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About Pegasystems
Pegasystems revolutionizes how leading organizations optimize customer experience and automate operations. Our patented Build for Change® technology empowers business people to create and evolve their critical business systems. Pegasystems is the recognized leader in business process management and is also ranked as a leader in customer relationship management software by leading industry analysts. For more information, please visit us at www.pega.com.
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Pegasystems Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, 2012 2011 2012 2011 --------- --------- --------- ---------Revenue:Software license $ 68,389 $ 45,354 $ 163,906 $ 138,807Maintenance 35,870 31,397 133,527 117,110Professional services 39,571 38,543 164,277 160,758 --------- --------- --------- --------- Total revenue 143,830 115,294 461,710 416,675 --------- --------- --------- ---------Cost of revenue:Cost of software license 1,576 1,751 6,339 6,693Cost of maintenance 3,715 3,463 14,787 13,077Cost of professional services 32,903 37,360 136,254 145,028 --------- --------- --------- --------- Total cost of revenue (1) 38,194 42,574 157,380 164,798 --------- --------- --------- ---------Gross profit 105,636 72,720 304,330 251,877 --------- --------- --------- ---------Operating expenses:Selling and marketing 50,787 43,750 167,263 147,457Research and development 19,315 18,261 76,726 65,308General and administrative 7,744 7,005 28,915 28,198Acquisition-related costs -- -- -- 482Restructuring costs -- -- -- (62) --------- --------- --------- --------- Total operating expenses (1) 77,846 69,016 272,904 241,383 --------- --------- --------- ---------Income from operations 27,790 3,704 31,426 10,494Foreign currency transaction gain (loss) 443 (1,075) 780 (935)Interest income, net 101 119 419 398Other (expense) income, net (184) 491 (1,680) 856 --------- --------- --------- ---------Income before provision for income taxes 28,150 3,239 30,945 10,813Provision for income taxes 7,741 5,094 9,077 705 --------- --------- --------- --------- Net income (loss) $ 20,409 $ (1,855) $ 21,868 $ 10,108 ========= ========= ========= =========Earnings (loss) per share:Basic $ 0.54 $ (0.05) $ 0.58 $ 0.27 ========= ========= ========= =========Diluted $ 0.53 $ (0.05) $ 0.56 $ 0.26 ========= ========= ========= =========Weighted-average number of common shares outstanding:Basic 37,900 37,681 37,853 37,496Diluted 38,732 37,681 38,859 39,404Dividends per share $ 0.03 $ 0.03 $ 0.12 $ 0.12 ========= ========= ========= =========(1) Includes stock-based compensation as follows:Cost of revenue 945 728 3,655 2,737Operating expenses 1,939 1,578 7,851 6,291 PEGASYSTEMS INC. RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES (1) ($ in thousands, except per share data) Three Months Ended Year Ended December 31, 2012 December 31, 2012 --------------------- ---------------------Net Income and Diluted EPS - GAAP basis $ 20,409 $ 0.53 $ 21,868 $ 0.56Adjustment to exclude amortization of intangible assets, net of tax 1,842 0.04 7,376 0.19Adjustment to exclude stock- based compensation, net of tax 1,912 0.05 7,621 0.20Adjustment to exclude expenses for relocation of headquarters, net of tax 1,036 0.03 5,646 0.14 ---------- ---------- ---------- ----------Net Income and Diluted EPS - Non-GAAP basis $ 25,199 $ 0.65 $ 42,511 $ 1.09 ========== ========== ========== ==========Weighted-average common shares - diluted GAAP and Non-GAAP 38,732 38,859 PEGASYSTEMS INC. FOOTNOTES FOR RECONCILIATON OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
