PRGS - Earnings call transcript Q4 2020 | Progress Software Corporation

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Operator

Good day, everyone, and welcome to today's Progress Software Corporation's Quarter Four 2020 Investor Relations Call. At this time, I'd like to turn the floor over to Mr. Anthony Folger, Chief Financial Officer. Please go ahead, sir.

Anthony Folger

Thank you, Greg. thanks XXXX us financial and fiscal Progress everyone, quarter fourth results afternoon, for for joining Software's Good conference call. is today, Officer. me Yogesh and President With Chief Gupta, Executive

during outlook like Before started, financial the on might initiatives, and strategies, information our to uncertainties. our this Corporate crisis COVID-XX future to our call, guidance performance. plans, remind outlook Softwares' we for we be I'd impact represents you product forward-looking. get the operating other subject that integration business, of discuss will Chef, of that cost information as forward-looking considered This Progress is today, and only and and and risks of

factors our no obligation a XX-Q of the in included new our developments may assumes particular, affect refer most Progress otherwise. call, captioned Software the SEC result update For in risk as results, Factors Risk recent this filings, of whether section description Form in that statements forward-looking to the to please our or recent a

Additionally, on otherwise figures we indicated. call, measures financial are non-GAAP discuss unless all this the

and for after also it financial of market a financial press non-GAAP GAAP specific issued is the of which these numbers recommend the details. results to of quarter can our for document the fourth reference full find was This our contains on directly published website. details fiscal You in most today results reconciliation I our closed measures release, financial XXXX, comparable you and the

now available Relations will Today's in conference section be and With this will results, We entirety our in release metrics. highlights that, are financial have turn our website. the section Investor for it available and our Both over I'll Yogesh supplemental from data our fourth also a and replay providing the quarter of XXXX to contains recorded website, published presentation Relation at via its that earnings of Investor all presentation investors.progress.com. be additional

Yogesh Gupta

afternoon, everyone. and Anthony, you, good Thank

press our today's on we note release, revenue above seen very positive sure the I'm in with expectations. a year finished both As all you've the EPS, and

year-over-year strong durability with both delivered results, the fourth FY our total and results These our for success reflect our also and and thrilled XXXX. the both business I'm quarter 'XX. strategy. year for of revenue the growth our growth EPS full in and We executing QX Overall,

and also in offerings While on us extremely COVID-XX impacted XXXX. maintain impacted I'm the the customer timing excel with sorry, execution our to also total our - the we customer efforts our retention focus our strategy. growth strong and product enabled our high-quality support uncertainties commitment to timing customers, disruptions to of of business new pandemic are making the and the close rates. upsell delivering in relentless customer success pleased executing effort we This existing success believe ensuring by and helped progress us of industry-leading

and the Our a XXXX the retention our operationally, minutes. financially and our few and and leadership license DevOps revenue, and ecosystem. software will successful, details DevSecOps, came DataDirect we a but better in provide in in with from upside is high acquisition who pioneer on longstanding OpenEdge Anthony about Ipswitch of has developer bullish of quarter expected more his primarily Chef consistently coupled than comments, customer revenue during the rates. both Chef proven acquisition extends in be More position remain our to

Chef in the contribution addition, our Chef's quarter, two our expectations. roughly and line right in results months for to fourth In contributed was with

driven and continued net reached rates. For the grow by XX% to year, XXXX recurring full in revenue strong retention contribution

in for and always, the and our we driving performance to employees' remains As grateful customers are factor the success partners contributions. commitment of their our key Progress's

on confident that our continued the or strategy, of globally, are to execute remotely. rollout to about the our to provide support financial the we can working remotely. COVID-XX are customers whether optimistic vaccine we our we're the accustomed teams in work accomplish office objectives are and Our continue while high-quality And we

DevOps to As Chef vibrant organization that of XXX acquisition many Chef, support, as impressive closed, early now high-quality Chef Chef's is have pleased a financially integration of the to we the engaged and and also the with you going I in to to legacy and on The the progress array business. source of October. elements has to their part know, commitment We're continue one customers of which track pleased and we of on delivering have well community. rely key who hybrid with Progress, of integration by Chef with was fourth acquisition. stronger extremely Chef the of since are enterprise products been an and the customers Chef these already the thrilled of acquired much Fortune customers focus come multi-cloud our for response and products date well areas is of larger We've cloud open in needs. Chef's our from key as integration the complete. into with quarter

do to much we more have complete meet objectives. our will work integration, I 'XX that still to in confident we FY now the Although am

