Guidewire Software Inc (GWRE) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Guidewire second-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 財年第二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 now 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。現在你可以開始了。

Thank you, Grace. Hello, everyone. With me today is Mike Rosenbaum, Chief Executive Officer; and Jeff Cooper, Chief Financial Officer. A complete disclosure of our results can be found in our press release issued today as well as in our related Form 8-K furnished to the SEC, both of which are available on the Investor Relations section of our website. Today's call is being recorded, and a replay will be available following its conclusion.

謝謝你，格蕾絲。大家好。今天與我一起的有首席執行官邁克·羅森鮑姆 (Mike Rosenbaum) 和首席財務官傑夫·庫珀 (Jeff Cooper)。我們的完整業績揭露可在我們今天發布的新聞稿以及提交給美國證券交易委員會 (SEC) 的相關 8-K 表格中找到，這兩份文件均可在我們網站的「投資者關係」部分找到。今天的通話將被錄音，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.

今天的聲明包括有關我們的財務表現、產品、客戶需求、營運、地方、國家和地緣政治事件對我們業務的影響以及其他事項的前瞻性聲明。這些聲明受風險、不確定性和假設的影響，這些假設是基於管理層截至今天的當前預期，不應被視為代表我們在任何後續日期的觀點。

Please refer to the press release and the risk factors and documents we file with the SEC including our most recent annual report on Form 10-K and our prior and forthcoming quarterly reports on Form 10-Q filed and to be filed with the SEC for information on risks, uncertainties, and assumptions that may cause actual results to differ materially from those set forth in such statements.

請參閱新聞稿以及我們向美國證券交易委員會 (SEC) 提交的風險因素和文件，包括我們最新的 10-K 表年度報告以及我們之前和即將向美國證券交易委員會提交的 10-Q 表季度報告，以獲取有關可能導致實際結果與此類聲明中所述的結果存在重大差異的風險、不確定性和假設的資訊。

We also will refer to certain non-GAAP financial measures to provide additional information to investors. All commentary on margins, profitability, and expenses are on a non-GAAP basis, unless stated otherwise.

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。

A reconciliation of non-GAAP to GAAP measures is provided in our press release. Reconciliations and additional data are also posted in the supplement on our IR website.

我們的新聞稿中提供了非公認會計準則 (non-GAAP) 與公認會計準則 (GAAP) 指標的對帳表。對帳表和附加資料也發佈在我們的 IR 網站的補充資料中。

Finally, similar to last quarter, Investor Relations is conducting this earnings call via Zoom audio rather than a Telebridge. This means we will manage the Q&A portion of today's call internally with help of Grace moderating you just heard from and myself managing Q&A. Please be patient if we encounter any short pause in any of the handoffs during Q&A.

最後，與上一季類似，投資者關係部透過 Zoom 音訊而非 Telebridge 進行此財報電話會議。這意味著我們將在 Grace 的主持下內部管理今天電話會議的問答部分，我自己將負責管理問答。如果我們在問答過程中遇到任何交接短暫停頓，請耐心等待。

And with that, I'll hand it off to Mike.

說完這些，我就把它交給麥克。

Thank you, Alex. Good afternoon, and thanks, everyone, for joining us today. I want to start by extending my sympathy to those affected by the Los Angeles wildfires and more recent floods in Kentucky, In 2023, there were 28 events in the United States and each cost at least $1 billion of loss. And in 2024, there were 27.

謝謝你，亞歷克斯。下午好，感謝大家今天加入我們。首先，我要向受洛杉磯山火和肯塔基州最近洪水影響的人們表示同情，2023 年，美國發生了 28 起此類事件，每次損失至少 10 億美元。而到 2024 年，這一數字將達到 27。

In Europe, flooding and convective storms caused $14 billion in insured losses in 2024, and the recent fires in LA are estimated to have caused an insured loss of $30 billion. The P&C industry acts as a financial backstop for families and businesses impacted by these catastrophes.

在歐洲，2024 年洪水和對流風暴造成了 140 億美元的保險損失，而最近洛杉磯發生的火災估計造成了 300 億美元的保險損失。財產和意外保險業為受到這些災難影響的家庭和企業提供財務支持。

More than ever, a well-functioning P&C market is critical to providing consumers, businesses, and communities the peace of mind and the confidence they need to invest and live with the risk associated with catastrophic weather events.

一個運作良好的財產和意外保險市場對於讓消費者、企業和社區安心並有信心進行投資和應對災難性天氣事件帶來的風險比以往任何時候都更加重要。

This critical function is one of the reasons why everyone at Guidewire is proud to play a role in the insurance industry. Our mission is to provide a technology platform that powers agility in the P&C industry, which helps support a more vibrant and effective insurance market, one that helps people, businesses, and governments understand risk in economic terms and make rational decisions about these risks, and how to prepare for, mitigate, and avoid them.

這項關鍵職能是 Guidewire 每位員工都為在保險業發揮作用而感到自豪的原因之一。我們的使命是提供一個技術平台，增強財產和意外傷害保險行業的敏捷性，幫助支持更活躍和有效的保險市場，幫助個人、企業和政府從經濟角度理解風險，並對這些風險以及如何準備、減輕和避免這些風險做出理性的決策。

This mission was established when Guidewire was founded. It has since motivated us to build our market-defining software categories supporting insurance core systems and to ensure that through our cloud-based evolution, we will play a critical role in the industry for decades to come.

這項使命是在 Guidewire 成立時確立的。它激勵我們建立支持保險核心系統的市場定義軟體類別，並確保透過基於雲端的演進，我們將在未來幾十年在行業中發揮關鍵作用。

Turning to the second quarter and the current state of our business, I could not be more pleased with our progress and the quality of engagement we have with the market. This includes steady progression and engagement with some of our largest on-prem customers. It is becoming more and more clear that the industry's transition to the cloud itself is steadily accelerating.

回顧第二季和我們業務的現狀，我對我們的進展以及我們與市場的互動品質感到非常滿意。這包括與我們一些最大的內部客戶的穩定發展和合作。越來越明顯的是，產業向雲端的轉變正在穩步加速。

Regarding the detail of the second quarter, we produced solid sales activity with ARR finishing above the high end of our projected range. We closed 12 cloud deals. This included four or full InsuranceSuite deals, one InsuranceNow deal, and the remainder for one or two core ex-center applications.

關於第二季的細節，我們的銷售活動表現穩健，ARR 高於我們預期範圍的高端。我們完成了 12 筆雲端運算交易。其中包括四筆或完整的 InsuranceSuite 交易、一筆 InsuranceNow 交易，以及剩餘的一到兩筆核心中心外應用程式。

As a reminder, full InsuranceSuite deals include all three applications, or ex-centers as we sometimes refer to them, PolicyCenter, ClaimCenter, and BillingCenter. Since launching Guidewire Cloud Platform, our thesis has been that we will see growing demand from new customers replacing legacy systems as we prove out our cloud capability with our customer base.

提醒一下，完整的 InsuranceSuite 交易包括所有三個應用程式（我們有時稱之為中心），即 PolicyCenter、ClaimCenter 和 BillingCenter。自從推出 Guidewire 雲端平台以來，我們的觀點一直是，隨著我們透過客戶群證明了我們的雲端功能，我們將看到新客戶更換遺留系統的需求不斷增長。

In Q2, we welcomed five new customers, including one in Brazil and one in Belguim. We had a large global specialty insurer start their Guidewire journey with BillingCenter and look forward the opportunity to expand to PolicyCenter and ClaimCenter in the future.

第二季度，我們迎來了五位新客戶，包括巴西和比利時的客戶。我們有一家大型全球專業保險公司透過 BillingCenter 開始了他們的 Guidewire 之旅，並期待未來有機會擴展到 PolicyCenter 和 ClaimCenter。

Finally, with respect to new customers, we closed a full suite competitive takeaway at a Tier 3 insurer that is a subsidiary of a larger entity to see meaningful future growth potential. We also closed six cloud migrations in the quarter, which is critical for our ongoing intention and commitment to migrate 100% of our on-prem customer base to our cloud platform. And two of the six included expansion into new business lines or new core modules.

最後，關於新客戶，我們與一家大型實體的子公司—三級保險公司達成了全套競爭性收購，以看到未來有意義的成長潛力。我們也在本季完成了六次雲端遷移，這對於我們持續將 100% 的內部客戶群遷移到雲端平台的意圖和承諾至關重要。其中有兩項涉及擴展到新的業務線或新的核心模組。

Looking at our deals by geography, this quarter was led by North America and Europe, with about one-third of the deals in Europe. Competing effectively outside the United States often requires us to invest in country and market-specific functionality, and I was particularly pleased to see this investment translate into three Tier 1 deals, including with two large London market insurers.

從地理來看，本季的交易以北美和歐洲為主，其中約三分之一的交易發生在歐洲。在美國以外有效競爭通常需要我們投資於特定國家和市場的功能，我特別高興地看到這項投資轉化為三項一級交易，其中包括與兩家大型倫敦市場保險公司的交易。

Across the board, our sales activity in Q2 was concentrated at Tier 1 and Tier 2 insurers, where our customer requirements are focused on the ability to handle significant complexity and scale. With respect to the industry overall, I've been asked regularly about the potential short-term impact of the California wildfires on Guidewire.

總體而言，我們第二季的銷售活動集中在一級和二級保險公司，我們的客戶要求重點是處理重大複雜性和規模的能力。就整個產業而言，我經常被問到加州野火對 Guidewire 的潛在短期影響。

Overall, I would say that the property and casualty insurance industry is incredibly resilient and is designed to absorb these types of catastrophes. The one silver lining from these recent events is that they have increased awareness and the importance of maintaining a high functioning insurance market where insurers are enabled to evaluate and price risk responsibly.

總的來說，我認為財產和意外保險業具有極強的彈性，能夠承受此類災難。這些最近發生的事件所帶來的一線希望是，它們提高了人們的意識，並增強了維持高效運作的保險市場的重要性，使保險公司能夠負責任地評估和定價風險。

Turning to operations. We are seeing strong growth in cloud deployments and customers are more efficiently taking updates, keeping them current with recent innovations and functionality. Instrumental to our success driving adoption and deployment is our growing cloud ecosystem of partners. There are now 26,000 Guidewire-focused practitioners across 38 systems integrators and the number of Guidewire cloud-certified professionals has passed 10,500.

轉向營運。我們看到雲端部署正在強勁成長，客戶能夠更有效率地進行更新，以便隨時了解最新的創新和功能。我們不斷成長的合作夥伴雲端生態系統對於我們成功推動採用和部署至關重要。目前，Guidewire 已在 38 家系統整合商中擁有 26,000 名從業人員，Guidewire 雲端認證專業人員數量已超過 10,500 名。

Another dimension of our partner ecosystem that is equally important to our long-term vision is our technology partners. As we've grown cloud, we've accelerated the number of cloud apps from both Guidewire and our technology partners. Guidewire Marketplace now has over 500 applications, including over 270 from technology partners, and there have been over 6,000 app downloads in just the first half of this year.

