Progress Software Corporation (NASDAQ:PRGS) Q3 2020 Earnings Conference Call - Final Transcript

Sep 29, 2020 • 05:00 pm ET


Progress Software Corporation (NASDAQ:PRGS) Q3 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the Progress Software Corporation Q3 2020 Investor Relations Conference Call. Today's call is being recorded.

At this time, I'd like to turn the conference over to Anthony Folger. Please go ahead.

Anthony Folger

Thank you Al. Good afternoon everyone and thanks for joining us for Progress Software's fiscal third quarter 2020 financial results conference call. With me today is Yogesh Gupta, President and Chief Executive Officer.

Before we get started, I'd like to remind you that during this call we will discuss our outlook for future financial and operating performance, corporate strategies, product plans cost initiatives, our acquisition and integration of Chef, the impact of the COVID-19 crisis on our business and other information that might be considered forward-looking. This forward-looking information represents Progress Software's outlook and guidance only as of today and is subject to risks and uncertainties. Please review our safe harbor statement regarding this information, which is available in today's financial results press release as well as in the Investor Relations section of our website at Progress Software assumes no obligation to update the forward-looking statements included in this call, whether as a result of new developments or otherwise.

Additionally, on this call, all the financial figures we discuss are non-GAAP measures, unless it is stated that the measure is a GAAP number. You can find a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP numbers in our financial results press release issued today.

Today, we published our financial results press release on our website. This document contains the full details of our financial results for the fiscal third quarter 2020 and I recommend you reference it for specific details. We have also published a presentation that contain supplemental data for our third quarter 2020 results, providing highlights and additional financial metrics. This presentation is available in the Investor Relations section of our website at Today's conference call will be recorded in its entirety and will be available via replay on our website in the Investor Relations section.

With that, I'll now turn it over to Yogesh.

Yogesh Gupta

Thank you, Anthony, and good afternoon everyone. On today's call, I'd like to recap our strong third quarter results and provide some more color on why we're so excited about our pending acquisition of Chef. We reported strong Q3 financial results with revenue and EPS, both meaningfully exceeding the high end of our guidance. Against the backdrop of a major global pandemic, our continued strong performance demonstrates the durability of our business, our relationships with our customers and partners and the discipline and commitment of our employees. I am very happy with our results. The strength of our business enabled us to raise our 2020 outlook for revenue and EPS. The improved outlook reflects our increased confidence in the continued momentum in our business through the fourth quarter and the contribution from shares. And consistent with our shareholder-friendly capital allocation policy, for the third year in a row, we have increased our