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.

您好，歡迎參加 Guidewire 2024 財年第四季和全年財務業績電話會議。 （操作員說明）謹此提醒，此通話正在錄音。

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

我現在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。我是亞歷克斯‧休斯 (Alex Hughes)，投資人關係副總裁。今天與我在一起的是執行長 Mike Rosenbaum；傑夫·庫珀，首席財務長；總裁兼首席營收長約翰·馬倫 (John Mullen) 與我們一起對採用活動進行了年終回顧。

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.

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

Statements made on this call include forward-looking ones regarding our financial results 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.

這次電話會議上發表的聲明包括有關我們的財務業績展望和目標、與我們的產品相關的未來業務勢頭、雲端交易、客戶需求、營運、當地、國家和地緣政治事件對我們業務的影響、我們的合作夥伴的前瞻性聲明。這些陳述受到風險、不確定性和假設的影響，並且基於管理層截至目前的當前預期，不應被視為代表我們在任何後續日期的觀點。

Please refer to 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以及我們向 SEC 提交的風險因素和文件，包括我們最新的 10-Q 表格季度報告以及先前和即將向 SEC 提交的 10-K 表格年度報告，以了解以下資訊：可能導致實際結果與此類聲明中規定的結果存在重大差異的風險、不確定性和假設。

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，為投資者提供更多資訊。除非另有說明，所有關於利潤率、獲利能力和費用的評論均基於非公認會計原則。我們的新聞稿中提供了非公認會計原則與公認會計原則措施的調節。調節表格和附加資料也發佈在我們 IR 網站的增刊中。

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，謝謝大家今天的加入。我很高興有機會報告第四季度的出色業績，為 Guidewire 以及我們的客戶和合作夥伴社群度過了令人難以置信的一年。對我來說，本季標誌著 Guidewire 的五年，本季和財年的業績明顯證明了這裡每個人為我們的雲端轉型所做的辛勤工作和決心。

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客戶專案成功的一致記錄，並且我們看到雲端平台的成熟度和可靠性繼續推動新客戶和現有客戶的需求。選擇 Guidewire 雲端平台的客戶的參考持續成長，這種聲譽繼續推動新的銷售和採用的需求，並最終推動客戶計劃的成功和相關的保險成果，滿足財產險行業的需求。

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.

我們建立的市場動能清楚地反映在強勁的 ARR 和全面的 ARR 成長中。今年 ARR 成長了 14%，而隨著我們繼續簽署具有更重要的全面提升價值的更大交易，全面提升的 ARR 加速至 19%。我們在本季完成了 16 筆雲端交易，全年完成了 42 筆。我們的總裁約翰·馬倫 (John Mullen) 將詳細介紹雲端採用情況。

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個成員共同努力的結果。本季和今年的業績使我們能夠很好地實現本財年 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採用，我們也看到我們的雲端模式中的槓桿作用越來越大，Guidewire 雲端平台正在展示更大的規模和效率，訂閱和支援的毛利率今年增加了10 個百分點，達到65% 以上。隨著我們繼續擴展平台，我們對實現長期利潤目標的目標非常有信心。

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.

我們也不斷推動公司整體營運紀律和效率的提高，實現了近 1 億美元的非 GAAP 營運利潤和近 2 億美元的營運現金流。我們也預計在 2025 財年實現 GAAP 獲利。

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年。我們繼續看到圍繞雲端轉型和現代化的對話數量不斷增加。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的記錄，我們正在遠離替代方案。

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，並且在今年非常健康。 11 月，我們將回到納許維爾舉辦年度客戶聯誼大會，Guidewire 社群的 3,000 名成員將參加此次會議。這將為我們提供另一個寶貴的機會，在我們的平台上展示最新的創新[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.

俗話說，過去的一年意味著過去的五年，有時似乎是一項了不起的成就。我們已經成為市場定義的本地垂直軟體領導者，並將其重新建構為垂直軟體即服務領導者。我已經和很多人談過（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，這一切對我來說看起來都很合乎邏輯。我們制定了一個簡單明了的計劃，不需要任何奇蹟，專注於執行，同時確保每個選擇信任我們的客戶都不會懷疑他們的決定。我們不是也永遠不會完美，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，我們將每天努力贏得客戶對我們的信任。我們現在與客戶保持良好的合作關係，並處於獨特的地位，可以幫助塑造我們所服務產業的未來。我們將繼續以過去幾年所展示的方式執行，我相信我們將繼續實現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，我將把它交給 John，以提供對保險業的年終看法，並更詳細地討論客戶在 Guidewire 雲端平台上的採用和成功。

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。今年是 Guidewire 非常成功的一年。我們很高興為關鍵且有彈性的客戶群提供服務。今年，我們看到財產和意外保險克服了壓力的集中，並繼續發展，以靈活和精確的方式應對通貨膨脹、世界風險的演變以及消費者和企業不斷增長的期望。

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.

