Progress Software Corp Files Q3 2024 10-Q

TL;DR

PRGS Q3 10-Q filed. Financials for Aug 31, 2024 period out.

AI Summary

Progress Software Corp filed its 10-Q for the period ending August 31, 2024. The company, headquartered in Burlington, MA, reported financial results for its fiscal third quarter. Key financial metrics and segment performance, including Software Licenses and Maintenance and Services, are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Progress Software, crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently indicate new or elevated risks.

Key Numbers

• August 31, 2024 — Period End Date (Financial reporting period for this 10-Q)
• November 30, 2023 — Previous Fiscal Year End (Comparison point for year-to-date results)

Key Players & Entities

• PROGRESS SOFTWARE CORP /MA (company) — Filer
• 0000876167 (company) — Central Index Key
• 15 WAYSIDE ROAD, SUITE 400 (location) — Business Address
• BURLINGTON (location) — City
• MA (location) — State
• 01803 (location) — ZIP Code
• 781-280-4473 (phone_number) — Business Phone
• 20240831 (date) — Period of Report
• 20241008 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• prgs-20240831.htm (10-Q) — 1372KB
• exhibit311-q32024.htm (EX-31.1) — 8KB
• exhibit312-q32024.htm (EX-31.2) — 8KB
• exhibit321-q32024.htm (EX-32.1) — 6KB
• 0000876167-24-000160.txt ( ) — 6904KB
• prgs-20240831.xsd (EX-101.SCH) — 50KB
• prgs-20240831_cal.xml (EX-101.CAL) — 78KB
• prgs-20240831_def.xml (EX-101.DEF) — 221KB
• prgs-20240831_lab.xml (EX-101.LAB) — 652KB
• prgs-20240831_pre.xml (EX-101.PRE) — 434KB
• prgs-20240831_htm.xml (XML) — 831KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of August 31, 2024 and November 30, 2023 3 Condensed Consolidated Statements of Operations for the three and nine months ended August 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended August 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended August 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the three and nine months ended August 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 23

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 35

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

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) August 31, 2024 November 30, 2023 Assets Current assets: Cash and cash equivalents $ 232,713 $ 126,958 Accounts receivable (less allowances of $ 791 and $ 851 , respectively) 87,680 125,825 Unbilled receivables 35,163 29,965 Other current assets 33,001 48,040 Total current assets 388,557 330,788 Long-term unbilled receivables 34,636 28,373 Property and equipment, net 12,574 15,225 Intangible assets, net 284,706 354,278 Goodwill 832,748 832,101 Right-of-use lease assets 12,853 18,711 Deferred tax assets 41,078 15,052 Other assets 12,732 8,255 Total assets $ 1,619,884 $ 1,602,783 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 10,781 $ 12,371 Short-term deferred revenue, net 218,036 236,090 Current portion of long-term debt, net — 13,109 Accrued compensation and related taxes 43,919 49,559 Dividends payable to stockholders 8,423 8,376 Short-term operating lease liabilities 8,873 10,114 Other accrued liabilities 24,876 22,499 Total current liabilities 314,908 352,118 Long-term deferred revenue, net 67,348 58,946 Convertible senior notes, net 795,282 354,772 Long-term debt, net — 356,111 Long-term operating lease liabilities 8,597 13,000 Deferred tax liabilities 3,765 3,574 Other noncurrent liabilities 4,372 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, 42,899,041 shares in 2024 and 43,795,955 shares in 2023 429 438 Additional paid-in capital 338,594 370,579 Retained earnings 119,241 120,858 Accumulated other comprehensive loss ( 32,652 ) ( 32,160 ) Total stockholders' equity 425,612 459,715 Total liabilities and stockholders' equity $ 1,619,884 $ 1,602,783 See notes to unaudited condensed consolidated

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View this 10-Q filing on SEC EDGAR