Wire Stories

Progress Reports 2021 Fiscal Fourth Quarter and Year End Results

Q4 and FY21 Revenue and EPS Significantly Ahead of Guidance
Integration of Kemp On Target as Acquisition Drives Projected Fiscal 2022 Revenue Growth

BEDFORD, Mass., Jan. 18, 2022 (GLOBE NEWSWIRE) -- Progress (NASDAQ: PRGS), the leading provider of products to develop, deploy and manage high-impact applications, today announced financial results for its fiscal fourth quarter and fiscal year ended November�30, 2021.

Fourth Quarter 2021 Highlights:

  • Revenue of $140.1 million increased 14% year-over-year on an actual currency basis and 15% year-over-year on a constant currency basis.
  • Non-GAAP revenue of $143.7 million increased 11% on both an actual currency basis and a constant currency basis.
  • Annualized Recurring Revenue ("ARR") of $486 million increased 12% year-over-year on a constant currency basis.
  • Operating margin was 15% and Non-GAAP operating margin was 36%.
  • Diluted earnings per share was $0.33 compared to $0.39 in the same quarter last year, a decrease of 15%.
  • Non-GAAP diluted earnings per share was $0.92 compared to $0.91 in the same quarter last year, an increase of 1%.

�We're very pleased with our performance throughout 2021, and especially our Q4 results that significantly beat our guidance for revenue and earnings,� said Yogesh Gupta, CEO at Progress. �We're also thrilled with the customer response and rapid integration pace of Kemp, whose acquisition we completed in November. As a leader in the Application Experience ("AX") space, Kemp fits our total growth strategy perfectly, and the acquisition will enable us to drive significant value to our shareholders while bringing a very talented team to Progress that will contribute to our future success.�

Additional financial highlights included(1):

Three Months Ended
GAAPNon-GAAP
(In thousands, except percentages and per share amounts)November 30, 2021November 30, 2020% ChangeNovember 30, 2021November 30, 2020% Change
Revenue$140,128$122,38514�%$143,725$129,06311�%
Income from operations$20,358$18,51410�%$51,627$48,0817�%
Operating margin15�%15�%36�%37�%(100) bps
Net income$14,926$17,661(15)%$41,292$41,118�%
Diluted earnings per share$0.33$0.39(15)%$0.92$0.911�%
Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP)$43,928$42,7623�%$42,447$40,6564�%

(1)See Legal Notice Regarding Non-GAAP Financial Information

Other fiscal fourth quarter 2021 metrics and recent results included:

  • Cash, cash equivalents and short-term investments were $157.4 million at the end of the quarter.
  • DSO was 60 days compared to 54 days in the fiscal fourth quarter of 2020 and 54 days in the fiscal third quarter of 2021.
  • On January 10, 2022, our Board of Directors declared a quarterly dividend of $0.175 per share of common stock that will be paid on March 15, 2022 to shareholders of record as of the close of business on March 1, 2022.
  • On November 1, 2021, the company completed the acquisition of Kemp Technologies, Inc., a leader in the Application Experience space.

�Q4 results were outstanding across every metric and we're very pleased with such a strong close to our fiscal 2021,� said Anthony Folger, CFO at Progress. �As we begin to realize synergies from the acquisition of Kemp, we are very well positioned to deliver strong financial results in 2022 and beyond. We exit 2021 having grown our ARR by 12%, while at the same time, achieving Non-GAAP operating margins of over 40% for the second year in a row.�

Full Year Results

Fiscal Year Ended
GAAPNon-GAAP
(In thousands, except percentages and per share amounts)November 30, 2021November 30, 2020% ChangeNovember 30, 2021November 30, 2020% Change
Revenue$531,313$442,15020�%$557,304$456,21222�%
Income from operations$116,102$107,7288�%$229,159$182,76125�%
Operating margin22�%24�%(200) bps41�%40�%100 bps
Net income$78,420$79,722(2)%$172,886$140,08223�%
Diluted earnings per share$1.76$1.76�%$3.87$3.0925�%
Cash from operations (GAAP) /Adjusted free cash flow (Non-GAAP)$178,530$144,84723�%$179,395$142,45326�%

2022 Business Outlook

Progress provides the following guidance for the fiscal year ending November�30, 2022 and the fiscal first quarter ending February�28, 2022, together with actual results for the same periods in the fiscal year ending November�30, 2021:

FY 2022 GuidanceFY 2021 Actual
(In millions, except percentages and per share amounts) FY 2022
GAAP
FY 2022
Non-GAAP
FY 2021
GAAP
FY 2021
Non-GAAP
Revenue$597 - $607$605 - $615$531$557
Diluted earnings per share$1.93 - $2.03$3.95 - $4.05$1.76$3.87
Operating margin 21% 39%22%41%
Cash from operations (GAAP) /
Adjusted free cash flow (Non-GAAP)
$188 - $193 $185 - $190$179$179
Effective tax rate20 - 21%20 - 21%18%20%

