Progress Software Corp. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Progress Software Corp. filed its quarterly report (10-Q) for the period ending February 29, 2024.</b>

AI Summary

PROGRESS SOFTWARE CORP /MA (PRGS) filed a Quarterly Report (10-Q) with the SEC on April 8, 2024. Progress Software Corp. filed a 10-Q report for the period ending February 29, 2024. The company's fiscal year ends on November 30. The filing covers the first quarter of the fiscal year. The company is incorporated in Delaware. The principal business address is 15 Wayside Road, Suite 400, Burlington, MA 01803.

Why It Matters

For investors and stakeholders tracking PROGRESS SOFTWARE CORP /MA, this filing contains several important signals. This filing provides investors with an update on the company's financial performance and position during the first quarter of its fiscal year. Understanding the details within this 10-Q is crucial for assessing the company's ongoing operations, financial health, and potential future performance.

Risk Assessment

Risk Level: medium — PROGRESS SOFTWARE CORP /MA shows moderate risk based on this filing. The filing is a standard quarterly report, indicating routine financial disclosure rather than a significant event, but the specific financial details within the report will determine the ultimate risk assessment.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-02-29 — Period of Report (Conformed Period of Report)
• 2024-04-08 — Filed As Of Date (Filed As Of Date)
• 0000876167-24-000080 — Accession Number (Accession Number)
• 84 — Public Document Count (Public Document Count)

Key Players & Entities

• PROGRESS SOFTWARE CORP /MA (company) — Filer
• 0000876167 (company) — Central Index Key
• 7372 (industry) — Standard Industrial Classification
• DE (jurisdiction) — State of Incorporation
• 1130 (date) — Fiscal Year End
• 15 WAYSIDE ROAD, SUITE 400 (address) — Business Address Street 1
• BURLINGTON (location) — Business Address City
• MA (location) — Business Address State

FAQ

Industry Context

Progress Software Corp. operates in the software industry, specifically focusing on prepackaged software solutions.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the revenue breakdown by segment (Software Licenses, Maintenance and Services) if available in the full filing.
2. Examine the balance sheet for changes in assets, liabilities, and equity compared to the previous fiscal year end.
3. Review the cash flow statement for insights into operating, investing, and financing activities.

Key Dates

• 2024-02-29: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of fiscal year 2024, following the 10-K annual report for fiscal year 2023.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share PRGS The Nasdaq Sto

Filing Documents

• prgs-20240229.htm (10-Q) — 1040KB
• exhibit101-q12024.htm (EX-10.1) — 15KB
• exhibit311-q12024.htm (EX-31.1) — 8KB
• exhibit312-q12024.htm (EX-31.2) — 8KB
• exhibit321-q12024.htm (EX-32.1) — 6KB
• 0000876167-24-000080.txt (&nbsp;) — 6042KB
• prgs-20240229.xsd (EX-101.SCH) — 48KB
• prgs-20240229_cal.xml (EX-101.CAL) — 75KB
• prgs-20240229_def.xml (EX-101.DEF) — 222KB
• prgs-20240229_lab.xml (EX-101.LAB) — 611KB
• prgs-20240229_pre.xml (EX-101.PRE) — 417KB
• prgs-20240229_htm.xml (XML) — 676KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of February 29, 202 4 and November 30, 20 23 3 Condensed Consolidated Statements of Operations for the three months ended February 29 , 202 4 and February 28, 202 3 4 Condensed Consolidated Statements of Comprehensive Income for the three months ended February 29 , 202 4 and February 28, 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the three months ended February 29 , 202 4 and February 28, 2023 6 Condensed Consolidated Statements of Cash Flows for the three months ended February 29 , 202 4 and February 28, 2023 7 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets (In thousands, except share data) February 29, 2024 November 30, 2023 Assets Current assets: Cash and cash equivalents $ 133,222 $ 126,958 Accounts receivable (less allowances of $ 1,311 and $ 851 , respectively) 88,811 125,825 Unbilled receivables 29,175 29,965 Other current assets 46,048 48,040 Total current assets 297,256 330,788 Long-term unbilled receivables 33,641 28,373 Property and equipment, net 14,081 15,225 Intangible assets, net 328,009 354,278 Goodwill 832,806 832,101 Right-of-use lease assets 15,318 18,711 Deferred tax assets 19,271 15,052 Other assets 7,387 8,255 Total assets $ 1,547,769 $ 1,602,783 Liabilities and stockholders' equity Current liabilities: Current portion of long-term debt, net $ — $ 13,109 Accounts payable 9,921 12,371 Accrued compensation and related taxes 33,421 49,559 Dividends payable to stockholders 8,435 8,376 Short-term operating lease liabilities 9,821 10,114 Other accrued liabilities 18,044 22,499 Short-term deferred revenue, net 232,566 236,090 Total current liabilities 312,208 352,118 Long-term debt, net 335,943 356,111 Convertible senior notes, net 355,319 354,772 Long-term operating lease liabilities 11,208 13,000 Long-term deferred revenue, net 63,567 58,946 Deferred tax liabilities 3,628 3,574 Other noncurrent liabilities 4,153 4,547 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.01 par value; authorized, 10,000,000 shares; issued, none — — Common stock, $ 0.01 par value; authorized, 200,000,000 shares; issued and outstanding, 43,689,037 shares in 2024 and 43,795,955 shares in 2023 437 438 Additional paid-in capital 372,273 370,579 Retained earnings 123,429 120,858 Accumulated other comprehensive loss ( 34,396 ) ( 32,160 ) Total stockholders' equity 461,743 459,715 Total liabilities and stockholders' equity $ 1,547,769 $ 1,602,783 See notes to unaudited condensed cons

View Full Filing

View this 10-Q filing on SEC EDGAR