我們的合作夥伴生態系統的另一個對我們的長期願景同樣重要的方面是我們的技術合作夥伴。隨著雲端運算的發展，我們也增加了 Guidewire 和我們的技術合作夥伴的雲端應用程式的數量。Guidewire Marketplace 目前擁有超過 500 個應用程序，其中包括來自技術合作夥伴的 270 多個應用程序，僅今年上半年應用程式下載量就超過 6,000 次。

In summary, it was a great quarter. with continued momentum across the business, we feel great about how the year is shaping up and couldn't be happier with everyone in the company, helping us to continue to deliver reliable ARR and revenue growth while simultaneously improving margins. All of this is based on an unwavering commitment to the success of every single customer program our company supports, which is ultimately what positions us well for the future.

總而言之，這是一個偉大的季度。隨著整個業務持續保持強勁勢頭，我們對今年的進展感到非常滿意，並對公司中的每個人都感到非常高興，這幫助我們繼續實現可靠的 ARR 和收入成長，同時提高利潤率。所有這一切都基於我們公司對每個客戶計劃的成功堅定不移的承諾，這最終將為我們的未來奠定良好的基礎。

I'll finish with a personal note about one of the customers, which really exemplifies our mission and the impact our platform can have in critical times. During the LA fires, California Casualty leveraged Guidewire to proactively identify and rapidly contact over 400 at-risk policyholders, ensuring their safety and offering immediate aid, included needed housing.

最後，我將以一位客戶的個人筆記作為結束，這確實體現了我們的使命以及我們的平台在關鍵時刻所能產生的影響。在洛杉磯火災期間，加州意外險利用 Guidewire 主動識別並快速聯繫超過 400 名高風險投保人，確保他們的安全並提供緊急援助，包括所需的住房。

By overlaying fire map layers on address policies in Guidewire, they were able to identify total loss homes, often preempting customer assessments. This swift action enabled them to provide over 90% of total loss homeowners with full coverage payments within two months, so customers could move forward with plans to either rebuild or purchase a new home. We're proud to play our small role in this effort and industry.

透過將火災圖層疊加在 Guidewire 中的地址策略上，他們能夠識別完全損失的房屋，通常可以搶在客戶評估之前完成。這項迅速行動使他們能夠在兩個月內向超過 90% 的完全損失房主提供全額保險金，以便客戶可以繼續重建或購買新房屋的計劃。我們很自豪能夠為這項努力和產業做出自己的貢獻。

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 had a great Q2 and the full year is tracking ahead of our expectations. ARR finished at $918 million, which reflected strong sequential ARR additions in the quarter. This was driven by healthy new sales activity and new ARR sold from deals in prior periods with rents which we sometimes refer to as ARR from ARR backlog. As a result, we added $45 million of net new ARR, which is roughly what we added in Q4 last year.

謝謝，麥克。我們第二季表現非常出色，全年業績也超出了我們的預期。ARR 最終達到 9.18 億美元，反映出本季 ARR 連續強勁成長。這是由健康的新銷售活動和前期交易中出售的新 ARR 以及租金推動的，我們有時將其稱為來自 ARR 積壓的 ARR。結果，我們增加了 4500 萬美元的淨新 ARR，大致相當於去年第四季的增加額。

which is always our largest seasonal quarter. So it is exciting to see the model play out in this manner. Total revenue was $289 million, up 20% year over year and above the high end of our outlook. Subscription and support revenue finished Q2 at $178 million, reflecting 35% year-over-year growth and our continued InsuranceSuite cloud momentum. Services revenue finished at $48 million, which was in line with our expectations.

這始終是我們最大的季節性季度。因此看到該模型以這種方式發揮作用是令人興奮的。總收入為 2.89 億美元，年增 20%，高於我們預期的最高值。第二季訂閱和支援收入達到 1.78 億美元，年增 35%，且維持了 InsuranceSuite 雲端業務的持續成長動能。服務收入達到 4,800 萬美元，符合我們的預期。

Now let me turn to profitability for the second quarter, which we will discuss on a non-GAAP basis. Gross profit was $189 million, representing 25% year-over-year growth. Overall gross margin was 65%. Subscription and support gross margin was 69% compared to 65% a year ago and continues to track a bit ahead of our expectations. Services gross margin was 6% compared to negative 11% a year ago.

現在讓我來談談第二季的獲利能力，我們將在非公認會計準則的基礎上進行討論。毛利為1.89億美元，年增25%。整體毛利率為65%。訂閱和支持毛利率為 69%，而去年同期為 65%，並且繼續略高於我們的預期。服務毛利率為 6%，去年同期為負 11%。

The Services business finished the quarter in line with our expectations. As a reminder, Q2 services revenue is usually lower as a result of the impact of the holidays on services deliveries. We finished Q2 with operating profit of $54 million.

服務業務本季的業績符合我們的預期。提醒一下，由於假期對服務交付的影響，第二季的服務收入通常會較低。我們第二季的營業利潤為 5,400 萬美元。

This finished ahead of our outlook as both gross profit was higher than expectations and operating expenses finished lower than expectations. We have been more measured in our hiring in the first half, but we do expect to see increased hiring in the back half of the year, and this hiring will be focused on product development teams.

由於毛利高於預期，而營業費用低於預期，因此這一結果超出了我們的預期。我們在上半年的招募中更加謹慎，但我們預計下半年招募人數會增加，而且招募將集中在產品開發團隊。

We ended the quarter with $1.4 billion in cash, cash equivalents and investments. Operating cash flow ended the quarter at $86 million, which is ahead of our expectations due to strong collections in the quarter. Before turning to our outlook, I want to quickly touch on some actions we have taken related to our 2025 convertible notes, which are set to mature later this month. In Q2, we retired an additional $100 million at face value of our 2025 convertible notes. The real cost associated with this was $153 million, and this resulted in a $53 million charge to other income on a GAAP basis.

本季末，我們的現金、現金等價物和投資為 14 億美元。本季末的營運現金流為 8,600 萬美元，由於本季的強勁回款，這一數字超出了我們的預期。在談到我們的展望之前，我想快速談談我們就 2025 年可轉換票據採取的一些行動，這些票據將於本月晚些時候到期。在第二季度，我們以面額額外贖回了 2025 年可轉換票據 1 億美元。與此相關的實際成本為 1.53 億美元，並導致根據 GAAP 計算的其他收入支出為 5,300 萬美元。

We did this when our share price was between $170 and $177 per share with the intent to limit share dilution risk associated with the converts that are coming due. We will repay the $179 million left outstanding in Q3, utilizing net share settlement. Based on current share price levels and when you factor in the impact of the call spread that we purchased in conjunction with issuing the 2025 converts, we now expect share dilution of less than 10,000 shares as we close things out. although this number will be impacted by the share price over the next couple of weeks. Had we not bought back the converts that we've retired in the last couple of quarters, then the share dilution would have been over 700,000 shares.

當我們的股價在每股 170 美元至 177 美元之間時，我們這樣做是為了限制即將到期的轉換所帶來的股份稀釋風險。我們將利用淨股份結算的方式償還第三季未償還的 1.79 億美元。根據目前的股價水平，並考慮到我們在發行 2025 年可轉換債券時購買的看漲期權價差的影響，我們預計在平倉時股票稀釋度將低於 10,000 股。儘管這一數字將受到未來幾週股價的影響。如果我們沒有回購過去幾季中退休的轉換股，那麼股票稀釋將超過 700,000 股。

So I'm pleased that we got in front of this. Now let me go through our updated outlook for fiscal year 2025. Starting with the top line. Given our performance in the first half, and our strong visibility into the second half, we are raising our ARR outlook to $1 billion to $1.01 billion, which reflects growth of 16% to 17% year over year. Confidence in our ARR outlook is informed by: one, strong growth in ARR from ramping deals in the back half with a notable jump in Q4; two, our view into the pipeline for the back half of the year, and three, our continued high win rates.

所以我很高興我們能夠領先於此目標。現在讓我來介紹一下我們對 2025 財年的最新展望。從第一行開始。鑑於我們上半年的業績以及下半年的強勁前景，我們將 ARR 預期上調至 10 億美元至 10.1 億美元，這反映出同比增長 16% 至 17%。我們對 ARR 前景的信心來自於以下因素：第一，下半年交易量激增，ARR 實現強勁增長，其中第四季度交易量顯著增長；第二，我們對下半年前景的展望；第三，我們持續的高中標率。

I also want to comment quickly on ARR visibility and the quarterly seasonality dynamics as we expect higher seasonality in Q4 this year due to the timing of ARR ramps. The key dynamic of net new ARR additions in a period is the amount of ARR coming from the backlog or from ramping deals sold in prior periods. And since these ramps are clearly outlined in customer contracts, we have clear visibility into these increases. This year, we will see strong growth in new ARR from ramps in the back half, and this is due to the realization of ramps from strong sales activity we experienced last year and in fiscal 2023. With respect to seasonality, this year, we expect nearly 3 times more ARR from backlog to come in Q4 when compared to Q3.

我還想快速評論一下 ARR 可見度和季度季節性動態，因為我們預計今年第四季的季節性會因 ARR 成長的時間而更高。某一期間內淨新增 ARR 增加的關鍵動態是來自積壓訂單或前期銷售交易的 ARR 金額。由於這些成長在客戶合約中有明確規定，因此我們可以清楚地了解這些成長情況。今年，我們將看到下半年新 ARR 的強勁成長，這是由於我們去年和 2023 財年經歷的強勁銷售活動實現了成長。就季節性而言，我們預計今年第四季積壓訂單的 ARR 將比第三季增加近 3 倍。

This is a significantly larger quarter-over-quarter step up when compared to last year. To some extent, this is just how the ramps are landing this year, and these dynamics can shift a bit year-to-year, but we thought it would be helpful to call out this dynamic to help you all better understand the expected net new ARR increase in Q4. As a reminder, our ARR outlook assumes foreign currency exchange rates as of the end of our last fiscal year, and we update ARR exchange rate that you're in. If we update ARR today based on current exchange rates, then we would see an approximately $9 million negative adjustment, we will certainly quantify this at year-end, and we will continue to monitor FX rates throughout the remainder of the fiscal year. For total revenue in fiscal 2025, we now expect between $1.164 billion and $1.174 billion.

