-
Recurring revenue increased 10 percent, 13 percent in constant currency(1),
from the first quarter of 2018 -
Annual Recurring Revenue (ARR) increased 9 percent, 12 percent in
constant currency(1), year-over-year - First-quarter earnings per share (EPS) exceeded company guidance
- Teradata maintains its full-year guidance for 2019
SAN DIEGO–(BUSINESS WIRE)–Teradata Corp. (NYSE: TDC)
continues its successful transformation to a subscription-based business
with subscription-based transactions comprising 72 percent of the
company’s bookings mix in the first quarter. Recurring revenue increased
10 percent, 13 percent in constant currency(1), from the
first quarter of 2018. ARR increased 9 percent, 12 percent in constant
currency(1), from the first quarter of 2018. As the company
shifts to a recurring revenue model and focuses its consulting business
on higher-margin engagements within its targeted “megadata” customer
base, perpetual revenue and consulting revenue declined versus prior
year as expected. Total first-quarter revenue was $468 million, compared
to 2018 first-quarter total revenue of $506 million. Currency
translation had a 4 percent negative impact on the first-quarter total
revenue comparison.
Teradata reported 2019 first-quarter net loss of $(10) million under
U.S. Generally Accepted Accounting Principles (GAAP), or $(0.09) per
share, which compared to a net loss of $(7) million, or $(0.06) per
share, in the first quarter of 2018. Non-GAAP 2019 first-quarter net
income, which excludes stock-based compensation expense and other
special items, was $26 million, or $0.22 per diluted share, as compared
to $23 million, or $0.19 per diluted share in the first quarter of 2018(2).
“In the first quarter, Teradata continued its strong momentum, backed by
increasing demand for Teradata Vantage™, our game-changing platform that
is helping the world’s leading enterprises get the answers they need for
their toughest analytic challenges,” said Oliver Ratzesberger, President
and CEO, Teradata. “I am extremely proud of our people as they
accelerate the pace of transformation at Teradata and remain committed
to delivering long-term value to our customers and shareholders.”
Gross Margin
2019 first-quarter gross margin reported under GAAP was 47.9 percent
versus 44.1 percent for the first quarter of 2018. On a non-GAAP basis,
excluding stock-based compensation expense and other special items, 2019
first-quarter gross margin was 51.5 percent, versus 48.4 percent in the
prior-year period(2). Gross margin was higher year over year
due to a higher mix of recurring revenue as part of total revenue.
Operating Income
2019 first-quarter operating loss reported under GAAP was $(5) million
which compares to $(4) million in the first quarter of 2018. On a
non-GAAP basis, excluding stock-based compensation expense and other
special items, 2019 first-quarter operating income was $41 million
versus $35 million in the first quarter of 2018(2). The
increase in non-GAAP operating income was due to higher gross margins
and lower operating expenses compared to the prior-year period.
Income Taxes
Teradata’s 2019 first-quarter tax rate under GAAP was 0.0 percent
compared to 12.5 percent in the first quarter of 2018. Excluding special
items, Teradata’s non-GAAP 2019 first-quarter tax rate was 27.8 percent
versus 25.8 percent in the first quarter of 2018(2).
Cash Flow
During the first quarter of 2019, Teradata generated $49 million of cash
from operating activities compared to $184 million in the same period of
2018. During the quarter, Teradata used $16 million for capital
expenditures and additions to capitalized software development costs,
versus using $28 million in the first quarter of 2018. Teradata’s 2019
first-quarter free cash flow was $33 million, compared to $156 million
in the first quarter of 2018(3). The company used
approximately $29 million of cash in the first quarter of 2019 related
to reorganizing and restructuring its operations and go-to-market
functions to align to its strategy, reducing free cash flow.
Balance Sheet
Teradata ended the first quarter 2019 with $723 million in cash. During
the first quarter of 2019, Teradata repurchased 1.2 million shares of
the Company’s common stock for approximately $58 million. At the end of
the first quarter, Teradata had approximately $230 million of Board
authorization remaining for share repurchases.
