Pegasystems at Canaccord Conference: AI and Cloud Strategy Unveiled

On Wednesday, 13 August 2025, Pegasystems Inc (NASDAQ:PEGA) presented at Canaccord Genuity’s 45th Annual Growth Conference, outlining its strategic initiatives in AI and cloud transformation. The company emphasized its AI-powered workflow platform and its financial transition to a subscription model. While Pegasystems highlighted its growth potential and partnerships, it also acknowledged challenges in modernizing legacy systems.

Key Takeaways

• Pegasystems is leveraging AI for workflow design and decision-making.
• Transition to a subscription model has been successful, with over 50% of ACV from cloud services.
• Partnerships with AWS and Google are key to expanding market reach.
• The company targets $700 million in revenue and free cash flow by 2028.
• Blueprint technology is a focal point for future growth.

Financial Results

• Business Model Transition: Pegasystems has shifted from a perpetual licensing model to a subscription-based model, resulting in increased sales efficiency.
• Cloud ACV Growth: Cloud Annual Contract Value (ACV) now represents more than 50% of total ACV, with 80-90% of new growth stemming from cloud services.
• Free Cash Flow Margins: Margins are nearing 30%, with aspirations to reach 35% in four years.
• 2028 Financial Targets: The company aims for $700 million in revenue and improved free cash flow by 2028.
• Tax Benefits: Changes in R&D capitalization are expected to reduce tax liabilities in 2025 and 2026, aiding cash flow.

Operational Updates

• Partner Program: Pegasystems enables partners to create branded blueprints, incorporating their intellectual property.
• AWS Partnership: Collaboration with AWS enhances strategic visibility and joint marketing efforts.
• Target Audience Expansion: While focusing on high-end clientele, Pegasystems is also opening its architecture to companies outside the Fortune 1000.

Future Outlook

• Public Sector Opportunities: The public sector is identified as an under-served market, with potential for growth due to legacy system upgrades.
• Agentic Automation: This approach allows customers to modernize workflows without extensive rewrites, providing a competitive edge.

AI and Technology Strategy

• AI Approach: Pegasystems utilizes both statistical AI for real-time decision-making and generative AI for workflow design.
• Blueprint Technology: Over 100,000 blueprints have been created, enhancing delivery cycles and allowing partners to add value through their branded blueprints.
• Cloud Transformation: Modernizing legacy applications in the cloud is essential to fully leverage generative AI capabilities.

Conclusion

For a deeper understanding of Pegasystems’ strategies and insights, readers are encouraged to review the full conference call transcript.

Full transcript - Canaccord Genuity’s 45th Annual Growth Conference:

DJ Hines, Senior Software Analyst, Canaccord: All right. I think we’re ready to kick things off. I’m DJ Hines. I’m the Senior Software Analyst here at Canaccord. This is the forty fifth year that Canaccord has put on this conference.

We couldn’t do it without the corporates that bring all the content and the interesting businesses and the investors that invest the time to come and ask the smart questions and eat all the food. So we’re thankful you guys are all here. We’re thankful to have Pegasystems with us. We have Founder and CEO, Alan Trefler CFO, Ken Stillwell. We’re going to do this as a fireside chat.

So happy to integrate any questions from the audience, just raise your hand, we can work them into the conversation. But maybe just to kick things off, Alan, it’d be great in case folks aren’t familiar with the Pega story. Just talk a little bit about the problems that you solve for customers, the types of customers that you work with, you know what Pega does.

Alan Trefler, Founder and CEO, Pegasystems: Sure. What Pega does is we have a AI powered workflow and decisioning platform that mostly very large companies use to take their sophisticated workflows to things like customer onboarding, handling disputes, providing better service and make good decisions for the customers and then be able to execute effectively. And we’ve been working to incorporate AI in a very novel way using the technology called Blueprint, which has had massive impact on our business in the last couple of years.

DJ Hines, Senior Software Analyst, Canaccord: Can you talk about some of the major verticals? You referenced large customers, enterprise.

Alan Trefler, Founder and CEO, Pegasystems: We started in financial services where we for example our first two clients who God forbid went live literally forty two years ago, Citicorp went live in 1984, Citicorp in Bank of America.

DJ Hines, Senior Software Analyst, Canaccord: I’m 42 old.

