Teradata Reports Second Quarter 2023 Financial Results
-
Public cloud ARR of
, an increase of$414 million 77% as reported and76% in constant currency from the prior year period(1) -
Total ARR of
, an increase of$1.52 3 billion10% as reported and9% in constant currency from the prior year period(1) -
Second quarter total revenue of
, an increase of$462 million 7% as reported and10% in constant currency from the prior year period(1) -
Second quarter recurring revenue of
, an increase of$371 million 8% as reported and10% in constant currency from the prior year period(1) -
Second quarter GAAP diluted earnings per share of
$0.17 -
Second quarter Non-GAAP diluted earnings per share of
(2)$0.48 -
Second quarter cash from operations of
and free cash flow of$49 million (3)$46 million
“Our broad-based momentum across the business generated strong financial results, including
Second Quarter 2023 Financial Highlights Compared to Second Quarter 2022
-
Public cloud ARR increased to
from$414 million , an increase of$234 million 77% as reported and76% in constant currency(1) -
Total ARR increased to
from$1.52 3 billion , an increase of$1.39 0 billion10% as reported and9% in constant currency(1) -
Total revenue was
versus$462 million , an increase of$430 million 7% as reported and10% in constant currency(1) -
Recurring revenue was
versus$371 million , an increase of$345 million 8% as reported and10% in constant currency(1) -
Recurring revenue was
80% of total revenue in the second quarter, flat from the prior year period -
GAAP gross margin was
59.7% versus60.0% -
Non-GAAP gross margin was
60.6% versus61.2% (2) -
GAAP operating income was
versus$33 million $14 million -
Non-GAAP operating income was
versus$72 million (2)$55 million -
GAAP diluted EPS was
versus ($0.17 ) per share$0.04 -
Non-GAAP diluted EPS was
versus$0.48 (2)$0.33 -
Cash flow from operations was
compared to$49 million $105 million -
Free cash flow was
compared to$46 million (3)$102 million
Outlook
For the third quarter of 2023:
-
GAAP diluted EPS is expected to be in the range of
to$0.10 $0.14 -
Non-GAAP diluted EPS is expected to be in the range of
to$0.40 (2)$0.44
Teradata updates the following outlook for full year 2023:
-
GAAP diluted EPS is increased to now be in the range of
to$0.74 versus the range of$0.86 to$0.65 previously provided$0.77
For the full year 2023, Teradata re-affirms the following outlook elements:
-
Public cloud ARR is expected to increase in the range of
53% to57% year-over-year -
Total ARR is expected to increase in the range of
6% to8% year-over-year -
Recurring revenue is expected to increase in the range of
4% to7% year-over-year -
Total revenue is expected to increase in the range of
1% to4% year-over-year -
Non-GAAP diluted EPS is expected to be in the range of
to$1.92 (2)$2.04 -
Cash flow from operations is expected to be in the range of
to$340 million $380 million -
Free cash flow is expected to be in the range of
to$320 million (3)$360 million
Earnings Conference Call
A conference call is scheduled for today at 2:00 p.m. PT to discuss the Company’s second quarter 2023 results and provide a business and financial update. Access to the conference call, as well as a replay of the conference call, is available on Teradata’s website at investor.teradata.com.
Supplemental Financial Information
Additional information regarding Teradata’s operating results is provided below as well as on Teradata’s website at investor.teradata.com.
