Guidewire Software Inc (GWRE) 2024 Q3 法說會逐字稿

Greetings. Welcome to the Guidewire third-quarter fiscal 2024 financial results conference call. (Operator instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Alex Hughes. You may begin.

問候。歡迎參加 Guidewire 2024 財年第三季財務業績電話會議。（操作員指示）請注意，本次會議正在錄音。現在我將會議交給主持人亞歷克斯休斯 (Alex Hughes)。你可以開始了。

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

謝謝你，Shimali。我是投資者關係副總裁亞歷克斯·休斯 (Alex Hughes)。今天和我一起的還有執行長 Mike Rosenbaum 和財務長傑夫庫柏 (Jeff Cooper)。我們的完整業績揭露可在我們今天發布的新聞稿以及提交給美國證券交易委員會 (SEC) 的相關 8-K 表格中找到，這兩份文件均可在我們網站的「投資者關係」部分找到。

Today's call is being recorded, and a replay will be available following the conclusion of the call. 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.

今天的通話正在錄音，通話結束後將提供重播。本次電話會議中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。這些聲明受風險、不確定性和假設的影響，這些假設是基於管理層截至今天的當前預期，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 such statements.

請參閱新聞稿和我們向美國證券交易委員會 (SEC) 提交的風險因素和文件，包括我們最近的 10-K 表年度報告以及我們之前和即將向美國證券交易委員會提交的 10-Q 表季度報告，以獲取有關可能導致實際結果與此類聲明中所述的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, 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. And with that, I'll now turn the call over to Mike.

我們也會參考某些非公認會計準則財務指標來向投資者提供更多資訊。除非另有說明，所有關於利潤率、盈利能力、費用的評論均基於非 GAAP 基礎。我們的新聞稿中提供了非公認會計準則 (non-GAAP) 與公認會計準則 (GAAP) 指標的對帳表。對帳表和附加資料也發佈在我們的 IR 網站的補充資料中。現在，我將把電話轉給麥克。

Thank you, Alex. Good afternoon and thanks, everyone, for joining today. I'm incredibly excited to share the results of our third quarter and discuss the momentum we are seeing in our business. Q3 was another very strong quarter and puts us in great shape, heading into the final stretch of our fiscal year.

謝謝你，亞歷克斯。下午好，感謝大家今天的參與。我非常高興地分享我們第三季的業績並討論我們在業務中看到的發展勢頭。第三季度又是一個表現非常強勁的季度，這讓我們在進入財政年度的最後階段時處於良好的狀態。

We have all worked very hard to establish Guidewire Cloud platform and our InsuranceSuite applications as a trusted worldwide standard for P&C insurers. And I think our Q3 results, and year-to-date results clearly show that we're paying off.

我們一直努力將 Guidewire Cloud 平台和 InsuranceSuite 應用程式打造為財產和意外傷害保險公司值得信賴的全球標準。我認為我們的第三季業績和年初至今的業績清楚地表明我們正在獲得回報。

In April, we released Jasper, our 10th release and on under four years, which delivers increased agility and commercial lines, while also expanding HazardHub data for Canada. This release and our continued innovation across our platform and applications, improved customer agility, speed, and business intelligence.

今年 4 月，我們發布了 Jasper，這是我們在不到四年的時間內發布的第十個版本，它提供了更高的靈活性和商業線路，同時也擴展了加拿大的 HazardHub 數據。此版本以及我們在平台和應用程式上的持續創新提高了客戶的敏捷性、速度和商業智慧。

We are helping our cloud customers innovate faster and make better data-driven decisions across the insurance lifecycle. I'm now more confident than ever that the continual iterative improvements we have demonstrated to customers through our cloud platforms' consistent release schedule are helping to align more of the industry around our platform. And this general confidence is resulting in our improved business momentum.

我們正在幫助我們的雲端客戶在整個保險生命週期中更快地創新並做出更好的數據驅動決策。我現在比以往任何時候都更有信心，我們透過雲端平台一致的發佈時間表向客戶展示的持續迭代改進正在幫助更多的行業圍繞我們的平台進行協調。這種普遍的信心正在促進我們業務動能的改善。

In the third quarter, we closed eight InsuranceSuite Cloud deals, bringing our total InsuranceSuite cloud deals year to date to 24, which is a 33% increase year over year. We also saw sustained strength with Tier 1 insurers, including four Tier 1 deals in the quarter.

第三季度，我們完成了 8 筆 InsuranceSuite Cloud 交易，使今年迄今我們的 InsuranceSuite Cloud 交易總數達到 24 筆，年增 33%。我們也看到一級保險公司持續表現強勁，包括本季的四筆一級交易。

Our continued deal momentum speaks to the tremendous progress we have made establishing the reputation of Guidewire Cloud platform but also the much improved fiscal year linearity our sales teams are driving. We have been working for the past few years to establish a more linear quarter-to-quarter approach to sales, and I'm very happy with the more balanced year-to-date outcome.

我們持續的交易勢頭不僅表明我們在建立 Guidewire Cloud 平台聲譽方面取得了巨大進步，也表明我們的銷售團隊正在推動財政年度線性度的大幅提高。過去幾年，我們一直致力於建立更線性的季度銷售方法，我對今年迄今為止更加平衡的結果感到非常滿意。

It was also a strong quarter for cloud migration activity with a total of five InsuranceSuite cloud migrations. Our customer base is our most valuable asset, and a significant part of our cloud strategy has been anchored around the objective to successfully migrate every single one of our on-prem customers to our cloud platform. Continuing to drive these cloud transitions ensures that we remain the industry leader. It sets us up for further cloud expansion activity down the line and demonstrates the feasibility of Guidewire Cloud to new insurers.

本季度也是雲端遷移活動強勁的一個季度，共有五次 InsuranceSuite 雲端遷移。我們的客戶群是我們最寶貴的資產，我們的雲端策略很大一部分都圍繞著將我們的每位本地客戶成功遷移到我們的雲端平台這一目標。持續推動這些雲端轉型確保我們保持產業領先地位。它為我們未來進一步的雲端擴展活動做好了準備，並向新的保險公司展示了 Guidewire Cloud 的可行性。

Deal activity in the quarter was particularly strong in our Asia-Pacific region, where we had for cloud migration deals in Australia. We are building on our established cloud position in North America with higher engagement and momentum internationally, and it's great to see this pay off in the quarter.

本季度，亞太地區的交易活動尤其強勁，我們在澳洲進行了雲端遷移交易。我們正在鞏固我們在北美已建立的雲端運算地位，並在國際上提高參與度和發展勢頭，很高興看到這一舉措在本季度取得回報。

Last month, we conducted three highly successful Guidewire insurance forums, with one in London, one in Sydney, and one in Tokyo. These events serve as important customer touch points and an opportunity for the broader Guidewire ecosystem to come together and share ideas and feedback. There are a powerful vehicle we use to influence our existing pipeline, generate new opportunities, and help ensure that existing customers are up to speed on all the product innovation we have plant.

上個月，我們舉辦了三場非常成功的 Guidewire 保險論壇，分別在倫敦、雪梨和東京舉行。這些活動是重要的客戶接觸點，也是更廣泛的 Guidewire 生態系統聚集在一起分享想法和回饋的機會。我們使用強大的工具來影響我們現有的通路、創造新的機會，並幫助確保現有客戶能夠隨時了解我們工廠的所有產品創新。

Each event brings together insurance professionals from leading customers and partners to discuss the future of the P&C industry. In Sydney, over 135 insurance professionals heard Simone Labady, CEO of Aioi Nissay Dowa, New Zealand, discuss her goals for rapid growth on the cloud, how new guide wire products and features, including APD, data platform, and Jutro are helping them launch new products quickly and increased customer convenience.

每場活動都會聚集來自主要客戶和合作夥伴的保險專業人士，共同探討財產和意外保險業的未來。在悉尼，超過 135 名保險專業人士聆聽了新西蘭 Aioi Nissay Dowa 首席執行官 Simone Labady 討論她在雲端快速增長的目標，以及新的導絲產品和功能（包括 APD、數據平台和 Jutro）如何幫助他們快速推出新產品並提高客戶便利性。

In Tokyo, nearly 150 people heard Nakagawa-san, President and CEO of Saison Automobile and Fire Insurance, part of Sompo Group, which was the first insurance company in Japan to deploy Guidewire Cloud, discussed their strategic journey, progress to date, and experience with Guidewire Cloud.

在東京，近 150 人聽了 Saison 汽車火災保險公司總裁兼執行長 Nakagawa-san 的演講。 Sompo 集團是日本第一家部署 Guidewire Cloud 的保險公司。 Nakagawa-san 討論了他們的戰略歷程、迄今為止的進展以及使用 Guidewire Cloud 的經驗。

In addition, Eric Marcoux, VP of IT at Beneva, shared how Guidewire helped the company accomplish an increase in sales and a decrease in time required to train new team members from three to six months to less than a month. Since upgrading to Guidewire Cloud, Beneva has completed three updates, which is in stark contrast to the 12-to-18-month upgrade duration that they were used to when on-prem.

此外，Beneva 的 IT 副總裁 Eric Marcoux 分享了 Guidewire 如何幫助公司實現銷售成長，並將培訓新團隊成員所需的時間從三至六個月縮短至不到一個月。自從升級到 Guidewire Cloud 以來，Beneva 已完成三次更新，這與他們在本地部署時所需的 12 至 18 個月的升級時間形成了鮮明對比。

Last month, we emphasized our commitment and aspirations for the Asia-Pacific region with the hire of Shaji Sethu as our Asia Pacific Managing Director. Shaji has lived in Sydney, Australia for over 30 years, and he brings an extensive track record of driving strategic IT programs and insurance outcomes in the region. This leadership addition will further strengthen the connection between Guidewire's global capabilities and the local needs of our customers. We made a similar leadership addition to the EMEA region two years ago when we named Will McAllister as Managing Director and have been very pleased with the progress we are making, and he is leading in Europe.

上個月，我們聘請 Shaji Sethu 擔任亞太區董事總經理，強調了我們對亞太地區的承諾和願望。Shaji 在澳洲雪梨生活了 30 多年，在推動該地區策略 IT 專案和保險成果方面擁有豐富的經驗。此次領導階層的加入將進一步加強 Guidewire 的全球能力與客戶本地需求之間的連結。兩年前，我們任命威爾·麥卡利斯特 (Will McAllister) 為董事總經理，對 EMEA 地區進行了類似的領導補充，我們對所取得的進展感到非常滿意，目前他正在領導歐洲業務。

In April, we were in London for Guidewire's Europe Insurance Forum. It was also an incredible event with over 250 attending across 70 insurers and 44 customers. Leading insurers such as AXA and Beazley attended and spoke to the importance of agility and the objectives that they have ahead with Guidewire. I'm especially pleased with the progress we're making with the London market, where we are bridging our global capabilities with its specialized content needs.

四月份，我們在倫敦參加了 Guidewire 的歐洲保險論壇。這也是一場令人難以置信的活動，共有來自 70 家保險公司和 44 家客戶的 250 多名代表出席。AXA 和 Beazley 等領先的保險公司出席了會議，並談到了敏捷性的重要性以及他們與 Guidewire 合作的目標。我對我們在倫敦市場的進展感到特別高興，我們正在將我們的全球能力與倫敦市場的專業內容需求結合起來。

We are seeing a high level of market engagement worldwide and combined with the increasing maturity of our platform, we continue to grow our pipeline, both in size and quality of engagement. This momentum and general confidence help position us very well for this fiscal year and more importantly our longer-term outlook.

