3 unchanged sentences
(in thousands)
−Removed: June 30, 2023 December 31, 2022
+Added: September 30, 2023 December 31, 2022
Current assets:
2 unchanged sentences
Total cash, cash equivalents, and marketable securities 336,309 297,221
−Removed: Accounts receivable 163,915 255,150
−Removed: Unbilled receivables 182,257 213,719
+Added: Accounts receivable, net
+Added: 168,795 255,150
+Added: Unbilled receivables, net
+Added: 199,948 213,719
Other current assets 71,438 80,388
Total current assets 776,490 846,478
−Removed: Unbilled receivables
+Added: Unbilled receivables, net
73,795 95,806
19 unchanged sentences
83,523 and 82,436 shares issued and outstanding at
−Removed: June 30, 2023 and December 31, 2022, respectively
+Added: September 30, 2023 and December 31, 2022, respectively
Additional paid-in capital 343,259 229,602
9 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2023 2022 2023 2022
18 unchanged sentences
(Loss) from operations ( 10,816 ) ( 77,221 ) ( 74,312 ) ( 143,641 )
−Removed: Foreign currency transaction (loss) gain ( 3,290 ) 1,713 ( 5,965 ) 4,589
+Added: Foreign currency transaction gain (loss) 1,994 3,826 ( 3,971 ) 8,415
Interest income 2,532 520 5,831 1,036
Interest expense ( 1,533 ) ( 1,992 ) ( 5,229 ) ( 5,882 )
−Removed: (Loss) income on capped call transactions ( 1,361 ) ( 18,945 ) 1,845 ( 49,505 )
−Removed: Other income, net 5,702 3,785 12,285 6,526
+Added: (Loss) on capped call transactions ( 2,294 ) ( 6,876 ) ( 449 ) ( 56,381 )
+Added: Other income (loss), net 6,383 ( 29 ) 18,668 6,497
(Loss) before provision for income taxes ( 3,734 ) ( 81,772 ) ( 59,462 ) ( 189,956 )
12 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
2023 2022 2023 2022
Net (loss) $ ( 7,279 ) $ ( 93,520 ) $ ( 74,857 ) $ ( 380,195 )
−Removed: Other comprehensive income (loss), net of tax
+Added: Other comprehensive (loss), net of tax
Unrealized (loss) on available-for-sale securities ( 40 ) ( 73 ) ( 281 ) ( 1,000 )
Foreign currency translation adjustments ( 3,687 ) ( 6,700 ) ( 1,737 ) ( 20,936 )
−Removed: Total other comprehensive income (loss), net of tax $ 166 $ ( 12,615 ) 1,709 ( 15,163 )
+Added: Total other comprehensive (loss), net of tax ( 3,727 ) ( 6,773 ) ( 2,018 ) ( 21,936 )
Comprehensive (loss) $ ( 11,006 ) $ ( 100,293 ) $ ( 76,875 ) $ ( 402,131 )
25 unchanged sentences
June 30, 2022 81,940 $ 819 $ 170,251 $ ( 15,140 ) $ ( 22,151 ) $ 133,779
+Added: Issuance of common stock for stock compensation plans 138 2 ( 2,198 ) — — ( 2,196 )
+Added: Issuance of common stock under the employee stock purchase plan 86 1 2,362 — — 2,363
+Added: Stock-based compensation — — 33,774 — — 33,774
+Added: Cash dividends declared ($ 0.03 per share)
+Added: — — — ( 2,466 ) — ( 2,466 )
+Added: Other comprehensive (loss) — — — — ( 6,773 ) ( 6,773 )
+Added: Net (loss) — — — ( 93,520 ) — ( 93,520 )
+Added: September 30, 2022 82,164 $ 822 $ 204,189 $ ( 111,126 ) $ ( 28,924 ) $ 64,961
+Added: PEGASYSTEMS INC.
+Added: UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
+Added: (in thousands, except per share amounts)
+Added: Paid-In Capital Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive (Loss)
+Added: Stockholders’ Equity
+Added: of Shares Amount
December 31, 2022 82,436 $ 824 $ 229,602 $ ( 76,513 ) $ ( 23,070 ) $ 130,843
15 unchanged sentences
June 30, 2023 83,212 $ 832 $ 310,016 $ ( 144,091 ) $ ( 21,361 ) $ 145,396
+Added: Issuance of common stock for stock compensation plans 257 3 2,447 — — 2,450
+Added: Issuance of common stock under the employee stock purchase plan 54 — 2,003 — — 2,003
+Added: Stock-based compensation — — 31,299 — — 31,299
+Added: Cash dividends declared ($ 0.03 per share)
+Added: — — ( 2,506 ) — — ( 2,506 )
+Added: Other comprehensive (loss) — — — — ( 3,727 ) ( 3,727 )
+Added: Net (loss) — — — ( 7,279 ) — ( 7,279 )
+Added: September 30, 2023 83,523 $ 835 $ 343,259 $ ( 151,370 ) $ ( 25,088 ) $ 167,636
See notes to unaudited condensed consolidated financial statements.
