Guidewire (NYSE: GWRE) today announced its financial results for
the fiscal quarter ended April 30, 2022.
“In the third quarter, we exceeded our outlook for revenue and
ARR driven by continued momentum for Guidewire Cloud, closing
another eight cloud deals in the quarter,” said Mike Rosenbaum,
chief executive officer, Guidewire. “This momentum is a result of
the terrific progress we are making with Guidewire Cloud and also
the resilience and durability of our customer base and the industry
we serve.”
Third Quarter Fiscal Year 2022 Financial Highlights
Revenue
- Total revenue for the third quarter of fiscal year 2022 was
$197.4 million, an increase of 20% from the same quarter in fiscal
year 2021. Subscription and support revenue was $86.9 million, an
increase of 34%; services revenue was $56.7 million, an increase of
18%; and license revenue was $53.9 million, an increase of 6%.
- Annual recurring revenue, or ARR, was $637 million as of April
30, 2022, compared to $582 million as of July 31, 2021. ARR results
for interim quarterly periods in fiscal year 2022 are measured on a
constant currency basis, using the actual currency rates at the end
of fiscal year 2021 throughout the year.
Profitability
- GAAP loss from operations was $62.4 million for the third
quarter of fiscal year 2022, compared with $46.8 million for the
same quarter in fiscal year 2021.
- Non-GAAP loss from operations was $24.9 million for the third
quarter of fiscal year 2022, compared with $16.3 million for the
same quarter in fiscal year 2021.
- GAAP net loss was $57.4 million for the third quarter of fiscal
year 2022, compared with $36.6 million for the same quarter in
fiscal year 2021. GAAP net loss per share was $0.69, based on
diluted weighted average shares outstanding of 83.7 million,
compared with $0.44 for the same quarter in fiscal year 2021, based
on diluted weighted average shares outstanding of 83.6
million.
- Non-GAAP net loss was $21.8 million for the third quarter of
fiscal year 2022, compared with $13.2 million for the same quarter
in fiscal year 2021. Non-GAAP net loss per share was $0.26, based
on diluted weighted average shares outstanding of 83.7 million,
compared with $0.16 for the same quarter in fiscal year 2021, based
on diluted weighted average shares outstanding of 83.6
million.
Liquidity
- The Company had $1.1 billion in cash, cash equivalents, and
investments at April 30, 2022, compared to $1.3 billion at July 31,
2021. The Company used $121.5 million in cash from operations
during the first nine months of fiscal year 2022 and $43.8 million
for the acquisition of HazardHub during the first quarter of fiscal
year 2022.
Business Outlook
Guidewire is issuing the following outlook for the fourth
quarter of fiscal year 2022 based on current expectations:
- ARR between $668 million and $674 million
- Total revenue between $226 million and $232 million
- Operating income (loss) between $(37) million and $(31)
million
- Non-GAAP operating income (loss) between $(2) million and $4
million
Guidewire is issuing the following updated outlook for fiscal
year 2022 based on current expectations:
- ARR between $668 million and $674 million
- Total revenue between $794 million and $800 million
- Operating income (loss) between $(205) million and $(199)
million
- Non-GAAP operating income (loss) between $(53) million and
$(47) million
- Operating cash flow between $10 million and $20 million
Conference Call Information
What:
Guidewire Third Quarter Fiscal Year 2022
Financial Results Conference Call
When:
Tuesday, June 7, 2022
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 13730098,
Domestic
Replay
(412) 317-6671, Passcode 13730098,
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, the COVID-19 Canada Emergency Wage Subsidy benefit,
and acquisition consideration holdback. Non-GAAP net income (loss),
non-GAAP income tax provision (benefit), and non-GAAP net income
(loss) per share also exclude the amortization of debt discount and
issuance costs from our convertible notes and the related tax
effects of the non-GAAP adjustments. 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, stock-based compensation, and changes in fair
value of strategic investments.
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 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 nine months ended April 30,
2022, the recurring license and support or subscription contract
value recognized as services revenue was $16.1 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 AI to deliver our platform as a cloud service. More
than 450 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.
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 cloud sales, product enhancements
and cloud migration, and our associated cloud leadership, 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 the Company 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; the
impact of the COVID-19 pandemic, inflation, and other global
events, such as the conflict between Russia and Ukraine, on our
employees and our business and the businesses of our customers,
system integrator ("SI") partners, and vendors; seasonal and other
variations related to our customer agreements and related revenue
recognition may cause significant fluctuations in our results of
operations 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; 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; our products or cloud-based services may experience
data security breaches; we face intense competition in our market;
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; changes in accounting guidance, such as revenue
recognition, which have and may cause us to experience greater
volatility in our quarterly and annual results; 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 and the amount of direct written premiums;
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 and hiring sufficient key employees;
the challenges of international operations, including changes in
foreign exchange rates; 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. The Company
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, 2022
July 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
326,861
$
384,910
Short-term investments
481,086
734,517
Accounts receivable, net
85,703
104,068
Unbilled accounts receivable, net
104,359
79,061
Prepaid expenses and other current
assets
58,260
52,729
Total current assets
1,056,269
1,355,285
Long-term investments
281,069
227,164
Unbilled accounts receivable, net
17,626
24,361
Property and equipment, net
80,079
80,061
Operating lease assets
89,438
97,447
Intangible assets, net
24,148
19,743
Goodwill
372,189
340,877
Deferred tax assets, net
184,910
138,428
Other assets
51,607
38,479
TOTAL ASSETS
$
2,157,335
$
2,321,845
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
30,257
$
27,830
Accrued employee compensation
67,939
102,137
Deferred revenue, net
111,685
138,699
Other current liabilities
27,217
31,648
Total current liabilities
237,098
300,314
Lease liabilities
105,735
115,374
Convertible senior notes, net
354,544
343,825
Deferred revenue, net
3,809
7,237
Other liabilities
6,499
10,201
Total liabilities
707,685
776,951
STOCKHOLDERS’ EQUITY:
Common stock
8
8
Additional paid-in capital
1,721,241
1,617,204
Accumulated other comprehensive income
(loss)
(18,647
)
(6,218
)
Retained earnings (accumulated
deficit)
(252,952
)
(66,100
)
Total stockholders’ equity
1,449,650
1,544,894
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
2,157,335
$
2,321,845
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,
2022
2021
2022
2021
Revenue:
Subscription and support
$
86,851
$
64,836
$
250,138
$
182,365
License
53,894
50,937
163,845
194,132
Services
56,703
48,195
154,032
137,335
Total revenue
197,448
163,968
568,015
513,832
Cost of revenue(1):
Subscription and support
54,758
41,284
155,654
118,448
License
1,951
1,991
6,544
7,762
Services
63,779
48,790
169,453
148,724
Total cost of revenue
120,488
92,065
331,651
274,934
Gross profit:
Subscription and support
32,093
23,552
94,484
63,917
License
51,943
48,946
157,301
186,370
Services
(7,076
)
(595
)
(15,421
)
(11,389
)
Total gross profit
76,960
71,903
236,364
238,898
Operating expenses(1):
Research and development
64,049
54,155
184,378
159,964
Sales and marketing
48,142
40,879
142,940
116,739
General and administrative
27,173
23,695
76,284
67,695
Total operating expenses
139,364
118,729
403,602
344,398
Income (loss) from operations
(62,404
)
(46,826
)
(167,238
)
(105,500
)
Interest income
1,000
1,559
2,373
6,363
Interest expense
(4,885
)
(4,698
)
(14,512
)
(13,969
)
Other income (expense), net
(6,932
)
5,259
(13,794
)
14,632
Income (loss) before provision for
(benefit from) income taxes
(73,221
)
(44,706
)
(193,171
)
(98,474
)
Provision for (benefit from) income
taxes
(15,777
)
(8,073
)
(43,770
)
(32,999
)
Net income (loss)
$
(57,444
)
$
(36,633
)
$
(149,401
)
$
(65,475
)
Net income (loss) per share:
Basic and diluted
$
(0.69
)
$
(0.44
)
$
(1.79
)
$
(0.78
)
Shares used in computing net income (loss)
per share:
Basic and diluted
83,689,429
83,600,327
83,440,231
83,693,045
(1)
Amounts include stock-based compensation
expense as follows:
Three Months Ended April
30,
Nine Months Ended April
30,
2022
2021
2022
2021
(unaudited, in thousands)
Stock-based compensation expense:
Cost of subscription and support
revenue
$
4,051
$
2,780
$
11,172
$
8,336
Cost of license revenue
170
183
541
579
Cost of services revenue
5,879
5,395
17,597
16,516
Research and development
9,293
6,930
27,340
21,781
Sales and marketing
7,529
6,587
25,843
19,370
General and administrative
6,006
6,348
20,540
19,621
Total stock-based compensation expense
$
32,928
$
28,223
$
103,033
$
86,203
GUIDEWIRE SOFTWARE, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited, in
thousands)
Three Months Ended April
30,
Nine Months Ended April
30,
2022
2021
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
(57,444
)
$
(36,633
)
$
(149,401
)
$
(65,475
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
8,766
8,057
25,745
29,028
Amortization of debt discount and issuance
costs
3,623
3,428
10,719
10,143
Amortization of contract costs
3,410
3,143
9,720
8,498
Stock-based compensation
32,928
28,223
103,033
86,203
Changes to allowance for credit losses and
revenue reserves
2,550
(108
)
2,707
10
Deferred income tax
(17,208
)
(10,000
)
(47,457
)
(30,294
)
Amortization of premium (accretion of
discount) on available-for-sale securities, net
1,300
1,794
4,615
4,922
Other non-cash items affecting net income
(loss)
(7
)
(55
)
221
745
Changes in operating assets and
liabilities:
Accounts receivable
23,470
21,007
15,530
43,375
Unbilled accounts receivable
(18,002
)
(15,829
)
(18,450
)
(47,887
)
Prepaid expenses and other assets
(329
)
(1,146
)
(13,664
)
(4,587
)
Operating lease assets
2,342
2,893
8,009
2,984
Accounts payable
5,998
4,194
4,287
(118
)
Accrued employee compensation
15,068
12,607
(32,255
)
16,451
Deferred revenue
(13,392
)
(13,670
)
(31,218
)
(38,081
)
Lease liabilities
(3,074
)
(2,641
)
(9,891
)
28
Other liabilities
(1,479
)
347
(3,782
)
(12,712
)
Net cash provided by (used in) operating
activities
(11,480
)
5,611
(121,532
)
3,233
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale
securities
(138,892
)
(234,621
)
(506,006
)
(758,222
)
Sales of available-for-sale securities
14,385
41,778
64,746
127,331
Maturities of available-for-sale
securities
212,262
229,361
627,527
685,559
Purchases of property and equipment
(986
)
(6,895
)
(7,976
)
(12,412
)
Capitalized software development costs
(2,990
)
(2,735
)
(9,187
)
(7,619
)
Acquisition of strategic investments
—
—
(10,521
)
(2,000
)
Acquisition of business, net of acquired
cash
—
—
(43,830
)
—
Net cash provided by (used in) investing
activities
83,779
26,888
114,753
32,637
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
upon exercise of stock options
18
102
116
1,922
Repurchase and retirement of common
stock
—
(79,898
)
(37,451
)
(122,577
)
Net cash provided by (used in) financing
activities
18
(79,796
)
(37,335
)
(120,655
)
Effect of foreign exchange rate changes on
cash, cash equivalents, and restricted cash
(2,834
)
358
(5,641
)
2,264
NET INCREASE (DECREASE) IN CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH
69,483
(46,939
)
(49,755
)
(82,521
)
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH—Beginning of period
265,672
331,387
384,910
366,969
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH—End of period
$
335,155
$
284,448
$
335,155
$
284,448
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,
2022
2021
2022
2021
Gross profit reconciliation:
GAAP gross profit
$
76,960
$
71,903
$
236,364
$
238,898
Non-GAAP adjustments:
Stock-based compensation
10,100
8,358
29,310
25,431
Amortization of intangibles
1,905
2,303
5,754
11,355
COVID-19 Canada Emergency Wage Subsidy
benefit (1)
—
(951
)
—
(1,919
)
Non-GAAP gross profit
$
88,965
$
81,613
$
271,428
$
273,765
Income (loss) from operations
reconciliation:
GAAP income (loss) from operations
$
(62,404
)
$
(46,826
)
$
(167,238
)
$
(105,500
)
Non-GAAP adjustments:
Stock-based compensation
32,928
28,223
103,033
86,203
Amortization of intangibles
3,770
3,921
11,294
16,567
COVID-19 Canada Emergency Wage Subsidy
benefit (1)
—
(1,623
)
—
(3,309
)
Acquisition consideration holdback (2)
809
—
2,318
—
Non-GAAP income (loss) from operations
$
(24,897
)
$
(16,305
)
$
(50,593
)
$
(6,039
)
Net income (loss)
reconciliation:
GAAP net income (loss)
$
(57,444
)
$
(36,633
