Guidewire Software Inc (GWRE) 2025 Q1 法說會逐字稿

Greetings and welcome to the Guidewire first quarter of fiscal 2025 financial results conference call. As a reminder, this call is being recorded and will be posted on our Investor Relations page later today.

大家好，歡迎參加 Guidewire 2025 財年第一季財務業績電話會議。提醒一下，本次通話正在錄音，並將於今天晚些時候發佈在我們的投資者關係頁面上。

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。

Thank you, Grace. Hello, everyone. With me today is Mike Rosenbaum, Chief Executive Officer; Jeff Cooper, Chief Financial Officer; and John Mullen, President and Chief Revenue Officer, who will be with us for Q&A today on the call.

謝謝你，格蕾絲。大家好。今天和我一起的是執行長 Mike Rosenbaum；傑夫·庫柏（Jeff Cooper），財務長；以及總裁兼首席營收長約翰·穆倫 (John Mullen)，他今天將在電話會議上與我們一起參與問答。

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 in the Investor Relations section of our website. Today's call is being recorded, and a replay will be available following its conclusion.

有關我們業績的完整揭露可在我們今天發布的新聞稿以及我們向美國證券交易委員會提交的相關 8-K 表格中找到，這兩份表格均可在我們網站的「投資者關係」部分找到。今天的通話正在錄音，結束後將提供重播。

Statements today include forward-looking ones regarding our financial results, products, customer demand, operations, the impact of local national, and geopolitical events on our business and other matters. These statements are subject to risks, uncertainties, and assumptions are based on management's current expectations as of today and should not be relied upon as representing our views as of any subsequent date. Please refer to the press release and risk factors and documents we file with the SEC, including our most recent annual report on Form 10-K and our prior and forthcoming quarterly reports on Form 10-Q filed and to be filed with the SEC for more information risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

今天的聲明包括有關我們的財務表現、產品、客戶需求、營運、當地、國家和地緣政治事件對我們的業務的影響以及其他事項的前瞻性聲明。這些聲明受風險、不確定性和假設的影響，這些假設是基於管理層截至今天的當前預期，不應被視為代表我們在任何後續日期的觀點。請參閱我們向美國證券交易委員會提交的新聞稿和風險因素以及文件，包括我們最近的10-K 表年度報告以及我們之前和即將向美國證券交易委員會提交的10-Q 表季度報告，以了解更多資訊。

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

我們也會參考某些非公認會計準則財務指標來向投資者提供更多資訊。除非另有說明，所有關於利潤率、盈利能力和費用的評論均基於非 GAAP 基礎。我們在新聞稿中提供了非 GAAP 指標與 GAAP 指標的對帳表，對帳表和其他數據也發佈在我們 IR 網站的補充資料中。

Finally, this quarter, investor relations decided to enter the current decade and conduct our earnings call on Zoom rather than Telebridge. This means we will manage the Q&A portion of today's call internally with the help of Grace moderating, who you just heard from, and me managing Q&A. Since it's our first go, please be patient with us if we encounter any short pauses in the hand-offs during Q&A.

最後，本季度，投資者關係決定進入當前十年，並在 Zoom 而不是 Telebridge 上進行我們的財報電話會議。這意味著我們將在 Grace 主持（您剛才聽到的）和我管理問答環節的幫助下，在內部管理今天電話會議的問答部分。因為這是我們第一次嘗試，如果我們在問答過程中遇到任何短暫的停頓，請耐心等待。

So with that, I will hand it off to Mike.

因此，我將把它交給麥克。

Thank you, Alex. Good afternoon and thanks, everyone, for joining us today. Q1 was a very strong start to the year for us. And coming on the heels of a record break in Q4, I'm excited about the continued and consistent momentum in our business.

謝謝你，亞歷克斯。下午好，感謝大家今天的參與。對我們來說，第一季是今年的一個非常強勁的開端。繼第四季創下紀錄之後，我對我們業務持續、穩定的發展勢頭感到興奮。

In November, we had the opportunity to connect with thousands of our customers and partners at our industry conference, Connections, and also released Las Leñas, our 12th cloud release. Connections is an opportunity for us to present our company and product vision to the world, and the feedback has been universally positive. It was gratifying to see the results of our team's efforts come together.

11 月份，我們很榮幸在產業會議 Connections 上與數千名客戶和合作夥伴進行了交流，同時也發布了第 12 個雲端版本 Las Leñas。 Connections 為我們提供了一個向世界展示我們公司和產品願景的機會，並且回饋普遍非常積極。看到我們團隊的努力有成果，我們感到非常欣慰。

And I think it appropriate to call out four key themes that I took from the event and I believe are driving our company right now. First, we continue to see strong demand from our cloud-based solutions, particularly at the high end of the market. Second, this demand is being driven by the increasing maturity of our cloud platform, particularly around the ease of updates, which is driving referenceability throughout our cloud customer base. Third, the improved agility and flexibility that our cloud platform end solutions deliver is resonating with the industry's growing demand for pace and speed in delivering analytics and AI-powered innovation.

我認為有必要指出這次活動中得出的四個關鍵主題，我相信這些主題目前正在推動我們公司的發展。首先，我們繼續看到基於雲端的解決方案的強勁需求，特別是在高端市場。其次，這種需求是由我們雲端平台的日益成熟所推動的，特別是更新的便利性，這推動了我們整個雲端客戶群的可參考性。第三，我們的雲端平台終端解決方案所提供的更高的敏捷性和靈活性，與業界對於提供分析和人工智慧創新的速度和速度日益增長的需求產生了共鳴。

Fourth, our partner ecosystem, both in terms of consulting partners and marketplace solutions continues to rally around our cloud platform, which is extending and accelerating our reach and impact. Finally, unrelated to Connections but important to call out, we continue to create leverage in our operating model as we drive greater efficiency running Guidewire Cloud platform. I'll touch on each of these briefly before handing it over to Jeff to discuss the financials.

第四，我們的合作夥伴生態系統，包括諮詢合作夥伴和市場解決方案，繼續圍繞我們的雲端平台發展，這正在擴大和加速我們的影響力。最後，與 Connections 無關但值得一提的是，在運行 Guidewire Cloud 平台以提高效率的同時，我們將繼續在我們的營運模式中創造槓桿作用。在交給傑夫討論財務狀況之前，我將簡單談談這些面向。

Cloud demand remained strong with nine deals in Q1. Our results were particularly strong at the high end of the market. Of the 7 total InsuranceSuite cloud deals, five were with Tier-1 insurers. This included two deals at Zurich Insurance Group, a top three global commercial insurer. In the quarter, we signed a global framework agreement with Zurich that streamlines the decision process for each of its local and country-specific entities to adopt Guidewire Cloud.

雲端需求依然強勁，第一季共達成 9 筆交易。我們的業績在高端市場尤其強勁。在總共 7 筆 InsuranceSuite 雲端交易中，有 5 筆是與一級保險公司達成的。其中包括與全球三大商業保險公司之一蘇黎世保險集團的兩項交易。本季度，我們與蘇黎世簽署了一項全球框架協議，簡化了其各個地方和國家實體採用 Guidewire Cloud 的決策流程。

In conjunction with this agreement, Guidewire Cloud was adopted within two Zurich entities, one for the full suite at an entity focused on large corporate and commercial lines and another for ClaimCenter at Zurich Australia. This agreement and these wins speak to our scale and ability to serve the largest insurers in the world.

根據該協議，Guidewire Cloud 被兩家蘇黎世實體採用，一家為專注於大型企業和商業線路的實體提供全套服務，另一家為蘇黎世澳洲的 ClaimCenter 提供全套服務。這項協議和這些勝利證明了我們的規模和為世界上最大的保險公司提供服務的能力。

We closed another three InsuranceSuite deals at Tier-1 insurers. Arch Insurance's middle-market commercial and entertainment business selected InsuranceSuite on Guidewire Cloud. Also, one of the world's largest insurance companies based in Australia selected InsuranceSuite to replace a legacy system for their commercial lines of business. And a European mobility insurance arm of a global Tier-1 insurer elected to adopt InsuranceSuite for a multi-country rollout across Europe.

我們與一級保險公司達成了另外三筆 InsuranceSuite 交易。 Arch Insurance 的中型商業和娛樂業務選擇了 Guidewire Cloud 上的 InsuranceSuite。此外，總部位於澳洲的全球最大的保險公司之一也選擇了 InsuranceSuite 來取代其商業業務線的舊系統。全球一級保險公司的歐洲流動保險部門選擇採用 InsuranceSuite 在歐洲多個國家推廣。

As we have discussed before, these relationships take years to develop and are expected to last decades. We are all excited about the momentum in this segment of the market and the opportunity to serve some incredible new customers.

