$PRGS
Progress Software Corp

2015 Q1 Form 10-Q Financial Statement

#000087616715000023 Filed on April 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $81.38M $74.54M
YoY Change 9.18% -10.98%
Cost Of Revenue $17.63M $7.881M
YoY Change 123.68% -20.22%
Gross Profit $63.75M $66.66M
YoY Change -4.36% -9.74%
Gross Profit Margin 78.34% 89.43%
Selling, General & Admin $45.07M $36.24M
YoY Change 24.37% -16.33%
% of Gross Profit 70.69% 54.36%
Research & Development $22.82M $15.11M
YoY Change 51.0% 10.95%
% of Gross Profit 35.8% 22.67%
Depreciation & Amortization $2.595M $2.410M
YoY Change 7.68% -0.33%
% of Gross Profit 4.07% 3.62%
Operating Expenses $74.94M $52.66M
YoY Change 42.32% -9.31%
Operating Profit -$11.19M $14.00M
YoY Change -179.89% -11.34%
Interest Expense $1.139M $150.0K
YoY Change 659.33% -130.0%
% of Operating Profit 1.07%
Other Income/Expense, Net $933.0K $6.000K
YoY Change 15450.0% -101.09%
Pretax Income -$10.25M $14.01M
YoY Change -173.19% -8.11%
Income Tax -$9.282M $2.908M
% Of Pretax Income 20.76%
Net Earnings -$971.0K $11.10M
YoY Change -108.75% -64.33%
Net Earnings / Revenue -1.19% 14.89%
Basic Earnings Per Share -$0.02 $0.22
Diluted Earnings Per Share -$0.02 $0.21
COMMON SHARES
Basic Shares Outstanding 50.67M shares 51.49M shares
Diluted Shares Outstanding 50.67M shares 52.17M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $211.2M $248.0M
YoY Change -14.84% -11.17%
Cash & Equivalents $203.7M $219.4M
Short-Term Investments $24.10M $28.70M
Other Short-Term Assets $16.55M $29.85M
YoY Change -44.54% 11.41%
Inventory
Prepaid Expenses
Receivables $59.65M $58.96M
Other Receivables $0.00 $0.00
Total Short-Term Assets $312.3M $347.7M
YoY Change -10.18% -19.67%
LONG-TERM ASSETS
Property, Plant & Equipment $61.99M $60.87M
YoY Change 1.84% -1.07%
Goodwill $370.6M $224.2M
YoY Change 65.32% -0.85%
Intangibles
YoY Change
Long-Term Investments $25.10M
YoY Change -4.92%
Other Assets $4.449M $3.552M
YoY Change 25.25% -33.22%
Total Long-Term Assets $577.3M $342.7M
YoY Change 68.43% -1.38%
TOTAL ASSETS
Total Short-Term Assets $312.3M $347.7M
Total Long-Term Assets $577.3M $342.7M
Total Assets $889.6M $690.4M
YoY Change 28.85% -11.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.24M $8.480M
YoY Change 20.77% -4.49%
Accrued Expenses $50.20M $43.70M
YoY Change 14.87% -21.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.500M
YoY Change
Total Short-Term Liabilities $193.8M $162.1M
YoY Change 19.54% -10.49%
LONG-TERM LIABILITIES
Long-Term Debt $140.6M $0.00
YoY Change
Other Long-Term Liabilities $4.330M $2.543M
YoY Change 70.27% 58.64%
Total Long-Term Liabilities $145.0M $2.543M
YoY Change 5600.16% 58.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $193.8M $162.1M
Total Long-Term Liabilities $145.0M $2.543M
Total Liabilities $338.8M $164.7M
YoY Change 105.72% -9.88%
SHAREHOLDERS EQUITY
Retained Earnings $342.1M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $538.1M $524.7M
YoY Change
Total Liabilities & Shareholders Equity $889.6M $690.4M
YoY Change 28.85% -11.53%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$971.0K $11.10M
YoY Change -108.75% -64.33%
Depreciation, Depletion And Amortization $2.595M $2.410M
YoY Change 7.68% -0.33%
Cash From Operating Activities $37.14M $25.42M
YoY Change 46.08% -201.46%
INVESTING ACTIVITIES
Capital Expenditures $2.335M $5.697M
YoY Change -59.01% 534.41%
Acquisitions $246.3M $0.00
YoY Change
Other Investing Activities $0.00 $108.0K
YoY Change -100.0% 103.77%
Cash From Investing Activities -$248.5M $374.0K
YoY Change -66555.08% -99.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.827M $9.789M
YoY Change -20.04% -91.04%
Debt Paid & Issued, Net $1.875M $0.00
YoY Change
Cash From Financing Activities $142.1M -$5.752M
YoY Change -2570.58% -92.81%
NET CHANGE
Cash From Operating Activities $37.14M $25.42M
Cash From Investing Activities -$248.5M $374.0K
Cash From Financing Activities $142.1M -$5.752M
Net Change In Cash -$69.29M $20.05M
YoY Change -445.67% -192.22%
FREE CASH FLOW
Cash From Operating Activities $37.14M $25.42M
Capital Expenditures $2.335M $5.697M
Free Cash Flow $34.81M $19.73M
YoY Change 76.43% -176.0%

