January 16, 2017
Progress Reports 2016 Fiscal Fourth Quarter and Year End Results Announces New Strategic Plan with New Product Strategy and Operating Approach
BEDFORD, Mass.--(BUSINESS WIRE)-- Progress (NASDAQ: PRGS) today announced results for its fiscal fourth quarter and fiscal year ended November 30, 2016.
Revenue was $117.7 million during the quarter compared to $112.7 million in the same quarter last year, a year over year increase of 4% on an actual currency basis and 5% on a constant currency basis. On a non-GAAP basis, revenue was $118.0 million compared to $115.4 million in the same quarter last year, an increase of 2% on an actual currency basis and 3% on a constant currency basis.
On a GAAP basis, diluted loss per share was $1.52 (reflecting the impairment charge described below) compared to a diluted loss per share of $0.19 in the same quarter last year. On a non-GAAP basis, diluted earnings per share was $0.62 compared to $0.53 in the same quarter last year.
Additional financial highlights included:
On a GAAP basis in the fiscal fourth quarter of 2016:
Revenue was $117.7 million compared to $112.7 million in the same quarter in fiscal year 2015;
Progress recorded a non-cash impairment charge of $92.0 million, or a diluted loss per share of $1.89, as a result of reduced future growth expectations within its Application Development & Deployment segment related to the Telerik business;
Loss from operations was $62.4 million (reflecting the impairment charge described above) compared to income from operations of $20.1 million in the same quarter last year;
Net loss was $73.8 million (reflecting the impairment charge described above) compared to a net loss of $9.5 million in the same quarter last year;
Diluted loss per share was $1.52 (reflecting the impairment charge described above) compared to a diluted loss per share of $0.19 in the same quarter last year; and
Cash from operations was $33.9 million compared to $27.6 million in the same quarter last year.
On a non-GAAP basis in the fiscal fourth quarter of 2016:
Revenue was $118.0 million compared to $115.4 million in the same quarter last year;
Income from operations was $42.6 million compared to $40.5 million in the same quarter last year;
Operating margin was 36% compared to 35% in the same quarter last year;
Net income was $30.5 million compared to $27.3 million in the same quarter last year;
Diluted earnings per share was $0.62 compared to $0.53 in the same quarter last year; and
Adjusted free cash flow was $32.4 million compared to $28.7 million in the same quarter last year.
Yogesh Gupta, CEO at Progress, said: I am pleased with our earnings per share and adjusted free cash flow performance during the quarter despite revenue falling short of our goals. Initiatives undertaken during the quarter to manage our expenses allowed us to reach this outcome. I am excited by the opportunities we have in front of us, and look forward to what we can accomplish in 2017 and beyond.
Other fiscal fourth quarter 2016 metrics and recent results included:
Cash, cash equivalents and short-term investments were $249.8 million;
DSO from continuing operations was 50 days, compared to 49 days in the fiscal third quarter of 2016 and 52 days in the fiscal fourth quarter of 2015; and
Under the previously announced authorization by the Board of Directors to repurchase up to $200 million of shares of common stock, Progress repurchased 0.3 million shares for $7.7 million during the fiscal fourth quarter of 2016.
On September 27, 2016, our Board of Directors approved the initiation of a quarterly cash dividend to Progress shareholders. The first quarterly dividend of $0.125 per share of common stock was paid on December 15, 2016 to shareholders of record as of the close of business on December 1, 2016.
On January 11, 2017, our Board of Directors declared a quarterly dividend of $0.125 per share of common stock payable on March 15, 2017 to shareholders of record as of the close of business on March 1, 2017.
Full Year Results
On a GAAP basis in the fiscal year 2016:
Revenue was $405.3 million compared to $377.6 million in fiscal year 2015;
Loss from operations was $29.7 million (reflecting the fiscal fourth quarter impairment charge described above)compared to income from operations of $14.8 million in the prior fiscal year;
Net loss was $55.7 million (reflecting the fiscal fourth quarter impairment charge described above) compared to a net loss of $8.8 million in the prior fiscal year;
Diluted loss per share was $1.13 (reflecting the fiscal fourth quarter impairment charge described above) compared to a diluted loss per share of $0.17 in the prior fiscal year; and
Cash from operations was $102.8 million compared to $104.5 million in the prior fiscal year.
On a non-GAAP basis in the fiscal year 2016:
Revenue was $407.4 million compared to $412.4 million in fiscal year 2015;
Income from operations was $123.1 million compared to $120.4 million in the prior fiscal year;
Operating margin was 30% compared to 29% in the prior fiscal year;
Net income was $82.3 million compared to $80.6 million in the prior fiscal year;
Diluted earnings per share was $1.65 compared to $1.58 in the prior fiscal year; and
Adjusted free cash flow was $100.6 million compared to $102.0 million in the prior fiscal year.
New Strategic Plan
Progress also announced today a new strategic plan highlighted by a new product strategy and a streamlined operating approach with a tighter focus on areas of strength to more efficiently drive revenue. Below are the key tenets of the new plan:
Streamlined Operating Approach to Improve Execution. In FY 2017, with a product portfolio and go-to-market initiatives emphasizing core strengths, Progress aims for better focus, execution and value to customers and partne
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January 16, 2017