正如我們之前討論過的，這些關係需要多年才能建立，而且預計將持續數十年。我們都對這一領域的市場發展勢頭以及為一些令人難以置信的新客戶提供服務的機會感到非常興奮。

Our continued momentum with Tier-1 insurers is great, but the international momentum is also exciting and aligns to a strategic focus we've outlined previously. In our European region, we added three cloud customers, including the ones I just mentioned.

我們與一級保險公司的持續合作勢頭很好，但國際合作勢頭也令人興奮，並符合我們先前概述的策略重點。在我們的歐洲地區，我們增加了三個雲端客戶，包括我剛才提到的那些。

And I was particularly pleased to earn the trust of the Baloise Group, a long-time self-managed customer who chose to migrate to Guidewire Cloud platform while expanding to the full suite for its European entities.

我尤其高興能夠贏得 Baloise 集團的信任，該集團是我公司的長期自主管理客戶，在為其歐洲實體擴展全套服務的同時，選擇遷移到 Guidewire 雲端平台。

In the Asia-Pacific region, it was another strong quarter in Australia and New Zealand with two Tier-1 deals mentioned. I'm very pleased to see the investments we've made in this region continue to pay off. We also had another good quarter for InsuranceNow, which supports smaller insurance customers with one net new win and an expansion in the quarter.

在亞太地區，澳洲和紐西蘭本季表現又很強勁，提及了兩項一級交易。我很高興看到我們在該地區的投資繼續獲得回報。 InsuranceNow 也度過了又一個良好的季度，該公司為較小的保險客戶提供了一項淨新勝利並在本季度實現了擴張。

Our continued strong demand is primarily driven by the increasing maturity and referenceability of the Guidewire Cloud platform and our cloud-based solutions. This was one of the main takeaways from Connections. Simply put, customers are successful with Guidewire and specifically, Guidewire Cloud and with more of our overall customer base now on cloud, customers who have been waiting for the right time to see the success and getting more serious about their plans for modernization.

我們持續強勁的需求主要得益於 Guidewire Cloud 平台和基於雲端的解決方案日益成熟和可參考性。這是 Connections 的主要收穫之一。簡而言之，客戶透過 Guidewire 獲得了成功，特別是 Guidewire Cloud，現在我們更多的客戶群使用雲端，這些客戶一直在等待合適的時機來獲得成功，並且更加認真地對待他們的現代化計劃。

The CTO of Travelers shared her experience migrating to PolicyCenter on Guidewire Cloud and implored others to get started now saying that faster and earlier you move, the sooner you'll drive growth and innovation. The COO of IAG, Australia's largest insurer and operator of 26 insurance brands, spoke about the greater efficiency and innovation they unlocked by consolidating to a single claims platform with intelligent automation. Their team has gone from taking 22 minutes to report a claim to just 90 seconds, and more importantly, has made it vastly easier for thousands of employees to develop and innovate on our platform.

Travelers 的技術長分享了她遷移到 Guidewire Cloud 上的 PolicyCenter 的經歷，並懇請其他人現在開始行動，她說，越快越早行動，就能越早推動成長和創新。 IAG 是澳洲最大的保險公司，擁有 26 個保險品牌，其營運長談到了透過整合到具有智慧自動化功能的單一索賠平台所獲得的更高效率和創新。他們的團隊報告索賠所需的時間從 22 分鐘縮短到僅需 90 秒，更重要的是，他們讓數千名員工在我們的平台上開發和創新變得更加容易。

We also had the opportunity to connect with a leadership contingent from Japan at the event and conducted a specific strategy session for this market. It was exciting to see this level of engagement from our Japanese customers, and we're excited about the opportunity to further our commitment to the Japanese insurance market.

我們還有機會在活動中與來自日本的領導團隊建立聯繫，並針對該市場進行了特定的策略會議。我們很高興看到日本客戶的參與程度如此之高，我們也很高興有機會進一步致力於日本保險市場。

The maturity of our cloud platform also creates the baseline P&C insurers need to innovate. Rapid technology advances around generative AI are underscoring the need for a modern cloud platform. At Connections, we shared our vision and plans to infuse generative AI in our platform and solutions, improve developer productivity, and accelerate underwriting and claims processes.

我們雲端平台的成熟也為財產險和意外險保險公司的創新創造了基礎。生成式人工智慧技術的快速進步凸顯了現代雲端平台的需求。在 Connections，我們分享了我們的願景和計劃，將生成式人工智慧融入我們的平台和解決方案中，提高開發人員的工作效率，並加快核保和索賠流程。

The feedback we received from customers was incredibly positive. As I think customers increasingly appreciate the need to run an agile and flexible core platform with modern APIs that allow them to innovate and stay competitive, the pace at which generative AI-driven capabilities are evolving is unprecedented, and taking advantage of this potential requires a modern core platform. This fact, together with the maturity of Guidewire Cloud platform, especially around being able to take releases more easily, has led to very positive customer engagement and I think shifted the nature of many of our cloud migration conversations.

我們從客戶收到的回饋非常正面。我認為客戶越來越意識到需要運行一個敏捷靈活的核心平台，並使用現代 API 來創新和保持競爭力，而生成式人工智慧驅動能力的發展速度是前所未有的，要利用這種潛力，就需要現代核心平台。這一事實，加上 Guidewire Cloud 平台的成熟度（尤其是能夠更輕鬆地發布），已經帶來了非常積極的客戶參與，並且我認為這改變了我們許多雲端遷移對話的性質。

It's great to see the maturity and momentum of our platform continue to grow. And underscoring this was Gartner's recent Magic Quadrant for Software-as-a-Service P&C Core Platforms North America, which showed InsuranceSuite as the clear leader.

很高興看到我們的平台日益成熟並且發展勢頭強勁。最近，Gartner 發布了北美軟體即服務 P&C 核心平台魔力像限報告，強調了這一點，報告顯示 InsuranceSuite 是明顯的領導者。

Our partner community is a key element of our success, and we continue to see great momentum with both SI partners and technology partners. The presence of 33 SI partners, including PwC, Deloitte, Capgemini, Accenture, EY, Sollers, and Cognizant was very impressive to see. It was clear that we bring to the table a unique strength relative to our competitors in the space.

我們的合作夥伴社群是我們成功的關鍵因素，我們繼續看到 SI 合作夥伴和技術合作夥伴的強勁發展勢頭。普華永道、德勤、凱捷、埃森哲、安永、Sollers 和 Cognizant 等 33 家 SI 合作夥伴的出席令人印象深刻。很明顯，與該領域的競爭對手相比，我們擁有獨特的優勢。

Our intention is to focus on being a best-in-class software company and build products that can be implemented successfully by partners. This strategy isn't just achieved by creating great products. It requires creating a one-of-a-kind partner ecosystem that ultimately creates far more successful customers.

我們的目標是專注於成為一流的軟體公司並打造合作夥伴能夠成功實施的產品。這一策略不僅透過創造優秀的產品來實現。它需要創造一個獨一無二的合作夥伴生態系統，最終創造出更成功的客戶。

It was also great to see marketplace partners really step up and use the event as an opportunity to launch new technology and integrations with us. For example, Hi Marley launched a conversational first notice of loss experience that leverages automation and AI to dramatically increase the ease and speed of starting a claim.

我們也很高興看到市場合作夥伴真正採取行動，利用這次活動作為與我們一起推出新技術和整合的機會。例如，Hi Marley 推出了對話式首次損失通知體驗，利用自動化和人工智慧大幅提高提起索賠的便利性和速度。

In addition, Box announced it's leveraging Guidewire Cloud platforms integration framework to offer a pre-built integration that automatically extracts data from Box files and populates corresponding InsuranceSuite records. Insurers can now automatically categorize and analyze claims documents, extracting critical information such as policy numbers, incident details and customer data to accelerate claims processing and enhance accuracy. Partnerships like these increase my confidence that our approach to aggressively partner with companies across the insurance life cycle is working and like I said before, leading to better customer outcomes and success.