1. |
The impact of currency is determined by calculating the prior-period results using the current-year monthly average currency rates. See the foreign currency fluctuation schedule, which is used to determine revenue on a constant currency (“CC”) basis, on the Investor Relations page of the Company’s website at investor.teradata.com. |
Revenue |
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(in millions) |
|||||||
|
For the Three Months ended June 30 |
||||||
2023 |
|
2022 |
|
% Change as
|
|
% Change in CC |
|
Recurring revenue |
|
|
|
|
|
|
|
Perpetual software licenses, hardware and other |
13 |
|
8 |
|
|
|
|
Consulting services |
78 |
|
77 |
|
|
|
|
Total revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
118 |
|
103 |
|
|
|
|
APJ |
76 |
|
78 |
|
( |
|
|
Total revenue |
|
|
|
|
|
|
|
Revenue |
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(in millions) |
|||||||
|
For the Six Months ended June 30 |
||||||
|
2023 |
|
2022 |
|
% Change as
|
|
% Change in CC |
Recurring revenue |
|
|
|
|
|
|
|
Perpetual software licenses, hardware and other |
26 |
|
34 |
|
( |
|
( |
Consulting services |
152 |
|
161 |
|
( |
|
|
Total revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA |
235 |
|
232 |
|
|
|
|
APJ |
143 |
|
155 |
|
( |
|
( |
Total revenue |
|
|
|
|
|
|
|
|
|
||||||
|
As of June 30 |
||||||
|
2023 |
|
2022 |
|
% Change as
|
|
% Change in CC |
Annual recurring revenue* |
|
|
|
|
|
|
|
Public cloud ARR** |
|
|
|
|
|
|
|
The impact of currency on ARR is determined by calculating the prior period ending ARR using the current period end currency rates. |
|
* Total annual recurring revenue (“ARR”) is defined as the annual value at a point in time of all recurring contracts, including subscription, cloud, software upgrade rights, and maintenance. Total ARR does not include managed services and third-party software. The Company believes this is a useful metric to investors as it demonstrates progress toward achieving our strategic objectives as outlined in the Form 10-K and Form 10-Q. |
|
** Public cloud ARR is defined as the annual value at a point in time of all contracts related to public cloud implementations of Teradata VantageCloud and does not include ARR related to private or managed cloud implementations. The Company believes this is a useful metric to investors as it demonstrates progress toward achieving our strategic objectives as outlined in the Form 10-K and Form 10-Q. |
2. |
Teradata reports its results in accordance with GAAP. However, as described below, the Company believes that certain non-GAAP measures such as free cash flow, non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, and non-GAAP diluted earnings per share, all of which exclude certain items, and which may be reported on a constant currency basis, are useful for investors. Our non-GAAP measures are not meant to be considered in isolation to, as substitutes for, or superior to, results determined in accordance with GAAP, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Each of our non-GAAP measures do not have a uniform definition under GAAP and therefore, Teradata’s definition may differ from other companies’ definitions of these measures. |
|
|
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|
The following tables reconcile Teradata’s actual and projected results and EPS under GAAP to the Company’s actual and projected non-GAAP results and EPS for the periods presented, which exclude certain specified items. Our management internally uses supplemental non-GAAP financial measures, such as gross profit, operating income, net income, and EPS, excluding certain items, to understand, manage and evaluate our business and support operating decisions on a regular basis. The Company believes such non-GAAP financial measures (1) provide useful information to investors regarding the underlying business trends and performance of the Company’s ongoing operations, (2) are useful for period-over-period comparisons of such operations and results, that may be more easily compared to peer companies and allow investors a view of the Company’s operating results excluding stock-based compensation expense and special items, (3) provide useful information to management and investors regarding present and future business trends, and (4) provide consistency and comparability with past reports and projections of future results. |
(in millions, except per share data) |
For the
|
|
|
|
For the
|
|
|
|||||
Gross Profit: |
2023 |
|
2022 |
|
% Chg. |
|
2023 |
|
2022 |
|
% Chg. |
|
GAAP Gross Profit |
|
|
|
|
|
|
|
|
||||
% of Revenue |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||||
Excluding: |
|
|
|
|
|
|
|
|||||
Stock-based compensation expense |
4 |
4 |
|
|
8 |
9 |
|
|
||||
Reorganization and transformation cost |
- |
1 |
|
|
- |
7 |
|
|
||||
Non-GAAP Gross Profit |
|
|
|
|
|
|
|
|
||||
% of Revenue |
|
|
|
|
|
|
|
|
||||
|
|
|||||||||||
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income |
|
|
|
|
|
|
|
|
||||
% of Revenue |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||||
Excluding: |
|
|
|
|
|
|
|
|||||
Stock-based compensation expense |
