$PEGA
PEGASYSTEMS INC

2015 Q1 Form 10-Q Financial Statement

#000119312515174534 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $153.9M $140.5M
YoY Change 9.58% 20.83%
Cost Of Revenue $50.06M $45.91M
YoY Change 9.03% 21.94%
Gross Profit $103.9M $94.55M
YoY Change 9.84% 20.3%
Gross Profit Margin 67.48% 67.31%
Selling, General & Admin $62.08M $55.11M
YoY Change 12.65% 19.63%
% of Gross Profit 59.77% 58.28%
Research & Development $29.84M $24.61M
YoY Change 21.27% 25.71%
% of Gross Profit 28.74% 26.03%
Depreciation & Amortization $5.624M $5.846M
YoY Change -3.8% 23.67%
% of Gross Profit 5.42% 6.18%
Operating Expenses $91.95M $79.92M
YoY Change 15.05% 21.76%
Operating Profit $11.91M $14.63M
YoY Change -18.58% 12.94%
Interest Expense -$2.600M -$100.0K
YoY Change 2500.0% -94.44%
% of Operating Profit -21.83% -0.68%
Other Income/Expense, Net $0.00 -$532.0K
YoY Change -100.0% -163.41%
Pretax Income $9.260M $14.54M
YoY Change -36.32% 20.99%
Income Tax $3.325M $4.776M
% Of Pretax Income 35.91% 32.85%
Net Earnings $5.935M $9.765M
YoY Change -39.22% 7.67%
Net Earnings / Revenue 3.86% 6.95%
Basic Earnings Per Share $0.08 $0.13
Diluted Earnings Per Share $0.08 $0.12
COMMON SHARES
Basic Shares Outstanding 76.40M shares 76.30M shares
Diluted Shares Outstanding 78.59M shares 78.66M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $225.4M $221.0M
YoY Change 1.99% 22.17%
Cash & Equivalents $127.5M $144.3M
Short-Term Investments $97.90M $76.60M
Other Short-Term Assets $13.28M $8.537M
YoY Change 55.52% 48.86%
Inventory
Prepaid Expenses
Receivables $150.9M $108.7M
Other Receivables $5.600M $4.700M
Total Short-Term Assets $408.1M $354.1M
YoY Change 15.26% 30.11%
LONG-TERM ASSETS
Property, Plant & Equipment $31.14M $27.84M
YoY Change 11.84% -6.42%
Goodwill $46.78M $36.87M
YoY Change 26.87% 80.28%
Intangibles $52.82M
YoY Change -4.76%
Long-Term Investments
YoY Change
Other Assets $3.087M $3.169M
YoY Change -2.59% 95.86%
Total Long-Term Assets $192.7M $181.6M
YoY Change 6.09% 16.11%
TOTAL ASSETS
Total Short-Term Assets $408.1M $354.1M
Total Long-Term Assets $192.7M $181.6M
Total Assets $600.8M $535.7M
YoY Change 12.15% 25.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.408M $4.799M
YoY Change 33.53% 114.91%
Accrued Expenses $35.14M $23.46M
YoY Change 49.76% 53.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $242.7M $188.0M
YoY Change 29.06% 33.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.00M $18.02M
YoY Change -5.68% 9.36%
Total Long-Term Liabilities $17.00M $18.02M
YoY Change -5.68% 9.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $242.7M $188.0M
Total Long-Term Liabilities $17.00M $18.02M
Total Liabilities $303.0M $256.9M
YoY Change 17.95% 37.24%
SHAREHOLDERS EQUITY
Retained Earnings $156.7M $136.4M
YoY Change 14.84% 33.41%
Common Stock $144.7M $138.3M
YoY Change 4.62% 36306.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $297.8M $278.8M
YoY Change
Total Liabilities & Shareholders Equity $600.8M $535.7M
YoY Change 12.15% 25.0%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $5.935M $9.765M
YoY Change -39.22% 7.67%
Depreciation, Depletion And Amortization $5.624M $5.846M
YoY Change -3.8% 23.67%
Cash From Operating Activities $27.50M $72.90M
YoY Change -62.28% 10.38%
INVESTING ACTIVITIES
Capital Expenditures $3.275M $1.228M
YoY Change 166.69% 2.76%
Acquisitions $535.0K $793.0K
YoY Change -32.53%
Other Investing Activities -$2.100M -$1.400M
YoY Change 50.0% -88.33%
Cash From Investing Activities -$5.400M -$2.600M
YoY Change 107.69% -80.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.427M $4.630M
YoY Change -47.58% 31.83%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.300M -6.600M
YoY Change -4.55% 59.92%
NET CHANGE
Cash From Operating Activities 27.50M 72.90M
Cash From Investing Activities -5.400M -2.600M
Cash From Financing Activities -6.300M -6.600M
Net Change In Cash 15.80M 63.70M
YoY Change -75.2% 30.81%
FREE CASH FLOW
Cash From Operating Activities $27.50M $72.90M
Capital Expenditures $3.275M $1.228M
Free Cash Flow $24.23M $71.67M
YoY Change -66.2% 10.52%

