Guidewire Software Announces Second Quarter Financial Results | Financial Buzz

Guidewire Software Announces Second Quarter Financial Results

Guidewire Software, Inc. (NYSE: GWRE) delivers the industry platform that Property and Casualty (P&C) insurers rely upon to adapt and succeed in a time of accelerating change. The company provides the software, services, and partner ecosystem to enable our customers to run, differentiate, and grow their business. 

Guidewire announced financial results for the second quarter.  Total revenue for the second quarter was USD 169.3 Million, a 3% increase compared to a year ago.  Subscription and license revenue was USD 87.1 Million. 

In terms of liquidity, the company had USD 1.24 billion in cash, investments and cash equivalents.

Guidewire anticipates revenue for the third quarter between USD 152.5 Million and USD 156.5 Million.  License and subscription revenue expected between USD 68 Million and USD 72 Million.

“We exceeded our guidance ranges for revenue and profitability in the second quarter,” said Marcus Ryu, chief executive officer, Guidewire Software. “During the quarter, we extended our overall market momentum and demonstrated particular success with our cloud and digital initiatives, completing another InsuranceSuite Cloud deal and signing significant new business for digital enablement. We continue to invest in Guidewire Insurance Platform to service the growing demand we see for cloud-based core systems and to strengthen our role as a trusted partner for enabling digital transformation in the $2 trillion global P&C industry.”