Facts In Submission

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LicensesRevenue
22264000 USD
CY2015Q1 us-gaap Licenses Revenue
LicensesRevenue
25231000 USD
CY2014Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2015Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
7500000 USD
CY2014Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 USD
CY2015Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
140625000 USD
CY2014Q1 us-gaap Maintenance Revenue
MaintenanceRevenue
50181000 USD
CY2015Q1 us-gaap Maintenance Revenue
MaintenanceRevenue
49239000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5752000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
142108000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
374000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-248542000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
25424000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
37140000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
11100000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-971000 USD
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
6000 USD
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
933000 USD
CY2014Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
21741000 USD
CY2015Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
32168000 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
52655000 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
74939000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
14002000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-11186000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
25936000 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
29992000 USD
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
24028000 USD
CY2015Q1 us-gaap Other Assets Current
OtherAssetsCurrent
16551000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2364000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4449000 USD
CY2014Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
149000 USD
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-5478000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-5480000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
374000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-5480000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
225000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-2000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
131000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2525000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4330000 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
663000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
515000 USD
CY2014Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
108000 USD
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
9789000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
7827000 USD
CY2014Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2015Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1707000 USD
CY2014Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5000 USD
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
246275000 USD
CY2014Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1900000 USD
CY2015Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
7221000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5697000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2335000 USD
CY2014Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
821000 USD
CY2015Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
306000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
3300000 USD
CY2015Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
4500000 USD
CY2014Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
53000 USD
CY2015Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
503000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
150000000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3890000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3338000 USD
CY2014Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
5600000 USD
CY2015Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
3095000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
59351000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
61994000 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
86000 USD
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
207000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1875000 USD
CY2014Q1 us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
15113000 USD
CY2015Q1 us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
22821000 USD
CY2014Q1 us-gaap Restructuring Charges
RestructuringCharges
196000 USD
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
2344000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
347193000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
342136000 USD
CY2014Q1 us-gaap Revenues
Revenues
74538000 USD
CY2015Q1 us-gaap Revenues
Revenues
81381000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
74538000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
81381000 USD
CY2014Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
52274000 USD
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
56150000 USD
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
24509000 USD
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
30751000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5545000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5836000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
1152000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
1408000 USD
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
20186000 USD
CY2015Q1 us-gaap Short Term Investments
ShortTermInvestments
24129000 USD
CY2015Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 USD
CY2014Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
400000 shares
CY2015Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
300000 shares
CY2014Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
9800000 USD
CY2015Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
7800000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
543245000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
538070000 USD
CY2014Q1 us-gaap Technology Services Revenue
TechnologyServicesRevenue
2093000 USD
CY2015Q1 us-gaap Technology Services Revenue
TechnologyServicesRevenue
6911000 USD
CY2014Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
300000 USD
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
671000 shares
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52165000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50668000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51494000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50668000 shares

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