We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
GuideWire Software Inc | NYSE:GWRE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 0.03% | 113.32 | 115.21 | 113.14 | 114.62 | 237,595 | 01:00:00 |
Delaware
|
|
36-4468504
|
(State or other jurisdiction of
Incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
(Title of class)
|
|
(Name of exchange on which registered)
|
Common Stock, $0.0001 par value
|
|
New York Stock Exchange
|
Large accelerated filer
|
|
x
|
|
Accelerated filer
|
|
¨
|
Non-accelerated filer
|
|
¨
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
¨
|
|
|
|
|
Emerging growth company
|
|
¨
|
Item 1.
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
|
||
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
|
||
Item 15.
|
•
|
growth prospects of the property & casualty (“P&C”) insurance industry and our company;
|
•
|
the developing market for subscription services and uncertainties attendant on emerging sales and delivery models;
|
•
|
trends in future sales, including the mix of licensing and subscription models and seasonality;
|
•
|
our competitive environment and changes thereto;
|
•
|
competitive attributes of our software applications and delivery models;
|
•
|
challenges to further increase sales outside of the United States;
|
•
|
our research and development investment and efforts;
|
•
|
benefits to be achieved from our acquisitions;
|
•
|
our gross and operating margins and factors that affect such margins;
|
•
|
our provision for tax liabilities and other critical accounting estimates;
|
•
|
the impact of new accounting standards and any contractual changes we have made in anticipation of such changes;
|
•
|
our exposure to market risks, including geographical and political events that may negatively impact our customers; and
|
•
|
our ability to satisfy future liquidity requirements.
|
Item 1.
|
Business
|
•
|
a rise in customer expectations for digital, omni-channel interaction;
|
•
|
a growth in demand for personalized products and services;
|
•
|
an increase in technology-driven changes in vehicular risk;
|
•
|
demand for coverage of “21
st
century risks” such as terrorism, cybersecurity and reputational risk;
|
•
|
advances in the use of data to better market to and engage with customers, price policies and manage claims;
|
•
|
development of opportunities to compete or partner with non-traditional players that offer disruptive technology-based value propositions; and
|
•
|
the introduction of new technologies to leverage, such as drones, artificial intelligence, the “Internet of Things” and blockchain technology.
|
•
|
Legacy Modernization
. A significant portion of the market continues to rely on legacy systems. We believe new claims, policy management and billing systems will continue to be adopted as insurers that rely on legacy systems seek to gain operating efficiencies, expand into new markets and lines of business, and introduce new digital and data offerings.
|
•
|
New Digital Engagement Models
. We believe that insurers will need to provide a more intuitive, digital user experience to reduce the risk of customer dissatisfaction and loss. Investment in digital user experience will allow insurers to deepen their engagement with customers and transition from passive and transactional, customer interactions to active and advisory relationships. This transition will require investments in software products that are designed to model user journeys and enable more frequent, informed and dynamic interactions between insurers and their customers. We believe these efforts can improve financial performance for insurers through increased lead conversions and lower customer churn.
|
•
|
Smarter Decision-Making
. Insurers are seeking to explore, visualize, and analyze operational and third-party data to optimize decision-making across the insurance lifecycle. These efforts may include the application of machine learning technologies. We believe that such predictive analytical solutions are most effective when they provide predictive scores and other analytical insights to insurers’ employees as they perform their underwriting and claims management activities.
|
•
|
Cloud-Delivered Solutions
. We believe that increased recognition of the compelling economic benefits of deploying software solutions on public infrastructure combined with reduced concerns about the security and reliability of such platforms will cause more insurers to consider cloud-deployed solutions. Insurers benefit from an optimized division of labor and risk, allowing third parties to manage their infrastructure as they focus on competitively differentiating activities.
|
Internally developed software
|
|
Many large insurance companies have sufficient IT resources to maintain and augment their own proprietary internal systems, or to consider developing new custom systems;
|
IT services firms
|
|
Firms such as DXC Technology, NTT Data and Tata Consultancy Services Limited offer software and systems or develop custom, proprietary solutions for the P&C insurance industry;
|
P&C insurance software vendors
|
|
Vendors such as 1insurer (formerly Innovation Group), CodeObjects, Duck Creek, eBaoTech Corporation, EIS Group, Fadata AD, FINEOS, Insurity, Inc., Keylane/Quinity, Majesco, One, Inc., OneShield, Inc., Patriot Technology Solutions, Prima Solutions, RGI, Sapiens International Corporation, StoneRiver, Inc., and TIA Technology A/S provide software solutions that are specifically designed to meet the needs of P&C insurers; and
|
Horizontal software vendors
|
|
Vendors such as Pegasystems Inc. and SAP AG offer software that can be customized to address the needs of P&C insurers.
|
Item 1A.
|
Risk Factors
|
•
|
the timing of new orders and revenue recognition for new and prior year orders;
|
•
|
seasonal buying patterns of our customers;
|
•
|
the proportion and timing of subscription sales as opposed to software licenses, and the variations in revenue recognition between the two sales methods;
|
•
|
volatility in the sales of our products and the execution timing of new and renewal agreements within such periods;
|
•
|
our ability to increase sales to and renew agreements with our existing customers, particularly larger customers;
|
•
|
our ability to attract new customers in both domestic and international markets;
|
•
|
the structure of our licensing contracts, including delayed payment or acceptance terms and escalating payments, including fluctuations in perpetual licenses from period to period;
|
•
|
our ability to enter into contracts on favorable terms, including terms related to price, payment timing and product delivery with customers and prospects that possess substantial negotiating leverage and procurement expertise;
|
•
|
introduction of new, or the increase of existing, licensing models that feature ratable revenue recognition;
|
•
|
our ability to develop and achieve market adoption of cloud-based services;
|
•
|
increases in cloud-related development and services costs;
|
•
|
the incurrence of penalties for failing to meet certain contractual obligations, including service levels and implementation times;
|
•
|
the impact of a recession or any other adverse global economic conditions on our business, including uncertainties that may cause a delay in entering into or a failure to enter into significant customer agreements;
|
•
|
the lengthy and variable nature of our product implementation cycles;
|
•
|
reductions in our customers’ budgets for information technology purchases and delays in their purchasing cycles;
|
•
|
variations in the amount of policies sold by our customers, where pricing to such customers is based on the direct written premium that is managed by our solutions;
|
•
|
erosion in services margins or significant fluctuations in services revenues caused by changing customer demand;
|
•
|
our ability to realize expected benefits from our acquisitions;
|
•
|
timing of commissions expense related to large transactions;
|
•
|
bonus expense based on the bonus attainment rate;
|
•
|
the timing and cost of hiring personnel and of large expenses such as third-party professional services;
|
•
|
stock-based compensation expenses, which vary along with changes to our stock price;
|
•
|
fluctuations in foreign currency exchange rates;
|
•
|
unanticipated trade sanctions and other restrictions that may impede our ability to sell internationally; and
|
•
|
future accounting pronouncements or changes in accounting rules or our accounting policies.
|
•
|
for the initial year of a multi-year term license, revenue recognition may not occur in the period when the order is placed due to certain revenue recognition criteria not being met;
|
•
|
we may enter into license agreements with future product delivery requirements or specified terms for product upgrades or functionality, which may require us to delay revenue recognition for the initial period;
|
•
|
our term licenses may include payment terms that escalate every year and may be modest in the first year; and
|
•
|
our subscription arrangements are recognized ratably and only a portion of the revenue from an order is recognized in the same fiscal period of the order.
|
•
|
increased management, travel, infrastructure and legal compliance costs associated with having multiple international operations;
|
•
|
unique terms and conditions in contract negotiations imposed by customers in foreign countries;
|
•
|
longer payment cycles and difficulties in enforcing contracts and collecting accounts receivable;
|
•
|
the need to localize our products and licensing and subscription programs for international customers;
|
•
|
lack of familiarity with and unexpected changes in foreign regulatory requirements;
|
•
|
increased exposure to fluctuations in currency exchange rates;
|
•
|
the burdens and costs of complying with a wide variety of foreign laws and legal standards;
|
•
|
compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended (“FCPA”), the U.K. Bribery Act and other anti-corruption regulations, particularly in emerging market countries;
|
•
|
compliance by international staff with accounting practices generally accepted in the United States, including adherence to our accounting policies and internal controls;
|
•
|
import and export license requirements, tariffs, taxes and other trade barriers;
|
•
|
increased financial accounting and reporting burdens and complexities;
|
•
|
weaker protection of intellectual property rights in some countries;
|
•
|
multiple and possibly overlapping tax regimes;
|
•
|
government sanctions that may interfere with our ability to sell into particular countries, such as Russia; and
|
•
|
political, social and economic instability abroad, terrorist attacks and security concerns in general.
|
•
|
providing for a classified board of directors with staggered three-year terms, which could delay the ability of stockholders to change the membership of a majority of our board of directors;
|
•
|
not providing for cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates;
|
•
|
authorizing our board of directors to issue, without stockholder approval, preferred stock rights senior to those of common stock, which could be used to significantly dilute the ownership of a hostile acquirer;
|
•
|
prohibiting stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders;
|
•
|
limiting the persons who may call special meetings of stockholders, which could delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors; and
|
•
|
requiring advance notification of stockholder nominations and proposals, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of us.
|
Item 1B.
|
Unresolved Staff Comments
|
Item 2.
|
Properties
|
Item 3.
|
Legal Proceedings
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
|
|
Fiscal Year 2017
|
|
Fiscal Year 2016
|
||||||||||||
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||
First Quarter
|
$
|
63.90
|
|
|
$
|
57.45
|
|
|
$
|
59.21
|
|
|
$
|
50.68
|
|
Second Quarter
|
$
|
58.92
|
|
|
$
|
49.33
|
|
|
$
|
61.90
|
|
|
$
|
51.74
|
|
Third Quarter
|
$
|
61.72
|
|
|
$
|
52.31
|
|
|
$
|
58.02
|
|
|
$
|
43.05
|
|
Fourth Quarter
|
$
|
72.81
|
|
|
$
|
60.50
|
|
|
$
|
63.79
|
|
|
$
|
55.25
|
|
|
7/31/2012
|
|
7/31/2013
|
|
7/31/2014
|
|
7/31/2015
|
|
7/31/2016
|
|
7/31/2017
|
|
|
|
|
|
|
|
|
||||||
Guidewire Software, Inc.
|
100.00
|
|
170.54
|
|
157.83
|
|
230.12
|
|
240.06
|
|
281.81
|
|
NASDAQ Composite-Total Returns
|
100.00
|
|
125.15
|
|
152.69
|
|
181.26
|
|
185.53
|
|
230.82
|
|
Zacks Computer Software Services Total Return
|
100.00
|
|
115.14
|
|
102.30
|
|
93.43
|
|
84.50
|
|
87.56
|
|
Item 6.
