Teradata (NYSE: TDC) today announced its fourth-quarter and full-year 2021 financial results. Invest better with The Motley Fool. Making the world smarter, happier, and richer. Teradata Reports Third Quarter 2021 Financial Results BP, ADNOC Offer to Buy Half of Israel's NewMed Energy. Non-GAAP diluted EPS is expected to be in the range of $1.82 to $1.92. The company faced an activist investor in 2021 who wanted to replace the board and push for higher growth rates, and there were rumors it was pursuing a sale amid the pressure. 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. After going public in 2018, the company's growth has stagnated in recent years, and its software would likely grow faster as part of a larger platform, several analysts have said. Access to the conference call, as well as a replay of the conference call, is available on Teradatas website at investor.teradata.com. 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. Fellow workers are not helpful, and the environment is not a collaborative, innovative, team oriented environment. Internet Explorer presents a security risk. Teradata now has a total of approximately $1.3 billion authorized for share repurchases under this program. For GAAP purposes, this is a component of the marginal rate and is recognized as tax benefit or expense based on the Companys reported GAAP pre-tax income or loss for the quarter. Teradata Vantage is a legacy system used by many large organizations and corporates for storing data and providing it to end users. Your privacy is important. Non-GAAP diluted EPS is expected to be in the range of $0.63 to $0.67. 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. 3. 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. 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. Teradata Stock: Snowflake On A Budget? - Forbes What it does: Teradata makes software for cloud databases and analytics. ARR does not include managed services and third-party software. Reaffirms Fiscal 2021 Financial Outlook. Why it's an acquisition target: The space Sumo Logic operates in is competitive, so despite the company being in a good position to accelerate growth, it could benefit from joining forces with a larger player, RBC analysts wrote. If the company is not able to execute its new strategy, it might make sense for the board to explore a sale to a larger firm, the analysts wrote. However, they think the overall market for IT-service management will consolidate over time, and N-Able is one company that a private-equity firm could acquire as part of that trend. Teradata customers express terror as field-based hardware support As for the outsourcing agreement, the contract will likely reside within IBM Global Services, the part of the organisation that is being spun out into a separately listed public entity known as Kyndryl. What happened was that foreign hackers, who some top US officials believe are from Russia, were able to use the hack to spy on private companies like the elite cybersecurity firm FireEye and the upper echelons of the US government, including the Department of Homeland Security and the Treasury Department. The workplace culture is toxic at Teradata, with the leadership team and HR unsupportive when issues arise. In 2018, TDC removed $66 million (42% of non-GAAP net income) in stock-based compensation. The Companys full-year 2020 GAAP marginal effective tax rate included $3 million of tax expense related to tax contingencies pursuant to FIN 48. Why it's an acquisition target: Nutanix operates in the hybrid-cloud space and is making its own transition from a licensing model to a software-subscription model. Over the course of the last year, we have embarked on a journey to cloud-first and today, we are a new, reimagined Teradata a profitable growth company with the right strategy, technology and team to win in a large and growing market, said Steve McMillan, Teradata President and CEO. The Companys GAAP effective tax rate for the three and twelve months ended December 31, 2020, includes a net $9 million income tax benefit resulting from the CARES Act of 2020, which allows US corporations a one-time opportunity to claim income tax refunds by allowing a 5-year net operating loss (NOL) carryback for taxable losses incurred in the tax year 2020. 10131 0 obj <>stream Why it's an acquisition target: N-Able has a large market opportunity in the managed-service provider space for small- to medium-sized businesses, RBC analysts wrote. Continuing the good news, CEO Steve McMillan predicted that "the strength of our performance in 2021 is matched by our conviction to continue accelerating in 2022." Teradata Reports First Quarter 2021 Financial Results Why it's an acquisition target: Companies like Yelp, Ticketmaster, Stripe, and Github use Fastly's technology. 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. ARR does not include managed services and third-party software. 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. The Company believes this is a useful metric to investors as it demonstrates progress toward achieving our strategic objectives as outlined in the Form 10-K and Form 10-Q. The following table reconciles Teradatas projected cash provided by operating activities under GAAP to projected free cash flow for fiscal 2021. CONDENSED CONSOLIDATED STATEMENTS OF INCOME, (in millions, except per share amounts - unaudited), CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS. MEDIA CONTACT "It's like you've got a team that looks after space rockets and a team that looks after Formula One cars. analysts and experts expect to see more consolidation, Adobe executives announced the company is acquiring the beloved design startup Figma, its stock has fallen back to pre-2020 levels, were rumors it was pursuing a sale amid the pressure, investment from the private-equity firm KKR. They said it could be acquired by a private-equity firm or another cloud vendor. "We could see GOOGL as a potential acquirer of FSLY in order to bring edge cloud together with GOOGL's GCP central cloud," they wrote. What it does: Duck Creek Technologies makes cloud software for property-and-casualty-insurance companies. 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 . "We still believe edge computing is a real opportunity and that FSLY has good technology, which could be attractive to an acquirer," RBC analysts wrote. Teradata Market Cap: $3.2 billion What it does: Teradata makes software for cloud databases and analytics. Aug 23, 2021 4 min read IBM Takes Over Teradata Updated: Sep 16, 2022 The Teradata announcement of outsourcing maintenance agreements to IBM shocked the Teradata community. Who could acquire it: Another cloud or software company. 