此外，Box 宣布將利用 Guidewire Cloud 平台集成框架提供預先建置的集成，可自動從 Box 檔案中提取資料並填充相應的 InsuranceSuite 記錄。保險公司現在可以自動分類和分析索賠文件，提取保單號碼、事件詳情和客戶數據等關鍵信息，以加快索賠處理並提高準確性。這樣的合作關係增強了我的信心，讓我們確信，我們積極與整個保險生命週期內的公司合作的方法是有效的，而且就像我之前所說的那樣，可以帶來更好的客戶結果和成功。

Finally, as we grow adoption and deployments of Guidewire Cloud platform, we continue to demonstrate increasing leverage in our business model. It is great to see expanding operating efficiency play out with subscription and support gross margins reaching 70% in the first quarter, which Jeff will talk about in more detail. This continued operating execution gives us confidence in the future and the freedom to begin to work on what's next.

最後，隨著我們不斷採用和部署 Guidewire Cloud 平台，我們將繼續在我們的商業模式中展現出越來越大的槓桿作用。很高興看到不斷擴大的營運效率，第一季的訂閱和支援毛利率達到了 70%，Jeff 將對此進行更詳細的討論。這種持續的營運執行使我們對未來充滿信心，並有自由開始進行下一步工作。

To conclude, I'd say we continue to build a very attractive business with a blue-chip customer base and best-in-class customer retention that's based on a platform designed to continually deliver greater innovation and value to our customers in the P&C industry. We are at a point where pace of change makes a platform like this more important than ever for insurers, and we believe this positions us to build a business that delivers an attractive combination of durable growth and margin.

總而言之，我想說，我們將繼續打造一個非常有吸引力的業務，擁有藍籌客戶群和一流的客戶保留率，這項業務基於一個旨在不斷為財產和意外傷害保險行業的客戶提供更大創新和價值的平台。我們正處於這樣一個節點，變化的步伐使得這樣的平台對保險公司來說比以往任何時候都更加重要，我們相信這使我們能夠建立一個能夠實現持久增長和利潤的有吸引力的組合的業務。

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

說完這些，我會把話題交給傑夫討論財務問題。

Thanks, Mike. We're off to a great start in fiscal 2025. I want to touch on four key financial highlights before I jump into the details of the quarter.

謝謝，麥克。我們在 2025 財年取得了良好的開端。

First, ARR ended at the high end of our outlook at $874 million. Second, subscription and support revenue growth accelerated to 33% in Q1. Third, subscription and support gross margin hit 70% in the quarter. And fourth, total revenue on a trailing 12-month basis surpassed $1 billion.

首先，ARR 達到了我們預期的最高值 8.74 億美元。其次，第一季訂閱和支援收入成長加速至33%。第三，本季訂閱和支持毛利率達到70%。第四，過去 12 個月的總收入超過 10 億美元。

Combining these financial highlights with the energy we just experienced coming out of Connections, it is clearly an exciting time to be at Guidewire. Now let me dive into the details.

將這些財務亮點與我們剛剛從 Connections 中感受到的活力結合起來，現在無疑是 Guidewire 的一個激動人心的時刻。現在讓我深入了解一下細節。

Total revenue was $263 million, above the high end of our outlook and up 27% year over year. Our total revenue beat was due to higher-than-expected subscription and support revenue and services revenue.

總收入為 2.63 億美元，高於我們預期的最高值，年增 27%。我們的總收入超出預期是由於訂閱和支援收入以及服務收入高於預期。

Subscription and support revenue finished Q1 at $170 million, reflecting 33% year-over-year growth, which is the highest growth rate in two years. This is a reflection of our continued InsuranceSuite cloud momentum. Services revenue finished at $56 million as healthy services bookings translated into higher utilization rates.

第一季訂閱和支援收入達到 1.7 億美元，年增 33%，為兩年來的最高成長率。這體現了我們持續的 InsuranceSuite 雲端發展動能。由於良好的服務預訂轉化為更高的利用率，服務收入最終達到 5,600 萬美元。

Turning to profitability for the first quarter, which we will discuss on a non-GAAP basis unless stated otherwise, gross profit was $167 million, representing 38% year-over-year growth. Overall gross margin was 63% compared with 58% a year ago, and 42% in Q1 of fiscal '23. Our progress on profitability has been fantastic.

談到第一季的獲利能力，除非另有說明，我們將以非 GAAP 為基礎進行討論，毛利為 1.67 億美元，年增 38%。整體毛利率為 63%，去年同期為 58%，23 財年第一季為 42%。我們的獲利能力取得了顯著進步。

Subscription and support gross margin was 70% compared to 65% a year ago. This was ahead of our expectations due to higher-than-expected revenue and continued progress on platform efficiency.

訂閱和支持毛利率為 70%，而一年前為 65%。由於收入高於預期且平台效率持續提高，這超出了我們的預期。

Services gross margin was 20% compared to 10% a year ago. This profitability benefited from strong utilization rates and lower subcontractor costs. All this positive momentum on gross margins led to an operating profit of $34.7 million. This is a strong result when compared with our outlook of $21 million at the midpoint. About $12 million of this beat came from the gross profit line with the remainder coming from operating expense discipline.

服務毛利率為 20%，而一年前為 10%。這項獲利能力得益於較高的利用率和較低的分包商成本。毛利率的積極勢頭推動了營業利潤達到 3,470 萬美元。與我們預期的中間值 2100 萬美元相比，這是一個強勁的結果。其中約 1,200 萬美元來自毛利，其餘則來自營運費用控制。

Overall stock-based compensation was $38 million, up 5% from Q1 of last year and higher than expectations due to an adjustment in our accrual for prior-year performance-based stock grants and share price appreciation prior to grant date for recent employee RSU grants.

整體股票薪酬為3800 萬美元，較去年第一季增長5%，高於預期，原因是我們對上一年基於績效的股票授予的應計金額進行了調整，並且近期員工RSU 授予在授予日之前的股價升值。

We ended the quarter with over $1.5 billion in cash, cash equivalents, and investments. During the quarter, we completed a $690 million convertible debt offering. Using a portion of the net proceeds of this offering, we retired about 30% of our existing convertible notes that are maturing in March of 2025. The remaining converts due in 2025 are expected to be net share settled at maturity.

截至本季末，我們的現金、現金等價物和投資超過 15 億美元。本季度，我們完成了 6.9 億美元的可轉換債券發行。我們利用此次發行的部分淨收益贖回了約30% 的現有可轉換債券，這些債券將於2025 年3 月到期。份額結算。

On December 2, we established a $300 million revolving credit facility. This facility gives us incremental flexibility to ensure we have liquidity necessary to pursue inorganic growth while minimizing shareholder dilution.

12 月 2 日，我們建立了 3 億美元的循環信貸額度。這項服務為我們提供了增量靈活性，以確保我們擁有追求無機成長所需的流動性，同時最大限度地減少股東權益稀釋。

Operating cash flow ended the quarter at negative $62 million. As a reminder, annual employee bonuses and commission expenses related to Q4 sales are paid out in Q1. And as a result, Q1 cash flow is always lower than the other quarters in the fiscal year.

本季末經營現金流為負 6200 萬美元。提醒一下，與第四季度銷售相關的年度員工獎金和佣金費用將在第一季支付。因此，第一季的現金流總是低於財政年度內的其他季度。

Now let me go through our updated outlook for fiscal year 2025. Starting with the top line, we are very pleased with our first-quarter performance and feel confident in our pipeline and our ability to hit our annual targets.

現在，讓我來介紹一下我們對 2025 財年的最新展望。

Given we are just one quarter into the year, we are maintaining our annual outlook for ARR of $995 million to $1.005 billion. For total revenue, we now expect between $1.155 billion and $1.167 billion. We expect approximately $648 million in subscription revenue and $713 million in subscription and support revenue. Given higher-than-expected services revenue in Q1 and improving utilization, we now expect services revenue to be approximately $205 million.

鑑於今年才剛開始一個季度，我們維持對年度 ARR 9.95 億美元至 10.05 億美元的預期。我們目前預計總收入在 11.55 億美元至 11.67 億美元之間。我們預計訂閱收入約為 6.48 億美元，訂閱和支援收入約為 7.13 億美元。鑑於第一季服務收入高於預期且利用率不斷提高，我們現在預計服務收入約為 2.05 億美元。

Turning to margins and profitability, which we will discuss on a non-GAAP basis, we are increasing our subscription and support gross margin expectations to be approximately 69% for the year, up from the 68% we discussed last quarter. We expect services gross margins of approximately 12% and overall gross margins to be approximately 65% for the full year.

