Guidewire Software Inc (GWRE) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Guidewire fourth quarter and full year fiscal 2024 financial results conference call. (Operator Instructions) As a reminder, this call is being recorded.

大家好，歡迎參加 Guidewire 2024 財年第四季和全年財務業績電話會議。（操作員指示）提醒一下，此通話正在被錄音。

I would now like to turn the call over to Alex Hughes, Vice President of Investor Relations. Thank you, Alex. You may begin.

現在我想將電話轉給投資者關係副總裁 Alex Hughes。謝謝你，亞歷克斯。你可以開始了。

Thanks, Paul. I'm Alex Hughes, Vice President of Investor Relations. And with me today is Mike Rosenbaum, Chief Executive Officer; Jeff Cooper, Chief Financial Officer; and John Mullen, President and Chief Revenue Officer, who has joined us to provide a year-end recap of adoption activity.

謝謝，保羅。我是投資者關係副總裁亞歷克斯·休斯 (Alex Hughes)。今天與我一起的還有首席執行官邁克·羅森鮑姆 (Mike Rosenbaum)、首席財務官傑夫·庫珀 (Jeff Cooper) 和總裁兼首席營收官約翰·馬倫 (John Mullen)，他們與我們一起對年終採用活動進行了回顧。

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

我們的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。今天的通話正在錄音，通話結束後將提供重播。

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

本次電話會議中所作的聲明包括有關我們的財務業績前景和目標、我們產品的未來業務發展勢頭、雲端交易、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、我們的關聯業務計劃和戰略等事項的前瞻性聲明。這些聲明受風險、不確定性和假設的影響，並且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 our press release and risk factors and documents we file with the SEC including our most recent quarterly reports on Form 10-Q and our prior and forthcoming annual report on Form 10-K filed and to be filed with the SEC for information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

請參閱我們的新聞稿和風險因素以及我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最近的 10-Q 表季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-K 表年度報告，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 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 a supplement on our IR website.

我們也將參考非公認會計準則財務指標向投資者提供更多資訊。除非另有說明，所有關於利潤率、盈利能力和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。對帳表和其他資料也發佈在我們的 IR 網站的補充資料中。

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, everyone, for joining today. I'm thrilled to have the opportunity to report stellar fourth quarter results, capping off what was an incredible year for Guidewire and our community of customers and partners. This quarter marked five years at Guidewire for me, and the results in the quarter and fiscal year feel like a clear validation of the hard work and determination everyone here has contributed to our cloud transformation.

謝謝你，亞歷克斯。下午好，感謝大家今天的參與。我很高興有機會報告出色的第四季度業績，為 Guidewire 以及我們的客戶和合作夥伴群體不可思議的一年畫上圓滿的句號。本季度是我在 Guidewire 工作的第五個年頭，本季和財政年度的業績清楚地證明了這裡每個人為我們的雲端轉型所付出的辛勤工作和決心。

We have now established a consistent track record of customer program success with our cloud applications, and we are seeing the maturity and reliability of our cloud platform continue to drive demand from new and existing customers. The referenceability of customers choosing Guidewire Cloud Platform continues to grow, and that reputation continues to drive demand new sales and adoption and ultimately, customer program success and the associated insurance outcomes, the P&C industry demands.

現在，我們已經透過雲端應用程式建立了一致的客戶計畫成功記錄，並且我們看到雲端平台的成熟度和可靠性繼續推動新舊客戶的需求。選擇 Guidewire 雲端平台的客戶的參考價值持續成長，而這項聲譽繼續推動新銷售和採用的需求，並最終推動客戶計劃的成功以及相關的保險結果，這是財產和意外保險行業所要求的。

The market momentum we've established is clearly reflected in strong ARR and fully ramped ARR growth. ARR was up 14% on the year, while fully ramped ARR accelerated to 19% as we continue to sign larger deals with more significant fully ramped value. We closed 16 cloud deals in the quarter, and 42 for the year. John Mullen, our President, will go into more detail on cloud adoption.

我們所建立的市場動能明顯體現在強勁的 ARR 和全面提升的 ARR 成長上。ARR 年成長 14%，而隨著我們繼續簽署更大、更俱全面價值的交易，全面 ARR 加速至 19%。我們在本季完成了 16 筆雲端運算交易，全年完成了 42 筆。我們的總裁 John Mullen 將更詳細地介紹雲端採用的情況。

But I'll just say that the strength across these metrics is a result of the combined efforts of every single member of our global organization. The results this quarter and this year position us well to achieve our $1 billion ARR target this fiscal year.

但我只想說，這些指標的優點是我們全球組織每位成員共同努力的成果。本季和今年的業績使我們有望實現本財年 10 億美元的 ARR 目標。

As we continue to drive cloud adoption, we are also seeing greater leverage in our cloud model Guidewire Cloud Platform is demonstrating greater scale and efficiency with subscription and support gross margins increasing 10 points to over 65% for the year. We feel very confident in our objective to achieve our long-term margin targets as we continue to scale the platform.

隨著我們繼續推動雲端運算的採用，我們也看到我們的雲端模型具有更大的槓桿作用，Guidewire 雲端平台正在展示更大的規模和效率，今年的訂閱和支援毛利率增加了 10 個百分點，達到 65% 以上。隨著我們繼續擴大平台規模，我們對實現長期利潤目標充滿信心。

We are also continually driving better overall company operational discipline and efficiency, generating non-GAAP operating profit of nearly $100 million and operating cash flow of nearly $200 million. We also expect to be GAAP profitable in fiscal 2025, These outcomes clearly demonstrate the power of the Software-as-a-Service business model we have created here.

我們也持續推動公司整體營運紀律和效率的改善，創造了近 1 億美元的非公認會計準則營業利潤和近 2 億美元的營業現金流。我們也預期 2025 財年將實現 GAAP 獲利，這些成果清楚地證明了我們在此創建的軟體即服務業務模式的強大力量。

Looking forward, we are excited to enter the new fiscal year with momentum. We continue to see acceleration in the number of conversations around cloud transitions and modernizations. Customers realize that they need greater agility in their core operations and based on our track record of referenceable success stories, we are distancing ourselves from alternatives.

展望未來，我們很高興能夠以強勁的勢頭進入新的財政年度。我們持續看到有關雲端轉型和現代化的對話數量加速成長。客戶意識到他們的核心營運需要更大的靈活性，並且根據我們可參考的成功案例記錄，我們正在與其他選擇保持距離。

As a result, our pipeline continues to build and is very healthy going into the year. In November, we will be back in Nashville to hold our Annual Customer Conference Connection, which is attended by 3,000 members of the broader Guidewire community. This will give us another valuable opportunity to showcase the latest innovation on our platform [examples of] customer success.

因此，我們的管道繼續建設，並且在今年內非常健康。11 月，我們將回到納許維爾舉辦年度客戶大會，Guidewire 廣大社群的 3,000 名成員將出席此次大會。這將為我們提供另一個寶貴的機會來展示我們平台上的最新創新和客戶成功的例子。

This goes by saying that this past year it means in the last five years, sometimes seems like a remarkable achievement. We have taken a market defining on-premise vertical software leader and replatformed it to become a vertical software as a service leader. I have spoken to many people in (inaudible). This achievement and our success was somewhat surprising.

也就是說，過去的一年，也就是過去的五年，有時看起來是一項了不起的成就。我們已經將市場定義的內部垂直軟體領導者轉變為垂直軟體即服務的領導者。我和很多人談過（聽不清楚）。這項成就和我們的成功有些令人驚訝。

But looking back now, it all looks pretty logical to me. We made a straightforward plan that made sense required nothing miraculous and focus on execution, all the while ensuring that every single customer who chose to trust us never doubted their decision. We are not and will never be perfect, but we will continue to prioritize our customers in the programs they run on our platform.

但現在回想起來，我覺得這一切都非常合乎邏輯。我們制定了一個簡單明了的計劃，這個計劃合理且不需要任何神奇的東西，並且專注於執行，同時確保每一位選擇信任我們的客戶都不會懷疑他們的決定。我們不是完美的，也永遠不會完美，但我們將繼續優先考慮客戶在我們平台上運行的程式。

We will continue to optimize our technical decisions for the long term, and we will strive every day to earn the trust our customers place in us. We are right now very well aligned with our customers and in a unique position to help shape the future of the industry we serve. We continue to execute in the fashion we have demonstrated over the past few years, and I'm confident we will continue to hit the forward-looking objectives we set for ourselves.

我們將繼續長期優化我們的技術決策，並每天努力贏得客戶對我們的信任。我們目前與客戶的合作關係非常緊密，並且擁有獨特的優勢來幫助塑造我們所服務產業的未來。我們將繼續按照過去幾年所展示的方式執行，我相信我們將繼續實現我們為自己設定的前瞻性目標。

With that, I'll hand it over to John to provide a year-end perspective on the insurance industry and discuss in more detail around customer adoption and success on the Guidewire Cloud Platform.

接下來，我將把時間交給約翰，讓他提供保險業的年終展望，並更詳細地討論 Guidewire 雲端平台上的客戶採用和成功情況。

Thanks, Mike. Good afternoon, everyone. It's been a very successful year at Guidewire. We have the pleasure of serving the customer base that is both critical and resilient. This year, we saw Property and Casualty insurance navigate convergence of pressures and continue to evolve with both the agility and precision with which they respond to inflation, the evolution of risk in the world and the increased expectation of consumers and businesses.

謝謝，麥克。大家下午好。這是 Guidewire 非常成功的一年。我們很高興能為關鍵且有韌性的客戶群提供服務。今年，我們看到財產險和意外險克服了各種壓力，並繼續以敏捷和精準的方式應對通貨膨脹、全球風險的演變以及消費者和企業日益增長的期望。

We remain very confident in the durability of our relationship with the market and optimistic regarding the pace of change that we can help drive with and for P&C industry. Reflecting on the 42 cloud deals we did for the year, we closed 13 InsuranceSuite cloud deals in Q4, bringing our total InsuranceSuite cloud deals for the year 37. We also closed three InsuranceNow deals in the quarter. What we are seeing is the positive effect of a portfolio approach that is delivering a healthy balance across the business.

我們對我們與市場的關係的持久性仍然充滿信心，並對我們能夠幫助推動財產和意外保險行業的變革步伐持樂觀態度。回顧我們今年達成的 42 筆雲端交易，我們在第四季完成了 13 筆 InsuranceSuite 雲端交易，讓我們今年的 InsuranceSuite 雲端交易總數達到 37 筆。本季我們也完成了三筆 InsuranceNow 交易。我們看到的是投資組合方法的積極效果，它為整個業務帶來了健康的平衡。

We've been working hard to drive specific plans and accountabilities in the markets, region, country and line of business and with specific carriers across all deal types.

