Pegasystems (PEGA) 8-K Pegasystems Announces Financial Results for Third Quarter and Nine Months of 2014

Exhibit 99.1

Pegasystems Announces Financial Results for Third Quarter and Nine Months of 2014

GAAP License Revenue increases 21% in the nine months of 2014;

YTD GAAP EPS of $0.17; YTD Non-GAAP EPS of $0.41

CAMBRIDGE, Mass. – November 4, 2014 –Pegasystems Inc. (NASDAQ: PEGA), the software company powering the digital enterprise, today announced results for its third quarter and nine months ended September 30, 2014.

“Our year-to-date results are very solid and reflect the increasing benefits Pega clients are achieving through the use of our technology. For the quarter, we achieved license revenue growth of 8% over last year’s exceptional Q3 2013 results, bringing the first three quarters’ license revenue to $155 million, or a 21% increase over last year,” said Alan Trefler, Founder and CEO of Pegasystems. “This continues what has been a strong performance this year for Pegasystems, and we continue to see significant growth opportunities.”

“Our business growth is benefiting from customers looking to drive strategic digital transformation initiatives, as well as from those taking pragmatic steps to improve their customer engagement and simplify their operations,” said Mr. Trefler. “This quarter, we made significant progress incorporating the technologies we acquired earlier this year to provide more robust product offerings to meet our customers’ evolving needs.”

SELECTED GAAP & NON-GAAP RESULTS (1)

	Three Months Ended September 30,								% Increase
	2014		2014		2013		2013		(Decrease)
($ in ‘000s)	GAAP		Non-GAAP		GAAP		Non-GAAP		GAAP			Non-GAAP
Total Revenue	$	137,631	$	138,307	$	122,011	$	122,011		13	%		13	%
License Revenue	$	48,292	$	48,814	$	44,802	$	44,802		8	%		9	%
Net Income	$	1,882	$	8,368	$	8,710	$	12,951		(78	%)		(35	%)
Diluted Earnings per share (2)	$	0.02	$	0.11	$	0.11	$	0.17		(82	%)		(35	%)
	Nine Months Ended September 30,								% Increase
	2014		2014		2013		2013		(Decrease)
($ in ‘000s)	GAAP		Non-GAAP		GAAP		Non-GAAP		GAAP			Non-GAAP
Total Revenue	$	421,080	$	424,398	$	355,572	$	355,572		18	%		19	%
License Revenue	$	154,918	$	156,483	$	128,217	$	128,217		21	%		22	%
Net Income	$	13,151	$	32,063	$	22,482	$	34,384		(42	%)		(7	%)
Diluted Earnings per share (2)	$	0.17	$	0.41	$	0.29	$	0.44		(41	%)		(7	%)

(1) See a reconciliation of our GAAP to Non-GAAP measures contained in the financial schedules at the end of this release.

(2) The number of common shares and per share amounts have been retroactively restated for all prior periods to reflect the Company’s two-for-one common stock split effected in the form of a common stock dividend distributed on April 1, 2014.

Cash: Total cash, cash equivalents, and marketable securities at the end of the quarter was $228.6 million, up 46% from 2013 year-end.

Cash generated from operations for the nine months of 2014 was $98.3 million, an increase of 18% on a year-over-year basis. Free Cash Flow, which we define as operating cash flow less Cap Ex, was $92.5 million, an increase of 17% on a year-over-year basis.

1

License and Cloud Backlog: The Company computes license backlog by adding billed deferred license and cloud revenue and off-balance sheet license and cloud commitments, which is business that is contracted, unbilled and not recorded on the Company’s balance sheet.

License and Cloud Backlog (1)

	September 30,
($ in millions)	2014		2013		Increase
Total billed deferred license and cloud revenue		68.6		34.6		98	%
Total off-balance sheet license and cloud commitments		265.3		248.4		7	%
TOTAL LICENSE AND CLOUD BACKLOG		333.9		283.0		18	%

(1) See historical license backlog amounts including cloud in a separate schedule at the end of this release.

“We are pleased with our results for the first three quarters of 2014,” said Rafe Brown, Pegasystems CFO. “In particular, it has been encouraging that our year-to-date performance has been driven by a high level of expansion within our existing clients, further evidence of the value they have found with Pega.”

