Pegasystems Inc Q1 2021 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Steven Richard Koenig - SMBC Nikko Securities America, Inc., Research Division - Analyst : Maybe one multi-part and 1 follow-up for you guys. So on ACV, grew 20% with a little bit of a tailwind from currency. Just in decomposing the numbers, it looks like term ACV didn't increase that much quarter-to-quarter. And so -- and more -- I guess more generally, the question is what needs to happen to accelerate ACV? And I'll kind of throw in that as well. Maybe talk a little bit, because this may be relevant, about 2021 sales changes that Hayden has made or is making and the hiring that you're doing. We noticed some key hires, but total hiring is accelerating sharply as well. And I've got one quick follow-up for you as well.

Question: Steven Richard Koenig - SMBC Nikko Securities America, Inc., Research Division - Analyst : Great. And maybe a quick follow-up. So Alan, I was intrigued by your comments about how organizations are looking at cloud migrations and seeing sticker shock in some circumstances, obviously, not impacting Pega, if you just look at the numbers. I'm wondering, do you see that in relation to cloud-native competitors in your space? Or are you seeing that more generally? I'm just kind of wondering about maybe some color about behind that comment?