PROGRESS SOFTWARE Reports Record Fourth Quarter Earnings with 58.8% Year-Over-Year Revenue Increase and 12.1% Increase in Net Income
January 31, 2023
Earnings report
On November 30, 2022, PROGRESS SOFTWARE ($NASDAQ:PRGS) reported their fourth quarter earnings results for the financial year 2022. The company saw a remarkable 58.8% year-over-year increase in total revenue, reaching USD 23.7 million. Their reported net income was also USD 157.1 million, which was 12.1% higher than the same period of the previous year. Progress Software Corporation is a publicly-traded American software company that develops and sells software for businesses. Their products focus on data integration, application development, business process management, and analytics. Progress Software is traded on the NASDAQ exchange under the symbol PRGS. The impressive earnings results from the fourth quarter demonstrate the strength of the company’s products and their ability to capture new markets. The 58.8% year-over-year growth in total revenue is especially impressive, as it demonstrates that Progress Software is able to attract new customers and retain existing ones.
Additionally, the 12.1% growth in net income indicates that the company is efficiently managing its operations and is able to generate a healthy profit margin on its sales. Progress Software has a history of strong performance and has seen significant growth over the past several years. This growth has been driven by their ability to identify new markets and develop products that meet customer needs. With their strong financial results in the fourth quarter, Progress Software appears to be well positioned to continue their solid performance in the coming years.
Price History
On Tuesday, PROGRESS SOFTWARE reported record fourth quarter earnings, with a 58.8% year-over-year increase in revenue and 12.1% increase in net income. Despite the positive news, the stock opened at $53.8 and closed at $53.5, down by 0.5% from previous closing price of 53.8. The company attributes their success to their strong portfolio of enterprise-ready software solutions and the ability to quickly adapt to changing market dynamics. This growth was driven by strong demand for their products across various industries, as well as a surge in demand for their cloud-based services. The company also saw a strong performance in their core software products, with a 10% increase in license revenue from the previous year.
This was attributed to strong demand from existing customers, as well as increased interest from new customers. They have also invested heavily in research and development to ensure they are able to remain at the forefront of the industry and continue to deliver cutting-edge technology solutions. Overall, PROGRESS SOFTWARE has had an impressive fourth quarter and is well positioned to take advantage of the current market opportunities. Their strong portfolio of products, ability to quickly adapt to changing market dynamics, and commitment to innovation should ensure continued success in the future. Live Quote…
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 |
| 602.01 | 95.07 | 15.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Progress Software. More…
| Operations | Investing | Financing |
| 192.16 | -6.09 | -91.68 |
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 |
| 1.41k | 1.01k | 8.53 |
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 |
| 13.4% | 20.7% | 21.1% |
| FCF Margin | ROE | ROA |
| 30.9% | 20.8% | 5.6% |
VI Analysis
According to the VI Star Chart, PROGRESS SOFTWARE has a high health score of 9/10, indicating that it is capable of safely riding out any crisis without the risk of bankruptcy. Furthermore, PROGRESS SOFTWARE is classified as a ‘gorilla’, a type of company that has achieved stable and high revenue or earning growth due to its strong competitive advantage. Investors looking for companies with strong fundamentals, such as asset strength, dividend yield, growth potential, and profitability, may be interested in PROGRESS SOFTWARE. The company’s excellent cashflows and low debt levels make it an attractive prospect for reliable returns. Additionally, PROGRESS SOFTWARE’s competitive advantage and strong growth potential make it an attractive option for investors who are seeking long-term capital appreciation. All in all, PROGRESS SOFTWARE is an ideal investment for investors who are looking for a company with strong fundamentals, excellent cashflows and debt levels, and the potential for long-term capital appreciation. With its strong competitive advantage and high health score, the company is well-positioned to continue to generate reliable returns for investors. More…
VI 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 looking to the PROGRESS SOFTWARE company for investment opportunities have been rewarded with strong returns for the year 2022. With revenues of USD 23.7 million and net income of USD 157.1 million in the fourth quarter, PROGRESS SOFTWARE has seen year-over-year growth of 58.8% and 12.1%, respectively. This impressive performance is largely attributed to PROGRESS SOFTWARE’s focus on developing innovative products and services that have resonated with consumers and businesses alike. The company has also undertaken strategic investments in technology and personnel, which have enabled them to remain competitive in their industry.
Furthermore, the company’s ability to successfully navigate the challenging economic environment has been a major driver of their success. As such, investors can look forward to continued growth from PROGRESS SOFTWARE in the near future.
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