We delivered strong results, driving more than 90% growth in public cloud ARR and significantly growing new cloud customers. This non-GAAP measure is not meant to be considered in isolation to, 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. *Average returns of all recommendations since inception. Teradata Highlights its New Strategy and Plan to Deliver Sustainable Growth and Value Creation Presents Long-Term Financial Growth Targets, Including More Than $1 Billion in Cloud Annual. In addition, for the non-GAAP operating margin target for fiscal 2025, Teradata is not providing a reconciliation to the most comparable GAAP measure (GAAP operating margin target for fiscal 2025) as non-GAAP adjustments relate to events that have not yet occurred and would be unreasonably burdensome to forecast. On November 1, 2021, Teradata's Board of Directors authorized an additional $1 billion to be utilized to repurchase Teradata common stock under its open market share repurchase program.. Why it's an acquisition target: RBC and other analysts have seen Dropbox as a potential acquisition target for a while. However, as described below, the Company believes that certain non-GAAP measures such as non-GAAP earnings per diluted share, or EPS, and non-GAAP operating margin, which exclude certain items (as well as free cash flow) are useful for investors. As described below, the Company believes that free cash flow is a useful non-GAAP measure for investors. That's what sets it apart from more traditional database companies like Oracle. Why it's an acquisition target: Couchbase went public in 2021 and has since been pivoting to offer a fully cloud-hosted database. Teradata has acquired in 4 different US states, and 4 countries. "Over the course of the last year, we have embarked on a journey to cloud-first and today . You can sign up for additional subscriptions at any time. SAN DIEGO-- (BUSINESS WIRE)-- Teradata (NYSE: TDC) today announced its fourth-quarter and full-year 2021 financial results. Overall, Teradata expects public cloud ARR to increase by at least 165% year-over-year in Q1 2021 and expects to at least double ARR year-over-year for 2021. Jennifer Donahue GAAP diluted EPS is expected to be in the range of $0.35 to $0.39. In addition, the Company recorded a $2 million discrete tax benefit in the third quarter of 2021 for GAAP purposes resulting from a provision to return true up to the Companys net operating loss upon completion of its 2020 US federal income tax return and its NOL carryback claim afforded by the CARES Act of 2020. Why it's an acquisition target: In 2020, SolarWinds faced a cyberattack that spread to its clients and wreaked havoc on the company. GAAP diluted EPS is expected to be in the range of $0.35 to $0.39. 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), and which may be reported on a constant currency basis, are useful for investors. Salesforce could be an interesting buyer, especially because it already has Slack. Access to the conference call, as well as a replay of the conference call, is available on Teradatas website at investor.teradata.com. To more accurately reflect the impact of the expense on a quarterly basis for non-GAAP purposes, the $3 million of tax expense was recognized ratably each quarter in 2020 instead of being included in the marginal effective rate. "2021 was an impressive year for Teradata. Teradata Market Cap: $3.2 billion What it does: Teradata makes software for cloud databases and analytics. Teradata is dedicated to helping enterprise businesses around the globe use data analytics to tackle the problems they face every day. "This could make even more sense if the market consolidates up to the platform level," the analysts wrote. Public cloud ARR increased by $79 million, or 176% from the prior year period, exceeding the outlook of at least 165% year-over-year (1) First-quarter recurring revenue of $372 million, an increase of 20% from the prior year period. Teradatas 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. Free cash flow does not have a uniform definition under GAAP and, therefore, Teradatas definition may differ from other companies definitions of this measure. "We think Splunk is too good a business/asset to trade where it is and believe the work undergone from a product and go-to-market perspective, along with a new CEO should position the company as a good investment going forward with good execution," RBC analysts wrote. ET, after the data management specialist reported fourth-quarter 2021 earnings last night -- and beat analyst predictions with a stick. Learn more at Teradata.com. "In other words, we believe larger scale debt-financed private-equity takeouts could be unlikely in the near-term," RBC analysts wrote. The firm also acquired Anaplan, a business-planning-software company, for $10.7 billion in June. Why it's an acquisition target: Teradata has. This includes machine upgrade and machine migration, as well as software support, such as upgrades or specific patches. ARR does not include managed services and third-party software. 