Second Quarter Revenues and Earnings Per Share Ahead of Guidance Raising Full Year Revenue and Earnings Per Share Outlook Second Quarter 2024 Highlights1: "Our outperformance in the second quarter of fiscal 2024 was once again driven by steady demand for our products, with revenues and EPS ahead of our forecast, and ARR up 1%," said Yogesh Gupta, CEO of Progress. "We are focused on M&A while our sales teams continue to execute well in the field, and internally we drive customer success, innovation and margi ...

Employer of Choice Leadership Progress was also honored multiple times for its ongoing commitment to inclusion, sustainability and its vibrant CSR program, Progress for Tomorrow. Progress was recognized by: About Progress Progress is a trademark or registered trademark of Progress Software Corporation and/or one of its subsidiaries or affiliates in the U.S. and other countries. Any other trademarks contained herein are the property of their respective owners. Chief Inclusion & Diversity Officer Shirley Know ...

Employer of Choice Leadership BURLINGTON, Mass., June 24, 2024 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced that it has received numerous accolades from prestigious organizations for its employee satisfaction, executive leadership, inclusive workplace and commitment to corporate social responsibility. Progress operates with a "people-centric" mindset and strives to provide an inclusive work environment. It offers numerous talent development op ...

Analysts expect the Burlington, Massachusetts-based company to report quarterly earnings at 95 per share, down from $1.06 per share in the year-ago period. Jabil is expected to post revenue of $168.42 million, according to data from Benzinga Pro. On March 26, Progress Software posted better-than-expected first-quarter results. With the recent buzz around Progress Software, some investors may be eyeing potential gains from the company's dividends. As of now, Progress Software has a dividend yield of 1.45%. T ...

BURLINGTON, Mass., June 11, 2024 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced that it will release financial results for its fiscal second quarter of 2024 after the market close on Tuesday, June 25, 2024. The company's second quarter of fiscal year 2024 ended on May 31, 2024. Conference Call Details A live webcast of the conference call will be available here. The webcast will be listen-only, and a replay will be available shortly after the ca ...

To access the conference call by phone, please use this link to retrieve dial-in details. To avoid delays, we encourage participants to dial into the conference call 15 minutes ahead of the scheduled start time. Progress (Nasdaq: PRGS) provides software that enables organizations to develop and deploy their missioncritical applications and experiences, as well as effectively manage their data platforms, cloud and IT infrastructure. As an experienced, trusted provider, we make the lives of technology profess ...

Latest Q2 2024 release enables developers to integrate Generative AI into any app and to rapidly build and design innovative, inclusive digital experiences BURLINGTON, Mass., May 29, 2024 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced the latest release of Progress® Telerik® and Progress® Kendo UI®, the most powerful .NET and JavaScript UI libraries and tools for application development. Today's release delivers artificial intelligence (AI) prom ...

Latest Q2 2024 release enables developers to integrate Generative AI into any app and to rapidly build and design innovative, inclusive digital experiences BURLINGTON, Mass., May 29, 2024 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced the latest release of Progress® Telerik® and Progress® Kendo UI®, the most powerful .NET and JavaScript UI libraries and tools for application development. Today's release delivers artificial intelligence (AI) prom ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 29, 2024 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____. Commission File Number: 0-19417 PROGRESS SOFTWARE CORPORATION (Exact name of registrant as specified in its charter) Delaware 04-2746201 (Stat ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2024 was $185 million, representing a 12% year-over-year growth and exceeding guidance [4][5] - Earnings per share (EPS) was $1.25, which was $0.09 above the high end of guidance, and adjusted free cash flow was $72.2 million [5][53] - Operating margins were 42%, driven by strong top line performance and effective cost management [12][70] - Annual recurring revenue (ARR) was reported at $571 million, showing slight growth year-over-year in constant currency [36][48] Business Line Data and Key Metrics Changes - The growth in revenue was significantly influenced by a full quarter contribution from MarkLogic, compared to only one month in Q1 2023 [67][108] - The company launched several AI-powered products, including Flowmon ADS for cybersecurity and a subscription-only version of WhatsUp Gold, which received positive customer feedback [16][18] - The workforce product OpenEdge continued to perform well, with robust revenues and strong customer commitment [41] Market Data and Key Metrics Changes - The company noted steady demand across geographies and products, particularly for AI-powered solutions [4][7] - Net retention rate for Q1 was 99%, reflecting strong customer relationships [28][100] Company Strategy and Development Direction - The company announced a possible acquisition of MariaDB, emphasizing a disciplined approach to M&A to ensure value creation for shareholders [6][14] - The strategy includes maintaining a focus on infrastructure software companies with strong technology and recurring revenues [43][44] - The company aims to leverage its enhanced capital access for strategic growth while remaining disciplined in its approach [42][57] Management's Comments on Operating Environment and Future Outlook - Management acknowledged potential challenges in the macro environment but expressed confidence in the demand for their solutions [55][96] - The company is committed to transparency and proactive communication regarding the MOVEit vulnerability, which impacted less than 4% of total revenues [24][25] - The outlook for Q2 2024 includes expected revenue between $166 million and $170 million, with full-year revenue guidance maintained between $722 million and $732 million [55][56] Other Important Information - The company completed a refinancing of its credit facilities, resulting in a new $900 million revolving credit facility and a $450 million convertible notes offering [19][42] - Cash and cash equivalents at the end of the quarter were over $133 million, with total debt of $698 million [13][74] Q&A Session Summary Question: Concerns about MariaDB's cash burn and future success - Management noted that MariaDB underwent significant restructuring, which should improve its financial performance moving forward [59] Question: Insights on macroeconomic challenges affecting guidance - Management indicated ongoing inflationary pressures but expressed confidence in managing costs effectively [80] Question: Cross-sell opportunities with MarkLogic and OpenEdge - Management acknowledged modest cross-sell efforts but did not expect significant impacts on revenue from these initiatives [84] Question: Clarification on net retention rate decline - Management explained that the slight decrease to 99% was not surprising and does not alter the long-term outlook for retention [102] Question: Differences between ARR growth and revenue growth - Management clarified that ARR growth reflects the fundamental business trajectory, while revenue growth was influenced by the timing of MarkLogic's contribution [108]