)
$
(149,401
)
$
(65,475
)
Non-GAAP adjustments:
Stock-based compensation
32,928
28,223
103,033
86,203
Amortization of intangibles
3,770
3,921
11,294
16,567
Amortization of debt discount and issuance
costs
3,623
3,429
10,719
10,143
COVID-19 Canada Emergency Wage Subsidy
benefit (1)
—
(1,623
)
—
(3,309
)
Acquisition consideration holdback (2)
809
—
2,318
—
Tax impact of non-GAAP adjustments (3)
(5,510
)
(10,532
)
(22,641
)
(33,907
)
Non-GAAP net income (loss)
$
(21,824
)
$
(13,215
)
$
(44,678
)
$
10,222
Tax provision (benefit)
reconciliation:
GAAP tax provision (benefit)
$
(15,777
)
$
(8,073
)
$
(43,770
)
$
(32,999
)
Non-GAAP adjustments:
Stock-based compensation
10,534
(5,566
)
27,429
(19,719
)
Amortization of intangibles
1,206
(773
)
3,083
(4,071
)
Amortization of debt discount and issuance
costs
1,159
(676
)
2,925
(2,403
)
COVID-19 Canada Emergency Wage Subsidy
benefit (1)
—
320
—
(139
)
Acquisition consideration holdback (2)
259
—
618
—
Tax impact of non-GAAP adjustments (3)
(7,648
)
17,227
(11,414
)
60,239
Non-GAAP tax provision (benefit)
$
(10,267
)
$
2,459
$
(21,129
)
$
908
GUIDEWIRE SOFTWARE, INC. AND
SUBSIDIARIES
Reconciliation of GAAP to
Non-GAAP Financial Measures
(unaudited, in thousands except
per share amounts)
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,
2022
2021
2022
2021
Net income (loss) per share
reconciliation:
GAAP net income (loss) per share —
diluted
$
(0.69
)
$
(0.44
)
$
(1.79
)
$
(0.78
)
Non-GAAP adjustments:
Stock-based compensation
0.39
0.34
1.23
1.04
Amortization of intangibles
0.05
0.05
0.15
0.21
Amortization of debt discount and issuance
costs
0.04
0.04
0.12
0.12
COVID-19 Canada Emergency Wage Subsidy
benefit (1)
—
(0.02
)
—
(0.04
)
Acquisition consideration holdback (2)
0.01
—
0.03
—
Tax impact of non-GAAP adjustments (3)
(0.06
)
(0.13
)
(0.27
)
(0.41
)
Non-GAAP dilutive shares excluded from
GAAP net income (loss) per share calculation (4)
—
—
—
(0.02
)
Non-GAAP net income (loss) per share —
diluted
$
(0.26
)
$
(0.16
)
$
(0.53
)
$
0.12
Shares used in computing Non-GAAP net
income (loss) per share amounts:
GAAP weighted average shares — diluted
83,689,429
83,600,327
83,440,231
83,693,045
Non-GAAP dilutive shares excluded from
GAAP net income (loss) per share calculation (4)
—
—
—
807,361
Pro forma weighted average shares —
diluted
83,689,429
83,600,327
83,440,231
84,500,406
(1)
Effective the second quarter of fiscal
year 2021, the COVID-19 Canada Emergency Wage Subsidy benefit has
been included as a non-GAAP adjustment. Prior to the second quarter
of fiscal year 2021, this program was unavailable. Beginning with
the first quarter of fiscal year 2022, we have not and do not
expect to receive a subsidy under the COVID-19 Canada Emergency
Wage Subsidy.
(2)
Effective the first quarter of fiscal year
2022, the acquisition consideration holdback that is earned and
recognized as expense over a post-acquisition service period has
been included as a non-GAAP adjustment. Prior to the first quarter
of fiscal year 2022, there was no acquisition consideration
holdback in any periods presented.
(3)
Adjustments reflect the impact on the tax
benefit (provision) from all non-GAAP adjustments.
(4)
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.
Nine Months Ended April
30,
2022
2021
Free cash flow:
Net cash provided by (used in) operating
activities
$
(121,532
)
$
3,233
Purchases of property and equipment
(7,976
)
(12,412
)
Capitalized software development costs
(9,187
)
(7,619
)
Free cash flow
$
(138,695
)
$
(16,798
)
GUIDEWIRE SOFTWARE, INC. AND
SUBSIDIARIES
Reconciliation of GAAP to
Non-GAAP Outlook
The following tables reconcile 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
2022
Fiscal Year 2022
Income (loss) from operations outlook
reconciliation:
GAAP income (loss) from operations
$(37)
—
$(31)
$(205)
—
$(199)
Non-GAAP adjustments:
Stock-based compensation
32
—
32
135
—
135
Amortization of intangibles
2
—
2
14
—
14
Acquisition consideration holdback
1
—
1
3
—
3
Non-GAAP income (loss) from operations
$(2)
—
$4
$(53)
—
$(47)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220607006005/en/
Investor Contact: Alex Hughes Guidewire (650) 356-4921
ir@guidewire.com
Media Contact: Diana Stott Guidewire (650) 781-9955
dstott@guidewire.com
GuideWire Software (NYSE:GWRE)
Historical Stock Chart
From Mar 2024 to Apr 2024
GuideWire Software (NYSE:GWRE)
Historical Stock Chart
From Apr 2023 to Apr 2024