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Progress Reports 2021 Fiscal Fourth Quarter and Year End Results

18/01/2022

Q4 and FY21 Revenue and EPS Significantly Ahead of Guidance

Integration of Kemp On Target as Acquisition Drives Projected Fiscal 2022 Revenue Growth

BEDFORD, Mass., Jan. 18, 2022 (GLOBE NEWSWIRE) -- Progress (NASDAQ: PRGS), the leading provider of products to develop, deploy and manage high-impact applications, today announced financial results for its fiscal fourth quarter and fiscal year ended November 30, 2021.

Fourth Quarter 2021 Highlights:

Revenue of $140.1 million increased 14% year-over-year on an actual currency basis and 15% year-over-year on a constant currency basis.

Non-GAAP revenue of $143.7 million increased 11% on both an actual currency basis and a constant currency basis.

Annualized Recurring Revenue (ARR) of $486 million increased 12% year-over-year on a constant currency basis.

Operating margin was 15% and Non-GAAP operating margin was 36%.

Diluted earnings per share was $0.33 compared to $0.39 in the same quarter last year, a decrease of 15%.

Non-GAAP diluted earnings per share was $0.92 compared to $0.91 in the same quarter last year, an increase of 1%.

Were very pleased with our performance throughout 2021, and especially our Q4 results that significantly beat our guidance for revenue and earnings, said Yogesh Gupta, CEO at Progress. Were also thrilled with the customer response and rapid integration pace of Kemp, whose acquisition we completed in November. As a leader in the Application Experience (AX) space, Kemp fits our total growth strategy perfectly, and the acquisition will enable us to drive significant value to our shareholders while bringing a very talented team to Progress that will contribute to our future success.

Additional financial highlights included(1):

Three Months Ended

GAAP Non-GAAP

(In thousands, except percentages and per share amounts) November 30, 2021 November 30, 2020 % Change November 30, 2021 November 30, 2020 % Change

Revenue $ 140,128 $ 122,385 14 % $ 143,725 $ 129,063 11 %

Income from operations $ 20,358 $ 18,514 10 % $ 51,627 $ 48,081 7 %

Operating margin 15 % 15 % - 36 % 37 % (100) bps

Net income $ 14,926 $ 17,661 (15) % $ 41,292 $ 41,118 - %

Diluted earnings per share $ 0.33 $ 0.39 (15) % $ 0.92 $ 0.91 1 %

Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP) $ 43,928 $ 42,762 3 % $ 42,447 $ 40,656 4 %

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

Other fiscal fourth quarter 2021 metrics and recent results included:

Cash, cash equivalents and short-term investments were $157.4 million at the end of the quarter.

DSO was 60 days compared to 54 days in the fiscal fourth quarter of 2020 and 54 days in the fiscal third quarter of 2021.

On January 10, 2022, our Board of Directors declared a quarterly dividend of $0.175 per share of common stock that will be paid on March 15, 2022 to shareholders of record as of the close of business on March 1, 2022.

On November 1, 2021, the company completed the acquisition of Kemp Technologies, Inc., a leader in the Application Experience space.

Q4 results were outstanding across every metric and were very pleased with such a strong close to our fiscal 2021, said Anthony Folger, CFO at Progress. As we begin to realize synergies from the acquisition of Kemp, we are very well positioned to deliver strong financial results in 2022 and beyond. We exit 2021 having grown our ARR by 12%, while at the same time, achieving Non-GAAP operating margins of over 40% for the second year in a row.

Full Year Results

Fiscal Year Ended

GAAP Non-GAAP

(In thousands, except percentages and per share amounts) November 30, 2021 November 30, 2020 % Change November 30, 2021 November 30, 2020 % Change

Revenue $ 531,313 $ 442,150 20 % $ 557,304 $ 456,212 22 %

Income from operations $ 116,102 $ 107,728 8 % $ 229,159 $ 182,761 25 %

Operating margin 22 % 24 % (200) bps 41 % 40 % 100 bps

Net income $ 78,420 $ 79,722 (2) % $ 172,886 $ 140,082 23 %

Diluted earnings per share $ 1.76 $ 1.76 - % $ 3.87 $ 3.09 25 %

Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP) $ 178,530 $ 144,847 23 % $ 179,395 $ 142,453 26 %

2022 Business Outlook

Progress provides the following guidance for the fiscal year ending November 30, 2022 and the fiscal first quarter ending February 28, 2022, together with actual results for the same periods in the fiscal year ending November 30, 2021:

FY 2022 Guidance FY 2021 Actual

(In millions, except percentages and per share amounts) FY 2022

GAAP FY 2022

Non-GAAP FY 2021

GAAP FY 2021

Non-GAAP

Revenue $597 - $607 $605 - $615 $ 531 $ 557

Diluted earnings per share $1.93 - $2.03 $3.95 - $4.05 $ 1.76 $ 3.87

Operating margin 21% 39% 22% 41%

Cash from operations (GAAP) /

Adjusted free cash flow (Non-GAAP) $188 - $193 $185 - $190 $ 179 $ 179

Effective tax rate 20 - 21% 20 - 21% 18% 20%

Q1 2022 Guidance Q1 2021 Actual

(In millions, except per share amounts) Q1 2022

GAAP Q1 2022

Non-GAAP Q1 2021

GAAP Q1 2021

Non-GAAP

Revenue $136 - $139 $139 - $142 $ 121 $ 132

Diluted earnings per share $0.32 - $0.34 $0.83 - $0.85 $ 0.42 $ 0.95

Based on current exchange rates, the expected negative currency
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