San Mateo software company providing property and casualty insurance industry platforms
Guidewire Software, Inc., commonly Guidewire, is an American software company based in San Mateo, California. It offers an industry platform for property and casualty (P&C) insurance carriers in the U.S. and worldwide.3 Its shares trade on NYSE under the symbol GWRE.1Wikipedia text CC BY-SA 4.0
Guidewire Software, Inc., commonly Guidewire, is an American software company based in San Mateo, California. It offers an industry platform for property and casualty (P&C) insurance carriers in the U.S. and worldwide.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2026
Share buybacks
Capital spending2¢$12.1M
Share buybacks98¢$606.3M
Out of $389.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6
Financial statements
Revenue11121314156$1.5B in 2026+105% since 2019Gross profit11121314156$947.4M in 2026+140% since 2019Operating income11121314156$149.9M in 2026+10089% since 2019Net income11121314156$139.3M in 2026+572% since 2019
Revenue1617$372.5M in Q3 FY2026+4% since Q2 FY2026Gross profit1617$236.6M in Q3 FY2026+2% since Q2 FY2026Operating income1617$30.6M in Q3 FY2026−20% since Q2 FY2026Net income1617$16.5M in Q3 FY2026−47% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2026-07-31
2025-07-31
2024-07-31
Total revenue
$1.5B
$1.2B
$980.5M
Total cost of revenue
$528.0M
$450.4M
$397.1M
Gross profit
$947.4M
$752.1M
$583.4M
Research and development
$340.1M
$296.2M
$269.4M
Sales and marketing
$258.9M
$230.3M
$199.0M
General and administrative
$198.5M
$184.5M
$167.5M
Total operating expenses
$797.5M
$711.0M
$635.9M
Income (loss) from operations
$149.9M
$41.1M
-$52.6M
Interest income
$48.6M
$56.6M
$43.5M
Interest expense
-$13.3M
-$13.2M
-$6.7M
Other income (expense), net
-$21.0M
-$35.1M
-$11.0M
Income (loss) before provision for (benefit from) income taxes
$164.1M
$49.4M
-$26.8M
Provision for (benefit from) income taxes
$24.8M
-$20.4M
-$20.7M
Net income (loss)
$139.3M
$69.8M
-$6.1M
Basic (in USD per share)
$1.65
$0.83
-$0.07
Diluted (in USD per share)
$1.63
$0.81
-$0.07
Basic (in shares)
84.2M shares
83.8M shares
82.3M shares
Diluted (in shares)
85.4M shares
85.9M shares
82.3M shares
No quarter-by-quarter statement was filed.
Total assets1811121314156$2.6B in 2026+19% since 2019Total liabilities1811121314156$1.4B in 2026+133% since 2019Shareholders’ equity121314156$1.2B in 2026−24% since 2019Cash1811121314156$372.9M in 2026+47% since 2019Long-term debt1811121314$398.9M in 2024+26% since 2019
Total assets1617$2.5B in Q3 FY2026−6% since Q2 FY2026Total liabilities1617$1.2B in Q3 FY2026+3% since Q2 FY2026Shareholders’ equity1617$1.3B in Q3 FY2026−14% since Q2 FY2025Cash1617$294.6M in Q3 FY2026−28% since Q2 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2026-07-31
2025-07-31
2024-07-31
2023-07-31
Cash and cash equivalents
$372.9M
$697.9M
Short-term investments
$380.2M
$451.5M
Accounts receivable, net of allowances of $2,379 and $1,166, respectively
$193.7M
$140.6M
Unbilled accounts receivable, net
$140.8M
$131.0M
Prepaid expenses and other current assets
$99.4M
$86.4M
Total current assets
$1.2B
$1.5B
Long-term investments
$462.2M
$333.8M
Unbilled accounts receivable, net
$0
$670.0K
Property and equipment, net
$67.8M
$60.4M
Operating lease assets
$34.4M
$39.3M
Intangible assets, net
$16.4M
$12.0M
Goodwill
$423.3M
$394.0M
Deferred tax assets, net
$286.6M
$297.2M
Other assets
$99.3M
$76.3M
TOTAL ASSETS
$2.6B
$2.7B
Accounts payable
$38.1M
$28.8M
Accrued employee compensation
$146.3M
$140.6M
Deferred revenue, net
$437.2M
$340.3M
Other current liabilities
$42.9M
$35.1M
Total current liabilities
$664.5M
$544.8M
Lease liabilities
$25.2M
$30.7M
Convertible senior notes, net
$678.1M
$674.6M
Deferred revenue, net
$1.6M
$4.5M
Other liabilities
$13.8M
$9.3M
Total liabilities
$1.4B
$1.3B
Common stock, par value $0.0001 per share500,000,000 shares authorized as of July 31, 2026 and 2025; 81,992,467 and 84,530,418 shares issued and outstanding as of July 31, 2026 and 2025, respectively