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. We delivered strong results, driving more than 90% growth in public cloud ARR and significantly growing new cloud customers. "It would not surprise us to see interest from private equity, especially after the significant slowdown in growth," RBC analysts wrote. The company started as a file-sharing service and has since added capabilities like document collaboration and e-signatures. This is an increase from at least 70% growth year-over-year, which was previously communicated at Teradatas Investor Day in September 2021. For the twelve months ended December 31, the Companys non-GAAP effective tax rate was 22.4% for 2021 and 23.2% for 2020. The Kings' desire for an experienced starting goaltender was evident when they acquired Korpisalo, as they had hoped for similar success from Cal Petersen, who they signed to a three-year, $15-million contract extension in September 2021. What it does: Splunk makes software for IT professionals that sift through and analyze enormous amounts of performance and system data in their networks. ARR does not include managed services and third-party software. What it does: Fastly makes content-delivery network, or CDN, software, which helps websites and applications load faster. It seems the deal may be multi-territory as The Register has seen documents indicating IBM is answering tickets on behalf of Teradata in Europe. 1. May 6, 2021. To make the world smarter, happier, and richer. GAAP profits for the quarter were only $0.29 per share -- not $0.57. Teradata filed a carry back of its 2020 NOL to claim a refund for taxes it paid in 2015, which created a one-time income tax benefit for GAAP reporting purposes for the difference between the 2015 federal statutory tax rate of 35% and the current federal statutory rate of 21%. Now there are several other companies that are likely takeover targets for either a tech giant or a private-equity firm, RBC analysts said in a recent note to clients. Teradata (TDC 0.36%) stock surged in morning trading today, up 24.2% as of 10:50 a.m. Our enterprise analytics solve business challenges from start to scale. More than $1 billion in Cloud ARR, representing over 50% in total ARR in fiscal 2025, Approximately $550 million free cash flow in fiscal 2025, Low 20% non-GAAP operating margin in fiscal 2025, Implementing a returns-based capital return program of at least 50% of free cash flow annually through fiscal 2025, At least 70% growth in Cloud ARR year-over-year, Non-GAAP diluted net earnings per share in the range of $1.60 to $1.70, Free cash flow of approximately $400 million, Public cloud ARR is expected to increase by at least 100% year-over-year, Total ARR is expected to grow at a mid-to-high-single-digit percentage year-over-year. "Anything sub-$10 billion is more feasible for strategics in this environment," he told Insider. 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. For estimates of free cash flow for fiscal 2022 and fiscal 2025, Teradata is not providing a reconciliation to the most comparable GAAP measure (cash provided by operating activities estimate) as non-GAAP adjustments relate to events that have not yet occurred and would be unreasonably burdensome to forecast. Why it's an acquisition target: Zoom saw huge growth during the early days of the pandemic due to the sudden shift to remote work, but since the beginning of this year, its stock has fallen back to pre-2020 levels. Teradata has made 12 acquisitions 0. Moving to the cloud would be a "massive disruption.". 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 Companys ongoing operations. "A larger strategic vendor could deploy more capital than Couchbase could as an independent vendor to target a large and growing opportunity similar to MDB," RBC analysts wrote. GAAP diluted EPS is expected to be in the range of $0.75 to $0.85. The Company believes such non-GAAP financial measures (1) provide useful information to investors regarding the underlying business trends and performance of the Companys 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 Companys 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. They also note that Microsoft and Google sell their content-management tools as part of a larger suite while Dropbox doesn't have a full-fledged sales team focused on enterprise customers. Annual recurring revenue (ARR) is defined as the annual value at a point in time of all recurring contracts, including subscription, cloud, software upgrade rights, and maintenance. christopher.lee@teradata.com "We would note M&A activity has remained elevated in security.". Teradata Reports First Quarter 2021 Financial Results. Why it's an acquisition target: Qualys has a portfolio of software tools for cloud security, which makes it an interesting target for any company looking to get into that space, RBC analysts said. Free cash flow does not