Alan Trefler, Founder and CEO, Pegasystems: You could be a new system. So the reality is obviously the technology we run on has changed staggeringly literally five times in our relationship with those customers but in terms of things that we value as an organization having what are actually extremely large relationships with those two organizations as well as many other financial services companies is something that we value. We do quite a bit of work in the health insurance business working with the leading players not just in The US but also for example Bupo down in Australia and we do a lot of work with governments like Her Majesty’s Revenue and Customs. We are the major engine behind how they provide service. We’re probably 50,000, 60,000 users there as well.

And we we work actually now in a number of other industries. We we work in manufacturing and pharmaceuticals because lots of places have workflows. You know we think life is a series of process oriented flows that you want to be able to do in an organized and structured but highly responsive manner. Sure. And that’s what Pega tries to do.

Ken Stillwell, CFO, Pegasystems: Yeah. Typically the business model just add to that is, you know, there’s there’s normally a consumer constituent on the end of that, right, which drives to lots of transactions, you know, maybe many times regulatory standards around like Fair Lending Act for loan origination etc. So that’s the way to think about the businesses. So it’s really not limited by use case but it really you really when you think of scale, scale transactions with a B2C or a B2B2C type business, that’s the most common.

DJ Hines, Senior Software Analyst, Canaccord: Yep, perfect. Typically, we dig in on Q2 results. I’m going to skip that question for now. Q2 is another nice quarter. I’m to ask you a bigger picture question if we zoom out, like how are you positioning the Pega story for investors these days and how do you see it kind of evolving over the next few years?

Alan Trefler, Founder and CEO, Pegasystems: Well you know the enormous hype around AI and what it means, what it doesn’t mean, etc. Is of great interest to us. We were doing AI before it was fashionable. In 2010 we actually bought a company that was a leader in statistical AI. Statistical AI is being able to do machine learning, basically be able to find patterns in transactions and numbers.

And we still believe very much that statistical AI is extremely relevant and it’s very important to a lot of our clients. It’s used to do by, like Verizon to figure out the next best action they want to do relative to their individual customers and to be able to do that in real time. But the generative AI capabilities have really taken over a lot of the dialogue in terms of how things apply to technology and how things apply to customers. And we’ve come up with an approach to incorporate generative AI in a way that is really quite unique and structurally consistent with the way Pega works. That is we use this generative AI and the power of that collaboration you can have with it to help you design tremendous numbers of beautiful workflows to really describe your business.

And then at runtime, when you actually want to do something, we’re not using the AI to reason and make things up. We’re saying hey we’ll just find the best workflow, use the AI to connect the language to that workflow but we’ll be able to operate in a predictable and reliable way that is uniquely supported by our technology because we have such a powerful workflow engine. We’re using what we’ve developed and iterated on for so many years to be able to bring value to the AI. You know, somebody who has a computer science background, I look at a lot of the conversations here and we certainly belong in the trough of disillusionment compared to some of the things that are being said. I feel that we’ve done a really good job of finding the right way to hit the right notes here.

DJ Hines, Senior Software Analyst, Canaccord: Yeah. Yeah. Maybe I could ask you a non Pega specific question, but we’ve been doing a ton of these fireside chats with software companies. We’ve all seen how the space has traded off of Q2 earnings where I felt like results were generally pretty good and the stocks struggled. I think there’s the narrative that’s bubbling up whether tied to GPT five or whatever that you know AI is going to kill the SaaS category.

What’s your perspective? What do you make of that?

Alan Trefler, Founder and CEO, Pegasystems: I think there are some companies that will be under stress. I think we will not be among them. The reality is that GPT-five which you know we’ve been using for recent days like a lot of folks Is interesting and powerful but still has that lovely ability to hallucinate occasionally and and also candidly who who wants to run their business in a way that you can’t describe in advance? The whole idea of the people who are you know promulgating the death of SAS I think are after use cases where it’s not important to have processes. But all of our customers are places where being able to have processes and being able to explain your decisions, which none of these AIs do a very good job of explaining the decisions, are really key.

I think that for some of the SAS companies like us, that’s going to continue to be not just of importance but of extreme importance. So we feel really comfortable and of course we’re happy to use these advances in the foundational models like GPT-five or like Gemini from Google. We use those very aggressively to be able to make our software design better and to make our software execute better. But I don’t see them as the sort of mystic threat that I think has been taken over the market. And I do think some customers, some companies are going to be overrun but not the types of business we do with our clients.

