ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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75-3236470
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Description
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Page
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Item 1.
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Financial Statements
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Item 2.
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Item 3.
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Item 4.
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PART II—OTHER INFORMATION
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Description
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Page
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 1.
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Financial Statements.
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Three Months Ended
March 31, |
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In millions, except per share amounts
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2018
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2017
|
|
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Revenue
|
|
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|
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Recurring
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$
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302
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|
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$
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273
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Perpetual software licenses and hardware
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69
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90
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Consulting services
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135
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128
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Total revenue
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506
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491
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Cost of revenue
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|
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Cost of recurring
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90
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67
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Cost of perpetual software licenses and hardware
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48
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61
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Cost of consulting services
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145
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138
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Total cost of revenue
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283
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266
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Gross profit
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223
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225
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Operating expenses
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|
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Selling, general and administrative expenses
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152
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155
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Research and development expenses
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75
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70
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Total operating expenses
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227
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225
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Loss from operations
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(4
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)
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—
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Other expense, net
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Interest expense
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(5
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)
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(3
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)
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Interest income
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3
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2
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Other expense
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(2
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)
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(1
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)
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Total other expense, net
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(4
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)
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(2
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)
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Loss before income taxes
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(8
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)
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(2
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)
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Income tax benefit
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(1
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)
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—
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Net loss
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$
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(7
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)
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$
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(2
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)
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Net loss per weighted average common share
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|
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Basic
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$
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(0.06
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)
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$
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(0.02
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)
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Diluted
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$
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(0.06
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)
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$
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(0.02
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)
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Weighted average common shares outstanding
|
|
|
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Basic
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121.4
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130.4
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Diluted
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121.4
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130.4
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Three Months Ended
March 31, |
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In millions
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2018
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2017
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Net loss
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$
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(7
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)
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$
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(2
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)
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Other comprehensive income:
|
|
|
|
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Foreign currency translation adjustments
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4
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5
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|
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Defined benefit plans:
|
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Defined benefit plan adjustment, before tax
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—
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1
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Defined benefit plan adjustment, tax portion
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—
|
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—
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Defined benefit plan adjustment, net of tax
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—
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1
|
|
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Other comprehensive income
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4
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6
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Comprehensive (loss) income
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$
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(3
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)
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$
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4
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In millions, except per share amounts
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March 31,
2018 |
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December 31,
2017 |
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Assets
|
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Current assets
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Cash and cash equivalents
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$
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939
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$
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1,089
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Accounts receivable, net
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451
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554
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Inventories
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43
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30