With the our Chef Chef's and continuing financial support performance during with was customers, expectations. QX enthusiasm in and operational of line

acquisition. in forward potentially that announced we September positioned and we growth back the general. As few strategy a now we to set to look targets for Chef exceed minutes meet are the spend I'd our when in on like we financial to XXXX,

and investments both we on growth by As to total have opportunities and continue sourcing and our in our acquisitions have in key we making our have M&A, strategy executing bolstered yielded great integrating capabilities. investments, including quickly. capabilities more internal benefit, accretive will through embarked yield M&A These

and to to us not new total shareholder DevOps DevOps result, capabilities value with large for to opportunity, us growing enabling combined sustained our The our M&A years a the fragmented Progress. deliver As on well market growth strategy, come. market position to execute is

to been development years OpenEdge in and entire that, a it's XX IT central professionals base. of customer the OpenEdge application and the portfolio has and throughout that to not over value testament developers last success The product leader devised of have and our said a to by is many is been limited just across the longevity I've same time. The the OpenEdge. As true we and ongoing our times, Progress customers market,

combination in with and emphasis Ipswitch Chef security almost a strong Our of strong The two added deployment around IT years operations. strength ago with on a compliance. addition real capabilities provides automated

is little growth M&A and So large we the over a It's new professionals for software And and market of opportunity moments consider opportunity important talking developers billion about and have XX. to of it's growing of a products relatively high market. market, delivering which DevOps strategy. DevSecOps these the this forecast analysts a market. to also To few applications. the and while revenue new, provide history worth spending impact them us, we DevOps that $X long for IT enable not presents includes Progress, an markets market the total XXXX a will XXXX, the to DevOps to in a the sense as that develop, while market to of and relatively is deploy our our is CAGR are broader from infrastructure believe $XX nearly manage use billion go important, business in term Industry fragmented a DevOps

software billion to to in invested over pace fanatic and infrastructure in from nearly period year venture five the capitalists XX,XXX companies the XXXX, $XXX this increase. market, XXXX During continues

In investment, to addition investors equity been have venture group active.

businesses strategies. that have tech foundry no their many companies owned and to divest Some scale longer grown fit assets to larger are looking

opportunities M&A the many believe we will our in result, a fuel for strategy As our ahead. market years

business accretive execute relentless to in on the on resulted XXXX, our focus and our a namely Looking growth our the of continue customer driven ahead by total plan retention. in to acquisitions XXXX, success we that strategy, expansion through

philosophy will the to us DevOps to our Our DevSecOps efforts continue customers strengthen a allowing focused cost our ownership, our summary, to best-in-class position our superior already XXXX very excellent growth we high-quality the performance, with are efficiently, value enabling us considering our lower to maintain our support, continue especially retention to in confident margins. We're Operationally, In M&A business the sustainable in operating all our generate we year. in provide same products, and uncertainties we solid operating the strategy on value this pleased will of operating At of rates. focused total faced in impressively with of time, stakeholders. combination and remain total and markets. that customer deliver form to substantial customer strong the we'll early

confident We results our turn Anthony? and in our durability inherent business XXXX. our and over continue are ability provide like our to more outlook. With that, details to strategy demonstrate to to Anthony on I'd the in advancing continue call to financial our the in

Anthony Folger

Yogesh. thanks for Thanks afternoon, call. and joining our everyone, Good

and operating delighted the our we're remarks, very quarter Yogesh's you all results cash date. free sure the surpassing the flow, to revenue, progressed with of with I'm heard how EPS fourth also We're with in As and integration in has pleased Chef our margin, acquisition expectations.