Quarterly Conference Call

Pegasystems will host a conference call and live Webcast associated with this announcement at 5:00 p.m. EST today. A live audio webcast of the conference call, together with detailed financial information, can be accessed through the Company’s Web site atwww.pega.com/about-us/investors. Dial-in information is as follows: 1-877-407-3982 (domestic) or 1-201-493-6780 (international). To listen to theWebcast log ontowww.pega.com at least 5 minutes prior to the event’s broadcast and click on theWebcast icon in theInvestors section. A replay of the call will also be available onwww.pega.com in the Investors sectionAudio Archives link.

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 costs, and restructuring expenses. 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.

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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 “anticipate,” “project,” “expect,” “plan,” “intend,” “believe,” “estimate,” “should,” “target,” “forecast,” “could,” “preliminary,” “guidance” 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 and healthcare markets, reliance on third party relationships, the potential loss of vendor specific objective evidence for our professional services, the financial impact of the Antenna acquisition, 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, 2013 and other recent filings with the Securities and Exchange Commission. These documents are available on the Company’s website at www.pega.com/about-us/investors/sec-filings. The forward-looking statements contained in this press release represent the Company’s views as of November 4, 2014. 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, 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 4, 2014.

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About Pegasystems

PegasystemsBuild for Change^® Platform is the heart of Better Business Software^®. It delivers business agility and empowers leading organizations to rapidly close execution gaps and seize new opportunities. Pegasystems leverages its recognized leadership inBusiness Process Management (BPM), Multi-ChannelCustomer Relationship Management (CRM), Business Rules, andAdaptive Analytics to uniquely give its clients the power to engage customers, simplify operations andBuild For Change^®. For more information, please visit us atwww.pega.com.

Press Contacts:
Lisa Pintchman	Rosemarie Esposito
Pegasystems Inc.	Hotwire PR
lisa.pintchman@pega.com	Rosemarie.Esposito@hotwirepr.com
(617) 866-6022	(646) 738-8964
Twitter:@pega
Investor Contact:
Sheila Ennis
ICR for Pegasystems
sheila.ennis@icrinc.com
617-866-6077

All trademarks are the property of their respective owners.

3

Pegasystems Inc.

Unaudited Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Revenue:
Software license	$	48,292		$	44,802		$	154,918		$	128,217
Maintenance		47,281			37,979			137,555			112,238
Services		42,058			39,230			128,607			115,117
Total revenue		137,631			122,011			421,080			355,572
Cost of revenue:
Software license		1,076			1,592			3,832			4,751
Maintenance		5,385			3,599			15,093			11,106
Services		39,921			32,907			120,061			97,772
Total cost of revenue (1)		46,382			38,098			138,986			113,629
Gross profit		91,249			83,913			282,094			241,943
Operating expenses:
Selling and marketing		48,623			42,663			150,772			127,279
Research and development		28,558			19,786			80,490			59,123
General and administrative		8,825			7,130			28,377			21,203
Acquisition-related		54			545			417			545
Restructuring		192			—			192			—
Total operating expenses (1)		86,252			70,124			260,248			208,150
Income from operations		4,997			13,789			21,846			33,793
Foreign currency transaction (loss) gain		(2,845	)		661			(2,527	)		(1,666	)
Interest income, net		181			123			468			376
Other income (expense), net		19			(1,163	)		(507	)		(418	)
Income before provision for income taxes		2,352			13,410			19,280			32,085
Provision for income taxes		470			4,700			6,129			9,603
Net income	$	1,882		$	8,710		$	13,151		$	22,482
Earnings per share (2):
Basic	$	0.02		$	0.11		$	0.17		$	0.30
Diluted	$	0.02		$	0.11		$	0.17		$	0.29
Weighted-average number of common shares outstanding (2):
Basic		76,351			75,910			76,312			75,900
Diluted		78,653			78,158			78,531			77,744
Dividends declared per share (2)	$	0.030		$	0.015		$	0.075		$	0.045
(1)    Includes stock-based compensation as follows:
Cost of revenue	$	1,418		$	947		$	3,816		$	3,134
Operating expenses	$	3,850		$	2,053		$	9,905		$	6,579

(2) The number of common shares and per share amounts have been retroactively restated for all prior periods to reflect the Company’s two-for-one common stock split effected in the form of a common stock dividend distributed on April 1, 2014

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PEGASYSTEMS INC.

