Guidewire Software Inc (NYSE:GWRE) stock rose 0.091% (As on December 8, 11:12:41 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 24. Subscription and support revenue was $127.6 million, an increase of 29%; services revenue was $45.8 million, a decrease of 17%; and license revenue was $34.0 million, a decrease of 17%. As of October 31, 2023, annual recurring revenue, or ARR, was $770 million, compared to $763 million as of July 31, 2023. ARR results for interim quarterly periods in fiscal year 2024 are based on actual currency rates at the end of fiscal year 2023, held constant throughout the year. Non-GAAP income from operations was $4.1 million for the first quarter of fiscal year 2024, compared with Non-GAAP loss from operations of $35.9 million for the same quarter in fiscal year 2023. Non-GAAP net loss was $0.3 million for the first quarter of fiscal year 2024, compared with Non-GAAP net loss of $9.9 million for the same quarter in fiscal year 2023. The Company had $853.6 million in cash, cash equivalents, and investments at October 31, 2023, compared to $927.5 million at July 31, 2023. The Company used $72.1 million in cash from operations during the first quarter of fiscal year 2024.

GWRE in the first quarter of FY 24 has reported the adjusted earnings per share of less than 1 cent, beating the analysts’ estimates for the adjusted loss per share of 17 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 6 percent to $207.4 million in the first quarter of FY 24, beating the analysts’ estimates for revenue of $201 million.

For the second quarter ending in January, Guidewire Software expects revenue to be in the range of $237 million to $243 million. For the second quarter of fiscal year 2024, ARR between $793 million and $798 million, Operating income (loss) between $(24) million and $(19) million and Non-GAAP operating income (loss) between $15 million and $20 million.

The company expects full-year revenue to be in the range of $976 million to $986 million. For fiscal year 2024, ARR between $846 million and $858 million, Operating income (loss) between $(75) million and $(65) million, Non-GAAP operating income (loss) between $82 million and $92 million and Operating cash flow between $115 million and $135 million.