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Pega Delivers Outstanding Cash Flow and Margin Expansion in Q1 2024

  • Cash flow from operations and free cash flow both reach $180 million
  • Annual contract value (ACV) grows 9% year over year
  • Pega Cloud gross margin expands to 77%

Pegasystems Inc. (NASDAQ: PEGA), the leading enterprise AI decisioning and workflow automation platform provider, released its financial results for the first quarter of 2024.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240424708388/en/

Backlog Growth (Graphic: Business Wire)

Backlog Growth (Graphic: Business Wire)

“In Q1, we released Pega GenAI BlueprintTM, a revolutionary technology that massively changes the way we engage with our clients to help them re-imagine and evolve their business,” said Alan Trefler, founder and CEO. “Hundreds of clients and partners have generated thousands of Blueprints, and those numbers are increasing every day. Blueprint highlights how Pega is uniquely leveraging GenAI to drive digital transformation for our clients.”

“The strong cash generation in Q1 demonstrates the power of a SaaS business,” said Ken Stillwell, Pega COO and CFO. “Given our financial strength and differentiated GenAI capabilities, we are in a great position to accelerate profitable growth.”

Financial and performance metrics (1)

Reconciliation of ACV and ACV (constant currency)

(in millions, except percentages)

March 31, 2023

 

March 31, 2024

 

1-Year Change

ACV

$

1,174

 

$

1,273

 

9

%

Impact of changes in foreign exchange rates

 

 

 

4

 

 

Constant currency ACV

$

1,174

 

$

1,277

 

9

%

Note: ACV (constant currency) is calculated by applying the March 31, 2023 foreign exchange rates to all periods shown.

1 Refer to the schedules at the end of this release for additional information, including a reconciliation of GAAP and non-GAAP measures.

(Dollars in thousands,

except per share amounts)

Three Months Ended

March 31,

 

 

 

2024

 

 

 

2023

 

 

Change

Total revenue

$

330,147

 

 

$

325,472

 

 

1

%

Net (loss) - GAAP

$

(12,124

)

 

$

(20,774

)

 

42

%

Net income - non-GAAP

$

42,154

 

 

$

19,220

 

 

119

%

Diluted (loss) per share - GAAP

$

(0.14

)

 

$

(0.25

)

 

44

%

Diluted earnings per share - non-GAAP

$

0.48

 

 

$

0.23

 

 

109

%

(Dollars in thousands)

Three Months Ended

March 31,

 

Change

2024

 

2023

 

Pega Cloud

$

130,902

40

%

 

$

107,879

33

%

 

$

23,023

 

21

%

Maintenance

 

81,001

24

%

 

 

79,630

25

%

 

 

1,371

 

2

%

Subscription services

 

211,903

64

%

 

 

187,509

58

%

 

 

24,394

 

13

%

Subscription license

 

63,338

19

%

 

 

84,527

26

%

 

 

(21,189

)

(25

)%

Subscription

 

275,241

83

%

 

 

272,036

84

%

 

 

3,205

 

1

%

Consulting

 

54,047

17

%

 

 

53,033

16

%

 

 

1,014

 

2

%

Perpetual license

 

859

%

 

 

403

%

 

 

456

 

113

%

 

$

330,147

100

%

 

$

325,472

100

%

 

$

4,675

 

1

%

Quarterly conference call

A conference call and audio-only webcast will be conducted at 8:00 a.m. EDT on Thursday, April 25, 2024. Members of the public and investors are invited to join the call and participate in the question and answer session by dialing 1 (888) 596-4144 (domestic) or 1 (646) 968-2525 (international) and using conference ID 1559653, or via https://events.q4inc.com/attendee/436307495 by logging onto www.pega.com at least five minutes prior to the event's broadcast and clicking on the webcast icon in the Investors section.

Discussion of non-GAAP financial measures

Our non-GAAP financial measures should only be read in conjunction with our consolidated financial statements prepared in accordance with GAAP. We believe that these measures help investors understand our core operating results and prospects, which is consistent with how management measures and forecasts our performance without the effect of often one-time charges and other items outside our normal operations. They are not a substitute for financial measures prepared under U.S. GAAP. Refer to the schedules at the end of this release for additional information, including a reconciliation of GAAP and non-GAAP measures.