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)

($ in thousands, except per share data)

																			% Increase
	Three Months Ended September 30,																		(Decrease)
	2014						2014			2013						2013
	GAAP			Adj.			Non-GAAP			GAAP			Adj.			Non-GAAP			GAAP			Non-GAAP
TOTAL REVENUE	$	137,631		$	676		$	138,307		$	122,011		$	—		$	122,011			13	%		13	%
Software license		48,292			522			48,814			44,802			—			44,802			8	%		9	%
Maintenance (2)		47,281			95			47,376			37,979			—			37,979			24	%		25	%
Services (3)		42,058			59			42,117			39,230			—			39,230			7	%		7	%
TOTAL COST OF REVENUE	$	46,382		$	(2,800	)	$	43,582		$	38,098		$	(2,487	)	$	35,611			22	%		22	%
Amortization of intangible assets (4) (5)		1,382			(1,382	)		—			1,540			(1,540	)		—
Stock-based compensation (5)		1,418			(1,418	)		—			947			(947	)		—
GROSS MARGIN %		66	%					68	%		69	%					71	%		(248	)  bp		(232	)  bp
TOTAL OPERATING EXPENSES	$	86,252		$	(6,171	)	$	80,081		$	70,124		$	(3,830	)	$	66,294			23	%		21	%
Amortization of intangible assets (4) (5)		2,075			(2,075	)		—			1,232			(1,232	)		—
Stock-based compensation (5)		3,850			(3,850	)		—			2,053			(2,053	)		—
Acquisition-related		54			(54	)		—			545			(545	)		—
Restructuring		192			(192	)		—			—			—			—
INCOME FROM OPERATIONS	$	4,997		$	9,647		$	14,644		$	13,789		$	6,317		$	20,106			(64	%)		(27	%)
OPERATING MARGIN %		4	%					11	%		11	%					16	%		(767	)  bp		(589	)  bp
INCOME TAX EFFECTS (6)	$	470		$	3,161		$	3,631		$	4,700		$	2,076		$	6,776			(90	%)		(46	%)
NET INCOME	$	1,882		$	6,486		$	8,368		$	8,710		$	4,241		$	12,951			(78	%)		(35	%)
DILUTED EARNINGS PER SHARE (7)	$	0.02		$	0.09		$	0.11		$	0.11		$	0.06		$	0.17			(82	%)		(35	%)
DILUTED WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING (7)		78,653			—			78,653			78,158			—			78,158			1	%		1	%

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PEGASYSTEMS INC.

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)

($ in thousands, except per share data)

																			% Increase
	Nine Months Ended September 30,																		(Decrease)
	2014						2014			2013						2013
	GAAP			Adj.			Non-GAAP			GAAP			Adj.			Non-GAAP			GAAP			Non-GAAP
TOTAL REVENUE	$	421,080		$	3,318		$	424,398		$	355,572		$	—		$	355,572			18	%		19	%
Software license		154,918			1,565			156,483			128,217			—			128,217			21	%		22	%
Maintenance (2)		137,555			470			138,025			112,238			—			112,238			23	%		23	%
Services (3)		128,607			1,283			129,890			115,117			—			115,117			12	%		13	%
TOTAL COST OF REVENUE	$	138,986		$	(8,482	)	$	130,504		$	113,629		$	(7,756	)	$	105,873			22	%		23	%
Amortization of intangible assets (4) (5)		4,666			(4,666	)		—			4,622			(4,622	)		—
Stock-based compensation (5)		3,816			(3,816	)		—			3,134			(3,134	)		—
GROSS MARGIN %		67	%					69	%		68	%					70	%		(105	)  bp		(97	)  bp
TOTAL OPERATING EXPENSES	$	260,248		$	(16,485	)	$	243,763		$	208,150		$	(10,824	)	$	197,326			25	%		24	%
Amortization of intangible assets (4) (5)		5,971			(5,971	)		—			3,700			(3,700	)		—
Stock-based compensation (5)		9,905			(9,905	)		—			6,579			(6,579	)		—
Acquisition-related		417			(417	)		—			545			(545	)		—
Restructuring		192			(192	)		—			—			—			—
INCOME FROM OPERATIONS	$	21,846		$	28,285		$	50,131		$	33,793		$	18,580		$	52,373			(35	%)		(4	%)
OPERATING MARGIN %		5	%					12	%		10	%					15	%		(432	)  bp		(292	)  bp
INCOME TAX EFFECTS (6)	$	6,129		$	9,373		$	15,502		$	9,603		$	6,678		$	16,281			(36	%)		(5	%)
NET INCOME	$	13,151		$	18,912		$	32,063		$	22,482		$	11,902		$	34,384			(42	%)		(7	%)
DILUTED EARNINGS PER SHARE (7)	$	0.17		$	0.24		$	0.41		$	0.29		$	0.15		$	0.44			(41	%)		(7	%)
DILUTED WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING (7)		78,531			—			78,531			77,744			—			77,744			1	%		1	%