$8.0K
$8.0K
Additional paid-in capital
$2.2B
$2.0B
Accumulated other comprehensive income (loss)
-$12.2M
-$8.9M
Retained earnings (accumulated deficit)
-$1.0B
-$554.2M
Total stockholders equity
$1.2B
$1.5B
$1.3B
$1.2B
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
$2.6B
$2.7B
Accounts receivable, allowance for credit loss
$2.4M
$1.2M
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
500.0M shares
500.0M shares
Common stock, shares, issued (in shares)
82.0M shares
84.5M shares
Common stock, shares outstanding (in shares)
82.0M shares
84.5M shares
Period ending
2026-07-31
2025-07-31
2024-07-31
2023-07-31
Cash and cash equivalents
$372.9M
$697.9M
Short-term investments
$380.2M
$451.5M
Accounts receivable, net of allowances of $2,379 and $1,166, respectively
$193.7M
$140.6M
Unbilled accounts receivable, net
$140.8M
$131.0M
Prepaid expenses and other current assets
$99.4M
$86.4M
Total current assets
$1.2B
$1.5B
Long-term investments
$462.2M
$333.8M
Unbilled accounts receivable, net
$0
$670.0K
Property and equipment, net
$67.8M
$60.4M
Operating lease assets
$34.4M
$39.3M
Intangible assets, net
$16.4M
$12.0M
Goodwill
$423.3M
$394.0M
Deferred tax assets, net
$286.6M
$297.2M
Other assets
$99.3M
$76.3M
TOTAL ASSETS
$2.6B
$2.7B
Accounts payable
$38.1M
$28.8M
Accrued employee compensation
$146.3M
$140.6M
Deferred revenue, net
$437.2M
$340.3M
Other current liabilities
$42.9M
$35.1M
Total current liabilities
$664.5M
$544.8M
Lease liabilities
$25.2M
$30.7M
Convertible senior notes, net
$678.1M
$674.6M
Deferred revenue, net
$1.6M
$4.5M
Other liabilities
$13.8M
$9.3M
Total liabilities
$1.4B
$1.3B
Common stock, par value $0.0001 per share500,000,000 shares authorized as of July 31, 2026 and 2025; 81,992,467 and 84,530,418 shares issued and outstanding as of July 31, 2026 and 2025, respectively
$8.0K
$8.0K
Additional paid-in capital
$2.2B
$2.0B
Accumulated other comprehensive income (loss)
-$12.2M
-$8.9M
Retained earnings (accumulated deficit)
-$1.0B
-$554.2M
Total stockholders equity
$1.2B
$1.5B
$1.3B
$1.2B
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
$2.6B
$2.7B
Accounts receivable, allowance for credit loss
$2.4M
$1.2M
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
500.0M shares
500.0M shares
Common stock, shares, issued (in shares)
82.0M shares
84.5M shares
Common stock, shares outstanding (in shares)
82.0M shares
84.5M shares
Cash from operations11121314156$389.7M in 2026+236% since 2019Capital spending11121314156$12.1M in 2026−73% since 2019Free cash flow11121314156$377.7M in 2026+430% since 2019Share buybacks11121314156$606.3M in 2026
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2026-07-31
2025-07-31
2024-07-31
Net income (loss)
$139.3M
$69.8M
-$6.1M
Depreciation and amortization
$28.0M
$23.8M
$22.3M
Amortization of debt issuance costs
$3.9M
$3.8M
$1.7M
Amortization of contract costs
$35.0M
$30.9M
$28.4M
Stock-based compensation
$181.8M
$161.6M
$146.5M
Changes to allowance for credit losses and revenue reserves
$2.5M
$526.0K
$526.0K
Deferred income tax
$9.0M
-$31.8M
-$26.8M
Amortization of premium (accretion of discount) on available-for-sale securities, net
-$6.3M
-$10.3M
-$12.9M
(Gains) losses on sale of strategic investments
-$632.0K
-$3.7M
-$1.8M
Changes in fair value of strategic investments
-$489.0K
$2.1M
$2.0M
Loss on retirement of debt
$0
$53.6M
$0
Other non-cash items affecting net income (loss)
-$88.0K
$186.0K
-$74.0K
Accounts receivable
-$54.9M
-$3.3M
$12.6M
Unbilled accounts receivable
-$9.2M
-$38.9M
$7.7M
Prepaid expenses and other assets
-$55.4M
-$58.1M
-$44.1M
Operating lease assets
$4.9M
$4.4M
$8.6M
Accounts payable
$11.7M
$11.4M
-$18.9M
Accrued employee compensation
$6.2M
$30.1M
$6.5M
Deferred revenue
$93.7M
$56.6M
$72.6M
Lease liabilities
-$4.2M
-$2.9M
-$7.4M
Other liabilities
$4.9M
$1.1M
$4.6M
Net cash provided by (used in) operating activities
$389.7M
$300.9M
$195.7M
