Progress Software Corp Files 10-Q for Q2 2024
Ticker: PRGS · Form: 10-Q · Filed: Jul 8, 2024 · CIK: 876167
Sentiment: neutral
Topics: 10-Q, quarterly-report, software
TL;DR
PRGS 10-Q filed: Financials for period ending May 31, 2024 are in. Check it out.
AI Summary
Progress Software Corp filed a 10-Q for the period ending May 31, 2024. The filing covers financial performance and operational details for the company. Key financial metrics and business segments are detailed within the report.
Why It Matters
This filing provides investors and analysts with an update on Progress Software's financial health and operational performance, crucial for evaluating the company's current standing and future prospects.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the specific financial details and any disclosed risks within the full document could indicate higher risk.
Key Numbers
- 1130 — Fiscal Year End (Indicates the end of the company's fiscal year for financial reporting.)
- 000-19417 — SEC File Number (Unique identifier for the company's filings with the SEC.)
Key Players & Entities
- PROGRESS SOFTWARE CORP /MA (company) — Filer
- 20240531 (date) — Period of Report
- 20240708 (date) — Filing Date
- 781-280-4473 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240531, meaning the filing covers the period ending May 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20240708.
What is Progress Software Corp's Standard Industrial Classification code?
The SIC code listed is [7372], which corresponds to SERVICES-PREPACKAGED SOFTWARE.
What is the company's state of incorporation?
Progress Software Corp is incorporated in Delaware (DE).
What is the company's business address?
The business address is 15 WAYSIDE ROAD, SUITE 400, BURLINGTON, MA 01803.
Filing Stats: 4,813 words · 19 min read · ~16 pages · Grade level 17.7 · Accepted 2024-07-08 16:06:21
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share PRGS The Nasdaq Sto
Filing Documents
- prgs-20240531.htm (10-Q) — 1380KB
- exhibit311-q22024.htm (EX-31.1) — 8KB
- exhibit312-q22024.htm (EX-31.2) — 8KB
- exhibit321-q22024.htm (EX-32.1) — 6KB
- 0000876167-24-000127.txt ( ) — 6816KB
- prgs-20240531.xsd (EX-101.SCH) — 48KB
- prgs-20240531_cal.xml (EX-101.CAL) — 78KB
- prgs-20240531_def.xml (EX-101.DEF) — 214KB
- prgs-20240531_lab.xml (EX-101.LAB) — 643KB
- prgs-20240531_pre.xml (EX-101.PRE) — 427KB
- prgs-20240531_htm.xml (XML) — 812KB
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of May 31, 2024 and November 30, 2023 3 Condensed Consolidated Statements of Operations for the three and six months ended May 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended May 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended May 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the three and six months ended May 31, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 10
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 24
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 35
Controls and Procedures
Item 4. Controls and Procedures 36
OTHER INFORMATION
PART II OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 37
Risk Factors
Item 1A. Risk Factors 37
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37
Other Information
Item 5. Other Information 37
Exhibits
Item 6. Exhibits 38
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets (in thousands, except share data) May 31, 2024 November 30, 2023 Assets Current assets: Cash and cash equivalents $ 190,420 $ 126,958 Accounts receivable (less allowances of $ 928 and $ 851 , respectively) 82,354 125,825 Unbilled receivables 33,157 29,965 Other current assets 37,052 48,040 Total current assets 342,983 330,788 Long-term unbilled receivables 32,401 28,373 Property and equipment, net 13,117 15,225 Intangible assets, net 304,644 354,278 Goodwill 832,783 832,101 Right-of-use lease assets 14,219 18,711 Deferred tax assets 32,628 15,052 Other assets 13,600 8,255 Total assets $ 1,586,375 $ 1,602,783 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 8,583 $ 12,371 Short-term deferred revenue, net 226,579 236,090 Current portion of long-term debt, net — 13,109 Accrued compensation and related taxes 34,817 49,559 Dividends payable to stockholders 8,351 8,376 Short-term operating lease liabilities 9,447 10,114 Other accrued liabilities 19,444 22,499 Total current liabilities 307,221 352,118 Long-term deferred revenue, net 64,995 58,946 Convertible senior notes, net 794,277 354,772 Long-term debt, net — 356,111 Long-term operating lease liabilities 9,970 13,000 Deferred tax liabilities 3,710 3,574 Other noncurrent liabilities 4,535 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, 43,062,914 shares in 2024 and 43,795,955 shares in 2023 431 438 Additional paid-in capital 330,382 370,579 Retained earnings 105,590 120,858 Accumulated other comprehensive loss ( 34,736 ) ( 32,160 ) Total stockholders' equity 401,667 459,715 Total liabilities and stockholders' equity $ 1,586,375 $ 1,602,783 See notes to unaudited condensed consolidated fina