|
Selected Financial Data
|
|
Fiscal years ended July 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(in thousands, except share and per share data)
|
||||||||||||||||||
Total revenues
|
$
|
514,284
|
|
|
$
|
424,446
|
|
|
$
|
380,537
|
|
|
$
|
350,246
|
|
|
$
|
300,649
|
|
Total cost of revenues
|
191,559
|
|
|
151,834
|
|
|
147,184
|
|
|
148,947
|
|
|
125,651
|
|
|||||
Total gross profit
|
322,725
|
|
|
272,612
|
|
|
233,353
|
|
|
201,299
|
|
|
174,998
|
|
|||||
Income from operations
|
26,612
|
|
|
16,437
|
|
|
16,493
|
|
|
18,422
|
|
|
29,739
|
|
|||||
Net income
|
$
|
21,224
|
|
|
$
|
14,976
|
|
|
$
|
9,885
|
|
|
$
|
14,721
|
|
|
$
|
24,658
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
0.29
|
|
|
$
|
0.21
|
|
|
$
|
0.14
|
|
|
$
|
0.22
|
|
|
$
|
0.44
|
|
Diluted
|
$
|
0.28
|
|
|
$
|
0.20
|
|
|
$
|
0.14
|
|
|
$
|
0.21
|
|
|
$
|
0.40
|
|
Shares used in computing net income per share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
73,994,577
|
|
|
72,026,694
|
|
|
70,075,908
|
|
|
65,748,896
|
|
|
56,331,018
|
|
|||||
Diluted
|
75,328,343
|
|
|
73,765,960
|
|
|
72,314,433
|
|
|
69,112,733
|
|
|
61,569,195
|
|
|
As of July 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Cash, cash equivalents and investments
|
$
|
687,788
|
|
|
$
|
735,802
|
|
|
$
|
677,752
|
|
|
$
|
647,781
|
|
|
$
|
207,739
|
|
Working capital
|
515,624
|
|
|
588,589
|
|
|
557,235
|
|
|
421,044
|
|
|
135,309
|
|
|||||
Total assets
|
1,078,901
|
|
|
916,178
|
|
|
799,947
|
|
|
757,227
|
|
|
305,673
|
|
|||||
Total stockholders’ equity
|
893,281
|
|
|
783,935
|
|
|
689,388
|
|
|
650,686
|
|
|
221,832
|
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Four quarters ended
|
||||||||||||||||||||||||||||||||||
|
July 31, 2017
|
|
April 30, 2017
|
|
January 31, 2017
|
|
October 31, 2016
|
|
July 31, 2016
|
|
April 30, 2016
|
|
January 31, 2016
|
|
October 31, 2015
|
|
July 31, 2015
|
||||||||||||||||||
|
(in thousands, unaudited)
|
||||||||||||||||||||||||||||||||||
Term license revenues
|
$
|
258,322
|
|
|
$
|
237,919
|
|
|
$
|
220,494
|
|
|
$
|
210,278
|
|
|
$
|
208,430
|
|
|
$
|
194,458
|
|
|
$
|
184,647
|
|
|
$
|
173,232
|
|
|
$
|
169,366
|
|
Total maintenance revenues
|
68,643
|
|
|
66,958
|
|
|
64,776
|
|
|
62,451
|
|
|
59,931
|
|
|
56,103
|
|
|
53,610
|
|
|
51,516
|
|
|
50,024
|
|
|||||||||
Total four-quarter recurring revenues
|
$
|
326,965
|
|
|
$
|
304,877
|
|
|
$
|
285,270
|
|
|
$
|
272,729
|
|
|
$
|
268,361
|
|
|
$
|
250,561
|
|
|
$
|
238,257
|
|
|
$
|
224,748
|
|
|
$
|
219,390
|
|
•
|
Revenue recognition policies;
|
•
|
Stock-based compensation;
|
•
|
Income taxes; and
|
•
|
Business combinations, intangible assets and goodwill impairment
|
(i)
|
License and Other fees, related to term (or time-based) licenses, perpetual software licenses, or software subscription agreements;
|
(ii)
|
Maintenance fees, related to email and phone support, bug fixes and unspecified software updates and upgrades released when, and if available during the maintenance term; and
|
(iii)
|
Services fees, related to professional services related to implementation of our software, reimbursable travel, training, and subcontractor fees in those limited instances when we serve as prime contractor.
|
|
Fiscal years ended July 31,
|
|||||||||||||||||||
|
2017
|
|
As a % of Total Revenues
|
|
2016
|
|
As a % of Total Revenues
|
|
2015
|
|
As a % of Total Revenues
|
|||||||||
|
(in thousands except percentages)
|
|||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
License and other
|
$
|
271,462
|
|
|
53
|
%
|
|
$
|
219,751
|
|
|
52
|
%
|
|
$
|
179,172
|
|
|
47
|
%
|
Maintenance
|
68,643
|
|
|
13
|
|
|
59,931
|
|
|
14
|
|
|
50,024
|
|
|
13
|
|
|||
Services
|
174,179
|
|
|
34
|
|
|
144,764
|
|
|
34
|
|
|
151,341
|
|
|
40
|
|
|||
Total revenues
|
514,284
|
|
|
100
|
|
|
424,446
|
|
|
100
|
|
|
380,537
|
|
|
100
|
|
|||
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
License and other
|
17,046
|
|
|
3
|
|
|
7,184
|
|
|
2
|
|
|
4,605
|
|
|
1
|
|
|||
Maintenance
|
13,397
|
|
|
3
|
|
|
11,547
|
|
|
3
|
|
|
9,073
|
|
|
3
|
|
|||
Services
|
161,116
|
|
|
31
|
|
|
133,103
|
|
|
31
|
|
|
133,506
|
|
|
35
|
|
|||
Total cost of revenues
|
191,559
|
|
|
37
|
|
|
151,834
|
|
|
36
|
|
|
147,184
|
|
|
39
|
|
|||
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
License and other
|
254,416
|
|
|
50
|
|
|
212,567
|
|
|
50
|
|
|
174,567
|
|
|
46
|
|
|||
Maintenance
|
55,246
|
|
|
10
|
|
|
48,384
|
|
|
11
|
|
|
40,951
|
|
|
10
|
|
|||
Services
|
13,063
|
|
|
3
|
|
|
11,661
|
|
|
3
|
|
|
17,835
|
|
|
5
|
|
|||
Total gross profit
|
322,725
|
|
|
63
|
|
|
272,612
|
|
|
64
|
|
|
233,353
|
|
|
61
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Research and development
|
130,323
|
|
|
26
|
|
|
112,496
|
|
|
26
|
|
|
93,440
|
|
|
25
|
|
|||
Sales and marketing
|
109,239
|
|
|
21
|
|
|
92,765
|
|
|
22
|
|
|
82,023
|
|
|
21
|
|
|||
General and administrative
|
56,551
|
|
|
11
|
|
|
50,914
|
|
|
12
|
|
|
41,397
|
|
|
11
|
|
|||
Total operating expenses
|
296,113
|
|
|
58
|
|
|
256,175
|
|
|
60
|
|
|
216,860
|
|
|
57
|
|
|||
Income from operations
|
26,612
|
|
|
5
|
|
|
16,437
|
|
|
4
|
|
|
16,493
|
|
|
4
|
|
|||
Interest income
|
5,854
|
|
|
1
|
|
|
4,850
|
|
|
1
|
|
|
2,245
|
|
|
1
|
|
|||
Other income (expense), net
|
811
|
|
|
—
|
|
|
(505
|
)
|
|
—
|
|
|
(1,998
|
)
|
|
—
|
|
|||
Income before provision for income taxes
|
33,277
|
|
|
6
|
|
|
20,782
|
|
|
5
|
|
|
16,740
|
|
|
5
|
|
|||
Provision for income taxes
|
12,053
|
|
|
2
|
|
|
5,806
|
|
|
1
|
|
|
6,855
|
|
|
2
|
|
|||
Net income
|
$
|
21,224
|
|
|
4
|
%
|
|
$
|
14,976
|
|
|
4
|
%
|
|
$
|
9,885
|
|
|
3
|
%
|
|
Fiscal years ended July 31,
|
|
|
|
|
|||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|||||||||||||||
|
|
|
% of total
|
|
|
|
% of total
|
|
|
|
|
|||||||||
|
Amount
|
|
revenues
|
|
Amount
|
|
revenues
|
|
($)
|
|
(%)
|
|||||||||
|
(in thousands, except percentages)
|
|||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
License and other
|
$
|
271,462
|
|
|
53
|
%
|
|
$
|
219,751
|
|
|
52
|
%
|
|
$
|
51,711
|
|
|
24
|
%
|
Maintenance
|
68,643
|
|
|
13
|
|
|
59,931
|
|
|
14
|
|
|
8,712
|
|
|
15
|
|
|||
Services
|
174,179
|
|
|
34
|
|
|
144,764
|
|
|
34
|
|
|
29,415
|
|
|
20
|
|
|||
Total revenues
|
$
|
514,284
|
|
|
100
|
%
|
|
$
|
424,446
|
|
|
100
|
%
|
|
$
|
89,838
|
|
|
21
|
%
|
|
Fiscal years ended July 31,
|
|
|
|
|
|||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|||||||||||||||
|
|
|
% of license
|
|
|
|
% of license
|
|
|
|
|
|||||||||
|
Amount
|
|
revenues
|
|
Amount
|
|
revenues
|
|
($)
|
|
(%)
|
|||||||||
|
(In thousands, except percentages)
|
|||||||||||||||||||
License and other revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Term and other
|
$
|
258,322
|
|
|
95
|
%
|
|
$
|
208,430
|
|
|
95
|
%
|
|
$
|
49,892
|
|
|
24
|
%
|
Perpetual
|
13,140
|
|
|
5
|
|
|
11,321
|
|
|
5
|
|
|
1,819
|
|
|
16
|
|
|||
Total license and other revenues
|
$
|
271,462
|
|
|
100
|
%
|
|
$
|
219,751
|
|
|
100
|
%
|
|
$
|
51,711
|
|
|
24
|
%
|
|
As of July 31,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Amount
|
|
Amount
|
|
($)
|
|
(%)
|
|||||||
|
(In thousands, except percentages)
|
|||||||||||||
Deferred revenues:
|
|
|
|
|
|
|
|
|||||||
Deferred license and other revenues
|
$
|
23,727
|
|
|
$
|
19,841
|
|
|
$
|
3,886
|
|
|
20
|
%
|
Deferred maintenance revenues
|
47,727
|
|
|
38,928
|
|
|
8,799
|
|
|
23
|
|
|||
Deferred services revenues
|
39,681
|
|
|
11,246
|
|
|
28,435
|
|
|
253
|
|
|||
Total deferred revenues
|
$
|
111,135
|
|
|
$
|
70,015
|
|
|
$
|
41,120
|
|
|
59
|
%
|
|
Fiscal years ended July 31,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Amount
|
|
Amount
|
|
($)
|
|
(%)
|
|||||||
|
(In thousands, except percentages)
|
|||||||||||||
Cost of revenues:
|
|
|
|
|
|
|
|
|||||||
License and other
|
$
|
17,046
|
|
|
$
|
7,184
|
|
|
$
|
9,862
|
|
|
137
|
%
|
Maintenance
|
13,397
|
|
|
11,547
|
|
|
1,850
|
|
|
16
|
|
|||
Services
|
161,116
|
|
|
133,103
|
|
|
28,013
|
|
|
21
|
|
|||
Total cost of revenues
|
