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 28, 2023 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 - The company reported an ARR of $569 million for Q1 2023, reflecting a 3.9% increase on a pro forma constant currency basis compared to $547 million a year ago [19][75] - Revenue for the quarter was $166 million, exceeding the high end of guidance of $161 million, and representing a 12% year-over-year growth [20][76] - Earnings per share (EPS) reached $1.19, which is $0.11 above the high end of guidance and shows a growth of $0.22 year-over-year [20][80] - The net retention rate improved to 102% from 101% a year ago [19] Business Line Data and Key Metrics Changes - Strong performance was noted across multiple product lines, including DataDirect, OpenEdge, Loadmaster, MOVEit, Sitefinity, and Flowmon [20][76] - The integration of MarkLogic is expected to enhance revenue contributions in the upcoming quarters, with the most significant impact anticipated in Q1 of the next fiscal year [25][26] Market Data and Key Metrics Changes - The Americas and Europe showed the most strength in performance, while Asia met expectations [60] - The company is monitoring the ongoing conflict in Europe but reported strong performance across the EMEA region [60] Company Strategy and Development Direction - The company remains optimistic about its business outlook despite economic uncertainties, supported by strong cash flow and a solid balance sheet [11][12] - The focus is on integrating MarkLogic and exploring further acquisition opportunities, with a disciplined approach to M&A in the current market environment [67][69] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience amid economic challenges, highlighting the stability of demand for its products [14][16] - The company is aware of potential macroeconomic challenges but maintains a positive outlook for the remainder of fiscal 2023 [86][89] Other Important Information - The company reported a net debt position of $698 million, with a net leverage ratio of approximately 2.6 times [81][82] - Adjusted free cash flow for the quarter was $47 million, an increase of $2 million compared to the prior year [84] Q&A Session Summary Question: Impact of headcount reductions in large companies on developer-oriented solutions - Management noted that the majority of developer-centric products are used by small teams, which mitigates the impact of headcount reductions on monetization prospects [95][96] Question: Clarification on free cash flow cadence and operating expenses - Management indicated that Q1 typically shows strong cash flow, but uncertainties around increased tax payments and rising interest rates could affect future cash flow [101][102]

| --- | --- | --- | |-----------------------------|-------|-------| | | | | | | | | | Progress Financial Results | | | | Q1 2023 Supplemental Data | | | | March 28, 2023 | | | Non-GAAP Financial Measures Conference Call Details To register for the Live Call: Please go to this this link to retrieve dial-in details. Live / Recorded Webcast: https://edge.media-server.com/mmc/p/cgfomqnf This presentation contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securitie ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 2022 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) (State or other jurisdiction ...

Financial Data and Key Metrics Changes - The company reported an ARR of $497 million, reflecting a 3.5% year-over-year organic growth in constant currency [72][89] - Total revenue for the full year was $610.6 million, representing a 10% growth compared to 2021, driven by contributions from Kemp and growth in multiple product lines [90] - Operating income for Q4 was $62 million, with an operating margin of 39%, compared to $52 million or 36% in the year-ago quarter [100] Business Line Data and Key Metrics Changes - The company experienced strong performance across various product lines, including OpenEdge, DataDirect, Sitefinity, Chef, and DevTools, with significant increases in annual spend from large customers [71][90] - The only product that did not show the same level of outperformance was the network management product, WhatsUp Gold, which returned to its regular performance after a strong 2021 [16] Market Data and Key Metrics Changes - The company navigated a challenging economic environment, including the war in Ukraine and inflation, while maintaining high employee engagement and retention rates [73][76] - The company faced a $17 million headwind from foreign exchange for the year, impacting revenue growth [99] Company Strategy and Development Direction - The company aims to integrate MarkLogic, expecting it to add approximately $75 million in annual recurring revenue and over $100 million to the top line on a full-year basis [83][94] - The acquisition of MarkLogic is seen as a strategic move to enhance data offerings and improve operational margins through integration [81][86] Management's Comments on Operating Environment and Future Outlook - Management expects stability in demand for products in FY '23, with modest growth in ARR, and anticipates the integration of MarkLogic to contribute positively in the following fiscal year [82][105] - The company plans to maintain a disciplined approach to capital allocation, focusing on M&A opportunities that create shareholder value [78][87] Other Important Information - The company reported a debt balance of $628 million, with a liquidity of $552 million, and adjusted free cash flow of $37 million for Q4 [92][93] - The company expects to recognize cost synergies from the MarkLogic integration gradually throughout FY '23 [94] Q&A Session Summary Question: How does the seasonality of MarkLogic affect revenue modeling? - Management indicated that a significant portion of MarkLogic's bookings occurs in December and January, leading to minimal contributions in Q1 [4][84] Question: What is the current status of the OEM business for MarkLogic? - The OEM business for MarkLogic is relatively small compared to the DataDirect business, which is the primary driver in that area [6] Question: Were there any surprises in Q4 performance? - Management reported a solid fourth quarter, meeting revenue guidance and exceeding EPS guidance, with no significant surprises [46][47] Question: How will MarkLogic's revenue be incorporated into ARR? - Management stated that once the deal closes, they would incorporate MarkLogic's historic ARR into their calculations, expecting about a $75 million increase [121][123] Question: Does the revenue guidance for 2023 include MarkLogic? - Yes, the revenue guidance for 2023 includes contributions from MarkLogic [126]