與去年同期相比，這是一個顯著的季度環比增長。從某種程度上來說，這只是今年成長坡度的體現，這些動態可能會逐年發生一些變化，但我們認為指出這種動態將有助於大家更好地理解第四季度預期的淨新 ARR 成長。提醒一下，我們的 ARR 展望假設了截至我們上一財年末的外幣匯率，並且我們會更新您所在的 ARR 匯率。如果我們今天根據當前匯率更新 ARR，那麼我們將看到大約 900 萬美元的負調整，我們肯定會在年底量化這一點，並且我們將在本財政年度剩餘時間內繼續監測外匯匯率。對於 2025 財年的總收入，我們目前預計在 11.64 億美元至 11.74 億美元之間。

We expect approximately $653 million in subscription revenue and $718 million in subscription and support revenue. Given higher-than-expected services bookings in the first half of the year, we now expect services revenue to be approximately $210 million. Turning to margins and profitability, which we will discuss on a non-GAAP basis, we still expect subscription and support gross margins to be approximately 69% for the year. Our expectation for services margins and total gross margins also remain unchanged at 12% and 65%, respectively. As a result of raising our revenue outlook and a bit slower hiring than we originally expected, we are lifting our outlook for operating income.

我們預計訂閱收入約為 6.53 億美元，訂閱和支援收入約為 7.18 億美元。鑑於上半年服務預訂量高於預期，我們現在預計服務收入約為 2.1 億美元。談到利潤率和獲利能力，我們將在非 GAAP 基礎上進行討論，我們仍然預計今年的訂閱和支援毛利率約為 69%。我們對服務利潤率和總毛利率的預期也分別保持不變，為 12% 和 65%。由於我們提高了收入預期，而且招聘速度比我們最初預期的要慢一些，我們上調了營業收入預期。

We expect GAAP operating income of between $10 million and $20 million and non-GAAP operating income of between $175 million and $185 million for the fiscal year. We expect stock-based compensation to be approximately $160 million, representing 9% growth year over year. We are also increasing our cash flow from operations for the year to be between $230 million and $260 million. Turning to our outlook for Q3. We expect ARR to finish between $942 million and $947 million.

我們預計本財年的 GAAP 營業收入將在 1,000 萬美元至 2,000 萬美元之間，非 GAAP 營業收入將在 1.75 億美元至 1.85 億美元之間。我們預計股票薪酬約為 1.6 億美元，年增 9%。我們也將今年的經營現金流提高到 2.3 億美元至 2.6 億美元之間。談談我們對第三季的展望。我們預計 ARR 將在 9.42 億美元至 9.47 億美元之間。

Our outlook for total revenue is between $283 million and $289 million. We expect subscription and support revenue of approximately $178 million. Subscription and support revenue is tracking around $2 million per day and Q3 has three fewer days than Q2, which explains the modest sequential growth. We expect services revenue of approximately $52 million in Q3, we expect subscription and support margins of between 68% and 69%, services margins to be around 10% and total gross margins around 64%. Our outlook for non-GAAP operating income is between $36 million and $42 million.

我們預計總收入在 2.83 億美元至 2.89 億美元之間。我們預計訂閱和支援收入約為 1.78 億美元。訂閱和支援收入每天約為 200 萬美元，第三季比第二季少三天，這解釋了其環比適度增長。我們預計第三季服務收入約為 5,200 萬美元，預計訂閱和支援利潤率在 68% 至 69% 之間，服務利潤率約為 10%，總毛利率約為 64%。我們預計非 GAAP 營業收入在 3,600 萬美元至 4,200 萬美元之間。

Alex, you can now open the call for questions.

亞歷克斯，你現在可以開始提問了。

Great. Raise your hand if you are ready to ask question, and we'll get to you.

偉大的。如果您準備好提問，請舉手，我們會回答您的問題。

Thanks. Mike, maybe starting for you. You called out -- and it's very clear, the resiliency and gravity around the data cloud opportunity today. There's a lot of uncertainty in the world, but carriers clearly need agility here. Wondering on the decisioning angle from carriers how much adaptability and interoperability comes into play in those conversations?

謝謝。麥克，也許你先開始吧。您大聲疾呼——而且非常清楚，當今數據雲機會的彈性和引力。世界上存在著許多不確定性，但營運商顯然需要敏捷應對。想知道從營運商的決策角度來看，適應性和互通性在這些對話中發揮了多大作用？

And now that you have that tipping point of 50%, maybe how you're thinking about leading into some of those conversations with legacy on-prem customers around what that end of life journey looks like based on prior comments around 100% getting to the cloud over time?

現在您已經達到了 50% 的臨界點，也許您正在考慮如何與傳統的本地客戶進行一些對話，圍繞生命週期結束的旅程是什麼樣的，基於之前關於隨著時間的推移 100% 遷移到雲端的評論？

Yeah. Thanks, Dylan. Yeah, for sure, I would say there is a growing recognition that operating core systems both claims and policy underwriting, rating and pricing systems on modern platforms with modern capabilities brings a level of agility to an operation, an insurance operation that enables them to be more competitive. They need to be able to manage indemnity more effectively. They need to be able to manage down cycle times, which increases their expense ratios and profitability.

是的。謝謝，迪倫。是的，當然，我想說，人們越來越認識到，在具有現代功能的現代平台上運營核心系統（包括索賠和保單承保、評級和定價系統）會為保險業務帶來一定程度的靈活性，從而使其更具競爭力。他們需要能夠更有效地管理賠償。他們需要能夠管理停機週期時間，從而提高他們的費用率和獲利能力。

They need to be able to set prices and define rates as effectively as they possibly can. And they don't want to be burdened by these legacy systems, either because the IT execution expense, let's say, for making changes is high or because they don't have access to the data they need to be able to make the decisions that they need.

他們需要能夠盡可能有效地設定價格和確定費率。他們不想被這些遺留系統拖累，要么是因為進行變更的 IT 執行費用很高，要么是因為他們無法存取做出所需決策所需的資料。

And so all of that adds up to, they need modern systems, and they got to figure out a way to get there. And that is absolutely helping us across the board, every insurance company in the world is thinking about this. Now doing these programs, as you're aware, it's pretty significant.

所以，所有這些加起來就是，他們需要現代化的系統，而且他們必須找到實現這一目標的方法。這絕對對我們全面有幫助，世界上的每家保險公司都在考慮這個問題。現在執行這些程序，正如您所知，它非常重要。

These are multiyear programs, and they've got to slot them in into their plans over the course of a decade in some cases. That's just the unfortunate reality. But the pace around which we're having these conversations is really improving. And the quality of the conversations is improving, you can just get a sense of I can't claim it to actually be inevitable, but it feels that way. It's like we recognize that Guidewire is distinguishing itself and it's probably the right place.

這些都是多年期項目，在某些情況下，他們必須將其納入十年計劃中。這就是不幸的現實。但我們進行這些對話的速度確實在加快。對話的品質正在提高，你可以感覺到，我不能說這實際上是不可避免的，但感覺就是這樣。就好像我們認識到 Guidewire 正在脫穎而出，而且它可能處於正確的位置。

And so that's just -- that just makes us -- that just gives us confidence in what we've built and how it's going to positively impact the market. I think that the end-of-life conversations that we have about our ability to support our on-prem customer base, that's sometimes difficult, but I think we're taking a very mature and careful approach and talking to every single one of our customers about what they expect to need from us and what they can expect from us and what we're prepared to do and trying to give everybody as much time to make these decisions as possible.

所以這只是——這只是讓我們——這讓我們對我們所建立的東西以及它將如何對市場產生積極影響充滿信心。我認為，我們在最終討論我們支持本地客戶群的能力時，有時會很困難，但我認為我們採取了非常成熟和謹慎的方式，與每一位客戶討論他們期望從我們這裡得到什麼、他們可以從我們這裡得到什麼以及我們準備做什麼，並嘗試給每個人盡可能多的時間來做出這些決定。

And so far, we've been very -- we've received a lot of positive feedback actually about the approach that we're taking to giving them time to plan and working with them on what the approach is going to be. So I don't know. You add all that up and Guidewire -- it was a good quarter and that adds up into a lot of positive visibility for us into the second half and into next fiscal.

到目前為止，我們收到了很多正面的回饋，這些回饋都與我們採取的方法有關，即給予他們時間進行規劃，並與他們一起制定實施方法。所以我不知道。把所有這些加起來，Guidewire —— 這是一個良好的季度，這為我們下半年和下一個財年的前景帶來了很大的積極影響。

That's great. No, very helpful and very clear, the momentum that you guys are seeing. Maybe, Jeff, for you. As a function of that, it's given you a lot of incremental levers to play with across the model, I would think of. And nice to see the upside flowing through you called out the uptick in hiring in the second half.

那太棒了。不，非常有幫助，而且非常清楚，這是你們所看到的勢頭。傑夫，也許對你來說是這樣。我認為，作為其功能之一，它為您提供了許多增量槓桿，可用於整個模型。很高興看到您所說的下半年招募人數有所增加，這帶來了積極的推動作用。

But how do you think about that balance of margin outperformance with the opportunity to reinvest and double down given this opportunity tends to be or seems to be slightly accelerating here as well.

但是，考慮到這種機會在這裡也趨於或似乎略微加速，您如何看待保證金超額表現與再投資和加倍投資機會之間的平衡。

Yeah. I mean we're thrilled with the opportunity to continue to sell into our installed base and add new customers. That is our number one focus. And we're not going to focus -- we have a strong focus on driving continual margin expansion, but we can do that while also continuing to grow into our market. We see some really interesting investment areas, and that's part of the reason why we accelerated some R&D investment this year.

是的。我的意思是，我們很高興有機會繼續向現有客戶銷售產品並增加新客戶。這是我們的首要關注點。我們不會集中精力——我們非常注重推動利潤率的持續擴大，但我們可以做到這一點，同時繼續擴大我們的市場。我們看到了一些非常有趣的投資領域，這也是我們今年加快一些研發投資的原因之一。

It's taken us a little bit longer to get some of that hiring going, but we have a line of sight into some accelerated hiring in the back half of the year that will be targeted at some of these interesting investment areas that we're focused on. So we think we're doing -- we've got a healthy balance there between making sure we're focusing on the growth opportunity in front of us.

我們花了更長的時間才開始招聘，但我們計劃在今年下半年加速招聘，針對我們關注的一些有趣的投資領域。所以我們認為我們正在做的事情——我們在確保專注於我們面前的成長機會之間取得了健康的平衡。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

Mike, you touched on the California situation. And one of the the concerning issues leading up to that was large insurers leaving because of price caps. I mean it seems like maybe some of that is starting to shift back. I saw Allstate is coming back after getting some price caps listed. Would you characterize this as a tailwind for Guidewire since you guys disproportionately skew higher tier versus the lower tiers that might have backfilled those large guys that left the state.

麥克，你談到了加州的情況。導致這一問題的一個令人擔憂的問題是大型保險公司因價格上限而退出。我的意思是，看起來其中一些可能已經開始轉變了。我看到 Allstate 在列出一些價格上限後又回來了。您是否認為這對 Guidewire 來說是順風，因為您不成比例地偏向高層次，而低層次可能會填補那些離開該州的大公司的空缺。

Well, I don't know whether overall, it's a headwind or a tailwind. Otherwise -- generally, I would say there is recognition that a lot of the insurance policies in the state of California probably need to be repriced, and the state of California is working through that with our insurance customers in my point of view in a proactive way. I think it's obviously catastrophic what happened in LA and incredibly unfortunate. But everybody recognizes that because of that, that insurance is very important for the state of California.

嗯，我不知道整體而言，這是逆風還是順風。否則——總的來說，我想說人們認識到加州的許多保險政策可能需要重新定價，而且在我看來，加州正在與我們的保險客戶積極合作解決這個問題。我認為洛杉磯發生的事情顯然是災難性的，令人極度不幸。但每個人都意識到，正因為如此，保險對加州來說非常重要。

And I think there's a lot of insurance companies who are excited to find a way to participate in that market and help provide that service to consumers like me, honestly, who live in the state of California. That dynamic in general, I would say, is helpful for Guidewire.

我認為有很多保險公司都很高興找到參與該市場的方式，並幫助向像我這樣的居住在加州的消費者提供該服務。總的來說，我想說，這種動態對 Guidewire 是有幫助的。

I don't know it's like we're better suited or worse suited, but it's just well suited to what I say, like bringing modern technology to the insurance industry so that we can price risk effectively so that we can manage claims effectively that we can manage catastrophes when and if they occur as efficiently as possible. And all of that tends to support our core value proposition. So that's how I would frame it.

我不知道我們是更適合還是更不適合，但正如我所說的那樣，它非常適合，例如將現代技術引入保險業，以便我們能夠有效地定價風險，以便我們能夠有效地管理索賠，以便我們能夠在災難發生時盡可能有效地進行管理。所有這些都傾向於支持我們的核心價值主張。這就是我的構思。

Got it. Very thoughtful. I appreciate that, Mike. And then, Jeff, just subscription and support gross margin ticked up, again, ticked higher than we anticipated. I recall last quarter, you were signaling again, we shouldn't always assume things will track up and I think steered us down sequentially. How should we be thinking about it as we go into Q3 back half?

知道了。非常周到。我很感激，麥克。然後，傑夫，僅訂閱和支持毛利率就再次上升，高於我們的預期。我記得上個季度，你再次發出信號，我們不應該總是假設事情會好轉，我認為這會讓我們的情況逐漸惡化。當我們進入 Q3 後半段時，我們應該如何考慮這個問題？

Yeah. I mean, look, embedded in our guide is relatively modest margin expansion in the back half of the year off of the first half of the year or relatively like remaining relatively the same. We really manage and measure our progress on this metric on an annual basis.

是的。我的意思是，你看，我們的指導中包括下半年的利潤率擴張與上半年相比相對溫和，或者相對保持不變。我們確實每年都會管理和衡量這項指標的進展。

And quarter to quarter, there may be some small fluctuations based on certain customer go-live events where usage patterns pick up or when AWS credits get realized. But we generally think about this on how we manage to the full year, and we're pleased with the amount of expansion we're expecting to see this year, and we expect to see that continue to steadily march towards our near-term, midterm and longer-term targets as we look out in the future.

並且，每個季度之間可能會出現一些小的波動，這取決於某些客戶上線事件，其中使用模式會有所提升，或者 AWS 積分會實現。但我們通常會考慮如何實現全年目標，我們對今年預計的擴張規模感到滿意，並希望看到我們在未來繼續穩步邁向我們的短期、中期和長期目標。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Mike, initially, we call being skeptical about the application of sale what are you seeing today that makes you feel that AI could be a game changer? Is it just about modernizing core systems and sealing workflows or do you think there is opportunity to leverage extensive data to create value for your customers. And is Guidewire positioned well with the access and rights to this data across your customers to provide some competitive offering.

麥克，首先，我們對銷售的應用持懷疑態度，您今天看到的是什麼讓您覺得人工智慧可能會改變遊戲規則？這只是關於核心系統和密封工作流程的現代化，還是您認為有機會利用大量數據為您的客戶創造價值。Guidewire 是否能夠很好地利用客戶對這些資料的存取權和權利來提供一些有競爭力的產品。

Yeah. Thanks for the question. So first of all, I would say the insurance industry, our opinion is the insurance industry is generally well positioned to benefit a great deal from generative AI. There are a number of areas that we are working on right now in collaboration with customers and prospects around the application of generative AI to insurance use cases.

是的。謝謝你的提問。首先，我想說的是保險業，我們認為保險業通常能夠從生成人工智慧中獲益良多。目前，我們正在與客戶和潛在客戶合作，在多個領域開展工作，致力於將生成式人工智慧應用於保險用例。

So I think you -- we are hopeful and excited about the potential to increase the productivity of development teams working with Guidewire and that provides a boost to the industry and the benefit to our customers.

所以我認為——我們對提高與 Guidewire 合作的開發團隊的生產力的潛力充滿希望和興奮，這將促進行業發展並為我們的客戶帶來利益。

We're excited about the application of generative AI to the claims adjusters and the work that they need to do. interacting with claims files and documents and the interactions that they have with claimants and managing that very, very complicated business process as effectively and efficiently as possible.

我們對生成式人工智慧在理賠員及其所需工作中的應用感到非常興奮。與索賠文件和文件進行交互，並與索賠人進行互動，並儘可能有效和有效率地管理非常複雜的業務流程。

And we also think that there's a significant opportunity for generative AI in underwriting and specifically around document management, evaluation of submissions, comparison of what the underwriters are reading in those summarized documents versus the risk appetite the carriers have and just generally improving the efficiency of the underwriting process. So like those are three very high-level examples of where I think it will be applied and more excited to play a part in that.

我們也認為，生成式人工智慧在核保領域有著巨大的發展機會，特別是在文件管理、提交內容評估、承保人所閱讀的摘要文件與承運人的風險偏好的比較以及總體上提高承保流程的效率方面。因此，我認為這些是它將被應用的三個非常高級的例子，我很高興能在其中發揮作用。

I also would say there is -- we had an interesting conversation with a set of very senior IT executives in the industry, and they said, there's also a huge opportunity for us in what you might call classic AI or just straightforward machine learning associated with the shared data asset that we can collect and manage on behalf of all of our cloud customers.

我還想說，我們與業內一些非常資深的 IT 高管進行了一次有趣的對話，他們說，在所謂的經典人工智慧或簡單的機器學習領域，我們也面臨著巨大的機遇，這些機會與我們可以代表所有雲端客戶收集和管理的共享資料資產有關。

And so regardless of large language models in generative AI, there's an opportunity to apply artificial intelligence and machine learning to that use case and improve business efficiencies. So very, very excited about all of this.

因此，無論生成式人工智慧中的大型語言模型如何，都有機會將人工智慧和機器學習應用於該用例並提高業務效率。我對這一切感到非常非常興奮。

But I always remind everybody at Guidewire that first and foremost, our job is to make sure that every single core system project that we do, that we embark on with our customers is successful. I want to maintain that perfect track record or as close to perfect as we possibly can. And I want to invest in ensuring that we are winning every single core system worldwide that we compete in and making sure that those programs go successfully.

但我總是提醒 Guidewire 的每個人，我們的首要任務是確保我們與客戶合作的每個核心系統專案都能取得成功。我希望保持完美的記錄，或盡可能接近完美。我希望投資確保我們贏得全球競爭的每個核心系統，並確保這些項目成功。

Now we've created some space in the business model at Guidewire over the past couple of years. It's very positive, and Jeff referenced that. in terms of our ability to hire and our ability to tackle these incremental use cases. So we're excited about that. It's not thenumber one priority at Guidewire right now.

在過去的幾年裡，我們在 Guidewire 的商業模式中創造了一些空間。就我們的招募能力和解決這些增量用例的能力而言，這是非常積極的，傑夫也提到了這一點。所以我們對此感到很興奮。這不是 Guidewire 目前的首要任務。

The number one priority at Guidewire right now, like I said, is make sure these programs go well, make sure we continue to win in our core business. We're doing that super effectively. I think that strategy is working very well for us. And I think we actually are incredibly well positioned to bring tangible, real benefits based on generative AI to the P&C industry, but we're going to do that carefully. right?

正如我所說，Guidewire 目前的首要任務是確保這些專案順利進行，確保我們的核心業務繼續取得成功。我們做得非常有效。我認為這個策略對我們來說非常有效。我認為我們實際上已經做好了非常充分的準備，能夠為財產和意外傷害保險行業帶來基於生成式人工智慧的切實利益，但我們會謹慎行事，對嗎？

So I would say that that's -- I'm very excited and bullish in the long run, but I don't want anybody to get distracted about what the core objective of the company is. Sorry, don't know if you're still there. It was a long answer.

所以我想說的是——從長遠來看，我非常興奮並且看好它，但我不希望任何人分散對公司核心目標的注意力。抱歉，不知道您是否還在那裡。這是一個很長的答案。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Really nice to see continued progress in the quarter. Just two for me. Mike, you talked about some of these platform deals that you're seeing with larger insurers. Maybe can you walk us through where are the opportunities do you see to consolidate budget within your existing base, right?

真的很高興看到本季繼續取得進展。對我來說只要兩個。麥克，您談到了與大型保險公司達成的一些平台交易。或許您可以向我們介紹一下，在現有基礎上整合預算的機會有哪些？

I know you've historically had a lot of customers that may use you for one line or use you for two products and use a competitor for another line or for another set of product, where do you see those consolidation opportunities?

我知道你們過去有很多客戶，他們可能使用你們的一條產品線或兩種產品，而使用競爭對手的另一條產品線或另一套產品，您在哪裡看到這些整合機會？

And what tools do you have in your arsenal to maybe use the innovation that you've been bringing as a consolidation opportunity? And then I've got a quick follow-up.

您擁有哪些工具可以利用您帶來的創新作為整合機會？然後我有一個快速的跟進。

Yeah, it's a great question. And I'll answer it this way. I think for a lot of our big on-prem customers, they're generally very successful and happy with their on-prem implementations of Guidewire. And so that has made it challenging, let's say, for us to sell them the new thing in the cloud upgrade.

是的，這是一個很好的問題。我會這樣回答。我認為，對於我們的許多大型本地客戶來說，他們通常對 Guidewire 的本地實施非常成功並且感到滿意。因此，這對我們來說是一個挑戰，比如說，向他們銷售雲端升級中的新產品。

When they're successful and they're operational and they're reaping the benefits of the investment that they've made in that implementation for them to think about the next phase is sometimes challenged because they've got other priorities.