Forward-looking statements

Certain statements in this press release may be "forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995.

Words such as expects, anticipates, intends, plans, believes, will, could, should, estimates, may, targets, strategies, intends to, projects, forecasts, guidance, likely, and usually or variations of such words and other similar expressions identify forward-looking statements. These statements represent our views only as of the date the statement was made and are based on current expectations and assumptions.

Forward-looking statements deal with future events and are subject to risks and uncertainties that are difficult to predict, including, but not limited to:

  • our future financial performance and business plans;
  • the adequacy of our liquidity and capital resources;
  • the continued payment of our quarterly dividends;
  • the timing of revenue recognition;
  • variation in demand for our products and services, including among clients in the public sector;
  • reliance on key personnel;
  • reliance on third-party service providers, including hosting providers;
  • compliance with our debt obligations and covenants;
  • the potential impact of our convertible senior notes and Capped Call Transactions;
  • foreign currency exchange rates;
  • the potential legal and financial liabilities and damage to our reputation due to cyber-attacks;
  • security breaches and security flaws;
  • our ability to protect our intellectual property rights, costs associated with defending such rights, intellectual property rights claims, and other related claims by third parties against us, including related costs, damages, and other relief that may be granted against us;
  • our ongoing litigation with Appian Corp.;
  • our client retention rate; and
  • management of our growth.

These risks and others that may cause actual results to differ materially from those expressed in such forward-looking statements are described further in Part I of our Annual Report on Form 10-K for the year ended December 31, 2023, and other filings we make with the U.S. Securities and Exchange Commission (“SEC”).

Investors are cautioned not to place undue reliance on such forward-looking statements, and there are no assurances that the results included in such statements will be achieved. Although subsequent events may cause our view to change, except as required by applicable law, we do not undertake and expressly disclaim any obligation to publicly update or revise these forward-looking statements, whether as the result of new information, future events, or otherwise.

Any forward-looking statements in this press release represent our views as of April 24, 2024.

About Pegasystems

Pega provides a powerful platform that empowers the world's leading organizations to unlock business-transforming outcomes with real-time optimization. Clients use our enterprise AI decisioning and workflow automation to solve their most pressing business challenges - from personalizing engagement to automating service to streamlining operations. Since 1983, we've built our scalable and flexible architecture to help enterprises meet today's customer demands while continuously transforming for tomorrow. For more information on how Pega (NASDAQ: PEGA) empowers its clients to Build for Change®, visit www.pega.com.

All trademarks are the property of their respective owners.

PEGASYSTEMS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

 

Three Months Ended

March 31,

 

 

2024

 

 

 

2023

 

Revenue

 

 

 

Subscription services

$

211,903

 

 

$

187,509

 

Subscription license

 

63,338

 

 

 

84,527

 

Consulting

 

54,047

 

 

 

53,033

 

Perpetual license

 

859

 

 

 

403

 

Total revenue

 

330,147

 

 

 

325,472

 

Cost of revenue

 

 

 

Subscription services

 

35,824

 

 

 

36,864

 

Subscription license

 

643

 

 

 

719

 

Consulting

 

58,182

 

 

 

60,348

 

Perpetual license

 

9

 

 

 

3

 

Total cost of revenue

 

94,658

 

 

 

97,934

 

Gross profit

 

235,489

 

 

 

227,538

 

Operating expenses

 

 

 

Selling and marketing

 

127,695

 

 

 

149,797

 

Research and development

 

72,113

 

 

 

75,376

 

General and administrative

 

23,527

 

 

 

23,110

 

Litigation settlement, net of recoveries

 

32,403

 

 

 

 

Restructuring

 

163

 

 

 

1,461

 

Total operating expenses

 

255,901

 

 

 

249,744

 

(Loss) from operations

 

(20,412

)

 

 

(22,206

)

Foreign currency transaction (loss)

 

(3,262

)

 

 

(2,675

)

Interest income

 

