---
schema_version: "secwatch.filing_event.v1"
accession: "0000876167-23-000116"
form_type: "8-K"
ticker: "PRGS"
cik: "0000876167"
company_name: "PROGRESS SOFTWARE CORP /MA"
filed_at: "2023-06-29T23:59:59+00:00"
generated_at: "2026-06-13T15:13:18.877505+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Progress beats Q2 estimates; raises FY2023 guidance on strong 20% revenue growth

## Summary
- Q2 GAAP revenue $178.3M (+20% YoY); Non-GAAP EPS $1.06 (+2%), GAAP EPS $0.27 (-59%).
- ARR $569M, +19% constant currency; net retention rate 101% indicating strong renewals.
- Raised FY2023 guidance: GAAP revenue $686-694M, Non-GAAP EPS $4.16-4.24 (prior $4.09-4.17).
- Q3 guidance: GAAP revenue $171-175M, Non-GAAP EPS $0.98-1.02; expects $0.01 FX tailwind.
- Board declared $0.175/share dividend, payable Sep 15, 2023 to holders Sep 1, 2023.

## SEC filing metadata
- accession: 0000876167-23-000116
- form_type: 8-K
- ticker: PRGS
- cik: 0000876167
- company_name: PROGRESS SOFTWARE CORP /MA
- filed_at: 2023-06-29T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/876167/000087616723000116/0000876167-23-000116-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/876167/000087616723000116/prgs-20230629.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000876167-23-000116
- JSON: https://secwatch.observer/filing/0000876167-23-000116.json
- Plain text: https://secwatch.observer/filing/0000876167-23-000116.txt

## Key facts
- Earnings Releases
  PROGRESS SOFTWARE CORP /MA reported fiscal second quarter ended May 31, 2023 results: revenue $178,251, net income $12,090, EPS $0.27. Guidance raised.
  - Period: fiscal second quarter ended May 31, 2023
  - Revenue: $178,251
  - Net income: $12,090
  - EPS: $0.27
  - Guidance: raised
  - Result: reported results
  source text: Three Months Ended GAAP Non-GAAP 1 (In thousands, except percentages and per share amounts) May 31, 2023 May 31, 2022 % Change May 31, 2023 May 31, 2022 % Change Revenue $ 178,251 $ 148,747 20 % $ 179,233 $ 150,879 19 % Income from operations $ 23,027 $ 40,235 (43) % $ 67,300 $ 61,298 10 % Operating margin 13 % 27 % (1400) bps 38 % 41 % (300) bps Net income
  evidence_url: https://www.sec.gov/Archives/edgar/data/876167/000087616723000116/0000876167-23-000116-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.