Yeah.

Ken Stillwell, CFO, Pegasystems: I think I think if you if you think about I don’t want to I don’t want to point out any vendors or companies but I’ll talk about use cases. If you’re if you’re if you’re an application, if you’re a software company that helps people build, you know, websites or or manage data, like, you know, do data analytics and create dashboards or you’re A lot of those things can be done really efficiently using a model. And to be honest with you, there’s not really a right or wrong way to put a dashboard together. It’s information and what So I I do think that there are there’s gonna be disruptions. But when you when you require either for through your own controls or through some other regulatory or law or standard work to not just get done, but to be done in a certain disciplined way, to incorporate certain information at certain steps to be able to I think it’s gonna be very hard to get around that requirement and the models will get you an answer.

And even if the answer was right, it that doesn’t solve the problem of how did you get to the answer and did you comply with certain and so that that’s you know, when you’re thinking about go back to what I said earlier, we sell to companies that work with consumers and constituents and there’s not there’s very few countries in the world that aren’t focused on protecting their constituents and consumers from bad actors, from misuse of data, etcetera. So I think there’s a lot of complexity there that I have not seen or heard any use case from Gen AI that solves that problem. And so that’s where I think there are going to be things that are disrupted. But I don’t think when it’s you need to do the work in a certain structured way, use AI around the workflow to drive efficiency, take human interaction out of it, etcetera.

DJ Hines, Senior Software Analyst, Canaccord: Yeah. Good. My wife will be thrilled to hear that SAS is not going away. I may still have a job in a couple of years. That’s a good thing.

Alan Trefler, Founder and CEO, Pegasystems: You’ll certainly have things to analyze.

DJ Hines, Senior Software Analyst, Canaccord: Yeah. I would love about that.

Ken Stillwell, CFO, Pegasystems: Well, in in 02/2003, I think, called the death of mainframe.

DJ Hines, Senior Software Analyst, Canaccord: Yeah.

Ken Stillwell, CFO, Pegasystems: And it’s larger now than it was then. I mean

DJ Hines, Senior Software Analyst, Canaccord: That’s right. Let’s just go, you know, pattern pattern recognition. Let’s double click on on AI specifically, know, Pega’s AI blueprint and and kind of how you’re working with customers and how you’re seeing them incorporate AI to change the way they build applications and workflow.

Alan Trefler, Founder and CEO, Pegasystems: So what’s interesting is I would say in the last year we’ve had over a 100,000 blueprints created by customers or partners and for us that’s just a mind blowing number. You know we’re a company with fewer than a thousand customers. We’ve been highly concentrated in terms of how we’ve operated and gone to market. And so we’ve seen enormous enthusiasm from customers in terms of using this to ideate and to try to figure out what different things are they can do. And we’re starting to see it actually lead to faster delivery cycles and more effective delivery, not just faster but you know not just more creative but also just better outcomes and we think that’s exciting.

The interesting thing that we announced at Pegaworld in June was the work we’re doing with partners where we’ve now created the ability for key partners of ours to be able to create their own branded blueprint which will contain their intellectual property. They can put their intellectual property into a database on Pega Cloud. We will preserve it. It’s owned by them, it belongs to them, it’s not visible actually to us. But if one of those employees, if somebody from Ernst and Young who’s an employee of Ernst and Young goes and deals with an Ernst and Young customer and they want to bring up blueprint, it will be branded and if they want to do digital transformation or bid their own projects, know, we’ll use blueprint to do the creativity.

How do you really want this to work? How do you want it to go? And actually turn that into something that can be experientially touched and used. But now we can do that, think, promoting our partners as being both vehicles and force multipliers for the way that works. And this is very young.

I mean this is just coming to market now. But I think it’s super exciting and the fact that so many of the partners are interested in doing that I think just validates to me the power of this. That this is a unique way for them to engage.

DJ Hines, Senior Software Analyst, Canaccord: Are you seeing an acceleration in legacy application replacement, would you say? Or is it just kind of steady? And I guess what are the triggers inside of a customer that kind of catalyzes that step?

Alan Trefler, Founder and CEO, Pegasystems: Well, SAP has been a major interesting trigger of late. They’ve been pretty aggressive about telling their customers that they want them to go to the cloud. And they’ve put short term dates in. It feels a little like tariffs sometimes. You know, you’ve to do it by here.