當他們取得成功並開始運作並從實施過程中的投資中獲益時，他們考慮下一階段的工作有時會遇到挑戰，因為他們還有其他優先事項。

And so what we're always looking for and what I think you're pointing to is what's the compelling event that they have that can align to a cloud upgrade on the Guidewire side. So is there an incremental initiative around a new line of business or a consolidation of claims operations across different lines of business that create a logical program to do something significant with Guidewire that is logical then to attach to a cloud upgrade.

因此，我們一直在尋找的以及我認為您所指出的是，他們擁有哪些引人注目的事件可以與 Guidewire 方面的雲端升級保持一致。那麼，是否存在圍繞新業務線的增量計劃，或者整合不同業務線的索賠業務，從而創建一個邏輯程序來與 Guidewire 一起做一些有意義的事情，然後將其附加到雲端升級上。

And I think that our patients in working with these customers about what their long-term strategies are around their business objectives helps us get our cloud upgrade opportunities aligned to what makes sense for them.

我認為，我們耐心地與這些客戶合作，了解他們圍繞業務目標制定的長期策略，有助於我們將雲端升級機會與對他們有意義的機會結合。

And I think in each case, which I'm obviously not going to go into the details of each one, I can think of a compelling business event that is behind the uptick in the conversation that we're having with that customer. And so as long as we can keep those things aligned, I think it's just, like I said, it's like slowly accelerating the confidence that we have in those ultimate cloud upgrades.

我認為在每一種情況下，我都可以想到一個引人注目的商業事件，而這個事件正是我們與該客戶的對話增加的背後原因，當然我顯然不會詳細介紹每一種情況。因此，只要我們能夠保持這些事情的一致，我認為就像我說的，這就像慢慢加速我們對最終雲端升級的信心。

Awesome. And then just a quick follow-up. If we think about services and specifically the services gross margin. I know we've discussed the opportunity in the past to get those up over time. Maybe just how should we be thinking about the glide path to improve services gross margins, improved utilization rates?

驚人的。然後只是快速的跟進。如果我們考慮服務，特別是服務毛利率。我知道我們過去曾討論過隨著時間的推移實現這些目標的機會。也許我們該如何思考提高服務毛利率和提高利用率的下滑路徑？

And maybe just tying in Jena into this, is there an opportunity to bring AI for some of the lower services use case. Again, just trying -- I know you're not trying to run it for profitability, but imagine some margin expansion on the services side would be great to see. Maybe just any puts and takes there would be helpful.

也許只要將 Jena 融入其中，就有機會將 AI 引入一些較低的服務用例。再說一次，只是嘗試——我知道你並不是為了盈利而運行它，但想像一下，如果服務方面的利潤率能有所擴大，那將是一件很棒的事情。也許任何投入和收穫都會有所幫助。

Sure. I think the team has done a good job ensuring that we're selling our services, but we're working very closely with the partner ecosystem and the SI community to figure out what the rules of engagement and how we trade off and work together to tackle this massive opportunity. We've seen services revenue tick up this year. It's a highly strategic organization. We have capacity to deliver.

當然。我認為團隊在確保我們銷售服務方面做得很好，但我們正在與合作夥伴生態系統和 SI 社區密切合作，以弄清楚參與規則以及我們如何權衡和共同努力來抓住這個巨大的機會。我們看到今年服務收入有所成長。這是一個高度策略性的組織。我們有能力實現這一目標。

As I've said previously, a little over $200 million of services revenue we are executing towards that number. And longer term, we expect to see those margins tick up a little bit. But again, the primary focus of this organization is towards that mission that Mike highlighted to ensure that every single one of our customer programs are successful.

正如我之前所說，我們正在努力實現略高於 2 億美元的服務收入以實現這一目標。從長遠來看，我們預計利潤率會略有上升。但同樣，該組織的主要重點是麥克強調的使命，以確保我們的每個客戶計畫都成功。

The team is looking at how we use Gen AI certainly and AI and implementation programs around developer productivity. We're also for the first time doing a little bit of an expansion of our services organization into the India office to create some avenues for some lower-cost delivery options for us that could also help long term on the margins.

該團隊正在研究如何使用 Gen AI 以及圍繞開發人員生產力的 AI 和實施方案。我們也首次將我們的服務組織稍微擴展到印度辦事處，為我們創造一些低成本交付選擇的途徑，這也可以長期幫助提高利潤率。

But again, our focus here will be maintaining a very healthy services organization that is a highly strategic function for us and getting it to an appropriate margin, but one that's their primary goal is making sure that the software implementations are successful.

但同樣，我們的重點是維持一個非常健康的服務組織，這對我們來說是一個高度策略性的功能，並使其達到適當的利潤率，但他們的主要目標是確保軟體實施成功。

Great answer. And I want to -- I just want to double down on what Jeff said. It's like our services organization is so strategically important to our company and our overall success. And we've done a great job in the last few quarters. changing the business model and getting it more profitable.

很好的答案。我想——我只是想重申傑夫所說的話。我們的服務組織對於我們公司和我們的整體成功具有如此重要的策略意義。在過去的幾個季度裡，我們做了大量工作，改變了商業模式，並提高了獲利能力。

But that is not really the primary objective. Like these guys -- we've really done a great job there. But what I really look for is it's like strategic asset that we can use and applied where and when we need it.

但這其實並不是主要目標。就像這些人一樣——我們在那裡確實做得很好。但我真正在尋找的是，它就像戰略資產，我們可以在需要的時間和地點使用它。

This was the secret behind our cloud success in addition to creating a great platform but they really helped us get through that phase where we needed to be very deeply connected to a lot of those programs. And that may come in the future. So it's great to see the improvement in the business operation, but really, it's about the strategy that organization is the primary goal.

除了創建一個偉大的平台之外，這是我們雲端運算成功的秘訣，但他們確實幫助我們度過了需要與許多程式緊密聯繫的階段。而這也許在未來就會實現。因此，看到業務營運的改善是件好事，但實際上，組織是首要目標的策略。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Mike, I want to follow up on your answer to Rishi's question on the cloud migration there. So maybe not a new motion to push for that concurrent cross-sell at the time of migration, but any color how much that customer willingness has increased over the last year or so? And is there any way to quantify that if you take another center at the time of upgrading to the cloud, it only adds like x percent of the cost at the time, like how much of a benefit is to the customer to take that extra cross-sell at point of migration versus doing them separately?

麥克，我想跟進一下你對 Rishi 關於雲端遷移的問題的回答。因此，在遷移時推動並發交叉銷售可能不是一個新動議，但可以確定的是，在過去一年左右的時間裡，客戶的意願增加了多少？有沒有辦法量化，如果在升級到雲端時採用另一個中心，它只會增加當時的 x 百分比的成本，那麼與單獨進行相比，在遷移時進行額外的交叉銷售對客戶有多少好處？

Yeah. I wouldn't say that there's really an economic driver behind that bundling, let's say, or the connection of the two things. It's more about getting familiar with the new operating model getting the teams trained up and comfortable with our cloud platform and the new approach to configuring the Guidewire applications in the cloud.

是的。我不會說這種捆綁背後真的有經濟驅動力，或者說這兩件事之間有連結。這更多的是為了熟悉新的營運模式，讓團隊接受培訓並適應我們的雲端平台以及在雲端中配置 Guidewire 應用程式的新方法。

That just creates the logical conclusion that we should do these kinds of programs, not exactly simultaneously, but the decision should be made in conjunction with one another. And I don't think there's any like one thing that I would point to that says this is causing us to be just have a little bit more confidence in the future as it relates to these large companies.

這便得出了一個合乎邏輯的結論：我們應該執行這些類型的計劃，但不是完全同時執行，而應該結合彼此做出決定。我不認為這會讓我們對這些大公司的未來更有信心。

It's just more maturity of the platform it's the track record of success. It's our confidence in our ability to distinguish ourselves in the market, certainly vis-a-vis three or four years ago, but just steadily improving quarter after quarter. it's just a continued track record of success that builds confidence not just with us and our customers, but also the systems integrators and the general ecosystem of like the risks associated with making that decision to go to Guidewire Cloud are just lower and lower every day. And look, I don't at all take that for granted. Everybody at Guidewire works incredibly hard to make sure that, that remains true.

這只是平台更加成熟，這是成功的記錄。我們對自己在市場上脫穎而出的能力充滿信心，與三、四年前相比確實如此，但每季都在穩步提高。持續的成功記錄不僅增強了我們和客戶的信心，也增強了系統整合商和整個生態系統的信心，就像做出採用 Guidewire Cloud 的決定所帶來的風險每天都在降低一樣。瞧，我根本不認為這是理所當然的。Guidewire 的每個人都竭盡全力確保這一點。

But we've done very well for the past couple of years, and it's going to continue. I have confidence it can continue to improve. And I think that, that is what's behind this like uptick in the perspective of these customers.

但在過去幾年我們做得很好，而且這種狀態還會持續下去。我有信心它能夠繼續改善。我認為，這就是這些客戶的觀點上升的原因。

Okay. Great color. I appreciate that. And then, Jeff, maybe one for you. I appreciate all the color on the ARR outlook for the second half of the year.

好的。顏色很棒。我很感激。那麼，傑夫，也許有一個適合你。我很欣賞今年下半年 ARR 前景的所有展望。

we're sitting here a little over halfway through the full year. Any color on what premium growth coming across the platform looks like year-to-date? And what's factored this year from that premium growth versus prior years?

我們現在正處於今年全年的一半多一點的時間。您能透露一下今年迄今該平台的優質成長情況嗎？與前幾年相比，今年保費成長的因素是什麼？

Yeah. I mean we obviously provided a fair amount of color into the ARR seasonality dynamics and what we're seeing coming off of the backlog and just how that creates a lot of visibility into the model. With respect to direct written premium true-ups and that type of activity, we're seeing a continuation of that being a somewhat modest tailwind to historical patterns. So as insurers take some rate and that flows through into our model that is a bit of a tailwind. And then we are seeing some new customer wins.

是的。我的意思是，我們顯然對 ARR 季節性動態提供了相當多的描述，以及我們從積壓訂單中看到的情況，以及這如何為模型帶來了很大的可見性。對於直接承保保費調整和此類活動，我們看到其延續性對歷史模式產生了一定程度的溫和推動作用。因此，當保險公司收取一定的費率並將其流入我們的模型時，這就會起到一點順風的作用。然後我們看到一些新客戶的成功。

That's for a couple of years ago, those were somewhat on the sidelines. So we're starting to see -- we talked about five new customer wins in the quarter. But to really move the needle on the premium on the new customer side, you need some really large accounts to come across.

那是幾年前的事了，當時還處於邊緣地位。因此我們開始看到——我們談到了本季贏得五個新客戶。但要真正提高新客戶的保費，你需要獲得一些真正大的客戶。

And so I would expect it to be not too different from historical patterns and we'll certainly call out some of the bigger guys if we see some new large customer wins. But I would expect that pattern to be pretty similar to recent years.

