Business
Client Adoption Drives Pega Cloud to 70% of New Client Commitments in First Half of 2022
Total revenue increases to $651 million in first six months of 2022Annual contract value grows 14 percent (19 percent in constant currency)Total backlog of
About this update from Pegasystems Inc.
[{"type":"text","content":"Total revenue increases to $651 million in first six months of 2022Annual contract value grows 14 percent (19 percent in constant currency)Total backlog of $1.1 billion as of June 30, 2022CAMBRIDGE, Mass., July 27, 2022 /PRNewswire/ -- Pegasystems Inc. (NASDAQ: PEGA), the low-code platform provider that builds agility into the world's leading organizations, released its financial results for the second quarter of 2022.\n\"This year has turned out to be an extremely volatile business environment,\" said Alan Trefler, founder and CEO, Pegasystems. \"The ongoing uncertainty will continue to put pressure on our clients. But this is an environment for which Pega is uniquely suited, as our low-code platform allows these same organizations to more easily adapt to change.\"\n\"In the first half of 2022, we've grown annual contract value (\"ACV\") 19 percent year-over-year in constant currency while showing additional signs of improving profitability,\" said Ken Stillwell, COO and CFO, Pegasystems. \"We're doubling down on our work to become a Rule of 40 company in 2024.\"\nFinancial and performance metrics (1)\n(Dollars in thousands,\nexcept per share amounts)\nThree Months Ended\nJune 30,\nSix Months Ended\nJune 30,\n2022\n2021\nChange\n2022\n2021\nChange\nTotal revenue\n$ 274,337\n$ 325,702\n(16) %\n$ 650,644\n$ 639,201\n2 %\nNet (loss) income - GAAP\n$ (286,296)\n$ 37,291\n*\n$ (286,675)\n$ 30,674\n*\nNet (loss) income - non-GAAP\n$ (31,406)\n$ 21,792\n*\n$ 18,768\n$ 45,433\n(59) %\nDiluted (loss) earnings per share - GAAP\n$ (3.50)\n$ 0.43\n*\n$ (3.51)\n$ 0.36\n*\nDiluted (loss) earnings per share - non-GAAP\n$ (0.38)\n$ 0.25\n*\n$ 0.22\n$ 0.53\n(58) %\n \n(Dollars in thousands)\nThree Months Ended\nJune 30,\nChange\nSix Months Ended\nJune 30,\nChange\n2022\n2021\n2022\n2021\nPega Cloud\n$ 93,506\n34 %\n$ 73,293\n23 %\n$ 20,213\n28 %\n$ 183,823\n28 %\n$ 141,151\n22 %\n$ 42,672\n30 %\nMaintenance\n78,326\n29 %\n78,782\n24 %\n(456)\n(1) %\n158,042\n24 %\n154,343\n24 %\n3,699\n2 %\nSubscription services\n171,832\n63 %\n152,075\n47 %\n19,757\n13 %\n341,865\n52 %\n295,494\n46 %\n46,371\n16 %\nSubscription license\n41,600\n15 %\n104,296\n32 %\n(62,696)\n(60) %\n179,133\n28 %\n215,805\n34 %\n(36,672)\n(17) %\nSubscription\n213,432\n78 %\n256,371\n79 %\n(42,939)\n(17) %\n520,998\n80 %\n511,299\n80 %\n9,699\n2 %\nPerpetual license\n2,266\n1 ...