Guidewire Software Inc (GWRE) 2024 Q1 法說會逐字稿

Greetings. Welcome to the Guidewire First Quarter Fiscal 2024 Financial Results Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Guidewire 2024 財年第一季財務業績電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Alex Hughes, Vice President of Investor Relations. You may begin.

現在我將會議交給東道主投資者關係副總裁 Alex Hughes。你可以開始了。

Thank you, operator. I'm Alex Hughes, Vice President of Investor Relations. And with me today is Mike Rosenbaum, Chief Executive Officer; and Jeff Cooper, Chief Financial Officer.

謝謝你，接線生。我是亞歷克斯‧休斯 (Alex Hughes)，投資人關係副總裁。今天與我在一起的是執行長 Mike Rosenbaum；和財務長傑夫·庫柏。

A complete disclosure of our results can be found in our press release issued today as well as in our related Form 8-K furnished to the SEC, both of which are available on the Investor Relations section of our website. Today's call is being recorded, and a replay will be available following the conclusion of the call.

我們的結果的完整揭露可以在我們今天發布的新聞稿以及我們向 SEC 提供的相關表格 8-K 中找到，這兩個表格都可以在我們網站的投資者關係部分找到。今天的通話正在錄音，通話結束後將進行重播。

Statements made on this call include forward-looking ones regarding our financial results, products, customer demand, operations, the impact of local, national and geopolitical events on our business and other matters. These statements are subject to risks, uncertainties and assumptions and are based on management's current expectations as of today and should not be relied upon as representing our views as of any subsequent date.

本次電話會議中發表的聲明包括有關我們的財務表現、產品、客戶需求、營運、地方、國家和地緣政治事件對我們業務的影響以及其他事項的前瞻性聲明。這些陳述受到風險、不確定性和假設的影響，並且基於管理層截至目前的當前預期，不應被視為代表我們在任何後續日期的觀點。

Please refer to the press release and the risk factors and documents we file with the SEC, including our most recent annual report on Form 10-K and our prior and forthcoming quarterly reports on Form 10-Q filed and to be filed with the SEC for information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

請參閱新聞稿以及我們向 SEC 提交的風險因素和文件，包括我們最新的 10-K 表格年度報告以及我們之前和即將提交的 10-Q 表格季度報告，以供 SEC 提交。有關可能導致實際結果與此類聲明中所述結果存在重大差異的風險、不確定性和假設的資訊。

We also will refer to certain non-GAAP financial measures to provide additional information to investors. All commentary on margins, profitability and expenses are on a non-GAAP basis, unless stated otherwise. A reconciliation of non-GAAP to GAAP measures is provided in our press release. Reconciliations and additional data are also posted in the supplement on our IR website.

我們也將參考某些非公認會計準則財務指標，為投資者提供更多資訊。除非另有說明，所有關於利潤率、獲利能力和費用的評論均基於非公認會計原則。我們的新聞稿中提供了非公認會計原則與公認會計原則措施的調節。調節表和附加資料也發佈在我們 IR 網站的增補中。

With that, I'll now turn the call over to Mike.

這樣，我現在將把電話轉給麥克。

Thank you, Alex. Good afternoon, and thanks, everyone, for joining today. We're off to a strong start to the year, and it's great to see this momentum continue, following a record Q4, where we had especially high close rates. I characterize this quarter as one of continued solid execution. We are seeing good progress on the deal front as well as in operations, and also had a tremendous customer conference at Connections last month.

謝謝你，亞歷克斯。下午好，謝謝大家今天的加入。今年我們迎來了一個強勁的開局，很高興看到這種勢頭繼續下去，繼第四季度創紀錄的成交率之後，我們的成交率特別高。我將本季度描述為持續穩健執行的季度。我們看到交易方面和營運方面都取得了良好進展，上個月還在 Connections 上舉行了一次盛大的客戶會議。

We had record attendance with about 3,000 in-person attendees. The enthusiasm and support for our strategic direction and Cloud Platform was noticeable, and the event provided great validation of our progress and the tangible business impacts we are providing to our customers. We are steadily building a franchise that will have a lasting and positive impact on the P&C insurance industry, and that will produce the durable, profitable long-term growth that is commensurate with a vertical market leader.

我們的出席人數創下了約 3,000 人的紀錄。人們對我們的策略方向和雲端平台的熱情和支持是顯而易見的，這次活動極大地驗證了我們的進展以及我們為客戶提供的實際業務影響。我們正在穩步建立特許經營權，這將對財產和意外保險行業產生持久和積極的影響，並將產生與垂直市場領導者相稱的持久、盈利的長期增長。

Since we had a chance to speak at Analyst Day last month, I'll keep today's remarks fairly brief and share my key takeaways on the business. First, Guidewire Cloud Platform continues to advance steadily and consistently with each new release. The ninth release of Guidewire Cloud Platform, Innsbruck, was made available December 1, and builds on the automation, orchestration, integration and monitoring capabilities in Hakuba and will deliver greater functionality in digital analytics, data, straight-through processing and pricing. Each release brings greater and greater benefits to customers, which helps to grow interest in our platform.

由於我們有機會在上個月的分析師日上發表講話，因此我今天的發言將保持相當簡短，並分享我對業務的主要看法。首先，Guidewire 雲端平台隨著每個新版本的發布而繼續穩步推進。 Guidewire 雲端平台第九版（因斯布魯克）於12 月1 日發布，它建立在Hakuba 的自動化、編排、整合和監控功能之上，並將在數位分析、數據、直通處理和定價方面提供更強大的功能。每個版本都為客戶帶來越來越大的好處，這有助於增加對我們平台的興趣。

Second, we continue to see this interest manifest in sustained sales momentum. We closed another 7 cloud deals in the first quarter, including 6 for InsuranceSuite Cloud. This, despite Q1 typically being a seasonally lag quarter for us. We closed 4 InsuranceSuite migrations in the quarter, including the first Japan-based insurer to commit to the full suite in the cloud, and also closed 3 net new deals, including another competitive takeaway.

其次，我們繼續看到這種興趣體現在持續的銷售動能上。我們在第一季又完成了 7 筆雲端交易，其中 6 筆涉及 InsuranceSuite Cloud。儘管第一季對我們來說通常是季節性滯後的季度，但這仍然存在。我們在本季完成了 4 項 InsuranceSuite 遷移，包括第一家致力於雲端全套套件的日本保險公司，並且還完成了 3 項淨新交易，包括另一項有競爭力的外賣。

Insurers are responding to the greater agility, efficiency and innovation that Guidewire Cloud Platform offers and increasingly view it as aligned with their technology and strategic road maps. Third is data and analytics, which is something I am excited about, as a longer-term opportunity and as something our cloud success positions us well for.

保險公司正在響應 Guidewire 雲端平台提供的更高敏捷性、效率和創新，並越來越認為它與其技術和策略路線圖保持一致。第三是數據和分析，這是我感到興奮的事情，因為它是一個長期機會，也是我們雲端運算的成功使我們處於有利地位的東西。

As a core systems provider, we have a unique opportunity to layer on data and analytics offerings to core workflows to drive greater real-time analysis and decision-making around policy, underwriting and claims. I was pleased to see HazardHub adopted by a Florida-based property insurer just a few months after it adopted our InsuranceNow core solution. HazardHub was chosen for its proprietary hazard risk scoring and its seamless integration with InsuranceNow.

作為核心系統供應商，我們擁有獨特的機會將資料和分析產品分層到核心工作流程中，以推動圍繞保單、核保和索賠的更即時分析和決策。我很高興看到位於佛羅裡達州的一家財產保險公司在採用我們的 InsuranceNow 核心解決方案幾個月後就採用了 HazardHub。 HazardHub 因其專有的危險風險評分及其與 InsuranceNow 的無縫整合而被選中。

Fourth, we continue to nurture and grow an ecosystem of partners, including SIs and solution providers, which helps to drive sustained go-live activity and greater value from the platform. In the quarter, we had 9 more go-lives. And leading SIs Capgemini, Cognizant, Deloitte, EY and PwC all now have achieved cloud migration certifications.

第四，我們持續培育和發展合作夥伴生態系統，包括系統整合商和解決方案供應商，有助於推動持續的上線活動和平台的更大價值。本季度，我們又上線了 9 個項目。領先的系統整合商凱捷、高知特、德勤、安永和普華永道現已獲得雲端遷移認證。

As I mentioned previously, Connections was a tremendous success and highlighted for me the advantage is Guidewire and our ecosystem deliver for our customers. The stories that were shared drove home the impact of the improved agility, speed and innovation our platform delivers.

正如我之前提到的，Connections 取得了巨大的成功，並強調了 Guidewire 和我們的生態系統為客戶提供的優勢。分享的故事讓我們清楚地認識到我們平台所提供的敏捷性、速度和創新的提高所產生的影響。

Definity Insurance, a leading Canadian insurer with a 150-year history, adopted Guidewire Cloud Platform in 2021 to achieve greater scale, resilience, agility and innovation. They have now already seen deployment times improve 63%, quote response times improve 30%, downtime reduced by 75% and platform setup times improve 10x.

Definity Insurance 是一家擁有 150 年歷史的加拿大領先保險公司，於 2021 年採用了 Guidewire 雲端平台，以實現更大的規模、彈性、敏捷性和創新。他們現在已經看到部署時間縮短了 63%，報價回應時間縮短了 30%，停機時間減少了 75%，平台設定時間縮短了 10 倍。

The speed Guidewire Cloud platform delivers was best illustrated by GM OnStar, who spoke about successfully creating and launching an embedded insurance product from start to go-live in only 9 months. And I thought CNA Insurance, one of the largest commercial and specialty insurers in the United States, really illustrated the complexity that large insurers have to manage through when moving to the cloud and how Guidewire Cloud Platform's continuous release cycle supports much greater agility for these insurers while also providing the strategic optionality they need to stay current with the market.

Guidewire 雲端平台提供的速度最能體現 GM OnStar，他談到了從開始到上線僅用了 9 個月就成功創建和推出嵌入式保險產品。我認為CNA Insurance 作為美國最大的商業和專業保險公司之一，真正說明了大型保險公司在遷移到雲端時必須管理的複雜性，以及Guidewire 雲端平台的持續發布週期如何為這些保險公司提供更大的敏捷性同時也提供他們與市場保持同步所需的策略選擇。

As we continue to sell, innovate and expand the community around our platform, an additional key objective has been to drive greater and greater platform and company efficiency. Jeff will talk more about this, but we were all pleased to see continuing margin expansion in the quarter, even above our objectives and forecasts.

隨著我們繼續圍繞我們的平台進行銷售、創新和擴大社區，另一個關鍵目標是推動越來越高的平台和公司效率。傑夫將更多地談論這一點，但我們都很高興看到本季利潤率持續成長，甚至超出了我們的目標和預測。

The work we are doing to manage all of this while also improving efficiency through our organization is critical and not always the most glamorous part of the job. It has been exciting to see the results of these efforts continue to flow through to our financial outcomes these past few quarters.

