Progress Software Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended November 30, 2015; Provides Earnings Guidance for the First Quarter Ending February 29, 2016 and Fiscal Year Ending November 30, 2016
January 12, 2016 at 04:44 pm
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Progress Software Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended November 30, 2015. For the quarter, the company reported total revenue of $112.718 million against $97.894 million a year ago. Income from operations was $20.084 million against $27.027 million a year ago. Income before income taxes was $18.942 million against $26.670 million a year ago. Net loss was $9.470 million or $0.19 per basic and diluted share against net income of $14.463 million or $0.28 per basic and diluted share a year ago. Net cash flows from operating activities were $27.557 million against $39.225 million a year ago. Capital expenditures were $1.126 million against $1.610 million a year ago. Non-GAAP revenue was $115.4 million compared to $97.9 million in the same quarter last year. Non-GAAP income from operations was $40.5 million compared to $38.0 million in the same quarter last year. Non-GAAP operating margin was 35% compared to 39% in the same quarter last year. Non-GAAP net income was $27.3 million compared to $24.1 million in the same quarter last year. Non-GAAP diluted earnings per share were $0.53 compared to $0.47 in the same quarter last year. Non-GAAP adjusted free cash flow was $28.7 million compared to $38.3 million in the same quarter last year.
For the year, the company reported total revenue of $377.554 million against $332.533 million a year ago. Income from operations was $14.754 million against $80.740 million a year ago. Income before income taxes was $12.354 million against $77.804 million a year ago. Net loss was $8.801 million or $0.17 per diluted share against net income of $49.458 million or $0.96 per diluted share a year ago. Net cash flows from operating activities were $104.540 million against $107.694 million a year ago. Capital expenditures were $8.845 million against $11.801 million a year ago. Non-GAAP revenue was $412.4 million compared to $332.5 million in fiscal year 2014. Non-GAAP income from operations was $120.4 million compared to $117.4 million in fiscal year 2014. Non-GAAP operating margin was 29% compared to 35% in the prior fiscal year. Non-GAAP net income was $80.6 million compared to $77.9 million in the prior fiscal year. Non-GAAP diluted earnings per share were $1.58 compared to $1.51 in the prior fiscal year. Non-GAAP adjusted free cash flow was $102.0 million compared to $99.0 million in the prior fiscal year.
The company provided the earnings guidance for the first fiscal quarter ending February 29, 2016. The company's 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. GAAP revenue is expected to be between $91.2 million or $0.06 per diluted share and $93.2 million or $0.08 per diluted share.
The company provided the earnings guidance for the fiscal year ending November 30, 2016. The company's Non-GAAP revenue is expected to be between $427 million and $433 million. Non-GAAP earnings per share are 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. Non-GAAP effective tax rate is expected to be approximately 33%. GAAP revenue is expected to be between $425.0 million and $431.0 million. GAAP income from operations expected to be in the range of $67.2 million to $71.5 million. Non-GAAP income from operations expected to be in the range of $124.7 million to $129.0 million. GAAP net income expected to be in the range of $34.8 million or $0.67 per diluted share to $37.3 million or $0.72 per diluted share. Non-GAAP net income expected to be in the range of $82.2 million to $84.8 million. Non-GAAP income from continuing operations before income taxes expected to be in the range of $121.9 million to $126.5 million.
Progress Software Corporation is a provider of infrastructure software. The Company provides software that enables organizations to develop and deploy their applications, as well as manage their data platforms, cloud and information technology infrastructure. Its global professional services organization delivers business solutions for customers through a combination of products, consulting and education. The Company's consulting organization offers project management, implementation services, custom software development, programming and other services. Its services include application modernization, infrastructure automation, development operations, data management and managed database services, performance enhancements and tuning, and analytics/business intelligence. Its products include OpenEdge, Chef, Developer Tools, Kemp LoadMaster, MOVEit, DataDirect, WhatsUp Gold, Sitefinity, Flowmon, Corticon, MarkLogic and Semaphore. Semaphore is a semantic artificial intelligence platform.
Progress Software Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended November 30, 2015; Provides Earnings Guidance for the First Quarter Ending February 29, 2016 and Fiscal Year Ending November 30, 2016