2 unchanged sentences
(in thousands)
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
Operating activities
3 unchanged sentences
Deferred income taxes ( 188 ) 169,489
−Removed: (Gain) loss on capped call transactions ( 1,845 ) 49,505
+Added: Loss on capped call transactions 449 56,381
Amortization of deferred commissions 43,974 39,752
11 unchanged sentences
Investment in property and equipment ( 14,271 ) ( 22,285 )
−Removed: Cash provided by (used in) investing activities 15,979 ( 1,523 )
+Added: Cash (used in) provided by investing activities ( 24,176 ) 10,104
Financing activities
Repurchases of convertible senior notes ( 88,989 ) —
−Removed: Proceeds from settlement of capped calls transactions 341 —
Dividend payments to stockholders ( 7,458 ) ( 7,368 )
22 unchanged sentences
MARKETABLE SECURITIES
−Removed: June 30, 2023 December 31, 2022
+Added: September 30, 2023 December 31, 2022
(in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value
2 unchanged sentences
$ 167,858 $ — $ ( 572 ) $ 167,286 $ 154,866 $ — $ ( 2,699 ) $ 152,167
−Removed: As of June 30, 2023, marketable securities’ maturities ranged from July 2023 to January 2026, with a weighted average remaining maturity of 0.4 years.
+Added: As of September 30, 2023, marketable securities’ maturities ranged from October 2023 to January 2026, with a weighted average remaining maturity of 0.5 years.
RECEIVABLES, CONTRACT ASSETS, AND DEFERRED REVENUE
(in thousands)
−Removed: June 30, 2023 December 31, 2022
−Removed: Accounts receivable $ 163,915 $ 255,150
−Removed: Unbilled receivables 182,257 213,719
−Removed: Long-term unbilled receivables 70,486 95,806
+Added: September 30, 2023 December 31, 2022
+Added: Accounts receivable, net $ 168,795 $ 255,150
+Added: Unbilled receivables, net 199,948 213,719
+Added: Long-term unbilled receivables, net
73,795 95,806
+Added: $ 442,538 $ 564,675
Unbilled receivables
1 unchanged sentence
Billing is solely subject to the passage of time.
−Removed: Unbilled receivables by expected billing date:
+Added: Unbilled receivables by expected collection date:
(Dollars in thousands)
−Removed: June 30, 2023
+Added: September 30, 2023
1 year or less $ 199,948 73 %
4 unchanged sentences
(Dollars in thousands)
−Removed: June 30, 2023
+Added: September 30, 2023
2023 $ 90,227 33 %
9 unchanged sentences
(in thousands)
−Removed: June 30, 2023 December 31, 2022
+Added: September 30, 2023 December 31, 2022
Contract assets (1)
8 unchanged sentences
(in thousands)
−Removed: June 30, 2023 December 31, 2022
+Added: September 30, 2023 December 31, 2022
Deferred revenue $ 297,067 $ 325,212
2 unchanged sentences
(1) Included in other long-term liabilities.
−Removed: Deferred revenue decreased in the six months ended June 30, 2023 primarily due to $ 230.3 million of revenue recognized during the period included in deferred revenue as of December 31, 2022 exceeded new billings in advance of revenue recognition.
+Added: Deferred revenue decreased in the nine months ended September 30, 2023, primarily due to $ 292.3 million of revenue recognized during the period included in deferred revenue as of December 31, 2022 exceeded new billings in advance of revenue recognition.
DEFERRED COMMISSIONS
(in thousands)
−Removed: June 30, 2023 December 31, 2022
+Added: September 30, 2023 December 31, 2022
Deferred commissions (1)
2 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(in thousands) 2023 2022 2023 2022
3 unchanged sentences
GOODWILL AND OTHER INTANGIBLES
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
(in thousands)
1 unchanged sentence
Currency translation adjustments 38 ( 722 )
−Removed: June 30, $ 81,593 $ 81,717
+Added: September 30, $ 81,437 $ 81,201
Intangible assets are recorded at cost and amortized using the straight-line method over their estimated useful lives.
