Teradata Reports Second Quarter 2021 Financial Results

Teradata (NYSE: TDC) today announced its second-quarter 2021 financial results.

“Teradata delivered year-over-year growth in Q2 ‘21 across key metrics including public cloud ARR, recurring revenue, profitability and free cash flow. We are executing on our cloud-first plan, winning new customers and expanding existing customers as we build on our position as the connected multi-cloud data platform for enterprise analytics,” said Steve McMillan, Teradata President and CEO. “Our unrivalled data management capabilities across multi-cloud and on-premises environments are what customers need today, and we are continuously innovating to address tomorrow’s needs. Taken together, we are confident in our strategy for profitable growth as we continue to generate significant shareholder value.”

Second-Quarter 2021 Financial Highlights compared to Second Quarter 2020

  • Public cloud ARR increased 157% as reported (153% in constant currency(1)) to $139 million from $54 million
  • Total ARR increased 9% as reported (7% in constant currency(1)) to $1.426 billion from $1.304 billion
  • Total revenue was $491 million versus $457 million, an increase of 7% as reported and 4% in constant currency(1)
  • Recurring revenue was $376 million versus $323 million, an increase of 16% as reported and 13% in constant currency(1)
  • GAAP gross margin was 63.1% versus 56.0%
  • Non-GAAP gross margin was 64.8% versus 58.9%(3)
  • GAAP operating income was $70 million versus $8 million
  • Non-GAAP operating income was $117 million versus $64 million(3)
  • GAAP earnings per diluted share was $0.39 versus GAAP loss of $0.40 per share
  • Non-GAAP earnings per diluted share was $0.74 versus $0.24(3)
  • Cash flow from operations was $225 million compared to $130 million
  • Free cash flow was $219 million compared to $115 million(2)

Outlook

For the third quarter of 2021:

  • Public cloud ARR is expected to increase by at least 90% year-over-year, or by at least $15 million sequentially
  • GAAP diluted EPS is expected to be in the range of $(0.01) to $0.03
  • Non-GAAP diluted EPS, excluding stock-based compensation expense, reorganization-related expenses, and other special items, is expected to be in the range of $0.30 to $0.34(3)

Affirming the following outlook for the full year 2021:

  • 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

Raising the following outlook for the full year 2021:

  • Recurring revenue is now expected to grow at a high-single-digit to low-double-digit percentage year-over-year, up from a mid-to-high-single-digit percentage year-over-year
  • Total revenue is now expected to grow at a low-single-digit to mid-single-digit percentage year-over-year, up from a low-single-digit percentage year-over-year
  • GAAP earnings per diluted share is now expected to be in the range of $0.78 to $0.82, up from our prior outlook range of $0.58 to $0.64
  • Non-GAAP earnings per diluted share, excluding stock-based compensation expense, reorganization-related expenses, and other special items, is now expected to be in the range of $1.92 to $1.96(3), up from our prior outlook of $1.61 to $1.67
  • Cash flow from operations is now expected to be at least $440 million, up from our prior outlook range of at least $320 million
  • Free cash flow is now expected to be at least $400 million(2), up from our prior outlook range of at least $275 million

Earnings Conference Call

A conference call is scheduled today at 2:00 p.m. PT to discuss the Company’s second-quarter 2021 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 the Investor Relations page of Teradata’s website at investor.teradata.com.

Supplemental Financial Information

Additional information regarding Teradata’s operating results is provided below as well as on the Investor Relations page of 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

2021

2020

% Change as Reported

% Change in CC

Recurring

$

376

$

323

16

%

13

%

Perpetual software licenses and hardware and other

17

25

(32

%)

(32

%)

Consulting services

98

109

(10

%)

(14

%)

Total revenue

$

491

$

457

7

%

4

%

Americas

$

274

$

259

6

%

6

%

EMEA

128

118

8

%

(1

%)

APJ

89

80

11

%

4

%

Total revenue

$

491

$

457

7

%

4

%

Revenue

(in millions)

For the Six Months ended June 30

2021

2020

% Change as Reported

% Change in CC

Recurring

$

748

$

634

18

%

15

%

Perpetual software licenses, hardware and other

40

48

(17

%)

(17

%)

Consulting services

194

209

(7

%)

(11

%)

Total revenue

$

982

$

891

10

%

7

%

Americas

$

537

$

503

7

%

7

%

EMEA

275

236

17

%

10

%

APJ

170

152

12

%

4

%

Total revenue

$

982

$

891

10

%

7

%

As of June 30

2021

2020

% Change as Reported

% Change in CC

Annual recurring revenue*

$

1,426

$

1,304

9

%

7

%

Public cloud ARR**

$

139

$

54

157

%

153

%

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

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

2.

