Exhibit 99.1


Progress Reports 2020 Fiscal Fourth Quarter and Year End Results

Solid Execution Drove Growth and Operating Leverage
Acquisition of Chef Bolsters Position in DevOps Market and Drives Fiscal 2021 Revenue Growth

BEDFORD, Mass, January 14, 2021 (GlobeNewswire)
— 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
(In thousands, except percentages and per share amounts)November 30, 2020November 30, 2019ChangeNovember 30, 2020November 30, 2019Change
Revenue$122,385 $117,038 %$129,063 $123,416 %
Income (loss) from operations$18,514 $(6,026)*$48,081 $47,285 %
Operating margin15 %(5)%*37 %38 %(100) bps
Net 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

Other fiscal fourth quarter 2020 metrics and recent results included:

Cash, cash equivalents and short-term investments were $106.0 million at the end of the quarter.
DSO was 54 days, compared to 56 days in the fiscal fourth quarter of 2019 and 49 days in the fiscal third quarter of 2020.

The following information was filed by Progress Software Corp Ma (PRGS) on Thursday, January 14, 2021 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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