Short answer
Teradata Corp (TDC) filed its fiscal 2015 10-K annual report with the SEC on Feb 26, 2016.
- Top risk flagged: Regulatory exposure: FCPA and U.K. Bribery Act enforcement risk across international operations, potentially causing fines or government debarment
Teradata Corp FY2015 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Analytic data solutions provider combining software, hardware, consulting, support, and cloud services across enterprise analytical ecosystems
- Exit from most marketing applications, with retained operations moved into the data and analytics segment
- Cloud delivery emphasized alongside on-premises offerings, including Teradata Database, Aster Database, Hadoop, and marketing applications
- Revenue $2.530 billion, with 92% from data and analytics and 8% from marketing applications
- Net loss $(214) million, including $478 million marketing applications goodwill and acquired-intangible impairment charges
Management Discussion & Analysis
- Revenue $2,530M, down 7% YoY from $2,732M, including 5 percentage points of currency impact
- Gross margin 50.4% vs 54.1%; operating loss $(195)M vs $503M operating income
- Best segment Data and Analytics: revenue $2,337M, gross margin 52.9%; worst Marketing Applications: revenue down 8%, gross margin 40.9%
- Operating cash flow $401M; $657M share repurchases, $52M property capex, $68M capitalized software additions
- 2016 outlook: approximately 2 percentage points currency headwind; risks from large-capital-spending pressure, competition, and alternative technologies
Risk Factors
- Regulatory exposure: FCPA and U.K. Bribery Act enforcement risk across international operations, potentially causing fines or government debarment
- International exposure: 44% of 2015 revenue generated outside the United States amid currency volatility and political unrest
- Supply-chain vulnerability: Flextronics served as a key single-source contract manufacturer for hardware systems
- Competitive disruption: IBM and Oracle possessed greater financial resources, distribution, and platform penetration
- Financial risk: Variable-rate indebtedness created interest-rate exposure and potential covenant-driven debt acceleration
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