Q1 2022 GuidanceQ1 2021 Actual
(In millions, except per share amounts) Q1 2022
GAAP
Q1 2022
Non-GAAP
Q1 2021
GAAP
Q1 2021
Non-GAAP
Revenue$136 - $139$139 - $142$121$132
Diluted earnings per share$0.32 - $0.34$0.83 - $0.85$0.42$0.95

Based on current exchange rates, the expected negative currency translation impact on Progress' fiscal year 2022 business outlook compared to 2021 exchange rates is approximately $7.5 million on GAAP and non-GAAP revenue, and approximately $0.03 on GAAP and non-GAAP diluted earnings per share. The expected negative currency translation impact on Progress' fiscal Q1 2022 business outlook compared to 2021 exchange rates on GAAP and non-GAAP revenue is approximately $2.5 million. The expected negative currency translation impact on GAAP and non-GAAP diluted earnings per share for fiscal Q1 2022 is approximately $0.01. 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 2021 at 5:00 p.m. ET on Tuesday, January�18, 2022. 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 800-773-2954 or +1 847-413-3731, pass code 50242105. 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 Kemp acquisition could negatively impact our future results of operations and financial condition; and (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, 2020 and its Quarterly Reports on Form 10-Q for the fiscal quarters ended February 28, 2021, May 31, 2021 and August 31, 2021. 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 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:
Michael MiccicheErica McShane
Progress SoftwareProgress Software
+1 781 850 8450+1 781 280 4000
[email protected][email protected]

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months EndedFiscal Year Ended
(In thousands, except per share data)November 30, 2021November 30, 2020% ChangeNovember 30, 2021November 30, 2020% Change
Revenue:
Software licenses$41,236$37,44310�%$156,590$115,24936�%
Maintenance and services98,89284,94216�%374,723326,90115�%
Total revenue140,128122,38514�%531,313442,15020�%
Costs of revenue:
Cost of software licenses1,5081,17129�%5,2714,47318�%
Cost of maintenance and services15,35514,1379�%58,24249,74417�%
Amortization of acquired intangibles4,2172,92344�%14,9367,89789�%
Total costs of revenue21,08018,23116�%78,44962,11426�%
Gross profit119,048104,15414�%452,864380,03619�%
Operating expenses:
Sales and marketing37,42232,01317�%125,890100,11326�%
Product development26,75924,4829�%103,33888,59917�%
General and administrative18,79315,30223�%65,12854,00421�%
Amortization of acquired intangibles9,1607,56521�%31,99620,04960�%
Restructuring expenses5,1754,08027�%6,3085,9067�%
Acquisition-related expenses1,3812,198 (37)%4,1023,63713�%
Total operating expenses98,69085,64015�%336,762272,30824�%
Income from operations20,35818,51410�%116,102107,7288�%
Other expense, net(6,159)(1,887) (226)%(20,568)(11,093) (85)%
Income before income taxes14,19916,627 (15)%95,53496,635 (1)%
(Benefit) provision for income taxes(727)(1,034) (30)%17,11416,9131�%
Net income$14,926$17,661 (15)%$78,420$79,722 (2)%
Earnings per share:
Basic$0.34$0.39(13)%$1.79$1.781�%
Diluted$0.33$0.39(15)%$1.76$1.76�%
Weighted average shares outstanding:
Basic43,97444,723(2)%43,91644,886 (2)%
Diluted44,85345,140(1)%44,62045,321 (2)%
Cash dividends declared per common share$0.175$0.175�%$0.700$0.6704�%

Stock-based compensation is included in the condensed consolidated statements of operations, as follows:
Cost of revenue$327$357(8)%$1,561$1,33617�%
Sales and marketing1,3761,2679�%6,0554,46236�%
Product development1,9251,7689�%8,1047,28611�%
General and administrative4,1112,73151�%14,00410,39835�%
Total$7,739$6,12326�%$29,724$23,48227�%

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In thousands)November 30, 2021November 30, 2020
Assets
Current assets:
Cash, cash equivalents and short-term investments$157,373$105,995
Accounts receivable, net99,81584,040
Unbilled receivables and contract assets25,81624,917
Other current assets39,54923,983
Assets held for sale15,255
Total current assets337,808238,935
Property and equipment, net14,34529,817
Goodwill and intangible assets, net958,337704,473
Right-of-use lease assets25,25330,635
Long-term unbilled receivables and contract assets17,46417,133
Other assets10,33020,789
Total assets$1,363,537$1,041,782
Liabilities and shareholders' equity
Current liabilities:
Accounts payable and other current liabilities$84,215$70,899
Current portion of long-term debt, net25,76718,242
Short-term operating lease liabilities7,9267,015
Short-term deferred revenue205,021166,387
Total current liabilities322,929262,543
Long-term debt, net239,992364,260
Long-term operating lease liabilities23,13026,966
Long-term deferred revenue47,35926,908
Convertible senior notes, net294,535
Other long-term liabilities23,10315,092
Shareholders' equity:
Common stock and additional paid-in capital354,676306,244
Retained earnings57,81339,769
Total shareholders' equity412,489346,013
Total liabilities and shareholders' equity$1,363,537$1,041,782

