Guidewire sees total revenue increase 8% to $980.5m in latest results

In their financial results for the fiscal year 2024 (FY24), Guidewire has posted $980.5 million in total revenue, an increase of 8% from the prior year.

Guidewire also disclosed that it’s subscription and support revenue sat at $549.1 million, for the period, representing an increase of 28%, while license revenue was $250.2 million, a decrease of 6%, and services revenue was $181.2 million, a decrease of 14%, each compared to fiscal year 2023.

Guidewire’s GAAP loss from operations for FY24 was $52.6 million, compared to $149.5 million for FY23.

The company also posted a $99.5 million non-GAAP income from operations for the period, compared to $11.7 million from the previous year.

Moreover, Guidewire’s GAAP net loss for the fiscal year was $6.1 million, compared to $111.9 million from the previous year, while non-GAAP net income was $114.5 million for FY24, a notable increase compared to $29.2 million from FY23.

Switching over to the fourth quarter of FY24, Guidewire’s total revenue was $291.5 million, an increase of 8% from the same quarter last year.

Additionally, subscription and support revenue was $151.8 million, an increase of 29%; license revenue was $88.9 million, a decrease of 12%; and services revenue was $50.8 million, a decrease of 2%, each as compared to the same quarter in FY23.

In Q4 of FY24, Guidewire’s GAAP income from operations sat at $10.3 million, a solid increase compared to $6.1 million from the same quarter in FY23. The organisation’s non-GAAP income from operations was $49.0 million for the quarter, compared with $44.7 million from the prior year quarter.

As well as this, Guidewire’s GAAP net income was $16.8 million for the fourth quarter of fiscal year 2024, compared with $12.2 million for the same quarter in fiscal year 2023. And non-GAAP net income was $54.0 million for the same period, compared with $62.8 million from the prior year.

Mike Rosenbaum, chief executive officer, Guidewire, commented: “We finished the year with record fourth quarter sales activity and fully ramped ARR growth of 19%. We enter the new fiscal year positioned well to continue accelerating modernization programs in the P&C industry and delivering increasing value to P&C insurers’ drive for greater agility and innovation.”

Jeff Cooper, chief financial officer, Guidewire, said: “The fourth quarter capped off a tremendous year and strong financial results. The combination of fully ramped ARR growth and 20% cash flow from operations as a percent of revenue demonstrates the power and durability of our model.”

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