Guidewire Software Inc (GWRE) 2024 Q2 法說會逐字稿

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

問候。歡迎參加 Guidewire 2024 年第二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, Shamali. 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，沙瑪利。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 this 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 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. Please refer to the press release and 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.

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、當地、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、不確定性的影響，並且假設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。請參閱我們向 SEC 提交的新聞稿以及風險因素和文件，包括我們最新的 10-K 表格年度報告以及先前和即將向 SEC 提交的 10-Q 表格季度報告，以了解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 will also 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。

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

現在，我將把電話轉給麥克。

Thank you, Alex. Good afternoon, and thanks, everybody, for joining today.

謝謝你，亞歷克斯。下午好，謝謝大家今天的加入。

I'm pleased to report another strong quarter with continued momentum in both sales activity and operational performance. Our results in Q2 put us in a great position halfway through our fiscal year driven by outstanding execution and progress across sales, customer success, finance, product and engineering.

我很高興地報告又一個強勁的季度，銷售活動和營運業績均持續強勁。在銷售、客戶成功、財務、產品和工程方面出色的執行力和進展的推動下，我們第二季度的業績使我們在本財年過半時處於有利地位。

We reached $800 million in ARR in the quarter, and our performance through the halfway point allows us to raise our ARR guide for the fiscal year.

本季我們的 ARR 達到了 8 億美元，中間點的表​​現使我們能夠提高本財年的 ARR 指南。

Our continued sales momentum is clear validation of the investments we have made in our cloud platform. The approach we have taken to cloud updates and cloud services enable us to deliver a new level of agility to our customers in the P&C industry and will unlock the innovation the industry requires to continue to transform and evolve.

我們持續的銷售動能清楚地驗證了我們在雲端平台上所做的投資。我們採用的雲端更新和雲端服務方法使我們能夠為財產與意外傷害行業的客戶提供新水平的敏捷性，並將釋放該行業持續轉型和發展所需的創新。

Our suite of insurance products are winning in the market, gaining momentum and continuing to fuel a very durable and successful business.

我們的保險產品套件正在市場上獲勝，勢頭強勁，並繼續推動非常持久和成功的業務。

Increasing market confidence in our cloud strategy was reflected in record sales results in the second quarter with continued strength in the Americas and improved momentum in Europe. Overall, we closed 11 cloud deals in the quarter. 10 of these were InsuranceSuite cloud deals, including 3 in the EMEA region.

第二季創紀錄的銷售業績反映了市場對我們雲端策略的信心不斷增強，美洲地區持續強勁，歐洲地區勢頭有所改善。總體而言，我們在本季完成了 11 筆雲端交易。其中 10 項是 InsuranceSuite 雲端交易，其中 3 項位於歐洲、中東和非洲地區。

We were thrilled to close 4 Tier 1 deals and saw a healthy distribution of demand across migrations, expansions and net new customers, indicating good traction in each of our core growth opportunities.

我們很高興能夠完成 4 項一級交易，並看到遷移、擴張和淨新客戶之間的需求分佈健康，這表明我們的每個核心成長機會都具有良好的吸引力。

Some of the takeaways were migration activity picked up at larger insurers with 3 migrations in the quarter, including a Tier 1 commercial and personal lines insurer based in the United States who elected to migrate InsuranceSuite and another Tier 1 European insurer who will migrate their ClaimCenter implementation. We also continue to attract net new customers, adding 3 more insurers in the quarter. This included a rapidly growing newcomer to the home insurance market who adopted Guidewire Cloud Platform for its scale and ability to embed analytics and core workflows as well as a significant state insurer in workers' compensation that adopted Guidewire Cloud Platform for the maturity of our platform, our road map and the strength of our ecosystem.

其中一些要點是大型保險公司的遷移活動增加，本季度進行了3 次遷移，其中一家位於美國的一級商業和個人保險公司選擇遷移InsuranceSuite，另一家一級歐洲保險公司將遷移其理賠中心實施。我們也持續吸引淨新客戶，本季又增加了 3 家保險公司。其中包括一家快速成長的家庭保險市場新公司，該公司因其規模和嵌入分析和核心工作流程的能力而採用了Guidewire 雲端平台，以及一家重要的工人賠償國家保險公司，該公司因我們平台的成熟而採用了Guidewire 雲端平台，我們的路線圖和我們生態系統的實力。

With the foundation of Guidewire Cloud Platform now clearly established, we are better positioned to layer on additional data and analytics offerings and core policy underwriting and claims workflows. These capabilities improve customer performance and business outcomes, and it's exciting to see them continue to take shape.

隨著 Guidewire 雲端平台的基礎現已明確建立，我們可以更好地分層提供額外的數據和分析產品以及核心保單承保和理賠工作流程。這些功能提高了客戶績效和業務成果，令人興奮的是看到它們不斷成形。

Cloud expansion activity also remains strong as customers look to build on their initial success with Guidewire Cloud by moving new lines of business and modules to the platform.

雲端擴展活動也仍然強勁，因為客戶希望透過將新的業務線和模組轉移到平台上，在 Guidewire Cloud 的初步成功基礎上再接再厲。

Turning to cloud and company operations. We continue to improve and optimize our performance around deployments, utilization and platform efficiency. We now have nearly 70% of our cloud customers in production and have conducted hundreds of updates to customers' implementations on our cloud platform over the last few releases. This new cloud update capability is historically different than the upgrade experience of our past. It marks a material change in the ongoing relationship between Guidewire and our customers and creates the framework for us to constantly deliver innovation to our customers and the industry we serve.

轉向雲端和公司營運。我們繼續圍繞部署、利用率和平台效率來改進和優化我們的效能。現在，我們近 70% 的雲端客戶已投入生產，並且在過去的幾個版本中，我們的雲端平台上的客戶實施已進行了數百次更新。這種新的雲端更新功能在歷史上與我們過去的升級體驗不同。它標誌著 Guidewire 與客戶之間的持續關係發生了重大變化，並為我們創建了一個不斷為客戶和我們服務的行業提供創新的框架。

We also continue to drive improved cloud operations efficiency, which is improving cloud margins. Subscription and support gross margin improved 8 points year-over-year in the second quarter to 65%. This gives us increasing confidence that we have the right approach, the right team and the experience in place to support our growth and financial objectives through $1 billion in ARR.

我們也持續提高雲端營運效率，從而提高雲端利潤率。第二季訂閱和支持毛利率年增 8 個百分點，達到 65%。這讓我們越來越有信心，我們擁有正確的方法、合適的團隊和豐富的經驗，可以透過 10 億美元的 ARR 來支持我們的成長和財務目標。

In addition to our work to shift our product and customer base to cloud, we are working to better position Guidewire to achieve our long-term model by transforming the services side of our business. We have invested in our SI partner ecosystem to ensure that we are not capacity-constrained as our industry adopts cloud. As our partners take on an increasing share of the prime work, the Guidewire services team will focus on a targeted portfolio of programs and strategic roles in customer programs.

除了將我們的產品和客戶群轉移到雲端之外，我們還致力於透過轉變業務的服務方面來更好地定位 Guidewire，以實現我們的長期模式。我們投資了 SI 合作夥伴生態系統，以確保我們的產業採用雲端時不會受到容量限制。隨著我們的合作夥伴承擔越來越多的主要工作，Guidewire 服務團隊將專注於有針對性的專案組合以及客戶專案中的策略角色。

Our strategic focus is for the vast majority of implementation revenue to be delivered by our SI ecosystem and for our services revenue to be less than 20% of Guidewire revenue. The result will be a more powerful software-oriented business model, better overall long-term gross margins and a better structure to serve the P&C industry.

我們的策略重點是讓我們的 SI 生態系統提供絕大多數實施收入，而我們的服務收入佔 Guidewire 收入的比例低於 20%。其結果將是更強大的以軟體為導向的業務模式、更好的整體長期毛利率以及更好的服務財產險行業的結構。

In the second quarter, we saw lower-than-expected services revenue, and this shortfall impacts our full year total revenue guidance, which Jeff will cover. But to be clear, lowering services revenue is not correlated in any way to the overall demand we are seeing. We add the most value to the P&C industry by running a world-class cloud platform that can be integrated and configured for our customers by a market-leading and global ecosystem of SIs that it is enabled every day by the Guidewire Professional Services team. This strategy is working well, and I was pleased to see Guidewire's partner ecosystem continue to expand meaningfully in the quarter.

在第二季度，我們看到服務收入低於預期，這一缺口影響了我們的全年總收入指導，傑夫將對此進行闡述。但需要明確的是，服務收入的下降與我們看到的整體需求沒有任何關係。我們透過運行世界一流的雲端平台為財產和意外傷害產業增加最大價值，該平台可以透過市場領先的全球SI 生態系統為我們的客戶進行整合和配置，而Guidewire 專業服務團隊每天都在啟用該生態系統。這項策略運作良好，我很高興看到 Guidewire 的合作夥伴生態系統在本季繼續有意義地擴展。

We finished Q2 with 24,000 consultants now in the Guidewire SI ecosystem and there remains a strong uptake in those getting Guidewire Cloud-certified. Cloud certifications increased 33% year-over-year to nearly 9,000.

第二季結束時，Guidewire SI 生態系統中已有 24,000 名顧問，並且獲得 Guidewire Cloud 認證的顧問數量仍然強勁。雲端認證數量年增 33%，達到近 9,000 個。

We also added 15 solution partners in the second quarter, bringing the total to over 200. Here, we are working with partners to drive greater content and coverage across geos and technologies, and this drives greater utility to customers and will further drive adoption. We want customers to choose Guidewire but also the value-driving ecosystem we are building around our platform.

我們還在第二季度增加了15 個解決方案合作夥伴，使總數超過200 個。在這裡，我們正在與合作夥伴合作，推動跨地域和技術的內容和覆蓋範圍的擴大，這為客戶帶來了更大的效用，並將進一步推動採用。我們希望客戶選擇 Guidewire，同時也選擇我們圍繞我們的平台所建構的價值驅動生態系統。

In summary, it was a great quarter and a great first half and our teams continue to execute well across the key pillars of our strategy. Demand for Guidewire Cloud Platform and our suite of insurance applications remain strong. We continue to drive greater efficiency gains in cloud operations, our cloud platform and the company overall. We are progressing through a services transformation to better serve the enormous opportunity we see and further position us to grow into our long-term model.

總而言之，這是一個偉大的季度，也是一個偉大的上半場，我們的團隊繼續在我們策略的關鍵支柱上表現出色。對 Guidewire 雲端平台和我們的保險應用程式套件的需求仍然強勁。我們持續推動雲端營運、雲端平台和公司整體效率的提高。我們正在推動服務轉型，以更好地服務我們所看到的巨大機遇，並進一步幫助我們發展成為我們的長期模式。

I'll now turn the call over to Jeff.