我們一直在努力推動市場、地區、國家和業務線的具體計劃和責任，以及與所有交易類型的特定營運商合作。

We added four net new customers in Q4 and saw continued strong win rates with insurers looking to modernize their core systems. A super regional personal lines carrier elected to adopt our full suite and broad selection of our data products in order to standardize on a modern core system and facilitate their growth ambitions.

我們在第四季度增加了四名新客戶，隨著保險公司尋求實現其核心系統的現代化，我們的成功率繼續保持強勁。一家超級區域個人線路營運商選擇採用我們的全套和廣泛的數據產品，以便標準化現代核心系統並促進其成長目標。

Argonaut Managed Services, a leader in excess and surplus selected ClaimCenter to consolidate multiple claims systems and improve operational efficiency. Our track record and commented the customer success for key factors in their decision.

Argonaut Managed Services 是超額和盈餘領域的領導者，它選擇 ClaimCenter 來整合多個索賠系統並提高營運效率。我們的業績記錄和評論是客戶成功做出決策的關鍵因素。

Preferred Mutual, a personal and commercial lines carrier in the Northeast of the U.S. selected the full suite to leverage the Guidewire Cloud Platform and its digital capabilities. And finally, Pearl Holdings, a single-state nonstandard auto MGA headquartered in Miami, Florida, selected InsuranceNow and Predict to modernize their core with an emphasis on claims.

Preferred Mutual 是美國東北部一家個人和商業線路營運商，它選擇了全套產品來利用 Guidewire 雲端平台及其數位功能。最後，總部位於佛羅裡達州邁阿密的單一州非標準汽車 MGA Pearl Holdings 選擇了 InsuranceNow 和 Predict 來實現其核心業務的現代化，重點是索賠。

I highlight these net new wins because they exemplify our ability to execute and compete across a broad range of carrier size and complexity. It was also a strong quarter for cloud migration activity with a total of seven InsuranceSuite cloud migrations. Five of the InsuranceSuite migrations included very meaningful expansions beyond the scope of work we are addressing on-prem. One of the themes in the quarter was our customers' willingness to make bigger commitments on Guidewire Cloud, which was a key driver of our 19% fully ramped ARR growth.

我強調這些新的淨勝利，因為它們體現了我們在各種規模和複雜程度的運營商中執行和競爭的能力。本季也是雲端遷移活動強勁的一個季度，共有七次 InsuranceSuite 雲端遷移。InsuranceSuite 的五次遷移包括非常有意義的擴展，超出了我們在本地處理的工作範圍。本季的主題之一是我們的客戶願意對 Guidewire Cloud 做出更大的承諾，這是我們 19% 全面提升 ARR 成長的關鍵驅動力。

Notable in the quarter were deals that initiated as a single product discussion and evolved into broader full-suite outcomes. For example, a Tier 1 commercial insurers significantly expanded adoption of Guidewire Cloud Platform for scalability, total cost of ownership and platform unity across policy, billing and claims. The referenceability of our relationships and the power of full suite and data is resonating in the market.

本季值得注意的是，最初只是單一產品討論，後來演變為更廣泛的全套成果的交易。例如，一家一級商業保險公司大幅擴大了 Guidewire 雲端平台的採用，以實現可擴展性、總體擁有成本以及跨保單、計費和索賠的平台統一性。我們的關係的可參考性以及全套套件和數據的力量在市場上引起了共鳴。

We saw healthy sales activity in both Asia Pac and EMEA for the year. Our strength in North America really delivered in Q4. Looking at global deals by Tier, Q4 was fairly balanced with three Tier 1 deals, seven Tier 2 deals and the remainder coming from Tiers 3 and 4.

我們看到今年亞太地區和歐洲、中東和非洲地區的銷售活動都很活躍。我們在北美的實力在第四季度得到了充分體現。從各層級來看，第四季的全球交易相當平衡，其中 3 筆一級交易、7 筆二級交易，其餘交易來自 3 級和 4 級。

Turning to our ecosystem. We are seeing continued momentum. There are now over 25,000 professionals from 38 SIs working with us today. And in the fourth quarter, the number of cloud certified partner professionals from these firms increased 22% year-over-year to 9,500. The pace of uptake on our ski release training with this community affirms the SI shared commitment to the model.

轉向我們的生態系統。我們看到了持續的勢頭。目前，來自 38 個 SI 的 25,000 多名專業人員與我們合作。第四季度，這些公司的雲端認證合作夥伴專業人員數量年增 22%，達到 9,500 人。我們與該社區合作進行滑雪釋放訓練的步伐證實了 SI 對該模型的共同承諾。

Similarly, our solution partner community continues to expand. Guidewire Marketplace now has over 215 technology partners.

同樣，我們的解決方案合作夥伴社群也在不斷擴大。Guidewire Marketplace 目前擁有超過 215 個技術合作夥伴。

Finally, we saw strong results on customer programs in Q4. We achieved seven initial cloud go-lives on Guidewire Cloud platform in the quarter. We are seeing, as expected, significant increases in the number of cloud updates throughout the year, which speaks to the growing efficiency of our platform inside the customer environment. The services organization achieved higher-than-expected revenue and gross margins in the quarter. The team has been working hard to improve predictability and while we have more work to do, Q4 was a positive step forward.

最後，我們在第四季度看到了客戶計畫的強勁成果。本季度，我們在 Guidewire Cloud 平台上實現了七次初始雲端上線。正如預期的那樣，我們看到全年雲端更新的數量顯著增加，這表明我們的平台在客戶環境中的效率不斷提高。該服務部門本季實現了高於預期的收入和毛利率。團隊一直在努力提高可預測性，雖然我們還有很多工作要做，但第四季已經向前邁出了積極的一步。

Successful customer outcomes is our primary objective in our services organization in collaboration with our SI partners, have worked well together in this last year to drive face and predictability for our community. In summary, fiscal year '24 demonstrated strong execution, and we look ahead to fiscal year '25 confident in our ability to continue to build momentum.

成功的客戶結果是我們服務組織與 SI 合作夥伴合作的主要目標，在過去的一年裡，我們共同努力，為我們的社區帶來面子和可預測性。總而言之，24 財年展現了強勁的執行力，展望 25 財年，我們對持續保持良好勢頭的能力充滿信心。

With that, I'll hand over to Jeff.

說完這些，我就把麥克風交給傑夫。

Thanks, John. The financial highlight of the quarter was the incredible combination of 19% constant currency fully ramped ARR growth and 20% cash flow from operations margin. Our ability to deliver durable profitable growth is a testament to the value that we deliver to the industry.

謝謝，約翰。本季的財務亮點是 19% 的恆定貨幣全面成長 ARR 和 20% 的營業利潤現金流的驚人組合。我們實現持久獲利成長的能力證明了我們為產業提供的價值。

With that, let me jump into the details. Fourth quarter ARR ended at $872 million, up 14% year-over-year on a constant currency basis, ahead of our expectations. As a reminder, we measure ARR on a constant currency basis throughout the year and then update ARR for year-end FX rates, making this update impacted ARR by negative $8 million, resulting in ARR of $864 million.

好了，讓我來詳細講講。第四季 ARR 達到 8.72 億美元，以固定匯率計算年增 14%，超出我們的預期。提醒一下，我們全年以固定貨幣為基礎衡量 ARR，然後根據年末外匯匯率更新 ARR，因此本次更新對 ARR 的影響為負 800 萬美元，最終 ARR 為 8.64 億美元。

Fully ramped ARR, which is defined as the fully ramped annual price outlined in our customer contracts grew 19% year-over-year on a constant currency basis. This is a tremendous result that reflects a lot of hard work we are winning in the market and executing well across the entire organization.

全面提升的 ARR，即我們客戶合約中概述的全面提升的年價格，以固定匯率計算年增 19%。這是一個巨大的成果，體現了我們在市場上取得的大量努力以及整個組織的良好表現。

Total cloud ARR, which includes ARR for all of our cloud products and for customers that have contracted to move to the cloud, grew 28% year-over-year and comprised 66% of total ARR. Total revenue for the year was $980 million, ahead of our expectations due to stronger performance across all components of revenue. File strength continues to be visible on subscription revenue, which was $477 million, up 36% year-over-year.

總雲 ARR（包括我們所有雲端產品和已簽約遷移到雲端的客戶的 ARR）年增 28%，佔總 ARR 的 66%。全年總收入為 9.8 億美元，由於所有收入組成部分錶現強勁，超出了我們的預期。文件優勢持續體現在訂閱收入上，達到 4.77 億美元，年增 36%。

It's exciting to see the progression of our subscription revenue line, which finished the year at just under 50% of total revenue. Subscription and support revenue was $549 million, up 28% year-over-year. License revenue was $250 million, down 6% year-over-year as we continue to migrate our on-premise customers to our cloud. At the start of FY24, we thought that this decline -- this would decline closer to 10% year-over-year, but we benefited from stronger-than-expected true-ups during the year.

看到我們的訂閱收入不斷增長，我們感到非常興奮，今年訂閱收入佔總收入的比例略低於 50%。訂閱和支援收入為 5.49 億美元，年增 28%。由於我們繼續將本地客戶遷移到雲端，授權收入為 2.5 億美元，年減 6%。在 24 財年伊始，我們認為這一降幅將接近 10%，但今年的實際成長幅度強於預期，這讓我們從中受益。

Services revenue finished at $181 million, down 14% year-over-year as we transition more implementation work to our SI partners, and we minimized our reliance on subcontractors. Services revenue in Q4 was $51 million, up from our low of $38 million in Q2. We are pleased with how we finished the year and expect modest year-over-year growth in services revenue in fiscal year 2025.

服務收入最終達到 1.81 億美元，年減 14%，因為我們將更多的實施工作轉移給我們的 SI 合作夥伴，並盡量減少對分包商的依賴。第四季的服務收入為 5,100 萬美元，高於第二季的 3,800 萬美元的低點。我們對今年的業績感到滿意，並預計 2025 財年服務收入將比去年同期小幅成長。

Turning to profitability for the fiscal year, which we will discuss on a non-GAAP basis. Gross profit was $618 million. This was up of 25% year-over-year. Overall gross margin was 63% compared to 55% a year ago. Subscription and support gross margin was 65.5%, and over 10 percentage point increase.

談到財政年度的獲利能力，我們將在非公認會計準則的基礎上進行討論。毛利為6.18億美元。與去年同期相比，成長了 25%。整體毛利率為 63%，而去年同期為 55%。訂閱和支持毛利率為65.5%，成長超過10個百分點。

The investments we made in our cloud platform are showing up in a much more efficient cloud operations function as we deliver the industry-leading cloud service at an increasingly attractive gross margin profile.

