Progress Software (PRGS) Financials

$57.46 -0.24 (-0.42%)

As of 04:00 PM Eastern

Annual Income Statements for Progress Software

This table shows Progress Software's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-8.80	624	669	674	339	80	78	95	70	68
Consolidated Net Income / (Loss)	-8.80	-56	29	50	26	80	78	95	70	68
Net Income / (Loss) Continuing Operations	-8.80	624	669	674	339	80	78	95	70	68
Total Pre-Tax Income	12	-35	52	61	28	97	96	117	80	94
Total Operating Income	15	-30	57	68	40	108	116	132	111	124
Total Gross Profit	314	679	640	624	312	380	453	508	568	623
Total Revenue	378	811	778	758	413	442	531	602	694	753
Operating Revenue	378	811	778	758	413	442	531	602	694	753
Total Cost of Revenue	64	131	138	134	101	62	78	94	127	130
Operating Cost of Revenue	64	131	138	134	101	62	78	94	127	130
Total Operating Expenses	299	30	-57	-68	298	272	337	375	457	499
Selling, General & Admin Expense	57	47	48	51	53	54	65	78	83	90
Marketing Expense	125	122	101	93	102	100	126	141	156	165
Research & Development Expense	87	89	77	80	89	89	103	115	132	146
Amortization Expense	13	13	13	13	22	20	32	47	66	65
Other Operating Expenses / (Income)	-	340	320	317	-338	0.00	0.00	0.60	6.16	5.64
Restructuring Charge	17	2.93	24	2.51	7.99	9.54	10	5.48	13	28
Other Special Charges / (Income)	-	-	-	-	-	0.00	0.00	-11	0.00	0.00
Total Other Income / (Expense), net	-2.40	-5.57	-5.03	-7.02	-12	-11	-21	-15	-31	-30
Interest Expense	3.79	4.18	4.63	5.15	9.91	10	20	16	31	32
Other Income / (Expense), net	1.39	-1.39	-0.40	-1.87	-1.68	-0.92	-0.52	0.91	-0.09	2.27
Income Tax Expense	21	20	23	11	2.10	17	17	22	9.46	26
Basic Earnings per Share	($0.17)	($1.13)	$0.60	$1.09	$0.59	$1.78	$1.79	$2.19	$1.62	$1.58
Weighted Average Basic Shares Outstanding	50.39M	49.48M	48.13M	45.56M	44.79M	44.89M	43.92M	43.48M	43.46M	43.27M
Diluted Earnings per Share	($0.17)	($1.13)	$0.60	$1.08	$0.58	$1.76	$1.76	$2.15	$1.57	$1.54
Weighted Average Diluted Shares Outstanding	50.39M	49.48M	48.52M	46.14M	45.34M	45.32M	44.62M	44.25M	44.66M	44.43M
Weighted Average Basic & Diluted Shares Outstanding	51.80M	49.30M	48M	45.70M	45.10M	44.22M	44.18M	43.35M	43.88M	43.37M
Cash Dividends to Common per Share	$0.00	$0.13	$0.52	$0.58	$0.63	$0.67	$0.70	$0.70	$0.70	$0.53

This table shows Progress Software's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Income / (Loss) Attributable to Common Shareholders	22	24	24	12	19	15	23	16	28	1.15	11
Consolidated Net Income / (Loss)	22	24	24	12	19	15	23	16	28	1.15	11
Net Income / (Loss) Continuing Operations	22	24	24	12	19	15	23	16	28	1.15	11
Total Pre-Tax Income	28	27	30	15	21	14	28	20	34	12	13
Total Operating Income	32	30	36	23	29	23	35	27	40	22	32
Total Gross Profit	127	134	138	144	142	143	152	143	150	178	192
Total Revenue	151	157	164	178	175	177	185	175	179	215	238
Operating Revenue	151	157	164	178	175	177	185	175	179	215	238
Total Cost of Revenue	24	24	26	34	33	34	33	32	29	37	46
Operating Cost of Revenue	24	24	26	34	33	34	33	32	29	37	46
Total Operating Expenses	95	103	102	121	113	121	117	116	109	157	159
Selling, General & Admin Expense	20	22	19	21	21	22	21	22	21	26	26
Marketing Expense	35	40	34	40	39	44	39	38	37	50	51
Research & Development Expense	29	29	30	35	33	34	35	35	35	41	46
Amortization Expense	12	12	14	18	18	18	17	16	14	18	26
Other Operating Expenses / (Income)	-	-	2.69	1.48	0.95	1.04	0.99	3.04	0.93	0.69	0.74
Restructuring Charge	0.30	0.88	3.14	5.98	1.54	2.45	3.05	1.20	2.17	21	9.52
Total Other Income / (Expense), net	-4.34	-3.67	-5.66	-8.42	-8.42	-8.37	-7.40	-7.02	-6.07	-9.25	-19
Interest Expense	4.01	4.42	5.85	8.51	8.53	7.89	7.34	7.01	6.77	11	18
Other Income / (Expense), net	-0.33	0.76	0.18	0.10	0.11	-0.48	-0.06	-0.01	0.70	1.65	-0.70
Income Tax Expense	5.89	3.07	6.25	2.52	1.85	-1.16	4.97	3.94	5.82	11	2.36
Basic Earnings per Share	$0.50	$0.55	$0.55	$0.28	$0.44	$0.35	$0.52	$0.37	$0.66	$0.03	$0.25
Weighted Average Basic Shares Outstanding	43.21M	43.48M	43.30M	43.34M	43.45M	43.46M	43.80M	43.21M	42.87M	43.27M	43.26M
Diluted Earnings per Share	$0.50	$0.53	$0.53	$0.27	$0.42	$0.35	$0.51	$0.37	$0.65	$0.01	$0.24
Weighted Average Diluted Shares Outstanding	43.94M	44.25M	44.35M	44.47M	44.98M	44.66M	44.83M	43.96M	43.71M	44.43M	44.89M
Weighted Average Basic & Diluted Shares Outstanding	43.00M	43.35M	43.31M	43.37M	43.57M	43.88M	43.22M	42.78M	42.91M	43.37M	43.03M
Cash Dividends to Common per Share	$0.18	$0.17	$0.18	$0.18	$0.18	$0.17	$0.18	$0.18	$0.18	$0.01	$0.00