5,281

 

 

 

1,485

 

Interest expense

 

(1,752

)

 

 

(1,918

)

Gain on capped call transactions

 

3,299

 

 

 

3,206

 

Other income, net

 

1,684

 

 

 

6,583

 

(Loss) before (benefit from) provision for income taxes

 

(15,162

)

 

 

(15,525

)

(Benefit from) provision for income taxes

 

(3,038

)

 

 

5,249

 

Net (loss)

$

(12,124

)

 

$

(20,774

)

(Loss) per share

 

 

 

Basic

$

(0.14

)

 

$

(0.25

)

Diluted

$

(0.14

)

 

$

(0.25

)

Weighted-average number of common shares outstanding

 

 

 

Basic

 

84,266

 

 

 

82,604

 

Diluted

 

84,266

 

 

 

82,604

 

PEGASYSTEMS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

 

 

 

 

March 31,

2024

 

December 31,

2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

291,905

 

$

229,902

Marketable securities

 

327,044

 

 

193,436

Total cash, cash equivalents, and marketable securities

 

618,949

 

 

423,338

Accounts receivable, net

 

191,987

 

 

300,173

Unbilled receivables, net

 

170,458

 

 

237,379

Other current assets

 

78,193

 

 

68,137

Total current assets

 

1,059,587

 

 

1,029,027

Long-term unbilled receivables, net

 

72,814

 

 

85,402

Goodwill

 

81,467

 

 

81,611

Other long-term assets

 

297,860

 

 

314,696

Total assets

$

1,511,728

 

$

1,510,736

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

6,353

 

$

11,290

Accrued expenses

 

80,642

 

 

39,941

Accrued compensation and related expenses

 

55,438

 

 

126,640

Deferred revenue

 

382,765

 

 

377,845

Convertible senior notes, net

 

499,985

 

 

Other current liabilities

 

19,096

 

 

21,343

Total current liabilities

 

1,044,279

 

 

577,059

Long-term convertible senior notes, net

 

 

 

499,368

Long-term operating lease liabilities

 

63,645

 

 

66,901

Other long-term liabilities

 

13,618

 

 

13,570

Total liabilities

 

1,121,542

 

 

1,156,898

Total stockholders’ equity

 

390,186

 

 

353,838

Total liabilities and stockholders’ equity

$

1,511,728

 

$

1,510,736

PEGASYSTEMS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

 

 

Three Months Ended

March 31,

 

 

 

2024

 

 

 

2023

 

Net (loss)

$

(12,124

)

 

$

(20,774

)

Adjustments to reconcile net (loss) to cash provided by operating activities

 

 

 

Non-cash items

 

55,592

 

 

 

59,766

 

Change in operating assets and liabilities, net

 

136,678

 

 

 

29,115

 

Cash provided by operating activities

 

180,146

 

 

 

68,107

 

Cash (used in) investing activities

 

(132,399

)

 

 

(14,413

)

Cash provided by (used in) financing activities

 

17,899

 

 

 

(29,372

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(2,803

)

 

 

782

 

Net increase in cash, cash equivalents, and restricted cash

 

62,843

 

 

 

25,104

 

Cash, cash equivalents, and restricted cash, beginning of period

 

232,827

 

 

 

145,054

 

Cash, cash equivalents, and restricted cash, end of period

$

295,670

 

 

$

170,158

 

PEGASYSTEMS INC.

RECONCILIATION OF SELECTED GAAP AND NON-GAAP MEASURES

(in thousands, except percentages and per share amounts)

 

Three Months Ended

March 31,

 

2024

 

 

 

2023

 

 

Change

Net (loss) - GAAP

$

(12,124

)

 

$

(20,774

)

 

42

%

Stock-based compensation (1)

 

34,781

 

 

 

42,557

 

 

 

Restructuring

 

163

 

 

 

1,461

 

 

 

Legal fees

 

1,942

 

 

 

1,476

 

 

 

Litigation settlement, net of recoveries

 

32,403

 

 

 

 

 

 

Amortization of intangible assets

 

964

 

 

 

1,049

 

 

 