As of March 31, 2019, the Company had total debt of $559 million,
including $59 million of outstanding finance lease obligations. There
were no funds drawn on the company’s $400 million revolving credit
facility as of March 31, 2019.
Guidance
For the full-year 2019, Teradata continues to expect 70 percent or more
of its bookings mix to be subscription-based, ARR to increase in the
range of 11 percent to 12 percent, and recurring revenue to increase
approximately 10 percent to 11 percent.
2019 perpetual revenue is expected to decline at the high end of its
prior guidance range of $150 million to $200 million versus 2018 due to
the faster than anticipated transition to subscription-based
transactions.
The realignment of the company’s consulting business to focus on
higher-margin consulting services within its target market of “megadata”
customers is progressing. Teradata now expects 2019 consulting revenue
to decline at the high end of its prior guidance range of 15 percent to
20 percent versus 2018.
Teradata expects 2019 full-year GAAP earnings per share to be in the
$0.43 to $0.53 range. On a non-GAAP basis, which excludes stock-based
compensation expense and other special items, earnings per share is
still expected to be in the $1.45 to $1.55 range(2).
Recurring revenue in the second quarter of 2019 is expected to be in the
$336 million to $340 million range.
GAAP earnings per share in the second quarter of 2019 is expected to be
in the $0.01 to $0.03 range. Non-GAAP earnings per share, excluding
stock-based compensation expense and other special items, in the second
quarter is expected to be in the $0.28 to $0.30 range(2).
Earnings Conference Call
A conference call is scheduled today at 2:00 p.m. PT to discuss the
Company’s 2019 first-quarter results. Access to the conference call, as
well as a replay of the conference call, is available on Teradata’s
website at investor.teradata.com.
Supplemental Financial Information
Additional information regarding Teradata’s operating results is
provided below as well as on Teradata’s website at investor.teradata.com.
| 1. |
The impact of currency is determined by calculating the |
||
| Revenue | |||||||||||||||||||
| (in millions) | |||||||||||||||||||
| For the Three Months ended March 31 | |||||||||||||||||||
| 2019 | 2018 |
% Change as |
% Change in |
||||||||||||||||
| Recurring revenue | $ | 331 | $ | 302 | 10 | % | 13 | % | |||||||||||
| Perpetual software licenses and hardware | 31 | 69 | (55 | %) | (54 | %) | |||||||||||||
| Consulting services | 106 | 135 | (21 | %) | (17 | %) | |||||||||||||
| Total revenue | $ | 468 | $ | 506 | (8 | %) | (4 | %) | |||||||||||
| Americas | $ | 269 | $ | 264 | 2 | % | 3 | % | |||||||||||
| EMEA | 113 | 149 | (24 | %) | (19 | %) | |||||||||||||
| APAC | 86 | 93 | (8 | %) | (3 | %) | |||||||||||||
| Total revenue | $ | 468 | $ | 506 | (8 | %) | (4 | %) | |||||||||||
| As of March 31 | |||||||||||||||||||
| 2019 | 2018 |
% Change as |
% Change in |
||||||||||||||||
| Annual recurring revenue (ARR)* | $ | 1,319 | $ | 1,206 | 9 | % | 12 | % | |||||||||||
|
* Annual recurring revenue is defined as the annual value at a point in time of all recurring contracts, including subscription, software upgrade rights, maintenance and managed services. |
|||
| 2. |
Teradata reports its results in accordance with GAAP. However, as described below, the Company believes that certain non-GAAP measures such as non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per diluted share, or EPS, all of which exclude certain items (as well as free cash flow) are useful for investors. Our non-GAAP measures are not meant to be considered in isolation or as substitutes for, or superior to, results determined in accordance with GAAP, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. |