我們看到全球市場參與度很高，加上我們平台的日益成熟，我們將繼續擴大我們的管道，無論是在規模上還是在品質上。這種勢頭和普遍的信心有助於我們為本財年做好充分準備，更重要的是，為我們的長期前景做好充分準備。

Turning to our ecosystem, another key element of our strategy is to expand the partner community surrounding Guidewire, which helps to accelerate customer adoption, deployments, and time to market. We are seeing the SI community increasingly engage in Guidewire projects. There are over 38 SIs working with us today, and in the third quarter, the number of cloud certified partner professionals from these firms increased 27% year over year to 8,900. Similarly, our solution partner community continues to expand.

談到我們的生態系統，我們策略的另一個關鍵要素是擴大圍繞 Guidewire 的合作夥伴社區，這有助於加速客戶採用、部署和上市時間。我們看到 SI 社群越來越多地參與 Guidewire 計畫。目前有超過 38 家 SI 與我們合作，第三季度，來自這些公司的雲端認證合作夥伴專業人員數量年增 27%，達到 8,900 人。同樣，我們的解決方案合作夥伴社群也在不斷擴大。

Guidewire Marketplace now has over 210 solution partners. As our marketplace expands with each release and as adoption of these applications increases, we reduce customer costs and accelerate their time to value on our platform.

Guidewire Marketplace 目前擁有超過 210 個解決方案合作夥伴。隨著我們的市場隨著每次發布而擴大，並且隨著這些應用程式的採用率增加，我們降低了客戶成本並加快了他們在我們的平台上實現價值的時間。

But maybe the most notable and impressive example of our growing global momentum and ecosystem came in May when we held our inaugural Developer Summit in Bangalore, India. Nearly 500 people attended this event, with participation from our leading partners such as EY and PwC.

但也許我們不斷增長的全球勢頭和生態系統最引人注目和令人印象深刻的例子是五月份我們在印度班加羅爾舉行的首屆開發者峰會。近 500 人參加了這項活動，其中包括安永和普華永道等我們的主要合作夥伴的參與。

It was a great opportunity to introduce Mohammed Anzy, the new leader of our India operations to the community. Anzy joins us from SAP, where he led the largest R&D center outside of Germany. We're excited for him to join us and help drive our strategy, execution and growth in India.

這是向社區介紹我們印度業務新領導人穆罕默德·安齊 (Mohammed Anzy) 的絕佳機會。Anzy 來自 SAP，他曾領導德國以外最大的研發中心。我們很高興他能加入我們並幫助推動我們在印度的策略、執行和成長。

We also ran a hackathon, which attracted over 125 entries and made me extremely proud of the progress that we've made in our cloud platform. This event marks a commitment to India as a source of innovation through Guidewire employees, but also connects us more closely to a community of technology professionals who have dedicated their careers to improving the insurance industry by leveraging Guidewire Software.

我們還舉辦了一場黑客馬拉松，吸引了超過 125 名參賽者，我對我們在雲端平台上的進步感到非常自豪。這項活動標誌著 Guidewire 員工致力於將印度作為創新源泉，同時也使我們與一群致力於利用 Guidewire 軟體改善保險業的技術專業人士更加緊密地聯繫在一起。

Finally, let me turn to the continued progress we are making, driving platform scale and efficiency. As you know, we've been focused on expanding platform efficiency and gross margin, and it's great to see the team's progress reflected in third-quarter subscription and support gross margins increasing 10 percentage points year over year.

最後，讓我談談我們正在取得的持續進展，推動平台規模和效率。如您所知，我們一直專注於提高平台效率和毛利率，很高興看到團隊的進步反映在第三季的訂閱和支援毛利率年增 10 個百分點。

This puts us now ahead of plan, and we are confident that we will continue to drive improvements here as we continue to execute new approaches to cloud operations and drive more automation and self-service tooling across our platform. This quarter is another validation of the investments we have made and further proof that these investments have produced and will continue to produce long-term profitable growth.

這使我們領先於計劃，並且我們相信，隨著我們繼續執行新的雲端運營方法並在我們的平台上推動更多的自動化和自助服務工具，我們將繼續推動這裡的改進。本季再次驗證了我們所進行的投資，並進一步證明這些投資已經產生並將繼續產生長期獲利成長。

Our software is mission critical and a core system of record for our customers. We price our software as a percentage of an insurer's direct written premium and are, therefore, tied directly to the value our customers create underwriting and insuring against risk and the associated premiums they charge.

我們的軟體對客戶來說至關重要，也是記錄的核心系統。我們的軟體定價是按照保險公司直接承保保費的百分比來計算的，因此，它與我們的客戶承保和承保風險所創造的價值以及他們收取的相關保費直接相關。

This structure creates a durability to our software business at a time when companies across industries are working to gain efficiency and, in many cases, reduce workforces. This stability combined with our success in instantiating our market-leading cloud platform gives me confidence in our model and our ability to invest in further innovation to create new growth opportunities in the future. With that, I'll now turn the call over to Jeff.

在各行各業的公司都在努力提高效率，並且在許多情況下減少員工數量的情況下，這種結構為我們的軟體業務創造了持久性。這種穩定性，加上我們在實例化市場領先的雲端平台方面的成功，讓我對我們的模式以及我們投資進一步創新以在未來創造新的成長機會的能力充滿信心。說完這些，我現在將電話轉給傑夫。

Thanks, Mike. Q3 surpassed our expectations across the Board. ARR finished at $828 million and benefited from durable cloud demand. As we've discussed in recent quarters, we continue to see improved bookings linearity, and strength in the first three quarters sets us up well for the year.

謝謝，麥克。第三季的表現全面超出了我們的預期。ARR 最終達到 8.28 億美元，受益於持久的雲端運算需求。正如我們在最近幾季所討論的那樣，我們繼續看到預訂線性的改善，前三個季度的強勁表現為我們今年的業績打下了良好的基礎。

Total revenue was $241 million. We saw better-than-expected results in all areas of revenue. Subscription revenue grew 35%, and subscription and support revenue grew 28% as we benefited from deal momentum. License revenue grew 11% as a result of continued DWP true-up activity and expansions upon renewal of term license arrangements.

總收入為2.41億美元。我們在所有收入領域都看到了好於預期的結果。由於交易勢頭的推動，訂閱收入增長了 35%，訂閱和支援收入增長了 28%。由於持續的 DWP 調整活動和續簽定期授權協議後的擴展，授權收入增加了 11%。

We price our software on basis points of our customers' direct written premiums. And we have seen customers' DWP grow as insurers increase rates to accommodate rising claims costs due to inflation and the risk environment.

我們的軟體定價是基於客戶直接承保保費的基點。我們看到，隨著保險公司提高費率以適應通貨膨脹和風險環境導致的索賠成本上升，客戶的 DWP 也在成長。

Services revenue was better than expectations and was up off of the low point last quarter as utilization rates improve. We are thrilled that our partners are investing to help us modernize this industry, and we expect them to continue to lead the majority of the cloud programs. We are working hard with our partners to find the right equilibrium to ensure we are supporting their growth while also ensuring that cloud standards are adopted and that our professional services portfolio mix, and volume are healthy.

由於利用率提高，服務收入好於預期，並且從上個季度的低點回升。我們很高興我們的合作夥伴正在投資幫助我們實現這個行業的現代化，我們期望他們繼續引領大多數雲端計畫。我們正在與合作夥伴努力尋找正確的平衡點，以確保我們支持他們的成長，同時確保採用雲端標準，並確保我們的專業服務組合組合和數量健康。

Turning to profitability for the third quarter, which we will discuss on a non-GAAP basis, gross profit was $151 million. Overall gross margin was 63% compared with 52% a year ago. Subscription and support gross margin was 65%, which compares favorably to 55% a year ago. This continues to track ahead of our expectations due to increased cloud infrastructure efficiency.

談到第三季的獲利能力，我們將以非 GAAP 為基礎進行討論，毛利為 1.51 億美元。整體毛利率為 63%，而去年同期為 52%。訂閱和支持毛利率為 65%，與去年同期的 55% 相比有所改善。由於雲端基礎設施效率的提高，這一數字繼續超出我們的預期。

Services gross profit was $5 million, and services gross margin was 10%. We expect the cost basis to be relatively stable in the services organization, and our ability to drive profit margin will be dependent on growing the top-line.

服務毛利為500萬美元，服務毛利率為10%。我們預期服務部門的成本基礎將相對穩定，而我們提高利潤率的能力將取決於營業收入的成長。

Overall operating profit was $21 million in the third quarter. This was better than expected due to revenue outperformance and lower operating expenses. We continue to be thrilled with the operating profit and operating margin momentum.

第三季整體營業利潤為2,100萬美元。由於收入表現優異且營運費用較低，此結果優於預期。我們繼續對營業利潤和營業利潤率的成長勢頭感到興奮。

Stock-based compensation was $37 million, up 5% from Q3 of last year. We ended the quarter with $934 million in cash, cash equivalents, and investments. Operating cash flow was $5 million for the quarter.

股票薪酬為 3,700 萬美元，較去年第三季成長 5%。本季末，我們的現金、現金等價物和投資為 9.34 億美元。本季經營現金流為 500 萬美元。

Turning to our outlook for the full fiscal year 2024, we are adjusting our ARR outlook to $856 million to $864 million. Strong activity in Q3 and a healthy pipeline reinforces our confidence in the full-year targets and allows us to raise our outlook.

展望 2024 財年全年展望，我們將 ARR 預期調整為 8.56 億美元至 8.64 億美元。第三季的強勁活動和健康的管道增強了我們對全年目標的信心，並使我們能夠提高前景。

We expect deal momentum in Q4 to manifest itself more in fully ramped ARR as customers and prospects are comfortable making significant long-term commitments to Guidewire Cloud. I expect fully ramped ARR to grow at or above 16% for the fiscal year 2024, which is a great result when you consider it is on top of 17% fully ramped ARR growth we delivered in fiscal '23.

我們預計第四季度的交易動能將更多地體現在全面提升的 ARR 中，因為客戶和潛在客戶願意對 Guidewire Cloud 做出重大的長期承諾。我預計 2024 財年的全面 ARR 成長率將達到或超過 16%，考慮到這是在我們 23 財年實現的 17% 全面 ARR 成長率的基礎上取得的，這是一個很好的結果。

We are building a strong foundation for delivering on our longer-term growth targets. We will provide more detail on fully ramped ARR at year end as this is a metric we disclose on an annual basis.

我們正在為實現長期成長目標奠定堅實的基礎。我們將在年底提供有關全面提升的 ARR 的更多詳細信息，因為這是我們每年披露的指標。

As a reminder, our ARR outlook assumes foreign currency exchange rates as of the end of our last fiscal year, and we update ARR exchange rates at year end. If we updated ARR today based on current exchange rates, then we would see $7 million negative adjustment. We will certainly discuss this and quantify this at year end.