我們為管理所有這一切所做的工作，同時也透過我們的組織提高效率，這一點至關重要，但並不總是工作中最迷人的部分。令人興奮的是看到這些努力的成果繼續影響我們過去幾個季度的財務表現。

And finally, we also announced in today's release that Priscilla Hung's sabbatical is ending soon, and we are all very excited to have her back. While we do not plan for her to return to the same operating role, we are very pleased that she'll continue to be an employee and an invaluable senior adviser at the company.

最後，我們也在今天的新聞稿中宣布，洪慧嫻的休假即將結束，我們都很高興她能回來。雖然我們不打算讓她回到原來的營運職位，但我們很高興她將繼續擔任公司的員工和寶貴的高級顧問。

With that, I'll turn it over to Jeff to discuss the financials.

有了這個，我會把它交給傑夫來討論財務問題。

Thanks, Mike. We're off to a strong start in fiscal 2024, and it is great to see sustained momentum in the business. From a financial perspective, we entered into this year very focused on, one, increasing ARR and the subscription mix of our business; two, expanding overall gross margins, primarily led by subscription and support gross margin, but we are also prioritizing services margins; and three, driving greater cash flow from operations.

謝謝，麥克。我們在 2024 財年有了一個良好的開端，很高興看到業務的持續成長動能。從財務角度來看，我們今年非常關注，第一，增加ARR和我們業務的訂閱組合；二是擴大整體毛利率，主要由訂閱和支持毛利率帶動，但我們也優先考慮服務毛利率；第三，推動營運產生更多現金流。

Today, I'll talk about how we're doing in each of these areas as I go through the details, and we'll finish with our updated outlook. ARR finished just above the high end of our outlook at $770 million. Total revenue was $207 million, also above the high end of our outlook, and this beat was primarily due to higher-than-expected subscription and support revenue and services revenue. Other components of revenue were largely in line with our expectations.

今天，我將詳細介紹我們在每個領域的表現，最後我們將介紹最新的展望。 ARR 最終收在 7.7 億美元，略高於我們預期的上限。總收入為 2.07 億美元，也高於我們預期的上限，這一增長主要是由於訂閱和支援收入以及服務收入高於預期。收入的其他組成部分基本上符合我們的預期。

Turning to profitability for the first quarter, which we will discuss on a non-GAAP basis. Gross profit was $121 million, representing 46% year-over-year growth. Overall gross margin was 58% compared to 42% a year ago. Subscription and support gross margin was 65% compared to 49% a year ago. This was ahead of our expectations due to higher-than-expected revenue, increased cloud infrastructure efficiency and the timing of some cloud services credits from our cloud infrastructure provider.

談到第一季的獲利能力，我們將在非公認會計準則的基礎上討論這一點。毛利為 1.21 億美元，年增 46%。整體毛利率為 58%，而一年前為 42%。訂閱和支持毛利率為 65%，而一年前為 49%。由於收入高於預期、雲端基礎設施效率提高以及我們的雲端基礎設施供應商提供一些雲端服務積分的時間安排，這超出了我們的預期。

We are thrilled with this result as it gives us confidence to raise our profitability targets for the year. Services gross margin was positive 10% compared to negative 9% a year ago. This profitability turnaround is the result of many work that we have discussed in prior earnings calls. And this start to the year to the year sets us up well to hit our annual target of $30 million in gross profit for services. These results demonstrate exciting progress and margin expansion.

我們對這一結果感到非常興奮，因為它讓我們有信心提高今年的獲利目標。服務毛利率為正 10%，而一年前為負 9%。這種獲利能力的轉變是我們在先前的財報電話會議中討論過的許多工作的結果。今年的開局使我們能夠很好地實現服務毛利 3000 萬美元的年度目標。這些結果顯示了令人興奮的進步和利潤率的擴大。

On a year-over-year basis, subscription and support gross margins expanded 16 percentage points. Services gross margin expanded 19 percentage points and total gross margins expanded 16 percentage points. While we still have work to do to get to our long-term margin targets, I do want to recognize all the hard work by a number of teams at Guidewire, including the cloud operations team, the support team, the product development teams, the services organization and our FinOps team to help us unlock this potential.

訂閱和支持毛利率年增 16 個百分點。服務毛利率擴大19個百分點，總毛利率擴大16個百分點。雖然我們仍有工作要做才能實現我們的長期利潤目標，但我確實想對 Guidewire 的許多團隊所做的辛勤工作表示認可，包括雲端營運團隊、支援團隊、產品開發團隊、服務組織和我們的FinOps團隊幫助我們釋放這項潛能。

All this positive momentum on gross margins led to an operating profit of $4.1 million. This is a strong result when compared with our prior outlook of negative $22.5 million at the midpoint. About $15 million of this beat came from the gross profit line and $11 million came from operating expenses. On the operating expense side, we saw slower hiring and lower travel expenses than we expected. But approximately $5 million to $6 million of the $11 million is due to timing of certain expenses now expected later in the year.

所有這些毛利率的積極勢頭帶來了 410 萬美元的營業利潤。與我們之前預期的負 2,250 萬美元中位數相比，這是一個強勁的結果。其中約 1,500 萬美元來自毛利線，1,100 萬美元來自營運費用。在營運費用方面，我們看到招募速度較慢，差旅費用也低於我們的預期。但 1,100 萬美元中約有 500 萬至 600 萬美元是由於目前預計今年稍後的某些支出的時間安排造成的。

Overall stock-based compensation was $36 million, up 3% and from Q1 last year, which was generally in line with our expectations. We ended the quarter with $854 million in cash, cash equivalents and investments. Operating cash flow ended the quarter at negative $72 million, which is a bit better than our internal expectations. As a reminder, annual employee bonuses and commission expenses related to Q4 sales are paid out in Q1. And as a result, Q1 cash flow is always lower than the other quarters in the fiscal year.

整體股票薪酬為 3,600 萬美元，較去年第一季成長 3%，整體符合我們的預期。本季結束時，我們的現金、現金等價物和投資為 8.54 億美元。本季末營運現金流為負 7,200 萬美元，略優於我們的內部預期。提醒一下，與第四季度銷售相關的年度員工獎金和佣金費用在第一季支付。因此，第一季現金流始終低於本財年其他季度。

Now let me go through our updated outlook for fiscal year 2024. Starting with the top line, we are maintaining our outlook for ARR. ARR is still the best way to measure overall sales momentum, and we feel confident in our pipeline and are on track to hit our annual targets. We are also maintaining our outlook for total revenue. We expect approximately $471 million in subscription revenue and $542 million in subscription and support revenue.

現在讓我回顧一下我們對 2024 財年的最新展望。首先，我們維持對 ARR 的展望。 ARR 仍然是衡量整體銷售動能的最佳方式，我們對我們的產品線充滿信心，並有望實現我們的年度目標。我們也維持對總收入的預期。我們預計訂閱收入約為 4.71 億美元，訂閱和支援收入約為 5.42 億美元。

We now expect term license revenue to be a bit higher than prior expectations due to higher DWP true-ups. And we have tempered our expectations for services revenue to approximately $195 million. Our services model is shifting away from lower-margin subcontracted revenue a bit faster than we previously forecasted. Additionally, our partners are continuing to lead more and more of the implementation engagements, which is great.

由於 DWP 調整的增加，我們現在預計定期授權收入將略高於先前的預期。我們將服務收入預期下調至約 1.95 億美元。我們的服務模式正在從利潤率較低的分包收入轉變，速度比我們之前預測的要快一些。此外，我們的合作夥伴將繼續領導越來越多的實施工作，這非常棒。

Turning to margins and profitability, which we will discuss on a non-GAAP basis. We now expect subscription and support gross margins to be 62% for the year, an increase of 7 percentage points when compared to fiscal 2023. This puts us ahead of schedule with respect to hitting our FY '25 target of 63% to 65%. It is clear that the product investments we have made and the hard work of teams focused on efficiency are having the desired impact on scalability and product gross margins.

談到利潤率和獲利能力，我們將在非公認會計原則的基礎上討論。我們現在預計今年訂閱和支持毛利率將為 62%，比 2023 財年增加 7 個百分點。這使我們提前實現 25 財年 63% 至 65% 的目標。顯然，我們所做的產品投資以及專注於效率的團隊的辛勤工作正在對可擴展性和產品毛利率產生預期的影響。

We continue to expect services gross margins of approximately 15%. As I mentioned last quarter, we will measure professional services success this year by: one, our ability to deliver in conjunction with our partners' excellent customer outcomes; and two, our ability to deliver $30 million in services gross profit, and we are on track to hit these goals.

我們繼續預計服務毛利率約為 15%。正如我上季度提到的，我們今年將透過以下指標來衡量專業服務的成功：第一，我們與合作夥伴的卓越客戶成果相結合的交付能力；第二，我們有能力實現 3000 萬美元的服務毛利，而我們正在實現這些目標。

As a result, we now expect overall gross margin to be approximately 62% for the full year. This is already at the midpoint of our FY '25 target, so we are tracking ahead of schedule. With respect to operating income, we are raising our operating income outlook to between $82 million and $92 million for the fiscal year.

因此，我們目前預計全年整體毛利率約為 62%。這已經是我們 25 財年目標的中點，因此我們正在提前追蹤。在營業收入方面，我們將本財年的營業收入預期上調至 8,200 萬美元至 9,200 萬美元之間。

We are thrilled by this momentum as we work towards unlocking the profitability potential of the business. We expect stock-based compensation to be approximately $150 million, representing 5% year-over-year growth. We are increasing our cash flow from operations expectation to between $115 million and $135 million for the fiscal year.

當我們努力釋放業務的獲利潛力時，我們對這種勢頭感到興奮。我們預計股票薪酬約為 1.5 億美元，年增 5%。我們正在將本財年的營運預期現金流增加至 1.15 億至 1.35 億美元之間。

Turning to our outlook for Q2. We expect ARR to finish between $793 million and $798 million. Our outlook for total revenue is between $237 million and $243 million. We expect subscription and support revenue of approximately $130 million and services revenue of approximately $43 million. We expect subscription and support margins of approximately 63%, services margins to be around breakeven and total gross margins to be between 61% and 62%.

轉向我們對第二季的展望。我們預計 ARR 將完成 7.93 億至 7.98 億美元之間。我們對總收入的預期在 2.37 億美元至 2.43 億美元之間。我們預計訂閱和支援收入約為 1.3 億美元，服務收入約為 4,300 萬美元。我們預計訂閱和支援利潤率約為 63%，服務利潤率將達到盈虧平衡點，總毛利率將在 61% 至 62% 之間。

We did conduct a small services reorg in early Q2, which carried an approximately $2.5 million onetime charge. Our outlook for operating income is between $15 million and $20 million. In summary, it was a strong start to the year. And as we mentioned at Analyst Day, we are at an exciting inflection point with respect to profitability and our ability to demonstrate margin expansion.