隨著我們以越來越有吸引力的毛利率提供業界領先的雲端服務，我們在雲端平台上的投資體現在更有效率的雲端營運功能中。

Services gross margin was 7% compared with just below breakeven a year ago. Notably, in Q4, services gross margin was 14% as we exit the year closer to our longer-term margin expectations for this business. Operating income was $99.5 million, which was just above the midpoint of our outlook. The positive impact of higher-than-expected revenue was offset by the impact of the employee bonus accrual which was higher than our expectations due to outperformance of key financial targets.

服務毛利率為 7%，去年同期略低於損益平衡點。值得注意的是，第四季服務毛利率為 14%，今年我們已接近該業務的長期利潤率預期。營業收入為 9,950 萬美元，略高於我們預期的中位數。高於預期的收入的正面影響被員工獎金應計的影響所抵消，由於關鍵財務目標的出色表現，員工獎金應計的影響高於我們的預期。

The overall stock-based compensation was $146 million for the year, up 2.5%. Operating cash flow ended the year at $196 million. We noted at the Analyst Day last year that we were at an exciting inflection point in profitability and cash flow, and our progress on cash flow from operations and free cash flow significantly surpassed our expectations on stronger-than-expected collections. We ended the quarter with $1.1 billion in cash, cash equivalents and investments. We also have $400 million in convertible debt that matures in March, and we expect to settle in cash.

全年整體股票薪酬為 1.46 億美元，成長 2.5%。年底經營現金流為 1.96 億美元。我們在去年的分析師日上指出，我們的獲利能力和現金流正處於一個令人興奮的轉折點，我們的經營現金流和自由現金流的進展大大超出了我們對強於預期的收款情況的預期。本季末，我們的現金、現金等價物和投資為 11 億美元。我們還有 4 億美元的可轉換債務將於 3 月到期，我們預計將以現金結算。

Now let me turn to our outlook. For fiscal 2025, we expect ARR of between $995 million to $1.005 billion, representing 16% constant currency growth at the midpoint. Updating our forecast model to reflect current FX rates has had an approximately $9 million negative impact on our fiscal '25 outlook.

現在讓我談談我們的展望。對於 2025 財年，我們預計 ARR 將在 9.95 億美元至 10.05 億美元之間，以中間值計算，相當於 16% 的恆定貨幣成長率。更新我們的預測模型以反映當前的外匯匯率對我們的 25 財年前景產生了約 900 萬美元的負面影響。

Total revenue for the year is expected to be between $1.135 billion and $1.149 billion. We expect subscription revenue will be approximately $642 million, representing 34% growth. Maintaining this strong growth rate is a reflection of the strength of the cloud deals we signed in fiscal '24.

預計全年總收入將在 11.35 億美元至 11.49 億美元之間。我們預計訂閱收入將達到約 6.42 億美元，成長 34%。維持這一強勁的成長率反映了我們在 24 財年簽署的雲端運算交易的強勁。

Support revenue will decline by about $3 million or $4 million year-over-year as a result of the continued migration of our installed base of the cloud resulting in approximately $710 million in subscription and support revenue. As a reminder, support revenue attaches to term license customers for cloud customers, support activities are included in the subscription fee.

由於我們的雲端安裝基礎持續遷移，支援收入將年減約 300 萬美元或 400 萬美元，導致訂閱和支援收入約為 7.1 億美元。提醒一下，支援收入與雲端客戶的定期授權客戶相關，支援活動包含在訂閱費中。

We expect license revenue to decline a bit due to steady progress on cloud migrations, which is partially offset by contract true-ups in our on-prem customer base. Our outlook for revenue -- services revenue was approximately $190 million. We expect total gross margins for the year to be approximately 65%, subscription and support gross margins to be approximately 68% and professional services gross margin to be approximately 12%. We are pleased with this progression as we work to continue to drive margin improvement.

由於雲端遷移的穩定進展，我們預計許可收入將略有下降，但這部分被我們內部客戶群的合約調整所抵消。我們對收入的預期——服務收入約為 1.9 億美元。我們預計全年總毛利率約為 65%，訂閱和支持毛利率約為 68%，專業服務毛利率約為 12%。我們對這一進展感到滿意，我們將繼續努力提高利潤率。

With respect to operating income, we expect a non-GAAP operating income of between $157 million and $171 million for the fiscal year. We also expect GAAP operating income of between negative $4 million and positive $10 million. Given the strength in the business, we are able to deliver on our profitability goals and in many cases, raise our targets while also increasing some spend in our operating expenses most notably in R&D as we invest in the significant opportunities we see in front of us to help insurers take advantage of modern applications to engage, innovate and grow. I expect R&D spend to grow around 14% in fiscal '25. Sales and marketing should grow a bit less than that and G&A should grow in the mid- to upper single digits.

關於營業收入，我們預計本財年非 GAAP 營業收入將介於 1.57 億美元至 1.71 億美元之間。我們也預期 GAAP 營業收入將在負 400 萬美元至正 1,000 萬美元之間。鑑於業務實力，我們能夠實現盈利目標，並在許多情況下提高目標，同時增加一些營運費用，最顯著的是研發支出，因為我們投資於擺在我們面前的重大機遇，以幫助保險公司利用現代應用程式來參與、創新和發展。我預計 25 財年的研發支出將成長 14% 左右。銷售和行銷的成長幅度應該會略低於這個數字，而一般及行政開支的成長幅度應該在中等至高個位數之間。

Cash flow from operations in fiscal 2025 is expected to be between $220 million and $250 million. Our CapEx expectations for the year are between $20 million and $25 million including approximately $12 million in capitalized software development costs and $7 million in office build-out projects in India.

預計2025財年的經營現金流將在2.2億美元至2.5億美元之間。我們今年的資本支出預期在 2,000 萬美元至 2,500 萬美元之間，其中包括約 1,200 萬美元的資本化軟體開發成本和 700 萬美元的印度辦公室建設項目。

Our Q1 outlook can be found in our earnings press release, but let me provide a bit more color. Given the strong sales activity in Q4, we did not have many deals slip into Q1, so we expect typical seasonality in our first quarter, which impacts sequential ARR growth expectations. We expect subscription and support revenue of approximately $167 million and services revenue of approximately $50 million. We expect subscription and support margin between 67% and 68% and services margins of around 11% and total gross margins of approximately 61%.

我們的第一季展望可以在我們的收益新聞稿中找到，但請允許我提供更多細節。鑑於第四季度的強勁銷售活動，我們在第一季沒有太多交易，因此我們預計第一季將出現典型的季節性，這會影響連續的 ARR 成長預期。我們預計訂閱和支援收入約為 1.67 億美元，服務收入約為 5,000 萬美元。我們預計訂閱和支援利潤率在 67% 至 68% 之間，服務利潤率約為 11%，總毛利率約為 61%。

Also, annual employee bonuses and commission expenses related to Q4 sales are paid out in Q1, which impacts next cash flow. As a result, we expect Q1 cash flow from operations to follow a similar pattern to what we experienced last year.

此外，與第四季度銷售相關的年度員工獎金和佣金費用在第一季支付，這會影響下一個現金流。因此，我們預計第一季的經營現金流將遵循與去年類似的模式。

In summary, we are incredibly proud of the year we had in FY24 and we are on track to meet or exceed the targets that we established during my first Analyst Day as CFO back in October of 2020, and we look forward to seeing many of you at our Analyst Day this coming October 10 in New York.

總而言之，我們對 24 財年的表現感到無比自豪，我們有望達到或超過我在 2020 年 10 月擔任首席財務官的第一個分析師日期間設定的目標，我們期待在 10 月 10 日於紐約舉行的分析師日上見到你們。

With that, let's open the call for questions.

現在，讓我們開始提問。

(Operator Instructions) Ken Wong, Oppenheimer & Co.

（操作員指示）Ken Wong，Oppenheimer & Co.

The first one for either Mike or John, can you provide a little color on the context of some of these fully ramped deals? Are we seeing this across the board with customers? Are these kind of one-off large deals? Would you say that these are typically kind of flatter upfront and steep in the back or fairly linear? Just any color to help us think through the dynamics would be fantastic.

第一個問題，無論是 Mike 還是 John，您能否稍微介紹一下這些全面交易的背景？我們是否在所有客戶身上都看到了這一點？這些都是一次性的大型交易嗎？您是否認為這些通常是前部較平坦，後部較陡峭，還是相當線性？任何能夠幫助我們思考動態的顏色都是很棒的。

Sure. Let me touch on it real briefly, and then I'll let John comment. The first thing is I don't want you to read anything into this with respect to ramps. We're seeing pretty normal ramp structures and activity, and we'll be able to provide a little bit more detail around that at Analyst Day. But relative to the commentary we provided a year ago around the ramp structures and the corresponding impact on ARR.

當然。讓我簡單談一下，然後讓約翰發表評論。首先，我不希望你對坡道有任何的解讀。我們看到了相當正常的坡道結構和活動，我們將能夠在分析師日提供更多有關此方面的詳細資訊。但相對於我們一年前就坡道結構及其對 ARR 的影響所提供的評論。

You shouldn't read anything into this.

你不應該對此做任何解讀。

We just had a phenomenal quarter from a bookings perspective with great deals across the board. They were reasonably sized and so that creates a total deal value that drives a fully ramped number that's very healthy. Super proud of the team and the execution and it kind of, to me, indicates the strength in the business. That's the way -- that's the only thing I'd like you to read into it. just very, very successful outcome with a bunch of great deals in the quarter that drove that fully ramped number.

從預訂量的角度來看，我們剛剛度過了一個非凡的季度，各方面都有很多優惠。它們的規模合理，因此創造了總交易價值，推動了非常健康的數量的全面增長。我為團隊和執行力感到非常自豪，對我來說，這顯示了業務的實力。就是這樣——這是我唯一希望你們了解的事情。這是一個非常非常成功的結果，本季有很多很棒的交易，推動了這個數字的全面成長。

Anything to add, John?

還有什麼要補充的嗎，約翰？

Yes. I'll just add that if I look at the last quarter, there are two dimensions to it. The first one is certainly, in some cases, it's larger lines of business, but maybe more important is covering other areas -- additional areas of scope. The team is getting much more attuned to listening for and solving business problems rather than addressing just the initial scope for consideration. And as we do that, the power of the suite is pulling in more conversations, and that was pretty prevalent actually in these Q4 deals.

