Pegasystems (NASDAQ: PEGA) reported Q1 EPS of $0.26, $0.17 better than the analyst estimate of $0.09. Revenue for the quarter came in at $313.5 million versus the consensus estimate of $306.64 million.

"The pandemic clearly reaffirmed that organizations need to accelerate their digital transformation initiatives with low-code solutions. Our clients see this as improving time-to-market, time-to-value, and overall agility," said Alan Trefler, founder and CEO, Pegasystems. "We expect clients will remain on their accelerated path, and we are well positioned to support those efforts. We're excited to showcase many of our clients' most recent digital transformation successes next week at PegaWorld."

"We've reached a point in our cloud transition where subscription revenue growth aligns with total ACV growth," said Ken Stillwell, COO and CFO, Pegasystems. "Total revenue grew 18 percent year over year and subscription revenue grew by 23 percent. This is a strong indication that our business strategy is working, and our cloud transition is progressing as planned."

For earnings history and earnings-related data on Pegasystems (PEGA) click here.