Guidewire Software Files 2024 Annual Report

Ticker: GWRE · Form: 10-K · Filed: Sep 16, 2024 · CIK: 1528396

Sentiment: neutral

Topics: 10-K, annual-report, software

TL;DR

Guidewire's 2024 10-K is in. Check financials and strategy.

AI Summary

Guidewire Software, Inc. filed its 10-K for the fiscal year ending July 31, 2024, reporting on its financial performance and business operations. The company, headquartered in San Mateo, CA, operates in the prepackaged software industry. Key financial data and operational details for the period are presented in this comprehensive filing.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Guidewire's financial health, strategic direction, and risk factors for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing covers a full fiscal year and includes standard disclosures for a public company, indicating a medium level of risk associated with understanding its comprehensive financial and operational status.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Guidewire Software, Inc.?

Guidewire Software, Inc. operates in the SERVICES-PREPACKAGED SOFTWARE [7372] industry.

When is the fiscal year end for Guidewire Software, Inc.?

The fiscal year end for Guidewire Software, Inc. is 0731.

What is the SEC file number for Guidewire Software, Inc.'s 10-K filing?

The SEC file number is 001-35394.

Where is Guidewire Software, Inc. headquartered?

Guidewire Software, Inc. is headquartered at 970 PARK PL, SUITE 200, SAN MATEO, CA 94403.

What is the accession number for this 10-K filing?

The accession number for this filing is 0001528396-24-000105.

Filing Stats: 4,249 words · 17 min read · ~14 pages · Grade level 17.3 · Accepted 2024-09-16 16:22:05

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 40 Item 1C. C ybersecurity 40

Properties

Item 2. Properties 41

Legal Proceedings

Item 3. Legal Proceedings 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42

[Reserved] 44

Item 6. [Reserved] 44

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 44

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 61

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 63

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 102

Controls and Procedures

Item 9A. Controls and Procedures 102

Other Information

Item 9B. Other Information 102

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 103 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 104

Executive Compensation

Item 11. Executive Compensation 104

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 104

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 104

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 104 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 105 Table of Conten t s

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The sections titled "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," as well as other parts of this Annual Report on Form 10-K and certain information incorporated herein by reference contain forward-looking statements within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to risks and uncertainties. The forward-looking statements may include statements concerning, among other things, our business strategy (including anticipated trends and developments in, and management plans for, our business and the markets in which we operate), financial results, results of operations, revenue, gross margins, operating expenses, services, products, projected costs and capital expenditures, research and development programs, cloud operations, cybersecurity effectiveness, sales and marketing initiatives, and competition. In some cases, you can identify these statements by forward-looking words, such as "will," "may," "might," "should," "could," "estimate," "expect," "suggest," "believe," "anticipate," "intend," "plan" and "continue," the negative or plural of these words and other comparable terminology. Actual events or results may differ materially from those expressed or implied by these statements due to various factors, including, but not limited to, the matters discussed below, in the section titled "Risk Factors," and elsewhere in this Annual Report on Form 10-K. Many of the forward-looking statements are located in "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The forward-looking statements contained in this Annual Report on Form 10-K are based on information available to us as of the filing date of this Annual Report on Form

Business

Item 1. Business Overview and Purpose Guidewire is the platform that P&C insurers trust to engage, innovate, and grow efficiently. Our core systems leverage data and analytics, digital, and AI. As a partner to our customers, we continually evolve to enable their success and assist them in navigating a rapidly changing insurance market. We were founded in 2001. Our core products are InsuranceSuite Cloud, InsuranceNow, and InsuranceSuite for self-managed installations. These products are transactional systems of record that support the entire insurance lifecycle, including insurance product definition, distribution, underwriting, policyholder services, and claims management. We also sell digital engagement and analytics products. Our digital engagement products enable digital sales, omnichannel service, and enhanced claims experiences for policyholders, agents, vendor partners, and field personnel. Our analytics offerings enable insurers to manage data more effectively, gain insights into their business, drive operational efficiencies, and underwrite new and evolving risks. To support P&C insurers globally, we have localized, and will continue to localize, our suite of products for use in a variety of international regulatory, language, and currency environments. Our customers range from some of the largest global insurance companies or their subsidiaries to predominantly national or local insurers that serve specific states and/or regions. Our customer engagement is led by our direct sales team and supported by our SI partners. We maintain and continue to grow our sales and marketing efforts globally, and maintain regional sales centers throughout the world. Because our platform is critical to our new and existing customers' businesses, their decision-making and product evaluation process is thorough, which often results in an extended sales cycle. These evaluation periods can extend further if a customer purchases multiple products or is considering a move to a

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