Market Newsdesk

DENVER, Jan. 14, 2021 (GLOBE NEWSWIRE) — DCP Midstream, LP (NYSE: DCP) will host a conference call to discuss its fourth quarter and full year 2020 earnings and 2021 guidance at 10:00 a.m. ET on Thursday, February 11, 2021, which will be released after the New York Stock Exchange closes for trading on Wednesday, February 10, 2021.

The live audio webcast of the conference call and accompanying presentation slides can be accessed through the Investors section on the DCP website at www.dcpmidstream.com and the conference call can be accessed by dialing (844) 233-0113 in the United States or (574) 990-1008 outside the United States. The conference confirmation ID number is 2893317.

A replay of the conference call will be available until February 25, 2021, by dialing (855) 859-2056 in the United States or (404) 537-3406 outside the United States and using the above conference confirmation number. An audio webcast replay, presentation slides and transcript will also be available by accessing the Investors section on the DCP website at www.dcpmidstream.com.

About DCP Midstream, LP

DCP Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, logistics and marketing assets. DCP is one of the largest natural gas liquids producers and marketers and one of the largest natural gas processors in the U.S. The owner of DCP’s general partner is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.

Investor Relations

Sarah Sandberg
303-605-1626
[email protected]

TYSONS, Va., Jan. 14, 2021 (GLOBE NEWSWIRE) — Park Hotels & Resorts Inc. (NYSE: PK) (“Park”) today announced that it has published its 2020 Corporate Responsibility report (the “Report”), detailing Park’s ESG commitment to its stakeholders. The Report can be found on the Responsibility page of Park’s website at https://www.pkhotelsandresorts.com/responsibility.

“I am proud to publish our latest corporate responsibility report for our stakeholders,” said Thomas J. Baltimore, Jr., Chairman and CEO of Park. “Despite an unprecedented year for all, Park remains steadfast in our commitment to corporate responsibility, which is more important than ever in today’s volatile environment. From establishing our Diversity & Inclusion Steering Committee to formalizing our Park Green Committee, I am excited about our evolution in the ESG world as we head into the fifth year as a public company.”

The Report, which is Park’s third annual corporate responsibility report, includes performance data for the 2019 fiscal year, unless otherwise noted. The Report also includes an updated Global Reporting Initiative (GRI) Index, Sustainable Accounting Standards Board (SASB) disclosures and alignment with select UN Sustainable Development Goals. Additional information related to Park’s ESG policies, initiatives and performance can be found on Park’s website.

About Park Hotels & Resorts



Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 60 premium-branded hotels and resorts with over 33,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.

For more information, contact:

Ian Weissman
Senior Vice President, Corporate Strategy
571-302-5591
[email protected]

BAYONNE, N.J., Jan. 14, 2021 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), Bayonne, NJ (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today announced that its Board of Directors declared a regular quarterly cash dividend of $0.14 per share. The dividend will be payable February 15, 2021, to common shareholders of record on February 3, 2021.

“We are committed to providing returns to our shareholders through earnings growth and paying regular, reliable dividends,” said Thomas Coughlin, President and Chief Executive Officer. At the stock price of $12.25 per share at the close of the market on January 12, 2021, the current dividend equates to a yield of 4.57% on an annualized basis.

About BCB Bancorp, Inc.

Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has 29 branch offices in Bayonne, Carteret, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and three branches in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

Forward-Looking Statements

This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies 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. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

In addition to factors previously disclosed in the Company’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”) and those identified elsewhere in this release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of the Bank’s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.

As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, the Company could be subject to any of the following additional risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations:

• demand for our products and services may decline, making it difficult to grow assets and income;
• if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income;
• collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase;
• our allowance for loan losses may have to be increased if borrowers experience financial difficulties beyond forbearance periods, which will adversely affect our net income;
• the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us;
• as the result of the decline in the Federal Reserve Board’s target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income;
• a material decrease in net income over several quarters could result in a decrease in the rate of our quarterly cash dividend;
• our cyber security risks are increased as the result of an increase in the number of employees working remotely;
• we rely on third party vendors for certain services and the unavailability of a critical service due to the COVID-19 outbreak could have an adverse effect on us; and
• FDIC premiums may increase if the agency experiences additional resolution costs.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Contact:

Thomas Coughlin, President & CEO Thomas Keating, CFO (201) 823-0700

• Glow LifeTech has the exclusive rights for MyCell Technology™ in the United States, Canada and Mexico for one of the primary ingredients used in ArtemiC™, a COVID-19 Treatment Candidate with successful Phase II Clinical Results
• The formulation statistically significantly improved the clinical recovery of COVID-19 patients in the treatment group in comparison with placebo and 100% of the patients in the treatment group fully recovered within 15 days
• Positive results from a phase II double blind randomized controlled clinical trial show the MyCell Technology™ ArtemiC™ formulation, successfully met the primary and secondary endpoints for safety and efficacy¹
• ArtemiC™ is a natural anti-inflammatory formulation by Glow partner Swiss PharmaCan and MGC Pharma, intended to suppress cytokine storm and clinical deterioration prevention to support the recovery of COVID-19 patients
• These results demonstrate the major health impact offered by MyCell Technology™ and open potential market opportunities for ArtemiC™, and it’s component MyCell ingredients to a wide range of diseases related to cytokine storm such as influenza, autoimmune diseases, inflammatory GI diseases and chemotherapy patients

TORONTO, Jan. 14, 2021 (GLOBE NEWSWIRE) — Relay Medical Corp. (“Relay” or the “Company”) (CSE: RELA, OTC: RYMDF, Frankfurt: EIY2), a developer of MedTech innovation, and Glow LifeTech Ltd. (“Glow”), a private company in which Relay holds a significant equity interest, are pleased to report on developments related to Glow’s MyCell Technology™ (“MyCell”).

Glow LifeTech partner Swiss Pharmacan AG, and MGC Pharma (“MGC”) have announced the full results of Phase II double-blind, placebo-controlled clinical trial for anti-inflammatory treatment ArtemiC™, powered by MyCell Technology™, on persons diagnosed with COVID-19, has successfully met all the Phase II primary and secondary endpoints and demonstrated to improve the clinical recovery of COVID-19 patients.