我們對與市場關係的持久性仍然充滿信心，並對我們可以幫助推動財產與意外傷害產業的變革步伐持樂觀態度。考慮到我們今年完成的 42 筆雲端交易，我們在第四季度完成了 13 筆 InsuranceSuite 雲端交易，使我們全年的 InsuranceSuite 雲端交易總數達到 37 筆。我們看到的是投資組合方法的積極影響，它在整個業務中實現了健康的平衡。

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、國家和業務領域的具體計劃和責任，並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.

我們在第四季度淨增加了四家新客戶，並看到希望實現核心系統現代化的保險公司的獲勝率持續強勁。一家超級區域個人線路營運商選擇採用我們全套和廣泛的數據產品，以實現現代核心系統的標準化並促進他們的成長目標。

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 是超額和剩餘領域的領導者，選擇索賠中心來整合多個索賠系統並提高營運效率。我們的追蹤記錄並對客戶的成​​功進行了評論，以了解他們做出決定的關鍵因素。

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.

美國東北部的個人和商業線路營運商 Preferred Mutual 選擇了全套套件來利用 Guidewire 雲端平台及其數位功能。最後，Pearl Holdings（一家總部位於佛羅裡達州邁阿密的單一州非標準汽車 MGA）選擇了 InsuranceNow 和 Predict 來對其核心進行現代化改造，重點關注索賠。

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廣泛的營運商規模和複雜性範圍內執行和競爭的能力。這也是雲端遷移活動強勁的季度，共有 7 次 InsuranceSuite 雲端遷移。其中五個 InsuranceSuite 遷移包括非常有意義的擴展，超出了我們正在處理的本地工作範圍。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 ARR 全面成長 19% 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，最初作為單一產品討論而發展為更廣泛的全套成果的交易。例如，一家一級商業保險公司顯著擴大了 Guidewire 雲端平台的採用，以實現可擴展性、總擁有成本以及保單、計費和理賠方面的平台統一性。我們關係的參考性以及全套套件和數據的力量在市場上引起共鳴。

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.

今年我們在亞太地區和歐洲、中東和非洲地區看到了健康的銷售活動。我們在北美的實力在第四季度真正發揮了作用。從按層級劃分的全球交易來看，第四季相當平衡，其中 3 筆 1 級交易、7 筆 2 級交易，其餘來自 3 級和 4 級交易。

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，有來自 38 個 SI 的 25,000 多名專業人士與我們合作。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。我們與該社區一起進行滑雪釋放培訓的速度證實了 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 雲端平台上實現了七個初始雲端上線。正如預期的那樣，全年雲端更新數量顯著增加，這表明我們的平台在客戶環境中的效率不斷提高。該服務組織本季的營收和毛利率高於預期。團隊一直在努力提高可預測性，雖然我們還有更多工作要做，但第四季是向前邁出的積極一步。

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.

成功的客戶成果是我們服務組織與 SI 合作夥伴合作的主要目標，去年我們通力合作，為我們的社區帶來面子和可預測性。總之，24 財年展現了強大的執行力，展望 25 財年，我們對繼續發展勢頭的能力充滿信心。

With that, I'll hand over to Jeff.

這樣，我就把任務交給傑夫。

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% 的固定匯率全面提升的 ARR 成長和 20% 的營運利潤現金流的令人難以置信的結合。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.

接下來，讓我詳細介紹一下。第四季 ARR 為 8.72 億美元，以固定匯率計算年增 14%，超出了我們的預期。提醒一下，我們全年以固定貨幣為基礎衡量 ARR，然後更新年末外匯匯率的 ARR，因此此次更新對 ARR 產生了負 800 萬美元的影響，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 定義為我們的客戶合約中規定的全面提升的年度價格（以固定匯率計算）年增 19%。這是一個巨大的結果，反映了我們在市場上贏得的大量辛勤工作以及在整個組織中的良好執行。

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的 ARR 和已簽約遷移到雲端的客戶的 ARR）年增 28%，佔總 ARR 的 66%。由於所有收入組成部分均表現強勁，全年總收入為 9.8 億美元，超出了我們的預期。文件實力在訂閱收入上持續顯現，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線取得進展令人興奮，該收入線在今年年底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%。隨著我們繼續將本地客戶遷移到雲，許可證收入為 2.5 億美元，年減 6%。在 2024 財年年初，我們認為這種下降將年減接近 10%，但我們從今年強於預期的調整中受益。

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.

