Guidewire Software, Inc. (GWRE) is up 6.38% in the after-hours trading session at the price of $126.00 after the release of the fourth quarter and fiscal year 2021 financial results. GWRE is the platform P&C insurers trust to engage, innovate, and grow efficiently. It combines digital, core, analytics, and AI to deliver the platform as a cloud service.
GWRE Published Fourth Quarter and Fiscal Year 2021 Financial Results
On 2nd September 2021, GWRE published its financial results for the fourth quarter and fiscal year ended 31st July 2021. CEO of GWRE, Mike Rosenbaum, remarked that they ended the fiscal year 2021 with high momentum across Guidewire Cloud. They have closed a record 17 core cloud deals in the fourth quarter. They have secured cloud migrations and signed new agreements. Additionally, they have expanded all pushed ARR, total revenue, and profitability. They enter the new fiscal year with confidence in their cloud vision, strategy, and execution. Looking ahead, they are well-positioned to drive increasing ARR growth, he added.
Fiscal Year 2021 Financial Highlights
GWRE reported total revenue of $743.3 million for the fiscal year 2021. It represents an increase of less than 1% from the fiscal year 2020. Subscription and support revenue were $252.4 million, an increase of 24%. The license revenue was $303.8 million, a decrease of 8%. Loss from operations was $105.6 million for the fiscal year 2021. Operating loss was $23.9 million for the fiscal year 2020. Net loss was $66.5 million for the fiscal year 2021, compared with $27.2 million for the fiscal year 2020. GAAP net loss per share was $0.79, compared with net loss per share of $0.33 for fiscal 2020.
Fiscal Fourth Quarter 2021 Financial Results
GWRE reported total revenue of $229.4 million for the fourth quarter of the fiscal year 2021. It represents a decrease of 6% from the same quarter in the fiscal year 2020. The subscription and support revenue were $70.0 million, an increase of 29%. The license revenue was $109.7 million, a drop of 20%. GAAP loss from operations was $0.1 million for the fourth quarter of the fiscal year 2021. GAAP income from operations was $44.3 million for the same quarter in the previous fiscal year. GAAP net loss was $1.0 million for the fourth quarter of the fiscal year 2021, compared with net income of $38.8 million for the same quarter in the fiscal year 2020. Net loss per share of $0.01, was reported for the fourth quarter of 2021. GAAP net income per share was $0.46 for the same quarter in the fiscal year 2020.