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 by / used in 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 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.

(in millions)

For the
Three Months

For the
Six Months

ended June 30

ended June 30

Outlook

2021

2020

2021

2020

2021

Cash provided by operating activities (GAAP)

$

225

$

130

$

335

$

140

≥$440

Less capital expenditures for:

Expenditures for property and equipment

(5

)

(13

)

(9

)

(23

)

(≥35)

Additions to capitalized software

(1

)

(2

)

(2

)

(4

)

(≥5)

Total capital expenditures

(6

)

(15

)

(11

)

(27

)

(≥40)

Free Cash Flow (non-GAAP measure)

$

219

$

115

$

324

$

113

≥$400

In addition, GAAP to non-GAAP reconciliation of prior 2021 FY outlook free cash flow is included in the Company’s Q1 2021 Earnings Release dated May 6, 2021, which is available on the Investor Relations page of Teradata’s website at investor.teradata.com.

 

3.

 

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 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.

 

For the
Three Months

  

For the
Six Months

 

(in millions, except per share data)

 

ended June 30

  

ended June 30

 

Gross Profit:

 

2021

 

2020

 

% Chg.

 

2021

 

2020

 

% Chg.

GAAP Gross Profit

 

$

310

 

$

256

 

21

%

 

$

617

 

$

481

 

28

%

% of Revenue

 

63.1

%

 

56.0

%

  

62.8

%

 

54.0

%

 

 

   

 

 

Excluding:

 

   

 

 

Stock-based compensation expense

 

5

 

4

  

8

 

8

 

Acquisition, integration, reorganization related, and other costs

 

3

 

4

  

8

 

4

 

Amortization of capitalized software

 

-

 

5

 

 

-

 

11

 

Non-GAAP Gross Profit

 

$

318

 

$

269

 

18

%

 

$

633

 

$

504

 

26

%

% of Revenue

 

64.8

%

 

58.9

%

  

64.5

%

 

56.6

%

 

Operating Income

 

 

 

 

 

 

GAAP Operating Income

 

$

70

 

$

8

 

775

%

 

$

151

 

$

2

 

7,450

%

% of Revenue

 

14.3

%

 

1.8

%

  

15.4

%

 

0.2

%

 

 

   

 

 

Excluding:

 

   

 

 

Stock-based compensation expense

 

31

 

31

  

52

 

52

 

Amortization of acquisition-related intangible assets

 

1

 

1

  

2

 

2

 

Acquisition, integration, reorganization related, and other costs

 

15

 

19

  

27

 

29

 

Amortization of capitalized software

 

-

 

5

 

 

-

 

11

 

Non-GAAP Operating Income

 

$

117

 

$

64

 

83

%

 

$

232

 

$

96

 

142

%

% of Revenue

 

23.8

%

 

14.0

%

  

23.6

%

 

10.8

%

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

GAAP Net Income / (Loss)

 

$

44

 

$

(43

)

 

202

%

 

$

97

 

$

125

 

(22

%)

% of Revenue

 

9

%

 

(9.4

%)

  

9.9

%

 

14.0

%

 

 

   

 

 

Excluding:

 

   

 

 

Stock-based compensation expense

 

31

 

31

  

52

 

52

 

Amortization of acquisition-related intangible assets

 

1

 

1

  

2

 

2

 

Acquisition, integration, reorganization related, and other costs

 

15

 

19

  

27

 

29

 

Amortization of capitalized software

 

-

 

5

 

 

-

 

11

 

IP restructuring tax expense (benefit)(1)

 

-

 

1

 

 

-

 

(156

)

 

Tax contingency adjustment(2)

 

-

 

20

 

 

-

 

2

 

Income tax adjustments(3)

 

(8

)

 

(8

)

 

 

(17

)

 

(9

)

 

Non-GAAP Net Income

 

$

83

 

$

26

 

219

%

 

$

161

 

$

56

 