||
|
The following tables reconcile Teradata’s actual and projected results and EPS under GAAP to the Company’s actual and projected non-GAAP results and EPS for the periods presented, which exclude certain specified items. Our management internally uses supplemental non-GAAP financial measures, such as gross profit, operating income, net income and EPS, excluding certain items, to understand, manage and evaluate our business and support operating decisions on a regular basis. The Company believes such non-GAAP financial measures (1) provide useful information to investors regarding the underlying business trends and performance of the Company’s ongoing operations, (2) are useful for period-over-period comparisons of such operations and results, that may be more easily compared to peer companies and allow investors a view of the Company’s operating results excluding stock-based compensation expense and special items, (3) provide useful information to management and investors regarding present and future business trends, and (4) provide consistency and comparability with past reports and projections of future results. |
|||
|
Teradata’s reconciliation of GAAP to non-GAAP results included in this release. |
|||
| For the | |||||||||||||||||
| Three Months | |||||||||||||||||
| (in millions, except per share data) | ended March 31 | ||||||||||||||||
| Gross Profit: | 2019 | 2018 | % Chg. | ||||||||||||||
| GAAP Gross Profit | $ | 224 | $ | 223 | 0 | % | |||||||||||
| % of Revenue | 47.9 | % | 44.1 | % | |||||||||||||
| Excluding: | |||||||||||||||||
| Stock-based compensation expense | 3 | 4 | |||||||||||||||
| Acquisition, integration, reorganization related, and other costs | 3 | 3 | |||||||||||||||
| Amortization of capitalized software | 11 | 15 | |||||||||||||||
| Non-GAAP Gross Profit | $ | 241 | $ | 245 | (2 | %) | |||||||||||
| % of Revenue | 51.5 | % | 48.4 | % | |||||||||||||
|
Operating (Loss) / Income |
|||||||||||||||||
| GAAP Operating Loss | $ | (5 | ) | $ | (4 | ) | (25 | %) | |||||||||
| % of Revenue | (1.1 | %) | (0.8 | %) | |||||||||||||
| Excluding: | |||||||||||||||||
| Stock-based compensation expense | 15 | 19 | |||||||||||||||
| Amortization of acquisition-related intangible assets | 2 | 2 | |||||||||||||||
| Acquisition, integration, reorganization related, and other costs | 18 | 3 | |||||||||||||||
| Amortization of capitalized software | 11 | 15 | |||||||||||||||
| Non-GAAP Operating Income | $ | 41 | $ | 35 | 17 | % | |||||||||||
| % of Revenue | 8.8 | % | 6.9 | % | |||||||||||||
| Net (Loss) / Income | |||||||||||||||||
| GAAP Net Loss | $ | (10 | ) | $ | (7 | ) | (43 | %) | |||||||||
| % of Revenue | (2.1 | %) | (1.4 | %) | |||||||||||||
| Excluding: | |||||||||||||||||
| Stock-based compensation expense | 15 | 19 | |||||||||||||||
| Amortization of acquisition-related intangible assets | 2 | 2 | |||||||||||||||
| Acquisition, integration, reorganization related, and other costs | 18 | 3 | |||||||||||||||
| Amortization of capitalized software | 11 | 15 | |||||||||||||||
| Income tax adjustments* | (10 | ) | (9 | ) | |||||||||||||
| Non-GAAP Net Income | $ | 26 | $ | 23 | 13 | % | |||||||||||
| % of Revenue | 5.6 | % | 4.5 | % | |||||||||||||
| For the Three Months | |||||||||||||||||||||||
| ended March 31 | |||||||||||||||||||||||
| Earnings Per Share: | 2019 | 2018 |
2019 Q2 |
2019 FY |
|||||||||||||||||||
| GAAP (Loss) Per Share | $ | (0.09 | ) | $ | (0.06 | ) | $ | 0.01 – $0.03 | $ | 0.43 – $0.53 | |||||||||||||
|
