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Progress Software Reports 2014 Fiscal Second Quarter Results

Progress Software Corporation (NASDAQ:PRGS), a global software company that simplifies and enables the development, deployment and management of business applications, today announced results for its fiscal second quarter ended May 31, 2014.

Revenue from continuing operations was $80.8 million compared to $81.7 million in the same quarter last year, a year over year decrease of 1% on an actual currency basis and 2% on a constant currency basis.

Additional financial highlights included:

On a GAAP basis in the fiscal second quarter of 2014:

  • Income from operations was $20.3 million compared to $14.4 million in the same quarter last year;
  • Income from continuing operations was $12.8 million compared to $8.1 million in the same quarter last year;
  • Net income was $12.8 million compared to $3.9 million in the same quarter last year; and
  • Diluted earnings per share from continuing operations was $0.25 compared to $0.15 in the same quarter last year.

On a non-GAAP basis in the fiscal second quarter of 2014:

  • Income from operations was $28.4 million compared to $23.7 million in the same quarter last year;
  • Operating margin was 35% compared to 29% in the same quarter last year;
  • Income from continuing operations was $19.2 million compared to $15.0 million in the same quarter last year; and
  • Diluted earnings per share from continuing operations was $0.37 compared to $0.27 in the same quarter last year.

Phil Pead, CEO at Progress, said, “We are pleased with our second quarter performance. Progress continues to add new features and functionality to its core products while also introducing new offerings, such as comprehensive mobile app development capabilities in our Pacific PaaS platform. We are also very excited about the new opportunities and innovative technologies that our Modulus acquisition provides as we broaden our cloud, hybrid and on-premise offerings.”

Other fiscal second quarter 2014 metrics and recent results included:

  • Cash, cash equivalents and short-term investments were $226.6 million;
  • Cash inflows from operations were $17.1 million compared to cash inflows from operations of $13.6 million in the same quarter in fiscal year 2013;
  • DSO was 65 days, compared to 71 days in the fiscal first quarter of 2014; and
  • Under the previously announced authorization by the Board of Directors to repurchase up to $100 million of common stock, the company has repurchased 1.6 million shares for $35.0 million as of May 31, 2014.

In addition, during the second quarter of fiscal year 2014, Progress acquired Cincinnati, Ohio-based Modulus LLC, a privately-held company that provides a platform-as-a-service (PaaS) for easily hosting, deploying, scaling and monitoring data-intensive, real-time applications using powerful, rapidly growing Node.js and MongoDB technologies. Also during the quarter, Progress announced the release of Easyl, our latest product offering included in our Pacific platform.

Business Outlook

Progress Software provides the following updated guidance for the fiscal year ending November 30, 2014:

  • Revenue is expected to be between $331 million and $338 million;
  • Non-GAAP earnings per share is expected to be between $1.38 and $1.45;
  • Non-GAAP operating margin is expected to be between 33% and 34%;
  • Free cash flow is expected to be between $79 million and $83 million; and
  • Non-GAAP effective tax rate is expected to be 33%.

Progress Software provides the following guidance for the third fiscal quarter ending August 31, 2014:

  • Revenue is expected to be between $78 million and $81 million; and
  • Non-GAAP earnings per share is expected to be between $0.32 and $0.35.

Free cash flow is equal to cash flows from operating activities less purchases of property and equipment and capitalized software development costs.

Conference Call

The Progress Software quarterly investor conference call to review its fiscal second quarter of 2014 will be broadcast live at 5:00 p.m. ET on Thursday, June 26, 2014 and 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 1-888-455-2296, pass code 5822388. 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 Software website within the investor relations section after the live conference call.

Legal Notice Regarding Non-GAAP Financial Information

Progress Software provides non-GAAP financial information as additional information for investors. These non-GAAP measures are not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). Progress Software believes that the non-GAAP results described in this release are useful for an understanding of its ongoing operations and provide additional detail and an alternative method of assessing its operating results. Management uses these non-GAAP results to compare the company's performance to that of prior periods for analysis of trends and for budget and planning purposes. A reconciliation of non-GAAP adjustments to the company's GAAP financial results is included in the tables below. Additional information regarding the company's non-GAAP financial information is contained in the company's Current Report on Form 8-K furnished to the Securities and Exchange Commission in connection with this press release, which is available on the Progress website at www.progress.com within the investor relations section.

Note Regarding Forward-Looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,”“expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates.

