$PEGA
PEGASYSTEMS INC

2014 Q1 Form 10-Q Financial Statement

#000119312514185094 Filed on May 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $140.5M $116.2M
YoY Change 20.83% 4.57%
Cost Of Revenue $45.91M $37.65M
YoY Change 21.94% -9.34%
Gross Profit $94.55M $78.59M
YoY Change 20.3% 12.87%
Gross Profit Margin 67.31% 67.61%
Selling, General & Admin $55.11M $46.07M
YoY Change 19.63% 3.03%
% of Gross Profit 58.28% 58.61%
Research & Development $24.61M $19.58M
YoY Change 25.71% 3.01%
% of Gross Profit 26.03% 24.91%
Depreciation & Amortization $5.846M $4.727M
YoY Change 23.67% 0.87%
% of Gross Profit 6.18% 6.01%
Operating Expenses $79.92M $65.64M
YoY Change 21.76% 3.03%
Operating Profit $14.63M $12.95M
YoY Change 12.94% 118.8%
Interest Expense -$100.0K -$1.800M
YoY Change -94.44% -300.0%
% of Operating Profit -0.68% -13.9%
Other Income/Expense, Net -$532.0K $839.0K
YoY Change -163.41% -200.0%
Pretax Income $14.54M $12.02M
YoY Change 20.99% 102.63%
Income Tax $4.776M $2.949M
% Of Pretax Income 32.85% 24.54%
Net Earnings $9.765M $9.069M
YoY Change 7.67% 123.54%
Net Earnings / Revenue 6.95% 7.8%
Basic Earnings Per Share $0.13 $0.12
Diluted Earnings Per Share $0.12 $0.12
COMMON SHARES
Basic Shares Outstanding 76.30M shares 75.89M shares
Diluted Shares Outstanding 78.66M shares 77.58M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $221.0M $180.9M
YoY Change 22.17% 105.33%
Cash & Equivalents $144.3M $123.7M
Short-Term Investments $76.60M $57.10M
Other Short-Term Assets $8.537M $5.735M
YoY Change 48.86% -63.7%
Inventory
Prepaid Expenses
Receivables $108.7M $70.50M
Other Receivables $4.700M $4.800M
Total Short-Term Assets $354.1M $272.1M
YoY Change 30.11% 24.26%
LONG-TERM ASSETS
Property, Plant & Equipment $27.84M $29.75M
YoY Change -6.42% 57.39%
Goodwill $36.87M $20.45M
YoY Change 80.28%
Intangibles $52.82M $55.46M
YoY Change -4.76%
Long-Term Investments
YoY Change
Other Assets $3.169M $1.618M
YoY Change 95.86% -96.47%
Total Long-Term Assets $181.6M $156.4M
YoY Change 16.11% 3.19%
TOTAL ASSETS
Total Short-Term Assets $354.1M $272.1M
Total Long-Term Assets $181.6M $156.4M
Total Assets $535.7M $428.6M
YoY Change 25.0% 15.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.799M $2.233M
YoY Change 114.91% -63.39%
Accrued Expenses $23.46M $15.27M
YoY Change 53.67% -58.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $188.0M $141.0M
YoY Change 33.39% 12.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.02M $16.48M
YoY Change 9.36% -45.42%
Total Long-Term Liabilities $18.02M $16.48M
YoY Change 9.36% -45.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $188.0M $141.0M
Total Long-Term Liabilities $18.02M $16.48M
Total Liabilities $256.9M $187.2M
YoY Change 37.24% 20.14%
SHAREHOLDERS EQUITY
Retained Earnings $136.4M $102.3M
YoY Change 33.41%
Common Stock $138.3M $380.0K
YoY Change 36306.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $278.8M $241.4M
YoY Change
Total Liabilities & Shareholders Equity $535.7M $428.6M
YoY Change 25.0% 15.64%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $9.765M $9.069M
YoY Change 7.67% 123.54%
Depreciation, Depletion And Amortization $5.846M $4.727M
YoY Change 23.67% 0.87%
Cash From Operating Activities $72.90M $66.05M
YoY Change 10.38% -471.59%
INVESTING ACTIVITIES
Capital Expenditures $1.228M $1.195M
YoY Change 2.76% -71.99%
Acquisitions $793.0K
YoY Change
Other Investing Activities -$1.400M -$12.00M
YoY Change -88.33% 224.32%
Cash From Investing Activities -$2.600M -$13.22M
YoY Change -80.34% 66.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.630M $3.512M
YoY Change 31.83% 331.45%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.600M -4.127M
YoY Change 59.92% 96.24%
NET CHANGE
Cash From Operating Activities 72.90M 66.05M
Cash From Investing Activities -2.600M -13.22M
Cash From Financing Activities -6.600M -4.127M
Net Change In Cash 63.70M 48.70M
YoY Change 30.81% -274.89%
FREE CASH FLOW
Cash From Operating Activities $72.90M $66.05M
Capital Expenditures $1.228M $1.195M
Free Cash Flow $71.67M $64.85M
YoY Change 10.52% -394.23%