MGC has completed its phase II randomized controlled clinical trial on ArtemiC™ involving 50 patients and the results show ArtemiC™ statistically significantly improved the clinical recovery of COVID-19 patients in comparison with the Placebo Group. The results deliver a full safety and efficacy profile, demonstrating to improve and expedite the clinical recovery in moderate COVID-19 patients, with no drug-related adverse events. None of the patients supported by ArtemiC™ required additional oxygen, mechanical ventilation or intensive care, compared to 23.4% in the placebo group requiring further assistance. Full Trial results can be viewed at www.mgcpharma.com.au.

ArtemiC™ is a natural anti-inflammatory formulation by MGC Pharma, which is powered by Mycell Technology™, the same delivery system technology that Glow LifeTech has the exclusive North American (US, Canada, Mexico) license to manufacture, sell and market for cannabis and certain nutraceutical ingredients. The natural formulation, jointly developed by Glow partner Swiss PharmaCan, is based on four MyCell™ enhanced ingredients: Artemisinin, Curcumin, Vitamin c, and Boswellia Serrata, which are well-known natural active ingredients with anti-inflammatory properties. The formulation is intended to suppress the cytokine storm and clinical deterioration to support the recovery of COVID-19 patients. Glow LifeTech owns the exclusive rights for the sale, manufacturing and distribution of MyCell™ curcumin in the United States, Canada and Mexico.

“These are very exciting results for Glow’s MyCell Technology™ and the ArtemiC™ formulation. We are pleased that our innovative MyCell Technology™ is helping to power a natural formulation that shows promising ability to improve and expedite the recovery of COVID-19 patients. It demonstrates the long term potential of MyCell Technology™ to power next generation natural health products with science-backed efficacy and safety,” said Clark Kent, Chief Executive Officer, Glow LifeTech.

MGC completed its trial on ArtemiC™ on 50 COVID-19 infected patients across 3 independent hospital sites in Israel. The Trial met all the FDA requirements for a COVID-19 study. These results now open potential market opportunities for ArtemiC™ to a wide range of diseases related to cytokine storm such as influenza, autoimmune diseases, inflammatory GI diseases and chemotherapy patients.

Following the successful Phase II results, MGC plans to develop and commence a Phase III clinical trial in the first half of 2021. The Phase III trial is anticipated to be an international multicentre study to encompass a wide range of inflammatory indications for the use of ArtemiC™ as a treatment.

“Relay and Glow are critical partners of ours in commercializing MyCell Technology™ in North America and beyond. We look forward to building on our relationship as we roll-out breakthrough innovations like ArtemiC™. With Glow preparing to list on the CSE, they will positioned well to support our mission of bringing innovative health products to the market,” said Michel Fässler, Managing Director, Swiss PharmaCan AG.

On November 25, 2020 Glow Lifetech announced that it had received conditional approval to list its common shares on the Canadian Securities Exchange (“CSE”) pursuant to an amalgamation transaction with Ateba Resources Inc. Glow’s conditional approval to list its common shares on the CSE is subject to the completion of a financing raise of an additional $2.5 million and the completion of the amalgamation with Ateba.

Glow and Swiss PharmaCan have initiate a regulatory assessment to determine the best path forward for the commercialization of ArtemiC in North America.

SUBSCRIBE: For more information on Relay or to subscribe to the Company’s mail list visit: https://www.relaymedical.com/news

About Relay Medical Corp.

Relay Medical is a MedTech innovation Company headquartered in Toronto, Canada focused on the development of novel technologies in the diagnostics and AI data science sectors.

Website: www.relaymedical.com

About Glow LifeTech Ltd.

Glow LifeTech is a Canadian-based biotechnology company focused on producing nutraceutical and cannabinoid-based products with dramatically enhanced bioavailability, absorption and effectiveness. Glow has rights to the groundbreaking, plant-based MyCell Technology® delivery system, which transforms poorly absorbed natural compounds into enhanced water-compatible concentrates that unlock the full healing potential of the valuable compounds.

Website: www.glowlifetech.com

About Swiss PharmaCan AG/Micelle Technology AG

Micelle Technology AG, parent company of Swiss PharmaCan is a dynamic organization dedicated to R&D using natural active ingredients (i.e. vitamins and minerals) to improve human health. As one of the leading innovators of plant-based micelle concentrates, Micelle Technology AG offers a unique technology, which enables the company to harness the full potential of herbal active ingredients.

Website: www.swisspharmacan.ch

About MGC Pharmaceuticals Ltd.

MGC Pharma is a biopharma company with a “Nature to Medicine” strategy at the forefront of the emerging phytocannabinoid and plant derived medicine markets. The company’s mission is to build an innovative, global bio-pharma company providing standardised, affordable plant derived medicines of the highest regulatory compliance for targeted global markets.

Website: www.mgcpharma.com.au

Contact:

W. Clark Kent
President
Relay Medical Corp.
Office. 647-872-9982 ext. 2
TF. 1-844-247-6633 ext. 2
[email protected]

Bernhard Langer
EU Investor Relations
Office. +49 (0) 177 774 2314
Email: [email protected]

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com

¹ ArtemiC™ Full Trial Results: https://wcsecure.weblink.com.au/pdf/MXC/02322300.pdf

NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) — Amalgamated Bank (“Amalgamated”) (Nasdaq: AMAL) today announced that its fourth quarter and full year 2020 financial results will be released before market open on, Thursday, January 28, 2021. The Company will host a conference call at 10:00 a.m. Eastern Time on the same day to discuss the financial results.

Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available on the website at https://ir.amalgamatedbank.com/.

A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed both online and by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13714757. The replay will be available until February 4, 2021.

About Amalgamated Bank

Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of six branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of September 30, 2020, total assets were $6.6 billion, total net loans were $3.6 billion, and total deposits were $6.0 billion. Additionally, as of September 30, 2020, the trust business held $33.1 billion in assets under custody and $14.3 billion in assets under management.

