Pegasystems (NASDAQ: PEGA) reported Q1 EPS of ($0.12), $0.24 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $212.55 million versus the consensus estimate of $236.67 million.

"We're off to a solid start for 2019," said Alan Trefler, founder and CEO, Pegasystems. "We continue to see strong demand from companies engaging in digital transformation to improve customer experience and automate business processes."

"It's really exciting to see Pega becoming a much larger recurring business," said Ken Stillwell, CFO. "Pega Cloud reached 70% of new client commitments, above our Q1 2018 mix of 50%. While this is terrific for our business, it resulted in a reduction of nearly $20 million of Q1 revenue with a commensurate increase to backlog."

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