由於我們將更多實施工作移交給 SI 合作夥伴，並且最大限度地減少了對分包商的依賴，服務收入最終達到 1.81 億美元，年減 14%。第四季的服務收入為 5,100 萬美元，高於第二季 3,800 萬美元的低點。我們對今年的業績感到滿意，並預計 2025 財年的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.

談到本財年的獲利能力，我們將在非公認會計準則的基礎上討論這一點。毛利為 6.18 億美元。這一數字年增 25%。整體毛利率為 63%，而一年前為 55%。訂閱及支持毛利率為65.5%，增幅超過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.

我們在雲端平台的投資體現在更有效率的雲端營運功能上，因為我們以越來越有吸引力的毛利率提供了業界領先的雲端服務。

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%，略低於一年前的損益兩平點。值得注意的是，第四季度服務毛利率為 14%，因為我們今年接近對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點。收入高於預期的正面影響被因關鍵財務目標表現優異而高於我們預期的員工獎金應計影響所抵消。

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.

全年股票薪酬總額為 1.46 億美元，成長 2.5%。年底營運現金流為 1.96 億美元。我們在去年的分析師日指出，我們正處於盈利能力和現金流方面令人興奮的拐點，我們在營運現金流和自由現金流方面的進展大大超出了我們對強於預期的收款的預期。本季結束時，我們擁有 11 億美元的現金、現金等價物和投資。我們還有 4 億美元的可轉換債務將於 3 月到期，我們預計以現金結算。

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前景。對於 2025 財年，我們預期 ARR 在 9.95 億美元至 10.05 億美元之間，相當於中間值 16% 的恆定貨幣成長率。更新我們的預測模型以反映當前的匯率對我們 25 財年的前景產生了約 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.

今年總收入預計在11.35億美元至11.49億美元之間。我們預計訂閱收入約為 6.42 億美元，成長 34%。維持如此強勁的成長率反映了我們在 24 財年簽署的雲端交易的實力。

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，導致訂閱和支援收入約為 7.1 億美元，因此支援收入將年減約 300 萬美元或 400 萬美元。提醒一下，支援收入屬於雲端客戶的定期授權客戶，支援活動包含在訂閱費用中。

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.

我們預計，由於雲端遷移的穩定進展，許可證收入將略有下降，這部分被我們本地客戶群的合約調整所抵消。我們的收入預期——服務收入約為 1.9 億美元。我們預計今年總毛利率約為 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高興，因為我們致力於繼續推動利潤率的提高。

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.

就營業收入而言，我們預計本財年的非 GAAP 營業收入將在 1.57 億至 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，我們能夠實現我們的盈利目標，並且在許多情況下，提高我們的目標，同時增加一些營運支出，尤其是在研發方面的支出，因為我們投資於我們看到的重大機會來幫助保險公司利用現代應用程式進行參與、創新和發展。我預計 25 財年研發支出將成長 14% 左右。銷售和行銷的成長應該略低於這個數字，而一般行政費用的成長應該在中位數到高個位數的範圍內。

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.

2025 財年的營運現金流預計在 2.2 億至 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擴建項目。

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，但讓我提供更多資訊。鑑於第四季度的強勁銷售活動，我們沒有太多交易進入第一季度，因此我們預計第一季會出現典型的季節性因素，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，這會影響下一季的現金流。因此，我們預計第一季營運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2024 財年的這一年感到無比自豪，我們有望實現或超過2020 年10 月我作為首席財務官在第一個分析師日期間設定的目標，我們期待見到你們中的許多人將於 10 月 10 日在紐約舉行的分析師日活動。

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

接下來，讓我們開始提問。

(Operator Instructions) Ken Wong, Oppenheimer & Co.

（操作員說明）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.

第一個是麥克或約翰，你能提供一些關於這些全面推進的交易的背景資訊嗎？我們是否在客戶中全面看到這一點？這些是一次性的大交易嗎？你認為這些通常是前面比較平坦而後面陡峭還是相當線性？只要任何顏色可以幫助我們思考動態就會很棒。

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。讓我簡單地談一下，然後讓約翰發表評論。首先，我不希望你讀到任何關於坡道的內容。我們看到了非常正常的坡道結構和活動，我們將能夠在分析師日提供更多細節。但相對於我們一年前提供的有關坡道結構及其對 ARR 的相應影響的評論。

You shouldn't read anything into this.

你不應該對此進行任何解讀。

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.

