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Guidewire Software Announces First Quarter Fiscal 2014 Financial Results

Guidewire Software, Inc. (NYSE: GWRE), a provider of software products for Property/Casualty (P/C) insurers, today announced its financial results for the fiscal quarter ended October 31, 2013.

“Our first quarter results reflected our customary seasonality, but exceeded expectations for both revenue and profitability,” said Marcus Ryu, Chief Executive Officer of Guidewire Software. “We see good validation for the investments we are making in our existing products and in new initiatives that expand our market opportunity. We also announced new capabilities in InsuranceSuite8, which were positively received by customers at our Connections user conference in October. We also added three paying Guidewire Live customers and have since closed the first sale of our new data management capabilities.”

Ryu added, “Based on our pipeline and long-term view of global P/C industry demand for legacy core system replacement, we are investing to expand on our leadership position and pursue opportunities that we expect to lead to sustained revenue growth and profitability in the years ahead.”

First Quarter Fiscal 2014 Financial Highlights

Revenue

  • Total revenue for the first quarter of fiscal 2014 was $66.5 million, an increase of 5% from the comparable period in fiscal 2013.
  • Total license revenue, including term and perpetual licenses, for the first quarter of fiscal 2014 was $18.9 million, compared to $20.8 million in the comparable period in fiscal 2013. Term license revenue was $18.4 million, compared to $20.6 million in the first quarter of fiscal 2013. Revenue from perpetual licenses was $0.5 million compared with $0.2 million a year ago. Maintenance revenue was $9.6 million, up 3% from the comparable period in fiscal 2013, and services revenue was $38.0 million, up 15% from the comparable period in fiscal 2013.
  • Rolling four-quarter recurring term license and maintenance revenue was $148.5 million, an increase of 29% from the comparable period in fiscal 2013.

Profitability

  • GAAP operating loss was $(18.1) million for the first quarter of fiscal 2014, compared to $(0.1) million operating loss in the comparable period in fiscal 2013.
  • Non-GAAP operating loss was $(3.1) million for the first quarter of fiscal 2014, compared to $9.7 million Non-GAAP operating income in the comparable period in fiscal 2013.
  • GAAP net loss was $(10.6) million for the first quarter of fiscal 2014, compared to $0.4 million GAAP net income for the comparable period in fiscal 2013. GAAP net loss per share was $(0.18), based on basic and diluted weighted average shares outstanding of 58.6 million, compared to GAAP earnings per share of $0.01 for the comparable period in fiscal 2013, based on diluted weighted average shares outstanding of 61.2 million.
  • Non-GAAP net loss was $(0.4) million for the first quarter of fiscal 2014, compared to $6.7 million Non-GAAP net income in the comparable period in fiscal 2013. Non-GAAP net loss per diluted share was $(0.01), based on basic and diluted weighted average shares outstanding of 58.6 million, compared to $0.11 Non-GAAP net income per diluted share for the first quarter of fiscal 2013, based on diluted weighted average shares outstanding of 61.2 million.

Balance Sheet

  • The Company had $576.9 million in cash, cash equivalents and investments at October 31, 2013, compared to $207.7 million at July 31, 2013. The Company used $14.6 million in cash flow from operations in the first quarter, compared to cash flow used in operations of $16.3 million in the comparable period in fiscal 2013.

Conference Call Information

What:           Guidewire Software First Quarter Fiscal 2014 Financial Results Conference Call
When: Tuesday, December 3, 2013
Time: 2:00 p.m. PT (5:00 p.m. ET)
Live Call: (877) 604-9665, domestic
(719) 325-4763, international
Replay: (877) 870-5176, passcode 2580053, domestic
(858) 384-5517, passcode 2580053, international
Webcast:

http://ir.guidewire.com (live and replay)

The webcast will be archived on Guidewire's website for a period of three months.

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