提醒一下，我們的 ARR 展望假設外幣匯率截至我們上一財年末，並且我們會在年底更新 ARR 匯率。如果我們今天根據當前匯率更新 ARR，那麼我們將看到 700 萬美元的負調整。我們肯定會在年底討論這個問題並量化它。

With respect to revenue, we are increasing our expectations for subscription revenue and subscription and support revenue. We are adjusting subscription revenue to approximately $474 million and subscription and support revenue to approximately $546 million, representing a positive adjustment of $5 million in both instances.

在收入方面，我們提高了對訂閱收入以及訂閱和支援收入的預期。我們將訂閱收入調整為約 4.74 億美元，將訂閱和支援收入調整為約 5.46 億美元，兩種情況下均調整了 500 萬美元。

We expect license revenue of approximately $247 million, and services revenue of approximately $179 million. As a result, our outlook for total revenue is $968 million to $976 million, a $10 million positive adjustment at the midpoint.

我們預計授權收入約為 2.47 億美元，服務收入約為 1.79 億美元。因此，我們預計總收入為 9.68 億美元至 9.76 億美元，中間值為正調整 1,000 萬美元。

Turning to margins and profitability which we will discuss on a non-GAAP basis, subscription and support gross margins continue to exceed expectations and we now expect between 65% and 66% for the year. We still expect services gross margins to be between 5% and 8%. As a result, we now expect overall gross margins of approximately 63% for the full year.

談到我們將在非 GAAP 基礎上討論的利潤率和盈利能力，訂閱和支持毛利率繼續超出預期，我們現在預計今年的毛利率將在 65% 至 66% 之間。我們仍然預計服務毛利率將在 5% 至 8% 之間。因此，我們現在預計全年整體毛利率約為 63%。

With respect to operating income, we expect between $94 million and $102 million in operating profit for the fiscal year. This represents $11 million positive adjustment at the midpoint.

關於營業收入，我們預計本財年的營業利潤將在 9,400 萬美元至 1.02 億美元之間。這意味著中間值有 1100 萬美元的正向調整。

We still expect stock-based compensation to be approximately $147 million, representing 3% growth year over year. We are also increasing our cash flow from operation expectations to between $130 million and $150 million for the fiscal year.

我們仍預期股票薪酬約為 1.47 億美元，年增 3%。我們也將本財年的營運現金流預期提高至 1.3 億美元至 1.5 億美元之間。

We are proud of our progress. As we look ahead to fiscal '25 targets we discussed at Analyst Day, we remain confident in our ability to achieve our $1 billion ARR goal. We are clearly tracking a bit ahead of our gross margin targets and this is creating an opportunity to accelerate some product investment while still achieving our operating margin targets. With that, operator, you can open the call for questions.

我們為我們的進步感到自豪。展望分析師日討論的 25 財年目標，我們仍對實現 10 億美元 ARR 目標的能力充滿信心。我們的毛利率顯然略高於目標，這為我們在實現營業利潤率目標的同時加速一些產品投資創造了機會。接線員，這樣您就可以開始提問了。

(Operator Instructions) Kevin Kumar, Goldman Sachs.

（操作員指示）高盛的凱文·庫馬爾。

Hi, thanks for taking my question. I wanted to ask a question around the demand environment. Guidewire obviously is seeing some really strong deal activity. And that's perhaps in contrast to some softness with other software vendors where customers are perhaps delaying large purchases. So Mike, can you just talk a bit about what you're seeing in the P&C market? And in general, how carriers today are thinking about prioritizing these large kind of core system modernizations?

你好，謝謝你回答我的問題。我想問一個有關需求環境的問題。Guidewire 顯然看到了一些非常強勁的交易活動。這也許與其他軟體供應商的疲軟形成了對比，這些供應商的客戶可能會推遲大額購買。那麼 Mike，您能否簡單談談您對財產和意外保險市場的看法？總體而言，當今的營運商如何考慮優先考慮這些大型核心系統現代化？

Sure. Kevin, thanks for the question. Very much appreciated. So I would say, we continue to see demand and pipeline steadily build, and I would describe that as -- two things relate to that. Number one is growing confidence around our ability to be successful with the platform in terms of meeting their business objectives. That certainly helps.

當然。凱文，謝謝你的提問。非常感謝。所以我想說，我們繼續看到需求和管道穩步建設，我會將其描述為——有兩件事與此相關。首要的是，我們越來越相信我們有能力利用該平台成功實現他們的業務目標。這當然有幫助。

We've talked about that for years about how the more success we have, the bigger -- the longer the track record we have around, these successful implementations is going to build confidence with these customers, both on the migration side but also the net news side.

多年來，我們一直在談論這個問題，我們取得的成功越多，我們擁有的記錄越長，這些成功的實施將會在遷移方面和網路新聞方面建立客戶的信心。

But I also think that there is somewhat of a disconnect between the decision-making process. These insurance companies go through in thinking about these implementations and these modernizations as it relates to the general broader enterprise software market.

但我也認為決策過程之間有某種脫節。這些保險公司在考慮這些實施和現代化時，會考慮到它們與更廣泛的企業軟體市場的關係。

These are decade, if not multi-decade decisions that these companies are making, these partnerships that they're establishing with us. And so, I think that there's a bit of a disconnect between what we see with other software purchases in the decision-making process.

這些公司所做的決定以及他們與我們建立的合作關係已經是十年甚至數十年的事情了。因此，我認為我們在決策過程中看到的其他軟體購買情況存在一些脫節。

We really see these companies recognizing that. Agility very much matters. A modern core platform that's going to enable them to make better analytical data-driven decisions is something that's going to help them be successful and profitable and grow out, like I said, for over a decade. And so that decision-making process can be done outside the quarter-to-quarter stresses that maybe other folks and other industries and other sectors are seeing.

我們確實看到這些公司認識到了這一點。敏捷性非常重要。一個現代化的核心平台將使他們能夠做出更好的分析數據驅動的決策，這將幫助他們取得成功、獲利並不斷發展，就像我說的，在未來十多年。這樣，決策過程就可以在其他人、其他產業和其他部門可能看到的季度壓力之外進行。

And so, you add those two things up and we just see momentum and confidence continue to build for us. And it led to a great Q3, and it gives us confidence in Q4 and the rest of the fiscal year.

所以，把這兩件事加起來，我們就會看到動力和信心繼續增強。這讓我們第三季的業績表現優異，也讓我們對第四季以及本財年剩餘時間充滿信心。

Thanks. That's helpful. And then maybe one for Jeff on margins. I think gross margins for subscription and support have been relatively stable the last couple of quarters. So maybe how should we think about the next inflection point that pushes cloud margins closer to that kind of 70%-plus figure that you and the team have talked about in the past?

謝謝。這很有幫助。然後也許為 Jeff 提供一個利潤空間。我認為過去幾個季度訂閱和支持的毛利率相對穩定。那麼，我們應該如何看待下一個轉折點，將雲端利潤率推向您和您的團隊過去談到的 70% 以上的數字？

Yeah. We've made tremendous progress this year in finding an inflection point and delivering higher margins. We're thrilled with that progress. The two drivers as how we drive long-term margin is we think the demand environment is strong and we can see sustained subscription growth. That's a big part of how we've invested in the opportunity and the cloud operations function that supports our cloud delivery.

是的。今年我們在尋找轉折點和實現更高利潤率方面取得了巨大進展。我們對這項進展感到非常興奮。我們推動長期利潤率的兩個驅動因素是，我們認為需求環境強勁，我們可以看到持續的訂閱成長。這是我們投資機會和支援雲端交付的雲端營運功能的重要組成部分。

And I think the platform as it gains scale, we continue to recognize some benefits of increasing that scale over time. And third, the engineering team has done a tremendous job thinking through all the architecture decision to drive more efficiency into the platform. And they are not done.

我認為，隨著平台規模的擴大，我們會不斷認識到隨著時間的推移擴大規模所帶來的一些好處。第三，工程團隊在思考所有架構決策方面做了大量工作，以提高平台的效率。但他們還沒完成。

I think there is more efficiency that we can continue to work on and drive into the platform. We probably won't see the types of gains that we saw this fiscal year, which was tremendous but continue to see more linear margin progression as we go towards those long-term targets.

我認為我們可以繼續努力提高平台的效率。我們可能不會看到本財年那樣的巨大收益，但隨著我們朝著長期目標邁進，利潤率將繼續呈現更線性的成長。

Great. Thank you both.

偉大的。謝謝你們兩位。

Thanks a lot.

多謝。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, gentlemen. Really nice job here. Maybe Mike for you. We've seen some interesting data from carriers that are more innovative, gaining share, improving decisioning and (technical difficulty) in auto. I wonder how that conversation you're having with customers shifts more to business enablement versus outright IT alignment, fueling some of that momentum and maybe how customers are thinking about those similar dynamics of share gains carrying over to additional P&C lines over time?

嘿，先生們。這裡的工作真的很棒。也許對你來說麥克是合適的。我們從更具創新性的運營商那裡看到了一些有趣的數據，這些運營商獲得了市場份額，改善了決策能力和（技術難度）汽車。我想知道您與客戶之間的對話是如何更多地轉向業務支援而不是直接的 IT 協調，從而推動這種發展勢頭，也許客戶是如何看待這些類似的份額增長動態隨著時間的推移轉移到其他 P&C 線的？

Yeah, appreciate the question. It's hard to describe sometimes the complexity of the use case that we support with Guidewire when you think about all the regions and all the lines of business and all the tiers that we support. I think the one common theme that is very consistently coming up in terms of a carrier's ability to compete effectively is the agility around what you might call product operations, being able to set price, adjust rates, being able to adapt to the changing risk circumstances, let's say, that carriers are seeing.

是的，感謝你的提問。當您考慮我們支援的所有地區、所有業務線和所有層級時，有時很難描述我們透過 Guidewire 支援的用例的複雜性。我認為，就承運商有效競爭的能力而言，一個經常出現的共同主題就是圍繞產品運營的靈活性，能夠設定價格，調整費率，能夠適應承運商所看到的不斷變化的風險情況。

Certainly, there was a shock to the system as it relates to inflation and specifically the auto line of business and the expense of claims jumping up. And it's the carriers that were able to adjust to this most quickly that were able to continue to operate successfully, continue to adjust prices as was appropriate to compete effectively in the markets where they're competing.

當然，由於通貨膨脹，特別是汽車業務和索賠費用的上漲，系統受到了衝擊。能夠最快適應這一狀況的航空公司能夠繼續成功運營，繼續適當調整價格，以便在其競爭的市場中有效競爭。

And it's systems like Guidewire that facilitate that. And so, this is a big part of what we're effectively selling when we do these transformations is that the carrier -- the insurance carrier ends up with a platform that they can use to compete most effectively in -- as you say, in auto. But I would extend that to commercial lines insurance.

而 Guidewire 這樣的系統可以實現這一點。因此，當我們進行這些轉變時，我們有效銷售的很大一部分是，承運人——保險公司最終會有一個平台，他們可以用它來最有效地競爭——正如你所說的，在汽車領域。但我想將其擴展到商業保險。

We're seeing a lot of interest from international carriers around being more agile, around commercial lines and having a system like Guidewire to support their aspirations around adjusting to the markets quickly and being able to just be more agile and be more competitive in market. It's a big part of the value proposition that we're selling with these transformations.

