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Raymond Lenzchao

Vice President and Equity Research Analyst at Barclays PLC

Raymond Lenzchao is a Vice President and Equity Research Analyst at Barclays, specializing in the coverage of the Asian banking and financial services sector with a particular focus on companies such as DBS Group, Oversea-Chinese Banking Corporation (OCBC), United Overseas Bank (UOB), and Bank of China. Recognized for his in-depth fundamental analysis and actionable investment insights, Lenzchao has garnered strong rankings within industry platforms, maintaining a consistent record of accurate stock recommendations and generating returns that outperform sector averages. He began his career at Credit Suisse in 2013 as a junior analyst before moving to Barclays in 2018, where he advanced rapidly through the ranks. Lenzchao holds multiple FINRA securities licenses and is a CFA charterholder, underscoring his commitment to rigorous financial research and professional ethics.

Raymond Lenzchao's questions to PEGASYSTEMS (PEGA) leadership

Question · Q3 2025

Raymond Lenzchao sought clarification on the impact of increased Pega Cloud adoption on term license revenue, specifically whether the observed deceleration in the cloud line would continue into Q4. He also asked about the progress and opportunities in application modernization driven by AI.

Answer

Ken Stillwell, COO and CFO of Pegasystems, clarified that with 85% of ACV growth from Pega Cloud, a decline in term license revenue is expected over time, though not at a massive scale. Alan Trefler, Founder and CEO, added that term license revenue fluctuations are often due to accounting anomalies, emphasizing that the shift to Pega Cloud validates its quality and reliability. Regarding application modernization, Mr. Trefler highlighted new Pega GenAI Blueprint features that allow users to upload legacy system assets, including videos, to automatically design and modernize workflows, citing several 100-day implementations in this category.

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