我現在將電話轉給傑夫。

Thanks, Mike. The financial highlights in the quarter included better-than-expected ARR, 65% subscription and support gross margins and robust operating income and cash flow from operations. I will touch on these points as I go through the details.

謝謝，麥克。本季度的財務亮點包括好於預期的 ARR、65% 的認購和支援毛利率以及強勁的營業收入和營運現金流。我將在詳細介紹時觸及這些要點。

Starting with ARR. Strong sales activity in the quarter led to ARR of $800 million, which was above our outlook range.

從 ARR 開始。本季強勁的銷售活動導致 ARR 達到 8 億美元，高於我們的預期範圍。

Total revenue was $241 million. Subscription and support revenue was largely in line with our expectations and license revenue benefited from DWP true-up activity. As a reminder, we generally price our software as basis points of direct written premium, or DWP. So when a customer sees their DWP grow, we often see their fees increase in the form of DWP true-ups.

總收入為 2.41 億美元。訂閱和支援收入基本上符合我們的預期，許可證收入受益於 DWP 調整活動。提醒一下，我們通常將軟體定價為直接書面溢價 (DWP) 的基點。因此，當客戶看到他們的 DWP 成長時，我們經常會看到他們的費用以 DWP 調整的形式增加。

Services revenue was lower than expectations as we saw our partners take the lead in more cloud programs. Early in our cloud transition, we led most of the cloud programs and then often subcontracted much of the work to SIs at a low margin or, in some cases, negative margin. This approach allowed us to maintain control and, at the same time, train our partner community. By design, we are now transitioning away from this approach. We are pleased with our partner's ability to step up and lead cloud programs and our progress to decrease reliance on subcontractors.

服務收入低於預期，因為我們看到我們的合作夥伴在更多雲端計畫中處於領先地位。在雲端轉型的早期，我們領導了大部分雲端計劃，然後經常以低利潤或在某些情況下以負利潤將大部分工作分包給 SI。這種方法使我們能夠保持控制，同時培訓我們的合作夥伴社群。根據設計，我們現在正在放棄這種方法。我們對合作夥伴加強和領導雲端計畫的能力以及我們在減少對分包商的依賴方面取得的進展感到滿意。

As a result, we saw services revenue from subcontracted work decline in Q2 by approximately $12 million year-over-year, and the cost of contractors declined by $14 million year-over-year. We have adjusted our model to reflect the fact that this transition is occurring faster than we originally estimated, and it will take a bit more time to build a backlog Guidewire-owned programs to offset the decline in subcontracted revenue. I will touch on this more when I discuss our outlook.

因此，我們看到第二季分包工作的服務收入年減約 1,200 萬美元，承包商成本較去年同期下降 1,400 萬美元。我們調整了我們的模型，以反映這樣一個事實：這種轉變發生的速度比我們最初估計的要快，並且需要更多的時間來建立 Guidewire 擁有的積壓項目來抵消分包收入的下降。當我討論我們的前景時，我將更多地談到這一點。

Turning to profitability for the second quarter, which we will discuss on a non-GAAP basis, gross profit was $151 million. This result benefited from overall strength in subscription and support margins, combined with higher-than-expected term license revenue, which carries a high gross margin. This strength more than offset the services gross profit shortfall.

談到第二季的獲利能力，我們將在非 GAAP 基礎上討論，毛利為 1.51 億美元。這一結果得益於訂閱和支持利潤率的整體實力，以及高於預期的毛利率較高的定期許可收入。這項優勢足以抵銷服務毛利的缺口。

Overall gross margin was 63% compared with 57% a year ago. Subscription and support gross margin was 65%, which compares favorably to 57% a year ago. This continues to track ahead of our expectations due to increased cloud infrastructure efficiency.

整體毛利率為 63%，而一年前為 57%。訂閱和支持毛利率為 65%，優於一年前的 57%。由於雲端基礎設施效率的提高，這繼續超出我們的預期。

With respect to services, gross profit was negative $4.2 million, and this included approximately $3 million in severance charges. Services gross margin was negative 11%. Overall operating profit was $26 million in the second quarter. This was better than expected as cloud efficiency and lower operating expenses more than offset the lower services gross profit. We continue to be thrilled with the operating profit and operating margin momentum.

服務方面，毛利為負 420 萬美元，其中包括約 300 萬美元的遣散費。服務毛利率為負11%。第二季整體營業利潤為 2,600 萬美元。這好於預期，因為雲端效率和較低的營運費用足以抵銷服務毛利的下降。我們繼續對營業利潤和營業利潤率的勢頭感到興奮。

Overall stock-based compensation was $36 million, up 1% from Q2 of last year.

整體股票薪酬為 3,600 萬美元，比去年第二季成長 1%。

We ended the quarter with $933 million in cash, cash equivalents and investments.

本季結束時，我們的現金、現金等價物和投資為 9.33 億美元。

Operating cash flow of $69 million for the quarter was a great result and benefited from better-than-expected collections.

本季的營運現金流為 6,900 萬美元，這是一個不錯的結果，這得益於好於預期的收款情況。

Now let me go through our outlook for the fiscal year 2024. Starting with the top line, we are pleased to be in a position to increase outlook for ARR to between $852 million and $862 million. We continue to see strong sales momentum and an improving competitive position as this industry continues to modernize in the cloud.

現在讓我回顧一下我們對 2024 財年的展望。從營收開始，我們很高興能夠將 ARR 展望提高到 8.52 億美元至 8.62 億美元之間。隨著該行業繼續在雲端中實現現代化，我們繼續看到強勁的銷售勢頭和不斷提高的競爭地位。

We now expect total revenue to be between $957 million and $967 million. This is a $19 million downward adjustment at the midpoint, which is driven by a $20 million downward adjustment to our services revenue expectations.

我們現在預計總收入將在 9.57 億美元至 9.67 億美元之間。這是中點下調 1,900 萬美元，這是由於我們的服務收入預期下調了 2,000 萬美元。

As Mike noted, we have a robust ecosystem of implementation partners, and we have invested in that ecosystem to ensure that collectively, we can execute on the cloud demand. So we are moderating our services revenue expectations but we continue to see high levels of demand for Guidewire Cloud. Services revenue is now expected to be approximately $175 million, and our expectations for other components of revenue is largely unchanged.

正如麥克指出的那樣，我們擁有一個強大的實施合作夥伴生態系統，並且我們對該生態系統進行了投資，以確保我們能夠共同執行雲端需求。因此，我們正在調整我們的服務收入預期，但我們仍然看到對 Guidewire Cloud 的需求高。目前服務收入預計約為 1.75 億美元，我們對其他收入組成部分的預期基本上保持不變。

Turning to margins and profitability, which we will discuss on a non-GAAP basis, we now expect subscription and support gross margins to be between 64% and 65%. As we mentioned last quarter, this puts us ahead of schedule in 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 the teams focused on efficiency are having the desired impact on scalability and product gross margins. We are tempering our services gross margin expectations on a lower revenue base and now expect services margins to be between 5% and 8%. As a result, we expect overall gross margins to be approximately 62% for the full year.

談到利潤率和獲利能力，我們將在非 GAAP 基礎上討論，我們現在預計訂閱和支援毛利率將在 64% 至 65% 之間。正如我們上季度所提到的，這使我們提前實現了 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。我們正在根據較低的收入基礎調整我們的服務毛利率預期，目前預計服務利潤率將在 5% 至 8% 之間。因此，我們預計全年整體毛利率約為 62%。

With respect to operating income, we are maintaining our outlook of between $82 million and $92 million for the fiscal year as better-than-expected cloud gross margins and operating expenses offset the adjustment in services gross profit.

就營業收入而言，我們維持本財年 8,200 萬至 9,200 萬美元的預期，因為好於預期的雲端毛利率和營業費用抵消了服務毛利的調整。

We expect stock-based compensation to be approximately $147 million, representing a 3% growth rate year-over-year.

我們預計股票薪酬約為 1.47 億美元，年成長率為 3%。

We are also increasing our cash flow from operations expectations to between $120 million and $140 million for the fiscal year.

我們也將本財年的營運預期現金流增加至 1.2 億至 1.4 億美元。

Our collections cadence, cloud margins and cost discipline gives us confidence to increase our outlook there.

我們的產品收集節奏、雲端利潤和成本紀律讓我們有信心提高我們的前景。

Turning to our outlook for Q3. We expect ARR to finish between $815 million and $820 million. Our outlook for total revenue is between $228 million and $234 million. We expect subscription and support revenue of approximately $134 million and services revenue of approximately $42 million. We expect subscription and support margins of approximately 64%, services margins in the mid-single digits and total gross margins of between 61% and 62%. Our outlook for operating income is between $4 million and $10 million.

轉向我們對第三季的展望。我們預計 ARR 將完成 8.15 億至 8.2 億美元之間。我們對總收入的預期在 2.28 億美元至 2.34 億美元之間。我們預計訂閱和支援收入約為 1.34 億美元，服務收入約為 4,200 萬美元。我們預計訂閱和支援利潤率約為 64%，服務利潤率為中個位數，總毛利率在 61% 至 62% 之間。我們的營業收入預期在 400 萬美元至 1000 萬美元之間。

With that, we will open the call for questions.

至此，我們將開始提問。

(Operator Instructions) Our first question comes from the line of Alexei Gogolev with JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的阿列克謝·戈戈列夫（Alexei Gogolev）。

Congratulations with the results. I wanted to ask you about your visibility into the pipeline. Obviously, increasing ARR for the year is very encouraging. But could you maybe talk about how you're seeing second half of the year panning out?

祝賀結果。我想問一下您對管道的了解程度。顯然，今年ARR的增加非常令人鼓舞。但您能否談談您對今年下半年的情況有何看法？

Yes, sure. Great question. Thank you very much. We feel very, very good about the business right now. Certainly, win rates, competitive win rates, are our view. As you know, the deal cycles are very long in the industry and so we have a lot of forward visibility, and that gives us some confidence to increase the guidance that we set out at the beginning of the year. And certainly, the pipeline, the number of deals and the quality of those deals, of the data, that backs up the perspective that we can raise that guidance.