This table details how cash moves in and out of Progress Software's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-51	-5.34	-74	-28	49	-56	57	101	-129	-8.88
Net Cash From Operating Activities	105	103	106	121	128	145	179	192	174	211
Net Cash From Continuing Operating Activities	105	103	106	121	128	145	179	192	174	211
Net Income / (Loss) Continuing Operations	-8.80	-56	29	50	26	80	78	95	70	68
Consolidated Net Income / (Loss)	-8.80	-56	29	50	26	80	78	95	70	68
Depreciation Expense	9.39	8.51	7.53	6.94	7.55	6.14	5.48	5.00	6.35	6.43
Amortization Expense	32	31	35	38	49	29	56	72	99	100
Non-Cash Adjustments To Reconcile Net Income	28	119	14	26	48	32	40	35	50	59
Changes in Operating Assets and Liabilities, net	44	0.20	20	0.81	-2.92	-2.03	-1.46	-15	-52	-23
Net Cash From Investing Activities	-260	-21	-88	7.59	-208	-207	-250	22	-360	-858
Net Cash From Continuing Investing Activities	-260	-21	-88	7.59	-208	-207	-250	22	-360	-858
Purchase of Property, Plant & Equipment	-8.85	-5.79	-3.38	-7.25	-4.00	-6.52	-4.65	-6.09	-5.57	-5.21
Acquisitions	-246	0.00	-77	0.00	-225	-213	-254	0.00	-355	-853
Purchase of Investments	-24	-42	-40	-8.26	-11	-5.01	0.00	0.00	-15	0.00
Sale of Property, Plant & Equipment	0.00	0.00	1.56	0.00	6.15	0.89	0.00	26	0.00	0.00
Sale and/or Maturity of Investments	15	26	32	23	25	16	5.95	1.95	16	0.00
Other Investing Activities, net	-0.04	-	-	-	0.00	0.00	2.33	0.13	0.00	0.00
Net Cash From Financing Activities	118	-82	-103	-147	130	3.08	132	-101	51	641
Net Cash From Continuing Financing Activities	118	-82	-103	-147	130	3.08	132	-101	51	641
Repayment of Debt	-7.41	-9.38	-12	-6.19	-6.92	-11	-117	-6.87	-92	-378
Repurchase of Common Equity	-33	-79	-74	-120	-25	-60	-36	-79	-34	-87
Payment of Dividends	0.00	0.00	-24	-26	-28	-30	-32	-31	-32	-31
Issuance of Debt	150	-	0.00	0.00	185	99	350	7.48	195	1,169
Issuance of Common Equity	13	9.92	10	9.21	9.27	11	15	16	26	28
Other Financing Activities, net	-4.49	-3.55	-2.85	-4.00	-4.28	-5.33	-48	-7.82	-12	-59
Effect of Exchange Rate Changes	-13	-4.99	-	-11	-	3.10	-2.89	-	5.96	-3.29
Cash Interest Paid	2.73	3.16	3.60	4.22	8.67	9.18	8.54	8.57	24	22
Cash Income Taxes Paid	17	22	26	25	16	16	26	29	40	32

This table details how cash moves in and out of Progress Software's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	-0.75	32	-148	18	12	-11	6.26	57	42	-115	6.08
Net Cash From Operating Activities	40	40	47	48	46	33	71	64	58	20	69
Net Cash From Continuing Operating Activities	40	40	47	48	46	33	71	64	58	20	69
Net Income / (Loss) Continuing Operations	22	24	24	12	19	15	23	16	28	1.15	11
Consolidated Net Income / (Loss)	22	24	24	12	19	15	23	16	28	1.15	11
Depreciation Expense	1.25	1.32	1.67	1.50	1.52	1.66	1.59	1.58	1.64	1.62	1.62
Amortization Expense	18	18	20	26	26	26	26	26	21	27	38
Non-Cash Adjustments To Reconcile Net Income	11	13	12	13	13	13	17	14	13	15	19
Changes in Operating Assets and Liabilities, net	-12	-16	-11	-4.59	-14	-23	3.24	5.68	-6.78	-25	-0.66
Net Cash From Investing Activities	-0.67	-2.25	-371	13	-0.37	-2.39	-0.31	-0.96	-1.06	-856	-2.49
Net Cash From Continuing Investing Activities	-0.67	-2.25	-371	13	-0.37	-2.39	-0.31	-0.96	-1.06	-856	-2.49
Purchase of Property, Plant & Equipment	-1.11	-3.00	-0.39	-1.58	-1.21	-2.39	-0.31	-0.96	-1.06	-2.88	-1.29
Acquisitions	-	-	-356	-0.28	0.85	-	0.00	-	-	-853	-1.20
Net Cash From Financing Activities	-31	-7.89	175	-46	-36	-42	-62	-5.38	-17	726	-59
Net Cash From Continuing Financing Activities	-31	-7.89	175	-46	-36	-42	-62	-5.38	-17	726	-59
Repayment of Debt	-1.72	-1.72	-1.72	-27	-32	-32	-33	-345	-	-	-30
Repurchase of Common Equity	-24	-1.82	-15	-15	-	-3.96	-23	-50	-14	-	-30
Payment of Dividends	-7.78	-7.71	-8.02	-7.85	-7.80	-7.89	-8.17	-7.95	-7.69	-7.65	-0.36
Issuance of Common Equity	2.61	5.78	9.36	7.01	4.01	5.58	7.58	5.31	4.58	10	6.24
Other Financing Activities, net	-	-2.42	-4.82	-3.28	-	-4.28	-5.89	-47	-0.04	-6.54	-4.64
Effect of Exchange Rate Changes	-8.81	-	1.21	-	-	-	-	-0.15	3.18	-4.81	-1.51
Cash Interest Paid	2.18	3.10	4.06	6.74	6.83	6.24	5.57	2.39	-	14	12
Cash Income Taxes Paid	3.97	20	3.80	2.15	8.69	25	3.18	3.17	9.52	17	3.12

