Progress Announces Third Quarter 2021 Financial Results – Yahoo Finance

Q3 Revenue and EPS Significantly Ahead of GuidanceFull Year 2021 Guidance Raised Again

BEDFORD, Mass., Sept. 23, 2021 (GLOBE NEWSWIRE) -- Progress (NASDAQ: PRGS), the leading provider of products to develop, deploy and manage high-impact business applications, today announced financial results for its fiscal third quarter ended August 31, 2021.

Third Quarter 2021 Highlights:

Revenue of $147.4 million increased 34% year-over-year on an actual currency basis, and 33% on a constant currency basis.

Non-GAAP revenue of $152.6 million increased 38% on an actual currency basis, and 36% on a constant currency basis.

Annualized Recurring Revenue (ARR) of $444 million increased 25% year-over-year on a constant currency basis.

Operating margin was 31% and Non-GAAP operating margin was 47%.

Diluted earnings per share was $0.70 compared to $0.53 in the same quarter last year, an increase of 32%.

Non-GAAP diluted earnings per share was $1.18 compared to $0.78 in the same quarter last year, an increase of 51%.

Were very pleased to announce Q3 results that significantly beat our previous guidance for revenue and earnings, and were raising 2021 guidance for the third time this year, said Yogesh Gupta, CEO at Progress. We also announced the signing of a definitive agreement to acquire Kemp, a leader in the Application Experience (AX) space. Kemp meets all our acquisition criteria, fits perfectly with our total growth strategy, and brings a very talented team to Progress.

Additional financial highlights included(1):

Three Months Ended

GAAP

Non-GAAP

(In thousands, except percentages and per share amounts)

August 31,2021

August 31,2020

%Change

August 31,2021

August 31,2020

%Change

Revenue

$

147,417

$

109,699

34

%

$

152,597

$

110,882

38

%

Income from operations

$

46,046

$

33,193

39

%

$

71,163

$

47,117

51

%

Operating margin

31

%

30

%

100 bps

47

%

42

%

500 bps

Net income

$

30,976

$

23,977

29

%

$

52,577

$

35,605

48

%

Diluted earnings per share

$

0.70

$

0.53

32

%

$

1.18

$

0.78

51

%

Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP)

$

35,224

$

31,112

13

%

$

35,022

$

30,101

16

%

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

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Other fiscal third quarter 2021 metrics and recent results included:

Excerpt from:

Progress Announces Third Quarter 2021 Financial Results - Yahoo Finance