Guidewire Software, Inc. has recently released its 10-K report for the fiscal year ended July 31, 2023, filed on September 18, 2023. The company, headquartered in San Mateo, California, provides a range of software solutions for property and casualty (P&C) insurers worldwide. These solutions include cloud-based applications for policy, billing, and claims management, as well as products for reinsurance management, underwriting, submission intake, and digital engagement.
In the 10-K report, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, provides insights into the company's financial performance for the fiscal year ended July 31, 2023, compared to the previous year. The report also outlines non-GAAP financial measures used by Guidewire Software to evaluate its performance and provide useful information to management and investors regarding financial and business trends.
The report includes a reconciliation of specific items excluded from GAAP in the calculation of non-GAAP financial measures for the fiscal years ended July 31, 2024, and 2023. For example, the non-GAAP adjustments for the fiscal year ended July 31, 2024, resulted in non-GAAP net income of $114,521, compared to GAAP net loss of $6,103.
In terms of liquidity and capital resources, Guidewire Software reported cash, cash equivalents, and investments of $1,129,453 as of July 31, 2024, compared to $927,467 as of July 31, 2023. Working capital decreased to $457,899 as of July 31, 2024, from $726,342 as of July 31, 2023, primarily due to the Convertible Senior Notes becoming current during fiscal year 2024.
The company's share repurchase program, which authorized up to $400.0 million of its outstanding common stock, had $138.2 million remaining available for future share repurchases as of July 31, 2024. During fiscal year 2023, Guidewire Software repurchased 4,041,284 shares of common stock at an average price of $64.78 per share, for an aggregate purchase price of $261.8 million.
Guidewire Software's cash flows from operations significantly increased by $157.4 million in fiscal year 2024 compared to fiscal year 2023. The company also reported an increase in net cash provided by financing activities by $262.6 million in fiscal year 2024 compared to fiscal year 2023.
The 10-K report also includes details on the company's commitments and contractual obligations, leases, royalties, purchase obligations, debt, and taxes as of July 31, 2024. Additionally, it outlines off-balance sheet arrangements, stating that through July 31, 2024, Guidewire Software did not have any relationships with unconsolidated entities or financial partnerships for off-balance sheet arrangements. As a result of these announcements, the company's shares have moved 0.6% on the market, and are now trading at a price of $172.76. If you want to know more, read the company's complete 10-K report here.
