CAMBRIDGE, Mass., April 28, 2022 /PRNewswire/ -- Pegasystems Inc. (NASDAQ: PEGA), the software company that crushes business complexity, released its financial results for the first quarter of 2022.
"Pega's low-code platform for AI-powered decisioning and workflow automation continues to be chosen by the most demanding enterprises," said Alan Trefler, founder and CEO, Pegasystems. "Our scalable architecture helps the world's leading organizations work smarter, unify experiences, and adapt instantly – so they're always ready for whatever is coming."
"As we get closer to the completion of the subscription transition, we are placing a greater emphasis on managing growth and profitability to become a Rule of 40 company," said Ken Stillwell, COO and CFO, Pegasystems. "This is more important than ever given the current economic environment, and I'm pleased to see the progress our team is making in maintaining our ACV growth rate while improving margins."
Financial and performance metrics ([1])
(Dollars in thousands, except per share amounts) |
Three Months Ended March 31, |
||||
2022 |
2021 |
Change |
|||
Total revenue |
$ 376,307 |
$ 313,499 |
20% |
||
Net (loss) - GAAP |
$ (379) |
$ (6,617) |
94% |
||
Net income - non-GAAP |
$ 50,174 |
$ 23,642 |
112% |
||
Diluted (loss) per share - GAAP |
$ 0.00 |
$ (0.08) |
100% |
||
Diluted earnings per share - non-GAAP |
$ 0.59 |
$ 0.27 |
119% |
Three Months Ended March 31, |
Change |
|||||
(Dollars in thousands) |
2022 |
2021 |
||||
Pega Cloud |
$ 90,317 |
$ 67,858 |
$ 22,459 |
33% |
||
Maintenance |
79,716 |
75,561 |
4,155 |
5% |
||
Subscription services |
170,033 |
143,419 |
26,614 |
19% |
||
Subscription license |
137,533 |
111,509 |
26,024 |
23% |
||
Subscription |
307,566 |
254,928 |
52,638 |
21% |
||
Perpetual license |
7,440 |
5,452 |
1,988 |
36% |
||
Consulting |
61,301 |
53,119 |
8,182 |
15% |
||
Total revenue |
$ 376,307 |
$ 313,499 |
$ 62,808 |
20% |
_________________________ |
|
(1) |
See the Schedules at the end of this release for additional information, including a reconciliation of our non-GAAP and GAAP measures. |
Quarterly conference call
A conference call and audio-only webcast will be conducted at 5:00 p.m. EDT on April 28, 2022. Members of the public and investors are invited to join the call and participate in the question and answer session by dialing 1-844-825-9789 (domestic), 1-412-317-5180 (international), or via webcast (https://viavid.webcasts.com/starthere.jsp?ei=1542115&tp_key=f6987abb7b) 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
We believe that non-GAAP financial measures help investors understand our core operating results and prospects, consistent with how management measures and forecasts our performance without the effect of often one-time charges and other items outside our normal operations. The supplementary non-GAAP financial measures are not meant to be superior to or a substitute for financial measures prepared under U.S. GAAP.
A reconciliation of our non-GAAP and GAAP measures is at the end of this release.
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, projects, forecasts, guidance, likely, and usually, or variations of such words and other similar expressions identify forward-looking statements, which 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:
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, 2021, Part II of our Quarterly Report on Form 10-Q from the quarter ended March 31, 2022, and other filings we make with the U.S. Securities and Exchange Commission ("SEC").
Except as required by applicable law, we do not undertake and expressly disclaim any obligation to update or revise these forward-looking statements publicly, whether due to new information, future events, or otherwise.
The forward-looking statements in this press release represent our views as of April 28, 2022.
About Pegasystems
Pega delivers innovative software that crushes business complexity. From maximizing customer lifetime value to streamlining service to boosting efficiency, we help the world's leading brands solve problems fast and transform for tomorrow. Pega clients make better decisions and get work done with real-time AI and intelligent automation. And, since 1983, we've built our scalable architecture and low-code platform to stay ahead of rapid change. Our solutions save people time, so our clients' employees and customers can get back to what matters most. For more information on Pegasystems (NASDAQ: PEGA) visit www.pega.com.
