---
schema_version: "secwatch.filing_event.v1"
accession: "0001013857-24-000013"
form_type: "8-K"
ticker: "PEGA"
cik: "0001013857"
company_name: "PEGASYSTEMS INC"
filed_at: "2024-02-14T23:59:59+00:00"
generated_at: "2026-06-06T01:54:57.143158+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Pega Q4 2023: Revenue up 20% YoY, ACV grows 11%, record free cash flow over $200M

## Summary
- Q4 GAAP net income of $142.7M ($1.61 EPS) vs $34.6M ($0.41 EPS) in Q4 2022; non-GAAP EPS $1.77.
- Full-year 2023 revenue $1.43B (+9%); GAAP net income $67.8M vs loss of $345.6M in 2022.
- Annual contract value (ACV) reached $1.255B, up 11% YoY; Pega Cloud revenue up 26% in Q4.
- 2024 guidance: Revenue ~$1.5B, GAAP EPS $1.18, non-GAAP EPS $2.75; free cash flow ~$350M.
- Operating cash flow and free cash flow both exceeded $200M for first time; cloud gross margin 74%.

## SEC filing metadata
- accession: 0001013857-24-000013
- form_type: 8-K
- ticker: PEGA
- cik: 0001013857
- company_name: PEGASYSTEMS INC
- filed_at: 2024-02-14T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1013857/000101385724000013/0001013857-24-000013-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1013857/000101385724000013/pega-20240214.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001013857-24-000013
- JSON: https://secwatch.observer/filing/0001013857-24-000013.json
- Plain text: https://secwatch.observer/filing/0001013857-24-000013.txt

## Key facts
- Earnings Releases
  PEGASYSTEMS INC reported 2024 results: revenue $1.5 Billion, EPS $1.18. Guidance raised.
  - Period: 2024
  - Revenue: $1.5 Billion
  - EPS: $1.18
  - Guidance: raised
  - Result: guidance update
  source text: 2024 GAAP Non-GAAP (1) Revenue $1.5 Billion $1.5 Billion Diluted earnings per share $1.18 $2.75
  evidence_url: https://www.sec.gov/Archives/edgar/data/1013857/000101385724000013/0001013857-24-000013-index.htm
- Earnings Releases
  PEGASYSTEMS INC updated its the fourth quarter and full-year 2023 guidance (raised).
  - Period: the fourth quarter and full-year 2023
  - Guidance: raised
  - Result: reported results
  source text: Pegasystems Inc. issued a press release announcing its financial results for the fourth quarter and full-year 2023. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1013857/000101385724000013/0001013857-24-000013-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.