TERADATA CORP /DE/0000816761false00008167612024-10-312024-10-31


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): October 31, 2024  

 
TERADATA CORPORATION
(Exact name of registrant as specified in its charter)

Commission File Number 001-33458
 
Delaware75-3236470
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
 
17095 Via Del Campo
San Diego, California 92127
(Address of principal executive offices and zip code)
 
Registrant’s telephone number, including area code: (866) 548-8348
 
N/A
(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 (see General Instruction A.2 below):

☐ 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))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueTDCNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 2.02    Results of Operations and Financial Condition.
Teradata Corporation ("Teradata" or the "Company") is furnishing the following information as required under Item 2.02 “Results of Operations and Financial Condition” of Form 8-K. Such information, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.
On November 4, 2024, the Company issued a press release setting forth its third quarter of fiscal year 2024 operating results as well as current outlook estimates for the fourth quarter of 2024 and for the full-year 2024 (the "Earnings Press Release"). A copy of the Earnings Press Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.
The Company also posted supplemental material dated November 4, 2024, on the Investor Relations page of its website at investor.teradata.com. Except as specifically noted herein, information on the Company’s website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the Securities and Exchange Commission.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) As announced on August 5, 2024, the Company has initiated global restructuring and cost reduction actions to optimize operations, reduce non-revenue generating expenses, and drive efficiencies for long-term growth and profitability (the “Restructuring”). In connection with the Restructuring and as a result of personal reasons regarding Ms. Ashton, the Company will be realigning the leadership of its Products Organization. As part of this organizational realignment, the position of Chief Product Officer, held by Hillary Ashton, a Named Executive Officer of the Company, will be eliminated effective as of December 31, 2024 (the “CPO Transition”). As a result of the CPO Transition, Steve McMillan, the Company’s Chief Executive Officer, will take on oversight of the Company’s Products Organization. Ms. Ashton was notified of this change on October 31, 2024.

(e) Upon her departure from the Company, Ms. Ashton is eligible to receive severance and other benefits as a Level I participant of the Executive Severance Plan (the “ESP”) upon the terms, and subject to the conditions of, the ESP, including without limitation, execution, and delivery of a release agreement. In addition, Ms. Ashton’s outstanding equity awards will vest as provided in the Company’s 2023 Stock Incentive Plan. Each of the ESP and the 2023 Stock Incentive Plan are described in more detail in the Company’s 2024 Proxy Statement.

Item 9.01        Financial Statements and Exhibits.
(d)    Exhibits:
The following exhibits are attached with this current report on Form 8-K:
Exhibit No.Description
104
Cover Page Interactive Data (embedded within the Inline XBRL document).



Safe Harbor Statement



This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements generally relate to opinions, beliefs, and projections of expected future financial and operating performance, business trends, liquidity, and market conditions, among other things. These forward-looking statements are based upon current expectations and assumptions and often can be identified by words such as “expect,” “strive,” “looking ahead,” “outlook,” “guidance,” “forecast,” “anticipate,” “continue,” “plan,” “estimate,” “believe,” “will,” “would,” “likely,” “intend,” “potential,” or similar expressions. All statements, other than statements of historical facts, included in this Current Report on Form 8-K which address activities, events or developments that the Company expects or anticipates will or may occur in the future, including all statements about the Restructuring, CPO Transition, and the Company’s financial guidance described herein and in the accompanying press release are forward-looking statements. These forward-looking statements are based upon current expectations and assumptions and involve risks and uncertainties that could cause the Company’s actual results to differ materially. In addition to the factors discussed in this Form 8-K filing, other risks and uncertainties could affect the Company’s future results, and could cause actual results to differ materially from those expressed in such forward-looking statements, including the global economic environment and business conditions in general, including inflation and/or recessionary conditions; the ability of our suppliers to meet their commitments to us; the timing of purchases, migrations, or expansions by our current and potential customers; the rapidly changing and intensely competitive nature of the information technology industry, the data analytics business, and artificial intelligence capabilities; fluctuations in our operating, capital allocation, and cash flow results; our ability to execute and realize the anticipated benefits of our refreshed brand, business transformation program or restructuring and cost saving initiatives; risks inherent in operating in foreign countries, including sanctions, foreign currency fluctuations, and/or acts of war; risks associated with data privacy, cyberattacks and maintaining secure and effective products for our customers, as well as, internal information technology and control systems; the timely and successful development, production or acquisition, availability and/or market acceptance of new and existing products, product features and services, including for artificial intelligence; tax rates; turnover of our workforce and the ability to attract and retain skilled employees; protecting our intellectual property; availability and successful execution of new alliance and acquisition opportunities; subscription arrangements that may be cancelled or fail to be renewed; the impact on our business and financial reporting from the implementation of a new ERP system and 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 most recent annual report on Form 10-K, and subsequent quarterly reports on Forms 10-Q or current reports on Forms 8-K, as well as Teradata’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.



