SOURCE: Pegasystems

Pegasystems

November 02, 2016 16:03 ET

Pegasystems Announces Financial Results for Third Quarter and Nine Months of 2016

Total Revenue Growth Exceeds 15% For Nine Months of 2016

CAMBRIDGE, MA--(Marketwired - November 02, 2016) - Pegasystems Inc. (NASDAQ: PEGA), the software company empowering customer engagement for the world's leading enterprises, today announced results for its third quarter and nine months ended September 30, 2016.

"We're pleased with our Q3 and year-to-date results," said Alan Trefler, founder and CEO, Pegasystems. "We continue to focus on delivering the industry's leading BPM and CRM applications to provide clients with dramatic business agility and positive business outcomes. We are delighted to see a growing number of leading organizations choosing our software to improve customer engagement and drive operational excellence."

  
SELECTED GAAP & NON-GAAP RESULTS (1)  
  Three Months Ended September 30,        
($ in thousands except per share amounts) 2016  2016  2015  2015  % Increase (Decrease)  
GAAP  Non-GAAP  GAAP  Non-GAAP  GAAP  Non-GAAP  
Total Revenue $182,802  $183,460  $162,403  $162,403  13 %13 %
License Revenue $68,833  $68,848  $58,948  $58,948  17 %17 %
Cloud Revenue $10,873  $10,902  $8,244  $8,244  32 %32 %
Net Income $2,418  $13,056  $6,325  $13,247  (62 %)(1 %)
Diluted Earnings per share $0.03  $0.17  $0.08  $0.17  (63 %)0 %
                        
  Nine Months Ended September 30,     
($ in thousands except per share amounts) 2016  2016  2015  2015  % Increase (Decrease)  
GAAP  Non-GAAP  GAAP  Non-GAAP  GAAP  Non-GAAP  
Total Revenue $550,656  $552,164  $478,340  $478,340  15 %15 %
License Revenue $207,849  $207,878  $180,420  $180,420  15 %15 %
Cloud Revenue $30,640  $30,764  $21,700  $21,700  41 %42 %
Net Income $15,070  $45,504  $15,364  $34,378  (2 %)32 %
Diluted Earnings per share $0.19  $0.58  $0.19  $0.44  0 %32 %
                 
(1) See a reconciliation of our GAAP to Non-GAAP measures contained in the financial schedules at the end of this release.  
  

"We are pleased with our year-to-date results through the third quarter of 2016," said Ken Stillwell, CFO, Pegasystems. "Our ability to grow GAAP and non-GAAP revenue by 15% in the face of currency headwinds and a significant shift to term license arrangements is a great indicator of our business momentum."

Cash: Total cash, cash equivalents, and marketable securities at September 30, 2016 was $129.7 million, down 40.8% from 2015 year-end, primarily due to the cash payment of $48.8 million to acquire OpenSpan, Inc. ("OpenSpan"), net of cash acquired.

Cash generated from operations for the nine months of 2016 was $17.4 million.

License and Cloud Backlog: The Company computes license and cloud backlog by adding deferred license and cloud revenue as recorded on the Company's balance sheet and license and cloud commitments, which are not yet billed and not recorded on its balance sheet.

  
License and Cloud Backlog (1)  
   September 30,     
($ in thousands)  2016  2015  % Change  
 Total deferred license and cloud revenue  47,280  55,370  (15 %)
 Total license and cloud commitments not on the balance sheet (2)  372,532  324,340  15 %
TOTAL LICENSE AND CLOUD BACKLOG  419,812  379,710  11 %
            
(1) See historical quarterly license and cloud backlog amounts in a separate schedule at the end of this release.  
(2) See the "Future Cash Receipts from License and Cloud Arrangements" table on page 23 of the Quarterly Report on Form 10-Q for the quarter ended September 30, 2016.  
            

