(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 9.01 | Financial Statements and Exhibits. | |||||||
(d) Exhibits. |
Exhibit No. | Description of Exhibits | |||||||
Press release dated September 7, 2023 titled "Guidewire Announces Fourth Quarter and Fiscal Year 2023 Financial Results" | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
GUIDEWIRE SOFTWARE, INC. | |||||
By: | /s/ JEFF COOPER | ||||
Jeff Cooper | |||||
Chief Financial Officer | |||||
Date: | September 7, 2023 |
What: | Guidewire Fourth Quarter and Fiscal Year 2023 Financial Results Conference Call | ||||
When: | Thursday, September 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 13740833, Domestic | ||||
Replay | (412) 317-6671, Passcode 13740833, International | ||||
Webcast: | http://ir.guidewire.com/ (live and replay) |
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(unaudited, in thousands) | |||||||||||
July 31, 2023 | July 31, 2022 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | 401,813 | $ | 606,303 | |||||||
Short-term investments | 396,872 | 369,865 | |||||||||
Accounts receivable, net | 151,034 | 143,797 | |||||||||
Unbilled accounts receivable, net | 87,752 | 71,515 | |||||||||
Prepaid expenses and other current assets | 62,132 | 61,223 | |||||||||
Total current assets | 1,099,603 | 1,252,703 | |||||||||
Long-term investments | 128,782 | 187,507 | |||||||||
Unbilled accounts receivable, net | 11,112 | 13,914 | |||||||||
Property and equipment, net | 54,499 | 80,740 | |||||||||
Operating lease assets | 52,373 | 90,287 | |||||||||
Intangible assets, net | 14,473 | 21,361 | |||||||||
Goodwill | 372,214 | 372,192 | |||||||||
Deferred tax assets, net | 226,875 | 191,461 | |||||||||
Other assets | 67,957 | 56,732 | |||||||||
TOTAL ASSETS | $ | 2,027,888 | $ | 2,266,897 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | 34,627 | $ | 40,440 | |||||||
Accrued employee compensation | 103,980 | 90,962 | |||||||||
Deferred revenue, net | 206,923 | 170,776 | |||||||||
Other current liabilities | 27,731 | 35,340 | |||||||||
Total current liabilities | 373,261 | 337,518 | |||||||||
Lease liabilities | 42,972 | 105,123 | |||||||||
Convertible senior notes, net | 397,171 | 358,216 | |||||||||
Deferred revenue, net | 5,988 | 7,500 | |||||||||
Other liabilities | 9,030 | 6,883 | |||||||||
Total liabilities | 828,422 | 815,240 | |||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Common stock | 8 | 8 | |||||||||
Additional paid-in capital | 1,831,267 | 1,755,476 | |||||||||
Accumulated other comprehensive income (loss) | (13,859) | (19,845) | |||||||||
Retained earnings (accumulated deficit) | (617,950) | (283,982) | |||||||||
Total stockholders’ equity | 1,199,466 | 1,451,657 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 2,027,888 | $ | 2,266,897 |
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(unaudited, in thousands except share and per share data) | |||||||||||||||||||||||
Three Months Ended July 31, | Twelve Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Subscription and support | $ | 117,346 | $ | 93,570 | $ | 429,667 | $ | 343,708 | |||||||||||||||
License | 100,924 | 94,786 | 265,593 | 258,631 | |||||||||||||||||||
Services | 51,688 | 56,243 | 210,081 | 210,275 | |||||||||||||||||||
Total revenue | 269,958 | 244,599 | 905,341 | 812,614 | |||||||||||||||||||
Cost of revenue(1): | |||||||||||||||||||||||
Subscription and support | 53,611 | 54,675 | 210,507 | 202,832 | |||||||||||||||||||
License | 1,527 | 2,210 | 6,488 | 8,754 | |||||||||||||||||||
Services | 51,142 | 65,047 | 230,135 | 223,852 | |||||||||||||||||||
Total cost of revenue | 106,280 | 121,932 | 447,130 | 435,438 | |||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
Subscription and support | 63,735 | 38,895 | 219,160 | 140,876 | |||||||||||||||||||
License | 99,397 | 92,576 | 259,105 | 249,877 | |||||||||||||||||||
Services | 546 | (8,804) | (20,054) | (13,577) | |||||||||||||||||||
Total gross profit | 163,678 | 122,667 | 458,211 | 377,176 | |||||||||||||||||||
Operating expenses(1): | |||||||||||||||||||||||
Research and development | 66,819 | 59,862 | 249,746 | 229,230 | |||||||||||||||||||