是的，當然。很好的問題。非常感謝。我們現在對這項業務感覺非常非常好。當然，我們的觀點是勝率、競爭性勝率。如您所知，該行業的交易週期非常長，因此我們有很大的前瞻性，這讓我們有信心增加年初制定的指導。當然，管道、交易數量以及這些交易和數據的品質支持了我們可以提出這項指導的觀點。

And I would just say, like the other part of this is that the close rates and win rates continue to be solid and give us more and more confidence in the demand for the product and our ability to, I guess, just differentiate ourselves and earn the trust of our customers and win those deals. So we feel very, very good about the second half.

我只想說，就像這的另一部分一樣，成交率和獲勝率繼續保持穩定，這讓我們對產品的需求以及我們的能力越來越有信心，我想，只是讓自己脫穎而出並賺取收入贏得客戶的信任並贏得這些交易。所以我們對下半場感覺非常非常好。

Yes. And the only thing I would add is the first half was really tremendous from an overall sales activity perspective, and Mike alluded at this in his prepared remarks. But Q2 was a record sales activity quarter for us. So we're seeing really healthy linearity in the year, which also helps inform our outlook.

是的。我唯一要補充的是，從整體銷售活動的角度來看，上半年確實非常出色，麥克在他準備好的演講中提到了這一點。但第二季對我們來說是創紀錄的銷售活動季度。因此，我們今年看到了非常健康的線性，這也有助於我們展望未來。

And Mike, just to clarify, do you still feel confident about the $1 billion 2025 ARR outlook?

Mike，想澄清一下，您對 2025 年 10 億美元的 ARR 前景仍然有信心嗎？

Yes, we do. As I said, often, the deals that we work on last longer than a year. So certainly, we have a picture of what next year might look like in a certain amount of pipeline that we measure and track very carefully. And as we've discussed many, many times, the backlog, the ARR backlog, related to the ramp deals that we've closed in prior years still exists. So that gives us confidence that the structure that we put in place at the beginning of this fiscal year and the objective of $1 billion in ARR, we feel confident in.

是的，我們願意。正如我所說，我們所做的交易通常持續超過一年。因此，當然，我們對明年一定數量的管道可能會是什麼樣子有一個了解，我們非常仔細地測量和追蹤。正如我們多次討論的那樣，與我們前幾年完成的增產交易相關的積壓訂單、ARR 積壓訂單仍然存在。因此，這讓我們對本財年年初制定的架構以及 ARR 10 億美元的目標充滿信心。

Perfect. And my second question was about the SI partnerships. I was wondering if you could elaborate a little bit more about which SIs have been gaining share with your partnerships? I remember at your conference, there was a big focus on Accenture. Are there any other names that you would highlight?

完美的。我的第二個問題是關於 SI 合作夥伴關係。我想知道您是否可以詳細說明哪些系統整合商在您的合作夥伴關係中獲得了份額？我記得在你們的會議上，埃森哲受到了極大的關注。您還有其他要強調的名字嗎？

Probably not appropriate to comment on who's gaining what share. I would just say that we've seen broad-based interest in working with us to expand and really dig into the cloud offering and to be prepared to step up either on the migration side or on the net new implementation side and be aligned with us about preparedness to implement Guidewire Cloud. So that's not limited to any particular partner. But like I said, real broad-based interest in stepping up and going to market with and being prepared to implement Guidewire, that's a very positive signal for us. It's one of the reasons we talk about the cloud certifications and the total consultants in the ecosystem.

可能不適合評論誰獲得了多少份額。我只想說，我們看到了廣泛的興趣與我們合作，以擴展和真正深入研究雲端產品，並準備好在遷移方面或新的實施方面加強並與我們保持一致關於實施 Guidewire Cloud 的準備。因此，這不限於任何特定的合作夥伴。但正如我所說，人們真正對加強 Guidewire 的發展、進入市場並準備實施 Guidewire 感興趣，這對我們來說是一個非常積極的信號。這是我們談論雲端認證和生態系統中的整體顧問的原因之一。

Certainly, if you think back to Connections, you can see the partners that showed up there and showed up there in a big way, and we're just incredibly excited to partner all of them, honestly. And it would be a little bit inappropriate for me to talk about who's gaining what share. So broad-based support, and we're excited to keep growing.

當然，如果你回想一下《Connections》，你會看到那些出現在那裡的合作夥伴，並且以很大的方式出現在那裡，老實說，我們非常高興能與他們所有人合作。對我來說談論誰獲得了什麼份額有點不合適。如此廣泛的支持，我們很高興能夠不斷發展。

I would say the other thing I'm interjecting myself in the middle of my answer, it's like I really believe and we really believe in the concept of growing the overall pie that is Guidewire and the potential for Guidewire. And so that points to an opportunity for many, many SIs to work with us and grow businesses around Guidewire, and we're really seeing that, and it's exciting to see.

我想說的是我在回答中插入的另一件事，就好像我真的相信並且我們真的相信增長整個蛋糕的概念，即 Guidewire 和 Guidewire 的潛力。因此，這為許多系統整合商提供了與我們合作並圍繞 Guidewire 發展業務的機會，我們確實看到了這一點，並且很高興看到這一點。

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)。

Mike, I wanted to ask about kind of the growth of the Guidewire marketplace. It looks like the number of apps and partnerships have grown significantly. I'm curious what the adoption trends have looked like, and anything you can share that highlights the value that's being delivered to customers, just given the breadth of solutions that are being offered.

麥克，我想問一下 Guidewire 市場的成長。應用程式和合作夥伴的數量似乎顯著增長。我很好奇採用趨勢是什麼樣的，以及您可以分享的任何可以突出為客戶提供的價值的內容，只要考慮到所提供的解決方案的廣度。

Yes, it's a great question. We do track adoption. We look at how things are being either tried, deployed into test environments or deployed into production. I think that there obviously is a bit of a relationship between the cycle times associated with the implementation efforts and then follow-on activity around what customers are going to do with the applications or do with the implementation in those marketplace applications after they get into production. It's somewhat you want to focus directly on the task at hand when you're trying to get live on a new core implementation and then sort of, say, in Phase 2, you start to look at these marketplace applications. But certainly, we are seeing an uptick in the adoption of these applications.

是的，這是一個很好的問題。我們確實追蹤採用情況。我們著眼於如何嘗試、部署到測試環境或部署到生產中。我認為，與實施工作相關的周期時間與圍繞客戶將要使用應用程式執行的操作或在投入生產後在這些市場應用程式中執行的後續活動之間顯然存在一些關係。當您嘗試實施新的核心實作時，您希望直接專注於手邊的任務，然後，比如說，在第二階段，您開始查看這些市場應用程式。但可以肯定的是，我們看到這些應用程式的採用有所增加。

I don't know if I'm prepared at this moment to give you any specific statistics, but it's something that we could maybe look at adding down the line, just to give you a sense. But we're happy with it. I think partners for us are also excited to deepen the relationship with us and work with us to make sure that the offerings are certified to work effectively with our cloud and our cloud uptake process, and that helps create confidence with our customers that these applications can be deployed efficiently and managed efficiently and maintained and, just as I said in the prepared remarks, adds to the overall value of the implementation.

我不知道我現在是否準備好向您提供任何具體的統計數據，但我們也許可以考慮添加一些內容，只是為了讓您有一個了解。但我們對此很滿意。我認為我們的合作夥伴也很高興能夠加深與我們的關係，並與我們合作，確保這些產品經過認證可以與我們的雲端和雲端採用流程有效配合，這有助於讓我們的客戶相信這些應用程式可以有效部署、有效管理和維護，正如我在準備好的發言中所說，增加了實施的整體價值。

So overall, this has been a real focus for us as we shifted to cloud. This is not unique to Guidewire, but sort of cloud-based platforms like this are easier to integrate to, and it makes it easier for the partner ecosystem to augment the value of the core application. We're excited to see that continue to grow.

總的來說，當我們轉向雲端時，這一直是我們真正關注的焦點。這並不是 Guidewire 所獨有的，但像這樣的基於雲端的平台更容易集成，並且使合作夥伴生態系統更容易增加核心應用程式的價值。我們很高興看到這一數字繼續增長。

Yes, that's great. And maybe one for Jeff on the services org. I understand kind of the revenue impact as you shift more towards your SIs and maybe some near-term margin pressure as you're making progress there. But I guess how are you thinking about kind of the sustainable margin profile of that org maybe longer term? I think you've talked about mid-teens in the past, but is that still kind of how you're thinking about it, perhaps with the smaller internal services team?

是的，那太好了。也許還有一個服務組織的傑夫。我了解當您更多地轉向 SI 時會對收入產生影響，並且當您在那裡取得進展時可能會產生一些近期利潤壓力。但我想您如何看待該組織的長期可持續利潤狀況？我想您過去曾談論過十幾歲左右的人，但您仍然是這樣看待這個問題的嗎？也許對於規模較小的內部服務團隊？

I mean, absolutely. I think this is going to look like a reversion almost to where we were pre-cloud as we focus more on targeted services that are done by our personnel and delivered at an attractive margin.

我的意思是，絕對是。我認為這看起來幾乎回到了雲端之前的狀態，因為我們更專注於由我們的人員完成並以有吸引力的利潤提供的有針對性的服務。

Early in the cloud transition, we very much leaned into leading programs in a much more active role than was traditional for us. And I think that's to be expected when there's new capabilities that we're releasing to the marketplace, as the overall ecosystem is still learning those capabilities and how to implement and run those programs. And now we're turning back to the orientation we had pre-cloud where the SI ecosystem will take the lead in most of those engagements. And the overall different revenue components of that means less subcontracted revenue where we're priming deals and subcontracting out the work.

在雲端轉型的早期，我們非常傾向於以比傳統方式更積極的角色來主導專案。我認為當我們向市場發布新功能時，這是可以預料的，因為整個生態系統仍在學習這些功能以及如何實施和運行這些程式。現在我們又回到了雲出現之前的方向，SI 生態系統將在大部分活動中發揮主導作用。整體上不同的收入組成部分意味著我們在啟動交易和分包工作時的分包收入會減少。

There was also some discounting that was happening in the early days of the cloud transition that created [carves] from license revenue that flowed through services. And that's becoming less and less noise in the financial model, which will make it easier to forecast and predict going forward. But we're very much kind of working through that transition this year. I think the net result is a really positive outcome where we have a robust ecosystem that can help us deliver on the cloud demand that we're all excited to see.

在雲端轉型的早期也發生了一些折扣，從流經服務的授權收入中創造了[利潤]。金融模型中的噪音變得越來越少，這將使預測和預測未來變得更加容易。但今年我們正努力完成這項轉變。我認為最終的結果是一個非常積極的結果，我們擁有一個強大的生態系統，可以幫助我們滿足我們都很高興看到的雲端需求。

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

我們的下一個問題來自 Ken Wong 和 Oppenheimer 的對話。

Great. Fantastic. Jeff, you mentioned earlier some kind of DWP true-ups. Just wanted to understand what drove that. I mean I think we all see the sort of big increases in insurance premiums across a range of states. Is that something that could potentially trigger that type of an action.

