Guidewire Software, Inc. (NYSE:GWRE) Q4 2019 Earnings Conference Call - Final Transcript

Sep 05, 2019 • 05:00 pm ET


Guidewire Software, Inc. (NYSE:GWRE) Q4 2019 Earnings Conference Call - Final Transcript


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Greetings. Welcome to Guidewire's Fourth Quarter and Fiscal Year 2019 Financial Results Conference Call. [Operator Instructions]

I will now turn the conference over to Curtis Smith, CFO. Mr. Smith, you may begin.

Curtis Smith

Good afternoon, and welcome to Guidewire Software's earnings conference call for the fourth quarter of fiscal year 2019, which ended on July 31, 2019. I'm Curtis Smith, Chief Financial Officer of Guidewire and with me on the call are Marcus Ryu, Guidewire's Chairman of the Board and Mike Rosenbaum, our Chief Executive Officer.

A complete disclosure of our results can be found in our press release issued today, as well as in our related Form 8-K furnished to the SEC, both of which are available on the Investor Relations section of our website at As a reminder, today's call is being recorded, and a replay will be available following the conclusion of the call.

During the call, we will make forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding trends, strategies and anticipated performance of the business. These forward-looking statements are based on management's current views and expectations as of today and should not be relied upon as representing our views as of any subsequent date. We disclaim any obligation to update any forward-looking statements or outlook. Actual results may differ materially. Please refer to the risk factors in our most recent Form 10-K/A and 10-Qs filed with the SEC. We will also refer to certain non-GAAP financial measures to provide additional information to investors.

A reconciliation of non-GAAP to GAAP measures is provided in our press release. Reconciliations and additional data are also posted in a supplement on our IR website. During the call, we may offer incremental metrics to provide greater insight into the dynamics of our business. These details may be one-time in nature, and we may or may not provide updates in the future.

With that, let me turn the call over to Marcus and Mike for their prepared remarks, and then I will provide details on our results before providing our outlook for the first quarter and fiscal year 2020. We will then take your questions.

Marcus Ryu

Thank you, Curtis. I'll provide some commentary on our fourth quarter and full-year results before handing the call over to our CEO, Mike Rosenbaum, to share his observations from his first month leading the company and to frame our ambitions for fiscal 2020 and beyond.

When I introduced Mike a month ago, I underscored that the transition was motivated by opportunity, not by challenge. Our performance in the fourth quarter in 2019 substantiated our momentum in pursuing that opportunity, while also reinforcing that we are still in the early days of our journey.

Our full-year financial results were ahead of our total revenue and profitability guidance ranges, with total revenue of $719.5 million and non-GAAP earnings of $1.45 per diluted share. Underlying these results was our strongest bookings quarter ever, exceeding our internal targets. Fully 81% of our