Okay. We’ll give you some more time. But, let’s face it. This this move, this push to the cloud and to, you know, S4HANA is coming, whether it’s on cloud or on premise. And they’ve come out and said they want their customers to have a clean core, which means they want the bits of SAP that do the accounting and the central elements of it to be clean, to be pure and not customized.

So they’ve given customers the mandate to go and take all these customizations they’ve done historically and figure out how to replicate them or otherwise do them not in the core of SAP but either in an SAP process automation platform, something called BTP that SAP has, or somewhere else. We’re an awesome somewhere else for that. Yeah. And so I think that you’re gonna see some structural elements where a lot of these, you know, systems are either end of life or being pushed to to different ways that make the businesses say, got to get rid of this old stuff. Yeah.

And and I think that’s great for

DJ Hines, Senior Software Analyst, Canaccord: us. Yeah.

Ken Stillwell, CFO, Pegasystems: I I think I think a couple other accelerants around digital transformation, legacy transformation, app modernization, whatever whatever word you want to use to describe it is there was there was a, you know, large large clients started to move and I think if you asked AWS or or Google or Microsoft, they’d probably say we’re 10 to 20% of the journey of getting through these apps to a more modern kind of hyperscaler or cloud environment. I don’t I I you know, kind of sounds shocking to think it’s that low, but if you look at pretty much anybody and you go talk to clients, they would kind of confirm that it’s somewhere in that range. Yeah. You’re not going to get to a 100%. Say you get to 80.

So there’s a lot of room to move there. Two things that have I think put lit fire underneath. One is the security challenges around congruency between all the different versioning and and and and, you know, and like, you know, life cycle and end of support and, you know, cut type situations where clients like, I can’t even certify this system. I can’t even comply that this system Second thing is, you can’t really leverage Gen AI in a real way on an old on premise isolated system. So you need to monitor.

If you’re gonna use that, you can dump all the data somewhere and you can try to manage all these data lakes, but I don’t know if that’s really that’s really not solving the problem. Yeah. So I think there’s some things happening in the industry. If you look at the top three trends, the top three trends are AI, cloud, transformation. Like, those are the top three.

Transformation was not in the top three until AI got in the top three. And now, it So I do think there’s a connection there between the two of those.

DJ Hines, Senior Software Analyst, Canaccord: Yeah. Let’s maybe bridge some of these business tailwinds into the business model a little bit. And maybe this one’s for you, Ken. But I feel like over the last few years, first it was kind of the focus on the move to subscription. Then it was the focus on Rule of 40.

Talk about kind of progress against those initiatives and where we are today.

Ken Stillwell, CFO, Pegasystems: So I think, you know, I’m probably the thing that I’m I’m, you know, personally most proud of for the company is that we said we were going to do three or four things over the last five to seven years, and I think we’ve done them well. The first thing was we said we’re going to move the business from a largely perpetual model into subscription model. Right in the middle of that, we kind of pivoted a little bit and said, wait a cloud. Right? Because everything was moving to cloud, we weren’t really pushing that as hard.

At the time we made that shift, we were two thirds of our business was perpetual, 3% was cloud. So fast forward today, it’s all subscription and more than 50% of our ACV So I would consider that to be good progress. The second thing we said was that we were going to become a rule of 40 company, which we and and we were gonna kinda, you know, go through the the trough and deal with it, and we did a convert to help fund us through that. And that was very messy because although companies have done it, it’s, you know, I think there’s most of you in the audience that are investors and analysts probably have seen a number of companies and not the not the least of which was Adobe when they made their switch.

So you can kind of predict how it’s gonna play out. But I think our model played out pretty close to what we said. We’re probably about a year behind in terms of how the the transition. And that and that was really getting that over and fixing, you know, quit fixing the margin profile and the cash flow at the same time. We also did a sales transformation in the middle of that.

Two phases of it at the ’22 and toward the ’23, I believe it was. So I feel like we’ve done like all this good work and where we land today is with free cash flow margin margins approaching 30%, you know, with with room to go. I think the ACV rate has actually started to accelerate over the last two years. Our sales efficiency has never been at the level that it is. And we’ve got more than 50% of our ACV on cloud and 80 to 90% of of new growth is cloud.

