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Teradata Reports Second Quarter 2023 Financial Results

  • Public cloud ARR of $414 million, an increase of 77% as reported and 76% in constant currency from the prior year period(1)
  • Total ARR of $1.523 billion, an increase of 10% as reported and 9% in constant currency from the prior year period(1)
  • Second quarter total revenue of $462 million, an increase of 7% as reported and 10% in constant currency from the prior year period(1)
  • Second quarter recurring revenue of $371 million, an increase of 8% as reported and 10% in constant currency from the prior year period(1)
  • Second quarter GAAP diluted earnings per share of $0.17
  • Second quarter Non-GAAP diluted earnings per share of $0.48(2)
  • Second quarter cash from operations of $49 million and free cash flow of $46 million(3)

Teradata (NYSE: TDC) today announced its second quarter 2023 financial results.

“Our broad-based momentum across the business generated strong financial results, including 77% Cloud ARR growth, 10% increase in Total ARR growth and EPS that exceeded our guidance,” said Steve McMillan, President and CEO, Teradata. “We are pleased with the strong adoption and growth of Teradata VantageCloud, as customers see that our complete cloud analytics and data platform is differentiated and generates value in this new world of AI.”

Second Quarter 2023 Financial Highlights Compared to Second Quarter 2022

  • Public cloud ARR increased to $414 million from $234 million, an increase of 77% as reported and 76% in constant currency(1)
  • Total ARR increased to $1.523 billion from $1.390 billion, an increase of 10% as reported and 9% in constant currency(1)
  • Total revenue was $462 million versus $430 million, an increase of 7% as reported and 10% in constant currency(1)
  • Recurring revenue was $371 million versus $345 million, an increase of 8% as reported and 10% in constant currency(1)
  • Recurring revenue was 80% of total revenue in the second quarter, flat from the prior year period
  • GAAP gross margin was 59.7% versus 60.0%
  • Non-GAAP gross margin was 60.6% versus 61.2%(2)
  • GAAP operating income was $33 million versus $14 million
  • Non-GAAP operating income was $72 million versus $55 million(2)
  • GAAP diluted EPS was $0.17 versus ($0.04) per share
  • Non-GAAP diluted EPS was $0.48 versus $0.33(2)
  • Cash flow from operations was $49 million compared to $105 million
  • Free cash flow was $46 million compared to $102 million(3)

Outlook

For the third quarter of 2023:

  • GAAP diluted EPS is expected to be in the range of $0.10 to $0.14
  • Non-GAAP diluted EPS is expected to be in the range of $0.40 to $0.44(2)

Teradata updates the following outlook for full year 2023:

  • GAAP diluted EPS is increased to now be in the range of $0.74 to $0.86 versus the range of $0.65 to $0.77 previously provided

For the full year 2023, Teradata re-affirms the following outlook elements:

  • Public cloud ARR is expected to increase in the range of 53% to 57% year-over-year
  • Total ARR is expected to increase in the range of 6% to 8% year-over-year
  • Recurring revenue is expected to increase in the range of 4% to 7% year-over-year
  • Total revenue is expected to increase in the range of 1% to 4% year-over-year
  • Non-GAAP diluted EPS is expected to be in the range of $1.92 to $2.04(2)
  • Cash flow from operations is expected to be in the range of $340 million to $380 million
  • Free cash flow is expected to be in the range of $320 million to $360 million(3)

Earnings Conference Call

A conference call is scheduled for today at 2:00 p.m. PT to discuss the Company’s second quarter 2023 results and provide a business and financial update. 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 prior-period results using the current-year monthly average currency rates. See the foreign currency fluctuation schedule, which is used to determine revenue on a constant currency (“CC”) basis, on the Investor Relations page of the Company’s website at investor.teradata.com.

