- Second-quarter results exceeded Company expectations on key
revenue, profit and cash flow metrics
- Annual Recurring Revenue (ARR) increased 8% reported and 9% in
constant currency(1) from the same period of the prior year
- Second-quarter recurring revenue of $358 million exceeded
Company’s guidance range
- In the second quarter, operating cash flow improved to $130
million and free cash flow totaled $115 million(2)
Teradata Corp. (NYSE: TDC) today announced its second-quarter
2020 financial results. The Company successfully navigated through
an uncertain macro environment to exceed its targets, despite
business trends impacted by the ongoing COVID-19 pandemic. ARR
increased 8% reported and 9% in constant currency(1), from the
prior-year period. Recurring revenue increased 6%, 8% in constant
currency(1), from the second quarter of 2019. In the quarter, both
perpetual and consulting revenues declined, as expected compared to
the second quarter of 2019, as the company shifted to a recurring
revenue model and focused its consulting resources on higher-margin
engagements that drive increased software consumption within its
targeted customer base. Additionally, consulting revenue was
impacted by incremental COVID-19-related headwinds in the quarter.
Total second-quarter revenue was $457 million, a decrease as
expected compared to 2019 second-quarter total revenue of $478
million. Currency translation had a one percentage point negative
impact on the second-quarter total revenue comparison(1).
Teradata reported 2020 second-quarter net loss of $(43) million
under U.S. Generally Accepted Accounting Principles (GAAP), or
$(0.40) per share, which compared to a net loss of $(1) million, or
$(0.01) per share, in the second quarter of 2019. On a non-GAAP
basis, which excludes stock-based compensation expense and other
special items, 2020 second-quarter net income was $26 million, or
$0.24 per diluted share, as compared to $34 million, or $0.29 per
diluted share in the second quarter of 2019(3).
“Teradata executed well in the quarter, exceeding expectations
for our key metrics and delivering robust ARR growth, strong
recurring revenue growth, significant free cash flow, and solid
earnings per share, despite the uncertainties posed by the COVID-19
pandemic. The Teradata team demonstrated great resiliency and
pivoted quickly and smoothly to support our customers and advance
our business, regardless of physical constraints,” said Steve
McMillan, President and CEO, Teradata. “Our strong relationships
with our stable customer base, combined with our deeply rooted
dedication to delivering outstanding business value, are serving us
well during these unprecedented times. As we accelerate our cloud
efforts, we are listening to the market and our customers,
responding with speed and agility, and ensuring we are providing
value for our customers, supporting our people and delivering on
our expectations.”
Gross Margin
2020 second-quarter gross margin reported under GAAP was 56.0%
versus 49.4% for the second quarter of 2019. On a non-GAAP basis,
excluding stock-based compensation expense and other special items,
2020 second-quarter gross margin was 58.9%, versus 52.7% in the
prior-year period(3). The gross margin rate was higher
year-over-year due to the continued mix shift towards higher-margin
recurring revenues, as well as improved perpetual and consulting
margins.
Operating Income
2020 second-quarter operating income reported under GAAP was $8
million compared to $10 million in the second quarter of 2019. On a
non-GAAP basis, excluding stock-based compensation expense and
other special items, 2020 second-quarter operating income was $64
million versus $51 million in the second quarter of 2019(3). The
increase in non-GAAP operating income was due to the improved gross
margins referenced above, as well as expense management measures
instituted in response to the uncertainty of the ongoing COVID-19
pandemic.
Income Taxes
Teradata’s 2020 second-quarter tax rate under GAAP was
(1,333.3%) compared to 120.0% in the second quarter of 2019.
Excluding special items, Teradata’s non-GAAP 2020 second-quarter
tax rate was 50.9% versus 26.1% in the second quarter of 2019(3).
The increase in the tax rate period-over-period was driven by the
impact of discrete tax items recognized in the quarter and the
timing of earnings throughout the year.
