PRGS PROGRESS SOFTWARE CORP /MA

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 3/4 quarters. Q3 2025: $14M, Q2 2025: $50M, Q1 2025: $22M, Q3 2024: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $14M vs trailing avg $24M (-41%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Buyback $87M / FCF $115M = 76% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 3,900,000 shares = 9.0% of 43,360,695 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

2 open-market purchases by 2 insiders

• Gupta Yogesh K (Chief Executive Officer) bought 2,100 shares at $49.14 on 2025-07-23
• KRALL DAVID () bought 5,125 shares at $48.90 on 2025-07-23

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 4 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $0M, sold $0M (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected