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Guidewire Announces First Quarter Fiscal Year 2024 Financial Results

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Guidewire (GWRE) reports positive first quarter financial results and continued momentum in Guidewire Cloud Platform with seven cloud deals closed. The annual customer conference, Connections, saw approximately 3,000 members from customer and partner communities coming together.
Positive
  • Positive first quarter financial results
  • Continued momentum in Guidewire Cloud Platform with seven cloud deals closed
  • Annual customer conference, Connections, saw approximately 3,000 members from customer and partner communities coming together
Negative
  • None.

SAN MATEO, Calif.--(BUSINESS WIRE)-- Guidewire (NYSE: GWRE) today announced its financial results for the fiscal quarter ended October 31, 2023.

“We are thrilled with our first quarter financial results and the continued momentum in Guidewire Cloud Platform with another seven cloud deals closed,” said Mike Rosenbaum, chief executive officer, Guidewire. “The excitement around Guidewire Cloud Platform was on full display at our annual customer conference, Connections, where approximately 3,000 members from our customer and partner communities came together to share success stories, collaborate, and learn more about Innsbruck, our latest and ninth cloud release.”

“We are off to a strong start to the fiscal year with ARR finishing above the high end of our outlook, and margins significantly beating our expectations,” said Jeff Cooper, chief financial officer, Guidewire. “We are at an exciting inflection point with respect to profitability and are raising our profitability targets for the year.”

First Quarter Fiscal Year 2024 Financial Highlights

Revenue

  • Total revenue for the first quarter of fiscal year 2024 was $207.4 million, an increase of 6% from the same quarter in fiscal year 2023. Subscription and support revenue was $127.6 million, an increase of 29%; services revenue was $45.8 million, a decrease of 17%; and license revenue was $34.0 million, a decrease of 17%.
  • As of October 31, 2023, annual recurring revenue, or ARR, was $770 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 $33.8 million for the first quarter of fiscal year 2024, compared with GAAP loss from operations of $74.6 million for the same quarter in fiscal year 2023.
  • Non-GAAP income from operations was $4.1 million for the first quarter of fiscal year 2024, compared with Non-GAAP loss from operations of $35.9 million for the same quarter in fiscal year 2023.
  • GAAP net loss was $27.1 million for the first quarter of fiscal year 2024, compared with $69.3 million for the same quarter in fiscal year 2023. GAAP net loss per share was $0.33, based on diluted weighted average shares outstanding of 81.7 million, compared to a GAAP net loss per share of $0.83 for the same quarter in fiscal year 2023, based on diluted weighted average shares outstanding of 83.3 million.
  • Non-GAAP net loss was $0.3 million for the first quarter of fiscal year 2024, compared with Non-GAAP net loss of $9.9 million for the same quarter in fiscal year 2023. Non-GAAP net income/loss per share was $0.00, based on diluted weighted average shares outstanding of 81.7 million, compared to a Non-GAAP net loss per share of $0.12 for the same quarter in fiscal year 2023, based on diluted weighted average shares outstanding of 83.3 million.

Liquidity and Capital Resources

  • The Company had $853.6 million in cash, cash equivalents, and investments at October 31, 2023, compared to $927.5 million at July 31, 2023. The Company used $72.1 million in cash from operations during the first quarter of fiscal year 2024.

Business Outlook

Guidewire is issuing the following outlook for the second quarter of fiscal year 2024 based on current expectations:

  • ARR between $793 million and $798 million
  • Total revenue between $237 million and $243 million
  • Operating income (loss) between $(24) million and $(19) million
  • Non-GAAP operating income (loss) between $15 million and $20 million

Guidewire is updating the outlook for fiscal year 2024 based on current expectations as follows:

  • ARR between $846 million and $858 million
  • Total revenue between $976 million and $986 million
  • Operating income (loss) between $(75) million and $(65) million
  • Non-GAAP operating income (loss) between $82 million and $92 million
  • Operating cash flow between $115 million and $135 million

Conference Call Information

What:

   

Guidewire First Quarter Fiscal Year 2024 Financial Results Conference Call

When:

   

Thursday, December 7, 2023

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 13742810, Domestic

Replay

   

(412) 317-6671, Passcode 13742810, 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, 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 notes, and the related tax effects of the non-GAAP adjustments. Additionally, Non-GAAP net income (loss) per share excludes the interest expense on convertible debt. 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 contracts, which may not be the same as the timing and amount of revenue recognized. All components of the licensing and other arrangements that are not expected to recur (primarily perpetual licenses and professional services) are excluded. 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 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 fiscal quarter ended October 31, 2023, the recurring license and support or subscription contract value recognized as services revenue was $3.0 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. The Company’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. The Company 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 the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures and other metrics to investors.

