Other (expense) income(11.9)(11.9)
Non-GAAP income from continuing operations before income taxes167.0 168.6 
Non-GAAP net income133.6 134.8 
Tax provision$33.4 $33.8 
Non-GAAP tax rate20 %20 %
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RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2020 GUIDANCE
(Unaudited)
Fiscal Year 2020 Adjusted Free Cash Flow Guidance
Fiscal Year Ending November 30, 2020
(In millions)LowHigh
Cash flows from operations (GAAP)$138 $143 
Purchases of property and equipment(7)(7)
Add back: restructuring payments4 4 
Adjusted free cash flow (non-GAAP)$135 $140 

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RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q4 2020 GUIDANCE
(Unaudited)
Q4 2020 Revenue Guidance
Three Months EndedThree Months Ending
November 30, 2019November 30, 2020
(In millions)Low% ChangeHigh% Change
GAAP revenue$117 $118.6 1 %$122.6 5 %
Acquisition-related adjustments - revenue(1)
6.4 6.3 (2)%6.3 (2)%
Non-GAAP revenue$123.4 $124.9 1 %$128.9 4 %
(1)Acquisition-related revenue constitutes revenue reflected as pre-acquisition deferred revenue that would otherwise have been recognized but for the purchase accounting treatment of acquisitions. Since GAAP accounting requires the elimination of this revenue, GAAP results alone do not fully capture all of our economic activities. Acquisition-related revenue adjustments relate to Progress' OpenEdge business segment for Ipswitch and Progress’ Application Development and Deployment segment for Chef.

Q4 2020 Non-GAAP Earnings per Share Guidance
Three Months Ending November 30, 2020
LowHigh
GAAP diluted earnings per share$0.26 $0.29 
Acquisition-related revenue0.14 0.14 
Acquisition-related expense0.01 0.01 
Restructuring expense0.13 0.13 
Stock-based compensation0.13 0.13 
Amortization of acquired intangibles0.20 0.20 
Total adjustments(2)
0.61 0.61 
Income tax adjustment(0.11)(0.11)
Non-GAAP diluted earnings per share$0.76 $0.79 
(2)Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from Chef and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

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Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
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Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
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Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

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FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
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Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
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Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

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Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
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Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

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Financial Ratios
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