Media Contact:

Kylie McKenna
The Levinson Group
[email protected]  
202-244-1785

Investor Contact:

Jamie Lillis
Solebury Trout
[email protected]  
800-895-4172

Source: Amalgamated Bank

HOUSTON, Jan. 14, 2021 (GLOBE NEWSWIRE) — Sysco Corporation (NYSE: SYY), the leading global foodservice distribution company, announced today the addition of four new toolkits to its Foodie Solutions platform. The Valentine’s Day, Wholesome Dining, Seafood and Greatest Game toolkits are the latest in a series of carefully curated resources that reflect the best ideas from across the foodservice industry for generating additional revenue and meeting consumer expectations for a safe and memorable dining, takeout or delivery experience.

Valentine’s Day is historically one of the most popular holidays to dine out, second only to Mother’s Day. Despite the pandemic, Sysco expects it will remain one of the most important dining occasions of the year, and is definitely deserving of special planning. Sysco’s Foodie Solutions Valentine’s Day Toolkit is packed with easy-to-action ideas to help ensure the day is a success, including:

• Offering innovative virtual experiences, such as chef-prepped meal kits and wine pairings;
• Options for unique, restaurant-quality desserts; and
• Choosing the right packaging for takeout and delivery offerings.

Other new toolkits released can be found on Sysco’s Foodie Solutions webpage and provide ideas for the following trends and Winter events:

Wholesome Dining

– Provides ideas to support operators in meeting consumers’ desire for foods that support their health and wellness lifestyles, including plant-based protein, vegan and gluten-free options.

Get Hooked on Seafood


– Sales of seafood increase more than 20% during the Spring season, often driven by the Lenten religious observance. Find the options and recipes needed to get patrons “hooked on” your seafood menu, including the sustainable and clean products consumers demand.

Greatest Game

– With pandemic restrictions still in place, tailgating has moved from the parking lot to the family room. Expand your “family style” kit offerings to include Tailgate Kits To Go to make sure your patrons can still celebrate their favorite team this season.

“At Sysco, we are here to support and partner with our restaurant customers as they continue to navigate constantly evolving operating conditions,” said Judy Sansone, Sysco’s executive vice president and chief commercial officer. “Our Foodie Solutions Toolkits offer business solutions to help our customers drive new revenue streams, support their operational profitability and deliver memorable experiences to their guests.”

Sysco makes it easy for restaurant operators with no delivery minimums for regularly scheduled delivery days, and customers can also take advantage of free services to help market their business for these Winter holidays and events, including contactless menus, signs, banners and social media support. For more information about Foodie Solutions or to become a customer, visit the Sysco Foodie website.

About Sysco

Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With more than 57,000 associates, the company operates 326 distribution facilities worldwide and serves more than 625,000 customer locations. For fiscal 2020 that ended June 27, 2020, the company generated sales of more than $52 billion. Information about our CSR program, including Sysco’s 2020 Corporate Social Responsibility Report, can be found at www.sysco.com/csr2020report.

For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoCorporation or Twitter at https://twitter.com/Sysco. For important news and information regarding Sysco, visit the Investor Relations section of the company’s Internet home page at investors.sysco.com, which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. In addition, investors should continue to review our news releases and filings with the SEC. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information.

For more information contact:

Shannon Mutschler

Media Contact

[email protected]

T 281-584-4059

SIOUX FALLS, S.D., Jan. 14, 2021 (GLOBE NEWSWIRE) — Meta Financial Group, Inc.^® (Nasdaq: CASH) (“Meta” or the “Company”) today announced it will release financial results for the first quarter of fiscal year 2021 on Wednesday, January 27, 2021, after market close. Meta will also host a conference call and earnings webcast at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on the same day to discuss these results. A live webcast of the call can be accessed from Meta’s Investor Relations website at www.metafinancialgroup.com.

Telephone participants may access the live conference call by dialing (844) 461-9934 approximately 10 minutes prior to start time. Please ask to be joined into the Meta Financial conference call, and provide conference ID 1904899 upon request. International callers should dial (636) 812-6634. A webcast replay will also be archived at www.metafinancialgroup.com for one year.

This press release and other important information about the Company are available at www.metafinancialgroup.com.

About Meta Financial Group, Inc.

^®

Meta Financial Group, Inc.

^®
(Nasdaq: CASH) is a South Dakota-based financial holding company. Meta Financial Group’s subsidiary, MetaBank^®, N.A., is a financial enablement company that works with innovators to increase financial availability, choice, and opportunity for all. MetaBank strives to remove barriers that traditional institutions put in the way of financial access, and promote economic mobility by providing responsible, secure, high quality financial products that contribute to individuals and communities at the core of the real economy. Additional information can be found by visiting www.metafinancialgroup.com or www.metabank.com.

Investor Relations:

Brittany Kelley Elsasser
Director of Investor Relations
605-362-2423
[email protected] 

Media Relations:

[email protected] 

New York, Jan. 14, 2021 (GLOBE NEWSWIRE) —  Interpublic Group (NYSE: IPG) today announced that it will release earnings for the fourth quarter and full year ended December 31, 2020 on the morning of February 10, 2021. Following the release, the company will hold a conference call for investors at 8:30 a.m. Eastern Time on the same day to review results.

To join the conference call, please call (888) 469-1058. Outside the United States, please call (630) 395-0275.  The participant passcode is 4544407. The call will be available live on the company’s website, www.interpublic.com.

The conference call will be recorded and available for 30 days by calling (800) 879-1876 followed by the passcode 1132. Outside the United States, please call (203) 369-3560 followed by the passcode 1132. The call will also be archived and available in the investor relations section of the company’s website.

# # #

About Interpublic

Interpublic is values-based, data-fueled, and creatively-driven. Major global brands include Acxiom, Craft, FCB (Foote, Cone & Belding), FutureBrand, Golin, Huge, Initiative, Jack Morton, Kinesso, MAGNA, McCann, Mediahub, Momentum, MRM, MullenLowe Group, Octagon, R/GA, UM and Weber Shandwick. Other leading brands include Avrett Free Ginsberg, Campbell Ewald, Carmichael Lynch, Deutsch, Hill Holliday, ID Media and The Martin Agency. For more information, please visit www.interpublic.com.