This table presents Progress Software's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	877	755	719	644	881	1,042	1,364	1,411	1,603	2,527
Total Current Assets	323	336	263	232	285	239	338	426	331	369
Cash & Equivalents	212	207	133	105	154	98	155	256	127	118
Accounts Receivable	66	66	61	60	84	109	126	127	156	198
Other Current Assets	16	21	19	32	27	24	55	43	48	52
Plant, Property, & Equipment, net	54	50	42	31	30	30	14	15	15	14
Total Noncurrent Assets	499	369	413	382	567	773	1,011	970	1,257	2,144
Noncurrent Note & Lease Receivables	-	-	-	-	12	17	17	40	28	29
Goodwill	370	278	315	315	433	492	671	671	832	1,292
Intangible Assets	114	81	95	59	99	213	287	217	354	724
Noncurrent Deferred & Refundable Income Taxes	11	6.60	1.12	0.97	19	14	1.42	12	15	56
Other Noncurrent Operating Assets	4.42	3.17	1.99	7.05	3.53	37	34	30	27	44
Total Liabilities & Shareholders' Equity	877	755	719	644	881	1,042	1,364	1,411	1,603	2,527
Total Liabilities	355	348	343	320	551	696	951	1,013	1,143	2,088
Total Current Liabilities	200	204	208	186	241	263	323	318	352	455
Accounts Payable	11	13	9.00	11	11	9.98	9.68	9.28	12	14
Accrued Expenses	21	13	20	13	19	16	19	17	22	35
Current Deferred Revenue	125	129	133	-	157	166	205	228	236	332
Current Employee Benefit Liabilities	30	26	32	26	34	37	47	42	50	65
Other Current Liabilities	-	-	-	123	0.00	7.02	7.93	7.47	10	9.20
Total Noncurrent Liabilities	155	144	135	134	310	433	628	695	791	1,633
Long-Term Debt	135	120	116	110	284	364	535	612	711	1,526
Noncurrent Deferred Revenue	8.84	8.80	9.75	13	20	27	47	55	59	72
Noncurrent Deferred & Payable Income Tax Liabilities	7.11	3.90	2.81	5.80	-	0.00	14	4.63	3.57	2.28
Other Noncurrent Operating Liabilities	3.79	12	5.97	5.32	6.35	42	32	24	18	32
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	522	407	376	324	330	346	412	399	460	439
Total Preferred & Common Equity	522	407	376	324	330	346	412	399	460	439
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	522	407	376	324	330	346	412	399	460	439
Common Stock	228	239	250	267	296	306	355	332	371	355
Retained Earnings	319	196	145	85	64	73	90	102	121	120
Accumulated Other Comprehensive Income / (Loss)	-25	-29	-19	-28	-30	-33	-32	-35	-32	-36

This table presents Progress Software's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Total Assets	1,346	1,644	1,602	1,597	1,548	1,586	1,620	2,462
Total Current Assets	364	293	281	303	297	343	389	341
Cash & Equivalents	224	108	126	138	133	190	233	124
Accounts Receivable	110	127	120	131	118	116	123	162
Other Current Assets	29	43	35	33	46	37	33	55
Plant, Property, & Equipment, net	13	15	15	16	14	13	13	13
Total Noncurrent Assets	968	1,336	1,306	1,278	1,236	1,230	1,219	2,109
Noncurrent Note & Lease Receivables	26	48	39	33	34	32	35	30
Goodwill	673	812	826	826	833	833	833	1,294
Intangible Assets	233	441	405	379	328	305	285	686
Noncurrent Deferred & Refundable Income Taxes	5.74	1.40	4.37	12	19	33	41	57
Other Noncurrent Operating Assets	30	34	33	29	23	28	26	40
Total Liabilities & Shareholders' Equity	1,346	1,644	1,602	1,597	1,548	1,586	1,620	2,462
Total Liabilities	979	1,230	1,183	1,152	1,086	1,185	1,194	2,031
Total Current Liabilities	280	337	323	325	312	307	315	429
Accounts Payable	7.72	10	7.16	8.73	9.92	8.58	11	15
Accrued Expenses	17	23	27	25	18	19	25	33
Current Deferred Revenue	197	245	228	220	233	227	218	329
Current Employee Benefit Liabilities	36	33	34	42	33	35	44	43
Other Current Liabilities	7.44	9.32	10	10	9.82	9.45	8.87	8.98
Total Noncurrent Liabilities	700	893	860	828	774	877	879	1,602
Long-Term Debt	613	804	776	744	691	794	795	1,497
Noncurrent Deferred Revenue	54	57	56	60	64	65	67	72
Noncurrent Deferred & Payable Income Tax Liabilities	5.71	5.55	4.55	4.24	3.63	3.71	3.77	2.29
Other Noncurrent Operating Liabilities	27	26	23	20	15	15	13	31
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	367	413	419	445	462	402	426	432
Total Preferred & Common Equity	367	413	419	445	462	402	426	432
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	367	413	419	445	462	402	426	432
Common Stock	319	339	348	362	373	331	339	353
Retained Earnings	87	108	104	115	123	106	119	116
Accumulated Other Comprehensive Income / (Loss)	-39	-34	-33	-32	-34	-35	-33	-38