我們看到很多國際航空公司對提高靈活性、商業航線以及擁有 Guidewire 這樣的系統很感興趣，以支持他們快速適應市場、提高靈活性和在市場上更具競爭力的願望。這是我們透過這些轉變所推銷的價值主張的重要組成部分。

That's great. And actually, it's a good segue into the second question too, Mike. I think Jasper, the most recent release calls out commercial agility within that as well. And you've had some success on the commercial content side. I think you called out London there as well. But if you could elaborate maybe on your efforts here on the commercial side of the market and the right way of thinking about that opportunity?

那太棒了。實際上，這也很好地引出了第二個問題，麥克。我認為 Jasper 的最新版本也強調了其中的商業敏捷性。你們在商業內容方面也取得了一些成功。我想你也在那裡呼喚倫敦。但是，您能否詳細說明一下您在商業市場方面所做的努力以及對這一機會的正確思考方式？

Yes, happy to. So, I think that there was a phase of modernization in the industry that was focused on high volume, highly repetitive, where efficiency is -- these personal lines, where efficiency is the order of the day. There was a component of this around digital interactions and customer convenience driving the business requirements for the core systems.

是的，很高興。所以，我認為該行業有一個現代化階段，重點是高容量、高重複性，效率是這些個人線路的當務之急。其中包括圍繞數位互動和客戶便利性的組成部分，推動核心系統的業務需求。

And this is one of the interesting things about the insurance industry is that the core system is almost directly exposed to consumers in terms of getting quotes for commercial lines. And so there was this phase of modernization in the industry driven by those shifts.

保險業有趣的一點是，在取得商業險報價方面，核心系統幾乎直接向消費者公開。因此，在這些轉變的推動下，產業進入了現代化階段。

But what we're seeing now is this is -- we're transitioning into a phase in the broader industry where this modernization effort is now more focused on commercial lines. And so commercial lines maybe were sort of left to the side a little bit as the focus was more on the personal lines side.

但我們現在看到的是——我們正在進入更廣泛的行業階段，在這個階段，現代化努力現在更加專注於商業線路。因此，商業線路可能有點被放在一邊，因為重點更多地放在個人線路方面。

The commercial lines business somewhat is getting more attention. And so modern systems like Guidewire, where we can deliver a degree of product agility, enabling customers to create new products as fast as they can think of them or adjust products that they have based on what feedback they're seeing from the market and what's going to win the day, this really, really matters.

商業線路業務在某種程度上越來越受到關注。因此，像 Guidewire 這樣的現代系統，我們可以提供一定程度的產品靈活性，使客戶能夠以他們想到的速度創建新產品，或者根據他們從市場上看到的反饋以及什麼將贏得勝利來調整他們現有的產品，這真的非常重要。

Westfield Specialty is a great customer of ours that we've talked to -- that we've talked about previously, where they're really taking advantage of an opportunity they see in the commercial line, specialty line space and using Guidewire to create products very, very quickly and being able to be in market and effectively take share and establish themselves very, very effectively in partnership with Guidewire.

Westfield Specialty 是我們的一個很棒的客戶，我們之前曾與他們交談過，他們真正利用了他們在商業線、專業線領域看到的機會，並使用 Guidewire 非常非常快速地創造產品，並且能夠進入市場，有效地佔領市場份額，並透過與 Guidewire 合作非常非常有效地確立自己的地位。

So yeah, I think it's one of the interesting things about the company right now is that we're able to take this common cloud platform, this common policy center architecture and apply it to a collection of these use cases across lines of business that puts us in a very positive place right now.

是的，我認為公司目前有趣的事情之一是，我們能夠採用這個通用的雲端平台、這個通用的策略中心架構，並將其應用於跨業務線的一系列用例，這讓我們現在處於非常積極的位置。

That's great. Thanks, Mike. Congrats.

那太棒了。謝謝，麥克。恭喜。

Yeah, thank you.

是的，謝謝。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

Great. Thanks for taking my question. I wanted to circle up on the fully ramped ARR comment. It seems like you guys are set up really well to wrap up the year. Any color on what's causing that step-up off of a tough comp? Is it just your customers have higher confidence in the business? Is it cloud migration, the premium step ups, the true-ups? What are some of the factors we should be thinking about that's driving that?

偉大的。感謝您回答我的問題。我想圍繞全面提升的 ARR 評論進行總結。看起來你們已經為今年的結束做好了充分的準備。有什麼原因導致這種艱難的競爭加劇嗎？是您的客戶對您的業務更有信心？是雲端遷移、進階升級還是調整？我們應該考慮哪些因素導致了這種情況？

Well, I would somewhat answer the question as like a little bit of all of the above, right? Generally, we're seeing healthy demand, healthy pipeline. We're confident in the coverage ratios. And then, when we look at the detail, the makeup of the deals and the opportunities, in addition to these deals just generally being very long term in nature.

嗯，我會以上述所有情況綜合回答這個問題，對嗎？總體而言，我們看到了健康的需求和健康的管道。我們對覆蓋率充滿信心。然後，當我們查看細節、交易的組成和機會時，除了這些交易通常都是長期的之外。

The ramp activity associated with the demand that we see for Q4 just shows us that a lot of the value that we're going to -- that we do expect to close in the quarter will flow into the fully ramped number. So as you are hopefully aware, some percentage of the booking activity flows into ARR and shows up in the ARR number. But a lot of this is ramped over time and shows up in a long-term agreement with that customer. And so this is just an inspection of the deals and a signal in terms of the quality of the engagements that we have and the strength that we see in the company long term.

我們看到的與第四季度需求相關的成長活動表明，我們預計本季完成的大部分價值將流入完全成長的數字。希望您知道，一定比例的預訂活動會流入 ARR 並顯示在 ARR 數字中。但其中許多都是隨著時間的推移而增加的，並體現在與該客戶的長期協議中。因此，這只是對交易的一次檢查，也是對我們現有合作品質以及公司長期實力的一個訊號。

Okay, perfect. Thanks, Mike. And then, Jeff, maybe building off of that, as we think about the guide, obviously, very strong Q3, maybe a little lighter Q4. Should we marry the Q4 -- the full year '24 guide with that fully ramped commentary, which is obviously still strength coming off of Q3, but the actual ARR realization is coming down the line?

好的，完美。謝謝，麥克。然後，傑夫，也許以此為基礎，當我們考慮指南時，顯然，第三季度非常強勁，第四季度可能會稍微輕鬆一些。我們是否應該將第四季度——24 年全年指南與全面升級的評論結合起來，這顯然仍然是第三季度的強勁表現，但實際的 ARR 實現即將到來？

Yeah. Ken, that's the right way to think about it. And as we look at the pipeline for the year, we're obviously thrilled with where we are, as we tend to think about the business on annual terms much more than quarter to quarter.

是的。肯，這是正確的思考方式。當我們回顧今年的銷售管道時，我們顯然對目前的狀況感到興奮，因為我們更傾向於按年度而不是按季度來考慮業務。

We did raise the ARR guide by $3 million at the midpoint. That followed a $5 million raise that we did last quarter. So that's pretty healthy progression for us.

我們確實在中期將 ARR 指南提高了 300 萬美元。上個季度我們又增加了 500 萬美元。這對我們來說是一個非常健康的進展。

And as we look ahead at the Q4, we're very excited about the demand profile that exists and that excitement is leaning a little bit more towards those fully ramped outcomes as customers are clearly feeling confident in the maturity of the platform and there's a willingness to make long-term commitments.

展望第四季度，我們對現有的需求狀況感到非常興奮，而且這種興奮更傾向於那些全面提升的結果，因為客戶顯然對平台的成熟度充滿信心，並且願意做出長期承諾。

Okay, perfect. Thanks a lot, guys.

好的，完美。非常感謝大家。

Peter Heckmann, DA Davidson.

彼得·赫克曼、DA 戴維森。

Good afternoon. Can you just remind us about the frequency with which the pricing is adjusted relative to DWP? And as regards to that, how do you think about the effect of some personal lines, insurance company or even commercial like exiting certain markets, just given the need to really raise premiums in the face of higher catastrophe risks? How does that trade-off work?

午安.您能否提醒我們相對於 DWP 調整價格的頻率？關於這一點，考慮到面對更高的災難風險確實需要提高保費，您如何看待某些個人險、保險公司甚至商業險退出某些市場的影響？這種權衡如何進行？

I'll let Jeff touch on the approach to pricing and resetting price with respect to DWP, and then I'll give you a context on carriers exiting markets.

我將讓傑夫談談與 DWP 相關的定價和重新定價方法，然後我將向您介紹營運商退出市場的背景。

Yeah, sure. Yeah, so foundationally, our contracts are built around a direct written premium baseline that's embedded into our customer contracts. We have the ability to inspect the direct written premium on an annual basis.

是的，當然。是的，從根本上來說，我們的合約是圍繞嵌入在客戶合約中的直接書面保費基準建立的。我們有能力每年檢查直接承保保費。

Typically, at renewal, there are instances where a longer-term initial contract that it may take a couple of years before we see that sort of inspection into what the direct written premium is. And it's not uncommon for customers to purchase a slightly higher direct written premium than they're running today to give them a little bit of room to grow. But typically, we have the ability to look at that on an annual basis.

通常，在續約時，有些情況下，對於長期初始合同，我們可能需要幾年的時間才能看到對直接承保保費的檢查。客戶購買比現在略高的直接承保保費以給他們一點成長空間的情況並不少見。但通常情況下，我們有能力每年審查一次。

Yeah. And I'll give you a perspective on carriers in the headlines and the news about carriers exiting markets and exiting specific lines of business within specific markets. We have quite a lot of conversations with carriers who are excited to enter those markets as well, right? And so, I think about this as the broad-based necessity you could think of.

是的。我將向您介紹頭條新聞中的運營商以及有關運營商退出市場和退出特定市場內特定業務線的新聞。我們與許多同樣渴望進入這些市場的業者進行了交談，對嗎？因此，我認為這是您可以想到的廣泛的必要性。

It's more than just demand, but the broad-based necessity for P&C insurance does not really change. The approach carriers, different carriers take to servicing that demand in any particular region can change and does change. And so our ability to provide a platform to carriers who are interested in entering those markets can serve as a growth driver for Guidewire.

這不僅僅是需求，而且財產和意外保險的廣泛必要性並沒有真正改變。不同的承運商針對特定地區所採取的服務方式可能會發生變化，而且確實會發生變化。因此，我們為有興趣進入這些市場的營運商提供平台的能力可以成為 Guidewire 的成長動力。

And so, that kind of counterbalances the concern, let's say, for one of our customers actually shrinking because they're deciding to leave a market. So that's how I see it. We've had some very interesting conversations about this dynamic and how the agility we can provide with our platform facilitates effective entry into these markets with creative approaches to servicing what really is a necessity.

因此，這在某種程度上抵消了我們的擔憂，比如說，我們的一個客戶因為決定離開某個市場而實際上規模縮小了。這就是我的看法。我們就這種動態進行了一些非常有趣的對話，以及我們如何透過我們的平台提供的靈活性以創造性的方式促進有效進入這些市場，以滿足真正需要的服務。

Especially if you think about California and the homeowner's market, the need for everybody here in California to have effective P&C coverage. So it is something we track very closely, but that dynamic is something that kind of balances out for us if you really zoom out.