Revenue

(in millions)

 

For the Three Months ended June 30

2023

 

2022

 

% Change as

Reported

 

% Change in CC

Recurring revenue

$371

 

$345

 

8%

 

10%

Perpetual software licenses, hardware and other

13

 

8

 

63%

 

61%

Consulting services

78

 

77

 

1%

 

5%

Total revenue

$462

 

$430

 

7%

 

10%

 

 

 

 

 

 

 

 

Americas

$268

 

$249

 

8%

 

10%

EMEA

118

 

103

 

15%

 

15%

APJ

76

 

78

 

(3%)

 

2%

Total revenue

$462

 

$430

 

7%

 

10%

Revenue

(in millions)

 

For the Six Months ended June 30

 

2023

 

2022

 

% Change as

Reported

 

% Change in CC

Recurring revenue

$760

 

$731

 

4%

 

7%

Perpetual software licenses, hardware and other

26

 

34

 

(24%)

 

(18%)

Consulting services

152

 

161

 

(6%)

 

0%

Total revenue

$938

 

$926

 

1%

 

5%

 

 

 

 

 

 

 

 

Americas

$560

 

$539

 

4%

 

6%

EMEA

235

 

232

 

1%

 

7%

APJ

143

 

155

 

(8%)

 

(1%)

Total revenue

$938

 

$926

 

1%

 

5%

 

 

 

As of June 30

 

2023

 

2022

 

% Change as

Reported

 

% Change in CC

Annual recurring revenue*

$1,523

 

$1,390

 

10%

 

9%

Public cloud ARR**

$414

 

$234

 

77%

 

76%

The impact of currency on ARR is determined by calculating the prior period ending ARR using the current period end currency rates.

 

* Total 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. Total ARR does not include managed services and third-party software. 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.

 

** Public cloud ARR is defined as the annual value at a point in time of all contracts related to public cloud implementations of Teradata VantageCloud and does not include ARR related to private or managed cloud implementations. 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.

2.

Teradata reports its results in accordance with GAAP. However, as described below, the Company believes that certain non-GAAP measures such as free cash flow, non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, and non-GAAP diluted earnings per share, all of which exclude certain items, and which may be reported on a constant currency basis, are useful for investors. 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. Each of our non-GAAP measures do not have a uniform definition under GAAP and therefore, Teradata’s definition may differ from other companies’ definitions of these measures.

 

 

 

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.

(in millions, except per share data)

For the

Three Months


ended June 30

 

 

 

For the

Six Months


ended June 30

 

 

Gross Profit:

2023

 

2022

 

% Chg.

 

2023

 

2022

 

% Chg.

GAAP Gross Profit

$276

$258

7%

 

$578

$559

 

3%

% of Revenue

59.7%

60.0%

 

 

61.6%

60.4%

 

 

 

 

 

 

 

 

 

Excluding:

 

 

 

 

 

 

 

Stock-based compensation expense

4

4

 

 

8

9

 

 

Reorganization and transformation cost

-

1

 

 

-

7

 

 

Non-GAAP Gross Profit

$280

$263

6%

 

$586

$575

 

2%

% of Revenue

60.6%

61.2%

 

 

62.5%

62.1%

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Operating Income

$33

$14

136%

 

$112

$82

 

37%

% of Revenue

7.1%

3.3%

 

 

11.9%

8.9%

 

 

 

 

 

 

 

 

 

Excluding:

 

 

 

 

 

 

 

Stock-based compensation expense

35

32

 

 

63

63

 

 

Reorganization and transformation cost

4

9

 

 

5

25

 

 

Non-GAAP Operating Income

$72

$55

31%

 

$180

$170

 

6%

% of Revenue

15.6%

12.8%

 

 

19.2%

18.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Net Income

$17

($4)

-

 

$57

$32

 

78%

% of Revenue

3.7%

(0.9%)

 

 

6.1%

3.5%

 

 

 

 

 

 

 

 

 

Excluding:

 

 

 

 

 

 

 

Stock-based compensation expense

35

32

 

 

63

63

 

 

Reorganization and transformation cost

 

4

 

9

 

 

 

5

 

25

 

 

Income tax adjustments(i)

(7)

(2)

 

 

(13)

(14)

 

 

Non-GAAP Net Income

 

$49

 

$35

 

40%

 

$112

 

$106

 

6%

% of Revenue

10.6%

8.1%

 

11.9%

11.4%

 

 

For the Three Months

ended June 30

 

For the Six Months

ended June 30

 

2023 Outlook

Earnings Per Share:

2023

 

2022

 

2023

 

2022

 

2023 Q3

Guidance

 

2023 FY

Guidance

GAAP Earnings Per Share

$0.17

 

($0.04)

 

$0.55

 

$0.30

 

$0.10 - $0.14

 

$0.74 - $0.86

 

Excluding:

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

0.34

0.30

 

0.61

 

0.59

 

0.32

 

1.26

Reorganization and transformation cost

0.04

0.09

 

0.05

 

0.23

 

0.03

 

0.18

Income tax adjustments(i)

(0.07)

 

(0.02)

 

(0.13)

 

(0.13)

 

(0.05)

 

(0.26)

Non-GAAP Diluted Earnings Per Share

$0.48

$0.33

 

$1.08

 

$0.99

 

$0.40 - $0.44

 

$1.92 - $2.04

i.

