Pegasystems announced financial results for the third quarter and first nine months of 2013. Revenue for the third quarter of 2013 increased 20% compared to the third quarter of 2012. Net income for the third quarter of 2013 was $8.7 million, or $0.22 per diluted share, compared to net loss of $0.3 million, or $(0.01) per diluted share, for the third quarter of 2012. Revenue for the first nine months of 2013 increased 12% to $355.6 million compared to the first nine months of 2012. Net income for the first nine months of 2013 was $22.5 million, or $0.58 per diluted share, compared to net income of $1.5 million, or $0.04 per diluted share, for the first nine months of 2012.
SELECTED FINANCIAL RESULTS (1)
| |||||||||||||||||
Three Months Ended
|
Nine Months Ended
| ||||||||||||||||
September 30,
|
September 30,
| ||||||||||||||||
($ in '000s)
|
2013
|
2012
|
2013
|
2012
| |||||||||||||
License revenue
|
$
|
44,802
|
$
|
28,575
|
$
|
128,217
|
$
|
95,517
| |||||||||
Total revenue
|
$
|
122,011
|
$
|
101,657
|
$
|
355,572
|
$
|
317,880
| |||||||||
Gross profit
|
$
|
83,913
|
$
|
63,992
|
$
|
241,943
|
$
|
198,694
| |||||||||
Income from operations
|
$
|
13,789
|
$
|
401
|
$
|
33,793
|
$
|
3,636
| |||||||||
Net income (loss)
|
$
|
8,710
|
$
|
(331
|
)
|
$
|
22,482
|
$
|
1,459
| ||||||||
Earnings (loss) per share, basic - GAAP
|
$
|
0.23
|
$
|
(0.01
|
)
|
$
|
0.59
|
$
|
0.04
| ||||||||
Earnings (loss) per share, diluted - GAAP
|
$
|
0.22
|
$
|
(0.01
|
)
|
$
|
0.58
|
$
|
0.04
| ||||||||
Earnings per share, diluted - Non-GAAP
|
$
|
0.33
|
$
|
0.13
|
$
|
0.88
|
$
|
0.45
| |||||||||
“Through Q3, Pegasystems showed a 34 percent year-to-date growth in software license revenue, which is significantly higher than industry growth forecasts for our segments,” said Alan Trefler, Founder and CEO of Pegasystems. “Our better business software is helping leading organizations build and evolve their critical business solutions. We are delighted by the enthusiastic feedback regarding the increased capability and ease of use in our Pega 7 release. Our October acquisition of Antenna Software, a recognized industry leader in mobile application development platforms, is indicative of our ongoing commitment to market leadership. Empowering our unique, unified and fully model-driven architecture to deliver and manage omni-channel customer engagement with smart process mobile apps will further differentiate Pega from its competitors.”
Rafe Brown, Pegasystems' CFO, added, “In addition to strong top-line growth, the Company delivered operating cash flow of $83.4 million year to date, up 187 percent over the same period last year. Year-to-date earnings per share jumped to $0.88 per diluted share on a Non-GAAP basis related in part to a slightly higher than expected ratio of perpetual license revenue recognized in the current quarter.”
Antenna Acquisition Impact
The Company expects Antenna’s fourth quarter 2013 operations will reduce the Company’s earnings by approximately $0.03 - $0.05 per share on a Non-GAAP basis.
Comments
Post a Comment