Guidewire(GWRE) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for fiscal year 2024 was $980.5 million, an increase of 8% from fiscal year 2023[1] - Subscription and support revenue was $549.1 million, an increase of 28% compared to fiscal year 2023[1] - Total revenue for the fourth quarter of fiscal year 2024 was $291.5 million, an increase of 8% from the same quarter in fiscal year 2023[3] - Subscription and support revenue for the fourth quarter was $151.8 million, an increase of 29% year-over-year[3] - Total revenue for the three months ended July 31, 2024, was $291.5 million, a 7.5% increase from $270.0 million in the same period of 2023[12] - Subscription and support revenue increased to $151.8 million, up 29.2% from $117.3 million year-over-year[12] - Total revenue guidance for fiscal year 2025 is between $1,135 million and $1,149 million[5] - Guidewire expects ARR for fiscal year 2025 to be between $995 million and $1,005 million[5] Profitability Metrics - GAAP net loss was $6.1 million for fiscal year 2024, significantly improved from a loss of $111.9 million in fiscal year 2023[2] - Non-GAAP net income was $114.5 million for fiscal year 2024, compared to $29.2 million for fiscal year 2023[2] - Net income for the three months ended July 31, 2024, was $16.8 million, compared to $12.2 million in the same period of 2023, representing a 37.7% increase[12] - Basic net income per share for the three months ended July 31, 2024, was $0.20, compared to $0.15 in the same period of 2023, reflecting a 33.3% increase[12] - Non-GAAP net income for the three months ended July 31, 2024, was $54,014 thousand, down from $62,794 thousand in the same period of 2023, indicating a decrease of 14.1%[15] - GAAP diluted net income per share for the three months ended July 31, 2024, was $0.20, compared to $0.15 for the same period in 2023[16] - Non-GAAP diluted net income per share for the three months ended July 31, 2024, was $0.62, down from $0.74 in the prior year[16] Cash Flow and Assets - Operating cash flow is projected to be between $220 million and $250 million for fiscal year 2025[5] - Cash and cash equivalents increased to $548.0 million, up from $401.8 million year-over-year, representing a 36.4% increase[11] - Total current assets rose to $1.3 billion, a 17.8% increase from $1.1 billion as of July 31, 2023[11] - Net cash provided by operating activities for the three months ended July 31, 2024, was $193,777 thousand, compared to $173,237 thousand for the same period in 2023, marking an increase of 11.9%[14] - Free cash flow for the three months ended July 31, 2024, was $189.3 million, an increase from $167.3 million in the same period of 2023[17] - Total cash, cash equivalents, and restricted cash at the end of the period was $549,184 thousand, up from $406,790 thousand at the end of the previous year, representing a growth of 35%[14] Expenses and Liabilities - Total liabilities increased to $883.6 million, up from $828.4 million year-over-year, reflecting a 6.7% rise[11] - Research and development expenses for the three months ended July 31, 2024, were $75.3 million, a 12.4% increase from $66.8 million in the prior year[12] - Stock-based compensation for the three months ended July 31, 2024, was $37,286 thousand, slightly higher than $36,548 thousand in the same period of 2023, showing an increase of 2%[15] - The company expects stock-based compensation for the first quarter of fiscal year 2025 to be $35 million[18] Future Projections - The company expects a GAAP loss from operations of $(18) million for the first quarter of fiscal year 2025, with non-GAAP income from operations projected at $18 million[18] - The company recognized a gain of $1.8 million from the sale of a strategic investment during the three months ended January 31, 2024[16]