Management of the Company 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 the Company’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 the Company’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.

For more information, please visit www.guidewire.com and follow us on X (formerly known as Twitter) @Guidewire_PandC and LinkedIn.

NOTE: For information about Guidewire’s trademarks, visit https://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 our future business momentum regarding our product leadership, cloud deals, financial targets, gross and operating margins, profitability, 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 and security; 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, the ongoing wars between Israel and Hamas and between Russia and Ukraine, escalating tensions in the South China Sea, inflation higher than we have seen in decades, global pandemics, 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 services or products or unauthorized access to our customers’ data, particularly in connection with our transition to a hybrid in-person and remote workforce; 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 necessarily 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)

 

 

 

 

 

October 31,
2023

 

July 31,
2023

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

301,419

 

 

$

401,813

 

Short-term investments

 

411,528

 

 

 

396,872

 

Accounts receivable, net

 

93,083

 

 

 

151,034

 

Unbilled accounts receivable, net

 

109,231

 

 

 

87,752

 

Prepaid expenses and other current assets

 

61,537

 

 

 

62,132

 

Total current assets

 

976,798

 

 

 

1,099,603

 

Long-term investments

 

140,644

 

 

 

128,782

 

Unbilled accounts receivable, net

 

6,883

 

 

 

11,112

 

Property and equipment, net

 

55,280

 

 

 

54,499

 

Operating lease assets

 

50,402

 

 

 

52,373

 

Intangible assets, net

 

13,106

 

 

 

14,473

 

Goodwill

 

372,214

 

 

 

372,214

 

Deferred tax assets, net

 

239,822

 

 

 

226,875

 

Other assets

 

64,448

 

 

 

67,957

 

TOTAL ASSETS

$

1,919,597

 

 

$

2,027,888

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

19,210

 

 

$

34,627

 

Accrued employee compensation

 

46,686

 

 

 

103,980

 

Deferred revenue, net

 

171,103

 

 

 

206,923

 

Other current liabilities

 

25,376

 

 

 

27,731

 

Total current liabilities

 

262,375

 

 

 

373,261

 

Lease liabilities

 

40,872

 

 

 

42,972

 

Convertible senior notes, net

 

397,601

 

 

 

397,171

 

Deferred revenue, net

 

3,915

 

 

 

5,988

 

Other liabilities

 

9,185

 

 

 

9,030

 

Total liabilities

 

713,948

 

 

 

828,422

 

STOCKHOLDERS’ EQUITY:

 

 

 

Common stock

 

8

 

 

 

8

 

Additional paid-in capital

 

1,867,467

 

 

 

1,831,267

 

Accumulated other comprehensive income (loss)

 

(16,805

)

 

 

(13,859

)

Retained earnings (accumulated deficit)

 

(645,021

)

 

 

(617,950

)

Total stockholders’ equity

 

1,205,649

 

 

 

1,199,466

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

1,919,597

 

 

$

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 October 31,

 

2023

 

2022

Revenue:

 

 

 

Subscription and support

$

127,627

 

 

$

99,068

 

License

 

34,025

 

 

 

40,952

 

Services

 

45,755

 

 

 

55,262

 

Total revenue

 

207,407

 

 

 

195,282

 

Cost of revenue(1):

 

 

 

Subscription and support

 

48,054

 

 

 

55,691

 

License

 

1,219

 

 

 

1,873

 

Services

 

45,842

 

 

 

65,566

 

Total cost of revenue

 

95,115

 

 

 

123,130

 

Gross profit:

 

 

 

Subscription and support

 

79,573

 

 

 

43,377

 

License

 

32,806

 

 

 

39,079

 

Services

 

(87

)

 

 

(10,304

)

Total gross profit

 

112,292

 

 

 

72,152

 

Operating expenses(1):

 

 

 

Research and development

 

62,469

 

 

 

58,170

 

Sales and marketing

 

44,581

 

 

 

46,468

 

General and administrative

 

39,023

 

 

 

42,067

 

Total operating expenses

 

146,073

 

 

 

