Progress Software Corp Files 2024 10-K
Ticker: PRGS · Form: 10-K · Filed: Jan 21, 2025 · CIK: 876167
Sentiment: neutral
Topics: 10-K, annual-report, software
TL;DR
PRGS 2024 10-K is in. Full financials for FY24 out now.
AI Summary
Progress Software Corp filed its 2024 10-K on January 21, 2025, reporting on its fiscal year ending November 30, 2024. The company, headquartered in Burlington, MA, operates in the prepackaged software industry. Key financial data and operational details for the fiscal years 2022, 2023, and 2024 are presented within the filing.
Why It Matters
This filing provides investors and analysts with a comprehensive overview of Progress Software's financial performance and strategic positioning for the fiscal year 2024, enabling informed investment decisions.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not contain immediate red flags or significant new risks beyond typical business operations.
Key Numbers
- 1130 2024 — Fiscal Year End (Indicates the end of the reporting period for the 2024 fiscal year.)
- 0000876167 — Central Index Key (Unique identifier for Progress Software Corp in SEC filings.)
- 7372 — Standard Industrial Classification (Classifies Progress Software in the 'Services-Prepackaged Software' industry.)
Key Players & Entities
- PROGRESS SOFTWARE CORP /MA (company) — Filer of the 10-K
- Burlington, MA (location) — Company headquarters
- 2024-11-30 (date) — Fiscal year end
- 2025-01-21 (date) — Filing date
FAQ
What were the total revenues for Progress Software for the fiscal year ending November 30, 2024?
The filing indicates the fiscal year ending November 30, 2024, but specific revenue figures are not detailed in the provided text snippet.
What is the company's primary business address?
The company's business address is 15 WAYSIDE ROAD, SUITE 400, BURLINGTON, MA 01803.
When was this 10-K filing submitted to the SEC?
This 10-K filing was submitted on January 21, 2025.
What is the SEC file number for Progress Software Corp?
The SEC file number for Progress Software Corp is 000-19417.
Which fiscal years are covered by the financial data in this filing?
The filing covers financial data for the fiscal years ending November 30, 2024, 2023, and 2022, as well as comparative data for 2021.
Filing Stats: 4,320 words · 17 min read · ~14 pages · Grade level 15.2 · Accepted 2025-01-21 16:23:51
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share PRGS The Nasdaq Sto
Filing Documents
- prgs-20241130.htm (10-K) — 1945KB
- q42024exhibit33.htm (EX-3.3) — 228KB
- q42024exhibit107.htm (EX-10.7) — 15KB
- q42024exhibit191.htm (EX-19.1) — 82KB
- q42024exhibit211.htm (EX-21.1) — 30KB
- q42024exhibit231.htm (EX-23.1) — 2KB
- q42024exhibit311.htm (EX-31.1) — 8KB
- q42024exhibit312.htm (EX-31.2) — 8KB
- q42024exhibit321.htm (EX-32.1) — 5KB
- image_0.jpg (GRAPHIC) — 11KB
- prgs-20241130_g1.jpg (GRAPHIC) — 104KB
- 0000876167-25-000010.txt ( ) — 11950KB
- prgs-20241130.xsd (EX-101.SCH) — 76KB
- prgs-20241130_cal.xml (EX-101.CAL) — 120KB
- prgs-20241130_def.xml (EX-101.DEF) — 366KB
- prgs-20241130_lab.xml (EX-101.LAB) — 994KB
- prgs-20241130_pre.xml (EX-101.PRE) — 691KB
- prgs-20241130_htm.xml (XML) — 1656KB
Risk Factors
Item 1A. Risk Factors 9
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 19
Cybersecurity
Item 1C. Cybersecurity 19
Properties
Item 2. Properties 20
Legal Proceedings
Item 3. Legal Proceedings 20
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 21 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21
[Reserved]
Item 6. [Reserved] 22
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 33
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 34
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 72
Controls and Procedures
Item 9A. Controls and Procedures 72
Other Information
Item 9B. Other Information 74
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 74
Executive Compensation
Item 11. Executive Compensation 74
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 74
Principal Accounting Fees and Services
Item 14. Principal Accounting Fees and Services 74 PART IV
Exhibits, Financial Statement Schedules
Item 15. Exhibits, Financial Statement Schedules 75
Form 10-K Summary
Item 16. Form 10-K Summary 77
Signatures
Signatures 78 3 CAUTIONARY STATEMENTS This Form 10-K, and other information provided by us or statements made by our directors, officers or employees from time to time, may contain information that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the Private Securities Litigation Reform Act of 1995. Whenever we use words such as "believe," "may," "could," "would," "might," "should," "expect," "intend," "plan," "estimate," "target," "anticipate" and negatives and derivatives of these or similar expressions, or when we make statements concerning future financial results, product offerings or other events that have not yet occurred, we are making forward-looking statements. These forward-looking statements are based upon our present intent, beliefs or expectations, but are not guaranteed to occur and may not occur. Actual future results may differ materially from those contained in or implied by our forward-looking statements due to various factors. Such factors are more fully described in Part I, Item 1A of this Form 10-K under the heading "Risk Factors". Although we have sought to identify the most significant risks to our business, we cannot predict whether, or to what extent, any of such risks may be realized. We also cannot assure you that we have identified all possible issues that we might face. We undertake no obligation to update any forward-looking statements that we make. PART I
Business
Item 1. Business Overview Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") provides software products that enable our customers to develop, deploy and manage responsible AI-powered applications and digital experiences. We operate in North America, Latin America, Europe, the Middle East and Africa ("EMEA"), and Asia and Australia ("Asia Pacific"), through local subsidiaries as well as independent distributors. A key element of our strategy is centered on the goal of building and maintaining leading products and tools enterprises need to build, deploy, and manage modern, strategic business applications. We offer our products and tools to both new customers and partners, as well as our existing partner and customer ecosystems. Our organizational philosophy and operating principles focus primarily on customer and partner retention and success, and a streamlined operating approach to drive predictable and stable recurring revenue and high levels of profitability. We are pursuing a total growth strategy driven by accretive acquisitions of businesses and products that meet our strict strategic, financial, and operating criteria, which help to further our goal of providing stockholder returns. In April 2019, we acquired Ipswitch; in October 2020, we acquired Chef Software; in November 2021, we acquired Kemp Technologies; in February 2023, we acquired MarkLogic; and in October 2024, we acquired ShareFile. Our capital allocation policy emphasizes accretive M&A, which we believe allows us to expand our business and drive significant stockholder returns. We also utilize share repurchases to return capital to stockholders. We currently intend to continue to repurchase our shares in sufficient quantities to offset dilution from our equity plans and may elect to conduct additional repurchases based on market conditions and other factors. Our Products In recent years, our total growth strategy, described above, has resulted in the expa
Risk Factors
Item 1A. Risk Factors We operate in a rapidly changing environment that involves certain risks and uncertainties, some of which are beyond our control. The risks discussed below could materially affect our business, financial condition and future results. The risks described below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially adversely affect our business, financial condition or operating results in the future. Risks Related to Our Ability to Grow Our Business Technology and customer requirements evolve rapidly in our industry, and if we do not continue to develop or acquire new products and enhance our existing products in response to these changes, our business could be harmed. Ongoing enhancements to our product sets (both organically and through acquisitions) will be required to enable us to maintain our competitive position and the competitive position of our ISVs, distributors/re