我們確實在第二季初進行了小型服務重組，一次性費用約為 250 萬美元。我們的營業收入預期在 1500 萬美元至 2000 萬美元之間。總而言之，這是今年的一個好開始。正如我們在分析師日所提到的，就獲利能力和展示利潤率擴張的能力而言，我們正處於一個令人興奮的轉折點。

Operator, you can now open the call for questions.

接線員，您現在可以打開電話提問。

(Operator Instructions) And our first question comes from the line of Dylan Becker with William Blair.

（操作員說明）我們的第一個問題來自迪倫貝克爾和威廉布萊爾的對話。

Appreciate the question here. Maybe, Mike, starting with you. You called out kind of the Connections Conference, and a lot of discussion coming out of that around aligning kind of the decisioning with tangible value towards business applicability versus kind of the IT infrastructure side. I wonder how important is that conversation around business applicability as we think about kind of championing change in the industry? And maybe to what extension you're seeing that evolution play through or flow through into your conversations and interactions with customers?

感謝這裡的問題。也許，麥克，從你開始。您召開了一次連接會議，並圍繞將決策與業務適用性的有形價值與 IT 基礎設施方面的有形價值相結合進行了許多討論。我想知道當我們考慮倡導行業變革時，圍繞業務適用性的對話有多重要？也許您認為這種演變會在多大程度上滲透到您與客戶的對話和互動中？

Yes. Great question, and Connections is a great example of an opportunity for us to talk about this and hear from customers directly on the subject. I think if you think about the history of the cloud transformation here at Guidewire, the story really began with IT-focused infrastructure, operational value proposition, reduced complexity, support upgrades, things like that.

是的。這是一個很好的問題，Connections 就是一個很好的例子，讓我們有機會討論這個問題並直接聽取客戶對這個主題的意見。我認為，如果您思考 Guidewire 的雲端轉型歷史，您會發現這個故事實際上是從以 IT 為中心的基礎設施、營運價值主張、降低複雜性、支援升級等開始的。

But what's so exciting about the momentum we've achieved in the product organization with our ski resort releases and first, shifting to a twice-a-year release schedule and then subsequently shifting to a 3 times a year release schedule, and then really, importantly, doing all the work necessary to facilitate customers receiving those updates.

但是，我們在滑雪勝地發布的產品組織中取得的勢頭如此令人興奮，首先，轉向每年兩次的發布計劃，然後轉向每年 3 次的發布計劃，然後真的，重要的是，完成所有必要的工作以方便客戶接收這些更新。

All that, you can think of it as like all of that work, engineering, plumbing, so to speak, of a cloud system gives us the ability to shift business value improvements consistently release over release over release. And that's increasingly the story, really, of Guidewire Cloud, which is not just, hey, we have a core system that runs effectively, but we have a core system that can help you differentiate in the market.

所有這些，您可以將其視為雲端系統的所有工作、工程、管道等，使我們能夠持續不斷地在多個版本之間進行業務價值改進。這確實越來越成為 Guidewire Cloud 的故事，這不僅僅是，嘿，我們擁有一個有效運作的核心系統，而且我們擁有一個可以幫助您在市場中脫穎而出的核心系統。

We can help you make changes to your products more efficiently and faster. We can help you adjust your prices, assess the risks associated with the insurance that you're writing. We can help you optimize your claims processes more effectively, predict outcomes more efficiently. And all that -- all those capabilities are delivered legitimately more efficiently through these cloud releases, and that is much, much more part of the conversation. And what the customers are excited about, effectively buying when they buy into Guidewire and our cloud story.

我們可以幫助您更有效率、更快速地更改產品。我們可以幫助您調整價格，評估與您所承保的保險相關的風險。我們可以幫助您更有效地優化索賠流程，更有效地預測結果。所有這些 - 所有這些功能都透過這些雲端版本更有效地合法交付，這是對話的重要組成部分。當客戶購買 Guidewire 和我們的雲端故事時，他們會感到興奮並有效地購買。

So for sure, this is a shift in a way that we're taking the product and the company to market. It's been very, very well received. And I -- somewhat, I feel like we're really just getting started. Honestly, this is like -- this is really just starting to kick in, and these updates are starting to take hold.

所以可以肯定的是，這是我們將產品和公司推向市場的方式的轉變。它非常非常受歡迎。我——某種程度上，我覺得我們真的才剛開始。老實說，這就像——這真的才剛開始，而且這些更新也開始發揮作用。

And that was -- we were talking today, actually, about our key takeaways from Connections. And the reality of the -- just how fluid these update processes are going for our cloud customers was one of the big takeaways. So I appreciate the question. I think it's absolutely part of the story and probably one of the things that's helping us continue to drive and improve sales momentum in the business.

事實上，我們今天談論的是 Connections 的主要收穫。對於我們的雲端客戶來說，這些更新過程的流暢性是最大的收穫之一。所以我很欣賞這個問題。我認為這絕對是故事的一部分，也可能是幫助我們繼續推動和提高業務銷售動能的因素之一。

That's great. Maybe switching over, Jeff, on the operating side. A lot of healthy momentum here and outperformance from a margin perspective. I guess, maybe help us think through kind of some of the seasonality, maybe any variable puts and takes on a quarterly basis and how we should think about some of the sustainability. I know you called out some kind of reallocation there, but sustainability of the outperformance here relative to even when we met 30 days ago, maybe versus what was more onetime in nature, if anything?

那太棒了。傑夫，也許在操作方面要切換一下。這裡有很多健康的勢頭，從利潤率的角度來看，表現也很出色。我想，也許可以幫助我們思考一些季節性，也許每季的任何可變的投入和支出，以及我們應該如何考慮一些永續性。我知道你呼籲對那裡進行某種重新分配，但相對於我們30 天前見面時的表現而言，這裡的優異表現的可持續性，也許與本質上更一次性的情況相比，如果有的話？

Yes. No, it's a good question. We were obviously very thrilled with the margins we saw in Q1. It caught me a little bit by surprise. I wasn't expecting it to be at 65%. And there was some onetime elements in there. We did benefit from a bit higher revenue. Some of that revenue was tied to platform usage that was billed in arrears. So think about that as kind of catch-up revenue. That was recognized in Q1. That flowed through to the margins.

是的。不，這是一個好問題。顯然，我們對第一季看到的利潤率感到非常興奮。這讓我有點驚訝。我沒想到會達到65%。那裡有一些曾經的元素。我們確實受益於收入的增加。其中一些收入與拖欠的平台使用有關。因此，請將其視為一種追趕性收入。這在第一季就得到了認可。這流向了邊緣。

Additionally, we did have a little bit higher credits from our infrastructure provider in Q1 than we're expecting in the back half of the year. But in general, we've made really strong progress in how we think about the efficiency of the platform that we're delivering, and it gives us a ton of confidence as we kind of start to march towards those longer-term targets.

此外，第一季我們從基礎設施提供者獲得的信用確實比我們下半年的預期要高一些。但總的來說，我們在如何看待我們所提供的平台的效率方面取得了巨大的進步，這給了我們很大的信心，因為我們開始朝著這些長期目標邁進。

So there was a little bit of a onetime effect. I would couch it around 2 to potentially 3 percentage points when you factor in the top line. That was some of that catch-up revenue, and you factor in some of the credits that may not recur throughout the end of the year. But in general, just really healthy progress.

所以有一點一次性的效果。如果考慮到營收，我會將其調整為 2 到 3 個百分點左右。這是追趕收入的一部分，並且您考慮了一些可能在年底不會重複出現的積分。但總的來說，這是非常健康的進步。

Our next question comes from the line of Kevin Kumar with Goldman Sachs.

我們的下一個問題來自高盛的凱文庫馬爾 (Kevin Kumar)。

I guess I'll start with the cloud deals. So I think 7 in the quarter, pretty impressive, particularly given it's a seasonally slow -- typically seasonally slow. And I think that compares to 4 deals maybe last year. So curious, Mike, how are you thinking about maybe carrier appetite for cloud modernization today versus perhaps a year ago? And maybe what are the key drivers that you would attribute to the stronger deal activity that we're seeing out of the gate?

我想我會從雲端交易開始。所以我認為本季的 7 % 相當令人印象深刻，特別是考慮到它是季節性緩慢的——通常是季節性緩慢的。我認為相比去年可能有 4 筆交易。麥克，很好奇，與一年前相比，您如何看待今天運營商對雲端現代化的興趣？您認為我們即將看到的更強勁的交易活動的關鍵驅動因素是什麼？

Thanks for the question. I would say, sort of, probably 2 things. Number one, steadily building confidence in the -- just the stability of the operating conditions for insurance companies, feeling more confident about the future, enabling them to make these decisions, pull the trigger on these projects. That's part of it. But I think the bigger part of it is just growing confidence in our direction, our capability to deliver success, follow through and see the projects live. We've talked for years about sort of how conservative the customer base is and how they want to see other people sort of pave the road, so to speak, for them to drive down in the future.

謝謝你的提問。我想說，大概有兩件事。第一，穩步建立對保險公司經營狀況穩定性的信心，對未來更有信心，使他們能夠做出這些決定，啟動這些計畫。這是其中的一部分。但我認為更重要的部分是對我們的方向、我們取得成功、跟進和見證專案實施的能力越來越有信心。多年來，我們一直在討論客戶群的保守程度，以及他們希望看到其他人為他們未來的發展鋪平道路。

And I think we're starting to see that, that factored into the momentum in Q1. And I think it's also helping us feel comfortable and confident about the pipeline over the next 3 quarters and the outlook for the rest of the fiscal year. We really just are seeing all the hard work and energy that we've put into the platform and the products and the customer stories that are -- positive customer stories and the business impacts that we've achieved with them helped improve the propensity of these either migrations or net new deals to come to the platform. So it's all those things, I think, adding up to result in a very positive start to the year for us.

我認為我們開始看到這一點，這也是第一季勢頭的因素。我認為這也有助於我們對未來三個季度的管道以及本財年剩餘時間的前景感到放心和充滿信心。我們確實看到了我們在平台、產品和客戶故事中投入的所有辛勤工作和精力——積極的客戶故事以及我們與他們一起實現的業務影響有助於提高這些客戶的傾向遷移或新交易淨額進入平台。我認為，所有這些因素加在一起，為我們帶來了今年非常積極的開端。

That's great. And then, Mike, you called out analytics. And I guess Guidewire now is a fairly robust portfolio of analytics applications. So curious kind of which applications are seeing the most traction? Where is there room to maybe improve attach rates? And how do you think about the overall kind of add-on strategy going forward?