談到利潤率和獲利能力，我們將在非 GAAP 基礎上進行討論，我們將提高認購和支持毛利率預期，使全年毛利率約為 69%，高於上個季度討論的 68%。我們預計全年服務毛利率約為12%，整體毛利率約為65%。

As a result of raising our revenue outlook, we are also lifting our outlook for operating income. We expect GAAP operating income of between breakeven and $12 million, and non-GAAP operating income of between $164 million and $176 million for the fiscal year.

由於我們上調了收入預期，我們也上調了營業收入預期。我們預計本財年的 GAAP 營業收入將在損益兩平點至 1,200 萬美元之間，非 GAAP 營業收入將在 1.64 億美元至 1.76 億美元之間。

We expect stock-based compensation to be approximately $159 million, representing 9% growth year over year. We still expect cash flow from operations for the year to be between $220 million and $250 million.

我們預計股票薪酬約為 1.59 億美元，年增 9%。我們仍預期今年的營運現金流將在 2.2 億美元至 2.5 億美元之間。

Turning to our outlook for Q2, we expect ARR to finish between $909 million and $914 million. Our outlook for total revenue in Q2 is between $282 million and $288 million. We expect subscription and support revenue of approximately $175 million and services revenue of approximately $48 million. We expect subscription and support margins of approximately 68%, services margins to be around 6%, and total gross margins around 64%. Our outlook for non-GAAP operating income is between $39 million and $45 million.

展望第二季的展望，我們預期 ARR 將在 9.09 億美元至 9.14 億美元之間。我們預計第二季的總營收將在 2.82 億美元至 2.88 億美元之間。我們預計訂閱和支援收入約為 1.75 億美元，服務收入約為 4,800 萬美元。我們預計訂閱和支援利潤率約為 68%，服務利潤率約為 6%，總毛利率約為 64%。我們預計非 GAAP 營業收入在 3,900 萬美元至 4,500 萬美元之間。

In summary, Q1 was a great start to the year, and we are very excited for what is ahead.

總而言之，第一季是今年的一個好開端，我們對未來充滿期待。

Alex, you can now open the call for questions.

亞歷克斯，你現在可以開始提問了。

Right. Thanks, Jeff.

正確的。謝謝，傑夫。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, gentlemen. Hopefully, you can hear me here. Appreciate the question. Mike, you touched on this to start. Obviously, we were at Connections, and it was very clear, the enthusiasm from customers and partners that you talked to.

嘿，先生們。希望您能聽到我的聲音。我很感謝你提出這個問題。麥克，你一開始就提到了這一點。顯然，我們在 Connections，並且與你交談的客戶和合作夥伴的熱情顯而易見。

I'm wondering if you could dive into the importance -- you called out kind of now roughly half of the base along this cloud migration journey. I think the vast majority of those are on more frequent versions of the software as well. So how that kind of unlocks more of this ecosystem enthusiasm and how it contributes confidence in your aspirational goal of getting 100% of this ecosystem converted to the cloud over time.

我想知道您是否可以深入闡述這個重要性——您現在已經提到了這次雲端遷移之旅中大約一半的基礎。我認為其中絕大多數也出現在該軟體的更常見版本上。那麼，這如何釋放更多生態系統的熱情，以及如何增強您對實現隨著時間的推移將 100％ 的生態系統轉換為雲端的理想目標的信心。

Thanks, Dylan. I appreciate the question. So I think one of the things that's been hard over the past few years is just the use case is not an experimental use case, that the customers we serve in the industry and the use case that we serve for customers is incredibly serious. And so they take the decision to move to cloud very seriously, and they want to see a track record -- many of these customers want to see a track record of success. And so it's kind of one of the things that we're very proud of is just -- how well we've executed and how consistently we've executed with our cloud programs.

謝謝，迪倫。我很感謝你提出這個問題。因此，我認為過去幾年一直很困難的事情之一是用例不是實驗性的用例，我們在行業中服務的客戶以及我們為客戶提供服務的用例是非常嚴肅的。因此，他們非常認真地對待遷移到雲端的決定，並且他們希望看到業績記錄——許多客戶都希望看到成功的業績記錄。因此，這是我們非常自豪的事情之一，即我們的雲端計畫執行得多麼出色以及執行得多麼一致。

They haven't all gone perfectly, but I can genuinely say that they've all gone well. And everybody that's made that decision is happy that they made the decision. And so that just really helps us have the conversations with the customers that are still on-prem, that are still thinking about when is the right quarter and when is the right year for them to move. And it just adds to the confidence, and it reduces the perceived risk that they're taking in going to a platform like ours.

雖然一切進展不完美，但我可以真誠地說一切進展順利。每個做出這個決定的人都對自己所做的決定感到高興。因此，這確實有助於我們與仍在現場的客戶進行對話，他們仍在思考何時是適合他們遷移的季度和何時是適合他們遷移的年份。這只會增強他們的信心，並降低他們在使用我們這樣的平台時所承擔的風險。

Now the other side of your question, which we touched on at the Connections event, is not only are we getting the programs live and not only are they running successfully in production, but we're actually able to keep the customers on current release versions of the product, which is slightly different than basically the way the distribution of releases existed in our on-prem customer base. We're doing a lot technically to validate the implementations and validate the new versions of the software that we write so that we can do these updates more frequently, faster, and cheaper for all of our cloud customers.

現在，我們在 Connections 活動上談到了你問題的另一面，那就是我們不僅讓程式上線，而且它們不僅在生產中成功運行，而且我們實際上能夠讓客戶繼續使用當前發布的版本該產品的發布方式與我們本地客戶群中發布的版本分發方式略有不同。我們在技術上做了很多工作來驗證實施情況並驗證我們編寫的軟體的新版本，以便我們可以為所有雲端客戶更頻繁、更快、更便宜地進行這些更新。

And so that just adds to the benefit that the on-prem customers think about -- expect that they'll see when they get to the cloud. It improves the value proposition and it increases the likelihood that they're going to make that decision. And so you add all that up, and it's just kind of changing the nature of the conversations we're having.

因此，這只是增加了本地客戶考慮的好處——期望他們進入雲端時就能看到。它改善了價值主張，並增加了他們做出決定的可能性。所以，把所有這些加起來，它只是改變了我們正在進行的對話的本質。

It's never going to go as fast as we want. We've got to be patient, and we've got to work with the customers based on the set of priorities that they have. But I do genuinely believe that we are going to get 100% of our customer base to our cloud. And that's a pretty amazing thing to say when you think about the scope of what Guidewire has achieved over its 20-year history. I can legitimately say that there's a path to that, and we're committed to that, and I can see it happening.

它永遠不會像我們想要的那麼快。我們必須要有耐心，並且必須根據客戶的優先事項與他們合作。但我確實相信，我們將讓 100% 的客戶群都使用我們的雲端。如果你想想 Guidewire 在過去 20 年的發展歷程中所取得的成就，你會發現這確實是一件非常了不起的事情。我可以肯定地說，這是有途徑實現的，我們也致力於實現這一目標，而且我可以看到它正在發生。

And so it's kind of exciting. It's going to take a long time, but we're going to do it. And I think it speaks to the sort of commitment we make to the industry and our customer base. So anyway, hopefully, that helps. Thanks for the question.

所以這有點令人興奮。這將需要很長時間，但我們會做到。我認為這體現了我們對產業和客戶群的承諾。無論如何，希望這會有所幫助。謝謝你的提問。

No, no, it does. Appreciate it, and it was great to see the enthusiasm at the event. Maybe, Jeff, as a segue to you off of that, you called out the acceleration in subscription and support revenues as a function of some of these larger Tier-1 deals. Obviously, 70% gross margin there, tracking well ahead. Maybe how this gives confidence and obviously, the kind of financial implications of this long-term normalization and some of your longer-term targets there. Thanks, guys. Appreciate it.

不，不，是的。非常感謝，很高興看到活動中的熱情。傑夫，也許，作為對你的一個過渡，你指出訂閱和支援收入的加速成長是一些較大的一級交易的函數。顯然，那裡的毛利率達到 70%，遙遙領先。也許是這給了信心，顯然，這種長期正常化和一些長期目標的財務影響。謝謝大家。非常感謝。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

Great. Thanks for taking my question. Mike, you called out the Zurich deal in your prepared remarks, and I couldn't help but notice global framework agreement being tossed out there. I guess maybe help us understand the significance of a global framework. And how much of this is something that might materialize near term financially versus something that we might see flowing in more medium, long term as this framework gets rolled out?

