Guidewire (NYSE: GWRE) today announced its financial results for
the fiscal quarter ended April 30, 2024.
“Our outstanding third quarter results were driven by strong
Tier-1 deal volume and an acceleration in migration activity,
particularly in Asia Pacific,” said Mike Rosenbaum, chief executive
officer, Guidewire. “Our dedication to continuous innovation and
frequent product releases is not only maturing the Guidewire Cloud
Platform but also driving global engagement, reinforcing our
confidence in delivering on our pipeline and strategic
objectives.”
“In the third quarter, we exceeded expectations for ARR,
revenue, and operating income, fueled by eight cloud deals that
contributed to a 33% increase in InsuranceSuite cloud wins
year-to-date,” said Jeff Cooper, chief financial officer,
Guidewire.
Third Quarter Fiscal Year 2024 Financial Highlights
Revenue
- Total revenue for the third quarter of fiscal year 2024 was
$240.7 million, an increase of 16% from the same quarter in fiscal
year 2023. Subscription and support revenue was $138.0 million, an
increase of 28%; license revenue was $56.2 million, an increase of
11%; and services revenue was $46.5 million, a decrease of 6%, each
as compared to the same quarter in fiscal year 2023.
- As of April 30, 2024, annual recurring revenue, or ARR, was
$828 million, compared to $763 million as of July 31, 2023. ARR
results for interim quarterly periods in fiscal year 2024 are based
on actual currency rates at the end of fiscal year 2023, held
constant throughout the year.
Profitability
- GAAP loss from operations was $16.7 million for the third
quarter of fiscal year 2024, compared with GAAP loss from
operations of $57.8 million for the same quarter in fiscal year
2023.
- Non-GAAP income from operations was $20.8 million for the third
quarter of fiscal year 2024, compared with non-GAAP loss from
operations of $12.2 million for the same quarter in fiscal year
2023.
- GAAP net loss was $5.5 million for the third quarter of fiscal
year 2024, compared with GAAP net loss of $45.6 million for the
same quarter in fiscal year 2023. GAAP net loss per share was
$0.07, based on diluted weighted average shares outstanding of 82.5
million, compared to a GAAP net loss per share of $0.56 for the
same quarter in fiscal year 2023, based on diluted weighted average
shares outstanding of 81.8 million.
- Non-GAAP net income was $21.7 million for the third quarter of
fiscal year 2024, compared with non-GAAP net loss of $6.4 million
for the same quarter in fiscal year 2023. Non-GAAP net income per
share was $0.26, based on diluted weighted average shares
outstanding of 84.0 million, compared to a non-GAAP net loss per
share of $0.08 for the same quarter in fiscal year 2023, based on
diluted weighted average shares outstanding of 81.8 million.
Liquidity and Capital Resources
- Guidewire had $934.2 million in cash, cash equivalents, and
investments at April 30, 2024, compared to $927.5 million at July
31, 2023. Guidewire generated $2.0 million in cash from operations
during the nine months ended April 30, 2024.
Business Outlook
Guidewire is issuing the following outlook for the fourth
quarter of fiscal year 2024 based on current expectations:
- ARR between $856 million and $864 million
- Total revenue between $279 million and $287 million
- Operating income between $5 million and $13 million
- Non-GAAP operating income between $43 million and $51
million
Guidewire is updating the following outlook for fiscal year 2024
based on current expectations as follows:
- ARR between $856 million and $864 million
- Total revenue between $968 million and $976 million
- Operating loss between $58 million and $50 million
- Non-GAAP operating income between $94 million and $102
million
- Operating cash flow between $130 million and $150 million
Conference Call Information
What:
Guidewire Third Quarter Fiscal Year 2024
Financial Results Conference Call
When:
Tuesday, June 4, 2024
Time:
2:00 p.m. PT (5:00 p.m. ET)
Live Call:
(877) 704-4453, Domestic
Live Call:
(201) 389-0920, International
Replay:
(844) 512-2921, Passcode 13745798,
Domestic
Replay
(412) 317-6671, Passcode 13745798,
International
Webcast:
http://ir.guidewire.com/ (live and
replay)
The webcast will be archived on Guidewire’s website
(www.guidewire.com) for a period of three months.