從預訂角度來看，我們剛剛度過了一個非凡的季度，全線都有很棒的優惠。它們的規模相當合理，因此創造了總交易價值，推動了非常健康的數字的全面成長。對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——這是我希望你讀懂的唯一內容。這是非常非常成功的結果，本季發生了一系列很棒的交易，推動了這一數字的全面成長。

Anything to add, John?

約翰，還有什麼要補充的嗎？

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。我想補充一點，如果我看看上個季度，我會發現有兩個維度。第一個當然是，在某些情況下，它是更大的業務範圍，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，而不僅僅是解決最初的考慮範圍。當我們這樣做時，該套件的力量正在吸引更多的對話，而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，對傑夫來說，這只是一個快速的預測，也許也是在全面增加的數字的基礎上，指導到 25 財年的 16% 左右。我想當我們將其與 19% 的完全斜坡數字進行比較時。我想我們假設未來可能會加速是錯的嗎？或者，與我們在 25 年看到的相比，解讀完整斜坡的正確方法是什麼？

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。當我們審視成長的持久性時，全面的結果無疑給了我們信心。我不確定我是否會模擬高於 16% 範圍的加速。但我確實認為這為我們創造了更多，並讓我們更清楚地了解整體 ARR 成長方面略高於青少年的持久性。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

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?

恭喜你今年結束了。我想第一個問題可能是麥克或約翰，你會看到一系列的順風車，這似乎比我們透過軟體得到的要好一些。因此，我很想聽聽您對整體需求環境的看法，您在雲端動力和整體競爭動態方面的看法，以及您在年底所採取和觀察到的情況？

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。當然有很多事情感覺他們在幫助我們，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其他選擇。在我看來，這其實只是基於過去五、六年我們透過雲端產品建立的成功記錄。

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，我們仍然為每筆交易激烈競爭，但我們正在贏得這些交易中的公平份額。我認為這會影響季度的業績。我們也看到，我想，我將其稱為我們正在處理的交易中的轉換強度，我們在特定季度尋找的機會比我們預期的更頻繁地完成幾年前，我認為這體現了對平台、專案、整個社區的信任和信心，以及我們共同實施這些專案並確保它們成功的能力，這一切都有助於提升以及我們在本季度取得的令人難以置信的成功。這就是我的看法，我相信約翰還有更多要補充的內容。

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.

雖然該行業的表面積很大，但社區很小。對於麥克來說，確實，我們一直在推動的程序的參考性為實現轉換率提供了很好的能力。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利用雲端平台擴展和解決業務問題的那一章。當然，該產業的 IT 需求和業務需求緊密融合，不再是兩個不同的維度。他們每天都在融合在一起，我們處於一個非常好的位置來幫助解決這個問題，我認為這就是我們今年所看到的。

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.

這都是超有用的評論。傑夫，您在新聞稿中以現金流為主導。我不禁注意到 25 財年的現金流量利潤率看起來也超出了目標模型。所以也許你可以——我不想在你主持的更大的投資者會議之前搶風頭，但也許只是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。所以我們對此感到滿意。我們注意到一些有趣的動態是一些收入因素的時間安排，這些因素在非公認會計準則營業收入和一些現金流動態之間造成了一些差異，我們將討論這一點分析師日的更多內容。

But that underpins the power of our model.

但這支撐了我們模型的力量。

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，多年來這一直是我們關注的焦點。當我們確定瞭如何看待我們的長期模型時，我們總是將這部分旅程放在心上，但很高興看到它實現，我們將繼續根據我們仍然認為非常合適的目標來監控目標，我們將在分析師日進一步討論這一點。

Alexei Gogolev, JPMorgan.

阿列克謝‧戈戈列夫，摩根大通。

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，首先祝賀週年紀念日，並希望您能夠克服那些停車問題。我可以問你更多關於需求環境的問題，特別是商業領域的情況，因為我看到了來自議會和保險代理人的一些數據。他們正在談論商業財產保險方面的一些軟性。你看過類似的事情嗎？或者您贏得了更多的市場份額，而這並沒有反映在我們為您看到的動態方面？

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。我將讓約翰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市場和中間市場仍然是一個非常動態的利率環境。這是行業評論。我還要說的是，隨著我們的前進，我們發現我們的商業線機會確實取得了巨大的成功。倫敦市場為我們設定了非常好的節奏。

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過剩專業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，我唯一要說的是，這些涉及企業資料決策和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，這些大型商業業者在商業和一般方面，他們確實每天都在調整自己的定價能力、產品變化、進入和退出市場以及做出正確的評級決策。如果沒有對平台進行監控，就很難做出決定。

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潮起潮落的能力感到滿意，並且我們確實已經適應了我們認為機會來得更快的地方。

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，我想問你一個簡單的問題。您能否詳細說明 AWS 合約對未來毛利率的好處？我想上次我們談話時，您提到有一些前期的研發投資。它已經消失了嗎？您預計毛利率會得到更多好處嗎？

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。我不打算詳細討論該安排的細節。但我們確實在該合約中實現了某些激勵措施。我認為，其中有一個因素影響了我們對利潤率擴張的看法。

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.