特別是如果你考慮加州和房主市場，你會發現加州的每個人都需要有效的財產和意外保險。因此，這是我們密切關注的事情，但如果你真正縮小範圍，這種動態對我們來說就會達到平衡。

Okay. That's helpful. And then, just can you remind me of the number of net new logos in the last year? And if my tracking is right, it looks like about nine net new logos so far this year. But number one, is nine right? And then, what was the number for last year? It looks like I missed the fourth quarter.

好的。這很有幫助。那麼，您能否提醒我去年新增的標誌數量？如果我的追蹤正確的話，今年到目前為止大約有 9 個新標誌。但第一，九對嗎？那麼，去年的數字是多少呢？看起來我錯過了第四季。

I am hesitant to throw out a number that we can look up and give you if we think of it in time because I don't want to get it wrong on the call. I would say that we're very comfortable with the growth in the mix of business that I would say that we are achieving as our sales as we sort of proceed through the fiscal year.

如果我們及時想到的話，我不太願意給出一個我們可以找到並給你的號碼，因為我不想在通話中說錯。我想說的是，我們對業務組合的成長感到非常滿意，我想說，隨著整個財政年度的推進，我們的銷售額正在不斷增長。

It's tough sometimes to classify something as a new logo specifically. It's like the relationships that we have with a lot of our customers, our complex multinational kind of agreements sometimes where different countries might be or might not be considered a new logo. I would just say we're very comfortable with the iterative year-over-year growth that we're seeing in this regard.

有時很難將某個東西具體歸類為新標誌。這就像我們與許多客戶之間的關係，我們的複雜跨國協議有時可能會或可能不會被視為新標誌。我只想說，我們對這方面看到的逐年增長感到非常滿意。

And Pete, we often talk about new modernization activity, so workloads that are currently running on legacy systems that are new to being modernized and cloud migrations and then expansions. There's a lot of new modernization activity that we do at existing customers. And to Mike's point, how you count a logo in this industry can get quite complex with the hierarchies of our customers.

皮特，我們經常談論新的現代化活動，因此目前在舊系統上運行的工作負載對於現代化、雲端遷移和擴展都是新的。我們為現有客戶開展了許多新的現代化活動。正如麥克所說，在這個行業中，如何計算徽標會因客戶的層次結構而變得相當複雜。

Okay. That makes sense. I appreciate it.

好的。這很有道理。我很感激。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. Thanks for taking my questions. I want to start with the comment you made about managing to less linearity. Can you maybe walk us through the steps that you took to get there outside of just the shift to a more ratable model? And as we think about our own models beyond this year, is this year's numbers inclusive of your Q4 guide, the right proxy to use for future years or how should we think about seasonality? And I've got a quick follow-up.

精彩的。感謝您回答我的問題。我想從您關於管理較少線性度的評論開始。除了轉向更具評級性的模式之外，您能否向我們介紹一下為實現這一目標所採取的步驟？當我們思考今年以後的模型時，今年的數據是否包括您的第四季度指南、未來幾年使用的正確代理，或者我們應該如何考慮季節性？我有一個快速的後續行動。

Yeah. So, a lot of this has to do with just more rigorously approaching our sales processes. What are we doing every single week, every single month around creation of pipeline, maturation of deals, setting targets every month, tracking to those targets, setting tough objectives for us internally about -- around Q1 and Q2, so that we can get ahead of the curve. And just generally thinking about running the business in a very continuous way as opposed to a one year and then reset and have another year.

是的。因此，這在很大程度上與更嚴格地處理我們的銷售流程有關。我們每週、每個月都在做什麼，圍繞著通路創建、交易成熟、每月設定目標、追蹤這些目標、為我們內部設定大約 Q1 和 Q2 的艱難目標，以便我們能夠領先於曲線。並且通常考慮以非常連續的方式經營業務，而不是一年後再重新開始，再經營一年。

We're really trying to be almost monthly in the cadence around which we're running the company. And by pulling forward those internal objectives for sales and for pipeline generation, maturation, and bookings activity, that creates the linearity that we're seeing.

我們確實試圖將公司營運節奏控制在每月一次。透過提前實現銷售、通路產生、成熟和預訂活動的內部目標，就形成了我們所看到的線性。

And it just enables us to run the business far more effectively. And it's taken a while to kind of steer the ship and adjust everybody's approach and train the market for what we really want to -- what the outcomes we want to achieve. But it's just great to see us at this point through Q3 with this sort of booking success. It makes Q4 a lot more manageable for us.

這使我們能夠更有效地經營業務。我們花了一段時間來掌舵，調整每個人的方法，並讓市場了解我們真正想要的東西——我們想要實現的結果。但很高興看到我們在第三季取得這樣的預訂成功。這使得我們更容易管理第四季。

The only thing I would add is obviously, as the platform has matured, the breadth and depth of the pipeline is just in a different place than it was two or three years ago that allows us to inspect that in a much more material way. And not -- we recognize that we can't have the linearity we had previously. We need to get in front of it. But certainly the breadth and depth of the pipeline has allowed us to drive some of those behaviors. Rishi, what was the second part of your question?

我唯一想補充的是，顯然，隨著平台的成熟，管道的廣度和深度與兩三年前相比已經有所不同，這使我們能夠以更實質的方式對其進行檢查。並且——我們認識到我們不能再擁有以前的線性了。我們需要走在前面。但毫無疑問，管道的廣度和深度使我們能夠推動其中的一些行為。Rishi，你的問題的第二部分是什麼？

(multiple speakers) I expect we'll continue to drive this approach to linear bookings progression next year. And so the seasonality, I'm hopeful, will continue to smooth out.

（多位發言者）我預計明年我們將繼續推動這種線性預訂成長方式。因此，我希望季節性因素能夠繼續趨於平穩。

Yeah, I think that's right. As I look at how I think about modeling bookings, for a number of years we would -- we had a track record of falling a little bit behind in the first half and catching up in the back half. And this year, we've changed that dynamic a little bit, which is great to see. And that's certainly our expectation as we look forward.

是的，我認為是這樣。當我回顧如何對預訂量進行建模時，我發現多年來，我們的記錄都在上半年稍微落後，而在下半年趕上來。今年，我們稍微改變了這種動態，這令人高興。這當然是我們未來的期望。

Okay, wonderful. That's really helpful. And then, I just wanted to ask a question about Jutro. Since you announced that at the Connections last year, picking up a lot of interest. Can you maybe walk us through what is adoption and use cases look like so far with Jutro?

好的，太棒了。這真的很有幫助。然後，我只想問一個關於 Jutro 的問題。自從您去年在 Connections 上宣布這一消息以來，您已經引起了許多人的興趣。您能否向我們介紹一下 Jutro 目前的採用情況和使用案例？

And as we think about -- it's a developer kit. Is there an opportunity for you to leverage generative AI just given that GenAI has been really helpful from a coding perspective to maybe even speed up time to value even faster than what we've seen before? Thanks.

正如我們所想的——它是一個開發工具包。鑑於 GenAI 從編碼角度來看確實很有幫助，您是否有機會利用生成式人工智慧，甚至可能比我們以前所見更快地加快價值實現時間？謝謝。

Yeah, for sure. Great question. So just for everybody's benefit, Jutro is our technology platform for supporting our customers' ability to create digital experiences directly on top of our core systems, typically that's ClaimCenter, PolicyCenter. And so the type of experiences that we'll have customers create is first notice of loss for claims flow or a quoting experience or some sort of account management update experiences.

是的，當然。好問題。因此，為了大家的利益，Jutro 是我們的技術平台，用於支援我們的客戶直接在我們的核心系統（通常是 ClaimCenter 和 PolicyCenter）上創造數位體驗。因此，我們希望客戶創建的體驗類型是索賠流程的首次損失通知或報價體驗或某種帳戶管理更新體驗。

And these are things carriers could push directly to customers or agents in order to create a better, more convenient and more efficient business process and general operation. It's kind of good for the consumer, good for the agent, also good for the carrier.

這些都是營運商可以直接向客戶或代理商推銷的，以便創建更好、更方便、更有效率的業務流程和整體營運。這對消費者、代理商和承運人都有好處。

And with Jutro, we can make this -- the delivery of this just so much more efficient, right? Instead of creating a separate standalone digital application that has to be synchronized and integrated into the core system, we can build these experiences directly on our core system and we can make it just far more efficient, far faster and cheaper for our customers, specifically our cloud customers to be able to achieve.

有了 Jutro，我們可以讓這個配送過程更有效率，對吧？我們不需要創建必須同步並整合到核心系統中的獨立數位應用程序，而是可以直接在核心系統上建立這些體驗，並且可以為我們的客戶（特別是我們的雲端客戶）提供更有效率、更快速、更便宜的服務。

Adoption has been very good. We have -- the products now GA, and so we're working with a number of projects across the cloud customer base to get these programs built on Jutro out into the wild, out into the real world in terms of GA projects.

採用情況非常好。我們擁有 - 產品現在已是 GA 版本，因此我們正在與雲端客戶群中的多個專案合作，以 GA 專案的形式將這些基於 Jutro 構建的程式推向市場，推向現實世界。

Just actually in Australia, we were talking with one of our top customers, Hollard, about their experience. They were actually the first customer to work through this with us and get one of these Jutro-driven experiences launched for a claims flow that they're supporting with us. And that program went very, very well. They were a great partner with us in working through the project with us over time and getting that to a generally available state.

實際上就在澳大利亞，我們正在與我們最大的客戶之一 Hollard 談論他們的經歷。他們實際上是第一個與我們合作解決這個問題的客戶，並且獲得了由 Jutro 驅動的體驗之一，用於他們與我們一起支援的索賠流程。這個專案進展非常順利。他們是我們出色的合作夥伴，與我們一起長期合作完成專案並使其達到普遍可用的狀態。

But we're very, very happy with the progress to date, the adoption in the customer base. We're also excited about where this is going. We see a big opportunity to create more packaged content around Jutro to just further accelerate the creation of these experiences. Think of these as these like little micro digital applications that carriers can use to get more efficient.

但我們對迄今為止的進展以及客戶群的採用感到非常非常滿意。我們也對事情的進展感到興奮。我們看到了圍繞 Jutro 創建更多打包內容的巨大機會，以進一步加速這些體驗的創造。可以將它們視為運營商可以用來提高效率的微型數位應用程式。

Your question about generative AI is great. We certainly think that this will, just like any software development program, this will be enhanced, improved with generative AI and the various copilots that this is offered that are available today. This technology is based on React, which is a standard web programming language, which digital teams all over the world are very familiar with.

您關於生成式人工智慧的問題很棒。我們當然認為，就像任何軟體開發程式一樣，它將透過產生人工智慧和當今提供的各種副駕駛得到增強和改進。該技術基於 React，這是一種標準的 Web 程式語言，世界各地的數位團隊對此都非常熟悉。

And so, they can interact with this Jutro application and think of this as just a head start in terms of connecting those React-based applications to Guidewire. So, yeah, we think generative AI and these kind of mechanisms for enhancing and improving coding efficiency can certainly help going forward. So anyway, thanks for the question.