188

%

% of Revenue

 

16.9

%

 

5.7

%

 

 

16.4

%

 

6.3

%

 

     
 

For the Three Months

ended June 30

 

For the Six Months

ended June 30

 

 

Earnings Per Share:

 

2021

 

2020

 

2021

 

2020

 

2021 Q3
Guidance

 

2021 FY
Guidance

GAAP Earnings / (Loss)

 

$

0.39

 

$

(0.40

)

 

$

0.86

 

$

1.13

 

$(0.01) - $0.03

 

$0.78 - $0.82

Excluding:

 

  

 

 

 

Stock-based compensation expense

 

0.28

 

0.29

 

0.46

 

0.47

 

0.25

 

0.95

Amortization of acquisition-related intangible assets

 

0.01

 

0.01

 

0.02

 

0.02

 

0.01

 

0.03

Acquisition, integration, reorganization related, and other costs

 

0.13

 

0.18

 

0.24

 

0.26

 

0.11

 

0.42

Amortization of capitalized software

 

-

 

0.05

 

-

 

0.10

 

-

 

-

IP restructuring tax expense (benefit)(i)

 

-

 

0.01

 

-

 

(1.41

)

 

-

 

-

Tax contingency adjustment(ii)

 

-

 

0.18

 

-

 

0.02

 

-

 

-

Income tax adjustments(iii)

 

(0.07

)

 

(0.08

)

 

(0.15

)

 

(0.08

)

 

(0.06

)

 

(0.26

)

Non-GAAP Diluted Earnings Per Share

 

$

0.74

 

$

0.24

 

$

1.43

 

$

0.51

 

$0.30 - $0.34

 

$1.92 - $1.96

 

i.

 

The Company’s GAAP effective tax rate for the three and six months ended June 30, 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. 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.  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.

   

 

ii.

 

The Company’s forecasted full-year 2020 GAAP marginal effective tax rate included $3 million of tax expense related to tax contingencies pursuant to FIN 48. For GAAP purposes, this is a component of the marginal rate and is recognized as tax benefit or expense based on the Company’s reported GAAP pre-tax income or loss for the quarter. 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.

   

 

iii.

 

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, 2021 was 21.7% and June 30, 2020 was 50.9%.  For the six months ended June 30, the Company’s non-GAAP effective tax rate was 24.1% for 2021 and 27.3% for 2020.

In addition, GAAP to non-GAAP reconciliation of second quarter 2021 outlook non-GAAP diluted earnings per share and prior 2021 FY outlook non-GAAP diluted earnings per share is included in the Company’s Q1 2021 Earnings Release dated May 6, 2021, which is available on the Investor Relations page of Teradata’s website at investor.teradata.com.

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, 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; 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 Teradata’s 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 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 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

  

2021

 

2020

 

% Chg

 

2021

 

2020

 

% Chg

Revenue         
         
Recurring  

 $

        376

 

 $

        323

 

16

%

 

 $

        748

 

 $

        634

 

18

%

Perpetual software licenses, hardware and other 

             17

 

             25

 

(32

%)

 

             40

 

             48

 

(17

%)

Consulting services 

             98

 

           109

 

(10

%)

 

           194

 

           209

 

(7

%)

         
Total revenue 

           491

 

           457

 

7

%

 

           982

 

           891

 

10

%

         
Gross profit        
         
Recurring 

           289

 

           234

   

           571

 

           452

  
% of Revenue 

76.9

%

 

72.4

%

   

76.3

%

 

71.3

%

  
Perpetual software licenses, hardware and other 

               6

 

               7

   

             18

 

             15

  
% of Revenue 

35.3

%

 

28.0

%

   

45.0

%

 

31.3

%

  
Consulting services 

             15

 

             15

   

             28

 

             14

  
% of Revenue 

15.3

%

 

13.8

%

   

14.4

%

 

6.7

%

  
         
Total gross profit 

           310

 

           256

   

           617

 

           481

  
% of Revenue 

63.1

%

 

56.0

%

  

62.8

%

 

54.0

%

  
        
Selling, general and administrative expenses 

           161

 

           165

   

           310

 

           323

  
Research and development expenses 

             79

 

             83

   

           156

 

           156

  
        
Income from operations 

             70

 

               8

  

           151

 

               2

  
% of Revenue 

14.3

%

 

