$PEGA
PEGASYSTEMS INC

2017 Q1 Form 10-Q Financial Statement

#000119312517165875 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $256.3M $178.9M
YoY Change 43.3% 16.2%
Cost Of Revenue $68.09M $56.51M
YoY Change 20.49% 12.89%
Gross Profit $188.2M $122.3M
YoY Change 53.84% 17.8%
Gross Profit Margin 73.43% 68.41%
Selling, General & Admin $82.02M $72.13M
YoY Change 13.71% 16.18%
% of Gross Profit 43.57% 58.95%
Research & Development $40.30M $34.92M
YoY Change 15.4% 17.01%
% of Gross Profit 21.41% 28.54%
Depreciation & Amortization $6.088M $5.466M
YoY Change 11.38% -2.81%
% of Gross Profit 3.23% 4.47%
Operating Expenses $122.3M $108.2M
YoY Change 13.02% 17.7%
Operating Profit $65.91M $14.13M
YoY Change 366.6% 18.61%
Interest Expense $1.000M $1.700M
YoY Change -41.18% -165.38%
% of Operating Profit 1.52% 12.04%
Other Income/Expense, Net -$279.0K -$2.298M
YoY Change -87.86%
Pretax Income $66.58M $13.49M
YoY Change 393.43% 45.71%
Income Tax $13.62M $3.093M
% Of Pretax Income 20.45% 22.92%
Net Earnings $52.96M $10.40M
YoY Change 409.26% 75.23%
Net Earnings / Revenue 20.66% 5.81%
Basic Earnings Per Share $0.69 $0.14
Diluted Earnings Per Share $0.65 $0.13
COMMON SHARES
Basic Shares Outstanding 76.76M shares 76.38M shares
Diluted Shares Outstanding 81.88M shares 79.24M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.8M $193.9M
YoY Change -23.78% -13.98%
Cash & Equivalents $83.84M $92.18M
Short-Term Investments $63.90M $101.7M
Other Short-Term Assets $19.65M $23.20M
YoY Change -15.29% 74.73%
Inventory
Prepaid Expenses
Receivables $263.3M $202.4M
Other Receivables $10.80M $4.900M
Total Short-Term Assets $441.6M $436.8M
YoY Change 1.09% 7.04%
LONG-TERM ASSETS
Property, Plant & Equipment $39.95M $35.94M
YoY Change 11.15% 15.43%
Goodwill $72.83M $46.72M
YoY Change 55.87% -0.11%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.445M $3.728M
YoY Change 19.23% 20.76%
Total Long-Term Assets $228.1M $169.4M
YoY Change 34.66% -12.11%
TOTAL ASSETS
Total Short-Term Assets $441.6M $436.8M
Total Long-Term Assets $228.1M $169.4M
Total Assets $669.6M $606.2M
YoY Change 10.47% 0.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.24M $11.98M
YoY Change 18.86% 86.92%
Accrued Expenses $38.55M $46.06M
YoY Change -16.32% 31.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $279.6M $248.7M
YoY Change 12.41% 2.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.73M $15.88M
YoY Change -0.92% -6.59%
Total Long-Term Liabilities $15.73M $15.88M
YoY Change -0.92% -6.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $279.6M $248.7M
Total Long-Term Liabilities $15.73M $15.88M
Total Liabilities $309.6M $283.7M
YoY Change 9.12% -6.37%
SHAREHOLDERS EQUITY
Retained Earnings $223.0M $186.9M
YoY Change 19.33% 19.27%
Common Stock $143.2M $138.8M
YoY Change 3.17% -4.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $360.1M $322.5M
YoY Change
Total Liabilities & Shareholders Equity $669.6M $606.2M
YoY Change 10.47% 0.9%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $52.96M $10.40M
YoY Change 409.26% 75.23%
Depreciation, Depletion And Amortization $6.088M $5.466M
YoY Change 11.38% -2.81%
Cash From Operating Activities $32.40M $10.00M
YoY Change 224.0% -63.64%
INVESTING ACTIVITIES
Capital Expenditures $2.415M $4.251M
YoY Change -43.19% 29.8%
Acquisitions $290.0K $255.0K
YoY Change 13.73% -52.34%
Other Investing Activities $2.705M $13.60M
YoY Change -80.11% -747.62%
Cash From Investing Activities -$3.700M $9.400M
YoY Change -139.36% -274.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $13.70M $17.57M
YoY Change -22.04% 623.9%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.00M -19.80M
YoY Change -19.19% 214.29%
NET CHANGE
Cash From Operating Activities 32.40M 10.00M
Cash From Investing Activities -3.700M 9.400M
Cash From Financing Activities -16.00M -19.80M
Net Change In Cash 12.70M -400.0K
YoY Change -3275.0% -102.53%
FREE CASH FLOW
Cash From Operating Activities $32.40M $10.00M
Capital Expenditures $2.415M $4.251M
Free Cash Flow $29.99M $5.749M
YoY Change 421.57% -76.27%