Sales and marketing | 50,111 | 48,493 | 188,224 | 182,620 | |||||||||||||||||||
General and administrative | 40,653 | 46,521 | 169,731 | 164,773 | |||||||||||||||||||
Total operating expenses | 157,583 | 154,876 | 607,701 | 576,623 | |||||||||||||||||||
Income (loss) from operations | 6,095 | (32,209) | (149,490) | (199,447) | |||||||||||||||||||
Interest income | 7,732 | 3,904 | 24,389 | 6,277 | |||||||||||||||||||
Interest expense | (1,682) | (4,934) | (6,716) | (19,446) | |||||||||||||||||||
Other income (expense), net | 3,612 | (3,305) | (2,277) | (17,099) | |||||||||||||||||||
Income (loss) before provision for (benefit from) income taxes | 15,757 | (36,544) | (134,094) | (229,715) | |||||||||||||||||||
Provision for (benefit from) income taxes | 3,537 | (5,514) | (22,239) | (49,284) | |||||||||||||||||||
Net income (loss) | $ | 12,220 | $ | (31,030) | $ | (111,855) | $ | (180,431) | |||||||||||||||
Net income (loss) per share: | |||||||||||||||||||||||
Basic | $ | 0.15 | $ | (0.37) | $ | (1.36) | $ | (2.16) | |||||||||||||||
Diluted | $ | 0.15 | $ | (0.37) | $ | (1.36) | $ | (2.16) | |||||||||||||||
Shares used in computing net income (loss) per share: | |||||||||||||||||||||||
Basic | 81,490,213 | 83,953,164 | 82,176,629 | 83,569,517 | |||||||||||||||||||
Diluted | 82,135,106 | 83,953,164 | 82,176,629 | 83,569,517 |
Three Months Ended July 31, | Twelve Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(unaudited, in thousands) | |||||||||||||||||||||||
Stock-based compensation expense: | |||||||||||||||||||||||
Cost of subscription and support revenue | $ | 3,585 | $ | 3,336 | $ | 14,073 | $ | 13,222 | |||||||||||||||
Cost of license revenue | 104 | 151 | 463 | 692 | |||||||||||||||||||
Cost of services revenue | 4,880 | 5,212 | 19,257 | 20,978 | |||||||||||||||||||
Research and development | 10,189 | 8,606 | 39,865 | 33,446 | |||||||||||||||||||
Sales and marketing | 7,582 | 7,002 | 29,925 | 31,281 | |||||||||||||||||||
General and administrative | 10,208 | 9,671 | 39,259 | 37,392 | |||||||||||||||||||
Total stock-based compensation expense | $ | 36,548 | $ | 33,978 | $ | 142,842 | $ | 137,011 |
GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
(unaudited, in thousands) | |||||||||||||||||||||||
Three Months Ended July 31, | Twelve Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||
Net income (loss) | $ | 12,220 | $ | (31,030) | $ | (111,855) | $ | (180,431) | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 4,927 | 7,795 | 24,838 | 33,540 | |||||||||||||||||||
Amortization of debt discount and issuance costs | 429 | 3,672 | 1,703 | 14,391 | |||||||||||||||||||
Amortization of contract costs | 4,966 | 4,736 | 17,966 | 14,456 | |||||||||||||||||||
Stock-based compensation | 36,548 | 33,978 | 142,842 | 137,011 | |||||||||||||||||||
Changes to allowance for credit losses and revenue reserves | 173 | (110) | (131) | 2,597 | |||||||||||||||||||
Deferred income tax | 3,518 | (6,658) | (27,516) | (54,115) | |||||||||||||||||||
Amortization of premium (accretion of discount) on available-for-sale securities, net | (2,400) | 883 | (4,858) | 5,498 | |||||||||||||||||||
Changes in fair value of strategic investments | 802 | (1,545) | 802 | (1,545) | |||||||||||||||||||
Accelerated depreciation related to lease assignment | — | — | 26,921 | — | |||||||||||||||||||
Gain from lease assignment | — | — | (18,419) | — | |||||||||||||||||||
Other non-cash items affecting net income (loss) | 479 | (158) | 164 | 63 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (22,057) | (58,075) | (7,301) | (42,545) | |||||||||||||||||||
Unbilled accounts receivable | 43,843 | 36,556 | (13,435) | 18,106 | |||||||||||||||||||
Prepaid expenses and other assets | (9,895) | (9,726) | (22,613) | (23,390) | |||||||||||||||||||
Operating lease assets | (7,652) | (849) | (19,000) | 7,160 | |||||||||||||||||||
Accounts payable | 645 | 9,293 | (6,080) | 13,580 | |||||||||||||||||||
Accrued employee compensation | 30,832 | 23,313 | 12,440 | (8,942) | |||||||||||||||||||
Deferred revenue | 63,995 | 62,782 | 34,635 | 31,564 | |||||||||||||||||||
Lease liabilities | 8,595 | 254 | 9,548 | (9,637) | |||||||||||||||||||