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands) Useful Lives Cost Accumulated Amortization Net Book Value (1)
19 unchanged sentences
(in thousands)
−Removed: June 30, 2023
+Added: September 30, 2023
Remainder of 2023 $ 964
1 unchanged sentence
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(in thousands) 2023 2022 2023 2022
6 unchanged sentences
Other current assets
−Removed: (in thousands) June 30, 2023 December 31, 2022
+Added: (in thousands) September 30, 2023 December 31, 2022
Income tax receivables $ 19,663 $ 25,354
3 unchanged sentences
Other long-term assets
−Removed: (in thousands) June 30, 2023 December 31, 2022
+Added: (in thousands) September 30, 2023 December 31, 2022
Deferred commissions $ 107,399 $ 130,195
10 unchanged sentences
Other current liabilities
−Removed: (in thousands) June 30, 2023 December 31, 2022
+Added: (in thousands) September 30, 2023 December 31, 2022
Operating lease liabilities $ 15,532 $ 14,976
4 unchanged sentences
Other long-term liabilities
−Removed: (in thousands) June 30, 2023 December 31, 2022
+Added: (in thousands) September 30, 2023 December 31, 2022
Deferred revenue $ 2,605 $ 3,552
3 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(in thousands) 2023 2022 2023 2022
4 unchanged sentences
Right of use assets and lease liabilities
−Removed: (in thousands) June 30, 2023 December 31, 2022
+Added: (in thousands) September 30, 2023 December 31, 2022
Right of use assets (1)
6 unchanged sentences
Weighted-average remaining lease term and discount rate for the Company’s leases were:
−Removed: June 30, 2023 December 31, 2022
+Added: September 30, 2023 December 31, 2022
Weighted-average remaining lease term 7.0 years 7.5 years
4 unchanged sentences
Maturities of lease liabilities:
−Removed: (in thousands) June 30, 2023
+Added: (in thousands) September 30, 2023
Remainder of 2023 $ 4,775
4 unchanged sentences
Cash flow information
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
(in thousands) 2023 2022
8 unchanged sentences
The Notes accrue interest at an annual rate of 0.75 %, payable semi-annually in arrears on March 1 and September 1, beginning September 1, 2020.
−Removed: In the three and six months ended June 30, 2023, the Company recognized gains of $ 5.1 million and $ 7.9 million, respectively, in other income, net from repurchases of Notes representing $ 64.7 million and $ 97.7 million, respectively, in aggregate principal amount.
+Added: In the nine months ended September 30, 2023, the Company recognized a gain of $ 7.9 million in other income (loss), net from repurchases of Notes representing $ 97.7 million in aggregate principal amount.
Conversion rights
The conversion rate is 7.4045 shares of common stock per $1,000 principal amount of the Notes, representing an initial conversion price of $ 135.05 per share of common stock.
−Removed: The Company will settle conversions by paying or delivering cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company’s election, based on the applicable conversion rate.
The conversion rate will be adjusted upon certain events, including spin-offs, tender offers, exchange offers, and certain stockholder distributions.
+Added: The Company will settle conversions by paying or delivering cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company’s election, based on the applicable conversion rate.
Beginning on September 1, 2024, noteholders may convert their Notes at any time at their election.
3 unchanged sentences
• Upon certain corporate events or distributions or if the Company calls any Notes for redemption, noteholders may convert before the close of business on the business day immediately before the related redemption date (or, if the Company fails to pay the redemption price in full on the redemption date until the Company pays the redemption price).
−Removed: As of June 30, 2023, the Notes were not eligible for conversion.
+Added: As of September 30, 2023, the Notes were not eligible for conversion.
Repurchase rights
3 unchanged sentences
Carrying value of the Notes:
−Removed: (in thousands) June 30, 2023 December 31, 2022
+Added: (in thousands) September 30, 2023 December 31, 2022
Principal $ 502,270 $ 600,000
3 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(in thousands) 2023 2022 2023 2022
6 unchanged sentences
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
−Removed: The average interest rate on the Notes in the six months ended June 30, 2023 and 2022 was 1.2 %.
+Added: The average interest rate on the Notes in the nine months ended September 30, 2023 and 2022 was 1.2 %.
Future payments:
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands) Principal Interest Total
−Removed: Remainder of 2023 $ — $ 1,998 $ 1,998
2024 $ — $ 3,767 $ 3,767
4 unchanged sentences
The Capped Call Transactions covered approximately 4.4 million shares (representing the number of shares for which the Notes were initially convertible) of the Company’s common stock.
−Removed: In the three and six months ended June 30, 2023, Capped Call Transactions covering approximately 0.5 million and 0.7 million shares, respectively, were settled for proceeds of $ 0.1 million and $ 0.3 million, respectively.