$
|
191,559
|
|
|
$
|
151,834
|
|
|
$
|
39,725
|
|
|
26
|
%
|
Includes stock-based compensation of:
|
|
|
|
|
|
|
|
|||||||
Cost of license and other revenues
|
$
|
373
|
|
|
$
|
433
|
|
|
$
|
(60
|
)
|
|
|
|
Cost of maintenance revenues
|
1,694
|
|
|
1,491
|
|
|
203
|
|
|
|
||||
Cost of services revenues
|
18,622
|
|
|
17,878
|
|
|
744
|
|
|
|
||||
Total
|
$
|
20,689
|
|
|
$
|
19,802
|
|
|
$
|
887
|
|
|
|
|
|
Fiscal years ended July 31,
|
|
|
|
|
|||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|||||||||||||||
|
Amount
|
|
margin %
|
|
Amount
|
|
margin %
|
|
($)
|
|
(%)
|
|||||||||
|
(In thousands, except percentages)
|
|||||||||||||||||||
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
License and other
|
$
|
254,416
|
|
|
94
|
%
|
|
$
|
212,567
|
|
|
97
|
%
|
|
$
|
41,849
|
|
|
20
|
%
|
Maintenance
|
55,246
|
|
|
80
|
%
|
|
48,384
|
|
|
81
|
%
|
|
6,862
|
|
|
14
|
%
|
|||
Services
|
13,063
|
|
|
7
|
%
|
|
11,661
|
|
|
8
|
%
|
|
1,402
|
|
|
12
|
%
|
|||
Total gross profit
|
$
|
322,725
|
|
|
63
|
%
|
|
$
|
272,612
|
|
|
64
|
%
|
|
$
|
50,113
|
|
|
18
|
%
|
|
Fiscal years ended July 31,
|
|
|
|
|
||||||||||||||
|
2017
|
|
2016
|
|
Change
|
||||||||||||||
|
|
|
% of total
|
|
|
|
% of total
|
|
|
|
|
||||||||
|
Amount
|
|
revenues
|
|
Amount
|
|
revenues
|
|
($)
|
|
(%)
|
||||||||
|
(In thousands, except percentages)
|
||||||||||||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Research and development
|
$
|
130,323
|
|
|
26
|
|
$
|
112,496
|
|
|
26
|
%
|
|
$
|
17,827
|
|
|
16
|
%
|
Sales and marketing
|
109,239
|
|
|
21
|
|
92,765
|
|
|
22
|
|
|
16,474
|
|
|
18
|
|
|||
General and administrative
|
56,551
|
|
|
11
|
|
50,914
|
|
|
12
|
|
|
5,637
|
|
|
11
|
|
|||
Total operating expenses
|
$
|
296,113
|
|
|
58
|
|
$
|
256,175
|
|
|
60
|
%
|
|
$
|
39,938
|
|
|
16
|
%
|
Includes stock-based compensation of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Research and development
|
$
|
18,123
|
|
|
|
|
$
|
15,555
|
|
|
|
|
$
|
2,568
|
|
|
|
||
Sales and marketing
|
16,663
|
|
|
|
|
15,090
|
|
|
|
|
1,573
|
|
|
|
|||||
General and administrative
|
16,319
|
|
|
|
|
15,684
|
|
|
|
|
635
|
|
|
|
|||||
Total
|
$
|
51,105
|
|
|
|
|
$
|
46,329
|
|
|
|
|
$
|
4,776
|
|
|
|
|
Fiscal years ended July 31,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
Change
|
|||||||||
|
Amount
|
|
Amount
|
|
($)
|
|
(%)
|
|||||||
|
(In thousands, except percentages)
|
|||||||||||||
Provision for income taxes
|
$
|
12,053
|
|
|
$
|
5,806
|
|
|
$
|
6,247
|
|
|
108
|
%
|
Effective tax rate
|
36
|
%
|
|
28
|
%
|
|
|
|
|
|
Fiscal years ended July 31,
|
|
|
|
|
|||||||||||||||
|
2016
|
|
2015
|
|
Change
|
|||||||||||||||
|
|
|
% of total
revenues
|
|
|
|
% of total
revenues
|
|
|
|
|
|||||||||
|
Amount
|
|
Amount
|
|
($)
|
|
(%)
|
|||||||||||||
|
(in thousands, except percentages)
|
|||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
License
|
$
|
219,751
|
|
|
52
|
%
|
|
$
|
179,172
|
|
|
47
|
%
|
|
$
|
40,579
|
|
|
23
|
%
|
Maintenance
|
59,931
|
|
|
14
|
|
|
50,024
|
|
|
13
|
|
|
9,907
|
|
|
20
|
|
|||
Services
|
144,764
|
|
|
34
|
|
|
151,341
|
|
|
40
|
|
|
(6,577
|
)
|
|
(4
|
)
|
|||
Total revenues
|
$
|
424,446
|
|
|
100
|
%
|
|
$
|
380,537
|
|
|
100
|
%
|
|
$
|
43,909
|
|
|
12
|
%
|
|
Fiscal years ended July 31,
|
|
|
|
|
|||||||||||||||
|
2016
|
|
2015
|
|
Change
|
|||||||||||||||
|
|
|
% of license
revenues
|
|
|
|
% of license
revenues
|
|
|
|
|
|||||||||
|
Amount
|
|
Amount
|
|
($)
|
|
(%)
|
|||||||||||||
|
(In thousands, except percentages)
|
|||||||||||||||||||
License revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Term
|
$
|
208,430
|
|
|
95
|
%
|
|
$
|
169,366
|
|
|
95
|
%
|
|
$
|
39,064
|
|
|
23
|
%
|
Perpetual
|
11,321
|
|
|
5
|
|
|
9,806
|
|
|
5
|
|
|
1,515
|
|
|
15
|
|
|||
Total license revenues
|
$
|
219,751
|
|
|
100
|
%
|
|
$
|
179,172
|
|
|
100
|
%
|
|
$
|
40,579
|
|
|
23
|
%
|
|
As of July 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|||||||||
|
Amount
|
|
Amount
|
|
($)
|
|
(%)
|
|||||||
|
(In thousands, except percentages)
|
|||||||||||||
Deferred revenues:
|
|
|
|
|
|
|
|
|||||||
Deferred license revenues
|
$
|
19,841
|
|
|
$
|
13,558
|
|
|
$
|
6,283
|
|
|
46
|
%
|
Deferred maintenance revenues
|
38,928
|
|
|
32,365
|
|
|
6,563
|
|
|
20
|
|
|||
Deferred services revenues
|
11,246
|
|
|
6,643
|
|
|
4,603
|
|
|
69
|
|
|||
Total deferred revenues
|
$
|
70,015
|
|
|
$
|
52,566
|
|
|
$
|
17,449
|
|
|
33
|
%
|
|
Fiscal years ended July 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|||||||||
|
Amount
|
|
Amount
|
|
($)
|
|
(%)
|
|||||||
|
(In thousands, except percentages)
|
|||||||||||||
Cost of revenues:
|
|
|
|
|
|
|
|
|||||||
License
|
$
|
7,184
|
|
|
$
|
4,605
|
|
|
$
|
2,579
|
|
|
56
|
%
|
Maintenance
|
11,547
|
|
|
9,073
|
|
|
2,474
|
|
|
27
|
|
|||
Services
|
133,103
|
|
|
133,506
|
|
|
(403
|
)
|
|
—
|
|
|||
Total cost of revenues
|
$
|
151,834
|
|
|
$
|
147,184
|
|
|
$
|
4,650
|
|
|
3
|
%
|
Includes stock-based compensation of:
|
|
|
|
|
|
|
|
|||||||
Cost of license revenues
|
$
|
433
|
|
|
$
|
222
|
|
|
$
|
211
|
|
|
|
|
Cost of maintenance revenues
|
1,491
|
|
|
1,158
|
|
|
333
|
|
|
|
||||
Cost of services revenues
|
17,878
|
|
|
15,022
|
|
|
2,856
|
|
|
|
||||
Total
|
$
|
19,802
|
|
|
$
|
16,402
|
|
|
$
|
3,400
|
|
|
|
|
Fiscal years ended July 31,
|
|
|
|
|
|||||||||||||||
|
2016
|
|
2015
|
|
Change
|
|||||||||||||||
|
Amount
|
|
margin %
|
|
Amount
|
|
margin %
|
|
($)
|
|
(%)
|
|||||||||
|
(In thousands, except percentages)
|
|||||||||||||||||||
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
License
|
$
|
212,567
|
|
|
97
|
%
|
|
$
|
174,567
|
|
|
97
|
%
|
|
$
|
38,000
|
|
|
22
|
%
|
Maintenance
|
48,384
|
|
|
81
|
|
|
40,951
|
|
|
82
|
%
|
|
7,433
|
|
|
18
|
|
|||
Services
|
11,661
|
|
|
8
|
|
|
17,835
|
|
|
12
|
%
|
|
(6,174
|
)
|
|
(35
|
)
|
|||
Total gross profit
|
$
|
272,612
|
|
|
64
|
%
|
|
$
|
233,353
|
|
|
61
|
%
|
|
$
|
39,259
|
|
|
17
|
%
|
|
Fiscal years ended July 31,
|
|
|
|
|
|||||||||||||||
|
2016
|
|
|
|
2015
|
|
|
|
Change
|
|||||||||||
|
|
|
% of total
|
|
|
|
% of total
|
|
|
|
|
|||||||||
|
Amount
|
|
revenues
|
|
Amount
|
|
revenues
|
|
($)
|
|
(%)
|
|||||||||
|
(In thousands, except percentages)
|
|||||||||||||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Research and development
|
$
|
112,496
|
|
|
26
|
%
|
|
$
|
93,440
|
|
|
25
|
%
|
|
$
|
19,056
|
|
|
20
|
%
|
Sales and marketing
|
92,765
|
|
|
22
|
|
|
82,023
|
|
|
21
|
|
|
10,742
|
|
|
13
|
|
|||
General and administrative
|
50,914
|
|
|
12
|
|
|
41,397
|
|
|
11
|
|
|
9,517
|
|
|
23
|
|
|||
Total operating expenses
|
$
|
256,175
|
|
|
60
|
%
|
|
$
|
216,860
|
|
|
57
|
%
|
|
$
|
39,315
|
|
|
18
|
%
|
Includes stock-based compensation of:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Research and development
|
$
|
15,555
|
|
|
|
|
$
|
10,683
|
|
|
|
|
$
|
4,872
|
|
|
|
|||
Sales and marketing
|
15,090
|
|
|
|
|
12,090
|
|
|
|
|
3,000
|
|
|
|
||||||
General and administrative
|
15,684
|
|
|
|
|
12,200
|
|
|
|
|
3,484
|
|
|
|
||||||
Total
|
$
|
46,329
|
|
|
|
|
$
|
34,973
|
|
|
|
|
$
|
11,356
|
|
|
|
|
Fiscal years ended July 31,
|
|
|
|
|
|||||||||
|
2016
|
|
2015
|
|
Change
|
|||||||||
|
Amount
|
|
Amount
|
|
($)
|
|
(%)
|
|||||||
|
(In thousands, except percentages)
|
|||||||||||||
Interest income, net
|
$
|
4,850
|
|
|
$
|
2,245
|
|
|
$
|
2,605
|
|
|
116
|
%
|
Other income (expenses), net
|
(505
|
)
|
|
(1,998
|
)
|
|
1,493
|
|
|
(75
|
)%
|
|
Fiscal quarters ended
|
||||||||||||||||||||||||||||||
|
July 31, 2017
|
|
April 30, 2017
|
|
January 31, 2017
|
|
October 31, 2016
|
|
July 31, 2016
|
|
April 30, 2016
|
|
January 31, 2016
|
|
October 31, 2015
|
||||||||||||||||
|
(unaudited)
(in thousands, except per share amounts)
|
||||||||||||||||||||||||||||||
Total Revenues
|
$
|
181,100
|
|
|
$
|
123,436
|
|
|
$
|
115,621
|
|
|
$
|
94,127
|
|
|
$
|
141,177
|
|
|
$
|
98,860
|
|
|
$
|
102,129
|
|
|
$
|
82,280
|
|
Total cost of revenues
|
57,261
|
|
|
51,468
|
|
|
40,811
|
|
|
42,019
|
|
|
42,756
|
|
|
39,007
|
|
|
34,901