是的。我只想補充一點，如果我看一下上個季度，我會發現它有兩個面向。第一個當然是，在某些情況下，它是更大的業務線，但也許更重要的是涵蓋其他領域——額外的範圍領域。團隊越來越注重傾聽和解決業務問題，而不是只解決最初的考慮範圍。當我們這樣做時，套件的強大功能正在吸引更多的對話，這在第四季度的交易中實際上非常普遍。

Perfect. And then just a quick one for Jeff, maybe kind of also building on the fully ramped number, guiding to about 16% in fiscal '25. I guess when we kind of compare that with a 19% fully ramped number. I guess would it be wrong for us to assume that there's potentially an acceleration in the future? Or what's the right way to read that fully ramp versus what we're looking at in '25?

完美的。然後傑夫再簡單說一下，也許也可以在完全成長的數字基礎上再進一步，預計 25 財年成長率將達到 16% 左右。我想當我們將其與 19% 的完全成長數字進行比較時。我想，如果我們假設未來有可能出現加速，那會是錯的嗎？或者，如何正確解讀這項全面升級與我們在 25 年所看到的情況相比？

Yes. The fully ramped out outcome certainly gives us confidence as we look at the durability of the growth. I'm not sure I would model an acceleration above kind of that 16% range. But I do think it kind of creates a bit more for us and a bit more visibility into the durability of kind of ticking above mid-teens a bit on the overall ARR growth side.

是的。當我們看到成長的持久性時，全面的結果無疑給了我們信心。我不確定我是否會模擬超過 16% 範圍的加速度。但我確實認為它在某種程度上為我們創造了更多的機會，讓我們對整體 ARR 增長方面略高於十幾歲的水平的持久性有了更多的了解。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Congrats on the close of the year. I guess the first question is just maybe Mike or John, you're seeing a series of tailwinds that are it seems a bit better than what we're getting across software. So I'd just love to hear commentary on your perspective on the overall demand environment, where you sit in terms of cloud momentum and overall competitive dynamics alongside just what you've taken and observed with the end of the year?

祝賀這一年圓滿結束。我想第一個問題可能是麥克或約翰，你們看到了一系列的順風，這些順風似乎比我們在軟體方面看到的要好一些。因此，我很想聽聽您對整體需求環境的看法，您對雲端運算發展動能和整體競爭動態的看法，以及您對今年年底的看法和觀察？

Sure. Thanks for the question. There's certainly a lot of things that feel like they're helping us, right? First is the industry we serve is very, very durable. Premiums are going up across the insurance industry, and that does with our pricing constructs, our contract constructs create some lift to our ARR just based on DWP increasing.

當然。謝謝你的提問。確實有很多事情感覺像是在幫助我們，對吧？首先，我們服務的產業非常非常耐用。整個保險業的保費都在上漲，這與我們的定價結構有關，我們的合約結構僅基於 DWP 的增加就為我們的 ARR 帶來了一些提升。

I also think we are distancing ourselves from alternatives. And it's really, in my opinion, just based on the track record of success that we have been able to establish with our cloud products over the past five or six years.

我還認為我們正在遠離替代方案。在我看來，這確實只是基於我們過去五、六年來在雲端產品上取得的成功記錄。

We are -- it's still a competitive market, and we still compete fiercely for every single deal, but we are winning our fair share of those deals. And I think that factors into the performance in the quarters. We're also seeing just a, I guess, I'd call it a conversion strength in the deals that we're working on, the opportunities that we're looking at in a particular quarter are closing more frequently than we might have expected a couple of years ago, which I think speaks to the trust and confidence in the platform, in the programs, in the whole community, just collectively our ability to land these programs and make sure that they're successful, it all contributes to the lift and the incredible success that we had in the quarter. So that's my take, and I'm sure John has some more to add to it.

我們——這仍然是一個競爭激烈的市場，我們仍然在為每一筆交易進行激烈的競爭，但我們正在贏得這些交易中應有的份額。我認為這會影響季度表現。我想，我們也看到了我們正在進行的交易中的一種轉化優勢，我們在特定季度中看到的機會比幾年前預期的要頻繁得多，我認為這表明了對平台、對計劃、對整個社區的信任和信心，以及我們共同實施這些計劃並確保它們成功的能力，這一切都促成了我們在本季度取得的提升和令人難以置信的成功。這就是我的看法，我相信約翰還會有更多補充。

While the industry is large by surface area, it's small by community. And to Mike's point, really, the referenceability of the programs that we've been driving has provided a nice ability for that conversion rate. But I think the biggest tailwind we face is that chapter of moving from defending a cloud platform to really scaling and solving business problems with the cloud platform. As certainly the industry has a tight convergence of IT needs and business needs are no longer two different dimensions. They're merging together every day, and we're in a really good spot to help navigate that, and that's really what I think we saw over the course of this year.

儘管該行業從表面面積來看很大，但從社區來看卻很小。正如麥克所說，我們一直在推動的計劃的可參考性確實為轉換率提供了良好的能力。但我認為我們面臨的最大順風是從捍衛雲端平台轉向真正擴展和利用雲端平台解決業務問題的階段。因為產業中的 IT 需求和業務需求已經緊密融合，不再是兩個不同的維度。它們每天都在融合，我們正處於一個非常好的位置來幫助它們前進，而這正是我認為我們在今年所看到的。

That's all super helpful commentary. Jeff, you're leading with cash flow in the press release. I can't help but notice the cash flow margin for fiscal '25 looks like it's also running ahead of target model. So maybe you can -- I don't want to steal any thunder ahead of a bigger investor session you're hosting, but maybe speak to just the increasing focus on cash flow and what you're seeing that's driving the good conversion there.

這些都是非常有用的評論。傑夫，你在新聞稿中主要提到了現金流。我忍不住注意到 25 財年的現金流利潤率看起來也超過了目標模型。所以也許你可以——我不想在你主持更大的投資者會議之前搶風頭，但也許可以談談對現金流的日益關注以及你所看到的推動良好轉化的因素。

Yeah. I mean, we're really pleased with how the model is inflecting from an overall cash flow perspective. Obviously, I kind of think at the end of the day, that's the primary metric that software companies are measured on. And so we're pleased with that. Some of the interesting dynamics that are -- that we're noticing are some of the timing of revenue elements that create a bit of a difference between non-GAAP operating income and some of the cash flow dynamics, and we'll talk about that a little bit more at Analyst Day.

是的。我的意思是，我們對該模型從整體現金流角度的變化感到非常滿意。顯然，我認為，歸根結底，這是衡量軟體公司的主要指標。我們對此感到高興。我們注意到的一些有趣的動態是，一些收入要素的時間因素造成了非公認會計準則營業收入和一些現金流動態之間的一些差異，我們將在分析師日進一步討論這一點。

But that underpins the power of our model.

但這鞏固了我們模型的力量。

But certainly, this has been a focus of ours for a number of years. And as we kind of established how we think about our long-term model, we've always had this part of the journey in the back of our mind, but it's nice to see it come to realization, and we'll be continuing to monitor the targets against the targets that we have out there that we still think are very appropriate targets and we'll talk about that a bit more at Analyst Day.

但可以肯定的是，這是我們多年來關注的重點。當我們確定了我們對長期模型的看法時，我們一直在腦海中考慮這一部分，但很高興看到它得以實現，我們將繼續監控目標，以符合我們仍然認為非常合適的目標，我們將在分析師日進一步討論這一點。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Mike, firstly, congratulations with the year anniversary and hope you managed to fight off those parking beef. Can I ask you a bit more about the demand environment, especially around commercial lines because I've seen some data from councils and insurance agents. They were talking about some softness in commercial P&C. Are you seeing anything of that sort? Or are you winning more market share, which is not reflecting in terms of the dynamics that we're seeing for you?

麥克，首先，恭喜你結婚一週年，希望你能克服停車煩惱。我能否向您多問一些有關需求環境的問題，特別是商業領域，因為我看到了一些來自議會和保險代理人的數據。他們正在談論商業財產和意外保險的一些疲軟現象。您有看過類似的事情嗎？或者您贏得了更多的市場份額，但這並沒有從我們所看到的動態中反映出來？

Alexei, I'm going to thank you for the compliment. I appreciate it very much. I'm going to let John answer your question about commercial lines.

阿列克謝，我要感謝你的讚美。我非常感激。我請約翰來回答你關於商業線路的問題。

All right. So Alexei, the potential softening in the market on commercial lines attributable in large part to large commercial and large property, we think that excess and surplus specialty and middle market is still a very dynamic rate environment. That is an industry commentary. What I'll also say that as we go forward, we're finding really good success with our commercial lines opportunities. London market has set a really good pace for us.

好的。因此，阿列克謝，商業線路市場的潛在疲軟在很大程度上歸因於大型商業和大型房地產，我們認為過剩和過剩的專業和中端市場仍然是一個非常活躍的利率環境。這是行業評論。我還要說的是，隨著我們不斷前進，我們在商業線路機會方面取得了非常好的成功。倫敦市場為我們樹立了非常好的步伐。

large commercial in North America excess and surplus specialty have all been really solid for us.

北美的大型商業過剩和剩餘特種產品對我們來說都非常穩固。

And the only thing I would say in addition to that is these decisions of getting to enterprise data decisions and giving to large-scale durable core processing is a decision that goes beyond hard and soft market evolution. What is very critical is these large commercial carriers in commercial and general, they really are every day tuning their ability to make price, make product changes, enter and exit markets and make the right rating decisions. And it's very difficult to make that decision without operating on a monitoring for platform.

除此之外，我唯一想說的是，這些獲取企業資料決策和進行大規模持久核心處理的決策是超越硬市場和軟市場演進的決策。非常關鍵的是，這些大型商業和通用商業承運商確實每天都在調整其定價、產品變更、進入和退出市場以及做出正確評級決策的能力。如果沒有監控平台，做出這個決定是非常困難的。

So we feel good about our ability to help navigate the ebbs and flows of hard and soft markets and we're really tuned into where we think the opportunities are a little faster.

因此，我們對自己能夠幫助駕馭硬市場和軟市場的起伏感到滿意，並且我們確實能夠更快地發現機會。

Jeff, just a quick question for you. Can you elaborate on the benefits from the AWS contract to gross margins going forward? I think last time we spoke, you mentioned that there was some front-loaded R&D investment. Has it sort of fads away? Do you expect more benefits to gross margins?

傑夫，我只想問你一個簡單的問題。您能詳細說明一下 AWS 合約對未來毛利率有何好處嗎？我想上次我們談話時，您提到有一些前期研發投資。它已經逐漸消失了嗎？您是否期望毛利率會進一步提高？

Yes. Look, I think we have a long-standing partnership with AWS. I'm not going to get into the particulars of that arrangement. But we do have certain incentives in that contract that we realize over the contract. I think the big -- and there's an element of that, that plays into how we think about the margin expansion.