Non-GAAP Financial Measures and Other Metrics
This press release contains the following non-GAAP financial
measures: non-GAAP gross profit, non-GAAP income (loss) from
operations, non-GAAP net income (loss), non-GAAP tax provision
(benefit), non-GAAP net income (loss) per share, and free cash
flow. Non-GAAP gross profit and non-GAAP income (loss) from
operations exclude stock-based compensation, amortization of
intangibles, net impact of assignment of lease agreement, and
acquisition consideration holdback. Non-GAAP net income (loss) and
non-GAAP tax provision (benefit) also exclude the amortization of
debt issuance costs from our convertible senior notes, gain on sale
of strategic investment, changes in fair value of strategic
investments, and related tax effects of the non-GAAP adjustments.
Additionally, non-GAAP net income (loss) per share includes shares
from the conversion premium and excludes the tax-effected interest
expense on convertible debt using the if-converted method. Free
cash flow consists of net cash flow provided by (used in) operating
activities less cash used for purchases of property and equipment
and capitalized software development costs. These non-GAAP measures
enable us to analyze our financial performance without the effects
of certain non-cash items such as amortization and stock-based
compensation.
Annual recurring revenue (“ARR”) is used to quantify the
annualized recurring value outlined in active customer contracts at
the end of a reporting period. ARR includes the annualized
recurring value of term licenses, subscription agreements, support
contracts, and hosting agreements based on customer contractual
terms and invoicing activities for the current reporting period,
which may not be the same as the timing and amount of revenue
recognized. ARR reflects all fee changes due to contract renewals,
non-renewals, expansion, cancellations, attrition, or
renegotiations at a higher or lower fee arrangement that are
effective as of the ARR reporting date. All components of the
licensing and other arrangements that are not expected to recur
(primarily perpetual licenses and professional services) are
excluded from our ARR calculations. In some arrangements with
multiple performance obligations, a portion of recurring license
and support or subscription contract value is allocated to services
revenue for revenue recognition purposes, but does not get
allocated for purposes of calculating ARR. This revenue allocation
generally only impacts the initial term of the contract. This means
that as we increase arrangements with multiple performance
obligations that include services at discounted rates, more of the
total contract value will be recognized as services revenue, but
our reported ARR amount will not be impacted. During the nine
months ended April 30, 2024, the recurring license and support or
subscription contract value recognized as services revenue was $7.3
million.
Guidewire believes that these non-GAAP financial measures and
other metrics provide useful information to management and
investors regarding certain financial and business trends relating
to Guidewire’s financial condition and results of operations.
Guidewire’s management uses these non-GAAP measures and other
metrics to compare the Company’s performance to that of prior
periods for trend analysis, for purposes of determining executive
and senior management incentive compensation, and for budgeting and
planning purposes. Guidewire believes that the use of these
non-GAAP financial measures and other metrics provides an
additional tool for investors to use in evaluating ongoing
operating results and trends and in comparing Guidewire’s financial
measures with other software companies, many of which present
similar non-GAAP financial measures and other metrics to
investors.
Guidewire's management does not consider these non-GAAP measures
in isolation or as an alternative to financial measures determined
in accordance with GAAP. The principal limitation of these non-GAAP
financial measures is that they exclude significant expenses and
income that are required by GAAP to be recorded in Guidewire’s
financial statements. In addition, they are subject to inherent
limitations as they reflect the exercise of judgment by management
about which expenses and income are excluded or included in
determining these non-GAAP financial measures. Guidewire urges
investors to review the reconciliation of its non-GAAP financial
measures to the comparable GAAP financial measures, which it
includes in press releases announcing quarterly financial results,
including the financial tables at the end of this press release,
and not to rely on any single financial measure to evaluate
Guidewire’s business.
About Guidewire
Guidewire is the platform P&C insurers trust to engage,
innovate, and grow efficiently. We combine digital, core,
analytics, and machine learning to deliver our platform as a cloud
service. More than 540 insurers in 40 countries, from new ventures
to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable
their success. We are proud of our unparalleled implementation
track record, with more than 1,600 successful projects, supported
by the largest R&D team and partner ecosystem in the industry.
Our marketplace provides hundreds of applications that accelerate
integration, localization, and innovation.
Guidewire uses its Investor Relations website
(ir.guidewire.com), X (formerly known as Twitter) feed
(@Guidewire_PandC), and LinkedIn page
(www.linkedin.com/company/guidewire-software) as a means of
disclosing information about the company and for complying with its
disclosure obligations under Regulation FD. The information that is
posted through these channels may be deemed material. Accordingly,
investors should monitor these channels in addition to Guidewire’s
press releases, SEC filings, public conference calls, and
webcasts.
NOTE: For information about Guidewire’s trademarks, visit
www.guidewire.com/legal-notices.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding our financial outlook and targets, our
future business momentum relating to our cloud deals, cloud
migration, product innovation, and profitability expectations, and
our associated business plan, vision and strategy. These
forward-looking statements are made as of the date they were first
issued and were based on current expectations, estimates, forecasts
and projections as well as the beliefs and assumptions of
management. Words such as “expect,” “anticipate,” “should,”
“believe,” “hope,” “target,” “project,” “goals,” “estimate,”
“potential,” “predict,” “may,” “will,” “might,” “could,” “intend,”
variations of these terms or the negative of these terms and
similar expressions are intended to identify these forward-looking
statements. Forward-looking statements are subject to a number of
risks and uncertainties, many of which involve factors or
circumstances that are beyond Guidewire’s control. Guidewire’s
actual results could differ materially from those stated or implied
in forward-looking statements due to a number of factors, including
but not limited to, risks detailed in Guidewire’s most recent Forms
10-K and 10-Q filed with the Securities and Exchange Commission as
well as other documents that may be filed by Guidewire from time to
time with the Securities and Exchange Commission. In particular,
the following factors, among others, could cause results to differ
materially from those expressed or implied by such forward-looking
statements: quarterly and annual operating results may fluctuate
more than expected; seasonal and other variations related to our
customer agreements and related revenue recognition may cause
significant fluctuations in our results of operations, ARR, and
cash flows; our reliance on sales to and renewals from a relatively
small number of large customers for a substantial portion of our
revenue and ARR; our ability to successfully manage any changes to
our business model, including the transition of our products to
cloud offerings and the costs related to cloud operations,
cybersecurity, product development, and services; the timing,
success, and number of professional services engagements and the
billing rates and utilization of our professional services
employees and contractors; recent global events (including, without
limitation, ongoing conflicts such as the wars between Israel and
Hamas and between Russia and Ukraine, escalating tensions in the
South China Sea, high inflation, economic volatility, bank failures
and associated financial instability and crises, and supply chain
issues) and their impact on our employees and our business and the
businesses of our customers, system integrator (“SI”) partners, and
vendors; data security breaches of our cloud-based products or
unauthorized access to our employees’ or our customers’ data; our
competitive environment and changes thereto; issues in the
development and use of artificial intelligence and machine learning
combined with an uncertain regulatory environment; our services
revenue produces lower gross margins than our license, subscription
and support revenue; our product development and sales cycles are
lengthy and may be affected by factors outside of our control; the
impact of new regulations and laws (including, without limitation,
security, privacy, artificial intelligence and machine learning,
tax regulations and laws, and accounting standards); assertions by
third parties that we violate their intellectual property rights;
weakened global economic conditions may adversely affect the
P&C insurance industry, including the rate of information
technology spending; general political or destabilizing events,
including war, conflict or acts of terrorism; our ability to sell
our products is highly dependent on the quality of our professional
services and SI partners; the risk of losing key employees; the
challenges of international operations, including changes in
foreign exchange rates in countries such as Argentina; and other
risks and uncertainties. Past performance is not indicative of
future results. The forward-looking statements included in this
press release represent Guidewire’s views as of the date of this
press release. Guidewire anticipates that subsequent events and
developments will cause its views to change. Guidewire undertakes
no intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. These forward-looking statements should not be relied
upon as representing Guidewire’s views as of any date subsequent to
the date of this press release.
GUIDEWIRE SOFTWARE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited, in thousands)
April 30, 2024
July 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
359,600
$
401,813
Short-term investments
422,691
396,872
Accounts receivable, net
104,344
151,034
Unbilled accounts receivable, net
125,531
87,752
Prepaid expenses and other current
assets
69,345
62,132
Total current assets
1,081,511
1,099,603
Long-term investments
151,891
128,782
Unbilled accounts receivable, net
7,288
11,112
Property and equipment, net
55,025
54,499
Operating lease assets
46,267
52,373
Intangible assets, net
10,372
14,473
Goodwill
372,214
372,214
Deferred tax assets, net
255,547
226,875
Other assets
59,910
67,957
TOTAL ASSETS
$
2,040,025
$
2,027,888
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
23,514
$
34,627
Accrued employee compensation
76,538
103,980
Deferred revenue, net
181,689
206,923
Convertible senior notes, net
398,467
—
Other current liabilities
24,599
27,731
Total current liabilities
704,807
373,261
Lease liabilities
37,120
42,972
Convertible senior notes, net
—
397,171
Deferred revenue, net
3,210
5,988
Other liabilities
9,522
9,030
Total liabilities
754,659
828,422
STOCKHOLDERS’ EQUITY:
Common stock
8
8
Additional paid-in capital
1,940,691
1,831,267
Accumulated other comprehensive income
(loss)
(14,521
)
(13,859
)
Retained earnings (accumulated
deficit)
(640,812
)
(617,950
)
Total stockholders’ equity
1,285,366
1,199,466
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
2,040,025
$
2,027,888
GUIDEWIRE SOFTWARE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited, in thousands except
share and per share data)
Three Months Ended April
30,
Nine Months Ended April
30,
2024
2023
2024
2023
Revenue:
Subscription and support
$
137,970
$
107,499
$
397,239
$
312,321
License
56,210
50,602
161,318
164,669
Services
46,498
49,389
130,425
158,393
Total revenue
240,678
207,490
688,982
635,383
Cost of revenue(1):
Subscription and support
51,185
52,281
149,173
156,896
License
837
1,243
3,539
4,961
Services
46,429
55,048
139,345
178,993
Total cost of revenue
98,451
108,572
292,057
340,850
Gross profit:
Subscription and support
86,785
55,218
248,066
155,425
License
55,373
49,359
157,779
159,708
Services
69
(5,659
)
(8,920
)
(20,600
)
Total gross profit
142,227
98,918
396,925
294,533
Operating expenses(1):
Research and development
66,134
63,055
194,061
182,927
Sales and marketing
50,487
46,864
144,249
138,113
General and administrative
42,302
46,815
121,502
129,078
Total operating expenses
158,923
156,734
459,812
450,118
Income (loss) from operations
(16,696
)
(57,816
)
(62,887
)
(155,585
)
Interest income
10,824
6,627
31,727
16,657
Interest expense
(1,686
)
(1,683
)
(5,061
)
(5,034
)
Other income (expense), net
(6,535
)
(3,356
)
(9,501
)
(5,889
)
Income (loss) before provision for
(benefit from) income taxes
(14,093
)
(56,228
)
(45,722
)
(149,851
)
Provision for (benefit from) income
taxes
(8,615
)
(10,660
)
(22,860
)
(25,776
)
Net income (loss)
$
(5,478
)
$
(45,568
)
$
(22,862
)
$
(124,075
)
Net income (loss) per share:
Basic and diluted
$
(0.07
)
$
(0.56
)
$
(0.28
)
$
(1.51
)
Shares used in computing net income (loss)
per share:
Basic and diluted
82,500,109
81,832,244
82,105,357
82,407,950
(1)Amounts include stock-based
compensation expense as follows:
Three Months Ended April
30,
Nine Months Ended April
30,
2024
2023
2024
2023
Stock-based compensation expense:
Cost of subscription and support
revenue
$
3,113
$
3,580
$
9,989
$
10,488
Cost of license revenue
72
93
220
359
Cost of services revenue
4,722
4,631
14,154
14,377
Research and development
10,003
10,084
30,127
29,676
Sales and marketing
9,354
7,432
25,273
22,343
General and administrative
9,386
9,199
29,411
29,051
Total stock-based compensation expense
$
36,650
$
35,019
$
109,174
$
106,294
GUIDEWIRE SOFTWARE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Three Months Ended April
30,
Nine Months Ended April
30,
2024
2023
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