因此，我預計它與歷史模式不會有太大差異，如果我們看到一些新的大客戶獲勝，我們肯定會召集一些大公司。但我預期這種模式與近年來的模式非常相似。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

Europe was a notable call out for you guys. Could you just bifurcate how the cloud conversation is evolving between the major geographical footprints and maybe any notable similarities or differences you're seeing in those conversations would be helpful.

歐洲對你們來說是一個值得注意的呼籲。您能否將雲端運算對話在主要地理區域之間的演變過程一分為二，也許您在這些對話中看到的任何顯著的相似之處或差異都會有所幫助。

Certainly, if you think back over the past five years, there was a trend towards America Canada leading the charge. But in the last, I don't know, I want to say six quarters or so, we've really seen a step up all over the globe, like we have successfully won and implemented cloud deals all over the world, Asia Pacific, Japan, Europe, multiple countries in Europe. So generally, I think that the business model, the concepts, the approach, it's well vetted. It's well accepted. There's still concerns, but it's not so much about cloud.

當然，如果你回顧過去五年，你會發現美國加拿大正處於領先地位。但在過去，我想說大概六個季度左右的時間裡，我們確實看到了全球範圍內的進步，例如我們成功地贏得並實施了全球各地的雲端交易，包括亞太地區、日本、歐洲以及歐洲的多個國家。所以總的來說，我認為商業模式、概念、方法都經過了充分的檢視。它被廣泛接受。雖然仍存在擔憂，但主要不是雲端運算的問題。

It's just -- there's other things. It's not like a philosophical difference in architecture. The architecture is sound and the architecture works, and we've got customers that can validate that it works all over the world in every country that we operate.

只是──還有其他事情。這不像是建築哲學上的差異。該架構是合理的，並且能夠發揮作用，而且我們的客戶可以驗證它在我們運營的每個國家/地區都能夠發揮作用。

And so whereas it was led by America and followed by EMEA and APAC, certainly, there's probably a difference just because of the lead times. But we are seeing strong support and momentum in each of the theaters where we operate now.

因此，儘管美國是領先者，其次是歐洲、中東和非洲地區和亞太地區，但肯定可能只是因為交貨時間而有差異。但我們目前經營的每個影院都獲得了強大的支持和發展勢頭。

Okay. Got it. That's super useful. And then I just wanted to touch on the noncore InsuranceSuite opportunity here. Anything anecdotal you're seeing in some of your more seasoned cloud cohorts and willingness to take on non-core products? Just anything on that opportunity and how that's evolved would be helpful.

好的。知道了。這非常有用。然後我只想談談這裡的非核心 InsuranceSuite 機會。您在一些經驗豐富的雲端運算團隊中看到了什麼軼事，並且願意接受非核心產品嗎？有關這一機會以及其如何發展的任何資訊都會有所幫助。

Yeah. That part of our business remains healthy. We have a collection of analytics products that are doing just fine. In some ways, it's like the success of our core business somewhat like you surf our focus on the add-on business, which is okay, not okay. It's one of those things that maybe I should try to get both things accelerating fast.

是的。我們這部分的業務依然健康。我們擁有一系列運作良好的分析產品。從某種程度上來說，這就像我們核心業務的成功，有點像你瀏覽我們對附加業務的關注，這可以，也可以不可以。也許我應該嘗試讓這兩件事都快速加速。

But certainly, the business and the future of the company is so dependent on the core success. And when we can see that, we tend to put a lot of our energy behind those deals just because those relationships will last for decades. But the noncore assets specifically predict. We've got HazardHub doing quite well where we provide property risk analytics at a geographic level. Like those things are doing great.

但可以肯定的是，公司的業務和未來都非常依賴核心的成功。當我們看到這一點時，我們往往會投入大量精力在這些交易上，因為這些關係將持續數十年。但非核心資產具體預測。我們的 HazardHub 表現非常出色，我們可以在地理層面提供財產風險分析。就像那些事情做得很好一樣。

And we don't talk about them as much when we have great, great quarters on the core system side. Like I said, because those are so much -- that is so strategic to the add-on opportunity down the line. But that part of the business is doing well, too.

當我們在核心系統方面取得巨大成功時，我們不會談論太多它們。就像我說的，因為這些對於未來的附加機會來說非常重要。但這部分業務也進展良好。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Mike, nice to see the full suite momentum that you called out in the quarter. Just wondering when you look at the advantage of going full suite on cloud. How would that compare to what customers have done on prem with full suite in the past? And what is getting these customers that are going full suite across the goal line? Is it a procurement advantage? Is it a data advantage? Are there other factors out there? What are you seeing today?

麥克，很高興看到你在本季所提到的全面發展勢頭。只是想知道當您看到使用全套雲端服務的優勢時。這與客戶過去在本地使用全套套件所做的事情相比如何？那麼，是什麼讓這些客戶全心全意地跨越目標線呢？這是採購優勢嗎？這是數據優勢嗎？還有其他因素嗎？你今天看到了什麼？

I think the biggest thing is our proven track record of success. Okay. This is the most important thing. Whereas maybe if you're hesitant about is this really going to work? And is this the right model, then you make a decision that's like what do we need?

我認為最重要的是我們已證明的成功記錄。好的。這是最重要的事。然而，也許如果您猶豫這是否真的有效？這是正確的模型嗎？然後你決定我們需要什麼？

What's the burning platform that we need to make a decision on right now then delay that secondary decision into some future period. The more confidence that we can create in the market based on our track record, that ultimately, this makes sense, there's more incentive for us and for the customer to do that full suite deal all at once. And I think that is the business dynamic that's really driving this. We are -- it's very clear. Like we -- so it's simple, right?

我們現在需要對哪個緊急平台做出決定，然後將第二個決定推遲到未來的某個時期。基於我們的業績記錄，我們越能在市場上建立信心，最終，這是有意義的，我們和客戶就越有動力一次完成全套交易。我認為這是真正推動這一進程的商業動力。我們——這非常清楚。就像我們一樣——所以很簡單，對吧？

We have applications, I called them out, right? What do you use for claims? What do you use for your policy administration? What do you use for your billing platform? That conversation you can imagine is going to happen every single time we talk to a customer about any of those applications.

我們有應用程序，我把它們叫出來了，對嗎？您使用什麼進行索賠？您使用什麼來管理您的政策？您的計費平台使用什麼？你可以想像，每次我們與客戶談論任何這些應用程式時，都會發生這樣的對話。

And so to the degree that there is confidence that ultimately, we are going to go with you for the full suite, it's logical to then turn that into one deal when there's anxiety about, is it the right platform? And is it really going to work. And these are like from a couple of years ago, there's a sense that it's like logical to delay that decision. But more and more, it's just a little bit more straightforward for us to be able to make a full suite argument right at that initial point of sale. Now it doesn't happen every time.

因此，如果我們有信心最終會與您合作提供全套服務，那麼當我們擔心這是否是正確的平台時，將其變成一筆交易是合乎邏輯的。它真的會起作用嗎？這些都是幾年前的事了，人們覺得推遲這個決定是合乎邏輯的。但越來越多的時候，我們可以更直接地在最初的銷售點提出全套論點。現在這種情況不再每次發生。

And some customers based on the complexity of their implementations and the lines of business that they run, it doesn't make sense to do that. So it certainly doesn't happen every time. But that conversation does certainly happen as part of the deal cycle for us.

但有些客戶認為，基於其實施的複雜性和所經營的業務線，這樣做是沒有意義的。所以這種情況一定不會每次都發生。但對我們來說，這種對話確實是交易週期的一部分。

Got it. And then a similar vein, you also called out some expansions at the time of cloud migration. When you look at where we're at today versus the early days of cloud, maybe three, four, five years ago, how much more often are you getting a foot or with these expansion competitions? And what has made the platform, I guess, more ready for customers to expand the relationship, not just make the pure transition to the cloud.

知道了。類似地，您也提到了雲端遷移時的一些擴充。當您將我們今天所處的境況與雲端運算的早期階段（大概是三、四、五年前）進行比較時，您會覺得在這些擴張競爭中，您站穩腳跟的幾率有多大？我想，是什麼讓這個平台更好地為客戶擴展關係做好準備，而不僅僅是單純地向雲端過渡。

Well, like those types of expansions have to do with additional lines of business. So when I -- the picture that you have in your head for a typical Guidewire legacy customer running a mainframe. It's not just one main form. There's usually multiple systems running -- covering multiple lines of business. It's very complicated.

嗯，這些類型的擴張都與增加業務線有關。因此，當我——您腦海中浮現的畫面是一個典型的 Guidewire 傳統客戶運行大型主機。它不只是一種主要形式。通常會有多個系統運作－覆蓋多條業務線。這非常複雜。

And the track record we have for being able to support multiple different lines of businesses, lots of complexity on the platform creates confidence that, hey, let's make a decision to move all of these current legacy workflows, legacy applications to Guidewire that creates that extension and that growth in what you can do with Guidewire.

我們擁有支援多種不同業務線的良好記錄，平台上的許多複雜性讓我們有信心，讓我們決定將所有這些當前遺留的工作流程、遺留的應用程式遷移到 Guidewire，從而實現 Guidewire 的擴展和成長。

And that creates the add-on, the additional DWP, the additional premium, additional ARR. It's just our -- the fact that we've proven that we can do multiple things with the platform in the cloud and support different lines of business creates the opportunity to expand when we have those -- when we do those deals with customers.

這會產生附加組件、額外的 DWP、額外的保費、額外的 ARR。事實是，我們已經證明，我們可以利用雲端平台做多項工作，並支援不同的業務線，當我們與客戶達成交易時，這就創造了擴展的機會。

Aaron Kimson, JMP.

Aaron Kimson，JMP。

First one, how should we think about relationships with the state-backed property insurers such as far plans and Citizens plans? It seems like these are becoming a more important part of the P&C market. in disaster-prone space, which are also often eventually populated and have high property values. Is there anything you need to call out about how these relationships work? And do you anticipate we'll grow as a percentage of Guidewire's business over time?

首先，我們應該如何看待與國家支持的財產保險公司（例如遠距計畫和公民計畫）的關係？這些似乎正在成為財產和意外保險市場中更重要的一部分。在災害多發地區，這些地區最終也往往有人居住，財產價值很高。關於這些關係如何運作，您需要指出什麼嗎？您是否預期我們在 Guidewire 業務中所佔的百分比會隨著時間的推移而成長？

I would say nothing particular to call out about them being unique. They basically operate as insurance companies, slightly different, obviously, but there's a lot of different kinds of insurance companies that we serve all over the world. And so we have a fair number of relationships with these types of entities and we're excited when they come to market to win those deals and win that business and serve that segment of the market as effectively as we can.