# # #

Contact Information

Tom Cunningham
(Press)
(212) 704-1326

Jerry Leshne
(Analysts, Investors)
(212) 704-1439

ANDOVER, Mass., Jan. 14, 2021 (GLOBE NEWSWIRE) — Mercury Systems Inc. (NASDAQ: MRCY, www.mrcy.com), a leader in trusted, secure mission-critical technologies for aerospace and defense, announced that that Chief Technology Officer Dr. Bill Conley has been appointed to a six-year term on the Board of Directors of the National Defense Industrial Association (NDIA) Central Georgia Chapter. The defense trade organization, based in Arlington, Va., drives strategic dialogue in national security by identifying key issues and leveraging the knowledge and experience of its military, government, industry and academic members.

“It’s an honor to be able to serve on this board and help advance U.S. national security issues,” said Conley. “My long-standing experience in the defense industry and my current role at Mercury are well aligned with the NDIA’s mission to provide best-in-class capabilities to our service men and women.”

In his role as Mercury’s CTO, Conley is responsible for the technical vision and implementation of strategic objectives and aligning technology investments across the Company to meet customer needs. Prior to joining Mercury, Conley was a member of the Federal Senior Executive Service, serving as the Director for Electronic Warfare in the Office of the Secretary of Defense. He began his civilian career as an engineer for the U.S. Navy, and went on to become a program manager at the Defense Advanced Research Projects Agency, better known as DARPA. He has deep experience in research, development, weapon system acquisition, strategic development and implementation.

“It’s a pleasure to have Dr. Conley on our board,” said Hawk Carlisle, NDIA’s president and CEO. “We look forward to his service and his insights as the NDIA continues its mission of supporting our service members, bringing the best possible equipment and technology.”

The appointment further expands Conley’s role as a trusted thought leader in the defense industry. In October, he was named an advisor for the Hudson Institute’s Center for Defense Concepts and Technology, where he leverages his extensive background and expertise in electronic warfare and advanced defense technologies to develop and expand the center’s programs and research.

Operating at the intersection of high-tech and defense, Mercury Systems is the leader in making trusted, secure mission-critical technologies profoundly more accessible. Our work is inspired by our Purpose of delivering Innovation That Matters, By and For People Who Matter, to make the world a safer, more secure place for all. For more information, visit mrcy.com or contact Mercury at (866) 627-6951 or [email protected].

Mercury Systems – Innovation That Matters^®

Mercury Systems is a leading technology company serving the aerospace and defense industry, positioned at the intersection of high-tech and defense. Headquartered in Andover, Mass., the Company delivers solutions that power a broad range of aerospace and defense programs, optimized for mission success in some of the most challenging and demanding environments. The Company envisions, creates and delivers innovative technology solutions purpose-built to meet customers’ most-pressing high-tech needs, including those specific to the defense community. To learn more, visit mrcy.com, or follow us on Twitter.

Forward-Looking Safe Harbor Statement

This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the products and services described herein and to fiscal 2021 business performance and beyond and the Company’s plans for growth and improvement in profitability and cash flow. You can identify these statements by the use of the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of epidemics and pandemics such as COVID, effects of any U.S. federal government shutdown or extended continuing resolution, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. Government’s interpretation of, federal export control or procurement rules and regulations, market acceptance of the Company’s products, shortages in components, production delays or unanticipated expenses due to performance quality issues with outsourced components, inability to fully realize the expected benefits from acquisitions and restructurings, or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, increases in interest rates, changes to industrial security and cyber-security regulations and requirements, changes in tax rates or tax regulations, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended July 3, 2020. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

CONTACT

Robert McGrail, Director of Corporate Communications
Mercury Systems Inc.
+1 (978) 967-1366 | [email protected]

Mercury Systems and Innovation That Matters are registered trademarks of Mercury Systems, Inc. Other product and company names mentioned may be trademarks and/or registered trademarks of their respective holders.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9446a056-8f8b-41a5-a882-d67a5c48e49c

 

Solid Execution Drove Growth and Operating Leverage

Acquisition of Chef Bolsters Position in DevOps Market and Drives Fiscal 2021 Revenue Growth

BEDFORD, Mass., Jan. 14, 2021 (GLOBE NEWSWIRE) — Progress (NASDAQ: PRGS), the leading provider of products to develop, deploy and manage high-impact business applications, today announced results for its fiscal fourth quarter and fiscal year ended November 30, 2020.

Fourth Quarter 2020 Highlights:

• Revenue of $122.4 million increased 5% year-over-year on an actual currency basis, and 4% on a constant currency basis.
• Non-GAAP revenue of $129.1 million increased 5% on an actual currency basis, and 4% constant currency basis.
• Operating margin was 15% and Non-GAAP operating margin was 37%.
• Diluted earnings per share was $0.39 compared to diluted loss per share of $0.11 in the same quarter last year.
• Non-GAAP diluted earnings per share was $0.91 compared to $0.79 in the same quarter last year, an increase of 15%.
• On October 5, 2020, the company completed the acquisition of Chef Software, a global leader in the growing DevOps and DevSecOps markets.

“I am thrilled with our results both for the fourth quarter and the full year 2020 and believe they reflect the durability of our business and our success in executing our total growth strategy,” said Yogesh Gupta, CEO at Progress. “Chef extends our long-standing leadership position in the developer ecosystem, we are very pleased with the customer response and the rapid pace of the integration. The investments we’ve made to bolster our M&A capabilities, combined with the large, fragmented and growing DevOps market opportunity, position us well to execute on our total growth strategy for years to come, enabling us to deliver sustained shareholder value.”