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 thereunto duly authorized.
 
TERADATA CORPORATION
Date: November 4, 2024By:/s/ Claire Bramley
Claire Bramley
Chief Financial Officer






Exhibit 99.1
image1.jpg
INVESTOR CONTACT
Chad Bennett
chad.bennett@teradata.com


MEDIA CONTACT
Jennifer Donahue
jennifer.donahue@teradata.com
                    

Teradata Reports Third Quarter 2024 Financial Results

•Third quarter public cloud ARR of $570 million, an increase of 26% as reported and 24% in constant currency from the prior year period(1)
•Cloud net expansion rate of 120%
•GAAP diluted EPS was $0.33, up 175% year-over-year
•Non-GAAP diluted EPS was $0.69, up 64% year-over-year(2)
•Cash flow from operations was $77 million, up 88% year-over-year
•Free cash flow was $69 million, up 92% year-over-year(3)


SAN DIEGO – November 4, 2024 -- Teradata (NYSE: TDC) today announced its third quarter 2024 financial results.

“In the third quarter, we grew our cloud business, delivered innovations that strengthen our market position, and added new customers and partners. We are seeing customers increasingly leverage our hybrid capabilities as they transform and commit to Teradata for the long term,” said Steve McMillan, President and Chief Executive Officer, Teradata. "We firmly believe in Teradata’s differentiated technology and future growth, and we remain focused on accelerating growth and improving execution.”

Third Quarter 2024 Financial Highlights Compared to Third Quarter 2023

•Public cloud ARR increased to $570 million from $454 million, an increase of 26% as reported and 24% in constant currency(1)
•Total ARR decreased to $1.482 billion from $1.524 billion, a decrease of 3% as reported and 4% in constant currency(1)
•Recurring revenue was $372 million versus $360 million an increase of 3% as reported and 5% in constant currency (1)
•Total revenue was $440 million versus $438 million, flat as reported and an increase of 2% in constant currency(1)
•Recurring revenue was 85% of total revenue versus 82%
•GAAP gross margin was 60.5% versus 59.1%
•Non-GAAP gross margin was 61.6% versus 60.3%(2)
•GAAP operating margin was 12.7% versus 6.2%
•Non-GAAP operating margin was 22.5% versus 14.4%(2)
•GAAP diluted EPS was $0.33 versus $0.12 per share


•Non-GAAP diluted EPS was $0.69 versus $0.42 per share(2)
•Cash flow from operations was $77 million compared to $41 million
•Free cash flow was $69 million compared to $36 million(3)

Outlook
For the fourth quarter of 2024:
•GAAP diluted EPS is expected to be in the range of $0.09 to $0.13 per share
•Non-GAAP diluted EPS is expected to be in the range of $0.40 to $0.44 per share(2)

For the full-year 2024, Teradata increases the following ranges:
•GAAP diluted EPS is expected to be in the range of $1.02 to $1.06 per share
•Non-GAAP diluted EPS is expected to be in the range of $2.30 to $2.34 per share(2)

Teradata updates the following range:
•Public cloud ARR growth of 18% to 22% year-over-year, in constant currency(4)

Teradata reaffirms the following ranges:
•Total ARR in the range of -2% to -4% year-over-year, in constant currency(4)
•Recurring revenue in the range of flat to -2% year-over-year, in constant currency(4)
•Total revenue in the range of -2% to -4% year-over-year, in constant currency(4)
•Cash flow from operations of $290 million to $310 million
•Free cash flow of $270 million to $290 million(3)

Global Restructuring
Cost actions announced last quarter were initiated during the third quarter of 2024. Teradata remains on track to reduce operating expenses by approximately $75M to $80M on an annualized run rate.

