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Progress Software Corporation (PRGS-6.75%) has submitted its Form 10-K filing for the fiscal year ended November 30, 2024.
The filing reports total revenue of $753.4 million, an 8% increase from $694.4 million in the previous year. This growth was driven by acquisitions and an increase in sales of OpenEdge products.
Software license revenue increased by 13% to $249.3 million, primarily due to the acquisition of MarkLogic and higher sales in OpenEdge.
Maintenance and services revenue rose 6% to $504.1 million, with increases in maintenance revenue offset by a decrease in Kemp LoadMaster and Chef maintenance revenue.
North America contributed $447.0 million to total revenue, while EMEA generated $245.3 million. Revenue from Latin America decreased slightly, while Asia Pacific saw a 5% increase.
Gross profit increased to $622.9 million, representing 83% of total revenue, due to increased revenue and higher costs of maintenance and services.
Operating expenses totaled $498.9 million, with increases in sales and marketing, product development, and general and administrative expenses.
The company reported income from operations of $124.0 million, a 12% increase from the previous year.
Net income for the year was $68.4 million, a 3% decrease from $70.2 million in the previous year, attributed to higher income tax provisions.
Progress Software completed the acquisition of ShareFile for $875.0 million, funded through a combination of cash and borrowings under its revolving credit facility.
The company also announced the suspension of its quarterly dividend to focus on debt repayment and share repurchases.
Progress Software continues to focus on its growth strategy through accretive acquisitions and maintaining high levels of profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Progress Software Corporation annual 10-K report dated January 21, 2025. To report an error, please email earnings@qz.com.