The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Steven Richard Koenig - SMBC Nikko Securities America, Inc., Research Division - Analyst
: I'll do 1 for Alan and 1 for Ken. Alan, could you give us an update on where you are in terms of the journey you launched with Pega
Infinity? I think it was 2 years ago now. COVID has, by sense of time, warped sometimes. And where are you with multi-tenancy,
micro services and the IDE, all the interesting stuff you're adding to the platform? And then I've got 1 follow-up for Ken.
Question: Steven Richard Koenig - SMBC Nikko Securities America, Inc., Research Division - Analyst
: Terrific. And then quickly for you, Ken. I think you mentioned that cloud was a really big part of new bookings. I think last quarter, it
might have been 60%. It sounds like it was even higher this quarter. Could you give us some color on that?
And then just to add to that, any color on how sales productivity is trending after all the hiring you've been doing? And how it's been
Question: Pinjalim Bora - JPMorgan Chase & Co, Research Division - Analyst
: Ken, the mix shift to client cloud versus Pega Cloud, I just wanted to double click on that. Is that impacted by more regulatory
industries this quarter who wants to just manage their own infrastructure or any particular use cases that you're seeing that's kind
of informing that basically to take in-house versus using Pega Cloud?
And then on the other side, I mean, I think you said cloud -- Pega Cloud growth should pick back up. Can you just -- are you suggesting
that we are kind of hitting a trough on the Pega Cloud growth at this point?
Question: Pinjalim Bora - JPMorgan Chase & Co, Research Division - Analyst
: Yes.
Question: Pinjalim Bora - JPMorgan Chase & Co, Research Division - Analyst
: Yes. That definitely makes sense. One quick follow-up...
Question: Pinjalim Bora - JPMorgan Chase & Co, Research Division - Analyst
: Sure.
Question: Pinjalim Bora - JPMorgan Chase & Co, Research Division - Analyst
: Understood. Understood. Ken, one more for you. In terms of the cash flow side, I think it seems like -- just help us understand the
time frame on the normalization aspect of cash flow as we end this year and next year?
Question: Pinjalim Bora - JPMorgan Chase & Co, Research Division - Analyst
: Got it. I get that. But my question was more around the normalization of cash flow. I mean, consensus is modeling a big uptick in Q4
and next year. I think you were a little short on the cash flows side this quarter. So I'm just trying to think is that normalization time
frame pushed out? Or are we still...
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