Pegasystems Inc. reported a net loss of $5.5 million for the first six months of 2024, compared to a net loss of $67.6 million in the same period of 2023. The company's total revenue for the first half of 2024 was $681.3 million, an increase of 9% compared to $623.7 million in the first half of 2023. Subscription revenue increased by 13% to $574.3 million, driven by a 19% increase in Pega Cloud revenue. Consulting revenue decreased by 5% to $106.1 million, and perpetual license revenue decreased by 55% to $0.9 million. The company's annual contract value (ACV) reached $1.305 billion, a 12% increase year-over-year, or 13% in constant currency. The remaining performance obligations (backlog) increased by 11% to $1.406 billion, or 12% in constant currency. Operating expenses decreased by 1% to $497.1 million, with selling and marketing expenses decreasing by 9% due to restructuring efforts. The company incurred a $32.4 million litigation settlement, net of recoveries, during the first half of 2024. Free cash flow for the first half of 2024 was $218.4 million, a 119% increase compared to $99.8 million in the same period of 2023.