偉大的。感謝您回答我的問題。麥克，你在準備好的發言中提到了蘇黎世協議，而我卻不禁注意到全球框架協議被拋出那裡。我想這也許有助於我們理解全球框架的重要性。其中有多少可能在短期內實現財務上的轉變，又有多少可能隨著這個框架的推出而從中長期來看實現轉變？

Thanks for the question, Ken. So obviously, Zurich is a critical customer for us globally across many countries in many instances. And we've had success -- we've got cloud success with various entities in -- as part of the Zurich Group over the past few years.

謝謝你的提問，肯。顯然，在許多情況下，蘇黎世是我們在全球許多國家的重要客戶。我們在過去幾年中作為蘇黎世集團的一部分，與多家實體在雲端運算領域取得了成功。

But as our momentum started to pick up and as the concept that this is -- this cloud offering that we have is really working, we began to have conversations with the Zurich Group, the global, call it, oversight entity that looks to create partnerships worldwide that supports every single entity. We started to have conversations with them about what we could do to facilitate the conversations and the negotiations and the structuring of the deals with each one of the individual entities. And so somewhat, this is a mechanism for us to create a more fluid conversation with each of those entities as we proceed and grease the skids, so to speak, about the decision to move to cloud.

但隨著我們的勢頭開始回升，隨著我們的雲端服務概念真正發揮作用，我們開始與蘇黎世集團進行對話，蘇黎世集團是一家全球監督實體，旨在建立合作夥伴關係為全世界每個實體提供支持。我們開始與他們對話，討論我們可以做些什麼來促進與各個實體的對話、談判和交易結構。因此，在某種程度上，這是一種機制，讓我們能夠在遷移到雲端的過程中與每個實體建立更流暢的對話，並可以說是為遷移到雲端的決定鋪平道路。

So we still have to earn that business with each one of those entities, and we're certainly committed to doing it. But it should make the sales cycles a lot more straightforward because, basically, we've negotiated a structure centrally that we can share across all of those entities. And it was nice because that agreement kind of lined up to two short-term deals that I called out in the prepared remarks.

因此，我們仍然必須與每個實體贏得業務，並且我們一定會致力於做到這一點。但它應該使銷售週期變得更加簡單，因為基本上我們已經集中協商了一個可以在所有實體之間共享的結構。這很好，因為該協議與我在準備好的發言中提到的兩項短期協議一致。

Both of those deals were things that we have been discussing. But once we had the global agreement in place, it became easier for us to get those two deals completed. And I don't want to project, but it's certainly not going to slow down our momentum, our sales momentum with Zurich. It could only speed it up.

這兩筆交易都是我們一直在討論的事情。但一旦我們達成了全球協議，我們就更容易完成這兩筆交易。我不想預測，但這肯定不會減緩我們的勢頭，我們與蘇黎世的銷售勢頭。它只能加快速度。

And I think it's just a great -- I don't know -- it represents just the incredible strength of this partnership and what we think we can create with Zurich worldwide. It's just an incredible milestone for us. And to have earned their trust to create that structure, I was really proud to get to that point.

我認為這真是一件偉大的事情——我不知道——它代表了這種夥伴關係的驚人力量，以及我們認為我們可以與蘇黎世在全球範圍內創造的一切。對我們來說這是一個不可思議的里程碑。能夠贏得他們的信任並創造這樣的結構，我感到非常自豪。

Great. Thank you. Super helpful. And Jeff, I wanted to maybe pick on the -- or dig into the subscription support gross margins. Really meaningful step-up to 70% this quarter. You called out some of the tailwinds from top line and expenses, but any one-time uplifts that we should be aware of? I know you guided it to step back a little next quarter. Yeah, any help there would be great.

偉大的。謝謝。超有幫助。傑夫，我可能想選擇或深入研究訂閱支援的毛利率。本季度，這一數字上升至 70%，意義十分重大。您指出了營業收入和支出方面的一些利多因素，但有哪些一次性的提升是我們應該注意的呢？我知道你引導它在下個季度稍微退後一步。是的，任何幫助都將非常有幫助。

Sure. Yeah. There's a couple of things to note. First, we are modeling some significant increased customer usage of the platform as we move throughout the year as we see more and more customers go live. And so that does have an impact.

當然。是的。有幾件事需要注意。首先，隨著我們看到越來越多的客戶開始使用該平台，我們正在模擬平台的客戶使用量在全年中顯著增加的情況。所以這確實有影響。

The second thing that is a little bit more nuanced is we had some engineers that were building cloud migration tooling. And some of those engineers transitioned their focus to supporting cloud customers; and as a result, the expense associated with those engineers move from R&D to cloud COGS. That impact occurred towards the end of Q1.

第二件更微妙的事情是，我們有一些工程師正在建構雲端遷移工具。其中一些工程師將重點轉向支援雲端客戶；結果，與這些工程師相關的費用從研發轉移到雲端運算 COGS。該影響發生於第一季末。

It's pretty common for us with the function of DevOps to take a regular look at how people spend their time and how we're allocating the appropriate expenses associated with their time. And so that did happen. That had an impact.

對於我們這些 DevOps 人員來說，定期觀察人們如何花費時間以及我們如何分配與他們的時間相關的適當費用是很常見的。事實確實如此。這確實產生了影響。

If you look at that impact throughout the whole year, it adds up to about a kind of [1%] impact to gross margin. That didn't impact Q1 but will impact the rest of the year. And so you take that together -- that's the reason why we're not expecting to sustain at 70% but still tracking a little bit ahead of our expectations for the year.

如果從全年來看，它對毛利率的影響約為 [1%]。這不會影響第一季度，但會影響今年剩餘時間。所以，綜合考慮這些因素，這就是為什麼我們不期望維持 70% 的成長率，但仍將略高於我們對今年的預期。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Thanks for taking the question here. Jeff, looking at the 1Q performance and the implied guidance for the full year in services, I was wondering if you could dive into that dynamic of growth a little bit more this year and sort of comment on how close you are to the ideal split of services work being done by partners versus your internal teams.

感謝您在此提出這個問題。 Jeff，看看第一季度的表現和全年服務業的隱含指引，我想知道您是否可以更深入地探討一下今年的成長動態，並評論一下您距離理想的收入分配比例有多近？工作由合作夥伴而非內部團隊完成。

I think, in general, when we've talked about this, we've indicated that it's really critical for us to have a high-performing services team. This is a strategic asset for us, and we have capacity to do a little bit over $200 million.

我認為，總的來說，當我們談論這個問題時，我們已經表明擁有一支高效的服務團隊對我們來說真的至關重要。這對我們來說是一項策略資產，我們有能力做超過 2 億美元。

And as we established the outlook for this year, we thought it would take a little time to build back to that level. But with the guidance that we've given at the end of this quarter is, we now are kind of operating at a higher utilization than what we'd expected. And I think we're finding a healthy balance right now between the work that our teams are engaging in and the work that the partners are engaged in.

當我們確定今年的前景時，我們認為恢復到這一水平需要一些時間。但根據我們在本季末給予的指導，我們現在的營運利用率高於我們的預期。我認為我們現在正在我們的團隊所從事的工作和合作夥伴所從事的工作之間找到健康的平衡。

The partners continue to lead most of these programs. And as we look at utilization rates in Q1 and as we look kind of throughout the rest of the year, I expect utilization to tick off a little bit. We're not expecting to be at 20% margins as we move through the year, but it was a really strong first quarter for us.

合作夥伴繼續領導大部分此類專案。當我們觀察第一季的利用率並展望今年剩餘時間的情況時，我預計利用率會略有上升。我們並不期望全年利潤率能達到 20%，但第一季的業績確實非常強勁。

And John Mullen is here as well, and he can offer up some comments.

約翰馬倫也在這裡，他可以提供一些評論。

I'll just add that I agree; we're reaching that balance point, where seeing what's ahead of us gives us that chance to look better at our utilization and what we do from a sub-contracting standpoint. The unique part about Q1 was really Q4. We had some really nice-sized deals in Q4 that created a hot start to the year. So we're a little bit ahead of schedule on utilization.

我只是想補充我同意；我們正在達到那個平衡點，看清未來的發展讓我們有機會更好地審視我們的利用率以及從分包的角度我們所做的事情。 Q1 的獨特部分實際上是 Q4。我們在第四季度達成了一些規模非常可觀的交易，為今年帶來了一個良好的開端。因此我們的利用率比計劃略微提前了一點。

But we're finding that balance Jeff is talking about. And we feel really good about the work that the team has done and also the really tight partnership with the systems integrators to make sure that we've got the right mix to ensure success across all of these deals.