So that’s a lot that we did in the last number of years. But I think we’ve done it pretty well. And I think that, now we sit in a business that we’re generating pretty reasonable amounts of free cash flow that affords us all kinds of flexibility in terms of capital allocation, etcetera.

DJ Hines, Senior Software Analyst, Canaccord: Yes. Maybe what we’re talking about margins, do have some intermediate term goals out there for 2028. I think you’ve talked about $700 ish million in revenue and free cash flow. Today, I think in ’25, you’re going to do like $4.40 ish. Help me think through like the bridge to get you to 07/28 and where the leverage is in the model.

Ken Stillwell, CFO, Pegasystems: Sure. So maybe a recent tweak for ’25 and ’26 you know, that I’ve started to talk about is with the, you know, with the changes in the capitalization of r and d in the in the one big beautiful bill legislature. We legislation, we we’re gonna probably, you know, reduce our tax liability in ’25 and ’26 because we’ll get to deduct a lot of r and d. So that’ll help our cash flow in in in even what we originally thought for 2025 and ’26. That said, that’ll normalize when you get to ’27 and ’28 in terms of the the margin.

Really, if you just take our business and you grow ACV low double digits and you show some small improvement in gross margin just based on the mix of Pega Cloud, not talking about going from 78 or ’79 to ’85, I’m talking about going from 78, 79 to maybe 80 or 81. You get you just continue the progress on the sales model that we have. You’ll see our free cash flow margins approach 35% in four years. And that that if you do the math on that, you’ll get above $700,000,000. So I don’t think it’s it’s it’s When I told when I told the street five years ago we were gonna do $300,000,000 in free cash flow, I got a lot of snickers.

Right? Then when I said 500,000,000, I had people pull me aside and say, why would you tell the market that? You’re never gonna be able to do When I said 700, nobody batted it I. Everyone said, yeah, okay. That makes sense.

So I actually feel

DJ Hines, Senior Software Analyst, Canaccord: like that’s a win. Like for me, right?

Ken Stillwell, CFO, Pegasystems: That it’s like, it’s it’s It wasn’t really It was it was believable to me, but it was hard to see when we were losing money to see how you’d get to 300. Now, I think you can kind of just model out and you can see

DJ Hines, Senior Software Analyst, Canaccord: That’s a little bit more of a glide path. Yeah.

Ken Stillwell, CFO, Pegasystems: Yeah. 15 ish 15 kind of growth in free cash flow. It’s not That doesn’t seem hard to do when you’re If you’re growing ACV low double digits, and I haven’t even talked about buybacks. What we might be able to do with the share count for free cash flow per share. That’s just straight free cash flow.

DJ Hines, Senior Software Analyst, Canaccord: That’s breaking news at the Canaccord Conference, buyback. Joking. Okay. Alan to you. So you recently announced a partnership with AWS.

I’d love to talk a little bit around how Pega and AWS maybe some of the large you know SIs can work together you know on modernization programs for your customers.

Alan Trefler, Founder and CEO, Pegasystems: Well going hard at legacy transformation and modernization is something that particularly you know coming into this year we said we want to do things to make that happen and we’ve been doing a lot in blueprint to facilitate it that work is ongoing but it’s you know it’s very exciting we my my head of product at PegaWorld, if you want to see a really interesting video, Karam, who has been with us over thirty years and runs our product development, he, basically took a a video that was recorded of a woman playing with a three thousand two and seventy, that’s one of those ancient IBM mainframe apps, doing credit card related processing, that had no documentation. And, you know, he took ten, twelve minutes of that video, She talked about what she was doing, dropped it into blueprint and literally in real time on stage. What it did was mind blowing in terms of being able to to get you not just a starting point but deep in to how you would go and go after those sorts of systems. So blueprint is an enormously powerful factor. The partnerships are huge because with both, AWS and also we’re we’re partnered deeply with Google, AWS has made a very strategic commitment jointly with us.

They’re giving us a level of visibility. We’re at their conferences. We’re doing joint marketing together. We’re working with our sales force. Our goal is to be able to recruit members of the sales force of the big partners like and Accenture and organizations like AWS and get them to bring on blueprint using the branded blueprint.

Each of them have a branded blueprint so when they show up they’re not flogging Pega Goods. It has their name on it. Being able to actually show organizations that we would have never talked to. You know, because we’re still very focused on our high end clientele. But trying to use that to see if we can open the architecture.