Forward-looking statements in this press release include, but are not limited to, statements regarding Progress's strategic plan; future revenue growth, operating margin and cost savings; product development, strategic partnering and marketing initiatives; the growth rates of certain markets; and other statements regarding the future operation, direction and success of Progress's business. There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation:

(1) Market acceptance of Progress’s strategy and product development initiatives; (2) pricing pressures and the competitive environment in the software industry and Platform-as-a-Service market; (3) Progress's ability to successfully manage transitions to new business models and markets, including an increased emphasis on a cloud and subscription strategy; (4) Progress's ability to make acquisitions and to realize the expected benefits and anticipated synergies from such acquisitions; (5) the continuing uncertainty in the U.S. and international economies, which could result in fewer sales of Progress's products and may otherwise harm Progress's business; (6) business and consumer use of the Internet and the continuing adoption of Cloud technologies; (7) the receipt and shipment of new orders; (8) Progress's ability to expand its relationships with channel partners and to manage the interaction of channel partners with its direct sales force; (9) the timely release of enhancements to Progress's products and customer acceptance of new products; (10) the positioning of Progress's products in its existing and new markets; (11) variations in the demand for professional services and technical support; (12) Progress's ability to penetrate international markets and manage its international operations; and (13) changes in exchange rates. For further information regarding risks and uncertainties associated with Progress's business, please refer to Progress's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended November 30, 2013. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

Progress Software Corporation

Progress Software Corporation (NASDAQ: PRGS) is a global software company that simplifies the development, deployment and management of business applications on-premise or in the cloud, on any platform or device, to any data source, with enhanced performance, minimal IT complexity and low total cost of ownership. Progress Software can be reached at www.progress.com or 1-781-280-4000.

Progress is a trademark or registered trademarks of Progress Software Corporation or one of its subsidiaries or affiliates in the U.S. and other countries. Any other trademarks contained herein are the property of their respective owners.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

           
Three Months Ended Six Months Ended
(In thousands, except per share data) May 31, 2014     May 31, 2013     % Change May 31, 2014     May 31, 2013     % Change
Revenue:
Software licenses $ 27,988 $ 29,347 (5 )% $ 50,252 $ 59,254 (15 )%
Maintenance and services 52,839   52,358   1 % 105,113   106,184   (1 )%
Total revenue 80,827   81,705   (1 )% 155,365   165,438   (6 )%
Costs of revenue:
Cost of software licenses 1,139 1,356 (16 )% 3,146 3,446 (9 )%
Cost of maintenance and services 5,709 6,990 (18 )% 11,054 14,640 (24 )%
Amortization of acquired intangibles 530   143   271 % 1,059   282   276 %
Total costs of revenue 7,378   8,489   (13 )% 15,259   18,368   (17 )%
Gross profit 73,449   73,216   % 140,106   147,070   (5 )%
Operating expenses:
Sales and marketing 24,359 25,890 (6 )% 48,868 54,532 (10 )%
Product development 15,480 14,671 6 % 30,593 28,293 8 %
General and administrative 11,428 14,064 (19 )% 23,155 28,730 (19 )%
Amortization of acquired intangibles 148 167 (11 )% 312 338 (8 )%
Restructuring expenses 124 2,766 (96 )% 320 3,726 (91 )%
Acquisition-related expenses 1,630   1,272   28 % 2,576   1,272   103 %
Total operating expenses 53,169   58,830   (10 )% 105,824   116,891   (9 )%
Income from operations 20,280   14,386   41 % 34,282   30,179   14 %
Other income (expense), net (129 ) (292 ) 56 % (123 ) (840 ) 85 %
Income from continuing operations before income taxes 20,151   14,094   43 % 34,159   29,339   16 %
Provision for income taxes 7,352   5,952   24 % 10,260   11,384   (10 )%
Income from continuing operations 12,799   8,142   57 % 23,899   17,955   33 %
Income (loss) from discontinued operations, net   (4,232 ) 100 %   17,073   (100 )%
Net income $ 12,799   $ 3,910   227 % $ 23,899   $ 35,028   (32 )%
 
Earnings per share:
Basic:
Continuing operations $ 0.25 $ 0.15 67 % $ 0.47 $ 0.32 47 %
Discontinued operations   (0.08 ) 100 %   0.30   (100 )%
Net income per share $ 0.25   $ 0.07   257 % $ 0.47   $ 0.62   (24 )%
Diluted:
Continuing operations $ 0.25 $ 0.15 67 % $ 0.46 $ 0.31 48 %
Discontinued operations   (0.08 ) 100 %   0.30   (100 )%
Net income per share $ 0.25   $ 0.07   257 % $ 0.46   $ 0.61   (25 )%
Weighted average shares outstanding:
Basic 51,049 54,919 (7 )% 51,271 56,410 (9 )%
Diluted 51,673 55,736 (7 )% 51,919 57,244 (9 )%
 