但我們正在尋找傑夫所說的平衡。我們對團隊所做的工作以及與系統整合商的緊密合作感到非常滿意，以確保我們擁有正確的組合，確保所有這些交易的成功。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Thank you. Mike, I just want to follow up on Dylan's question earlier on the cloud migration pacing. You called out some of the highlights around the referenceability, the customers staying more current. AI is kind of a driver -- an overall driver for customers that want to do anything with AI going into the future. Is there any change coming out of Connections, though, just in terms of your visibility over the kind of the next three- to five-year window as far as pacing of cloud migrations?

謝謝。麥克，我只是想跟進迪倫之前關於雲端遷移步伐的問題。您列舉了一些與可參考性相關的亮點，讓客戶能夠更及時地了解情況。人工智慧是一種驅動力——對於未來想要使用人工智慧做任何事情的客戶來說，它是一種整體驅動力。但是，就您對未來三到五年雲端遷移速度的預測而言，Connections 是否會改變？

I would say, nothing's changed if you look out three to five years. I think we've had a couple of conversations coming out of Connections, where you could say things have improved, and there's a little bit more of a timeline associated with planning. And so like I said, it certainly helps kind of solidify our expectations for opportunities through the remainder of the fiscal year.

我想說，如果你展望三到五年，什麼都沒有改變。我想我們已經進行了幾次關於 Connections 的對話，可以說事情已經有所改善，而且規劃的時間表也更加詳細了。所以就像我說的，它肯定有助於鞏固我們對本財政年度剩餘時間的機會的期望。

I think the other characteristic of this is that we have begun to be more clear about what the long-term expectations should be for our ability to support on-prem customers out and beyond three to five years and exactly what that looks like and starting to have real conversations with customers about what they should expect and how they should start to plan. And so I would say like the referenceability, the excitement about the product, our ability to support and run these workloads successfully, all of that helps.

我認為另一個特點是，我們已經開始更加清楚，在未來三到五年內，我們對本地客戶的支援能力的長期期望應該是什麼，以及具體是什麼樣子，並開始與客戶進行真正的對話，了解他們應該期待什麼以及他們應該如何開始計劃。所以我想說，可參考性、對產品的興奮感、我們支持和成功運行這些工作負載的能力，所有這些都有幫助。

But it also kind of relates to just what is the final outcome of these on-prem implementations. And that conversation that we have with all those customers definitely stretches out five years.

但它也與這些內部實施的最終結果有關。我們與所有客戶的對話肯定持續了五年。

We make a plan for what we expect the opportunity will look like each quarter out for the next couple of years, and we continue to hone that with our sales organization and our customer success leaders. So I would say Connections helped a little, but it hasn't changed it dramatically.

我們制定了計劃，預計未來幾年每個季度的機會將會如何，並且我們將繼續與我們的銷售組織和客戶成功領導者一起完善這個計劃。因此我想說 Connections 有一點幫助，但並沒有帶來巨大的改變。

I'll add one quick point on that. I think Mike's keynote message balanced off trust and vision. And so much of the conversations we've had have been about gaining trust and proof points. And it does materially start to shift towards that vision for how our brands work together, us and customers and prospects in the industry at large work together to unlock opportunity.

對此，我想補充一點。我認為麥克的主題演講兼顧了信任和願景。我們進行的許多對話都是為了獲得信任和證據。它確實開始實質地轉向這樣的願景，即我們的品牌如何合作，我們和整個行業的客戶和潛在客戶如何共同努力釋放機會。

Just adding to that, that times up really well with the pressure that exists right now -- competitive pressure that exists right now in general insurance, property and casualty insurance. The need for agility, the need for more precise decision-making is very real. And having the opportunity to sit across the table from these customers and prospects and map out how we can work together and continue to invest in our R&D to help them solve that problem is -- it gives me a tremendous amount of optimism about how we continue to work together with them in a more strategic context than just proving out the value of the platform asset.

除此之外，這與目前存在的壓力非常吻合——目前一般保險、財產和意外保險領域存在的競爭壓力。對敏捷性和更精確決策的需求是非常現實的。有機會與這些客戶和潛在客戶坐在一起，規劃我們如何合作，並繼續投資於我們的研發，以幫助他們解決這個問題，這讓我對我們如何繼續發展充滿信心。下與他們合作，而不僅僅是證明平台資產的價值。

Okay. Great color. Jeff, maybe just one follow-up for you, just in terms of the really strong Tier-1 activity this quarter, any color on what those look like relative to kind of the ARR increase? Any of them that kind of aren't hitting in this Q1 ARR number, or any different ramp schedules versus what you've kind of historically booked with Tier 1s in the past?

好的。顏色很棒。傑夫，也許我只想問您一個後續問題，就本季真正強勁的 Tier-1 活動而言，相對於 ARR 的成長，它們看起來怎麼樣？其中有沒有哪一種沒有達到第一季的 ARR 數字，或者與過去與 Tier 1 預訂的計劃相比有任何不同？

Yeah. So there was one deal in particular where the deal closed this quarter, but the ARR doesn't start until next quarter. And so that was one nuance in the quarter. But other than that, it was pretty typical blocking and tackling. Pleased with the progress in Q1.

是的。因此，有一筆特定的交易在本季完成，但 ARR 要到下個季度才開始。這是本季的一個細微差別。但除此之外，這就是非常典型的阻擋和鏟球。對第一季的進展感到滿意。

If you're hinting at the size of the ARR outperformance in the quarter, Q1, we did have a little bit higher churn for the year than what we expect for the rest of the year, and that's kind of considered into our guidance and our forecast. And then the backlog in Q1 is usually pretty slow and then that ramps throughout the year. And that's what we expect for this year as well.

如果你暗示第一季的 ARR 表現有多出色，那麼我們今年的客戶流失率確實比我們對今年剩餘時間的預期要高一點，這在我們的指導和我們的預報。第一季的積壓訂單通常比較少，但全年都會逐漸增加。這也是我們對今年的期望。

Got it. I appreciate that color. And it wasn't suggestive of the upside -- just five Tier 1s, the way they were laid out sounded really large. So I was just curious if there's anything difference on how those were going to hit ARR over the next few years, but that's perfect. Thanks, Jeff.

知道了。我很欣賞那個顏色。而且它並沒有顯示出任何好處——只有五個一級，它們的佈局聽起來真的很大。所以我只是好奇未來幾年它們對 ARR 的影響是否有什麼不同，但那是完美的。謝謝，傑夫。

David Unger from Michael Turrin's team at Wells Fargo.

富國銀行邁克爾圖林團隊的戴維昂格 (David Unger)。

Thank you very much. So great to be at Connections, and good to see the continued success and call out of Tier-1 wins. We got to spend some time with Tier-2 and Tier-3 vendors at Connections. Can you just talk through their engagement levels out of Connections this year versus prior years? Thanks.

非常感謝。非常高興加入 Connections，並且很高興看到持續的成功以及 Tier-1 勝利的取得。我們花了一些時間與 Connections 的二級和三級供應商在一起。您能否談談今年與前幾年相比他們對 Connections 的參與程度？謝謝。

Mike (sic – David), let me say something first. I can let John give you a perspective. He spent as much or more time with customers at Connections as I did. I would say, we called out the Tier 1s just because it's so strategic, and there's such a high percentage of the overall premium in the industry that relates to Tier-1 carriers, but we've had tons success with carriers of all sizes, not just the Tier-1 space.

麥克（原文如此 - 大衛），讓我先說幾句話。我可以讓約翰給你一個觀點。他在 Connections 與客戶相處的時間與我一樣多，甚至更多。我想說的是，我們之所以選擇一級運營商，是因為它具有戰略意義，而且整個行業中與一級運營商相關的整體溢價比例很高，但我們與各種規模的運營商都取得了巨大的成功，不僅限於 Tier-1 領域。

Connections is obviously a great opportunity for us to connect with people one to one and find out how are the projects going and what feedback do they have about our road map and what we're doing. And I would say I'm just very, very positive on the direction that we're headed and how it's aligned to where our customers want us to be.