因此，他們可以與這個 Jutro 應用程式進行交互，並將其視為將基於 React 的應用程式連接到 Guidewire 的一個良好開端。所以，是的，我們認為生成式人工智慧和這類增強和提高編碼效率的機制肯定有助於未來的發展。無論如何，感謝您的提問。

Thank you.

謝謝。

Matt VanVliet, BTIG.

馬特·範弗利特（Matt VanVliet），BTIG。

Hi, good afternoon. Thanks for taking the question. Maybe I wanted to dig in a little bit on what some of the specific drivers were that got some of the APAC deals in particular over the line, and improving performance that you called out there on the cloud side of the business.

嗨，下午好。感謝您回答這個問題。也許我想深入研究一些具體的驅動因素，這些因素使得一些亞太地區的交易能夠順利完成，並提高您在業務雲端方面所提到的績效。

How much of that is product maturation and other things you're doing versus John and his team continuing to knock on doors and get deals done? Anything you can do -- provide us with a little more details on what's working there that maybe wasn't just as a few quarters ago?

其中有多少是產品成熟度和其他您正在做的事情，而約翰和他的團隊則繼續敲門並達成交易？您能做什麼——向我們提供更多細節，說明目前有哪些工作在進行中，而這些工作可能與幾個季度前不同？

Yeah. So a lot came together in the quarter in Australia. And this was the result of John and the sales organization in Australia, in Asia Pacific, but also supported generally worldwide. A lot came together based on a lot of years' worth of hard work.

是的。因此，本季在澳洲發生了很多事情。這是約翰和澳洲、亞太地區銷售組織以及全球支持的努力的成果。許多成果都是經過多年的努力才達成的。

We had planted the seeds in Australia over the past few years with a number of smaller deals and a number of early cloud success stories, but there was a number of big Australian insurance companies that we've had long relationships with. We've just been working very, very hard to build their trust and align to their program objectives about what makes sense from -- on their modernization roadmap and their business objectives. And these things all came together in the quarter and resulted in just really, really strong demand.

過去幾年，我們在澳洲播下了種子，進行了一些小型交易，並取得了一些早期的雲端運算成功案例，但我們與許多澳洲大型保險公司建立了長期的合作關係。我們一直在非常非常努力地建立他們的信任，並根據他們的現代化路線圖和業務目標，制定符合他們計畫目標的合理方案。這些因素都在本季顯現出來，並帶來了非常強勁的需求。

And I think just touching back to or relating back to what I was talking about a few minutes ago, there is a direct connection between the success stories that we've been able to achieve in North America, the track record that we've been able to establish, the fact that we have now over 60 live cloud customers. And this thing is more and more proven. That creates the confidence there that we can make sure that these programs will be successful.

我認為，回顧或回顧我幾分鐘前談論的內容，我們在北美取得的成功案例、我們建立的業績記錄以及我們現在擁有超過 60 個活躍雲客戶的事實之間存在直接聯繫。而這個事情越來越被證明了。這讓我們有信心確保這些項目能夠成功。

And so, these things all added up to a really phenomenal quarter in Australia. But we're very excited about, I mentioned in the prepared remarks, Shaji joining. He's an incredible leader that we're excited to bring into the Guidewire family and continue to drive our momentum in Asia Pacific. I think we've got a lot more room to grow there and build on the success.

所以，所有這些因素加在一起，使得澳洲本季取得了非凡的成績。但我們非常高興，我在準備好的發言中提到了，沙吉的加入。他是一位出色的領導者，我們很高興將他帶入 Guidewire 大家庭並繼續推動我們在亞太地區的發展。我認為我們在那裡還有更大的發展空間並取得更大的成功。

All right, helpful. And then, just two quick follow ups, Jeff. One, it looks like a pretty big perpetual deal came through on the quarter. Any additional details you can help us with there? And then, from a more strategic standpoint, on the gross margin reinvestments you talked about, anything specifically that you're targeting there? Is it just sort of an acceleration of things on the roadmap already?

好的，很有幫助。然後，只需快速跟進兩個問題，傑夫。首先，本季似乎達成了一筆相當大的永久性交易。您能幫助我們提供任何其他詳細資訊嗎？然後，從更具策略性的角度來看，關於您所談到的毛利率再投資，您具體針對的是什麼？這是否只是路線圖上事情的一種加速？

So on the perpetual deal, it wasn't any sort of new perpetual deal. That was just expansion orders at an existing customer. So it was a little bit of a blip, but nothing I would highlight as a trend or anything along the lines. And then, what was the second question?

因此，就永久協議而言，它並不是任何形式的新永久協議。那隻是現有客戶的擴充訂單。所以這只是一個小插曲，但我不會將其作為趨勢或類似的東西來強調。那麼，第二個問題是什麼？

You mentioned the upside to gross margins that maybe are going to accelerate some investments in the platform. Just curious if that was pulling things forward.

您提到了毛利率的上升，這也許會加速對該平台的一些投資。只是好奇這是否會推動事情向前發展。

Look, we're clearly tracking ahead of our gross margin targets for this year. We're already tracking ahead of the targets that we established for next year. So that creates -- that's been very exciting for us to watch to see that expansion occur.

瞧，我們顯然已經提前實現了今年的毛利率目標。我們已經提前實現了為明年設定的目標。因此，看到這種擴張的發生，我們感到非常興奮。

We think that there's a lot of opportunity out there for us to invest in. And so I think as we look at early looks into FY25, clearly tracking a bit ahead on gross margin. But we see healthy investment areas to take advantage of this momentum that we have. And so, still think our overall operating margin targets are the right targets to think about.

我們認為有很多機會可供我們投資。因此，我認為，當我們回顧 25 財年的早期情況時，毛利率顯然略有領先。但我們看到了健康的投資領域，可以利用我們所擁有的這種動力。因此，仍然認為我們的整體營業利潤率目標是值得考慮的正確目標。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Great. Thank you. Mike, a lot of comments today around the maturity of your cloud solution kind of helping drive faster demands. Can you just talk about your cloud customers staying closer to the latest release and where that stands today versus a year or two ago? And is there any way to characterize how that piece of it is factoring in broader demand and cloud adoption? Thanks.

偉大的。謝謝。麥克，今天有很多評論都談到您的雲端解決方案的成熟度有助於推動更快的需求。您能否談談您的雲端客戶是否更接近最新版本，以及與一兩年前相比現在的情況如何？有什麼方法可以描述其中的因素如何影響更廣泛的需求和雲端採用？謝謝。

Sure. Thanks for the question. I appreciate it because it's been a real focus for us this year. There's been a series of phases that we went through in terms of establishing the cloud, establishing the cloud infrastructure and then our ability to scale and reliably and securely run these InsuranceSuite applications.

當然。謝謝你的提問。我對此表示感謝，因為這是我們今年真正關注的重點。我們在建立雲端、建立雲端基礎設施以及擴展和可靠、安全地運行這些 InsuranceSuite 應用程式的能力方面經歷了一系列階段。

The change that we made in the release cadence was a big part of the cloud value proposition and the promise that we had for the future. And at some point, we even shifted from a twice a year release cadence to three times a year release cadence.

我們在發布節奏上所做的改變是雲端價值主張和我們對未來的承諾的重要組成部分。在某個時候，我們甚至從每年兩次的發布節奏轉變為每年三次的發布節奏。

But alongside that has been a whole bunch of just really incredible engineering and focus around making sure that these -- that the update process in the cloud was just a completely different experience for customers relative to what they were doing on prem. And this has really improved in the last year in terms of --

但同時，還有一大堆真正令人難以置信的工程和重點，以確保這些——雲端的更新過程對於客戶來說是一種與他們在本地所做的完全不同的體驗。去年，情況確實有所改善，--

We measure very closely the release version that our customers are running in their non-production and production environments relative to what the current state is. We measure that and talk about that as like N minus 1 or N minus 2 or N minus 3. And we track this weekly, we track this with our Board, and we've run a number of programs technically and also in terms of how we work with each of our cloud customers around, ensuring we're building enough trust with them such that they feel comfortable that they can take these updates.

我們會非常仔細地測量客戶在非生產和生產環境中運行的發布版本與當前狀態的對比情況。我們測量它並將其討論為 N 減 1 或 N 減 2 或 N 減 3。我們每週都會追蹤這一點，我們會與董事會一起追蹤這一點，我們在技術上以及在與每個雲端客戶合作的方式方面運行了許多程序，確保我們與他們建立足夠的信任，讓他們感到舒適，可以接受這些更新。

And as you can imagine for a customer that's used to a 12-to-18-month update, the first time they do this on our cloud, they're a little bit apprehensive. And they're taking it very carefully and being prudent. But once they do it once, once they do it twice, once they do it three times and they see that they can do these things in days, and really the impact to their teams and their operations is very, very minimal.

你可以想像，對於習慣於 12 到 18 個月更新的客戶來說，他們第一次在我們的雲端上進行此操作時，會有點擔心。他們對此非常謹慎和審慎。但是，一旦他們做了一次、兩次、三次，他們就會發現他們可以在幾天內完成這些事情，而且對他們的團隊和營運的影響實際上非常非常小。

We earn their trust, and we enable them to stay current on the either N, the current release or maybe N minus 1, the one release behind. And so this is going really well. It's part of my --

我們贏得了他們的信任，並使他們能夠及時了解 N（當前版本）或 N 減 1（後一個版本）。一切進展順利。這是我的一部分--

I was talking about in the prepared remarks these events that we ran all over the world. This is one of the slides we talk about with customers. This is one of the slides we talk about with prospects as well, because it's so important to the whole value proposition of cloud.

我在準備好的演講中談到了我們在世界各地舉辦的這些活動。這是我們與客戶討論的幻燈片之一。這也是我們與潛在客戶討論的幻燈片之一，因為它對於雲端的整個價值主張非常重要。

This would all be for naught if we weren't able to keep customers current and being able to deliver the really groundbreaking product agility functionality or workflow functionality or Jutro digital functionality or generative AI functionality, it's all the update process that makes that possible. And so that's gone really, really well, and it's been a big achievement this year for the company. So thanks for the question.

如果我們無法讓客戶了解最新情況，無法提供真正突破性的產品敏捷功能、工作流程功能、Jutro 數位功能或生成式 AI 功能，那麼這一切都將是徒勞無功的，所有更新過程都使這一切成為可能。一切進展非常順利，這對公司來說是一個很大的成就。感謝您的提問。

All right. I appreciate all the color, Mike. Jeff, maybe just a quick follow-up for you on Rishi's question around linearity. We obviously have the fourth quarter ARR guide. I think you also implied that Q4 might not reflect the strength of fully ramped bookings just given ramp schedule. So I just wanted to clarify, is the smoother linearity comment and kind of less reliance in Q4, is that a phenomenon you're seeing on the fully ramped side too or is there an added aspect in terms of the mix of ramp deals that you're looking at in fourth quarter versus the rest of the year? Thanks.