Quarterly Conference Call

Pegasystems will host a conference call and audio-only Webcast associated with this announcement at 5:00 p.m. EDT today. A live audio Webcast of the conference call, together with detailed financial information, can be accessed through the Company's Website at www.pega.com/about/investors. Dial-in information is as follows: 1-877-705-6003 (domestic) or 1-201-493-6725 (international). To listen to the Webcast, log onto www.pega.com at least five minutes prior to the event's broadcast and click on the Webcast icon in the Investors section. A replay of the call will also be available on www.pega.com by clicking the Earnings Calls link in the Investors section.

Discussion of Non-GAAP Financial Measures:

To supplement financial results presented in accordance with Generally Accepted Accounting Principles in the U.S. ("GAAP"), the Company provides non-GAAP measures, including in this release. Pegasystems' management utilizes a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of the business, for making operating decisions, and for forecasting and planning for future periods. The Company's annual financial plan is prepared both on a GAAP and non-GAAP basis, and both are approved by our board of directors. In addition and as a consequence of the importance of these measures in managing the business, the Company uses non-GAAP measures and financial performance results in the evaluation process to establish management's compensation.

The non-GAAP measures exclude the effects of certain business combination accounting entries, stock-based compensation expense, amortization of acquired intangibles, acquisition-related and restructuring expenses, and certain other adjustments. The Company believes that these non-GAAP measures are helpful in understanding its past financial performance and its anticipated future results. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. A reconciliation of the Company's GAAP to non-GAAP measures is included in the financial schedules at the end of this release.

Forward-Looking Statements

"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The words "expect," "anticipate," "intend," "plan," "believe," "could," "estimate," "may," "target," "strategy," "is intended to," "project," "guidance", or variations of such words and similar expressions, among others, identify forward-looking statements, which speak only as of the date the statement was made. These statements are based on current expectations and assumptions and involve various risks and uncertainties, which could cause the Company's actual results to differ from those expressed in such forward-looking statements. These risks and uncertainties include, among others, variation in demand for our products and services and the difficulty in predicting the completion of product acceptance and other factors affecting the timing of our license revenue recognition; the ongoing consolidation in the financial services, insurance, healthcare, and communications markets; reliance on third party relationships; the potential loss of vendor specific objective evidence for our time and materials professional services arrangements; the inherent risks associated with international operations and the continued weakness in international economies; foreign currency exchange rates; the financial impact of the Company's past acquisitions, including the OpenSpan acquisition, and any future acquisitions; the potential legal and financial liabilities and reputation damage due to cyber-attacks and security breaches; and management of the Company's growth. Further information regarding these and other factors which could cause the Company's actual results to differ materially from any forward-looking statements contained in this press release is contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and other recent filings with the Securities and Exchange Commission. These documents are available on the Company's website at http://www.pega.com/about/investors. The forward-looking statements contained in this press release represent the Company's views as of November 2, 2016. Investors are cautioned not to place undue reliance on such forward-looking statements and there are no assurances that the matters contained in such statements will be achieved. Although subsequent events may cause the Company's view to change, except as required by applicable law, the Company does not undertake and specifically disclaims any obligation to publicly update or revise these forward-looking statements whether as the result of new information, future events or otherwise. The statements should therefore not be relied upon as representing the Company's view as of any date subsequent to November 2, 2016.

About Pegasystems
Pegasystems Inc. (NASDAQ: PEGA) develops strategic applications for marketing, sales, service, and operations. Pega's applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega's Global 3000 customers include many of the world's most sophisticated and successful enterprises. Pega's applications, available in the cloud or on-premises, are built on its unified Pega® 7 Platform, which uses visual tools to easily extend and change applications to meet clients' strategic business needs. Pega's clients report that Pega software gives them the fastest time to value, extremely rapid deployment, efficient re-use, and global scale. For more information, please visit us at www.pega.com.