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) �

Three Months EndedFiscal Year Ended
(In thousands)November 30, 2021November 30, 2020November 30, 2021November 30, 2020
Cash flows from operating activities:
Net income$14,926$17,661$78,420$79,722
Depreciation and amortization18,10512,04461,17934,765
Stock-based compensation7,7396,12329,72423,482
Other non-cash adjustments5,631(2,024)9,7636,287
Changes in operating assets and liabilities(2,473)8,958(556)591
Net cash flows from operating activities43,92842,762178,530144,847
Capital expenditures(1,913)(3,098)(4,654)(6,517)
Issuances of common stock, net of repurchases5,786(37,927)(19,967)(48,901)
Dividend payments to shareholders(8,189)(7,542)(31,561)(29,900)
Payments for acquisitions, net of cash acquired(253,961)(213,057)(253,961)(213,057)
Proceeds from the issuance of debt, net of payment of issuance costs98,50098,500
Payments of principal on long-term debt(5,644)(3,763)(117,313)(11,288)
Proceeds from issuance of Notes, net of issuance costs349,196
Purchase of capped calls(43,056)
Proceeds from sale of long-lived assets, net889889
Other(6,311)(888)(5,836)(2,263)
Net change in cash, cash equivalents and short-term investments(226,304)(124,124)51,378(67,690)
Cash, cash equivalents and short-term investments, beginning of period383,677230,119105,995173,685
Cash, cash equivalents and short-term investments, end of period$157,373$105,995$157,373$105,995

RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES - FOURTH QUARTER
(Unaudited)

Three Months Ended% Change
(In thousands, except per share data)November 30, 2021November 30, 2020Non-GAAP
Adjusted revenue:
GAAP revenue$140,128$122,385
Acquisition-related revenue(1)3,5976,678
Non-GAAP revenue$143,725100�%$129,063100�%11�%
Adjusted income from operations:
GAAP income from operations$20,35815�%$18,51415�%
Amortization of acquired intangibles13,3779�%10,4888�%
Stock-based compensation7,7395�%6,1234�%
Restructuring expenses and other5,1754�%4,0803�%
Acquisition-related revenue(1) and expenses4,9783�%8,8767�%
Non-GAAP income from operations$51,62736�%$48,08137�%7�%
Adjusted net income:
GAAP net income$14,92611�%$17,66114�%
Amortization of acquired intangibles13,3779�%10,4888�%
Stock-based compensation7,7395�%6,1235�%
Restructuring expenses and other5,1754�%4,0803�%
Acquisition-related revenue(1) and expenses4,9783�%8,8767�%
Amortization of discount on Notes2,8612�%�%
Provision for income taxes(7,764)(5)%(6,110)(5)%
Non-GAAP net income$41,29229�%$41,11832�%�%
Adjusted diluted earnings per share:
GAAP diluted earnings per share$0.33$0.39
Amortization of acquired intangibles0.300.23
Stock-based compensation0.170.14
Restructuring expenses and other0.120.09
Acquisition-related revenue(1) and expenses0.110.20
Amortization for discount on Notes0.06
Provision for income taxes(0.17)(0.14)
Non-GAAP diluted earnings per share$0.92$0.911�%
Non-GAAP weighted avg shares outstanding - diluted44,85345,140 (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.

RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES - FISCAL YEAR
(Unaudited)

Fiscal Year Ended% Change
(In thousands, except per share data)November 30, 2021November 30, 2020Non-GAAP
Adjusted revenue:
GAAP revenue$531,313$442,150
Acquisition-related revenue(1)25,99114,062
Non-GAAP revenue$557,304100�%$456,212100�%22�%
Adjusted income from operations:
GAAP income from operations$116,10222�%$107,72824�%
Amortization of acquired intangibles46,9328�%27,9466�%
Stock-based compensation29,7245�%23,4825�%
Restructuring expenses and other6,3081�%5,9061�%
Acquisition-related revenue(1) and expenses30,0935�%17,6994�%
Non-GAAP income from operations$229,15941�%$182,76140�%25�%
Adjusted net income:
GAAP net income$78,42015�%$79,72218�%
Amortization of acquired intangibles46,9328�%27,9466�%
Stock-based compensation29,7246�%23,4825�%
Restructuring expenses and other6,3081�%5,9061�%
Acquisition-related revenue(1) and expenses30,0935�%17,6994�%
Amortization of discount on Notes7,2091�%�%
Provision for income taxes(25,800)(5)%(14,673)(3)%
Non-GAAP net income$172,88631�%$140,08231�%23�%
Adjusted diluted earnings per share:
GAAP diluted earnings per share$1.76$1.76
Amortization of acquired intangibles1.050.62
Stock-based compensation0.670.51
Restructuring expenses and other0.140.13
Acquisition-related revenue(1) and expenses0.670.39
Amortization of discount on Notes0.16
Provision for income taxes(0.58)(0.32)
Non-GAAP diluted earnings per share$3.87$3.0925�%
Non-GAAP weighted avg shares outstanding - diluted44,62045,321 (2)%
(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.