Additional financial highlights included:

	Three Months Ended
	GAAP										Non-GAAP
(In thousands, except percentages and per share amounts)	November 30, 2020				November 30, 2019				Change		November 30, 2020				November 30, 2019				Change
Revenue	$	122,385			$	117,038			5%		$	129,063			$	123,416			5%
Income (loss) from operations	$	18,514			$	(6,026	)		*		$	48,081			$	47,285			2%
Operating margin	15		%		(5		)%		*		37		%		38		%		(100) bps
Net income (loss)	$	17,661			$	(4,740	)		*		$	41,118			$	35,720			15%
Diluted earnings (loss) per share	$	0.39			$	(0.11	)		*		$	0.91			$	0.79			15%
Cash from operations (GAAP) / Adjusted free cash flow (Non-GAAP)	$	42,762			$	36,601			17%		$	40,656			$	36,705			11%
*Not meaningful

Other fiscal fourth quarter 2020 metrics and recent results included:

• Cash, cash equivalents and short-term investments were $106.0 million at the end of the quarter.
• DSO was 54 days, compared to 56 days in the fiscal fourth quarter of 2019 and 49 days in the fiscal third quarter of 2020.
• Pursuant to the $250 million share authorization by the Board of Directors, Progress repurchased 1.0 million shares for $40 million during the fiscal fourth quarter of 2020. As of November 30, 2020, there was $190 million remaining under this authorization.
• On January 12, 2020, Progress’ Board of Directors declared a quarterly dividend of $0.175 per share of common stock that will be paid on March 15, 2021 to shareholders of record as of the close of business on March 1, 2021.

“We’re excited to deliver results that reflect a strong and durable top line, expanded operating margin and meaningful growth in earnings per share,” said Anthony Folger, CFO at Progress. “As we begin to realize synergies from the acquisition of Chef, we are very well positioned to deliver strong fiscal 2021 results.”

Full Year Results

	Fiscal Year Ended
	GAAP										Non-GAAP
(In thousands, except percentages and per share amounts)	November 30, 2020				November 30, 2019				Change		November 30, 2020				November 30, 2019				Change
Revenue	$	442,150			$	413,298			7%		$	456,212			$	431,961			6%
Income from operations	$	107,728			$	40,084			169%		$	182,761			$	162,258			13%
Operating margin	24		%		10		%		1400 bps		40		%		38		%		200 bps
Net income	$	79,722			$	26,400			202%		$	140,082			$	121,745			15%
Diluted earnings per share	$	1.76			$	0.58			203%		$	3.09			$	2.69			15%
Cash from operations (GAAP) / Adjusted free cash flow (Non-GAAP)	$	144,847			$	128,484			13%		$	142,453			$	128,893			11%

2021 Business Outlook

Progress provides the following guidance for the fiscal year ending November 30, 2021 and for the fiscal first quarter ending February 28, 2021, together with actual results for the same periods in the fiscal year ending November 30, 2020:

	FY 2021 Guidance				FY 2020 Actual
(In millions, except percentages and per share amounts)	FY 2021 GAAP		FY 2021 Non-GAAP		FY 2020 GAAP			FY 2020 Non-GAAP
Revenue	$487 – $495		$513 – $521		$	442		$	456
Diluted earnings per share	$1.40 – $1.46		$3.22 – $3.28		$	1.76		$	3.09
Operating margin	19 %		37 %			24%			40%
Cash from operations (GAAP) / Adjusted free cash flow (Non-GAAP)	$151 – $156		$150 – $155		$	145		$	142
Effective tax rate	21 %		20 %			18%			18%

	Q1 2021 Guidance				Q1 2020 Actual
(In millions, except per share amounts)	Q1 2021 GAAP		Q1 2021 Non-GAAP		Q1 2020 GAAP			Q1 2020 Non-GAAP
Revenue	$109 – $113		$119 – $123		$	110		$	114
Diluted earnings per share	$0.21 – $0.25		$0.72 – $0.76		$	0.46		$	0.76

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 $6.4 million on GAAP and non-GAAP revenue, and approximately $0.02 on GAAP and non-GAAP diluted earnings per share. The expected positive currency translation impact on Progress’ fiscal Q1 2021 business outlook compared to 2020 exchange rates on GAAP and non-GAAP revenue is approximately $1.4 million. The expected currency translation impact on GAAP and non-GAAP earnings per share for fiscal Q1 2021 is not material. 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 fourth quarter of 2020 at 5:00 p.m. ET on Thursday, January 14, 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 1-888-458-4121, pass code 6657134. 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 conference call.

Legal Notice Regarding Non-GAAP Financial Information

Progress 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 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.  A reconciliation of non-GAAP adjustments to the company’s GAAP financial results is included in the tables below and is available on the Progress website at www.progress.com within the investor relations section. 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 also available on the Progress website 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’ business outlook and financial guidance. 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) Economic, geopolitical and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price. (2) We may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, or a decline in our renewal rates for contracts. (3) Our ability to successfully manage transitions to new business models and markets, including an increased emphasis on a cloud and subscription strategy, may not be successful. (4) If we are unable to develop new or sufficiently differentiated products and services, or to enhance and improve our existing products and services in a timely manner to meet market demand, partners and customers may not purchase new software licenses or subscriptions or purchase or renew support contracts. (5) We depend upon our extensive partner channel and we may not be successful in retaining or expanding our relationships with channel partners. (6) Our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses. (7) If the security measures for our software, services, other offerings or our internal information technology infrastructure are compromised or subject to a successful cyber-attack, or if our software offerings contain significant coding or configuration errors, we may experience reputational harm, legal claims and financial exposure. (8) We have made acquisitions, and may make acquisitions in the future, and those acquisitions may not be successful, may involve unanticipated costs or other integration issues or may disrupt our existing operations. (9) Delay or failure to realize the expected synergies and benefits of the Chef acquisition could negatively impact our future results of operations and financial condition; (10) The continuing impact of the coronavirus disease (COVID-19) outbreak on our employees, customers, partners, and the global financial markets could adversely affect our business, results of operations and financial condition.