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Pegasystems Inc.  
Unaudited Condensed Consolidated Statements of Operations  
($ in thousands, except per share amounts)  
                  
   Three Months Ended   Nine Months Ended  
   September 30,   September 30,  
   2016   2015   2016   2015  
Revenue:                     
 Software license  $68,833   $58,948   $207,849   $180,420  
 Maintenance   55,038    52,285    163,174    150,366  
 Services   58,931    51,170    179,633    147,554  
  Total revenue   182,802    162,403    550,656    478,340  
Cost of revenue:                     
 Software license   1,313    1,000    3,646    3,106  
 Maintenance   6,659    5,644    18,889    16,300  
 Services   52,465    48,797    154,512    140,875  
  Total cost of revenue (1)   60,437    55,441    177,047    160,281  
Gross profit   122,365    106,962    373,609    318,059  
Operating expenses:                     
 Selling and marketing   67,032    53,640    202,126    169,764  
 Research and development   38,036    33,032    108,530    94,248  
 General and administrative   11,725    9,579    34,067    26,138  
 Acquisition-related   74    -    2,616    39  
 Restructuring   -    -    287    -  
  Total operating expenses (1)   116,867    96,251    347,626    290,189  
Income from operations   5,498    10,711    25,983    27,870  
Foreign currency transaction gain (loss)   1,082    (412 )  2,764    (4,342 )
Interest income, net   172    278    650    807  
Other expense, net   (1,237 )  (331 )  (4,891 )  (328 )
Income before provision for income taxes   5,515    10,246    24,506    24,007  
Provision for income taxes   3,097    3,921    9,436    8,643  
  Net income  $2,418   $6,325   $15,070   $15,364  
Earnings per share :                     
Basic  $0.03   $0.08   $0.20   $0.20  
Diluted  $0.03   $0.08   $0.19   $0.19  
Weighted-average number of common shares outstanding:                     
Basic   76,278    76,534    76,323    76,521  
Diluted   79,082    79,174    78,976    78,906  
                      
Dividends declared per share  $0.03   $0.03   $0.09   $0.09  
                      
(1) Includes stock-based compensation as follows:                     
Cost of revenue  $3,117   $2,285   $8,711   $6,519  
Operating expenses  $7,701   $5,806   $21,923   $16,486  
                 
                 
PEGASYSTEMS INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)
($in thousands, except per share amounts)
                     
  Three Months Ended September 30,  % Increase (Decrease)
  2016 GAAP  Adj.  2016
Non-GAAP
 2015 GAAP  Adj.  2015
Non-GAAP
 GAAP   Non-GAAP   
TOTAL REVENUE $182,802   $658   $183,460   $162,403   $-   $162,403   13 %  13 %  
 Software license  68,833    15    68,848    58,948    -    58,948   17 %  17 %  
 Maintenance  55,038    614    55,652    52,285    -    52,285   5 %  6 %  
 Services  58,931    29    58,960    51,170    -    51,170   15 %  15 %  
                                          
TOTAL COST OF REVENUE $60,437   $(4,759 ) $55,678   $55,441   $(3,636 ) $51,805   9 %  7 %  
 Amortization of intangible assets (2)  1,642    (1,642 )  -    1,351    (1,351 )  -             
 Stock-based compensation  3,117    (3,117 )  -    2,285    (2,285 )  -             
                                          
GROSS MARGIN %  67 %       70 %  66 %       68 % 108  bp 155   bp
                                          
TOTAL OPERATING EXPENSES (3)  116,867    (9,742 )  107,125    96,251    (7,434 )  88,817   21 %  21 %  
 Amortization of intangible assets (2)  1,957    (1,957 )  -    1,628    (1,628 )  -             
 Stock-based compensation  7,701    (7,701 )  -    5,806    (5,806 )  -             
 Acquisition-related  84    (84 )  -    -    -    -             
                                          
INCOME FROM OPERATIONS $5,498   $15,159   $20,657   $10,711   $11,070    21,781   (49 %)  (5 %)  
                                          
OPERATING MARGIN %  3 %       11 %  7 %       13 % (359 )bp (215 ) bp
                                          
INCOME TAX EFFECTS (4) $3,097   $4,521   $7,618   $3,921   $4,148   $8,069   (21 %)  (6 %)  
                                          
NET INCOME $2,418   $10,638   $13,056   $6,325   $6,922   $13,247   (62 %)  (1 %)  
                                          