Facts In Submission

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CY2014Q1 us-gaap Maintenance Costs
MaintenanceCosts
4664000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9302000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-21587000
CY2014Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
22000
CY2014Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
11021000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3295000
CY2014Q1 us-gaap License Costs
LicenseCosts
1579000
CY2014Q1 pega Sales Revenue Goods Net Percentages
SalesRevenueGoodsNetPercentages
1.00 pure
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2015Q1 us-gaap Segment Reporting Disclosure Of Major Customers
SegmentReportingDisclosureOfMajorCustomers
There were no clients accounting for 10% or more of the Company's total revenue during the first three months of 2015 and 2014.
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
PEGASYSTEMS INC
CY2015Q1 dei Trading Symbol
TradingSymbol
PEGA
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2191000 shares
CY2015Q1 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. On April&#xA0;1, 2015, the FASB voted to propose a delay in the effective date of this ASU for reporting periods beginning after December&#xA0;15, 2017, with early adoption permitted as of the original effective date. As a result, the proposed new effective date for the Company will be January&#xA0;1, 2018. Management is currently assessing the impact the adoption of this ASU will have on the Company&#x2019;s consolidated financial statements.</p> </div>
CY2015Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 Unit
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2015Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y3M18D
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
27521000
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78592000 shares
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001013857
CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.030
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
60000 shares
CY2015Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
535000
CY2015Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
88000
CY2015Q1 us-gaap Licenses Revenue
LicensesRevenue
57975000
CY2015Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
4403000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76401000 shares
CY2015Q1 us-gaap Gross Profit
GrossProfit
103859000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-3005000
CY2015Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
822000
CY2015Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1783000
CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2294000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
11909000
CY2015Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2962000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2930000
CY2015Q1 us-gaap Maintenance Revenue
MaintenanceRevenue
48752000
CY2015Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
3000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
9260000
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2427000
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-3096000
CY2015Q1 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
201000
CY2015Q1 us-gaap Revenues
Revenues
153918000
CY2015Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
18120000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3275000
CY2015Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-161000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
5935000
CY2015Q1 us-gaap Investment Income Net
InvestmentIncomeNet
313000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
299000
CY2015Q1 us-gaap Technology Services Revenue
TechnologyServicesRevenue
47191000
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2584000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
91000
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5624000
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-2908000
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
33919000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
91950000
CY2015Q1 us-gaap Cost Of Revenue
CostOfRevenue
50059000
CY2015Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-83000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-6337000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-5381000
CY2015Q1 us-gaap Technology Services Costs
TechnologyServicesCosts
43803000
CY2015Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
26000
CY2015Q1 us-gaap Maintenance Costs
MaintenanceCosts
5180000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6345000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-21621000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
29844000
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
55735000
CY2015Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
822000
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
0
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3138000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
12895000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3325000
CY2015Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
146000
CY2015Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
16549000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6269000
CY2015Q1 us-gaap License Costs
LicenseCosts
1076000
CY2015Q1 pega Marketable Debt Securities Weighted Average Remaining Maturity Period
MarketableDebtSecuritiesWeightedAverageRemainingMaturityPeriod
P14M
CY2015Q1 pega Sales Revenue Goods Net Percentages
SalesRevenueGoodsNetPercentages
1.00 pure
CY2015Q1 pega Lease Expiration Year
LeaseExpirationYear
2021
CY2014Q3 us-gaap Restructuring Charges
RestructuringCharges
200000
CY2013Q4 us-gaap Restructuring Charges
RestructuringCharges
1700000

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