Below are the financial statements of Progress Software, including the income statement and balance sheet for the company's latest fiscal year. All figures are accurate, verifiable, and fully traceable to the original annual filing where disclosed.
| All figures in millions of USD | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | — | — | — |
| Software licenses | 249.33a | 220.79a | 188.34a |
| Maintenance and services | 504.08a | 473.65a | 413.68a |
| Total revenue | 753.41a | 694.44a | 602.01a |
| Costs of revenue | — | — | — |
| Cost of software licenses | -10.94a | -11.15a | -10.24a |
| Cost of maintenance and services | -90.32a | -85.26a | -62.18a |
| Amortization of acquired intangibles | -29.22a | -30.17a | -22.08a |
| Total costs of revenue | -130.48a | -126.58a | -94.5a |
| Gross profit | 622.93a | 567.86a | 507.52a |
| Operating expenses | — | — | — |
| Sales and marketing | -164.57a | -156.08a | -140.76a |
| Product development | -146.34a | -132.4a | -114.57a |
| General and administrative | -89.52a | -83.16a | -77.88a |
| Amortization of acquired intangibles | -65.29a | -66.43a | -46.87a |
| Restructuring expenses | -10.45a | -8.41a | -0.88a |
| Acquisition-related expenses | -17.11a | -4.7a | -4.6a |
| Cyber incident and vulnerability response expenses, net | -5.64a | -6.16a | -0.6a |
| Gain on sale of assets held for sale | 0a | 0a | -10.77a |
| Total operating expenses | -498.92a | -457.34a | -375.39a |
| Income from operations | 124a | 110.52a | 132.13a |
| Other (expense) income | — | — | — |
| Interest expense | -32.01a | -30.78a | -15.79a |
| Interest income and other, net | 4.73a | 2.54a | 1.41a |
| Foreign currency loss, net | -2.46a | -2.62a | -0.5a |
| Total other expense, net | -29.74a | -30.87a | -14.88a |
| Income before income taxes | 94.26a | 79.66a | 117.26a |
| Provision for income taxes | -25.83a | -9.46a | -22.19a |
| Net income | 68.44a | 70.2a | 95.07a |
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