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Other current assets
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97
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77
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Total current assets
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1,530
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1,750
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Property and equipment, net
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172
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162
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Capitalized software, net
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107
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121
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Goodwill
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401
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399
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Acquired intangible assets, net
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21
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|
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23
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Deferred income taxes
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58
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|
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57
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Other assets
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66
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44
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Total assets
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$
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2,355
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$
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2,556
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Liabilities and stockholders’ equity
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Current liabilities
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Current portion of long-term debt
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$
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68
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$
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60
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Short-term borrowings
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—
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240
|
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Accounts payable
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110
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74
|
|
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Payroll and benefits liabilities
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110
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173
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Deferred revenue
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532
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414
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Other current liabilities
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93
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102
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Total current liabilities
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913
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1,063
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Long-term debt
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456
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478
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Pension and other postemployment plan liabilities
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111
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109
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Long-term deferred revenue
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72
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85
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Deferred tax liabilities
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9
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4
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Other liabilities
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150
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|
149
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Total liabilities
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1,711
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1,888
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Commitments and contingencies (Note 9)
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Stockholders’ equity
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Preferred stock: par value $0.01 per share, 100.0 shares authorized, no shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively
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—
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—
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Common stock: par value $0.01 per share, 500.0 shares authorized, 120.6 and 121.9 shares issued at March 31, 2018 and December 31, 2017, respectively
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1
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|
|
1
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Paid-in capital
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1,350
|
|
|
1,320
|
|
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Accumulated deficit
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(637
|
)
|
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(579
|
)
|
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Accumulated other comprehensive loss
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(70
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)
|
|
(74
|
)
|
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Total stockholders’ equity
|
644
|
|
|
668
|
|
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Total liabilities and stockholders’ equity
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$
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2,355
|
|
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$
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2,556
|
|
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Three Months Ended
March 31, |
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In millions
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2018
|
|
2017
|
||||
Operating activities
|
|
|
|
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Net loss
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$
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(7
|
)
|
|
$
|
(2
|
)
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Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
34
|
|
|
36
|
|
||
Stock-based compensation expense
|
19
|
|
|
16
|
|
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Deferred income taxes
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(5
|
)
|
|
(8
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
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Receivables
|
83
|
|
|
106
|
|
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Inventories
|
(13
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)
|
|
(6
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)
|
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Current payables and accrued expenses
|
(27
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)
|
|
(44
|
)
|
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Deferred revenue
|
124
|
|
|
145
|
|
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Other assets and liabilities
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(24
|
)
|
|
5
|
|
||
Net cash provided by operating activities
|
184
|
|
|
248
|
|
||
Investing activities
|
|
|
|
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Expenditures for property and equipment
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(26
|
)
|
|
(16
|
)
|
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Additions to capitalized software
|
(2
|
)
|
|
(2
|
)
|
||
Net cash used in investing activities
|
(28
|
)
|
|
(18
|
)
|
||
Financing activities
|
|
|
|
||||
Repurchases of common stock
|
(60
|
)
|
|
(43
|
)
|
||
Repayments of long-term borrowings
|
(15
|
)
|
|
(8
|
)
|
||
Repayments of credit facility borrowings
|
(240
|
)
|
|
—
|
|
||
Other financing activities, net
|
10
|
|
|
7
|
|
||
Net cash used in financing activities
|
(305
|
)
|
|
(44
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
4
|
|
||
Increase in cash, cash equivalents and restricted cash
|
(149
|
)
|
|
190
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
1,089
|
|
|
974
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
940
|
|
|
$
|
1,164
|
|
|
March 31, 2018
|
|
Dec 31, 2017
|
||||
Cash and cash equivalents
|
$
|
939
|
|
|
$
|
1,089
|
|
Restricted cash
|
1
|
|
|
—
|
|
||
Total cash, cash equivalents and restricted cash
|
$
|
940
|
|
|
$
|
1,089
|
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1.
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identify the contract with a customer,
|
2.
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identify the performance obligations in the contract,
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3.
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determine the transaction price,
|
4.
|
allocate the transaction price to the performance obligations in the contract, and
|
5.
|
recognize revenue when (or as) the Company satisfies a performance obligation.
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•
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Subscriptions
- The Company sells on and off-premises subscriptions to our customers through our subscription licenses, cloud, service model, and rental offerings. Teradata’s subscription licenses include a right-to-use license and revenue is recognized upfront at a point in time unless the customer has a contractual right to cancel, where revenue is recognized on a month-to-month basis. Cloud and service model arrangements include a right-to-access software license on Teradata owned or third party owned hardware such as the public cloud. Revenue is recognized ratably over the contract term. Service models typically include a minimum fixed amount that is recognized ratably over the contract term and may include an elastic amount for usage above the minimum, which is recognized monthly based on actual utilization. For our rental offering, the Company owns the hardware and may or may not provide managed services. The revenue for these arrangements is generally recognized straight-line over the term of the contract and is generally accounted for as an operating lease and considered outside the scope of Topic 606.