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. 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 three months ended June 30, 2023 was 22.2% and June 30, 2022 was 14.6%. For the six months ended the non-GAAP effective tax rate was 25.3% for 2023 and 25.9% for 2022.

3.

As described below, the Company believes that free cash flow is a useful non-GAAP measure for investors. Free cash flow does not have a uniform definition under GAAP in the United States and therefore, Teradata's definition may differ from other companies' definitions of this measure. Teradata defines free cash flow as cash provided by/used in operating activities, less capital expenditures for property and equipment and additions to capitalized software. 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 which can be used for among other things, investments in the Company's existing businesses, strategic acquisitions, strengthening the Company’s balance sheet, repurchase of Company stock and repay the Company’s debt obligations. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other non-discretionary expenditures that are not deducted from the measure. This non-GAAP measure should not be considered as a substitute for, or superior to, cash flows from operating activities under GAAP.

(in millions)

For the

Three Months


ended June 30

For the

Six Months


ended June 30

 

Outlook

2023

2022

2023

2022

2023

 

 

 

 

 

 

 

Cash provided by operating activities (GAAP)

$49

$105

 

$158

 

$256

 

$340 to $380

Less capital expenditures

(3)

(3)

 

(7)

 

(4)

 

(~20)

Free Cash Flow (non-GAAP measure)

$46

$102

 

$151

 

$252

 

$320 to $360

Note to Investors

This 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, liquidity, and market conditions, among other things. 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. Forward-looking statements in this release include our 2023 third quarter and full year financial guidance. 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, including inflation and/or recessionary conditions, 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, capital allocation, and cash flow 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 sanctions, foreign currency fluctuations, and/or acts of war; 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 Teradata’s 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 Teradata’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 is the connected multi-cloud data platform for enterprise analytics company. Our enterprise analytics solve business challenges from start to scale. Only Teradata gives you the flexibility to handle the massive and mixed data workloads of the future, today. Learn more at Teradata.com.

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.

Schedule A
 
TERADATA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts - unaudited)
 

For the Period Ended June 30

Three Months

 

Six Months

2023

 

2022

 

% Chg

 

2023

 

2022

 

% Chg

Revenue
 
Recurring

$

371

 

$

345

 

8%

$

760

 

$

731

 

4%

Perpetual software licenses, hardware and other

 

13

 

 

8

 

63%

 

26

 

 

34

 

(24%)

Consulting services

 

78

 

 

77

 

1%

 

152

 

 

161

 

(6%)

 

 

Total revenue

 

462

 

 

430

 

7%

 

938

 

 

926

 

1%

 
Gross profit
 
Recurring

 

264

 

 

249

 

 

555

 

 

530

 

% of Revenue

 

71.2

%

 

72.2

%

 

73.0

%

 

72.5

%

Perpetual software licenses, hardware and other

 

1

 

 

2

 

 

3

 

 

10

 

% of Revenue

 

7.7

%

 

25.0

%

 

11.5

%

 

29.4

%

Consulting services

 

11

 

 

7

 

 

20

 

 

19

 

% of Revenue

 

14.1

%

 

9.1

%

 

13.2

%

 

11.8

%

 
Total gross profit

 

276

 

 

258

 

 

578

 

 

559

 

% of Revenue

 

59.7

%

 

60.0

%

 

61.6

%

 

60.4

%

 
Selling, general and administrative expenses

 

167

 

 

163

 

 

320

 

 

320

 

Research and development expenses

 

76

 

 

81

 

 

146

 

 

157

 

 
Income from operations

 

33

 

 

14

 

 

112

 

 

82

 

% of Revenue

 

7.1

%

 

3.3

%

 

11.9

%

 

8.9

%

 
Other expense, net

 

(9

)

 

(14

)

 

(30

)

 

(27

)