是的。看，我認為我們與 AWS 有著長期的合作關係。我不會深入討論該安排的細節。但我們確實在該合約中獲得了某些激勵，這些激勵是我們透過合約實現的。我認為，其中有一個因素影響我們如何看待利潤率擴張。

But the largest part of the overall margin expansion is the investments we've made in Guidewire Cloud Platform and the efficiencies that we're realizing as a result of that. So I wouldn't want to focus too much on kind of the particulars of that arrangement and focus more on the engineering teams delivered to enable our margins.

但整體利潤率成長的最大貢獻在於我們對 Guidewire 雲端平台的投資以及由此實現的效率提升。因此，我不想過度關注這種安排的細節，而更專注於為實現我們的利潤而提供的工程團隊。

Kevin Kumar, Goldman Sachs.

高盛的凱文·庫馬爾。

Mike, I wanted to ask you about just overall migration activity. How would you characterize kind of momentum there? Are you seeing kind of interest from customers who are on-premise? Is that starting to build how do you think that plays out as we head into fiscal '25?

麥克，我想問你有關整體移民活動的問題。您如何描述那裡的勢頭？您是否看到現場客戶對此感興趣？這是否開始形成？您認為，當我們進入 25 財年時，情況會如何發展？

Yeah. Thanks for the question. I would describe it as steadily improving/steadily building. I think, again, it has -- this has to do with the track record of success, the reliability we've demonstrated, the success stories, the customers that have moved the concept that they're not -- they're no longer breaking new ground from an IT perspective when they think about a migration to Guidewire Cloud, it's much more a question of when it makes sense for their business. and planning that with those customers.

是的。謝謝你的提問。我將其描述為穩步改善/穩步建設。我認為，這與我們過去的成功記錄、我們所展現的可靠性、成功案例以及已經轉變觀念的客戶有關，當他們考慮遷移到 Guidewire Cloud 時，從 IT 角度來看他們不再開闢新天地，而是一個何時對他們的業務有意義以及與這些客戶一起規劃的問題。

And so you see that build.

所以你就看到那個構造了。

It's one of the really nice things about Guidewire is that we have this incredible customer base. And it's an opportunity for us to grow ARR. It's an opportunity for help -- for us to help those customers get more agile. This resonates -- it doesn't -- it's not all going to come in 1 year. It's going to get spaced out over the course of many years, and we're up for that challenge.

Guidewire 的真正優點之一是我們擁有龐大的客戶群。這是我們提高 ARR 的一個機會。這是一個提供幫助的機會—讓我們幫助這些客戶變得更敏捷。這引起了共鳴——但事實並非如此——這一切都不會在一年內實現。它將在未來很多年內逐漸消失，我們已準備好迎接這項挑戰。

And so yeah, it's steadily building, and we're very -- we're pretty happy with where it is right now and especially the balance between migration activity and net new either customers specifically or the net new use cases for existing customers that we pair to a migration. All those components of the business are going very well for us right now.

是的，它正在穩步建設，我們對目前的狀況非常滿意，尤其是遷移活動和淨新客戶（特別是客戶）或與遷移配對的現有客戶的淨新用例之間的平衡。目前，我們業務的所有這些組成部分都進展順利。

That's great. And maybe one for Jeff on the premium true-ups. You talked about some of the impact of the license revenue. But just curious kind of how that true-up is affecting the model more broadly in terms of ARR revenue? Anything you can share to help kind of give context to kind of how that's impacting the broader models?

那太棒了。也許可以為 Jeff 提供一份有關優質校正的服務。您談到了授權收入的一些影響。但我只是好奇，就 ARR 收入而言，這種修正對模型有何更廣泛的影響？您能分享什麼來幫助說明這對更廣泛的模型有何影響嗎？

Yeah, no, we saw a healthy backdrop of both CPI and DWP true-ups this year. It added a couple of percentage points to overall ARR growth above and beyond what we would see in a typical year. And we expect it to be are pretty resilient looking into next year that, that would remain at slightly elevated levels. It was balanced, right?

是的，不，我們看到今年 CPI 和 DWP 的實際成長都呈現健康態勢。它使整體 ARR 成長率比我們在典型年份看到的成長率高出幾個百分點。我們預計，明年它的彈性會相當大，並保持在略高的水平。很平衡，對吧？

I mean I think if you look at the overall true-up activity, there was proportionately more coming from the on-prem installed base. But given now the scale of our ARR and the cloud, we also saw a healthy amount coming from the cloud installed base. And so on an absolute dollar, it was pretty balanced between both on-prem and cloud.

我的意思是，我認為如果你看一下整體的調整活動，你會發現來自內部安裝基礎的活動比例更高。但考慮到現在我們的 ARR 和雲端的規模，我們也看到了來自雲端安裝基礎的健康數量。因此，從絕對美元價值來看，本地部署和雲端部署之間相當平衡。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Maybe going back to Jeff and John, the points on fully ramped ARR. Seeing larger deals and seeing more full suite adoption. Is that a function, it's probably a little bit of both, but of increased willingness from those Tier 1 carriers who maybe look to adopt a bit more piece meal. Is that a step function change in how they're looking at the ecosystem? Or I think, John, you made a point of kind of better sales targeting being able to expand that scope?

也許可以回到 Jeff 和 John 那裡，關於完全提升 ARR 的觀點。看到更大的交易和看到更多的全套採用。這是一個功能嗎？可能兩者都有一點，但一級運營商的意願增強了，他們可能希望採用更零散的方式。這是他們看待生態系方式的階躍變化嗎？或者我認為，約翰，你提出了一個更好的銷售目標，能夠擴大這個範圍？

I'm sure it's a little bit of both, but maybe some additional color there.

我確信兩者都有一點，但也許還有一些額外的顏色。

I would say this is just continued progression in terms of how we're selling. I wouldn't attribute it to Tier 1 activity but we have seen some Tier 1 activity, healthy Tier 2 activity. It's just -- I think John noted this, the team has done a really good job when we look at a migration, maybe expanding a little bit beyond the initial on-prem footprint. And I think that there's an understanding of the maturity of the platform that is giving comfort to customers and making some of these larger and longer commitments. So I don't know if there's anything you want to add?

我想說這只是我們銷售方式的持續進步。我不會將其歸因於一級活動，但我們已經看到了一些一級活動和健康的二級活動。只是——我認為約翰注意到了這一點，當我們考慮遷移時，團隊做得非常好，也許會稍微超出最初的內部部署範圍。我認為，人們對平台的成熟度有了一定的了解，這讓客戶感到安心，並做出了一些更大、更長期的承諾。所以我不知道您是否還有什麼要補充的？

The ability for customers to call each other -- prospects and customers that call each other and have very, very deep conversations about what's the right pace and cadence of programs to bite off and what's the value of the suite is really what's driving it. I would reiterate what Jeff said, I don't think it's tier specific at this point. The Tier 1s are still very much a bespoke shoulder to shoulder conversation about what's the right size and fit for them.

客戶之間可以互相打電話——潛在客戶和客戶可以互相打電話，進行非常深入的對話，討論程式的正確速度和節奏，以及套件的價值，這才是真正的推動力。我想重申傑夫所說的話，我認為目前這不是特定於層級的。Tier 1 之間仍然需要進行非常客製化的肩並肩對話，討論什麼是適合他們的合適尺寸。

Okay. Great. And then maybe for Mike as well to given that there is -- I mean there's a step function of drivers for adoption here, but another one that we've kind of picked up to, I don't know if this is coming up in your conversations based around the fact that labor is massively constrained, right, as we think about what the ecosystem is looking like. Is that something that's coming up in conversations quite yet as they're thinking about that kind of capacity or that skills gap as an additional driver of that core system modernization efforts?

好的。偉大的。然後也許對於 Mike 來說也是如此，因為 - 我的意思是這裡有一個採用驅動因素的階躍函數，但另一個我們已經註意到的因素，我不知道這是否出現在你們的談話中，基於勞動力受到嚴重限制的事實，對吧，當我們思考生態系統是什麼樣子的時候。當他們考慮將這種能力或技能差距作為核心系統現代化努力的額外驅動力時，這是否是談話中出現的問題？

What you're describing certainly comes up. I think it comes up sometimes in the context of attracting younger people to come work in the industry and providing systems for them that are aligns to their expectations, let's say, about how computers should work -- computer systems should work. That comes up. I think it also comes up with a perspective of your development teams and what are you asking them to work on and are you able to retain the people that are capable of maintaining the legacy systems that they've been running sometimes for 20, 30 years. So this certainly comes up.

您所描述的情況確實存在。我認為它有時會出現在吸引年輕人進入該行業工作的背景下，並為他們提供符合他們期望的系統，比如說，關於計算機應該如何工作 - 計算機系統應該如何工作。這就出現了。我認為這也涉及到你的開發團隊的觀點，你要求他們做什麼，你是否能夠留住那些能夠維護他們有時已經運行了 20 或 30 年的遺留系統的人才。所以這肯定會發生。

I mean the whole industry is constantly trying to get more efficient and get more done with the existing folks that they have so that they can operate the company more effectively. And I think the IT agility, the operational efficiency, the data and insights that we can help provide, it helps in all those areas. And so for sure, it's a component along with a number of others that factors into the just overall push to modernize the industry.

我的意思是整個產業都在不斷嘗試提高效率，利用現有員工完成更多工作，以便他們能夠更有效地經營公司。我認為我們可以提供的 IT 敏捷性、營運效率、數據和見解對所有這些領域都有幫助。因此可以肯定的是，它與其他一些因素一起，共同推動整個產業的現代化。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Nice to see continued momentum on the cloud transition. Two for me. First, I wanted to maybe think about now that you have some time of customers being live on Guidewire Cloud platform, maybe potentially getting towards that fully ramped level. What have you seen in terms of customer spending behavior from customers that have fully migrated over to the Guidewire Cloud Platform especially in terms of their own propensity to spend, thinking about their expansion. For example, if we were to look at NRR for on-premise Guidewire or InsuranceSuite cloud customers.

很高興看到雲端轉型持續保持動能。對我來說是兩個。首先，我想考慮一下，既然客戶現在已經在 Guidewire Cloud 平台上線一段時間了，那麼可能就有可能達到完全提升的水平。從完全遷移到 Guidewire 雲端平台的客戶的消費行為來看，特別是從他們自己的消費傾向來看，您看到了什麼？他們考慮擴張了嗎？例如，如果我們要查看內部 Guidewire 或 InsuranceSuite 雲端客戶的 NRR。

How would those compare to NRR on kind of a fully ramped basis for similar customers as they're on InsuranceSuite cloud? And then I've got a quick follow-up.

