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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________

FORM 8-K

_______________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 2, 2017

_______________________________________________________________

Guidewire Software, Inc.

(Exact name of registrant as specified in its charter)

_______________________________________________________________




Delaware	001-35394	36-4468504
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1001 East Hillsdale Blvd., Suite 800

Foster City, CA 94404

(Address of principal executive offices, including zip code)

(650) 357-9100

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On March 2, 2017, Guidewire Software, Inc. (the "Company") issued a press release announcing unaudited financial results for its second quarter ended January 31, 2017. A copy of the press release is attached as Exhibit 99.1.

In accordance with General Instruction B.2 on Form 8-K, certain of the information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished under Item 2.02 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 ("Exchange Act") or otherwise subject to the liability of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.		Description of Exhibits
99.1		Press release dated March 2, 2017, titled "Guidewire Software Announces Second Quarter Fiscal 2017 Financial Results"

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 2, 2017



GUIDEWIRE SOFTWARE, INC.

By:	/s/ Richard Hart
	Richard Hart
	Chief Financial Officer

EXHIBIT INDEX



Exhibit No.		Description of Exhibits
99.1		Press release dated March 2, 2017, titled "Guidewire Software Announces Second Quarter Fiscal 2017 Financial Results"

Exhibit

Exhibit 99.1

Guidewire Software Announces Second Quarter Fiscal 2017 Financial Results

Foster City, CA - March 2, 2017 - Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property and Casualty insurers, today announced its financial results for the fiscal quarter ended January 31, 2017.

“Revenue and profitability exceeded our guidance for the second quarter,” said Marcus Ryu, chief executive officer, Guidewire Software. “Customer demand was healthy this quarter and our performance further benefited from a few license wins closing earlier than anticipated.”

Ryu continued, “Our recently completed acquisition of ISCS enlarges our total addressable market with an all-in-one core option which we have renamed InsuranceNow. Similar to our recently acquired solutions for Underwriting Management and Predictive Analytics, we will offer InsuranceNow as a cloud-based solution, continuing our strategy of delivering a growing portion of our platform as cloud services.”

Second Quarter Fiscal 2017 Financial Highlights

Revenue


•	License and other revenue for the second quarter of fiscal 2017 was $64.1 million, an increase of 20% from the second quarter of fiscal 2016. Maintenance revenue was $16.6 million, an increase of 16% and services revenue was $35.0 million, an increase of 1%. Total revenue was $115.6 million, an increase of 13% from the same quarter in fiscal 2016.


•	License and other revenue for the six months ended January 31, 2017 was $102.8 million, an increase of 20% from the comparable period in fiscal 2016. Maintenance revenue was $33.1 million, an increase of 17% and services revenue was $73.8 million, an increase of 5%. Total revenue was $209.7 million, an increase of 14% from the same period in fiscal 2016.


•	Rolling four-quarter recurring term license and maintenance revenue was $285.3 million as of January 31, 2017, an increase of 20% compared to the same metric as of January 31, 2016.

Profitability


•	GAAP operating income was $8.2 million for the second quarter of fiscal 2017, compared with $7.7 million in the comparable period in fiscal 2016.


•	Non-GAAP operating income was $28.4 million for the second quarter of fiscal 2017, compared with $24.6 million in the comparable period in fiscal 2016.

•

GAAP net income was $4.0 million for the second quarter of fiscal 2017, compared with net income of $0.9 million for the comparable period in fiscal 2016. GAAP net income per share was $0.05, based on diluted weighted average shares outstanding of 74.8 million, compared with net income of $0.01 per share for the comparable period in fiscal 2016, based on diluted weighted average shares outstanding of 73.4 million.


•	Non-GAAP net income was $20.6 million for the second quarter of fiscal 2017, compared with $17.8 million in the comparable period in fiscal 2016. Non-GAAP net income per diluted share was $0.28, based on diluted weighted average shares outstanding of 74.8 million, compared with $0.24 in the comparable period in fiscal 2016, based on diluted weighted average shares outstanding of 73.4 million.