16 Cloud-Software Firms That Are M&A Targets: RBC Analysts 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. What it does: Nutanix makes IT-infrastructure hardware and is currently transitioning from licensing to a software-subscription model. All of which positions us to achieve over $1 billion in Cloud ARR(1) and approximately $550 million in free cash flow(2) in fiscal 2025 and deliver significant long-term value to our shareholders.. Access to the conference call, as well as a replay of the conference call, is available on Teradatas website at investor.teradata.com. The Company believes this is a useful metric to investors as it demonstrates progress toward achieving our strategic objectives as outlined in the Form 10-K and Form 10-Q. We delivered strong results, driving more than 90% growth in public cloud ARR and significantly growing new cloud customers. Read Full Review 5.0 Feb 2, 2023 Review Source: Product: Teradata Vantage Perspective by experience. RBC analysts said joining forces with a larger cloud company would help it grow faster than it's able to alone and could make it a real competitor to MongoDB. We delivered strong results, driving more than 90% growth in public cloud ARR and significantly growing new cloud customers. 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. Free cash flow does not have a uniform definition under GAAP and, therefore, Teradatas definition may differ from other companies definitions of this measure. Download this Press Release. The firm also acquired Anaplan, a business-planning-software company, for $10.7 billion in June. This was offset by $1 million of tax expense related to withholding taxes associated with the same intra-entity transfer recorded in the second quarter of 2020. 17095 Via Del Campo "Anything sub-$10 billion is more feasible for strategics in this environment," he told Insider. Free cash flow is expected to be approximately $400 million. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Teradata Highlights its New Strategy and Plan to Deliver Sustainable In the note, RBC analysts added that private-equity deals are more likely to be all-cash, given that debt is becoming harder to raise. 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. Why it's an acquisition target: Couchbase went public in 2021 and has since been pivoting to offer a fully cloud-hosted database. endstream endobj 10088 0 obj <>/Metadata 138 0 R/Outlines 150 0 R/Pages 10083 0 R/StructTreeRoot 167 0 R/Type/Catalog>> endobj 10089 0 obj <>/ExtGState<>/Font<>/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 10090 0 obj <>stream 2023 Phase one of GMH, in Gulf of Guinea's Punta Europa, started delivering gas in February 2021. 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. Learn more at Teradata.com. Teradata "layoff" Reviews | Glassdoor 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. GAAP diluted EPS is expected to be in the range of $0.75 to $0.85. 2. The one-time tax benefit for this intra-entity asset transfer of $157 million was recorded as a deferred tax asset for GAAP reporting purposes in the first quarter of 2020 but was excluded from Non-GAAP results. Additional information regarding Teradatas operating results is provided below as well as on Teradatas website at investor.teradata.com. jennifer.donahue@teradata.com. Fri 9 Jul 2021 // 10:45 UTC Teradata is outsourcing field-based support on both sides of the pond to IBM, much to the alarm of some customers who fear a loss of knowledge in keeping its trusted on-prem systems up and running. 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. The Companys GAAP effective tax rate for the three and twelve months ended December 31, 2020, includes a net $9 million income tax benefit resulting from the CARES Act of 2020, which allows US corporations a one-time opportunity to claim income tax refunds by allowing a 5-year net operating loss (NOL) carryback for taxable losses incurred in the tax year 2020. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Perpetual software licenses, hardware and other, Selling, general and administrative expenses, Right of use assets - operating lease, net, Current portion of finance lease liability, Current portion of operating lease liability, Pension and other postemployment plan liabilities. https://www.businesswire.com/news/home/20220204005518/en/, INVESTOR CONTACT 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. ARR does not include managed services and third-party software. A person who asked to remain anonymous pointed out that while systems architects were trying to convince businesses to make the shift to the cloud, users of Teradata systems business analysts who use data to inform important company decisions were less keen. But many customers are keen to keep on-prem systems up and running for the time being, one source told us, as they weigh up their options for moving to the cloud with Teradata or another cloud system. hX[o+|LP}"/MbNi -- Teradata (NYSE: TDC ) today announced its fourth-quarter and full- year 2021 financial results. "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. 2021 was an impressive year for Teradata. And just last month, Adobe executives announced the company is acquiring the beloved design startup Figma for $20 billion. Teradata Highlights its New Strategy and Plan to Deliver Sustainable PDF Teradata Reports Fourth-Quarter and Full-Year 2021 Financial Results ET, after the data management specialist reported fourth-quarter 2021 earnings last night -- and beat analyst predictions with a stick. Our non-GAAP measures are not meant to be considered in isolation to, 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. What it does: Qualys is a cybersecurity company and makes software for cloud security, compliance, and vulnerability-management solutions. 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. This release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934. Free cash flow is expected to be approximately $400 million. On the strategic-M&A side, the chip giant Broadcom made a deal to acquire VMware for a whopping $61 billion back in May. INVESTOR CONTACT Teradata reports its results in accordance with GAAP. "We think the company has made good progress on its cloud transition, and as such, it could represent an interesting acquisition candidate for a large vendor or PE shop that wants to get deeper into cloud analytics," RBC analysts wrote. CONDENSED CONSOLIDATED STATEMENTS OF INCOME, (in millions, except per share amounts - unaudited), CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS. The Company believes this is a useful metric to investors as it demonstrates progress toward achieving our strategic objectives as outlined in the Form 10-K and Form 10-Q. 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. "This is the entire on-premises estate for Teradata," said a senior source close to the company. Total ARR is expected to grow at a mid-to-high-single-digit percentage year-over-year. "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.
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