35 |
32 |
|
|
63 |
63 |
|
|
||||
Reorganization and transformation cost |
4 |
9 |
|
|
5 |
25 |
|
|
||||
Non-GAAP Operating Income |
|
|
|
|
|
|
|
|
||||
% of Revenue |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income |
|
( |
- |
|
|
|
|
|
||||
% of Revenue |
|
( |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||||
Excluding: |
|
|
|
|
|
|
|
|||||
Stock-based compensation expense |
35 |
32 |
|
|
63 |
63 |
|
|
||||
Reorganization and transformation cost |
|
4 |
|
9 |
|
|
|
5 |
|
25 |
|
|
Income tax adjustments(i) |
(7) |
(2) |
|
|
(13) |
(14) |
|
|
||||
Non-GAAP Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
% of Revenue |
|
|
|
|
|
|
|
For the Three Months
|
|
For the Six Months
|
|
2023 Outlook |
|||||||
Earnings Per Share: |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 Q3
|
|
2023 FY
|
GAAP Earnings Per Share |
|
|
( |
|
|
|
|
|
|
|
|
Excluding: |
|
|
|
|
|
|
|
|
|
||
Stock-based compensation expense |
0.34 |
0.30 |
|
0.61 |
|
0.59 |
|
0.32 |
|
1.26 |
|
Reorganization and transformation cost |
0.04 |
0.09 |
|
0.05 |
|
0.23 |
|
0.03 |
|
0.18 |
|
Income tax adjustments(i) |
(0.07) |
|
(0.02) |
|
(0.13) |
|
(0.13) |
|
(0.05) |
|
(0.26) |
Non-GAAP Diluted Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
i. |
Represents the income tax effect of the pre-tax adjustments to reconcile GAAP to Non-GAAP income based on the applicable jurisdictional statutory tax rate of the underlying item. Including the income tax effect assists investors in understanding the tax provision associated with those adjustments and the effective tax rate related to the underlying business and performance of the Company’s ongoing operations. As a result of these adjustments, the Company’s non-GAAP effective tax rate for the three months ended June 30, 2023 was |
3. |
As described below, the Company believes that free cash flow is a useful non-GAAP measure for investors. Free cash flow does not have a uniform definition under GAAP in |
(in millions) |
For the
|
For the
|
|
Outlook |
|||||
2023 |
2022 |
2023 |
2022 |
2023 |
|||||
|
|
|
|
|
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|
|||
Cash provided by operating activities (GAAP) |
|
|
|
|
|
|
|
|
|
Less capital expenditures |
(3) |
(3) |
|
(7) |
|
(4) |
|
(~20) |
|
Free Cash Flow (non-GAAP measure) |
|
|
|
|
|
|
|
|
Note to Investors
This release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934. Forward-looking statements generally relate to opinions, beliefs, and projections of expected future financial and operating performance, business trends, liquidity, and market conditions, among other things. These forward-looking statements are based upon current expectations and assumptions and often can be identified by words such as “expect,” “strive,” “looking ahead,” “outlook,” “guidance,” “forecast,” “anticipate,” “continue,” “plan,” “estimate,” “believe,” “will,” “would,” “likely,” “intend,” “potential,” or similar expressions. Forward-looking statements in this release include our 2023 third quarter and full year financial guidance. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including those relating to: the global economic environment and business conditions in general, including inflation and/or recessionary conditions, the ability of our suppliers to meet their commitments to us, or the timing of purchases by our current and potential customers; the rapidly changing and intensely competitive nature of the information technology industry and the data analytics business; fluctuations in our operating, capital allocation, and cash flow results; our ability to execute and realize the anticipated benefits of our business transformation program or other restructuring and cost saving initiatives; risks inherent in operating in foreign countries, including sanctions, foreign currency fluctuations, and/or acts of war; risks associated with the ongoing and uncertain impact of the COVID-19 pandemic on our business, financial condition and operating results and on our customers and suppliers; risks associated with data privacy, cyberattacks and maintaining secure and effective products for our customers, as well as, internal information technology and control systems; the timely and successful development, production or acquisition, availability and/or market acceptance of new and existing products, product features and services; tax rates; turnover of our workforce and the ability to attract and retain skilled employees; protecting our intellectual property; availability and successful execution of new alliance and acquisition opportunities; subscription arrangements that may be cancelled or fail to be renewed; the impact on our business and financial reporting from changes in accounting rules; and other factors described from time to time in Teradata’s filings with the
About Teradata
Teradata is the connected multi-cloud data platform for enterprise analytics company. Our enterprise analytics solve business challenges from start to scale. Only Teradata gives you the flexibility to handle the massive and mixed data workloads of the future, today. Learn more at Teradata.com.