Cash Flow
During the second quarter of 2020, Teradata generated $130
million of cash from operating activities compared to $55 million
in the same period of 2019. The Company’s transition to a
subscription-based model changes the timing of billings and cash
collections, therefore year-over-year comparisons may be less
meaningful than in prior years. During the quarter, Teradata used
$15 million for capital expenditures and additions to capitalized
software development costs, versus using $13 million in the second
quarter of 2019. Teradata’s 2020 second-quarter free cash flow was
$115 million, compared to $42 million in the second quarter of
2019(2). Strong cash collections, some of which slipped out of the
2020 first quarter due to late March shelter-in-place orders,
contributed to a very strong cash flow quarter.
Balance Sheet
Teradata ended the second quarter of 2020 with $494 million in
cash. During the second quarter of 2020, Teradata did not
repurchase any shares of its common stock as the Company suspended
its buyback program to conserve cash amid the COVID-19 pandemic.
Year-to-date, the Company repurchased 3.7 million shares for
approximately $75 million. At the end of the second quarter,
Teradata had approximately 108.9 million shares outstanding.
As of June 30, 2020, the Company had total debt of $613 million,
including $144 million of outstanding finance lease obligations.
There were no funds drawn on the company’s $400 million revolving
credit facility as of June 30, 2020.
Guidance
For the third quarter of 2020, Teradata expects recurring
revenue between $359 million and $361 million.
GAAP loss / earnings per share in the third quarter of 2020 is
expected to be in the range of $(0.03) and $0.00. Non-GAAP earnings
per share, excluding stock-based compensation expense and other
special items, in the third quarter is expected to be in the $0.28
to $0.31 range.
Earnings Conference Call
A conference call is scheduled today at 2:00 p.m. PT to discuss
the Company’s 2020 second-quarter 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 (except for currency impact on ARR which is
calculated using month-end 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
2020
2019
% Change as
Reported
% Change in CC
Recurring revenue
$
358
$
338
6%
8%
Perpetual software licenses and
hardware
17
29
(41%)
(42%)
Consulting services
82
111
(26%)
(24%)
Total revenue
$
457
$
478
(4%)
(3%)
Americas
$
259
$
269
(4%)
(2%)
EMEA
118
122
(3%)
(1%)
APJ
80
87
(8%)
(7%)
Total revenue
$
457
$
478
(4%)
(3%)
For the Six Months ended June
30
2020
2019
% Change as
Reported
% Change in CC
Recurring revenue
$
703
$
669
5%
7%
Perpetual software licenses and
hardware
31
60
(48%)
(48%)
Consulting services
157
217
(28%)
(26%)
Total revenue
$
891
$
946
(6%)
(4%)
Americas
$
503
$
538
(7%)
(5%)
EMEA
236
235
0%
3%
APJ
152
173
(12%)
(10%)
Total revenue
$
891
$
946
(6%)
(4%)
As of June 30
2020
2019
% Change as
Reported
% Change in CC
Annual recurring revenue*
$
1,454
$
1,350
8%
9%
* Annual recurring revenue is defined as
the annual value at a point in time of all recurring contracts,
including subscription, software upgrade rights, maintenance and
managed services.
2.
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
2020
2019
2020
2019
Cash provided by operating activities
(GAAP)
$
130
$
55
$
140
$
104
Less capital
expenditures for:
Expenditures for property and
equipment
(13
)
(12
)
(23
)
(27
)
Additions to capitalized software
(2
)
(1
)
(4
)
(2
)
Total capital expenditures
(15
)
(13
)
(27
)
(29
)
Free Cash Flow (non-GAAP measure)
$
115
$
42
$
113
$
75
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.
The following tables reconcile Teradata’s
actual and projected results and EPS under GAAP to the Company’s
actual and projected non-GAAP results and EPS for the periods
presented, which exclude certain specified items. Our management
internally uses supplemental non-GAAP financial measures, such as
gross profit, operating income, net income and EPS, excluding
certain items, to understand, manage and evaluate our business and
support operating decisions on a regular basis. The Company
believes such non-GAAP financial measures (1) provide useful
information to investors regarding the underlying business trends
and performance of the Company’s ongoing operations, (2) are useful
for period-over-period comparisons of such operations and results,
that may be more easily compared to peer companies and allow
investors a view of the Company’s operating results excluding
stock-based compensation expense and special items, (3) provide
useful information to management and investors regarding present
and future business trends, and (4) provide consistency and
comparability with past reports and projections of future
results.