146,705

 

Income (loss) from operations

 

(33,781

)

 

 

(74,553

)

Interest income

 

10,613

 

 

 

4,638

 

Interest expense

 

(1,683

)

 

 

(1,674

)

Other income (expense), net

 

(13,742

)

 

 

(13,824

)

Income (loss) before provision for (benefit from) income taxes

 

(38,593

)

 

 

(85,413

)

Provision for (benefit from) income taxes

 

(11,522

)

 

 

(16,095

)

Net income (loss)

$

(27,071

)

 

$

(69,318

)

Net income (loss) per share:

 

 

 

Basic and diluted

$

(0.33

)

 

$

(0.83

)

Shares used in computing net income (loss) per share:

 

 

 

Basic and diluted

 

81,690,912

 

 

 

83,320,967

 

(1) Amounts include stock-based compensation expense as follows:

 

Three Months Ended October 31,

 

2023

 

2022

Stock-based compensation expense:

 

 

 

Cost of subscription and support revenue

$

3,462

 

$

3,468

Cost of license revenue

 

95

 

 

147

Cost of services revenue

 

4,789

 

 

5,349

Research and development

 

9,986

 

 

9,291

Sales and marketing

 

7,729

 

 

6,887

General and administrative

 

10,036

 

 

9,954

Total stock-based compensation expense

$

36,097

 

$

35,096

GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

 

Three Months Ended October 31,

 

2023

 

2022

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net income (loss)

$

(27,071

)

 

$

(69,318

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

Depreciation and amortization

 

5,442

 

 

 

7,623

 

Amortization of debt issuance costs

 

430

 

 

 

423

 

Amortization of contract costs

 

4,064

 

 

 

4,490

 

Stock-based compensation

 

36,097

 

 

 

35,096

 

Changes to allowance for credit losses and revenue reserves

 

128

 

 

 

(72

)

Deferred income tax

 

(13,220

)

 

 

(18,035

)

Amortization of premium (accretion of discount) on available-for-sale securities, net

 

(2,927

)

 

 

98

 

Other non-cash items affecting net income (loss)

 

(29

)

 

 

34

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

57,193

 

 

 

55,245

 

Unbilled accounts receivable

 

(17,250

)

 

 

(20,659

)

Prepaid expenses and other assets

 

(6,560

)

 

 

(839

)

Operating lease assets

 

1,971

 

 

 

3,768

 

Accounts payable

 

(16,982

)

 

 

847

 

Accrued employee compensation

 

(54,576

)

 

 

(45,548

)

Deferred revenue

 

(37,893

)

 

 

(33,575

)

Lease liabilities

 

(1,601

)

 

 

(4,441

)

Other liabilities

 

701

 

 

 

(2,572

)

Net cash provided by (used in) operating activities

 

(72,083

)

 

 

(87,435

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Purchases of available-for-sale securities

 

(160,239

)

 

 

(169,232

)

Maturities and sales of available-for-sale securities

 

137,386

 

 

 

119,291

 

Purchases of property and equipment

 

(998

)

 

 

(604

)

Capitalized software development costs

 

(3,692

)

 

 

(3,697

)

Acquisition of strategic investments

 

(250

)

 

 

(181

)

Net cash provided by (used in) investing activities

 

(27,793

)

 

 

(54,423

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Repurchase and retirement of common stock

 

 

 

 

(200,000

)

Net cash provided by (used in) financing activities

 

 

 

 

(200,000

)

Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash

 

(4,303

)

 

 

(2,992

)

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

 

(104,179

)

 

 

(344,850

)

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period

 

406,790

 

 

 

614,686

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period

$

302,611

 

 

$

269,836

 

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 October 31,

 

2023

 

2022

Gross profit reconciliation:

 

 

 

GAAP gross profit

$

112,292

 

 

$

72,152

 

Non-GAAP adjustments:

 

 

 

Stock-based compensation

 

8,346

 

 

 

8,964

 

Amortization of intangibles

 

485

 

 

 

1,905

 

Non-GAAP gross profit

$

121,123

 

 

$

83,021

 

 

 

 

 

Income (loss) from operations reconciliation:

 

 

 

GAAP income (loss) from operations

$

(33,781

)

 

$

(74,553

)

Non-GAAP adjustments:

 

 

 

Stock-based compensation

 

36,097

 

 

 

35,096

 

Amortization of intangibles

 

1,367

 