對於使用 InsuranceSuite 雲端的類似客戶來說，這些與 NRR 相比如何？然後我有一個快速的跟進。

Yeah. I mean I'm not going to get into the NRR but different cohorts. I mean I think we have seen a healthy expansion within the cloud installed base. Some of that is coming in the form of how they build in the Guidewire Cloud platform and requirements for different environments that increase what we call platform spend within Guidewire. Some of that may come in the form of attach of different product sets within our data and analytics suite.

是的。我的意思是我不會加入 NRR，而是加入不同的群體。我的意思是，我認為我們已經看到雲端安裝基礎的健康擴張。其中一些體現在他們如何在 Guidewire Cloud 平台中建置以及對不同環境的要求上，這些要求增加了我們所說的 Guidewire 內部的平台支出。其中一些可能以我們資料和分析套件中不同產品集的附件形式出現。

I think it's still pretty early to make any judgments on that overall attach rate, but that's something we're watching.

我認為現在對整體附加率做出任何判斷還為時過早，但這是我們正在關注的事情。

And then we've obviously seen some direct written premium expansion as well that flows into how we think about net renewal rates for the cloud installed base. So I think that there's more potential there in the cloud, especially as you start to think about the marketplace and how that presents itself in the future, then there was on-prem, but probably too early to make any sort of real comparisons.

然後，我們顯然也看到了一些直接書面保費擴張，這也影響了我們如何看待雲端安裝基數的淨續訂率。因此，我認為雲端運算具有更大的潛力，特別是當你開始考慮市場以及它在未來如何呈現時，然後是內部部署，但可能還為時過早，無法進行任何真正的比較。

It's progressing very well. This component of our business model, I think, is going very well. I won't say it's like exactly according to plan, and we don't track it that closely. But it's exactly what I would expect. And it has to do with, honestly, the track record of success.

一切進展順利。我認為，我們商業模式的這一部分進展非常順利。我不會說它完全按照計劃進行，而且我們也沒有密切跟踪它。但這正是我所期望的。說實話，這與成功的記錄有關。

If we make these customers successful, they're going to want to do more with us, they're going to find other core system use cases that are going to make sense to expand that is based off of the success we can drive with the program, but also the relationship of the various applications within InsuranceSuite.

如果我們讓這些客戶成功，他們就會希望與我們做更多的事情，他們就會找到其他有意義的核心系統用例來擴展，這不僅基於我們可以透過該計劃獲得的成功，還基於 InsuranceSuite 內各種應用程式之間的關係。

Jeff mentioned the other add-on opportunities with platform, with partners, with data, with analytics. I think this will increasingly be a part of the story going forward. And right now, it's going sort of according to plan. So it's an insightful question. I think it's early, but it is going very well.

傑夫提到了平台、合作夥伴、數據和分析等其他附加機會。我認為這將越來越成為未來故事的一部分。目前，一切進展順利。所以這是一個很有見地的問題。我認為現在還為時過早，但一切進展順利。

All right. Got it. That's really helpful, guys. And then Mike, in your prepared remarks, you called out some of the success you're seeing on the InsuranceNow side. Can you maybe talk to, I guess, number one, you've seen what seems to be improving momentum with InsuranceNow over really the past year or so.

好的。知道了。夥計們，這真的很有幫助。然後麥克，在你準備好的演講中，你提到了你在 InsuranceNow 方面看到的一些成功。您能否談談，我想，第一，在過去一年左右的時間裡，您已經看到 InsuranceNow 的發展勢頭似乎正在好轉。

What's driving that both from an industry and maybe product perspective? And then number two, is there a glide path? Or what would it look like for maybe insurers who land on insurance now, but over time might get big enough that InsuranceSuite cloud is actually the right solution. What is that actual upgrade or on-ramp path look like?

從產業和產品角度來看，推動這一趨勢的因素是什麼？第二，有下滑道嗎？或者，對於現在涉足保險業的保險公司來說，情況會是什麼樣子，但隨著時間的推移，其規模可能會變得足夠大，以至於 InsuranceSuite 雲端實際上是正確的解決方案。實際的升級或入口路徑是什麼樣的？

Yeah, so we have -- it's a strategic question that we looked at years ago when we embarked on the cloud transformation is what should be the core strategy with InsuranceNow and InsuranceSuite. And we chose to maintain both of those applications to do our best to make sure that they were leveraging common infrastructure as much as possible and continue to invest in both. Primarily, this has to do with our commitment to the customer base who is very happy with the InsuranceNow product. There's a good sort of cohort of insurance companies in North America where InsuranceNow is a very, very good fit.

是的，這是我們幾年前在開始雲端轉型時考慮的策略問題，即 InsuranceNow 和 InsuranceSuite 的核心策略應該是什麼。我們選擇維護這兩個應用程序，盡最大努力確保它們盡可能地利用通用基礎設施，並繼續對它們進行投資。首先，這與我們對對 InsuranceNow 產品非常滿意的客戶群的承諾有關。北美有一群優秀的保險公司，InsuranceNow 非常適合這些公司。

And we're very competitive when we find an opportunity in that sweet spot. So it's a great product. It's a great business unit within the company.

當我們在這個最佳點上找到機會時，我們的競爭力就會非常強。所以這是一款很棒的產品。這是公司內部一個很棒的業務部門。

With respect to I would say like it's acceleration over the past couple of years. It has to do with us being very, very clear about our commitment to it and our investment in it and making sure that it's more beating competitors in that deal. I mean, that's what it comes down to.

就此而言，我想說的是，過去幾年它正在加速發展。這與我們非常明確地表明我們對它的承諾和投資以及確保它在該交易中擊敗競爭對手有關。我的意思是，這就是事情的真相。

With respect to an on-ramp to InsuranceSuite, I would say we -- really, we try to focus a lot on landing the customer on the right platform to begin with. There isn't -- you shouldn't imagine a strategy that we have of like start with InsuranceNow and move to InsuranceSuite. Just it's a pretty significant implementation on either one of those things. And so we would like to get that correct from the very beginning.

關於 InsuranceSuite 的入口，我想說我們——實際上，我們一開始就努力將重點放在讓客戶進入正確的平台上。沒有——你不應該想像我們的策略是從 InsuranceNow 開始，然後轉向 InsuranceSuite。這對於其中任何一件事來說都是一個非常重要的實作。因此我們希望從一開始就做到這一點。

Where we do have an opportunity to add more value is around the additional analytics and data offerings like I mentioned, we can move the infrastructure from over to Guidewire Cloud platform and create a little bit more margin for us and just run the service more efficiently. And that's beneficial to us. It's beneficial to our InsuranceNow customers. But that's basically what's going on is we're committed to these customers, and we're committed to ensuring that this is successful and it's working pretty well for us.

我們確實有機會增加更多價值的地方是圍繞我提到的附加分析和資料產品，我們可以將基礎設施從 Guidewire Cloud 平台轉移到 Guidewire Cloud 平台，為我們創造更多利潤，並更有效率地運行服務。這對我們有利。這對我們的 InsuranceNow 客戶有利。但基本上，我們致力於服務這些客戶，我們致力於確保這項工作成功，並且對我們來說非常有效。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Good to see the momentum with the net new customers. I think it was four during the quarter. Mike and John, any common theme on those customers that you talked about during your prepared remarks, either in terms of the systems you're replacing or common challenges that they face that persist to their decision to move a Guidewire?

很高興看到淨新客戶的成長動能。我認為本季有四個。麥克和約翰，在你們準備好的發言中，你們談到了這些客戶的共同主題，無論是關於你們要更換的系統，還是關於他們在決定更換 Guidewire 時面臨的共同挑戰？

I think the first common theme is that we've been talking to them for a long time. These are customers that we stay close to. We've been talking to all of those wins, net new wins for quite some time, building relationship and understanding the business problems. The thematic really is around opportunity, business opportunity for growth and the need to move faster and the ability to get in and out of markets with the right products, the right product definitions, the right rates. And that really has is what's bringing the conversation to the table.

我認為第一個共同點是我們已經與他們交談了很長時間。這些都是我們密切關注的客戶。我們已經就所有這些勝利、新的勝利進行了相當長一段時間的討論，建立了關係並了解了業務問題。主題實際上是圍繞著機會、成長的商業機會、更快行動的需要以及以正確的產品、正確的產品定義和正確的價格進入和退出市場的能力。這才是真正讓對話得以展開的原因。

In a couple of cases in the quarter, as I mentioned in the prepared remarks, those led to -- while it was often a claims conversation or a billing conversation and take two specific cases, those expanded very quickly to be suite conversations. And the reason for that really is around the confidence of execution and the confidence of that early commitment.

正如我在準備好的發言中提到的那樣，在本季度的幾個案例中，這些案例導致了——雖然這通常是索賠對話或賬單對話，並以兩個具體案例為例，但這些案例很快就擴展為套房對話。而其原因其實在於對執行的信心以及對早期承諾的信心。

So I'd say the two major themes are: one, the pressure to compete at speed is very real. And so being close to the customers and being in the right time in place to have those conversations because of how close we stated them was a really important theme for the quarter and the year. And then the second piece was really around because of the confidence of the platform today, the ability to expand.

所以我認為有兩個主要主題：第一，速度競爭的壓力非常真實。因此，貼近客戶並在正確的時間和地點進行這些對話（因為我們表達的密切程度）是本季和今年的一個非常重要的主題。然後，第二部分真正出現是因為當今平台的信心和擴展能力。

I bring that up because in that expansion obviously has a displacement of some -- in some cases, relatively modern implementations of systems that you would see maybe a couple of years ago or a couple of years old, we feel really good now about our ability to confidently address those displacements in execution and in the sales cycle.

我之所以提到這一點，是因為在這種擴張中顯然存在一些位移——在某些情況下，您可能會看到幾年前或幾年前的相對現代的系統實現，我們現在對自己在執行和銷售週期中自信地解決這些位移的能力感到非常滿意。

Got it. Very helpful. Thank you.

知道了。非常有幫助。謝謝。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

The difference between 19% growth and fully ramped ARR and the 16% growth you're talking about a quarter ago is the implication for the net new value that booked in 4Q. That's just very far above your original plan, it would seem. And I wanted to put a finer point on what drove that. John just made the comment that you're getting more full suite deals.

19% 的成長率和全面提升的 ARR 與您在一個季度前談論的 16% 的成長率之間的差異是對第四季度淨新價值的影響。看起來，這遠遠超出了你最初的計劃。我想更詳細地解釋一下造成這種情況的原因。約翰剛剛評論說，您將獲得更多全套優惠。

Did you originally pencil in that some of these deals in 4Q were maybe modules are at full suites? I think win rates came up. Did that skew more favorable and you ended up grabbing some deals maybe you weren't expecting? And then I wanted to ask just any of the deals perhaps close a bit earlier so there's simply a timing factor behind the 4Q strength?

您最初是否認為第四季度的一些交易可能是全套模組？我認為勝率上升了。這是否對您更有利，並且您最終獲得了一些您可能沒有想到的交易？然後我想問一下，這些交易是否可能提前結束，所以第四季度的強勁表現背後是否存在時間因素？

Yes. I think you highlighted a couple of the key components. I don't think that we had a very strong Q4, and we sometimes use the word run the table internally, and we did our best to run the table, but I don't think there was anything -- there is certainly nothing that surprised us to say, "Oh, man, I didn't think that was going to close until Q1 or Q2." So it was pretty typical in that fashion.

是的。我認為您強調了幾個關鍵組成部分。我認為我們的第四季度表現並不十分強勁，我們有時在內部使用“掌控全局”這個詞，我們也盡了最大努力來掌控全局，但我認為沒有什麼事情——當然沒有什麼事情讓我們感到驚訝，我們會說：“哦，夥計，我沒想到這一切要到第一季度或第二季度才會結束。”所以從這個角度來說，這是非常典型的。

We are just seeing a willingness, whereas two years ago, we weren't seeing this willingness. We're seeing kind of starting small, a little bit more and see how it goes and then make a big commitment. And I think we're seeing a bit more willingness to make a big commitment at the outset.

我們看到了一種意願，兩年前我們還沒有看到這種意願。我們看到的是先從小事做起，再多做一點，看看進展如何，然後再做出大的承諾。我認為，我們看到人們一開始就更願意做出重大承諾。

I think from an insurer's perspective, they can put the most muscle behind the negotiation in that outcome. But they feel confident that the platform that we have is ready to support those big programs, and we're seeing that willingness more today than certainly were two years ago. And we saw this last Q4, but we didn't want to assume that was a trend, right, because that was a very big quarter for us, but we backed it up with another very strong Q4.

我認為從保險公司的角度來看，他們可以在談判中發揮最大的推動作用。但他們相信，我們現有的平台已準備好支持這些大型項目，而且我們今天看到的這種意願比兩年前更加強烈。我們在上個第四季度看到了這一點，但我們不想假設這是一種趨勢，對吧，因為那對我們來說是一個非常重要的季度，但我們用另一個非常強勁的第四季度支持了它。

That's great. And then what -- one thing I wanted to reconcile. So bigger average deals and customers going all in upfront. I think a lot of folks hear that and think it's a bigger carrier that's doing it. But I think I heard this right, 13 of the 16 cloud deals this quarter came from Tiers two through 4.

那太棒了。然後──有一件事我想調和一下。因此平均交易額較大，客戶也願意全額預付。我想很多人聽到這個消息後都會認為是更大的航空公司在這麼做。但我想我沒聽錯，本季 16 筆雲端運算交易中有 13 筆來自第二至第四層。

So I'm just wondering if maybe the strategy you've outlined is actually resonating more down market than maybe it has up until this point? And does that actually drive even better referenceability for you going forward? Your lion share is well established in Tier 1 and 2. But are you starting to see the needle move more meaningfully down market?

所以我只是想知道，您所概述的策略是否實際上比迄今為止在市場中引起了更大的共鳴？這是否實際上會為您未來的發展帶來更好的參考價值？您的最大份額已在第 1 層和第 2 層中確立。但您是否開始看到市場趨勢更加明顯？

I'd say, number one, Tier 2 is a big span of carriers. So there's -- Tier 2 can be split into kind of three or four different segments within it. So happy that in those Tier 2 deals we talked about that two of them sit towards the higher end of the Tier 2 so that's good. It's resonating at that Tier 2 level. It's resonating down market.

我想說，第一，Tier 2 的承運商範圍跨度很大。因此，第 2 層可以分為三個或四個不同的部分。很高興，在我們談論的那些二級交易中，其中兩個處於二級交易的高端，所以這很好。它在第 2 層引起了共鳴。這引起了市場的共鳴。

How then do we think about Tier 1? And I would say Tier 1 still works very specifically as its own proof points, very specific proof points, getting in and doing proofs of concept and digging in deep technically.

那我們如何看待 Tier 1？我想說的是，Tier 1 仍然非常具體地作為自己的證明點，非常具體的證明點，進入並進行概念證明並在技術上進行深入挖掘。

The thing that has resonated since the day I got here is the deeper a customer goes the better we come out in the analysis. And so Tier 2 has got a lot of referenceability. And even at this point, some movement of professionals across carriers where that it's not just referenceability but portability of relationship, which is really powerful. And more and more as we dig in deeper with the Tier 1s, and we're running proofs of concept and very specific deep conversations on it. We're now very importantly, well past the technical proof points.

自從我來到這裡以來，我一直有一個共識：對客戶的了解越深入，我們的分析就越準確。因此，Tier 2 具有很大的可參考性。即使在這一點上，一些專業人員在跨運營商的流動不僅僅是可參考性，而且是關係的可移植性，這確實很強大。隨著我們對 Tier 1 的深入研究，我們正在進行概念驗證和非常具體的深入對話。非常重要的是，我們現在已經遠遠超越了技術驗證點。

And as Mike said in the prepared -- in the earlier answer, we're really into what's the best business timing, the best business outcome for the backlog of work that they might have in other arena and also for the business drivers that they want to put in the marketplace. So it's moving well. Tier 2 is a very portable conversation across all parts of Tier 2, Tier 1, again, still very specific to each Tier 1 carrier.

正如麥克在先前的回答中準備好的那樣，我們真正關心的是最佳的商業時機，以及針對他們在其他領域可能積壓的工作以及他們想要投放到市場中的商業驅動力的最佳商業結果。所以一切進展順利。Tier 2 是跨 Tier 2、Tier 1 所有部分的非常可移植的對話，同樣，對於每個 Tier 1 運營商來說仍然非常具體。

That's great. Thank you very much.

那太棒了。非常感謝。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

John, first one for you. Just following up on Dylan's question on the Tier 1 customers, but maybe ask in a slightly different way. Has anything changed in terms of the conversations there indicating more of a willingness from the top to standardize across like all commercial lines of business or all personal lines of business? Or does it still feel like it's a pretty separate line of business by line of business decision?

約翰，第一個問題出在你身上。只是跟進 Dylan 關於一級客戶的問題，但可能以稍微不同的方式提問。就對話而言，有什麼變化嗎，表明高層更願意對所有商業業務線或所有個人業務線進行標準化？或者它仍然感覺像是一個由業務線決定的、相當獨立的業務線？

It's very specifically still a line of business by line of business conversation. And we're okay with that because we know the depth of proof point, we're going to have to dig in those and prove it out and expand from there, which gives us a tremendous amount of long-term opportunity. But for good or for bad, and it is, I think, good because it allows us to go deeper. It's very specific to lines of business or specific products.

具體來說，它仍然是一個逐個業務線的對話。我們對此表示同意，因為我們知道證明點的深度，我們必須深入挖掘並證明這一點，然後從那裡擴展，這給了我們大量的長期機會。但無論好壞，我認為這是好的，因為它使我們能夠更深入地了解。它非常具體地針對業務線或特定產品。

Okay. Great. And then, Jeff, one for you. Just the smoothing of quarterly bookings is something that you've kind of had a lot of success with over this past year landing earlier in the year upfront. Any change to how you're thinking about seasonality as we go into this upcoming year?

好的。偉大的。然後，傑夫，給你一個。在過去的一年中，你們在平滑季度預訂方面取得了很大成功，並在年初就實現了提前預訂。隨著我們進入新的一年，您對季節性的看法有什麼改變嗎？

Yeah, we had a -- we did a lot of work on that, and then we had a blowout Q4. So I mean look, I think we saw it pretty typical linearity for us. Certainly, the team did a lot of work in Q1, Q2 and Q3 that put us in a very strong position. And so I think we're continuing to work hard to make sure that we don't rely on Herculean Q4s, given the size of our sales team and the vertical that we focus on. And I think the team is doing a really good job.

是的，我們在這方面做了很多工作，然後在第四季度取得了巨大的成功。所以我的意思是，我認為我們看到了它對我們來說非常典型的線性。當然，團隊在 Q1、Q2 和 Q3 中做了很多工作，這使我們處於非常有利的位置。因此，考慮到我們銷售團隊的規模和我們關注的垂直領域，我認為我們將繼續努力確保我們不會依賴艱鉅的 Q4。我認為這個團隊做得非常好。

So I would expect kind of as I look at this year, similar linear.

因此，我預計今年的情況也會出現類似的線性變化。

I'll add one point to linearity is it's, in large part, then due to the execution of the team and focusing on our smoothing. But the real benefit of linearity is timing more of our financial activities up to our customers in the market's financial activities, allowing for our Q2 to become an increasingly important quarter for us, times us up better for planning when we look at ourselves through the customers' lens.

我要補充一點，線性在很大程度上取決於團隊的執行力以及我們對平滑度的關注。但線性的真正好處是，讓我們的金融活動在市場金融活動中更多地與客戶同步，從而使我們的第二季度成為對我們來說越來越重要的一個季度，當我們透過客戶的角度來看待自己時，我們可以更好地進行規劃。

Thank you, both, for that.

對此，我向你們兩位表示感謝。

Matt VanVliet, BTIG.

馬特·範弗利特（Matt VanVliet），BTIG。

I just wanted to touch on the partner community, especially on the services side of it. Our conversations continue to talk about improving relationship there and a lot better communication back and forth. But I guess, John, where do you feel like you're at in terms of the plan you've implemented? Obviously, knowing both sides of the house now very well. Is there still more work to be done?

我只是想談談合作夥伴社區，特別是服務方面。我們的談話繼續談論如何改善雙方關係以及更好的溝通。但我想，約翰，就你所實施的計畫而言，你感覺你現在處於什麼階段？顯然，現在對房子的兩側都非常了解了。還有更多工作要做嗎？

Or is it just a matter of continuing to execute on the plans in place and just sort of incremental changes here and there?

或者這只是繼續執行現有計劃並進行一些漸進式更改的問題？

Yes. Thanks for the question. The work ahead is -- if you look at it from a distance, it's very much more of the same. But if you dig into regional specificity, it becomes the next round of focus for us, which is Europe and Asia Pacific, Japan, in particular, have very specific and different needs and some different requirements of partnership there. And so we're working very specifically now with our managing directors in each region to make sure that we've got the right strategic plan for go-to-market and also the right services planned for collaboration.

