Guidewire Software Announces First Quarter Fiscal 2018 Financial Results

Investment Weekly News

By a News Reporter-Staff News Editor at Investment Weekly News -- Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property and Casualty insurers, announced its financial results for the fiscal quarter ended October 31, 2017.

"We exceeded our guidance for revenue and operating income for the first quarter of fiscal 2018," said Marcus Ryu, chief executive officer, Guidewire Software. "We were also gratified that our recent user conference attracted 25% greater attendance than last year. At Connections we showcased enhancements to our core, digital, and data products, our industry platform ambition, and our progress toward delivering all Guidewire products in the cloud. We also introduced our newly-acquired Cyence business, unveiled several next-generation digital and data analytics products, and expanded the scope of Guidewire Marketplace."

Ryu continued, "Connections is also a key opportunity to refresh our understanding of how our customers and prospects are approaching their transformation journeys. This year our new cloud-based solutions received strong positive feedback, and we noted an increased willingness to consider cloud-based core systems as well. As a result, today we expect our mix of sales to feature more subscriptions and fewer perpetual and term sales than our initial expectations for fiscal 2018." First Quarter Fiscal 2018 Financial Highlights Revenue Total revenue for the first quarter of fiscal 2018 was $108.2 million, an increase of 15% from the same quarter in fiscal 2017. Services revenue was $59.1 million, an increase of 52%, and maintenance revenue was $18.9 million, an increase of 15%. License and other revenue was $30.1 million, a decrease of 22% from the first quarter of fiscal 2017.

Rolling four-quarter recurring term license and maintenance revenue was $324.8 million for the period ended October 31, 2017, an increase of 19% compared to the same metric for the period ended October 31, 2016. Profitability GAAP loss from operations was $32.7 million for the first quarter of fiscal 2018, compared with a loss of $18.3 million in the comparable period in fiscal 2017.

Non-GAAP loss from operations was $8.3 million for the first quarter of fiscal 2018, compared with $1.0 million in the comparable period in fiscal 2017.

GAAP net loss was $8.9 million for the first quarter of fiscal 2018, compared with a net loss of $7.9 million for the comparable period in fiscal 2017. GAAP net loss per share was $0.12, based on diluted weighted average shares outstanding of 75.2 million, compared with $0.11 net loss per share for the comparable period in fiscal 2017, based on diluted weighted average shares outstanding of 73.3 million.

Keywords for this news article include: Finance, Guidewire Software Inc..