那太棒了。然後，麥克，你提出了分析。我認為 Guidewire 現在是一個相當強大的分析應用程式組合。令人好奇的是，哪些應用程式最受關注？哪裡有可能提高附加率的空間？您如何看待未來的整體附加策略？

So yes, we mentioned the deal that we did with HazardHub, which we're really excited about. We think that there's a revolution maybe coming, if I'm not exaggerating too much, in the way that people approach property analytics. We talked a lot about that at our Connections Conference. We think that the approaches that most of the insurance industry is taking to measuring the risk associated with properties can be vastly improved by taking a much more specific and much more local, even address by address, location-by-location approach.

是的，我們提到了與 HazardHub 達成的交易，我們對此感到非常興奮。我們認為，如果我沒有過度誇大的話，人們對待房地產分析的方式可能會發生一場革命。我們在 Connections 會議上對此進行了許多討論。我們認為，大多數保險業用來衡量與財產相關的風險的方法可以透過採取更具體、更本地化、甚至逐個地址、逐個地點的方法來大大改進。

And HazardHub is our mechanism for driving that change in the industry. We think it will have broad applicability to multiple different lines of business, and there's a lot of excitement about driving traction and adoption of that product in our customer base, but also throughout the industry.

HazardHub 是我們推動產業變革的機制。我們認為它將廣泛適用於多個不同的業務領域，並且在我們的客戶群以及整個行業中推動產品的吸引力和採用令人興奮。

Where there's an opportunity for us to maybe drive more attach is with our Predict product. I think that most insurance companies have, call it, predictive analytics, machine learning projects up and running. They're working hard with great teams of people to try to sort of predict outcomes and predict next steps and predict severity on risk and claims and things like this.

我們有機會透過我們的 Predict 產品來推動更多的聯繫。我認為大多數保險公司都已經啟動並運行了預測分析、機器學習專案。他們正在與優秀的團隊努力工作，試圖預測結果、預測下一步、預測風險和索賠等事情的嚴重性。

Where they struggle is actually deploying it. They struggle actually getting it into the core systems, into the core system workflows, in front of the people and the users at the points in the business workflow -- in the business processes where you can really take action and have an impact on the business. And that's where Predict really shines is making it possible for us to actually deploy effectively and efficiently and fast all this work that the data scientists and engineers have done inside these insurance companies.

他們掙扎的地方實際上是部署它。他們很難真正將其納入核心系統、核心系統工作流程、在業務工作流程中的人員和使用者面前——在業務流程中，您可以真正採取行動並對業務產生影響。這就是 Predict 真正閃光的地方，它使我們能夠真正有效、有效率、快速地部署資料科學家和工程師在這些保險公司內部完成的所有工作。

And so this is one of the areas where we think that there will be more attach going forward, more joint selling and more just positioning and deploying InsuranceSuite applications and InsuranceNow applications alongside these predictive analytics models with Predict. So hopefully, that gives you a sense of how excited we are about it.

因此，這是我們認為未來將會有更多的合作、更多的聯合銷售以及更公正地定位和部署 InsuranceSuite 應用程式和 InsuranceNow 應用程式以及這些帶有 Predict 的預測分析模型的領域之一。希望這能讓您感受到我們對此感到多麼興奮。

Our next question comes from the line of Rishi Jaluria with RBC.

我們的下一個問題來自 Rishi Jaluria 與 RBC 的關係。

Nice to see continued momentum in the business, especially coming out of Connections. Maybe starting with Connections, right? There was a lot of excitement with partners and customers we talked to at the conference around Jutro. Maybe can you talk to us now that the product, if I'm not mistaken, did come out at GA at the beginning of this month. Maybe what has early feedback from customers and partners been since talking about it at the conference, announced it kind of going live. And how we should expect this to maybe help you competitively, but also really helped us build out a stronger and more robust ecosystem. And I've got a follow-up.

很高興看到業務持續成長，尤其是 Connections 業務。也許從連接開始，對吧？我們在 Jutro 會議上與合作夥伴和客戶進行了交談，他們對此感到非常興奮。也許你現在可以和我們談談，如果我沒記錯的話，該產品確實在本月初的 GA 上推出了。也許自從在會議上討論以來，客戶和合作夥伴的早期回饋就宣布了它的上線。我們應該期望這可能會幫助您提高競爭力，但也確實幫助我們建立了一個更強大、更穩健的生態系統。我還有後續行動。

Okay. Yes, great question. Feedback was extremely positive. One of the things we did that I thought was a little bit risky, but also a lot of fun was we worked on this project to sort of take a collection of business requirements and turned it into an insurance application that was exposed digitally on top of the platform. And Jutro was one of the primary enabling mechanisms for us to be able to deliver something in 24 hours. It's really a game changer in terms of the way people think about deploying digital applications.

好的。是的，很好的問題。反饋非常正面。我認為我們所做的事情之一有點風險，但也很有趣，我們在這個項目上工作，收集業務需求並將其轉變為保險應用程序，該應用程序以數字方式公開該平台。 Jutro 是我們能夠在 24 小時內交付產品的主要支援機制之一。就人們部署數位應用程式的方式而言，它確實改變了遊戲規則。

We are incredibly excited about it and the feedback, so far, from customers is also very, very positive. And so it's somewhat -- it's the feedback from the customers who are seeing it and putting their hands on it and looking at the demos at Connections, but it's also what we call our early access customers who have been working with us over the past couple of releases to really use this, build applications with it, deploy those applications into the public domains. And ultimately, it's about enabling them to create these consumer experiences in a much, much faster way.

我們對此感到非常興奮，到目前為止，客戶的回饋也非常非常正面。所以這在某種程度上是來自那些看到它、親自動手並在 Connections 上觀看演示的客戶的反饋，但這也是我們所說的早期訪問客戶，他們在過去的幾年中一直與我們合作真正使用它的版本，用它來建立應用程序，將這些應用程式部署到公共領域。最終，這是為了讓他們能夠以更快的方式創造這些消費者體驗。

We -- it's a real change in the way that traditionally these agent-facing and/or consumer-facing applications are developed, deployed, maintained. And we think it's going to provide a significant boost to the development teams, the IT teams, the business teams who are responsible for rolling these things out and ultimately making insurance just easier to consume and making the whole process more efficient, but also more convenient and more friendly. So very, very happy that you noticed that and very positive feedback from initial customers and the customers we showed it to at Connections.

我們——這是對傳統上這些面向代理商和/或面向消費者的應用程式的開發、部署和維護方式的真正改變。我們認為這將為負責推出這些產品的開發團隊、IT 團隊和業務團隊提供顯著的推動力，最終使保險更容易消費，並使整個流程更加高效，同時也更加方便並且更加友好。非常非常高興您注意到了這一點，並且來自初始客戶和我們在 Connections 上向其展示的客戶提供了非常積極的回饋。

All right. Wonderful. Really helpful. And then in your prepared remarks, you talked about you're continuing to grow the partners that you certified for cloud migration. Can you maybe talk a little bit about how you might be able to, number one, accelerate the number of partners that can do that, and you'll continue to offer some of that services; and maybe number two, tying generative AI into all of this, right? But to what extent can partners utilize, whether it's AI or actually generative AI, to accelerate the pace of those migrations and maybe even speed up the time to being certified for that?

好的。精彩的。真的很有幫助。然後，在您準備好的演講中，您談到您將繼續發展經過雲端遷移認證的合作夥伴。您能否談談您如何能夠，第一，增加能夠做到這一點的合作夥伴的數量，並且您將繼續提供其中一些服務；也許第二點，將生成式人工智慧與所有這一切聯繫起來，對嗎？但合作夥伴可以在多大程度上利用人工智慧或實際的生成式人工智慧來加快這些遷移的步伐，甚至可能加快獲得認證的時間？

Well, so yes, it's a great question. We've been working very, very hard to ensure that the consultants in our ecosystem are certified on each cloud release. That was number one, most important thing, right?

嗯，是的，這是一個很好的問題。我們一直非常非常努力地確保我們生態系統中的顧問在每個雲端版本上都獲得認證。這是第一、最重要的事情，對吧？

Because we're changing the approach more quickly. The pace of innovation from Guidewire has increased. And so it's very important that we ensure that everybody that's selling themselves or deployed on a live project knows the latest and greatest and knows how to do the implementation the way that you should do it based on the latest release. That's number one.

因為我們正在更快地改變方法。 Guidewire 的創新步伐不斷加快。因此，非常重要的是，我們要確保每個推銷自己或部署在實際專案上的人都了解最新和最好的技術，並知道如何根據最新版本按照應有的方式進行實施。這是第一名。

Number two is we recognize that there's a particular skill set in sort of assessing the current state of a Guidewire on-prem implementation and optimizing the approach to moving that over to a cloud implementation. So that obviously, you need to understand, you need to be cloud certified. But you also -- there's just a whole bunch of things that we've learned now from about 100 projects that we can help disseminate more effectively into the broader ecosystem. And that -- so that's what's behind that effort to create those migration certifications.

第二，我們認識到，評估 Guidewire 本地實施的當前狀態並優化將其轉移到雲端實施的方法需要一套特定的技能。顯然，您需要了解，您需要獲得雲端認證。但我們現在也從大約 100 個項目中學到了很多東西，我們可以幫助它們更有效地傳播到更廣泛的生態系統中。這就是創建這些遷移認證的努力背後的原因。

Certainly, we're looking to add additional horsepower to that program, and we're very open about the approach to recruiting partners and training consultants because, in our opinion, we're creating a lot of demand for that Guidewire expertise. And the more capacity there is to do these sorts of projects, I think the more demand, honestly, we'll be able to create.

當然，我們希望為該計劃增加更多動力，並且我們對招募合作夥伴和培訓顧問的方法非常開放，因為我們認為，我們正在為 Guidewire 專業知識創造大量需求。執行這類專案的能力越強，我認為老實說，我們能夠創造的需求就越大。

So our certification approach is very open, and we're constantly trying to recruit more and more consultants to be experts on the projects. I really think this is one of the best things, sort of, a consultant can learn if they want to ensure that they're going to have -- that they're going to be able to find billable projects for probably the next decade. I mean Guidewire is an incredible scale and incredible asset for consultants to have if they want to make sure that they're going to see a demand for that expertise over the next 10 years. So that's number one.

因此，我們的認證方法非常開放，我們不斷嘗試招募越來越多的顧問成為專案專家。我真的認為這是最好的事情之一，如果顧問想要確保他們能夠在未來十年找到可計費的項目，他們可以學習這一點。我的意思是，如果顧問想要確保在未來 10 年內看到對這種專業知識的需求，Guidewire 是一個令人難以置信的規模和令人難以置信的資產。所以這是第一。

Now the question you asked about generative AI, I think, is very interesting one. It's certainly something that we're looking at very carefully is like if you can see a path towards developer productivity improving with these tools. Can we also see a path towards migration velocity increasing? It's definitely something that we're looking at. And there's a number of partners who have projects in place to sort of assess this and try to test it and try to validate that it's going to work and accelerate.

