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DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Carrying Value and Interest Expense Related to the Notes
Carrying value of the Notes:
(in thousands)December 31, 2023December 31, 2022
Principal$502,270 $600,000 
Unamortized issuance costs(2,902)(6,391)
Convertible senior notes, net$499,368 $593,609 
Interest expense related to the Notes:
(in thousands)20232022
Contractual interest expense (0.75% coupon)
$3,891 $4,500 
Amortization of issuance costs
2,603 2,888 
$6,494 $7,388 
Schedule of Future Payments
Future payments of principal and contractual interest:
December 31, 2023
(in thousands)PrincipalInterestTotal
2024$— $3,767 $3,767 
2025502,270 1,884 504,154 
$502,270 $5,651 $507,921 
Schedule of Change in Capped Call Transactions
Change in capped call transactions:
(in thousands)20232022
January 1,$2,582 $59,964 
Settlements(341)— 
Fair value adjustment(1,348)(57,382)
December 31,$893 $2,582 
Schedule of Debt Covenant Requirements
The Company is required to comply with financial covenants, including:
•Through December 31, 2023, Pegasystems Inc. must maintain at least $200 million in cash, investments, and availability under the Credit Facility and the Company must maintain:
Year to Date
(in thousands)March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Minimum Consolidated EBITDA (as defined in the Credit Facility)$38,862 $59,894 $95,597 $214,590