have a uniform definition under GAAP and, therefore, Teradatas definition may differ from other companies definitions of this measure. Teradata reports its results in accordance with GAAP. "While CEO and founder Eric Yuan may be hesitant to sell, we still think the right acquirer may make sense given the history with CSCO's acquisition of Webex.". The global data warehouse stalwart made its name with tightly integrated software and hardware systems sold as analytics "appliances", but in the last two years has shifted focus to its cloud platform following fierce competition from so-called cloud-native rivals including Snowflake, AWS, Microsoft, and Google. Several deals have already made waves. "Additionally, we do believe a large back-office vendor could get interested, though we see this as less likely given SAP, Workday, and Oracle all have competing solutions.". For the twelve months ended December 31, the Companys non-GAAP effective tax rate was 22.4% for 2021 and 23.2% for 2020. Annual recurring revenue (ARR) is defined as the annual value at a point in time of all recurring contracts, including subscription, cloud, software upgrade rights, and maintenance. What it does: Couchbase is an open-source cloud-based noSQL database, which means it can handle data that's not in a traditional SQL format. 2021 was an impressive year for Teradata. While the company is doing well financially, it's still in recovery mode from the incident. Who could acquire it: Private equity. "Given intense competition, we believe the company could benefit from additional scale and could be an interesting asset to a bigger platform vendor that could spend more than Sumo could as an independent company," the analysts wrote. We delivered strong results, driving more than 90% growth in public cloud ARR and significantly growing new cloud customers. Teradata today provided financial targets through fiscal 2025, including: For fiscal 2022, the company preliminarily estimates: Non-GAAP diluted net earnings per share in fiscal 2022 is expected to be impacted primarily by upfront recurring revenue recognized in fiscal 2021. * 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. The Teradata logo is a trademark, and Teradata is a registered trademark of Teradata Corporation and/or its affiliates in the U.S. and worldwide. About Teradata
The Company believes such non-GAAP financial measures (1) provide useful information to investors regarding the underlying business trends and performance of the Companys 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 Companys 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. The space is "crowded," RBC analysts wrote in a note, and "over time, could benefit from consolidation with adjacent collaboration solutions.". 3. He's not sure any company would be able to get a Slack-sized deal done in the current economic climate aside from, perhaps, Microsoft. These forward-looking statements are based upon current expectations and assumptions and often can be identified by words such as expect, strive, looking ahead, outlook, guidance, forecast, anticipate, continue, plan, estimate, believe, will, would, likely, intend, potential, or similar expressions. %PDF-1.6
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We continue to demonstrate our commitment to deliver shareholder value through disciplined capital allocation, including our intention to enter into a $250 million accelerated share repurchase program in the first quarter, enabled by our strong balance sheet and projections of cash flow generation., Fourth-Quarter 2021 Financial Highlights Compared to Fourth-Quarter 2020, Full-Year 2021 Financial Highlights Compared to Full Year 2020. 10131 0 obj
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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 is an increase from the range of $1.60 to $1.70, which was previously communicated at Teradatas Investor Day in September 2021. Teradata ( TDC 0.05%) stock surged in morning trading today, up 24.2% as of 10:50 a.m. Teradatas 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. That would make it an interesting candidate for a private-equity firm who wants to invest in cloud-data analytics, they wrote. "Even when we outsource elements of the hardware support to reliable third parties, Teradata maintains the overall relationship with the customer and I can confirm that we continue to have hardware support expertise within the company for our on-premises customers.". This release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934. 