guidewire software inc (GWRE) Snapshot

Guidewire Software, Inc. announced its new data management and business intelligence solutions, Guidewire DataHub(TM) and Guidewire InfoCenter(TM) based on technology acquired from Millbrook. Together, these products position Guidewire to help P/C insurers accelerate legacy system replacement, maximize the value and insight of core system transformation, and support enterprise-wide data management and business intelligence strategies. Guidewire DataHub(TM) is an operational data store that unifies, standardizes, and stores data from the typical patchwork of an insurer's systems as well as from external sources. This provides the single source of truth to feed core systems, business intelligence solutions, and downstream systems such as general ledger, regulatory, and tax reporting. DataHub decouples data consumption from data production, thus insulating downstream data consumers from changes in the behavior and configuration of upstream data producers. With DataHub, insurers can more easily retire legacy systems, ensure business continuity during core system transformation, and add new applications in the future.

Guidewire Software, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended April 30, 2013. For the quarter, the company reported total revenues of $68,250,000, loss from operations of $4,362,000, loss before provision for income taxes of $4,493,000, net loss of $2,670,000 or $0.05 per diluted share as compared to total revenues of $56,995,000, income from operations of $4,842,000, income before provision for income taxes of $5,113,000, net income of $3,149,000 or $0.05 per diluted share for the same period prior year. Net cash provided by operating activities was $5,003,000 as compared to $10,252,000 for the same period prior year, with the decrease due to planned investments. Purchase of property and equipment was $1,205,000 as compared to $1,118,000 for the same period prior year. Non-GAAP income from operations was $4,842,000 as compared to $9,116,000 for the same period prior year. Non-GAAP income before provision for income taxes was $3,779,000 as compared to $9,387,000 for the same period prior year. Non-GAAP net income was $3,149,000 or $0.04 per diluted share as compared to $5,927,000 or $0.10 per diluted share for the same period prior year. Adjusted EBITDA was $5,047,000 as compared to $9,801,000 for the same period prior year. For the nine months, the company reported total revenues of $203,739,000, income from operations of $657,000, income before provision for income taxes of $912,000, net income of $3,278,000 or $0.05 per diluted share as compared to total revenues of $164,472,000, income from operations of $18,331,000, income before provision for income taxes of $18,080,000, net income of $11,652,000 or $0.19 per diluted share for the same period prior year. Net cash provided by operating activities was $8,112,000 as compared to net cash used in operating activities of $2,016,000 for the same period prior year. Purchase of property and equipment was $7,061,000 as compared to $2,118,000 for the same period prior year. Non-GAAP GAAP income from operations was $29,087,000 as compared to $32,209,000 for the same period prior year. Non-GAAP income before provision for income taxes was $29,342,000 as compared to $31,958,000 for the same period prior year. Non-GAAP net income was $22,895,000 or $0.37 per diluted share as compared to $20,673,000 or $0.40 per diluted share for the same period prior year. Adjusted EBITDA was $32,269,000 as compared to $33,573,000 for the same period prior year. The company announced that as such, for the fourth quarter of fiscal 2013, the company expects total revenue to be in the range of $91 million to $94 million, an increase from prior guidance of $88 million to $92 million. The company anticipates GAAP operating income of between $1.9 million and $2.9 million in the fourth quarter. The company anticipates fourth quarter GAAP net income of $1.7 million to $2.6 million, or $0.03 to $0.04 per share, based on an estimated fully diluted weighted average share count of 62.6 million shares. The company expects an effective GAAP tax rate of approximately 11% in the quarter. GAAP operating income and net income per share expectations includes $9.8 million in stock-based compensation expense in the fourth quarter and about 300,000 in amortization of intangible assets from its Millbrook acquisition. Excluding these noncash expenses, the company anticipates non-GAAP operating income between $12 million and $13 million in the fourth quarter. With an anticipated depreciation and amortization of $2 million, it expects adjusted EBITDA to be between $13.7 million to $14.7 million in the fourth quarter. With a non-GAAP tax rate of approximately 31% in the fourth quarter, the company anticipates non-GAAP net income of between $8.3 million to $9 million or $0.13 to $0.14 per share. The company announced that for the full year, it expects revenue is to be in the range of $294.8 million to $297.8 million, an increase from prior revenue guidance of $286 million to $292 million. it expects GAAP operating income for fiscal 2013 to range from $2.6 million to $3.6 million. It anticipates GAAP net income is to be range from $5 million to $5.9 million, or $0.08 per share to $0.09 per share, based on an estimated weighted average diluted share count of 62 million shares. GAAP operating income and net income per share expectations for the full year include $38.3 million in stock-based compensation expense and $300,000 in amortization of intangible assets from its Millbrook acquisition. Excluding these noncash expenses, the company expects full year non-GAAP operating income to be in the range of $41.2 million to $42.2 million, an increase from its prior expectation of $36 million to $42 million, and representing a non-GAAP operating margin of 14 percentage points at the mid-point of revenue and operating income guidance, which is well its original expectation for the year. With depreciation and amortization of approximately $5.2 million for the year, the company expects adjusted EBITDA in the range of $46.1 million to $47.1 million in fiscal 2013, and the company anticipates non-GAAP net income in the range of $28.4 million to $29.1 million, or $0.46 to $0.47 per share, again, an increase from its prior expectations for non-GAAP net income of $0.45 to $0.46 per share. The company anticipates a non-GAAP effective tax rate of approximately 31% for the full year.

Guidewire Software, Inc. announced that they will report Q3, 2013 results After-Market on May 28, 2013