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Guidewire Software Inc. (GWRE) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing shows total revenue of $262.9 million, an increase from $207.4 million in the same quarter the previous year. Subscription and support revenue rose to $169.7 million from $127.6 million, reflecting a shift towards cloud-based offerings.
License revenue for the quarter was $37.4 million, up from $34.0 million in the same period last year. Services revenue also increased to $55.8 million from $45.8 million.
Guidewire reported a gross profit of $158.4 million, compared to $112.3 million in the previous year, with gross margins improving from 54% to 60%.
Operating expenses rose to $163.1 million from $146.1 million, driven by increased research and development, sales and marketing, and general and administrative costs.
Net income for the quarter was $9.1 million, up from a net loss of $27.1 million in the previous year. The improvement was attributed to higher revenue and gross margin.
Cash used in operating activities was $62.3 million, compared to $72.1 million in the previous year. The company reported cash, cash equivalents, and investments totaling $1.48 billion as of October 31, 2024.
Guidewire issued $690 million of 1.25% Convertible Senior Notes due 2029 and retired $120.9 million of its 2025 Convertible Senior Notes.
The company continues to focus on expanding its cloud-based offerings and increasing operational efficiency to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Guidewire Software Inc. quarterly 10-Q report dated December 6, 2024. To report an error, please email earnings@qz.com.