Progress Software Corp Ma (PRGS) 10-Q Quarterly Report April 2021

— Progress (NASDAQ: PRGS), the leading provider of products to develop, deploy and manage high-impact business applications, today announced financial results for its fiscal first quarter ended February 28, 2021.

First Quarter 2021 Highlights:

•Revenue of $121.3 million increased 11% year-over-year on an actual currency basis, and 9% on a constant currency basis.

•Non-GAAP revenue of $131.8 million increased 16% on an actual currency basis, and 14% on a constant currency basis.

•Annualized Recurring Revenue (ARR) of $432 million increased 22% year-over-year on a constant currency basis with growth primarily driven by the acquisition of Chef Software.

•Operating margin was 23% and Non-GAAP operating margin was 43%.

•Diluted earnings per share was $0.42 compared to $0.46 in the same quarter last year, a decrease of 9%.

•Non-GAAP diluted earnings per share was $0.95 compared to $0.76 in the same quarter last year, an increase of 25%.

“The first quarter marked an excellent start to 2021 highlighted by better-than-expected growth on both the top and bottom line” said Yogesh Gupta, CEO at Progress. “Our performance was stronger than expected across virtually all product lines and all of our key metrics. I am especially proud of the continued hard work and dedication of our entire organization and our first quarter results position us well as we continue to execute our total growth strategy.”

Additional financial highlights included(1):


	Three Months Ended
	GAAP								Non-GAAP
(In thousands, except percentages and per share amounts)	February 28, 2021			February 29, 2020			% Change		February 28, 2021			February 29, 2020			% Change
Revenue	$	121,280		$	109,683		11	%	$	131,784		$	113,762		16	%
Income from operations	$	27,416		$	30,712		(11)	%	$	56,657		$	47,973		18	%
Operating margin	23		%	28		%	(500) bps		43		%	42		%	100 bps
Net income	$	18,961		$	21,116		(10)	%	$	42,504		$	34,703		22	%
Diluted earnings per share	$	0.42		$	0.46		(9)	%	$	0.95		$	0.76		25	%
Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP)	$	44,688		$	33,016		35	%	$	46,515		$	33,297		40	%

(1)See Legal Notice Regarding Non-GAAP Financial Information

Other fiscal first quarter 2021 metrics and recent results included:

•Cash, cash equivalents and short-term investments were $114.4 million at the end of the quarter;

•DSO was 53 days compared to 49 days in the fiscal first quarter of 2020 and 54 days in the fiscal fourth quarter of 2020;

•Pursuant to the $250 million share authorization by the Board of Directors, Progress repurchased 0.4 million shares for $15.0 million during the first fiscal quarter of 2021. As of February 28, 2021, there was $175.0 million remaining under this authorization; and

•On March 23, 2021, our Board of Directors declared a quarterly dividend of $0.175 per share of common stock that will be paid on June 15, 2021 to shareholders of record as of the close of business on June 1, 2021.

The following information was filed by Progress Software Corp Ma (PRGS) on Thursday, March 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Progress Software Corp Ma's 10-Q Quarterly Report:

Revenue - Geography Highlight
This is a result of a lower foreign currency loss due to lower costs of forward points on our outstanding forward contracts and lower interest expense due to declining interest rates.

Financial - Dividend Highlight
We began paying quarterly cash dividends of $0.125 per share of common stock to Progress stockholders in December 2016 and increased the quarterly cash dividend in fiscal years 2017, 2018 and 2019.
Financial - Dividend Highlight
Dividends We began paying quarterly cash dividends of $0.125 per share of common stock to Progress stockholders in December 2016 and increased the quarterly cash dividend to $0.14 per share in September 2017.
Financial - Dividend Highlight
In September 2018, the quarterly cash dividend was increased to $0.155 per share of common stock.
Financial - Dividend Highlight
On September 23, 2020, our Board of Directors approved an additional 6% increase to our quarterly cash dividend from $0.165 to $0.175 per share of common stock.
Financial - Dividend
On September 24, 2019, our...Read more
Financial - Dividend
On September 23, 2020, our...Read more
Other - Other
COVID-19 has disrupted the business...Read more
M & A - Other
(9) Delay or failure to...Read more
Financial - Expense
Product Development Product development expenses...Read more
Financial - Shares
Share Repurchase Program In January...Read more
Other - Other
The key tenets of our...Read more
Financial - Expense
29 Amortization of Intangibles Amortization...Read more
Revenue - Product
Maintenance and Services Revenue Maintenance...Read more
Financial - Shares
In January 2020, our Board...Read more
M & A - Other
These acquisitions must meet strict...Read more
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As a result, changes in...Read more
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We are also required to...Read more
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We expect to incur additional...Read more
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Data Connectivity and Integration revenue...Read more
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The credit facility matures on...Read more
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For example, if the local...Read more
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Annual Recurring Revenue (ARR) Beginning...Read more
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Application Development and Deployment revenue...Read more
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Other (Expense) Income, Net Other...Read more
Revenue - Product
Revenue in Latin America decreased...Read more
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Revenue by Segment Revenue in...Read more
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In furtherance of our acquisition...Read more
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Gross Profit Our gross profit...Read more
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For further information regarding risks...Read more
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27 Results of Operations Revenue...Read more
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ARR does not have any...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Progress Software Corp Ma provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: PRGS
CIK: 876167
Form Type: 10-Q Quarterly Report
Accession Number: 0000876167-21-000073
Submitted to the SEC: Mon Apr 05 2021 4:28:59 PM EST
Accepted by the SEC: Mon Apr 05 2021
Period: Sunday, February 28, 2021
Industry: Prepackaged Software

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