但整體利潤成長的最大部分是我們對 Guidewire 雲端平台的投資以及我們由此實現的效率。因此，我不想過度關注這種安排的細節，而是更專注於為實現我們的利潤而提供的工程團隊。

Kevin Kumar, Goldman Sachs.

凱文庫馬爾，高盛。

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，我想問您有關整體遷移活動的情況。您如何形容那裡的勢頭？您是否看到本地客戶有興趣？當我們進入 25 財年時，您認為這種情況會如何發展？

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進/穩步建設。我再次認為，這與成功的記錄、我們所展示的可靠性、成功的故事以及那些改變了他們不再是的概念的客戶有關。多的是遷移何時對他們的業務有意義。並與這些客戶一起規劃。

And so you see that build.

所以你看到了那個構建。

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 真正的事情之一是我們擁有令人難以置信的客戶群。這對我們來說是一個成長 ARR 的機會。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。這會引起共鳴——但不會——這一切不會在一年內實現。它會在很多年的時間裡變得間隔開，我們已經準備好迎接這個挑戰。

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.

所以，是的，它正在穩步建設，我們對目前的情況非常滿意，尤其是遷移活動和淨新客戶之間的平衡，或者是我們現有客戶的淨新用例。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。也許還有傑夫關於高級真實的一件事。您談到了授權收入的一些影響。但只是好奇這種調整如何在 ARR 收入方面更廣泛地影響該模型？您可以分享什麼來幫助了解它如何影響更廣泛的模型嗎？

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，今年我們看到了 CPI 和 DWP 調整的健康背景。它使整體 ARR 成長增加了幾個百分點，超出了我們在典型年份中看到的水平。我們預計明年它將具有相當的彈性，將保持在略高的水平。這是平衡的，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，我認為如果你看看整體的調整活動，你會發現來自本地安裝基礎的比例更多。但鑑於現在我們的 ARR 和雲端的規模，我們也看到來自雲端安裝基礎的大量資金。因此，就絕對價值而言，本地部署和雲端運算之間相當平衡。

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?

也許回到傑夫和約翰，完全提升 ARR 的點。看到更大的交易和更多的全套應用。這是一種功能嗎？ 可能兩者兼而有之，但那些可能希望採用更多零散服務的一級運營商的意願有所增加。這是他們看待生態系方式的階躍功能變化嗎？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的觀點？

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。我不會將其歸因於第一級活動，但我們已經看到了一些第一級活動，健康的第二級活動。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，可能會超出最初的本地部署範圍。我認為，人們對該平台的成熟度有了一定的了解，該平台正在為客戶帶來安慰，並做出一些更大、更長期的承諾。那麼不知道您還有什麼要補充的嗎？

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.

客戶之間互相打電話的能力——潛在客戶和客戶互相打電話並進行非常非常深入的對話，討論專案的正確節奏和節奏以及該套件的價值是什麼，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層次的。 Tier 1 在很大程度上仍然是一場定制的並肩對話，討論什麼尺寸適合他們。

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，也許麥克也會考慮到——我的意思是這裡有一個採用驅動因素的階梯函數，但我們已經採取了另一個步驟，我不知道這是否會出現在你們的對話基於這樣一個事實：勞動力受到嚴重限制，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工作的額外驅動力時，這是否是在對話中出現的問題？

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.

你所描述的情況一定會出現。我認為有時會出現在吸引年輕人進入該行業工作並為他們提供符合他們期望的系統的背景下，比方說，關於計算機應該如何工作——計算機系統應該工作。這就出現了。我認為這也涉及到您的開發團隊的觀點，以及您要求他們做什麼工作，您是否能夠留住有能力維護有時已經運行了 20、30 年的遺留系統的人員。所以這肯定會出現。

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，整個行業都在不斷努力提高效率，並與現有人員一起完成更多工作，以便他們能夠更有效地經營公司。我認為我們可以幫助提供的 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，它與其他許多因素一樣，是推動產業現代化的整體因素的一個組成部分。

Rishi Jaluria, RBC.