我認為你問的關於生成人工智慧的問題非常有趣。這當然是我們正在非常仔細研究的事情，就像您是否可以看到使用這些工具來提高開發人員生產力的途徑一樣。我們是否也能看到遷移速度加快的路徑？這絕對是我們正在關注的事情。有許多合作夥伴已經制定了專案來對此進行評估並嘗試對其進行測試並嘗試驗證是否能夠發揮作用並加速。

There's definitely upside there. I think it's probably a little bit too early for us to call and, sort of, put a number on that acceleration potential. But it's definitely something we're looking at and also partners are looking at around how -- not just migrations, but also just implementation of functionality on the platform. That concept is not -- has been brought up a number of times, and it's something we're looking at and have a lot of hope for, let's say. So that potential is definitely there.

那裡絕對有好處。我認為現在對我們來說可能還為時過早，並對這種加速潛力給出一個數字。但這絕對是我們正在考慮的事情，合作夥伴也在考慮如何實現——不僅僅是遷移，還只是平台上功能的實現。這個概念已經被提出過很多次了，我們正在考慮這個問題，並且對此抱有很大的希望。所以這種潛力肯定是存在的。

Our next question comes from the line of Peter Heckmann with D.A. Davidson.

我們的下一個問題來自 Peter Heckmann 和 D.A.戴維森。

You spoke about it a little bit on the Investor Day made some recent progress with migrating clients on Classic platform. Remind me, I believe you have 4 left, but the 2 -- does that imply that there were 2 that migrated over the last 12 months or so? And how are you thinking about the timetable on those remaining 4?

您在投資者日談到了這一點，最近在經典平台上遷移客戶方面取得了一些進展。提醒我，我相信您還剩下 4 個，但這 2 個 - 這是否意味著在過去 12 個月左右的時間裡有 2 個遷移了？您如何看待剩下的 4 個項目的時間表？

Yes. Thanks for the question. Yes, we have had success in moving a couple of those customers over from our Classic approach to our GWCP approach. We're in active conversations and planning with each one of those for our customers. These things are somewhat complicated and often have a lot to do with their internal priorities and other projects that they're executing as part of their overall IT landscape and project portfolio and other business ambitions like building out new product lines or optimizing business processes or digital implementations.

是的。謝謝你的提問。是的，我們已經成功地將一些客戶從經典方法轉變為 GWCP 方法。我們正在與每一位客戶進行積極的對話和規劃。這些事情有些複雜，通常與他們的內部優先事項和作為整體 IT 環境和專案組合一部分而執行的其他專案以及其他業務目標（例如建立新產品線或優化業務流程或數位化）有很大關係。實作。

And so factoring in that shift is something we're working closely with them. And so my expectation is that this isn't something that's going to be transitioned all in 1 year, and it might stretch out 2 or maybe even 3. But we're pretty comfortable right now with the dialogue that we have with these customers and the planning and approach that we're taking.

因此，我們正在與他們密切合作，將這種轉變納入考量。因此，我的預期是，這不會在 1 年內完成全部過渡，可能會延長 2 甚至 3 年。但我們現在對與這些客戶的對話感到非常滿意，我們正在採取的計劃和方法。

We're also doing a lot of work to continue to optimize the implementations that support them on the Classic approach to Guidewire Cloud. So we feel comfortable about that. We're always working to make sure that it goes well. But from an investor perspective, I don't think it's something that really factors as much as it did into the overall picture at Guidewire as it did maybe 1.5 years ago. I feel really good about this approach.

我們也做了大量工作來繼續優化在 Guidewire Cloud 的經典方法上支援它們的實作。所以我們對此感到很舒服。我們始終致力於確保一切順利。但從投資者的角度來看，我認為這對 Guidewire 的整體狀況影響並不像 1.5 年前那麼重要。我對這種方法感覺非常好。

Yes. Pete, I was going to say the same thing. I mean, I think if you look back to the Analyst Day 2 years ago or a year -- a little over -- like a little over a year ago, 2 Analyst Days ago. The impact that the Classic customers had as a drag on the overall margin was quite significant. As we've migrated a group of those over to GWCP, as we've improved our overall efficiency in managing the Classic customers, and just as we've grown our business, that's going to be a smaller and smaller piece of the overall pie, so it will be less material to the margins going forward. But it's something we're still working hard on.

是的。皮特，我也想說同樣的話。我的意思是，我想如果你回顧兩年前的分析師日，或者一年多一點，比如一年多一點，兩個分析師日前。 Classic 客戶對整體利潤率的拖累是相當顯著的。隨著我們將其中一部分遷移到 GWCP，隨著我們提高了管理經典客戶的整體效率，隨著我們業務的發展，這將是整個蛋糕中越來越小的一部分。 ，因此對未來利潤率的影響將較小。但這是我們仍在努力的事情。

Good. Well, that's good to hear. And then in terms of just the -- this second quarter guidance that -- just looking at a little bit at -- and I want to make sure I'm interpreting this correctly, but it looks like it should be a fairly -- a relatively more solid term license quarter with a little bit lighter growth in subscription, and then another kind of down high teens type in services. And so on the services side, should this be the last quarter where we see that type of decline and then we start to see year-over-year growth again in the back half?

好的。嗯，很高興聽到這個消息。然後，就第二季度的指導而言，我想確保我的解釋是正確的，但看起來應該是一個相當的——相對更穩定的期限許可季度，訂閱量增長略有放緩，然後是另一種服務的高青少年類型。因此，在服務方面，這是否應該是我們看到這種下降的最後一個季度，然後我們在下半年又開始看到同比增長？

Yes. So on the services side, as we noted in the prepared remarks, we've been doing a lot of work to move away from lower-margin subcontracted revenue and pushing more and more business through our partners. That's impacting top line, but bringing in a much higher quality revenue stream that is a higher-margin profile. So that is playing out.

是的。因此，在服務方面，正如我們在準備好的發言中指出的那樣，我們一直在做大量工作，以擺脫利潤率較低的分包收入，並透過我們的合作夥伴推動越來越多的業務。這影響了營收，但帶來了更高品質的收入流，也就是更高的利潤率。所以這一切正在上演。

Q2 is also the holidays, and so it's not uncommon for Q2 to be a little bit slower than Q1 with respect to overall services. And then we have capacity, and we have a fair amount of work to do in the back half of the year and so are expecting revenue growth in the back half of the year vis-a-vis the first half, and have structured our cost basis in a way that we can do that at a nice margin.

第二季也是假期，因此整體服務速度比第一季慢一點的情況並不少見。然後我們有能力，下半年我們有相當多的工作要做，因此預計下半年的收入相對上半年會有所增長，並調整了我們的成本我們可以以良好的利潤來做到這一點。

So that's how we're thinking about the services side of the business. Term license, as you know, it kind of bounces around with when the renewal activity happens. And so Q1 is always light from a term license perspective, Q2 will be seasonally higher, which is pretty consistent for us.

這就是我們對業務服務的思考。如您所知，定期許可證會隨著續訂活動的發生而變化。因此，從期限許可的角度來看，第一季總是很輕，第二季會季節性地更高，這對我們來說非常一致。

And then on the overall subscription side, the only thing I would call out is that we did have a little bit of, what I would call, more onetime revenue that impacted subscription in Q1. In general, we feel very good about the start to the year in terms of how we march towards our longer-term targets and our annual target for this year. But some of that did impact the sequential growth rate from Q1 to Q2.

然後在整體訂閱方面，我唯一要指出的是，我們確實有一點，我所說的，更多的一次性收入影響了第一季的訂閱。總的來說，就如何邁向長期目標和今年的年度目標而言，我們對今年的開局感覺非常好。但其中一些確實影響了第一季到第二季的連續成長率。

Our next question comes from the line of Matt VanVliet with BTIG.

我們的下一個問題來自 BTIG 的 Matt VanVliet。

I wanted to just circle back on some of the commentary you made around HazardHub and some of the other analytics products that you're adding in there. And I guess, as we look at those on a go-forward basis, how much should we think about those being additive to ARR on a specific contract or for customers in general versus being sort of more of a carrot to get customers to move to GWCP and really start to unlock all the value of being in the cloud and using some of those more advanced features?

我想回顧一下您對 HazardHub 以及您在其中添加的其他一些分析產品所做的一些評論。我想，當我們在未來的基礎上看待這些問題時，我們應該在多大程度上考慮那些在特定合約上或對一般客戶來說是 ARR 的附加因素，而不是更多地作為吸引客戶轉向的胡蘿蔔GWCP 並真正開始釋放雲端中的所有價值並使用其中一些更高級的功能？

Yes, it's a good question. I would say, primarily, our expectation -- my expectation is that this develops into a -- and I don't want to say independent, but linked an incremental source of ARR for the company. We can certainly use them as carrots to drive cloud adoption. But I'm more and more comfortable that the core cloud value proposition and the value proposition of insurance suite with the cloud services that we have built to support it creates enough support or direct core sales and then the analytics sales of these products of Predict and HazardHub can be incremental.

是的，這是一個好問題。我想說，主要是我們的期望——我的期望是這會發展成——我不想說獨立的，而是與公司的ARR增量來源相關聯。我們當然可以將它們用作推動雲採用的胡蘿蔔。但我越來越感到放心的是，核心雲端價值主張和保險套件的價值主張以及我們為支持它而構建的雲端服務創造了足夠的支援或直接核心銷售，然後預測和這些產品的分析銷售HazardHub 可以是增量的。

They can be linked sometimes, and we certainly work hard to link them and sell them both at the same time. But over time, our ambition is absolutely to create an incremental analytics business that, like I said, is linked to, but accelerates the overall growth of the company.

它們有時可以連結起來，我們當然會努力將它們連結起來並同時出售它們。但隨著時間的推移，我們的目標絕對是創建增量分析業務，正如我所說，它與公司的整體成長有關，但會加速公司的整體成長。

Okay. Very helpful. And then great to see the Japanese carrier moving to a full GWCP deployment. Do you think this is sort of the breaking of the dam of some of the international clients being ready to make that full switch and really embracing the cloud, maybe as partners are more prevalent and more trained? Or is this still a little bit of a -- each carrier needs to make their own decision, there's not necessarily this bigger group wave from country to country like we've seen here in the U.S.?