Balance Sheet


•	The Company had $728.9 million in cash, cash equivalents and investments at January 31, 2017, compared with $735.8 million at July 31, 2016. The Company generated $42.6 million cash from operations in the second quarter of fiscal 2017, compared with cash flow from operations of $37.9 million in the comparable period in fiscal 2016.

Business Outlook

Guidewire is issuing the following outlook for the third quarter and fiscal 2017, based on current expectations:



(in $ millions, except per share outlook)	Third Quarter Fiscal 2017			Full Year Fiscal 2017
Revenue	102.0	–	106.0	491.0	–	499.0
License and other revenue	43.0	–	45.0	256.0	–	262.0
Maintenance revenue	16.0	–	17.0	66.0	–	68.0
Services revenue	42.0	–	45.0	166.0	–	172.0
GAAP operating income	(28.1)	–	(24.1)	(14.6)	–	(6.6)
Non-GAAP operating income	(6.0)	–	(2.0)	70.0	–	78.0
GAAP net income	(22.8)	–	(19.6)	(9.0)	–	(3.1)
GAAP net income per share	(0.31)	–	(0.26)	(0.12)	–	(0.04)
Non-GAAP net income	(3.7)	–	(1.2)	50.1	–	55.6
Non-GAAP net income per share	(0.05)	–	(0.02)	0.67	–	0.74

Guidewire continues to target term license revenue growth of 20% or higher for the current fiscal year. Non-GAAP operating income and non-GAAP net income exclude stock-based compensation expense and amortization of intangible assets.

Conference Call Information


What:	Guidewire Software Second Quarter Fiscal 2017 Financial Results Conference Call


When:	Thursday, March 2, 2017


Time:	2:00 p.m. PT (5:00 p.m. ET)


Live Call:	(888) 684-1280, Domestic

(913) 312-0868, International


Replay:	(844) 512-2921, Passcode 3047525, Domestic

(412) 317-6671, Passcode 3047525, International


Webcast:	http://ir.guidewire.com (live and replay)

The webcast will be archived on Guidewire’s website for a period of three months.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: Non-GAAP operating income, Non-GAAP net income, Non-GAAP net income per share and Non-GAAP tax provision. These Non-GAAP financial measures exclude stock-based compensation and amortization of intangibles, and the tax effect of these adjustments for Non-GAAP net income and Non-GAAP net income per share.

Guidewire believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Guidewire’s financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

Management of the Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Guidewire urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.

About Guidewire Software

Guidewire delivers the software that Property and Casualty (P&C) insurers need to adapt and succeed in a time of rapid industry change. We combine three elements - core operations, data and analytics, and digital engagement - into a technology platform that enhances insurers’ ability to engage and empower their customers and employees. More than 260 P&C insurers around the world have selected Guidewire. For more information, please visit www.guidewire.com. Follow us on twitter: @Guidewire_PandC.

NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire PolicyCenter, and Guidewire BillingCenter are registered trademarks of Guidewire Software, Inc. in the United States and/or other countries.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, market positioning and future investments and the benefits of our acquisition. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Guidewire’s control. Guidewire’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Guidewire’s most recent Forms 10-K and 10-Q filed with the Securities and Exchange Commission as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the market for our software may develop more slowly than expected or than it has in the past; quarterly and annual operating results may fluctuate more than expected; seasonal and other variations related to our revenue recognition may cause significant fluctuations in our results of operations and cash flows; our reliance on sales to and renewals from a relatively small number of large customers for a substantial portion of our revenues; our services revenues produce lower gross margins than our license and maintenance revenues; assertions by third parties that we violate their intellectual property rights could substantially harm our business; we face intense competition in our market; weakened global economic conditions may adversely affect the P&C insurance industry including the rate of information technology spending; our product development and sales cycles are lengthy; the risk of losing key employees; changes in foreign exchange rates; general political or destabilizing events, including war, conflict or acts of terrorism; and other risks and uncertainties. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Guidewire’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. Guidewire undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Guidewire’s views as of any date subsequent to the date of this press release.

