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Progress Software Corporation (PRGS+2.46%) has submitted its 10-Q filing for the quarterly period ended February 28, 2025.
The filing includes financial statements for the quarter, showing total revenue of $238,015,000, an increase from $184,685,000 in the same quarter the previous year. This increase is attributed primarily to the acquisition of ShareFile in October 2024.
Software license revenue decreased to $58,445,000 from $64,100,000 in the previous year, primarily due to a decrease in the DataDirect product offering.
Maintenance, SaaS, and professional services revenue increased to $179,570,000 from $120,585,000, driven by the acquisition of ShareFile.
The company reported a gross profit of $191,784,000, compared to $151,876,000 in the previous year. Gross profit as a percentage of total revenue was 81%, slightly down from 82% the previous year.
Operating expenses increased to $159,358,000 from $116,870,000, with significant increases in sales and marketing, product development, and general and administrative expenses, largely due to the ShareFile acquisition.
Net income for the quarter was $10,946,000, down from $22,639,000 in the previous year. The decrease is attributed to higher operating expenses and interest expenses.
Cash provided by operating activities was $68,947,000, while cash used in investing and financing activities was $2,485,000 and $58,870,000, respectively.
Progress Software Corporation reported a net retention rate ranging between 100% and 102%, indicating stability in customer renewals and expansions.
The company continues to manage the MOVEit Vulnerability, with ongoing legal proceedings and expenses related to the incident, partially offset by insurance recoveries.
Progress Software Corporation has $124,161,000 in cash and cash equivalents as of February 28, 2025, and maintains a share repurchase program with $77.2 million remaining under the current authorization.
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 quarterly 10-Q report dated March 31, 2025. To report an error, please email earnings@qz.com.