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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 primarily from Antenna. 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 Antenna 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.

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 expenses: 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 with the Antenna, MeshLabs, and Profeatable acquisitions. These acquisition-related expenses were primarily professional fees to affect the acquisitions. We have also incurred restructuring expenses related to the integration of the Antenna acquisition, which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Restructuring expenses consist primarily of lease exit costs. We believe it is useful for investors to understand the effects of these items on our total operating expenses.

(2) As of September 30, 2014, approximately $0.1 million in estimated revenues related to assumed software support contracts will not be recognized in the fourth quarter of 2014 due to business combination accounting rules.

(3) As of September 30, 2014, approximately $0.1 million in estimated revenues related to assumed hosting and services contracts will not be recognized in the fourth quarter of 2014 due to business combination accounting rules.

(4) Estimated future annual amortization expense related to intangible assets as of September 30, 2014 is as follows:

Fiscal 2014	$	3,149
Fiscal 2015		12,073
Fiscal 2016		11,386
Fiscal 2017		9,688
Fiscal 2018 and thereafter		11,584
Total intangible assets subject to amortization	$	47,880

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(5) Below is a reconciliation of Non-GAAP operating expenses:

	Three Months Ended September 30,
	2014					2014		2013					2013
(in ‘000s)	GAAP		Adj.			Non-GAAP		GAAP		Adj.			Non-GAAP
Selling and marketing	$	48,623	$	(2,927	)	$	45,696	$	42,663	$	(2,239	)	$	40,424
Amortization of intangible assets		1,501		(1,501	)		—		1,232		(1,232	)		—
Stock-based compensation		1,426		(1,426	)		—		1,007		(1,007	)		—
Research and development	$	28,558	$	(1,452	)	$	27,106	$	19,786	$	(585	)	$	19,201
Stock-based compensation		1,452		(1,452	)		—		585		(585	)		—
General and administrative	$	8,825	$	(1,546	)	$	7,279	$	7,130	$	(461	)	$	6,669
Amortization of intangible assets		574		(574	)		—		—		—			—
Stock-based compensation		972		(972	)		—		461		(461	)		—
Acquisition-related	$	54	$	(54	)	$	—	$	545	$	(545	)	$	—
Restructuring	$	192	$	(192	)	$	—	$	—	$	—		$	—
TOTAL OPERATING EXPENSES	$	86,252	$	(6,171	)	$	80,081	$	70,124	$	(3,830	)	$	66,294
	Nine Months Ended September 30,
	2014					2014		2013					2013
(in ‘000s)	GAAP		Adj.			Non-GAAP		GAAP		Adj.			Non-GAAP
Selling and marketing	$	150,772	$	(8,358	)	$	142,414	$	127,279	$	(6,646	)	$	120,633
Amortization of intangible assets		4,496		(4,496	)		—		3,696		(3,696	)		—
Stock-based compensation		3,862		(3,862	)		—		2,950		(2,950	)		—
Research and development	$	80,490	$	(3,201	)	$	77,289	$	59,123	$	(1,852	)	$	57,271
Stock-based compensation		3,201		(3,201	)		—		1,852		(1,852	)		—
General and administrative	$	28,377	$	(4,317	)	$	24,060	$	21,203	$	(1,781	)	$	19,422
Amortization of intangible assets		1,475		(1,475	)		—		4		(4	)		—
Stock-based compensation		2,842		(2,842	)		—		1,777		(1,777	)		—
Acquisition-related	$	417	$	(417	)	$	—	$	545	$	(545	)	$	—
Restructuring	$	192	$	(192	)	$	—	$	—	$	—		$	—
TOTAL OPERATING EXPENSES	$	260,248	$	(16,485	)	$	243,763	$	208,150	$	(10,824	)	$	197,326