This table displays calculated financial ratios and metrics derived from Progress Software's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.54%	114.72%	-3.99%	-2.61%	-45.47%	6.98%	20.17%	13.31%	15.35%	8.49%
EBITDA Growth	-38.27%	-85.79%	1,116.57%	10.46%	-13.91%	48.88%	24.86%	18.74%	2.78%	7.93%
EBIT Growth	-79.40%	-292.68%	283.57%	15.50%	-41.76%	178.08%	8.22%	15.11%	-16.99%	14.34%
NOPAT Growth	-120.48%	-97.86%	252.92%	74.22%	-32.97%	139.31%	7.23%	12.41%	-9.09%	-7.57%
Net Income Growth	-117.79%	-533.18%	152.08%	71.15%	-46.85%	201.98%	-1.63%	21.23%	-26.16%	-2.51%
EPS Growth	-117.71%	-564.71%	153.10%	80.00%	-46.30%	203.45%	0.00%	22.16%	-26.98%	-1.91%
Operating Cash Flow Growth	-2.93%	-1.62%	2.76%	14.82%	5.88%	12.74%	23.25%	7.63%	-9.49%	21.60%
Free Cash Flow Firm Growth	-460.85%	160.66%	-91.82%	687.47%	-265.77%	27.49%	-17.97%	266.02%	-223.00%	-247.12%
Invested Capital Growth	63.69%	-29.99%	7.74%	-4.18%	49.17%	37.40%	30.60%	-6.67%	38.61%	73.40%
Revenue Q/Q Growth	4.09%	102.50%	-3.26%	-28.40%	-47.60%	214.60%	8.73%	-1.30%	2.94%	5.31%
EBITDA Q/Q Growth	-2.32%	-90.96%	418.54%	-5.67%	-10.48%	17.63%	4.48%	5.80%	-0.14%	0.70%
EBIT Q/Q Growth	-30.73%	-160.89%	364.74%	-8.23%	-30.43%	31.67%	1.33%	8.64%	-7.64%	0.87%
NOPAT Q/Q Growth	-164.28%	-316.21%	320.98%	4.27%	-32.53%	52.62%	0.68%	6.49%	-3.43%	-16.18%
Net Income Q/Q Growth	-158.15%	-748.43%	-71.62%	-86.02%	131.08%	129.90%	142.79%	-22.42%	-10.66%	-17.17%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.69%	-10.29%	-18.09%
Operating Cash Flow Q/Q Growth	-10.20%	6.84%	-1.33%	-6.32%	10.56%	4.44%	0.66%	-1.93%	-3.86%	-6.00%
Free Cash Flow Firm Q/Q Growth	0.22%	60.25%	-84.16%	-24.26%	21.05%	-171.32%	-75.13%	290.42%	0.47%	-481.73%
Invested Capital Q/Q Growth	-6.64%	-25.28%	-2.49%	5.53%	-6.56%	45.51%	41.07%	-0.12%	-0.50%	85.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	83.12%	83.79%	82.23%	82.33%	75.53%	85.95%	85.23%	84.30%	81.77%	82.68%
EBITDA Margin	15.31%	1.01%	12.85%	14.57%	23.01%	32.02%	33.27%	34.86%	31.07%	30.91%
Operating Margin	3.91%	-3.66%	7.39%	8.95%	9.70%	24.36%	21.85%	21.95%	15.92%	16.46%
EBIT Margin	4.28%	-3.84%	7.34%	8.70%	9.29%	24.16%	21.75%	22.10%	15.90%	16.76%
Profit (Net Income) Margin	-2.33%	-6.87%	3.73%	6.55%	6.39%	18.03%	14.76%	15.79%	10.11%	9.08%
Tax Burden Percent	-71.24%	157.95%	55.32%	81.70%	92.65%	82.50%	82.09%	81.08%	88.12%	72.60%
Interest Burden Percent	76.53%	113.43%	91.89%	92.19%	74.19%	90.48%	82.66%	88.13%	72.13%	74.65%
Effective Tax Rate	171.24%	0.00%	44.68%	18.30%	7.35%	17.50%	17.91%	18.92%	11.88%	27.40%
Return on Invested Capital (ROIC)	-3.07%	-5.75%	10.28%	17.63%	9.69%	16.32%	13.11%	13.46%	10.62%	6.18%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.97%	28.23%	13.67%	33.66%	-9.46%	11.89%	8.25%	10.37%	5.05%	4.04%
Return on Net Nonoperating Assets (RNNOA)	1.41%	-6.25%	-2.86%	-3.44%	-1.62%	7.26%	7.57%	9.98%	5.73%	9.05%
Return on Equity (ROE)	-1.65%	-12.00%	7.42%	14.19%	8.07%	23.58%	20.68%	23.45%	16.36%	15.23%
Cash Return on Invested Capital (CROIC)	-51.37%	29.53%	2.82%	21.90%	-29.78%	-15.19%	-13.43%	20.36%	-21.74%	-47.51%
Operating Return on Assets (OROA)	2.04%	-3.81%	7.75%	9.68%	5.04%	11.11%	9.61%	9.59%	7.33%	6.12%
Return on Assets (ROA)	-1.11%	-6.83%	3.94%	7.29%	3.46%	8.29%	6.52%	6.85%	4.66%	3.31%
Return on Common Equity (ROCE)	-1.65%	-12.00%	7.42%	14.19%	8.07%	23.58%	20.68%	23.45%	16.36%	15.23%
Return on Equity Simple (ROE_SIMPLE)	-1.68%	-13.70%	7.72%	15.33%	7.99%	23.04%	19.01%	23.86%	15.27%	15.60%
Net Operating Profit after Tax (NOPAT)	-11	-21	32	55	37	89	95	107	97	90
NOPAT Margin	-2.78%	-2.57%	4.09%	7.31%	8.99%	20.10%	17.94%	17.80%	14.03%	11.95%
Net Nonoperating Expense Percent (NNEP)	0.90%	-33.98%	-3.40%	-16.04%	19.16%	4.43%	4.86%	3.09%	5.58%	2.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	10.54%	8.23%	4.58%
Cost of Revenue to Revenue	16.88%	16.21%	17.77%	17.67%	24.47%	14.05%	14.77%	15.70%	18.23%	17.32%
SG&A Expenses to Revenue	15.18%	5.74%	6.14%	6.67%	12.91%	12.21%	12.26%	12.94%	11.97%	11.88%
R&D to Revenue	23.02%	10.93%	9.89%	10.52%	21.43%	20.04%	19.45%	19.03%	19.07%	19.42%
Operating Expenses to Revenue	79.21%	3.66%	-7.39%	-8.95%	72.10%	61.59%	63.38%	62.36%	65.86%	66.22%
Earnings before Interest and Taxes (EBIT)	16	-31	57	66	38	107	116	133	110	126
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	58	8.22	100	110	95	142	177	210	216	233
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.05	3.16	4.77	4.49	5.33	4.98	4.98	5.63	5.05	6.69
Price to Tangible Book Value (P/TBV)	27.96	26.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.84	1.58	2.31	1.92	4.26	3.90	3.87	3.73	3.35	3.90
Price to Earnings (P/E)	0.00	2.06	2.68	2.16	5.20	21.61	26.20	23.59	33.10	42.89
Dividend Yield	0.00%	0.47%	1.37%	1.77%	1.60%	1.75%	1.49%	1.34%	1.31%	1.02%
Earnings Yield	0.00%	48.53%	37.27%	46.30%	19.22%	4.63%	3.82%	4.24%	3.02%	2.33%
Enterprise Value to Invested Capital (EV/IC)	2.29	3.93	5.40	4.65	4.10	3.17	2.98	3.39	2.74	2.35
Enterprise Value to Revenue (EV/Rev)	2.58	1.44	2.23	1.89	4.56	4.52	4.62	4.33	4.21	5.76
Enterprise Value to EBITDA (EV/EBITDA)	16.87	142.35	17.34	12.96	19.80	14.12	13.90	12.41	13.54	18.65
Enterprise Value to EBIT (EV/EBIT)	60.44	0.00	30.36	21.71	49.02	18.72	21.26	19.58	26.45	34.40
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	54.51	25.84	50.70	22.50	25.78	24.31	29.99	48.24
Enterprise Value to Operating Cash Flow (EV/OCF)	9.33	11.38	16.40	11.80	14.65	13.80	13.76	13.56	16.79	20.54
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	10.95	198.33	20.80	0.00	0.00	0.00	16.08	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.33	0.32	0.36	0.89	1.11	1.36	1.55	1.57	3.48
Long-Term Debt to Equity	0.26	0.30	0.31	0.34	0.86	1.05	1.30	1.54	1.55	3.48
