Exhibit 99.1


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
(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.

The following information was filed by Progress Software Corp Ma (PRGS) on Tuesday, September 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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