Turning to the numbers.

the for closing quarter days Despite the million five the continued margin were throughout line, discipline these resulted and able strong COVID-XX experienced we XXXX. in reflects DCI the X% growth represents and results quarter operating anticipated that than acquisition of on our expansion, trend still through our sales of very $XXX.X top to stronger prior-year the revenue over anticipated, deliver and later pandemic products. we Our OpenEdge Chef than a

our believe driven X% of a showed throughout we're compared growth With fiscal revenue retention revenue pleased by Ipswitch That results the a year, contribution our represents tremendous in very For business fiscal largely full-year resiliency customer and with contribution consistently the and two-month full-year, to $XXX.X remained XXXX. from growth rates million line Chef. from revenue strong top XXXX.

full quarter, million Total million fiscal and Turning expenses XXXX. up X% $XX for the quarter year-ago were X% over and operating cost up to the expenses. to the $XXX.X for compared year,

by of in For and COVID-XX. across by expenses quarter, of expenses the in driven combat largely business, reduction put was by increase to place of we've operating operating driven and offset our the the partially rest the a Chef measures in spread cost the and acquisition cost

million the margin and and expenses activity Chef, by with cost the the For partially measures in income $XX.X Operating full year quarter in quarter and cost that reflected the fourth quarter. for our increase of in offset XX% operating two year-ago I of months for and put of place compared million, Ipswitch operating cost cognitive XXXX reductions expenses previously mentioned. business, same in $XX.X was management coupled to activity COVID-related in a operating of in the year, full the for

margin the to of $XX.X For better for $XXX.X a income of than more than fiscal million compared of result the year, achieved operating increase of XXXX. that points basis fiscal XXXX was expected an recognize We the year. XXX in performance improvement XX%, portion operating or margin the an full is million during

for reason spread was The perspective However, portion COVID-XX. reduced is place to sustainable XXXX this is unchanged put on in high-XXs. expenses margin our restrictions margins we of driven fiscal the the from combat improvement the because operating by a the in of resulting

integration In the worth Chef per higher year-ago addition, year. likely for the margins operating highlighting synergies related resulting our of share gradually of an quarter. it's in place were cost of the $X.XX course recognition over later in the that take or improvement $X.XX XX% will XXXX to and Earnings quarter, of the compared

For the of XXXX. were full-year, improvement fiscal XX% share per compared $X.XX, or $X.XX to earnings an

of cash purchase million and $XX.X Deferred to free million almost million investments, Moving which after of was of quarter, reflecting flow of fourth to $XX.X XXXX. cash the during line of of accounting balance deferred term in cash of Progress repurchased we the the quarter, the was drew in is our and the compared for in and comprised the quarter, onto the compared revenue Chef up our addition Chef's stock. at items. quarter. with $XX adjustments. end debt days XX% million under And the year-ago flow amount DSO quarter sheet a to loan fourth the for million million, million fund which Adjusted acquisition down ended year revolving $XXX short-term the days $XX $XXX fiscal XX up revenue a equivalents from XX $XXX balance million a quarter partially quarter We was the $XXX.X few credit, and of we cash, ago,

million As a remaining end $XXX result, at we current under share repurchase the authorization. of our had QX,

and like year it for full Now, QX I'd outlook to to XXXX. turn our the

efforts and in Chef contribution anticipate digits on in the Chef to grow XXXX remained our single we as integration unchanged, of XXXX. we to that for retention. as expectations And business we continue low mentioned, previously throughout Chef's largely focus expect have Our customer Chef's

our contribution exit the addition to contribution, year result, outlook, gradually to challenges the developing we headwinds resulting operating to a from from cost for a and continue XX% that the with As assumed our In excluding at expenses operating facilities margin by XXXX would expect an XXXX, portion and year. restrictions. of will that we be Chef travel, some during least the top on roughly of of contribution synergies pandemic flat due the of related economic continuing the We've lower will COVID-XX least also be and line our throughout Chef's when COVID-XX Chefs for the recognize that half activities related brought year to first assumed to the at

a outlook for Our also line. our lumpy DataDirect quarterly reflects product revenue for of distribution XXXX

product DCI segment. As only our a reminder, DataDirect is in the

will to consistent range we remain million year, our For flat, the we line $XX $XX the value largely the million. in annual believe and prior remain with contract product statements, full of expect the to

distribution However, by million the expect to almost we QX QX. of expect of is as year in meaningful. likely to and quarterly to for increase The DataDirect on the decline when revenue, corresponding a $X impact of we the not in year, most obviously QX to it revenue see product half overall the relates second XXXX, compared the

important is revenue for to license dates the similar multi-year out of like OEM the model subscription impacts that quarterly XXXX. Chef's also contracts to that to renewal I'd expected highlight distribution DataDirect. of point However, it's how in

expect for aim of we ensure and contribution a by disclosure as underlying that, million performance our in offset reduction As a first previously to reflects it business, the the full-quarter Chef, almost including enhance XXXX, result, DataDirect million. addition better the we With of $XXX in our XXXX, the $X quarter $XXX partially between Chef. includes revenue This million discussed. of will to from revenue