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•
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Maintenance and software upgrade rights
- Revenue for maintenance and unspecified software upgrade rights on a when-an-if-available basis are recognized straight-line over the term of the contract.
|
•
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Perpetual software licenses and hardware
- Revenue for software is generally recognized when the customer has the ability to use and benefit from its right to use the license. Hardware is typically recognized upon delivery once title and risk of loss have been transferred (when control has passed).
|
•
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Consulting services
- Revenue for consulting, implementation and installation services is recognized as services are provided. The Company accounts for individual services as separate performance obligations if a service is separately identifiable from other items in a combined arrangement and if a customer can benefit from it on its own or with other resources that are readily available to the customer.
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Three months ended March 31,
|
||||||
(in millions)
|
2018
|
|
2017*
|
||||
Americas
|
|
|
|
||||
Recurring
|
$
|
194
|
|
|
$
|
179
|
|
Perpetual software licenses and hardware
|
22
|
|
|
33
|
|
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Consulting services
|
48
|
|
|
55
|
|
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Total Americas
|
264
|
|
|
267
|
|
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International
|
|
|
|
||||
Recurring
|
109
|
|
|
94
|
|
||
Perpetual software licenses and hardware
|
47
|
|
|
57
|
|
||
Consulting services
|
86
|
|
|
73
|
|
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Total International
|
242
|
|
|
224
|
|
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Total Revenue
|
$
|
506
|
|
|
$
|
491
|
|
|
|
|
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(in millions)
|
March 31, 2018
|
|
January 1, 2018
(as adjusted)
|
||||
Accounts receivable, net
|
$
|
451
|
|
|
$
|
534
|
|
Contract assets
|
20
|
|
|
20
|
|
||
Current deferred revenue
|
532
|
|
|
395
|
|
||
Long-term deferred revenue
|
72
|
|
|
85
|
|
(in millions)
|
|
Total at March 31, 2018
|
|
Year 1
|
|
Year 2 and Thereafter
|
||||||
Remaining unsatisfied obligations
|
|
$
|
1,737
|
|
|
$
|
1,045
|
|
|
$
|
692
|
|
•
|
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.
|
•
|
Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment cost and are included in cost of revenues.
|
•
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The Company does not adjust for the effects of a significant financing component if the period between performance and customer payment is one year or less.
|
•
|
The Company expenses the costs to obtain a contract as incurred when the expected amortization period is one year or less.
|
•
|
The Company reduced current deferred revenue and accumulated deficit by
$19 million
for contracts that were not complete as of the date of adoption and would have been recognized in a prior period under Topic 606. The revenue adjustment primarily relates to term licenses that are recognized upfront under Topic 606 but were recognized ratably under the previous guidance.
|
•
|
Prior to the adoption of Topic 606, the Company expensed sales commissions on long-term contracts. Under Topic 606, the Company capitalizes these incremental costs of obtaining customer contracts. The impact of this change resulted in an increase of other assets and a reduction in accumulated deficit of
$17 million
on January 1, 2018.
|
•
|
The tax impact of these items was
$10 million
, which was recorded as a deferred tax liability, resulting in a net
$26 million
reduction in accumulated deficit on January 1, 2018.
|
•
|
In addition, the Company reclassified
$20 million
of contract assets from accounts receivable to other current assets on January 1, 2018.
|
•
|
The impact to revenues was a net increase of
$1 million
for the three months ended March 31, 2018.
|
•
|
Topic 606 resulted in the amortization of capitalized contract costs that were recorded as part of the cumulative effect adjustment upon adoption. The amortization of these capitalized costs was offset by new capitalized costs in the quarter resulting in
$5 million
less selling, general and administrative expenses under Topic 606.
|
•
|
As a result of the higher revenue and capitalization of contract costs under Topic 606, the net loss reported under Topic 606 was better by
$4 million
or
$0.03
per share.
|
•
|
Total reported assets were
$22 million
greater under Topic 606 largely due to capitalized contract costs that were expensed as incurred under the previous guidance.
|
•
|
Total reported liabilities were
$20 million
less under Topic 606 largely due to revenue that would have been deferred and recognized over time under the previous guidance but is recognized upfront under Topic 606.
|
•
|
The adoption of Topic 606 had no impact on the Company’s total cash flows from operations.