好的。我很欣賞所有的色彩，麥克。傑夫，也許我只是想快速跟進一下 Rishi 關於線性的問題。我們顯然有第四季度的 ARR 指南。我認為您也暗示，僅根據上坡時間表，第四季度可能無法反映出全面上坡預訂的強度。所以我只是想澄清一下，第四季度的線性評論更加平滑，依賴程度更低，這是您在全面爬坡方面也看到的現象嗎？還是在您所關注的第四季度與今年其他時間相比，在爬坡交易組合方面存在額外的方面？謝謝。

Yeah, I think what I was trying to communicate there is as we look at the upside and as we look at Q4 and where we think some of the upside may exist, we're seeing some really interesting deal momentum and longer-term commitments that come across us some ramps. So on the ARR side, as we look at the overall momentum there, we're thrilled with the deal activity, but a lot of that more interesting upside is coming in those ramped outcomes. So that's an exciting fact pattern for us.

是的，我認為我想表達的是，當我們看到好的方面，當我們回顧第四季度，以及我們認為可能存在一些好的方面時，我們看到了一些非常有趣的交易勢頭和一些長期承諾，這些承諾給我們帶來了一些好處。因此，在 ARR 方面，當我們觀察那裡的整體勢頭時，我們對交易活動感到非常興奮，但許多更有趣的上升空間都來自於這些增加的結果。這對我們來說是一個令人興奮的事實模式。

All right. Thanks for that.

好的。謝謝。

Alexei Gogolev, JP Morgan.

摩根大通 (JP Morgan) 的阿列克謝‧戈戈列夫 (Alexei Gogolev)。

Hello, everyone. Mike, I was wondering if you could give us some insight into the customers that are still on the old prem software versions. When do you think these customers would be ready to migrate to the cloud? I'm assuming that they haven't received any upgrades since you guys moved and started to introduce cloud products. So do you think 2026 or 2027 would be a pivotal year when many of these customers will begin to consider cloud migration?

大家好。麥克，我想知道您是否可以向我們介紹一下仍在使用舊版 prem 軟體的客戶。您認為這些客戶何時會準備好遷移到雲端？我猜想自從你們開始推出雲端產品以來，他們就沒有收到任何升級。那麼，您是否認為 2026 年或 2027 年將成為許多客戶開始考慮雲端遷移的關鍵一年？

Yeah. Thanks very much for the question. I would say that every single one of them is in the consideration process. We engage with these customers closely. We work with them to make plans and understand their objectives and align their objectives to our ability to support them, either with upgrades to cloud or as you say continued updates to the on-prem implementations.

是的。非常感謝您的提問。我想說的是，他們每個人都在考慮之中。我們與這些客戶密切合作。我們與他們一起制定計劃並了解他們的目標，並將他們的目標與我們支持他們的能力相結合，無論是升級到雲端還是如您所說繼續更新內部實施。

We continue to support the on-prem implementations with security fixes. We support customers when they need it. It's still a big component of our revenue. IFrom a innovation -- product innovation perspective, there's just very minimal to know new investment going into those releases.

我們將繼續透過安全修復來支援本地實施。當客戶需要時，我們會提供支援。它仍然是我們收入的重要組成部分。從創新－產品創新的角度來看，對這些產品的發布所需的新投資非常少。

And so the customers can still reliably and safely operate those systems on prem, and we support them. But the real benefit of the relationship with Guidewire has to do also with product innovation. We just can do so much more in the cloud, so much more efficiently and more effectively, and we try to be very clear with all the on-prem customers that that's where our focus is.

因此，客戶仍然可以在本地可靠、安全地操作這些系統，我們也為他們提供支援。但與 Guidewire 合作的真正好處還在於產品創新。我們可以在雲端做更多的事情，效率更高、效果更好，我們試著向所有本地客戶明確表示，這就是我們的重點。

And so in terms of projecting when exactly these migrations will occur, it's challenging because it's not just Guidewire and the Guidewire program that factors into a customer's decision-making process. There's very often other objectives that they are dealing with inside their environment, other IT objectives. And so, the upgrade to Guidewire cloud is something that they have to sequence in with all of their other IT objectives.

因此，預測這些遷移究竟何時發生是一項挑戰，因為影響客戶決策過程的不僅是 Guidewire 和 Guidewire 程序。他們經常要處理其環境中的其他目標，即其他 IT 目標。因此，他們必須將 Guidewire 雲端的升級與所有其他 IT 目標結合。

And like I said, we work with every single one of them and have a discussion with them frequently about where they are and where that plan is and what our commitments are in terms of timing around support. But I would say as we proceed towards our fiscal '26, fiscal '27, fiscal '28, I think all of those on-prem implementations, those plans to Guidewire Cloud will have been firmed up.

正如我所說的，我們與他們每一個人合作，並經常與他們討論他們的現狀、計劃以及我們在支持時間方面的承諾。但我想說，隨著我們邁向 26 財年、27 財年和 28 財年，我認為所有這些內部實施和 Guidewire Cloud 計劃都將得到落實。

But that's projecting out three years. It's a long time. There's a lot that can occur and happen and change in the world. But we're working with them, and we do see that demand.

但這是三年後的預測。時間好長啊。世界上有很多事情可能發生、改變。但我們正在與他們合作，而我們確實看到了這種需求。

And like I said in the prepared remarks, this customer base is the most valuable asset at Guidewire and I think culturally -- and just our company's kind of ethos is that we're committed to supporting those customers and getting 100% of them moved over to the cloud when it makes sense for them.

正如我在準備好的發言中所說的那樣，這個客戶群是 Guidewire 最寶貴的資產，我認為從文化上講——我們公司的精神就是我們致力於支持這些客戶，並在對他們有意義的時候將他們 100% 轉移到雲端。

Perfect. Thank you, Mike. And Jeff, very quick question for you. Does this strategy of passing on low-margin service revenue to partners mean that you would not need to add significant amount of additional talent and labor capacity in the midterm, which would potentially help improve your margins going forward?

完美的。謝謝你，麥克。傑夫，我想問你一個很簡單的問題。將低利潤的服務收入轉嫁給合作夥伴的策略是否意味著您不需要在中期增加大量額外的人才和勞動力，這有可能幫助提高您未來的利潤率？

Yeah. I mean, I think the way we look at it is that there's a massive amount of work to modernize this industry. And if we were to try to tackle that with all Guidewire resources, we would have to staff up quite significantly and that's not our strategy. We want to work with the best partners in the world to help us tackle that opportunity.

是的。我的意思是，我認為我們認為要實現這個行業的現代化需要做大量的工作。如果我們試圖利用 Guidewire 的所有資源來解決這個問題，我們就必須大量增加員工，但這不是我們的策略。我們希望與世界上最好的合作夥伴一起幫助我們抓住這一機會。

We need to have a highly strategic skilled services organization. And we think that we have the right size and scale in that organization today to allow us to partner with the global SIs to get this work done. So as we look ahead, we think we have the right cost basis.

我們需要擁有一個高度策略性的技術服務組織。我們認為，目前該組織的規模合適，可以讓我們與全球 SI 合作完成這項工作。因此，展望未來，我們認為我們擁有正確的成本基礎。

And I think as we go through this process of dividing up the labor to tackle this opportunity, finding that right equilibrium point where our resources and our highly skilled people are appropriately utilized. And our partners have an exciting opportunity to execute against as well. So that's what we're tackling.

我認為，當我們透過分工來抓住這個機會時，我們會找到一個正確的平衡點，讓我們的資源和高技能人才得到適當的運用。我們的合作夥伴也擁有令人興奮的執行機會。這就是我們正在解決的問題。

Appreciate the answers. Thank you, Jeff. Thank you, Mike.

感謝您的回答。謝謝你，傑夫。謝謝你，麥克。

Thank you.

謝謝。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hey, it's David Unger on for Michael Turrin. Thanks for taking the question. Just one from us. Can you guys just talk through the trends you're seeing in terms of the sales cycle and any differences to note by either geography or tier? Thank you.

嘿，大衛·昂格爾 (David Unger) 取代邁克爾·圖林 (Michael Turrin)。感謝您回答這個問題。我們只有一個。你們能否談談銷售週期方面的趨勢以及按地域或層級需要注意的差異？謝謝。

Yeah, I don't know whether or not I'd call out any particular difference and change in the sales cycle. Our sales cycles are still very long. We close deals that are very often open in our system for multiple years and that hasn't changed.

是的，我不知道我是否會指出銷售週期中的任何特定差異和變化。我們的銷售週期仍然很長。我們達成的交易通常在我們的系統中持續開放多年，這一點從未改變。

We feel like we've got a great connection to customers, a very deep connection often, whereas like Guidewire is running in some component of their enterprise. And so we have a relationship and that enables us to have an opportunity for a sort of large enterprise open and working for a long time.

我們感覺我們與客戶建立了良好的聯繫，通常是一種非常深厚的聯繫，而 Guidewire 則在其企業的某些組件中運作。因此，我們建立了合作關係，這使我們能夠有機會讓大型企業長期開放和運作。

I wouldn't say, we've seen much of a change in that cycle. It's just generally we're able to pull the deals in and get them closed based on the confidence and the momentum that we've established in the market today.

我不會說，我們已經看到了這個週期的巨大變化。一般來說，我們能夠根據目前在市場上建立的信心和勢頭來達成交易並完成交易。

Thanks, Mike.

謝謝，麥克。

Thank you.

謝謝。

Tyler Radke, Citibank.

泰勒·拉德克，花旗銀行。

Hey, this is Peter on the line for Tyler Radke. Congrats on the quarter, Mike and Jeff. I just have one question here. Curious if AI is having any impact on recent deal activity and if customers are wanting to modernize their systems sooner rather than later to invest in AI projects down the line as you start to introduce more of those applications onto your platform? Thanks.

嘿，我是 Peter，找 Tyler Radke。恭喜麥克和傑夫本季取得佳績。我這裡只有一個問題。您是否好奇人工智慧是否對最近的交易活動產生了影響，以及當您開始在平台上引入更多此類應用程式時，客戶是否希望儘早實現系統現代化，以便將來投資人工智慧專案？謝謝。

It is a great question. And I think certainly AI -- and I'm going to answer the question. I'll give you a long answer to this question. If you say AI broadly, data very much matters for machine learning and using AI and machine learning techniques to make better predictions, to make to operate an insurance company more efficiently and more effectively. And getting better access to data is a big part of Guidewire modernization programs and decisions to deploy Guidewire at an insurance company. That is a big deal.

這是一個很好的問題。我認為肯定是人工智慧——我將回答這個問題。我將對這個問題給出一個詳細的答案。如果從廣義上講人工智慧，數據對於機器學習非常重要，可以使用人工智慧和機器學習技術做出更好的預測，使保險公司更有效率、更有效地運作。更好地獲取數據是 Guidewire 現代化計劃和在保險公司部署 Guidewire 的決策的重要組成部分。這是一件大事。

If you broaden this to generative AI, I think there absolutely is a sense that getting to a system like Guidewire, modernizing your core application suite around claims flows and policy flows, this is the right platform to apply generative AI features to a modern system.

如果將其擴展到生成性人工智慧，我認為絕對有理由相信，像 Guidewire 這樣的系統，圍繞索賠流程和政策流程對核心應用程式套件進行現代化改造，這是將生成性人工智慧功能應用於現代系統的正確平台。

Trying to do this on top of a mainframe legacy system, I think, is like virtually impossible. And so, when -- in the conversations I'm having with customers, we see this future where a significant amount of the tedious tasks that people operate that I think people have to do in order to effectively run an insurance company could be facilitated and improved with generative AI. And Guidewire as a platform for doing that is a logical step, right?