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 August 31, 2022 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) (State or other jurisdictio ...

Financial Data and Key Metrics Changes - Annual recurring revenues (ARR) grew to $495 million, up approximately 13% year-over-year on an as-reported basis and 4% year-over-year on a pro forma basis [11][28] - Revenue for the quarter was $153.1 million, exceeding the high end of prior guidance by approximately $3 million [11][29] - Earnings per share (EPS) for the quarter was $1, which was $0.02 above the high end of the guidance range [34] - Adjusted free cash flow was $39 million for the quarter, up $4 million or 11% from the year-ago quarter [36] Business Line Data and Key Metrics Changes - Noteworthy strength was observed in the product lines of Chef, OpenEdge, DataDirect, and Sitefinity [12] - The net dollar retention rate was over 100%, coming in at 101.4% [11] Market Data and Key Metrics Changes - The company faced a foreign exchange headwind of over $5 million in the quarter, impacting revenue [12][30] - DSO (Days Sales Outstanding) improved to 48 days compared to 54 days in the year-ago quarter [35] Company Strategy and Development Direction - The Total Growth Strategy focuses on strengthening core businesses, operational excellence, and capital deployment for shareholder returns [9][13] - The company is committed to disciplined M&A, targeting strong enterprise software businesses with durable recurring revenue models [15][17] - A realignment of go-to-market product and operational teams is underway to enhance integration and customer service [18][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining revenue guidance despite macroeconomic challenges and foreign exchange impacts [8][56] - The company is not seeing elongation in sales cycles or significant changes in renewal activity, indicating stable demand [66] - The outlook for full-year 2022 revenue is maintained between $609 million and $617 million, with an increase in EPS guidance to between $4.08 and $4.12 [39][40] Other Important Information - The company repurchased approximately $24 million of its stock during the quarter, with $80 million remaining under the current share repurchase authorization [36] - Employee engagement scores remain in the top quartile of the tech industry, contributing to lower turnover rates [21] Q&A Session Summary Question: Update on price increases across the portfolio - Management indicated that price increases are being implemented gradually, with some segments unable to change prices due to long-term contracts [44][46] Question: Drivers of net retention rates - The primary driver of net retention is upselling within existing relationships, supported by strong customer success initiatives [50] Question: Insights on macroeconomic conditions and guidance - Management remains confident in business stability, noting that demand has not fallen off despite macroeconomic challenges [55][57] Question: Any unusual renewal activity or pull-forwards - No unusual renewal activity was reported, and the company is not anticipating significant anomalies in revenue distribution [60] Question: M&A market activity - The company is actively looking for acquisition opportunities and is not waiting for prices to drop [78] Question: Mix of enterprise versus mid-market customers - The majority of the business is mid-market, with a focus on growing this segment while also serving enterprise customers [81][84]

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 May 31, 2022 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 (State or ...

| --- | --- | --- | |-----------------------------|-------|-------| | | | | | | | | | Progress Financial Results | | | | Q2 FY22 Supplemental Data | | | | June 28, 2022 | | | Safe Harbor This presentation contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like "believe," "may," "coul ...

Progress Software Corporation (NASDAQ:PRGS) Q2 2022 Results Conference Call June 28, 2022 5:00 PM ET Company Participants Michael Micciche - Vice President, Investor Relations Yogesh Gupta - President and Chief Executive Officer Anthony Folger - Chief Financial Officer Conference Call Participants Anja Soderstrom - Sidoti & Company Tyler Radke - Citigroup Pinjalim Bora - JPMorgan Operator Welcome to the Progress Software Corporation Q2 2022 Earnings Call. My name is Darryl, and I will be your operator for ...