好的。很有幫助。然後很高興看到日本業者開始全面部署 GWCP。您認為這是否意味著一些國際客戶已經準備好進行全面轉變並真正擁抱雲，也許因為合作夥伴更加普遍且訓練有素？或者這仍然有點——每個運營商都需要做出自己的決定，不一定會像我們在美國看到的那樣從一個國家到另一個國家出現更大的群體浪潮？

Yes. I don't think we're ready to call it. And I don't know if we'll ever really see it as sort of metaphor like breaking the dam or anything like that. It's certainly helpful. It is an incredibly positive signal. We had another Japanese customer go to the cloud, and this is our second one. This is a full suite implementation. It's certainly helpful. It helps us validate the model. It helps us exercise all the particular things we need to do to make sure that the system works and can go live successfully.

是的。我認為我們還沒準備好打電話。我不知道我們是否會真正將其視為某種隱喻，例如破壞大壩或類似的東西。這當然有幫助。這是一個令人難以置信的積極信號。我們有另一位日本客戶轉向雲，這是我們的第二個。這是一個完整的套件實作。這當然有幫助。它可以幫助我們驗證模型。它幫助我們執行所有需要做的特定事情，以確保系統正常運作並成功上線。

And so it's all very, very helpful. That kind of approach played out across each of the countries we operate in certainly helps, but I wouldn't -- I don't have a vision and we don't have a financial plan that sort of imagines some like future flood. It's going to just be steady improvement, increased propensity to trust us and to trust the model, and that all just builds country-over-country quarter-over-quarter. That's more the approach we're going to take. It's modeling the business and, really, it's also our expectation.

所以這一切都非常非常有幫助。在我們開展業務的每個國家推行的這種方法肯定會有所幫助，但我不會——我沒有遠見，我們也沒有類似未來洪水之類的財務計劃。這將是穩定的改進，人們對我們和模型的信任度將會增加，而這一切都將在各國之間逐季建立。這就是我們將要採取的方法。它正在為業務建模，實際上，這也是我們的期望。

And I think it kind of relates to what you just said, which is there is this overriding factor of what are their priorities, what are their objectives, what are their time lines. And those factors have a big -- those things factor into in a large way the timing of those deals for them. So this is certainly helpful on the progress we've made internationally over the past couple of years, certainly points to the eventual success, but I don't see it coming all at once at all.

我認為這與你剛才所說的有關，即他們的優先事項是什麼，他們的目標是什麼，他們的時間表是什麼，這是最重要的因素。這些因素在很大程度上影響了他們交易的時機。因此，這對我們過去幾年在國際上取得的進展肯定有幫助，當然也預示著最終的成功，但我不認為它會立即實現。

Our next question comes from the line of Parker Lane with Stifel.

我們的下一個問題來自 Parker Lane 和 Stifel 的對話。

This is Matthew Kikkert on for Parker. So you're in your ninth cloud release now and have a strong amount of go-lives. How would you compare your effectiveness and speed in those cloud implementations this time compared to at the beginning of your cloud push?

這是帕克的馬修·基克特。因此，您現在處於第九個雲端版本中，並且已經投入使用。與雲端推送開始時相比，您如何比較這次雲端實施的有效性和速度？

Yes. That's a great question. I shouldn't admit it, but it's night and day. I mean, we are just so much more confident now around what it takes to run these successfully than we were when we first got started. We did a good job when we got those first cloud deals done, and we got those first cloud customers live. But I don't know, I want to put it into a measure, but many, many orders of magnitude more confident.

是的。這是一個很好的問題。我不應該承認這一點，但這是白天和黑夜。我的意思是，與剛開始時相比，我們現在對成功運行這些所需的條件更有信心了。當我們完成第一筆雲端交易並吸引第一批雲端客戶時，我們做得很好。但我不知道，我想把它變成一個衡量標準，但要自信很多很多數量級。

Just having done and experienced all of these different circumstances that can arise in one of these projects and having built, really, a world-class organization in terms of understanding and assessing what we learned from each one, documenting it super effectively, building it into better operational processes to enable that we're more prepared, that we're sort of making sure that the [gotches] that held up other projects don't occur again. Incredibly proud of the work that our teams and our partners have done to ensure that these programs go live more and more effectively with each cycle.

只是完成並經歷了其中一個項目中可能出現的所有這些不同情況，並在理解和評估我們從每個項目中學到的東西方面真正建立了一個世界一流的組織，非常有效地記錄它，將其構建成更好的營運流程使我們能夠做好更充分的準備，確保阻礙其他專案的[問題]不會再次發生。我們的團隊和合作夥伴為確保這些計劃在每個週期中越來越有效地開展而所做的工作感到非常自豪。

That same concept also, by the way, applies to the updates, right? So it's not just the initial go-live, but it's also the subsequent update and making sure that customers are thinking about that and planning for that and testing for that so that those things can operate more smoothly now. It's just incredible how much progress we have made over the past few years around this topic.

順便說一句，同樣的概念也適用於更新，對吧？因此，這不僅是最初的上線，也是後續的更新，並確保客戶正在考慮這一點、為此進行規劃並進行測試，以便這些事情現在可以更順利地運行。過去幾年我們圍繞這個主題取得瞭如此大的進展，真是令人難以置信。

And by the way, I don't think we're done. I think we're at 9. And so how many letters are there in the alphabet, right? We'll run out eventually and have to come up with a new marketing approach. But when we get to 18, we're going to be even better. These things are going to be going even more smoothly. And we have established the improvement function inside of Guidewire around these projects and are really, really doing a much better job than we were initially.

順便說一句，我認為我們還沒有完成。我想我們現在是 9。那麼字母表中有多少個字母，對嗎？我們最終會用完，必須想出一種新的行銷方法。但當我們到了18歲的時候，我們會變得更好。這些事情將會進行得更加順利。我們已經圍繞這些項目在 Guidewire 內部建立了改進功能，並且確實比最初做得更好。

And that experience is -- that positive experience for customers is shared and does help us sell more effectively and helps us feel confident in the progress and the momentum in the business. So appreciate the question. Unfortunately, makes me admit that we were -- had a lot to learn when we first got started, but very, very proud of the progress that we've made so far.

這種經驗是——為客戶分享的正面經驗確實幫助我們更有效地銷售，並幫助我們對業務的進展和動力充滿信心。所以很欣賞這個問題。不幸的是，這讓我承認，剛開始時我們有很多東西需要學習，但我們對迄今為止所取得的進展感到非常非常自豪。

Yes. Awesome. That's great to hear. And then at the end of your prepared remarks, you mentioned you did a $2.5 million services reorg earlier in second quarter. Could you provide some more detail around the changes that you made there? And what was the thought that went into that move?

是的。驚人的。聽到這個消息我很高興。然後，在準備好的演講結束時，您提到您在第二季度早些時候進行了 250 萬美元的服務重組。您能否提供有關您所做更改的更多詳細資訊？做出這舉動的想法是什麼？

It was really around just doing some rightsizing. We have seen that org. We have seen our partners take on more and more of the burden. That is a great outcome for us as that improves our overall scalability, as we address this very large opportunity in front of us. And so it was a relatively small action, but it does kind of play into the services margins in Q2, so we wanted to call that number out for you. But that's all I would call out on that particular topic.

這實際上只是進行一些調整。我們已經看到那個組織了。我們看到我們的合作夥伴承擔了越來越多的負擔。這對我們來說是一個很好的結果，因為它提高了我們的整體可擴展性，因為我們抓住了擺在我們面前的這個非常大的機會。所以這是一個相對較小的行動，但它確實影響了第二季的服務利潤，所以我們想為您說出這個數字。但這就是我在該特定主題上要指出的全部內容。

Our next question comes from the line of Ken Wong with Oppenheimer & Company.

我們的下一個問題來自 Oppenheimer & Company 的 Ken Wong。

Mike, I wanted to circle back to your upbeat analytics commentary. How might reforms, the risk modeling, I think, in California, specifically, allowing forward-looking data spark demand for analytics? And might this have any kind of pull-through for cloud interest?

麥克，我想回顧一下您樂觀的分析評論。我認為，改革、風險建模，特別是在加州，如何允許前瞻性資料激發對分析的需求？這可能會對雲端運算產生任何影響嗎？

Yes. Great question. I'm glad you pointed that out. We're excited about the changes that the State of California is working with the industry to make. There's obviously a lot of turbulence in the insurance market in California, which many of us personally feel having a lot of the employees of Guidewire work and live here.

是的。很好的問題。我很高興你指出了這一點。我們對加州與業界合作的改變感到興奮。加州的保險市場顯然存在著很大的動盪，我們很多人都認為Guidewire的許多員工在這裡工作和生活。

So we see it as very positive -- a very positive update to the approach. And we expect that solutions, specifically HazardHub, can play a very positive role for the industry in taking advantage of these changes and just better understanding, number one, the real risk profile associated with these properties and with these locations, but also things that insurance companies and also homeowners and businesses can do to mitigate that risk.

所以我們認為這是非常積極的——對方法的非常積極的更新。我們預計解決方案，特別是 HazardHub，可以為該行業發揮非常積極的作用，利用這些變化，更好地了解第一，與這些財產和這些地點相關的真實風險狀況，以及保險的內容公司以及房主和企業可以採取措施來減輕這種風險。

We think that's all part of the equation when it comes to operating a more effective and efficient insurance market. And so California is making some changes, but we also think that HazardHub and property analytics, in general, can really significantly improve the approach that carriers take to managing risk and pricing risk and operating the industry overall more and more effectively.

我們認為，在經營更有效和高效的保險市場時，這都是等式的一部分。因此，加州正在做出一些改變，但我們也認為，總體而言，HazardHub 和財產分析確實可以顯著改善營運商管理風險和定價風險以及更有效地營運整個產業的方法。

We expect intent, we're excited about playing a driving role in that. I'd also say that this extends not just our products and HazardHub, but also our partners. There's a number of analytics partners that plug directly into Guidewire and can be deployed super easily on our platform that are going to facilitate this sort of new modern approach to risk management, risk selection, managing disasters, if they occur, more effectively.

我們期望有意圖，我們很高興能在其中發揮推動作用。我還想說，這不僅擴展了我們的產品和 HazardHub，也擴展了我們的合作夥伴。有許多分析合作夥伴可以直接插入 Guidewire，並且可以非常輕鬆地在我們的平台上部署，這將促進這種新的現代方法更有效地進行風險管理、風險選擇和管理災難（如果發生）。

It's very, very exciting, applying this insurtech innovation to the industry, and we're excited to be a part of it that California change. It's sort of, for me, kind of makes all the work we do here real because if you talk to people that live in California, there's not any of us who either haven't experienced or knows somebody who has experienced a change in their insurance provider because of the risks associated with the weather changes and the risks profile in California.

將這種保險科技創新應用於該行業是非常非常令人興奮的，我們很高興能成為加州變革的一部分。對我來說，這讓我們在這裡所做的所有工作變得真實，因為如果你與居住在加利福尼亞州的人交談，我們中沒有人沒有經歷過或認識經歷過保險變更的人提供者，因為與天氣變化和加州的風險概況相關的風險。

So that makes it all kind of personal for us and makes it pretty exciting. Whether or not it helps us sell cloud, I certainly hope so. I think overall, agility is the word I like to use. I think if you live in a world where risk is changing faster than the more agility you have, the more pace around which you can operate your insurance company, the more effectively you're going to be able to manage those changes, manage that risk more effectively, update your operations and update your company more effectively.