Financial Leverage	-0.36	-0.22	-0.21	-0.10	0.17	0.61	0.92	0.96	1.14	2.24
Leverage Ratio	1.48	1.76	1.88	1.95	2.33	2.84	3.17	3.42	3.51	4.60
Compound Leverage Factor	1.13	1.99	1.73	1.79	1.73	2.57	2.62	3.02	2.53	3.43
Debt to Total Capital	21.65%	24.92%	24.48%	26.38%	47.16%	52.50%	57.60%	60.80%	61.16%	77.67%
Short-Term Debt to Total Capital	1.41%	2.77%	1.17%	1.32%	1.71%	2.50%	2.65%	0.61%	1.11%	0.00%
Long-Term Debt to Total Capital	20.24%	22.16%	23.31%	25.06%	45.44%	50.00%	54.95%	60.19%	60.06%	77.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	78.35%	75.08%	75.52%	73.62%	52.85%	47.50%	42.40%	39.20%	38.84%	22.33%
Debt to EBITDA	2.50	16.43	1.22	1.05	3.10	2.70	3.17	2.94	3.36	6.55
Net Debt to EBITDA	-1.68	-13.96	-0.62	-0.21	1.27	1.95	2.28	1.72	2.77	6.05
Long-Term Debt to EBITDA	2.33	14.60	1.16	1.00	2.99	2.57	3.02	2.92	3.30	6.55
Debt to NOPAT	-13.74	-6.49	3.83	2.10	7.94	4.30	5.88	5.77	7.43	16.95
Net Debt to NOPAT	9.22	5.52	-1.94	-0.42	3.26	3.11	4.23	3.38	6.13	15.64
Long-Term Debt to NOPAT	-12.84	-5.77	3.65	1.99	7.65	4.10	5.61	5.71	7.30	16.95
Altman Z-Score	2.98	3.73	4.86	4.51	2.69	2.32	2.07	2.26	1.97	1.33
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.62	1.65	1.27	1.24	1.18	0.91	1.05	1.34	0.94	0.81
Quick Ratio	1.54	1.55	1.18	1.07	1.07	0.82	0.88	1.21	0.80	0.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-176	107	8.74	69	-114	-83	-98	162	-199	-692
Operating Cash Flow to CapEx	1,181.91%	1,777.48%	5,806.92%	1,673.82%	0.00%	2,573.69%	3,836.06%	0.00%	3,122.44%	4,062.50%
Free Cash Flow to Firm to Interest Expense	-46.49	25.57	1.89	13.37	-11.51	-8.14	-4.87	10.26	-6.48	-21.61
Operating Cash Flow to Interest Expense	27.60	24.62	22.82	23.57	12.96	14.24	8.91	12.17	5.65	6.61
Operating Cash Flow Less CapEx to Interest Expense	25.26	23.23	22.43	22.16	13.18	13.69	8.67	13.43	5.47	6.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.99	1.06	1.11	0.54	0.46	0.44	0.43	0.46	0.36
Accounts Receivable Turnover	5.60	12.27	12.27	12.54	5.76	4.59	4.53	4.77	4.91	4.26
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	6.65	15.54	16.85	20.77	13.67	14.84	24.06	41.13	46.06	52.01
Accounts Payable Turnover	5.56	10.87	12.58	13.67	9.54	6.04	7.98	9.97	11.69	9.93
Days Sales Outstanding (DSO)	65.14	29.75	29.75	29.12	63.33	79.52	80.58	76.58	74.32	85.76
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	65.67	33.58	29.02	26.70	38.25	60.47	45.74	36.63	31.22	36.76
Cash Conversion Cycle (CCC)	-0.53	-3.83	0.74	2.42	25.08	19.05	34.84	39.96	43.10	49.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	426	298	321	308	459	630	823	768	1,065	1,847
Invested Capital Turnover	1.10	2.24	2.52	2.41	1.08	0.81	0.73	0.76	0.76	0.52
Increase / (Decrease) in Invested Capital	166	-128	23	-13	151	172	193	-55	297	782
Enterprise Value (EV)	976	1,170	1,734	1,432	1,883	1,999	2,457	2,605	2,921	4,343
Market Capitalization	1,073	1,285	1,795	1,455	1,762	1,723	2,054	2,243	2,324	2,935
Book Value per Share	$10.40	$8.37	$7.87	$7.22	$7.37	$7.67	$9.41	$9.27	$10.55	$10.23
Tangible Book Value per Share	$0.76	$0.98	($0.71)	($1.11)	($4.51)	($7.95)	($12.45)	($11.39)	($16.68)	($36.75)
Total Capital	667	542	498	440	625	729	973	1,017	1,184	1,965
Total Debt	144	135	122	116	295	383	560	618	724	1,526
Total Long-Term Debt	135	120	116	110	284	364	535	612	711	1,526
Net Debt	-97	-115	-62	-23	121	277	403	362	597	1,408
Capital Expenditures (CapEx)	8.85	5.79	1.82	7.25	-2.15	5.63	4.65	-20	5.57	5.21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-108	-102	-122	-88	-119	-111	-117	-142	-135	-204
Debt-free Net Working Capital (DFNWC)	133	147	61	51	54	-5.37	41	114	-8.22	-86
Net Working Capital (NWC)	123	132	55	45	44	-24	15	108	-21	-86
Net Nonoperating Expense (NNE)	-1.71	35	2.78	5.73	11	9.15	17	12	27	22
Net Nonoperating Obligations (NNO)	-97	-109	-55	-16	129	284	411	370	605	1,408
Total Depreciation and Amortization (D&A)	42	39	43	45	57	35	61	77	105	107
Debt-free, Cash-free Net Working Capital to Revenue	-28.71%	-12.64%	-15.73%	-11.64%	-28.84%	-25.19%	-21.97%	-23.59%	-19.47%	-27.13%
Debt-free Net Working Capital to Revenue	35.19%	18.17%	7.86%	6.77%	13.19%	-1.21%	7.65%	18.98%	-1.18%	-11.46%
Net Working Capital to Revenue	32.71%	16.32%	7.12%	6.00%	10.59%	-5.34%	2.80%	17.95%	-3.07%	-11.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.17)	($1.13)	$0.78	$1.39	$0.59	$1.78	$1.79	$2.19	$1.62	$1.58
Adjusted Weighted Average Basic Shares Outstanding	50.39M	49.48M	48.13M	45.56M	44.79M	44.89M	43.92M	43.48M	43.46M	43.27M
Adjusted Diluted Earnings per Share	($0.17)	($1.13)	$0.77	$1.38	$0.58	$1.76	$1.76	$2.15	$1.57	$1.54
Adjusted Weighted Average Diluted Shares Outstanding	50.39M	49.48M	48.52M	46.14M	45.34M	45.32M	44.62M	44.25M	44.66M	44.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.91M	48.73M	46.39M	45.15M	45.10M	44.22M	44.18M	43.35M	43.88M	43.37M
Normalized Net Operating Profit after Tax (NOPAT)	22	49	45	57	67	97	104	103	109	110
Normalized NOPAT Margin	5.93%	6.07%	5.77%	7.58%	16.18%	21.88%	19.55%	17.08%	15.69%	14.61%
Pre Tax Income Margin	3.27%	-4.35%	6.74%	8.02%	6.89%	21.86%	17.98%	19.48%	11.47%	12.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.26	-7.44	12.33	12.81	3.87	10.50	5.77	8.43	3.59	3.94
NOPAT to Interest Expense	-2.77	-4.98	6.87	10.76	3.75	8.74	4.75	6.78	3.16	2.81
EBIT Less CapEx to Interest Expense	1.93	-8.83	11.94	11.40	4.09	9.95	5.53	9.69	3.41	3.78
NOPAT Less CapEx to Interest Expense	-5.11	-6.36	6.47	9.35	3.96	8.19	4.52	8.05	2.98	2.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	83.14%	51.92%	105.15%	37.51%	40.25%	32.67%	44.95%	45.97%
Augmented Payout Ratio	-373.46%	-142.10%	337.90%	293.52%	199.85%	112.77%	86.03%	116.09%	93.33%	172.77%