CONDENSED CONSOLIDATED BALANCE SHEETS

         
(In thousands) May 31,
2014

November 30,
2013

Assets
Current assets:
Cash, cash equivalents and short-term investments $ 226,576 $ 231,440
Accounts receivable, net 58,023 66,784
Other current assets 36,508   39,587
Total current assets 321,107   337,811
Property and equipment, net 59,865 57,030
Goodwill and intangible assets, net 246,771 234,236
Other assets 45,606   53,110
Total assets $ 673,349   $ 682,187
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and other current liabilities $ 51,746 $ 68,186
Short-term deferred revenue 98,413   96,393
Total current liabilities 150,159   164,579
Long-term deferred revenue 2,533 1,144
Other long-term liabilities 2,131 2,810
Shareholders’ equity:
Common stock and additional paid-in capital 200,003 205,307
Retained earnings 318,523   308,347
Total shareholders’ equity 518,526   513,654
Total liabilities and shareholders’ equity $ 673,349   $ 682,187
 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

         
Three Months Ended Six Months Ended
(In thousands) May 31,
2014
  May 31,
2013
May 31,
2014
  May 31,
2013
Cash flows from operating activities:
Net income $ 12,799 $ 3,910 $ 23,899 $ 35,028
Depreciation and amortization 3,573 4,076 7,047 7,477
Stock-based compensation 5,709 5,881 11,254 10,787
Net gains on sales of dispositions (35,106 )
Other non-cash adjustments 1,866 726 375 (2,201 )
Changes in operating assets and liabilities (6,831 ) (952 ) (35 ) (27,403 )
Net cash flows from operating activities 17,116   13,641   42,540   (11,418 )
Capital expenditures (1,519 ) (1,488 ) (8,037 ) (2,386 )
Redemptions and sales of auction-rate-securities 25
Issuances of common stock, net of repurchases (22,196 ) (64,025 ) (28,095 ) (144,094 )
Payments of acquisitions, net of cash acquired (12,493 ) (9,450 ) (12,493 ) (9,450 )
Proceeds from divestitures, net 3,300 73,381
Other (2,381 ) (4,249 ) (2,079 ) (5,471 )
Net change in cash, cash equivalents and short-term investments (21,473 ) (65,571 ) (4,864 ) (99,413 )
Cash, cash equivalents and short-term investments, beginning of period 248,049   321,375   231,440   355,217  
Cash, cash equivalents and short-term investments, end of period $ 226,576   $ 255,804   $ 226,576   $ 255,804  
 

SUPPLEMENTAL INFORMATION

         
Revenue from continuing operations by Type
         
(In thousands) Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 YTD 2014 YTD 2013
License $ 29,907 $ 29,347 $ 25,666 $ 37,392 $ 22,264 $ 27,988 $ 50,252 $ 59,254
Maintenance 51,456 50,419 49,752 51,230 50,181 50,305 100,486 101,875
Professional services 2,370   1,939   2,160   2,358   2,093   2,534   4,627   4,309
Total revenue $ 83,733   $ 81,705   $ 77,578   $ 90,980   $ 74,538   $ 80,827   $ 155,365   $ 165,438
 
Revenue from continuing operations by Region
 
(In thousands) Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 YTD 2014 YTD 2013
North America $ 39,310 $ 37,540 $ 34,596 $ 42,833 $ 34,586 $ 36,827 $ 71,413 $ 76,850
EMEA 32,548 33,481 32,315 35,256 29,315 33,698 63,013 66,029
Latin America 6,822 6,526 5,496 6,526 5,108 5,703 10,811 13,348
Asia Pacific 5,053   4,158   5,171   6,365   5,529   4,599   10,128   9,211
Total revenue $ 83,733   $ 81,705   $ 77,578   $ 90,980   $ 74,538   $ 80,827   $ 155,365   $ 165,438
 

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

         
Three Months Ended Six Months Ended
(In thousands, except per share data) May 31,
2014
  May 31,
2013
May 31,
2014
  May 31,
2013
GAAP income from operations $ 20,280 $ 14,386 $ 34,282 $ 30,179
GAAP operating margin 25 % 18 % 22 % 18 %
Amortization of acquired intangibles 678 310 1,371 620
Stock-based compensation (1) 5,709 4,981 11,254 9,470
Restructuring expenses 124 2,766 320 3,726
Acquisition-related expenses 1,630   1,272   2,576   1,272  
Total operating adjustments 8,141   9,329   15,521   15,088  
Non-GAAP income from operations $ 28,421   $ 23,715   $ 49,803   $ 45,267  
Non-GAAP operating margin 35 % 29 % 32 % 27 %
 