Segment Reporting
Additionally, on August 5, 2024, Teradata announced that it has realigned its sales function to optimize operations. Due to this organizational change Teradata now manages its business under two segments, which are also Teradata’s new operating segments: (1) Product Sales and (2) Consulting Services. Prior period segment information has been reclassified to conform to the current period presentation.

Earnings Conference Call
The conference call will begin at 1:30 p.m. PT on November 4, 2024. Investors and participants may attend the call by dialing (404) 975-4839 and entering access code 205954. For investors and participants outside the United States, see global dial-in numbers at netroadshow.com/events/global-numbers?confId=71997, and use access code 205954.

The live webcast, as well as a replay, will be available on the Investor Relations page of the Teradata 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. 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 September 30
20242023% Change as Reported% Change in CC
Recurring revenue$372 $360 3%5%
Perpetual software licenses, hardware and other7 7 —%(2)%
Consulting services61 71 (14)%(12)%
  Total revenue$440 $438 —%2%
Product Sales$379 $367 3%5%
Consulting services61 71 (14)%(12)%
   Total revenue$440 $438 —%2%
Revenue
(in millions)
For the Nine Months ended September 30
20242023% Change as Reported% Change in CC
Recurring revenue$1,128 $1,120 1%2%
Perpetual software licenses, hardware and other20 33 (39)%(39)%
Consulting services193 223 (13)%(10)%
Total revenue$1,341 $1,376 (3)%(1)%
Product Sales$1,148 $1,153 —%1%
Consulting services193 223 (13)%(10)%
Total revenue$1,341 $1,376 (3)%(1)%

As of September 30
20242023% Change as Reported% Change in CC
Annual recurring revenue*$1,482 $1,524 (3)%(4)%
      Public cloud ARR**$570 $454 26%24%

The impact of currency on ARR is determined by calculating the prior period ending ARR using the current period end currency rates.

* Annual recurring revenue ("ARR") is defined as the annual value at a point in time of all recurring contracts, including subscription, cloud, software upgrade rights and maintenance. Total ARR does not include managed services and third-party software. The Company believes this is a useful metric to investors as it demonstrates progress toward achieving our strategic objectives as outlined in the Form 10-K and Form 10-Q.

** Public cloud ARR is defined as the annual value at a point in time of all contracts related to public cloud implementations of Teradata VantageCloud and does not include ARR related to private or managed cloud implementations. The Company believes this is a useful metric to investors as it demonstrates progress toward achieving our strategic objectives as outlined in the Form 10-K and Form 10-Q.


2.Teradata reports its results in accordance with GAAP. However, as described below, the Company believes that certain non-GAAP measures such as free cash flow, non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, and non-GAAP diluted earnings per share, all of which exclude certain items, and which may be reported on a constant currency basis, are useful for investors. Our non-GAAP measures are not meant to be considered in isolation to, as substitutes for, or superior to, results determined in accordance with GAAP, and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Each of our non-GAAP measures do not have a uniform definition under GAAP and therefore, Teradata’s definition may differ from other companies’ definitions of these measures.

The following tables reconcile Teradata’s actual and projected results and EPS under GAAP to the Company’s actual and projected non-GAAP results and EPS for the periods presented, which exclude certain specified items. Our management internally uses supplemental non-GAAP financial measures, such as gross profit, operating income, net income, and EPS, excluding certain items, to understand, manage and evaluate our business and support operating decisions on a regular basis. The Company believes such non-GAAP financial measures (1) provide useful information to investors regarding the underlying business trends and performance of the Company’s ongoing operations, (2) are useful for period-over-period comparisons of such operations and results, that may be more easily compared to peer companies and allow investors a view of the Company’s operating results excluding stock-based compensation expense and special items, (3) provide useful information to management and investors regarding present and future business trends, and (4) provide consistency and comparability with past reports and projections of future results.