This table displays calculated financial ratios and metrics derived from Progress Software's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-4.80%	13.32%	19.84%	15.72%	12.63%	12.46%	-1.78%	2.11%	21.47%	28.88%
EBITDA Growth	-18.41%	29.70%	18.50%	-15.63%	12.69%	-0.60%	7.91%	8.20%	11.81%	3.23%	13.51%
EBIT Growth	-31.13%	51.31%	20.63%	-42.91%	-6.96%	-29.30%	-2.30%	17.35%	39.21%	4.93%	-9.21%
NOPAT Growth	-30.16%	25.96%	21.37%	-40.05%	6.18%	-9.53%	1.96%	14.57%	25.15%	-91.75%	-7.05%
Net Income Growth	120.10%	-53.68%	15.74%	-58.47%	-12.38%	-35.32%	-4.37%	33.90%	49.04%	-92.52%	-51.65%
EPS Growth	-28.57%	55.88%	15.22%	-59.09%	-16.00%	-33.96%	-3.77%	37.04%	54.76%	-97.14%	-52.94%
Operating Cash Flow Growth	12.62%	-8.63%	6.06%	-29.75%	16.06%	-17.38%	50.76%	32.80%	25.23%	-40.74%	-2.21%
Free Cash Flow Firm Growth	-40.42%	147.73%	-35.20%	-76.14%	-70.93%	-432.63%	143.05%	132.47%	139.12%	-186.37%	-774.50%
Invested Capital Growth	31.82%	-6.67%	34.76%	40.42%	39.14%	38.61%	-7.43%	-6.77%	-6.90%	73.40%	75.54%
Revenue Q/Q Growth	1.66%	3.91%	4.52%	8.54%	-1.83%	1.13%	4.36%	-5.20%	2.06%	20.30%	10.72%
EBITDA Q/Q Growth	-14.97%	-1.37%	15.32%	-12.77%	13.57%	-13.00%	25.19%	-12.53%	17.36%	-19.67%	37.66%
EBIT Q/Q Growth	-21.75%	-1.56%	14.66%	-35.36%	27.51%	-25.19%	58.45%	-22.36%	51.26%	-43.61%	37.09%
NOPAT Q/Q Growth	-20.68%	6.91%	4.45%	-32.32%	40.49%	-8.91%	17.72%	-23.94%	53.45%	-93.99%	1,225.46%
Net Income Q/Q Growth	-25.12%	8.77%	-0.14%	-48.93%	57.97%	-19.70%	47.63%	-28.50%	75.83%	-95.97%	854.32%
EPS Q/Q Growth	-24.24%	6.00%	0.00%	-49.06%	55.56%	-16.67%	45.71%	-27.45%	75.68%	-98.46%	2,300.00%
Operating Cash Flow Q/Q Growth	-41.88%	1.18%	16.52%	2.53%	-3.98%	-27.98%	112.61%	-9.68%	-9.46%	-65.92%	250.86%
Free Cash Flow Firm Q/Q Growth	3.85%	151.01%	-415.54%	-13.80%	6.69%	0.73%	140.84%	-14.15%	12.42%	-826.61%	3.82%
Invested Capital Q/Q Growth	-0.66%	-0.12%	44.55%	-2.09%	-1.57%	-0.50%	-3.47%	-1.39%	-1.70%	85.33%	-2.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.26%	85.02%	84.04%	81.05%	81.19%	80.98%	82.24%	81.68%	83.73%	83.00%	80.58%
EBITDA Margin	33.67%	31.96%	35.26%	28.34%	32.79%	28.21%	33.84%	31.22%	35.90%	23.97%	29.80%
Operating Margin	21.18%	19.37%	21.67%	12.92%	16.78%	12.73%	18.95%	15.51%	22.58%	10.00%	13.62%
EBIT Margin	20.96%	19.86%	21.78%	12.97%	16.85%	12.46%	18.92%	15.50%	22.97%	10.77%	13.33%
Profit (Net Income) Margin	14.41%	15.09%	14.42%	6.78%	10.91%	8.67%	12.26%	9.25%	15.93%	0.53%	4.60%
Tax Burden Percent	78.74%	88.54%	79.11%	82.76%	91.15%	108.21%	82.00%	80.43%	83.04%	9.36%	82.29%
Interest Burden Percent	87.35%	85.83%	83.65%	63.18%	71.06%	64.25%	78.99%	74.18%	83.52%	52.92%	41.92%
Effective Tax Rate	21.26%	11.46%	20.89%	17.24%	8.85%	-8.21%	18.00%	19.57%	16.96%	90.64%	17.71%
Return on Invested Capital (ROIC)	15.03%	12.98%	11.01%	7.47%	11.22%	10.44%	10.39%	8.45%	12.98%	0.48%	6.38%
ROIC Less NNEP Spread (ROIC-NNEP)	13.87%	12.14%	10.23%	6.17%	9.73%	8.58%	9.43%	7.57%	12.14%	0.40%	4.76%
Return on Net Nonoperating Assets (RNNOA)	10.70%	11.69%	15.09%	8.36%	12.31%	9.75%	13.62%	11.81%	16.68%	0.89%	10.34%
Return on Equity (ROE)	25.74%	24.67%	26.10%	15.83%	23.53%	20.19%	24.01%	20.26%	29.66%	1.38%	16.72%
Cash Return on Invested Capital (CROIC)	-12.58%	20.36%	-18.02%	-22.95%	-21.77%	-21.74%	16.91%	16.61%	17.54%	-47.51%	-48.75%
Operating Return on Assets (OROA)	9.75%	8.61%	9.03%	5.71%	7.72%	5.74%	8.48%	6.92%	10.22%	3.93%	5.36%
Return on Assets (ROA)	6.71%	6.55%	5.98%	2.99%	5.00%	3.99%	5.49%	4.13%	7.08%	0.19%	1.85%
Return on Common Equity (ROCE)	25.74%	24.67%	26.10%	15.83%	23.53%	20.19%	24.01%	20.26%	29.66%	1.38%	16.72%
Return on Equity Simple (ROE_SIMPLE)	33.39%	0.00%	23.77%	19.40%	17.65%	0.00%	14.98%	18.24%	19.41%	0.00%	13.14%
Net Operating Profit after Tax (NOPAT)	25	27	28	19	27	24	29	22	34	2.01	27
NOPAT Margin	16.67%	17.15%	17.14%	10.69%	15.30%	13.78%	15.54%	12.47%	18.75%	0.94%	11.21%
Net Nonoperating Expense Percent (NNEP)	1.16%	0.83%	0.78%	1.30%	1.49%	1.86%	0.96%	0.88%	0.84%	0.09%	1.62%
Return On Investment Capital (ROIC_SIMPLE)	-	2.65%	-	-	-	2.06%	2.49%	-	-	0.10%	1.38%
Cost of Revenue to Revenue	15.74%	14.98%	15.96%	18.95%	18.81%	19.02%	17.76%	18.32%	16.27%	17.00%	19.42%
SG&A Expenses to Revenue	13.32%	13.71%	11.44%	12.04%	11.88%	12.49%	11.56%	12.56%	11.47%	11.95%	10.77%
R&D to Revenue	18.95%	18.20%	18.53%	19.53%	18.94%	19.22%	18.94%	20.24%	19.43%	19.17%	19.48%
Operating Expenses to Revenue	63.09%	65.65%	62.37%	68.13%	64.40%	68.24%	63.28%	66.18%	61.15%	73.00%	66.95%
Earnings before Interest and Taxes (EBIT)	32	31	36	23	29	22	35	27	41	23	32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	51	50	58	51	57	50	62	55	64	52	71
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.58	5.63	5.93	6.12	5.85	5.05	5.00	5.43	5.84	6.69	5.49
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.35	3.73	3.94	3.94	3.86	3.35	3.23	3.07	3.48	3.90	2.94
Price to Earnings (P/E)	16.69	23.59	24.93	31.56	33.15	33.10	33.39	29.78	30.10	42.89	41.76
Dividend Yield	1.49%	1.34%	1.24%	1.18%	1.17%	1.31%	1.32%	1.39%	1.20%	1.02%	1.28%
Earnings Yield	5.99%	4.24%	4.01%	3.17%	3.02%	3.02%	2.99%	3.36%	3.32%	2.33%	2.39%
Enterprise Value to Invested Capital (EV/IC)	3.17	3.39	2.83	2.97	3.01	2.74	2.79	2.75	3.06	2.35	2.07
Enterprise Value to Revenue (EV/Rev)	4.00	4.33	5.05	4.96	4.78	4.21	4.01	3.91	4.26	5.76	4.64
Enterprise Value to EBITDA (EV/EBITDA)	12.30	12.41	14.34	15.39	14.91	13.54	13.02	12.41	13.19	18.65	15.51
Enterprise Value to EBIT (EV/EBIT)	19.93	19.58	22.56	26.49	26.94	26.45	26.16	24.51	24.36	34.40	30.42
Enterprise Value to NOPAT (EV/NOPAT)	24.26	24.31	28.00	32.45	31.94	29.99	29.17	27.62	28.40	48.24	43.44
Enterprise Value to Operating Cash Flow (EV/OCF)	12.45	13.56	16.12	18.48	17.81	16.79	14.51	13.05	13.56	20.54	17.83
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	16.08	0.00	0.00	0.00	0.00	15.86	15.96	16.83	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.69	1.55	1.96	1.88	1.70	1.57	1.50	1.98	1.87	3.48	3.47
Long-Term Debt to Equity	1.67	1.54	1.94	1.85	1.67	1.55	1.50	1.98	1.87	3.48	3.47