−Removed: As of June 30, 2023, Capped Call Transactions representing approximately 3.7 million shares were outstanding.
+Added: In the nine months ended September 30, 2023, Capped Call Transactions covering approximately 0.7 million shares were settled for proceeds of $ 0.3 million.
+Added: As of September 30, 2023, Capped Call Transactions covering approximately 3.7 million shares were outstanding.
The Capped Call Transactions are expected to reduce common stock dilution and/or offset any potential cash payments the Company must make, other than for principal and interest, upon conversion of the Notes, with such reduction and/or offset subject to a cap of $ 196.44 .
The cap price of the Capped Call Transactions is subject to adjustment upon specified extraordinary events affecting the Company, including mergers and tender offers.
−Removed: The Capped Call Transactions are accounted for as derivative instruments and do not qualify for the Company’s own equity scope exception in ASC 815 since, in some cases of early settlement, the settlement value of the Capped Call Transactions, calculated following the governing documents, may not represent a fair value measurement.
+Added: The Capped Call Transactions are accounted for as derivative instruments and do not qualify for the Company’s own equity scope exception in ASC 815 since, in some cases of early settlement, the settlement value calculated following the governing documents may not represent a fair value measurement.
The Capped Call Transactions are classified as other long-term assets and remeasured to fair value each reporting period, resulting in a non-operating gain or loss.
Change in capped call transactions:
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
(in thousands) 2023 2022
2 unchanged sentences
Fair value adjustment ( 449 ) ( 56,381 )
−Removed: June 30, $ 4,086 $ 10,459
+Added: September 30, $ 1,792 $ 3,583
Credit facility
9 unchanged sentences
• Beginning with the fiscal quarter ended March 31, 2024, a maximum net consolidated leverage ratio of 3.5 to 1.0 (with a step-up for certain acquisitions) and a minimum consolidated interest coverage ratio of 3.5 to 1.0.
−Removed: As of June 30, 2023 and December 31, 2022, the Company had $ 27.3 million in outstanding letters of credit, which reduced the Company’s available borrowing capacity under the Credit Facility and no outstanding cash borrowings under the Credit Facility.
+Added: As of September 30, 2023 and December 31, 2022, the Company had $ 27.3 million in outstanding letters of credit, which reduced the Company’s available borrowing capacity under the Credit Facility and no outstanding cash borrowings under the Credit Facility.
PEGASYSTEMS INC.
6 unchanged sentences
Employee severance and related benefits June 30, 2023 $ 1,581
+Added: Employee severance and related benefits and closure of a foreign office September 30, 2023 $ 17,236
Accrued employee severance and related benefits:
Change for all restructuring actions:
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
(in thousands) 2023
3 unchanged sentences
Currency translation adjustments ( 203 )
−Removed: June 30, $ 3,624
+Added: September 30, $ 16,715
+Added: Accrued employee severance and related benefits is included in accrued compensation and related expenses.
FAIR VALUE MEASUREMENTS
13 unchanged sentences
Assets and liabilities measured at fair value on a recurring basis:
−Removed: June 30, 2023 December 31, 2022
+Added: September 30, 2023 December 31, 2022
(in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
10 unchanged sentences
Changes in venture investments:
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
(in thousands) 2023 2022
4 unchanged sentences
Changes in fair value:
−Removed: included in other income, net
+Added: included in other income (loss), net
included in other comprehensive (loss)
( 2,261 ) 2,502
−Removed: June 30, $ 13,382 $ 16,073
−Removed: The carrying value of certain other financial instruments, including receivables and accounts payable, approximates fair value due to these items’ short maturities.
+Added: September 30, $ 19,348 $ 11,910
+Added: The carrying value of certain financial instruments, including receivables and accounts payable, approximates fair value due to their short maturities.
Fair value of the Notes
−Removed: The fair value of the Notes outstanding (including the embedded conversion feature) was $ 460.8 million as of June 30, 2023 and $ 521.1 million as of December 31, 2022.
−Removed: In the six months ended June 30, 2023 the Company repurchased Notes representing $ 97.7 million in aggregate principal amount.
+Added: The fair value of the Notes outstanding (including the embedded conversion feature) was $ 460.3 million as of September 30, 2023 and $ 521.1 million as of December 31, 2022.
+Added: In the nine months ended September 30, 2023 the Company repurchased Notes representing $ 97.7 million in aggregate principal amount.
The fair value was determined based on the Notes’ quoted price in an over-the-counter market on the last trading day of the reporting period and classified within Level 2 in the fair value hierarchy.