For the
Three Months		For the
Nine Months
(in millions, except per share data)ended September 30ended September 30
Gross Profit:20242023% Chg.20242023% Chg.
 GAAP Gross Profit$266 $259 3%$815 $837 (3)%
   % of Revenue60.5 %59.1 %60.8 %60.8 %
  Excluding:
 Stock-based compensation expense4 4 13 12 
Reorganization and transformation cost1 1 3 1 
 Non-GAAP Gross Profit$271 $264 3%$831 $850 (2)%
   % of Revenue61.6 %60.3 %62.0 %61.8 %
Operating Income
 GAAP Operating Income$56 $27 107%$170 $139 22%
   % of Revenue12.7 %6.2 %12.7 %10.1 %
 Excluding:
 Stock-based compensation expense29 33 92 96 
Reorganization and transformation cost14 3 22 8 
 Non-GAAP Operating Income$99 $63 57%$284 $243 17%
   % of Revenue22.5 %14.4 %21.2 %17.7 %
Net Income
GAAP Net Income
$32 $12 167%$89 $69 29%
   % of Revenue7.3 %2.7 %6.6 %5.0 %
  Excluding:
   Stock-based compensation expense29 33 92 96 
Reorganization and transformation cost14 3 22 8 
Argentina Blue Chip Swap— — 2 — 
   Income tax adjustments (i)
(8)(5)(19)(18)
 Non-GAAP Net Income
$67 $43 56%$186 $155 20%
   % of Revenue15.2 %9.8 %13.9 %11.3 %



For the Three MonthsFor the Nine Months
ended September 30ended September 302024 Outlook
Earnings Per Share:
2024202320242023Q4FY
GAAP Earnings Per Share
$0.33 $0.12 $0.91 $0.67 $0.09 - $0.13$1.02 - $1.06
 Excluding:
Stock-based compensation expense0.30 0.32 0.93 0.93 0.29 1.23 
Reorganization and transformation cost0.14 0.03 0.22 0.08 0.08 0.27 
Argentina Blue Chip Swap
— — 0.02 — — 0.02 
   Income tax adjustments(i)
(0.08)(0.05)(0.19)(0.17)(0.06)(0.24)
 Non-GAAP Diluted Earnings Per Share
$0.69 $0.42 $1.89 $1.51 $0.40 - $0.44$2.30 - $2.34

i.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 September 30, 2024, was 25.6% and September 30, 2023, was 12.2%. For the nine months ended September 30, 2024, was 25.6% and September 30, 2023, was 22.1%.


3.As described below, the Company believes that free cash flow is a useful non-GAAP measure for investors. Free cash flow does not have a uniform definition under GAAP in the United States and therefore, Teradata's definition may differ from other companies' definitions of this measure. 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. 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 which can be used for among other things, investments in the Company's existing businesses, strategic acquisitions, strengthening the Company’s balance sheet, repurchase of Company stock and repay the Company’s debt obligations. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other non-discretionary expenditures that are not deducted from the measure. This non-GAAP measure should not be considered as a substitute for, or superior to, cash flows from operating activities under GAAP.



For the Three Months
For the Nine Months
(in millions)
ended September 30
ended September 30
Outlook
20242023202420232024
Cash provided by operating activities (GAAP)
$77 $41 $147 $199 $290 to $310
Less total capital expenditures
(8)(5)(18)(12)(~20)
Free Cash Flow (non-GAAP measure)
$69 $36 $129 $187 $270 to $290
4.We are providing an outlook for the 2024 growth rates for public cloud ARR, total ARR, recurring revenue, and total revenue in constant currency to provide better visibility into the underlying growth of the business. Teradata calculates public cloud ARR and total ARR in constant currency by calculating the prior period ending public cloud ARR or total ARR, as applicable, using the current period end currency rates. It is impractical to provide a schedule on currency period end rates at a future point in time. Teradata calculates recurring revenue and total revenue in constant currency by using the prior-period results with the current-year monthly average currency rates. See the foreign currency fluctuation schedule on the Investor Relations page of the Company’s website at investor.teradata.com to calculate the anticipated impact of currency on the revenue outlook.