Excluding: |
|||||||||||||||||||||||
| Stock-based compensation expense | 0.13 | 0.16 | 0.18 | 0.68 | |||||||||||||||||||
| Amortization of acquisition-related intangible assets | 0.02 | 0.02 | 0.01 | 0.04 | |||||||||||||||||||
| Acquisition, integration, reorganization related, and other costs | 0.15 | 0.02 | 0.08 | 0.28 | |||||||||||||||||||
| Amortization of capitalized software | 0.09 | 0.12 | 0.08 | 0.28 | |||||||||||||||||||
| Income tax adjustments* | (0.09 | ) | (0.07 | ) | (0.08 | ) | (0.26 | ) | |||||||||||||||
| Impact of dilution** | 0.01 | – | – | – | |||||||||||||||||||
| Non-GAAP Diluted Earnings Per Share | $ | 0.22 | $ | 0.19 | $ | 0.28 – $0.30 | $ | 1.45 – $1.55 | |||||||||||||||
|
|
* |
Represents the income tax effect of the pre-tax adjustments to reconcile GAAP to Non-GAAP income based on the applicable jurisdictional statutory tax rate of the underlying item in addition to the tax impact for U.S. tax reform. Including the income tax effect assists investors in understanding the tax provision associated with those adjustments and the effective tax rate related to the underlying business and performance of the Company’s ongoing operations. As a result of these adjustments, the Company’s non-GAAP effective tax rate for the first quarter of 2019 was 27.8% and 25.8% in the first quarter of 2018. |
||
|
|
** |
Represents the impact to earnings per share as a result of moving from basic to diluted shares. |
||
| 3. |
As described below, the Company believes that free cash flow is a useful non-GAAP measure for investors. Teradata defines free cash flow as cash provided/used by operating activities less capital expenditures for property and equipment, and additions to capitalized software. Free cash flow does not have a uniform definition under GAAP and therefore, Teradata’s definition may differ from other companies’ definitions of this measure. Teradata’s management uses free cash flow to assess the financial performance of the Company and believes it is useful for investors because it relates the operating cash flow of the Company to the capital that is spent to continue and improve business operations. In particular, free cash flow indicates the amount of cash generated after capital expenditures for, among other things, investment in the Company’s existing businesses, strategic acquisitions, strengthening the Company’s balance sheet, repurchase of the Company’s stock and repayment of the Company’s debt obligations, if any. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other nondiscretionary expenditures that are not deducted from the measure. This non-GAAP measure is not meant to be considered in isolation, as a substitute for, or superior to, results determined in accordance with GAAP, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. |
||
| (in millions) | For the Three Months | ||||||||||||
| ended March 31 | |||||||||||||
| 2019 | 2018 | ||||||||||||
| Cash provided by operating activities (GAAP) | $ | 49 | $ | 184 | |||||||||
|
Less capital expenditures for: |
|||||||||||||
| Expenditures for property and equipment | (15 | ) | (26 | ) | |||||||||
| Additions to capitalized software | (1 | ) | (2 | ) | |||||||||
| Total capital expenditures | (16 | ) | (28 | ) | |||||||||
| Free Cash Flow (non-GAAP measure) | $ | 33 | $ | 156 | |||||||||
|
Teradata used $29 million of cash in the first quarter of 2019 related to reorganizing and restructuring its operations and its go-to-market functions to align to its strategy. |
|||
Note to Investors
This news release contains forward-looking statements within the meaning
of Section 21E of the Securities and Exchange Act of 1934.