(5,478
)
$
(45,568
)
$
(22,862
)
$
(124,075
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
5,591
5,682
16,525
19,911
Amortization of debt issuance costs
434
426
1,296
1,274
Amortization of contract costs
4,124
4,403
12,869
13,000
Stock-based compensation
36,650
35,019
109,174
106,294
Changes to allowance for credit losses and
revenue reserves
52
11
(142
)
(304
)
Deferred income tax
(11,904
)
(12,676
)
(29,294
)
(31,034
)
Amortization of premium (accretion of
discount) on available-for-sale securities, net
(3,269
)
(1,736
)
(9,492
)
(2,458
)
Gain on sale of strategic investment
—
—
(1,758
)
—
Changes in fair value of strategic
investments
(298
)
—
(298
)
—
Accelerated depreciation related to lease
assignment
—
26,921
—
26,921
Gain from lease assignment
—
(18,419
)
—
(18,419
)
Other non-cash items affecting net income
(loss)
(28
)
(391
)
(74
)
(315
)
Changes in operating assets and
liabilities:
Accounts receivable
23,729
(1,768
)
46,276
14,756
Unbilled accounts receivable
(35,057
)
(27,818
)
(33,955
)
(57,278
)
Prepaid expenses and other assets
(9,551
)
(7,898
)
(22,082
)
(12,718
)
Operating lease assets
2,060
(16,156
)
6,106
(11,348
)
Accounts payable
1,674
(4,436
)
(10,538
)
(6,725
)
Accrued employee compensation
14,053
14,147
(25,604
)
(18,392
)
Deferred revenue
(14,256
)
(3,069
)
(28,012
)
(29,360
)
Lease liabilities
(1,891
)
6,670
(5,136
)
953
Other liabilities
(1,832
)
(1,971
)
(1,028
)
(5,525
)
Net cash provided by (used in) operating
activities
4,803
(48,627
)
1,971
(134,842
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale
securities
(138,595
)
(88,494
)
(453,441
)
(358,823
)
Maturities and sales of available-for-sale
securities
148,883
146,836
416,299
382,219
Purchases of property and equipment
(678
)
(677
)
(4,668
)
(2,614
)
Capitalized software development costs
(3,371
)
(2,759
)
(9,429
)
(8,877
)
Acquisition of strategic investments
(86
)
(2,210
)
(336
)
(8,051
)
Sale of strategic investment
—
—
6,508
—
Net cash provided by (used in) investing
activities
6,153
52,696
(45,067
)
3,854
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
upon exercise of stock options
10
225
14
227
Repurchase and retirement of common
stock
—
(13,993
)
—
(213,993
)
Net cash provided by (used in) financing
activities
10
(13,768
)
14
(213,766
)
Effect of foreign exchange rate changes on
cash, cash equivalents, and restricted cash
(1,354
)
(282
)
(2,915
)
1,659
NET INCREASE (DECREASE) IN CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH
9,612
(9,981
)
(45,997
)
(343,095
)
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH—Beginning of period
351,181
281,572
406,790
614,686
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH—End of period
$
360,793
$
271,591
$
360,793
$
271,591
GUIDEWIRE SOFTWARE, INC. AND
SUBSIDIARIES
Reconciliation of GAAP to
Non-GAAP Financial Measures
(unaudited, in thousands)
The following tables reconcile the
specific items excluded from GAAP in the calculation of non-GAAP
financial measures for the periods indicated below:
Three Months Ended April
30,
Nine Months Ended April
30,
2024
2023
2024
2023
Gross profit reconciliation:
GAAP gross profit
$
142,227
$
98,918
$
396,925
$
294,533
Non-GAAP adjustments:
Stock-based compensation
7,907
8,304
24,363
25,224
Amortization of intangibles
485
485
1,455
2,875
Non-GAAP gross profit
$
150,619
$
107,707
$
422,743
$
322,632
Income (loss) from operations
reconciliation:
GAAP income (loss) from operations
$
(16,696
)
$
(57,816
)
$
(62,887
)
$
(155,585
)
Non-GAAP adjustments:
Stock-based compensation
36,650
35,019
109,174
106,294
Amortization of intangibles
1,367
1,367
4,101
5,521
Acquisition consideration holdback
(542
)
706
143
2,209
Net impact of assignment of lease
agreement
—
8,502
—
8,502
Non-GAAP income (loss) from operations
$
20,779
$
(12,222
)
$
50,531
$
(33,059
)
Net income (loss)
reconciliation:
GAAP net income (loss)
$
(5,478
)
$
(45,568
)
$
(22,862
)
$
(124,075
)
Non-GAAP adjustments:
Stock-based compensation
36,650
35,019
109,174
106,294
Amortization of intangibles
1,367
1,367
4,101
5,521
Acquisition consideration holdback
(542
)
706
143
2,209
Amortization of debt issuance costs
434
426
1,296
1,274
Changes in fair value of strategic
investments
(298
)
—
(298
)
—
Gain on sale of strategic investment
—
—
(1,809
)
—
Net impact of assignment of lease
agreement
—
8,502
—
8,502
Tax impact of non-GAAP adjustments
(10,469
)
(6,824
)
(29,289
)
(33,309
)
Non-GAAP net income (loss)
$
21,664
$
(6,372
)
$
60,456
$
(33,584
)
Tax provision (benefit)
reconciliation:
GAAP tax provision (benefit)
$
(8,615
)
$
(10,660
)
$
(22,860
)
$
(25,776
)
Non-GAAP adjustments:
Stock-based compensation
2,890
13,163
10,108
97,554
Amortization of intangibles
108
514
380
4,853
Acquisition consideration holdback
(43
)
265
25
2,018
Amortization of debt issuance costs
34
160
120
1,160
Changes in fair value of strategic
investments
(23
)
—
(23
)
—
Gain on sale of strategic investment
—
—
(191
)
—
Net impact of assignment of lease
agreement
—
3,196
—
3,196
Tax impact of non-GAAP adjustments
7,503
(10,474
)
18,870
(75,472
)
Non-GAAP tax provision (benefit)
$
1,854
$
(3,836
)
$
6,429
$
7,533
GUIDEWIRE SOFTWARE, INC. AND
SUBSIDIARIES
Reconciliation of GAAP to
Non-GAAP Financial Measures
(unaudited, in thousands except
share and per share data)
The following tables reconcile the
specific items excluded from GAAP in the calculation of non-GAAP
financial measures for the periods indicated below:
Three Months Ended April
30,
Nine Months Ended April
30,
2024
2023
2024
2023
Net income (loss) per share
reconciliation:
GAAP net income (loss) per share –
diluted
$
(0.07
)
$
(0.56
)
$
(0.28
)
$
(1.51
)
Non-GAAP adjustments:
Stock-based compensation
0.44
0.43
1.31
1.29
Amortization of intangibles
0.02
0.02
0.05
0.07
Acquisition consideration holdback
(0.01
)
0.01
—
0.03
Amortization of debt issuance costs
0.01
0.01
0.02
0.03
Changes in fair value of strategic
investments
—
—
—
—
Gain on sale of strategic investment
—
—
(0.02
)
—
Net impact of assignment of lease
agreement
—
0.10
—
0.10
Tax impact of non-GAAP adjustments
(0.13
)
(0.09
)
(0.35
)
(0.43
)
Non-GAAP dilutive shares excluded from
GAAP net income (loss) per share calculation
—
—
(0.01
)
—
Non-GAAP net income (loss) per share –
diluted
$
0.26
$
(0.08
)
$
0.72
$
(0.42
)
Shares used in computing Non-GAAP
income (loss) per share amounts:
GAAP weighted average shares – diluted
82,500,109
81,832,244
82,105,357
82,407,950
Non-GAAP dilutive shares excluded from
GAAP income (loss) per share calculation
1,453,086
—
1,293,859
—
Pro forma weighted average shares —
diluted
83,953,195
81,832,244
83,399,216
82,407,950
The following table summarizes our free
cash flow for the periods indicated below:
Three Months Ended April
30,
Nine Months Ended April
30,
2024
2023
2024
2023
Free cash flow:
Net cash provided by (used in) operating
activities
$
4,803
$
(48,627
)
$
1,971
$
(134,842
)
Purchases of property and equipment
(678
)
(677
)
(4,668
)
(2,614
)
Capitalized software development costs
(3,371
)
(2,759
)
(9,429
)
(8,877
)
Free cash flow
$
754
$
(52,063
)
$
(12,126
)
$
(146,333
)
GUIDEWIRE SOFTWARE, INC. AND
SUBSIDIARIES
Reconciliation of GAAP to
Non-GAAP Outlook
The following table reconciles the
specific items excluded from GAAP outlook in the calculation of
non-GAAP outlook for the periods indicated below (in millions):
Fourth Quarter
Fiscal Year 2024
Fiscal Year 2024
Income (loss) from operations outlook
reconciliation:
GAAP income (loss) from operations
$5
—
$13
$(58)
—
$(50)
Non-GAAP adjustments:
Stock-based compensation
37
—
37
147
—
147
Amortization of intangibles
1
—
1
5
—
5
Non-GAAP income (loss) from operations
$43
—
$51
$94
—
$102
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240604646345/en/
Investor Contact: Alex Hughes Guidewire (650) 356-4921
ir@guidewire.com Media Contact: Diana Stott Guidewire (650)
781-9955 dstott@guidewire.com
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