偉大的。極好的。 Jeff，您之前提到過某種 DWP 調整。只是想了解是什麼推動了這一點。我的意思是，我認為我們都看到了許多州保險費的大幅上漲。這是否可能觸發此類操作？

And then, Mike, on that same point, as you think about these big step-up in premiums, I guess, would you characterize that as healthy for your customer end market, for Guidewire? I would love any thoughts in terms of how to think about those moving pieces.

然後，麥克，在同一點上，當你考慮保費的大幅上漲時，我想，你會認為這對你的客戶終端市場（Guidewire）來說是健康的嗎？我希望有任何關於如何思考這些感人作品的想法。

Yes. Absolutely, as premiums grow in the industry, we price on basis points of direct written premium, so that will create a bit of a tailwind for us. When we can enforce those true-ups can vary contract to contract. So that's something we spend a lot of time modeling out and assessing. But absolutely, that is a tailwind for us.

是的。當然，隨著行業保費的增長，我們會根據直接承保保費的基點進行定價，因此這將為我們帶來一些推動力。當我們能夠執行這些調整時，可以根據不同的合約進行調整。所以這是我們花費大量時間進行建模和評估的事情。但絕對，這對我們來說是順風。

Yes, I appreciate the question. I would say absolutely, this is healthy. I think it may be sort of perceived as unfortunate if you're a consumer. But understanding the actual risks and the actual amount of risk that you are taking in whatever particular endeavor you are looking to ensure is very important.

是的，我很欣賞這個問題。我絕對會說，這是健康的。我認為如果你是消費者，這可能會被認為是不幸的。但是，了解您在尋求確保的任何特定努力中所承擔的實際風險和實際風險大小非常重要。

And there was an imbalance in the industry for a period of time. And as we've said on these calls a number of times, the industry is designed to assess that imbalance, work through that imbalance, change rates, increase premiums, so that it can get back into a healthy state. And I think we are seeing that unfold. And that is a healthy thing.

並且在一段時間內行業出現了不平衡的情況。正如我們多次在這些電話會議上所說的那樣，該行業旨在評估這種不平衡，解決這種不平衡，改變費率，提高保費，以便恢復健康狀態。我認為我們正在看到這種情況的發展。這是一件健康的事。

Like I said, it's certainly not enjoyable if the risk associated with your home or your car is deemed to be more than it was. But that's just a fact of life. And I think you can see that in the data. You see that in the risk characteristics that we help the industry assess with our products like HazardHub. And I think that it will help all of us make better decisions about the risks we're taking with a truer, more accurate sense of how much it costs to ensure that risk. And so yes, it's nice to see that process unfold. Guidewire participates in that, as Jeff described.

就像我說的，如果與您的房屋或汽車相關的風險被認為比以前更大，那肯定不會令人愉快。但這只是人生的一個事實。我想你可以從數據中看到這一點。您可以在我們透過 HazardHub 等產品幫助產業評估風險特徵中看到這一點。我認為這將幫助我們所有人對我們所承擔的風險做出更好的決策，更真實、更準確地了解確保這種風險所需的成本。所以，是的，很高興看到這個過程的展開。正如傑夫所描述的，Guidewire 參與其中。

But I do think, in general, it's a healthy thing for the industry and for each of the state regulatory agencies to work through with industry partners and get to a more balanced insurance market.

但我確實認為，總的來說，對於行業和每個州監管機構來說，與行業合作夥伴合作並建立一個更平衡的保險市場是一件健康的事情。

Got it. I appreciate the really thoughtful response. And if I can just sneak a quick one in on just the partner side. I think you mentioned partners leading services at a faster pace than expected. How much of that is just their ability to take the baton from you guys earlier than anticipated. I know Diego has been working to streamline the whole deployment process. How much of it might be just you guys are able to kind of ramp your customers up a lot quicker?

知道了。我很欣賞如此深思熟慮的回應。如果我能在夥伴這邊快速地進行一次。我認為您提到合作夥伴以比預期更快的速度提供服務。其中有多少只是他們比預期更早從你們手中接過接力棒的能力。我知道迭戈一直在努力簡化整個部署過程。其中有多少可能只是你們能夠更快增加客戶數量？

Well, I think for sure, there's a part of this that we had to work very hard to ensure that the product was ready to be implemented by partners, and Diego and team have done a fine job with this. That's great to see and partially driving this. I also think, as we've talked about, this is kind of all part of the overall plan for the company and focusing our services organization on really the strategic implementations, the new product introductions and the really expert type of work that we think we can add unique and differentiated value relative to maybe like one of our general partners in the ecosystem. And so this is simply us seeing that strategy sort of come to fruition a little bit faster than we might have expected when we scoped out the beginning of the year, but it's very much in line with where we want to head as a company.

嗯，我認為可以肯定的是，我們必須非常努力地工作，以確保該產品已準備好由合作夥伴實施，而迭戈和團隊在這方面做得很好。很高興看到並部分推動了這一點。我還認為，正如我們所討論的，這是公司整體計劃的一部分，我們的服務組織將重點放在真正的策略實施、新產品推出以及我們認為我們真正專業的工作類型上。相對於我們生態系統中的普通合作夥伴之一，可以增加獨特和差異化的價值。因此，這只是我們看到該策略的實現速度比我們年初制定的預期要快一些，但這與我們作為一家公司的發展方向非常一致。

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

我們的下一個問題來自 Rishi Jaluria 與 RBC Capital Markets 的聯繫。

This is Richard Poland on for Rishi Jaluria. So first one for me is just on some of the services side. You mentioned a couple of times throughout the call that you accelerated kind of this road map here with transitioning to services. And I know you've mentioned it on past calls a lot. So just kind of I want to understand, was there anything in particular that drove the decision to accelerate that?

我是里希·賈魯裡亞 (Rishi Jaluria) 的理查德·波蘭 (Richard Polish)。所以對我來說第一個只是在一些服務方面。您在整個電話會議中多次提到，您透過向服務的過渡加快了該路線圖的速度。我知道您在過去的電話中多次提到這一點。所以我想了解一下，是否有什麼特別的因素推動了加速這一進程的決定？

And then the second part of that question is just on the gross margin side. It sounds like it's going to be a little bit pressured this year. But as we think about that recovering to those pre-cloud margin levels, is there any time for kind of when we should expect that?

這個問題的第二部分就是毛利率方面。看來今年的壓力會有點大。但當我們考慮恢復到雲端運算之前的利潤水平時，我們是否有時間可以期待這種情況？

Thanks for the question. On the urgency around driving the shift, I think it was largely a reflection of we had been working to enable some of these early cloud programs and doing that in a posture that was often very low or negative margin. And so some of the urgency around this was returning to a more sustainable long-term margin profile for our services business, and we think that this is the right posture to take in order to do that. So that's kind of what drove the urgency.

謝謝你的提問。關於推動這一轉變的緊迫性，我認為這在很大程度上反映了我們一直在努力啟用其中一些早期的雲端計劃，並且以通常非常低或負利潤的方式做到這一點。因此，圍繞這一問題的一些緊迫性是我們的服務業務恢復更可持續的長期利潤狀況，我們認為這是實現這一目標所採取的正確姿態。這就是推動緊迫性的原因。

And then as you think about long term, we are working through that transition. We have capacity to do a bit more services revenue than we expect to see this year. And as we kind of look ahead and get to a bit higher utilization rates, we think kind of returning the services organization into a sustainable, kind of low double-digit margin profile feels about right. We could certainly do better than that, if we have a particularly strong year, but that feels like the right profile to shoot for mid to long term.

然後，當你考慮長期目標時，我們正在努力實現這一轉變。我們有能力實現比今年預期多一點的服務收入。當我們展望未來並獲得更高的利用率時，我們認為讓服務組織恢復可持續的、低兩位數的利潤狀況感覺是正確的。如果我們有一個特別強勁的一年，我們當然可以做得更好，但這感覺像是中長期目標的正確配置。

And then just a follow-up. It sounds like just based on what we're hearing, the traction on the data analytics portfolio seems to be doing pretty well, especially solutions like predict and HazardHub. So I guess, just any update there on what you're seeing from customers and any areas where you think there's maybe room for better attach rates to some of that portfolio.

然後只是後續行動。聽起來，根據我們所聽到的情況，數據分析產品組合的吸引力似乎表現得相當不錯，尤其是像預測和 HazardHub 這樣的解決方案。因此，我想，只是您從客戶那裡看到的任何更新，以及您認為其中某些投資組合可能有更好的附加費率空間的任何領域。

Yes. Thanks for the question. It's certainly one of the things we talk about every week, is driving those attach rates and making sure that we're positioning the products together. And it's nice to hear that you're hearing that. We certainly are, too.

是的。謝謝你的提問。這當然是我們每週討論的事情之一，那就是提高附加率並確保我們將產品定位在一起。很高興聽到您這麼說。我們當然也是。

We called it out in the description of some of the deals that we were able to get across the finish line this quarter. It is just really the added benefit of thinking about the InsuranceSuite applications in conjunction with analytics and really putting the analytics in front of the users at the point of decision such that they can practically add value to the business operations, efficiency and decision quality that we're able to deliver with the products. It's really great to see. So yes, we're continuing to drive those attach rates. And maybe we expect them to generally slowly improve as we proceed throughout the year, better position the products, and we'll see how that goes through the second half of the year, but certainly very satisfied with the momentum and the progress that we've made.

我們在本季完成的一些交易的描述中指出了這一點。這確實是結合分析來考慮 InsuranceSuite 應用程式的額外好處，並在決策時真正將分析擺在用戶面前，以便他們實際上可以為我們的業務運營、效率和決策品質增加價值。能夠隨產品一起交付。真的很高興看到。所以，是的，我們將繼續提高附加率。也許我們預計它們會隨著我們全年的進展而緩慢改善，更好地定位產品，我們將看到下半年情況如何，但我們肯定對我們的勢頭和進展感到非常滿意已經做了。

On the Hazard upside, like we're really very excited about just the general use case and even beyond the Guidewire customer base. We think there's a lot of companies out there that could benefit from the sort of flexibility and the sort of ease of access to a very significant amount of data and risk profiling that we can provide with that solution. And so we're excited not just to drive the attach to the deals that we're doing for InsuranceSuite and the core applications but also thinking beyond our typical sort of focus area in terms of the market and figuring out ways that we can expose this to a broader audience because we're just very, very excited about what that product can do for the insurance industry.

