$PEGA
PEGASYSTEMS INC

2018 Q1 Form 10-Q Financial Statement

#000119312518159252 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $235.2M $256.3M
YoY Change -8.24% 43.3%
Cost Of Revenue $75.61M $68.09M
YoY Change 11.05% 20.49%
Gross Profit $159.6M $188.2M
YoY Change -15.22% 53.84%
Gross Profit Margin 67.85% 73.43%
Selling, General & Admin $104.8M $82.02M
YoY Change 27.84% 13.71%
% of Gross Profit 65.71% 43.57%
Research & Development $46.79M $40.30M
YoY Change 16.1% 15.4%
% of Gross Profit 29.32% 21.41%
Depreciation & Amortization $10.32M $6.088M
YoY Change 69.55% 11.38%
% of Gross Profit 6.47% 3.23%
Operating Expenses $151.6M $122.3M
YoY Change 23.97% 13.02%
Operating Profit $7.936M $65.91M
YoY Change -87.96% 366.6%
Interest Expense -$300.0K $1.000M
YoY Change -130.0% -41.18%
% of Operating Profit -3.78% 1.52%
Other Income/Expense, Net $363.0K -$279.0K
YoY Change -230.11% -87.86%
Pretax Income $7.978M $66.58M
YoY Change -88.02% 393.43%
Income Tax -$4.222M $13.62M
% Of Pretax Income -52.92% 20.45%
Net Earnings $12.20M $52.96M
YoY Change -76.97% 409.26%
Net Earnings / Revenue 5.19% 20.66%
Basic Earnings Per Share $0.16 $0.69
Diluted Earnings Per Share $0.15 $0.65
COMMON SHARES
Basic Shares Outstanding 78.24M shares 76.76M shares
Diluted Shares Outstanding 83.10M shares 81.88M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $254.8M $147.8M
YoY Change 72.4% -23.78%
Cash & Equivalents $165.8M $83.84M
Short-Term Investments $89.00M $63.90M
Other Short-Term Assets $50.69M $19.65M
YoY Change 157.95% -15.29%
Inventory
Prepaid Expenses
Receivables $165.0M $263.3M
Other Receivables $0.00 $10.80M
Total Short-Term Assets $624.2M $441.6M
YoY Change 41.35% 1.09%
LONG-TERM ASSETS
Property, Plant & Equipment $39.95M
YoY Change 11.15%
Goodwill $73.02M $72.83M
YoY Change 0.26% 55.87%
Intangibles
YoY Change
Long-Term Investments $2.100M
YoY Change
Other Assets $128.7M $4.445M
YoY Change 2795.25% 19.23%
Total Long-Term Assets $381.8M $228.1M
YoY Change 67.4% 34.66%
TOTAL ASSETS
Total Short-Term Assets $624.2M $441.6M
Total Long-Term Assets $381.8M $228.1M
Total Assets $1.006B $669.6M
YoY Change 50.22% 10.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.18M $14.24M
YoY Change -14.48% 18.86%
Accrued Expenses $48.28M $38.55M
YoY Change 25.25% -16.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $280.1M $279.6M
YoY Change 0.2% 12.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $23.77M $15.73M
YoY Change 51.07% -0.92%
Total Long-Term Liabilities $23.77M $15.73M
YoY Change 51.07% -0.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $280.1M $279.6M
Total Long-Term Liabilities $23.77M $15.73M
Total Liabilities $343.8M $309.6M
YoY Change 11.07% 9.12%
SHAREHOLDERS EQUITY
Retained Earnings $517.9M $223.0M
YoY Change 132.22% 19.33%
Common Stock $146.7M $143.2M
YoY Change 2.45% 3.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $663.8M $360.1M
YoY Change
Total Liabilities & Shareholders Equity $1.006B $669.6M
YoY Change 50.22% 10.47%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $12.20M $52.96M
YoY Change -76.97% 409.26%
Depreciation, Depletion And Amortization $10.32M $6.088M
YoY Change 69.55% 11.38%
Cash From Operating Activities $55.66M $32.40M
YoY Change 71.77% 224.0%
INVESTING ACTIVITIES
Capital Expenditures -$2.100M $2.415M
YoY Change -186.96% -43.19%
Acquisitions $290.0K
YoY Change 13.73%
Other Investing Activities $2.069M $2.705M
YoY Change -23.51% -80.11%
Cash From Investing Activities -$31.28M -$3.700M
YoY Change 745.35% -139.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $20.71M $13.70M
YoY Change 51.2% -22.04%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$23.05M -16.00M
YoY Change 44.08% -19.19%
NET CHANGE
Cash From Operating Activities $55.66M 32.40M
Cash From Investing Activities -$31.28M -3.700M
Cash From Financing Activities -$23.05M -16.00M
Net Change In Cash $3.511M 12.70M
YoY Change -72.35% -3275.0%
FREE CASH FLOW
Cash From Operating Activities $55.66M $32.40M
Capital Expenditures -$2.100M $2.415M
Free Cash Flow $57.76M $29.99M
YoY Change 92.61% 421.57%

Facts In Submission

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PEGASYSTEMS INC.
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CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
4363000
CY2018Q1 us-gaap Investment Income Net
InvestmentIncomeNet
764000
CY2018Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1085000
CY2018Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3141000
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
2069000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-188000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
7936000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
12200000
CY2018Q1 us-gaap Maintenance Revenue
MaintenanceRevenue
64525000
CY2018Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
65000
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
16375000
CY2018Q1 us-gaap Technology Services Revenue
TechnologyServicesRevenue
82884000
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2344000
CY2018Q1 us-gaap Licenses Revenue
LicensesRevenue
87773000
CY2018Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-19591000
CY2018Q1 us-gaap Gross Profit
GrossProfit
159568000
CY2018Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
101600000
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2610000
CY2018Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
35204000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
363000
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
4175000
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
7978000
CY2018Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6145000
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
2186000
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4222000
CY2018Q1 us-gaap License Costs
LicenseCosts
1255000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-31278000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
15109000
CY2018Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
3789000
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
88383000
CY2018Q1 us-gaap Technology Services Costs
TechnologyServicesCosts
68277000
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16464000
CY2018Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
0
CY2018Q1 us-gaap Maintenance Costs
MaintenanceCosts
6082000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-23052000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
46785000
CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2837000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3511000
CY2018Q1 us-gaap Cost Of Revenue
CostOfRevenue
75614000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
151632000
CY2018Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
5995000
CY2018Q1 pega Amortization Period For Deferred Finance Costs
AmortizationPeriodForDeferredFinanceCosts
P5Y
CY2018Q1 pega Fair Value Measurements Transfers Between Level One And Level Two
FairValueMeasurementsTransfersBetweenLevelOneAndLevelTwo
0
CY2018Q1 pega Marketable Debt Securities Weighted Average Remaining Maturity Period
MarketableDebtSecuritiesWeightedAverageRemainingMaturityPeriod
P1Y4M24D
CY2017Q4 pega Tax Cuts And Jobs Act Of2017 Incomplete Accounting Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit
20400000

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