我不會特別說他們有什麼獨特之處。它們基本上以保險公司的形式運營，顯然略有不同，但我們在世界各地為許多不同類型的保險公司提供服務。因此，我們與這些類型的實體建立了相當多的關係，當他們進入市場贏得這些交易、贏得這些業務並盡可能有效地服務該細分市場時，我們感到非常興奮。

I don't know whether or not I would make a projection as to the ratios that will ultimately land in these sorts of state-backed models versus the for-profits and the mutuals. I think generally, even when you talk to a lot of the executives that are operating these fare plans, they're not exactly driving to grow these entities, they need to exist, they need to fill these gaps that exist in the markets, but they're not like aggressively trying to grow them.

我不知道我是否會對這些國家支持的模式與營利和互助模式的最終比例做出預測。我認為一般來說，即使你與許多運營這些票價計劃的高管交談，他們也沒有真正推動這些實體的增長，他們需要存在，他們需要填補市場上存在的這些空白，但他們並沒有積極地嘗試發展它們。

So I would be surprised if they grow as a percentage, but it's hard to say exactly because lots of things can change. And certainly, the environment that exists with respect to weather-related risk and the increasing severity -- frequency and severity, economic losses associated with these weather events tends to push more and more of the premium for those entities.

因此，如果它們的百分比增長，我會感到驚訝，但很難確切地說，因為很多事情都可能發生變化。當然，與天氣相關的風險環境以及日益嚴重的天氣事件（頻率和嚴重程度以及與這些天氣事件相關的經濟損失）往往會推高這些實體的保費。

But we're here to serve everybody in the industry as best we can, as efficiently as we can. And from a platform perspective, we're able to serve those companies as effectively as anyone, and in my opinion, better than anyone. So we're excited to support them as part of the customer base.

但我們會盡我們所能、盡可能有效率地為業內每個人提供服務。從平台的角度來看，我們能夠像其他人一樣有效地為這些公司提供服務，而且在我看來，我們比其他人做得更好。因此，我們很高興為他們作為客戶群的一部分提供支援。

That's really helpful. And then second one is, I guess, a lot higher level. Guidewire's share of total DWP has gone from about 14% in FY16, up into the low 20s more recently. How big a slice of that pie do you ultimately think you can capture over time based on the product vision and what you're seeing competitively?

這真的很有幫助。然後我想，第二個的水平要高得多。Guidewire 在 DWP 總額中所佔的份額已從 2016 財年的 14% 左右上升至最近的 20% 出頭。基於產品願景和您所看到的競爭情況，您認為隨著時間的推移，您最終能夠佔據多大的份額？

I need to say 100%. Look, certainly, it's hard to imagine that we'll get to 100%. But I think greater than 50% is not at all at absurd to say. We -- I believe we are creating very significant scale benefits. We are bringing scale benefits to the industry, and we are creating more and more network effects to the industry and that will help us serve the industry more and more effectively, the greater the percentage of the DWP that we serve.

我必須說 100%。瞧，當然，很難想像我們會達到 100%。但我認為超過 50% 的說法並不荒謬。我們—我相信我們正在創造非常顯著的規模效益。我們正在為產業帶來規模效益，我們正在為產業創造越來越多的網路效應，這將幫助我們更有效地為產業服務，我們服務的 DWP 比例就越大。

This is part of the strategy of our company. If you stretch all the way back to when I first joined, probably before I joined, this is part of the strategy. It's incredibly expensive to build a system that does this effectively. It's an incredibly complicated system that we operate. And we can do it because we have the scale -- we can do it well because we have the scale to do it well.

這是我們公司策略的一部分。如果你追溯到我剛加入的時候，甚至可能在我加入之前，這就是策略的一部分。建立一個能有效實現這一目標的系統的成本極為昂貴。我們操作的系統極為複雜。我們之所以能做到這一點，是因為我們擁有規模；我們之所以能做好這件事，是因為我們擁有做好這件事的規模。

And that's beneficial to the industry, and that's going to create an opportunity for us to push north of 50% of the market. That's our intention. That's our goal. When you think about shared data on the platform that we can create more value for customers using the system, you think about the incredible ecosystem of partners and business applications that customers can benefit from by being part of the Guidewire community. Like these are things that are going to help us get more and more competitive and bring more and more value, honestly, to our customers as the whole ecosystem grows.

這對產業有利，也將為我們創造機會，佔據 50% 以上的市場份額。這就是我們的意圖。這就是我們的目標。當您考慮在平台上共享資料時，我們可以為使用該系統的客戶創造更多價值，您會想到客戶可以透過成為 Guidewire 社群的一部分而受益的令人難以置信的合作夥伴和業務應用程式生態系統。隨著整個生態系統的發展，這些事情將幫助我們提高競爭力，並為我們的客戶帶來越來越多的價值。

So that's absolutely the vision, is to keep pushing that percentage higher and higher. And yes, my goal is 100%, but I don't think it's at all -- I don't think it's a stretch to say that we can push that above 50%.

所以，我們的願景就是不斷推動這比例不斷提升。是的，我的目標是 100%，但我認為根本不是——我認為說我們可以將其推高至 50% 以上並不誇張。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

The new logo tally was really impressive this quarter. What's the conversation like with a new logo opportunity at this point, particularly abroad where I would think you're going up against typically some local vendors in the mix and the locals tend to have their own long-standing relationships.

本季的新標誌數量確實令人印象深刻。目前，關於新標誌機會的討論是什麼樣的，特別是在國外，我認為你通常會與一些當地供應商競爭，而當地供應商往往擁有自己的長期合作關係。

Yeah, it's a great question. I pointed to this in the comments we made at the beginning of the call is when we're abroad, we typically have a certain degree of investment that we need to make in what we call local content and localizing the product to the particular business requirements and integration requirements that exist in a certain market.

是的，這是一個很好的問題。我在電話會議開始時的評論中指出，當我們在國外時，我們通常需要對所謂的本地內容進行一定程度的投資，並將產品本地化以滿足特定市場的特定業務需求和整合需求。

And so when we're competing against those local vendors, they typically will have that part of the equation maybe solved a little bit better than Guidewire, but less functionality with respect to the core platform and the broader ecosystem capabilities that we can bring to bear. And so that's the competitive dynamic.

因此，當我們與這些本地供應商競爭時，他們通常會比 Guidewire 更好地解決這一部分問題，但在核心平台和我們可以發揮的更廣泛的生態系統功能方面，他們的功能較少。這就是競爭動態。

I mean, we are, I would say, very, very successful, especially in the big multinationals where they're making decisions not just in one specific country, but they're thinking about collection of entities that exist in multiple countries and very often a center of excellence related to Guidewire enables them to share best practice across all of those entities.

我的意思是，我想說我們非常非常成功，特別是在大型跨國公司中，他們不僅在某個特定國家做出決策，而且還考慮存在於多個國家的實體集合，並且通常與 Guidewire 相關的卓越中心使他們能夠在所有這些實體之間分享最佳實踐。

And we can be very, very successful in those sorts of environments. But our commitment, part of that investment that I -- when I was answering the question about generative AI, like part of the investment where we're like prioritizing is making sure that we have this local content and making sure that we can compete and win in Germany and that we can compete and win in France that we can compete and win in general insurance in the UK that were successful in the London markets that were successful in Japan.

在這樣的環境中我們可以取得非常大的成功。但是我們的承諾，我投資的一部分——當我回答有關生成人工智慧的問題時，我們優先考慮的投資的一部分是確保我們擁有本地內容，確保我們能夠在德國競爭並獲勝，能夠在法國競爭並獲勝，能夠在英國的一般保險領域競爭並獲勝，在倫敦市場取得成功，在日本取得成功。

We're successful in Australia. I'm just like ticking down all the teams that we have at Guidewire thinking about these markets. And so I'd say like the overall success of the company and momentum generally is helpful, and then also our ability to invest in these local requirements is helping us earn the trust, let's say, of these local entities and winning business worldwide.

我們在澳洲取得了成功。我只是想列出 Guidewire 中所有考慮這些市場的團隊。所以我想說，公司的整體成功和發展勢頭總體上是有幫助的，而且我們投資於這些當地需求的能力也在幫助我們贏得這些當地實體的信任，並在全球範圍內贏得業務。

Okay. That's great. Obviously, thinking about the connections, there was a lot of focus on the fact that half the customer base has made some level of cloud commitment. So nothing wrong with being in the 49 percentile just to maybe avoid risk. That's the first 51st end up seeing.

好的。那太棒了。顯然，考慮到這些聯繫，人們非常關注這樣一個事實：一半的客戶群已經對雲端做出了一定程度的承諾。因此，為了避免風險，處於 49 百分位並沒有錯。這是第 51 次見到的第一個。

But I wanted to ask, it does seem like the momentum is picking up. So can you say at this point in time whether the 49 percentile of customers that still remain out there. Are they going to move much quicker to adopt cloud than the first half ended up taking. So when thinking of the overall time line we shouldn't take up and to this point x2 it's going to be some factor shorter than that.

但我想問一下，看起來勢頭確實正在增強。那麼，您現在能否說一下那 49% 的客戶是否仍然存在。他們是否會比上半年更快採用雲端運算？因此，當考慮總體時間線時，我們不應該佔用這個時間點 x2，而是會比這個時間點短一些。

I think it's fair that it should be some factor shorter. I don't know that I've ever personally like specifically done that math and could give you a more objective answer. But logically, it should go faster. I think the other characteristic of it is that we've had two or we've decided to be more specific about how exactly support for the on-prem versions of Guidewire will work over time. And that also will tend to shorten that time period.

我認為它應該短一些，這是公平的。我不知道我是否曾經專門做過這樣的數學題，可以給你一個更客觀的答案。但從邏輯上來說，它應該速度更快。我認為它的另一個特點是我們已經有兩個了，或者我們決定更具體地說明如何隨著時間的推移對 Guidewire 的內部版本進行支援。這也會縮短這個時間段。

But ultimately, I think what is the most -- the most important thing is this is working, and this is delivering real business benefits and the industry sees that. And I think that's what's going to create -- or is creating, it's not going to create, but is creating this steady acceleration in this -- in the move to cloud.

但最終，我認為最重要的是，這是有效的，這是在帶來真正的商業利益，而業界也看到了這一點。我認為這就是將要創造的——或者正在創造的，它不會創造，但會在向雲端的遷移中創造這種穩定的加速。

Yeah. And from my perspective, Joe, from a modeling perspective, as we look at migration activity that we experienced in '23 and '24, it was pretty healthy. We've looked at pretty steady progression into how we migrate the rest of the installed base. Certainly, a lot of scenarios where that would be faster, especially as we start having some meaningful conversations that Mike alluded to around what is the support schedule for on-prem looking forward. But we tried to model it pretty conservatively.