DILUTED EARNINGS PER SHARE $0.03   $0.14   $0.17   $0.08   $0.09   $0.17   (63 %)  0 %  
                                          
DILUTED WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING  79,082    -    79,082    79,174    -    79,174   0 %  0 %  
                                
                                
PEGASYSTEMS INC.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)
($in thousands, except per share amounts)
                     
  Nine Months Ended September 30,  % Increase (Decrease)
  2016     2016  2015     2015          
  GAAP  Adj.  Non-GAAP  GAAP  Adj.  Non-GAAP  GAAP    Non-GAAP  
TOTAL REVENUE $550,656   $1,508   $552,164   $478,340   $-   $478,340   15 %   15 % 
 Software license  207,849    29    207,878    180,420    -    180,420   15 %   15 % 
 Maintenance  163,174    1,343    164,517    150,366    -    150,366   9 %   9 % 
 Services  179,633    136    179,769    147,554    -    147,554   22 %   22 % 
                                          
TOTAL COST OF REVENUE $177,047   $(13,337 ) $163,710   $160,281   $(10,485 ) $149,796   10 %   9 % 
 Amortization of intangible assets (2)  4,626    (4,626 )  -    4,041    (4,041 )  -             
 Stock-based compensation  8,711    (8,711 )  -    6,519    (6,519 )  -             
 Other adjustments  -    -    -    (75 )  75    -             
                                          
GROSS MARGIN %  68 %       70 %  66 %       69 % 136  bp  167  bp
                                          
TOTAL OPERATING EXPENSES (3) $347,626   $(29,806 ) $317,820   $290,189   $(17,865 ) $272,324   20 %   17 % 
 Amortization of intangible assets (2)  5,542    (5,542 )  -    5,195    (5,195 )  -             
 Stock-based compensation  21,923    (21,923 )  -    16,486    (16,486 )  -             
 Other adjustments  (220 )  220    -    (3,855 )  3,855    -             
 Acquisition-related  2,274    (2,274 )  -    39    (39 )  -             
 Restructuring  287    (287 )  -    -    -    -             
                                          
INCOME FROM OPERATIONS $25,983   $44,651   $70,634   $27,870   $28,350   $56,220   (7 %)   26 % 
                                          
OPERATING MARGIN %  5 %       13 %  6 %       12 % (111 )bp  104  bp
                                          
INCOME TAX EFFECTS (4) $9,436   $14,218   $23,654   $8,643   $9,336   $17,979   9 %   32 % 
                                          
NET INCOME $15,070   $30,434   $45,504   $15,364   $19,014   $34,378   (2 %)   32 % 
                                          
DILUTED EARNINGS PER SHARE $0.19   $0.39   $0.58   $0.19   $0.25   $0.44   0 %   32 % 
                                          
DILUTED WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING  78,976    -    78,976    78,906    -    78,906   0 %   0 % 
                                
                                
PEGASYSTEMS INC.
FOOTNOTES FOR RECONCILIATON OF
SELECTED GAAP MEASURES TO NON-GAAP MEASURES

(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures, and the material limitations on the usefulness of these measures see disclosure under Discussion of Non-GAAP Financial Measures included earlier in this release and below. Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:

Revenue: Business combination accounting rules require that we determine the fair value of the deferred revenue liability for contractual obligations assumed from our acquisition of OpenSpan in April 2016. In post-acquisition reporting periods, we recognize revenue for the fair value of these contracts, when all the revenue recognition criteria are satisfied, instead of the revenue that would have been recognized by OpenSpan as an independent company. We add back the effect of the deferred revenue fair value adjustment in non-GAAP revenue to reflect the full amount of these revenues to provide a more complete comparison of the revenue guidance to peer companies. No adjustments were made to revenue for 2015.

Amortization of intangible assets: We have excluded the amortization expense of intangible assets from our non-GAAP operating expenses and net earnings measures. Amortization of intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of intangible assets will recur in future periods.

