Guidewire Software, Inc. and Subsidiaries Condensed Consolidated Statement of Operations - GAAP (unaudited, in thousands except share and per share amounts) | |||
Description | Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 | ||
Revenue: |
| ||
Subscription and support | $ 49,031 $ 49,550 $ 50,772 $ 54,120 | $ 57,966 $ 59,563 | |
License | 54,363 76,520 63,104 $ 137,567 | 65,283 77,912 | |
Services | 53,616 47,388 54,289 $ 51,987 | 46,553 42,587 | |
Total revenue | 157,010 173,458 168,165 243,674 | 742,307 | 169,802 180,062 |
Cost of revenue: | 117,158 11,566 209,291 | ||
Subscription and support | 24,933 28,212 30,522 33,491 | 37,006 40,158 | |
License | 2,557 2,904 2,566 3,539 | 2,937 2,834 | |
Services | 53,366 52,480 52,664 50,781 | 51,024 48,910 | |
Total cost of revenue | 80,856 83,596 85,752 87,811 | 338,015 | 90,967 91,902 |
Gross profit: | 86,315 319,988 (2,011) | ||
Subscription and support | 24,098 21,338 20,250 20,629 | 20,960 19,405 | |
License | 51,806 73,616 60,538 134,028 | 62,346 75,078 | |
Services | 250 (5,092) 1,625 1,206 | (4,471) (6,323) | |
Total gross profit | 76,154 89,862 82,413 155,863 | 404,292 | 78,835 88,160 |
Operating expenses: | 200,575 142,420 85,183 | ||
Research and development | 46,496 49,954 51,893 52,232 | 52,615 53,194 | |
Sales and marketing | 33,016 37,339 35,235 36,830 | 36,644 39,216 | |
General and administrative | 21,239 20,599 20,885 22,460 | 21,180 22,820 | |
Total operating expenses | 100,751 107,892 108,013 111,522 | 428,178 | 110,439 115,230 |
Income (loss) from operations | (24,597) (18,030) (25,600) 44,341 | (23,886) 24,705 (17,945) (7,205) | (31,604) (27,070) |
Interest income | 7,636 6,958 6,072 4,039 | 2,789 2,015 | |
Interest expense | (4,429) (4,462) (4,505) (4,549) | (4,620) (4,651) | |
Other income (expense), net | (251) (182) (12,356) 5,584 | 2,568 6,805 | |
Income (loss) before provision for (benefit from) income taxes | (21,641) (15,716) (36,389) 49,415 | (24,331) | (30,867) (22,901) |
Provision for (benefit from) income taxes | (6,650) 4,228 (5,351) 10,640 | 2,867 | (10,677) (14,249) |
Net income (loss) | $ (14,991) $ (19,944) $ (31,038) $ 38,775 | $ (27,198) | $ (20,190) $ (8,652) |
Earnings per share: | |||
Basic | $ (0.18) $ (0.24) $ (0.37) $ 0.46 | $ (0.33) | $ (0.24) $ (0.10) |
Diluted | $ (0.18) $ (0.24) $ (0.37) $ 0.46 | $ (0.33) | $ (0.24) $ (0.10) |
Shares used in computing net earnings per share: | 82,855,392 82,855,392 | ||
Basic | 82,360,891 82,725,641 83,024,291 83,314,410 | 83,613,287 83,830,624 | |
Diluted | 82,360,891 82,725,641 83,024,291 83,947,187 | 83,613,287 83,830,624 | |
Impairment of equity in strategic investment | $ - $ - $ 10,672 $ - |
| $ - $ - |
Stock-based compensation | $ 24,558 $ 26,736 $ 24,781 $ 25,742 | $ 28,084 $ 29,896 | |
These schedules have been derived from, and should be read in conjunction with, our financial statements in our reports on Forms 10-Q and 10-K which are filed with the SEC. Our Forms 10-Q and 10-K may be found on our website athttp://ir.guidewire.com/phoenix.zhtml?c=248177&p=irol-sec. |
(6,323)
(27,070)
(4,651)
(22,901)
(14,249)
$
(8,652)
$ (0.10)
$ (0.10)
Guidewire Software, Inc. and Subsidiaries Condensed Consolidated Statement of Operations - Non-GAAP Adjustments (unaudited, in thousands) | |||
Description | Q1 2020 Q2 2020 Q3 2020 | Q4 2020 | FY 2020 Q1 2021 Q2 2021 |
Amortization of intangibles | $ 4,545 $ 4,545 $ 4,405 $ 4,126 | $ 17,621 7,575 - | $ 4,126 $ 4,126 |
