Guidewire Software Announces Second Quarter Fiscal Year 2021 Financial Results.
'We experienced strong sales activity in the quarter across our core, cloud and analytics offerings, highlighted by a new Tier 1 customer in
Second Quarter Fiscal Year 2021 Financial Highlights
Revenue
Total revenue for the second quarter of fiscal year 2021 was
Annual recurring revenue, or ARR, was
Profitability
GAAP loss from operations was
Non-GAAP income from operations was
GAAP net loss was
Non-GAAP net income was
Liquidity
The Company had
The Company has used
Business Outlook
Guidewire is issuing the following outlook for the third quarter of fiscal year 2021 based on current expectations:
ARR between
Total revenue between
Operating income (loss) between
Non-GAAP operating income (loss) between
Guidewire is issuing the following updated outlook for fiscal year 2021 based on current expectations:
ARR between
Total revenue between
Operating income (loss) between
Non-GAAP operating income (loss) between
Operating cash flow between
Conference Call Information
What:
Guidewire Software Second Quarter Fiscal Year 2021 Financial Results Conference Call
When:
Time:
Live Call:
(877) 705-6003, Domestic
(201) 493-6725, International
Replay:
(844) 512-2921, Passcode 13716551, Domestic
(412) 317-6671, Passcode 13716551, 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 income 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 COVID-19
Annual recurring revenue ('ARR') is used to identify the annualized recurring value of 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 services) are excluded.
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 is the platform P&C insurers trust to engage, innovate, and grow efficiently. ?We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, 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 1,000+ 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 Twitter: @Guidewire_PandC.
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, future business momentum, customer interest in driving efficiencies, and future product development and releases related to Guidewire Cloud Platform. 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
Investor Contact:
(650) 356-4921
ir@guidewire.com
Media Contact:
(650) 356-4941
dstott@guidewire.com
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