 
Income before income taxes

 

24

 

 

-

 

 

82

 

 

55

 

% of Revenue

 

5.2

%

 

-

 

 

8.7

%

 

5.9

%

 
Income tax expense

 

7

 

 

4

 

 

25

 

 

23

 

% Tax rate

 

29.2

%

 

972.0

%

 

30.5

%

 

41.8

%

 
Net income (loss)

$

17

 

$

(4

)

$

57

 

$

32

 

% of Revenue

 

3.7

%

 

(0.9

%)

 

6.1

%

 

3.5

%

 
Net income (loss) per common share
Basic

$

0.17

 

$

(0.04

)

$

0.56

 

$

0.31

 

Diluted

$

0.17

 

$

(0.04

)

$

0.55

 

$

0.30

 

 
Weighted average common shares outstanding
Basic

 

101.0

 

 

103.5

 

 

101.2

 

 

104.2

 

Diluted

 

102.9

 

 

103.5

 

 

103.3

 

 

107.1

 

Schedule B

 
TERADATA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions - unaudited)
 

June 30,

 

December 31,

 

June 30,

2023

 

2022

 

2022

Assets
 
Current assets
Cash and cash equivalents

$

504

 

$

569

 

$

545

 

Accounts receivable, net

 

265

 

 

364

 

 

266

 

Inventories

 

9

 

 

8

 

 

17

 

Other current assets

 

102

 

 

87

 

 

93

 

 
Total current assets

 

880

 

 

1,028

 

 

921

 

 
Property and equipment, net

 

250

 

 

244

 

 

249

 

Right of use assets - operating lease, net

 

11

 

 

13

 

 

17

 

Goodwill

 

390

 

 

390

 

 

390

 

Capitalized contract costs, net

 

76

 

 

92

 

 

95

 

Deferred income taxes

 

205

 

 

213

 

 

194

 

Other assets

 

57

 

 

42

 

 

29

 

 
Total assets

$

1,869

 

$

2,022

 

$

1,895

 

 
Liabilities and stockholders' equity
 
Current liabilities
Current portion of long-term debt

$

6

 

$

-

 

$

-

 

Current portion of finance lease liability

 

70

 

 

67

 

 

70

 

Current portion of operating lease liability

 

7

 

 

8

 

 

8

 

Accounts payable

 

113

 

 

94

 

 

83

 

Payroll and benefits liabilities

 

100

 

 

137

 

 

108

 

Deferred revenue

 

526

 

 

589

 

 

530

 

Other current liabilities

 

88

 

 

112

 

 

79

 

 
Total current liabilities

 

910

 

 

1,007

 

 

878

 

 
Long-term debt

 

492

 

 

498

 

 

497

 

Finance lease liability

 

70

 

 

54

 

 

48

 

Operating lease liability

 

8

 

 

10

 

 

13

 

Pension and other postemployment plan liabilities

 

96

 

 

101

 

 

129

 

Long-term deferred revenue

 

7

 

 

8

 

 

11

 

Deferred tax liabilities

 

6

 

 

7

 

 

7

 

Other liabilities

 

62

 

 

79

 

 

90

 

 
Total liabilities

 

1,651

 

 

1,764

 

 

1,673

 

 
Stockholders' equity
Common stock

 

1

 

 

1

 

 

1

 

Paid-in capital

 

2,002

 

 

1,941

 

 

1,874

 

Accumulated deficit

 

(1,668

)

 

(1,565

)

 

(1,496

)

Accumulated other comprehensive loss

 

(117

)

 

(119

)

 

(157

)

 
Total stockholders' equity

 

218

 

 

258

 

 

222

 

 
Total liabilities and stockholders' equity

$

1,869

 

$

2,022

 

$

1,895

 

Schedule C
 
TERADATA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions - unaudited)
 

For the Period Ended June 30

Three Months

 

Six Months

2023

 

2022

 

2023

 

2022

Operating activities
Net income (loss)

$

17

 

$

(4

)

$

57

 

$

32

 

 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization

 

31

 

 

33

 

 

59

 

 

73

 

Stock-based compensation expense

 

35

 

 

32

 

 

63

 

 

63

 

Deferred income taxes

 

(5

)

 

(6

)

 

2

 

 

2

 

Changes in assets and liabilities:
Receivables

 

76

 

