Guidewire Software Q3 2024 10-Q Filing

TL;DR

Guidewire's Q3 2024 10-Q is in, showing revenue breakdown from subs, licenses, and services. Check it for the latest numbers.

AI Summary

Guidewire Software, Inc. filed its 10-Q for the period ending April 30, 2024, reporting on its financial performance for the third quarter of fiscal year 2024. The filing details revenue streams from subscriptions, support, licenses, and services, with specific figures for the quarter and year-to-date periods. The company is based in San Mateo, California, and its fiscal year ends on July 31st.

Why It Matters

This filing provides investors with the latest financial results and operational details for Guidewire Software, offering insights into their performance in the cloud software sector for insurance companies.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) with no immediate red flags or significant new risks disclosed.

Key Numbers

• 2024 Q3 — Fiscal Quarter (Reporting period for this 10-Q filing)
• 0731 — Fiscal Year End (Guidewire's annual fiscal year closing date)

Key Players & Entities

• Guidewire Software, Inc. (company) — Filer of the 10-Q
• 20240430 (date) — End of reporting period
• 20240605 (date) — Filing date
• San Mateo, CA (location) — Company headquarters

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value GWRE New York Stock Exchange

Filing Documents

• gwre-20240430.htm (10-Q) — 2037KB
• gwreex3114302024-10q.htm (EX-31.1) — 12KB
• gwreex3124302024-10q.htm (EX-31.2) — 12KB
• gwreex3214302024-10q.htm (EX-32.1) — 11KB
• 0001528396-24-000057.txt ( ) — 7802KB
• gwre-20240430.xsd (EX-101.SCH) — 31KB
• gwre-20240430_cal.xml (EX-101.CAL) — 72KB
• gwre-20240430_def.xml (EX-101.DEF) — 186KB
• gwre-20240430_lab.xml (EX-101.LAB) — 560KB
• gwre-20240430_pre.xml (EX-101.PRE) — 376KB
• gwre-20240430_htm.xml (XML) — 1270KB

– Financial Information

Part I – Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): 1 Condensed Consolidated Balance Sheets as of April 30, 2024 and July 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended April 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended April 30, 2024 and 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended April 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended April 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 42

– Other Information

Part II – Other Information 43

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43 Item 5. Other Information 68

Exhibits

Item 6. Exhibits 69

Signatures

Signatures 70 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" as well as other parts of this Quarterly Report on Form 10-Q 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"), that 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, growth, 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, sales and marketing initiatives, competition, and the impact of general economic, business, and market conditions. 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 "Part II – Other Information – Item 1A. Risk Factors," and elsewhere in this Quarterly Report on Form 10-Q. 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 Quarterly Report on Form 10-Q are based on information available

– Financial Information

PART I – Financial Information

Financial Statements (unaudited)

ITEM 1. Financial Statements (unaudited) 1 Table of Contents GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands) April 30, 2024 July 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 359,600 $ 401,813 Short-term investments 422,691 396,872 Accounts receivable, net of allowances of $ 63 and $ 218 , respectively 104,344 151,034 Unbilled accounts receivable, net 125,531 87,752 Prepaid expenses and other current assets 69,345 62,132 Total current assets 1,081,511 1,099,603 Long-term investments 151,891 128,782 Unbilled accounts receivable, net 7,288 11,112 Property and equipment, net 55,025 54,499 Operating lease assets 46,267 52,373 Intangible assets, net 10,372 14,473 Goodwill 372,214 372,214 Deferred tax assets, net 255,547 226,875 Other assets 59,910 67,957 TOTAL ASSETS $ 2,040,025 $ 2,027,888 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 23,514 $ 34,627 Accrued employee compensation 76,538 103,980 Deferred revenue, net 181,689 206,923 Convertible senior notes, net 398,467 — Other current liabilities 24,599 27,731 Total current liabilities 704,807 373,261 Lease liabilities 37,120 42,972 Convertible senior notes, net — 397,171 Deferred revenue, net 3,210 5,988 Other liabilities 9,522 9,030 Total liabilities 754,659 828,422 STOCKHOLDERS' EQUITY: Common stock 8 8 Additional paid-in capital 1,940,691 1,831,267 Accumulated other comprehensive income (loss) ( 14,521 ) ( 13,859 ) Retained earnings (accumulated deficit) ( 640,812 ) ( 617,950 ) Total stockholders' equity 1,285,366 1,199,466 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,040,025 $ 2,027,888 See accompanying Notes to Condensed Consolidated Financial Statements. 3 Table of Contents GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands except shares and per share amounts) Three Months Ended Nine Month

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View this 10-Q filing on SEC EDGAR