The Teradata logo is a trademark, and Teradata is a registered trademark of Teradata Corporation and/or its affiliates in the
Schedule A | |||||||||||||||||||
TERADATA CORPORATION | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
(in millions, except per share amounts - unaudited) | |||||||||||||||||||
For the Period Ended June 30 |
|||||||||||||||||||
Three Months |
|
Six Months |
|||||||||||||||||
2023 |
|
2022 |
|
% Chg |
|
2023 |
|
2022 |
|
% Chg |
|||||||||
Revenue | |||||||||||||||||||
Recurring | $ |
371 |
|
$ |
345 |
|
|
$ |
760 |
|
$ |
731 |
|
|
|||||
Perpetual software licenses, hardware and other |
|
13 |
|
|
8 |
|
|
|
26 |
|
|
34 |
|
( |
|||||
Consulting services |
|
78 |
|
|
77 |
|
|
|
152 |
|
|
161 |
|
( |
|||||
|
|
||||||||||||||||||
Total revenue |
|
462 |
|
|
430 |
|
|
|
938 |
|
|
926 |
|
|
|||||
Gross profit | |||||||||||||||||||
Recurring |
|
264 |
|
|
249 |
|
|
555 |
|
|
530 |
|
|||||||
% of Revenue |
|
71.2 |
% |
|
72.2 |
% |
|
73.0 |
% |
|
72.5 |
% |
|||||||
Perpetual software licenses, hardware and other |
|
1 |
|
|
2 |
|
|
3 |
|
|
10 |
|
|||||||
% of Revenue |
|
7.7 |
% |
|
25.0 |
% |
|
11.5 |
% |
|
29.4 |
% |
|||||||
Consulting services |
|
11 |
|
|
7 |
|
|
20 |
|
|
19 |
|
|||||||
% of Revenue |
|
14.1 |
% |
|
9.1 |
% |
|
13.2 |
% |
|
11.8 |
% |
|||||||
Total gross profit |
|
276 |
|
|
258 |
|
|
578 |
|
|
559 |
|
|||||||
% of Revenue |
|
59.7 |
% |
|
60.0 |
% |
|
61.6 |
% |
|
60.4 |
% |
|||||||
Selling, general and administrative expenses |
|
167 |
|
|
163 |
|
|
320 |
|
|
320 |
|
|||||||
Research and development expenses |
|
76 |
|
|
81 |
|
|
146 |
|
|
157 |
|
|||||||
Income from operations |
|
33 |
|
|
14 |
|
|
112 |
|
|
82 |
|
|||||||
% of Revenue |
|
7.1 |
% |
|
3.3 |
% |
|
11.9 |
% |
|
8.9 |
% |
|||||||
Other expense, net |
|
(9 |
) |
|
(14 |
) |
|
(30 |
) |
|
(27 |
) |
|||||||
Income before income taxes |
|
24 |
|
|
- |
|
|
82 |
|
|
55 |
|
|||||||
% of Revenue |
|
5.2 |
% |
|
- |
|
|
8.7 |
% |
|
5.9 |
% |
|||||||
Income tax expense |
|
7 |
|
|
4 |
|
|
25 |
|
|
23 |
|
|||||||
% Tax rate |
|
29.2 |
% |
|
972.0 |
% |
|
30.5 |
% |
|
41.8 |
% |
|||||||
Net income (loss) | $ |
17 |
|
$ |
(4 |
) |
$ |
57 |
|
$ |
32 |
|
|||||||
% of Revenue |
|
3.7 |
% |
|
(0.9 |
%) |
|
6.1 |
% |
|
3.5 |
% |
|||||||
Net income (loss) per common share | |||||||||||||||||||
Basic | $ |
0.17 |
|
$ |
(0.04 |
) |
$ |
0.56 |
|
$ |
0.31 |
|
|||||||
Diluted | $ |
0.17 |
|
$ |
(0.04 |
) |
$ |
0.55 |
|
$ |
0.30 |
|