Lisa PintchmanPegasystems Inc.[email protected]617-866-6022 Twitter: @pega
Investor contact:
Garo ToomajanianICR for Pegasystems Inc.[email protected]617-866-6077
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, |
|||
2022 |
2021 |
||
Revenue |
|||
Subscription services |
$ 170,033 |
$ 143,419 |
|
Subscription license |
137,533 |
111,509 |
|
Perpetual license |
7,440 |
5,452 |
|
Consulting |
61,301 |
53,119 |
|
Total revenue |
376,307 |
313,499 |
|
Cost of revenue |
|||
Subscription services |
32,030 |
28,343 |
|
Subscription license |
622 |
620 |
|
Perpetual license |
34 |
30 |
|
Consulting |
55,511 |
53,454 |
|
Total cost of revenue |
88,197 |
82,447 |
|
Gross profit |
288,110 |
231,052 |
|
Operating expenses |
|||
Selling and marketing |
162,236 |
148,739 |
|
Research and development |
71,490 |
62,442 |
|
General and administrative |
35,764 |
18,270 |
|
Total operating expenses |
269,490 |
229,451 |
|
Income from operations |
18,620 |
1,601 |
|
Foreign currency transaction gain (loss) |
2,876 |
(5,098) |
|
Interest income |
207 |
153 |
|
Interest expense |
(1,946) |
(1,880) |
|
(Loss) on capped call transactions |
(30,560) |
(19,117) |
|
Other income, net |
2,741 |
106 |
|
(Loss) before (benefit from) income taxes |
(8,062) |
(24,235) |
|
(Benefit from) income taxes |
(7,683) |
(17,618) |
|
Net (loss) |
$ (379) |
$ (6,617) |
|
(Loss) per share |
|||
Basic |
$ — |
$ (0.08) |
|
Diluted |
$ — |
$ (0.08) |
|
Weighted-average number of common shares outstanding |
|||
Basic |
81,680 |
81,004 |
|
Diluted |
81,680 |
81,004 |
PEGASYSTEMS INC. UNAUDITED RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1) (in thousands, except percentages and per share amounts) |
|||||
Three Months Ended March 31, |
|||||
2022 |
2021 |
Change |
|||
Net (loss) - GAAP |
$ (379) |
$ (6,617) |
94% |
||
Stock-based compensation (2) |
28,227 |
30,100 |
|||
Capped call transactions |
30,560 |
19,117 |
|||
Litigation |
17,368 |
1,960 |
|||
Convertible senior notes |
719 |
673 |
|||
Headquarters lease |
— |
(3,417) |
|||
Amortization of intangible assets |
972 |
1,002 |
|||
Foreign currency transaction (gain) loss |
(2,876) |
5,098 |
|||
Other |
(2,582) |
12 |
|||
Income tax effects (3) |
(21,835) |
(24,286) |
|||
Net income - non-GAAP |
$ 50,174 |
$ 23,642 |
112% |
||
Diluted (loss) per share - GAAP |
$ 0.00 |
$ (0.08) |
100% |
||
non-GAAP adjustments |
0.59 |
0.35 |
|||
Diluted earnings per share - non-GAAP |
$ 0.59 |
$ 0.27 |
119% |
||
Diluted weighted-average number of common shares outstanding - GAAP |
81,680 |
81,004 |
1% |
||
non-GAAP Adjustments |
2,743 |
5,129 |
|||
Diluted weighted-average number of common shares outstanding - non-GAAP |
84,423 |
86,133 |
(2)% |
(1) |
Our non-GAAP financial measures reflect the following adjustments: |
|
|
(2) |
Stock-based compensation: |
Three Months Ended March 31, |
|||
(in thousands) |
2022 |
2021 |
|
Cost of revenue |
$ 6,378 |
$ 5,925 |
|
Selling and marketing |
10,958 |
13,720 |
|
Research and development |
7,346 |
6,770 |
|
General and administrative |
3,545 |
3,685 |
|
$ 28,227 |
$ 30,100 |
||
Income tax benefit |
$ (5,311) |
$ (5,991) |
(3) |
Effective income tax rates: |
Three Months Ended March 31, |
