Q3 Revenue and EPS Significantly Ahead of Guidance
Full 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%.
We're very pleased to announce Q3 results that significantly beat our previous guidance for revenue and earnings, and we're 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
Other fiscal third quarter 2021 metrics and recent results included:
Cash, cash equivalents and short-term investments were $383.7 million at the end of the quarter.
DSO was 54 days compared to 49 days in the fiscal third quarter of 2020 and 44 days in the fiscal second quarter of 2021.
On September 21, 2021, our Board of Directors declared a quarterly dividend of $0.175 per share of common stock that will be paid on December 15, 2021 to shareholders of record as of the close of business on December 1, 2021.
On September 23, 2021, we announced a definitive agreement to acquire Kemp Technologies, a leader in the Application Experience space, for $258 million in cash.
Anthony Folger, CFO, said: Q3 results were outstanding across every metric and our confidence in our business is reflected in the increased outlook for 2021. In addition to our strong financial results and outlook, we continued to execute our total growth strategy while remaining disciplined with the acquisition of Kemp, a deal that positions us exceptionally well for 2022 and beyond.
2021 Business Outlook
Progress provides the following guidance for the fiscal year ending November 30, 2021 and the fiscal fourth quarter ending November 30, 2021:
Updated FY 2021 Guidance
(September 23, 2021) Prior FY 2021 Guidance
(June 24, 2021)
(In millions, except percentages and per share amounts) GAAP Non-GAAP GAAP Non-GAAP
Revenue $520 - $524 $548 - $552 $503 - $509 $529 - $535
Diluted earnings per share $1.56 - $1.58 $3.68 - $3.70 $1.51 - $1.55 $3.46 - $3.50
Operating margin 21% 40% 21% 39%
Cash from operations (GAAP) /
Adjusted free cash flow (Non-GAAP) $168 - $172 $168 - $172 $160 - $164 $158 - $162
Effective tax rate 20% - 21% 20% - 21% 20% - 21% 20% - 21%
Q4 2021 Guidance
(In millions, except per share amounts) GAAP Non-GAAP
Revenue $129 - $133 $134 - $138
Diluted earnings per share $0.13 - $0.15 $0.73 - $0.75
Based on current exchange rates, the expected positive currency translation impact on Progress' fiscal year 2021 business outlook compared to 2020 exchange rates is approximately $6.8 million on GAAP and non-GAAP revenue, and approximately $0.04 on GAAP and non-GAAP diluted earnings per share. The expected positive currency translation impact on Progress' fiscal Q4 2021 business outlook compared to 2020 exchange rates on GAAP and non-GAAP revenue is approximately $0.6 million. The expected positive impact on GAAP and non-GAAP diluted Q4 2021 earnings per share is $0.01. To the extent that there are changes in exchange rates versus the current environment, this may have an impact on Progress' business outlook.
Conference Call
Progress will hold a conference call to review its financial results for the fiscal third quarter of 2021 at 5:00 p.m. ET on Thursday, September 23, 2021. The call can be accessed on the investor relations section of the company's website, located at www.progress.com. Additionally, you can listen to the call by telephone by dialing 800-773-2954 or 1 847-413-3731, passcode 50220857. The conference call will include comments followed by questions and answers. An archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live
North America Stories
20/04/2024
Video Games Round Out the Entertainment Package
Andy Marken April 19, 2024
0 Comments
By this, I take it you think everybody is who they say they are...
20/04/2024
With the Bears picking first, NBCUniversal Local's properties in Chicago plan extensive coverage of the NFL draft next week....
20/04/2024
Fox Sports said it hired two veteran advertising sales executives, with Jen Durda and Kathy Lydon both named VP....
20/04/2024
Daytime fans got a sneak peek at nominations for the 51st annual Daytime Emmys, with the National Academy of Television Arts and Sciences (NATAS) announcing the...
20/04/2024
DAZN is launching its Run It Up, its first multi-sports original vodcast, or video podcast, and a set of micro-podcasts ahead of the Devin Haney-Ryan Garcia fig...
20/04/2024
David Zaslav, CEO of troubled Warner Bros. Discovery, got a 27% increase in total compensation for 2023....
20/04/2024
New copper-catalyzed C-H activation strategy from Scripps Research Two-mode reactions inspired by human detox enzymes offer powerful new tools for drug discover...
19/04/2024
PARK CITY, UTAH - JANUARY 18: (L-R) John Early and Theda Hammel attend the 2024 Sundance Film Festival Stress Positions premiere at Library Center Theatre on ...
19/04/2024
By Lucy Spicer
One of the most exciting things about the Sundance Film Festival...
19/04/2024
Pictured: Midnight Family
By Stephanie Ornelas
A great way to get to know a city as culturally unique and rich as Mexico City is to listen to the stories tol...
19/04/2024
St. Louis, MO - April 18, 2024 - Studio Network Solutions (SNS) announced today that MOD won three prestigious industry awards at NAB Show 2024 held this week i...
19/04/2024
MELBOURNE, Fla., April 19, 2024 - The Board of Directors of L3Harris Technologies (NYSE:LHX) declared a quarterly cash dividend of $1.16 per common share, payab...
19/04/2024
PARIS Intel has announced that its plans for the Olympic and Paralympic Games Paris 2024 will include using artificial intelligence technology powered by Intel ...
19/04/2024
LAS VEGAS Technologists working on all aspects of the 8K media production chain offered an optimistic update at the 2024 NAB Show on the state of 8K in video pr...
