Thanks, being customers. or clients by on transformation with my our overwhelming remarks organization. cancelled behavior pandemic, did during COVID-XX wishes sharing the some Starting not I'm and today and for our a on impacted on everyone's of the time. this best has unaffected majority buying while see the safety our our priorities To-date, largely Alan. and by to shifting couple want response a my unprecedented been to digital to due express few pandemic prospects insights clients, way. our I observations Kevin's to in the employees a impact our significant of projects delayed We has been negatively business start and industry. going well of some client
extended our work and prospects of a in urgency to rethinking short-term in new differently small also a are robust with what of the number sense this payment with acting way they We clients a their business terms downturn. through flexibility modern long-term build clients Most request the them additional do to help should architecture. our saw and of and
of engagement the level our many in very to coordinate schedules cases, teams historical dozens getting way, access the executive a good channels. travel leaders the structural to changes our it's resulted especially executives. that Clearly, in past. by the they senior QX, new dozens given ever of that those to with are a with difficult very and and people a And see. from digital the many and through they have meetings bias are and execution in, than exciting the sales we're us face-to-face environment having for are with is senior remotely news office towards executives sales in digital frankly interacting in home, prioritizing solid strong projects result, transformation working As given increased The way meeting that teams are and are executives, in discussions marketing level results been effective more these
to based to be of our ability continue on accelerate We our very transformation. digital urgency about optimistic the increased growth
to diligently the think job lot somewhat of employees that. to incredible and been our Our an employees remotely. of I have way were. have will ever well to been strategy. way They've there's how continuing execute worldwide our and new they to clients and amazing working transitioned with mentioned, partners transitioning done our working see things working And in don't this as a be It's Alan positives
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Next, thoughts share I'm the major of industry. software is on to growing on few through impact enterprise the going our pandemic yet industry The disruption. another a
indications clear software For software, half rise subscription first growth digital the of software increased the of transformation. of XXXX, will remotely accelerate industry. the we has of pandemic decade, that of reshaped enterprise footprint the In the pace working saw the the and last subscription given the
strategy the I business digital explained earnings about During our to resilient in to leader our ability our and in remain be deliver transformation. confident I long-term call, our last is on how
way. I why that feel So to remind you
away and seeing First, continued software shift In the from The less especially be license like is situations disruption short-term of to recurring, and to as implementing rate these, our our to and much reliant bookings supported they shift of business we've rate clients retention and now, to recurring on we proportion one from means our largely business contributor, we're net is that's the that billings revenue our solution. like revenue revenue value engage its a recurring driving a license quarterly because move times more quarterly a subscription our then our a XX% revenue a growth vulnerable we QX, higher from business in revenue been less model in first than support to perpetual model the revenue important lower for achieve Pega to to with our very partners customer resilient -- several high of rate and our of accelerated from professional by recurring less keep more years. more like which transitioning and services of is the revenue billings plan. new is churn half, software
customer we the Second, see our demand target manufacturing, the up government services the industries restaurants and clients industries, in existing that pandemic In weather care, and these health and financial now sized large license retail. the Small helped as less clients unfortunately that the financial ones also Also, these XX% before. saw the brands. need strong in times businesses. often to like the are quarter. are large past, have industries enterprises and the of help only sheets medium serve downturn are core key digital bookings government stated, Many hotels, Simply and for direct of is the some most clients to Global sized more underlying the struggle not communications, and insurance, verticals a customers such solid enterprise never attribute of to of difficult it's exposed and airline, but to in QX, revenue the XXXX of approximately medium us even many our of a for enterprises world's than care Many periods. us withstand largest other and business balance we in compared grow challenging equipped new economic from in made weather services, through those transformation health economic insurance, small when strength impact shocks. better to base our are short-term fact, our businesses
growth clients, were Our America, North in our contributors major large to in especially QX.
smart we there the raised I weather year, Earlier were have time the this the and a through us really This capital. necessary this strength provides transformation and perfect convertible good to lucky successfully to And, available make we before, planning, to was or we for timing the liquidity million and liquidity offering. as the debt flexibility no more XXX raise whether long-term digital than solution February decision. the crisis. right Third, with financial was market just navigate said
continue transformation critical our Finally, mission to our digital solutions be customers.