$X.XX. We expect per also between $X.XX earnings share of and

to and an XXXX. year For fiscal from through approximately We XX% of $XXX million representing slight Chef. revenue from the the XXXX, which revenue a Substantially, I outlined. XX% between expect the we million for Chef to on included margin all foreign growth it's we between note as and of of reflects growth basis. the $X.XX of $X.XX guidance year anticipate earnings adjusted that a When and between year, be cash $XXX the anticipated projecting previously We're $XXX $XXX this course comparing million, contribution to full million, flow free share the we've increase important of a full-year and to improve exchange our over the expect EPS with year-over-year per of XX%, results, acquisition, $X.XX. XXXX operating for will headwind impact

our real With Greg, to M&A total to us up Q&A. the Our the well believe our shareholders. guidance growth and full-year to open We tax closing, that, outlook we've In investments I'd I'd like and in of for the create thrilled that XX.X capabilities rate XXXX. of with call strategy made for execute our like a position QX and acquisition for we're XX% approximately Chef, outstanding. shares our performance, reiterate our assumes for EPS value million

Operator

to we're Ives hear And Securities. Instructions] from Wedbush Dan first, with going [Operator

Strecker Backer

This Strecker you is In you integration Dan. the far for then follow-up. months? the past three with over maybe just can the is talk Chef, so on And what most about a surprised process

there? As we year with some of look low-hanging Thank the the for your fruits biggest team out into do and you the fiscal see what guidance, challenges versus is Chef 'XX you.

Yogesh Gupta

and impressive the now are Chef, is wonderful the fact roadmaps Yogesh. presence, This the part community Progress mean, product, on therefore, product has had. with we for customers now well that as delivering truly strong about customers The with on for Chef, how company that the stronger committed to are the a truly have are is much - excited they that the enhancements for Chef is me stronger a most of I thing amazing Progress as are. the and acquired and customers we open-source been to that the commitment - sure future that the our products making much successful, global on Chef

is for customers most now excited the So continuing customers see you really that stronger the it strategy behind - Chef been to have thing fact that we're truly about this acquisition. our exciting how I had, has it, with think the amazing business the And me. a but are

big confident away. So we of a that of are that in year, with going. be respect the take would see terms where positive sort we we And next to the business

continue We expect has our really to integration off started which well.

just - there As level is more year do, exit get not an I sorry, XXXX just of the actually - I thing think to we that with it's you do expand on sure Chef, next synergies customer we've - customers. the along will for that and we mentioned, but done so anything right that think existing rates, be those, I and we I already, have, is we to customers of over this important But be sure XXXX, win time the continue continued the the to is don't and to execute really anything that expect same, satisfaction, in continued to add of unusual that? portfolio, more at make Anthony, Strecker. from the there making really that some on synergies activities continue and year want product foresee way to new it overall point. to we at that us Chef, on from think also retention everything focus our completed but - to

Anthony Folger

No, Yogesh.

covers that it. think I Yes.

Yogesh Gupta

Okay.

Operator

Schappel wrong. Benchmark. me Mark hear Schappel, Mr. excuse it Next, pronounced then I with we'll from sir if

Mark Schappel

at your rate you close enhanced of even year M&A good an from with you're more stating hear looking And companies Yogesh you. correctly, to now, think team year, now? recall or given would say similar a last XXX I at M&A - perspective. looking good hey, Yogesh, - that from a from Yogesh, companies If starting you're to you're I

Yogesh Gupta

of think looking really, sure So once making other a bit, think I ways, Mark, part more. some the better honing a gone I I and right that the we're and are has we filtering in little companies doing number that but job up at of think

I think that sure you quality also as imagine. matters, I'm can

I on feel It's thing. our and deals our not So, just year. ability growth team, confident strong a M&A executing on think interesting continue about built on identify and execute making last to go and really finding over to total the strategy. business other We've the and of no, an assets, on our we systems also and aspects these and sourcing and deals but then happen, them integration out

those So are seeing that - fruits well. think front the better we is we investments, that think of I integration are I that ongoing, some with and get our will also of as on Chef

think - actually, opportunity sides. excited ahead. the I about it's I So both truly I'm

