PROGRESS SOFTWARE Reports Record Fourth Quarter Earnings with 58.8% YoY Revenue Increase and 12.1% YoY Net Income Growth
January 31, 2023
Earnings report
On November 30, 2022, PROGRESS SOFTWARE ($NASDAQ:PRGS) released their earnings results for the fourth quarter of fiscal year 2022, ending on January 17, 2023. PROGRESS SOFTWARE is a software development company that provides a wide range of services and solutions to businesses and organizations, including enterprise resource planning, business intelligence and analytics, and customer relationship management. The company achieved a total revenue of USD 23.7 million, representing a 58.8% year-over-year increase. This was driven by an increase in sales of the company’s software products and services.
Additionally, reported net income was USD 157.1 million, with a 12.1% year-on-year growth. The increase in revenue and net income can be attributed to the company’s strong focus on customer service and satisfaction, its strategic investments in new markets and technologies, and its commitment to continually improve its products to meet customer needs. Furthermore, the company has also successfully implemented several initiatives to reduce costs and increase efficiency. The impressive fourth quarter earnings demonstrate PROGRESS SOFTWARE’s commitment to providing high-quality solutions and services to its customers. As the company continues to grow and expand its customer base, it is well-positioned to deliver sustained growth and profitability in the future.
Price History
On Tuesday, PROGRESS SOFTWARE reported record fourth quarter earnings with a 58.8% increase in revenue and 12.1% growth in net income year-over-year. The company’s stock opened at $53.8 and closed at $53.5, down 0.5% from the prior closing price of 53.8. The strong financial performance reflects PROGRESS SOFTWARE’s success in providing innovative software solutions to its customers. The company’s portfolio of products and services helps customers to enhance their business operations and achieve their goals. PROGRESS SOFTWARE’s offerings include open source, cloud-based, and on-premises solutions for businesses of all sizes.
The company also reported an increase in operating cash flow and a reduction in capital expenditures. This suggests that PROGRESS SOFTWARE is investing in areas that will help the company to improve its financial performance in the long run. The strong fourth quarter results demonstrate PROGRESS SOFTWARE’s ability to attract customers, build strong relationships, and deliver value through its products and services. The company is well-positioned to continue its growth trajectory in the coming quarters. 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
Progress Software is a high risk investment according to the VI Risk Rating. This rating is an indication of the company’s financial and business fundamentals, which reflect its long term potential. The VI App has detected four risk warnings in the income sheet, balance sheet, cashflow statement, and non-financial areas. These risks should be considered before investing in Progress Software. The income sheet shows the company’s income for a particular period and is used to make comparisons with previous years. It can also be used as a tool to evaluate future performance. The balance sheet provides an overview of a company’s financial position by listing its assets, liabilities, and equity. Cashflow statements are used to track the movement of money into and out of the business. They provide an assessment of the company’s financial stability over time. Lastly, non-financial risks such as legal, regulatory, and environmental factors should also be taken into account when assessing a company’s long term potential. Overall, Progress Software is a high risk investment and investors should take these warnings into consideration before investing in the company. Registering on vi.app is the best way to get full access to detailed risk analysis of Progress Software. 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
Investing in PROGRESS SOFTWARE has been a lucrative option for those looking to capitalize on the company’s strong financial performance. The fourth quarter of fiscal year 2022 ended with a total revenue of USD 23.7 million, a 58.8% year-over-year increase, and a net income of USD 157.1 million, with a 12.1% year-on-year growth. This is evidence of the company’s ability to successfully manage its finances and drive profits.
The company’s success is further backed by its consistent performance over the years, as well as its commitment to research and development. For those looking to invest in PROGRESS SOFTWARE, the company’s strong track record and potential for continued growth makes it an attractive option.
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