|||||||
Weighted average common shares outstanding | |||||||||||||||||||
Basic |
|
101.0 |
|
|
103.5 |
|
|
101.2 |
|
|
104.2 |
|
|||||||
Diluted |
|
102.9 |
|
|
103.5 |
|
|
103.3 |
|
|
107.1 |
|
Schedule B |
|||||||||||
TERADATA CORPORATION | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(in millions - unaudited) | |||||||||||
June 30, |
|
December 31, |
|
June 30, |
|||||||
2023 |
|
2022 |
|
2022 |
|||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ |
504 |
|
$ |
569 |
|
$ |
545 |
|
||
Accounts receivable, net |
|
265 |
|
|
364 |
|
|
266 |
|
||
Inventories |
|
9 |
|
|
8 |
|
|
17 |
|
||
Other current assets |
|
102 |
|
|
87 |
|
|
93 |
|
||
Total current assets |
|
880 |
|
|
1,028 |
|
|
921 |
|
||
Property and equipment, net |
|
250 |
|
|
244 |
|
|
249 |
|
||
Right of use assets - operating lease, net |
|
11 |
|
|
13 |
|
|
17 |
|
||
Goodwill |
|
390 |
|
|
390 |
|
|
390 |
|
||
Capitalized contract costs, net |
|
76 |
|
|
92 |
|
|
95 |
|
||
Deferred income taxes |
|
205 |
|
|
213 |
|
|
194 |
|
||
Other assets |
|
57 |
|
|
42 |
|
|
29 |
|
||
Total assets | $ |
1,869 |
|
$ |
2,022 |
|
$ |
1,895 |
|
||
Liabilities and stockholders' equity | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ |
6 |
|
$ |
- |
|
$ |
- |
|
||
Current portion of finance lease liability |
|
70 |
|
|
67 |
|
|
70 |
|
||
Current portion of operating lease liability |
|
7 |
|
|
8 |
|
|
8 |
|
||
Accounts payable |
|
113 |
|
|
94 |
|
|
83 |
|
||
Payroll and benefits liabilities |
|
100 |
|
|
137 |
|
|
108 |
|
||
Deferred revenue |
|
526 |
|
|
589 |
|
|
530 |
|
||
Other current liabilities |
|
88 |
|
|
112 |
|
|
79 |
|
||
Total current liabilities |
|
910 |
|
|
1,007 |
|
|
878 |
|
||
Long-term debt |
|
492 |
|
|
498 |
|
|
497 |
|
||
Finance lease liability |
|
70 |
|
|
54 |
|
|
48 |
|
||
Operating lease liability |
|
8 |
|
|
10 |
|
|
13 |
|
||
Pension and other postemployment plan liabilities |
|
96 |
|
|
101 |
|
|
129 |
|
||
Long-term deferred revenue |
|
7 |
|
|
8 |
|
|
11 |
|
||
Deferred tax liabilities |
|
6 |
|
|
7 |
|
|
7 |
|
||
Other liabilities |
|
62 |
|
|
79 |
|
|
90 |
|
||
Total liabilities |
|
1,651 |
|
|
1,764 |
|
|
1,673 |
|
||
Stockholders' equity | |||||||||||
Common stock |
|
1 |
|
|
1 |
|
|
1 |
|
||
Paid-in capital |
|
2,002 |
|
|
1,941 |
|
|
1,874 |
|
||
Accumulated deficit |
|
(1,668 |
) |
|
(1,565 |
) |
|
(1,496 |
) |
||
Accumulated other comprehensive loss |
|
(117 |
) |
|
(119 |
) |
|
(157 |
) |
||
Total stockholders' equity |