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, liquidity, and market conditions, among other things. These forward-looking statements are based upon current expectations and assumptions and often can be identified by words such as “expect,” “strive,” “looking ahead,” “outlook,” “guidance,” “forecast,” “anticipate,” “continue,” “plan,” “estimate,” “believe,” “will,” “would,” “likely,” “intend,” “potential,” or similar expressions. Forward-looking statements in this release include our 2024 fourth quarter and full year financial. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including those relating to: the global economic environment and business conditions in general, including inflation and/or recessionary conditions; the ability of our suppliers to meet their commitments to us; the timing of purchases, migrations, or expansions by our current and potential customers; the rapidly changing and intensely competitive nature of the information technology industry, the data analytics business, and artificial intelligence capabilities; fluctuations in our operating, capital allocation, and cash flow results; our ability to execute and realize the anticipated benefits of our refreshed brand, business transformation program or restructuring and cost saving initiatives, including the 2024 restructuring actions; risks inherent in operating in foreign countries, including sanctions, foreign currency fluctuations, and/or acts of war; risks associated with data privacy, cyberattacks and maintaining secure and effective products for our customers, as well as, internal information technology and control systems; the timely and successful development, production or acquisition, availability and/or market acceptance of new and existing products, product features and services, including for artificial intelligence; tax rates; turnover of our workforce and the ability to attract and retain skilled employees; protecting our intellectual property; availability and successful execution of new alliance and acquisition opportunities; subscription arrangements that may be cancelled or fail to be renewed; the impact on our business and financial reporting from the implementation of a new ERP system and 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 most recent annual report on Form 10-K, and subsequent quarterly reports on Forms 10-Q or current reports on Forms 8-K, as well as Teradata’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
    
At Teradata, we believe that people thrive when empowered with trusted information. We offer the most complete cloud analytics and data platform for AI. By delivering harmonized data and trusted AI, we enable more confident decision-making, unlock faster innovation, and drive the impactful business results organizations need most. See how at Teradata.com

# # #
The Teradata logo is a trademark, and Teradata is a registered trademark of Teradata Corporation and/or its affiliates in the U.S. and worldwide.



SCHEDULE A

TERADATA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts - unaudited)
For the Period Ended September 30
Three MonthsNine Months
20242023% Chg20242023% Chg
Revenue
Recurring$372 $360 3 %$1,128 $1,120 1 %
Perpetual software licenses, hardware and other7 7 — %20 33 (39)%
Consulting services61 71 (14)%193 223 (13)%
Total revenue440 438 0 %1,341 1,376 (3)%
Gross profit
Recurring 261 255 795 810 
% of Revenue70.2 %70.8 %70.5 %72.3 %
Perpetual software licenses, hardware and other2 — 2 3 
% of Revenue28.6 %— %10.0 %9.1 %
Consulting services3 4 18 24 
% of Revenue4.9 %5.6 %9.3 %10.8 %
Total gross profit266 259 815 837 
% of Revenue60.5 %59.1 %60.8 %60.8 %
Selling, general and administrative expenses137 156 429 476 
Research and development expenses73 76 216 222 
Income from operations56 27 170 139 
% of Revenue12.7 %6.2 %12.7 %10.1 %
Other expense, net(9)(14)(36)(44)
Income before income taxes47 13 134 95 
% of Revenue10.7 %3.0 %10.0 %6.9 %
Income tax expense15 1 45 26 
% Tax rate31.9 %7.7 %33.6 %27.4 %
Net income$32 $12 $89 $69 
% of Revenue7.3 %2.7 %6.6 %5.0 %
Net income per common share
Basic $0.33 $0.12 $0.92 $0.69 
Diluted$0.33 $0.12 $0.91 $0.67 
Weighted average common shares outstanding
Basic96.1 99.2 96.7 100.5 
Diluted97.0 102.0 98.3 102.8 