 

64

 

 

99

 

 

70

 

Inventories

 

(2

)

 

(1

)

 

(1

)

 

9

 

Current payables and accrued expenses

 

11

 

 

23

 

 

(30

)

 

(26

)

Deferred revenue

 

(105

)

 

(58

)

 

(64

)

 

(38

)

Other assets and liabilities

 

(9

)

 

22

 

 

(27

)

 

71

 

 
Net cash provided by operating activities

 

49

 

 

105

 

 

158

 

 

256

 

 
Investing activities
Expenditures for property and equipment

 

(2

)

 

(2

)

 

(6

)

 

(3

)

Additions to capitalized software

 

(1

)

 

(1

)

 

(1

)

 

(1

)

 
Net cash used in investing activities

 

(3

)

 

(3

)

 

(7

)

 

(4

)

 
Financing activities
Repurchases of common stock

 

(70

)

 

(17

)

 

(154

)

 

(317

)

Proceeds from long-term borrowings

 

-

 

 

500

 

 

-

 

 

500

 

Repayments of long-term borrowings

 

-

 

 

(400

)

 

-

 

 

(413

)

Payments of finance leases

 

(21

)

 

(23

)

 

(41

)

 

(45

)

Other financing activities, net

 

6

 

 

(3

)

 

(1

)

 

1

 

 
Net cash (used in) provided by financing activities

 

(85

)

 

57

 

 

(196

)

 

(274

)

 
Effect of exchange rate changes on cash and cash equivalents

 

(10

)

 

(19

)

 

(20

)

 

(25

)

 
(Decrease) increase in cash, cash equivalents and restricted cash

 

(49

)

 

140

 

 

(65

)

 

(47

)

Cash, cash equivalents and restricted cash at beginning of period

 

555

 

 

408

 

 

571

 

 

595

 

 
Cash, cash equivalents and restricted cash at end of period

$

506

 

$

548

 

$

506

 

$

548

 

 
Supplemental cash flow disclosure:
Non-cash investing and financing activities:
Assets acquired by finance leases

$

29

 

$

10

 

$

59

 

$

34

 

Assets acquired by operating leases

$

3

 

$

-

 

$

4

 

$

1

 

Schedule D
 
TERADATA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions - unaudited)
 
For the Three Months Ended June 30 For the Six Months Ended June 30

2023

 

2022

 

% Change

As Reported

 

% Change

Constant

Currency (2)

 

2023

 

2022

 

% Change

As Reported

 

% Change

Constant

Currency (2)

Segment Revenue
 
Americas

$

268

 

$

249

 

8%

 

10%

$

560

 

$

539

 

4%

 

6%

EMEA

 

118

 

 

103

 

15%

 

15%

 

235

 

 

232

 

1%

 

7%

APJ

 

76

 

 

78

 

(3%)

 

2%

 

143

 

 

155

 

(8%)

 

(1%)

 

 

 

 

 

 

 

 

 

 

 

 

Total segment revenue

 

462

 

 

430

 

7%

 

10%

 

938

 

 

926

 

1%

 

5%

 
Segment gross profit
 
Americas

 

164

 

 

153

 

 

357

 

 

342

 

% of Revenue

 

61.2

%

 

61.4

%

 

63.8

%

 

63.5

%

EMEA

 

73

 

 

63

 

 

147

 

 

141

 

% of Revenue

 

61.9

%

 

61.2

%

 

62.6

%

 

60.8

%

APJ

 

43

 

 

47

 

 

82

 

 

92

 

% of Revenue

 

56.6

%

 

60.3

%

 

57.3

%

 

59.4

%

 
Total segment gross profit

 

280

 

 

263

 

 

586

 

 

575

 

% of Revenue

 

60.6

%

 

61.2

%

 

62.5

%

 

62.1

%

 
Reconciling items(1)

 

(4

)

 

(5

)

 

(8

)

 

(16

)

 
Total gross profit

$

276

 

$

258

 

$

578

 

$

559

 

% of Revenue

 

59.7

%

 

60.0

%

 

61.6

%

 

60.4

%

(1)

Reconciling items include stock-based compensation, amortization of acquisition-related intangible assets and acquisition, integration and reorganization-related items.

(2)

The impact of currency is determined by calculating the prior period results using the current-year monthly average currency rates.

 

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