|
218 |
|
|
258 |
|
|
222 |
|
||
Total liabilities and stockholders' equity | $ |
1,869 |
|
$ |
2,022 |
|
$ |
1,895 |
|
Schedule C | |||||||||||||||
TERADATA CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
(in millions - unaudited) | |||||||||||||||
For the Period Ended June 30 |
|||||||||||||||
Three Months |
|
Six Months |
|||||||||||||
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||||
Operating activities | |||||||||||||||
Net income (loss) | $ |
17 |
|
$ |
(4 |
) |
$ |
57 |
|
$ |
32 |
|
|||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization |
|
31 |
|
|
33 |
|
|
59 |
|
|
73 |
|
|||
Stock-based compensation expense |
|
35 |
|
|
32 |
|
|
63 |
|
|
63 |
|
|||
Deferred income taxes |
|
(5 |
) |
|
(6 |
) |
|
2 |
|
|
2 |
|
|||
Changes in assets and liabilities: | |||||||||||||||
Receivables |
|
76 |
|
|
64 |
|
|
99 |
|
|
70 |
|
|||
Inventories |
|
(2 |
) |
|
(1 |
) |
|
(1 |
) |
|
9 |
|
|||
Current payables and accrued expenses |
|
11 |
|
|
23 |
|
|
(30 |
) |
|
(26 |
) |
|||
Deferred revenue |
|
(105 |
) |
|
(58 |
) |
|
(64 |
) |
|
(38 |
) |
|||
Other assets and liabilities |
|
(9 |
) |
|
22 |
|
|
(27 |
) |
|
71 |
|
|||
Net cash provided by operating activities |
|
49 |
|
|
105 |
|
|
158 |
|
|
256 |
|
|||
Investing activities | |||||||||||||||
Expenditures for property and equipment |
|
(2 |
) |
|
(2 |
) |
|
(6 |
) |
|
(3 |
) |
|||
Additions to capitalized software |
|
(1 |
) |
|
(1 |
) |
|
(1 |
) |
|
(1 |
) |
|||
Net cash used in investing activities |
|
(3 |
) |
|
(3 |
) |
|
(7 |
) |
|
(4 |
) |
|||
Financing activities | |||||||||||||||
Repurchases of common stock |
|
(70 |
) |
|
(17 |
) |
|
(154 |
) |
|
(317 |
) |
|||
Proceeds from long-term borrowings |
|
- |
|
|
500 |
|
|
- |
|
|
500 |
|
|||
Repayments of long-term borrowings |
|
- |
|
|
(400 |
) |
|
- |
|
|
(413 |
) |
|||
Payments of finance leases |
|
(21 |
) |
|
(23 |
) |
|
(41 |
) |
|
(45 |
) |
|||
Other financing activities, net |
|
6 |
|
|
(3 |
) |
|
(1 |
) |
|
1 |
|
|||
Net cash (used in) provided by financing activities |
|
(85 |
) |
|
57 |
|
|
(196 |
) |
|
(274 |
) |
|||
Effect of exchange rate changes on cash and cash equivalents |
|
(10 |
) |
|
(19 |
) |
|
(20 |
) |
|
(25 |
) |
|||
(Decrease) increase in cash, cash equivalents and restricted cash |
|
(49 |
) |
|
140 |
|
|
(65 |
) |
|
(47 |
) |
|||
Cash, cash equivalents and restricted cash at beginning of period |
|
555 |
|
|
408 |
|
|
571 |
|
|
595 |
|
|||
