2021 Q1 Form 10-Q Financial Statement

#000152839621000019 Filed on March 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $180.1M $173.5M
YoY Change 3.81% 2.48%
Cost Of Revenue $91.90M $83.60M
YoY Change 9.94% 4.91%
Gross Profit $88.16M $89.86M
YoY Change -1.89% 1.13%
Gross Profit Margin 48.96% 51.81%
Selling, General & Admin $62.04M $57.94M
YoY Change 7.07% 18.94%
% of Gross Profit 70.37% 64.47%
Research & Development $53.19M $49.95M
YoY Change 6.49% 7.49%
% of Gross Profit 60.34% 55.59%
Depreciation & Amortization $3.500M $3.800M
YoY Change -7.89% 65.22%
% of Gross Profit 3.97% 4.23%
Operating Expenses $115.2M $107.9M
YoY Change 6.8% 13.35%
Operating Profit -$27.07M -$18.03M
YoY Change 50.14% 184.79%
Interest Expense $4.651M $4.462M
YoY Change 4.24% 4.08%
% of Operating Profit
Other Income/Expense, Net $6.805M -$182.0K
YoY Change -3839.01% -115.85%
Pretax Income -$22.90M -$15.72M
YoY Change 45.72% 719.82%
Income Tax -$14.20M $4.200M
% Of Pretax Income
Net Earnings -$8.652M -$19.94M
YoY Change -56.62% 1994300.0%
Net Earnings / Revenue -4.81% -11.5%
Basic Earnings Per Share -$0.10 -$0.24
Diluted Earnings Per Share -$0.10 -$0.24
COMMON SHARES
Basic Shares Outstanding 83.83M shares 82.73M shares
Diluted Shares Outstanding 83.83M shares 82.73M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.146B $1.055B
YoY Change 8.6% -1.03%
Cash & Equivalents $331.4M $218.5M
Short-Term Investments $814.8M $836.9M
Other Short-Term Assets $48.60M $41.10M
YoY Change 18.25% 35.64%
Inventory
Prepaid Expenses $16.58M $16.11M
Receivables $92.58M $101.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.369B $1.248B
YoY Change 9.69% -1.25%
LONG-TERM ASSETS
Property, Plant & Equipment $73.13M $66.67M
YoY Change 9.68% 122.12%
Goodwill $340.9M $340.9M
YoY Change 0.01% 0.0%
Intangibles $27.06M $52.63M
YoY Change -48.59% -35.05%
Long-Term Investments $232.0M $285.2M
YoY Change -18.65% 56.27%
Other Assets $35.84M $43.09M
YoY Change -16.82% -5.4%
Total Long-Term Assets $966.8M $973.6M
YoY Change -0.7% 29.04%
TOTAL ASSETS
Total Short-Term Assets $1.369B $1.248B
Total Long-Term Assets $966.8M $973.6M
Total Assets $2.336B $2.222B
YoY Change 5.14% 10.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.59M $25.99M
YoY Change -9.22% 23.95%
Accrued Expenses $25.37M $23.13M
YoY Change 9.69% -47.91%
Deferred Revenue $97.51M $89.04M
YoY Change 9.51% -2.13%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $210.7M $182.6M
YoY Change 15.41% 7.61%
LONG-TERM LIABILITIES
Long-Term Debt $336.9M $323.7M
YoY Change 4.08% 4.05%
Other Long-Term Liabilities $10.58M $1.475M
YoY Change 617.15% -15.18%
Total Long-Term Liabilities $10.58M $1.475M
YoY Change 617.15% -15.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $210.7M $182.6M
Total Long-Term Liabilities $10.58M $1.475M
Total Liabilities $691.1M $629.0M
YoY Change 9.86% 24.82%
SHAREHOLDERS EQUITY
Retained Earnings $90.21M $155.2M
YoY Change -41.89% -11.46%
Common Stock $1.559B $1.445B
YoY Change 7.95% 7.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.645B $1.593B
YoY Change
Total Liabilities & Shareholders Equity $2.336B $2.222B
YoY Change 5.14% 10.07%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$8.652M -$19.94M
YoY Change -56.62% 1994300.0%
Depreciation, Depletion And Amortization $3.500M $3.800M
YoY Change -7.89% 65.22%
Cash From Operating Activities $13.30M $19.40M
YoY Change -31.44% 36.62%
INVESTING ACTIVITIES
Capital Expenditures -$5.900M -$2.500M
YoY Change 136.0% -71.59%
Acquisitions
YoY Change
Other Investing Activities $65.10M $21.80M
YoY Change 198.62% -158.6%
Cash From Investing Activities $59.10M $19.40M
YoY Change 204.64% -142.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -37.60M 800.0K
YoY Change -4800.0% 100.0%
NET CHANGE
Cash From Operating Activities 13.30M 19.40M
Cash From Investing Activities 59.10M 19.40M
Cash From Financing Activities -37.60M 800.0K
Net Change In Cash 34.80M 39.60M
YoY Change -12.12% -226.11%
FREE CASH FLOW
Cash From Operating Activities $13.30M $19.40M
Capital Expenditures -$5.900M -$2.500M
Free Cash Flow $19.20M $21.90M
YoY Change -12.33% -4.78%

Facts In Submission

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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
223000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
606000 USD
CY2021Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6602000 USD
CY2020Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-20520000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-28619000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-34329000 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q4 us-gaap Profit Loss
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CY2020Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2020Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
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CY2020Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
28394000 USD
CY2020Q4 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
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CY2020Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-694000 USD
CY2020Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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CY2020Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2020Q4 us-gaap Stockholders Equity
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1659861000 USD
CY2021Q1 us-gaap Profit Loss
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StockIssuedDuringPeriodValueStockOptionsExercised
104000 USD
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StockIssuedDuringPeriodValueRestrictedStockAwardGross
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CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
30209000 USD
CY2021Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
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CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2726000 USD
CY2021Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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CY2021Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
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CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q4 us-gaap Profit Loss
ProfitLoss
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CY2019Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2019Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2019Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
24765000 USD
CY2019Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
133000 USD
CY2019Q4 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1003000 USD
CY2019Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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-46000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
1585525000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
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CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
872000 USD
CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
26688000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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CY2020Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
33000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
1592565000 USD
us-gaap Profit Loss
ProfitLoss
-28842000 USD
us-gaap Profit Loss
ProfitLoss
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
20971000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
21644000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