1.8

%

  

15.4

%

 

0.2

%

  
        
Other expense, net 

            (11

)

 

            (11

)

  

            (20

)

 

            (19

)

  
        
Income (loss) before income taxes 

             59

 

              (3

)

  

           131

 

            (17

)

  
% of Revenue 

12.0

%

 

(0.7

%)

  

13.3

%

 

(1.9

%)

  
        
Income tax expense (benefit) 

             15

 

             40

   

             34

 

          (142

)

  
% Tax rate 

25.4

%

 

(1,333.3

%)

  

26.0

%

 

835.3

%

  
        
Net income (loss) 

 $

          44

 

 $

         (43

)

   

 $

          97

 

 $

        125

 
% of Revenue 

9.0

%

 

(9.4

%)

   

9.9

%

 

14.0

%

 
        
Net income (loss) per common share       
Basic  

 $

        0.40

 

 $

      (0.40

)

   

 $

        0.89

 

 $

        1.14

  
Diluted 

 $

        0.39

 

 $

      (0.40

)

  

 $

        0.86

 

 $

        1.13

  
         
Weighted average common shares outstanding        
Basic 

         109.0

 

         108.5

   

         108.9

 

         109.4

  
Diluted 

         112.7

 

         108.5

   

         112.7

 

         110.6

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

June 30,

 

December 31,

 

June 30,

  

2021

 

2020

 

2020

Assets   
    
Current assets   
Cash and cash equivalents 

 $

            684

 

 $

               529

 

 $

               494

Accounts receivable, net 

               299

 

                  331

 

                  339

Inventories 

                 20

 

                   29

 

                    26

Other current assets 

               143

 

                  155

 

                    89

    
Total current assets 

            1,146

 

               1,044

 

                  948

    
Property and equipment, net 

               325

 

                  339

 

                  337

Right of use assets - operating lease, net 

                 27

 

                   38

 

                    46

Goodwill 

               399

 

                  401

 

                  395

Capitalized contract costs, net 

                 97

 

                   98

 

                    88

Deferred income taxes 

               208

 

                  222

 

                  236

Other assets 

                 43

 

                   51

 

                    52

    
Total assets 

 $

         2,245

 

 $

            2,193

 

 $

            2,102

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

 $

              62

 

 $

                 44

 

 $

                 31

Current portion of finance lease liability 

                 87

 

                   75

 

                    69

Current portion of operating lease liability 

                 13

 

                   15

 

                    18

Accounts payable 

                 91

 

                   50

 

                    62

Payroll and benefits liabilities 

               119

 

                  170

 

                  119

Deferred revenue 

               544

 

                  499

 

                  518

Other current liabilities 

                 82

 

                   99

 

                    76

    
Total current liabilities 

               998

 

                  952

 

                  893

    
Long-term debt 

               374

 

                  411

 

                  436

Finance lease liability 

                 73

 

                   70

 

                    75

Operating lease liability 

                 20

 

                   28

 

                    33

Pension and other postemployment plan liabilities 

               143

 

                  152

 

                  135

Long-term deferred revenue 

                 41

 

                   38

 

                    41

Deferred tax liabilities 

                  6

 

                     6

 

                      6

Other liabilities 

               119

 

                  136

 

                  137

    
Total liabilities 

            1,774

 

               1,793

 

               1,756

    
Stockholders' equity   
Common stock 

                  1

 

                     1

 

                      1

Paid-in capital 

            1,743

 

               1,656

 

               1,603

Accumulated deficit 

           (1,138

)

 

              (1,114

)

 

              (1,093

)

Accumulated other comprehensive loss 

             (135

)

 

                (143

)

 

                 (165

)

    
Total stockholders' equity 

               471

 

                  400

 

                  346

    
Total liabilities and stockholders' equity 

 $

         2,245

 

 $

            2,193

 

 $

            2,102

     
       Schedule C
        
TERADATA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions - unaudited)
        
  For the Period Ended June 30
 

Three Months 

 

Six Months

  

2021

 

2020

 

2021

 

2020

Operating activities     
Net income  

 $

                  44

 

 $

                 (43

)

 

 $

                97

 

 $

              125

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

                     37

 

                      43

 

                   76

 

                   85

Stock-based compensation expense 

                     31

 

                      31

 

                   52

 

