Progress Software Corporation (NASDAQ:PRGS) Q1 2023 Earnings Call Transcript

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Pinjalim Bora: Got it. Thank you very much.

Yogesh Gupta: You’re welcome.

Operator: Thank you. And our next question comes from the line of Brent Thill with Jefferies. Your line is open.

Bo Yin: Hey, guys. This is Bo Yin on for Brent Thill. Thanks for taking the question. I guess, maybe for you, Yogesh, on the operational side, can you provide us with any color on maybe your plans for headcount growth, considering where you’ve been focusing investments in primarily? And maybe how that breaks down within your product development and sales and marketing organizations?

Yogesh Gupta: So, what’s interesting is that in terms of our headcount, we unlike most of the software companies saw almost a year ago that the world was changing. It was relatively obvious, I think. And so we changed our hiring dramatically, right? And we made sure that we did not get ahead of our skis unlike many others who did. So, we’ve actually continued to have really, really well-managed teams. And then when we brought these products together under three business units internally, we basically made sure that we had the right level of folks in R&D to continue to make sure that the products could be innovated, that the customers could be supported, and that we could stay relevant to them. And at the same time, we had enough people in the go-to-market side both to retain and expand as well as do some of the new deals that we do need to do, right?

It isn’t that that part of the business is zero. So, we feel really good about the balance we have across the business. We’re looking forward to integrating the MarkLogic people into various functions as well and moving forward. I don’t see us making significant changes to headcount in any part of our business at this point.

Bo Yin: Okay, great. And maybe a follow-up on sort of the different regional performance? I mean just looking at the different international regions, how did you guys sort of perform over there? I don’t know if you look at it in terms of verticals or if it’s more across different products in your portfolio, but any color there would be great?

Anthony Folger: Yes, sure. I think that from a regional perspective, we probably saw the most strength in the Americas and Europe. I think Asia was in line with our expectations. But with all of the activity going on sort of across continent in Europe, certainly with the conflict still ongoing, it’s something we’re keeping an eye on. But I think performance across Europe for us across the EMEA region was strong. So, I think in terms of distribution geographically, I don’t think that there was any particular geo that really drove outsized gains or outsized performance. It was pretty strong across the Board.

Bo Yin: Okay. Thank you.

Yogesh Gupta: Thank you.

Operator: Thank you. And I’m showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Yogesh Gupta for any closing remarks.

Yogesh Gupta: Well, thank you, operator and thank you everyone for joining on our Q1 earnings call. I really appreciate your support and look forward to speaking with you again in three months, if not sooner. Thank you and have a wonderful evening. Bye, bye.

Operator: Thank you for participating. This concludes today’s program. You may now disconnect.

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