GAAP income from continuing operations $ 12,799 $ 8,142 $ 23,899 $ 17,955
Operating adjustments (from above) 8,141 9,329 15,521 15,088
Income tax adjustment (1,711 ) (2,464 ) (5,638 ) (4,169 )
Total income from continuing operations adjustments 6,430   6,865   9,883   10,919  
Non-GAAP income from continuing operations $ 19,229   $ 15,007   $ 33,782   $ 28,874  
 
GAAP diluted earnings per share from continuing operations $ 0.25 $ 0.15 $ 0.46 $ 0.31
Income from continuing operations adjustments (from above) 0.12   0.12   0.19   0.19  
Non-GAAP diluted earnings per share from continuing operations $ 0.37   $ 0.27   $ 0.65   $ 0.50  
 
Diluted weighted average shares outstanding 51,673 55,736 51,919 57,244
 
 
(1) Stock-based compensation is included in the GAAP statements of income, as follows:
 
Cost of revenue $ 146 $ 158 $ 298 $ 367
Sales and marketing 991 881 2,190 1,920
Product development 1,425 1,225 2,778 2,688
General and administrative 3,147   2,717   5,988   4,495  
Stock-based compensation from continuing operations $ 5,709   $ 4,981   $ 11,254   $ 9,470  
 
      Three Months Ended     Six Months Ended
 
(In thousands, except per share data)

May 31,
2014

 

May 31,
2013

May 31,
2014

 

May 31,
2013

GAAP costs of revenue $ 7,378 $ 8,489 $ 15,259 $ 18,368
GAAP operating expenses 53,169   58,830   105,824   116,891
GAAP expenses 60,547   67,319   121,083   135,259
Operating adjustments (from above) 8,141   9,329   15,521   15,088
Non-GAAP expenses $ 52,406   $ 57,990   $ 105,562   $ 120,171
 

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2014 GUIDANCE

(Unaudited)

 
Fiscal Year 2014 Revenue Growth Guidance
      Fiscal Year Ended     Fiscal Year Ending
November 30, 2013 November 30, 2014
(In millions)   Low     % Change     High     % Change
Total revenue $334 $331 (1)% $338 1%
 
 
Fiscal Year 2014 Non-GAAP Operating Margin Guidance
      Fiscal Year Ending November 30, 2014
(In millions) Low     High
GAAP income from operations $ 78.1 $ 83.5
GAAP operating margins 24 % 25 %
Stock-based compensation 23.0 23.0
Acquisition related expense 3.2 3.2
Amortization of intangibles 3.1 3.1
Restructuring expense 0.5   0.5  
Total operating adjustments 29.8   29.8  
Non-GAAP income from operations $ 107.9   $ 113.3  
Non-GAAP operating margin 33 % 34 %
 
 
Fiscal Year 2014 Non-GAAP Earnings per Share and Effective Tax Rate Guidance
      Fiscal Year Ending November 30, 2014
(In millions, except per share data) Low     High
GAAP net income $ 51.0 $ 54.5
Operating adjustments (from above) 29.8 29.8
Income tax adjustment (2) (8.4 ) (8.4 )
Non-GAAP net income $ 72.4   $ 75.9  
 
GAAP diluted earnings per share $ 0.97 $ 1.04
Non-GAAP diluted earnings per share $ 1.38 $ 1.45
 
Diluted weighted average shares outstanding 52.5 52.5
 
(2) Tax adjustment is based on a non-GAAP effective tax rate of 33%, calculated as follows:
 
Non-GAAP income from operations $ 107.9 $ 113.3
Non-GAAP net income 72.4   75.9  
Tax provision 35.5   37.4  
Non-GAAP tax rate 33 % 33 %
 

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q3 2014 GUIDANCE

(Unaudited)

 
Q3 2014 Revenue Growth Guidance
      Three Months Ended     Three Months Ending
August 31, 2013 August 31, 2014
(In millions)   Low   % Change   High   % Change
Total revenue $77.6 $78.0 1% $81.0 4%
 
 
Q3 2014 Non-GAAP Earnings per Share Guidance
      Three Months Ending August 31, 2014
Low     High
GAAP diluted earnings per share $ 0.20 $ 0.23
Stock-based compensation 0.12 0.12
Acquisition related expense 0.01 0.01
Amortization of intangibles 0.02   0.02  

Total operating adjustments

0.15   0.15  
Income tax adjustment $ (0.03 ) $ (0.03 )
Non-GAAP diluted earnings per share $ 0.32   $ 0.35  
 

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