19/04/2024
OpenDrives New Software-Defined Platform Atlas Wins 2024 NAB Show Product of the...
19/04/2024
Grass Valley Showcases Next-Generation T3 Series 4K/HD Digital Recording and Pla...
19/04/2024
NiTRo's M-CUBE Studio Levels Up Esports Productions with AJA Gear
Brie Clayton April 19, 2024
0 Comments
Esports' rapid rise to popularity can...
19/04/2024
Blackmagic Design Announces DaVinci Resolve 19
Brie Clayton April 19, 2024
0 Comments
Major update adds new DaVinci Neural Engine AI tools, new color ...
19/04/2024
Sony Pictures Entertainment is reportedly in talks with Apollo Global Management to make a bid to acquire Paramount which itself is currently discussing a merge...
19/04/2024
CBS Stations has launched CBS News California Investigates , with Julie Watts named regional CBS California correspondent. She will uncover and raise awarenes...
19/04/2024
MediaCo Holding, which owns radio stations WQHT (Hot 97) and WBLS in New York, said it acquired Estrella Media's Spanish-language video, audio and digital c...
19/04/2024
Netflix has ordered season five of fantasy drama The Witcher, which will be the final season. Production has recently begun on season four, and the two remainin...
19/04/2024
DirecTV Stream said it added eight more The CW affiliates to its lineup on Thursday....
19/04/2024
CBS has renewed Elsbeth for the 2024-2025 season. The drama, with Carrie Preston in the lead role, debuted February 29....
19/04/2024
With the Bears picking first, NBCUniversal Local's properties in Chicago plan extensive coverage of the NFL draft next week....
19/04/2024
PHILADELPHIA As government subsidies for broadband services come to an end, Comcast has launched NOW, a new product portfolio of lower-cost Internet, mobile and...
19/04/2024
DirecTV Stream has added more local CW stations for its streaming customers in Boston, Charlotte, Cincinnati, Cleveland, Hartford-New Haven Conn., Phoenix, San ...
19/04/2024
NEW YORK & LOS ANGELES MediaCo Holding Inc. has announced that it has acquired all of Estrella Media's network, content, digital, and commercial operations....
19/04/2024
SAN JOSE, Calif. Adobe has announced that the all-new Adobe Express mobile app is available to all users, bringing features powered by Adobe Firefly generative ...
19/04/2024
LOS GATOS, Calif. Netflix reported another blockbuster quarter by adding 9.33 million new subscribers in Q1, 2024 as global paid memberships hit 269.6 million, ...
19/04/2024
The Current State of the Industry and the Future Impact of AI
Hillary Lewis April 18, 2024
0 Comments
The Entertainment Industry: How did we get here ...
19/04/2024
After Effects Tutorial Text Blur Reveal
Andy Ford April 18, 2024
0 Comments
Here's a way to do a quick blur reveal for your text layer. Start by...
19/04/2024
Hollyland Mars M1 Enhanced Wireless Transmitter / Receiver
Colin Smith April 18, 2024
0 Comments
This tutorial shows the new wireless transmitter rece...
19/04/2024
Resolve Fusion: Writing Expressions with Lua
Simon Ubsdell April 18, 2024
0 Comments
The answer to the very frequently-asked question: what is the pro...
19/04/2024
B+C and Next TV have announced the winners of Best of Show Awards for the 2024 NAB Show. The awards were judged by a panel of industry experts at the convention...
19/04/2024
Cate Blanchett narrates the Netflix series Our Living World, which premieres April 17. The four-part series looks at the extraordinary creatures around the glob...
19/04/2024
Apple TV Plus has a spinoff of For All Mankind in the works. It is called Star City and details the cosmonauts, engineers and intelligence officers working behi...
19/04/2024
Jacquie Walker, longtime anchor at WIVB Buffalo, will step down from the anchor desk. She has spent over 40 years at WIVB and her last day as an anchor is May 2...
19/04/2024
Bob Hearts Abishola will premiere in broadcast syndication this fall on such station groups as Nexstar Media Group, Sinclair, Hearst Television, Tegna, E.W. Scr...
19/04/2024
Live With Kelly and Mark remains TV's top entertainment talk show as Kelly Ripa and her co-host and husband Mark Consuelo celebrate their one-year anniversa...
19/04/2024
Sean McLaughlin has been named VP of news for Graham Media Group. He had been senior VP of local news at E.W. Scripps. He will will be responsible for developi...
19/04/2024
Netflix has shared the first trailer from One Hundred Years of Solitude, a series based on the esteemed novel by Gabriel Garc a M rquez. The streamer is on boar...
19/04/2024
NAB 2024 in Review: West Hall - SportsTech Buzz From AWS, Appear, Ateme, The Swi...
19/04/2024
NAB 2024 Draws 61,000+ Attendees With More Than Half Attending the Show for the ...
19/04/2024
Back to All News
Fryshuset and Netflix Collaborate to Support Tomorrows Talent ...
19/04/2024
By Craig Anderton
Impact XT can launch clips, which is great for songwriting (see the blog post Songwriting with Impact XT). But few people realize that Impact...
18/04/2024
ORANGE COUNTY, Va., April 18, 2024 - L3Harris Technologies [NYSE:LHX] has entered into an agreement with Orange County, Virginia, to fund the expansion and mode...
18/04/2024
L3Harris Sky Warden multi-mission aircraft, equipped with the WESCAM MX-15 and WESCAM MX-20 EO/IR sensor systems, was selected for USSOCOMs Armed Overwatch prog...
Q3 Revenue and EPS Significantly Ahead of Guidance
