Duck Creek Technologies, a provider of SaaS-delivered enterprise software to the property & casualty (“P&C”) insurance industry, today announced its financial results for the three months ended November 30, 2020.
“Duck Creek’s strong business momentum continued into fiscal year 2021, with first quarter financial and operational results that were highlighted by 59% subscription revenue growth,” said Michael Jackowski, Duck Creek’s Chief Executive Officer. “We signed 4 new Duck Creek OnDemand deals, including a Tier 1 customer, and a number of add-on transactions during the quarter, further solidifying our position as the clear SaaS leader for the P&C industry.”
Mr. Jackowski added, “P&C carriers are increasingly recognizing the benefits of SaaS-based core systems as they look to deliver on their digital transformation programs to improve their operational outcomes and customer experiences. We believe Duck Creek is in a great position to be a primary beneficiary of the P&C industry’s move to the cloud, which we expect will enable us to continue delivering strong revenue growth and margin expansion over the long-term.”
First Quarter 2021 Financial Highlights
The information presented above includes non-GAAP financial measures such as “non-GAAP income from operations,” “adjusted EBITDA,” “non-GAAP net income,” “non-GAAP net income per share,” and “free cash flow.” Refer to “Non-GAAP Financial Measures and Other Metrics” for a discussion of these measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.
Duck Creek is issuing the following outlook for the second quarter of fiscal 2021 and full year of fiscal 2021 based on current expectations as of January 7, 2021:
|Second Quarter Fiscal 2021||Full Year Fiscal 2021|
|Revenue||$58.5 million to $59.5 million||$246.0 million to $251.0 million|
|Subscription Revenue||$28.0 million to $29.0 million||$117.0 million to $119.0 million|
|Adjusted EBITDA||$(1.5) million to $(2.5) million||$3.5 million to $5.5 million|
Conference Call Information
Duck Creek Technologies will host a conference call today, January 7, 2021, at 5:00 p.m. (Eastern Time) to discuss the Company’s financial results and business outlook. A live webcast of the call will be available on the “Investor Relations” page of the Company’s website at https://ir.duckcreek.com/. To access the call by phone, dial 1-833-570-1119 (domestic) or 1-914-987-7066 (international). A replay of this conference call will be available for a limited time at 1-855-859-2056 (domestic) or 1-404-537-3406 (international) using conference ID 6316238. A replay of the webcast will also be available for a limited time at https://ir.duckcreek.com/.
About Duck Creek Technologies
Duck Creek Technologies is a leading provider of core system solutions to the P&C and General insurance industry. By accessing Duck Creek OnDemand, the company’s enterprise Software-as-a-Service solution, insurance carriers are able to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek’s functionally-rich solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand.
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Sam A. Shay
Duck Creek Technologies
857 201 5784