Forward-looking statements generally relate to opinions, beliefs and
projections of expected future financial and operating performance,
business trends, and market conditions, among other things. These
forward-looking statements are based upon current expectations and
assumptions and involve risks and uncertainties that could cause actual
results to differ materially, including the factors discussed in this
release and those relating to: the global economic environment and
business conditions in general or on the ability of our suppliers to
meet their commitments to us, or the timing of purchases by our current
and potential customers; the rapidly changing and intensely competitive
nature of the information technology industry and the data analytics
business; fluctuations in our operating results, including as a result
of the pace and extent to which customers shift from perpetual to
subscription-based licenses; our ability to realize the anticipated
benefits of our business transformation program or other restructuring
and cost saving initiatives; risks inherent in operating in foreign
countries, including foreign currency fluctuations; risks associated
with data privacy, cyberattacks and maintaining secure and effective
internal information technology and control systems; the timely and
successful development, production or acquisition and market acceptance
of new and existing products and services; tax rates; turnover of
workforce and the ability to attract and retain skilled employees;
protecting our intellectual property; availability and successful
exploitation of new alliance and acquisition opportunities; recurring
revenue may decline or fail to be renewed; the impact on our business
and financial reporting from changes in accounting rules; and other
factors described from time to time in Teradata’s filings with the U.S.
Securities and Exchange Commission, including its annual report on Form
10-K and subsequent quarterly reports on Forms 10-Q, as well as the
Company’s annual report to stockholders. Teradata does not undertake any
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
About Teradata
Teradata transforms how businesses work and people live through the
power of data. Teradata leverages all of the data, all of the time, so
you can analyze anything, deploy anywhere, and deliver analytics that
matter. We call this pervasive data intelligence. And it’s the answer to
the complexity, cost, and inadequacy of today’s approach to analytics.
Get the answer at teradata.com.
Teradata and the Teradata logo are trademarks or registered trademarks
of Teradata Corporation and/or its affiliates in the U.S. and worldwide.
|
Schedule A |
||||||||||||||
| TERADATA CORPORATION | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF LOSS | ||||||||||||||
| (in millions, except per share amounts – unaudited) | ||||||||||||||
| For the Period Ended March 31 | ||||||||||||||
| Three Months | ||||||||||||||
| 2019 | 2018 | % Chg | ||||||||||||
| Revenue | ||||||||||||||
| Recurring | $ | 331 | $ | 302 | 10 | % | ||||||||
| Perpetual software licenses and hardware | 31 | 69 | (55 | %) | ||||||||||
| Consulting services | 106 | 135 | (21 | %) | ||||||||||
| Total revenue | 468 | 506 | (8 | %) | ||||||||||
| Gross profit | ||||||||||||||
| Recurring | 225 | 212 | ||||||||||||
| % of Revenue | 68.0 | % | 70.2 | % | ||||||||||
| Perpetual software licenses and hardware | 6 | 21 | ||||||||||||
| % of Revenue | 19.4 | % | 30.4 | % | ||||||||||
| Consulting services | (7 | ) | (10 | ) | ||||||||||
| % of Revenue | (6.6 | %) | (7.4 | %) | ||||||||||
| Total gross profit | 224 | 223 | ||||||||||||
