Mon, Jul 8, 8:08 PM (105 days ago)
Progress Software Corporation's Q2 2024 financial report highlights a slight decrease in total revenue to $175.1M, down 2% YoY, while maintaining a stable gross profit margin of 82%. Software license revenue was relatively flat, contributing $54M, with maintenance and services revenue also steady at $121.1M. Operating expenses saw a mixed trend; sales and marketing costs decreased by 6% to $37.9M, while product development and general administrative costs rose modestly. The company reported $27.1M in operating income, a notable 18% increase YoY. Net income saw a significant 34% increase to $16.2M. ARR grew by 1% YoY to $579M, with net retention rates between 99-102%. The company refinanced its debt, issuing $450M in convertible senior notes due 2030, and repaid its term loan and revolving credit line. Cash flow from operations increased to $134.2M, driven by higher billings and collections. Despite ongoing litigation and governmental investigations related to the MOVEit Vulnerability, Progress Software maintains robust liquidity with $190.4M in cash and equivalents.