Mark Schappel

could of the And us that - you're in the are of zone? your size remind companies you target that

Yogesh Gupta

Yes.

said we've general, revenue to makes in smaller at for of So bigger think and sense we is - the right. one, ideal makes sense, look the XX% something sort if before, it something we but XX% I look it range if will

that Sometimes asset up. it comes the on depends

us I company retention us think, been right with would was came So the over was very sort the But million. $XXX type fit it spot know, the right even you was rates, the be if we business. has that $XX to or and attractive of of right sweet that million that for along to something the $XX million revenue if feel million $XXX

deals ready I years, feel do this them. to a pace to two than point, continue Mark, the team integrate at last faster over that and is - So, the we did we at

spot is of - XX% the range is so to revenue. and - XX% still approximately So our still the sweet range

Mark Schappel

prepared already had you of integration elements but what in if goal, that your you the I then just in those the few on are? And mentioned details your is fill stated integration key a remarks, could complete. wondering another Chef remarks, in more was key you prepared elements

Yogesh Gupta

Yes.

that, all key elements said please, I that, elements don't I - complete, want of if to some the so at So that are key I misspoke. imply

and - place. Some and into all month's we the key right? example, already systems, books financial our on remarkably our Workday on smooth. had HR logins. for with the so our moved used that and that, the domain very were and the their rapid of our an are employees set on it then been side give and email And and the We has systems system. in and one Everybody integration And people on of up to are all financial the on the first you in really elements systems Workday good they day processes closed had

Chef bringing sales on. do continue those also side, we're - Salesforce together happens, CRM the so on so using to it so we and We automation their for and as was

the were that I so really really joined. knew that organization then they to we able me, all right, start To that the to where So do out on they one. and systems of of to on day day gate, key people and think integrate interacting those on us, one, functionals day were able which exactly very bring getting Company they board the the the be people things, to belong with well, part customers within first these the well, on all put

So spoken nearly Sundar, team that. XX business many has has who for reports enterprise who spoken XX leading and than right, to more this the the and customers me, is customers, person to with he personally us,

have And so it, exciting Mark. things and all well, really gone about it's those - that's what

Mark Schappel

your Anthony, in quarter? contribution did state the prepared in you Chef remarks And the

Anthony Folger

the I $X basis, not it was but in non-GAAP on - Mark, For million quarter, over revenue. just a did was it

Operator

have from we Sidoti, Soderstrom. on Anja moving then And

Anja Soderstrom

Anthony. results. Hi, congratulations my Yogesh nice on question, and you taking for the Thank and

Yogesh Gupta

Thank you, Anja.

Anja Soderstrom

a the I so have good and hope Chef acquisition, to on the And start. I follow-ups M&A. and - you're some just off

took on? you So how was any churn Chef them just first, did I'm curious employ, and there many when

Yogesh Gupta

Yes. Sure.

So the was Obviously, board, are brought rapidly start-up know, looking have of we team. synergies XXX and start-up. start-up, who on like a so when when work continued we, working grow we Anja, them in people work you XXX basically to and close that as a be to brought go there an some to on. you from employees IPO we an a a that of is drive on, this, there a - have board. and But to so When on culture actually, of to with to people, another want kind almost and and number perspective at have company smaller course, Chef employed over and of was looking exit a slightly

we've to So what But and like much had is turnover been some execute that. very continue expected, really we that we've us, as on that it's find to we has all we roadmaps, to new really releases fourth quarter, and their product continued delivered our of continued the to needs product in and and we has well. customers requirements, meet that the go key support

despite So five for little - in we Chef. a as than so the business of line expected and the - on got from obviously, of second Anthony - prepared that bit side, get months less we the the contribution, month into on said his able the we two were still remarks that the top days financial contribution has being quarter, to

happened has and our hasn't or has business good impacted form. really really So business shape been turnover employee any that way, any in

Anja Soderstrom

Chef I you - when said still that think be you the accretive first acquired to you Do think that or? And expected you mentioned quarter. you in

Yogesh Gupta

that? - you can speak perhaps, don't I to Anthony,

Anthony Folger

Yes.