Purchases of available-for-sale securities
-$859.1M
-$858.6M
-$615.9M
Maturities and sales of available-for-sale securities
$806.0M
$665.0M
$576.9M
Purchases of property and equipment
-$12.1M
-$5.7M
-$6.4M
Capitalized software development costs
-$19.0M
-$14.7M
-$12.2M
Acquisition of strategic investments
-$14.6M
-$1.8M
-$1.3M
Sale of strategic investments
$781.0K
$5.7M
$6.6M
Acquisition of businesses, net of acquired cash
-$38.0M
-$26.9M
$0
Net cash provided by (used in) investing activities
-$136.0M
-$237.0M
-$52.4M
Proceeds from issuance of convertible senior notes, net of issuance costs
$0
$671.8M
$0
Payment for the retirement of convertible senior notes
$0
-$353.5M
$0
Payment for the maturity of convertible senior notes
$0
-$179.1M
$0
Purchase of capped calls
$0
-$58.8M
$0
Payment of revolving credit facility costs
$0
-$2.1M
$0
Proceeds from issuance of common stock under employee stock purchase plan
$26.6M
$0
$0
Proceeds from issuance of common stock upon exercise of stock options
$729.0K
$3.9M
$1.1M
Repurchase and retirement of common stock
-$606.3M
$0
$0
Net cash provided by (used in) financing activities
-$579.0M
$82.3M
$1.1M
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash
-$969.0K
$3.7M
-$2.0M
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
-$326.2M
$149.9M
$142.4M
Cash paid for interest
$9.3M
$11.8M
$5.0M
Cash paid for income taxes, net of tax refunds
$13.2M
$7.6M
$8.9M
Accruals for purchase of property and equipment
$407.0K
$2.8M
$682.0K
Accruals for capitalized software development costs
$1.5M
$1.1M
$920.0K
Accrual for business acquisition purchase consideration holdback
Guidewire Software sits at the top of its group. 17 entities, 15 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Guidewire Software
BAMCO INC /NY/Filed SCHEDULE 13G/A on Guidewire Software, latest Jul 2, 2026 (7 filings since Feb 14, 2022)
Linonia Partnership LPFiled SCHEDULE 13G/A on Guidewire Software, latest May 15, 2026 (3 filings since Sep 29, 2025)
Guidewire Software France S.A.S. Subsidiary · France
Guidewire Software Japan K.K. Subsidiary · Japan
Guidewire Software Mexico, S. de R.L. de C.V. Subsidiary · Mexico
Guidewire Software Poland Sp. z o.o. Subsidiary · Poland
Guidewire Software Solutions India Private Limited Subsidiary · India
Guidewire Software Spain, S.L. Subsidiary · Spain
Patagonia Holdings, Inc. Subsidiary · Canada
Quantee Sp. z o.o. Subsidiary · Poland
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Guidewire Software reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters in San Mateo, California consists of approximately 79,000 square feet, for which we recently signed a new lease extending our term through December 2034. As of July 31, 2026, we lease additional facilities for our sales, services, development, operations and administrative activities in various locations in the U.S. and around the world, including in the Americas, Europe, and Asia-Pacific. We lease all of our facilities and do not own any real property.
We believe that our facilities are suitable to meet our current needs. In the future, we may expand our facilities or add new facilities as we add employees and enter new geographic markets, and we believe that suitable additional or alternative space will be available as needed to accommodate any such growth. We expect to incur additional expenses in connection with any such new or expanded facilities.
The company was established in 2001 and founded by: Ken Branson, James Kwak, John Raguin, and Marcus Ryu from Ariba (and McKinsey, where James and Marcus had met); and John Seybold and Mark Shaw from Kana Software. In September 2011, Guidewire filed with the SEC to raise up to $100 million in an initial public offering (IPO) and first publicly traded on the NYSE in January 2012. Guidewire was later cited as being one of the top IPOs of 2012, even #1.
In 2011, Guidewire settled a patent related lawsuit with Accenture regarding its claims management software.
