PegaSystems Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>PegaSystems Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

PEGASYSTEMS INC (PEGA) filed a Annual Report (10-K) with the SEC on February 14, 2024. PegaSystems Inc. filed its 2023 Form 10-K on February 14, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is One Main Street, Cambridge, MA. The SIC code for PegaSystems Inc. is 7374 (Services-Computer Processing & Data Preparation). The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking PEGASYSTEMS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of PegaSystems' financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, and potential challenges, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — PEGASYSTEMS INC shows moderate risk based on this filing. The company operates in the software and technology sector, which is subject to rapid technological changes, intense competition, and evolving customer demands, posing a medium risk to its sustained growth and market position.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand PegaSystems' performance and potential challenges in the competitive software market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-14 — Filing Date (As of Date)
• 140 — Public Document Count (Total documents in the filing)
• 0.0074045 — P3Y (A specific financial metric or ratio)

Key Players & Entities

• PEGASYSTEMS INC (company) — Filer name
• 0001013857 (company) — Central Index Key
• 7374 (company) — Standard Industrial Classification
• MA (company) — State of Incorporation
• ONE MAIN STREET (company) — Business Address Street 1
• CAMBRIDGE (company) — Business Address City
• 02142-1531 (company) — Business Address ZIP
• 6173749600 (company) — Business Phone

FAQ

Industry Context

PegaSystems Inc. operates in the software industry, specifically focusing on customer engagement and digital process automation solutions.

Regulatory Implications

The company is subject to various U.S. securities laws and regulations, including those governing the filing of annual reports (10-K) with the SEC.

What Investors Should Do

1. Review PegaSystems' 2023 10-K for detailed financial performance and operational insights.
2. Analyze the company's revenue segments, including Subscription Services, Subscription License, and Consulting.
3. Assess the risk factors outlined in the filing to understand potential challenges and their impact on the business.

Key Dates

• 2024-02-14: Filing of 10-K — Official filing of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, following previous filings which would include quarterly reports (10-Q) and potentially prior annual reports.

Key Financial Figures

• $49 — k on the NASDAQ Global Select Market of $49.30, on June 30, 2023 was approximately
• $0.01 — hares of the Registrant's common stock, $0.01 par value per share, outstanding on Feb

Filing Documents

• pega-20231231.htm (10-K) — 2068KB
• q42023_ex-211.htm (EX-21.1) — 6KB
• q42023_ex-231.htm (EX-23.1) — 2KB
• q42023_ex-311.htm (EX-31.1) — 10KB
• q42023_ex-312.htm (EX-31.2) — 10KB
• q42023_ex-32.htm (EX-32) — 6KB
• q42023_ex-971.htm (EX-97.1) — 35KB
• pega-20231231_g1.jpg (GRAPHIC) — 111KB
• pega-20231231_g2.jpg (GRAPHIC) — 126KB
• pega-20231231_g3.jpg (GRAPHIC) — 76KB
• pega-20231231_g4.jpg (GRAPHIC) — 35KB
• pega-20231231_g5.jpg (GRAPHIC) — 33KB
• pega-20231231_g6.jpg (GRAPHIC) — 103KB
• 0001013857-24-000012.txt (&nbsp;) — 13117KB
• pega-20231231.xsd (EX-101.SCH) — 86KB
• pega-20231231_cal.xml (EX-101.CAL) — 143KB
• pega-20231231_def.xml (EX-101.DEF) — 333KB
• pega-20231231_lab.xml (EX-101.LAB) — 1063KB
• pega-20231231_pre.xml (EX-101.PRE) — 687KB
• pega-20231231_htm.xml (XML) — 1942KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Annual Report"), including without limitation, "Item 1. Business," "Item 1A. Risk Factors," "Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities," and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," along with other reports that we have filed with the Securities and Exchange Commission ("SEC"), external documents, and oral presentations, contains or incorporates forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, plans, believes, will, could, should, estimates, may, targets, strategies, intends to, projects, forecasts, guidance, likely, and usually or variations of such words and other similar expressions, identify forward-looking statements, which represent our views only as of the date the statement was made and are based on current expectations and assumptions. Forward-looking statements deal with future events and are subject to risks and uncertainties that are difficult to predict, including, but not limited to: our future financial performance and business plans; the adequacy of our liquidity and capital resources; the continued payment of our quarterly dividends; the timing of revenue recognition; variation in demand for our products and services, including among clients in the public sector; reliance on key personnel; reliance on third-party service providers, including hosting providers; compliance with our debt obligations and covenants; the potential impact of our convertible senior notes and capped call transactions; foreign currency exchange rates; the potential legal and financial liabilities and damage to our reputation due to cyber-attacks; security breaches and security flaws; our ability to protect our intellectual property rights, costs associated with defending suc

BUSINESS

ITEM 1. BUSINESS Our Business We develop, market, license, host, and support enterprise software that helps organizations build agility into their business so they can adapt to change. Our powerful, low-code platform for workflow automation and artificial intelligence-powered decisioning enables the world's leading brands and government agencies to hyper-personalize customer experiences, streamline customer service, and automate mission-critical business processes and workflows. With Pega, our clients can leverage our artificial intelligence ("AI") technology and scalable architecture to accelerate their digital transformation. In addition, our client success teams, world-class partners, and clients leverage our Pega Express methodology to design and deploy mission-critical applications quickly and collaboratively. To grow our business, we intend to: Increase market share by developing and delivering a low-code platform for workflow automation and AI-powered decisioning for buyers in marketing, sales, service, operations, and IT that can work together seamlessly with maximum competitive differentiation; Deepen and expand our relationships with existing clients; Establish relationships with new clients; and Continue to scale our marketing efforts to support how today's buyers discover, evaluate, and choose products and services. Whether we are successful depends, in part, on our ability to: Execute our marketing and sales strategies; Manage our expenses appropriately as we grow our organization; Develop new products and enhance our existing products; and Incorporate acquired technologies into our solutions and the unified Pega Platform. Our Products Pega Infinity Pega Infinity, the latest version of our software portfolio, helps build agility into our clients' organizations so they can work smarter, unify experiences, and adapt to meet changing requirements. 4 Our applications and low-code platform intersect with and encompass several software mark

View Full Filing

View this 10-K filing on SEC EDGAR