|
|
|
35,170
|
|
||||||||
Total Gross profit
|
123,839
|
|
|
71,968
|
|
|
74,810
|
|
|
52,108
|
|
|
98,421
|
|
|
59,853
|
|
|
67,228
|
|
|
47,110
|
|
||||||||
Income (loss) from operations
|
41,048
|
|
|
(4,339
|
)
|
|
8,205
|
|
|
(18,302
|
)
|
|
23,475
|
|
|
(5,777
|
)
|
|
7,702
|
|
|
(8,963
|
)
|
||||||||
Net income (loss)
|
26,927
|
|
|
(1,819
|
)
|
|
3,974
|
|
|
(7,858
|
)
|
|
16,097
|
|
|
(404
|
)
|
|
913
|
|
|
(1,630
|
)
|
||||||||
Income (loss) per share - basic
|
$
|
0.36
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.05
|
|
|
$
|
(0.11
|
)
|
|
$
|
0.22
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.02
|
)
|
Income (loss) per share - diluted
|
$
|
0.36
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.05
|
|
|
$
|
(0.11
|
)
|
|
$
|
0.22
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.02
|
)
|
|
|
July 31, 2017
|
|
July 31, 2016
|
|
July 31, 2015
|
||||||
|
|
(in thousands)
|
||||||||||
Cash, cash equivalents and investments
|
|
$
|
687,788
|
|
|
$
|
735,802
|
|
|
$
|
677,752
|
|
Working capital
|
|
$
|
515,624
|
|
|
$
|
588,589
|
|
|
$
|
557,235
|
|
|
|
Fiscal years ended July 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(in thousands)
|
||||||||||
Net cash provided by operating activities
|
|
$
|
137,160
|
|
|
$
|
99,900
|
|
|
$
|
63,677
|
|
Net cash (used in) provided by investing activities
|
|
(113,342
|
)
|
|
(101,253
|
)
|
|
23,070
|
|
|||
Net cash provided by (used in) financing activities
|
|
14,630
|
|
|
13,454
|
|
|
(17,351
|
)
|
|
Payments due by period
|
||||||||||||||||||
|
Less than
1 year |
|
1 to 3
years |
|
3 to 5
years |
|
More than
5 years |
|
Total
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Operating lease obligations
(1)
|
$
|
9,162
|
|
|
$
|
11,250
|
|
|
$
|
4,033
|
|
|
$
|
1,200
|
|
|
$
|
25,645
|
|
Royalty obligations
(2)
|
2,545
|
|
|
1,131
|
|
|
—
|
|
|
—
|
|
|
3,676
|
|
|||||
Purchase commitments
(3)
|
4,306
|
|
|
4,397
|
|
|
1,014
|
|
|
—
|
|
|
9,717
|
|
|||||
Total
(4)
|
$
|
16,013
|
|
|
$
|
16,778
|
|
|
$
|
5,047
|
|
|
$
|
1,200
|
|
|
$
|
39,038
|
|
(1)
|
Operating lease agreements primarily represent our obligations to make payments under our non-cancellable lease agreements for our corporate headquarters and worldwide offices through 2025.
|
(2)
|
Royalty obligations primarily represent our obligations under our non-cancellable agreements related to certain revenue-generating agreements.
|
(3)
|
Purchase commitments consist of agreements to purchase services, entered into in the ordinary course of business. These represent non-cancellable long-term commitments for which a penalty would be imposed if the agreement was canceled for any reason other than an event of default as described by the agreement.
|
(4)
|
Excluded from the table above are unrecognized tax benefits of
$9.3 million
associated with our U.S. federal and California research and development tax credits as of
July 31, 2017
. We are unable to estimate when any cash settlement with a taxing authority might occur.
|
Item 8.
|
Financial Statements and Supplemental Data
|
|
|
|
July 31
2017 |
|
July 31
2016 |
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
263,176
|
|
|
$
|
223,582
|
|
Short-term investments
|
310,027
|
|
|
404,655
|
|
||
Accounts receivable
|
79,433
|
|
|
62,792
|
|
||
Prepaid expenses and other current assets
|
26,604
|
|
|
16,643
|
|
||
Total current assets
|
679,240
|
|
|
707,672
|
|
||
Long-term investments
|
114,585
|
|
|
107,565
|
|
||
Property and equipment, net
|
14,376
|
|
|
12,955
|
|
||
Intangible assets, net
|
71,315
|
|
|
14,204
|
|
||
Deferred tax assets, net
|
37,430
|
|
|
31,364
|
|
||
Goodwill
|
141,851
|
|
|
30,080
|
|
||
Other assets
|
20,104
|
|
|
12,338
|
|
||
TOTAL ASSETS
|
$
|
1,078,901
|
|
|
$
|
916,178
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
$
|
13,416
|
|
|
$
|
9,929
|
|
Accrued employee compensation
|
48,882
|
|
|
41,267
|
|
||
Deferred revenues, current
|
91,243
|
|
|
60,270
|
|
||
Other current liabilities
|
10,075
|
|
|
7,617
|
|
||
Total current liabilities
|
163,616
|
|
|
119,083
|
|
||
Deferred revenues, noncurrent
|
19,892
|
|
|
9,745
|
|
||
Other liabilities
|
2,112
|
|
|
3,415
|
|
||
Total liabilities
|
185,620
|
|
|
132,243
|
|
||
Commitments and contingencies (Note 6)
|
|
|
|
||||
STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Common stock, par value $0.0001 per share—500,000,000 shares authorized as of July 31, 2017 and 2016, respectively; 75,007,625 and 73,039,919 shares issued and outstanding as of July 31, 2017 and 2016, respectively
|
8
|
|
|
7
|
|
||
Additional paid-in capital
|
830,014
|
|
|
742,690
|
|
||
Accumulated other comprehensive loss
|
(5,796
|
)
|
|
(6,593
|
)
|
||
Retained earnings
|
69,055
|
|
|
47,831
|
|
||
Total stockholders’ equity
|
893,281
|
|
|
783,935
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
1,078,901
|
|
|
$
|
916,178
|
|
|
Fiscal years ended July 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
||||||
License and other
|
$
|
271,462
|
|
|
$
|
219,751
|
|
|
$
|
179,172
|
|
Maintenance
|
68,643
|
|
|
59,931
|
|
|
50,024
|
|
|||
Services
|
174,179
|
|
|
144,764
|
|
|
151,341
|
|
|||
Total revenues
|
514,284
|
|
|
424,446
|
|
|
380,537
|
|
|||
Cost of revenues:
|
|
|
|
|
|
||||||
License and other
|
17,046
|
|
|
7,184
|
|
|
4,605
|
|
|||
Maintenance
|
13,397
|
|
|
11,547
|
|
|
9,073
|
|
|||
Services
|
161,116
|
|
|
133,103
|
|
|
133,506
|
|
|||
Total cost of revenues
|
191,559
|
|
|
151,834
|
|
|
147,184
|
|
|||
Gross profit:
|
|
|
|
|
|
||||||
License and other
|
254,416
|
|
|
212,567
|
|
|
174,567
|
|
|||
Maintenance
|
55,246
|
|
|
48,384
|
|
|
40,951
|
|
|||
Services
|
13,063
|
|
|
11,661
|
|
|
17,835
|
|
|||
Total gross profit
|
322,725
|
|
|
272,612
|
|
|
233,353
|
|
|||
Operating expenses:
|
|
|
|
|
|
||||||
Research and development
|
130,323
|
|
|
112,496
|
|
|
93,440
|
|
|||
Sales and marketing
|
109,239
|
|
|
92,765
|
|
|
82,023
|
|
|||
General and administrative
|
56,551
|
|
|
50,914
|
|
|
41,397
|
|
|||
Total operating expenses
|
296,113
|
|
|
256,175
|
|
|
216,860
|
|
|||
Income from operations
|
26,612
|
|
|
16,437
|
|
|
16,493
|
|
|||
Interest income
|
5,854
|
|
|
4,850
|
|
|
2,245
|
|
|||
Other income (expense), net
|
811
|
|
|
(505
|
)
|
|
(1,998
|
)
|
|||
Income before provision for income taxes
|
33,277
|
|
|
20,782
|
|
|
16,740
|
|
|||
Provision for income taxes
|
12,053
|
|
|
5,806
|
|
|
6,855
|
|
|||
Net income
|
$
|
21,224
|
|
|
$
|
14,976
|
|
|
$
|
9,885
|
|
Earnings per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.29
|
|
|
$
|
0.21
|
|
|
$
|
0.14
|
|
Diluted
|
$
|
0.28
|
|
|
$
|
0.20
|
|
|
$
|
0.14
|
|
Shares used in computing earnings per share:
|
|
|
|
|
|
||||||
Basic
|
73,994,577
|
|
|
72,026,694
|
|
|
70,075,908
|
|
|||
Diluted
|
75,328,343
|
|
|
73,765,960
|
|
|
72,314,433
|
|
|
As of July 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
21,224
|
|
|
$
|
14,976
|
|
|
$
|
9,885
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
1,179
|
|
|
(562
|
)
|
|
(4,937
|
)
|
|||
Unrealized (loss) gain on available-for-sale securities, net of tax benefit (expense) of $234, $(187), and $38
|
(231
|
)
|
|
288
|
|
|
(83
|
)
|
|||
Reclassification adjustment for realized (gain) loss included in net income
|
(151
|
)
|
|
24
|
|
|
44
|
|
|||
Other comprehensive income (loss)
|
797
|
|
|
(250
|
)
|
|
(4,976
|
)
|
|||
Comprehensive income
|
$
|
22,021
|
|
|
$
|
14,726
|
|
|
$
|
4,909
|
|
|
|
Common stock
|
|
Additional
paid-in capital |
|
Accumulated
other comprehensive income (loss) |
|
Retained Earnings
|
|
Total
Stockholders’ Equity |
|||||||||||||
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
Balance as of July 31, 2014
|
|
69,082,261
|
|
|
$
|
7
|
|
|
$
|
629,076
|
|
|
$
|
(1,367
|
)
|
|
$
|
22,970
|
|
|
$
|
650,686
|
|
Issuance of common stock upon exercise of stock options
|
|
665,665
|
|
|
—
|
|
|
6,294
|
|
|
—
|
|
|
—
|
|
|
6,294
|
|
|||||
Issuance of common stock upon restricted stock unit ("RSU") release
|
|
1,819,825