Rishi Jaluria，加拿大皇家銀行。

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的持續動能。給我兩個。首先，我想考慮一下，現在客戶在 Guidewire 雲端平台上生活了一段時間，也許有可能達到完全提升的水平。您在完全遷移到 Guidewire 雲端平台的客戶的消費行為方面看到了什麼，特別是在他們自己的消費傾向方面，考慮了他們的擴張。例如，如果我們要查看本地 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，與完全提升的 NRR 相比，這些結果如何？然後我會進行快速跟進。

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，而是會加入不同的群體。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。其中一些是以它們在 Guidewire 雲端平台中的建構方式以及不同環境的要求的形式出現的，這些要求增加了我們所說的 Guidewire 內的平台支出。其中一些可能以我們的數據和分析套件中不同產品集的附加形式出現。

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，但這是我們正在觀察的事情。

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的書面保費擴張，這也影響了我們對雲端安裝基礎的淨續訂率的看法。因此，我認為雲端運算有更大的潛力，特別是當你開始考慮市場​​以及它在未來如何呈現時，然後是本地部署，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.

進展非常順利。我認為我們商業模式的這個組成部分進展得非常順利。我不會說這完全按照計劃進行，我們也沒有那麼密切地跟踪它。但這正是我所期望的。老實說，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，他們將希望與我們一起做更多的事情，他們將找到其他核心系統用例，這些用例將基於我們可以推動的成功進行擴展。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、數據和分析的其他附加機會。我認為這將越來越成為未來故事的一部分。現在，一切都在按計劃進行。所以這是一個富有洞察力的問題。我認為現在還為時過早，但進展非常順利。

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。這真的很有幫助，夥計們。然後，麥克，在您準備好的演講中，您提到了 InsuranceNow 方面所取得的一些成功。我想，您能否談談，第一，您已經看到在過去一年左右的時間裡，InsuranceNow 的勢頭似乎有所改善。

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?

從產業和產品的角度來看，是什麼推動了這個趨勢？第二，有下滑道嗎？或者對於現在涉足保險領域的保險公司來說會是什麼樣子，但隨著時間的推移可能會變得足夠大，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，所以我們有——這是我們幾年前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，以盡最大努力確保它們盡可能多地利用通用基礎設施，並繼續對這兩個應用程式進行投資。這主要與我們對客戶群的承諾有關，他們對 InsuranceNow 產品非常滿意。北美有很多保險公司，InsuranceNow 非常非常適合這些公司。

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.

當我們在這個最佳位置找到機會時，我們就非常有競爭力。所以這是一個很棒的產品。這是公司內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.

就我而言，我想說的是過去幾年它正在加速。這與我們非常非常清楚我們對它的承諾和投資有關，並確保它在這筆交易中更多地擊敗競爭對手。我的意思是，歸根結底就是這樣。

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，實際上，我們一開始就努力將客戶吸引到正確的平台上。沒有——你不應該想像我們有一個策略，例如從 InsuranceNow 開始，然後轉向 InsuranceSuite。只是這對於其中任何一個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，就像我提到的那樣，我們可以將基礎設施從基礎設施轉移到 Guidewire 雲端平台，為我們創造更多的利潤，並更有效地運行服務。這對我們有利。這對我們的 InsuranceNow 客戶有利。但這基本上是我們對這些客戶的承諾，我們致力於確保這是成功的，並且對我們來說效果很好。

Parker Lane, Stifel.

帕克巷，斯蒂菲爾。

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勢頭。我認為本季是四個。麥克和約翰，您在準備好的發言中談到的這些客戶有什麼共同主題，無論是您要更換的系統還是他們面臨的共同挑戰，這些挑戰持續影響他們決定移動導絲？

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.

我認為第一個共同主題是我們已經與他們交談了很長時間。這些是我們保持密切聯繫的客戶。我們已經與所有這些勝利、淨新勝利進行了相當長的一段時間的討論，建立關係並了解業務問題。主題實際上是圍繞著機會、成長的商業機會以及更快發展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出市場的能力。這才是真正將對話帶到桌面上的原因。

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.

在本季度的幾個案例中，正如我在準備好的發言中提到的那樣，這些導致了——雖然通常是索賠對話或計費對話，並採取兩個具體案例，但這些對話很快就擴展到套件對話。原因其實在於執行的信心和早期承諾的信心。

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.

所以我想說兩個主要主題是：第一，快速競爭的壓力是非常真實的。因此，與客戶保持密切聯繫，並在適當的時間進行這些對話，因為我們與客戶的距離有多近，這是本季度和全年的一個非常重要的主題。然後，由於今天平台的信心和擴展能力，第二塊真正出現了。

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.

