Guidewire has revealed that total revenue for Q3 of the fiscal year 2024 was $240.7 million, an increase of 16% from the same quarter in 2023.
Guidewire also disclosed that its subscription and support revenue was $138 million in Q3 of 2024, an increase of 28% from the corresponding previous year quarter; while license revenue was $56.2 million, an increase of 11%, and services revenue was $46.5 million, a decrease of 6%.
The firm additionally reported that as of April 30, 2024, its annual recurring revenue, or ARR, was $828 million, compared to $763 million as of July 31, 2023.
Guidewire’s GAAP loss from operations was $16.7 million for Q3 of 2024, compared with a GAAP loss from operations of $57.8 million for the same quarter in 2023.
Meanwhile, non-GAAP income from operations was $20.8 million in Q3 2024, compared with non-GAAP loss from operations of $12.2 million for the same quarter in 2023.
Guidewire’s GAAP net loss in Q3 of 2024 was $5.5 million, compared with GAAP net loss of $45.6 million in 2023. However, non-GAAP net income was $21.7 million for Q3 of 2024, compared with a non-GAAP net loss of $6.4 million for the same quarter of 2023.
Jeff Cooper, chief financial officer, Guidewire, commented, “In the third quarter, we exceeded expectations for ARR, revenue, and operating income, fueled by eight cloud deals that contributed to a 33% increase in InsuranceSuite cloud wins year-to-date.”
Mike Rosenbaum, chief executive officer, Guidewire, added, “Our outstanding third quarter results were driven by strong Tier-1 deal volume and an acceleration in migration activity, particularly in Asia Pacific.
“Our dedication to continuous innovation and frequent product releases is not only maturing the Guidewire Cloud Platform but also driving global engagement, reinforcing our confidence in delivering on our pipeline and strategic objectives.”
