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Guidewire Software Announces Second 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 January 31, 2014.

"Revenue and profit exceeded our expectations for the second quarter, owing to strong sales," said Marcus Ryu, chief executive officer, Guidewire Software. "We were also pleased the quarter included several key international sales, continued PolicyCenter and InsuranceSuite momentum, and transactions in our new initiatives of Data Management, Portals, and Guidewire Live."

Ryu continued, "We intend to sustain our long-term focus on customer implementation success and investment in both InsuranceSuite and complementary solutions that enable P/C insurers to replace obsolete legacy core systems and transform their operations."

Second Quarter Fiscal 2014 Financial Highlights

Revenue

  • Total revenue for the second quarter of fiscal 2014 was $83.5 million, an increase of 16% from the comparable period in fiscal 2013.
  • Total license revenue, including term and perpetual licenses, for the second quarter of fiscal 2014 was $35.2 million, an increase of 15% from the comparable period in fiscal 2013. Term license revenue was $34.0 million, a 15% increase from a year ago. Revenue from perpetual licenses was $1.2 million compared with $1.3 million a year ago. Maintenance revenue was $9.9 million, up 7% from the comparable period in fiscal 2013, and services revenue was $38.4 million, up 19% from the comparable period in fiscal 2013.
  • Rolling four-quarter recurring term license and maintenance revenue was $153.7 million, an increase of 21.0% from the comparable period in fiscal 2013.

Profitability

  • GAAP operating loss was $2.3 million for the second quarter of fiscal 2014, compared to $5.1 million GAAP operating income in the comparable period in fiscal 2013.
  • Non-GAAP operating income was $17.0 million for the second quarter of fiscal 2014, compared to $15.5 million non-GAAP operating income in the comparable period in fiscal 2013.
  • GAAP net loss was $0.9 million for the second quarter of fiscal 2014, compared to $5.5 million GAAP net income for the comparable period in fiscal 2013. GAAP net loss per share was $0.01, based on basic and diluted weighted average shares outstanding of 67.4 million, compared to GAAP diluted earnings per share of $0.09 for the comparable period in fiscal 2013, based on diluted weighted average shares outstanding of 61.7 million.
  • Non-GAAP net income was $11.6 million for the second quarter of fiscal 2014, compared to $13.4 million non-GAAP net income in the comparable period in fiscal 2013. Non-GAAP net income per diluted share was $0.16, based on diluted weighted average shares outstanding of 71.6 million, compared to $0.22 non-GAAP net income per diluted share for the second quarter of fiscal 2013, based on diluted weighted average shares outstanding of 61.7 million.

Balance Sheet

  • The Company had $588.4 million in cash, cash equivalents and investments at January 31, 2014, compared to $576.9 million at October 31, 2013. The Company had $20.3 million in cash flow from operations in the second quarter, compared to cash flow from operations of $19.4 million in the comparable period in fiscal 2013.

Conference Call Information

What:         Guidewire Software Second Quarter Fiscal 2014 Financial Results Conference Call
When: Monday, March 3, 2014
Time: 2:00 p.m. PT (5:00 p.m. ET)
Live Call: (877) 604-9665, domestic
(719) 325-4812, international
Replay: (877) 870-5176, passcode 1717361, domestic
(858) 384-5517, passcode 1717361, 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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