我認為，嘗試在大型主機遺留系統上執行此操作幾乎是不可能的。因此，當我與客戶交談時，我們看到了這樣的未來：為了有效地經營一家保險公司，人們必須完成的大量繁瑣任務可以透過產生人工智慧來促進和改進。而 Guidewire 作為實現這一目標的平台是合乎邏輯的一步，對嗎？

So, it is certainly helping us in terms of thinking about like what's the steps towards being prepared for taking advantage of generative AI as it's applied to insurance. Guidewire is a logical step. And then, we are now starting to talk to customers about generative AI products and functionality and features that we will embed within ClaimCenter and PolicyCenter to facilitate better efficiency for the team members that are using Guidewire.

因此，它確實幫助我們思考如何為利用生成式人工智慧在保險領域的應用做好準備。導絲是一個合乎邏輯的舉措。然後，我們現在開始與客戶討論生成式 AI 產品和功能以及特性，我們將它們嵌入 ClaimCenter 和 PolicyCenter，以提高使用 Guidewire 的團隊成員的效率。

And so that's helpful. And that's a boost to their thinking about whether the benefits associated with the Guidewire decision. So it's generally very, very helpful and aligned, but still has to relate to a general transformation program that's going to drive a Guidewire decision.

這很有幫助。這促使他們思考 Guidewire 判決是否會帶來好處。因此，它通常非常非常有用且一致，但仍然必須與推動 Guidewire 決策的一般轉型計劃相關。

All right. Thanks.

好的。謝謝。

Aaron Kimson, Citizens GMP.

Aaron Kimson，公民 GMP。

Thanks for the question. Can you provide any color on the specific areas in accelerated product investments that Jeff mentioned at the end of his prepared remarks?

謝謝你的提問。您能否詳細說明傑夫在準備好的發言最後提到的加速產品投資的具體領域？

Sure. We see a lot of opportunity to continue to. Number one, just enhance PolicyCenter, ClaimCenter, InsuranceNow applications to just make them more effective. Like I said during one of the questions, we're thinking about better digital applications and digital components that we can continue to invest in.

當然。我們看到了很多繼續下去的機會。首先，增強 PolicyCenter、ClaimCenter 和 InsuranceNow 應用程序，使其更加有效。就像我在回答一個問題時所說的那樣，我們正在考慮可以繼續投資的更好的數位應用程式和數位組件。

We talked about London markets and the content strategy that we have for applying Guidewire to London markets. You think about further enhancements to different countries and different regions, there's localization requirements. There're just things that we can invest in the product to accelerate our growth across the landscape of -- the product landscape that we have today.

我們討論了倫敦市場以及將 Guidewire 應用於倫敦市場的內容策略。您考慮針對不同國家和地區的進一步增強，就有在地化要求。我們可以對產品進行一些投資，以加速我們在現有產品領域的成長。

I think there's a lot of excitement and interest right now in the industry around underwriting and using generative AI to facilitate better underwriting processes and approaches and analytics, AI, better approaches to using analytics and AI for pricing and for rating. There's just a -- there's a wealth of opportunity for us. And now that we have really established ourselves and created a modern cloud platform that we have this high degree of confidence is going to scale and work for us and work for our customers over the next decade, we can start to broaden our perspective about where else can we apply product investment to enhance better outcomes for insurance companies to make them more agile and make them more efficient. And you see that just across the insurance lifecycle.

我認為目前業界對核保和使用生成式人工智慧來促進更好的核保流程和方法以及分析、人工智慧、更好地使用分析和人工智慧進行定價和評級的方法有著很大的興趣和熱情。這對我們來說是一個很大的機會。現在我們已經真正站穩了腳跟，創建了一個現代化的雲端平台，我們非常有信心，這個平台將在未來十年內不斷擴展，為我們和我們的客戶服務，我們可以開始拓寬我們的視野，看看我們還能在哪裡應用產品投資，為保險公司帶來更好的結果，使它們更加靈活，更加高效。您將在整個保險生命週期中看到這一點。

And so, that's what he's talking about. It's like this period of time for our company where we needed to be so focused on cloud infrastructure and making sure that, that was going to work. We're getting past that phase where we can now think about more strategically where can we apply product investment, innovation investment, and enhance our ability to grow and support the industry more effectively.

這就是他所談論的內容。對於我們公司來說，這段時間我們需要高度關注雲端基礎設施，並確保它能夠正常運作。我們已經度過了這個階段，現在可以更有策略地思考我們可以在哪裡應用產品投資、創新投資，並增強我們更有效地發展和支援產業的能力。

Very helpful. Thank you. And then, (technical difficulty)

非常有幫助。謝謝。進而，（技術難度）

Sorry, could you repeat it?

抱歉，您能再說一次嗎？

And then maybe -- yeah, stepping back, one of your cofounders, former CEO, current Board member of Marcus Ryu talked last month about how he believes the future software's vertical, and verticals are going to become more and more specific over time. One better case and factor on vertical software is that LLMs are going to accelerate engineering productivity and allow nimble upstarts to capture a lot of the value that many vertical software applications provide at a fraction of the cost. Mike, where on the spectrum between those two trains of thought do you see things playing out in the insurance market?

然後也許——是的，退一步來說，你們的一位聯合創始人、前首席執行官、現任 Marcus Ryu 董事會成員上個月談到他如何相信未來軟體的垂直領域以及垂直領域將隨著時間的推移變得越來越具體。垂直軟體的一個更好的案例和因素是，LLM 將加速工程生產力，並允許靈活的新興企業以極低的成本獲取許多垂直軟體應用程式提供的大量價值。麥克，在這兩種思路之間，您認為保險市場將會如何發展？

Yeah. I will tell you, when LLMs and specifically cogeneration launched on the world a year or so ago, we spent a lot of time thinking about this. And my conclusion about Guidewire and specifically the P&C industry is that the necessity to have a core system of record that supports the rigorous, highly regulated financial obligations of insurance companies is going to remain a very complicated enterprise software package that's going to have a long, long life.

是的。我會告訴你，當法學碩士（LLM）和具體熱電聯產在大約一年前在世界範圍內推出時，我們花了很多時間思考這個問題。我對 Guidewire 以及特別是 P&C 行業的結論是，需要一個核心記錄系統來支援保險公司嚴格且高度監管的財務義務，而這個系統仍將是一個非常複雜的企業軟體包，並且將會有很長的生命週期。

I feel very, very good about that. I feel very strong about our position, about our track record and the amount of investment that we have put in to creating this platform that works all over the world for every size carrier and every line of business that we support. I feel really very good about that position.

我對此感覺非常非常好。我對我們的地位、我們的業績以及我們為創建這個適用於世界各地各種規模的運營商和我們支持的每個業務線的平台所投入的投資感到非常堅定。我對這個職位感到非常滿意。

I think these insurance companies that we partner with are making decisions for the next 10 or 20 years, and we are the right company for them to partner with. And I think generative AI will serve a different purpose in the insurance vertical.

我認為這些我們合作的保險公司正在為未來 10 年或 20 年做出決策，我們是他們合適的合作夥伴。我認為生成式人工智慧將在保險垂直領域中發揮不同的作用。

It will facilitate the creation of digital applications like we talked about on top of Guidewire core systems. It will facilitate generative AI features within PolicyCenter and ClaimCenter that will make people more efficient. It will facilitate different submission processes for commercial lines insurance, where today maybe the very structured database driven approaches that we've had -- in the toolset that we've had to date don't quite solve the problem, but generative AI now gives us this ability to solve those sort of more complex less data -- less database-oriented problems can now be solved more effectively with computer systems powered by generative AI.

它將促進我們在 Guidewire 核心系統之上創建數位應用程式。它將促進 PolicyCenter 和 ClaimCenter 內的生成 AI 功能，從而提高人們的效率。它將促進商業險種的不同提交流程，今天我們擁有的非常結構化的資料庫驅動方法 - 在我們迄今為止擁有的工具集中不能完全解決問題，但生成人工智能現在讓我們能夠解決那些更複雜、數據較少、不太面向數據庫的問題，現在可以通過由生成人工智能驅動的計算機系統更有效地解決。

So I think that the position we're in, in terms of vertical software is very, very strong and generative AI will only help us going forward. So that's my position specifically on P&C. I can't speak to -- I could probably, but it's not appropriate for me to speak to the vertical category in general. But I'm very confident about Guidewire's position relative to the P&C insurance industry.

因此我認為，就垂直軟體而言，我們所處的地位非常非常強大，而生成性人工智慧只會幫助我們前進。這就是我對財產和意外保險的具體立場。我不能談論——我可能可以，但總體來說，談論垂直類別並不合適。但我對 Guidewire 在財產和意外保險行業的地位非常有信心。

Thank you.

謝謝。

And thanks for the question.

感謝您的提問。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Great. Thanks. Hi, this is Matt on for Mike. Just a quick one for me. You called out that DWPs are growing because of rising claim costs and inflation. Understanding that there isn't a one-to-one link between DWP growth and because of tiered pricing, can you help us quantify the contribution to growth this year and remind us how we should be thinking about factoring in DWP growth overall in our models going forward?

偉大的。謝謝。大家好，我是馬特，代表麥克。對我來說只是一個快速的步驟。您指出，由於索賠成本上升和通貨膨脹，DWP 數量正在增加。您了解到，由於分級定價，DWP 成長和分級定價之間並沒有一一對應的關係，您能否幫助我們量化今年的成長貢獻，並提醒我們應該如何在未來的模型中將 DWP 成長納入整體因素？

Yeah, sure. I mean, so this is a pretty consistent part of our model, and we see DWP true-up and CPI elements to renewals on an annual basis. Certainly, we've seen that accelerate over the last couple of years.

是的，當然。我的意思是，這是我們模型中相當一致的部分，我們每年都會看到 DWP 真實值和 CPI 元素在續約中出現。當然，我們在過去幾年中已經看到這一趨勢加速。

Given how it works, some of the contracts are longer, some of the customers have bought more DWP than they are currently running. So it'll take some time in order for a true-up to manifest itself. But it's probably contributed an incremental 1% or 1.5% of growth this year over. And then last year as well was a little bit elevated versus what we've seen historically.

考慮到它的運作方式，一些合約期限較長，一些客戶購買的 DWP 比他們目前正在運行的要多。因此，要花一些時間才能實現真正的轉變。但今年它可能貢獻了 1% 或 1.5% 的成長。與我們歷史上所見的情況相比，去年的情況也略有上升。

Really helpful. Thank you.

真的很有幫助。謝謝。

Thanks for the question.

謝謝你的提問。

Thank you. And we have reached the end of the question-and-answer session. Will now turn the call back over to Mike Rosenbaum for closing remarks.

謝謝。問答環節現已結束。現在將電話轉回給 Mike Rosenbaum 進行結束語。

I just wanted to thank everybody for joining. We're incredibly excited about the results of Q3 and the momentum that we see in the business. And look forward to seeing everybody and talking about what we hope will be a great Q4. So thanks very much for joining today. And we'll see you later.

我只是想感謝大家的加入。我們對第三季的業績以及業務發展勢頭感到無比興奮。期待與大家見面並討論我們希望的偉大的第四季度。非常感謝您今天的參加。我們回頭見。

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，大家可以斷開連線了。感謝您的參與。