Stock-based compensation expense: We have excluded stock-based compensation expense from our non-GAAP operating expenses and net earnings measures. Although stock-based compensation is a key incentive offered to our employees, and we believe such compensation contributed to the revenues earned during the periods presented and will contribute to the generation of future period revenues, we continue to evaluate our business performance excluding stock-based compensation expense.

Acquisition-related and restructuring expenses: We have excluded the effect of acquisition-related and restructuring expenses from our non-GAAP operating expenses and net earnings measures. We incurred direct and incremental expenses associated primarily with the OpenSpan acquisition. These acquisition-related expenses were primarily professional fees to affect the acquisition. We have also incurred restructuring expenses for one-time employee termination benefits related to the closure of one of our domestic offices, which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. We believe it is useful for investors to understand the effects of these items on our total operating expenses.

Other adjustments: We reached an agreement with the former shareholders of Antenna Software, Inc., which we acquired in October 2013 ("Antenna"), to release a portion of the funds held in escrow as security for their indemnification obligations to us in settlement of the outstanding indemnification claims. The settlement resulted in a benefit to cost of revenue and operating expenses in the first quarter of 2015. In addition, we favorably settled indirect tax liabilities related to the Antenna acquisition, which resulted in a benefit to operating expenses in the first quarter of 2015. In the second quarter of 2016, we reduced our estimate of the additional cash consideration payable to the selling shareholders of one of the three companies acquired in 2014 based on the achievement of certain milestones. We believe the benefits associated with these items are not representative of our ongoing business, and we have excluded the effects of these items from our non-GAAP operating results and net earnings measures.

(2) Estimated future annual amortization expense related to intangible assets as of September 30, 2016 is as follows:

    
 (in thousands)  
 Remainder of 2016$3,267 
 2017 12,335 
 2018 11,335 
 2019 5,543 
 2020 2,647 
 2021 and thereafter 12,335 
  Total intangible assets subject to amortization$47,462 
      

(3) Below is a reconciliation of non-GAAP operating expenses:

                   
   Three Months Ended September 30,
   2016     2016  2015     2015
(in thousands)  GAAP  Adj.  Non-GAAP  GAAP  Adj.  Non-GAAP
Selling and marketing  $67,032   $(5,335 ) $61,697  $53,640   $(3,942 ) $49,698
 Amortization of intangible assets   1,867    (1,867 )  -   1,537    (1,537 )  -
 Stock-based compensation   3,468    (3,468 )  -   2,405    (2,405 )  -
Research and development  $38,036   $(2,260 ) $35,776  $33,032   $(2,047 ) $30,985
 Stock-based compensation   2,260    (2,260 )  -   2,047    (2,047 )  -
General and administrative  $11,725   $(2,073 ) $9,652  $9,579   $(1,445 ) $8,134
 Amortization of intangible assets   90    (90 )  -   91    (91 )  -
 Stock-based compensation   1,983    (1,983 )  -   1,354    (1,354 )  -
Acquisition-related  $74   $(74 ) $-  $-   $-   $-
 Stock-based compensation   (10 )  10    -   -    -    -
 Acquisition-related   84    (84 )  -   -    -    -
TOTAL OPERATING EXPENSES  $116,867   $(9,742 ) $107,125  $96,251   $(7,434 ) $88,817
                             
   Nine Months Ended September 30,
   2016     2016  2015     2015
(in thousands)  GAAP  Adj.  Non-GAAP  GAAP  Adj.  Non-GAAP
Selling and marketing  $202,126   $(14,449 ) $187,677  $169,764   $(10,878 ) $158,886
 Amortization of intangible assets   5,274    (5,274 )  -   4,602    (4,602 )  -
 Stock-based compensation   9,395    (9,395 )  -   6,283    (6,283 )  -
 Other adjustments   (220 )  220    -   (7 )  7    -
Research and development  $108,530   $(7,480 ) $101,050  $94,248   $(5,738 ) $88,510
 Stock-based compensation   7,480    (7,480 )  -   6,178    (6,178 )  -
 Other adjustments   -    -    -   (440 )  440    -
General and administrative  $34,067   $(4,974 ) $29,093  $26,138   $(1,210 ) $24,928
 Amortization of intangible assets   268    (268 )  -   593    (593 )  -
 Stock-based compensation   4,706    (4,706 )  -   4,025    (4,025 )  -
 Other adjustments   -    -    -   (3,408 )  3,408    -
Acquisition-related  $2,616   $(2,616 ) $-  $39   $(39 ) $-
 Stock-based compensation   342    (342 )  -   -    -    -
 Acquisition-related   2,274    (2,274 )  -   39    (39 )  -
Restructuring  $287   $(287 ) $-  $-   $-   $-
TOTAL OPERATING EXPENSES  $347,626   $(29,806 ) $317,820  $290,189   $(17,865 ) $272,324
                       