Media Contact:

Diana Stott

Guidewire Software, Inc.

(650) 356-4941

dstott@guidewire.com

Investor Contact:

Garo Toomajanian

ICR, LLC

(650) 357-5282

ir@guidewire.com



GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

	January 31, 2017			July 31, 2016
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	225,363		$	223,582
Short-term investments	357,442			404,655
Accounts receivable	64,626			62,792
Prepaid expenses and other current assets	23,868			16,643
Total current assets	671,299			707,672
Long-term investments	146,125			107,565
Property and equipment, net	11,738			12,955
Intangible assets, net	26,510			14,204
Deferred tax assets, net	41,521			31,364
Goodwill	45,605			30,080
Other assets	9,116			12,338
TOTAL ASSETS	$	951,914		$	916,178
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	8,269		$	9,929
Accrued employee compensation	25,762			41,267
Deferred revenues, current	86,572			60,270
Other current liabilities	7,972			7,617
Total current liabilities	128,575			119,083
Deferred revenues, noncurrent	2,774			9,745
Other liabilities	2,866			3,415
Total liabilities	134,215			132,243
STOCKHOLDERS’ EQUITY:
Common stock	7			7
Additional paid-in capital	781,635			742,690
Accumulated other comprehensive loss	(7,890		)	(6,593		)
Retained earnings	43,947			47,831
Total stockholders’ equity	817,699			783,935
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	951,914		$	916,178



GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except share and per share data)

	Three Months Ended January 31,					Six Months Ended January 31,
	2017		2016			2017			2016
Revenues:
License and other	$	64,075	$	53,376		$	102,796		$	85,716
Maintenance	16,582		14,256			33,114			28,269
Services	34,964		34,497			73,838			70,424
Total revenues	115,621		102,129			209,748			184,409
Cost of revenues: ⁽¹⁾
License and other	2,781		1,577			5,211			2,741
Maintenance	3,079		2,636			6,404			5,111
Services	34,951		30,688			71,215			62,219
Total cost of revenues	40,811		34,901			82,830			70,071
Gross profit:
License and other	61,294		51,799			97,585			82,975
Maintenance	13,503		11,620			26,710			23,158
Services	13		3,809			2,623			8,205
Total gross profit	74,810		67,228			126,918			114,338
Operating expenses: ⁽¹⁾
Research and development	30,025		25,409			60,775			51,081
Sales and marketing	23,520		22,661			49,020			41,952
General and administrative	13,060		11,456			27,220			22,566
Total operating expenses	66,605		59,526			137,015			115,599
Income (loss) from operations	8,205		7,702			(10,097		)	(1,261		)
Interest income	1,544		758			2,886			1,454
Other income (expense), net	335		(1,182		)	(346		)	(965		)
Income (loss) before income taxes	10,084		7,278			(7,557		)	(772		)
Provision for (benefit from) income taxes	6,110		6,365			(3,673		)	(55		)
Net income (loss)	$	3,974	$	913		$	(3,884	)	$	(717	)
Net income (loss) per share:
Basic	$	0.05	$	0.01		$	(0.05	)	$	(0.01	)
Diluted	$	0.05	$	0.01		$	(0.05	)	$	(0.01	)
Shares used in computing net income (loss) per share:
Basic	73,738,810		71,779,496			73,516,140			71,511,198
Diluted	74,793,240		73,402,064			73,516,140			71,511,198

⁽¹⁾ Amounts include stock-based compensation expense as follows:



