PROGRESS SOFTWARE Reports 19.8% Increase in Total Revenue for Q2 FY2023
July 1, 2023
☀️Earnings Overview
For the second quarter of FY2023 which ended on May 31 2023, PROGRESS SOFTWARE ($NASDAQ:PRGS) reported total revenue of USD 178.2 million, representing a 19.8% increase from the same period in the prior year. Sadly, the company’s net income was reported at USD 12.1 million, a decrease of 58.5% compared to the same quarter of the preceding year.
Analysis
GoodWhale has conducted a comprehensive analysis of PROGRESS SOFTWARE‘s fundamentals in order to determine the company’s risk rating. The overall assessment is that PROGRESS SOFTWARE is a high risk investment in terms of financial and business aspects. In particular, GoodWhale has identified four risk warnings from PROGRESS SOFTWARE’s income statement, balance sheet, cashflow statement, and non-financial information. To find out more about these risk warnings, interested parties should register with GoodWhale to learn more. Through diligent and detailed analysis, GoodWhale is able to provide users with a comprehensive and reliable assessment of a company’s risk profile. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Progress Software. More…
| Total Revenues | Net Income | Net Margin |
| 650.82 | 81.27 | 13.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Progress Software. More…
| Operations | Investing | Financing |
| 174.53 | -360.99 | 93.78 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Progress Software. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.6k | 1.18k | 9.67 |
Key Ratios Snapshot
Some of the financial key ratios for Progress Software are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 14.5% | 11.1% | 20.1% |
| FCF Margin | ROE | ROA |
| 25.9% | 19.6% | 5.1% |
Peers
Progress Software Corporation is an American publicly traded company headquartered in Bedford, Massachusetts. The company develops software products and services for businesses. Progress Software’s main competitors are DocuSign Inc, Pros Holdings Inc, and Sprout Social Inc.
– DocuSign Inc ($NASDAQ:DOCU)
DocuSign Inc is a US provider of electronic signature technology and digital transaction management services, founded in 2003. The company’s software allows users to electronically sign, send, and manage documents. As of 2022, DocuSign has a market cap of 8.52B and a ROE of -15.28%.
– Pros Holdings Inc ($NYSE:PRO)
A market cap of 1.17B means that the company is worth 1.17 billion dollars. The company’s ROE is 195.47%, which means that the company has made 195.47% profit on every dollar that it has invested. The company does business in the healthcare industry.
– Sprout Social Inc ($NASDAQ:SPT)
Sprout Social is a social media management platform that helps brands grow their social media presence. The company has a market cap of $2.61B and a ROE of -17.92%. Sprout Social’s platform helps brands with tasks such as scheduling and publishing content, analyzing social media analytics, andEngaging with their audience.
Summary
Investors may be encouraged by PROGRESS SOFTWARE‘s 19.8% revenue growth in its second quarter of FY2023. However, net income for the period declined 58.5% compared to the prior year, which could raise concerns for potential investors. The company must continue to focus on cost-cutting initiatives and boosting margins to sustain its growth. Long-term investors should also consider the competitive environment and emerging trends in the industry when evaluating PROGRESS SOFTWARE as a potential investment.
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