 

 

2,787

 

Acquisition consideration holdback

 

386

 

 

 

773

 

Non-GAAP income (loss) from operations

$

4,069

 

 

$

(35,897

)

 

 

 

 

Net income (loss) reconciliation:

 

 

 

GAAP net income (loss)

$

(27,071

)

 

$

(69,318

)

Non-GAAP adjustments:

 

 

 

Stock-based compensation

 

36,097

 

 

 

35,096

 

Amortization of intangibles

 

1,367

 

 

 

2,787

 

Acquisition consideration holdback

 

386

 

 

 

773

 

Amortization of debt issuance costs

 

430

 

 

 

423

 

Tax impact of non-GAAP adjustments

 

(11,493

)

 

 

20,378

 

Non-GAAP net income (loss)

$

(284

)

 

$

(9,861

)

 

 

 

 

Tax provision (benefit) reconciliation:

 

 

 

GAAP tax provision (benefit)

$

(11,522

)

 

$

(16,095

)

Non-GAAP adjustments:

 

 

 

Stock-based compensation

 

3,379

 

 

 

27,626

 

Amortization of intangibles

 

128

 

 

 

2,194

 

Acquisition consideration holdback

 

36

 

 

 

608

 

Amortization of debt issuance costs

 

40

 

 

 

333

 

Tax impact of non-GAAP adjustments

 

7,910

 

 

 

(51,139

)

Non-GAAP tax provision (benefit)

$

(29

)

 

$

(36,473

)

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 October 31,

 

2023

 

2022

Net income (loss) per share reconciliation:

 

 

 

GAAP net income (loss) per share – diluted

$

(0.33

)

 

$

(0.83

)

Non-GAAP adjustments:

 

 

 

Stock-based compensation

 

0.44

 

 

 

0.42

 

Amortization of intangibles

 

0.02

 

 

 

0.03

 

Acquisition consideration holdback

 

 

 

 

0.01

 

Amortization of debt issuance costs

 

0.01

 

 

 

0.01

 

Tax impact of non-GAAP adjustments

 

(0.14

)

 

 

0.24

 

Non-GAAP net income (loss) per share – diluted

$

 

 

$

(0.12

)

 

 

 

 

Shares used in computing Non-GAAP income (loss) per share amounts:

 

 

 

GAAP and pro forma weighted average shares — diluted

 

81,690,912

 

 

 

83,320,967

 

The following table summarizes our free cash flow for the periods indicated below:

 

Three Months Ended October 31,

 

2023

 

2022

Free cash flow:

 

 

 

Net cash provided by (used in) operating activities

$

(72,083

)

 

$

(87,435

)

Purchases of property and equipment

 

(998

)

 

 

(604

)

Capitalized software development costs

 

(3,692

)

 

 

(3,697

)

Free cash flow

$

(76,773

)

 

$

(91,736

)

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):

 

 

Second Quarter
Fiscal Year 2024

 

Fiscal Year 2024

Income (loss) from operations outlook reconciliation:

 

 

 

 

 

 

 

GAAP income (loss) from operations

$

(24

)

$

(19

)

 

$

(75

)

$

(65

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Stock-based compensation

 

38

 

 

38

 

 

 

150

 

 

150

 

Amortization of intangibles

 

1

 

 

1

 

 

 

6

 

 

6

 

Acquisition consideration holdback

 

 

 

 

 

 

1

 

 

1

 

Non-GAAP income (loss) from operations

$

15

 

$

20

 

 

$

82

 

$

92

 

 

Investor Contact:

Alex Hughes

Guidewire

(650) 356-4921

ir@guidewire.com

Media Contact:

Diana Stott

Guidewire

(650) 781-9955

dstott@guidewire.com

Source: Guidewire

FAQ

What are Guidewire's (GWRE) first quarter financial results for the fiscal quarter ended October 31, 2023?

Guidewire (GWRE) reported positive first quarter financial results for the fiscal quarter ended October 31, 2023.

How many cloud deals did Guidewire (GWRE) close for the Guidewire Cloud Platform?

Guidewire (GWRE) closed seven cloud deals for the Guidewire Cloud Platform.

What was the attendance at Guidewire's (GWRE) annual customer conference, Connections?

Approximately 3,000 members from customer and partner communities came together at Guidewire's (GWRE) annual customer conference, Connections.

GUIDEWIRE SOFTWARE, INC.

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