	Three Months Ended January 31,				Six Months Ended January 31,
	2017		2016		2017		2016
	(unaudited, in thousands)
Stock-based compensation expenses:
Cost of license revenue	$	90	$	103	$	141	$	192
Cost of maintenance revenues	436		380		849		719
Cost of services revenues	4,815		4,673		9,510		9,036
Research and development	4,650		3,911		9,117		7,583
Marketing and sales	4,283		3,616		8,506		7,046
General and administrative	4,313		3,862		8,341		7,116
Total stock-based compensation expenses	$	18,587	$	16,545	$	36,464	$	31,692



GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)

	Three Months Ended January 31,						Six Months Ended January 31,
	2017			2016			2017			2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	3,974		$	913		$	(3,884	)	$	(717	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	3,309			1,751			6,383			3,542
Stock-based compensation	18,587			16,545			36,464			31,692
Excess tax benefit from exercise of stock options and vesting of restricted stock units	—			(91		)	—			(566		)
Deferred tax assets	4,885			5,202			(5,617		)	(1,703		)
Amortization of premium on available-for-sale securities	397			961			860			1,838
Other non-cash items affecting net income (loss)	4			5			8			23
Changes in operating assets and liabilities:
Accounts receivable	(9,505		)	(5,417		)	(823		)	2,221
Prepaid expenses and other assets	(3,880		)	(1,237		)	(3,689		)	(2,308		)
Accounts payable	(2,617		)	1,151			(1,715		)	(1,391		)
Accrued employee compensation	6,216			4,876			(15,084		)	(14,964		)
Other liabilities	636			918			(615		)	(121		)
Deferred revenues	20,553			12,343			17,361			9,484
Net cash provided by operating activities	42,559			37,920			29,649			27,030
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale securities	(90,718		)	(146,654		)	(291,611		)	(341,990		)
Sales of available-for-sale securities	141,508			132,640			298,671			321,507
Purchase of property and equipment	(143		)	(851		)	(2,617		)	(3,867		)
Acquisition of business, net of acquired cash	59			—			(33,534		)	—
Net cash used in (provided by) investing activities	50,706			(14,865		)	(29,091		)	(24,350		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock upon exercise of stock options	922			2,526			2,034			3,989
Taxes remitted on RSU awards vested	—			(614		)	—			(1,488		)
Excess tax benefit from exercise of stock options and vesting of restricted stock units	—			91			—			566
Net cash provided by financing activities	922			2,003			2,034			3,067
Effect of foreign exchange rate changes on cash and cash equivalents	113			(867		)	(811		)	(1,187		)
NET CHANGE IN CASH AND CASH EQUIVALENTS	94,300			24,191			1,781			4,560
CASH AND CASH EQUIVALENTS—Beginning of period	131,063			192,731			223,582			212,362
CASH AND CASH EQUIVALENTS—End of period	$	225,363		$	216,922		$	225,363		$	216,922



GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Operating Results
(unaudited, in thousands)

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP operating results for the periods indicated below:
	Three Months Ended January 31,						Six Months Ended January 31,
	2017			2016			2017			2016
Income (loss) from operations reconciliation:
GAAP net income (loss) from operations	$	8,205		$	7,702		$	(10,097	)	$	(1,261	)
Non-GAAP adjustments:
Stock-based compensation ⁽¹⁾	18,587			16,545			36,464			31,692
Amortization of intangibles ⁽¹⁾	1,656			360			3,094			720
Non-GAAP income from operations	$	28,448		$	24,607		$	29,461		$	31,151

Net income (loss) reconciliation:
GAAP net income (loss)	$	3,974		$	913		$	(3,884	)	$	(717	)
Non-GAAP adjustments:
Stock-based compensation ⁽¹⁾	18,587			16,545			36,464			31,692
Amortization of intangibles ⁽¹⁾	1,656			360			3,094			720
Non-GAAP tax impact ⁽²⁾	(3,591		)	26			(13,927		)	(9,098		)
Non-GAAP net income	$	20,626		$	17,844		$	21,747		$	22,597