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Shares withheld for taxes related to net share settlement
|
|
(562,013
|
)
|
|
—
|
|
|
(27,183
|
)
|
|
—
|
|
|
—
|
|
|
(27,183
|
)
|
|||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
51,375
|
|
|
—
|
|
|
—
|
|
|
51,375
|
|
|||||
Tax benefit from the exercise of stock options and vesting of RSUs
|
|
—
|
|
|
—
|
|
|
3,307
|
|
|
—
|
|
|
—
|
|
|
3,307
|
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,885
|
|
|
9,885
|
|
|||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,937
|
)
|
|
—
|
|
|
(4,937
|
)
|
|||||
Unrealized loss on available-for-sale securities, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
—
|
|
|
(83
|
)
|
|||||
Reclassification adjustment for realized loss included in net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
44
|
|
|||||
Balance as of July 31, 2015
|
|
71,005,738
|
|
|
$
|
7
|
|
|
$
|
662,869
|
|
|
$
|
(6,343
|
)
|
|
$
|
32,855
|
|
|
$
|
689,388
|
|
Issuance of common stock upon exercise of stock options
|
|
652,832
|
|
|
—
|
|
|
7,840
|
|
|
—
|
|
|
—
|
|
|
7,840
|
|
|||||
Issuance of common stock upon RSU release
|
|
1,408,746
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Shares withheld for taxes related to net share settlement
|
|
(27,397
|
)
|
|
—
|
|
|
(1,488
|
)
|
|
—
|
|
|
—
|
|
|
(1,488
|
)
|
|||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
66,409
|
|
|
—
|
|
|
—
|
|
|
66,409
|
|
|||||
Tax benefit from the exercise of stock options and vesting of RSUs
|
|
—
|
|
|
—
|
|
|
7,060
|
|
|
—
|
|
|
—
|
|
|
7,060
|
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,976
|
|
|
14,976
|
|
|||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(562
|
)
|
|
—
|
|
|
(562
|
)
|
|||||
Unrealized gain on available-for-sale securities, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
288
|
|
|
—
|
|
|
288
|
|
|||||
Reclassification adjustment for realized loss included in net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
24
|
|
|||||
Balance as of July 31, 2016
|
|
73,039,919
|
|
|
$
|
7
|
|
|
$
|
742,690
|
|
|
$
|
(6,593
|
)
|
|
$
|
47,831
|
|
|
$
|
783,935
|
|
Issuance of common stock upon exercise of stock options
|
|
594,936
|
|
|
—
|
|
|
5,563
|
|
|
—
|
|
|
—
|
|
|
5,563
|
|
|||||
Issuance of common stock upon RSU release
|
|
1,372,770
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
72,695
|
|
|
—
|
|
|
—
|
|
|
72,695
|
|
|||||
Tax benefit from the exercise of stock options and vesting of RSUs
|
|
—
|
|
|
—
|
|
|
9,067
|
|
|
—
|
|
|
—
|
|
|
9,067
|
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,224
|
|
|
21,224
|
|
|||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,179
|
|
|
—
|
|
|
1,179
|
|
|||||
Unrealized loss on available-for-sale securities, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(231
|
)
|
|
—
|
|
|
(231
|
)
|
|||||
Reclassification adjustment for realized gain included in net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(151
|
)
|
|
—
|
|
|
(151
|
)
|
|||||
Balance as of July 31, 2017
|
|
75,007,625
|
|
|
$
|
8
|
|
|
$
|
830,014
|
|
|
$
|
(5,796
|
)
|
|
$
|
69,055
|
|
|
$
|
893,281
|
|
|
Fiscal years ended July 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
21,224
|
|
|
$
|
14,976
|
|
|
$
|
9,885
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
18,725
|
|
|
8,842
|
|
|
7,480
|
|
|||
Stock-based compensation
|
71,794
|
|
|
66,131
|
|
|
51,375
|
|
|||
Excess tax benefit from exercise of stock options and vesting of restricted stock units ("RSUs")
|
(9,067
|
)
|
|
(7,102
|
)
|
|
(3,538
|
)
|
|||
Deferred taxes
|
(1,227
|
)
|
|
(4,568
|
)
|
|
295
|
|
|||
Amortization of premium on available-for-sale securities
|
1,413
|
|
|
3,283
|
|
|
4,839
|
|
|||
Other non-cash items affecting net income
|
49
|
|
|
(767
|
)
|
|
1
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
(9,750
|
)
|
|
(75
|
)
|
|
(12,999
|
)
|
|||
Prepaid expenses and other assets
|
(9,463
|
)
|
|
(7,668
|
)
|
|
(3,178
|
)
|
|||
Accounts payable
|
1,311
|
|
|
603
|
|
|
2,266
|
|
|||
Accrued employee compensation
|
7,138
|
|
|
4,114
|
|
|
3,261
|
|
|||
Other liabilities
|
8,211
|
|
|
5,993
|
|
|
6,253
|
|
|||
Deferred revenues
|
36,802
|
|
|
16,138
|
|
|
(2,263
|
)
|
|||
Net cash provided by operating activities
|
137,160
|
|
|
99,900
|
|
|
63,677
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Purchases of available-for-sale securities
|
(462,035
|
)
|
|
(652,017
|
)
|
|
(491,626
|
)
|
|||
Sales and maturities of available-for-sale securities
|
547,630
|
|
|
597,405
|
|
|
520,997
|
|
|||
Purchase of property and equipment
|
(5,886
|
)
|
|
(7,111
|
)
|
|
(6,301
|
)
|
|||
Capitalized software development costs
|
(784
|
)
|
|
—
|
|
|
—
|
|
|||
Strategic investment
|
(4,677
|
)
|
|
—
|
|
|
—
|
|
|||
Acquisitions of business, net of cash acquired
|
(187,590
|
)
|
|
(39,530
|
)
|
|
—
|
|
|||
Net cash (used in) provided by investing activities
|
(113,342
|
)
|
|
(101,253
|
)
|
|
23,070
|
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Proceeds from issuance of common stock upon exercise of stock options
|
5,563
|
|
|
7,840
|
|
|
6,294
|
|
|||
Taxes remitted on RSU awards vested
|
—
|
|
|
(1,488
|
)
|
|
(27,183
|
)
|
|||
Excess tax benefit from exercise of stock options and vesting of RSUs
|
9,067
|
|
|
7,102
|
|
|
3,538
|
|
|||
Net cash provided by (used in) financing activities
|
14,630
|
|
|
13,454
|
|
|
(17,351
|
)
|
|||
Effect of foreign exchange rate changes on cash and cash equivalents
|
1,146
|
|
|
(881
|
)
|
|
(5,135
|
)
|
|||
Net Increase in Cash and Cash Equivalents
|
39,594
|
|
|
11,220
|
|
|
64,261
|
|
|||
Cash and Cash Equivalents—Beginning Of Year
|
223,582
|
|
|
212,362
|
|
|
148,101
|
|
|||
Cash and Cash Equivalents—End Of Year
|
$
|
263,176
|
|
|
$
|
223,582
|
|
|
$
|
212,362
|
|
Supplemental Disclosure Of Cash Flow Information:
|
|
|
|
|
|
||||||
Cash paid for income taxes, net of tax refunds
|
$
|
3,700
|
|
|
$
|
3,907
|
|
|
$
|
1,899
|
|
Supplemental Disclosure Of Noncash Investing and Financing Activities:
|
|
|
|
|
|
||||||
Accruals for purchase of property and equipment
|
$
|
1,376
|
|
|
$
|
882
|
|
|
$
|
496
|
|
Accruals for capitalized software development costs
|
$
|
171
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Computer hardware
|
|
3 years
|
Purchased software
|
|
3 years
|
Furniture and fixtures
|
|
3 years
|
Leasehold improvements
|
|
Shorter of the lease term or estimated useful life
|
(i)
|
License fees, related to term (or time-based) licenses, perpetual software licenses, and other software subscription models including those from recently acquired companies;
|
(ii)
|
Maintenance fees, related to email and phone support, bug fixes and unspecified software updates and upgrades released when, and if available during the maintenance term; and
|
(iii)
|
Services fees from professional services related to implementation of the Company’s software, reimbursable travel and training.
|
•
|
Persuasive evidence of an arrangement exists.
Evidence of an arrangement consists of a written contract signed by both the customer and management prior to the end of the period.
|
•
|
Delivery or performance has occurred
. The Company’s software is delivered electronically to the customer. Delivery is considered to have occurred when the Company provides the customer access to the software along with login credentials.
|
•
|
Fees are fixed or determinable.
The Company assesses whether a fee is fixed or determinable at the outset of the arrangement, primarily based on the payment terms associated with the transaction. Fees from term licenses are invoiced in annual or quarterly installments over the term of the agreement beginning on the effective date of the license. A significant majority are invoiced annually. Perpetual license fees are generally due between 30 and 60 days from delivery of software. Generally, the Company offers extended payment terms to its customers for term licenses. As a result, term license fees are not considered to be fixed and determinable until they become due or payment is received.
|
•
|
Collectability is probable.
