Business
Pega Delivers Best Quarter of the Year in Q3 2022
Annual contract value (ACV) grows 16 percent in constant currency year over yearPega Cloud ACV grows 39 percent in constant currency year over yearTotal
About this update from Pegasystems Inc.
[{"type":"text","content":"Annual contract value (ACV) grows 16 percent in constant currency year over yearPega Cloud ACV grows 39 percent in constant currency year over yearTotal backlog grows 11 percent (18 percent in constant currency) year over yearCAMBRIDGE, Mass., Oct. 26, 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 third quarter of 2022.\n\"Q3 2022 was by far the best quarter of the year for Pega,\" said Alan Trefler, founder and CEO, Pegasystems. \"We've prioritized our go to market efforts to promote profitable growth. The focus we're driving is being embraced by the organization, and we're excited about the results we're seeing.\"\n\"We are excited to see growth acceleration in key performance metrics despite significant foreign exchange headwinds,\" said Ken Stillwell, COO and CFO, Pegasystems. \"We also continue to make progress on improving operational discipline and driving profitable growth to achieve the Rule of 40 as we exit 2024.\"\nFinancial and performance metrics (1)\n(Dollars in thousands,\nexcept per share amounts)\nThree Months Ended\nSeptember 30,\nNine Months Ended\nSeptember 30,\n2022\n2021\nChange\n2022\n2021\nChange\nTotal revenue\n$ 270,731\n$ 256,268\n6 %\n$ 921,375\n$ 895,469\n3 %\nNet (loss) - GAAP\n$ (93,520)\n$ (56,468)\n(66) %\n$ (380,195)\n$ (25,794)\n(1374) %\nNet (loss) income - non-GAAP\n$ (27,498)\n$ (29,671)\n7 %\n$ (8,730)\n$ 15,761\n*\nDiluted (loss) per share - GAAP\n$ (1.14)\n$ (0.69)\n(65) %\n$ (4.65)\n$ (0.32)\n(1353) %\nDiluted (loss) earnings per share - non-GAAP\n$ (0.34)\n$ (0.36)\n6 %\n$ (0.11)\n$ 0.18\n*\n* not meaningful\n \n(Dollars in thousands)\nThree Months Ended\nSeptember 30,\nChange\nNine Months Ended\nSeptember 30,\nChange\n2022\n2021\n2022\n2021\nPega Cloud\n$ 97,359\n36 %\n$ 78,369\n31 %\n$ 18,990\n24 %\n$ 281,182\n31 %\n$ 219,520\n25 %\n$ 61,662\n28 %\nMaintenance\n77,526\n29 %\n83,188\n32 %\n(5,662)\n(7) %\n235,568\n25 %\n237,531\n26 %\n(1,963)\n(1) %\nSubscription services\n174,885\n65 %\n161,557\n63 %\n13,328\n8 %\n516,750\n56 %\n457,051\n51 %\n59,699\n13 %\nSubscription license\n31,112\n11 %\n35,421\n14 %\n(4,309)\n(12) %\n210,245\n23 %\n251,226\n28 %\n(40,981)\n(16) %\nSubscription\n205,997\n76 %\n196,978\n77 %\n9,019\n5 %\n726,995\n79 %\n708,277\n...