Teradata’s reconciliation of GAAP to
non-GAAP results included in this release.
For the
Three Months
For the
Six Months
(in millions, except per share data)
ended June 30
ended June 30
Gross Profit:
2020
2019
% Chg.
2020
2019
% Chg.
GAAP Gross Profit
$
256
$
236
8%
$
481
$
460
5%
% of Revenue
56.0
%
49.4
%
54.0
%
48.6
%
Excluding:
Stock-based compensation expense
4
4
8
7
Acquisition, integration, reorganization
related, and other costs
4
2
4
5
Amortization of capitalized software
5
10
11
21
Non-GAAP Gross Profit
$
269
$
252
7%
$
504
$
493
2%
% of Revenue
58.9
%
52.7
%
56.6
%
52.1
%
Operating Income
GAAP Operating Income
$
8
$
10
(20%)
$
2
$
5
(60%)
% of Revenue
1.8
%
2.1
%
0.2
%
0.5
%
Excluding:
Stock-based compensation expense
31
21
52
36
Amortization of acquisition-related
intangible assets
1
2
2
4
Acquisition, integration, reorganization
related, and other costs
19
8
29
26
Amortization of capitalized software
5
10
11
21
Non-GAAP Operating Income
$
64
$
51
25%
$
96
$
92
4%
% of Revenue
14.0
%
10.7
%
10.8
%
9.7
%
Net Income
GAAP Net (Loss) / Income
$
(43
)
$
(1
)
$
125
$
(11
)
% of Revenue
(9.4
%)
(0.2
%)
14.0
%
(1.2
%)
Excluding:
Stock-based compensation expense
31
21
52
36
Amortization of acquisition-related
intangible assets
1
2
2
4
Acquisition, integration, reorganization
related, and other costs
19
8
29
26
Amortization of capitalized software
5
10
11
21
IP restructuring tax expense
(benefit)(1)
1
-
(156
)
-
Tax contingency adjustment(2)
20
-
2
-
Income tax adjustments(3)
(8
)
(6
)
(9
)
(16
)
Non-GAAP Net Income
$
26
$
34
(24%)
$
56
$
60
(7%)
% of Revenue
5.7
%
7.1
%
6.3
%
6.3
%
For the Three Months
ended June 30
For the Six Months
ended June 30
Earnings Per Share:
2020
2019
2020
2019
2020 Q3
Guidance
GAAP (Loss) / Earnings Per Share
$
(0.40
)
$
(0.01
)
$
1.13
$
(0.09
)
$(0.03) - $0.00
Excluding:
Stock-based compensation expense
0.29
0.18
0.47
0.31
0.23
Amortization of acquisition-related
intangible assets
0.01
0.02
0.02
0.03
0.01
Acquisition, integration, reorganization
related, and other costs
0.18
0.07
0.26
0.22
0.08
Amortization of capitalized software
0.05
0.09
0.10
0.18
0.05
IP restructuring tax expense
(benefit)(1)
0.01
-
(1.41
)
-
-
Tax contingency adjustment(2)
0.18
-
0.02
-
-
Income tax adjustments(3)
(0.07
)
(0.05
)
(0.08
)
(0.14
)
(0.06
)
Impact of dilution(4)
(0.01
)
(0.01
)
-
-
-
Non-GAAP Diluted Earnings Per Share
$
0.24
$
0.29
$
0.51
$
0.51
$0.28 - $0.31
1)
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.
2)
The Company’s forecasted full-year 2020
GAAP marginal effective tax rate includes $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 is being recognized ratably each
quarter instead of being included in the marginal effective
rate.
3)
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 was 50.9% for 2020 and 26.1% for
2019. For the six months ended June 30, the Company’s non-GAAP
effective tax rate was 27.3% for 2020 and 26.8% for 2019.
4)
Represents the impact to earnings per
share as a result of moving from basic to diluted shares.