因此，這對我們來說非常個人化，並且非常令人興奮。無論它是否有助於我們銷售雲，我當然希望如此。我認為總的來說，敏捷是我喜歡用的詞。我認為，如果你生活在一個風險變化速度更快的世界，你的敏捷性越高，你經營保險公司的速度越快，你就能更有效地管理這些變化，管理風險更有效地更新您的運作並更有效地更新您的公司。

And so Guidewire Cloud and modern solutions provided by InsuranceSuite applications and InsuranceNow, it delivers that agility and enables the industry to operate more efficiently. So we're very positive on that change and look forward to seeing -- helping drive, honestly, just a better, more efficient industry. So anyway, thanks. Hopefully, that helps.

因此，Guidewire Cloud 以及 InsuranceSuite 應用程式和 InsuranceNow 提供的現代解決方案提供了這種敏捷性，並使業界能夠更有效率地運作。因此，我們對這一變化非常積極，並期待看到——老實說，幫助推動一個更好、更有效率的行業。所以無論如何，謝謝。希望這會有所幫助。

Yes. No, very, very helpful. And I appreciate all the thoughtful details there. And then just a quick one for you, Jeff. I'm not sure if, from quarter-to-quarter, we see too many changes. But just wondering if there's any update in terms of what kind of the deal ramp dynamics might look like in Q1?

是的。不，非常非常有幫助。我很欣賞那裡所有深思熟慮的細節。傑夫，然後為您快速介紹一下。我不確定每個季度我們是否看到太多變化。但只是想知道第一季的交易成長動態是否有任何更新？

Yes, yes. No major change. Q1 -- if you look at Q1, it generally, as a portfolio, tends to have a little bit of a shallower ramp than the rest of the year just because it's a smaller and a lot of the activity is kind of more true-up and renewal compared to the overall bookings profile. But it was very consistent with Q1 last year. So kind of steady as we go, no change to ramp assumptions at this point.

是的是的。沒有重大變化。第一季——如果你看一下第一季度，一般來說，作為一個投資組合，它的增長往往比今年剩餘時間要緩一些，因為它規模較小，而且很多活動都更真實。與整體預訂情況相比的續訂情況。但與去年第一季非常一致。我們的進展非常穩定，目前的斜坡假設沒有改變。

Our next question comes from the line of Michael Turrin with Wells Fargo.

我們的下一個問題來自 Michael Turrin 與富國銀行 (Wells Fargo) 的對話。

This is David Unger for Michael Turrin tonight. So similar to Ken's -- what Ken just said. So we've been hooking up a bunch of tidbits that you're positioning and the competitive environment has improved within the last year, especially. You mentioned you have high close rates. So I'm wondering how this all translates into deal dynamics as you sign new cloud deals?

我是今晚邁克爾特林的大衛昂格爾。與肯的非常相似——肯剛才說的。因此，我們一直在收集您正在定位的一堆花絮，尤其是去年競爭環境有所改善。您提到您的成交率很高。所以我想知道當您簽署新的雲端交易時，這一切如何轉化為交易動態？

Yes, interesting question. So first of all, you got to understand, for these big cloud deals, they're very often very long sales cycles, very involved, very involved often, pretty significant proof-of-concept phases, even pilots. We work with these -- these decisions are not taken lightly, and we're involved in them for many, many months of -- sometimes of -- sometimes over a year on a particular deal.

是的，有趣的問題。因此，首先，您必須了解，對於這些大型雲端交易，它們通常具有很長的銷售週期，參與度很高，經常參與，非常重要的概念驗證階段，甚至是試點階段。我們與這些人一起工作——這些決定不是輕易做出的，我們在某項特定交易上參與了很多很多個月——有時——有時一年多的時間。

Close rates over the past couple of years, and especially through the cloud transition, have remained stable. We provided some detail around this at the Analyst Day, and you'll find this in the slides we prepared and the talk track that we went through around competitive win rates, close rates. Very pleased, I'd say. Maybe I shouldn't say that. Maybe I should say I'm never pleased until we get it to 100, right?

過去幾年的成交率，尤其是在雲端轉型期間，一直保持穩定。我們在分析師日提供了一些有關此問題的詳細信息，您可以在我們準備的幻燈片以及我們圍繞競爭獲勝率、成交率進行的談話中找到這些細節。我想說，非常高興。也許我不該這麼說。也許我應該說，直到達到 100 分我才感到高興，對吧？

It's a competitive market. But we have remained steady throughout the transition and continue to feel more and more confident about our position competitively. The reason I call out these competitive deals over the past few quarters is just simply that it's almost like -- we consider it almost a bit of an expansion to our total addressable market.

這是一個競爭激烈的市場。但我們在整個轉型過程中保持穩定，並對我們的競爭地位越來越有信心。我在過去幾季中提到這些有競爭力的交易的原因很簡單，那就是——我們認為這幾乎是對我們整個潛在市場的擴張。

And that once a carrier modernizes to a system, we sort of expect that it's not going to come back up for grabs for maybe 5, 10 years. And to see a few of these deals and now multiple quarters in a row, where we see these customers coming back to market and looking for us to make that shift from a sort of modernized system or a modernized system decision to Guidewire, we just see that as a very positive trend and something that we think just points in our favor in terms of being able to support our growth projections, bookings projections and ability to address the overall insurance market.

一旦營運商對系統進行現代化改造，我們預計它可能在 5 到 10 年內都不會重新出現。看到其中一些交易，現在連續多個季度，我們看到這些客戶回到市場並尋求我們從某種現代化系統或現代化系統決策轉向 Guidewire，我們只是看到這是一個非常積極的趨勢，我們認為這對我們有利，能夠支持我們的成長預測、預訂預測和應對整個保險市場的能力。

Yes. The only thing I would add is, just like the value of the stock, right, the more risk associated with the company, that has an impact on the overall stock price. So as we negotiate these deals, the more proof points we have, the more we can derisk the path from going to where they are today to our cloud. That helps us as we think about building a business case and making the case to the insurer that now is the time to go and that these price points are reasonable.

是的。我唯一要補充的是，就像股票的價值一樣，與公司相關的風險越大，這會對整體股價產生影響。因此，當我們談判這些交易時，我們擁有的證據越多，我們就越能避免從今天的情況轉向我們的雲端的道路上的風險。當我們考慮建立業務案例並向保險公司證明現在是採取行動並且這些價格點是合理的時候，這對我們很有幫助。

It is clear that some of the early, early adopters got preferential pricing because they were taking a bigger risk. And as we think about future engagements, we are going to be firmer and firmer on how we think about discounting. This was part of the strategy all along.

顯然，一些早期採用者獲得了優惠價格，因為他們承擔了更大的風險。當我們考慮未來的合作時，我們對折扣的看法將會越來越堅定。這一直是戰略的一部分。

So I think we're starting to see that. These deals are still heavily negotiated. As Mike said, you never want to lose one of these. Because when you lose one, you feel like it goes away for 10, 15 years. So we fight tooth and nail to make sure that we're well positioned and win. But it is our expectation that we can do better on discounting as we look ahead.

所以我想我們已經開始看到這一點了。這些交易仍在緊張談判中。正如麥克所說，你永遠不想失去其中一個。因為當你失去一個時，你會感覺它已經消失了 10 年、15 年。因此，我們竭盡全力，確保我們處於有利位置並獲勝。但我們期望，展望未來，我們能夠在折扣方面做得更好。

I really appreciate all that detail, guys. And a little more higher level here. So I know it's early, but is there a way to think about the insurance industry's budget commitment trends as we look forward into next year, their commitment to software spend versus the prior year and their appetite to convert to the cloud?

我真的很欣賞所有這些細節，夥計們。這裡的水平更高一點。所以我知道現在還為時過早，但是當我們展望明年時，有沒有辦法思考保險業的預算承諾趨勢、他們對軟體支出與上一年的承諾以及他們對雲端運算的渴望？

Yes, it's a great question. And I think we've talked over the past few quarters about the shocks that the industry has dealt with in terms of inflation, weather-related risk and loss and the cycle that they have to follow in terms of getting rate increases approved by regulators and how that all flows through the system. So as we get through a cycle of that, and hopefully, we have a stable inflation environment.

是的，這是一個很好的問題。我認為我們在過去的幾個季度中討論了該行業在通貨膨脹、與天氣相關的風險和損失方面所應對的衝擊，以及他們在獲得監管機構批准加息和批准方面必須遵循的周期。這一切如何在系統中流動。因此，當我們經歷這個週期時，希望我們有一個穩定的通膨環境。

We have a stable interest rate environment, knock on wood, or hopefully, we get stable climate-related, weather-related risk environment. That's harder to control, obviously. Those things are -- work to our favor in terms of creating the type of stability that enables them to feel comfortable, making a big project decision around core system modernization.

我們有一個穩定的利率環境，或希望我們能得到一個穩定的與氣候相關、天氣相關的風險環境。顯然，這更難控制。這些事情對我們有利，可以創造一種穩定的狀態，使他們感到舒適，並圍繞核心系統現代化做出重大專案決策。

So certainly, that is improving. And we watch it very closely, and hopefully, that stability continues, and it will help increase the propensity for these deals to be greenlighted, which results in our bookings events for us.

當然，情況正在改善。我們非常密切地關注它，希望這種穩定性能持續下去，這將有助於增加這些交易獲得批准的可能性，從而為我們帶來預訂活動。

Our next question comes from the line of Tyler Radke with Citi.

我們的下一個問題來自花旗銀行的泰勒拉德克 (Tyler Radke)。

Apologies if this was covered earlier, been popping around a couple of earnings calls tonight. But Jeff, I was hoping just on the -- if we look at the ARR guidance, obviously, you beat the high end by $1 million here in Q1. But if I look at Q2, it came in, I think, a little bit below where consensus was modeling.

如果我早些時候報道過這個問題，我深表歉意，今晚在幾次財報電話會議上出現了這一問題。但是傑夫，我只是希望 - 如果我們看看 ARR 指導，顯然，你在第一季比高端高出 100 萬美元。但如果我看看第二季度，我認為它略低於共識模型的水平。

And overall, it looks like the first half from a net new perspective is down versus a year ago, and that's expected to improve in the second half. I know there's ramp and timing factors that are at play, but can you just help us understand that a bit more? And was there any change in the ramp of the contracts you're expecting to kind of layer in this year?