                   52

Deferred income taxes 

                     (1

)

 

                        -

 

                     9

 

                (149

)

Changes in assets and liabilities:      
Receivables 

                     68

 

                    109

 

                   32

 

                   59

Inventories 

                     (4

)

 

                       2

 

                     9

 

                     5

Current payables and accrued expenses 

                     59

 

                      11

 

                   15

 

                  (32

)

Deferred revenue 

                    (15

)

 

                    (40

)

 

                   48

 

                   26

Other assets and liabilities 

                       6

 

                      17

 

                    (3

)

 

                  (31

)

       
Net cash provided by operating activities 

                   225

 

                    130

 

                 335

 

                 140

       
Investing activities      
Expenditures for property and equipment 

                     (5

)

 

                    (13

)

 

                    (9

)

 

                  (23

)

Additions to capitalized software 

                     (1

)

 

                      (2

)

 

                    (2

)

 

                    (4

)

       
Net cash used in investing activities 

                     (6

)

 

                    (15

)

 

                  (11

)

 

                  (27

)

       
Financing activities      
Repurchases of common stock 

                    (38

)

 

                      (2

)

 

                (121

)

 

                  (75

)

Repayments of long-term borrowings 

                    (13

)

 

                      (7

)

 

                  (19

)

 

                  (13

)

Payments of finance leases 

                    (29

)

 

                    (16

)

 

                  (44

)

 

                  (25

)

Other financing activities, net 

                       5

 

                       6

 

                   18

 

                     6

         
Net cash used in financing activities 

                    (75

)

 

                    (19

)

 

                (166

)

 

                (107

)

       
Effect of exchange rate changes on cash and cash equivalents 

                       1

 

                       3

 

                    (4

)

 

                    (7

)

       
Increase (decrease) in cash, cash equivalents and restricted cash 

                   145

 

                      99

 

                 154

 

                    (1

)

Cash, cash equivalents and restricted cash at beginning of period 

                   542

 

                    396

 

                 533

 

                 496

       
Cash, cash equivalents and restricted cash at end of period 

 $

                687

 

 $

                 495

 

 $

              687

 

 $

              495

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

 $

                  13

 

 $

                   24

 

 $

                58

 

 $

                39

Assets acquired by operating leases 

 $

                    1

 

 $

                     2

 

 $

                  3

 

 $

                  5

         
        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

 

2021

 

2020

 

% Change As Reported

 

% Change Constant Currency (2)

 

2021

 

2020

 

% Change As Reported

 

% Change Constant Currency (2)

Segment Revenue         
          
Americas  

 $

       274

 

 $

       259

 

6

%

 

6

%

 

 $

      537

 

 $

   503

 

7

%

 

7

%

EMEA 

          128

 

          118

 

8

%

 

(1

%)

 

        275

 

      236

 

17

%

 

10

%

APJ 

            89

 

            80

 

11

%

 

4

%

 

        170

 

      152

 

12

%

 

4

%

           
           
Total segment revenue 

          491

 

          457

 

7

%

 

4

%

 

        982

 

      891

 

10

%

 

7

%

           
Segment gross profit        
         
Americas  

          185

 

          161

   

        367

 

      305

  
% of Revenue 

67.5

%

 

62.2

%

   

68.3

%

 

60.6

%

  
EMEA 

            80

 

            67

   

        168

 

      128

  
% of Revenue 

62.5

%

 

56.8

%

   

61.1

%

 

54.2

%

  
APJ 

            53

 

            41

   

          98

 

        71

  
% of Revenue 

59.6

%

 

51.3

%

   

57.6

%

 

46.7

%

  
            
Total segment gross profit 

          318

 

          269

   

        633

 

      504

  
% of Revenue 

64.8

%

 

58.9

%

   

64.5

%

 

56.6

%

  
         
Reconciling items(1) 

             (8

)

 

           (13

)

   

         (16

)

 

       (23

)

  
            
Total gross profit 

 $

       310

 

 $

       256

   

 $

      617

 

 $

   481

  
% of Revenue 

63.1

%

 

56.0

%

   

62.8

%

 

54.0

%

  
         

(1)

 Reconciling items include stock-based compensation, capitalized software, 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.  

Contacts:

INVESTOR CONTACT
Christopher T. Lee
858-485-2523 office
christopher.lee@teradata.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.