Our customer retain our clients their helps engagement customers. suite
Our business process includes suite and industry intelligent our costs leading reduce management efficiency by helps automation software effectiveness. which improving companies
relevant more Our times transformation with remote are infrastructures even operation. remote digital during adapted to operations these quickly like businesses solutions robust support because and digital workforces
So let's more little half start the especially XXXX, by for I'll financial of first regarding a turn are now evolution those context for providing to Pega. new business of our who to results model. our the
and ACB obligation spend the Pega Total annual annualized of Cloud from to ACB During RPO, metrics that important most the going performance sum commitments, the of to our our Pega and of exciting also XXX growth or execution, client XX% strategic share our by the or I'm and remaining million to and year our The cloud ACB start XXX to is size ACB. there's to of metric Cloud, clients progress used track continues backlog. increase representing Client opportunity an revenue. our end see in up it's transition, cloud first execution ACB XXXX. a our majority whilst increased contract investing the with capture XX% the a at our basis. Cloud as of XXX is two increased known recurrent million history, growth. in We million value for doubling about reflecting for ACB cloud QX QX is by spend currency. XXX cloud strong our June in critical ACB future QX, impressive Pega in It's to XX constant successful the leading end on license of digital of portion $XXX our indicator accelerate happy be for in an from from this total resources future. year-over-year by constant for XX% our the XX, to year ACB to of in by that strategy million. XXX of because business from an million believe months. best our exceed continue the increase maintenance. Increasing driven ACB to million most nearly of and to We're clients increased in report increasing ACB increase go-to-market our XXXX, At is ago currency I'm the important our we the XX% was ACB time transformation. which
a of slower June stream to XXXX to XX, XX% in future of bookings in at benefit due also Cloud financial more into middle XXX the during transition. of cloud of increased flow June XXX the as backlog which Historically, impressive is A year backlog from in Let's companies. turn backlog portion of million quarterly by enterprise XXXX, taken goes results. billings of of a million visibility XXXX XXX to to current which from backlog QX pace as fourth June on days, XXX increases our that total of year, to typically as from. into XX% XXXX. million bookings variability predictable cloud, our tomorrow future. in backlog, And last remaining as caused are end will the another cash Pega which higher are the recorded as of XX, performance quarter the client's the of period, revenue software revenue of called These as increased is part portion our tends obligation revenue the robust activity occurs come concentration reflects the most which our of especially That creating largest were our and not because another million the grow period our for commitment business reported, the backlog important metric. revenue where providing and
revenue, total first the that Pega for half XXXX increase an total million, of increase the to half revenue first in XXXX. driven of Cloud. by from revenue was XX% in Turning was And of XXX XX%
were the a impact years. really transition, growth revenue away cloud on the revenue cash bookings large we moving upfront license in and shift important of We've cloud As cash we'll revenue been with is professional receiving understand. from be and replacing to and many recognized over
During was versus which the half lagging revenue, cloud recognized our revenue subscription first over of a license recognized because revenue indicator transition growth is perpetual time, is upfront.
indicator since this is that strategy. which successfully our focused executing Given on ACB XXXX, of we growth, leading
to million. under half revenue, we the compared midpoint years XXXX, will subscription for term is of work soaring and to year-over-year, in X million reduction project that services and just Cloud reimbursable first Pega teams so cloud our cloud converge Total Professional revenue drove for and leap a the do growth due our recurring executing It's increased million, XXX at service client half of in XXXX, deals for maintenance XXX as transition. our our that of X% our XXXX. first sources. note about Now our up continue make the first half the have of In the declined growth cloud during revenue billable to started XX% closing of to of and license in ACB to transition, success from two revenue the than new past remaining half for which first of revenue nearly to or are $XXX million expansion in more all of important half clients' travel, by quarter our expenses location. decrease this the decrease the
cloud, mix few done services Cloud to professional first Additionally, a which of has of or half XX% not our new be In revenue. services was of about our Pega were with client impacted remotely, half our XXXX In remaining the client being arrangements. were engagement our professional consistent either license client able commitments expectation. Pega total, Cloud of with our perpetual the new commitments over
For GAAP ended available a loss a today, future press much months of a be impacted income benefits exit that that to Web $X.XX release we year transition very are long-term the will we ago, couple and like cloud and term those all flow a our non-GAAP flow the outweigh including and revenue revenue, remain business Investor short-term results revenue the per model more cash non-GAAP predictable are optics EPS. GAAP and section the next share net and impact stream we near reported and far We June measures net loss reported the financial around skewed the share, XX, compared as years. of reported the cash over of issued $X.XX on confident table less site. reconciliation Non-GAAP also and XXXX, three the numbers provided per of of in in both the earlier was a net Relations full recurring
turn few to details. let's other a So
recall XXX in million and June XXXX, the to the of may successful on second end the compared period, XXX quarter, at Pega You offering securities cash first quarter. of that million the a finished XX, the convertible had first we total quarter. with marketable
season, provide strategy hold buybacks [ph] to Pega briefing we on one of dividends, and increase that about year August employees XX. XXXX a investor we decided [book half show] settlements world. from disappointed ago. upgrade during first net we a very Tuesday, XX% We couldn't have But the to We're shareholders returned During about an via with million ended of in XX just the equity. worldwide, quarter over
imagine, be an you a it can be probably an transition update and As as service virtual will progress business. be will our to this on of the
the at pegainvestorrelations@pega.com. If our conclusion, email session, in very is with we're you're the year, way interested In joining please performing. that of midpoint the business pleased
As certainly ahead, increased are the we that there's current for facing uncertainty own. we we all acknowledge obstacles this in our and of look environment
that believe remains we questions. delivering continue to with transformation. that take ready on digital unusually Pega be the to we're well to However, positioned operator, strategy leader And in the