For further information regarding risks and uncertainties associated with Progress’ business, please refer to Progress’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended November 30, 2019 and its Quarterly Reports on Form 10-Q for the fiscal quarters ended February 29, 2020, May 31, 2020 and August 31, 2020. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

About Progress

Progress (NASDAQ: PRGS) provides the best products to develop, deploy and manage high-impact business applications. Our comprehensive product stack is designed to make technology teams more productive and we have a deep commitment to the developer community, both open source and commercial alike. With Progress, organizations can accelerate the creation and delivery of strategic business applications, automate the process by which apps are configured, deployed and scaled, and make critical data and content more accessible and secure—leading to competitive differentiation and business success. Over 1,700 independent software vendors, 100,000 enterprise customers, and three million developers rely on Progress to power their applications. Learn about Progress at www.progress.com or +1-800-477-6473.

Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

Investor Contact:		Press Contact:
Garo Toomajanian		Erica McShane
Progress Software		Progress Software
+1 781 280 4817		+1 781 280 4000
[email protected]		[email protected]

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended												Fiscal Year Ended
(In thousands, except per share data)	November 30, 2020				November 30, 2019				% Change				November 30, 2020				November 30, 2019				% Change
Revenue:
Software licenses	$	37,443			$	39,336			(5	)	%		$	115,249			$	122,552			(6	)	%
Maintenance and services	84,942				77,702				9		%		326,901				290,746				12		%
Total revenue	122,385				117,038				5		%		442,150				413,298				7		%
Costs of revenue:
Cost of software licenses	1,171				1,598				(27	)	%		4,473				4,894				(9	)	%
Cost of maintenance and services	14,137				12,281				15		%		49,744				44,463				12		%
Amortization of acquired intangibles	2,923				6,887				(58	)	%		7,897				25,884				(69	)	%
Total costs of revenue	18,231				20,766				(12	)	%		62,114				75,241				(17	)	%
Gross profit	104,154				96,272				8		%		380,036				338,057				12		%
Operating expenses:
Sales and marketing	32,013				29,369				9		%		100,113				101,701				(2	)	%
Product development	24,482				23,868				3		%		88,599				88,572				—		%
General and administrative	15,302				14,915				3		%		54,004				53,360				1		%
Amortization of acquired intangibles	7,565				7,414				2		%		20,049				22,255				(10	)	%
Impairment of intangible & long-lived assets(1)	—				24,096				(100	)	%		—				24,096				(100	)	%
Restructuring expenses	4,080				2,338				75		%		5,906				6,331				(7	)	%
Acquisition-related expenses	2,198				298				638		%		3,637				1,658				119		%
Total operating expenses	85,640				102,298				(16	)	%		272,308				297,973				(9	)	%
Income (loss) from operations	18,514				(6,026		)		*				107,728				40,084				169		%
Other expense, net	(1,887		)		(3,551		)		47		%		(11,093		)		(11,589		)		4		%
Income (loss) before income taxes	16,627				(9,577		)		*				96,635				28,495				239		%
(Benefit) provision for income taxes	(1,034		)		(4,837		)		(79	)	%		16,913				2,095				(707	)	%
Net income (loss)	$	17,661			$	(4,740	)		*				$	79,722			$	26,400			202		%
Earnings (loss) per share:
Basic	$	0.39			$	(0.11	)		*				$	1.78			$	0.59			202		%
Diluted	$	0.39			$	(0.11	)		*				$	1.76			$	0.58			203		%
Weighted average shares outstanding:
Basic	44,723				44,882				—		%		44,886				44,791				—		%
Diluted	45,140				44,882				1		%		45,321				45,340				—		%
Cash dividends declared per common share	$	0.175			$	0.165			6		%		$	0.670			$	0.630			6		%
(1)Primarily represents a reduction in the carrying values of the intangible assets associated with Kinvey and DataRPM.

Stock-based compensation is included in the condensed consolidated statements of operations, as follows:
Cost of revenue	$	357			$	323			11		%		$	1,336			$	1,134			18		%
Sales and marketing	1,267				950				33		%		4,462				4,155				7		%
Product development	1,768				1,812				(2	)	%		7,286				7,205				1		%
General and administrative	2,731				2,815				(3	)	%		10,398				10,817				(4	)	%
Total	$	6,123			$	5,900			4		%		$	23,482			$	23,311			1		%
*Not meaningful

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)	November 30, 2020				November 30, 2019
Assets
Current assets:
Cash, cash equivalents and short-term investments	$	105,995			$	173,685
Accounts receivable, net	84,040				72,820
Unbilled receivables and contract assets	24,917				10,880
Other current assets	23,983				27,280
Total current assets	238,935				284,665
Property and equipment, net	29,817				29,765
Goodwill and intangible assets, net	704,473				532,216
Right-of-use lease assets	30,635				—
Long-term unbilled receivables and contract assets	17,133				12,492
Other assets	20,789				22,133
Total assets	$	1,041,782			$	881,271
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	70,899			$	72,674
Current portion of long-term debt, net	18,242				10,717
Short-term operating lease liabilities	7,015				—
Short-term deferred revenue	166,387				157,494
Total current liabilities	262,543				240,885
Long-term debt, net	364,260				284,002
Long-term operating lease liabilities	26,966				—
Long-term deferred revenue	26,908				19,752
Other long-term liabilities	15,092				6,350
Shareholders’ equity:
Common stock and additional paid-in capital	306,244				295,953
Retained earnings	39,769				34,329
Total shareholders’ equity	346,013				330,282
Total liabilities and shareholders’ equity	$	1,041,782			$	881,271

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)  

