$PEGA
PEGASYSTEMS INC

2013 Q1 Form 10-Q Financial Statement

#000119312513201770 Filed on May 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $116.2M $111.2M
YoY Change 4.57% 8.6%
Cost Of Revenue $37.65M $41.53M
YoY Change -9.34% 3.84%
Gross Profit $78.59M $69.63M
YoY Change 12.87% 11.69%
Gross Profit Margin 67.61% 62.64%
Selling, General & Admin $46.07M $44.71M
YoY Change 3.03% 8.52%
% of Gross Profit 58.61% 64.21%
Research & Development $19.58M $19.00M
YoY Change 3.01% 25.85%
% of Gross Profit 24.91% 27.29%
Depreciation & Amortization $4.727M $4.686M
YoY Change 0.87% 17.15%
% of Gross Profit 6.01% 6.73%
Operating Expenses $65.64M $63.71M
YoY Change 3.03% 13.17%
Operating Profit $12.95M $5.919M
YoY Change 118.8% 6.38%
Interest Expense -$1.800M $900.0K
YoY Change -300.0% -18.18%
% of Operating Profit -13.9% 15.21%
Other Income/Expense, Net $839.0K -$839.0K
YoY Change -200.0%
Pretax Income $12.02M $5.931M
YoY Change 102.63% -11.4%
Income Tax $2.949M $1.874M
% Of Pretax Income 24.54% 31.6%
Net Earnings $9.069M $4.057M
YoY Change 123.54% -14.25%
Net Earnings / Revenue 7.8% 3.65%
Basic Earnings Per Share $0.12 $0.11
Diluted Earnings Per Share $0.12 $0.10
COMMON SHARES
Basic Shares Outstanding 75.89M shares 37.76M shares
Diluted Shares Outstanding 77.58M shares 38.89M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.9M $88.10M
YoY Change 105.33% 14.71%
Cash & Equivalents $123.7M $33.47M
Short-Term Investments $57.10M $54.60M
Other Short-Term Assets $5.735M $15.80M
YoY Change -63.7% 18.8%
Inventory
Prepaid Expenses
Receivables $70.50M $106.9M
Other Receivables $4.800M $8.200M
Total Short-Term Assets $272.1M $219.0M
YoY Change 24.26% 4.94%
LONG-TERM ASSETS
Property, Plant & Equipment $29.75M $18.90M
YoY Change 57.39% 73.39%
Goodwill $20.45M
YoY Change
Intangibles $55.46M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.618M $45.80M
YoY Change -96.47% 25.48%
Total Long-Term Assets $156.4M $151.6M
YoY Change 3.19% 4.12%
TOTAL ASSETS
Total Short-Term Assets $272.1M $219.0M
Total Long-Term Assets $156.4M $151.6M
Total Assets $428.6M $370.6M
YoY Change 15.64% 4.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.233M $6.100M
YoY Change -63.39% -15.28%
Accrued Expenses $15.27M $36.50M
YoY Change -58.17% -17.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $141.0M $125.5M
YoY Change 12.32% -1.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.48M $30.20M
YoY Change -45.42% 19.84%
Total Long-Term Liabilities $16.48M $30.20M
YoY Change -45.42% 19.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.0M $125.5M
Total Long-Term Liabilities $16.48M $30.20M
Total Liabilities $187.2M $155.8M
YoY Change 20.14% 2.23%
SHAREHOLDERS EQUITY
Retained Earnings $102.3M
YoY Change
Common Stock $380.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $241.4M $214.9M
YoY Change
Total Liabilities & Shareholders Equity $428.6M $370.6M
YoY Change 15.64% 4.6%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $9.069M $4.057M
YoY Change 123.54% -14.25%
Depreciation, Depletion And Amortization $4.727M $4.686M
YoY Change 0.87% 17.15%
Cash From Operating Activities $66.05M -$17.77M
YoY Change -471.59% 119.43%
INVESTING ACTIVITIES
Capital Expenditures $1.195M $4.267M
YoY Change -71.99% -487.91%
Acquisitions
YoY Change
Other Investing Activities -$12.00M -$3.700M
YoY Change 224.32% -13.95%
Cash From Investing Activities -$13.22M -$7.966M
YoY Change 66.01% 47.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.512M $814.0K
YoY Change 331.45%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.127M -2.103M
YoY Change 96.24% -4.41%
NET CHANGE
Cash From Operating Activities 66.05M -17.77M
Cash From Investing Activities -13.22M -7.966M
Cash From Financing Activities -4.127M -2.103M
Net Change In Cash 48.70M -27.84M
YoY Change -274.89% 77.34%
FREE CASH FLOW
Cash From Operating Activities $66.05M -$17.77M
Capital Expenditures $1.195M $4.267M
Free Cash Flow $64.85M -$22.04M
YoY Change -394.23% 214.87%