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, including as a result of the
pace and extent to which customers shift from perpetual to
subscription-based licenses; our ability to realize the anticipated
benefits of our business transformation program or other
restructuring and cost saving initiatives; risks inherent in
operating in foreign countries, including foreign currency
fluctuations; risks associated with the ongoing and uncertain
impact of COVID-19 on our business, financial condition and
operating results, including the impact of COVID-19 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 and market
acceptance of new and existing products and services; tax rates;
turnover of workforce and the ability to attract and retain skilled
employees; protecting our intellectual property; availability and
successful exploitation of new alliance and acquisition
opportunities; recurring revenue may decline or fail to be renewed;
the impact on our business and financial reporting from changes in
accounting rules; and other factors described from time to time in
Teradata’s filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 10-K for the year
ended December 31, 2019 and subsequent quarterly reports on Forms
10-Q, as well as the Company’s annual report to stockholders.
Teradata does not undertake any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
About Teradata
Teradata transforms how businesses work and people live through
the power of data. Teradata leverages all of the data, all of the
time, so you can analyze anything, deploy anywhere, and deliver
analytics that matter. And we do it on-premises, in the cloud, or
anywhere in between. We call this pervasive data intelligence,
powered by the cloud. It’s the answer to the complexity, cost, and
inadequacy of today’s approach to analytics. Get the answer at
teradata.com.
Teradata and the Teradata logo are trademarks
or registered trademarks of Teradata Corporation and/or its
affiliates in the U.S. and worldwide.
Schedule A
TERADATA CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF (LOSS) INCOME (in millions,
except per share amounts - unaudited)
For the Period Ended June
30
Three Months
Six Months
2020
2019
% Chg
2020
2019
% Chg
Revenue Recurring
$ 358
$ 338
6%
$ 703
$ 669
5%
Perpetual software licenses and hardware
17
29
(41%)
31
60
(48%)
Consulting services
82
111
(26%)
157
217
(28%)
Total revenue
457
478
(4%)
891
946
(6%)
Gross profit Recurring
242
231
467
456
% of Revenue
67.6%
68.3%
66.4%
68.2%
Perpetual software licenses and hardware
6
3
11
9
% of Revenue
35.3%
10.3%
35.5%
15.0%
Consulting services
8
2
3
(5)
% of Revenue
9.8%
1.8%
1.9%
(2.3%)
Total gross profit
256
236
481
460
% of Revenue
56.0%
49.4%
54.0%
48.6%
Selling, general and administrative expenses
165
145
323
296
Research and development expenses
83
81
156
159
Income from operations
8
10
2
5
% of Revenue
1.8%
2.1%
0.2%
0.5%
Other expense, net
(11)
(5)
(19)
(10)
(Loss) income before income taxes
(3)
5
(17)
(5)
% of Revenue
(0.7%)
1.0%
(1.9%)
(0.5%)
Income tax expense (benefit)
40
6
(142)
6
% Tax rate
(1,333.3%)
120.0%
835.3%
(120.0%)
Net (loss) income
$ (43)
$ (1)
$ 125
$ (11)
% of Revenue
(9.4%)
(0.2%)
14.0%
(1.2%)
Net (loss) income per common share Basic
$ (0.40)
$ (0.01)
$ 1.14
$ (0.09)
Diluted
$ (0.40)
$ (0.01)
$ 1.13
$ (0.09)
Weighted average common shares outstanding Basic
108.5
115.5
109.4
116.3
Diluted
108.5
115.5
110.6
116.3
Schedule B
TERADATA CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in millions -
unaudited)
June 30,
December 31,
June 30,
2020
2019
2019
Assets Current assets
Cash and cash equivalents
$
494
$
494
$
635
Accounts receivable, net
339
398
377
Inventories
26
31
35
Other current assets
89
91
82
Total current assets
948
1,014
1,129
Property and equipment, net
337
350
317
Capitalized software, net
25
36
49
Right of use assets - operating lease, net
46
51
58
Goodwill
395
396
396
Capitalized contract costs, net
