PROGRESS SOFTWARE CORP /MA

Listed Company

PRGSCIK 0000876167NasdaqLarge AcceleratedServices-Prepackaged SoftwareDelawareFY ends Nov 30

Period

FY 2025

Revenue

$977.83M

Net Income

—

Total Assets

$2.46B

Equity

$478.35M

Shares Out

42.08M

Op. Cash Flow

$235.19M

Business

PROGRESS SOFTWARE CORP /MA provides software products that enable customers to develop, deploy and manage responsible AI-powered applications and digital experiences. Its main products and services include DevOps/DevSecOps automation (Chef), decision automation (Corticon), data connectivity (DataDirect), development tools, network security (Flowmon), load balancing (Kemp LoadMaster), data platforms (MarkLogic), managed file transfer (MOVEit), semantic AI (Semaphore), ShareFile collaboration, Sitefinity digital experience, OpenEdge application platform and WhatsUp Gold monitoring, plus maintenance, support and professional services. The company operates as a single reporting segment offering software, cloud/SaaS and related services. It sells globally across North America, Latin America, EMEA and Asia Pacific through direct sales and indirect channels such as ISVs, OEMs, VARs, distributors and partners.

Summary from filing dated 2025-01-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Total revenue	978	753	694	602	531
Amortization of acquired intangibles	41	29	30	22	15
Total costs of revenue	188	130	127	94	78
Gross profit	790	623	568	508	453
Sales and marketing	211	165	156	141	126
Product development	192	146	132	115	103
General and administrative	108	90	83	78	65
Amortization of acquired intangibles	104	65	66	47	32
Restructuring expenses	13	10	8	879,000	6
Acquisition-related expenses	5	17	5	5	4
Cyber incident and vulnerability response expenses, net	3	6	6	602,000	0
Total operating expenses	637	499	457	375	337
Income from operations	153	124	111	132	116
Interest expense	−71	−32	−31	−16	—
Interest income and other, net	2	5	3	1	777,000
Foreign currency loss, net	−3	−2	−3	−500,000	−1
Total other expense, net	−72	−30	−31	−15	−21
Income before income taxes	82	94	80	117	96
Provision for income taxes	8	26	9	22	17
Net income	73	68	70	95	78
Basic (in dollars per share)	1.7	1.58	1.62	2.19	1.79
Diluted (in dollars per share)	1.66	1.54	1.57	2.15	1.76
Basic (in shares)	43	43	43	43	44
Diluted (in shares)	44	44	45	44	45
Cash dividends declared per common share (in dollars per share)	0	0.53	0.7	0.7	0.7

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Cash and cash equivalents	95	118	127	256	155
Accounts receivable, net	196	164	126	98	100
Unbilled receivables, current portion	47	35	30	29	26
Other current assets	63	52	48	43	40
Total current assets	400	369	331	426	338
Unbilled receivables, non-current portion	30	29	28	40	17
Property and equipment, net	14	14	15	15	14
Intangible assets, net	584	724	354	217	287
Goodwill	1,309	1,292	832	671	671
Right-of-use lease assets	26	31	19	18	25
Deferred tax assets	77	56	15	12	1
Other assets	18	13	8	13	9
Total assets	2,458	2,527	1,603	1,411	1,364
Accounts payable	16	14	12	9	10
Accrued compensation and related payroll taxes	72	65	50	42	47
Convertible senior notes, current portion, net	359	0	—	—	—
Operating lease liabilities, current portion	8	9	10	7	8
Other accrued current liabilities	30	35	22	17	19
Deferred revenue, current portion	325	332	236	228	205
Total current liabilities	810	455	352	318	323
Long-term debt	600	730	356	259	240
Convertible senior notes, non-current portion, net	441	796	355	353	295
Operating lease liabilities, non-current portion	21	26	13	15	23
Deferred revenue, non-current portion	100	72	59	55	47
Deferred tax liabilities	1	2	4	5	14
Other non-current liabilities	6	6	5	9	9
Preferred stock, $0.01 par value; authorized, 10,000,000 shares; issued, none	0	0	0	0	0
Common stock, $0.01 par value; authorized, 200,000,000 shares; issued and outstanding, 42,335,700 shares in 2025 and 43,360,695 shares in 2024	423,000	434,000	438,000	433,000	441,000
Additional paid-in capital	384	354	371	332	354
Retained earnings	127	120	121	102	90
Accumulated other comprehensive loss	−33	−36	−32	−35	−32
Total stockholders' equity	478	439	460	399	412
Total liabilities and stockholders' equity	2,458	2,527	1,603	1,411	1,364

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Depreciation and amortization of property and equipment	6	6	6	5	5
Amortization of acquired intangibles and other	145	97	97	70	48
Amortization of debt discount and issuance costs	6	4	2	2	8
Stock-based compensation	65	47	41	37	30
Non-cash lease expense	11	12	9	8	11
Deferred income taxes	−23	−8	−29	−8	−908,000
Credit losses and other sales allowances	5	544,000	488,000	774,000	−282,000
Accounts receivable	−47	−46	12	−27	−11
Other assets	−10	−3	−2	−2	−15
Inventories	0	0	2	−2	245,000
Accounts payable and accrued liabilities	−798,000	29	−1	−4	5
Lease liabilities	−12	−12	−10	−9	−8
Income taxes payable	3	442,000	−553,000	−120,000	−2
Deferred revenue	14	16	−24	36	30
Net cash flows from operating activities	235	211	174	192	179
Purchases of investments	0	0	−15	0	0
Sales and maturities of investments	0	0	16	2	6
Purchases of property and equipment	−6	−5	−6	−6	−5
Payments for acquisitions, net of cash acquired	−21	−853	−355	0	−254
Net cash flows used in investing activities	−27	−858	−360	22	−250
Proceeds from equity plans	19	28	26	16	15
Payments for taxes related to net share settlements of equity awards	−15	−17	−12	−8	−5
Repurchases of common stock	−105	−87	−34	−77	−35
Proceeds from issuance of convertible senior notes, net of issuance costs of $11,200	0	439	0	0	350
Purchase of capped calls	0	−42	0	0	−43
Dividend equivalent and dividend payments to stockholders	−786,000	−31	−32	−31	−32
Proceeds from the issuance of debt	0	730	195	7	0
Repayment of revolving line of credit	−130	−110	−85	0	0
Principal payment on term loan	0	−261	−7	−7	−117
Payment of credit facility debt issuance costs	−6	−7	0	−2	−904,000
Net cash flows (used in) from financing activities	−238	641	51	−101	132
Effect of exchange rate changes on cash	7	−3	6	−12	−3
Net decrease in cash and cash equivalents	−23	−9	−129	101	57
Cash paid for income taxes, net of refunds of $2,509, $2,881, and $965 in 2025, 2024 and 2023, respectively	34	32	40	29	26
Cash paid for interest	64	22	24	9	9

Filings

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