Other liabilities | 3,269 | 8,481 | (2,256) | 4,699 | |||||||||||||||||||
Net cash provided by (used in) operating activities | 173,237 | 83,592 | 38,395 | (37,940) | |||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||
Purchases of available-for-sale securities | (147,292) | (13,530) | (506,115) | (519,536) | |||||||||||||||||||
Maturities and sales of available-for-sale securities | 164,875 | 216,641 | 547,094 | 908,914 | |||||||||||||||||||
Purchases of property and equipment | (3,207) | (1,534) | (5,821) | (9,510) | |||||||||||||||||||
Capitalized software development costs | (2,729) | (3,079) | (11,606) | (12,266) | |||||||||||||||||||
Acquisition of strategic investments | (2,789) | (1,039) | (10,840) | (11,560) | |||||||||||||||||||
Acquisition of business, net of acquired cash | — | — | — | (43,830) | |||||||||||||||||||
Net cash provided by (used in) investing activities | 8,858 | 197,459 | 12,712 | 312,212 | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||
Proceeds from issuance of common stock upon exercise of stock options | 1 | — | 228 | 116 | |||||||||||||||||||
Repurchase and retirement of common stock | (47,814) | — | (261,807) | (37,451) | |||||||||||||||||||
Net cash provided by (used in) financing activities | (47,813) | — | (261,579) | (37,335) | |||||||||||||||||||
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 917 | (1,520) | 2,576 | (7,161) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 135,199 | 279,531 | (207,896) | 229,776 | |||||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period | 271,591 | 335,155 | 614,686 | 384,910 | |||||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period | $ | 406,790 | $ | 614,686 | $ | 406,790 | $ | 614,686 | |||||||||||||||
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 July 31, | Twelve Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gross profit reconciliation: | |||||||||||||||||||||||
GAAP gross profit | $ | 163,678 | $ | 122,667 | $ | 458,211 | $ | 377,176 | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 8,569 | 8,699 | 33,793 | 34,892 | |||||||||||||||||||
Amortization of intangibles | 485 | 1,905 | 3,360 | 7,659 | |||||||||||||||||||
Non-GAAP gross profit | $ | 172,732 | $ | 133,271 | $ | 495,364 | $ | 419,727 | |||||||||||||||
Income (loss) from operations reconciliation: | |||||||||||||||||||||||
GAAP income (loss) from operations | $ | 6,095 | $ | (32,209) | $ | (149,490) | $ | (199,447) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 36,548 | 33,978 | 142,842 | 137,011 | |||||||||||||||||||
Amortization of intangibles | 1,367 | 2,787 | 6,888 | 14,081 | |||||||||||||||||||
Acquisition consideration holdback | 730 | 749 | 2,939 | 3,067 | |||||||||||||||||||
Net impact of assignment of lease agreement (1) | — | — | 8,502 | — | |||||||||||||||||||
Non-GAAP income (loss) from operations | $ | 44,740 | $ | 5,305 | $ | 11,681 | $ | (45,288) | |||||||||||||||
Net income (loss) reconciliation: | |||||||||||||||||||||||
GAAP net income (loss) | $ | 12,220 | $ | (31,030) | $ | (111,855) | $ | (180,431) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 36,548 | 33,978 | 142,842 | 137,011 | |||||||||||||||||||
Amortization of intangibles | 1,367 | 2,787 | 6,888 | 14,081 | |||||||||||||||||||
Acquisition consideration holdback | 730 | 749 | 2,939 | 3,067 | |||||||||||||||||||
Amortization of debt discount and issuance costs | 429 | 3,672 | 1,703 | 14,391 | |||||||||||||||||||
Changes in fair value of strategic investments | 802 | (1,538) | 802 | (1,538) | |||||||||||||||||||
Net impact of assignment of lease agreement (1) | — | — | 8,502 | — | |||||||||||||||||||
Tax impact of non-GAAP adjustments | 10,698 | (6,464) | (22,611) | (29,105) | |||||||||||||||||||
Non-GAAP net income (loss) | $ | 62,794 | $ | 2,154 | $ | 29,210 | $ | (42,524) | |||||||||||||||
Tax provision (benefit) reconciliation: | |||||||||||||||||||||||
GAAP tax provision (benefit) | $ | 3,537 | $ | (5,514) | $ | (22,239) | $ | (49,284) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | (4,705) | 10,397 | 92,849 | 37,826 | |||||||||||||||||||
Amortization of intangibles | (176) | 853 | 4,677 | 3,936 | |||||||||||||||||||