|
(in millions)
|
|
January 1, 2018
|
|
Capitalized
|
|
Amortization
|
|
March 31, 2018
|
||||
Capitalized contract costs
|
|
17
|
|
|
6
|
|
|
(1
|
)
|
|
22
|
|
|
As of
|
||||||
In millions
|
March 31,
2018 |
|
December 31,
2017 |
||||
Inventories
|
|
|
|
||||
Finished goods
|
$
|
31
|
|
|
$
|
18
|
|
Service parts
|
12
|
|
|
12
|
|
||
Total inventories
|
$
|
43
|
|
|
$
|
30
|
|
|
|
|
|
||||
Deferred revenue
|
|
|
|
||||
Deferred revenue, current
|
$
|
532
|
|
|
$
|
414
|
|
Long-term deferred revenue
|
72
|
|
|
85
|
|
||
Total deferred revenue
|
$
|
604
|
|
|
$
|
499
|
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
In millions
|
Amortization
Life (in Years)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
and Currency
Translation
Adjustments
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
and Currency
Translation
Adjustments
|
||||||||
Acquired intangible assets
|
|
|
|
|
|
|
|
|
|
||||||||
Intellectual property/developed technology
|
3 to 5
|
|
$
|
35
|
|
|
$
|
(14
|
)
|
|
$
|
43
|
|
|
$
|
(20
|
)
|
|
|
Three Months Ended March 31
|
||||||
In millions
|
|
2018
|
|
2017
|
||||
Amortization expense
|
|
$
|
2
|
|
|
$
|
2
|
|
|
|
Actual
|
|
For the years ended (estimated)
|
|||||||||||||||||||||
In millions
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
||||||||||||
Amortization expense
|
|
$
|
8
|
|
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
2
|
|
|
|
|
Three Months Ended March 31,
|
|
||||
In millions
|
|
2018
|
|
2017
|
|
||
Effective tax rate
|
|
12.5
|
%
|
|
—
|
%
|
|
|
As of
|
||||||
In millions
|
March 31,
2018 |
|
December 31,
2017 |
||||
Contract notional amount of foreign exchange forward contracts
|
$
|
96
|
|
|
$
|
147
|
|
Net contract notional amount of foreign exchange forward contracts
|
$
|
17
|
|
|
$
|
23
|
|
In millions
|
2018
|
|
2017
|
||||
Warranty reserve liability
|
|
|
|
||||
Beginning balance at January 1
|
$
|
4
|
|
|
$
|
5
|
|
Provisions for warranties issued
|
1
|
|
|
1
|
|
||
Settlements (in cash or in kind)
|
(2
|
)
|
|
(2
|
)
|
||
Balance at March 31
|
$
|
3
|
|
|
$
|
4
|
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||
In millions
|
Total
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Money market funds, March 31, 2018
|
$
|
326
|
|
|
$
|
326
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Money market funds, December 31, 2017
|
$
|
501
|
|
|
$
|
501
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Three Months Ended
March 31, |
|
||||||
In millions, except per share amounts
|
2018
|
|
2017
|
|
||||
Net loss attributable to common stockholders
|
$
|
(7
|
)
|
|
$
|
(2
|
)
|
|
Weighted average outstanding shares of common stock
|
121.4
|
|
|
130.4
|
|
|
||
Dilutive effect of employee stock options, restricted stock and other stock awards
|
—
|
|
|
—
|
|
|
||
Common stock and common stock equivalents
|
121.4
|
|
|
130.4
|
|
|
||
Net income per share:
|
|
|
|
|
||||
Basic
|
$
|
(0.06
|
)
|
|
$
|
(0.02
|
)
|
|
Diluted
|
$
|
(0.06
|
)
|
|
$
|
(0.02
|
)
|
|
|
Three Months Ended
March 31, |
|
||||||
In millions
|
2018
|
|
2017
|
|
||||
Segment revenue
|
|
|
|
|
||||
Americas
|
$
|
264
|
|
|
$
|
267
|
|
|
International
|
242
|
|
|
224
|
|
|
||
Total revenue
|
506
|
|
|
491
|
|
|
||
Segment gross profit
|
|
|
|
|
||||
Americas
|
147
|
|
|
151
|
|
|
||
International
|
98
|
|
|
100
|
|
|
||
Total segment gross profit
|
245
|
|
|
251
|
|
|
||
Stock-based compensation costs
|
4
|
|
|
3
|
|
|
||
Acquisition, integration, reorganization and transformation-related costs
|
3
|
|
|
2
|
|
|
||
Amortization of capitalized software costs
|
15
|
|
|
21
|
|
|
||
Total gross profit
|
223
|
|
|
225
|
|
|
||
Selling, general and administrative expenses
|
152
|
|
|
155
|
|
|
||
Research and development expenses
|
75
|
|
|
70
|
|
|
||
Loss from operations
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
In millions
|
Three Months Ended March 31, 2017
|
||
Employee severance and other employee related cost
|
$
|
2
|
|
Asset write-downs
|
6
|
|
|
Professional services, legal and other transformation costs
|
10
|
|
|
Total reorganization and business transformation cost
|
$
|
18
|
|
•
|
Total revenue was
$506 million
for the
first
quarter of
2018
, up 3% from the
first
quarter of
2017
, with an underlying 11% increase in recurring revenue and a 5% increase in consulting services revenue offset by a 23% decrease in perpetual software licenses and hardware revenue as the Company's business shifts to subscription-based transactions.
|
•
|
Gross margin decreased to
44.1%
in the
first
quarter of
2018
from
45.8%
in the
first
quarter of
2017
, due to higher mix of hardware revenue recognized in the quarter. The increased mix shift to hardware is due to more of the Company’s software license revenue being recognized over time in subscription-based transactions.
|
•
|
Operating expenses for the
first
quarter of
2018
increased by 1% compared to the
first
quarter of
2017
.
|
•
|
Operating loss was
$4 million
in the
first
quarter of
2018
, compared to break-even in the
first
quarter of
2017
.
|
•
|
Net loss in the
first
quarter of
2018
was
$7 million
, compared to $2 million in the
first
quarter of
2017
.
|
•
|
Annual Recurring Revenue ("ARR")
- is annual contract value for all active and contractually binding term-based contracts at the end of a period. It includes maintenance, software upgrade rights, cloud, subscription, rental and managed services.
|
•
|
Bookings Mix
- subscription bookings divided by the sum of subscription bookings plus perpetual bookings.
|
•
|
TCore
- is a metric that tracks a consistent unit of consumption across all of Teradata’s products over the wide variety of configuration and deployment options, both on-premises and in the cloud. It is determined from the number of physical central processing unit ("CPU") cores in a system and adjusted/reduced by the underlying hardware platform's input/output ("I/O") throughput performance capabilities.
|
|
|
|
% of
|
|
|
|
% of
|
||||||
In millions
|
2018
|
|
Revenue
|
|
2017
|
|
Revenue
|
||||||
Recurring
|
$
|
302
|
|
|
59.7
|
%
|
|
$
|
273
|
|
|
55.6
|
%
|
Perpetual software licenses and hardware
|
69
|
|
|
13.6
|
%
|
|
90
|
|
|
18.3
|
%
|
||
Consulting services
|
135
|
|
|
26.7
|
%
|
|
128
|
|
|
26.1
|
%
|
||
Total revenue
|
$
|
506
|
|
|
100
|
%
|
|
$
|
491
|
|
|
100
|
%
|
•
|
Total ARR at the end of the first quarter of 2018 was $1.2 billion, an increase of 11% from the end of the first quarter of 2017. Beginning in the first quarter of 2018, recurring revenue and ARR now includes recurring revenue from our managed services business. The prior-period amounts have been updated to reflect the current period presentation.