Interest on convertible senior notes

 

617

 

 

 

728

 

 

 

Capped call transactions

 

(3,299

)

 

 

(3,206

)

 

 

Repurchases of convertible senior notes

 

 

 

 

(2,781

)

 

 

Foreign currency transaction loss

 

3,262

 

 

 

2,675

 

 

 

Other

 

(1,628

)

 

 

(3,793

)

 

 

Income taxes (2)

 

(14,927

)

 

 

(172

)

 

 

Net income - non-GAAP

$

42,154

 

 

$

19,220

 

 

119

%

 

 

 

 

 

 

Diluted (loss) per share - GAAP

$

(0.14

)

 

$

(0.25

)

 

44

%

non-GAAP adjustments

 

0.62

 

 

 

0.48

 

 

 

Diluted earnings per share - non-GAAP

$

0.48

 

 

$

0.23

 

 

109

%

 

 

 

 

 

 

Diluted weighted-average number of common shares outstanding - GAAP

 

84,266

 

 

 

82,604

 

 

2

%

Stock-based compensation

 

3,094

 

 

 

762

 

 

 

Diluted weighted-average number of common shares outstanding - non-GAAP

 

87,360

 

 

 

83,366

 

 

5

%

Our non-GAAP financial measures reflect the following adjustments:

  • Stock-based compensation: We have excluded stock-based compensation from our non-GAAP operating expenses and profitability measures. Although stock-based compensation is a key incentive offered to our employees, and we believe such compensation contributed to our revenues recognized during the periods presented and is expected to contribute to our future revenues, we continue to evaluate our business performance, excluding stock-based compensation.
  • Restructuring: We have excluded restructuring from our non-GAAP financial measures. Restructuring fluctuates in amount and frequency and is significantly affected by the timing and size of our restructuring activities. We believe excluding these amounts from our non-GAAP financial measures is useful to investors as these amounts are not representative of our core business operations and ongoing operational performance.
  • Legal fees: Legal and related fees arising from proceedings outside the ordinary course of business. We believe excluding these amounts from our non-GAAP financial measures is useful to investors as the types of events giving rise to them are not representative of our core business operations and ongoing operational performance.
  • Litigation settlement, net of recoveries: Accrued loss for the estimated cost to settle ongoing litigation arising from proceedings outside the ordinary course of business. See Note 15. Commitments and Contingencies in our Quarterly Report for the three months ended March 31, 2024 for additional information. We believe excluding these amounts from our non-GAAP financial measures is useful to investors as the types of events giving rise to them are not representative of our core business operations and ongoing operational performance.
  • Amortization of intangible assets: We have excluded the amortization of intangible assets from our non-GAAP operating expenses and profitability measures. Amortization of intangible assets fluctuates in amount and frequency and is significantly affected by the timing and size of acquisitions. Investors should note that intangible assets contributed to our revenues recognized during the periods presented and are expected to contribute to future revenues. Amortization of intangible assets is likely to recur in future periods. We believe excluding these amounts provides a useful comparison of our operational performance in different periods.
  • Interest on convertible senior notes: In February 2020, we issued convertible senior notes, due March 1, 2025, in a private placement. We believe that excluding the amortization of issuance costs provides a useful comparison of our operational performance in different periods.
  • Capped call transactions: We have excluded gains and losses related to our capped call transactions held at fair value under U.S. GAAP. The capped call transactions are expected to reduce common stock dilution and/or offset any potential cash payments we must make, other than for principal and interest, upon conversion of the convertible senior notes. We believe excluding these amounts from our non-GAAP financial measures is useful to investors as the types of events giving rise to them are not representative of our core business operations and ongoing operational performance.
  • Repurchases of convertible senior notes: We have excluded gains from the repurchases of Convertible Senior Notes. We believe excluding these amounts from our non-GAAP financial measures is useful to investors as the types of events giving rise to them are not representative of our core business operations and ongoing operational performance.
  • Foreign currency transaction loss: We have excluded foreign currency transaction gains and losses from our non-GAAP profitability measures. Foreign currency transaction gains and losses fluctuate in amount and frequency and are significantly affected by foreign exchange market rates. Foreign currency transaction gains and losses are likely to recur in future periods. We believe excluding these amounts provides a useful comparison of our operational performance in different periods.
  • Other: We have excluded gains and losses from our venture investments, and incremental expenses incurred integrating acquisitions. We believe excluding these amounts from our non-GAAP financial measures is useful to investors as the types of events giving rise to them are not representative of our core business operations and ongoing operational performance.
  • Diluted weighted-average number of common shares outstanding:
    • Stock-based compensation: In periods of non-GAAP income, we have included the dilutive impact of stock-based compensation in our non-GAAP weighted-average shares. In periods of GAAP loss, these shares would have been excluded from our GAAP results as they would be anti-dilutive for GAAP. We believe including the dilutive effect of stock-based compensation in our non-GAAP financial measures in periods of income is helpful to investors as this provides a useful comparison of our operational performance in different periods.