see would fiscal our 'XX, expect I in was Anja, first from as we Chef, still so accretion and entered the we that. 'XX, view, of think start to the we - quarter that

So expectations are our line. still in

accretive But into still we calendar do. the a we it the business fiscal 'XX, period. it it, of breakeven We when expected accretive did of QX be as certainly, was two-month and just acquired not to we turns QX that we for in Chef get expect sort say, may we be and because

Anja Soderstrom

you such of you integration since and to the or being then there and - playbook hiccup playbook whatnot? Chef and that Chef learnings yourself with sort so from there. use created Do of Ipswitch had able sort or successful for And a see other

Yogesh Gupta

Yes.

You using probably will M&A absolutely, mean, add used it playbook, that playbook. But time playbook to adds learn and acquisition, do the diligence yes, - know, And right? but something we'll it used to right? single it I We we due have yes, We an when that we will the we we you playbook, that additional mean, - the are to is do acquisitions. I used we'll integration. post Every it additional refine continue do to diligence. for we as playbook. know, continue

need we each add subtle we has acquisition that So whatever we some make to sure to have, differences, that. and learnings

comfortable So can actually with the apply and - playbook to other I is playbook today, very that of can confident I'm where that. and we that deals and execute M&A

Anja Soderstrom

Has changed, if of are what it sort last And in changed how the in you months, and couple M&A has all? seeing market? the of that at

Yogesh Gupta

kind not change months, - last have to It's Anja. constant be of We any flow it seen a a deals. significant of a in the couple think honest, of I is

we've gotten better of - we are are and we think know, right You significantly earlier, continue very said I are getting in that are so. of type to terms a targets better deal seeing we very, I be they making they robust the set of sure flow, and and as

the is I'm deal flow not confident yes, very actually that So issue. an

Anja Soderstrom

Chef? do you're able you acquisition to digesting think soon And would how take still given on another you be

Yogesh Gupta

So stop ability take execute able on that be we right? taking up, another things down. comfortable the our an - to opportunity to from are are where next very not on and right deal not confident it's We're slowing we'll not feel show So on, pause. we saying, now, We let's one.

decided Chef. Ipswitch, pause not paused So at have to all know, but we as about for we after since months, six you

Anja Soderstrom

business see cyberattacks of - the on you of your sort impact sort did gears, happened? when switch to just any the SolarWinds when And

Yogesh Gupta

We any have seen really significant not impact.

SolarWinds the folks of We But are are so it's level asking they management low of from rather seeing and it's some interest product small ought to muted. in switch and market, in WhatsUp is Gold, and wondering network our our sort product. which whether really activity, to

customers doorstep. of in bunch meaningful suddenly So at our SolarWinds' no business whole showing terms a impact up of

our perspective, from but our on execute any really additional go-to-market not we - I efforts, opportunity. continue as So to meaningful and SolarWinds creating is said,

Anja Soderstrom

then one. the And last

post-COVID? tailwind that you challenging there anything, for you that's see still know, you is a be you So might

Yogesh Gupta

that possibility and the I with and we places being not think globally, where like population. are very vaccine COVID, you available India, larger we Well, excited even are including and really hopeful, the Europe still all rapidly, done though very I'm it know, about we employee have a of

do challenges. I there mean additional to normal don't and things are continue will I have them. that think we continue do, post-COVID, operational we me, it's to to to other I think

So year, beyond first any closer the some normal. having, impact see to the challenges. in I additional see as We half as don't unusual. COVID really that, - But Anthony some that do of nothing back take and significant we the said, headwinds get

Operator

All looks is further right. back time. remarks. or And to Gupta closing for to like Anja, this there additional I'd over Yogesh floor following no at like the turn questions any it

Yogesh Gupta

thank Greg. for you, you, Thank our joining all today. call And

We performance excited our about XXXX. in are truly

Our safe. and our healthy integration in soon. well and stay our and FY look track, continue markets. further we growth Thanks Bye-bye. on 'XX, you to again, we execute DevSecOps on and will Chef position strengthen DevOps is to in we to talking as of total the strategy forward And

Operator

today. ladies your And concludes and appreciate do gentlemen, once again, that We call for our joining us.

disconnect. now may You

Progress Software (PRGS) 15 Jan 212020 Q4 Earnings call transcript