$PEGA
PEGASYSTEMS INC

2016 Q2 Form 10-Q Financial Statement

#000119312516670087 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $189.0M $162.0M
YoY Change 16.65% 13.31%
Cost Of Revenue $60.10M $54.78M
YoY Change 9.71% 17.33%
Gross Profit $128.9M $107.2M
YoY Change 20.2% 11.37%
Gross Profit Margin 68.2% 66.19%
Selling, General & Admin $85.31M $70.60M
YoY Change 20.83% 6.02%
% of Gross Profit 66.19% 65.84%
Research & Development $35.57M $31.37M
YoY Change 13.39% 14.82%
% of Gross Profit 27.6% 29.25%
Depreciation & Amortization $6.200M $5.700M
YoY Change 8.77% 1.79%
% of Gross Profit 4.81% 5.32%
Operating Expenses $122.5M $102.0M
YoY Change 20.15% 8.41%
Operating Profit $6.360M $5.250M
YoY Change 21.14% 136.27%
Interest Expense $500.0K -$800.0K
YoY Change -162.5% -500.0%
% of Operating Profit 7.86% -15.24%
Other Income/Expense, Net -$1.356M $3.000K
YoY Change -45300.0% -50.0%
Pretax Income $5.498M $4.501M
YoY Change 22.15% 88.56%
Income Tax $962.0K $1.397M
% Of Pretax Income 17.5% 31.04%
Net Earnings $4.536M $3.104M
YoY Change 46.13% 106.38%
Net Earnings / Revenue 2.4% 1.92%
Basic Earnings Per Share $0.06 $0.04
Diluted Earnings Per Share $0.06 $0.04
COMMON SHARES
Basic Shares Outstanding 76.32M shares 76.63M shares
Diluted Shares Outstanding 79.42M shares 78.95M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.6M $226.9M
YoY Change -39.36% 4.95%
Cash & Equivalents $64.26M $120.9M
Short-Term Investments $73.30M $106.1M
Other Short-Term Assets $22.16M $12.54M
YoY Change 76.78% 39.57%
Inventory
Prepaid Expenses
Receivables $198.9M $135.6M
Other Receivables $13.50M $8.400M
Total Short-Term Assets $384.5M $396.4M
YoY Change -3.02% 9.04%
LONG-TERM ASSETS
Property, Plant & Equipment $37.74M $33.86M
YoY Change 11.46% 24.36%
Goodwill $74.39M $46.88M
YoY Change 58.66% 15.86%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.647M $3.016M
YoY Change 20.92% 0.6%
Total Long-Term Assets $218.9M $193.9M
YoY Change 12.87% 6.55%
TOTAL ASSETS
Total Short-Term Assets $384.5M $396.4M
Total Long-Term Assets $218.9M $193.9M
Total Assets $603.4M $590.4M
YoY Change 2.2% 8.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.20M $8.330M
YoY Change 34.41% 22.02%
Accrued Expenses $46.12M $40.33M
YoY Change 14.36% 27.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $243.0M $228.9M
YoY Change 6.17% 13.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.41M $16.75M
YoY Change -2.03% -5.32%
Total Long-Term Liabilities $16.41M $16.75M
YoY Change -2.03% -5.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $243.0M $228.9M
Total Long-Term Liabilities $16.41M $16.75M
Total Liabilities $278.6M $286.8M
YoY Change -2.87% 8.21%
SHAREHOLDERS EQUITY
Retained Earnings $188.2M $157.5M
YoY Change 19.53% 16.1%
Common Stock $140.9M $148.0M
YoY Change -4.78% 5.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $324.8M $303.6M
YoY Change
Total Liabilities & Shareholders Equity $603.4M $590.4M
YoY Change 2.2% 8.21%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $4.536M $3.104M
YoY Change 46.13% 106.38%
Depreciation, Depletion And Amortization $6.200M $5.700M
YoY Change 8.77% 1.79%
Cash From Operating Activities $1.600M $11.90M
YoY Change -86.55% 1090.0%
INVESTING ACTIVITIES
Capital Expenditures -$7.200M -$4.000M
YoY Change 80.0% 135.29%
Acquisitions
YoY Change
Other Investing Activities -$10.00M -$8.800M
YoY Change 13.64% -35.77%
Cash From Investing Activities -$17.30M -$12.80M
YoY Change 35.16% -16.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.90M -6.900M
YoY Change 72.46% 46.81%
NET CHANGE
Cash From Operating Activities 1.600M 11.90M
Cash From Investing Activities -17.30M -12.80M
Cash From Financing Activities -11.90M -6.900M
Net Change In Cash -27.60M -7.800M
YoY Change 253.85% -59.16%
FREE CASH FLOW
Cash From Operating Activities $1.600M $11.90M
Capital Expenditures -$7.200M -$4.000M
Free Cash Flow $8.800M $15.90M
YoY Change -44.65% 488.89%