在危險方面，我們對一般用例甚至超出了 Guidewire 客戶群都感到非常興奮。我們認為，有許多公司可以從我們透過該解決方案提供的靈活性以及輕鬆存取大量資料和風險分析中受益。因此，我們很高興不僅能夠推動我們為 InsuranceSuite 和核心應用程式所做的交易，而且還超越我們在市場方面的典型關注領域，並找出我們可以公開這一點的方法向更廣泛的受眾開放，因為我們對該產品可以為保險業所做的事情感到非常非常興奮。

Our next question comes from the line of Dylan Becker with William Blair.

我們的下一個問題來自迪倫·貝克爾和威廉·布萊爾的對話。

I don't want to belabor the point here on services because I think it's a pretty clear positive. But maybe another way of asking it, too, is, is this kind of an entire Guidewire decision? Or is the ecosystem kind of coming to you and validating that the market opportunity is resonating and there's capacity for that? And maybe what that means as we think about kind of the relationships that those SIs have with larger institutions as we think about transitioning maybe more of these core books of business from some of the larger insurance carriers.

我不想在這裡詳細闡述服務問題，因為我認為這是一個非常明顯的正面因素。但也許另一個問法是，這是一個完整的 Guidewire 決定嗎？或者生態系統是否正在向您走來並驗證市場機會正在產生共鳴並且有能力實現這一點？當我們考慮這些系統整合商與大型機構之間的關係時，當我們考慮從一些大型保險公司轉移更多的核心業務時，這可能意味著什麼。

I think the answer is certainly both that our position in the market, if you just think of us purely as one of the players, one of the options to choose when you're going to do a Guidewire implementation, the more capacity, the more demand in that market, it makes for a better, more efficient implementation market. And so there could be like a supply side driver behind the competitiveness of Guidewire services relative to partners. Also, like I said, like we're engineering that to occur. And so it's partially our choice. But certainly, I think that our win rate and the momentum and success of the InsuranceSuite application wins is making it clear that Guidewire is the platform and the company to partner with if you want to participate in this industry transformation. And so I think you see a lot of that in the outcome this quarter.

我認為答案肯定是我們在市場中的地位，如果你只是將我們純粹視為參與者之一，當你要進行Guidewire實施時選擇的選項之一，容量越大，越多市場的需求，它創造了一個更好、更有效率的實施市場。因此，Guidewire 服務相對於合作夥伴的競爭力背後可能存在供應方驅動因素。而且，就像我說的，我們正在設計它的發生。所以這部分是我們的選擇。但當然，我認為我們的勝率以及 InsuranceSuite 應用程式獲勝的勢頭和成功清楚地表明，如果您想參與這一行業轉型，Guidewire 是您可以合作的平台和公司。因此，我認為您在本季度的結果中看到了很多這樣的內容。

Okay. Got it. That makes sense. And then going back, Mike, maybe sticking with you, on the equilibrium dynamic, too, so seeing a lot of improvement on that loss ratio side. Can you remind us what that has on capacity to invest, right? Like, is this kind of incentivizing the initiative of maybe not accelerating but continuing that investment cadence? Or is this something that could cause an insurance carrier to rest on their laurels and say, "Hey, all right, we're through the thick of it, at least some of those pressures near term." It doesn't seem like the latter, but I wanted to stress test it.

好的。知道了。這就說得通了。然後回過頭來，麥克，也許在均衡動態方面也堅持你的觀點，所以看到損失率方面有很大的改善。您能提醒我們什麼是投資能力嗎？例如，這是否會激勵可能不會加速但會繼續投資節奏的舉措？或者這是否會導致保險公司安於現狀並說：“嘿，好吧，我們已經度過了最艱難的時刻，至少是近期的一些壓力。”看起來不像後者，但我想對其進行壓力測試。

No. I really don't think it is the latter. And this is something that we have spent a lot of time thinking about, talking to customers about very carefully. Honestly, this has been one of the highlights for me in terms of our perspective about the role we play in the industry and how long term it really is.

不，我真的不認為是後者。這是我們花了很多時間思考、非常仔細地與客戶討論的事情。老實說，就我們對我們在行業中所扮演的角色及其真正的長期性的看法而言，這對我來說是亮點之一。

Most of our customers have been in business for, let's say, more than 50, sometimes 100 and, in some cases, almost 200 years. They have seen these cycles before and they know how to work through them. And the decision that they make about their core systems partner is very often a decade-level decision. This isn't something that they're changing out every couple of years based on the profitability of the insurance side of their business, but it's something that they can really take a long-term view around. This was great for us in that it enabled us to continue to see healthy demand through what was a very difficult time for the industry from a profitability perspective.

我們大多數客戶的經營歷史可能超過 50 年，有時甚至超過 100 年，在某些情況下甚至接近 200 年。他們以前見過這些週期，並且知道如何度過這些週期。他們對核心系統合作夥伴所做的決定通常是十年層級的決定。他們不會根據保險業務的盈利能力每隔幾年就改變這一點，但他們確實可以從長遠角度看待這一點。這對我們來說非常好，因為它使我們能夠從獲利角度來看，在行業非常困難的時期繼續看到健康的需求。

And it's nice to see that the industry is recovering and pushing the rates through the system and, like I said, getting back to more of an equilibrium state. And I don't think that, that can hurt Guidewire's demand. I think we saw a healthy demand when it was tough. And as things improve, I don't think that that's going to hurt by causing people to rest. I think that there is a growing understanding that technology flexibility and agility is very, very important for remaining competitive, remaining up to date with prices, remaining as efficient as possible with respect to claims processing and submission management and underwriting. Like, these things are not changing. And that is resonating with these prospects and with these customers. And I think that we're going to continue to see demand growth. So anyway, thanks for the question. I appreciate it.

很高興看到該行業正在復蘇，並推動整個系統的利率，就像我說的，回到更平衡的狀態。我認為這不會傷害 Guidewire 的需求。我認為在困難時期我們看到了健康的需求。隨著情況的改善，我認為讓人們休息不會有什麼壞處。我認為，人們越來越認識到，技術靈活性和敏捷性對於保持競爭力、保持最新價格、在索賠處理、提交管理和承保方面保持盡可能高效非常重要。就像，這些事情沒有改變。這引起了這些潛在客戶和客戶的共鳴。我認為我們將繼續看到需求成長。無論如何，謝謝你的提問。我很感激。

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。

The commentary is pretty consistent. The press release mentions 11 cloud deals. Maybe you can just level set for us how you'd score cloud progress for fiscal '25 thus far and the mix of what you're seeing there and how it all stacks up relative to where your expectations were heading into the year.

評論相當一致。新聞稿提到了 11 項雲端交易。也許您可以為我們設定到目前為止您對 25 財年雲端運算進展的評分方式，以及您所看到的情況的組合，以及相對於您對今年的預期的情況如何疊加。

We're very happy with the progress so far this year. As Jeff mentioned, driving linearity into our business has been a focus of ours for the past few years. It's not relying on massive Q4s to carry the day on the fiscal year, and we have done a phenomenal job driving a rigor into the organization so that we're hitting our targets in Q1, in Q2, in Q3 and Q4.

我們對今年迄今的進展感到非常滿意。正如傑夫所提到的，過去幾年來，推動我們業務的線性化一直是我們的重點。它並沒有依靠大規模的第四季來實現本財年的目標，我們在組織嚴謹方面做得非常出色，以便我們在第一季、第二季、第三季和第四季實現我們的目標。

And being where we are at this point in the fiscal year, it just feels very good, right? We're creating steady demand. We're able to get those deals through the process and closed in a healthy way, and we feel great about that. And that's kudos, I guess, to us, if that's appropriate to say, in terms of driving just operational rigor in the business. But it also speaks to the demand for the products that we're seeing and the demand for the product category in general in the insurance industry. And all those things tell me like this has been a really, really good start to the year, and we're in a good position halfway through it.

在本財年的這個階段，我們感覺非常好，對吧？我們正在創造穩定的需求。我們能夠完成這些交易並以健康的方式完成，我們對此感覺很好。我想，如果這樣說合適的話，這對我們來說是值得稱讚的，因為我們推動了業務的嚴格運作。但這也說明了我們所看到的產品的需求以及保險業對產品類別的整體需求。所有這些事情都告訴我，這是今年一個非常非常好的開始，而且我們在半年中處於一個良好的位置。

Jeff, the cash flow targets moved up for the year even with the services revenue shortfall. Maybe speak to your ability to manage the free cash flow even as some of the contribution there shifts a bit.

傑夫，儘管服務收入出現短缺，但今年的現金流目標還是調漲了。也許可以談談你管理自由現金流的能力，即使其中的一些貢獻略有變化。

Yes. I think we touched on this a bit at the Analyst Day. We're just at this pretty exciting inflection point in this cloud transition where we're starting to see that part of the model really flex. So that's great to see. Collections has been really strong. The overall cloud gross margin profile has been really strong. And all of those dynamics just give us a lot of confidence into the cash flow forecast for this year and as we think about executing to some of those longer-term targets as well. So in general, just off to a great start, ahead of where I expected to be midway through the year, and that gives us confidence to raise the target a bit.

是的。我想我們在分析師日談到了這一點。我們正處於雲端轉型的一個非常令人興奮的轉折點，我們開始看到模型的這一部分真正靈活。所以很高興看到這一點。收藏真的很強。雲端運算的整體毛利率非常強勁。所有這些動態都讓我們對今年的現金流預測以及我們考慮執行其中一些長期目標充滿信心。因此，總的來說，這是一個好的開端，超出了我預期的年中目標，這讓我們有信心稍微提高目標。

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

我們的問題來自 BTIG 的 Matt VanVliet。

Mike, you mentioned that you signed a number of new partners this quarter. Curious, as you look across the global landscape, are there pockets of either regions or maybe specific areas of markets where you feel like you still need to deepen the roster of partners that you have there, especially now as you're looking to put as much of the services mix on those partners as possible?

麥克，您提到本季您簽署了一些新合作夥伴。很好奇，當您縱觀全球格局時，是否有某些地區或特定市場領域您覺得您仍然需要深化您在那裡的合作夥伴名冊，特別是現在，因為您希望將大部分服務組合在那些合作夥伴身上越多越好？

Yes, it's a good question. We think a lot about our progress in North America, our progress in Europe, then in specific countries, and our progress in Asia Pacific. And so I think as we think about where should we be growing over the next 5 years faster, certainly, there are some specific countries where we have an opportunity to better optimize our approach not just in our products and go-to market but, to your point, around the partners that we're working with and how we're showing up in each of those particular markets.

