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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Carrying Value and Interest Expense Related to the Notes | Carrying value of the Notes:
(in thousands) | December 31, 2023 |  | December 31, 2022
Principal | $ | 502,270 |  |  | $ | 600,000 |
Unamortized issuance costs | (2,902) |  |  | (6,391) |
Convertible senior notes, net | $ | 499,368 |  |  | $ | 593,609 |
Interest expense related to the Notes:
(in thousands) | 2023 |  | 2022
Contractual interest expense (0.75% coupon) | $ | 3,891 |  |  | $ | 4,500 |
Amortization of issuance costs | 2,603 |  |  | 2,888 |
| $ | 6,494 |  |  | $ | 7,388 |
Schedule of Future Payments | Future payments of principal and contractual interest:
| December 31, 2023
(in thousands) | Principal |  | Interest |  | Total
2024 | $ | — |  |  | $ | 3,767 |  |  | $ | 3,767 |
2025 | 502,270 |  |  | 1,884 |  |  | 504,154 |
| $ | 502,270 |  |  | $ | 5,651 |  |  | $ | 507,921 |
Schedule of Change in Capped Call Transactions | Change in capped call transactions:
(in thousands) | 2023 |  | 2022
January 1, | $ | 2,582 |  |  | $ | 59,964 |
Settlements | (341) |  |  | — |
Fair value adjustment | (1,348) |  |  | (57,382) |
December 31, | $ | 893 |  |  | $ | 2,582 |
Schedule of Debt Covenant Requirements | The Company is required to comply with financial covenants, including: •Through December 31, 2023, Pegasystems Inc. must maintain at least $200 million in cash, investments, and availability under the Credit Facility and the Company must maintain:
| Year to Date
(in thousands) | March 31, 2023 |  | June 30, 2023 |  | September 30, 2023 |  | December 31, 2023
Minimum Consolidated EBITDA (as defined in the Credit Facility) | $ | 38,862 |  |  | $ | 59,894 |  |  | $ | 95,597 |  |  | $ | 214,590 |

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