|||
2022 |
2021 |
||
GAAP |
95% |
73% |
|
non-GAAP |
22% |
22% |
Our GAAP effective income tax rate is subject to significant fluctuations due to several factors, including excess tax benefits generated by our stock-based compensation plans, gains and losses on our capped call transactions, tax credits for stock-based compensation awards to research and development employees, and unfavorable foreign stock-based compensation adjustments. We determine our non-GAAP income tax rate using applicable rates in taxing jurisdictions and assessing certain factors, including our historical and forecasted earnings by jurisdiction, discrete items, and our 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. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||
March 31, 2022 |
December 31, 2021 |
||
Assets |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 132,771 |
$ 159,965 |
|
Marketable securities |
199,401 |
202,814 |
|
Total cash, cash equivalents, and marketable securities |
332,172 |
362,779 |
|
Accounts receivable |
171,181 |
182,717 |
|
Unbilled receivables |
226,052 |
226,714 |
|
Other current assets |
74,408 |
68,008 |
|
Total current assets |
803,813 |
840,218 |
|
Unbilled receivables |
135,975 |
129,789 |
|
Goodwill |
82,031 |
81,923 |
|
Other long-term assets |
516,661 |
541,601 |
|
Total assets |
$ 1,538,480 |
$ 1,593,531 |
|
Liabilities and stockholders' equity |
|||
Current liabilities: |
|||
Accounts payable |
$ 18,628 |
$ 15,281 |
|
Accrued expenses |
63,401 |
63,890 |
|
Accrued compensation and related expenses |
54,804 |
120,946 |
|
Deferred revenue |
290,873 |
275,844 |
|
Other current liabilities |
7,309 |
9,443 |
|
Total current liabilities |
435,015 |
485,404 |
|
Convertible senior notes, net |
591,440 |
590,722 |
|
Operating lease liabilities |
90,699 |
87,818 |
|
Other long-term liabilities |
14,658 |
13,499 |
|
Total liabilities |
1,131,812 |
1,177,443 |
|
Total stockholders' equity |
406,668 |
416,088 |
|
Total liabilities and stockholders' equity |
$ 1,538,480 |
$ 1,593,531 |
PEGASYSTEMS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
|||
Three Months Ended March 31, |
|||
2022 |
2021 |
||
Net (loss) |
$ (379) |
$ (6,617) |
|
Adjustments to reconcile net (loss) to cash provided by operating activities |
|||
Non-cash items |
70,827 |
62,621 |
|
Change in operating assets and liabilities, net |
(55,332) |
(34,354) |
|
Cash provided by operating activities |
15,116 |
21,650 |
|
Cash (used in) provided by investing activities |
(6,082) |
15,489 |
|
Cash (used in) financing activities |
(35,918) |
(34,794) |
|
Effect of exchange rate changes on cash and cash equivalents |
(310) |
(1,536) |
|
Net (decrease) increase in cash and cash equivalents |
(27,194) |
809 |
|
Cash and cash equivalents, beginning of period |
159,965 |
171,899 |
|
Cash and cash equivalents, end of period |
$ 132,771 |
$ 172,708 |
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 for subscription license and Pega Cloud contracts. Maintenance revenue for the quarter then ended is multiplied by four to calculate ACV for maintenance. ACV is a performance measure that we believe provides useful information to our management and investors, particularly during our subscription transition. |