整體而言，從淨新角度來看，上半年的情況比一年前有所下降，預計下半年情況會有所改善。我知道有斜坡和時間因素在起作用，但你能幫助我們更多地了解這一點嗎？您預計今年簽訂的合約有什麼變化嗎？

Yes. No, I mean, like our Q2 outlook is very consistent with our expectation as we went into the year. We obviously have a lot more visibility than you all in terms of when the ramps hit, and that has a big -- that's a big variable into how we model out quarter-by-quarter. So Q1 got us off to a good start. We're very pleased with it. We always kind of think about our business on an annual cadence. I think we're off to a very good start.

是的。不，我的意思是，我們第二季的前景與我們今年的預期非常一致。顯然，在坡道何時到來方面，我們比你們所有人擁有更多的可見性，這對於我們如何逐季度進行建模來說是一個很大的變數。所以第一季讓我們有了一個好的開始。我們對此非常滿意。我們總是以每年的節奏來思考我們的業務。我認為我們有了一個非常好的開始。

Q2 is consistent. The ramps are falling the way we expected them to fall. The attrition profile in the business is still very, very small and kind of following the way we expected it to fall. So there's really no change to our internal expectations. We understand that you all have to make your best guess on your quarterly estimates, but very consistent with how we thought about it as we started the year.

Q2 是一致的。坡道正在按照我們預期的方式下降。業務的人員流失率仍然非常非常小，而且有點像我們預期的那樣下降。所以我們的內在期望確實沒有改變。我們知道大家都必須對季度估算做出最佳猜測，但這與我們年初時的想法非常一致。

Yes, that's helpful. And Mike, you talked about how the number of deals you closed in the quarter was better than you expected. Was there any timing factors there pulling stuff in? And then if you could just talk about kind of the composition of those deals just in terms of the size. And were they on the smaller side of things? Just given the seasonality of your business, any additional color there would be great.

是的，這很有幫助。麥克，您談到了本季完成的交易數量如何好於您的預期。是否存在任何時間因素來拉動東西？然後，您是否可以僅從規模方面來談談這些交易的組成。他們是否站在較小的一邊？考慮到您業務的季節性，任何額外的顏色都會很棒。

No, there wasn't anything special about pulling in deals or anything. It's just continued positive momentum in the business. And like I said, especially coming out of a strong Q4. Typically, you end up with a strong Q4 by pulling deals in from Q1. And so then we use that sort of an explanation for a light Q1. But we followed up a strong Q4 with a very solid Q1, and I think that, that speaks volumes about the momentum that we have in business.

不，關於達成交易什麼的並沒有什麼特別的。這只是業務持續的正面勢頭。正如我所說，尤其是在強勁的第四季之後。通常，透過從第一季撤回交易，您最終會獲得強勁的第四季度業績。所以我們對光 Q1 使用這個解釋。但我們在第四季度表現強勁之後，第一季也表現非常強勁，我認為，這充分說明了我們的業務勢頭。

Deal count was also -- it was great to see. We had 4 migrations, which I was very, very happy to see. So it's not all net new, or it's not all migrations. It's a good spread. And like I said, we -- sealing this deal in Japan is just phenomenal. It's a phenomenal milestone for us when you think about the long term and the potential that we have internationally and especially in Japan. I was very, very excited to see that deal close.

交易數量也很——很高興看到。我們進行了 4 次遷移，我非常非常高興看到這一點。因此，這並不全然是全新的，也不全然是遷移。這是一個很好的傳播。正如我所說，我們在日本達成的這項協議是驚人的。考慮到我們在國際上（尤其是在日本）的長期發展和潛力，這對我們來說是一個非凡的里程碑。看到這筆交易完成，我非常非常興奮。

And like we said, like we worked for a lot of years building relationships and making sure they understand the strategy and the story and building confidence in getting a deal like that in Japan across the line in Q1 was great. So I wouldn't read anything special into it. In terms of deal size, pretty normal, kind of where we expect it to be. And like I said, really strong start to the year.

正如我們所說，我們花了很多年的時間建立關係，確保他們了解策略和故事，並建立信心，在第一季在日本達成這樣的交易，這非常棒。所以我不會讀任何特別的內容。就交易規模而言，相當正常，符合我們的預期。正如我所說，今年的開局非常強勁。

Yes. The only thing I'd add, Tyler, is look, I had obviously modeled a little bit lower bookings activity in Q1 as we went into the quarter. So -- and some of that was just a reflection of the strength of Q4. So we were pleased to see the activity in Q1. It was a little bit higher than what we'd modeled. But it was not, I wouldn't say there was any sort of unnatural pull in. It's just -- we look at this on an annual cadence, and we got off to a good start.

是的。泰勒，我唯一要補充的是，當我們進入本季時，我顯然模擬了第一季的預訂活動略有下降。所以——其中一些只是第四季實力的反映。因此，我們很高興看到第一季的活動。它比我們建模的要高一點。但事實並非如此，我不會說有任何不自然的吸引力。只是——我們每年都會審視這一點，並且我們有了一個很好的開始。

Our next question comes from the line of Mike Funk with Bank of America.

我們的下一個問題來自美國銀行的 Mike Funk。

This is Matt on for Mike Funk. You mentioned especially high close rates in the prepared remarks. Can you provide any incremental color on how deals are moving through different stages of the pipeline relative to prior Qs?

這是麥克·芬克的馬特。您在準備好的發言中提到了特別高的成交率。您能否提供有關交易相對於之前的問題如何在管道的不同階段進行的增量資訊？

Yes. I just -- I wouldn't say that we've seen an acceleration in deals moving through. I'm trying to think about sometimes you see these things just push. And I guess, if we don't see them push and we see them close, then I guess that's sort of like an acceleration relative to the average.

是的。我只是——我不會說我們已經看到交易加速進行。我試著想想有時你會看到這些東西只是推動。我想，如果我們沒有看到他們推動並且我們看到他們接近，那麼我想這有點像相對於平均的加速。

But I wouldn't say that the expectations we have for how long an evaluation will take have changed. We just feel more comfortable about the outcome of the evaluation and the outcome of the deal process being positive as we gain -- I guess, as we gain confidence, as the market gains confidence in the solution and in our ability to deliver success.

但我不會說我們對評估需要多長時間的期望已經改變。當我們獲得收益時，我們只是對評估結果和交易過程的積極結果感到更加放心——我想，當我們獲得信心時，當市場對解決方案和我們成功的能力充滿信心時。

And as the references and other customers who have already deployed and gone live on the service, validate that. And so it's just -- I wouldn't describe it as a cycle acceleration as much as it is just more confidence in the deal to actually close and be decided in our favor.

作為已經部署並上線該服務的參考人和其他客戶，請驗證這一點。因此，我不會將其描述為週期加速，而只是對交易真正完成並做出對我們有利的決定更有信心。

Our next question comes from the line of Aaron Kimson with JMP Securities.

我們的下一個問題來自 JMP 證券的 Aaron Kimson。

You announced a partnership with Swiss Re at Connections, talked about it a little bit at the Analyst Day. Can you comment on early progress there and your appetite for more potential partnerships with reinsurers going forward?

您在 Connections 宣布與瑞士再保險公司建立合作夥伴關係，並在分析師日對此進行了一些討論。您能否評論一下該領域的早期進展以及您對未來與再保險公司建立更多潛在合作夥伴關係的興趣？

Yes. This was a very exciting relationship. It is -- I guess, it's been in the works for a while, talking to them about what we might be able to do together. And I think that the -- obviously, the Connections event precipitated the opportunity to announce this and start talk about it with customers and talk about it publicly.

是的。這是一段非常令人興奮的關係。我想，它已經醞釀了一段時間了，與他們討論我們可以一起做些什麼。我認為，顯然，Connections 活動促成了宣布這一點並開始與客戶討論並公開討論的機會。

Our -- I would say, our momentum in the cloud facilitates a much deeper understanding and relationship with our insurance customers, which creates the potential for us to play a far more interesting role in terms of what, I guess, I'd say, is like orchestrating the relationship between insurance companies and reinsurance entities. There's a significant amount of data sharing that goes along with providing reinsurance and assessing risk, sort of back and forth between these entities, and Guidewire can facilitate that relationship. We can make that more efficient.

我想說的是，我們在雲端領域的發展勢頭促進了我們與保險客戶的更深入的了解和關係，這為我們創造了發揮更有趣的作用的潛力，我想，我會說，就像協調保險公司和再保險實體的關係一樣。在提供再保險和評估風險的過程中，這些實體之間會進行大量的資料共享，Guidewire 可以促進這種關係。我們可以提高效率。

There's a lot of exciting things that we can do with companies like Swiss Re. To the extent that they have analytics models that they're -- have developed or would like to see their insurance partners utilize to manage risk more effectively, if Guidewire can be a facilitator for that sort of activation and operationally managing that model such that the insurance companies are making better decisions, they're aligned with the expectations that their reinsurance partners have, that's a big, big benefit.

我們可以與瑞士再保險這樣的公司一起做很多令人興奮的事情。就他們已經開發的分析模型而言，或者希望看到他們的保險合作夥伴利用這些模型來更有效地管理風險，如果 Guidewire 可以成為這種激活和運營管理該模型的促進者，以便保險公司正在做出更好的決策，他們與再保險合作夥伴的期望保持一致，這是一個很大的好處。

And I think that what we're seeing is a lot of excitement about this new model for a centralized cloud service supporting the entire industry can really play a different sort of role in overall risk management up and down the value chain. So I appreciate you bringing this up. I mean we've got a lot more work to do with Swiss Re. We're incredibly excited about where this might go, and we're excited to be working with them and have the opportunity to talk about that work in public.

我認為我們所看到的是，這種支援整個產業的集中式雲端服務新模式確實可以在價值鏈上下游的整體風險管理中發揮不同的作用，令人興奮不已。所以我很感謝你提出這個問題。我的意思是，我們與瑞士再保險還有很多工作要做。我們對這項工作的發展方向感到非常興奮，我們很高興能與他們合作，並有機會公開談論這項工作。

And we have reached the end of the question-and-answer session. I'll now turn the call back over to CEO, Mike Rosenbaum, for closing remarks.

我們的問答環節已經結束了。現在，我將把電話轉回給執行長 Mike Rosenbaum，讓其致閉幕詞。

I just wanted to say thanks, everybody, for participating in the call. We're incredibly pleased with the start to the year, and we feel great about how things are progressing on the platform with customers and with partner program and overall momentum in the business. So we look forward to catching up with everybody throughout the quarter. And if we don't, I guess, we'll see you at the end of the next quarter. So thanks very much.

我只想對大家參與這次電話會議表示感謝。我們對今年的開局感到非常滿意，我們對平台上與客戶、合作夥伴計劃以及業務整體勢頭的進展感到非常高興。因此，我們期待在整個季度與大家保持聯繫。如果我們不這樣做，我想我們會在下個季度末再見。非常感謝。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以掛斷電話了。感謝您的參與。