Collectability is assessed on a customer-by-customer basis, based primarily on creditworthiness as determined by credit checks and analysis, as well as customer payment history. Payment terms generally range from
30
to
90
days from invoice date. If it is determined prior to revenue recognition that collection of an arrangement fee is not probable, revenues are deferred until collection becomes probable or cash is collected, assuming all other revenue recognition criteria are satisfied.
|
|
July 31, 2017
|
||||||||||||||
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Estimated Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
U.S. agency securities
|
$
|
22,662
|
|
|
$
|
—
|
|
|
$
|
(66
|
)
|
|
$
|
22,596
|
|
Commercial paper
|
147,371
|
|
|
2
|
|
|
(34
|
)
|
|
147,339
|
|
||||
Corporate bonds
|
258,334
|
|
|
157
|
|
|
(146
|
)
|
|
258,345
|
|
||||
U.S. government bonds
|
67,164
|
|
|
—
|
|
|
(185
|
)
|
|
66,979
|
|
||||
Certificate of deposit
|
27,498
|
|
|
29
|
|
|
—
|
|
|
27,527
|
|
||||
Money market funds
|
96,313
|
|
|
—
|
|
|
—
|
|
|
96,313
|
|
||||
Total
|
$
|
619,342
|
|
|
$
|
188
|
|
|
$
|
(431
|
)
|
|
$
|
619,099
|
|
|
July 31, 2016
|
||||||||||||||
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Estimated Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
U.S. agency securities
|
$
|
58,070
|
|
|
$
|
30
|
|
|
$
|
(12
|
)
|
|
$
|
58,088
|
|
Commercial paper
|
152,317
|
|
|
12
|
|
|
(6
|
)
|
|
152,323
|
|
||||
Corporate bonds
|
274,656
|
|
|
321
|
|
|
(38
|
)
|
|
274,939
|
|
||||
U.S. government bonds
|
90,593
|
|
|
58
|
|
|
(2
|
)
|
|
90,649
|
|
||||
Foreign government bonds
|
2,418
|
|
|
9
|
|
|
—
|
|
|
2,427
|
|
||||
Money market funds
|
114,833
|
|
|
—
|
|
|
—
|
|
|
114,833
|
|
||||
Total
|
$
|
692,887
|
|
|
$
|
430
|
|
|
$
|
(58
|
)
|
|
$
|
693,259
|
|
|
July 31, 2017
|
||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or Greater
|
|
Total
|
||||||||||||||||||
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Gross Unrealized Losses
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
U.S. agency securities
|
$
|
16,062
|
|
|
$
|
(41
|
)
|
|
$
|
5,533
|
|
|
$
|
(25
|
)
|
|
$
|
21,595
|
|
|
$
|
(66
|
)
|
Commercial paper
|
62,964
|
|
|
(34
|
)
|
|
—
|
|
|
—
|
|
|
62,964
|
|
|
(34
|
)
|
||||||
Corporate bonds
|
139,764
|
|
|
(146
|
)
|
|
—
|
|
|
—
|
|
|
139,764
|
|
|
(146
|
)
|
||||||
U. S. government bonds
|
62,004
|
|
|
(185
|
)
|
|
—
|
|
|
—
|
|
|
62,004
|
|
|
(185
|
)
|
||||||
Certificate of deposit
|
3,500
|
|
|
*
|
|
|
—
|
|
|
—
|
|
|
3,500
|
|
|
—
|
|
||||||
Total
|
$
|
284,294
|
|
|
$
|
(406
|
)
|
|
$
|
5,533
|
|
|
$
|
(25
|
)
|
|
$
|
289,827
|
|
|
$
|
(431
|
)
|
|
Less Than 12 Months
|
|
12 to 24 Months
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
U.S. agency securities
|
$
|
20,583
|
|
|
$
|
2,013
|
|
|
$
|
22,596
|
|
Commercial paper
|
147,339
|
|
|
—
|
|
|
147,339
|
|
|||
Corporate bonds
|
170,654
|
|
|
87,691
|
|
|
258,345
|
|
|||
U.S. government bonds
|
47,105
|
|
|
19,874
|
|
|
66,979
|
|
|||
Certificate of deposit
|
22,520
|
|
|
5,007
|
|
|
27,527
|
|
|||
Money market funds
|
96,313
|
|
|
—
|
|
|
96,313
|
|
|||
Total
|
$
|
504,514
|
|
|
$
|
114,585
|
|
|
$
|
619,099
|
|
|
July 31, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Commercial paper
|
$
|
—
|
|
|
$
|
98,174
|
|
|
$
|
—
|
|
|
$
|
98,174
|
|
Money market funds
|
96,313
|
|
|
—
|
|
|
—
|
|
|
96,313
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
U.S. agency securities
|
—
|
|
|
20,583
|
|
|
—
|
|
|
20,583
|
|
||||
Commercial paper
|
—
|
|
|
49,165
|
|
|
—
|
|
|
49,165
|
|
||||
U. S. government bonds
|
—
|
|
|
47,105
|
|
|
—
|
|
|
47,105
|
|
||||
Corporate bonds
|
—
|
|
|
170,654
|
|
|
—
|
|
|
170,654
|
|
||||
Certificate of deposit
|
—
|
|
|
22,520
|
|
|
—
|
|
|
22,520
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
U.S. agency securities
|
—
|
|
|
2,013
|
|
|
—
|
|
|
2,013
|
|
||||
Certificate of deposit
|
—
|
|
|
5,007
|
|
|
—
|
|
|
5,007
|
|
||||
Corporate bonds
|
—
|
|
|
87,691
|
|
|
—
|
|
|
87,691
|
|
||||
U.S. government bonds
|
—
|
|
|
19,874
|
|
|
—
|
|
|
19,874
|
|
||||
Total Financial Assets measured at Fair Value
|
$
|
96,313
|
|
|
$
|
522,786
|
|
|
$
|
—
|
|
|
$
|
619,099
|
|
|
July 31, 2016
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Commercial paper
|
$
|
—
|
|
|
$
|
66,206
|
|
|
$
|
—
|
|
|
$
|
66,206
|
|
Money market funds
|
114,833
|
|
|
—
|
|
|
—
|
|
|
114,833
|
|
||||
Short-term investments:
|
|
|
|
|
|
|
|
||||||||
U.S. agency securities
|
—
|
|
|
51,539
|
|
|
—
|
|
|
51,539
|
|
||||
Commercial paper
|
—
|
|
|
86,117
|
|
|
—
|
|
|
86,117
|
|
||||
U. S. government bonds
|
—
|
|
|
61,565
|
|
|
—
|
|
|
61,565
|
|
||||
Corporate bonds
|
—
|
|
|
205,434
|
|
|
—
|
|
|
205,434
|
|
||||
Long-term investments:
|
|
|
|
|
|
|
|
||||||||
U.S. agency securities
|
—
|
|
|
6,549
|
|
|
—
|
|
|
6,549
|
|
||||
Corporate bonds
|
—
|
|
|
69,505
|
|
|
—
|
|
|
69,505
|
|
||||
U.S. government bonds
|
—
|
|
|
29,084
|
|
|
—
|
|
|
29,084
|
|
||||
Foreign government bonds
|
—
|
|
|
2,427
|
|
|
—
|
|
|
2,427
|
|
||||
Total Financial Assets measured at Fair Value
|
$
|
114,833
|
|
|
$
|
578,426
|
|
|
$
|
—
|
|
|
$
|
693,259
|
|
3.
|
Acquisitions
|
|
|
Total Purchase Price Allocation
|
|
Estimated Useful Lives
|
||
|
|
(in thousands)
|
|
(in years)
|
||
Acquired assets, net of assumed liabilities
|
|
$
|
4,624
|
|
|
|
Developed technology
|
|
43,300
|
|
|
4
|
|
Customer contracts and related relationships
|
|
7,000
|
|
|
9
|
|
Order backlog
|
|
3,500
|
|
|
4
|
|
Deferred tax assets
|
|
171
|
|
|
|
|
Goodwill
|
|
96,337
|
|
|
|
|
Total preliminary purchase price
|
|
$
|
154,932
|
|
|
|
|
|
Fiscal Year Ended July 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(Unaudited)
|
||||||
|
|
(in thousands except for per share amounts)
|
||||||
Pro forma revenues
|
|
$
|
539,202
|
|
|
$
|
462,421
|
|
Pro forma net income (loss)
|
|
$
|
10,795
|
|
|
$
|
(5,470
|
)
|
Pro forma net income (loss) per share -- basic
|
|
$
|
0.15
|
|
|
$
|
(0.08
|
)
|
Pro forma net income (loss) per share -- diluted
|
|
$
|
0.15
|
|
|
$
|
(0.08
|
)
|
|
|
Total Purchase Price Allocation
|
|
Estimated Useful Lives
|
||
|
|
(in thousands)
|
|
(in years)
|
||
Acquired assets, net of assumed liabilities
|
|
$
|
2,518
|
|
|
|
Developed technology
|
|
8,000
|
|
|
5
|
|
Customer contracts and related relationships
|
|
6,500
|
|
|
9
|
|
Order backlog
|
|
900
|
|
|
3
|
|
Deferred tax assets, net
|
|
4,406
|
|
|
|
|
Goodwill
|
|
15,434
|
|
|
|
|
Total purchase price
|
|
$
|
37,758
|
|
|
|
|
|
Total Purchase Price Allocation
|
|
Estimated Useful Lives
|
||
|
|
(in thousands)
|
|
(in years)
|
||
Assumed Liabilities, net of acquired assets
|
|
$
|
(550
|
)
|
|
|
Developed technology
|
|
6,700
|
|
|
4
|
|
Customer contracts and related relationships
|
|
4,500
|
|
|
9
|
|
Partner relationships
|
|
200
|
|
|
9
|
|
Order backlog
|
|
1,100
|
|
|
3
|
|
Deferred tax assets, net
|
|
7,325
|
|
|
|
|
Goodwill
|
|
20,875
|
|
|
|
|
Total purchase price
|
|
$
|
40,150
|
|
|
|
|
July 31, 2017
|
|
July 31, 2016
|
||||
|
(in thousands)
|
||||||
Computer hardware
|
$
|
21,408
|
|
|
$
|
19,257
|
|
Purchased software
|
3,855
|
|
|
5,066
|
|
||
Capitalized software development costs
|
1,065
|
|
|
—
|
|
||
Furniture and fixtures
|
3,253
|
|
|
3,492
|
|
||
Leasehold improvements
|
8,251
|
|
|
8,434
|
|
||
Total property and equipment
|
37,832
|
|
|
36,249
|
|
||
Less accumulated depreciation
|
(23,456
|
)
|
|
(23,294
|
)
|
||
Property and equipment, net
|
$
|
14,376
|
|
|
$
|
12,955
|
|
|
|
(in thousands)
|
||
Goodwill, July 31, 2015
|
|
$
|
9,205
|
|
Addition - EagleEye acquisition
|
|
20,875
|
|
|
Goodwill, July 31, 2016
|
|
$
|
30,080
|
|
Addition -- FirstBest acquisition
|
|
15,434
|
|
|
Addition -- ISCS acquisition
|
|
96,337
|
|
|
Goodwill, July 31, 2017
|
|
$
|
141,851
|
|
|
July 31, 2017
|
|
July 31, 2016
|
||||||||||||||||||||
|
Cost
|
|
Accumulated Amortization
|
|
Net Book Value
|
|
Cost
|
|
Accumulated Amortization
|
|
Net Book Value
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Amortized intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired technology
|
$
|
65,200
|
|
|
$
|
14,710
|
|
|
50,490
|
|
|
$
|
13,900
|
|
|
$
|
5,199
|
|
|
$
|
8,701
|
|
|
Customer contracts and related relationships
|
18,000
|
|
|
1,683
|
|
|
16,317
|
|
|
4,500
|
|
|
167
|
|
|
4,333
|
|
||||||
Partner relationships
|
200
|
|
|
30
|
|
|
170
|
|
|
200
|
|
|
8
|
|
|
192
|
|
||||||
Order backlog
|
5,500
|
|
|
1,162
|
|
|
4,338
|
|
|
1,100
|
|
|
122
|
|
|
978
|
|
||||||
Total
|
$
|
88,900
|
|
|
$
|
17,585
|
|
|
$
|
71,315
|
|
|
$
|
19,700
|
|
|
$
|
5,496
|
|
|
$
|
14,204
|
|
|
|