是的。喬，從我的角度來看，從建模的角度來看，當我們回顧 23 年和 24 年經歷的移民活動時，它是相當健康的。我們已經研究瞭如何遷移剩餘的已安裝基礎並取得了相當穩定的進展。當然，在很多情況下，這會更快，特別是當我們開始進行一些有意義的對話時，正如 Mike 所提到的，圍繞未來內部部署的支援計劃是什麼。但我們嘗試以相當保守的方式對其進行建模。

Richard Poland, Wells Fargo.

富國銀行的理查德·波蘭。

I just wanted to talk a little bit about the Q4 seasonality dynamics this year. I understand some of it's being driven by those rent deals, but wanted to get a sense for if you could ballpark for us how much in a typical year might come from net new versus the backlog and anything to call out this year that's different from prior years?

我只想談談今年第四季的季節性動態。我理解部分原因是受租賃協議的影響，但我想了解一下，您是否可以為我們估算一下，在典型的一年中，有多少是來自淨新增訂單，有多少是來自積壓訂單，以及今年與前幾年有什麼不同？

Yeah. I mean the three primary components to the build for ARR is bookings that we sell that translate into euro and ARR right off the bat, the ARR that comes off the backlog from ramps and then any ARR attrition that we may or may not have in a given year.

是的。我的意思是，建造 ARR 的三個主要組成部分是：我們銷售的訂單（可立即轉換為歐元和 ARR）、來自坡道積壓的 ARR 以及我們在某一年可能有或可能沒有的任何 ARR 損耗。

We don't typically give a lot of disclosure to a lot of detail around how those components track or how they compare just from a qualitative perspective, this year, we are seeing very healthy growth year over year. So think faster growth than in any other segments in the ARR that's coming off of the backlog, and that's a function of some of these ramping deals that we've talked about in cohort analysis at Analyst Day over the last couple of years.

我們通常不會從定性角度詳細披露這些組成部分的追蹤情況或比較情況，但今年，我們看到了逐年非常健康的成長。因此，我們認為 ARR 中的成長速度比任何其他部分都要快，這是由積壓訂單引起的，這是我們在過去幾年的分析師日群組分析中討論過的一些交易增加的結果。

You may remember in fiscal '23, coming out of fiscal '23, the Analyst Day, we talked about the cohort that we sold in fiscal '23 and how they had pretty significant ramping events in the third year, which equates to our fiscal year '25.

您可能還記得，在 23 財年分析師日上，我們討論了 23 財年銷售的產品群，以及它們在第三年（相當於我們的 25 財年）如何出現相當顯著的成長事件。

So we're seeing the realization of that. The other dynamic that we're seeing this year as we go through in detail of our renewal events, is we're just -- we're seeing very healthy ARR attrition. So I'm optimistic we can have some of the lowest ARR attrition numbers this year in the last five, six years. And so that's been a positive backdrop as well.

所以我們看到了這一點的實現。當我們詳細回顧我們的續約事件時，我們今年看到的另一個動態是——我們看到了非常健康的 ARR 損失。因此，我樂觀地認為，今年我們的 ARR 流失率將達到過去五、六年來的最低水準。所以這也是一個正面的背景。

Okay. Great. Super helpful context there. And then just around -- we talked a little bit about consolidation earlier. And if you look across policy claims billing in the installed base, of those three core components, is there any one in particular that stands out as maybe being underpenetrated in the base? Or any context around how you guys try to block and tackle opportunities like that?

好的。偉大的。那裡有超級有用的背景資訊。然後就在附近——我們之前談論了一點關於合併的事情。如果您查看已安裝基數中的保單索賠帳單，那麼在這三個核心組件中，是否有任何一個特別突出，可能在基數中滲透不足？或者你們如何嘗試阻止和應對這樣的機會？

Yeah. I would say, generally, ClaimCenter has a very, very strong footprint and so there's a lot of policy center upsell. We typically sell BillingCenter and policy center alongside one another and every once in a while, this quarter being an example, we'll do a BillingCenter deal.

是的。我想說，總體而言，ClaimCenter 擁有非常強大的影響力，因此有許多政策中心的追加銷售。我們通常將 BillingCenter 和策略中心一起出售，並且每隔一段時間，例如本季度，我們就會進行 BillingCenter 交易。

But if you're -- but you see examples of PolicyCenter leading the charge as well. So you see all of the cases, but I think the company had a long -- we've had a long track record of very successfully selling claims implementations, and that's established just a very strong base of claims.

但如果你 — — 但你也看到了 PolicyCenter 引領潮流的例子。所以你看到了所有的案例，但我認為該公司有著悠久的歷史——我們在銷售索賠實施方面有著長期的成功記錄，這建立了非常強大的索賠基礎。

Yeah. I would -- we obviously started with the ClaimCenter product. And so the installed base there is a bit more mature. But if you look at sales activity, it's pretty balanced across PolicyCenter and ClaimCenter BillingCenter usually attaches to Policy Center. It is unusual to lead with the BillingCenter instance.

是的。我會——我們顯然是從 ClaimCenter 產品開始的。因此那裡的安裝基礎更加成熟。但如果你看一下銷售活動，你會發現 PolicyCenter 和 ClaimCenter 之間的銷售活動相當平衡，BillingCenter 通常會附加到 Policy Center。以 BillingCenter 實例為主導並不常見。

So that's an interesting pattern for us. And I think A big part of that is the opportunity to then grow into policy and ClaimCenter. But if you look overall, it's been pretty balanced.

這對我們來說是一個有趣的模式。我認為其中很大一部分是成長為政策和索賠中心的機會。但如果從整體來看，它是相當平衡的。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

One quick one, actually. So earlier, you mentioned the one competitive takeaway during the quarter, I think, at a subsidiary, a larger insurer, question, though, is what factors do you think functionality, otherwise that is contributing to the competitive takeaways? And are you seeing a shift in the competitive landscape, either in your favor or maybe competitor is now being more aggressive?

事實上，就一個快速的。所以之前，您提到了本季的一個競爭優勢，我認為，在一家子公司，一家較大的保險公司，問題是，您認為哪些因素會影響競爭優勢？您是否看到競爭格局發生了變化，是對您有利，還是競爭對手現在變得更具侵略性？

Yeah. I think you're typically going to see a competitive takeaway when either there's some upgrade cycle that is necessary on the competitive installed application that -- where there's a desire to reassess and decide for a new platform or a failed implementation. We see both.

是的。我認為，當競爭性安裝的應用程式需要進行一些升級週期時，你通常會看到競爭性的失敗——人們希望重新評估並決定採用新平台或實施失敗。我們都看到了。

There is -- like I call it out just like we're so focused on the successful implementations. It is -- there is a possibility that these implementations just don't succeed. And so they'll go to market, get a new vendor to run the program. And so we see both of those. So sorry, second half of the question. Tell me, again.

就像我說的那樣，我們非常關注成功的實施。是的——這些實施有可能無法成功。因此他們會進入市場，找到新的供應商來運行該程式。所以我們看到了這兩者。很抱歉，這是問題的後半部。再告訴我一遍。

Yeah. I said the competitive landscape is shifting. [indiscernible] with your comment there, though, I don't if you can name names, but field implementation is just failure onboarding. Is that a widespread issue? Or are there specific competitors maybe where the service level the onboarding has deteriorated that has opened up the opportunity for you to win these competitive takeaways?

是的。我說過競爭格局正在改變。 [音訊不清楚] 不過，對於您的評論，我不知道您是否能說出名字，但現場實施只是入職失敗。這是一個普遍存在的問題嗎？或者是否存在特定的競爭對手，他們的入職服務水準可能下降了，這是否為您提供了贏得這些競爭優勢的機會？

Well, look, there's two different things. One, I want to be very clear. Look, we still compete for all of our deals. It's still a competitive marketplace. And I think the win -- we've talked about win rates steadily improving quarter over quarter.

嗯，看，這是兩件不同的事情。首先，我想說得非常清楚。瞧，我們仍在為所有交易展開競爭。這仍然是一個競爭激烈的市場。我認為勝利——我們已經討論過勝利率逐季度穩步提高。

So -- and I think that, that a lot has to do with the track record of success and the investment that we've been able to make in the products, the applications in the platform and the products. And so steadily, those win rates have improved, but we're competing on almost every deal that we win.

所以——我認為這在很大程度上與我們過去的成功記錄以及我們在產品、平台應用程式和產品上所做的投資有關。因此，我們的勝率一直在穩步提高，但我們幾乎在每一筆贏得的交易上都面臨著競爭。

That's distinct from what I would say is like a competitive takeaway, where we like -- we call those out just because they're unusual. Because once you pick one of these -- once you pick a vendor and you start a program and you start implementing and it's a couple of years in, -- there's a lot of opportunity cost to switching. And so we are seeing that.

這與我所說的競爭性外賣不同，我們之所以叫出這些外賣，只是因為它們很不尋常。因為一旦你選擇了其中一個——一旦你選擇了一個供應商，你啟動了一個計劃，你開始實施，而且這需要幾年的時間——轉換的機會成本就會很大。我們看到的是這樣的。

I mean we do see that every once in a while, we try to call it out because I think it speaks to a positive potential for us down the line. But I would say, generally, it's a competitive market and we compete all over the world with different vendors.

我的意思是，我們確實時不時地會看到這種情況，我們試圖指出這一點，因為我認為這對我們未來的發展具有積極的潛力。但我想說，總的來說，這是一個競爭激烈的市場，我們與世界各地的不同供應商競爭。

And -- but like I said, steadily improving win rates that we're very, very happy about. And Jeff called that out in terms of one of the things that we're starting to say is like now we can start to expect that. We've seen enough quarters in a row where we feel like we've got an advantage in certain circumstances.

而且 — — 但就像我說的，我們非常非常高興獲勝率穩步提高。傑夫提到了這一點，我們開始說的其中一件事就是現在我們可以開始期待這一點了。我們已經連續幾個季度看到我們感覺在某些情況下我們佔有優勢。

Great. Thank you for hanging for me, guys. I really appreciate you giving the time.

偉大的。謝謝你們為我堅持，夥伴們。我非常感謝您抽出時間。

Hey. It's not a problem at all. Thank you.

嘿。這根本就不是問題。謝謝。

That was our final question. So I'll turn it over.

這是我們的最後一個問題。所以我會把它翻過來。

Okay. Well, hey, I just want to thank everybody for joining us on the call. It was a great quarter. I couldn't be more excited about the second half and the momentum that we've established, and we look forward to talking to a lot of you throughout the quarter. Otherwise, we'll see on the Q3 call. Thanks very much.

好的。好吧，嘿，我只是想感謝大家參加我們的電話會議。這是一個偉大的季度。我對下半年以及我們已經建立的勢頭感到無比興奮，我們期待在整個季度與你們中的許多人交談。否則，我們將在第三季電話會議上看到結果。非常感謝。