顯然，聯繫對我們來說是一個很好的機會，我們可以與人們一對一地聯繫，了解專案進展如何，以及他們對我們的路線圖和我們正在做的事情有何反饋。我想說，我對我們的發展方向以及它如何與客戶期望保持一致感到非常非常樂觀。

We're not perfect. And we definitely get feedback at these events about where we can improve. And we work hard to listen as closely as we can and adjust our approach to delivering on the programs and delivering on the road map such that these implementations are successful and fast as possible.

我們並不完美。我們肯定會在這些活動中得到有關我們可以改進的地方的回饋。我們努力盡可能地傾聽並調整我們執行計劃和路線圖的方法，以確保這些實施盡可能成功和快速。

But I would say there's just a lot -- there's a lot of energy behind the idea that, okay, we've got PolicyCenter and ClaimCenter and BillingCenter and InsuranceNow running in the cloud, and we've got the update system working and the systems generally working. And now we can start to think about what are we doing for your claims experience and your claims adjusters and how are we making sure you can manage indemnity more effectively and what are we doing around underwriting and helping your underwriters and helping the -- your actuaries manage your rating systems more effectively.

但我想說的是，這個想法背後有很多能量，好的，我們已經在雲端運行了 PolicyCenter、ClaimCenter、BillingCenter 和 InsuranceNow，我們已經讓更新系統正常運行，並且系統一般都有效。現在我們可以開始思考，我們要為您的理賠體驗和理賠員做些什麼，我們如何確保您能夠更有效地管理賠償，我們在承保、幫助您的承保人和幫助您的精算師方面做了什麼。

And all that kind of like insurance functionality that we haven't been as focused on over the past five years is starting to bubble its way back up the road -- up the priority list and into the road map, and that's pretty exciting. And you get that kind of feedback from those customers at Connections. It's great. It's validating. And so that was my big takeaway.

而所有那些我們在過去五年中沒有太過關注的保險功能現在又開始重新回到人們的視線中——在優先級列表和路線圖中名列前茅，這是非常令人興奮的。您可以從 Connections 的客戶那裡獲得這樣的回饋。這很棒。它正在驗證。這就是我最大的收穫。

But I'll let John give a comment because he spent a lot of time with these customers there, too.

但我會讓約翰發表評論，因為他也在那裡與這些顧客在一起度過了很多時間。

I'll start with the Tier 3s. I love the conversations and the operation -- operating principle at the Tier 3s simply because they exercise the platform and the application so aggressively. It's such a critical element of their business that we learned so much in the operations with them -- great feedback, great opportunity to prioritize our R&D road map. And the way we stand shoulder to shoulder to drive value with those Tier 3s is absolutely critical to our teaming co-existence.

我將從第 3 層開始。我喜歡 Tier 3 的對話和操作原則，因為他們非常積極地運用該平台和應用程式。這是他們業務中至關重要的一個要素，我們在與他們的營運中學到了很多東西——很好的反饋，優先考慮我們研發路線圖的絕佳機會。我們與 3 級企業並肩作戰、共同創造價值的方式對於我們團隊的共存至關重要。

So that's fun. And I do see the Tier 3s really moving aggressively. I'll come back to that in a second.

這很有趣。我確實看到 3 級隊伍確實在積極進取。我稍後再談這個問題。

The Tier 2s -- certainly, unlocking value, as Mike mentioned, is becoming so much more important to them. The ability to talk about insurance features and functions, risk selection, pricing, rating, the things that we're talking about that drive their business and their ability to compete really aggressively brings the Tier 2s --which is such a big part of Guidewire's 20-year history, really brings it to that, how do we shape next chapters together?

對於二級市場而言 — — 當然，正如 Mike 所提到的，釋放價值對他們來說變得越來越重要。能夠談論保險的特點和功能、風險選擇、定價、評級，以及我們正在談論的推動其業務發展的事情，以及他們真正積極競爭的能力，這些都為二級保險帶來了優勢——這是Guidewire業務的重要組成部分20 年的歷史，確實到了這一步，我們如何共同塑造接下來的篇章？

The thing I take away from Connections more than anything else with these customers is for the smaller customers, it's true that working with us they can operate at a level of scale and leverage that was maybe not available without the partnership. And for those that are very large, we're unlocking a level of agility that would be quite difficult for them to achieve standalone. So those two things together is -- it creates a great basis for conversation and planning.

與這些客戶合作時，我從Connections 學到的最重要的一點是，對於較小的客戶來說，透過與我們合作，他們能夠實現一定的規模和槓桿作用，而如果沒有合作，這些規模和槓桿作用可能就無法實現。對於那些規模非常大的企業，我們正在解鎖一定程度的敏捷性，這對於它們獨立實現而言相當困難。所以，將這兩件事結合起來，為對話和規劃奠定了良好的基礎。

So you led right into my next question, which was obviously great demos being shown at Connections. Any initial stats you could share as it relates to customer engagement coming off of GenAI, and what that could be for the future? Just wondering how that compares across tiers in terms of customer engagement out of Connections, really, at the GenAI.

所以你直接引出了我的下一個問題，這顯然是在 Connections 上展示的精彩演示。您能分享一些與 GenAI 的客戶參與度相關的初步統計數據嗎？只是想知道在 GenAI 中，Connections 的客戶參與度在各個層級之間如何比較。

Well, on a conversation basis, I would say, statistically speaking, 100% of our customer conversations have some implications on what their plans are for GenAI and maybe more specifically, decision-making inside the enterprise. More and more, it's becoming part of the business case that we write together to take that next -- that really big important step of addressing the core processing environment and modernizing the core processing environment to unlock that value.

嗯，從對話的角度來看，我想說，從統計學上講，我們100% 的客戶對話都會對他們對GenAI 的計劃產生一定影響，更具體地說，會對企業內部的決策產生一定影響。它越來越成為我們共同撰寫的商業案例的一部分，以便採取下一步行動——解決核心處理環境和現代化核心處理環境以釋放這一價值的真正重要的一步。

100%, I don't think is an overstatement. What percentage of those work into the business case to make that next important move is critical for those that are looking at either net new or migration. For those that are customers, the intensity and frequency of conversation is very prevalent in both our customer success organization, in our product organization, in our analytics organization and the number of conversations we're having in kind of -- I don't want to call them co-design but co-conceptualizing solutions for the market has increased quite a bit in the last six months.

100%，我想這並不誇張。對於那些正在考慮淨新增或遷移的人來說，將這些工作中的多大比例投入到商業案例中以實現下一步重要舉措至關重要。對於客戶來說，對話的強度和頻率在我們的客戶成功組織、產品組織和分析組織中都非常普遍，而且我們進行的對話次數也非常多——我不希望稱其為共同設計，但在過去六個月中，針對市場共同概念化解決方案的數量已大大增加。

Yeah. And I can just give you a quick perspective, is generative AI is a tool that can be applied in a thousand ways to the insurance industry. And so it's like every customer we talk to is doing something, doing some level of experimentation. Some have it in production in certain use cases. But everybody is out there doing different things, trying to learn from one another, trying to learn from partners, trying to learn from Guidewire.

是的。我可以給你一個簡單的觀點，生成式人工智慧是一種可以以千種方式應用於保險業的工具。因此，就像我們交談過的每個客戶都在做一些事情，進行某種程度的實驗。有些已經在特定用例中投入生產。但每個人都在做不同的事情，試著互相學習，試​​著向合作夥伴學習，試著向 Guidewire 學習。

And like aligning what we're learning and what we're doing with what they're learning and what they're doing, it's all very interesting. But there isn't like a deployed generative AI step. Like literally, that will be done times a thousand different use cases across the industry, across countries, across tiers. It's a very ubiquitous technology capability that will be applied all over the insurance life cycle. And it's kind of fun to get to sit down with people and start to think about where we might apply this, especially given this cloud platform that's set up to enable us to deliver this innovation in a much more fluid way than we were able to do it before.

將我們所學的和所做的與他們的所學的和所做的結合起來，這一切都非常有趣。但它不像是部署了生成式人工智慧的步驟。就像字面意思一樣，這將在跨行業、跨國家、跨層級的範圍內實現一千次不同的用例。它是一種非常普遍的技術能力，將應用於整個保險生命週期。和大家坐下來討論我們可以在哪裡應用這項技術是很有趣的，特別是考慮到這個雲端平台的建立使我們能夠以比我們能夠做到的更流暢的方式實現這項創新它之前。

Aaron Kimson, JMP Securities.