	Three Months Ended January 31,						Six Months Ended January 31,
	2017			2016			2017			2016
Tax provision (benefits) reconciliation:
GAAP tax provision (benefits)	$	6,110		$	6,365		$	(3,673	)	$	(55	)
Non-GAAP adjustments:
Stock-based compensation	5,948			5,143			11,669			10,142
Amortization of intangibles	530			111			990			230
ISO deduction	32			108			54			167
Tax effect on GAAP profit before taxes due to different tax rates between GAAP and non-GAAP	(2,919		)	(5,388		)	1,214			(1,441		)
Non-GAAP tax provision	$	9,701		$	6,339		$	10,254		$	9,043

(1) Adjustments relate to amortization of acquired intangibles and stock-based compensation recognized during the period for GAAP purposes.

(2) Adjustment reflects the tax benefit resulting from all non-GAAP adjustments.



GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Operating Results
(unaudited, in thousands except share and per share data)

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP operating results for the periods indicated below:
	Three Months Ended January 31,						Six Months Ended January 31,
Earnings per share reconciliation:	2017			2016			2017			2016
GAAP earnings per share - Diluted	$	0.05		$	0.01		$	(0.05	)	$	(0.01	)
Amortization of intangibles acquired in business combinations	0.02			0.01			0.04			0.01
Stock-based compensation	0.25			0.23			0.50			0.44
Less tax benefit of non GAAP items	(0.04		)	—			(0.19		)	(0.13		)
Non-GAAP dilutive shares excluded from GAAP EPS calculation ⁽¹⁾	—			(0.01		)	(0.01		)	—
Non-GAAP earnings per share - Diluted	$	0.28		$	0.24		$	0.29		$	0.31

(1) Due to the occurrence of a net loss on a GAAP basis, potentially dilutive securities were excluded from the calculation of GAAP earnings per share, as they would have an anti-dilutive effect. However, as net income was earned on a Non-GAAP basis, these shares have a dilutive effect on Non-GAAP earnings per share and are included here.

	Three Months Ended January 31,						Six Months Ended January 31,
Shares used in computing non-GAAP per share amounts:	2017			2016			2017			2016
GAAP Weighted average shares - Diluted	74,793,240			73,402,064			73,516,140			71,511,198
Non-GAAP dilutive shares excluded from GAAP EPS calculation ⁽¹⁾	—			—			1,258,762			1,711,132
Pro forma weighted average shares - Diluted	74,793,240			73,402,064			74,774,902			73,222,330

(1) Due to the occurrence of a net loss on a GAAP basis, potentially dilutive securities were excluded from the calculation of GAAP earnings per share, as they would have an anti-dilutive effect. However, as net income was earned on a Non-GAAP basis, these shares have a dilutive effect on Non-GAAP earnings per share and are included here.



GUIDEWIRE SOFTWARE, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Outlook
The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP outlook for the periods indicated below:
(in $ millions)	Third Quarter Fiscal 2017			Full Year Fiscal 2017
Outlook reconciliation: GAAP and non-GAAP operating income/(loss)
GAAP operating income/(loss)	(28.1)	–	(24.1)	(14.6)	–	(6.6)
Non-GAAP adjustments:
Stock-based compensation	17.0	–	18.0	70.8	–	73.8
Amortization of intangibles	4.4	–	4.9	11.8	–	12.8
Non-GAAP income from operations	(6.0)	–	(2.0)	70.0	–	78.0

Outlook reconciliation: GAAP and non-GAAP net income/(loss)
GAAP net income/(loss)	(22.8)	–	(19.6)	(9.0)	–	(3.1)
Non-GAAP adjustments:
Stock-based compensation	17.0	–	18.0	70.8	–	73.8
Amortization of intangibles	4.4	–	4.9	11.8	–	12.8
Non-GAAP tax impact	(2.9)	–	(3.7)	(25.6)	–	(26.0)
Non-GAAP net income	(3.7)	–	(1.2)	50.1	–	55.6