Stock-based compensation | 1,633 1,886 1,986 2,070 | 2,602 2,954 | |
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - - - - | - (770) | |
Total adjustment to cost of revenue - subscription and support | 6,178 6,431 6,391 6,196 | 25,196 | 6,728 6,310 |
Amortization of intangibles | 400 400 400 400 | 1,600 769 | 400 400 |
Stock-based compensation | 180 188 177 224 | 251 145 | |
Total adjustment to cost of revenue - license | 580 588 577 624 | 2,369 | 651 545 |
Stock-based compensation | 5,332 5,469 4,862 5,153 | 20,816 - | 5,543 5,578 |
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - - - - | - (198) | |
Total adjustment to cost of revenue - services | 5,332 5,469 4,862 5,153 | 20,816 | 5,543 5,380 |
Stock-based compensation | 6,181 6,668 6,500 6,975 | 26,324 - | 7,247 7,604 |
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - - - - | - (593) | |
Total adjustment to research and development | 6,181 6,668 6,500 6,975 | 26,324 | 7,247 7,011 |
Stock-based compensation | 5,157 5,996 4,990 5,117 | 21,260 7,613 - | 5,977 6,806 |
Amortization of intangibles | 2,222 1,797 1,797 1,797 | 1,797 1,797 | |
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - - - - | - (104) | |
Total adjustment to sales and marketing | 7,379 7,793 6,787 6,914 | 28,873 | 7,774 8,499 |
Stock-based compensation | 6,075 6,529 6,266 6,203 | 25,073 - | 6,464 6,809 |
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - - - - | - (21) | |
Total adjustment to general and administrative | 6,075 6,529 6,266 6,203 | 25,073 | 6,464 6,788 |
Amortization of debt discount and issuance costs | 3,156 3,198 3,244 3,288 | 12,886 | 3,335 3,379 |
Total adjustment to interest expense | 3,156 3,198 3,244 3,288 | 12,886 | 3,335 3,379 |
Changes in fair value of strategic investment | - - 10,672 - | 10,672 | - - |
Total adjustment to other income (expense), net | - - 10,672 - | 10,672 | - - |
Non-GAAP tax impact | (8,912) 826 (6,559) (4,598) | (19,243) | (3,143) (20,232) |
Total adjustment to provision for (benefit from) income taxes | (8,912) 826 (6,559) (4,598) | (19,243) | (3,143) (20,232) |
(1) Effective the second fiscal quarter of 2021, the COVID-19 Canada Emergency Wage Subsidy benefit was included as a non-GAAP adjustment. | |||
These schedules have been derived from, and should be read in conjunction with, our financial statements in our reports on Forms 10-Q and 10-K which are filed with the SEC. Our Forms 10-Q and 10-K may be found on our website athttp://ir.guidewire.com/phoenix.zhtml?c=248177&p=irol-sec. |
(770)
(198)
(593)
(104)
(21)
(20,232)
(20,232)
Guidewire Software, Inc. and Subsidiaries Condensed Consolidated Statement of Operations - Other Reconciliations | |||
Description | Q1 2020 Q2 2020 Q3 2020 Q4 2020 | FY 2020 | Q1 2021 Q2 2021 |
Reconciliation of GAAP to Non-GAAP earnings per share: | $ (0.33) 0.33 1.23 0.16 0.13 - (0.23) (0.03) | ||
GAAP diluted earnings per share | $ (0.18) $ (0.24) $ (0.37) $ 0.46 | $ (0.24) $ (0.10) | |
Amortization of intangibles | 0.09 0.08 0.08 0.08 | 0.08 0.08 | |
Stock-based compensation | 0.30 0.32 0.30 0.31 | 0.34 0.36 | |
Amortization of debt discount and issuance costs | 0.04 0.04 0.04 0.04 | 0.04 0.04 | |
Changes in fair value of strategic investment | - - 0.13 - | - - | |
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - - - - | - (0.02) | |
Non-GAAP tax impact | (0.11) 0.01 (0.08) (0.05) | (0.04) (0.24) | |
Non-GAAP dilutive shares excluded from GAAP EPS calculation (2) | (0.01) - (0.01) (0.01) | (0.01) (0.01) | |
Non-GAAP diluted earnings per share | $ 0.13 $ 0.21 $ 0.09 $ 0.83 | $ 1.26 | $ 0.17 $ 0.11 |
82,855,392 834,002 | |||
Diluted weighted average shares outstanding | 82,360,891 82,725,641 83,024,291 83,947,187 | 83,613,287 83,830,624 | |
Non-GAAP dilutive shares excluded from GAAP EPS calculation (2) | 788,902 842,001 486,398 - | 586,287 1,007,573 | |
Diluted weighted average shares outstanding | 83,149,793 83,567,642 83,510,689 83,947,187 | 83,689,394 | 84,199,574 84,838,197 |
Gross margin: | 42.4 % 3.7 % 8.7 % - % | ||
Subscription and support: | |||
GAAP gross margin | 49.1 % 43.0 % 39.9 % 38.2 % | 36.2 % 32.6 % | |
Stock-based compensation | 3.3 % 3.8 % 3.9 % 3.8 % | 4.5 % 5.0 % | |
Amortization of intangibles | 9.3 % 9.2 % 8.7 % 7.6 % | 7.1 % 6.9 % | |
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - % - % - % - % | - % (1.3)% | |
Non-GAAP gross margin | 61.7 % 56.0 % 52.5 % 49.6 % | 54.8 % | 47.8 % 43.2 % |
96.5 % 0.2 % 0.5 % | |||
License: | |||
GAAP gross margin | 95.3 % 96.3 % 95.9 % 97.4 % | 95.5 % 96.4 % | |
Stock-based compensation | 0.3 % 0.2 % 0.3 % 0.2 % | 0.4 % 0.2 % | |
Amortization of intangibles | 0.8 % 0.5 % 0.6 % 0.3 % | 0.6 % 0.5 % | |
Non-GAAP gross margin | 96.4 % 97.0 % 96.8 % 97.9 % | 97.2 % | 96.5 % 97.1 % |
(0.9)% 10.0 % | |||
Services: | |||
GAAP gross margin | 0.4 % (10.7)% 2.9 % 2.3 % | (9.6)% (14.8)% | |
Stock-based compensation | 10.0 % 11.5 % 9.0 % 9.9 % | 11.9 % 13.1 % |
(2) Due to the occurrence of a net loss on a GAAP basis, potentially dilutive securities were excluded from the calculation of GAAP net income (loss) per share, as they would have an anti-dilutive effect.
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - % - % - % - % | - % | - % (0.5)% |
Non-GAAP gross margin | 10.4 % 0.8 % 11.9 % 12.2 % | 9.1 % | 2.3 % (2.2)% |
54.5 % 2.6 % 3.9 % - % | |||
Overall: | |||
GAAP gross margin | 48.5 % 51.8 % 49.0 % 63.9 % | 46.4 % 49.0 % | |
Amortization of intangibles | 3.1 % 2.9 % 2.9 % 1.9 % | 2.7 % 2.5 % | |
Stock-based compensation | 4.6 % 4.3 % 4.1 % 3.1 % | 4.9 % 4.8 % | |
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - % - % - % - % | - % (0.5)% | |
Non-GAAP gross margin | 56.2 % 59.0 % 56.0 % 68.9 % | 61.0 % | 54.0 % 55.8 % |
(1) Effective the second fiscal quarter of 2021, the COVID-19 Canada Emergency Wage Subsidy benefit was included as a non-GAAP adjustment. | |||
(2) Due to the occurrence of a net loss on a GAAP basis, potentially dilutive securities were excluded from the calculation of GAAP net income (loss) per share, as they would have an anti-dilutive effect. However, these shares have a dilutive effect on non-GAAP net income (loss) per share and, therefore, are included in the non-GAAP net income (loss) per share calculation | |||
These schedules have been derived from, and should be read in conjunction with, our financial statements in our reports on Forms 10-Q and 10-K which are filed with the SEC. Our Forms 10-Q and 10-K may be found on our website athttp://ir.guidewire.com/phoenix.zhtml?c=248177&p=irol-sec. |
Guidewire Software, Inc. and Subsidiaries Condensed Consolidated Statement of Operations - Key Metrics (unaudited, in thousands) | |||
Description | Q1 2020 Q2 2020 Q3 2020 Q4 2020 | FY 2020 | Q1 2021 Q2 2021 |
Annual recurring revenue (in millions): | $ 514 119,658 83,815 | ||
Annual recurring revenue (1) | $ 463 $ 474 $ 483 $ 509 | $ 513 $ 520 | |
Subscription and support revenue breakdown: | |||
Subscription revenue | 28,060 28,434 30,078 33,086 | 37,230 38,278 | |
Support revenue | 20,971 21,116 20,694 21,034 | 20,736 21,285 | |
Total subscription and support revenue | $ 49,031 $ 49,550 $ 50,772 $ 54,120 | $ 203,473 | $ 57,966 $ 59,563 |
$ 328,489 3,065 | |||
License revenue breakdown: | |||
Term license revenue | $ 54,314 $ 74,478 $ 62,656 $ 137,041 | $ 65,225 $ 77,864 | |
Perpetual license revenue | 49 2,042 448 526 | 58 48 | |
Total license revenue | 54,363 76,520 63,104 137,567 | $ 331,554 | 65,283 77,912 |
$ (21,377) (4,283) | |||
Adjusted free cash flow: | |||
Net cash provided by (used in) operating activities | $ (18,138) $ 19,474 $ 4,571 $ 107,159 | $ (15,707) $ 13,329 | |
Purchases of property and equipment | $ (9,625) $ (1,629) $ (7,712) $ (2,411) | $ (1,907) $ (3,610) | |
Capitalized software development costs | (1,346) (864) (1,063) (1,010) | (2,581) (2,303) | |
Total free cash flow | $ (29,109) $ 16,981 $ (4,204) $ 103,738 | $ 87,406 | $ (20,195) $ 7,416 |
Build out of San Mateo headquarters | $ (7,947) $ 314 $ (5,254) $ 1,756 | $ (11,131) | $ - $ - |
Total adjusted free cash flow | $ (21,162) $ 16,667 $ 1,050 $ 101,982 | $ 98,537 | $ (20,195) $ 7,416 |
(1) ARR for Fiscal year 2021 is based on actual currency rates at the end of fiscal year 2020, held constant throughout the year. | |||
These schedules have been derived from, and should be read in conjunction with, our financial statements in our reports on Forms 10-Q and 10-K which are filed with the SEC. Our Forms 10-Q and 10-K may be found on our website athttp://ir.guidewire.com/phoenix.zhtml?c=248177&p=irol-sec. |
$ (3,610) (2,303)
Guidewire Software, Inc. and Subsidiaries Condensed Consolidated Statement of Operations - Non-GAAP Gross Profit Reconciliations (unaudited, in thousands except percentage) | ||||
Description | Q1 2020 Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 Q1 2021 Q2 2021 |
Gross profit reconciliation: | $ 404,292 29,160 19,221 - | |||
GAAP gross profit | $ 76,154 $ 89,862 $ 82,413 $ 155,863 | $ 78,835 $ 88,160 | ||
Non-GAAP adjustments: | ||||
Stock-based compensation | 7,145 7,543 7,025 7,447 | 8,396 8,677 | ||
Amortization of intangibles | 4,945 4,945 4,805 4,526 | 4,526 4,526 | ||
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - - - - | - (968) | ||
Non-GAAP gross profit | $ 88,244 $ 102,350 $ 94,243 $ 167,836 | $ 452,673 | $ 91,757 $ 100,395 | |
Non-GAAP gross margin | 56.2 % 59.0 % 56.0 % 68.9 % | 61.0 % | 54.0 % 55.8 % | |
Gross profit reconciliation - subscription and support: | $ 86,315 7,575 17,621 - | |||
GAAP gross profit - subscription and support | $ 24,098 $ 21,338 $ 20,250 $ 20,629 | $ 20,960 $ 19,405 | ||
Non-GAAP adjustments: | ||||
Stock-based compensation | 1,633 1,886 1,986 2,070 | 2,602 2,954 | ||
Amortization of intangibles | 4,545 4,545 4,405 4,126 | 4,126 4,126 | ||
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - - - - | - (770) | ||
Non-GAAP gross profit - subscription and support | $ 30,276 $ 27,769 $ 26,641 $ 26,825 | $ 111,511 | $ 27,688 $ 25,715 | |
Non-GAAP gross margin - subscription and support | 61.7 % 56.0 % 52.5 % 49.6 % | 54.8 % | 47.8 % 43.2 % | |
Gross profit reconciliation - license: | $ 319,988 769 1,600 | |||
GAAP gross profit - license (1) | $ 51,806 $ 73,616 $ 60,538 $ 134,028 | $ 62,346 $ 75,078 | ||
Non-GAAP adjustments: | ||||
Stock-based compensation | 180 188 177 224 | 251 145 | ||
Amortization of intangibles | 400 400 400 400 | 400 400 | ||