(1) Stock-based compensation:

 

Three Months Ended

March 31,

 

 

2024

 

 

 

2023

 

Cost of revenue

$

6,572

 

 

$

8,912

 

Selling and marketing

 

13,888

 

 

 

17,661

 

Research and development

 

7,646

 

 

 

9,060

 

General and administrative

 

6,675

 

 

 

6,924

 

 

$

34,781

 

 

$

42,557

 

Income tax benefit

$

(311

)

 

$

(672

)

(2) Effective income tax rates:

 

Three Months Ended

March 31,

 

2024

 

2023

GAAP

20%

 

(34)%

non-GAAP

22%

 

22%

Our GAAP effective income tax rate is subject to significant fluctuations due to several factors, including our stock-based compensation plans, research and development tax credits, gains and losses on our capped call transactions, and the valuation allowance on our deferred tax assets in the U.S. and U.K. We determine our non-GAAP income tax rate using applicable rates in taxing jurisdictions and assessing certain factors, including historical and forecasted earnings by jurisdiction, discrete items, and ability to realize tax assets. We believe it is beneficial for our management to review our non-GAAP results consistent with our annual plan's effective income tax rate as established at the beginning of each year, given tax rate volatility.

PEGASYSTEMS INC.

RECONCILIATION OF FREE CASH FLOW (1) AND OTHER METRICS

(in thousands, except percentages)

 

 

 

 

 

Three Months Ended

March 31,

 

 

2024

 

 

 

2023

 

Cash provided by operating activities

$

180,146

 

 

$

68,107

 

Investment in property and equipment

 

(604

)

 

 

(11,487

)

Free cash flow

$

179,542

 

 

$

56,620

 

 

 

 

 

Supplemental information (2)

 

 

 

Restructuring

$

3,347

 

 

$

14,458

 

Legal fees

 

2,739

 

 

 

1,515

 

Interest on convertible senior notes

 

1,884

 

 

 

2,250

 

Income taxes

 

8,163

 

 

 

2,825

 

 

$

16,133

 

 

$

21,048

 

(1) Our non-GAAP free cash flow is defined as cash provided by operating activities less investment in property and equipment. Investment in property and equipment fluctuates in amount and frequency and is significantly affected by the timing and size of investments in our facilities. We provide information on free cash flow to enable investors to assess our ability to generate cash without incurring additional external financings. This information is not a substitute for financial measures prepared under U.S. GAAP.

(2) The supplemental information discloses items that affect our cash flows and are considered by management not to be representative of our core business operations and ongoing operational performance.

  • Restructuring: Restructuring fluctuates in amount and frequency and is significantly affected by the timing and size of our restructuring activities.
  • Legal fees: Legal and related fees arising from proceedings outside the ordinary course of business.
  • Interest on convertible senior notes: In February 2020, we issued convertible senior notes, due March 1, 2025, in a private placement. The convertible senior notes accrue interest at an annual rate of 0.75%, payable semi-annually in arrears on March 1 and September 1.
  • Income taxes: Direct income taxes paid net of refunds received. 

PEGASYSTEMS INC.