In 2013, Guidewire acquired Millbrook, Inc., a business intelligence company. In 2016, Guidewire acquired ISCS (cloud computing), FirstBest (underwriting) and EagleEye Analytics. In 2017, Guidewire acquired Cyence, a data science and risk analytics company enabling P&C insurers to grow.
On August 5, 2019, Guidewire appointed Mike Rosenbaum as CEO.
In March 2023, Guidewire executed a sublease agreement to exchange headquarters with Roblox Corporation, another software company in San Mateo. Guidewire moved into and assumed the remaining lease term for the Roblox headquarters at 970 Park Place; Roblox assumed Guidewire's remaining lease term for Bay Meadows Station 2 at 2850 Delaware Street.
The company has been cited as being among the 50 most desirable mid-size Bay Area companies to work for, and was in the "Top 50 Large Companies" in Glassdoor's Best Places To Work. In June 2026, the company reported that its annual recurring revenue (ARR) surpassed $1.14 billion during the third quarter of fiscal year 2026, driven by continuous expansion of its cloud platform and subscription model.
Guidewire is a recurring revenue software company as it sells term licenses. The company also sells its software as a service on a subscription revenue basis. Its three main software products are ClaimCenter, PolicyCenter, and BillingCenter, each servicing a major component of a P&C insurance carrier. There are a number of add-on modules, as well as an increasing number of value-added online services provided via Guidewire Analytics and Guidewire Marketplace. Guidewire also develops the Gosu programming language.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
693 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 42 major events, 342 insider forms, 33 large holders, 256 other. The latest 20:
284 open-market trades by officers, directors and large owners since October 2021: 2 buys and 282 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Guidewire Software is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Sep 11, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks Guidewire Software names in Item 1A of its 10-K filed Sep 11, 2026: 47 risks under these headings, as written.19
Risks Related to Our Business and Industry
We have experienced, and may continue to experience, significant quarterly and annual fluctuations in our results of operations due to a number of factors.
Our reliance on a relatively small number of P&C insurance customers for a significant portion of our revenue and ARR and the substantial negotiating leverage of these customers could adversely affect our business, results of operations, and financial condition.
Our sales and implementation cycles are lengthy and variable, depend upon factors outside our control, and could cause us to expend significant time and resources prior to generating revenue.
We face intense competition in our market, which could negatively impact our business, results of operations, and financial condition and cause our market share to decline.
Failure to manage our expanding operations effectively could harm our business.
Issues in the development, adoption, deployment, workforce use, and maintenance of AI technologies, combined with an uncertain regulatory environment, may result in reputational harm, operational disruptions, liability, or other adverse consequences to our business operations.
We may fail to set the optimal pricing and packaging of our products, which could negatively impact our growth strategy and ability to effectively compete in the market.
If we are unable to expand adoption of our cloud-based subscription offerings, or if we fail to meet stipulated service levels, our results of operations could be harmed.
Our business depends on customers renewing and expanding their license, support, and subscription contracts for our products. A decline in our customer renewals and expansions could harm our future results of operations.
Seasonal sales patterns may cause significant fluctuations in our results of operations and cash flows and may prevent us from achieving our quarterly or annual forecasts, which may cause our stock price to decline.
If we are unable to develop, introduce, and market new and enhanced versions of our products, we may be put at a competitive disadvantage.
The other 36 risks
Real or perceived errors or failures in our products and professional services, including implementation and cloud support services, may affect our reputation, cause us to lose customers, and reduce sales and renewal rates, which may harm our business and results of operations and subject us to liability for breach of warranty claims.
Our ability to sell our products is highly dependent on the quality of our professional services and technical support services and the support of our SI partners, and the failure of us or our SI partners to offer high-quality professional services or technical support services could damage our reputation and adversely affect our ability to sell our products to new customers and renew agreements with our existing customers.
Revenue mix, as well as declines in our subscription and support gross margin or our services gross margin, could adversely affect our overall gross margin and profitability.
Failure of any of our established products to satisfy customer demands or to maintain market acceptance could harm our business, results of operations, financial condition, and growth prospects.
If we are unable to continue the successful development of our global direct sales force and the expansion of our relationships with our strategic partners, sales of our products will suffer and our growth could be slower than we project.
Our international sales and operations subject us to additional risks that can adversely affect our business, results of operations, and financial condition.
We may expand through acquisitions or partnerships with other companies, which may divert our management’s attention and result in unexpected operating and technology integration difficulties, increased costs, and dilution to our stockholders.
Incorrect or improper use of our products or our failure to properly train customers on how to utilize our products could result in customer dissatisfaction and negatively affect our business, results of operations, financial condition, and growth prospects.