是的。謝謝你的提問。未來的工作——如果你從遠處看，你會發現它們大同小異。但如果深入研究區域特性，它就成為我們下一輪關注的重點，即歐洲和亞太地區，尤其是日本，那裡有非常具體和不同的需求以及一些不同的合作要求。因此，我們現在正與每個地區的董事總經理進行非常具體的合作，以確保我們擁有正確的市場進入策略計畫以及正確的合作服務計畫。

The piece that I don't think changes at all is the foundational elements of how we work together on programs and how we continue to invest in making sure that the SIs can sit in that driver seat of the program to bring scale -- increase scale and predictability to the community. So more of the same, but really pleased with how that progressed over this last year.

我認為完全不會改變的是我們如何在專案上合作以及我們如何繼續投資以確保 SI 能夠坐在專案的駕駛座上以帶來規模——增加社區的規模和可預測性。情況大致相同，但我對去年的進展感到非常高興。

Yes. Very helpful. And then maybe dovetailing a little bit on the ability to expand more quickly as more customers are on GWCP. When we look at it from sort of the marketplace and some of your technology partners out there, how are you balancing that element of cultivating a lot more partners, getting into very specific use cases or even very regionally dependent items versus building out more of that internally now that you have the majority of your customers either on or on the path to being on essentially one version of the platform?

是的。非常有幫助。然後，隨著越來越多的客戶加入 GWCP，我們可能能夠以更快的速度進行擴展。當我們從市場和一些技術合作夥伴的角度來看待這個問題時，您如何平衡培養更多合作夥伴、進入非常具體的用例甚至非常依賴區域的專案與在內部構建更多專案之間的平衡，因為現在您的大多數客戶要么已經使用或正在使用基本上一個版本的平台，要么正在走向一個版本的平台？

Yes. This is a tough strategic question. And I think the way I think about this is that we want to create the ecosystem that our customers would want from us as a vendor, right? They want to have choices. They want to have Guidewire produce something that has a degree of openness to it that enables people to connect safely and securely and reliably into the cloud system that we serve.

是的。這是一個棘手的戰略問題。我認為，我們想創建一個客戶希望從我們作為供應商獲得的生態系統，對嗎？他們想要有選擇。他們希望 Guidewire 生產出具有一定開放度的產品，讓人們能夠安全、可靠地連接到我們服務的雲端系統。

And then we also will have objectives about what we build and what we sell and what we deliver first party.

然後，我們還將制定有關我們生產什麼、銷售什麼以及第一方交付什麼的目標。

And there'll be -- we're not going to be able to do everything we are certainly going to do more. Like I said, we're in a really good position strategically to provide more and more value to our customer base in this industry, and we'll have a product strategy that we will attempt to be open about. And maybe from time to time, there will be overlap with partners. But you basically want to have that dynamic if you were a customer of Guidewire, and that's how I try to think about how we should approach building that ecosystem.

而且——我們不可能做到所有的事情，但我們肯定會做得更多。就像我說的，我們在策略上處於非常有利的地位，可以為這個行業的客戶群提供越來越多的價值，而且我們將制定一個願意公開的產品策略。並且也許有時與合作夥伴會有重疊。但如果你是 Guidewire 的客戶，你基本上會希望擁有這種動態，這就是我嘗試思考我們應該如何建立這個生態系統的方式。

And at the end of the day, if we keep creating a, call it, a community of customers on our cloud, that's going to create very large opportunity for insurtechs and technology partners to connect into Guidewire and build applications that integrate with us. And I think that's going to be great for our whole ecosystem. And so that's how I think about it. It's a complicated thing to manage and work through every single use case. But at a high level, that's how we're approaching it.

最終，如果我們繼續在雲端創建一個客戶社區，這將為保險科技公司和技術合作夥伴創造巨大的機會，讓他們能夠連接到 Guidewire 並建立與我們整合的應用程式。我認為這對我們的整個生態系統來說都是有益的。這就是我的想法。管理和處理每個用例是一件複雜的事情。但從高層次來看，這就是我們處理這個問題的方式。

All right. Great.

好的。偉大的。

Aaron Kimson, Citizens JMP.

Aaron Kimson，公民 JMP。

Great. Would it be fair to classify the current state of the P&C end market as a bit of a golden age for your customers or simultaneously in a robust hard market and have high interest rates to reinvest the flow. So how do you think about the sustainability of the end market strength as it flows through to Guidewire on both the hard market piece and if we start to see rate cuts?

偉大的。將 P&C 終端市場的現狀歸類為客戶的黃金時代，或同時處於強勁的硬市場並具有高利率來重新投資流量，這是否公平？那麼，當我們開始看到利率下調時，您如何看待終端市場強勢對 Guidewire 的可持續性？

Yeah, I would say that the thing I love about serving this industry is how durable it is. And John said, there's going to be hard markets, there's going to be softer markets, there's going to be changes. Fundamentally, what I want to deliver to this industry is agility. I want to enable them to operate their companies more efficiently, make decisions faster, adjust changing dynamics as quickly as they need to and core systems and Guidewire provided core systems can do that in a unique way. That's what I see, and that's what's nice about serving this market, is that there is a need for this, and this industry is very durable.

是的，我想說我喜歡服務這個行業的原因在於它的耐用性。約翰說，市場將會變得艱難，市場將會變得疲軟，市場將會改變。從根本上來說，我希望為這個行業帶來敏捷性。我希望他們能夠更有效率地經營公司，更快地做出決策，並根據需要快速調整不斷變化的動態，而核心系統和 Guidewire 提供的核心系統可以以獨特的方式做到這一點。這就是我所看到的，這就是服務這個市場的好處，因為有這個需求，而且這個行業非常持久。

So I don't -- yes, things may be going in a positive direction for the insurance industry. The outlook may be improving but that -- I don't want people to think that we imagine a day in which all that reverses right? I just think that there's such a huge opportunity to help modernize this industry. And the industry is going to continue to operate and grow steadily over, I would imagine at least the next 10 to 20 years. It creates a very -- it just creates a great opportunity for Guidewire.

所以我認為——是的，保險業的情況可能正在朝著積極的方向發展。前景可能正在改善，但是——我不希望人們認為我們想像有一天一切都會逆轉，對嗎？我只是認為，這是一個巨大的機會，可以幫助這個行業現代化。我認為至少在未來 10 到 20 年內，該行業將繼續營運並穩步成長。這為 Guidewire 創造了絕佳的機會。

Whether or not the current kind of conditions right now are great that's wonderful, right? But I still think that whether or not it's interest rates or risk or premium, this industry is just going to stay durable and it's going to continue to need to be modernized. And so that's how I think about making plans for Guidewire is how do we serve this industry for the next 10 or 20 years?

無論現在的條件是否很好，這都很棒，對吧？但我仍然認為，無論是利率、風險或溢價，這個行業都將保持持久，並且將繼續需要現代化。所以，我在為 Guidewire 制定計劃時考慮的是，在未來 10 年或 20 年，我們如何為這個行業提供服務？

That's really helpful. And then the second question I have, it's now been 9.5 months since you talked about wanting to be more opportunistic around M&A. You spoke today in the last quarter pretty pointedly about organic product investments. What are you seeing in private market valuation expectations? And has your outlook on organic versus inorganic investment changed over the last few quarters?

這真的很有幫助。我的第二個問題是，自從您談到想要在併購方面獲得更多機會以來，已經過去了 9.5 個月。您今天在上個季度非常尖銳地談到了有機產品投資。您對私人市場估值預期有何看法？在過去幾個季度中，您對有機投資和無機投資的看法發生了變化嗎？

Yeah. We are certainly in a position to be able to consider M&A more seriously than we have in the past, right? The strength of our business improving, and the customer base increasing, just the durability of our business improving, makes it more and more possible for us to approach inorganic growth, okay? But we are also very careful. We want to ensure that we get the right price and we get the right technology and we get the right culture and we get the right team and it fits in with Guidewire.

是的。我們當然能夠比過去更認真地考慮併購，對嗎？我們的業務實力不斷增強，客戶群不斷擴大，業務持久性不斷提高，使我們越來越有可能實現無機成長，好嗎？但我們也非常小心。我們希望確保我們獲得合適的價格、合適的技術、合適的文化、合適的團隊，並且與 Guidewire 相適應。

And so we -- I think we have something very special at Guidewire right now in terms of just a software company and looking at the overall landscape. And I don't want to put that at risk. And so we're going to be very careful. So yes, we are more open to it, and we are looking more aggressively, but I'm also pretty picky. We are also pretty picky and we want to make sure that we do it correctly.

因此，我認為，從軟體公司和整體情況來看，Guidewire 目前擁有非常特別之處。我不想讓這個事情面臨風險。所以我們會非常小心。所以是的，我們對此更加開放，我們也更加積極地看待它，但我也相當挑剔。我們也非常挑剔，我們希望確保我們做得正確。

And I also want people to understand that I have a high degree of confidence that we can build product at Guidewire. We can execute. We have proven over the past five years that we can build software and execute effectively. And so we may choose in certain categories to build product organically, and that will take us a little while to build it, but we'll -- I have a high degree of confidence we'll execute.

我也想讓人們明白，我非常有信心我們可以在 Guidewire 打造產品。我們可以執行。在過去的五年裡，我們已經證明我們可以建立軟體並有效執行。因此，我們可能會選擇在某些類別中有機地構建產品，這將需要一些時間來構建，但我非常有信心我們會執行。

So I guess that's how I would think about it. Don't put me on a clock to do M&A. We're open to it, but we're not -- it's not necessary for us to reach our long-term ambitions.

所以我想這就是我的想法。不要逼我去做併購。我們對此持開放態度，但這並非我們實現長期目標的必要條件。

Great. Thanks, Mike.

偉大的。謝謝，麥克。

Thank you. There are no further questions at this time. I think I'd like to hand the floor back over to Mike Rosenbaum for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給麥克羅森鮑姆 (Mike Rosenbaum)，請他發表最後評論。

I just want to say thank you to everybody at Guidewire putting all the work to deliver a great year. I appreciate everybody joining us on the call today, and look forward to seeing you, if possible, at our Analyst Day in New York or maybe connections a little bit later in the year. So thanks for joining, everybody.

我只想對 Guidewire 的每一個人說謝謝，感謝你們為實現這一偉大的一年所付出的努力。我感謝今天參加我們電話會議的各位，如果可能的話，我希望在紐約分析師日或今年晚些時候的會面中見到你們。感謝大家的加入。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。