Non-GAAP gross profit - license | $ 52,386 $ 74,204 $ 61,115 $ 134,652 | $ 322,357 | $ 62,997 $ 75,623 | |
Non-GAAP gross margin - license | 96.4 % 97.0 % 96.8 % 97.9 % | 97.2 % | 96.5 % 97.1 % | |
Gross profit reconciliation - services: | $ (2,011) 20,816 - - | |||
GAAP gross profit - services | $ 250 $ (5,092) $ 1,625 $ 1,206 | $ (4,471) $ (6,323) | ||
Non-GAAP adjustments: | ||||
Stock-based compensation | 5,332 5,469 4,862 5,153 | 5,543 5,578 | ||
Amortization of intangibles | - - - - | - - | ||
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - - - - | - (198) | ||
Non-GAAP gross profit - services | $ 5,582 $ 377 $ 6,487 $ 6,359 | $ 18,805 | $ 1,072 $ (943) | |
Non-GAAP gross margin - services | 10.4 % 0.8 % 11.9 % 12.2 % | 9.1 % | 2.3 % (2.2)% | |
(1) Effective the second fiscal quarter of 2021, the COVID-19 Canada Emergency Wage Subsidy benefit was included as a non-GAAP adjustment. | ||||
These schedules have been derived from, and should be read in conjunction with, our financial statements in our reports on Forms 10-Q and 10-K which are filed with the SEC. Our Forms 10-Q and 10-K may be found on our website athttp://ir.guidewire.com/phoenix.zhtml?c=248177&p=irol-sec. 6 |
Guidewire Software, Inc. and Subsidiaries Condensed Consolidated Statement of Operations - Non-GAAP Reconciliations (unaudited, in thousands) | |||||
Description | Q1 2020 Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 Q2 2021 |
Income (loss) from operations reconciliation: | $ (24,597) $ (18,030) $ (25,600) $ 44,341 | $ (23,886) 101,817 26,834 - | $ (31,604) $ (27,070) | ||
GAAP income (loss) from operations | |||||
Non-GAAP adjustments: | |||||
Stock-based compensation | 24,558 26,736 24,781 25,742 | 28,084 29,896 | |||
Amortization of intangibles | 7,167 6,742 6,602 6,323 | 6,323 6,323 | |||
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - - - - | - (1,686) | |||
Non-GAAP income (loss) from operations | $ 0 7,128 $ 0 15,448 $ 0 5,783 $ 0 76,406 | $ 0 104,765 | $ 2,803 $ 7,463 | ||
Net income (loss) reconciliation: | $ (27,198) 101,817 26,834 12,886 10,672 - (19,243) | ||||
GAAP net income (loss) | $ (14,991) $ (19,944) $ (31,038) $ 38,775 | $ (20,190) $ (8,652) | |||
Non-GAAP adjustments: | |||||
Stock-based compensation | 24,558 26,736 24,781 25,742 | 28,084 29,896 | |||
Amortization of intangibles | 7,167 6,742 6,602 6,323 | 6,323 6,323 | |||
Amortization of debt discount and issuance costs | 3,156 3,198 3,244 3,288 | 3,335 3,379 | |||
Changes in fair value of strategic investment | - - 10,672 - | - - | |||
COVID-19 Canada Emergency Wage Subsidy benefit (1) | - - - - | - (1,686) | |||
Non-GAAP tax impact | (8,912) 826 (6,559) (4,598) | (3,143) (20,232) | |||
Non-GAAP net income (loss) | $ 10,978 $ 17,558 $ 7,702 $ 69,530 | $ 105,768 | $ 14,409 $ 9,028 | ||
(1) Effective the second fiscal quarter of 2021, the COVID-19 Canada Emergency Wage Subsidy benefit was included as a non-GAAP adjustment. | |||||
These schedules have been derived from, and should be read in conjunction with, our financial statements in our reports on Forms 10-Q and 10-K which are filed with the SEC. Our Forms 10-Q and 10-K may be found on our website athttp://ir.guidewire.com/phoenix.zhtml?c=248177&p=irol-sec. |
$
(27,070)
(1,686)
$
(8,652)
(1,686) (20,232)
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Guidewire Software Inc. published this content on 04 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2021 22:12:05 UTC.