Financial Leverage	0.77	0.96	1.48	1.35	1.27	1.14	1.44	1.56	1.37	2.24	2.17
Leverage Ratio	3.43	3.42	3.83	3.74	3.63	3.51	3.65	3.89	3.70	4.60	4.49
Compound Leverage Factor	3.00	2.94	3.21	2.36	2.58	2.26	2.88	2.88	3.09	2.43	1.88
Debt to Total Capital	62.79%	60.80%	66.26%	65.24%	62.92%	61.16%	59.95%	66.41%	65.14%	77.67%	77.61%
Short-Term Debt to Total Capital	0.63%	0.61%	0.65%	0.80%	0.95%	1.11%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	62.15%	60.19%	65.61%	64.44%	61.97%	60.06%	59.95%	66.41%	65.14%	77.67%	77.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	37.21%	39.20%	33.74%	34.76%	37.09%	38.84%	40.05%	33.59%	34.86%	22.33%	22.39%
Debt to EBITDA	3.12	2.94	3.71	3.75	3.50	3.36	3.14	3.54	3.44	6.55	6.21
Net Debt to EBITDA	1.99	1.72	3.15	3.15	2.86	2.77	2.53	2.69	2.43	6.05	5.69
Long-Term Debt to EBITDA	3.09	2.92	3.67	3.70	3.44	3.30	3.14	3.54	3.44	6.55	6.21
Debt to NOPAT	6.15	5.77	7.24	7.91	7.49	7.43	7.03	7.88	7.40	16.95	17.38
Net Debt to NOPAT	3.92	3.38	6.15	6.64	6.12	6.13	5.68	5.99	5.24	15.64	15.93
Long-Term Debt to NOPAT	6.09	5.71	7.17	7.81	7.37	7.30	7.03	7.88	7.40	16.95	17.38
Altman Z-Score	1.95	2.02	1.70	1.81	1.92	1.79	1.91	1.73	1.93	1.20	1.09
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.30	1.34	0.87	0.87	0.93	0.94	0.95	1.12	1.23	0.81	0.80
Quick Ratio	1.20	1.21	0.74	0.76	0.83	0.80	0.80	1.00	1.13	0.70	0.67
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-160	82	-258	-294	-274	-272	111	95	107	-780	-750
Operating Cash Flow to CapEx	3,583.56%	1,336.12%	12,147.27%	3,027.21%	3,798.76%	1,388.07%	22,816.83%	6,668.17%	5,418.99%	682.80%	5,344.73%
Free Cash Flow to Firm to Interest Expense	-40.03	18.51	-44.17	-34.53	-32.15	-34.53	15.14	13.62	15.86	-71.57	-40.70
Operating Cash Flow to Interest Expense	9.90	9.08	8.00	5.63	5.40	4.21	9.60	9.09	8.52	1.80	3.74
Operating Cash Flow Less CapEx to Interest Expense	9.62	8.40	7.93	5.45	5.25	3.90	9.56	8.95	8.37	1.54	3.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.43	0.41	0.44	0.46	0.46	0.45	0.45	0.44	0.36	0.40
Accounts Receivable Turnover	6.52	4.77	5.17	5.98	5.59	4.91	5.84	6.04	5.63	4.26	5.77
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	28.95	41.13	42.98	45.99	45.62	46.06	49.20	51.25	49.79	52.01	59.07
Accounts Payable Turnover	15.48	9.97	10.54	12.57	14.16	11.69	13.07	16.70	13.08	9.93	11.66
Days Sales Outstanding (DSO)	55.99	76.58	70.67	61.02	65.33	74.32	62.53	60.43	64.85	85.76	63.30
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	23.57	36.63	34.64	29.04	25.78	31.22	27.94	21.86	27.90	36.76	31.31
Cash Conversion Cycle (CCC)	32.42	39.96	36.03	31.98	39.56	43.10	34.59	38.57	36.95	49.00	31.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	769	768	1,111	1,088	1,070	1,065	1,028	1,014	997	1,847	1,805
Invested Capital Turnover	0.90	0.76	0.64	0.70	0.73	0.76	0.67	0.68	0.69	0.52	0.57
Increase / (Decrease) in Invested Capital	186	-55	286	313	301	297	-82	-74	-74	782	777
Enterprise Value (EV)	2,440	2,605	3,140	3,226	3,221	2,921	2,868	2,785	3,050	4,343	3,743
Market Capitalization	2,046	2,243	2,451	2,565	2,604	2,324	2,310	2,181	2,487	2,935	2,370
Book Value per Share	$8.44	$9.27	$9.54	$9.67	$10.26	$10.55	$10.54	$9.29	$9.95	$10.23	$9.96
Tangible Book Value per Share	($12.41)	($11.39)	($19.36)	($18.74)	($17.52)	($16.68)	($15.96)	($17.02)	($16.17)	($36.75)	($35.70)
Total Capital	986	1,017	1,225	1,205	1,200	1,184	1,153	1,196	1,221	1,965	1,929
Total Debt	619	618	812	786	755	724	691	794	795	1,526	1,497
Total Long-Term Debt	613	612	804	776	744	711	691	794	795	1,526	1,497
Net Debt	394	362	689	661	617	597	558	604	563	1,408	1,373
Capital Expenditures (CapEx)	1.11	3.00	0.39	1.58	1.21	2.39	0.31	0.96	1.06	2.88	1.29
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-134	-142	-159	-158	-148	-135	-148	-155	-159	-204	-212
Debt-free Net Working Capital (DFNWC)	91	114	-37	-33	-10	-8.22	-15	36	74	-86	-88
Net Working Capital (NWC)	85	108	-44	-42	-22	-21	-15	36	74	-86	-88
Net Nonoperating Expense (NNE)	3.42	3.25	4.48	6.97	7.67	9.05	6.07	5.65	5.04	0.87	16
Net Nonoperating Obligations (NNO)	402	370	697	669	625	605	566	612	571	1,408	1,373
Total Depreciation and Amortization (D&A)	19	19	22	27	28	28	28	28	23	28	39
Debt-free, Cash-free Net Working Capital to Revenue	-21.95%	-23.59%	-25.66%	-24.32%	-22.01%	-19.47%	-20.73%	-21.73%	-22.23%	-27.13%	-26.28%
Debt-free Net Working Capital to Revenue	14.92%	18.98%	-5.88%	-5.03%	-1.55%	-1.18%	-2.09%	5.02%	10.29%	-11.46%	-10.89%
Net Working Capital to Revenue	13.89%	17.95%	-7.16%	-6.52%	-3.24%	-3.07%	-2.09%	5.02%	10.29%	-11.46%	-10.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.50	$0.55	$0.55	$0.28	$0.44	$0.35	$0.52	$0.37	$0.66	$0.03	$0.25
Adjusted Weighted Average Basic Shares Outstanding	43.21M	43.48M	43.30M	43.34M	43.45M	43.46M	43.80M	43.21M	42.87M	43.27M	43.26M
Adjusted Diluted Earnings per Share	$0.50	$0.53	$0.53	$0.27	$0.42	$0.35	$0.51	$0.37	$0.65	$0.01	$0.24
Adjusted Weighted Average Diluted Shares Outstanding	43.94M	44.25M	44.35M	44.47M	44.98M	44.66M	44.83M	43.96M	43.71M	44.43M	44.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	43.00M	43.35M	43.31M	43.37M	43.57M	43.88M	43.22M	42.78M	42.91M	43.37M	43.03M
Normalized Net Operating Profit after Tax (NOPAT)	25	28	31	24	28	17	31	23	35	30	35
Normalized NOPAT Margin	16.83%	17.65%	18.66%	13.47%	16.10%	9.88%	16.90%	13.02%	19.76%	13.89%	14.50%
Pre Tax Income Margin	18.31%	17.04%	18.22%	8.20%	11.97%	8.01%	14.95%	11.50%	19.18%	5.70%	5.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.91	7.06	6.12	2.72	3.46	2.80	4.76	3.87	6.07	2.12	1.72
NOPAT to Interest Expense	6.29	6.10	4.81	2.24	3.14	3.09	3.91	3.12	4.95	0.18	1.45
EBIT Less CapEx to Interest Expense	7.63	6.38	6.05	2.53	3.31	2.49	4.72	3.74	5.91	1.86	1.65
NOPAT Less CapEx to Interest Expense	6.01	5.42	4.75	2.05	3.00	2.79	3.87	2.98	4.80	-0.08	1.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.74%	32.67%	31.85%	38.59%	39.94%	44.95%	45.84%	43.41%	38.36%	45.97%	41.67%
Augmented Payout Ratio	88.96%	116.09%	100.37%	107.34%	80.44%	93.33%	105.79%	147.72%	148.18%	172.77%	208.01%