Facts In Submission

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CY2013Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
725000
CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2777000
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19576000
CY2013Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
271000
CY2013Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-23978000
CY2013Q1 pega Common Stock Repurchases For Tax Withholdings For Net Settlement Of Equity Awards
CommonStockRepurchasesForTaxWithholdingsForNetSettlementOfEquityAwards
-1611000
CY2013Q1 pega Sales Revenue Goods Net Percentages
SalesRevenueGoodsNetPercentages
1.00 pure
CY2014Q1 dei Trading Symbol
TradingSymbol
PEGA
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
PEGASYSTEMS INC
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001013857
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.015
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78661000 shares
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2363000 shares
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
72858000
CY2014Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P3Y2M12D
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
57000 shares
CY2014Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2 pure
CY2014Q1 us-gaap Technology Services Revenue
TechnologyServicesRevenue
42969000
CY2014Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1629000
CY2014Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
11630000
CY2014Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1145000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1228000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
31000
CY2014Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
322000
CY2014Q1 us-gaap Licenses Revenue
LicensesRevenue
52614000
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76298000 shares
CY2014Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2014Q1 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
The Company's Board of Directors approved a two-for-one (21) stock split of the Company's common stock. On April 1, 2014, each stockholder of record at the close of business on March 20, 2014 (the "Record Date") received one additional share of common stock, par value $.01, for each share of common stock held on the Record Date.
CY2014Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
50000
CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
793000
CY2014Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-44000
CY2014Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-532000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-532000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
971000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
416000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
14541000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-57291000
CY2014Q1 us-gaap Investment Income Net
InvestmentIncomeNet
124000
CY2014Q1 us-gaap Maintenance Revenue
MaintenanceRevenue
44881000
CY2014Q1 us-gaap Revenues
Revenues
140464000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
10181000
CY2014Q1 us-gaap Gross Profit
GrossProfit
94551000
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-222000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
14627000
CY2014Q1 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
691000
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4630000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
9765000
CY2014Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
385000
CY2014Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
991000
CY2014Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
206000
CY2014Q1 us-gaap Cost Of Revenue
CostOfRevenue
45913000
CY2014Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-594000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5846000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
971000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3756000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
24609000
CY2014Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
22000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-21587000
CY2014Q1 pega Marketable Debt Securities Weighted Average Remaining Maturity Period
MarketableDebtSecuritiesWeightedAverageRemainingMaturityPeriod
P13M
CY2014Q1 us-gaap License Costs
LicenseCosts
1579000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4776000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
458000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
18337000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-6587000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9302000
CY2014Q1 us-gaap Maintenance Costs
MaintenanceCosts
4664000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3295000
CY2014Q1 us-gaap Technology Services Costs
TechnologyServicesCosts
39670000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
64099000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
45807000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2630000
CY2014Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
11021000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
79924000
CY2014Q1 pega Common Stock Repurchases For Tax Withholdings For Net Settlement Of Equity Awards
CommonStockRepurchasesForTaxWithholdingsForNetSettlementOfEquityAwards
-1805000
CY2014Q1 pega Sales Revenue Goods Net Percentages
SalesRevenueGoodsNetPercentages
1.00 pure
CY2014Q1 pega Restructuring Charges Credits
RestructuringChargesCredits

Files In Submission

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0001193125-14-185094-index-headers.html Edgar Link pending
0001193125-14-185094-index.html Edgar Link pending
0001193125-14-185094.txt Edgar Link pending
0001193125-14-185094-xbrl.zip Edgar Link pending
d703674d10q.htm Edgar Link pending
d703674dex311.htm Edgar Link pending
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