$PEGA
PEGASYSTEMS INC

2014 Q2 Form 10-Q Financial Statement

#000119312514295827 Filed on August 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $143.0M $117.3M
YoY Change 21.88% 11.67%
Cost Of Revenue $46.69M $37.88M
YoY Change 23.27% -5.27%
Gross Profit $96.29M $79.44M
YoY Change 21.22% 22.08%
Gross Profit Margin 67.35% 67.71%
Selling, General & Admin $66.59M $52.62M
YoY Change 26.55% 7.72%
% of Gross Profit 69.15% 66.24%
Research & Development $27.32M $19.76M
YoY Change 38.27% 4.55%
% of Gross Profit 28.37% 24.88%
Depreciation & Amortization $5.600M $4.700M
YoY Change 19.15% 9.3%
% of Gross Profit 5.82% 5.92%
Operating Expenses $94.07M $72.38M
YoY Change 29.96% 6.84%
Operating Profit $2.222M $7.053M
YoY Change -68.5% -362.78%
Interest Expense $200.0K -$400.0K
YoY Change -150.0% -42.86%
% of Operating Profit 9.0% -5.67%
Other Income/Expense, Net $6.000K -$94.00K
YoY Change -106.38% -135.74%
Pretax Income $2.387M $6.657M
YoY Change -64.14% -310.13%
Income Tax $883.0K $1.954M
% Of Pretax Income 36.99% 29.35%
Net Earnings $1.504M $4.703M
YoY Change -68.02% -307.45%
Net Earnings / Revenue 1.05% 4.01%
Basic Earnings Per Share $0.02 $0.06
Diluted Earnings Per Share $0.02 $0.06
COMMON SHARES
Basic Shares Outstanding 76.29M shares 75.90M shares
Diluted Shares Outstanding 78.28M shares 77.50M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $216.2M $173.8M
YoY Change 24.4% 68.9%
Cash & Equivalents $127.1M $103.8M
Short-Term Investments $89.10M $70.00M
Other Short-Term Assets $8.982M $6.204M
YoY Change 44.78% 12.55%
Inventory
Prepaid Expenses
Receivables $114.6M $94.53M
Other Receivables $11.70M $7.800M
Total Short-Term Assets $363.6M $292.4M
YoY Change 24.33% 32.45%
LONG-TERM ASSETS
Property, Plant & Equipment $27.22M $29.26M
YoY Change -6.97% 3.86%
Goodwill $40.46M $20.45M
YoY Change 97.85% 0.0%
Intangibles $50.06M $52.68M
YoY Change -4.98% -17.41%
Long-Term Investments
YoY Change
Other Assets $2.998M $1.712M
YoY Change 75.12% -3.93%
Total Long-Term Assets $182.0M $153.6M
YoY Change 18.5% -2.65%
TOTAL ASSETS
Total Short-Term Assets $363.6M $292.4M
Total Long-Term Assets $182.0M $153.6M
Total Assets $545.6M $446.0M
YoY Change 22.32% 17.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.827M $2.911M
YoY Change 134.52% -60.69%
Accrued Expenses $31.61M $20.30M
YoY Change 55.75% -6.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $201.3M $150.3M
YoY Change 33.99% 11.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.69M $17.16M
YoY Change 3.08% 58.73%
Total Long-Term Liabilities $17.69M $17.16M
YoY Change 3.08% 58.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $201.3M $150.3M
Total Long-Term Liabilities $17.69M $17.16M
Total Liabilities $265.0M $201.7M
YoY Change 31.42% 20.8%
SHAREHOLDERS EQUITY
Retained Earnings $135.7M $105.8M
YoY Change 28.17% 38.27%
Common Stock $140.0M $138.0M
YoY Change 1.44% 36303.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $280.6M $244.4M
YoY Change
Total Liabilities & Shareholders Equity $545.6M $446.0M
YoY Change 22.32% 17.82%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $1.504M $4.703M
YoY Change -68.02% -307.45%
Depreciation, Depletion And Amortization $5.600M $4.700M
YoY Change 19.15% 9.3%
Cash From Operating Activities $1.000M -$1.700M
YoY Change -158.82% -105.61%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$800.0K
YoY Change 112.5% -92.45%
Acquisitions
YoY Change
Other Investing Activities -$13.70M -$12.20M
YoY Change 12.3% -300.0%
Cash From Investing Activities -$15.40M -$12.90M
YoY Change 19.38% 186.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.700M -4.600M
YoY Change 2.17% 76.92%
NET CHANGE
Cash From Operating Activities 1.000M -1.700M
Cash From Investing Activities -15.40M -12.90M
Cash From Financing Activities -4.700M -4.600M
Net Change In Cash -19.10M -19.20M
YoY Change -0.52% -182.76%
FREE CASH FLOW
Cash From Operating Activities $1.000M -$1.700M
Capital Expenditures -$1.700M -$800.0K
Free Cash Flow $2.700M -$900.0K
YoY Change -400.0% -102.2%

Facts In Submission

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dei Trading Symbol
TradingSymbol
PEGA
dei Entity Registrant Name
EntityRegistrantName
PEGASYSTEMS INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0001013857
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>2.</b></td> <td align="left" valign="top"><b>NEW ACCOUNTING PRONOUNCEMENTS</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><i>Revenue from Contracts with Customers:</i></b> In May 2014, the Financial Accounting Standard Board (&#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) No.&#xA0;2014-09, &#x201C;Revenue from Contracts with Customers (Topic 606)&#x201D;. This ASU amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. This ASU implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. This ASU also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Other major provisions include ensuring the time value of money is considered in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The amendments in this ASU are effective for reporting periods beginning after December&#xA0;15, 2016, and early adoption is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. This ASU will be effective for the Company January&#xA0;1, 2017. Management is currently assessing the impact the adoption of this ASU will have on the Company&#x2019;s consolidated financial statements.</p> </div>
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IncomeTaxExpenseBenefit
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pega Marketable Debt Securities Weighted Average Remaining Maturity Period
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pega Sales Revenue Goods Net Percentages
SalesRevenueGoodsNetPercentages
1.00 pure
pega Number Of Customers Accounted For More Than Ten Percent Of Revenue
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0 Customer
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CommonStockDividendsPerShareDeclared
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BusinessAcquisitionProFormaEarningsPerShareDiluted
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
216000 shares
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WeightedAverageNumberOfSharesOutstandingBasic
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LicensesRevenue
40206000
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TechnologyServicesRevenue
39172000
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DerivativeGainLossOnDerivativeNet
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CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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