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Oct 31, 2023
Guidewire Q1 2024 Earnings Report
Guidewire's Q1 2024 financial results were announced, showcasing a strong start to the fiscal year with revenue increase and ARR exceeding expectations.
Key Takeaways
Guidewire reported a 6% increase in total revenue to $207.4 million for Q1 2024. ARR reached $770 million, surpassing the high end of the company's outlook. The company's profitability targets for the year were raised, indicating an inflection point.
Total revenue increased by 6% year-over-year to $207.4 million.
Subscription and support revenue grew by 29% to $127.6 million.
ARR reached $770 million, exceeding the high end of the outlook.
GAAP loss from operations improved significantly to $33.8 million, compared to $74.6 million in the same quarter of the previous year.
Guidewire
Guidewire
Guidewire Revenue by Segment
Forward Guidance
Guidewire issued the following outlook for the second quarter of fiscal year 2024 based on current expectations:
Positive Outlook
- ARR between $793 million and $798 million
- Total revenue between $237 million and $243 million
- Non-GAAP operating income (loss) between $15 million and $20 million
- ARR between $846 million and $858 million
- Non-GAAP operating income (loss) between $82 million and $92 million
Challenges Ahead
- Operating income (loss) between $(24) million and $(19) million
- Total revenue between $976 million and $986 million
- Operating income (loss) between $(75) million and $(65) million
- Operating cash flow between $115 million and $135 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income