|
•
|
Approximately 62% of our bookings in the first quarter of 2018 were subscription-based. We now expect subscription-based transactions to comprise 50 to 60 percent of our bookings mix for the full year.
|
•
|
We continue to expect TCore growth in the high teens in 2018.
|
|
|
|
% of
|
|
|
|
% of
|
||||||
In millions
|
2018
|
|
Revenue
|
|
2017
|
|
Revenue
|
||||||
Recurring
|
$
|
212
|
|
|
70.2
|
%
|
|
$
|
206
|
|
|
75.5
|
%
|
Perpetual software licenses and hardware
|
21
|
|
|
30.4
|
%
|
|
29
|
|
|
32.2
|
%
|
||
Consulting services
|
(10
|
)
|
|
(7.4
|
)%
|
|
(10
|
)
|
|
(7.8
|
)%
|
||
Total gross profit
|
$
|
223
|
|
|
44.1
|
%
|
|
$
|
225
|
|
|
45.8
|
%
|
|
|
|
% of
|
|
|
|
% of
|
||||||
In millions
|
2018
|
|
Revenue
|
|
2017
|
|
Revenue
|
||||||
Selling, general and administrative expenses
|
$
|
152
|
|
|
30.0
|
%
|
|
$
|
155
|
|
|
31.6
|
%
|
Research and development expenses
|
75
|
|
|
14.8
|
%
|
|
70
|
|
|
14.3
|
%
|
||
Total operating expenses
|
$
|
227
|
|
|
44.9
|
%
|
|
$
|
225
|
|
|
45.8
|
%
|
In millions
|
2018
|
|
2017
|
||||
Interest income
|
$
|
3
|
|
|
$
|
2
|
|
Interest expense
|
(5
|
)
|
|
(3
|
)
|
||
Other
|
(2
|
)
|
|
(1
|
)
|
||
Other expense, net
|
$
|
(4
|
)
|
|
$
|
(2
|
)
|
|
2018
|
|
2017
|
||
Effective tax rate
|
12.5
|
%
|
|
—
|
%
|
|
|
|
% of
|
|
|
|
% of
|
||||||
In millions
|
2018
|
|
Revenue
|
|
2017
|
|
Revenue
|
||||||
Segment revenue
|
|
|
|
|
|
|
|
||||||
Americas
|
$
|
264
|
|
|
52.2
|
%
|
|
$
|
267
|
|
|
54.4
|
%
|
International
|
242
|
|
|
47.8
|
%
|
|
224
|
|
|
45.6
|
%
|
||
Total segment revenue
|
$
|
506
|
|
|
100
|
%
|
|
$
|
491
|
|
|
100
|
%
|
Segment gross profit
|
|
|
|
|
|
|
|
||||||
Americas
|
$
|
147
|
|
|
55.7
|
%
|
|
$
|
151
|
|
|
56.6
|
%
|
International
|
98
|
|
|
40.5
|
%
|
|
100
|
|
|
44.6
|
%
|
||
Total segment gross profit
|
$
|
245
|
|
|
48.4
|
%
|
|
$
|
251
|
|
|
51.1
|
%
|
|
Three Months Ended March 31,
|
||||||
In millions
|
2018
|
|
2017
|
||||
Net cash provided by operating activities
|
$
|
184
|
|
|
$
|
248
|
|
Less:
|
|
|
|
||||
Expenditures for property and equipment
|
(26
|
)
|
|
(16
|
)
|
||
Additions to capitalized software
|
(2
|
)
|
|
(2
|
)
|
||
Free cash flow
|
$
|
156
|
|
|
$
|
230
|
|
|
|
Total
Number
of Shares Purchased
|
|
Average
Price
Paid
per Share
|
|
Total
Number
of Shares
Purchased
as Part of
Publicly
Announced
Dilution
Offset Program
|
|
Total
Number
of Shares
Purchased
as Part of
Publicly
Announced
General Share
Repurchase Program
|
|
Maximum
Dollar
Value
that May
Yet Be
Purchased
Under the
Dilution
Offset Program
|
|
Maximum
Dollar
Value
that May
Yet Be
Purchased
Under the
General Share
Repurchase Program
|
|||||||||
Month
|
|
|
|
|
|
|
|||||||||||||||
January 2018
|
|
—
|
|
|
NA
|
|
|
—
|
|
|
—
|
|
|
$
|
18,737,060
|
|
|
$
|
190,109,377
|
|
|
February 2018
|
|
1,517,309
|
|
|
$
|
36.26
|
|
|
456,880
|
|
|
1,060,429
|
|
|
$
|
4,296,955
|
|
|
$
|
462,066,670
|
|
March 2018
|
|
534,828
|
|
|
$
|
39.44
|
|
|
134,828
|
|
|
400,000
|
|
|
$
|
8,696,662
|
|
|
$
|
446,329,050
|
|
First Quarter Total
|