Acquisition consideration holdback | (94) | 229 | 1,924 | 847 | |||||||||||||||||||
Amortization of debt discount and issuance costs | (55) | 1,124 | 1,105 | 4,049 | |||||||||||||||||||
Changes in fair value of strategic investments | (103) | (471) | (103) | (471) | |||||||||||||||||||
Net impact of assignment of lease agreement (1) | — | — | 3,196 | — | |||||||||||||||||||
Tax impact of non-GAAP adjustments | (5,565) | (5,668) | (81,037) | (17,082) | |||||||||||||||||||
Non-GAAP tax provision (benefit) | $ | (7,161) | $ | 950 | $ | 372 | $ | (20,179) |
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 July 31, | Twelve Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) per share reconciliation: | |||||||||||||||||||||||
GAAP net income (loss) per share – diluted | $ | 0.15 | $ | (0.37) | $ | (1.36) | $ | (2.16) | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 0.44 | 0.40 | 1.74 | 1.63 | |||||||||||||||||||
Amortization of intangibles | 0.02 | 0.03 | 0.08 | 0.16 | |||||||||||||||||||
Acquisition consideration holdback | 0.01 | 0.01 | 0.04 | 0.03 | |||||||||||||||||||
Amortization of debt discount and issuance costs | — | 0.04 | 0.02 | 0.17 | |||||||||||||||||||
Changes in fair value of strategic investments | 0.01 | 0.02 | 0.01 | 0.01 | |||||||||||||||||||
Net impact of assignment of lease agreement (1) | — | — | 0.10 | — | |||||||||||||||||||
Tax impact of non-GAAP adjustments | 0.13 | (0.08) | (0.28) | (0.35) | |||||||||||||||||||
Interest expense on convertible debt (2) | 0.01 | — | — | — | |||||||||||||||||||
Non-GAAP dilutive shares excluded from GAAP net income (loss) per share calculation | (0.03) | (0.02) | — | — | |||||||||||||||||||
Non-GAAP net income (loss) per share – diluted | $ | 0.74 | $ | 0.03 | $ | 0.35 | $ | (0.51) | |||||||||||||||
Shares used in computing Non-GAAP income (loss) per share amounts: | |||||||||||||||||||||||
GAAP weighted average shares – diluted | 82,135,106 | 83,953,164 | 82,176,629 | 83,569,517 | |||||||||||||||||||
Non-GAAP dilutive shares excluded from GAAP income (loss) per share calculation | 3,516,480 | 149,169 | 466,516 | — | |||||||||||||||||||
GAAP and pro forma weighted average shares — diluted | 85,651,586 | 84,102,333 | 82,643,145 | 83,569,517 |
Three Months Ended July 31, | Twelve Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Free cash flow: | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 173,237 | $ | 83,592 | $ | 38,395 | $ | (37,940) | |||||||||||||||
Purchases of property and equipment | (3,207) | (1,534) | (5,821) | (9,510) | |||||||||||||||||||
Capitalized software development costs | (2,729) | (3,079) | (11,606) | (12,266) | |||||||||||||||||||
Free cash flow | $ | 167,301 | $ | 78,979 | $ | 20,968 | $ | (59,716) |
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): | |||||||||||||||||||||||
First Quarter Fiscal Year 2024 | Fiscal Year 2024 | ||||||||||||||||||||||
Income (loss) from operations outlook reconciliation: | |||||||||||||||||||||||
GAAP income (loss) from operations | $(63) | — | $(58) | $(100) | — | $(90) | |||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Stock-based compensation | 37 | — | 37 | 156 | — | 156 | |||||||||||||||||
Amortization of intangibles | 1 | — | 1 | 5 | — | 5 | |||||||||||||||||
Acquisition consideration holdback | — | — | — | 1 | — | 1 | |||||||||||||||||
Non-GAAP income (loss) from operations | $(25) | — | $(20) | $62 | — | $72 | |||||||||||||||||
Cover Page |
Sep. 07, 2023 |
---|---|
Document Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Sep. 07, 2023 |
Entity Registrant Name | Guidewire Software, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35394 |
Entity Tax Identification Number | 36-4468504 |
Entity Address, Address Line One | 970 Park Pl., Suite 200 |
Entity Address, City or Town | San Mateo |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94403 |
City Area Code | 650 |
Local Phone Number | 357-9100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.0001 par value |
Trading Symbol | GWRE |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001528396 |
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