1 unchanged sentence
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(Dollars in thousands)
8 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(in thousands)
11 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(in thousands) 2023 2022 2023 2022
9 unchanged sentences
Expected future revenue from existing non-cancellable contracts:
−Removed: As of June 30, 2023:
+Added: As of September 30, 2023:
(Dollars in thousands) Subscription services Subscription license Perpetual license Consulting Total
7 unchanged sentences
$ 307,283 $ 842,759 $ 63,965 $ 7,263 $ 44,097 $ 1,265,367 100 %
−Removed: As of June 30, 2022:
+Added: As of September 30, 2022:
(Dollars in thousands) Subscription services Subscription license Perpetual license Consulting Total
9 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(in thousands) 2023 2022 2023 2022
10 unchanged sentences
$ ( 316 ) $ ( 600 ) $ ( 1,569 ) $ ( 1,505 )
−Removed: As of June 30, 2023, the Company had $ 171.0 million of unrecognized stock-based compensation expense, net of estimated forfeitures, which is expected to be recognized over a weighted-average period of 1.9 years.
+Added: As of September 30, 2023, the Company had $ 137.5 million of unrecognized stock-based compensation expense, net of estimated forfeitures, which is expected to be recognized over a weighted-average period of 1.8 years.
PEGASYSTEMS INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
−Removed: Six Months Ended
−Removed: June 30, 2023
+Added: Nine Months Ended
+Added: September 30, 2023
(in thousands) Shares Total Fair Value
7 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(Dollars in thousands) 2023 2022 2023 2022
1 unchanged sentence
Effective income tax rate ( 26 ) % ( 100 ) %
−Removed: The Company’s effective income tax rate in the six months ended June 30, 2023 was impacted by the valuation allowance on the Company’s deferred tax assets in the U.S.
−Removed: Also, impacted by current taxes payable in the U.S.
−Removed: due to projected taxable income partially offset by net operating losses and available tax credits.
+Added: The Company’s effective income tax rate in the nine months ended September 30, 2023 was primarily driven by the valuation allowance on the Company’s deferred tax assets in the U.S.
+Added: and projected taxable income in the U.S., partially offset by available tax credits and losses in the U.S.
The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized.
8 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30,
(in thousands, except per share amounts) 2023 2022 2023 2022
10 unchanged sentences
(2) The shares underlying the conversion options in the Company’s Notes are included using the if-converted method, if dilutive in the period.
−Removed: If the outstanding conversion options were fully exercised, the Company would issue approximately 3.7 million shares as of June 30, 2023.
−Removed: (3) The Company’s Capped Call Transactions represent the equivalent of approximately 3.7 million shares of the Company’s common stock (representing the number of shares for which the Notes are initially convertible) as of June 30, 2023.
+Added: If the outstanding conversion options were fully exercised, the Company would issue approximately 3.7 million shares as of September 30, 2023.
+Added: (3) The Company’s Capped Call Transactions represent the equivalent of approximately 3.7 million shares of the Company’s common stock (representing the number of shares for which the Notes are convertible) as of September 30, 2023.
The Capped Call Transactions are expected to reduce common stock dilution and/or offset any potential cash payments the Company must make, other than for principal and interest, upon conversion of the Notes, with such reduction and/or offset subject to a cap of $ 196.44 .
The Capped Call Transactions are excluded from weighted-average common shares outstanding, assuming dilution, in all periods as their effect would be anti-dilutive.
−Removed: (4) Outstanding stock options and RSUs that were anti-dilutive under the treasury stock method in the period were excluded from the computation of diluted (loss) per share.
−Removed: These awards may be dilutive in the future.
PEGASYSTEMS INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
+Added: (4) Outstanding stock options and RSUs that were anti-dilutive under the treasury stock method in the period were excluded from the computation of diluted (loss) per share.
+Added: These awards may be dilutive in the future.
COMMITMENTS AND CONTINGENCIES
4 unchanged sentences
In addition, as the Company is a party to ongoing litigation, it is at least reasonably possible that the Company’s estimates will change in the near term, and the effect may be material.
−Removed: The Company had no accrued losses for litigation as of June 30, 2023 and December 31, 2022.
+Added: The Company had no accrued losses for litigation as of September 30, 2023 and December 31, 2022.
Pegasystems Inc.
10 unchanged sentences
Appellate briefing in the Court of Appeals of Virginia is completed.
−Removed: The Court of Appeals of Virginia has not yet set a date for oral arguments in the appeal.
+Added: The Court of Appeals of Virginia has set November 15, 2023 as the date for oral arguments in the appeal.
Although it is not possible to predict timing, this appeals process could potentially take years to complete.
33 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.