Facts In Submission

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pega Revenue Percentage
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dei Document Fiscal Period Focus
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Q2
dei Document Fiscal Year Focus
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2016
dei Document Type
DocumentType
10-Q
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
dei Entity Central Index Key
EntityCentralIndexKey
0001013857
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
9299000
dei Trading Symbol
TradingSymbol
PEGA
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78924000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76347000 shares
dei Amendment Flag
AmendmentFlag
false
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2577000 shares
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Period End Date
DocumentPeriodEndDate
2016-06-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
PEGASYSTEMS INC
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M6D
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 Unit
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 second quarter and first six months of 2016 and 2015.
us-gaap Revenues
Revenues
367854000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
49113000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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-1231000
us-gaap Investment Income Net
InvestmentIncomeNet
478000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1682000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
2270000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
5690000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-3718000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
20942000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
342000
us-gaap Operating Income Loss
OperatingIncomeLoss
20485000
us-gaap Net Income Loss
NetIncomeLoss
12652000
us-gaap Maintenance Revenue
MaintenanceRevenue
108136000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
16065000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-10853000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-171000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
11763000
us-gaap Technology Services Revenue
TechnologyServicesRevenue
120702000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
8213000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4592000
us-gaap Licenses Revenue
LicensesRevenue
139016000
us-gaap Gross Profit
GrossProfit
251244000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3654000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-4576000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-889000
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
-1415000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
18991000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1190000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11675000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-738000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6339000
us-gaap License Costs
LicenseCosts
2333000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
364000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
52483000
us-gaap Share Based Compensation
ShareBasedCompensation
19816000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2542000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
2270000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-11222000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
135094000
us-gaap Technology Services Costs
TechnologyServicesCosts
102047000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
22342000
us-gaap Maintenance Costs
MaintenanceCosts
12230000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-29396000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
70494000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6569000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-28765000
us-gaap Cost Of Revenue
CostOfRevenue
116610000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
27780000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-19259000
us-gaap Operating Expenses
OperatingExpenses
230759000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
21139000
us-gaap Restructuring Charges
RestructuringCharges
287000
pega Revenue Percentage
RevenuePercentage
1.00 pure
pega Number Of Customers Accounted For More Than Ten Percent Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentOfRevenue
0 Customer
pega Marketable Debt Securities Weighted Average Remaining Maturity Period
MarketableDebtSecuritiesWeightedAverageRemainingMaturityPeriod
P17M
pega Fair Value Measurements Transfers Between Level One And Level Two
FairValueMeasurementsTransfersBetweenLevelOneAndLevelTwo
0
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
223000 shares
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76626000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78950000 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2324000 shares
CY2015Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.03
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2015Q2 us-gaap Revenues
Revenues
162019000
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1762000
CY2015Q2 us-gaap Investment Income Net
InvestmentIncomeNet
216000
CY2015Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-968000
CY2015Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2328000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-86000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5250000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
3104000
CY2015Q2 us-gaap Maintenance Revenue
MaintenanceRevenue
49329000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4780000
CY2015Q2 us-gaap Technology Services Revenue
TechnologyServicesRevenue
49193000
CY2015Q2 us-gaap Licenses Revenue
LicensesRevenue
63497000
CY2015Q2 us-gaap Gross Profit
GrossProfit
107238000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1676000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4501000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1397000
CY2015Q2 us-gaap License Costs
LicenseCosts
1030000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2015Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
13000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
60389000
CY2015Q2 us-gaap Technology Services Costs
TechnologyServicesCosts
48275000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10214000
CY2015Q2 us-gaap Maintenance Costs
MaintenanceCosts
5476000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
31372000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3119000
CY2015Q2 us-gaap Cost Of Revenue
CostOfRevenue
54781000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
101988000
CY2015Q2 pega Revenue Percentage
RevenuePercentage
1.00 pure
CY2015Q2 pega Number Of Customers Accounted For More Than Ten Percent Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentOfRevenue
0 Customer
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
315000 shares
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76318000 shares
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2651000 shares
CY2016Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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EarningsPerShareBasic
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CY2016Q2 us-gaap Revenues
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CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
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CY2016Q2 us-gaap Amortization Of Intangible Assets
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CY2016Q2 us-gaap Cost Of Revenue
CostOfRevenue
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CY2016Q2 us-gaap Investment Income Net
InvestmentIncomeNet
188000
CY2016Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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CY2016Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3085000
CY2016Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-1421000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
56000
CY2016Q2 us-gaap Operating Income Loss
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CY2016Q2 us-gaap Maintenance Revenue
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CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2016Q2 us-gaap Technology Services Revenue
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CY2016Q2 us-gaap Licenses Revenue
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CY2016Q2 us-gaap Gross Profit
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CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1168000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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5498000
CY2016Q2 us-gaap Income Tax Expense Benefit
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1.00 pure
CY2016Q2 pega Number Of Customers Accounted For More Than Ten Percent Of Revenue
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0 Customer
CY2016Q2 pega Fair Value Measurements Transfers Between Level One And Level Two
FairValueMeasurementsTransfersBetweenLevelOneAndLevelTwo
0

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