88
91
63
Deferred income taxes
236
87
70
Other assets
27
32
41
Total assets
$
2,102
$
2,057
$
2,123
Liabilities and stockholders'
equity Current liabilities Current portion of
long-term debt
$
31
$
25
$
25
Current portion of finance lease liability
69
55
32
Current portion of operating lease liability
18
20
20
Accounts payable
62
66
102
Payroll and benefits liabilities
119
157
114
Deferred revenue
518
472
498
Other current liabilities
76
91
74
Total current liabilities
893
886
865
Long-term debt
436
454
466
Finance lease liability
75
75
54
Operating lease liability
33
38
44
Pension and other postemployment plan liabilities
135
137
102
Long-term deferred revenue
41
61
82
Deferred tax liabilities
6
6
4
Other liabilities
137
138
139
Total liabilities
1,756
1,795
1,756
Stockholders' equity Common stock
1
1
1
Paid-in capital
1,603
1,545
1,491
Accumulated deficit
(1,093
)
(1,143
)
(1,009
)
Accumulated other comprehensive loss
(165
)
(141
)
(116
)
Total stockholders' equity
346
262
367
Total liabilities and stockholders' equity
$
2,102
$
2,057
$
2,123
Schedule C
TERADATA CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in millions -
unaudited)
For the Period Ended June
30
Three Months
Six Months
2020
2019
2020
2019
Operating activities Net (loss) income
$
(43
)
$
(1
)
$
125
$
(11
)
Adjustments to reconcile net (loss) income to net cash
provided by operating activities: Depreciation and amortization
43
40
85
77
Stock-based compensation expense
31
22
52
37
Deferred income taxes
-
(2
)
(149
)
-
Changes in assets and liabilities: Receivables
109
68
59
211
Inventories
2
17
5
(7
)
Current payables and accrued expenses
11
16
(32
)
(155
)
Deferred revenue
(40
)
(89
)
26
(15
)
Other assets and liabilities
17
(16
)
(31
)
(33
)
Net cash provided by operating activities
130
55
140
104
Investing activities Expenditures for property and
equipment
(13
)
(12
)
(23
)
(27
)
Additions to capitalized software
(2
)
(1
)
(4
)
(2
)
Net cash used in investing activities
(15
)
(13
)
(27
)
(29
)
Financing activities Repurchases of common stock
(2
)
(119
)
(75
)
(175
)
Repayments of long-term borrowings
(7
)
(6
)
(13
)
(6
)
Payments of finance leases
(16
)
(6
)
(25
)
(9
)
Other financing activities, net
6
3
6
36
Net cash used in financing activities
(19
)
(128
)
(107
)
(154
)
Effect of exchange rate changes on cash and cash equivalents
3
(1
)
(7
)
-
Increase (decrease) in cash, cash equivalents and
restricted cash
99
(87
)
(1
)
(79
)
Cash, cash equivalents and restricted cash at beginning of
period
396
724
496
716
Cash, cash equivalents and restricted cash at end of
period
$
495
$
637
$
495
$
637
Supplemental cash flow disclosure: Non-cash
investing and financing activities: Assets acquired by finance
leases
$
24
$
33
$
39
$
48
Assets acquired by operating leases
$
2
$
1
$
5
$
4
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
2020
2019
% Change As
Reported
% Change Constant
Currency (2)
2020
2019
% Change As
Reported
% Change Constant
Currency (2)
Segment Revenue Americas
$ 259
$ 269
(4%)
(2%)
$ 503
$ 538
(7%)
(5%)
EMEA
118
122
(3%)
(1%)
236
235
0%
3%
APJ
80
87
(8%)
(7%)
152
173
(12%)
(10%)
Total segment revenue
457
478
(4%)
(3%)
891
946
(6%)
(4%)
Segment gross profit Americas
161
158
305
315
% of Revenue
62.2%
58.7%
60.6%
58.6%
EMEA
67
57
128
107
% of Revenue
56.8%
46.7%
54.2%
45.5%
APJ
41
37
71
71
% of Revenue
51.3%
42.5%
46.7%
41.0%
Total segment gross profit
269
252
504
493
% of Revenue
58.9%
52.7%
56.6%
52.1%
Reconciling items(1)
(13)
(16)
(23)
(33)
Total gross profit
$ 256
$ 236
$ 481
$ 460
% of Revenue
56.0%
49.4%
54.0%
48.6%
(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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200806005967/en/
INVESTOR CONTACT Nabil Elsheshai 858-485-2125 office
nabil.elsheshai@teradata.com
MEDIA CONTACT Jennifer Donahue 858-485-3029 office
jennifer.donahue@teradata.com
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