                       

(4) The GAAP income tax effects were calculated using an effective GAAP tax rate of 56.2% and 38.3% for the third quarter of 2016 and 2015, respectively. The non-GAAP income tax effects were calculated using an effective non-GAAP tax rate of 36.9% and 37.9% for the third quarter of 2016 and 2015, respectively.

The GAAP income tax effects were calculated using an effective GAAP tax rate of 38.5% and 36.0% for the nine months of 2016 and 2015, respectively. The non-GAAP income tax effects were calculated using an effective non-GAAP tax rate of 34.2% and 34.3% for the nine months of 2016 and 2015, respectively.

The differences between our GAAP and non-GAAP effective tax rates in the third quarter and nine months of 2016 and 2015 primarily relate to the impact of unfavorable foreign stock compensation adjustments on our GAAP effective tax rate.

     
Pegasystems Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
    
   As of  As of
   September 30, 2016  December 31, 2015
Assets:        
 Cash, cash equivalents, and marketable securities  $129,730  $219,078
 Trade accounts receivable, net   208,562   211,846
 Property and equipment, net   39,343   31,319
 Long-term deferred income taxes   53,905   53,350
 Goodwill and Intangible assets, net   121,333   80,194
 Other assets   44,122   31,971
  Total assets  $596,995  $627,758
         
Liabilities and Stockholders' Equity:        
 Accrued expenses, including compensation and related expenses   88,440   98,640
 Deferred revenue   150,686   171,678
 Other liabilities   30,449   34,581
 Stockholders' equity   327,420   322,859
  Total liabilities and stockholders' equity  $596,995  $627,758
       
       
Pegasystems Inc.  
Unaudited Condensed Consolidated Statements of Cash Flows  
(in thousands)  
  
   Nine Months Ended  
   September 30,  
   2016   2015  
Operating activities:           
 Net income  $15,070   $15,364  
 Adjustments to reconcile net income to cash provided by operating activities:           
  Excess tax benefits from equity awards and deferred income taxes   (6,001 )  (7,550 )
  Depreciation, amortization, foreign currency transaction (gain) loss, and other non-cash items   15,285    23,041  
  Stock-based compensation expense   30,634    23,005  
  Change in operating assets and liabilities, net   (37,592 )  1,068  
 Cash provided by operating activities   17,396    54,928  
 Cash used in investing activities   (2,859 )  (42,736 )
 Cash used in financing activities   (39,871 )  (25,662 )
Effect of exchange rates on cash and cash equivalents   (1,309 )  (3,837 )
Net decrease in cash and cash equivalents   (26,643 )  (17,307 )
Cash and cash equivalents, beginning of period   93,026    114,585  
Cash and cash equivalents, end of period  $66,383   $97,278  
         
         
Pegasystems Inc.
Historical License and Cloud Backlog
(in thousands)
                        
  2016  2016  2016  2015  2015  2015  2015  2014
  Q3  Q2  Q1  Q4  Q3  Q2  Q1  Q4
 Total deferred license and cloud revenue  47,280   51,855   57,790   63,412   55,370   61,339   79,639   63,048
  Total license and cloud commitments not on the balance sheet  372,532   340,777   331,870   356,388   324,340   330,043   294,412   301,409
TOTAL LICENSE AND CLOUD BACKLOG $419,812  $392,632  $389,660  $419,800  $379,710  $391,382  $374,051  $364,457

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