I think it could be very exciting.

DJ Hines, Senior Software Analyst, Canaccord: It’s a good segue to what I was going to ask next, is, you know, we’ve talked about the established categories in the verticals where you have a strong presence and you’ve been there for a long, long time. Where should you be that you’re not today? Like where can you take this?

Alan Trefler, Founder and CEO, Pegasystems: Well, I think the issue is less verticals because we are in lots of verticals and candidly the power of AI brings a lot of vertical intelligence even in areas where we don’t have it. We’ve got our intelligence that’s in there but it’s really remarkable what if you go out to ask the Internet what’s the best way to do these processes and then you know how to incorporate those safely at design time, you have a tremendous amount of power and that’s exactly what what blueprint does. The real thing this lets us do is operate in businesses that are outside you know the fortune 1,000. We really have only sold to a very very limited clientele. You know we’ve built a billion and a half plus business on the back of that which but there are a lot of other companies.

There are lots of $5.10, $15,000,000,000 companies that don’t make our current filter. And now we went to our partners and said we’re opening this arbiter up and I think it has the potential to be very positive.

Ken Stillwell, CFO, Pegasystems: Yeah. I think one specific vertical so to speak that we are probably under serving in terms of the opportunity is the public sector. I mean, I think there’s not a government and certainly the US government is probably worse than some. There’s not a government out there that has modern technology. They have legacy stuff everywhere.

I mean, we have clients of ours that we see, the way that they need to interact with three old systems just to be able to tell somebody what a claim amount’s going to be. And like, it’s just ridiculous, almost embarrassing.

DJ Hines, Senior Software Analyst, Canaccord: Yeah.

Ken Stillwell, CFO, Pegasystems: Right? And I do think that there’s a big push for, even from the legislature, for constituent management and constituent happiness. Like, people feeling like I can talk to an agency and actually get an answer. So I think there’s that. I also think there’s a tremendous amount of spend that’s happening in these agencies.

And it’s no it’s no surprise that we’re not going to be able to spend at that level. The US isn’t. Right? So we had to figure out ways to modernize applications to and let the aging workforce not be replaced with the next workforce to support these ancient systems. So that to me seems

Alan Trefler, Founder and CEO, Pegasystems: And the very powerful agentic capabilities that we have and there’s so much, you know, agent speak going around. I’m almost loath to give the term. But we have this amazing approach that turns every workflow into agentic automation. We’re we’re using the workflows to drive the agents. You don’t have to create these prompts and this other, you know, hallucinatory stuff.

And that allows actually our existing customers to take work that they had done years ago and be able to make that agentic without having to go and rewrite it all. I think that we’ll be able to do huge things in government but lots of other businesses. You know the cost of delivering IT and IT services has the potential to be very meaningfully less. And we think we’re well positioned to ride that.

DJ Hines, Senior Software Analyst, Canaccord: Yeah. Yeah.

Ken Stillwell, CFO, Pegasystems: We’ve covered a lot of

DJ Hines, Senior Software Analyst, Canaccord: ground, our meter’s running out on us. But maybe just as a concluding thought, you look out two to three years, what excites you most about the opportunity for Pega, the market, and kind of what do you want investors to leave here with today?

Alan Trefler, Founder and CEO, Pegasystems: Well, think that if investors really want to understand, they should do a blueprint. It’s available for free. It is game changing. Peter Welburn, our VP of Development, goes around and spends all his days working with investors doing blueprints. And as he said, if I can do them then you got to believe that anybody can really change it.

And I think if you see it and you realize what it’s doing, it’s a pretty compelling and differentiated story. Not just we’re a little bit ahead, but that we are structurally differentiated. And that’s what I’m excited about.

DJ Hines, Senior Software Analyst, Canaccord: Yeah, excellent. That’s probably a great spot to leave it. Thank you the Pega team for being here. Obviously the business continues to perform well. March towards those cash flow goals and everyone will be very happy.

Alan Trefler, Founder and CEO, Pegasystems: And DJ, you’re not being replaced by Chachi. Yes. Thank you.

DJ Hines, Senior Software Analyst, Canaccord: Thank you, guys.

Ken Stillwell, CFO, Pegasystems: Thanks, guys.

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