JMP證券的Aaron Kimson。

Great. Thanks for the questions and having us in Nashville last month. I know it's early on GenAI, and that was part of the vision piece of the Connections keynote, but can you help us think about what the pricing model for GenAI use cases may look like?

偉大的。感謝您的提問以及我們上個月在納許維爾的招待。我知道 GenAI 還處於早期階段，而且它是 Connections 主題演講的願景部分，但您能幫助我們思考 GenAI 用例的定價模型是什麼樣的嗎？

I think it's premature for us to talk about it. It's just because we have a lot of options that we'll look at, different ways we could look at packaging it. And so there's just like so many ways that this might go that it's probably premature for me to describe it.

我認為我們現在談論這個還為時過早。這只是因為我們有很多選擇，我們可以考慮不同的包裝方式。事情可能會有多種發展方式，我現在描述可能還為時過早。

And I also think I would connect you back to the previous conversation in how I think it's almost like -- if you say like how does the Internet or web browsers interact with your technology? And it's -- well, it's everywhere, right? And so like there's going to be components. There's going to be solutions and products that are packaged and priced that are powered by generative AI. And those prices and packages will relate to the solutions and products more so than they will relate to the enabling technology, the enabling capability, which will certainly be like a factor in how much it costs to run and how much it costs to build and deliver, but it's going to be far more nuanced than just like this is how we price generative AI at Guidewire.

我還認為我應該讓您回顧先前的對話，我認為這幾乎就像是——如果您說網路或網路瀏覽器如何與您的技術互動？而且它——嗯，無處不在，對吧？因此將會有組件。將會有由生成性人工智慧驅動的解決方案和產品進行打包和定價。這些價格和套餐與解決方案和產品的關係比與支援技術和支援能力的關係更大，後者肯定會成為運行成本、建造和交付成本的一個因素，但它將比我們在Guidewire 為生成式AI定價的方式更加微妙。

Understood. And then, Mike, you mentioned recently you have 122 customers running workers' comp on your platform. What type of activity are you seeing within that segment of the P&C market? And what's the incremental opportunity with your existing customer base like for workers' comp?

明白了。然後，麥克，您最近提到，您的平台上有 122 名客戶運行工人補償。您在財產和意外保險市場這一領域看到了哪些類型的活動？您現有的客戶群在工傷補償方面有哪些增量機會？

Well, there's an existing opportunity to expand within the customer base. There's also net new opportunity for modernization activity, where insurance carriers that are running workers' comp lines and want a modern platform, and we're tracking both of those things uniquely. The other side of this is that there's also -- we're uncovering opportunities to enhance the product and improve with data and analytics solutions in workers' compensation.

嗯，目前存在擴大客戶群的機會。現代化活動也存在著新的機遇，經營工傷補償業務的保險公司希望擁有一個現代化的平台，我們以獨特的方式追蹤這兩件事。另一方面，我們也在尋找機會增強產品，並利用工人賠償方面的數據和分析解決方案進行改進。

And then there's also, I think, very interesting, what I guess I would call networked or common requirements across multiple workers' comp carriers where they can come together and say, hey, if Guidewire can work with us to do this centrally and then apply it generally across all of our workers' comp customers, it can provide a big lift and can provide a big benefit. I think that it's just very -- I called it out just because we're starting to get feedback from customers that, hey, there's some unique requirements here, and you have a critical mass of customers. And so we deserve some attention. And if you focused on it, you might be able to unlock some new sales activity, but also, we might be able to do a better job serving our existing customers.

然後，我認為非常有趣的是，我猜我會稱之為跨多個工人補償保險公司的網路化或共同要求，他們可以聚在一起說，嘿，如果Guidewire 可以與我們合作集中完成這項工作，然後申請它通常適用於我們所有的工人補償客戶，它可以提供很大的提升並帶來很大的好處。我認為這只是——我之所以提出這一點只是因為我們開始收到來自客戶的回饋，即嘿，這裡有一些獨特的要求，而且你擁有大量的客戶。因此我們值得關注。如果你專注於此，你也許能夠開啟一些新的銷售活動，而我們也許能夠更好地服務現有的客戶。

And we spent a year looking at this, and we have an incredible leader at the company named Laura Drabik, who's been driving this for us and pulling together a plan across function that we're pretty excited about. And so I hope that gives you a bit of a flavor for why we called it out. It's like I really think it's going to become a more important part of our customer base and the use cases people attack with the platform.

我們花了一年時間研究這個問題，公司有一位非常出色的領導者，名叫勞拉·德拉比克(Laura Drabik)，她一直在推動這一進程，並製定了一項跨職能計劃，我們對此感到非常興奮。我希望這能讓你稍微了解我們為什麼要提出這一點。我真的認為它將成為我們客戶群和人們利用該平台攻擊的用例中更重要的一部分。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Hello, everyone. Could you provide an update on fully ramped ARR growth levels now that you're in -- entering sort of the back half of those large contracts? When would you expect headline ARR and ramped ARR both to begin to converge?

大家好。您現在正處於這些大型合約的後半部分，能否提供有關 ARR 成長水準全面提升的最新情況？您預期整體 ARR 和增量 ARR 何時會開始趨於一致？

Yeah, Alexei, we only comment on fully ramped ARR on an annual basis. The one thing I would comment is it was a very strong Q1 for us with respect to overall bookings activity. And so that got us off to a good start. But we really measure ourselves with that particular metric on an annual basis, so we'll comment on that at year-end.

是的，阿列克謝，我們僅對年度全面提升的 ARR 進行評論。我想評論的一件事是，從整體預訂活動來看，我們第一季的表現非常強勁。這讓我們有了一個好的開始。但我們確實每年都會用這個特定的指標來衡量自己，所以我們會在年底對此發表評論。

Thank you, Jeff. And another question, could you elaborate a bit more on some of this cost optimization where you were moving resources around? Does that mean that you can go well beyond $1 billion in ARR with limited additional hirings?

謝謝你，傑夫。還有一個問題，能否詳細說明您在調動資源時進行的成本最佳化嗎？這是否意味著您只需額外招募少量人員，就能讓 ARR 遠遠超過 10 億美元？

Yeah. So we run a cloud ops - cloud operations team and a dev team that formulates how we think about DevOps. And we do regular assessments of where those engineers are spending their time. And from time to time, we have folks that are really building capabilities that fit more appropriately into R&D.

是的。因此，我們成立了一個雲端營運團隊和一個開發團隊，負責制定我們對 DevOps 的看法。我們會定期評估這些工程師的時間花在哪裡。有時，我們也會有一些真正適合研發的能力的人。

And then we looked at some of the -- some of these -- well, these roles, in particular, were site engineers, and they were more focused on supporting specific customers and so moved them into the cost of goods sold line on the income statement. And this is pretty typical for us to -- we don't like to see movement too much, but we do assessments on a regular basis with our accounting team to make sure that those are all appropriately resourced.

然後我們研究了一些——其中一些——這些角色，特別是現場工程師，他們更專注於支援特定客戶，因此將他們轉移到收入的銷售成本線中陳述。這對我們來說很典型——我們不希望看到太多的變動，但我們會定期與我們的會計團隊進行評估，以確保所有這些都得到適當的資源。

I think the way we run it, we do have some flexibility in terms of how we manage that team. And we can shift resources based on where they are needed. And so I think the team has done a good job in that capacity. But that's just what happened in the quarter, and I flagged that just because wanted to help you all understand a little bit as to why the margin guide is a little bit below where we landed in Q1.

我認為，透過我們的運作方式，我們在管理團隊方面確實具有一定的靈活性。我們可以根據需要分配資源。因此我認為團隊在這方面做得很好。但這只是本季發生的情況，我之所以提到這一點，只是想幫助大家理解為什麼利潤率指引略低於我們第一季的水準。

Okay, great. That's the last question I saw. So I'll hand it over to Mike for closing comment.

好的，太好了。這是我看到的最後一個問題。因此我將把最後發言權交給 Mike。

Well, thanks, everybody, for participating in the call today. We couldn't be happier with the start of the year. It was a great Q1. It was an incredible Connections. We're excited about the prospects for the rest of the fiscal year, and we look forward to seeing everybody over the course of the next few months and maybe at the end of Q2. So thanks, everybody, very much.

好吧，感謝大家今天的電話會議。我們對新的一年的開始感到無比高興。這是一個很棒的第一季。這是一次令人難以置信的聯繫。我們對本財年剩餘時間的前景感到興奮，並期待在接下來的幾個月里以及也許在第二季末與大家見面。非常感謝大家。