SCHEDULE B

TERADATA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions - unaudited)
September 30, 2024December 31, 2023September 30, 2023
Assets
Current assets
Cash and cash equivalents$348 $486 $348 
Accounts receivable, net247 286 286 
Inventories16 13 8 
Other current assets92 84 96 
Total current assets703 869 738 
Property and equipment, net202 239 249 
Right of use assets- operating lease, net6 9 10 
Goodwill399 398 396 
Capitalized contract costs, net49 68 72 
Deferred income taxes215 221 200 
Other assets85 69 75 
Total assets$1,659 $1,873 $1,740 
Liabilities and stockholders' equity
Current liabilities
Current portion of long-term debt$25 $19 $12 
Current portion of finance lease liability60 66 69 
Current portion of operating lease liability4 6 6 
Accounts payable85 100 106 
Payroll and benefits liabilities105 130 120 
Deferred revenue482 570 477 
Other current liabilities114 105 95 
Total current liabilities875 996 885 
Long-term debt461 480 486 
Finance lease liability40 63 70 
Operating lease liability3 6 7 
Pension and other postemployment plan liabilities96 102 91 
Long-term deferred revenue13 22 16 
Deferred tax liabilities8 8 6 
Other liabilities38 61 57 
Total liabilities1,534 1,738 1,618 
Stockholders' equity
Common stock1 1 1 
Paid-in capital2,166 2,074 2,044 
Accumulated deficit(1,908)(1,811)(1,797)
Accumulated other comprehensive loss(134)(129)(126)
Total stockholders' equity125 135 122 
Total liabilities and stockholders' equity$1,659 $1,873 $1,740 



SCHEDULE C

TERADATA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions - unaudited)
For the Period Ended September 30
Three MonthsNine Months
2024202320242023
Operating activities
Net income$32 $12 $89 $69 
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization25 27 78 86 
Stock-based compensation expense29 33 92 96 
Deferred income taxes(3)(1)5 1 
Loss on Blue Chip Swap— — 3 — 
Changes in assets and liabilities:
Receivables1 (21)39 78 
Inventories 6 1 (3)— 
Current payables and accrued expenses27 21 (37)(9)
Deferred revenue(44)(40)(97)(104)
Other assets and liabilities4 9 (22)(18)
Net cash provided by operating activities77 41 147 199 
Investing activities
Expenditures for property and equipment(8)(5)(17)(11)
Additions to capitalized software— — (1)(1)
Business acquisitions and other investing activities, including loss on Blue Chip Swap(2)(16)(5)(16)
Net cash used in investing activities(10)(21)(23)(28)
Financing activities
Repurchases of common stock(15)(147)(186)(301)
Repayments of long-term borrowings(7)— (13)— 
Payments of finance leases(17)(21)(54)(62)
Other financing activities, net5 7 (1)6 
Net cash used in financing activities(34)(161)(254)(357)
Effect of exchange rate changes on cash and cash equivalents14 (16)(8)(36)
Increase (decrease) in cash, cash equivalents and restricted cash47 (157)(138)(222)
Cash, cash equivalents and restricted cash at beginning of period301 506 486 571 
Cash, cash equivalents and restricted cash at end of period$348 $349 $348 $349 

Supplemental cash flow disclosure:
Non-Cash investing and financing activities:
Assets acquired by finance leases$7 $21 $25 $80 
Assets acquired by operating leases$— $2 $1 $6 



SCHEDULE D

TERADATA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions - unaudited)
For the Three Months Ended September 30For the Nine Months Ended September 30
20242023% Change As Reported
%
 Change Constant Currency(2)
20242023% Change As Reported
%
 Change Constant Currency(2)
Segment Revenue
Product Sales$379 $367 3%5%$1,148 $1,153 0%1%
Consulting Services61 71 (14)%(12)%193 223 (13)%(10)%
Total segment revenue440 438 0%2%1,341 1,376 (3)%(1)%
Segment gross profit
Product Sales265 258 805 820 
% of Revenue69.9 %70.3 %70.1 %71.1 %
Consulting Services6 6 26 30 
% of Revenue9.8 %8.5 %13.5 %13.5 %
Total segment gross profit271 264 831 850 
% of Revenue61.6 %60.3 %62.0 %61.8 %
Reconciling items(1)
(5)(5)(16)(13)
Total gross profit$266 $259 $815 $837 
% of Revenue60.5 %59.1 %60.8 %60.8 %
(1) Reconciling items include stock-based compensation, 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.

v3.24.3
Document and Entity Information Document
Oct. 31, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 31, 2024
Entity Registrant Name TERADATA CORP /DE/
Entity File Number 001-33458
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 75-3236470
Entity Address, Address Line One 17095 Via Del Campo
Entity Address, City or Town San Diego
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92127
City Area Code 866
Local Phone Number 548-8348
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol TDC
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000816761
Amendment Flag false
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