是的，這是一個好問題。我們對北美的進展、歐洲的進展以及特定國家的進展以及亞太地區的進展進行了許多思考。因此，我認為，當我們思考未來5 年我們應該在哪些方面實現更快成長時，當然，在一些特定國家，我們有機會更好地優化我們的方法，不僅在我們的產品和進入市場方面，而且您的觀點，圍繞著我們正在合作的合作夥伴以及我們在每個特定市場中的表現。

And it's an interesting game for us to play. It's very, very efficient. If we imagine that our approach that's working very well in North America should logically work everywhere in the world, but it doesn't always work out that way, right? And so it's up to us to get out there and figure out what does the market, say, in Germany need from Guidewire and who can we be working with in each particular country in such a way as the customers in any particular country are getting exactly what they need from the combination of Guidewire and our systems integrator partners.

這對我們來說是一個有趣的遊戲。這是非常非常有效的。如果我們想像我們的方法在北美行之有效，從邏輯上講應該在世界各地都行之有效，但事實並非總是如此，對嗎？因此，我們有責任走出去，弄清楚德國市場需要 Guidewire 提供什麼，以及我們可以在每個特定國家與誰合作，以便任何特定國家的客戶都能獲得準確的資訊。Guidewire 和我們的系統整合商合作夥伴的結合可以滿足他們的需求。

So for sure, there is some optimization and I expect we will put it into the strategic plan for our organization and execute over the next few years and enable us to grow a little bit faster in the countries where we see a bigger DWP and insurance opportunity than what we've been able to capitalize on so far.

因此，可以肯定的是，會有一些優化，我希望我們將其納入我們組織的策略計劃中，並在未來幾年內執行，使我們能夠在我們看到更大DWP 和保險機會的國家/地區更快地發展比我們迄今為止所能利用的更多。

Okay. Very helpful. And then I guess, when you look at maybe some of your customers that have adopted HazardHub and some of the other sort of more advanced data-driven products out there, from a wallet share perspective, how much of that can be captured? Or how much do those products sort of capture in some of the customers that are really leaning into that? And then how, if at all, are you sort of incentivizing the go-to-market team to get that more penetrated in customers as a huge point of differentiation.

好的。很有幫助。然後我想，當你看看你的一些客戶可能已經採用了 HazardHub 和其他一些更先進的數據驅動產品時，從錢包份額的角度來看，可以捕獲多少？或者說，這些產品在一些真正傾向於該產品的客戶中佔據了多少份額？然後，如果有的話，你如何激勵上市團隊，讓其更深入地滲透到客戶中，作為一個巨大的差異化點。

Yes, it's a great question. I will be honest, I tend not to think about the analytics opportunity in terms of wallet share but instead think about it in terms of the business impacts that we can help create for the insurance industry that we serve. We see a pretty significant opportunity for the industry to improve the efficiency, honestly, across the board, both in claims and also in underwriting and also pricing. And so there's business benefit, there's an efficiency gain that can be unlocked through data and through analytics.

是的，這是一個很好的問題。老實說，我傾向於不考慮錢包份額方面的分析機會，而是考慮我們可以幫助為我們所服務的保險業創造的業務影響。老實說，我們認為該行業有一個非常重要的機會來全面提高索賠、承保和定價方面的效率。因此，可以透過數據和分析來實現商業利益和效率提升。

And so we think that by delivering value and creating an opportunity for our insurance customers to create a better system, we can partake in the value creation that we facilitate as opposed to thinking of it as sort of like how much are you paying for who and can you ship some of that to Guidewire. That's not actually how we think about it. Certainly, something like HazardHub has the potential to be added to and drive better decisions and efficiencies all across the industry, and that's how we think about it.

因此，我們認為，透過提供價值並為我們的保險客戶創造一個創建更好系統的機會，我們可以參與我們促進的價值創造，而不是認為它有點像你為誰和誰支付了多少錢。你能把其中一些寄給Guidewire 嗎？實際上我們並不是這麼想的。當然，像 HazardHub 這樣的東西有潛力被添加到整個行業並推動更好的決策和效率，這就是我們的想法。

In terms of the incentive structure, we have all the logical structures in place with our sales organization to ensure that the teams are incented to work together and position the different products across the spectrum. And we continue to tweak and optimize those things, but we're certainly incentivizing our organization to work effectively together and position those solutions side by side.

在激勵結構方面，我們與銷售組織建立了所有邏輯結構，以確保團隊有動力共同工作並在整個範圍內定位不同的產品。我們繼續調整和優化這些事情，但我們肯定會激勵我們的組織有效地合作並並排部署這些解決方案。

And HazardHub, in particular, is really interesting, right, because that has more of an organic growth market motion where we can land, have them test out the product and then grow as they see success. And so that does come with a little bit more of an inside sales motion initially, selling into our installed base and building some of that muscle, which is great for us, right, because we intend to have more of those types of products over time.

尤其是 HazardHub，真的很有趣，對吧，因為這更多的是一個有機成長的市場動向，我們可以登陸，讓他們測試產品，然後在他們看到成功時成長。因此，最初確實需要更多的內部銷售行動，向我們的安裝基礎進行銷售並建立一些實力，這對我們來說非常好，對吧，因為我們打算隨著時間的推移擁有更多此類產品。

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。

Mike, I wanted to focus in on the 3 net new customers you announced during the quarter to see if there's anything interesting you would call out about the processes or mix of systems that were in place there that you guys are replacing.

麥克，我想專注於您在本季宣布的 3 個淨新客戶，看看您是否會指出有關您正在更換的現有流程或系統組合的任何有趣內容。

Yes. Thanks. I appreciate the question very much. So one I want to call out specifically is we have the opportunity to work with somebody. So we work with an industry partner who has a very, very bold vision about how they're going to grow and take advantage of what they see as a real disruption in the industry. And they basically need a system that was going to allow them to scale very, very significantly and had outgrown the sort of solutions that they chose to get started with.

是的。謝謝。我非常感謝這個問題。因此，我想特別指出的是，我們有機會與某人合作。因此，我們與一位行業合作夥伴合作，他們對於如何發展並利用他們認為的行業真正顛覆性的發展有著非常非常大膽的願景。他們基本上需要一個能夠讓他們非常非常顯著地擴展的系統，並且已經超越了他們選擇開始使用的解決方案。

And so it's a pretty minor shift, I would say, but it is a replacement of some solutions that are targeted at smaller, sort of getting-started insurance companies. But it was great to see just the vision that they have and be able to earn the right to be chosen as the platform that they were going to use to scale into their ambition, as I say, to take advantage of what they see as a pretty significant disruption in the market in the United States. And so that was a very, very exciting win for us.

所以我想說，這是一個相當小的轉變，但它取代了一些針對小型、新創保險公司的解決方案。但很高興看到他們擁有的願景，並且能夠贏得被選為平台的權利，他們將使用這個平台來擴展他們的雄心，正如我所說，利用他們所認為的美國市場受到相當大的干擾。所以這對我們來說是一場非常非常令人興奮的勝利。

The other one that I would call out is one of the deals that we won it and lost it and won it and lost it. It lasted over 2 years. And we went through all the processes that you could possibly go through to make sure that we were the absolute right choice. This was a specialty lines and commercial insurance solution that we were able to step up and prove that we were the right choice for this company. And we were just incredibly excited to get this win and get this deal closed, and I think it will end up being a very significant and strategic partner for us, especially because it's going to be a proof point for us on commercial lines insurance in the specialty markets that we're going to be able to support for this customer. So that was the other one that I would call out that we were just very, very excited to get over the finish line this quarter.

我要指出的另一筆交易是我們贏了又輸了又贏又輸的交易之一。持續了2年多。我們經歷了您可能經歷的所有流程，以確保我們是絕對正確的選擇。這是一個專業產品線和商業保險解決方案，我們能夠加強並證明我們是這家公司的正確選擇。我們對獲得這場勝利並完成這筆交易感到非常興奮，我認為它將最終成為我們非常重要的戰略合作夥伴，特別是因為它將成為我們在商業線路保險方面的一個證明點我們將能夠為該客戶提供支援的專業市場。這就是我要指出的另一個問題，即我們對本季衝過終點線感到非常非常興奮。

Got it. Very helpful. And then, Mike, we're pretty far along in the alphabet here of releases and you accelerated the time line of launches last year. Are you seeing a notable pickup in how quickly customers are coming back to the well to discuss expansion opportunities? And I guess, how would you compare that to the early days of the cloud launch?

知道了。很有幫助。然後，麥克，我們在發布的字母表中已經走得很遠了，而你去年加快了發佈時間。您是否發現客戶返回油井討論擴張機會的速度明顯加快？我想，您如何將其與雲端發布的早期進行比較？

Well, so two parts to the answer. I would say we are working very hard to earn the trust of our cloud customers and prove that we can very effectively support them as we provide these updates.

好吧，答案分為兩個部分。我想說，我們正在非常努力地贏得雲端客戶的信任，並證明我們在提供這些更新時可以非常有效地支援他們。

And so I don't know if you guys can understand this. They were a little nervous when we first said, "Hey, we're going to go to 3 releases a year and we're going to orient the releases such that you can take them every time," just because their experience with upgrades in the past was pretty significant. Like, it was going to take a lot of time and they had to pause a lot of the projects in order to be able to absorb those upgrades. But what we've shown and what we are working through and proving with them is that we can do these updates very, very easily and with very minimal disruption to their operations, and that enables them to get the benefits of what we're putting in each one of these releases.

所以我不知道你們是否能理解這一點。當我們第一次說「嘿，我們每年將發布 3 個版本，並且我們將調整版本的方向，以便您每次都可以使用它們」時，他們有點緊張，因為他們在升級方面擁有豐富的經驗。過去非常重要。就像，這將花費很多時間，他們必須暫停很多項目才能吸收這些升級。但我們所展示的以及我們正在與他們一起努力和證明的是，我們可以非常非常輕鬆地進行這些更新，並且對他們的運營造成的干擾非常小，這使他們能夠從我們所投入的內容中受益在每個版本中。

And that's just a super positive sign that this is working for us. It was always part of the plan, but it's now a reality. And we are earning their trust, and they are starting to really get excited about what they're going to be able to do with this new operating model that we can support. And so it's a good achievement for our organization. And honestly, I think for the industry, this is a different way to operate a core system in the industry. And I think over the next decade, it's really going to prove to be incredibly valuable for every single one of our customers. We're going to be able to make change. We're going to be able to add innovation. We're going to be able to deliver it to them in a time frame that makes a difference versus what they were going to be able to do before.

