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
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
05/06/2026
Built from the same recordings as flagship library
Sonuscore's LUX Orchestral Strings has been met with widespread praise since its launch in late 2025,...
05/06/2026
High-end converter, interface & headphone amp upgraded
Said to represent the next evolution of RME's all-in-one reference converter concept, the all-new...
05/06/2026
Win a Soundgas Type 636P & Type G preamps
Soundgas, one of the UK's leading vintage and boutique audio equipment specialists have just announced the lau...
05/06/2026
New leadership of Technology Systems Division at Rohde & Schwarz On July 1, 2026, Hansj rg Herrbold and Andreas H gele will take over as Executive Vice Presid...
05/06/2026
Hitachi and Intel announced a strategic collaboration to explore opportunities t...
05/06/2026
MRI-Simmons and S&P Global Mobility are expanding advanced audience capabilities...
05/06/2026
New Nielsen data shows insurance ad spend grew 11%, while consumers remain highl...
05/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/06/2026
ASG Promotes Joe Marchitto to Western Regional CTO
Brie Clayton June 5, 2026
0 Comments
Appointment to Support Engineering Alignment and Client Experi...
05/06/2026
Stargate Studios Colombia Uses DaVinci Resolve Studio for Vertical Microdramas
Brie Clayton June 5, 2026
0 Comments
End to end post in one platform al...
05/06/2026
People Need to Come First When We Use AI
Andy Marken June 5, 2026
0 Comments
It's just surviving. Life's very existence requires destruction....
05/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/06/2026
Frequency, the engine powering many of the world's leading streaming television channels, today announced the launch of In-Scene Advertising, a new monetiza...
05/06/2026
Berklee Study Reveals Video Has Become Essential to Music Careers Survey findings show social platforms have become the primary source of music for video cont...
05/06/2026
RT Radio 1 Folk Awards to take place on Tuesday 10th November 2026, Vicar Street, Dublin
Moya Brennan, D nal Lunny, Mary Black and Christy Moore among previou...
04/06/2026
Sony Electronics is introducing the SRG-AS10, a 4K 60p-compatible PTZ auto-frami...
04/06/2026
This recent grad from Spring, TX, led creative-video output for the Aggies' men's basketball team last season and has been producing video and creating ...
04/06/2026
For the first time at a women's golf major, every player in the field will r...
04/06/2026
Three Panasonic PT-RQ45 40,000-lumen 3-Chip DLP projectors made their first live...
04/06/2026
Bitmovin and Akamai have announced a collaboration with NRJ Group, a French mult...
04/06/2026
Telestream will exhibit at InfoComm 2026 (Booth N7952), demonstrating media work...
04/06/2026
Sony has announced the development of RIALTO 65, a 65mm format image sensor block for the VENICE 2 digital cinema camera, targeting release in the first half of...
04/06/2026
KOKUSAI DENKI Electric America will exhibit at InfoComm 2026 (Booth N8025, June ...
04/06/2026
Bell Media's TSN and RDS are the exclusive Canadian broadcasters of FIFA Wor...
04/06/2026
The Challenge: Receiving Heavy Media Files From Road Games Quickly and ReliablyT...
04/06/2026
MASV, a managed file transfer platform used in broadcast and live sports product...
04/06/2026
NESN has announced the appointment of Fahad Haider as Vice President of Operations and Engineering. Haider returns to NESN, where he previously served as Vice P...
04/06/2026
David J. Halberstam, who spent almost 50 years in sports as a broadcaster and an executive, died June 2 after a years-long battle with brain cancer.
Over his l...
04/06/2026
Although collegiate production programs are tasked with delivering high-quality ...
04/06/2026
California studio, two production trucks, global distribution system are combine...
04/06/2026
New global program empowers and supports storytellers through scriptwriting course and access to industry experts
TikTok and Sundance Institute today announce...
04/06/2026
Steinberg DAWs now boast in-depth Tonalic integration
Celemony's innovative virtual session musician plug-in has just received an update that brings ARA...
04/06/2026
Get Hands-On With Over 20 Mic Brands
GearExpo UK is fast approaching, and if you've been looking for a chance to check out some new mics, then you'r...
04/06/2026
Combos feature new Amplifier Intelligence engine
Positive Grid's latest release sees the company introduce two new combo amplifiers that promise to offe...
04/06/2026
Is Your Job Making You Work this June?
4 June, 2026
Media releases
SBS Launches the World Cup Watchers' Rights Association to Stand Up For Australians&...
04/06/2026
Statement regarding unauthorised use of SBS logos on third party social content
4 June, 2026
Media releases
SBS has become aware of social media posts in c...
04/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
04/06/2026
Bitmovin, a leading provider of video streaming infrastructure, and Akamai, the cybersecurity and cloud computing company that powers and protects business onli...
Q4 and FY21 Revenue and EPS Significantly Ahead of Guidance
