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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue        
Total revenue $ 325,702 $ 227,375 $ 639,201 $ 492,966
Cost of revenue        
Total cost of revenue 84,531 76,691 166,978 156,219
Gross profit 241,171 150,684 472,223 336,747
Operating expenses        
Selling and marketing 156,423 127,607 305,162 263,631
Research and development 64,395 58,869 126,837 117,596
General and administrative 19,161 15,655 37,431 31,285
Total operating expenses 239,979 202,131 469,430 412,512
Income (loss) from operations 1,192 (51,447) 2,793 (75,765)
Foreign currency transaction (loss) gain (403) 4,256 (5,501) (1,691)
Interest income 236 242 389 849
Interest expense (1,959) (5,529) (3,839) (7,835)
Gain on capped call transactions 26,309 19,419 7,192 827
Other income, net 0 0 106 1,374
Income (loss) before (benefit from) income taxes 25,375 (33,059) 1,140 (82,241)
(Benefit from) income taxes (11,916) (12,319) (29,534) (36,129)
Net income (loss) $ 37,291 $ (20,740) $ 30,674 $ (46,112)
Earnings (loss) per share        
Basic (in dollars per share) $ 0.46 $ (0.26) $ 0.38 $ (0.58)
Diluted (in dollars per share) $ 0.43 $ (0.26) $ 0.36 $ (0.58)
Weighted-average number of common shares outstanding        
Basic (in shares) 81,316 80,224 81,161 80,016
Diluted (in shares) 90,320 80,224 86,006 80,016
Software license        
Revenue        
Total revenue $ 116,892 $ 53,323 $ 233,853 $ 147,239
Cost of revenue        
Total cost of revenue 656 979 1,306 1,663
Maintenance        
Revenue        
Total revenue 78,782 72,222 154,343 145,917
Cost of revenue        
Total cost of revenue 4,995 5,591 10,781 11,167
Pega Cloud        
Revenue        
Total revenue 73,293 48,838 141,151 92,304
Cost of revenue        
Total cost of revenue 24,051 18,988 46,608 36,521
Consulting        
Revenue        
Total revenue 56,735 52,992 109,854 107,506
Cost of revenue        
Total cost of revenue $ 54,829 $ 51,133 $ 108,283 $ 106,868