	Three Months Ended								Fiscal Year Ended
(In thousands)	November 30, 2020				November 30, 2019				November 30, 2020				November 30, 2019
Cash flows from operating activities:
Net income (loss)	$	17,661			$	(4,740	)		$	79,722			$	26,400
Depreciation and amortization	12,044				16,519				34,765				56,679
Stock-based compensation	6,123				5,900				23,482				23,311
Impairment of intangible and long-lived assets(1)	—				24,096				—				24,096
Other non-cash adjustments	(2,024		)		(8,252		)		6,287				(13,947		)
Changes in operating assets and liabilities	8,958				3,078				591				11,945
Net cash flows from operating activities	42,762				36,601				144,847				128,484
Capital expenditures	(3,098		)		(2,168		)		(6,517		)		(3,998		)
Repurchases of common stock, net of issuances	(37,927		)		2,918				(48,901		)		(15,735		)
Dividend payments to shareholders	(7,542		)		(6,941		)		(29,900		)		(27,760		)
Payments for acquisitions, net of cash acquired	(213,057		)		—				(213,057		)		(225,298		)
Proceeds from the issuance of debt, net of payment of issuance costs	98,500				—				98,500				183,374
Proceeds from sale of long-lived assets, net	889				—				889				6,146
Payments of principal on long-term debt	(3,763		)		(1,882		)		(11,288		)		(5,309		)
Other	(888		)		(240		)		(2,263		)		(5,732		)
Net change in cash, cash equivalents and short-term investments	(124,124		)		28,288				(67,690		)		34,172
Cash, cash equivalents and short-term investments, beginning of period	230,119				145,397				173,685				139,513
Cash, cash equivalents and short-term investments, end of period	$	105,995			$	173,685			$	105,995			$	173,685
(1)Primarily represents a reduction in the carrying values of the intangible assets associated with Kinvey and DataRPM.

RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES – FOURTH QUARTER

(Unaudited)

	Three Months Ended																% Change
(In thousands, except per share data)	November 30, 2020								November 30, 2019								Non-GAAP
Adjusted revenue:
GAAP revenue	$	122,385							$	117,038
Acquisition-related revenue(1)	6,678								6,378
Non-GAAP revenue	$	129,063			100		%		$	123,416			100		%		5		%
Adjusted income from operations:
GAAP income (loss) from operations	$	18,514			15		%		$	(6,026	)		(5	)	%
Amortization of acquired intangibles	10,488				8		%		14,301				12		%
Stock-based compensation	6,123				4		%		5,900				4		%
Impairment of intangible and long-lived assets(2)	—				—		%		24,096				20		%
Restructuring expenses and other	4,080				3		%		2,338				2		%
Acquisition-related revenue(1) and expenses	8,876				7		%		6,676				5		%
Non-GAAP income from operations	$	48,081			37		%		$	47,285			38		%		2		%
Adjusted net income:
GAAP net income (loss)	$	17,661			14		%		$	(4,740	)		(4	)	%
Amortization of acquired intangibles	10,488				8		%		14,301				12		%
Stock-based compensation	6,123				5		%		5,900				4		%
Impairment of intangible and long-lived assets(2)	—				—		%		24,096				20		%
Restructuring expenses and other	4,080				3		%		2,338				2		%
Acquisition-related revenue(1) and expenses	8,876				7		%		6,676				5		%
Provision for income taxes	(6,110		)		(5	)	%		(12,851		)		(10	)	%
Non-GAAP net income	$	41,118			32		%		$	35,720			29		%		15		%
Adjusted diluted earnings per share:
GAAP diluted earnings (loss) per share	$	0.39							$	(0.11	)
Amortization of acquired intangibles	0.23								0.32
Stock-based compensation	0.14								0.13
Impairment of intangible and long-lived assets(2)	—								0.53
Restructuring expenses and other	0.09								0.05
Acquisition-related revenue(1) and expenses	0.20								0.15
Provision for income taxes	(0.14		)						(0.28		)
Non-GAAP diluted earnings per share	$	0.91							$	0.79							15		%
Non-GAAP weighted avg shares outstanding – diluted	45,140								45,484								(1	)	%
(1)Acquisition-related revenue constitutes revenue reflected as pre-acquisition deferred revenue that would otherwise have been recognized but for the purchase accounting treatment of acquisitions. Since GAAP accounting requires the elimination of this revenue, GAAP results alone do not fully capture all of our economic activities. Acquisition-related revenue adjustments relate to Progress’ Application Development and Deployment business segment for Chef in fiscal year 2020 and Progress’ OpenEdge business segment for Ipswitch in fiscal year 2019.
(2)Primarily represents a reduction in the carrying values of the intangible assets associated with Kinvey and DataRPM.

RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES – FISCAL YEAR

(Unaudited)

	Fiscal Year Ended																% Change
(In thousands, except per share data)	November 30, 2020								November 30, 2019								Non-GAAP
Adjusted revenue:
GAAP revenue	$	442,150							$	413,298
Acquisition-related revenue(1)	14,062								18,663
Non-GAAP revenue	$	456,212			100		%		$	431,961			100		%		6	%
Adjusted income from operations:
GAAP income from operations	$	107,728			24		%		$	40,084			10		%
Amortization of acquired intangibles	27,946				6		%		48,139				11		%
Stock-based compensation	23,482				5		%		23,311				5		%
Impairment of intangible and long-lived assets(2)	—				—		%		24,096				6		%
Restructuring expenses and other	5,906				1		%		6,307				1		%
Acquisition-related revenue(1) and expenses	17,699				4		%		20,321				5		%
Non-GAAP income from operations	$	182,761			40		%		$	162,258			38		%		13	%
Adjusted net income:
GAAP net income	$	79,722			18		%		$	26,400			6		%
Amortization of acquired intangibles	27,946				6		%		48,139				11		%
Stock-based compensation	23,482				5		%		23,311				5		%
Impairment of intangible and long-lived assets(2)	—				—		%		24,096				6		%
Restructuring expenses and other	5,906				1		%		6,307				1		%
Acquisition-related revenue(1) and expenses	17,699				4		%		20,321				5		%
Provision for income taxes	(14,673		)		(3	)	%		(26,829		)		(6	)	%
Non-GAAP net income	$	140,082			31		%		$	121,745			28		%		15	%
Adjusted diluted earnings per share:
GAAP diluted earnings per share	$	1.76							$	0.58
Amortization of acquired intangibles	0.62								1.07
Stock-based compensation	0.51								0.51
Impairment of intangible and long-lived assets(2)	—								0.53
Restructuring expenses and other	0.13								0.14
Acquisition-related revenue(1) and expenses	0.39								0.45
Provision for income taxes	(0.32		)						(0.59		)
Non-GAAP diluted earnings per share	$	3.09							$	2.69							15	%
Non-GAAP weighted avg shares outstanding – diluted	45,321								45,340								—	%
(1)Acquisition-related revenue constitutes revenue reflected as pre-acquisition deferred revenue that would otherwise have been recognized but for the purchase accounting treatment of acquisitions. Since GAAP accounting requires the elimination of this revenue, GAAP results alone do not fully capture all of our economic activities. Acquisition-related revenue adjustments relate to Progress’ Application Development and Deployment business segment for Chef in fiscal year 2020 and Progress’ OpenEdge business segment for Ipswitch in fiscal year 2019.
(2)Primarily represents a reduction in the carrying values of the intangible assets associated with Kinvey and DataRPM.