Future Amortization
|
||
|
|
(in thousands)
|
||
2018
|
|
$
|
18,782
|
|
2019
|
|
17,542
|
|
|
2020
|
|
16,464
|
|
|
2021
|
|
9,995
|
|
|
2022
|
|
2,156
|
|
|
Thereafter
|
|
6,376
|
|
|
Total
|
|
$
|
71,315
|
|
|
July 31, 2017
|
|
July 31, 2016
|
||||
|
(in thousands)
|
||||||
Accrued bonuses
|
$
|
26,581
|
|
|
$
|
24,872
|
|
Accrued commission
|
5,228
|
|
|
2,571
|
|
||
Accrued vacation
|
10,873
|
|
|
9,067
|
|
||
Accrued salaries, payroll taxes and benefits
|
6,200
|
|
|
4,757
|
|
||
Total
|
$
|
48,882
|
|
|
$
|
41,267
|
|
|
July 31, 2017
|
|
July 31, 2016
|
||||
|
(in thousands)
|
||||||
Deferred license and other revenues
|
$
|
23,727
|
|
|
$
|
19,841
|
|
Deferred maintenance revenues
|
47,727
|
|
|
38,928
|
|
||
Deferred services revenues
|
39,681
|
|
|
11,246
|
|
||
Total
|
$
|
111,135
|
|
|
$
|
70,015
|
|
|
Foreign Currency Items
|
|
Unrealized gain (loss) on available-for-sale securities
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Balance as of July 31, 2015
|
$
|
(6,247
|
)
|
|
$
|
(96
|
)
|
|
$
|
(6,343
|
)
|
Other comprehensive income (loss) before reclassification adjustments:
|
(562
|
)
|
|
475
|
|
|
(87
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income (loss) to earnings
|
—
|
|
|
24
|
|
|
24
|
|
|||
Tax effect
|
—
|
|
|
(187
|
)
|
|
(187
|
)
|
|||
Balance as of July 31, 2016
|
(6,809
|
)
|
|
216
|
|
|
(6,593
|
)
|
|||
Other comprehensive income (loss) before reclassification adjustments:
|
1,179
|
|
|
(465
|
)
|
|
714
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss) to earnings
|
—
|
|
|
(151
|
)
|
|
(151
|
)
|
|||
Tax effect
|
—
|
|
|
234
|
|
|
234
|
|
|||
Balance as of July 31, 2017
|
$
|
(5,630
|
)
|
|
$
|
(166
|
)
|
|
$
|
(5,796
|
)
|
|
|
|
|
|
|
|
Fiscal years ended July 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands, except share and per share amounts)
|
||||||||||
Numerator:
|
|
|
|
|
|
||||||
Net income
|
$
|
21,224
|
|
|
$
|
14,976
|
|
|
$
|
9,885
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
||||||
Basic - weighted-average shares
|
73,994,577
|
|
|
72,026,694
|
|
|
70,075,908
|
|
|||
Weighted-average effect of dilutive securities:
|
|
|
|
|
|
||||||
Stock options
|
544,520
|
|
|
859,855
|
|
|
1,223,106
|
|
|||
Restricted stock units
|
789,246
|
|
|
879,411
|
|
|
1,015,419
|
|
|||
Diluted - weighted-average shares
|
75,328,343
|
|
|
73,765,960
|
|
|
72,314,433
|
|
|||
|
|
|
|
|
|
||||||
Net income per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.29
|
|
|
$
|
0.21
|
|
|
$
|
0.14
|
|
Diluted
|
$
|
0.28
|
|
|
$
|
0.20
|
|
|
$
|
0.14
|
|
|
Fiscal years ended July 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Stock options to purchase common stock
|
24,128
|
|
|
77,737
|
|
|
290,670
|
|
Restricted stock units
|
88,582
|
|
|
22,994
|
|
|
678
|
|
|
Lease Obligations
(1)
|
|
Royalty Obligations
(2)
|
|
Purchase Commitments
(3)
|
|
Total
|
||||||||
Fiscal Year Ending July 31,
|
(in thousands)
|
||||||||||||||
2018
|
$
|
9,162
|
|
|
$
|
2,545
|
|
|
$
|
4,306
|
|
|
$
|
16,013
|
|
2019
|
8,272
|
|
|
822
|
|
|
2,793
|
|
|
11,887
|
|
||||
2020
|
2,978
|
|
|
309
|
|
|
1,604
|
|
|
4,891
|
|
||||
2021
|
2,678
|
|
|
—
|
|
|
922
|
|
|
3,600
|
|
||||
2022
|
1,355
|
|
|
—
|
|
|
92
|
|
|
1,447
|
|
||||
2023 and thereafter
|
1,200
|
|
|
—
|
|
|
—
|
|
|
1,200
|
|
||||
Total
|
$
|
25,645
|
|
|
$
|
3,676
|
|
|
$
|
9,717
|
|
|
$
|
39,038
|
|
(1)
|
Operating lease agreements primarily represent our obligations to make payments under our non-cancellable lease agreements for our corporate headquarters and worldwide offices through 2025.
|
(2)
|
Royalty obligations primarily represent our obligations under our non-cancellable agreements related to software used in certain revenue-generating agreements.
|
(3)
|
Purchase commitments consist of agreements to purchase services, entered into in the ordinary course of business. These represent non-cancellable long term commitments for which a penalty would be imposed if the agreement was canceled for any reason other than an event of default as described by the agreement.
|
|
Fiscal years ended July 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Total cost of stock-based compensation
|
$
|
72,695
|
|
|
$
|
66,409
|
|
|
$
|
51,375
|
|
Impact of capitalized stock-based compensation
|
(901
|
)
|
|
(278
|
)
|
|
—
|
|
|||
Amount charged to income
|
$
|
71,794
|
|
|
$
|
66,131
|
|
|
$
|
51,375
|
|
|
|
|
|
|
|
||||||
Stock-based compensation cost charged to the following expense categories:
|
|||||||||||
Cost of license and other revenues
|
$
|
373
|
|
|
$
|
433
|
|
|
$
|
222
|
|
Cost of maintenance revenues
|
1,694
|
|
|
1,491
|
|
|
1,158
|
|
|||
Cost of services revenues
|
18,622
|
|
|
17,878
|
|
|
15,022
|
|
|||
Research and development
|
18,123
|
|
|
15,555
|
|
|
10,683
|
|
|||
Sales and marketing
|
16,663
|
|
|
15,090
|
|
|
12,090
|
|
|||
General and administrative
|
16,319
|
|
|
15,684
|
|
|
12,200
|
|
|||
Total stock-based compensation expense
|
71,794
|
|
|
66,131
|
|
|
51,375
|
|
|||
Tax benefit from stock-based compensation
|
23,014
|
|
|
20,092
|
|
|
19,087
|
|
|||
Total stock-based compensation expense, net of tax effect
|
$
|
48,780
|
|
|
$
|
46,039
|
|
|
$
|
32,288
|
|
|
As of July 31, 2017
|
||||
|
Unrecognized Expense
|
|
Weighted Average Expected Recognition Period
|
||
|
(in thousands)
|
|
(in years)
|
||
Restricted stock units
|
$
|
118,288
|
|
|
2.4
|
Stock options
|
990
|
|
|
1.1
|
|
|
$
|
119,278
|
|
|
|
|
Number of RSUs
|
|
Weighted Average Grant Date Fair Value
|
|
Aggregate Intrinsic Value
(1)
|
|||||
|
|
|
|
|
(in thousands)
|
|||||
Balance as of July 31, 2014
|
3,384,221
|
|
|
$
|
30.70
|
|
|
$
|
137,061
|
|
Granted
|
1,664,413
|
|
|
47.50
|
|
|
|
|||
Released
|
(1,819,825
|
)
|
|
25.99
|
|
|
$
|
88,648
|
|
|
Canceled
|
(346,135
|
)
|
|
36.72
|
|
|
|
|||
Balance as of July 31, 2015
|
2,882,674
|
|
|
42.65
|
|
|
$
|
170,222
|
|
|
Granted
|
1,586,192
|
|
|
54.99
|
|
|
|
|||
Released
|
(1,408,746
|
)
|
|
41.21
|
|
|
$
|
78,763
|
|
|
Canceled
|
(332,396
|
)
|
|
46.71
|
|
|
|
|||
Balance as of July 31, 2016
|
2,727,724
|
|
|
50.08
|
|
|
$
|
167,673
|
|
|
Granted
|
1,542,235
|
|
|
61.22
|
|
|
|
|||
Released
|
(1,372,770
|
)
|
|
49.38
|
|
|
$
|
81,427
|
|
|
Canceled
|
(263,104
|
)
|
|
53.53
|
|
|
|
|||
Balance as of July 31, 2017
|
2,634,085
|
|
|
$
|
56.62
|
|
|
$
|
190,076
|
|
Expected to vest as of July 31, 2017
|
2,465,394
|
|
|
$
|
56.40
|
|
|
$
|
177,903
|
|
(1)
|
Aggregate intrinsic value at each fiscal year end represents the total market value of RSUs at the Company’s closing stock price of
$72.16
,
$61.47
and
$59.05
on
July 31, 2017
,
2016
and
2015
, respectively. Aggregate intrinsic value for released RSUs represents the total market value of released RSUs at date of release.
|
|
Fiscal years ended July 31,
|
||||
|
2017
|
|
2016
|
|
2015
|
Expected term (in years)
|
2.66 - 2.88
|
|
*
|
|
*
|
Risk-free interest rate
|
0.89% - 1.34%
|
|
*
|
|
*
|
Expected volatility
|
30.2% - 31.5%
|
|
*
|
|
*
|
Average expected volatility of the peer companies in the index
|
36.9% - 37.0%
|
|
*
|
|
*
|
Expected dividend yield
|
—%
|
|
*
|
|
*
|
|
Number of Stock Options Outstanding
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Life
|
|
Aggregate Intrinsic Value
(1)
|
|||||
|
|
|
|
|
(in years)
|
|
(in thousands)
|
|||||
Balance as of July 31, 2014
|
2,400,253
|
|
|
$
|
11.24
|
|
|
5.5
|
|
$
|
71,640
|
|
Granted
|
138,643
|
|
|
47.23
|
|
|
|
|
|
|||
Exercised
|
(665,665
|
)
|
|
9.46
|
|
|
|
|
27,263
|
|
||
Canceled
|
(51,169
|
)
|
|
23.04
|
|
|
|
|
|
|||
Balance as of July 31, 2015
|
1,822,062
|
|
|
14.29
|
|
|
4.9
|
|
81,548
|
|
||
Granted
|
10,000
|
|
|
54.00
|
|
|
|
|
|
|||
Exercised
|
(652,832
|
)
|
|
12.01
|
|
|
|
|
29,186
|
|
||
Canceled
|
(20,658
|
)
|
|
40.86
|
|
|
|
|
|
|||
Balance as of July 31, 2016
|
1,158,572
|
|
|
15.45
|
|
|
4.0
|
|
53,316
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(594,936
|
)
|
|
9.35
|
|
|
|
|
30,636
|
|
||
Canceled
|
(8,000
|
)
|
|
2.74
|
|
|
|
|
|
|||
Balance as of July 31, 2017
|
555,636
|
|
|
$
|
22.17
|
|
|
4.0
|
|
$
|
27,777
|
|
Vested and expected to vest as of July 31, 2017
|
554,768
|
|
|
$
|
22.13
|
|
|
4.0
|
|
$
|
27,757
|
|
Exercisable as of July 31, 2017
|
498,893
|
|
|
$
|
19.25
|
|
|
3.7
|
|
$
|
26,395
|
|
(1)
|
Aggregate intrinsic value at each fiscal year end represents the difference between the Company’s closing stock price of
$72.16
,
$61.47
and
$59.05
on
July 31, 2017
,
2016
and
2015
and the exercise price of the option, respectively. Aggregate intrinsic value for exercised options represents the difference between the Company’s stock price at date of exercise and the exercise price.