ANNUAL CONTRACT VALUE

(in thousands, except percentages)

Annual contract value (“ACV”) - ACV represents the annualized value of our active contracts as of the measurement date. The contract's total value is divided by its duration in years to calculate ACV. ACV is a performance measure that we believe provides useful information to our management and investors.

 

March 31, 2024

 

March 31, 2023

 

Change

Pega Cloud

$

570,356

 

$

490,568

 

$

79,788

 

16

%

Maintenance

 

313,550

 

 

323,760

 

 

(10,210

)

(3

)%

Subscription services

 

883,906

 

 

814,328

 

 

69,578

 

9

%

Subscription license

 

389,431

 

 

359,323

 

 

30,108

 

8

%

 

$

1,273,337

 

$

1,173,651

 

$

99,686

 

9

%

PEGASYSTEMS INC.

BACKLOG

(in thousands, except percentages)

Remaining performance obligations (“Backlog”) - Expected future revenue from existing non-cancellable contracts:

As of March 31, 2024:

 

Subscription services

 

Subscription

license

 

Perpetual

license

 

Consulting

 

Total

Pega Cloud

 

Maintenance

 

 

 

 

1 year or less

$

461,928

 

 

$

225,598

 

 

$

33,985

 

 

$

2,727

 

 

$

34,716

 

 

$

758,954

 

53

%

1-2 years

 

292,787

 

 

 

65,605

 

 

 

10,008

 

 

 

 

 

 

1,604

 

 

 

370,004

 

26

%

2-3 years

 

149,797

 

 

 

32,307

 

 

 

2,903

 

 

 

 

 

 

2,428

 

 

 

187,435

 

13

%

Greater than 3 years

 

86,601

 

 

 

21,650

 

 

 

98

 

 

 

 

 

 

 

 

 

108,349

 

8

%

 

$

991,113

 

 

$

345,160

 

 

$

46,994

 

 

$

2,727

 

 

$

38,748

 

 

$

1,424,742

 

100

%

% of Total

 

70

%

 

 

24

%

 

 

3

%

 

 

%

 

 

3

%

 

 

100

%

 

Change since March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

$

124,390

 

 

$

6,799

 

 

$

1,656

 

 

$

(4,787

)

 

$

(11,400

)

 

$

116,658

 

 

 

 

14

%

 

 

2

%

 

 

4

%

 

 

(64

)%

 

 

(23

)%

 

 

9

%

 

As of March 31, 2023:

 

Subscription services

 

Subscription

license

 

Perpetual

license

 

Consulting

 

Total

Pega Cloud

 

Maintenance

 

 

 

 

1 year or less

$

389,632

 

 

$

235,315

 

 

$

35,346

 

 

$

5,262

 

 

$

41,203

 

 

$

706,758

 

54

%

1-2 years

 

239,228

 

 

 

66,272

 

 

 

3,215

 

 

 

2,252

 

 

 

6,653

 

 

 

317,620

 

24

%

2-3 years

 

131,085

 

 

 

29,295

 

 

 

6,777

 

 

 

 

 

 

2,292

 

 

 

169,449

 

13

%

Greater than 3 years

 

106,778

 

 

 

7,479

 

 

 

 

 

 

 

 

 

 

 

 

114,257

 

9

%

 

$

866,723

 

 

$

338,361

 

 

$

45,338

 

 

$

7,514

 

 

$

50,148

 

 

$

1,308,084

 

100

%

% of Total

 

66

%

 

 

26

%

 

 

3

%

 

 

1

%

 

 

4

%

 

 

100

%

 

PEGASYSTEMS INC.

RECONCILIATION OF GAAP BACKLOG AND CONSTANT CURRENCY BACKLOG

(in millions, except percentages)

 

 

 

 

 

 

 

 

 

March 31, 2023

 

March 31, 2024

 

1 Year Growth Rate

Backlog - GAAP

$

1,308

 

$

1,425

 

9

%

Impact of changes in foreign exchange rates

 

 

 

4

 

 

Constant currency backlog

$

1,308

 

$

1,429

 

9

%

Note: Constant currency Backlog is calculated by applying the Q1 2023 foreign exchange rates to all periods shown.

 

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