OTHER NON-GAAP FINANCIAL MEASURES
(Unaudited)

Quarter to Date Adjusted Free Cash Flow
(In thousands)Q4 2021Q4 2020% Change
Cash flows from operations$43,928$42,7623�%
Purchases of property and equipment(1,913)(3,098) (38)%
Free cash flow42,01539,6646�%
Add back: restructuring payments432992 (56)%
Adjusted free cash flow$42,447$40,6564�%

Year to Date Adjusted Free Cash Flow
(In thousands)FY 2021FY 2020% Change
Cash flows from operations$178,530$144,84723�%
Purchases of property and equipment(4,654)(6,517) (29)%
Free cash flow173,876138,33026�%
Add back: restructuring payments5,5194,12334�%
Adjusted free cash flow$179,395$142,45326�%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2022 GUIDANCE
(Unaudited)

Fiscal Year 2022 Revenue Guidance
Fiscal Year EndedFiscal Year Ending
November 30, 2021November 30, 2022
(In millions)Low% ChangeHigh% Change
GAAP revenue$531.3$596.512�%$606.514�%
Acquisition-related adjustments - revenue(1)26.08.5(67)%8.5(67)%
Non-GAAP revenue$557.3$605.09�%$615.010�%
(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 Ipswitch and Chef.

Fiscal Year 2022 Non-GAAP Operating Margin Guidance
Fiscal Year Ending November 30, 2022
(In millions)LowHigh
GAAP income from operations$125.0$130.0
GAAP operating margin21�%21�%
Acquisition-related revenue8.58.5
Restructuring expense1.21.2
Stock-based compensation33.033.0
Acquisition-related expenses0.80.8
Amortization of intangibles69.369.3
Total adjustments112.8112.8
Non-GAAP income from operations$237.8$242.8
Non-GAAP operating margin39�%39�%

Fiscal Year 2022 Non-GAAP Earnings per Share and Effective Tax Rate Guidance
Fiscal Year Ending November 30, 2022
(In millions, except per share data)LowHigh
GAAP net income$86.1$90.6
Adjustments (from previous table)112.8112.8
Income tax adjustment(2)(22.5)(22.5)
Non-GAAP net income$176.4$180.9
GAAP diluted earnings per share$1.93$2.03
Non-GAAP diluted earnings per share$3.95$4.05
Diluted weighted average shares outstanding44.744.7
(2)Tax adjustment is based on a non-GAAP effective tax rate of approximately 21% for Low and 20% for High, calculated as follows:
Non-GAAP income from operations$237.8$242.8
Other (expense) income(15.7)(15.7)
Non-GAAP income from continuing operations before income taxes222.1227.1
Non-GAAP net income176.4180.9
Tax provision$45.7$46.2
Non-GAAP tax rate21�%20�%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR 2022 GUIDANCE
(Unaudited)

Fiscal Year 2022 Adjusted Free Cash Flow Guidance
Fiscal Year Ending November 30, 2022
(In millions)LowHigh
Cash flows from operations (GAAP)$188$193
Purchases of property and equipment(6)(6)
Add back: restructuring payments33
Adjusted free cash flow (non-GAAP)$185$190

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q1 2022 GUIDANCE
(Unaudited)

Q1 2022 Revenue Guidance
Three Months EndedThree Months Ending
February 28, 2021February 28, 2022
(In millions)Low% ChangeHigh% Change
GAAP revenue$121.3$136.412�%$139.415�%
Acquisition-related adjustments - revenue(1)10.52.6(75)%2.6(75)%
Non-GAAP revenue$131.8$139.05�%$142.08�%
(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 Ipswitch and Chef.

Q1 2022 Non-GAAP Earnings per Share Guidance
Three Months Ending February 28, 2022
LowHigh
GAAP diluted earnings per share$0.32$0.34
Acquisition-related revenue0.060.06
Acquisition-related expense0.010.01
Stock-based compensation0.170.17
Amortization of intangibles0.380.38
Restructuring expense0.020.02
Total adjustments0.640.64
Income tax adjustment(0.13)(0.13)
Non-GAAP diluted earnings per share$0.83$0.85

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