Facts In Submission

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PEGASYSTEMS INC.
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CY2017Q1 us-gaap Technology Services Costs
TechnologyServicesCosts
59572000
CY2017Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12335000
CY2017Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-354000
CY2017Q1 us-gaap Maintenance Costs
MaintenanceCosts
7218000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-15994000
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
40296000
CY2017Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3200000
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
13244000
CY2017Q1 us-gaap Cost Of Revenue
CostOfRevenue
68090000
CY2017Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-21193000
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
123919000
CY2017Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
2300000
CY2017Q1 pega Revenue Percentage
RevenuePercentage
1.00 pure
CY2017Q1 pega Marketable Debt Securities Weighted Average Remaining Maturity Period
MarketableDebtSecuritiesWeightedAverageRemainingMaturityPeriod
P12M
CY2017Q1 pega Number Of Customers Accounted For More Than Ten Percent Of Accounts Receivable
NumberOfCustomersAccountedForMoreThanTenPercentOfAccountsReceivable
0 Customer
CY2017Q1 pega Fair Value Measurements Transfers Between Level One And Level Two
FairValueMeasurementsTransfersBetweenLevelOneAndLevelTwo
0
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
492000 shares
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
10040000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79235000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76375000 shares
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2860000 shares
CY2016Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.03
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
178858000
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4251000
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
17569000
CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
255000
CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-7000
CY2016Q1 us-gaap Investment Income Net
InvestmentIncomeNet
290000
CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1376000
CY2016Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2605000
CY2016Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-2297000
CY2016Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-921000
CY2016Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
8193000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
286000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
14125000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
10400000
CY2016Q1 us-gaap Maintenance Revenue
MaintenanceRevenue
52975000
CY2016Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
201000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-6697000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
10679000
CY2016Q1 us-gaap Technology Services Revenue
TechnologyServicesRevenue
57538000
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2297000
CY2016Q1 us-gaap Licenses Revenue
LicensesRevenue
68345000
CY2016Q1 us-gaap Gross Profit
GrossProfit
122348000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2298000
CY2016Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2712000
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
279000
CY2016Q1 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
-450000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13493000
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
650000
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5466000
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-434000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3093000
CY2016Q1 us-gaap License Costs
LicenseCosts
1021000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
9370000
CY2016Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
44000
CY2016Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
6179000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
8935000
CY2016Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
919000
CY2016Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1129000
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
61078000
CY2016Q1 us-gaap Technology Services Costs
TechnologyServicesCosts
49574000
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11048000
CY2016Q1 us-gaap Maintenance Costs
MaintenanceCosts
5915000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-19822000
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
34920000
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2965000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-846000
CY2016Q1 us-gaap Cost Of Revenue
CostOfRevenue
56510000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-24822000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
108223000
CY2016Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
15890000
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
258000
CY2016Q1 pega Revenue Percentage
RevenuePercentage
1.00 pure

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