這只是一個超級積極的信號，表明這對我們有用。這一直是計劃的一部分，但現在已成為現實。我們正在贏得他們的信任，他們開始對我們能夠支持的這種新營運模式所能做的事情感到非常興奮。因此，這對我們組織來說是一項很好的成就。老實說，我認為對於產業來說，這是一種不同的產業核心系統運作方式。我認為在接下來的十年裡，它對我們的每位客戶來說都將具有難以置信的價值。我們將能夠做出改變。我們將能夠增加創新。我們將能夠在一個與他們之前能夠做的事情相比有所不同的時間範圍內將其交付給他們。

And in terms of whether or not this all creates more demand, more expansion opportunity, I would say probably like generally, yes. I don't know if I could point to anything specific. But certainly, velocity around these projects create success. The velocity creates success, and the success creates the opportunity for us to add the next line of business and do another deal that expands the scope of the program. And certainly, we have some implementations that are going that way and going very well, and we continue to add to them. So generally, yes, but mostly, I would say the big news is that we're able to establish ourselves in this upgrade cadence in a very positive way.

至於這一切是否會創造更多需求、更多擴張機會，我想說的是，一般來說，是的。我不知道是否可以指出任何具體內容。但可以肯定的是，這些專案的速度創造了成功。速度創造了成功，成功為我們創造了增加下一個業務線並進行另一項擴大計劃範圍的交易的機會。當然，我們有一些實現正在朝著這個方向發展並且進展順利，並且我們將繼續添加它們。所以總的來說，是的，但最重要的是，我想說的大消息是，我們能夠以非常積極的方式在這種升級節奏中確立自己的地位。

Our next question comes from the line of Joe Vruwink with Baird.

我們的下一個問題來自 Joe Vruwink 和 Baird 的對話。

I know you've addressed the macro a couple of times, and this is a bit of a macro question. But in the last couple of years, it's been the spring into summer time frame where customers have ended up deploying their IT budgets and a little bit of a different way than maybe you were thinking. I think one year was smaller initial contracts, another year, it was maybe the pace and timing around just ACV. As we sit here today, are you just not seeing any of the same maybe preemptive patterns that would suggest something similar is on the horizon and ultimately, when you see where DWP is being allocated in the IT budget, you really participate in those areas?

我知道您已經多次討論過宏觀問題，這是一個宏觀問題。但在過去幾年中，從春季到夏季，客戶最終部署其 IT 預算的方式可能與您想像的有些不同。我認為一年是較小的初始合同，另一年可能只是 ACV 的節奏和時間表。當我們今天坐在這裡時，您是否只是沒有看到任何相同的可能先發製人的模式，這表明類似的事情即將出現，並且最終，當您看到DWP 在IT 預算中分配的位置時，您真的參與了這些領域嗎？

Yes. You certainly can't count your chickens before they hatch and you have to execute. And we have to continue to stay vigilant and follow through on the potential that we see in our pipeline and our plans. But we don't see in the deals that we're working on right now anything like you're describing right now. I think we've learned a lot over the past few years about how to structure deals, what to expect in terms of timing and the things that we need to do to validate the demand and to ensure that we win the process and then get the deal successfully contracted. And we've gotten better and better and better than that across the organization. More and more of the organization has successfully prosecuted cloud deals, and that's certainly helpful.

是的。你當然無法在小雞孵化之前數出它們的數量，而你必須執行。我們必須繼續保持警惕，並跟進我們在管道和計劃中看到的潛力。但我們在目前正在進行的交易中沒有看到像您現在所描述的那樣的情況。我認為在過去的幾年裡，我們已經學到了很多關於如何建立交易、在時間方面的期望以及我們需要做的事情來驗證需求並確保我們贏得這個過程，然後獲得交易成功簽約。我們已經比整個組織做得越來越好。越來越多的組織已經成功地進行了雲端交易，這當然是有幫助的。

And so yes, I definitely I don't want to send the signal that we're not appropriately anxious about all the things that you just described, but we do have very good visibility into the rest of this year and even into next year. And we feel good about the guidance that we've set and that confidence allowed us to increase slightly right now.

所以，是的，我絕對不想發出這樣的信號：我們對你剛才描述的所有事情沒有適當的焦慮，但我們確實對今年剩餘時間甚至明年有很好的了解。我們對我們設定的指導感到滿意，這種信心使我們現在能夠略有增加。

And just to add, I mean, we talk a lot about macro, but we also feel really good about the micro, right? Kind of where Guidewire is in terms of cloud maturity, what we're seeing with momentum in the industry and the referenceability of customer cohorts that are adopting cloud, all of that builds into a demand environment that is almost more driven by the micro dynamics that are specifically Guidewire versus some of the larger macro dynamics that we see.

補充一點，我的意思是，我們談論了很多宏觀方面的內容，但我們也對微觀方面感覺很好，對吧？ Guidewire 在雲端成熟度方面的情況、我們所看到的行業勢頭以及採用雲端的客戶群的可參考性，所有這些都構建了一個需求環境，該環境幾乎更多地由微觀動態驅動，具體來說，是Guidewire 與我們看到的一些更大的宏觀動態的對比。

Okay. That's great. And then I don't have Dylan's reservations, so I will belabor the services point. But when I think about Guidewire and getting a cloud certification, I mean, that's not an easy process. It's pretty rigorous. It takes a fair amount of time. And so having the right capacity in place, which seems to be the messaging today, that strikes me as a pretty big deal. Do you actually think that the SI community, it doesn't sound like it's been a bottleneck to any deal flow, but do you actually think it could become an amplifier of your activity and actually maybe helping you bring in some more big accounts, more engagements, and so it ultimately helps demand going forward?

好的。那太棒了。然後我沒有迪倫的保留，所以我會詳細闡述服務點。但當我想到 Guidewire 並獲得雲端認證時，我的意思是，這不是一個簡單的過程。可以說是相當嚴格了。這需要相當長的時間。因此，擁有適當的能力，這似乎是今天所傳達的訊息，這對我來說是一件非常重要的事情。你真的認為 SI 社群聽起來不像是任何交易流的瓶頸，但你真的認為它可以成為你活動的擴大機，實際上可能會幫助你引入更多大客戶，更多參與，最終有助於需求的發展？

Yes. I would agree. I definitely don't think it's been a bottleneck. And I certainly hope that it is an amplifier of demand for Guidewire. And I believe very strongly in what I described in the prepared remarks that we are going to serve this industry most effectively with great software, with a great cloud platform that updates and delivers innovation to our customers through an ecosystem of partners on the implementation side but also on the solutions side, that it's not just Guidewire, that it's ecosystem that we are creating and nurturing and investing in, that together is going to help the industry evolve and transform and, in the process, create a better P&C insurance industry. And I certainly hope that, that creates demand for Guidewire. I think logically, it should.

是的。我同意。我絕對不認為這是一個瓶頸。我當然希望它是Guidewire需求的擴大機。我非常相信我在準備好的演講中所描述的內容，即我們將透過出色的軟體和出色的雲端平台，透過實施方面的合作夥伴生態系統為我們的客戶更新和提供創新，從而最有效地服務這個行業，但是同樣在解決方案方面，這不僅僅是Guidewire，我們正在創建、培育和投資的生態系統，將共同幫助行業發展和轉型，並在此過程中創建更好的財產和意外保險行業。我當然希望這會創造對 Guidewire 的需求。我覺得從邏輯上來說，應該是這樣。

And I think, honestly, I don't want to pretend like this is net new, right? This has been the strategy of the company. And I think that this uniquely differentiates us as a software provider to the P&C industry. We are certainly not the only company that approaches it this way. But I would say we are the only company that approached this aggressively, right, that really nurtures the partner ecosystem as a mechanism for expanding our reach most effectively. And I think that, that is playing out to our advantage right now, and I hope it will continue.

老實說，我認為我不想假裝這是全新的，對吧？這一直是公司的策略。我認為，這使我們作為財產與意外傷害行業的軟體提供者而與眾不同。我們當然不是唯一一家採用這種方式的公司。但我想說，我們是唯一一家積極解決這個問題的公司，對吧，真正培育合作夥伴生態系統作為最有效地擴大我們影響力的機制。我認為，這現在正在發揮我們的優勢，我希望這種情況能繼續下去。

Our next question comes from the line of Alex Sklar with Raymond James.

我們的下一個問題來自 Alex Sklar 和 Raymond James。

Mike, it sounds like the record second quarter and the momentum you called out is coming from both the demand side with carriers' underwriting results and the execution side on Guidewire's part. Can you just give a little bit more color though on the improvement you alluded to in migration conversations? I think you called out conversion rates being a little bit better exiting '23 into '24. How notable of a change is that for the last few quarters?

麥克，這聽起來像是創紀錄的第二季度，你所說的動力來自於營運商承保結果的需求方和 Guidewire 的執行方。您能否就您在遷移對話中提到的改進提供更多的資訊？我認為您指出從 23 年退出到 24 年的轉換率要好一些。過去幾季的變化有多顯著？

Well, I think there's a couple of things that are driving an improvement in migration velocity. We are getting a lot more proof points under our belt. And so with 70% of our cloud customers now in production, that creates more references, that creates more experience, that creates more confidence in the existing on-prem customer base to recognize that this is, honestly, the safest path forward. So that certainly helps.

嗯，我認為有幾件事正在推動遷移速度的提高。我們正在獲得更多的證據。因此，我們 70% 的雲端客戶現已投入生產，這創造了更多參考，創造了更多體驗，讓現有本地客戶群更有信心認識到，說實話，這是最安全的前進道路。所以這肯定有幫助。

I think that we've also invested quite a lot in the tooling necessary to do these transitions more and more efficiently. We've also invested pretty significantly in migration practices, specifically focused with our SIs around driving these projects, so that it doesn't have to be just Guidewire but there's actually like a whole group of options that we can bring to bear around helping a customer do the migration. And I think all of those things come together and help us result in the increase in velocity that we see in the migrations.

我認為我們還在必要的工具上投入了大量資金，以便越來越有效率地完成這些轉換。我們還在遷移實踐上投入了大量資金，特別是我們的 SI 來推動這些項目，因此它不必只是 Guidewire，實際上我們可以提供一整套選項來幫助客戶進行遷移。我認為所有這些事情結合在一起，有助於我們提高遷移速度。

All that being said, there's a lot of things that factor into the decision for an insurance company, and solving that equation for every single one is going to take us years. But we're completely focused on leaving no customer behind and ensuring that we can make this happen successfully for every single one of our existing customers. But it is based on a pretty significant amount of investment and focus that we put into this over the past couple of years, and we're seeing that start to pay off now.