Cash, cash equivalents and restricted cash at end of period | $ |
506 |
|
$ |
548 |
|
$ |
506 |
|
$ |
548 |
|
|||
Supplemental cash flow disclosure: | |||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||
Assets acquired by finance leases | $ |
29 |
|
$ |
10 |
|
$ |
59 |
|
$ |
34 |
|
|||
Assets acquired by operating leases | $ |
3 |
|
$ |
- |
|
$ |
4 |
|
$ |
1 |
|
Schedule D | |||||||||||||||||||||||
TERADATA CORPORATION | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(in millions - unaudited) | |||||||||||||||||||||||
For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||||||||
2023 |
|
2022 |
|
% Change
|
|
% Change
|
|
2023 |
|
2022 |
|
% Change
|
|
% Change
|
|||||||||
Segment Revenue | |||||||||||||||||||||||
$ |
268 |
|
$ |
249 |
|
|
|
|
$ |
560 |
|
$ |
539 |
|
|
|
|
||||||
EMEA |
|
118 |
|
|
103 |
|
|
|
|
|
235 |
|
|
232 |
|
|
|
|
|||||
APJ |
|
76 |
|
|
78 |
|
( |
|
|
|
143 |
|
|
155 |
|
( |
|
( |
|||||
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||
Total segment revenue |
|
462 |
|
|
430 |
|
|
|
|
|
938 |
|
|
926 |
|
|
|
|
|||||
Segment gross profit | |||||||||||||||||||||||
|
164 |
|
|
153 |
|
|
357 |
|
|
342 |
|
||||||||||||
% of Revenue |
|
61.2 |
% |
|
61.4 |
% |
|
63.8 |
% |
|
63.5 |
% |
|||||||||||
EMEA |
|
73 |
|
|
63 |
|
|
147 |
|
|
141 |
|
|||||||||||
% of Revenue |
|
61.9 |
% |
|
61.2 |
% |
|
62.6 |
% |
|
60.8 |
% |
|||||||||||
APJ |
|
43 |
|
|
47 |
|
|
82 |
|
|
92 |
|
|||||||||||
% of Revenue |
|
56.6 |
% |
|
60.3 |
% |
|
57.3 |
% |
|
59.4 |
% |
|||||||||||
Total segment gross profit |
|
280 |
|
|
263 |
|
|
586 |
|
|
575 |
|
|||||||||||
% of Revenue |
|
60.6 |
% |
|
61.2 |
% |
|
62.5 |
% |
|
62.1 |
% |
|||||||||||
Reconciling items(1) |
|
(4 |
) |
|
(5 |
) |
|
(8 |
) |
|
(16 |
) |
|||||||||||
Total gross profit | $ |
276 |
|
$ |
258 |
|
$ |
578 |
|
$ |
559 |
|
|||||||||||
% of Revenue |
|
59.7 |
% |
|
60.0 |
% |
|
61.6 |
% |
|
60.4 |
% |
(1) |
Reconciling items include stock-based compensation, amortization of acquisition-related intangible assets and acquisition, integration and reorganization-related items. |
|
(2) |
The impact of currency is determined by calculating the prior period results using the current-year monthly average currency rates. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230803620201/en/
INVESTOR CONTACT
Christopher T. Lee
858-485-2523 office
christopher.lee@teradata.com
MEDIA CONTACT
Jennifer Donahue
858-485-3029 office
jennifer.donahue@teradata.com
Source: Teradata