|
2,052,137
|
|
|
$
|
37.09
|
|
|
591,708
|
|
|
1,460,429
|
|
|
$
|
8,696,662
|
|
|
$
|
446,329,050
|
|
|
|
|
|
Reference Number
per Item 601 of
Regulation S-K
|
|
Description
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
101
|
|
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Consolidated Statements of Loss for the three month period ended March 31, 2018 and 2017, (ii) the Condensed Consolidated Statements of Comprehensive (Loss) Income for the three month period ended March 31, 2018 and 2017, (iii) the Condensed Consolidated Balance Sheets at March 31, 2018 and December 31, 2017, (iv) the Condensed Consolidated Statements of Cash Flows for the three month period ended March 31, 2018 and 2017 and (v) the notes to the Condensed Consolidated Financial Statements.
|
|
|
|
|
|
|
|
TERADATA CORPORATION
|
||
|
|
|
|
|
Date: May 8, 2018
|
|
By:
|
|
/s/ Mark A. Culhane
|
|
|
|
|
Mark A.Culhane
Executive Vice President and Chief Financial Officer
|
•
|
Salary and target bonus continuation for 12 months;
|
•
|
A pro-rated annual cash incentive bonus for the year of termination, payable following the determination of the actual Teradata performance for fiscal year 2018 and on the same schedule as these bonuses are paid to other eligible participants;
|
•
|
Eligibility under COBRA for the continuation of your medical, dental and/or vision benefits, with Teradata contributing the current portion of the premiums currently paid for each benefit for up to twelve (12) months. You must apply for COBRA benefits, Teradata cannot do so on your behalf; and
|
•
|
Outplacement services as provided in the Plan.
|
•
|
All of your outstanding stock options will vest as of February 28, 2018, and will be exercisable until the earlier of 59 days after such date or the expiration of the applicable option;
|
•
|
All of your outstanding time-based restricted share units (other than the restricted share units granted to you on November 27, 2017) will vest in full (without pro-ration) as of February 28, 2018; and
|
•
|
All of your outstanding performance-based restricted share units (other than the performance-based restricted share units granted to you on November 27, 2017) that are earned based on actual Company performance for the entire performance period will vest in full (without pro-ration), effective as of the date that Company performance is certified for the applicable performance period.
|
|
|
|
Date: May 8, 2018
|
|
/s/ Victor L. Lund
|
|
|
Victor L. Lund
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Teradata Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
|
|
|
|
|
Date: May 8, 2018
|
|
/s/ Mark A. Culhane
|
|
|
Mark A. Culhane
|
|
|
Executive Vice President and Chief Financial Officer
|
(1)
|
the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
Date: May 8, 2018
|
|
/s/ Victor L. Lund
|
|
|
Victor L. Lund
|
|
|
President and Chief Executive Officer
|
|
|
|
Date: May 8, 2018
|
|
/s/ Mark A. Culhane
|
|
|
Mark A. Culhane
Executive Vice President and Chief Financial Officer
|