(6) The GAAP income tax effects were calculated using an effective tax rate of 20% and 32% in the third quarter and nine months of 2014, respectively, and 35% and 30% in the third quarter and nine months of 2013, respectively. The non-GAAP income tax effects were calculated using an effective tax rate of 30% and 33% in the third quarter and nine months of 2014, respectively, and 34% and 32% in the third quarter and nine months of 2013, respectively.

The differences between our GAAP and non-GAAP effective tax rates for 2014 and 2013 primarily relates to the impact of higher non-GAAP income subjected to tax in higher tax rate jurisdictions.

(7) The number of common shares and per share amounts have been retroactively restated for all prior periods to reflect the Company’s two-for-one common stock split effected in the form of a common stock dividend distributed on April 1, 2014.

8

Pegasystems Inc.

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

	As of		As of
	September 30, 2014		December 31, 2013
Current Assets:
Cash and cash equivalents	$	136,545	$	80,231
Marketable securities		92,026		76,461
Total cash, cash equivalents, and marketable securities		228,571		156,692
Trade accounts receivable, net		103,439		165,641
Deferred income taxes		12,328		12,336
Income taxes receivable		11,949		4,392
Other current assets		10,096		9,148
Total current assets		366,383		348,209
Property and equipment, net		28,881		28,957
Long-term deferred income taxes		58,129		56,745
Long-term other assets		2,882		2,526
Intangible assets, net		47,880		56,574
Goodwill		45,009		43,469
Total assets	$	549,164	$	536,480
Current liabilities:
Accounts payable	$	8,060	$	3,671
Accrued expenses		35,039		31,624
Accrued compensation and related expenses		40,462		44,401
Deferred revenue		128,259		110,690
Total current liabilities		211,820		190,386
Income taxes payable		20,951		21,269
Long-term deferred revenue		20,645		34,196
Other long-term liabilities		17,473		18,841
Total liabilities		270,889		264,692
Stockholders’ equity:		278,275		271,788
Total liabilities and stockholders’ equity	$	549,164	$	536,480

9

Pegasystems Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

	Nine Months Ended
	September 30,
	2014			2013
Operating activities:
Net income	$	13,151		$	22,482
Adjustments to reconcile net income to cash provided by operating activities:
Excess tax benefits from equity awards and deferred income taxes		(5,599	)		(3,207	)
Depreciation, amortization, foreign currency transaction loss, and other non-cash items		20,633			18,575
Stock-based compensation expense		13,721			9,713
Change in operating assets and liabilities, net		56,361			35,872
Cash provided by operating activities		98,267			83,435
Cash used in investing activities		(22,485	)		(39,674	)
Cash used in financing activities		(17,403	)		(11,942	)
Effect of exchange rate on cash and cash equivalents		(2,065	)		(517	)
Net increase in cash and cash equivalents		56,314			31,302
Cash and cash equivalents, beginning of period		80,231			77,525
Cash and cash equivalents, end of period	$	136,545		$	108,827

10

PEGASYSTEMS INC.

Historical License and Cloud Backlog

($ in thousands)

	2014		2014		2014		2013		2013		2013		2013
	Q3		Q2		Q1		Q4		Q3		Q2		Q1
Total billed deferred license and cloud revenue		68,561		54,938		62,741		64,267		34,644		37,312		31,765
Total off-balance sheet license and cloud commitments		265,309		298,658		270,243		283,099		248,403		246,821		253,623
TOTAL LICENSE AND CLOUD BACKLOG	$	333,870	$	353,596	$	332,984	$	347,366	$	283,047	$	284,133	$	285,388

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