Facts In Submission

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CY2013Q1 pega Marketable Debt Securities Weighted Average Remaining Maturity Period
MarketableDebtSecuritiesWeightedAverageRemainingMaturityPeriod
12 M
CY2013Q1 pega Entity Wide Revenue Criteria For Major Customer Percentage Of Revenue
EntityWideRevenueCriteriaForMajorCustomerPercentageOfRevenue
0.10 pure
CY2013Q1 pega Cash Equivalents Maturity Period
CashEquivalentsMaturityPeriod
P3M
CY2013Q1 pega Foreign Currency Transaction Gain Loss
ForeignCurrencyTransactionGainLoss
-219000
CY2013Q1 pega Common Stock Repurchases For Tax Withholdings For Net Settlement Of Equity Awards
CommonStockRepurchasesForTaxWithholdingsForNetSettlementOfEquityAwards
1611000
CY2013Q1 pega Number Of Major Customers Accounted For Revenue
NumberOfMajorCustomersAccountedForRevenue
0 Customer
CY2012Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1346000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
5919000
CY2012Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1713000
CY2012Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-876000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5403000
CY2012Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
6780000
CY2012Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
293000
CY2012Q1 us-gaap Maintenance Revenue
MaintenanceRevenue
30845000
CY2012Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4686000
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2852000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
CY2012Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-25861000
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.03
CY2012Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
814000
CY2012Q1 us-gaap Amortization Of Acquired Intangible Assets
AmortizationOfAcquiredIntangibleAssets
2805000
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-17774000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7966000
CY2012Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
111000
CY2012Q1 us-gaap Technology Services Costs
TechnologyServicesCosts
36326000
CY2012Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
4696000
CY2012Q1 us-gaap Technology Services Revenue
TechnologyServicesRevenue
44379000
CY2012Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-214000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4267000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-26880000
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6315000
CY2012Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
156000
CY2012Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1132000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38889000 shares
CY2012Q1 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
618000
CY2012Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
8130000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
5931000
CY2012Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
38395000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2012Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1274000
CY2012Q1 us-gaap Licenses Revenue
LicensesRevenue
35943000
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19004000
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2103000
CY2012Q1 us-gaap Maintenance Costs
MaintenanceCosts
3609000
CY2012Q1 us-gaap Cost Of Revenue
CostOfRevenue
41534000
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
63714000
CY2012Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
1622000
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37756000 shares
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1133000 shares
CY2012Q1 us-gaap Revenues
Revenues
111167000
CY2012Q1 us-gaap License Costs
LicenseCosts
1599000
CY2012Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
10479000
CY2012Q1 us-gaap Gross Profit
GrossProfit
69633000
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
65000 shares
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
4057000
CY2012Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1622000
CY2012Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
740000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1874000
CY2012Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
963000
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
72000
CY2012Q1 pega Sales Revenue Goods Net Percentages
SalesRevenueGoodsNetPercentages
1.00 pure
CY2012Q1 pega Entity Wide Revenue Criteria For Major Customer Percentage Of Revenue
EntityWideRevenueCriteriaForMajorCustomerPercentageOfRevenue
0.10 pure
CY2012Q1 pega Foreign Currency Transaction Gain Loss
ForeignCurrencyTransactionGainLoss
-395000
CY2012Q1 pega Common Stock Repurchases For Tax Withholdings For Net Settlement Of Equity Awards
CommonStockRepurchasesForTaxWithholdingsForNetSettlementOfEquityAwards
2072000

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