We may not be able to obtain capital when desired on favorable terms, if at all, and we may not be able to obtain capital or complete acquisitions through the use of equity without dilution to our stockholders.
Risks Related to Data Security and Privacy, Intellectual Property, and Information Technology
If our products experience cybersecurity incidents or breaches, there is unauthorized access to our customers’ data, or unauthorized use of our products or any of these events are perceived to happen, we may lose current or future customers and our reputation and business may be harmed.
Service interruptions or failures of our third-party service providers or technology could disrupt our products and harm our business.
Privacy concerns could result in regulatory changes, and compliance with ever-evolving privacy and data protection laws could impose additional costs and require significant resources, and any actual or alleged failure by us or our vendors to comply could result in significant liabilities, limit our use of information, cause negative publicity and/or an erosion of trust, and adversely affect our business, results of operations, and financial condition.
Privacy concerns in the EU and the U.K. are evolving and we may face fines and other penalties, as well as reputational harm, if we fail to comply with these current and evolving laws, and compliance with these laws may increase our expenses and adversely affect our business and results of operations.
Assertions by third parties of infringement or other violation by us of their intellectual property rights could result in significant costs and substantially harm our business and results of operations.
Failure to protect our intellectual property could substantially harm our business and results of operations.
Some of our products and technologies may use “open source” software, which may restrict how we use or distribute our services or require that we release the source code of certain products subject to those licenses.
We may be obligated to disclose our proprietary source code to our customers, which may limit our ability to protect our intellectual property and could reduce the renewals of our support services.
Risks Related to Legal, Regulatory, Accounting, and Tax Matters
Changes in accounting standards or our accounting estimates, or variability between GAAP results and key metrics, may adversely affect our operating results and stock price.
If we fail to maintain effective internal control over financial reporting or identify a material weakness in our internal control over financial reporting, our ability to report our financial condition and results of operations in a timely and accurate manner could be adversely affected, investor confidence in our Company could diminish, and the value of our common stock may decline.
If tax laws change or we experience adverse outcomes resulting from examination of our income tax returns, it could adversely affect our results of operations.
Risks Related to Ownership of Our Common Stock
Our stock price has been and may continue to be volatile, and it may rise or fall regardless of our operating performance.
We currently do not intend to pay dividends on our common stock and, consequently, the only opportunity to achieve a return on investment is if the price of our common stock appreciates.
Certain provisions of our certificate of incorporation and bylaws and of Delaware law could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.
Our amended and restated bylaws designate certain state or federal courts as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with us.
We cannot guarantee that any share repurchase program will be fully consummated or it will enhance stockholder value, and share repurchases could affect the price of our common stock.
General Risk Factors
If we are unable to retain our personnel, maintain our company culture, and hire and integrate additional skilled personnel, we may be unable to achieve our goals and our business will suffer.
Servicing our indebtedness requires a significant amount of cash. We may not have sufficient cash flow from our business to pay our substantial indebtedness.
Our revolving credit facility contains restrictive and financial covenants that may limit our operational flexibility. If we fail to meet our obligations under the credit facility, our operations may be interrupted and our business, results of operations, and financial condition could be adversely affected.
Increased scrutiny and varying stakeholder expectations with respect to sustainability matters may require us to incur additional costs or otherwise adversely impact our business.
Global events have adversely affected, and may continue to adversely affect, our business, results of operations, and financial condition.
Factors outside of our control, including, but not limited to, natural catastrophes, geopolitical instability, and adverse financial market disruptions, may adversely impact the P&C insurance industry or third parties we rely on, preventing us from expanding or maintaining our existing customer base and harming our business.
Our revenue, results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the Australian Dollar, British Pound, Canadian Dollar, Euro, Indian Rupee, Japanese Yen, New Zealand Dollar, Polish Zloty, and Swiss Franc.
The conversion feature of the 2029 Convertible Senior Notes may adversely affect our financial condition and results of operations.
Transactions relating to our 2029 Convertible Senior Notes may affect the value of our common stock.
We are subject to counterparty risk with respect to the capped call transactions.
Legal proceedings
From time to time, we are involved in legal proceedings that arise in the ordinary course of our business. Any such proceedings, whether meritorious or not, could be time consuming, costly, and result in the diversion of significant operational resources and/or management time.
Although the outcomes of legal proceedings are inherently difficult to predict, we are not currently involved in any legal proceeding in which the outcome, in our judgment based on information currently available, is likely to have a material adverse effect on our business or financial position.
As described in Note 9 “Commitments and Contingencies” to our consolidated financial statements included elsewhere in this Annual Report on Form 10-K, which is incorporated by reference herein, we are not party to any material pending legal proceedings.