OTHER NON-GAAP FINANCIAL MEASURES

(Unaudited)

Quarter to Date Adjusted Free Cash Flow
(In thousands)	Q4 2020				Q4 2019				% Change
Cash flows from operations	$	42,762			$	36,601			17		%
Purchases of property and equipment	(3,098		)		(2,168		)		43		%
Free cash flow	39,664				34,433				15		%
Add back: restructuring payments	992				2,272				(56	)	%
Adjusted free cash flow	$	40,656			$	36,705			11		%

Year to Date Adjusted Free Cash Flow
(In thousands)	FY 2020				FY 2019				% Change
Cash flows from operations	$	144,847			$	128,484			13		%
Purchases of property and equipment	(6,517		)		(3,998		)		63		%
Free cash flow	138,330				124,486				11		%
Add back: restructuring payments	4,123				4,407				(6	)	%
Adjusted free cash flow	$	142,453			$	128,893			11		%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2021
GUIDANCE

(Unaudited)

Fiscal Year 2021 Revenue Guidance
	Fiscal Year Ended				Fiscal Year Ending
	November 30, 2020				November 30, 2021
(In millions)					Low				% Change			High				% Change
GAAP revenue	$	442.1			$	487.3			10	%		$	495.3			12	%
Acquisition-related adjustments – revenue(1)	14.1				25.7				82	%		25.7				82	%
Non-GAAP revenue	$	456.2			$	513.0			12	%		$	521.0			14	%
(1)Acquisition-related revenue constitutes revenue reflected as pre-acquisition deferred revenue that would otherwise have been recognized but for the purchase accounting treatment of acquisitions. Since GAAP accounting requires the elimination of this revenue, GAAP results alone do not fully capture all of our economic activities. Acquisition-related revenue adjustments relate to Progress’ Application Development and Deployment business segment for Chef and Progress’ OpenEdge business segment for Ipswitch.

Fiscal Year 2021 Non-GAAP Operating Margin Guidance
	Fiscal Year Ending November 30, 2021
(In millions)	Low				High
GAAP income from operations	$	91.2			$	94.6
GAAP operating margin	19		%		19		%
Acquisition-related revenue	25.7				25.7
Restructuring expense	1.9				1.9
Stock-based compensation	27.3				27.3
Acquisition-related expenses	0.3				0.3
Amortization of intangibles	44.9				44.9
Total adjustments	100.1				100.1
Non-GAAP income from operations	$	191.3			$	194.7
Non-GAAP operating margin	37		%		37		%

Fiscal Year 2021 Non-GAAP Earnings per Share and Effective Tax Rate Guidance
	Fiscal Year Ending November 30, 2021
(In millions, except per share data)	Low				High
GAAP net income	$	62.4			$	65.1
Adjustments (from previous table)	100.1				100.1
Income tax adjustment(2)	(19.2		)		(19.2		)
Non-GAAP net income	$	143.3			$	146.0
GAAP diluted earnings per share	$	1.40			$	1.46
Non-GAAP diluted earnings per share	$	3.22			$	3.28
Diluted weighted average shares outstanding	44.5				44.5
(2)Tax adjustment is based on a non-GAAP effective tax rate of approximately 20% for Low and High, calculated as follows:
Non-GAAP income from operations	$	191.3			$	194.7
Other (expense) income	(12.2		)		(12.2		)
Non-GAAP income from continuing operations before income taxes	179.1				182.5
Non-GAAP net income	143.3				146.0
Tax provision	$	35.8			$	36.5
Non-GAAP tax rate	20		%		20		%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2021 GUIDANCE

(Unaudited)

Fiscal Year 2021 Adjusted Free Cash Flow Guidance
	Fiscal Year Ending November 30, 2021
(In millions)	Low				High
Cash flows from operations (GAAP)	$	151			$	156
Purchases of property and equipment	(7		)		(7		)
Add back: restructuring payments	6				6
Adjusted free cash flow (non-GAAP)	$	150			$	155

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q1 2021 GUIDANCE

(Unaudited)

Q1 2021 Revenue Guidance
	Three Months Ended				Three Months Ending
	February 29, 2020				February 28, 2021
(In millions)					Low				% Change				High				% Change
GAAP revenue	$	109.7			$	108.8			(1	)	%		$	112.8			3	%
Acquisition-related adjustments – revenue(1)	4.1				10.2				149				10.2				149
Non-GAAP revenue	$	113.8			$	119.0			5		%		$	123.0			8	%
(1)Acquisition-related revenue constitutes revenue reflected as pre-acquisition deferred revenue that would otherwise have been recognized but for the purchase accounting treatment of acquisitions. Since GAAP accounting requires the elimination of this revenue, GAAP results alone do not fully capture all of our economic activities. Acquisition-related revenue adjustments relate to Progress; Application Development and Deployment business segment for Chef and Progress’ OpenEdge business segment for Ipswitch.

Q1 2021 Non-GAAP Earnings per Share Guidance
	Three Months Ending February 28, 2021
	Low				High
GAAP diluted earnings per share	$	0.21			$	0.25
Acquisition-related revenue	0.23				0.23
Stock-based compensation	0.15				0.15
Amortization of intangibles	0.23				0.23
Restructuring expense	0.03				0.03
Total adjustments	0.64				0.64
Income tax adjustment	(0.13		)		(0.13		)
Non-GAAP diluted earnings per share	$	0.72			$	0.76