Progre Software Reports 05 Fiscal Four Quarter and Year End Results

January 12, 2016

Progress Software Reports 2015 Fiscal Fourth Quarter and Year End Results BEDFORD, Mass.--(BUSINESS WIRE)-- Progress (NASDAQ: PRGS), a global software company that simplifies and enables the development, deployment and management of business applications, today announced results for its fiscal fourth quarter and fiscal year ended November 30, 2015.

Revenue in the quarter was $112.7 million compared to $97.9 million in the same quarter last year, a year over year increase of 15% on an actual currency basis and 21% on a constant currency basis. On a non-GAAP basis, revenue was $115.4 million compared to $97.9 million in the same quarter last year, an increase of 18% on an actual currency basis and 24% on a constant currency basis.

Additional financial highlights included:

On a GAAP basis in the fiscal fourth quarter of 2015:

Revenue was $112.7 million compared to $97.9 million in the same quarter in fiscal year 2014;

Income from operations was $20.1 million compared to $27.0 million in the same quarter last year;

Net loss was $9.5 million compared to net income of $14.5 million in the same quarter last year;

Diluted loss per share was $0.19 compared to diluted earnings per share of $0.28 in the same quarter last year; and

Cash from operations was $27.6 million compared to $39.2 million in the same quarter in fiscal year 2014.

On a non-GAAP basis in the fiscal fourth quarter of 2015:

Revenue was $115.4 million compared to $97.9 million in the same quarter last year;

Income from operations was $40.5 million compared to $38.0 million in the same quarter last year;

Operating margin was 35% compared to 39% in the same quarter last year;

Net income was $27.3 million compared to $24.1 million in the same quarter last year;

Diluted earnings per share was $0.53 compared to $0.47 in the same quarter last year; and

Adjusted free cash flow was $28.7 million compared to $38.3 million in the same quarter last year.

In FY2015 we achieved revenue growth in every business segment, said Phil Pead, President and CEO of Progress. In the fourth quarter, we achieved record bookings for our Telerik products, positioning us well for FY2016, and both OpenEdge and our data business showed solid growth.

Other fiscal fourth quarter 2015 metrics and recent results included:

Cash, cash equivalents and short-term investments were $241.3 million; and

DSO from continuing operations was 52 days, compared to 54 days in the fiscal third quarter of 2015 and 63 days in the fiscal fourth quarter of 2014.

Full Year Results

On a GAAP basis in the fiscal year 2015:

Revenue was $377.6 million compared to $332.5 million in fiscal year 2014;

Income from operations was $14.8 million compared to $80.7 million in the prior fiscal year;

Net loss was $8.8 million compared to net income of $49.5 million in the prior fiscal year;

Diluted loss per share was $0.17 compared to diluted earnings per share of $0.96 in the prior fiscal year; and

Cash from operations was $104.5 million compared to $107.7 million in the prior fiscal year.

On a non-GAAP basis in the fiscal year 2015:

Revenue was $412.4 million compared to $332.5 million in fiscal year 2014;

Income from operations was $120.4 million compared to $117.4 million in fiscal year 2014;

Operating margin was 29% compared to 35% in the prior fiscal year;

Net income was $80.6 million compared to $77.9 million in the prior fiscal year;

Diluted earnings per share was $1.58 compared to $1.51 in the prior fiscal year; and

Adjusted free cash flow was $102.0 million compared to $99.0 million in the prior fiscal year.

2016 Business Outlook

Progresss fiscal 2016 financial guidance is based on current exchange rates. The negative currency translation impact on Progresss fiscal year 2016 business outlook compared to 2015 exchange rates is approximately $7.0 million on non-GAAP revenue and $0.02 to $0.03 on non-GAAP earnings per share. The negative currency translation impact on Progresss fiscal Q1 2016 business outlook compared to 2015 exchange rates is approximately $3.0 million to $4.0 million on non-GAAP revenue and $0.01 to $0.02 on non-GAAP earnings per share. To the extent that there are further changes in exchange rates versus the current environment, this may have an additional impact on Progresss business outlook.

Progress Software provides the following guidance for the fiscal year ending November 30, 2016:

Non-GAAP revenue is expected to be between $427 million and $433 million;

Non-GAAP earnings per share is expected to be between $1.59 and $1.65;

Non-GAAP operating margin is expected to be between 29% and 30%;

Adjusted free cash flow is expected to be between $97 million and $102 million; and

Non-GAAP effective tax rate is expected to be approximately 33%.

Progress Software provides the following guidance for the first fiscal quarter ending February 29, 2016:

Non-GAAP revenue is expected to be between $92 million and $94 million; and

Non-GAAP earnings per share is expected to be between $0.27 and $0.29.

Conference Call

The Progress quarterly investor conference call to review its fiscal fourth quarter of 2015 will be broadcast live at 5:00 p.m. ET on Tuesday, January 12, 2016 and can be accessed on the investor relations section of the companys website, located at www.progress.com. Additionally, you can listen to the call by telephone by dialing 1-877-719-9799, pass code 242101. The conference call will include brief 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 conference call.

Legal Notice Regarding Non-GAAP Financial Information

Progress provides non-GAAP financial information as additional information for investors. T

LINK:	http://investors.progress.com/releasedetail.cfm?ReleaseID=950042...
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