話雖如此，保險公司的決策需要考慮許多因素，而解決每個因素的方程式將花費我們數年的時間。但我們完全專注於不讓任何客戶落後，並確保我們能夠為每位現有客戶成功實現這一目標。但這是基於我們在過去幾年中投入的大量投資和重點，我們現在看到這些投入開始得到回報。

Okay. Great. Maybe just a quick follow-up for you, Jeff. We're halfway through the fiscal year. Any notable changes in terms of like the shape or the slope of bookings from a ramp perspective relative to last year?

好的。偉大的。傑夫，也許只是對您進行快速跟進。我們的財政年度已過半。與去年相比，從坡道角度來看，預訂量的形狀或斜率有什麼顯著變化嗎？

From an overall ramp perspective, no material change. I mean we're seeing good linearity in the overall bookings. But when you look at the ramps that are embedded into the cloud deals, no change. I mean the one thing we are seeing is we're seeing a little bit more DWP true-up bookings activity. Those don't come with ramps, right? That's kind of a onetime event. But when you look at the cloud deals, nothing to call out.

從整體坡道角度來看，沒有實質變化。我的意思是，我們看到整體預訂量呈現良好的線性。但當你看看嵌入到雲端交易中的斜坡時，你會發現沒有任何變化。我的意思是，我們看到的一件事是 DWP 真實預訂活動增加。那些沒有坡道，對嗎？這只是一次性事件。但當你查看雲端交易時，並沒有什麼值得指出的。

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

我們的下一個問題來自 Aaron Kimson 與 Citizens JMP 的對話。

Mike, you talked about the 4 Tier 1 deals in the quarter. So stepping back, when you think about the pace of cloud transitions over the coming years, specifically at Tier 1s, do you see a potential tipping point where the largest players start to moving to the cloud at an increased pace? Or do you see this as more of a long slog that might take 5, 10-plus years?

麥克，您談到了本季的 4 筆一級交易。因此，退後一步，當您考慮未來幾年雲端轉型的步伐時，特別是在一級，您是否看到了一個潛在的轉折點，即最大的參與者開始以更快的速度轉向雲端？還是您認為這是一個漫長的過程，可能需要 5 年、10 年以上的時間？

Well, I think it's hard to say. I don't imagine that there's going to be any magic thing that causes it all to shift suddenly just because the decision for an individual carrier has a lot of other factors that weigh into the decision and the timing. And in many circumstances, at least verbally, we have alignment about the overall intention to get to cloud. I probably haven't said it in a number of quarters, but very often, the conversation is this is just a matter of when, not if. But we have to solve that equation for each and every one of those companies.

嗯，我想這很難說。我不認為會出現任何神奇的事情導致一切突然發生變化，僅僅因為單一運營商的決定有很多其他因素影響決策和時機。在許多情況下，至少在口頭上，我們對於轉向雲端的整體意圖是一致的。我可能已經好幾個季度沒有說過這句話了，但很多時候，談話的內容是這只是時間問題，而不是是否會發生的問題。但我們必須為每一家公司解決這個方程式。

Like I said a second ago, this is just adding up a whole bunch of factors, that continue to add incentive and increase the likeliness of those companies making the decision in any particular quarter to begin that transition. And it's our readiness. It's the number of customers and the amount of experience that we have. It's the amount of value that we're able to put into the product and what they can do with it now relative to when they first evaluated it. That just keeps improving release over release over release. I think all those things just add up, and then those things are compared to the internal objectives of that company and what they have on their docket in any particular quarter or year, and then they make that decision.

就像我剛才所說的那樣，這只是將一大堆因素加起來，這些因素會繼續增加激勵並增加這些公司在任何特定季度做出決定開始轉型的可能性。這是我們的準備。這是我們擁有的客戶數量和經驗量。這是我們能夠投入產品中的價值量，以及相對於他們第一次評估產品時他們現在可以用它做什麼。這只會不斷改進版本的發布。我認為所有這些事情都會加起來，然後將這些事情與該公司的內部目標以及他們在任何特定季度或年度的待辦事項進行比較，然後他們做出決定。

And you got to understand like we're having that conversation with each and every one of our customers, maybe not continuously, but probably at least once a quarter, maybe twice a year, just checking in and making sure that they're up-to-date on what we can do and we're up to date on what their objectives are. So yes, hopefully, that gives you a perspective of why I say that this is going to sort of be a slow and steady wins the race and there isn't going to be some magical thing that causes it all to tip in one particular quarter.

你必須明白，我們正在與每一位客戶進行對話，也許不是連續的，但可能至少每個季度一次，也許每年兩次，只是檢查並確保他們正常工作-我們能夠了解最新情況，也了解他們的目標是什麼。所以，是的，希望這能讓你了解為什麼我說這將是一場緩慢而穩定的勝利，並且不會有什麼神奇的事情導致一切在一個特定的季度發生傾斜。

That's really helpful. And then, Jeff, maybe quickly on capital allocation. So you still have about $138 million on your share repurchase program, haven't bought back any stock in the prior 2 quarters. At Analyst Day, you talked about potentially keeping more than $400 million of strategic cash, at least $400 million of run-the-business cash. Now you have to convert at your stock price at the close today. That will be settled in stock. So how do you think about a scenario where you would utilize the remainder of your repurchase program, if there is one?

這真的很有幫助。然後，傑夫，也許很快就會談到資本配置。因此，您的股票回購計畫仍有約 1.38 億美元，在前兩季沒有回購任何股票。在分析師日，您談到可能保留超過 4 億美元的策略性現金，至少 4 億美元的業務營運現金。現在您必須按照今天收盤時的股票價格進行轉換。這將以庫存結算。那麼，如果有的話，您如何看待利用剩餘回購計畫的情況？

Yes. Look, I think you laid it out nicely. We're in a mode where we think that there is an interesting time for us to potentially be a little bit more strategic around M&A. Obviously, a lot of thought goes into those types of processes. And we will be very disciplined. But that is becoming a bit more interesting for us on the convert side. We do have that maturity out there.

是的。瞧，我覺得你佈置得很好。我們認為現在是一個有趣的時期，可以在併購方面採取更具策略性的策略。顯然，這些類型的流程需要花費很多心思。我們會非常自律。但這對我們的轉換方來說變得更有趣了。我們確實有這樣的成熟度。

You're right, we might settle it in shares. We might settle that in cash, do a net share settlement as well. And so those are a number of things that we're thinking about. We do still have some capacity on our share repurchase program. But I think right now, we felt like it's a good time for us to reserve a little bit more dry powder on the balance sheet.

你說得對，我們可以用股份來解決。我們可能會以現金結算，也可能會進行淨股份結算。這些是我們正在考慮的很多事情。我們的股票回購計畫仍有一定的能力。但我認為現在，我們覺得現在是我們在資產負債表上儲備更多乾粉的好時機。

And our next question comes from the line of Tyler Radke with Citibank.

我們的下一個問題來自花旗銀行的泰勒拉德克 (Tyler Radke)。

This is [Peter] on the line for Tyler Radke. I just had one question here on the macro, more on the topic of inflation and the impact that's had on claims expenses. I was just interested on customer scrutiny on making investment decisions. I think it has gotten better over the past 90 days. And then if things haven't gone better, what's really contributed to the recent success in migration wins?

我是[彼得]，正在接聽泰勒·拉德克的電話。我剛才有一個關於宏觀問題的問題，更多的是關於通貨膨脹及其對索賠費用的影響的話題。我只是對客戶對投資決策的審查感興趣。我認為過去 90 天情況有所改善。那麼，如果情況沒有好轉，那麼最近在移民方面取得成功的真正原因是什麼？

Yes. Thanks for the question. Yes, so definitely, we've seen this. It's on the minds and on the fiscal financial outcomes of almost every insurance company in the world. But it's been nice to see that everybody has, for the most part, taken a very long-term perspective about the approach to adjusting for inflation and claims expense and passing these changes through to premium adjustments.

是的。謝謝你的提問。是的，當然，我們已經看到了這一點。它影響著世界上幾乎所有保險公司的思想和財務財務結果。但很高興看到每個人在很大程度上都以非常長遠的視角來考慮通貨膨脹和索賠費用的調整方法，並將這些變化傳遞到保費調整中。

And for the most part, I would say that hasn't dramatically changed our perspective on the IT investments associated with core system migrations and core system modernizations. Like I said a few minutes ago, these are tenured, at least, decisions for these companies. They're picking a partner and executing a project that they expect to last them over a decade, and so they can make long-term decisions about the point in time in which they're going to begin that transformation and partner with something like Guidewire to do that.

在很大程度上，我想說這並沒有顯著改變我們對核心系統遷移和核心系統現代化相關的 IT 投資的看法。就像我幾分鐘前所說的那樣，這些至少是這些公司的終身決定。他們正在選擇一個合作夥伴並執行一個他們希望持續十年以上的項目，這樣他們就可以就開始轉型的時間點做出長期決策，並與 Guidewire 等公司合作要做到這一點。

So for sure, like slowdown in inflation and stabilization of the claims expense creates more confidence in the year-to-year business model at an insurance company and that definitely doesn't hurt their ability to greenlight modernization project. But generally, we saw them push straight through, in a lot of cases, this adjustment and still greenlight projects to modernize with Guidewire, and that was really great to see. But it will be nice, I think, and everyone will be very happy to see a more stable inflationary environment over the next couple of years. And I suppose, knock on wood, that, that actually comes true. But it certainly will help the industry, and I think will, therefore, help Guidewire.

因此，可以肯定的是，通貨膨脹的放緩和理賠費用的穩定會為保險公司的逐年業務模式帶來更多信心，這絕對不會損害他們批准現代化專案的能力。但總的來說，我們看到他們在許多情況下直接推動了這項調整，並且仍然批准了 Guidewire 現代化項目，這真是太棒了。但我認為這會很好，每個人都會很高興看到未來幾年更穩定的通膨環境。我想，敲敲木頭，那確實成真了。但這肯定會對整個行業有所幫助，因此我認為也會對 Guidewire 有所幫助。

I just want to say I appreciate the time, everybody. Thanks for joining in the call. We had just a very, very strong start to the fiscal year. We feel great about the prospects for the rest of this fiscal and look forward to connecting with you all over the next few months. So thank you very much.

我只想說我很感激大家。感謝您加入通話。本財年我們剛有了一個非常非常強勁的開局。我們對本財年剩餘時間的前景感到樂觀，並期待在接下來的幾個月中與您聯繫。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。