Frequently Asked Questions About Progress Software's Financials

When does Progress Software's financial year end?

According to the most recent income statement we have on file, Progress Software's fiscal year ends in November. Their fiscal year 2024 ended on November 30, 2024.

How has Progress Software's net income changed over the last 9 years?

Progress Software's net income appears to be on an upward trend, with a most recent value of $68.44 million in 2024, falling from -$8.80 million in 2015. The previous period was $70.20 million in 2023.

What is Progress Software's operating income?

Progress Software's total operating income in 2024 was $124.00 million, based on the following breakdown:

Total Gross Profit: $622.93 million
Total Operating Expenses: $498.92 million

How has Progress Software revenue changed over the last 9 years?

Over the last 9 years, Progress Software's total revenue changed from $377.55 million in 2015 to $753.41 million in 2024, a change of 99.5%.

How much debt does Progress Software have?

Progress Software's total liabilities were at $2.09 billion at the end of 2024, a 82.7% increase from 2023, and a 488.8% increase since 2015.

How much cash does Progress Software have?

In the past 9 years, Progress Software's cash and equivalents has ranged from $97.99 million in 2020 to $256.28 million in 2022, and is currently $118.08 million as of their latest financial filing in 2024.

How has Progress Software's book value per share changed over the last 9 years?

Over the last 9 years, Progress Software's book value per share changed from 10.40 in 2015 to 10.23 in 2024, a change of -1.7%.

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This page (NASDAQ:PRGS) was last updated on 4/14/2025 by MarketBeat.com Staff

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Progress Software (PRGS) Financials

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Progress Software (PRGS) Financials

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