| % of Revenue | 47.9 | % | 44.1 | % | ||||||||||
| Selling, general and administrative expenses | 151 | 152 | ||||||||||||
| Research and development expenses | 78 | 75 | ||||||||||||
| Loss from operations | (5 | ) | (4 | ) | ||||||||||
| % of Revenue | (1.1 | %) | (0.8 | %) | ||||||||||
| Other expense, net | (5 | ) | (4 | ) | ||||||||||
| Loss before income taxes | (10 | ) | (8 | ) | ||||||||||
| % of Revenue | (2.1 | %) | (1.6 | %) | ||||||||||
| Income tax benefit | – | (1 | ) | |||||||||||
| % Tax rate | – | 12.5 | % | |||||||||||
| Net loss | $ | (10 | ) | $ | (7 | ) | ||||||||
| % of Revenue | (2.1 | %) | (1.4 | %) | ||||||||||
| Net loss per common share | ||||||||||||||
| Basic | $ | (0.09 | ) | $ | (0.06 | ) | ||||||||
| Diluted | $ | (0.09 | ) | $ | (0.06 | ) | ||||||||
| Weighted average common shares outstanding | ||||||||||||||
| Basic | 117.1 | 121.4 | ||||||||||||
| Diluted | 117.1 | 121.4 | ||||||||||||
|
Schedule B |
||||||||||||||||
| TERADATA CORPORATION | ||||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||||
| (in millions – unaudited) | ||||||||||||||||
| March 31, | December 31, | March 31, | ||||||||||||||
| 2019 | 2018 | 2018 | ||||||||||||||
|
Assets |
||||||||||||||||
| Current assets | ||||||||||||||||
| Cash and cash equivalents | $ | 723 | $ | 715 | $ | 939 | ||||||||||
| Accounts receivable, net | 445 | 588 | 451 | |||||||||||||
| Inventories | 52 | 28 | 43 | |||||||||||||
| Other current assets | 82 | 97 | 97 | |||||||||||||
| Total current assets | 1,302 | 1,428 | 1,530 | |||||||||||||
| Property and equipment, net | 303 | 295 | 172 | |||||||||||||
| Capitalized software, net | 60 | 72 | 107 | |||||||||||||
| Right of use assets – operating lease, net | 60 | – | – | |||||||||||||
| Goodwill | 396 | 395 | 401 | |||||||||||||
| Acquired intangible assets, net | 14 | 16 | 21 | |||||||||||||
| Deferred income taxes | 66 | 67 | 58 | |||||||||||||
| Other assets | 85 | 87 | 66 | |||||||||||||
| Total assets | $ | 2,286 | $ | 2,360 | $ | 2,355 | ||||||||||
|
Liabilities and stockholders’ equity |
||||||||||||||||
| Current liabilities | ||||||||||||||||
| Current portion of long-term debt | $ | 25 | $ | 19 | $ | 68 | ||||||||||
| Current portion of finance lease liability | 21 | 17 | – | |||||||||||||
| Current portion of operating lease liability | 17 | – | – | |||||||||||||
| Accounts payable | 99 | 141 | 110 | |||||||||||||
| Payroll and benefits liabilities | 103 | 224 | 110 | |||||||||||||
| Deferred revenue | 569 | 490 | 532 | |||||||||||||
| Other current liabilities | 80 | 118 | 93 | |||||||||||||
| Total current liabilities | 914 | 1,009 | 913 | |||||||||||||
| Long-term debt | 472 | 478 | 456 | |||||||||||||
| Finance lease liability | 38 | 30 | – | |||||||||||||
| Operating lease liability | 48 | – | – | |||||||||||||
| Pension and other postemployment plan liabilities | 104 | 113 | 111 | |||||||||||||
| Long-term deferred revenue | 100 | 105 | 72 | |||||||||||||
| Deferred tax liabilities | 4 | 3 | 9 | |||||||||||||
| Other liabilities | 139 | 127 | 150 | |||||||||||||
| Total liabilities | 1,819 | 1,865 | 1,711 | |||||||||||||
| Stockholders’ equity | ||||||||||||||||
| Common stock | 1 | 1 | 1 | |||||||||||||
| Paid-in capital | 1,466 | 1,418 | 1,350 | |||||||||||||
| Accumulated deficit | (891 | ) | (823 | ) | (637 | ) | ||||||||||
| Accumulated other comprehensive loss | (109 | ) | (101 | ) | (70 | ) | ||||||||||
| Total stockholders’ equity | 467 | 495 | 644 | |||||||||||||
| Total liabilities and stockholders’ equity | $ | 2,286 | $ | 2,360 | $ | 2,355 | ||||||||||
|
Schedule C |
||||||||||
| TERADATA CORPORATION | ||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