6715000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
6354000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
57980000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
51294000 USD
gwre Accounts Receivable Net Change To Revenue Reserves
AccountsReceivableNetChangeToRevenueReserves
-118000 USD
gwre Accounts Receivable Net Change To Revenue Reserves
AccountsReceivableNetChangeToRevenueReserves
-878000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-20294000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-4361000 USD
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-3128000 USD
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
2012000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-800000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-572000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-22368000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-36259000 USD
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
32058000 USD
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
17018000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1914000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3527000 USD
gwre Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
-91000 USD
gwre Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
-4493000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-4312000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-4032000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
3844000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-28794000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-24411000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-23583000 USD
gwre Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
2669000 USD
gwre Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
241000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-13059000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-2137000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2378000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1336000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
523601000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
601403000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
85553000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
67942000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
456198000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
508807000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5517000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11254000 USD
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
4884000 USD
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
2210000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
2000000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5749000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-38118000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1820000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1239000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
42679000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-40859000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1239000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1906000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-95000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-35582000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-35638000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
366969000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
254101000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
331387000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
218463000 USD
us-gaap Interest Paid Net
InterestPaidNet
2500000 USD
us-gaap Interest Paid Net
InterestPaidNet
2500000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1603000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2668000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5127000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6516000 USD
gwre Capitalized Software Costs Incurred But Not Yet Paid
CapitalizedSoftwareCostsIncurredButNotYetPaid
344000 USD
gwre Capitalized Software Costs Incurred But Not Yet Paid
CapitalizedSoftwareCostsIncurredButNotYetPaid
37000 USD
gwre Stock Repurchase Costs Incurred But Not Yet Paid
StockRepurchaseCostsIncurredButNotYetPaid
1230000 USD
gwre Stock Repurchase Costs Incurred But Not Yet Paid
StockRepurchaseCostsIncurredButNotYetPaid
0 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div><div style="margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Beginning with the Annual Report on Form 10-K for fiscal year 2020, the Company changed the presentation in the consolidated statements of operations for revenue and cost of revenue to include subtotals for "subscription and support," "license," and "services". The Company's previous presentation included subtotals for "license and subscription," "maintenance" (now referred to as "support"), and "services". Accordingly, prior period amounts have been reclassified to conform to the current period presentation in the Company's condensed consolidated financial statements and the accompanying notes.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:14pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Significant items subject to such estimates include, but are not limited to, revenue recognition, the useful lives of property and equipment and intangible assets, accounts receivable allowances, valuation allowance for deferred tax assets, stock-based compensation, annual bonus attainment, income tax uncertainties, fair value of convertible senior notes and investments, valuation of goodwill and intangible assets, fair value of acquired assets and assumed liabilities, software development costs to be capitalized, and contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ from these estimates.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:14pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, investments, accounts receivable and unbilled accounts receivable. The Company maintains its cash, cash equivalents, and investments with high quality financial institutions. The Company is exposed to credit risk for cash held in financial institutions in the event of a default to the extent that such amounts recorded in the condensed consolidated balance sheets are in excess of amounts that are insured by the Federal Deposit Insurance Corporation.</span></div>
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.10
CY2021Q1 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.10
CY2021Q1 gwre Entity Wide Accounts Receivable Major Customer Percentage
EntityWideAccountsReceivableMajorCustomerPercentage
0.10
CY2020Q3 gwre Entity Wide Accounts Receivable Major Customer Percentage
EntityWideAccountsReceivableMajorCustomerPercentage
0.10
us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
Subscriptions are typically sold with a three to five year initial term with a customer option to renew on an annual basis after the initial term. Term licenses generally have a two-year initial term with a customer option to renew on an annual basis after the initial term. In certain circumstances, the Company will enter into term licenses with an initial term of more than two years or a renewal period longer than one year. Support for term licenses follows the same contract periods. Professional services typically are time and materials contracts that last for an average period of approximately one year.
CY2021Q1 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P5Y
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
180062000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
173458000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
349864000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
330468000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
180062000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
173458000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
349864000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
330468000 USD
CY2021Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
116286000 USD
CY2020Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
84228000 USD
CY2021Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
35391000 USD
CY2020Q3 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
34809000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
108585000 USD
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
132996000 USD
CY2021Q1 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
0 USD
CY2020Q3 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
0 USD
CY2021Q1 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
10800000 USD
CY2020Q3 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
9600000 USD
CY2021Q1 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
24600000 USD
CY2020Q3 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
25200000 USD
CY2021Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3200000 USD
CY2020Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
2000000.0 USD
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
5400000 USD
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3400000 USD
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
35000000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
83000000 USD
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
588000000 USD
CY2021Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
1279180000 USD
CY2021Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1994000 USD
CY2021Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
62000 USD
CY2021Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
1281112000 USD
CY2020Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
1354632000 USD
CY2020Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4432000 USD
CY2020Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
119000 USD
CY2020Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
1358945000 USD
CY2021Q1 gwre Available For Sale Securities Debt Maturities Current
AvailableForSaleSecuritiesDebtMaturitiesCurrent
1052317000 USD
CY2021Q1 gwre Available For Sale Securities Debt Maturities Non Current
AvailableForSaleSecuritiesDebtMaturitiesNonCurrent
228795000 USD
CY2021Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
1281112000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
237472000 USD
CY2021Q1 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
814845000 USD
CY2021Q1 us-gaap Available For Sale Securities Noncurrent
AvailableForSaleSecuritiesNoncurrent
228795000 USD
CY2021Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
1281112000 USD
CY2020Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
291647000 USD
CY2020Q3 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
766527000 USD
CY2020Q3 us-gaap Available For Sale Securities Noncurrent
AvailableForSaleSecuritiesNoncurrent
300771000 USD
CY2020Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
1358945000 USD
CY2020Q2 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
1000000.0 USD
CY2021Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
93973000 USD
CY2020Q3 us-gaap Accounts Receivable Gross
AccountsReceivableGross
115518000 USD
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1392000 USD
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1276000 USD
CY2021Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
92581000 USD
CY2020Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
114242000 USD
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1276000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
gwre Accounts Receivable Net Change To Revenue Reserves
AccountsReceivableNetChangeToRevenueReserves
-118000 USD
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
2000 USD
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1392000 USD
CY2020Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
16969000 USD
CY2021Q1 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
10768000 USD
CY2021Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
16579000 USD
CY2020Q3 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
9588000 USD
CY2021Q1 us-gaap Deferred Costs Current
DeferredCostsCurrent
8165000 USD
CY2020Q3 us-gaap Deferred Costs Current
DeferredCostsCurrent
8399000 USD
CY2021Q1 gwre Deposits And Other Receivables Current
DepositsAndOtherReceivablesCurrent
13048000 USD
CY2020Q3 gwre Deposits And Other Receivables Current
DepositsAndOtherReceivablesCurrent
11033000 USD
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
48560000 USD
CY2020Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
45989000 USD
CY2021Q1 gwre Computer Hardware Gross
ComputerHardwareGross
17352000 USD
CY2020Q3 gwre Computer Hardware Gross
ComputerHardwareGross
16791000 USD
CY2021Q1 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
5975000 USD
CY2020Q3 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
5445000 USD
CY2021Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
17687000 USD
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156100000 USD

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0001528396-21-000019.txt Edgar Link pending
0001528396-21-000019-xbrl.zip Edgar Link pending
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