||||||
March 31, 2022 |
March 31, 2021 |
Change |
||||
Pega Cloud |
$ 401,753 |
$ 282,389 |
$ 119,364 |
42% |
||
Maintenance |
318,864 |
302,244 |
16,620 |
5% |
||
Subscription services |
720,617 |
584,633 |
135,984 |
23% |
||
Subscription license |
313,200 |
267,931 |
45,269 |
17% |
||
$ 1,033,817 |
$ 852,564 |
$ 181,253 |
21% |
PEGASYSTEMS INC. BACKLOG (in thousands, except percentages) |
||||||||||||
Remaining performance obligations ("Backlog") - Expected future revenue from existing non-cancellable contracts: As of March 31, 2022: |
||||||||||||
Subscription services |
Subscription license |
Perpetual license |
Consulting |
Total |
||||||||
Maintenance |
Pega Cloud |
|||||||||||
1 year or less |
$ 228,984 |
$ 329,857 |
$ 47,428 |
$ 7,281 |
$ 40,661 |
$ 654,211 |
55% |
|||||
1-2 years |
63,870 |
208,875 |
16,111 |
4,505 |
10,955 |
304,316 |
26% |
|||||
2-3 years |
33,617 |
106,156 |
2,422 |
2,252 |
3,876 |
148,323 |
13% |
|||||
Greater than 3 years |
22,611 |
44,596 |
1,758 |
— |
522 |
69,487 |
6% |
|||||
$ 349,082 |
$ 689,484 |
$ 67,719 |
$ 14,038 |
$ 56,014 |
$ 1,176,337 |
100% |
||||||
% of Total |
29% |
59% |
6% |
1% |
5% |
100% |
||||||
Change since March 31, 2021 |
||||||||||||
$ 26,445 |
$ 125,168 |
$ 9,388 |
$ 3,760 |
$ 31,766 |
$ 196,527 |
|||||||
8% |
22% |
16% |
37% |
131% |
20% |
|||||||
As of March 31, 2021: |
||||||||||||
Subscription services |
Subscription license |
Perpetual license |
Consulting |
Total |
||||||||
Maintenance |
Pega Cloud |
|||||||||||
1 year or less |
$ 220,100 |
$ 252,104 |
$ 41,025 |
$ 9,649 |
$ 21,068 |
$ 543,946 |
55% |
|||||
1-2 years |
52,366 |
187,456 |
9,874 |
629 |
914 |
251,239 |
26% |
|||||
2-3 years |
33,337 |
91,861 |
7,055 |
— |
1,756 |
134,009 |
14% |
|||||
Greater than 3 years |
16,834 |
32,895 |
377 |
— |
510 |
50,616 |
5% |
|||||
$ 322,637 |
$ 564,316 |
$ 58,331 |
$ 10,278 |
$ 24,248 |
$ 979,810 |
100% |
||||||
% of Total |
33% |
58% |
6% |
1% |
2% |
100% |
SOURCE Pegasystems Inc.
КЕМБРИДЖ, МАССАЧУСЕТС, 28 апреля 2022 г. /PRNewswire/ -- Pegasystems Inc. (NASDAQ: PEGA), компания-разработчик программного обеспечения, которая борется со сложностью бизнеса, опубликовала свои финансовые результаты за первый квартал 2022 года.
"Низкокодовая платформа Pega для принятия решений на основе искусственного интеллекта и автоматизации рабочих процессов по-прежнему пользуется популярностью у самых требовательных предприятий", - сказал Алан Трефлер, основатель и генеральный директор Pegasystems. "Наша масштабируемая архитектура помогает ведущим мировым организациям работать умнее, объединять опыт и мгновенно адаптироваться, поэтому они всегда готовы ко всему, что их ожидает".
"По мере того, как мы приближаемся к завершению перехода на подписку, мы уделяем больше внимания управлению ростом и прибыльностью, чтобы стать компанией с правилом 40", - сказал Кен Стиллвелл, исполнительный директор и финансовый директор Pegasystems. "Это более важно, чем когда-либо, учитывая текущую экономическую ситуацию, и я рад видеть прогресс, которого добивается наша команда в поддержании темпов роста ACV при одновременном повышении рентабельности".
Финансовые показатели и показатели эффективности ([1])
(Dollars in thousands, except per share amounts) |
Three Months Ended March 31, |
||||
2022 |
2021 |
Change |
|||
Total revenue |
$ 376,307 |
$ 313,499 |
20% |
||
Net (loss) - GAAP |
$ (379) |
$ (6,617) |
94% |
||
Net income - non-GAAP |
$ 50,174 |
$ 23,642 |
112% |
||
Diluted (loss) per share - GAAP |
$ 0.00 |
$ (0.08) |
100% |
||
Diluted earnings per share - non-GAAP |
$ 0.59 |
$ 0.27 |
119% |
Three Months Ended March 31, |
Change |
|||||
(Dollars in thousands) |
2022 |
2021 |
||||
Pega Cloud |
$ 90,317 |
$ 67,858 |
$ 22,459 |
33% |
||
Maintenance |
79,716 |
75,561 |
4,155 |
5% |
||
Subscription services |
170,033 |
143,419 |
26,614 |
19% |
||
Subscription license |
137,533 |
111,509 |
26,024 |
23% |
||
Subscription |
307,566 |
254,928 |
52,638 |
21% |
||
Perpetual license |
7,440 |
5,452 |
1,988 |
36% |
||
Consulting |
61,301 |
53,119 |
8,182 |
15% |
||
Total revenue |
$ 376,307 |
$ 313,499 |
$ 62,808 |
20% |
_________________________ |
|
(1) |
See the Schedules at the end of this release for additional information, including a reconciliation of our non-GAAP and GAAP measures. |
Ежеквартальный конференц-звонок
28 апреля 2022 года в 17:00 по восточному времени будет проведена телефонная конференция и веб-трансляция только в аудио формате. Представителям общественности и инвесторам предлагается присоединиться к звонку и принять участие в сессии вопросов и ответов по телефонам 1-844-825-9789 (внутренний), 1-412-317-5180 (международный) или через веб-трансляцию (https://viavid .webcasts.com/starthere.jsp?ei=1542115&tp_key=f6987abb7b ), войдя в www.pega.com не менее чем за пять минут до трансляции мероприятия и нажав на значок веб-трансляции в разделе "Инвесторы".
Обсуждение финансовых показателей, не относящихся к ОПБУ
Мы считаем, что финансовые показатели, не относящиеся к GAAP, помогают инвесторам понять наши основные операционные результаты и перспективы, в соответствии с тем, как руководство оценивает и прогнозирует наши результаты без влияния частых единовременных платежей и других статей, выходящих за рамки нашей обычной деятельности. Дополнительные финансовые показатели, не относящиеся к ОПБУ, не должны превосходить или заменять финансовые показатели, подготовленные в соответствии с ОПБУ США.
Сверка наших показателей, не относящихся к GAAP, и показателей GAAP приведена в конце этого выпуска.
Прогнозные заявления
Некоторые заявления в этом пресс-релизе могут быть "прогнозными заявлениями", как определено в Законе о реформе судебных разбирательств по частным ценным бумагам 1995 года.
Такие слова, как ожидает, ожидает, намеревается, планирует, полагает, будет, может, должен, оценивает, может, цели, стратегии, проекты, прогнозы, руководство, вероятно, и обычно, или варианты таких слов и других подобных выражений обозначают прогнозные заявления, которые основаны на текущих ожиданиях и предположения.
Прогнозные заявления касаются будущих событий и подвержены рискам и неопределенностям, которые трудно предсказать, включая, но не ограничиваясь ими:
Эти и другие риски, которые могут привести к существенному отличию фактических результатов от результатов, выраженных в таких прогнозных заявлениях, описаны далее в Части I нашего Годового отчета по форме 10-K за год, закончившийся 31 декабря 2021 года, Часть II нашего Ежеквартального отчета по Форме 10-Q за квартал, закончившийся 31 марта 2022 года и другие заявки, которые мы подаем в Комиссию по ценным бумагам и биржам США ("SEC").
За исключением случаев, предусмотренных применимым законодательством, мы не берем на себя и прямо отказываемся от каких-либо обязательств по публичному обновлению или пересмотру этих прогнозных заявлений, будь то в связи с новой информацией, будущими событиями или иным образом.
Прогнозные заявления в этом пресс-релизе отражают наши взгляды по состоянию на 28 апреля 2022 года.
Об Pegasystems
Pega поставляет инновационное программное обеспечение, которое снижает сложность бизнеса. От максимизации ценности жизни клиента до оптимизации обслуживания и повышения эффективности мы помогаем ведущим мировым брендам быстро решать проблемы и трансформироваться для завтрашнего дня. Клиенты Pega принимают более эффективные решения и выполняют работу с помощью искусственного интеллекта в реальном времени и интеллектуальной автоматизации. И с 1983 года мы создали нашу масштабируемую архитектуру и платформу с низким уровнем кода, чтобы опережать быстрые изменения. Наши решения экономят время людей, поэтому сотрудники и клиенты наших клиентов могут вернуться к тому, что важнее всего. Для получения дополнительной информации об Pegasystems (NASDAQ: PEGA) посетите www.pega.com .
Lisa PintchmanPegasystems Inc.[email protected]617-866-6022 Твиттер: @pega
Контакт с инвестором:
Гаро ТумаджанианИКР для Pegasystems Inc.[email protected]617-866-6077
Все товарные знаки являются собственностью их соответствующих владельцев.
Pegasystems INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) |
|||
Three Months Ended March 31, |
|||
2022 |
2021 |
||
Revenue |
|||
Subscription services |
$ 170,033 |
$ 143,419 |
|
Subscription license |
137,533 |
111,509 |
|
Perpetual license |
7,440 |
5,452 |
|
Consulting |
61,301 |
53,119 |
|
Total revenue |
376,307 |
313,499 |
|
Cost of revenue |
|||
Subscription services |
32,030 |
28,343 |
|
Subscription license |
622 |
620 |
|
Perpetual license |
34 |
30 |
|
Consulting |
55,511 |
53,454 |
|
Total cost of revenue |
88,197 |
82,447 |
|
Gross profit |
288,110 |
231,052 |
|
Operating expenses |
|||
Selling and marketing |
162,236 |
148,739 |
|
Research and development |
71,490 |
62,442 |
|
General and administrative |
35,764 |
18,270 |
|
Total operating expenses |
269,490 |
229,451 |
|
Income from operations |
18,620 |
1,601 |
|
Foreign currency transaction gain (loss) |
2,876 |
(5,098) |
|
Interest income |
207 |
153 |
|
Interest expense |
(1,946) |
(1,880) |
|
(Loss) on capped call transactions |
(30,560) |
(19,117) |
|
Other income, net |
2,741 |
106 |
|
(Loss) before (benefit from) income taxes |
(8,062) |
(24,235) |
|
(Benefit from) income taxes |
(7,683) |
(17,618) |
|
Net (loss) |
$ (379) |
$ (6,617) |
|
(Loss) per share |
|||
Basic |
$ — |
$ (0.08) |
|
Diluted |
$ — |
$ (0.08) |
|
Weighted-average number of common shares outstanding |
|||
Basic |
81,680 |
81,004 |
|
Diluted |
81,680 |
81,004 |
Pegasystems INC. UNAUDITED RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1) (in thousands, except percentages and per share amounts) |
|||||
Three Months Ended March 31, |
|||||
2022 |
2021 |
Change |
|||
Net (loss) - GAAP |
$ (379) |
$ (6,617) |
94% |
||
Stock-based compensation (2) |
28,227 |
30,100 |
|||
Capped call transactions |
30,560 |
19,117 |
|||
Litigation |
17,368 |
1,960 |
|||
Convertible senior notes |
719 |
673 |
|||
Headquarters lease |
— |
(3,417) |
|||
Amortization of intangible assets |
972 |
1,002 |
|||
Foreign currency transaction (gain) loss |
(2,876) |
5,098 |
|||
Other |
(2,582) |
12 |
|||
Income tax effects (3) |
(21,835) |
(24,286) |
|||
Net income - non-GAAP |
$ 50,174 |
$ 23,642 |
112% |
||
Diluted (loss) per share - GAAP |
$ 0.00 |
$ (0.08) |
100% |
||
non-GAAP adjustments |
0.59 |
0.35 |
|||
Diluted earnings per share - non-GAAP |
$ 0.59 |
$ 0.27 |
119% |
||
Diluted weighted-average number of common shares outstanding - GAAP |
81,680 |
81,004 |
1% |
||
non-GAAP Adjustments |
2,743 |
5,129 |
|||
Diluted weighted-average number of common shares outstanding - non-GAAP |
84,423 |
86,133 |
(2)% |
(1) |
Our non-GAAP financial measures reflect the following adjustments: |
|
|
(2) |
Stock-based compensation: |
Three Months Ended March 31, |
|||
(in thousands) |
2022 |
2021 |
|
Cost of revenue |
$ 6,378 |
$ 5,925 |
|
Selling and marketing |
10,958 |
13,720 |
|
Research and development |
7,346 |
6,770 |
|
General and administrative |
3,545 |
3,685 |
|
$ 28,227 |
$ 30,100 |
||
Income tax benefit |
$ (5,311) |
$ (5,991) |
(3) |
Effective income tax rates: |
Three Months Ended March 31, |
|||
2022 |
2021 |
||
GAAP |
95% |
73% |
|
non-GAAP |
22% |
22% |
Наша эффективная ставка подоходного налога по GAAP подвержена значительным колебаниям из-за нескольких факторов, включая сверхнормативные налоговые льготы, предоставляемые нашими компенсационными планами, основанными на акциях, прибыли и убытки от наших операций с ограничениями по вызовам, налоговые льготы для компенсационных выплат на основе акций сотрудникам, занимающимся исследованиями и разработками, и неблагоприятные корректировки компенсаций на основе иностранных акций. Мы определяем нашу ставку подоходного налога, не связанную с GAAP, используя применимые ставки в налоговых юрисдикциях и оценивая определенные факторы, включая нашу историческую и прогнозируемую прибыль по юрисдикциям, отдельные статьи и нашу способность реализовать налоговые активы. Мы считаем, что нашему руководству полезно пересмотреть наши результаты, не относящиеся к GAAP, в соответствии с эффективной ставкой подоходного налога нашего годового плана, установленной в начале каждого года, учитывая волатильность налоговых ставок.
Pegasystems INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||
March 31, 2022 |
December 31, 2021 |
||
Assets |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 132,771 |
$ 159,965 |
|
Marketable securities |
199,401 |
202,814 |
|
Total cash, cash equivalents, and marketable securities |
332,172 |
362,779 |
|
Accounts receivable |
171,181 |
182,717 |
|
Unbilled receivables |
226,052 |
226,714 |
|
Other current assets |
74,408 |
68,008 |
|
Total current assets |
803,813 |
840,218 |
|
Unbilled receivables |
135,975 |
129,789 |
|
Goodwill |
82,031 |
81,923 |
|
Other long-term assets |
516,661 |
541,601 |
|
Total assets |
$ 1,538,480 |
$ 1,593,531 |
|
Liabilities and stockholders' equity |
|||
Current liabilities: |
|||
Accounts payable |
$ 18,628 |
$ 15,281 |
|
Accrued expenses |
63,401 |
63,890 |
|
Accrued compensation and related expenses |
54,804 |
120,946 |
|
Deferred revenue |
290,873 |
275,844 |
|
Other current liabilities |
7,309 |
9,443 |
|
Total current liabilities |
435,015 |
485,404 |
|
Convertible senior notes, net |
591,440 |
590,722 |
|
Operating lease liabilities |
90,699 |
87,818 |
|
Other long-term liabilities |
14,658 |
13,499 |
|
Total liabilities |
1,131,812 |
1,177,443 |
|
Total stockholders' equity |
406,668 |
416,088 |
|
Total liabilities and stockholders' equity |
$ 1,538,480 |
$ 1,593,531 |
Pegasystems INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
|||
Three Months Ended March 31, |
|||
2022 |
2021 |
||
Net (loss) |
$ (379) |
$ (6,617) |
|
Adjustments to reconcile net (loss) to cash provided by operating activities |
|||
Non-cash items |
70,827 |
62,621 |
|
Change in operating assets and liabilities, net |
(55,332) |
(34,354) |
|
Cash provided by operating activities |
15,116 |
21,650 |
|
Cash (used in) provided by investing activities |
(6,082) |
15,489 |
|
Cash (used in) financing activities |
(35,918) |
(34,794) |
|
Effect of exchange rate changes on cash and cash equivalents |
(310) |
(1,536) |
|
Net (decrease) increase in cash and cash equivalents |
(27,194) |
809 |
|
Cash and cash equivalents, beginning of period |
159,965 |
171,899 |
|
Cash and cash equivalents, end of period |
$ 132,771 |
$ 172,708 |
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 for subscription license and Pega Cloud contracts. Maintenance revenue for the quarter then ended is multiplied by four to calculate ACV for maintenance. ACV is a performance measure that we believe provides useful information to our management and investors, particularly during our subscription transition. |
||||||
March 31, 2022 |
March 31, 2021 |
Change |
||||
Pega Cloud |
$ 401,753 |
$ 282,389 |
$ 119,364 |
42% |
||
Maintenance |
318,864 |
302,244 |
16,620 |
5% |
||
Subscription services |
720,617 |
584,633 |
135,984 |
23% |
||
Subscription license |
313,200 |
267,931 |
45,269 |
17% |
||
$ 1,033,817 |
$ 852,564 |
$ 181,253 |
21% |
Pegasystems INC. BACKLOG (in thousands, except percentages) |
||||||||||||
Remaining performance obligations ("Backlog") - Expected future revenue from existing non-cancellable contracts: As of March 31, 2022: |
||||||||||||
Subscription services |
Subscription license |
Perpetual license |
Consulting |
Total |
||||||||
Maintenance |
Pega Cloud |
|||||||||||
1 year or less |
$ 228,984 |
$ 329,857 |
$ 47,428 |
$ 7,281 |
$ 40,661 |
$ 654,211 |
55% |
|||||
1-2 years |
63,870 |
208,875 |
16,111 |
4,505 |
10,955 |
304,316 |
26% |
|||||
2-3 years |
33,617 |
106,156 |
2,422 |
2,252 |
3,876 |
148,323 |
13% |
|||||
Greater than 3 years |
22,611 |
44,596 |
1,758 |
— |
522 |
69,487 |
6% |
|||||
$ 349,082 |
$ 689,484 |
$ 67,719 |
$ 14,038 |
$ 56,014 |
$ 1,176,337 |
100% |
||||||
% of Total |
29% |
59% |
6% |
1% |
5% |
100% |
||||||
Change since March 31, 2021 |
||||||||||||
$ 26,445 |
$ 125,168 |
$ 9,388 |
$ 3,760 |
$ 31,766 |
$ 196,527 |
|||||||
8% |
22% |
16% |
37% |
131% |
20% |
|||||||
As of March 31, 2021: |
||||||||||||
Subscription services |
Subscription license |
Perpetual license |
Consulting |
Total |
||||||||
Maintenance |
Pega Cloud |
|||||||||||
1 year or less |
$ 220,100 |
$ 252,104 |
$ 41,025 |
$ 9,649 |
$ 21,068 |
$ 543,946 |
55% |
|||||
1-2 years |
52,366 |
187,456 |
9,874 |
629 |
914 |
251,239 |
26% |
|||||
2-3 years |
33,337 |
91,861 |
7,055 |
— |
1,756 |
134,009 |
14% |
|||||
Greater than 3 years |
16,834 |
32,895 |
377 |
— |
510 |
50,616 |
5% |
|||||
$ 322,637 |
$ 564,316 |
$ 58,331 |
$ 10,278 |
$ 24,248 |
$ 979,810 |
100% |
||||||
% of Total |
33% |
58% |
6% |
1% |
2% |
100% |
ИСТОЧНИК Pegasystems Inc.
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