| (in millions – unaudited) | ||||||||||
| For the Period Ended March 31 | ||||||||||
| Three Months | ||||||||||
| 2019 | 2018 | |||||||||
| Operating activities | ||||||||||
| Net loss | $ | (10 | ) | $ | (7 | ) | ||||
| Adjustments to reconcile net loss to net cash provided | ||||||||||
| by operating activities: | ||||||||||
| Depreciation and amortization | 37 | 34 | ||||||||
| Stock-based compensation expense | 15 | 19 | ||||||||
| Deferred income taxes | 2 | (5 | ) | |||||||
| Changes in assets and liabilities: | ||||||||||
| Receivables | 143 | 83 | ||||||||
| Inventories | (24 | ) | (13 | ) | ||||||
| Current payables and accrued expenses | (171 | ) | (27 | ) | ||||||
| Deferred revenue | 74 | 124 | ||||||||
| Other assets and liabilities | (17 | ) | (24 | ) | ||||||
| Net cash provided by operating activities | 49 | 184 | ||||||||
| Investing activities | ||||||||||
| Expenditures for property and equipment | (15 | ) | (26 | ) | ||||||
| Additions to capitalized software | (1 | ) | (2 | ) | ||||||
| Net cash used in investing activities | (16 | ) | (28 | ) | ||||||
| Financing activities | ||||||||||
| Repurchases of common stock | (56 | ) | (60 | ) | ||||||
| Repayments of long-term borrowings | – | (15 | ) | |||||||
| Repayments of credit facility borrowings | – | (240 | ) | |||||||
| Payments of finance leases | (3 | ) | – | |||||||
| Other financing activities, net | 33 | 10 | ||||||||
| Net cash used in financing activities | (26 | ) | (305 | ) | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 1 | – | ||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 8 | (149 | ) | |||||||
| Cash, cash equivalents and restricted cash at beginning of period | 716 | 1,089 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 724 | $ | 940 | ||||||
| Supplemental cash flow disclosure: | ||||||||||
| Non-cash investing and financing activities: | ||||||||||
| Assets acquired by finance leases | $ | 15 | $ | – | ||||||
| Assets acquired by operating leases | $ | 3 | $ | – | ||||||
|
Schedule D |
|||||||||||||||||||
| TERADATA CORPORATION | |||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
| (in millions – unaudited) | |||||||||||||||||||
| For the Three Months Ended March 31 | |||||||||||||||||||
| 2019 | 2018 |
% Change |
% Change |
||||||||||||||||
| Segment Revenue | |||||||||||||||||||
| Americas | $ | 269 | $ | 264 | 2 | % | 3 | % | |||||||||||
| EMEA | 113 | 149 | (24 | %) | (19 | %) | |||||||||||||
| APAC | 86 | 93 | (8 | %) | (3 | %) | |||||||||||||
| Total segment revenue | 468 | 506 | (8 | %) | (4 | %) | |||||||||||||
| Segment gross profit | |||||||||||||||||||
| Americas | 157 | 147 | |||||||||||||||||
| % of Revenue | 58.4 | % | 55.7 | % | |||||||||||||||
| EMEA | 50 | 63 | |||||||||||||||||
| % of Revenue | 44.2 | % | 42.3 | % | |||||||||||||||
| APAC | 34 | 35 | |||||||||||||||||
| % of Revenue | 39.5 | % | 37.6 | % | |||||||||||||||
| Total segment gross profit | 241 | 245 | |||||||||||||||||
| % of Revenue | 51.5 | % | 48.4 | % | |||||||||||||||
| Reconciling items(1) | (17 | ) | (22 | ) | |||||||||||||||
| Total gross profit | $ | 224 | $ | 223 | |||||||||||||||
| % of Revenue | 47.9 | % | 44.1 | % | |||||||||||||||
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(1) |
Reconciling items include stock-based compensation, capitalized |
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(2) |
The impact of currency is determined by calculating the prior |
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Contacts
INVESTOR CONTACT
Gregg Swearingen
937-242-4600 office
[email protected]
MEDIA CONTACT
Jennifer Donahue
858-485-3029 office
[email protected]