|
|
Fiscal years ended July 31,
|
||||
|
2017
|
|
2016
|
|
2015
|
Expected life (in years)
|
*
|
|
4.9
|
|
6.0 - 6.1
|
Risk-free interest rate
|
*
|
|
1.5%
|
|
1.7% - 1.9%
|
Expected volatility
|
*
|
|
38.8%
|
|
39.4% - 45.1%
|
Expected dividend yield
|
*
|
|
—%
|
|
—%
|
Weighted average fair value of options granted
|
*
|
|
$19.18
|
|
$20.78
|
|
July 31, 2017
|
|
July 31, 2016
|
||
Exercise of stock options to purchase common stock
|
555,636
|
|
|
1,158,572
|
|
Vesting of restricted stock units
|
2,634,085
|
|
|
2,727,724
|
|
Shares available for grant under stock plans
|
18,453,674
|
|
|
16,746,754
|
|
Total common stock reserved for future issuance
|
21,643,395
|
|
|
20,633,050
|
|
|
Fiscal years ended July 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Domestic
|
$
|
26,474
|
|
|
$
|
11,209
|
|
|
$
|
11,348
|
|
International
|
6,803
|
|
|
9,573
|
|
|
5,392
|
|
|||
Income before provision for income taxes
|
$
|
33,277
|
|
|
$
|
20,782
|
|
|
$
|
16,740
|
|
|
Fiscal years ended July 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Current:
|
|
|
|
|
|
||||||
U.S. federal
|
$
|
7,793
|
|
|
$
|
4,936
|
|
|
$
|
2,509
|
|
State
|
1,974
|
|
|
1,006
|
|
|
300
|
|
|||
Foreign
|
3,595
|
|
|
4,350
|
|
|
3,910
|
|
|||
Total current
|
13,362
|
|
|
10,292
|
|
|
6,719
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
U.S. federal
|
(686
|
)
|
|
(4,867
|
)
|
|
983
|
|
|||
State
|
(429
|
)
|
|
631
|
|
|
169
|
|
|||
Foreign
|
(194
|
)
|
|
(250
|
)
|
|
(1,016
|
)
|
|||
Total deferred
|
(1,309
|
)
|
|
(4,486
|
)
|
|
136
|
|
|||
Total provision for income taxes
|
$
|
12,053
|
|
|
$
|
5,806
|
|
|
$
|
6,855
|
|
|
Fiscal years ended July 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Statutory federal income tax
|
$
|
11,647
|
|
|
$
|
7,274
|
|
|
$
|
5,858
|
|
Nondeductible items and other
|
2,703
|
|
|
2,289
|
|
|
1,575
|
|
|||
State income taxes, net of federal benefit
|
1,022
|
|
|
191
|
|
|
388
|
|
|||
Impact of state rate changes
|
—
|
|
|
1,132
|
|
|
—
|
|
|||
Foreign income taxed at different rates
|
1,513
|
|
|
945
|
|
|
816
|
|
|||
Tax credits
|
(4,709
|
)
|
|
(5,963
|
)
|
|
(1,697
|
)
|
|||
Change in valuation allowance
|
(123
|
)
|
|
(62
|
)
|
|
(85
|
)
|
|||
Total provision for income taxes
|
$
|
12,053
|
|
|
$
|
5,806
|
|
|
$
|
6,855
|
|
|
As of July 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Accruals and reserves
|
$
|
11,612
|
|
|
$
|
11,618
|
|
Stock-based compensation
|
8,519
|
|
|
6,874
|
|
||
Deferred revenues
|
3,848
|
|
|
1,513
|
|
||
Property and equipment
|
1,189
|
|
|
1,815
|
|
||
Net operating loss carryforwards
|
16,720
|
|
|
10,333
|
|
||
Tax credits
|
11,919
|
|
|
12,145
|
|
||
Total deferred tax assets
|
53,807
|
|
|
44,298
|
|
||
Less valuation allowance
|
12,583
|
|
|
10,505
|
|
||
Net deferred tax assets
|
41,224
|
|
|
33,793
|
|
||
Less deferred tax liabilities:
|
|
|
|
||||
Intangible assets
|
3,794
|
|
|
2,429
|
|
||
Total net deferred tax assets
|
$
|
37,430
|
|
|
$
|
31,364
|
|
|
|
As of July 31, 2017
|
||
|
|
(in thousands)
|
||
U.S. federal
|
|
$
|
21,600
|
|
California
|
|
22,200
|
|
|
Total R&D credit carryforwards
|
|
$
|
43,800
|
|
|
Fiscal years ended July 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Unrecognized tax benefit - beginning of period
|
$
|
7,687
|
|
|
$
|
6,109
|
|
|
$
|
7,976
|
|
Gross increases - prior period tax positions
|
712
|
|
|
177
|
|
|
1
|
|
|||
Gross decreases - prior period tax positions
|
(691
|
)
|
|
(216
|
)
|
|
(2,896
|
)
|
|||
Gross increases - current period tax positions
|
1,638
|
|
|
1,617
|
|
|
1,028
|
|
|||
Unrecognized tax benefit - end of period
|
$
|
9,346
|
|
|
$
|
7,687
|
|
|
$
|
6,109
|
|
|
July 31, 2017
|
|
July 31, 2016
|
||||
|
(in thousands)
|
||||||
Americas
|
$
|
224,667
|
|
|
$
|
53,826
|
|
EMEA
|
2,747
|
|
|
3,085
|
|
||
APAC
|
128
|
|
|
328
|
|
||
Total
|
$
|
227,542
|
|
|
$
|
57,239
|
|
Item 9.
|
Changes in and Disagreements with Accountant on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and Procedures
|
Item 9B.
|
Other Information
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accountant Fees and Services
|
Item 15.
|
Exhibits and Financial Statement Schedules
|
GUIDEWIRE SOFTWARE, INC.
|
||
|
|
|
By:
|
|
/s/ Richard Hart
|
|
|
Richard Hart
|
|
|
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Marcus S. Ryu
|
|
President, Chief Executive Officer and Director (Principal Executive Officer)
|
|
September 19, 2017
|
Marcus S. Ryu
|
|
|
|
|
|
|
|
|
|
/s/ Richard Hart
|
|
Chief Financial Officer (Principal Financial and Accounting Officer)
|
|
September 19, 2017
|
Richard Hart
|
|
|
|
|
|
|
|
|
|
/s/ Peter Gassner
|
|
Director (Chairman of the Board)
|
|
September 19, 2017
|
Peter Gassner
|
|
|
|
|
|
|
|
|
|
/s/ Andrew Brown
|
|
Director
|
|
September 19, 2017
|
Andrew Brown
|
|
|
|
|
|
|
|
|
|
/s/ Craig Conway
|
|
Director
|
|
September 19, 2017
|
Craig Conway
|
|
|
|
|
|
|
|
|
|
/s/ Guy Dubois
|
|
Director
|
|
September 19, 2017
|
Guy Dubois
|
|
|
|
|
|
|
|
|
|
/s/ Paul Lavin
|
|
Director
|
|
September 19, 2017
|
Paul Lavin
|
|
|
|
|
|
|
|
|
|
/s/ Clifton Thomas Weatherford
|
|
Director
|
|
September 19, 2017
|
Clifton Thomas Weatherford
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
Incorporated by
Reference From
Form
|
|
Incorporated
by Reference
From
Exhibit
Number
|
|
Date Filed
|
|
|
Amended and Restated Certificate of Incorporation.
|
|
10-Q
|
|
3.1
|
|
|
March 14, 2012
|
|
|
Amended and Restated Bylaws.
|
|
8-K
|
|
3.1
|
|
|
December 5, 2016
|
|
|
Form of Common Stock certificate of the Registrant.
|
|
S-1/A
|
|
4.1
|
|
|
January 9, 2012
|
|
|
Form of Indemnification Agreement between the Registrant and each of its directors and executive officers.
|
|
S-1/A
|
|
10.1
|
|
|
October 28, 2011
|
|
|
2006 Stock Plan and forms of agreements thereunder.
|
|
S-1
|
|
10.2
|
|
|
September 2, 2011
|
|
|
2009 Stock Plan and forms of agreements thereunder.
|
|
S-1
|
|
10.3
|
|
|
September 2, 2011
|
|
|
2010 Restricted Stock Unit Plan and forms of agreements thereunder.
|
|
S-1
|
|
10.4
|
|
|
September 2, 2011
|
|
|
2011 Stock Plan and forms of agreements thereunder.
|
|
S-1/A
|
|
10.5
|
|
|
December 13, 2011
|
|
|
Form of Executive Agreement.
|
|
10-K
|
|
10.6
|
|
|
September 17, 2014
|
|
|
Senior Executive Incentive Bonus Plan.
|
|
S-1/A
|
|
10.12
|
|
|
December 13, 2011
|
|
|
Lease Agreement between Parkside Towers, L.P. and the Registrant dated as of December 5, 2011.
|
|
S-1/A
|
|
10.13
|
|
|
December 13, 2011
|
|
|
Form of Performance-Based Restricted Stock Unit Award Agreement under the 2011 Stock Plan.
|
|
10-Q
|
|
10.9
|
|
|
December 2, 2015
|
|
|
Subsidiaries of the Registrant.
|
|
Filed herewith
|
|
—
|
|
|
—
|
|
|
Consent of KPMG LLP, Independent Registered Public Accounting Firm.
|
|
Filed herewith
|
|
—
|
|
|
—
|
|
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act.
|
|
Filed herewith
|
|
—
|
|
|
—
|
|
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act.
|
|
Filed herewith
|
|
—
|
|
|
—
|
|
|
Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act.
|
|
Furnished herewith
|
|
—
|
|
|
—
|
|
101.INS
|
|
XBRL Instance Document.
|
|
Filed herewith
|
|
—
|
|
|
—
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
Filed herewith
|
|
—
|
|
|
—
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
Filed herewith
|
|
—
|
|
|
—
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
Filed herewith
|
|
—
|
|
|
—
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
Filed herewith
|
|
—
|
|
|
—
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
Filed herewith
|
|
—
|
|
|
—
|
*
|
The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Annual Report on Form 10-K and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.
|
1 Year GuideWire Software Chart |
1 Month GuideWire Software Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions