PROGRESS SOFTWARE CORP /MA SEC 10-Q Report
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Progress Software Corp, a leading provider of application development and digital experience technologies, has released its Form 10-Q report for the second quarter of 2025. The report highlights significant financial and operational achievements, driven primarily by the recent acquisition of ShareFile. The company has demonstrated robust growth across various financial metrics and operational segments, underscoring its strategic initiatives and market expansion efforts.
Financial Highlights
- Total Revenue: $237.4 million, increased by 36% compared to the same period last year primarily due to the acquisition of ShareFile.
- Gross Profit: $190.1 million, representing 80% of total revenue, increased by 33% year-over-year due to higher revenue.
- Income from Operations: $38.6 million, increased by 42% year-over-year, driven by increased revenue despite higher operating expenses.
- Net Income: $17.0 million, a 5% increase from the previous year, reflecting improved operational performance.
- Diluted EPS: $0.39, consistent with the increase in net income and reflecting the impact of share repurchases.
Business Highlights
- Revenue Segments: The acquisition of ShareFile significantly contributed to the increase in SaaS revenue, which saw a 1,104% increase in the three months ended May 31, 2025, compared to the same period in 2024. Maintenance revenue remained relatively flat, while professional services revenue decreased due to a decline in MarkLogic professional services.
- Geographical Performance: North America experienced a 43% increase in revenue for the three months ended May 31, 2025, primarily driven by the ShareFile acquisition. EMEA and Asia Pacific also saw revenue growth of 27% and 21%, respectively, while Latin America had a modest increase of 6%.
- Product Development: Product development expenses increased by 31% in the three months ended May 31, 2025, due to higher personnel costs and contractor expenses associated with the ShareFile acquisition.
- Sales and Marketing: Sales and marketing expenses rose by 31% in the three months ended May 31, 2025, driven by increased personnel costs and marketing activities related to the ShareFile acquisition.
- General and Administrative: General and administrative expenses increased by 17% in the three months ended May 31, 2025, primarily due to higher personnel and contractor costs following the ShareFile acquisition.
- Future Outlook: The company expects to recognize additional SaaS revenue and increased amortization and interest expenses in future periods due to the ShareFile acquisition. The focus will be on leveraging the acquisition to enhance product offerings and drive revenue growth.
SEC Filing: PROGRESS SOFTWARE CORP /MA [ PRGS ] - 10-Q - Jun. 30, 2025