我提出這一點是因為在擴展中顯然有一些位移 - 在某些情況下，您可能會在幾年前或幾年前看到相對現代的系統實現，我們現在對我們的能力感覺非常好自信地解決執行和銷售週期中的這些位移。

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% 的成長和全面提升的 ARR 與您在一個季度前談論的 16% 的成長之間的差異是對第四季度預訂的淨新價值的影響。看來這遠遠超出了你最初的計劃。我想更詳細地說明是什麼推動了這一點。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?

您最初是否注意到第四季度的一些交易可能是全套模組？我認為勝率上升了。這種情況是否更加有利，並且您最終獲得了一些您可能沒有預料到的交易？然後我想問是否有任何交易可能提前結束，因此第四季度的強勢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。我不認為我們有一個非常強大的第四季度，我們有時在內部使用「運行表」這個詞，我們盡了最大努力來運行表，但我不認為有什麼——當然沒有什麼讓我們驚訝的是，“哦，夥計，我沒想到要到第一季或第二季度才會關閉。”所以這在那種時尚中是非常典型的。

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.

我們只是看到了一種意願，而兩年前，我們還沒有看到這種意願。我們看到從小處開始，多一點，看看進展如何，然後做出重大承諾。我認為我們看到人們更願意在一開始就做出重大承諾。

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力量來達成這一結果。但他們相信我們擁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明顯。我們看到了上個第四季度的情況，但我們不想假設這是一種趨勢，對吧，因為這對我們來說是一個非常大的季度，但我們用另一個非常強勁的第四季度來支持它。

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。然後呢——我想要調和的一件事。因此，更大的平均交易和客戶都需要預付。我想很多人都聽說過這件事，並認為是一家更大的運營商在這樣做。但我想我沒聽錯，本季 16 筆雲端交易中有 13 筆來自二級到四級。

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?

所以我只是想知道你所概述的策略是否實際上比到目前為止更能引起低端市場的共鳴？這真的會為您的未來帶來更好的參考性嗎？您的大部分份額已在一級和二級市場中佔據了穩固的地位。

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，第二級運營商的範圍很大。因此，第 2 層可以分為三到四個不同的部分。很高興在那些 2 級交易中我們談到其中兩個位於 2 級的高端，所以這很好。它在二級層面產生了共鳴。它正在下游市場引起共鳴。

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.

那我們要如何看待第一層呢？我想說，第一層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深入技術挖掘。

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.

自從我來到這裡的那天起，就引起了共鳴，客戶接觸得越深入，我們的分析結果就越好。因此，Tier 2 有很多參考價值。即使在這一點上，專業人士跨運營商的一些流動，這不僅是參考性，而且是關係的可移植性，這非常強大。隨著我們對第 1 層的深入研究，我們正在對其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過了技術證明點。

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所說，我們真正關心的是最佳業務時機、他們在其他領域可能積壓的工作以及他們想要的業務驅動因素的最佳業務成果。所以進展順利。第 2 層是跨第 2 層、第 1 層所有部分的非常可移植的對話，同樣，對於每個第 1 層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，第一個給你的。只是跟進迪倫關於一級客戶的問題，但可能會以稍微不同的方式提問。那裡的對話是否發生了任何變化，表明高層更願意在所有商業業務或所有個人業務領域進行標準化？或者，根據業務決策，它仍然感覺像是一個相當獨立的業務線嗎？

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.

非常具體地說，這仍然是逐一業務部門的對話。我們對此表示同意，因為我們知道證據點的深度，我們將不得不深入挖掘並證明它並從那裡擴展，這為我們提供了大量的長期機會。但無論好壞，我認為這都是好的，因為它讓我們更深入地探討。它非常特定於業務線或特定產品。

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。僅季度預訂的平滑化就已經在過去的一年中取得了很大的成功，提前在今年早些時候落地。當我們進入即將到來的一年時，您對季節性的看法有什麼變化嗎？

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，然後我們在第四季度取得了井噴。所以我的意思是，我認為我們看到了非常典型的線性。當然，團隊在第一季、第二季和第三季做了很多工作，讓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依賴大力士 Q4。我認為團隊做得非常好。

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

所以我預計今年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.

我要為線性度添加一點，這在很大程度上是由於團隊的執行力和對平滑度的關注。但線性的真正好處是，我們在市場金融活動中將更多的金融活動安排在我們的客戶身上，使我們的第二季度成為對我們來說越來越重要的季度，當我們透過客戶審視自己時，我們可以更好地進行規劃' 鏡片。

Thank you, both, for that.

謝謝你們兩位。

Matt VanVliet, BTIG.

馬特·範弗利特，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，特別是在服務方面。我們的談話繼續談論改善那裡的關係以及更好的來回溝通。但我想，約翰，你覺得你已經實施的計畫處於什麼階段？顯然，現在對房子的兩邊都非常了解了。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?