858-485-2523 office Recurring revenue is expected to grow at a low-to-mid-single-digit percentage year-over-year. Teradata's systems are highly engineered and while replacing a power supply or a disk drive should be a simple process, if something more serious fails "it can be catastrophic," our source said. Why it's an acquisition target: Companies like Yelp, Ticketmaster, Stripe, and Github use Fastly's technology. As described below, the Company believes that free cash flow is a useful non-GAAP measure for investors. February 2, 2021 He Couldn't Beat Teradata. Fellow workers are not helpful, and the environment is not a collaborative, innovative, team oriented environment. Now He's Its CEO Alex Woodie When Steve McMillan worked in IBM Global Services, he oversaw the outsourcing of nearly every major piece of a large global financial services firm's IT stack with Big Blue products. Forward-looking statements generally relate to opinions, beliefs, and projections of expected future financial and operating performance, business trends, liquidity, and market conditions, among other things. RBC analysts wrote that New Relic has long been an acquisition target and that going public would be beneficial for the business in the long-term. However, RBC analysts note that an acquisition would be difficult given some of the company's bylaws and shareholder agreements. While its growth has made it less of an acquisition target, RBC analysts wrote that any "misstep" would make it an attractive candidate for a private-equity firm to acquire. We look forward to delivering ongoing innovation for our customers, maintaining our ethos of strong corporate citizenship, and driving profitable growth and long-term value creation for our shareholders., Teradata is raising its 2022 outlook for public cloud ARR and EPS, as well as increasing the return of capital to shareholders, said Claire Bramley, Chief Financial Officer, Teradata. What it does: Zoom makes video-conferencing tools, including video chat, cloud-phone services, and video software for conference rooms. What it does: Sumo Logic makes cloud-based data-analytics software that helps companies monitor and analyze how their employees and customers are accessing data and processes in the cloud. We delivered strong results, driving more than 90% growth in public cloud ARR and significantly growing new cloud customers. Heading into last night's report, analysts had forecast that Teradata would earn an adjusted profit of $0.27 per share on sales of $478.6 million. In 2018, TDC removed $66 million (42% of non-GAAP net income) in stock-based compensation. Free cash flow is expected to be approximately $400 million. The Company believes such non-GAAP financial measures (1) provide useful information to investors regarding the underlying business trends and performance of the Companys 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 Companys 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. 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; 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 the ongoing and uncertain impact of the COVID-19 pandemic on our business, financial condition and operating results, including the impact of the COVID-19 pandemic on our customers and suppliers; 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, availability and/or market acceptance of new and existing products, product features and services; tax rates; turnover of workforce and the ability to attract and retain skilled employees; protecting our intellectual property; the availability and successful exploitation of new alliance and acquisition opportunities; subscription arrangements may be cancelled 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 Teradatas filings with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2020 and subsequent quarterly reports on Forms 10-Q, as well as the Companys annual report to stockholders. Learn More. And its pro forma number was roughly twice its predicted pro forma profit of $0.25 to $0.29 for the quarter. The following tables reconcile Teradatas actual and projected results and EPS under GAAP to the Companys actual and projected non-GAAP results and EPS for the periods presented, which exclude certain specified items. The attack went undetected for months, according to a Reuters report. jennifer.donahue@teradata.com. "Now Teradata has decided to sell the problem to IBM," added one of the insiders. The Company's most targeted sectors include information technology (40%) and software (34%). Non-GAAP diluted EPS is expected to be in the range of $1.82 to $1.92. All rights reserved 19982023, Funny way to describe a company that makes toilet cleaner, ChatGPT is just the beginning: CISOs need to prepare for the next wave of AI-powered attacks, Reworked use of object storage changes footing with competitors but will need to convince devs, Calls time on interactions and services with customers, including state-owned bank Sberbank, Perpetual software and hardware licenses dive in Q4, consultancy withers on vine, State-owned Sberbank's software contracts under scrutiny, Teradata also sees wings clipped in ongoing battle with German ERP giant, On-prem systems hold advantages in terms of known costs, say insiders, Amazon Web Services (AWS) Business Transformation, Can Teradata avoid being grounded by on-prem legacy? In the private-equity space, various firms have been acquiring both public- and private-software companies. "We wonder if Dropbox would be better off as part of a larger technology platform, given we believe content management could be more valuable once integrated and cross-sold with other collaboration solutions," RBC analysts wrote. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including 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; our ability to execute and 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 the ongoing and uncertain impact of the COVID-19 pandemic on our business, financial condition and operating results and on our customers and suppliers; risks associated with data privacy, cyberattacks and maintaining secure and effective products for our customers, as well as, internal information technology and control systems; the timely and successful development, production or acquisition, availability and/or market acceptance of new and existing products, product features and services; tax rates; turnover of our workforce and the ability to attract and retain skilled employees; protecting our intellectual property; availability and successful execution of new alliance and acquisition opportunities; subscription arrangements that may be cancelled 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 Teradatas filings with the U.S. Securities and Exchange Commission, including its most recent annual report on Form 10-K, and subsequent quarterly reports on Forms 10-Q or current reports on Forms 8-K, as well as Teradatas annual report to stockholders. Why it's an acquisition target: Duck Creek Technologies has seen slowing growth in recent quarters, likely due to increased competition from smaller companies, RBC analysts said. For the first quarter of fiscal 2021, Teradata currently expects to exceed its guidance provided on February 4, 2021 for GAAP earnings per diluted share, Non-GAAP earnings per diluted share, and public . Each of our non-GAAP measures do not have a uniform definition under GAAP and therefore, Teradatas definition may differ from other companies definitions of these measures. Who could acquire it: Another cloud or software company, or private equity. Jana Partners is also the activist firm that pushed Zendesk to be acquired by a group of private equity firms led by Hellman & Friedman and Permira. You must click the link in the email to activate your subscription. Invest better with The Motley Fool. SAN DIEGO--(BUSINESS WIRE)--
Forward-looking statements in this release include our 2022 first quarter and full year financial guidance and share repurchase plans. Non-GAAP diluted EPS is expected to be in the range of $0.63 to $0.67. I am proud of our team's steadfast focus on execution and operational excellence that enabled us to meet or beat every element of our The Companys full-year 2020 GAAP marginal effective tax rate included $3 million of tax expense related to tax contingencies pursuant to FIN 48. That gives the company an interesting view on how quickly companies are transitioning to the cloud, which would make it a valuable acquisition for a large IT company, RBC analysts said. Note to Investors
The Companys GAAP effective tax rate for the twelve months ended December 31, 2020, includes $156 million of discrete tax benefit related to an intra-entity asset transfer of certain of its intellectual property to one of its Irish subsidiaries, which occurred on January 1, 2020. After submitting your information, you will receive an email. CONDENSED CONSOLIDATED STATEMENTS OF INCOME, (in millions, except per share amounts - unaudited), CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS. Teradata Highlights its New Strategy and Plan to Deliver Sustainable Growth and Value Creation September 9, 2021 Presents Long-Term Financial Growth Targets, Including More Than $1 Billion in Cloud Annual Recurring Revenue (ARR) and Approximately $550 Million in Free Cash Flow in Fiscal 2025 Reaffirms Fiscal 2021 Financial Outlook "If you don't give them something that's at least as good with a low disruption to make the transition, then just forget it," our source said. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Given that, it would make sense for a larger company to look into acquiring Zoom. For the year, Teradata grew its sales 4% to $1.9 billion (but with 12% growth in recurring revenue), added 640 basis points to its gross margin (now 61.9%), and reported $1.30 per share -- GAAP -- on the bottom line. This non-GAAP measure is not meant to be considered in isolation to, 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. As a result of these adjustments, the Companys non-GAAP effective tax rate for the three months ended December 31, 2021 was 21% and December 31, 2020 was 26.3%. Total revenue is expected to be flat-to-low-single-digit percentage growth year-over-year. This release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934. The Motley Fool has a disclosure policy.
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