或者只是繼續執行現有的計劃並只是到處進行增量更改？

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。未來的工作是——如果你從遠處看，它會非常相似。但如果你深入研究地區的特殊性，它就成為我們下一輪的重點，即歐洲和亞太地區，特別是日本，在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，我們現在正在與每個地區的董事總經理進行非常具體的合作，以確保我們制定正確的上市策略計劃以及正確的合作服務計劃​​。

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.

我認為根本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系統整合商能夠坐在專案的主導地位以擴大規模的基本要素以及對社區的可預測性。更多的是相同的，但對去年的進展感到非常滿意。

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。隨著越來越多的客戶加入 GWCP，也許會與更快擴展的能力相吻合。當我們從市場和一些技術合作夥伴的角度來看待它時，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項目與構建更多合作夥伴的要素在內部，現在您的大多數客戶要么已經使用或即將使用該平台的一個版本？

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。我認為我對此的看法是，我們希望創建客戶希望我們作為供應商提供的生態系統，對嗎？他們想要有選擇。他們希望 Guidewire 生產出具有一定程度開放性的產品，使人們能夠安全可靠地連接到我們所服務的雲端系統。

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

然後我們還將制定關於我們建造什麼、我們銷售什麼以及我們向第一方提供什麼的目標。

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.

我們將無法完成所有我們肯定要做的事情。就像我說的，我們在策略上處於非常有利的位置，可以為這個行業的客戶群提供越來越多的價值，並且我們將製定一個我們將嘗試公開的產品策略。也許時不時地，與合作夥伴會有重疊。但如果您是 Guidewire 的客戶，您基本上希望擁有這種活力，這就是我嘗試思考我們應該如何建立該生態系統的方式。

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上創建一個客戶社區，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非常有利。這就是我的想法。管理和處理每個用例是一件複雜的事情。但從較高的層面來看，這就是我們的處理方式。

All right. Great.

好的。偉大的。

Aaron Kimson, Citizens JMP.

亞倫金森 (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。將財產和意外險終端市場的當前狀態歸類為您的客戶的黃金時代，還是同時處於強勁的硬市場並具有高利率來對流量進行再投資，是否公平？那麼，當終端市場的強勢在硬市場上流向 Guidewire 時，以及我們是否開始看到降息，您如何看待終端市場強勢的可持續性？

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，我喜歡為這個行業服務的一點是它的持久性。約翰說，會有硬市場，會有軟市場，會有變動。從根本上來說，我想為這個行業帶來的是敏捷性。我想讓他們能夠更有效地經營公司，更快地做出決策，根據需要盡快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，就是有這個需求，而且這個行業非常耐用。

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.

所以我不認為——是的，保險業的情況可能會朝著正面的方向發展。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？我只是認為有一個巨大的機會來幫助這個行業現代化。我想至少在未來 10 到 20 年裡，這個行業將繼續運作並穩定成長。它為 Guidewire 創造了一個非常好的機會。

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?

現在的條件好不好那就太好了，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。這就是我對 Guidewire 制定計劃的想法：我們如何在未來 10 年或 20 年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。然後是我的第二個問題，自從您談到希望在併購方面更加投機取巧以來，已經過去 9.5 個月了。您今天在上個季度非常尖銳地談到了有機產品投資。您對私募市場的估價預期有何看法？在過去的幾個季度中，您對有機投資與無機投資的看法是否改變了？

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？我們業務實力的提高、客戶群的增加，以及業務持久性的提高，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，並且這些都適合 Guidewire。

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，我認為我們現在在 Guidewire 擁有一些非常特別的東西，無論是作為一家軟體公司還是從整體角度來看。我不想讓這個面臨風險。所以我們會非常小心。所以，是的，我們對此更加開放，我們正在更加積極地尋找，但我也非常挑剔。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.

我也希望人們明白，我對我們能夠在 Guidewire 生產產品充滿信心。我們可以執行。過去五年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建立產品，這將需要我們一些時間來建立它，但我們 - 我對我們的執行充滿信心。

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。別給我安排併購的時間。我們對此持開放態度，但我們沒有——這對我們實現長期目標來說沒有必要。

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。我想我想將發言權交還給麥克羅森鮑姆 (Mike Rosenbaum)，讓其發表最後評論。

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 的每個人表示感謝，感謝你們為度過美好的一年所做的一切努力。我感謝今天參加我們電話會議的每個人，如果可能的話，期待在紐約的分析師日或今年稍後的聯繫上見到您。謝謝大家的加入。

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。此時您可以斷開線路。感謝您的參與。